| San Francisco Single Family Home Market Comparison - 12/06 to 12/07 | January 20th, 2008 |
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SFAR’s Fast Facts About San Francisco This report on single family home sales compares December 2007 with December 2006 by district. It includes number of sales and median selling price. It comes from the San Francisco Association of Realtors (SFAR), which draws its data from the MLS.I will have a posting that translates SFAR’s district numbers to neighborhoods shortly. If you need an immediate interpretation, please call me. Here is a rough recap of the report: Prices have stayed roughly the same in most neighborhoods even as the number of sales have dropped. Desireable neighborhoods with larger single family homes have done exceptionally well– this includes District 4 (West of Twin Peaks neighborhoods like West Portal and St Francis Wood) and District 1 neighborhoods (Richmond/Lake Street districts. ) Noe Valley (in District 5) remains hot. The edgier areas like the Mission District (District9), Oceanview (District 3) and Bayview (District 10) neighborhoods are among those that have suffered the most– Daly City and South City are hurting– these stats fall under District 11. Fast Facts
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| Hot New Listings Not Yet On The Market | January 18th, 2008 |
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$749,000 / Eureka Valley / Beautifully staged 2 bed, 1 ba condo, handsome 1909 details, 2 fireplaces. $699,000 / Bernal Heights South Slope / Cute and affordable house with 2 br, 1 ba and 1-car parking. Desireable neighborhood. $729,000 / Glen Park / 2br/1ba condo + bonus room/office, with 1-car garage and deeded storage. 2 Unit building with very low fees. / Incredible outdoor space and views $1.150M Outer Noe on good block/ 2BR/1.5ba fixer house with potential for 3br/2.5ba/ 1-car parking /Views, large backyard and major potential. Needs work but is liveable in present condition and is very easy to show. Please note that this is a pocket listing and may not come on the open market. |
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Upcoming Listings| Study Proves That Weird Asking Prices Work Better Than Normal Ones | January 18th, 2008 |
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An article in this month’s Atlantic Monthly suggests that because we tend to use precise numbers for small amounts and round numbers (lots of zeros) for large ones, sellers can make buyers perceive a price as smaller by replacing zeros with other digits. A study from Cornell University has concluded that precise prices like $391,534 were seen as cheaper than round ones like $390,000 even though the round prices were actually lower. The authors examined more than 27,000 real estate transactions in South Florida. At its conclusion they found that having three zeros at the end of the list price lowered the final sales price by about .73 percent compared with houses listed at a similar price [without zeros]. Each additional zero lowered it by another .39 percent. While seemingly small, this effect can add up to thousands of dollars. In the SF neighborhoods we work in, with median prices averaging $1m or more, the effect can add up to $7,000 – $10,000 and up. |
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| 6 Months Free Mortgage At The Potrero | January 18th, 2008 |
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The four best things about the new homes at The Potrero: 1. It’s right near a great neighborhood district– two blocks up on 18th Street 2. It’s got a Whole Foods Market right downstairs (I swear that for many buyers this is the biggest draw.) 3. It’s a great commuter location– for those who need to scoot down to the Peninsula or Silicon Valley 4. Comparable to other new homes projects, it’s got a great price per square foot. My last deal at The Potrero was $805/square foot for a 2-br, compared with $825+/square foot for The Hayes or Esprit Park. Select residences offer private balconies and stunning views of San Francisco’s downtown skyline. These kinds of purchases are also great for investors and 1031 exchange buyers. Call me at 415-577-0809 and I’ll help you pencil it out. |
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The Potrero is offering no mortgage payments for 6 months until March 31, 2008. You need to close escrow by April 30.| Blue is the New Black | January 18th, 2008 |
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Here’s what they think you want to paint your house this year and why: The ‘greening of America’ is washing you out– The Color Marketing Group has named natural and unbleached looks the No. 1 color trend. This follows our age-old tradition of using safe neutral tones that sell well year-in, year-out like Antique White, Navajo and Bone. You’re headed for the blues in every way– Experts offer touchy-feely explantion for their tendency towards green-blues, yellow-blues, purples and Iris blues this year. One Major-Domo for Pantone believes their color Blue Iris is ”emotionally anchoring and meditative with a touch of magic.” Other reasons tie into blue’s connection to the natural elements of sky and water and its steadying influence in these uncertain times. You need yellow to brighten