Archive for June, 2009
June 30, 2009
Not much excitement was brewing as we planned our stops on this week’s tour. There simply haven’t been many new listings coming out, mainly because the 4th of July holiday is approaching and many agents get the heck out of town for a long weekend.
However, we were glad that we went on the tour today, as one listing in particular made our day. It was 2201 Baker, and all 7,630 square feet of it, that stole the show. The $7.1 million Pacific Heights mansion was purchased in 2007 as a fixer and through an extraordinary effort of architects, celebrity designers, and developers, is ready for its new owner. The home was chosen by Metropolitan Home Magazine as San Francisco’s ultimate Certified Green Home for 2009. The features are exquisite, and for once, a Pacific Heights mansion felt welcoming and flowing… not all chopped up and impersonal. The website is HERE for those interested in a virtual tour (although it pales in comparison to an in-person visit). It was the only 5 star home we saw this week, and we would give it 6 stars if possible. In our opinion, the decor easily trumped the Decorator’s Showcase mansions of the past two years.
2201 Baker wows at every turn
Daring, yet tasteful decor can be found throughout
Because the tour was very light today, we have no “View of the Week” or “Backyard of the Week” awards to hand out. But we do have a few 4 and 5 star homes to highlight. Continue reading to see our list, and if you have no idea what a Tuesday Tour Show-Stopper is, click HERE.
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Posted in Neighborhood Info, Pacific Heights, Public Listings, Show-Stoppers | Tagged 2201 baker, amazing homes for sale, brokers tour, san francisco, san francisco real estate | Leave a Comment »
June 29, 2009
Ahhh, movers. They provide extremely valuable service but unfortunately, not all can be trusted. I suppose that same statement could be uttered for many professions, but at least those professions don’t have all your stuff!
We’ve heard some doozies before, for example, the moving company that agrees to a certain price, but en route to your new home, changes their mind and holds your stuff hostage until you pay up. Relocation.com published a list of three “moving scams you’ve never heard of” which we thought would be helpful to our readers. Yelp.com is a great resource for local movers, and we’ve used and/or heard great things about Corrib Moving & Storage and Delancey Street Movers here in town.
Here’s the article from Relocation.com:
3 Moving Scams You’ve Never Heard Of
"Heya pal, we ain't unloadin' the truck till you pay up... Capiche?"
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Posted in Tips | Tagged movers, moving companies, moving scams, san francisco, san francisco moving companies, san francisco real estate | Leave a Comment »
June 29, 2009
From a recent article at the San Francisco Business Times:
Some 3,019 new units of housing came online in 2008, the final burst of a condo construction bubble that peaked in 2006 and started to deflate in late 2007. Since then prices have dropped 20 to 30 percent. A recent Polaris Group report found there are 1,340 condominium units available for resale — 58 percent more than available in May 2008 and a 10.3-month supply. The one major condo project currently under construction, Jackson Pacific’s 180-unit One Hawthorne St., will come online in 2010.
Every major condo project expected to break ground in 2008 was shelved, including:
Urban West Associates’ 292-unit phase two of One Rincon Hill.
Bosa Development’s 318-unit phase two of the Radiance.
Crescent Heights’s 720-unit project at 1401 Market St.
Turnberry’s 227-unit tower at 45 Lansing St.
Some huge SF developments have been delayed or canceled altogether
As grim as the news sounds, we actually think this is a good thing for San Francisco’s real estate market, particularly the neighborhoods of Read the rest of this entry ?
Posted in Appraisal 101, News, Tips | Tagged condo development, condo inventory, condo projects, condo saturation, san francisco, san francisco real estate | Leave a Comment »
June 29, 2009
Here are some interesting facts and figures we ran today that corroborate the story of two markets, which we wrote about a few days ago. What exactly did we look at?
We isolated all sales that have taken place from January 1 through June 1 and compared 2008′s performance to 2009′s. The sales were divided up by price bracket. Our goal was to see which price brackets have seen the biggest drops (or rises) in activity since this time last year.
Sales volume by price bracket - click to enlarge
- The number of transactions in the sub $500K range is actually UP from last year… by 21.82%.
- The number of transactions in the $500,000 to $749,000 range is down 13.55% from last year.
