The Cost of a Bathroom in San Francisco

November 7th, 2011 by Katy Dinner

 

On average, over the last 6 years, 1.5 bath condos sold for approximately 10.8% more than single bath condos, and 2 bath condos sold for approximately 21% more. In other words, based on the average sales price over the last 6 years, a 1.5 bath condo sold for an average of $77,000 more than a single bath condo, and a 2 bath condo sold for approximately $150,000 more than a single bath condo.

So if you’re considering remodeling your condo, is worth it to add an additional bathroom?

The most important factor in making the decision to add a bathroom is to consult with a trusted advisor. If you contact us early on in the process, we can help you consider all of the factors affecting your neighborhood and help you determine the resale value after adding an extra bath. Why contact us?

We hear what Buyers say about remodels and can guide you in the right direction.
We can consult with you on how to work with contractors and make recommendation to minimize change orders.

Here are some key factors to keep in mind when deciding to remodel your condo:

1) Be careful not to over-improve. Location, size and type of property can cap your selling price, so ask us about values in your neighborhood. If you paid $850,000 for your condo and your bathroom is going to cost $75,000, a remodel would make sense if properties in your neighborhood max out at $950,000. However, making changes in middle of the process might end up costing you more than you planned. If you are going to exceed the property cap for your neighborhood, make sure you are doing the remodel for yourself and not for resale.

2) Manage the cost of the bathroom finishes (i.e. toilets, sinks, shower heads, tile, counter tops, etc.). Most designer finishes are fragile, and similar products can be found for a fraction of the cost. Buyers are not always impressed with brand names, unless they’ve done a remodel of their own. Super high-end finishes can usually be substituted with a more industrial, and durable finish that gives an almost identical look.

3) Match the bathroom design with the rest of the house. A fusion of eras and styles can be tricky. If you have a modern home, a claw-foot tub might not be appropriate. If you must have that claw-foot tub in your loft, I strongly recommend that you work with a designer.

4) Function is always the most important aspect of a bathroom, and having a double vanity is a great idea if there’s room. However, people sometimes make mistakes in regards to function. For example, trough sinks are popular now, but consider the following downsides:

· In 5 years a trough sink may look dated.
· It may be difficult for two people to wash their face at the same time.
· Trough sinks take up valuable counter space.

A more functional solution might be to have one sink in the middle, with two defined work spaces on each side of the sink. With the addition of a dueling mirror solution and drawers, the space becomes much more useable.

5) If you are going to add a full bath, try to make it an en-suite to the master bedroom. The primary reason people desire a second bathroom is privacy. If the additional bathroom is upstairs and the public spaces are downstairs, this is less of a concern. However, if your property is on a single level, you may want to try to have the new bathroom located off a bedroom instead of the hallway.

If you are considering a bathroom remodel, contact us for an analysis specific to your neighborhood and property type.

Note: We estimated the cost of a bathroom, by comparing the average price difference between 2-bedroom condos with 1 bath, and those with 1.5 or 2 baths. By choosing a sample of 2-bedrooms, we narrowed the range of square footage and price. The larger square footage condos are more likely to have two (or more bathrooms), and are also more likely to have 3-bedrooms. Since these condos sell for significantly more than 2-bedroom properties, we excluded them from this analysis. We define a full bath as having a shower or tub (or any combination of the two), a sink (or two) and a toilet. A half bath has a sink and a toilet, and a quarter bath has a second toilet and shared sink with a full bath. Data was obtained from the SFARMLS, and is deemed reliable but not guaranteed.

Tags: , ,
Posted in About San Francisco, SF RE Market Analysis | No Comments »

WeeklyBasis 11/5: Rates Holding Near Record Lows

November 7th, 2011 by Julian Hebron

 

Rates were down .125% last week, ending .125% above record lows last hit October 3. But we did touch those record lows of 3.875% zero points (on single family home loans to $417k) briefly during Tuesday’s trading.

Below I recap last week, preview what’s coming next week, and remind consumers how to lock record rate lows that come and go in minutes. NOTE: Bond/rate markets closed Friday, November 11 for Veteran’s Day.

