Posted by insidesfre on November 25, 2008
Billed as a “Romanesque Victorian,” 1507 Dolores at 28th is a 3BR/3BA with a family room on the garage level.
The property hit the market back in December 2005 at $1,325,000, was withdrawn for the holidays and the current owners purchased it for $1,310,000 in early 2006. Most recently, 1507 Dolores came on earlier this month at $1,350,000, only to reduce the price late last week to $1,295,000. That $55,000 discount should give you a head start on the faux stone removal, don’t you think?
Posted in Noe/Eureka Valley | Tagged: noe valley, victorian | Leave a Comment »
Posted by insidesfre on November 24, 2008
Despite the low November sales volumes and poor economic outlook, many people did enter into purchase agreements last week in San Francisco.
Fifteen single-family homes went into contract from 11/17-11/21, according to the San Francisco Multiple Listing Service (MLS). The average list price was $995,000, and the homes ranged in price from $359,000 for a one-bedroom property in the Excelsior, to $2,749,000 for a four-bedroom home in Sea Cliff. Average days on market? 47.
On the condo front, 14 units went into contract, with an average list price of $718,000. The units ranged in price from $438,000 for a SoMa one-bedroom foreclosure sale on Clementina (which received seven offers—four of which were over the asking price) to $1,495,000 for a new-construction, three-bedroom unit on Filbert Street in Cow Hollow. The average days on market for these 14 units was 57.
Finally, the tenancy-in-common (TIC) market showed signs of life, with eight TIC interests going into contract. Average list price was $628,000, and the most expensive unit was listed at $1,000,000 for a two-level, remodeled TIC in a two-unit building in the Central Richmond. The average days on market for these eight TICs was 44.
The past week’s activity kind of sums up things for San Francisco real estate these days: Buyers are out there, but they’re taking their time writing offers. However, there is still plenty of time for buyers to do their due diligence, work through loan approval, and complete a property purchase before December 31st.
Posted in Market Snapshots | Leave a Comment »
Posted by insidesfre on November 21, 2008
I know I’m supposed to be all rah-rah when it comes to the San Francisco real estate market, but the sales numbers for the time period of November 1-20th demonstrate the impact the economic downturn has had on our market.
Just in terms of units sold, there were only 76 single-family homes sold vs. 121 in the same time period of 2007. On the condo front, 47 properties changed hands this month, compared to 119 sales in 2007. And TIC sales really dropped, with four TICs selling this month vs. 29 in 2009.
Yes, there are sales pending, and a bunch of properties have gone into escrow this past week. But really, the only buyers out there now are the ones who have been looking and are qualified to buy. I am working with a few such individuals, and am out to get them the best deals possible. It’s nice to be in the driver’s seat with buyers, for the first time in a while.
Posted in Market Snapshots | 2 Comments »
Posted by insidesfre on November 19, 2008
I wrote recently about my visit to The Artani, a new high rise on Van Ness Avenue with high-end finishes. Well, after several weeks of poor sales results, The Artani’s developer has decided to rent the units until the market recovers a bit. For your Van Ness corridor residential needs, there’s still Symphony Towers, a mid-range high rise that’s recently slashed its prices. You can get a 1BR with parking in the high $400,000s. Not too bad. If you can put up with the busy location, but focus on the fact that Hayes Valley and San Francisco’s cultural center are short walks away, renting or buying on Van Ness may work—at the right price.
Posted in Hayes Valley, New Developments | Tagged: artani, symphony towers | Leave a Comment »
Posted by insidesfre on November 17, 2008
The word is out on two new pocket listings:
171 25th Avenue at Lake (above) is a 3BR+/2.5BA arts and crafts-style home. The three bedrooms and sunroom are upstairs, and the main level features a formal dining room and remodeled kitchen leading to a spacious garden. A lower level provides a family room and space for a playroom or office. There is two-car, side-by-side parking. List price is $2.3M.
1807 Jones is a lower-level, 2BR/2BA condo in Russian Hill. Listed at $1,450,000, the unit features a large sunroom, a remodeled kitchen, and formal dining room. (No photo available.)
These days, it is ideal for buyers and sellers to get what they want in an off-market transaction. Buyers can take time to work out financing details, and sellers don’t have to deal with nosy neighbors trodding through their homes—especially during the holidays.
Posted in North End of Town, Pocket Listings, Richmond | Tagged: lake, russian hill | 2 Comments »
Posted by insidesfre on November 14, 2008
I recently took a hardhat tour of the Millennium Tower, a luxury high rise on Mission at First Street. The building is still under construction, and none of the units are actually finished yet. Our tour mainly included viewing the penthouse and upper-level spaces, as well as a few of the units in the second, less expensive building. Move-in dates are not expected to be until May or June of 2009.
To give you a sense of pricing, a 3300-square foot unit on the 26th floor in the “Grand” residence building was listed at $5.7M and is in contract. It has a dead-on view of Treasure Island, and features two bedrooms, two bathrooms, and an area that could be used as an office. Another 1652-square foot unit on the same floor is listed at $2.1M, but that mainly had buildings for an outlook.
I also had the opportunity to see the 57th-floor penthouse, which was literally a shell—and already in contract. The unit didn’t have the drywall up at that point. Listed at $12M, the penthouse is almost 6,000 square feet. Its new owners will be paying to finish the unit themselves; at a typically $500-$800 per square foot renovation average, that means adding another $2M or so.
Over at the “City” residences in the second, lower-scale building, a third-floor, one-bedroom unit with a “flex” space and 1,395 square feet is listed at $1.4M. And another 1778-square foot, one-bedroom unit on the same floor with ten-foot ceilings is listed at $2,170,000.
The ground floor will feature a new restaurant by Michael Mina, as well as a resident-only Sports Club L.A. with about 5,555 square feet. There will also be a private dining room, where residents can have Michael Mina cook for their guests, as well as a wine tasting room shaped like a wine barrel.
Homeowners association dues run from $600-$1800, and are lower than some of the other luxury buildings in town because Millennium isn’t connected to a hotel. (Hotels require earthquake insurance, which significantly raises the insurance for the HOA.) Thus far, the Millennium office says that 85% of the buyers they’ve worked with have been from The Bay Area, and 70% are purchasing units as their primary residences.
The bottom line? Millennium is great for those with a portfolio of real estate, and a taste for ostentatious luxury. However, in the current economy, it remains to be seen how many buyers fall into that category. And if they do, would they rather have a nice house in the north part of the city, vs. a unit?
Posted in New Developments, SoMa/S. Beach/M. Bay | Tagged: millennium | Leave a Comment »
Posted by insidesfre on November 13, 2008
When I was first selling real estate seven years ago, I remember looking at my Tuesday broker tour lineup, and noticing that there was actually a house listed at close to $1M. This was a pretty high price for my neighborhood. It hit me today that there’s now a collection of 15 single-family homes currently available for $1.8M+, and one condo for $1,895,000. At the top end of the lineup is 3816 22nd, the renovated firehouse listed at $5,975,000, but the bulk are between $2,450,000-3M.
On the “solds” front, three single-family homes have sold since September 1st at $1.8M or above. The most expensive was 625 Duncan, a 5BR/5.5BA home that closed escrow on November 7th for $5,818,000 in an all-cash transaction.
Posted in Noe/Eureka Valley | Tagged: estates, noe valley | Leave a Comment »
Posted by insidesfre on November 12, 2008
I stopped in at two very charming and unique cottage properties on a broker tour in mid October, and followed up to see how they were doing. Well, it turns out they’re both still on the market.
22 Bergen is a 3BR/2BA home with one-car parking, listed at $1,250,000. The house is at the end of a cul-de-sac, just off Hyde. The location alone should’ve sold this property by now, and it appears to be in good condition. I thought it was a nice condo alternative for those buyers who want to be in the Russian Hill/North Beach neighborhoods. But at more than $1,000 per square foot, it might be a tough sell.
Also heavy on the charm is 221 Greenwich:
This is a remodeled home listed at $1,975,000 that smacks of classic Telegraph Hill feel. You can only access it via the Greenwich steps, so this is not for someone shy of stairs. Once inside, there are two spacious bedrooms, two baths, and great Bay views from both levels. Though parking is leased one block away, the seller has agreed to pay the cost for one year. Definitely worth checking out. Unfortunately, the very aspects that make the home unique are probably dealbreakers for many buyers. Accessing the home is not easy—especially when carrying groceries or, uh, moving in. Parking is tight in the area. And again, paying $1,103 per square foot is probably prohibitive for most buyers out there right now. That level is typically reserved for new construction.
Posted in North End of Town | Tagged: russian hill, telegraph hill | Leave a Comment »
Posted by insidesfre on November 11, 2008
Popular among first-time home buyers in San Francisco, tenancy-in-common (TIC) ownership traditionally lets two or more individuals share building ownership through a group loan. You don’t technically own your unit in a TIC arrangement–just a percentage of the building. The goal is to ultimately condo convert the building, so everyone can officially own their unit. The conversion process is complicated, lengthy and fairly expensive, so the cons sometimes outweigh the pros in TIC situations.
There’s a fair amount of risk in TIC ownership–especially when dealing with 3-6 units–mostly related to you being tied to other owners with respect to paying mortgage, property taxes & other expenses. And if someone wants to sell his or her TIC interest, the entire group loan has to be refinanced with the introduction of a new TIC partner.
Therein lies the rub in the new lending environment: Everyone has to qualify for the new loan. In the past, this hasn’t been too much of a problem, as loans were easy to obtain for the most part. Now, however, I’m hearing of TIC partners not being able to qualify for a refinanced loan due to tighter lending restrictions. This is a real problem for the TIC interest sellers, as they will have to work with their group to facilitate a new loan. In other words, those partners who can’t qualify for a new loan can’t simply be forced to sell. The seller is on the hook.
I’m shying away from recommending TIC arrangements in 3-6 unit buildings, at least until the loan market shifts toward the positive. It’s increasingly challenging to convert larger buildings to condominium status, so you’re looking at years of TIC ownership before (or if) that goal is ever reached. And though there are widely used “fractional” loans available–wherein TIC partners can obtain individual loans–I have reservations on those in terms of future availability
Posted in TICs | Tagged: fractional loans, TIC | Leave a Comment »
Posted by insidesfre on November 7, 2008
I thought I would start highlighting pocket (i.e., off-market) listings as they come to my attention. Today’s listing features a 3BR/2BA single-family home in the Lone Mountain neighborhood. This area is just east of the Inner Richmond, and south of Jordan Park. Listed at $1,295,000, the Mediterranean-style home has two sunrooms and a very lovely rear garden with hot tub. Given the values of Lone Mountain properties, this one looks like a good deal.
I continue to maintain that there will be many off-market purchases happening from this point on.
Posted in Richmond | Tagged: lone mountain | 2 Comments »
