Category Archives: Market News

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

The Corona Effect: West Side Homes Soar, Condos Soften

We’ve just wrapped up the second quarter of what has been a tumultuous 2020 so far. But even amidst a recession, home buyers and sellers in San Francisco continued doing business over the past three months.

Here’s a snapshot of how our single-family and condo markets did in Q2 2020:

Single-Family Homes: Buyers Head West
All areas of the Sunset and Parkside have steadily become magnets for home buyers over the past couple years. But things have really amped up lately. Working from home, a need for office, kid and outdoor space and no longer needing to be near tech shuttles, downtown transit and freeways have been significant factors that have led buyers west. Continue Reading

Corona Protocols Critical to SF Real Estate

We seem to be in another corona surge period, with San Francisco treading water when it comes to hospitalizations and rising infection rates. That’s why it’s extremely important for agents and clients to continue following correct property showing protocols when it comes to real estate business.

Listing agents, please make sure you have hand sanitizer and shoe covers in the property if you are allowing showings. It is not particularly encouraging when I bring clients to a property via lockbox, and find a sign requesting that we take our shoes off when there are no shoe covers in sight. And no hand sanitizer. Sticking a lockbox on the house and assuring me that I am scheduled for the showing isn’t convincing me that you’re handling things the proper way. Yes, I bring hand sanitizer with me, but please do your part to assure everyone’s safety.

And please resist the urge to put an A frame outside the property during an appointment timeframe. My clients and I arrive at a home and the anxiety level goes up if we think there’s a possibility random people off the street may be inside. If you have to market yourself, the house sign will be sufficient. Continue Reading

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

Get in touch:

Eileen Bermingham

Corcoran Global Living

415.823.4656

eileen@insidesfre.com

DRE# 01352627

Back to Top

Back to Top

Show All
Marina
Mission

There is no custom code to display.