Resetting DOM (Days On Market), Buyers speak up! ABC News Nightline is listening

We hit the local news scene, now we’re going national. We received a call from a Nightline reporter today and they’re looking for feedback and active buyers who have THOUGHTS ON RESETTING THE DOM (Days on Market) to give an old listing new legs.

Specifically, do you think it is fair or not to have seen a property as newly listed, watch it become a “Stalefish”, then see it again on the market as “new”?

Agents, buyers, and even sellers, please share your thoughts by commenting here, or clicking on “comments” below. Nightline is listening!

Contact us if you’d like to possibly appear on Nightline tonight or tomorrow Monday or Tuesday. They’ll be interviewing around 5pm 6pm tonight in San Francisco.

Fellow bloggers, please spread the word, as we know this is a hot button.

Although not local, Manhattan Beach Confidential has a good post on this very subject.

[Update:...and this just in, Kevin Boer of 3 Oceans Real Estate just put up a nice post as well. Thanks Kevin!]

Conforming loan limit increase in jeopardy?

We just received this email from N.A.R.

“The U.S. House of Representatives yesterday passed a stimulus package that raises the FHA and conforming loan limits to as high as $729,750 in high-cost areas.

There is speculation that the Senate version of the stimulus package DOES NOT include these increases.

Please contact Senator Barbara Boxer and Senator Diane Feinstein if you’d like to help this bill get passed.

The easiest way to take action is to click here. It’s a one second process and will send the Senators an email directly. So we think.

The tone is obviously a bit alarmist, but hey, that’s how America works.

[Update: ...and approved.]

[Update: ...and clarification of some of the confusing aspects of the package.]

-Call to Action [Realtor.org]

What costs how much where, and a complete wrap-up of 2007

Hats off to Katy Dinner, or whoever it was that put this information together, and thanks for sending it our way.

katydinner.jpg

Some examples of what else you’ll find by following the link below:

A two bedroom condo in the Marina will set you back a cool $1,237,000, but in Hayes Valley it will only set you back $780,000.

A three bedroom house in Lower Pacific Heights will set you back $1,837,500, whereas a three bedroom house in the Central and Outer Sunset will only run your tab up to $810,000.

[prices are "Median Sales Price"]

Good stuff on that link. Take a look at it.

What costs how much where in San Francisco [863Katy.com]

Chop go the rates…again! (Feds cutting rates makes us queezy)

“Fed Cuts Rate by Half-Point; 2nd Reduction in 8 Days” [New York Times]

In lowering its benchmark Federal funds rate by half a point, to 3 percent, the central bank acknowledged that it is now far more worried about an economic slowdown than rising inflation, and it left open the possibility of additional rate reductions.

“Financial markets remain under considerable stress, and credit has tightened further for some businesses and households,” the central bank said in a statement accompanying its decision. In addition, it said, recent data indicated that the housing market is still getting worse and the job market appears to be “softening.”

What’s going on here? This roller coaster is making us queezy!

Marc Herrenbruck had this to say:

As expected the Fed lowered “rates” by .50% so how will this effect you? Banks will be reporting that Prime has now fallen to 6%! Four months ago it was at 8.25%. People with HELOC loans rejoice you have experienced a 2.25% reduction in your interest in the last 4 months or if you had a $250,000 line of credit your payments went from $1718.00 to $1250.00 a month, a savings of almost $500.00 a month! I also want to say that rates for 30 year, 15 year and 3,5,7,10/1 arms are not benefiting from this in fact rates have been going up since the Fed lowered rates by .75% last Tuesday. That is because money is moving from the bond market to the stock market which supports what the Fed is doing to fight recession, lower Fed Fund and Discount Rates to stimulate the economy.

Slump? What Slump? Real Estate Sites licking their chops

We were going to do a little post regarding this recent New York Times article (“Despite Housing Slide Real Estate Sites Sell”, and get into all kinds of details, but we thought we’d just send you that way instead. We also thought we’d clue you in to a great post on 3 Oceans Real Estate essentially regarding the same thing, but with a bit more twist and punch.

Something we’ve been wondering:

Dear Glenn,

If you’re listening, where’d you get the name Redfin?

Sincerely,

theFrontSteps

Look past the furniture and focus on the sale (1700 Jones #4)

Being real estate professionals, it is our duty to look past the clutter and furniture and find the value in each property. We had a little trouble getting past the ottoman, sofa, chairs, and dining room wall coverings of 1700 Jones #4, but apparently the buyers saw something we didn’t.

1700jones.jpg

This is a 2 bed, 2 bath condo in Russian Hill, which came to market at $1,395,000 on January 10th. By January 17th, it was already in contract, open houses and Broker Tours canceled, and recently closed escrow on January 29th for $1,500,000 ($105,000 or 7.5% over asking). Forget pricing, forget overbidding, forget the cooling market, forget all that. Think about how quickly this home came and went…seven days on the market, during the worst market San Francisco has seen in over five years.

Merely an anecdote indeed, but significant nonetheless.

