San Francisco real estate insight, statistics, gossip, and news with a twist and some flavor - theFrontSteps

Battle Royale: San Francisco’s Infinity Towers Versus Some Peninsula Townhouse

We haven’t done a Battle Royale in a while, but we thought this recent email could not only shed some light on the steals and deals being thrown out by The Infinity to get their Towers sold, but also a bit of debate as to whether it’s better to put your money in San Francisco, or Peninsula real estate.

From the reader (edited slightly for syntax):

Hi,

Love your blog!

I would like your opinion…

I’m looking to purchase either a new 2 bedroom townhouse in the peninsula or else a 1-2 bedroom condo at The Infinity. I will be purchasing with 4-6 other people for The Infinity (volume discount, we each get our own place, 3 people will be in the $800K -1.4mil range so i think we will have a lot of bargaining power), or trying to find a good discount for a new townhouse in the peninsula. Which would be the better investment?

I’m [f*cking young!], make $110K a year, first time home buyer, would probably rent out a room at either the condo or the townhouse, and prefer not to do any remodeling.

Thanks!

Go Giants or go home! San Francisco all the way. Way better investment in our eyes (we are biased), way better location, and at your age, you’ll likely have a helluva lot more fun. Just make sure we get an invite to the housewarming party (have you heard about our fresh lime margaritas), and there is no lifeguard on duty when we cause a ruckus in the pool! Marco…Polo…Fish Outta Water!.

Thanks for the email, glad you like the blog. We like you.

Tags: Battle Royale, fun, opinion, real estate, san francisco, The Infinity, theFrontSteps

22 Comments | Posted in » Ask Us, Battle Royale, High Rise, Just plain fun, New Developments, San Francisco Real Estate, The Infinity, real estate, san francisco

Ask Us: What’s The Real Estate Forecast For Bernal Heights

Where readers ask, and we (the community) try to answer.

We pulled this from Lily on Why the Fuss About Noe Valley. The question is pretty simple, the answer, however, is very complex:

What’s the real estate forecast for Bernal [Heights]?

The Fluj has already taken the bait and provided some answers on the thread, anybody else care to chime in here on Bernal Heights?

Our answer…it’s headed down along with the rest of the city and will bounce around the bottom for quite some time. We’d say the free-fall appears to be over, but the feeling of panic is definitely out there amongst buyers that the bottom is here, and there are buyers making offers across the entire city feeling the deals won’t get much better. Our advice to our buying clients, buy if you feel comfortable, then tune out for the next 5 years and enjoy your home. This applies to every nano-market the city has to offer.

Tags: ask, Ask Us, Bernal Heights, forecast, real estate, theFrontSteps

13 Comments | Posted in » Ask Us, Bernal Heights

Ask Us: Why The Fuss About Noe Valley?

Where readers ask, and we (the community) try to answer:

The Front Steps really concentrates on Noe. I live in Noe and understand the attraction and the desirability of neighborhood but I’m not exactly sure why it is the barometer for everywhere else. Can you shed any light on this?

Good question. It’s not that we set out to focus on Noe, in fact we think focusing on an area that is much more hip (like Mission, Dog Patch, or NoPa) would serve our readers better and certainly be a helluva lot more fun, but looking at the real estate in Noe Valley is a very good barometer for the well being of the entire city’s real estate market, because it is considered an A+ location with generally financially and employment secure residents. Noe Valley is one of the most desirable and popular areas to live in San Francisco, and if the market in Noe Valley crashes, the rest of the city should watch out. SOMA is tanking as we speak, but it has nothing to do with Noe Valley. It is a totally different market.

As you’ve also likely noticed, a lot of the content we post comes in as “tips” from readers and our readers that send tips must be a bit more concerned with Noe. So feel free to tell your friends that live in other nabes to check us out and send in tips about their hood as well. It doesn’t have to be about real estate, but it does have to be about San Francisco (or at least the greater Bay Area.)

Thanks for reading!

