Inside San Francisco Real Estate

Trends, tips & insights on San Francisco Real Estate

Entry-Level Price Range Explodes in San Francisco

Posted by insidesfre on February 8, 2010

There was a time when it was pretty challenging to find properties with decent space in San Francisco for up to $650,000. Now that the market has softened a bit—and some of the buyers who sat on the sidelines last year (saving money in the interim) have jumped back in the game—there’s a perfect first-time home buyer storm sweeping over the city.

Bad metaphors aside, I’m really encouraged by activity in this market segment. A look at the properties listed for up to $650,000 that have gone into contract recently or are pending is indicative of its strength. To date, 110 such condos have gone into contract since January, at an average price of $467,943. Of these, 61 one-bedroom units were listed at an average of $463,841, and most interestingly, 29 two-bedroom condos were listed at an average of $525,921. There was a time when it was virtually impossible to find a two-bedroom in this range, but that seems to be fortunately changing. And 78 condos are pending that were listed for up to $650,000.

I should note that not every neighborhood will have two bedrooms in this range. The most likely possibilities are areas such as the Mission, South of Market, Diamond Heights. Things open up for one bedrooms, with neighborhoods like the Van Ness corridor, Mission Bay, South Beach, South of Market and the Central Waterfront (Dogpatch) popping up.

If you’re dreaming of a single-family home, the entry-level range is a little sparse. For up to $650,000, you’re generally looking at two-bedroom homes in areas such as the Outer Sunset/Parkside; Ingleside Heights; Sunnyside; Bernal Heights; Excelsior; Outer Mission; Visitacion Valley; Silver and Mission Terraces. A total of 100 single-family homes are currently in contract or pending with list prices of up to $650,000. And yes, the homes are generally located in the aforementioned neighborhoods.

Heading into February, we’re looking at 244 condos currently on the market (a mix of studios, one- and two-bedrooms). Now might be a good time to get off the sidelines, take advantage of the federal tax credit before it expires in the spring, and negotiate your way to your first home.

Posted in Home Buyer Tips, Market Snapshots | Tagged: | Leave a Comment »

Hot Market for San Francisco Fixer Uppers

Posted by insidesfre on February 5, 2010

Wait, what year is this? If the recent sale situation over at 119 Clearfield in the Lakeshore neighborhood is any indication, we’re back in 2002.

The 3BR/1BA single-family home at Clearfield and Ocean was a total fixer:

Listed at $689,000 in mid January, 119 Clearfield garnered a whopping 33 offers and is reportedly in contract at more than $800,000. Given the sales activity in Lakeshore of similarly sized homes, the numbers don’t quite add up when it comes to paying $800,000+ for a fixer. The closest comp is at 106 Clearfield—a nicely done, 3BR/3BA property that sold in October 2009 for $910,000. And the average price for a 3BR home in the neighborhood? $862,750. Let’s hope the Clearfield buyers plan to live in their home for a long time to come.

Posted in Sunset/Parkside | Tagged: , | Leave a Comment »

Russian Hill Hideaway Hopes for High-End Hobbit Buyer

Posted by insidesfre on February 4, 2010

Tucked away on a coveted Russian Hill block, 46 Culebra Terrace is a three-level, 3BR/2.5BA, 2075 square foot single-family home listed at $2,395,000.

The property was renovated seven years ago. There are two bedrooms and a bathroom on the main entrance level, and a spiral staircase that leads downstairs to another bedroom/bathroom. The living/dining rooms and kitchen are on the top floor, and there’s a a brick patio with a narrow spiral staircase that brings you to a pano view roof deck (that’s next to someone else’s pano roof deck):

The roof deck view and location are at the heart of the $2M+ price; without it, you basically have a three-level home with smallish rooms and spiral staircase thrown in—perfect for a hobbit who can scuttle around the levels and appreciate the private location.

46 Culebra was on the market in 2006 at just under $3M, and then withdrawn in 2007.

Posted in North End of Town | Tagged: , | Leave a Comment »

West Portal Inventory Wakes Up

Posted by insidesfre on February 3, 2010

West Portal is one of the best neighborhoods in the city because of its retail district and Muni access. But it’s a geographically small area and doesn’t get much housing turnover. (Only 21 homes sold in the neighborhood in 2009 at an average of $1,102,990, which is about what you should expect to pay for a home in a location that offers the aforementioned amenities.) However, two homes just came on the market this week that are well worth considering if West Portal is on your list of preferred neighborhoods:

250 Claremont is a good-lookin’ 2BR/2BA Craftsman home with renovated kitchen and spacious rooms. List price is $899,000. It’s around the block from the West Portal strip and the Muni hub. Here’s a shot of the kitchen, which I like a lot:

The lower level has a bathroom, family room, and a smaller elevated area that fits a bed and has a closet. I was startled to see this lion in the closet area:

This is a very cute house with a detached garage on the property’s south side. Though the yard is nice, it’s important to note that the West Portal Playground backs up to the property line.

