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.
This next chart is a look at quarterly median price appreciation over the past 3 years.



Longer-term trends: While virtually the whole country has been experiencing a large market rebound, San Francisco, because of our particular economic circumstances, is generally outperforming almost every other market area. The big exception is Silicon Valley, whose high appreciation rate is being driven by many of the same employment and demographic causes.



Far Too Little Inventory
When the market recovery began in earnest in early 2012, there were complaints of a shortage in inventory. In 2013, the market grew even more heated and supply declined further to what felt like desperately low levels. Now in 2014, amid no lessening of demand that we perceive, the supply of SF homes available to purchase has dropped again.

There are increasing numbers of new-construction housing units coming on market – and many more being planned and built – but so far they’re being snapped up, at very high prices, without noticeably altering the supply and demand dynamic.



Listings Selling Faster than Ever



San Francisco Neighborhood Snapshots
We updated analyses for a number of city neighborhoods with enough sales for quarterly data to be meaningful. In every district we looked at, there were significant spikes in median sales prices and/or average dollar per square foot values in the quarter just ended.
Below are two samples, but our full collection of long-term neighborhood analyses can be found here (some updated through the first quarter, others through the end of 2013):San Francisco Neighborhood Values







Affordability by Neighborhood
We broke the city down by neighborhood according to the number of house and condo sales in each price segment. Of course, in a generally appreciating market, these prices continue to move upward en masse. Below are 3 analyses from our 11-chart report, which can be found in its entirety here:Where Can I Afford to Buy in San Francisco






Please call or email if you have any questions or comments regarding these analyses.

Fluctuations in median and average sales prices and average dollar per square foot values are not unusual and these fluctuations can occur for other reasons besides changes in value, such as seasonality, inventory available to purchase, buyer profile and new condo development projects coming on market. How these statistics apply to any particular property is unknown without a specific comparative market analysis. All data from sources deemed reliable, but may contain errors and is subject to revision.

Current San Francisco Home Values by Neighborhood, Property Type & Bedroom Count

These tables report average and median sales prices and average dollar per square foot, along with average home size and units sold, by property type and bedroom count for a wide variety of San Francisco neighborhoods. The tables follow the map in the following order: houses by bedroom count, condos by bedroom count, 2-bedroom TICs, and finally a small table on 2-unit building sales.

The analysis is based upon sales reported to MLS between April 1, 2013, when the last big surge in home values began in San Francisco, and February 21, 2014. Value statistics are generalities that are affected by a number of market factors and all numbers should be considered approximate.

Continue reading

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%

PocketListings.net Founder Alexander Clark To Join Top Agent Network As Advisor

The big news in Off Market real estate to start the year…

Top Agent Network, Inc. (TAN) announced January 3rd that Alexander Clark, founder and CEO of the online real estate platform PocketListings.net, has agreed to become an industry and technology advisor to Top Agent Network. TAN is also acquiring the pocketlistings.net domain name from Mr. Clark.

Top Agent Network CEO/Founder David Faudman says of the new arrangement, “I have great respect for Alexander as a true real estate entrepreneur. We are excited to bring his insight and expertise into Top Agent Network.”

Mr. Clark, currently a real estate agent at Paragon Real Estate Group and an active member of Top Agent Network’s San Francisco chapter, founded PocketListings.net in 2010. While switching his brokerage affiliation, Mr. Clark became acutely aware of how fragmented non-MLS networking was between brokerages. To help solve this problem, he started Pocketlistings.net, a brokerage independent non-MLS listing exchange service.

As a top-producing broker in Marin County, California, David Faudman had recognized similar needs in his own real estate sales business. He developed Top Agent Network in the mid-1990s, originally as a simple email list-serve for local high producing agents, then as the online application in 2009. Top Agent Network allows members to exchange pre-MLS and non-MLS information across all brokerages. This exchange includes: Listings, Buyer Needs, Service Provider Recommendations and Industry Discussion.

“Restricting membership to verified high-ranking professionals makes for a highly trusted, productive online exchange,” notes Mr. Faudman. “Our members use TAN enthusiastically in the markets we have launched so far.” Top Agent Network currently has 30 chapters nationwide and has attracted a broad roster of some of the highest producing agents throughout the country.

“That’s what interested me in joining TAN,” said Mr. Clark. “Technologically, the real estate industry is a step or two behind. But TAN members here in San Francisco use Top Agent Network religiously. TAN is a cutting edge real estate company that is changing the way top agents conduct their business. I am excited to bring my knowledge and experience to Top Agent Network.”

Top Agent Network is a paid membership available to qualified top producers in local chapters by invitation only.

For more information, please contact me.

“It’s Not Everyday You Trust A Realtor To Buy A Home Sight Unseen”

Happy Holidays to all of you, and congratulations to some more happy clients on their purchase of one awesome San Francisco property!
IMG_3366

Our search for a home in San Francisco started after reading Alex’s site TheFrontSteps.com. We were impressed with his insight into the market and his interest in finding a property that fit our needs. Due to a job transfer, we had limited time to search for property and even less time to actually see what was available. Through many phone calls, text messages, and emails, Alex gave us a solid understanding of neighborhoods, prices, and how to make a competitive bid. It’s not everyday you trust a realtor enough to buy a home sight unseen, but Alex found us the perfect property! Alex listened to our needs and interests and found a home for us that we love, in a neighborhood that fits our lifestyle. And, did I mention that we did all this in less than 30 days? Thanks, Alex!

You’re so very welcome Kris, and you can’t imagine the relief I felt when you told me you loved the place! I was sweatin’ for days!

-More Testimonials Of The Service I Can Provide [Alexander Clark, theFrontSteps & Paragon Real Estate]

Dropping Knowledge: San Francisco Property Pie Chart

I know you’re all like me, you drive around town looking at all the wonderful, insanely expensive property we have here in San Francisco. I know you wish you knew how many of the properties you see were single family homes, how many are condominiums, how many are big ol’ properties of which you’d love to be the landlord (or maybe you already are). My company came up with this nice little pie chart for all y’all. Enjoy:

sf_housing_units

When Buying Luxury High Rise Property In Downtown San Francisco

I would like to thank my agent Alex Clark for his excellent and hard work in the past year for finding me the right place in this competitive market. My property just closed about one week ago, and I’m thrilled! I approached Alex over one year ago in search of a condo in downtown San Francisco. I had very specific and narrow requirements for the type of unit that I was looking for. I am a very busy professional with a challenging travel and work schedule. Alex was focused and determined to find me the right place with the right price. His swift approach and tireless work ethic helped me to secure the unit that meets all of my specs. He should be top of mind for anyone who would like to find a high-end piece of real estate in the city by the Bay. Alex is THE go-to-agent to have for your new home purchase!!!

Louisa L. Zhao Dresser M.D.
Attending Physician of Dept. of Internal Medicine
CPMC, California Pacific Medical Center
Sutter Healthcare System, San Francisco

Thanks Louisa! I’m glad it all worked out, and I appreciate you and your business. Hi to your parents, and lemme know when is da pool party!

-More Testimonials [Alexander Clark]

Poll: Is San Francisco In A Real Estate Bubble

The question comes up often enough, so why not put it up to vote. Power (and wisdom of markets) to the people.

Thankful For Overbids

The most recent top 10 overbids in San Francisco Real Estate. Hope you all had a great Thanksgiving! If you’re selling and getting out of dodge, you have much for which to be thankful.

Address BR/BA/Units DOM List Price Sold Price Overbid
22 Flora 3/2.00/N/A 19 $299,888 $500,000 66.73%
306 Guerrero St 308 2-4 Units 18 $849,000 $1,300,000 53.12%
1032 Castro St 3/2.00/N/A 35 $959,000 $1,340,000 39.73%
3303 Folsom St 2/2.50/N/A 6 $1,095,000 $1,510,000 37.90%
1001 Ashbury St 2/1.00/N/A 35 $998,000 $1,325,000 32.77%
2341 Cecilia Ave 2/2.00/N/A 17 $799,000 $1,050,000 31.41%
19 Delano Ave 3/1.50/N/A 11 $789,000 $1,033,000 30.93%
76 Ramona Ave 2/1.00/ 8 $898,999 $1,168,000 29.92%
3311 Jackson St 3/2.50/N/A 15 $2,880,000 $3,701,000 28.51%
1156 Florida St 3/2.00/N/A 72 $995,000 $1,275,000 28.14%

“We Received Multiple Offers On Our Condo And Closed Escrow In 5 Days!” 16 Jessie a.k.a 1 Ecker

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From a recent seller represented transaction, in which we not only secured an all cash offer close in five days, but my clients are renting the property back, sold the furniture, and received $1000 worth of wine from the buyer. Bam!

