Anna Hibble
Recent posts
August 26, 2008
Psst, hey you, jaded renter. You can in fact buy a place in this city for less than $280K. That’s right: if you really want to get your foot in the door, these new Cubix studios might be perfect, though you may not be able to fit much more than your foot inside. These babies (they really are babies!) run 250-350 square feet. According to the Chronicle, “A San Francisco design and development firm has begun marketing 98 tiny condominiums….. at the Cubix Yerba Buena building in SoMa.”
The studios run $279K up to $330K, with HOA dues of around $270 per month. Somehow, their existance is supposed to mitigate the fact that ”by comparison, the median price for all homes in San Francisco was $749,000 in July.” The idea, optimistic in the extreme, is that studios like these will offer the formerly priced-put middle class buyer a chance buy, build equity, and move on to a larger home later– perhaps changing statistics like these:
Only 39.3 percent of city residents own their homes, the lowest level among the state’s counties, according to a California Budget Project report released in February.
Affordable housing groups, business proponents and city leaders alike have long lamented the shrinking middle class in San Francisco, a category that generally encompasses nurses, teachers, cops and firefighters. The number of people making less than $150,000 in San Francisco fell between 3.9 percent and 7.4 percent between 2002 and 2006, while those making above that amount surged by at least 40.1 percent, according to Census Bureau estimates.
But I’m almost 6 feet tall, barefoot. Accordingly, my shoes are big. My pants and skirts are really long. I’d have to sell most of my stuff to fit in a 250 square foot studio, much less living there with someone else, whom I’d probably kill if not be killed by first. Is a studio like this really a good step for me on the great ladder of homeownership in San Francisco?
Studios can be investments. For instance in Toyko, Japan, the typical one-room apartment is about 180 square feet. There is tremendous investment opportunity for non-resident owners to rent these studios out, as “studios owe their popularity in part to the large number of Japan’s young, mobile urban dwellers, who rarely want to get tied down purchasing homes and who rarely want to share larger quarters with a roommate.” So profitable are these properties that, to quote IHT.com, “studios are called toshi-yo mansions, or ‘for-investment apartments.’”
Does it work that way in SF? These units are meant to be single-residence, so the owners should be living in them, not renting them. The only investment then is in potential appreciation. But do studios appreciate? Especially tiny, tiny, tiny studios? Some people think so: Cubix opened its 766 Harrison St. building’s sales office this month and already “three of the first 12 released units are in contract or escrow.”
Here are some other studios, if you want to get your homeowner start the one-room way.
3953 24th St. #5: Noe studio for $349K.
295 Guerrero: Studio TIC in Mission Dolores for $239K.
2945 Baker St., #3: Cow Hollow TIC studio for $305K.
901 Bust St., #404: Studio condo downtown for $359K.
—-
August 24, 2008
Unusual in suburbia but not unheard of in a metropolis, San Francisco parents are not allowed to select the public school their children attend. Living next door to an elementary school has nothing to do with whether or not a family can expect to send its students there. This is because in its mission to “provide each student with an equal opportunity to succeed,” the San Francisco Unified School District seeks to promote ethnic/racial diversity and socioeconomic equality. Thus students are bussed all over the city, placed in particular schools via the District’s lottery process.
Knowing this, parents also know that where they live in the city has no relationship with a getting their kids into a ”good school” Instead, the process is a complicated and, for parents who can’t afford the alternative of private school, occasionally infuriating. It’s enough to send some familes I know to South San Francisco or Marin to buy a house, in hopes of landing in a good school district, close to home.
With summer ending (already!), many SF parents must be thinking about back-to-school. And those new to the city, or thinking about moving here, or whose children have just reached school age, will appreciate knowing more about how the lottery works.
For instance, you and you alone must do the research as to which schools have the best qualities for your child. Some schools emphasize the arts, others technology, others community service. All have different testing results, if those are something you use to guage a school’s efficacy. From the many schools in the SFUSD, you can select up to seven you would like your child to attend. Unfortunately, you aren’t guaranteed placement in one of these seven.
Here’s more info, culled from the SFUSD site.
1. There is no advantage to applying early. Just be on time. ”All applications turned in by January 11, 2008 will be considered on-time applications [and] have a greater chance of receiving an offer to a school of their choice.”
2. You sould list seven choices: do the research required to find those seven, rather than picking two and crossing your fingers. “Families have a better chance of receiving a requested school assignment if they list multiple school choices on their enrollment application” because parents “who do not list up to 7 choices run a higher risk of getting assigned to a school they did not request” since the SFUSD assigns students at random if none of your choices has an open space.
