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Dolla Dolla Billz Changing the San Francisco Real Estate Game

So sales of homes in San Francisco are well, moving like hotcakes, at least relative to the last year or two. 

Socketsite reported that “recorded home sales volume in San Francisco was up 50.6% on a year-over-year basis last month and that “median sales price in March was $675,000, up 11.0% compared to March ’09 ($608,000) and up 7.6% compared to the month prior.”

Not enough evidence for you that we may have seen the bottom of the market? 

Well, how’s the evidence that multiple offers are on the rise again?  Out of the last 8 offers I’ve written for clients, 7 properties received multiple offers. 

But what’s MORE interesting, at least in my opinion, is that we seem to be seeing a major resurgence of the all cash offer! 

Yup.  In the last few weeks, the words “all cash offer” are a phrase I’m hearing on a daily basis.  Lenders are talking about it.  Escrow officers are talking about it.  And without a doubt, real estate agents are talking about it. 

But what does this all MEAN? 

Someone asked me the other day, “Why the hell would enyone ever tie up so much money in San Francisco real estate?”  Well, I’m going to go out on a limb here, but it might mean that the folks that are smart enough (or lucky enough) to amass a giant pile of cold hard cash seem to think that dumping all of their dough into real estate RIGHT NOW is a smart investment decision. 

Prices don’t seem to be going any lower and with sales spiking upwards and prices creeping upwards, it might be safe to deduce that the bottom of the SF housing market has come and gone.

I’d love to hear from some of you cash buyers, or even agents with cash buyers whether my theories are sorta correct or completely far fetched.  You can drop a note in the comments, or if you want to keep yourself anonymous, email me.

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March 2010 San Francisco Housing Sales Data is Here!

Yet again, Luba’s San Francisco Real Estate Blog brings you latest San Francisco Real Estate market report here. (You can also view previous market updates by selecting the archives on the upper right portion of the screen). Heres’s a little glimpse of the report:

Property Sales up Sharply in March

Sales of single-family, re-sale homes were up 87.5% from February. Year-over-year, home sales were up 66.7%. This is the ninth month in a row home sales have been higher than the year before.

The median price for homes gained 13.5% from February, and was up 14,5% year-over-year.

Sales of lofts/condos also increased sharply last month, rising 51.1% from February, and up 82.1% year-over-year.

The median price for lofts/condos rose 3.1% from February, and was up 3.2% year-over-year.

The increase in sales was welcome and put home sales up 39.9% year-to-date. For lofts/condos, sales are up 73.8%.

With the new state tax credit and the federal tax credit still in effect until the end of April, we expect sales for the Spring selling season to be strong.

Read on for full details.

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30 Days of Sold San Francisco Properties

San Francisco real estate

Want to know know what sold in San Francisco in the last 30 days? Sign up for The City Update(TM) – San Francisco’s Friendliest Newsletter. You’ll get the details, and then some, in your inbox (almost) every Friday.

If you just want the round numbers, you can check them out below.

