“Euro-Style” Condos Hit the Inner Sunset

I stopped by 1327 7th Avenue last week during my broker tour. This is a newly renovated property featuring eight residential units and a commercial space in a front building, and three townhomes in the rear, with a courtyard in between. There’s an elevator in the front building, and parking is underground.

I was quite impressed with the property (though the bedrooms are on the small side; the king-size bed crowd should stay away). And I was into the idea of the “design that echoes Europe’s terraced cottages.” Prices start at around $1,175,000 for #11, a 2BR/2BA, 1272-sq foot corner unit. I actually liked this unit a lot, due to the numerous windows and outlooks:

List prices top out at $1,395,000 for the two-level, 3BR/2BA, 1631-sq foot unit with two private patios and vaulted ceilings. (The listing office had received an offer on this unit at the time of my visit.) The three townhomes at the rear of the lot in a separate building are priced at around $1,225,000. They feature living/dining/kitchen areas on the main level, and bedrooms upstairs. Downside is that your main living level looks right out onto the courtyard, which doesn’t offer much privacy.

HOA dues are between $500-$600 per month.

So far, one unit in the front building and the commercial unit are in contract. Not bad for only being on the market a couple weeks. It’s a bit of a challenge to find accurate comparable sales; for example, the most expensive condo in the Inner Sunset that sold this year was on 8th Avenue at Kirkham—a remodeled, Marina-style, 2BR/1BA with sunroom and two-car parking that sold in February for $850,000. And in terms of single-family homes, you could’ve bought 1530 8th at Lawton for $1,225,000. This was a remodeled, 1600-sq foot, Arts & Crafts-style 3BR/2.5BA with two-car parking.

With 1327 7th Avenue, you’re got top-notch finishes and presentation, as well as a wildly convenient locale. These properties fall between a condo and a single-family home, and they’re ready to go. So you don’t have to worry about having to install a new roof, take care of termite work, or upgrade to copper plumbing (which is not the case when it comes to those old Edwardians, right?).

Best Trick or Treat ‘Hoods in SF

I came across Zillow’s Trick or Treat housing index yesterday, and found its picks for Best Trick or Treat Neighborhoods to be very amusing.

You can’t argue with the winners: Presidio Heights, Noe Valley, Richmond, Haight, and Sunset. But I’ll also nominate Cole Valley (have you ever seen Belvedere Street in action on Halloween?!) and Potrero Hill.

So readers, what neighborhoods do you nominate for the best Halloween spirit? Comments, please! And have a fun and safe Halloween, everyone!

What You Get For: $1M

It’s always a crap shoot when it comes to surveying what’s available across a certain price point, given the individual nature of San Francisco’s many neighborhoods. This time around, we take a look at three single-family homes listed between $995-$999,000.

First off, we have 1383 8th Avenue, between Irving and Judah in the Inner Sunset:

1383_8th Last sold in April 2004 for $999,000, this 3BR/1.5BA home offers 1800 square feet and two-car parking. There’s also a remodeled kitchen and lovely garden.

Now over to Noe Valley, where 1514 Diamond has just come on the market:

1514diamondThis mid-century baby at Duncan Street features 2BR/1BA across 1,050 square feet. The kitchen is also remodeled, and the garage is huge, accommodating three cars. (This is because no one created an unwarranted room down, which knocks out parking.) You get city views from the living/dining areas, and the rear patio.

We complete our trio with 933 Wisconsin in Potrero Hill:

wisconsin

This home was last sold in June 2005 for $985,000 and was built in 1923. There are 3BRs/2BAs all on the same level, a remodeled kitchen, and a bonus room with a full bath down. One-car parking and a killer garden round out the mix. Biggest drawback to this property is that it’s just down the road from the housing projects.

Which would you take? Let me know–click on Leave a Comment below and share your thoughts. No signing in necessary!

Good Deal: 1215 17th Ave #3

17thaveThe 3BR/2BA, top-floor condo at 1215 17th Avenue #3 in the Sunset is steps from Golden Gate Park. It came on the market at the end of May for $799,000, was reduced to $759,000 and then withdrawn very briefly. The property is now staged and listed at $749,000.

For the space (1275 square feet), floorplan, and location, I think 1215 17th Avenue #3 is a good deal. Toss in a walk-out deck, spacious dining area, three sizable bedrooms, a wood-burning fireplace, low $250 HOA dues, and proximity to the heart of the Sunset’s Irving Street hub and Muni. You have yourself a nice little lifestyle going—if you ask me—in a contemporary building that doesn’t need any work.

Sold: 2074 45th Avenue

2074 45thAve LR1My 3BR/1BA listing in the Outer Parkside sold on Wednesday for $673,500. List price was $668,000, and we received a total of four offers.

Good news for buyers out there: The new owners of 45th Avenue came in with 3% down and obtained an FHA loan. The transaction went through without a hitch. This is the second sale I’ve closed over the past several months that involved an FHA loan. I haven’t encountered problems yet, despite what you’d think in the current economy.

3BR Outer Parkside Home for $668,000

2074 45thAve ExtAllow me to direct your attention to one of the better values in the market: My new listing at 2074 45th Avenue at Quintara.

This 3BR/1BA home has 1214 square feet, and the third, legal bedroom is accessed internally (you don’t have to go through the garage to get to it). There’s also a fabulous garden that my clients have lovingly maintained in the seven years they’ve lived here. I think this home is a great place for those with active lifestyles who need reasonable commute access to downtown, and proximity to beach trails and Golden Gate Park.

We’ll be open this Sunday from 1:00-4:00, so stop in. I’ll be there!

Parkside Home Gets 14 Offers

21staveAmidst the cautious landscape of the current San Francisco real estate market erupts the offer outcome of 2018 21st Avenue at Pacheco. This 2BR/1.5BA home with two-car parking and bonus room down was listed at $699,000 on April 30th and is officially pending as of Sunday. (This means the buyers have removed any contractual conditions, and all that should be left is the loan funding.)

The sellers received 14 offers, according to the listing agent. I thought the house was pretty nice, with a breakfast area adjacent to the kitchen and a reasonable floor plan. There was a large deck off both rear bedrooms, and had newer windows and roof. All told, there were 1440 square feet on the upper level.

1990 Funston: Slick Mid-Century Remodel

Fresh out of rehab and on the market for $1,495,000, 1990 Funston is a 5BR/3BA home on a corner lot in the Golden Gate Heights neighborhood.

I’m into the kitchen, and this bathroom:
kitchen_funston

bath_funston1

The current owners remodeled the kitchen, bathrooms, and added a bedroom, bath, and family room, among other things. Looks like the property was transferred for $1,020,000 in May 2008. Will Funston fly off the shelf? Depends on how many buyers out there have the purchase power and willingness to live in a somewhat remote area with unfavorable weather.

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!

Rousseaus Popular Choice in Sunset

roussouhouse San Francisco is probably most known architecturally for its Victorians and Edwardians. And three out of five prospective buyers with whom I meet voice their appreciation for this type of charming architecture.

But one somewhat underappreciated architectural style is the Rousseau. This style was originated by an individual named Oliver Rousseau, in the 1930s in the Sunset district. Though Henry Doelger built the largest number of these types of single-family homes, it was Rousseau who constructed the most ornate versions. These were designed to look like French chateaus or Spanish castles, and featured step-down living areas and open spaces.

You can find the largest concentration of Rousseaus—about 100—on 33rd, 34th, 35th and 36th Avenues between Judah and Kirkham in the Sunset.

Where's the Inventory: Houses

You’ll find the best deals in the San Francisco market where there’s an oversupply of homes available. There are 274 houses on the market right now. Here’s a look at which neighborhoods are offering the most homes:

Central Richmond: 11
Central Sunset: 10
Outer Parkside: 13
Outer Sunset: 12
Parkside: 16
Lake Shore: 9
Ingleside Heights: 9
Oceanview: 13
Miraloma Park: 15
Noe Valley: 34
Eureka Valley: 12
Pacific Heights: 18
Cow Hollow: 10
Bernal Heights: 33
Bayview: 32
Crocker Amazon: 11
Excelsior: 23
Outer Mission: 10
Visitacion Valley: 18
Silver Terrace: 17
Mission Terrace: 9

My advice for buyers: If you’re interested in any of the above neighborhoods and are qualified to buy, get your negotiating shoes on.

Conforming Loans Lead the Way

Conforming loans are about the only option these days for those prospective buyers who have less than a 20% down payment. Though this loan amount is poised to increase to $729,750 soon, it is currently set at $625,500. Along with that down payment, you’ll need acceptable credit scores and incomes.

So what’s available for up to $695,000, assuming you’re working with a 10% down payment? Quite a bit of inventory, it seems. There are 210 single-family houses on the market, ranging in price from $179,000 for a 625-square foot, one-bedroom short sale house that’s tenant occupied in Bayview, to a three-bedroom home in Bernal Heights on College Terrace. In addition to Bernal and Bayview, neighborhood selections include Merced Heights, Ingleside, Outer Sunset, and Sunnyside.

There are 493 condos available, but it’s important to have your lender or mortgage broker review a particular building prior to even considering making an offer. Lenders are hesitant to lend on condo buildings, so there are further limitations to what you may be able to purchase.

I’d recommend considering properties priced as high as $725,000-$750,000, as your chances of negotiating for what you can afford increase the longer the property sits on the market–presuming you have a motivated seller on hand.

Neighborhood Spotlight: Merced Manor

Not too far from the West Portal enclave is Merced Manor. This southwestern San Francisco neighborhood is not usually mentioned by prospective buyers when we meet to talk about preferred areas. But Merced Manor actually has a lot going for it.

Bordered by 19th Avenue on the east, Eucalyptus on the south, 26th Avenue on the west and Sloat Boulevard on the north, Merced Manor was largely developed in the 1930s and 1940s, and covers a fairly small geographical area. In the middle lies the Merced Manor Reservoir, which was built in 1936 and was structurally and seismically upgraded in 2006.

Merced Manor isn’t very far from the West Portal retail district and Muni line, and sits just south of Stern Grove. It’s also right next door to Stonestown and the Y. Ocean Avenue runs through Merced Manor, and its own retail area is not far away, either. If you’re a golfer, Harding Park is right around the bend, and you can bring your dogs to nearby Fort Funston. San Francisco State is just south of the neighborhood.

Popular with families due to the proximity to coveted Lowell High School, Merced Manor’s homes typically feature three bedrooms or more. Single-family home averages tend to hover just above the $1M price point. The weather is typically cooler and foggier in the summer.

Market Update: The Sunset

Here’s a look at the price averages for the three areas of the Sunset in the last quarter. Though the Sunset neighborhoods can feel a bit out of the way and foggy, you can find some of the best values there.

Inner Sunset
Single-Family Homes
$1,001,667 (6 sold)
Take note: House prices remained very reasonable in the Inner Sunset in the last quarter. A lovely 3BR/2BA home with two-car parking at 4th Avenue and Hugo sold at its $1,195,000 asking price.

Condos
$754,600 (5 sold)

Central Sunset
Single-Family Homes
$826,854 (15 sold)
Take note: The Central Sunset saw many homes change hands, with a bulk of the selling prices ranging from the mid-$700,000s to $800,000s.

Condos
None sold

Outer Sunset
Single-Family Homes
$703,167 (12 sold)
Take note: Most house sales in this past quarter were in the $600,000-$700,000 range.

Condos
$665,000 (1 sold)
Take note: The sole condo sale took place at 45th Ave and Lincoln, where a new-construction, 3BR/2BA, first-floor condo in a two-unit building sold for $34,000 under its asking price after 122 days on market.