Category Archives: Market News

Just Sold: Duboce Triangle Condo

Just Sold: Duboce Triangle Condo

I’m happy to announce the sale of 931 14th Street, a charming Edwardian two-bedroom/one-bath condo for $1,100,000 in popular Duboce Triangle. My client fell in love with the property immediately, and for good reason.

The condo features that stylish kitchen (photo, above) with its classic tuxedo cabinet color scheme. There’s an excellent flow to the living/dining/kitchen area at the rear of the unit, which also has a porch for laundry and an office area. Just outside is a private deck that’s great for grilling and chilling.

And 931 14th Street has an insane location near Muni, Market Street restaurants and retail, and parks.

Despite the pandemic, we had to navigate a multiple-offer situation, but we fortunately prevailed. Congratulations, Elana! And much thanks to listing agents Isabelle Grotte and Matthew Choi, lender Karen McDowell at Citi and Joanne Kung at Chicago Title for a smooth transaction during a challenging corona market.

Here’s Your SIP Market Real Estate Update

We now have a good sampling of sales data and activity for what I call the shelter-in-place (SIP) market—March 17 to May 17th, 2020.

Here’s my update on home prices, loans, who’s working in the industry right now and who’s buying and selling.

Coronavirus Isn’t Stopping Overbidding in San Francisco

Coronavirus Isn’t Stopping Overbidding in San Francisco

Limited inventory during the shelter in place (SIP) market seems to be motivating many buyers to overbid on properties—particularly when it comes to single-family homes.

Of the 186 houses sold from March 17th-May 5th, approximately 70% closed for above list price. Clusters of homes in the Outer Mission, Bernal Heights, Miraloma Park, Outer Parkside and Central Sunset saw overbids of well above twenty percent. Continue Reading

Home Prices Stable, Volume Down During SF SIP

The shelter in place (SIP) restrictions put San Francisco real estate on pause for a bit in mid March. But our local market is stable and sales are happening, despite the adversity. Prices are not declining, though volume is down by half. We now have six weeks’ worth of SIP market sales activity that will guide buyer and seller decisions in 2020.

The buyers and sellers doing business now are typically motivated by life situations—job relocation, financial situation, domestic changes, for example. Real estate is anything but recreational right now.

Properties in good locations are still seeing multiple offers and overbidding, though more for single-family homes than condos. Cash sales represent only a small portion of activity. Continue Reading

Screen Properties Before You See Them

Physically visiting properties during the shelter in place (SIP) is a challenge. And there will undoubtedly be showing restrictions even after the government lifts the SIP, because well, we still don’t have a vaccine and are falling short in other virus-management areas.

Here’s my advice on how to figure out if a home is a fit for you—before you set foot in the door.

First Steps for Reopening SF Real Estate

It’s been almost a month since The Bay Area shelter in place (SIP) went into effect. The good news is that our collective efforts appear to be bending the curve in California, according to Governor Newsom’s address yesterday. And talk in San Francisco Realtor circles is turning to how we should initially begin reopening real estate after the government lifts the SIP. Continue Reading

My First Virtual Open House

My First Virtual Open House

I attended my first virtual open house this past weekend, and decided that it was an excellent addition to the marketing mix when it comes to “viewing” a home during the shelter in place (SIP). We’re very limited these days when it comes to physical property showings, so it’s key for listing agents to think outside the box.

My Corcoran Global Living colleagues, Amy Clemens and Alec Mironov, pulled together a helpful virtual open house this weekend. They launched their Glen Park single-family home listing last week at 31 Fairmount, and sent out an e-flyer promoting the listing and their Saturday virtual open from 10:00-12:00. I clicked on the scheduling link, requested my 20-minute time slot and received a Google Hangouts invitation. Continue Reading

Listing Options for Sellers During SIP

It’s not a great time to put a listing on the market, but some homeowners may need to do just that. Unexpected life or financial changes sometimes propel a home sale. If you’re about to take the plunge during the shelter in place (SIP), it’s important that you understand the Multiple Listing Service (MLS) options so you can decide the best way to market your home or handle any complications that may arise during what are very uncertain times.

Here’s a breakdown of the different types of MLS listings so you can figure out what strategy will be best for your property:
Active: When an agent inputs a property in the MLS, it typically becomes an “active” listing and is also published to syndicated sites such as Redfin, Zillow, Realtor.com and others. However, this may not be the best route to go during the SIP. An active listing immediately starts the clock ticking on an important metric—“days on market” (DOM). Agents and buyers consider the DOM when they’re discussing how much to offer. A home with a long DOM indicates a lack of interest, and discourages buyers from offering more over asking (or even list price). Of course, DOM during a SIP has more to do with the interruption in the normal course of business than a lack of interest. But be aware that there are currently more than 400 active residential listings in the MLS, and many of them are gathering dust. Continue Reading

SIP SF Market Moves, Luxury Buyers MIA

Residential properties have been going into contract in limited numbers since San Francisco’s shelter-in-place (SIP) order took effect on March 17th.

Just over 100 single-family homes, condos, TICs and two- to four-unit buildings have earned the “active contingent” or “pending” status in the MLS—actually quite impressive, given the virus outbreak and its far-reaching economic effects.

But high-end buyers are nowhere to be found. Though there is a newly contingent four-unit income property in Bernal Heights listed for $3,250,000, all the other properties top out in the $2.5M list price range. Continue Reading

What Buyers and Sellers Can Do During the SIP SF

We’re all easing into the new normal—limiting trips outdoors to essential activities like gathering groceries and exercising, videoconferencing with family, friends and co-workers, and catching up on sub-par Netflix shows.

Guidelines for citizen conduct haven’t changed since the our shelter in place (SIP) began one week ago on March 16th, nor have the recommendations for real estate agents set forth by our local San Francisco Realtor Association. I’ve spoken with a number of my colleagues, and we are all heading into Week Two wondering if there is anything we can do with respect to helping our clients and generally doing business.

Here’s an overview of market conditions, and what you can do as a buyer and seller in Week 2: Continue Reading

What The Shelter In Place Order Means for SF Real Estate

Six Bay Area counties including San Francisco issued a shelter in place order that begins Tuesday at midnight. This means everyone must stay inside their homes and away from others as much as possible until (at least) April 7th.

Along with every other industry worldwide, local real estate is now on pause. The San Francisco Realtor Association (SFAR) announced this afternoon that it will be suspending broker tours and open houses for at least the next three weeks. Continue Reading

Stock Market Volatility, Virus Containment Trigger Uncertainty in SF Housing

UPDATE: We’re continuing to see significant volatility in the stock market, with another big plunge on March 16th. There’s uncertainty over how the coronavirus and huge financial hits across all industries will play out. We’re watching and waiting to see what tangible effects this ongoing activity may have on our local housing market.

The Fed’s near zero rate cut may help spur housing sales. Some buyers are starting to think that this may be a good time to buy (provided you haven’t lost a bulk of your down payment money in the stock market). Of course, those who’d love to own property in the city are keeping a close eye on sale prices and inventory and hoping there’s a possibility prices will fall within their range. Continue Reading

Get in touch:

Eileen Bermingham

Corcoran Global Living

415.823.4656

eileen@insidesfre.com

DRE# 01352627

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