Overbidding on Residential Real Estate in the SF/Bay Area

overbidding-on-residential-real-estate-in-the-sf-bay-area

Unlike many other real estate markets in the country, the San Francisco real estate market as well as the greater Bay Area real estate market generally has overbidding in place. And although the market has recently leveled off a little, many of its pockets still draw several offers and overbids. It still is a seller’s market.

Overbidding amounts to offering more – sometimes substantially more – than a given property’s asking price. According the San Francisco Business Times, the statistics as of August 2016 break down as follows:

Average overbid:

San Francisco  9%

Oakland 17%

San Mateo County  5%

Marin County  2%

Contra Costa County  5%

Alameda County  8%

An additional note on the San Francisco real estate market and overbidding:  new construction in San Francisco’s condo market has brought more inventory and continues to do so.  That means there is more downward negotiation possible now but note that this entirely depends on the building, the condo itself, the location, and the amenities. For single family homes overbids continue in San Francisco.

©SFRE 2016

https://www.facebook.com/richmondistrictliving/

Click Here For A Free Weekly List of Just Sold Homes.

new signature

Posted in Uncategorized

San Francisco’s Residential Development Pipeline

structuresresidentialmap-page-001

Take a look at the most recent Residential Development Pipeline in San Francisco – as published by the San Francisco Business Times in June 2016. The article provides an overview of residential construction in San Francisco, whether under construction, approved, or planned.

These are large-scale developments which add 60 or more residential units to San Francisco’s housing stock. Most units in the Residential Development Pipeline are market-rate units. They tend towards luxury buildings and condos.

The Residential Development Pipeline leaves a clear gap for affordable housing development in San Francisco, a sign that the current housing shortage and crisis in San Francisco is likely to continue.

https://www.facebook.com/richmondistrictliving/

©SFRE 2016

new signature

Posted in Uncategorized

San Francisco Neighborhood: SOMA & Yerba Buena

san-francisco-neighborhood-soma-and-yerba-buena

South of Market (SOMA) is a huge district, sprawling from the Embarcadero to Eleventh Street, between Market and Townsend. The neighborhood is a patchwork of warehouses, swanky nightspots, residential hotels, art spaces, loft apartments, furniture showrooms and small and large Internet companies.

Although a lot of building has gone on in recent years, it is still not densely developed. SOMA landmarks consist of te Metreon, Yerba Buena Gardens, SF MoMA (Museum of Modern Art), the Moscone Conference Center, and a number of other museums.

Due to the history of SOMA and the way the neighborhood has been developed since the late 1980s/early 1990s, most buildings here are contemporary. While there are some (few) single family homes left in the neighborhood, they sit in the less developed part of SOMA, which is the area west of 5th Street. However, since the arrival of Twitter headquarters at 9th and Market Streets, that area is currently undergoing considerable development, much of which involves rezoning.

For a sense of what SOMA once looked like and the forces at work then and now, read Yerba Buena: Land Grab by Chester Hartman (published in 1974), and see Janet Delaney’s South of Market images.

Property values in SOMA vary in accordance with whether the condo, TIC or home is located east or west of 5th Street. The condos east of 5th Street, many in hi-rise buildings such as the Infinity, and One  Rincon Hill, tend to be pricey and hi-tech. In the area west of 5th Street, exact location plus an individual property’s appeal and amenities tend to drive prices.

https://www.facebook.com/richmondistrictliving/

©SFRE 2016

Click Here For A Free Weekly List of Just Sold Homes.

new signature

Posted in Uncategorized

San Francisco’s Cole Valley

san-francisco-s-cole-valley

San Francisco’s Cole Valley is tucked away a few blocks away from the south-eastern end of Golden Gate Park. It’s proximity to the USCF Parnassus Campus as well as to Ashbury Heights and the Upper Haight make Cole Valley a sought-after neighborhood, especially because Cole Valley consists of only a few charming tree-lined streets and often stunning homes.

