Category Archives: Market Insights

Happy Thanksgiving!

Happy Thanksgiving!

Best wishes to all my readers for a wonderful Thanksgiving!

It’s been a challenging year on so many fronts, but I’m grateful that one bright spot was the strength of our San Francisco real estate market. I’m fortunate to have had the opportunity to help many new and existing clients buy and sell homes this year, and thank them all for their business and faith in my services.

Last but certainly not least, I want to thank all of you who regularly read my blog. It is always very gratifying to meet new people through this blog, and I look forward to meeting more of you in 2021.

Stay safe and healthy this Thanksgiving, and count even the smallest of blessings.

Prop 19 Offers New Opportunities for Tax Base Transfer

Homeowners age 55 and over have a lot more options when it comes to transferring the tax base of their principal residence to a new home.

Prop 19 prevailed in our recent election, and will let these homeowners move anywhere within California and still retain their original tax base. This benefit was previously limited to a few California “reciprocal” counties, as well as the county in which you were selling. Continue Reading

SF House Market Meets Corona Challenge

SF House Market Meets Corona Challenge

Corona may be surging again, but the virus certainly hasn’t obliterated the San Francisco single-family home market. Despite limitations on showing property (no open houses or broker tours!) and many people reportedly fleeing San Francisco for more far-flung locations, our house market remained strong and steady over the past six weeks.

The average price for the 382 houses sold was $2,022,151 (October 1-November 13), with a median price of $1,650,000. The average overbid citywide was five percent. However, 50 homes changed hands for 20% or more over the list price, proving that even a pandemic can’t seem to break our eternal list-low, sell-for-more pattern in San Francisco. Continue Reading

SF Board of Supervisors Bans Natural Gas in Future New Construction

The future isn’t bright for natural gas in future San Francisco new construction. If you’re dead set on having a gas range in your condo, now is the time to snap up a unit in a building powered by natural gas.

The San Francisco Board of Supervisors voted on Tuesday to ban natural gas in new construction buildings, in an effort to reduce greenhouse gas emissions. The legislation that will affect more than 50,000 homes currently in the development pipeline, reports J.K. Dineen in the San Francisco Chronicle. Continue Reading

Just Sold: 517 8th Avenue

Just Sold: 517 8th Avenue

We just closed the sale of my listing at 517 8th Avenue in the Inner Richmond. Featuring three bedrooms and two baths on the upper level, along with multiple spaces for office, fitness and recreation, the home was an immediate hit with buyers.

We had 20 showings scheduled in the first four days, which was more than I might have expected at the $2,595,000 price point. We took offers shortly thereafter and received multiple bids. The sale closed yesterday for $2,810,517.

Congratulations to my lovely sellers—Melanie, Levi and Mary—whom I represented when they purchased the house way back in 2004. I deeply appreciate loyal clients and am thrilled everything worked out well! And here’s what they had to say about their experience working with me for the second time (click to enlarge):

How Real Estate Agents Get Paid in San Francisco

I’m often contacted by prospective buyers and sellers who eventually ask how payment and commissions work. So I thought I’d give you the bottom line as to how real estate agents get paid.

Homeowners who list their properties are typically responsible for paying the commission to the brokers (e.g., the companies affiliated with each agent) who represent the seller and the buyer. The listing agent negotiates a commission up front, and this is included in the seller paperwork. Total commissions for both brokers range from five- to six percent, and are typically divided equally. For example, a five percent commission on a $1,000,000 condo would find the seller paying $50,000 in commissions, with the brokers each receiving $25,000. Continue Reading

SF High Rises Dig Deeper These Days

San Francisco buyers looking for condo in a newer-construction high rise in downtown San Francisco have a better chance of purchasing a property that has a foundation which reaches down into bedrock, thanks to city requirements and guidelines adopted a decade ago.

The San Francisco Business Times reports (paywall) that the city pursued what’s called the Tall Buildings Study after it was revealed that the 2009-built Millennium Tower was leaning and tilting. The study explored strategies to address the seismic issues of tall downtown buildings, writes SF Business Times’ Neil Gonzales. (The Millennium does not reach bedrock.) Continue Reading

Kickstart Your Next Phase of Corona Living in a Floating Home

Kickstart Your Next Phase of Corona Living in a Floating Home

One of only 20 live-aboard floating homes in Mission Creek is available now, and it could be an excellent option to get out of the corona rut.

