Happy Halloween! Understandably most of us adults do not do much celebrating on this day, but if you have children it is a whole other story. You'd better believe that I will be out there trick or treating with my four year old who chose to be Elvis Presley and made his grandmother very proud. He is the only boy not dressing up as a super hero in his preschool. My four month old son will be a tootsie roll; the most ridiculously cute thing you have ever seen! I'm only mentioning this because there are certain spots in San Francisco that go all out for Halloween. It shows a sense of community and pride in the neighborhood which some people look for when trying to choose where they want to settle. Some of those spots are:
Fair Oaks in Noe Valley: they close of this street from 21st to 26th Street and it is packed with little princesses and superheros before long.
Westwood Park: This neighborhood is bordered by Ocean Ave and Monterrey Street. It feels like a suburb in that the houses are detached and have front yards. All through this neighborhood you will find homes decorated to the max and people sitting on their porches watching the crowds of trick or treaters pass by.
Belvedere Street in Cole Valley is another popular spot. I've this is where I've heard that the best candy can be found!
29th Ave in the Sunset at Golden Gate Park is the last on this list. It is a wonderful block of beautiful houses and families who know each other and love to celebrate.
There may be others, but how much candy can one person eat? The point is that if it is community you are looking for, learning about the events in the area may give you an idea of the level of involvement.
In spite of the holiday, there are still houses to be sold! The Fed announced another rate cut today bringing the federal funds rate to 4.5%, the lowest since January of 2006.
Statistics
14 Escrow opened this week; only 3 were multiple offer situations. The most offers on a property were 4 on one of the mural building units on 24th Street in the Mission.
13 Escrows closed this week. 5 sold over asking, 7 sold under asking, and one at asking. The lowest underbid was a single family home in Jordan Park listed for 2,095,000. It finally sold for $1,875,000 after being on the market for about a month.
Wednesday, October 31, 2007
Monday, October 29, 2007
No Pressure
There is one thing that stops us from doing the things in life that are important to us...FEAR! We think about things for a long time; think about doing them, how it will be, what will happen, how it will all play out. Thinking about it seems to be much safer than doing it. Thinking is the first stage. Next comes talking about it. Once you've decided, after thinking about it for awhile, that you actually want to do it, you first need to talk about it with everyone you know. That makes it more real. Now you have talked about it with your friends and family, maybe you can put the wheels in motion.
The point is, making major changes in life is scary, and sometimes our fear takes over. In terms of real estate, whether you are a buying or selling, there are certain action steps you can and should take preliminarily that will put you on the road and may help ease your fears.
Buyer Fear: Committing to a Realtor
It seems that buyers have decided that you don't need a Realtor until the eleventh hour. The fear, I believe, is that you will feel pressured. Our motto is that we would never push you to buy; we will push you to be ready should the right house come along. Being ready means obtaining your pre approval from a lender and staying informed by a Realtor. In the end it means that you have professional and informed people in your corner; that shouldn't be scary!
Seller Fear: Not getting the price I need
Again, being informed by a Realtor is your best weapon. Invite us over to look at the comparables in the neighborhood. That will give you a realistic idea of the value of your home. Also, you may be overwhelmed by improvements you want to make before putting the house on the market. We would be happy to walk through your home with you and prioratize work. Tell us what your fix-it budget is, and we will tell you what will give you the most bang for your buck. If you take these things one step at a time, it is not nearly as overwhelming. Lastly and most importantly, once you've done the work and looked at the data and put your house on the market, you have the right to accept, reject, or counter any offer. You are the boss; we are only there to advise. We are willing to walk away from an offer if it is not what you are looking for. Are you?
The point is, making major changes in life is scary, and sometimes our fear takes over. In terms of real estate, whether you are a buying or selling, there are certain action steps you can and should take preliminarily that will put you on the road and may help ease your fears.
