Once asking upwards of $3.5 million for this chic city residence at 850 Powell Street (aka The Francesca), it appears the owner may *finally* be on the verge of landing a buyer. While the flawlessly presented home itself checks so many boxes, it has evidently missed the mark on pricing repeatedly in the course of seven unsuccessful listings since 2017. Now staring down what may well be the bottom of this market cycle, the seller in their latest attempt will — with any luck — see the property sold. Newly listed (once again) 850 Powell Street #104 is seeking $2,600,000.
Shortly after being purchased with cash in 2015, the 2,400+ square foot home went from drab to fab with a renovation fit for the pages of Dwell Magazine. Highlights of the six-figure transformation include dreamy kitchen with top-of-the-line appliances, four full ensuite baths, handsome wide-plank hardwood flooring, an abundance of designer lighting and integrated audio throughout. Decorative ceilings and a marble wood-burning fireplace — elements original to the 1920s construction — lend a certain old-world elegance to the otherwise transitional aesthetic.
hey, home buyer
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The uncommonly balanced market today — few sellers and perhaps fewer buyers — will not last forever. Right now, sellers have the opportunity to leverage historically low inventory to their advantage. Buyers, on the other hand, can scoop up homes at prices not seen in years and in advance of further interest rate hikes this spring, and with minimal competition.
Ready To Make Your Move?
CONSULT WITH A LOCAL LENDER AND OBTAIN PRE-APPROVAL
› This is essential before making an offer, and can take anywhere from a few days to a week or more. Consider speaking with more than one lender and making them compete for your business. Having your loan file already reviewed by the underwriter will allow you to make a stronger offer. If you plan to stay put in your new home for only a few years, choosing an adjustable-rate product will lower your interest payment. Contact us and we can point you in the right direction.
GET FAMILIAR WITH HOMES FOR SALE AND RECENTLY SOLD
› Homes today are more likely to sell at or near the asking price, but this is by no means a rule. Egregious underpricing is still a common strategy used by sellers and their agents to attract interest (and multiple offers). Be willing to compromise on your wants — if you wait to find the perfect home, you’ll be waiting forever. You can upgrade and personalize a property but you cannot change its location.
COMMIT TO ONE AGENT AND TOUR HOMES TOGETHER
› Let’s talk! There are dozens of off-market and coming soon listings in San Francisco which are not marketed to the public. Properties in San Francisco are not straightforward and value isn’t always obvious. Your agent should always see any property that you may consider purchasing. They should also obtain the seller’s disclosure documents, actually read them, and review them with you as part of your due diligence. Whether you make an offer or not, consider it education.
MAKE THAT OFFER, BABY!
› Buyers today have an opportunity to negotiate price and all sorts of terms. The worst that can happen is that the seller says no. If your offer is not accepted outright, you can try to find middle ground, agree to everything the seller wants, or choose to walk away. In San Francisco, buyers and sellers use a purchase agreement and other standard forms not used outside the city. Working with an experienced agent who knows them inside and out, respects the local customs, and presents a buttoned-up offer on your behalf will give you an advantage.
