1360 Dolores was originally listed back in August for $1.885m, was reduced to $1.795m after the Seller moved out and then was reduced again to $1.675m just as the market was grinding to a halt in October. The listing agent pulled the listing in early December, but two weeks later an offer emerged and was ultimately ratified for $1.5m — a mighty sweet deal for the nearly 2,700 sq ft 4BR/4BA home on an oversized lot.

545 Jersey closed a couple of weeks ago after almost 3 months on the market. The 3BR/1BA home sold for $1.210m. It was originally listed at $1.295m – back in October when things weren’t looking too pretty – and the successful offer came in about 30 days after the Seller dropped the price to $1.229m. Interestingly, the Seller’s had purchased it back in 2004 for $1,000 more than they sold it for 2009. Yet, this time around, the house came complete with an approved set of plans for a major expansion / renovation.

The market in which we find ourselves is even more complex than usual. The buyer’s agents who represented these successful buyers rewarded their clients’ loyalty with smoking good deals and (no doubt) sage advice on how to spot and snag great value. Well done!

Recently, Congress and President Obama passed the $787B stimulus bill also known as the American Recovery and Reinvestment Act of 2009. While there are many components which will affect the housing market, such as loan modifications, there is another important feature that should help new homebuyers (and sellers) in the San Francisco real estate market. The bill has called for a temporary increase (year 2009) in the jumbo/super conforming loan limit to match the the limits set in early 2008. 1 unit=$729,500; 2 unit=$934,200; 3 unit=$1,129,250; 4 unit=$1,403,400. This increase is important because San Francisco property prices are higher and buyers can take advantage of the better rates offered on jumbo-conforming loans which on average is .75-1.0pt less than the jumbo loan rate.

So when will the changes “become reality?” I recently spoke to a lender about the changes and they shared that it will take some time before we see the effects as the government first has to determine pricing and other changes, then the lenders have to adjust their pricing and terms based on those changes. The ETA for seeing the rate changes is approximately 30-45 days.

As we all see today, San Francisco real estate values and prices are changing at record speeds. An interesting example of this is 228-230 Liberty Street. This property was on the market last year at $1,380,000 with tenants in each unit. The sellers bought out the occupants and put the property back on the market with an offer date. Offers were due February 17^th at 5pm.

We had clients who were interested in the property and decided to present an offer. What is interesting here is that even in this market the value of certain real estate is holding. The value of Liberty Hill is there as evident by a total of 6 offers on the property. Some offers were on the low side and some were several hundred thousand over the asking price.

This is a good example of how the market sets the sales price, not the seller. There are examples of properties out there whose values and prices are not in balance. You see this in short sales, where previous purchase prices do not match today’s market. You also see and hear about the “deal” that someone got by writing the low ball offer. As agent, it is our job to help educate our clients as to the market value of property based on comparable sales.

If we can beat the market value with a low offer I have succeeded for my buyer. If I can out perform the market with a sales price, then I have succeeded for my seller. I know there are lots of theories out there and different ways of looking at things. But I think the best thing we can all do in the market is to choose property that has value to you! That way, whatever the market does you will be happy.

Currently, this beautiful and historic landmark New Mission Theater is vacant and awaiting approval from the planning commission to become an entertainment venue/night club. This idea is approved by me and my colleagues. Let’s utilize this vacant space and bring back a community gathering via the New Mission Theater. It’s a great idea. The memories, ambiance and the nostalgia of The New Mission Theater will return.

The New Mission Theater’s discussion has been ongoing for more than a few years now. I’ll keep everyone updated as it progresses forward. For now, help us out readers: would your prefer the current eyesore or an entertainment venue?

Now if you’re like me, the thought of dealing with a plumber is like having a tooth pulled, you have to do it, but you’re definitely dreading it.

So I made the calls and got a few estimates. While most were pleasantly straightforward and seemingly trustworthy on the phone, one did stand out: Albert from Urgent Rooter and Plumbing, Inc. He was able to come over in 30 min, check out the problem and gave us the best estimate to replace our water heater. After deciding to work with Albert, he sent over a guy and a new water heater a few hours later and did the whole job by late afternoon, this also included taking and dumping the old water heater.

