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.

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San Francisco Market Report

Britain’s June vote to exit the EU has already had an impact on the market in the US, including here in San Francisco. Mortgage rates have dropped almost a quarter of a percent, making the monthly payments on our pricey housing slightly more affordable. The result is that it will support continuing increases in sales prices, as decreases in interest rates always do. For example, a $1,000,000 loan at 3.75% costs $4,631/month, but at 3.5% you can borrow $1,032,000 for the same monthly payment. And monthly payments are what buyers focus on.

The Federal Reserve Bank of San Francisco published its upbeat Economic Forecast in June which indicated continued strong job and economic growth, continued low business and mortgage interest rates (this was published prior to the vote in Britain), coupled with historically low unemployment and inflation below the Fed’s target of 2%. The conclusion is that they see Gross Domestic Product growth around 2% for the year, at a “pace consistent with moderate ongoing expansion, which we expect to continue over the next few years.”

Of interest was their findings about the cause of the lower labor force participation rates that have been occurring since 2001 that have been noted by many previous reports. It turns out that because of the considerable shift in the wage gains during this time period to the higher income households, that these households have fewer multiple earners. On the opposite end of the spectrum, lower wage earners continue to need multiple earners to make ends meet.

The Fed report hypothesizes that this is a shift that the upper-income households have made in the work-life balance and that the workforce participation in this group may remain low. It is also mimicked by the young workers in upper-income households, where labor force participation is also significantly lower than in the general population.

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San Francisco Single Family Home median prices have been hovering between $1,352,000 and $1,380,000 for the past four months since peaking at $1,400,000 in February 2016. That was the second time median prices had hit that number, first back in May of 2015. With the drop in interest rates, we could break through that median price soon because that drop from 3.75% to 3.5% finances another $45,000 in the loan amount for the same monthly payment.

The Condo/Loft Median Sales Price hit an all time high of $1,180,000 in June 2016, up 4.9% from June 2015.

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Resale Condos-Lofts jumped 59% in both Days on Market and Months Supply of Inventory compared to June 2015, but both are still in strong sellers market territory.

Single Family Homes are up slightly in Days on Market from 16 to 20 both for May to June, 2016 and from June 2015 to June 2016. Months Supply of Inventory dropped from 2.3 in May to 1.9 in June 2016 and was also down from June 2015’s 2 months. Both market indicators continue to show a strong sellers market.

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Single Family Homes New Listings dropped by 55 from May to June 2016. It was also off 61 compared to June 2015. Of additional continuing importance is that the year-to-date number of new listings is down 60 from year-to-date 2015, a 4.1% decline. This helps explain why Months Supply of Inventory is lower than last year.

Resale Condos/Lofts had the reverse trend, with 1 more new listing on the market in June than May, 2016, and 27 more new listings in June 2016 than June 2015. And, significantly, year-to-date new listings are up 167 over year-to-date 2015, which represents a 10.3% increase in inventory. This helps explain why Months Supply of Inventory and Days on Market has risen sharply for Resale Condo/Lofts.

No Mass Exit from San Francisco on the Horizon

At last month’s SFARMLS Building Boom forum, the Bay Area Council presented its latest poll of Bay Area residents, and said that the results show that a third of Bay Area residents “are likely to bolt the region in the next few years”. In truth, that is a big overstatement of the poll results.

What the poll actually asked for was a response to: “I am likely to move out of the Bay Area in the next few years.” What people answered was: 13% said they strongly agree with that statement and 21% said they somewhat agree.

That is certainly not a third of the residents saying they are likely to “bolt” in the next few years. Exactly where would they go? Jobs are here, families are here, the great weather is here. There’s a reason our population is growing – this is a fabulous place to work and live, in spite of high prices and congestion.

SOLD | 1011 23rd Street | Modern Loft In Dogpatch

1011 23rd Street #10 | Dogpatch Loft | $699,000

Dogpatch, San Francisco: according to Wikipedia “is located on the eastern side of the city, adjacent to the waterfront of the San Francisco Bay, and to the East of Potrero Hill. Its boundaries are Mariposa Street to the North, I-280 to the West, Cesar Chavez to the South, and the waterfront to the East. It contains housing, some remaining heavy industry, more recent light industry, and a new but growing arts district. In 2002 it became an officially designated historic district of the city of San Francisco….[and] there is no definitive explanation for the name

One thing we know for certain, Dogpatch has some amazing properties, and 1011 23rd Street #10 is right up there…

Situated on the corner of 23rd Street and Minnesota, this corner unit residence features soaring (approximately) 17′ ceilings, enormous windows that flood the home with natural light, an open kitchen/living area with bar seating, granite countertops, stainless appliances, fireplace, refinished hardwood floors, in unit Washer & Dyer, new carpet in the loft bedroom, and parking.

