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

“End Users” Snatch Up Fixers for Dream Home

“End Users” Snatch Up Fixers for Dream Home

The “fixer” buyer pool no longer exclusively consists of contractors and small-scale developers. Instead, deep-pocketed buyers looking to purchase a fixer and turn it into their dream home are increasingly becoming the dominant players in this property category.

A small Noe Valley Victorian recently hit the market (see above photo, left) and attracted multiple offers within a week. The listing agent reported that all offers were from “end users”—industry speak for buyers who will eventually owner occupy the property as their primary residence. There was a time when the only purchasers for a property like this would’ve been contractors looking to flip. Continue Reading

Slice of Steel Hits the Market in Cole Valley

Slice of Steel Hits the Market in Cole Valley

1415 Shrader in Cole Valley just came on the market, and it’s perfect for buyers who love tiny houses and minimalist, stark finishes.

The home originally started construction in the early 2000s, and was completed in 2004. It last sold in 2011 for $849,000, and the current owners have since renovated the kitchen and bath, along with other components of the property:

This one bedroom/one bath home is only ten feet wide—less than half the width of a standard San Francisco home. But it sits on a relatively deep, 94.8′ lot. At first glance from the street, it looks like a bizarre extension of the Spanish Mediterranean style home next door. The lot size is 948 square feet, and the home itself is 1,030 square feet. This is all larger than your bonafide tiny house, but it’s considered to be pretty small even by San Francisco standards.

List price is $1,295,000 for this condo alternative on a great block in the neighborhood. Thinking of writing an offer? Comp this one out with small houses in Cole Valley and adjacent neighborhoods—or one-bedroom standalone condos/cottages in the area.

[Photos courtesy of McGuire Real Estate]

Is the Coronavirus Infecting San Francisco Real Estate?

There’s been considerable speculation among home buyers, sellers and real estate agents over the past few days about the coronavirus’ potential effect on our local San Francisco market.

Indeed, the stock market just had its worst week since 2008, and the World Health Organization elevated its virus risk assessment to “very high.” Home buyers hoping to take advantage of what may be a lull in the market are well advised to move down payment funds from securities accounts to easily accessible, non-volatile bank accounts.

So what might we expect if the outbreaks continue popping up, disrupting business and travel in the process? Continue Reading

Let The Stars Guide Your House Hunt in 2020

It’s a new year, and you’ve made a home purchase your goal for 2020. You may know how many bedrooms and bathrooms you’d prefer, but are you solid when it comes to neighborhood preferences? There’s a lot to consider—proximity to public transportation, good Walk Scores, easy freeway access, good parks.

But make sure you don’t overlook the astrological angle when putting together your list of preferred neighborhoods. Because what your zodiac sign says about you could have everything to do with whether you’ll be happy in your future home. And as my newly branded company, Corcoran Global Living, always says: “Live who you are.”

So let’s have a little fun and see what the stars have to say about where you should settle:

ARIES (Mar 21-Apr 20): Daring, spontaneous and full of energy, you’ll appreciate constantly developing Mission Bay. The neighborhood bustles with activity from the biotech and medical industries. And the adjacent waterfront offers a variety of activities, from catching Giants or Warriors games and Chase Center concerts to eating at one of the many restaurants in the area. Continue Reading

Adding ADU To House, Duplex May Not Be The Best Idea

The climate is ripe for adding housing in San Francisco, and that extends to the city’s efforts to make adding an accessory dwelling unit (ADU) to a property easier. But whether you should move ahead with “legalizing” an existing in-law apartment—or creating one—depends upon what type of property you own.

If you own a building with three or more units, adding another one won’t really introduce new use restrictions on the building or resale complications. Continue Reading

Get in touch:

Eileen Bermingham

Corcoran Global Living

415.823.4656

eileen@insidesfre.com

DRE# 01352627

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