 

Cole Street is the commercial vein of Cole Valley; it offers cafes, restaurants, and some small shops as well as the historic and amazing Cole Hardware store. Craig Newmark of Craigslist once called Cole Valley home. The neighborhood attracts families and young professionals, has a community vibe, and is quiet. Homes in the hills surrounding the Cole Valley generally offer spectacular views. Home values tend to be high as the homes here are well-maintained and inventory tends to be low.

 

Recently, Cole Valley has seen several of its mom-and-pop stores abdicate to development. The Cole Valley Garage is currently undergoing renovation and becoming, among other things, a yoga studio. Cole Valley’s blog provides additional info.

 

The neighborhood is centrally located and offers various public transportation options, including the N-Judah stop at Cole & Carl..

 

©SFRE 2016

https://www.facebook.com/richmondistrictliving/

Click Here For A Free Weekly List of Just Sold Homes.

new signature

 

Posted in Uncategorized

San Francisco’s Millenium Tower

san-franciscos-millenium-tower

San Francisco’s Millenium Tower, the prestigious 2009 hi-rise building in SOMA, is sinking. While some settlement is natural to all buildings, the Millenium Tower has sunk a considerable amount to date. Ordinarily a building of the size of the Millenium Tower ought to be built on piles that are drilled to bedrock but it appears that this is not the case here.

The tower sits adjacent to the massive Transbay Development and the Millenium’s developer has asserted that the building’s sinking is directly linked to the Transbay Joint Powers Authority’s construction activities. Other buildings adjacent to the Transbay Development include the Salesforce Tower and 181 Fremont, another hi-rise under construction, have piles drilled to the bedrock in place (according to TJPA).

Both the developer Millenium Partners and the Millenium Tower HOA assert that the building is safe. However, inquiries, review actions, and lawsuits are just beginning. The San Francisco Association of Realtors has created a special Millenium Tower Advisory.

The Millenium Tower owners may face sinking property values, given that uncertainty does not appeal to real estate buyers and that lenders may decide to hold off on loans for the building..
©SFRE 2016

https://www.facebook.com/sfrealestateinc/

new signature

Posted in Uncategorized

San Francisco’s Duboce Triangle

San Francisco s Duboce Triangle.png

The Duboce Triangle neighborhood is located near the center of San Francisco, California just below the hilly slopes of Buena Vista Park between the neighborhoods of the Castro/Eureka Valley, the Mission District, and the Lower Haight (Wikipedia)  Although Duboce Triangle’s main attraction is its humble namesake park, this quaint residential neighborhood’s centrality contributes to its sought-after status. While this put-together neighborhood is distinctly tranquil, the bustling nightlife and shopping options of The Castro and the Mission are mere steps away. When you want to trek to more distant San Francisco destinations, Duboce Triangle’s multiple MUNI lines make it easy.

(https://www.airbnb.com/locations/san-francisco/duboce-triangle)

©SFRE 2016

https://www.facebook.com/sfrealestateinc/

new signature

Posted in Uncategorized

San Francisco’s Buena Vista Park

San Francisco s Buena Vista Park

San Francisco’s beautiful Buena Vista Park which affords 360 degree views of the city from the top defines the Buena Vista Park neighborhood. Buena Vista Park is adjacent to the Haight Ashbury as well as to Ashbury Heights. NoPA lies to the north of the neighborhood.

 

Many homes here are stunning, high-end single-family Edwardians and Victorians. There is also a large condo complex that is worth mentioning. Buena Vista Park is a small and charming neighborhood. Property values in Buena Vista Park are on the higher end with the median sales price for single family homes at $2,250,000 as of June 2016. Inventory tends to be low.

 

Buena Vista Park dates back to 1867 and is San Francisco’s first park in the park system. The Buena Vista neighborhood association’s efforts to make the park accessible and well-maintained have thus far been effective. The neighborhood has no commercial thoroughfare but is in walking distance to Cole Valley, the Upper and Lower Haight, and NoPA. Public transit options exist in those neighborhoods and the closest bus line is right on Haight Street at the northern edge of the park.
©SFRE 2016

https://www.facebook.com/sfrealestateinc/
Click Here For A Free Weekly List of Just Sold Homes.

new signature

 

 

Posted in Uncategorized