he properties are either coming into the MLS in the next few weeks or will not be marketed by the agent in MLS. For an opportunity to view them prior to the rest of the market, please contact me. There are also a few notes about properties that buyers are looking for - do you have a property to sell?
Upcoming listings:
$1695,000/ Noe Valley / 4271 24th St BR/BA: 3/3 PKG: 3 Brief Description: Rare Marina style SFD w/much detail; newer kitchen & baths, hardwood floors, f/plc, almost 700 sq ft of bonus rooms down, large garage, level prvt yard, CAT 5 through out, zoned RH2. Can show anytime.
$649,000/ Central Richmond/ 362 24th Avenue #2 BR/BA: 2/1 PKG:/1 Brief Description - Quiet, remod. condo in 3-unit bldg.
$495,000/ Civic Center /One Daniel Burnham Court BR/BA: 1/1 PKG: 1 Brief Description: Cute one bedroom condo with a small balcony off the living room. Great price!
$425,000/ Downtown/ 930 Pine, No 214 BR/BA: 0/1 PKG: 1 Brief Description: Large studio with fireplace and balcony. Super quiet, located in the back of the building. Custom built Modern Spaces murphy bed/storage cabinets/workspace. Great for your single or pied-a-terre clients!
Pocket Listing:
$1,649,000/ Buena Vista Park / 33 Park Hill, Unit A BR/BA: 2/2 PKG: 1 Brief Description: Amazing urban oasis in this two-level, house-like condo with 2 decks, fabulous views from downtown to East Bay, exclusive use of unbelievably enormous designer garden complete with pond, waterfall and walking bridge. Wonderful master suite, spacious 2nd bedroom, living room, dining room & media room or 3rd bedroom. Approx. 2300 sq ft. Truly unique!
Unusual Buyer Need:
Price Range: $500,000 Neighborhoods: District 1 Brief Comments: Client is looking for a lease option to purchase. No TIC.
OTHER HELP: Short Term Rental Needed preferably furnished for five weeks from March 1 -to-April 10. Bridge housing between a sale and a purchase. Any help would be greatly appreciated! House sitting, anything.
OTHER HELP: Dramatic view listing in Telegraph Hill located at 1451 Montgomery # 7 that was withdrawn from the MLS at the holidays and kept as a pocket listing till now. It is a one bedroom plus den/office, 1 BA, 1 car parking renovated unit with low dues in a 9-unit building. You can see the link to the property at: www.1451montgomerystreet.com.
Wednesday, January 28, 2009
Friday, January 23, 2009
SF Chronicle: Condo developers in S.F. hurting for buyers
Condo developers in S.F. hurting for buyers
James Temple, Chronicle Staff Writer
Thursday, January 22, 2009
(01-22) 17:49 PST -- Most developers unlucky enough to be marketing San Francisco condominiums today are scrambling for customers, dropping prices, boosting concessions or putting up "for rent" signs in an effort to fill their buildings.
Condos in the city have outperformed the real estate market as a whole throughout the downturn, especially on the luxury end, but tight lending and relentless economic gloom have spread the pain across the region and price spectrum.
-- The company behind Millennium Tower, the 60-story luxury project in SoMa set to open in April, will soon announce it is slicing all prices by 15 percent to entice buyers. In a surprising move, it's also extending that bargain to those who have already submitted deposits to purchase units.
-- The owners of the Radiance, the 99-unit waterfront mid-rise in Mission Bay, expect to say next week that they will lower prices by an average of 10 percent on selected units.
-- One Rincon Hill, the 64-story building that rises above the western approach to the Bay Bridge, isn't promoting any across-the-board cuts, but prices are down between 10 and 15 percent from a year ago, while spending on various incentives is up between 3 and 5 percent, said Paul Zeger, chief executive officer of Pacific Marketing Associates Inc., which markets that building.
-- Condo projects including the Artani at 818 Van Ness Ave., the Argenta at 1 Polk St. and the Highpoint at 1888 Geneva Ave. are being marketed as for rent or a combination of for sale and for rent, according to the Mark Co.
-- The Cubix Yerba Buena, the eight-story building at Harrison and Fourth streets divided into tiny units ranging from 250 to 350 square feet, is holding an "Economic Stimulus Sale" that began on Inauguration Day and will last until Presidents Day. During that time, it is lopping nearly 30 percent off the price of some units.
In fact, just about all condo developments with available units in San Francisco have lowered prices in the last few months.