3. If you have two kids and want them in school together, take heart. “Younger siblings can receive a priority to a school that his/her older sibling is currently attending and will attend in the 2008-09 school year if their parent/ guardian turns in the enrollment application by January 11, 2008 and lists the older sibling’s school as a first choice.”
4. Some schools require additional legwork- or at least paperwork. The School of the Arts (“SOTA”) and Lowell High School “have additional application requirements” and are not guaranteed to have openings even if you meet those requirements.
5. If you are interested in having your child attend a charter school, you “should contact the charter school(s) directly for information regarding their application procedures. Charter school applications are handled through a different process than the general enrollment process for SFUSD’s other schools.”
6. If your child does not get assigned to any of the schools listed on the enrollment application, your child will be “assigned to a non-requested school, taking into account your home address and any language programs or other special needs your child may have.”
Further, “if you applied on-time and are unhappy with your school of assignment, you have several options”- these are listed in depressing detail here and here.
All in all, being a parent is a major challenge in the city. As I go back to school myself to teach your kids, I will be thinking of you.
—
Graphic: SatNexSchool
August 21, 2008
Hurray for recession! Okay, sorry, I don’t mean that. But I do like to see prices go down, mainly because prices here are ridiculous. I realize price reductions are less thrilling for sellers than buyers, so I dedicate this blog to buyers alone. Enjoy!
This one comes from San Francisco Schtuff, interesting A) because it is a $450K cut, and B) because it is in a swank area.
In South Beach, we have almost 100K reduction at 88 King St., 101. This is a 2/3 condo down now to $899K.
In the Central Richmond at 1928 Clement, #1 is a 3/2 which has been reduced twice since it went on the market in June, landing now at $918K.
In the Haight, this pretty 2/1 flat at 658 Cole St. is down to $729K.
Even Noe is not immune: here is a 2/2 condo at 484 Alvarado St., down now to $899K.
Finally, over in Potrero Hill, this 3/2 SFH is now down to $1,049,000, after is third reduction. 507 Rhode Island St.
Want more? There are tons! Just do a search at Redfin for homes on the market over 45 days- most of them have been reduced once, if not twice. Sucks for the seller, but sweet for the buyer!
–
Photo credit: Gizmodo.com
August 18, 2008
We homebuyers hear an awful lot about the top 5, top 10, top 20 things we should know. Frankly it all gets a bit much. Still, the lists are ever fascinating, as they seem to contain– in neat chunks– the secret to one of the most mysterious processes first time buyers have ever faced.
This July, ‘08 list, 7 Things Buyers Should Know, comes from Paul Kedrosky, blogger and author of Infectious Greed who is also a mortgage lender at a bank. The list is interesting in that in some areas, it diverges from what other lists have told us. Read on:
1. 6 months ago is ancient history. What your neighbor sold his house for 6 months ago doesn’t matter. What the seller was asking for the house 6 months ago doesn’t matter. What matters is what the market will support today.
Does this though imply you should not consider price reductions if a home on the market for over 6 months? Certainly knowing the history of a home’s price gives you some advantage.
2. Don’t worry so much about what you paid for your house. Instead, look at the difference between what you can expect to sell your house for and what it’s going to cost you to buy the new one that you want.
3. Now is not the time for do-it-yourselfers. When the inventory levels are, depending on property type and area, any where from twice as much as is healthy…..to 750% as much inventory as there should be….. you need to find a professional to help you navigate the markets and get your house noticed. I’m not, frankly, just talking about calling the Realtor who sold the house up the street. I’m talking about calling a high caliber professional who knows what it takes and can really give your house the attention that it needs.
This would seem to be a tip for homesellers, not buyers. It also goes on to link to specific Realtors by name (deemed qualified), so it may not be entirely objective in what I can’t help but feel is a slam on less traditional DIY type real estate services.
4. Any interest rate that starts with a 6 is a good number. …..From 1971 to 1998, we did not see any mortgage rates that started with a 6. Frankly, we’ve gotten spoiled in an era of cheap credit and we need to keep things in perspective.
This is interesting, and a good point for buyers to really consider.
5. There is a Tangible Difference in working with a true mortgage professional. I’m not talking about the difference between a mortgage broker…..or a mortgage lender at a bank….. I’m talking about the difference between someone who can help you navigate the changing environment that we’re in.
6. Don’t buy a house today if you aren’t going to stay there at least 7 years. That’s right, a mortgage lender is telling you that if you don’t have at least a 7 year time frame in mind, you shouldn’t buy a house right now…… If the market drops another 5% over the next year and then stays the same for two years, it’s going to take 7 years for you to recoup the 5% loss and then build up enough to pay the 6% Realtor’s fees when you sell and make a little profit too. Long term, the value of real estate investments is very solid, but this market has spread things out a bit longer.
