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Sold in 4 Days: 252 Sanchez, Unit A, San Francisco | $1,500,000 | MLS 484815

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Vanguard Properties

Kevin K. Ho, Esq. + Jonathan B. McNarry

proudly present

252 Sanchez, Unit A

A Castro Cosmetic Fixer Townhome

sold (in just 6 days)

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Marketed By:

Kevin K. Ho, Esq.
Jonathan B. McNarry

MLS No. 484815

Top Producers, Top 21 Vanguard Properties, Top 1% of San Francisco Agents

SOLD: 252 Sanchez, Unit A: A Castro Beauty Waiting for Its Facelift

252A Sanchez is a Castro beauty ready for its mini-face-lift. This circa 1985, top-floor, 2-level, 2 bed/2 bath townhouse at 16th Street + Sanchez has garage parking, a storage room and a deeded top-floor private patio perched above vibrant Sanchez Street. On the market for first time in 30 years, this cosmetic fixer is part of a 3-unit HOA. There’s an efficient layout with a level for sleeping and laundry and a bright and open top-floor entertaining level with skylights, wood-clad ceiling and access to the private patio. There are also views to the east towards Mission Dolores, a fire place and a gas-equipped kitchen. With a 99 Walk score and 99 Transit score at 16th Street and Sanchez, this home really is in the middle of it all. 252A is a rare combination of an A+ location, potential to add value and an opportunity to personalize your home.

Offered at:

$1,295,000

SOLD: $1,500,000

Sold in just 5 days! 

CONTACT US.

Have a question? Want to setup a showing? 

Feel free to call or text us…

Kevin (415) 297-7462

Jonathan (415) 215-4393

BULLET POINTS.

Features

  • 2 bedrooms, 2 baths (1 en suite)
  • 1-car garage parking + storage room; shared backyard
  • Top-floor condominium with 2 levels
  • 1,542 sqft of living area (per tax records); 1,319 sqft (per appraiser)
  • 1-car garage + deeded storage area, shared backyard
  • Gas stove, externally vented hood, dishwasher
  • Window replacement estimate available; heater replacement likely
  • 3 units, 0 rented; 30-day minimum rental period
  • Building dates from 1985 (exempted from rent/eviction control)
  • HOA dues are $300/month (includes water/sewer, garbage and building insurance)
  • 2 4-legged animal limitation (no breed/size restrictions)

Urban Dwellers’ Delight:

Location. Location. Location.

Opportunity to Customize.

Bright Outlook.

Efficient Layout.

After 6 months of preparing the property it took just 6 days to sell over list and well above our seller's expectations.

Questions? Comments?

We're Here to Answer Your Questions and More

Want to set up a showing? Have a question? Feel free to contact us.

THE PHOTOS.

THE FLOOR PLAN.

THE LOCATION. LOCATION. LOCATION.

The information contained in this material is deemed to be reliable and accurate but it is unverified. Potential buyers should take all steps necessary to satisfy themselves regarding the information contained herein or any other matter related to the property they see fit. 

Glen Park Award Winner Sells for $605K Over Asking – Real Estate Sold – Curbed SF

Fans of local contemporary architecture may recognize 1223 Bosworth St. in Glen Park. The 2-bed, 2.5-bath, 1,850 square foot abode was built in 2007 an was on the 2009 AIA Home Tour. Additionally, it has won several architectural awards. The “really clean, modern interpretation of a San Francisco row house” was designed by the architect/owner, Strachan Forgan. It tested the market in 2009 when it listed for $1.479M, but unfortunately was quietly taken off the market without a sale. The abode made its second appearance on April 4 when it plopped back on the market asking $1.495M, and it went into contract later that month. Shoot forward to today and the home has sold for $2.1M, or $605K over asking.

via Glen Park Award Winner Sells for $605K Over Asking – Real Estate Sold – Curbed SF.

More Answers from a Structural Engineer | Mission [email protected]

Rodrigo Santos, from Santos & Urrita Structural Engineers, had many great things to say during our last interview. Like any good discussion, Santos’ thoughts generated many other more technical questions that readers brought up. I returned to get his thoughts at 5:30 a.m. on a recent weekday, which was late since he begins his work day at 5:15 am.  Here are some questions, answers and links.

via More Answers from a Structural Engineer | Mission [email protected].

Kevin’s Open House Picks of the Weekend: March 21-23, 2014, 1st Weekend of Spring Edition

There are just 92 new listings new to the MLS from Thursday into Friday with 10 listings coming back on the market during that time and 366 scheduled open houses in San Francisco this weekend.

There are A LOT of single family homes that have caught my eye this week. Yes, many of them are at the high end, but others are in the middle and there are fixers among them too.

There a fixer with a potential in Eureka Valley at 4540 19th Street listed for $1.495M, a cute, drop-dead views of SF home near Dolores Park at 293 Cumberland that could use a garage installation listed at $1.7M and there’s also an interesting Victorian/Cottage project-building at 3 Laussat Street listed for just $875,000.  In the theme of large homes: there’s a chic, large Noe Valley, eco-friendly, 2012-renovated home with 2 car garage, radiant heat, solar panels, yard, open floor plan, and extra deep 114’ lot at 257 29th Street listed for a modest $2.995M. A pair of smaller Noe Valley houses, one at 369 Valley and another seemingly small-looking-but-larger home is located at 1515 Noe. A little to the west is a nice 4 bedroom home at 265 Kensington with 4 parking spaces near West Portal and St. Francis Wood for $1.2M. For a large stunner nearer the coast, take a look at 160 San Marcos, a Forest Knolls 3500+sqft new 2014-built 3 bed, 3.5 bath, den, elevator and 2-car garage with high-end finishes. And for you Liberty Hill fans, there’s a Victorian fixer that’s been used as a 2-unit building with more than 13 rooms and a 1-car garage located at 4121 20th Street listed for $1.7M between Noe and Castro Streets that will be delivered vacant at close of escrow that has scores of possibilities. For an updated craftsman in Glen Park take a look at another chic renovation at 264 Surrey. There’s a vacant 2-unit building over at 27th and Dolores at 171 27th Street that also offers a lot of possibilities too that’s being sold as a 2-unit building or separate TICs.  And over in the eastern parts of San Francisco, there’s that ‘perfect’ air-conditioned 1 story Victorian at 878 Hampshire listed for just $1.2M, a stunner of a 2800-sqft newly renovated home at 1164 De Haro in Potrero listed at $2.25M.

For condos, I really like 1070 Guerrero, which is a modern 2-level LEED condo built recently with 3 bedrooms that has that chic white-wall, broad plank, tall-ceiling feel of a modern and urban home located among historic houses near the Mission Dolores corridor, listed at $1.5M. In the vicinity sits 942 South Van Ness Avenue, a 2009-built 3 Bed, 3.5 Bath, condo with nearly 1900 sqft of living area listed for $1.359M. The Onyx SF over at De Haro and 17th Street new condos are now open. Other condos that look interesting are a clutch in the South Beach area (200 Brannan, the Brannan across the street). There is a cute condo on Dehon Street, right near 16th Street and Sanchez that comes with parking, character and light at 14 Dehon that is worth a look as are the listings at the Arterra, 175  Bluxome and 177 Townsend for smaller condos/lofts as are the ones at 1310 Minnesota and 1800 Bryant.

And as for 2+ unit buildings, the three-unit building at 357 Sanchez at 16th Street in the Castro near Duboce Park is finally open to the public and is being sold as an entire building or individual TICs. In the Inner Mission area, a three-unit building at 2331 Bryant is open as is the stunningly huge Queen Anne home at 955 S. Van Ness is open as is the lovely 2-unit building at 728 Clayton near Cole Valley.

For the complete list of the 31 pages of open houses I flagged for San Francisco, click here. And to search all open houses in the City, click here.

 

Open Your Textbooks To….

You can always learn something new in real estate (or you can just judge my design skills). Either way check the latest version of my infamous Buyer Guide here (via Dropbox)

The Scoop on 200 Dolores

Here’s the scoop on 200 Dolores
As provided to me by the listing agent for the property Anne Herrera of Sotheby’s – Thanks Anne!

