Here it is: Your Broker Tour Sheet for Tuesday, April 2, 2013 here in San Francisco.
As usual, if there’s something you want me to see or if you’d like to come along with me to the speed dating of open houses, please let me know. Until then Happy Easter Egg Rolling!
Go Niners (next week)! Go See Your Next House on Saturday or Early Sunday
GO NINERS! (Bet of the Week: Niners, by 6)
Hello! Happy Weekend!. Welcome to Kevin’s Open House Picks of the Week — although this week I’m picking our 49ers.
Just a year ago interest rates for 30-year fixed mortgages averaged 4.18% This year they are averaging 3.5% while the median price for San Francisco residential properties has shot up 39% since then. While that median price is a hard number to rely upon because inventory has changed — fewer foreclosures, lower inventory generally — one certainty is that interest rates will float down like a feather but will shoot up like a rocket and fast. And with the recovery starting nationally the risks of inflation will almost certainly lead to interest rate hikes. So while prices are higher, your overall cost and tradeoff between having more money today on hand versus money tomorrow or a decade from now can be measured by whether or not you get to make that assessment from your home.
Today’s market demands decisive action. Bidding $20,000 or $30,000 over an asking price — itself an inaccurate almost irrelevant value — is almost pointless and expected. In fact, we’ve started to see what they do in New York: the “suggested price.” Remember, market value only equals what someone (hopefully not someone else) is willing to pay for a property, which explains price flexibility especially if a property is not listed on the MLS. In fact, there is thinking that a third of property that will change hands in 2013 will be done off-market; all the more reason to have someone plugged in like me working for you.
Listing Sneak Peeks
(as overheard/shared by my colleagues)
I’ve been pounding the pavement, making calls and carefully listening to learn about new opportunities for you all before others do so you can get a head start.
- 24th and Dolores – Stunning renovation of two condominiums from a former single-family house. Won’t last long. Stunning views, high-end finishes, solid and quality construction. 1101 Dolores St. Lower unit 1.5 million upper at $1.995 million. Upper has four bedrooms, two and half-bath and 2300 ft.² (sold at +15% to an exclusive appointment client. Lower home has three bedrooms two baths with Cornerview at 1800 ft.² each comes with a parking space and it essentially new construction. Exclusive appointments only.
- 160A Linda Street @19th Street, 2-Bed/2 Bath 1 Bed/1Bath, TIC home in lottery, expected in January, February, pre-sale possible, middle unit, recently remodeled and sold (2010), expected list price range: $479k–$525k
- 486 Chestnut, Three new condos, 2 or 3 bedrooms with 1 to 2 parking spaces each, at least 1600 sq ft each expected, priced from $1.6M to $2.1M are coming on the market in January [construction delay]. It’s a rare to find something new in this area at all. See more: http://1456chestnut.com
- 2069 Green Street @ Webster, 3-Bed/3 Bath Pacific Heights Condo with parking and 3000+ sq ft., good light & garden access, expected list price range: $1.695M
- 1610 Sacramento at Polk, Nob Hill condos, eight recently renovated condos, each with independent parking spaces, 2 beds, 2 baths each either at 1150 sq ft or 1500 sq ft, prices range from $900k – $1.3M on within a week. [Staged this week, one already in contract].
- 96 6th Ave at Lake, 1 Bed, 1 Bath, + den, 6 unit bldg, Edwardian, great period details. Leased parking $150/month, Fireplace, wood floor, $400/month HOAs, wood floors, west facing, off market as sellers will deliver at the end of the year. Expected price: $675,000.
- 1653 Golden Gate, tic converting into 3 Bed/ 1.50 bath, 1800 sq ft, restored and upgraded top-of-the line, 7 rooms south-facing garden view.; price TBD, prob $800k – $900k+ (on this weekend or next)
- 1880 Steiner, 2 Bed/2Bath, 1 pkg second floor, at Post, nice layout with nice light, comfortable, fireplace, wood floors, built in 2002, 39 units altogether, around 1000 sq ft expected 1st week of Feb. Anticipated list price: $779,000 on next week
- 601 Van Ness #1132 1bd condo, opera plaza, $439k
- 627 Castro, top-floor TIC unit, 3 Beds, 2 Bath (1 is en suite) 2 parking spaces (!) recently renovated Edwardian flat, with 1600 sq ft. approx.