Mike and I wanted to share our experience with our phenomenal realtor Alex Clark. From the get go, Alex knew we had a time crunch and was on the ball from day one. With his network of contacts, his social media outlets, and getting us on the front page of SFgate – we received multiple offers on our condo and closed escrow in five days with an all cash offer that was well over asking! We would highly recommend Alex for all your San Francisco real estate needs!
-Mike and Joe

I can do the same for you, but no guarantees on the wine.

More pics:

-Bay Area Loft Conversions: New Life For Old Buildings [SF Gate]

More Overbids For Your Monday

It’s another Monday, and the madness continues.

Address BR/BA/Units DOM List Price Sold Price Overbid
3691 17th St 3693 2-4 Units 16 $1,499,000 $2,200,000 46.76%
127 Central Ave 129 2-4 Units 60 $1,200,000 $1,720,000 43.33%
152 Hancock St 2-4 Units 26 $1,100,000 $1,557,000 41.55%
82 Peralta Ave 3/2.00/N/A 28 $998,000 $1,380,000 38.28%
1628 York St 3/2.00/N/A 17 $1,095,000 $1,458,000 33.15%
130 Randall St 3/1.50/N/A 7 $1,195,000 $1,575,000 31.80%
325 Precita Ave 3/2.00/ 18 $925,000 $1,216,000 31.46%
327 Richland Ave 3/1.00/N/A 35 $749,000 $980,000 30.84%
4430 Cabrillo St 2-4 Units 14 $925,000 $1,200,000 29.73%
1108 Cabrillo St 3/1.50/N/A 11 $1,295,000 $1,677,000 29.50%

[Copyright ©2013 TheGoods-SF.com. Visit www.thegoods-sf.com for more information. Data feed from SFAR MLS deemed accurate but not guaranteed.]

Some overbids that were featured last week are still on this list until they get knocked off.

To answer some questions that popped up in the comments of our last overbid post about intentional underpricing to generate overbids…yes, there is certainly a lot of that out there, but there is also a lot of uncertainty as to what is a correct market price for any particular property when comps continue to escalate. And yes, there are agents that intentionally underprice, not in an effort to be fair and competitive for the market, but in an effort to boost their personal marketing strategy, and that’s just plain wrong.

The name of the game in our market is when you have doubts, price it low and let the buyers set the price. It’s almost always better to price low than high. However, what’s more interesting to us is not the amount over asking a property sells, but the number of offers that come in to generate such a fever pitch. We wish MLS had a metric requiring agents to post the number of offers that came in when a property sells, but who knows if that would ever happen. In any given overbid situation, you can assume there would be at least four to five offers. That seems to be a good average, but really it only takes two offers to drive the price up, and you certainly don’t need 20 offers. That means in any given multiple offer situation, one person wins, many lose, so when another similar property ultimately hits the market in a week or two after that, add another new buyer or two to the interest, multiple offers happen again, one person wins, many lose. Repeat over and over again and you see how prices get bid up, and frustration grows to the point where a buyer that has lost out several times in a row ultimately says, “Eff it! We’re going to win this one, so we’re going big.” They finally win. They become the Maximum Overbid of the Week, and they could care less. The feeling of relief is indescribable for many buyers. All of the searching, the reviewing disclosures, the inspections, the loan pre-approvals, the touring open homes, the emotional thrill of thinking you found your home, then depression of seeing it slip away, all of that is done and gone. As a buyer, you can prevail, and there are strategies to increase your chances of success.

As a seller, it’s not as relaxing as you might think, and it can be stressful rolling the dice and asking for more from buyers that are already offering waaaay more than you expected. Even more stressful is getting a pre-emptive offer and having the nagging thought in your head of whether you could get better than that bird in hand if you wait and get to your offer date. It’s a fine line between getting greedy and getting burned, but it certainly provides for good party conversation, which is why we provide this stuff to you!

As a bystander, blame should not be placed on the shoulders of Realtors claiming they intentionally underprice to generate overbids. The goal of listing property for sale is to get sellers the maximum amount of money possible. Currently, creating an environment that will generate multiple offers for a seller is what works, and it works well. We’ve been blogging about the real estate market long enough to know that the majority of comments against overbids come from bystanders, or buyers that continually get beat up…and it’s frustrating. We know all too well. But as a seller, we have yet to meet one that is unhappy with 15 offers (all over asking), many of them waiving inspections, and many of them cash that can close in five days. Regardless of how much over, under or at asking a property sells…it ultimately sells at market price.

So let the overbids continue, let our market climb, let our economy flourish, let jobs be created! San Francisco is on fire and there really is no place like it…so like a favorite band of ours says, “Embrace the Chaos”. Extra points if you know the band….

Happy Monday! Get back to work.

Maximum Overbid Monday!

Well now that we have the government shutdown (temporarily) behind us, let’s get back to the market at hand. It would appear there is a bit of a calm washing over our waters, but open house activity is still through the roof, so we might indeed be stuck in this craziness for a while. Case in point, San Francisco’s most recent Top 10 Overbids.

Rank| Address | Property Type | Bed/Bath | DOM | Asking Price | Sale Price | % Over

#1-709 York St: Single-Family; 2/2.00; 10 DOM; $799,000; $1,150,000; 43.93%
#2-152 Hancock St: 2-4 Units; 26 DOM; $1,100,000; $1,557,000; 41.55%
#3-82 Peralta Ave: Single-Family; 3/2.00; 28 DOM; $998,000, $1,380,000; 38.28%
#4-514 Precita Ave: Single-Family; 2/1.00; 11 DOM; $925,000; $1,255,000, 35.68%
#5-130 Randall St: Single-Family; 3/1.50; 7 DOM; $1,195,000; $1,575,000; 31.80%
#6-3901 17th St: 5+ Units; 28 DOM; $2,300,000; $3,025,000; 31.52%
#7-327 Richland Ave: Single-Family; 3/1.00; 35 DOM; $749,000; $980,000; 30.84%
#8-515 Powhattan St: Single-Family; 2/1.00; 13 DOM; $708,000; $925,000; 30.65%
#9-4430 Cabrillo St: 2-4 Units; 14 DOM; $925,000; $1,200,000; 29.73%
#10- 1108 Cabrillo St: Single-Family; 3/1.50; 11 DOM; $1,295,000; $1,677,000; 29.50%

[Copyright ©2013 TheGoods-SF.com. Visit www.thegoods-sf.com for more information. Data feed from SFAR MLS deemed accurate but not guaranteed.]

This data set reflects properties that got into contract on average 30+ days ago, so it will be interesting to see how this continues. We look forward to providing this information to you every Monday, now that the Goods has made it easy for us to share it, so come on back!

What Your Realtor Should Really Be Sending You…The Goods

I am pleased to announce the launch, and early adoption by Paragon Real Estate Group, of the newest addition to the San Francisco real estate scene “The Goods“, real estate marketing made simple.

The goal of this new offering is to make it easy for real estate agents in the San Francisco/Bay Area to provide their clients with what they need, and should expect, from their agent…time sensitive, factual, market data that pertains to the area in which their property is located, or the area where they would like to be. We’d like to put an end to unnecessary print marketing (think of the trees!), stop the sending of mugshot branded magnets, notepads, Zagat Guides, coffee mugs, and all the other crap clients don’t need, or necessarily want from their real estate agent. Keep in front of your clients with valuable real-time market data they can use.

The Goods will provide your company with a new link every two weeks to newly listed, as well as recently sold property data your clients can browse by location, property type, price, beds, baths and DOM. You can include the link in your marketing pieces, and also receive a raw html snippet/preview of the data to include in your marketing, inviting your clients to click through and track sales in their area.

Paragon Real Estate Group is the first to adopt and use this great new product for their agents’ clients, and positive feedback is already rolling in.