your outlook– The color industry thinks you need more yellow because communicates “optimism, respect, radiance and well-being” — and who doesn’t want more of that in their life? The favored tones for this color also tend towards green, with names like Mayapple, Oatland Daisy and the easy-to-picture Woodlawn Music Room. You’re going techno, but in a kinder, gentler way– Advances in technology drove us towards hot, shimmery surfaces (remember the days of stainless steel countertops and backsplashes?), but in 2008, metallics will go warmer. Look for coppery, bronzish tones to prevail. You’re continuing to Go Global– Ethnic influences from China, India and Latin Americal incline you towards Moroccan reds and glowing oranges, rosy pinks, sunny golden yellows and lots of turquoise. You will use these accent colors to punch up your rooms and will enjoy pairing them them with rich browns as neutrals. Other “fast-facts” about trends in paint and design: You now like to change at least some of your interior colors every three years instead of every five– because you move alot, like feature walls, and enjoy watching HGTV. Last year you bought a lot of red– Hot sellers for walls last year were Chili Pepper and Ravishing Red. In San Francisco the top-selling red hue was called “Dinner Party” (I wonder what you served. . .) Your palette since the Millenium, in addition to the colors mentioned so far has run towards (and possibly away from) Chrome, Eggplant and Lime Green. ************************************** If you’re ready to sell your home and need advice on color, design and furniture placement decisions, a good Realtor (like me) can help. Don’t hesitate to use me as a friendly resource who can offer ideas on how to make your space look fabulous and recommend the best stagers and designers in the City. |
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You don’t know it, but each year an entire army of color experts is scientifically trying to figure out what colors turn you on this year. Acting as fortune tellers for the paint industry they make annual color forecasts by studying everything from fashion and movies to economic, social and political factors.| Afraid of the Foreclosure Monster? Don’t Stick Your Head In The Sand. . . | January 11th, 2008 |
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It helps to remember that the bank isn’t thrilled about the prospect of taking back your home. The foreclosure process is expensive and selling your home (especially for a bank) is a big hassle that they would just as soon avoid. Often your lender will work with you to see if they can forego payments for awhile or restructure your loan. Following are a handful of links to help you figure out the best way to handle the prospect of a foreclosure on your home: 1. How to Avoid Disclosure by the U.S. Department of Housing and Urban Development (“HUD”). I found this PDF enormously helpful and easy to understand. It breaks it all down in a way that is simple and non-threatening. 2. List of Approved Credit Counseling Agencies by the U.S. Department of Justice.When you’re in a financial bind, all kinds of con artists can crawl out of the woodwork, offering guarantees to stop the foreclosure process. This list tells you which counseling agencies are legit. 3. You Can Avoid Foreclosure and Keep Your Home by the FHA. If you think your financial squeeze is temporary, this one is worth a look. 4. Questions and Answers on Home Foreclosure and Debt Cancellation by the Internal Revenue Service. Canceled debt can be taxable. This article will tell you when and why. 5. Neighborhood Networks Center for Foreclosure Solutions as presented on the Federal Reserve Board. Neighborhood Networks is rallying people across the country to learn how to help others avoid foreclosure. This hopeful site describes training and outreach efforts to people who should learn what all their options are when they face foreclosure. |
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San Francisco has a low foreclosure rate, but there are pocket neighborhoods in the Southern neighborhoods where owners are in over their heads with high payments on mortgages larger than what their property is worth. When they get behind on loan payments, it can be scary, especially when the bank starts calling you to see what’s going on. It’s tempting to not pick up the phone or decide not to call them back.| New Listings not yet on Market | January 9th, 2008 |
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If any of these listings pique your interest, please call me and I will get more information and/or arrange showings as soon as possible. $2,295,000 Marina District Home on Avila. BR/BA: 2/3 PKG: 1 $929,000 Central Richmond condo (near Park Presidio). BR/BA: 3/2.5 PKG: 2 tandem +/- $868,000 (price tbd). South Beach condo at The Embarcadero Towers. BR/BA: 2/2 PKG: 1. $839,000 Home in Miraloma Park. BR/BA: 3/1.5 PKG: 1 Low to mid $600’s Buena Vista condo at Park Hill. BR/BA: 1/1 PKG: 1 $615,000. Dogpatch loft (base of Potrero’s East slope). BR/BA: 1/1.5 PKG: 1 South Beach Loft reduced from $698,000 to $669,000. BR/BA 1/1. Premium building, water view. |
