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Sellers in Parkside, Nob Hill Adjust to Market Realities

July 13, 2011 By Leave a Comment

It’s always a pleasure to report sales that have finally happened after umpteenth days on market (otherwise known as “DOM” in Realtor speak). I spotted a couple such sales that closed last week, and wanted to share the deets with you.

We stop out in the Parkside for the first sale–on the Great Highway, to be precise:

The lucky buyers of 2518 Great Highway can now lay back in bed and watch HBO against the ocean view backdrop, knowing that they paid substantially less than the original list price. The 3BR/2BA single-family home at Great Highway and Vicente was first listed in March 2011 for $1.4M. The property had been nicely remodeled and feature three levels with good space. But $1.4M for the Great Highway? Buyers thought otherwise, and the house sat on the market for 112 days before a buyer paid cash and closed the sale for $990,000. You go, buyer.

Next up is 1201 California #705, a condo in the Cathedral Tower:

This 2BR/2BA unit had city, Bay and Golden Gate Bridge views, along with an open floor plan, spacious master bedroom and one-car parking (not to mention leased parking fees of $240/mo and HOA dues of $1640/month). First listed way back in November 2008 at $1,195,000, the economy progressively didn’t cooperate. The sale closed last week for $750,000. Woo-hoo.

But buyers, don’t let these sales trick you into thinking that you can easily write a lowball offer in the first couple months of a property coming on the market. In most cases, sellers with wildly overpriced properties will need much time (see the above cases) to relent. Their situations can change, and other comparative sales can end up convincing them to let go of their pipe dreams. If a home in San Francisco is priced well (i.e., in line with comparative sales over the past three- to six months), that home will likely go into contract and sell within a very reasonable period of time.

Filed Under: Home Buyer Tips, Nob Hill, Sunset/Parkside

How’s The Market In: Outer Parkside

June 3, 2011 By Leave a Comment

I’m in escrow with buyers on a lovely house in the Outer Parkside, so I thought I’d throw out a market snapshot of the neighborhood and kill two birds with one stone. I’ve always been a fan of the Outer Parkside, particularly after selling my listing on 45th Avenue a couple years ago. I liked driving out to the beach to show that house and felt like I was partially on vacation when I did so. It was a great way to get a break from the more hectic parts of the city.

And many others apparently agree. The typical buyer demographic these days in the Outer Parkside is a combination of young couples and families seeking a single-family home with reasonable space and the elusive third bedroom (which usually comes in the form of an unwarranted room down). Buyers with FHA financing are also quite common, as the home prices fall within typical FHA ranges.

The Outer Parkside is bordered by Ortega on the north, Sunset on the east, Sloat on the south and the Great Highway on the west:

A total of 32 single-family homes have sold in the Outer Parkside since January 1, 2011 at an average of $592,648. A bulk of those properties sold in the high $500,000s-mid $600,000s, which is very indicative of values there. The most expensive home sold was a 3BR/3BA property with about 3,000 square feet that changed hands after 112 days on the market for $800,000. And the least expensive home was a 3BR/3BA, 1950-square foot bank-owned home that sold in 163 days for $445,000 in an all-cash transaction.

There are currently 15 homes in contract, including one listing on the Great Highway that started out at $1.4M but was reduced to just above $1M before having an offer accepted. The other properties carry list prices of the high $500,000s. And there are 16 homes currently available, including another Great Highway property listed at $1,550,000. That one was a former church originally built as a vacation retreat. My pick of the current crop is 2120 Sloat (pictured above). Listed at $598,888, the 2BR/1BA is located on a busy stretch of Sloat, but is in close proximity to the beach and nearby Lakeshore shopping area. There’s probably negotiating room in the price, and the house is clean and move-in ready.

The bottom line on the Outer Parkside is that it’s one of those neighborhoods that will always fill the need for a buyer who wants a cute house in a clean, safe neighborhood with access to shopping areas and recreation. And some houses will get you those ocean views, too.

