Thursday, June 13, 2013

Snapshot of Today's Market

One of the agents in our office just concluded a transaction where he represented the buyer of a one bedroom, one and a half bath condo in the Brannan.  The Brannan is a full service, premier condo building in a great South Beach location with lots of amenities.
Units there are always in demand.

This most recent sale closed at $850,000., 6% over asking.

The property had been listed back in 2010 asking $679,000 and, after 160 days on the market with no buyer, the property was withdrawn.

The most recent previous sale of the unit was in early 2007 when it closed escrow with a purchase price of $729,000.

The number of days on market went from an average of 46 in 2002, down to 19 in 2007, up to 85 in 2010 and now we're back down to 34.

We're seeing this scenario duplicated in all parts of the city.

Wednesday, June 12, 2013

Potrero Hill Vacant Land in Contract

Five vacant lots in the cul-de-sac 900 block of Kansas went into contract recently.  The list price for all five lots is $1,249,000.
According to the MLS listing, the lots are zoned RH-2 and could be developed into as many as 10 units.

In checking this out I was surprised to see there are 39 other listings for vacant land within the City ranging in price from $64,000 for a single lot on Bache St. on the southern crest of Bernal Hill to $5,000,000 on 6th Street just south of Folsom which could hold as many as 38 units.

Friday, June 7, 2013

Protected Views?

Over and over again you'll hear the mantra that views are not protected when it comes to real estate in San Francisco.  If your fabulous view of San Francisco Bay from your living room window (for which you paid a premium when you bought the house) gets blocked by the neighbor across the street who legally adds an additional story to his house, you're out of luck.

But there is an exception.

As noted in the new listing for 827 De Haro Street, "The spectacular views north are protected by a recorded view easement restricting ht of neighbor's hm."

You get an idea why this is important from this Google Street view:

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Click here to see the MLS listing.

So, if you can strike a deal with your neighbor, the potential view blocker, you can protect your view.  Unfortunately, there's no indication as to how much that view easement cost.

Wednesday, June 5, 2013

Crazy Season?

A modest 3 bedroom, 2 bath single family home (less than 1600 sq. ft.) on the south side of Potrero Hill with an asking price of $649,000 just closed escrow for $1,050,000 -- 62% over asking!  

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It went on the market middle of April , went into contract two weeks later and immediately went "pending" so we're assuming an all cash deal.  It was being sold "As Is" and there had been a death on the premises two years ago.