For those of you that like your SF real estate market data without commentary, here ya go.  Take a look, check it out, come to your own conclusions. 

Or – you can always ask me questions. 

NUMBER OF UNITS is the equivalent of number of sales/transactions. For condominiums, each unit is treated as a sale. For 2- to 4-unit buildings, the “building” is treated as a sale.

NUMBER SOLD is the number of properties in the market segment that closed escrow during the month.

NUMBER FOR SALE is the number of active properties on the market for one day or more during the month.

MEDIAN PRICE (SOLD) reflects the “middle” price point of a group of properties that have successfully closed escrow on a monthly basis, i.e. half sold for more and half sold for less than the median price. Tracking the movement of median prices over time provides a good indicator of the direction market forces are moving.

If the percentage change is positive between the two periods then there is upward pressure on prices in that market segment. If the percentage change is negative between the two periods then there is downward pressure on prices in that market segment.

AVERAGE DAYS ON MARKET (DOM) reflects how long it has been taking (on average) to draw an offer on a reasonably priced property exposed to the market. The AVERAGE DAYS ON MARKET is defined as: The average number of days it took all of the properties that went under contract during the period to accept a first position offer.

MONTH’S SUPPLY OF INVENTORY (MSI) is a measure of how long it would take, in months, to sell the existing inventory at the current sales rate for the specific neighborhood and property type. The MONTH’S SUPPLY OF INVENTORY is defined as: The number of active properties on the market for one day or more during the month, less the number of properties that have been withdrawn or expired, divided by the number of properties that have gone under contract during the month.

* * * * *

Data provided by Terradatum.

So you spent too much time emptying your wallet and fattening your waistline at one too many San Francisco restaurants.  Or maybe it was the shopping here in the City that that did your credit cards in.  Or maybe one too many nights out at any one of SF’s hotspots pushed your credit card limits to the max. 

Then again, maybe it’s something less irresponsible. 

Maybe you lost your job and just can’t make ends meet.  The kids are hungry, you need to pay rent, your car needs gas but you just can’t pull it together to survive. 

In this economy, the problem of overwhelming debt is burdening a lot of people.  But the question is, can you do anything about it?

Chad Fisher, a rep for local law firm that specializes in bankruptcy talks about the various stages of debt and what can be done about it. 

If you’ve ever amassed too much debt and started receiving bill collector calls at all hours of the night, you know how frustrating and scary it can be. Identifying the warning signs of too much debt can be tricky and depend on a variety of factors.

For example, if you are single and just recently lost your job and had to put $5,000 of living expenses on a credit card, but you found a new job that pays you $80,000 a year, there’s a good chance you can take care of this short term debt issue.

However, if you have a family of four, no job and have been living on credit cards for over 6 months, there’s probably a good chance you have a serious debt problem that needs to be addressed.

If you think you have too much debt, you have options.

The first option is for you to consider going to a debt consolidation company. Debt consolidation would allow you to bundle up all your debts and then make just one single monthly payment. The way it works is the debt consolidation company buys up all of your old debts and then you end up paying the consolidation company instead of the 10 different creditors you used to pay each month. Debt consolidation can work for you if you have a job and a means to pay back the money over the allotted time.

Be very cautious when you approach debt consolidation companies. Some debt companies can charge exorbitant fees and actually increase your monthly payment so you really are no better off than before. You also need to consider how dire your circumstances are. Some people go for debt consolidation help, when they really need to consider filing for bankruptcy and starting over.

Bankruptcy often has a negative social stigma that prevents many people from seeking the help they need. The reality is that bankruptcy allows you a chance to start over and put those annoying bill collector calls behind you. If you live in Northern California, you may want to consider a free consultation with a San Francisco Bankruptcy Lawyer. For personal bankruptcy you will file a Chapter 7 or Chapter 13 bankruptcy depending on your own unique financial situation. Bankruptcy is complicated and requires many different forms to fill out, make sure you get the professional representation you need in this difficult economic environment we are living in.

 

 

Welcome back to the “Over, Under, At” weekly feature. It’s a simple breakdown taken from MLS data that shows the number of closed sales that sold Over Asking Price, Under Asking Price or At Asking Price. 

*Just a reminder that new construction sales are rarely included in this list since they don’t get posted on the MLS.

Happy Monday folks.  The last two weeks gave us some more positive figures, but this week, we’re back down in the dumps.  Bah humbug.  As I’ve mentioned many times, looking at just one week’s worth of sales doesn’t give us a clear picture of the market.  But it does give us a little glimpse.  One thing that is very difficult to account for is new construction sales.  I can honestly say that I’ve seen a good amount of recent sales occur in the new construction segment of the market, which unfortunatly (as noted above) are not usually listed in the MLS.  If we could include those numbers, this picture might look a little better.  But for now, we just hang tight and check the monthly numbers and hope that those continue to show some positive improvements.

