Wednesday, February 27, 2013

San Francisco Orchid Show -- Spring is on the way

Our friends in the east and midwest are still digging out of their latest snow but, the annual Orchid Show in San Francisco is a sure sign that spring is on the way.  Here are some photos to get you in the mood:

Sunday, February 10, 2013

More Overbidding

412 Connecticut, near the top of Potrero Hill, went on the market right after New Years (1/4/2013 to be exact).  It's a 2 bedroom, 1 bath, condo with a remodeled kitchen and downtown views, just over 1,000 sq. ft. with parking. (It's the building with the peaked roof, partially obscured by the tree).

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List price was $850,000 -- a reasonable list price for the area and condition of the property.  It went into contract 10 days later with 11 offers, all over asking price.  The winning offer was for $950,000., all cash -- almost 12% over asking.

And this isn't an anomaly.  During the first eight days of February, 72 single family homes and condos/TICs closed escrow -- all but five sold for at or above asking price.  Compared to the same period last year when  76 properties closed escrow, 21 of them at below asking price.


Saturday, February 9, 2013

Inventory Surprise

Something very odd happened on Friday -- 78 new listings hit the market in the previous 24 hours.  That's 15% of the then current total of 526 active condo and single family home listings in San Francisco.

Every real estate agent and most prospective buyers have been complaining / moaning about the lack of inventory for some months now.  Is this sudden uptick in listings an anomaly or the beginning of a trend?  Of course we won't know for a few weeks.  On the one hand, this could just be the beginning of the usual spring increase in listings which happens very predictably every year, boom or bust.  Or, this could be an indication that sellers are realizing it has been a sellers market for a while now and thinking they better take advantage of strong buyer demand while they can.

Stay tuned.

One thing is certain, the number of single family homes and condos/TICs that have sold in the last few months is back in the same territory as the boom years 2005-2007: