As we exit ‘Q1 and move towards a seasonal uptick in activity in ‘Q2, we have a tale of two very different markets in our northwest corner of the City.
First, Sea Cliff. Between the remodels and the rain in ‘Q1, we have literally no activity. That is not for trying though. We did see one single family sale (at a significantly reduced price) but we have a lot of luxury inventory sitting. Currently, there are four available homes between $7M & $20M with at least 100 days on the market:
- 157 28th Avenue; first offered in December at $7,695,000
- 308 Sea Cliff Avenue & 320 Sea Cliff Avenue (both owned by local musician) each offered at $14,000,000 with 128 and 196 days on the market
- 224 Sea Cliff Avenue (owned by imprisoned art swindler and recently saved from default) offered at $19,685,000 with 126 days on the market
So what is the challenge? It’s definitely not the location. For reference, Pacific Heights and Presidio Heights had nine sales over $4M in ‘Q1. With the exception of two sales, the houses sold with average of 14 days on the market. The challenge with the Sea Cliff properties above is simply price. They are chasing the comp at 164 Sea Cliff ($17.8M) but that was a better property.
Now, to the Lake Street corridor. Activity here is on fire. Sales in ‘Q1 are up almost 3x from the same time last year and newly listed homes selling in an average of 10 days on the market. This market has the sweet spot for competitive buyers; $2M – $3.5M. Throughout the City, the mid-market is hot.
Here are the numbers for the first quarter:
That is it for now. If you see a possibility of a life change that entails selling your home, let me know and I can provide you with a pricing analysis and marketing plan to help you with your decision.