Keep in mind that these reports are meant to be helpful for potential buyers and sellers – but to really understand the pulse of the SF real estate market, talk to a local real estate agent. We’re in the trenches and these closed sales went into escrow a month ago (sometimes less, sometimes more). We are much better in tune with what’s going on in the market TODAY and can give you much more in depth information than any set of statistics can. If you need advice from a San Francisco Realtor, feel free to email me or call me at 415–307–1392. I’m always happy to talk real estate.

Here’s a quick breakdown of closed San Francisco home sales for the week from March 2–8, 2009: 

Single Family Homes - 13 Homes Sold

Condos/Lofts/Co-ops’s - 11 Homes Sold

Sunset Farmers Market – Exploratory Survey

The Sunset Neighborhood Beacon Center and Supervisor Carmen Chu’s Office are working with community members and the Pacific Coast Farmers Market Association to explore the possibility of starting a Sunset Farmers Market.  We would like to hear your thoughts.  Please complete this super short survey (only 5 questions) to let us know what you think.  If you already filled out a paper survey, we’ve got you covered, otherwise respond now!

Hire-Ability is non-profit vocational services program partnered with San Francisco Department of Public Health and California State Department of Rehabilitation which serves the San Francisco Bay Area community by connecting employers with trained, assessed and pre-qualified employees.

They specialize in providing employers with a pool of employees that reflect the diverse and multicultural population of the region. Specifically, they assist employers in achieving their diversity goals by matching them with qualified individuals with disabilities. 

A good friend (and loyal reader of The City Update (TM)) that has been dedicated to the Hire-Ability mission has sent in a plea for help.  She sent it to her friends and family, but the request is worthy enough to share with you all (who I consider friends and family).  So please read on… 

Hello Friends,
 
As you all know, I work in vocational services for people with mental health disabilities, and just like everyone else, we’re being affected by the current economic burp (crisis?!).  

Businesses are tightening their budgets, layoffs are happening everywhere, and employers are now more hesitant to give our clients a chance.  

In order to meet our State goals, we need to find jobs for 30 people by the end of March.  

I know you’ve all heard me go on and on before, and know how passionate I am and how important reintegrating people into society is to me, so please let me know if you, your company or anyone you know is looking or thinking about hiring.  

We have clients who are trained in Janitorial, Food Service, Warehouse work, and Clerical / Basic Administrative, and companies may be eligible for tax credits. It’ll bring you many good karma points, I promise!
 
Many Thanks & a Big Hug,
Michele

So you all don’t officially know Michele, but trust me, if you did, you would know just how passionate she really is about her organization’s cause.  

 

If you think you might have a lead on a position that fits the above criteria, please give Michele a holler. And if you’re curious about the Hire-Ability, please check out their site at www.hire-ability.org. 

 

So there’s a helluva lot of talk these days about the Economic Stimulus Plan that Obama signed two weeks ago.  In addition, the State of California has put in some programs in place that are meant to stimulate the economy and get the “R” word (recession) the heck outta Dodge. < ?xml:namespace prefix ="" o ns ="" "urn:schemas-microsoft-com:office:office" />

The real deal though is that different parts of the Stimulus Plan affect different parts of the country differently.  And frankly, I think most of us are concerned with what’s happening right here in our frontyard, San Francisco, that is. 

So, here’s a condensed version of some of the key components of the plans that are meant to put Humpty Dumpty (our economy) back together again.   

Lower Interest Rates:  The stimulus bill is supposed to pump money into the mortgage market.  And in turn, banks are supposed to get so excited that they drop mortgage rates all across the board.  Well, rates ARE at historic lows… but frankly, we haven’t seen the drastic drops that we were all hoping for.  But – with rates hovering around the low 5% range (and lower prices than we’ve seen in years) monthly payments have become quite affordable. 

Increased Conforming Loan Limits:  Yay!  While San Francisco home prices have been dipping, they’re still much more expensive than most markets in the US.  Which is why it’s so important to note that the limit for conforming loans is (at least for 2009) going back to $729,500.  That means a purchase price of up to $911,875 qualifies for a regular loan!   

An $8,000 Tax Credit from Uncle Sam:  OK, so this one doesn’t do too much for San Francisco homebuyers.  Singles that make $75K or less and married couples that makes $150K or less can claim this tax credit.  But the reality is that only buyers in the lower price tiers in San Francisco will really qualify for this credit.  However, there are rumors that those that make more than the income limits will receive a partial credit, but no one seems to know the scoop on how that will play out. 

Help Avoiding Foreclosure:  This comes to us in a variety of forms, from refinancing between 80%-105% of your homes value if you qualify.  There’s a variety of restrictions (a loan amount of less than $729,500, be an owner occupier, proof of financial hardship, etc.) but if you make the cut, and pass a trial period of three months at a new reduced rate (that means making your payments on time), you get to keep the new reduced rate for 5 years.   

