1959 Lombard

Marina / Cow Hollow Property Gets $1,200,000 More Than Asking

If you haven’t noticed, posts on this here site have been sporadic to say the least, and will remain so for the rest of the year. That said, I couldn’t help but share this Cow Hollow/Marina District property at 1959 Lombard that just closed for $1,200,000 over the list price!
lombard

For you Commercial geeks, the cap rate on this bad boy is a 2.69%! And “long-term” tenants mean 1 of 2 things…potential to increase rents, or potential to increase headaches. Regardless, somebody saw great value in this building (as they should), and IMHO should be thrilled.

Underpriced? Probably. But let’s consider the larger market logic that compels someone to not only list a property more than one million dollars below market value (when you just don’t know you gotta price it low), but the psychology as an agent that must convince a buyer to offer $1,200,000 MORE than what the seller is “asking”, and the buyer that has to come to grips with that reality.

I’ve been in this game for nearly 15 years now, been through two monstrous peaks and subsequent declines, and some things just haven’t changed…namely San Francisco has long been a premier destination to call home, start a business, raise a family, and invest in real estate. Surrounded by water on three sides, heavily restricted on vertical development, and historical preservation, it’s just that tough to get your hands on some choice San Francisco property.

Pray for snow! Dream of surf. Enjoy the day.

The Goods: Real-Time market data for my clients

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rentcafe

In San Francisco More Households Making Over $150,000/year Choose To Rent Than To Own

Check out this report the kind folks over at RentCafe just sent me:

“With all the talk about renters being squeezed out of the housing market and new high-end construction pushing up rents, we’ve decided to take a close-up look at Census data and see who’s actually driving today’s rental marketplace. We’ve put all our findings in this report here, in case you might be interested in checking them out and perhaps sharing the story with your readers.
rentcafe
While affordability remains a major concern for many low-income renters, there’s a growing number of people that know nothing of – nor care about – the “30% of income on rent” rule of thumb. In fact, there’s a market for wealthy renters and it’s not lacking in demand!

The number of renter households that earn more than $150,000/year increased by 217% in 2015 compared to 2005, with a whopping 1.2 million affluent households joining the ever-growing rental pool in the last decade. Meanwhile, the number of homeowner households within the same income bracket has increased by a much lower 82%.

When broken down by city, things are even more surprising:
– Fort Worth leads the charts with a spectacular 77% increase in the number of high-income renters from 2014 to 2015.
San Francisco may be the second-most expensive rental market in the US – with a startling $3,472 in average monthly rent – but it’s also home to the second-largest number of renters that earn more than 150,000/year: 57K (who also outnumber wealthy homeowners in the city by 4%). That means that nearly 25% of all renter households in San Francisco are in the upper income bracket – the largest share of rich renters/city in the nation.
– Los Angeles has the third-highest number of wealthy renters in the country, approx. 51K, an 8% increase between 2014 and 2015. Still, the majority of LA renters (59.7%) earn less than 50,000/year.
– NYC is the mecca of people with big paychecks – not much of a surprise there. But did you know the Big Apple is home to approx. 212,000 renters that earn more than 150,000/year (approx. 10% of the total renter population)? That’s nearly four times more than the number of high-earning renters that call San Francisco home and 12 times the number of Boston’s affluent renters.”

The report – which you can find here: http://www.rentcafe.com/blog/rental-market/luxury-apartments/1-2-million-more-wealthy-renters-in-10-years/ – contains many more interesting facts and findings (plus some really cool visuals), that will certainly help you gauge local and national real estate economies.

Thanks for sending my way…makes you wonder why so many of those high income earners choose to rent as opposed to buy.

elevator

Weekly Tally Of Top 10 Underbids

I use the term “weekly” very loosely, but at least you’re seeing Underbids!

Address BR BA Parking List Price Sold Price Underbid
74 Farview Court 2 1.00 2 $899,900 $800,000 -11.10 %
240 Liberty Street 2 1.00 1 $995,000 $890,000 -10.55 %
809-811 Pierce Street N/A N/A 2 $3,500,000 $3,200,000 -8.57 %
101-103 St Marys Avenue N/A N/A 1 $899,000 $825,000 -8.23 %
550 Davis Street 3 2.50 1 $2,800,000 $2,600,000 -7.14 %
2425 Francisco 3 2.00 1 $2,245,000 $2,100,000 -6.46 %
2937 Webster Street 3 2.00 1 $1,595,000 $1,500,000 -5.96 %
402 8th Avenue 2 2.00 1 $828,000 $780,000 -5.80 %
83 McAllister Street 2 1.00 0 $599,000 $565,000 -5.68 %
1537-1539 Mason Street N/A N/A 2 $1,800,000 $1,700,000 -5.56 %

