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Just Listed: Charming Noe Valley 1BR Condo

January 27, 2012 By Leave a Comment

If you’ve always dreamed of having a large bedroom with a sitting area and walk-in closet, allow me to direct your attention to my new Noe Valley listing at 156 Duncan Street. The 1BR/1BA condo is well appointed, with excellent 1920s period details, wonderful natural light and a top-floor position within this four-unit building.

156 Duncan is somewhat supersized; it’s about 1100 square feet. There are three walk-in closets, and we’ve set up the closet off the living room as an office so you can envision how you may use all the space. The sellers installed skylights in the kitchen and bathroom, so this unit is a nice fit for buyers who prize natural light. If you’re into giving dinner parties, the formal dining room will rock for you. If you’re not a big cook, you can use the space in a different way.

For those buyers who absolutely want an in-unit washer/dryer, the laundry room off the kitchen will make you happy.

The parking space is the best one in the building, as its garage door is exclusively used by 156 Duncan. And there’s generous storage, as well. HOA dues are $325/month. 156 Duncan is situated in an amazine location, near restaurants, shops, cafes, Muni, BART, tech shuttles and freeways.

List price is $739,000.

We’ll be open this Saturday, January 28th from 1:00-3:00 and Sunday, January 29th from 2:00-4:00. Stop in and see me!

For more details and photos, visit 156duncan.com

Filed Under: Noe/Eureka Valley Tagged With:

First Look: The Luxe Condos in Noe Valley

January 23, 2012 By Leave a Comment

I toured The Luxe (208 28th Street) in Noe Valley this morning, and am pretty excited about this new six-unit development that’s one portatoilet away from being finished. The developer, J Branch, has thoughtfully planned the project and has made efforts to go beyond the cookie-cutter condo approach.

As I’ve noted in past blog posts, The Luxe features three 2BR/2BA units and three 3BR/3BA townhomes. Prices range from $849,000-$889,000 for the two bedrooms, and $1,389,000-$1,549,000 for the townhomes.  HOA dues range from $414-$484/month.

There’s no garden, as the building takes up the whole lot. However, they have incorporated a patio with a fireplace and grill (keep in mind they’re still setting things up):

 

All the finishes in each unit are slightly different, which is nice. All the kitchens have Viking ranges, and the two bedrooms even have wine refrigerators. Here’s a shot of the kitchen in #201 ($889,000):

And here’s the kitchen in #203 ($849,000):

Living areas were generously sized; for example, the corner unit #202 overlooks Church and 28th Streets:

The three bedrooms are even more impressive, as they span two levels and have a house-like feel. I was a fan of #301 ($1,399,000) and its large master suite (that’s a king-size bed there):

I also liked the office area on the upper level of these units:

The largest unit is #303 ($1,549,000), and this is definitely the trophy unit of the group. It features three bedrooms on the upper level and a huge master suite overlooking the patio. There are also stairs to the roof from this unit.

A parking lift system provides a space for most of the units. (This means one car is parked beneath another in a “stack” arrangement.) However, the largest unit gets a standalone, regular space. And two other regular spaces are available for $50,000 each on a first-come, first-serve basis.

For those concerned about noise from the J Church Muni line that runs past the building, I have to say that they’ve done a good job blocking out street sounds. The double-paned windows and insulation give things an air-tight feel, though that will change once you crack open a window.

If there are any drawbacks to the project, I’d say that some of the bedrooms are on the small side. And that stacked parking is not ideal (but it’s better than no parking at all).

I think The Luxe will appeal to the tech/Peninsula or downtown professionals looking for what little new construction is available in Noe Valley. The project will most likely follow in the footsteps of the Nove condos that sold rapidly in 2010. Give me a call if you’d like to check out The Luxe. I’d be happy to get you in before the first public open houses.

Filed Under: Noe/Eureka Valley Tagged With:

Gung-Ho Buyers Hit Mission Dolores

January 23, 2012 By Leave a Comment

Back in the mid 2000s, it was quite common for bidding wars to culminate with one or two buyers offering way, way beyond the list price because they really wanted that property—and the home was priced low to allow for overbidding. The underpricing strategy is certainly making a comeback, particularly with respect to the Mission Dolores area.

The most recent incident occurred at 3668-70 18th Street, between Dolores and Guerrero (exterior above). Right—the block with Tartine, Bi-Rite and Delfina. The two-unit property with an unwarranted third, garage-level unit was listed at $995,000. Though the building was in very sound condition, kitchens and baths needed updating, and the exterior was certainly nothing to write home about. However, 21 sets of buyers wrote offers, and the winning bid turned out to be $1.3M.

And then there was the sale over at 3883-85 20th Street, which borders the south end of Dolores Park:


One of the two units was basically down to the studs, requiring substantially more money to complete the job. List price was $1.3M, and the sale closed in November for $1.5M.

Chalk up this somewhat frenzied activity to the fact that Mission Dolores continues to be a hot, hip neighborhood for TIC/condo/multi-unit buyers who want the proximity to the 18th Street/Valencia corridors, Dolores Park, and public transportation (not to mention tech shuttles to the Peninsula). Buyers really will go nuts for these things, and they obviously will respond in droves when a property is purposely priced low to attract interest.

Filed Under: Mission

Just Sold: 1BR Condo in the Haight

January 20, 2012 By Leave a Comment

My client just closed escrow yesterday on the lovely 1BR/1BA Edwardian condo at 21 Delmar in the Haight. The unit has high coved ceilings, two fireplaces, an updated eat-in kitchen, and central heat. List price was $499,000.

21 Delmar has a 92 Walk Score, and is blocks from Buena Vista and Golden Gate Parks, and around the corner from Haight Street. This is a perfect example of the type of property that provides great space in a classic architectural style, all while being situated in a quintessential, central San Francisco neighborhood.

Filed Under: Haight/NoPa Tagged With: ,

SoMa/South Beach Tour: Condo Trio

January 18, 2012 By Leave a Comment

There’s often a lot of inventory in the SoMa/South Beach neighborhoods, primarily because all the buildings translate into condos—and lots of ‘em. So to cut through the clutter, I decided to hone in on three condos in the $1M range so you could get a sense for what these properties have to offer.

1160 Mission #2313
SoMa Grand
2BR/2BA Penthouse
1600 sq ft
2-car parking
HOA dues: $851/month

Though its “French chic meets SOMA hip!” mashup may not be for most, this penthouse unit #2313 has killer city views. The 246-unit SoMa Grand is located in the still transitioning mid-Market neighborhood, which means you will want to take advantage of the hotel-style services like concierge, house cleaning, and organized activities—not to mention in-house restaurants—so you don’t have to wander around at night doing your own legwork. But that was the goal behind the SoMa Grand.

229 Brannan #17G
The Brannan
2BR/2BA Penthouse
1517 sq ft
2-car parking
HOA dues: $918/month

South Beach standby The Brannan has been the site of many condo sales across four-building property since 2001. Though many properties have been constructed since then, The Brannan continues to age well. This particular penthouse unit #17G has city, ballpark and Twin Peaks views, and 9.5-foot high ceilings. The Brannan’s location is excellent, and is a great place from which to walk to the Ferry Building, Union Square and more.

1 South Park #408
3BR/3.5BA
1794 sq ft
1-car parking
HOA dues: $575/month

The lone low rise of this trio, 1 South Park has an excellent location near the ballpark, as well. #408 is a top-floor, two-level unit with plenty of natural light. Two of the three bedrooms have their own ensuite baths, and the upper level entertaining rooms feature walls of glass that face both east and west. There’s also an expansive view deck. This unit came on the market last October 2011 at $1,695,000, so the current price reflects a reduction. 1 South Park isn’t an amenity building, so it’s a good fit for buyers who don’t want to factor in paying for a fitness club, media room, concierge or other benefits that are included with the larger properties in the area.

Filed Under: SoMa/South Beach Tagged With: , ,

First SF Market Stats of the Year

January 16, 2012 By Leave a Comment

Single-family and condo sales are down slightly, but multi-unit sales have increased by 8.2% in the last six months. Yes, the lastest Zephyr MarketTracker sales deets are now available exclusively here. Check out the most recent city activity, plus a special look at hot Richmond properties and the new BART cars!

Plus, some bonus info on the Cal Academy of Sciences.

It’s all here in the Zephyr MarketTracker.

Filed Under: Richmond/Lake

Potrero Cottage a Cool Condo Alternative

January 13, 2012 By Leave a Comment

The two-bedroom cottage at 655 Mississippi may be the cute, well-appointed house Potrero buyers have been waiting for in the new year. Listed at $699,000, the home has a lovely open floorplan that features a side deck right off the remodeled kitchen.

You wouldn’t know it from the exterior, but 655 Mississippi has vaulted beamed ceilings, two large skylights, and a gas fireplace. The kitchen even has wine storage and an island with breakfast bar, as well as a sizeable yard with a detached bonus room at the rear of the property.

 And the best part? No one living above or below you, and no HOA dues.

Now, the house isn’t huge—tax records show about 1000 square feet—but sometimes it’s all a matter of how well the space is laid out. And there’s no garage, which could be a dealbreaker for some.

The 600 block of Mississippi isn’t a particularly poor location; it’s important to note that your neighbors are a mix of residential and commercial. However, if you walk out your door and hang a left on 22nd Street, you can hit all the Dogpatch restaurants and cafes that have sprung up over the past several years.

The property last sold in 2004 for $759,000, so let’s give the sellers credit here for being realistic in the current market with their list price.

Open Sat 1/14 and Sunday 1/15 from 1:00-4:00.

 

Filed Under: Potrero/Dogpatch Tagged With:

New Pacific Heights Condos Closer to Market

January 11, 2012 By Leave a Comment

It’s almost time to start touring The Washington, the upcoming 26-unit condo development at 1840 Washington, between Franklin and Van Ness. This property is kind of a big deal, because there’s not really much new construction available in Pac Heights.

The eight-story development will offer six 1BR/1BAs, 18 2BR/2BAs, and two 3BR/3BA penthouses with wrap-around decks. Units will be well appointed with high-end finishes such as Studio Becker cabinetry, CaesarStone counters, Bosch appliances, and Ann Sacks tilework in the bathrooms.

