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SF Market Sees Return of Multiple Offers

February 20, 2012 By Leave a Comment


The two-unit building above at 208-210 Caselli in Eureka Valley is the latest property in San Francisco target by a multitude of serious buyers in San Francisco. Vacant and featuring two 3BR/2BA units with wood-burning fireplaces, open floor plans and hardwood floors (plus two separate garages), Caselli was listed for $1,399,000 on February 9th. The sellers received 14 offers all over the asking price yesterday (on a holiday, no less).

And Caselli is not the only example of a multiple-offer magnet. There was 1462 11th Avenue, a 2BR/1BA single-family house with an okay bonus room on the garage level that was listed at $649,000. The home  is being sold via court confirmation, which means the accepted offer will be subject to an overbid in court. However, that scenario did not deter the eight buyers who made offers. The winning offer? Somewhere in the neighborhood of $820,000, with a first overbid of $862,550. Another example was over at 119 Joost in Sunnyside, a 3BR/1BA single-family home within walking distance to downtown Glen Park. Listed at $689,000, the sellers received about ten offers and the selling price is reportedly well above $700,000.

To be sure, buyers aren’t flocking to just any property in any neighborhood in the city. Making the cut are typically vacant two-unit buildings or single-family homes in central locations near public transportation, restaurants, services and cafes. Particularly popular are areas like Noe Valley (see the recent SF Chronicle article about my ‘hood here); Mission Dolores; Eureka Valley; prime parts of Bernal Heights; the Inner Sunset/Richmond; and Sunnyside.

What’s fueling this sudden urgency among buyers? For one thing, the low interest rates are convincing people that they can lock in a favorable fixed rate and put their mortgage payments on auto pilot. I also think the reality is setting in that prices are not plummeting in the near future, and that we may have hit our low point in the more popular neighborhoods. Get in now before prices go up any higher, the thinking is likely going.

I do have one piece of advice for buyers: Use the list price as a mere reference point. For example, if the average value for a 2BR house in your favorite neighborhood is $800,000 and a great home comes on the market listed at $695,000, chances are good that the house will sell for significantly more than asking.

Filed Under: Home Buyer Tips, Home Owner Tips, Market News

Cool Liberty Hill Condo Hits Market

February 17, 2012 By Leave a Comment


With an awesome view deck like the one that graces 482 Liberty, who needs a yard? The 3BR/2.5BA house-like condo definitely bears “commanding” views. The main level has fabulous public spaces, a gourmet kitchen, and den. And all three bedrooms are on the upper level, which also has an additional sitting area. Two large terraces, side garden and one-car parking round out the mix. HOA dues are $300/month for this two-unit association.

This is a prime Dolores Heights location near Dolores Park, the Castro and the Valencia corridor.

List price: $1,699,000. And you know what? This property will likely get snapped up in the next week. Open Sat 2/18 and Sun 2/19 from 2:00-4:00. Go and get it.

Filed Under: Noe/Eureka Valley Tagged With:

What You Can Buy In District 4

February 15, 2012 By Leave a Comment

One of the more attractive areas of San Francisco is what’s known as District 4 in Realtor terms. This is the region west of Twin Peaks that encompasses 16 different neighborhoods—everything from Miraloma Park and Sunnyside, to West Portal and Balboa Terrace. I thought we’d take a look at three homes currently on the market in District 4 so you can get a sense for what types of homes are available.

First up is 2531 14th Avenue in West Portal:

Featuring 3BRs/2BAs and 1850 square feet, 2531 14th Street is a three-story home situated about three blocks from West Portal Avenue, the local retail strip. The home has been recently remodeled and has a master suite on the upper level with views. List price is $1,084,900; the sellers have been trying to sell the home since 2010. There’s two-car parking, and a yard with a big, fat palm tree.

We move on to 195 Urbano in Ingleside Terrace:

South of West Portal and St. Francis Wood is the enclave of Ingleside Terrace. This neighborhood is not far from the West Portal retail district, and is bordered by Ocean Avenue, which also has public transportation and services. 195 Urbano is a 4BR/3.5BA house with 3400 square feet, listed at $999.950. Buyers will probably not rejoice in the finishes; the kitchen has a ’70s thing happening, and there’s some knotty pine and wood paneling thrown in throughout the property. But you do get a lot of space, and 280 is not far away if you’re a Peninsula commuter.

