SoMa Real Estate

soma22Despite its reputation as the epicenter of the 1990s loft universe, the South of Market neighborhood offers an impressive variety of living options – with more to come. Construction is brisk at the neighborhood’s western and northern edges, adding a slew of impressive high-rise buildings to what so far has been a low- and mid-rise neighborhood, but that doesn’t mean SoMa’s fate is to be overrun by towers like neighboring Yerba Buena. Living in SoMa can mean almost anything.

Back in its post-earthquake “South of the Slot” days, SoMa was defined by low-cost, simple housing like SROs and multi-unit Edwardian buildings, along with commercial structures — warehouses and small factories. The neighborhood was this way for decades, until long-delayed redevelopment began in the 1980s. With it came the familiar SoMa condo and loft buildings, entry-level alternatives that in spirit paid homage to the neighborhood’s democratic past. These one- and two-bedroom units remain a viable option for new homebuyers, though they now fetch anywhere from $550,000 to $1 million on the open market.

A “SoMa loft” can mean a number of things. Some are converted original warehouses; others were built in the late 1990s or early 2000s. Some have an open living area and an upstairs sleeping loft, less than 1,000 total square feet of space and one bathroom; others can have as much as 5,000 square feet of interior space (like the converted warehouse at 721 Tehama Street, which sold in late February for $3.1 million), multiple bedrooms, three or more living levels, parking, outdoor space… “loft” has a flexible definition.

Likewise can SoMa’s condos – added to the neighborhood during the 1990s and 2000s – be many things. Some are spartan; others are luxurious. Some share space on major streets with warehouses, lofts and factories; others nestle into SoMa’s quiet side streets. Some were designed by noted local architects like Stanley Saitowitz. Most have one, two or three bedrooms but some are studios.

SoMa’s latest building spree will change the neighborhood, if only because the new buildings are so different than those already extant. As usual, SoMa continues to push the boundaries of San Francisco housing – if there’s a new trend, you can bet it’s happening in SoMa.

Interested in micro-apartments? Builder Patrick Kennedy is at the forefront of the sub-400 square-foot apartment trend. He chose SoMa for two projects, 23 295 square-foot studios at 38 Harriet Street and 1321 Mission, which when complete will offer 120 (out of 160 total) micro-units. 80 of these small living spaces and all of 38 Harriet (not originally planned but how it turned out) will be set aside for student housing.

What if your tastes tend more toward luxury high-rise leasing? For you, the “new” SoMa offers a number of under-construction options, most clustered along the reborn Mid-Market area. This deep roster includes the rebuilt Trinity Plaza complex (when completed, approximately 1,900 living units in four towers), NEMA (700 apartments at 1401 Market), 1400 Mission, which offers 190 below-market-rate units and 1415 Mission (121 studios, one- and two-bedroom apartments and street-level retail).

These monster complexes are the highest-profile projects presently under construction in SoMa but they are not the neighborhood’s only new developments. Ava (55 Ninth Street) and Mosso (900 Folsom) are two other splashy new neighborhood arrivals. Nor are they its first luxury high-rises. That title was claimed by the SOMA Grand in 2008.

All of this activity makes it clear that SoMa has left its “skid row” persona far in the rearview. It’s still a place where entry-level buyers and renters can find options, either with existing or new (all of the new developments include BMR units; two of them, 1400 Mission and the Rene Casenave Apartments, at 530 Folsom, are 100 percent BMR or supportive) housing, but its latest wave of construction makes very clear that SoMa is poised to join neighboring Yerba Buena as a preferred address for San Francisco movers and shakers as well.

Source : Parascopesf.com

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199 Tiffany Avenue, No.210

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Prices Jumping Across San Francisco

April 2014 Real Estate Market Report
The San Francisco real estate market grew increasingly frenzied as the first quarter of 2014 progressed, leading to another surge in home prices in virtually every neighborhood in the city. The high-demand/ extremely-low-inventory/ competitive-bidding situation is similar to what occurred first in spring 2012 and then, to an even higher degree, in spring 2013. After the market seemed to stabilize in the second half of last year, we didn’t expect to see it turn this fierce in early 2014, but right now it appears to be every bit as ferocious as last spring’s.

