New listings, just solds, some market info, and other real estate crapola to help you make the right decision.
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The San Francisco housing market continues to heat up, as evidenced by the increasing sale prices of homes in the city. Compared to one year ago, the median price for a single-family home rose by 10.6 percent to $785,000. And, with a limited supply of homes for sale, the city has remained a seller’s market, with aggressive bidding and multiple offers occurring regularly.
Single-Family Home Sales
Compared to May 2011, the city’s inventory of single-family homes for sale fell by 10.8 percent, while the number of homes under contract rose by 13.9 percent. During the same period, the number of homes sold increased by 23.3 percent.
For homes that were priced below $700,000, the months of supply inventory fell by 70.6 percent to a reading of 0.9. For higher-priced homes between $700,000 and $1.2 million, the months of supply inventory also dropped, by 52.7 percent to 1.1 months.
One area of the city which continues to experience healthy sales activity is Twin Peaks West, located in the mid-western part of town. Since May of last year, the number of homes under contract here has increased by 13.9 percent, while the number of homes sold has jumped by 23.3 percent, with 37 transactions closed. Twin Peaks West offers a variety of neighborhood communities, from the upscale and exclusive St. Francis Wood, to the charming mom and pop shops of the West Portal. Homes for sale here typically receive multiple offers and do not last on the market for very long. The median price for a home in Twin Peaks West is $918,000.
Another area of the city which experienced high sales activity is the northernmost district, which includes classic San Francisco neighborhoods such as the Marina and Pacific Heights. Compared to one year ago, the number of homes for sale in this region rose by 24.4 percent, being one of only three districts in the last month which experienced an increase in for-sale inventory. At the same time, the number of homes under contract increased by 18.8 percent, while the number of homes sold rose by 22.2 percent. Here you will find some of the most impressive views and properties in the city, and whose close proximity to Presidio Park and the waters of the San Francisco Bay, provide an endless array of outdoor recreational activities. The median price for a home here is $2,875,000.
In the same fashion as single-family homes, the inventory of condominiums for sale in the city dropped by 38.1 percent compared to May 2011. As a result, the number of condominiums under contract increased by 38.7 percent, while the number of condominiums sold rose by 9.1 percent.
For condominiums that were priced between $500,000 and $900,000, the months of supply inventory contracted by 72.5 percent to a reading of 0.9. For luxury condominiums priced above $900,000, the months of supply inventory also fell by 57.2 percent to 1.4 months.
One area of the city which experienced positive condominium sales activity is Downtown San Francisco, in the northeast section of town. Since May 2011, the number of condominiums under contract here increased by 4 percent to a total of 52 properties, making it the second highest district in the city with the greatest number of condominiums under contract. The number of condominiums sold also rose by 8.5 percent, with 51 units sold. Downtown San Francisco not only includes the center of the city’s commerce, it also features quintessential and historic San Francisco neighborhoods such as North Beach, or “Little Italy” as it is also commonly known, and Nob Hill, home to not only some of the city’s most luxurious condominiums, but also to a number of famous landmark hotels such as the Fairmont and Mark Hopkins. The median price for a condominium here is $734,333.
The National Association of REALTORS® reports that, “Pending home sales retrenched in April following three consecutive monthly gains, but are notably higher than a year ago.” Lawrence Yun, NAR chief economist, said a one-month setback against a background of many months of gains does not change the fundamentally improving housing market conditions. “Home contract activity has been above year-ago levels now for 12 consecutive months. The housing recovery momentum continues,” he said.
The consumer confidence index, which had declined slightly in April, fell further in May. The index now stands at 64.9, down from a reading of 68.7 in April. Regarding the short-term outlook, Lynn Franco, director of the Conference Board Consumer Research Center, says that, “Consumers were less positive about current business and labor market conditions, and they were pessimistic about the short-term outlook. However, consumers were more upbeat about their income prospects, which should help sustain spending.”
According to the California Employment Development Department, California’s unemployment rate decreased to 10.8 percent in May, and nonfarm payrolls increased by 33,900 during the month for a total gain of 425,000 jobs since the recovery began in September 2009.
As reported earlier this month in the San Francisco Chronicle, “U.S. mortgage rates dropped to record lows for a sixth straight week as concerns over slowing job growth pushed investors into the safety of government bonds that guide interest costs. The average rate for a 30-year mortgage dropped to 3.67 percent from 3.75 percent in the week ended Thursday, Freddie Mac reported. It was the lowest rate in the mortgage-finance company’s records dating to 1971. The average 15-year rate declined to 2.94 percent, also a record, from 2.97 percent.”
How many of you remember this photo I shared not too long ago?
How many of you remember the post that went along with it, trying to give YOU first (actually second) dibs on getting this property, and having a say in final finishes and details? Every hand in the room goes up. How many of you actually took it upon yourself to contact me, or refer this opportunity to a friend? ONE hand in the room goes up! Kudos to that one hand. You know who you are.