7. It really is a good time to buy a house. No, I’m not turning into a National Association of Realtors choir boy. If you go into the transaction with the right mindset (long term investment), with a talented group of professionals (Realtor, lender, inspector and accountant) backing you up, and you remain analytical about the financials and keep the emotions from forcing decisions, I firmly believe that you’ll find yourself very glad that you made the move you made.
This last bit might be the most controversial, at least here in SF, where some people believe prices have yet to bottom out. Of course, others expect no such downturn. Still, the idea to stay awhile instead of try to flip is solid.
I’m interested in reader reactions, or “homebuyer tips” that might have been neglected here. Got any?
–
Photo credit: First Time Buyer Programs
August 15, 2008
A year ago I wrote:
I have friends, single friends, mostly, who refuse to go to Noe Valley. They tell stories of being shoved aside in the Cheese Shop by the more determined hand of a young mother intent upon that Dutch Edam sample for the mouth of her squalling child. They claim to bear scars from unfortunate entanglements with baby strollers at the intersection of 24th and Sanchez. But really, these stories are exaggerations- if not complete fabrications. You are not, in fact, required to have kids to settle in this neighborhood. Of course, it might be a good idea to at least like the little guys since they’re ubiquitous here; Noe Valley is one of the most child-friendly areas in San Francisco.
A year later, Noe is also one of the hottest, real estate-wise. Any decent blog will have postings and comments confirming that Noe homes command a serious premium (like this one at Socketsite or this one– via The Front Steps– about a complete, falling down wreck that sold for $25K over its 1.02 million asking). And for good reason: Noe enjoys a centralized city location, some of our better weather, gorgeous single family homes of classic San Francisco architecture, low crime, great shopping and miles of excellent restaurants.
Using Redfin’s new Neighborhood features, I explored Noe’s market trends. The least expensive recent sale was a condo at 317 29th that sold for $701K, almost twice what it was purchased for in ‘98. Even a condo purchased in ‘02 was worth much more: 1044 Sanchez was purchased for $770K back then and was sold for $1,150,000 this July.
Seems you can’t go wrong in Noe, though one has to wonder if such appreciation can continue. The least expensive listings (also a searchable feature on the new Redfin) are studios and 1 bedrooms like this one at 141 Duncan, a tiny 1/1 TIC for $372K and this 1/1 condo at 1257 Dolores St., #A for $629,900. On the other end, the most expensive run from over a million to well over several million. You can search those too if you’re in the market.
Interestingly, one of those “most expensive” also made the “reduced” list, so properties are not immune to having to come down a bit, even in the hallowed Noe Valley. For instance, this gorgeous 4/3.5 SFH at 4086 25th is now $1,999,000, down from $2,395,000 (pictured below).
Still, 2 million is a nice chunk of change for the seller, so in general, we can safely say this pocket of real estate has not much suffered. As to whether buyers now can expect the same kind of profit, I can’t say; but it is hard to imagine who will be able to afford Noe in 10 years if it continues to appreciate like this.
August 11, 2008
Unless you’re out in the ritzy Seacliff, the Spanishy Sutro Heights area, or just on a more fortunate street, you may find Richmond District housing a little beige. Not literally (though in fact, I have seen entire streets of beige homes in the Richmond) but instead metaphorically, in the design. Sometimes, a certain tedious uniformity emerges in the Avenues that produces not only a “Is there where I left my car” type confusion, but worse: “Is there where I left my house?”
Today then, I was literally stopped in my tracks walking down Clement St. There, amid the traditional (and to some, boring) homes was what I at first took to be Noah’s Ark. But I could glimpse neither giraffe nor camel couple waiting to board, so I drew closer to investigate.
Upon closer inspection, the building revealed itself to be a Jewish Temple– Congregation Beth Sholom, to be exact.
When I got home, I googled the building. No way was that temple erected without commentary, and I imagined it to be extreme in both directions: love or hate. No one could be indifferent. The structure simply will not allow indifference.
Indeed, The Chron’s architectural critic is a fan. John King calls the temple a “fresh example of this tension in San Francisco.”
Here, flanked by traditional homes built before World War II, Stanley Saitowitz has designed a synagogue that suggests nothing so much as a giant menorah in a silvery frame.
Meanwhile, Curbed’s Jimmy Stamp likens the structure to a skate park, complete with “inverse half-pipe.”