RECAP OCTOBER 31 – NOVEMBER 4 MARKET WEEK
Manufacturing: The Institute for Supply Management October manufacturing index was 50.8, with 50 as dividing line between expansion and contraction. September was 51.6. Good news: 27 months of growth. Bad news: barely growing.

Fed AND European Central Bank Meetings: No surprises from the Fed: overnight bank-to-bank rates near zero and they’ll continue reinvesting proceeds from mortgage holdings into new mortgage bonds to keep longer-term rates low. Europe’s Fed equivalent, now led by Mario Draghi, cut their one-week bank-to-bank rates from 1.5% to 1.25% to provide extra liquidity amidst debt crisis.

Jobs Report: 80k non-farm jobs were created in October. Weak report even with September revised from 103,000 to 158,000 and August revised from 57,000 to 104,000. About 2.3m jobs were created since an employment trough in February 2010, but there are still 6.47m fewer jobs than the beginning of the recession in December 2007. Over the past 12m, about 125,000 new jobs were created per month: not enough to keep pace with population growth.

PREVIEW NOVEMBER 7-11 MARKET WEEK
Here are next week’s economic calendar highlights with rate impacts:

Greece/Europe: Rates and stocks rose after the Oct 27 EU deal saying private Greek bond investors must take 50% writedowns. This was one condition of the next EU/IMF bailout payment Greece needs within 30 days to stay afloat. Another condition is ongoing austerity: pay cuts and tax hikes. So last week Greek prime minister George Papandreou said he wanted to let his people vote on austerity measures—as though they have a choice. The result: rates dropped again as U.S. mortgage bonds rallied and stocks sold. This up-down rate (and stock) trend will continue as the Greek charade continues.

Treasury Auctions: $72 billion in new Treasury debt will be auctioned into markets as follows: $32b 3yr Notes Tuesday, $24b 10yr Notes Wednesday, $16b 30yr bonds Thursday. Demand for these auctions, especially the 10yr and 30yr maturities, can dictate the mood in mortgage bond trading, but rates should remain even on auctions as U.S. debt remains a safe haven.

Consumer/Real Estate Themed Earnings: Another big earnings week with lots reports that will give a reading on consumers and real estate, including: Priceline.com, Sotheby’s, Dish Networks, Toyota, Vodafone, Anheuser Busch InBev, General Motors, HSBC, Macy’s, General Growth Properties, Ralph Lauren, Wendy’s, Cisco, Lionsgate Entertainment, Viacom, Disney, Kohl’s, Nordstrom, DR Horton.

Jobless Claims: This is a weekly report Thursdays. Claims for unemployment insurance were 397k last week, below the 400k threshold considered to signal an improving jobs picture. Still the 4-week average is 406k, so next week would have to continue the trend. Unless Thursday’s number is meaningfully below last week’s mark, rates will be even.

Technical Trading Factors: Looking at stocks, the S&P 500 closed last week at 1253, below the 200 day moving average they topped the week before. Charts suggest a trading range of 1215 to 1285 near term. It’s a broad range but volatility this year warrants it. The theme is similar for mortgage bonds—namely the 3.5% Fannie Mae coupon most lenders use to price consumer rate sheets. They closed the week well above their 50 day moving average, suggesting rates could move a bit lower. But the stock/bond reverse correlation is critical here. The volatility on both sides will continue as investors shift back and forth.

Bottom Line For Rates: Going into last week I said the week would be key to determine whether rates rise near-term or hold this volatile .25%-above-record-low range we’d been in since October 7. Now, record lows (see paragraph 1) seem feasible to touch again given technical trading factors noted above. Next week is a slow economic week so Europe will be the main theme, which means continued extreme volatility. So as I’ve been saying for several weeks, read the post below to understand how to capture the lows.

Tags: , , , , ,
Posted in by Julian Hebron, For Home Buyers, For Owners & Sellers, Guest Bloggers, Mortgage Market, National Housing News | No Comments »

WeeklyBasis 10/29: Jobs, Fed, ECB Center Stage

October 31st, 2011 by Julian Hebron

 

Rates were even to end last week after +/- .25% daily swings, and are still up .25% from all-time record lows set October 3-4. Another huge week ahead: Fed and ECB rate meetings, October jobs report, lots more earnings, and Europe’s debt crisis slogs on.