As for the rest of you, it’s open season and you’ll be left to fend for yourselves, 936 Clayton is officially on the market, and it’s officially awesome.
By all accounts, this is an amazing property and I expect it will sell rather quickly, especially if you look at recent Cole Valley comparables, and how quickly they sold. Time will tell what the market price is for this home, and how quickly it sells.
My point is simply this…I keep trying to get you in the door first, you just gotta get in touch and stay on my radar.
If you’ve been looking for a home in the Parkside neighborhood of San Francisco, I have just the one for you, 2186 33rd Ave @ Rivera ($795,000).
This home has been elegantly remodeled and meticulously maintained throughout. There is a large Living Room and Formal Dining Room, which opens into a wonderful center patio with skylights that seal off completely enabling you to enjoy the tranquility even on a rainy day. The living room has a corner fireplace and oak floors. The Beautiful kitchen has been wonderfully remodeled with Carrara Marble counters, cherry floor, stainless appliances and skylight. There are two spacious bedrooms and a full bath upstairs and large Master Suite with Full Bath downstairs. Whether you use the downstairs room as a master suite or office or media room, you can easily step outside into the lovely garden, or simply open the doors and let fresh air in. It is truly a wonderful home in an excellent location, that could be yours.
The home will be open for viewing every Sunday from 2-4pm until it is sold, and is available for private showings by appointment.
What are you waiting for! It’s not everyday a center patio home like this hits the market.
Guest post by Movoto Real Estate
We all had fond memories of building with LEGOs as kids. Have you ever considered what it would take to make an entire home made out of LEGOs? We did. In fact, we actually created a LEGO calculator so that we could all type in our square footage and see how many LEGOs it would take to re-build our homes and how much it would cost.
For example,here are the results for the most expensive home for sale in San Francisco at the moment:
There’s a disclaimer here: Our estimate would be for the exterior of the structure, including the roof. So if you have have plans for things like interior walls, you’ll be adding more of the plastic blocks to your count. But once you get over ten million LEGOs, what does a few hundred thousand more matter?
We came up with the math by first figuring out the size of a standard eight-peg LEGO in inches. We found an excellent resource on LEGO brick dimensions and with some converting from millimeters to inches we had the size of a LEGO: about .26 x .62 x 1.22 inches. After we figured this out we researched the standard size of a brick in the States: 2 1/4 x 4 x 8 inches. The end result: 359 LEGOs per brick.
From here it’s multiplication.
So I’m sitting here with these U.S. Open passes in my hand, and I’m wondering if anyone was on the fence about listing their home for sale in the next couple of weeks. Perhaps this will entice. I have room for one person to accompany me on Thursday, and another on Saturday (maybe even Sunday).
We can work out the details, but essentially if you sign a listing with me in the next day or two, I will take you to the U.S. Open of Golf. You must intend to sell your property, rather than simply sign a listing, go to the Open, cancel the listing. Pretty simple.
It’s a win, win, win, win. You get your home, condo, or multi-unit property sold, the market gets much needed inventory, my kids get new shoes, and you get in to the U.S. Open for free (including member hospitality areas, and free beer).
Drop me a line (firstname.lastname@example.org) if you’re ready to do this, or call 415-254-5351.
Please note: you must like to drink beer, watch golf, and have a good time.
Okay, so you’re not getting first dibs, as I have been showing this property to one buyer on and off for about three weeks. Since they have decided not to move forward, you get second dibs. This is a completely gutted Edwardian right on the border of Cole Valley and Ashbury Heights. The developer is sparing no expense on finishes and it is going to be stunning and modern. It is going to have 4 bedrooms, 3.5 baths, roughly 2800 square feet of living space, 2 car (4 if you count carport and street) parking, designer kitchen and baths, terraced east facing backyard, and a booming top floor room and deck (pictured) with incredible views of the Pacific Ocean, St. Ignacious Cathedral, Marin Headlands, and the tops of the Golden Gate Bridge.
The property has been structurally and seismically upgraded as well, including partially new foundation, support beams, the works. If you missed out on 121 Beulah, or 1027 Cole, or any number of the hot properties that have flown off the shelf in Cole Valley recently, you’re not going to want to miss this one. The best part…it’s still under construction, so not only will you not have to compete with other buyers, but you can also have a say in final touches and even make some alterations if you get in there asap.
Once again, to all the people thinking I’m hiding listings, this is NOT my listing, it’s not even listed. I am putting this out there to unrepresented buyers, or buyers that would like to have a chance at this property, and all the others I find. Principals only please.
p.s. I know of another one coming on Belvedere, but not of this caliber. This one I’m showing you here is going to be near $3,000,000.
Call (415-254-5351), or email (email@example.com) for details.