Of major metro areas, the new Gallup-Healthways survey ranked SF-Oakland second in the nation (behind San Jose-Santa Clara) on their index for “well-being.” Though already the second most densely populated city in the country (after NYC), San Francisco simply has many more people wanting to live here than there are homes available to rent or buy.

Sales over Asking Price
The heated competition for new listings coming on market has resulted in an astounding percentage of sales occurring above, and often far above, list price.
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This chart below breaks down, by neighborhood, the average sales price to list price percentage for the 90% of homes selling without price reductions. Of the areas assessed, Bernal Heights came out on top with sales prices averaging an incredible 21% over list prices over the past 2 months. 
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Median Sales Price Spikes
Typically, the first quarter of the year does not show a dramatic increase in median sales prices over the previous quarter – in fact, a decline in not unusual due to holiday market dynamics. But the first quarter of 2014 saw large spikes in median prices for both houses and, especially, condos in San Francisco.

This next chart is a look at quarterly median price appreciation over the past 3 years.

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Longer-term trends: While virtually the whole country has been experiencing a large market rebound, San Francisco, because of our particular economic circumstances, is generally outperforming almost every other market area. The big exception is Silicon Valley, whose high home appreciation rate is being driven by many of the same employment and demographic causes as here in the city.
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Far Too Little Inventory

When the market recovery began in earnest in early 2012, there were complaints of a shortage in inventory. In 2013, the market grew even more heated and supply declined further to what felt like desperately low levels. Now in 2014, amid no lessening of demand that we perceive, the supply of SF homes available to purchase has dropped again.
There are increasing numbers of new-construction housing units coming on market – and many more being planned and built – but so far they’re being snapped up, at very high prices, without noticeably altering the supply and demand dynamic.
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Listings Selling Faster than Ever
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San Francisco Neighborhood Snapshots
We updated analyses for a number of city neighborhoods with enough sales for quarterly data to be meaningful. In every district we looked at, there were significant spikes in median sales prices and/or average dollar per square foot values in the quarter just ended.

Below are two samples, but our full collection of long-term neighborhood analyses can be found here (some updated through the first quarter, others through the end of 2013):
San Francisco Neighborhood Values

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Affordability by Neighborhood
We broke the city down by neighborhood according to the number of house and condo sales in each price segment. Below are 3 analyses from our 11-chart report, which can be found in its entirety here:
Where Can I Afford to Buy in San Francisco
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Paragon Featured in New Ranking Report
The new RealTrends 500 report ranking the sales statistics of the 500 largest residential brokerages in the country for 2013 sales was just published. After 10 years in business, Paragon came in #3 in average sales per agent and #4 in average sales price in the national ranking.
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SoMa: An evolution in progress…

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Change is afoot in San Francisco’s South of Market (SoMa) district, but then, isn’t it always? Since it was first platted in 1847, SoMa’s only constant has been change. During its long life it’s been an exclusive residential neighborhood, a district of light industry and warehouses, a convenient landing spot for transient workers, a hub of nightlife activity, a place where local artists set themselves up in inexpensive warehouse space and early tech workers powwowed in brand-new live-work spaces…

The latest change to hit SoMa came during the last decade. In 2010, the San Francisco Association of Realtors made official what had been obvious to savvy observers for years: that what we’d been calling SoMa had actually become three distinct neighborhoods, one wedged between downtown and Mission Bay called South Beach (Third Street to San Francisco Bay), one boasting a critical mass of luxury high-rise buildings called Yerba Buena (Fifth Street to Third) and funky, quirky SoMa (Fifth Street to the 101 Freeway).

SoMa’s rich history is long and unique. It spent its earliest years as a residential neighborhood – one of the city’s finest – until the introduction of reliable streetcars pushed the district’s wealthy residents to the top of Nob Hill. In their place came working-class residents, dock and shipyard workers whose presence in SoMa dominated the next several decades.

Whatever growth SoMa was undergoing 100 years ago was abruptly interrupted by the total devastation of the 1906 earthquake. The ‘quake and ensuing fire leveled the entire neighborhood. When it came time to rebuild, city leaders decided to emphasize light industry and simple housing. They widened SoMa’s main streets and lined them with multi-unit low-rise Edwardian buildings, which attracted the aforementioned transient workers. Many of these buildings remain and now stand cheek-to-jowl with converted warehouses, lofts from the 1990s and mid-rise condo buildings from the last decade.

Modern SoMa is defined by its industrial past (from the exterior, the warehouses and apartment buildings on Howard, Folsom and Harrison Streets seem unchanged from the early 20th century) and by its forward-looking present (anything you can imagine fitting into a warehouse is inside these buildings: bars, restaurants, non-profit charities, art studios, tech start-ups). Its transition from “skid row” to the present was long and controversial, beginning with Benjamin Swig’s failed “San Francisco Prosperity Plan” in 1954. Swig’s hope was to make SoMa an extension of downtown, with high-rise office and residential buildings, but it was ultimately defeated by neighborhood resistance. Eventually, redevelopment came in a more organic, piecemeal fashion. Rather than start over, the neighborhood simply continued to evolve.

As a result, despite its wide streets and commercial buildings, modern SOMA is a colorful functioning city neighborhood, with rec centers, parks, schools, grocery stores (Harvest Urban Market, at 191 8th Street, is a stellar new addition), bars and some of San Francisco’s most notable restaurants, along with decades-old mom and pop businesses and younger ones, like the combination Laundromat/café/performance space Brain Wash, which, after almost 30 years in business has become a decades-old mom and pop business.

SoMa wears its past and present simultaneously. Whether it’s the constantly changing roster of night spots radiating out from the intersection of 11th Street and Folsom, the latter street’s scattered leather emporia (evidence of its 1960s and 70s run as the center of San Francisco’s nascent gay community) or in the gleaming steel barrels of the Cellar Maker Brewing on Howard Street, SoMa keeps parts of its past alive while simultaneously forging ahead.

But what makes the neighborhood so special is that hidden just around the corner from its busy main thoroughfares are SoMa’s treasured alleyways, one-lane residential streets offering warm contrast to wide, noisy streets like Howard and Harrison. It’s here that you’ll find so many of the small, two- to 10-unit residential buildings that eventually became SoMa’s 1990s and after redevelopment. They’re pressed in among small warehouses (most of them converted into artists’ studios or live-work lofts but some still actively commercial) and Edwardian flats, creating small, quiet pockets of intimacy in the midst of arguably San Francisco’s most urban neighborhood.

One of the best of these is the block of Harriet Street between Howard and Folsom. Here you’ll see contrasting architectural styles coming together not in chaos but in complement, all overlooking the playground and park of the Gene Friend Recreation Center. This street was described in Tom Wolfe’s 1968 book,  “The Electric Kool-Aid Acid Test,” as a “poor, forgotten block.” It is forgotten no more.

What comes next for SoMa? Part of the answer lies in the construction going on at its northwest corner. Here, emboldened by the success of Mission Street’s SOMA Grand building and the arrival of tech firms like Twitter, is a riot of new residential construction, four high-rise buildings hugging the Market Street border and boasting of amenities equal to those found in Yerba Buena’s standard-bearers. 37 stories at its tallest, just-opened NEMA adds 754 for lease residential units to SOMA, joining the massive Trinity Place complex one block away to emphatically declare that SoMa’s next step is directly up.

NEMA and Trinity may be the future, but there will always be room in SoMa for the quirky, the small-scale and the past. That these can live side-by-side is what makes SoMa one of San Francisco’s most vibrant and interesting neighborhoods.

Source : Parascopesf.com

Mission Bay Residential Developments

Prior to 1998, there was no residential neighborhood in Mission Bay; no Victorian farmhouses, no worker cottages ordered out of a Sears catalog in 1910, no ticky-tacky little boxes constructed en masse by Henry Doelger before World War II, no apartments, no condominiums, no townhouses. There were rail yards, warehouses and parking lots. The Mission Bay we see now was invented by Board of Supervisors decree in 1998.

It is unlike any other neighborhood in San Francisco, a fully-planned, 21st-century district featuring the latest in residential design and a growing population cutting edge commercial interests. In one important way, though, Mission Bay is the embodiment of a classic urban neighborhood: its residential makeup. Like Manhattan’s Upper West Side, Mission Bay has condos, townhouses and apartments and zero single-family homes.

Way back in 1998 Mission Bay was divided into two Redevelopment areas: “Mission Bay North” and “Mission Bay South.” The project’s ultimate goal was to build 6,000 residential units in the new neighborhood. Half of those were completed between 1998 and 2010. The rest, as anyone who’s recently strolled down Fourth Street knows, are either under construction, just finished or waiting to break ground.

Early building focused on Mission Bay North and consisted of several mid-rise condominium buildings, communities like Arterra, Park Terrace and The Edgewater on Berry Street and The Beacon and Signature on King Street, along with a few large apartment complexes (notably Avalon I and II and 355 Berry). It wasn’t until 2006 that 417-unit Radiance became the first Mission Bay residential complex built south of Mission Creek.

In August, 2012, Madrone, located adjacent to Pier 52 on Terry Francois Boulevard, kicked off the second phase of building in Mission Bay. Madrone debuted to great fanfare, preselling 200 of its 329 units then selling 97 more during its first month of “official” sales. From Madrone development moved to a few blocks inland, to Fourth Street. Long-range plans here are to create a mixed-use urban core for Mission Bay, with retail, restaurants, commercial space and hundreds of apartment and condominium homes.

On and around Fourth Street today you’ll find new or almost-complete buildings at 1155 Fourth (Venue), 1180 Fourth (Mercy Housing, with 175 Below Market Rate units), 1201 Fourth (Strata) and 185 Channel Street (Channel Mission Bay). When complete these five complexes will add approximately 1,200 residential units, the majority of them for lease, to the neighborhood. Channel Mission Bay, which opened for business in February, has already leased 35 percent of its 315 apartments.

Mission Bay’s new residential communities are luxurious, with generous living spaces, of-the-moment style and amenities like on-site fitness and business centers, barbecue areas, movie theaters and concierge service. Venue, at 1155 Fourth, adds some additional, somewhat quirky perks like a waterfall, an on-site car wash and an on-site dog wash.

The present phase of construction is hardly Mission Bay’s last gasp. With the 2008-2010 market downturn firmly in the rearview, ambitious development has roared back to life. Under construction at Fourth and Channel is Sol, a 21-story, 273-unit condominium building due for completion in early 2015.  One block away at Third and Channel a proposal featuring a 250-room luxury hotel and 350 residential units is moving forward, and the impressively-named “Mission Rock Megaproject,” currently in its planning stages, aims to create a mini-neighborhood, with commercial and retail spaces, restaurants, hotels and residential buildings out of a series of parking lots located across McCovey Cove from AT & T Park. The project has already inked its first tenant, iconic San Francisco business Anchor Brewing.

Other Mission Bay projects underway include a new Public Safety Building, a children’s park and a massive park at Mission Bay Boulevard South and San Francisco Bicycle Route 5. Though it may seem that an entire neighborhood has appeared and matured in only 15 years, Mission Bay’s future plans suggest that we haven’t seen anything yet.

Source : Parascopesf.com

New Case-Shiller report: SF Metro Area bumps up again

While the nation as a whole saw a tiny decrease in the S&P Case-Shiller Home Price index in the January report released today, the San Francisco Metro Area Index (for 5 northern counties) bumped up again. The C-S Index for higher priced houses has now completely re-attained the previous market peak set in 2006, as measured by January data points. The city of San Francisco itself has exceeded the rise in the 5-county area and has generally surpassed previous peak values – many SF neighborhoods by substantial margins.

Based upon what we are seeing on the ground, we expect to see further increases once the late winter/early spring selling season is reflected in the Index.

This first chart shows market cycles over the past 30 plus years. The second chart shows appreciation since our current market recovery began.

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This chart tracks the most recent market recovery which began in earnest in early 2012. In both 2012 and 2013, the spring seasons saw substantial jumps in home values. We recently thought the likelihood of yet another significant jump in 2014 to be relatively low, but the market we’re seeing on the ground – a very high demand/very low supply dynamic – is leading us to suspect otherwise.

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Case-Shiller measures a 5-county metro area comprised of San Francisco, San Mateo, Marin, Alameda and Contra Costa counties. The numbers used relate to a January 2000 value of 100; thus 184 signifies 84% home price appreciation over the past 14 years. The Index is published 2 months after the latest monthly reading, i.e. the January Index has just been published today, March 25th.

The full report can be found online here.

Newsletter Version: Neighborhood Affordability in San Francisco

Where You Can Buy for the Money You Want to Spend

San Francisco Home Sales by Neighborhood

You want to buy a house in San Francisco for under a million dollars, or for over $2 million, or you have $1,800,000 to spend on a luxury condo with a spectacular view. If you’re buying a house in San Francisco, your price range effectively determines the possible neighborhoods to consider. That does not apply quite as much to condos and TICs, except for sales in the luxury segment: generally speaking, in neighborhoods with high numbers of condo and TIC sales, there are buying options at a wide range of price points, though, obviously, size and quality will vary. Also, all the new condo projects being built in many different areas of the city is changing the neighborhood pricing dynamic for condos.

For your convenience, a neighborhood map can be found at the bottom of this report.

The charts below are based upon sales reported to MLS in the 12 months between March 1, 2013 and February 28, 2014. We’ve broken out the neighborhoods with the most sales within given price points. There are exceptions to neighborhood norms scattered throughout the city and in an appreciating market these price ranges having been moving upward.

Buying a House for Under $1 million in San Francisco

Out of the approximately 2635 house sales in the past year, about 50% sold for under $1 million. The vast majority of these sales occur in a large swath of neighborhoods forming a giant L shape, down the west side of the city, from Outer Richmond to the border with Daly City, and then sweeping east across the southern side of San Francisco to Bayview and Hunter’s Point. Generally speaking, the western and central-ish neighborhoods cost more than the southern neighborhoods in this under $1m house market.

Houses in these neighborhoods began their recovery from the market downturn a step or two behind more expensive areas in San Francisco, but now the markets here are red hot and very competitive, and home prices are under very strong upward pressure.

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Houses for $1 Million to $1.5 Million

In this price point, one moves into a big circle of neighborhoods in the middle of the city plus the Richmond District in the northwest. Within this circle, one will typically get significantly more house for one’s money in the Sunset, Central and Outer Richmond, Miraloma Park or Bernal Heights than in Glen Park or Potrero Hill, or especially, Noe or Eureka Valley.

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Houses for $1.5 million to $2 million

As the price range goes up, the number of sales begin to narrow. The neighborhoods in this house price range are similar to the previous range, but sales predominate in central Realtor District 5, which comprises the greater Noe- Eureka-Cole Valleys area. District 5 has been a white hot market for the last two years and competition for homes here is ferocious.

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Buying a Luxury Home in San Francisco

Rather arbitrarily, houses selling for $2 million and above, and condos, co-ops and TICs selling for $1.5 million and above are designated as luxury home sales in San Francisco: these homes now make up about 14% of total home sales (up from about 10-11% a few years ago). Once again, what you get in different neighborhoods for $2 million can vary widely – a large, immaculate house in one place, a fixer-upper in another.

Luxury home sales in San Francisco are dominated by the swath of established, prestige northern neighborhoods running from Sea Cliff through Pacific Heights and Russian Hill to Telegraph Hill, by the greater Noe-Eureka-Cole Valleys district, and, to a lesser extent, the smaller neighborhoods around St. Francis Wood. For luxury condos, the greater South Beach-Yerba Buena-Mission Bay area has a large and growing presence as big, expensive condo projects have sprouted there over the past 15 years.

Luxury Condo, Co-op and TIC Sales

As one can see, no area has more luxury condo, co-op and TIC sales overall than the Pacific Heights-Marina district, but the Russian Hill-Nob Hill-Financial District area has more sales of $2 million and above, and again the South Beach-Yerba Buena area is the fastest growing luxury condo market and will probably take first position in the not too distant future. The average dollar per square foot values for luxury condos in the major neighborhoods below run $918 in the Noe, Eureka and Cole Valleys district, $961 in the Pacific Heights-Marina district, $1147 in the Russian-Nob-Telegraph Hills district, and $1229 in the greater South Beach-Yerba Buena area (think newer construction, high floor units and spectacular views).

With the construction of new high-end, high-tech-amenity condo projects on Market Street and Van Ness, and in neighborhoods like the Inner Mission, Hayes Valley and Inner Richmond — often selling for more than $1000 per square foot — luxury condos are now spreading into new areas of the city.

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Luxury House Sales in San Francisco

It wasn’t so long ago that houses selling in Realtor District 5, the greater Noe/Eureka/Cole Valleys area (which includes Clarendon, Corona and Ashbury Heights), for over $2 million were an exception. But that is certainly not the case any longer. If we looked closer at the sales in the $2 million to $5 million, we’d find the higher end of the range dominated by Realtor District 7, the Pacific Heights-Marina area, the most expensive house market in the city. Though District 5 does see sales in the $3.5 to $5+ million range, most of its luxury houses sell between $2 million and $3.5 million. There are several other significant areas for these high-end houses, such as Lake Street/Sea Cliff, St. Francis Wood/Forest Hill and Lower Pacific Heights.

Most luxury houses in the city were built in the period between 1905 and 1950, reflecting the era of construction dominating these neighborhoods of San Francisco — and a gracious, elegant era it was. However, there are a small number of big, new houses built each year, as well as some beautiful fifties houses scattered here and there, and, of course, many of the older houses have been extensively renovated over the years.

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And, as illustrated below, at the very top of the luxury house market, the district of Pacific & Presidio Heights, Cow Hollow and Marina completely dominates sales. Here mansions can sell for up to $20 million or $30 million. Houses in Russian Hill are also exceedingly expensive, but there are very few houses in that area: Russian & Nob Hills are dominated by high-end condos and co-ops. Two additional house sales (both listed by Paragon) in the $5 million to $7 million range closed in Noe Valley in the first half of March 2014 (after the time period of this analysis) — another indication of what’s happening there, often driven by young, high-tech wealth. It should be noted that a fair percentage of these ultra high-end home sales occur privately, outside of MLS, and are not reflected in this chart.

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San Francisco Neighborhood Map

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March Newsletter: Price Pressure Builds Once Again

March 2014 Report

Upward pressure on home prices is based on one basic dynamic: more demand than there is supply to satisfy it. Various factors can supercharge demand, such as extremely high rents and low interest rates, which make homeownership more attractive, as well as a sudden, large influx of new, affluent buyers (our high-tech boom) piling into what is basically a relatively small, inventory-constrained market. When there are 5, 10 or sometimes 20 qualified buyers chasing after every attractive, reasonably priced, new listing, prices typically go up, sometimes quite quickly.

