9/26/08

Softness in the San Francisco real estate market

Buyers have been telling me for months that the San Francisco real estate market is down, and so they want to underbid - not just the listing price - but the "fair market value". However, in the San Francisco neighborhoods my Buyers are interested in, they have been wrong - most properties are selling at their asking price, and many are selling above their asking prices. A home in Cole Valley just went to a Buyer who bid more than I told my clients the home was worth. So the San Francisco market, at least in the nicer neighborhoods, is not down. Well, that is... until now...

It still remains to be seen, but the past 2 weeks of incredibly bad financial news - when the bailout, AIG, Lehman Brothers, etc - hit the airwaves, a lot of San Francisco Buyers paused. For one thing, Buyers don't like being "told what to do" by Sellers... offer deadlines really irk Buyers, especially in markets that aren't super-hot. And I know of two homes that set offer deadlines because there was a buzz about them with several buyers saying they wanted to write offers.... but once the offer deadline was announced, the Buyers froze, and did not write offers. My buyers got one of those two homes at well under the asking price, when just a week earlier they thought it would sell over the asking price. The other home is still on the market with their offer deadline having come and gone.

Now this is NOT a complete stop to the San Francisco market... in these past two weeks there have been some very competitive and active sales... like the Cole Valley home that sold for more than what my "CMA" (Comparative Market Analysis) told me it was worth. But that home did not set an offer deadline... and apparently 3 buyers all showed up at the same time with offers... thinking of course that they were bidding in a non-competitive environment that became competitive on chance timing.

In addition to the anecdotes above, I checked out "District 7", San Francisco's northern neighborhoods of Pacific Heights, Cow Hollow, Marina and Presidio Heights. So far there have been only 6 Condos sales with 1 to 3 bedrooms. This time last year there were 15. That's a significant drop off, and I believe caused almost entirely by the word "bailout".

So the big questions are... will this last? Is the market going to use this as an excuse to drop in a bigger broader way? Or is this temporary?

For now I only have anecdotes... one Buyer who will buy as soon as they find something they like... and we're talking in the $1.4 million range. A few others who have been market skeptics for some time, who are now more emboldened in their beliefs. But they were so unlikely to buy to begin with, that not buying won't impact anything. On the other hand I have 3 pretty well priced listing, but they are on the "lower end" (not low though - all are btwn $700k and $800k) and that seems to be where most of the skeptics are. In the $1.2 million and above range, most of these buyers have enough money to weather any storm... and lack of quality inventory is the primary thing that's kept them from buying.

So if you are a San Francisco home owner thinking of Selling... make sure you prep your home to show it's best (painting and staging), and if you're in a highly sought after neighborhood, my guess is you will have PLENTY of Buyers ready to pounce... but DO NOT set an offer deadline.

Since I still have many more Buyer clients than Sellers, it's simple supply and demand. If demand far out stips supply, the market can't drop far before those Buyers jump in and lift it right back up.




Thanks for Visiting the SFisHOME Blog courtesy of Rob Regan. If you're ready to Buy or Sell a San Francisco Property start with the best online tools for finding San Francisco properties: Condos, Houses, TIC's, Income properties, Co-ops, High Rises, 2-Unit Buildings and more:



San Francisco Email Search --- or --- Live SF MLS Search Service
Automated-HomeFinder.comFree Access to invite-only CleanOffer MLS Service

Click any image button to get started with your favorite San Francisco home search service, or get your Home's Value here:
Evaluate-My-Home.com

9/12/08

Outside of San Francisco - a hot market?

Just a couple of real estate anecdotes.... I was in a Wells Fargo branch yesterday and the business account rep was telling me how he's lost out on 3 offers on East Bay homes, including one where he bid $50,000 over the asking price. He is buying purely for investment purposes, and is focusing on Bank Owned "REO" properties. He says he expects to earn about $100 to $300 per month over his costs in rent based on what he knows about the market. So from an anecdote standpoint... the low end of the market is on fire with investors competing with each other to get in.

