Congratulations to my clients on their successful purchase of this rare find of a single family home in Nob Hill at 11 Shephard Place. What it is: 4 beds, 3 baths, 1 car parking and 2243 Square feet:
Alexander Clark/Economy/market info/real estate/San Francisco/San Francisco Real Estate/Stats & Numbers/theFrontSteps
State Of The Real Estate Union
If you had to guess, what would be the most common question you think a Realtor is asked?
“What’s my home worth?” No.
“Should I stage my home when I sell it?” No.
“Do you think interest rates are going to rise?” No.
All very close, and all very common questions we certainly answer more than we should (which is precisely why for the better part of a decade I’ve helped you answer those questions on your own), but by far the most common question asked by countless people (friends, clients, strangers at parties, on the ski lift, or out surfing) is….
“How’s the Market?”
Share:
If It’s Not Selling Over, It’s Selling Under
Top 10 Underbids in San Francisco this past week:
| Address | BR | BA | Parking | List Price | Sold Price | Underbid |
|---|---|---|---|---|---|---|
| 1219-1219A Stanyan Street | N/A | N/A | 2 | $2,579,000 | $2,100,000 | -18.57 % |
| 1111 Bay Street | 2 | 2.00 | 1 | $1,199,000 | $1,000,000 | -16.60 % |
| 677 Ellis Street | N/A | N/A | 0 | $2,695,000 | $2,275,000 | -15.58 % |
| 338 Spear Street | 2 | 2.00 | 1 | $1,999,999 | $1,799,000 | -10.05 % |
| 39 Carmel Street | 2 | 2.00 | 1 | $1,995,000 | $1,800,000 | -9.77 % |
| 21 Dalewood Way | 2 | 1.00 | 1 | $995,000 | $915,000 | -8.04 % |
| 3959-3961 Washington Street | N/A | N/A | 1 | $5,300,000 | $4,995,000 | -5.75 % |
| 1650 Broadway | 3 | 2.50 | 2 | $5,395,000 | $5,100,000 | -5.47 % |
| 354 Roosevelt Way | 3 | 3.00 | 1 | $1,795,000 | $1,700,000 | -5.29 % |
| 1450 Post Street | 2 | 2.00 | 1 | $709,000 | $675,000 | -4.80 % |
Share:
Buena Vista Park/Buena Vista/Ashbury/Castro/Clarendon Heights/Cole Valley/Corona Heights/Duboce Triangle/Glen Park/market info/Noe Valley/Parnassus/Ashbury Heights/real estate/San Francisco/San Francisco Real Estate/Stats & Numbers/theFrontSteps/Twin Peaks
May 2016 Central San Francisco Market Conditions
District 5’s (See SF Districts Map Here) April numbers continue their strong upwards trend with their highest ever median sales price of $2,287,500. Year-over-year, the median price is up 8.9%.
Resale Condo/Loft Median Prices
Resale condo-loft median prices have resumed the downward trend that started last September with a brief uptick in January and February. hey dropped 2.3% from March to April, landing at $1,245,000, which is the lowest median sales price since April 2015. They are down 0.4% year-to-date and 9.6% since their peak at $1,377,000 September 2015.
While Single Family Homes Days on Market inched up to 17 in April, they are still at historically low numbers.
Days on Market for Resale Condo/Lofts dropped from 19 to 16.
Single Family Homes Months Supply of Inventory dropped slightly to 2.4 from March’s 2.5 and up from April, 2015’s 1.7.
This April there were the same number of single family home listings as in April, 2015. Over all, there have been 136 new listings in District 5 this year, one fewer than last year.
There have been 43 fewer condo/loft listings brought on the market year-to-date in 2016 than 2015. This is a 26% drop. And this is the first time in four years that the number of new condo/loft listings was lower in April than March.
Share:
May 2016 Market Report | San Francisco
We saw first quarter median Single Family Home prices in San Francisco jump with their biggest percentage increase (5.6%) in a decade, and in April’s numbers continue this strong upwards trend. The median price in San Francisco was $1,380,000 in April, the highest ever, and a 4.5% increase over March (yikes!).