Below I recap last week, then preview what’s coming. And please note: you can see if you qualify now for HARP II, the new refi plan for underwater homeowners, but loans won’t be made until November 15 at the earliest.

RECAP OCTOBER 24-28 MARKET WEEK
Home Prices: Case Shiller’s reported home prices rose 0.2% July to August, the fifth straight monthly gain but a tiny gain. Prices are down 3.8% since August 2010 and stuck at 2003 levels. So: Is owning a home smart?

GDP: The first of three 3Q2011 GDP readings showed the economy grew at 2.5%, compared to 1.3% for 2Q and 0.4% for 1Q.

Europe Debt Deal: Rates rose Thursday on news of the EU debt deal but reversed Friday as skepticism grows. Next week’s preview below.

Consumer inflation: The Fed’s preferred measure of consumer inflation, the Personal Consumption Expenditures Index (PCE), was within their 2% annual cap. They focus on ‘Core’ which excludes food and energy prices. From Sept 2010 to Sept 2011, all-inclusive PCE was 2.9% and Core was 1.6%. Inflation ok for now.

PREVIEW OCTOBER 31 – NOVEMBER 4 MARKET WEEK
Here are next week’s economic calendar highlights with rate impacts:

Manufacturing: Tuesday is the Institute for Supply Management October manufacturing report. September was 51.6 with 50 as dividing line between expansion and contraction. Good news: 26th months of growth. Bad news: barely growing. Also, manufacturing is weak as measured by two other October surveys: Philly Fed (PA) was 8.7, up from September’s -17.5, the first positive in 3 months. Empire State (NY) was -8.48, fifth straight monthly contraction. For PA/NY surveys, 0 is line between growth/contraction. ISM shouldn’t be a blowout number so rates even.

Fed AND European Central Bank Meetings: The Fed’s meets two days with a policy announcement Wednesday. Rates dropped after their September 21 meeting because they recommitted to mortgage bond buying (not QE!). The Fed is unlikely to surprise markets, but Thursday’s European Central Bank meeting is huge: the first with new ECB President Mario Draghi (bio). His stance on ECB policy and EU debt crisis is key. Rates even to down on Fed meeting. Rates are wild card for ECB meeting.

Jobs Report: Markets expect Friday’s jobs report to show 88k-100k new jobs created in October and unemployment to hold at 9.1%. The economy added 103k new jobs in September, plus August was revised from zero to 57,000 jobs created, and July was revised from 85k to 127k. I think this one will be close to consensus. If so, rates even.

Europe Debt Crisis: Besides Thursday’s ECB meeting, there’s a G20 Summit Thursday and Friday. Both may elaborate on last week’s debt deal, which helped stocks and hurt rates. Another wild card for rates.

Corporate Earnings: Another big earnings week including reports from Pfizer, Kraft, Nissan, Honda, Comcast, Clorox, Mastercard, AIG, Unilever, Credit Suisse, Anadarko, Time Warner, News Corp, Sony, LinkedIn.

Technical Trading Factors: Last Thursday, the S&P 500 broke clearly above it’s 200 day moving average of 1274 for the first time since August 2, and closed at 1285 Friday. Also Thursday, mortgage bonds—namely the 3.5% Fannie Mae coupon most lenders use to price consumer rate sheets—dropped clearly below the 50 day moving average they were hugging since October 7. Mortgage bonds regained much of Thursday’s sharp post-EU news losses Friday, but they’re still below the 50 day moving average.

Bottom Line For Rates: These technical factors suggest stocks and rates could start the week stable, but volatility will remain extreme as politicians and central banks hog center stage. Also the 10yr Note yield, a key benchmark for rate markets, has risen enough (now 2.32%) to create upside rate rate risk near-term. Long-term, a rate spike isn’t warranted by weak global economic conditions. But next week is key to determine whether rates rise near-term or hold this volatile-but-steady range we’ve been in since October 7, which is .25% above record lows.
___
Rate Shopper Must-Read:
How To Shop For A Mortgage

Tags: , , , , , , , , , , ,
Posted in by Julian Hebron, For Home Buyers, For Owners & Sellers, Guest Bloggers, Mortgage Market, National Housing News | No Comments »

Do you have to flush twice?

