Actually, in the case of 2601 Broadway Terrace, the 9,700 sf, 7 BR 6 BA beauty shown above, $11 million was enough to take the property from “Just Listed” to “Sold” in — zero days. For moving that fast, the buyer get a cool $950,000 off the asking price. — Proving once again that time is money, at least for those who have the latter in buckets.
The full story is more complicated. It was originally listed back in February 2009 for $13.5 million. It’s been on and off the market ever since — with a fresh start date for that “Days on Market” statistic each time it was put back on. Last time’s the charm….
Still, the luxury market is doing quite well, thank you very much, and the fact that our poster property did finally sell is further evidence of that.
What’s the luxury market in San Francisco? Based on what I see every day, I’d say you need a minimum of $2 million if you really want a “check all the boxes” single family home in one of San Francisco’s tonier neighborhoods. We’re talking things like bedrooms — minimum of 3 — not crammed into attics or basements, real yards, brand spanking kitchens, open entertainment areas, light and more light, big views, etc.
I’ve noticed that these properties aren’t sticking around for very long. In fact, there’s even been a return to the “show and go” days of a few years ago: do one or two open houses, a broker’s tour and ask for bids a week or so later. Remember those days?
Turns out that of the 24 single family homes listed for over $2 million in the last month, nearly half — 11 — were in contract in thirty days or less.
Let’s call the low end $500,000 to $1.2 million — crazy I know. Of the 132 homes listed since January 13, just 43 — under a third — were in contract in thirty days or less.
Now maybe that’s just what you’d expect: proof that that 1% are doing very well, thank you very much.
What about the middle market you say? That will have to await another blog, but meanwhile, here are a few examples of luxe hotties (click the pics for more MLS details):