Tag Archives: market information

The House Of Haight Ashbury Vintage Gets $1.3M More, Two Potrero Hill Comps You’ll Want To Track, And More Overbids To Ponder

Before I show you the list of the top 10 overbids, have a look at the building that houses Haight Ashbury Vintage:
Haight Vintage Building sells for $8,250,000
Listed for $6,950,000 back in October, it just closed for a mere $1,300,000 more. Apparently, Vintage is more hip than you thought…

I have more story. Just yesterday I heard of 25 offers on this condo on Missouri in Potrero Hill, and there will be many on this other condo on Mississippi, but those are not done deals. Get on the list and know when they close.

So…the overbids. Regardless of where these are priced, consider the number of buyers out there bidding on what little inventory we have, which ultimately drives the price up. Think it’s just a matter of pricing below comps to eventually get to market? I don’t. The data shows staggering growth in SF, and a possible plateau, but the truth is, buyers far outnumber sellers, and until those two numbers meet in the middle, we can expect another year of mind boggling overbids. Another thing to consider is when these properties went into contract, that being the “slowest” time of year for San Francisco real estate: The Holidays and a couple weeks after.
Anyhow, here you go. Overbids, cuz I know you love them:

Address BR/BA/Units DOM List Price Sold Price Overbid
2510 39th Ave 2/1.00/N/A 15 $599,000 $788,000 31.55%
179 Vienna St 2/2.00/N/A 11 $499,000 $650,000 30.26%
200 Amber Dr 4/2.50/N/A 12 $1,299,000 $1,670,000 28.56%
506 Molimo Dr 3/2.00/N/A 31 $859,000 $1,100,000 28.06%
12 Sherwood Ct 3/2.00/N/A 5 $788,000 $1,000,000 26.90%
700 Illinois St 1/2.00/3 13 $499,000 $630,000 26.25%
726 Masonic Ave 2/1.00/ 34 $750,000 $925,000 23.33%
94 Eastwood Dr 2/2.00/N/A 26 $898,000 $1,085,000 20.82%
738 Masonic Ave 2/1.00/ 6 $799,000 $955,000 19.52%
1501 Haight St 1509 N/A/N/A/14 39 $6,950,000 $8,250,000 18.71%

“….And Here They Come!”

If any of you ever get that quote that we’re thinking of in the title, we’ll buy you a house. Ah…you’ll never get it…it’s a lyric from a band out of Hawaii way back named The Tantra Monsters…good, fun, ska.

Anyway, now that we got that tangent out of the way, we’re sitting here in post Labor Day market watching nervous anticipation. What’s going to happen? Is our market going to pick up steam like it always does? Are the buyers going to be out there for the increasing inventory already hitting MLS? Are we going to see multiple offers and competitive bidding wars? Or is Senor Low Ball here to stay?

Time will tell. We are already seeing an uptick in new listings hitting MLS, and in our humble opinion they ain’t all that, so if the buyers are there, that could mean good things for sellers. If the buyers aren’t there? Then we’re __________.

Check out what’s New On Market in the past 24 Hours, and we think you’ll agree…pickins are slim.

“San Francisco Housing Market Continues To Strengthen”

This pulled directly from the San Francisco Association of Realtors Newsletter:

San Francisco’s Housing Market Continues to Strengthen Unlike Many Other Areas of the Country

Falling inventory levels and strong sales activity in December, 2009, helped to drive continued improvement in San Francisco’s housing market, according to the latest Market Focus report issued jointly by Rosen Consulting Group and the San Francisco Association of REALTORS®. The median single-family home sales price increased for a third consecutive month in December reaching $755,608. That represents a 7.9 percent increase from December, 2008. The report attributes the improved market conditions to a drop off in foreclosure sales and a growing proportion of sales in higher priced neighborhoods.

Median Condominium Sales Price Increases for First Time Since July 2008

The report observes that the condominium market also seems to have turned a corner, as the median sales price increased by 7.6 percent to $672,590 in December. It was the first year-over-year increase since July 2008.

According to John Lee, president of the San Francisco, “The reduction in asking prices, mortgage rates of less than or near 5 percent and federal tax incentives have increased housing affordability and attracted buyers to the condominium market.” But he notes that “sellers of higher-priced properties have benefitted less from incentives as sales are closed only after significant negotiations from original asking prices.”

Closed and Pending Sales Activity in December Remained Relatively Strong

As expected, closed and pending sales activity dipped during December as a result of seasonal patterns. But despite the slowdown, closed and pending single-family sales activity that month outpaced similar activity in December of both 2008 and 2007.

According to the report, the single-family months of supply inventory fell to 3 months in December 2009 from 5.8 months in December 2008. The condominium months of supply inventory fared less well dropping to 4 months from 7.2 months during the same period. With inventory levels falling, Lee anticipates that the price increases seen in recent months will continue and possibly intensify.

The Rosen Consulting Group sounds a note of caution in its report by saying that a number of factors could delay the further strengthening of San Francisco’s housing market. Principal among these would be an increase in distressed properties that would add to the for sale inventory and put downward pressure on prices and the anticipated increase in mortgage rates that could rein in home buying activity. But the Group’s outlook is increasingly positive and it believes that if these eventualities would happen, “it would only be a bump in the road to long term growth in the San Francisco market.”

Palm Springs We Are Not, Shocking Information This Is

From a reader who’s email says, “The housing crisis summed up in one house in Palm Springs”:

Check this out – from NPR’s Plante Money exercises:
Twitter Tweet 1 for this info on one Palm Springs House:

Date           Event           Price            Appreciation            Source

Apr 30, 2009   Sold      $32,500    -87.1%/yr       Public Records
Feb 08, 2008    Sold      $399,479    -8.3%/yr        Public Records
Sep 22, 2006   Sold       $450,000    28.4%/yr     Public Records
Sep 20, 2005  Sold      $350,000    63.3%/yr      Public Records
Jul 30, 2004   Sold       $200,000     89.0%/yr     Public Records
Oct 06, 2003   Sold      $119,000     24.3%/yr      Public Records
Oct 11, 2002   Sold       $96,000    114.3%/yr      Public Records
Jun 28, 2001   Sold      $36,000    -26.2%/yr      Public Records
Apr 16, 2001   Sold      $38,250      –                        Public Records

and then this

Twitter Tweet 2 for this info on the house across the street:

Date          Event                 Price               Appreciation         Source

May 19, 2009    Sold      $47,500        -68.6%/yr       Public Records
Jan 15, 2008    Sold       $225,000       7.4%/yr         Public Records
Jan 31, 2005    Sold       $182,000       22.8%/yr        Public Records
Jul 09, 2003    Sold       $132,000       96.3%/yr        Public Records
May 08, 2002    Sold     $60,000        -12.3%/yr       Public Records
Oct 24, 2001    Sold       $64,392          -8.4%/yr       Public Records
Feb 01, 2000   Sold      $75,000         112.1%/yr       Public Records
Nov 13, 1998   Sold      $30,000         -79.0%/yr      Public Records
Apr 14, 1998   Sold       $74,598         -0.1%/yr         Public Records
Mar 03, 1992   Sold      $75,000          271.3%/yr   Public Records
Jun 01, 1990    Sold      $7,500             –                       Public Records

Apologies for the horrible formatting on the columns (working remotely), but the information is there nonetheless.  Thanks to the reader, and (raising glass of wine in the air), “Here’s to the end of the Recession, please!”