Queen Anne For Sale Again a Year Later, in Mid Renovation

Queen Anne For Sale Again a Year Later, in Mid Renovation

If you have $4,500,000 hanging around, would love a classic Queen Anne Victorian near Buena Vista Park and want to jump right into a renovation, look no farther than 1450 Masonic.

The 6BR/5.5BA, 6,000 square foot house was sold in July 2014 for $5,375,000. Permits were issued in November 2014 for a remodel of the kitchen and three bathrooms, and the current owners are now selling the house in mid renovation. (Hint: There’s no kitchen.)

You’ll also have to sign a waiver of liability to tour the property. So don’t count on wandering in after a boozy brunch in the neighborhood.

New Listing: Senior Condo in Heart of Noe Valley

New Listing: Senior Condo in Heart of Noe Valley

My new Noe Valley senior condo is about to hit the market, but you’re reading about it here first!

3953 24th Street #6 is a charming, top-floor condo zoned for an occupant who is 62 years or older. The unit features a large, south-facing view patio, lovely kitchen area, and custom furniture that is included in the sale.

HOA dues are $495.96/month. The condo is in an eight-unit building that’s directly across the street from Whole Foods. Just outside are cafes, restaurants, shops, public transportation and numerous car-sharing stations.

The occupant(s) must be 62+, but the buyer need not be. Perfect for families who’d like a parent living nearby in the neighborhood, or a buyer looking for an ideal pied-a-terre.

List price is $499,000. Visit our Web site for photos and details!

Ingleside Settles Into $1M Groove

Ingleside Settles Into $1M Groove

Ingleside is one of San Francisco’s up-and-coming neighborhoods, but it’s coming up faster than some buyers would hope.

The neighborhood, which boasts a Whole Foods on its Ocean Avenue retail strip—along with a Muni rail line to downtown—is starting to see $1,000,000+ sales creep in. And its sales averages have steadily increased over the years.Continue Reading

How Real Estate Agents Get Paid in San Francisco

I’m often contacted by prospective buyers and sellers who eventually ask how payment and commissions work. So I thought I’d give you the bottom line as to how real estate agents get paid.

Homeowners who list their properties are typically responsible for paying the commission to the brokers (e.g., the companies affiliated with each agent) who represent the seller and the buyer. The listing agent negotiates a commission up front, and this is included in the seller paperwork. Total commissions for both brokers range from five- to six percent, and are typically divided equally. For example, a five percent commission on a $1,000,000 condo would find the seller paying $50,000 in commissions, with the brokers each receiving $25,000.

The broker then pays the real estate agent according to whatever split is set by the broker. Splits range from 50% to around 90%, and are based upon how much money the agent is earning. The more money the agent earns, the more favorable the split.

Home buyers aren’t directly responsible for paying real estate agents a fee. An agent who represents a buyer doesn’t get paid until the buyer actually purchases a property.

It’s worth mentioning that real estate agents are never guaranteed a paycheck. There are times when sellers decide to withdraw a property from the market after their agent has been marketing the home for several weeks or months, and there are buyers who can house hunt and write offers for months or even years before they actually buy.

In the meantime, agents are responsible for covering their own cost of living, as well as hundreds of dollars in association and transaction fees, marketing costs, and annual broker service fees/insurance that can be as high as $5,000/year.

Modernist Potrero Home Breaks Sales Record for Neighborhood

Modernist Potrero Home Breaks Sales Record for Neighborhood

The off-market sale at 1740 20th Street at Wisconsin in Potrero Hill is the most expensive home ever reported sold in the neighborhood.

Quietly sold in mid-September for $9,500,000, the 3BR/2.5BA home originally built in 1950 has just under 3,000 square feet, pano views and a commanding 50 x 100 corner lot in a prime location. And yes, that breaks down to about $3,100 per square foot that the buyer—Atom Holdings LLC—paid for this property.

The previous owner joined two lots to create unobstructed views. There are also signed-off permits from over the summer for a horizontal addition, garage expansion and roof deck that had been in the works several years earlier.

The sale at 772 Wisconsin in May 2014 was previously the highest-priced home ever sold in Potrero. The 4BR/3.5BA property, also modernist in style, changed hands for $3,700,000.

Check Building Permit History Before You Buy

Was that room downstairs added with permits? Was the roof redone ten years ago with permits? Is the two-unit building you’re buying actually zoned as such?

These are the types of questions my clients are often faced with when considering purchasing a home in San Francisco. Properties here often have varied histories, and it’s important to know as much as you can.

One of the best tools for doing so is the city’s online permit site. The online history is useful when you’re doing preliminary research on a property you may be interested in purchasing.

Sellers are required to present a printed 3R Report from the Building Department that lists the permit history. However, that report takes weeks to arrive, and you want to do as much as you can to avoid surprises during escrow.

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

Time To Transfer Your Property Tax Base

If you’re a California homeowner age 55 or older who’s thinking about moving, you may have the opportunity to take your property tax base with you. That’s a huge benefit, as property tax bases are a large homeownership expense.

Propositions 60 and 90 are constitutional amendments passed by California voters that allow homeowners aged 55 and over to transfer their property tax base when purchasing a new principal residence. Your replacement home must be of equal or lesser current market value than the original property. And you can only do this once. Prop 60 allows transfers of base year values within the same county, and Prop 90 allows transfers from one county to another.Continue Reading

Get in touch:

Eileen Bermingham

Zephyr Real Estate



BRE# 01352627

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