Inside San Francisco Real Estate

Trends, tips & insights on San Francisco Real Estate

Archive for December, 2008

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New Site for Open Houses

Posted by insidesfre on December 23, 2008

The San Francisco Association of Realtors recently launched a new directory of open homes that buyers can use. This is a welcome addition to the home buying process, because not everyone gets The Chronicle—nor do they want to slog through its online listings. With SF Open Home.com, users can enter the day and criteria, and a list of open homes will result. Each listing is displayed with photo links and much more detail than any Chronicle newspaper ad can provide.

Of course, the database is only as good as the data it holds. So encourage any Realtors you know to make sure they enter open house information for all their listings!

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145 Madrone Gets $50,000 Over

Posted by insidesfre on December 22, 2008

145madrone
Brought on the market at the end of October, 145 Madrone–a total fixer and in need of a gut–featured 1,728 square feet inside across three levels. The home was best suited to a contractor, but at $849,000, it was difficult to predict where the selling price would be. I was a bit nervous even walking through the house, as there were a few places in which the floor didn’t appear to be wildly stable.

The buyer ended up paying $900,000, which could be an acceptable selling price, depending on future plans. The house is located in a prime West Portal location, and given the low turnover in that neighborhood, this could turn out to be a good investment.

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Pocket Listing of the Day: 720 York

Posted by insidesfre on December 18, 2008

For those of you looking for a brick and timber loft building in the hip Media Gulch neighborhood, today’s your lucky day. Unit 111 is now available in the historic Mill Building, otherwise known as 720 York. Built in 1879 as a wool mill, the property was converted in 1998 to 45 lofts. This unit has one bedroom, one bath, and parking, and is being offered at $645,000. The last reported sale in the building was in February, at which time a 1BR/2BA sold for $750,000.

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Ken Rosen: Not All Doom & Gloom

Posted by insidesfre on December 17, 2008

I attended a luncheon yesterday at which economist Ken Rosen spoke. Surprisingly, he was pretty positive about San Francisco real estate. Of course, by “positive,” I mean he stated that we’ll probably be seeing a challenging market through 2009, but that things will start recovering in 2010.

His message? View real estate in San Francisco like you would a long-term investment. If you are planning to purchase property and retain it for five to ten years, Rosen thinks that now is a good time to get into the market. Compared to the rest of the country, he believe San Francisco is doing pretty well due to the stronger job market. It seems that the tech world is doing us a lot of good.

Posted in Market Snapshots | Tagged: , | 1 Comment »

Arden Estates Rises

Posted by insidesfre on December 16, 2008

I was driving through West Portal recently, and spotted progress on what will be known as Arden Estates. This controversial development will result in seven standalone single-family homes, with 3BR+/3BAs, high-end finishes, and two-car garages. It’s not often you see a development being built that consists of multiple houses; after all, this isn’t Vallejo or Orange County. Rumored to have list prices in the $2M range, I am also wondering if the more sophisticated city buyers will acquiesce to the sort of cookie-cutter ambiance Arden Estates will likely provide. The $2M price point has a lot to offer in many very popular neighborhoods across San Francisco.

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Pocket Listing of the Day: 1217 Cole

Posted by insidesfre on December 15, 2008

I got a call from a colleague today, alerting me to a new pocket/off-market listing she has that’s located at 1217 Cole Street. This is a 2BR/1BA first-floor Edwardian condo with one-car tandem parking. As you can see from the Web site photos, it looks like a pretty nice place. And at $789,000, I think the property is priced very well; it’s well within the comparative property selling range, and there’s good value for the location and overall scale. For those of you unfamiliar with Cole Valley, it’s one of the most desirable neighborhoods in the city. And the 1200 block in particular is in great proximity to the Cole Street shops, restaurants, and Muni line.

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Lower Credit Score = Better Deal

Posted by insidesfre on December 11, 2008

Housing prices are softer, but you can get yourself an even better deal when it comes to a loan program if your credit score is the best it can be.

Boosting your credit score from, say, 660 to just 740 can actually lower your mortgage rate by a quarter of a point. To improve your credit score, the key is to focus on paying down debt, which will bring your crucial debt-to-credit ratio down.

This is a great time to do your financial planning for 2009. If you’re considering a purchase in the next year, it’s an excellent idea to get your credit score in shape as your first priority.

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Hayes, Arterra Appeal to First-Time Buyers

Posted by insidesfre on December 10, 2008

I’m in the process of assisting one of my first-time home buyer clients with a purchase at Arterra, the city’s first LEED-certified green complex in Mission Bay, developed by Intracorp. There are a handful of one-bedroom units with parking still available that are priced in the high $500,000s. We managed to get into contract at a much lower price, and my client also locked in a very low interest rate, to boot. Though she’s happy with this deal, she’s also happy with the amenities Arterra offers: 24-hour hour front desk with concierge services; state-of-the-art fitness center; community lounge; rooftop sundeck with a bbq and views; and a fully furnished guest suite for homeowners’ friends and family.

Over at Intracorp’s sister development, The Hayes, there are a couple one-bedrooms with parking still available in the same range. The Hayes is a nice neighborhood location—close to restaurants and public transportation. There is also a fitness room (though not as bright and sunny as that of the Arterra). The one bedrooms don’t have a particularly great outlook. However, if your price point is around $500,000, you’re either looking at a high-risk TIC interest purchase in a multi-unit building, or a solid one bedroom in The Hayes.

Posted in Good Deals, Hayes Valley, Home Buyer Tips, SoMa/S. Beach/M. Bay | Tagged: , , , , | Leave a Comment »

SF Estate Homes Chop Prices

Posted by insidesfre on December 9, 2008

The high-end housing market in San Francisco is seeing plenty of sellers hoping for holiday gifts in the form of a purchase contract. To that end, sellers are conceding a bit on their original prices. Between October and the first week in December, a total of 59 homes above the $1.5M price point saw price reductions in their list prices.

On the condo front, 35 units originally priced at $1.5M or above have seen prices drop since October. (This data is courtesy of my Pacific Union Estates division statistics, discussed during our twice monthly Estates meetings.)

This is really a rather startling amount of price reductions. Heads up: December is the time to take advantage of the market and interest rates. Particularly if you are looking for an estate home in San Francisco, the stars are aligned for you to get a good deal.

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

Holiday Bargains Abound for Condos

Posted by insidesfre on December 8, 2008

In my ongoing quest to provide information on deals to prospective buyers, I wanted to take a look at citywide condo inventory–currently offering 660 units listed on the Multiple Listing Service (MLS).

Here’s where you’ll find the best bargains in the condo segment of the residential market in San Francisco during your holiday season:

1. SoMa/South Beach/Mission Bay
Number Available: 220
Median List Price: $707,500
Average Days on Market: 85
Note: These neighborhoods have the highest condo inventory in the city. The numbers above are based on units listed in the MLS; this largely doesn’t include the hundreds or probably thousands of units available in all the new-construction developments such as the Infinity, One Rincon, Esprit Park, etc. The sales offices for these developments typically don’t post their inventories on the MLS. All the neighborhoods above, as well as the Central Waterfront, have equal numbers of units available, and have the distinction of providing the softest market for buyers right now.

2. Richmond/Sunset
Number Available: 35
Median List Price: $745,000
Average Days on Market: 78
Note: The western neighborhoods in the city are dominated by single-family homes. However, with 35 condos available that have sat on the market for an average of almost three months, this is one of the places to consider for a deal. Leading the pack is the Inner/Central Richmond.

3. Noe/Eureka/Cole Valleys
Number Available: 63
Median List Price: $799,000
Average Days on Market: 68
Note: Noe and Eureka Valleys have the most inventory, but Mission Dolores has had a bump up lately due to the Chelsea Park development’s unit sales (many of which are available, but not even listed on the Multiple Listing Service).

4. Hayes Valley, Lower Pacific Heights
Number Available: 44
Median List Price: $727,000
Average Days on Market: 76
Note: Check out Lower Pacific Heights and Western Addition, which have the most units on the market.

5. Russian & Nob Hills/Pacific Heights/Van Ness Corridor/Financial District
Number Available: 173
Median List Price: $949,000
Average Days on Market: 68
Note: Pacific Heights leads the way, with 40 condos on the market. But the Van Ness corridor has many offerings. If you’re looking for luxury condos, the Financial District is the place to consider, as the Four Seasons has quite a few units available.

6. Mission/Bernal Heights/Potrero Hill
Number Available: 54
Median List Price: $609,000
Average Days on Market: 53
Note: Potrero Hill and the Mission hold all the inventory here.

7. Excelsior/Outer Mission/Bayview
Number Available: 172
Median List Price: $550,000
Average Days on Market: 97
Note: The epicenter of the short sale/foreclosure market in San Francisco, these neighborhoods have a ton of inventory that’s been sitting for a while. Though the Excelsior district has the most single-family homes available, not far behind are Portola, Mission Terrace, Silver Terrace, and Visitacion Valley.

Posted in Good Deals, Market Snapshots | Tagged: , | Leave a Comment »

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