- The $750,000 to $999,999 bracket is down 45.02% from last year.
- The $1M to $1,249,000 bracket is down 55.38% from last year.
- The $1.25M to $1,499,000 bracket is down 60.14% from last year.
- The $1.5M to $1,999,999 bracket is down 60% from last year.
- The $2M to $2,999,000 bracket is down the most: 64.89% from last year.
- The $3M to $4.9M bracket is down 41.18% from last year.
- And the $5M+ bracket is down the second most, with a 64.29% decease in transactions from this time last year.
Final Thoughts
For all price brackets, the number of transactions is down 32% year over year. Since that seems to be the norm, it could be deduced that anything less is a sign of relative strength while anything more is a sign of relative weakness.
Sales on the low end continue to show signs of strength in 2009. Essentially, homes priced less than Read the rest of this entry ?
Posted in Macro-Level Info, Nerdy RE Analysis | Tagged market commentary, market trends, real estate market analysis, sales volume, san francisco, san francisco real estate, transaction volume | Leave a Comment »
June 25, 2009
Following up on a story from June 8th about a home with “prime potential” in the Marina, we now have the final scoop. The home at 230 Cervantes, which we wrote about HERE, needs some work and was listed for $1,849,000. Final sales price? It went 20% above asking at $2,200,000.
Just to clarify, does that mean 20% above market value? Ummm, no. Our feeling was that the home was intentionally underpriced to create some buzz, which it most certainly received. And if you’ve been reading our blog for a while, you’ll notice that we put very little stock in an asking price.
230 Cervantes closes for $2.2
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Posted in Marina, Snatched Up | Tagged 230 cervantes, closed sales, Marina, san francisco, san francisco real estate | Leave a Comment »
June 25, 2009
4322 25th Street hit the market less than a week ago and has already been snatched up. The MLS status went straight from “Active” to “Pending”, which means someone went in with no contingencies (and likely all cash). The Noe Valley home scored 4 stars on our latest Tuesday Tour and features 4 bedrooms, 3.5 baths, on three levels. Two car parking and high end finishes round out this newly constructed home. List price? $2,599,000.
4322 25th Street
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Posted in Noe Valley, Snatched Up | Tagged amazing homes, fast sales, Noe Valley, quick sales, san francisco, san francisco real estate | Leave a Comment »
June 25, 2009
As most of you know, the San Francisco Association of Realtors has divided the city up into 10 market areas. Curious to find out what’s been transpiring on a district by district basis here in ’09, we decided to run a little analysis. Our goal? To take a look at the year over year performance of each district, using median sales price as our yardstick. Here’s what we did:
- Find the median sales price in each district from January 1, 2008 through June 1, 2008. Record it.
- Find the median sales price in each district from January 1, 2009 through June 1, 2009. Record it.
- Calculate the year over year change for each district.
- Rank the 10 districts based on performance over this period.
- How are the 10 districts faring from last year? Photo courtesy of tenyearsofmylife.com
*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. Property types included in the analysis include single family homes, condos, TIC’s, lofts, and stock cooperatives.
What did we find? Continue reading for the chart –> Read the rest of this entry ?
Posted in Macro-Level Info, Nerdy RE Analysis | Tagged district analysis, real estate trends, san francisco, san francisco real estate, san francisco real estate trends 2009 | Leave a Comment »
June 23, 2009
It’s the lucky number 13 edition of Tuesday Tour Show-Stoppers, and what a glorious day it was. Can I just say that we live in the most beautiful city in the US? Seriously… touring amazing residences all around the city on a day like today is a privilege, and one of the many reasons I love my job. The neighborhoods come alive, the homes glow inside and out, and the yards may be experienced in all their glory.
Speaking of yards, there were quite a few doozies out there this week. The sounds of birds chirping, water trickling from fountains, and the scent of flowers seemed to be the theme of the day. Sound cheesy? Maybe so, but I’ll take it. Beats the mound of paperwork and disclosure packages sitting on my desk, that’s for sure. Impressionable yards this week included 200 Locust, 3418 Scott, 3648 22nd, and 3870 25th. But the winner of the “Backyard of the Week Award” goes to… 456 Belvedere in Cole Valley. This home’s yard features a patio and two worn brick walkways that take you through lush gardens that reach towards the back of the lot. You’re likely to see a huge variety of perennials, catch whiffs of sweet blossoms, and spot a few hummingbirds.
May look like chaos from the photo, but is amazing in person (especially on a gorgeous day)
View of the week goes to 366 Liberty, which is of course located on Liberty Hill. This unsuspecting home starts with a humble exterior, but once you set foot inside, prepare to be wowed. It is truly an impressive house and just gets better and better as you make your way around. Step out to one of the huge rear decks and enjoy a view of the entire City skyline, bay, and mountains.
366 Liberty wins view of the week
Time for the 4 star (great) and 5 star (superb) homes of the week. Keep in mind we are not judging prices and these are our opinions only. Click the bold address on any listing for more details, and if you have no idea what a “Tuesday Tour Show-Stopper” is, click HERE.
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Posted in Public Listings, Show-Stoppers | Tagged amazing homes for sale, distinctive properties, Public Listings, san francisco, san francisco real estate, Show-Stoppers | Leave a Comment »
June 23, 2009
According to an article published on USAToday.com, lawmakers have proposed some fairly significant changes to the existing $8,000 tax credit available to first time home-buyers. Currently, the $8,000 credit is available to first time buyers (anyone who has not purchased a home within the past 3 years). Single people making less than $95,000 per year and married couples making less than $170,000 per year combined are eligible for a partial credit. Single people making less than $75,000 per year and married couples making less than $150,000 per year are eligible for the full credit. Buyers do not have to repay the credit if they own and occupy the home for three years or more.
The new legislative proposals include:
- Proposal 1: Tax credit to rise to $15,000. Eligibility no longer restricted to first time buyers. Income restrictions lifted.
- Proposal 2: The $8,000 tax credit would be extended until June 2010 and apply to all buyers. A $3,000 tax credit would be extended to those refinancing.
- Proposal 3: The $8,000 tax credit would be extended to all buyers through 2010.
No word on how realistic these proposals are, but they are floating around out there. The full article is available by clicking HERE.
Will new legislation save housing or create more problems?
*Always consult an accountant for tax advice.
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Posted in News | Tagged 8000 tax credit, first time buyer tax credit, san francisco, san francisco real estate, tax credit, tax credit proposals | 1 Comment »
June 22, 2009
A newly offered TIC building is being remodeled unit by unit at 735 Geary. Located just two blocks from the Clift Hotel (ok, it’s really the Redwood Room we’re interested in) and five blocks from Union Square, the Tenderloin location is pretty happening.
735 Geary
Having toured the building recently, we were charmed by some of the homes… our fave being #503. The generously sized 1 bedroom homes have been restored to bring their period details back to life and feature new kitchens and baths. A circular bedroom, spacious living room, and secret closet door (you’ll have to see it) round out the floorplans.
Circular bedroom
Step out back and the grounds have lush vegetation, trees, and surprisingly quiet surroundings for being in the heart of the City. An old red brick wall with worn lettering towers above the east side of the garden, reminiscent of the east coast industrial vibe you’d find in a city like Baltimore, Maryland. Very cool.
The homes are priced from $315,000 to $475,000 and can be purchased with as little as 10% down. No deeded parking, but hey, that’s par for the course in this location.
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Posted in Neighborhood Info, Public Listings, Tenderloin | Tagged homes for sale, san francisco, san francisco real estate, tenancy in common, tenderloin, tics | Leave a Comment »
June 22, 2009
We were curious what type of representatives a search like this would yield, so we scoured the city for single family homes listed in the $950,000 to $1,000,000 range and generated a list. The search results serve as a sampling of what one million dollars looks like in the form of four walls and a roof– at least here in San Francisco.
Here's what one million dollars looks like by itself.
Things we noticed from this list include:
- Location is everything. As you move to less desirable areas, you get more house for your money. No surprises here.
- Want more square feet for your buck? You’ll find it in the Avenues. This leads us to believe the old rule of thumb still holds true: it costs less to live in the fog.
- The least expensive home on a dollar per square foot basis is 117 Broad Street, an old firehouse in Oceanview that has been converted into a single family home. It boasts ~4,000 square feet, which puts it at $250/foot.
