Monday, January 7, 2008


One of the great features available to Realtors through the San Francisco Multiple Listing Service is the 24 Hour Market Watch. This gives us a quick overview of what has happened in the last twenty four hours; it is a glimpse into current trends. We will share this with you from time to time as once you have seen a number of them you can start to draw your own conclusions. The categories we will report on today are:

New Listings

9 Single Family Homes. The neighborhoods represented in this group are Outer Richmond, Lone Mountain, Outer Parkside (spelled "Outer barkside" in the listing; choose your agent carefully!) , Oceanview, Westwood Park, Bernal Heights, and Visitacion Valley.

13 Condo/Coop/TIC/Lofts. One of these just came out as I am writing. It is a two bedroom, two bath condominium on Castro at 20th Street listed at $965,000.

1 Two Unit Building. This building was on the market previously but withdrawn and relisted with a different agent as a new listing this year.

Back on Market

1 Single Family Home. This category represents homes that were in escrow but have fallen out and were re released for sale. They can fall out of escrow for any number of reasons ranging from problems with the buyer's financing to something uncovered during the buyer's inspection period. This particular home is a four bedroom, two bath, tenant occupied home in Visitacion Valley listed for $598,000.

4 Tenancy in Commons. Three of the four are in one three unit building; two have been remodelled and the cottage in the back needs some work. TICs have an additional set of hurdles to get over during escrow. If it is a group loan, the partners need to approve of each other and each other's finances before proceeding. This particular three unit building that has come back on the market is on 29th Street in Noe Valley. The individual units are listed for $849,000, $799,000, and $399,000 for the cottage.

Price Increase

1 Condo. This shows as a price increase but was actually only a typo. Technically there were no price increases. Generally, the reason somebody increases the price on a property is because they began with a low asking price hoping to create a frenzy. For whatever reason a frenzy was not created. The likelihood of the seller receiving more than their asking price decreases as time goes on. They may, at some point, decide to raise their asking price to a number they are willing to accept.

Price Reductions

2 Single Family Homes. One is a short sale in the Outer Sunset; the other is a bank owned property in the Bayview.

2 Condos. One of these is a loft that is being reduced in price for the second time.

1 Two Unit Building. This is a fixer probate sale in Visitacion Valley listed at $695,000.

No comments: