What You Can Buy: 3BR Condos

It’s a good time to check out the three-bedroom condo inventory in some of the most popular neighborhoods in San Francisco. Condos with three bedrooms are common options for what are called “move-up” buyers, who have been living in smaller homes but who now need that third bedroom for a new baby, guests or an office. And why not spread out if you can afford it?

Here are my picks from current market offerings:

642 Steiner
Alamo Square

3BR/2BA, 1 pkg
HOA dues: $344/month
List Price: $1,049,000

642 Steiner is situated in one of my favorite neighborhoods in San Francisco—Alamo Square. The condo is a spacious Queen Anne Victorian that’s been updated and also boasts lovely period details such as wide hallways, high ceilings, original wainscoting and moldings. Clocking in at almost 1600 square feet, this is a great unit for families that need good bedroom separation. There’s also a nice deck off the kitchen. 642 Steiner is located right off Alamo Square Park itself, and is three blocks from Nopa and the hot Divisadero corridor. Tech shuttles also stop nearby, so plan your commute accordingly. 642 Steiner last sold for $1,030,000 in November 2009.

2327 Divisadero
Pacific Heights

3BR/2BA, 1 pkg
HOA dues: $390/month
List Price: $1,525,000

I’m totally digging 2327 Divisadero, a renovated top-floor condo that’s smack dab in the middle of Pacific Heights. Yes, Divisadero is busy, but it calms down significantly north of California Street, which is where 2327 Divisadero is located. The building exterior has extreme curb appeal, and the unit is rife with quintessential Edwardian period detail. Rooms are gracious and generously proportioned across 1856 square feet, and the gourmet kitchen opens to a small deck. The master bedroom has an ensuite marble-finished bathroom, and residents share the landscaped garden. 2327 Divisadero is very close to Alta Plaza Park, Fillmore Street, Divisadero shops and restaurants, and the Presidio. This unit last sold in March 2005 for $1,180,000. Oh, and offers are due today.

1580 Great Highway #4
Outer Sunset

3BR/3BA, 1 pkg
HOA dues: $328.20/month
List Price: $749,388

Ah, the Great Highway. I know it’s far west if you’re commuting downtown or to the Peninsula, but you can fall out your door and run on the beach or along the Great Highway path. This location is phenomenal for dog owners. Though 1580 Great Highway #4 isn’t the prettiest building to look at, the unit’s floor plan is quite large (1798 square feet) and includes three—three!—bathrooms. There are ocean views from the living/dining/kitchen area, and a deck with hills views, as well. A lot of bang for the buck, is what I say. The condo is one block from the N Judah Muni line, and three blocks south of Golden Gate Park.

What You Can Buy for $1M

Condos and single-family homes listed for $1M or less typically attract many buyers in the current San Francisco market. Here’s a look at what you can buy at the $1M price point in three desirable neighborhoods:

341 Presidio
Presidio Heights
2BR/1.25BA, 1307 sq ft
1-car parking
List Price: $998,000

341 Presidio is a spacious 1920s condo that features hardwood floors, a remodeled kitchen and bath, and best of all, a large private yard (above) that’s deeded to this unit. Such exclusive outdoor space is not typical for a condo in a three-unit building. The property is situated around the block from the Sacramento Street shops, is near Laurel Heights Village and is about 3.5 blocks to The Presidio.

575 Magellan
Forest Hill
2BR/2BA, 1343 sq ft
1-car pkg
List Price: $995,000

575 Magellan is a remodeled Spanish Mediterranean home located on a lovely, tree-lined block in the quiet and stately Forest Hill neighborhood. Though it’s missing that third bedroom everyone typically wants who looks for a home in Forest Hill, the main level offers a living room with fireplace, formal dining room, kitchen with eat-in area and a family room. The master bedroom has a walk-in closet and bath with skylight and heated floors. Just outside the family room is a walk-out patio, as well as a landscaped yard with Magnolia trees, lawn, hot tub and outdoor shower. 575 Magellan is a short distance away from the West Portal retail area and Muni station to downtown, as well as about a ten-minute drive to 280.

