San Francisco Real Estate Market

Private Shuttle Busses in SF
The bidding in San Francisco continues at a furious pace.
Buyers flock to the few nice properties available for sale in the city, and many have written offers well above the asking price--10%, 20% and higher!  I've had clients compete in bids with 15+ offers, but the norm for us is often around 10 bidders per property.  There are several reasons for the shortage of inventory that has created a huge imbalance in our local real estate market: 
Strong economy with...

Here is a response to one of our posts about Foreclosures in our blog, from Ken Moll, President of GGB Capital LLC, here in San Francisco.  A bit too long for our comment section, so we're publishing this as a guest post::
 
"Now three months have passed and this moratorium “panic” is largely subsided as banks have for the most part resumed their foreclosure actions at a pre-moratorium pace.  Yet, the markets have still not fully recovered because of the attention this incredible error...

I was surprised driving by the new condos being built on the corner of Mission and Cesar Chavez.  The construction of these condos seems to be progressing quickly after a lot of controversy about the use of this site.  Neighborhood housing activists were trying to force the city to build affordable housing on this site.  The developer, who had already purchased the lot, just wanted approval from the city to develop the site. (History on the controversy at SocketSite and BeyondChron.)

The...


 
I have always had a difficult time understanding certain cycles in the San Francisco real estate market.  In many markets across the U.S. the market is strongest in the spring and summer as families who are moving want to get their kids settled in a new home or community before the start of a new school year.  Sellers put their homes on the market in anticipation of this need.  In snowy areas, I've heard many agents say that they prefer to start a marketing period after the snow and...

I heard an interesting statistic the other day: Only twenty percent of all short sales that have been approved by the banks ever closes escrow. 

Let me start at the beginning.  A short sale refers to a home or condo that is being sold, where the purchase price being paid by the Buyer (the market value) is less than what the Seller owes on the property.  When a Seller places their home on the market and they know that the value is less than what they paid (selling for whatever...

It started last summer during the slump in summer line-up (real estate, that is, not TV).  I went on a series of listing appointments--to the homes of friends, clients, friends of clients and homeowners who found me through the internet.  The theme of these meetings were mostly the same.  The homeowners wanted to sell.  They were convinced that their homes were worth WAY more than current market value (even before the stock market slide), and they typically thought that repairs and...

Back in late October, I saw two fabulous new listings--both listed for $2,875,000.  In the morning, I saw a great condo at 1440 Kearny Street in Telegraph Hill.  The views from this 3 bedroom, 2.5 bathroom condo are amazing, with immediate views of the financial district and the Transamerica Tower.  This unit is in the rear of a 2 unit building, with easy access to the peaceful, terraced garden, just steps below Coit Tower.  This home has great finishes, a nice layout, great storage, a...

A column by Ken Harney in yesterday's San Francisco Chronicle Real Estate section show that most real estate markets in the country have a net cumulative value growth over the past 60 months.  Included in this study were several smaller markets that never experienced the boom.  Also included, evidence that home values in several large metropolitan markets have increased over the last 60 months, even though some have experienced declines in the last year.

For San Francisco, home values are...

For the last two months, as the stock market has been sliding, it seems as if the number of buyers in San Francisco has been slowly dropping off as well.  We have always had a way of measuring supply—the number of listings in the Multiple Listing Service (MLS).  But we have never had a way of measuring demand.  Sure, we have anecdotal ways of estimating demand.  When the market was hot, we could count the number of buyers who requested a disclosure package for a property.  And then we...

According to the San Francisco Business Times, Zip Realty has announced that they will no longer provide rebates to buyers.  The article states that this is one of several moves the company has made to reposition themselves as a full service brokerage with amazing technology v. a discount broker.  The result?  I think this will be better for consumers, especially buyers. 
Ok, here's the disclaimer.  What I am about to say is not about Zip Realty or its agents--it's about the difference of...

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