Does 'P' stand for 'Panic' or 'Patient' ? Perplexed prospects ponder proliferation of plum new listings proffered Downtown.

originally published 10/21/08

About 3 weeks ago I was trying to arrange evening cocktails with a good friend whose schedule was suddenly very full. "So your booked every night this week and can't commit to anything next week, what gives ?" I asked in a loving yet annoyed way that I'm told only I can do. He replied, "We are swamped, oiy.... I've haven't been this busy in a year."

My dear friend you see, is a very talented and currently in-demand stager. At first I thought it was odd timing given that if a sale occurred within 60 days these sellers would presumably be moving during the holidays. Not much thought went into this seemingly off timing again until I went on tour downtown today and was surprised by how many new listings there were and by the eye-popping asking prices.

Some examples:

A freshly listed corner 2-bedroom at The Brannan on a higher floor with a spectacular view, approximately 1300 square feet. 1.8M. Hm.

A top floor view 2/2 with a large balcony in a mid-rise on Rincon Hill clocking in at 1200 square feet. 1.425M. Oog.

An impressive and new-to-the-market 3-bedroom 3.5 bath corner loft at 200 Brannan. At least 1700 square feet. 3.388M. Whoa.

What put my visit to these lovely homes in perspective was my first stop that day at The Beacon. A friend and former colleague has the listing for a corner 2/2 on the top floor with a balcony. It's a lovely spot with forever views that was sold 2 years ago by the developer for 1.25M. A price that was considered a good value at the time.
It's 3 days away from foreclosure unless the seller gets it in contract as a short sale. 1250 square feet and asking... 999K

That leaves us with 4 high-end condominiums being marketed against a backdrop where potential buyers are looking for value and opportunity and sellers seem to want to cash out or just get out. Even if the sellers are 'testing the market' one has to wonder about the motivation and timing of that decision.

What's important to understand for agents and buyers navigating this market is that these mixed messages are a symptom of the general confusion and apprehension about what the future holds for our economy. As with all situations where the outcome isn't predictable there are great opportunities for those that are confident and maybe a little fearless.

Now about that cocktail...