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Cool Stats for Q1 2010, San Francisco

April 10, 2010 By Leave a Comment

Just got my hands on some great new stats for single-family homes, condos and TICs for the first quarter of San Francisco, so I thought I’d share them with you.

This will keep you busy while you hide from the rain this weekend. Here’s a breakdown of the median price by property type and key neighborhoods, as well as a drilll down on price categories, days on market, units sold, and much more:

Q1 2010 San Francisco Stats

A few observations: Prices are up a bit in some neighborhoods in comparison to this time last year. This is true of the Noe/Eureka Valley area, as well as the Richmond/Seacliff. But median prices have generally fallen a bit (most notably in the Nob/Russian/Telegraph Hill neighborhoods).

And the under-$1M price range was king in all property type categories. This range continues to be the most popular in San Francisco.

Filed Under: Market News Tagged With:

Mission Dolores Mega Home Returns to Market

April 9, 2010 By Leave a Comment

The last time I tried to get in to see 48 Linda on broker tour in July 2008, the home had already been sold (for $2,205,000) before there was time to cancel the tour. There was nothing to do except walk back up the narrow street to my car and move to the next property.

Flash forward to April 2010, and 48 Linda is again on the market—this time for $2,249,000. Billed as a “4BR family home,” the property has 3,000 square feet, two-car parking, a minimalist fireplace, and nice finishes throughout:

For those doubters who think a family wouldn’t choose to take up residence in the heart of the Mission, I beg to differ. There is a contingent of young, wealthy and hip parents out there that would love to tote their kids to Tartine, appear at 5:00 to eat a family dinner at Farina, or quiet down a crying child with sea salt caramel ice cream at BiRite. Sure, it’s an urban area, but the house does have four bedrooms upstairs, a playroom downstairs, and I’m guessing it has a pretty kick-ass security system.

Filed Under: Mission Tagged With: , ,

As the 21 Villa Terrace Turns

April 9, 2010 By 2 Comments

Featuring almost as many twists and turns in its floorplan as there are in its property history, 21 Villa Terrace hit the market again today.

The 4BR/4.5BA has four levels and 4,051 square feet, and was constructed in 2001 when it sold for $2,125,000. It then changed hands two years later for $1.9M. The current owners listed the home for $3,350,000 last year, and the price sunk to $2,950,000 before the listing expired. But it’s a new year, and 21 Villa Terrace is now listed at $2,795,000.

The home does have good space and fabulous views, but the kitchen is small and circular, and there are some odd angles involved:

As we’ve noted before, there are several luxury homes currently available in the Clarendon Heights/Twin Peaks area, so the competition is fierce. But I think that 21 Villa Terrace will work for a view hunter, as well as someone who needs a lot of square footage. Open Sunday, 2:00-4:00.

Filed Under: Neighborhoods, Twin Peaks Tagged With:

Casa Cielo Construction Continues, Sunbelt Still Luxury Magnet

April 8, 2010 By Leave a Comment

I was on my morning run this week and passed 3690 21st at the top of Liberty, still very much under construction. Remember this home on the Noe/Eureka border? It was the “Casa Cielo” residence of former mayor “Sunny” Jim Rolph, and sold quickly in August 2008. The property was listed at $3,745,000, and traded hands in a “confidential,” all-cash sale for $4.3M.

I was impressed with the home and its assortment of rooms when I’d toured the property. Here’s a look back at a common room, the kitchen, and a bedroom, so you can get the flavor:

The rooms were a bit dated, and screamed out for someone with a lot of financial resources who could tastefully renovate. It looks like the current owners are on the right track. Seems they’ve spent at least $500,000 on basement/kitchen/library/master bedroom/bathroom renovations, as well as lots of reconfigurations, a garage revision, a new roof terrace and balcony, and some concrete wall reinforcing.

That means they’re probably into the house for close to $5M. And you know what? I’m sure they’d be able to get at least that price if they had to sell in today’s market. After all, remember 625 Duncan, the new-construction home at the other end of Noe? It sold for all cash in late 2008 for $5,818,000 (apparently to buyers who were untroubled by the stock market crash). And that location is inferior to the top of Liberty Hill.

Noe and Eureka Valleys are still commanding top dollar for unique homes (though the firehouse at 3816 22nd Street still hasn’t found a buyer and was withdrawn from the market again in December at its last list price of $5,175,000). Chalk it up to the fact that some homeowners would rather be in the south part of the city where the weather is better and the freeways more accessible.

Filed Under: Noe/Eureka Valley Tagged With: ,

What a Difference a Year Makes: Q1 2010 Update

April 7, 2010 By Leave a Comment

The first quarter of 2010 is under our belt. The bottom line: The economy isn’t exactly booming, but San Francisco real estate is certainly enjoying a recovery.

Last year at this time, buyers and sellers really were at a standstill. Every sales meeting I attended had an air of solemnity. And with good reason: The stock market had completely tanked only a few months earlier, lenders basically weren’t granting many loans, and what little business was occurring was rife with complications and frustration.

But there’s a different feel to the market now–a much more positive one. Transactions are closing more smoothly, sellers are coming to terms with realistic property values, and buyers are taking advantage of low interest rates and extended tax credits. Banks are even more quickly approving short sales.

