by2100hot

Global Warming Could Fuel (Future) San Francisco Real Estate Market

Coming off the heels of possibly the warmest day in San Francisco for the entire month of August, and actually seeing the sun at the coast (I think we broke 70 yesterday), it got me thinking about this recent New York Times article, “Think It’s Hot Now? Just Wait“.

Apparently, “July wasn’t just hot — it was the hottest month ever recorded, according to NASA. And this year is likely to be the hottest year on record. [Makes me wonder how August stacked up.]

Fourteen of the 15 hottest years have occurred since 2000, as heat waves have become more frequent, more intense and longer lasting. A study in the journal Nature Climate Change last year found that three of every four daily heat extremes can be tied to global warming.

This map provides a glimpse of our future if nothing is done to slow climate change. By the end of the century, the number of 100-degree days will skyrocket, making working or playing outdoors unbearable, and sometimes deadly. The effects on our health, air quality, food and water supplies will get only worse if we don’t drastically cut greenhouse gas emissions right away.”

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Take a good close look at those maps and think to yourself. If it gets hot as hell, as predicted, where would you want to live? Where will your golf game be more pleasant? Where will your bike ride not suck because your tires don’t melt to the pavement? Where will that nice Napa Cab taste just right? Frying an egg on the hood of your car is only fun once…okay maybe twice.

Forget for a second the millions of people out there that think California’s one AVERAGE winter last year snapped us out of the drought (we’re sooooo not even close to smooth sailing in that department), and forget the millions more that think global warming and greenhouse gases and all that is some political stunt, and think for just a couple minutes about where is going to be an ideal place to live if it keeps getting hotter? A place where you LIVE and not simply SURVIVE.

Looking at the maps, Maine seems pretty ideal…but the bugs will drive you out of your mind, especially the black flies…I know…they tore me up on a canoe trip down the Allagash. (Actually, all the bugs might be dead by then if it gets as hot as predicted.) Phoenix does look inviting with around 163 days/year over 100 degrees, or maybe Houston with some 99% humidity and 62 plus days/year over 100? Hang on a sec….look at the West Coast!

The West Coast of the United States (assuming we have enough water to drink and keep our food supply alive), seems like a pretty safe bet to me. Now you gotta decide between California, Oregon, or Washington. Tough choice, indeed.

Regardless of where you choose, you’d have to think these most desirable coastal areas are going to get even more desirable as the rest of the nation becomes unbearable, right?

Yeah, I’m in the California real estate business, and I think California is hands down the best State in the Nation, but I bet you never thought about the Global Warming problem like this. Perhaps you should.

Think about the potential increase in value for property near a nice cool sea breeze or coastal fog. A place where average temperatures year-round hover in the mid to high 60s. Think about the attraction of not having to pay ever-increasing energy costs to cool your home…just open the window. Think about coastal real estate. There is no more of it, and it’s gonna get hot, hotter, hottest everywhere else!

If you think I’m nuts, and think our market is destined for a crash, have a look at the S&P Case-Shiller Home Price Index for San Francisco since 1987…lots of little ups and downs, but all-in-all WAY up:

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It’s safe to say, San Francisco real estate is pretty much steadily hot, and in the future (thanks to Global Warming) could get even hotter. Something to mull over on this foggy (again) August morning.

Think It’s Hot Now? Just Wait [New York Times]
More Long Term Trend Market Graphs [theFrontSteps]
More Reasons We Live Here [theFrontSteps]
The Most San Francisco Summer – Just One Day In 70s In August [San Francisco Chronicle]

Linea

8 Buchanan #612 (Linea) | Mid-Market | $1,325,000

Designed and built by world renowned Architect Bernardo Fort-Brescia and Architectonica in 2014, Linea provides luxury living in the heart-center of San Francisco. Enjoy breathtaking panoramic views from your living room, sip coffee in the morning sun, and experience the vibrancy that is living on the edge of Hayes Valley, Mission Dolores, Castro, Lower Haight, Duboce Triangle, and Mid-Market districts.

With walls of glass framed by bold, geometric pillars, this building was designed to impress, and impress it does. Unit 612 features two bedrooms, one bath, 1107 square feet of open floor plan, natural hardwood floors, Bertazzoni gas range, Liebherr refrigerator, polished quartz countertops, high end Italian kitchen cabinets, under cabinet LED lighting, Kohler and Grohe fixtures, stackable washer & dryer, Nest thermostat, custom closets (walk-in), central heating and air conditioning, and the piece de resistance…parking.

The elegant, expansive, attended lobby is finished with porcelain tile floors, natural white-oak wood panels and Italian marble highlights. An interior courtyard with lush plantings and greenery creates a serene interior view, and the rooftop terrace has multiple areas for entertaining and enjoying the city lights (if you don’t get enough of them from the comfort of unit 612).

Linea was born from the imagination of world-renowned architect Bernardo Fort-Brescia as a way to bring a forward-thinking aesthetic to those who appreciate true modern design, so we invite you to come appreciate.

Property Details
$1,325,000
NOT ON MLS
2 beds
1 bath
1 parking
1107 square feet
Hardwood Floors
Panoramic Views
Bertazzoni Range
Liebherr Refrigerator
Italian Cabinets
Stackable W&D
Quartz Countertops
Kohler and Grohe Fixtures
Nest Thermostat
Air Conditioning
HOA Dues: $654/mo
Building wired for 400Mbps+ Webpass Internet

Showing Schedule
Private Showings by Request

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

Contact Alex Clark for more details and to schedule a showing.

