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San Francisco Condominium Real Estate Apprecation since 2011

The information below is provided by Paragon Real Estate Group, enjoy:

In the last 5 years, San Francisco real estate market rebounded and went crazy hot, but how much did it really appreciate? Below is a great analysis from Paragon that shows you the data using median sales price. This post is specific to condominiums, the next post is specific to houses appreciation.

Median sales price is a very general statistic, often concealing an enormous variety of values in the underlying individual sales. It can be and often is affected by other factors besides changes in fair market value, such as changes in the inventory available to purchase, and major changes in the distressed property, luxury home, or new condo construction segments. Sometimes median prices fluctuate without any great significance: substantially different groups of homes (larger, smaller, older, newer, etc.) simply sold in different periods. Assessing appreciation by changes in dollar per square foot values, instead of by median sales prices, can sometimes deliver significantly different appreciation rates.

Below the charts is a table with a more comprehensive list of San Francisco neighborhoods, and at the bottom of the page is a neighborhood map.

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The neighborhoods on the table below are grouped by San Francisco Realtor District, some of which contain neighborhoods of relatively similar values and some with highly variable home values.

Generally speaking, the higher the number of sales, the more reliable the statistics: We’ve usually calculated appreciation rates for neighborhoods with at least 24 sales in 2015, but these should still be considered very approximate.

An asterisk signifies a very low a number of annual sales and/or our suspicion that the appreciation calculation would not reflect market reality due to the variety of issues pertaining in the area. New, high-price condo projects can make sudden, dramatic impacts on neighborhood median sales prices in the year they go on market. In 2011, median sales prices in some areas were badly distorted by distressed property sales (bank and short sales) that didn’t represent fair market values. If either of these situations applies, the 4-year appreciation rate will jump higher in that neighborhood.

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If you, or anyone you know, are looking to buy or sell San Francisco real estate, take a look at my track record, happy clients, and generally awesome listings and let’s get you sorted.

14thst

Top Floor Teaser Sells $502,000 Over List | Mission Dolores | Maximum Overbid

Who prices a top floor Mission Dolores 2 bed, 2.5 bath, 1328 square foot condo WITH PARKING, and roof deck, in the epicenter of hip at $998,000 anyway! Everyone knows the going rate is at least $1000 per square foot. Teaser price. Teaser.

14thkit

Anyhow, this week’s top spot on the list of jaw dropping Overbids goes to 425 14th Street #4. A sweet condo in a hot location with everything you need to live the San Francisco dream.

Address BR/BA/Units DOM List Price Sold Price Overbid
425 14th Street 2/2.50/4 13 $998,000 $1,500,000 50.30%
1534 44th Avenue 3/2.50/N/A 14 $899,000 $1,280,000 42.38%
1351 10th Avenue 3/2.00/N/A 16 $1,189,000 $1,665,000 40.03%
472 12th Avenue 2/1.00/ 22 $899,000 $1,250,000 39.04%
1459 31st Avenue 4/2.00/N/A 21 $995,000 $1,290,000 29.65%
724 Masonic Avenue 2/1.00/ 13 $997,000 $1,280,000 28.39%
2514 40th Avenue 3/2.00/N/A 12 $799,000 $1,020,000 27.66%
15 Scotia Avenue 3/2.00/N/A 11 $688,000 $868,000 26.16%
1497 Palou Avenue 4/3.00/N/A 39 $719,000 $905,000 25.87%
333 Dellbrook Avenue 2/1.00/N/A 13 $925,000 $1,150,000 24.32%

To the listing agents, who I know very well, thank you for understanding all of what I say is all in good fun. You did what you had to do, and you got the job done. :-)

Have a great weekend!

More Real Estate Porn [The Goods]

59cumberland

The Money Is In The Attic | Maximum Overbid Of the Week

It’s a 2* unit property on Cumberland in the oh-so hip Mission Dolores neighborhood of San Francisco that takes this week’s Maximum Overbid cake at a cool $1,153,367 over list price.
cumberlandrear
It’s a sweet, sweet, big property in a great location, so I say hat’s off to the lucky buyers.

As for the rest of the pack…here you go. The weekly top 10.

Address BR/BA/Units DOM List Price Sold Price Overbid
59 Cumberland Street 61 2-4 Units 18 $2,295,000 $3,448,367 50.26%
3775 16th Street 4/2.00/N/A 16 $1,399,000 $2,000,000 42.96%
607 Shotwell Street 1/1.00/ 7 $499,000 $701,000 40.48%
3235 Gough Street 2/2.00/104 7 $995,000 $1,360,000 36.68%
4049 19th Avenue 5/3.00/N/A 37 $799,900 $1,090,000 36.27%
1530 12th Avenue 3/2.00/N/A 13 $1,295,000 $1,750,000 35.14%
507 Silver Avenue 2/2.50/N/A 31 $699,000 $941,000 34.62%
478 Hoffman Avenue 3/1.50/N/A 15 $1,795,000 $2,400,000 33.70%
2071 18th Avenue 3/2.00/N/A 16 $995,000 $1,328,000 33.47%
240 Winfield Street 2/1.00/N/A 7 $845,000 $1,120,000 32.54%

That’s all fine and good, but what about the Underbids? Because you can actually get things for UNDER asking in San Francisco. You just have to be really, really lucky.