This project has been in the works for quite some time. Each will come 1 car garage parking. They will be “gorgeous with exceptional finishes.”
Anne anticipates list prices at approximately $1000 per square foot, subject to a final discussion with the developer — Often times prices in new developments will depending on supply and demand.

Anne expects completion of the project at the beginning to middle of June.

Anne suggests people check out the project’s website for up to date information.

Floor plans available next week.

One – 1 bedroom, 1 bath, approximately 650 square feet.

Two – 2 bedroom, 2 bath, approximately 1015 and 1120 square feet (lower and middle units in the Victorian).

Nine – 2 bedroom, 2.5 baths, approximately 1095-1530 square feet, some with private roof decks.

One – 3 bedroom, 3.5 baths, approximately 2200 square feet, (upper unit in the Victorian).

All square footage and list prices are approximate and subject to change.

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Goodbye Condo Lottery? What’s Happening With Tenants In Common In SF

On Condos, the Lottery and Tenants In Common: The TIC System as We Know It… or, Knew It

SUPERVISORS TO DEBATE PROPOSED CHANGES THAT COULD FREEZE LOTTERY FOR 10 YEARS, GRANT LIFE-TIME LEASES AND ALLOW OTHERS TO CONVERT ON SET SCHEDULE

“Conditions subject to change” is almost a throw-away, boilerplate phrase you’re likely to see almost everywhere these days thanks to those pesky lawyers (sorry!). From airplane tickets to online shopping, you may suddenly find the ground beneath you changed in a blink of an eye. For those owning certain tenants-in-common home in San Francisco this may be the case come May 7, 2013. That’s when the Board of Supervisors for San Francisco is to vote on proposed changes to the City’s confounding TIC/Condo legislation. The current system is predicated upon the fact that condominium units are mostly exempt from stringent rent control laws while TIC units are not.

chance

TIC 101: The ABCs of Rent Control and Why Condos are Valued More

Recall each and every condo unit will have its own legal title that is universally recognized by buyers and lenders alike; one unit = one title, multiple titles per building. Owners of a TIC unit however are buying a percentage of the entire building with a governing contract agreement defining which owner gets which space; one building = one title, no matter how many units. This applies to the more than 85% of residential buildings in the City originally occupied before 1979.

 

How It Works Practically

Let me discuss how it works. When you buy a TIC there’s only one legal title for the entire building. This is unlike a single-family home or condo where each unit has its own title. Instead, the reason why you live in Unit 1,2 or 3 is because of a contract agreement you buy when you purchase. You are purchasing a percentage of that single title. In SF people want to convert for two main reasons: (A) it brings the unit out of the rent controlled pool, and, (B) each unit would therefore gain its own individual title. Once that’s achieved, any bank will lend on it, the owner can do anything he or she wants like take an equity line of credit out, or will it to someone — whatever their heart’s desire. The important thing is that your potential buyer pool has now expanded. After all, only 2 banks currently lend on TIC purchases (Sterling and NCB) and their rates are higher (.075 – 1 percent) and down payments are higher (20% minimum, sometimes more), and financing is never fixed beyond 7 years. Because of the City’s pro-tenant bent and the desire to keep housing affordable, the city greatly restricts the numbers of buildings that can convert to 200 buildings a year. Currently, only 2-unit buildings that are occupied by different owners are allowed to skip over the condo lottery. Otherwise it’s the condo lottery. (Think you can skip over it just because you have 2 units but rent one out? Nope, even if you were a 2-unit building and rented out one unit, you’d still have to enter the lottery). One commentator estimates: if you bought in a 6-unit building that is otherwise condo-conversion eligible, it would be 2030 before you could convert.

