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Provided by:
Alexander Clark
Zephyr Real Estate
License# 01339386
2523 California
San Francisco, CA 94123
sfnewsletter.com
phone:415-254-5351
fax:415-277-3914
alexclark@gmail.com
Preferred
Yoga Studio
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bijayoga.com
1348 9th Ave
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phone:415-661-YOGA
REPORTS
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FORECLOSURES
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Complete Access to MLS
My Comments
PocketListings.net
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The market knowledge I bring to you on sfnewsletter comes from representing buyers and sellers in San Francisco real estate transactions. I also know about many off market single family homes and condos throughout the city that are for sale, but not listed on MLS.
If you, or anyone you know, are considering purchasing or selling a home/condo/multi-unit in San Francisco, please do not hesitate to contact me.
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**NEW**
Complete access to MLS
This is the most access to MLS you'll get. You can search properties, get status updates on specific properties you might be tracking (price reductions, active to pending, pending to sold, etc.), view open houses, save searches, and more. This, along with the simple reports I provide, is your ticket to market wisdom, and ultimately finding or selling your home!
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On my iPod
Song: Lakeside Park
Artist: Rush
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Introduction
Well Hello, Hello, Hello! It's been a while to say the least. My apologies to the die-hard fans of sfnewsletter that were so used to getting your real estate fix every Friday like clockwork, and a special hello to those readers that signed up within the last two months and never so much as received a thank you. I thank you all, loyal readers, and new arrivals.
I originally started this newsletter, gosh I think like six or seven years ago, and I started it with the intention of sharing all of the real estate information you always wanted to hear (the inside track, and recent sold activity), but just weren't supposed to receive. I came, I brought it, and will continue to do so, just not as regularly, because I'll soon be bringing something new: Pocket Listings, off-market real estate. That's right, there is an entire world of available properties out there and we agents have them to sell and we have buyers looking to buy them, so we're going to simplify that process (we think). But enough about that....
Today I have updated the New On Market and Sold Reports you can find in the left hand column of this page, and have written my market update below. It's short, but honest, like always. Remember, if you ever have a question, or need help with real estate buying/selling, just ask (alexclark@gmail.com).
Market Update
Charts, Data, Trends
I'm once again going to go against the grain of everybody in my field of business and say although the San Francisco market has held up better than the rest of the nation, and continues to do so, we're nowhere near out of the woods.
Yes, sales volume is up (slightly). Yes, median home prices are bouncing up (a smidge). Yes, current inventory is getting sold (but not flying off the shelf). Yes, new developments are selling out (they stopped building the rest). And yes interest rates are still insanely low. But, there are catches.
We might have to modify our Stalefish timeline from properties that have been on the market 100+ days, to those that have hit 150+ simply because there are so many hanging out there to dry. It is nearly impossible for even the most highly qualified buyers to get loans. Lenders have their priorities so far out of whack, it's not even funny. Buyers need to have a will like none other to get a loan through the "underwriter"---the mythical creature that lurks behind closed doors and asks you for documents you surely never in a million years thought you'd need to provide---, and sellers need to have a very large lucky charm on their side and pricing and property appeal that is right on the money. Price too high..you're done (I speak from experience). You're better off pricing low. If your property looks less than stellar, expect to haggle, and go onto the market knowing full well buyers are in no hurry, foreclosures and Notices of Default at all price points are still very high and climbing, and the outlook on our economic recovery (most important jobs) is anything but cheery.
I know, I'm the total downer at the party, but this is what I see every single day. I see sellers that are selling not out of want, but need, and buyers that are both concerned they might get laid off, and also know that if they wait just a little bit longer, their opportunities to buy might just be sweeter in a couple months.
For the sake of our recovery, which will not be quick, but slow and steady, I hope I am wrong, wrong, wrong and I hope the little pictures of hope we've seen these past couple of months continue, but if things turn just a bit south...we're headed for another tough year in San Francisco real estate.
This is probably not something you're hearing from many agents out there. You're likely hearing stories of the bottom being hit, multiple offers on the rise, and properties flying off the shelf...these are the exceptions to the very rule I spoke of above. Maybe that's why my sfnewsletter is always so popular...I don't sugar coat, ever.
That said, if you're a buyer sitting on the fence with all of your ducks in a row and you know for a fact you're staying put for at least 3-5 years...you might want to strike while the iron is hot. Remember, list price = asking price, which does not = sales price. Negotiate the hell out of all of your offers, plan on a tricky loan process, and you just might get a screaming deal.
If you're a seller, remember these key sayings: "Open Houses don't sell homes"; "Your first offer is often your best offer"; and "In markets, bulls make money, bears make money, pigs get slaughtered."
Listing Plug!
My fabulous listing at the Amelia is on the market and available! Address is 2185 Bush #213. It is a 2 bed, 1 bath, garden level apartment away from all of the street noise. It's sooo quiet! The unit includes one deeded parking space, and an approximately 500 square foot wraparound patio. HOA dues are $660/month and include earthquake insurance. Asking price is $685,000 $659,000 and my clients are extremely motivated to sell. I will be there this Sunday from 2-4pm for an Open House, so please come by or send your friends/family. It's a great unit in an absolutely fantastic location.
Pocket Listing
I used to do this all the time, and many other agents with blogs and newsletters are now doing the same thing (flattered I guess...and the very reason we're soon launching PocketListings.net), but I did happen to take a look today at a very, very nice Presidio Heights home in a great location that is currently not "on" the market, but very available to be sold. It's a biggie. Six bedrooms, 5000 square feet, deck, yard, 4 fireplaces, and a price around $5,000,000. It needs work (floors, kitchen, baths, paint), but is a stunning home and might be right for you. If you are a buyer without an agent, give me a shout.
Thoughts
Maverick's Big Wave Surf Contest is a GO for Saturday. My advice, watch it online. Enjoy the long holiday weekend and snuggling with your honey!
Happy Aloha Friday!
The sfnewsletter team
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