Facebook Snags Downtown SF Office Space | New Inventory Is Still Tight | Prices Up 10.4% YOY | And Overbids

Just when you thought maybe things would cool, Fall hits, listings are gobbled up, Overbids continue, multiple offers are the norm, pickin’s are still slim (even though at last check 100 new properties hit MLS today), and Facebook goes and signs a whopper of an office deal right next to Salesforce, around the corner from LinkedIn, and gives its commuter employees reason to rejoice and plant roots firmly in San Francisco.

I suspect this will play a role in our very basic supply/demand conundrum of the last 15 years, and counting.

As for our current market, here goes…

Single Family Homes:
August’s median sales price continued its predictable seasonal backing off from its Spring peak, dropping 6.4% to $1,380,000 from May’s $1,475,000. However, in the same time frame last year prices dipped 7.4%. Prices are still up 10.4% above August, 2016.

Since August, 2012, the median sold price in San Francisco is up 81%.

Inventory continues to be at its lowest level, 1.6 months, since last December. This is the ongoing result of fewer homes coming on the market while sales stay fairly constant. The number of new listings on the market year-to-date is down 7% from 2016 while the number of sales is up 3.3%.

The incredibly tight supply coupled with strong demand kept the level of overbids high as well, down a bit from July but still at 114%, and 79% of single family homes sold above the list price, up from 75.9% last August.

Condo/Loft/TIC’s:
Median sold prices are up 10.8%, to $1,175,000, compared to August 2016. And, while not as great a rise as with single family homes, the median sold price is up 62.5% compared to August 2012’s $723,000.

In August, 63.4% sold above list price and the median bid was 3.2% above list price.

The number of Condo/Loft/TIC listings are also down year-to-date compared to 2016, by 10.7%. And, like single family homes, sales are up, by 2.6%. Current inventory stands at a 2 months supply.

To see and share this in infographic form, see below.
—–
Let’s talk Overbids – The Top 10

Address BR/BA/Units DOM List Price Sold Price Overbid
1632 Pacheco Street 5/4.00/N/A 15 $995,000 $1,550,000 55.78%
1932 Ortega Street 2/2.00/N/A 10 $998,000 $1,425,000 42.79%
146 Beulah Street 2/1.00/ 14 $949,000 $1,350,000 42.26%
52 Dawnview Way 4/3.00/N/A 12 $1,250,000 $1,750,000 40.00%
177 Forest View Drive 3/2.00/N/A 18 $1,149,000 $1,580,000 37.51%
136 Andover Street 2/1.00/N/A 10 $1,099,000 $1,502,053 36.67%
1738 25th Avenue 4/3.00/N/A 11 $1,398,800 $1,800,000 28.68%
2319 15th Street 2/2.00/A 10 $1,195,000 $1,525,000 27.62%
217 Lowell Street 2/2.00/N/A 2 $849,000 $1,080,000 27.21%
62 Santa Ysabel Avenue 2/1.00/N/A 39 $998,000 $1,240,000 24.25%

Madness. Sheer madness, and I’ve been saying this for better part of a decade. It’s insane. So if you want to sell, check out my track record, and let’s get ‘er done in high fashion.

That’s all I have for you today. Finally some great weather out West Side of San Francisco, so get out and enjoy! Fall is in the air, cycling is great and getting crisp, surf is turning fun (water is warm too), and that means snow is on the way.

-Let’s be friends on Facebook, Instagram, Twitter, and/or LinkedIn…I’ll keep you updated on all things San Francisco Real Estate
Recent Sales [theFrontSteps]
The First Newsletter We Could Find (With Overbids)
Facebook Takes All of 432,000 Square Feet Commercial Space at 181 Fremont in San Francisco-The Registry
Facebook is dropping $35 million to lease a beautiful, earthquake-resistant skyscraper in San Francisco – take a look inside– Business Insider

It’s On! Tons of New Listings | A $12M Glen Park Estate For Sale | Overbids | Market Data, Data, Data

Oh my, oh my…it’s like a kid in a candy store. So many choices, what is one to do!? As of right now (12:10pm) there are 168 new listings that have hit MLS in the last 24hrs…that’s nuts, but expected.

