Entries Tagged as 'SF Real Estate Info for Buyers'

SF Real Estate Blog Reader Asks: What’s The Latest on Chris Daly vs. TIC’s?

Occasionally I get a question from a reader of the blog that’s worthy of sharing with the world - I thought this one was worth sharing. Hope you think so too…

Oh - and if you have questions you’d like answered, email me - I know stuff.

A reader recently wrote in to ask:

Q.  Hi Luba.  I just read your June 18 blog regarding Daly’s proposed ordinance that would place two-unit TICs in the condo lottery and was wondering if you’ve heard any additional news about this.  Thank you.

C.M.A.  I’ve heard mixed answers and am not sure about the truth of any of them.

I recently heard that Daly is trying to put this legislation on the November 2008 ballot – but he needs the votes of three other supervisors to succeed.

But I also read on Socketsite.com on July 2nd that the legislation is not moving forward, period.  At least not now.

I’d like to believe the latter, but am prepared to deal with the former until I can get my hands on something more official.

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Tags: SF Real Estate Blog Reader Asks, SF Real Estate Info for Buyers, SF Real Estate Info for Sellers, San Francisco News and Events by Luba
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New Fast Facts Format Coming to a San Francisco Real Estate Blog Near You

I can’t say I always like the way the San Francisco Association of REATORS functions.  I definitely can’t stand the exorbitant fees they charge us to use the MLS and to be members (and if you’re not a member, you may as well not try to sell real estate in SF.)  And the MLS doesn’t always work as it should. And, well - I’m not here to diss them, so I’ll just stop.

The SFAR actually just did a pretty cool thing and revamped the fast facts they provide to us, REALTORS.

The SFAR hooked up with Terradatum, the award-winning real estate technology solutions company, to imprive the format of market data appearing in the Fast Facts section of REALTOR® Advantage Online each week, which I, then, share with you all.  But it’s not JUST the format that’s improving, the data itself is getting better too.  Now there will Days on Market (DOM) data as well months supply of inventory.  WOO HOO!  Seriously.  WOO HOO!

According to the email I received today from the SFAR:

Beginning with the August 12, 2008, issue of the publication, and continuing weekly thereafter, the Fast Facts section will provide a snapshot of market statistics for San Francisco and Daly City.  A different property type will be featured each week (i.e., Single Family Homes, Condo, 2-4 Units) and statistics will be given for each district 1 through 11, for the city overall (Districts 1-10) and for Daly City (District 11). 

The data Teradatum and the Association are intending to provide appears below…..

Also appearing below is a set of terms and definitions that will be used in the presentation of market data. Although it was published earlier, it is being published again so that readers can more readily understand the data fields presented.

Teradatum 07/22/08

NUMBER SOLD reflects 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 that 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.

MONTHS 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 MONTHS SUPPLY OF INVENTORY is defined as:

The number of active properties on the market for one day or more that month, less the number of properties that have been withdrawn or expired, divided by the number of properties that have gone under contract for the month being measured.
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Tags: Misc Musings from Your San Francisco Realtor, SF Real Estate Fast Facts, SF Real Estate Info for Buyers, SF Real Estate Info for Sellers, San Francisco News and Events by Luba
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San Francisco Home Sales Data - June 2008

As I do every month, I ran the latest San Francisco real estate sales figures from the month of June for you.  And yes, I know we’re almost in August.  And yes, I know I usually run these at the beginning of the month.  But I was on vacation (and on dial-up) at the beginning of the month.  And then I got busy right when I got back, so here we are - late as hell.  But better late than never, right? 

Single Family homes sales volume is up, median price is down, days on market is up.  Condo/Loft and Co-op sales volume is slightly up, median price is down, days on market is up.  TIC sales volume is down, median price is down, days on market is up.

What’s this all mean?  It ain’t a pretty picture folks.  But, it also ain’t ugly.  San Francisco real estate is still faring much better than the country in general, and one month of lower prices doesn’t a crappy market make.  I’ll be the first to admit (adamantly) that the picture ain’t rosy - but, things could be much worse.  If this trend continues for a few months - then I’ll switch my song from “ain’t rosy” to “it’s ugly.”  But for now - I think we’re still moving along at a pace that’s great for buyers, not so great for sellers and is still, overall, ok for the City.

