Category Archives: Bernal/Excelsior

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

Best Neighborhoods for Dog Owners in San Francisco

San Francisco is one of the more dog-friendly cities in the country, and many of its neighborhoods offer ideal environments for dogs and their owners.

I’m a dog owner myself, and frequently meet clients looking for a home in a neighborhood that will provide what we all need for us and our pets. That means proximity to open space, dog-friendly cafes and shops, and a community of dog owners who support each other and their ‘hood. Continue Reading

SF TIC Market: Small But Mighty

SF TIC Market: Small But Mighty

Tenancy-in-common (TIC) interests accounted for a small portion of San Francisco sales in 2019. But the average price was almost $1,300,000, and there were a fair number of luxury sales in the $2,000,000+ range.

Only 262 TICs sold in 2019—a comparably small quantity compared to the 2,530 condos sold. But the fact that there is a still a solid market for a property type that involves sharing title with other building owners speaks to the risks buyers are willing to assume in their quest to become San Francisco homeowners. Continue Reading

Low Inventory SF Market Will Continue In 2020

High buyer demand and low inventory were the hallmarks of 2019. And it’s a good bet these conditions will fuel another year of high real estate prices, multiple-offer situations and overbidding.

The good news for homeowners is that the average price of a house in the fourth quarter of 2019 was $1,960,000. But it’s worth noting that the average price was roughly the same in Q4 2018. Given that we’ve seen double-digit growth over the past few years, it looks like home prices in San Francisco have hit a long-awaited plateau. Continue Reading

Cash Sales in San Francisco Drop in 2019

San Francisco real estate sees its share of cash buyers, but they’re not popping up as frequently as they used to. For the past several years, cash buyers have represented a quarter of all single-family and condo sales.

However, the percentage has dropped to 16.5% for houses and 14.6% for condos in 2019.

Having the ability to pay all cash certainly gives you an advantage as a buyer. You’ll likely get a call back in a multiple-offer situation if your offer isn’t the highest. But being able to pay in all cash typically doesn’t exempt you from having to overbid like everyone else.

Here’s how things have shaken out in 2019: Continue Reading

Be Prepared To Pay a Premium for Property With Private Pool

Buyers dreaming of having their own private pool in San Francisco can expect to pay top dollar.

Though we get a fair amount of fog, our climate has warmed significantly over the past several years. That means we’re getting more warm days that may end up being perfect for a swim. If you’re into pools, buying a house with one makes a lot more sense these days.

There are a number of large condo buildings that have common area pools. Most of them are in Diamond Heights, in the Van Ness/downtown area, Mission Bay and South Beach.

Pools in single-family homes, however, are rare. For example, of the 4,400 houses that have sold since January 2018, only eight had pools. And those homes sold in the range of $2,200,000-$9,150,000. Continue Reading

Set Your Strategy Before You Start Your Search

Set Your Strategy Before You Start Your Search

I know it’s fun to skip around Redfin and other home search sites, hit open houses after brunch and request a disclosure package here and there when you get the urge to dip your toes into the San Francisco real estate pool. But if you’d rather cut to the chase and kick off a serious home search that will produce results, I have a few tips for you. Continue Reading

Here’s Your Mid-2019 Bernal Heights Microhood Report

Here’s Your Mid-2019 Bernal Heights Microhood Report

The Bernal Heights microhoods are backing off the $2,000,000 median price this year. For the first time in a while, no microhood hit that single-family home median price.

Bernal overall is doing well this year. The median single-family home price in the January-June 2019 time period was $1,460,000—down 11% from the same time period in 2018.

Buyers have paid an average overbid of approximately 15 percent in the first half of this year. And of the 71 homes sold, 28 saw buyers pay 20% or more over the list price (with eleven paying in cash).

But it’s time for a microhood update. As my regular readers know, I created the Bernal Heights microhoods back in 2014 to help prospective buyers and sellers get a more refined sense for single-family home values in the neighborhood’s distinct geographical areas.

Here’s how our microhoods stacked up in the first two quarters of 2019 (click on each pic to enlarge, red dots represent homes sold):

1. Northwest Slope
Single-Family Home Median Price: $1,635,500
Most Expensive: 112 Elsie (4BR/2.5BA, 2240 sq ft | $3,000,000)
Least Expensive: 340 Winfield (2BR/1BA 750 sq ft | $1,040,250)
# Homes Sold: 10
# Overbids Above 20%: 5

The Northwest Slope made a strong showing, as usual. The high flyer in this batch was the small house with complicated expansion potential and a postage stamp kitchen at 156 Bonview. Listed for $999,000, the home sold for $1,550,000. Continue Reading

Spring 2019’s Most Competitive Neighborhoods for Buyers

The selling pattern in San Francisco has eternally been all about listing lower than the target price, and expecting well over asking. Spring 2019 has been no different. But some neighborhoods see clusters of overbids in the 20% or more range more than others.

If you’re a buyer looking for a house or condo in the city, it’s important to know where these hot spots are so you don’t spin your wheels in areas you ultimately won’t be able to afford.

