Archive for October, 2015

San Francisco Market Overview: October 2015

 

As we begin the last quarter of the year, change is in the air!

First, a surge of new listings hit the market last month — there’s more inventory in San Francisco now than there’s been at any time this year. Just over 40% of those properties for sale are priced under $1M (on par with Zillow’s recent valuation of homes across the city — see how your neighborhood stacks up). Certainly buyer demand is persisting, however competition for any given property is generally letting up… for now. The consensus among forecasters is that prices in the Bay Area will rise through 2016 with regional employment playing a critical role.

Second, there seems to be a shift in buyer demand as higher priced homes linger and take price reductions while relatively more affordable ones attract interest. The median sales price of properties in SF fell slightly last month to $1,150,000 and the number sold is down dramatically year-over-year. To further this point, the generally less expensive East Bay, for example, is experiencing an increase in number of sales from last year, and median prices in some cities — like Berkeley — continue to climb. [Those in SF’s ultra-high-end market still have plenty to choose from including these 3 Most Expensive.]

From now thru the end of the year — before the Spring 2016 selling season begins — should prove an opportune time for prospective buyers to make a move, and it may well be the best time to borrow money in recorded history.




 

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Meredith Martin is a Broker Associate at Paragon Real Estate Group and can be reached at Meredith@OpeningDoors.me

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Haunted San Francisco

 

Before the City of San Francisco voted to stop burials within city limits in 1900, there were at least two dozen cemeteries in existence. While the non-Native deceased were exhumed and relocated to Colma in the following decades, there are plenty of the dead who’ve taken up permanent residence in San Francisco and made it one of the most haunted places in the country.

EscapeHere – 10 Most Haunted Cities in America:

Alcatraz Island remains the site of our country’s most famous prison. It is also popular for its paranormal activity. There have been reports of ghostly disturbances throughout the old cell blocks. The San Francisco-Oakland Bay Bridge is known to host a headless jogger that suddenly appears in the dense fog.

 

Travel Channel – Top Haunted Cities in America:

San Francisco is the hot travel destination these days. The San Francisco Bay has over a hundred haunted spots for you to check out during your trip. One place worth mentioning is Alcatraz, the famous maximum-security prison. Alcatraz hosted Al Capone, the famous Chicago gangster, during the final years of his life. To get to Alcatraz, you’ll need to take a ferry across San Francisco Bay. It’s definitely worth the trip to see the haunted prison.

 

USA Today – America’s Most Haunted Cities:

In the 1850s, Chinese immigrants came in droves to San Francisco, seeking their fortunes in gold. But when there was no gold to be found, they couldn’t afford to return to their families in China. Most took on menial jobs and died alone with unfulfilled dreams. These souls, the wandering ghosts of America’s oldest Chinatown, are said to inhabit its alleyways today.

Haunted Experiences: Take a Chinatown Ghost Tour to roam the gambling houses, narrow streets, and dark alleys at night. Paranormal activity has also been reported in two other popular areas. The Presidio, a retired military base with a hospital and cemetery, was featured on an episode of the Syfy Channel’s Ghost Hunters. At Alcatraz, some say they’ve heard voices from within cell walls and seen figures walking through cellblocks.

 

Alcatraz is perhaps the most well known of San Francisco’s sites for paranormal activity but it is far from the only hotspot for ghostly encounters. Explore the map below for stories of murder, suicide, tragedy and disaster– and visits from beyond the veil.

 

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Meredith Martin is a Broker Associate at Paragon Real Estate Group and can be reached at Meredith@OpeningDoors.me

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The New Mansions of Noe Valley: Part II

 

Since The New Mansions of Noe Valley: Part I was published on October 14th, it should be noted that three of the eight homes on the market in the neighborhood are now in contract, and a 9th listing has come on the market: 439 Clipper Street. Let’s take a look at those eight $3M+ listings first reported, starting with the most expensive:

 

(Click photo/address for additional photos & details)

 

739 27th

739 27th Street, San Francisco | List Price: $5,395,000 | Status: Active (38 Days on Market)

Stunning rebuilt custom view residence nestled on the beautiful slopes of Noe Valley. Renovated down to the studs and thoughtfully designed, the main level features a grand open floor plan with gourmet kitchen and multiple outdoor experiences, including a roof deck with panoramic views of San Francisco! The lower level offers two generous guest bedrooms, each with en-suite bathrooms and a magnificent master suite and bath. Completing this splendid home, the garden level offers an additional guest quarters and expansive media room that leads out to the landscaped garden. (Source: MLS)

