Category Archives: Market Insights

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

SF Single-Family Homes Not Immune To Price Reductions

Houses in San Francisco are always in demand among buyers. And this property type has stood its ground during our current recession—in fact, the average price of a house from June 1 – August 15th has increased by 6.7% to $2,141,356 in comparison to the same time in 2019.

But single-family home sellers are no strangers to the dreaded price reduction decision. Some homes come on the market with high prices in comparison to their comparable sales; it’s no secret that there’s a tendency for homeowners to believe their house is superior for one reason or another.

I took a look at all the houses that sold from June 1 through August 15th and discovered that 17% sold after having at least one price reduction. Continue Reading

My Picks for Price-Reduced Properties

I’m seeing a lot more price reductions happening on a regular basis lately, especially in the $2M+ price ranges for condos. Sellers and their agents are trying to find their accurate home values and the corona market is a work in progress.

I always recommend seeing a property as soon as you can if there’s a big price reduction. A large list price cut tends to attract eyeballs, particularly belonging to folks who had already been through on a showing. Continue Reading

Cash Sales Decline in SF Corona Market

Cash Sales Decline in SF Corona Market

Cash buyers appear to be receding into the background these days as the San Francisco market adjusts to corona’s financial fallout.

It wasn’t so long ago that a quarter of single-family home and condo buyers paid cash. However, cash sales represented only 14% of all house and 12% of condo transactions from April to early August. Continue Reading

Lenders Ratchet Up Requirements During Corona

Lenders are tightening their loan requirements in light of the corona chaos. Prospective home buyers are flocking to lenders in pursuit of those low interest rates, but lenders are not making it easy to qualify for loans, especially in higher-cost regions like The Bay Area.

It’s not difficult to understand lenders’ concerns amidst job losses and general economic instability. However, if you were preapproved for a loan in pre-corona times, it’s likely your lender has slapped some new requirements on that approval. Continue Reading

Challenged Condo Market Still Sees Overbidding

Challenged Condo Market Still Sees Overbidding

It’s no secret that the San Francisco condo market has plenty of inventory right now, especially in large buildings in South Beach, SoMa, and Mission Bay. But I’m still seeing some condos close for above the list price.

Buyers continue to pay top dollar for remodeled condos with classic architectural styles, and which also include parking and in-unit laundry. Location is key, of course. Two-bedroom units in the Inner/Central Richmond, Inner Sunset, Lake district, and Cole/Noe/Eureka Valleys were most commonly sold for over the list price in July. Continue Reading

Market Snapshot: One-, Two- and Three-Bedroom Condos

The San Francisco condo market is plugging along amidst the pandemic, with some types of units and buildings experiencing some softness and others showing signs of strength.

There were 759 active condo listings and 227 in contract as of July 13th. The most desirable units are the ones in smaller buildings, with updated finishes, parking, in-unit laundry, shared or private outdoor space and central locations.

The highest concentration of inventory lies with condos in larger buildings in Pacific Heights, Downtown, FiDi, Nob Hill, Van Ness corridor, Mission, Mission Bay, Potrero, SoMa, South Beach, Mission Bay, Dogpatch and Hunters Point. If you’re open to these types of properties, you’ll have less competition and be more likely to get a break on 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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