January Brings Packed Open Houses

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Once again, we are at that cycle in the San Francisco Real Estate market that arrives every January.  Buyer demand is high, and inventory is very low.  I visited a few open houses on Sunday, and all were packed.  The first, a single family home at 2425 23rd Street in Noe Valley is a 4 bedroom, 3 and 1/2 bath home.  Renovations on this home are tasteful and there is a nice blend of traditional details and practical, contemporary updates.  The open house was packed, and I got word yesterday that the showing for Zephyr agents scheduled for tomorrow has been cancelled--there is already so much demand for the property, it will likely be ratified by tomorrow.  The second property, two condos at 1376 Florida and 1378 Florida Street are newly constructed condos behind a carefully restored Victorian facade.  My clients weren't sure if the location was the right one for them.  It turns out over 150 people visited this property at the two hour open house on Sunday and the owner has accepted an offer on the upper unit after just a few days on the market.

What is happenning here?  Multiple offers? Packed open houses? It's the usual cycle we see in January in San Francisco.  Even in a "down" market.  While San Francisco does have its share of distressed properties including short sales and foreclosures, job growth in certain sectors of our local economy has been stellar.  Hiring by companies like Facebook, Google, Twitter and Zynga has put pressure on the rental market, as San Francisco leads the nation in rent increases.  It always seems like new buyers enter the market in January (a new years' resolution, perhaps?), and this year, with job growth and low interest rates on mortgages is no exception.  For nice properties that are appropriately priced, like the house on 23rd and these two condos on Florida Street, buyers are enthusiastic.

2425 23rd Street