Can you believe this weather? Walked in shorts this morning in Tennessee Valley out to the ocean and up/around the hills.
This is the last week to see the David Hockney show at the De Young so try to catch it! http://deyoung.famsf.org/press-room/david-hockney-bigger-exhibition
In the San Francisco real estate world, size isn’t all that matters.
Measured one way, the six-bedroom, 6 1/2-bath, 9,000-square-foot mansion on Jackson Street in Presidio Heights qualified as the largest sale in San Francisco in the past 12 months at $18 million.
But then there’s the two-bedroom, 2 1/2-bath, 1,600-square-foot condo at the Millennium in South Beach. Sold for a comparatively mere $4.5 million, its price per square foot – at $2,500, the highest in the city – was more impressive to real estate insiders.
“Here we have a residential neighborhood that barely existed 15 years ago. Now it has some of the most expensive real estate in the country,” said Patrick Carlisle, chief market analyst at Paragon Real Estate, who compiled a report on luxury housing in San Francisco.
The city’s high-end home market had a bumper year in 2013, approximately doubling sales over its prerecession best in 2007. “Everywhere from SoMa to Pacific Heights, and buyers from Google engineers to bank vice presidents,” said Carlisle. “Often it’s their first home.”
Though being overtaken by luxury condos in South Beach and surrounding neighborhoods, the Presidio Heights-Pacific Heights area continues to do quite well, thank you.
Four homes, all on Jackson Street, sold for more than $10 million, while the average price per square foot in the area, at $1,100, was only slightly lower than the average in South Beach.
But then who would say no to a library, gymnasium, huge garden and wet bar, in addition to the half-dozen bedrooms in Presidio Heights’ biggest sale, which, by the way, went for $500,000 over the list price.
“There are still people who want giant houses in old prestige neighborhoods,” said Carlisle. And that includes old as well as new money. “I see people fresh from an IPO paying in cash,” he said.
However, for the first time, the number of luxury condos sold in San Francisco outpaced the sales of luxury houses. “It’s flipped, and it’s permanent,” he said.
“There’s a whole different concept of luxury and it’s taking a bigger and bigger share of the market.”
Like the $4.5 million condo at the Millennium, with its 11.5-foot-high windows “offering iconic views of the Bay Bridge, East Bay, Treasure Isle and the (Transamerica) Pyramid … world-class designs, custom fixtures, richly-layered textures, cabinetry installations of Fumed Eucalyptus & Macassar Ebony,” according to the listing.
The buyers down in South Beach are more likely singles, couples, empty nesters and foreign and out-of-state buyers looking for a pied a terre or rental property, says Carlisle.
“There’s a whole other group paying enormous sums to be on very high floors, with spectacular views, all amenities built-in, a hotel down below, a hipper neighborhood and walking distance to the ballpark,” he said. “A lot of it is high-style choice.”
“There’s a lot of money here, and it’s not just high tech. San Francisco is drawing a lot of wealthy people from all over.”
Free the buses! Seeing as the tech bus shuttle story continues to get play, here’s an idea Google and other Silicon Valley companies might consider to get the goodwill ball rolling. From reader Sandra Turnbull of Oakland:
“Maybe my new year’s wish is a little optimistic. But, after returning from Great Britain and comparing their practices concerning buses (free to persons over 60 or 65), it got me to thinking.
“The combined population in San Francisco and Oakland of our senior citizens (over 65) is roughly 150,000. Annual senior citizen bus passes for AC Transit are $240 a year. Muni passes are $276 a year. If the much maligned tech companies sponsored passes for all of these folks, it would cost them about $38 million.
“Considering that Google’s third quarter profit for this year was almost $3 billion, it would be a drop in their bucket. They would be doing a tremendous social good, not just serving their elders but also as a measure of safety by getting them out of their cars! And, they’d reap great positive publicity.”
Thank you for your business and referrals in 2013! Because of you, I am in the Top 7% of San Francisco realtors for 2013.
After investigating with the Departments of Planning and DPW, their inventory and pipeline reports, U.S. census data, MLS data, Andy Sirkin, NAHB and a half dozen other resources, we came up with the following estimates about San Francisco housing inventory:
- 124,000 housing units are owner occupied. About 4% to 4.5% of San Francisco houses and 6.5% to 7% of condo, co-ops and TIC units are sold annually.
- 222,000 housing units are rented out and 25,000+units are vacant at any given time
* These are very approximate estimates based on data from the U.S. Census, the SF Depts. of Planning & Public Works, MLS and other sources deemed reliable.
Source : http://bit.ly/1cDO22d
Penthouses, Mansions, Short Sales & Fixer-Uppers
What Did San Francisco Homebuyers Buy in 2013?
Views, prices, architecture, neighborhoods, property types and sizes, parking, probate sales and appreciation rates: We data-mined all of San Francisco’s 2013 sales reported to MLS through the end of November and charted the results below.
Sales as described in and reported to San Francisco MLS by 11/25/13. All data herein is from sources deemed (at least somewhat) reliable — i.e. the information input by listing agents regarding their own listings — but may contain errors and is subject to revision. These charts do not include sales unreported to MLS, such as the sale of many so-called “pocket listings” and many of the new-development condo sales that occur.
Wishing you and yours the safest and happiest of holiday seasons!
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One of the first steps in designing an effective property marketing campaign is to analyze how buyers typically find the homes they purchase. It only makes sense to focus on those media and those efforts that grab the most eyeballs, generate the biggest response and create the greatest sense of urgency to see your home quickly—and write clean, strong offers. Ideally, one wants to orchestrate a multiple-offer scenario where motivated buyers compete with one another to buy your home—it is that situation or the perceived threat of that situation which generates the highest possible sales price.
Based on the chart below, it’s clear that the effort and money should go into comprehensive online marketing, including buying premier placement on the major real estate websites; on broker to broker marketing efforts, because a large percentage of buyers are still steered to listings by their agents; on open house advertising and presentation materials; and on efforts to reach the neighbors, which often includes a direct mail campaign.
As a foundation to these efforts, money is also well spent on preparing the home to show at its absolute best and on professional photography—since most buyers and agents will first see and evaluate the property through its photographs. Pre-marketing inspection reports can also be a smart investment. And it always makes sense to give thought to the buyer profile for your home—to whom will your property most appeal, and who is likely to pay the highest amount of money for it—as this can help tailor the home preparation efforts and marketing campaign to maximum effect.
The quality of the agent working on your behalf, his or her competence, integrity, work ethic, willingness to spend money on effective marketing, and commitment to your interests can make an enormous difference in the outcome of the sale of your home.