-The Goods is a terrific tool for our agents to deliver to our clients: It’s fast and easy to use and it provides our clients with extremely timely and valuable information about new listings and what’s selling in the market, which is at the top of the list of resources our clients want most from us. -Patrick Carlisle, Chief Marketing Analyst, Director of Business Development, Paragon Real Estate Group

Here is a sample of how Paragon incorporates it into their marketing. You’ll notice they call it “Market Watch”. You can call it whatever you like.
ParagonMarketWatch

In this age of Zillow, Trulia, Redfin, and the countless apps hitting the market which afford your clients the luxury of tracking the market without your help, you can’t afford to let this opportunity slip you by. Brokers of every company in the Bay Area should be jumping on this offering, as simply put…it’s a no-brainer.

For more information about The Goods, visit www.theGoods-SF.com.

Home Ownership as an Investment, Home Prices, Inflation, Leverage & Home Equity

First and foremost, any home purchased needs to work as a home: it fulfills your housing needs at an affordable monthly cost – ideally, a cost, after tax deductions and principal pay-down, less than or similar to that of renting the property. However, though it cannot be compared on an apples-to-apples basis to investments such as stocks, bonds and CDs (that you don’t live in), it’s worth looking at the issue of homeownership as a financial investment as well.

Home-Price Appreciation vs. CPI Inflation since 1988

This chart compares, over 25 years, the amount of inflation per the Consumer Price Index (CPI) to price appreciation for high-price-tier homes in the 5-county San Francisco Metro Area per the Case-Shiller Index. (Most of the City of San Francisco’s housing is in the high-price tier, the upper third of Bay Area unit sales.) In this chart, 1988 equals a price-value of 100; 127 equals a price 27% higher than the price in 1988 for the same goods or house. CPI inflation is relatively slow and steady: the average across the past 25 years is a little less than 3% per year. Home prices, however, jump dramatically up (appreciation) and down (depreciation) depending on the market cycle, but average appreciation from 1988 to mid-2013 was about 5% per year – though this calculation can vary greatly by the exact start and end dates chosen.

An average SF Metro Area home purchased in 1988 appreciated by 244% as of July 2013, while the overall CPI inflation rate was 97%. If the home had been sold at the recent bottom of the market, the difference would have narrowed to 165% appreciation vs. 95% inflation. Purchase and sell timing always matters and if one has to sell at the bottom of the market, it affects the return on any investment. As the chart illustrates, home-price appreciation usually outpaces inflation by a significant margin over the longer term: this is a good thing for homeowners and doesn’t include other benefits such as living in the property and the capital gains exclusion on the sale of a principal residence.

This analysis applies well to homes purchased with all cash and no financing. Leverage alters the picture substantially.

Leverage (Financing), Inflation and Home Equity Growth

If one leverages one’s home purchase by taking out a loan, then the growth in one’s home equity dramatically outpaces inflation over the longer term. For the sake of simplicity, in the example above, we’ll assume that home price appreciation and inflation both run at 3% per year, and that the buyer put down 20% in cash plus closing costs, and financed the remaining 80% with a 30-year fixed rate loan. In this scenario, each year that the inflation/ home appreciation rate is 3%, one’s home equity asset grows by about 15%, plus the principal repayment on the outstanding loan (which is a major component – like a forced savings account – in the growth of equity over time). Indeed, the higher the inflation rate, the greater the equity growth. If home price appreciation outpaces inflation as well – as it has over the past 25 years – that accelerates the increase in home equity further. Moreover, the financing cost is currently subsidized by the mortgage interest tax deduction, if that applies to your financial situation.

This is why, using reasonable leverage, real estate is typically considered a good long-term investment – short-term can be much riskier – as well as an excellent hedge against inflation. Of course, if leverage is abused as it was in the years of subprime lending, underwriting standards decline, predatory lending and home-refinancing frenzy (i.e. “using one’s home as a piggy bank”), other risks arise.

In earlier times, when people didn’t move around as much, one bought one’s home, paid it off over the years and when retirement came, had a home owned free and clear – a huge financial asset to be used as appropriate.

Ongoing Homeownership Costs vs. Rental Costs over Time


In this chart, the increase in the annual cost of homeownership with a fixed-rate loan is compared with the increase in rent at a 3% inflation rate, and the increase in rent of a home subject to San Francisco rent control, where annual rent increases are limited to 60% of CPI. As seen, if one locks in a fixed mortgage interest rate, the increase in ownership cost is limited to the increase in property tax costs (limited under Prop 13) and maintenance expenses, while the entire rental cost may be subject to annual raises. Over the longer term, one’s ownership costs become more and more attractive when compared to rental housing costs subject to inflation. If one owned the home for the full 30-year loan period, the monthly mortgage payment itself would disappear.

We have generated two sample rent vs. buy scenarios for San Francisco here:

2-BR Apartment Rental vs. Condo Purchase and 3-BR House Rental vs. Purchase

And you can perform your own rent vs. buy scenario calculations here, using your own financial circumstances, assumptions and projections: Rent vs. Buy Calculator

Important caveats: Trying to compare buying a home to other financial investments on an apples-to-apples basis is impossible, because there are so many other variables at play: the use and enjoyment of the home, how the cost of homeownership compares to renting, physical condition decline over time (without further investment), risks and returns on other types of investments, home tax deductions, the capital gains exclusion on profit from a principal residence sale ($250k for single owner/ $500k for couple), market timing and other factors. All the analyses above are simply sample scenarios, looking at homeownership from a number of angles using a variety of assumptions. It is unknown whether they will apply to future trends.

As said in the first line of this report, first and foremost, any home purchased needs to work as a home: it fulfills your housing needs at an affordable monthly cost. If that’s where you start, with a fixed rate loan, and you don’t refinance out growing home equity, and you don’t have to sell during a market downturn (which, admittedly, isn’t always possible to avoid), then you should come out all right and more often, very well.

These analyses were performed in good faith, but may contain errors, are not warranted and should not be exclusively relied upon. Tax law and other factors referred to are subject to change. All information provided herein should be carefully reviewed according to your own circumstances, plans and economic projections with a qualified financial adviser and loan agent.

Coming Soon: 16 Jessie (1 Ecker) Unit 409 – Early Century Brick Meets 21st Century Modern In The Heart Of San Francisco

This top floor, one bedroom, one bath, ultra luxury condominium in the heart of San Francisco will be hitting the market (with any luck) on Friday August 9th [It's now officially on the market], but since you’re a fan of theFrontSteps, you get to see it here first.

01-16jessie409-front-800res

This unit is not only on the top floor, but also on the North East corner and features soaring 12 foot ceilings, open kitchen/living area, bamboo flooring, walk-in closet, custom kitchen pantry, Cesarstone kitchen countertops with bar seating, espresso cabinetry, stackable Kenmore High Efficiency Washer & Dryer, Bosch Energy Star appliances (Dishwasher, Gas Range & Hood), Samsung French Door Refrigerator, microwave, and a 64″ Samsung Plasma TV already perfectly mounted to the wall! This unit comes with additional storage, bike parking, and all of the furniture could be included as well. (Parking for one car is currently subleased nearby at 18 Lansing St for $225/mo. Although it is highly likely the sublease would be honored, it cannot be guaranteed.)

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What makes 1 Ecker so attractive and in such demand? 1 Ecker (16 Jessie) is an appealing blend of modern and timeless San Francisco charm, and sustainable down to its very foundation. The original century-old building structure was painstakingly restored and updated with brand-new modern interior fixtures and finishes in every bedroom and bath. The soaring arched windows are 100% recycled, and all of the units were restored with sustainability in mind. Nestled among some of San Francisco’s tallest structures, the grand windows and high ceilings fill this residence with generous amounts of natural light, while the original brick structure is a welcome backdrop for modern, sophisticated living.

1 Ecker’s common area amenities include the comfortable rooftop lounge, with grill and plenty of seating for entertaining a large group or enjoying a quiet dinner for two. Sleek, comfortable modular seating allows for adjustment to meet your group’s needs, as art form meets function. Exotic foliage in vibrant hues frames an antique Balinese water fountain, a tranquil centerpiece. The lounge grill is ready to serve up favorites year-round.. The interior courtyard offers a stylish visual backdrop featuring exotic, vibrant foliage. Common areas are maintained by the building’s Home Owners Association, and monthly HOA dues of $500.68 for this unit help serve to keep them in pristine order. HOA dues also include water, garbage, and professional property management services.

