Archive for May, 2009
May 29, 2009
If you’re a fan of homes that have San Francisco charm but have been updated for modern-day living, then check out 2949 Sacramento. This beautiful 5 bedroom, 4.5 bath home just hit the market today for $2,995,000. Originally constructed in 1900, the home has been completely remodeled and expanded, giving it a unique blend of “old meets new”. Two blocks from Alta Plaza Park and four blocks from Fillmore, the location will bode well for some lucky new owner.
2949 Sacramento in 2005...
Aaaand 2949 Sacramento today
Back side
To see photos of this gorgeous renovation, continue reading –>
Read the rest of this entry ?
Posted in Neighborhood Info, Pacific Heights, Public Listings, Taking You Inside, Tips | Tagged 2949 sacramento, alta plaza park, amazing homes, homes for sale, Pacific Heights, remodel, renovation, san francisco, san francisco real estate | Leave a Comment »
May 28, 2009
Working with a variety of buyers and personalities, we’ve come to some general conclusions about how the buyer’s mind works. There are many classifications of buyers out there, but here are a few types that stand out along with some tips:
1. The Finished Product Buyer: This buyer wants a turn-key home. They want to move in, unpack, and get busy living. They have no time for fix-it projects. They are conscientious about finishes and materials. Price is not necessarily an issue for them… they just want a home they’re not going to have to do too much to in a location that they’ll enjoy for many years.
Tip: If you are this type of buyer, make sure you plan on holding for the long term. Because you value comfortable living over price, you’ll need the market to carry you upwards. This will happen with time.
2. The Value Buyer: This buyer searches for properties in good locations with good bones that need a little work. They are all about adding equity themselves and don’t want to wait for market to carry them up. This buyer can see past horrible decor, fugly paint (yes, that’s spelled right), and even bad smells. They generally have a good imagination and an eye for potential. Once they find the right place they estimate the costs to cure or bring a contractor by if the property requires more effort. This buyer will need cash above and beyond their down payment and closing costs to add value to the home. However, their entrepreneurial efforts will be rewarded down the line when they sell. This person is not intimidated by market conditions. They know that they can spot a worthwhile equity spread and create value in any market. This buyer may also buy something that is perfectly livable today, but loaded with potential. When more money comes in in the future, they may decide at that point to start making improvements. Many of these buyers invest in a cosmetic fixer, live in it for two to five years while they improve it little by little, sell for a profit, and pocket the tax-free earnings ($250K for single, $500K for married).
Tip: If building wealth in real estate is your top priority (as opposed to comfort), buying value is your ticket.
It's smart to be a "Value Buyer", but don't get too carried away.
Two more buyer types… keep reading –>
Read the rest of this entry ?
Posted in Home Buying, Tips | Tagged buyer tips, buyers, buying a home, san francisco, san francisco real estate, types of buyers | Leave a Comment »
May 27, 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 –>
Read the rest of this entry ?
Posted in Pocket Listings, Tips | Tagged not on mls, off market listings, Pocket Listings, private listings, san francisco, san francisco real estate | Leave a Comment »
May 27, 2009
Sunshine and not a cloud in the sky… yes, today was a gorgeous day to be out looking at properties. We stumbled upon quite a few nice ones on today’s tour. Eleven homes were rated with 4 stars and four were rated with 5 stars this week. There were two that we would award 6 stars if we could, but that would be breaking the rules. More on those later…
But before we get into star ratings, let’s hand out some awards. The View of the Week award goes to 66 Everson, located in Glen Park. Nothing else even came close. With one of the best perspectives of the City we’ve ever seen, 66 Everson literally made us say “holy crap” when we walked out onto the back patio. Unbelievable views. The photos just don’t do it justice, but here they are anyway:
66 Everson wins our View of the Week Award
Zoomed in
And how about the Backyard of the Week Award? As tempting as it was to give it to 66 Everson for its wooded privacy, lush vegetation, and free-standing greenhouse, we decided to give it to 2209 Scott #1. The lower floor unit of a newly developed 2-unit building in Pacific Heights, 2209 Scott #1 has the kind of backyard that really shines on a day like today. A combination of patio and grass terrace, this place just begs for a bar-b-que. The building was developed by a good friend, so we know the craftsmanship is excellent.