- top-shelf remodel, 2 fireplace, open kitchen, speakers in ceiling, new overhead light fixtures, small patio, restoration hardware finishes, garage parking, great location. List price $1.25M. Open to the public shortly thereafter and who knows what it will sell for and how long it will last. Seller is willing to take an offer now.
- 355 Buena Vista Ave, #301, 1 bed, 1 bath, extra storage, TWO parking space, condo, 774 sq ft, HOA dues around $400/month, expected list price $599k
- 352 Richland at Andover, Bernal Heights single family home fixer with APPROVED, shovel-ready plans for a 2300 sq ft expansion/addition to an otherwise large 1 Bedroom, 1 Bath, deep lot with yard, listed at $795k. Listed this week generally on MLS.
- 86 Wool St, Single Family Home at Eugenia Ave — 3 bed, 2.5 bath, 2 car, 1800 sq ft, was on the market last summer as a fixer, now it’s just about complete with high-end finishes and remodel. Expected list price $1.5M
- Noe Valley, Single-family House on Jersey St, between Noe & Sanchez, 290 Jersey, with AMAZING finishes; Previously 2 unit-probate at Jersey and Sanchez – now a stunning single-family home – 4 bedrooms (3 on same level); 3.5 bathrooms; formal living & dining; gourmet kitchen with family room / eat-in area; media room with wet-bar and adjacent outdoor living space with fire pit, garden and parking. Suggested list price in the $2.8’s. Shown by appointment only this Sunday, seller would love for Vanguard to sell the property and willing to take advance offers before going to open market.
- 994 Corbett near Market/Portola, it’s improved (perhaps over-improved, which means more value for you). Single family with 4 levels, w/ elevator, 3000 sq ft, master suite level with deck overlooking the city, fire place, steam sauna, infinity tub with views, master walk-in with chandelier, then three other levels with another 2-4 bedrooms depending on how you configure each floor. Decks on each. Excellent finishes and remodel. Radiant heat. Wood floors throughout. The kitchen is, well, wow, viking, gas range, custom wine fridge in addition to full-length refrigerator and freezer, two dining rooms, two sitting rooms, family rooms, workout room. Each person gets their own level. There’s a place to plugin your electric vehicle, the views are stunning, Anyway, it’s off market for a while and the list price now is $2.9M. Sellers are willing to negotiate.
- 537 Natoma @ Russ, 13 new construction condos, 9 2Bd/2Ba, 4 1Bd/1Ba, 850 sq ft–1100 sq ft, elevator building, all with parking, ready soon with exclusive for Vanguard agents and their clients. Expected price range $525k–$799k
- Oak & Baker, 5-unit building, with one renovated owner’s unit with 3-4 units some delivered vacant, excellent redevelopment opportunity, expected $1.8M–$2.0M
- Bryant & 1st Street, 3 Bed, 3 Bath, penthouse suite that combined two units into a space with more than 2500 sq ft with 2 parking spaces, 2 fireplaces decks, bridge and water views, expected list price: $2.7M
- 25th St & Castro, 2002-built 2 level, 3 bedroom, 3.5 Baths, upper unit that’s big and spacious with decks, sauna in a luxe building, tenant-occupied until Aug 1, expected list price $2M.
- 14th and Valencia, 411 Valencia, 1 bedroom, 4th floor, new construction condo, no parking, expected at $550,000.
In addition to my Picks of the Week, Advances and Exclusives, I thought you’d be interested to see how things ended up with previously listed properties. So without further ado:
Stories of the Week:
- 310 Townsend, a big one bedroom loft in that historic restoration building next to CalTrain, that was listed at $799,000 went in to the $800,000s — for a one bedroom!
- 2776 Golden Gate, a 2 unit building with one unit being tenant-occupied was listed at $999,000, received 6 offers and will close nearly 20% over the asking price.
- 1015 Florida, the single family home in need of some TLC in the hot Inner Mission area, listed at $665,000, received at least 14 offers and entered escrow at a “substantial” amount over the asking price.
- 1610 Sacramento, 3 bedroom Nob Hill condos with more than 1200 sq ft, which was exclusively previewed last weekend to Vanguard agents and their clients, already has the top-floor unit in contract at more than $1,000 a sq ft.