2152 Grove
North Panhandle
2BR/2BA
1-car tandem pkg
List Price: $999,000

2152 Grove is another spacious condo, this time in the Craftsman-style vein. The floor plan includes two large bedrooms in addition to a sunroom overlooking the yard. You also get two full-sized bathrooms (one is split), which is nice. The kitchen has been remodeled and the dining room offers floor-to-ceiling custom built-in bookcases and cabinetry. Buyers may pause at the fact that the parking is tandem, meaning you have to move one car out of the way to get in and out of the garage. And the property backs up to USF’s School of Law. But if you can get past the last two factors, this is great interior space and excellent proximity to Golden Gate Park. 2152 Grove strikes me as a good bet for parents looking to invest in a San Francisco property that their USF student child can live in while attending school. It’d be a fine prospect for a future pied-a-terre or rental property after graduation.

Buyers Turn to TICs in Tight Market

As condo prices climb and low inventory persists in centrally located neighborhoods, San Francisco buyers appear to be more willing to take on TICs.

A total of 66 TIC interests sold in the last quarter of 2011, at an average price of $594,127. However, buyers snapped up 94 TICs in Q4 2012, and the average price shot up by about 9% to $645,091.

In a city where the average condo price is almost $1M, TICs still represent a more affordable path to home ownership—particularly where 2BR units are concerned. Almost half of the TICs sold in the last quarter of 2012 were 2BRs, with 1BR TICs representing 32% of the total sold. The least popular TIC type was the 3BR+ unit; only 22% of buyers purchased those.

The TIC market has always been a niche one, with far less units selling than that of condos. (For example, 671 condos sold in Q4 2012 in comparison to those 94 TICs sold in the same time period.) But those TIC numbers could increase in 2013, particularly in neighborhoods such as the Mission/Mission Dolores, North Beach, Lower Pacific Heights and NoPa, which represented the most popular areas for TIC sales late last year.

I checked out a few TIC offerings on my broker tour last week, and in most cases, listing agents reported distributing multiple disclosure packages to interested buyers, as well as offer deadlines. There was a time when TICs would sit on the market for an average of 90 days, but that doesn’t seem to be the case in the current market.

TICs still carry unique risks. For example, the type of financing they require (fractional) lets you avoid a lender foreclosing on the entire building. But you’re still on title with multiple owners, which requires everyone to share responsibilities such as paying property taxes. And fractional financing is only offered through adjustable-rate loans, which can increase over time and leave you vulnerable to higher mortgage payments in the future. Additionally, your lender pool will be small. So if you’re looking to refinance, you’ll be limited to the interest rates those two or three lenders will be offering.

But a TIC is a bonafide homeownership opportunity in a city where rents have managed to hit all-time highs, and where a 2BR condo costs an average of $919,796.

Best Neighborhoods for Dog Owners in San Francisco

San Francisco is one of the more dog-friendly cities in the country, and many of its neighborhoods offer ideal environments for dogs and their owners.

I’m a dog owner myself, and frequently meet clients looking for a home in a neighborhood that will provide what we all need for us and our pets—ideally, proximity to open space, dog-friendly cafes and shops, and a community of dog owners who support each other and their ‘hood.

So here are my picks for the best dog-owner neighborhoods in San Francisco:
1. Bernal Heights. It’s got a great retail area on Cortland Avenue, with plenty of shops and cafes, including Bernal Beast pet shop. But most notably, Fit Bernal Fit is a gym that invites “Bernal locals and their dogs to join us to exercise, socialize and engage in a more healthful, energetic and stress-free lifestyle.” If that’s not enough, there’s Bernal Hill itself, which has trails and off-leash areas, as well as Holly Park. The weather is superior in Bernal, so when you head out for a walk in the late afternoon, don’t expect to encounter much fog.

2. Inner Sunset. The weather may not be as desirable, but the Inner Sunset has Golden Gate Park at its doorstep. Yes, you have to keep your dog on a leash, but at least there’s a lot for your dog to smell and see. (My terriers love the gopher holes.) There’s also the Irving Street corridor, which is a great place to stop for coffee or lunch. Le Video—one of the few bonafide video stores left in the city—also lets you bring in your dog. For pet care, there’s Irving Pet Hospital and Animal Emergency Services.

3. Noe Valley. Ok, so I’m a bit biased on this one because I live here. But if there are two requirements for living in Noe, it’s that you need a dog or a kid. I’ve picked a leash over a stroller, and have plenty of company. There are two dog runs—one on 30th Street, and one up the hill at 27th and Diamond. Noe Valley Pet Company at Church and Cesar Chavez is an excellent store, and K9 Scrub Club lets you wash your dog in one of their many giant tubs. Le Zinc on 24th and Castro has an outdoor patio where you can sit with your pooch. And don’t overlook the Friends of Upper Noe Dog Owners Group, which makes sure the 30th Street dog run stays in shape.

4. Parkside. This is a great neighborhood for dogs because it’s near vital open spaces. There’s Stern Grove, an excellent dog-walking area. But the canine epicenter lies over at Fort Funston, a short drive away. The area even has its own Fort Funston Dog Walker (FFDW) organization that works to preserve off-leash areas and good dog ownership practices. The Parkside is also blocks away from Ocean Beach and the Great Highway, which are great places to bring your dog. The streets in the Parkside are nice and wide, so there’s plenty of sidewalk room, too.

5. NoPa. The North Panhandle neighborhood suits dog owners well, as the architecture allows for spacious flats. It’s a little more low-key than the busier Haight area, which can be stimulation overload for dogs if you decide to troll along Haight Street itself. The Panhandle is a good dog destination, as it’s a sizeable open space for walks. Nearby Alamo Square has a play area. There are a lot of great shops and restaurants scattered throughout NoPa to which you can walk your dog, particularly along the revitalized Divisadero corridor. Don’t forget about Osso & Co, where you can pick up specialty items as well as everyday pet products. (There’s also one in the Inner Sunset.)

6. Mission Bay. Far less established a neighborhood than the others, Mission Bay is your best bet if you want to live downtown and own a dog. The Mission Creek Dog Park lets you meet other Mission Bay dwellers and their pets. If you get bored with Mission Creek, you can simply walk your dog up and down the Embarcadero, which has wide streets and provides nice Bay views.

What You Can Buy in District 5

“District 5″ in Realtor terms refers to the gaggle of centrally located neighborhoods in San Francisco—areas such as Noe/Eureka Valleys, Glen Park, Mission Dolores, Cole Valley and the like. It’s one of the largest and most popular districts in the city, and one in which I frequently sell homes.

It’s early in 2013, but here’s a roundup of what’s available right now in District 5:

235 Duncan Street / Dolores
Noe Valley Single-Family Home
3BR/1BA, approx 1350 sq ft
3-car parking
List Price: $1,300,000

Though this mid-century home in Upper Noe is generously proportioned and totally liveable, 235 Duncan is all about the oversized lot that offers its future owner the potential to expand on the garden level. (At the very least, you can hopefully add a bathroom.) The floor plan works, the kitchen and bath could use an update, and the location is convenient to the J Muni, as well as many restaurants and cafes.

1250 Page #3 / Baker
Haight Condo
2BR/1BA, approx 824 sq ft
1-car parking
List Price: $599,000

1250 Page #3 is a very charming and efficient unit with all the basics in place—good-sized galley kitchen, private patio overlooking Page Street, two bedrooms separated by the bathroom, and a living room that gets nice natural light. No, the 1980s building is not a charmer in a neighborhood known for its architecturally unique Edwardians and Victorians. But if your budget is in the $600,000-$700,000 range and you want two bedrooms in a great location with parking, 1250 Page #3 could be the perfect home for you.

3322 16th Street #3 / Dolores
Mission Dolores TIC
2BR/1BA, approx 850 sq ft
1-car parking
List Price: $600,000

The tenancy-in-common (TIC) proposition is that you can buy a unit in a neighborhood that otherwise wouldn’t be affordable. 3322 16th Street #3 falls into that category. Situated at 16th and Dolores amidst everything Mission Dolores, Eureka Valley and the Mission have to offer, this second-floor TIC is situated in a six-unit building. It’s being sold with fractional financing, which means you have your own loan (but are still on title with all the other owners). The building was renovated and sold as TICs several years ago. The space is decent, with mid-range finishes and good-sized bedrooms. Top-floor unit #6 sold recently for $600,000, so given that #3 is on the middle level, there should be some room to move on price.

Foreclosures Slow, Shadow Inventory Declines

The good news keeps hitting the San Francisco real estate market. With prices up 13-16.5% over the prior 180 days in the single-family home, condo and multi-unit market, property owners have a lot to smile about.

And it seems like the foreclosure sales have tailed off a bit, as well as short sales.

Out in the neighborhoods, word is that street improvements are coming to Oak and Fell. And the tech shuttle map has been revealed!

It’s all here in this edition of the Zephyr MarketTracker.

Just Sold: 3BR Condo in The Haight


My clients just purchased 1351 Page Street, a well-appointed and spacious 3BR/2BA condo on a prime block in The Haight. The remodeled kitchen is open to the living and dining areas, and adjacent to the fireplace. All bedrooms are in the rear of the condo, with a lovely master suite that overlooks the lovely shared yard. There’s an in-unit washer/dryer and one-car independent parking.

1351 Page is a block from the Panhandle, storied Haight Street, Golden Gate Park and multiple forms of public transportation. List price: $949,000.

House & Condo Prices Rise, TIC Market Picks Up

Yes, it’s true. Single-family home and condo sales are up 11% in the past six months, with days on market decreasing to 11.5% and 22%, respectively. Good news for those property owners who are thinking of putting their homes on the market in the Fall.

This week’s MarketTracker Report takes a look at these stats, as well as the slow and steady rise of the TIC market. We also highlight three cool TICs and turn the spotlight on NoPa so you can get a sense for what this North Panhandle neighborhood offers.

Plus, the most recent citywide sales and more! It’s all here in the Zephyr MarketTracker.

Former Mayoral Manse On Market Again


Less than a year after former Mayor Newsom sold his 4BR/3.5BA Ashbury Heights home at 1581 Masonic in an all-cash transaction for $2,750,000, the property is again up for sale.

The fully detached, gated residence features grand common rooms, a major chef’s kitchen, spa-like bathrooms, wine cellar, and four walk-out terraces. 1581 Masonic is now listed for $2,895,000.

If you missed it last time around—a likely situation, as the house was only on the market for two days before the buyers plunked down their cash and snapped it up—you can take advantage of this weekend’s open houses and check out the property. Twilight preview tonight from 5:30-7:00pm; Saturday June 9th from 200-4:00 and Sunday June 10th from 2:00-4:00.

Just Sold: 1126-1128 Masonic


My clients just closed escrow this week on this fabulous three-unit building on Masonic at Haight. The property has a large three-bedroom owner’s unit, as well as one-bedroom and two-bedroom units on the top floor.

The restored three-bedroom unit has hardwood floors and beautiful natural woodwork throughout.  The living room has the original stained glass windows, decorative fireplace, dining room with wainscoting, beamed ceilings and decorative fireplace. There’s also a gourmet kitchen with imported Iranian granite counters and center island with second sink—and an in-unit washer/dryer! One-car parking for the building, plus an additional laundry area in the garage.

All units were vacant at close of escrow, so this is an excellent opportunity for an owner occupier who wants to have a steady income stream from two very rentable units in a highly popular and convenient location.

List price was $1,569,000 and the property closed at the asking price.

Just Sold: 1BR Condo in the Haight

My client just closed escrow yesterday on the lovely 1BR/1BA Edwardian condo at 21 Delmar in the Haight. The unit has high coved ceilings, two fireplaces, an updated eat-in kitchen, and central heat. List price was $499,000.

21 Delmar has a 92 Walk Score, and is blocks from Buena Vista and Golden Gate Parks, and around the corner from Haight Street. This is a perfect example of the type of property that provides great space in a classic architectural style, all while being situated in a quintessential, central San Francisco neighborhood.

SF Best City for a Car-Free Lifestyle

What’s the best city to live in if you don’t have a car? San Francisco/Oakland, according to a recent study by 24/7 Wall Street. The current issue of the Zephyr MarketTracker lists the top ten car-free cities.

Also, we have a spotlight on Nopa and some hot properties there, as well as the lineup for San Francisco holiday tree lightings. And of course, all the latest sales and a market overview. (Happy to say that the median sales price over the past 180 days for single-family homes has increased by 3.9%.)

It’s all here in the current issue of MarketTracker!

Walk Score Winners: Haight, Mission, Cow Hollow

Our latest edition of Walk Score Winners showcases a trio of condos in iconic San Francisco neighborhoods that offer proximity to restaurants, public transportation, shops and cafes. Let’s get to it:

724 Clayton, The Haight
$799,000
100 Walk Score

Boasting the highest Walk Score possible, 724 Clayton is a 2BR/1BA condo with a remodeled kitchen (above), formal dining room and in-unit laundry. The second bedroom is half of the double parlor, which means you’re separated from the living room by a set of large pocket doors. The unit is located on the first floor of a two-unit building and comes with one-car parking. HOA dues are $280/mo. This is a great location in the heart of the Haight/Cole Valley, and all the shops, stores and public transportation you’ll need.

1335 Minna #2, Mission
$925,000
98 Walk Score

Last sold for $850,000 in 2005, 1335 Minna #2 is a two-level 1BR/2BA loft that is now on the market for $925,000. The 1948-square foot unit occupies the middle floor of a three-unit building and has soaring ceilings and an oversized master suite. One of the two gas-burning fireplaces is pictured above, and separates the dining and living areas. There’s one-car parking, and HOA dues are $396/month.

3117 Buchanan, Cow Hollow
$815,000
97 Walk Score

3117 Buchanan is a top-floor, 2BR/1BA Edwardian condo with Golden Gate and Palace of Fine Arts views. Located within a six-unit building, the unit has high ceilings, moldings and a deck off the kitchen. HOA dues are $178/month. The condo was last sold in 2007 for $846,000, so the sellers seem to be realistic about the current market. You’re pretty much at the center of all the north end retail areas such as Fillmore, Chestnut and Union Streets.

Sales Rise for Big Units in Hip ‘Hoods

One trend I’m seeing this year is an increase in sales for large condos and TICs in hot neighborhoods like the Haight, Hayes Valley, Mission Dolores, and NoPa. What I think is happening—and which I’ve also heard from some of my colleagues—is that buyers are snapping up these properties due to their need for more space to accommodate existing or growing family needs. It’s also likely that these buyers have been priced out of the single-family home market in these areas, which offer proximity to restaurants, shops and easy access to public transportation.

Indeed, I’ve seen my share of 3BR/2BA condos and TICs in the aforementioned areas on broker tours this year. There are currently eleven such condos and TICs on the market at a list price average of $933,717, with a 1,688 square feet average. And there are nine such units in contract, at a list price average of $828,389. The average size of these units has been about 1800 square feet.

Recent sales have been brisk. A total of 47 three-bedroom+ condos and TICs have sold year-to-date at an average of $874,015. With an average sales price for a single-family house in these neighborhoods clocking in year to date at $2,180,222, you can see why some buyers are settling for well-located, spacious condos instead.

What You Can Buy in NoPa

I toured a variety of properties in NoPa (North Panhandle) last week on broker tour. Panhandle inventory typically features multi-unit buildings and large single-family homes, many of which are classic Victorian and Edwardian styles.  The neighborhood is a bit more urban in nature than, say, Cole Valley, but a lot of the homes are improved when new folks move into the ‘hood. I found a trio of quintessential North Panhandle properties worth looking at:

First up is 715-717 Baker:

715-717 Baker is a vacant two-unit building, which means it’s available as two TICs (at $885,000 and $975,000) or as one entire building for $1,855,000. No, it’s not a screaming deal. But these are two large, remodeled full-floor Victorian flats with grand scale rooms. The lower unit ($975,000) has 3BRs/one split bath; a private deck and garden; garage parking with interior access plus a large bonus room. And the upper flat ($875,000) has 4BRs/one split bath, and also comes with roof rights for a possible deck. The building has a concrete foundation and upgraded electrical/plumbing. There is a cafe and a restaurant right at the corner, and you’re fairly close to Golden Gate Park. Further north is the Laurel Village, which has many shops, restaurants, and cafes.

We move on to a good project house at 1960 Golden Gate Avenue:

There are no interior photos available online, but the house at 1960 Golden Gate wasn’t terrible inside. It just needs a gut renovation and a second story. This place is a good example of how the neighborhood gradually gets improved over time; someone will buy and renovate the property. The lot is 25 x 100, which is fairly average for San Francisco. And there’s already a garage, which makes things less complicated. (The home was built in 1889; our Planning Department sometimes has an aversion to allowing garage installations in buildings constructed prior to 1950.) List price is $695,000.

The good part about 1960 Golden Gate is that it doesn’t need to be a two-story home; a new owner could work with the existing space and make it totally livable.

And lastly, we have a TIC at 1031-1037 Divisadero #1033:

I liked this 2BR/1BA space at 1031-37 Divisadero.  #1031 occupies the top floor in the carriage house at the rear of the lot. So the noise level from Divisadero is mitigated a bit. The floor plan was open and flowed well, and the rooms were spacious. There are four units in total–two in the front building, and two in the rear. And there’s a very large, shared roof deck for all the units. #1031 gets two-car parking and there’s shared laundry. List price: $549,000.