8 Buchanan #612

Sold | 8 Buchanan #612 | Hayes Valley | $1,295,000

I am pleased to announce another successful transaction completed where we had the pleasure of representing the sellers of this amazing view property. Congratulations to the buyer, as well as my wonderful clients who are now officially off to Oregon. Lots of rain coming…get good rain gear.

Designed and built by world renowned Architect Bernardo Fort-Brescia and Arquitectonica 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
$1,295,000
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
A+ Central Location
1 Block to Whole Foods
97 Walk Score
100 Transit Score!
88 Bike Score

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

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

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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 %
300 Sussex

SOLD | 300 Sussex | Glen Park | $3,365,000

Congratulations to our clients on their recent purchase of this amazing Glen Park home at 300 Sussex, a wonderfully brand new modern home with 4 bedrooms, 3.5 baths, indoor/outdoor living and an A+ Glen Park location.

What a great home, smooth transaction, top notch builder, and excellent first transaction for the newest member of theFrontSteps. Congratulations Kimberly. Well done.

If you are in the market to buy or sell a home, please do not hesitate to contact us. We know of all kinds of wonderful property both on and “off” market.

Buyer represented by Kimberly Slevin
theFrontSteps
Keller Williams Luxury International

Property Details [MLS]
-Photo Credit, Rob Jordan Photography
-Listed by KJ Kohlmyer of Zephyr Real Estate

Dining Room before...

Before & After On A Noe Valley/Glen Park Victorian

There is always a lot of talk around town about how “easy” it is to sell a property in San Francisco, and that all we (Realtors) have to do is sign up a listing, put a sign out front, and the hordes of buyers will come marching through the door, offer oodles over asking, beg to buy the property, offer up their children as security deposit, and seller sells it for a mint.

Not so, and to prove you need us (particularly theFrontSteps) to market your property for sale in San Francisco, I’d like to share some “before & after” shots of recent property transformations.

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$2,000,000 Under Asking In Pacific Heights…Actually $1,925,000 But Who’s Counting

If that $200,000 underbid from a few weeks ago seems like a good deal to you, have a look at this seven bedroom Pacific Heights Single Family home at 2660 Scott (you must click that link…the pictures are amazing), which was listed in September at $15,000,000 and closed last week at $13,075,000. Almost $2,000,000 under asking.
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Considering the home only last sold in 2004 for just shy of $6,000,000 I’d say the sellers are pretty thrilled (keeping in mind we don’t know how much they sunk into it, of course). IMHO the home was worth every penny of $15,000,000, so the buyers should be thrilled too. It’s a trophy home, and I’m totally jealous, as should be all of you.
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As for the rest of our weekly underbids. Here you go…the top 10 Underbids of the week.

Address BR/BA/Units List Price Sold Price Underbid
2660 Scott Street 7/7/6 $15,000,000 $13,075,000 -12.83 %
814-816 Cole 2-4 Units $1,990,000 $1,775,000 -10.80 %
1374 Union Street 3/3.5/2 $3,350,000 $3,000,000 -10.45 %
184 London Street 3/1/0 $574,000 $520,000 -9.41 %
365 Magellan Avenue 5/3.5/2 $2,520,000 $2,350,000 -6.75 %
601 Van Ness Avenue 2/2/1 $879,000 $825,000 -6.14 %
595 Waller Street 3/2/0 $1,300,000 $1,225,000 -5.77 %
2445 Polk Street 2/2/1 $1,450,000 $1,371,150 -5.44 %
3515 Washington Street 2/2/2 $3,995,000 $3,800,000 -4.88 %
580 Prentiss Street 2/1/1 $998,000 $950,000 -4.81 %

As always, I share all of this wonderful data with you in real time on several sources:
1. The Goods
2. sfnewsletter (sign up at sfnewsletter.com)
3. theFrontSteps.com

Get this stuff bookmarked, sign up to receive via email, follow me on Facebook, Twitter @theFrontSteps, LinkedIn. Do what you gotta do to get yourself educated on our market.

And have a great day.

