july 2010

Greetings,

Sunny or foggy, summer has arrived in San Francisco and the real estate market fluctuates as much as our summer weather does. Some listings are flying off to new owners, while many more are hanging around not quite ready to move. What determines what is selling quickly and what sits around are the usual suspects: Price, Floor plan, Condition of the Property, Amount of Similar Competition, oh and did I mention Price? Still there are the rare examples that take everyone by surprise. I recently listed a 2 bedroom condo in Mission Bay that was fairly priced but was unique in many aspects. A great staging job and in 4 days later we had five competing offers with the winning bid coming in at $70,000 over asking. I would be hard pressed to recreate that scenario, but it shows there are plenty of buyers out there that are willing to pay a premium when it suits them.

On a fun note, summer is a time for out of town guests; and there are a ton ofgreat new restaurants popping up all over the city. I recently had dinner at Nancy Oaks new restaurant, Prospect, that opened this week below the Infinity condominium towers in South of Market. It was great to find a restaurant you didn't have to yell to carry on a conversation for a change. Reclaimed white oak wood floors from a warehouse constructed in the 1800's in Petaluma, was just my personal design highlight. I'm not sure how well Ms. Oaks succeeded in being a less expensive version of her Boulevard restaurant, but I am certain I'll be returning soon. If you get Jeremy as your waiter, say hi for me – he was great! (and make sure to ask him about his Australian girlfriend he’ll have a good laugh). For more on where to take company over the summer check out my good friend and client Julie Lacy's blog Opedible.

On a final note, I’m not a fan of asking people for things, but if you are on LinkedIn will you consider posting a brief review of your experiences working with me? There has never been more powerful marketing than another person’s testimonial, so if you can find the time I would be forever grateful.

And just in case I don't get around to saying it loud enough; Thank You!! for entrusting me to work with you and all your family and friends you've sent my way these past 15 years. I love my career, particularly because of all the amazing people it's brought into my life. I am very grateful to have had the opportunity to be a part of people’s lives, especially during the big transitions changing real estate often brings. And yes I even love my job during those really tough transactions...and you know who you are!

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SOLD!

255 Berry St. #515

This water-view condo overlooking Mission Creek, in Mission Bay, sells for $70,000 over asking price and within 6 days! The home boasts an open floor plan, with two master suites and a gourmet kitchen.

SF REAL ESTATE NEWS

Below is a comparison of SFH vs. Condo markets in SF over the past 6 months

Condos Accepting Offers (week by week chart)

Condo market has weakened more than the house market.

Single Family Houses Accepting Offers (week by week chart)

This market is holding up pretty well, climbing back to the average level of a strong spring season. (The last week of April was a blip caused by the expiring Federal tax credit.)