Median Sales Price, last 180 days % Change from prior 180 days Avg. Days on Market, last 180 days % Change from prior 180 days
$668,000.00 +13.80% 61 -12.86%
$605,000.00 -0.98% 80 +1.27%
$1,008,000.00 +8.39% 86 -6.52%
Hunters Point ShipyardWe've been discussing large development projects that have the ability to change the face of certain area's of our great city. None are more important than the renovation of the Hunters Point Shipyard. A brief look at what's done and what's next: Developer: Lennar Urban Phase 1: 88 units set to break ground at the start of 2010 Phase 1A: 159 units set to break ground in the 2nd half of 2010 Price Range: $400K-$700K with the majority of units priced under $500K. Price per square foot will be in the neighborhood of $500. While the developer is slightly leery of the current market, there's also much optimism. "This is a long-term project, and we have to get started at some point. By the time the first batch of homes are on line, there won't be a lot of inventory of new projects out there," said Jack Robertson, VP of Development for Lennar Urban. Materials used will be stucco, corrugated steel, wood, translucent resin panels and lots of glass to take advantage of city and bay views. The project will have a much different feel than the block style located along Berry Street.
Mission Bay Development
Six years ago there was a vision for a new neighborhood in southeast San Francisco. Come Thanksgiving when 130 families move into the recently completed Mission Walk project (pictured right), there will be a total of 3,426 new units added over the past six years! There will be a lull, however, of at least 2 years before the next batch of 6,000 units is complete. Project UpdatesRadiance: 99 units in Phase 1 with only 4 remaining. The next phase of 318 units is set to resume construction in late 2010. Artera: 269 units with only 40 remaining Mercy Housing: Affordable housing units, similar to Mission Walk, is currently raising money for the 2nd phase of development and has slated 2011 for construction with completion in 2012 One surprising element with all the development - kids! The area is home to over 350 children. A neighborhood group has been formed with the goal of creating a playground, which was not slated for construction until 2012, but is now becoming a major priority.
Tis the Season
With Thanksgiving nearly here, holiday festivities are springing up all around town. A few highlights to get your holiday cheer in full swing 39th Annual Tree Lighting at Ghirardelli Square November 25th, 5:30pm 50 foot tree, Ghirardelli carolers and hot chocolate - Yum! Festival of Lights November 26th - December 31st Fisherman's Wharf. The holiday season is the time to visit this typical tourist stop. Bright lights outline the buildings and decorations line the lagoons. Union Square Tree Lighting November 28th, 6pm Yet another tree lighting, but you can ice skate and watch this one! Holiday Ice Rink at Embarcadero Center Open now. Easily one of the best outdoor seasonal rinks. Where else in the world can you ice skate alongside Palm Trees?
Recent listings, sales, and market data are based on information from the San Francisco Association of Realtors MLS for the periods shown. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS.
I recently pulled data for a neighbor who is evaluating selling his Burlingame home. It's a bit of a mixed bag with trends but overall there is an improvement from October 2008.
Days on market is down slightly:
Median price is up:
Inventory is down:
Units sold has been on a consistent upward trend with the exception of August & October 2009.
There has been a steady up tic in buyer demand as of April of 2009 with properties going into contract at a 33% increase.
Then we hit the expireds. Wow!! A 129% increase in expireds. Expireds include withdrawn and canceled listings as well. I did a little more digging & pulled these properties in the MLS. Pricing was a good cross section of Burlingame properties ranging from ~$2,000,000 to the low of $779K for a bungalow on the east side.
Apparently there was a rather large group of sellers for the month of October who didn't have realistic pricing in place, putting their overpriced property on market & letting it linger for up to 6 months before taking it off market.
Who whee!! We must have had a group of tired, frustrated agents who didn't get paid at the end of the day (or more accurately at the end of 3-6 months).
October had a sale high of $3,050,000 and a low of $525,000, which was a short sale in Lyon Hoag (east side)-a super cute 2br/1ba Craftsman Bungalow with no parking (it's pretty rare to come across homes without parking in Burlingame unlike S.F.) and a small lot (3125sf vs. the average 5000sf). It so reminded me of a San Francisco property.
To wrap it up, Burlingame properties that are well priced & show well are selling within 30 days & sometimes within the first week with multiple offers.