2209 Scott #1 has a killer backyard
Tall trees towards the back of the property provide partial shade and privacy
Now, on to our ratings. And before we jump in, we have to tell you that we’ve added a new segment. In addition to the 4 and 5-star homes of the tour, we’ve included a new section called “Prime Potential”. These are homes that need a little updating (or a lot) but are located in fantastic areas. As with all our ratings, bear in mind we are not judging prices. We are judging what we believe to be good real estate in good locations. Click on the bold address for more info on any property. What is a “Tuesday Tour Show-Stopper?” Click HERE if you need to play catch-up.
To see this week’s list, continue reading –>
Read the rest of this entry ?
Posted in Public Listings, Show-Stoppers, Tips | Tagged amazing properties, homes for sale, Public Listings, san francisco, san francisco real estate, Show-Stoppers | Leave a Comment »
May 26, 2009
Actually, they’re not. We just thought it would make for a catchy title. But what if they were? Would you be more apt to buy one? Is that 2.5 cents holding you back from making the leap? After all, that amounts to a discount of one half of one percent!
Well that’s exactly the discount you can now get at 2500 Divisadero (aka Dracula’s Castle). The $10,000,000 Pacific Heights mansion just had a price drop and is now listed at $9,950,000. With the new $50,000 reduction, that’s a discount of one half of one percent. Who’s ready to snatch it up? Hold on, not everyone at once, now. Maybe the value lies in the psychology from being an eight figure listing to now a seven? I guess we’ll see. And we apologize in advance if that Subway jingle is now stuck in your head.
Price drop at 2500 Divis! Just don't get too excited...
To share this article, continue reading –>
Read the rest of this entry ?
Posted in Neighborhood Info, Pacific Heights, Public Listings, Tips | Tagged 2500 divisadero, discount, five dollar footlongs, mansion, Pacific Heights, price drop, san francisco, san francisco real estate | 2 Comments »
May 25, 2009
There is no doubt that lofts are unique property types. They appeal to a small but dedicated audience. San Francisco has some truly amazing lofts that can tempt even the die-hardest of single family home advocates (like THIS spectacular loft).
There is also the category of loft that we refer to as “loft wanna-be’s”. These are often the cheaply built, cookie-cutter style lofts that are overflowing with Lee Press-On bricks and faux stucco facades. You’ll know when you’re standing in one of these developments, as you’ll feel like a stiff breeze might blow the building away like a feather in the wind. Or you might have the nagging feeling you’re somewhere in a San Jose suburb. Either way, it doesn’t take a genius to recognize quality. Tapping on bricks with your knuckles shouldn’t sound like you’re knocking on a hollow plastic bucket.
Real brick? Right...
San Francisco, and SoMa in particular, has a blend of both loft types. Overall, we wanted to see if they were growing or diminishing in popularity. We tallied up how many condo & loft sales have taken place through May 1 of each year. Then we calculated how many of the total were attributed to SoMa loft sales. Here is what we found: Read the rest of this entry ?
Posted in Micro-Level Info, Neighborhood Info, Nerdy RE Analysis, SoMa, Tips | Tagged district 9f, loft market, loft tips, loft trends, san francisco, san francisco real estate, soma lofts, south of market | 3 Comments »
May 22, 2009
Well lets just find out, shall we?
We ran some reports to answer this question. It’s an important question as there are many people shopping for homes– around 65% of whom are open to TIC ownership.
First, we calculated the number of sales of single family homes, condos, TICs, lofts, and stock cooperatives that have taken place in San Francisco from January 1 through May 1. We cut off the analysis at May 1st because some agents take a couple weeks to update their sales in the MLS, which would skew this year’s number.
Next, we calculated how many sales during that same time period were attributed to TICs. Then we divided the number of TIC sales by the first calculation (which represents total sales) to arrive at our final number… the percentage of total sales attributed to TICs. Plotting the percentages over the past few years gave us a trend and a source from which we could make some comments:
Percentage of total sales attributed to TICs over time (click to enlarge)
To see commentary and conclusions, continue reading –>
Read the rest of this entry ?