Fast and great service, at a reasonable price. Whew! Now I can finally take a hot shower….

You don’t have to take my word for it; take a peek at Urgent Rooter and Plumbing’s Yelp! reviews.

Let’s start the tour at 601 Alabama, The Mosaica. If your preference is not central Mission than this is the place for you. 2 and 3 bedrooms from 1038 to 1407 square feet. Pricing? Wow, unbelievable, unit 306 (2/2) starts at $499,000.  Or unit 409 for $659,000, wow-a 3 bedroom, 2 bath condo with parking!! Thank you award winning architect Daniel Solomon. The Mosaica is definitely getting great reviews from buyers in the Mission.

From Alabama, let’s travel south to 2560-2562 Bryant, a more intimate 2 unit development. These new condos have great open floor plans and are BIG.  2560 Bryant  is a 3/3 with 1823 square feet and 2562 Bryant is a 4/4 with 2,130 square feet.  Both come with parking and are just a short walk to 24th st. On your walk to 24th st., you might want to take a lunch break at our local favorite burrito shop, El Farolito, before we head west to 3099 22nd St.

3099 22nd (3bds/2ba-pkg) is definitely one of my favorites. The floor plans are great, the finishes exquisite, the views of Bernal are…very Bernal! The location is central with the Mission corridor at your doorsteps. If you’re condo hunting don’t pass this unit up. It’s in a 3 unit building and all your friends will want to join you for the house warming!

Lastly, head back northeast to 576 Shotwell. Many residents leave their hearts in the Inner Mission because of charming, newly rebuilt Victorian condos like 576 Shotwell. Unit 3 (2bd/2ba/pkg)is a free-standing condominium cottage, and the other two units are tucked away off of the street.  These sexy beauties offer unique design, are ultra modern with attention to all details. Thank you Edit LLC Architects and Roman Reiter for beautifying Shotwell Street

All of these new condos help us all to appreciate quality construction and craftsmanship. Because of developments like these, I’ll never sing “I left my heart in San Francisco”. Keep the new construction coming, and yes we do know of a few other Inner Mission condos coming soon to the market. Stay tuned…..Forget the rentals…..

2219 Pacific Avenue – this grand three-story home sold most recently in 2007 for $4.25m — all cash. At that time, the home was in move-in condition and touted approved plans for a 3rd story expansion. Since then, the home has been completely gutted down to the studs and relisted at $3.495m ($755K less than the Seller paid for it) with estimates as high as $2 million to complete the renovation of this ~4,900 sq ft home.

But where’s the beef? Why would someone take on this project when in all likelihood it will be worth less than what it cost to complete? 2542 Fillmore, a 5BR/4.5BA, exquisitely remodeled home just around the corner sold in September 2008 for $5,000,000 — $250K less than it’s asking price. It’s probably the closest comp that’s sold in the last six months. 2219 Pacific will be a somewhat bigger home and on a more prestigious street. But even so — the idea of even “breaking even” when all is said and done (in the current market) doesn’t seem to ring true. Will it really cost $2m to finish it? Maybe or maybe not given the myriad of trades now available to work on projects like this. But up until just recently, $400/sq ft for high-end renovation in San Francisco was considered reasonable.

2712 Broadway – A couple of years ago, there’s no doubt this “Gold Coast” charmer with spectacular views would be snapped up, gutted and reborn as a trophy home worthy of its trophy location. It was originally listed at $9.45m, but before the first Broker Tour, the price was reduced to $7.75m. Is this a buying opportunity for someone who covets the Outer Broadway location? Perhaps so since the only other two homes for sale on Broadway west of Divisadero are last year’s Decorator Showhouse at $45,000,000 and the yet-to-be-completed Sperling mansion at $65,000,000.

Top Ten Reasons to Live or Visit the Sunset

Upon researching this relatively fledgling, yet rapidly transforming district from classic to more modern, I learned that the city and county of San Francisco petitioned this area of land from the U.S. government in the 1850’s. In 1866 the district was originally called “Outside Land”, most people did not think of this windswept sand dune area as livable space. There were hardly any roads and little public transportation to this region which deterred a lot of people from visiting and moving to this region.

