Category Archives: Neighborhoods

Homes That Sold for Around $1 Million

Inspired by one of my favorite New York Times real estate features, I thought I would highlight six recent San Francisco sales around the $1M price point—a popular one in the city right now. This is a great way to see what you can expect to pay for future similar homes, as these sales will be good reference points in the months ahead.

Outer Parkside
1929 48th Avenue

2BR/1BA, 1,130 sq ft
11 days on the market
List price: $799,000
Sale price: $1,076,000 (cash)
Classic floor plan with two bedrooms at the rear, eat-in kitchen and bonus room/bath on garage level. Blank canvas of a yard. One block to the beach.
Continue Reading

Latest Noe Valley Fixer Sells for 54% Over Asking

Latest Noe Valley Fixer Sells for 54% Over Asking

Many prospective home buyers who made an offer on 350 Jersey (between Noe and Castro) in Noe Valley walked away disappointed this month. The 2BR/1BA, 1400-square foot 1940s-era house on a large, 2,964-square foot lot was listed for $1,295,000 and attracted 17 offers from buyers looking for a “project” house. There were probably some in the mix who could’ve lived with this kitchen and the basic floor plan until they had time and money to renovate:

But as a testament to the continued strength of the San Francisco fixer market, only one buyer was given the opportunity to develop the property in the future. That buyer paid cash, to the tune of $2,000,000.

What You Need To Know About TIC Ownership

Many buyers are considering tenancy-in-common (TIC) units these days, given the cost of real estate in San Francisco. TICs are typically priced lower than condos, and you can generally get into a neighborhood that you might not be able to afford were the property a condo.

But before you run out to see that two-bedroom condo in Cole Valley listed for only $699,000 that you saw on Redfin, you need to know the TIC basics. Continue Reading

What’s On The Condo Market: February 2016

What’s On The Condo Market: February 2016

There are more than 300 condos on the market right now in San Francisco, so there’s a good chance one will be a fit for you if you’re looking to buy one. Here’s a look at what’s out there in the one-, two- and three-bedroom market segments:

One-Bedroom Condos
Number Available: 85
Median List Price: $849,000
Neighborhoods With the Most 1BRs: South Beach; Lower Pacific Heights; SoMa/Yerba Buena; South Beach; Van Ness/Civic Center
Least Expensive 1BR: 750 Great Highway #2 ($489,000) in the Outer Richmond. Reasonable floor plan, in-unit laundry & dishwasher, and located right across the street from the beach.
Most Expensive 1BR: It’s a tie! 650 Delancey (Oriental Warehouse) #416 and #304 in South Beach, both listed for $1,695,000. #416 is a top floor 1BR that could be used as two bedrooms, shiny red kitchen and parking. #304 has a master bedroom plus office, neutral color scheme, and parking. Both are clocking in at $1,157-$1,213/square foot, which is right in line with market prices.
My Value Pick: 246 2nd Street #905 ($775,000), in Yerba Buena. This unit has a walk-out terrace with city views, in-unit laundry, storage and parking. Continue Reading

Outer Sunset Sees Record $2M Sale, Prices Soar

Outer Sunset Sees Record $2M Sale, Prices Soar

The Outer Sunset had its breakout year in 2016. Once a sleepy oceanside neighborhood with a reliable stock of homes for under a million dollars, the Outer Sunset’s prices are steadily creeping upward. And the area just saw a record-breaking sale for $2M last December.

Prices have been edging up over the past few years. For example, the average price for an Outer Sunset house was $863,169 in 2014, and that number climbed to $1,029,921 in 2015, with five homes changing hands for $1.3M+. Continue Reading

What You Should Know About the SF Fixer Market

What You Should Know About the SF Fixer Market

Driven by high buyer demand for single-family homes, the fixer market is going gangbusters in San Francisco.

There are generally two categories of what you’d call “fixers” in San Francisco real estate. The first is the contractor special—not habitable, needs work on the foundation, roof and everything in between. Then there’s the habitable house with a clunky floor plan and expansion potential that could be transformed into someone’s dream house. Continue Reading

Think Outside the Neighborhood Box for Under $1M

The single-family home market in San Francisco is a very competitive one, and the average price for a house is above $1M at this point in time. So it takes some serious strategizing, compromising and an open mind when it comes to finding a house for under a million dollars.

Most buyers in this price range realize quickly that if they want a house, they’ll need to go beyond buyer-saturated neighborhoods like Bernal Heights, Glen Park or West Portal. Because for every ten people who’d like to live in Bernal, there are maybe five that’ll consider less obvious and familiar areas. Continue Reading

What’s Shaking at The Millennium Tower

What’s Shaking at The Millennium Tower

It’s been six months since The Chronicle’s Matier and Ross broke the story about The Millennium Tower’s structural issues. Despite verified reports that the building is sinking and tilting, a buyer living in the building purchased Grand Penthouse A on the 60th floor in December 2016.

