Monthly Archives: April 2014

Why Your Appraisal Matters in a Home Purchase

It’s important to understand the major contingencies in a purchase agreement, and one of the most important ones is the appraisal.

All lenders will require that a licensed appraiser determine the value of the property. This appraisal represents an unbiased and objective value opinion. The appraiser studies recent comparable sales in the neighborhood, making adjustments for various attributes such as number of bedrooms, bathrooms, parking, remodeling and the like. In the end, he or she arrives at a value for the property, which will hopefully be at least what you’re paying. (The appraisal can sometimes end up being more than you’re paying, which is great for you but doesn’t affect the loan.)Continue Reading

How to Evaluate a Condo and HOA

There are always more condos than single-family homes available at any given point in time. And condos are the most popular property type in San Francisco, especially for first-time home buyers who want to be in popular, central neighborhoods. But before you rush out and write an offer on one, it’s important to consider the complexity of owning this type of property.

Here’s a quick condo primer that will help you evaluate the fundamentals of a unit and its homeowners association (HOA).Continue Reading

Contract Contingencies Protect Your Deposit

When you submit an offer for a property, your contract will most likely have some contingencies, which are conditions of the sale. These contingencies exist to ultimately protect your good faith deposit in the event that you discover, for example, unacceptable property issues, end up with an appraised value that is less than the amount you’re offering, or suddenly can’t obtain financing.

But let’s back up. In a San Francisco purchase, it’s required to include a deposit equal to three percent of your purchase price. If your offer is accepted, you transfer that money via a wire or check into an escrow account held by a title company. In the event you back out of the sale for a reason other than a specified contingency, the seller is technically entitled to retain that deposit for what is called “liquidated damages.”Continue Reading

Spotlight on The Mission, Latest Sales & More!

The latest Zephyr Market Tracker shines the spotlight on the Mission, from what’s happening in the new “Mission Creek” microhood to the deets on one of the hottest new condo developments.

And you can also check out the most recent sales across the city, too. It’s all here in the Zephyr Market Tracker!

My Clients Remodel With Amazing Results

My Clients Remodel With Amazing Results

My clients purchased a single-family home in the Crocker Amazon neighborhood last year, and aimed to complete an extensive remodel prior to moving in. They just moved in a few weeks ago, and I stopped in to see the renovations this week.

This was an older house that sorely needed a new kitchen, bathroom, and a better “flow.” My clients worked with their contractor to totally revamp the kitchen, move doorways, add closet space and create a more open living/dining room area, among the more major items. They agreed to let me post a few before and after photos, as I thought it would be cool for my readers to see just what you can do when you buy a cosmetic fixer.Continue Reading

Another Jaw Dropper in Bernal

Another Jaw Dropper in Bernal

The San Francisco market has been somewhat off the hook in 2014, with eye-popping sales happening in full force in seemingly every neighborhood in the city. But even I’m amazed at some buyers’ willingness to fork over disarming amounts of money on certain properties.

Case in point: The 3BR/2BA, 1358-square foot home on 315 Coleridge. Sold in January 2012 for $850,000, the house had two bedrooms and one bath on the main level, a remodeled kitchen and a bedroom/bath on the garage level. Outdoor space consisted of a small patio area just outside the main level, with stairs going up to a deck with views.Continue Reading

What You Could’ve Bought: For Under the List Price

Buyers are paying an average of 12% over asking for houses and 10% for condos in the current San Francisco market. So I always catch a little thrill when I spot properties that sell for under the list price.

A handful of homes sold for under asking in April in popular neighborhoods. Let’s take a look at some sales that were possible without overbidding and waiving contingencies.Continue Reading

Where’s 2014 Going in SF Real Estate?

The first quarter of 2014 is history, but the sales stats and other market conditions I’m experiencing give us an idea as to where the market is heading this year.

Let’s take a look at activity for single-family homes and condos first:
Single-Family Home Market
# Sold: 442
Average Price: $1,401,901
Percentage of Cash Sales: 25%
# Homes Sold for $1M or Less: 226
Where to Buy for $1M or Less: Outer Parkside/Sunset; Parkside/Central Sunset; Merced Heights; Ingleside; Midtown Terrace; Miraloma Park; Sunnyside; Bayview; Crocker Amazon; Excelsior; Outer Mission; Visitacion Valley; Portola; Silver Terrace.
Volume Lower, Prices Higher: It was full speed ahead for the single-family home market in the first quarter. Though volume was down slightly from the first quarter of 2013 when 497 houses sold, the average price was up from $1,164,962 (Q1 2013). Of the 109 cash sales, more than half were for homes above $1M, including a $10M home on Green Street in Pacific Heights and a $7M property on Duncan in Noe Valley.Continue Reading

What You Can Buy: For Up to $500,000

What You Can Buy: For Up to $500,000

The average condo price in San Francisco in the first quarter was just over $1M, and for houses, it was around $1.4M. So what can you buy if you can afford…half that amount or less?

I surveyed first-quarter sales to nail down specifics about what you can expect to be available in the $500,000 range. So let’s get to the point and look at each property category.Continue Reading

Get in touch:

Eileen Bermingham

Zephyr Real Estate


BRE# 01352627

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