2660 Scott, Property Detail Page

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San Francisco | December 2015 Real Estate Market Update

San Francisco Real Estate Report, December 2015 Market Update.
– Heading into the Holiday Slowdown after an Interesting Autumn Market
– Median home prices, over-bidding, housing affordability, luxury home sales, the new-home construction pipeline, and comparing the Shanghai and S&P 500 stock indices

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Median sales prices in October and November jumped back up to levels similar to the spring peak selling season. It’s important to remember that median prices are not a perfect reflection of changes in fair market value: They often fluctuate due to seasonal inventory and buyer-profile trends, as well as issues such as an influx of new-construction listings. It is the longer-term trend that is most meaningful – however we can say with confidence that there was clearly no significant “crash” in prices this past autumn.

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One indication of the heat of the market is the extent to which sales prices are bid up over asking prices. As is not untypical, the market becomes less competitive in November as it heads into the winter holidays. Still, an average sales price 6% over asking price would be considered crazy-hot in any other market in the country (though one also has to adjust for the fact that serious underpricing has become a not uncommon listing strategy in the SF market).

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This chart based on S&P Case Shiller Home Price Index data illustrates the seasonality of home price appreciation in the past 4 years: surging in our feverish spring selling seasons, and then generally plateauing through the rest of the year. Note that Case-Shiller looks at home prices in a totally different way than median sales price trends, and probably reflects changes in fair market value more accurately. Case-Shiller Index numbers refer back to a January 2000 value of 100, thus the current Index reading for higher-priced Bay Area homes of 217 signifies home prices 117% above January 2000.

As we enter the winter holiday market slowdown, the next real indication of the direction of the market will come in the first quarter of 2016. Will spring 2016 repeat the overheated, high demand/ low supply frenzies of previous springs or has the market finally reached a longer term plateau or even an affordability inflection point? We shall soon know more.

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In 2015 YTD, the dominant price segment for home sales in San Francisco was $1,000,000 to $1,499,000. As seen in the first chart above, the median sales prices for both condos and houses fall within this range. Note the change from just two years ago.

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San Francisco Luxury Home Market

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The high-end home market is the most seasonal segment in the city (as well as the most sensitive to sudden, large, negative movements in the financial markets). Market activity starts to plunge in November, hits its nadir in December, begins to pick up in the first quarter and then usually hits its peak in spring. Much of the center of gravity in the luxury market has been shifting in recent years from the city’s prestige northern neighborhoods to other districts of the city, such as the greater Noe Valley area and the South Beach/Yerba Buena district. This is not to say that the northern districts are not still both very expensive and considered highly desirable, and the greater Pacific Heights area still dominates the market for the most expensive houses in the city, i.e. those selling for $5m and more.

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After the semi-hysteria – already half forgotten – that erupted in late August and September regarding the Chinese stock market and its impact on the U.S. stock market and economy, and possibly the Bay Area housing market, we thought it interesting to take a look back at how it has played out so far.

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It is widely expected that the Fed will raise interest rates in December, probably by some minimal increment, but for the time being, as of the first week of December, rates have remained below 4%.

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In November, we issued two mini-reports, one on Bay Area housing affordability and another on San Francisco new housing construction. Below are the featured charts:

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I’ll continue to keep an eye on things for you, if you continue to read it.

Expect much lighter than usual blogging for the rest of the year, and don’t be surprised if theFrontSteps goes under construction.

Contact me today for a free property valuation, or to get you set up on my buyer system.

Top 10 Underbids | Would You Believe 20% UNDER Asking In Bernal?

15 prospect

The market is cooler…no doubt.. Is it seasonal, or longer term? Time will tell. As you saw last week, Overbids are still rampant, but more and more emails are coming to me, “Still Available”, “Offers as they come”, “Motivated Seller”, etc. Could we be approaching the year of the buyer?

Out of the 10 Underbids featured, 4 are multi-unit buildings, which made up the 1st, 2nd, and 3rd place on our list. The #1 underbid goes to a Bernal Heights duplex – a “Tremendous Bernal Heights Fixer” to be exact, 15 Prospect Avenue, which just closed 20% under asking or at $950,000 from its $1,199,000 list price. Looks like my buddy Eddie O’Sullivan got his clients a nice little project. Well done lad…

As for the rest, this is how it stacked up.

