Category Archives: Market News

What’s Happening in the San Francisco Market?

I was interviewed for a story last week that will be running in Yahoo! Homes. They’ve been noticing some crazy, million-dollar-over-asking sales in San Francisco, and were looking for some idea about why this is happening—and what’s going on with our market in general.

Here’s the upshot: It’s all about tech and foreign money.Continue Reading

Spotlight on the Mission, SPCA Fundraiser

The latest Zephyr Market Tracker rounds up the most recent sales citywide. We also check out a few properties in the Mission, where the SPCA also happens to be. In fact, there’s an upcoming fundraiser on May 29th that you may want to attend.

And did you know our parklet program is already five years old? You can find a parklet map in Market Tracker, as well as a link to the Pavements to Parks site in case you want to apply for a parklet in your neighborhood.

It’s all here in the Zephyr Market Tracker!

The Highs and Lows of SF Real Estate: April 2015 Edition

Our real estate market is moving at a brisk pace, so I thought it would be a good time to reflect on the least and most expensive houses and condos sold so far this month.

Single-Family Homes
Least Expensive House:
80 Seneca
Mission Terrace
80seneca_missionterrace
Listed for $499,000 and sold nine days later in a cash transaction for $555,000, 80 Seneca was the rare house for well under $1M in San Francisco. The 750-square foot property needs a “full rehab” and only has one bedroom. But with the average house price in the neighborhood holding steady at just over $1M, these buyers can do their renovation and most likely end up with a property that holds its value.Continue Reading

Sales Volume Down, Prices Up in Q1 2015

The big news for the first quarter of 2015 is that sales volume dropped like a rock compared to Q4 2014.

But prices edged up even higher.

Bottom line: There were 41% fewer single-family home and 28% fewer condo sales in the first quarter of this year. Of course, the first quarter of any year is typically slower due to buyers and sellers recovering from the holidays. But given the frothy nature of the market right now, I would have expected a touch more volume.

Here’s a snapshot of how things went down in the two most popular segments of the real estate market: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

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

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

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

San Francisco Wants You To be a HERO

This is the year to upgrade your home so that it’s more energy efficient. The latest Zephyr Market Tracker reports that San Francisco has just joined the ranks of California cities that have approved the Home Energy Renovation Opportunity (HERO) and Property Assessed Clean Energy (PACE) programs.

You can apply for these programs starting in the Spring to help finance upgrades like solar power, energy-saving windows and doors, insulation and more.

Also in this edition of Market Tracker is a lineup of local museums that offer free admission on certain days and weekends. Did you know that it’s free to get into the Asian Art Museum on the first Sunday of every month? There are a lot more freebies out there.

All this plus a look at homes currently on the market that have their own outdoor space, along with the latest San Francisco market stats and sales. It’s all here in the Zephyr Market Tracker!

Get in touch:

Eileen Bermingham

Zephyr Real Estate

415.823.4656

ebermingham@zephyrsf.com

BRE# 01352627

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