"If they haven't, they're probably not moving inventory," said Alan Mark, president of the Mark Co., a San Francisco real estate marketing and research firm.
The developers doing the best in this market are the ones who are being realistic about the market price, spending the most on advertising and have the most desired properties, he said. Those doing most of the buying today fall into one of several atypical categories: all-cash buyers, parents purchasing condos for their children, South Bay residents looking for a San Francisco pied-À-terre and foreigners who see real value in the market, industry observers say.
The good news, Mark and others said, is that tours of properties have steadily increased since the holidays. With prices well off their highs and interest rates at historic lows, more and more people believe there are bargains to be had and are taking a serious look. The bad news is that, even if they're in a position to buy and convinced they've found a steal, many are reluctant to complete a deal because of the uncertainty in the economy.
"Everyone's got a knot in their stomach," Zeger said. "When that goes away, people will be rushing back to the marketplace."
In the meanwhile, One Rincon is managing to sell 10 to 12 units a month, a respectable number in a normal market, by bargaining on price and concessions with each potential buyer "to make a deal they think is good in this market," he said.
New York's Millennium Partners has also watched consumers grow increasingly reluctant to buy at its 60-story structure at 301 Mission St. Eleven months ago, the company announced it had put a penthouse into contract for $11 million and was well ahead of its sales goals. But after the onslaught of bankruptcies and government takeovers that began in September, the downturn caught up to the luxury market and transactions stalled.
"Interest remains strong, but people are stuck on the sidelines," said Richard Baumert, managing director of Millennium.
The company hopes its 15 percent price cut will provide the nudge potential buyers need, while bringing units down to a level that is affordable to a wider range of people. The average price tag for a unit was originally $2.5 million.
Millennium has already put in contract about 25 percent of the more than 400 condos. It extended the price break to those customers because "it was the right thing to do," Baumert said. "Everything we do begins and ends with our buyers."
Ken Rosen, chairman of the Fisher Center for Real Estate and Urban Economics at UC Berkeley, said there could be additional reasons to make the rare but not unheard-of offer: it suggests to potential buyers that they will be taken care of if prices slip further, while discouraging those in contract, whose 10 percent down payment is less than the 15 percent cut, from simply walking away.
Baumert said he was confident a significant majority of those in contract would close in April regardless of the deal.
The median sales price for all home types dropped 15.7 percent to $616,500 in San Francisco last month, according to a report by San Diego research firm MDA DataQuick released earlier this week. New homes, which almost exclusively means condos in the city, dropped 31.2 percent to $474,500.
Still, those numbers held up better than the overall region - which plummeted 43.8 percent - and will remain so thanks to the city's diverse economic base and relative lack of foreclosures, Rosen said.
"The Bay Area recession is still modest and people still want to live in San Francisco," he said. "We have a weakening market, but not a free-falling market."
E-mail James Temple at jtemple@sfchronicle.com.
http://sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/01/22/BUCT15FAG1.DTL
James Temple, Chronicle Staff Writer
Thursday, January 22, 2009
(01-22) 17:49 PST -- Most developers unlucky enough to be marketing San Francisco condominiums today are scrambling for customers, dropping prices, boosting concessions or putting up "for rent" signs in an effort to fill their buildings.
Condos in the city have outperformed the real estate market as a whole throughout the downturn, especially on the luxury end, but tight lending and relentless economic gloom have spread the pain across the region and price spectrum.
-- The company behind Millennium Tower, the 60-story luxury project in SoMa set to open in April, will soon announce it is slicing all prices by 15 percent to entice buyers. In a surprising move, it's also extending that bargain to those who have already submitted deposits to purchase units.
-- The owners of the Radiance, the 99-unit waterfront mid-rise in Mission Bay, expect to say next week that they will lower prices by an average of 10 percent on selected units.
-- One Rincon Hill, the 64-story building that rises above the western approach to the Bay Bridge, isn't promoting any across-the-board cuts, but prices are down between 10 and 15 percent from a year ago, while spending on various incentives is up between 3 and 5 percent, said Paul Zeger, chief executive officer of Pacific Marketing Associates Inc., which markets that building.
-- Condo projects including the Artani at 818 Van Ness Ave., the Argenta at 1 Polk St. and the Highpoint at 1888 Geneva Ave. are being marketed as for rent or a combination of for sale and for rent, according to the Mark Co.