…..many neighbors still see it as an eyesore that doesn’t make any attempt to relate to the immediate context of the neighborhood— a design attitude perhaps best revealed in the tense, awkward relationship between the half-pipe and the more traditional SF home right next to it.
Well, at least it’s not just another “traditional home”- a beige adjective if there ever was one. And the Richmond District is actually a fantastic ‘hood to call your own, no matter your architectural leanings. Great food, fun bars, proximty to parks, museums, beaches…
Here a few Richmond Dist. homes on the market right now (some within walking distance to the Temple!). I specifically tried to find ones that show variety, rather than boredom, in their buildings.
855 La Playa St., #358 : 2/1 beachfront condo for $629,900.
5355 Anza: 2/2 SFH on a corner, looks really light and sweet. Has a garage too! Short sale: $799K
682 24th Ave: 3/2 SFH with garage: $909, 000.
755 9th Ave: 2/1 condo/flat with yard and parking and sunroom. $829K.
Photo: Stanley Saitowitz / Natoma Architects via Curbed SF.
August 8, 2008
We Redfin bloggers are no longer allowed to review properties, but nothing can stop us from reviewing property ads, right? I mean, even if I wasn’t a college English teacher, I could fairly say that a great quantity of these write-ups need some serious help.
The Front Steps has been proofreading too, it seems. Here’s a particularly mysterious ad they found for 485 Eucalyptus Dr, in SF:
Huge reduced!Elegant column front gate & stepping stones lead to this gorgeous & quality rmdled Merced Manor hme. Hugh Gourmet chef & #700;s ktchn w/ island, hi-end stnless steel applnces, granite cntr, chrry cbnts & blt-in wineculr. 3bd/2.5ba upstairs w/ jaccz & shwr. Downstairs hugh & bright fmly rm w/ deck plus 2br/2ba & lndry rm. All 5 br are M suites, 2 jaccz. All nu windws, 2 S/S pkg grages. Near great schools, Stonestown Galleria, YMCA, MUNI, EZ access to Freeway. This great detched home almost has it all!
Jeez, what do you have against vowels? Or standard abbreviations, for that matter?
Active Rain lists some of the more common, and in some cases, gross, typos:
- a sinking living room (vs. sunken)
- walking closet (where is it walking to?)
- wreck room (rec. room)
- stainless steal appliances
- contract fell threw
- hardware floors (hardwood floors)
- remolded bathrooms (yikes!)
- two full bedrooms (as opposed to what?…half bedrooms?)
- No Job Road (vs. No. Jog Road… had to be a joke!)
Curbed SF also spotted a mistake, one which has them opining “Refreshing Bit of Broker Honesty Probably Just a Typo”:
And finally, I found this extremely unfortunate typo in this ad for 691 Keith St. in Daly City, in which I am promised a ”$479000 Fully Remolded Single House.”
I know Realtors are human and thus subject to making mistakes. But frankly, as a seller, I would expect my agent to check and double check my listing and would be FURIOUS if such work made it online. Sure, it’s comical enough in the abstract, but practically speaking, it’s sloppy as hell.
August 6, 2008
Jenny P. has me thinking about bargains with her post promising Marin property for $200K and under.
Gas may be down a few cents but Trader Joe’s raised the price on my favorite bread and yogurt, so I don’t think we’re coming out ahead anytime soon. That’s why I have decided to look for homes– single family homes, that is– for less than $600,000.
After all, that’s plenty to spend. At $600K, if you are lucky enough to have 20% down ($120,000, people. Quite the chunk and a half to have handy), your mortage looks something like this:
** Assuming 30 year fixed at 6.5%, principal and interest would run you $3033.93 per month.
** Add in an estimated property tax based on 85% of your home’s worth (this is hard to nail down, but 85% seems a good median to me), or $7140 spread out over a year= $3628.93.
** Now add in insurance and utilities, home care/repair, and… well, good luck to you.
Most people I know don’t have $120K saved. After all, this is San Francisco, and a hard city in which to build wealth. For those who only have 10% down then, they will also have to get private mortgage insurance (PMI) for the other 10%, and the rates on that loan are often much higher than those for 30 year fixed. This could boost your monthly to $4305.17. (I crunched my numbers here, if you want to check).
Thus, in thinking of the first time buyer, those finally leaving the rent nest and flying for homes of their own, I’m dedicating these listings to you. I just can’t see the majority of people I know, though they are professionals of all kinds, buying a home for over $600K their first time ever buying at all.
I give you then, single-family homes in SF for under $600K!
