Thursday, July 3, 2008

Weekly Sales Report

Summer is here, and although many people think of the summer as buying season, there is actually usually a dip in sales during this time of year. People are busy with summer activities with the children, vacations, and celebrating the 4th of July! While numbers were slightly up from last week, they still did not hit the highs of the spring. Things should stay relatively calm in the summer, and we will most likely see a peak again in September and October.

Having said that, of the sales we had last week, almost 40% of them were multiple offer situations, some with four and five offers. Another couple I met this past weekend had put some offers in and had been outbid each time. They looked a bit disillusioned, and their parents who were in town visiting from Chicago simply did not believe that it was true. "We believe them, but we can't believe it!"

The property with the most bids this week was a nice little two bedroom condo on 18th Ave in the Central Richmond District; the cross street is California. One might argue that it was priced on the low side for a two bedroom condominium in that neighborhood at $649,000. The second bedroom, however, is straight off the kitchen and the other bedroom, and it is currently set up as a tatami room, which may not appeal to everyone. We liked it as it was, but also thought it would make a perfect office or nursery. Other than that, the building was only a two unit building, with parking, a nice shared garden with direct access from the kitchen of this unit, and it was well cared for and remodelled. It will close at close to 10% over the asking price.

For those of you looking for a deal because of the soft market, don't fret. Almost 20% of the homes sold last week went for under the asking price. At least one property had multiple offers and still sold under the asking price; you are not the only one looking for a deal.

So let's enjoy our summer; along with our weekly updates and other news, we will bring some of the great summer activites San Francisco has to offer which is always a great way to explore the city. This weekend, don't forget to stop by the Fillmore Jazz Festival which is happening on Fillmore between Jackson and Eddy. Make a point to stop by Zephyr's booth which will be at California; Anja and I will be there Saturday afternoon and we will look for you!

Have a wonderful and safe 4th of July!

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