-- The Cubix Yerba Buena, the eight-story building at Harrison and Fourth streets divided into tiny units ranging from 250 to 350 square feet, is holding an "Economic Stimulus Sale" that began on Inauguration Day and will last until Presidents Day. During that time, it is lopping nearly 30 percent off the price of some units.
In fact, just about all condo developments with available units in San Francisco have lowered prices in the last few months.
"If they haven't, they're probably not moving inventory," said Alan Mark, president of the Mark Co., a San Francisco real estate marketing and research firm.
The developers doing the best in this market are the ones who are being realistic about the market price, spending the most on advertising and have the most desired properties, he said. Those doing most of the buying today fall into one of several atypical categories: all-cash buyers, parents purchasing condos for their children, South Bay residents looking for a San Francisco pied-À-terre and foreigners who see real value in the market, industry observers say.
The good news, Mark and others said, is that tours of properties have steadily increased since the holidays. With prices well off their highs and interest rates at historic lows, more and more people believe there are bargains to be had and are taking a serious look. The bad news is that, even if they're in a position to buy and convinced they've found a steal, many are reluctant to complete a deal because of the uncertainty in the economy.
"Everyone's got a knot in their stomach," Zeger said. "When that goes away, people will be rushing back to the marketplace."
In the meanwhile, One Rincon is managing to sell 10 to 12 units a month, a respectable number in a normal market, by bargaining on price and concessions with each potential buyer "to make a deal they think is good in this market," he said.
New York's Millennium Partners has also watched consumers grow increasingly reluctant to buy at its 60-story structure at 301 Mission St. Eleven months ago, the company announced it had put a penthouse into contract for $11 million and was well ahead of its sales goals. But after the onslaught of bankruptcies and government takeovers that began in September, the downturn caught up to the luxury market and transactions stalled.
"Interest remains strong, but people are stuck on the sidelines," said Richard Baumert, managing director of Millennium.
The company hopes its 15 percent price cut will provide the nudge potential buyers need, while bringing units down to a level that is affordable to a wider range of people. The average price tag for a unit was originally $2.5 million.
Millennium has already put in contract about 25 percent of the more than 400 condos. It extended the price break to those customers because "it was the right thing to do," Baumert said. "Everything we do begins and ends with our buyers."
Ken Rosen, chairman of the Fisher Center for Real Estate and Urban Economics at UC Berkeley, said there could be additional reasons to make the rare but not unheard-of offer: it suggests to potential buyers that they will be taken care of if prices slip further, while discouraging those in contract, whose 10 percent down payment is less than the 15 percent cut, from simply walking away.
Baumert said he was confident a significant majority of those in contract would close in April regardless of the deal.
The median sales price for all home types dropped 15.7 percent to $616,500 in San Francisco last month, according to a report by San Diego research firm MDA DataQuick released earlier this week. New homes, which almost exclusively means condos in the city, dropped 31.2 percent to $474,500.
Still, those numbers held up better than the overall region - which plummeted 43.8 percent - and will remain so thanks to the city's diverse economic base and relative lack of foreclosures, Rosen said.
"The Bay Area recession is still modest and people still want to live in San Francisco," he said. "We have a weakening market, but not a free-falling market."
E-mail James Temple at jtemple@sfchronicle.com.