October 29th, 2011 by Katy Dinner

 The full text of a bill is available at www.leginfo.ca.gov.

Sellers Disclosing Water-Conserving Plumbing Fixtures: CAR successfully sponsored a new law, effective January 1, 2012, revising the Transfer Disclosure Statement (TDS) to include a checkbox in Section A for the seller to disclose whether the property has water-conserving plumbing fixtures. The revised TDS also clarifies at the end of Section B that, by January 1, 2017, a single-family residence built on or before January 1, 1994 must generally be equipped with water-conserving plumbing fixtures. If, however, that single-family home is altered or improved on or after January 1, 2014, the water-conserving plumbing fixtures must be a condition of final permit approval. Water-conserving plumbing fixtures are low-flow toilets, shower heads, and faucets under section 1101.3 of the California Civil Code. CAR intends to release a revised TDS form in November 2011 to comply with this law. Senate Bill 837.

Tags: , , ,
Posted in Disclosures and Laws | No Comments »

The HOA is getting Rich!

October 28th, 2011 by Katy Dinner

The full text of a bill is available at www.leginfo.ca.gov.

No Fee Bundling for HOA Disclosures: Beginning January 1, 2012, another CAR-sponsored bill requires a home owner’s association (HOA) to, upon written request, give an estimate of the fee for providing a prospective buyer with the governing documents of the common interest development and other required HOA disclosures. The fee must be reasonable based upon the HOA’s actual cost for procuring, preparing, reproducing, and delivering the HOA documents. If the fee is paid, the HOA cannot withhold the required HOA disclosures for any reason. Moreover, the HOA cannot bundle the fee for providing required HOA disclosures with any other fees, fines, or assessments. This law will prevent an HOA’s third-party document preparation company from bundling together both mandatory and non-mandatory HOA documents, and charging a higher fee for providing all the documents. The HOA is also prohibited from charging any additional fees for electronic delivery of HOA documents, which must be available to a requesting party if the HOA maintains the documents electronically. Additionally, at a buyer’s request, the HOA must provide 12 months of approved minutes of the association’s board of directors meetings (excluding executive sessions). Delivery of the required HOA documents must be accompanied by a cover sheet itemizing the documents required by law and those provided. In November 2011, CAR intends to release a revised CAR standard form Homeowner Association Information Request that complies with this requirement. Assembly Bill 771.

Tags: , , , , , , ,
Posted in Home Owner Associations | No Comments »

San Francisco Single-Unit Properties Still Sell Near Listing Price

October 25th, 2011 by Katy Dinner

From 2001 to 2009, the average sales price exceeded the asking price by an average of 2.7%. The largest difference between list price and sales price occurred in 2005, where the average sales price was 7.3% more than the asking price; however, 2004 was a close second at 5.9%.

Over the last three years we saw a slight reversal, where the average list price began to exceed the average sales price. During that time, the average sales price was about 1.5% below the average list price. This small differential between the list price and sales price is a testament to the pricing sophistication of the agents in the city. Even as prices have fallen, sellers have been realistic about their homes’ value and have adapted to the change. San Francisco is still a city where there are more buyers than properties for sale, and in many neighborhoods properties are selling for more than the asking price:

  • Over the past six months in Noe Valley there were 46 sales, and the largest sale below the list price was only 5% less than asking. On average, condos in Noe Valley sold for almost 1% above the asking price.
  • In the South of Market area, (excluding the higher priced areas of South Beach and Mission Bay) many would expect deeper discounts and more negotiating power. However, in the past six months there were 64 sales, which sold for an average of just 2.2% below the asking price.
  • If you are looking to get a discount off the listing price, look to Co-ops in Pacific Heights and Russian Hill. In the past six months, properties in those areas have sold for about 5% less than the asking. Surprisingly, single family homes in the Sea Cliff area are also being sold at about 5% below asking. This is likely due to home owners holding onto their properties longer and having more equity room for negotiation.
  • Inside the area of Highway 280 and Highway 101, and in the city center, single family homes almost always sell for the asking price, or more. We are still seeing multiple offers, and homes selling for as much as 10% above the asking price.

