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

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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I’m really not sure what Chris Daly has against homeownership in San Francisco.

Don’t get me wrong.  He’s done a few decent things for affordable housing in San Francisco.  But he’s focused all of his housing energy on the rental sector of the market and has done everything in his power to keep homeownership unaffordable for San Franciscans. 

In addition to opposing much of the new development in San Francisco, Daly’s always had it out for TIC’s and their ability to condo convert.  Even though the ability to convert TIC’s to condos in San Francisco allows middle-income people to buy here in the City, Daly attempts to put up brick wall after brick wall to stop the process in it’s tracks. 

His newest thing - Chris Daly wants to stop the fast-track condo conversion status that vacant 2 unit buildings now hold in San Francisco.  Apparently, there’s just too many conversions occuring for Daly’s taste. 

What does that mean to current owners of 2 unit buildings?  Your dreams of fast track condo conversion may be shattered by the one and only Chris Daly.

What does that mean to potential buyers of TIC’s in 2 unit buildings?  You may want to rethink your long term plans.  You’ll need to make the decision now, to either be OK with the lack of fast track conversion potential in your future home, or to decide to buy a condo instead which means less space and less amenities for the same money. 

I’ll try to keep you posted of any news with this whole situation, as well as opportunities to voice your opinion on the topic as I hear about them.  And if you have comments on the topic, feel free to voice them here on the blog - I’d love to hear your opinions.

The full scoop, per the San Francisco Realtors Association:

Last week, what was merely a possibility became a reality. Supervisor Chris Daly introduced a proposed ordinance that would place two-unit buildings in the condominium lottery and exempt two-unit buildings that are owner occupied as of August 1, 2008. The full text of the proposed ordinance appears below.

Under city law, ordinances must undergo a 30-day waiting period before they may be heard in committee. This is to allow interested parties an opportunity to study ordinances and take positions on them; so the first hearing on Supervisor Daly’s proposed ordinance will not occur until early July, at the earliest.

ARTICLE 7

SEC. 1359. PARCEL MAP.

(a) The requirements of Subsection (c) of Section 1356 of this Code shall apply to Parcel Maps.

(b) The Parcel Map shall conform to the requirements of Chapter 2, Article 3 of SMA and to the Subdivision Regulations regarding detailed format and contents.

(c) In the case of Conversions where a Tentative Map is not required, the requirements of Section 1314 and the requirements of Article 9 on Conversions shall apply, provided that hearings as provided in Sections 1313 and 1332 shall not be required, and the 10-percent low and moderate income occupancy as provided in Section 1341 shall not be required, and provided further that Article 9 shall not be applied to two-unit buildings only where both units are owner-occupied for one year as of August 1, 2008 and where both units remain owner occupied by the same owner occupants as on August 1, 2008 up until prior to the application for Conversion. The Director of Planning, however, shall make the determination pursuant to Section 1385 concerning preservation of low and moderate income housing.

(d) In addition to the requirements of Subsection (c), the owners of record of a two-unit building conversion that qualify for the exemption from Article 9 must certify under penalty of perjury and the Department must verify with the Rent Stabilization and Arbitration Board, and with the Human Rights Commission as applicable, that since November 16, 2004, no eviction as defined in San Francisco Administrative Code Section 37.9(a)(8)– (14) of a senior, disabled person, or catastrophically ill tenant as defined below has occurred, or if an eviction has taken place under Administrative Code Section 37.9(a)(11) or (14), that the original tenant reoccupied the unit after a temporary eviction. For purposes of this Subsection a “senior” shall be a person who is 60 years or older and has been residing in the unit for 10 years or more at the time of the lottery; a “disabled” tenant is defined for purposes of this Subsection as a person who is disabled within the meaning of! Title 42 U.S.C. Section 12102(2)(A); and a “catastrophically ill” tenant is defined for purposes of this Subsection as a person who is disabled as defined above, and who is suffering from a life threatening illness as certified by his or her primary care physician.

(e) If the owners of record cannot satisfy the requirements of Subsection (d), then the owners of record shall comply with Article 9, including its Section 1396.1(g)(3), prior to submitting an application for Conversion.