Meanwhile, the branch manager said her mother saw a house hit the MLS down in the south bay for about $100,000 below what most homes sell for in the area... asking under $600k when most sell in the high $600's. She said when they got to the house there was a lineup of 35 buyers waiting for the agent to arrive and open up the house. Imagine that... read Patrick.net and all you hear is that the sky is falling... but actually hit the streets and you see a lineup of anxious Buyers trying to snap up anything that looks like a bargain. Tip - don't read blogs from self proclaimed experts who don't ever shop for homes and only scour the internet for bad stories to promote their agenda.

Now this is a San Francisco real estate blog, and I'm a self proclaimed city of San Francisco expert... but hey, I've got "feet on the street" expertise looking at homes on behalf of both Buyers and Sellers almost every day..... but I'm always referring to how the general news is so bad, so it was quite interesting to hear first hand from actual Buyers how active the markets really are when the price is right.

So.... prediction.... the bottom is here folks... time to find your bargain or watch as they disappear again. The bottom will last a while yet, and there will be bargains probably for another year. But with interest rates down a 1/2 point, and banks under-pricing their listings, now is the time to buy before all of the above mentioned craziness re-inflates the prices.

You may also be interested in:
Mortgage Rates Plummet
REO search on the San Francisco MLS
Short Sales in San Francisco
First Time Home Buyer - where do I start?



Thanks for Visiting the SFisHOME Blog courtesy of Rob Regan. If you're ready to Buy or Sell a San Francisco Property start with the best online tools for finding San Francisco properties: Condos, Houses, TIC's, Income properties, Co-ops, High Rises, 2-Unit Buildings and more:



San Francisco Email Search --- or --- Live SF MLS Search Service
Automated-HomeFinder.comFree Access to invite-only CleanOffer MLS Service

Click any image button to get started with your favorite San Francisco home search service, or get your Home's Value here:
Evaluate-My-Home.com

9/10/08

Crime in San Francisco - an online tool

If you want to feel safe, you may not want to use the CrimeMap service provided by San Francisco's SFGov.org. You can enter any address or cross streets, a time frame, and the types of crimes you want to know about, and see what's been reported. What's scary is that there appears to be as much crime on the best, cleanest, most expensive, and safest "feeling" blocks as in an area that you might otherwise think isn't a safe area.

Like avoiding watching the movie "Jaws" before swimming in the ocean, I'd avoid use of the CrimeMap service if you don't want to get freaked out about San Francisco. Personally I think there could be some explanation for how the actual crime goes against the "feel" of an area. And that's that this is "reported" crime... so maybe there's more reporting going on in some neighborhoods???? But... if you want to dive in... here's the site:
San Francisco CrimeMap

"The Palms" at 555 4th St, San Francisco

With a new listing at The Palms in SOMA very close to Mission Bay/South Beach and AT&T Park, I've been curious what the residents of this 2006 San Francisco constructed building think and say about it. See the listing here.

What better place to check than "Yelp", the user-review site that has taken San Francisco by storm. There are only 6 reviews, but the building gets 4.5 out of 5 stars. One of the complainers said it's "too LA" and not enough San Francisco. Well, the entire SOMA/South Beach/Mission Bay is essentially a new neighborhood, and San Francisco is an "old" town. Many people who live in SF prefer circa 1900's construction.... Edwardian and Victorian feel... but you get that in the old neighborhoods.

Just about everyone else points out two great attributes of The Palms.

First - it's location - walking distance to everything that the area has to offer including AT&T Park, Caltrains, Whole Foods is a block away, Safeway is 4. Restaurants within a block or across the street include Fringale, Zuppa, Tabu, and Bacar.

Second - the amenities in the building are over the top. A 20 seat movie theater complete with big leather chairs. A gym with a full circuit set plus some free weights. A separate Yoga studio with tons of fit balls. A business center that has free to use computers, and apparently printers too. A separate but attached conference room. A break room with a fridge, sink and vending machine... you could literally conduct a full business event given all of these amenities. On the third floor you can also find a lounge with a flat screen TV and a pool table.

As one "yelper" said, "if I didn't have to eat I'd never have to leave the building". I don't think he's heard of delivery :)

In addition to Yelp, I've been hanging out at the Palms recently so I've met several residents, all of whom give the building rave reviews. They love the location, they love the concierge and doorman service, and the overall convenience of the kind of San Francisco Condo living that the Palms offers.

The listing I have is a rare corner unit... and it faces one of the quietest streets in the area (some Yelp complaints were of living by the elevator or one of the common rooms, and on top of 4th street - all of those are on the front/western side of the building, whereas my Listing #650, is on the complete opposite side of the building facing East on the northern corner). Easy to show... if you want to see what The Palms is all about contact me and the SFisHOME Group.

You may also be interested in
Corner-end Unit at The Palms - #650 a new SFisHOME listing
Mortgage Rates Plummet
New North Beach listing: 600 Chestnut
New South Beach listing: 81 Lansing #408




Thanks for Visiting the SFisHOME Blog courtesy of Rob Regan. If you're ready to Buy or Sell a San Francisco Property start with the best online tools for finding San Francisco properties: Condos, Houses, TIC's, Income properties, Co-ops, High Rises, 2-Unit Buildings and more:



San Francisco Email Search --- or --- Live SF MLS Search Service
Automated-HomeFinder.comFree Access to invite-only CleanOffer MLS Service

Click any image button to get started with your favorite San Francisco home search service, or get your Home's Value here:
Evaluate-My-Home.com

Mortgage rates plummet - effect on San Francisco?

All the talk in the real estate industry over the last 24 hours is how interest rates plummeted a 1/2 point, which should mean you can afford 5% more than you could before. I have a buyer now who can only go up to $600,000 and we had just discussed a $645k condo... something that may now be within reach, so she's checking with her mortgage Broker.

But will this news really effect San Francisco real estate? Tight lending standards have not changed. You still need a very high credit score to qualify for the lowest interest rates. And you usually still need 20% down. Without both you may not qualify for any loan.

So as is usual in San Francisco, I expect this to be a tale of two cities... meaning it will impact different parts of town differently. The areas of high-income residents who tend to have higher credit scores, and have plenty of cash, may get another boost. The areas that have been hardest are unlikely to see any relief from this news.

But the real question for you, the Buyer, is how it effects you, and whether or not you can now afford the home you really want? For that, Step #1 is to know your credit scores AND your reports. Read this post for where to get your Reports and Scores (hint, it's NOT any of the sites advertised online). The post also gets you started in cleaning up your reports and improving your scores. If you've never done it before you are likely to be amazed at what's on your reports... a lot of which is easy to clean up.

You may also want to read:
Free Credit Reports and why you need them

First Time Home Buyer - where do I start?


Value of a Pre-Approval




Thanks for Visiting the SFisHOME Blog courtesy of Rob Regan. If you're ready to Buy or Sell a San Francisco Property start with the best online tools for finding San Francisco properties: Condos, Houses, TIC's, Income properties, Co-ops, High Rises, 2-Unit Buildings and more:



San Francisco Email Search --- or --- Live SF MLS Search Service
Automated-HomeFinder.comFree Access to invite-only CleanOffer MLS Service

Click any image button to get started with your favorite San Francisco home search service, or get your Home's Value here:
Evaluate-My-Home.com

9/5/08

Magnitude 4.0 earthquake hits Alamo, 29 miles from San Francisco

An earthquake just shook my building for 2 to 3 seconds. I live on "good" ground in the Marina District here in San Francisco. It felt as if a truck had hit our building... a real quick jolt. I just checked the USGS earthquake site quake.usgs.gov to verify that it was a quake, but it was obvious having felt other similar earthquakes over the years.

Alamo is a town in between Walnut Creek and Danville, East Bay towns about 29 miles from San Francisco, or maybe 25 as the crow flies. I'm quite curious what it felt like on top of the center. Any comments from locals in the East Bay?

9/4/08

New SFisHOME Listing: 555 4th St #650

"The Palms" is well located near AT&T Park, Whole Foods, freeway commutes to the East Bay, Peninsula or walk to downtown San Francisco. Finally a unique and special unit at The Palms on 4th Street off of Bryant. It is a corner end-unit with a condo-length balcony and two balcony doors - one from the Living Room and one from the Master Bedroom. Full details via the "view detailed listing" below.