Buyers, don’t be discouraged! The third quarter is always the best time to buy. Average sales prices are usually about 10% less than in the second quarter. You always get more for your money if you buy in November or December. For those looking to sell, it is usually most profitable to put your property on the market in February or March (closing in the second quarter).

Tags: , , , , , , , , , , , , ,
Posted in Noe Valley, Pacific Heights, Russian Hill, Sea Cliff, SF RE Market Analysis, SOMA | No Comments »

WeeklyBasis 10/22: HUGE Market Week Ahead

October 24th, 2011 by Julian Hebron

Rates dropped .125% last week but are still up .25% from all-time record lows set the week of October 3. Next week is huge for U.S. economic data, corporate earnings, and Eurozone debt crisis updates.

I’ll quickly recap last week, then preview what’s coming. Also please note: loan limits weren’t increased in Washington last week, just discussed.

 

Recap Oct 17-21 Market Week
Last week’s slight rate drop was due to mortgage bonds remaining a safe investment amidst global market uncertainty. Rates drop when bond prices rise on buying. Here are the key stats:

Weekly jobless claims were 403k, close to the 400k mark below which the job market is considered to be improving. The 4-week moving average was also reported at 403k. This is better economic news if it holds.

Consumer and producer inflation were both near the 2% Fed comfort zone: CPI 3.9% and PPI 6.9%. Even the Fed’s preferred ‘Core’ readings that exclude food and energy crept up: Core CPI 2% and Core PPI 2.5%.

Manufacturing is still weak, measured by two key regional October surveys. Philly Fed (PA) was 8.7, up from September’s -17.5, the first positive in 3 months. Empire State (NY) was -8.48 vs. -8.82 September, fifth straight monthly contraction. For both surveys, 0 is line between growth/contraction.

Existing Home Sales were down 3.0% in September but up 11.3% since September 2010. UGLY STAT: 18% of contracts didn’t close, same as August but up from 9% in September 2010. This was due to homes not appraising for contract price and buyers getting cold feet after inspections.

Preview Oct 24-28 Market Week
Here are next week’s economic calendar highlights with rate impacts:

August Home Prices: Tuesday brings Case Shiller and FHFA home price reports. Case Shiller was up 0.9% in July, the fourth straight monthly gain, but prices were down 4.1% since July 2010. It’s the broadest home price measure. The FHFA report only measures prices of homes with Fannie/Freddie mortgages. Annual Case Shiller figures aren’t likely to go positive, so rates even.

GDP: Thursday is the first of three 3Q2011 GDP readings. Estimates range from 2% to 2.5% economic growth, compared to 1.3% for 2Q and 0.4% for 1Q. And remember 1Q was revised down sharply along with the first 2Q release. Rates up if higher-end estimates prevail.

Consumer inflation: Friday brings the Fed’s favorite measure of consumer inflation, the Personal Consumption Expenditures Index (PCE) for September. The Fed looks for ‘Core’ PCE (which excludes food and energy prices) to be 2% or less. In August, PCE was 2.9% total and 1.6% Core. Rates up if Core hits 2% or more.

Corporate Earnings: 790 companies report earnings this week including Caterpillar, Netflix, Amazon, UPS, Ford, Boeing, Exxon, Procter & Gamble, and Altria.

Technical Trading Factors: On the stock side, the S&P 500 has traded above key overhead resistance levels and is around its 200 day moving average. On the mortgage bond side, the FNMA 3.5% coupon (that most lenders watch to price rate sheets) is just below it’s 50 day moving average. If anything, the charts look like stocks correct a bit and bonds hold.

Europe Drives Everything: Economic data and earnings will still take a back seat to Europe. This weekend, the 27 EU leaders met then the 17 Eurozone leaders met separately to discuss options. Their latest: To be properly capitalized for Eurozone defaults (my words, there was no explicit mention of defaults), European banks need about 100b euros in capital after marking their sovereign-debt holdings to market values. This estimate looks low. Let’s not forget that during testimony Q&A back in July 18, 2007, Ben Bernanke told congress subprime losses would be contained to “$50 to $100 billion,” then a few weeks later he said it could be “several multiples of that,” then one year later financial markets imploded. The same EU/Eurozone leaders meet again this Wednesday, October 26 to fine tune a plan. Markets await.