Filed Under: Market News, Sunset/Parkside

Extreme Multiple-Offer Situation Hits Sunset Home

May 20, 2011 By Leave a Comment

For those too busy reading articles about the downfall of real estate, I bring you a from-the-field report of the latest wacky San Francisco housing happenings. Take a look at 1212 16th Avenue, a 2BR/2BA single-family home in the Inner Sunset near Lincoln that hit the market for $525,000 at the end of April. The property was small and was more of a condo alternative. But the location was extremely convenient for the Sunset, and the home was move-in ready.

Apparently, many buyers thought the same thing. The seller received a total of 36 offers, and the house is in contract for almost $100,000 over the asking price. It was pretty clear to me that they’d listed low, but when 36 sets of buyers jump in, that’s a whole other level. If you’re thinking of selling your smallish home in the neighborhood, keep in mind that there are 35 different buyers who may be ready to make offers.

Filed Under: Sunset/Parkside Tagged With:

What You Get For: Below the Average Price

March 29, 2011 By Leave a Comment

We know the average price in San Francisco for a single-family home tends to be higher than that of California—as well as the rest of the country. The average house price year to date is $923,979, and the high dollar amount is due in no small part to the 55 houses out of 430 sold that changed hands for above the $1.5M mark.

I thought we’d check out four nice homes that have been recently listed for below the average price:

1509 47th Avenue, Outer Parkside
$689,000 3BR/1BA
The above beach house is solar powered, with a lot of little “green” touches throughout. It was last sold for $650,000 in 2004 and has been remodeled since then. The home features refinished wood floors, three bedrooms on the same level, a sunroom, and an eat-in kitchen with Marmoleum floors and Richlite countertops. There’s also a deck, cute garden and two-car garage. Plus, you’re a block from the beach.

We head further east to our next property in Miraloma Park:

124 Juanita, Miraloma Park
$879,000 3BR/2BA
This two-level, 1930s home has lovely period detail and a nicely remodeled kitchen. All three bedrooms are upstairs and there’s a living room with a wood-burning fireplace. 124 Juanita is right off Portola, so you’re close to the Mollie Stone’s shopping strip, as well as the Forest Hill Muni station. If you head further east on Portola, you’ll hit West Portal and its shopping/transportation area.

Next up is a stop in Bernal Heights:

137 Winfield, Bernal Heights
$629,000 2BR/1BA
This Victorian home is located in the prime north slope area of the neighborhood. It’s clean and in move-in condition, but could certainly use some updating. There’s no garage, so if you’re dead set on having parking, this is probably not the home for you. There are also some very nice views. You’ll have proximity to the Cortland retail strip, as well as the restaurants on/off Mission (Locavore, Emmy’s, Blue Plate, to name a few).

We end our tour in Potrero Hill:

1056 Carolina, Potrero Hill
$799,000 1BR/1BA
If you’re the Victorian cottage type, this home will fit the bill. It’s on the small side with about 1080 square feet, but has major views, a lot of charm and an unwarranted in-law with a private side entrance. So you can still have guests (or even tenants for some extra income). The front and rear yards are nicely landscaped. This isn’t ideal Potrero, locationwise, as you’re a little further southeast than most people want to be. But the house definitely smacks of San Francisco character.

Filed Under: Bernal/Excelsior, Miraloma Park, Potrero/Dogpatch, Sunset/Parkside

SoMa Bowling, Battle of the Avenues

March 28, 2011 By 1 Comment

The latest MarketTracker gives you the update on the Lucky Strikes bowling lane in SoMa, and takes a look at a deconstructed Nob Hill penthouse. Plus: Battle of the Avenues in the Richmond and Sunset, and sales stats for the past two weeks.

It’s all here in the Zephyr MarketTracker.

Filed Under: Market News, Nob Hill, Richmond/Lake, SoMa/South Beach, Sunset/Parkside Tagged With:

Walk Score Winners: West Portal, Sunset, Bernal

March 11, 2011 By Leave a Comment

I made it a goal today to find three single-family houses with excellent Walk Scores. There are plenty of condos with great scores, but houses are sometimes a little more challenging. So here are three homes that’ll give you the shelter you need and also wean you off your car a little. (And please note that property links go to the corresponding Zephyr site page. These are not all Zephyr listings; we provide details on all properties, regardless of the brokerage. The reason I link to Zephyr is because in addition to providing property detail, we also feature neighborhood and market trend info that are pretty helpful.)

First up is 325 Wawona in West Portal:

325 Wawona has a whoppin’ 95 Walk Score, as it’s only half a block from the West Portal strip. The home also has an 81 Transit Score; the L line stops right nearby and takes you downtown. Listed at $1,090,000, 325 Wawona has 2BRs/2BAs, two-car parking and 1570 square feet. The owners bought the home in 2007 for $1,025,000 and stripped it down to the studs (with permits). The kitchen and baths have been remodeled, and the house is nicely done inside.

We move to the Inner Sunset, where 1291 5th Avenue has just come on the market:

1291 5th Avenue is steps away from Irving Street and has a 92 Walk Score. The 3BR/2.5BA Edwardian is listed at $1,249,000 and has loads of period detail. The kitchen has been remodeled and leads out to a sizeable yard, and all three bedrooms are upstairs. There’s a corner produce market literally next store, so if you need a quick shallot, you don’t have to go far. The 76 Transit Score means you’re right near the N Judah and multiple bus lines. And you’re only a few blocks from the heart of the 9th and Irving retail area, as well as Golden Gate Park.

Finally, we have 15 Eugenia in Bernal Heights:

The kitchen of this 4BR/4BA home listed at $1,195,000 is going over well with buyers. This is a bit higher than the normal Bernal price point, but the house is big (2380 square feet) and has two-car parking. The Walk Score is 91, and you’re about a half block from the Mission corridor (which translates into an 84 Transit Score). 15 Eugenia was purchased in 2005 for $965,000 and the current owners did extensive renovations. There’s a formal dining room, view deck, family room and huge master suite bath.

If you’re interested in seeing any of these homes, please don’t hesitate to contact me. I specialize in selling homes in central, walkable neighborhoods!

Filed Under: Bernal/Excelsior, Sunset/Parkside, Walk Score Winners, West Portal

Inner Sunset Home Snapped Up in a Week

January 19, 2011 By Leave a Comment

The new listing we recently featured at 1522 9th Avenue in the Inner Sunset is a good example of the current market’s mood swings. Though some homes sit on the market for months without buyers transpiring, other homes are snapped up within a week of hitting the market.

1522 9th Avenue is a solid 4BR home that could use some updating. But I could see an owner actually living in the house during the remodeling. Apparently, so could many other people. Listed at $800,000, the property received 11 offers within a week, and is now in contract for well over the asking price. This is not surprising given the overall quality and appeal of the home and location. But what is surprising is that 11 buyers threw their hats into the ring. I have a feeling we’ll be hearing about more of these multiple-offer situations as the year wears on.

Filed Under: Sunset/Parkside

What You Get For: $800,000

January 11, 2011 By 1 Comment

The under-$1M price range is the most popular in San Francisco, so we’re taking a look today at what you can purchase at the $800,000 level:

2600 18th Street #20
Inner Mission

2600 18th St #20 is a very spacious, tri-level loft with Twin Peaks views. There are two master suites, and easy access to the common roof deck. HOA dues are $412/mo and there are 24 units in the building. You’re within walking distance of cafes and restaurants, and the Potrero Safeway is a few blocks away.

1522 9th Avenue
Inner Sunset

1522 9th Avenue is a good example of the level of house you’re likely to get at this price point in the Inner Sunset. This two-story Edwardian needs some updating, but it’s perfectly liveable as is. There’s a formal dining room on the main level, and four bedrooms are upstairs (with only one bath; therein lies part of the reason for a good update). Muni and the Irving Street corridor are three blocks north, and one more block will lead you in to Golden Gate Park. There’s a low ($3500) termite report on file.

1182 Greenwich
Russian Hill

1182 Greenwich is located in prime Russian Hill. The condo features 2BR/2BA, and parking is leased for $300 two blocks away. The property is on the first floor of a four-unit building and has been somewhat hiply remodeled (not resembling what you’d expect in a 1906-era building). HOA dues are $300/mo.

Filed Under: Mission, Russian Hill, Sunset/Parkside, What You Get For...

Edwardian Boarding House Begs for Buyers

November 30, 2010 By Leave a Comment

If taking possession of an Edwardian fixer on a large lot in the Sunset sounds like a good idea for the holidays, then head over to 1471 18th Avenue. The 3BR/2BA, 1630-square foot home is on the market for the first time in 43 years, and it has box-beam ceilings, a large bonus room, and is located on a pleasant, tree-lined street between Kirkham and Judah. You also get nice ocean views from the top floor. List price: $799,000.

The property is currently being used as a boarding house for students,  but the seller is promising that the home will be delivered vacant by close of escrow. In the meantime, however, showings are limited to open houses. And the students are doing their share to help with staging:

Average price for a 3BR house in the Sunset these days is around $870,180, so study those comps and keep an eye on how much you spend in pre-renovation bucks.

Filed Under: Sunset/Parkside Tagged With: ,

What You Get For: $650,000

November 9, 2010 By Leave a Comment

The $650,000 price range is a pretty popular one. And this being San Francisco, there’s a variety of options. We’ll take a look at three properties in different neighborhoods to give you a sense for what type of purchase is possible.

First up is 1880 Vallejo #1 in Pacific Heights:

1880 Vallejo is a 1BR/1.5BA condo in a four-unit building. There’s a formal dining room, fireplace, granite counters in the kitchen, high ceilings and hardwood floors. HOA dues are a low $295/mo. One-car parking is also included. Locationwise, you’re two blocks from Union Street.

We next head west to 2720 Ulloa in the Parkside:

2720 Ulloa has the classic 2BR plus sunroom floor plan. This one’s been in the same family for a long time, and the home is now being sold in a trust sale (with no court confirmation). And for those of you who care about such details, someone did pass away on the property about a year ago. Kitchen and bath are original, and there are recently refinished floors in which you can now see your reflection. The house has lovely 1920s details still intact, such as built-ins and picture rails. They already have an offer in hand, but it’s apparently going to be sealed until November 15th. So get over to Ulloa soon if you want to be in the running. The average 2BR house in the Parkside over the past year has been approximately $675,000.

Finally, there’s 45 Landers, in the decidedly more hip Mission Dolores area:

45 Landers is a 2BR/1BA tenancy-in-common (TIC) in a newly formed,  four-unit building. As such, there will be fractional financing in place so no group loan will be necessary. This particular unit features five rooms and is spacious in comparison to condos at this price in the neighborhood. The seller has made seismic upgrades recently, which should count for something in San Francisco. One-car parking comes with this unit.

Filed Under: Mission, Neighborhoods, Pacific Heights, Sunset/Parkside, What You Get For... Tagged With:

Wave of Interest Brewing for Sunset Cottage

October 21, 2010 By 2 Comments

If you’re out and about in the Outer Sunset on a regular basis, you might recognize the above “rustic fence” at 1530 48th Avenue between Kirkham and Lawton. Behind this weatherbeaten divider sits a very cool 2BR/1BA cottage that just came on the market for $799,000. And I’m betting there are a lot of agents and buyers who have already checked out the details of this listing.

The structure has a bit of a gas station overhang thing going on, but looks unique enough to attract a surfer who’d appreciate living one block from Ocean Beach:

The lot is deep, and the four-room house sits at the rear. It has softwood floors, high ceilings, medallions, a south-facing deck and a large attic. The bedroom is on the lefthand side, and the living room is on the right. Tax records show 1320 square feet.

The N Judah can whisk you downtown (as one reader notes, in 42 minutes) and is also one block away.

The average price for a two-bedroom home in the neighborhood this year is $639,285. I think you have to take the unique nature of the property into consideration in this case. This is not the cookie-cutter Sunset house that everyone is used to, so I’m guessing there are plenty of surfers who could happily hang their boards at this home.

Filed Under: Sunset/Parkside Tagged With: ,

Cool Pool & Garden Retreat Elevate Parkside Home

July 14, 2010 By Leave a Comment

So if you don’t want to walk the seven blocks to Ocean Beach from 40 Rivera, go downstairs and jump in your very own pool. You can swim endless laps in this device.

The 3BR/2BA home listed at $799,000 also has a legal master suite downstairs, and a great garden:
The home was last sold for $785,000 in 2007, so the list price is taking market depreciation into account to a certain extent. I personally think this home is priced very well for what you’re getting.

Filed Under: Sunset/Parkside Tagged With:

Market Action Slows in Sunset, Parkside

June 10, 2010 By Leave a Comment

The Sunset and Parkside districts have been neck and neck over the past couple months in terms of sold and in contract/pending properties. The Sunset has seen 30 single-family homes sell since May 1st, for an average of $742,097; the Parkside is close behind with 29 homes sold at an average of $739,923. And 30 Sunset homes have gone into contract since the beginning of May, while the Parkside saw 28 homes ratify.

No surprises here. Many single-family home buyers are in this price range. But another thing these two neighborhoods have in common is the available inventory count. There are 49 homes on the market in the Sunset, and 51 in the Parkside. And that’s pointing to some slowing market action.

Word to sellers: Make sure you price your homes competitively, and that they show well.

Filed Under: Market News, Sunset/Parkside Tagged With:

What the Median Price Will Buy You in San Francisco: House Edition

May 18, 2010 By Leave a Comment

I’ve been enjoying the “median price” series of On the Block blog posts, so I thought I’d create a San Francisco version.

The median price for the 273 single-family homes sold since April 1st is $775,000. And there are 281 houses currently listed for up to that price. Here are three of them, ripe for the picking:

The first is a 2BR/1BA with an unwarranted studio in-law at 2122 47th Avenue. I sold a house in this Outer Parkside neighborhood last year that was two blocks from this property, and I can vouch for the excellent beach and park proximity. The home appears to be in nice condition, and is listed at what I believe is a very reasonable $628,000 price. It’s been on the market for about two weeks.

We move on to 1351 Plymouth,a 2BR/1BA 1920s home in Westwood Park listed at $685,000. There’s a sunroom, living room with fireplace, and a bonus room/bath down. You’re very close to Ocean Avenue and BART/Muni stations, and the house has an 88 Walk Score. There have been two price reductions since the property came on the market at $728,000 in mid March.

I blogged about 271 Nevada when it first came on the market back in February:

The one-bedroom cottage is very appealing, but it’s less than 1,000 square feet, which may explain why there is a limited buyer pool. The sellers came on at $749,000 and haven’t moved to reduce the price. But this is probably because they paid $790,000 in 2007 and may not be able to afford to sell for less than their list price. There’s a lot of that going on these days.

Filed Under: Bernal/Excelsior, Sunset/Parkside Tagged With: , , ,

Hot Market for San Francisco Fixer Uppers

February 5, 2010 By Leave a Comment

Wait, what year is this? If the recent sale situation over at 119 Clearfield in the Lakeshore neighborhood is any indication, we’re back in 2002.

The 3BR/1BA single-family home at Clearfield and Ocean was a total fixer:

Listed at $689,000 in mid January, 119 Clearfield garnered a whopping 33 offers and is reportedly in contract at more than $800,000. Given the sales activity in Lakeshore of similarly sized homes, the numbers don’t quite add up when it comes to paying $800,000+ for a fixer. The closest comp is at 106 Clearfield—a nicely done, 3BR/3BA property that sold in October 2009 for $910,000. And the average price for a 3BR home in the neighborhood? $862,750. Let’s hope the Clearfield buyers plan to live in their home for a long time to come.

Filed Under: Sunset/Parkside Tagged With: ,