SOLD | $1,400,000 | Box Factory Lofts

Sold | 2169 Folsom M202 | Inner Mission | $1,400,000

Holy hell that was a long one! In the end, we got it done. Congratulations to all involved. And to those readers that are looking for more blogging than just our recent sales, my apologies. We’re working on that too. Gotta make hay while the sun is shining, and get back to blogging about all that good real estate p*rn when we come up for air. In the meantime, there is always The Goods, which updates daily so you can track everything on your own.

Sold | $1,400,000 | 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

1315minnagarage

Maximum Overbid Of The Week | Welcome To The Mission | Kitchen & Bath Not Included

From the Outer Richmond last week, to the heart of the Sunset this week, the Western edge of San Francisco continues to take top honors on the Overbid list.

Perhaps a little less baffling than last week’s, and also a case of clearly underpricing a property, this little gem at 2724 Ortega just fetched nearly 40% more than asking ($849,000 to $1,135,000). To be perfectly honest, it sold exactly at a reasonable price, so there is not much of a story on this one, buuuttt…

Have a look at 1315 Minna, which took second fiddle, in the oh-so hip and happening Inner Mission District..definitely a kitchen suitable for Easter Brunch, or Thanksgiving Dinner.


From $999,000 to $1,328,000…. our friends around the world are collectively shaking their heads in disbelief. As for us, it’s all too familiar.

Top 10 Maximum Overbids Of the Week | San Francisco

Address BR/BA/Units DOM List Price Sold Price Overbid
2724 Ortega Street 3/2.00/N/A 14 $849,000 $1,135,000 33.69%
1315 Minna Street 2/1.00/N/A 21 $999,000 $1,328,000 32.93%
635 38th Avenue 3/3.00/N/A 13 $1,495,000 $1,915,000 28.09%
6 Berkeley Way 4/3.50/N/A 15 $1,298,000 $1,650,000 27.12%
3392 16th Street 2/1.25/ 12 $995,000 $1,245,000 25.13%
73 Naples Street 3/2.00/N/A 12 $749,000 $927,000 23.77%
1045 Church Street 3/1.00/N/A 19 $1,799,000 $2,225,000 23.68%
1039 Treat Avenue 2/1.00/ 4 $1,099,000 $1,350,000 22.84%
2679 43rd Avenue 3/1.00/N/A 9 $749,000 $920,000 22.83%
1056 Cole Street 3/1.00/ 13 $1,095,000 $1,310,000 19.63%

For information about any of the sales you see above, about San Francisco, or our market, have a look around the site..it’s loaded with great information. Better yet, give us a shout and we’ll get you sorted.

Have a great weekend!

1078yorkfront

Inner Mission Victorian Fixer Sells $320,000 Over List | In Knoxville That Buys You This…

Not to be outdone by any of the fixers clinching the top spot on a few of our previous top 10 Overbids1078-80 York, a two unit in San Francisco’s hot, hotter, hottest Inner Mission District, just closed for only $320,000 over ask.


(People around the world scratching their heads thinking, “Is this guy nuts? I could buy an entire house (maybe in Knoxville) for what this person just paid over asking on this piece o’ hooey property that doesn’t even have a kitchen!?”) Yessir, it’s what many would call a “dump”, but not us, and it actually has two kitchens…granted they don’t work, but this property right here is a diamond in the rough and we’d go so far as to say this buyer scored a great property at a very fair price, in a very hot location, location, location.

As for the rest of the top 10, here you go:

Address BR/BA/Units DOM List Price Sold Price Overbid
1078 York Street 80 2-4 Units 7 $995,000 $1,315,000 32.16%
1751 La Salle Avenue 5/1.50/N/A 60 $625,000 $805,000 28.80%
361 Texas Street 3/2.00/N/A 15 $1,795,000 $2,300,000 28.13%
1015 Ashbury Street 2/2.00/2 8 $1,095,000 $1,350,000 23.29%
1444 17th Avenue 2/2.50/101 5 $1,299,000 $1,600,000 23.17%
149 Shipley Street 3/2.00/ 9 $988,000 $1,180,000 19.43%
3919 17th Street 1/1.00/ 0 $895,000 $1,065,000 18.99%
79 Seward Street 3/2.00/N/A 6 $1,995,000 $2,350,000 17.79%
2919 Pacific Avenue 2/2.00/6 8 $1,249,000 $1,457,000 16.65%
2932 26th Avenue 3/2.00/N/A 14 $1,425,000 $1,650,000 15.79%

To wrap this week up, the market is shifting. All signs point to this being a fantastic time to sell your property, and we are experts at doing just that. Give us a shout and we’ll git ‘er done.