The location of this wonderful city home (go ahead…map it) puts you steps away from tons of shops, restaurants, clubs, art museums (MOMA), theaters (Metreon), Outdoor Parks (Yerba Buena), conference centers (Moscone), World Champion baseball stadium (Go Giants!), and so much more. Multiple Zipcar® locations are within walking distance for pay-as-you-go car convenience, and the future Transbay Transit Center steps away at 1st and Mission Streets will house 11 transportation systems, including AC Transit, BART, Caltrain, Muni &; Amtrak, for easy access to all of the Bay Area and beyond.

This is certainly a one-of-a-kind unit in a one-of-a-kind property that you won’t want to miss.

The bullet points:

Kitchen:
Bosch Dishwasher
Bosch Cooktop
Bosch Hood
Samsung French Door Refrigerator
Lazy Susan in cabinetry
Cesarstone countertops and espresso cabinetry
Full Pantry
Under counter lighting
Washer/Dryer – Kenmore High Efficiency

Living Area:
12 ft Ceiling heights
~64 inch Samsung Plasma TV
Custom Paint throughout

Bedroom:
12 ft Ceiling heights
Walk in Closet
Custom closet organizer

Bathroom:
Custom cabinetry under sink
Custom Glass Shower Door upgrade

HOA: $500.68

Parking: Currently Subleased $225/month. Location at 18 Lansing St.

Price: $799,000

Showing times: Sunday 8/11 from 2-4pm; Tuesday 8/13 from 2-3:30pm; Sunday 8/18 from 2-4pm, and by private appointment anytime in between. Sorry, no showings until first Open House. But at least you can see the pictures here and get yourself ready to make this fabulous home your own!

16jessie409floorplan

Exclusively listed by Alexander Clark of Paragon Real Estate.
For more details:
alexclark@gmail.com
415-254-5351

Five White-Hot Districts In A Red-Hot San Francisco Real Estate Market

July 2013 Special Report

Virtually every area of San Francisco and the Bay Area has been experiencing dramatic home-value appreciation in the past 12 to 18 months. Some that were hard hit by distressed property sales, which experienced the largest price declines, have surged in price but remain 20% – 30% below previous peak values reached in 2006 – 2008. As a state, California is still about 25% below its 2007 pre-crash median home price. And in San Francisco itself, many if not most neighborhoods now appear to have re-attained or moved slightly beyond previous high points.

But in this past quarter, a handful of neighborhoods and districts in the city have leapt well beyond the highest average home values achieved in the past. Interestingly, comparing these white-hot areas with one another, there are often huge differences in property type, era and style of construction, and neighborhood culture or ambiance. But all of them have been very affected by affluent – often newly affluent – high-tech professionals of one age group and level of affluence or another. Naturally, these neighborhoods are highly desired by other buyers too – often professionals in finance, bio-tech, medicine and law – but the high-tech-buyer dynamic has generally super-charged these markets in particular.

However, please note that the difference we’re talking about between these neighborhoods and the rest of the city is between white hot and red hot: Quite honestly, they’re all very hot markets right now.

The Inner Mission 

Super hot, super hip, generally young: this neighborhood has seen very dramatic changes since the early nineties as a classic process of gentrification occurred — changes which have recently accelerated. Houses here are often large, classic Victorians, while the condos are mostly modern, built within the last decade or so. This area has a large, vibrant and diverse commercial district centered around Mission and Valencia Streets, but is still close to Noe Valley and the Castro. This chart focuses on the condo market, in which values are approximately 15% above the previous peak.

Noe Valley – Eureka Valley (Castro) – Dolores Heights 

These neighborhoods are part of a district that includes Cole Valley, Ashbury Heights, Clarendon & Corona Heights, Duboce Triangle, Mission Dolores and Glen Park, all of which have seen enormous recent appreciation. Housing here is typically older, built in the first 4 decades of the last century; there are many parks for kids and pets; the streets are tree-lined and the ambiance of the neighborhoods is relaxed and family friendly. This district surged in popularity and price in the mid-late nineties, was one of the last to peak in value in 2008, and has been at the forefront of the market rebound which started early here, in 2011. Among other advantages, it has relatively easy access to highways south to Silicon Valley. The district also has a large condo market, but this chart focuses on house values.

South Beach & Yerba Buena 

After the Embarcadero freeway came down in 1991 and then AT&T Park built in 2000, this area changed from a place for B-class offices and car stereo installations to the home of some of the most dramatic and expensive condo and loft buildings in the country. More condos are now sold here than anyplace else in the city and high-floor units with staggering views often sell for millions of dollars – one sold for $28 million. It’s popular with a number of demographics – high-tech and bio-tech workers working in offices nearby in SoMa and Mission Bay, financial district professionals, and empty-nesters who want to enjoy city life and have all the amenities, but without the responsibility of maintaining a house. Affluent foreign buyers are also a significant segment. Its neighborhood ambiance is very urban. This chart is for condos below the price of $1,800,000, but the dynamic for ultra-luxury condos is also white hot, with an average dollar per square foot value of over $1200.

Bernal Heights 

Like Noe Valley and Glen Park, Bernal Heights was originally a blue-collar neighborhood filled with Victorian houses. Noe Valley soared in value first, becoming wildly popular, and now people who want a similar family-friendly neighborhood ambiance, but at a more affordable cost, have increasingly turned to Bernal Heights. It also has easy access to highways south to the peninsula.

 

Hayes Valley-North of Panhandle (NoPa)-Alamo Square

This condo market is made up of two totally different types: Edwardian flats that have been turned into condos and brand new, ultra-modern condo developments. The Hayes Valley commercial district is very hot and hip, similar to, but still different from the Mission’s Valencia Street. Buyers who are priced out of the nearby Cole Valley-Haight Ashbury condo market often look here for a similar neighborhood ambiance at lower cost. Hayes Valley is also close to the Civic Center cultural cluster of museum, opera, symphony, ballet and other performing arts, which appeals to another buyer demographic as well.

To put all of these charts into one simple suggestion: It’s a great time to sell your property in San Francisco, and our market desperately needs the inventory!

If you have questions or would like information regarding a neighborhood not listed above, please contact us.

The Agony & Ecstasy Of The San Francisco Real Estate Market In One Text Message

Depending on which side of the equation you’re on (buyer or seller), this text could bring tears to your eyes, or joy to your soul (read: pocketbook, retirement account, children’s college fund, travel fund).

Seller Ecstasy Buyer Agony
We were already roughly $200,000 over asking price.

For more insight and details, you’ll have to contact us, as we promised not to share anything else publicly until it closes.
[Update: The property has closed, so now I can share. 26 Hancock in Eureka Valley/Castro. Asking $1,675,000, selling for $2,025,000 and already closed! There is no doubt it is a nice home, but $2,025,000? Come on...it's Monopoly money we're dealing with now.]

To say it’s a good time to sell your home would be an understatement. Low inventory, insane demand, and TONS of cash floating around this town.

-San Francisco Real Estate Stats & Numbers [theFrontSteps]
-Track Sales In Your Area [sfnewsletter]
-List Your Property [Contact]

Overheated Real Estate Market? Yes. Bubble? We’re Saying No…

Many adjectives are used to describe San Francisco, but normal isn’t a common one – and the same can be said about our real estate market. Even taking into account its tendency to be different in one way or another, this past spring’s market was overheated by virtually any definition. Surging consumer confidence and huge buyer demand chased a deeply inadequate supply of homes for sale, abetted by interest rates so low that loans – factoring in inflation and mortgage interest deduction – were almost like free money. All this led to an extreme seller’s market, a feeding frenzy and dramatic price appreciation.

