Archive for March, 2009
March 16, 2009
Call us suckers for Mediterranean architecture, but 299 Santa Paula Avenue just returned to the market and raised an eyebrow over here. It originally hit the market 39 days ago, went into contract in just 12 days, and has subsequently fallen out of contract. No word on why it fell out, but we’re pretty sure it wasn’t because the buyer thought it was lacking in style!
The 5 bedroom, 5.5 bath Villa encompasses over 10,000 square feet of luxurious living space sprinkled with verandas, balconies, gardens, terraces, and courtyards. The home was originally constructed in 1928 and is offered at $5,900,000.
299 Santa Paula Avenue
299 Santa Paula Avenue
For more photos of this amazing property, continue reading –>
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Posted in Neighborhood Info, Public Listings, St. Francis Wood, Taking You Inside | Tagged 299 santa paula avenue, amazing house, district 4g, mediterranean villa, san francisco, san francisco real estate, sicily, St. Francis Wood | Leave a Comment »
March 15, 2009
Welcome to another installment of Appraisal 101. In this edition we’ll be discussing the term “over-improvement” and highlight some tips you can practice to make sure you don’t make this mistake. This article will be especially relevant to anyone looking to invest money in improving their home. Over-improvement in appraiser speak is known as “super adequacy”.
There are a handful of people that could care less about super adequacy
So what is over-improvement? By definition, an over-improvement is an alteration or improvement that is made to a property where the cost is greater than the market value added to said property. If the improvement you are considering is substantially better than what is typical for the market area, you probably will not add value. In order to understand what constitutes an over-improvement, it’s crucial to understand the market dynamics of the area you are in and in particular, the ceiling. A common mistake people make is over-improving a home and then expecting to be rewarded greatly for their efforts. It is a rare instance where one can go “comp-busting” and set a new peak for the neighborhood… so don’t expect or rely on it.
Understanding market dynamics: Picture a suburban subdivision, 250 cookie cutter homes. The homes were all built by the same developer, are all 2 stories and range from 2,000 to 2,500 square feet. You purchased a home and are considering making some improvements. Here are some tips:
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Posted in Appraisal 101, Tips | Tagged Appraisal 101, conformity, over-improvement, real estate appraisal, san francisco, san francisco real estate, super adequacy | Leave a Comment »
March 12, 2009
We’ve put together a chart that pits four of San Francisco’s most prestigious neighborhoods against one another… Russian Hill, Nob Hill, Pacific Heights, and the Marina. Median condominium values were plotted over a 14 year history, dating back to 1995 (this is as far as MLS will go). We adjusted the median prices to account for inflation so we could isolate market appreciation.
And around the final corner, it's Nob Hill in front... Nob Hill in front!
How did they fare?
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Posted in Getting Granular, Marina, Micro-Level Info, Neighborhood Info, Nerdy RE Analysis, Nob Hill, Pacific Heights, Russian Hill | Tagged appreciation, condominiums, condos, depreciation, Marina, nob hill, Pacific Heights, russian hill, san francisco, san francisco real estate | Leave a Comment »
March 11, 2009
Tuesdays are great. In case you didn’t know, Tuesday is the day of the “Broker’s Tour”… a sort of MTV Cribs for Realtors. Agents all over the City hold their listings open so they can showcase their clients’ properties to other agents. You always know it’s Tuesday when you drive through the neighborhoods and see an excessive amount of double parked cars, emergency lights flashing, blocking driveways and sidewalks. That’s us agents, and we apologize for the disruption.
Ok... so it's not precisely like MTV Cribs.
The tour is serious business because part of successfully marketing a home is letting the agent community know about it. Agents then tell their buyers what homes are good matches for them.
Every Tuesday, we see about 20-30 homes (depending on what is available, and how long that coffee buzz lasts). We thought it would be a good idea to highlight some of the homes we were “wowed” by each week. This is our first installment of “Tuesday Tour Show-Stoppers”. And we must apologize in advance, we have expensive taste.
Continue reading to view this past Tuesday’s Show-Stoppers –>
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Posted in Public Listings, Show-Stoppers, Tips | Tagged active listings, beautiful homes, brokers tour, homes for sale, listings, san francisco, san francisco real estate, Show-Stoppers, tuesday tour | 2 Comments »
March 11, 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 ado, 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 homes for sale, off market listings, Pocket Listings, private listings, san francisco, san francisco real estate | Leave a Comment »
March 10, 2009
There is a lot of talk going around lately about activity on the low end of the market beginning to strengthen. Most people attribute this to the bargain hunters and investors snatching up foreclosed properties, REOs, and short sales. Curious to see what’s happening here in San Francisco, we set out to crunch some numbers and get some answers.
Which market segments are asleep?
Our goal was to see which price ranges have experienced the highest declines in activity since peak. We tallied up the numbers of sales in each segment per year. We found the low end of the market experiencing major declines in activity while the high end being less affected. Here are the results:
- $0 to $499,999 – This segment has experienced a drop in sales activity of 75.69% since peak.
- $500,000 to $999,999 – Has experienced a drop in sales activity of 46.18% since peak.
- $1M to $1,499,999 – Has experienced a drop in sales activity of 37.88% since peak.
- $1.5M to $1,999,999 – Has experienced a drop in sales activity of 36.90% since peak.
- $2M to $2,499,999 – Has experienced a drop in sales activity of 16.27% since peak.
- $2.5M to $2,999,999 – Has experienced a drop in sales activity of 14% since peak.
- $3M and above – Has experienced a drop in sales activity of 14.97% since peak.
Because we looked at the data on an annual level, 2008 was our last complete year for the analysis. Next time, we’ll zero in on the last 5 months to get a more updated view of the market and see if the aforementioned claims are true. Speaking of claims, we’re also hearing that the high end of the market is now going through trials and tribulations that the low end has already experienced. Either way, the data above tells a good (or not so good) story of what has happened in San Francisco through the end of 2008.
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Posted in Macro-Level Info, Nerdy RE Analysis | Tagged market segments, number of sales, sales activity, sales volume, san francisco, san francisco real estate | Leave a Comment »
March 9, 2009
Did you know that if you got a mortgage and paid points up front, that the points are deductible? Or how about loan origination fees… did you know those are 100% deductible too? Did you know that points paid in a refi can sometimes be deducted?
"Hey YOU, stop deducting so much already. Jeez!"
It’s common knowledge that when you sell your home (after occupying it for 2 of the last 5 years), you can take the first $250,000 of profit if you’re single tax free, and the first $500,000 of profit if you’re married. But do you know how “profit” is calculated? Most people think it’s the current sales price minus the price you initially paid for your home. In actuality, it is the current sales price PLUS any money you spent on repairs and improvements, minus the price you price you initially paid. That means keep those receipts!!
For more tax tips from Frontdoor.com, click HERE.
*I am not a tax professional. Always consult your accountant… yada yada. Source: Frontdoor.com.
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Posted in Tips | Tagged deductions, home owners, interest, profit, san francisco, san francisco real estate, tax tips, taxes | Leave a Comment »
March 8, 2009
In case you’ve been living under a rock, our country’s financial system has undergone radical change during the past five months. The pace at which change is occurring is akin to a forest fire. We’re hoping for a fast burn that clears the way for new growth. At this time, however, the fire’s still going. Maybe not quite as strong as it was at climax, but definitely still going.
What's going on in the economy isn't exactly a "controlled burn"...
Because of the rapid changes going on, we crave the freshest information. In the interest of seeing what’s going on right now, we created an analysis that you may find veeerrrry interesting. Here’s what we did:
- List out all the sales that have occurred in San Francisco’s 10 MLS districts from October 1, 2008 to March 1, 2009 (that’s five months worth of sales).
- Find the median sales price in each district over this period. Record it.
- Follow steps 1 & 2 for each district over the same time period going back to the year 2003.
- Find when prices peaked for each district.
- Calculate how far prices have fallen from peak.
- Rank the 10 districts based on performance over this period.
*Please note: You’ll need to familiarize yourself with THIS map in order to understand the MLS districts. All sales come from the MLS. These do not include private transactions or sales taking place at new developments. All numbers were adjusted for inflation to control for the changing value of the dollar. This helps us gain better insight into true market behavior. Property types included in the analysis include single family homes, condos, TIC’s, lofts, and stock cooperatives.
Now that you know the method, how about those results?