Tags: ask, Ask Us, market, Noe Valley, real estate, real estate market, san francisco

19 Comments | Posted in » Ask Us, Noe Valley

Renaming San Francisco Neighborhoods (Little Hollywood Gets The Nod)

Some of the new monikers have bubbled up from popular culture, others have the whiff of real estate marketing euphemism, and some are a return to names that stuck despite trendsetters’ efforts to change them.

Since Realtors have been given the power to rename some of San Francisco’s neighborhoods, we thought we’d share the one we think could most increase property values in that area, by name alone:

You too could be neighbors with the stars and you no longer have to go to Los Angeles to do so. Imagine that!

-SFGate Map Mashup for new ‘hoods [sfgate.com]
-Familiar S.F. Neighborhoods gain new names [sfgate.com]

Tags: san francisco, San Francisco Real Estate

10 Comments | Posted in » Neighborhoods

Parking Love Letters, San Francisco Style & The Red DPT Curb

Judging by the hand-writing, we’d say the author of this love letter was female, approximately 38-45 years old (not a Cougar), mother of….we’ll say two, likely drives a Volvo or Mercedes “SUV”, we’re thinking blond hair, light colored eyes, ponytail, and definitely not the life of the party. You?

Happy Friday…somebody needs a f*cking cocktail!

[Editor's Note: According to a follow up email from the person that sent the "love letter", the car was not blocking the driveway like this, but was apparently "not even hanging over one inch into the drive, but definitely blocked the 1 foot of red DPT paint on the curb."]

[Update: The discussion has begun, and if you'd care to comment on more than this love letter...specifically whether the red DPT curb (fake or not) can have legal implications, you're cordially invited to join in.]

Tags: cougar, humor, Love Letters, parking, san francisco, San Francisco Parking

28 Comments | Posted in » Just plain fun

Hi, I’m 118 Vernon And I Just Received 30+ Offers

-118 Vernon, 2 bed, 1 bath, SFR, $399,000

Tags: multiple offers, San Francisco Real Estate, theFrontSteps

2 Comments | Posted in » It is Brisk Out, Maximum Overbid ™

Frank Lloyd Wright Usonian Home In Forest Hill (One San Marcos)

We were fans at Usonian, but if you must…the whip cream on top:

Polished concrete floors; radiant heating; chef’s kitchen; custom walnut cabinetry; multiroom sound system; remodeled bath with handcrafted Heath tile; Sub-Zero refrigerator with glass front; Viking convection oven; Miele range; 2,344 sqare feet all on one level; two car side-by-side garage.

Some history on Usonian, and what you need to know from Wikipedia:

‘Usonian’ is a term usually referring to a group of approximately fifty middle-income family homes designed by Frank Lloyd Wright beginning in 1936 with the Jacobs House.[2] The “Usonian Homes” were typically small, single-story dwellings without a garage or much storage, L-shaped to fit around a garden terrace on odd (and cheap) lots, and environmentally conscious with native materials, flat roofs and large cantilevered overhangs for passive solar heating and natural cooling, natural lighting with clerestory windows, and radiant-floor heating. A strong visual connection between the interior and exterior spaces is an important characteristic of all Usonian homes. The word carport was coined by Wright to describe an overhang for a vehicle to park under. Variants of the Jacobs House design are still in existence today and do not look overly dated. The Usonian design is considered among the aesthetic origins of the popular “ranch” tract home popular in the American west of the 1950s

Let’s not forget the price and link to more Usonian property picture porn: One San Marcos, $1,590,000.

We look forward to your first fireside chat (we promise to wear our best mid-century ski sweater, and mix some tasty margaritas!)

-OneSanMarcos.com [property website]

Tags: Architecture, luxury real estate, Mid-Century, Mid-Century Modern, San Francisco Real Estate, Usonian

7 Comments | Posted in » Forest Hill, Mid-Century Modern, San Francisco Real Estate, Unique Property, san francisco, theFrontSteps

From Fractional To Full And Almost On: 181 O’Farrell #513 @ Odeon $2,349,000

It was years ago when we broke the news of a luxury fractional ownership in the heart of San Francisco, and here we are again. The Odeon is back on the screen and the penthouse is coming to an MLS near you (assuming you live in or near San Francisco).

