WHAT’S NEW AND NEWS WITH US
Recent Sales Activity Highlights Fragmented Nature of San Francisco Real Estate — which is normal for this time of year
Now, making sense of what’s what and why things sell at X price and others for Y price requires continued education and awareness that we’re delighted to give you all as often as we can. This week is no different as you’ll see our latest ranking of the top 10 most over-list price houses that sold in the first part of 2017 (with our YouTube walkthroughs of a couple of those properties) below along with this week’s and last week’s Tall Tales of Sales (i.e., Stories of the Week).
- Apart from that we’ve seen some interesting properties hit San Francisco’s real estate market over the past couple of weeks that are appealing and intriguing. And a lot more listings are coming up as you’ll see in our Coming Soon and Off-Market section, which returns this week. With all of that, we’ve seen the following:
- For those special properties we’re seeing what you’d expect: multiple offers after a very tight and short marketing periods with final sale prices way, way over list price. This is especially true for the $899,000â€“$2M price range for condos and houses in the City.
- But for other properties outside of that price range, we’re seeing sales take a (relatively) longer period to sell with final sale prices being closer to original list prices While we’re still seeing price reductions we’re not seeing as many as we saw at the end of June and in early July.
- As we ease into August, we will be begin to see more properties being withdrawn but still available off-market as we anticipate the market’s reawakening after Burning Man/Labor Day, which is the traditional start to the fall selling season. Last, we’re also seeing strength in the rental market pickup again. There’s been some ballyhoo about the ‘declining’ rental market. In context you may see rents off by 4-5 percent (what is that, a hundred or two hundred dollars a month?!) but anecdotal evidence from new buildings going up like 600 South Van Ness â€” a 20-unit building with luxury finishes that Pacific Heights high-end flipper/developers built instead of doing another mansion flip â€” is almost rented out 100 percent without the building being completed.