Family Home

Happy Clients Send Happy Note

My wonderful clients just sent this awesome testimonial, so obviously I have to share it with all of you:

When my wife and I moved to San Francisco from the East Coast with our newborn, we quickly realized that navigating the beast of a real estate market in SF required a unique kind of agent. Luckily we found Alex.

We spent 5 months looking for a home with Alex. In the process, he guided us thru 12 bids, all the typical multi-offer, SF auction-style, which can be anxiety provoking to say the least. “Are we bidding too much? Are we not bidding enough?!” Alex kept us grounded on this emotional roller coaster! We were able to tap into his unique market knowledge to navigate these conversations about how much to offer. Alex put us in touch with experts to discuss potential renovation projects on unloved properties. We picked his brain about every single micro-neighborhood in the city, talked single family vs condo and which side of the street to buy on in the Richmond if you like a sunny back yard. He is a wealth of knowledge to say the least.

When we found a property that we loved, but were unsure about a few things that came up in the inspection, Alex’s connections came to the rescue. Alex had the personal cell phone number of the inspector who had done the report and was able to put us in touch. This conversation gave my wife and I the reassurance that we needed to bid aggressively and got us our home. Without Alex this would not have happened. We highly recommend working with Alex to find your home in this amazing city!

Dan, Hanni, Hazel and Brizzy

If you’re kicking the tires with a few agents and just don’t know who to pick, have a look at some more testimonials that might help you come to your senses.

1011 23rd Street Living Area with Soaring Ceilings

Amazing Dogpatch Loft Seeks Buyer | $699,000

Dogpatch, San Francisco: according to Wikipedia “is located on the eastern side of the city, adjacent to the waterfront of the San Francisco Bay, and to the East of Potrero Hill. Its boundaries are Mariposa Street to the North, I-280 to the West, Cesar Chavez to the South, and the waterfront to the East. It contains housing, some remaining heavy industry, more recent light industry, and a new but growing arts district. In 2002 it became an officially designated historic district of the city of San Francisco….[and] there is no definitive explanation for the name

One thing we know for certain, Dogpatch has some amazing properties, and 1011 23rd Street #10 is right up there…

Situated on the corner of 23rd Street and Minnesota, this corner unit residence features soaring (approximately) 17′ ceilings, enormous windows that flood the home with natural light, an open kitchen/living area with bar seating, granite countertops, stainless appliances, fireplace, refinished hardwood floors, in unit Washer & Dyer, new carpet in the loft bedroom, and parking.

Just a short walk away from the increasingly vibrant Dogpatch shops and restaurants, and half a block away from Philz Coffee (yes, that’s a selling feature, since Philz was voted the best coffee house in San Francisco, and this is their Mothership location), living at 1011 23rd Street will afford you all of the new things San Francisco is offering up, as well as some of the old that seems to have been lost (especially some grit and character).

Come check out this wonderful loft, introduce yourself, feel the vibe, cruise the neighborhood, bring me a coffee, and I’ll hand you the keys – coffee and a few hundred thousand dollars.

Listing Details:
$699,000
1 bedroom
1.5 bathrooms
1 parking space
Corner Unit Loft
Soaring (Approx. 17′) Ceilings & Windows
Custom Window Coverings
Open Kitchen w/bar counter
Granite Countertops
Dishwasher
Hardwood Floors
New Carpet in Bedroom/loft
Fireplace
Washer & Dryer
Storage
Fitness Area
View Roof Deck
HOA Dues: $512.94/mo (Includes Water, Garbage, Webpass Internet, Building maintenance, gym, roof deck, building insurance, outside management)
A+ Dogpatch Location

Showing Schedule:
Private Showings Upon Request
Open House Sundays 2-4pm

Exclusively listed by:
Alexander Clark
Keller Williams Luxury Realty International
theFrontSteps.com
alexclark@gmail.com
415-254-5351

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San Francisco Market Report

Britain’s June vote to exit the EU has already had an impact on the market in the US, including here in San Francisco. Mortgage rates have dropped almost a quarter of a percent, making the monthly payments on our pricey housing slightly more affordable. The result is that it will support continuing increases in sales prices, as decreases in interest rates always do. For example, a $1,000,000 loan at 3.75% costs $4,631/month, but at 3.5% you can borrow $1,032,000 for the same monthly payment. And monthly payments are what buyers focus on.