Sold Listings 03/08/10 – 04/08/10

Neighborhood Total Listings Average Price Average DOM
Alamo Square 2 $1,522,500 118
Anza Vista 1 $710,000 44
Bayview 9 $330,689 65
Bayview Heights 3 $328,300 144
Bernal Heights 15 $713,800 54
Buena Vista Park 2 $4,060,000 92
Central Richmond 4 $925,750 47
Central Sunset 8 $743,500 64
Central Waterfront 3 $569,000 117
Clarendon Heights 1 $2,840,000 15
Corona Heights 5 $1,039,000 34
Cow Hollow 6 $1,975,417 48
Crocker Amazon 6 $405,877 50
Diamond Heights 2 $738,500 158
Downtown 5 $506,978 70
Duboce Triangle 2 $642,500 39
Eureka V./Dolores Hts 17 $1,033,588 60
Excelsior 10 $496,700 39
Financial District 2 $707,000 63
Forest Hill 1 $850,000 24
Forest Knolls 1 $625,000 20
Glen Park 6 $952,250 19
Golden Gate Heights 5 $871,000 33
Haight Ashbury 5 $1,145,500 37
Hayes Valley 16 $959,781 49
Ingleside 4 $433,250 46
Ingleside Heights 3 $370,000 19
Inner Mission 15 $741,200 71
Inner Parkside 2 $2,290,000 10
Inner Richmond 4 $632,375 93
Lake 9 $1,451,556 25
Lake Shore 2 $684,000 26
Lakeside 1 $789,000 134
Laurel Heights 2 $1,540,000 31
Lone Mountain 2 $872,500 29
Lower Pacific Heights 9 $741,550 75
Marina 6 $1,402,083 44
Merced Heights 4 $592,250 41
Merced Manor 1 $1,150,000 67
Midtown Terrace 2 $751,500 49
Miraloma Park 3 $645,000 36
Mission Bay 5 $833,000 170
Mission Dolores 9 $721,167 46
Mount Davidson Manor 1 $832,000 65
Nob Hill 11 $1,277,818 68
Noe Valley 25 $1,260,930 46
North Beach 1 $3,175,000 136
North Panhandle 5 $760,650 57
North Waterfront 2 $625,000 34
Oceanview 2 $460,000 37
Outer Mission 5 $592,640 84
Outer Parkside 4 $765,000 43
Outer Richmond 8 $782,375 37
Outer Sunset 3 $680,000 62
Pacific Heights 19 $2,886,526 58
Parkside 13 $837,808 52
Parnassus/Ashbury Hts 9 $1,880,111 66
Portola 4 $521,000 51
Potrero Hill 11 $716,325 85
Presidio Heights 4 $3,630,219 84
Russian Hill 14 $1,463,857 86
Sea Cliff 2 $2,875,000 170
Silver Terrace 5 $478,000 95
South Beach 20 $767,523 85
South of Market 25 $666,676 114
St. Francis Wood 3 $2,041,667 45
Sunnyside 7 $682,429 54
Telegraph Hill 6 $937,000 133
Tenderloin 3 $1,028,333 188
Twin Peaks 2 $867,000 111
Van Ness/Civic Center 5 $551,500 52
Visitacion Valley 5 $386,170 31
West Portal 3 $1,158,000 58
Western Addition 2 $530,000 146
Westwood Highlands 4 $953,750 38

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San Francisco Real Estate Sales Data – January – March 2010

In case you haven’t noticed, I’ve been a little behind on my blog posts as of late.  I’m a San Francisco Realtor first, and a blogger second.  So priority has been taking care of my buyers and sellers.  But there’s a teensy calm in the storm (the kind where the forecast is still calling for rain, but you peek outside and see a rainbow knowing that by the time you take off your galoshes, the rain will be back!) 

So since I’ve been behind in getting you the data you so desperately crave, here’s three months of it all at once.  Hopefully, it’ll be enough to make ammends.  And if not, I promise I’ll be around more often for you all.   

So here’s this wuarter’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 January 1 through March 30, 2010:

JANUARY

Single Family Homes

  • 119 Homes Sold
  • Median Sale Price was $718,000
  • Minimum Sale Price was $150,000
  • Maximum Sale Price was $6,500,000
  • Median Selling Price was 103% of asking price
  • Median Days on Market was 61
  • Median Selling Price for homes that sold within 30 days was 103.5% of asking price

Condominiums, Lofts & Co-ops

  • 93 Homes Sold
  • Median Sale Price was $620,000
  • Minimum Sale Price was $208,700
  • Maximum Sale Price was $1,750,000
  • Median Selling Price was 99% of asking price
  • Median Days on Market was 72
  • Median Selling Price for homes that sold within 30 days was 99% of asking price

TIC’s

  • 22 Homes Sold
  • Median Sale Price was $584,000
  • Minimum Sale Price was $330,000
  • Maximum Sale Price was $895,000
  • Median Selling Price was 101% of asking price
  • Median Days on Market was 108
  • Median Selling Price for homes that sold within 30 days was 100% of asking price

 

FEBRUARY

Single Family Homes

  • 120 Homes Sold
  • Median Sale Price was $701,250
  • Minimum Sale Price was $200,000
  • Maximum Sale Price was $3,362,500
  • Median Selling Price was 101% of asking price
  • Median Days on Market was 33
  • Median Selling Price for homes that sold within 30 days was 104% of asking price

