Archive for January, 2009
January 15, 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 –>
Read the rest of this entry ?
Posted in Pocket Listings, Tips | Tagged not on mls, off market listings, Pocket Listings, quiet listings, san francisco real estate | Leave a Comment »
January 14, 2009
We’re in a vintage mood today. There is no substitute for old-fashioned charm in San Francisco homes and they just don’t make ‘em the way the used to. That’s why we’ve decided to count down the Top 5 Oldest Single Family Homes currently on the open market.
Number 5 on the countdown: 117 Broad Street, Year Built: 1896
This very unique home is nestled in Oceanview and was used as San Francisco Fire Department’s Engine Co. #33 station for three quarters of a century. The Victorian-styled building then became a one-of-a-kind single family home and has been used as such for around 30 years. The property is currently listed at $1,333,333, has 3 bedrooms, 2.5 baths, and high ceilings. As of this morning (1/14/09), the home has been on the market for 111 days.
117 Broad Street used to serve San Francisco as a fire station
Number 4 on the countdown: 2434 Leavenworth Street, Year Built: 1890
This 4 bedroom, 3.5 bath home located in Russian Hill boasts ~3,558 square feet and is surrounded by lush greenery. The home truly subscribes to the “they don’t make ‘em like they used to” adage as it contains 2 grand staircases, 6 fireplaces, and 13-foot ceilings. This Victorian is priced at $2,800,000 and has been on the market for 124 days.
2434 Leavenworth Street is surrounded by lush greenery
The countdown continues –> Read the rest of this entry ?
Posted in Alamo Square, Corona Heights, Countdowns & Rankings, Neighborhood Info, Oceanview, Pacific Heights, Russian Hill | Tagged 177 broad, 2434 leavenworth, 2510 jackson, 80 ord, 908 steiner, classic, countdown, oldest homes, ranking, san francisco, san francisco real estate, single family homes, victorian, vintage | Leave a Comment »
January 13, 2009
120 Eureka Street, a remodeled Victorian condominium in a two-unit building, hit the market on January 2nd. Six days later it was in contract. The three-bedroom, one-and-a-half bath condo measuring ~1,473 square feet has many characteristics that appeal to today’s buyers in San Francisco. Historic charm, high ceilings, beautiful hardwood floors, plenty of natural light, decorative mouldings, updated bathrooms and kitchen, and gorgeous landscaping. Oh, and the exterior of the building is pretty sweet too. Here’s a look inside, and we’ll keep tabs on what this ends up closing for. The asking price was $1,039,000 and includes 2-car tandem parking.
Exterior is well-maintained and tastefully painted
Beautiful original details include the fireplace and mouldings
To continue the tour, keep reading –> Read the rest of this entry ?
Posted in Castro, Neighborhood Info, Snatched Up, Tips | Tagged 120 eureka, castro, condo, condominium, eureka valley, quick sale, san francisco, san francisco real estate, victorian | Leave a Comment »
January 12, 2009
Two, three, and four unit buildings around the City are popular alternatives for folks who want to own, but also want to be landlords. We know quite a few people who own these buildings, live in the best unit, and rent out the others. These buildings are also popular with investors, who buy, hold, and rent the units out over the long term.
What kind of landlord would YOU be?
How have these buildings fared over the long haul? We found out by taking a look at median values over a 14 year history. There are anywhere from 500 to 1,000 of these sales each year, so plenty of data points go into each median value on the chart.
Here’s a look at the trend:
Read the rest of this entry ?
Posted in Macro-Level Info, Nerdy RE Analysis | Tagged 2-4 unit buildings, duplex, investing, landlord, quadriplex, real estate investment, san francisco, san francisco real estate, tic, triplex | Leave a Comment »
January 10, 2009
It’s the ultimate question, and we get asked almost daily. I’ve actually been asked so many times that I have unintentionally developed a canned response, explaining how San Francisco is comprised of many different micro-markets and they all behave differently. What’s going on in South Beach isn’t what’s going on in the Sunset, ya dig?
Time to gain some perspective on the market
However, zooming out and looking at the City as a whole, we wanted to provide an answer to this broad question by looking at 14-year median value trends for all different property types (single family homes, condominiums, TICs, and lofts). Stock Cooperatives were left out because there were not enough data points to be particularly useful in the analysis. For single family homes and condos, there were thousands of data points, and for lofts and TICs, there were hundreds. So we have confidence in these medians. All data comes from the MLS so it represents open market transactions only (this is a good thing) and the resale market only (meaning it leaves out most new development sales, which is okay because if you’re an owner, the resale market should be what you’re concerned with anyway).
Now for the answer: Have prices come down in San Francisco? Read the rest of this entry ?
Posted in Home Buying, Home Selling, Macro-Level Info, Nerdy RE Analysis, Tips | Tagged city, condo, condominium, decline, increase, loft, market, median, prices, san francisco, san francisco real estate, single family home, tic, trends, values | Leave a Comment »
January 9, 2009
Grubb Ellis, a respected commercial real estate and investment firm, came out with a very interesting article a couple of days ago that makes some predictions for 2009. Predictions were made for the office space market, the retail market, the industrial market, and the residential rental market.
As you might expect, the article is not filled with tons of good news for 2009. One to two million job losses are predicted for the year, GDP is expected to decline by 1% (versus a gain of 1.3% last year), office and retail vacancies are expected to rise, and downward pressure is expected for residential rents around the nation.
Is there a glimmer of hope anywhere out there?
What we found striking is how San Francisco ranks #4 on Grubb Ellis’s list of places for office space investors to buy, #7 for retail investors to buy, and #2 for multi-family rental buildings to buy. The only portion of the article that does not mention San Francisco is the section on investing in industrial real estate. Industrial real estate is more prevalent in Oakland, which ranks #4 on their list for investors to buy.
Our conclusion is that although commercial real estate is taking hits like residential real estate, San Francisco still makes the cut in three of four categories. We think of it as a glimmer of light in a sea of gloom, and a sign of our City’s resilience.
To read the full article, click HERE.
To share this article, continue reading –> Read the rest of this entry ?
Posted in Macro-Level Info, Nerdy RE Analysis, News | Tagged 2009, article, commercial, grubb ellis, industrial, market, office, predictions, rental, retail, san francisco, san francisco real estate | Leave a Comment »
January 8, 2009
If I told you that properties in the Tenderloin tend to sell quicker than properties just a few blocks away in Nob Hill, would you believe me?
The 'Loin over Nob Hill? No way Jose!
That’s why we’ve put together a list of San Francisco’s 85 neighborhoods, ranking them by how quickly homes sold during 2008. Which neighborhoods unload homes the quickest? And which ones have properties that tend to sit on the shelf for a while? You’re about to find out.
But first, a few comments about the Days on Market metric in the MLS. In case you didn’t know, Days on Market is computed by starting the clock the moment a property hits the open market. The clock stops once that property goes into “pending” status, which means it has effectively been taken off the open market unless something goes awry with the deal.
We wrote an article HERE about how MLS computes days on market. There are pluses and minuses regarding their method. Sometimes the days on market looks artificially low, and other times it looks high. Overall, however, we’re counting on these shortcomings to balance out as we look at the entire year of 2008 from high above. So without further adieu, here are the rankings:
| Rank |
Neighborhood |
Average DOM for 2008 |
| 1. |
Ingleside Terrace |
29 |
| 2. |
Jordan Park/Laurel Heights |
30 |
| 3. |
Presidio Heights |
33 |
| T-4 |
Westwood Highlands |
35 |
| T-4 |
Midtown Terrace |
35 |
| 6. |
Balboa Terrace |
37 |
| T-7 |
Westwood Park |
38 |
| T-7 |
Outer Parkside |
38 |
| T-9 |
Cow Hollow |
39 |
| T-9 |
Parnassus/Ashbury Heights |
39 |
| T-9 |
Inner Parkside |
39 |
To see the rest of the rankings, continue reading –> Read the rest of this entry ?
Posted in Countdowns & Rankings, Home Selling, Macro-Level Info, Nerdy RE Analysis, Tips | Tagged average days on market, average marketing time, averages, days on market, marketing time, neighborhood rankings, san francisco, san francisco real estate | Leave a Comment »
January 8, 2009
Welcome to the Top 10 Condominium Countdown! We ranked condo sales from 2008 based upon dollar per square foot. The numbers are hefty hefty hefty, unless you’re from a city like Hong Kong, in which case they’re wimpy wimpy wimpy.
Imagine a stack of bills like this on EACH SQUARE FOOT of your home.
Here’s a look at the top 10: Read the rest of this entry ?
Posted in Countdowns & Rankings, Financial District, Neighborhood Info, Nob Hill, Russian Hill, SoMa | Tagged condominiums, condos, cost, dollar per square foot, price, price per square foot, rankings, san francisco, san francisco real estate | 2 Comments »
January 8, 2009
Diamond Heights is located in the central part of San Francisco. Condos and townhomes sprinkle the steep slopes of this neighborhood. Jaw-dropping views can be had in pretty much every direction. The neighborhood has a shopping center on Diamond Heights Boulevard which provides area residents with essentials. Interestingly, Diamond Heights was San Francisco Planning and Urban Research Association’s first project, “…intended to use redevelopment powers to use land on the hills in the center of the city to be developed with, rather than against, the topography. Few existing residents needed to be relocated for the redevelopment program, which included housing for a range of incomes, churches, schools, parks, and a commercial center”, according to Wikipedia.
