Category Archives: Market News

Just Sold: Little Hollywood House

Just Sold: Little Hollywood House

We close today on 230 Tocoloma, one of the cutest and most unique homes I’ve ever sold. We prepped the home to the nines, including a full interior paint job, landscaping, floor refinishing, and staging. Then we listed competitively for $769,000. Continue Reading

Prices, Volume Jump in Q2 2016

The San Francisco market saw a boost in average prices and volume in the second quarter, particularly when it came to single-family homes.

It was another busy Spring for single-family homes, as volume jumped up an astonishing 76% over the first quarter. The average price was $1,736,534, up 3.5% from the previous quarter. And buyers overbid an average of nine percent, proving that houses in the city are still in high demand. Continue Reading

Just Sold: 1818 Broadway #306

Just Sold: 1818 Broadway #306

My Pacific Heights condo listing at 1818 Broadway #306 has officially closed. Listed for $949,000, the sale price was $1,050,000.

We had lots of interest in this unit due to the view and overall presentation. The buyer was able to get a 30-year fixed loan through First Republic, despite the high rental ratio in the building.

If you’re thinking about putting your own condo on the market in the next few months, please contact me at ebermingham@zephyrsf.com / 415.823.4656. I’d be happy to strategize with you on what it will take to fetch top dollar, as well as give you a realistic value range and recommended list price.

Fewer Offers Land On SF Properties

It’s unanimous among local Realtors that most San Francisco properties are attracting far fewer offers than they were six months ago.

A quick poll at our recent companywide sales meeting revealed that 83% of agents are seeing fewer offers—though there are some massive exceptions (57 offers, anyone?). Even in situations where there are seemingly multiple buyers interested in a particular property, agents are sometimes receiving only one or two offers. In some cases, no one is stepping forward and listing agents are continuing their marketing campaigns in search of qualified, interested buyers.

What I’m personally seeing, as well, are sellers increasingly being open to considering “preemptive” offers. These are offers that are submitted prior to an official offer date. Continue Reading

What You Can Buy: 21 Days or More on the Market

What You Can Buy: 21 Days or More on the Market

There’s plenty of single-family home and condo inventory on the San Francisco market right now, and you may be surprised to know that more than half of those properties have been on the market for 21 days or more. That means offer dates have come and gone, and sellers will have some decisions to make as time goes on.

The high end of this 21+ days on market (DOM) portion of the market is well represented: The average price of a house is $2,976,744, and $1,584,750 for a condo. Continue Reading

Off-Market Sales Slow Down in 2016

Off-market sales are accounting for a much smaller percentage of single-family homes and condos this year. Though a quarter of all properties sold in 2015 changed hands without the benefit of being entered into the Multiple Listing Service (MLS), those numbers have dropped off significantly in 2016. Continue Reading

Buyer Pool for 1BR Condos Smaller, But Strong

One-bedroom condos generally have a smaller buyer pool in San Francisco. Empty nesters, investors, single people or couples are typical buyers, with the latter two groups being first-time buyers looking to get their foot in the homeownership door.

But there’s certainly a strong market for a one bedroom, especially if it’s in a prime location and has all the amenities. I’ve been watching this segment of the market for a while now, as I have a beautiful one-bedroom condo listing at 1818 Broadway #306. And I was not surprised to find that prices are climbing for one bedrooms; in some cases, buyers are getting into extreme overbidding at very high price points. Continue Reading

Houses Hot, Condos Cold in Q1 2016

The single-family home market went bonkers in the first quarter of the year, but the condo market showed signs of softening.

A look at sales data from the past quarter is a great indicator of how the Spring market will do. Here’s how 2016 is stacking up so far:

Single-Family Homes: Buyers Embrace Overbidding
The average price of a house in the city stood at $1,683,935, up seven percent over Q1 2015. Though the average overbid citywide was 9.6%, a whopping 22% of all houses sold changed hands for 30% or more over their list prices. Continue Reading

It’s Up From Here for Interest Rates

San Francisco real estate buyers can expect gradually increasing loan interest rates over the next few years, says Bank of the West’s Chief Economist, Scott Anderson.

I was invited to hear Anderson present his Bay Area forecast at Bank of the West’s downtown San Francisco offices last week. He believes the Fed is at a point where it wants to raise rates, but it will be at a “slow slog” pace. Anderson’s prediction? There will be two rate hikes this year—one in June, and another after the election—followed by four in 2017 and another four in 2018. Continue Reading

Flippers Push Prices Past $1M in Crocker Amazon

Crocker Amazon is one of the few neighborhoods in San Francisco where you can buy a home for under a million dollars. Not as well known as its Excelsior or Bayview counterparts, Crocker Amazon seems to be gaining in popularity—and price. Two recently renovated properties just hit the market that promise to further cement what’s becoming a higher price threshold for the area.

The average single-family home in Crocker Amazon now costs $849,000, and two three-bedroom homes sold in the past few months for $1,125,000 and $1,135,000. A majority of recent sales were in the $800,000s, with a handful in the $900,000s. This is a big jump up from 2014, when only one four-bedroom house on Winding Way sold for just above $1,000,000, and homes were selling for a $735,000 average. Continue Reading

Condo Overbids Calm Down in Early 2016

The San Francisco condo market is softening when it comes to overbidding. Though aggressive overbidding (20% or more over list price) has been happening on select properties this year, the gap between list and sale price for the average condo is narrowing.

The average citywide, year-to-date condo overbid is four percent. Of the 301 condos sold as of this writing, only 20 changed hands for 20% or more over the list price.

A handful of neighborhoods saw one or two sales in this range—Noe Valley, Mission Dolores, Hayes Valley, Lake, Lower Pacific Heights, Pacific Heights, Nob Hill, NoPa and Potrero. Continue Reading

Single-Family Home Market Soars in San Francisco

Single-Family Home Market Soars in San Francisco

Houses are a hot ticket—especially for properties under $1,500,000 in neighborhoods with high Walk Scores and easy Muni/BART access.

The “fixer” market is ripe with contractors and developers looking to invest in their latest flip, and would-be owner occupiers looking to build sweat equity. Take the small home (see photo) at 626 Faxon in Westwood Park. Steps from Ocean Avenue’s Muni line to downtown and its array of shops, restaurants and of course, Whole Foods, 626 Faxon was listed for $699,000. The seller received 42 offers, and the property will close in the mid-$900,000s. Continue Reading

Top Designers Talk 2016 Trends

Interior designers are finding themselves moving away from “cookie-cutter” renovations and spare spaces in 2016, said two prominent local designers at a panel discussion I attended last week at the San Francisco Design Center.

designcenter event

My client, Catherine Kwong of Catherine Kwong Design, was a panelist along with Geoffrey De Sousa of De Sousa Hughes. Million Dollar Listing L.A. cast member Josh Flagg was also thrown into the mix. Continue Reading

Get in touch:

Eileen Bermingham

Zephyr Real Estate

415.823.4656

ebermingham@zephyrsf.com

BRE# 01352627

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