| A Few Of My Favorite Links | December 21st, 2005 |
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EscapeArtist.com www.vrbo.com maps.A9.com Google Earth My next email will be going out the week of January 1, 2006. Until then, happy holidays. And please keep me in mind should you hear of anyone wanting to make a move in the new year! |
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For your holiday entertainment this week, I’m bringing you a few of my favorite real estate related internet links. Ideally, they will inspire creativity, curiosity and perhaps even a flight of fancy or two.| Get Bang For Your Buck | December 14th, 2005 |
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So what kind of remodeling delivers the most bang for their buck when it’s time to sell? Remodeling Magazine’s “Cost vs Value Report” attempts to answer this question with an exhaustive city-by-city study on what various home projects will pay back at resale. According to these experts, here is what yields the highest return for San Francisco. Bear with me if some of these projects don’t seem practical for you. I know square footage can be tight in San Francisco, so your cost and returns may vary. 1.Bathroom Remodel— this is a nearly ‘must-do’ if your fixtures and finishings are more than 25 years old. A new vanity and new porcelain fixtures, along with a new tile tub surround and classy tile floors will deliver a 150+% return on your money. Up that figure to 168% if you have room to add a double sink. 2. New deck— if your home opens onto a big back yard, a $13,500 investment in a big deck (16X20 feet) with railings and a built-in planter and bench will add $21,355 to your resale value. 3. Minor Kitchen Remodel— to the magazine this means dropping $17,500 into cabinet refacing, new countertops, new appliances and sink, fresh paint and “resilient flooring.” Your resale value on this investment– $26,564. Please note that the magazine thinks you have a 200-square foot kitchen and 30 linear feet of cabinets and counters. 4. Window Replacement– This is my favorite improvement. Nothing makes a home look better than replacing old tired aluminum sliders with pretty wood windows (or something more appropriate to your home’s style). Return on investment—132%. Other big pay-offs– converting an attic into a bedroom suite (a 151% return), or creating an entertaining area in a basement (a 139% return). Some of the study’s surprises (at least to me)— A family room addition recoups only 108% and a home office remodel yields just 115%. You can also cut your remodeling costs by up to a third if relocate to Kansas, Oklahoma or parts of Virginia. Call me if you want a full copy of the report. Also—I rely on your referrals– so please pass my name along to anyone who is planning on buying or selling this spring. Thanks! |
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Greetings Everyone!| Market Update December 2005 | December 7th, 2005 |
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Here is an anecdotal market update, based on information shared at Paragon’s sales meeting this morning. It seems like a quirky market this week. We’re hearing lots of stories about things taking longer to sell– and about some big price reductions on certain kinds of properties, like TICs. Small, contemporary condos in larger buildings can also sit for quite awhile and go through price reductions before receiving offers (now may be the time to strike if you’re in the market for a pied-a-terre.) The healthiest segment of the market remains 2-4 unit buildings– which seem to get more offers and go further over asking than other types of properties. The multi-unit market is also robust—many of the deals that went into escrow at Paragon over the last couple of weeks have been 6-20U buildings. Since fewer offers are coming in, we are asking Sellers to rethink their pricing strategies. Now the ideal listing is priced right where we expect the property to sell, instead of starting extra-low and expecting multiple offers. We have a number of great properties coming up after the first of the year– and some aggressive price reductions that are creating some excellent buys. I’ve listed a few of them at the end of this email, along with my contact information should you wish to know more. I regret that these are ‘principals only’ opportunities. But if you have a good agent, they should be able to figure out where these ‘good buys’ are. Available now for $249,000: A charming 2-story TIC cottage near Alamo Square (approx 600 square feet with parking). Available now on a lease option: A fully-furnished one bedroom condo on Lombard right near Levi Plaza– listed for $549,000. Coming soon for $629,000. Large Twin Peaks condo beautifully staged with amazing downtown views. Coming soon for $695,000. Richmond District contemporary flat 2br/2ba with wrap around deck. Approx 1100 sf. Coming soon for $1,190,000. An approx 1800-sf 3br/2ba Nob Hill Edwardian condominium flat with Southern views. Coming soon for $1,200,000. An approx 1800-sf North-Slope Potrero town home on three levels for $1,200,000. Call me if you want more info on any of these homes. 415-738-7040. Also, my email list is hungry! If you know anyone who you think should be getting these emails, please send me their names. See you next week. |
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Hello My Favorite People.| The High Rent Districts | December 3rd, 2005 |
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Second in demand are the north side neighborhoods—Telegraph Hill, Nob Hill, Russian Hill and Pacific Heights. In these areas high-end renters go for the heavy charm of older buildings like 1800 Broadway with its big bedrooms and “quaint” old kitchens and baths. Buildings in premium locations, like 1610 Sacramento (right next to the Polk Street shops) are also popular. Rents in these neighborhoods are a notch lower than SOMA, topping out at $3500/month for a two-bedroom. Another neighborhood where Laura has no trouble renting is Hayes Valley. The new appeal of this area is mostly due to the revamped Octavia Boulevard, which makes getting out of the city a breeze for commuters. Since larger apartments in Hayes Valley are rare, those lucky enough to rent here generally wind up with one of the lofts that line Gough or Hayes. Laura’s tenants tend to be “DINKS”—‘double income no kids.” Surprisingly, many of them are former homeowners who cashed in their chips and are looking for a lifestyle change. This new market means an increased demand and Landlords are finding that they can comfortably raise their rents by 10% or even more if they own a trophy building or showcase condominium. Laura’s exceptionally good at what she does. If you have a vacancy, she can make re-renting your place hassle-free. Feel free to call her at 738-7075 with questions about how she works and what she can do for you. See you next week. By the way, I heard you guys liked the singing turkey. Phew! |
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So which San Francisco neighborhood is most expensive for a renter? According to Laura Gray, Paragon’s super-duper rental agent, SOMA and South Beach take the prize for commanding the highest rents. The hot properties in this neighborhood are two-bedrooms close to downtown, in buildings like the Metropolitan (at 1st and Folsom) and 246 2nd Street. These units go quickly for $3300-3500/month, often with multiple applications. Other units in SOMA/South Beach with views and luxury finishings go for as much as $4,000/month.