There are many speculations on how this neighborhood got its name. Some historians claim that a major developer coined the term in 1886. Others say that the area got its name from the California Midwinter Fair, which was held in Golden Gate Park in 1894 and was also known as “The Sunset City”. Either way it’s quite clear that the name comes from Mother Nature’s farewell to daylight with its priceless forever changing artwork in the sky.

Last October Ocean Beach was completely overflowing with 5^th graders from all San Francisco schools. I headed that way to drop off a friend of mine and ended up staying for hours. I learned that, every year in the fall, Leap orchestrates the spectacular Sandcastle Classic, a spirited competition between teams of architects, engineers, contractors, designers and local elementary school students. This event gives Leap a chance to team up artists and architects to develop hands-on, participatory programs for the specific classroom and to integrate the arts and architecture into the school’s curriculum.

On the morning of the event, teams arrive and await the whistle that signals the start of the contest. As soon as it sounds, four hours of intensive building begin. I got a laugh by the screaming children as the tide slowly came in threatening their masterpieces they worked so hard on. Everyone quickly worked together to try and save their creations by digging out moats around their pieces. By the end of the day, the beach was transformed into a magical land of creatures, structures and characters. You can make this a fun yearly and inexpensive tradition with friends and family.

Click here to watch a short clip of the Sandcastle Classic ‘08

The Sunset district has more to it then the foggy atmosphere most people first think about when mentioning this neighborhood. I encourage everyone to head west from their current neighborhood bubble and experience something different.

• two unit buildings (with a clean eviction history) by-pass the condo lottery and may start the condo conversion process after one year of owner occupancy of each unit.
• buildings with three – six units (over six units will never condo convert) must enter the condo lottery.  Eligiblility to enter the lottery is after 3 years if one unit is owner occupied in a 3-4 unit building or if 2 units are owner occupied in a 5-6 unit building.
• How long does it take and what are the chances?
• What are the costs?
• What is the anticpated time frame for a 3+ building to condo convert?

Whether or not you know all the in’s and out’s of the process, condo conversion is a complicated undertaking with The City.  Is there the possiblity of a one-time free for all to convert buildings upon us?  Click here to read an interesting Opinion article in the Examiner on Monday. The information about condo conversion is in the latter half of the article, so stick with it.

While The City needs, no doubt and like many people and organizations, more revenue; the likelihood of a condo conversion bonanza is a long shot.  It will be met so heavily with protest from tenant’s advocates (and there are many) that ‘the discussion’ is likely to quickly disolve.  But, you never know.

For example, where did a home on a triple lot just sell? Or a home on a double lot with an outdoor swimming pool? Bernal Heights of course! And every year there seems to be something similar that pops up. Want a spectacular down town view, no problem, perhaps Bernal’s North or Northwest slope is for you. Many of these homes can be modern and quite large. Take that modern masterpiece that sold last year on Mullen for over $2.0M! Typically the price range is a little less stratospheric for these kind of homes, say between $1.25M and $1.75M.

How about convenient City living where you can walk to a vibrant commercial street with great restaurants, coffee shops, services, and a fabulous local grocery store? Maybe owning a charming Victorian home just off Cortland Avenue is for you! The homes nestled in the 3 blocks above Cortland and below the top of Bernal Hill - what a great park – can be purchased between about $800,000 and $1.3M. Two good examples are the property I listed and sold on Bennington Street, and my current listing on Anderson Street. Condos are few and far between, as this is mostly a neighborhood of medium and smaller sized single family homes, but I did recently sell a wonderful Victorian one on Wool Street for under $700,000! I’ve sold vacant lots too!

Want the most affordable single family home on the east side of the City, with good weather, in a neighborhood that still feels like the City? Just head further south on Cortland or towards the freeways that ring the neighborhood and believe it or not you could buy a Mid-Century charmer needing just a little cosmetic work for under $600,000.

And what about St. Mary’s Park? Bernal’s own neighborhood of classic 1920’s and 30’s Spanish Mediterranean fully detached homes!

Thus, Bernal Heights is a neighborhood of sub-neighborhoods, where there is great variability in the types of homes, locations, and price, but where there is one great sense of community spirit and pride of living that makes Bernal so special. Having sold more properties in Bernal Heights this past year, it truly has become a passion of mine. For any advice that you may require it would be my pleasure to help.