Buying Or Selling I Got Your Back…Another Great Testimonial

Just got this in from my clients I helped sell 754 18th Ave and buy 2139 15th Ave:

Alex helped us sell our home and buy a new home, both in San Francisco in 2017. Alex understands the market very well and brought a skilled team of stagers, painters and handymen to prepare our home for sale and make it look great. They’re a good group to work with, they all know what sells in the current market and got our place ready and looking great in quick time. Alex’s sales and marketing skills are one of his strengths.

The sale price of our home exceeded our expectations and set a new high for the neighborhood. On the buy side, once we found a home we wanted, Alex was a tiger in pushing our bid forward against multiple competitive offers. It helped that Alex had a prior working relationship with the seller’s Realtor. After some negotiation, our bid was accepted and we’re very happy in our new home. Thanks to Alex.

In both buy and sell transactions, Alex stayed closely involved throughout and handled any bumps. You can trust Alex to take care of your buying or selling of your home.

p.s. we’re very happy with our new home, love the views, garden, great location and neighborhood…thank you!
Cheers
Denis and Mercy

Congratulations to the both of you, and thank you for the great testimonial.

754 18th Ave, Central Richmond [theFrontSteps]
2139 15th Ave, Inner Parkside [theFrontSteps]

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

San Francisco Single Family Real Estate Appreciation since 2011

The information below is provided by Paragon Real Estate Group, enjoy:

In the last 5 years, San Francisco real estate market rebounded and went crazy hot, but how much did it really appreciate? Below is a great analysis from Paragon that shows you the data using median sales price. This post is specific to houses, the next post is specific to condominiums appreciation.

Median sales price is a very general statistic, often concealing an enormous variety of values in the underlying individual sales. It can be and often is affected by other factors besides changes in fair market value, such as changes in the inventory available to purchase, and major changes in the distressed property, luxury home, or new home construction segments. Sometimes median prices fluctuate without any great significance: substantially different groups of homes (larger, smaller, older, newer, etc.) simply sold in different periods. Assessing appreciation by changes in dollar per square foot values, instead of by median sales prices, can sometimes deliver significantly different appreciation rates.

Below the charts is a table with a more comprehensive list of San Francisco neighborhoods, and at the bottom of the page is a neighborhood map.

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The neighborhoods on the table below are grouped by San Francisco Realtor District, some of which contain neighborhoods of relatively similar values and some with highly variable home values.

Generally speaking, the higher the number of sales, the more reliable the statistics: We’ve usually calculated appreciation rates for neighborhoods with at least 24 sales in 2015, but these should still be considered very approximate.

An asterisk signifies a very low a number of annual sales and/or our suspicion that the appreciation calculation would not reflect market reality due to the variety of issues pertaining in the area. In 2011, median sales prices in some areas, especially in the southern border neighborhoods of the city, were badly distorted by distressed property sales (bank and short sales) that didn’t represent fair market values. If this situation applies, the 4-year appreciation rate will jump higher in that neighborhood.

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sfmap

As is always the case, if you have any questions about the market don’t hesitate to ask.

If you, or anyone you know, are looking to buy or sell San Francisco real estate, take a look at my track record, happy clients, and generally awesome listings and let’s get you sorted.

Top 10 Underbids | Would You Believe 20% UNDER Asking In Bernal?

15 prospect

The market is cooler…no doubt.. Is it seasonal, or longer term? Time will tell. As you saw last week, Overbids are still rampant, but more and more emails are coming to me, “Still Available”, “Offers as they come”, “Motivated Seller”, etc. Could we be approaching the year of the buyer?

Out of the 10 Underbids featured, 4 are multi-unit buildings, which made up the 1st, 2nd, and 3rd place on our list. The #1 underbid goes to a Bernal Heights duplex – a “Tremendous Bernal Heights Fixer” to be exact, 15 Prospect Avenue, which just closed 20% under asking or at $950,000 from its $1,199,000 list price. Looks like my buddy Eddie O’Sullivan got his clients a nice little project. Well done lad…

As for the rest, this is how it stacked up.

Address BR/BA/Units List Price Sold Price Underbid
15 Prospect Avenue 2-4 Units $1,199,000 $950,000 -20.77 %
622-626 Buchanan Street 2-4 Units $1,399,000 $1,250,000 -10.65 %
161-165 Cook Street 2-4 Units $2,395,000 $2,150,000 -10.23 %
2287 16th Avenue 4/2/2 $1,388,000 $1,250,000 -9.94 %
301 Mission Street #49D 2/3/2 $4,588,000 $4,180,000 -8.89 %
2829-2831 Pierce Street 2-4 Units $2,970,000 $2,750,000 -7.41 %
3260 Baker Street 3/2/2 $2,999,000 $2,800,000 -6.64 %
1308 Valencia Street 4/3.5/1 $2,499,000 $2,350,000 -5.96 %
265 Minerva Street 2/1/1 $699,999 $659,000 -5.86 %
2869 Broderick Street 4/3/2 $3,500,000 $3,300,000 -5.71 %

For more Good Real Estate Stuff…check out The Goods.

