Archive for January, 2009
January 31, 2009
That’s just what the Doctor ordered for San Francisco’s newest (and tallest) luxury condo high rise, The Millennium. Sales haven’t exactly been soaring since the sales center opened in June 2008. The timing of the project is partially to blame, as the economy decidedly got worse as the building was being constructed. This was an unfortunate turn of events for the developer, but they persisted anyway. The other challenge is that the units in the building ain’t cheap. Think $1,000 to $2,500 per square foot, depending on what floor you’re on. The luxury market is a small one, and catering to this crowd is quite the challenge.
So how could the sales team spice things up a bit? Last week they slashed prices across the board, fifteen percent. Since the price cut, seven units have gone into contract including one of the two penthouses on the 59th floor. We’ve taken pictures of the views from up there, so if you’d like to check it out you can click HERE. The developer also honored the 15% discount to all those currently in contract. We think this is a classy move, considering deposits on the units are non-refundable.
To read the full article about the Millennium Tower’s recent success, click HERE. It was published in the San Francisco Business Times.
The Millennium Tower is San Francisco's tallest residential highrise and the 4th tallest building in the City at 645 feet.
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Posted in Financial District, Neighborhood Info, New Developments, News, SoMa, Tips | Tagged 2009, condos, discount, luxury condominiums, millennium tower, sales, san francisco, san francisco real estate | Leave a Comment »
January 30, 2009
We’ve been busy. Very busy. We have been putting together our first post called “Market Check-Up”, in which we’ll delve deep into a local micro-market and give you all the stats, trends and analysis you could ever hope for. This is like our Getting Granular series on steroids. In this series you’ll see:
- Median Sales Price trends over the past 14 years, inflation adjusted using the Consumer Price Index!
- Sales Volume, as compared to the overall San Francisco market. You’ll learn how this neighborhood has increased or decreased in volume over time.
- How much appreciation or depreciation you would have realized if you owned your property for X amount of years (again, inflation adjusted).
- Year over year appreciation rates comparing our micro-market of choice to San Francisco as a whole. This will let you know if the neighborhood is a good or poor performer in relation to the entire City.
- Marketshare: You’ll learn how much of the overall San Francisco market this neighborhood is responsible for.
- Days on market trends and sales price to list price ratios.
- Absorption rates, numbers of Expired and Withdrawn listings.
- Add to that bullet points and commentary, and you’ve got yourself a good, all around micro-market “Check-Up”.
And we're underway!
Let’s get things started, shall we? The first neighborhood we’ve chosen is Pacific Heights and the property type is condominiums. Even if you’re not interested in this market segment, take a peek at the article so you can see all the glorious analysis that’s in store for your neighborhood soon.
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Posted in Appreciation and Hold Times, Getting Granular, Macro-Level Info, Market Check Up, Micro-Level Info, Neighborhood Info, Nerdy RE Analysis, Pacific Heights | Tagged absorption, condo market, condominiums, Cow Hollow, days on market, district 7, Marina, median values, Pacific Heights, Presidio Heights, sales price, san francisco, san francisco real estate, stats, Tips, trends | Leave a Comment »
January 29, 2009
What is a pocket listing? A pocket listing is a home that is not being advertised to the general public through the MLS or a listing that will come on the market in the future but right now is still a secret. Many homes in San Francisco sell while off the open market, so pocket listing culture is a big deal. Every week, we’ll be sharing info about pocket listings that we know about. Information on pocket listings is sparse and secretive, so pardon us if we seem short on details for the purposes of our blog. If you are interested in learning more, you can click HERE to contact us. Without further adieu, here are this week’s pocket listings:
- Out of our pocket and over to you
To see this week’s pocket listings, continue reading –>
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Posted in Pocket Listings, Tips | Tagged not in mls, off market listings, Pocket Listings, private listings, san francisco, san francisco real estate | Leave a Comment »
January 28, 2009
Did you know that Cole Street was named after a lawyer from Auburn, New York? Or that Columbus Avenue actually refers to Christopher Columbus? How about Stockton Street? Did you know that it was named after Commodore Robert F. Stockton, who was the military leader that claimed California for the US? Interesting tidbits, eh?
Just who was Sutter, and where does Leavenworth come from? How about Bush Street? Did you hear that it was renamed “Obama Street” on Inauguration Day? Well, that last one may have been a prank, but we recently discovered an awesome website that details the origins of San Francisco’s street names.
Click HERE and give it a glance on your next coffee break. We think you’ll find it both interesting and engaging.
We weren't kidding about Bush Street being changed to Obama Street.
Oh, and if you want to learn more about the Bush to Obama Street prank, click HERE.
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Posted in Neat Stuff & Gadgets, News | Tagged avenues, etymology, roads, san francisco, san francisco real estate, street name origins, street names | Leave a Comment »
January 27, 2009
We’re excited about our new series here at Inside SF Real Estate called “Building Profiles“. From time to time we’ll pick a random building to spotlight and give you all the stats, trends and scoops.
So… where do we begin? We figured it would be best to kick things off with the building Mayor Gavin Newsom calls home, Bellaire Tower.
Stats and Scoops
- Official Address(es): 1101 Green Street, San Francisco, CA 94109
- Cross Streets: Green at Leavenworth
- Neighborhood: Russian Hill
- Year Built: 1930
- Style: Art Deco
- Height: 252 feet, 77 meters
- Layout: 64 units on 20 floors, an average of 3.2 units per floor
- Property Type: Condominiums – 1, 2, and 3 bedroom units
- Architect: Herman Carl Baumann
- Other notable projects by Herman Carl Baumann include 1800 Pacific Avenue, 2400 Buchanan, 3401 Clay, 1950 Clay, 2201 Sacramento, Bellevue-Staten Apartments (Oakland), Gaylord Suites and 1950 Gough. (Emporis.com)
- Mayor Gavin Newsom purchased a 2-bedroom, 1-bath condo around 1,700 square feet for $2,350,000. The previous owner was a friend of Mayor Newsom’s, Mr. Peter Getty. (San Francisco Business Times)
- The architect invested heavily in the building and suffered a financial disaster due to the Great Depression. (Emporis.com)
- The building has a rich, ornate Spanish lobby. (Emporis.com)
- In Alfred Hitchcock’s movie Vertigo, this building can be seen in the distance from in front of the Elster’s apartment building. (Emporis.com)
- Bellaire Tower is 2 meters taller than the Ferry Building.
- Bellaire Tower is 2 meters shorter than the New York Stock Exchange.
- Bellaire Tower is the 110th tallest building in San Francisco. If Bellaire Tower were magically moved to New York, it would rank #852.
- 3.38 Bellaire Towers stacked on top of one another would equal the height of the Transamerica Pyramid.
Bellaire Tower sits atop Russian Hill, just northwest of San Francisco's financial district (click to enlarge)
For more fun info, real estate trends, and lots of pics, continue reading –>
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Posted in Building Profiles, Neighborhood Info, Russian Hill | Tagged 1101 green, bellaire tower, condominiums, condos, gavin newsom, green, leavenworth, mayor, russian hill, san francisco, san francisco real estate, scoops, stats, trends | Leave a Comment »
January 26, 2009
Psst, hey buyers:
Some of the best things you can do to ensure you are making a smart real estate investment are:
- Work with an agent who is a consultant, not a salesperson.
- Invest in a tried-and-true area with relatively static inventory levels (unless you’re going to hold for the VERY long term).
- Have a period of ownership in mind… something around 5 years or more is a good idea. Anything less and you could be gambling. Benefiting from real estate ownership works beautifully, but it takes time. Save day-trading for the stock market.
- And… imagine yourself as the seller one day in the future.
Save day trading for the stock market
Let’s talk a little about #4.
Unless you plan on passing your property to your heirs, you will one day be selling your palace. Imagining yourself in these shoes as you shop for real estate can put you on the right track. As you tour properties, ask yourself “Will buyers like this place in the future? How will this area be different? Am I selecting something with mass appeal, or am I severely limiting my future saleability with my eccentric tastes? Does this home have any incurable characteristics? How many more homes like this will be made?”
In order to answer these questions, you must first know a little bit about your local market and what buyers prefer. This is one of the reason we write our series “Snatched Up“. But we’ve got some experience from working directly with buyers and can share some common threads we’ve noticed amongst them when it comes to picking homes. Here are seven things we hear often: Read the rest of this entry ?
Posted in Home Buying, Home Selling, Tips | Tagged buyer tips, buying a home, invest, investment, real estate, san francisco, san francisco real estate, seller | Leave a Comment »
January 23, 2009
Lower Pacific Heights used to be called “Upper Fillmore”. With increasing property values over the past 20 years the area grew in affluence and wealth. The name “Lower Pacific Heights” became more and more popular and now the term “Upper Fillmore” is rarely used. San Francisco’s Japantown is located within Lower Pacific Heights.
