Okay, so you’re not getting first dibs, as I have been showing this property to one buyer on and off for about three weeks. Since they have decided not to move forward, you get second dibs. This is a completely gutted Edwardian right on the border of Cole Valley and Ashbury Heights. The developer is sparing no expense on finishes and it is going to be stunning and modern. It is going to have 4 bedrooms, 3.5 baths, roughly 2800 square feet of living space, 2 car (4 if you count carport and street) parking, designer kitchen and baths, terraced east facing backyard, and a booming top floor room and deck (pictured) with incredible views of the Pacific Ocean, St. Ignacious Cathedral, Marin Headlands, and the tops of the Golden Gate Bridge.

The property has been structurally and seismically upgraded as well, including partially new foundation, support beams, the works. If you missed out on 121 Beulah, or 1027 Cole, or any number of the hot properties that have flown off the shelf in Cole Valley recently, you’re not going to want to miss this one. The best part…it’s still under construction, so not only will you not have to compete with other buyers, but you can also have a say in final touches and even make some alterations if you get in there asap.

Once again, to all the people thinking I’m hiding listings, this is NOT my listing, it’s not even listed. I am putting this out there to unrepresented buyers, or buyers that would like to have a chance at this property, and all the others I find. Principals only please.

p.s. I know of another one coming on Belvedere, but not of this caliber. This one I’m showing you here is going to be near $3,000,000.

Call (415-254-5351), or email (alexclark@gmail.com) for details.

As if $1,000,000 over asking wasn’t enough, how about a two (yes 2) day close of escrow. Still shows Pending in MLS, so look for it to close on Tuesday.

How do I know?

“A legit friend of mine offered $3.515 and didn’t get it. I don’t know exact price, heard from another friend the seller accepted $3.56 but not confirmed. Asking price was $2.495. I also tried to buy 2740 Lake St a few weeks ago, it went to an all cash buyer, 5 day close for $620k over asking. There was another house on El Camino in Sea Cliff that went like $1.2MM over asking recently. Market feels crazier now than it did in ’05 and ’06.“–A Trusted Developer Here in San Francisco

-2821-2823 Broderick, Cow Hollow 2 Unit Asking $2,495,000 [MLS]
-Google Earth Fun with 2821-2823 Broderick [Google]

Somebody has certainly turned the tap on with regards to San Francisco real estate. Case in point (like we need to see more), 1998 Broadway #1007.

I just called on this Pacific Heights property to get an appointment for a client to take a look at it next Tuesday. How foolish of me to think it’d still be available! They accepted offers yesterday, received five, and will certainly not be looking for another by next Tuesday.

That’s a two bedroom, one and one half bath, 1030 square foot condominium asking $750,000, gone in seven days.

-1998 Broadway #1007, $750,000 [MLS]

The spring home-buying season is well underway in San Francisco, as historically low interest rates and a limited supply of homes for sale have prompted nascent home buyers to pull the trigger. Cash transactions, competitive bidding and multiple offers are once again commonplace throughout the city.

Single-Family Home Sales

The city’s inventory of single-family homes for sale dropped by 30.7 percent compared to April 2011. With a substantially lower inventory, the number of homes under contract rose by 12.6 percent compared to this time last year, while the number of homes sold increased by 10.7 percent.

For homes that were priced below $700,000, the months of supply inventory fell by 61.4 percent to 1.3 months. For higher-priced homes between $700,000 and $1.2 million, the months of supply inventory also dropped, by 53.9 percent to 1.2 months. These exceedingly short time frames continue to place San Francisco high among cities in the nation where homes are selling the fastest.

One area of town which continues to experience high sales activity is the Central District. Since April of last year, the number of homes under contract in this point of the city has increased by 3 percent, but what is more noteworthy is that the number of homes sold has jumped by 51.9 percent, with 41 transactions closed. The Central District is home to a variety of neighborhoods, including the family-friendly Eureka and Noe Valleys, which are where many new affluent technology workers are competing to purchase homes. The median price for a home here is $1,355,000.