Maybe it was the white kitchen with pink lights that sealed the deal. Continue reading

Ask Us: “Massive construction at 766 Harrison”

Where readers ask and we try to answer:

I work on Harrison between 3rd and 4th. For the past year+, there’s been massive construction at 766 Harrison. What’s the building going to be? And will it have an affect on the homeless/mentally ill/substance abusers who camp outside of the substance abuse/mental clinic next door?

766harrison.jpg

As you can see, the brokers have this very nice property information page for you that tells us, “Construction is currently underway of 98 stylish studio units which will be available in June 2008.”

Here is another more detailed pdf regarding the retail and office space.

766harrisonfp.jpg

And as far as what they plan on doing with the building beyond what you’re reading on marketing materials, their “goal is to bring in a food related cafe service to the property in an effort to provide a pleasant atmosphere in which both tenants and neighbors may have a place to gather.” There are also a few small office spaces available for lease, and the studios being built above are all going to be rentals .

If you have any more questions, feel free to contact us again.

-766 Harrison [The Baumeister Collective Properties]

-Retail Space pdf [Ritchie Commercial]

[Image sources: TBCP website and Ritchie Commercial pdf]

Stats & Numbers: Condo Sales 12/06-12/07

From Garrett:

District Map (PDF)

Condominiums  
   
District 1 Dec-06 Dec-07
Number of Sales 17 6
Median Selling Price 809,000 862,500
Average DOM 44 49
     
District 2 Dec-06 Dec-07
Number of Sales 1 0
Median Selling Price 107,328  
Average DOM 39  
     
District 3 Dec-06 Dec-07
Number of Sales 2 1
Median Selling Price 612,500 514,000
Average DOM 21 44
     
District 4 Dec-06 Dec-07
Number of Sales 7 2
Median Selling Price 550,000 570,000
Average DOM 77 62
     
District 5 Dec-06 Dec-07
Number of Sales 37 23
Median Selling Price 767,500 850,000
Average DOM 58 48
     
District 6 Dec-06 Dec-07
Number of Sales 18 10
Median Selling Price 797,500 767,500
Average DOM 43 44
     
District 7 Dec-06 Dec-07
Number of Sales 20 16
Median Selling Price 1,212,500 1,115,500
Average DOM 48 59
     
District 8 Dec-06 Dec-07
Number of Sales 26 27
Median Selling Price 700,000 700,000
Average DOM 64 60
     
District 9 Dec-06 Dec-07
Number of Sales 47 39
Median Selling Price 766,000 640,000
Average DOM 49 54
     
District 10 Dec-06 Dec-07
Number of Sales 11 1
Median Selling Price 470,000 540,000
Average DOM 75 103
     

Data Provided by SFAR

Walkabout: Palm Springs “Daring and Unspoiled”

We were just going to pull a few choice excerpts from this “Daring and Unspoiled” $1,095,000 listing in Palm Springs, but we just had to post it all:

palmsprings.jpg

“Smashing, Splendid, Brave, Daring and Unspoiled describes this masterpiece of seventies decor – Plus Offered Turnkey Furnished! Visually stunning custom velvet walls with vibrant colors of reds, pinks, fuschias and oranges.A unique and wholly functional residence in impeccable condition set up for full time living but with all the enchantment, allure and fantasy of a Moroccan palace. Bedrooms are canopied, swagged, with gold vein mirrored walls, ceiling to floor drapes creating an exotic and opulent atmosphere. The furnishings are custom in matching materials and colors,the pool is gorgeous, the grounds are impeccable, and the piece de resistence, a Pink Princess telephone in the master bedroom! Functional nostalgia makes this property a fantastic fantasy residence or a savvy investment. Perfect for photo shoots, theme parties, fund-raisers and film locations to mention a few potential uses.”

Films that come to mind?

[Update: Others are comparing it to this lovely San Francisco home.]

-1240 Manzanita Ave, Palm Springs [Coldwell Banker]

Attention Shoppers: Discount on districts 1-10 in San Francisco

If this new law should pass (raising the conforming loan limit to around $725,000), you can expect a bit of a buying spree in San Francisco, for three main reasons (among many others):

1) Buyers are out there (in droves), and this is just what they needed to get them motivated again.

2) If this is a “limited time offer” as the powers that be are suggesting, many buyers will want to get it while the getting is good, and word on the street right now is that this “proposal” would be good for only one year.

3) San Francisco is, and always will be (barring a major disaster), a solid long term investment. Any short term dips (2-3 years) will be surpassed by long term gains (10-25 years). Ask some folks that bought their homes in Pacific Heights 25 years ago if they’re happy with their “investment”.

This is all, of course, assuming our our nation avoids a major recession (we believe we’re already in a little one), and our market sees an increase in sellers listing their homes (and accepting offers) at reasonable prices.

Flame away. Just don’t tell the foreigners, and don’t hate us for not conforming to all the same bull shit and rhetoric you hear on a daily basis on all the “other” real estate blogs (Curbed not included), because we’re not buying and it’s not because we’re in this for commission.

-“Foreigners get a piece of the real estate pie”[sfgate]