The latest statistics give us some indication of what we’ll be looking at as the ‘market’ is hyper-local and neighborhood driven. The August numbers haven’t come up yet so to get in the groove in anticipation I’m re-visiting the trends thru July. The overall San Francisco County single family home inventory increased from 3 months to 3.7 months – still very healthy – but my prediction is that number will increase a bit when we see the August figures. The same can be said for the overall condo market which went up from 4.4 months in June to 5.6 months in July. I’m prepared for it to hit 6 months of inventory as the condo market definitely deteriorated in July.

I’ve been closely watching the breakdown of the individual neighborhood single family home markets throughout the summer. The best recovery was in District 7 (Pacific Heights, et. al) which started out the year with 5 months of inventory but has fallen to skip around under 3 months – this is a very stable market.

Likewise, District 9 (the Mission, et al) started with a tight supply but has increased and stayed around 3 months – again a very stable market.

The problem child has been District 5 (Noe Valley, et al). When the overall numbers are viewed it increased from 2.5 months to 4 months by the end of July. This isn’t bad. Break it down into segments however and there is real deterioration going on in the $2mil+ market. This market has gone from bad to worse ending July with 24 months of inventory and my guess is it will show an increase in the month of August and September both. I do not see this coming down soon as more inventory is slated to come on and buyers are not rushing to purchase. This is the best market for a buyer to get a ‘great’ deal.

I believe this segment of the market is slated to take a 20% haircut before it’s over. Watch and wait. I’ll keep you posted.

All the Best,

Lance

Unlike San Francisco, Sonoma is down by 40-50% from the high. I have had a second home in the town of Sonoma for the last 15 years and have seen its value soar and then fall by half. I have become intimately aware of the market here and have been a source for a large number of friends and acquaintances who’ve bought second homes throughout the years. This is the best buying environment since 1997 and a great move for anyone seeking to pick up ‘value buys’ in the wine country.

Court House in Sonoma's Town Plaza

I currently have a long time client in San Francisco who began looking around outside the City for a place to move. I made her acquainted with the town of Sonoma and she has fallen in love with its charm, weather and proximity to the City and other amenities. The time was right for me as we began talking of her interest so I’m now a member of the North Bay Board of Realtors and have started showing property here. The values are amazing. She will be able to leverage her equity in San Francisco to pay for a large new home (about 20years old and approx 3000sf) on three quarters of an acre about 3 blocks from shopping and a short distance to Sonoma’s town square for $650,000. This pales in comparison to the $1,250,000 her San Francisco place will bring. She’s definitely got the sell high and buy low formula down.

If you’re interested in how this might work for you or what values are waiting for you in the wine country then drop me a line and let’s talk.

All the Best,

Lance

The garage is a 2 car side-by-side and there is a level back yard big enough for gardening and outdoor entertaining.

This home is also located on a very desirable block within the neighborhood and near the park, shopping and transportation as well as close to highway access.

It’s always the waiting game here in Baghdad-by-the-Bay. Whether you’re waiting for prices to ‘go up’ or ‘come down’ or mostly just waiting for that ‘one perfect’ house to come up in yourneighborhood. People are waiting…believe me. I see them. A perfect example is our new listing at 249 Page Street. This stellar 3000sf house hasn’t been on the market since 1975 and the owner is retiring to warmer climates (hence our cold summer). Priced at $1,450,000 this house had an all cash offer the morning after the first Sunday open house by folks who had been…yes, you guessed it….waiting.

249 Page Street

Whenever I describe our market to agents from other areas or countries who I meet at conferences, I tell them that buyers here are the ‘long tail search’. Anyone in the tech world will recognize this term and I believe it applies to our home searching as well. This means that there are more words and more specific words entered into the search engine giving a more exact and probably less visited result. So I believe we now have a new descriptive term for our San Francisco home searching….the long tail search. Go to it, but don’t wait too long.

All the Best,

Lance

The kitchen is remodeled and has a country style to it with white cabinetry and stainless appliances. The high ceiling and South exposure from the rear wall of windows make it an inviting space. Off the kitchen is  a sizable laundry room with side-by-side washer and dryer.

The second floor of the house has a large front bedroom with architectural window facing the street, a generous mid-size bedroom in the mid-section of the house along with a remodeled bath with separate shower stall and jacuzzi tub and a master bedroom at the rear of the house with a room width closet and French doors leading to a South facing deck.

The street level from Page Street has a large garage that can hold 2 cars or 1 car independently and a unwarranted studio in-law unit (vacant).

The issue we’re dealing with for many clients is property tax assessment appeals. These appeals need to be filed by September 15th for the 2010-2011 tax year so we’ve been providing comparables to our clients. I’ve gotten back one report from a client that received a quick turnaround from the Assessor’s Office and received a reduction of over 10%. Let us know if we can assist you in this process.

All the Best,

Lance

There are 4 bedrooms, including a master suite with private deck on the top floor, and 3.5 baths in 4 floors of living space. The main floor has an open living, dining and kitchen for that casual flow that entices us in today’s world. The street level not only has a spacious garage but large family room with full bath and sliding doors onto a patio and into the South garden.

Above the main floor is a bedroom floor with 3 bedrooms, 1 bath and a family deck accessed from the hallway or from one of the bedrooms.

Throughout this lovely home are details such as hardwood flooring, marble counter tops, moldings, tile and mill work.

Central Neighborhoods Single Family Home Inventory of $2mil+ Homes

Northern Neighborhood Single Family Home Inventory of $2mil+ Homes

Now…the central neighborhoods have had a build-up of $2mil+ homes that is now standing at a 14 month supply while the Northern neighborhoods (i.e. Pacific Heights) is sitting with only a 3 month supply. It seems there have been a lot of sellers in the central neighborhoods sitting on the sidelines who saw the Spring activity but who were late to the party. Now, we’ll see how things shake out in the Fall market.

There are 3 bedrooms and 2 have barrel bay windows. The dining room was built with a large picture window facing the Bay view and framing Alcatraz in the distance.

There is a lovely sized garden – a rarity for this neighborhood – and a large 4 car garage! The parking alone is worth the value of the house on Telegraph Hill.

We represented the Buyers in their successful purchase.

476 Lombard on Telegraph Hill, San Francisco

Let’s all give the new buyers a big San Francisco welcome! And best wishes for their ownership to last almost 80 years too.

All the Best,

Lance