Buyer Fear: Committing to a Realtor
It seems that buyers have decided that you don't need a Realtor until the eleventh hour. The fear, I believe, is that you will feel pressured. Our motto is that we would never push you to buy; we will push you to be ready should the right house come along. Being ready means obtaining your pre approval from a lender and staying informed by a Realtor. In the end it means that you have professional and informed people in your corner; that shouldn't be scary!
Seller Fear: Not getting the price I need
Again, being informed by a Realtor is your best weapon. Invite us over to look at the comparables in the neighborhood. That will give you a realistic idea of the value of your home. Also, you may be overwhelmed by improvements you want to make before putting the house on the market. We would be happy to walk through your home with you and prioratize work. Tell us what your fix-it budget is, and we will tell you what will give you the most bang for your buck. If you take these things one step at a time, it is not nearly as overwhelming. Lastly and most importantly, once you've done the work and looked at the data and put your house on the market, you have the right to accept, reject, or counter any offer. You are the boss; we are only there to advise. We are willing to walk away from an offer if it is not what you are looking for. Are you?
Friday, October 26, 2007
Weekend Events
Welcome to the weekend, people! It seems that you have successfully made it through another week. Most of the time we just chug on through, but every once in a while an unexpected obstacle makes the week feel unnecessarily difficult. Have you ever heard the saying that if someone does a good job you will pass the word along to one person, but if they do a bad job the word quickly passes to ten people? I suppose it speaks to our nature to "vent". It somehow makes us feel better.
This past week was made difficult for us due to a lighting store called City Lights in SoMa. If you need lighting of any kind, and are looking for even a small amount of customer service, this is not the place to go.
It started at the beginning of the week when we were trying to brighten up the kitchen in our client's loft. Anja went down to City Lights on Folsom in the SoMa district and picked out the perfect one. She placed it on hold and sent the seller to pick it up the next day. He went, and unbeknown to him, was given the wrong lamp. He took it home and hung it; Anja went by to see it and saw that it was the wrong lamp; she took it back for the original choice as the one he was given did not solve the lighting problem.
Can you believe they did not want to do the exchange! Not only that, they told her she couldn't have her original choice as it was new and they needed it on the floor. Why didn't they tell her that to begin with? She had to choose another lamp, which in the end didn't work either, and that was just the beginning of a long chain of events that ended with Anja being the not so proud owner of a $400 lamp she does not want. They were extremely unpleasant from the beginning, even though the whole sting of events stemmed from their misake.
What ever happened to customer service? OK, see, I feel better! In the end, we purchased a light and supplies from Universal Electric Supply just around the corner, where the prices are better and the cusomer service is brighter!
Let's move on to the weekend! There are 120 open houses scheduled for today (Saturday October 27th) and 873 open houses scheduled for tomorrow. Those numbers have been pretty consistent this month. If you are in the Potrero Hill neighborhood, stop by 1605 18th Street. It was featured in yesterday's post.
If you are a fan of the regular Saturday afternoon farmer's market at the Ferry Building, this weekend is the weekend to go. All weekend long the Ferry Building Marketplace will be hosting the fifth annual Harvest Festival. It actually began on Friday with wine and beer tasting, and goes through Sunday with wonderful local vendors, book signings, cooking demonstrations, and on Sunday Barn Yard by the Bay for the children. Have a look at these South Beach properties while you are in the neighborhood.
Going from the Bay to the Pacific, another event for those of you with kids is the annual "Boo at the Zoo" at our very own San Francisco Zoo. Along with all of the regular zoo attractions, there will be trick or treating, live entertainment, arts and crafts, and special presentations. Just be sure to leave your masks at home; you don't want to scare the animals! While you're in the neighborhood, stop by these Outer Parkside and Lakeshore open houses.
Just one more thought on the "venting" idea. The idea is that we are upset when we are not treated right, so everybody and their mother hears about it. Maybe we should try to pass the word along as aggresively when we are treated right. When somebody does a good job, let's try to pass it along to ten people. They deserve it!
