Category Archives: Market Insights

Buyers Target SF Condos in May

Buyers Target SF Condos in May

Here’s how things shook out in the condo market last month:

Average Price: $1,365,896
Median Price: $1,230,000
Average Price Per Square Foot: $1,114
Days on Market: 36
Average Overbid: 5.87%
20%+ Overbids: 32 (8.8%)

My Take: The San Francisco condo market made a strong showing in May, with a similar number of sales and a slightly higher average sale price compared to April. Buyers shied away from massive overbids, with fewer than ten percent of condo sales involving overbids of more than 20%. The largest overbid was for a Bernal condo at 1593 Treat (see photo), one of two condos in a duplex that went on the market simultaneously. The 2BR/1BA, 1130-square foot unit was remodeled, had in-unit laundry and two-car parking and sold for $1,510,000—$515,000 over the list price. Its 3BR/2BA, 1760-square foot top-floor counterpart at 1595 Treat had similar results. Listed for $1,495,000, the unit closed for $1,995,000. Chalk one up for the continued popularity of condos in smaller buildings with all the amenities. [Photo courtesy of Kindred SF Homes]

Single-Family Home Market Soars in May

Single-Family Home Market Soars in May

May numbers are in, and the San Francisco single-family home market made an extremely strong showing last month.

Here’s a snapshot of what went down:
Average Price: $2,429,760
Median Price: $1,892,500
Average Size: 2,168 sq ft
Days on Market: 21
Average Overbid: 12.62%
20%+ Overbids: 102 (40%)

My Take
Buyers swarmed around the house inventory in May, with most homes selling for over the list price and going straight to pending with no contract contingencies. Seven homes sold for 45% or more over asking, with the prize going to the Parkside’s 2050 20th Avenue (see photo). The updated, two-bedroom house listed for the catch-all $995,000 price garnered tons of offers and sold for $1,660,000—66% over asking. The Sunset, Parkside and other neighborhoods west of Twin Peaks continued to go gangbusters as buyers sought houses with more space and yards. [Photo courtesy of Compass]

Just Sold: Noe Valley Cottage Condo

Just Sold: Noe Valley Cottage Condo

We just closed yesterday on my Noe Valley cottage at 210 Valley #A. Situated in Upper Noe near Muni, restaurants and retail, this condo cottage attracted a large number of showings. Our buyer ended up being a gal who grew up in the neighborhood and was currently renting a cottage nearby. Talk about finding the right fit.

210 Valley #A sits at the rear of the lot and is part of a three-unit HOA. The property is perfect for having a bit more privacy than the typical condo that shares walls with another unit. And there’s plenty of potential to develop further, add a parking space or just enjoy the space as is.

This 2BR/1BA home closed escrow for $1,075,000.

Congrats to my sellers, and best wishes to the new owner!

Open Houses Return in San Francisco (!)

I’m happy to report that San Francisco Realtors can once again host public open houses.

Our local Realtor Association announced late last week that we can resume holding opens for the first time since March 2020. We’re required to follow Covid safety protocol that requires all entrants to review and sign an Open House and Showing Guidelines disclosure, which also requires providing basic contact information. Additionally, everyone must still wear masks, use hand sanitizer, practice social distancing and avoid touching surfaces in a property. Continue Reading

Just Sold: 1208 Egbert in Bayview

Just Sold: 1208 Egbert in Bayview

My client will be closing this week on a brand new home at 1208 Egbert in Bayview. Featuring three bedrooms, 2.5 baths and more than 2500 square feet, the three-level property has ten-foot ceilings throughout, lovely finishes and wood floors. Continue Reading

Just Sold: Marina Tenancy-in-Common

Just Sold: Marina Tenancy-in-Common

We just closed escrow on my one-bedroom TIC at 1890 Jefferson #203. Representing a ten percent interest in a nine-unit building, this property was popular with buyers looking for a premium Marina location near the water and Chestnut Street.

TICs are a bit more complex than condos, but we successfully navigated the ownership transfer process and the buyers and my seller clients couldn’t be happier.

We listed the property for $825,000 and received two offers after 30 days on the market. I’m pleased to report we closed at the asking price with no major delays.

Congratulations, everyone!

Just Listed: Miraloma Park Urban Retreat

Looking for a stylish, comfortable single-family home in San Francisco? My new listing at 250 Los Palmos Drive is a good possibility for you.

This turnkey residence has all three bedrooms on the main level, along with open living/dining/kitchen space and full bath with skylight. Off the rear primary bedroom is a walkout deck that overlooks the naturally landscaped hillside garden.

Downstairs is a beautifully finished family room with built-in projector for streaming movie nights, as well as a wet bar with Sub-Zero beverage refrigerator and bespoke cabinetry. There’s a full bath with black and white tile work, shower and towel warmer. Enclosed in custom cabinetry, the LG side-by-side washer/dryer is also located in this generous lower space.

The yard has a hot tub with lighting scheme and is a nice place to unwind. Finished garage with one-car parking, workout area and plenty of storage round out this beautiful home.

Miraloma is a popular neighborhood with home buyers these days, as it offers easy access to a variety of schools, hiking trails, Mollie Stone’s, freeways, and more.

List price is $1,295,000. Visit our Web site for photo gallery, 3D walkthrough tour, video with drone footage and floor plan at 250lospalmos.com!

Just Listed: Noe Valley Victorian Top-Floor Condo with Incredible Gardens

Just Listed: Noe Valley Victorian Top-Floor Condo with Incredible Gardens

Looking for a top-floor condo in a charming Victorian building situated on an enormous lot with a wrap-around garden? My new Noe Valley listing at 241 Duncan has all that and more.

Perfect for working from home and enjoying rarely available outdoor space, 241 Duncan features two bedrooms plus office/guest room, one bathroom, spacious kitchen with built-in dining area and high-end appliances and a private walk-out deck with peaceful outlooks. Here are a few pics:

The garden has plenty of room for socially distanced gatherings, fountain, chicken coop and a huge date palm.

It’s not often you see a condo building detached on three sides, and that means plenty of natural light through the tall windows. And the high ceilings add to the airy feeling throughout.

Check out our Web site here, which has a 3D walkthrough tour, floor plan, complete photo gallery and more.

List price is $1,295,000.

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

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

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

Prop. 19 Changes Inheritance Tax Rules

Prop. 19–which won voter approval in the November election–changes the game for children inheriting property from their parents. Effective this February 16th, Prop. 19 will disqualify transfers of business property, rental buildings and other property that’s not the “family home” from reassessment protection.

Additionally, for transfers of their principal residence from parents to their children, the property tax base will be reassessed unless the children meet residency requirements and the market value isn’t more than $1 million higher than the tax base value just before the transfer. Continue Reading

Median Condo Price Down, Houses Up in December 2020

The latest numbers are in: Single-family homes were the overall winner during the holidays in San Francisco.

The median condo price was $1.1M last month, down from $1.2M in December 2019. There were 672 active listings last month compared to 1209 in November. This signals that properties either went into contract with an end-of-the-year urgency, or agents temporarily withdrew listings. Interestingly, the condo days on market (DOM) didn’t dramatically fluctuate; the DOM last month was 44, up from December 2019’s 39. 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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