The 5,000-square-foot, two-bedroom/two bath unit has massive views and includes a 3,000-square-foot great room that opens to a large private outdoor terrace. The buyer is reportedly an Oracle executive who wanted to move up within the building. Continue Reading

Mission’s Rowan is Chock Full of Amenities

Mission’s Rowan is Chock Full of Amenities

I visited The Rowan last weekend and was impressed with the numerous amenities offered in this nine-story building. It’s what I’d call a “good value” project for home buyers.

Situated on Potrero Avenue at 16th Street on the border of the Mission and Potrero Hill, Rowan is a ten-minute walk from the heart of the steadily developing east end of the Mission. It’s also a short distance from Potrero’s design center and Whole Foods. Rowan’s immediate area has a commercial-industrial-retail feel, with a tire store, McDonald’s, the UPS building and the Safeway shopping center in close proximity. And it should be noted that there’s a prominent homeless presence in the area at the moment.

But buyers have gone into contract on 15 units, of which eight have already closed. Rowan buyers have been exclusively San Francisco residents who work within a mile of the building, in SoMa, the financial district and Mission Bay. And they’re all owner occupiers. Continue Reading

Happy Holidays!

Happy Holidays!

It’s been a great year in real estate for me, and I’ve enjoyed helping many of you buy or sell homes in 2016. I’m heading into my ninth year blogging on this site and my 15th year as a real estate professional. I’m happy to say that it’s all still fun and exciting! Thank you for making my blog one of your regular stops.

I’ll be back during the first week of January with a 2016 wrap-up.

In the meantime, best wishes for a wonderful holiday and a peaceful, prosperous 2017.

Bipolar Buyer Behavior Prevails Through 2016

Two recently closed sales in Eureka Valley and Buena Vista/Ashbury Heights point to the continued bipolar nature of the San Francisco real estate market.

There’s 562 Sanchez, a 4,000 square foot, four-bedroom house a block from Dolores Park. The property came on the market at the end of June for $3,950,000. After withdrawing the listing and then making a few price cuts, the sellers received an offer and the sale closed late last week for $3,500,000—$400,000 under the list price:
562-sanchez Continue Reading

Gap Narrows Between List and Sale Price in San Francisco

Our shifting market will be seeing a lot less crazy overbidding in 2017 as the gap narrows between list and sale prices.

I’m expecting the list-low, sell-for-more pricing strategy to continue throughout next year. But as our market evens out, it’s likely we’ll see sale prices that are a lot closer to their list prices.

The average overbids in October-November 2016 for houses and condos were 5.5% and 4%, down by half in the same time last year. This pattern will set the pace for 2017 sales, as buyers and sellers reference comps and base values on late 2016 activity.

I’m predicting that a small portion of properties will sell for 25% or more next year—houses in highly desirable neighborhoods, and “classic” condos with period detail in smaller buildings that are near popular retail areas and transportation. But the majority of sellers will be wise to expect values within comp ranges, and set their list prices closer to the likely values.

Happy Thanksgiving!

Happy Thanksgiving!

Best wishes to all my readers for a wonderful Thanksgiving!

I have much to be grateful for this year, and appreciate it every time you share a post with your friends or contact me about buying or selling a home.

I’ll be back next week to keep you informed about how the holiday real estate market is shaping up.

SoMa Condos, High-End Houses Top Year-End Inventory

We’re approaching Thanksgiving, and that means we are officially in “year-end” territory. Buyers looking to get a deal are likely to find one in South of Market, or in the single-family home luxury market if they can spend $2,000,000+.

But there really are a variety of options out there right now. Here’s where to focus your energy if you’re aiming to purchase a condo or house before the end of 2016, along with price ranges and my picks:

Single-Family Homes
Central Richmond
What’s Available Two- to four-bedroom houses from $1,300,000-$2,500,000
My Pick 791 30th Avenue
791_30thave
791 30th Avenue was built in 1941 and is nicely updated. There are two bedrooms on the main level, and two more downstairs, with a total of 2,085 square feet. Landscaped yard and garage parking. Only one block from Golden Gate Park. List price: $1,495,000. Continue Reading

Just Sold: 701 Minna #17

Just Sold: 701 Minna #17

We closed escrow last week on my beautiful tri-level loft listing in the mid-Market area of SoMa. I managed all the pre-sale prep work, from floor fixes to full-scale painting, staging, repairs and cleaning. In the end, we had a really well-appointed, bright and spacious unit listed for $1,195,000.

Loft activity slowed down a bit over the summer, so we pulled the property off the market in mid August, with the intention to come back on the market in mid September. But two buyers who had been through one of our open houses returned, and promptly wrote an offer that my seller clients accepted. After working through some transactional snags, everyone pulled through, and the sale closed escrow for $1,150,000.

Much thanks to Karen McDowell at Bank of the West for managing the financing, buyer agent Eamonn O’Callaghan at Zephyr Real Estate, Georgine Lonero at Stewart Title. Special thanks to Dale Zink for his fine staging work and flexibility. Excellent teamwork all around!

Get in touch:

Eileen Bermingham

Zephyr Real Estate

415.823.4656

ebermingham@zephyrsf.com

BRE# 01352627

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