Buyers looking to make a purchase before the end of the year need to be aware of the house and condo overbidding hot spots. These are the neighborhoods where you can expect to pay 20% or more for properties, based on sales in August and September 2014. [Read more...]
Well, the Zephyr Market update is actually a useful one. Find out which neighborhood property values in our beautiful city appreciated the most, how condos and houses fared year over year, and which new neighborhood app is doing its part to unify communities.
It’s all here in the Zephyr Market Update!
The San Francisco real estate market didn’t seem to slow down this summer. I was “on vacation” last week, but still reported for duty to prep my upcoming listing, manage my current seller escrow and write offers. Many of my colleagues continued to bring on new listings straight through to the end of August, despite the threat of Burning Man and Labor Day weekend thinning the buyer pool.
And in fact, the last week of August saw many listings coming up dry when offer dates arrived. But I don’t think that this was because the market is softening significantly.
How did buyers and sellers fare in July and August in the condo and single-family home markets? [Read more...]
The contentious Prop G will be on our November ballot this year. The proposition calls for a higher transfer tax on people who sell certain residential real estate within five years of purchase. The tax would increase to 24% in those first five years, and then would drop to 14% after five years.
As always, there are multiple sides to the issue, and this edition of the Zephyr Market Tracker looks at some of the different angles.
We also check out some luxurious Noe Valley properties, as well as feature the most recent citywide sales and averages.
It’s all here in the Zephyr Market Tracker.
The average price for such a unit in the time period from June through mid August was $1,250,667. Only two of the nine condos sold were under $1M; the rest ranged from $1,250,000-$1,475,000. Average overbid? 27%.
Yes, there are some such condos selling for less, but they generally involve 1,000 square feet or less and don’t include parking—or have other quirks. (For example, a 2BR/2BA condo with parking on Dolores at 29th Street sold recently for $875,000. But the developer owns three of the 13 units, meaning any buyer needing a loan would have to use non-conforming financing.) [Read more...]
My seller clients and I were interviewed last night on KTVU’s ten o’clock news about the Zillow acquisition of Trulia, and how online real estate sites continue to play an important role in the real estate industry.
I’m a big fan of Trulia, Zillow, and Redfin, and believe they are key in helping buyers and sellers do their research. As I mentioned during the broadcast, most of my clients have done their fair share of online research before I even meet with them for the first time. As a result, they’re up to speed on values and we can get right to in-depth market discussions.
You can watch the broadcast here.
And look for our Bernal Heights listing later this week, especially if you’re in the market for a three-bedroom single-family home in a fantastic neighborhood location.
The San Francisco real estate market is actually showing signs of stabilizing. That means we’re starting to see fewer offers on properties, fewer extreme overbidding situations, and buyers having offers accepted that—dare we say it?—have contingencies.
For those of us working in the field, networking with our colleagues and representing buyers and sellers in very recent transactions, it’s pretty obvious that things are calming down a bit. Our sales meetings in the first few months of the year were filled with reports on eight, ten or 15+ offer situations. Now it’s more like three or four. My clients are purchasing a condo in Bernal Heights, and their contract had the full appraisal, loan and inspection contingencies. [Read more...]
Developers are heading east in the Mission, because let’s face it: There are only so many lots available on Valencia for condo buildings. The latest project to arrive is 1515 at 15th and South Van Ness. The current Zephyr Market Tracker looks at the details. And if new construction isn’t your thing, we profile some current Mission offerings that might interest you.
Plus, the deets on Sunday Streets, and all the latest market stats. It’s all here in the Zephyr Market Tracker!
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...]
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...]
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!
Who doesn’t love to look at sales reports hot off the presses? This edition of the Zephyr Market Tracker shows you what sold, and for how much above or below the list price.
We also look at what’s for sale in SoMa, and what Project Open Hand recently did for the community.
It’s all here in the Zephyr Market Tracker!
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. [Read more...]
I was interviewed for a story that ran yesterday in the British daily The Guardian about the threat of a large earthquake and how that might influence people when they consider purchasing real estate in San Francisco.
Yes, local market is particularly strong right now, and yes, I routinely have conversations with home buyers about the concept of earthquakes and how they can protect their investment. When it comes down to it, it’s important to know what ground you’re on and how solid your foundation and other seismic components are.
The Guardian’s Nate Berg did a great job presenting all angles of this topic. Check it out here:
When, Not If: How Do San Franciscans Live With the Threat of the Next Quake?
And if you’re interested in my take on earthquake insurance, this past blog post discusses that:
Should You Buy Earthquake Insurance?