$2,500,000: 999 Green St., San Francisco
Russian Hill condos, San Francisco – trust sale: $2.5M
999 Green St., #2201 & #2203, San Francisco
Days on market: 12 (reviewed 5 offers on day 6, accepted an all-cash offer which took 6 more days to close)
Listing price: $2.1M
Sale price: $2.5M ($400K over asking)
Identifying and marketing to the property’s ideal buyer is one of Craig’s favorite aspects of selling a home in trust. In this case, he predicted the buyer would be someone already living in the upscale building. Someone who wanted more space . . . and had the vision and resources to transform the two time-worn units into a singular living space.
To attract the right buyer, Craig prepared a marginal cost-benefit analysis to determine which upgrades to recommend and how much they would add to the sale price. Faced with a banker who didn’t see the value of renovating the units, Craig made a bold proposal.
“I had to push for what I knew was right — to get the 500% ROI I generally see on renovations of this type. So I told the trust officer: If you won’t pay for the changes, how about I do it and you pay me back at closing. Pay me for performance. I’m confident it will be worth it.” She eventually agreed to have the bank foot the bill.
- downplayed the condos’ not-so-glamorous ’70s look
- renovated both units on a shoestring budget of $25,000, mainly for paint and countertops
- removed many of the 22 doors, to change the functionally obsolete space into a more open floor plan
- created an “after” look to spark the imaginations of buyers and their designers, showing how the maze of rooms could make sense with the two units combined
- completed renovation and staging in three weeks; would have been even shorter if the building hadn’t lost power for a day
Craig drew in the building’s resident owners with twilight wine and cheese gathering for sneak previews. His buyer targeting proved right. A resident of the building presented the winning offer of the five they received — all cash.