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

Cole Valley Mid Century Gets $4,000,000 – Plus Overbids

It’s $1,250,000 over asking for 1238 Stanyan (#3 on the list, and worth every penny)…or to put it another way…an overbid that could almost (+$25k) buy you this condo in Cole Valley at 1240 Willard outright.

Put that in your morning pastry and chew on it.

As for the rest of the top 10 Overbids, here you go.

Address BR/BA/Units DOM List Price Sold Price Overbid
58 Lapidge Street 4/2.50/N/A 13 $1,348,000 $2,325,000 72.48%
1675 38th Avenue 2/2.00/N/A 11 $995,000 $1,501,675 50.92%
1238 Stanyan Street 4/3.00/N/A 10 $2,750,000 $4,000,000 45.45%
2301 25th Avenue 3/1.00/N/A 14 $995,000 $1,410,000 41.71%
639 17th Avenue 2/1.00/N/A 13 $879,000 $1,202,000 36.75%
3238 Harrison Street 3/1.00/N/A 12 $1,099,000 $1,500,000 36.49%
1723 24th Avenue 5/4.00/N/A 5 $1,168,000 $1,575,000 34.85%
2263 42nd Avenue 4/4.00/N/A 12 $1,199,000 $1,608,000 34.11%
2300 34th Avenue 3/1.00/N/A 18 $1,150,000 $1,538,000 33.74%
278 30th Street 280 2-4 Units 13 $1,498,000 $1,975,000 31.84%

It doesn’t take a genius to see from this list what part of town is white hot right now (Hint: the Avenues and all points West), but it does take some big cajones to go $1,250,000 over asking to win your mid century dream home in a stellar Cole Valley location.

In other news: For those of you looking to get into a single family in Cole Valley, I have one coming at 707 Cole…a 4 bed, 3 bath Victorian. We hope to be on MLS within a couple weeks, so if you’d like first crack, get in touch.

A lot of fun and good conversation comes by way of the Top 10 Overbids, but did you know I also share ALL of the recent sales in San Francisco with you, on a regular basis? Sort by neighborhood, property type, price, etc and track sales in you ‘hood. In case you can’t remember that, you should Follow theFrontSteps.

Have a great Memorial Day Weekend. Play safe. Play smart. Wear sunscreen.

theFrontSteps @ The Goods

SOLD | 2139 15th Ave | Inner Parkside | $1,850,000

Another multiple offer situation, another happy buyer thrilled to beat out 10 others for this amazing home at 2139 15th Ave in the Inner Parkside. It’s not easy to win as buyer in the Single Family market in San Francisco, but with the right strategy, right relationships, and right approach your odds increase tremendously.


My clients were lucky enough to win on their first offer, which is reason enough to celebrate.

Congratulations to everyone involved, and thanks to the other agent for a smooth and effortless transaction.

Property Details:
$1,850,000
4 bed
3 bath
1 parking
Remodeled Kitchen
Master Suite
2124 square feet
Hardwood Floors
Fireplace
Designer kitchen
Amazing Views
Decks
Landscaped Yard
Washer & Dryer

From the marketing:

This thoughtfully remodeled home honors the past with carefully preserved vintage details and old world charm throughout. The open arches in the living room, dining room and kitchen are masterfully placed to showcase a wall of west-facing windows and dazzling ocean views. The main level boasts two expansive bedrooms and an oversized hallway bathroom. The walkout deck on the lower level unfolds from a reimagined master suite added with permits in 2012. Similarly, the ensuite guest room on this level offers a quiet and serene retreat. A one car garage with interior access, a laundry vestibule adjacent the master suite, and landscaped front and rear gardens with drought resistant plants complete this remarkable home.

If you, or anyone you know, are looking to buy or sell San Francisco/Bay Area real estate, please don’t hesitate to contact me.

2139 15th Ave Property Detail page

SOLD | 323 Church St. #A | Mission Dolores | $1,525,000

I’m pleased to report the successful off market close of my clients’ amazing condominium in a smooth and effortless transaction. Congratulations to the buyers, and my clients (the sellers). It has been a great deal all around.

Talk about a great location…

Remodeled in 2015 and only lived in by one owner since, this home has softwood floors, high ceilings & period details.

The light & airy living room has new double-paned windows & a decorative fireplace. The remodeled kitchen features Carrera marble counters, wood floors, stainless appliances, including a Bertazzoni Gas range & stackable washer & dryer. It has a lovely, separate dining area with soaring windows viewing lush greenery and open space. The kitchen leads onto a back staircase with easy access to the garden.

This flat features two lovely bedrooms and a home office/den. The tiled bathroom has a shower over bathtub & vanity. The lush common garden is perfect for entertaining. Deeded 1 car parking w/ additional storage. Walk score 98. 1 block to tech buses, shopping, MUNI & restaurants. Walk to Dolores Park, Valencia Corridor & Castro.

