Market Insights | www.insidesfre.com

“End Users” Snatch Up Fixers for Dream Home

October 25, 2021

The “fixer” buyer pool no longer exclusively consists of contractors and small-scale developers. Instead, deep-pocketed buyers known in industry speak as “end users” are more likely to purchase a fixer and turn it into their dream home.

The most recent example I heard about was over at 226 20th Avenue in the Richmond. The two-story, 4BR/1.5BA home with 2150 square feet had been in the same family for more than 50 years and was ready for a facelift. But all the bedrooms were on the upper level and the garage offered good expansion potential—the perfect storm for the end user crowd.

The house was listed for $1,475,000 and the sellers received 21 offers. All but two were from buyers planning to owner occupy and renovate the property themselves, reported listing agent Kelly Quon at my company, Corcoran Global Living. There were 12 cash offers and most contracts had no contingencies. The sale closed last week for $2.3M, with five of those offers above $2M.

Diamond Heights Sees Record-Breaking Neighborhood Sales in 2021

October 21, 2021

Diamond Heights has experienced two record-setting sales this year for the neighborhood. With single-family home sales typically maxing out at around $3M, two sales have far exceeded that price point.

108 Turquoise Way, a modernist home with a Marin feel, was listed in June for $3,995,000 and closed 12 days later for $5,750,000. I have to admit, the house did have a lovely setting:
(Photo courtesy of Compass)

Bigger yet was the renovated 4200-square foot, five-bedroom home at 43 Topaz Way (photo, left–courtesy of Compass) that recently sold for an incredible $6,025,000—11.5% over the $5.4M list price.

Well done, Diamond Heights!

Just Sold: Potrero Single-Family Home

October 18, 2021

My clients closed late last week on 162 Missouri, a spacious single-family home in a prime neighborhood location just down the street from the 18th Street corridor.

With two large bedrooms at the rear and a bright living room with peekaboo downtown views, the home features the center patio floor plan, with additional rooms and bath down. The garden has mature fruit trees and gets plenty of sun. Sale price was $2,000,000.

We competed with many other buyers for the home, and I’m thrilled for my clients that they will soon be moving into 162 Missouri.

Is Adding An ADU the Right Move For You?

October 7, 2021

The climate is ripe for adding housing in San Francisco, and that extends to the city’s efforts to make adding an accessory dwelling unit (ADU) to a property easier. But whether you should move ahead with “legalizing” an existing in-law apartment—or creating one—depends upon what type of property you own.

If you own a building with three or more units, adding another one won’t really introduce new use restrictions on the building or resale complications. Continue Reading

1BR Condos a Good Bet for First-Time Home Buyers

October 4, 2021

A one-bedroom condo—especially one with a den or office area—is an excellent option for first-time home buyers. This type of property truly exemplifies the concept of getting your foot in the door of San Francisco real estate, and aiming to build equity with the goal of trading up in a few years.

The average price of a one-bedroom condo citywide is $876,707 (based on sales from July 1-Sept 30, 2021). If your price range is under $1M, targeting conveniently located one bedrooms is the way to go.

There are currently 242 one bedrooms on the market, so you have plenty to choose from. The one bedrooms that will have the best chance of appreciating have parking, on-site laundry, a good location near retail and public transit and HOA dues that aren’t excessively high. I set out to find some properties that meet this criteria and which I think are well worth considering at the moment. Continue Reading

Just Sold: South Beach Bridge View Condo

September 30, 2021

We just closed the sale of 400 Beale #1211, my 2BR/2BA South Beach condo listing that featured Bay Bridge views, private balcony, in-unit laundry, parking and storage. The property was very popular with buyers looking for a spacious, good-value condo in the neighborhood. List price was $995,000 and we closed at $1,050,000.

There are 47 2BR active listings in South Beach at the moment, but only four are priced below $1.2M. The rest range in price from $1.2M to $3,655,000. Fetching top dollar these days are the brand new construction buildings surrounding 400 Beale like The Avery, Lumina, and Mira. The best values can be had at buildings like 400 Beale, which was constructed in 2002 yet has amenities like 24-hr concierge, pool, gym and sky lounge.

Congrats to my sellers, as well as the new owners of 400 Beale #1211!

September 2021 Market Check: How Are We Doing?

September 27, 2021

September sales are in, and it looks like the San Francisco single-family home and condo markets are as robust as ever—assuming certain property attributes and locations are in play.

Here’s what’s going on, based on sales from September 1-23, 2021:

Single-Family Houses
Number sold: 165
Median price: $1,795,000
Avge overbid: 12.24%
# houses overbid 20%+: 70
Everybody loves a single-family house in San Francisco. The homes that really fly off the shelves have three or more bedrooms, additional space for guests or a family room, parking and a desirable location. Almost half of these homes sold for more than 20% over the list price. There were a few eye-popping sales this month; those never seem to get old. Here’s the lineup:

121 Theresa | Mission Terrace
3BR/2BA, 1664 sq ft
List price: $1,525,000
Sale price: $2,250,000
Percent over list: 47.5
(Photo courtesy of Compass) Continue Reading

Crocker Amazon Home Seeks New Owners

September 24, 2021

My listing at 73 Florentine in Crocker Amazon is an adorable home. It checks all the boxes—large living room with fireplace, formal dining room, two big bedrooms and a sunroom.