Posted in Home Buying, Macro-Level Info, Nerdy RE Analysis, Tips | Tagged 2009 trends, buyer tips, san francisco, san francisco real estate, tenancy in common, tics, Tips, trends | Leave a Comment »
May 22, 2009
When it comes to real estate, some things never change. One of them is location. Once you choose a spot, well, you have to be happy with that spot. And some spots are so superior to most everything else that they result in the fastest sales.
Case in point, 765 Sanchez, which hit the market on May 1, 2009. Just 11 days later, the home was not only in contract, it had closed escrow (which screams ‘all cash buyer’ when escrow is that short).
The home, a fixer with plans, sits high in Dolores Heights with drop-dead views of the City and nothing slated to block its view in the future. Its potential to shine with the right renovations and decor is huge. It was listed at $3,250,000 and sold for an undisclosed amount. The home boasts 3 bedrooms, 2.75 baths, around 3,271 square feet, and was built in 1959. The list price was about $994/square foot, and if this home sold near asking, represents the highest sale in District 5 so far in 2009.
765 Sanchez Exterior
Why this spot is adored...
For more photos, continue reading –>
Read the rest of this entry ?
Posted in Dolores Heights, Home Buying, Home Selling, Neighborhood Info, Snatched Up, Taking You Inside, Tips | Tagged 765 sanchez, all cash, district 5, dolores heights, fast sale, liberty hill, location, san francisco, san francisco real estate | 3 Comments »
May 19, 2009
Giants fan? Well you may really dig living in South Beach. Although the neighborhood has a lot of inventory and more planned for the future, it is popular with young professionals, empty-nesters, techies, and folks commuting to either the Financial District or the Peninsula. The inventory glut in South Beach is making for some good deals to anyone looking to hold looooong term.
South Beach Aerial - courtesy of Stadiumaerials.com
With 80-some-odd home games per year, you’re going to need a second bedroom for your baseball friends to crash, right? That’s why we’ve published the ten cheapest 2-bedroom condos for sale in South Beach. Click the bold address for more photos & info on any particular condo. Results are in no particular order. Read the rest of this entry ?
Posted in Countdowns & Rankings, Neighborhood Info, Public Listings, South Beach, Tips | Tagged 2 bedroom condos, at&t park, cheap condos, homes for sale, san francisco, san francisco giants, san francisco real estate, south beach | Leave a Comment »
May 19, 2009
No, we’re not talking about George Orwell’s famous book. We’re talking about San Francisco’s unemployment rate.
Just a year ago, the unemployment rate sat at 4.3%, according to an article published by the San Francisco Business Times. As of March, the city sits at 9%– the highest unemployment rate on record since 1984 and more than double what it was a year ago.
The article cites many local industries that are rapidly losing jobs, including financial services, retail and construction. How will this affect real estate? Because jobs and real estate values are closely tied, we feel this is yet another sign that things are going to take a while to turn around.
For the full article, click HERE.
I guess unemployment news could be worse...
To share this article, continue reading –> Read the rest of this entry ?
Posted in News | Tagged News, san francisco, san francisco real estate, unemployment, unemployment rates | Leave a Comment »
May 18, 2009
Greetings readers. We have a new blog gadget called “Follow Us On A Real Time Map” that we’ve added to the top right-hand area of our homepage. This gadget is perfect for:
- Stalkers
- The extremely bored
- Those looking to kill a little time
- Those who want to see what neighborhoods we frequent for work
- Those who want to see how infrequently we take vacations (although this week is an exception)
- Those who want to follow us on the Tuesday Tour as we see dozens of properties
Essentially, the new gadget shows you where we are at any given time. Using the Google Maps application on a mobile phone (in this case a Blackberry Storm), our location is continuously updated in near real time. Yes, we heavily debated sharing this info with the world but we figured:
- It doesn’t show our precise address.
