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It’s slow, but picking up

Posted on March 5, 2009 by editors

The entrance to 3355 Pacific, on the market — briefly — for the first time in more than 50 years.

February 2009 was another slow period for home sales in the neighborhood. With the economy looking gloomier every day and the stock market reaching record lows, it would appear, at least at first glance, that our housing market is moving in a similar direction. However, the most recent activity in the local market suggests this may not be the case. Although only three homes and six condos closed during the last month, a total of 19 properties went into contract. By no means does that constitute an active market, but it certainly is a noticeable uptick.  It remains to be seen if the activity will continue to increase though what is normally a busy spring market.

HIGH END ACTIVITY: Sales on the upper end, which have been virtually nonexistent since October, have picked up significantly. Several impressive properties have gone into contract, most of them within days of being listed or relisted. One example is 3355 Pacific Avenue, which came on the market at the end of January for $8.9 million. This was the first time this property has been on the market in more than 50 years.  It’s a substantial 6-bedroom home on the Presidio wall that, while not updated, contains most impressive rooms for entertaining.  There were four offers and, while it sold at an undisclosed price, it reportedly closed above the asking price.

— John Fitzgerald

Filed under: Home & Garden

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