There’s also a beautiful, peaceful garden with mature trees and plantings, as well as a spacious garage with expansion potential.

Check out photos and details at our property Web site here.

List price is $995,000. We’ll be open this Sunday 9/26 from 1:00-3:00. Stop in and see me!

Fall Market 2021 Kicks Off With New Inventory

September 16, 2021

The 2021 Fall real estate market in San Francisco is officially underway. There are presently 337 single-family homes, 701 condos and 74 TIC interests currently available, with more inventory on the way. Continue Reading

Just Listed: Sweet Crocker Amazon Home

September 10, 2021

My new listing at 73 Florentine is simply adorable. Built in 1925, the home has lovely period details like coved ceilings and picture rails. The gracious living room has multiple windows and a wood-burning fireplace, with an adjacent formal dining room separated by attractive leaded glass doors.

The bedrooms are spacious and there’s a bonus sunroom that overlooks the peaceful garden. Relax on the deck or dine alfresco outside while you’re surrounded by a lush variety of trees and plants. There’s a one-car garage with plenty of space for storage and work/hobby areas. List price is $995,000.

Check out our property Web site here for more photos and details.

We’ll be open this weekend on Saturday from 1:00-3:00 and Sunday from 2:00-4:00. Stop in and see me!

HowLoud: Great for Noise-Sensitive Home Buyers

September 2, 2021

One of the more interesting sites I’ve come across is HowLoud. It’s a great tool for noise-sensitive buyers who want a larger, data-driven perspective on how loud a particular location is.

You can type in an address and get the SoundScore, which aggregates noise from cars and plane traffic and other “local sources.” You end up with a number from 50-100 (the lower the number, the louder the location) that rates the noise level at a given property. Continue Reading

Just Sold: 171 Wawona and 1153-55 Florida

August 30, 2021

I’m proud to announce two closings late last week:

171 Wawona
West Portal
3BR/2.5BA, 2 pkg
Sold: $2,300,000

My clients are thrilled with their purchase of 171 Wawona, a gracious home in the heart of the highly desirable West Portal neighborhood. The house has three bedrooms and two bedrooms on the upper level, with a large primary suite. There’s a remodeled kitchen and open living/dining room. Continue Reading

30-Year Fixed Loans Now Available for TICs

August 16, 2021

Tenancy-in-common (TIC) loans are no longer limited to adjustable-rate terms. It’s official: You can now get a 30-year fixed loan.

Part of the reason fractional loans haven’t moved beyond adjustable-rate mortgage (ARM) products is because the idea behind TICs was to condo convert in a few years. So you’d end up refinancing out of the TIC loan, anyway. Plus, the handful of TIC lenders out there wanted to limit their exposure in the riskier fractional financing market.

But condo conversion has long been suspended for buildings with three or more units, so that aspect isn’t really relevant anymore. And fractional loans have turned out to be successful for lenders, as there haven’t been many loan defaults among the well-qualified buyers who meet the lender guidelines for income, credit and assets.

Lenders are obviously now comfortable offering a longer fixed-rate term, and TIC owners, in turn, seem to be staying in their properties as long as condo owners do—-in many cases, beyond three or five years.

So for those who are wary about being exposed to a higher interest rate after an ARM adjusts in the future, a 30-year fixed TIC loan could be a good fit. Continue Reading

Just Listed: 400 Beale #1211

August 13, 2021

I’m proud to present my 2BR/2BA South Beach condo at 400 Beale #1211 in the BridgeView. This lovely condo has bridge and water views and is conveniently situated near the Embarcadero, Woodlands Market, Ferry Building, Chase Center, Oracle Park, Caltrain and freeway access.

#1211 features an open living/dining/kitchen floor plan, along with a spacious primary bedroom with balcony, large closet and en suite bath. The second bedroom with its French doors is perfect for guests or an office. This unit has a dedicated storage locker, in-unit laundry closet and one-car parking.

BridgeView has always been one of my favorite buildings in the neighborhood. It has a host of useful amenities like a 24-hour concierge, heated outdoor pool, well-equipped gym, and sky deck with multiple seating areas and two BBQs.

Check out our property Web site here. List price: $995,000.

We’ll be open Saturday 8/14 and Sunday 8/15 from 1:00-3:00. Stop in and see me if you’re in the neighborhood!

Mask Up for Real Estate Showings

August 5, 2021

It’s official: Everyone is requested to wear a mask at open houses, broker tours and private showings.

San Francisco real estate typically mirrors city and state guidelines, and masks are no exception. Unfortunately, not everyone is choosing to get vaccinated and the latest virus variant is surging.

I’m simply grateful that we can continue to have open houses and broker tours. That wasn’t the case for more than a year. I’m additionally thankful that we don’t have to get Covid-related paperwork prior to entering properties.

So mask up! And get vaccinated if you haven’t done so already.

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