To even get into the lottery owners have to meet requirements relating to how long an owner must live at a property before entering (three years) and what ratio there is between owner-occupied units vs. ones tenants rent and disqualifying past building evictions — even ones that may have taken place years ago between completely different people. The lottery takes place in January or February of a given year. Here’s a rough scenario for you:

  • Let’s assume Bob, Mary and John buy in a 3-unit building in 2005, 2010, and 2012 respectively. They all owner-occupy (for 3-units you need just one owner, for 4 it’s 2, for 5 and 6 it’s 3). Here, because Bob first occupied in 2005, the building can enter the lottery in 2008.  They enter the condo lottery and they lose each year — 5 times they lose. But each time they loose, it means that their chances increase the next year because they get more tickets in the lottery and may be elevated into a luckier pool of lottery entrants. BUT, if Bob sells his unit then everyone else left takes a hit downwards in time. Therefore, the number of tickets and 3-year residency requirement is then judged by the next senior owner — Mary. Because Mary only bought in 2010, she hasn’t met the 3-year requirement yet for 2013, but she will in 2014. And when Mary does qualify the number of lottery tickets is reduced/reset back to year 1. Bye-bye special pool and 5 years of dashed hoopes. So instead of getting the number of tickets a 6th year entrant would, the building gets the 1st year allocation. 

Enter Scott’s Idea…

Let’s admit it: that system is complicated and leaves too much to chance, right? Well, to combat this weird-sense with some common sense, in late 2012 Supervisor Scott Wiener originally proposed a resolution that would allow a limited number of TIC owners to pay a fee to bypass the lottery. But this being San Francisco, the original idea has been drastically rewritten. Drastically so. The revised legislation passed the Land Use Committee and will be up for a Supervisor vote on May 7, 2013.

The salient points of what the changes are as of April 28, 2013:

  • 5- and 6-unit buildings will be unable to convert after a 10 year freeze of the condo lottery;
  • certain tenants in TICs may be given a life-time lease (yes, life time – not the channel, but the number of years); and,
  • there will be a conversion schedule for buildings otherwise eligible for conversion as of April 15, 2013.

Whats does this mean? Well if you bought in a 6-unit or 5-unit building that would otherwise be eligible to convert into condos in the first place I’d be peeved. Really peeved. While those who bought in such buildings weren’t about to win soon, they still had the hope they could change one day. (Yes, I’ve heard stories of buildings winning way, way early, but for the most part don’t count on it). For 3- and 4-unit buildings it would be dicier if the legislation passes especially if the building is being occupied by all new owners starting after April 15, 2013. If the legislation passes (which it may well do) this could drastically impact prices downwards for new TICs coming online and for those buildings who did not meet owner-occupancy minimums.  On the other hand, if the building was eligible to convert on April 15, 2013 (certain owner occupancy minimum times and ratios must be met along with a ‘clean’ eviction history) prices could go up because a date certain for conversion could be established.

Learn More from the TIC Guru

There’s lot’s more to process, so read more about it from THE guy who widely started using the TIC legal device 20 years ago Andy Sirkin:

https://www.andysirkin.com/HTMLArticle.cfm?Article=219

What Happened This Past Egg-straordinary week

Your Egg-tradinary Holiday Weekend Open House Guide

Your agent, returned safe and sound, tan and is ready to go.

Happy Holiday Weekend Real Estate Fans.

The numbers still continue to surprise us with ratified transactions and final sales figures that closed this and last week among my fellow Vanguard agents. While sales data figures are strong, don’t feel too disconcerted if you’re a buyer as interest rates fall back down to the 3.5% neighborhood after a brief spike. Also, while many houses are selling over list prices take note that some are selling at or slightly under —yes, under— list price. So there is opportunity out there.


Trends This Week:

For Sunset and Richmond homes, simply add 15% to the list price no matter what, where and for how much to get your final closing price.

Looking at the sales figures from the MLS for homes closing this week, a swath of homes out in the Outer Richmond and Sunset closed this past week and no matter which house nor what original list price there was, nearly all of the homes nevertheless close an average of 15% over the asking price with a range from 8% to 27% in some cases where the property trust sale was subject to court supervision.

Fixers are expensive in San Francisco

One 4-unit fixer at 1812 Lyon Street listed for $1.6M sold for $1.9M — for a fixer! The trend is prevalent throughout the city (see Stories of the Week below)

You will have to pay at least $1M for a single family home in the Mission and Inner Mission.

One preemptive offer for a home my colleagues were going to put on the market on San Bruno Avenue near 26th Street on a ‘so-so’ block with 1200+ sqft. pushed well beyond the suggested list price of $879,000 to enter into contract at more than $1M with a backup too. Essentially, $800 per square foot is now the price of admission.

