In this week’s list of top 10 underbids, we have 5 multi-unit properties, 3 single family homes, and only 2 condos (SOMA and Noe Valley). Coming in at #1 is this NOPA multi-unit building, which just closed 15.69% under it’s most recent asking price of $975,000, at $822,000. Hang on…it gets better.
Located on one of the best streets in the Fairmount Heights area of Glen Park, and on the Southern edge of Noe Valley, 1793 Sanchez is on the market and you, my dear readers, get the first look inside.
1793 Sanchez Gallery
[Click image for high resolution]
1793 Sanchez Features
Originally built in 1887 (says the plaque on the front of the house), this Victorian is not what you’d expect when looking from the street. A modest staircase leads to a grand home with amazing period details, booming city views, indoor/outdoor living, and a tremendous amount of entertaining space.
Enter the home and be taken away by the old-world charm of the formal living room, which leads to a formal dining room, both rooms which have retained their original character and charm. A small bedroom or office is located on this level just off the dining area, which enters into a designer chef’s kitchen complete with marble countertops, Viking gas range, bar seating and an open living/entertaining room, which opens to a large deck overlooking Noe Valley and the San Francisco downtown skyline. A built-in gas barbecue is standing by the ready as well as either a sun shade for those amazing sunny days, or heat lamp for the cool SF nights.
Upstairs you’ll find a master suite with amazing downtown views, recycled wood floors, a master bath, fireplace, walk in closet, as well as an additional room perfect for a small child, office, or your collection of Manolos. From the master suite you can open the doors wide to a private balcony and take in the morning sun or keep the blackout shades drawn to sleep the day away in total darkness.
On the lowest level of the home you’ll be delighted to find a large bedroom, laundry room, washer & dryer, bathroom, and exceptionally large closet perfect for wine cellar or craft beer collection.
The legal 1 bedroom, 1 bath garden apartment is accessible via the breezeway and has wonderful wood floors, fireplace, W&D, designer lighting, a cute private patio/deck area, and wonderful views out to the impeccably maintained garden oasis with fresh lawn, budding flowers, automatic watering system (drought friendly), and a trickling fountain to soothe the soul. What you do with this garden apartment is up to you, but it’s ideal for additional income, friends and family, or should you be so lucky to have an Aupair, he/she would certainly not complain about living here.
Saturday 9/12 1-4pm Open House
Sunday 9/13 1-4pm Open House
Tuesday 9/15 12-1:30 Broker Tour (Public Welcome)
Thursday 9/17 5:30-7:30pm Twilight Open House
Saturday 9/19 1-4pm Open House
Sunday 9/20 1-4pm Open House
Offer Date: Monday 9/21 @ 12 noon.
In case you’re in a fog at how wonderful this property is…
1793 Sanchez Details
List Price $1,795,000 | Single Family Home w/ Legal Garden Apartment
SF Skyline Views
Formal dining room
Formal living room
Outdoor heat lamp
Master Suite on top level w/ Amazing views
Direct yard access
1793 A Sanchez Garden Apartment:
1 bath (shower)
Open Living Area
Direct yard access
The preparation of this home was featured prominently in the Business Section of the San Francisco Chronicle.
–When is the best time of year to buy or sell a home [San Francisco Chronicle]
–Listings Showcased [theFrontSteps]
–For Sellers [theFrontSteps]
Recently featured in the San Francisco Chronicle, Paragon’s Chief Market tracking guru, and yours truly had a few things to say on the matter.
The annual cycle starts in January and February, when buyers return to the market after the near-dead holiday season but find little to choose from and start bidding up prices. By the time new listings catch up a couple months later, “there is so much demand, the competition is ferocious,” said Patrick Carlisle, chief market analyst with Paragon Real Estate Group.
Inventory, sales and prices tend to peak in March, April and May. It’s also when homes tend to sell at the greatest percentage of list price…Carlisle said.
In June, things start winding down, and by August, the market is in the doldrums.
Paragon agent Alex Clark is waiting until Sept. 8 to list a Victorian on Sanchez Street (Photos and details coming soon) in San Francisco’s Glen Park neighborhood. He could have listed it earlier, but instead spent August having the three-bedroom, three-bath home, which also has a legal rental unit, painted and staged.
“Somewhere in the past, agents decided, ‘Let’s wait to list until after Labor Day.’ I don’t know why, there is still some pretty good demand out there right now,” said Clark
Essentially in San Francisco, you can’t go wrong when selling, but you can go less right by listing during the Doldrums of late November and December or July and August. (Yes…less right. I said less right.)
As for buying, bargain shopping (if there is such a thing when $1000 per square foot is becoming the norm) is best done during those same Doldrums. Expect less choice of property, but more eager sellers willing to strike a deal.
To keep up to date on the market, new listings, recent sales, and other San Francisco real estate dirt, subscribe to theFrontSteps via email using the form field below, or following this link.
-Full article here: “When is the best time of year to buy or sell a home?” [San Francisco Chronicle]
It’s Friday, that can only mean one thing on theFrontSteps…Overbids. This week’s top dog is 620 Victoria in Ingleside Terrace, a 3 bed, 1.5 bath, 1512 square feet single family home listed for $899,000 and sold for $1,300,000, which, according to marketing remarks, is “Habitable, but could do with updating”. That’s $859 per square foot in Ingleside Terrace. Just sayin’:
|676 Capp Street||3/1.50/N/A||12||$1,300,000||$2,300,000||76.92%|
|27 Cutler Avenue||3/1.00/N/A||20||$569,000||$880,000||54.66%|
|1400 35th Avenue 1402||2-4 Units||14||$799,000||$1,220,000||52.69%|
|2080 14th Avenue||3/1.00/N/A||13||$899,000||$1,302,080||44.84%|
|620 Victoria Street||3/1.50/N/A||11||$899,000||$1,300,000||44.61%|
|560 Missouri Street||2/2.50/1||14||$995,000||$1,402,560||40.96%|
|1651 Treat Avenue||3/1.00/N/A||12||$1,295,000||$1,810,000||39.77%|
|1257 Noe Street||3/2.00/N/A||11||$1,899,000||$2,653,000||39.71%|
|1779 8th Avenue||3/1.50/N/A||13||$1,295,000||$1,800,000||39.00%|
|12 Carson Street||3/2.00/N/A||10||$1,649,000||$2,260,000||37.05%|
Why is 620 Victoria the Maximum Overbid and not 676 Capp? Well..it’s sort of complicated, but essentially that’s because we (the Goods) automate this top 10 list based off of the properties sold within the past two weeks on MLS, but here on theFrontSteps I run it every week. So if a property closed two weeks ago, and is still a top dog, it will still appear on the top 10 list for this week. We do this because not everyone reads the overbids every week, and not all of our Goods clients send this data to their clients weekly. In addition, on the Goods we run a top 20 list. Here on theFrontSteps I like to see what it takes to get knocked off the list. Make sense?
Another thing to note is many Maximum Overbid winners are fixers, remember this one? Why do you think that is? It’s pretty simple. When you’re faced with marketing a property for sale that could either be totally undesirable (barely livable), or totally in demand (still barely livable but in an epic location, has views, expansion potential, etc.), pricing becomes tricky. So…list low and let the buyers take it to market price, which usually means way over asking. You cannot list too low in San Francisco, but you can definitely list too high.
Don’t miss next week’s Overbid! Subscribe to receive theFrontSteps via email using the form below. And contact me if you’re thinking about selling. I know all the tricks of the trade.
Have a great weekend.
These charts show the breakdown of San Francisco home sales as reported to the city’s Multiple Listing Service, year to date 2015. We picked this period, because generally speaking prices appreciated again in late winter/ early spring 2015. These analyses are sorted by city districts and neighborhoods by the number of transactions in different sales-price segments. Note that median sales prices will change every time the time period or neighborhoods included in an analysis change.
The first chart below the San Francisco neighborhood map is an overview for the entire city.
