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Mission To Millennium | SF’s Top 10 Underbids of the Week

The top underbid of the week goes to an Outer Mission single family home that (dare we say) needs a bit of work. Listed for $699,000 and sold for $575,000 after 62 days on the market. According to our data from last week, single family homes continue to take up the majority of the top 10 underbid slots: 50% single family homes, 30% multi-units, and 20% condo.

As we get into the winter months, we are seeing luxury homes cooling down but affordable homes remaining competitive. One other notable Underbid is this wonderful Millennium Tower residence with million dollar water and landmark views on both sides of the Bay. Listed at $4.588M and sold for $4.18M after 122 days. Still a win, IMO.

As for the rest, here you go:

Address BR/BA/Units List Price Sold Price Underbid
2220 Cayuga Avenue 1/1/1 $699,000 $575,000 -17.74 %
161-165 Cook Street 2-4 Units $2,395,000 $2,150,000 -10.23 %
2287 16th Avenue 4/2/2 $1,388,000 $1,250,000 -9.94 %
18 Kronquist Court 4/2/1 $1,899,000 $1,725,000 -9.16 %
301 Mission Street #49D 2/3/2 $4,588,000 $4,180,000 -8.89 %
78 Gladys Street 3/2/0 $1,195,000 $1,100,000 -7.95 %
1437 47th Avenue 1437A 2-4 Units $1,275,000 $1,175,000 -7.84 %
2829 Pierce Street 2831 2-4 Units $2,970,000 $2,750,000 -7.41 %
3260 Baker Street 3/2/2 $2,999,000 $2,800,000 -6.64 %
2040 Franklin Street #506 0/1/1 $575,000 $540,000 -6.09 %

As is always the case, if you have any questions about the market, your home, homes in your area, or real estate referrals around the world, I am here to help. Just give me a shout by choosing any of the “contact” options all over this site.

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$440,000 Under Asking | Personal Chapel Maybe Included, Wallpaper Definitely

It only took seven months, but in the end, it got there. SOLD for $440,000 UNDER asking!

You read that correctly, this 6-bedroom single family home in Mission Terrace at 100 Delano Avenue just closed $440,000 below the original (back in March) asking price of $1,600,000. After a price chop to $1.5, then $1.4, then again to $1.3, it appears the Lord finally took pity on this property and landed it on top of this week’s Top 10 Underbids. With plenty of extra space, awesome curtains, wow-tastic wallpaper, and your own “personal chapel” how could you not want to move right in!?

As for the other buyer scores, here you go:

Address BR/BA/Units List Price Sold Price Underbid
100 Delano Avenue 6/3/3 $1,300,000 $1,160,000 -10.77 %
355 Bryant Street 2/2/1 $2,345,000 $2,100,000 -10.45 %
18 Palm Avenue 4/3.5/2 $4,995,000 $4,525,000 -9.41 %
1264 Bush Street 1/1/0 $649,000 $590,000 -9.09 %
78 Gladys Street 3/2/0 $1,195,000 $1,100,000 -7.95 %
1437 47th Avenue 1437A 2 unit $1,275,000 $1,175,000 -7.84 %
601 4th Street #321 1/1/1 $1,499,000 $1,400,000 -6.60 %
2040 Franklin Street #506 0/1/1 $575,000 $540,000 -6.09 %
2730 Broderick Street 4/3.5/1 $5,850,000 $5,500,000 -5.98 %
301 Mission Street #51D 2/3/1 $4,495,000 $4,250,000 -5.45 %

You see…”deals” can still be had in San Francisco.

Gentrification Of San Francisco | One Perspective

I think it’s important everybody living in and around, moving to and moving from San Francisco watch, and listen to this one point of view as to what is going on in our city.

The implications of the insane real estate market that is upon us are real, on all levels. Everybody (not just the buyer and seller) is being impacted by the pros and cons of absurd real estate prices. Be kind, respect your neighbors, and consider everyone’s situation independently, not as a whole. Put yourselves in the shoes of the tenant, the buyer, the property owner, the developer, the parents, the children, the tech pioneers, and the city’s workers…This is a slippery slope, proceed with kindness, and a respect for human decency and all will not be lost.

1471 McAllister

Millennials – Listen Up – Go To College – Buy A House

A College Degree is Key for Millennial Homeownership in the San Francisco Bay Area, say my friends at Trulia. They just shared this with me (after a few edits to my liking), so I’m sharing it with you.

To go to college, or not? This is one question many millennials ask themselves. For households between 25 – 30 years of age who want to live in California’s major metros the answer is GO! A recent Trulia study found, it takes almost 20 years for degreed millennials to save the 20% down payment in San Jose, Los Angeles, Orange County and San Diego. For millennials without a degree, they need to save for decades. In San Jose, the amount of time is 45 years.

The landscape in San Francisco is daunting even with a degree. It takes a whopping 29.5 years with a degree and without it is 50+ years.

downpayment

Where Saving For a 20% Down Payment Takes Decades

With College Degree Without a College Degree
# U.S. Metro Years Needed to Save for Down Payment Required Down Payment at time of purchase U.S. Metro Years Needed to Save for Down Payment Required Down Payment at time of purchase
1 San Francisco, CA 29.4 $560,590 San Francisco, CA Not Possible N/A
2 Los Angeles, CA 18.8 $196,616 San Jose, CA 45.4 $665,508
3 Orange County, CA 18.5 $235,959 Los Angeles, CA 39.9 $353,270
4 San Diego, CA 17.7 $192,081 Orange County, CA 32.3 $347,842
5 San Jose, CA 17.7 $289,072 San Diego, CA 29.0 $262,589
6 Honolulu, HI 16.0 $165,588 Oakland, CA 27.3 $267,605
7 Oakland, CA 15.6 $193,453 Ventura County, CA 22.9 $230,929
8 Ventura County, CA 15.5 $189,325 New York, NY 20.2 $149,905
9 Denver, CO 14.3 $125,314 Fairfield County, CT 20.1 $185,494
10 Cape CoralFort Myers, FL 13.3 $74,130 Honolulu, HI 18.0 $173,574

In the study of 250 major metropolitan areas California swept the top 5 spots for number of years to save for a 20% down payment (Honolulu, HI was 6th, Oakland was 7th & Ventura County was 8th).

San Francisco tops the list, requiring 29.4 years with a college degree and 50+ years without it. Los Angeles comes in second, requiring 18.8 years with a college degree and 39.9 years without. San Jose and San Diego are not far behind, requiring 17.7 years with a college degree, but it takes much longer without a college degree for San Jose (45.4 years) than San Diego (29 years). The numbers for Orange County is 18.5 years with a college degree and 32.3 without.
Source: http://www.trulia.com/trends/2015/07/millennial-down-payment

What are Bay Area millennials to do? Consider a 10% down payment. Saving for the down payment can be done in less than half the time. How is this possible? Because price appreciation outpaces income growth for this group. Millennials without a college degree in San Francisco will actually be able to save a 10% down payment in 28.5 years, compared to not being able to save for a 20% down payment ever. San Francisco millennials with college degrees are able to attain a 10% down payment in 13.7 years, compared to 29.4 years for a 20% down payment.

In other Bay Area metros, the time to save for a down payment is significantly less as well. The time plummets from 45.4 years to just 15.4 years for San Jose millennials without a degree and with a degree it drops from 17.7 to 9.3 years. In Oakland, millennials without a degree the time needed to save goes from 27.3 to 11.3 years and with a degree it drops from 15.6 to 8.8 years.

In summary, a degree will get Bay Area millennials into a home by their forties if they opt for a 20% down payment. By choosing a 10% down payment both the degreed and non-degreed can enjoy the benefits of homeownership considerably sooner.

When you are ready to buy, browse Trulia all you want for the perfect home, but hire a professional, like me, to help you win.

1487 Chestnut Marina Views

Liquefaction Zones Of San Francisco’s Marina District

I have a great listing currently for sale at 1487 Chestnut Street (corner Gough & Chestnut) here in San Francisco, and of the 50 or so people I actually had the chance to speak with at yesterday’s Open House, all of them (not kidding) asked if this property is built on landfill, and thus in an area of liquefaction.

Since this is clearly an area of concern for many people, I did a little digging on some of the maps I’m able to access, as well as a few more, and was able to layer the MLS district map over the liquefaction map, capture the image, and I’m sharing it with you to satisfy your curiosity. As you’ll see, contrary to popular belief, the entire Marina District (in purple) is not all landfill/liquefaction.

