Category Archives: real estate

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Prices Jumping – Yet Again – Across San Francisco

The San Francisco real estate market grew increasingly frenzied as the first quarter of 2014 progressed, leading to another surge in home prices in virtually every neighborhood in the city. The high-demand/ extremely-low-inventory/ competitive-bidding situation is similar to what occurred first in spring 2012 and then, to an even higher degree, in spring 2013. After the market seemed to stabilize in the second half of last year, we didn’t expect to see it turn this fierce in early 2014, but right now it appears to be every bit as ferocious as last spring’s.

Of major metro areas, the new Gallup-Healthways survey ranked SF-Oakland second in the nation (behind San Jose-Santa Clara) on their index for “well-being.” Though already the second most densely populated city in the country (after NYC), San Francisco simply has many more people wanting to live here than there are homes available to rent or buy.

Sales over Asking Price
The heated competition for new listings coming on market has resulted in an astounding percentage of sales occurring above, and often far above, list price.

This chart below breaks down, by neighborhood, the average sales price to list price percentage for the 90% of homes selling without price reductions. Of the areas assessed, Bernal Heights came out on top with sales prices averaging an incredible 21% over list prices over the past 2 months.



Median Sales Price Spikes
Typically, the first quarter of the year does not show a dramatic increase in median sales prices over the previous quarter – in fact, a decline is not unusual due to holiday market dynamics. But the first quarter of 2014 saw large spikes in median prices for both single family homes (houses) and, especially, condos in San Francisco.
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How Much Is My Home Worth?

“How much is my property worth?” “How much could we get for our place?” “How much do you think my condo would sell for?”

San Francisco Median Home Price Graph, What Is My Home Worth

I get asked different variations of this question every single day, everywhere I go. It doesn’t matter if I’m at a dinner party, bbq, school event, or even on a field trip with my 7 year old. It’s okay. It’s totally normal. Everybody wants to chat real estate. It’s why I started this blog, and it’s a go-to if conversation about Blue Bottle versus Ritual Roasters gets so heated it’d be better left settled in the Octagon. Everybody wants to know if their home value has gone up, and everybody wants free information about the market and their property. So how does a real estate professional accurately answer this question in a market where (currently) home values seem to be going nowhere but up every week, and every new sale sets a new high water mark in your area?

The answer is this, nobody REALLY knows. A couple things I do know are Zillow Zestimates do you no good in San Francisco, your property is worth more than your cousin’s in Kansas, and your property could be worth more than it ever was. I know what comparable properties have recently sold for, and I know how I can help you market, show, and price your property to get the maximum number of people through the door in an effort to let the market dictate what is the maximum value your property is worth.
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Ghosts of Sunset Past: The Moss Flats

Imagine an Outer Sunset made up entirely of sand dunes, streetcars repurposed as oceanfront homes and clubhouses, bohemians having all-night parties that include midnight swims in the icy Pacific and this:

Charles Depew, late of Saginaw, Michigan, built 1626 Great Highway in 1908, minus an architect but likely inspired by Bernard Maybeck. The three-flat building, known as “The Moss Flats,” has survived long enough to join the National Register of Historic Places, decades after the last of its colorful, ramshackle neighbors dissolved into dust. It’s on the market, listed for $1.349 by similarly old San Francisco school agency Barbagelata.

Outside are the maybe-Maybeck-inspired shingles; inside are three two-bedroom tenant-occupied flats decorated in surfer chic:

1626_GH_2_100913

Plus ocean views from the top-most unit. Longtime owners, plus longtime rental units, plus longtime exposure to salty ocean air may be a caveat in this case, but assuming the owner of the last standing evidence of Carville has no immediate plans to sell, this is your best chance to get into a pre-Doelger Outer Sunset historic property, steps from the beach and with a steady, proven income flow.

-Article by Larry Rosen: Contributing writer and San Francisco local sharing his thoughts with theFrontSteps.

 

San Francisco Real Recent Real Estate Sales And Listings

A look at the past couple of weeks of sales and listing activity for San Francisco, as well as some other real estate tid-bits to tie you over until the next issue…

To be added to the list and receive this in your inbox bi-weekly, just drop me a line.

I should point out, this is the most real time information you’ll get for most recent sales unless you have access to MLS yourself. :-)

-sfnewsletter/MarketTracker

333 Grant Avenue #501: Simply Union Square, Simply a Shopper’s Paradise, Simply A Perfect Pied-A-Terre, Simply $629,000

If you like coming to, or living in, San Francisco, and shopping is your thing, 333 Grant is quite possibly your nirvana. A chip shot away from Prada, Banana Republic, North Face, Nike, Neiman Marcus, Levi’s, Macy’s, Salvatore Ferragamo, Louis Vuitton, Apple, Burberry, Chanel, Maiden Lane, American Apparel…you name it…it’s all here, it’s all around San Francisco’s Union Square, and 333 Grant is in the heart center.

If a San Francisco shopping experience is secondary to your exploits as a dining connoisseur, the location of this Landmark Building is sure to delight! Walk out your door and across the street to Cafe de la Presse, round the corner to Le Central, have a pint (perhaps this weekend) at the Irish Bank, stumble over to Belden Place and take your pick of cuisine, enjoy a stroll on over to Bix for an elegant cocktail and mellow jazz, perhaps try some oysters and fresh seafood at Farallon, get some dim sum in China Town, or simply sit at Starbucks on the corner and watch the people go by (I would recommend Cafe de la Presse over Starbucks any day, but that’s me.)

Built in 1908 and declared a landmark in 1981, the Historic Landmark Building (333 Grant) is in the Union Square section of San Francisco’s Financial District. Converted in 2004, The Landmark Building contains 39 condominium homes & lofts designed with preservation of history and architecture in mind, while paying attention to details suited to modern day living. These homes are designed to accentuate urban elements, while providing a tranquil and inviting city retreat.

Visitors to your home will be greeted by the impressive neo-Renaissance façade with towering 40 ft columns. Unit #501 contains one bedroom, bonus room, one bath, has one (leased) parking space, beautiful brick accents, wood floors, mahogany kitchen cabinets, contemporary features, modern kitchen with Bosch appliances and Amana refrigerator, stackable washer & dryer, extra deeded storage, and a location to die for. Entertaining is easy with the bright, open and spacious layout of the living, dining, and kitchen areas, and guests can easily park in the Sutter-Stockton garage just around the corner.

Almost directly across the street from the Famous Chinatown Gate, The Landmark Building is truly a wonderful property, in an excellent location, right smack dab in the middle of the nation’s best city, San Francisco.

It has a perfect 100 Walkscore, is a short walk to FiDi, SOMA, and BART. The area has excellent gyms (Sports Club LA, Equinox), and did I fail to mention is a stone’s throw away from Rick House? Well…

Asking price is $629,000, it’s easy to show, and if you don’t love it, I’ll buy you an espresso across the street at Cafe de la Presse.

HOA fee: $753/mo.
Parking: $309/mo.
Contact Alex Clark (the owner/editor of this site) for details.

-333 Grant #501, 1+bed, 1 bath, 1 park, $629,000 [MLS listing]