Yes, price cuts do still happen on the San Francisco market

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With all the news of a hot market, over-bidding, and homes being bought before they even hit the MLS, we thought a small dose of humble pie might be in order for San Francisco real estate. For instance, despite being 4 beds, 4 baths with a deck, backyard and lower level rec room, the Octavia Street home above hasn’t sold in over 25 days; not only that, it’s had to drop its price $300K in hopes of finding a buyer.

What will it ultimately sell for?

Condos

Condos have been in demand as well, but that doesn’t mean every single one flies off the market at over-asking price. This Bryant St. unit, a loft-like 1 bed, 2 bath with deeded parking, listed in early June for $649K and is now down to $599K.

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ae9b1 overlayArrowLeft Yes, price cuts do still happen on the San Francisco market
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What price do you think it might actually get, readers?

Co-ops

Co-ops too, despite the (limited) allure of exclusivity and general rarity they enjoy, have suffered recent price-cuts. This classic example on Gough St., a 4 bed, 3,5 bath in Pacific Heights, has dropped from $2,850,000 to $2,695,000.

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How much will it finally fetch?

We’re hardly pointing out a major reversal in the market. As this infographic courtesy of Paragon Real Estate Group shows, May sales were heavily weighted toward at-or-above-asking prices.

3938b securedownload 600x451 Yes, price cuts do still happen on the San Francisco market

May sales in SF sold largely at or above asking. Courtesy Paragon R.E., SF

 

Still, 10% of homes sold at less than asking (though not by much), proof of some (waning) buyer power still in existence.

Anna Marie Erwert writes from both the renter and new buyer perspective, having (finally) achieved both statuses. She focuses on national real estate trends, specializing in the San Francisco Bay Area and Pacific Northwest, and writes for SFGate and CurbedSF. Follow Anna on Twitter: @AnnaMarieErwert

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Article source: http://blog.sfgate.com/ontheblock/2013/06/25/yes-price-cuts-do-still-happen-on-the-san-francisco-market/

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