The fractional ownership of this unit went “pending” in March 2008 at $375,000, but never did hit “sold” status. The pictures are the same then as now, so we’re wondering what exactly is the deal.

It will soon be on MLS for $2,349,000 and available for all to see. Until then, you’ll have to take our word that it’s a pretty darn sweet pad, so if you can picture yourself living down in the heart of San Francisco and wished you could get one of the units without the annoyance of fractional ownership, your day as come. And if you can’t picture yourself there, maybe this little floorplan photo can help.

So many excellent homes and neighborhoods in San Francisco…what are we supposed to do!?

-181 O’Farrell, 3 bed, 2 bath, $2,349,000…and coming soon [181ofarrel.com]

Tags: coming soon, pocket listings, union square

6 Comments | Posted in » Luxury Homes, theFrontSteps

Claude Oakland Designed Mid Century Eichler In Marin

Oh if we had time to publish these things when they’re hot off the presses. Oh well, we’re still fans of all things architecture, especially when Eichler is involved, so we’ll throw them up for your delight. Coming soon to the Lucas Valley (Marin) real estate market (and what we’d almost consider an epicenter of Eichlers), 26 Oak Mountain Court.

It’s a rare gallery model Eichler designed by architect Claude Oakland, which has been extensively remodeled and expanded to reach 2,400 sq ft, 4 bedrooms, and 3 full baths. This home was featured on the American Institute of Architects home tour and is truly spectacular inside and out (and the cycling down the road is nothing short of world class).

–

The home will be priced at $1,550,000, is not yet on the MLS, and of course, we can always get you in early.

-26 Oak Mountain Court [Renee Adelmann]

Tags: american institute of architects, Architecture, coming soon, Eichler, eichlers, lucas valley, Marin County Real Estate, marin real estate, theFrontSteps

3 Comments | Posted in » Eichler, Luxury Homes, Marin, Mid-Century Modern, Remodeling, Unique Property

Cole Valley Sales Too Low To Count, But Area Remains Strong Nonetheless

From the author of these graphs:

The monthly sales data for Subdistrict 5E (Cole Valley/Parnassus/Ashbury Heights) is so low that running percentage declines off of median values, as I did for Noe Valley, would have been worthless. As several of your readers and I myself pointed out, it’s hard to draw conclusions when there are very few data points.

Instead I ran the percentage declines off the “95th Percentile” value, which the statisticians among your readers will know means that 95% of the sales fall below that value. Hence, it represents a “high”, while excluding the potentially aberrational top 5% of values.

After looking at this chart, I sort of threw up my hands. With only 179 sales in over 6 years, it’s not sensible in my view to draw conclusions about monthly trends in Cole Valley, let alone to compare them to Noe Valley, where the “core” area alone — Subdistrict 5C (Noe Valley) — had over 900 sales during the same period.

So I re-ran the numbers and calculated medians based on annual sales. The second chart shows the results. I think this is much easier to understand. Again, with so few sales, one should be careful about drawing any conclusions, and with only 5 sales in 2009 so far, I think it’s too early to conclude that the apparent drop in median prices for 2009 will continue to be accurate. Rather, I’d say that Cole Valley seems to have been holding up pretty well.

And we’d have to agree and argue this is yet another reason why Cole Valley is superior to Noe Valley…

–

Thanks again to Misha Weidman for the charts and analysis. Good to have a data geek on staff.

Tags: charts, Cole Valley, data, Home Sales Data

4 Comments | Posted in » Cole Valley, Stats & Numbers

Ask Us: Why The Obsession With Price Per Square Foot?

Where readers ask, and we (the community) try to answer:

Yes - people are obsessed with cost per square foot - why or why shouldn’t we concern ourselves with that statistic?

Thanks!

Thanks for the email.

