North Beach Condo Update
In the last month, there have been four new sales recorded in North Beach. All of these properties sold below their original asking prices (even the private sale at 733 Filbert Street #1, which was added to the MLS to provide comparable sale data, sold for less than asking!).
444 Francisco Street, #103 came onto the market in late June, and sold in late August for $725,000. This condo is a nicely remodelled 2bedroom, 2 bath, with a patio. 530 Chestnut Street, #301, a large 2 bedroom 2 bath unit, sold for $825,000, down from its original list price of $879,000. I really liked this Malt House condo. When I toured it during its first week on the market, I liked the layout and the light in this unit, and thought it was well priced.
Meanwhile, at Villa North Beach (600 and 650 Chestnut)...two units are still for sale, while two others are in contract. Unit #111-C (at 600 Chestnut) is currently listed at $725,000 down from its original list price of $775,000, and unit #303 is down $20,000 from its original list price of $839,000. Both are two bedroom, 2 bath units. What's interesting about the pricing on both of these units is that the reductions have been in very small increments--an average of $10,000 each for a total of 8 price reductions for the two units. I often recommend at least a 5% price reduction if one needs to be taken, and if a property hasn't sold in four to six weeks, Sellers do consider price reductions.
| Address | Beds/Baths/Parking | Asking Price | Days on Market | HOA Dues | # of Units | Selling Price |
| For Sale | ||||||
| 600 Chestnut St 111-C | 2/2/1 | $725,000 | 90 | $442 | 30 | |
| 600 Chestnut St 303 | 2/2/1 | $819,000 | 62 | $456 | 30 | |
| 520 Chestnut 404 | 2/2/1 | $969,000 | 22 | $484 | 20 | |
| 411 Francisco St 312 | 2/2/1 | $799,000 | 19 | $526 | 24 | |
| 654 Lombard St | 2/1/1 | $665,000 | 5 | $0 | 2 | |
| In Contract | ||||||
| 600 Chestnut St 311C | 3/2/1 | $869,000 | 95 | $452 | 30 | |
| 650 Chestnut St 302 | 3/2/2 | $885,000 | 26 | $469 | 37 | |
| 780 Union St | 1/1/2 | $849,000 | 15 | $150 | 2 | |
| Sold | ||||||
| 733 Filbert St 1 | 2/2/1 | $830,000 | 1 | $350 | 6 | $830,000 |
| 530 Chestnut St 409 | 2/2/1 | $900,000 | 43 | $539 | 88 | $900,000 |
| 650 Chestnut St 108 | 2/2/1 | $780,000 | 21 | $449 | 36 | $780,000 |
| 33 Vandewater St 201 | 1/1/1 | $512,000 | 19 | $367 | 15 | $512,000 |
| 747 Filbert St | 3/2/1 | $1,499,000 | 51 | $330 | 4 | $1,499,000 |
| 530 Chestnut St 301 | 2/2/1 | $825,000 | 81 | $551 | 88 | $825,000 |
| 33 Vandewater St 101 | 1/1/1 | $525,000 | 41 | $367 | 15 | $525,000 |
| 690 Chestnut St 301 | 3/2/1 | $925,000 | 20 | $462 | 117 | $925,000 |
| 950 Columbus Ave 17 | 3/2.5/1 | $950,000 | 88 | $741 | 18 | $950,000 |
| 411 Francisco St F109 | 2/2/1 | $796,800 | 22 | $530 | 88 | $796,800 |
| 444 Francisco St 103 | 2/2/1 | $725,000 | 37 | $469 | 15 | $725,000 |
| 650 Chestnut St 305 | 3/2/1 | $950,000 | 29 | $472 | 37 | $950,000 |
Hmm. Are prices going down?
I did an analysis of North Beach and Telegraph Hill condos for the last year. I combined both neighborhoods because each neighborhood, on its own, typically has too few sales to really present an accurate picture of the market. Combined, the median price of condos has increased 19% in the last year (September 07 to September 08).
How does this compare to the rest of the city? The median price of condos in all neighborhoods in the city is flat. When I looked at the 'hot neighborhoods' --those that are still desirable with many of my Buyers in the past year (unscientific, it's true, but 'hot' and 'desirable' have always been in the eyes of the beholder). The neighborhoods on this list include Pacific Heights, Russian Hill, North Beach, Telegraph Hill, South Beach, the Castro, Noe Valley plus a few others, condo prices have increased 1% in the last year (condos, lofts and stock co-ops, and does not include TICs).
What does this mean? North Beach and Telegraph Hill are hotter than hot? When real estate markets experience a downturn, homes in the most desirable locations hold their value? Your conclusion?
(Data for this analysis from the San Francisco Association of Realtors Multiple Listing Service. I used the actual MLS data)
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