- The most expensive home on a dollar per square foot basis is 27 Fresno. This little home is just off of Columbus and Broadway, in Telegraph Hill. It features ~857 square feet, which puts it at $1,184/foot.
- The average size for a home in the $1M range is 1,888 square feet. That would be about $578/foot.
- The average bed/bath count for a home in the $1M range is 3 bedrooms and 2.15 baths.
- Many of the homes in the million dollar range need some work and don’t necessarily pack any “wow” factor.
- Click the bold address for details on any property.
To view the list, continue reading –>
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Posted in Public Listings | Tagged million dollar homes, one million dollars, san francisco, san francisco real estate | 1 Comment »
June 19, 2009
The University of Wisconsin just completed a survey which was released by the Association of Foreign Investors in Real Estate (AFIRE). The survey involved questioning the AFIRE’s 200 members regarding their feelings on the US real estate market, which cities would be first to recover, and when recovery would begin. Here are some bullet points, and to check out the entire article courtesy of CNBC, click HERE.
First Cities To Recover:
- Washington D.C. (favored heavily)
- New York, NY.
- San Francisco, CA.
- Boston, MA.
- Los Angeles, CA.
Timing for Real Estate Recovery:
- Most respondents feel that recovery will begin in late Q2 2010.
- Investments during the latter half of ’09 will out-strip investments made in the first half of ’09.
Sectors to Recover First:
- Office Sector
- Multi-Family Sector
- Industrial Sector
"And the survey says!"
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Posted in Macro-Level Info, News | Tagged afire.org, association of foreign investors in real estate, macro level real estate analysis, real estate, real estate trends | Leave a Comment »
June 19, 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. Each week, we’ll be sharing info about pocket listings that we know of (most of them anyway- some have to remain completely confidential).
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 about a particular listing 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 | Tagged not on mls, Pocket Listings, private listings, san francisco, san francisco real estate | Leave a Comment »
June 18, 2009
Tuesday Tour Show-Stoppers on a Thursday? What the?? Hehe… actually, we’ve been slammed lately and have barely had time to come up for air. Lots of activity going on in the local real estate market, including the purchase of our own home. But rather than dive into dialogue about personal trials, tribulations, and tapped-out adrenal glands, we’re here to discuss the batch of homes we saw this past Tuesday on the Broker’s Tour. We had just one home receiving 5 stars (superb) and ten homes receiving 4 stars (great). But first, let’s give out those awards.
“View of the Week” definitely goes to 1454-1456 Kearny. This magnificent home was covered a few days ago on InsideSFRealEstate. City skyline views, floor to ceiling windows, and a roof deck fit for a king (or a rockin’ party), were even more impressive in person. This house is truly a delight and also was the only 5 star home we rated this week.
1454-1456 Kearny wins View of the Week
The “Backyard of the Week Award” goes to 678 Noe Street (aka Eureka Valley’s Cypress View Home).
Not much justice done w/ this photo, but it is a helluva yard.
Now, on to the four and five star rankings. Keep in mind we are not judging prices… simply nice homes in nice spots. Click the bold address on any property for more details. And if you have no idea what a Tuesday Tour Show-Stopper is, click HERE.
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Posted in Public Listings, Show-Stoppers | Tagged amazing homes, distinctive properties, homes for sale, san francisco, san francisco real estate | Leave a Comment »
2009 : A Rough and Tumble Year
June 29, 2009Here are some interesting facts and figures we ran today that corroborate the story of two markets, which we wrote about a few days ago. What exactly did we look at?
We isolated all sales that have taken place from January 1 through June 1 and compared 2008′s performance to 2009′s. The sales were divided up by price bracket. Our goal was to see which price brackets have seen the biggest drops (or rises) in activity since this time last year.
Sales volume by price bracket - click to enlarge
Final Thoughts
For all price brackets, the number of transactions is down 32% year over year. Since that seems to be the norm, it could be deduced that anything less is a sign of relative strength while anything more is a sign of relative weakness.
Sales on the low end continue to show signs of strength in 2009. Essentially, homes priced less than Read the rest of this entry ?
Posted in Macro-Level Info, Nerdy RE Analysis | Tagged market commentary, market trends, real estate market analysis, sales volume, san francisco, san francisco real estate, transaction volume | Leave a Comment »