If you’re tired of being a landlubber working from your flat and you have the cash, 300 Channel Berth 14 may be the ticket to coping with corona times. The boat has three bedrooms and three bathrooms across three levels for a total of 1,780 square feet. The entry level has a loft setup and contiguous outdoor space. There’s an ensuite bedroom on the middle level, and the “penthouse” level features another ensuite bedroom, living spaces and deck. Continue Reading

Why There Aren’t More Condo “Deals” In San Francisco

Many prospective home buyers and real estate market watchers have been waiting for San Francisco prices to plunge ever since our shelter-in-place went into effect on March 17th. After all, people are reportedly leaving the city in droves, and there’s such a lack of interest in urban dwellings that homeowners will take any price just to get out from under a property that’s steadily falling in value—right?

Wrong. Volume may be down in 2020, but prices certainly aren’t plunging. The single-family home remains the holy grail, very much in demand. And condos are holding steady, especially units in smaller buildings with outdoor space. Continue Reading

Large SF Condo Inventory Available for First-Time Home Buyers

Corona has ushered in a period of real estate movement in San Francisco. It seems like everyone is making big decisions about where they’re living—and where they might want to live in the future. Working from home is the new normal, as is spending more time at home.

Many city condo owners are deciding to stay in San Francisco and trading up to a large single-family home. I’m seeing this firsthand while showing my new listing at 517 8th Avenue in the Inner Richmond. Almost all of the prospective buyers own condos and are on the hunt for a house with three or four bedrooms, office space and a yard. Continue Reading

Just Listed: 517 8th Avenue

Just Listed: 517 8th Avenue

I’m proud to announce the launch of my new four-bedroom, three-bath Inner Richmond Victorian listing at 517 8th Avenue. This is the perfect home for corona times, because it has space for working and schooling from home, exercising, enjoying the garden and entertaining.

Spanning three levels, 517 8th Avenue has lovely architectural details throughout. The living and dining areas are open to each other and lead to a large kitchen with direct access to the garden. All three bedrooms/two bathrooms are on the upper level, along with a family room with skylight. And there are two more rooms on the ground level that you can use for exercising, a rec room or guest quarters. One-car garage, storage and space outside for a second car.

If you know the Inner Richmond, then you know this is a fantastic location near Golden Gate Park. The de Young, Academy of Sciences, Conservatory of Flowers and and Botanical Gardens are easily accessed at the 8th and Fulton entrance (which is currently closed to traffic, and a terrific place to start your walk, run or bike ride in the park). Clement Street retail, restaurants and bars are also only a few blocks away.

List price for 517 8th Avenue is $2,595,000.

Visit our Web site here, which includes a full photo gallery, 3D virtual tour and floor plan.

Contact me if you’d like to schedule a showing at 415.823.4656 | eileen@insidesfre.com

Board of Supervisors Votes To Extend Seismic Retrofit Deadline

The Board of Supervisors on Tuesday unanimously approved Supervisor Rafael Mandelman’s legislation to extend the deadline for Tier IV buildings to September 15, 2021, as reported by The San Francisco Chronicle.

The city enacted its soft-story retrofit program back in 2013, which required that buildings with five or more units over a garage or commercial space retrofit their structures. Flash forward seven years and most of the 115,000 affected building owners have completed the work. The Tier IV group is the last one that remains—425 buildings which have ground floor commercial space. Of those, 41% still need to complete the work.

Good news for Tier IV building owners, as corona has particularly challenged retail and commercial space. Giving these building owners an extra year to sort things out was the right thing to do.

Price Reductions Hitting Large SF Buildings

Condos in larger buildings are seeing their fair share of price reductions during corona, based on sales that have closed from July 1 to August 15th.

Twenty percent of the 306 condos sold in that timeframe saw a price chop prior to closing, in various locations throughout San Francisco. But a majority of the reductions were concentrated in the Mission Bay, SoMa and South Beach areas.

Condos in smaller buildings with yards and parking that also have convenient neighborhood locations appear to be holding their values better. Buyers aren’t as quick to write offers on units in hotel-like properties where they have to share elevators and common areas with large numbers of residents. Continue Reading

Just Sold: Vacant Inner Richmond Duplex

Just Sold: Vacant Inner Richmond Duplex

My clients closed today on a beautiful Victorian two-unit building. 737-739 Arguello lives more like a single-family home with a 1BR/1BA on the ground level, and a one-car garage.

737 Arguello occupies the top two floors of the building, with a chef’s kitchen open to the dining area and three bedrooms upstairs. Both bathrooms are updated, and there’s ample closet space and also in-unit laundry. Continue Reading

Just Sold: Modern Inner Sunset Condo

Just Sold: Modern Inner Sunset Condo

My clients close today on their purchase of an awesome, two-level modern condo in a prime Inner Sunset location at 307 Moraga.

This 3BR/2BA has an open living/dining/kitchen area with large windows overlooking Moraga. There’s in-unit laundry, and two bedrooms with one en suite upstairs. One flight down is another bedroom/bath and family room. Both lead out to the private, deeded yard. 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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