- It doesn’t tell you the intimate details of our personal lives, for example, that we were up late last night working watching Saturday Night Fever and laughing our asses off.
- The map updates in near real time, not exact real time. This means that by the time a stalker shows up we’ll be gone.
- You already know we live in SF. When the map displays in SF it is on a broad level (meaning you’ll be able to see the neighborhood we’re in but not the exact address location). Since SF is the 2nd most densely populated city in the U.S. (after NYC), we’re OK with that.
Enough with the disclaimers. Click HERE to check it out, and HERE to get your own Google Latitude gadget.
I've gotta get me some of those pants!!
To share this post, continue reading –>
Read the rest of this entry ?
Posted in Announcements, Neat Stuff & Gadgets | Leave a Comment »
May 18, 2009
About six weeks ago we wrote about our observations that the high end of the market is hurting while the low end is experiencing a mini-boom. We now have more evidence that this trend is taking place.
Terradatum, a company that crunches and publishes real estate statistics, puts together a list of spreadsheets and sends it out to the SFAR (San Francisco Association of Realtors) each month. We borrowed some data from Terradatum’s most recent email blast and built our own graph. We were interested in seeing how San Francisco’s housing market has changed over the past two years.
How badly is the luxury market hurting?
First, we took the median list price for single family homes in the City and plotted the monthly points over the past two years. Then we took the median sales prices for single family homes in the City and plotted those monthly points over the past two years. The results were pretty nifty. Not only did we find a trend, but we actually identified the cross-over point… the point in time where the luxury market started to recede and the low end of the market began to pack more oomph. Read the rest of this entry ?
Posted in Home Buying, Home Selling, Macro-Level Info, Nerdy RE Analysis, Tips | Tagged luxury market, predictions, real estate trends, san francisco, san francisco housing market, san francisco real estate, terradatum, Tips, trends | 2 Comments »
May 15, 2009
Who’s ready for a field trip? We’ll be heading off to Marbella, Spain, located on the Mediterranean Sea and close to the Strait of Gibraltar. Why? Well, we hear the weather’s nice, the wine is tasty, and the homes are to die for…
Like this palatial Villa that overlooks the Mediterranean Sea. You can even see Africa on a clear day. Inspired by Roman architecture, this newly constructed masterpiece includes courtyards, fountains, a state-of-the-art cinema, indoor and outdoor pools, games room with bar, sauna, Bang & Olufsen stereo system throughout, spa, and a Roman pavilion. The home is listed for 18,750,000 Euro, which is about $25,383,750 USD at today’s rate.
And what does this haute home look like? Well here you go:
For more photos, continue reading –>
Read the rest of this entry ?
Posted in Field Trips, Public Listings, Tips | Tagged $25 million home, amazing homes, gibraltar, haute, international properties, luxury homes, marbella spain, san francisco, san francisco real estate, villa | Leave a Comment »
May 14, 2009
We regret to inform you that we’ll be on a 2-week pocket listing hiatus! Our highly trafficked pocket listing posts are something we take a lot of pride in bringing you each week, and we will continue to do so as soon as we’re back from our trip. We’re hoping for stuffed pockets when we return (stuffed with new listings and fine white sand, that is).
Sometimes pocket listings can wait...
Posted in Announcements, Pocket Listings, Tips | Tagged Pocket Listings, san francisco, san francisco real estate | Leave a Comment »
May 14, 2009
We recently discovered a website that aggregates rental data for many metros across the U.S. It’s called Zilpy. You can use it to find rental comps, discover rental trends, and to learn more about your local rental marketplace. We find it quite helpful and well laid out.
The start screen is simple and welcomes users with three options — Are you an investor, renter, or a landlord? From there you can search the Google Map mash-ups and delve into oodles of stats. Have fun!
www.zilpy.com
Need rental comps? Zilpy can handle that.
To share this article, continue reading –>
Read the rest of this entry ?
Posted in Home Selling, Neat Stuff & Gadgets, News, Tips | Tagged apartments, landlords, real estate investing, rental market trends, rental stats, rentals, san francisco, san francisco real estate | Leave a Comment »