$10,000 Credit from the State of CA for New Construction:  There’s a lot of hoops that need to be jumped through to received this tax credit (which is split up over 3 years.)  But in a nutshell, if you buy a NEW and never before occupied property, you get a nice chunk of change in return.  But, there is two catches – one, lots of paperwork, but more importantly, this credit won’t last long.  A certain amount of money has been earmarked for this tax credit, and once it’s gone, it’s gone for good.  The good news – there’s a great amount of SF new developments that qualify. 

So – if you are thinking of buying, these are some pretty good incentives.  Not all of these might fit your specific situation, but several of these might be enough to get you thinking about how you can take advantage of the stimulus, and do your part to help the economy.  Is now the right time for you to make a move?  Call me at 415-307-1392 or email me at luba@zephyrsf.com and we can discuss your situation.

(Mystery Photo) originally uploaded on by Bennett Hall

Fridays, I like to do a little something I call SF Snapshots.  It’s a little break from real estate that gives you a glimpse into life in San Francisco.  I usually get the photos from Flickr.

But this week, I thought I’d try something a little different!

It’s (drumroll) … a MYSTERY PHOTO!

This week’s photos comes to you from Bennett Hall.  A little background on Bennett:

Bennett has been a photographer in San Francisco since 1972.  He’s native born, a graduate of SF State, ran a gallery at Market and Powell for 10 years and co-founded an organization that became the first Business Improvement District in San Francisco, originally in the City Center Partnership. 

Along with taking his own snapshots, Bennett has digitally remastered quite a collection of historical San Francisco photos and has them for sale at his site, www.sfimages.com. 

His historical photos have been on display all over San Francisco including Momo’s, Hills Plaza, San Francisco Bay Club and the United States District Court. 

He and his company product art programs for businesses, hotels and hospitals and operate the first custom framing studio that is dedicated to “green practices.”

Now, back to the Mystery Photo!

I’ll be revealing where this photo was taken from next Friday.  If you’d like to take a stab at the vantage point, shoot me an email with your best guess.

Winner will get 4 free passes to The San Francisco Zoo.

Oh, and there can only be one winner – so first right answer takes the prize!

Don’t forget to check back next week for another awesome San Francisco photo. 

And if you’d like to throw your photos into the pool of candidates for my SF Photo Friday collection, tag your SF Photos from Flickr with LubaSF.

Happy Friday!

We’re starting a new feature here at Luba’s San Francisco real esate blog. 

It’s a rolling average of the last 30 days of sold listings. 

We’ll also be bringing you the last 30 days of new listings in a different blog post. 

Check back next week to see the sold properties stack up. 

Sold Listings 02/04/09 – 03/05/09

We’re starting a new feature here at Luba’s San Francisco real esate blog. 

It’s a rolling average of the last 30 days of new listings. 

We’ll also be bringing you the last 30 days of sold listings in a different blog post. 

Check back next week to see the listings stack up. 

New Listings 02/04/09 – 03/05/09

As I do every month, I ran the latest San Francisco real estate sales figures from the month of February for you.  Here it is, raw and unfiltered, just how you like it.

YAY!!  more homes sold this month than did last month all around.  (I’m letting out a sigh of relief here…)  Median prices crept up.  (Another sigh….)  Days on market slipped down.  (Sighing yet again….)  Things just aren’t feeling as bleak as they’ve felt in December and January.  My phone started ringing with buyers looking to buy in February and the data below proves that they did just that – they bought.  My prediction is that March will look even prettier.  (And I’m back to holding my breath…..)

So here’s this month’s summary of home sales pulled directly from the MLS. Remember, these are all closed sales and not pending sales.

Check back monthly to get the latest facts and figures – and if you have any questions about these statistics, or the market in general, feel free to give me a holler! I’m always happy to talk “real estate!”

Here’s a quick snapshot of the market from February 1 to February 28, 2009:

Single Family Homes

• 102 Homes Sold
• Median Sale Price was $712,900
• Minimum Sale Price was $209,000
• Maximum Sale Price was $8,900,000
• Median Selling Price was 101% of asking price
• Median Days on Market was 42
• Median Selling Price for homes that sold within 30 days was 101% of asking price

Condominiums, Lofts & Co-ops

• 73 Homes Sold
• Median Sale Price was $707,000
• Minimum Sale Price was $220,000
• Maximum Sale Price was $3,125,000
• Median Selling Price was 97% of asking price
• Median Days on Market was 66
• Median Selling Price for homes that sold within 30 days was 99.5% of asking price

TIC’s

• 14 Homes Sold
• Median Sale Price was $762,500
• Minimum Sale Price was $399,000
• Maximum Sale Price was $1,550,000
• Median Selling Price was 98% of asking price
• Median Days on Market was 50
• Median Selling Price for homes that sold within 30 days was 100% of asking price