Swoon Factor High On This Haight-Ashbury Victorian | $1,995,000

It’s a grand scale, late 1800s top floor Victorian Condominium on a coveted block in the Haight / Ashbury area of San Francisco, and it could be yours, or it could be your friends.

With approximately 1692 square feet of living space, hardwood floors, formal living room, formal dining room, ~12 foot high ceilings, updated kitchen, master bedroom and en-suite bath, decorative fireplace, in unit washer & dryer, 2 car independent parking, south facing deck, exclusive use yard, additional storage spaces, and final stage plans at the ready for a 980 square foot attic expansion, it’s the perfect blend of old world charm, Haight-Ashbury lore, and modern convenience…not to mention tremendous South facing light and warmth to soothe the soul.

A rare find, this 3 bedroom, 2 bathroom home enjoys a wonderful southern exposure with French doors that open to a private deck from both the dining room and master suite overlooking an exclusive use serene landscaped yard. The home’s central location is steps away from all of your shopping needs and a growing number of popular restaurants, and is situated ideally for access to Golden Gate Park and Buena Vista Parks, Cole Valley, NoPa, freeways to points North, South, and East, and of course the famous Haight/Ashbury.

The property is move-in ready, and as an added bonus, is being sold with plans in final stages of approval to transform the main living area into a spacious and modern great room, as well as expansion into the 1692 square foot undeveloped attic. This renovation would transform the property into a 5 bedroom 3 bathroom home with 2672 square feet of luxury living, including a new master suite, tons of new closet space, and views to Sutro Tower. Attic would feature 2 additional bedrooms, 2 bathrooms, an entertainment/lounge area, and closets galore, delivering two exquisite levels of living, dining, and entertaining in one of San Francisco’s most coveted and historically significant locations.

Property Details:
List Price: $1,995,000
1692 square feet
1692 square feet attic (unconditioned)
Top Floor Condominium in Two Unit Building
3 bedrooms
2 bathrooms
2 parking
Storage
Exclusive Use Landscaped Yard
Exclusive Use Deck
Wood Floors
Decorative Fireplace
Period Details
High Ceilings
In Unit Washer & Dryer
Solar Panels
HOA Fees $435/mo. (Includes Water, Garbage, Insurance, Common Electric and repairs.)

Plans for:
5 bedrooms
3 Bathrooms
2672 Square Feet
Open Kitchen, Living, Dining area
Master Suite
Additional Entertainment area
Luxury to the nines

Showing Schedule:
Saturday & Sunday Open House 1-4pm
Private Showings by Appointment Only

Exclusively listed by:
Alexander Clark
Keller Williams Luxury Realty International
theFrontSteps.com
alexclark@gmail.com
415-254-5351
DRE#01339386

SOLD! | 1720-24 Larkin | Russian Hill Multi-Unit | $5,200,000

When in doubt, write an offer, tie it up, do your research, and hopefully it all turns out. That’s how we got this amazing development opportunity at 1720 Larkin, in Russian Hill, and how we got it WAY below asking. Originally listed “off market” for $6,200,000, I threw this out to a few developers I know, most of whom assumed it was over-priced, and had no potential.


Their loss…we originally submitted a “low-ball” offer just to begin the dialogue, and to our surprise, the sellers didn’t simply tell us to get lost. After a couple verbal rounds of negotiating, we put our intentions in writing, got a counter, countered them, and got in contract with 30 days to figure out what we could do with this beast, if anything, and if we could get a loan. As it turns out…one can do a lot, and our lender agreed!

So stay tuned for the transformation, and relish with me in the fact that we got this property WAY below list price, fought our way through lender headaches, and just closed for $5,200,000 (listed on MLS for $5,500,000, which you’ll note is different than the off market $6.2M list price).

Congratulations to my clients (the buyers) and to all of the sellers. Thank you also to the listing agents who stuck with us, and didn’t lose their sh*t when we kept having to delay the close. I promised we’d get there, and we did.

Onward!

$682,000 Over Asking in the Outer Sunset to End the Year

You thought I was going to let you finish out the year without one final Overbid stunner, didn’t you? I actually tried, but then it didn’t snow (Supreme Leader says it’s cold, so Global Warming is not a real thing), so I was left with a choice of skiing man-made ice, or sit down and share these jaw-dropping overbids with you. I chose the latter, if that tells you anything about the quality of skiing up around Tahoe these days. Pray for snow!

