Some savvy buyers and their agents were obviously paying attention during December and were rewarded with some pretty good deals in Noe Valley. After about 90 days of what appeared to be a frozen market, a few listings unthawed with hard negotiations from the Buyer’s agents.
1360 Dolores was originally listed back in August for $1.885m, was reduced to $1.795m after the Seller moved out and then was reduced again to $1.675m just as the market was grinding to a halt in October. The listing agent pulled the listing in early December, but two weeks later an offer emerged and was ultimately ratified for $1.5m — a mighty sweet deal for the nearly 2,700 sq ft 4BR/4BA home on an oversized lot.
545 Jersey closed a couple of weeks ago after almost 3 months on the market. The 3BR/1BA home sold for $1.210m. It was originally listed at $1.295m – back in October when things weren’t looking too pretty – and the successful offer came in about 30 days after the Seller dropped the price to $1.229m. Interestingly, the Seller’s had purchased it back in 2004 for $1,000 more than they sold it for 2009. Yet, this time around, the house came complete with an approved set of plans for a major expansion / renovation.
The market in which we find ourselves is even more complex than usual. The buyer’s agents who represented these successful buyers rewarded their clients’ loyalty with smoking good deals and (no doubt) sage advice on how to spot and snag great value. Well done!
Recently, Congress and President Obama passed the $787B stimulus bill also known as the American Recovery and Reinvestment Act of 2009. While there are many components which will affect the housing market, such as loan modifications, there is another important feature that should help new homebuyers (and sellers) in the San Francisco real estate market. The bill has called for a temporary increase (year 2009) in the jumbo/super conforming loan limit to match the the limits set in early 2008. 1 unit=$729,500; 2 unit=$934,200; 3 unit=$1,129,250; 4 unit=$1,403,400. This increase is important because San Francisco property prices are higher and buyers can take advantage of the better rates offered on jumbo-conforming loans which on average is .75-1.0pt less than the jumbo loan rate.
So when will the changes “become reality?” I recently spoke to a lender about the changes and they shared that it will take some time before we see the effects as the government first has to determine pricing and other changes, then the lenders have to adjust their pricing and terms based on those changes. The ETA for seeing the rate changes is approximately 30-45 days.
228-230 Liberty is a good case study!
As we all see today, San Francisco real estate values and prices are changing at record speeds. An interesting example of this is 228-230 Liberty Street. This property was on the market last year at $1,380,000 with tenants in each unit. The sellers bought out the occupants and put the property back on the market with an offer date. Offers were due February 17th at 5pm.
We had clients who were interested in the property and decided to present an offer. What is interesting here is that even in this market the value of certain real estate is holding. The value of Liberty Hill is there as evident by a total of 6 offers on the property. Some offers were on the low side and some were several hundred thousand over the asking price.
This is a good example of how the market sets the sales price, not the seller. There are examples of properties out there whose values and prices are not in balance. You see this in short sales, where previous purchase prices do not match today’s market. You also see and hear about the “deal” that someone got by writing the low ball offer. As agent, it is our job to help educate our clients as to the market value of property based on comparable sales.
If we can beat the market value with a low offer I have succeeded for my buyer. If I can out perform the market with a sales price, then I have succeeded for my seller. I know there are lots of theories out there and different ways of looking at things. But I think the best thing we can all do in the market is to choose property that has value to you! That way, whatever the market does you will be happy.
The New Mission Theater was the mecca of the Mission for everyone to catch the most recent flick. Consistently playing two movies a night. If you were late, you would have to go across the street to Cine Latino or down the street to Tower Theater. Playing the same movies less the community gathering.
Currently, this beautiful and historic landmark New Mission Theater is vacant and awaiting approval from the planning commission to become an entertainment venue/night club. This idea is approved by me and my colleagues. Let’s utilize this vacant space and bring back a community gathering via the New Mission Theater. It’s a great idea. The memories, ambiance and the nostalgia of The New Mission Theater will return.
The New Mission Theater’s discussion has been ongoing for more than a few years now. I’ll keep everyone updated as it progresses forward. For now, help us out readers: would your prefer the current eyesore or an entertainment venue?
So, this morning I had the lovely pleasure of dealing with very cold water and a small river of water through my garage. After discovering that our water heater died, I went into a semi-panic mode and started calling plumbers and re-scheduling my whole day.
Now if you’re like me, the thought of dealing with a plumber is like having a tooth pulled, you have to do it, but you’re definitely dreading it.
So I made the calls and got a few estimates. While most were pleasantly straightforward and seemingly trustworthy on the phone, one did stand out: Albert from Urgent Rooter and Plumbing, Inc. He was able to come over in 30 min, check out the problem and gave us the best estimate to replace our water heater. After deciding to work with Albert, he sent over a guy and a new water heater a few hours later and did the whole job by late afternoon, this also included taking and dumping the old water heater.
Fast and great service, at a reasonable price. Whew! Now I can finally take a hot shower….
You don’t have to take my word for it; take a peek at Urgent Rooter and Plumbing’s Yelp! reviews.
A few weeks ago we welcomed 23 new condos at 2200 Mission to the neighborhood, and since then more sellers/developers have decided to forget rentals and sell, sell, sell instead!! I’d have to say the neighborhood is feeling the buzz of four additional new condo developments that were welcomed to the neighborhood!
Let’s start the tour at 601 Alabama, The Mosaica. If your preference is not central Mission than this is the place for you. 2 and 3 bedrooms from 1038 to 1407 square feet. Pricing? Wow, unbelievable, unit 306 (2/2) starts at $499,000. Or unit 409 for $659,000, wow-a 3 bedroom, 2 bath condo with parking!! Thank you award winning architect Daniel Solomon. The Mosaica is definitely getting great reviews from buyers in the Mission.
