Category Archives: Market News

Modernist Potrero Home Breaks Sales Record for Neighborhood

Modernist Potrero Home Breaks Sales Record for Neighborhood

The off-market sale at 1740 20th Street at Wisconsin in Potrero Hill is the most expensive home ever reported sold in the neighborhood.

Quietly sold in mid-September for $9,500,000, the 3BR/2.5BA home originally built in 1950 has just under 3,000 square feet, pano views and a commanding 50 x 100 corner lot in a prime location. And yes, that breaks down to about $3,100 per square foot that the buyer—Atom Holdings LLC—paid for this property.

The previous owners obtained signed-off permits over the summer for a horizontal addition, garage expansion and roof deck that had been in the works several years earlier.

The sale at 772 Wisconsin in May 2014 was previously the highest-priced home ever sold in Potrero. The 4BR/3.5BA property, also modernist in style, changed hands for $3,700,000.

What You Can Buy: Condos Under $1,000 Per Square Foot

It’s no secret that the list price per square foot for condos is topping $1,000/square foot these days—with actual sale prices rising above that. And while I’m not a huge fan of relying completely on price-per-square foot as a data point, I do reference it when it comes to home values.

The good news is that the condo market currently has 125 units listed in San Francisco for under $1,000/square foot. The average list price for condos in this category is $1,144,151, with 15 condos listed for the ever-popular $899,000 price. ($995,000 is right behind that price point.)Continue Reading

SF Real Estate Summer Recap 2015

Welcome to the Fall real estate season in San Francisco, when the clock ticks down to the holidays and the serious buyers and sellers break away from the pack. And for that reason, Fall is my favorite time to sell real estate. You either get it done, or you don’t.

Buyers who have been feeling out the market and hoping for a price correction throughout 2015 will decide once and for all whether a new home or investment is in the cards for them this year. And sellers listing their houses in September and October have the better part of a year’s worth of data to help them decide whether they’re comfortable with the true selling range of their homes.

It’s a good time to recap what happened over the summer in the single-family home and condo markets, because June-August comps will influence how much buyers are willing to pay in the Fall.Continue Reading

SF Real Estate Sees Its Share of Summer Overbidding

The summer may have quieted down the market a bit in San Francisco, but that doesn’t mean prices are softening or that buyers have backed off from extreme overbidding (25%+ above the list price). In fact, we have three cases this month of irrational overbidding, too (50% or more over asking).

Of the 74 sold houses so far in August, 23 of them sold for 25% or more over asking. However, the condo market is definitely not experiencing parallel activity. Only six of the 62 units sold traded hands for more than 25% over asking.

Houses on the west side made a strong overbidding showing this month. Thirteen of those 18 houses sold for 25% or more above the list price were located in the Sunset, Parkside, Richmond and Golden Gate Heights. Buyers for the tenant-occupied house on Capp at 22nd Street in the Mission paid $1M in cash for what’s presumably a development opportunity.

Here’s how things have gone so far in August 2015:

Extreme Overbidding (25%+ over asking)
763 36th Ave / Outer Richmond
List Price: $788,038 / Sale Price: $985,000 (25%)

554 45th Ave / Outer Richmond
$1,125,000 / $1,500,000 (33%)

2080 14th Ave / Golden Gate Heights
$899,000 / $1,302,080 (45%)Continue Reading

SF Condo Market Sees Summer Softening

SF Condo Market Sees Summer Softening

The San Francisco condo market tends to hop into a hammock for a siesta around July and August. For buyers who aren’t on vacation and serious about snagging a new home or investment property before the big Fall push, summer can present a wonderful opportunity to avoid bidding wars and get a pretty good deal.

There are 200 condos on the market as of this writing, and almost half are looking at a days on market (DOM) count of 21 days or more. 38 of these condos are listed for under $1M, and 29 for $1.5M+. For once, the luxury market isn’t leading the market-sitter pack.Continue Reading

Spotlight on Russian Hill, Parks, and SF Sales

The latest Zephyr Market Tracker checks out a trio of hot listings in the coveted enclave of Russian Hill. Interested in visiting one of San Francisco’s parks—without actually going to one? We take a look at Rec and Park and Google’s joint street maps venture that lets you tour parks virtually.