Last up is 32 Taraval in Forest Hill:

I’m liking this one the best out of our trio of homes. 32 Taraval is right on the border of Forest Hill and West Portal, so it’s very central to the West Portal retail area. Traffic can be a little busy along Taraval, but the house is set back a bit from the street. 32 Taraval has 4BRs/2.5BAs and 2426 square feet. It’s got the best kitchen of the bunch. (You know that because Ann Sacks tiles and marble countertops are involved.) Bedrooms are spacious and the house has style. List price is $1,395,000. There’s already an offer date of February 22nd for this one, so you know interest is strong among the buyer set.

Filed Under: Forest Hill, Ingleside/Lakeside, West Portal, What You Get For... Tagged With:

Bright Future for TIC Lending in San Francisco

February 13, 2012 By Leave a Comment


I was invited to a TIC Roundtable last Friday sponsored by Sterling Bank and Trust. The officers and lender reps were in attendance, as was TIC attorney Lyssa Paul. We had an interesting Q&A about Sterling’s goals in the TIC lending arena, as well as identified a few trends in the TIC market—all while sitting 40 stories up in the Transamerica Building.

A few highlights:
The outlook for long-term TIC financing is strong. Sterling has consistently underwritten TIC loans, while other lenders have been in and out of the market. The bank’s conservative underwriting approach allows it to assume less risk and therefore grant loans. They also plan on increasing their TIC loan volume, and are pleased with the headway they’ve made in the past six years in San Francisco. Also, it’s unlikely that a secondary market is going to materialize for TIC loans.

TIC loans will continue with three-, five- and seven-year ARMs. The reason there are not longer-term loans that can more effectively fix low interest rates is because Sterling is a community bank that funds loans through its security deposits and short-term funding sources. So they have to match what they loan with what they pay on interest-bearing accounts. So there are no plans for a 30-year fixed loan in the near future.

First-time home buyers still rule as TIC purchasers. Sterling reports that 80% of its TIC borrowers are first-time home buyers. The other TIC purchasers seem to be cash buyers looking for pied-a-terres in the city, most notably in north-end neighborhoods.

TIC loans continue to perform well. Of the 800 or so fractional loans Sterling has on its books, only about eight of those loans were connected to foreclosure or a short sale. And the latter only occurred in the past couple years. The foreclosures were related to homeowners who had gone into the purchase with only 10% down; Sterling briefly offered that option, but doesn’t do so any longer for obvious reasons.

TIC agreements are still critical. Attorney Lyssa Paul says that one of the main issues that consistently arises is the lack of a TIC group’s ability to produce a current TIC agreement. Either some groups didn’t have one drawn up, or they haven’t updated them.

Buyers and sellers need to update TIC agreements during a sale. Sellers and buyers need to be aware that whenever there is a TIC interest transfer, it’s necessary to engage an attorney to remove the seller’s name from the TIC agreement and replace it with the buyer’s name. And all TIC group owners need to additionally sign the updated agreement. This has apparently been a factor that has delayed TIC closings.

Filed Under: Home Buyer Tips, Home Owner Tips Tagged With: ,

Preview: 1840 Washington in Pacific Heights

February 10, 2012 By Leave a Comment

I took a first look at 1840 Washington this week, the new 26-unit condo development in Pacific Heights. To recap previous posts, 1840 Washington features a mix of one-, two-, and three-bedroom homes. Pricing starts at $725,000 for 1BRs, and hovers in the $800,000s-$1,039,000 for larger units.

I checked out multiple units on each of the eight floors, which is somewhat like being a kid in a candy shop for a Realtor. Approximately four of the 26 units are sold, so 1840 Washington is in good shape for having not done a full marketing push yet.

1840 Washington is in the midst of a busy area, across from the Academy of Art, next to the 1800 Washington condo complex and around the block from House of Prime Rib (!). Its exterior and overall building feel is very much in line with surrounding properties. This isn’t really a building that provides unobstructed views and amazing outlooks (with the exception of a few units.) For the most part, you’re getting fairly spacious condos that face other buildings or overlook rooftops. But that can be expected based on the location and position within the block.

I thought I would feature a few photos of a one-bedroom unit; this is the model and it was staged:

I liked the finishes, which consist of Studio Becker cabinets, Bosch appliances, and Caesarstone counters. Here’s a sample kitchen:

One of my favorite units was #202, which has a deeded walk-out patio overlooking a garden area:

I thought the bedrooms were a reasonable size, and a few had seating areas that could easily accommodate a desk or office area.

There are deeded parking spaces in the garage, and no “stacked” or lift mechanisms are involved. I also liked that there’s on-floor storage, meaning you don’t have to head down to a cage or closet in the garage.

1840 Washington gets my thumbs up. Check out the Web site for more details, and my previous post for current pricing, square footage and unit configurations. And contact me at 415.823.4656 / ebermingham@zephyrsf.com if you’d like to make an appointment to tour the property.

