I’m on hiatus for a week, taking a much-needed vacation. Please return on Monday, March 8th when Inside San Francisco Real Estate kicks in again. See you then!
Archive for February, 2010
Neighborhood Spotlight: Corona Heights
Posted by insidesfre on February 25, 2010
Eureka Valley, Cole Valley, Duboce Triangle, the Haight and Buena Vista Park are all neighbors. And smack dab in the middle of them is Corona Heights.
This small neighborhood is home to the Randall Museum, and has several parks nearby, so it’s great for dog owners. There’s Corona Heights Park itself, which has a dog area, and slightly north is Buena Vista Park. On the south side is Tank Hill. All are nice, open spaces. There are some crazy secret stairways in Corona Heights, too–one on Saturn Street, and one on Vulcan. And don’t forget about the tennis courts on 15th Street between Beaver and Buena Vista Terrace, or Mount Olympus, a historical site on Upper Terrace.
If you’re looking for the closest Muni rail lines, you’ll find them either in Cole Valley (N Judah) or the Castro. However, the 37 Corbett runs straight through Corona Heights, from Twin Peaks to the Haight. That’ll get you to the Muni rail stations in the Castro.
Single-family home and condo prices in Corona Heights are pretty much in line with surrounding neighborhoods, though they’re probably slightly lower (though not by much). Single-family house prices range from $741,000 for a 2BR/2BA cottage to $1,675,000 for a 3,000 square foot 3BR house on Market (originally listed at $2,450,000). And let’s not forget about the renovated, Mediterranean house currently back on the market at 424 Roosevelt Way.
Quite a few condos have recently sold in the neighborhood, too, at an average price of $879,857.
Posted in Neighborhood Spotlights, Noe/Eureka Valley | Tagged: Buena Vista Park, corona heights, mount olympus, randall museum, tank hill | Leave a Comment »
Alamo Square Painted Lady Gets a Price Chop
Posted by insidesfre on February 23, 2010
It doesn’t have the cache of its neighbor one block up at 722 Steiner, but 850 Steiner is a 3BR/2.5BA “gracious grand dame with potential” that’s just become more affordable.
First listed in October 2009 for $1,850,000, 850 Steiner’s price was reduced to $1,749,000 for the holidays, but Santa didn’t bring a buyer. The seller has just reduced the price significantly to $1,495,000. The kitchen and bathrooms could use some work, but at this price, such expenses may make sense. The seller is only the third owner in the house’s history, which is kind of nice. These properties don’t turn over often.
Posted in Haight/NoPa | Tagged: alamo square, painted lady | Leave a Comment »
Carlisle A Good Option for Seniors in San Francisco
Posted by insidesfre on February 22, 2010
In addition to being a Realtor in San Francisco, I’m on one of the boards at the senior organization On Lok, and also hold a Seniors Real Estate Specialist designation (SRES). So I’m often asked about housing options for seniors in the city. Truth be told, there aren’t many.
But one property I think is worth mentioning is The Carlisle, located at 1450 Post at Gough (technically Lower Pacific Heights). The 93-unit building was constructed in 1992 for seniors age 62 and over. It’s marketed as a luxury residence, so it’s not the answer to affordable living for seniors. But it’s essentially a retirement community for independent, active seniors who want a San Francisco home within walking distance to shops, restaurants and public transportation.
The condos themselves (mostly one bedrooms, with some studios and two bedrooms) range from $150,000-$850,000, and carry monthly fees of $3,000-$4,500+ that include meals, housekeeping, and activity/health centers. Seniors purchasing units at the property tend to be paying all cash, often relocating from outer areas and desiring to spend their retirement years in a more urban, accessible setting.
Sales activity at The Carlisle over the past year has been fairly brisk. Sixteen units have been reported as sold in the MLS since January 2009, ranging in price from $157,000 for a 1BR with 519 square feet to $799,000 for a 1BR with 1700 square feet. There are two units pending, and eight units available (seven 1BRs from $153,000-$849,000) and one two bedroom listed at $850,000. Check out the Web site for floorplans and more. And do contact me if you’d like to schedule a showing.
Posted in Home Buyer Tips, North End of Town | Tagged: senior community, the carlisle | Leave a Comment »
SF Moves to Prohibit Garage Installations
Posted by insidesfre on February 20, 2010
Our friends at Plan C are asking for support in the San Francisco garage arena. This is an important issue for homeowners and property values. I’m sending along Plan C’s recent alert that I received this weekend:
“Don’t let garages become prohibited in S.F.!
Supervisor David Chiu has proposed to essentially prohibit garages in his district; North Beach, Chinatown and Telegraph Hill. A property owner would have to obtain a conditional use permit to install a garage.