Resale Condo/Loft Median Prices
Resale condo-loft median prices reversed their first quarter downward trend and went up 2.2% to end at a tie with the previous high median price of $1,125,000, back in June 2015. They are up 1.5% year-to-date.
Both the single family homes and resale condo-loft days on market inched up in April, moving from 16 to 21 days for homes and 21 to 27 days for condos.
This compares to April, 2015’s 14 days and 18 days. So, up a bit from March and up a bit from April, 2015, but still incredibly low days on market.
Single family homes months supply of inventory is up slightly to 2.3 from March’s 2.2 and a little above April, 2015’s 1.8.
Likewise, for resale condo/lofts, months supply inched up to 2.6 and over last years’ 1.7. It is the fourth consecutive months of rising inventory, something to be watched, but still a strong seller’s market.
In April 2016, there were 15 more single family homes listed for sale than a year ago, and this was the first month this year to exceed the number of listings in 2015. We are still down slightly, 1.5%, in the number of new listings homes year-to-date over 2015.
Resale condo-lofts also saw fewer new listings in April 2016 than in 2015, however, overall there have been more new condo/loft listings in 2016 than in 2015, a rise of 6.7%. This helps explain the longer Days on Market and higher months of inventory.
The best way to get answers to any questions you have about our market or timing a successful sale…contact me.
Share:
Pacific Heights Co-Op Asks $4.2M Gets $3.8M, And Those Views…
Some things just never get old (like me), and some things never go out of style, like 2170 Jackson #3, which clinched this week’s top spot on our Underbid list by selling 10.59% under it’s $4,250,000 asking price at a cool $3,800,000.
I can hear you all gasping either sighs of relief, gasps of ahhh, or whispers of “what would it be like”…Regardless, amazing property, amazing location, and hats off to all involved, underbid or not.
As for the rest:
Top 10 Underbids, San Francisco
| Address | BR | BA | Parking | List Price | Sold Price | Underbid |
|---|---|---|---|---|---|---|
| 2170 Jackson Street #3 | 4 | 3.50 | 1 | $4,250,000 | $3,800,000 | -10.59 % |
| 347 Santa Ana Ave | 6 | 3.25 | 2 | $2,495,000 | $2,250,000 | -9.82 % |
| 240 Flournoy Street | 3 | 1.00 | 1 | $550,000 | $500,000 | -9.09 % |
| 881 Lombard Street | N/A | N/A | 1 | $1,800,000 | $1,639,547 | -8.91 % |
| 338 Spear Street | 2 | 2.00 | 1 | $2,850,000 | $2,600,000 | -8.77 % |
| 333 Diamond Street | 3 | 2.00 | 2 | $1,899,000 | $1,750,000 | -7.85 % |
| 3354 20th Street | 3 | 3.00 | 1 | $2,395,000 | $2,225,000 | -7.10 % |
| 159 Dublin Street | 3 | 1.00 | 1 | $689,900 | $650,000 | -5.78 % |
| 330 Twin Peaks Blvd | 3 | 2.50 | 2 | $1,799,000 | $1,700,000 | -5.50 % |
| 733-743 Waller St | N/A | N/A | N/A | $3,850,000 | $3,656,250 | -5.03 % |
This is a very telling list, and a very good sampling of citywide deals that go unreported to you and your friends. There are deals to be had, you must simply be persistent and keep at it. This is an amazing City, and I’m betting it’s just going to keep getting better and better.
Have a great day!
Share:
market info/real estate/Real Estate Technology/San Francisco/San Francisco Real Estate/Stats & Numbers/theFrontSteps
A Perfect Match, TeedHaze & The Goods…Where Are You?
As much as this blog is all about real estate, it’s also all about me (Alex) and what I do to not only help my clients, but also my colleagues. For many years I’ve been dabbling in little ventures here and there to help my colleagues do more deals, and give their clients valuable real estate information. The first company was sfnewsletter, which created and sent branded newsletters for Realtors to their clients.
Share:
Golden Gate Heights Fixer Sells $455,000 Under Asking, But Still $1.9M
Hey! We’re back. What a great vacation (in Hawaii), and great to see even when I’m surfing, you’re all still browsing. So, on with the show…
Monday was a travel day, so Tuesday is all about the Underbid, and this week a sweet little fixer with amazing carpeting, staging, painting, and lighting (Oh yeah, there is a view too) wins top honors by selling $455,000 BELOW asking (yes, it happens).