(f) If the Department determines that an applicant has knowingly provided false material information under Subsection (d) above, the Department shall immediately deny the application, or if the applicant has submitted an application for conversion, shall immediately deny the application for conversion. Moreover, the Department, the Director, or other authorized person or entity may also enforce the provisions of this Subsection under Section 1304 or any other applicable provision of law as warranted.

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 TIC (Tenancy in Common) Info by Luba
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It’s summer.  Seriously!  I know it’s overcast and cloudy, but it’s June, and that means the summer real estate buying season is at hand.

As I do every month, I ran the latest sales figures from the month of May for you.

The numbers this month don’t really have a common thread - except that sales volume is slightly up across the board.  Median price is down for single family homes but up for the others and days on market is down for single family homes but up for condos and TIC’s. 

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 May 1, 2008 through May 31, 2008:

Single Family Homes

• 213 Homes Sold
• Median Sale Price was $899,000
• Minimum Sale Price was $280,000
• Maximum Sale Price was $14,500,000
• Median Selling Price was 101% of asking price
• Median Days on Market was 26
• Median Selling Price for homes that sold within 30 days was 103.5% of asking price

Condominiums, Lofts & Co-ops

• 190 Homes Sold
• Median Sale Price was $832,250
• Minimum Sale Price was $247,386
• Maximum Sale Price was $4,000,000
• Median Selling Price was 98% of asking price
• Median Days on Market was 39
• Median Selling Price for homes that sold within 30 days was 102% of asking price

TIC’s

• 51 Homes Sold
• Median Sale Price was $678,245
• 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 54
• Median Selling Price for homes that sold within 30 days was 101% of asking price

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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Do you realize that it’s MAY???  I mean, a third of 2008 is now but a memory.  Winter is over (though I couldn’t really tell by today’s weather) and Spring isn’t far from being over too. 

Other things that typically happen this time of year is that San Francisco Real Estate Sales pick up - and this year is no less typical (in this regard at least) that others.  With that being said - I went ahead and ran the sales from the MLS as I do every month and found some interesting stuff.

Notables from April 2008 sales figures:

• Median sales price rose across the board from last month.
• The selling price vs. listing price percentage increased in single family homes and TIC’s, but dropped in condos.
• Days on market decreased across the board.
• In terms of sales volume, single family home and condos increased drastically over last month, but we had just 2 more TIC sales than we did in March.

Last month I had a theory about TIC buyers.   And I’m starting to think I was right.  I’m also noticing better deals on condos due to less competition.  In fact, I was just able to help my client negotiate an offer on a condo for $50K under the asking price.  We did provide the sellers with other concessions such as a short escrow and free rent back, but we got the price we wanted - so I think everyone is happy.  The point is, there are good values out there right now - and if you’re hunting for a home right now, you might find a good deal.  And sellers, don’t be afraid to sell now - but do be prepared to be realistic about the sales price. 

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 April 1, 2008 through April 30, 2008:

Single Family Homes

• 193 Homes Sold
• Median Sale Price was $935,000
• Minimum Sale Price was $350,000
• Maximum Sale Price was $5,625,000
• Median Selling Price was 104% of asking price
• Median Days on Market was 30
• Median Selling Price for homes that sold within 30 days was 105% of asking price

Condominiums, Lofts & Co-ops

• 184 Homes Sold
• Median Sale Price was $815,000
• Minimum Sale Price was $335,000
• Maximum Sale Price was $4,625,000
• Median Selling Price was 98% of asking price
• Median Days on Market was 35
• Median Selling Price for homes that sold within 30 days was 104% of asking price

TIC’s

• 40 Homes Sold
• Median Sale Price was $664,000
• Minimum Sale Price was $263,500
• Maximum Sale Price was $1,799,000
• Median Selling Price was 102% of asking price
• Median Days on Market was 45
• Median Selling Price for homes that sold within 30 days was 102% of asking price

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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Once you have gotten your home ready for sale - marketing will be the next step in getting it sold.

There are a lot of factors to be considered in marketing a home. For instance, the steps you will take to market a $50 million dollar home will vary to a large degree from a $1 million dollar home. Since I’m guessing that most of my blog readers do not have a $50 million dollar home for sale, and instead have something more typical of the San Francisco market which can be anywhere from $500K for a small condo or TIC to $3-4 million for a property in Noe Valley or Pacific Heights, I’ll be focusing on those more regular homes here in San Francisco.