Another area of the city which experienced healthy sales activity is the southeastern section, east of Interstate 280 and extending past Candlestick Park. Compared to one year ago, the number of homes under contract here has surged by a whopping 76.5 percent, while the number of homes sold has also increased by 23.1 percent to a total of 48 transactions closed. Homebuyers seeking an easy commute to the Peninsula and some of the best prices in the city are turning to neighborhoods in the southeastern section like the Outer Mission and Mission Terrace. The median price for a home here is $477,500.

Condominium Sales

Just as with single-family homes, the inventory of condominiums for sale in the city dropped, by 38.9 percent compared to April 2011. Despite this, the number of condominiums under contract increased by 33.8 percent, while the number of condominiums sold rose by 15.6 percent.

For condominiums that were priced between $500,000 and $900,000, the months of supply inventory contracted by 68 percent to a reading of 1.2 months. For luxury condominiums priced above $900,000, the months of supply inventory also fell by 30.2 percent to 2.2 months.

One area of the city which experienced a robust increase in condominium sales activity is in the central-eastern section. Since April of last year, the number of condominiums under contract here has jumped by 48.5 percent, while the number of condominiums sold has only dropped by a marginal 1.1 percent, rounding out the month with 86 units closed. Stylish and contemporary mid-rise condominiums line the streets of the neighborhoods here, including South Beach, whose close proximity to Caltrain and AT&T Park is ideal for commuters and baseball fans alike. The median price for a condominium in the central-eastern section is $697,500.

Outlook

Nationally, there is strong evidence that the housing market is stabilizing, as all-time low borrowing costs and improving employment have helped fuel demand for a shrinking inventory of available homes. And, prices have bottomed out. The National Association of REALTORS® reported that prices for single-family homes improved in the first quarter of the year compared to last year for 74 of 146 metropolitan areas.

The consumer confidence index, which had declined slightly in March, remained virtually unchanged in April. The index now stands at 69.2, down slightly from a reading of 69.5 in March. Regarding the short-term outlook, Lynn Franco, director of the Conference Board Consumer Research Center, says that, “Overall, consumers are more upbeat about the state of the economy, but they remain cautiously optimistic.”

According to the latest figures from the California Employment Development Department, the unemployment rate for the San Francisco Bay Area rose slightly this past March, from 8 percent to 8.1 percent, following a similar statewide trend. Between February and March of this year, leisure and hospitality were among the top industries with added job growth. In San Francisco, 38,200 people were out of work in March, while 432,600 had jobs.

Prospective home buyers still on the fence about purchasing should consider the current state of the rental market in the city, which continues to tighten with rising rents. Based on a recent article published in the San Francisco Chronicle, rental rates in the city rose by 15.8 percent compared to the same time last year, with an average rent of $2,663 for all units. Studio apartments rose by 16.5 percent to an average of $2,075, while one-bedroom, one-bathroom apartments also increased by 19.9 percent to an average of $2,611.

-San Francisco Market Focus Report May 2012

The San Francisco Association of Realtors and our local MLS are FINALLY getting in touch with reality. That reality being, sharing a listing on Facebook and Twitter should not mean having to go to yet another third party to make it easy.

Listings can now be posted on Facebook and Twitter directly from SFARMLS. The icons for Facebook and Twitter are displayed in the Links section of the Listing Detail page just beneath the listing’s photos. Please note that only listing agents will be able to view and use the social media links for their own listings. Users can click the Facebook and Twitter icons to be taken to the corresponding social media site. If they are already logged into Facebook or Twitter on their computer, they will be automatically redirected to the post editor. If they are not logged in, the site will ask for the user’s credentials. Once they are on the site, they will redirect to the post editor. A public link to the listing, as well as basic information on the property, will show on the user’s Facebook or Twitter page with any agent comments.

All it took for them to get on board was a multi billion dollar IPO. Still trying to hold on to a sliver of control however, “Please note that only listing agents will be able to view and use the social media links for their own listings.” Isn’t the whole point of social media to get more exposure?

Why wouldn’t I want other agents to share my listings on their Facebook profiles? All they have to do is grab the link and they can share it that way anyway. In fact, why wouldn’t MLS want a Facebook or Twitter icon to go on every listing page, so anyone anywhere can share that listing with someone else? Why bother with the “only with their own listings” bull shit? Just let it go man!

I know of another unit at 333 Grant Avenue that is not on MLS and hardly being marketed. If you have interest in living downtown, a stone’s throw away from Union Square, give us a shout. This is a two level (loft style) unit, and it’s awesome.