The Federal Reserve Bank of San Francisco published its upbeat Economic Forecast in June which indicated continued strong job and economic growth, continued low business and mortgage interest rates (this was published prior to the vote in Britain), coupled with historically low unemployment and inflation below the Fed’s target of 2%. The conclusion is that they see Gross Domestic Product growth around 2% for the year, at a “pace consistent with moderate ongoing expansion, which we expect to continue over the next few years.”

Of interest was their findings about the cause of the lower labor force participation rates that have been occurring since 2001 that have been noted by many previous reports. It turns out that because of the considerable shift in the wage gains during this time period to the higher income households, that these households have fewer multiple earners. On the opposite end of the spectrum, lower wage earners continue to need multiple earners to make ends meet.

The Fed report hypothesizes that this is a shift that the upper-income households have made in the work-life balance and that the workforce participation in this group may remain low. It is also mimicked by the young workers in upper-income households, where labor force participation is also significantly lower than in the general population.

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San Francisco Single Family Home median prices have been hovering between $1,352,000 and $1,380,000 for the past four months since peaking at $1,400,000 in February 2016. That was the second time median prices had hit that number, first back in May of 2015. With the drop in interest rates, we could break through that median price soon because that drop from 3.75% to 3.5% finances another $45,000 in the loan amount for the same monthly payment.

The Condo/Loft Median Sales Price hit an all time high of $1,180,000 in June 2016, up 4.9% from June 2015.

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Resale Condos-Lofts jumped 59% in both Days on Market and Months Supply of Inventory compared to June 2015, but both are still in strong sellers market territory.

Single Family Homes are up slightly in Days on Market from 16 to 20 both for May to June, 2016 and from June 2015 to June 2016. Months Supply of Inventory dropped from 2.3 in May to 1.9 in June 2016 and was also down from June 2015’s 2 months. Both market indicators continue to show a strong sellers market.

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Single Family Homes New Listings dropped by 55 from May to June 2016. It was also off 61 compared to June 2015. Of additional continuing importance is that the year-to-date number of new listings is down 60 from year-to-date 2015, a 4.1% decline. This helps explain why Months Supply of Inventory is lower than last year.

Resale Condos/Lofts had the reverse trend, with 1 more new listing on the market in June than May, 2016, and 27 more new listings in June 2016 than June 2015. And, significantly, year-to-date new listings are up 167 over year-to-date 2015, which represents a 10.3% increase in inventory. This helps explain why Months Supply of Inventory and Days on Market has risen sharply for Resale Condo/Lofts.

No Mass Exit from San Francisco on the Horizon

At last month’s SFARMLS Building Boom forum, the Bay Area Council presented its latest poll of Bay Area residents, and said that the results show that a third of Bay Area residents “are likely to bolt the region in the next few years”. In truth, that is a big overstatement of the poll results.

What the poll actually asked for was a response to: “I am likely to move out of the Bay Area in the next few years.” What people answered was: 13% said they strongly agree with that statement and 21% said they somewhat agree.

That is certainly not a third of the residents saying they are likely to “bolt” in the next few years. Exactly where would they go? Jobs are here, families are here, the great weather is here. There’s a reason our population is growing – this is a fabulous place to work and live, in spite of high prices and congestion.

Bay Area Home Prices by Transit Stop

“Bay Area Home Prices by Transit Stop” Is Sure To Melt Your Brain

Perhaps the coolest (and frankly, REALLY insightful) graphics and lists to come across my desk in a really long time. Kudos to the folks over at Estately for putting this Bay Area Home Prices by Transit Stop edit together:


…and this to spin your brain around the connection between Silicon Valley and San Francisco:

“Estately Real Estate Search analyzed the last six months of home sales for houses, townhouses, and condos that were within a one-mile radius of each BART and Caltrain transit stop. We then broke them down by price per square foot.

At an average of $1,630 per square foot, Caltrain’s California Avenue stop in Palo Alto is the Bay Area’s most expensive transit stop to buy a home near. Pittsburg/Bay Point BART stop, the furthest from downtown San Francisco, is the least expensive at $219 per square foot on average.”

Chew on all that for a while on this glorious, post NBA Finals Monday.