This is easy to show, call Rob at 415-652-3780 and I'll let you park in the unit's space for the full experience of living at The Palms. This condo is priced below most of it's competition even though it is a superior unit. So we are priced to sell quickly - a must see is the South Beach, Mission Bay & SOMA area if where you want to be. And just wait to you see the common areas in the building - a gym, billiards/lounge area, business center and a theater. Check out the listing and let us know when you want to see it:

9/3/08

Who is "stupid" - a San Francisco saga?

Did I just use that word? The customer is always right aren't they? Well, yes, in my book they are. My customers are always right, then again I educate my customers before I go out with them. But when another agent calls moments after I hit "submit" on the below post to tell me that his buyer wants to submit an offer 33% below the asking price on another Listing I have, someone has to be "stupid" right????????

Is it me? I spent hours running a "CMA", a Comparative Market Analysis, of all recently sold nearby condos of a similar size. I then visited every "competitive" condo on the market in the weeks leading up to the official launch in the MLS of the sale. So I know the market cold.

So is it my Seller? Well, this is one of those rare Short Sales. He will sell the Condo at any price the Bank will take, and so we chose, together, to price it at the low end of it's value range - per the CMA.

So there's a bank involved - is the bank stupid? Well they would be if they accepted the suggested offer, but they know enough to know that they don't know (say that 10 times fast). So they will hire a local appraiser to tell them what they should be willing to accept in an asking price. The appraisal hasn't happened yet, but rest assured, the appraisers numbers will be close to my CMA.

So is the Buyer's Agent stupid? Well, he admitted to not knowing this particular market well, and admitted he had not yet run his own CMA, and said he didn't want to waste any one's time with an offer that was so low it had no chance.

So... from the sound of everything above, the only one who did no homework, and has just picked some random number out of a hat, is the Buyers.

Are they stupid? Doubtful. I bet that they've got very high IQ's, very high paying jobs, are very well respected in their fields, probably have a ton of friends and great families, and are overall extremely bright and well intentioned people. But... they are completely and utterly uneducated on "their market". The particular market in which this Condo is in.

A 2 minute CMA, which is entering in some really basic comparable information into the MLS, and including all For-Sale, in-contract, and Sold in the past 3 to 6 month, and then hitting submit would show that NOT ONE condo is even close to the price they want to offer.

But someone has to be "stupid" right? Actually, someone does if this offer were to be accepted. Unfortunately, the Bank isn't stupid, the Seller isn't stupid, and while I have some days that are better than others, I'd like to think that I'm not stupid either.

Bottom line - this offer should not even be made. Read the post below... IF the Seller or Bank were to even consider it, all we'd have to do is drop the price to the amount these Buyers are offering, and 3 days later I'd have 30 offers all well over that new lower asking price.

Sorry folks... there are deals to be had in San Francisco in certain neighborhoods, but unfortunately there aren't many stupid people here willing to accept stupid offers.

You may also want to read:
Short Sales currently For-Sale in San Francisco
San Francisco REO's (Bank Owned Properties)
First Time Home Buyers - Starting with Education




Thanks for Visiting the SFisHOME Blog courtesy of Rob Regan. If you're ready to Buy or Sell a San Francisco Property start with the best online tools for finding San Francisco properties: Condos, Houses, TIC's, Income properties, Co-ops, High Rises, 2-Unit Buildings and more:



San Francisco Email Search --- or --- Live SF MLS Search Service
Automated-HomeFinder.comFree Access to invite-only CleanOffer MLS Service

Click any image button to get started with your favorite San Francisco home search service, or get your Home's Value here:
Evaluate-My-Home.com

First Time Home Buyer - where do I start?

Holding Open Houses in San Francisco you meet a lot of first time home Buyers who are just starting to stick their tow in the water. Most have a few months of reading about how the sky is falling in real estate, so if they like the home I'm showing they usually get around to asking "would they accept $xxx,xxx?" Usually that number is 10% to 20% below what we're asking.

