88 King Street #106 Hits MLS…I’m Claiming Best Unit Currently For Sale At The Towers At Embarcadero South

[Update: Sold for $790,000]





You all had your chance to nab this amazing condo in the heart of South Beach when I first signed the listing and shared it as a pocket listing. Now it’s on the MLS, and I’m claiming it’s the nicest unit currently for sale in the building (Towers at Embarcadero South). True, that is my opinion, and this is my listing, but I consider myself to have good taste.



The unit itself is loft style, 1293 square feet, updated (modern) kitchen, two bedrooms, two baths (both updated), bonus room perfect for office or extra storage, street entrance with southeast facing patio, BBQ Area, Club Room, Exercise Course, Gym, Roof Deck, Spa/Hot Tub, and so much more. It is truly a unique property in arguably one of the city’s best locations.

Price is set at $799,000. HOA dues are $839/month, and include: High Speed Wireless Internet, 24 Hour Doorman, Garbage, Grounds Maintenance, Homeowners Insurance, Outside Management, Security Service, Water, BBQ Area, Club Room, Exercise Course, Gym, Roof Deck, Spa/Hot Tub use.















Don’t miss your chance to get yourself or your friends into this property and live the South Beach life!
[UPDATE: Property is in contract.]

-88 King Street, Unit 106, 2 bed, 2 bath, 1 pk, $799,000 [MLS]

But It’s A Buyer’s Market

Any of you see this article on Yahoo! about US Cities Where Homes Sell The Fastest?

Gather ’round…I have a story for you.

Yesterday, on behalf of my clients, I presented a full asking price, ALL CASH (that’s $1,350,000 George Washingtons), two week to close, sellers may “rent-back” ’til November offer on 49 Alma Street in Cole Valley. This is a home that was listed late 2010 for $1,475,000 and withdrawn in January of 2011.


…and our offer was not enough! We were one of FIVE offers!

We expected multiple offers, but here is the kicker – four of the five offers were also all cash! Are you kidding me!? Hang on…it gets better. Our offer was almost the lowest in price. One other offer below us. The winning offer had zero contingencies. That’s all cash, significantly over asking, no contingencies, two weeks til the seller gets their coin…Is it 2003-2005 all over again? WTF!

I know the details of the other offers, but for the sake of the lucky and thrilled seller, and the lucky and thrilled buyer, some things in a transaction are better not to publish until it closes and cash and keys are transferred. Job well done by listing and selling agent combined, and the buyer for blowing our minds.

Okay, I have another anecdotal bit of story for you.

Seven Divisadero hit the market a couple of weeks ago. Barely two or three days on the market…Bam! In contract, all showings canceled.

You cancel showings when you have an extremely good offer that you’re not afraid is going to fall apart. My guess is another all cash offer over asking with one simple inspection contingency.

That leaves several all cash buyers with over $1,000,000 to burn still out there looking.

But it’s supposed to be a buyer’s market…right?

-US Cities Where Homes Sell The Fastest
-Battle Royale: Cole Valley Versus Noe Valley [theFrontSteps]
-Multi Millions On A Monday [theFrontSteps]
-49 Alma Street [Property Website and Photo Credit]
-7 Divisadero [Property Website and Photo Credit]

theFrontSteps On Facebook

No longer a need to be my “friend” and no need to like a stupid page. Too many things to keep track of with all that! Now you can simply “Subscribe” to my Facebook feeds (so much like Google + and Twitter rolled into one), and we can call it a day. Just call me when it’s time to buy/sell San Francisco real estate.

-Facebook.com/theFrontSteps

San Francisco Pending Sales Continue to Improve As Summer Comes to a Close, Loan Limit Reduction Is Going To Hurt You Buyers Shopping $800,000 – $1.2M Range

From the San Francisco Association of Realtors:

“Typically the slowest month in real estate, August witnessed a decrease in the months supply inventory, with fewer and fewer sellers putting their properties on the market.

Regardless, San Francisco’s continued desirability did offer some pockets of movement and activity, even during this slow period in the year.

