Some Epic San Francisco Homes Still Without Buyers

As you know, I put a lot of attention on the Overbids, as they are truly jaw dropping and it’s amazing they just keep happening all over the City for the better part of a decade. But something that often goes under the radar is a little something I used to call Stalefish, but now refer to as the 30+ club…properties on the market 30 days or more.

This is for you buyers that think everything that hits MLS is gone two weeks later, so don’t even bother checking back. Not true. Many a property you would think goes in a flash, sometimes sits and begs for a buyer just like you.

Take for example, 4261 23rd Street in Noe Valley:

a complete, down to the studs home renovation, including new foundation and seismic upgrades, and designed by renowned architects Dumican Mosey…still on the market after 31 days (an eternity in San Francisco). Priced at $3,795,000 that price is getting more negotiable by the day. Might be worth a second, or maybe first look.

Have a look also at 125 25th Ave:

You’ve seen this house, tucked off the street on 25th Ave just before you get to El Camino Del Mar, right on the edge of Sea Cliff. Originally built in 1916 as a carriage house, and now on the market for the first time in 40 years, this home may have come across your radar, then vanished…alas, it’s still sending a signal and that signal is “make me an offer”…now 59 days on the market.

How about one more? If you’ve ever been to Russian Hill, had to endlessly circle the blocks and look for parking, you’ve surely seen this building:

As luck would have it, this home, the Livermore Polk House II “is a magnificent four bedroom home designed by Willis Polk with exquisite Mission/Spanish Colonial Revival architectural details and gracious timelessness in every room.” A rare home indeed, and (unless MLS is not accurate) 147 days on the market.

All of these homes are easy to search and track on my page of The Goods, called 30+*. You can filter the page by clicking “Filters” to the left of the search bar, and search for all of the same properties I peruse every day.

If you find something you like, you can easily share it with your friends, get their opinions, go see it, the whole 9 yards. There are deals to be found, and there are usually many, many homes on the list you would have already expected to be sold. Check it out, and contact me if you have any questions.

Happy Monday to everyone. What a glorious San Francisco weekend that was, and continues to be for many of you fortunate enough to not be working today. My thoughts and well-wishes go out to all of those in Napa/Sonoma battling the fires. As for us San Franciscans wondering when our air will clear, according to the multitude of wind sites and apps I check daily, we should have some onshore flow this afternoon to blow it out…but then winds clock back around from the N/NE this evening, so expect smoke back in the City tonight and tomorrow morning.

*Are you a real estate agent wondering how to get this same information to your sphere? Here’s how: http://thegoods-sf.com (new version coming soon).

The Goods 30+ Club

[Data of 30+ properties is deemed accurate, but not guaranteed. Information pulled for SFAR MLS and subject to agent input, which means if the agent hasn’t updated the MLS, that information is not sent to us.]

SOLD | 1673 8th Ave | Inner Sunset / Windsor Terrace | $2,465,000

Congratulations to my wonderful client on the successful acquisition of this amazing historical San Francisco home in the coveted Windsor Terrace area of town.

This home has it all: 4 bedrooms; 3.5 bathrooms; large garage for 2 cars; 2779 square feet; charm and period details galore.

It was yet another hard fought multiple offer situation, but in the end, it was the letter to the seller that got the job done.

I am super happy for you, and greatly appreciate your business and trust!

1673 8th Ave, $2,465,000 [theGoods Property Detail Page]
Buyers look to their Childrens’ Art & Writing Sills to get offers accepted [theFrontSteps]

Maximum Overbids of the Week | Top 10

Multiple properties still selling 30% plus over asking, all over San Francisco…

Address BR/BA/Units DOM List Price Sold Price Overbid
114 Congo Street 2/2.00/N/A 12 $859,000 $1,285,000 49.59%
1571 31st Avenue 3/1.00/N/A 15 $938,000 $1,365,000 45.52%
2454 30th Avenue 2/1.00/N/A 9 $995,000 $1,427,000 43.42%
2169 26th Avenue 4/2.50/N/A 0 $1,495,000 $2,100,000 40.47%
1665 17th Avenue 3/2.50/N/A 14 $1,395,000 $1,950,000 39.78%
1812 Silver Avenue 2/1.00/N/A 32 $588,000 $820,000 39.46%
218 Miguel Street 3/2.00/N/A 8 $1,795,000 $2,400,000 33.70%
331 Vernon Street 3/2.00/N/A 14 $1,025,000 $1,367,000 33.37%
1370 28th Avenue 4/3.50/N/A 40 $1,399,000 $1,830,000 30.81%
325 Teddy Avenue 3/2.00/N/A 14 $619,000 $805,000 30.05%

Not enough time on my hands to get into details today, but from the looks of this list, you can tell the West is still going strong. All of these prices are in line with comps, and at some point list prices will start to catch up with realistic sales prices.

Still a great time to be a seller. I have a great big home/property coming soon on Clayton Street, so stay tuned for that. And as always, give me a shout when it’s time for you or your neighbors to sell.

Have a great weekend!

“Tireless” and “Incredibly Calm and Laid Back”

Sometimes, you just gotta share the love…

This is the third time that I’ve availed myself of Alex’s services to purchase a home in San Francisco. Needless to say, I’m a repeat client —— and I will continue to be one so long as Alex continues to plug away in the same tireless and dedicated fashion done for me in the past – especially as I’ve watched him grow and refine his service over the past decade.

The usual banal litany of real estate professional superlatives apply. He’s available day or night to take questions / concerns. He’s got his pulse on homes that are off-market and not listed on the MLS so that you can maximize your search breadth. He’s tireless in his pursuit of seller’s agents to ensure you’re “in the game” (SF being a high demand / low supply market) even if your offer on a piece of property isn’t the highest or have the best terms.

However, the one quality that I really value in Alex is his incredibly calm and laid back manner that is closely coupled with his personal motto – “Always be nice.” This pays off for you and for him in spades when things get contentious. Need someone to schmooze the selling agent to clue you in on what the other offers on a piece of property are coming in at? That’s Alex. Need someone to get you in to a property on one hour’s notice to do an mini-inspection after the property is supposedly no longer open to yet more bids? That’s Alex. Need someone to help you gracefully find a way to charm the seller into signing a legal affidavit about the property — AFTER you’ve already signed the sales contract and AFTER you already were supposed to have read all the disclosures? That’s Alex.

Frankly – buying a home is an emotional affair. As much as one wants to be as logical about it as possible, unless your last name is Spock, there will be some drama involved. Alex knows how to make molehills out of mountains – and he will help you get it done.

Jason L.

Congratulations to you Jason, and well done keeping your cool. I greatly appreciate the testimonial and the continued loyalty. Onward!

Thinking of buying or selling in San Francisco? Give me a shout and we’ll get it done.

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: