| Market Update and Market Prediction | August 30th, 2009 |
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As of easrly August, the current SF median house price was $785,000 (down from $891,000 two years ago). It has been ticking up since March. For condos/TICs, the median is $619,000 (down from $775,000) - it has been going up and down since January, which was a low point of $610,000. Not that median prices can be impacted by factors besides change in value. I predict a pop in recorded sales prices for November and December. Fall activity in San Francisco runs high between Labor Day and Halloween– each year we see more properties move at higher prices during that time. After Halloween the market begins to slow down as buyers look forward to Halloween and drop out of the market during the holidays. The properties left on the market begin to go stale, and discouraged sellers either pull their homes off the market or become prepared to further negotiate. I find the last two months of the year to often be my busiest. The buyers that remain in the market are highly motivated and sellers are more willing to concede on price and terms. The approaching New Year also creates a sense of urgency as buyers and sellers alike are eager to wrap things up before December 31. |
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| New Listing! 201 Laguna, #11 | August 29th, 2009 |
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The sign is up! The sign is up! And we’ve got some cool photos up at www.201Laguna.com. I will be there tomorrow (Sunday) with bells on from 1-4 holding it open. Hope to see you there! |
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| Greenies, Plan Ahead! PARK(ing) Day is Coming! | August 21st, 2009 |
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Open space, anti-car activists take note! September 18 is your day to ‘take back the streets’, or at least the edges of them, by staking your claim to a parking space and turning it into your own little piece of green heaven.
Park(ing) day has become such a phenomeenon, that ReBar launched a social networking website to expand their program internationally, to “facilitate sharing the collective knowledge and experience of participants worldwide.” To get on board, just logon and follow the instructions and learn how to “Park” it. |
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Originally created by Rebar, a San Francisco art and design collective, | New Paragon Listings. . . | August 19th, 2009 |
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Here are some new listings that will be coming online soon. As always, I’ve had to ‘cloak’ the addresses because they have yet to hit the open market. Call me at 415-577-0809 if any of them pique your interest and I’ll tell all and possibly get you in for an early sneak-peek! $2,450,000 // Cow Hollow // BR/BA: 3/ 3.5 PKG: 2 Brief Description: Beautifully renovated from the studs up – SFH – green certified with solar roofing. PLUS-legal unit below that can be used for au pair/guests/family room. Fabulous finishes – great curb appeal – A must see! $2,195,000 // Presidio Heights // BR/BA: 3/2 PKG: 2 Brief Beautiful, well appointed and fully renovated, spacious Edwardian Flat with private garden, one bedroom in-law, gym, wine cellar, the works! $849,000 // Dolores Heights // BR/BA: 2/2 PKG: 1 Brief Description: Well maintained condo. Open floor plan with exclusive-use terrace, Remodeled master bath, In-unit laundry. Friendly & informal HOA with low dues and close to everything! Walkscore = 92 $800,000 // Bernal Heights // BR/BA: 2+/2 PKG: 1 Brief Description: 2-3 BRS; Turn key; 25×100 lot; built 1940; FP; hardwood; skylights; built-ins. $749,000 // Lower Pac Heights // BR/BA: 2/2 PKG: 1 Brief Description: Beautiful condo with deck, f/p, hardwood, overlooking church at Steiner and Bush. $695,000 // Potrero Hill // BR/BA: 2/2 PKG: 1 Brief Description: Victorian Mews condo - great condition and location; downtown view. $1,400,000 // Noe Valley // BR/BA: 3/2 PKG: 2 Brief Description: Lovely remodeled Victorian home at a great location near Church Street, fab family room, deck and garden. $1,295,000 // Potrero Hill // BR/BA: 4 PKG: 4 Brief Description: 4-One-bedroom Units; clean; built 1964; 1 vacant; market rents; $88,000 annual income. |
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| Condos sales up, but is there a downward trend? | August 10th, 2009 |
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Declining prices are function of inventory. The number of condos for sale has increased monthly since the beginning of 09, with 1,048 condo units for-sale at the end of June 2009. About a third of those condos are in South Beach, SOMA, and Mission Bay, where speculation ran highest. Lots of new homes competing with resales and speculative activity during the real estate boom resulted are the biggest reasons for so many available condos. On the positive side, pending condominium sales increased in June 2009 to 248 units. We should take all this news with a grain of salt, since these figures don’t factor in all new homes sales. Word on the street is that developers are not discounting as heavily in buildings like the Infinity and SFBlu. |
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While prices for houses are starting to level, the median condominium sales price ticked down 0.9% between May 2009 and June 2009 and fell 15.2% between June 2009 and June 2008.| Price up but not as high as yesteryear. . . | August 8th, 2009 |
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Additionally, pending sales showed improvement from recent months, rising to 255 single-family units under contract in June 2009 from a cyclical low of 104 units in December 2008. As sellers slowly adjusted their asking prices and expectations, the number of active single-family units on the market fell from a high of 847 units in October 2008 to 710 units in June 2009 Nearly one-quarter of all active single-family units and closed sales are located in the Southeast District, an area of the city with a high concentration of distressed properties, which encompasses the neighborhoods of Bayview, Hunter’s Point, and Outer Mission. The heightened concentration of sales at this end of the market, combined with fewer home sales in more expensive parts of the cityhas weighed-down the single-family median home price. Although a large proportion of single-family home sales activity is concentrated in the Southeast District, the jump in the number of closed sales in two of the city’s higher priced areas during June 2009 resulted in the significant rise in the median sales price from earlier in the year. The Central District, which encompasses the neighborhoods of Noe Valley, Mission Dolores, and Haight-Ashbury, and the North District, which includes the neighborhoods of PacificHeights, Cow Hallow, and Marina, accounted for 50 singlefamily home sales in June 2009 or nearly one-quarter of all single-family homes sales in the city. |
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The San Francisco single-family median sales price rose 3.3% between May 2009 and June 2009, the third consecutive month of median home price appreciation. However, prices were 6.8% lower from one year ago.| Appraisal Dramas | August 7th, 2009 |
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There are fresh reports each day about how a low appraisal throws a monkey wrench into a deal. Here’s one published yesterday in “Credit.com.” |
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The real estate market is facing challenges because of new laws and guidelines affecting how properties are appraised. Across the nation sellers and buyers who go into contract are faced with low appraisals that can’s support their agreed upon price. When that happens, a transaction can fall apart because the lender won’t lend the buyer enough money to close. Our industry is working hard to get the appraisal process back on track so that all buyers can buy the property they want, and all sellers can sell for their property’s true value. For more information on how new laws are creating flawed appraisals, you can Google “HVCC” and get the full scoop.
