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Update: 4552 19th Street, Eureka Valley

A few weeks ago, I spotlighted 4552 19th Street, a large, newly renovated home listed at $4.3M. Given the location, it was a little surprising to me that the price was so high. Well, I just received a price reduction alert on the property. It's now listed at $3,749,000. They're on the right track. If you're going to do a price chop, do a good one.

And while I'm at it, here is the 19th Street exterior, in its previous incarnation back in 2006. It sold for $1,467,500 as a fixer.

Florida Street Frenzy

This 2BR/1BA house on Florida, between 19th & 20th in the Mission, was listed for $778,000 in September. It sold for $880,000 amidst four offers, after only 18 days on the market. Sandwiched between two larger buildings, the house had two levels and a really charming garden. Though the building is low on exterior charm, I thought it was a good alternative to the cookie-cutter condos in the area.

See-Through Bedroom

Over at the St. Regis, you can own a 2BR/2.5BA unit with parking for $2.6M. See that "mirror" behind the couch? Well, it's not a mirror. It's a transparent, glass wall between the living room and one of the bedrooms. Preferable? Only if you make your bed every day.

Fiesta on the Hill

Stop by Cortland Avenue in Bernal Heights on Sunday for the annual Fiesta on the Hill. It's a fun and busy street fair that features the Bernal version of crafts booths, food vendors, and merchants. More than 15,000 people are expected. This year is the 20th Fiesta, so join the celebration! Being there reminds you of Bernal's cozy neighborhood feel.

San Francisco Hideaways

I stopped in at two very charming cottage properties on my broker tour yesterday. Here's the lowdown on both:



22 Bergen is a 3BR/2BA home with one-car parking, listed at $1,250,000. The house is at the end of a cul-de-sac, just off Hyde. The location alone should sell this property, but it appears to be in good condition and is a good condo alternative for those buyers who want to be in the Russian Hill/North Beach neighborhoods.

Also heavy on the charm is 221 Greenwich:



This is a remodeled home listed at $1,975,000 that smacks of classic Telegraph Hill feel. You can only access it via the Greenwich steps, so this is not for someone shy of stairs. Once inside, there are two spacious bedrooms, two baths, and great Bay views from both levels. Though parking is leased one block away, the seller has agreed to pay the cost for one year. Definitely worth checking out.

SF Market in Good Shape

If sales data is any indication, the San Francisco market is as healthy as ever. (Don't you love those types of comments from Realtors?) In any event, volume is certainly not down these days. There were 601 single-family homes and 513 condos sold in the third quarter of this year. In 2007, 593 houses and 543 condos sold.

The number of current pending sales is a good indication of how many properties will be reported sold next month. So far, there are 174 single-family homes pending, and 149 condos. Last November, a total of 188 houses and 189 condos were sold. So based on what's pending now (i.e., all conditions have been removed within the transaction, and the loan just has to fund), it looks like we are on track to match the volume for November 2008.

Eureka Valley's Latest Trophy Home

Clocking in at more than $1,000 per square foot, this newly renovated home at 4552 19th Street offers six bedrooms, 4.5 bathrooms, and two-car parking. Plus, views, views, views. If it sells at its $4.3M asking price, it will represent the second most expensive home ever sold in Eureka Valley. (First prize goes to a six-bedroom/4.5 bath home on Collingwood that sold for $4.6M in March 2005.) Not sure if our current market can compete with the one in 2005, but I suppose anything is possible these days.

Break for the Blue Angels

Yes, it's Fleet Week, and the annual Blue Angel exhibition is this weekend! Find the friend with a roof deck in Russian Hill and head over with your six pack. Check out the full schedule of events at the official Fleet Week site. Enjoy!

No Shortage of Estate Homes in Noe Valley

When I was first starting in real estate seven years ago, I remember looking at my Tuesday broker tour lineup, and noticing that there was actually a house listed at close to $1M. This was a pretty high price for my neighborhood. It hit me today that there's now a collection of 14 single-family homes currently available for $1.8M+, and one condo for $1,895,000. At the top end of the lineup is 3816 22nd, the renovated firehouse listed at $5,975,000, but the bulk are between $2-3M.

And You Thought SF Was Expensive

I've just returned from a week's stay in Kapalua, Maui. The Ritz-Carlton is on the tail end of completing an 84-unit development consisting of three- to four-bedroom units that start at $4M. Now, Maui is a great place to vacation, but honestly, those who have an extra $4M (the penthouses are rumored to be in the $9M range) might desire more than a crowded, high-rise like development that's somewhat out of scale with its surroundings. Something I thought about while hanging out on the beach and watching the dump trucks go in and out of the work site.

Time for A Break

It's been a busy year in real estate for me, and it's time to take a week off to relax and recharge. I'll be hanging out in one of these ocean front condos in Kapalua, Maui, attempting to hit golf balls consistently and applying copious amounts of sunblock. Check back during the week of Oct. 6th for the inside scoop on San Francisco real estate!

