SF Market Conditions

2425 23rd Street
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...


 
We're often asked, "How's The Market?"  The answer of course is that it all depends where you live.
And while values and market dynamics really are dependent upon local factors, there are some generalities that apply to the San Francisco and Marin Markets.   In the past few years, I have been surprised by the sales price of many homes.  Some higher than I would expect, while others are lower.  We have many homes  that have been on the market for a long time and are not selling.  And we...

San Francisco's Planning Commission approved the development plan for Treasure Island.  This plan, expected to cost $1.5 billion will create housing, office space and new jobs on Treasure Island, the man-made Island in the San Francisco bay.  Opponents of this development cite the environmental impacts of creating a new San Francisco neighborhood on the Island in the middle of the bay and are opposed to the 1:1 ratio of housing units to parking spots proposed by this plan.  They also don't...

The Rush
 
Here is a picture of the crowd heading in to see the house at 285 Richland Ave in San Francisco this morning for a brief (and probably only) showing of this house.  Why?  This 1000 square foot home, which is now bank owned already has two offers (even before the first showing).  The first offer is from the tenant, who is currently paying $2,400 per month to live there.  The second, from another party, who had not seen the house when they submitted the offer.
I suspect this house...

Here is a guest authored article, by Ken Moll of GGB Capital.  Ken specializes in Seller Financing.  Is it right for you to consider when you are selling your home?  Possibly.  Read on.
In today’s tough, tough market for sellers and buyers alike, sometimes it takes going the extra mile to get a property sold (or purchased).  Historically, when you’ve wanted to sell your home, you know the drill: contact your agent, develop a plan for preparing your home for market, prepare a complete and...

 

Market activity for condos in North Beach continues at a steady pace.  In the past month, three new condos have been placed on the market, and two that were previously available have been spoken for (one has sold, while the other owner has accepted an offer from a buyer and is waiting to close escrow).  Three homes that were on the market are still available, and two of the three have had minor price adjustments.  The punch line continues to be: a property that is properly prepared for...

We're often asked by our clients, "How much should we offer?"  This is an excellent question.  The answer is not straight-forward, especially in a market like ours. 
Pricing, in the late 1990s through the mid 2000s was a bit of a no-brainer.  Most agents advised their sellers to price homes very low, suggesting that this would draw multiple offers to the property.  In most cases this was true.  Depending upon the time frame, houses priced low would draw multiple offers and would sell not...

 
 

 
Two new condos are active in North Beach.  The first, 444 Francisco, #201 is a 1 bedroom condo, weighing in at just over 600 sq feet (611 per tax records).  Its marketing touts that it is a sunny, south facing unit—which in this building means that it faces the street.  This block of Francisco Street is very quiet and lovely.  This is also one of the nicest condos I have seen in this building.  It’s a good value in a great neighborhood.  The second new condo is 445 Francisco St,...

Searching through my desk, I found a copy of an article entitled, Here are the Buyers, Where are the NICE Homes? Today's environment feels very similar to that of March 2007:  "I have several buyers wondering why there is no inventory that fits their criteria. They aren't being picky.  Many of them are able to afford what they are lookiing for in their desired neighborhoods in the city.  In fact, they are quite realistic.  The problem seems to be a real lack of inventory.  Every...

Last year, Congress enacted legislation called the Home Valuation Code of Contact designed to create distance between appraisers and lenders.  New companies emerged as intermediaries between lenders and appraisers, called Appraisal Management Companies.  The result? Higher costs to consumers (the appraisal is paid for by the Buyer), and often a reduction in quality (many AMCs put the appraisal orders out to bid, awarding the work to the lowest priced bidder and keeping the rest of the...

Well priced condos in North Beach continue to sell when they are properly presented to the market.  This month, two new homes that were on the market went into contract:690 Chestnut #204, a 2 bedroom, 2 bath home and 600 Chestnut #306, also a 2 bedroom, 2 bath home.  Both were well priced homes, listed at $699,000 and $739,000 respectively.  The condo at 600 Chestnut last sold in June 02 for $555,000.  Even if the selling price is below asking, it is at a healthy increase over 2002...

The DJIA crossed 10,000 last week, and seems to be oscillating in that range. (This second at 10,015, thanks to my iphone).  National Public Radio quotes the National Association of Realtors, reporting that home sales in September were up, but national median sale prices are down 8.5% from last year.  Interest rates are incredibly low, and for many first time buyers, the tax credit (up to $8,000, depending upon income) will expire at the end of November.
 
What's up?  Is the housing...

We've been blanketed in fog for several weeks now, and memories of summer are long forgotten.  I always enjoy Tuesdays--for Brokers Tour and seeing lots of great properties and for the wonderful opportunity to drive around the city during tour.  This morning in Telegraph Hill and North Beach it was foggy!  As I moved around the city, I hit some patches of sunshine and warmth.  I realize that this is a good metaphor for the current real estate market.  It feels like we have patches of...

What a difference a year makes.  I am sitting with two reports next to my computer--the first, a snapshot of the North Beach Condo Market that I prepared last July.  The second, a report that I created this morning.  Both reports look at all condos currently on the market--the ones for sale and those in contract, as well as all condos that have sold in the past 6 months. 

In 2008, there were 8 condos for sale or in contract, with prices ranging from $699,000 for a 2 bedroom condo that...

An article in yesterday's SF Chronicle Business section takes a look at cooling condo sales in several of San Francisco's high rise condo developments.  Several of them have reduced prices--for a short period of time to encourage potential buyers, who have been sitting on the sidelines to write offers and purchase condos. 

I have received emails from several of these developments, and it seems as if these temporary discounts are around 10 to 20%  Many of these projects have an even larger...

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