Just a short walk away from the increasingly vibrant Dogpatch shops and restaurants, and half a block away from Philz Coffee (yes, that’s a selling feature, since Philz was voted the best coffee house in San Francisco, and this is their Mothership location), living at 1011 23rd Street will afford you all of the new things San Francisco is offering up, as well as some of the old that seems to have been lost (especially some grit and character).

Come check out this wonderful loft, introduce yourself, feel the vibe, cruise the neighborhood, bring me a coffee, and I’ll hand you the keys – coffee and a few hundred thousand dollars.

Listing Details:
$699,000
1 bedroom
1.5 bathrooms
1 parking space
Corner Unit Loft
Soaring (Approx. 17′) Ceilings & Windows
Custom Window Coverings
Open Kitchen w/bar counter
Granite Countertops
Dishwasher
Hardwood Floors
New Carpet in Bedroom/loft
Fireplace
Washer & Dryer
Storage
Fitness Area
View Roof Deck
HOA Dues: $512.94/mo (Includes Water, Garbage, Webpass Internet, Building maintenance, gym, roof deck, building insurance, outside management)
A+ Dogpatch Location

Showing Schedule:
Private Showings Upon Request
Open House Sundays 2-4pm

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

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

luminapool

Lumina Sales Center Says Thanks

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It’s not everyday a development runs an ad thanking those that have helped make it a success, but Lumina just did. I’m proud to be one of the many agents bringing buyers through the door, and making it a resounding success.

The LUMINA Sales Team & Tishman Speyer would like to extend their sincerest gratitude to those of you who have helped bring the vision of LUMINA to life.

Lumina San Francisco
Thanks Lumina sales center, it’s a pleasure working with you guys. Here’s to 2016 getting more people to recognize the sheer awesomeness of what you’re creating.

Contact me to get into Lumina today.

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SOLD | 1177 California #304, Gramercy Towers | Nob Hill

Congratulations to the buyer and seller of my most recent transaction! What a smooth one it was. If only all of them went this well. Minimum hassle, and sold at $790,000…just a touch over asking. What a wonderful building run by amazing individuals! I felt very lucky to interact with so many of the people (especially Nolly and Sonny) that make Gramercy Towers a pleasure to visit. If you live there, you’re lucky. Prime Nob Hill Location, full amenity building, and you even get a Steak House downstairs (surely there is a vegetarian option too…this is San Francisco after all.)

Listing Details:
$779,000
1 bed
1 bath
1 car parking
Remodeled Kitchen and Bath
Views
Liebherr Refrigerator
Miele Dishwasher
Fagor Range/Oven
Caesarstone Countertops
Designer Cabinets
Custom Closets
Bar seating
Views
HOA Dues: $848.83 (Includes earthquake insurance, PG&E, heat, water, garbage, common area maintenance, 24/7 lobby, onsite management, and reserves.)

Congratulations all the way around.

If you live in Nob Hill, and are considering a sale, please don’t hesitate to contact me.

1177 California #304, Property Details [theFrontSteps]

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Mission To Millennium | SF’s Top 10 Underbids of the Week

The top underbid of the week goes to an Outer Mission single family home that (dare we say) needs a bit of work. Listed for $699,000 and sold for $575,000 after 62 days on the market. According to our data from last week, single family homes continue to take up the majority of the top 10 underbid slots: 50% single family homes, 30% multi-units, and 20% condo.

As we get into the winter months, we are seeing luxury homes cooling down but affordable homes remaining competitive. One other notable Underbid is this wonderful Millennium Tower residence with million dollar water and landmark views on both sides of the Bay. Listed at $4.588M and sold for $4.18M after 122 days. Still a win, IMO.

As for the rest, here you go:

Address BR/BA/Units List Price Sold Price Underbid
2220 Cayuga Avenue 1/1/1 $699,000 $575,000 -17.74 %
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 %
18 Kronquist Court 4/2/1 $1,899,000 $1,725,000 -9.16 %
301 Mission Street #49D 2/3/2 $4,588,000 $4,180,000 -8.89 %
78 Gladys Street 3/2/0 $1,195,000 $1,100,000 -7.95 %
1437 47th Avenue 1437A 2-4 Units $1,275,000 $1,175,000 -7.84 %
2829 Pierce Street 2831 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 %
2040 Franklin Street #506 0/1/1 $575,000 $540,000 -6.09 %

As is always the case, if you have any questions about the market, your home, homes in your area, or real estate referrals around the world, I am here to help. Just give me a shout by choosing any of the “contact” options all over this site.