Filed Under: Pacific Heights Tagged With: ,

Renovated Bernal Home Hits Its Target

February 8, 2012 By Leave a Comment


The hot property of the week for the family/Peninsula commuter set looking for proximity to a cute and useful retail district in a fun neighborhood is over at 77 Ellsworth in Bernal Heights. The 3BR/3BA single-family home was renovated in 2009 and has almost 2,000 square feet. There’s also a pretty cool master suite at the garden level.

And did I mention the excellent open floor plan on the main level? There’s plenty of room for entertaining, and views to boot.

There are two smallish bedrooms upstairs, separated by a full bath. But the master suite encompasses the entire downstairs level, and has an interesting, open bathroom (fortunately, the toilet is enclosed):

On the other side of that low wall on the right is the sleeping area. So this isn’t ideal if you like privacy when you take a shower or bath.

Open houses have been swarming with young families looking to put roots down in a nice San Francisco neighborhood. Offers are due later this week, and there are already about eight disclosure packages out—meaning there will likely be multiple offers.

List price is $1,195,000. The best comp is at 60 Elsie, another modern home in a good Bernal location that closed escrow in September for $,1226,000. That home was a bit smaller and in a slightly less desirable location within the neighborhood.

 

Filed Under: Bernal/Excelsior

Sunnyside Starter Comes With Time Machine

February 6, 2012 By Leave a Comment


The sellers over at 327 Hearst have stepped back in time with the sale of their 2BR/2BA home. From the looks of the elaborate shower in one of the bathrooms, it looks like they’ve potentially climbed in and emerged  eleven days earlier, when the home first went on the market.

Hearst fell out of contract in that time span, so 327 Hearst is on the lookout for new buyers. The 1600-square foot property is actually not a bad deal; the kitchen is updated, there’s a master suite, decent-sized yard, and south-facing views. (Plus, the inevitable bonus family room is downstairs alongside the second bedroom and bath.) And don’t forget about that time machine! List price remains at $659,000.

The house is located south of Monterey, which is a little less desirable than the streets north of the main strip. But it’s in walking distance of the Glen Park BART and restaurant/shop hub, and has great freeway access.

Filed Under: Sunnyside

Video Walkthrough: 156 Duncan

February 3, 2012 By Leave a Comment


If you’re looking for a spacious, top-floor condo in a centrally located neighborhood with great natural light, parking, storage and an in-unit washer/dryer, look no further than my listing at 156 Duncan.

To get you in the door without actually making the trip, check out this video walkthrough. It will give you an excellent sense for the space and amenities:

156 Duncan: The Tour

We’ll be open this Sunday before the Super Bowl, from 1:00-3:00. Stop in and see me! Also easy to show, just give me a call at 415.823.4656 or email at ebermingham@zephyrsf.com

 

 

Filed Under: Noe/Eureka Valley Tagged With:

New Mission and Dogpatch Condos on the Way

February 1, 2012 By Leave a Comment

Two new condo developments in the Mission and Dogpatch/Central Waterfront are on the way this Spring, with price points that don’t scream “luxury.”

299 Valencia will feature 36 one- and two-bedroom homes ranging in price from the $300,000s-$700,000s. The building is located on Valencia at 14th Street. (The lot was previously used for parking.) The immediate location is a bit transitional, but you’re one block away from Pauline’s Pizza and shops/cafes along Valencia. The 16th and Mission BART/Muni station is nearby, as well as the 101 and public transportation along Market Street. I think 299 Valencia will be a good option for buyers looking for mid-range housing in a central neighborhood. Check out the 94 Walk Score details. The sales office is expected to open in March.

And the other hot development is over Millwheel, at Indiana and 23rd Street. There will be 71 homes available, split into two phases—Millwheel South (32 units) and Millwheel North (39 units). Pricing will be in the $500,000-$800,000 range, with units weighing in at 1200-1500 square feet. Word is that the sales office will open in March for Millwheel South, with the second phase opening in 2013. This location is great for accessing freeways, the Third Street Muni rail line, and Dogpatch restaurants and cafes.

Contact me if you’d like me to keep you updated on the best times to tour these properties.

Filed Under: Mission, Potrero/Dogpatch Tagged With: , ,

Luxury Townhouse in Odd Mission Location Gives It Another Shot

January 30, 2012 By Leave a Comment

The luxury condo market is challenged these days, particularly when such a unit is in a weird location. Situated on the Mission/Potrero border adjacent to a Safeway loading area, 141 Hampshire #B has been on and off the market since 2008. And it’s making a return appearance in 2012.

The 3BR/2BA, 2790-square foot townhouse is certainly spectacular enough. It spans two levels and features double height windows, two walk-out terraces, a private roof deck, and city, Bay, bridge and Twin Peaks views. The unit was built in 2001, so it has somewhat dated finishes at the moment (think granite counters). But you also get one-car parking and in-unit washer/dryer. I remember being pretty impressed with the space when I toured it a few years ago.

The property was listed back in 2008 for $2,788,000, believe it or not. Then the seller changed agents and dropped the price to $1.7M in 2009. When that strategy didn’t work after 244 days, they let the listing expire.

But now, I get the sense the sellers are thinking the 2012 market is a good one for 141 Hampshire #B. Because this time around, they’ve bumped up the list price to $1,795,000 (and are now on their third real estate agent). Considering there are nine other condos listed in San Francisco in the $1.5M – $1.9M range, it’ll be interesting to see if a buyer is willing to overlook the unglamorous Potrero Avenue/grocery store loading location. But the views could potentially make the sale happen this time around.

Filed Under: Mission, Potrero/Dogpatch Tagged With:

Just Listed: Charming Noe Valley 1BR Condo

January 27, 2012 By Leave a Comment

If you’ve always dreamed of having a large bedroom with a sitting area and walk-in closet, allow me to direct your attention to my new Noe Valley listing at 156 Duncan Street. The 1BR/1BA condo is well appointed, with excellent 1920s period details, wonderful natural light and a top-floor position within this four-unit building.

156 Duncan is somewhat supersized; it’s about 1100 square feet. There are three walk-in closets, and we’ve set up the closet off the living room as an office so you can envision how you may use all the space. The sellers installed skylights in the kitchen and bathroom, so this unit is a nice fit for buyers who prize natural light. If you’re into giving dinner parties, the formal dining room will rock for you. If you’re not a big cook, you can use the space in a different way.

For those buyers who absolutely want an in-unit washer/dryer, the laundry room off the kitchen will make you happy.

The parking space is the best one in the building, as its garage door is exclusively used by 156 Duncan. And there’s generous storage, as well. HOA dues are $325/month. 156 Duncan is situated in an amazine location, near restaurants, shops, cafes, Muni, BART, tech shuttles and freeways.

List price is $739,000.

We’ll be open this Saturday, January 28th from 1:00-3:00 and Sunday, January 29th from 2:00-4:00. Stop in and see me!

For more details and photos, visit 156duncan.com

Filed Under: Noe/Eureka Valley Tagged With:

First Look: The Luxe Condos in Noe Valley

January 23, 2012 By Leave a Comment

I toured The Luxe (208 28th Street) in Noe Valley this morning, and am pretty excited about this new six-unit development that’s one portatoilet away from being finished. The developer, J Branch, has thoughtfully planned the project and has made efforts to go beyond the cookie-cutter condo approach.

As I’ve noted in past blog posts, The Luxe features three 2BR/2BA units and three 3BR/3BA townhomes. Prices range from $849,000-$889,000 for the two bedrooms, and $1,389,000-$1,549,000 for the townhomes.  HOA dues range from $414-$484/month.

There’s no garden, as the building takes up the whole lot. However, they have incorporated a patio with a fireplace and grill (keep in mind they’re still setting things up):

 

All the finishes in each unit are slightly different, which is nice. All the kitchens have Viking ranges, and the two bedrooms even have wine refrigerators. Here’s a shot of the kitchen in #201 ($889,000):

And here’s the kitchen in #203 ($849,000):

Living areas were generously sized; for example, the corner unit #202 overlooks Church and 28th Streets:

The three bedrooms are even more impressive, as they span two levels and have a house-like feel. I was a fan of #301 ($1,399,000) and its large master suite (that’s a king-size bed there):

I also liked the office area on the upper level of these units:

The largest unit is #303 ($1,549,000), and this is definitely the trophy unit of the group. It features three bedrooms on the upper level and a huge master suite overlooking the patio. There are also stairs to the roof from this unit.

A parking lift system provides a space for most of the units. (This means one car is parked beneath another in a “stack” arrangement.) However, the largest unit gets a standalone, regular space. And two other regular spaces are available for $50,000 each on a first-come, first-serve basis.

For those concerned about noise from the J Church Muni line that runs past the building, I have to say that they’ve done a good job blocking out street sounds. The double-paned windows and insulation give things an air-tight feel, though that will change once you crack open a window.