There are some gems in the mix, like the most expensive home to hit MLS, 47 Chenery, an extraordinary 10 bedroom, 11 bath Neo-Classical Estate in Glen Park asking $12,500,000…are you kidding me!? Look at this place.


Not my style, but man – oh – man could King Louis be replaced with Maniscalco and call this place amazing!
[Update: You gotta read what Curbed has shared about this property.]

So many cool properties to check out, and not enough time to tell you about them all, so feel free to browse all the Hot New Listings right here.

Since it’s Friday, I know you all expect your weekly top 10 Overbids, so here you go… (important to note, the top 20 Overbids you find on this page runs on a 14 day cycle, whereas this list below I refine to the past 7 days):

Address BR/BA/Units DOM List Price Sold Price Overbid
1718 12th Avenue 3/1.00/N/A 13 $1,195,000 $1,750,000 46.44%
2058 45th Avenue 3/1.00/N/A 13 $799,000 $1,100,000 37.67%
1030 Ortega Street 2/1.00/N/A 8 $998,000 $1,368,000 37.07%
3550 22nd Street 3552 2-4 Units 35 $925,000 $1,200,000 29.73%
2007 28th Avenue 4/4.00/N/A 13 $968,000 $1,255,400 29.69%
3624 Folsom Street 3/2.00/N/A 7 $1,428,000 $1,850,000 29.55%
1500 Plymouth Avenue 3/2.00/N/A 5 $1,425,000 $1,810,000 27.02%
54 Howth Street 2/1.00/N/A 10 $799,000 $1,008,000 26.16%
28 Rebecca Lane 2/2.00/N/A 15 $699,000 $866,000 23.89%
1287 37th Avenue 4/2.00/N/A 0 $1,395,000 $1,710,000 22.58%

Finally, since it’s been so long, what the hell is the market doing?

On August 22nd Pacific Union released their July recap, and in so many words confirmed the strength of our market, “Home prices rose in all nine Bay Area counties on an annual basis, ranging from 1.3 percent in Contra Costa County to 12.7 percent in Sonoma County. For the second time this year, the median price in San Mateo County hit $1,500,000, tying its all-time high, according to historical housing-market data from CAR. Like last July, the Bay Area is home to California’s other three seven-digit housing markets: San Francisco ($1,428,000), Marin ($1,224,000), and Santa Clara ($1,165,000) counties.”

Keller Williams Report pretty much says the same thing, and if you want to go crazy nuts into detail, Patrick Carlisle over at Paragon Real Estate gives you more data and analysis than you could possibly ever want, and sums up nicely what has happened the past couple months, and what might be in store.

Generally speaking, late summer market dynamics (or, for that matter, during the mid-winter doldrums) are not of great significance and do not tell us much about where the market is heading. September, however, is usually the single month with the greatest number of new listings hitting the market in San Francisco, and that surge fuels sales through mid-November, when activity begins to plunge. The coming two months will be the next major indicator: Will the SF market continue to maintain the intense high-demand, low-supply heat of this past spring, or will it cool? While the entire market is affected by seasonality, the luxury home segment is fiercely so, and the next couple months will be the peak selling period for high-end homes until spring 2018 rolls around.

And if that’s not enough for you, you can always give me shout, buy me a beer, and I’ll be happy to share my two cents.

Happy Aloha Friday! Go play.

No Real Surprise: Homes Still Selling Way Over Asking

It’s Friday! You made it to the end of the week, and if you’re like me, you made it to the beginning of the school year. Although, I will say, entertaining those kids of mine is a helluva lot more fun than sending emails and blogging…but I’m not complaining.

