Author Archives: insidesfre

My Top 5 Condo Deal Breakers

You’ve spent three hours looking at various real estate Web sites and have narrowed down your favorites for this weekend’s open house touring.

In the end, three of those units have HOA dues that are well above what you can afford, and another two have serious pet restrictions that won’t work for your two yellow Labs.

Knowing the fundamentals about a condo and its HOA can save you time when it comes to targeting your search. Here are my top five deal breakers to help you narrow down your prospects. Because let’s face it, you can only see so many homes between 2:00 and 4:00 on a Sunday:Continue Reading

Opportunities Abound in High-End Market

Opportunities Abound in High-End Market

There are plenty of homes that have been sitting on the market in San Francisco for 21 days or more—especially for home buyers in the $2M+ range.

Of course, the buyer pool is smaller in this range. And in the same way that some sellers in lower price ranges set a list price that misfires, high-end homeowners can do the same thing. Buyers at all price ranges can be price sensitive; just because you’re ready and able to spend $6,000,000 doesn’t mean you’ll fork over that amount for a house that isn’t worth that price.Continue Reading

Location is #1 Priority for 1BR Condos

The one-bedroom condo is a popular choice in San Francisco. Of course, one bedrooms have their limitations and aren’t for everyone. Because of the narrower buyer pool, you can increase your chances for good resale value by purchasing a unit in a desirable neighborhood central to services, public transportation, and restaurants/cafes.

The average price for a 1BR condo has jumped in recent years. It’s $791,306 as of the time period from December 2015-March 16, 2015. 14% of the 182 1BRs sold had price tags in excess of $1M. Continue Reading

Defer Paying Taxes with a 1031 Exchange

A 1031 exchange is an excellent option for investors looking to cash in on the San Francisco market. You can defer paying big capital gains taxes, move up to a bigger and better investment property, and build your wealth in the process.

The Internal Revenue Code Section 1031 allows investors to reinvest proceeds from the sale of one investment property into another similar property while deferring capital gains that would otherwise be due on the sale.

Here are the four simple guidelines for exchanges, as per the Asset Exchange Company in San Francisco:Continue Reading

Thanks for Another 5-Star Yelp Review!

It’s always a pleasure to receive an unsolicited Yelp review from happy clients. The latest is from the sellers of a house in Ingleside, which closed escrow a few months back. My clients were a pleasure to work with; I consider myself fortunate to have met and helped them. (Click on the review to enlarge.)

yelpreview_dax

If you’re thinking about buying or selling in 2015, please get in touch with me at ebermingham@zephyrsf.com or 415.823.4656. I am actively seeking new clients and would love to chat about your plans. Check out my other 28 Yelp reviews if you’d like to read more about how I work with clients.

Just Sold: Edwardian Condo in Eureka Valley

Just Sold: Edwardian Condo in Eureka Valley

I just sold my two-bedroom condo listing at 4527 19th Street on a great block in the Castro. Loaded with period detail, a handsome exterior and only a few blocks away from the heart of the Castro, Mission Dolores and more, the condo was very popular with buyers. List price was $899,000.

We received multiple offers, and the final sale price was $1,150,000.

Big shout-out to the buyers’ agent, George Limperis at Paragon Real Estate, and their mortgage broker John Ebner of OPES Advisors. We also appreciated the always-stellar work of Michelle Patterson at Old Republic Title. Thanks, everyone!

Condo Cash Buyers Back Off from Big Overbids

Cash buyers continue to make a strong showing in the San Francisco market, accounting for 20% of transactions that closed over the past three months.

But when it comes to houses vs condos, these condo buyers are pulling back from big overbids. The average overbid was only 2.32% vs 10.26% for house buyers. And only 9% of cash condo sales saw overbids of 20% or more—possibly indicating a less frothy Spring condo market. Continue Reading

Today’s Buyers Love “Done” Homes

The real estate market is booming, and many potential home sellers are wondering if it might make sense to do some remodeling for sale purposes. The answer? Yes. A little sprucing up can go a long way with today’s buyers—and maximize your selling price.Continue Reading

Sellers Search for Build-It-Yourself Buyers

Sellers Search for Build-It-Yourself Buyers

There are at least a dozen single-family homes on the market that are being sold with approved construction permits, architectural plans, or simply positioned as “opportunities to build your dream home.”

The trend in 2015? Hand off construction to buyers, who will hopefully pay a premium for lot value and approved (or unapproved) plans. In many cases, the owners (typically an LLC or contractor) may have more pressing projects and will agree to sell if the numbers add up. Or, in the case of those selling properties without approved plans, they may be anxious that today’s market won’t be quite as strong by the time they can get plans approved and the property built.Continue Reading

Noe Houses, Cow Hollow Condos Lead Price Per Square Foot Pack

Heads up, San Francisco house hunters: If you’re looking to get into hot neighborhoods like Noe Valley, NoPa, and the Marina, be prepared to potentially pay more than $1,000/square foot.

Noe Valley has truly jumped the shark with its price per square foot average for single-family homes: It’s now just above $1400. And thanks to the new Amero condo development in Cow Hollow, that neighborhood’s price per square foot average leads the pack for condos in the city.Continue Reading

Good Deal: 115 San Pablo in St. Francis Wood

Good Deal: 115 San Pablo in St. Francis Wood

I was reviewing sales in Noe Valley today and came across the final selling price for 752 Elizabeth. This was a 3BR/2BA, 1440 square foot house with a two-car garage and cute garden that was listed for $1.5M. The seller received 17 offers, and the home sold for $2,150,000 in an all-cash transaction. (About half the offers were for cash, by the way.)

This kind of market activity tends to scare buyers off—and with good reason. The reality? Unless you have cash or a hefty down payment and can go into contract with no contingencies and a fast close, you can’t compete in high-demand neighborhoods like Noe Valley. A successful house hunt, as a result, will largely depend on how flexible you can be with respect to location and amenities. Continue Reading

New SF Residential Lease Available Now

The San Francisco Apartment Association (SFAA) recently released a brand new residential tenancy agreement that’s specific to rent laws in the city.

If you own a rental property and are planning to draw up a new lease, I highly recommend considering using the most updated rental agreement available.

One important update concerns roommates and master tenants—most specifically, that rent is to be paid by one tenant only. And if there is a change in roommates, the remaining tenant is solely responsible for the apartment.

There are also updates related to short-term rentals, pets, smoking, balconies/patios, maintenance and floor coverings.

Check out more details at the SFAA’s Web site!

Low Inventory Leads to Multiple Offers

The San Francisco real estate market is very competitive right now. I’m hearing anecdotes among my colleagues of crazy multiple-offer situations in the double digits—24 offers here, another 16 offers there. Unless you’re a buyer with all cash who catches on quickly, you’re writing offers on a routine basis and hoping a seller accepts one of them.Continue Reading

Get in touch:

Eileen Bermingham

Zephyr Real Estate

415.823.4656

ebermingham@zephyrsf.com

BRE# 01352627

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