Just Sold: Corona Heights Condo

2442_15thSt Outlook
I just sold my listing at 2442 15th Street in desirable Corona Heights. The large rear bedroom had the lovely outlook above, and was situated on a tree-lined street adjacent to tennis courts. And it was only a couple blocks to Duboce Triangle and Castro services and public transportation.

List price was $649,000, and we closed for $680,000.

The Most Competitive Condo Markets in San Francisco Right Now

One of the keys to success in the current San Francisco market is knowing which neighborhoods are the most competitive. Armed with that intel, you can more easily gauge how much to offer on a property, or what list price will work to your advantage.

As many of my regular readers know, I’ve been running a feature highlighting extreme overbidding for several months, regularly inducting new members into the SF Overbidders Club. The reality is that we have many neighborhoods in San Francisco that are showing double-digit overbid percentages, and it’s important to know what the selling patterns are when you’re determining values.

When it comes to the San Francisco market, these patterns can change pretty quickly. My sales data is based on reported MLS sales in the time period April 1 – May 12, 2014, so it’s the most current info available. [Read more…]

New Listing: 2BR Corona Heights Condo

2442_15thSt LR2
My new listing at 2442 15th Street in desirable Corona Heights is in an awesome location—and, it’s a lovely condo, to boot.

Seriously, not only can you walk out the door and on to a quaint, tree-lined street, but you also have immediate access to Corona Heights Park, tennis courts across the street and a short walk downhill to Duboce Triangle and the Castro. That means you can easily catch Muni to downtown, tech shuttles to the South Bay, and be inside cafes, restaurants and shops in minutes.

The condo itself has great Victorian detailing, a clawfoot tub, big master bedroom with lush, green outlooks and a large storage unit. There’s no garage parking, but finding a space on the street is really not that hard to do in this part of town.

Want more info? Head over to our property Web site at 2442 15th Street for photos and our showing schedule. Stop in this weekend on either Saturday or Sunday from 2:00-4:00 and say hello! And message me directly at 415.823.4656/ebermingham@zephyrsf.com if you have any questions.

What You Could’ve Bought: For Under the List Price

Buyers are paying an average of 12% over asking for houses and 10% for condos in the current San Francisco market. So I always catch a little thrill when I spot properties that sell for under the list price.

A handful of homes sold for under asking in April in popular neighborhoods. Let’s take a look at some sales that were possible without overbidding and waiving contingencies:

301 Main #20B
South Beach

List Price: $2.1M
Sale Price: $1,975,000
Days on Market (DOM): 50
Cash Sale: Yes
Shed no tears for this seller, who managed to flip this unit for significantly more money. Purchased in October 2013 for $1.6M, this 2BR/2BA unit at The Infinity was listed again in February for $2.1M. That price apparently didn’t fly, but $1,975,000 did. If there’s ever a case that needs to be made for the strength of the 2014 market, #20B is a good sale to reference. [Read more…]

What You Can Buy: 2BR Condos

There’s a healthy inventory of condos on the market right now in San Francisco—particularly in popular neighborhoods which are convenient to transportation, restaurants and services. I thought I’d share some of my picks for newly listed condos that I would consider if I were searching for this type of property in the city:

50 Lansing #601
South Beach

2BR/2BA, 1499 sq ft
2-car parking
HOA dues: $763.43/month
List Price: $1,295,000

The Lansing is an 82-unit development right off Harrison and First that’s a great option for South Bay or financial district commuters. #601 has two balconies, a large, 640-square foot private roof terrace and two-car parking. (The latter is a challenge to find in the San Francisco condo market.) The well-appointed kitchen features Studio Becker cabinetry, and the unit has air conditioning, another thing you don’t find often in San Francisco. Common areas include a fitness center with sun deck, pano-view roof deck and on-site property manager. 50 Lansing is perfect for buyers who want to be near the Embarcadero waterfront, Ferry Building and everything that South Beach has to offer (including good weather). This unit sold in 2006 for $1,395,000.