Draws: Beautiful finishes, Functional floor plan, Views, Elevator, Nice use of outdoor space

 


 

 

168 jersey

168 Jersey Street, San Francisco | List Price: $4,950,000 | Status: Pending Sale (5 Days on Market)

Beautiful contemporary design, views and a fabulous location in the heart of Noe Valley. Soaring 12’+ ceilings on main level, formal & informal living areas with plenty of room to roam, direct access to landscaped yard and a kitchen with top-of-the line appliances including 2 dishwashers, double ovens an induction cook-top. Three bedrooms on upper level with en-suite baths; laundry room. Lower level has fourth bedroom & bath, family room, wine cellar, wet bar. White oak & concrete flooring w/radiant heat throughout, Nest controls. Smart home features include door, light and sound mobile integration. Large garage. (Source: MLS)

Draws: Dramatic rooms, Great use of space, Only 1 block to 24th Street Shops, Excellent usable outdoor space with nano-walls from living area

 


 

 

4173 cesar chavez

4173 Cesar Chavez Street, San Francisco | List Price: $4,850,000 | Status: Active (39 Days on Market)

Located on a rare cul-de-sac, this 4 bedroom, 3 full bath, 2 half bath house is the definition of modern luxury living and refined design. With 3 bedrooms on the top level and an Aupair suite on the entry level, its cohesive layout exhibits custom millwork throughout. The residence features a custom kitchen, library, dining area, and great room that opens to a stunning outdoor seating area and fireplace. The home is completed with a Speakeasy wet bar, media room, 2 car side-by-side garage, an elevator, 3 fireplaces (2 indoor, 1 outdoor), 3 decks (front deck, master suite deck, roof deck), and picturesque views of Downtown. The attention to detail validates that no expense was spared in the design and construction of this modern masterpiece. (Source: MLS)

Draws: Dramatic rooms, Elevator, Excellent floor plan for entertaining, Located on cul-de-sac street

 


 

 

562 28th

562 28th Street, San Francisco | List Price: $4,750,000 | Status: Active (27 Days on Market)

New Modern Minimalist Masterpiece-exquisitely custom designed 4BD, 3.5BA home by MAK Studio. From concept thru construction, dedicated to the highest level of design & implementation for your most discerning buyers.Stunning Downtown, Twin Peaks & East Bay views. Dramatic yet pared down architectural features. Spectacular wood, glass & steel staircase & distinctive wood paneling thruout. MAIN LVL: expansive open floorplan, LR w/fireplace, DR, FR, KTCH w/16 ft. center island w/seating, Powder, wet bar, deck w/vues. UPPER LVL: Master Ste w/lux BA & deck, 2 BDs w/access to large deck, BA. LOWER LVL: Distinctive entry, Media RM, BD, BA, wet bar, 2 car grg. Architecturally inspired back yard w/lawn. A fusion of the finest design & functionality. (Source: MLS)

Draws: Stunning views, Graceful indoor-outdoor flow, Superior showpiece finishes

 


 

 

160 27th

160 27th Street, San Francisco | List Price: $4,395,000 | Status: Active (34 Days on Market)

This is ‘The New Noe’! Gorgeously renovated 4 bedroom, 3.5 bath, three level home. Open plan with a formal dining room, living room with fireplace, home office, large open eat-in kitchen and family room with floor to ceiling windows. The outdoor living area, that opens directly out from the kitchen, features IPE decking, gas fire pit, outdoor dining area, and extensive landscaping. High ceilings and modern finishes compliment the beautiful silver/white oak floors. Floating staircase leads to the bedroom level with master bedroom and spa inspired bath, two more bedrooms and full bath. Downstairs, you will find the 4th bedroom, full bath, and media lounge with wet bar. Luminalt Solar and 9 comfort zone radiant heat complete this ideal home. (Source: MLS)

Draws: Beautiful remodel, Great outdoor space, Central location within walking distance to shops

 


 

 