Single-Family Homes

Although closed sales of single-family homes has dropped 14.8 percent throughout the city since August of last year, the number of homes under contract has increased by 40.1 percent, presaging better sales numbers to come. Since January 2011, homes under contract have increased by 59.6 percent, with sales also increasing by 9.5 percent. Year-over-year, for properties priced below $700,000, the months of supply inventory fell by 55.7 percent to a reading of 2 months, while for properties priced between $700,000 and $1.2 million, the months of supply inventory fell to 1.9 months.

One area of the city which has experienced an increase in sales activity is the central west neighborhoods of the Sunset district. Since August of last year, the number of homes under contract rose by 18.9 percent, while the number of completed transactions grew by 5.3 percent for a total of 40 sold properties. The Sunset, which is predominately residential, offers a small town quality and feel, which complements its conservative and family-oriented character. Homes in the Sunset are mostly mid-century and offer similar floor plans, thanks to well-known developer Henry Doelger, who in the 50s, is said to have been able to construct two houses in a single day.

Another part of the city which has experienced healthy sales activity is the central-eastern neighborhoods of Bernal Heights and Potrero Hill. Since August 2010, the number of homes under contract has grown by 160 percent, while the number of completed transactions increased by 5.6 percent to a total of 19 sold properties. Bernal Heights offers a somewhat progressive neighborhood feel, with quirky shops, restaurants, and annual traditions such as a soapbox derby and neighborhood-wide garage sale. Potrero Hill, with two surrounding freeways and large strips of industrial land at its feet, is relatively cut off from the city, yet still manages to maintain a laid-back and sunny disposition. Both neighborhoods possess an eclectic mix of architecture, which includes row houses, cottages, and Victorian bungalows.

Condominium Sales

Sales of condominiums shot upward throughout the city, rebounding from this time last year by 5.5 percent. Condominiums under contract also increased by 25.7 percent, beating out last year’s numbers, as well. For condominiums priced between $500,000 and $900,000, the months of supply inventory declined by 42.9 percent to a reading of 2.4 months. For luxury condominiums priced above $900,000, the months of supply inventory also contracted, by 26.8 percent to 4.7 months.

The northeastern section of the city, which includes downtown San Francisco, continues to witness strong condominium sales activity. Compared to the same time last year, the number of pending sales has increased by a substantial 78.8 percent, with 59 total units under contract. At the end of the month, the total number of sold condominiums hit 37, a 42.3 percent increase from August 2010. High-rise condominiums can be found in the bustling downtown area, while other luxurious condominiums are located in elegant and historical Russian Hill, as well as North Beach, also known as San Francisco’s “Little Italy.”

Outlook

Beginning on October 1, Fannie Mae and Freddie Mac will cut the size of loans they purchase from lenders. This will force many future borrowers into more expensive and harder-to-get jumbo loans. According to USA Today, the Fannie Mae and Freddie Mac conforming loan limits were raised in 2008 in some high-cost housing markets to stimulate the economy. In many areas such as San Francisco, the limits rose to $729,750, and next month they will fall to $625,500.

The reduction in the conforming loan limit will hurt buyers shopping in the $800,000 and $1.2 million neighborhood the most, and so a slowdown in that segment of the market is expected. On the other hand, this change has been well publicized and some lenders, even as early as August, have already changed their underwriting guidelines to reflect this new reality. A positive change was that buyers in this segment rushed to purchase property, which in turn, helped to increase sales numbers in the last couple of months.

The Consumer Confidence Index®, which improved slightly in July, worsened in August to a reading of 44.5 (a reading of 90 indicates a healthy economy), in reaction to pessimism about the job market and political wrangling over the debt ceiling. Of note, the decline in confidence in August was underway before the S&P downgrade of the U.S. down one notch to AA. Still, based on these factors, consumers are expected to continue being very vigilant about what they purchase, and spending rather cautiously.”

Rip Curl Pro Search San Francisco Surf Contest

Don’t be fooled by other agents trying to sell you an ocean view home on the Great Highway. That would be a monumental waste of money if your purchase is based on proximity to the contest. The Rip Curl Search San Francisco is supposed to happen at the north end of Ocean Beach often referred to as Kelly’s Cove/VFWs…somewhere around here.

So your best chance at buying a pad with a view to the contest rests in this building right here (855 La Playa), and there happens to be a few (very inexpensive) choices at the moment.

Bring binoculars, if da waves are big, dey gonna be far out in da wata.