Time For A Blogger Break

This Realtor-blogger is taking some time off for the summer. I’ll be back the week of June 26th!

Thanks for reading, and I look forward to sharing my insights, tips and advice with you after I return.

Condo Conversion Still Possible for TIC Buildings

The Board of Supervisors suspended the city’s infamous condo conversion lottery in 2013 until 2024, replacing it with an expedited conversion for eligible TIC groups. However, you may not know is that some TIC groups are currently eligible to condo convert.

It all has to do with the date of your TIC agreement, says law firm Goldstein, Gellman, Melbostad, Harris and McSparran. Three- to six-unit buildings that had a signed TIC agreement in place as of May 1, 2013—and which meet new six-year owner occupancy requirements—will be eligible to condo convert over time. Owners will each need to pay the $21,000-per-unit fee, as well. Continue Reading

What You Can Buy For Up To $1.2M

Trying to figure out what’s in your price range at the outset of your house hunt can be a frustrating experience. It seems like every property sells for well over the list price, and it’s impossible to tell what will actually sell within your budget.

This is a good time to engage a knowledgeable real estate agent who can point you in the right direction. After all, what’s the point of spending your weekend afternoons trudging from one open house to another if the half the homes you’re seeing will be out of your range? I decided to give it a whirl and spotlight a few new house and condo listings that I believe will sell for up to $1,200,000—a popular price point in San Francisco. Here goes:

1991 32nd Avenue
Parkside

2BR/1BA, 2 pkg
$798,000

This Hollywood style starter in the Parkside is adorable and has a remodeled kitchen and bath, two-car garage and small yard with potential. You’re only two blocks from the restaurants, shops and Safeway on Noriega, as well as near many public and private schools. Continue Reading

Just Sold: 3BR/2BA Lake District Condo

Just Sold: 3BR/2BA Lake District Condo

My clients just closed on their purchase of a beautiful top-floor, three-bedroom condo at 175 17th Avenue in the desirable Lake Street area. The home features two full baths, an open living/dining area and large master suite. And let’s not forget the chef’s kitchen with six-burner Viking range, one-car independent parking and a large, shared yard.

A huge plus for 17th Avenue is its prime location between California and Lake, which is in easy walking distance to Clement Street shops and restaurants, Mountain Lake Park, and Laurel Village.

Sale price was $1,625,000.

Special thanks to Karen McDowell at Bank of the West for her loan assistance, as well as Bridget Cannata-Deming at Pacific Union International for a great job on the seller side. And Maggie Wong at Old Republic Title was an excellent escrow officer. Congratulations to everyone!

Untitled

Untitled

Eileen’s Sold Properties
175 17th Avenue
Lake Street

3BR/2BA Condo
Sold: $1,625,000
Represented Buyers

Sunset, Pacific Heights Hot Spots for Cash Sales in 2017

Almost a quarter of this year’s single-family homes and condos were purchased by cash buyers, with neighborhoods like the Sunset, Parkside and Pacific Heights seeing the most such sales.

The Sunset and Parkside have been going full speed this year as house buyers priced out of the more interior neighborhoods head west in search of their next home.

Noe and Eureka Valley single-family homes were also big cash magnets, where sales ranged from $2,000,000-$5,000,000. However, such buyers also scooped up houses for $1,000,000 or less in the city’s southeastern neighborhoods of Bayview, Excelsior, Visitacion Valley, and Silver Terrace. Continue Reading

What Closing Costs Do Buyers Pay?

There’s a lot going on when you’re buying a home with a loan, and closing costs can sometimes hit you unexpectedly. In addition to your down payment, you can count on anywhere from one- to three percent in various fees when it comes time to close your transaction.

If you’re paying points, the closing costs will be on the higher end of that range.

Here’s a rundown on the major types of closing costs you’ll see when you buy your home: Continue Reading

The Most Overbid House ‘Hoods in San Francisco Right Now

Buyers have had no qualms about dramatically overbidding for single-family homes in West Portal, Westwood Park/Highlands, the Central Sunset, Ingleside Heights and Miraloma Park this year.

Those neighborhoods are seeing an average overbid of 20 percent. West Portal actually had five homes sell for between 30 and 50 percent over list price this year.

The selling pattern within individual neighborhoods is a useful data point for sellers when it comes to setting a list price—and for buyers as they decide how much to offer for a property. The traditional pattern in San Francisco has been to list low and sell for more. In general, single-family homes in popular neighborhoods and at price points under $2M tend to get the highest overbids.

I did a quick analysis on the single-family home market and flagged the neighborhoods that are experiencing the highest levels of overbidding. Here are the hot spots now, according to the average overbid percentage year to date:

West Portal 22%
Westwood Park/Highlands 21% Continue Reading

What You Can Buy: Condos That Live Like Houses

The single-family home market is currently crawling with buyers, and inventory is at a low level for the number of prospective purchasers. Single-family home buyers need to be creative and flexible when it comes to landing the right dwelling, which sometimes translates into considering other types of properties.

Condos with unique, house-like features are out there—from detached Victorian cottages to two-level units. Here are a few homes that are technically condos, but that live like houses and are located in popular, walkable neighborhoods. Here are just a few I’ve seen recently:

75 Wood
Jordan Park/Laurel Heights

4BR/2BA, 1500 sq ft
Leased parking @$300/month available
$1,295,000

The Deets: 75 Wood is one of two cottages, and sits on the rear of the lot. You enter through the breezeway from the street, and there’s a nice courtyard between both cottages. The main level has two bedrooms and the living spaces, and the lower level is connected via spiral staircase and includes another two bedrooms and bath, as well as an office area. Improvements include new foundation, electrical, plumbing and roof. There is also a huge, undeveloped attic, which definitely has possibilities given that this is a standalone building and wouldn’t require messing with a unit below you when it comes to structural work. Though there’s no garage, street parking is not bad and there is also leased parking available nearby.
The Location: Commanding a 96 Walk Score, 75 Wood is an easy hop to the restaurants and shops along Clement and Sacramento Streets, the heart of the Laurel Village retail area, and is more or less situated between the Presidio and Golden Gate Park. Continue Reading

Where PG&E Gas Lines Are in San Francisco

Where PG&E Gas Lines Are in San Francisco

It’s been several years since there have been high-profile PG&E gas line fires in The Bay Area. The San Bruno disaster happened in 2010, and a street went on fire in Oakland due to a gas line eruption in December 2013. And a natural gas pipeline in Fresno exploded in 2015, injuring eleven people.

San Francisco has fortunately not been the site of a similar fire recently. However, the gas lines do run underground in the city, and it’s important to be aware of their locations as part of your due diligence when buying a home. You can easily consult the pipeline map on PG&E’s Web site. Just click on the map, and zoom in on San Francisco until you can see the actual street names and gas lines. You can also type in a property address to see which lines are potentially nearby. Continue Reading

Spring’s Overbidding Trend: Pay $500,000+ To Get That House

Spring’s Overbidding Trend: Pay $500,000+ To Get That House

The list low, sell high pattern in San Francisco real estate has been going on for years. But a trend surfacing in April points to the willingness of some buyers in the $2,000,000-$3,000,000 range to pay anywhere from $500,000-$800,000 over asking for a single-family house to “win” their personal bidding wars.

That’s what five sets of buyers did last month, in neighborhoods as varied as the Central Richmond, Forest Hill, Forest Hill Extension, Ingleside Terrace, Eureka Valley/Mission and Bernal Heights. Let’s take a look: Continue Reading

Should You Buy Earthquake Insurance?

Two earthquakes in Blackhawk and the Geysers over the past couple days prompted me to run one of my most popular posts: Is it worth it to buy earthquake insurance?

Only about 12-15% of California homeowners have earthquake insurance, and I believe that ratio drops further in The Bay Area and San Francisco. This is because earthquake insurance is very expensive. In a condo building, it will double your homeowners association dues (HOAs). Additionally, most policies come with a 10-15% deductible. This means the damage to the building would have to be pretty severe in order for you to use your coverage. Continue Reading

New Listing: Multi-Unit Opportunity in The Haight

New Listing: Multi-Unit Opportunity in The Haight

Investors or buyers looking to live in a large flat and collect rental income from other units will love my new listing at 521 Clayton.

Featuring three vacant flats and a tenant-occupied unit, 521 Clayton is a classic San Francisco building with a prime Haight location near the heart of Haight Street and the Panhandle. There are wonderful period details running through the building, from crown moldings and exquisite wood work to stained glass windows and high ceilings. The building has a one-car garage and a nice garden at the rear. Continue Reading

Top 5 Challenges For a Condo Sale

If you’re planning to sell your condo this year, it’s important to be aware of certain things that will seriously shrink your condo’s buyer pool. Here are five of the most common challenges—and some advice on how to handle them so you have a successful transaction: Continue Reading

Condo Market Healthy But Flat in Q1 2017

Fewer buyers cared to overbid dramatically for condos in the first quarter of 2017—with a few exceptions when it came to two-level units, or nicely renovated ones in prime locations.

The average condo price for the 524 units reported sold in the Multiple Listing Service (MLS) was $1,270,736, up slightly from the $1,218,956 average in the first quarter of 2016.

Buyers paid a citywide average of $1,027 per square foot, with 24% of all sales changing hands for all cash. Continue Reading

Get in touch:

Eileen Bermingham

Zephyr Real Estate

415.823.4656

ebermingham@zephyrsf.com

BRE# 01352627

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