NOTE: As the map alludes, most of these hail in the southerly districts, at least those listed on the MLS. Still, those areas may soon make a major rebound if Prop G delivers… so perhaps these make good investments?
727 Sweeney St.: Portola 3/1 with garage and yard for $599,900.
17 Precita Ave.: Bernal 2/1.5 Victorian with a Wedgewood stove to die for (yes, I am a kitchen dork!). No parking, and on the market quite awhile may give you bargaining power. $499,000.
2661 Harrison St.: Inner-Mission/SOMA-ish 3/2.5 that also offers rental income. Not sure if the rental part would add a bedroom or if it is included in the 3/2.5 designation. $599,000.
461 Chenery St.: 2/1 Victorian in Glen Park with nice garden. Sold for just over 600K in May of this year, and since it hit the market, it has been reduced twice, landing it at $599,900.
1214 48th Ave.: Outer Sunset tiny 2/1 with yard and garage, has been listed almost a year, so perhaps you can get it for less than $525K?
August 4, 2008
Buyers/sellers to be, rejoice: this month brings a surprising wealth of free resources for you, all of them aimed at making you smarter about the process.
You might already have read, for example, about Redfin’s Red Carpet event, August 13. Basically, this is your chance to get to know Redfin, plus take a homebuyer class, eat pizza and drink beer– all free. (Read more about Red Carpet events here.
Also going on around the Bay, starting tonight, is a list of several classes and seminars of interest. Did I mention they’re free?
Monday
First-Time Home-Buyer Seminar
: Sponsored by Whitney Davis of Zephyr Real Estate and Tina Leonardi of Guarantee Mortgage, 6-7:30 p.m., Opera Plaza, 601 Van Ness Ave., Suite P, San Francisco, free, reservation required, (415) 533-3990.
Tuesday
Real Estate Seminar:
Presented by Bay Area Investors Educational Services, 6-9:30 p.m., Hyatt Regency, Five Embarcadero Center, San Francisco, $20, includes materials, (510) 339-9014.
Investment Seminar:
Hosted by Entrust Administration Inc., 6-7:30 p.m., Heald Conference Center, 5130 Commercial Circle, Room 109, Concord, free, reservation recommended, (510) 587-0950, Ext. 254.
How to Improve Your Credit Score:
Sponsored by First Integrated Credit Solutions, 7 p.m., 24301 Southland Drive, Hayward, free, reservation required, (888) 864-1189.
Saturday
Add Value to Your Home:
Hosted by Home San Francisco, 10:30 a.m., 399 Cortland Ave., San Francisco, free, reservation required, (415) 517-3887.
Source: SF Gate
August 2, 2008
I like a pool. I don’t want to have to clean one, but I sure like to swim in one. This is the major draw of a condo complex for me, and for anyone like me who enjoys physical exertion outside, as long as that exertion does not involve cleaning products. Also nice is a spa, to reward one’s self in, after the non-cleaning outdoor activity.
So, if you are one such person, the following condos are for you. I have chosen Daly City to highlight as so many more of those units are in complexes with pools, spas, gyms and tennis courts, plus parking, at a lot less than you would pay in San Francisco.
—-
375 Mandarin Dr. #211 (27 units at this Crown Colony complex are listed). This is a 1/1 with fireplace. Outside enjoy a pool, spa, tennis courts, gym,sauna, and club room. All this for just $200k? Wish there were some pictures of the unit, but right now, all you can do is read about it. However, I did find a (poor) photo of 385 Mandarin Dr., #00010, a 1/1 listed at $248K.
1551 Southgate also offers several units. #119 is a banked owned REO, a 2/1.5 in a complex that offers a pool, sauna, rec room, picnic grounds and underground parking.
3855 Carter Dr., South San Francisco looks to be a very nice complex, almost grand looking, old-fashioned where so many are modern and anonymous. Here is a tale of two units at drastically different list prices. #102 is a 2/2 with 2 car parking, and looks very nice indeed in the photos. Offered at $525K.
Meanwhile, in the same complex, #00106, a short sale unit, also a 2/2 with 1 car parking, is $339K. Granted, there are no photos and the listing advises the property is “not ready to show.” Makes you worry a bit what may have happened inside. Still, it’s almost 200K less than it sold for in ‘06, and the same amount less than its neighbor currently lists for.
Finally, we have a few units in 303 Philip Dr., a Serramonte complex that backs up onto a greenbelt (has a foresty feeling in the photos). #00306 is a 2/2 with new cherry cabinets in the kitchen, plus pool, spa, tennis court and car wash area (!) on the grounds. Reduced to $425K, on the market over 90 days.
—
photo credit: Byrons Byte
