Tag Archives: Potrero Hill

Heat Map Of San Francisco Median Home Price Changes Since Previous ’06-’08 Market Peak

Who doesn’t love a good heat map? Especially us San Francisco residents caught in the grip of one brutally long fog song…
[Click image to enlarge.]
Zipcode_Appreciation-since-Peak

This heat map compares 2013 2nd quarter or 1st half median home sales prices – for houses, condos, co-ops and TICs combined – with those at the peak value time prior to the recent market recovery. Previous peak value times vary by neighborhood: typically, the least affluent neighborhoods hit peak prices in 2006 and also fell the most, percentage-wise, during the crash, falling 25% to 50%. These neighborhoods were most affected by the subprime and distressed-property sales crises. The mid-affluent neighborhoods peaked in 2007, and usually declined in value in the 20% to 25% range. And the most affluent areas reached peak values last, in the first half of 2008 prior to the September 2008 crash: Their fall in value ranged approximately 15% to 20% from 2008 peak to 2010-2011 nadir.

Generally speaking, when the market began to turn around in late 2011/early 2012, the last neighborhoods to fall were the first to recover, followed by the mid-affluent and then the less affluent areas.

Mission District “Is Our Backyard”-Says Potrero Hill

[Image Source]

Every so often older posts get comments that are so good, I just can’t pass up posting them right front and center on the home page. This one came in on an old post we did about La Mission District and just how cool it is.

Sorry Mission District, according to this Potrero Hill reader you’re nothing more than their “backyard”.

Potrero Hill is SF’s best neighborhood TO LIVE IN for these reasons:

1) VIEWS – don’t have one? Step outside, you get one every time you head towards any of the other neighborhoods or just to get a cup of Farley’s coffee. Can’t do that? Watch a commercial or movie, it’s likely it includes a scene shot from here.

2) PARKING – every one of the other neighborhoods has you looking and wishing you could drink and drive while looking.

3) SUNSHINE – if we don’t have it, neither do you. If we do, you probably don’t.

4) PROXIMITY – 280, 101, 80 and trains and the #10 make getting up and down the peninsula or to the East Bay, or to the beach or along the Embarcadero or FiDi or the ballpark a snap. Bernal, Bayview, Glen Park, Mission, Noe, Castro, Soma – are all neighbors, in fact La Mission is our backyard. Every thing else is really minutes ‘cept for the Golden Gate Bridge or Golden Gate Park which really is meant for a lovely drive anyway.

5) COMMUNITY – it’s tight and effective and gets more and more inclusive vs. many of the other conformist, hands-off-the-merchandise ‘hoods. This means childless hipsters, muralist breeders, biogeneticists, game designers, street soldiers, old-timers, turistas, baristas and anything with paws come together for the Good Life. And it’s small enough that everyone knows your name, “my friend”.

Touché!

-San Francisco’s Coolest Neighborhood…La Mission, Hands Down [theFrontSteps]

When you look at this chart/map, what do you see?

I feel like this is a bit of a litmus test.

I was on another blog and a poster actually used this map to back up a point made about neighborhoods north of California st. showing signs of weakness. I was like, huh? This map? Aren’t all the areas north of California YELLOW? (Yellow shows appreciation.)

It isn’t the greatest map/chart/whatever ever. It shows Noe Valley like half green and half yellow. I think most of us are pretty sure Noe hasn’t slid. It shows the north part of Potrero Hill as green. It shows all of SOMA as a chunk of green and I think we can all agree SOMA varies wildly. And the Inner Richmond has fallen? That would be a surprise to everyone working at any brokerage in town, in any capacity.

So, not the best. It needs more variegation certainly. But it sort of just goes to show where we are right now. We who are the buyers, sellers, agents, brokers, fence sitters, you name it. We who post on blogs about real estate. We’ve all come to think that the glass is not full. What does this chart tell you about the the status of said glass?

You’ll notice I didn’t get into who they quote, what they actually say in the article versus what’s happening here in the city, etc. You can get into that if you want. But what do you see in that graphic? I’m curious.

– fluj a k a kenneth kohlmyer

Price it (real, real) low, and away we go …..(251 Arkansas)

I knew this one would go superfast. You have to wonder if it wouldn’t have gone almost as fast if it were priced at 850K, tho. Anyway, anyone else see this property? It got into contract instantly.

A two car garage, north slope Potrero Hill, with a 25 X 100 foot lot, for 679? Simply fax your offer to the 678 area code? Well somebody didn’t mess around. Still tho — this is some 2006 type stuff right here!

-Property Details, 251 Arkansas [sfnewsletter listing detail page]

– Kenneth Kohlmyer a k a der fluj

888 7th Street, 85% sold and looking for your $399,000

According to more Realtor Spam (it’s really getting out of control, but some of it is useful):

888 7th Street

Just a reminder, we are about 85% sold at our new building at 888 7th Street in the Showplace Square/lower Potrero area. We have a limited number of junior one bedrooms homes available starting at $399,000. We have a limited number of one bedroom homes available starting at $499,000. These are great prices and great deals for first time home buyers.

-Website

-More on 888 7th Street [theFrontSteps]

Weekly Fluj: “I don’t know that they’re trippin’ either!” (2145 18th Street @ Kansas)

As stated numerous times, we can’t do all of this without you, and appreciate your tips, suggestions, and rants, so keep them coming. One person who is particularly helpful and deserving of praise is our friend the Fluj, who this week sends us this:

To my mind, the western portion of North Slope Potrero has not seen anything like this. It’s very far out in front of the curve, but I don’t know that they’re trippin’ either!