http://sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/01/22/BUCT15FAG1.DTL
2008 Sales Volume
Ranked #8 amongst San Francisco Agents in 2008
Total Volume: $52,146,000
2 Vulcan $1,605,000 January 2008
90 Crown Terrace $1,500,000 February 2008
389 Roosevelt $1,880,000 February 2008
155 Belgrave* $2,150,000 February 2008
71 Miguel St. $2,649,000 March 2008
100 Palo Alto Ave. $5,625,000 April 2008
1445 Cole St. $1,819,000 June 2008
378 Cumberland $3,100,000 June 2008
395 Collingwood $2,125,000 July 2008
139-41 Pfeiffer** $1,500,000 July 2008
5 Red Rock Way $700,000 August 2008
2070-72 McAllister $1,100,000 August 2008
1111 Greenwich $2,460,000 August 2008
408-10 Utah $1,218,000 August 2008
1043-47 Treat** $1,350,000 September 2008
351 Buena Vista #103 $681,000 September 2008
850 Powell #803 $2,000,000 September 2008
226 Palo Alto $3,416,000 October 2008
896 Darien Way $1,900,000 November, 2008
625 Duncan $5,818,000 November, 2008
89 Belgrave** $2,850,000 November, 2008
*Private sale, not in MLS
**Represented both sides of transaction (buyer/seller)
Total Volume: $52,146,000
2 Vulcan $1,605,000 January 2008
90 Crown Terrace $1,500,000 February 2008
389 Roosevelt $1,880,000 February 2008
155 Belgrave* $2,150,000 February 2008
71 Miguel St. $2,649,000 March 2008
100 Palo Alto Ave. $5,625,000 April 2008
1445 Cole St. $1,819,000 June 2008
378 Cumberland $3,100,000 June 2008
395 Collingwood $2,125,000 July 2008
139-41 Pfeiffer** $1,500,000 July 2008
5 Red Rock Way $700,000 August 2008
2070-72 McAllister $1,100,000 August 2008
1111 Greenwich $2,460,000 August 2008
408-10 Utah $1,218,000 August 2008
1043-47 Treat** $1,350,000 September 2008
351 Buena Vista #103 $681,000 September 2008
850 Powell #803 $2,000,000 September 2008
226 Palo Alto $3,416,000 October 2008
896 Darien Way $1,900,000 November, 2008
625 Duncan $5,818,000 November, 2008
89 Belgrave** $2,850,000 November, 2008
*Private sale, not in MLS
**Represented both sides of transaction (buyer/seller)
Federal regulators have been busy trying to help out in the current housing situation...
Federal regulators have been busy trying to help out in the current housing situation. Here are some recent developments:
1. The Federal Reserve Board lowers interest rates for home buying and refinancing:
Federal Reserve Board (“the Fed”) has been lowering interest rates for home buyers and homeowners who need or want to refinance; and is purchasing large quantities of agency debt and mortgage-backed securities. In addition, actions by the Federal Housing Finance Agency and the Department of the Treasury have helped to drive down interest rates.
These efforts are positively impacting housing affordability, home valuations, and the nation’s overall economy, and providing support to the mortgage and housing markets. Mortgage rates have averaged in excess of 6 percent in the third quarter, but have recently fallen into the 4 percent range in some parts of the country. This is the lowest rate in nearly 50 years and should be instrumental in bringing buyers back to the market.
2. A Kinder, Gentler IRS?
The Internal Revenue Service recently announced a number of new steps to help financially distressed taxpayers who are having difficulty meeting their tax obligations. Some of the features of the program:
A. Subordination of IRS Liens: When homeowners are selling or refinancing a property, they must generally pay off an existing federal tax lien. But, because of the current economic conditions, many homeowners don't have the ability to do so. The IRS has announced that, for a refinance, the homeowner may request that the IRS make its tax lien subordinate to the lien of the lender providing the refi loan. For sales, the IRS has stated that, in certain circumstances, they will discharge its claim upon a request of the taxpayer/seller to do so.
B. Expedited Levy Releases: The IRS will speed the delivery of levy releases by easing requirements on taxpayers who request expedited levy releases for hardship reasons. With this announcement, the IRS should be able to help agents and their clients more quickly resolve federal tax liens in their sale and refi transactions.
C. Postponement of Collection Actions: In instances when a taxpayer has lost a job, is relying solely on welfare or Social Security income, or is facing significant medical bills and/or a devastating illness, IRS case workers will have broader authority to suspend collection actions where taxpayers are unable to pay because of the hardships they face.
D. Added Flexibility for Missed Payments: Where individuals have an existing Installment Agreement to make payments to the IRS on taxes due, and have previously been in compliance, the IRS is allowing more flexibility for taxpayers who have difficulty making payments because of a job loss or other financial hardship. Taxpayers in a difficult financial situation should contact the IRS.
E. Additional Review for Offers in Compromise on Home Values: An Offer in Compromise (OIC) is an agreement between the IRS and the taxpayer which settles and resolves the taxpayer’s tax debt for less than the full amount owed. However, in many cases, the equity in the taxpayer’s home can be a barrier to the IRS accepting an OIC. Now, however, the IRS recognizes that the distress in the housing markets make the perceived equity valuation questionable. So, in those cases, the IRS is creating a new, second level of review to determine if they should accept an OIC where the equity in the taxpayer’s home is in question.
F. Prevention of Offer in Compromise Defaults: Taxpayers who have an OIC but are unable to meet the agreed-upon payment terms will be able to contact the appropriate IRS office and discuss available options. The IRS is prepared to work with these taxpayers to avoid default on the OIC.
3. Tenants in Fannie Mae-Owned Properties Can Stay:
A new Fannie Mae policy will allow qualified renters occupying foreclosed properties at the time Fannie Mae acquires the property to remain in those Fannie Mae-owned properties should they choose to do so. The new policy applies to renters of any type of single-family property including residents of two-to four-unit properties, condos, co-ops, single-family detached homes and manufactured housing. Eligible renters will be offered a new month-to-month lease with Fannie Mae, or they may be qualified for financial assistance for transition to new housing should they choose not to remain in their rental unit.
4. Freddie Mac Extends its No-Foreclosure Policy:
Freddie Mac’s previous policy of suspending all foreclosure sales and evictions involving occupied single family and 2-4 unit properties with Freddie Mac-owned mortgages has been extended through January 31, 2009.
NOTE: These summaries of new laws are for general information only, and should not be interpreted as legal or tax advice, nor should these summaries be applied to any individual situation. Prior to acting, please consult your legal or tax advisor for information on how any of these laws affect you, your property or your decisions.
Copyright Broker Risk Management 2009
1. The Federal Reserve Board lowers interest rates for home buying and refinancing:
Federal Reserve Board (“the Fed”) has been lowering interest rates for home buyers and homeowners who need or want to refinance; and is purchasing large quantities of agency debt and mortgage-backed securities. In addition, actions by the Federal Housing Finance Agency and the Department of the Treasury have helped to drive down interest rates.
These efforts are positively impacting housing affordability, home valuations, and the nation’s overall economy, and providing support to the mortgage and housing markets. Mortgage rates have averaged in excess of 6 percent in the third quarter, but have recently fallen into the 4 percent range in some parts of the country. This is the lowest rate in nearly 50 years and should be instrumental in bringing buyers back to the market.
2. A Kinder, Gentler IRS?
The Internal Revenue Service recently announced a number of new steps to help financially distressed taxpayers who are having difficulty meeting their tax obligations. Some of the features of the program:
A. Subordination of IRS Liens: When homeowners are selling or refinancing a property, they must generally pay off an existing federal tax lien. But, because of the current economic conditions, many homeowners don't have the ability to do so. The IRS has announced that, for a refinance, the homeowner may request that the IRS make its tax lien subordinate to the lien of the lender providing the refi loan. For sales, the IRS has stated that, in certain circumstances, they will discharge its claim upon a request of the taxpayer/seller to do so.
B. Expedited Levy Releases: The IRS will speed the delivery of levy releases by easing requirements on taxpayers who request expedited levy releases for hardship reasons. With this announcement, the IRS should be able to help agents and their clients more quickly resolve federal tax liens in their sale and refi transactions.
C. Postponement of Collection Actions: In instances when a taxpayer has lost a job, is relying solely on welfare or Social Security income, or is facing significant medical bills and/or a devastating illness, IRS case workers will have broader authority to suspend collection actions where taxpayers are unable to pay because of the hardships they face.
D. Added Flexibility for Missed Payments: Where individuals have an existing Installment Agreement to make payments to the IRS on taxes due, and have previously been in compliance, the IRS is allowing more flexibility for taxpayers who have difficulty making payments because of a job loss or other financial hardship. Taxpayers in a difficult financial situation should contact the IRS.
E. Additional Review for Offers in Compromise on Home Values: An Offer in Compromise (OIC) is an agreement between the IRS and the taxpayer which settles and resolves the taxpayer’s tax debt for less than the full amount owed. However, in many cases, the equity in the taxpayer’s home can be a barrier to the IRS accepting an OIC. Now, however, the IRS recognizes that the distress in the housing markets make the perceived equity valuation questionable. So, in those cases, the IRS is creating a new, second level of review to determine if they should accept an OIC where the equity in the taxpayer’s home is in question.
F. Prevention of Offer in Compromise Defaults: Taxpayers who have an OIC but are unable to meet the agreed-upon payment terms will be able to contact the appropriate IRS office and discuss available options. The IRS is prepared to work with these taxpayers to avoid default on the OIC.
3. Tenants in Fannie Mae-Owned Properties Can Stay:
A new Fannie Mae policy will allow qualified renters occupying foreclosed properties at the time Fannie Mae acquires the property to remain in those Fannie Mae-owned properties should they choose to do so. The new policy applies to renters of any type of single-family property including residents of two-to four-unit properties, condos, co-ops, single-family detached homes and manufactured housing. Eligible renters will be offered a new month-to-month lease with Fannie Mae, or they may be qualified for financial assistance for transition to new housing should they choose not to remain in their rental unit.
