Friday, October 28, 2011
Wednesday, October 26, 2011
At the end of September, sales of TICs made up 13% of sales in the combined condo/TIC market. That's about the same as all of last year but down from 19% in 2009 and the high of 24% reached in 2007. TICs made up 16% of the active listings.
Looking at the first nine months of the year, TICs have averaged about 85 days on market which is not much more than the 79 DOM of condos.
Our survey looks at three specific configurations of units: 1bd/1ba, 2bd/1ba, and 2bd/2ba. These three configuration make up about 60% of the total market for condos and TICs in San Francisco. The average difference in selling prices between condos and TICs for those three configurations range from $76,000 for the 1bd/1ba units, $127,000 for 2bd/1ba units, and $68,000 for 2bd/2ba units. These numbers represent the premium buyers have been paying for a condo (or the discount you get when buying a TIC).
Of course there are other considerations when considering the TIC/condo decision -- too many to get into here. Nevertheless, the TIC market remains a significant, active part of overall real estate sales activity in San Francisco. You can see the entire report on our web site here.
Tuesday, October 18, 2011
Originally listed for $1,675,000 or $744/sq. ft., now reduced by 5% to $1,595,000 or $709/sq.ft.
Sunday, October 16, 2011
Tuesday, October 11, 2011
One of my favorite annual events is Fleet Week which just wrapped up.
The best day to catch the air show is usually Friday afternoon when they do their practice. This year Friday also turned out to be the best day for weather plus the usual benefits of many fewer people.
Here's some photos:
Click on the slideshow to see photo captions.
Thursday, October 6, 2011
I am now predicting that the total number of residential real estate sales in San Francisco in 2011 will exceed the total number for 2010! This will be the second year in a row sales will have increased compared to the previous year and it will be the highest number of sales since 2007. I suppose, or hope, this is a continuing trend, and that the Bay Area/California, as usual, will lead the Nation is these trends, laws, and ideas!As of September 30th (end of the third quarter) my analysis from our Monthly Statistical Reports, which we prepare for both San Francisco and Marin Counties, makes it relatively easy to make my year end's prediction! For the nine months Total Number of Sales of residential properties in San Francisco including single families and condos/TIC is 3,695 . Of this total, 52% are condos/TICs (1,935) and 48% are single family homes (1,735). Nationally, there are 8 times as many single family homes selling as condos. So yes, another reason why we are unique in the Bay area and probably all of California. There are only a handful of communities in the entire country where the market share for condos is higher than for single family homes.
San Franciscans are faced with the challenges presented by Short Sales and REO's. 17.5% of our Total Number of Sales fall into this category. Breaking it down, 21.3% of condo sales are Short Sales or REO's but, surprisingly, only 13.3% of single family homes. On the other hand, 30% of sales in Marin county are Short Sales and REOs homes (48% of condos and 24% of single family homes). By way of comparison, REOs and Short Sales made up almost 70% of sales in Sacramento for the first three quarters!
So, all in all, I find that we are in pretty good shape, confidence is rising, as will total sales and prices! We welcome any questions or comments. For a complete list of our reports please go to boldsf.com and click on Statistics!