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Over promising & under delivering – a bad real estate recipe

by sfishome on December 16, 2009

Over promising and under delivering is a bad recipe in any facet of life, and one I wish we could ban in real estate here in San Francisco.

This TIC on Laguna Street in the Marina is currently listed with a photo of the Living room with windows facing Moscone Rec Park. I had seen all 4 TIC units in this building when it first came on the market so I knew the only two I liked at all were the front units with views of the Park.

In the view I state that I thought they all sold for around $700,000. Well, the other three sold in the mid to high $700’s. Meanwhile, I guess that the one on the market is the front one BECAUSE of the MLS photo showing the front unit, and guess that today’s value is around $550,000, or at least lower than it’s new $599k asking price.

Then I show up on Tuesday’s “Broker’s Tour” and you can hear the annoyance in my voice that in fact the photo was misleading and #1 is the rear unit with views of the small yard and the neighboring building.

So my value guess now? Closer to $525k. A long drop from $699k.

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