Buyers Target SF Condos in May

Buyers Target SF Condos in May

Here’s how things shook out in the condo market last month:

Average Price: $1,365,896
Median Price: $1,230,000
Average Price Per Square Foot: $1,114
Days on Market: 36
Average Overbid: 5.87%
20%+ Overbids: 32 (8.8%)

My Take: The San Francisco condo market made a strong showing in May, with a similar number of sales and a slightly higher average sale price compared to April. Buyers shied away from massive overbids, with fewer than ten percent of condo sales involving overbids of more than 20%. The largest overbid was for a Bernal condo at 1593 Treat (see photo), one of two condos in a duplex that went on the market simultaneously. The 2BR/1BA, 1130-square foot unit was remodeled, had in-unit laundry and two-car parking and sold for $1,510,000—$515,000 over the list price. Its 3BR/2BA, 1760-square foot top-floor counterpart at 1595 Treat had similar results. Listed for $1,495,000, the unit closed for $1,995,000. Chalk one up for the continued popularity of condos in smaller buildings with all the amenities. [Photo courtesy of Kindred SF Homes]

Single-Family Home Market Soars in May

Single-Family Home Market Soars in May

May numbers are in, and the San Francisco single-family home market made an extremely strong showing last month.

Here’s a snapshot of what went down:
Average Price: $2,429,760
Median Price: $1,892,500
Average Size: 2,168 sq ft
Days on Market: 21
Average Overbid: 12.62%
20%+ Overbids: 102 (40%)

My Take
Buyers swarmed around the house inventory in May, with most homes selling for over the list price and going straight to pending with no contract contingencies. Seven homes sold for 45% or more over asking, with the prize going to the Parkside’s 2050 20th Avenue (see photo). The updated, two-bedroom house listed for the catch-all $995,000 price garnered tons of offers and sold for $1,660,000—66% over asking. The Sunset, Parkside and other neighborhoods west of Twin Peaks continued to go gangbusters as buyers sought houses with more space and yards. [Photo courtesy of Compass]

What You’ll Need To Get Loan Preapproval

If you’re intending to purchase a property in 2021, it’s important to note what documentation you’ll need to provide to the lender in order to get loan approval.

Many prospective buyers cringe at the thought of pulling together reams of receipts, paystubs, and W-2s. But if you start doing that now, you’ll be ready to go in the event you stumble upon that perfect condo in  South Beach. Continue Reading

Today’s Buyers Love “Done” Homes

The real estate market is booming, and many potential home sellers are wondering if it might make sense to do some remodeling for sale purposes. The answer? Yes. A little sprucing up can go a long way with today’s buyers—and maximize your selling price. Continue Reading

Just Sold: Noe Valley Cottage Condo

Just Sold: Noe Valley Cottage Condo

We just closed yesterday on my Noe Valley cottage at 210 Valley #A. Situated in Upper Noe near Muni, restaurants and retail, this condo cottage attracted a large number of showings. Our buyer ended up being a gal who grew up in the neighborhood and was currently renting a cottage nearby. Talk about finding the right fit.

210 Valley #A sits at the rear of the lot and is part of a three-unit HOA. The property is perfect for having a bit more privacy than the typical condo that shares walls with another unit. And there’s plenty of potential to develop further, add a parking space or just enjoy the space as is.

This 2BR/1BA home closed escrow for $1,075,000.

Congrats to my sellers, and best wishes to the new owner!

Untitled

Untitled

Eileen’s Sales
210 Valley #A
Noe Valley
Victorian Cottage Condo
Sold: $1,075,000
Represented Sellers

Open Houses Return in San Francisco (!)

I’m happy to report that San Francisco Realtors can once again host public open houses.