View from Diamond Heights (courtesy of sfphotorama)
Since condos abound in the area, we wanted to take a look at median sales price trends over time. What we found was pretty neat.
Read the rest of this entry ?
Posted in Diamond Heights, Getting Granular, Micro-Level Info, Nerdy RE Analysis | Tagged condominiums, condos, Diamond Heights, district 4b, san francisco, san francisco real estate | Leave a Comment »
January 7, 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 –>
Read the rest of this entry ?
Posted in Pocket Listings, Tips | Tagged off market listings, Pocket Listings, private listings, san francisco, san francisco real estate | Leave a Comment »
January 6, 2009
Last night I met up with a client who I am going to refer to an East Bay agent. We got to talking about how to find the right agent and the advice I gave was motivating enough to write a post about it. So here we go.
There are two types of real estate agents out there. There are salespeople, and there are consultants. Lets go through the characteristics of each, and end it with a discussion on how you can choose the right one appropriately.
A salesperson:
- Usually a smooth talker.
- Puts their interests ahead of their clients’.
- Only works with people who have to buy or sell NOW.
- Can manipulate Read the rest of this entry ?
Posted in Home Buying, Home Selling, Tips | Tagged advice, agent, buyer's agent, characteristics, expertise, how to choose an agent, qualities, real estate agent, realtor, san francisco, san francisco real estate, seller's agent, Tips | Leave a Comment »
January 6, 2009
This may be old hat for many of you, but consider it a reminder and/or public service announcement. Get your permits!!
A question on the Trulia forums was posted the other day that made me cringe when I read it. Apparently, a Trulia member renovated their kitchen and bathroom without permits and subsequently received a letter from the Building Department. The City is threatening to tear down all their new cabinetry, rip up the new tile, and remove all the other alterations. The owner is now wrestling with the City to retroactively get permits for the work. This is A) a major hassle, and B) subject to high fees if successful.
Beware of trying to sneak things past the City
Don’t make the same mistake! Read the full Q&A HERE on Trulia. To share this article, continue reading –> Read the rest of this entry ?
Posted in News, Tips | Tagged building permits, remodel, renovate, renovating, renovation, san francisco, san francisco real estate | Leave a Comment »
January 5, 2009
Ever wondered how close homes are selling to their asking prices? Especially in these times? We broke down the stats and are here to report the findings. But first, here’s how we did it:
We limited the search to the last 3 months worth of sales. The reason? It is recent activity we’re concerned with, not stuff that happened a year ago. The dates queried were 10/1/2008 through 12/31/2008. We took the average sales price for all property types in each of the city’s 10 districts, and divided it by the average listing (aka: asking) price for all property types. The resulting figure tells us at what percent homes are selling in relation to their asking prices. For example, if an area averaged a $1,000,000 list price over this period, and homes sold on average for $900,000, we could say that homes are selling at an average of 90% of their asking price. Makes sense, right? We then did the exact same thing, except on the second go-round, used medians instead of averages.
Pleeeeasse give me my asking price! (photo courtesy of funnygames.biz)
So here’s the data for each district. What do you expect to see? Homes selling at 75% of asking? 85%? 125%?? Here are the results: Read the rest of this entry ?
Posted in Macro-Level Info, Nerdy RE Analysis | Tagged asking price, deals, districts, list price, ratio, sales price, san francisco, san francisco real estate, Tips, trends | 4 Comments »
January 5, 2009
Welcome to 2009 everybody! A new, fresh year lies ahead and we are excited to get started. Now that 2008 is officially over, we’ll be able to look back at year-end numbers and compare it to years past. We’ll also look forward at what could be in store, but first, just how dead was 2008?
The 2008 Real Estate Market
We found out by tallying up all real estate transactions in San Francisco for the year. These include sales of single family homes, TICs, condominiums, lofts, stock cooperatives, 2-4 unit buildings, 5+ unit buildings, empty lots and acreage. To find out just how slow 2008 was, we compared the total number to that of the previous 13 years. Here’s a look at the chart: Read the rest of this entry ?
Posted in Macro-Level Info, Nerdy RE Analysis | Tagged 2008 market, dead, history, san francisco, san francisco real estate, Tips, total sales, total transactions, trends | Leave a Comment »
January 1, 2009
From the writers of Inside SF Real Estate, Happy New Year! We wish you all the best for 2009.
Lots of change is in store for the new year… a drastically different real estate environment, a new President, and no shortage of stories to report on. The holidays are drawing to a close and we’re eager to get back in the swing of things… keeping you up to date on all the stats and trends in San Francisco. But for now, enjoy these last few days and we’ll be back by the 5th!
Happy New Year from Inside SF Real Estate!
Posted in Announcements | Leave a Comment »