Posted by:
Cheryl Bower, Realtor , GRI, ABR Cell 415.999.3450
I'm very excited to at last be paying a visit to Heath Ceramics in Sausalito this weekend. Better yet, it's their annual 20% off sale. I've been so drooling over their tile (my other favorite for tile is Walker Zanger with stores in Hayward & San Francisco).
I'm thinking about new tile for a bathroom in need of upgrading and between these two places I should be able to find inspiration! Both stores also sell seconds or discontinued tile, a great way to save a few bucks since their tile can be pricey but very high quality.
As an aside (forgive me, I will occasionally digress): when updating rooms in your home, it's typically the labor that is the most expensive cost. It's so obvious when developers or home owners cheap out on material. There is a time and place for Home Depot vs. higher quality tile or higher quality construction products. One needs to balance resale value as well as not over improving for one's neighborhood.
Check in with your local Realtor for feedback when doing your next project. After all, we see hundreds of properties a year & are also getting lots of feedback from buyers as to their likes/dislikes. A misstep in product selection could end up being a huge miss for future buyers which will end up coming out of your bottom line when you're trying to sell your property.
Subtle nuances such as choice of wood floor finish (please!!! don't use high gloss sheen-it's tacky & reflects too much light; matte/low sheen is better & allows the wood grain to better show through) to doors (No hollow core doors!!! They scream cheap. It's not that much more money to purchase solid doors) to choice of tile (Home Depot tile does not belong in new construction or renovated bathrooms/kitchens especially in some of our higher end neighborhoods/communities).
Don't get me started on vinyl windows! I'll save my thoughts on vinyl for a future post. ;-)
At last! I'm circling back round to my original point which is to go check out Heath Ceramics this weekend!
As of the latest Burlingame e-newsletter, there are exciting environmental changes underway! It has taken time, but it seems like green/eco-friendly construction & living are finally gaining momentum.
Now if Burlingame would implement recycling pick-up on a weekly basis rather then the current bi-monthly schedule as well as start a home green garbage compost program (currently just yard waste is picked up). Thus far my complaints and suggestions to Allied Waste have fallen on deaf ears.
My understanding is that more frequent pick ups are expensive but I believe there would be an increase in recycling by Burlingame residents. If it's not "easy" it's not going to happen is my feeling. As it currently stands, we also have to sort paper from glass/cans/metals adding another layer of inconvenience.
In comparison, San Francisco has a great recycling program consisting of weekly pickup, one bin for paper and glass, and home composting pick up. Currently, I have to store 6 bulky bins due to Burlingame's recycling system. Ah well, I'll keep working on this.....
Two architects have been elected to lead the new Burlingame Citizens Environmental Council, an organization of citizens who plan to help their community become more environmentally sustainable by reducing carbon emissions, preserving natural resources and promoting sustainable lifestyles. The group elected Stan Vistica as Chair and Jerry Winges as Vice Chair. Vistica, an architect based in San Francisco, has served on the Planning Commission for 10 years. Winges owns an architectural firm in Burlingame.
The Burlingame Citizens Environmental Council (BCEC) began meeting this fall after the city's Green Ribbon Task Force disbanded. The Task Force, which was formed in 2007, completed its work when the city's Climate Action Plan was adopted by the Burlingame City Council last summer.
BCEC plans to promote the adoption of green building practices in Burlingame and to make certain the city meets deadlines outlined in its Climate Action Plan. Representatives will work closely with local schools. Among its local initiatives will be a Drive Less Challenge, bike tours, a tour of sustainable homes and a green business incentive program. The group plans to continue the successful green speaker series and Green Street Fair pioneered by the Green Ribbon Task Force.
"I am delighted to lead Burlingame citizens in our effort to clean up the planet while improving lifestyles. One of our goals is to attain measurable environmental improvements using the Climate Action Plan as a baseline. It's going to be exciting," said Vistica.
Vistica noted that BCEC is currently looking for individuals to help design a Web site for the group, write grants and assist with community outreach. BCEC invites other interested Burlingame residents to join. The organization's next meeting will be held Thursday, December 3, at 7 p.m. at TRG Architects in Burlingame.
Here is the latest "what are they thinking?" proposal from the ever creative city of San Francisco; a new proposal from S.F. Animal Control that would force property owners to accept pets in their rental units.
As a major pet lover (& owner of 2 dogs & 2 cats) and pet friendly rental property owner, I fully support providing pet friendly rentals and have a screening process for pets (dogs in particular). I also encourage my small group of clients who I handle leases for to go pet-friendly.