It’s a shocker, I know, and I know you can hardly believe your eyes to read that properties sell UNDER asking in San Francisco, but they do, especially when ridiculously over-priced like this one. Regardless, it’s still a fixer for $1.9M, so who are we to judge…
As for the rest, here you go.
Top 10 Underbids San Francisco
| Address | BR | BA | Parking | List Price | Sold Price | Underbid |
|---|---|---|---|---|---|---|
| 1879 Funston Avenue | 4 | 3.50 | 2 | $2,365,000 | $1,910,000 | -19.24 % |
| 301 Mission Street | 3 | 3.50 | 1 | $3,999,000 | $3,500,000 | -12.48 % |
| 41 Rico Way | 4 | 4.00 | 1 | $4,000,000 | $3,650,000 | -8.75 % |
| 252 9th Street | 1 | 1.00 | 0 | $826,000 | $767,000 | -7.14 % |
| 3468 17th Street | 3 | 1.00 | 1 | $1,599,000 | $1,500,000 | -6.19 % |
| 1770 Quint Street | 3 | 2.00 | 2 | $910,000 | $865,000 | -4.95 % |
| 655 Corbett Avenue | 1 | 1.00 | 1 | $730,000 | $700,000 | -4.11 % |
| 132 Coleridge Street 134 | N/A | N/A | 0 | $2,155,000 | $2,075,000 | -3.71 % |
| 3305 Broderick Street | 3 | 3.50 | 1 | $3,150,000 | $3,050,000 | -3.17 % |
| 435 China Basin Street | 2 | 2.00 | 1 | $1,399,000 | $1,355,000 | -3.15 % |
To get this list (and more), delivered to your inbox on an almost regular basis, you might want to sign up for my newsletter: sfnewsletter.com
Share:
Alexander Clark/Excelsior/General Info/Green San Francisco/Just Interesting/Just plain fun/market info/Neighborhoods/Outer Parkside/Outer Sunset/real estate/San Francisco/Sunset/theFrontSteps
San Francisco Takes Top Honors On Trulia’s Best Neighborhoods List
Living well means something different to everyone. For some of us, it means indulging in all the luxuries life offers, and to others it means living a healthy, active lifestyle. Luckily, and why we live here, San Francisco offers both.
Recently the folks over at Trulia shared their perspectives on living well in this Best Neighborhoods post, which coincided with the release of these super handy Live Well maps, and look at that…San Francisco takes top dog for Midsize City, specifically the Sunset District (Spoiler – Sunset is already more expensive than when Trulia wrote this, so get in before it goes more nuts out that way).
San Francisco actually has two of the top ten “Live Well” neighborhoods (that’d be Excelsior at #7) for mid-sized metropolitan areas (population 1,000,000 to 2,000,000) in the US.
Top Ten Neighborhoods for Living Well
| Neighborhood | U.S. Metro | Live Well Index | % Quiet Streets | # Play-Centric Amenities Per Square Mile | Miles of Trails/Footpaths Per Square Mile | # of Care and Essential Amenities Per Square Mile |
| Outer Sunset | San Francisco, CA | 93.6 | 52.5% | 2.5 | 5.0 | 13.0 |
| West Riverside | New Orleans, LA | 88.7 | 55.1% | 2.0 | 1.0 | 4.9 |
| Crestview | Austin, TX | 86.3 | 48.6% | 3.9 | 0.6 | 6.8 |
| Driftwood | Fort Lauderdale, FL | 83.2 | 58.6% | 2.2 | 4.2 | 1.1 |
| Riverwest | Milwaukee, WI | 82.5 | 52.2% | 0.7 | 6.2 | 2.2 |
| Midtown | San Jose, CA | 81.4 | 41.9% | 6.6 | 2.9 | 10.7 |
| Excelsior | San Francisco, CA | 81.3 | 43.1% | 4.4 | 2.2 | 7.1 |
| Shady Lane | Columbus, OH | 80.2 | 50.3% | 1.7 | 0.5 | 2.5 |
| Roosevelt | Redwood City, CA | 79.9 | 58.0% | 0.9 | 0.0 | 5.5 |
| Emerald Hills | Fort Lauderdale, FL | 79.9 | 44.9% | 2.3 | 1.1 | 4.5 |
The Outer Sunset, which scored 93.6 on Trulia’s index, is the best neighborhood overall for living well, beating out the large metro neighborhood Ocean Beach in San Diego, CA, which scored 96.0 (Is that OB v. OB?). The Sunset District of San Francisco, is flanked by three great resources: Ocean Beach to the West, Golden Gate Park to the North, and the University of California, San Francisco Medical Center to the East. Additionally, well over 50 percent of its streets are considered quiet (unless of course it’s festival season!). The Outer Sunset offers the added bonus of being one of San Francisco’s more affordable places to buy with a median sales price of $981,000…and climbing.