Anyhow…It’s important to note, many of these homes hit the market at what is traditionally the slowest time of year for San Francisco real estate, the Holidays, yet still had enough interest to drive the price to the moon. Case in point, the #1 Overbid at 1623 43rd Ave, listing for $998,000 (some would argue a bit low), but selling for a staggering $1,680,000! Forget about the overbid amount, and focus on the final sales price…that’s damn near $1.7M for a basic Outer Sunset home…the Sunset…the place nobody ever wanted to be, and now it’s the hottest neighborhood in the city. Maybe all these hipster surfers are on to something. ;-)

So you’re thinking this property is just a one-off…not so. Look at the #2 Overbid at 840 Kansas, a fixer in Potrero Hill selling for $1,629,000…or 49% above their list price.

Before any of you nay-sayers spending too much time “plugged in” to other sites get all bent out of shape about us Realtors constantly touting overbids, stop for a minute and look at the underlying price per square foot on both of those sales $1153/sqft in the Outer Sunset and $1398/sqft in Potrero Hill.

Since this is my last post of 2017, let me dig a little deeper into those numbers for you. My quick calculations and MLS sales search shows in all of 2016, there was exactly one sale in the Outer Sunset over $1.6M, the average sales price was $1,095,578, and the average price per square foot was $801. Fast forward to the same search for 2017, there are seven sales over $1.6M, average sales price is now $1,229,376, and the average price per square foot is now $902. That is just single family home sales for the Outer Sunset. If you want Potrero Hill numbers, you’ll have to contact me. I’m going surfing right now.

Here are the top 10 Overbids to finish out 2017…

Address BR/BA/Units DOM List Price Sold Price Overbid
1623 43rd Avenue 3/2.00/N/A 13 $998,000 $1,680,000 68.34%
840 Kansas Street 2/1.00/N/A 22 $1,095,000 $1,629,000 48.77%
131 Peru Avenue 3/2.00/N/A 13 $749,000 $1,105,000 47.53%
253 Sussex Street 2/1.00/N/A 11 $899,000 $1,300,000 44.61%
355 Winding Way 3/1.00/N/A 47 $828,000 $1,063,000 28.38%
260 King Street 1/1.50/657 15 $720,000 $900,777 25.11%
108 Sagamore Street 110 2/1.25/N/A 40 $819,000 $1,005,000 22.71%
251 De Long Street 2/1.00/N/A 12 $699,000 $788,000 12.73%
150 Saturn Street 3/2.00/ 11 $1,499,000 $1,675,000 11.74%
5160 Diamond Heights Boulevard 1/1.00/307C 35 $650,000 $725,000 11.54%

As always, the rest of this great data (Overbids, Underbids, Recent Sales, New Listings, and more) can be found on The Goods.

I wish all of you a safe and Happy New Year! Here’s to 2018, tons of snow, and me helping ALL of you sell your SF properties so you can take the cash, retire, and live your dreams.

Ciao, au-revoir, adios, auf wiedersehen 2017! See you all next year.

San Francisco Real Estate December 2017 Market Report

…and just like that, another year gone.

As for the month to month market shifts, the November San Francisco real estate market moved along pretty much as expected, with continued low inventory and the majority of properties selling above list price. Condo prices hit an all-time high of $1,230,000.

The proposed tax changes are very likely to affect future buyer behavior as they lose purchasing power with the loss of full deductibility of state income taxes and property taxes. That loss of purchasing power will likely dampen sales price increases. Stay tuned…

Single Family Homes:
November’s median sales price eased off a bit from October’s all-time high of $1,588,000, down to $1,500,000. However, prices are still up 10.7% compared to last year.

While new listings typically fall off in November, this year’s were exceptionally low at just 112, 19% fewer than last November. The number of new listings on the market year-to-date is down 5% from 2016 while the number of sales is up 4.2%. Inventory remains very low at a 1.4 months supply, the lowest level since December 2016.

The incredibly tight supply coupled with strong demand kept the level of overbids high as well, staying at 115%, much higher than last November’s 107%. Eighty one percent (81%) of single family homes sold above the list price.

Condo/Loft/TIC’s:

As mentioned above, the median sold price hit an all-time high in November. On a three-month rolling average, the median sold price is up 7.7% compared to last year.

Inventory is down 23% from October and 19% compared to November, 2016. Like single family homes, the number of Condo/Loft/TIC listings are down year-to-date compared to 2016, by 5.6%, while sales are up 3.2%.

Fifty nine percent (59%) of condo/loft/TIC listings sold above list price, down from 67% in October and 64% last November. The median overbid was 102%, the same as last November.

There you have it…now visuals:

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SOLD! | 875 La Playa #179 | Outer Richmond / Ocean Beach | $860,000

Thanks to stellar photography, lightning fast painters, and top notch staging, we were able to get this property on the market in a matter of two weeks, get six offers, all over list price, and set a new high water mark sales price for this building. Congratulations to everyone involved, and thank you for a smooth transaction.

Whether you’re looking for a starter home, Pacific Ocean view pied-a-terre, or simply an Ocean Beach property for the right price, 875 La Playa unit 179 is just the ticket.


Situated on the ground floor and just steps from Ocean Beach, this wonderful Outer Richmond residence features an open living/kitchen/dining area, spacious bedrooms, en-suite bathrooms, updated kitchen with stainless appliances and granite countertops, a patio with direct access to the common area/courtyard, a private balcony accessed from the living area and guest room…oh…and VIEWS! Views, views, views. On a clear day you can see the Farallon Islands, and on any given day you can watch ships sail in and out of the bay, whales breaching, dolphins playing in the surf, fishermen, dog walkers, runners, cyclists, surfers, and all of the wonderful things living by the beach affords.

In addition to the well maintained unit with breathtaking views, you also get parking for one car in a large underground garage, a private storage facility, and gym, art, and woodworking rooms.

This home is walking distance to the bustling Balboa Corridor Shops and Restaurants (Have you tried Miki or Shanghai Dumpling King? What about Chino’s?), but it’s also a stone’s throw from: Land’s End hiking trails; the ruins of Sutro Baths; Sutro Park; Cliff House & Beach Chalet Restaurants; Lincoln & Golden Gate Park golf courses; Beach Chalet Soccer Fields; Golden Gate Park; Safeway; and so much more. The location of this property also makes for an easy commute to the South via the Great Highway, East via 5 Fulton, 38 Geary, and 31 Balboa Muni Buses, as well as proximity to the Golden Gate Bridge and points north. If you want to go West, you’ll need a boat.

It’s just a matter of time before the Outer Richmond really gets “discovered” so get in while the gettin’s good.

Property Details:
List Price: $779,000
SOLD: $860,000
1306 Square Feet (per tax Records)
2 Bedrooms
2 Bathrooms (both en-suite)
1 Car Parking
1 Storage Unit
Updated Kitchen
Updated Bathrooms
Open Living/Dining/Kitchen
Patio
Private Balcony
Pacific Ocean Views
In Unit Washer & Dryer
HOA dues $733.34 per month (water, garbage, outside management, on-site manager, maintenance, repairs, building insurance, reserves)
Common Areas (Gym, bike storage, BBQ area, woodworking and art rooms)
Close to Public transportation

Exclusively listed by:
Alexander Clark
Keller Williams Luxury Realty International
theFrontSteps.com
alexclark@gmail.com
415-254-5351
BRE#01339386

1% of my commission from this sale will be donated to environmental non-profits fighting the epic fight of saving our environment.

Sell A Home, Save The Planet

We live in an incredibly beautiful location here in the Bay Area with amazing parks and recreation at our fingertips, and serene natural environments literally just minutes from a bustling city that affords us the opportunity to escape it all. Sadly, we’re polluting the hell out of ourselves and our environment, and it’s got to stop.

The beaches I frequent to surf are riddled with plastics and trash, the sea level is definitely rising eroding our shores, snow levels continue to rise forcing us to ski more rain days than I have ever in my life, Lake Tahoe is filled with beer cans, bottles and trash, it’s clarity diminishing, and “spare the air” days are becoming way too common in San Francisco. So what can we do?

I just joined 1% for the Planet, which means that 1% of my earnings will go towards supporting the environment and 1% for the Planet certifies my giving. It’s an iron-clad way for me, and you, to put money earned from your transaction and donate to non-profits fighting the fight of reversing the downward trajectory of our environment and everything we take for granted.

In the words of Craig Matthews, co-founder of 1% for the Planet, “If we just take, take, take, and give nothing back, we’re going to have nothing in the end…” Sadly, that’s the truth, but luckily Yvonne Chouinard, Founder of Patagonia has sage advice for all of us, “Don’t get depressed, get angry.”

I try not to get angry in my daily life, even when my kids refuse to do what I ask them, and I hope every transaction I do is free from drama, but I have to admit, I’m a little upset about the cleanliness of the world we live in, so I’m taking action.

I’ve given to many charities in my time as a Realtor, and I will continue to give to many more, but it’s time I take it up a notch on the environment, and do more by guaranteeing, no matter what, I donate.

There are numerous non-profits on the 1% for the Planet roster, so if there is one in particular you’d like me to donate to after the close of your transaction, do not hesitate to let me know.

If you’d like to get involved on your own, you can learn more at onepercentfortheplanet.org.

In the meantime, let’s get some property sold, and help save our environment.

For Sale | 875 La Playa Unit 179 | Outer Richmond / Ocean Beach | $779,000

Whether you’re looking for a starter home, Pacific Ocean view pied-a-terre, or simply an Ocean Beach property for the right price, 875 La Playa unit 179 is just the ticket.


Situated on the ground floor and just steps from Ocean Beach, this wonderful Outer Richmond residence features an open living/kitchen/dining area, spacious bedrooms, en-suite bathrooms, updated kitchen with stainless appliances and granite countertops, a patio with direct access to the common area/courtyard, a private balcony accessed from the living area and guest room…oh…and VIEWS! Views, views, views. On a clear day you can see the Farallon Islands, and on any given day you can watch ships sail in and out of the bay, whales breaching, dolphins playing in the surf, fishermen, dog walkers, runners, cyclists, surfers, and all of the wonderful things living by the beach affords.

In addition to the well maintained unit with breathtaking views, you also get parking for one car in a large underground garage, a private storage facility, and gym, art, and woodworking rooms.

This home is walking distance to the bustling Balboa Corridor Shops and Restaurants (Have you tried Miki or Shanghai Dumpling King? What about Chino’s?), but it’s also a stone’s throw from: Land’s End hiking trails; the ruins of Sutro Baths; Sutro Park; Cliff House & Beach Chalet Restaurants; Lincoln & Golden Gate Park golf courses; Beach Chalet Soccer Fields; Golden Gate Park; Safeway; and so much more. The location of this property also makes for an easy commute to the South via the Great Highway, East via 5 Fulton, 38 Geary, and 31 Balboa Muni Buses, as well as proximity to the Golden Gate Bridge and points north. If you want to go West, you’ll need a boat.

It’s just a matter of time before the Outer Richmond really gets “discovered” so get in while the gettin’s good.

Property Details:
List Price: $779,000
1306 Square Feet (per tax Records)
2 Bedrooms
2 Bathrooms (both en-suite)
1 Car Parking
1 Storage Unit
Updated Kitchen
Updated Bathrooms
Open Living/Dining/Kitchen
Patio
Private Balcony
Pacific Ocean Views
In Unit Washer & Dryer
HOA dues $733.34 per month (water, garbage, outside management, on-site manager, maintenance, repairs, building insurance, reserves)
Common Areas (Gym, bike storage, BBQ area, woodworking and art rooms)
Close to Public transportation

Showing Schedule:
By Appointment only
Sunday Open House 2-4pm

Exclusively listed by:
Alexander Clark
Keller Williams Luxury Realty International
theFrontSteps.com
alexclark@gmail.com
415-254-5351
BRE#01339386

Inventory Price Watch – San Francisco

My friends over at Trulia asked me to share this report with all of you. Before you dive into it, it’s important to note, according to my numbers, research, and data, Trulia calculations in this article are pretty far off the mark, and a damn good reason why you should always contact a real estate professional in your area before making ANY decisions on whether to buy/sell based on online listing calculations and valuations. You need boots on the ground. That said, have a read, as despite the ridiculously low (some would argue affordable) prices mentioned below, there is some great info to be digested if you’re in the market now, or might be in the future.


In today’s tight housing market, affordable homes are more of a scarcity than their luxury counterparts. Starter home inventory is critically low, especially in a hot market like San Francisco where everyone wants a piece of the pie.

According to Trulia’s Market Mismatch, a score given to each metro area that reflects the difference between price point search demand and corresponding availability, starter and trade-up homes comprise just 45.8 percent of available listings nationwide. Yet, 60.5 percent of all home searches are for homes in the starter and trade-up home categories. Essentially, there are fewer options for the increasing number of first and second-time home buyers, leading to greater demand which tends to boost home prices in the process. Meanwhile, premium home buyers see a 14.7 percentage point excess of listings compared to demand.

First-time home buyers in San Francisco may be at a slight disadvantage, but preparing for the road ahead helps ensure you can transition into homeownership seamlessly. Consider the current prices and inventory in the San Francisco metro area – and what to expect when starting your home search this year.