Of course, if you have a $50 million dollar home to sell, feel free to contact me to discuss the marketing approach I would suggest - I’ll be happy to assist you.

Your agent will pay for most marketing. Of course, we are talking within reason. If you have decided that your 1BR TIC warrants a TV commercial that airs on all of the HGTV shows during prime time - well, you might just have to pay for that yourself. But your agent, in most cases, can and should cover all of the basic marketing expenses. These expenses include:

Market Preparation

• Professional level digital photography
• Optional line drawing or watercolor of exterior
• Professional video shoot and DVD
• Professionally shot virtual tour

Print Marketing

• Real Estate Times display ad
• Sunday Chronicle display ad
• “Just Listed” cards delivered in the area surrounding the property as well as to select REALTORS® and clients
• Property Statements that are professionally designed

• Feature property at www.zephyrsf.com website
• Publish listing at the #1 site for listing traffic, www.realtor.com
• Publish listing at the #1 site for San Francisco property information, www.sfarmls.com
• Participation in the IDX (Internet Data Exchange) program. This publishes your listing to all major Brokerage websites, including Pacific Union, McGuire, Hill & Co., Sotheby’s, TRI/Coldwell Banker and others. Individual agent websites who participate in the program would also carry your property.
• Custom property website, dedicated to your property only, e.g.: www.145gardensidedr.com
• Promotion on local blogs such as Curbed SF, theFrontSteps and maybe even your own agent’s blog and/or website.

• Catered Broker’s tour, to increase turnout from the brokerage community
• Twilight catered showing in first week with notice to neighbors and REALTORS®
• Exposure internationally to the top firms in the U.S. via our partnership with “Leading Real Estate Companies of the World” – the largest relocation network in the world

Those are some of the most basic marketing tactics for your home - and again, your REALTOR will take care of all of these for you.

But I haven’t yet touched on what might be the most important part of marketing your home for sale in San Francisco - STAGING!

Potential buyers make their decision to purchase your home in the first 30 seconds upon entering. First impression is the key to selling your home fast and for top dollar.

In addition, well staged homes sell for 30-50% faster than their counterparts.

HUD data shows that a staged home sells for 17% more, on average, than a non-staged home.

Your agent will:
a. Arrange a staging consultation at the property with or without a professional stager
b. Execute staging plan in consultation with Broker and property owner
c. Install fresh floral arrangements and will refresh as needed prior to major showings
d. Arrange for a “fix up” loan to assist you with cash flow and help get you top dollar

However, most agent don’t pay for staging, unless of course, they reflect the cost in their commission. In my case, I have set professional fees, and if a seller is willing to go above and beyond my standard commission rate, I will reimburse a seller for a portion of staging costs at the close of escrow.

Since a staged home sells for more money and sells quicker than an unstaged home, staging is in everyone’s best interest.

And let’s not forget actually showing the home - that is in fact part of marketing your property. Ideally, you will no longer be living in your property during the sale. That means that once the property is cleaned, staged and ready to present, there won’t be anyone to make a mess and it’ll be left exactly the same from one showing to the next.

However, sometimes circumstances require that you live in your home while you’re selling it. That doesn’t mean it will be difficult to sell your home. It just means that there are some things you should keep in mind when preparing to show it. From Realtor.com:

• Pull the drapes back
• Light lamps
• Simmer a few drops of vanilla on the stove
• Light your fireplace
• Set the dining room or kitchen table if you have particularly nice linen or china
• Put fresh towels in the bathroom
• Leave the house so your REALTOR® is free to deal with prospective buyers in a professional manner

Following these suggestions will help your REALTOR make the most of every showing. And while the San Francisco real estate market isn’t doing bad, putting your property in the best light possible will definitely help you sell your home quickly and for the most money possible.

So that’s the basic gist of what goes into marketing a property for sale. There’s obviously more to it than that - but I’m trying to keep this short and sweet for the sake of a blog post instead of a short book. If you have questions about the best way to market your property, feel free to contact me, and I’ll be happy to give you some advice.

I hope you’ll stop by when I’ll be talking to you about Step 6 to Selling your Home Successfully in San Francisco - Disclose, Disclose and Disclose Some More!

Tags: SF Real Estate Info for Sellers, SF Real Estate Market Conditions, San Francisco TIC (Tenancy in Common) Info by Luba
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