The September 2021 Update
SEPTEMBER 2021 UPDATE
The September Surge...
Rain… in September?! Not that we’re complaining, but it is a little weird to see rain so early in the year (usually the rain starts — if it does at all — in November). But stranger things have happened, so we’ll take it.
In terms of real estate, there continues to be a higher amount of new inventory coming out — including some with big price tags on the north side of town this week ($16M and $19M for example) — but it seems like there was a dip in quality this weekend of new listings that came out. Meh, was our reaction. Perhaps next week will be better. The good news is that we did see more properties go into contract.
Mortgage rates are still hovering under the 3% mark in the 2.75% range for 30-year fixed loans (the Fed meets this upcoming week so we’ll see if their bench mark remains the same)
Something New On Market Street: The Oak
re-sales are starting at The Oak – a new condominium development at the so-called Hub neighborhood where Hayes, SOMA, Civic Center and the Mission all kind of meet near Van Ness and Market and Oak Streets. This is a ‘walls-of-glass’ building but the last major new development with gas appliances (everything will be electric/induction going forward) and comprises two towers, skybridge between the two, a large roof deck, 109 units (some with great views) and ground-floor retail. Hardhat tours now starting for the building, which will have a lobby attendant, fitness center, high-end appliances, air conditioning and parking spaces for an additional $100,000 with 2-bed+ units getting first preference.
Units range from studio units starting in the $600K range, 1 bedrooms (starting in in the $700K range), and 2-bedrooms starting in the $1.5M range. Phase 1, levels 1-7 is now selling and phase two, 8-12 (the penthouse floor) will start later with occupancy starting at the end of the year. If you're wanting to go, allow us to do the first contact (or mention our name fist), otherwise it may be harder getting your own representation later on when you may need it the most.
More Multi-Year Median Price Momentum
More MLS data confirms what we think we've known for a while: Prices for houses keep going up while prices for condos stay steady. That's something, right?
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