Big Condo Overbids Return in 2021

Big Condo Overbids Return in 2021

Condos with two or more bedrooms, all the amenities, and desirable neighborhood locations are currently very much in demand by San Francisco buyers. As a result, there are increasing numbers of large overbids and sellers receiving many, many offers.

You’ll read about this trend a couple months from now in the mainstream media, but I am officially seeing the return of the list-low, sell-for-more pricing strategy for these properties.

A look at February’s closed and pending condo sales point to a trend in rising buyer demand for condos in popular neighborhoods near parks and retail areas. A condo that also features an exclusive-use outdoor space is at the top of everyone’s list. Even better if that condo is remodeled, and has two bathrooms, in-unit laundry and parking. Continue Reading

Prime Marina Location for This 1BR TIC

My lovely one-bedroom TIC at 1890 Jefferson #203 is still available—amazing Marina location, big living area and bedroom and even a formal dining room.

Here’s a look at the interior:

This is a perfect property for a buyer looking to get into a premium neighborhood location for less than the cost of a condo. List price is $825,000. Easy to show this weekend, and check out our property Web site here.

Here’s Your Home Insurance Primer

When you’re buying a house in San Francisco, there’s a lot going on. One of the key escrow activities is nailing down your insurance policy and provider. So it’s important to know what you’ll be looking for in terms of coverage level and annual cost.

Here are the main items for comparison that should be standard in your home insurance coverage: Continue Reading

Condos Heading for Property Tax Break?

The San Francisco Assessor’s office may be on track to consider reassessing condos that may have lost value since the pandemic hit, reports the San Francisco Business Times.

The city is currently surveying large commercial property owners this month about how their rents and expenses have changed in the past year. The assumption, according to the Business Times, is that office buildings saw a reduction in revenue in 2020.However, this data review effort may also extend to condos if it becomes clear that such properties have lost value. Continue Reading

New Listing: Gorgeous Marina Flat

New Listing: Gorgeous Marina Flat

I’m pleased to announce my new listing at 1890 Jefferson #203, a gorgeous tenancy-in-common (TIC) in a prime Marina location one block from the water. This lovely unit has wonderful 1930s period detail, dark espresso wood floors and a bright living room with an office alcove.

There’s also a large bedroom with walk-in closet, remodeled bath with spa tub and separate shower stall, and a formal dining room adjacent to the efficient kitchen featuring stainless-steel appliances and granite counters.

1890 Jefferson #203 is steps away from the Marina Green, the heart of Chestnut Street restaurants and retail, Palace of Fine Arts, and Fort Mason.

This is a well-established, nine-unit TIC building that’s had only one sale since the group formed in 2007. There are multiple lenders that offer fractional loans, which is what you need to purchase a TIC in San Francisco. I’m happy to talk through the TIC details.

List price is $825,000.

Check out our Web site with 3D tour here.

Showings kick off today, so contact me at eileen@insidesfre.com | 415.823.4656 if you’re interested in scheduling one!

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Current Listing
1890 Jefferson #203
This gorgeous Marina tenancy-in-common (TIC) flat is in a prime neighborhood location one block from the water and steps from the heart of Chestnut Street. Bright, airy living room with office alcove, large bedroom featuring walk-in closet and direct bathroom access and formal dining room.

List price: $825,000
See more at our property Web site here!

Seismic Upgrades Worth the Money in San Francisco

Of all the ways to improve your home, a seismic upgrade doesn’t always immediately come to mind. But if you live in San Francisco, doing a seismic upgrade can mean the difference between having a house to come back to after an earthquake and having to relocate until you can rebuild your home.

You can do most voluntarily seismic upgrades fairly easily, and there’s no need to move out while the work is being done. You start by consulting a structural engineer, who will do a site visit and identify the best ways to integrate new seismic components. These ways typically include installing shear wall (a panel that resists lateral earthquake movement), putting garage posts on better concrete footing, bolting the foundation, adding posts and improving post-to-beam connections. Continue Reading

Give Yourself a Competitive Advantage with Up Front Loan Preapproval

One thing is for certain if you expect to write a competitive offer in the San Francisco market: Get fully preapproved for a loan before you start seeing properties.

Prospective buyers would traditionally chat with a lender rep, get an idea as to what they could afford based on basic financial details and then submit all the financials after getting into contract.

However, that won’t fly in San Francisco—or most of The Bay Area—these days. Limited inventory and high-buyer demand translate into routinely competitive, multiple-offer situations that require short (or no) loan contingency timeframes. Winning offers rarely happen for buyers who need a loan contingency timeframe that accommodates underwriting review of their financials after they go into contract. Continue Reading

When’s The Best Time To Sell in San Francisco?

I’m asked routinely by homeowners when the best time is to sell. And it seems like all bets are off these days amidst the pandemic.

The busiest times in San Francisco real estate—when many homeowners tend to list their properties—are traditionally the Spring and Fall. The weather is good, there are plenty of buyers out there and there are no major holidays to distract everyone. Continue Reading

Don’t Depend on List Price To Guide Your Home Search

The secret to a successful home search is simple: Know what you can afford.

Here’s an example of what can happen if you ignore that reality: You get preapproved for up to $1.5M and are interested in buying a single-family home in the city. Armed with your list of ten houses priced at around $1.5M, you unexpectedly see a home you love and offers are due in two days. That leads to a scramble for an agent who can help you throw together your first offer. The agent tells you the property will probably sell for well over list price, but you submit your offer at asking anyway. I mean, why not give it a shot, right? Later that night, the agent calls to let you know that the sellers received five offers and accepted the highest and best. Continue Reading

5 Ways To Prepare for Selling Your Home in 2021

You’ve decided that 2021 is the year you’ll be selling your house in San Francisco. Timing is everything when it comes to a home sale, and it’s never too early to start planning. Here are five ways you can kick things off:

1. Decide what stays and what goes. You probably won’t want to take everything with you, so it’s a good time to start labeling what stays and what items will go where. Take advantage of services like Remoov. You also may benefit from working with a professional organizer/mover—my colleague, Gwen McClure is an excellent choice.

2. Consult with your CPA and financial advisor. It’s a good idea to know what taxes you can expect to pay, as well as get professional advice on how to handle sale profits. Continue Reading

TIC Inventory Poised To Grow in 2021

TIC Inventory Poised To Grow in 2021

The tenancy-in-common (TIC) market slowed to a crawl in the last quarter of 2020, with almost 100 cancelled or expired listings laying by the MLS wayside. With the condo market cooling due to Covid, it was no surprise that the less conventional TIC took a bit of a hit, as well.

But 87 TIC interests did end up selling (up from 70 sold in Q4 2019) despite these challenges. Buyers snapped up TICs in popular neighborhoods like Noe/Eureka Valleys, the Haight, Hayes Valley, NoPa, Marina, Russian Hill and the Mission in search of prime locations and more space than condos can typically offer for the same price. Continue Reading

Be A Strategic Buyer in a Tight Inventory Market

It’s easy to put your home search on auto pilot, looking constantly at online search sites for the latest new listing. But if you’re seeking a single-family home in San Francisco, it will become quickly obvious that there’s a low inventory of houses—and you have to do more than just wait for new listings.

Home buyer tip: Don’t bypass existing listings that may be spending more time on the market than their owners would like. These homes could be opportunities for buyers to avoid overbidding and competitive offer situations. If a house has been on the market for 30 days or more, it means that seller will likely not be seeing crazy overbidding and multiple offers. And there may also be room to negotiate a lower price. Continue Reading

Contact Eileen for Real Estate Help

Eileen Bermingham

Corcoran Global Living

415.823.4656

eileen@insidesfre.com

DRE# 01352627

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