Anyway, you made it to Friday, so that means Overbids…

Since it’s been nearly a month since my last post, I figured I’d give you the top 20 for the past 14 days, rather than the top 10.

No real surprises on this list. Everything selling right about where it should, and properties priced according to San Francisco tradition it seems (low). It’s the name of the game, and it works well, so you might as well play it.

That’s it. Have a great weekend. Expect our inventory to pick up dramatically in a couple weeks, so keep your eyes on all the hot new listings, and recent sales, and check back for more consistent and detailed market reports once the Summer doldrums are over.

Happy Aloha Friday.

-The Goods

SOLD | Victorian Single Family in Cole Valley / Haight Ashbury | $2,250,000 Off Market

This wonderful late / early century Victorian home has all the right bones in all the right places, including a grand entryway / staircase, wood floors, fireplace, high ceilings, large garage, 4 bedrooms, yard, and potential, potential, potential.

Summer Break

The blogging aspect of theFrontSteps is closed for Summer Break. Expect little to no new blogging content until middle of August.

Photo Credit @Curren_29

To track new listings, recent sales, overbids, underbids and more, citywide or in your neighborhood, please keep your eyes on The Goods. Data updates daily on that site, and should keep you going all Summer long.

I am still actively helping buyers and sellers throughout the Summer, so if you, or anyone you know, need help with Bay Area real estate selling or purchasing, please contact me via email, or in the form below. I currently have a couple pocket listings to be had off market, and I know of a ton more for you starving buyers.

Happy Summer!

Contact me for free property valuations, to talk market, submit an offer, or find a lender:

SOLD | 707 Cole St. | Cole Valley | $2,606,000

Quite possibly one of the busiest sets of open houses I’ve ever held, with nearly 250-300 people through the door, 707 Cole St. has changed hands to a pair of wonderful people that will hopefully enjoy this home as much as my clients did. Listed for $2,495,000, in the end it didn’t go nuts, but we still got over list and closed at $2,606,000.

On a side note, I have TWO properties in Cole Valley that are similar to this, and they are not on MLS. So if you, or anyone you know, are interested in an off market Cole Valley property, get in touch.
—–
707 Cole Marketing Remarks:

This timeless Cole Valley single family home situated in one of the most desirable locations in all of San Francisco is a circa 1896 Victorian loaded with period details and charm, and updated for today’s standards. Just two blocks to the heart of Cole Valley, the N-Judah, Golden Gate Park, Haight-Ashbury, and so many more iconic San Francisco locations, this is truly a must-see property.


Carefully maintained to preserve the era in which it was built and upgraded with the finest modern amenities, 707 Cole features a formal entry/foyer and grand staircase leading upstairs to three of the four generously proportioned bedrooms (including master with it’s own fireplace), one bathroom, and conveniently located stackable washer and dryer. The entire top floor is bathed in natural light and period charm, including well preserved, beautiful original wood floors, and access to the large attic.

The main level features gorgeous, newly refinished wood floors, a formal living room with fireplace, a formal dining room, also with fireplace and wonderful French doors that open to a private outdoor deck perfect for indoor/outdoor living when San Francisco weather delights. Also on this level is the modern kitchen with bar seating, granite countertops, custom cabinets, recessed lighting, Viking Gas Range, stainless appliances, and windows looking out on the Japanese maples and large avocado tree in the professionally landscaped backyard.

The recent, down to the studs, remodeled ground floor is a perfect space for extra guests, playroom, home office, or your teenager that wants his/her privacy. Complete with wood floors, open flow, custom wood closets and cabinetry, a modern bathroom addition, and amazing floor to ceiling pivot door that brings the outside in and truly makes the transition from indoor to outdoor living seamless, this fourth bedroom is a wonderful addition to the already amazing home. Also on this level is garage parking for two cars, and interior access to the mudroom with custom wood cabinets and heaps of additional storage for all of your toys, bikes, skis, boots and shoes.