Last year, after the spring feeding frenzy, the market generally stabilized through the end of the year: It continued to be a strong market by any measure, but prices mostly plateaued, albeit often at new peak levels. We recently speculated on tentative signs that suggested a further market normalization, but now the indicators are pointing in a different direction. The inventory of homes available to purchase on any given day is even lower than before last year’s furious market; buyer demand has emerged from its midwinter hibernation like a hungry bear; and prices are under increasing pressure once again.

The spring selling seasons of 2012 and 2013 saw huge spikes in home price appreciation. Now we enter the third spring since our market recovery began in earnest, and the desire to live in our small, beautiful, expensive city continues unabated. We shall see how it plays out in the coming months.

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Median Sales Prices: Heading Up Again
There is an aspect of seasonality to median home prices – typically up in spring, down in summer, up in autumn, down during the holidays — which explains some of the fluctuations seen on this chart, though the upward trend since 2012 began is very clear. It’s common for median prices to fall in January and February: This reflects offers accepted during the holiday season, when the higher end of the market often checks out. But not in 2014: median sales prices for houses and especially condos jumped dramatically in the past two months, which may suggest another white-hot spring market. Note that median sales prices are often affected by other factors besides changes in values, such as inventory, and longer term trends are much more meaningful than short term fluctuations.

This link below illustrates the longer-term trend in median sales prices in San Francisco for houses, condos and TICs, by year since 1993:
Longer Term Trends

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3-Bedroom House Values by Neighborhood
This is one of 8 updated tables on San Francisco home values by median and average sales price, and average dollar per square foot. The full analysis looks at houses, condos and TICs by neighborhood and number of bedrooms throughout the city and can be found via this link below. All general statistics typically disguise a huge variety of values in the underlying individual sales, but can give a good idea of comparative home values.
Full Report

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2-Bedroom Condo Values
2-bedroom condo values by median and average sales price, and average dollar per square foot, sorted by neighborhood. Again, the full report can be found here:
Full Report

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Sales Price over Asking Price: A Sudden Spike
Last month, we pointed to the decline in the percentage of sales price over list price for homes selling without price reductions in December and January as a possible indication of a cooling market. February completely reversed that trend (though one should never make too much of one month’s data).

5Home Values around the Bay Area
This map illustrates overall median sales prices for houses in cities all over the Bay Area. In San Francisco, median prices by neighborhood can vary from under $500,000 to over $4,000,000; other cities will often display a similarly wide range of home prices in different neighborhoods.

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Sales by Property Type: Condos Up, TICs Down
As shown in this first chart, condo sales now outnumber house sales, a trend that will only continue to accelerate as new condo developments are built. Very few new houses are built in San Francisco and they generally simply replace older homes.

This link illustrates the decline in sales for TICs and 2-4 unit buildings, which is occurring due to a variety of factors, including financing issues, rental units converting to TICs, TIC units converting to condos, and complex tenants’ rights and eviction issues.
TIC & 2-4 Unit Building Sales

8Case-Shiller Price Trends by Price Segment since 2000
All numbers relate to a January 2000 value of 100: A reading of 182 signifies a home value 82% above that of January 2000. These 3 charts illustrate how different market segments in the 5-county SF metro area had bubbles, crashes and now recoveries of enormously different magnitudes, mostly depending on the impact of subprime lending. The lower the price range, the bigger the bubble and crash. The upper third of sales by price range (far right chart) was affected least by the subprime fiasco and has now basically recovered peak values of 2006-2007. In the city itself, where many of our home sales would constitute an ultra-high price segment, if Case-Shiller broke it out, many of our neighborhoods have risen to new peak values. The lowest price segment (far left chart), more prevalent in other counties, may not recover peak values for years. If one disregarded the different bubbles and crashes, home price appreciation for all three segments since January 2000 is almost exactly the same, in the range of 75% to 82%.

A more detailed report on the Case-Shiller Home Price Index can be found here:
Case-Shiller Index Report

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406 42nd Avenue

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