SF Askhole Of The Month, December 2021

Remember when blogs hyped extreme San Francisco real estate overbids? We’re taking a different approach — one underscoring our values in educating and empowering home buyers to make smarter choices and reject transactional inefficiencies. As we aim for more perfect market intelligence, askhole sellers take heed: the gig is (almost) up.

The Biggest Askhole: Underpriced by 38.42%

1443 29th Avenue was listed exclusively by cooperating broker Compass. Image below courtesy of Google.

Any time a house is listed for less than $1 million — in this case, $899,000 — we can’t help but roll our eyes. This bad boy didn’t even make it to the market before a buyer swooped in and threw down $1,460,000 for it. The 2-bed/1-bath/1,380sqft single-family home in San Francisco’s Central Sunset looks the part of a fixer (no interior photos available), and probably is considering the last time 1443 29th Avenue changed hands was in 1978. A search on the Department of Building Inspection website shows a permit was issued for reroofing in 2002, and no other applications by the previous owner. That said, the buyer wasted no time filing for a permit to repair drywall at the two rear bedrooms and replace kitchen cabinetry. Those familiar with the common layout of homes like this know there is space in the garage that’s begging to be transformed into habitable square footage, also.

First Runner Up: Underpriced by 37.98%

1443 16th Avenue was listed exclusively by cooperating broker Compass. Photos below courtesy of SFAR MLS.

A dozen or so blocks east, this 2-bed/1.5bath/1,615sqft Inner Sunset house reads like an updated version of the previous property. 1443 16th Avenue enjoys extra square footage thanks to the rear sunroom as well as an off-the-record finished “family room” downstairs. At just 7 days on market, the listing went Pending on its offer date with a non-contingent bid, and closed escrow three weeks later for $2,175,000. As far as 2-bed house sales in the neighborhood go, this one is on par with its neighbor at 1484 16th Avenue which fetched about $140K more (and comes with a kitchenette plus full bath downstairs) — both sales landed higher than the majority real 3-bed sales in the area in 2021. It’s no secret that a property’s potential translates to value, and so, too, does functionality even if not warranted.

Second Runner Up: Underpriced by 35.59%

2234 34th Avenue was listed exclusively by cooperating broker Shamrock Real Estate Company. Photos below courtesy of SFAR MLS.

Claiming “endless possibilities for expansion,” the seller’s agent here isn’t beating around the bush. Tax records show this single-family house at 2234 34th Avenue is 2-bed/1-bath/1,387sqft — that doesn’t include the unwarranted downstairs bed and bath that add another 398sqft according to graphic artist rendering. Looks like the seller got ahead of the game with some of that expansion. Even with some of the spaces needing cosmetic help, this home was bid from the $1,095,000 teaser list price up to $1,700,000 on the offer date at 12 days on market. Again, the value of potential and function is strong with this one, evidently. As a 2-bed home, it’s the 2nd highest sale in Parkside in 2021. As a 3-bed home, the sale price is middle-of-the-road and among a fairly large number of comparable imposters.