Sunday, January 6, 2008

What's The Diff?

We're going to start 2008 off with a bang here and start a new feature where we take a look at some of the pain in SF real estate. Looks like some folks have discovered that real estate doesn't always go up. Know some of the back stories? Share them with us!

Oops!

61 Ina Ct.
Last Sale: $730,000 (07/18/2007)
Asking: $650,000
What's the diff? $80k in about six months.

Even in Bernal Heights!
38A Elsie
Last Sale: $695,000 (08/25/2006)
Asking: $550,000
What's the diff? $145k in 17 months.

Another Bernal haircut...
277 Bradford St.
Last Sale: $775,000 (10/10/2006)
Asking: $675,000
What's the diff? $100k in 15 months.

Missing money in the Mission.
1800 Bryant #311
Last Sale: $739,000 (11/22/2005)
Asking: $625,000
What's the diff? $114k in 50 months.

Western Subtraction?
2529 Post
Last Sale: $756,000 (07/30/2007)
Asking: $669,900
What's the diff? $86k in six months.

Downside in Ingleside
230 Howth St.
Last Sale: $745,000 (08/31/2005)
Asking: $650,000
What's the diff? $95k in 52 months.

Keep in mind these are just the differences on buying and selling. Don't forget a true measure of loss would measure closing costs, sales commission, property taxes, carrying cost, etc. If you really want to measure the pain, use the infamous Submedian Spreadhseet and you'll see just how bad it really is.

BTW, Crocker Amazon, Excelsior, Bayview? Just too damn many to list. Seriously, there must be over a hundred properties in the city right now selling for less then what they paid for. Just a year ago that would be inconceivable.

10 comments:

anna said...

Welcome back, Missionite. I love this new feature. I'll be linking to it in my next post in a couple days; thanks for the intelligent fodder!

anna said...

and here you go!
http://blog.redfin.com/sfbay/2008/01/sf_year_end_stats_sources_doom_and_glee.html

Missionite said...

Thanks Anna!

farrah said...

As if these sellers aren't already grouchy, imagine how hey feel when some deal seeking buyer comes in with a super low-ball offer (buyers' market right).

Desmond said...
This comment has been removed by the author.
anna said...

Missionite: Someone left a comment on my blog that links to yours; you would be best qualified to answer it. Mind coming over?

Missionite said...

Done! Thanks for the heads up Anna!

Dude said...

Missionite - have read your comments on SS for a while and just now checked out your site: great stuff! Love the "Flippers in Trouble" angle here...I'm sure we'll see more of it going forward.

Luba Muzichenko said...

Awesome site - as a Realtor, I have to say I hate to see the bad news, but I love to have the facts in one place. It's great to be able to point an unrealistic seller to a site like this in addition to the MLS when I'm trying to explain to them that, "No, the 2BR home you bought a year ago has not appreciated $150K just because you cleaned up the backyard." I'll check back often!

Garrett Goldman said...

missionite--

i wanted to chime in to let you know that:
1. what you're putting on your site is great; super informative!
2. i wanted to thank you for linking to SF Schtuff! I would have emailed you directly, but i can't find your contact information...