Cherry blossoms bloom in Japantown
Since condominiums are common in the area, we took a look at condo price trends in Lower Pacific Heights since 1995. What we found was an average of 51 sales taking place in the ‘hood each year, and a trend of steady upward growth with a few requisite bumps and bruises along the way. Here’s a look at the chart:
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Posted in Getting Granular, Lower Pacific Heights, Micro-Level Info, Neighborhood Info, Nerdy RE Analysis | Tagged condo trends, condominiums, japantown, lower pacific heights, median sales price, san francisco, san francisco real estate, Tips | Leave a Comment »
January 23, 2009
Forbes came out with an article a couple of days ago that ranks the world’s cities in terms of the best opportunities for real estate investors in 2009. Cities named in the top 10 show exceptional long-term stability and have proven track records. According to the article, investors are back to basics and are looking at tried and true cities… not so much the exotic locations that were popular in years past.
San Francisco Ranks #6 in the World
Here is a list of the World’s Best Places for Real Estate Buys – 10 Cities Investors Will Target in 2009:
- Washington, D.C.
- London
- New York
- Tokyo
- Shanghai
- San Francisco
- Los Angeles
- Paris
- Houston
- Singapore
According to the article, San Francisco ranked #24 last year and is now up to #6. Click HERE to read the article in full.
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Posted in Countdowns & Rankings, News | Tagged 2009, forbes, list, rankings, real estate investment, san francisco, san francisco real estate, world cities | Leave a Comment »
January 22, 2009
We’ve written about it before, and this little story is a good example. The wisdom? Listing prices mean nothing. The reason they mean nothing is because sellers have a million and one reasons why they list their properties at certain prices. Maybe their asking price is indicative of how much they owe on their home, their credit cards, cars, how much they need to pay their agent, closing costs, plus a little cushion. Maybe its based upon how much profit they want to turn since they made some improvements. Maybe they’ve got medical bills to pay off. Who knows? Like I said, there’s a million and one reasons.
Yeah, I'm selling. Let me go ahead and add these up so I can calculate my asking price.
Rarely do you find a home that is priced right on the money. And oftentimes you’ll see homes intentionally underpriced by $100K or more, just to create a buzz and have the market bid it up.
In any case, here’s a story about a cute home close to the Palace of Fine Arts. 3271 Baker was purchased in November 2006 for $1,700,000, just a smidge above the asking price of $1,695,000. It had only been on the market for 37 days. The buyer clearly made some nice improvements during their ownership. New kitchen, new bath, and really cleaned up the property.
Less than two years later, 3271 Baker came back on the market. It was listed on July 3, 2008 with one of San Francisco’s best and most respected agents. The list price was
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Posted in Appraisal 101, Home Buying, Home Selling, Marina, Neighborhood Info, Public Listings, Tips | Tagged 3271 baker, list prices, Marina, market, palace of fine arts, san francisco, san francisco real estate, single family home | Leave a Comment »
January 22, 2009
Are you ready for a 2009 update?
San Francisco from Treasure Island - by me
Lets kick it off with Single Family Homes.
As I write this, there have been 43 closed sales of single family homes since the 1st of the year. Interestingly, 42% of this year’s sales have taken place in District 10 with 58% taking place in Districts 1-9. The discrepancy between asking prices and selling prices is small– homes have sold for 98.88% of their asking prices using averages and 98.65% using medians.
The median marketing time is 44 days and the average is 55.
How many single family homes are available for purchase right now? MLS indicates 484 with a median asking price of $799,000. There are an additional 212 homes that are under contract or currently pending (pending means that they are under contract and that all contingencies have been removed).
We have had 23 listings expire and 44 withdrawn since the 1st of the year.
Next up, the Condominium market: Read the rest of this entry ?