Our local Realtor Association announced late last week that we can resume holding opens for the first time since March 2020. We’re required to follow Covid safety protocol that requires all entrants to review and sign an Open House and Showing Guidelines disclosure, which also requires providing basic contact information. Additionally, everyone must still wear masks, use hand sanitizer, practice social distancing and avoid touching surfaces in a property. Continue Reading

Feng Shui for San Francisco Real Estate

Feng Shui for San Francisco Real Estate

Feng shui is a guiding principle for many San Francisco home buyers. The Chinese words “feng” and “shui” translate to mean “wind” and “water,” respectively. This concept derived from an ancient poem that talks about human life being connected and flowing with the environment around it.

If you’re buying or selling a home, it’s a good idea to be aware of what elements constitute unfavorable feng shui. There are some things you can’t change that add up to bad feng shui, such as location. But there are other things that you can alter when it comes to interior design and staging. Continue Reading

Just Sold: 1208 Egbert in Bayview

Just Sold: 1208 Egbert in Bayview

My client will be closing this week on a brand new home at 1208 Egbert in Bayview. Featuring three bedrooms, 2.5 baths and more than 2500 square feet, the three-level property has ten-foot ceilings throughout, lovely finishes and wood floors. Continue Reading

20 Ways To Cut Your Water Use By 20%

We are in a serious drought situation in California. San Francisco is a dense city, and we all have to take responsibility for making sure we don’t use more than our fair share of water.

A good rule of thumb is to reduce your water consumption by twenty percent. I thought I’d share 20 of my favorite ways to save water; when enough individuals follow these sort of tips, it adds up to a lot of water saved: Continue Reading

New Townhomes On Tap in Portola

New Townhomes On Tap in Portola

San Francisco’s Portola neighborhood is getting an injection of new inventory—54 townhome-style condos, to be exact. Lofton at Portola is currently under construction at 489 Cambridge Street.

Tri Pointe Homes is building the units on a two-acre parcel previously occupied by Fellowship Academy Day Care buildings. The project is a mix of two- and three-story condos ranging in size from 1,387-1,896 square feet with parking.

Pricing starts at around $1.2M for the two-bedroom units, and $1.4M for the three bedrooms. HOA dues are quoted on the Lofton Web site as being $256/month, but I would ultimately budget a higher amount for a community of this size. Continue Reading

Just Sold: 1650 Broadway #304

Just Sold: 1650 Broadway #304

My clients just closed on the purchase of their two-bedroom/two bath modern condo at The Luxe at 1650 Broadway #304. Built in 2016, the building has a spacious, nicely decorated lobby with doorperson, as well as parking with an EV charger.

The south-facing home features an open floor plan with terrace, kitchen with Studio Becker cabinetry and Sub-Zero refrigerator and a primary suite with walk-in closet by California Closets and a spa-like bathroom with radiant heat and a walk-in stall shower encased in tile:

The condo closed recently for the $1,595,000 list price. Congratulations to my lucky buyers!

Just Sold: 250 Los Palmos in Miraloma Park

Just Sold: 250 Los Palmos in Miraloma Park

I am happy to report our closed sale at 250 Los Palmos, a lovely three-bedroom single-family home in Miraloma Park that I listed recently for $1,395,000. Clocking in at 70+ private showings, the house was very popular with buyers looking for a well-appointed house in a peaceful location with good freeway proximity.

Boasting three bedrooms on the main level, a phenomenally remodeled family room with a home theatre, and that deck off the primary bedroom with the lovely view (see photo), 250 Los Palmos garnered 13 offers and closed at the end of last week for $1,710,000.

Congratulations to the new owners and to my happy sellers!

Budget for HOA Dues During Loan Preapproval

You’re thinking about buying a condo in San Francisco, and the first thing on your checklist is loan preapproval. Along with mortgage payments and property taxes, your lender tells you that you need a rough idea of how much your homeowners association dues (HOA) will be. But you don’t know what you’ll be buying, so how are you supposed to know how much the dues will be? Continue Reading

Contact Eileen for Real Estate Help

Eileen Bermingham

Corcoran Global Living

415.823.4656

eileen@insidesfre.com

DRE# 01352627

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