Go Ahead, Be A Nosy Neighbor

An online tool I use frequently during transactions is the city's online permit site. For my purposes, the site lets me look up the permit history on a property on which I'm either representing a buyer or seller. Many times, it takes a while for the 3R, or building permit history, to arrive from the city. So the online history lets me get a jump on things. But it's also useful when you see work going on in a particular house near you. Type in that property address, and you can see what they're doing--or realize what they shouldn't be doing.

Field Report: 9 Williar

I wrote an offer with a client this week on 9 Williar, a remodeled, mid-century single-family home in Ingleside. Listed at the bargain-basement price of $499,950, I was very aware that the average actual selling price of a 2BR/1BA in the neighborhood was at least in the mid-$500,000s. When all was said & done, the seller received 13 offers, and the property is in escrow for above $580,000. It goes to show you that underpricing homes still pulls in the buyers.

Fat Mike's Mansion on the Market

The punk fans out there will be interested in seeing this home at 1601 Monterey, in St. Francis Wood. It's currently being sold by a gentleman by the name of "Fat Mike," front man and bassist of the punk band NOFX. Purchased in 2003 for $4,056,700, Fat Mike (a.k.a. Michael Burkitt) and his wife are now offering the home at a list price of $5.4M. The home has been renovated, leading to some interesting takes on traditional rooms. It definitely feels like an estate, as the home is on a half-acre lot and has ten-car parking. We'll keep our eye on this one.

The Artani Comes to Market

The latest building to hit the Van Ness corridor is The Artani. Definitely more pricier than its neighbor, Symphony Towers, the Artani offers one bedrooms ranging from $579,000-$899,000; one bedrooms with dens from $679,000-$1,149,000; and two bedrooms from $769,000- $1.4M. While the finishes and square footage are nice and reasonable for this building, I have my doubts that the units will fly off the shelves. I've yet to meet a buyer with a goal to live on Van Ness. Typically, doing so is a result of some sort of compromise. But for proximity to the opera, symphony, and the like, as well as public transportation, you can't beat the area. Plus--the Artani is a non-smoking building, which is a first in San Francisco.

How Much Can this Mansion Appreciate in Two Years?

One of San Francisco's more spectacular properties is now on the market. Say hello to 3701 Washington, a Beaux-Arts mansion in the heart of Presidio Heights. Listed at $17.5M, the property boasts six bedrooms, six and a half baths, as well as a two-level, one-bedroom carriage house. And the home has changed hands twice since 2005. It sold for $10M in 2005, then $14,250M in 2006. We'll see how much appreciation will be gained in this next sale. 3701 Washington joins the elite list of eight single-family homes currently on the market listed from $15M-$65M.

Another Great "Project" House

I stopped in at 2434 Leavenworth on my Tuesday broker tour yesterday. This house has great potential. It's located just down the hill from the foot of the crooked part of Lombard (where some of the Hell's Angels were gathered, taking photos). There are 3,600 square feet on the top two floors, as well as an additional 1,400 square feet of unwarranted rooms and bath on a third level. There's a quirky quality to the whole place, but the right person could come in and really spruce up the place. Among other things, one could renovate the kitchen and baths, and enhance the original features, such as the two grand staircases, six fireplaces, and wood casing throughout. List price is $2.8M.

Saturated in SoMa

The South of Market neighborhood remains the go-to place for young professionals looking for affordable condos or lofts with reasonable homeowners association (HOA) dues. With 96 units currently listed as available in the Multiple Listing Service (MLS), there's plenty to choose from. And that doesn't even include some of the new-construction buildings, which don't typically begin marketing through the MLS.

One bedrooms dominate the SoMa condo market. There is a selection of units ranging in price from $438,000 for a short-sale unit with a large patio, low dues and leased parking, all the way up to $999,999 for an 1800+ sq foot unit in the Clocktower Lofts at 2nd Street that's been on the market for 44 days. But most one bedrooms in the area are in the mid-$500,000s-$600,000s.

On the two-bedroom front, prices are predominantly in the $700,000s-$800,000s. Of course, this doesn't include buildings such as The St. Regis or Millennium Tower, both of which are marketing two bedrooms in the $2.5M-$4M range.

A Good "Project" Building

I saw 179-181 27th Street in Noe Valley on broker tour last week, and thought it was a great project for either TIC partners (two units carry a lot less risk for TIC arrangements) or one owner with an eye toward investment. The property features two large 2BR/1BA Victorian flats priced at $650,000 and $750,000 (entire building listed at $1,395,000).

The kitchens in both units could use updating, and there are certainly some major structural issues that need attending. For example, the building has no heat. (An estimate is on file for about $14,000 for heat installation.) There's also a $28,000 termite report. But on a long-term basis, this building could work well for the right buyer.