I’m trying an experiment with this post by dropping in todays numbers from the mls search that I did to come up with this analysis for 200 Brannan. But the numbers are never perfect.
Remember that the mls (multiple listing service) is input by the over 5,000 agents we have in San Francisco; sometimes they imput the information correctly, and sometimes they don’t. Also be alert to the fact that most new construction is not reflected on the mls, which means that South Beach, with lots of new buildings, has much more inventory than reported on the mls.
What I noticed in today’s search is that a 1 bedroom sold in September for $640,000 after 23 days on market (nice) and indicated that it was 871 square feet; there’s also a 1 bedroom listing that has been on the market for 70 days and is entered at 871 square feet — looks like a simple transposition, but it makes a big difference on the $s per square foot that buyers look at closely.
Another listing difference I noticed is that some agents are listing 200 Brannan as “lofts” and others as “condos” — does this make a difference for your listing? The truth is that the building ownership is how a condo is defined, but the style and feel of the units are loft-like. There is a buyer group out there that is crazy about the loft design, it’s the only thing they want. And they may do their searching for properties on the mls, cleanoffer.com and other sites only for “lofts,” if your unit was listed as a condo you wouldn’t show up for them to see at all, and over 72% of all buyers begin their search online.
The stats: There are 3 actives came up in September 2006, and one price reduction among those to match a new listing (good strategy). Also, one pending; One sold; One expired; One withdrawn — doesn’t that sound like a playground jump rope rhyme?
Price ranges still look like the market segment under $1 million is moving, albeit slower than last year, but over $1 million is stagnant in this building with properties being withdrawn and expired at 83 days on market and 63 days on market respectively.
I firmly believe if you do your homework the numbers can help you cut the right deal for the property you want. Know the numbers of the building and marketplace, whether you are buying or selling.
$649,000 70 days on market 200 Brannan St #139 Condo 1 bed/1 bath 817 sq ft
$819,000 11 days on market 200 Brannan St #201 Loft 1 bed/ 2 bath 1151 sq ft
$1,088,000 21 days on market 200 Brannan St #441 Loft 1 bed/ 2 bath 1522 sq ft
$1,099,000 26 days on market 200 Brannan St #212 Condo 1 bed/2 bath 1517 sq ft
$949,000 26 days on market 200 Brannan St #130 Loft 1 bed/ 1.50 bath 1530 sq ft
$640,000 23 days on market 200 Brannan St #122 Condo 1 bed/1 bath 871 sq ft
$1,150,000 63 days on market 200 Brannan St #504 Condo 1 bed/ 1.50 bath 1123 sq ft