Gorgeous Ocean Views

Maximum Overbid Of the Week | Avenues Getting In the Game

If you price it low enough, like silly low, you can always claim “Sold for $400,000 over asking!” Neighbors, check your mailboxes and get ready for the postcards to arrive any day for this property that sold right along the lines of recent comparable sales.

172327thave
This week’s winner of the top spot on the Maximum Overbid of the Week podium goes to 1723 27th Ave. A little house in the Avenues listed at $795,000, and sold for $1,200,800…make sure to throw the lucky 8 in there.

As for the rest, below are the top 10. Check the Avenues…the hottest spot in the city right now.

Address BR/BA/Units DOM List Price Sold Price Overbid
1723 27th Avenue 3/2.00/N/A 12 $795,000 $1,200,800 51.04%
2768 35th Avenue 2/1.00/N/A 14 $795,000 $1,150,000 44.65%
1770 Pacific Avenue 2/2.00/402 17 $1,249,000 $1,775,000 42.11%
1370 31st Avenue 3/2.00/N/A 35 $989,000 $1,380,000 39.53%
722 Wisconsin Street 1/1.00/N/A 9 $899,000 $1,230,000 36.82%
630 15th Avenue 3/2.50/N/A 34 $1,379,000 $1,825,000 32.34%
1006 Capitol Avenue 3/1.50/N/A 7 $699,000 $925,000 32.33%
219 Hearst Avenue 2/1.00/N/A 34 $888,000 $1,175,000 32.32%
318 Byxbee Street 3/1.00/N/A 12 $699,000 $915,000 30.90%
228 Scott Street 2/2.00/ 12 $995,000 $1,300,000 30.65%

Have a great weekend! Check back next week for more, and follow this link for Overbids, Underbids, Stalefish, New Listings, and all of San Francisco’s Recent Sales (thanks to The Goods).

682 Duncan

Maximum Overbids Of the Week | $625,000 Over In Noe Valley | 291 Square Foot Studio Sells For $415,000

And the winner is…682 Duncan for a mere $625,000 over asking, and just shy of $1600 per square foot:
682 Duncan

Address BR/BA/Units DOM List Price Sold Price Overbid
682 Duncan Street 3/2.00/N/A 12 $1,050,000 $1,675,000 59.52%
430 Nevada Street 2/1.00/N/A 27 $699,000 $1,065,000 52.36%
1520 15th Street 2/1.00/N/A 22 $799,000 $1,175,000 47.06%
2219 25th Avenue 2/1.00/N/A 13 $949,000 $1,380,000 45.42%
850 35th Avenue 2/1.50/N/A 38 $950,000 $1,380,000 45.26%
1994 45th Avenue 3/2.00/N/A 28 $799,000 $1,130,000 41.43%
195 7th Street 0/1.00/306 38 $299,000 $415,000 38.80%
1257 Union Street 2/1.00/ 12 $1,195,000 $1,650,000 38.08%
1269 27th Avenue 3/2.00/N/A 19 $1,108,000 $1,510,000 36.28%
136 Bradford Street 4/2.00/N/A 43 $899,000 $1,225,000 36.26%

Did you notice that little (291 square feet) sale for $415,000 at 195 7th Street?

As many of you know, I’ve been doing this Maximum Overbid feature for about 12 years running, maybe more. It started on sfnewsletter…it actually started sfnewsletter. Then I started posting the Maximum Overbids here, sometimes regularly, sometimes not. As much as these stats are great information, and surely get you scratching your head, they are not an indication of the market as a whole, and I know that very well. That is why I share not only the top 20 Overbids, but also Underbids, as well as properties still on the market more than 30 days. I share new listings of the past two weeks, as well as recent sales…not just overbids. I share this awesome information via The Goods. And in case you haven’t noticed, I share a sh*t ton of other data too.

I do all of this so you, the buyer, the seller, the renter, the owner, the neighbor, the landlord, the whatever you are, can educate yourself on properties and activity in your area. I’ve always felt it is important for you to know as much, or more than me about the market. If you appreciate this information, I encourage you to contact me when you, or anyone you know, are ready to buy or sell real estate. I encourage you to sign up for sfnewsletter, and I encourage you to follow this blog via email (opt-in form is below).

I am an expert at marketing property to get top dollar, and an expert at getting offers accepted for buyers, and I’d love to work with you. I’m no good at juggling and basketball, so don’t ask me to help you with that.

Have a great weekend!

Alex Clark
Paragon Real Estate Group
alexclark@gmail.com
415-254-5351

3800washington

Stalefish: You Won’t Believe Your Eyes

There is a little something in our market, of which many buyers are not aware, and many agents overlook. I have long referred to them as “Stalefish“, but others refer to them as “buying opportunity” or “still available property”, or what we named (on theGoods) as the “30+ Club”. What are these, you ask?

They are, quite simply, properties on the market more than 30 days, and darnit if there aren’t quite a few gems out there that I’d love you to buy.

Getting beat up in Noe Valley? Check out 469 Valley:
469valley
This is a 3220 square foot remodeled view home in Noe Valley…and it’s still available! Deck, garden, master suite, it has it all. Listed at $2,989,000.

Not your cup of tea? Check out 27-29 Fountain, also in Noe Valley:
27Fountain
Previously listed at $2,900,000, this detached Victorian with 4 bedrooms, booming views, decks, parking, yard, and a great location is now $2,600,000! You just saved $300,000. Opportunity knocking right here.

Maybe you don’t like Noe, and you’d rather be in Cole Valley – sorry, nada. But keep checking!

You think Pacific Heights never has anything for you? Think again. This absolutely stunning home at 2701 Broadway is still there:
SONY DSC

SONY DSC
“Comprised of five levels encompassing over 16,000 square feet the home includes 7 bedrooms, 7 full baths, and 4 half-baths, plus 2 kitchens, 2 family rooms, 2 offices, 3 rooftop terraces, a basketball/sport court, plus a multitude of rooms for today’s active lifestyle. 2 car garage,” and a bargain price of $39,000,000.

Okay, so maybe $39,000,000 is a bit more than you can handle, and you really don’t like basketball anyway. Maybe surfing is more your thing? Well…you’re in luck. It just so happens this little fish at 2307 40th Ave is still there:
230740thAVe
It’s “beautifully remodeled and updated”, close to the beach, and other “neighborhood conveniences like Walgreens” (huh?), and from what I can tell, very ready to be sold.

So if you’re getting beat out by the hordes of buyers all over the hot new listings, and you have possibly overlooked those homes that weren’t exactly perfect, you might like to give this list another glance. And if you’re an agent, you might like to send this invaluable information to your clients (branded to you, or course).

Whether you call ’em Stalefish, or otherwise, no matter how you slice it, there is opportunity out there in many shapes, sizes, and prices. Prices which, at this point, could be very negotiable.

Time to go fishing!

p.s. Wondering about the home with all the marble columns? It’s available too: 3800 Washington, $17,995,000, and it’s frickin amazing!

Stalefish, 30+ Club, Buying Opportunity: Find it all here
Battle Royale: Cole Valley Versus Noe Valley [theFrontSteps]

[Big Ass Disclaimer: Every property in this post and on the Goods 30+Club is listed as “active” on MLS. All information is deemed to be accurate, but not guaranteed.]

It’s Pink And Red – Will The Sellers See The Green?

2625 Noriega: 3 bed, 2 bath, $850,000 and all the pink you could ever want – like ever.


This property is definitely not marketed to create the frenzy we’ve come to expect in this market, but will it make a difference in the final outcome? Time will tell. In the meantime — just enjoy the colors for a sec and remember, your eyes are not playing tricks on you.

2625 Noriega: 3 bed, 2 bath, $850,000 [Property Details]

“San Francisco Single-Family Home Prices Surge in March”, “Foreign Buyers” Wielding All Cash To Blame

[Editor’s Note: Below is a carbon copy of the San Francisco Association of Realtors Market Focus Report. Remember…read the data, not the headlines. Each block in San Francisco is different.]

SAN FRANCISCO, CA, April 15, 2011 – The median sale price of single-family homes in San Francisco continued to strengthen in March, according to the latest Market Focus report published by the San Francisco Association of REALTORS®.

The report indicates that the median sale price has rebounded by an impressive 25.7 percent to $765,000 since the start of the year, although the year-over-year median price has declined 3 percent. The cause most often cited for the decline is the expiration of federal home purchase tax credits in June of last year and the difficulty experienced by buyers in securing financing for home purchases after the financial crisis of 2008.

Completed sales of single-family homes in March also have declined 3 percent from March of last year, although they have increased by 17.5 percent since the beginning of the year. The recent surge in sales is attributed to seasonal factors.

One area that has consistently seen a high level of sales activity is the Sunset district in the southwestern part of the city. Sales in the district have increased 28.1 percent on a year-over-year basis.

The Sunset district has the highest concentration of single-family homes of any district in the city and is popular with foreign buyers who often pay all cash for properties they purchase.

In March, the months of supply inventory of single-family homes stood at 2.3 months, a decrease from 2.8 months of supply in March 2010. Since August 2010 when the months of supply inventory was at 4.1 months, the months of supply has fallen by 44.3 percent.

Broken down by price segment, the months of supply inventory for single-family homes priced at less than $700,000 fell by a month from 3.4 in March 2010 to 2.4 last month. For homes in the mid-price segment of the market, between $700,000 and $1.2 million, the months of supply remained steady at 2.2 months. Single-family homes priced at more than $1.2 million also saw a decrease in months of supply inventory to 2.5 months from 3 months in March 2010.

Condominium sales (which includes condominiums, lofts, stock cooperatives, and TICs) during March 2011 bolted ahead by 13.1 percent from March 2010. During the same period, the median sale price decreased slightly by 2.7 percent from March 2010 to $632,500.

According to Bruce Lyon, president of the San Francisco Association of REALTORS®, certain districts of the city saw a more dramatic increase in condominium sales than the citywide percentage, specifically, high-end Pacific Heights, the Marina, and Cow Hollow, a popular location with Gen Y-ers. The surge is attributed to incentives offered to buyers of units that have lingered on the market too long.

In March, the condominium market witnessed a surge in buying interest with pending sales rising by a spectacular 69.1 percent, compared to March of 2010. The months of supply inventory of condominiums during the month stood at 2.8 months, down from 4.1 months in March 2010.

Since September 2010, when the months of supply inventory of condominiums priced at less than $500,000 was at its highest at 9.1 months, the months of supply in this price segment has fallen by 6 months to only 3.1 months. The months of supply of condominiums priced between $500,000 and $900,000 shortened to 2.6 months from 3.5 months in March 2010, and for luxury units priced at more than $900,000, the months of supply dropped to 2.7 months from 4 months.

Lyon believes that, given these dramatic improvements in prices and sales since the beginning of the year, the local housing market recovery is underway, although 2011 could be a transition year. He attributes improved market conditions, in part, to the increase in technology jobs in the city and explains that companies like Zynga, a popular social-gaming company, are planning to substantially increase their workforces in 2011. Some analysts, he says, are predicting that tech jobs in the city will soon reach the same levels they hit at the peak of the Internet bubble in 2000.

Also contributing to the strength of the San Francisco housing market, Lyon believes, is the decline in the number of loan delinquencies. The Mortgage Bankers Association backs up his claim. According to the association, “Total delinquencies, which exclude loans in the process of foreclosure, are now at their lowest level since the end of 2008.”

“Americans still regard home ownership as the best long-term investment that a person can make,” Lyon says. In the latest Allstate/National Journal Heartland Monitor Poll, 73 percent of Americans surveyed believe that owning a home helps to achieve “the American Dream,” and 70 percent would advise a family member or close friend to buy a house to build long-term assets. Home ownership outranked retiring comfortably, graduating from college, and becoming wealthy among the factors that those surveyed believe are definitely part of achieving the American Dream. In a similar survey, conducted nationally by the Pew Research Center in Washington, 81 percent of adults in the U.S. said that buying a home is still the best long-term investment a person can make.

Focus on Volume on Your Block, Not Median In Your City [theFrontSteps]

What Makes A Room A Bedroom?

What is it exactly that makes that room a bedroom? The question has come across my email enough, and actually I think I even posted on it at some point. Well, it’s resurfaced and maybe time to hash it out, as the opinions on what makes a room a bedroom are anything but concrete.

The initial question:

A few months ago an email was circulated as to what defines a bedroom. There were several responses, but if I remember correctly a bedroom does not have to have a closet to be a bedroom…

And the varying replies from various real estate agents:

-My understanding is it technically must have a window – ideally with a means of egress
-My understanding is two methods of egress. A door, and another door or a window or some way to get out in the case of an emergency. No closet necessary.
-Operable window, that a person can fit through AND the minimum size is 70 square feet, where the minimum for one of the dimensions is 7 feet.
-I believe that HUD requires a closet in order to count it as a bedroom for financing purposes. A lender could probably clarify that.
-I’d suggest using the International Uniform Building code that refers to a specific size of window based on square footage of BR. It needs to have a door and a window and the window has to be the right proportion. Read More.
-The Building Code requires an operable egress window with minimum size requirements as [the other agent] indicated. In addition the window needs to be sized for light and air requirements. If I remember correctly it is 10% of the floor area. A closet is not a requirement to satisfy the building code, but it may be a HUD requirement for financing, as [another agent] mentioned.

Perhaps the most accurate answer?

1. The first bedroom must be at least 120 square feet.
2. If your first bedroom is at least 120 square feet, you get to call your second bedroom a bedroom if it’s at least 70 square feet with 7’ on a side.
3. Required natural light and air: 8% of floor area of natural light, and 4% of floor area of air (operable window). A traditional double-hung window can cover both bases, because when it is open, it provides half the air as natural light.
4. Minimum clear headroom of 7’-6”
5. You need two means of egress. One may be a window. If the second is the window, fire department requires minimum area for personnel access of width 20”, minimum height 24” with net clear opening minimum of 5.7 square feet.
6. A closet is required.

And the first comment from that thread:

What you’ve written here is not entirely correct – I believe you may be conflating Realtor’s rules-of-thumb with actual Code requirements.

1) Sort of. Any habitable room (Living Rm, Dining Rm, etc) can be larger than 120 SF (2007 CBC SEC 1208.3)
2) Correct. Minimum Habitable room size (includes bedrooms) is 70 SF, 7′ minimum width (2007 CBC SEC 1208.3 & 1208.1)
3) These are correct window areas for required natural light (8% floor area) and ventilation (4% floor area), but neither is required if sufficient artificial light and mechanical ventilation are supplied (2007 CBC 1203.4.1 & 1205.3).
4) Correct – Minimum ceiling height for Habitable rooms is 7′-6″, however it is 7′-0″ for bathrooms, storage, kitchen, laundry (2007 CBC 1208.2).
5) Sort of. Only one exit (Means of Egress) is required, the other is an Emergency Escape & Rescue requirement. This is not a Fire Department requirement, it is a California Building Code requirement (SEC 1026.1)
6) Wrong. No closet is required by any State or Local code (Building, Housing, Health or otherwise).

So there you have it…the jury is clearly still out on this one. My advice, get used to living in closets if you’re living in San Francisco.

Winner: The Best Coffee (House) In San Francisco, And The Rest

Congratulations to Philz Coffee! You have been voted Best Coffee (House) in San Francisco by the people of the internets. The competition was linked to around the world, and we have to say Philz not only got tons of nods during the first round of nominations, but they also swept the voting when thousands more hit the polls.

It’s all good stuff and we can’t wait to get a cup. We appreciate everyone’s participation and the countless links that sent people this way.

The Rankings:

1. Philz Coffee
2. Bernie’s
3. Blue Bottle Coffee
4. Four Barrel Coffee
5. Martha Bros Coffee
6. Contraband (Coffee Bar)
7. Ritual Coffee Roasters
8. Farley’s Coffee
9. Java Beach
10. Sightglass Coffee
11. Peet’s Coffee & Tea
12. Caffe Roma
13. the Beanery
14. Intelligentsia Bar (In Specialty’s)
15. Caffee Trieste
16. Stumptown (Ma’velous)
17. Henry’s House of Coffee
18. Simple Pleasures
19. Barefoot Coffee (Epicenter Cafe)
20. Café La Taza
21. Starbucks (Really?)
22. Caffe Puccini
23. Trouble Coffee (De La Paz)
24. Velo Rouge Cafe
25. Caffe Greco
26. Verve Coffee Roasters
27. De La Paz Coffee (Trouble)
28. Hearth Coffee Roasters (Brown Owl Cafe)
29. Graffeo
30. Bello Coffee and Tea
31. Quetzal Coffee
32. Jeremiah’s Pick Coffee
33. Coffee to the People
34. Piccino Cafe
35. 7-11 (Humoring you)
36. Progressive Grounds
37. Showplace Caffe
38. Castro Coffee House
39. La Boulange
40. Matching Half
41. Wicked Grounds
42. Farm:Table
43. Blue Danube
44. Cafe Reina
45. Toy Boat
46. The Coffee Bean & Tea Leaf
47. The Summit SF
48. Curbside Coffee
49. Rancho Parnassus (Thanksgiving Coffee)
50. Tully’s
51. Capricorn Coffees
52. Cavalli Cafe
53. Equator Coffees & Teas
54. Muddy’s Coffee House
55. The Coffee Roastery
56. Cup of Blues
57. Cafe Encore
58. Ecco Caffe
59. Stella Pastry & Cafe
60. Coffee Roaster
61. Manning’s
62. Dash Cafe
63. Javalencia Cafe
64. Cafe La Stazione
65. The Grove

We’ll just go ahead and stop there. There were another 25-30 one vote coffee (houses) that came in, but we gotta stop somewhere. Thank you everyone!

Weekly Fluj: “Everybody’s Redheaded Stepchild”…the Sunset

As you know by now, we caught the Fluj, and those of you that are familiar with his opinionated writing about San Francisco real estate know that he is nothing short of extraordinarily gifted at firing people up, not to mention a wizard with MLS and various other stats to support his arguments about San Francisco’s resilience in this time of national doom and gloom.

So let’s see how it goes today:

I would like to show the surprising relative strength of the Sunset market [not the Sunset Super]. It seems to be everybody’s redheaded stepchild, you know? But it isn’t exactly tanking, is it?

-Fluj

We would have to agree with “the Fluj” on this one, but we’ll leave it to y’all to debate.

Your First Look inside 1575 20th Ave

Not your typical Central Sunset home to say the least. Enjoy being the first to get a look inside this 3 bed, 3 bath, custom built, view home at 1575 20th Ave (website and more pics will be up soon). Asking $1,285,000. This house is SWEET! (yes caps)

The front:

1575front.jpg

The courtyard:

1575court.jpg

The back:

1575back.jpg

The living room:

1575insideliv.jpg

The Kitchen:

1575kit.jpg

The Hallway:

1575hall.jpg

The Master Bedroom:

1575master.jpg

The Master Bath (great views from that tub!)

1575masterbath.jpg

One Guest room:

1575guest.jpg

Our contact info: should you like to go take a look.

[Update: Website is now up, www.1575-20thave.com.]

29 offers!? (1851 26th Ave.)

We didn’t say it, those loonies over at San Francisco Schtuff did:

I’ve walked into a lot of homes in my day–some of which required hard-hats and safety waivers, but I have yet to see a home as wet and soggy as this one. There was water coming in from every crevice. Leaking through the (probably) 50 year old roof creating holes in the ceiling, mold in the corners and dry-rot throughout…

Falling Over with 29 offers [San Francisco Schtuff]