It’s a lighter week: There are a trio of smaller homes in Bernal on the market this week. Nothing new in District 1, few new in District 2.

Stories of the Week

Here is a sampling of some last week’s happenings
128 Laidley, a single-family home viewed by most as a fixer listed at $1.299M received multiple offers and is in contact for 20% over the list price with an all-cash, short-close offer.
23rd floor condo at The Infinity, a South Beach chic condo with 2 bedrooms and 2 baths at 1150+ sq ft, got 13 offers — including some all-cash offers — but the winning offer, which will be financed thanks to the buyer’s in-depth pre-qualification with Citibank, beat out an all-cash offer with a 10-day close. Listed at $999,000 the property is in contract for at least 16% over its list price.
232 Ellsworth, some of you may remember the pre-market opportunity for a detached home just three up from Corltand in the sunnier part of Bernal Heights with 4 bedrooms, garage, small yard and cute upgrades that was going to be on the market for $1.198M. Well after two weeks and no open houses the sellers accepted an offer for just a little over $1.2M for the property.
350 Broderick, 4th floor, one bedroom, one bath listed at $599K. This condo was cute and nice. But after only 1 open house the property solicited 8 offers with the accepted offer touching the $650K region to make this 14-day close the highest sale price for a one bedroom ever in the development. The listing agent said that he would have gotten 20 offers but for potential buyers self-selecting themselves out of the running by not submitting an offer.
400 block of Noe at 18th Street, the vacant, 2-unit fixer with location and potential listed at $899K received 20 offers and most likely is in contract over its asking price.

It’s Tuesday Tour Time: Here’s Your Post-President’s Day Broker Tour Sheet

Take a look at what’s open on Tuesday the 19th.

 

Take a look what’s on broker tour on Feb 19. Want to tag along? Want me to preview something you can’t otherwise? Let me know and I’ll see what I can do. And take note that there are too few homes listed. So, if you or you know anyone even just thinking about taking advantage of the opportunities presented by the strong market, let me know!

 

Broker Tour for Feb 19 2013 (pdf)

 

 

EXCLUSIVE PRE-MLS Listing: 467A Duboce Avenue, Duboce Triangle, Chic Penthouse, $939,000, exclusively listed with Kevin Ho, Vanguard Properties

Learn more about this exclusive pre-MLS listing at 467A Duboce Avenue with Kevin Ho, Vanguard Properties

After less than a year here, the owners of 467A Duboce are relocating back to New York. They are heartbroken to leave this warm, chic and private home located in middle of the coveted Duboce Triangle area, which is steps away from a vibrant dog park, nightlife, transit and urban conveniences.
Like its brethren, noted architect Owen Kennerly designed this serene space, which stands apart from the other homes in the Chinese Laundry group because of its finishes, vast outdoor space, west-facing windows, exclusive roof deck and main level deck.
You may remember 467A was sold in a blink last year and you may have missed it. Here’s your chance for you and your best clients to see it before anyone else does in advance until August 3. After that, it’s anyone’s guess what the open market will say.

See what's inside.

467A Duboce Floorplan. (Approx.)

Renovating diamond in the rough – a Victorian diamond of course

For $969,000 this Victorian mansion at approximately 2000 ft.² could be yours!

But don’t forget the $400,000 or $500,000 you’ll need to bring this Victorian mansion to its full potential. After time, hard work and more hard work someone can bring it up to $2M quite easily. Available with my colleagues at Vanguard.

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Visit Me Tonight at this 2 bedroom 2.5 bathroom chic Townhome located at 471 Duboce Ave., Duboce Triangle, San Francisco, California, Listed by Vanguard Properties.

Twlighlight Open House: 2 bedroom 2.5 bathroom Tenant-in-common located at 471 Duboce Ave., Duboce Triangle, San Francisco, California is hosted by Kevin K. Ho, Esq. Thursday, June 21, 2012 5:30 – 7:00 p..m.!

The Chinese Laundry? 471 Duboce

of Vanguard Properties..

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