What’s a San Francisco Starter Home Cost?
Per Trulia’s latest Inventory and Price Watch Report, the median home price in San Francisco is $778,667 [Editor’s note: I’m not quite sure where they got this number, as our reports for median single family homes run closer to $1,350,000…but let’s roll with it.]. For trade-up buyers considering San Francisco real estate, the median list price is $1.17 million. Luxury home buyers face a median list price of slightly under $2.7 million.

In the third quarter of 2017, there were 230 starter homes, 215 trade-up homes and 417 premium homes available for sale. Starter and trade-up listings comprised 26.7 percent and 25 percent of market share, respectively. Premium homes, on the other hand, made up almost half of all for-sale listings during the quarter.

Not only do they have the most options, premium home buyers spend the smallest share of their income on home purchases at a healthy 30.9 percent. Trade-up and starter home buyers spend drastically more of their income, 62.4 percent or more, mostly due to exorbitant home prices in the area. Given how far San Franciscans stretch their wallets to afford home-ownership, it’s best to contact a mortgage professional to determine how much a home purchase will cost now and in the long run.

When to Find the Best Deal

Bearing in mind the steep costs of San Francisco homeownership, timing your first-time home search based on market trends is imperative, especially if you’re looking to buy in a popular neighborhood. Take Historic Russian Hill homes, which could cost somewhere around the neighborhood median price of $1.65 million. Even a modern condo in SoMa, a slightly less expensive community closer to the urban core, might cost upwards of $800,000, which is the current median price for a one-bedroom home.

When it comes to inventory, San Francisco starter homes are most plentiful at the end of the year. On average, first-time buyers benefit from 33.7 percent more starter home listings in San Francisco in the fourth quarter compared to the first quarter of the year. Simply put, more inventory gives buyers better bargaining power and the ability to find the right place in a reasonable time frame. Heightened supply also tends to help home prices soften, but the impact is not immediate. This is likely why San Francisco starter homes wind up 8.7 percent less expensive in the beginning of the year – just a few months after inventory peaks – than they are in the third quarter.

Assume the home search process takes at least a month or two. That means first-time home buyers who search when inventory is highest at the end of the year could theoretically put in offers at the beginning of next year, when list prices are lowest.

Based on the data, now is a great time for San Francisco home buyers to get serious about their search, especially with potential mortgage interest rate hikes forthcoming next year. To discuss the benefits of owning your own home in San Francisco along with listings currently available in your price range, contact San Francisco Realtor Alexander Clark today.

Jennifer Riner is a real estate marketing professional whose work has been featured on Zillow, Forbes, Inman News, and more…and I thank her for this post.

As mentioned above, this is a great article with a lot of great info, and should be one of many pieces of the puzzle when considering the best time for you to buy or sell in and around the San Francisco / Bay Area.

Pray for snow!

SOLD | 1143-45 Jackson | It’s a Good Story…

I had the pleasure of representing some repeat clients on their purchase of this well located and highly sought after two unit property at 1143-45 Jackson for $2,150,000. We had to go to battle, for sure, but in the end we beat out 11 other buyers (including one higher) to seal the deal. The story on this is very interesting…


My clients really wanted this property, despite having just recently (2 weeks prior) purchased another property in the neighborhood. Listed for $1,688,000, it was anybody’s guess where 1143-45 Jackson would go, so we guessed $1,850,000 as our original offer (cash, 7 day close, no contingencies) would “get us a seat at the table”. Well…it almost got us kicked out of the club as we were the LOWEST of 11! Laughable, but not laughable. Many agents would stop there. Not me.

I practically begged to be involved in a multiple counter, and advised the listing agents we could go higher, but simply didn’t know where to begin. So we got the counter from sellers at $2,150,000…and it was ours, because we had excellent terms and a well put together offer package. BUT! We countered at $2,125,000, which was a risky move and could backfire. It backfired. The sellers said they were accepting a higher offer than ours, because we didn’t go where we needed to go. We were devastated.

Then we got the call…the other buyer was M.I.A., and so we could again have the property at $2,150,000 if we could get it signed within 30 minutes. While cooking Salmon on the barbecue, and managing my starving children, I was able to sit down to Docusign (our electronic signature system) between grill checks, some flames, and occasional shouts of “the fish is on fire dad!” to get the counter sent to my buyer, signed, and back to the seller within 10 minutes. Fish off the grill. White wine and milk poured. Napkins in laps. Mahlzeit.

They put the other buyer in “backup” position, in case we faltered. We closed 7 days later.

That’s probably more story than you needed to hear, but that’s how you get it done for your buyers in this market.

Congratulations!

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]