Condominiums, Lofts & Co-ops

  • 120 Homes Sold
  • Median Sale Price was $660,000
  • Minimum Sale Price was $115,000
  • Maximum Sale Price was $4,100,000
  • Median Selling Price was 97% of asking price
  • Median Days on Market was 54
  • Median Selling Price for homes that sold within 30 days was 100% of asking price

TIC’s

  • 23 Homes Sold
  • Median Sale Price was $549,000
  • Minimum Sale Price was $250,000
  • Maximum Sale Price was $870,000
  • Median Selling Price was 102% of asking price
  • Median Days on Market was 104
  • Median Selling Price for homes that sold within 30 days was 97% of asking price

 

MARCH

Single Family Homes

  • 210 Homes Sold
  • Median Sale Price was $790,000
  • Minimum Sale Price was $130,000
  • Maximum Sale Price was $13,500,000
  • Median Selling Price was 100% of asking price
  • Median Days on Market was 31
  • Median Selling Price for homes that sold within 30 days was 103% of asking price

Condominiums, Lofts & Co-ops

  • 182 Homes Sold
  • Median Sale Price was $683,500
  • Minimum Sale Price was $235,000
  • Maximum Sale Price was $2,450,000
  • Median Selling Price was 101% of asking price
  • Median Days on Market was 40
  • Median Selling Price for homes that sold within 30 days was 99% of asking price

TIC’s

  • 22 Homes Sold
  • Median Sale Price was $560,000
  • Minimum Sale Price was $370,000
  • Maximum Sale Price was $980,000
  • Median Selling Price was 99% of asking price
  • Median Days on Market was 53
  • Median Selling Price for homes that sold within 30 days was 101% of asking price

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2009 San Francisco Sales Data

I run this report every month, but this time, I thought I’d let you look at the WHOLE year ALL at once!

So here’s 2009’s summary of home sales pulled directly from the MLS. Remember, these are all closed sales and not pending sales.  (And also remember that very few sales from new developments ever end up on the MLS.) 

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 January 1, 2009 through December 31, 2009:

Single Family Homes

  • 2160 Homes Sold
  • Median Sale Price was $748,000
  • Minimum Sale Price was $115,000
  • Maximum Sale Price was $14,000,000
  • Median Selling Price was 99.5% of asking price
  • Median Days on Market was 42
  • Median Selling Price for homes that sold within 30 days was 102.5% of asking price

Condominiums, Lofts & Co-ops

  • 1726 Homes Sold
  • Median Sale Price was $670,000
  • Minimum Sale Price was $115,000
  • Maximum Sale Price was $7,250,000
  • Median Selling Price was 96.5% of asking price
  • Median Days on Market was 61
  • Median Selling Price for homes that sold within 30 days was 98.5% of asking price

TIC’s

  • 406 Homes Sold
  • Median Sale Price was $540,000
  • Minimum Sale Price was $225,000
  • Maximum Sale Price was $2,396,000
  • Median Selling Price was 98% of asking price
  • Median Days on Market was 70
  • Median Selling Price for homes that sold within 30 days was 99.5% of asking price

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San Francisco Real Estate Sales Data – December 2009

As I do every month, I ran the latest San Francisco real estate sales figures from the month of December for you.  Obviously, I’m a little late, since it’s almost February, but as they say, better late than never, right? ;-)  

This month, single family sales volume increased.  Median price dipped and days on market increased (not a surprise with lenders dragging their feet at every corner.)  Condos increased in volume by a smidge and median price increased by a smidge too.  and days on market increased (same as single family homes.)  And TIC sales almost doubled from the month before -a BIG surprise since TIC interest rates aren’t usually very desirable and these days, rates on condos and single family homes ARE awesome.  Without some sort of incentive from a seller, TIC’s just aren’t on everyone’s “to buy” list these days. 

