Hello My Favorite People!

So How Fares the San Francisco Real Estate Market?

Well, the good news is that the market has picked up significantly. Odds are good that whatever you buy today will be worth more in just a few short months.

The bad news is that we’re back in an environment of multiple offers. Buyers that were waiting until the end of last year are entering the market in droves and listings are going into escrow significantly higher than their listing price.

Examples of San Francisco properties that sold for more than anticipated are:

Nota Bene: Once a property is sold, it’s difficult for the public to find photos of it online and liability issues prevent me for posting photos here for public viewing. If you want more information on “solds” in a particular neighborhood, email me and I’ll send you all the goodies, including photos.

259 Laussat:

Single family with no parking in Haight Fillmore.

Listed for $899,000; sold for $960,000.

868 Arkansas:

Single family on dicey, southern block of Potrero Hill

Listed for $899,000; sold for $975,000

1351 Page Street

Large contemporary condo in Haight Ashbury;

middle unit
Listed for $799,000; sold for $915,000

631 Greenwich #C

2br/2ba town home in North Beach

Listed for $949,000; sold for $1,045,000

355 Bryant #309

Brick and timber loft in South Beach

Listed for for $899,000; sold for $926,000

Some bright spots for Buyers: When I look at all the properties that closed in the past two weeks, I’m not seeing as much overbidding for smaller newer condos.

South Beach and SOMA seem like relatively calm markets–

probably because new construction inventory competes with resales. Buyers have more choices in those neighborhoods.

Bidding is also not quite as intense in San Francisco for contemporary entry-level condos on the North Side of town.

A modest 2-br unit we had listed at 2060 Sutter (1980s construction) for $729,000 only received 2 offers and closed for $750,000. And a large one-bedroom we had at the Malt House in North Beach (1990’s construction) listed for $744,000 just closed for $765,000.

Prices for what I call “San Francisciana” –Victorian and Edwardians run higher.

An 850-square foot Victorian condo in a 4-unit building on a nice block of Pacific (at Webster) listed for $799,000 just closed for $800,000. And a lower condo flat (about 1150 square feet) in an Arts and Crafts building on Ramona in the Mission Dolores neighborhood listed for $779,000 went into escrow for $850,000.

This entry was posted on Thursday, March 8th, 2007 at 12:00 pm and is filed under Buying Strategies. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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