The backyard was professionally designed and maintained with seating areas, lush plantings, excellent flow, and low maintenance artificial turf for year-round enjoyment.

Property Details:
List Price $2,495,000
SOLD: $2,606,000, cash, 7 day close, multiple offers
Year Built 1896
4 bedrooms
3 baths
2 Car parking
Formal Dining
Formal Living Room
Formal Entryway
Grand Staircase
High Ceilings
3 Fireplaces (decorative)
Wood Floors
Designer Lighting
Modern Kitchen
Gas Range
Landscaped Backyard
Artificial Turf
Solar Panels
Seismic Upgrades
Large Attic
Washer & Dryer
Nest Thermostat
New Double Paned Windows
High Efficiency Furnace
Tankless Water Heater
A+ Cole Valley Location

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

It’s Official, The Avenues Have Gone Bonkers…

San Francisco’s Top 10 Overbids of the Week:

Address BR/BA/Units DOM List Price Sold Price Overbid
2658 40th Avenue 3/2.00/N/A 8 $895,000 $1,350,000 50.84%
833 Head Street 3/1.25/N/A 12 $1,295,000 $1,910,000 47.49%
33 Idora Avenue 4/2.00/N/A 13 $1,095,000 $1,600,000 46.12%
231 Ney Street 3/2.00/N/A 12 $899,000 $1,280,000 42.38%
249 10th Avenue 2/1.00/N/A 11 $1,349,000 $1,905,000 41.22%
2763 40th Avenue 4/2.00/N/A 14 $995,000 $1,370,000 37.69%
979 Teresita Boulevard 2/1.00/N/A 20 $799,000 $1,100,000 37.67%
1668 48th Avenue 3/2.00/N/A 13 $895,000 $1,223,000 36.65%
2211 47th Avenue 3/2.00/N/A 0 $899,000 $1,225,000 36.26%
321 Page Street 2/2.00/ 5 $1,195,000 $1,600,000 33.89%

San Francisco Real Estate Market Recap May / June 2017

The median sales price hit an all-time high for both single family houses and condo/loft/TIC’s in May. The incredibly tight supply coupled with strong demand pushed the prices up and the overbids as well. Single family homes sold at a median overbid of 114.7%, the highest since October, 2015. Condos sold at a median of 103% of list price, the highest overbid percentage since May 2016.

As we discussed last month, the number of new single family home listings coming on the market was down sharply in April, 25.5%, and we saw that repeated again in May with a 12% year-on-year drop.

Likewise, the precipitous decline, 33.5%, in new condo/loft/TIC listings coming on the market in April, was followed by a 23% drop year-on-year for May. This is the third double-digit monthly year-on-year decline for new condo/loft/TIC listings this year.

The total number of single family homes sold was up 5.5% in May while condo/loft/TIC sales were unchanged.

Inventory stands at 1.8 months for single family homes, down 25% year-on-year, and 2.3 months for condo/loft/TICs, also down 25%.

What’s the translation of all of this? San Francisco continues to be an extremely competitive and “tight” housing market with way too little supply to satiate the incredible demand…especially for “affordable” (under $1.5M) single family homes. Also, check the market cycles…hot in Spring and Fall, cool in Winter and Summer.

As always, The Goods is your best bet for up to date recent sales activity in San Francisco, so get yourself over there and check it out. Also check out my new listing at 707 Cole.

For Sale | 707 Cole St. | Cole Valley | $2,495,000

This timeless Cole Valley single family home situated in one of the most desirable locations in all of San Francisco is a circa 1896 Victorian loaded with period details and charm, and updated for today’s standards. Just two blocks to the heart of Cole Valley, the N-Judah, Golden Gate Park, Haight-Ashbury, and so many more iconic San Francisco locations, this is truly a must-see property.