I know of a a few other epic off market opportunities as well in case you keep missing the boat.

-Hipster Hilarity on the 333… [theFrontSteps]

The best of San Francisco right at your doorstep
Located in San Francisco’s historic Jackson Square District, 25 Hotaling Place is surrounded by four of the city’s most vibrant neighborhoods—North Beach, The Financial District, Chinatown and The Embarcadero Waterfront. Intimate cafes, sophisticated restaurants and colorful watering holes are just steps away and a stone’s throw from the city’s spectacular waterfront.

A little street with a big past
Originally called Jones alley, the small street that runs between Jackson and Washington Streets started life as an alley servicing the warehouses of old San Francisco’s bourgeoning waterfront. In the early 20th century it was given its present name—Hotaling Place— commemorating one of the Gold Rush-era’s most successful entrepreneurs.

Anson Parsons Hotaling arrived in San Francisco in the mid-1850s and founded A.P. Hotaling & Company, a distributor for Cutter’s Bourbon Whisky. During the 1906 Earthquake and ensuing fire, sheer luck and a change in wind spared Hotaling’s warehouse. This led to one local commentator to pen the following lines that are now etched in the city’s folklore:

“If, as they say, God spanked the town for being over frisky, Why did he burn the churches down and save Hotaling’s Whiskey?”

To put it in my words: the location is BUTTER!!! One of the best spots in San Francisco. Right smack dab in the thick of it all, yet quaint enough to feel like you just stepped into a small part of history, lore, and a European side street. One of my favorite restaurants (Bix) is just around the corner, you can purchase any number of SWEET espresso machines and grinders around another corner at Thomas E Cara, Ltd, and for those of you that love a little late night entertainment, you’re stumbling distance to all that jazz too. It is quite simply, awesome.

Guess what? If you missed out on getting into this building before, your chance may just be coming around again. There is talk of another resale unit hitting the market soon (maybe not on MLS), and I have the inside scoop. So if you’ve been looking for a place in and around Union Square, Financial District, North Beach, Embarcadero, have I got the property for you! Oh…if you like Frida Kahlo and Diego Rivera you’re really going to want to contact me.

Since we’re on the subject of Hotaling, you might like to try some of Hotaling’s Whiskey, produced by San Francisco’s own Anchor Distilling Company, while you ponder the possibilities of owning a slice of San Francisco history.

*25Hotaling.com is from the original marketing of the property and is NOT the current unit for sale, or necessarily an accurate depiction of the unit coming for sale. The finishes, exposed brick, and location are indeed accurate.

Some talking points:

People, mostly real estate agents and sideliners, are saying that the San Francisco real estate buyer mindset is that they “better get in before they’re priced out.” I do think this is a discussion point to get buyers to jump pushing days on the market (DOM) down and keeping competition fierce, yet what is fueling the market is cash and inventory

and…

The new techies are putting money in the market yet as renters, not buyers. They are not seeing real estate as a day trade and are waiting to purchase until they can get what they really want. Even though amazing three and five year arms are available, most buyers are opting for 30 year fixed loans. Twitter and Airbnb employees do not have the low or no down payment options that were available during the last boom and unless they have family money or cash from the last start-up; they are still in the very expensive rental market.

“The Facebook Effect”, as Julian Hebron of the Basis Point calls it, is a justification, yet not likely a true driver, of a seller holding strategy. Most owners sitting on the sidelines who might want to sell are holding specifically due to their financial circumstance. “The Facebook Effect” is a nice way to predict a positive future where they may get their money back and perhaps a slight gain. People who are looking to trade property in the Bay Area are going to be impacted on both sides of the deal, whether it be buying or selling.

-Facebook Effect [theFrontSteps]
-Anti-Facebook Effect (“Cash, Not Facebook, Is Fueling The San Francisco Real Estate Market”) [Real Estate Trading Game]

Any reports of a “Facebook Frappuccino” at Starbucks today? Or how about an order of “Facebook Fries” at McDonalds? Just sayin’….

Looks like a cool house though.

-5626 Vine Hill Road, Sebastapol, California: $5,100,000 [Redfin]

-sfnewsletter MarketTracker San Francisco real estate report