Hello My Favorite People:

Today, I’ve got my ‘best deals’ in San Francisco section again at the bottom of this email. But I also want to tell you about market conditions in communities immediately outside of San Francisco– Take heed those of you thinking of selling and moving out of the City—now is a great time to ‘sell high’ here and then go shop in a market that’s not nearly as heated:

Here is a quick overview of market conditions in Berkeley, Oakland, Marin and the Mid-Peninsula. It comes from my cadre of Realtor contacts in other areas. If you need a good agent for someplace other than SF, just call me. I’ll make sure to refer you to only the best of the best.

For Berkeley, Oakland and points just north (Albany and El Cerrito) the market seems to making a comeback. As always, the listings in desirable neighborhoods are the ones getting multiple offers, but it also helps if the property is in move-in condition and well-staged. The fixer market is also very competitive as first-time buyers try to get a toe-hold on the market with some ‘sweat equity.’ Recently a single family on Albany hill with a double lot was listed for $525,500—it received 24 offers and may have gone as much as $200K above asking.

When it comes to annual appreciation, West Berkeley is one of the neighborhoods that has seen the most dramatic increases, where homes that used to sell in the $350,000 range are now pushing upwards of $500,000.

On the Mid-Peninsula (Foster City to San Mateo), there’s been an increase in inventory but the market remains strong in the $700,000-1,200,000 price bracket. Above that price point, it’s not as busy as last year, except in Hillsborough and the premium neighborhoods of Burlingame, where the good stuff moves quickly in the $1.2M to $2.5M range. Some sellers remain in the clouds about where the market is and insist on overpricing their properties. These homes sit for quite awhile before either being pulled off the market or selling for far below the original offering price.

Mid-Peninsula buyers also seem more cautious than last year. A well-priced new listing might generate a lot of buzz, but when the offer date comes, far fewer buyers are stepping forward with offers.

In Marin markets (roughly Sausalito up to San Rafael)—inventory is a little thin, although sales are starting to pick up. The lower end properties under $1M are moving fairly well, but market activity is not as hot as it was last year. Many properties that have been sitting since last year have been reduced. There are some multiple offers, but for many properties there’s more negotiation going on than last year.

In price ranges above $1,500,000, inventory is hardly moving. However, things typically pick up after the Superbowl, so agents are optimistic about the market improving still more in the coming months.

Here are some of the best deals I saw this week on Tuesday Tour. All should be open this Sunday. Call if you want more information:

239 Broderick (at Page) is a classic, two-story Victorian listed for $1,495,000. It’s approx 3100 square feet total, and can legally be used as a two-flat building or a single family home. If you were to use it as two units, you’d get a two-br flat up and a giant 1-br down with formal dining room, big kitchen and solarium. Great detail and some city views from front upstairs windows.

959 Dolores, #1 (at 21st) is a big 1-br condo in a classic marina style building listed for $498,000. No parking but street parking is pretty easy (at least it was when I was there–). This is a small building—just four units and has the classic 20’s styling with hardwood floors, coved ceilings and French doors. Shows great. The building also has a common roof deck.

68 Harriet is a bright two level SOMA loft with nice treesy outlooks onto a playground across the street. The layout is a fairly typical of a SOMA loft, but it felt really pretty and crisp, with nice window treatments and lovely light. List price is $555,000.

992-998 Florida is a clean 6-U building at the corner of 23rd, listed for $1,195,000. Built around 1900, it’s a Romeo style, but because it’s on the corner, half the units get great light from the street. Good tenants, fair rents with upside. Annual gross rent is $78,120 and square footage is approximately 5,106.

301 Langton, another SOMA loft listed for $569,000 is a tri-level with great light. I mentioned this one last week— it’s a townhouse unit with it’s own garage and separate entrance. I’ll be holding this unit open from 2-4 this Sunday. Please stop by.

Finally, I saw a smashing mixed use building in the heart of the Mission district– with a huge Victorian flat up, a giant commercial space down, a killer loft space and a garage (this is a through lot from Mission to the alley in back) for $1,200,000. Total square footage is 4,110. Call me if you want to see it.

As always, the best properties go fast. If you see something new on the market and want to get inside, just call and ask me about the showing schedule. I’ll make sure to get you in right away.

See you next week!

This entry was posted on Friday, February 10th, 2006 at 12:00 pm and is filed under Hot Properties, Market Conditions. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

Posted in Hot Properties, Market Conditions  

Comments are closed.