It should be a property owners personal choice to allow pets and NOT something that the city should force on property owners. There is also tremendous liability that property owners can face if there ever is an issue with a pet. I'm sure & hope that all pet-friendly property owners have been even more diligent in the screening of dogs after the horrible mauling of Diane Whipple in 2001.
There are also restrictions from insurance companies as to what dog breeds are allowed on a property. This proposal just does not make sense for either property owners or tenants!!
In its October 8 public meeting, the S.F. Animal Control and Welfare Commission proposed a new law that would prohibit property owners from excluding pets in rental units.
Still in the discussion phase, the proposal has yet to be referred to the Board of Supervisors, whose approval would be required to make it law. In keeping with the SF/SPCA’s “no-kill” policy, the Commission aims to increase pet-friendly housing to increase the number of pet adoptions. In fact, SF/SPCA has extended its efforts to cities far beyond San Francisco.
While admirable in theory, it is entirely unacceptable to import animals to San Francisco from other jurisdictions and expect (require) property owners to bear the burden by allowing them into their rentals.
In 2007, when the Commission first proposed to increase the number of pet-owning tenants in the city, the Board of Supervisors made it clear that it did not want property owners compensated for the substantial added wear-and-tear and liability created by pets.
Not only did the Board vote against implementing a 5% rent surcharge to pet-owning tenants; it ousted the three commissioners who had supported the idea. In its proposal, the Commission has clearly failed to foresee the serious repercussions property owners and tenants alike would suffer under such a mandate.
Property owners will inevitably be held responsible with the impossible charge of maintaining their tenants’ comfort as non-pet-owning tenants pass through common areas. Irresponsible pet owners will put a strain on tenant relations as allergy-suffering tenants are forced to endure daily exposure to animals, tenants who fear certain animals are forced to interact with them daily, and tenants are disturbed by animal smells and noises which will inevitably emanate from their neighbors’ apartments.
In addition, the Commission proposes allowing only “non-dangerous” pets in the mandate. However, any animal behaviorist will tell you it is impossible to determine an animal’s temperament purely by breed or species.
San Francisco property owners do not need more laws dictating how they manage their buildings. Instead, they should be given incentives to voluntarily allow pets into their buildings.
Posted by:
Cheryl Bower, Realtor , GRI, ABR Cell 415.999.3450
So I've been shopping in Bernal Heights for the last few weeks with a new client. I like to get a sense of market trends and rely on Terradatum (now offered at no cost by both my S.F. and Peninsula Realtor associations!!) for neighborhood & property specific market data; what are the trends including days on market, properties going into contract, inventory levels, new properties hitting the market & of course pricing trends. Data that Terradatum provides in an easy to interpret chart format which I then share with clients to help in their decision making process.
Wow!! As the chart above shows, there are lots more buyers out there now as compared to 2008. Properties going into contract are up 138%!
As for inventory levels in Bernal, volume is way down by 62%. A balanced market is considered 6 months of inventory; more than 6 months indicates a buyer's market; less then 6 months indicates a sellers market. Fewer listings hitting the market & increased buyer volume=less inventory. Does this mean we have the crazy days of the early 2000's? Nope! It's definitely a mixed-bag out there.
Well priced properties that show well can bring in multiple offers; then there are the lingering properties, on market for 30+ days indicating it's time for a price reduction. Financing is our biggest challenge and buyers, understandably aren't willing to overpay for a property. The heat is on for the Grade A properties and for the rest, buyers are thoughtfully reflective, not willing to rush in unless they feel it's the "perfect" property for them.
Based on the chart of expired listings, it looks like sellers and/or agents are being more realistic with pricing when compared to 2008 since expireds are down 57%.
Days on market is indicating that buyers are taking their time in making a move. One does need to evaluate if numbers are skewed by those few die hard sellers who are still stuck in the heyday market that is no longer there, who have an overpriced property & therefore long days on market.
Each chart can be downloaded by clicking on the chart or if you'd like more detailed market data for Bernal or your specific neighborhood, shoot me an email. I'm happy to provide data for your area.
This is just a snapshot of 8-10 charts of market specific data that Terradatum provides, pulling data from the MLS. Data in this post is just for single family homes.
Zephyr Real Estate has been a sponsor of this fundraiser for the last several years. Proceeds go to the AIDS Emergency Fund and Breast Cancer Emergency Fund. There are some great participating restaurants on the list including one of my favorites, Le Charm in SOMA. Plenty of other choices as well in the Castro, Noe Valley, the Mission, the Haight & Hayes Valley.
