Miraloma, Marina, Mission Homes for the Holidays

What kind of properties come on the market the week before Christmas? A handful across several neighborhoods in San Francisco have appeared in search of buyers since late last week. Here are my picks for the decent ones that seem worth writing an offer for before you leave town:

Hot on the heels of its similar neighbor at 155 Stillings that garnered 13 offers earlier this month, 79 Melrose in Miraloma Park is an 806-square foot 2BR/1BA single-family home. It has a two-car garage and a remodeled kitchen (though a preliminary check doesn’t show any permits for the remodel). List price: $699,000.

3571 Pierce is in a sweet Marina location at Beach. The 2BR/1BA condo also has the expected sunroom in its floor plan, as well as one-car tandem parking, a fireplace, and formal dining room. HOAs are $160/mo. List price: $985,000.

3453 18th Street at Valencia is in the heart of the most desirable part of the Mission. This newly converted, top-floor condo in a two-unit building has 2BR/1BA and a remodeled kitchen, with an “additional bedroom/artist’s studio and half bath” on the ground level. This space is about 250 square feet and is being suggested for an in-law or au pair unit that could possibly generate income. There’s also one-car, tandem parking and HOA dues are $150/mo. List price: $799,000.

Noe Valley/Mission Luxury Condos Unwrapped

Once the site of the Palm Broker nursery, the new development called Nove is taking shape on the 1100 block of Guerrero on the Noe/Mission border are getting closer to coming on the market.

The development will encompass the three two-unit buildings above that front Guerrero, as well as three single-family homes on Ames, which is directly behind Guerrero. No word on unit configurations yet, but sources say pricing will clock in at around $850 per square foot.

This is an excellent location for buyers who want to walk to everything, including BART, Muni, Valencia corridor and the heart of Noe Valley on 24th Street. I’ve lived in the neighborhood for more than a decade, and can attest to the convenience factor.

Walk Score Winners: $700,000-$800,000

Here’s another trio of properties that have high Walk Scores. Today, we check out Noe Valley, Lower Pacific Heights, and the Mission.

23rd
3884 23rd Street
Condo
Noe Valley
List Price: $775,000
2BR/1.25BA
1042 sq ft
HOAs: $240.98
1-car pkg
Walk Score: 88
This top-floor condo on 23rd at Sanchez was on the market in October at $825,000, but the sellers just changed agents and reduced the price to $775,000. You’re a block from the 24th Street retail area, and only a short walk to Dolores Park and the Valencia corridor.

steiner
1880 Steiner, # 210
Condo
Lower Pacific Heights
List Price: $775,000
2BR/2BA
983 sq ft
HOAs: $454.75
1-car pkg
Walk Score: 98
They’ve managed to pack two bedrooms and two bathrooms into less than 1,000 square feet. But you’ve got a small balcony, parking, and a phenomenal walking location a block from the Fillmore retail corridor. The building was constructed in 1999, so you don’t get a ton of charm, but the floorplan works and there’s also a gas-burning fireplace—and a gas range.

25bartlett
25 Bartlett #2
Condo
The Mission
List Price: $749,000
2BR/2BA
1266 sq ft
HOAs: $275
1-car parking
Walk Score: 98
If you want to be in the heart of the Mission and all its restaurants, bars, shops and public transportation, you can’t get much closer than over at 25 Bartlett.The floorplan works, and the unit is in good condition. The current owners paid $813,500 in September 2005 for the property, so there’s a bit of compromise in the current asking price. There are only three units in the building, and the HOA dues are very reasonable.

Checking in on the Church

doloreschurchIt’s been on the market for 273 days, but 601 Dolores is still waiting for that angel of a buyer to come along and drop $9,950,000 on what’s being billed as the “castle on the park.”

Last sold in 2007 as a straight out church for $2,210,000 (with an order of abatement, lawsuit, and a slab of unreinforced masonry), the property was completely renovated and transformed into the current 3BR/2.5BA configuration. It’s legally zoned as a single-family house now.

It sort of looks like a church with a few bedrooms and baths added into the mix, so that might be what’s holding back those buyers with $10M purchasing power. The listing agents are encouraging “artists, musicians, and creative biz tycoons” to step up to the plate.

“Outskirt Luxury” Trend Takes Over Mission

1495valenciaYes, I’m coining a new term for a trend that seems to be hitting its stride this year—developers constructing high-end, luxury units in areas that lie just beyond the heart of where everyone wants to be.

In this case, it’s the Mission, and there are two projects currently on the market in the Outskirt Luxury category. The first is 1495 Valencia (above), an eight-unit production located on the more lonely stretch of Valencia, between 25th & 26th Streets. Your finishes, appliances & accoutrements: CaesarStone counter tops; vertical grain douglas fir; Bertazzoni range; Broan-Elite hood; Bosch dishwasher; Dacor microdrawer; Cifial faucets; centralized audio system wiring. Your neighbors: The Salvation Army, St. Luke’s (scheduled for a massive renovation), a funeral home, and a busy stretch of Cesar Chavez.

