November 20, 2008
123 Laurel is elegant and well located, but architecturally pretentious, in need of bathroom and kitchen updates and a bit cramped (especially for the maid, whose room in the basement is about 8 x 10). This French Revival jewelbox was designed by architect William Gunnison and built in in 1927. At just over 2700 square feet on a 24×67 lot, this is might be the smallest house I’ve ever seen in Presidio Heights. It is on the market for the first time in 42 years for $3.75MM. This seems like a lot compared to past homes of the week in the 3MM plus range located in Noe Valley or St. Francis Woods, but in 123 Laurel’s defense, it’s located on a desirable block in Presidio Heights, one of the most expensive subdistricts in San Francisco. 2008 average sale price is $4.8MM – and that’s with 5 out of 15 sales refusing to release the sale price publically. Generally undisclosed sale prices are a fair bit higher than asking price. Incidentally, the average sale price for this type of home in 2007 was at just $4MM with 12 out of 16 sales releasing their closing price. To see more pictures, click here.
Presidio Heights is not the only area continuing to thrive despite all the national and statewide news. I had occasion to study the much more affodable NOPA neighborhood recently and found these results for 2 bedroom/2 bath condos:
the median price in 2006 was 720,500 with six sales
In 2007 it was 745,000 with 10 sales, a 3.4% increase; and
In 2008 it was 780,000 with 4 sales, a 4.6% increase.
How about that?
November 20, 2008
I don’t like to focus too much on that bad things that might happen, but when something does, it’s nice to know I am well protected at least financially. Purchasing homeowners insurance is something that most of us do when we are escrow to buy a home and then forget about it. We automatically renew year after year without checking to see what we are really paying for.
United Policy Holders is a non-profit consumer advocacy group (headed by Client In the Know Amy Bach, as a matter of fact) that would encourage you to take a close look at your coverage at least annually. Many homeowners are underinsured and find out when disaster strikes that they don’t have essential or enough coverages.
http://www.UnitedPolicyHolders.org has information about all kinds of insurance – healthcare and auto as well as homeowner. For specific information about earthquake insurance, which is something many of you have asked me about over the years, check out this publication: http://www.unitedpolicyholders.org/pdfs/BigOne.pdf
As always, I’d love to hear what you think of this resource.
November 20, 2008
One thing isn’t new in San Francisco Real Estate – everyone is talking about home values all the time. Unfortunately, instead of gloating about how much equity we all have, many of us are now worrying that we don’t have enough or that we may be underwater. If you’d like to check in on your reality, just ping me and I’ll do a quick analysis for you.
Some good news is that long term interest rates remain very appealing. If you are heading towards the end of your fixed rate period and thinking of refinancing, please give me a call so I can give you an idea of where you stand on a loan to value ratio.
Success Story: A “Client In The Know” contacted me last week when a computer appraisal put here value on a refi about 10% below the actual value of her condo. With a few minutes work, I was able to provide the info to appeal the appraisal. If you or someone you care about finds themself in a similar situation, don’t hesitate to ask for my help! I am honored to be your real estate advisor and this is one of the ways I can provide value to you in between when you are buying or selling.
In the market for the last two weeks, we do see a significant shift towards sellers accepting offers under asking price. Volume is also bit down from my last report.
Over Under At
SFD 21 32 7
Condo 17 31 21
2-4 Units 4 8 1
November 20, 2008
Below are Paragon’s upcoming and “pocket” listings. As always, if you see anything that strikes your fancy, let me know and we’ll get you in ahead of the crowd.
$1,089,000 / Lake Shore / BR/BA: 3/2 PKG: 2 Brief Description: Beautiful 3 bed 2 bath home with family room, office and additional bath downstairs. Includes plans and engineering specs for adding a level and home complete remodel. Great opportunity!
$899, 000 / Inner Sunset / BR/BA: 2/1 PKG: 2 Brief Description: Classic Marina-style single family home in ideal Inner Sunset location. Deep landscaped lot, city views, move-in ready.
$749,000/ Nob Hill / 1776 Sacramento #509 BR/BA: 2/2 PKG: 1 Brief Description: Wonderful 2bd/2ba condo with a great layout, perfect location, in-unit W/D, FP & storage
$699,000/ SOMA/ BR/BA: 1/2 PKG: 1 Brief Description: 1,300+ sq ft, oversized mezzanine, 2 full baths, walk-in closet, parking & storage, top floor, luxury! 1 bed + office/den, 2 bath w/ 17′ ceilings, dramatic floor-ceiling windows w/ southern views, light-filled floor plan.
$639,000/ SOMA, Mission Dolores /BR/BA: 3/2 PKG: 1 Brief Description: Light filled condo with views. Great floor plan. Easy access to everything. Up to date and easy to show. See listing in MLS from past agent-pictures available!
$558,800/ Outer Parkside / BR/BA: 2/1 PKG: 1 Brief Description: Traditional junior five with room down, HUGE yard, lots of potential! Probate under IAEA
$495,000 / North Waterfront / BR/BA: 1/1 PKG: 1 Brief Description: Penthouse condo in Parc Telegraph with water and Alcatraz views. One car on-site parking. Perfect for first time buyer or pied a terre.
$1,349,000 / Marina / BR/BA: 2/2 PKG: 2-car Brief Description: Withdrawn from MLS but still available for sale. Fabulous full-floor condo in a 2-unit building in a prime Marina location. Beautifully remodeled kitchen and bathrooms. LR w/ wood-burning fireplace, formal dining room, great floor plan for entertaining. Over 1500SF per the condo map. 3% CSO
$719,000 / South Beach / 403 Main #107 BR/BA: 2/ 2 PKG: 1+ Brief Largest foot print of 2 bedroom units at portside. 1220 square feet. Newly remodeled kitchen. Deck. ONLY available til Dec, 12ish Agent: Katy Dinner TEL: 415.863.Katy – ready to show anytime
$4,150,000 Old Price: $4,500,000/ Marina/ 3730 Scott St Brief Description: 12 Units bldg 8 garage parking spaces / Fantastic marina location! Large charming units, sep. PG&E. / Agent: Dan McGue Ext: 7201
$1, 499,900 Old Price: $1, 649,500M /South Beach/ BR/BA: 2/2 PKG: 1 Brief Comment: Huge Price Adjustment! Historical, warehouse conversion loft with city views and deeded parking.
$675,000 Old Price: $725,000 / Pacific Heights/ BR/BA: 1/1.5PKG: 1 Brief Comment: Unbelievable price for this large (1,172 square feet) one bedroom condo with a large exclusive use balcony. 24-hour security, heated rooftop pool. Location, location!
$459,000 Old Price: $495,000/ Daly City/ BR/BA: 3/2 PKG: 1 Brief Comment: Ranch style home with tranquil hill and water views to the East Bay. Close to Serramonte Shopping ctr and 280 Metro Shopping Ctr. Minutes and minutes to Daly City BART