4. Freddie Mac Extends its No-Foreclosure Policy:
Freddie Mac’s previous policy of suspending all foreclosure sales and evictions involving occupied single family and 2-4 unit properties with Freddie Mac-owned mortgages has been extended through January 31, 2009.
NOTE: These summaries of new laws are for general information only, and should not be interpreted as legal or tax advice, nor should these summaries be applied to any individual situation. Prior to acting, please consult your legal or tax advisor for information on how any of these laws affect you, your property or your decisions.
Copyright Broker Risk Management 2009
Sunday, January 18, 2009
92 Saturn Street
92 Saturn
Offered at $889,000
3 bedroom, 2 bathroom condominium with significant upgrades within the unit and common areas - to include structural (voluntary), architectural, mechanical/plumbing and electrical. A private view roof-deck off one of the bedrooms gives views to the Bay, Sutro Tower/Twin Peaks and over Eureka Valley and Corona Heights.
www.92saturn.com
342 Liberty Street
342 Liberty Street
Offered at $2,495,000
Set amongst the signature gardens of Liberty Street, a symphony of foliage and color, this inspired residence has been reawakened to honor its architectural character and to collaborate with smart, modern-day living. Leaving the tempo of the City at the crest of the street, you will arrive to a home that infuses views into three levels of rich living. Three bedrooms, three bathrooms, an office/den, formal dining room, wine cellar, prodigious great room and culinarian’s kitchen all promise comfort and style for a new way of living.
www.342liberty.com
San Francisco Shifts to a Buyers Market
San Francisco Shifts to a "Buyer's Market"
SF is one of the world’s most desirable places to live and still has the “strongest economy in the state*,” but with September’s deterioration of financial markets, the real estate market underwent a seismic shift. Sales and median prices declined dramatically. Price reductions, time on market, and the months-supply of homes for sale soared. Where the market was strongest—generally the high end—activity dropped precipitately. Areas with the highest foreclosure rates—in the less affluent southeast quadrant of the city—saw large increases in sales. Some offers are being accepted well below asking price. It is too early to say exactly what this means for 2009: between macro-economic conditions and the holiday season, many neighborhoods had too few sales for meaningful statistics. And medians and averages are always generalities. Still, after years of being mostly a seller’s market—high demand, low supply, multiple offers over asking price—SF has made the transition to a buyer’s market—more choice, more negotiation, lower prices and very low interest rates. This trend may well spark an upswing in sales in 09.
Comparing November 2008 with November 2007, SF house sales declined by 26%, condos by 55%, TICs by 74%, and 2-4 unit buildings by 65%. This reflects a market in shock from national economic conditions.
Comparing November 2008 with November 2007, the average sales price as a percentage of list price for houses accepting offers within 30 days of going on market declined from 104.1% to 99.8%. Though still high by national standards, this is the first time in years that the average sales price has been below average list price for houses selling quickly in SF.
* Beacon Economics, October 2008 Forecast
SF is one of the world’s most desirable places to live and still has the “strongest economy in the state*,” but with September’s deterioration of financial markets, the real estate market underwent a seismic shift. Sales and median prices declined dramatically. Price reductions, time on market, and the months-supply of homes for sale soared. Where the market was strongest—generally the high end—activity dropped precipitately. Areas with the highest foreclosure rates—in the less affluent southeast quadrant of the city—saw large increases in sales. Some offers are being accepted well below asking price. It is too early to say exactly what this means for 2009: between macro-economic conditions and the holiday season, many neighborhoods had too few sales for meaningful statistics. And medians and averages are always generalities. Still, after years of being mostly a seller’s market—high demand, low supply, multiple offers over asking price—SF has made the transition to a buyer’s market—more choice, more negotiation, lower prices and very low interest rates. This trend may well spark an upswing in sales in 09.
Comparing November 2008 with November 2007, SF house sales declined by 26%, condos by 55%, TICs by 74%, and 2-4 unit buildings by 65%. This reflects a market in shock from national economic conditions.
Comparing November 2008 with November 2007, the average sales price as a percentage of list price for houses accepting offers within 30 days of going on market declined from 104.1% to 99.8%. Though still high by national standards, this is the first time in years that the average sales price has been below average list price for houses selling quickly in SF.
* Beacon Economics, October 2008 Forecast
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