Marina Liquefaction
[click image to enlarge]

There you have it. If I helped you win a bet, you’re welcome.

I’ve done a fair bit of research about earthquakes, liquefaction zones, and earthquake induced landslides areas in San Francisco and have shared it all over the years, the links which you can find below. As for the Marina District, now I gotcha covered there too.

Map of Bedrock Vs Landfill [theFrontSteps]
San Francisco Neighborhoods Prone To Liquefaction and Earthquake Induced Landslides [theFrontSteps]
Areas of Marina In Liquefaction Zone

[BIG ASS DISCLAIMER! I AM NOT AN EXPERT ON EARTHQUAKES, LANDFILL, OR LIQUEFACTION, I AM ONLY SHARING MY RESEARCH WITH YOU, AND IF YOU ARE REALLY CONCERNED ABOUT THE LOCATION OF YOUR PROPERTY OR ANY ISSUES REGARDING EARTHQUAKES AND LIQUEFACTION YOU SHOULD CONSULT WITH AN ENGINEER OR EXPERT IN THIS MATTER.]

job1

Finding The Right Property To Complement Your New Job

Moving to a new city? Very exciting, but where will you live? The questions just multiply from there: Should I buy or rent? Should I pay more to avoid a commute? Should I live with a roommate or alone?

It takes time to get the feel of a new city, and the house hunting process should not be rushed. A home is the largest asset – or liability – that most people ever have, and real estate is notoriously illiquid and difficult to divest. Besides, maybe you’ll hate your new job and want to leave after three months. Get to know the area before making any long term commitments, possibly by working with a local expert.

As the search for rental housing begins, keep your unique needs firmly in mind. If you have a pet, remember that not all landlords accept pets, and ask about pet policies first when contacting property managers. If you own a car, how available or expensive is nearby parking? If you don’t own a car, start looking at maps of the city’s public transportation and car-share services like Zipcar. Consider a neighborhood’s’ “walkability”, or how accessible by foot amenities like grocery stores, restaurants, entertainment, nightlife, shopping and other conveniences are.

If at all possible, visit the city in person to scout neighborhoods for their feel, vibe, and atmosphere. Do you want a hip urban neighborhood brimming with coffee shops, craft beer-lined bars, and vinyl record stores? Maybe you’ve just graduated college and want to live among preppy young professionals, or maybe your children have just graduated college and you want a quieter neighborhood rife with art galleries and upscale restaurants.

Whatever you’re after, research is key and seeing the city for yourself is the best way to make sure you’re getting exactly what you want. Of course, what you want from a home isn’t the only conern – your commute is going to play a big part as well.

job2

Image source: Hobvias sudoneighm

I’m not a big fan of math, but a brief home economics lesson is in order when evaluating commutes. In 2014, the IRS allotted 56 cents per mile as the cost of driving an owned vehicle (this figure includes gas, depreciation and maintenance, but not the cost of buying or insuring a car).

Subtracting out the 10 federal holidays, there are 250 work days in a calendar year. If you live 15 miles from your job, that comes to 30 x $.56 = $16.80 per day in commuting costs, or $4,200/year. That annual $4,200 cost does not account for the rush hour traffic stress, the lost time with your family and friends, the environmental impact of emissions or the generally lower quality of life associated with commuting.

Consider living closer to work (in the city), and better yet walking or biking to save those headaches and dollars.

While we’re talking math, let’s address an elephant in the room: what you can afford. All neighborhoods, cities, and even states are not created equal on rents, or housing prices, so in your scouting remember your means. The Department of Housing and Urban Development (HUD) considers anyone spending more than 30% of their before-tax income on housing costs to be cost burdened, and most personal finance experts agree that 30% is a prudent cap on housing costs. If you have your heart set on that trendy neighborhood with all the organic vegan restaurants, but your rent accounts for 50% of your income, there is another option: living with others.

If you’re moving alone, roommates offer obvious financial savings on rent, but the benefits don’t stop there. The shared home will likely be partially furnished already, saving money on both furniture and moving costs. Utility accounts are likely already set up, and monthly utility bills will be split rather than all falling on you. Roommates can also be a lot of fun, if chosen wisely. Remember you’re moving to a new city where you don’t know many people if any at all, and roommates can come all-inclusive with a social life, local expertise and even a few jokes you’ve never heard.

There’s another oft-overlooked advantage to moving in with an established roommate: more flexible leasing terms. Whether you sign a sublease agreement with the roommate or sign a new rental agreement with the landlord/manager, there is a better chance you can negotiate for a month-to-month lease or a shorter lease term (e.g. six months instead of a full year).

This flexibility allows for unforeseen hiccups like the job being a bad fit, or disliking the neighborhood, or wanting to buy your own place after getting to know the city better. Either way, it’s always better to see the property, walk around the neighborhood both at day and night, and meet any potential roommates in person before signing a rental contract.

Moving to a new city can be intimidating, but the antidote to fear is knowledge. Research the city and its neighborhoods online, look up recent home sales by neighborhood, rents, crime, and cultural hotspots. Visit in person if at all possible before choosing a home and neighborhood, contact that friend you haven’t talked to in five years who lives there, and check Craigslist homes for rent and shared housing offered by roommates.

Most of all make it fun: start a list of all the restaurants you want to try, the neighborhoods you want to visit, and the irresistibly kitschy things you want to do. The transplant experience can either be scary or exciting, the choice is yours.

[This article was written by Ella Jameson. Learn more about Ella @JamesonElla. If you have something you want to share with our readers, just give us a shout.
Featured Image source: Michelle O’Riordan]

How Does San Francisco Public Transit Stack Up Against NYC, Chicago, Boston, And DC? Answer Below:

Are you one the millions of people that take BART in, out of, and around the city? Have you ever wondered how our public transit stacks up to other major metros? Well…it just so happens some fine folks at the UNC School of Government’s MPA Online Program took it upon themselves to have a look, and they’ve asked me to share it with you. It’s pretty great info, and no, it does not include MUNI, but let them know you want to learn about that too and maybe, just maybe they’ll make it happen.

[Scroll down to get to San Francisco, and visit MPA@UNC online for more info. Or just click the image.]
transportation_infographic

The Bay Area’s Biggest Earthquakes – On One Map

I get a lot, I mean thousands upon thousands, of readers visiting theFrontSteps on any given day wondering which neighborhoods in San Francisco are situated on bedrock, and which are prone to liquefaction or earthquake induced landslides. It’s interesting to view the traffic stats for these posts and see the incredible spike in traffic (like 10X) after the Bay Area experiences an earthquake. Clearly, we’re a culture of not worrying about something until it happens.

So – where’s the next quake gonna hit? Nobody knows, but The San Francisco Business Times recently published a Map of The Bay Area’s Biggest Earthquakes (and the damage they caused), which I found incredibly interesting, so I thought I’d share it with you. Enjoy…

[Click To Enlarge Photo]
Bay Area Earthquakes

San Francisco Neighborhoods Prone to Liquefaction and Earthquake Induced Landslides (Bedrock Vs. Landfill Take Two) [theFrontSteps]
Map: The Bay Area’s Biggest Earthquakes [SF Business Times]
Liquefaction Zones of San Francisco’s Marina District [theFrontSteps]

San Francisco Drug Dealing, Violent and Property Crimes…All In One Map

Zoom in, zoom out, click here, click there. Sort by day or night, by area or population. Get down and dirty with recent (and past) crimes committed in your area, or an area you plan on living. Find out what crimes were committed, when, and exactly where. It’s exactly these types of maps that could very well set your mind at ease, or send you running to the suburbs. They certainly do provide a fair bit of education, that’s for sure.

Spoiler alert: Tenderloin wins with the most crimes per square mile, per year, than any other part of the city! (Are you really surprised?)

crimemapcity

It would appear the Outer Sunset is the safest part of town, and it would also appear if you plan on visiting the Cliff House or walk Land’s End trail, you should either not take your car, or not take your car…there is an incredibly high rate of car break ins there. Not too surprising if you consider the number of tourists in that area leaving valuables and luggage clearly visible in their rental car. Anyway, enjoy, and thanks to the developer of this fine map for introducing me, and you, to it.

CityCrimeMaps.com
Outer Sunset [theFrontSteps]