2212 castro

2212 Castro Street, San Francisco | List Price: $3,850,000 | Status: Active (10 Days on Market)

This extraordinarily crafted Noe Valley residence features 4 Bedrooms, 3.5 Bathrooms, and boasts over 4000 square feet of undeniable sophistication and elegance. Constructed of the finest materials and finishes, this magnificent 3-level home combines classic architectural elements with modern design features, and offers the dream floor plan. Showcasing incredible size and scale, 2212 Castro features ebony-stained Brazilian floors, soaring high ceilings, contemporary lighting, beautiful moldings and trim details, and is flooded with natural light. Located in the highly coveted Noe Valley neighborhood, 2212 Castro is a wonderful opportunity to acquire a truly exceptional San Francisco home. (Source: MLS)

Draws: Excellent floor plan for entertaining, Appealing price per square foot

 


 

 

346 duncan

346 Duncan Street, San Francisco | List Price: $3,200,000 | Status: Pending Sale (23 Days on Market)

This stunning light filled renovated home offers an open floor plan, fabulous outdoor space for entertaining, spectacular craftsmanship & custom designed finishes. Showcased throughout this magnificent home are newly refinished white oak hardwood floors w/inlay, crown moldings, wainscotting, hi ceilings, double thermo paned windows, skylights & recessed lighting. 4BR/3.5 remodeled BA’s, 2 offices, living room, dining room, remodeled eat-in kitchen, family room/media rm w/fireplace, family room/play rm on lower floor, laundry room, spacious garage w/interior access, 2nd parking spot on driveway, 2 walk-out decks, front patio, landscaped back yard/garden. CAT 5 wiring, wired for sound, radiant heating, security sys, newly painted interior. (Source: MLS)

Draws: Beautiful remodel, Appealing price per square foot

 


 

 

121 clipper

121 Clipper Street, San Francisco | List Price: $3,195,000 | Status: Active Contingent (33 Days on Market)

Behind the sleek, Victorian facade, you will find a remarkably remodeled home with all of today’s most desired modern finishes. This SFH masterfully features 4 spacious bedrooms, 3 designer bathrooms, and a separate front room perfect for an at-home office. The main level invites you into the open great room featuring a gorgeous kitchen with an oversized Calcutta marble island, and large seating and dining areas. This custom designed home is the perfect blend of entertaining and comfortable living with its meticulously designed floor plan, multiple decks, and deep, south-facing landscaped yard. Walker’s paradise – 93 walkscore – half a block from J Muni line, tech shuttles, restaurants and cafes on Church street and 24th street. (Source: MLS)

Draws: Lowest priced $3M+ home in Noe Valley, Excellent floor plan for entertaining, Excellent usable outdoor space

 

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Meredith Martin is a Broker Associate at Paragon Real Estate Group and can be reached at Meredith@OpeningDoors.me

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The New Mansions of Noe Valley: Part I

 

For many San Franciscans, talk of the city’s mansions conjures images of the so-called “Prestige North” — the trophy properties of Pacific Heights, Presidio Heights and Sea Cliff which are historically the most expensive single-family homes San Francisco has to offer. Indeed, when 2701 Broadway sold earlier this year for $31M it became the highest priced sale of the year. Nonetheless, there’s been a remarkable shift in the number of multi-million dollar home sales in recent years to the city’s more southerly neighborhoods.

Between 2012 and 2014, the number of single-family homes sales $3M+ in Noe Valley increased more than 800%; if the eight homes currently listed [we’ll examine some of these in The New Mansions of Noe Valley: Part II] trade at or above listing price by the end of 2015, that figure will reach 900% over the four year period. See this chart of $3M+ Noe Valley home sales over the past decade:

 

Screen Shot 2015-10-13 at 8.00.50 PM

 

Earlier this year, Noe Valley saw its record-setting most expensive home sale ever, 625 Duncan (March 2014), matched by 553 Elizabeth (June 2015) — each sold for $7M. [Note: 625 Duncan was then partially gutted and re-sold in April 2015 for $4.4M.] That same month, Noe got its new next priciest sale at 471 Hoffman, sold for $6.7M. In all, 19 $3M+ single-family homes in Noe Valley have sold YTD — compare that to 23 in Pacific Heights.

At various times over the past decade, the average $/sqft sales price in Noe Valley has exceeded that of Pacific Heights, both with consideration to all property types sold and also individually to homes, condos, and TICs leading to some dramatic comparisons between the two neighborhoods. In 2013 it was said “Pacific Heights is cheap compared to Noe Valley” with regard to particular $/sqft figures, and last year it was declared “Noe is the new Pac Heights” following a measured shift of dominance in the number $2M+ single-family home sales from the “Prestige North” to the Noe, Eureka and Cole Valleys.