Excelsior, San Francisco, CA also made the top ten list for mid-sized metros, ranking seventh with a live well score of 81.3 – offering 43.1 percent quiet streets. Excelsior is nestled just south of Interstate 280 and is east of Outer Mission, Balboa Park, and Mission Terrace. Its great play-centric amenities include the Louis Sutter Softball Field and Playground in addition to the Philosopher’s Way trail. Scoring high for care and essentials, this neighborhood is conveniently located near Excelsior Health Services and a multitude of daycare facilities. Excelsior is by far one of the most reasonably priced neighborhoods in San Francisco with a median sales price of $910,000…and climbing.
If peaceful, active living with great access to exceptional care is what you are looking for in a neighborhood then San Francisco metropolitan area has ample choices for you. If you’d like to learn more about San Francisco’s micro districts, click “Browse theFrontSteps” over there in the right hand column for things we’ve said about most areas of town. Additionally, way back when, I did a Tour de San Francisco, which you might find enlightening.
You could also pick up the phone (or email/text us) and we’d be happy to show you around and find a neighborhood that is right for you. We have many from which to choose, and they’re all pretty awesome.
As for whether Trulia’s statements are accurate, that might be a cause for a new Battle Royale, which we leave up to you to discuss among friends over some tasty California Wine, paired with locally sourced cheese, and possibly oysters…or maybe Dungeness Crab (since they finally lifted the ban.)
Viva San Francisco!
–Reasons We Live Here [theFrontSteps]
–San Francisco Neighborhoods [theFrontSteps]
–Tour de San Francisco [theFrontSteps before theFrontSteps]
–Battle Royale [theFrontSteps]
Share:
New Construction Condo Prices Up, Resale Condo Prices Down
SAN FRANCISCO NEW CONSTRUCTION CONDOMINIUM PRICES DECLINED 1 PERCENT FROM PREVIOUS MONTH, UP 2 PERCENT FROM A YEAR AGO. RESALES PRICES DECLINED 10% FROM PREVIOUS MONTH, DOWN 6 PERCENT FROM A YEAR AGO.
Though San Francisco pricing dropped for the fifth consecutive month, contract absorption at new developments indicates that the 2016 selling season is well-underway. Closed sales during February and March are expected to reflect strong market conditions with high demand. Several new developments are expected to commence sales soon, positioned to take advantage of the traditionally robust spring months. According to The Mark Company Trend Sheet.
New condominiums inventory level remains low. There are approximately 655 new condominiums for sale in San Francisco. This includes 450 Hayes (11 units in contract and 25 units available) and LuXe in Pacific Heights (13 units in contract and 21 units available), both sales commenced during the fourth quarter of 2015.
Prices for resale condominiums continued to decline to an average of $889 per-square-foot, falling 10 percent compared to December 2015 ad 6% compared to one year ago. Despite the decrease, the number of resales is trending downward, falling 51% since last month, and 16% year-over-year.
The Mark Company is a leading urban residential marketing and sales firm.
The Condominium Pricing Index, part of the firm’s monthly Trend Sheet (available at http://www.themarkcompany.com), is the tool for tracking the value of a new construction condominium without the volatility of inventory changes.
The Condominium Pricing Index uses a proprietary quantitative method to model the price per square foot of a new 10th floor, 1,000 SF condominium.