1075 Fell Street

These Little Buggers Just Won’t Go Away | Overbids

San Francisco Real Estate Market’s Top 10 Overbids

Address BR/BA/Units DOM List Price Sold Price Overbid
251 Andover Street 3/2.00/N/A 13 $999,000 $1,426,000 42.74%
595 44th Avenue 4/3.00/N/A 38 $1,189,000 $1,690,000 42.14%
1075 Fell Street 2/1.00/ 6 $995,000 $1,335,000 34.17%
374 Sanchez Street 2/2.00/ 12 $1,195,000 $1,590,000 33.05%
819 42nd Avenue 2/1.00/N/A 32 $988,000 $1,302,000 31.78%
1806 20th Street 3/3.00/ 12 $2,195,000 $2,850,000 29.84%
1554 47th Avenue 3/2.00/N/A 51 $849,000 $1,080,000 27.21%
135 Rey Street 2/1.00/N/A 11 $478,000 $605,000 26.57%
176 20th Avenue 2/1.50/ 1 $1,195,000 $1,505,000 25.94%
539 26th Avenue 3/2.00/ 26 $1,050,000 $1,300,539 23.86%
1011 23rd Street | Modern Loft In Dogpatch

1011 23rd Street #10 | Dogpatch Loft | $699,000

Dogpatch, San Francisco: according to Wikipedia “is located on the eastern side of the city, adjacent to the waterfront of the San Francisco Bay, and to the East of Potrero Hill. Its boundaries are Mariposa Street to the North, I-280 to the West, Cesar Chavez to the South, and the waterfront to the East. It contains housing, some remaining heavy industry, more recent light industry, and a new but growing arts district. In 2002 it became an officially designated historic district of the city of San Francisco….[and] there is no definitive explanation for the name

One thing we know for certain, Dogpatch has some amazing properties, and 1011 23rd Street #10 is right up there…

Situated on the corner of 23rd Street and Minnesota, this corner unit residence features soaring (approximately) 17′ ceilings, enormous windows that flood the home with natural light, an open kitchen/living area with bar seating, granite countertops, stainless appliances, fireplace, refinished hardwood floors, in unit Washer & Dyer, new carpet in the loft bedroom, and parking.

Just a short walk away from the increasingly vibrant Dogpatch shops and restaurants, and half a block away from Philz Coffee (yes, that’s a selling feature, since Philz was voted the best coffee house in San Francisco, and this is their Mothership location), living at 1011 23rd Street will afford you all of the new things San Francisco is offering up, as well as some of the old that seems to have been lost (especially some grit and character).

Come check out this wonderful loft, introduce yourself, feel the vibe, cruise the neighborhood, bring me a coffee, and I’ll hand you the keys – coffee and a few hundred thousand dollars.

Listing Details:
$699,000
1 bedroom
1.5 bathrooms
1 parking space
Corner Unit Loft
Soaring (Approx. 17′) Ceilings & Windows
Custom Window Coverings
Open Kitchen w/bar counter
Granite Countertops
Dishwasher
Hardwood Floors
New Carpet in Bedroom/loft
Fireplace
Washer & Dryer
Storage
Fitness Area
View Roof Deck
HOA Dues: $512.94/mo (Includes Water, Garbage, Webpass Internet, Building maintenance, gym, roof deck, building insurance, outside management)
A+ Dogpatch Location

Showing Schedule:
Private Showings Upon Request
Open House Sundays 2-4pm

Exclusively listed by:
Alexander Clark
Keller Williams Luxury Realty International
theFrontSteps.com
alexclark@gmail.com
415-254-5351

Box Factory Lofts

2169 Folsom M202 | Allied Box Factory Lofts | Mission District | $1,375,000

From your first look at the exterior of the historic Allied Box Factory, to the time you stroll through the lush courtyard to this one of a kind Live/Work loft, you will be in awe…

Originally built in 1907 as a timber factory, the Allied Box Factory was converted to a mixed-use development in 2001 with the intent of fostering a creative community. Of the Allied Box Factory’s 31 spaces, 15 of them are live/work condominiums, eight of the building’s non-residential units are used as creative studios, and six house commercial enterprises.

Situated on the second floor, unit M202 has recently been transformed from cool to ultra cool with the complete remodel of the kitchen/living/dining area that creates an ambiance second to none. Entertain guests in your modern, open kitchen complete with a 5 burner Thermador range, grey Caesarstone Countertops, Custom Walnut Cabinets, Carrera Marble Island (with seating), Thermador Dishwasher, GE Monogram Refrigerator, and original bar lighting from the previous owner, famous artist Rex Ray.

A combination of hardwood and concrete flooring with large exposed timber and open ceilings is certain to capture your attention. Extend your living area by opening the doors to your large outdoor PRIVATE patio with room for seating, dining, gardening, and of course barbecuing. Enjoy the warm weather the Inner Mission provides, soak in the city vibes and rooftop views, and live the San Francisco dream.