But not, in our opinion, a bubble. The Economist, one of the first to sound the alarm for the last bubble, sees no sign of a U.S. housing bubble, basing its conclusion upon historical comparisons of home prices with rents and incomes. Also, it is not unusual for the market to go somewhat crazy following a 4-5 year down cycle after all the repressed demand bursts forth – this happened in 1996-1997 too. Besides which, we are only about 18 months into the current recovery. Though real estate is susceptible to sudden economic and political shocks, in past cycles, recoveries have typically lasted at least 6-8 years before peaking. That doesn’t mean there won’t be any short-term market adjustments, up or down, for one reason or another, along the way.

There are some signs of a normalizing market. After a year of declines, the number of new listings in the 2nd quarter was a little higher than the 2nd quarter of 2012. Though this inventory was quickly gobbled up and overall supply remains very low, it’s a good sign more sellers are entering the market. Median prices may be leveling off after spring’s big pop – it’s still too soon to be sure, but summer often sees a cooling down. It’s not welcome news to buyers, but interest rates have increased from extreme lows – though remaining very low by any historical scale. (See below: The Sky is Not Falling.) The distressed home segment, which distorts markets, is disappearing in the city and declining everywhere. And new-home construction continues to increase: even though we won’t see much of this new inventory until 2014 and later, it’s a very positive sign.

San Francisco Median Home Prices

For both houses and condos, the second quarter saw jumps well above previous peak values. Median sales prices are affected by other factors besides changes in value – seasonality, inventory, buyer profile, big changes in the distressed and luxury home segments – but the dramatic increases do reflect rapidly climbing home values in the city. Though all SF neighborhoods have been experiencing striking appreciation, this does not mean that all of them have now exceeded previous peak values.

Sales Over & Under List Price

This chart illustrates the enormous percentage of listings that sold for over – and sometimes far over – asking price. One in four houses sold for 20% or more above asking, which in San Francisco often equals hundreds of thousands of dollars.

San Francisco Luxury Home Sales

No market segment has been affected more dramatically by the recovery than luxury homes. In an inventory constrained environment, it has far out-performed the general market in unit sales – general unit sales were actually down, second quarter, year over year. Our new report also delineates the neighborhoods which dominate high-end house and condo sales: SF Luxury Home Report

Interest Rates: The Sky is Not Falling

Not to diminish legitimate concerns regarding rising mortgage rates and their effects on housing costs, but this graph puts recent increases in context. At any time 2011 and before, the current interest rates, even after their recent big percentage jump, would be reason for conga lines of celebration in the streets. Rates had to rise from their historic and artificial lows – how far and fast this may continue is unknown to us, but we don’t presently expect big shocks to the real estate market in the immediate future.

Very Few Price Reductions

89% of second quarter sales sold quickly without price reductions, at an average of 8% over list price – a clear indication of overheating. Still, not every listing sold without a price reduction and some didn’t sell at all, but ended up withdrawn from the market – in the last quarter, over 300 listings. (Many of these will eventually be re-listed, often at lower prices, and then sold.)

What Sells Where

What district of San Francisco has more house sales than any other? Which area has far more condo sales? You may be surprised at the answers.

Distressed Home Sales

The distressed home market in San Francisco is dwindling into insignificance. In most neighborhoods, the effect of these sales has disappeared altogether.

New Listings Coming on Market

The second quarter saw an increase in new listings not only against the first quarter of the year, which is normal, but against the second quarter of 2012. This is a hopeful sign if it continues.

Months Supply of Inventory (MSI)

Even with the increase in new listings in the second quarter, inventory remains drastically low by this measurement of demand versus supply.

Listings for Sale

Average Days on Market (DOM)

Time on market before acceptance of offer has also hit historic lows for virtually every property type in the city.

Percentage of Listings Accepting Offers

This is another clear statistic measuring demand against supply, and it is at historic highs.

All data from sources deemed reliable, but may contain errors and is subject to revision. Statistics are generalities and how they apply to any specific property is unknown. All numbers should be considered approximate.

 

Just Quotes: San Francisco Real Estate Market Heat Wave Shows No Signs Of Ending, But The Fog Is Back

“San Francisco’s median house price is poised to surpass $1 million this year after setting a record in May, the California Association of Realtors estimates. The county is the only one in the state with values to set a new high, said Leslie Appleton-Young, chief economist for the group.”

“‘There’s an improved economy, consumer confidence and extreme lack of inventory, and people want to buy [in San Francisco],’ Alan Mark, president of Mark Co.”

“The San Francisco area had the biggest gain in home prices among 20 U.S. cities in the S&P/Case-Shiller index. Single-family house prices in April jumped 24 percent from a year earlier, compared with gains of 12 percent of the broader gauge, which was still the biggest advance in more than seven years.”

“’We ended up taking something that wasn’t our first choice,’ said [one buyer]. ‘We really wanted to be on higher floor, but if we waited we’d get priced out.’”

Moral of the story? It’s a great time to list your property for sale in San Francisco, and if you’re buying in San Francisco, you will have to concede on at least one of your “must haves”, or you’ll never get in.

-San Francisco’s Million Dollar Homes Spur Condo Surge [Bloomberg.com]

Doesn’t Matter What ‘Hood You’re In, Things Are Looking Up

So you think you’re neighborhood is unique, and more badass than the other…Think again. Home price appreciation is across the board, across all neighborhoods. Some of you might think Noe Valley is better than Cole Valley, and some of you might think life is better in the Marina over Pacific Heights. The fact is, if we’re talking numbers, they’re all pretty damn good and getting better every day.

These four San Francisco Realtor districts generate a lot of house sales, so they’re good for statistical analysis. For 2013, this chart looks at the last 5 months of sales—if assessing just the last 3 months, 2013 numbers would typically be higher. The central Noe-Eureka-Cole Valleys district, a hot bed of high-tech buyer demand, has soared well beyond its previous peak value in 2008. The very affluent northern district of Pacific Heights-Marina has also exceeded its previous peak. Sunset-Parkside in the southwest has regained its 2007 peak, and the southeast Bayview-Portola-Excelsior district, which was hit hardest by distressed sales, while recovering rapidly, has not yet made up the value lost since its 2006 peak. This district, with more house sales than any other, lost more percentage value in the downturn (25-45% depending on neighborhood) and so has more ground to make up. But it’s well on its way.
[Click Images to Enlarge.]
Median-SFD_Multi_Areas

But what about condos? Fear not, we’ve gotcha covered.

2006-Present: SF 2-Bedroom Condo Values by Neighborhood

These six areas of the city generate high numbers of condo sales, which is why we chose them for this analysis. Condos in all these areas have increased in value beyond their previous peaks in 2006-2008; some of them, such as South Beach, very dramatically so.
2BR_Condos_Medians_Multiple_Areas-V2

Remember that little 180+ unit building we mentioned…it’s in South Beach, and it’s in demand. So if you’re in that area, have a property you’re considering unloading, now might be a good time to pull that trigger.

We still have a ton more graphs and data to share with you in the next few days, so make sure to check back, get theFrontSteps delivered to your inbox, and/or bookmark Our Stats & Numbers page.

Data Source: Paragon Real Estate

San Francisco’s Real Estate Market Surge Is A Doozy

For further evidence of San Francisco’s housing recovery and new peak (for Condos and Single Family Homes), have a look at these numbers as they pertain to short-term appreciation trends.

This chart breaks down the rise in values occurring over the past 2 ½ years. Though it appears 2013 prices surged after the first quarter, the surge actually started in March, which is when the market really started to reflect offers negotiated in 2013. January and February sales mostly reflect the holiday season market, when the higher-end home market typically checks out. We prefer quarterly or longer time periods because they make for more reliable statistics: monthly statistics often fluctuate without great meaning. The high overall median prices achieved in March-May may drop somewhat during the summer due to seasonal and other factors.
[Click Images to Enlarge.]
Median_SFD-Condo_by-Qtr_Short-term

Still more graphs and data to come, so make sure to check back, get theFrontSteps delivered to your inbox, and/or bookmark Our Stats & Numbers page.

Data Source: Paragon Real Estate

What Costs How Much Where In San Francisco

A Survey of Recent San Francisco Home Sales

March-May 2013

Below are samples of recent city home sales sorted by price point. The list is not comprehensive and the sales are not necessarily representative of typical neighborhood values. In real estate, the devil is always in the details, and the short descriptions below cannot convey the many objective and subjective criteria that make up value. Still, they give an idea of what one can (or, at least could in recent months) purchase in San Francisco. 



As seen below, a large percentage of properties has been selling well over asking price: for example, in April, 90% of closed SF home listings sold, without going through any price reductions, at an average sales price 7.5% above list price. A red-hot market.

Abbreviations: BR=bedroom, BA=bath, DOM=days on market, LP=list price, sq.ft.=square foot/feet, HOA=homeowner’s association, pkg=parking space(s). Room counts do not include bathrooms, garages, storage rooms or rooms built without permit (bonus rooms): a 2 BR/2 BA home with a formal dining room, a living room and a kitchen would be considered 5 rooms. With a combined living-dining room: 4 rooms. A family room or office would count as an additional room.

Besides the sales below, maps and neighborhood values reports can be found here.
To get recent sales & new listings delivered to your inbox weekly, subscribe to sfnewsletter (no spam, no junk, just the Goods.)

 Over $12,000,000

$12,750,000. Pacific Heights on Jackson: the 4-level, 18-room, 7 bedroom/7.5 bath Hellman Mansion, originally designed and built by Julius Krafft in 1902; 11,500 square feet, 7 fireplaces, bay views, 2 car parking. 100 days on market (DOM), sold at 86% of original list price (LP) for $1109/square foot.

$12,375,000. Russian Hill on Francisco: 12-room, 7 BR/5.5 BA, 6050 sq.ft. mansion built in 1888; sweeping bay and city views, 4 view terraces, 2 car pkg. 70 days on market (DOM), sold at 92% of list price (LP) for $2045/sq.ft.

 

$5,000,000 – $10,000,000

$9,500,000. Presidio Heights on Presidio Terrace cul de sac: 14-room, 5 BR/6.5 BA, 1911 Beaux Arts mansion formerly the home of Mayor Alioto; 8040 sq.ft., library, home theatre. 29 days on market (DOM), 106% of list price, $1182/sq.ft.

$7,000,000. Presidio Heights on Pacific: 1951, detached, 11-room, 5 BR/4 BA, contemporary home featured on 2012 AIA Tour; 4264 sq.ft.; park, bay and GG Bridge views; roof deck; wine cellar for 800 bottles; 2 pkg. 13 DOM, 108% of LP, $1642/sq.ft.

$6,500,000. Russian Hill on Green: 3-level, 5 BR/6.5 BA, penthouse condo built in 1986; 5600 sq.ft., panoramic bay views, private elevator, 3 pkg, $1500/month HOA dues. 44 DOM, 108% of list price (LP), $1161/sq.ft.

$5,500,000. Clarendon Heights on St. Germain: 3-story, 5 BR/7 BA, modern home; views from GG Bridge to Mt. Diablo, 5701 sq.ft., elevator, deck, 2 pkg. 45 DOM, 102% of LP, $965/sq.ft.

$5,500,000. Buena Vista Park: 5-story, 21-room, 6 BR/5 BA, Arts & Crafts mansion with no parking; 6000 sq.ft., au pair quarters, deck; views of bay, city and GG bridge. 56 DOM, 100% of LP, $917/sq.ft.

 

About $3,000,000

$3,000,000. Noe Valley on 26th Street: 9-room, 4 BR/3.5 BA, custom house; 3058 sq.ft., city and bay views, 2 pkg. 6 DOM, 108% of LP, $981/sq.ft.

$3,000,000. Pacific Heights on Pacific: 2-level, 3 BR/3.5 BA, Edwardian condo; bay view, exclusive deck, music room, library, 1 pkg, $387/month HOA dues. 18 DOM, 100% of LP.

$2,995,000. Marina on Avila: 12-room, 4 BR/4 BA house built in 1925; 3025 sq.ft. + 600 sq.ft. deck, seismic upgrades, 2 pkg. 14 DOM, 109% of LP, $975/sq.ft.

$2,875,000. St. Francis Wood on Santa Clara: 1917, 4 BR/4.5 BA, detached, Spanish-Med house on double parcel; 3948 sq.ft., ocean views, 2 pkg, $4300/year HOA dues. 15 DOM, 120% of LP, $728/sq.ft.

 

About $2,500,000

$2,550,000. South Beach on 1st: 2008, 5-room, 2 BR/2 BA, high-rise condo at One Rincon; “sky-level” bridge to bridge views, 1568 sq.ft., patio, 1 pkg, $854/month HOA dues. 20 DOM, 96% of LP, $1626/sq.ft.

$2,550,000. Alamo Square on Hayes: 1891, 4-level, 11-room, 5 BR/4.5 BA Victorian with in-law apartment; 3804 sq.ft., downtown views, no parking. 0 DOM, 98% of LP, $670/sq.ft.

$2,500,000. Noe Valley on Elizabeth: 1906, 7-room, 3BR/3 BA, “contemporary” house with studio-cottage; 2178 sq.ft., deck, hot tub, 2 pkg. 0 DOM, 125% of LP, $1148/sq.ft. $2,495,000. Sea Cliff on Lake: 1921, detached, 11-room, 5 BR/3 BA, traditional home; 2860 sq.ft., 2 pkg. 22 DOM, 100% of LP, $872/sq.ft.

$2,495,000. Sea Cliff on Lake: 1921, detached, 11-room, 5 BR/3 BA, traditional home; 2860 sq.ft., 2 pkg. 22 DOM, 100% of LP, $872/sq.ft.

$2,450,000. St. Francis Wood on San Buenaventura Way: 1941, 11-room, detached, 5 BR/3 BA, traditional home; 2 pkg, $2376/year HOA dues. 26 DOM, 111% of LP.

 

About $2,000,000

$2,060,000. Cole Valley on Stanyan: 1910, 9-room, 4 BR/2 BA house — legally a 2-unit bldg; 2183 sq.ft. + bonus rooms and bath, deck, 2 pkg. 21 DOM, 122% of LP, $944/sq.ft.

$2,050,000. Dolores Park on Church: 2-level, 8-room, Art Deco, 3 BR/3 BA, penthouse TIC in 6 unit bldg; 2749 sq.ft., 3 pkg, downtown and bay views, private patio and garden, $575/month HOA dues. 34 DOM, 103% of LP, $746/sq.ft.

$2,025,000. Inner Richmond on 10th: 8-room, 4 BR/2.5 BA, 1911, detached Edwardian; 2770 sq.ft., 2 pkg. 53 DOM, 107% of LP, $731/sq.ft.

$2,007,000. Glen Park on Laidley: 3-level, 4 BR/3 BA, modern house built in 1997; 2600 sq.ft., 2 pkg. 6 DOM, 115% of LP, $772/sq.ft.

$2,000,000. Lake Street on Lake: 9-room, 4 BR/2.5 BA, 1914 Edwardian; 2784 sq.ft., 2 pkg, large deck. 19 DOM, 114% of LP, $718/sq.ft.

$1,995,000. Telegraph Hill on Francisco: 3-level, 3 BR/2.5 BA, Mediterranean-style, townhouse condo built in 1988; 2374 sq.ft., 3 terraces, bay and city views, $1971/month HOA dues, 2 pkg. 100% of LP, $840/sq.ft.

$1,950,000. Bernal Heights on Nevada: 7-room, 4 BR/3.5 BA, contemporary home; 2879 sq.ft., bay views, full floor master suite, solar heat, 2 pkg. 31 DOM, 93% of LP, $677/sq.ft.

 

About $1,750,000

$1,775,000. Financial District on Pacific: 1984, 2-level, 3 BR/3 BA condo at Golden Gateway Commons; 1850 sq.ft., 4 decks, downtown and Bay Bridge views, 1 pkg, $747/month HOA dues. 2 DOM, 100% of LP, $959/sq.ft.

$1,750,000. Lower Pacific Heights on Pine: 8-room, 2-level, 4 BR/3.5 BA, Victorian condo in 2 unit bldg; 2375 sq.ft., 1 pkg, $300/month HOA dues. 26 DOM, 100% of LP, $737/sq.ft.

$1,750,000. Pacific Heights on Green: 1988, 5-room, 2-level, 2 BR/2 BA, townhouse condo; 1560 sq.ft., large view deck, GG bridge and bay views, 1 pkg, $577/month HOA dues. 27 DOM, 97.5% of LP, $1122/sq.ft.

