Archive for April, 2010

Upcoming & Pocket Listings. Stay informed.

Upcoming listings:
$2,149,000 // Mission Dolores // Lapidge BR/BA: 4/4 PKG: 2Brief Description: 2700 sq ft+ remodeled modern house, chef’s kit,den,gard, +2 bonus rms

$1,249,000 //Inner Sunset // Belcher Street #2 BR/BA: 3/2.5 PKG: 1 Brief Description: Luxury condo built in 2007 has over 1750 square feet, great finishes, in-unit laundry, office, private deck off two bedrooms and panoramic view roof deck. Can preview after May 6.

$849,000 // Parkside // Wawona@30th BR/BA: 3/2 PKG: 0 Brief Description: Excellent mid century home. 3BR/2BA on main level. Eat in kitchen and huge family Room. Great location near Stern Grove

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Muni Schedule Changes effective May 8th.

As part of efforts to address the City’s unprecedented budget deficits, MUNI SCHEDULE CHANGES are effective May 8. New schedules and other information are at www.SFMTA.com (printable PDF brochure of the changes) or call 511 for specific transit information.

Transbay Blog has a good overview of the changes coming up:

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Sold: 27 Fresno Street

27 Fresno Street
San Francisco, California
Sold at: $745,000
*Represented Buyer

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What’s coming up in the City?

Upcoming listings:
$1,800,000//Sutro Heights // Sutro Hghts Blvd BR/BA: 3/2 PKG: 2 Brief Description: Art deco view units of beach & hills. 2 are vacant, poss. 3.

$828,000 //Central Richmond // 22nd Ave BR/BA: 4/2.5 PKG: 1 Brief Description: Large top-floor, sun-filled condo w/great open layout, fireplace, excellent location and shared yard. Skylights, western-facing windows, and spacious closets

$799,000 //Inner Sunset // 7th Avenue BR/BA: 3/2.5 PKG: 1 Brief Description: Top-floor 1500+ sqft Victorian condo with great space, deeded deck off kitchen, great light, abundant storage space, shared yard—On market mid-May

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What Costs How Much Where in San Francisco

Low, High & Median Sales Prices & Average Dollar per Square Foot: 10/16/09 – 4/15/10

These charts track recent SF home sales by low, high and median sales price, and average dollar per square foot ($/sq.ft.) for the 6-month period of 10/16/09 – 4/15/10. Changes in median price and average $/sq.ft. don’t necessarily signify a change in market values, as both statistics can be affected by changes in buying trends, "unusual" events, and, when the number of sales is small, by a few specific sales clustered well above or below normal.

Comparing this data to the previous 6-month period, changes in median price and average $/sq.ft. most commonly ranged in the 0 – 5% range, plus or minus: no definitive city-wide trend can yet be determined, though the increasing market demand would typically exert upward pressure on prices. Finally, remember that sales data is always 4 to 8 weeks behind the market, since that is the usual period of time between acceptance of offer and the final closing of the sale.

Within the charts, neighborhoods are listed in order of median sales price. If a price is followed by a "k" it references thousands of dollars; if followed by an "m", it signifies millions of dollars. "REO" refers to the sale of bank-owned properties (typically pursuant to foreclosure).

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Condo Rebound

There is an an excellent article in the SF Business Times about the rebound in the condo market. Here is the Socketsite coverage of the article that has links to further articles.

Sales Office Stats: 555 Bartlett, 829 Folsom, LindenHayes, And Union

via socketsite.com

Sales office stats by way of the San Francisco Business Times for a few of the smaller new condo developments about town:

555 Bartlett: 31 (including 9 BMR) of 46 units in contract

829 Folsom: 19 of 69 units in contract
LindenHayes: 21 of 31 units in contract
Union: 64 of 76 units in contract or closed

“Pricing of these projects is a good 25 to 30 percent below the peak of the last cycle with prices hovering in the $600 to $750 a square foot range now. Buyers are bargaining hard while developers are lucky to recoup their equity or eke out a slim profit.”

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Sold: 261 Oxford Street

261 Oxford Street
San Francisco, California
*Represented Buyer

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Coming soon to the market…

Upcoming listings:
$999,000 // Hayes Valley/Civic Center // Gough BR/BA: 3/2.5 PKG: 1 Brief Description: Built in 2005, this stylish and spacious condo (approx 1732 sq ft) is on two levels with 3 bedrooms on one floor (large master suite). This is the best unit in the building – top floor – back unit – open floor plan with top of the line stainless steel kitchen appliances, Grohe fixtures, gas fireplace, and direct access to large private patio and in unit washer/dryer. FIRST OPEN-Sunday 2-4:30pm

$829,000 //Cow Hollow //Union St. BR/BA: 2/2 PKG: 1Brief Description: A bright top floor unit with tall ceilings, modern amenities, lots of storage, and a private patio. On the quiet side of the building!

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Increasing Demand, Decreasing Supply, Stable Prices

April 2010 Update

As shown in the updated charts below, buyer demand in the San Francisco home market continues to strengthen, while supply (as measured by months’ supply of inventory) continues to tighten. Median prices remain surprisingly stable, jogging up and down in small increments over the past 4-5 quarters, but always staying within a 3% range.

The spring season is typically an active sales period, though some pundits believe buyers have been rushing in recently because 1) the Federal Homebuyer Tax Credit is due to expire this month, and 2) an expectation that mortgage rates will rise now that the Fed has just ended its mortgage bond buying program. However, because of income and purchase price limits, and the higher cost of housing here, the Fed tax credit has never impacted SF like it has other areas of the country, and now a new California tax credit has been announced with no income or price limits. Interest rates have started to tick up a little, but remain very low by historic standards.

New $10,000 California Homebuyer Tax Credit
Federal Tax Credit Due to Expire on April 30

Under a new California law, a homebuyer may receive up to $10,000 in tax credits as either a first-time homebuyer or as a buyer of a brand new home. With the Federal tax credit due to expire soon, there is a brief window of opportunity in April to qualify for up to $18,000 in combined federal and state tax credits. This would require an accepted contract to purchase before April 30 with close of escrow occurring May 1 to June 30. Here is a link to a chart of details and eligibility criteria for both programs. This should be reviewed with your accountant.

Homebuyer’s Tax Credit Chart

Median price is that price at which half the sales were higher and half were lower — it can be affected by changes in value, or by changes in buying trends, or by unusual market events. Months’ Supply of Inventory (MSI) is that number of months it would take to sell existing inventory at the current rate of sale — the higher the MSI, the weaker the demand. Average Days on Market (DOM) are the average number of days it takes for a listing to accept an offer — the lower the days on market, the faster homes are selling.

Statistical parameters are generalities which may fluctuate up and down, sometimes for no discernible reason. All data is from sources deemed to be reliable, but may contain errors and omissions, and is not guaranteed. Sales not reported to MLS, such as many new-development condo sales, are not included in these statistics.

SF Homes Accepting Offers As the spring selling season began in earnest, the number of listings accepting offers increased to their highest level in well over 2 years.

Paragon Real Estate Group
click for larger size

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