Not only does this amazing unit feature a completely remodeled kitchen, a designer bedroom with custom closets, hardwood floors throughout, a designer bathroom with custom mosaic tiling, washer & dryer, and deeded parking, but also a completely separate bedroom/office/studio across the hall. This room also contains gorgeous wood floors, original windows, tons of natural light from the courtyard, and is ideal for the live/work lifestyle so many of us strive to achieve.

Listing Details:
$1,375,000
2 bed
1 bath
1 car parking
Remodeled Designer Kitchen
Carrera Marble Island
Caesarstone Countertops
Custom Walnut Cabinets
Thermador Range
Private Patio
W&D
Hardwood & Concrete Floors
HOA Dues: $437.96/mo + approx $40/50/mo for common utilities
Prime Inner Mission Location
*Live/Work loft. Certain restrictions/stipulations may apply. Buyer is advised to investigate

Showing Schedule:
Private Showings Upon Request

Exclusively listed by:
Alexander Clark
Keller Williams Luxury Realty International
theFrontSteps.com
alexclark@gmail.com
415-254-5351

595 44th Ave

Two Outer Richmond / Sutro Heights Sales To Make Your Head Spin

Take a look at these recent single family home sales in the Outer Richmond/Sutro Heights neighborhood of San Francisco. First, 595 44th Ave, an amazing home by all accounts.


As far as Overbids go, it just hit #5 on the top 20 list. But it has history…specifically pricing history that many agents seem to forget to check before submitting an offer, and why it is so important not to overprice your property and “chase the market down”.

Originally listed at $1,689,000 this property came blazing onto the market touting all the newly done new stuff. No bites at $1,689,000, or at least none that got it in contract. Fast forward a month and the price was dropped to $1,395,000…no bites, or at least not enough to get the seller to accept. So now, had someone come in around this time, the seller may have been forced to accept a lower price. BUT…the agent did his job and likely pushed for a major price reduction ($500,000 from original) down to $1,189,000. Multiple offers later, or just one very keen buyer, and look at that…sold for $1,690,000, or $1,000 more than the original list price.

This is a perfect example of why you should always err on the side of caution and list lower, rather than higher.

Case in point, our second Outer Richmond/Sutro Heights stunner, the Storybook Tudor on Anza (@47th Ave) just went from $995,000 to $1,400,000, with 24 offers, in the blink of an eye, and coincidentally landed at number 6 on the top 20 Overbid list.
AnzaTudor
There is more story on the Storybook, but I’m not printing it. You can contact me for details, but really I just want to highlight the importance of pricing when it’s time to sell your home. And if you don’t get pricing right the first time, don’t be afraid to adjust, and adjust quickly.

So to say the Outer Richmond single family home market is hot, that might be an understatement.

(You can track Outer Richmond Sales by sorting the “Neighborhood” column on this page.)

Happy Monday…oh…this Amazing Sutro Heights Home is still there for the taking.

GO WARRIORS!

Underbid

Would You Believe, $500,000 UNDER List? | Top 10 Underbids San Francisco

I’m not sure it’s necessary to highlight any one of these transactions in particular, as in my (humble) opinion they’re all great deals. I leave it up to you to decide.

Top 10 Underbids in San Francisco

Address BR BA Parking List Price Sold Price Underbid
431 Capp Street 433 N/A N/A 2 $2,450,000 $2,200,000 -10.20 %
3614 Webster 2 2.50 1 $1,868,000 $1,700,000 -8.99 %
2170 Jackson Street 3 4.50 1 $5,700,000 $5,200,000 -8.77 %
3624 Scott Street 3 2.50 1 $2,895,000 $2,700,000 -6.74 %
1379 De Haro Street 2 1.50 2 $1,175,000 $1,100,000 -6.38 %
193 Dartmouth St 4 2.00 2 $1,199,000 $1,125,000 -6.17 %
282 Eureka Street 3 2.50 1 $3,195,000 $3,000,000 -6.10 %
35 La Grande 4 3.50 1 $1,795,000 $1,700,000 -5.29 %
10 Stanford Heights 3 2.00 1 $1,050,000 $1,000,000 -4.76 %
801 Indiana Street 2 2.50 1 $1,190,000 $1,135,000 -4.62 %

Data provided by The Goods [Agents Share Market Data Directly To Your Sphere]