Reduction Redux, in which I pick up the Gauntlet

When I posted Reduction Ad Nauseum,  I really just wanted a read on how the educated real estate populace explains and/or reacts to listings that have suffered not one, not two, but three or more price cuts. Still, one commenter Noe Guy said:

“Interesting observations but I wouldn’t put too much stock in them. First, you      picked all TICs. TICs were always more of a speculative area of the market–get financing as a group, hold everything together via legal contract, hope for condo lottery, refinance. Everything about it is more speculative, hence the standard discount of TICs to condos… In this market, that discount should be steeper due to higher risk.

In addition to the more speculative aspect of the TIC market, I’ve always believed that it’s very difficult to accurately price a TIC. It’s not just the property that’s for sale. It’s the property, the actual contract, and the partnership with other owners. Those other two intangibles (from an economic standpoint) make the market less transparent, less liquid, and more difficult to price.

The evidence you’ve sited above clearly makes this case, but keep it in context and look outside of TICs if you want a clearer picture…”
 
Well, geez, what observations? I just observed 3 properties with 3 or more cuts, and opined that buyers (like me, someday, Obama willing) tend to look at reduced properties as Tijuana specials, as in: $500K now? No, no, I don’t think so. Here’s $300K and a pity hug. My final offer.
 
But okay, Noe Guy. See, I love a challenge (else why would I be so sure I can buy a house on an English teacher’s salary, eh?). So here you go, 3 more properties, decidedly not TICs, that have come down more thrice or more in their careers on the market.

Ask an Expert (Sven Lavine), Inner Parkside Weather and height restrictions

“I enjoy reading your newsletter and your blog. Thanks for all the helpful info. Would you mind helping me better understand Inner Parkside w/respect with the weather? We’re looking at a home on the west side of 16th; does that mean we’re doomed to being shrouded in fog? Also, more importantly, is it virtually impossible to build upward (one story) in this neighborhood? Or will we have to go back, essentially eliminating the home’s small backyard?
Thanks,
Pete”
———————————-
As answered by Sven Lavine, of Sven Lavine Architecture

Hi,

I won’t get into the weather, but regarding the expansion, technically, you probably would have a 40 foot height limit in Inner Parkside. But what would actually be allowed by planning would depend on the predominant character of the neighborhood. If there are other adjacent houses which are taller than your potential home, you stand a better chance. If not, you may be able to build something that is set back from the front of the house in a way that the perceived mass is reduced. As is always the case in San Francisco, neighborhood opposition can stop the project, so get your neighbors and architect involved in the beginning.

Good Luck,
Sven Lavine, AIA

Ask an Expert, Inner Parkside Weather (Jane Ivory)

“I enjoy reading your newsletter and your blog. Thanks for all the helpful info. Would you mind helping me better understand Inner Parkside w/respect with the weather? We’re looking at a home on the west side of 16th; does that mean we’re doomed to being shrouded in fog? Also, more importantly, is it virtually impossible to build upward (one story) in this neighborhood? Or will we have to go back, essentially eliminating the home’s small backyard?
Thanks,
Pete”
————————–

As answered by Jane Ivory of Hill & Co. Real Estate, www.janeivory.com

I lived on 16th and Pacheco for a few years and the fog is not bad there at all. I successfully grew roses in my back yard and sunbathed regularly! The fog seems to stop at 19th Ave. most of the time. It is difficult to build up or back generally in the city because (1) you have to be cognizant of blocking neighbor’s views and (2) there is a rule in the city about leaving 1/3 of the lot free of construction. It’s best to check with the building department before getting your hopes up.
Best,
Jane

Ask an Expert, Inner Parkside Weather (Todd Wiley)

“I enjoy reading your newsletter and your blog.  Thanks for all the helpful info.  Would you mind helping me better understand Inner Parkside w/respect with the weather?  We’re looking at a home on the west side of 16th; does that mean we’re doomed to being shrouded in fog?  Also, more importantly, is it virtually impossible to build upward (one story) in this neighborhood?  Or will we have to go back, essentially eliminating the home’s small backyard? 
Thanks, 
Pete”

————————
As answered by Todd Wiley of Zephyr Real Estate

Pete,

As a long time resident of the Sunset and Parkside and having just added 1200 Sq. Ft. to my own home last year while acting as the contractor, I can say that I am qualified to answer your questions about the area and the challenges that lay ahead of you.