Why the picture of the elevator buttons? To know which floor at 240 Liberty (#2 on the list) you’d be living on, of course.

stanyan

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 %
1011 23rd Street Loft Bedroom

SOLD | 1011 23rd St. #10 | Dogpatch | $740,000

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

District 5

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%.

d5_1

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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d5_3

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.

d5_8

beach cottage

The Itsy Bitsy Teenie Weenie Million Dollar Beach Bungalow

It’s official…in San Francisco a million bucks barely buys you an (almost on the beach) beach bungalow…actually you need $1,050,000…and depending on what size waves you’re thinking of surfing at the most popular surf spot north of San Diego, you’ll want to consider ultra custom space-saving racks.

In case you’re wondering, it was listed at $699,000. It is close enough to catch the blowing Springtime Sand, so I guess you can call it a “beach bungalow”.

Surf is not up this weekend in San Francisco (Surprise!), but surely you know a friend with a boat. Happy Memorial Day weekend!

Top 20 Overbids, Underbids, and so much more, right here on The Goods.

3434 Rivera, Street, San Francisco [Property Detail Page]

2170 Jackson St

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!

3876Clay

Top 10 Underbids | A Medley Of Sorts

When I peruse these top 10 Overbid and Underbid lists that we crank out at The Goods for all of our clients (myself included), I often sit and wonder what is more of a story:


A) The ultra modern residence at 748 Treat that clinched this week’s top Underbid spot by selling for nearly 7% below asking (not much of a story here),
B) The big ticket sale at 3876 Clay, which, although sold for under asking, still sold for $1300+ per square foot (I vividly remember the days we started seeing $1000/square foot on the radar, which now seems like a distant memory),
C) What you get for under $700,000 in San Francisco in the single family home category, or
D) How when we live in small spaces that are insanely expensive some of us are forced to store our “wine cellar” next to our shoes.

Regardless, it’s all good information, provides you some insight into the market, your neighborhood, San Francisco, and what you have to do to get your foot in our Real Estate door, or that now might be a great time for you to get out. Food for thought, on a weekly basis…

Top 10 Underbids San Francisco

Address BR BA Parking List Price Sold Price Underbid
748 Treat Avenue 4 3.50 1 $2,199,000 $2,050,000 -6.78 %
326 Noriega Street 4 3.00 1 $1,475,000 $1,400,000 -5.08 %
3876 Clay Street 4 2.50 2 $4,175,000 $4,035,000 -3.35 %
2107 16th Avenue 2 2.00 1 $930,000 $900,000 -3.23 %
3305 Broderick Street 3 3.50 1 $3,150,000 $3,050,000 -3.17 %
68 McCoppin Street 1 1.00 1 $749,000 $728,000 -2.80 %
1750 Taylor Street 2 2.00 1 $2,695,000 $2,627,625 -2.50 %
8 Buchanan Street 2 2.00 1 $1,155,000 $1,130,000 -2.16 %
718 Joost Avenue 1 1.00 0 $695,000 $680,000 -2.16 %
355 Grove Street 5+ unit 5+ unit 1 $5,988,000 $5,860,000 -2.14 %

Have a great day!

227547thave

Maximum Overbid Of The Week | Outer Parkside

It had to be the lion blanket, because apparently the original $1,099,000 list price wasn’t enough to entice the frenzy. So what happened? Price reduced to $995,000, and look at that…sold for $1,225,000. In case you missed that, that’s higher than the previous list price two short months prior, at which this home was unable to find a buyer. Some things in life simply make no sense.

Anyhow, here are the Top 10 Overbids for the past week in San Francisco

Address BR/BA/Units DOM List Price Sold Price Overbid
2275 47th Avenue 4/2.50/N/A 88 $995,000 $1,225,000 23.12%
1655 48th Avenue 2/1.00/N/A 14 $629,000 $762,000 21.14%
471 23rd Avenue 2/1.00/6 33 $688,000 $810,000 17.73%
988 Fulton Street 1/1.00/326 60 $474,000 $555,000 17.09%
1055 Mason Street N/A/N/A/19 18 $5,000,000 $5,800,000 16.00%
149 Laidley 3/2.00/N/A 25 $1,695,000 $1,950,000 15.04%
2908 Fulton Street 2914 2-4 Units 49 $1,290,000 $1,473,000 14.19%
448 Gold Mine Drive 4/3.00/N/A 12 $1,395,000 $1,558,000 11.68%
2130 12th Avenue 2/2.00/N/A 52 $899,000 $1,000,000 11.23%
30 Otsego Avenue 3/2.00/N/A 13 $1,199,000 $1,300,000 8.42%

Have a great weekend!