It's easy enough to peg a newbie, but this question removes any doubt that the person isn't educated on the local real estate market - that is the CITY of San Francisco - and in particular the neighborhoods I mainly work in. They think of themselves as experts because they read the WSJ and the Economist regularly, and they KNOW the sky is falling. But they've just started looking at properties in San Francisco, so in fact, visiting Open Houses is truly their first "real" education.

So "where do I start?" You start with self-education on the local San Francisco housing market. When reading about the U.S. real estate market, or even the Bay Area real estate market, and unfortunately all you've learned is what reporters, who spend half their time writing about hurricanes and local politics, thinks the pencil pushing economist, who hasn't bought a house in 20 years, said about the macro-economic issues that are impacting the overall real estate market. Sorry for the run on sentence.... but say that 10 times fast and then tell a friend who tells a friend, and eventually you get the kind of education that will help you ask the following question:

"I know your Seller is asking for $775,000, and I know you told me that just the other day she turned down an all-cash $725,000 offer that had a 10 day Close, but would she be willing to accept my $675,000 offer?"

Huh????

While I condensed 2 days of in-person and email conversations together to write the above question, it is exactly what a "newbie" Buyer asked me this past weekend.

I dealt with the above question seriously, because like in anything else, there is no such thing as a dumb question - it is after all the best way to learn - stick your toe in and start asking questions. So I tried to explain that should the Seller accept her offer it would be as if she gave a complete stranger a $50,000 gift. I know some generous people, but not that generous.

Another explanation is that IF my Seller would consider an offer so much lower than what we were asking, I, as her Listing Agent, would first encourage her to lower her price... let's say to $699,000. Given the feedback on this particular home from "real" buyers, I'd have to guess that I'd have 3+ offers inside of a week between $700k and $735k.

But the best explanation is what the market is telling us the Condo is worth - backed up by local numbers - and I'm not even talking San Francisco the city info, which is far better than anything the WSJ has ever reported - I'm talking about all activity within a 5 block walk of this particular condo in the past 3 to 6 months.

If this "newbie" Buyer had that kind of information she'd have seen that the cheapest "comparable" that has sold recently went for $725,000. So our "all-cash" buyer was using some logic in his offer. My seller knew that "comparable" Condo did not have in-unit laundry, and was in an older building with deferred maintenance, and that the 3 next cheapest comparables all sold for $740,000 with the rest selling for $775,000 and above. That's why she turned down the offer $50k lower than her asking price... she felt that her Condo had to be worth at least $740,000 and if we wait long enough for the right buyer, $775,000.

But the moral of the story here is that to be a "real" buyer, you need to be educated on "your market". In this case, her market was all north end of town neighborhoods like North Beach, Russian Hill, Pacific Heights and others.... for Condos with at least 2 Bedrooms and 2 Bathrooms. She would also have seen how much things were selling "per Square Foot", how much everything was selling in comparison to the Listed price... which I believe was 1% under.... not 12%... and how long it was taking Condos to sell... so if it's an average of 45 days and we're at day 30 the Seller is hardly desparate.

So, to answer "where do I start?" First - even before you check out Open Houses, and before you even decide what "your market" is, you need to know what you can afford. For that I strongly recommend speaking to a Lender. You need a spreadsheet with ALL expenses you will face if you own a home... including HOA dues and property taxes. Then you know your upper price range. If it turns out it's $675,000, you should really only look at the $775,000 Condos after they've been on the market for 60+ days... or some time frame that is higher than what "your market report" tells you all of the others sold.

No need to write another Post for Step #2... as indicated above... with your purchase price maximum solidified... skip months of house hunting by asking your favorite Realtor for a report on "your market". That is all activity from what has Sold in the past 3 to 6 months, what is in contract now, and what is currently For Sale. Now you'll have a general idea of what your purchase money will get you.

You must then decide if you are willing to accept what the market will give you. If you insist on a 3 Bedroom condo, but the report shows you that in your price range the largest Condo sold in 6 months was a 1 Bedroom, you either have to accept the idea of a 1 bedroom, or you have to find more money, or you need to scout out other cheaper neighborhoods. You can't force a square peg into a round hole, or expect a Seller to hand you a $50,000 gift.