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 Deccember 1, 2009 through December 31, 2009:

Single Family Homes

  • 200 Homes Sold
  • Median Sale Price was $757,609
  • Minimum Sale Price was $169,000
  • Maximum Sale Price was $14,000,000
  • Median Selling Price was 99% of asking price
  • Median Days on Market was 53
  • Median Selling Price for homes that sold within 30 days was 104% of asking price

Condominiums, Lofts & Co-ops

  • 181 Homes Sold
  • Median Sale Price was $680,000
  • Minimum Sale Price was $212,900
  • Maximum Sale Price was $3,375,000
  • Median Selling Price was 97% of asking price
  • Median Days on Market was 70
  • Median Selling Price for homes that sold within 30 days was 98.4% of asking price

TIC’s

  • 55 Homes Sold
  • Median Sale Price was $587,000
  • Minimum Sale Price was $340,000
  • Maximum Sale Price was $1,635,000
  • Median Selling Price was 98% of asking price
  • Median Days on Market was 72
  • Median Selling Price for homes that sold within 30 days was 101.5% of asking price

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30 Days of Sold San Francisco Real Estate

San Francisco real estate

Want to know know what sold in San Francisco in the last 30 days? Sign up for The City Update(TM) – San Francisco’s Friendliest Newsletter. You’ll get the details, and then some, in your inbox (almost) every Friday.

If you just want the round numbers, you can check them out below.

Sold Listings 12/25/09 – 1/28/10

Neighborhood Total Listings Average Price Average DOM
Anza Vista 1 $1,220,000 75
Bayview 6 $483,333 98
Bayview Heights 8 $403,161 29
Bernal Heights 9 $669,889 62
Buena Vista Park 1 $1,099,000 64
Central Richmond 2 $867,500 131
Central Sunset 5 $783,200 87
Central Waterfront 2 $630,000 216
Clarendon Heights 1 $1,148,000 95
Corona Heights 3 $598,333 130
Cow Hollow 1 $1,170,000 2
Crocker Amazon 6 $415,250 28
Diamond Heights 3 $522,000 69
Downtown 7 $686,571 89
Duboce Triangle 3 $478,222 35
Eureka V./Dolores Hts 7 $1,048,857 75
Excelsior 5 $545,000 71
Financial District 1 $1,025,000 151
Forest Hill Extension 1 $1,000,000 26
Forest Knolls 2 $731,250 82
Glen Park 4 $896,250 223
Golden Gate Heights 1 $1,150,000 101
Haight Ashbury 3 $1,361,667 71
Hayes Valley 2 $912,500 78
Ingleside 2 $692,500 34
Ingleside Heights 6 $438,333 41
Ingleside Terrace 1 $1,020,000 102
Inner Mission 14 $670,893 102
Inner Parkside 1 $900,000 129
Inner Richmond 6 $1,045,333 121
Inner Sunset 5 $873,000 56
Lake 6 $926,667 97
Lake Shore 5 $820,400 96
Lakeside 2 $799,444 85
Lone Mountain 2 $1,645,000 124
Lower Pacific Heights 6 $888,667 52
Marina 5 $2,457,800 91
Merced Heights 1 $615,000 62
Merced Manor 1 $775,000 90
Miraloma Park 2 $725,000 27
Mission Bay 4 $732,250 50
Mission Dolores 2 $717,500 68
Mission Terrace 2 $655,000 189
Monterey Heights 1 $2,400,000 83
Mount Davidson Manor 1 $767,000 35
Nob Hill 7 $871,429 114
Noe Valley 9 $1,081,722 159
North Beach 1 $775,000 79
North Panhandle 3 $549,567 67
North Waterfront 2 $480,500 127
Oceanview 1 $425,000 7
Outer Mission 3 $485,933 19
Outer Parkside 4 $612,000 57
Outer Richmond 3 $651,333 151
Outer Sunset 1 $560,000 11
Pacific Heights 7 $2,959,571 70
Parkside 4 $778,750 48
Pine Lake Park 1 $899,000 35
Portola 5 $613,778 25
Potrero Hill 5 $590,300 180
Presidio Heights 2 $1,156,500 102
Russian Hill 7 $1,303,714 92
Sea Cliff 2 $3,625,000 176
Sherwood Forest 3 $1,340,333 109
Silver Terrace 2 $459,500 21
South Beach 9 $639,722 84
South of Market 15 $694,267 77
St. Francis Wood 2 $1,765,000 127
Sunnyside 3 $663,333 39
Telegraph Hill 1 $842,000 78
Tenderloin 1 $2,600,000 198
Twin Peaks 2 $3,207,500 136
Van Ness/Civic Center 5 $679,600 148
Visitacion Valley 6 $467,000 19
West Portal 4 $894,938 67
Western Addition 1 $400,000 35
Westwood Highlands 1 $674,500 150
Westwood Park 3 $724,333 51

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Two Tales of One (Real Estate) Market

Half Man

I called the bottom of the San Francisco real estate market last year.  It felt like things were flattening out.  And in some by some reports, prices were even increasing in SF! 