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Posted in Countdowns & Rankings, Macro-Level Info, Nerdy RE Analysis, Tips | Tagged analysis, depreciation, districts, median sales price, rankings, san francisco, san francisco real estate, Tips, trends, value decline, values | 2 Comments »
March 6, 2009
A new listing just popped up in one of our favorite neighborhoods, Corona Heights, at 36-38 Ord. The front porches with white railings and pitched roof are reminiscent of Atlantic coast beach houses (think Outer Banks, North Carolina). An open, entertainment-style floor plan with vaulted ceilings, ample daylight, and views of the City have us dreaming of big house parties. And oh, where to put those guests after the festivities? How about the cottage out back, complete with all the fixins. Offered by The Barbagelata Company for $2,895,000, this exquisite home boasts 6 bedrooms, 5 bathrooms, solar systems, and around 3,900 square feet.
This house is located in the Outer Banks of North Carolina.
We have some photos, not just of the newly renovated party-pad, but the original circa-1902 home which was purchased in 2006 as a fixer. We’ll keep our eyes on this one, and must admit, are jealous of the soon-to-be new owner.
...And this house is newly offered here in San Francisco. Could this be a beach house in the City?
To continue the tour and see the way the home looked prior to renovation, continue reading –>
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Posted in Corona Heights, Neighborhood Info, Public Listings | Tagged 36 ord, 36-38 ord, 38 ord, beach house, Corona Heights, flip, north carolina, outer banks, Public Listings, renovation, san francisco, san francisco real estate | 1 Comment »
March 6, 2009
Real estate transaction volume in San Francisco is off to a lackluster start here in 2009. No surprise really, as it’s tough for people to get loans and many buyers are on the sidelines, riding exercise bikes and sipping Gatorade until coach calls ‘em into the game.
So where is the action this year? As I write this, there have been a total of 395 transactions recorded to MLS in San Francisco this year. That includes single family homes, condos, stock cooperatives, TICs, 2-4 unit buildings, 5+ unit buildings, and lots. It does not include sales taking place at new developments, private sales, or slacker agents who sold something two weeks ago but still haven’t put the sale in MLS.
We were curious to see who’s getting action so we ranked the 85 neighborhoods in the City (as determined by MLS) by the number of transactions thus far in ’09. The findings were more interesting than we thought they would be. Here is the rundown:
| Rank |
Neighborhood |
Number of Transactions |
| 1. |
Noe Valley |
30 |
| 2. |
Potrero Hill |
17 |
| 3. |
Excelsior |
13 |
| 4. |
Visitacion Valley |
12 |
| T-5. |
Russian Hill |
11 |
| T-5. |
South Beach |
11 |
| T-5. |
Inner Mission |
11 |
| T-5. |
Portola |
11 |
| T-5. |
Crocker Amazon |
11 |
| T-5. |
Bayview |
11 |
To see the rest of the list, continue reading –> Read the rest of this entry ?
Posted in Countdowns & Rankings, Macro-Level Info, Neighborhood Info, Nerdy RE Analysis | Tagged 2009, neighborhood rankings, number of home sales, sales, san francisco, san francisco real estate, transactions | 1 Comment »
March 4, 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 condos, homes for sale, march 4 2009, off market listings, Pocket Listings, private listings, san francisco, san francisco real estate | Leave a Comment »
March 4, 2009
I’m about to share something with you that I learned many years ago in real estate appraisal school. When I first heard it, I thought my instructor was joking. But as she proceeded to explain, I realized it was very real.
The story has to do with how real estate values are affected by paranormal activity, ghosts, or stigmas of being haunted. I learned that if a seller knows of any of these activities going on in their home, they must disclose it! Sound too kooky to be true? That’s what I thought… but consider this scenario:
Mike and Ann are moving from New York to New Orleans. They found a charming old home in the Garden District, one with incredible architecture, rich history, and plenty of character. The home has been on the market for nearly a year. Mike and Ann submit a low offer, and much to their surprise, it’s accepted! They are very excited about their move.
After settling in, they quickly learn from neighbors and locals that the home has long been rumored to be haunted. Mike and Ann are now the rightful owners and become frightened by the news. There was nothing in the disclosures that stated anything out of the ordinary. They decide to list their home and after 2 years on the market, realize that they’re sitting on an illiquid asset. What happens here?
First and foremost, if something is material fact it must be disclosed. The fact that the home had “paranormal activity” of course cannot be proven. The stigma in the market area, however, is very real, and is a material fact. Court rulings have set precedent in these instances that would give Mike and Ann a case.
The lesson? If you’re in doubt about whether or not to disclose something, it’s always best to disclose it. Or, like my old appraisal instructor used to say… “Disclose, disclose, disclose!!”
We got a sweeeet deal!
Interesting articles that discuss haunted houses, superstitions, and paranormal activity as it relates to real estate:
Article One | Article Two | Article Three
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Posted in Appraisal 101, Home Buying, Home Selling, Tips | Tagged disclosure, ghosts, haunted houses, law suits, paranormal activity, san francisco, san francisco real estate, superstition | Leave a Comment »
March 3, 2009
Yes way. It happened a few days ago at 141 Albion, a charming Victorian-styled building which was purchased in 2008 by a developer and turned into 2 dazzling units.
One of the units will be kept by the developer and #141 is for sale. Listed at $995,000 just over a week ago, it received multiple offers and is now in contract. All indications is that this one’s going over, folks. If you toured the property you know just how sweet it is. Towering ceilings, skylights everywhere, living space on 3+ levels, and around 1,800 square feet, this home has it all. Three bedrooms and three and-a-half baths provide ample space for you and your fellow urbanites to crash after fun nights out at this happening location.
If you missed out on this high quality remodel and particularly love the block, the developer has plans to build a 4-unit building next door (to the right of this building) beginning sometime in the next year or two. The renderings suggest it will be a more modern style.
Could this be a shot in the arm for the struggling TIC market? Mmm, that’s a shaky call. Since this is a 2-unit building with a clean eviction history it will be on the fast track to condo conversion, taking just 12-24 months to transition property types.
What is a shot in the arm, however, is the ridiculous amount of open house traffic this place received, the multiple offers, and the market showing strength for high quality, unique homes.
141-143 Albion
141 Albion - Old meets new
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Posted in Mission Dolores, Neighborhood Info, Public Listings, Snatched Up, Tips | Tagged 141 albion, 143 albion, condo conversion, Inner Mission, Mission Dolores, multiple offers, san francisco, san francisco real estate, tenancy in common, tic | Leave a Comment »
March 2, 2009
Sunnyside, aka District 4S, is located just south of Mount Davidson. San Francisco City College and the Sunnyside Conservatory are located here. The neighborhood is chock full of cute single family homes and has quite an interesting history.
We decided to take a look at the median sales price trend in the neighborhood as far back as MLS would allow (1995). We adjusted the medians for inflation using formulas from the Bureau of Labor Statistics, so we could control for the changing value of the dollar.
Is Sunnyside up or down?
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Posted in Appreciation and Hold Times, Getting Granular, Micro-Level Info, Neighborhood Info, Nerdy RE Analysis, Sunnyside | Tagged appreciation, depreciation, district 4s, rates, sales, san francisco, san francisco real estate, single family homes, Sunnyside, Tips, trends | Leave a Comment »
March 2, 2009
San Francisco is fortunate to be dotted with many wonderfully flamboyant Queen Anne Victorians. The architectural style became popular in the late 1800′s and is characterized by exquisite detailing, magnificent moldings, and an asymmetrical design that makes them hard to predict. Queen Anne of England is remembered for her graceful refinement and grandiosity, which is where the association with this particular architectural style comes from. Gingerbread homes are often modeled after Queen Anne architecture.
A new listing just hit the market in Haight Ashbury at 1333 Waller that speaks to San Francisco’s obsession with this style. The circa 1906 home features 4 bedrooms, 2.5 baths, around 2,658 square feet, 3-car parking, and no shortage of character. It is currently listed for $1,895,000 with features such as a large deck, gorgeous back yard, and completely remodeled interior. Here are some shots of the home:
1333 Waller - Exterior
1333 Waller
For more photos, continue reading –>
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Posted in Haight Ashbury, Neighborhood Info, Public Listings | Tagged 1333 waller, Haight Ashbury, homes for sale, listings, queen anne architecture, san francisco, san francisco real estate, victorian | Leave a Comment »