Property Details:
$1,525,000
NOT ON MLS
Victorian Flat
2 bedroom
1 bath
Den/Office
Soft & Hardwood floors
High Ceilings
Decorative Fireplace
Designer Lighting
Period Details
Double Paned Windows
Bertazzoni Range
Carrera Marble Countertops
Washer & Dryer
Parking
Shared Yard
Storage
A+++ Location

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

San Francisco Real Estate’s Top 10 Overbids Week Ending 5/19/17

I know it’s hard to top the blog I just posted about the letters from buyers’ children to sellers, but it is Friday after all, and I know you like your Overbids, so here you go…

San Francisco’s Top 10 Overbids:

Address BR/BA/Units DOM List Price Sold Price Overbid
2654 15th Avenue 2/1.00/N/A 10 $995,000 $1,625,000 63.32%
1234 5th Avenue 4/1.25/N/A 13 $1,749,000 $2,600,000 48.66%
619 22nd Avenue 2/1.25/N/A 4 $995,000 $1,450,000 45.73%
1675 29th Avenue 3/1.25/N/A 15 $995,000 $1,440,000 44.72%
533 Vicente Street 2/1.00/N/A 12 $1,159,000 $1,610,000 38.91%
56 Majestic Avenue 3/2.00/N/A 14 $899,000 $1,180,000 31.26%
1237 Chestnut Street 2/1.00/5 11 $999,000 $1,300,000 30.13%
945 Teresita Boulevard 3/2.00/N/A 13 $1,145,000 $1,470,000 28.38%
780 Pacheco Street 3/2.00/N/A 12 $1,295,000 $1,655,000 27.80%
144 Putnam Street 3/1.00/N/A 12 $1,045,000 $1,333,144 27.57%

It’s Bay to Breakers weekend…as you might already know. Have fun, be safe, duck for cover, and watch out for low dangling objects that are best not to be seen in public!

See you next week, and don’t forget to follow theFrontSteps so you don’t miss a beat.

Buyers Look to Their Children’s Art & Writing Skills to Get Offers Accepted [theFrontSteps]

Buyers Look To Their Children’s Art & Writing Skills To Get Offers Accepted

Sometimes, it’s not just money that gets a seller’s attention.

I’ve been party to many, many a transaction in the last 15 years, and this year has been particularly busy for me (definitely not complaining). I know all the tricks to get an offer accepted when I represent buyers, and how to weed through the pros and cons of multiple offers when representing a seller. I have seen it all…at least I thought I did.

You see, in our incredibly heated market, it’s totally customary for buyers to pretty much offer everything they can to a seller (wine, concert tickets, VIP access to restaurants) with their offer, and writing a personal letter to the seller about how much the buyer loves the home is standard. (If you’re not doing that with every competitive offer you write, get another Realtor, because it works.)

But I was recently part of a transaction on the seller side where we literally had 15 offers on the table, at some ridiculously high prices with amazing terms, and it was this letter (and of course the hand drawn pictures of the cat…or maybe that’s a dog…dinosaur…?) that pulled at the heart strings of the sellers and ultimately got them the house…at a price less than the top offer, and less favorable.

In case you can’t read that:

First letter from the big sister:
Dear [Seller],
I really hope you pick us for the house because I currently share a room with my brother and it is really cramped. Also, my Mom says that if we get a house we can get a dog, and I really want to get a dog. I really like the house and I think my cat will like the yard (and the dog if and when we get one) so I really hope you will pick us for the house.
Sincerely,
[the cutest, nicest, most thoughtful child on the planet]

Second Letter from the little brother:
Dear [Seller],
I hope you choose us because I think our cat will like the yard and our mom says we can get a dog if we get a house!
Sincerely,
[the second cutest, nicest, most thoughtful child on the planet]

These are not the only letters from children lately that I’ve heard have put sellers over the top. I tried it as well with a buyer on 1238 Stanyan, but ultimately we weren’t even in the ballpark so it didn’t help us.

Anyway…take note, add it to your arsenal, and if you should be working with another agent, and try this new technique and win…you owe me a bottle of wine…at the very least.

10. Letters from Kids – El [pdf]
16 Jessie Sale, Seller gets $1000 of wine [theFrontSteps]

San Francisco Median Home Price Hits All Time High

San Francisco’s continued hot housing market reflects the incredibly strong full-employment economy that the Bay Area and the U.S. is experiencing. Not only is unemployment in San Francisco historically low (3.3%), but also the number of employees who are involuntarily part-time is falling and older workers are remaining in the work force longer.

The impact of all of this very healthy jobs data is twofold: continued strong demand for our high-priced San Francisco housing; and fewer older workers retiring and moving out of the city. In fact, the number of new homes for sale year-to-date is 15.9% lower than in 2016, and the lowest number in the last 13 years. That combination of strong demand and fewer homes coming on the market led to the median sold price for single family homes rising to its highest level on record, $1,407,000, in April. That’s 1.99% higher than April, 2016.

The resale condo/loft/TIC market is competitive, but not quite as much. Prices have bounced around a bit, up one month and down the next. April’s median sold price, $1,100,000, was down a bit from February and March, and down 3.3% from April, 2016.

The number of new condo/loft/TIC listings coming on the market in April declined even more sharply, 33.5%, than March’s 25.8% drop. Inventory stands at 2.3 months, down from last April’s 3.0.

Competition among buyers is fierce, with most properties still receiving multiple offers. For single family homes, the median percentage overbid was 114%, up from April 2016’s 111.7%. Condo/loft/TIC buyers dropped their overbids a tiny amount, 102.3% of list price, versus 102.4% last April.

To say it another way…San Francisco real estate continues to roar on at a blistering pace, especially for single family homes, and especially if those homes are still under $1.5M. If you’re considering a move/sale, now is a great time.