SF Real Estate Market

During your escrow process, you will be asked by your agent, lender and/or escrow officer how you plan to hold title.  There are several options for California residents.  Before you choose, it is best to confer with your expert advisors, including your attorney and accountant.  How you hold title can have significant implications on your estate (if your property transfers upon your death) and on your taxes.  
The common ways of holding title for co-owners includes (but is not limited...

2425 23rd Street
Once again, we are at that cycle in the San Francisco Real Estate market that arrives every January.  Buyer demand is high, and inventory is very low.  I visited a few open houses on Sunday, and all were packed.  The first, a single family home at 2425 23rd Street in Noe Valley is a 4 bedroom, 3 and 1/2 bath home.  Renovations on this home are tasteful and there is a nice blend of traditional details and practical, contemporary updates.  The open house was packed, and I got...

Recent market activity in Telegraph Hill shows signs that the market for condos is showing signs of recovery.  Although the market for condos in some of San Francisco's finest neighborhoods (including Russian Hill, North Beach, North Waterfront and Telegraph Hill) is down 16% in the last few years, it appears that the gap between supply (the number of condos listed for sale) and demand (the number of condos that close escrow) is narrowing.  What is happenning here?  Likely a number of...

In the last few months, the city has been buzzing about the upcoming America's Cup, heading to San Francisco for events in 2012 and 2013.  Besides being fun, the events are expected to bring over 8,000 jobs to the SF Bay Area and create over $1 billion in revenue.  Earlier this year, we had a listing that was visited by two sets of buyers who were relocating to San Francisco to work for the organizations preparing for these races.  I've also been asked by a few clients what impact I think...

Many involved with the SF Tenants Union and other tenants rights advocates have long been strong opponents of converting San Francisco housing units from rentals to anything else.  This includes 1. combining 2 units in a building, 2. converting rental units owned by one party and rented to many to units owned by many and owner occupied and 3. rental units converted to vacation rentals
I understand the objection to the third kind of conversion.  This takes housing from the market and makes...


 
We're often asked, "How's The Market?"  The answer of course is that it all depends where you live.
And while values and market dynamics really are dependent upon local factors, there are some generalities that apply to the San Francisco and Marin Markets.   In the past few years, I have been surprised by the sales price of many homes.  Some higher than I would expect, while others are lower.  We have many homes  that have been on the market for a long time and are not selling.  And we...

The Rush
 
Here is a picture of the crowd heading in to see the house at 285 Richland Ave in San Francisco this morning for a brief (and probably only) showing of this house.  Why?  This 1000 square foot home, which is now bank owned already has two offers (even before the first showing).  The first offer is from the tenant, who is currently paying $2,400 per month to live there.  The second, from another party, who had not seen the house when they submitted the offer.
I suspect this house...

There have been recent proposals to eliminate the Federal income tax deduction for mortgage interest paid and to eliminate the government's role in guaranteeing loans.  These are likely to have a huge, negative impact on the housing market, already beleagured in recent years.  The elimination of the mortgage interest deduction is one that I suspect might go away, along with many others as Congress starts to tackle our budget and debt situation.  While I suspect that this transition will be...

North Beach Edwardian Condo
2 bedrooms 1 bath Formal Dining Room Living Room Dining Room with Wood Floors
$549,000

Located on a residential street in the heart of North Beach and close to Washington Square Park, this two bedroom condo is packed with period details including coved ceilings, crown moldings, wood floors and a decorative fireplace.  The upadated kitchen is well designed with ample counter space and storage.  The adjacent dining room is a bright, inviting space.  But, why eat at home when you are close to fabulous restaurants in North Beach, Chinatown and the Financial District?

Sold
$525,000

In the past week, several major banks have announced that they will stop the foreclosure process until they have more time to evaluate the process and be sure that there are no errors in their paper work.  Is this good news or bad news?  The answer of course is that it depends. 
If during this time, banks can work with homeowners to modify loans and this keeps people in their homes, then it is probably good news. Owners get to stay in their homes, and be happy (ok, the banks can't control...

San Francisco supervisors voted earlier this week to approve the plan for the project to transform the partially abandoned Hunters Point Shipyard into a new neighborhood with open space, over 10,000 new residential units, businesses, clean technology space and good urban design.

These plans have been in the works for years.  I was somewhat surprised a few years ago when almost all of my artist friends who have studio space at Hunters Point were in favor of the development project.  Many...

This morning, I was touring Zephyr's new listings.  I was driving to see a great condo in a great location close to cafes, restaurants and shops.  Easy access to the freeway, close to many different forms of public transportation.  Hmm, nice block with a nice mix of architectural styles represented. As I spied the facade, I noticed peeling paint. A lot of it. I had a moment's hesitation. The same hesitation that I suspect that many buyers are likely to have.

I went into the condo. It's a...

There are some extraordinary condos on the market in Telegraph Hill.  1360 Montgomery is an absolute gem, Built in 1936, it is a fabulous Art Deco period piece with stunning views.  You feel like you are in a movie.  In fact, this building was the setting for Dark Passages starring Lauren Bacall and Humprhey Bogart.  An amazing one bedroom condo, listed for $1.5 million.  The Penthouse at 567 Vallejo Street is still available, along with at least one other unit in the building.  This 3...

The DJIA crossed 10,000 last week, and seems to be oscillating in that range. (This second at 10,015, thanks to my iphone).  National Public Radio quotes the National Association of Realtors, reporting that home sales in September were up, but national median sale prices are down 8.5% from last year.  Interest rates are incredibly low, and for many first time buyers, the tax credit (up to $8,000, depending upon income) will expire at the end of November.
 
What's up?  Is the housing...

This morning's SF Chronicle has an article about the Board of Supervisors lastest proposed legislation, that which will make it difficult, if not impossible to have a garage installed in a property where a tenant has been evicted without cause, such as through the state Ellis Act, or a city Owner Move In Eviction.  This bill, proposed by Board of Supervisors President David Chiu is getting the support of Tenants Rights Organizations as well as anti-car activists. I notice that I must have a...

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