1078-80 York, Inner Mission District [The Goods]
More market data than you could ever want [The Goods]
709 Loop Rd, Knoxville, TN [Redfin]
Information for sellers [theFrontSteps]

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San Francisco Condominium Real Estate Apprecation 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 condominiums, the next post is specific to houses 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 condo 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. New, high-price condo projects can make sudden, dramatic impacts on neighborhood median sales prices in the year they go on market. In 2011, median sales prices in some areas were badly distorted by distressed property sales (bank and short sales) that didn’t represent fair market values. If either of these situations applies, the 4-year appreciation rate will jump higher in that neighborhood.

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sfmap

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.

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San Francisco New-Home Construction Report

The SF Planning Department just released updated Q3 information regarding the new-housing development pipeline. San Francisco is in the midst of one of its biggest new-housing construction booms in history. (The same is occurring on the commercial development side, but this report won’t deal with that.) Indeed, it often seems that new projects of one kind or another are being announced on an almost daily basis, and a detailed map delineating all projects in some stage of the pipeline makes many city districts appear to have measles.

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New housing construction has lagged population pressures for decades – pressures which have soared during the current economic and employment boom – and now there is a scramble to address the inadequacy of housing supply, and, for developers/investors, to reap the rewards of a high demand/low supply dynamic in one of the most affluent and expensive housing markets in the world.

Currently, there are approximately 59,000 housing units of all kinds – luxury condos, rental apartments, market rate and affordable units, and social project housing – in the relatively near-term pipeline (next 5 to 6 years). Most are in the Market Street corridor area, the Van Ness corridor just above Market Street, and in the higher-density housing districts to the southeast of Market Street (see map). If we add the mega-projects planned for Candlestick-Hunter’s Point, Treasure Island and Park Merced, which may take decades to become a reality, the number jumps to over 80,000. As a point of context, there are approximately 382,000 residential units in San Francisco currently. About 3500 new units were added in 2014.

Housing supply and affordability issues, strong feelings regarding neighborhood gentrification and tenants’ rights, and even simple NIMBYism (or in SF, NBMVism, “not blocking my view!”) make development the most contentious political issue in San Francisco. Furious battles are ongoing in the Board of Supervisors, the Mayor’s office and the Planning Department; with neighborhood associations and special interest groups; and at the ballot box. Development is not for the faint of heart or shallow of pocket: One cannot contemplate building virtually anything in the city without vehement opposition and sometimes a well-funded coalition in opposition. For developers, the equation to be penciled out includes high costs, enormous hassle-factor and extended project timelines on one side, and the potential for large financial returns on the other. In new San Francisco developments, condos often sell for $1250 per square foot and above, and 500 square foot studio apartments can rent for up to $3500 per month.

Of the units in the greater pipeline of 80,000 units, over 9000 units are designated as “affordable housing” – but about 5000 of those are in the long-term Candlestick-Hunter’s Point and Treasure Island projects. Because of the nature of the political environment, much to do with how much affordable housing will be built is in flux. Many developers are in intense negotiations with government agencies and neighborhood associations to find a workable compromise between return on investment on one hand, and unit mix and affordable housing requirements on the other. Said requirements may consist of a percentage of units in the project, building affordable units elsewhere in the city, or contributing substantial amounts to the city’s affordable housing fund in lieu of building.

New housing construction is very sensitive to major economic, political and even environmental changes (i.e. natural disasters), so simply because something is in the pipeline doesn’t mean it will be completed as planned within the timeframe contemplated. First of all, plans are constantly being changed in the normal course of things. And if a big financial or real estate market correction (or crash) occurs, as happened in late 2008, projects in process can come to a grinding halt, and new projects substantially altered, delayed or abandoned. Because the timeline in San Francisco can run 3 to 6+ years, from initial filing with Planning to construction completion, developers and their financiers make enormous financial bets on what the future will look like. Timing is everything in real estate development, and can make the difference between exceedingly large profits and bankruptcy. When the music stops – which it always does sooner or later, though the time range of opportunity can vary greatly – not everyone will find a chair to sit down in. That especially applies to those who over-leveraged their projects.

As a side note, big Chinese developers have been investing in both large residential and commercial real estate development projects in the Bay Area, and, according to reports, continue to aggressively seek additional opportunities. Though significant – constituting billions of dollars in investment – these projects do not constitute the greater part of Bay Area development.