The property was last on the market in 2005 at $1,295,000 as a 3BR/2BA (they’d counted the unwarranted lower level as a bedroom). But the home didn’t move at that price. Offers are due on Thursday, and my guess is that there will be multiple buyers making bids with an ultimate selling price of around $1M.

On the other end of the neighborhood is 317 Wawona:

The country-style, 1771-square foot home has an older kitchen and bathrooms, 1BR and a half bath located on the main living level, and 2BR/1BA upstairs. There’s also a walk-out garden off the main level, which is nice. However, the lot is a bit irregular, so you have a small, pie-shaped yard that’s not terribly private. But this house would be great for buyers who appreciate the farmhouse feel; you’ll either love or hate a bedroom like this B&B situation:

Wawona is listed at $1,095,000, which seems high given the lack of remodeling and the pie yard. I’m going to say that the property is worth around the high $900,000s. It scores points for proximity to West Portal, as well as the fact that it’s not on as busy a street as Claremont.

There are four other single-family homes on the market in West Portal, but they range in price from $1,495,000-$1,875,000. And three of the four are in the Arden Estates development. So for homes at the more average $1M level, Claremont and Wawona are where it’s at for qualified buyers house hunting in West Portal.

Posted in Miraloma/West Portal | Tagged: , | Leave a Comment »

Preview: Nove’s Noe/Mission Luxury Condos

Posted by insidesfre on February 3, 2010

The nine LEED-certified condos known as Nove are taking shape at 1060 Guerrero and 145 Ames on the Noe Valley/Mission border. I toured the property yesterday (no photos allowed yet) and the luxury units are pretty impressive.

Designed by Handel Architects—the same group behind downtown’s Millennium—Nove is subdivided into three lots, with each lot running from Guerrero to Ames. There are three condos on each lot—two units in the front building, and one townhome-style in the rear. However, the units in each building are not detached from each other. (A couple different developers own the lots.) There will also be three separate homeowners associations.

There will be eight 3BR/2BA condos, and one 4BR/3BA unit, ranging from about 1291 square feet through about 1800 for the 4BR. Finishes are high end and designed by Studio Becker. The living areas are spacious, and the master suites typically feature nice front and rear balconies. The Guerrero units get great light and have a nice feel to them. The Ames properties have less appealing/private outlooks, as they face the Guerrero building and the homes on Ames. But the benefit is that you have no one above or below you. The two buildings are separated by a nicely landscaped area that also accommodates deeded patios.

Prices aren’t set yet, but will range from around $1.2M for the smallest 3BR to around $1.5M for the other 3BRs. The largest 4BR/3BR condo will likely be in the $1.7M range, and Nove is expected to be on the market in mid February. But contact me if you’d like a preview before everyone else gets in. My take on this project is that it’s beautifully designed and provides excellent space and finishes in a highly walkable location near public transportation, freeways and some of the best restaurants in town.

Posted in Mission/Potrero, New Developments, Noe/Eureka Valley | Tagged: , , | Leave a Comment »

Good Deal: 2BR Telegraph Hill View Condo

Posted by insidesfre on February 2, 2010

Like a lot of properties currently on the market, 2017 Grant Avenue #1 was on the market last year at a much higher price. But the sellers have adjusted their price and their expectations, and I think this unit now offers good value for its $599,000 list price.

This first-floor condo in a 1960s-era, four-unit building has views of the Bay and Alcatraz, along with a galley-style kitchen. The size of the second bedroom is more suited to a home office or guest room (or both), and there’s one-car parking and storage. Square footage appears to be roughly around 750.

The unit was on the market initially at $698,000, and ended up at $659,000 before the sellers withdrew it in December 2009 after 101 days on the market. Its current asking price is definitely below that of other two-bedroom units in the area, though you need to take square footage into account. But for a buyer looking for views in a quintessential, classic San Francisco location, 2017 Grant #1 is a good deal.

Posted in Good Deals, North End of Town | Tagged: , | Leave a Comment »

New Construction Projects Moving Ahead in San Francisco

Posted by insidesfre on February 1, 2010

Several new developments are on track for construction in San Francisco, despite the economic downturn. Most prominently, according to a report Friday in the San Francisco Business Times, Bosa is planning to build Phase Two of The Radiance in Mission Bay this summer. They’ve scaled back the number of units from 318 to 170, and expect to finish the property within two years. Bosa is currently getting a new round of construction cost estimates and will be presenting that info to its lenders, Scotiabank and Bank of America.

Another anticipated project that seems to be on track is Lennar’s Hunter’s Point Shipyard. The company started work on the first 88 homes this month, and is already looking ahead to the next 159 units (breaking ground in second half of 2010).

The SF Business Times also mentions the possibility of 308 units breaking ground at 333 Harrison later this year, as well as a couple large apartment buildings.

It’s good to see projects being greenlighted in San Francisco. My sense is that we’ll see more new developments breaking ground over the next two- to three years. But Radiance and Hunter’s Point are good starts.

Posted in New Developments | Tagged: , | Leave a Comment »

Mission Makeover Gives It a Whirl in 2010

Posted by insidesfre on February 1, 2010

Last sold as a fixer in 2003 for $529,000, the pocket listing over at 1177 Alabama is resurfacing again as a renovated 3BR/2BA home. It was briefly on the market in roughly its current form in 2007 for $869,000 (tenants included).

List price on this 1930s-style home is a more modern $975,000 and includes the master suite on the garden level done with permits, upgraded heating/electrical systems, and a custom kitchen. The only permits I could access on the property were related to the lower level and electrical work, so I’m not sure about the extent of the kitchen work.

But the home’s current incarnation is worlds apart from its condition in 2003, when I showed the property to clients and we witnessed an ATM on its side in the neighbor’s yard. Location is steps away from 24th Street between Harrison and Florida. So you’re a bit far from BART and the Valencia corridor. But lots of new restaurants have popped up in the immediate area, along with some pretty cool shops on 24th Street. There are definitely comps that justify the price, though the fact that it’s a pocket listing means the seller is testing the waters. So wade on over and see if you can get a good deal.

Posted in Mission/Potrero, Pocket Listings | Tagged: , | Leave a Comment »

Walk Score Winners: 2BR Condos in Russian/Telegraph Hill

Posted by insidesfre on January 28, 2010

We’re taking a look at 2BR condos with high Walk Scores today in the Telegraph and Russian Hill neighborhoods:

Let’s stop first at 520 Vallejo:

520 Vallejo
Telegraph Hill
List Price: $725,000
2BR/1BA
HOAs: $184/mo
1-car pkg
Walk Score: 98
This newly condo-converted, lower unit has in-unit laundry and a deeded patio. It’s two blocks from Columbus Avenue. There is a pet restriction limiting you to one pet with a 30-lb maximum weight. And one of the bedrooms is painted a bold red.

817 Union
Russian Hill
List Price: $775,000
2BR/1.5BA
HOAs: $304
1-car tandem parking
Walk Score: 92
Initially listed in mid-November for $799,000, the seller has come down a bit in price in the new year. This is also a unit in a newly converted condo building and it was remodeled in 2009. There’s a den in addition to the two bedrooms and hardwood floors. Maybe the seller is ready to make a deal.

524 Filbert
Telegraph Hill
List Price: $795,000
2BR/1BA
HOAs: $534.02
Walk Score: 94
This top-floor flat has restored plank floors, a sweet kitchen, formal dining room and great views. The dues are high now, but the fee is temporary because the roof is being replaced. It’s likely they’ll go back down to their normal $370 level after the project is completed. Though there’s no deeded parking with this unit, the seller has a leased space for $400/mo. The unit was last sold in December 2008 for $665,000.

[And if you’re wondering why I’m not linking to property Web sites, it’s because none came up in Google searches for any of these homes. Sellers, make sure you insist on a property site with professional photography if you want to compete for the buyers out there.]

Posted in North End of Town, Walk Score Winners | Tagged: , | 1 Comment »

Join Next Week’s Condo Conversion Rally at City Hall

Posted by insidesfre on January 27, 2010

My friends at Plan C are organizing a rally on the steps of City Hall next week, in support of expediting condo conversion. Here’s the lowdown, straight from Plan C:

“Please join Plan C at 8:15AM on Wednesday, Feb. 3, on the City Hall steps for a rally to support condo conversion reform! As many of you know, the condo lottery drawing happens at 9AM on February 3, and we’ll be done in time for you to attend the lottery itself.

You may have read within the last few months in the Chronicle and in the Examiner that the mayor’s office is considering again the possibility of a condo-lottery bypass initiative for qualifying TIC owners.

As you are already aware, expediting the conversion of owner occupied TICs to condominiums would help bring ownership and mortgage relief to middle income San Franciscans and has the potential to bring significant revenue to the city during this time of budget and financial distress. The revenue collected could have a meaningful impact to the city’s bottom line and has the potential to save crucial city jobs and services from further cuts.

The expediting of TICs to condominiums would be facilitated by the payment of a specified fee to the City that is higher and in addition to the usual mapping and permit fees collected from winners of the current condo conversion lottery. The fee would likely only be available to owner occupied TICs that are lottery eligible.

The proposed fee for the bypass of the lottery hasn’t been set, and we would like to again call on you for your input. The fee has to be low enough for TIC owners to be willing to pay it (and to be fair) – but also high enough to be meaningful to the City’s budget deficit. Initial discussions concerning the development of this initiative have considered fees in the $20,000-40,000 range per unit or 5-10% of a unit’s value.

As usual, we encourage you to email the supervisors (particularly your supervisor) on the need for condo reform by going to our Plan C Web site and clicking on “‘Contact City Hall.’”

Posted in SF Tidbits, TICs | Tagged: , , | 2 Comments »

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