Step #1 - speak with a Lender
Step #2 - get a local market report on "your market"
Step #3 - be realistic, and focus on what you really can afford

Finally - Step #4 (with many more steps to go) - get out there and look at as many homes as possible. Armed with the information above, you'll begin to earn "feet on the street" type of knowledge that we Realtors have.

Happy House Hunting.

Novemeber 21st update - the condo in question sold for $725,000. I wrote this post on Sept 3rd, and then the market CRASHED. It crashed so much that we were only have to duplicate that first all-cash offer of $725,000. So... $675,000 was never a realistic number.... but I became wrong on my estimate of the condo's worth the day the word "bailout" became national news.

You may also be interested in reading:
The Next Hot Real Estate Market
District 7 Market Report
Mortgage update From a Lender I recommend
Secrets to Getting Low Offers Accepted




Thanks for Visiting the SFisHOME Blog courtesy of Rob Regan. If you're ready to Buy or Sell a San Francisco Property start with the best online tools for finding San Francisco properties: Condos, Houses, TIC's, Income properties, Co-ops, High Rises, 2-Unit Buildings and more:



San Francisco Email Search --- or --- Live SF MLS Search Service
Automated-HomeFinder.comFree Access to invite-only CleanOffer MLS Service

Click any image button to get started with your favorite San Francisco home search service, or get your Home's Value here:
Evaluate-My-Home.com

9/2/08

Next Hot San Francisco Real Estate Market

Opposite of mainstream news talking about down markets and bubbles... I'm predicting an uptick of Activity and possibly prices in San Francisco's most sought after neighborhoods. Why? Well, there are a lot of reasons, but the focus of this post is that the Fall is the 2nd hottest Selling season for San Francisco properties... the first being the Spring, March thru June.

Every year the Fall tends to have a higher percentage of sales than Winter or Summer, and usually an uptick in prices too. Why is the Fall hotter than the Summer? Well, literally the Fall weather is hotter than Summer weather. As locals know, San Francisco's Summer is often cold and foggy - hence Mark Twain's famous quote, "The coldest winter I ever spent was a Summer in San Francisco".

The Fall is gorgeous, and really, the most beautiful time of year in SF. Plus, San Francisco has far few families who prefer to relocate when school is out than the majority of U.S. real estate markets so they don't prefer Summer moves. Finally, there are a ton of vacations and weddings that take out big chunks of Buyers at a time throughout the summer.

With all of the above, what San Francisco ends up with is pent up home sellers waiting to put their homes on the market after Labor Day... and pent up Buyers who weren't focused on Buying, plus those Buyers who were out looking but found the best properties weren't on the market yet.

If the above holds true once more, both Buyers and Sellers of San Francisco real estate are going to come out of the wood works and overall activity will go up. If Buyers finally realize the sky is not falling, and since Sellers are mostly too rich here to need to drop their prices, we could also get a ton of competition which could lead to increased home prices.

So let's follow the market day by day to see what happens! Initially I'll focus on new listings.... ie. homes and Condos just listed in the MLS... and again, this is ONLY for the City of San Francisco. Although I'm also going to narrow it down just a bit more... I'm going to exclude "District 10" which is where most of the Short Sales, REO's and drop in prices has occurred in San Francisco. Nearly every other district (there are 10 San Francisco "Districts" on the Realtor Map found here) is either flat or up this year.

Today, Sept 2nd, there are 360 Single Family Homes for sale in the San Francisco MLS in District's 1 thru 9. You can sort of make out in this an image of my MLS back office the number 360 in the "Preview Count"
area - with the "Single-Family Homes" box checked under "Property Types" and Districts 1-9 selected in the lower left.


For Condos I've included Lofts and Coops, but excluded TIC's, and today there are 519 Condos/Lofts/Coops for sale.

I'll track For-Sale properties in the first 2 weeks of September when I expect a ton of new listings to hit the market. And then we'll track Pending and Sold properties thereafter. So what's your prediction - flat market, up market, or down market in San Francisco this Fall?

To help provide further data... Condos/Lofts/Coops there are 235 Pending or Contingent properties - those that are in contract... or what I'll refer to as "Summer sales" even though they will Close in September. Additionally, there were 144 Sold Condos that Closed From August 1st thru today, Sept 2nd. Funny enough there were also exactly 144 Single Family Home sales in San Francisco for the same 8/1 to 9/2 time period.

So... predictions anyone?


December 23rd update - the financial crisis hit days after this post, and still hasn't let up. By my estimates and research and "feet of the street" feel, most of the "better" neighborhoods are down 10% - losing all of their 2008 appreciation (many were up 10% believe it or not) and areas like SOMA are down 15% to 20% off of an already depreciated number, so 20% to 30% down for the year. Now for prediction for 2009? Maybe I shouldn't, but I'm still FAR more optimistic than most - see my most recent posts by clicking on this blog's header.



Thanks for Visiting the SFisHOME Blog courtesy of Rob Regan. If you're ready to Buy or Sell a San Francisco Property start with the best online tools for finding San Francisco properties: Condos, Houses, TIC's, Income properties, Co-ops, High Rises, 2-Unit Buildings and more:



San Francisco Email Search --- or --- Live SF MLS Search Service
Automated-HomeFinder.comFree Access to invite-only CleanOffer MLS Service

Click any image button to get started with your favorite San Francisco home search service, or get your Home's Value here:
Evaluate-My-Home.com

9/1/08

Short Sale's in San Francisco

Yesterday I wrote about the REO search feature in the San Francisco MLS.... today I'll run similar searches to see how many Short Sales there are in the city and county of San Francisco - and again, please note, this is NOT a "Bay Area" blog. Most "San Francisco" news about real estate is actually inclusive of the entire Bay Area. Last time I checked San Francisco was not in Oakland or Antioch, and those real estate markets have virtually nothing to do with San Francisco.

So... if you're thinking of Buying or Selling in the City of San Francisco... and now that the MLS here has an option to search for Short Sales... let's see how many are in the City.

As of today, September 1st 2008, there are 54 Single Family Home For Sale that are Short Sales - meaning the owner owes one or more banks more money then the home is worth - so the bank must agree to take a loss to allow the Seller to Sell. Since there are 532 other "active" homes For Sale in San Francisco that are not listed as Short Sales that means roughly 9% are Short Sales.

Condos/Lofts/Coops = 13 Short Sales. 544 non-Short Sales. So only 2% of Condos/Lofts or Coops Listings are short sales.

That's pretty interesting since you often hear that Condos are down but Single Family Homes are not. But once again, this is a story of a section of San Francisco that has gotten hit very hard, and that section is made up of mostly Single Family homes.

Take a look at a Map of the Single Family home shorts sales by clicking here. With this map you can see a massive concentration in the most southern neighborhoods.

Then a Map of the Condo Short Sales by clicking here - there are so few that there's hardly a concentration, although it's still mostly South.

Finally - if you are interested in buying a Short Sale property, click below for the property details for each type of property.

Click here for Single Family Home Short Sales

Click here for Condo/Loft/Coop Short Sales

If you are reading this well after September 1st 2008 you can email me for an updated list of REO's or Short Sales. Or scroll down for for the Automated-HomeFinder.com service - BUT please be sure to write in the Comments section that you want ONLY REO's or Short Sales - any normal search will include REO's and Short Sales - so only enter it if you are only interested in just the REO's or Short Sales.


More articles like this
REO's - a New San Francisco MLS feature



Thanks for Visiting the SFisHOME Blog courtesy of Rob Regan. If you're ready to Buy or Sell a San Francisco Property start with the best online tools for finding San Francisco properties: Condos, Houses, TIC's, Income properties, Co-ops, High Rises, 2-Unit Buildings and more:



San Francisco Email Search --- or --- Live SF MLS Search Service
Automated-HomeFinder.comFree Access to invite-only CleanOffer MLS Service

Click any image button to get started with your favorite San Francisco home search service, or get your Home's Value here:
Evaluate-My-Home.com