Bottom Line For Rates: Rates will be extremely volatile next week, but it’s hard to see rates spiking since European uncertainty will likely cap stock gains. Rates should trade in a +/- .125% range next week. I’m holding to my premise that rates can touch record lows as Eurozone issues play out. Here’s a MUST READ to explain this: How To Shop For A Mortgage.

Tags: , , , , , , , ,
Posted in 1st Time Home Buyers, by Julian Hebron, For Home Buyers, For Owners & Sellers, Guest Bloggers, Mortgage Market, National Housing News | No Comments »

WeeklyBasis 10/15: Rates Up .375%

October 17th, 2011 by Julian Hebron

Rates rose .125% last week after a .25% climb the week before. Rates are up .375% in the past two weeks, but still extremely low. My WeeklyBasis prediction last week was even rates as markets “start with rates up slightly on perception of progress in Europe, then fade.”

It didn’t fade yet but I also noted that “rates will continue to rise and fall on each little development in the European debt crisis.” So let’s look at the latest in Europe and preview the October 17-21 week.

Recap Oct 10-14 Market Week
Overly optimistic interpretations of “less bad” news and data continue to drive trading.

Jobless claims last week were 404k, above but close to the 400k line, below which the job market is considered to be improving.

September retail sales were 1.1%, which was at the high end of expectations and the largest gain in 7 months.

Eurozone leaders are inching toward a new plan for recapitalizing banks and the bailout du jour for Greece. More below.

The result of this less bad news and data was that the S&P 500 rose squarely above it’s 50 day moving average (chart), and mortgage bonds (3.5% FNMA coupon) dropped below their 50 day moving average.

Rates rise when bond prices drop like this.

Preview Oct 17-21 Market Week
Here are next week’s economic calendar highlights with rate impacts:

Monster Earnings Week: This week is huge for earnings including reports from Apple, Microsoft, Intel, IBM, Citigroup, Bank of America, Wells Fargo, Goldman Sachs, Morgan Stanley, Coca-Cola, McDonald’s, and GE. Tech companies should be ok but financials may offset. Stock momentum was strong last week, contributing to bond selling that pushes rates up. Rates could rise a bit more on better earnings.

Manufacturing Reports: The October Empire State and Philly Fed manufacturing reports are released Monday and Thursday. Both reports were down sharply last month (-8.82 and -17.5 respectively). Any improvement will be in the ‘less bad’ category, which would bring negative rate sentiment. Rates even to up.

Europe Remains Huge U.S. Rate Factor: I’ll repeat a note from last week that market optimism about Eurozone bank safety nets misses the main point: Bank liquidity moves probably won’t stop defaults, they’ll just help manage liquidity problems when defaults come—and U.S. rates would likely benefit from Eurozone defaults. This needs to play out further, but there’s still no clear evidence supporting a sustained rate spike. It might not come this week since there’s new reports of progress, but this story is far from over, and the only bright spot is low U.S. rates medium term.

Technical Trading Factors: The 50 day moving averages noted above are important because there’s still room to drop from here—enough to push rates up another .125% to .25% near term. Charts (or “technicals”) are critical but ultimately impacted by economic fundamentals, which aren’t strong.

Inflation: September consumer and business inflation reports are Tuesday and Wednesday. No strong inflation trend here, so rates even.

Housing Starts & Existing Home Sales: Housing starts have been dismal and no big change expected. Existing home sales rose 7.7% in August, a five month high, so if this turns into a two-month trend, it will provide some optimism. Rates even.

Bottom Line For Rates: Rates could rise more next week on further perception of progress in Europe and corporate earnings, but it’s still reasonable to expect another dip to record levels in the coming months as Eurozone issues play out.

Here’s a MUST READ while waiting: How To Shop For A Mortgage.

