It’s been a busy year in San Francisco real estate, and it’s time to take a break.
Enjoy your summer and I’ll be back with new posts in August!
⇧
Back to Top
Seize the Day When It Comes To Getting Your Highest Offers
If you’re planning to list your San Francisco home this year, you should know that there are pretty much two ways the offer situation will go. If one or more buyers are going to write offers for more than asking, those offers will transpire within the first week or two. After that, it’s likely buyers will write for at or below asking. Continue Reading
Sunset and Parkside Command Top Dollar
Buyers continue to snap up homes in the west part of the city at a rapid pace, a trend that started as far back as 2016 but has picked up speed ever since.
Sales in the Sunset and Parkside escalated during Covid as the need for private space and yards increased. The average two-bedroom house in the Sunset/Parkside is now $1.6M, with three bedrooms clocking in at $1,741,000. Continue Reading
New Listing: Victorian Duplex in the Mission
I’m proud to present 1153-1155 Florida Street in the heart of the Mission. Steps from 24th Street’s retail corridor, this duplex has one vacant top-floor unit, and a tenant-occupied lower unit.
Each flat features two bedrooms, one bath and rear sunrooms. The upper vacant unit has an additional front room for an office, nursery or guest room. And there are views of Twin Peaks and Bernal Hill. Period details abound, from high ceilings and wood floors to decorative moldings and ceiling medallions.
There’s a large garage with plenty of storage, and a lush yard with mature palm tree.
This is an excellent opportunity for an owner occupier or investor to land an iconic building in a prime neighborhood location.
List price is $1,595,000, shown by appointment to qualified buyers and their agents. Or stop by our open houses this weekend on Sat 7/17 from 11:00am-1:00PM | Sun 7/18 from 1:00pm-3:00pm. Please note that we will only be showing the lower unit after offer acceptance.
Untitled
New Listing
1153-1155 Florida Street
This Mission Victorian duplex has one vacant top unit and a tenant-occupied lower unit.
$1,595,000
See more at our Web site!
Hard Hat Tour: Lofton at Portola
I went on a hard hat tour of the Portola neighborhood’s Lofton development this week. Featuring 54 single-family attached homes currently being built by TriPointe, Lofton is an excellent option for folks who are getting outbid on San Francisco single-family homes—and who would appreciate owning a new-construction home with minimal maintenance.
There are five different plans on the site. I walked one of the framed townhomes in Plan A, a 3BR/3.5BA, 1764-square foot floor plan on the east side of the lot. These homes have unobstructed views of the Bay, and start at around $1.5M:
Make Sure You Have Enough Dwelling Insurance Coverage
Wildfire season is an unfortunate reminder of how important it is to carry sufficient dwelling insurance on your home. Many homeowners often discover that they don’t have sufficient insurance coverage to cover rebuilding costs. In fact, more than half of homes across the United States are underinsured by 21%. I’d like to make sure my readers aren’t among those in that category.
Your dwelling insurance is the centerpiece of your policy. The coverage amount represents how much it would cost to rebuild your home. In San Francisco—and probably The Bay Area in general—we’re looking at $500 per square foot in average construction costs. So a 1,500-square foot single-family home should technically have a total of $750,000 in dwelling coverage. Continue Reading
Great Time To Buy a BMR Condo
It’s an opportune moment to purchase a below-market rate (BMR) condo, as competition is slim and inventory available.
The San Francisco Mayor’s Office of Housing and Community Development offers first-time home buyers a below-marke trate (BMR) condo program that spans a variety of neighborhoods. The benefit? Pay a mortgage instead of rent, and build a bit of equity.
The program has strict eligibility requirements, and typically involves a lottery for each available condo. However, the SF population exodus over the past year has narrowed down the BMR buyer pool. So there’s a number of “First Come, First Served” listings for which you can apply once approved. Continue Reading
Start Planning Now For Your Fall Sale
July and August are traditionally slower months with respect to new inventory coming on the market. Statistically speaking, we don’t seem to have a problem with transactional volume right now. But I can tell you that I have about five sets of active buyer clients, and every property seems to have many other interested buyers. Continue Reading
Here’s Your Mid-2021 Bernal Heights Microhood Report
Bernal Heights is having a banner year in 2021 so far. The ever-popular neighborhood and its eight microhoods have seen competitive offer situations, overbidding and lots of turnover in this Covid era as buyers aim to move into single-family homes with more privacy and outdoor space.
The Northwest Slope and Precita Parks have had the highest median prices, with South of Cortland coming in third. And inventory has jumped West of Mission to meet buyer demand.
It’s high time for a microhood update. As my regular readers know, I created the Bernal Heights microhoods back in 2014 to help prospective buyers and sellers get a more refined sense for single-family home values in the neighborhood’s distinct geographical areas. Many Realtors have decided to use the microhood concept in their marketing without crediting me, so if you want to work with the authentic microhood creator, please get in touch with me at 415.823.4656 | eileen@insidesfre.com.
Here’s how our microhoods stacked up in the first half of 2021 (click on each pic to enlarge, red dots represent homes sold):
1. Northwest Slope
Single-Family Home Median Price: $2,000,000
Most Expensive: 128 Elsie (4BR/4.5BA new construction | $4,000,000)
Least Expensive: 13 Eugenia (2BR/1BA 1148 sq ft, no pkg | $1,450,000)
# Homes Sold: 12
# Overbids Above 20%: 1
The Northwest Slope saw most homes sell for over the list price, which was especially true in the case of the 3BR/2BA home at 252 Elsie. The peaked-roof Victorian with no garage was listed for $1,398,000 and sold for $1,820,000—30% over asking. Continue Reading
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
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
Seller’s Market Sees Mostly Non-Contingent Offers
The San Francisco housing market is roaring into summer, and two things are clear: It’s very much a seller’s market for single-family homes and many condos, and a majority of buyers are submitting non-contingent offers on properties. 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
Contact Eileen for Real Estate Help
Eileen Bermingham
Corcoran Global Living
415.823.4656
eileen@insidesfre.comDRE# 01352627
⇧
Back to Top
Show All
Marina
Mission