Monthly Archives: May 2009

Get a Deal on a Loft

If you’re a first-time home buyer looking for a nice space in San Francisco for up to $700,000, I’d like to suggest you consider a loft. Though not for everyone, lofts are great if you love open floor plans and nice light. Privacy can be an issue, as lofts usually don’t have walled-off rooms. But this property type is perfect for single professionals or couples who need good commute access to the Peninsula or downtown San Francisco.Continue Reading

Parkside Home Gets 14 Offers

Parkside Home Gets 14 Offers

Amidst the cautious landscape of the current San Francisco real estate market erupts the offer outcome of 2018 21st Avenue at Pacheco. This 2BR/1.5BA home with two-car parking and bonus room down was listed at $699,000 on April 30th and is officially pending as of Sunday. (This means the buyers have removed any contractual conditions, and all that should be left is the loan funding.)Continue Reading

Mayoral Penthouse Moves

Mayoral Penthouse Moves

Eighteen days after it was first put on the market, Mayor Newsom’s one-bedroom/one-bath penthouse at 1101 Green in Russian Hill has closed escrow for $2,935,000.

Not bad for the current market; asking price was $2,995,000.

The Highs & Lows of SF Properties

It’s fun to note the least and most expensive properties on the market every once in a while.

Who are the winners? In the single-family category, there’s tenant-occupied and bank-owned 1230 Palou Avenue in Bayview, a 3BR/1BA house with listed at $279,000.Continue Reading

Condos vs. TICs: The Condo Wins

There was a time when condos were worth substantially more than TICs. Well, the gap has narrowed as the San Francisco market has softened.

A look at two-bedroom units in the city with parking reveals that condo prices have declined to the extent that they may be the more obvious choice. For example, in the under-$1M category for two-bedroom TICs with parking, the average selling price from April 1st was $621,125, with an average of 1,052 square feet.Continue Reading

New Owners Remodel a Remodel in Noe Valley

New Owners Remodel a Remodel in Noe Valley

What’s the first thing you do after you buy a $2.4M house in Noe Valley for all cash? Why, remodel, of course!

The sale recently closed on this newly renovated, 5BR/5.5BA, 3200 square foot home at 313 Duncan Street, but contractors are again pulling up to the driveway. The new owners have applied for permits to replace the kitchen cabinets and remodel the master suite, according to the Building Department’s online files.
Continue Reading

Mission Terrace Foreclosure Gets 30+ Offers

Mission Terrace Foreclosure Gets 30+ Offers

Within days of coming on the market at $586,575 last week, the 4BR/2BA 1930s home with 1766 square feet located at 1 Navajo, in Mission Terrace garnered more than 30 offers.

Obviously, those who need more than two bedrooms in San Francisco are actively seeking homes and are ready to pounce when the price is right. And this location within Mission Terrace is close to the BART & Muni stations, making it more attractive. Of course, an individual seller not involved in a short sale or foreclosure would probably never price his/her home this low. So buyers looking for deals will still have to rely on foreclosures to make their dreams happen.

455 Vallejo Shored Up & Ready to Sell

455 Vallejo Shored Up & Ready to Sell

The latest unit to go on the market over at 455 Vallejo in the North Beach area is #111—a very lovely 1BR/1BA listed at $630,000.

Best known as the building that was perched atop the hill directly affected by the landslide that occurred in February 2007, 455 Vallejo hasn’t been successful on the resale front since the incident. #111 was on the market in late 2008 for about a month at a list price of $649,000, but there were no takers.Continue Reading

Telegraph Hill Treat For a Friday

Telegraph Hill Treat For a Friday

The weather is great, the weekend promises to be just as good, so why not take a look at this dreamy, secluded Telegraph Hill home that just came on the market?

Built in 1920 and featuring unobstructed views of the Bay, Bay Bridge, and downtown, the 3BR/2BA has been tastefully remodeled. The living and dining rooms span the 45-foot width of the lot. There’s also two-car parking. The property is located on a cul-de-sac, at the end of Union Street. Current owners paid $3,200,609 in July 2003. Today’s price: $5,995,000. Go and get it.

Mayoral Penthouse Still Seeks Buyer

Mayoral Penthouse Still Seeks Buyer

As Mayor Newsom and his new bride continue their house hunt for a single-family home, his penthouse at 1101 Green awaits a new owner.

Listed at $2,995,000 twelve days ago, Newsom’s former bachelor pad hasn’t exactly attracted a feeding frenzy, despite its seller’s pedigree. Could the price be a tad high for a one-bedroom unit, despite the 1693 square feet shown in the tax records?

No matter; the unit has a commanding, three-bridge view, and the interior was designed by noted architect Michael Agins. The unit was last purchased for $2,350,000 in February 2006.

Excelsior Heats Up

One neighborhood that’s not exactly suffering in the economic downturn is Excelsior, in San Francisco’s southeastern area. Twenty-seven single-family homes have sold since January at an average of $517,459—generally considered to be quite affordable for first-time home buyers who prefer a house to a condo.Continue Reading

SF in Housing Withdrawal

A good indication of market health is the number of properties sellers withdraw after the reality sinks in that buyers are not interested.

Sellers withdrew a total of 235 single-family homes, 331 condos, and 184 TIC interests from the market, from January-April 2009. Those are big numbers. Yes, times have certainly changed: Only 96 houses, 72 condos, and 87 TICs were withdrawn in the same time period in 2005.

Stay tuned: I’m sure many of these properties will appear on the market again over the next year, adding to the already heavy San Francisco inventory.

Get in touch:

Eileen Bermingham

Zephyr Real Estate

415.823.4656

ebermingham@zephyrsf.com

BRE# 01352627

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