The human species in general has a very short-term memory. We will forget about ‘that time we weren’t allowed to be within 6 feet of each other.’
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A recent uptick in the San Francisco market is showing properties with certain features: outdoor space, private patios, and roof decks are back to selling at a familiar pace: Less than a week on market.
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An inflection point is nearing in the condominium market in San Francisco. Values can only drop for so long, or more appropriately said, the select group of buyers in the market could only retain their exclusivity for a certain period of time.
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6 months into the pandemic, some obvious trends have become clear. Most notably, we are in an established Buyers Market for condos in San Francisco. Learn what that means for both buyers and homeowners trying to sell.
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In the wake of the virus and its impact on financial markets, people have seen their portfolios take a massive nose-dive in value. Pulling back and out of equities to make other investments, pay off debt, or just to maintain cash levels on hand is not as attractive of an option as it was 2 weeks ago.
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Our world has been turned upside down in a matter of weeks. For some, it was a matter of days. Now, we all sit at home and wait. And some worry that this is 2008 all over again. This isn’t.
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The COVID19 pandemic has created global panic and we are definitely entering a sharp recession.
If you’re a real estate professional, you can choose to freeze in fear and take shelter. Alternatively, you can choose to seize the opportunity to innovate and create a foundation to thrive after the pandemic ends.
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For owners at Santana Row, the potential to get back over $1000/SqFt is strong with any market pickup. For buyers with eyes on getting into the most well-known community in the South Bay, with rates low, now is an opportune time to do so.
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What if we've hit the peak? We’ve been accustomed to there being no such thing as the Top Of The Market in the Bay Area, California for a very long time. Desirability has been at an all-time high since the dot com boom, the quality of life in the Bay is better than most other parts of the country, and 18 of the world’s Fortune 500 companies have their HQ in the San Francisco Bay Area.
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The Senate came to an agreement late last night / early this morning and are expected to vote today on a $2 trillion aid package designed to help the public and economy bounce back from the COVID-19 outbreak.
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One Mission Bay hit sales maturity in early 2019, with the majority of homes being sold by developer CIM. The building was an instant hit. The resort-style living is still hugely appealing to the young family and pied-a-terre ownership demographic in Mission Bay, featuring a pool deck, cabanas, and adjoined gym.
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The landmark of luxury in SOMA had another stable year. Sales were down in 2019 with only 8, but the average sales price and $sq/ft remain as predictable as ever.
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The 88 had a total of 13 sales in 2019 and just 10 in 2018. While 2018 consisted of just 3 2-bedroom units sold, 2019 saw significantly more opportunity to land one of 8 2-bedroom sales at the first sign of lower prices year over year since a slight dip from 2015-16 and before that since 2012.
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It is imperative that listing agents fight to retain pre-coronavirus values in all properties selling this month and next. All it takes is one listing to sell for 5-10% below BC value to set the trend of a devalued real estate market.
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Axis has seen an average of 20 units sold each year over the past 5 years. 2018 at Axis resulted in just 13 sales and 2019 saw the second-lowest number of sales in the past 5 years.
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I wrote a piece in 2018 that questioned ORH’s value resilience in the face of new development swarming the local neighborhood. In 2019, One Rincon Hill answered all those questions. The building saw 19 sales averaging $1,545,118, which was roughly in line with the average sales price in 2018. Despite this, price per square foot jumped up nearly $150.
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The Metropolitan was subjected to some difficult news at the turn of the new year: California’s statewide rental restriction policy AB 1482. Will rents be affected over time?
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It would be remiss of me to not comment or dive deep into something everyone is thinking; what effect is coronavirus having on Bay Area Real Estate? On a macro level, the recent rate cut by the Fed has sent mortgage rates down to a historic low. Banks are offering loan products in the sub 3% range almost across the board, trying to incentivize borrowing..
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When the market is on fire and there are multiple offers on nearly every property, getting a ‘deal’ may mean getting your offer accepted at all. There are no gifts in this market.. the bright side of these rapidly appreciating values is that, from the time you get your offer accepted to when you close escrow, you may have already gained some equity.
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