This past week was made difficult for us due to a lighting store called City Lights in SoMa. If you need lighting of any kind, and are looking for even a small amount of customer service, this is not the place to go.
It started at the beginning of the week when we were trying to brighten up the kitchen in our client's loft. Anja went down to City Lights on Folsom in the SoMa district and picked out the perfect one. She placed it on hold and sent the seller to pick it up the next day. He went, and unbeknown to him, was given the wrong lamp. He took it home and hung it; Anja went by to see it and saw that it was the wrong lamp; she took it back for the original choice as the one he was given did not solve the lighting problem.
Can you believe they did not want to do the exchange! Not only that, they told her she couldn't have her original choice as it was new and they needed it on the floor. Why didn't they tell her that to begin with? She had to choose another lamp, which in the end didn't work either, and that was just the beginning of a long chain of events that ended with Anja being the not so proud owner of a $400 lamp she does not want. They were extremely unpleasant from the beginning, even though the whole sting of events stemmed from their misake.
What ever happened to customer service? OK, see, I feel better! In the end, we purchased a light and supplies from Universal Electric Supply just around the corner, where the prices are better and the cusomer service is brighter!
Let's move on to the weekend! There are 120 open houses scheduled for today (Saturday October 27th) and 873 open houses scheduled for tomorrow. Those numbers have been pretty consistent this month. If you are in the Potrero Hill neighborhood, stop by 1605 18th Street. It was featured in yesterday's post.
If you are a fan of the regular Saturday afternoon farmer's market at the Ferry Building, this weekend is the weekend to go. All weekend long the Ferry Building Marketplace will be hosting the fifth annual Harvest Festival. It actually began on Friday with wine and beer tasting, and goes through Sunday with wonderful local vendors, book signings, cooking demonstrations, and on Sunday Barn Yard by the Bay for the children. Have a look at these South Beach properties while you are in the neighborhood.
Going from the Bay to the Pacific, another event for those of you with kids is the annual "Boo at the Zoo" at our very own San Francisco Zoo. Along with all of the regular zoo attractions, there will be trick or treating, live entertainment, arts and crafts, and special presentations. Just be sure to leave your masks at home; you don't want to scare the animals! While you're in the neighborhood, stop by these Outer Parkside and Lakeshore open houses.
Just one more thought on the "venting" idea. The idea is that we are upset when we are not treated right, so everybody and their mother hears about it. Maybe we should try to pass the word along as aggresively when we are treated right. When somebody does a good job, let's try to pass it along to ten people. They deserve it!
Thursday, October 25, 2007
Award Winning Loft
Amidst the Victorians and the views in Potrero Hill, you will find the wonderfully unique g2 Lofts. This award winning condominium complex sits on Arkansas and 18th Street in Potrero Hill, just blocks away from the wonderful shops and restaraunts this neighborhood has to offer. Architect David Baker combines a single-family home, a variety of flats, townhouses, artist lofts, and several flexible shared spaces into the g2 community. This development includes a wonderful park like common area, and many of the units have gorgeous panoramic downtown views for which the neighborhood is famous.
Lucky for you, there just happens to be a unit available! Welcome home to 1605 18th Street!
This unit has a unique three level floor plan with a nice open feel. It is a large one bedroom and comparable in size to the two bedroom units. Walk in and immediately you will see the fabulous downtown views from the floor to ceiling windows in the living room.
Upstairs you will find the huge master bedroom with a full bath and a wall of closets. The live in kitchen on the lower level is spacious and modern with beautiful Italian marble tile floors. Completing this floor is another full bath and a cleverly designed laundry area.
The parking space is in the garage directly below the unit.1605 18th Street is listed at $699,000.
