2BR Condo Market Explodes in Noe Valley

100day
Buyers competing for two-bedroom condos in Noe Valley are apparently willing to pay whatever it takes to snag them a home near a tech shuttle stop and the freeways.

The average price for such a unit in the time period from June through mid August was $1,250,667. Only two of the nine condos sold were under $1M; the rest ranged from $1,250,000-$1,475,000. Average overbid? 27%.

Yes, there are some such condos selling for less, but they generally involve 1,000 square feet or less and don’t include parking—or have other quirks. (For example, a 2BR/2BA condo with parking on Dolores at 29th Street sold recently for $875,000. But the developer owns three of the 13 units, meaning any buyer needing a loan would have to use non-conforming financing.)

A good example of buyers’ insatiable appetite for Noe condos is 100 Day Street at Dolores (above), a 2BR/1.25BA first-floor condo in a four-unit building that’s not considered to be in a prime Noe location. Outdoor space for the building is limited to a small patio. A deeded, finished and unwarranted room down was possibly the factor that pushed this sale over the edge. Listed for $995,000, the unit sold last week for $1,450,000 with no contingencies. (Yes, that’s a whopping 46% over the list price.)

For owners of two-bedroom Noe condos, this market is probably about as good as it’s gonna get. Pricing today should definitely be a motivator for bringing more such homes on the market. But sellers need to heed value limitations; given that 3BR prices are in the $1.5M-$2M range, it’s likely the 2BR condos won’t go significantly higher than their current average.

And buyers, well, your budget should be in the $1,250,000-$1.5M range if you’re aiming to purchase a reasonably spacious two bedroom in Noe with parking.

No Car? No Problem!

San Francisco continues to head toward a transit-oriented environment, fueled by new construction residential developments that are providing one parking space for every two units (or no parking at all). Car-sharing services are also helping the anti-car ownership trend. Indeed, if you’re buying a condo in a central location near retail areas, rail or bus lines, there is not as much of a need to own a car these days.

I rounded up three great condos that are currently on the market and which don’t provide parking. A few years ago, these properties may have sat on the market due to the lack of parking. But in 2014, many people commute via bus, rail or shuttle (or on foot!). So having no parking lets you ride the no-parking trend, no pun intended. Here are my picks for centrally located units that also offer good space and charm:

7 Cottage Row
Lower Pacific Heights

1BR/1BA
$695,000
7cottagerow
I’ve always loved this historical street that runs between Bush and Sutter in Lower Pac Heights, half a block from Fillmore Street. Built in 1885, 7 Cottage Row has a remodeled kitchen and bath. The bedroom is on Cottage Row itself, but there are window coverings that can give you privacy. The layout makes a very efficient use of the 607 square feet. For Silicon Valley commuters who prefer the north end of town, Cottage Row is a straight shot down Bush to Van Ness to 101, and there are plenty of bus lines that will take you downtown.

333 Grant #603
FiDi

1BR/1BA
$779,000
333grant
333 Grant #603 is a no brainer when it comes to having a conveniently located condo in the heart of downtown and the Financial District, near Union Square and every transportation line in the city. Finishes are high-end throughout, and there’s also a den that would be a good office or guest space. Nice touches include soaring ceilings, exposed brick and open floor plan.

1525 Pacific #B
Nob Hill

2BR/1BA
$699,000
1525pacific
1525 Pacific #B is situated in an actual Edwardian carriage house that’s part of a five-unit property. You enter from the street down the tradesmen’s alley and reach the courtyard, which is quite lovely and features a coi pond, flagstone path and seating area. The unit itself has two bedrooms, bath with shower over tub, living area and eat-in kitchen. From this location, you can hit the Polk corridor, reach 101 via Van Ness, or take the bus on Pacific downtown.

Community Doesn’t Just Happen, You Have To Build It

colevalleylibrary
I was on the way to meet a stager at my upcoming listing in Cole Valley last week when I came upon this “lending library” on Woodland. Sheltered by a Far Niente wine box (and signalling immediately that one of these neighbors has good taste in wine), the library is used by neighbors who leave and borrow books on a regular basis. I’ve seen a few more of these lately in the Mission and in Noe Valley, and the libraries are a great way for neighbors to interact and build community.

Many San Francisco buyers tell me that one of the things they’re looking for—besides a suitable house, of course—is a sense of community and good neighbors. And one important factor to note is that a sense of community doesn’t just appear; you actually have to sometimes work to create it.

Case in point: I lived on my block in Noe/Mission for probably about five years before I really started getting to know the neighbors. It took a crazy naked man blocking traffic one late afternoon to trigger meeting one of my neighbors who lived two doors down. And when an unfortunate crime incident occurred around the block from us, that neighbor and I talked about starting a block watch. We kicked off a series of block meetings, and now we all know each other and socialize regularly, as well. And when it’s nice out, we sometimes assemble on someone’s front steps with a bottle of wine. It definitely brings me back to my days growing up in New York, where “hanging out on the stoop” was a common activity.

The good news is that you don’t have to wait until a naked man appears on your street or a crime incident occurs to reach out to your neighbors. Our next door neighbor had a school project that involved hanging colored flags in various places on the block several years ago, in a bid to get people talking. And that it did. Just last year, we spent New Year’s together with several other neighbors. That project played a role in bringing us together.

San Franciscans are generally friendly and appreciate the sense of community. So go ahead, start a lending library, or just have a BBQ in your yard on a Saturday afternoon. Over time, you’ll have the community that you want.

Just Sold: 250 Los Palmos in Miraloma Park

250lospalmos
On the market for about three weeks, 250 Los Palmos was overlooked by many buyers. However, my clients seized the day and purchased this spacious single-family home in a great neighborhood. (They also avoided a multiple-offer situation, rare in San Francisco these days.)

250 Los Palmos is just up the hill from Monterey Boulevard and Sunnyside, and is conveniently located near Glen Park and 280 for the Silicon Valley commute. The property has three nice-sized bedrooms all on the same level, a remodeled kitchen with skylight, and an additional, unwarranted bedroom and bathroom downstairs which will be very useful as a family room or guest space.

The average price for a three-bedroom house in San Francisco is well above $1M, but my clients have managed to snag themselves a deal. Congrats to them, and I wish them much happiness in their new home!

Outside Lands Shines Spotlight on Richmond

The annual Outside Lands festival takes over Golden Gate Park this weekend, and the Richmond is one of the adjacent neighborhoods that’s very much in the mix. For better or worse, neighbors can hear the show from their very own residences, and compete with festival goers for street parking and public transportation.

But during the rest of the year, Richmond dwellers enjoy proximity to the park, various retail strips that pepper the area, and the ocean. Yes, you get fog in the Richmond, but from a real estate perspective, there’s a variety of architecture, and the houses and condos have more square footage. In the end, I believe there’s good value, particularly on a price-per-square-foot basis.

Open house access will be a bit challenging this weekend, but here are some listings worth noting. My advice? Skip the open house circuit and make a showing appointment in the morning, before the festival gets going.

607 7th Avenue
Cross street: Balboa
4BR/4.5BA
1 pkg
$2,795,000
607_7th
With four levels of living space, 607 7th Avenue could have probably hosted part of Outside Lands. Seriously, this is a big, renovated house with large bedrooms, high-end finishes and a cute garden. The house has been on the market a couple weeks with no bites, but I’m thinking it’s worth writing an offer at less than asking and seeing what you can negotiate.

795 14th Avenue
Cross street: Fulton
2BR/1BA, 1 pkg
$799,000
795_14th
795 14th Avenue is a top-floor condo with greenery outlooks from almost every room along the Park Presidio. The handsome building itself was built in 1921, so the unit has a fireplace and floor-to-ceiling curved windows. And the dining room overlooks Golden Gate Park, so you may be able to see who’s coming and going from the festival. The kitchen and bath could use an update, but the list price reflects that. A good deal for someone with vision who appreciates the unit’s good bones.

717 27th Avenue
Cross street: Balboa
4BR/3.5BA, 1 pkg
$1,499,000
717_27thave
This newly renovated house at 717 27th Avenue has the advantage of featuring three bedrooms and two bathrooms on one level, which is a floor plan most families like. The parental set can enjoy the master suite and know that the kids are not too far away (vs on a different level). The list price is a sound one for the space and quality of the property, particularly in comparison to recent comparable sales in the area.

SF Construction Boom Boosts Tire Industry

Construction in San Francisco is going gangbusters these days. No matter where you walk, drive or bike, there’s a building rising or a home being extensively renovated.