Here's how you can help:
Get the word out about Dine - Shop - Drink Around. Please email and otherwise invite your loved-ones, friends and associates to be a part of this event.
Here's our website-see a list of participating establishments:
Be a Captain at a Restaurant or Bar When you commit to be a Captain you are agreeing to invite at least seven of your friends to join you for dinner and/or drinks at your favorite participating Restaurant and Bar. (See list below) You can sign up to be a Captain on our Volunteer Website at: http://www.aef-sf.org/volunteernow
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Be a Greeter at a Restaurant, Merchant or Bar Several participating establishments have agreed to allow greeters on-site during the event. Greeters are instrumental in providing hospitality for and information about the event while raising additional monies. To see the complete list of establishments where we need Greeters, please visit our volunteer website at: http://www.aef-sf.org.volunteernow
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LIST OF RESTAURANTS
CASTRO 2223 Restaurant Anchor Oyster Bar Bombay India Restaurant Capri Ristorante Catch Cote Sud Destino Duboce Park Café Harvey’s Home Restaurant Ike’s Place La Mediterranee Poesia Squat & Gobble Café Tangerine Thick ‘n Thin Pizza Zadin
HAIGHT Squat & Gobble Café
HAYES VALLEY Squat & Gobble Café
MISSION Dolores Park Café Medjool
NOE VALLEY Bacco Ristorante Fattoush Lovejoy’s Tea Room Lupa Trattoria
SOUTH OF MARKET 21st Amendment Brewery Fringale Le Charm French Bistro
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LIST OF MERCHANTS/SPAS
CASTRO Body Books, Inc. Citizen Does Your Mother Know Hand Job Spa Sui Generis Under Glass Framing
HAYES VALLEY Babies Pet Boutique Primrose Natural Skincare Spa Noe Valley See Jane Run Sports
SOUTH OF MARKET Madame S Leather Mr S Leather Stompers
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LIST OF BARS/LOUNGES
CASTRO 440 Harvey’s Lookout Midnight Sun Moby Dick Q Bar SF Badlands The Edge Toad Hall Twin Peaks
Perhaps you will have a nice, unexpected year end cash bump? Check out the State website below to see if they're holding some long forgotten cash of yours.
The following excerpt as provided by the Small Property Owners of San Francisco Institute September 2009 newsletter has all the details. As an aside, this is a great organization to join if you own rental property or want to stay on top of the latest wacky, rental related laws that are perpetually being proposed which more frequently than not can negatively impact both property owners and tenants.
The State of California currently holds more than $5.1 billion in unclaimed property belonging to some 8.2 million individuals and organizations. This property was acquired through California’s Unclaimed Property Law, which requires “holders” such as corporations, business associations, financial institutions, and insurance companies to annually report and deliver property to the Controller’s Office after there has been no customer contact for three years. Often the owner forgets that the account exists, or moves with no forwarding address, or the forwarding order expires. In some cases, the owner dies and the heirs have no knowledge of the property.
The database will search for property associated with the information you provide, and if any money is due you, instructions and claim forms are provided. Or you may call 1-800-992-4647 for more information.
A recent San Francisco Business Times article highlighted ten developments that could significantly alter the SF Bay Area housing market. Let's take a look at a couple of the ones planned for SF:
Hunters Point Naval Shipyard
1,400 homes in Phase 1 10,500 in Phase 2 For Sale and Rent: 30% below market value (BMR)/affordable Non Residential: 25 acres of parks, trails and open space; 750,000 square feet of retail space. This project will completely redefine the former Hunters Point military base and potentially house over 20,000 people. The first 88 homes are set to be completed in 2011. 570 units are set to be finished by 2012. The entire project should be completed in 15 years.
Parkmerced
An additional 5,679 units planned would bring the total to 8,900. Most of these will be rental units with some for sale. Non Residential: Parks, transit stops, retail and a grocery store. This would create San Francisco's largest rental complex/community. The dangerous MUNI stop at 19th and Holloway would be moved and become part of Parkmerced Village, which would contain a grocery store, farmers' market, cafe and other retail stores. Environmental review is set to be completed by the end of 2009, and the project should come before the Planning Commission in Fall of 2010.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
Real Estate Update for San Francisco Homebuyers and Sellers
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