Thanks For a Wonderful 2014

thanksgiving_sonoma
Thank you to all of you who’ve been reading my blog faithfully over the years, as well as to those who have connected with me and have done business with me. I am truly grateful for those opportunities.

May you have a fantastic Thanksgiving, and I’ll see you back here on Monday.

The ABCs of HOAs

1770pacific
Condos are a popular option for many home buyers in San Francisco. Prices for condos are more affordable, and there’s less upkeep involved. For busy professionals, condos in central neighborhoods fit more lifestyles than that of single-family homes.

The residents within a condo building are part of a homeowners association (HOA). In larger buildings, there’s usually an HOA board, too. These entities make decisions about the property with respect to expenditures, special assessments and other issues that arise.

There’s a lot to evaluate when you’re considering a condo purchase. I thought I’d put together a primer on the basic HOA disclosures and documents of consequence so you’ll know what to expect when you locate a condo you like and may want to write an offer on. [Read more…]

Thanks For Another 5-Star Yelp Review!

It’s always a pleasure to receive an unsolicited Yelp review from happy clients. The latest is from the sellers of a condo in Arterra in Mission Bay, which recently closed escrow. They were a pleasure to work with, and a reminder that many of my clients are genuinely nice, thoughtful people who appreciate my efforts. (Click on the image below for a larger view.)

yelpreview_ethan

If you’re thinking about buying or selling in 2015, please get in touch with me at ebermingham@zephyrsf.com or 415.823.4656. I am actively seeking new clients and would love to chat about your plans. Check out my other 24 Yelp reviews if you’d like to read more about how I work with clients.

The 411 on CA’s Construction Defect Law

1718diamond
New construction single-family homes and condos are being built and sold at a rapid-fire pace in San Francisco. If you’re considering buying this type of property, it’s important to know what to expect when it comes to consumer protection and your rights in the event you discover a construction defect.

Construction defects are unfortunately pretty common in new buildings—everything from water intrusion (the most common one) to inadequate ventilation or faulty sewer systems. Dealing with defects isn’t fun, but there’s a way to handle them thanks to legislation called SB 800. [Read more…]

Grand SoMa Development Takes Leap Forward

The four-acre development planned for Fifth and Mission in SoMa has grand plans—1,200 new residences and 150,000 square feet of retail, for starters. But there are renderings online now, and the project could break ground in 2016 if approved.

Moving north west across town, we take a look at what’s on the market in uber-hot Hayes Valley, from a loft to a Victorian condo.

Plus, news on Coit Tower’s murals and the most current San Francisco sales and stats.

It’s all here in the Zephyr MarketTracker!

“Off-Market” in a Hot Market Can Shortchange Sellers

4449_23rdstreet
The San Francisco real estate market is booming, and sellers are greatly benefitting from buyer demand. There are five or more buyers for every listing, particularly in popular neighborhoods. Interest rates are low, our local job market is strong and there’s no shortage of foreign investors.

If you’re thinking of selling your home in the near future, here’s how you can capitalize on this hot market: Make sure your agent enters your property in the San Francisco Multiple Listing Service (SFARMLS) database. This is the database agents use to search for available listings. Sites like Redfin and Trulia also get their listings from the MLS. A well-priced property promoted to the fullest extent can typically attract multiple offers, which is what leads to the maximum selling price possible. My most recent listings sold for more than I or my sellers expected, and I truly believe that would not have been the case had we sold off market. [Read more…]

Just Sold: 2BR Mission Bay Condo

300Berry1010 lr3
Marketed throughout the Giants’ World Series games, my listing at 300 Berry #1010 was a popular unit at the Arterra. We worked around game days and managed to get a ton of prospective buyers, agents and neighbors through. #1010 was a southwest-facing corner unit with two bedrooms, one bath, in-unit laundry, storage and parking. List price was $979,000.

We received six offers, and ended up accepting a cash offer with a seven-day close for a sale price of $1,080,000, Chalk it up to a hot Mission Bay market!

Luxury Market Going Strong in Fall 2014

250cumberland
San Francisco real estate in the $2M+ price range continues to experience a healthy sales volume. There doesn’t seem to be a shortage of buyers, particularly those paying in cash. Chalk it up to two factors—tech company stock options, and buyers’ desire to live in large homes in prime neighborhoods.

Case in point: 250 Cumberland (above), initially sold in 2012 for $1,775,000 as a major two-unit fixer that had been partially gutted by a fire. Flash forward to 2014. Rebuilt as a 5BR/4.5BA, 3,974-square foot single-family, the home was purchased by cash buyers for $6,000,000 at the end of October. [Read more…]

Holidays Approach, Time To Make Your Move

We’re speeding toward Thanksgiving, which only means one thing when it comes to San Francisco real estate: Inventory will decline after turkey day, and serious buyers need to take a second look at what’s been sitting on the market.

There are 255 single-family homes and 288 condos currently available, a good portion of which have been on the market for three weeks or more. Take 7 Burnett ($1,695,000), a beautiful 3BR/2BA Twin Peaks condo with this view:

view_burnett

Or for something more quirky with amazing curb appeal, look at 10 Carmel ($3M) in Cole Valley–a 1909 firehouse that’s now a very cool pad for a buyer who likes entertaining and living in a unique home:
10carmel_exterior

It’s definitely time to buckle down and work with current inventory. Our market moves so quickly that you can sometimes get obsessed with new listings and completely miss out on homes that won’t involve tedious multiple offers and overbidding. Give me a shout if you need some help finding the right place. I’ll be in town and ready to work!

Just Sold: Cole Valley Condo

286Parnassus LR1
My one-bedroom condo listing at 286 Parnassus in Cole Valley closed last week. Listed for $579,000, the property was very popular with first-time home buyers looking to get into a well-maintained unit in a great location. We received five offers and the condo sold for $630,000.

If you’re planning to sell or buy a similar type of home, please give me a shout at 415.823.4656 / ebermingham@zephyrsf.com. I’m currently lining up business for 2015, and would be happy to talk with you about how I can help you with your real estate goals.