If there are any drawbacks to the project, I’d say that some of the bedrooms are on the small side. And that stacked parking is not ideal (but it’s better than no parking at all).

I think The Luxe will appeal to the tech/Peninsula or downtown professionals looking for what little new construction is available in Noe Valley. The project will most likely follow in the footsteps of the Nove condos that sold rapidly in 2010. Give me a call if you’d like to check out The Luxe. I’d be happy to get you in before the first public open houses.

Filed Under: Noe/Eureka Valley Tagged With:

Gung-Ho Buyers Hit Mission Dolores

January 23, 2012 By Leave a Comment

Back in the mid 2000s, it was quite common for bidding wars to culminate with one or two buyers offering way, way beyond the list price because they really wanted that property—and the home was priced low to allow for overbidding. The underpricing strategy is certainly making a comeback, particularly with respect to the Mission Dolores area.

The most recent incident occurred at 3668-70 18th Street, between Dolores and Guerrero (exterior above). Right—the block with Tartine, Bi-Rite and Delfina. The two-unit property with an unwarranted third, garage-level unit was listed at $995,000. Though the building was in very sound condition, kitchens and baths needed updating, and the exterior was certainly nothing to write home about. However, 21 sets of buyers wrote offers, and the winning bid turned out to be $1.3M.

And then there was the sale over at 3883-85 20th Street, which borders the south end of Dolores Park:


One of the two units was basically down to the studs, requiring substantially more money to complete the job. List price was $1.3M, and the sale closed in November for $1.5M.

Chalk up this somewhat frenzied activity to the fact that Mission Dolores continues to be a hot, hip neighborhood for TIC/condo/multi-unit buyers who want the proximity to the 18th Street/Valencia corridors, Dolores Park, and public transportation (not to mention tech shuttles to the Peninsula). Buyers really will go nuts for these things, and they obviously will respond in droves when a property is purposely priced low to attract interest.

Filed Under: Mission

Just Sold: 1BR Condo in the Haight

January 20, 2012 By Leave a Comment

My client just closed escrow yesterday on the lovely 1BR/1BA Edwardian condo at 21 Delmar in the Haight. The unit has high coved ceilings, two fireplaces, an updated eat-in kitchen, and central heat. List price was $499,000.

21 Delmar has a 92 Walk Score, and is blocks from Buena Vista and Golden Gate Parks, and around the corner from Haight Street. This is a perfect example of the type of property that provides great space in a classic architectural style, all while being situated in a quintessential, central San Francisco neighborhood.

Filed Under: Haight/NoPa Tagged With: ,

SoMa/South Beach Tour: Condo Trio

January 18, 2012 By Leave a Comment

There’s often a lot of inventory in the SoMa/South Beach neighborhoods, primarily because all the buildings translate into condos—and lots of ‘em. So to cut through the clutter, I decided to hone in on three condos in the $1M range so you could get a sense for what these properties have to offer.

1160 Mission #2313
SoMa Grand
2BR/2BA Penthouse
1600 sq ft
2-car parking
HOA dues: $851/month

Though its “French chic meets SOMA hip!” mashup may not be for most, this penthouse unit #2313 has killer city views. The 246-unit SoMa Grand is located in the still transitioning mid-Market neighborhood, which means you will want to take advantage of the hotel-style services like concierge, house cleaning, and organized activities—not to mention in-house restaurants—so you don’t have to wander around at night doing your own legwork. But that was the goal behind the SoMa Grand.

229 Brannan #17G
The Brannan
2BR/2BA Penthouse
1517 sq ft
2-car parking
HOA dues: $918/month

South Beach standby The Brannan has been the site of many condo sales across four-building property since 2001. Though many properties have been constructed since then, The Brannan continues to age well. This particular penthouse unit #17G has city, ballpark and Twin Peaks views, and 9.5-foot high ceilings. The Brannan’s location is excellent, and is a great place from which to walk to the Ferry Building, Union Square and more.

1 South Park #408
3BR/3.5BA
1794 sq ft
1-car parking
HOA dues: $575/month

The lone low rise of this trio, 1 South Park has an excellent location near the ballpark, as well. #408 is a top-floor, two-level unit with plenty of natural light. Two of the three bedrooms have their own ensuite baths, and the upper level entertaining rooms feature walls of glass that face both east and west. There’s also an expansive view deck. This unit came on the market last October 2011 at $1,695,000, so the current price reflects a reduction. 1 South Park isn’t an amenity building, so it’s a good fit for buyers who don’t want to factor in paying for a fitness club, media room, concierge or other benefits that are included with the larger properties in the area.

Filed Under: SoMa/South Beach Tagged With: , ,