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

5 Tips for A Smooth Home Sale

Corona has slowed the real estate market down, but things can still move quickly when it comes to making an offer on a home. That’s why it’s critical that you and your agent review all the property details before you sign that contract.

The key to making a confident and successful home purchase lies in being prepared and knowledgeable. Here are five tips for being successful in the residential real estate game: Continue Reading

Moving Out of SF? Decide Where (and How) You’re Going

Everyone’s making big decisions these days when it comes to their lifestyles and where they want to live. If you’re a San Francisco homeowner who’s considering selling, you first need to strategize about where you’re going—and how you’ll make that happen.

Major transitions like moves need a plan. So here are my tips that will help you get your plan in order:
1. Decide where you’ll be going. The most common motivations for moving out of the city are connected to jobs, relationships, kids’ schools, family proximity, or lifestyle improvements (finances and/or surroundings). Whatever your reason, you need to be solid on where you want to go, which means doing your research if you aren’t familiar with certain locations you’re considering. This involves visiting potential areas (via Google Maps/Earth if you don’t want to fly around right now), and checking out home prices and the local market. Get a sense for values and how long it will take to purchase your next home. Continue Reading

Will “Ferry Building Gray” Be The Next Color Trend?

Will “Ferry Building Gray” Be The Next Color Trend?

The first section of the Ferry Building has been unveiled, and we can now see the new custom color created specifically for the building, as reported recently by The San Francisco Business Times.

You may have noticed that they’ve been working on the Ferry Building, as it’s going through a two-year restoration project. Hudson Pacific Properties, which owns the Ferry Building, developed the new exterior color with Sherman-Williams and the Port of San Francisco, reports the Business Times. The new color is Ferry Building Gray, and it aims to be closer to the Colusa sandstone that covered the building when it debuted in 1898 (see photo above, by Douglas Fruehling for the Business Times). 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

Prop 19: Transfer Tax Change on November Ballot

Up for a vote this November 3rd: Prop 19, which includes proposed changes to the property tax base transfer rules.

This ballot measure would let homeowners who are 55 or older transfer their property tax base to anywhere in California, for a more expensive home if need be. Eligible homeowners would also be able to make this transfer up to three times. 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

Just Sold: 1631A Oakdale

Just Sold: 1631A Oakdale

My client just closed on a stunning, new construction two-level condo in the up-and-coming Bayview. My favorite thing about this home is the fantastic family room with a large deck featuring sweeping views of downtown, the Bay Bridge and Oakland Hills.

Designed by award-winning Studio 12 Architecture, 1631A Oakdale has premium finishes, radiant heating and one-car parking. We were able to negotiate motorcycle parking, as well. The property is located half a block from Third Street Muni rail line to Mission Bay and downtown, as well as the Bayview Opera House. Continue Reading

Untitled

Untitled

1631A Oakdale Avenue
Bayview
New Construction Condo
Sold: $1,336,000
Represented Buyer

Happy July 4th!

Happy July 4th!

Best wishes for a safe, fun Independence Day weekend. Remember to practice social distancing, wear your mask and let’s all hope that 2021 will see us back to watching fireworks shows and having backyard barbeques.

I’ll be back next week with more on the San Francisco market.

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

CrimeMapping A Cool Tool for SF Home Buyers

I always advise home buyers to do their due diligence if they’re concerned about crime activity around a property or in a particular neighborhood. Car theft/break-ins, muggings, assaults and burglaries are unfortunately incidents that happen in all areas. But some areas do have higher crime rates than others, and you should be aware of the nature and frequencies of crimes in the area you choose to call home in the future. Continue Reading

Take Advantage of Property Tax Base Transfer in These CA Counties

If you’re a California homeowner age 55 or older who’s thinking about moving, you may have the opportunity to take your property tax base with you. That’s a huge benefit, as property tax bases are a large homeownership expense.

Propositions 60 and 90 are constitutional amendments passed by California voters that allow homeowners ages 55 and over to transfer their property tax base when purchasing a new principal residence. Your replacement home must be of equal or lesser current market value than the original property. And you can only do this once. Prop 60 allows transfers of base year values within the same county, and Prop 90 allows transfers from one county to another. Continue Reading

No Seasonality in SF Real Estate in 2020

It’s unanimous among SF Realtors: If you’re thinking about selling your home, get moving on that now.

The San Francisco real estate market has traditionally had its two peak seasons—Spring (April/May June) and Fall (Sept through Thanksgiving). However, the coronavirus has changed all that. Buyers aren’t going anywhere for the summer, and sellers have a prime opportunity to get their attention with new housing inventory.

The bottom line is that sellers shouldn’t wait around for another virus surge, shelter in place order, or the presidential election to happen. All that can influence buyer behavior.

Sellers should seize the summer and make every effort to get their properties on the market ASAP.

What Closing Costs Do Buyers Pay?

Closing costs include the various loan, title and insurance fees that a buyer pays in a transaction.

There is no fixed amount for closing costs, but they generally total one- to two percent of the purchase price. For example, I recently spoke with Karen McDowell at Citibank for her take on things. For a purchase of $1M – $1.5M, Karen typically tells clients to budget $10,000 for closing cost totals, excluding points. And as the purchase price goes up, she increases that total to $15,000. Costs will increase once you hit the $3M threshold; it’s best to pull your escrow officer in to estimate those costs.

Here’s a rundown on the major types of closing costs you’ll see when you buy your home: 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