Carefully maintained to preserve the era in which it was built and upgraded with the finest modern amenities, 707 Cole features a formal entry/foyer and grand staircase leading upstairs to three of the four generously proportioned bedrooms (including master with it’s own fireplace), one bathroom, and conveniently located stackable washer and dryer. The entire top floor is bathed in natural light and period charm, including well preserved, beautiful original wood floors, and access to the large attic.

The main level features gorgeous, newly refinished wood floors, a formal living room with fireplace, a formal dining room, also with fireplace and wonderful French doors that open to a private outdoor deck perfect for indoor/outdoor living when San Francisco weather delights. Also on this level is the modern kitchen with bar seating, granite countertops, custom cabinets, recessed lighting, Viking Gas Range, stainless appliances, and windows looking out on the Japanese maples and large avocado tree in the professionally landscaped backyard.

The recent, down to the studs, remodeled ground floor is a perfect space for extra guests, playroom, home office, or your teenager that wants his/her privacy. Complete with wood floors, open flow, custom wood closets and cabinetry, a modern bathroom addition, and amazing floor to ceiling pivot door that brings the outside in and truly makes the transition from indoor to outdoor living seamless, this fourth bedroom is a wonderful addition to the already amazing home. Also on this level is garage parking for two cars, and interior access to the mudroom with custom wood cabinets and heaps of additional storage for all of your toys, bikes, skis, boots and shoes.

The backyard was professionally designed and maintained with seating areas, lush plantings, excellent flow, and low maintenance artificial turf for year-round enjoyment.

Property Details:
List Price $2,495,000
Year Built 1896
4 bedrooms
3 baths
2 Car parking
Formal Dining
Formal Living Room
Formal Entryway
Grand Staircase
High Ceilings
3 Fireplaces (decorative)
Wood Floors
Designer Lighting
Modern Kitchen
Gas Range
Landscaped Backyard
Artificial Turf
Solar Panels
Seismic Upgrades
Large Attic
Washer & Dryer
Nest Thermostat
New Double Paned Windows
High Efficiency Furnace
Tankless Water Heater
A+ Cole Valley Location

Showing Schedule:
Saturday 6/17 1-4pm
Sunday 6/18 1-4pm
Tuesday 6/20 12-1:30
Saturday 6/24 1-4pm
Sunday 6/25 1-4pm
Offer Date TBD after first weekend open houses

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

For Sale | 2154 A Market St. | Duboce Triangle | $1,295,000

Don’t let the address fool you…this property is a slice of heaven in one of San Francisco’s most hip, lively, and sought after neighborhoods, literally on the borders of Duboce Triangle, Upper Market/Castro, and Mission Dolores neighborhoods.


[Interior images are from prior listing.]

Situated at the rear of the property, and not fronting the street, amongst towering trees and urban gardens, 2154 A Market Street is a beautiful oasis in the heart of the action. This top floor, late 1800’s Victorian with amazing period details features soaring ~12 foot ceilings, triple crown molding, original wood floors, a large open living room with wood burning fireplace, two generously sized bedrooms, a formal dining room with tons of natural light, an open and bright kitchen with modern appliances, Fisher Paykal refrigerator, ceasarstone countertops, and breakfast nook, stackable washer & dryer, shared outdoor space, additional storage, and parking for one car.

The variety of entertainment, dining, public transportation, bike routes, and city life immediately out your front door is astounding. Make this your home, and be the envy of all your friends.

Property Details:
List price: $1,295,000
2 bed
1 bath
1 car parking
Condominium
High Ceilings
Original Wood Floors
Victorian Details
~12′ Ceilings
Fireplace
Washer & Dryer
Cottage is in Rear of Lot
Common Area Outdoor Space
HOA Dues: $317.32/mo includes water, garbage, gardener, and accountant

Showing Schedule:
Saturday 6/10 1-4pm
Sunday 6/11 1-4pm
Tuesday 6/13 12-1:30

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