Wednesday, November 7, 2007

Weekly Sales Report

It is time for your mid week market update! It seems to be an undisputed fact that now is a good time to buy. We are hearing it over and over again from the buyers coming through the open houses. Just this weekend, out of over seventy parties who came through our loft, a majority of them were just starting to put their feelers out. It evokes a funny image of a bear who has been hibernating for the winter just poking its nose out to see if it is safe to emerge. They are careful and timid at first, but here they come!

It seems that now as we near the holiday season and the end of the year, many sellers will wait until the new year to put their property on the market, and the buyers will certainly be waiting anxiously. I believe 2008 will start off with a bang!

Let's try not to get ahead of ourselves here. We are still in 2007 and have plenty of time left. We have an offer date set today for the loft; we had given five disclosure packages out and have yet to see if any of them will result in an offer. The interest is definitely there.

As for the rest of the office and their activity:


There were 13 opened escrows this week. One two bedroom condo in Potrero Hill received 8 offers, and a TIC in Pacific Heights received 5.

There were 16 closed escrows. Four of those sold at asking price, 9 sold over asking, and the remaining three sold under asking price. I must add that the three that sold under asking are all in the south eastern part of the city: one in Visitacion Valley, one in Silver Terrace, and one in Ingleside. The largest overbid was a condo on Dolores which closed at 9% over asking price. Location is key; certain streets and neighborhoods are not at all affected by poor market conditions.

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