Price per square foot in San Francisco and around the country, hell the world for that matter, is an obsession because it is the simplest way to quantify how one home may or may not be better than another or how they compare. It is a way to gauge the popularity (desirability) of an area as well (higher price per square foot in an area can fairly accurately be associated to its popularity). It’s basically a good barometer of value and something that should definitely be considered when looking at values of homes or when considering buying or selling a home in a certain location. However, in San Francisco it should definitely not be the deciding factor as every home is different, and if going off of tax records, square footage in San Francisco and public records are anything but accurate.

That said, it is a much more reliable and useful tool when buying/selling a condominium where many of the units are identical in size, amenities, and features, and something you should seriously take into consideration.

Hope this tiny bit of information helps. Maybe some other readers can shed some light?

Tags: ask, Ask Us, price per square foot

No Comments | Posted in » Ask Us

Ignorance Is Bliss When Buying At The Ritz

We know there are many of you out there sad at the fact you may have missed out on Ritz-Carlton Residence #2203 when it came on the market at $2,600,000 over two Stalecades ago. You may have been sad then when you missed out on the price reduction after price reduction down to the most recent list price of $1,998,000. We know, we know…more than $1300 per square foot to live in the same building as a YouTube founder, or Crocs founder just sounds so cheap and you missed your opportunity. The two bedroom (we’re calling it one bedroom with a sliding wall to make two), two and one half bath luxury residence in the sky is something to behold, but it’s gone. Off the market.

Psyche! It’s coming back! It’s gonna be back on the market and you, dear luxury buyer, best do your homework, because we’re told it is coming back on the market around $2,225,000 (give or take a couple thousand bucks)! Yes, that’s right. Your chance is here to buy it for more than the previous list price in a down market where high end luxury is getting hammered. Home Owners dues are low, only $2400/month, and the price is climbing on this listing to be, so give us a shout and we’ll get you in there before the rest of the masses clambering for an over-priced slice of pie in the sky.

For the record, it is a beautiful unit in a great building and there are other great units for sale (and motivated sellers), we’re just not so sure bringing Unit #2203 back on the market at a price higher than the previous list price that didn’t sell is such a good idea. (Good way to get a listing though.) Of course, if someone is not doing their homework and they don’t check the property history (think Shady Agent tactics), there will be no harm done (ignorance is bliss, really). Otherwise, consider yourself educated, and tell your friends we almost always have the inside track to San Francisco real estate, and we’ll make sure your ass is covered.

-[Editor's Note: One Stalecade is equal to one property that has been on the market 100 days or more. Stalefish + Decade = Stalecade. Therefore, a property on the market over 200 days has survived two Stalecades...a stretch in terms, but we're running with it.]

Tags: luxury high rise, Ritz Carlton Residences, San Francisco Real Estate, shady agents, Stalefish ™

1 Comment | Posted in » Financial District, Insider Information, Just plain fun, Luxury Homes

Off Market Ocean Views

If it is ocean views that you covet (the views below actually do exist in San Francisco), or you’re searching for that perfect San Francisco surf pad, but have thus far come up empty, give us a shout. We know of a couple off market homes/condos that might be of interest to you.

As for help finding the perfect surf spot in San Francisco, you’re on your own.

Tags: pocket listings

3 Comments | Posted in » Insider Information

Deciphering San Francisco Real Estate, An Expert Weighs In

Turn the volume way up, so everyone in your office/house knows what’s going on with our market, and you don’t have to explain over and over (like us).

Tags: humor

4 Comments | Posted in » Just plain fun

Pool Party On Broadway! Marco….Polo….Fish Outta Water!

From a connected reader:

Designed in 1922 by Frederick Meyer (think Bill Graham Auditorium) [2950 Broadway] is a serious presence on outer Broadway’s Gold Coast and I think the only one with a pool.

–

…and not yet on MLS, but we’d be glad to get you in early.

Asking $39,500,000.00.

Lifeguard not on duty, and Toyotas parked out front not included.

-2950 Broadway [website]

Tags: Broadway, Gold Coast Homes, Mansions, san francisco

5 Comments | Posted in » Luxury Homes, Mansions, Pacific Heights