Address BR/BA/Units List Price Sold Price Underbid
15 Prospect Avenue 2-4 Units $1,199,000 $950,000 -20.77 %
622-626 Buchanan Street 2-4 Units $1,399,000 $1,250,000 -10.65 %
161-165 Cook Street 2-4 Units $2,395,000 $2,150,000 -10.23 %
2287 16th Avenue 4/2/2 $1,388,000 $1,250,000 -9.94 %
301 Mission Street #49D 2/3/2 $4,588,000 $4,180,000 -8.89 %
2829-2831 Pierce Street 2-4 Units $2,970,000 $2,750,000 -7.41 %
3260 Baker Street 3/2/2 $2,999,000 $2,800,000 -6.64 %
1308 Valencia Street 4/3.5/1 $2,499,000 $2,350,000 -5.96 %
265 Minerva Street 2/1/1 $699,999 $659,000 -5.86 %
2869 Broderick Street 4/3/2 $3,500,000 $3,300,000 -5.71 %

For more Good Real Estate Stuff…check out The Goods.

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$440,000 Under Asking | Personal Chapel Maybe Included, Wallpaper Definitely

It only took seven months, but in the end, it got there. SOLD for $440,000 UNDER asking!

You read that correctly, this 6-bedroom single family home in Mission Terrace at 100 Delano Avenue just closed $440,000 below the original (back in March) asking price of $1,600,000. After a price chop to $1.5, then $1.4, then again to $1.3, it appears the Lord finally took pity on this property and landed it on top of this week’s Top 10 Underbids. With plenty of extra space, awesome curtains, wow-tastic wallpaper, and your own “personal chapel” how could you not want to move right in!?

As for the other buyer scores, here you go:

Address BR/BA/Units List Price Sold Price Underbid
100 Delano Avenue 6/3/3 $1,300,000 $1,160,000 -10.77 %
355 Bryant Street 2/2/1 $2,345,000 $2,100,000 -10.45 %
18 Palm Avenue 4/3.5/2 $4,995,000 $4,525,000 -9.41 %
1264 Bush Street 1/1/0 $649,000 $590,000 -9.09 %
78 Gladys Street 3/2/0 $1,195,000 $1,100,000 -7.95 %
1437 47th Avenue 1437A 2 unit $1,275,000 $1,175,000 -7.84 %
601 4th Street #321 1/1/1 $1,499,000 $1,400,000 -6.60 %
2040 Franklin Street #506 0/1/1 $575,000 $540,000 -6.09 %
2730 Broderick Street 4/3.5/1 $5,850,000 $5,500,000 -5.98 %
301 Mission Street #51D 2/3/1 $4,495,000 $4,250,000 -5.45 %

You see…”deals” can still be had in San Francisco.

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Active Listings By Price Segment and Property Type

These Broker Metrics charts track weekly number of Active Listings over the past 6 months (early May to mid-October):

SFD, under $1m Active Listings – weekly inventory just below 6 month average, about same level as spring, lowest number of active listings since early July.

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Condo, under $1m Active Listings – autumn inventory levels well above (about 25%) spring-summer levels

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SFD, $1m – $1.499m Active Listings – weekly inventory just fell below 6-month average

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Condo/Co-op, $1m – $1.499m – autumn inventory running far above (about 40%) spring-summer inventory levels

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SFD, $1.5m – $1.999m Active Listings – autumn inventory levels well above (about 30%) spring-summer levels

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Condo/Co-op, $1.5m – $1.999m – autumn inventory levels well above spring-summer levels

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SFD, $2m – 2.499m Active Listings – autumn listing inventory running well above (33%) 6-month average, and equal to mid-May levels

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Condo/Co-op, $2m+ Active Listings – inventory running about 25% above 6-month average, and well above spring-summer levels

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SFD, $2.5m+ Active Listings – inventory running about 29% above 6-month average, and about 20% above May levels

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