- 411 Valencia, the last 2-bedroom condo available went into contract over its asking price of $759,000 with multiple offers.
Extras: Access various reference resources — including my exclusive 60-page User Guide on how to navigate real estate successfully in San Francisco for buyers and sellers at www.kevinho.org Ask me for reference materials via Dropbox. And see pictures of many the homes I preview for you at Photobucket or on iCloud or YouTube.
This week there seems to be a lot of single-family homes and larger condos at the $2M price point. I’ve always said that the $2.3M – $2.9M price point is the perfect price in SF as you’ll get the most ideal home, or amenity-filled condo in areas like Pac Heights/Marina, South Beach (condo), Noe Valley/Eureka Valley, Haight (single family homes) Also we’re seeing more fixers pop on to the market too. So, take a look here and also be sure to go to www.kevinho.org to see the upcoming broker tour sheet for Tuesday.
My business comes from you and yours, so please feel free to pass this along to your friends, colleagues, pet walkers, etc. Thanks! Kevin Ho
Picks of the Week
TAKE NOTE: Many of the open houses this weekend are on Saturday or are EARLIER on SUNDAY.
(a .pdf version will appear when clicked)
Market Focus from the San Francisco Association of REALTORS, DECEMBER 2012
San Francisco Housing Market Remains Upbeat Throughout Holiday Season
Median Sales Price:
Active For-Sale Inventory:
Days on Market:
Median Sales Price:
Active For-Sale Inventory:
Days on Market:
Even though the city’s housing market has had to deal with month-after-month of low housing stock in 2012, it has not stopped a wave of motivated buyers from making San Francisco their home. Families have been rushing all year round to purchase and settle into their new homes, eager to take advantage of historically low interest rates, knowing that rental prices will only continue to rise.
Single-Family Home Sales
Compared to November of last year, the inventory of single-family homes for sale in the city fell by 38.1 percent, to a total of 516 properties. The number of homes under contract improved by 1.4 percent, while the number of homes sold also increased by 14.2 percent, to a total of 265 properties sold.
For homes that were priced below $700,000, the months of supply inventory dropped by 56.6 percent to a reading of 0.9 months. For higher-priced homes between $700,000 and $1.2 million, the months of supply inventory also fell, by 63.8 percent to 1.2 months.
(These exceedingly short time frames are indicative of a seller’s market, where sellers have more leveraging power over buyers who are all vying against a limited amount of properties.)
One region of the city that experienced a heightened boost of activity is in the northwestern section, more commonly referred to as the Richmond District, which includes such neighborhoods as Laurel Heights, Outer, Central and Inner Richmond and Sea Cliff. Since November 2011, the number of homes sold in this area jumped by as much as 64.3 percent, to a total of 23 properties sold.
With its close proximity to Golden Gate Park, Ocean Beach and the ethnic shopping corridors of Geary Boulevard and Clement Street, there is a never a shortage of activities to do here. Growing families will find the neighborhood vibe of the Richmond District and its abundance of turn-of-the-century Edwardian homes and stucco houses alluring. The median price for a home here is $1,280,888, which is up by a dramatic 49.8 percent from this time last year.
Another region of the city which continues to experience vibrant sales activity is in the area of San Francisco known as Twin Peaks West. Compared to this time last year, the number of homes under contract here moved ahead by 13.8 percent, while the total number of homes sold boosted by a whopping 100 percent, to 46 properties sold. Located in the mid-western part of the city, Twin Peaks West has a total of 16 neighborhoods, including the upscale and exclusive St. Francis Wood and Forest Hill, and the more approachable and family-friendly communities of Diamond Heights and West Portal. There is an array of architectural styles available for everybody here, from stately Spanish Mediterranean homes to charming craftsman bungalows. The median price for a home here is $950,000, which is up by 20.3 percent from November 2012.
Along with single-family homes, the inventory of condominiums for sale in the city fell by 36.3 percent, to a total of 660 condominiums. The number of condominiums under contract rose by 20 percent, while the number of condominiums sold increased by 25.1 percent, to a total of 259 units sold.
For condominiums that were priced between $500,000 and $900,000, the months of supply inventory tightened by 48.4 percent to a reading of 1.4 months. For luxury condominiums priced above $900,000, the months of supply inventory also dropped by 46.7 percent to 1.6 months.