One byproduct of all this construction is what I experienced last week. I headed to my garage en route to an appointment and discovered that I had a flat tire. An hour later, AAA diagnosed the cause of the flat—a nail.

The service guy said that he is seeing nails in tires “every day, because of all the construction.” Unfortunately for me, the tire wasn’t repairable.

Consider this a public service announcement of sorts. Part of my job requires me to go to new construction sites, but I’m also now making every attempt to avoid driving past work sites if I can. That’s no easy task, but at the very least, I don’t park near renovation areas.

So watch where you drive, and make sure you have a reliable roadside assistance plan in place—and a solid spare tire.

New Listing: 7 Bennington in Bernal Heights

19Ext1My new listing on one of the most desirable blocks in Bernal opens its doors this weekend. 7 Bennington is a sweet single-family home that features an open living/dining area, three good-sized bedrooms all on the main level and an updated kitchen and bath. This is a great house for entertaining, as the deck and stairs off the kitchen lead to a lovely yard that’s perfect for enjoying Bernal’s sunny microclimate while you fire up the grill and hang with your friends.

Oh, and did I mention a two-car garage and laundry area with a top-of-the-line washer/dryer?

All this only one block from a prime stretch along Cortland Avenue, and also near public transportation, tech shuttles, and freeways.

List price is $899,000.

We’ll be open Saturday & Sunday from 2:00-4:00, so stop in and see me!

For more details & photos, please visit our 7Bennington Web site.

Market Softens for $2M+ Homes, Condos in Big Buildings

The media and local blogs love to grab headlines by touting the latest crazy overbids made by buyers who don’t think much of throwing hundreds of thousands of dollars at sellers. (Yes, I cover these overbids occasionally, as well, because they’re an intrinsic part of the current market here.) Homeowners love those headlines, but would-be buyers cringe.

But the latest news is that there are certain segments of the market that are softening, as evidenced by several July sales:

2M+ Single-Family Homes: Houses in this price range are spending an average of 51 days before they go into contract. Several buyers got pretty good deals in July on these properties:

324 3rd Avenue (5BR/4.5BA)
Inner Richmond
List Price: $2,995,000 Sale Price: $2,900,000

1926 Lake Street (5BR/3.5BA)
Lake District
$2,895,000 / $2,850,000

271 Upper Terrace (1BR/1BA)
Ashbury Heights
$2,995,000 / $2,200,000

1450 Masonic (6BR/5.5BA)
Buena Vista/Ashbury Heights
$5,995,000 / $5,375,000

1909 Vallejo (4BR/3.5BA)
Pacific Heights
$3,750,000 / $3,625,000

68 Presidio Avenue (5BR/5.5BA)
Presidio Heights
$8,995,000 / $7,750,000

2602 Pacific (6BR/6.5BA)
Pacific Heights
$8,995,000 / $8,250,000

Condos in Big Buildings: Units in larger properties in South Beach and Mission Bay are definitely seeing a fair amount of under-asking sales. Buyers should target The Beacon, Metropolitan, Infinity, The Brannan and Watermark, particularly at the $1.5M+ price point. Here’s a lineup of sales that probably weren’t what their sellers had hoped for:
260 King #509
List Price: 665,000 Sale Price: $659,000

250 King #706
$749,000 / $723,000

207 King #512
$1,325,000 / $1,125,000

435 China Basin #444
$1,399,000 / $1,350,000

300 3rd Street #1007
$759,000 / $750,000

333 Main #7H
$679,000 / $650,000

355 1st Street #S807
$1,195,000 / $1,120,000

501 Beale #12D
$1,488,000 / $1,450,000

338 Spear #14F
$1,525,000 / $1,465,000

229 Brannan #12G
$1,629,000 / $1,525,000

501 Beale #18D
$1,885,000 / $1,860,000

338 Spear #41E
$2,690,000 / $2,600,000

What You Can Buy: 21 Days & Counting

Properties in San Francisco commonly go into contract within a week or two of being on the market. Which means that things move quickly. However, there are many homes that have been on the market for three weeks or more. In my never-ending quest to unearth buyer opportunities, I wanted to profile a trio of properties that are available with no offer date—and potentially, no competition:

424 28th Street
Noe Valley

Days on Market (DOM): 24
3BR/2BA, no parking
List price: $1,595,000
424_28th
Finding a spacious, detached single-family home in a good location in Noe Valley for less than $2M is a bit of a challenge these days. That’s why I’m surprised no one’s snapped up 424 28th Street. Yes, this house is a little quirky, with bedrooms scattered among three levels, and no, there’s not a garage. But you can take it upon yourself to add parking (there’s an estimate on file for $120,000 for a garage installation). The sellers have secured a leased parking space in the interim that’s only half a block away. You also have front and rear backyards, views, and a family room. The house is situated two and a half blocks from the J Church Muni station and the shops/restaurants in the south end of Noe.

1334 Chestnut
Marina

DOM: 25
3BR/2BA, 1640 sq ft
1 parking
List price: $1,595,000
1334chestnut
I’m a big fan of 1334 Chestnut, a spacious top-floor condo with a very functional floor plan and lots of natural light throughout. The balcony off the living room offers Bay and bridge views, too. There’s also a decent amount of closet space, in-unit, side-by-side washer/dryer, and additional storage in the garage. Finishes are mid range, but that is certainly an easy thing to upgrade. Constructed in 1982, the building has a concrete foundation and is situated outside the liquefaction zone. The building is just around the corner from the Amero, a new-construction condo building that’s selling units for $1100/square foot. The heart of the Chestnut Street retail area is seven or so blocks west of 1334 Chestnut, but it’s a healthy walk (and you’re not in a liquefaction zone). And if you cross Van Ness and head south on Polk, you’re approximately five blocks from the heart of the Russian Hill restaurants and shops.

460 5th Avenue
Inner Richmond

3BR/2BA, 1729 sq ft
1 parking
List price: $1,395,000
460_5th
460 5th Avenue is a house-like condo on the top floor of a two-unit building. Built in 2004, the property features modern updating and a very liveable floor plan. Two bedrooms, one bathroom and kitchen/living space are on the main level, with a master suite upstairs. There are also four decks and a nice array of tech amenities, such as in-ceiling speakers, Nest thermostat, iPad control and digital light switches. 460 5th Avenue is extremely central to the Clement retail area just across Geary, and is only about three and a half blocks north of Golden Gate Park. The fact that you have Kaiser’s French campus directly across the street takes a bit of charm out of the location, but if you’re a Kaiser member, the convenience factor will be high.

Give me shout if you’d like to schedule a showing, I’m at 415.823.4656 / ebermingham@zephyrsf.com.

Let’s Start Pushing for “Blue” Construction in SF

Two things are certain right now: Our California drought doesn’t have an end in sight, and construction is booming in San Francisco.

The push for “green,” or eco-friendly construction erupted several years ago. But what I’m wondering is whether architects and builders can start including “blue,” or drought-friendly features in future renovations and new construction.

A recent piece on NPR discussed how Australia—which has a nine-year drought in its history—began addressing its water shortage problem by revamping home plumbing systems. Consider Melbourne, which gets 23 inches of rain annually (similar to that of San Francisco in a typical year). Half the homes in Melbourne now have systems to capture and store rain, and newer homes are being built with dual plumbing systems to recycle graywater. For example, rinse water from the washing machine goes to the toilet for flushing.

Melbourne is now down to 40 gallons per person per day, including outside watering. Californians average two to four times that amount.

Green construction is great, and should continue. But it would be awesome if, in the future, homeowners and builders would take the lead from Melbourne and create “blue” construction properties.

Real Estate Near Fort Mason, Twist in Latest Sales

There are plenty of events happening in Fort Mason, the Marina outpost that hosts food truck gatherings, the city’s best vegetarian restaurant, a music school and other more interesting enterprises. Welcome the Epic Foodie Festival to the mix, which is sponsored by the Golden Gate Restaurant Association and features multiple events such as The Grand Tasting.

And if you’re interested in real estate that’s in walking distance of Fort Mason, we profile three new listings that fit the bill.

All that plus a market overview that shows that not every sale in San Francisco sells for way over the asking price. In fact, this batch has several sales that show under-asking prices.

It’s all here in the Zephyr Market Tracker!

Hard Hat Tour: Amero in Cow Hollow

Exterior_Amero
I went on a hard hat tour of the new Amero condo building at 1501 Filbert between Van Ness and Franklin last week. Featuring 27 two- and three-bedroom units, Amero also includes one parking space per unit. (Many other properties only provide one space for every two units.) There are four penthouses, as well.