1495 Valencia is a two-building development. The modern structure houses six two- to three-bedroom, two-level townhomes and a roof terrace. The adjacent property has a Victorian facade and is being sold as two units (heading for a “fast track” condo conversion). But all will be part of the same HOA. (I’m curious as to how that will be structured, as mixing condos & TICs in the same HOA is a new one for me.)

Prices in the modern building range from $739,000 for a 2BR/2.5BA (the smallest unit) to $999,000 for a 3BR/3BA. The two TICs will be priced between $779,000-$889,000. The six units in the modern building come with two-car deeded, stacked parking.

And over at Union, on Bryant between 19th and 20th, a much larger development has just come on the market. The hole in the ground that existed for the past decade has now been filled with two buildings on the lot. One houses 53 townhomes and flats, and the other is a brick-and-timber style property that will feature 23 lofts.

Union is another property that’s several blocks east of the Valencia corridor, and on the border of Potrero. But it’s a good ten blocks to Valencia, and much further to the heart of Potrero. These aren’t necessarily walks you want to take home late at night.

In any event, Union presents itself well, with spacious, two- and three-bedroom homes ranging from the high $600,000s to the $800,000s. And there are Carrera marble counter tops, Burmese walnut floors, bathroom tiles by Ann Sacks, and huge showers and tubs.

So if you build luxury properties in outskirt areas, will the buyers come? Developers are obviously hoping the high-end finishes and spacious units will mitigate the somewhat less-than-desirable locations. I’ve toured both Union and 1495 Valencia, and have been impressed by their quality and well-appointed natures. But it remains to be seen whether buyers with this level of purchasing power will agree to live in less-central sections of the ever-popular Mission.

Capp Compound Seeks Crafty Buyer

428cappFor those yearning for an Arts & Crafts-style compound in the heart of the Mission, 428 Capp will certainly do the trick.

This two-story home with a rear carriage house sits on a 6,125 square foot lot right at Capp and 19th Street. It was last sold for $1,085,000 in October 2006, but is now listed at $1,295,000.

All the architectural trappings are there—stained glass, massive brick fireplace, and lots of woodwork. The property is being sold with plans and permits for a major remodel to both structures, and a variance to turn the carriage house into a second living space.

There’s also four-car tandem parking. I’m thinking this could be a great opportunity for some sweat equity, my friends. The front house is perfectly livable, but the idea of a compound in the sun belt sounds good to me.

141 Hampshire Orbits & Moves Closer to Earth

141hampshireDebuting earlier last year at the celestial price of $3.5M, 141 Hampshire #B received no takers for its 3BR+, 2790 square foot loft space. The price dropped later that summer to $2,788,000, but still no go. It’s now down to $1.7M.

The property was built in 2001, but the location even then was suspect: This particular part of Hampshire sits at the end of 15th Street off Potrero, kind of behind Safeway. So to get to your unit’s front door, you drive past the grocery store’s trucking dock and related back-of-the-store accoutrements. The area can be sketchy, and hasn’t changed much since 2001.

Given that shinier, new developments in far superior locations (i.e., The Infinity) have three bedrooms for around $1.8M, the current price is still a stretch. But yes, 141 Hampshire does have great views and nice space. You just have to get past the loading zone to get to it.

Get a Deal on a Loft

If you’re a first-time home buyer looking for a nice space in San Francisco for up to $700,000, I’d like to suggest you consider a loft. Though not for everyone, lofts are great if you love open floor plans and nice light. Privacy can be an issue, as lofts usually don’t have walled-off rooms. But this property type is perfect for single professionals or couples who need good commute access to the Peninsula or downtown San Francisco.

Lofts are typically located in South of Market, the Mission, and the Central Waterfront (a.k.a., “Dogpatch”). South of Market and the Mission have been hit with higher short sale and foreclosure rates, so prices continue to decline in those neighborhoods.

Indeed, the average sale price for the 18 one-bedroom lofts that have sold since January 1st was $536,174, at an average of 1,073 square feet. With loft inventory not moving as quickly, buyers can expect to negotiate their way to the best deal possible. For example, there are presently 47 one-bedroom lofts on the market ranging in list price from $449,000 for a unit at Bluxome and 5th Street, all the way up to $995,000 for an 1896-square foot unit at the historic Hueblin building at 601 4th Street.

But a bulk of the 1BR lofts lies in the $500,000-$600,000 range, perfect for conforming loan amounts.

Mission Terrace Foreclosure Gets 30+ Offers

navajoWithin days of coming on the market at $586,575 last week, the 4BR/2BA 1930s home with 1766 square feet located at 1 Navajo, in Mission Terrace garnered more than 30 offers.

Obviously, those who need more than two bedrooms in San Francisco are actively seeking homes and are ready to pounce when the price is right. And this location within Mission Terrace is close to the BART & Muni stations, making it more attractive. Of course, an individual seller not involved in a short sale or foreclosure would probably never price his/her home this low. So buyers looking for deals will still have to rely on foreclosures to make their dreams happen.