It is easy to see, just give us a call for a private showing or come to one of our many open houses. The schedule is:
Oct. 26th Friday Twilight 5-7pm
Oct. 27th Saturday Open House 1-5pm
Oct. 28th Sunday Open House 1-5pm
Oct. 30th Broker's Tour 1-4pm (public welcome)
Nov. 1st Thursday Twilight 5-7pm
Nov. 3rd Saturday Open House 1-5pm
Nov. 4th Sunday Open House 1-5pm
Nov. 6th Final Broker's Tour and Final Showing 1-4pm (public welcome)
Nov. 7th Offers Due at 2:00pm
See you there!
Wednesday, October 24, 2007
Weekly Sales Report
It is time for a market update! The general consensus at our weekly sales meeting this morning was that San Francisco is now in a balanced market. That is what we have been reporting; it's just good to know that everyone agrees. In a balanced market, it really becomes property specific as to who holds the cards.
Another nice thing to report is that interest rates seemed to have gone down a bit. This morning a thirty year fixed jumbo loan was at 7% and in some places a bit lower at 6.875%. The gap between conforming and jumbo loans is closing, and once the dust settles we will probably see a half percent difference between jumbo and conforming instead of the full percent difference we have had lately. The reason for that difference has been because the jumbo loans are not guaranteed a buyer on the secondary market as conforming loans are with Fannie Mae and Freddy Mac. This makes the jumbo loans riskier for the lenders; thus they have been more expensive since the August credit crisis. As mentioned before, the dust will settle and we will see the pricing fall into place. The Federal Reserve is scheduled to meet again next Wednesday; let's hope for another decrease!
Statistics
There were 12 opened escrows this week. Six were multiple offer situations; that brings the multiple offers back up to 50% of all sales. The largest number of offers was received by the fixer featured in Beautiful Grand Edwardian on Monday, October 8th. They received 12 offers and the price went more than 10% over asking. The runner up was a two bedroom condominium in Potrero Hill listed at $699,000. They received 8 offers. The final price will be posted when it closes.
There were 8 closed escrows reported this week, six of which sold over the asking price. One sold under and the other sold at asking price. Not one of the properties that sold over asking went more than 5% over. It is intersting to note that even in multiple offer situations we are still not seeing a lot of the 20% over asking that we saw in past years. This is a good think to note for the sellers out there who are trying to price their homes. Stay closer to the range you are willing to accept.
One of the properties that did sell at 5% over the asking price is this beautiful French Country Forest Hill home. The asking price was $1,295,000 and it sold for $1,361,000. It is a two bedroom two and a half bath home with over 2000 square feet of living space. 
I'm sure it helped that it had this wonderful garden designed by our very own Anja van Ditmarsch!
Another nice thing to report is that interest rates seemed to have gone down a bit. This morning a thirty year fixed jumbo loan was at 7% and in some places a bit lower at 6.875%. The gap between conforming and jumbo loans is closing, and once the dust settles we will probably see a half percent difference between jumbo and conforming instead of the full percent difference we have had lately. The reason for that difference has been because the jumbo loans are not guaranteed a buyer on the secondary market as conforming loans are with Fannie Mae and Freddy Mac. This makes the jumbo loans riskier for the lenders; thus they have been more expensive since the August credit crisis. As mentioned before, the dust will settle and we will see the pricing fall into place. The Federal Reserve is scheduled to meet again next Wednesday; let's hope for another decrease!
Statistics
There were 12 opened escrows this week. Six were multiple offer situations; that brings the multiple offers back up to 50% of all sales. The largest number of offers was received by the fixer featured in Beautiful Grand Edwardian on Monday, October 8th. They received 12 offers and the price went more than 10% over asking. The runner up was a two bedroom condominium in Potrero Hill listed at $699,000. They received 8 offers. The final price will be posted when it closes.
There were 8 closed escrows reported this week, six of which sold over the asking price. One sold under and the other sold at asking price. Not one of the properties that sold over asking went more than 5% over. It is intersting to note that even in multiple offer situations we are still not seeing a lot of the 20% over asking that we saw in past years. This is a good think to note for the sellers out there who are trying to price their homes. Stay closer to the range you are willing to accept.