Check back next week for more market madness, two new listings I have coming up (Nob Hill, Golden Gate Heights), and if I find more time, some real good ol’ fashioned blogging.

Have a great weekend!

The Goods (Recent Sales, New Listings, Overbids, Underbids, and More) [Alexander Clark]

Off Market Magic

SOLD | Duboce Triangle, Inner Mission, Russian Hill, Mission Dolores

Congratulations to my buyers (x4), and my off market seller! That was quite the whirlwind of activity, and I’m thrilled we were able to pull it all off.

As my client said on my LinkedIn profile, I pulled off a “hat trick that [he] thought was impossible in the crazy San Francisco real estate market…” by not only helping him win a 15 (or more) offer situation on 2169 Folsom (Rex Ray’s old pad), but also coordinating the off market sale of his condominium to New York buyers buying his home (2186A 15th St) sight unseen.

I should add we pulled this off with making the purchase of Folsom contingent upon the sale of 15th…almost unheard of in this market, but we did it! And a special thanks to the listing agent for sticking with us. Phew!

In addition to the above trifecta, I represented the buyers of a great “new” condominium at 323 A Church. Another multiple offer situation that was quite touch and go all the way until the very end, I used my connections at SFO to make sure my buyers’ flight from Germany was not delayed and arrived on time, so they could sign their loan/buyer documents that day or risk getting kicked out of contract:

I also represented buyers of 870 Chestnut, which turned out to be a walk in the park compared to the other deals, as it only contained the usual lender headaches and seller hardball tactics that are almost guaranteed to be a part of any transaction

Big hats off to all of my wonderful clients past, present, and future. Because of you, life is good. I hope you all enjoy your new homes, and remember I am here for you, always.

I appreciate all of you readers near and far, many of whom have become clients and friends, and look forward to connecting with all of you when it’s time for you, or anyone you know, to buy and sell San Francisco real estate.

If you’ve had it in your mind to buy or sell during the post Labor Day listing Bonanza and usual market spike, we should talk now to get your ducks in a row.

Carry on, and continue enjoying your Summer….

For a look at some more Recent Transactions, follow this link

Client Testimonials From Way Back

Bear with me while I reorganize my testimonials into individual posts. These are a few put together from way back.

*Alex was very easy to work with. He was straightforward, gave good advice about how the condominium should look when it was being shown, and managed the negotiations with the buyer perfectly. I always felt he was dealing with me honestly, and he kept me fully informed. I will go to Alex any time I want to sell a house in San Francisco. JOHN BARTON

*I don’t know any Realtors in this city [San Francisco] that have a better grasp of technology as it applies to real estate than Alex. His sfnewsletter is a phenomenal resource and great way to begin your home search, or research home sales should you be selling, and he is a pleasure to work with. He seemed to get along great with the other agents involved in our transaction and we’re sure it helped get us the price we want. He negotiated hard, but made everyone laugh the whole way and it was great. Now we live in the suburbs, but if we ever move back, we’ll use Alex for sure. Not to mention he’s a decent golfer too. -Joe Condy

*Carole and I feel that we were very fortunate to have met you at the open house and I am glad we chose you to work with. Be assured in the future when we are ready to look at the market again we will be calling, as well as referring any house hunting friends to you. Read More-Carole and Bruce Derr

*Alex combines an insider’s knowledge of San Francisco, innovative marketingskills and the honesty and integrity of a down to earth guy.-Rich Singer

*Like a lot of SFNewsletter readers, I figured Alex would be either too busy or simply uninterested in representing a first time buyer with a sub-seven figure budget. Ten months of searching and four offers later, we’re homeowners, and he’s still returning my calls…The cool thing about Alex is he’s new-school enough to embrace technology’s influence over his profession, but old-school enough to hold your sweaty hand through every step of escrow. 

Bottom line, if you’re looking to be escorted from property to property in your agent’s Mercedes while being lavishly praised for your exquisite taste and style, Alex ain’t your guy. But if you’re looking for consummate San Francisco market expertise, every tool you’ll ever need to find and evaluate your properties, and a Tiger Woods-like closing mentality – hell, you’re already reading his newsletter, posting to his blog, and god forbid you’re receiving his twitter banter – seriously, why use anyone else?! -Tim Stevens

*We had our condo at the St. Regis listed for close to 8 months with another agent. We hired Alex and he sold it in two weeks! Amazing! Truly amazing and he was fun to work with the whole time, knew the market, knew we should take the offer we received, and knows where I should buy my next place. He is truly a pleasure to work with and really knows his stuff. His newsletter is great too. -Stephanie Morris