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These are a handful of new Paragon listings not yet on the open market. They are so new that I’ve yet to preview them and am relying exclusively on agent descriptions. I also needed to ‘cloak’ the addresses since not all of them are ready to show yet.| Is the Bay Area Economy that Resilient? | January 9th, 2008 |
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Job growth has not slowed. Unlike the Central Valley, Los Angeles and SanDiego regions, which saw scary declines from 2006 levels, our job growth remained steady over the last year. Credit Web 2.0, tech companies, green industry, and biotech with keeping the new jobs flowing. The juggernauts of Apple and Google have hit all-time highs. Apple crossed the $200-per-share mark for the first time last week and Google recently hit an all-time high of almost $750 a share. The strong performance of these stellar growth companies creates substantial wealth among employees and investors across the region. 2006 was an active year for venture capital investment. VCs put an estimate $30 billion to work last year. That’s great news for the Bay Area, which has typically received a third of all venture dollars invested. And 2007 is shaping up to be the most active year since 2001 for venture investment. Sales tax collections are up. While statewide sales tax revenue dropped 2.2%, San Francisco’s sales tax revenue is up 4.5% from last year. Tourism is the main reason: a weak dollar makes us a choice destination for European travelers. The weaker dollar also inclines more Americans to choose San Francisco visit over a trip to Europe. The verdict is still out whether the Bay Area can continue to be insulated from the worst of the nation’s housing meltdown and economic slowdown. But we have reason to enter the new year with reasons for confidence. |
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This week’s SF Business Times declares that the Bay Area is an oasis amid bleaker state and national landscapes. Here’s why:| San Francisco Home Show at Cow Palace January 18-19 | January 9th, 2008 |
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The displays can be very inspiring and could get your creative juices flowing about how to work with a challenging space or exterior remodeling. My husband and I attended the annual Home Show a couple of years ago to get some landscaping ideas. We got some good ones and learned a lot about which plants would be best suited to our sun/shade combination. Exhibitors are promoting just about everything you can think of, from dining room table pads to fencing to mortgages. I suspect this year there will be a number of companies offering green products and services. Cost to attend is $10.00, but you can get a $2.00 discount if you click here. |
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| San Francisco “Cost vs Value” Report | January 3rd, 2008 |
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I did a recap on a Cost vs Value reports in 2005, right after I started writing The Buzz. In many ways, the same kinds of projects are yielding the same kinds of returns. Here’s how you can get the most ‘bang-for-your-buck’ on San Francisco home remodeling costs (please keep in mind that the magazine has fairly exact specs for each project): Add a Deck: a $13,500 investment in a big wooden deck (16X20 feet) with railings and a built-in planter and bench will yield a 130% return. Skip the TREK or composite materials if you have an eye towards resale. It becomes more expensive ($17,000) and only yields a 116% return. Attic bedroom remodel: This is an expensive investment ($61,500), but can yield a 121% return. It’s also pretty involved, with a bedroom, a bathroom, and four new dormered windows. The magazine assumes that your house comes with a stairway to your attic (as opposed to that funny ladder in your laundry room or trap door in the hall) . They also assume that your neighbors won’t pitch a fit when you want to alter your roof line with the dormers. Bathroom remodel: You get a 117% return on your $20,000 investment in a new porcelain tub with tile surround, new standard white toilet, new vanity top with integral sink, new recessed medicine cabinet with light and a retiled floor and vinyl wallpaper (italics mine– I actually love wallpaper but rarely see it in San Francisco). New base cabinetry is not mentioned, but I bet it’s included in the cost. Easier projects that yield nice returns are: Wood window replacement: replace 10 double hung 3X5-foot windows for $14K and you’ll get 112% percent on your investment. Cosmetic kitchen remodel: I actually love this one because it can have such a huge impact for so little effort. Reface your cabinetry with raised wood panel doors, add new hardware, new appliances, new sink and faucet, new flooring and new paint or wallpaper and you’ll grab a 113.6% on your $24,000 investment. If you would like me to send you a complete copy of the San Francisco report in PDF form, please email me and I’ll send one out to you. |
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Remodeling Magazine is once again answering the age-old question about which kinds of remodeling yield the highest returns. In its exhaustive “2007 Cost vs Value annual report released at the end of last year, they offered city-by-city research on what 29 different home projects will pay back at resale. 