One of the properties that did sell at 5% over the asking price is this beautiful French Country Forest Hill home. The asking price was $1,295,000 and it sold for $1,361,000. It is a two bedroom two and a half bath home with over 2000 square feet of living space. I'm sure it helped that it had this wonderful garden designed by our very own Anja van Ditmarsch!
Sunday, October 21, 2007
Meant To Be
It seems that life generally has its way of working things out. It is not always easy to see in the moment, but sometimes you just have to trudge on through and trust that clarity will find you. A bit too much for a simple thing like buying and selling houses? I don't think so. We talk a lot about the numbers; averages now versus then, when the market will bottom out, and when the best time to buy will be. The truth is, none of that matters in the end. Numbers only matter if you are buying and selling only for investment purposes. If you are looking for a home it is a completely different ballgame.
Buying a home is a very emotional process. There is a lot of money on the line, and you are looking for that unexplainable connection that makes you want to make a house your home. It is tough to find and once you do you can't always have it, especially in a market like San Francisco. You may be outbid, or somebody else gets there first, or you may simply not have a meeting of the minds with the seller.
Anja was hosting an open house earlier this year in Potrero Hill when a wonderful couple walked in and really seemed to fall in love with the house. Well, maybe one of them liked it a bit more than the other, but they spent quite a long time in the house and were so serious about it that they called in an architect to see if they could make a few changes without too much of a problem. They thought that with a few simple changes they could really turn the home into their dream house.
After talking to the architect, it seemed that the simple changes were not so simple, and not so cheap. Making the change would have thrown them way over budget, and buying it without making the changes would have sacrificed their vision for their home. Anja agonized over what to tell them because they did love the home; she was worried to tell them to pass it up for fear they wouldn't find another they liked as much.
In the end, Anja always tells it like she sees it, which is why our clients love her. She told them not to buy it, and she assured them that we would find something even better. She hung up the phone and we crossed our fingers. Timing was on our side. Just weeks later the perfect listing came up. I mean perfect! It was in the right neighborhood, the right size, the right floor plan, the perfect view! Did I mention the right price?! It was only a tiny step above the first one, and they would not have to change a thing. They were ready, and they jumped in head first. They had to compete with one other party, and after a day or two of negotiating they finally got it! We sat with them the other day on their wonderful sun drenched deck that overlooks the bay and had a coffee.
Wow! It was really meant to be, and they couldn't be happier. You have to go with your instincts. Even more importantly, you have to trust ours!
Buying a home is a very emotional process. There is a lot of money on the line, and you are looking for that unexplainable connection that makes you want to make a house your home. It is tough to find and once you do you can't always have it, especially in a market like San Francisco. You may be outbid, or somebody else gets there first, or you may simply not have a meeting of the minds with the seller.
Anja was hosting an open house earlier this year in Potrero Hill when a wonderful couple walked in and really seemed to fall in love with the house. Well, maybe one of them liked it a bit more than the other, but they spent quite a long time in the house and were so serious about it that they called in an architect to see if they could make a few changes without too much of a problem. They thought that with a few simple changes they could really turn the home into their dream house.
After talking to the architect, it seemed that the simple changes were not so simple, and not so cheap. Making the change would have thrown them way over budget, and buying it without making the changes would have sacrificed their vision for their home. Anja agonized over what to tell them because they did love the home; she was worried to tell them to pass it up for fear they wouldn't find another they liked as much.
In the end, Anja always tells it like she sees it, which is why our clients love her. She told them not to buy it, and she assured them that we would find something even better. She hung up the phone and we crossed our fingers. Timing was on our side. Just weeks later the perfect listing came up. I mean perfect! It was in the right neighborhood, the right size, the right floor plan, the perfect view! Did I mention the right price?! It was only a tiny step above the first one, and they would not have to change a thing. They were ready, and they jumped in head first. They had to compete with one other party, and after a day or two of negotiating they finally got it! We sat with them the other day on their wonderful sun drenched deck that overlooks the bay and had a coffee.