628 Rhode Island

2BR/3BA, 1850 sq ft
No parking
HOA dues: $332/month
List Price: $950,000

628 Rhode Island is great for buyers who are looking for a unique property that could use some cosmetic and reconfiguration work to bring out its full potential, in a prime Potrero location. The property consists of a three-unit association, and this particular unit is a freestanding cottage with a separate, rented studio space. The cottage is at the rear of the lot, amidst a very nice garden. It also has city views. 628 Rhode Island is located in the heart of Potrero, and is in proximity to the design district, restaurants, Anchor Steam Brewing Company and the freeway.

2750 Market #101
Corona Heights

2BR/2BA, 1528 sq ft
1-car parking
HOA dues: $623/month
List Price: $825,000

1980s construction may not have the classic San Francisco architectural charm, but it is extremely functional and typically more spacious. Witness 2750 Market #101, which has good natural light throughout, generous square footage and an open living/dining area. There’s a raised hearth fireplace, as well as recessed lighting and a walk-out deck. The remodeled kitchen has lots of storage space and hardwood floors. Yes, this building is right on Market at Douglass, so you traffic will be a presence. But the unit has double-paned windows, and many also have plantation shutters. Common areas include a roof deck with views and outdoor furniture. You’re just up the hill from the Castro and its Muni station, restaurants, services and bars. This unit last sold for $705,000 in 2009.

SF Overbidders Club Welcomes New Members

Our ongoing feature highlighting properties that have sold for 25% or more above list price continues today with three new SF Overbidders Club members. Here’s the latest lineup:

53 States
Corona Heights

List Price: $748,000
Sale Price: $1,135,000
Overbid Amount: 52%
Closed Escrow: 8/28/13

This contractor’s special with odd curb appeal and no garage apparently impressed many buyers, but one stood out with a non-contingent cash offer. Yes, folks, that’s what it takes to earn the right to develop a property in a popular location up the hill from the Castro.

37 Elk
Glen Park

List Price: $949,000
Sale Price: $1,282,000
Overbid Amount: 35%
Closed Escrow: 8/16/13

This detached single-family home overlooking Glen Canyon Park had a remodeled kitchen and bath, two large bedrooms with direct deck access, and a newly remodeled master suite downstairs with an office, laundry area and ample storage. In short, the house has everything three-bedroom buyers are looking for, along with easy access to 280 and BART. 37 Elk last sold for $785,000 in August 2008.

140 Edgehill
Forest Hill Extension

List Price: $895,000
Sale Price: $1,177,000
Overbid Amount: 31.5%
Closed Escrow: 9/6/13

Situated on curvy Edgehill Way, this property has a 5,000 square foot terraced lot and was custom built in 1947. Yes, it was a quirky and dated house, but one buyer was willing to pay 31.5% over the list price. 140 Edgehill last sold in 2004 for $990,000.

Heights Smackdown: 3BR House vs Condo

Pacific Heights and Corona Heights are two very different neighborhoods. But today we take a look at what you can get for your money in both places in the $1,350,000-$1.4M range:

1907 Lyon / Sacramento
Pacific Heights
3BR/1BA, leased parking

Boasting nice curb appeal and period detail, 1907 Lyon is situated on the border of Pacific/Presidio Heights and is within walking distance of Laurel Village, as well as the shops and restaurants along Sacramento Street (not to mention the Presidio itself). The house is more of a condo alternative, given that it’s smaller in scale than the larger homes you typically see in the area. No yard, but you have all three bedrooms on the upper level, and a generous living space downstairs. The kitchen and bathroom are nicely remodeled. (Yes, there’s only one bathroom, but you can expect a compromise when you’re looking in this price range for a house in Pacific or Presidio Heights.) There’s no garage, but the sellers have leased parking at a garage half a block away, across from the library and are including one year’s worth of parking in the sale. There are also plans available for adding that second bathroom on the main level. 1907 Lyon was last sold in 2009 for $1,230,000.

84 Mars
Corona Heights
3BR/2BA, 1 pkg

At the other end of town is the condo at 84 Mars in Corona Heights. This multi-story property houses two condos, and 84 Mars covers the top two levels of the building. And the good news is that there’s an elevator. The living room features soaring ceilings, a gas fireplace, private balcony and views of the City and Bay. The master bedroom upstairs has a bathroom with limestone finishes, a steam shower and Jacuzzi tub, and overlooks the garden. The third bedroom is a loft-style space and overlooks the living room. Location is convenient to the Castro and Cole Valley, though you can expect a bit of a walk to each. 84 Mars was last sold in 2007 for $1.2M.

Corona Heights Renovation Creates Hot Luxury Home

Just unleashed upon the luxury market is 446 Roosevelt, a good-lookin’ Spanish-Mediterranean home with all the trappings.

The previous owners gutted the place, but the project went awry and the property was sold as a to-the-studs development opportunity in July 2011 for $1.3M. The current owners picked up the ball and finished the renovation. Now listed for $2,565,000, the 3,000-square foot property features 4BRs/4BAs and continues to benefit from massive curb appeal.

There’s a grand-scale living room with a walk-out deck and fireplace, as well as two bedrooms and two bathrooms on both the main and lower levels. With two master suites, I’m not sure this is a family home, but it’s certainly one that will appeal to a variety of buyers. Also included are a family room, dining room with views, and garage with internal access. There’s also a legal one-bedroom unit, which means this is technically a two-unit building.

With buyers snapping up highly priced homes left and right these days, we’ll see how long 446 Roosevelt stays on the market. Oh, and they’re open from 2-4 this Sunday 3/25!

Cash Buyer Saves the Day for Corona Cottage

The last-minute, “foreclosure-is-extended” activity at the short sale cottage over at 3066 Market at Hattie in Corona Heights led to positive results for everyone involved.  The small fixer property hit the market in April for $710,000 and subsequently had its share of price reductions. Time was ticking, though, and foreclosure was imminent. After being withdrawn from the MLS toward the end of June, the seller brought the home back on the market at $499,000, and the listing agents informed everyone that the only hope for a sale was that a cash buyer would step in and close by July 7th.

It happened! 3066 Market closed earlier this week for $485,500. Not a bad deal at all, and one to note if you’re in the market for a single-family home for under $500,000 in San Francisco (a rarity).

Open House Spotlight: Corona Heights Craftsman

If you’re looking for a 3,000-square foot Craftsman view home in a nice neighborhood, 47 Levant may be for you. There are 5BRs/4BAs across three levels, with two fireplaces, decks and a lovely yard. Plus, a sauna and two-car parking!

47 Levant was sold in 2003 for $750,000. It looked like this:

The property was then renovated and sold in 2004 for $1.9M. Let’s see if the current $2,195,000 list price captures a buyer.

Open Sunday July 10th from 2:00-4:30.

Vic Cottage Rocks Corona Heights

If you’re in the market for a unique property in a great neighborhood, the 1BR/1BA single-family home at 362 Corbett is a good bet. I walked through the property last year, and thought that it would be a great fit for someone who would appreciate the nice setting and excellent views. List price is $699,000.

The floor plan offers good space separation. A bonus room just inside the entrance is perfect for guests, an office or media room. Upstairs is a double parlor where the downtown and Bay views happen, as well as a roomy kitchen that could benefit from updating. (Here’s where you can immediately add value to your investment.) The bedroom has an ensuite bathroom. And there’s a separate structure at the rear that could serve as an artist’s studio or den.

362 Corbett was built in 1904, and retains some of the details from that era such as stained glass windows, period molding, and refinished oak hardwood floors. There’s potential for one-car parking, though there is no garage on the property.

Corona Heights is an excellent neighborhood, particularly if you’d like proximity to the Castro and nearby dog parks. For more on the area and to check out some quick market stats, click here. 362 Corbett has a “very walkable” 75 Walk Score. I personally think the property is an excellent condo alternative, especially for buyers in this price range who like privacy and a bucolic setting in the city.

(First open house is this Sunday, February 13 from 2-5.)