With regard to median sales prices for single-family homes, Noe Valley led the whole of San Francisco in surpassing the $1M mark by almost five years. Not since May 2009 has the neighborhood seen a six-figure median for houses, and today close to 95% of all properties there — houses, condos and TICs — are valued at $1M+ according to this Zillow report.

 

In fact, having grown from 54.26% in January 2010, the number of $1M+ properties as a percentage of all housing stock in Noe Valley today is the 3rd highest in the city, trailing Inner Sunset (95.67%) and Central Richmond (95.64%). Pacific Heights comes in 4th at 88.24%.

 

 

While neither Noe Valley nor Pacific Heights could claim the highest average $/sqft for houses in September 2015, the spread between their prices — $1,334/sqft and $1,509/sqft, respectively — is relatively small. And while Noe is only one of a handful of neighborhoods in the southern part of San Francisco to experience some of the highest average annual compound appreciation rates in the long term, none of the others come close to touching the “Prestige North” — in terms of ultra-luxury house prices, average $/sqft figures, median single-family home prices, percentage of $1M+ properties, number of $3M+ homes sales or otherwise.

 

image002

 

With Noe Valley’s easy access to Silicon Valley, it’s proven to be a desirable area for wealthy tech-employed homebuyers. Furthermore, the neighborhood’s limited capacity for infill luxury housing developments means that any existing structure is an appealing candidate for renovation, expansion and/or rebuild for 21st century sensibilities. Looking at the $3M+ single-family homes sold this year as well as ones currently on the market, it’s evident the neighborhood is experiencing a wave a mansionization every bit as worthy of “Prestige” as Pacific Heights.

In The New Mansions of Noe Valley: Part II, we’ll take a look at some of these properties and offer a professional’s analysis of the draws for these mansions that tech built. Stay tuned!

 

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Meredith Martin is a Broker Associate at Paragon Real Estate Group and can be reached at Meredith@OpeningDoors.me

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Gold Rush Real Estate: Then & Now

Portsmouth Square, 1851

Portsmouth Square, 1851

 

When writer Bayard Taylor arrived in San Francisco by ship in the summer of 1849 and began chronicling the Gold Rush economy in his dispatches for the New-York Daily Tribune, he feared nobody would believe him. The imbalance of supply and demand for basic essentials — food, tools, clothing, equipment — was riding high, driving prices to astronomical levels–

 

“There were reports of canteens charging a dollar for a slice of bread or two if it was buttered, the equivalent of $56. A dozen eggs might cost you $90 at today’s prices; a pick axe would be the equivalent of $1,500; a pound of coffee $1,200 and a pair of boots as much as $3,000…”Smithsonian

 

In today’s economy — booming not with gold but with technology — even San Francisco locals are in disbelief to learn the premiums being paid for another commodity in short supply: real estate. In sharp contrast with current times, mid-19th century SF was a largely rural setting with abundant raw land awaiting the development of businesses, homes and infrastructure. Now, there’s practically nowhere to build up — and when it comes to homes prices here in one of America’s richest cities, the sky is the limit.

Just for fun, let’s take a look at some Gold Rush era properties that have hit the market in recent years and their inflation adjusted prices. They’ll have you wishing you could travel back in time!

 

1032 Broadway Street, Nob Hill

Year Built: 1853

2015 List Price: $12,000,000

Inflation Adjusted 1853 Price: $434,813.47

1032 broadway

 

 

1948 Sutter Street, Lower Pacific Heights

Year Built: 1858

2006 Sales Price: $2,405,000

Inflation Adjusted 1858 Price: $115,151.52

1948 sutter

 

 

816 Grove Street, Alamo Square

Year Built: 1850

2004 Sales Price: $1,650,000

Inflation Adjusted 1850 Price: $75,370.45

816 grove

 

 

10 Napier Lane, Telegraph Hill

Year Built: 1855

2012 Sales Price: $810,000

Inflation Adjusted 1855 Price: $32,849.01

10 napier

 

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Meredith Martin is a Broker Associate at Paragon Real Estate Group and can be reached at Meredith@OpeningDoors.me

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