Checking Out Q1 House Averages

With volumes and prices down, the first quarter of the year opened with a whimper. Buyers were reluctant to make purchase decisions, and sellers held back from putting their homes on the market.

Most neighborhood averages were below $1M. That just supports my theory that the most popular price range continues to be $400,000-$900,000. Here’s a look at how single-family homes fared in a variety of neighborhoods:

Inner Richmond
# Sold: 2
Avge Price: $860,000

Inner Sunset
# Sold: 4
Avge Price: $793,200

Parkside
# Sold: 11
Avge Price: $719,000

Ingleside/I. Heights
# Sold: 14
Avge Price: $445,279

Miraloma Park
# Sold: 8
Avge Price: $831,375

Sunnyside
# Sold: 9
Avge Price: $684,333

Noe Valley
# Sold: 19
Avge Price: $1,291,605

Glen Park
# Sold: 8
Avge Price: $941,625

Corona Heights
# Sold: 2
Avge Price: $1,145,000

Pacific Heights
# Sold: 3
Avge Price: $3,524,500

The Mission
# Sold: 2
Avge Price: $592,625

Bernal Heights
# Sold: 11
Avge Price: $710,455

Potrero Hill
# Sold: 6
Avge Price: $952,333

The Excelsior
# Sold: 18
Avge Price: $529,411

Stop in tomorrow for a look at condo averages!

Mission House Gets Modern Price

Purchased in July 2005 for $1.1M, 2707 21st Street at York enters the market this week with a fresh, modern list price of $1,175,000.

Featuring four bedrooms, two bathrooms, an open floor plan, three-car tandem parking and great Victorian curb appeal, the property offers nice space for those who need more than two bedrooms. But will the few buyers with the means to purchase a $1.2M house in the current market elect to spend their money in the outskirts of The Mission? And of course, the unfortunate factor is that short sales and foreclosures have had an impact on the Mission, cutting into property appreciation.

Luxury Moves to Mission

3099_22ndThere seems to be no stopping luxury development in the Mission, despite the current economy. I stopped in yesterday during my broker tour at 3099 22nd Street, where three new condos priced at $785,000, $789,000, and $795,000 are gracing the landscape at the corner of 22nd and South Van Ness. Featuring higher-end finishes and weighing in at 1300+ square feet per unit, the building is coming along nicely. The last reported sale in the MLS for the lot was for $2.5M in February 2005.

The property sits on a lot that was subdivided and sold off into four individual lots in the past. Next door, more units are in the process of being constructed, but the bookend lots on either side of these aforementioned properties haven’t broken ground yet.

Dearborn Duo Languishes

I stopped in this week at two condos on Dearborn Street in Mission Dolores that were a few doors apart. Both have been sitting on the market, which is surprising given the very popular location: 26dearborn 26 Dearborn is a 2BR/1BA unit with less than 1,000 square feet and no parking space. It’s a first-floor unit that feels a bit cramped and dark, listed at $599,000. Last sold in 2005 for $560,000, the owners are now relocating and need to sell. (Update: 26 Dearborn sold for $550,000 in April 2009.)

38dearborn Over at 38 Dearborn, things are a little brighter. Though the unit is technically smaller than that of 26 Dearborn, this 2BR/1BA seems more spacious. You also get your own garage. Asking price is $649,000, down from $679,000 when it first came on the market in December 2008.

Market Update: Bernal, Mission, Potrero

With a penchant for warm weather, Bernal Heights, The Mission, and Potrero Hill are popular among first-time home buyers. Here’s a look at the price averages in these neighborhoods over the last quarter of 2008:

Bernal Heights
Single-Family Homes
$827,877 (25 sold)

Condos
$641,333 (6 sold)

The Mission
Single-Family Homes
$690,220 (4 sold)

Condos
$638,545 (11 sold)
Take note: The most expensive condo sold was a 3BR/2BA, top-floor condo built in 2000, on Capp at 22nd Street with one-car parking.

Potrero Hill
Single-Family Homes
$811,250 (4 sold)

Condos
$619,677 (21 sold)
Take note: The 888 7th Street development represented many of the 21 condo sales in the past quarter. The highest-priced condo was a two-story 3BR/2BA unit on San Bruno Avenue (right opposite 280) that was listed at $869,000 and sold for $920,000 in early October.

2200 Mission: A Hit with First-Time Buyers

I toured the recently opened 2200 Mission building, at 18th Street. Though the 23-unit property won’t win any architectural awards, you get pretty good square footage for the money. The building has one- to four-bedroom units, some with private patio areas (though in a few cases, you can’t access those deeded areas from your actual unit). If you can score a unit on the fifth floor, you can actually get some views, and avoid seeing eye-to-eye with some of the less attractive properties at the intersection. Many of the units feature bedrooms which face Mission Street; for some prospective buyers, the noise level will likely be too abrasive. But if you’re looking for reasonably priced units in a very central, urban area, 2200 Mission’s got it goin’ on. There was a steady stream of foot traffic in and out of the building during the first Sunday open house, and a few of the units are already in contract. Prices range from $449,000 for a one-bedroom with parking, to four-bedroom units starting at $674,000.