All homes have one-car deeded parking and storage, plus a landscaped roof terrace.

And preliminary pricing is in! Here are the early deets:

1BRs (Floors 2-7)
837-863 sq ft
$725,000-$875,000
HOAs: $411-$416/mo

2BRs, North Facing (Floors 2-7)
824-985 sq ft
$835,000-$1,145,000
HOAs: $408-$442/mo

2BRs, South Facing (Floors 2-7)
955-1,009 sq ft
$935,000-$1,039,000
HOAs: $436-$447/mo

3BRs, South Facing
1,467 sq ft
$2,095,000
HOAs: $545/mo

The current project completion date is the end of January, as per the sales office. Contact me if you’d like to get in early and I’ll see what I can do!

 

 

Filed Under: Pacific Heights Tagged With:

Top 10 Condo HOA Battles To Avoid

January 9, 2012 By Leave a Comment

Condo living has its definite upsides, but it can also involve HOA disputes that you’d rather avoid. I wanted to round up the top ten issues that cause problems among condo owners, courtesy of my attorney friends at Goldstein, Gellman (g3mh):

1. Noise and nuisance. Everyone loves quintessential San Francisco architecture, but let’s face it; Victorians and Edwardians offer their fair share of footfall transmission and conversations through the walls. Set your expectations and get used to the idea that you will hear your neighbors from time to time.

2. Pets. Condo CC&Rs (the document that governs the HOA) specify pet restrictions, which sometimes stipulate keeping pets leashed in the hallways or limiting size/number of dogs and cats. Keep this in mind if you’re thinking of getting a second dog and your CC&Rs limit the number of pets in a unit.

3. Window maintenance. Though the roof of a building is a shared HOA responsibility, owners may have to deal with their unit windows individually.

4. Leaks. Water intrusion from one unit into another does happen from time to time, especially if there are washer/dryers in a building. Who’s responsible for paying for damage can be a huge issue of dispute. Owners and HOAs should have a clear and documented understanding concerning payment responsibilities, the HOA’s right of entry to make repairs, and obligations of owners to carry insurance above and beyond the HOA’s master insurance policy.

5. Improvements and alterations. If the CC&Rs specify that owners need HOA permission for remodeling, that’s the way it goes. It’s not a great idea to try to sneak contractors through the hallways.

6. Unit rentals. If you’re going to rent out your unit, make sure you conform to CC&R rules that may restrict short-term stays. Some HOAs also limit the number of units that owners can rent at a given time.

7. Assessments. Also known as HOA dues, assessments are usually charged on a monthly basis. It’s best to deal with delinquent HOA dues quickly, as collecting payment from a delinquent owner can be a headache.

8. Inadequate reserves. Most larger buildings should have a certain amount of money on reserve in the event of a building issue, such as a roof replacement or paint job. However, many smaller buildings don’t carry large reserves. Though this is reasonable, the pay-as-you-go plan can backfire when a building needs critical work.

9. Use restrictions. This can relate to a wide range of issues, such as maximum occupancy, parking, satellite dishes and noise. There are many laws that may affect the enforceability of use restrictions. For example, California statutes prohibit housing discrimination based on race, color, religion, sex, sexual orientation, and marital status. It’s important that HOAs keep these laws in mind before enforcing a particular use within a condo.

10. “Nonstandard” units. Smaller buildings which start out as rental apartments and later convert to condos may include a unit—such as a penthouse, or detached cottage—that’s very different from the other units. It’s important for CC&Rs to be clear how these different units fit into the HOA, especially where maintenance is involved.

 

Filed Under: Home Buyer Tips, Home Owner Tips Tagged With: ,

SF Real Estate Forges Ahead in 2012

January 5, 2012 By Leave a Comment

The San Francisco real estate market isn’t showing any signs of slowing down. Buyers went into contract in December on 94 single-family homes, 77 condos and 24 TICs, obviously taking advantage of the low interest rates and end-of-year bargains.

The last quarter of 2011 stayed on par with that of 2010. A total of 635 houses sold at an average of $987,196, again proving that the under-$1M club is still kickin’ when it comes to inventory being moved. There were 493 condos that sold at an average of $784,173. Again, not a big change from the same time in 2010.

Current inventory is fairly low, which isn’t surprising for this time of year. I’m expecting more sellers to put their homes on the market as the month wears on; those who are motivated or have to sell will be in a good position with respect to pent-up buyer demand.

Though loans are still a challenge to obtain due to tighter lender scrutiny, plenty of properties are selling. The key factor in closing sales in 2012 will be due diligence—making sure that lenders are aware of all buyer details up front. These days, I continue to insist upon lenders reviewing full buyer and property documentation before an offer is even made (especially when it comes to condo purchases). This guards against a lot of wasted time and buyer/seller disappointment.

I’m expecting a busier year in terms of volume in 2012, based on my own experience, as well as conversations with my colleagues. It will likely be business as usual, which means carefully navigating escrows by skillfully handing negotiations and addressing lender concerns.

Filed Under: Market News