Category Archives: Market News

What You Need to Know About the SF Market

When I first meet with a buyer who’s new to the San Francisco real estate market, we discuss the realities of how our market is operating. Because unless you have a full understanding of what to expect, you could spend months wasting time—and not getting what you want.

The market has been pretty consistent all year, with high demand and insufficient inventory. I don’t expect that to change in the near future, even if we can no longer deduct property taxes and have a cap on mortgage interest deductions. So here are the things you need to know and navigate in order to be a successful buyer in 2018: Continue Reading

Luxury Market Sees Extreme Overbids in October

Luxury Market Sees Extreme Overbids in October

October has been the month for buyers in the $2M+ range to throw hundreds of thousands of dollars over asking for single-family homes (and one condo) in various neighborhoods across the city.

Deep-pocketed buyers are obviously feeling pretty cheeky about our Bay Area economy.

The most egregious example of extreme overbidding happened at 128 26th Avenue in the Lake District (see photo, left). The custom 4BR/2.5 home at the Sea Cliff entrance has a roof deck with panoramic views, and was listed for $2,995,000. So why not pay a million dollars more, right? That’s exactly what happened, as the sale closed on October 20th for $3,910,000.

Here are a few more extreme overbids that went on the books in October:
1 Miguel | Glen Park
3BR/2.5BA
List price: $1,675,000
Sale price: $2,600,000 Continue Reading

ADU Program Creates Opportunity for SF Homeowners

San Francisco put its Accessory Dwelling Unit (ADU) program into action in 2016, aiming to create more housing in the city. ADUs are also known as in-law units, secondary units and cottages. They can be great for children moving back after college, or a parent you’d like to move into your home. You can also rent out an ADU, which is an excellent way to supplement your income or plan for retirement. Continue Reading

Summer 2017 Wraps Up in SF Real Estate

The San Francisco market held its own this past summer, with inventory and value levels that didn’t change much from the summer of 2016.

The average price of a single-family home, citywide, was $1,692,000, up only slightly from $1,678,000 last summer. Sold volume was essentially the same, with 634 houses sold. Continue Reading

What’s Selling Now: New Construction Condos

It can be mind numbing trying to track sales of the more than 1,000 new construction condos currently on the market. After all, there are more than 17 projects actively selling units in a variety of neighborhoods, and sales offices play things close to the vest. You’ll find a limited number of units listed on real estate Web sites; pricing is typically not public and changes continuously based on the most recent sales.

So if you’re drawn to brand new condos, where do you begin to look? With the help of my company, Zephyr Real Estate, I pulled together the vital deets on some of my favorite projects. Note: I am not on the sales teams for any of these projects, but can represent you independently. This means I can get you started with a loan preapproval and walk you through the contract and the entire process—looking out for your best interests.

So check out what’s on tap, and give me a shout if you’d like to explore your options within any of these projects:

201 Folsom (Lumina)
Neighborhood: South Beach

The Homes: 656 condos that are selling quickly
The Perks: Club lounge, private dining room, rooftop terrace, concierge, business center, children’s and game rooms, music practice room, pool, fitness center, spa, pet grooming station, screening room and market
What’s Left: Fewer than 300 units, project is 85% sold and they are now on their last release in Building B. Corner units are in short supply.
The Prices: 1BRs: $1,000,000-$1,700,000; 2BRs: $1,500,000-$3,000,000; 3BRs: $3,100,000+; penthouses: $8,000,000+
Buy If: You are looking for a luxury building with A+ amenities and views
Developer Tishman Speyer Continue Reading

One-Bedroom Houses Command $1M+ Prices

One-Bedroom Houses Command $1M+ Prices

One-bedroom houses may have their limitations, but they represent opportunity to many San Francisco buyers. We’ve seen eight single-family homes sell for well north of $1,000,000 in 2017, and the buyers for these properties seem to fall into two camps: contractors looking for development projects, and owner occupiers who’d rather spend their money on a house than a condo—and can do their own remodel in the future.

Take 830 Rhode Island (photo, above), for example. The one-bedroom, 936-square foot Potrero Hill Victorian hit the market for $1,149,000 and was purchased by a developer for all cash. The sale closed for $1,475,000 last week. At least three other contractor buyers also made offers on Rhode Island, as well. Continue Reading

State of the TIC Market: August 2017

The tenancy-in-common (TIC) market remains strong in popular neighborhoods like Noe Valley and Russian Hill, especially if that TIC is in a two-unit building.

Buyers haven’t shied away from purchasing TIC interests, despite limitations related to 2013 legislation that significantly reduced the number of properties allowed to condo convert. Many TIC owners have resigned themselves to the reality that they hold title to “permanent” TICs.

