Posts Tagged ‘2008’

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Just how big (or small) is San Francisco real estate?

February 3, 2009

You may be wondering what on earth we’re talking about with a question like that.  What we are referring to is the total dollar amount of real estate sales during a given year.  

For example, did you know that there was $5.196 billion in real estate sales last year in San Francisco (per MLS)?  Add to that a few for-sale-by-owners, a couple private sales, and a decent number of developer sales that are not reflected in MLS, and you’ve got yourself a decent-sized industry.  Or do you?

In order to put things in perspective, we’ve compared last year’s total (we’ll just call it around $5.5 to $6 billion) to ten other entities and the results make good food for thought (not to mention great cocktail party conversation).

Mmmm... food for thought...

Mmmm... food for thought...

1.  Wm. Wrigley Jr. Company (yes, the chewing gum company that owns brands such as Lifesavers and Orbit):  2007 Total Sales = $5.4 billion.  That’s some serious candy.

2.  Major League Baseball:  Total revenues in 2007 = $6.07 billion.  Hot dog and beer revenues = $20 billion.  Just kidding about that last part.

3.  Ford Motor Company:  LOST $5.9 billion in cash reserves during Q4 of 2008.  Ouch.

4.  Bill Gates net worth 2008:  $58 billion.  That would equal TEN and a HALF years of all of San Francisco’s real estate agents and brokers working at today’s pace to generate that amount of money.  How’s that for putting into perspective how wealthy Gates is, and for that matter, how little we are?  FYI – there are an estimated 2,500 to 3,000 agents that do business in San Francisco.

5.  Bail-outs anyone?  How about Fannie Mae and Freddie Mac, which could tap the the US Treasury for $51 billion in the coming weeks.  Again, that’s about 10 years worth of every agent and broker’s efforts (at today’s levels).

6.  RIM (they manufacture Blackberry phones):  Hit $6.01 billion in revenue for 2008.  Who would’ve thought the phones we agents use outdo all of us?  Hehe…

7.  Bay Area video games company Electronic Arts predicts revenue of $6 billion by 2011.

8.  Levi Strauss & Company:  $4.4 billion annual revenue in 2007.  Who’s wearing the pants now, Levi’s?

9.  Amazon.com:  $6.7 billion in Q4 of 2008.  So us agents and brokers are producing less than a quarter of what Amazon does annually.  Anyone else humbled by this?

10.  The total value of Notre Dame’s endowment fund:  $6 billion.  I wish I had a little endowment fund…

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Posted in Countdowns & Rankings, Macro-Level Info, Neat Stuff & Gadgets, Nerdy RE Analysis | Tagged , , , , , , , , , | Leave a Comment »

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Getting Granular in NoPa

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!

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 , , , , , , , , , | Leave a Comment »

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Good Homes Still Moving

December 21, 2008

We’re aware that the title of the post makes us sound like market cheerleaders, but we assure you, we’re not.  We value the truth over everything, and we’re not afraid to tell it how it is.  There is no reason to cheerlead when opportunities abound in any market condition.  Besides, it’s just plain old corny.

However, it is great to know that one of our theories about the market seems to be holding up, and that theory is:

San Francisco’s desirable homes continue to sell near or above their asking prices, and values are continuing to drop for the homes that nobody wants.

Case in point, a sale that just closed yesterday (December 20th) at 4036 26th Street in Noe Valley.  This single family home hit the market during the extremely turbulent month of October and was on the market for just over a month before it went into contract and closed escrow within 41 days.  The 4 bedroom, 2 bath Victorian measuring ~2,021 square feet was originally offered at $1,398,000 and ended up selling for $1,365,000, which is 97.64% of asking.  Check out the pics:

4036 26h Street

4036 26th Street

4036 26th Street

4036 26th Street

For more pictures and info, continue reading –>

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Posted in Home Buying, Neighborhood Info, Noe Valley, Snatched Up, Tips | Tagged , , , , , , , , , | Leave a Comment »

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Sales Activity Since the Stock Market Crash of October

December 17, 2008

It seems the question on everyone’s mind is how the stock market crash of October 2008 has affected activity in the local real estate market, ie: numbers of home sales.  We set out to find the answer, and here’s how we did it.

Are buyers and sellers in a stalemate?

Are buyers and sellers in a stalemate?