[This above video is from the original new construction marketing, as well as the three building renderings]

Family Home

Happy Clients Send Happy Note

My wonderful clients just sent this awesome testimonial, so obviously I have to share it with all of you:

When my wife and I moved to San Francisco from the East Coast with our newborn, we quickly realized that navigating the beast of a real estate market in SF required a unique kind of agent. Luckily we found Alex.

We spent 5 months looking for a home with Alex. In the process, he guided us thru 12 bids, all the typical multi-offer, SF auction-style, which can be anxiety provoking to say the least. “Are we bidding too much? Are we not bidding enough?!” Alex kept us grounded on this emotional roller coaster! We were able to tap into his unique market knowledge to navigate these conversations about how much to offer. Alex put us in touch with experts to discuss potential renovation projects on unloved properties. We picked his brain about every single micro-neighborhood in the city, talked single family vs condo and which side of the street to buy on in the Richmond if you like a sunny back yard. He is a wealth of knowledge to say the least.

When we found a property that we loved, but were unsure about a few things that came up in the inspection, Alex’s connections came to the rescue. Alex had the personal cell phone number of the inspector who had done the report and was able to put us in touch. This conversation gave my wife and I the reassurance that we needed to bid aggressively and got us our home. Without Alex this would not have happened. We highly recommend working with Alex to find your home in this amazing city!

Dan, Hanni, Hazel and Brizzy

If you’re kicking the tires with a few agents and just don’t know who to pick, have a look at some more testimonials that might help you come to your senses.

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

Underbid

Would You Believe, $500,000 UNDER List? | Top 10 Underbids San Francisco

I’m not sure it’s necessary to highlight any one of these transactions in particular, as in my (humble) opinion they’re all great deals. I leave it up to you to decide.

Top 10 Underbids in San Francisco

Address BR BA Parking List Price Sold Price Underbid
431 Capp Street 433 N/A N/A 2 $2,450,000 $2,200,000 -10.20 %
3614 Webster 2 2.50 1 $1,868,000 $1,700,000 -8.99 %
2170 Jackson Street 3 4.50 1 $5,700,000 $5,200,000 -8.77 %
3624 Scott Street 3 2.50 1 $2,895,000 $2,700,000 -6.74 %
1379 De Haro Street 2 1.50 2 $1,175,000 $1,100,000 -6.38 %
193 Dartmouth St 4 2.00 2 $1,199,000 $1,125,000 -6.17 %
282 Eureka Street 3 2.50 1 $3,195,000 $3,000,000 -6.10 %
35 La Grande 4 3.50 1 $1,795,000 $1,700,000 -5.29 %
10 Stanford Heights 3 2.00 1 $1,050,000 $1,000,000 -4.76 %
801 Indiana Street 2 2.50 1 $1,190,000 $1,135,000 -4.62 %

Data provided by The Goods [Agents Share Market Data Directly To Your Sphere]

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%.

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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.

3610 Washington | William Wurster

William Wurster Mid-Century Masterpiece Sells for $11,300,000 | Pacific Heights

It’s not everyday a home sells for $3,800,000 above asking…actually in San Francisco we hardly bat an eye at this anymore, especially when paired with buzzwords #PacificHeights and #MidCentury. It also helps to be an extremely rare property in a one of a kind location:

William Wurster Masterpiece with timeless mid-century contemporary design. The unique home with wonderful public rooms boasts sweeping Bay & Golden Gate Views and a Sheltered South facing Tommy Church Garden. 4 Bedrooms + library. 4 Baths. 2 Half Baths. 4 Fireplaces.Garage.Carport.Entry reveals a beautiful private garden & covered breezeway leading to the front door. The Reception Foyer looks to the Bay & features Wurster signature staircase. Elevator, Coat Closet, Powder Room. Grand LR is well-integrated with garden. Large formal DR looks out to GG Bridge. Kitchen flows to breakfast room. Guest suite & family room. Upstairs Central Hall opens to South Deck. Master suite & Library have Expansive Bay Views. 2 more beds with en-suite baths

Listed at $7,500,000
Sold for $11,300,000
$2,000 per square foot

millennium

Bargain Hunting At Millennium Tower

This week it’s residence 31E at Millennium Tower claiming the top spot on the weekly Underbid list, selling just shy of $300,000 UNDER asking price, and narrowly beating out unit 49B, also at Millennium Tower, which just closed $995,000 under asking, but still $2413.27 per square foot…
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In fact, four of the top 10 underbids came this week by way of this ultra chic luxury tower, and that has me wondering, is it true what they’re saying?

As for the rest of the list:

Top 10 Underbids, San Francisco

Address BR BA Parking List Price Sold Price Underbid
301 Mission Street #31E 2 2.00 1 $2,595,000 $2,300,000 -11.37 %
301 Mission Street #49B 3 3.50 2 $8,995,000 $8,000,000 -11.06 %
301 Mission Street #704 2 2.00 1 $2,295,000 $2,100,000 -8.50 %
1587 15th Street 2 1.00 1 $447,706 $410,000 -8.42 %
355 1st Street 2 2.00 1 $1,825,000 $1,675,000 -8.22 %
3479-3483 Mission Street N/A N/A 0 $1,600,000 $1,480,000 -7.50 %
246 Stonecrest Drive 5 4.00 2 $1,985,000 $1,850,000 -6.80 %
301 Mission Street #38B 2 2.00 1 $2,895,000 $2,700,000 -6.74 %
483 Marietta Drive 4 3.00 2 $1,599,000 $1,500,000 -6.19 %
50 Bradford Street 2 1.00 1 $1,295,000 $1,220,000 -5.79 %

Over, Under, it doesn’t really matter. All of these homes on this list are selling for market price, and these buyers can/should be thrilled with their purchase.

As always, when it’s time to buy/sell, I’m here to help.

San Francisco Real Estate Market Splitting In Two [theFrontSteps]