One area which saw a robust increase in condominium sales activity is in the Marina, Cow Hollow, and Pacific and Presidio Heights neighborhoods of the northernmost section of the city. Since November of last year, the number of condominiums under contract here increased by 43.5 percent, while the number of condominiums sold has also magnified by 54.5 percent to a total of 34 units sold. Successful professionals, both young and old, who prefer to live in what many consider to be “old San Francisco,” will find satisfaction in any of these four neighborhoods where luxury condominiums reside next to posh shopping destinations and unique restaurants. The median price for a condominium here is around $1,041,250, which is up by 12 percent from this time a year ago.
The consumer confidence index, which had increased in October, posted a moderate increase in November. The index now stands at 73.7, up from a reading of 73.1 in October.
Lynn Franco, Director of Economic Indicators at the Conference Board, says that, “The Consumer Confidence Index increased in November and is now at its highest level in more than four and a half years (76.4 Feb. 2008). This month’s moderate improvement was the result of an uptick in expectations, while consumers’ assessment of present-day conditions continues to hold steady. Over the past few months, consumers have grown increasingly more upbeat about the current and expected state of the job market, and this turnaround in sentiment is helping to boost confidence.”
CNN Money recently reported that, “In another sign of a housing market rebound, home prices posted the biggest percentage gain in more than two years in the third quarter, according to the closely followed S&P/Case-Shiller index. The 3.6% increase from a year earlier is more than three times the rise in the previous quarter and was the biggest jump in prices since the second quarter of 2010. But that 2010 rise was much more of a temporary blip caused by a homebuyer’s tax credit of up to $8,000 on homes purchased in late 2009 and early 2010. This latest rise comes as the housing market has shown numerous other signs of recovery in recent months. The rebound is spurred by a combination of record low mortgage rates, an improving jobs market and a drop in foreclosures to a five-year low, reducing the supply of distressed homes available. There is also a tighter supply of both new and previously owned homes on the market. The improvement in housing market fundamentals have helped to lift the pace of both home sales and home building.”
According to USA Today, “Apartment rents will go up again next year for the fourth consecutive year as the economy improves—good news for landlords but tough on renters. Rents for apartments—which make up about half of all rental housing—will jump 4.6% nationally next year after a 4.1% increase this year, the National Association of REALTORS® predicted Monday [November 26, 2012] in its commercial forecast. Rents will keep rising, more than 4% a year for 2014 and 2015, says market researcher Reis.”
From the SF Chronicle, “San Franciscans appear to have avoided slashed library hours, surging swim lesson fees and fewer street sweepers, at least in the near term. The city has a projected deficit of $129 million for the fiscal year that starts July 1—the lowest shortfall in five years and one that isn’t expected to mean draconian service cuts, according to budget projections that Mayor Ed Lee’s office released Tuesday [December 11, 2012]. San Francisco’s improving fiscal picture is due to a recovering economy and the early effect of reforms implemented in recent years, including two-year budgets and pension program changes, officials said.”
The 3900 block of Cesar Chavez sees a nearly $2M preemptive for a duplex and more
Over Cesar Chavez nearer to the top of the block at Sanchez there were 2 open houses on yesterday. One was a duplex with expansion potential to a 3rd unit (3978 & 3980) and the other a single family home needing a complete blowout (3993). For those of you who wanted a bargain, think again. The duplex was listed at $1.99M (even though that means nearly $1M per unit which were 3/2 granted w/2-3 pkg) but never made it on to the open market after an all-cash 21-day close offer came sailing in.
Meanwhile you’ll need to bring your imagination across the street at 3993 Cesar Chavez as its a single family house for $899k with at least 6 disclosure packages out (offers due today), but the house is typical of a hodge podge that needs to be sorted out thoroughly so someone can take full advantage of the location.
Tales of the City’s Real Estate. Special only-in-S.F. homes on the market – SFGate.
For $969,000 this Victorian mansion at approximately 2000 ft.² could be yours!
But don’t forget the $400,000 or $500,000 you’ll need to bring this Victorian mansion to its full potential. After time, hard work and more hard work someone can bring it up to $2M quite easily. Available with my colleagues at Vanguard.