Category Archives: Market News

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)
Houses:
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
$1,298,000

88 King #115 / South Beach
2BR + den/2.5BA in The Towers
$1,495,000

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
$1,500,000

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

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

Get in touch:

Eileen Bermingham

Zephyr Real Estate

415.823.4656

ebermingham@zephyrsf.com

BRE# 01352627

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