These 2 charts below track San Francisco luxury home sales by price range and neighborhood. Rather arbitrarily, we designate the luxury segment as those condos, co-ops and TICs selling for $1,500,000 or more, and those houses selling for $2,000,000 and above. Considering the appreciation of the market in recent years, we may have to adjust those thresholds soon.
As always, if you have further questions, just shout.
If you look at nothing else on these property lists I’ve posted below, have a look at the top 3 overbids…and my gallery of favorite photos.
Top 10 Overbids of the week:
|566 6th Avenue 568||2-4 Units||21||$895,000||$1,800,000||101.12%|
|11 Hiliritas Avenue||2/1.00/N/A||11||$899,000||$1,525,000||69.63%|
|701 Teresita Boulevard||2/1.00/N/A||20||$699,000||$1,152,000||64.81%|
|363 Valencia Street||1/2.00/4||7||$995,000||$1,575,000||58.29%|
|2400 Pacheco Street||2/1.25/N/A||17||$799,000||$1,200,000||50.19%|
|2070 16th Avenue||2/2.00/N/A||21||$995,000||$1,482,000||48.94%|
|1072 Noe Street||2/1.00/N/A||8||$1,898,000||$2,800,000||47.52%|
|578 Elizabeth Street||2/1.00/N/A||0||$1,495,000||$2,200,000||47.16%|
|331 Connecticut Street||2/1.00/N/A||15||$1,199,000||$1,750,000||45.95%|
|617 Capp Street 619||2-4 Units||17||$995,000||$1,450,000||45.73%|
|1694 York Street||5/3.00/N/A||63||$1,450,000||$1,415,000|
|39 Boardman Place||1/1.50/304||18||$879,000||$938,000|
|1810 Green Street||3/3.50/||45||$2,795,000||$3,400,000|
|322 Rutledge Street||3/2.50/N/A||34||$1,995,000||$2,000,000|
|2653 Post Street||2/1.00/||30||$795,000||$925,000|
|1911 34th Avenue||2/1.00/N/A||11||$749,000||$750,000|
|425 1st Street||2/2.00/2702||90||$2,149,000||$2,050,000|
|16 Jessie Street||0/1.00/407||68||$625,000||$625,500|
|354 24th Avenue||4/3.00/1||32||$1,295,000||$1,481,321|
|2542 Sacramento Street||1/1.00/102||23||$679,000||$800,000|
Have a great weekend. As always, I’m here to help you, and everyone you know, buy and sell San Francisco/Bay Area real estate. Just give me a shout.
The debate will go on and on forever, should you rent or buy. Thankfully, some really, really smart people at the New York Times have updated their amazingly interactive Rent versus Buy calculator to help you with your decision, or confuse you just a little bit more.
Following on the heels of our Mid Year Market Report we posted yesterday, I thought it time again to share this, especially since you now have some pretty telling appreciation percentages to plug into the calculator.
As for my two cents…Having lived in San Francisco for almost two decades now, and not bought at the very first chance I had, and having experienced multiple booms and busts in our market, I can still tell you San Francisco is a place to buy. Ideally, buy and hold.
I know most of you are thinking, “Well sure, you sell real estate, so of course you’re going to tell me to buy”, but that’s not true. As many of my clients will attest, I am probably the least pushy agent in the entire state of California, but I make deals happen for those that are ready. What is true, are the many multiples of stories I personally have, and those of my clients that when averaged out amount to an overwhelming majority of “wins” for those that bought as soon as they could, versus those that waited or dragged their feet, or decided not to buy at all.
Sure, some bought at the last peak and were forced to sell during the bust, but those are the rare “had to sell” clients that were transferred because of jobs or other life events that forced them to leave the city at a specific time. Even those clients that had to sell had the luxury of enjoying their own home while they lived in it, and that isn’t something to overlook. The luxury of remodeling a kitchen or bathrooms. The luxury of adding a story, or room. The luxury of redoing floors, knocking down walls, changing cabinets, lighting, paint without asking permission from your landlord.
Other clients that might have otherwise been forced to sell were able to hold on and rent their property out during the bust, because rents are so high. They held on until the next boom, and then sold. Some even cashing out and buying their next home outside of San Francisco all cash with plenty of money left over in the bank.
