Median Sales Prices and Number of Units Sold for Property Types in San Francisco

On 09.25.09, In California Real Estate, San Francisco Real Estate Market Update, Uncategorized, By christine

San Francisco sales for Single Family Homes, Condominiums, Tenants-In-Common and 2-4 Mixed unit buildings.

The chart below illustrates a visual perspective of the median sales prices and unit sales by month thus far in 2009 for the different property types in San Francisco. There has been a spike in sales over the summer months and the activity is still strong.  The sales price will vary from neighborhood to neighborhood and overall the strongest sales in the city were in District 5 at the end of August.  The neighborhoods of District 5, including Noe Valley, Eureka Valley/Dolores Heights, Glen Park, Haight Ashbury, Parnassus/Ashbury Heights, etc. resulted in an increase in median price for both single family homes and condominiums in August compared to both last year and two years ago.

Median Sales Prices

Median Sales Price Chart August 2009

Number of Units Sold

Number of Units Sold August 2009

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C.A.R H.A.F. Mortgage Protection Program

On 09.25.09, In California Real Estate, First Time Home Buyers, Insurance, Mortgage, By christine

Mortgage Protection Insurance Program

The Housing Affordability Fund with the California Association of Realtors launched a new program on April 2, 2009 to provide emotional and monetary security to first time home buyers.  This fund allows qualifying buyers insurance coverage for their mortgage payments in the event of a job loss.   If you purchase a property beginning on April 2, 2009 and closing on or before December 31, 2009 and meet the eligibility requirements you can apply for coverage.

There are a maximum of two types of insurance policies.  The first will be for $1500 in monthly insurance proceed and the second policy if for $750 in monthly insurance proceeds.  A buyer can only apply for one of the policies and if there are two buyers on one home each can apply for one of the policies to receive them both.  If the funds are received they must be applied to the mortgage payments and if monies are left over then the balance can be applied to other home-related payments.

What are the qualifications? The breakdown with changes to the program as of August are…

  • Buyer (s) must be a first time homebuyer purchasing a residential home in California (someone who has not owned property in the last three years).
  • Buyer (s) must have been represented by a California REALTOR (an agent who is a member and is upheld to the ethical guidelines of C.A.R and N.A.R)
  • Buyer (s) have not owned other real property during the escrow period.
  • Buyer (s) cannot have previously received insurance from H.A.F and must met the eligibility requirements. (link)
  • Buyer (s) must be a W-2 employee

An upcoming free webinar is being held on September 29 to explain the program in detail and address questions.  Sign up at https://www2.gotomeeting.com/register/456080227

For an application to the program visit http://www.car.org/aboutus/hafmainpage/carhafmortgageprotection/

 
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Mission Bay Real Estate: Berry Street Condo Stats for YTD 2009; Few Sales, Price Declines, but Finally Some Movement!

On 08.21.09, In Berry Street Market Update, Mission Bay Real Estate, San Francisco Real Estate Market Update, By christine

In developing my blog to provide useful content about the SF Real Estate market in the South Beach, Mission Bay, SOMA neighborhoods I am creating a series specific market updates.  This update is the first in a series on the market activity of Berry Street in Mission Bay.  While I research market information from various sources, and follow the market day in and day out, the information is not always 100%.  In particular the units representing 300 Berry St. aka The Arterra, are only representative of the units listed through the multiple listing service system and will not reflect other units they may have in the inventory.  Of these buildings on Berry St, The Arterra is the only remaining building trying to sell out the units from the developer.  They have made a lot of progress with some really good deals.  So what does the activity look like?  Below is a graph on the activity of currently listed units, sold units and withdrawn/expired units since the beginning of this year.

Berry Street August 09 Update

*Source San Francisco Multiple Listing Service System.

Bottom line…the activity of sales has been low for Berry Street.  Most of the resales listed since the beginning of the year have not sold (that is true for most of the resales on this street in general).  Keep in mind Berry Street is mostly new.  A majority of the homeowners have only lived there for 2-3 years.  Only 255 Berry residents have been there long enough to possibly see some profit in their sale.  The good news is that there has been more movement in the past couple months for closings on Berry Street.  Let’s hope this continues into the fall!

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Eastern Neighborhoods Community Planning Update

On 05.14.09, In Uncategorized, By christine

Neighborhood plans are for East SOMA (including parts of SOMA, Mission Bay, South Beach) Mission (Inner Mission +), Showplace Square/ Portrero Hill, and Central Waterfront

Eastern Neighborhoods Rezoning Map
Roughly 8 years ago the eastern neighborhood community planning process began in response to the growing development, construction and changes in these neighborhoods.

As a result these areas of town have been changing with residential, office and industrial use buildings over lapping.  Because the concentration of residential and commercial ares are blending it is causing challenges around noise, remodeling, activity, etc.  In an effort to create some organization to the development and consistency this planning initiative began.  This will help keep any one type of building use from being pushed out of the area or businesses forced to close and allow for better developed neighborhoods.

The zoning changes are well underway now and owners have/will receive a notice stating their properties official zoning use.  If the property use is not consistant with the legal zoning you can file for a variance.

For additional formation and updates visit the SFPlanning Department.


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New Development of a Transportation Terminal in San Francisco

On 05.11.09, In San Francisco Real Estate Market Update, Transbay Terminal Development, By christine

Movements are underway for the new Transbay Terminal in San Francisco.  This new hub for transportation is being modeled after other cities like London, Tokyo and New York.  It will create a centralized place for all our transportation to merge and allow change over to the various transportation services.  Caltrain will be extended underground from the 4th Street & King station to this hub.  BART, MUNI and even a future high speed light rail will converge in this epicenter. Overall it will connect 8 transportation operations from 9 Bay Area Counties.

The terminal itself will have 5 levels including the Rail, concourse, ground, mezzanine, bus and a roof top park.  The park will be a stretch of public open space and at the end will the a future tower of residential and commercial units (most likely).  Construction is expected to last through 2018 (which means most likely longer) and will happen in phases (the last of which will most likely be the high speed light rail connecting SF to LA in 2 1/2 hours) .

The transportation is not all that goes along with this tremendous project. The neighborhood will continue to grow with new commercial businesses and residential units built up around the area.  We have already seen some of the development with The Millennium Tower, The Infinity Towers and One Rincon.  There will be other residential buildings slated to be constructed after the Transbay Terminal development in the respective areas.

The temporary terminal is under construction at the corner of Main and Folsom.  Storage for many of the buses (particularly the ones that come from out of the city who normally go back prior to the end of the day and will now stay in the city to cut down on expenses and carbon emissions) will be stored during the day under the freeway overpass at 4th street between Harrison and Bryant.

For more informaiton and updates visit www.transbaycenter.org.

Future Transbay Terminal and Tower

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