Category Archives: Hayes Valley

Big Condo Overbids Return in 2021

Big Condo Overbids Return in 2021

Condos with two or more bedrooms, all the amenities, and desirable neighborhood locations are currently very much in demand by San Francisco buyers. As a result, there are increasing numbers of large overbids and sellers receiving many, many offers.

You’ll read about this trend a couple months from now in the mainstream media, but I am officially seeing the return of the list-low, sell-for-more pricing strategy for these properties.

A look at February’s closed and pending condo sales point to a trend in rising buyer demand for condos in popular neighborhoods near parks and retail areas. A condo that also features an exclusive-use outdoor space is at the top of everyone’s list. Even better if that condo is remodeled, and has two bathrooms, in-unit laundry and parking. Continue Reading

TIC Inventory Poised To Grow in 2021

TIC Inventory Poised To Grow in 2021

The tenancy-in-common (TIC) market slowed to a crawl in the last quarter of 2020, with almost 100 cancelled or expired listings laying by the MLS wayside. With the condo market cooling due to Covid, it was no surprise that the less conventional TIC took a bit of a hit, as well.

But 87 TIC interests did end up selling (up from 70 sold in Q4 2019) despite these challenges. Buyers snapped up TICs in popular neighborhoods like Noe/Eureka Valleys, the Haight, Hayes Valley, NoPa, Marina, Russian Hill and the Mission in search of prime locations and more space than condos can typically offer for the same price. Continue Reading

Holiday Home Stretch Condo Inventory at Peak

I started blogging several years ago about what I call “the holiday home stretch”—the time right after Thanksgiving through Dec 31st.

2020’s holiday home stretch is finding condo inventory at possibly the highest level ever, with 930 condos currently available. Compare that number to what was on the market in the same timeframe in 2014 (81), 2015 (241), 2016 (411), 2018 (417) and 2019 (388). We are literally swimming in condos in the city. Continue Reading

Here’s Where You Can Negotiate the Best Price on a 2BR Condo

Looking to get a good price on a two-bedroom San Francisco condo? Check out a few of the 360 two-bedroom units currently on the market in San Francisco in buildings with ten or more units. These properties have been on the market for an average of 56 days, and I’m betting their owners would love to get offers from qualified buyers.

It helps to know where to look for the best deals. The neighborhoods where these condo buildings are located are Diamond Heights, Mission Dolores, Hayes Valley, Pacific Heights, Downtown/Financial District, Nob Hill, Van Ness/Civic Center, Mission, Mission Bay, SoMa/Yerba Buena, South Beach and Dogpatch/Central Waterfront. 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

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

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

What Neighborhoods Have the Most Inventory?

It’s no secret that San Francisco is notorious for having low inventory. We’ve been complaining about it for years, and there simply isn’t enough housing for everyone who wants to buy property in the city.

We’ve even got data to prove it. Yes, there were a few times over the past several years when inventory peaked, 2018 has been a lackluster year (click on image to enlarge):

I surveyed currently available single-family homes and condos to see which neighborhoods have the most inventory available. Continue Reading

SF Condo Prices Up, Noe Leads the Overbids in Q1 2018

San Francisco condo prices were up three percent year-over-year in the first quarter of 2018, with an average citywide condo price of $1.3M and price-per-square foot of $1,100.

The usual array of well-established, popular neighborhoods like Hayes Valley, Eureka Valley, Mission Dolores, NoPa and Russian Hill commanded the largest overbids. But it was Noe Valley that attracted the steepest and most frequent overbidding. Continue Reading

What’s Selling Now: New Construction Condos

The new construction condo market is constantly changing as new properties hit the market, developers revise pricing, and projects simply sell out. It can be a part-time job keeping track of available inventory throughout San Francisco.

I’ve rounded up my favorite new developments currently selling condos. And if you’re interested in scheduling a tour, don’t hesitate to get in touch . I’m not on the sales teams for any of these developments, but can represent you independently. This means I can get you started with a loan preapproval and walk you through the contract and the entire process—looking out for your best interests.

Here are your best bets for new construction condos right now:
One Mission Bay (110 Channel)
Neighborhood: Mission Bay

Current Inventory: 80 units of 350 available
The Prices: Studios from $575,000; 1BRs from $725,000; 2BRs from $1,250,000; 3BRs from $1.7M
Avge Price Per Square Foot: $1,237
HOA Dues: $622-$825/month
The Perks: Resort-style deck; pool, spa, cabanas and fire pit; resident lounge; library
Buy If: You’d like top-tier amenities and want to be in the midst of a constantly developing neighborhood that’s now on track to be the future home of the Warriors
Developer: CIM Group Continue Reading

Top 5 Food Neighborhoods in San Francisco

Near the top of most San Francisco home buyers’ wish lists is proximity to restaurants. After all, our city is one of the top food cities in the world, so who wouldn’t want easy access to fine eats?

I’ve put together a list of my top five neighborhoods that offer standout and diverse restaurant choices. Here you go (not listed in any particular order): Continue Reading

State of the TIC Market: February 2018

State of the TIC Market: February 2018

Buyers snapped up tenancy-in-common (TIC) interests in San Francisco’s most popular neighborhoods over the past six months, proving that the TIC market is alive and well despite its inherent ownership risks.

TICs represented a fairly small percentage of overall sales from August 2017-January 2018. Though almost 1100 condos sold in that timeframe, only 118 TICs did. The TIC median price was $1,017,500—closer to $1.2M for TICs in two- to four-unit buildings. But more than half of all sales were for TICs in buildings with five or more units, notable and surprising because these properties won’t be eligible for condo conversion if the lottery indeed resumes in 2024. Continue Reading

NoPa, Hayes Valley Home Sellers Look For Buyers with Vision—and $2M+

The entry price for a big single-family home that needs a total facelift in neighborhoods like NoPa and Hayes Valley is roughly $2M in our current market.

The average price range for a remodeled 4BR+ house in the Haight and Hayes Valley over the past six months is approximately $3M, with renovated, grand-scale houses asking closer to $4M. So buyers looking for the historical, quintessential San Francisco houses that dot these neighborhoods’ blocks are often willing to pay top dollar for a house they can make their own.

Here are two homes currently on the market that would be excellent buys for those seeking a large home with classic San Francisco architecture:
1342 Hayes
4BR | 2.5BA | 2800 sq ft
3-car garage
List price: $2.2M

For buyers who want to be a block from the heart of NoPa’s Divisadero corridor, 1342 Hayes is a great opportunity. The home has been in the same family for 40 years, which is code for “needs a renovation.” Built in 1887 on two levels, the home has big (for San Francisco) square footage and generously sized rooms. All four bedrooms are on the upper level, which is a big deal. And with an oversized lot measuring 3438 square feet, there’s potential for expansion if that’s needed, too. Expect contractors to come to the offer party. (Listing courtesy of Paragon Real Estate) Continue Reading

Off-Market Opportunity: 1BR at The Hayes

Off-Market Opportunity: 1BR at The Hayes

Two of my Zephyr colleagues let me know about a cool one-bedroom/one bath condo that they have available. The property will go into the MLS next week, but the seller is open to an offer before then.

This 746 square foot condo is on the third floor and is an interior corner unit with an open floor plan. It has upgraded LED lighting, bamboo floors, and closet organizers by Elfa and California Closets. A large deeded patio is accessible from the living room and bedroom. HOA dues are $573.86/month. Continue Reading

What You Could’ve Bought in Late 2017 for Below The List Price

San Francisco inventory has generally been low when you consider how many people want to buy homes here. That’s why I was surprised to see a fair number of sales that closed last week for under their list prices.

A few data points: Most under-asking sales were only two- to three percent below the list price, and most spent a fair amount of time on the market. Very few single-family homes sold for less thank asking, but I wanted to highlight three condos that I think were good deals for buyers:

44 Sharon
Eureka Valley
List Price: $1,150,000
Sale Price: $1,000,000
Days on Market (DOM): 50

44 Sharon is a top-floor, 3BR/1BA condo in a five-unit building located between 15th and 16th Streets/Church and Sanchez—very central and walkable. Though the bedrooms were small and there was a bit of an awkward floor plan, the unit came with one-car parking. And did I mention the location near all modes of public transportation, tech shuttle stops and plenty of shops and restaurants? 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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