Wow! It was really meant to be, and they couldn't be happier. You have to go with your instincts. Even more importantly, you have to trust ours!
Friday, October 19, 2007
Weekend Events
It really is nice to look ahead to the weekend and see all of the wonderful things San Francisco has to offer us. I will be featuring three separate events this weekend and will of course include an open house guide. I hope all you buyers were watching the news last night (doesn't matter which channel; they all seem to feature the same stories). They actually said it was a good time to buy! They even said that the bubble had finally burst, and the time to buy is now. They were talking about the bay area as a whole; I would venture to say that in San Francisco the bubble may have only deflated slightly, but the conclusion is the same; the time to buy is now! So get out there this weekend; have a great time, and look at some houses!
This weekend is the third weekend of San Francisco's Open Studios. They begin the first weekend in October and will end this year on the first weekend in November. Open Studios is a chance for the community to get to know the local artists; it is a chance to meet the artist and see their work in its own environment. This weekend, studios in Bernal Heights, Castro, Duboce, Eureka Valley, Glen Park, Mission, Noe Valley, and Portola will be open. This is a perfect opportunity to see houses and art in one day!
On Sunday, Bernal Heights will be hosting the 19th Annual Fiesta on the Hill! It takes place between 11:00am and 6:00pm on Cortland Ave and benefits the Bernal Heights Neighborhood Center. They expect 15,000 people who will be enjoying live music and dancing in the streets, a petting zoo and pony rides for the children, and lots more fun activities. If you are in the neighborhood, stop by these open homes on your way.
Also on Sunday, Portola will be hosting their fifth annual Portola Festival. It will take place between 11:00pm and 4:00pm on San Bruno Ave. They expect a crowd of 5,000 people who will enjoy live entertainment, bistro style dining, children's activities including bounce houses and petting zoos, and booths of local merchants. Portola is a neighborhood that you may not be quite as familiar with; it neighbors the Excelsior District on the west side and spans to Bayshore on the east side. It's northern border is Bernal Heights and Visitacion Valley lies directly south. It is mainly residential and is known among its residents for being sunny and quiet. Stop by the festival and have a look at these open homes to get a feel for the neighborhood.
This weekend is the third weekend of San Francisco's Open Studios. They begin the first weekend in October and will end this year on the first weekend in November. Open Studios is a chance for the community to get to know the local artists; it is a chance to meet the artist and see their work in its own environment. This weekend, studios in Bernal Heights, Castro, Duboce, Eureka Valley, Glen Park, Mission, Noe Valley, and Portola will be open. This is a perfect opportunity to see houses and art in one day!
On Sunday, Bernal Heights will be hosting the 19th Annual Fiesta on the Hill! It takes place between 11:00am and 6:00pm on Cortland Ave and benefits the Bernal Heights Neighborhood Center. They expect 15,000 people who will be enjoying live music and dancing in the streets, a petting zoo and pony rides for the children, and lots more fun activities. If you are in the neighborhood, stop by these open homes on your way.
Also on Sunday, Portola will be hosting their fifth annual Portola Festival. It will take place between 11:00pm and 4:00pm on San Bruno Ave. They expect a crowd of 5,000 people who will enjoy live entertainment, bistro style dining, children's activities including bounce houses and petting zoos, and booths of local merchants. Portola is a neighborhood that you may not be quite as familiar with; it neighbors the Excelsior District on the west side and spans to Bayshore on the east side. It's northern border is Bernal Heights and Visitacion Valley lies directly south. It is mainly residential and is known among its residents for being sunny and quiet. Stop by the festival and have a look at these open homes to get a feel for the neighborhood.
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