Tracking San Francisco foreclosures (REO's)

Tracking San Francisco foreclosures (REO's)

On February 22nd 2009 I reported foreclosures/REO's listed on the San Francisco MLS

Homes = 44 REO's of 570 total homes listed for-sale or 7.7%
Condos = 23 REO's of 949 condos/lofts/TIC's/coops (condo only number is a better metric which I have below - estimate at least 220 were TIC's of the total) so 5.2% of San Francisco condos were REO's

On July 18th 2009 San Francisco MLS listed foreclosures were:

Homes = 31 REO's of 578 total listed for-sale or 5.4%
Condos = 29 REO's of 668 condos (not including TIC's etc this time) or 4.3%

Today, November 25th 2009 San Francisco MLS listed foreclosures are:

Homes = 37 REO's of 484 total listed for-sale or 7.6%
Condos = 15 REO's of 606 condos or 2.5%

Interesting that Condo foreclosures are way down, but homes are up from July, and flat from February. Total foreclosures have trended down as a percentage of total properties for-sale in San Francisco, and as raw numbers. 67 in February, 60 in July, and 52 now. That contradicts other reporting I've read. One guess may be that Short Sales are up.... that's for another post.


Tracking San Francisco's SOMA & South Beach markets

Two recent listings to help track San Francisco's SOMA & South Beach markets

In May 2006 88 King St #1304, San Francisco sold for $1,260,000. Today it is on the MLS asking $995,000. If it sells there that's over a 20% price drop - or 100% equity loss if the owners put 20% down when they purchased.

In March 2008 555 4th St #814, San Francisco (the Palms) sold for $649,800. Today it is on the market for $550,000. A sale at the asking price would be a 15% drop. Unfortunately they've been asking $550,000 for 71 days, so it's more likely to also see a 20% drop.

To see these two listings on the MLS you can enter their addresses at www.SF-MLS-Search.com/welcome.html

$8,000 & $6,500 tax credits San Francisco buyers might be able to use

San Francisco home buyers have a much better chance of using the Home Buyer Tax Credits.

Income levels for the original $8,000 home buyer tax credit was $75,000 for a single person and $150,000 for joint filers. Those may be spectacular incomes in 90% of the country, but in places like San Francisco and New York City they barely make ends meet, let alone purchase a starter 1 bedroom condo in a neighborhood like Cow Hollow of Noe Valley.

But with both the House and Senate passing an extension of the tax credit that was to expire November 30th to April 30th 2010, they also increased the income limits to $125,000 (single) and $225,000 (joint). Of course the max home price is $800,000 which is only slightly above San Francisco's average home price. $800,000 buyers you a fantastic 1 bedroom Condo, or a small or "flawed" 2 bedroom condo (lack of parking for example) in neighborhoods like Pacific Heights, Cow Hollow, Russian Hill and even Noe Valley and Cole Valley. $800,000 however does get you a Single Family home in many other neighborhoods like the outer Richmond, the Sunset, even Glen Park or a "fixer" in Noe Valley.

San Francisco home buyers have until April 30, 2010 to enter into a contract to purchase via a 60 day extension.

The bill also provides a new existing homeowner credit - if you've lived in your current home for 5+ years you qualify for a $6,500 credit on a new purchase (there probably won't be a lot of San Francisco trade-ups to $800,000 since that's often a beginner condo/home in many San Francisco neighborhoods).

To start a home search in San Francisco try www.SF-MLS-Search.com/welcome.html and feel free to contact the SFisHOME team for help at info AT sfishome DOT come


What’s Happening in San Francisco, Marin, the Peninsula and South Bay

For Saturday Nov 7th and Sunday Nov 8th


For more SF listings please: click here

2nd Annual Fabulous Food Festival


Saturday, Nov 7 10:00a to 5:00p

Price: $10 general / $7 seniors

Phone: (415) 388-7208

Age Suitability: All Ages

at San Francisco Design Center: Concourse Exhibition Center, San Francisco, CA

What is the creation story behind the tasty marinade or flatbread? How did someone’s family pancake recipe turn into the family fortune? One hundred fifty exhibitors at the 2nd Annual Fabulous Food Festival ARE EXCITED TO INTRODUCE YOU TO THE NEXT BIG TASTE SENSATION! Pacific Expositions invites everyone to explore and discover what’s NEW, HOT, SPICY and COOL just in time for the home chef’s holiday entertaining and gift creations!

27th Annual San Francisco Jazz Festival presents Milton Nascimento --------------------------------------------------------------------------------

Saturday, Nov 7 7:00p

Price: $25/$40/$55/$75

Phone: (866) 920-5299

Age Suitability: All Ages

at Nob Hill Masonic Center: Nob Hill Masonic Auditorium, San Francisco, CA

Milton Nascimento is one of Brazil's most famous vocalists. For this performance, Nascimento focuses on the bossa nova standards that provided him with early inspiration, songs he explores on his 2008 album, Novas Bossas. It’s a rare opportunity to hear one of the world’s most beloved and influential musicians delve into the songs that shaped him.

3rd i's Seventh Annual San Francisco International South Asian Film Festival

Saturday, Nov 7 12:00p to 10:00p

Price: $10 general; discount passes available

Phone: (415) 835-4783

Age Suitability: Teens and up

at Castro Theatre, San Francisco, CA

From art-house classics to documentary films, from innovative and experimental visions to cutting-edge Bollywood, 3rd i is committed to promoting diverse images of South Asians through independent film. The 2009 festival includes offerings from India, Afghanistan, Bangladesh, Australia, Canada, Germany, UK and the USA. read more

African Dance and Drum Festival

Saturday, Nov 7 9:00p to 11:00p

Price: $25, Seniors & Students $20

Age Suitability: None Specified

at African American Art and Culture Complex, San Francisco, CA

The Sixth Annual San Francisco African Dance and Drum Festival runs from November 4,- November 8, 2009. The Festival has been enjoyed by over 1,000 attendees each year. The Saturday, November 7th, 9pm Gala African Dance and Drum Performance Features master drummers and dancers including Ndeye Gueye (Thiossanou African Dance Company), "Bontle featuring Neopolitan", Ousseynou Kouyate, Mohammed Kouyate, and many more - at the African American Art & Culture Complex, 762 Fulton,San Francisco.


Marin Art School 2009 Student Show

Saturday, Nov 7 9:00a to 9:00p

Price: Free

Phone: (415) 499-6014

Age Suitability: None Specified

at Marin Civic Center: Marin Veterans Memorial Auditorium, San Rafael, CA

Adult students of the Marin Art School in Novato are showcased in this exhibit at the Marin Veteran’s Memorial Auditorium in San Rafael. This exhibit in the Redwood Foyer is not open to the public daily. Those attending Marin Veteran’s Memorial Auditorium events are welcome to view the exhibit. The public IS invited to the public reception hosted by Marin Arts Council and Friends of Marin Center from 5 to 7 p. read more

Open Secret Bookstore & The Rainbow Body Cultural Center

Saturday, Nov 7 11:00a

Price: Varies

Phone: (415) 457-4191

Age Suitability: All Ages

at Open Secret Bookstore, San Rafael, CA

Open Secret Book, Music and World Art Gallery and the Rainbow Body Cultural Center celebrate our 20th year in San Rafael

Come enjoy a cup of homemade chai tea & nestle on a comfortable couch with a good book. Find healing in the bookstore's art-filled temple and enjoy the variety of daily events including, tarot, meditation, lectures and cultural performances.


20th Annual Dickens Faire at Bethel Church

Saturday, Nov 7 9:00a to 5:00p

Phone: (408) 246-6790

Age Suitability: None Specified

at Bethel Church of San Jose, San Jose, CA

The Women's Mininstries of Bethel Church will be sponsoring their 20th Annual Dickens Faire, November 6th, 10am-8pm, November 7th, 9am-5pm, and November 8 Noon-3pm. Over 50 vendors from all across the Bay Area. Stroll the aisles to find holiday, decorations, handmade arts and craft, antiques. Have lunch or dinner at the Holly and Ivy Cafe. read more

Pioneer High School Boutique

Saturday, Nov 7 9:00a to 4:00p

Phone: (408) 535-6310

Age Suitability: All Ages

at Pioneer High School, San Jose, CA

Holiday Boutique at Pioneer High School, November 7th from 9:00 am to 4:00 pm. this is a fundraiser for the school radio station. Vendor space still available. Located at 1290 Blossom Hill Rd, between Meridian and Almaden Expressway it's a great shopping location.

Kitten and Cat Adoption Fair

Saturday, Nov 7 11:00a to 3:00p

Price: free admission

Phone: (888) 538-9402

Age Suitability: All Ages

at Petco, Redwood City, CA
Come and join us for a spectacular adoption fair. We are adopting out many adorable kittens and cats!! We are Humanimal Connection... a non-profit, no-kill organization that is run entirely by volunteers.

11/6-11/8: Mel Cotton Sporting Goods' Resort Days 2009. Free Lift Ticket!

Saturday, Nov 7 10:00a to 9:00p

Price: FREE

Phone: (408) 287-5994

Age Suitability: All Ages

at Mel Cotton's Sporting Goods, San Jose, CA

Join Mel Cotton Sporting Goods for Resort Days 2009! Don’t miss Mel Cotton’s million-dollar kick-off sale, with all ski and snowboard gear at the best prices of the season including snow bibs at $24.99 and retired rental skis from $50. Spend $50 at the event and get a lift pass to Bear Valley or spend $100 and get a pass to Kirkwood while supplies last.


Case-Shiller home price index: San Francisco MSA

Results for Case-Shiller home price index: San Francisco MSA

I lifted a bit of research from a SocketSite commenter named "HappyRenter" and added a bit more analysis to see what's been happening with San Francisco "MSA" home prices (think Bay Area, not just the City of San Francisco, when looking at MSA numbers).

If the above is a bit hard to read check out the online PDF at http://homesofsf.googlepages.com/Case-Shillerresearch.PDF

Note that prices bottomed in both tiers in April 2009 (think March since contracts probably happened then, with Closes in April). This is in line with March Stock market bottom. Since the bottom prices are up 16.5% and 13.2% respectively in the Top and Bottom tiers. Those are pretty amazing jumps, and probably why Robert Shiller said we may be entering into another bubble.

Of course this hasn't happened in the City of San Francisco, but some believe we're tracking the larger MSA but on at a much delayed pace. So we've yet to bottom, and are not currently going up. Others believe we did bottom in March and have risen slightly. In my opinion the City is too large and diverse to draw any one conclusion. Every neighborhood, price range, and type of property is reacting differently. If you have questions on "your market", feel free to drop us a line and we'll do an analysis for you if you don't currently work with another Realtor.