Perhaps the marketing remarks can shed some light as to whether they’re “trippin!”:

This spectacular remodeled view home has 3 levels of living w/3 bd, 2 ba all on upper level (toto dual flush toilets). The main level has an open floor plan-great for entertaining. It consists of lr (w/frplc), dr, kit w/GE monogram 42′ fridge, Thermador oven & micro, Viking 6 burner cook top, Bosch dw, great rm overlooking rear gar & powder rm. Lower level has office & media rm wired for surround sound. Systems, roofs, windows, flooring, walls were all replaced in 2008. 2 decks, garden & garage.

“Toto toilet”, is not to be confused with this Toto (even though the cross street is @ Kansas), rather is more like this Toto.

On that note, if you close your eyes and tap your heels long enough, red glass slipper optional (this is San Francisco after all), you too can someday have a $2,145,000 home in Potrero Hill. Tap them longer and maybe that price will come down a tad.

-2145 18th Street [MLS]

Weekly Fluj: Inventory, is there a lot of it?

Lots of people yapping on and on about how San Francisco listing inventory is through the roof, sales volume is in the toilet, and both median and average home prices have plummeted, but the Fluj says:

Seemingly the perception is that there is a lot of inventory, but is there, really? And as for prices, come on now!

Discuss, debate, have fun.

…and kicking it off, we’ll go ahead and show you Fluj’s first comment in the thread to get you going:

Right, so, “Inventory.”

Seemingly the conventional wisdom is that there is a lot of it. Why the disparity between what buyers in the field are actually excperiencing and the media/blogs then?

I did a search for available properties. I used a metric that I believe to be extremely common for San Franciscans. This is a search for a couple or a small family who hope to buy something with room to grow into.

The parameters are: 750K to $1.205M, 3 brs, 2 bas, 1 car parking. I limited the search zones to only generally safe(r) areas. Essentially I included everthing except Ingleside, Ingleside Heights, and Oceanview, all of 9 save Bernal and Potrero Hill, and all of 10.

I turned up 82 properties.

1. Of the 8 Richmond properties, only one was east of Funston, and it is a cosmetic fixer on 7th Ave for 899K. (On the market for 7 days, offers Tuesday, you best to hurry if interested IMO)

2. Twenty-seven are in the central or outer Sunset.

3. For areas 3, the Arch st. listing appears to be a nice little Merced Heights home for 559 a foot. Many searchers will not entertain areas 3.

4. For areas 4, if they are not on a very busy street or a fixer, only Forest Knoll, and Miraloma Park areas 4-D and 4-H have properties for 550-600 a foot. Like 3, many buyers will not entertain areas 4 as it is not particularly central.

5. Surprisingly, for areas 5, there are only two Glen Park listings. In Noe, there is only 4120 22nd, a permitted fixer in need of at least 600K in capital. In Ashbury Terrace, only one cosmetic fixer I know to have received two offers already. And there is one large fixer property up on Grand View — and it doesn’t have any views.

6. There was nothing in 6. This was surprising.

7-8. Nothing here. Not surprising.

9. Eleven are in Bernal Heights and will not appear in the search perameters of many groups. Two in Potrero Hill. The Wisconsin listing is a total fixer on a corner with very little southern exposure and an entrenched tenant. The Rhode Island property at $1.195M and 663 a foot appears to be a decent deal for North Slope.

So is that a lot of inventory? I really don’t think it is.

Isolated Panic amongst some San Francisco Realtors, or something larger?

Recently, we’ve been contacted by more than a dozen Realtors asking if we could “plug” their listings. Typically, this is not something we do as it defeats the purpose, honesty, and transparency of this blog, but we got to thinking…why not? We could make a little $$ from it, and help get the word out about some pretty cool properties that happen to still be available. Truth be told, a lot of “tips” from “tipsters” are essentially “plugs” anyway. Right?

Well, don’t worry, we’re not going to start whoring ourselves out…yet. But what has us thinking is the increase in requests to do so for properties that have only been on the market 2-6 weeks. In any other part of the country having a listing for 4 months is normal, and panic usually sets in around the 6th month that it is not sold, so why such alarm after 2-6 weeks? San Francisco Realtors are so accustomed to homes flying off the shelf, and when they don’t…they PANIC! Remember, a listing isn’t a “Stalefish” until 100 days have passed, so why all the panic?

We still say it all comes down to pricing, pricing, pricing, and location, location, location, and there is no need for panic across the board. We’re still hearing many more reports of multiple offers and properties flying off the shelf than we are of properties sitting, but is the national trend finally starting to hit San Francisco on a broader level, not just the southern districts? We’ve heard reports of homes in the Inner Richmond, Cole Valley, Westwood Park, Bernal Heights, Inner Sunset, Noe Valley (Gasp!), Parkside, Potrero Hill, and a few other nabes getting a bit stale. Properties that previously would have sold in the blink of an eye. So what gives?

We want your thoughts, especially you Realtors. Go ahead and comment anonymously, we won’t tell. And we certainly hope to hear from the Fluj, who, in case you missed it, we caught.

[If you'd like to check out what we've written about other neighborhoods in San Francisco, look to the right hand column and "Browse Site by Category".]

Potrero Hill Home sells for $3,000,000*

Yes, the asterisk is there, but so too is the sale somewhere around $3M for 752 Carolina, a single family home in Potrero Hill that hit the market end of February, was in contract 8 days later and just closed escrow…cash.

Was it the suburban feel:

carolina1.jpg

or the blue paint that did it?

carolina2.jpg

We have to think a combination of all sorts of good San Francisco things.

-752 Carolina [listing detail page]