We also give you the scoop on the most recent stats, plus individual sales. It’s all here in the Zephyr Market Tracker!

“Million Dollar Listing SF”: Fun Foray Into Unreality TV

“Million Dollar Listing SF”: Fun Foray Into Unreality TV

I’ve been enjoying Bravo’s Million Dollar Listing San Francisco. The show is a kick, even if it’s all fake and bears little resemblance to the way the real estate business is done in our city. Who cares? We get to see attractive shots of various San Francisco icons and neighborhood streets, and sexy properties—and the show is way easier to follow than season two of “True Detective.”

Sometimes we get to see actual successful agents dropping in, like Joel Goodrich and Dona Crowder. Otherwise, we’re treated to the scripted antics of three agents named Andrew, Roh and Justin who are playing the roles of “top agents.”

But the writers take a wrong turn on the credibility road in this week’s episode. Out-of-area agent Andrew is tasked with handling a newly renovated, south-of-Cortland Bernal Heights listing at 535 Gates. (The house was actually listed by Amanda Jones at Sotheby’s for $1,595,000 earlier this year, with Roh representing the buyer for a sale price of $1.9M.) Continue Reading

Luxury Homes Lead the 21+ DOM Crowd

Luxury Homes Lead the 21+ DOM Crowd

Summer home shopping can be a challenge, because inventory is typically lighter. Surprisingly, there are currently 221 single-family homes on the market as of this writing, and almost half are looking at a days on market (DOM) count of 21 days or more.

So what’s out there right now? I have two words for you—luxury homes. The average list price of the 97 houses that have been on the market for 21+ days is $2,686,507. Thirty one percent of those homes are listed for more than $2,000,000, and 13% for $6,200,000+. Continue Reading

Coming Soon and Off-Market Opportunities: July 14, 2015

We’re back in the swing of things after the July 4th holiday, and the off-market and coming soon listings are popping up all over the place. Here are my picks this week:

88 King #112 / South Beach
2BR/2BA, 1455 sq ft, 1 pkg in The Towers at One Embarcadero

88 King #115 / South Beach
2BR + den/2.5BA in The Towers

1510 York / Bernal Heights
1BR/1BA Victorian house with bonus room near Precita Park
$975,000Continue Reading

No Summer Slowdown in San Francisco

School’s out, and so are buyers’ wallets when it comes to real estate in San Francisco. Here’s what’s going on in the market now:

Prices are rising. The average single-family home price was $1,817,390 in the second quarter of 2015, up 19.5% from Q2 2014. Condo price hikes were more modest, with the average second quarter price hitting $1,284,140 and jumping up by 13% over Q2 2014.

Inventory is healthy. Contrary to what you may be hearing, there are plenty of homes out there. I’m seeing several new properties hit the market weekly for my different buyer clients. And there are even homes spending a bit of time on the market, with no offer date in sight. Continue Reading

Coming Soon and Off-Market Opportunities: Week of July 6th

The San Francisco real estate market is back in play again after a holiday break. Here are my picks this week for homes that are hitting the market soon, or possibly not at all if they snag a buyer who offers a great price and terms:

Mid-Century Golden Gate Heights House
3BR/2BA, pano views, remodeled, terraced yard

Noe Valley Fixer on Elizabeth Street
Marina style, huge potential
Price TBDContinue Reading

Overbidding Activity Isn’t Calming Down

San Francisco home buyers are heading into the summer months still eager to generously—and in many cases, irrationally—throw money at sellers in order to land the home of their choice.

Single-family homes are frequently overbid the most by 20% or more, based on June sales so far. Here’s a look at the most egregious overbids for the month:Continue Reading

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

Get in touch:

Eileen Bermingham

Zephyr Real Estate


BRE# 01352627

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