*I had been reading Alex’s “sfnewsletter” for over a year, so I knew when I was ready to sell my house in San Francisco, Alex was my choice. His newsletters were very informative and intelligently written. I know this sounds corny, but I really liked his sign-off at the end of each newsletter — “Happy Aloha Friday”. Alex kept on top of all correspondence and paperwork and kept me apprised every step of the selling process. I am happy to say that we accepted an offer after only 2 weeks on the market. I would recommend Alex to anyone in need of a superior REALTOR.-Debra Comstock

*I can and have enthusiastically recommended you to my friends who are looking at purchasing property here in San Francisco. Specifically, I appreciate your diligent work and follow-through, as well as your integrity in working with the seller’s representative and myself that made it possible to get this deal done. Read More.-Larry Singer

*Wanted to let you know how much I appreciated your assistance and help during the purchase of my new [home] in San Francisco. You did a great job of working with me all Summer long trying to find my dream house on my crazy schedule. I didn’t know exactly what I wanted, but by Fall you had identified my criteria and started showing me homes that suited my needs. The house we found has a great ocean view and is close to the beach with a big yard and potential to add on. Read More. -Ryan Seelbach

*Alex and I worked together for over 3 month searching for the right property. He showed me several properties and advised me on the pros and cons of each property. On [my home] he assisted in compiling a very strong offer on property where multiple bids were accepted. I strongly believe it was due to his assistance that I was able to purchase the proeprty despite the other offers being close to or higher than my own. Read More-David Kaneda

*I had met with several real estate agents before I decided on Alex, and it proved to be an excellent decision. He knew the market, had excellent recommendations based on my specific requirements and goals, and most importantly: he knew how to package and position the offer for quick acceptance once I decided on a property. We quickly closed on a condo at 1998 Broadway that was a great fit for me. And I believe the price and conditions make it an exceptional investment. I’d recommend Alex to anybody. Read More-Drew Sechrist

32 Hidalgo Terrace Gets Foreclosed, Fixed, And Flipped

Thirty Two Hidalgo Terrace is currently on MLS. No, it’s not the Fixer of Epic Proportions I brought to your attention here, and recently featured on Yahoo! In fact, it’s no longer a fixer, but this is what it looked like a few short months ago:
Lovely Kitchen:
Before…

After…

Lovely Bath:
Before…

After…

Don’t delay. A Single Family in Mission Dolores? I don’t think it will last…

32 Hidalgo Terrace [Website]
Yahoo! Love
Fixer of Epic Proportions [theFrontSteps.com]

Letter to the Editor: “$2+ million on 22nd between Valencia and Guerrero (3373 22nd St)” and some East Bay insight

Part 1:

We noticed it [3373 22nd Street] hadn’t had a Sunday open in a while, but rather than a pending or sold sign outside – we noticed the sign was just gone yesterday. It isn’t on the public mls as in contract – it just isn’t there. You know the scoop?

We are dying to know the final sales price. It was our perfect house in our perfect location – but a very unperfect price. So it wasn’t just the price – it was the price plus the people who were squatting in the house before the developer bought it, who still like to hang out around the house. For 2 + million – I don’t want to regularly have to ask the neighborhood characters to loiter elsewhere.

Now, we don’t know for certain which property you’re talking about, but imagine you’re talking 3373 22nd St, so we’ll go ahead and assume.

According to MLS it closed on 7/10/08 for a sales price of $1,950,000 (original asking was $2,095,000, originally listed 5/1…love that day!), and we heard the buyer represented himself (mls states the same). Last sale was 11/05 for a sales price of $920,000 and has definitely been fixed up since then.

Part 2:

And while I’m asking – I’ll give you a bit of insight from the east bay. We were supposed to close yesterday on our house in Oakland – only the bank hasn’t delivered loan docs yet. We have a jumbo loan and found the very last bank willing to do a 20% loan. Everyone else wanted 25% down or ridiculous rates. There is no problem with the loan – the bank is just backed up. We likely won’t close until sometime next week and the sellers are rolling with it. I was fully prepared to have to beg and plead for them not to walk – but we are hearing from our agent that a lot of deals are closing late. Is it the same over there?

Deals closing late, or the begging and pleading? We’re seeing a bit more of both. ;-)

Thanks for the insight on the East Bay, thanks for your email, and thanks for reading!

Grand Opening of Chelsea Park

The 39 unit new development project located in Mission Dolores at 3620 19th Street and 29 Oakwood will officially open its doors on Sunday January 27th, 2008 (a bit later than originally planned). It will have 1,2, and 3 bedroom flats and Regency Terrace style homes. Pricing from the high $600,000s to over $1 million.

Site plan:

chelseasite
Floor Plan (Bloomsbury Unit 20):

chelseafp
Amenities:

Hardwood Floors

Bosch Appliances

Kohler and Hans Grohe Fixtures

36″ Bertazoni Ranges

M8 Cabinets

MDF doors and molding

Most units with deeded outdoor space

Parking [Update: “parking is stackers”]

Units are surrounded by a beautiful, private garden which is over 1/4 of an acre

Website: chelseaparksf.com

Gelato: Nearby

[Another Update: Several reservations have already been secured. Pricing is not 100% set in stone, but we’ll know more next week.]

chelseaparksf.com

M8 Cabinets