The Board of Supervisors would now be the body to hear appeals, not the Planning Commission and the Board of Appeals. The proposal would completely prohibit garages in buildings in which any “no fault” eviction – Owner Move In (OMI), Capital Improvement, Ellis Act evictions etc – was performed in the prior 10 years.
If passed, this proposal could be the first step towards imposing similar restrictions in other parts of the City.
This is a power grab by the Board of Supervisors and an attempt to incorporate the rent ordinance into the planning code and punish property owners. Both of these are bad ideas. Supervisor Dufty is the swing vote on this proposal. He voted for it with reservations on the first vote. We need you to write to him to let him know your opposition to this bad legislation. We need Supervisor Dufty to vote no on this, so that a Mayor’s veto can be sustained.
The next vote is scheduled for Tuesday February 23.
Please e-mail the Mayor, the Supervisors (including Supervisor Dufty) by clicking here – let them know that you oppose this legislation .
Also, please call the Mayor and Supervisor Dufty. Tell them the same thing (the phone call is easy, and youll be speaking either to a volunteer staffer or an aide):
Mayor Gavin Newsom 554-6141
District 1- Eric Mar- 554-7410
District 2- Michela Alioto-Pier- 554-7752
District 3- David Chiu- 554-7450
District 4- Carmen Chu- 554-7460
District 5- Ross Mirkarimi- 554-7630
District 6- Chris Daly- 554-7970
District 7- Sean Elsbernd- 554-6516
District 8- Bevan Dufty- 554-6968
District 9- David Campos- 554-5144
District 10- Sophie Maxwell- 554-7670
District 11- John Avalos- 554-6975″
Posted in Homeowner Tips | Tagged: garage | 4 Comments »
“Aggressive Dog” Guards Bernal Heights 1BR Cottage
Posted by insidesfre on February 19, 2010
Easy on the eyes—but not easy to show due to the aggressive dog lurking within, according to the listing agent—271 Nevada is an appealing home. The Craftsman cottage has 875 square feet and features softwood floors, wainscoting, a formal entry foyer, and rare for Bernal Heights, two-car parking and storage.
The kitchen and bedroom have Bay/East Bay views, and there’s also a nice deck and garden. Personally, I’m charmed by the dining area:
The $749,000 price tag translates into $856 per square foot (the average for Bernal since September 2009 is $537/sq foot). But we’re not talking about new construction here; I’m not entirely confident in sellers’ square footage estimates–particularly when you’re talking about neighborhoods with homes built in the Victorian era. So let’s put the square footage factor on the backburner.
There are ten other single-family homes on the market in Bernal, most of which are larger. And all have at least two bedrooms. Nevada was sold for $790,000 in 2007, so nobody’s flying high with the current list price. I think you have to add value to the fact that you’ve got a detached, single-family home in a desirable neighborhood (though Nevada’s a bit closer to Bayshore than some buyers might like).
Yes, you can buy a two-bedroom condo for $749,000, but many of them are located in SoMa and South Beach, or in large buildings with high HOA dues. And you won’t get a home with tons of character, views or two-car parking.
If Nevada looks like a possibility, check it out this weekend. Just don’t try to sneak into the yard for a quick interior peek. That dog will be waiting for you.
Posted in Bernal/Excelsior | Tagged: bernal heights cottage | 2 Comments »
2010: Year of the Short Sale
Posted by insidesfre on February 18, 2010
It’s becoming more and more obvious as I tour, show and evaluate properties that there are many homeowners coming up on three-, five- or seven-year adjustable rate mortgage revisions. And in many cases, they won’t be able to refinance or keep their property at the higher interest rate. Those are definitely ingredients for a rise in short sales over the next year.
But fortunately, some of the major lenders are warming up to short sales, according to a story yesterday in the Financial Times. Bank of America, in particular, has added staff to handle short sales. And Wells Fargo, JPMorgan Chase, and other large banks seem to be following suit.
So if you’re evaluating a property that will be a known short sale, have your agent find out which lenders are involved. If it’s one of the big boys, it might mean a shorter waiting time for short sale approval. No buyers want to sit around for three months waiting for their offer to be approved by the bank; if the wait time is no longer in question, short sales may be easier to navigate. And if you’re a potential seller with one of these large banks holding your loan, now may be the time to work something out.
Posted in Home Buyer Tips, Homeowner Tips | Tagged: bank of america, short sale | Leave a Comment »
NoPa Renovation = Two Luxury Condos
Posted by insidesfre on February 18, 2010
The low-key, pale blue 2BR/1BA single-family home above on Broderick between Hayes and Grove was sold in 2005 for $910,000 (listed at $799,000 at the time). It’s now resurfacing as two luxury condos with a far different exterior:
Welcome to the new incarnation of 526-528 Broderick. We now have 526 Broderick’s 1776-square foot, 4BR/3.5BA, two-level lower unit listed at $1,150,000. And upstairs is 528 Broderick, which is a 3BR/2.5BA, 1383-square foot unit all on one level.
The top level living area is pretty spacious, and they’ve even included a piano with the staging to emphasize that fact:
Most 3BR+ condos in the neighborhood have sold in the $700,000-$800,000 range. But none quite match the finishes and floorplans of 526-528 Broderick. 1696 McAllister, a 5BR condo with 3,000+ square feet and two-car parking sold last year for $1.4M. If today represents a slightly different market, the Broderick developer may be in luck. My sense is that bringing on these units now vs. Spring will work to their advantage. First open is Sunday from 1:00-4:00. (Working on finding a Web site, as there doesn’t seem to be one online yet.)
Posted in Haight/NoPa, New Developments | Tagged: nopa | Leave a Comment »
Lone Mountain Homes Worth a Look
Posted by insidesfre on February 17, 2010
Lone Mountain isn’t a neighborhood a lot of buyers consider when they start house hunting. The University of San Francisco is located there, and the area is surrounded by the Richmond, Panhandle, Laurel Heights and Anza Vista. For downtown commuters, the 31 and 28 buses run on Geary and Balboa. And for park lovers, Lone Mountain is perfect. It offers close proximity to the Presidio, Golden Gate Park and the Panhandle. Depending where you’re located, you can get a neighborhood membership to the USF Koret fitness facility. Your best bets for restaurants/retail areas are Clement Street in the Richmond, California Street in Laurel Heights, and, a bit further south, Haight Street.
I stopped in at three single-family homes currently on the market in Lone Mountain this week. I think the neighborhood definitely offers more bang for the buck, and the homes tend to be pretty spacious. Here’s a look at what’s out there:
190 Ewing Terrace
3BR/2.5BA
1978 sq ft
1-car parking
List Price: $1.2M
This spacious home just came on the market at the beginning of February. It needs updating, but is in otherwise clean and solid condition based on appearance. It’s located on a cute circular block and has sizeable bedrooms, including a master suite with Golden Gate Bridge outlooks. There’s the expected wet bar in the garage (typical for the area), a garden with a Koi pond (needs to be cleaned) and nice Japanese landscaping.
I liked this house because it has good bones. A buyer could come in and blow out the kitchen, create a nice master suite and connect to the hall bathroom, and update the bathrooms. But the average price for a 3BR home in Lone Mountain is $1.2M, so I’m thinking a more realistic selling price is more in the $1,050,000-$1.1M range.
25 Tamalpais Terrace
2BR/1BA
1565 sq ft
2-car parking
List Price: $995,000
I liked this house, and it’s also located on a very nice street, within what’s known as the University Terrace area. I love the Rousseau architecture, and the center patio feature within. The owners qualify for a USF Koret gym neighborhood membership, too. Only drawback is that the property is tenant occupied, and it’s a conservatorship sale—identical to a probate sale—that will require court confirmation. And keep your eye on the parking situation in the University Terrace area, as USF is contemplating adding new science labs that could attract more students (and drivers) to the neighborhood.
2539 Turk Blvd
3BR/1BR
1700 sq feet
List Price: $1.3M
The most remodeled and “done” house of the bunch, 2539 Turk is situated opposite USF and its lovely greenery. Turk is a busy street, but having that view outside your window is pretty sweet:
The home was sold in January 2008 for $1,250,000, and came on the market earlier this year for $1,395,000. It’s now down to $1.3M. The current owners spent about $175,000 renovating the property, but are now being transferred and would like to sell. They did a nice job, fabulously updating the kitchen and bath, and even incorporating a 650-bottle, acclimatized wine room on the garage level. The garage fits three cars, which is not a claim most houses in the city can make. A couple issues: The third bedroom is accessed through either of the other bedrooms (meaning it’s more of a sunroom), and the yard is covered by the third bedroom/sunroom overhang.
Posted in Haight/NoPa | Tagged: lone mountain, Rousseau, usf | Leave a Comment »
Condo Prices Back to 2004?
Posted by insidesfre on February 16, 2010
Robert Selna at The Chronicle wrote a good piece today on condo resale prices. I spoke with Robert late last week for the article (thanks for the quote!), and we both concluded that it seems like the condo market in San Francisco has hit its bottom.
I think the biggest insight you can glean from the story is the fact that condo prices seem to be where they were in 2004. So sellers, if your current list price is well above the comparative sales for a similar unit in 2004—and no buyers have stepped forward—you might want to revisit your asking price.
Posted in Home Buyer Tips, Market Snapshots | Tagged: condo prices, millennium | Leave a Comment »
