Condo Market Still Flat at the 2017 Midpoint

If you’re searching for a home to buy, you may have noticed that there’s plenty of inventory in the condo market. While almost every single-family home that comes on the market slams into contract within a week or two with multiple offers, that isn’t really the case with condos. Many are selling for at or even below asking, and buyers aren’t typically paying 20% or more above the list price.

There are 341 condos available at the moment, with an average price-per-square-foot list price of $1,140. But interestingly, more than half of these units have been on the market for 21 days or more. (By San Francisco real estate standards, that amount of time hints at a property that’s sitting on the market.) Continue Reading

What You Could’ve Bought: Houses For Under The List Price

The selling pattern in San Francisco continues to be list low, sell for more. However, it doesn’t always work out that way for some sellers. Properties that sell for under asking typically have spent a good chunk of time on the market, and are often in the multi-million dollar price range. But that’s not always the case. Here are a few examples of homes that didn’t have a fast path to a signed contract:

148 16th Avenue
Lake Street
List Price: $4,250,000
Sale Price: $3,775,000
Days on Market (DOM): 37

Buyers are seeing the most discounts in the luxury market, and 148 16th Avenue was no exception. The home was extensively renovated in 2006, and had a nice open floor plan on the main level. Big master suite, and large yard. There was also a detached rear cottage. The property came on the market at $4,250,000 but the sellers cut the price to $3,825,000 and a buyer came in a week later. 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

Massive Overbids from Luxury Buyers Continue

Massive Overbids from Luxury Buyers Continue

I first blogged about the huge overbids I was seeing in the luxury market back in May.

Well, that trend continued throughout the second quarter, with multiple high-end buyers throwing hundreds of thousands of dollars over the list price at happy sellers.

One of my favorites was that small house (photo, left) at 1238 Stanyan in Cole Valley. Renovated in 1969, the modest four-bedroom home had views and was on a deep lot—code for development potential. Stanyan was listed for $2,750,000. But the buyers were feeling extra generous and the sale closed for $4,000,000 in May. Continue Reading

Another 5-Star Yelp Review From Happy Home Buyers!

My clients closed escrow in May on a great condo in the Lake district, but I wasn’t actually able to hand over keys until the seller rentback period ended in June. (This is when buyers let sellers remain in the property for up to 30 days after close of escrow so the sellers can sort out where they’re moving to next.)

Everything worked out well, and my clients are now happily living in their condo. They kindly wrote a Yelp review for me, too! (Click to enlarge)

Thanks, Paul and Eleanor!

If you’ve hit a wall looking at properties online and slogging around to open houses, get serious and get in touch with me (ebermingham@zephyrsf.com | 415.823.4656). I’ll be happy to talk with you anytime about what you can afford and the strategy we can use to get you there.

Single-Family Home Market Heats Up in Q2 2017

San Francisco house buyers battled it out for much of the second quarter as prices ticked up in our sellers’ market.

The average price of a single-family home jumped by four percent over the previous quarter, with an average citywide price of $1,832,323. Sales reflected the continued list-low, sell-for-more pattern, and many buyers didn’t hesitate to throw hundreds of thousands of dollars over the list price to win their home. Continue Reading

Time For A Blogger Break

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

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

Get in touch:

Eileen Bermingham

Zephyr Real Estate

415.823.4656

ebermingham@zephyrsf.com

BRE# 01352627

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