The long and short of it is this, if you can buy, buy. If you can’t yet, save up until you can, and then look at the bigger (longer term) picture, and make your decision accordingly. If you plan on calling San Francisco your home for many years to come (why wouldn’t you), it is the wise thing to do.
On the other end of the spectrum, if you’ve been wondering when a good time to sell might be, the answer is now. Our market is hotter than it’s ever been, and at some point it will dip. It will come back, but it will dip. Sell now while there is zero inventory, get out on top, let a desperate buyer have your home here, and go buy an island somewhere tropical. Or buy acres and acres of land in Idaho with a creek running through it loaded with fish. Just make sure I get a key to wherever it is you go.
Enjoy your weekend!
As always, The Goods have been updated today with all the best Overbids, Underbids, New Listings, and Recent Sales in San Francisco, so check it out. Get on sfnewsletter.com to have it delivered to you (somewhat) regularly via email.
Contact me if you or anyone you know is looking to buy or sell Bay Area real estate, and get outside and enjoy!
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.
Before we get down to the top 10, I thought you all might like a bit of first hand story to ponder over lunch or dinner with your friends.
This property: 1850 Church, technically in Glen Park, practically in Noe Valley.
It is a top floor, three bedroom, two bath, down to the studs remodel including moving the bedrooms from the back of the house to the front, moving kitchen to the back, blowing out walls, opening up space, adding a deck, and basically making it awesome…and it has two car parking and a yard. For all practical purposes, it’s pretty sweet. It is however bordered by a shack on the right and left of the property, which can either lend to its appeal or detract, depending on your tolerance for jungle overgrowth. But enough about that. What happened?
Listed for $1,195,000, maybe a bit low, but probably pretty fair, all reasonable comps suggested a sales price in the high $1.2s to mid $1.3s. Single family homes are selling for that, and this is a condo! After all the dust settled, there were seven offers. My clients wrote at $1,350,000, my colleague’s clients wrote at $1,410,000 (You doing the math? That’s already $215,000 over asking.), and neither of us won. Go figure. So any day this property is going to close at $1,435,000 with a cash offer that came with zero contingencies, which equates to $240,000 over the asking price, and right into the range of insanity. Exact square footage is not known, but a ballpark would put this property to at least $1000/psf, and at 20% over asking, it doesn’t even get on the top 10 list!
Isolated incident? Sadly no. The pattern is the same. Buyer loses once. Buyer loses twice. Buyer loses three times or more. Buyer gets fed up, goes crazy big, blows our minds, blows everyone else out of the water, and sets the bar that much higher for the next. It’s a vicious cycle we’re in.
In case one anecdotal sale isn’t enough for you, I present San Francisco’s top 10 Overbids of the week.
|2820 Sacramento St 2822||2-4 Units||11||$1,825,000||$2,550,000||39.73%|
|360 Guerrero St||1/1.00/404||11||$599,000||$780,000||30.22%|
|1013 Rhode Island St||2/2.00/N/A||9||$1,099,000||$1,410,000||28.30%|
|125 Bella Vista Way||3/2.00/N/A||42||$749,000||$960,000||28.17%|
|664 Teresita Blvd||2/1.00/N/A||9||$699,000||$891,000||27.47%|
|26 Pleasant St 30||2-4 Units||75||$2,395,000||$3,020,000||26.10%|
|1335 31st Ave||2/2.00/N/A||14||$795,000||$1,000,000||25.79%|
|415 Missouri St||3/1.00/||19||$995,000||$1,250,000||25.63%|
|3380 22nd St||3/1.00/||70||$849,000||$1,060,000||24.85%|
|2446 17th Ave||3/2.00/N/A||15||$729,000||$908,000||24.55%|
So when will this madness end? I’m guessing not anytime soon. I’ve been saying it’s a great time to be a seller, but if you’re a seller needing to buy in San Francisco and stay here, not so fun.
To you out of town readers that have waited for your time to unload your SF property, are you going to keep rolling the dice and bet things get hotter, or get out while the gettin’s good?