Category Archives: Market News

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

New Listing: Fully Loaded Noe Condo

New Listing: Fully Loaded Noe Condo

I’m proud to present my new listing at 148 Duncan Street in Noe Valley. It checks all the boxes: two large bedrooms, formal dining room, remodeled kitchen and bath, private outdoor space and charming period details.

One-car parking, abundant storage and shared garden are in the mix, too!

The condo is perfect for South Bay or downtown commuters, as 148 Duncan is situated near freeways, BART, Muni and tech shuttle stops. We’re also a quick shot away from the restaurants, shops, bars and cafes in Upper Noe, the Mission and Bernal Heights.

List price is $1,195,000, and you can see more photos/details at our property Web site.

First opens are this Saturday 2/6 from 2:00-4:00, and Sunday 2/7 from 12:00-2:00, before the Super Bowl game and festivities kick off. Looking forward to seeing you then!

Few Price Reductions from Luxury Market Sellers

Few Price Reductions from Luxury Market Sellers

Luxury home sellers in San Francisco don’t seem to be in any hurry to move their properties. Most sellers are sticking with their list prices, despite an average of 75 and 71 days on market, respectively, for single-family homes and condos listed for $2,000,000 or more. Continue Reading

New Construction Condo Projects Hit The Market

Buyers looking for new construction condos are in luck: A batch of new projects will be releasing units in January and February.

I’m not on the sales teams for these projects, but can represent you independently. This means I can get you started with a loan preapproval and walk you through the contract. I will also review the very thick new home package/disclosures with you; and work with the sales team to make sure things go smoothly for your move-in (among other things).

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:

2655 Bush / The District
Neighborhood: Lower Pacific Heights
thedistrict_2016
The Homes: 81 one- and two-bedroom condos in the $1200/sq foot range. HOA fees range from $650-$850/month, depending on the size of the unit. Parking for all units. 3,800 square feet of retail.
The Perks: Fitness center, full-time front desk, greenhouse, roof deck, residents’ lounge
Buy If: You’d like to be near the restaurants, cafes and bus lines along Divisadero and Fillmore, as well proximity to NoPa and Laurel Village. You’ll also have quick access to medical care; 2655 Bush is in the midst of UCSF and Kaiser campuses.
Who’s Behind It: KTGY Group, KB Homes
Sales Begin: Sales office has just released the first twelve units, including eight 1BRs and four 2BRs. Continue Reading

More Balanced Market Ahead in 2016

Fewer extreme overbids and stable values are most likely in store for the San Francisco real estate market in 2016.

After another freewheeling year of steadily climbing prices, buyers throwing money at sellers and cash sales continuously taking the prize, it’s widely believed among the Realtor community that 2016 will be a much more balanced market.

Here’s what I expect will happen this year: Continue Reading

Market Frenzy Fades in Late 2015

The number of wild overbids, cash sales and the average prices of condos and single-family homes in San Francisco declined in November and December 2015 from their Spring peaks.

It’s easy to chalk up the more sobering, late-year numbers to the holidays. But the market was actually quite busy during these months, leading me to believe that fewer buyers were willing to go to the mat to “win” homes—or pay for them in cash.

Here’s a look at how our single-family and condo markets fared in November and December 2015 vs. what are widely considered by the Realtor community to be the peak months of May and June: Continue Reading

Enjoy the Good Times While They Last

Enjoy the Good Times While They Last

I attended the annual First Republic Bank Realtor luncheon at the St. Francis Yacht Club yesterday. It was a nice opportunity to chat with colleagues, enjoy a great meal and listen to an update on the real estate market against the backdrop of the crashing surf. Continue Reading

Buyers and Sellers: Use October Sales as Your Guide

We’re well into the Fall real estate season, and the holiday home stretch is just around the corner. October numbers will be the best guide for buyers and sellers as they respectively decide how much to offer and how much they want for their homes.

Here’s where we are right now in the market. Continue Reading

Get in touch:

Eileen Bermingham

Zephyr Real Estate

415.823.4656

ebermingham@zephyrsf.com

BRE# 01352627

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