First, we limited our search from November 1 through December 16.  The reason we chose November 1st is because there is a lag of activity in the market.  Many people were in escrow during the crash of  early October and ended up closing in late October despite conditions.  What we wanted to find out is how many people were willing to move forward with a purchase after the crash rocked everyone’s boat, hence the November 1 start date.  The reason we capped the search at December 16 is because today is the 17th and the 16th was our last full business day.

Next, we constrained our numbers to the City of San Francisco only.  No outlying areas are included.  Property types in these numbers include single family homes, condominiums, tics, lofts, and stock cooperatives.

Lastly, to get a point of comparison, we ran this query for each year during the exact same time-frame, going all the way back to 1995.  How did it stack up?

Sales Activity (click to enlarge)

Sales Activity is at a LOW (click to enlarge)

What does this data tell us?  Read the rest of this entry ?

Posted in Home Buying, Home Selling, Macro-Level Info, Nerdy RE Analysis, Tips | Tagged , , , , , , , , , | Leave a Comment »

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Getting Granular in Mission Dolores

December 17, 2008

Mission Dolores is one of our favorite parts of town.  It’s been changing for the better for many years now, yet still retains a slight tinge of edginess to keep it honest.  Dolores Park (aka “DP”), the main park in the neighborhood, has also improved dramatically over the years from its once drug-dealer, crime-ridden past.

Dolores Park - courtesy of indifference.com

Dolores Park - courtesy of indifference.com

Properties around the nabe are spectacularly unique (you won’t find a plethora of cookie cutter condos here).  Victorians and palm trees line Dolores Street, which runs through the center of this artsy area.  Shops, restaurants, boutiques, and bars are abundant and all within walking distance.  Some properties have views of the City and public transit is easy peasy.

Condominiums are popular in the area, mainly located in 2, 3, and 4 unit Victorian-styled buildings.  We ran some numbers to find out the scoop on median condo prices over time, and to see how 2008 shaped up.  Here’s a look: Read the rest of this entry ?

Posted in Getting Granular, Micro-Level Info, Mission Dolores, Neighborhood Info, Nerdy RE Analysis | Tagged , , , , , , , , , | Leave a Comment »

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2008 Neighborhood Rankings – Part II

December 15, 2008

Next up for our 2008 neighborhood rankings, we ranked each of the 85 neighborhoods in San Francisco by the value of their highest sale thus far (includes January 1, 2008 through December 13, 2008).  This effectively shows us where the “ceiling” is in these neighborhoods, so we’ll call this our “Neighborhood Ceiling Ranking” from now on.

Where is your ceiling?

Where is your ceiling?

The ceiling was determined by the highest sale for single family homes, condominiums, stock cooperatives, lofts, and TIC property types in each neighborhood.  Here’s the run-down:

Rank Neighborhood Highest Sale
1. Pacific Heights $18,000,000
2. Sea Cliff $14,500,000
3. Russian Hill $9,500,000
4. South of Market (SoMa) $8,975,000
5. Presidio Heights $8,250,000
6. Cow Hollow $7,500,000
7. Nob Hill $6,400,000
8. Noe Valley $5,818,000
9. Clarendon Heights $5,625,000
10. St. Francis Wood $5,400,000

To see the rest of the list, continue reading –> Read the rest of this entry ?

Posted in Countdowns & Rankings, Macro-Level Info, Nerdy RE Analysis | Tagged , , , , , | Leave a Comment »

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2008 Neighborhood Rankings – Part I

December 15, 2008

We went through all 85 neighborhoods in San Francisco (as determined by the MLS), calculating the median sales prices for 2008 (January 1 through December 13).  Included in the medians are single family homes, condominiums, stock cooperatives, lofts, and TIC property types.

Where is your neighborhood on the totem pole?

Where is your neighborhood on the totem pole?

The rankings were, shall we say, quite interesting, and we’ve decided to take a look at this list periodically to see how it’s changing.  We also have another ranking of all 86 neighborhoods coming out, so stay tuned.

Rank Neighborhood Median SP
1. Sea Cliff $3,150,000
2. Presidio Heights $2,210,000
3. Clarendon Heights $1,995,000
4. St. Francis Wood $1,995,000
5. Sherwood Forest $1,690,000
6. Jordan Park/Laurel Heights $1,650,000
7. Balboa Terrace $1,500,000
8. Monterey Heights $1,487,500
9. Cow Hollow $1,450,000
10. Forest Hill $1,400,000

To see the remainder of the list, continue reading –> Read the rest of this entry ?

Posted in Countdowns & Rankings, Macro-Level Info, Nerdy RE Analysis | Tagged , , , , , , , | Leave a Comment »

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Distribution of Sales Prices Part Deux

December 13, 2008

A post we wrote the other day regarding the distribution of sales by price bracket triggered a couple of follow up questions, and we now have the answers.

Time to get nerdy

Time to get nerdy

One reader wanted to see the distribution broken down by property type (single family home versus condo/tic/loft/coop).  We were also curious to see what happened to the distribution when we limited the sales to Districts 1-9 only.  We were able to handle both questions with this chart right here:

Distribution of Sales Districts 1-9 (click to enlarge)

Distribution of Sales Districts 1-9 (click to enlarge)

You can see that the bulk of single family homes are sold in the $750,000 to $999,999 category, while the bulk of condos are sold one step down in the $500,000 to $749,999 category.  It’s no surprise that single family homes command a higher price tag (generally) around the City.

For the pie charts, continue reading –> Read the rest of this entry ?

Posted in Macro-Level Info, Nerdy RE Analysis | Tagged , , , , , , , , , , , , , | 2 Comments »

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Getting Granular in Duboce Triangle

December 11, 2008

Duboce Triangle is a tiny but beautiful part of San Francisco.  Classic Victorians line the lush streets.  The flat, walkable neighborhood sits under a canopy and is home to the cute Duboce Park.

If you like trees, then Duboce Triangle may just be for you

If you like trees, then Duboce Triangle may just be for you

We often get a kick out of newcomers who pronounce the neighborhood “Du-bot-chee”.  To clear up any confusion for visitors and newcomers, it’s pronounced “Dew-bose”.

So what kinds of home price trends are we finding in the area?  There are few sales within the neighborhood’s boundaries (due to its small geographic area), but we ran numbers anyway to see if we could at least identify an overall trend.

To view the trends, continue reading –>

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Posted in Duboce Triangle, Getting Granular, Micro-Level Info, Neighborhood Info, Nerdy RE Analysis | Tagged , , , , , , , , , | Leave a Comment »

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Snatched Up : Average Eureka Valley Condo Sells with 7 Offers

November 14, 2008

No, this isn’t your $6 million Noe Mansion or your $70 million St. Regis billionaire pad.  This is an average, run-of-the-mill condo with character in Eureka Valley.

368-A Sanchez came on the market on October 8th and had a ratified contract just 6 days later.  The owner and listing agent had to peruse through 7 different offers before picking the winner, an offer for $822,000 ($27K over asking) with a $5,000 credit.  For all intents and purposes, this place sold for $827,000, or $32,000 over asking.  The last time it sold you ask?  1999.  The owner purchased it for 107% of its asking price at the time, $525,000 (oh my gosh… they sooo overpaid)!  Furthermore, the condo is right across from a school.  Oh my!

On a serious note, this just goes back to what we’ve been saying about intelligently choosing your property and holding it for an appropriate amount of time.  Real appreciation can and will happen if you’re smart.

Here are pics, courtesy of me.

368-A Sanchez - Front
368-A Sanchez – Front – Click to Enlarge
368-A Sanchez - Living Room - Click to Enlarge
368-A Sanchez – Living Room – Click to Enlarge

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Posted in Castro, Neighborhood Info, Snatched Up, Taking You Inside, Tips | Tagged , , , , , , , , , | Leave a Comment »

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Getting Granular in Russian Hill

November 13, 2008

Russian Hill is one of our favorite parts of the City.  With its proximity to North Beach, the Polk Gulch, Chinatown, the Marina, the Financial District, and the Bay, it’s a fantastic spot to live.  Magnificent views of the Bay Area are in just about every direction.  Cable cars go up and down beautiful, tree-lined Hyde Street, splitting the neighborhood in two.  There’s no question that Russian Hill has that quintessential San Francisco feel.

Young DINKS and well-to-doers mix with the monocle-claden in SF's Russian Hill

Young DINKS* and well-to-doers mix with the monocle-clad in SF's Russian Hill

We were wondering about condo prices in the nabe.  We’ve heard that the neighborhood has been extremely resilient, but let’s have a look at those numbers shall we?

Continue reading to see the trend –> Read the rest of this entry ?

Posted in Getting Granular, Micro-Level Info, Neighborhood Info, Nerdy RE Analysis, Russian Hill | Tagged , , , , , , , , | Leave a Comment »

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