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January 31, 2023

SFRealEstateBuzz: What Costs How Much Where

Hello My Favorite People!

In this Buzz:

  • What Costs How Much Where
  • A Few Favorite San Francisco Things
  • How Long Back Do We Go?

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Need a House? We’ve Got That.

What follows are median single family home prices during 2022 in a variety of neighborhoods. We are restricted to median prices for houses because that’s all our analyst Patrick Carlisle has given us so far.

 

Median price for a San Francisco house is $1.6 million. At that rough price point you have your pick of a few neighborhoods, like Bernal, Potrero and the Sunset. Bernal and Potrero are noted for their sunshine, sloped streets and killer downtown views The Sunset is where you go if you like tidy streets and need a bit more space.

Sorry- Virtual Tours are not available. They went offline after property closed.

Many shift over to Bernal and Potrero after experiencing sticker shock from Noe and Eureka Valley prices– where the median tops $2.5M.
If $2M is the highest they can go, I introduce them to Glen Park which is Noe-adjacent. Pickings for single families are slimmer there but the median is a lower $1.8M.
I also have a soft spot for the Sunnyside District, which nestles up to the Southern border of Glen Park. Ironically it is not THAT sunny but it’s also not super foggy. I like it because it has a fun blend of architectural styles, and much of it is walkable to the Glen Park BART. The median price in the Sunnyside is $1.4M.
If all you want is a toehold in the market, you can start in the sunny Bayview -where the median price is $1.03M. Or you can head back into the fog and shop the Excelsior District where the median price is $1.14M.
At the opposite end of the spectrum, our most expensive neighborhoods are Pacific Heights and Cow Hollow – with median prices running roughly $5M-5.5M. These districts are expensive not only because of their location but also their size, with median square footages running roughly 3,000-3,500 square feet.
Finally If you favor grand architecture and want an easier commute south, I urge you to check out Ashbury Heights, Clarendon Heights and Cole Valley. All of these neighborhoods are a surprise and delight with winding streets and a just-right mix of Victorian, Marina and Mid-Century architecture. Median prices there range right in the $3.4M range.
My Top Ten (For This Week)

“San Francisco is the only city I can think of that can survive all the things you people are doing to it and still look beautiful.” – Frank Lloyd Wright

 

To prove Mr. Wright’s point, here are ten little known corners of the City that can still take my breath away. The Vulcan Stairway. . . The Corner of 20th and Sanchez. . The Sunnyside Conservatory. . . The Bison Field in Golden Gate Park. . . The Playground at Alta Plaza Park. . . The Top of the De Young Museum Tower. . . Tank Hill. . . The Cemetery at Mission Dolores. . . . The First Two Blocks of Divisadero. . . Philosophers Way in McClaren Park. What are yours?

Thanks for your support in 2022 and through all the years that stretch back before then. I’ve been selling real estate since 1986 and have known some of you for over half my life now. What do you think of that???

Best to you for this Year of the Rabbit!

License #00926690
1400 Van Ness Avenue
San Francisco, CA 94109
Direct 415.738.7214
Fax 415.738.7264
Mobile 415.577.0809
Cece Blase
Compass Real Estate
415-577-0809
January 11, 2023

SFRealEstateBuzz: Crystal Balls and a Dr. Seuss Pick-Me-Up

Hello My Favorite People!

In this Buzz:

Cece’s Crystal Ball for Buyers

Charts to Warm Your Heart

A Boost from Dr. Seuss

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What Buyers Require. . .

I no longer predict what’s going to happen- but here is what I know for sure about Buyers as we move into 2022:

Buyers still have plenty of cash to invest- and prefer to use it for purchases now. Higher interest rates factor into this strategy, but so does the relative stability of the real estate market compared to securities.

And they still want a good deal. I have clients who fell in love with a house that was beyond their price point last year. It came back on a few weeks ago and available at a price well below what it was listed for before but they chose to pass.

Or they hold back because they see a fork in the road on future life decisions. Parents may not want to gamble on buying a home for an adult kid who might move away in a few years. Others are ready for a change in job or career. And some don’t know what they need right now as lifestyles change in the aftermath of COVID.

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Four Rear View Mirrors

And now for a look back at 2022. We’ve got four charts to look at here. If you’re dying to see more (without my clever commentary), you can visit bayareamarketreports.com.

Percentage Of All Cash Purchases

All cash investor buyers drove much of the real estate market during the Great Recession. I predict an even larger percentage of all-cash buyers as we move further into a market with higher interest rates.

Overbidding is still happening. Sort of. . .

“What’s the average overbid?” is a common question I get from buyers just starting out. This chart answers from a citywide perspective, but the real answer is very neighborhood-dependent. For instance, I can’t remember the last time a Sunset house didn’t go for more than list price, while on the other hand there’s room to negotiate in the SOMA/Yerba Buena/South Beach districts.

Overbidding will also make a comeback once Sellers and Listing Agents adjust to the market and start with lower listing prices.

What Buyers Want Most

This chart aligns exactly with most buyers’ ideal for a single family- which is a 3BR house as far below $1.5M as possible. Pushing down into the sub-$1.3M mark is entirely achievable, provided you are ready to make trade-offs on neighborhood and/or floor plan, like a third bedroom in the basement with no closet or bathroom off the kitchen.

Can I sell you a condo instead?

When we think of condos in San Francisco, many of us think of Victorian flats- or maybe a nice four room apartment in a smaller building with that period charm everyone wants. Based on those criteria, you can still expect to pay in the $+/-900K zone for a decent-sized one bedroom (800+ sf) condo (not a TIC) and likely north of $1.5 if you need ample square footage (1200+ sf) and that third bedroom plus parking. Those who can jump into the $2-2.5M are more likely get something pretty showy and glorious unless they are shopping in one of our tonier neighborhoods, like Pac Heights or Russian Hill.

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Kind Words from Dr. Seuss

I know it is wet. And the sun is not sunny. But we can have lots of good FUN that is FUNNY!

-Dr. Suess

Thanks reading all the way to the bottom of this today. I look forward to a gazillion glorious days full of doing good and having fun with you.

License #00926690
1400 Van Ness Avenue
San Francisco, CA 94109
Direct 415.738.7214
Fax 415.738.7264
Mobile 415.577.0809
Cece Blase
Compass Real Estate
415-577-0809
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