Posted in Home Buying, Home Selling, Macro-Level Info, Nerdy RE Analysis, News, Tips | Tagged 2009, market activity, market report, san francisco, san francisco real estate, update | Leave a Comment »
January 22, 2009
What is a pocket listing? A pocket listing is a home that is not being advertised to the general public through the MLS or a listing that will come on the market in the future but right now is still a secret. Many homes in San Francisco sell while off the open market, so pocket listing culture is a big deal. Every week, we’ll be sharing info about pocket listings that we know about. Information on pocket listings is sparse and secretive, so pardon us if we seem short on details for the purposes of our blog. If you are interested in learning more, you can click HERE to contact us. Without further adieu, here are this week’s pocket listings:
- Out of our pocket and over to you
To see this week’s pocket listings, continue reading –>
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Posted in Pocket Listings, Tips | Tagged off market listings, Pocket Listings, quiet listings, san francisco, san francisco real estate | Leave a Comment »
January 21, 2009
It’s time for one of our favorite games again! We looked at all condo sales from 2008 in North Beach and are here to show you what your money buys at the low end, the median, and the high end. There were 23 condo sales in North Beach last year. The median value was close to $800K, at $796,800. Lets kick it off with the low sale and work our way up:
33 Vandewater #201 hit the market in April of 2008 and was pending sale just 19 days later. The one bedroom, one bath condo has hardwoods, a fireplace, open floorplan, and one car deeded parking. Listed at $525,000, the home sold for just a smidge under at $512,000. The last time it sold? 2003, for $389,000.
33 Vandewater
33 Vandewater #201
To see the median and high sales, keep reading –> Read the rest of this entry ?
Posted in Lo-Mid-Hi, Neighborhood Info, North Beach | Tagged 33 vandewater, 411 francisco, 747 filbert, condominiums, condos, high sale, low sale, malt house, median, north beach, san francisco, san francisco real estate | Leave a Comment »
January 19, 2009
1855 Jones (at Green) hit the market on January 9th and just 8 days later, has been snatched up. The luxury condominium sits high atop Russian Hill in one of San Francisco’s most prestigious locations. Elegant finishes and bay views abound from this 4 bedroom, 3 bath, ~2,573 square foot beauty. Originally built in 1939, the building and the 2 units within have been remodeled and are ripe for city living. The home has two levels, one of which is completely dedicated to the master suite. The list price was $2,395,000. We’ll be keeping tabs on the final sales price when it closes escrow.
Here is a photo tour of this magnificent residence, and remember, the purpose of our series “Snatched Up” is to demonstrate what the market is currently showing a strong affinity towards:
1855 Jones Street - Building exterior
As you enter...
To continue the tour, keep reading. It gets better :-) –> Read the rest of this entry ?
Posted in Neighborhood Info, Russian Hill, Snatched Up, Tips | Tagged 1855 jones, condo, condominium, prestigious, quick sale, remodel, russian hill, san francisco, san francisco real estate | Leave a Comment »
January 19, 2009
I’ve always been a big fan of homes that incorporate lush green surroundings by opening up to the outdoors. This gem in Potrero Hill lives up to the challenge as tropical greenery envelopes the home.
713 Rhode Island - A green oasis awaits behind the front gate
713 Rhode Island Street, a 3 bedroom, 2 bath home, hit the market in late ’08 for $1,495,000. It was withdrawn right before Christmas and is now back on the market with a new price of $1,329,000.
Ripe vegetation all around...
To see more of this home, continue reading –>
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Posted in Neighborhood Info, Potrero Hill, Public Listings, Taking You Inside, Tips | Tagged 713 rhode island, greenery, house, landscaped, potrero hill, san francisco, san francisco real estate, single family home | Leave a Comment »
January 16, 2009
My my, it’s been a busy week! My wife and I moved yesterday– so no time for blogging as we sought the answers to more important questions such as “hey, which box is our clean underwear packed in?” Thankfully, we’ve located them so we’re back up and running today. I had a little time amidst the unpacking to take a look at one of my favorite “renaissance” areas of the City, North Panhandle (aka, NoPa).
Moving is tough work. That's me in the front, wife in the back.
The ‘hood has been transforming for many years now. With architecture that wows at just about every corner, NoPa is home to much history and adds some amazing local color to our landscape. A few trendy spots have set up shop in the nabe and the Divis corridor is happening.
Condos are prevalent in the area, so we looked at trends in median values over the past 14 years. If you’re curious as to the trends, keep reading –>
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Posted in Getting Granular, Micro-Level Info, Neighborhood Info, Nerdy RE Analysis, North Panhandle | Tagged 2008, median sales prices, median values, nopa, north panhandle, renaissance, san francisco, san francisco real estate, Tips, trends | Leave a Comment »
