SF Market Conditions

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...

In the last month, there have been four new sales recorded in North Beach.  All of these properties sold below their original asking prices (even the private sale at 733 Filbert Street #1, which was added to the MLS to provide comparable sale data, sold for less than asking!).

444 Francisco Street, #103 came onto the market in late June, and sold in late August for $725,000.  This condo is a nicely remodelled 2bedroom, 2 bath, with a patio.  530 Chestnut Street, #301, a large 2 bedroom...

Today's lead article in the Chronicle's Business section discusses the accurate picture of what is going on with Bay Area housing prices.  Often, the media discusses how bad San Francisco real estate is.  When they do this, they are often referring to other parts of the Bay Area, and select neighborhoods in San Francisco.  The accurate picture?  Several neighborhoods in San Francisco, Marin and Santa Clara county have seen increases in home values compared to a year ago.  At the same...

It seems like almost every day we are bombarded by reports of the crisis in the housing market, the impending recession, and other forms of doom and gloom.  I often wonder how much of this we create by putting our attention on how bad things are when they really aren't. 

This morning's front page article from the San Francisco Chronicle is entitled, How Low Will We Go?, starting with an openning sentence "The Bay Area housing crisis is worsening on all accounts, as the lack of credit and...

This morning there is news that the Fed has cut interest rates by 3/4 of a point.  This should be good news for mortgage rates.  And if they do go down, it will make buying real estate in San Francisco even more attractive. 

During the last few months, I have observed two distinct markets in San Francisco.  In the Northern and Central neighborhoods, the market is still quite strong and prices are rising, and bidding wars still occur.  In the southern neighborhoods, it has become a...

I started writing this article about an hour ago, with the title "Where is the Inventory?" wondering why the supply of homes and condos on the market in San Francisco was so small.  From my vantage point of being "in the field" (a funny image for the city of San Francisco).  I have several buyers who are 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 looking for in their desired neighborhoods in...

4 January 2007

 Happy New Year!

In today's San Francisco Chronicle Business Section, an article by Kathleen Pender indicates that almost 97 percent of people who sold their homes in November got more than they paid for their properties and almost half more than doubled their money (according to a report by Real Estate Solutions).  Using county records, the report looked at all single-family homes sold in November for which a prior sales price was available.  It then compared the median...

Last week, Business 2.0 published an article on bubble-proof markets, and San Francisco and New York are among these markets.  What are the criteria for bubble-proof status?  The article cites a study called "Superstar Cities," co-authored by Todd Sinai of the Wharton School, which states the obvious factors including limits on the supply of land and new buildings.   The study goes on to talk about the importance of household income.  According to the study, prices will continue to...

I had a conversation with a prospect recently who said, "I am in no rush to buy a home.  I'll just wait for prices to drop."  And it's true.  Many San Francisco buyers are in no rush to buy a home because they benefit from San Francisco's rent control laws which subsidize many long term renters and creates incentives for them to stay in their rent-controlled homes. 

Will prices drop?  it doesn't appear that they will.  I did some analysis recently of data from the San Francisco...

I was really excited to have my website re-built last Spring so that I could update it myself and Blog!  But somehow, I was too busy serving my clients this past summer to make any entries. 

The media has continued to pound our senses with tales of the impending pop of the Bay Area housing market.  For the last few years, the media has published stories on a regular basis about the Bubble and how it is ready to burst.  While there have been some changes in the market, prices, on...

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