Enjoy this weekend's fabulous weather in San Francisco! The local real estate market continues to climb and home values continue to appreciate in value with no end in site. Still a great time to buy or sell!
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Real Estate Update for San Francisco Homebuyers and Sellers |
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| Most Recent Sales citywide in the last 21 days |
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| Address | Type | BR/BA/Units | Parking | DOM | List Price | Sold Price |
| 90 Stoneybrook Ave | SFR | 2BR / 1BA | 1 | 300 | $420,000 | $420,000 |
| 2295 Vallejo St #401 | Condo | 1BR / 1BA | 1 | 129 | $900,000 | $865,000 |
| 750 Van Ness Ave #PH5 | Condo | 1BR / 1BA | 1 | 24 | $649,000 | $685,000 |
| 528-530 Noe St | - | -BR / -BA | 0 | 47 | $1,749,000 | $1,675,000 |
| 207 King St #708 | Condo | 2BR / 2.5BA | 1 | 28 | $1,495,000 | $1,550,000 |
| 68 Harriet #5 | Condo | 1BR / 1.5BA | 1 | 28 | $569,000 | $588,000 |
| 135 Valencia St #A203 | Condo | 2BR / 1.5BA | 1 | 38 | $489,000 | $576,000 |
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| >> View Additional Sales | >> View Newest Listings |
| In This Issue…
Most Recent Sales
San Francisco Market Overview
Plan C Update
Brand New Rentals on the Way
Sales in the Towers |
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| San Francisco Market Overview |
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| | Single Family Homes | Condos/TICs/Lofts | 2-4 Units |
Median Sales Price, last 180 days
% Change from prior 180 days
Avg. Days on Market, last 180 days
% Change from prior 180 days | $850,000
+9.7%
42
-13.6% | $789,500
+9.0%
49
-10.1% | $1,230,000
+6.0%
72
+10.2% |
| Plan C Update
Listen up people, because this is important. Major changes have been made to "Plan C," aka the Condo Conversion Lottery Bypass Legislation, aka the proposal to pay to condo convert your TIC. This change came about at the April 15 Board of Supervisors meeting where supervisors David Chiu and Norman Yee rewrote the proposed legislation in an effort to placate tenant's rights groups. While many TIC owners will greatly benefit if the legislation is passed, there are also many buildings that could condo convert under the current law who would be left out in the cold permanently or for at least the next ten years. There is still a great deal of support for Plan C in its new incarnation, but many of the original groups that had supported it that now have no choice but to oppose.
You can find a great synopsis of the legislation on local condo conversion attorney guru Andy Sirkin's website. But to hit on some major points, the new version of Plan C would phase in condo conversion over the next five years for buildings that currently have been in the condo conversion lottery and those that have maintained certain occupancy requirements. The condo conversion lottery would be suspended for at least 10 years and if/when it did come back there would be new restrictions on the types of buildings that could enter the lottery. The legislation would also give life leases to existing tenants in converting buildings.
To become law, the legislation would need a majority vote by the board of supervisors and then to be signed by the mayor. |
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| Brand New Rentals on the Way |
So yes, you get it, new building construction is back on in SF! Due to the low real estate sales inventory, some may wish that all of these buildings were going to be condos. Such is not the case. The rental market is tight and booming as well, and as such many developers are building rental properties. A big reminder of this can be found when driving across the Bay Bridge into the city. Hung on the foundation of tower two of the One Rincon building is a sign heralding that the building will be LEASING. Woof. The difference here is that it's not just the smaller buildings being built as rentals, it's the big towers too.
Much of the mid- and upper-Market development is slated to be rentals as well. Avalon is building a new rental tower at 9th and Market. Trinity Plaza is being completely rebuilt. And there will be a high-end refurbish of the California State Automobile Association building at Market and Van Ness. If you are unsure if a construction project you've noticed will be condos, rentals or commercial space, shoot me a line; Zephyr has archives with considerable info regarding new construction citywide. |  |
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| Sales in the Towers |
 | Want to own your piece of the sky? Take a look at these great condos for sale in some of the city's highest towers.
425 1st St. #5604
Offered at $2,650,000
Two bedroom, two bath at One Rincon Hill with sweeping iconic San Francisco views. One of the highest residences available in SF!
301 Main #36E
Offered at $3,495,000
Highly coveted two level, three bedroom, three bath penthouse at The Infinity.
301 Mission #10d
Offered at $799,000
One bedroom, one bath at the Millennium Towers. Only on the tenth floor but still has some city views and high end finishes. |
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| Kevin C. Dunn • 415-621-6604 • kevin@sfyourhome.com • www.sfyourhome.com |
Recent listings, sales, and market data are based on information from the San Francisco Association of Realtors MLS for the periods shown.
Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. |
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