Tags: , , , , , , , , , ,
Posted in by Julian Hebron, Guest Bloggers, Mortgage Market, National Housing News | No Comments »

# of condominiums under contract rose by 30.4%

October 14th, 2011 by Katy Dinner

Condominium Sales

Although condominium sales throughout the city fell slightly by 6.8 percent in September, the number of condominiums under contract rose by 30.4 percent compared to September 2010. For condominiums priced between $500,000 and $900,000, the months of supply inventory contracted by 47.9 percent to a reading of 3.1 months. For luxury condominiums priced above $900,000, the months of supply inventory also fell, by 41.5 percent to 4.7 months.

An area of the city which experienced healthy condominium sales activity is District 9, in the central-eastern part of the city, which is continually evolving from its former factory and warehouse landscape. Since September 2010, the number of condominiums under contract has increased by 39.2 percent, from 51 to 71 units and the number of closed sales has remained strong at 62 units. District 9 includes such neighborhoods as up-and-coming South Beach, home to AT&T Park and some of the most desirable condominiums in the city, and SOMA (South of Market), which is the location of the city’s contemporary art scene, with the Museum of Modern Art, the Academy Art College, and a number of small galleries all around.

Another region of the city which saw positive condominium sales activity is the central north area of District 6 which lies immediately west of downtown San Francisco. Compared to this time last year, the number of condominiums under contract has increased by 66.7 percent, from 15 to 25 units and the number of closed sales rounded out the month at 18 units. Neighborhoods in District 6 include the trendy and fashionable Hayes Valley, whose stylish condominiums attract young, successful professionals and the Western Addition, birthplace of San Francisco’s famous Fillmore Jazz scene.

Market Focus is a SF Board Of Realtors Publication.

Tags: , , , , , , , , , , , , , , , , ,
Posted in Central Waterfront, Hayes Valley, NOPA, South Beach, Western Addition | No Comments »

San Francisco Home Sales Back On the Rise

October 13th, 2011 by Katy Dinner

San Francisco Home Sales Back On the Rise

With San Francisco having the nation’s second-largest increase in apartment rents last quarter, at 4.5 percent, and falling interest rates to purchase a home, renters who are looking at their housing expenses are coming to the conclusion that owning makes more financial sense than renting. This is evident from the influx of local home buyers in the city and an increase in the number of homes sold.Single-Family Homes 

Even though the number of single-family homes for sale has decreased since September 2010 by 16.1 percent citywide, the number of single-family homes under contract this past month rose by 13.9 percent, while the number of homes sold also increased by 5.7 percent. For properties priced below $700,000, the months of supply inventory dropped by 38.7 percent to a reading of 2.5 months. For properties priced between $700,000 and $1.2 million, the months of supply inventory fell by 26.9 percent, also to 2.5 months. Months of supply of less than three months normally indicates a seller’s market where sellers have more negotiating leverage against buyers.One area of the city which has continued to experience healthy sales activity is District 5, which includes perhaps some of the most diverse neighborhoods in all of San Francisco. Since September 2010, the number of homes under contract in the district has risen by 10.3 percent, while the number of homes sold has increased by 35.3 percent to a total of 23 properties. District 5 includes such neighborhoods as the historic Haight Ashbury, which to this day, still maintains its bohemian ambience from the mid-1960s, and the more clean-cut Noe Valley, whose typical sunny weather just adds to the wholesomeness of its predominately young family-oriented community. Architectural styles in the central district are wide ranging, from Victorian and Edwardian homes to mid-century and more contemporary buildings. 

Another part of the city which has seen an increase in sales activity are the southeastern neighborhoods in District 10 that begin just before San Francisco City College and end to the east, past Candlestick Park. Compared to this time last year, the number of homes under contract has spiked by 45.8 percent from 48 to 70 properties and the number of homes sold has remained high at 52 properties. Neighborhoods in this area include the Excelsior and Outer Mission, which offer reasonably priced, mid-century homes in a suburban setting. Other parts, such as Visitacion Valley and Portola have some of the lowest median home prices in the city. Prospective home buyers, especially those who commute south to the Peninsula daily, may find just what they are looking for here.Market Focus is a SF Board Of Realtors Publication.

Tags: , , , , , , , , , , , , ,
Posted in Excelsior, Haight Ashbury, Neighborhood Focus, Noe Valley, Outer Mission, Portola, Visitaition Valley | No Comments »
« Older Entries
Newer Entries »