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Buying a duplex in San Francisco? One buyer's success

By
Real Estate Agent with Compass CA DRE# 01215160

Thinking of buying a duplex in San Francisco? One happy buyer's purchase closed yesterday and he'll be making a few changes and moving in soon.

duplex purchased in San FranciscoYesterday was the day the sale recorded at City Hall; title transferred then, and shortly thereafter I delivered the keys to the buyer, tied to the orange ribbon in the basket. Tucked carefully in tissue paper were two champagne flutes and a bottle of prosecco, along with a few snacks, a plant and a card.

This buyer's quest is over for now.

He was able to buy a duplex with the upstairs unit vacant, ready for his personal use. An existing tenant is in the downstairs unit; that rent will help make the mortgage payment. 

The building, described accurately as a "2 unit Victorian Fixer" originally went on the market asking $988,000, a probate sale with court approval not required. The property was taken off the market for a period of time, and re-listed at $798,000.

This time, 7 offers were received and the property sold approximately 13% over asking. My buyer's offer was not the highest, I was told, but had the best terms and -- the listing agent had met the buyer and liked him! We structured an offer as clean as possible, with only a short financing contingency. The appraisal was waived (we were relieved when it came in at value!) as were any further property inspections (we were given in advance a general property inspection and termite inspection along with many other disclosures.)

There are many lessons to be learned here (be polite; be thorough; be courteous; communicate well; be focused.) One can succeed in purchasing San Francisco property for under $1,000,000 and enjoy living in a vibrant neighborhood.

Interested? Call me and let's explore your needs and desires.

Google map, outer Mission area, San FranciscoGoo

 

Comments (11)

Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Lottie. Those willing to roll the dice can be big winners! Congrats to you and your buyer. Enjoy your day!

Oct 31, 2019 04:53 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Congratulations, Lottie on your latest sale. I did get a chuckle out of your comment that it's possible to buy something under $1 million in SF. That's a line I use in my market for under $250K!

Oct 31, 2019 04:59 AM
Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good morning Lottie. I agree with all of your thinking. That said your market is unusual I think but certainly special.

Oct 31, 2019 07:55 AM
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

Hello Lottie - a San Francisco duplex.  Now that's a dream with one unit vacant and available for owner occupancy.  Now that's a dream come for your client who won in a multiple offer situation thanks to your local real estate expertise.  Congratulations to you and the new owner.  

Oct 31, 2019 08:59 AM
Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

It takes fortitude on the part of a buyer in San Francisco and the Silicon Valley, Wayne Martin - fortunately my buyer has it!

Nina Hollander - your comment makes me smile. Real estate certainly is local, isn't it? 

Oct 31, 2019 09:24 AM
Nina Hollander, Broker

Lottie Kendall hi Lottie... in my market real estate is not only local, it's hyper-local and at times even hyper-hyper local.

Oct 31, 2019 12:34 PM
Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

The real estate market in San Francisco and the Silicon Valley is definitely unique, Sheila Anderson - one difference between the two areas is that San Francisco has a lot of older Victorian and Edwardian buildings, whereas the Silicon Valley was primarily fruit orchards until the 1960s and 70s.

Oct 31, 2019 09:26 AM
Brian England
Ambrose Realty Management LLC - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

That is definitely a success story and the buyer is lucky that he had you representing him!

Oct 31, 2019 09:26 AM
Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

Thanks for the good wishes, Michael Jacobs - my buyer is definitely looking forward to moving in and enjoying the surrounding neighborhood as well as owning a piece of San Francisco.

Oct 31, 2019 09:32 AM
Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

I was very happy my buyer's offer was successful, Brian England - he was shocked at first since he knew there were multiple offers; now he's very happy and excited.

Oct 31, 2019 12:35 PM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Lottie congratulations on the successful closed sale, and for making a dream come true for this Buyer.

Oct 31, 2019 01:00 PM
Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

Thank you, George Souto - this definitely was worth half a day of my vacation preparing, writing, Docusigning, emailing, etc. the offer. When offers are to be submitted on a particular day, with multiple offers expected, attention to detail matters. 

Oct 31, 2019 03:52 PM