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 June 1, 2008 through June 30, 2008:

Single Family Homes

  • 294 Homes Sold
  • Median Sale Price was $752,500
  • Minimum Sale Price was $130,000
  • Maximum Sale Price was $18,000,000
  • Median Selling Price was 99% of asking price
  • Median Days on Market was 34
  • Median Selling Price for homes that sold within 30 days was 103.5% of asking price

Condominiums, Lofts & Co-ops

  • 198 Homes Sold
  • Median Sale Price was $772,500
  • Minimum Sale Price was $150,000
  • Maximum Sale Price was $5,000,000
  • Median Selling Price was 99% of asking price
  • Median Days on Market was 48
  • Median Selling Price for homes that sold within 30 days was 103.5% of asking price

TIC’s

  • 41 Homes Sold
  • Median Sale Price was $609,000
  • Minimum Sale Price was $240,000
  • Maximum Sale Price was $1,608,000
  • Median Selling Price was 100% of asking price
  • Median Days on Market was 70
  • Median Selling Price for homes that sold within 30 days was 99% of asking price
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Tags: SF Real Estate Fast Facts, SF Real Estate Info for Buyers, SF Real Estate Info for Sellers, SF Real Estate Market Conditions, San Francisco TIC (Tenancy in Common) Info by Luba
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Today’s Mortgage Rates

Here’s an update on today’s mortgage rates from San Francisco mortgage broker Monica Di Perna.

 

30 Yr Fixed Conforming to $417K 6.375%
“0.00″ POINTS
      APR = 6.481%    
             
30 YEAR FIXED AGENCY JUMBO 6.500%
“0.000″ POINTS
      APR = 6.611%    
             
5 YEAR FIXED JUMBO 5.625%
“1.250″ POINTS
      APR = 5.991%    
             
7 YR FIXED JUMBO TO 1 MILLION 6.000%
“1.25″ POINTS
      APR = 6.062%    
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Tags: SF Mortgage & Financing Info, SF Real Estate Info for Buyers, SF Real Estate Info for Sellers by Luba
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What’s the MLS Got to Hide?

Many of you know I have a San Francisco real estate newsletter.  In fact, it’s the best San Francisco real estate newsletter ever!  One of the features people love most about this newsletter is the New Listings and Recently Sold reports. 
 
But, while I was relaxing on vacation in Lake County, I got an email from my sales manager telling me the MLS board had contacted him about The City Update™.  I was told that I needed to take down the New Listings and Recently Sold reports or face fines or even worse, suspension! 
 
Someone filed a complaint with the MLS.  grrr.
 
Apparently, sharing this information with the public is against the MLS rules.  Even though you can get information about sold properties all over the internet AND sales prices are public record (anyone can get them by visiting City Hall) - the MLS rules state that REALTORS aren’t allowed to post this information on a public web site. 
This leave me with the question - why the hell is the MLS so afraid of sharing information with the public?
 
I think that the various REALTOR boards across the country have this erroneous belief that if consumers are armed with information, they won’t need REALTORS.  But I think that’s absolute BS.  One thing I really believe we need more of in this industry is transparency.  In fact, I believe that arming people with knowledge will only help our industry.  The public has a bad enough image of slimy REALTORS (and ok - maybe I’ve even met a few stereotypes in my day) and I believe that hiding information only exacerbates the problem. 
 
And frankly, just because Joe Public knows what things are selling for doesn’t give Joe the education, experience, negotiating power and expertise that can make the difference between a successful transaction and a nightmare experience.
 
So, unfortunately, in last week’s newsletter- the links to the reports will get you nowhere.  They’ve been temporarily disabled.  I’ve been working with my tech crew to create a secure way for  readers to view the data on The City Update™ while making sure that strangers can’t get it.  We’ve also been working on a way to make sure the information is less “scrapable.”  By this week’s edition, the reports will be back, and will be 100% in compliance with the MLS rules.
And if you’re not getting The City Update™, you should be.  Your can get your own free subscribtion here. 
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Tags: Misc Musings from Your San Francisco Realtor, SF Real Estate Info for Buyers, SF Real Estate Info for Sellers, SF Real Estate Market Conditions, San Francisco Local Resources by Luba
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