The Planning Department’s pipeline-report webpage is here: http://sf-planning.org/index.aspx?page=1691

And if it keeps snowing, you will find me here.

elseworth

San Francisco | Top 10 Overbids Of The Week

As if last week wasn’t painful enough for you buyers. The top spot this week comes in a meager 67% above the list price of $850,000 for a sales price of $1,425,000. Bernal Heights, FTW! But don’t overlook the Mission district single family home at 3336 23rd Street that fetched $811,000 over asking either:

Address BR/BA/Units DOM List Price Sold Price Overbid
99 Ellsworth St 2/1.50/N/A 12 $850,000 $1,425,000 67.65%
1365 Union St 1367 2-4 Units 8 $1,999,000 $3,150,000 57.58%
3475 Jackson St 4/3.50/N/A 12 $3,995,000 $6,175,000 54.57%
3336 23rd St 3/2.00/N/A 16 $1,495,000 $2,306,000 54.25%
1644 Great Highway 4/2.00/N/A 19 $799,000 $1,210,000 51.44%
197 Lower Ter 2/2.00/N/A 13 $995,000 $1,500,000 50.75%
61 Germania St 2/1.50/ 7 $899,000 $1,310,000 45.72%
88 Norton St 2/1.00/N/A 14 $659,000 $950,000 44.16%
2266 Jackson St 3/2.50/ 7 $1,695,000 $2,410,000 42.18%
514 Elizabeth St 2/1.00/ 15 $1,095,000 $1,555,000 42.01%

Wowza…

[Editor’s Note: Overbids are calculated by way of percentage over, not dollar amount over.]

To see the Top 20 Overbids, as well as top 20 Underbids (they exist), check out The Goods that I provide.

Have a great weekend!

whiskey

Top 10 Whiskey Bars In San Francisco

Because talking about real estate ad nauseam gets boring, and we can all use a good Bourbon from time to time, I decided to do a top 10 Favorite locales to enjoy Whiskey/Bourbon in San Francisco. Get at it!

Whiskey, the brown liquid brimming with magical properties, is one of the best liquors around. If you agree and happen to be moving to the Bay Area then you’re in for a treat, because the city has some excellent whiskey-heavy haunts that should please even the snottiest of liquor snobs. If you’re in the mood for chatting with somebody over a smooth glass of single malt, then consider checking out the following 10 places.

Bourbon and Branch

Bourbon and Branch is one of the more unique venues in Tenderloin. It’s easy to fall in love with this place because of its prohibition theme, secret passwords, hidden rooms, costumed mixologists and an exclusive, speakeasy atmosphere. Plus, they have a modest collection of uncommon and rare liquors, and some of the best mixed drinks around.

Hours: Mon-Sat 6 pm – 2 am
Neighborhood: Civic Center / Tenderloin
Website: bourbonandbranch.com

Nihon Whiskey Lounge

If you’re looking for an intimate encounter with your glass of whiskey, then Nihon is the place to go. This Japanese-style whiskey haunt has one of the largest selections of single malt on the West Coast, and some good food to go alongside it. Plus, if you feel like one glass of special liquor isn’t enough, you can buy an entire bottle which gets put in a private locker until you return.

Hours: Tue-Sat 5:30 pm – 1:30 am
Neighborhood: Mission
Website: dajanigroup.net/establishments/nihon-whisky-lounge

Rickhouse

There is a reason GQ put Rickhouse on its best whiskey bars in the country 2013 list: it’s amazing. It’s the go-to haunt for an after work drink, particularly if you’re lucky enough to snag a seat at the bar. This place breathes whiskey, from its 300 Kentucky-imported barrels that make up the ceiling staves, to the walls in the back which are inspired by prohibition era distilleries.

Hours: Mon-Sat 6 pm – 2 am
Neighborhood: FiDi
Website: rickhousebar.com

Tradition

Another Bourbon and Branch whiskey house, this place is a wonderful stop, if for nothing more than they age their own barrels on the second floor. Plus, the place boasts more than 80 different cocktails, a knowledgeable staff and a traditional drinking atmosphere.

Hours: Mon-Sat 6 pm – 2 am
Neighborhood: Tenderloin
Website: tradbar.com

83 Proof

The signless 83 Proof is a wonderful bar, if you can find it. This hidden gem is quite literally hidden. It has no signage and it’s rather hard to find unless you know where you’re looking, which means the lounge is not nearly as crowded as its other popular counterparts.

Hours: Tue-Sat 2 pm – 2 am
Neighborhood: SOMA
Website: 83proof.com

Hard Water

If you’re craving rare bourbon and don’t mind being squished in this tiny hole-in-the-wall haunt, the Hard Water is where you want to be. This NOLA-themed place has the best options for rare bourbon by the flight in the city.

Hours: Mon-Sat 5 pm – 12 am
Neighborhood: Embarcadero
Website: hardwaterbar.com

Whiskey Thieves

If you’re looking for a more casual environment to enjoy your whiskey in, then Whiskey Thieves is the place to be. It boasts a relaxed, but substantial option of liquors, pool tables, jukeboxes, and affordable prices.

Hours: Mon-Fri 1 pm – 2 am; Sat-Sun 12 pm – 2 am
Neighborhood: Civic Center / Tenderloin
Website: Yelp Profile

Bloodhound

If you need a reprieve from the average yuppie San Francisco bar, then Bloodhound is your best bet. It’s themed as a country western lodge with leather sets, exposed wooden beams, hunting apparel decorating the walls and Edison light bulbs. The liquor selection is massive, and the pool table and old school jukebox finish off the rugged touch.