$1,740,000. Mt. Davidson Manor on Monterey: 1930, 7-room, detached, 4 BR/3 BA, Spanish-Med house; 2668 sq.ft., ocean views, 1 pkg. 20 DOM, 116% of LP, $652/sq.ft.

$1,700,000. Eureka Valley on Caselli: 1918, 3 BR/2 BA Edwardian; 1720 sq.ft., deck, south garden, 1 car pkg pad, plans for 1st floor expansion. 7 DOM, 122% of LP, $988/sq.ft.

 

About $1,500,000

$1,550,000. Cole Valley on Belvedere: 1907, upper unit, 2-level, 4BR/3 BA condo in 3-unit bldg; 2535 sq.ft., city and park views, 1 pkg, $300/month HOA dues. 30 DOM, 107% of LP, $611/sq.ft.

$1,515,000. South Beach on Brannan: 5-room, 2 BR/2 BA condo at The Brannan; 1602 sq.ft., city lights views, 1 pkg, 24-hour security, $977/month HOA dues. 14 DOM, 101% of LP, $946/sq.ft.

$1,505,000. Marina on Francisco: 3 BR/1.5 BA, full-floor condo built in 1923; 2 unit bldg, 1400 sq.ft., 1 pkg, $200/month HOA dues. 14 DOM, 116% of LP, $1075/sq.ft.

$1,500,000. Eureka Valley on Collingwood: 7-room, 2 BR/2 BA, contemporary house with no parking; 1850 sq.ft., downtown and bay views, deck, spa. 109% of LP, $810/sq.ft.

$1,500,000. Sherwood Forest on Casitas: 1952, 5 BR/4 BA, detached modern home; 4769 sq.ft. + basement, city and ocean views. 255 days on market, 75% of LP, $315/sq.ft.

$1,475,000. Inner Sunset on 5th: 1908, 4 BR/1.5 BA, Arts & Crafts Edwardian; 1864 sq.ft. + huge attic, deck, 1 pkg. 106% of LP, $791/sq.ft.

 

About $1,250,000

$1,275,000. Mission Dolores on Dorland: 6-room, top floor, 3 BR/1.25 BA, Edwardian condo with leased off-site parking; 1490 sq.ft., Liberty Hill views, shared yard, $660/month for HOA and pkg. 7 DOM, 116% of LP, $856/sq.ft.

$1,268,500. Inner Mission on Lexington: 2002, 6-room, top floor, 2-level, 3 BR/2.5 BA condo. 1589 sq.ft., Twin Peaks views, deck, 1 pkg, $319/month HOA dues. 15 DOM, 123% of LP, $798/sq.ft.

$1,265,000. Potrero Hill on Carolina. 1957, 7-room, 4 BR/2 BA, midcentury home; 1608 sq.ft., 1 pkg. 21 DOM, 101% of LP, $787/sq.ft.

$1,265,000. Haight Ashbury on Page: 1908, 6-room, top floor, 3 BR/1.75 BA condo in 2 unit bldg; private south deck, 1783 sq.ft., $150/month HOA. 18 DOM, 120% of LP, $709/sq.ft.

$1,260,000. Lone Mountain on Stanyan: 1937, 3 BR/1 BA, traditional house near Rossi Park; 1923 sq.ft., 2 pkg. 14 DOM, 110% of LP, $655/sq.ft.

$1,260,000. South Beach on 1st: 4-room, 2 BR/2 BA condo at The Metropolitan high-rise; panoramic views in 3 directions, 1166 sq.ft., large patio, 24-hour doorman, 1 pkg. 36 DOM, 101% of LP, $1081/sq.ft.

$1,251,000. Golden Gate Heights on 15th: 1946, 4 BR/3 BA, traditional house; 1781 sq.ft., bonus family room, ocean views, 2-tier patio, 2 pkg. 14 DOM, 126% of LP, $702/sq.ft.

$1,250,000. Central Richmond on 29th: 1936, 8-room, 4 BR/4 BA, center-patio, Spanish-Med home; 1705 sq.ft., 2 pkg. 21 DOM, 114% of LP, $733/sq.ft.

$1,235,000. SoMa on Stevenson: 2008-built, multi-level, 3 BR/3 BA, townhouse condo; 1679 sq.ft., 2 decks, 1 pkg, $402/month HOA dues. 25 DOM, 118% of LP, $736/sq.ft.

 

About $1,000,000

$950,000. Hayes Valley on Fillmore: 1981, 2 BR/2 BA condo flat in 3 unit bldg; 1500 sq.ft., 1 pkg, deck, $270/month HOA dues. 8 DOM, 119% of LP, $633/sq.ft.

$985,000. Duboce Triangle on 14th: 1907, 3 BR/2 BA, Victorian TIC flat in 3 unit bldg; 1529 sq.ft., 1 pkg, city lights view. 22 DOM, 109.5% of LP, $644/sq.ft.

$995,000. Lake Street on 2nd: 1946, 5-room, top floor, 2 BR/1 BA condo in 2 unit bldg; 1209 sq.ft., 1 pkg, $200/month HOA dues. 11 DOM, 117% of LP, $823/sq.ft.

$999,000. Yerba Buena on Folsom: 2009, 5-room, 2 BR/2 BA condo at Blu; 1230 sq.ft., den, 1 pkg, $715/month HOA dues. 23 DOM, 105% of LP, $812/sq.ft.

$1,000,000. Outer Richmond on Fulton: 1931, 7-room, 3 BR/2 BA, Marina-style house; 1950 sq.ft., 1 pkg. 30 DOM, 118% of LP, $513/sq.ft.

$1,000,000. Central Sunset on 32nd: 1939, 6-room, 3 BR/1.5 BA, center-patio house; 1815 sq.ft., 2 pkg. 21 DOM, 105% of LP, $551/sq.ft.

$1,000,000. Bernal Heights on Bonview cul de sac: 1958, 3-level, 2 BR/2 BA, contemporary house; 1700 sq.ft., deck, western views, 1 pkg. Sold off-market, $588/sq.ft.

$1,001,000. Nob Hill on Washington: 2006, 4-room, 2 BR/2 BA, contemporary flat; 978 sq.ft., 1 pkg, $485/month HOA dues. 8 DOM, 111% of LP, $1023/sq.ft.

$1,005,000. North of Panhandle (NoPa) on Hayes: 1989, 4-room, 2-level, 2 BR/2 BA, townhouse condo; 1620 sq.ft., 2 pkg, private deck, $605/month HOA dues. 41 DOM, 106% of LP, $620/sq.ft.

$1,015,000. Glen Park on Van Buren: 1913, detached, 2 BR/2 BA Edwardian with no parking; 1249 sq.ft., city and bay views, “gardener’s paradise”. 52 DOM, 107% of LP, $813/sq.ft.

 

About $800,000

$795,000. Crocker Amazon on Lowell: 1923, 6-room, 2 BR/1 BA house; 1820 sq.ft., sunroom, bonus rooms, probate sale, 2 pkg. 18 offers, 119% of LP, $437/sq.ft.

$799,000. Lower Pacific Heights on Baker: top floor, 2 BR/1 BA, Victorian condo in 2 unit bldg; 902 sq.ft. + undeveloped attic, 1 pkg, $200/month HOA dues. 40 DOM, 100% of LP, $886/sq.ft.

$800,000. Outer Sunset on 44th: 1931, 2 BR/1 BA, Spanish-Med house; 1200 sq.ft., 1 pkg, 2 bonus rooms and bath. 20 DOM, 125% of LP, $667/sq.ft. (not including bonus rooms).

$800,000. Miraloma Park on Portola: 1926, 6-room, 3 BR/1 BA, detached Tudor home; 1435 sq.ft., bonus attic room, 3 pkg. 6 DOM, 123% of LP, $557/sq.ft.

$800,000. Inner Mission on 21st: 1999, 1 BR/1.5 BA live-work loft condo; 1137 sq.ft., 1 pkg, $260/month HOA dues. 17 DOM, 114% of LP, $704/sq.ft.

$805,000. Outer Parkside on 46th: 1943, 7-room, 3 BR/2 BA house; 1432 sq.ft., 2 pkg. 7 DOM, 121% of LP, $562/sq.ft.

$806,000. Mission Terrace on Santa Rosa: 1925, 6-room, 2 BR/1 BA house; 1600 sq.ft., trust sale, bonus room, 2 pkg. 124% of LP, $504/sq.ft.

$810,000. Noe Valley on Fair Oaks: 1900, 5-room, lower level, 2 BR/1 BA flat in 2 unit condo bldg with leased parking offsite; 1184 sq.ft., $250/month HOA dues. 104% of LP, $684/sq.ft.

$810,000. Midtown Terrace on Dellbrook: 1956, 2 BR/1 BA, mid-century home; 937 sq.ft., 2 pkg. 20 DOM, 108% of LP, $864/sq.ft.

 

About $650,000

$635,000. Excelsior on Maynard: 1907, 3 BR/1 BA, Victorian cottage with no parking; 1100 sq.ft. + bonus room, seismic retrofit. 33 DOM, 116% of LP, $577/sq.ft.

$638,000. Silver Terrace on Silver: 1941, 5-room, 2 BR/1.5 BA house; 1075 sq.ft. + large bonus family room, 2 pkg. 31 DOM, 107% of LP, $593/sq.ft.

$649,000. Dogpatch on 23rd: 1 BR/1 BA live-work loft built in 2000; 1084 sq.ft., private patio, $502/month HOA dues, 1 pkg. 28 DOM, 100% of LP, $599/sq.ft.

$649,000. Pacific Heights on Washington: 2001, 1 BR/1 BA condo in high-rise Pacific Place; 745 sq.ft., Nob Hill views, 1 pkg, 24-hour security, tenant-occupied, $609/month HOA dues. 22 DOM, 100% of LP, $871/sq.ft.

$650,000. Central Richmond on 15th: lower level, Marina-style, 6-room, 2 BR/1 BA TIC flat in 2 unit bldg; 1350 sq.ft., 1 pkg, tenant occupied. 26 DOM, 108.5% of LP, $481/sq.ft.

$652,000. North of Panhandle (NoPa) on Broderick: 2007, 4-room, top floor, 1 BR/1 BA condo in mid-rise bldg; 671 sq.ft., 1 pkg, city lights view, $404/month HOA dues. 18 DOM, 109% of LP, $972/sq.ft.

$653,000. Parkside on Vicente: 1939, 4-room, 2 BR/1 BA, contemporary home; 837 sq.ft., 1 pkg. 29 DOM, 109% of LP, $780/sq.ft.

$655,000. Potrero Hill on Kansas: 2007, 4-room, 1 BR/1 BA condo at The Potrero; 804 sq.ft., downtown views, 1 pkg, $470/month HOA dues. 28 DOM, 109% of LP, $815/sq.ft.

$665,000. South Beach on King: 2007, 3-room, 1 BR/1 BA condo in high-rise; 681 sq.ft., city views, 1 pkg, $561/month HOA dues. 28 DOM, 102% of LP, $977/sq.ft.

$657,000. Sunnyside on Judson: 5-room, 2 BR/2 BA, split-level contemporary; 1226 sq.ft., 1 pkg. 31 DOM, 116% of LP, $536/sq.ft.

 

About $500,000

$485,000. Western Addition on Eddy: 1992, 2 BR/2 BA condo in low-rise bldg.; 812 sq.ft., 1 pkg, $411/month HOA dues. 124% of LP, $610/sq.ft.

$500,000. Oceanview on Minerva: 1941, 5-room, 2 BR/1 BA, contemporary house; 1030 sq.ft., sunroom, 1 pkg. 22 DOM, 116% of LP, $485/sq.ft.

$500,000. Portola on Woolsey: 1948, 5-room, 2 BR/1 BA, tunnel-entrance “fixer” house; 1250 sq.ft., 2 pkg. 17 DOM, 91% of LP, $400/sq.ft.

$500,000. Twin Peaks on Gardenside: 1975, top floor, 3-room, 1 BR/1 BA condo; 180 degree downtown and bay views, 693 sq.ft., 1 pkg, $342/month HOA dues. 117% of LP, $722/sq.ft.

$500,000. Civic Center on Van Ness: top floor, 1 BR/1 BA condo at Opera Plaza; 682 sq.ft., 1 pkg, 24-hour security, deck, $862/month for HOA dues and parking. 13 DOM, 114% of LP, $733/sq.ft.

$510,000. Bayview on Shafter: 1951, 8-room, 2 BR/1 BA home with legal 2 BR unit; 1695 sq.ft., 1 pkg. 24 DOM, 106% of LP, $301/sq.ft.

 

$300,000 – $400,000

$340,000. Visitacion Valley on Wilde: 1922, 1 BR/1 BA house; 700 sq.ft., 3 pkg. 20 DOM, 110% of LP, $486/sq.ft.

$368,000. Bayview on Rebecca Lane: 1992, 2 BR/2 BA house; bay views, deck, 1237 sq.ft., 1 pkg. 29 DOM, 108% of LP, $297/sq.ft.

$378,900. Downtown on Frank Norris Place: 1 BR/1 BA condo without parking; 522 sq.ft., south and east views, must be 55+ years old, $367/month HOA dues. 25 DOM, 100% of LP, $726/sq.ft.

$380,000. Downtown on O’Farrell: top floor, studio condo at The Hamilton; 480 sq.ft., huge south and east views, tenant occupied, $574/month HOA dues + $250/month for parking. 34 DOM, 100% of LP, $792/sq.ft.

$385,000. Diamond Heights on Red Rock Way: 1972, studio condo with 1 car pkg; 592 sq.ft., $407/month HOA dues. 129% of LP, $650/sq.ft.

 

Dollar per Square Foot ($/sq.ft.) is based upon the home’s interior living space and should not include garages, unfinished attics and basements, rooms built without permit, outdoor space, patios and decks-though all these can still add value. These figures are usually derived from appraisals or tax records, but are sometimes measured in different ways, unreliable or unreported altogether. All things being equal, a house will sell for a higher dollar per square foot than a condo (due to land value), a condo higher than a TIC (quality of title), and a TIC higher than a multi-unit building (quality of use). All things being equal, a smaller home will sell for a lower sales price, but a higher dollar per square foot than a larger one. However, with our enormous variety in property types, all things are rarely equal in San Francisco real estate. There are often huge variations of value within a single neighborhood: the specific location, property condition, architectural style and curb appeal, amenities, parking, views, lot size & outdoor space all affect dollar per square foot values. Typically, the highest figures in San Francisco are achieved by penthouse condos with utterly spectacular views in prestige, doorman buildings, and by mansions in the absolute best locations of the most prestigious neighborhoods-more often than not, they too will have great views.

 

How these sales apply to the value of any particular property is unknown without a specific comparative market analysis.

 

Buying A Home In San Francisco: 5 Step (Awesome) Infographic

Remember that post I did about the “5 Steps to Buying a Home In San Francisco“? Well, check out this awesome infographic, using that awesome information, I shared with you awesome people:

5 Steps to Buying A Home In San Francisco
[Click Image to Enlarge]

Thank you Paragon Real Estate for putting this together.

-Step 1 to buying a home in San Francisco [theFrontSteps.com]
-Step 2 to buying a home in San Francisco [theFrontSteps.com]
-Step 3 to buying a home in San Francisco [theFrontSteps.com]
-Step 4 to buying a home in San Francisco [theFrontSteps.com]
-Step 5 to buying a home in San Francisco [theFrontSteps.com]

San Francisco’s Real Estate Market Recap For April

April’s market was basically more of the same of what we’ve been seeing for the last 12-16 months in San Francisco. Virtually all of our statistics are at historic or near-historic readings: number of homes for sale way down, months supply of inventory way down, percentage of listings accepting offers way up, days on market way down — all leading to overall house and condo median and average prices climbing to perhaps the highest points they’ve ever reached. We will add the usual caveat that no one or two months of data should be considered definitive until confirmed over the longer term: though there is no doubt that San Francisco is experiencing a red hot market, prices can fluctuate for various reasons, including seasonality.

We will have to wait and see if the current heights reached in home prices are the new baseline, a springtime blip, or a way station to even higher real estate values.

May-13_Snapshot_InfoG

[Click Image to Enlarge]

-More Stats & Numbers [theFrontSteps]