I looked at house and condo sales from April to mid June 2019 to see where the big overbids have been happening the most frequently. Continue Reading

What You Can Buy: Small San Francisco Houses

Buying a small house in the city may be the route to go if your budget maxes out well below our single-family citywide average of $1.9M. Yes, I know you can find a mansion in the midwest for that price, but the reality is that there are a whole lot of folks who want to live in San Francisco. And this competition pushes many people to revisit how much space they really need within a budget they can afford.

I’ve rounded up a few new single-family home listings that I think will make excellent starter homes. They’re each in good locations within their respective neighborhoods, and offer very livable spaces:

530 Grafton
Ingleside
1BR/1BA, 664 sq ft
$725,000

Located three blocks from Ocean Avenue’s retail and Muni line, 530 Grafton is a classic condo alternative. The interior is laid out very efficiently, and there’s some space for an office area. I love the Spanish Mediterranean architectural style, and there are 1930s period details throughout. The house is built to the lot line, so the outdoor space is actually an enclosed area at the front of the house. One-car parking is also included. Continue Reading

Flip Market Falters in 2019

Small-scale contractor-developers seem to be having a little trouble this year when it comes to flipping their renovated properties. At least half a dozen such homes have been sitting on the market, failing to garner multiple offers and sky-high prices.

It might be time to consider these homes if you’re looking for a newly renovated home. Spring promises to bring fresh inventory—as it always does—and flip sellers may be a bit anxious about falling through the cracks. Here are a few to check out:

2631 Ulloa
Parkside

Days on Market (DOM): 46
4BR/4BA, 2087 sq ft, 1 parking
List price: $1,488,800

2631 Ulloa is a spacious, 1920’s-era home. The story here is that the sellers—an LLC—purchased the property in January 2018 for $1,050,000, with subsequent renovated encompassing a new kitchen and baths, bedroom addition and more. They hit the market in February for $1,688,800 but have found no takers. The home has nice curb appeal, but the drawbacks are that there’s not really a yard, and the living/dining/kitchen areas are tight. But you’re one block south of Taraval and the L Muni rail line, as well as one block north of Stern Grove. (Ignore the pictures of the Giants’ ballpark and Kearny Street, I think those were accidentally included in the mix. 2631 Ulloa is nowhere near those places.) [Listing courtesy of Real Estate Investment Experts, Inc.] Continue Reading

New Senior Housing Underway in Excelsior

I’m very excited about a new and much needed senior housing project currently under construction in the Excelsior—the Frank Residences within the San Francisco Campus for Jewish Living.

The $140 million, five-story project will include 190 senior housing units and a new community center, as reported by J.K. Dineen in The Chronicle recently. Also included in the mix will be 113 assisted-living apartments, 77 memory-care suites and a 45,000-square-foot community center. Amenities there will feature a fitness facility, swimming pool, library, health clinic, dog park, art studio, beauty salon, pharmacy, movie theatre, cafe, performance center and gardens with bocce courts. Continue Reading

Last Chance To See Vacant Bernal Duplex

Last Chance To See Vacant Bernal Duplex

My listing at 301-303 Eugenia has really drawn prospective buyers and their agents out of the woodwork in San Francisco. It seems like everyone is recognizing the opportunities this building offers.

We have views, a great neighborhood location, garage, deck, yard and two lovely units with nice vibes. You can see more photos and details at our property Web site here. 

We’ll be open Saturday and Sunday from 2:00-4:00. Stop in and see me!

Just Listed: Vacant Bernal Heights Duplex

Just Listed: Vacant Bernal Heights Duplex

I’m proud to announce my new Bernal Heights duplex. Situated at the top of the Eugenia steps on the popular northwest slope, 301-303 Eugenia has two vacant units with city views.

The top flat at 303 Eugenia features two bedrooms/one bath, updated kitchens and baths and direct access to a large, private deck with downtown views that overlooks the protected garden.

Downstairs is 301 Eugenia, which has one bedroom/one bath, dining area, and city views.

There’s a garage that can accommodate one or possibly two cars, and also has a side-by-side washer/dryer.

Phenomenal neighborhood location near both the Cortland Avenue and Mission Street corridor restaurants, cafes and shops, as well as J Church to downtown, BART and tech shuttle stops. Easy freeway access, too!

Both units are vacant and would be perfect for buyers looking for a home with rental income/guest quarters, TIC partners or investors.

See more at our Web site here.

We’ll be open this Saturday 12/8 and Sunday 12/9 from 1:00-4:00.

Which Neighborhoods Have the Best Weather?

If you’re new to San Francisco, you may be learning that our city has a variety of microclimates. One minute you can be driving around with the top down, sweating, and the next you’re turning on the seat warmers. If you’re considering purchasing a home here and are particularly weather sensitive, it’s important to know which neighborhoods tend to have the most favorable climates.

Of course, San Francisco has citywide fog and wind no matter where you go. But some areas have longer periods of time during a given day when the sun shines and the wind is at a minimum. So here’s a quick rundown: Continue Reading

Get in touch:

Eileen Bermingham

Corcoran Global Living

415.823.4656

eileen@insidesfre.com

DRE# 01352627

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