2701 Van Ness Apt #503, San Francisco. The apartment was empty, so I figured I'd do a walk thru of this Studio (or Jr 1BR). The price was $419,000 when I walked in, and essentially $399,000 when I walked out.
For all Condos priced between $350,000 and $450,000 throughout San Francisco click here.
Showing posts with label Condo. Show all posts
Showing posts with label Condo. Show all posts
1/23/10
Shocking turn around in SF Real Estate
December 2009 vs. December 2008 - night and day in San Francisco Real Estate
Three charts showing the massive year over year change in the San Francisco 2 BR Condo market. This is Terradatum data using SFAR MLS info.
Shocking truth #1
The number of listed Condos is down 18% year over year while sales are up 74%
Three charts showing the massive year over year change in the San Francisco 2 BR Condo market. This is Terradatum data using SFAR MLS info.
Shocking truth #1
The number of listed Condos is down 18% year over year while sales are up 74%
Shocking truth #2
San Francisco 2BR Condo supply went from 9 months to 4 months year over year.
Shocking truth #3
The number of 2 Bedroom Condos that Expired dropped in half year over year
And now for the caveats:
Of course the numbers are better. It could only get better from last year's armageddon. December Sales represent October and November contracts - the words "bailout" and "financial crisis" became the watch words of the day starting in late September 2008. Real Estate practically came to a standstill in San Francisco at that time.
With so few buying, demand built up. Buying only started slowly again with an uptick from March thru June and took off from August through December with November the peak for 2009 2 Bedroom Condos.
Now what? 2010 will no doubt be an interesting year. Right now demand feels strong, interest rates are still at record lows, and inventory still feels in short supply. In other words, expect similar charts for the next 3 to 6 months.
2/13/09
Good foreclosure news for some owners is bad for others
4 banks announced new moratoriums on foreclosures, Wells Fargo, Bank of America Corp., Citigroup Inc. and J.P. Morgan Chase per this article.
This may be great news for Single Family homes, but could have horrendous unintended consequences for Condo buildings. As I wrote a few days ago, condo buildings that have more than a few foreclosures are at risk of spiralling out of control as unpaid HOA dues add up. Once all possible common area expenses are cut, and the building is short on cash flow, dues must be raised, or special assessments must be made to raise money from the "healthy" owners.
Unfortunately some of those owners will likely be at the financial edge of a cliff... with any extra expense could push them into foreclosure... and you can just picture the snowball effect and possible avalance of foreclosures.
The moratorium on foreclosures is only going to lengthen the time HOA's will not get paid by defaulting owners, and that will force HOA's to pursue foreclosures themselves to try shorten the time period that HOA dues go unpaid. Of course there are legal costs associated with pursuing foreclosures, and if the owner in question has no equity then none of that money will be recaptured. The additional downside is that foreclosed units usually sell for less than market value, thus creating a new and lower market value for all other units throughout the building. As owners watch values decline, even more may default and the beat goes on.
So good news for those in financial straights may only cause more to join them, especially in newer condo buildings where everyone is underwater already.
This may be great news for Single Family homes, but could have horrendous unintended consequences for Condo buildings. As I wrote a few days ago, condo buildings that have more than a few foreclosures are at risk of spiralling out of control as unpaid HOA dues add up. Once all possible common area expenses are cut, and the building is short on cash flow, dues must be raised, or special assessments must be made to raise money from the "healthy" owners.
Unfortunately some of those owners will likely be at the financial edge of a cliff... with any extra expense could push them into foreclosure... and you can just picture the snowball effect and possible avalance of foreclosures.
The moratorium on foreclosures is only going to lengthen the time HOA's will not get paid by defaulting owners, and that will force HOA's to pursue foreclosures themselves to try shorten the time period that HOA dues go unpaid. Of course there are legal costs associated with pursuing foreclosures, and if the owner in question has no equity then none of that money will be recaptured. The additional downside is that foreclosed units usually sell for less than market value, thus creating a new and lower market value for all other units throughout the building. As owners watch values decline, even more may default and the beat goes on.
So good news for those in financial straights may only cause more to join them, especially in newer condo buildings where everyone is underwater already.
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:
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:
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