The easy answer is regarding your question about the fog. There is no perfect answer only perfect optimism. You must be optimistic about the weather, or at a minimum work outside of the avenues so that each night when you return from work in the summer you are greeted with a cool layer of fog. Sometimes it is not bad at all to be greeted by fog when you just suffered a 100+ degree day in the valley somewhere. Each year we have a mixed bag of weather in the avenues and the fog cannot be predicted. Some years are wonderful and some years you cannot believe you have not seen the sun for four weeks straight. Just last year we had a wonderful summer and the year prior made me absolutely wonder why I live out here. When the weather is nice we have it all. The beach is right there and the parks in this area cannot be beat. In my opinion, I love it out here. It is a great place to live as long as you are not stuck working from home every single day between the months of June-August, which tend to be the most plagued by fog. In the fall, fog is an on-and-off occurrence, but the winter is almost always clear. We did have two foggy days just last week on Saturday and part of Sunday, so you never know.

Additions and adding on to your home. Since I recently added on to my house I can tell you that the only real issue you face when making such an addition is your neighbors. If you plan on adding a floor and going up you may have some challenges ahead of you. First is City Planning, and the other is Building. You must pass planning before you can move on to building. It “always” helps in the eyes of City Planning if others on your block have already done so. You can bet that you will have complaints that will hinder or squash your dreams if you are planning on going up high enough to block someone’s view. If you are on the west side of an avenue and perched well above the lower avenue you will likely have no issues whatsoever. You must submit your plans and engineered drawings to Planning. Planning will then assist you in circulating the information to your neighbors and give them an opportunity to resist your plans. After the mailer goes out I believe they have ten days to do so. If nothing comes up, you will then be granted a permit and you can begin work and then a whole new challenge will begin. I went out and not up. Going up is very expensive, while excavation (if needed) and lengthening your property is much less so. Consult an architect and have them draw you a few scenarios. Submit them to Planning and start from there.

Further information can be attained by searching the website at www.sfgov.org/dbi.

Good luck!

Todd Wiley

Ask an Expert, Inner Parkside Weather (Eddie O’Sullivan)

“I enjoy reading your newsletter and your blog. Thanks for all the helpful info. Would you mind helping me better understand Inner Parkside w/respect with the weather? We’re looking at a home on the west side of 16th; does that mean we’re doomed to being shrouded in fog? Also, more importantly, is it virtually impossible to build upward (one story) in this neighborhood? Or will we have to go back, essentially eliminating the home’s small backyard?
Thanks,
Pete”

—————————-
As answered by Eddie O’Sullivan, of Hill & Co. Real Estate, www.buysellmySFHome.com

It’s foggy but I have friends who live there and they don’t seem to mind. SF has a 40ft height limit so you will be able to build up but there are restrictions. Your neighbors need to be ok with it first of all and then the city does not want the second story to be visible from the street so they will require a set back. They also limit its size. I have a friend who is doing this type of project right now near parkside and they were only able to build 500sqft. As for building out, if it only has a small yard the city will probably not let you cover anymore of your lot because full or almost full lot coverage is a big no no for them.

Good luck,
Eddie O’

Ask an Expert, Inner Parkside Weather (Alexander Clark)

“I enjoy reading your newsletter and your blog. Thanks for all the helpful info. Would you mind helping me better understand Inner Parkside w/respect with the weather? We’re looking at a home on the west side of 16th; does that mean we’re doomed to being shrouded in fog? Also, more importantly, is it virtually impossible to build upward (one story) in this neighborhood? Or will we have to go back, essentially eliminating the home’s small backyard?
Thanks,
Pete”

————————-
As answered by Alexander Clark, of Hill & Co. Real Estate and sfnewsletter

Inner Parkside can have some pretty dodgy weather, indeed. Foggy in the summer, windy in the spring, but beautiful in the fall. Regardless of whether you’re on the west or east side of the street, it will be foggy. It’s the wind that will get you, both in summer and spring. That is why, in my opinion, the east side of the street is better. You may not get ocean views from there, but at least your backyard is blocked by your house from the wind. You can be back there on the windiest day, and if it is sunny, you’ll think you’re in SoCal. Plus, the morning sun in SF feels much warmer than the afternoon sun, thanks to the wind. But being on the west is not the end of the world either. It’s all how you play with the wind. If you build a nice deck, just make sure you build it to block some wind. Don’t think fog, think wind, and think positive. It could be worse, you could live in Sacramento where it frequently hits 100+, without West Portal out your back door.

With respect to building up, check out Sven Lavine’s comments from the last “Ask an Expert” response, Building up in Outer Sunset.
For more of our take on the Inner Parkside check out our Tour de San Francisco.
Perhaps the best person to consult on the weather is Bill Martin of KTVU Channel 2 Weather. He surfs at Ocean Beach all the time and tends to be pretty good with the micro-climates.
Lastly, you might want to rent “An Inconvenient Truth” by Al Gore…the Inner Parkside could soon have the best weather around. ;-)
Thanks for reading, and thanks for asking.
alex