San Francisco Condo Prices Down 3% Since Month Prior, Up 15% YTD

SAN FRANCISCO CONDOMINIUM PRICES DECLINED 3 PERCENT IN SEPTEMBER FROM PREVIOUS MONTH, UP 15 PERCENT FROM LAST YEAR

Resale Inventory Surpasses Two Months of Supply for First Time in Two Years
According to The Mark Company Trend Sheet

San Francisco – October 14, 2015 – San Francisco condominium prices declined 3 percent from the previous month according to the Condominium Pricing Index released today by The Mark Company, a leading urban residential marketing and sales firm.
The San Francisco Condominium Pricing Index fell to $1,294 per-square-foot in September, retreating from the $1,340 per square foot record set the previous month, but remains 15 percent higher than September 2014. Monthly appreciation during this time of year is typically low or even negative.

There are approximately 656 new condominiums for sale in San Francisco, marking the lowest inventory level since March of this year. The scarcity of inventory will be eased slightly when sales commence at several developments during the fourth quarter of this year, including 41 units at 450 Hayes in Hayes Valley and 34 units at LuXe in Pacific Heights.

Prices for resale condominiums also decreased slightly to an average of $953 per-square-foot, falling 2 percent compared to August. Despite the recent decrease, prices are still 8 percent higher than one year ago. The number of resales is trending downward, falling 19% since last month, and 25% year-over-year.

“There are currently 395 active resale condominium listings in San Francisco, representing 2.4 months of supply. This is the first time in over two years that active inventory has increased to more than two months of supply, however inventory is still extremely low,” said Erin Kennelly, senior director of research, The Mark Company. Six months of inventory is considered to be the equilibrium between a buyers and seller’s market.

New construction absorption (the number of new condominiums placed into contract), fell approximately 25 percent in September, following a decline of 39 percent in August. “Slowdown is typical in the late summer, however absorption is still 36 percent higher than the same month one year ago,” noted Kennelly.

The Condominium Pricing Index, part of the firm’s monthly Trend Sheet (available at http://www.themarkcompany.com), is based on recent sales data, and uses a proprietary quantitative method to measure trends in market demand. It tracks the value of a new construction condominium without the volatility of inventory changes.

Grace Cathedral, Nob Hill

For Sale | 1177 California #304 | Gramercy Towers | Nob Hill, San Francisco

This exquisitely remodeled luxury Nob Hill condominium with views West/Southwest to Twin Peaks & outlooks onto Jones Street, located in the heart-center of San Francisco’s premiere postcard neighborhood is for sale, and you get the first look.

Featuring one bedroom, one bath, one car parking, 24/7 attended lobby, pool, spa, workout area, onsite management, a gracious lobby & courtyard entry, with world famous landmarks at your doorstep (Grace Cathedral, Huntington Park, Fairmont, Mark Hopkins & Huntington Hotels, cable cars), and a short walk to Union Square, Hyde & Polk Streets, this is the A+ Nob Hill lifestyle so many crave. Blending old world San Francisco charm with a new school WALKSCORE of 100 points, Liebherr refrigerator, Miele Dishwasher, and Fagor Range/Oven, does it get any better?!

To add to the wonderful appeal of this home and location, Gramercy Towers is expertly managed.

Listing Details:
$779,000
1 bed
1 bath
1 car parking
Remodeled Kitchen and Bath
Views
Liebherr Refrigerator
Miele Dishwasher
Fagor Range/Oven
Caesarstone Countertops
Designer Cabinets
Custom Closets
Bar seating
Views
HOA Dues: $848.83 (Includes earthquake insurance, PG&E, heat, water, garbage, common area maintenance, 24/7 lobby, onsite management, and reserves.)

Showing Schedule:
Broker Tour: 10/20/15 from 9-10:30am
Private Showings Available upon request
Offer date (if any) TBD

MLS Listing Information

Representing buyers and sellers of amazing and unique property is what I do. This property is no exception. Please come take a look or contact me for further details.

Exclusively listed by:
Alexander Clark
Paragon Real Estate Group
theFrontSteps.com
alexclark@gmail.com
415-254-5351

You can also contact me with the form below: