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New Mission and Dogpatch Condos on the Way

February 1, 2012 By Leave a Comment

Two new condo developments in the Mission and Dogpatch/Central Waterfront are on the way this Spring, with price points that don’t scream “luxury.”

299 Valencia will feature 36 one- and two-bedroom homes ranging in price from the $300,000s-$700,000s. The building is located on Valencia at 14th Street. (The lot was previously used for parking.) The immediate location is a bit transitional, but you’re one block away from Pauline’s Pizza and shops/cafes along Valencia. The 16th and Mission BART/Muni station is nearby, as well as the 101 and public transportation along Market Street. I think 299 Valencia will be a good option for buyers looking for mid-range housing in a central neighborhood. Check out the 94 Walk Score details. The sales office is expected to open in March.

And the other hot development is over Millwheel, at Indiana and 23rd Street. There will be 71 homes available, split into two phases—Millwheel South (32 units) and Millwheel North (39 units). Pricing will be in the $500,000-$800,000 range, with units weighing in at 1200-1500 square feet. Word is that the sales office will open in March for Millwheel South, with the second phase opening in 2013. This location is great for accessing freeways, the Third Street Muni rail line, and Dogpatch restaurants and cafes.

Contact me if you’d like me to keep you updated on the best times to tour these properties.

Filed Under: Mission, Potrero/Dogpatch Tagged With: , ,

Luxury Townhouse in Odd Mission Location Gives It Another Shot

January 30, 2012 By Leave a Comment

The luxury condo market is challenged these days, particularly when such a unit is in a weird location. Situated on the Mission/Potrero border adjacent to a Safeway loading area, 141 Hampshire #B has been on and off the market since 2008. And it’s making a return appearance in 2012.

The 3BR/2BA, 2790-square foot townhouse is certainly spectacular enough. It spans two levels and features double height windows, two walk-out terraces, a private roof deck, and city, Bay, bridge and Twin Peaks views. The unit was built in 2001, so it has somewhat dated finishes at the moment (think granite counters). But you also get one-car parking and in-unit washer/dryer. I remember being pretty impressed with the space when I toured it a few years ago.

The property was listed back in 2008 for $2,788,000, believe it or not. Then the seller changed agents and dropped the price to $1.7M in 2009. When that strategy didn’t work after 244 days, they let the listing expire.

But now, I get the sense the sellers are thinking the 2012 market is a good one for 141 Hampshire #B. Because this time around, they’ve bumped up the list price to $1,795,000 (and are now on their third real estate agent). Considering there are nine other condos listed in San Francisco in the $1.5M – $1.9M range, it’ll be interesting to see if a buyer is willing to overlook the unglamorous Potrero Avenue/grocery store loading location. But the views could potentially make the sale happen this time around.

Filed Under: Mission, Potrero/Dogpatch Tagged With:

Gung-Ho Buyers Hit Mission Dolores

January 23, 2012 By Leave a Comment

Back in the mid 2000s, it was quite common for bidding wars to culminate with one or two buyers offering way, way beyond the list price because they really wanted that property—and the home was priced low to allow for overbidding. The underpricing strategy is certainly making a comeback, particularly with respect to the Mission Dolores area.

The most recent incident occurred at 3668-70 18th Street, between Dolores and Guerrero (exterior above). Right—the block with Tartine, Bi-Rite and Delfina. The two-unit property with an unwarranted third, garage-level unit was listed at $995,000. Though the building was in very sound condition, kitchens and baths needed updating, and the exterior was certainly nothing to write home about. However, 21 sets of buyers wrote offers, and the winning bid turned out to be $1.3M.

And then there was the sale over at 3883-85 20th Street, which borders the south end of Dolores Park:


One of the two units was basically down to the studs, requiring substantially more money to complete the job. List price was $1.3M, and the sale closed in November for $1.5M.

Chalk up this somewhat frenzied activity to the fact that Mission Dolores continues to be a hot, hip neighborhood for TIC/condo/multi-unit buyers who want the proximity to the 18th Street/Valencia corridors, Dolores Park, and public transportation (not to mention tech shuttles to the Peninsula). Buyers really will go nuts for these things, and they obviously will respond in droves when a property is purposely priced low to attract interest.

Filed Under: Mission

Smackdown: Forest Hill House vs Mission Condo

December 12, 2011 By Leave a Comment

When it comes to spending roughly $800,000 in San Francisco, you have many options. Today’s choice has a lot to do with location—as always—but also has much to do with overall finishes, space and urban vs more suburban feel.

First up is 190 Taraval, in Forest Hill:

190 Taraval was recently in contract, but just landed back on the market due to the buyers’ financing challenges. The 2BR/1BA Spanish Mediterranean home has about 1545 square feet and has been in the same family for 40 years. This is code for “needs updating,” which is definitely the case for the kitchen and bathroom. The lower level also has a family room and wet bar (a feature that may be outdated on its own). There’s two-car parking and a large garage, and the location is excellent because you’re in walking distance of the West Portal retail area. Taraval is a little busy, but certainly not unworkable. List price: $799,000.

In the other corner is 3236 17th Street #3:

3236 17th Street #3 is perfect for those buyers looking for a spacious, top-floor condo in the heart of the Mission. This unit technically has one bedroom, but there’s another room that would totally work as a second bedroom (in fact, it’s staged as one). You get two bathrooms, a chef’s kitchen, hardwood floors, a terrace and in-unit laundry. One-car parking and deeded storage are included, and HOA dues are $200 per month. For downtown or East Bay commuters, BART is one block away. You’re also in proximity to all the neighborhood restaurants, cafes, shops and bars. Listed at $799,000, this unit last sold for $830,000 in 2008.

So which home would you rather have?

Filed Under: Forest Hill, Mission

Top 10 Neighborhoods for Commuting to Downtown San Francisco

December 5, 2011 By Leave a Comment

One of the more popular requests from my new buyer clients is that they need to live in a neighborhood with easy and relatively quick rail or bus access to downtown San Francisco. So I thought I’d pull together a list for all those prospective home buyers and downtown commuters out there who may be considering a home purchase in 2012. I’ve also linked each neighborhood to its corresponding profile on my Zephyr company site, so you can see stats and available homes. And if you want Muni maps, click here.

1. Noe Valley. Yes, everyone loves Noe for its retail area, wide streets, and overall appeal. But it’s also excellent if you need to get downtown regularly. The ideal commuting section of Noe is anywhere east of Sanchez. From there, you can walk to the J Church, and also to the 24th Street BART station.

2. The Mission and Mission Dolores. Just next door to Noe is the popular Mission district, with its hot Valencia restaurant/shop/cafe strip. The Mission is directly served by the BART line, which runs downtown and into the East Bay. Ideal areas of the Mission would be within blocks of either the 16th or 24th and Mission stations. And on the Mission Dolores front, you have your 18th Street BiRite/Defina/Tartine empire, which are great places to stop off on your way home from the 16th and Mission BART station, or the J Church.

3. Glen Park. In the heart of Glen Park’s downtown area is the BART hub. This is pretty accessible from most parts of Glen Park, as well as the more northern section of Mission Terrace and the eastern portion of neighboring Sunnyside.

4. Lower Pacific Heights. No rail lines service this area, but buses run frequently to and from downtown on practically every east-west street, including California, Pine, Bush, Sutter, and Post. There’s also an excellent stretch along Fillmore that offers a variety of restaurants, shops and cafes.

5. Cole Valley.  A bit more low key than its Haight Ashbury neighbor, Cole Valley is served by the N Judah. The station is located on Cole, adjacent to about three blocks’ worth of restaurants, shops and cafes. The train can get pretty crowded at peak times, but it’s definitely a direct line to downtown.

6. Duboce Triangle. The N Judah also runs through Duboce, but the residents of this very small section of San Francisco can also walk over to Church and Market for the J Church.

7. Eureka Valley/Castro. The Market and Castro Muni station is ideal for Castro dwellers, who have a variety of train lines running to downtown.

8. West Portal. Sleepier than some of the aforementioned nabes, West Portal is a very cool area with a mom-and-pop retail strip that’s pretty much the opposite of Union Street. The area is served by the L Muni line. It may take a little longer to get downtown from this western San Francisco location, but West Portal is the most convenient area west of Twin Peaks for commuting.

9. Hayes Valley. Also the keeper of a hot retail area, Hayes Valley hosts a variety of bus lines that run to Market Street, or you can walk over to the Muni stations at Market and Van Ness or Civic Center to get downtown. You can also walk downtown on a good day.

10. Dogpatch. Otherwise known as the Central Waterfront, Dogpatch became the beneficiary of a bonafide Muni line back in 2007. The T spirits residents from the easter edges of the city right through Mission Bay and past the Giants’ ballpark. And Dogpatch’s growing number of hip, high-quality restaurants are making it a destination for foodies citywide.

 

Filed Under: Cole Valley, Glen Park, Hayes Valley, Mission, Neighborhoods, Noe/Eureka Valley, Potrero/Dogpatch, West Portal Tagged With:

Mission Dolores Units Sell for Way Over Asking

November 30, 2011 By Leave a Comment

I toured 3883-85 20th Street adjacent to Mission Dolores Park when it came on the market in August. The vacant property was listed at $1.3M was essentially a shell of a property, with plans to remodel and legalize it as a two-unit building. There was a large yard and an additional housekeeping unit in the back. Based on the condition, it was clear that a buyer who needed a loan to complete the purchase would have a bit of a challenge. The rear of the house sat just above the J Muni track.

The sale closed last week in an all-cash purchase for $1.5M. This is definitely a testament to the continued strength in the market for small-scale property development in San Francisco, particularly for owner occupiers. It’s all about location, folks, and this one was prime for the buyer who wanted a front-row seat for the antics of the Dolores Park.

Filed Under: Mission

Eager Buyers Backtrack: 18 Abbey Still Available

November 4, 2011 By Leave a Comment

The 3BR/1BA condo at 18 Abbey in Mission Dolores hit the market a couple days before Halloween. It touted a renovated kitchen and bath, new electrical, central heating, new windows and tons of storage (but no parking). And with a hot, hip location near Dolores Park, as well as the 18th Street and Valencia corridors, 18 Abbey was poised to sell quickly.

Shortly after coming on the market, a buyer submitted an offer for reportedly more than $700,000, and the property went into contract. But within only a few hours of having their offer accepted, they promptly backed out. Could it be that they felt they…overpaid?

The takeaway: If you’re a buyer who’s ready to go and you see that property that meets all your criteria, by all means—make a go of it. Submit an offer. But just be sure that you’ve reviewed the comparative sales in the area with your agent, as well as the disclosures. And if you ideally want parking but the property doesn’t offer that, figure out what your plan will be. A few considerations up front can save everyone time and money.

As for 18 Abbey? They’re reviewing offers today at noon. So you can still be in the running.

Filed Under: Mission Tagged With:

Walk Score Winners: Haight, Mission, Cow Hollow

November 2, 2011 By Leave a Comment

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.

Filed Under: Cow Hollow, Haight/NoPa, Mission, Walk Score Winners Tagged With:

Mission Fixer Finds Its Price

October 31, 2011 By Leave a Comment

The feeding frenzy at 949 Hampshire in the Mission in early October wasn’t surprising: A large Victorian project house had just hit the market for $599,000. The property had been in the same family for many years, and was officially ready for its next owners.

The broker tour was overrun with couples eyeballing the possibilities for building sweat equity, alongside contractors taking measurements of various rooms. All the signs for potential value increases were there—large garage, four bedrooms, “good bones.” There was even a stove in the kitchen (above) to help the property pass the appraisal!

The listing office received six offers from three contractors and three “end users” who intended to fix up and live in the property. (The buyer turned out to be one such end user who lives in the neighborhood, according to the listing agent.)

 Hampshire closed last week for $740,000. So in case you’re wondering what you can expect to pay for property of this sort—that’s located somewhat on the outskirts of the Mission—now you know.

 

Filed Under: Home Buyer Tips, Mission

Sales Rise for Big Units in Hip ‘Hoods

September 16, 2011 By Leave a Comment

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.

Filed Under: Haight/NoPa, Hayes Valley, Market News, Mission

SF Property Tax Update, Park Projects Progress

September 12, 2011 By Leave a Comment

MarketTracker is ready to read! Get the latest news on San Francisco property taxes and why they’ll be increasing later this year. Plus, an update on the Dolores Park and Stow Lake projects, as well as an in-depth look at the Glen Park neighborhood (where our current mayor resides).

It’s all here in the September Zephyr MarketTracker.

Filed Under: Glen Park, Mission Tagged With: , ,

Valencia Street Update, SF Home Tours & Latest Sales

August 29, 2011 By Leave a Comment

The latest MarketTracker report features an update on the ever-changing scene on Valencia in the Mission, along with the deets on the upcoming AIA SF Home Tours. Plus, the big news at 5800 3rd Street in Bayview and a look at the most recent San Francisco sales.

It’s all here in the Zephyr MarketTracker.

Filed Under: Bayview, Market News, Mission Tagged With: , ,

Just Sold: Hot Mission Loft

August 26, 2011 By Leave a Comment

How good  is life when you have a great living space in a cool building—and are located around the block from Flour + Water? My lucky client just purchased the 1BR/1BA loft at 2301 Harrison #301 at 19th Street, and he’s stepping into that life.

I previewed the unit on broker tour when it first came on the market, and called my client immediately to schedule a showing. We were in contract within five days, and it definitely paid to move quickly. He got what I consider to be a very good deal on a property in a smaller, 13-unit building with very reasonable HOA dues. And besides being near Flour + Water, he’ll be one block from Cafe Gratitude and a few minutes from the 16th and Potrero shopping center.

The unit was listed at $499,000, and closed for just over asking. If you know of anyone looking for this type of home, give me a shout. I’d be happy to help!

Filed Under: Mission

Wanted: Cash Buyer for Mission Dolores Units

August 24, 2011 By Leave a Comment

I walked through the three-unit building at 3883-3885 20th Street yesterday on broker tour. This is a vacant, 3,280-square foot building with two main units and one housekeeping unit that fronts the south end of Dolores Park. Listed at $1.3M, the sale will include approved plans and permits to remodel and legalize the property as a two-unit building with yard, roof deck, and parking.

The lower unit has a dead-on view of Dolores Park, but no real kitchen to speak of. And the upper unit faces the leaves from the tree outside, so you don’t get much of a view. The upper unit is also pretty much down to the studs in most of the rooms. So a regular loan requiring an appraisal won’t fly. But for someone with cash or access to a construction lor rehab oan, this is a cool project. The J Muni line runs behind the house, so that may put off a few buyers. And you’d have to be okay with having Dolores Park in your front yard, which means 24/7 activity. But for the size and scope of the building, this property will definitely work for more than one buyer (as long as the funds are available).

Filed Under: Mission Tagged With: ,

Good Deals: Mission Vic & Buena Vista Condo

July 22, 2011 By Leave a Comment

Whenever I come across good deals, I like to give them a shout out so prospective buyers can recognize good things when they see ‘em. This week, I toured a couple homes that fall into this category.

1145 South Van Ness (above) is a sweet 2BR+/2BA Victorian single-family home listed at $749,000. It’s got a great floor plan that features a large, bright living room with decorative fireplace, nice period details, a cool and spacious downstairs master suite with an updated bath and French doors leading to a yard with a hot tub. There’s a one-car garage with space beyond for more cars, and a laundry room plus additional storage on the garage level. Yes, you’re on South Van Ness, but if you can get past the four lanes of cars, the location at 25th Street is very convenient to BART and the freeways—not to mention to the Valencia corridor and Mission restaurants. You can add value to this property by updating the kitchen.

On the other side of town is 351 Buena Vista East #503E:

I usually don’t initially focus on outdoor space, but the 575-square foot deeded patio for this 1BR/1BA condo listed at $485,000 is pretty amazing. This is an end unit with 270-degree views, and also has deeded parking and wood floors throughout. HOA dues are $577/month, and get you a full-time lobby concierge and club room. Park Hill is a 136-unit association spread across two buildings. It was a former hospital, and you can see it perched atop Buena Vista Park from many locations in the city. This particular unit is situated within the 35-unit second building and has spectacular southern views. Buena Vista Park is just up the hill from the N Judah and J Church Muni stops, and near the Castro and Haight/Hayes Valley. So it’s not only an attractive and desirable neighborhood, but it’s also very central.

It’s a testament to these two properties that there are multiple buyers interested in both of them, and offers are being accepted today in both cases. So if you’re a buyer looking for these types of homes that are well priced, it’s best to get in early so you’re prepared to pull the trigger if need be.

Filed Under: Good Deals, Mission Tagged With: ,