Hours: Mon-Sun 4 pm – 2 am
Neighborhood: SOMA
Website: bloodhoundsf.com

Swig

If you’re in the mood for a classy atmosphere to enjoy your glass of whiskey, then look no further than Swig. In the colder seasons the bar offers a pleasant fire to cozy up to, and an impressive selection of more than 150 whiskeys that span 80 years. The prices are not cheap, but it’s worth the splurge now and then.

Hours: Mon-Thu 4 pm – 1:30 pm; Fri-Sat 2 pm – 1:30 pm; Sun 5 pm – 1:30 pm
Neighborhood: Civic Center / Tenderloin
Website: swigbar.com

The Alembic

The Alembic is a small, tucked away narrow room that has an overwhelming list of excellent liquor choices. The bar specializes in getting you the perfect glass of bourbon, single malt scotch, American whiskey and Irish whiskey. If you’re feeling for something a little less straight forward, then try the new school and old school mixed options to liven things up.

Hours: Mon-Sun 12 pm – 2 am
Neighborhood: Haight Ashbury
Website: alembicbar.com

And of course, if you need a comrade, I’m a quick text message away.

Cheers!

203guerrero

That Crooked House On The Corner Of Guerrero And 14th Is For Sale – 203 Guerrero

In case you’ve driven/ridden by this place and thought you’d like to have a look inside, it’s your lucky day – 203 Guerrero just hit the market, and it’s pretty damn sweet.
203guerrero

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Modern to the core, and a perfect place to see and be seen (if you’re into that type of thing), this stunner of a 3 bed, 3 bath condo (not a single family) could be yours for the very low, never sell at this price in a million years, price of $1,699,000. Don’t walk, run. It’s awesome. It has a rooftop deck with hot tub smack dab in the heart of the Mission (the heart is known to wander) for Chrissakes! Oh yeah, and Four Barrel is just down the street.

203 Guerrero Listing Details [The Goods]

Possible Shift In San Francisco Real Estate Market? Should You Sell Your Home Now?

February 2014 San Francisco Market Report

It is far too early in the year to reach definitive conclusions regarding substantive changes in the market, but there are indications of a number of shifts. From the hurly burly on the street, the word is that the quantity of offers coming in on new listings is declining. Where a new listing might have attracted 10 or 12 offers last spring, 3 or 4 are coming in now; where 3 or 4 offers would have arrived, the seller is getting 1. And, according to Broker Metrics, for every 2 listings that offers in December and January, another listing expired or was withdrawn without selling.

The amount of competition deeply affects home price increases.

There are still a very large number of buyers looking at listings online and at open houses. But more of them appear to be first-time buyers and they are proceeding more cautiously. Some buyers are burned out on the multiple-offer bidding frenzies of last year and are reluctant to participate in them. Though the market remains hot by any reasonable standard, by some statistical measures it is cooling. This may reflect a transition or only a lull before the spring sales season begins.

Recently, the investment-property analysis firm Reis speculated that SF apartment-rent growth — which has been extraordinary by any measure, especially in a period of low inflation — will slow despite intense demand and very low vacancy rates, simply because people can’t pay any more. It’s an idea which may or may not be correct or apply to other types of housing costs. Rent rates do play a role in purchase prices as buyers often compare the net housing costs of the two options.

Median Sales Price Appreciation by Neighborhood

In San Francisco, some of the most affluent neighborhoods — such as the Pacific Heights-Marina district and the Noe, Eureka and Cole Valleys district — started their recoveries in the second half of 2011, well before virtually every place else in the city or country. When 2012 began, prices in these districts soared, while other areas played catch up. In 2013, that dynamic flipped: Appreciation rates in comparatively less expensive neighborhoods surged, while slowing in the most affluent areas.

A big part of this is simple affordability: Priced out in one neighborhood (or city), buyers focused on others, similar in ambiance but less costly. Home prices there looked so good in comparison that buyers were willing to bid them up. The huge decline of distressed sales in areas severely affected, such as in Bayview, has had an outsized effect on median sales prices there. Continuing gentrification, as in the Mission, and increasing “luxury” condo construction in less affluent areas have also played parts in this trend. It’s not as if demand plunged in the Pacific Heights-Marina district (or Noe Valley, for that matter). Quite the contrary: its 9% appreciation rate in 2013 translated into the city’s largest median price increase in dollar terms ($300,000). However, in the previous year, this district saw year over year median price appreciation of 25%.

Note that median price appreciation does not perfectly correlate to changes in home values, as it can be affected by a variety of market factors. It does give an approximate sense of market trends.