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]

San Francisco Median Home Price Hits All Time High

San Francisco’s continued hot housing market reflects the incredibly strong full-employment economy that the Bay Area and the U.S. is experiencing. Not only is unemployment in San Francisco historically low (3.3%), but also the number of employees who are involuntarily part-time is falling and older workers are remaining in the work force longer.

The impact of all of this very healthy jobs data is twofold: continued strong demand for our high-priced San Francisco housing; and fewer older workers retiring and moving out of the city. In fact, the number of new homes for sale year-to-date is 15.9% lower than in 2016, and the lowest number in the last 13 years. That combination of strong demand and fewer homes coming on the market led to the median sold price for single family homes rising to its highest level on record, $1,407,000, in April. That’s 1.99% higher than April, 2016.

The resale condo/loft/TIC market is competitive, but not quite as much. Prices have bounced around a bit, up one month and down the next. April’s median sold price, $1,100,000, was down a bit from February and March, and down 3.3% from April, 2016.

The number of new condo/loft/TIC listings coming on the market in April declined even more sharply, 33.5%, than March’s 25.8% drop. Inventory stands at 2.3 months, down from last April’s 3.0.

Competition among buyers is fierce, with most properties still receiving multiple offers. For single family homes, the median percentage overbid was 114%, up from April 2016’s 111.7%. Condo/loft/TIC buyers dropped their overbids a tiny amount, 102.3% of list price, versus 102.4% last April.

To say it another way…San Francisco real estate continues to roar on at a blistering pace, especially for single family homes, and especially if those homes are still under $1.5M. If you’re considering a move/sale, now is a great time.

For Sale | 849 44th Ave | Outer Richmond \ $1,049,000

Beautifully maintained, and recently remodeled Outer Richmond single family residence in the same family for almost 60 years. Pride of ownership extends generations back in this 1950s home. From the beautifully preserved original wood floors, to the wood burning fireplace, and incredibly large and well-maintained yard (with deck off the main living area), this three bedroom, one bath home with a large garage is ideal for those seeking a wonderful single family home in one of San Francisco’s hottest neighborhoods.

SOLD | 666 Post #1201 | Downtown / Union Square | $732,500

Congratulations to my clients, the sellers, and hats off to the buyer. This quintessential San Francisco residence has just changed hands, and I’m totally jealous.

Tastefully, and eco-consciously remodeled 12th Floor one bedroom, one bathroom unit with amazing views of San Francisco in The Crown Towers – an exquisitely maintained & managed elegant Art Deco CO-OP Building built in 1926, and located just two blocks from Union Square.

Real Estate Porn For The People…

Who came down with a heavy case of the Mondays…and Tuesdays, Wednesdays, Thursdays, and Fridays? I did. Right here.


I know you all want the great real estate porn that got you on this site in the first place, but I’ve been busy, so I figured I’d make your life, and my life, easier…here you go: Check out The Goods, it’s all new, super sleek, works great on your mobile device, and has all of the same great data you’ve come to love (minus my snarky comments).

Want Top 20 Overbids…all there, all the time. Start to notice things like 135 Webster, finally dethroned by 572 Funston.

Want Top 20 Underbids…got those too. Marvel at places like (239 Arletta in Visitacion Valley, which sold for 20% BELOW list…wait for it…at $480,000 to clinch top spot on the Underbids. That’s a $600,000 home selling for $480,000 and the address on the post card to mom will read “San Francisco, CA”.

Looking for Hot New Listings. Gotcha covered there too. No need to wait for me to tell you about what just hit the market in your ‘hood. Grab properties like 164 Belvedere (drooling) and immediately share with your friends to plan your dinner parties when they buy it!

The Holy Grail…Recent Sales…got those too. I was the first in San Francisco to provide this valuable data to my clients on a regular basis, so why should I stop. Such an easy way to track what’s going on in your ‘hood without my annoying phone calls, texts, and emails to remind you how much you love me.

My buyers’ favorite…Stalefish…had to tone this down for the masses and call em 30+, but this is my site, and dammit if I don’t like calling them Stalefish better. A Stalefish is a property 30 DOM* or More…and would you believe 149 29th St is BOM*. For the record just cuz it’s Stale, doesn’t mean it stinks!

So there you have it. Now you don’t need me to update you as often. You want the Goods, you get the Goods. Spread the word.

Fellow agents…we are now offering my service of The Goods to you…your branding, your look, your site…update your people with the same great data. Contact us at info@thegoods-sf.com or nate@thegoods-sf.com to get your pages set up and start sharing this wonderful real estate market information with your people.

*BOM = Back On Market
*DOM = Days On Market
*Duh!

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 %

May 2016 Central San Francisco Market Conditions

District 5

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%.

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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.

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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.

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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.

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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.

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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!).

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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.

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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.

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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.

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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.

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The best way to get answers to any questions you have about our market or timing a successful sale…contact me.

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!