From Alabama, let’s travel south to 2560-2562 Bryant, a more intimate 2 unit development. These new condos have great open floor plans and are BIG. 2560 Bryant is a 3/3 with 1823 square feet and 2562 Bryant is a 4/4 with 2,130 square feet. Both come with parking and are just a short walk to 24th st. On your walk to 24th st., you might want to take a lunch break at our local favorite burrito shop, El Farolito, before we head west to 3099 22nd St. Read the rest of this entry »
After months and months of very low levels of inventory, buyers focused on northern neighorhoods such as Pacific Heights finally have some homes from which to choose. But is it too little for too much, too late? A couple of recent listings caught this Realtor’s eye.
2219 Pacific Avenue – this grand three-story home sold most recently in 2007 for $4.25m — all cash. At that time, the home was in move-in condition and touted approved plans for a 3rd story expansion. Since then, the home has been completely gutted down to the studs and relisted at $3.495m ($755K less than the Seller paid for it) with estimates as high as $2 million to complete the renovation of this ~4,900 sq ft home.
But where’s the beef? Why would someone take on this project when in all likelihood it will be worth less than what it cost to complete? 2542 Fillmore, a 5BR/4.5BA, exquisitely remodeled home just around the corner sold in September 2008 for $5,000,000 — $250K less than it’s asking price. It’s probably the closest comp that’s sold in the last six months. 2219 Pacific will be a somewhat bigger home and on a more prestigious street. But even so — the idea of even “breaking even” when all is said and done (in the current market) doesn’t seem to ring true. Will it really cost $2m to finish it? Maybe or maybe not given the myriad of trades now available to work on projects like this. But up until just recently, $400/sq ft for high-end renovation in San Francisco was considered reasonable.
2712 Broadway – A couple of years ago, there’s no doubt this “Gold Coast” charmer with spectacular views would be snapped up, gutted and reborn as a trophy home worthy of its trophy location. It was originally listed at $9.45m, but before the first Broker Tour, the price was reduced to $7.75m. Is this a buying opportunity for someone who covets the Outer Broadway location? Perhaps so since the only other two homes for sale on Broadway west of Divisadero are last year’s Decorator Showhouse at $45,000,000 and the yet-to-be-completed Sperling mansion at $65,000,000.
Last weekend during our summer weather tease, I held an open house at 1823 43rd Ave. and visited the Sunset District several times. The feeling that overcame me while being in that area, during these fabulous conditions, made me think that the largest district in San Francisco does not get as much credit as it deserves. People in other parts of the world pay astonishing amounts of money to have views of the ocean, however in this district housing is more affordable and mostly made up of highly desirable single family residences. Being in this neighborhood all weekend I really got a sense of beach living with surfers walking around in wet suits, people enjoying the sandy beaches, and the refreshing scent of the Pacific air.
Top Ten Reasons to Live or Visit the Sunset
Condo conversion is a hot topic in San Francisco. It almost always comes up with new clients and those browsing through open houses. It’s a rhetoric so typical, I can sometimes forget not everyone knows how it works. Here are some of the basics:
- two unit buildings (with a clean eviction history) by-pass the condo lottery and may start the condo conversion process after one year of owner occupancy of each unit.
- buildings with three – six units (over six units will never condo convert) must enter the condo lottery. Eligiblility to enter the lottery is after 3 years if one unit is owner occupied in a 3-4 unit building or if 2 units are owner occupied in a 5-6 unit building.
- How long does it take and what are the chances?
- What are the costs?
- What is the anticpated time frame for a 3+ building to condo convert?
Whether or not you know all the in’s and out’s of the process, condo conversion is a complicated undertaking with The City. Is there the possiblity of a one-time free for all to convert buildings upon us? Click here to read an interesting Opinion article in the Examiner on Monday. The information about condo conversion is in the latter half of the article, so stick with it.
While The City needs, no doubt and like many people and organizations, more revenue; the likelihood of a condo conversion bonanza is a long shot. It will be met so heavily with protest from tenant’s advocates (and there are many) that ‘the discussion’ is likely to quickly disolve. But, you never know.
I am always working with several buyers in Bernal Heights and it never ceases to amaze me just how different their budgets are and what they are looking for in a home. Bernal Heights is an amazing neighborhood that may be a great choice for more people than you might think.
For example, where did a home on a triple lot just sell? Or a home on a double lot with an outdoor swimming pool? Bernal Heights of course! And every year there seems to be something similar that pops up. Want a spectacular down town view, no problem, perhaps Bernal’s North or Northwest slope is for you. Many of these homes can be modern and quite large. Take that modern masterpiece that sold last year on Mullen for over $2.0M! Typically the price range is a little less stratospheric for these kind of homes, say between $1.25M and $1.75M.
How about convenient City living where you can walk to a vibrant commercial street with great restaurants, coffee shops, services, and a fabulous local grocery store? Maybe owning a charming Victorian home just off Cortland Avenue is for you! The homes nestled in the 3 blocks above Cortland and below the top of Bernal Hill - what a great park – can be purchased between about $800,000 and $1.3M. Two good examples are the property I listed and sold on Bennington Street, and my current listing on Anderson Street. Condos are few and far between, as this is mostly a neighborhood of medium and smaller sized single family homes, but I did recently sell a wonderful Victorian one on Wool Street for under $700,000! I’ve sold vacant lots too! Read the rest of this entry »