Units range from just over 1,000 square feet to 2500 square feet. Finishes will feature natural stone countertops, walls and flooring; carpeting in bedrooms; European grey oak/wide plank flooring. The kitchen will be fully stocked with Italian cabinetry, Bertazzoni ranges and Thermador refrigerators, along with polished quartz countertops.

We checked out the fifth floor, penthouse level. Some of the units had drywall up, but others are just shells at this point. Here’s a look at one of the corner units:
Corner Unit

To give you a sense for the size of the kitchens and baths, here are a couple shots of both as they’re being constructed:
Kitchen

Penthouse_Bath

One of the townhomes we walked through had three levels. The first included a large patio and living/dining/kitchen area; the second level had a family room, bedroom, bath and storage and the master bedroom/bath were on the third level. Though there aren’t any views, buyers looking for a lot of space in the north end of town should seriously consider one of the townhomes. Here is the future living room:
Topfloor_master_north

Pricing will be in the $1100-$1300/sq foot range, with penthouses/townhomes listed for close to $4M. HOA dues will range from $550-$850/month, and common areas include a shared rooftop terrace with outdoor grills, fireplace and seating areas. There will also be bike storage available. The sales office is accepting offers from buyers now, with move-in dates projected for the Fall. If you’d like independent representation, please give me a shout at ebermingham@zephyrsf.com / 415-823-4656 and I can arrange a tour!

Q2 Goes Out Like a Lion for SF Real Estate

Has San Francisco real estate hit its peak for 2014? That’s the word on the street among many of my colleagues, and the second quarter stats certainly point to a buyer frenzy over the past three months.

Let’s hit up the single-family home and condo markets and see how they stack up against first-quarter numbers:

Single-Family Home Market
# Sold
Q2: 607
Q1: 442

Average Price
Q2: $1,537,074
Q1: $1,401,901

Percentage of Cash Sales
Q2: 20%
Q2: 25%

# Homes Sold for $1M or Less
Q2: 257
Q1: 226

Where to Buy for $1M or Less
Outer Parkside/Sunset; Parkside/Central Sunset; Merced Heights; Ingleside; Midtown Terrace; Miraloma Park; Sunnyside; Bayview; Crocker Amazon; Excelsior; Outer Mission; Visitacion Valley; Portola; Silver Terrace.

Volume and Prices Up, Cash Sales Down: Prices and volume increased over the past quarter, but cash sales dropped 5%. Given that trend, we may see less cash buyers snapping up homes over the summer.

Condo Market
# Sold
Q2: 786
Q1: 568

Average Price
Q2: $1,145,328
Q1: $1,033,560

Percentage of Cash Sales
Q2: 25%
Q1: 24%

# Homes Sold for $1M or Less
Q2: 420
Q1: 321

Where to Buy for $1M or Less: Ingleside Heights; Diamond Heights; 1BRs in Eureka Valley and NoPa; Western Addition; Downtown; Van Ness Corridor; Bernal Heights; Mission; Mission Bay; Potrero; SoMa; South Beach; Dogpatch.

Numbers Up Across the Board: Volume and sales prices also increased in the condo market over the last quarter, though cash sales remained roughly the same. The one-bedroom market is particularly strong, with an average selling price of $720,505.

What’s On Tap for the Summer?
This time of year tends to be slower in terms of buyer activity and inventory. Blame it on vacations, as many buyers and sellers schedule trips and simply aren’t focused on real estate. However, I’m not expecting sellers to hold off until the Fall to list their properties. There are still more buyers out there than available properties, and the committed buyers don’t let vacations prevent them from writing offers.

Happy Independence Day!

fireworks
Thank you for continuing to read and support my blog! Best wishes for a Happy July 4th and great holiday weekend.

Please stop in on Monday 7/7 for my second quarter market update!

(Photo courtesy of Brandon Ku)

Just Sold: 3BR Bernal Condo

267a_anderson
My clients just purchased a spacious three-bedroom Victorian condo on a prime Bernal Heights street, just half a block from the popular Cortland Avenue neighborhood hub.

Featuring lovely period detailing, a living room with gas fireplace and an open kitchen/dining area, 267A Anderson also has three good-sized bedrooms. There’s a private deck, independent parking and storage. List price was $899,000.