A fairly high volume of transactions closed in the city over the past quarter, with price averages for houses increasing and those for condos declining. A total of 442 single-family homes sold at an average of $999,337, and 375 condos were reported sold at an average of $716,655. Contrast that with same time period in 2009, when only 333 houses (avg. $876,662) and 231 condos (avg. $752,993) sold.

Prices in areas affected by foreclosure and short sale activity definitely saw prices continue to decline. But properties in central neighborhoods close to Muni/BART rail lines and popular retail areas were still able to command average or even above-average sales prices.

Many buyers entering the market now are the same ones who postponed purchases throughout last year. People believe their jobs are more secure, and they’ve saved money over the past year for a stronger down payment. Some would also still rather invest in real estate than the stock market, given the debacle in late 2008. In the end, however, many buyers are still very passionate about owning their own home in San Francisco.

There are 379 single-family homes and 354 condos currently in contract as of this writing. (That doesn’t include sales in the many new developments, which don’t report their data.) Based on these numbers, I’d say that San Francisco is well positioned going into the next quarter.

Filed Under: Market News Tagged With:

$13.5M Pac Heights Sale Paves Way for Luxury Market Upswing

April 6, 2010 By Leave a Comment

The sale at 2342 Broadway last week rounded out the first quarter of 2010 on a very high notes for the luxury San Francisco housing market. Listed at the end of January for $14M, the home closed escrow for $13.5M, after only 38 days.

A total of 73 single-family homes sold in the first quarter for more than $1.5M, with the average being $2,532,827. Broadway was the most expensive house sold, but two others sold for more than $5M.

And condos fared pretty well, too, despite this property category’s general drop in value over the past year. A total of 18 condos sold for more than $1.5M, at an average of $1,891,667. The most expensive unit sold was #511 at 200 Brannan, a 3BR/3.5BA, 3,380-square foot unit with two-car parking that traded hands for $3.2M in an all-cash transaction.

Filed Under: Market News, Pacific Heights, SoMa/South Beach Tagged With: , ,

Eureka Valley Home Sells for Way, Way Over

April 5, 2010 By 1 Comment

It was 2005 all over again in Eureka Valley this past month, where the 2BR/2.5BA, William Wurster-designed view home at 4015 21st Street went on the market in early March for $1,575,000. The home had previously sold in 2001 for $1,440,000, and the current owners remodeled the kitchen and baths in the past few years.

A slew of solid multiple offers followed a week after the listing date, and the sale just closed last week for $1,875,000. Remember the days of “oh, yeah, that house sold for $200,000 over asking?” Well, it’s happening again. Not everywhere, but on select houses. The property Web site is still up, so check out the house again while you still can.

Filed Under: Noe/Eureka Valley Tagged With:

Open House Spotlight, Easter Edition: 4653 18th Street

April 2, 2010 By Leave a Comment

If you’re heading out on Easter Sunday to see some open houses, make sure you stop at this 2BR/2BA condo at 4653 18th Street that’s believed to be a former Moody’s Candy Factory. You’ll enter through the charming front yard above, where the listing agent will hopefully have hidden some colored eggs for you to find.

The top of the exterior is where signage for Moody’s was discovered during renovations:

The kitchen and bath have been nicely remodeled, and there are high ceilings and softwood floors. I like the shared Victorian garden shed, which is located next to the front yard entrance gate:

There’s parking just inside the front gate for this unit. List price: $840,000. Open Sunday 2:00-4:00.

Filed Under: Noe/Eureka Valley Tagged With: ,

Buena Vista Park: Homes on Blocks I Love

April 1, 2010 By Leave a Comment

I headed over to the Buena Vista Park neighborhood this week on broker tour to check out a couple properties for clients. It so happened that the homes were located on two of my favorite streets in the city.

First up was 35 Divisadero:

This 2BR/1BA condo is situated on the block of Divisadero that runs just west of Castro, between Duboce and 14th Street. The tree-lined street has many homes with classic San Franciscan architectural details. 35 Divisadero is about 1190 square feet, and though it’s pretty basic in terms of finishes and overall showing appeal, this first-floor unit in a two-unit property had a nice floor plan. There’s a small yard space and tandem parking, and the unit is listed at $899,000. Based on recent sales in the neighborhood, the list price should probably be closer to $800,000, but we’ll see how things go. The current owners paid $820,000 in 2005, so they may not be quick (or able) to take substantially less right now.

Next up was 7 Broderick Street:

This large Victorian with a stucco face is on another tree-lined street that feels very private. Listed at $2.1M, the 4BR/3.5BA home has been renovated since it was last sold for $1,050,000 in 1999. The house has a great feel, and new owners could certainly come in and upgrade the kitchen and bathroom finishes to add value. There’s also a separate structure in the yard that can be used as a small garage or artist’s studio.

Both homes have high Walk Scores and are near the Duboce Triangle Muni stations, as well as many bus lines. And don’t forget about Buena Vista Park itself for recreation and dog walking, as well as the close proximity to the Haight and Castro.

Filed Under: Noe/Eureka Valley Tagged With: , ,