The Most Competitive House Markets in San Francisco Right Now

If you’re aiming to buy or sell a single-family home in San Francisco, it’s important to take note of the selling patterns in the city’s various neighborhoods. You’ve probably read my blog post from earlier this week on the hottest condo markets, but when it comes to overbidding on houses, the landscape looks slightly different.

The neighborhoods where buyers are overbidding most intensely are varied, and there are many. [Read more...]

The Most Competitive Condo Markets in San Francisco Right Now

One of the keys to success in the current San Francisco market is knowing which neighborhoods are the most competitive. Armed with that intel, you can more easily gauge how much to offer on a property, or what list price will work to your advantage.

As many of my regular readers know, I’ve been running a feature highlighting extreme overbidding for several months, regularly inducting new members into the SF Overbidders Club. The reality is that we have many neighborhoods in San Francisco that are showing double-digit overbid percentages, and it’s important to know what the selling patterns are when you’re determining values.

When it comes to the San Francisco market, these patterns can change pretty quickly. My sales data is based on reported MLS sales in the time period April 1 – May 12, 2014, so it’s the most current info available. [Read more...]

Latest Sales, Value of Staging, Spotlight on Portola

The new Zephyr Market Tracker explores the southeast neighborhood of Portola, checks in on whether staging makes a difference in the current market and gives you the lowdown on the most recent citywide sales.

And of course, you’ll get the market overview for single-family homes, condos and two- to four-unit buildings.

It’s all here in the Zephyr Market Tracker!

House Flippers Hit 2014 Market

Many contractors and small-scale developers who snapped up properties with their cash in the last two years in San Francisco have completed high-end renovations and are now listing those homes for sale. They were able to buy at a time when the market wasn’t quite as hot as it is right now. And we all know that the successful flip largely depends on timing.

Here are three flips that recently came on the market, with their before and after renderings:
212 & 212A Chattanooga
Noe Valley

3BR/3.5BA (front) / 2BR/2BA (rear)
List Prices: $2,495,000 / $1,595,000
212chattanooga_before
212chattanooga
212 Chattanooga is the front house on a lot that holds two renovated houses. The front (above) was purchased in September 2012 for $750,000. It’s now a three-level home with a tiered main level that has direct access to a west-facing yard.

The rear house, 212A Chattanooga, was sold in the same timeframe for $450,000 as a tenant-occupied cottage. This property is accessed via a walkway that runs alongside 212 Chattanooga. There’s no parking for the rear house, but the idea of a “Vespa pad” is cute:
212achattanooga_before
212achattanooga
I liked both houses, though the downside to the rear property is that it’s oriented toward a large, unattractive rental building. Getting to and from the property isn’t glamorous via the narrow walkway. But the location is excellent, and I think it’d be ideal to purchase the entire property as a family compound. [Read more...]

My Offer Was Accepted—Now What?!

Most San Francisco buyers are focused on competing for properties. What’s equally important is that you have a firm understanding of what you’ll be responsible for once your offer is accepted and you’re officially “in contract” to purchase your home.

The first week to ten days after “ratification” (seller accepting your offer) are essentially a juggling act. Here are the five things you should be prepared to do:
1. Place your deposit into the escrow account. You’ll need to wire in your good faith deposit (typically 3% of the purchase price). You can also write a check, but wiring is what most buyers do. Make sure that deposit money is liquid and able to be transferred within one to three days of ratification to the title company account associated with your escrow.

2. Submit outstanding financial documentation to your lender. Your lender will invariably need updated financial documentation in order to get your loan package approved. If you’re working within a competitive contingency timeframe (who isn’t?), you’ll want to deliver those docs to the lender within a day or so of the request. [Read more...]

What You Need To Know About Leased Parking

You start your home search with a parking space as part of your criteria. And then you see the perfect condo, but it has what’s defined as “leased parking.” What exactly are the ramifications for this?

The SF Realtor Association recently changed the data fields in the MLS to include leased parking and its related details in a given listing. Previously, you either had some type of deeded parking, or not. Some agents indicated “1L” in the data field, which resulted in listings showing a parking space that technically wasn’t going to be sold with the unit. So the new leased parking fields are a good thing, in my opinion.

The main distinction to make with respect to parking is that a space is included with the purchase, or it’s not. There are also variations on parking that comes with a unit, such as deeded, assigned, tandem or independent style. [Read more...]

What You Can Buy: Vacant Two-Unit Buildings

The vacant two-unit building is one of the holy grails of San Francisco real estate. Two different owners can partner and pursue condo conversion, or a buyer looking to live in one unit and rent out the other can also benefit.

There are three such properties on the market right now, in transit-rich locations with plenty of restaurants, cafes and retail in walking distance. Let’s take a look at what’s out there:

159-161 Belvedere
Cole Valley

Two 2BR/1BAs
Parking included
List Price: $1.6M
159_161belvedere
159-161 Belvedere is one of those buildings that’s been in the same family for a long time. As such, it needs some heavy updating but is in a location (and has the square footage) that warrant the investment. There’s additional space in each unit that’s been used as a third bedroom, and there is also very nice preserved period detail that hopefully the next owner will maintain. The garage is huge and can accommodate three or more cars if parked in tandem. Excellent neighborhood location that’s near in heart of Cole Valley and also a block from Haight Street. [Read more...]

Bernal Renovations, South Beach Condos Getting Ready to Sell

The latest Zephyr Market Tracker is showing property prices up around 8% across the board over the past six months. (In most neighborhoods, though, the increase from 2013 to 2014 is much higher.)

We also take a look at Lumina, the upcoming 655-unit condo development at 201 Folsom that’s best known as phase 2 of the Infinity. Plus, a close-up on Bernal Heights and some cool renovations happening there. And let’s not forget the annual Decorator Showcase that will be held in a 9,000-square foot mansion on Jackson Street.

It’s all here in the Zephyr Market Tracker!

“White House” Maintains SoMa Design Trend in Noe Valley

28th_exterior
The newly renovated “White House” at 235 28th Street is right in line with one of the two design trends that have swept Noe Valley over the past few years—a completely renovated, whitewashed Victorian that looks nothing like a Victorian inside. You could be in SoMa based on the finishes and lack of period detail.

San Francisco real estate followers may remember this property when it sold for $1.3M in April 2013 and looked like this:
28th_before
The renovation approach follows in the footsteps of many recent, similar projects. For example, the main level has been opened up, and there are now four bedrooms and 3.5 baths. Three bedrooms are on the ground level. And they come with living/kitchen/dining areas and yards like this:
28th
yard_28th

At the $3M price point in the neighborhood, this is about what you can expect. [Read more...]

New Listing: 2BR Corona Heights Condo

2442_15thSt LR2
My new listing at 2442 15th Street in desirable Corona Heights is in an awesome location—and, it’s a lovely condo, to boot.

Seriously, not only can you walk out the door and on to a quaint, tree-lined street, but you also have immediate access to Corona Heights Park, tennis courts across the street and a short walk downhill to Duboce Triangle and the Castro. That means you can easily catch Muni to downtown, tech shuttles to the South Bay, and be inside cafes, restaurants and shops in minutes.

The condo itself has great Victorian detailing, a clawfoot tub, big master bedroom with lush, green outlooks and a large storage unit. There’s no garage parking, but finding a space on the street is really not that hard to do in this part of town.

Want more info? Head over to our property Web site at 2442 15th Street for photos and our showing schedule. Stop in this weekend on either Saturday or Sunday from 2:00-4:00 and say hello! And message me directly at 415.823.4656/ebermingham@zephyrsf.com if you have any questions.