Since the holidays, I’ve been busy as a bee trying to keep up with buyer and seller demands, and you may have even noticed that blog posts, and my “weekly” newsletter, The City Update(TM), have been rather sporadic. 

So MY take on the market is that it’s picking up, volume is increasing, prices have stabilized and most agents I know are in a pretty good mood.

But still, there’s no consensus on whether or not we’re REALLY seeing the bottom of real estate prices in San Francisco, or the rest of the country for that matter. 

Some people (like the folks at Freddie Mac) are saying the market is at or near the bottom, while other folks (like the Center for Economic Policy and Reseach) are saying prices are STILL too high and need to fall.

My thoughts?  With interest rates at all time lows, if you’re looking to own a home in San Francisco for the long term, it’s a great time to buy if you do a traditional thirty year fixed mortgage.  But if you’re looking at a housing here to try to make a quick buck, then back off and invest in something else. 

Same thing goes if you’re selling.  If you need to sell, and your situation dictates you do it now, you will find a buyer.  They’re out there.  (With the caveat that if you just bought a few years ago, don’t expect to make any money on the deal. )   

And if you need help figuring out  what side of the fence your buying or selling situation falls on, give me a call at 415-307-1392 or email me at luba@zephyrsf.com.  I’ll call it how I see it – though fair warning, you may not always get the response that you want.  ;-)

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You’re Smart if you Buy a Home in San Francisco

As I’m browsing the blogosphere, I caught a glimpse of yet another article saying something positive about San Francisco real estate. 

Realtor Magazine quoted Forbes Magazine as saying SF is one of the 10 smartest places to buy a home NOW!

Why?

Well, according to them:

For people who want to own a home, the premium to buy—the spread between what they’d spend to rent and what they’d pay for a mortgage—is much lower than the 15-year average in many cities.

To determine what cities are smart buys, Forbes magazine computed the premium and also identified locales where economists predict home prices will go up the most over the next five years.

Click here for the rest of the “smart” cities for purchasing real estate. 

Oh, and give me a holler when you’re ready to make that SF home purchase.  ;-)

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Real Estate Interest Rates from your San Francisco Mortgage Broker

House & Money (small)

Tim Higbee, from Guarantee Mortgage gives us the latest mortgage rates for the week ending Friday, January 22, 2010.

Please note that rates vary greatly based on credit scores and loan to value.

FHA 30year Fixed
Rate APR Payment Closing Cost    

4.875%

5.340%

$1,323

$7,244

Details  

4.750%

5.252%

$1,304

$8,494

Details  

4.625%

5.231%

$1,285

$11,932

Details  

 

30 Year Fixed
Rate APR Payment Closing Cost    

4.750%

4.834%

$1,304

$2,790

Details  

4.625%

4.763%

$1,285

$4,375

Details  

4.500%

4.700%

$1,267

$6,250

Details  

To get YOUR rate quote, give Tim a holler, his contact info is below:

Tim Higbee
Sr. Mortgage Consultant
CA DRE LIC #01346292

415-648-1202 (direct)

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Contact Me


Luba Muzichenko

REALTOR®

Zephyr Real Estate

415-307-1392 (cell)

luba@zephyrsf.com

www.LubaSF.com  

DRE License #01768716

 

 

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About the Blog


Luba’s San Francisco Real Estate Blog was created to share insights about San Francisco Real Estate and about San Francisco living. Written by Luba Muzichenko, an "almost-native" San Franciscan and a local Realtor® with Zephyr Real Estate, Luba’s San Francisco Real Estate Blog is meant to inform you about a variety of good things and happenings around SF and its unique neighborhoods, about buying and selling homes in the City and about the real estate market in general. If you like what you see, please tell a friend.