Monthly Archives: January 2009

FHA Loans Cover Condos

Though Federal Housing Administration (FHA) loans cover single-family homes and multi-unit buildings, these loans include condos, too. The loan amount maximum is $625,500, and you can obtain a loan with as little as three percent down.

However, the condo must be located in an FHA-approved building. So what buildings are approved? Here’s a partial list:Continue Reading

Buyers Just Not That Into Luxury TICs

Buyers Just Not That Into Luxury TICs

Got a luxury tenancy-in-common (TIC) building you’re ready to sell? Keep this in mind: Buyers are just not into luxury TICs these days.

TICs were traditionally a way for first-time home buyers to get into the housing market. So TICs priced well above $1M are facing particular challenges.Continue Reading

Noe Fixer For $1.1M

Noe Fixer For $1.1M

I saw 884 Douglass on my Tuesday broker tour last week, and thought it was a great project house. Given the overall size, and the fact that the the 4BR/1BA floorplan is reasonable and intact, a good down-to-the-studs situation may be in order, with plumbing/electrical system upgrades, and the addition of a bath or two. Continue Reading

Cow Hollow Hideaway Battles Low Curb Appeal

Cow Hollow Hideaway Battles Low Curb Appeal

14 Harris Place isn’t stunning to see from the curb, but the home has been featured in various design books in the past. Situated at the end of a small street off Laguna between Filbert and Greenwich, this 3BR/2.5BA home has a master suite on the third floor with partial views of Angel Island and Mount Tam.

There’s an open floor plan with a loft-like feel, and the living room has 17′ ceilings and looks out through walls of glass at a private garden with hot tub. The price tag for all this? $2,150,000. The property last sold in 1999 for $525,000.

2200 Mission: A Hit with First-Time Buyers

I toured the recently opened 2200 Mission building, at 18th Street. Though the 23-unit property won’t win any architectural awards, you get pretty good square footage for the money. The building has one- to four-bedroom units, some with private patio areas (though in a few cases, you can’t access those deeded areas from your actual unit). Continue Reading

Market Update: The Sunset

Here’s a look at the price averages for the three areas of the Sunset in the last quarter. Though the Sunset neighborhoods can feel a bit out of the way and foggy, you can find some of the best values there.Continue Reading

$10M for Your Own Castle

One of the most interesting listings out there right now is over at 601 Dolores, opposite Dolores Park. This 9,690-square foot historic church was purchased in October 2007 for $2,210,000 with the full disclosure that the building involved unreinforced masonry, an order of abatement, and a pending lawsuit.Continue Reading

Market Update: The Richmond

A mix of single-family homes and multi-unit buildings, the Richmond district saw a fair amount of two- to three-bedroom property sales in the last quarter. Here’s a look at the price averages in each area of the district.

Inner Richmond
Single-Family Homes
3BR: $1,166,250 (2 sold)

Condos
2BR: $810,000 (1 sold)
Take note: The only condo that sold in the Inner Richmond last quarter actually sold for above the $765,000 asking price. And it closed after October’s stock market crash. Go figure.

Central Richmond
Single-Family Homes
2BR: $801,250 (4 sold)
3BR: $1,075,000 (5 sold)
Take note:Where else can you get a 3BR/2.5BA, two-story Edwardian with 2,000+ square feet for the price of a luxury condo elsewhere in the city? Such a home sold at its $1,250,000 asking price on 25th Ave and Cabrillo in early December.

Condos
2BR: $798,333 (3 sold)
Take note: Two of these condo sales took place in the same newly converted, two-unit building on 16th Ave and Balboa. The top-floor unit was listed at $779,000 and sold for $800,000; it included a sunroom and deeded bonus room & storage. Parking was tandem.

Outer Richmond
Single-Family Homes
2BR: $625,000
3BR: $865,500 (5 sold)
Take note: A pretty decent 2BR/1BA home sold for $550,000 at Balboa and 43rd Avenue. Good deal.

Condos: None sold

Check back tomorrow for a look at Pacific Heights, Cow Hollow and the Marina.

SF Market: Fresh Start for ’09

Welcome to 2009! This year, I’m expecting a bit more of the same real estate market activity that happened in late 2008. Sellers need to be cognizant of the reality that there are simply less qualified buyers out there, and that in most areas of San Francisco, it’s a buyers’ market.

I’ve been busy over the past year doing a lot of negotiating for my buyer clients, from requesting credits based on inspection findings to assisting them in counter offer scenarios. In all instances, I believed my clients were getting a good deal. So I’ve enjoyed working with buyers; this work has given me keen insight on their mindset, which will come in handy when I work with sellers in 2009.Continue Reading

Get in touch:

Eileen Bermingham

Zephyr Real Estate

415.823.4656

ebermingham@zephyrsf.com

BRE# 01352627

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