TICs in two-unit buildings aren’t affected by that legislation if each unit is 100% owner occupied. In that case, both owners can pursue “fast track” condo conversion. Continue Reading

Condo Market Still Flat at the 2017 Midpoint

If you’re searching for a home to buy, you may have noticed that there’s plenty of inventory in the condo market. While almost every single-family home that comes on the market slams into contract within a week or two with multiple offers, that isn’t really the case with condos. Many are selling for at or even below asking, and buyers aren’t typically paying 20% or more above the list price.

There are 341 condos available at the moment, with an average price-per-square-foot list price of $1,140. But interestingly, more than half of these units have been on the market for 21 days or more. (By San Francisco real estate standards, that amount of time hints at a property that’s sitting on the market.) Continue Reading

Massive Overbids from Luxury Buyers Continue

Massive Overbids from Luxury Buyers Continue

I first blogged about the huge overbids I was seeing in the luxury market back in May.

Well, that trend continued throughout the second quarter, with multiple high-end buyers throwing hundreds of thousands of dollars over the list price at happy sellers.

One of my favorites was that small house (photo, left) at 1238 Stanyan in Cole Valley. Renovated in 1969, the modest four-bedroom home had views and was on a deep lot—code for development potential. Stanyan was listed for $2,750,000. But the buyers were feeling extra generous and the sale closed for $4,000,000 in May. Continue Reading

Single-Family Home Market Heats Up in Q2 2017

San Francisco house buyers battled it out for much of the second quarter as prices ticked up in our sellers’ market.

The average price of a single-family home jumped by four percent over the previous quarter, with an average citywide price of $1,832,323. Sales reflected the continued list-low, sell-for-more pattern, and many buyers didn’t hesitate to throw hundreds of thousands of dollars over the list price to win their home. Continue Reading

The Most Overbid House ‘Hoods in San Francisco Right Now

Buyers have had no qualms about dramatically overbidding for single-family homes in West Portal, Westwood Park/Highlands, the Central Sunset, Ingleside Heights and Miraloma Park this year.

Those neighborhoods are seeing an average overbid of 20 percent. West Portal actually had five homes sell for between 30 and 50 percent over list price this year.

The selling pattern within individual neighborhoods is a useful data point for sellers when it comes to setting a list price—and for buyers as they decide how much to offer for a property. The traditional pattern in San Francisco has been to list low and sell for more. In general, single-family homes in popular neighborhoods and at price points under $2M tend to get the highest overbids.

I did a quick analysis on the single-family home market and flagged the neighborhoods that are experiencing the highest levels of overbidding. Here are the hot spots now, according to the average overbid percentage year to date:

West Portal 22%
Westwood Park/Highlands 21% Continue Reading

New Listing: Multi-Unit Opportunity in The Haight

New Listing: Multi-Unit Opportunity in The Haight

Investors or buyers looking to live in a large flat and collect rental income from other units will love my new listing at 521 Clayton.

Featuring three vacant flats and a tenant-occupied unit, 521 Clayton is a classic San Francisco building with a prime Haight location near the heart of Haight Street and the Panhandle. There are wonderful period details running through the building, from crown moldings and exquisite wood work to stained glass windows and high ceilings. The building has a one-car garage and a nice garden at the rear. Continue Reading

Condo Market Healthy But Flat in Q1 2017

Fewer buyers cared to overbid dramatically for condos in the first quarter of 2017—with a few exceptions when it came to two-level units, or nicely renovated ones in prime locations.

The average condo price for the 524 units reported sold in the Multiple Listing Service (MLS) was $1,270,736, up slightly from the $1,218,956 average in the first quarter of 2016.

Buyers paid a citywide average of $1,027 per square foot, with 24% of all sales changing hands for all cash. Continue Reading

Just Sold: 133 Venus in Silver Terrace

Just Sold: 133 Venus in Silver Terrace

My clients just purchased one of the few 3BR/2BA single-family homes available in San Francisco for under $1,000,000. They will be making their new home at 133 Venus in the up-and-coming Silver Terrace neighborhood, on a street that has a close-knit, friendly community.

Featuring all three bedrooms on the same level, 133 Venus has a spacious kitchen, living room with fireplace and large garage with great development potential. 133 Venus closed escrow last week for $953,888.

Congratulations to my clients, Stephanie and DJ! Much thanks to their lender extraordinaire, Karen McDowell at Bank of the West, as well as expert escrow officer Chris Matthews at Old Republic Title.

Single-Family Home Market Kicks Off 2017 With a Bang

There were no winter doldrums for the San Francisco house market this year. Low inventory and strong buyer demand fueled the first quarter—activity that promises to continue in 2017.

Possibly motivated by the threat of rising interest rates, buyers frequently waived contingencies in competitive situations, foregoing inspection, appraisal and financing safety nets to increase their chances of landing a single-family home.

The average price for the 381 homes sold was $1,761,226, up five percent over the first quarter of 2016. Continue Reading

Get in touch:

Eileen Bermingham

Zephyr Real Estate

415.823.4656

ebermingham@zephyrsf.com

BRE# 01352627

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