How many San Franciscans: Trace their ancestry from China, Ireland, Mexico or the Philippines? Are children under 5? Speak Spanish at home? Have their cars stolen? Are heterosexual or gay? Divorced? Live alone? Give birth each year? Vote Libertarian? Earn over $200,000/year? Have graduate degrees? There is no city in the world quite like San Francisco – and here are some of the details.
Answer: Alamo Square
Characterized by Victorian architecture that was left largely untouched by the urban renewal projects in other parts of the Western Addition.
The park includes a playground and a tennis court, and is frequented by neighbors, tourists, and dog owners. On a clear day, the Transamerica Pyramid building and the tops of the Golden Gate Bridge and Bay Bridge can be seen from the park’s center. The San Francisco City Hall can be seen directly down Fulton Street.
There are many architecturally significant mansions on the perimeter of the park, including the Archbishop’s Mansion, the residences of the Russian and German Imperial consuls in the early 1900s, and the mansions on the block diagonally across from the Painted Ladies.
Inventory is as tight as it has ever been in “recorded” history. (That is, San Francisco MLS history, which is about 20 years.) We have buyers chomping at the bit with low great new jobs and relocation packages for the first time in years and not enough homes available to satisfy them. Contributing factors are that urban living hasn’t been this in style since the 1920s and interest rates are even lower than last time I wrote to you. Open houses are busy and well-priced homes are selling quickly in all market segments. Sales absorption is outpacing oncoming listings even in this early spring season. I am hearing this from colleagues in Wine Country as well as Sacramento. I don’t know what it means for the future, but I do think that 2012 may be the year that turns things around in the real estate markets less affected by distressed sales. Whatever happens, it seems like it’s going to be an exciting year full of multiple offer situations and where decisive and timely action will carry the day for buyers as well as sellers. And of course I have charts to back this up – to see them click here.
I think that people often don’t realize that top floor condos can be both larger and brighter than houses in San Francisco. That is certainly the case for 832 Euclid Avenue. With four bedrooms and four baths, and at over 3000 square feet of sparklingly refreshed Edwardian elegance, it is far larger than the average home in the City. And brighter. And more private. Top floor condos tend to be brighter than homes because they are not shaded by other buildings or most urban trees. In addition, the height gives them an automatic level of privacy without the window coverings necessary for a single family house, which generally has the main living areas closer to street level. To have an “above it all” cat-perch perspective there’s really nothing better than a top floor flat. And this one also has four car parking, tons of period details, two fireplaces and a great location to boot. Listed by Mary MacPherson at Paragon. Let me know if you want to take a look!
Never has a fake moustache been put to better use. This is Val (Stan’s brother) last night at Capp’s corner after the parade. Elvis and Stan were wearing them too but failed to rock the look.
I love a parade. Especially one where the cops are setting off thousands of illegal firecrackers…
San Francisco, CA
Asking $785,000 – Sold for $778,000
Represented Seller
Property Type: Condominium
Bedrooms: 2
Bathrooms: 1
The “crookedest street”, Lombard Street.
Often billed as the “crookedest street,” San Francisco’s Lombard Street is, in fact, neither the crookedest nor the steepest street in the city, let alone the world. Vermont Avenue between 22nd and 23rd is “crookedest,” and Filbert between Hyde and Leavenworth is steepest at 31.5 degrees, but neither fact discourages tourists from flocking to Lombard Street’s seductive curves.
San Francisco Home Values by Neighborhood
February 1, 2011 – January 31, 2012
The first group of statistics below (in table format) apply only to non-distress home sales with at least 1 car parking, as reported to MLS. Distress sales – bank-owned property sales and short sales – typically sell at a substantial discount due to condition-of-property issues and/or deal-aggravation issues, and if included in the analysis, would reduce the median sales price and average dollar per square ($/sq.ft.) figures in certain neighborhoods. (Distress sales, though occurring everywhere in the city, are generally clustered in less affluent neighborhoods and in the lower price ranges.)
The average size of homes vary widely by neighborhood: for example, the average size of a 4-bedroom house in Pacific Heights is much larger than one in Noe Valley. Besides affluence, the era and style of construction often play a large role in these disparities. Some neighborhoods are well known for having “bonus” bedrooms and baths built without permit (often behind the garage). These additions can add value, but being unpermitted are not reflected in average dollar per square foot ($/sq.ft.) figures.
If a price is followed by a “k” it references thousands of dollars; if followed by an “m”, it signifies millions of dollars. Sales unreported to MLS are not included in this analysis, and where abnormal “outliers” were identified that significantly distorted the statistics, these were deleted as well. Please see the definitions and caveats at the end of this report.
Trends in Dollar per Square Foot Values for Houses in Selected San Francisco Neighborhoods
Trends in Median Sales Prices for 2-Bedroom Condos in Selected SF Neighborhoods
The MEDIAN SALES PRICE is that price at which half the properties sold for more and half for less. It may be affected by “unusual” events or by changes in buying trends, or seasonal trends, as well as by changes in value.
Low Price & High Price are self-explanatory, but the low price might be for a property that needs significant work just to be habitable. Within a single neighborhood, it is possible for the low and high prices to be millions of dollars apart – the difference between a small, dark 2-bedroom condo above a Laundromat, and a lavishly appointed, full-floor, 2-bedroom penthouse with spectacular views in a prestige high-rise.
AVERAGE SALES PRICE is calculated by adding up all the sales prices and dividing by the number of sales. It is different from median sales price, but like medians, averages can be affected by other factors besides changes in value, such as fluctuations in average unit size. Averages may also be distorted by a few sales that are abnormally high or low, especially when the number of sales is low. Average sales prices are usually higher than median sales prices.
DOLLAR PER SQUARE FOOT is based upon the home’s interior living space and does not include garages, storage, unfinished attics and basements; rooms and apartments built without permit; decks, patios or yards. These figures are typically derived from appraisals or tax records, but can be unreliable, measured in different ways, or unreported altogether: thus consider square footage and $/sq.ft. figures to be very general approximations. Generally speaking, about 60-80% of listings report square footage, and dollar per square foot statistics are based solely on those listings. All things being equal, a house will have a higher dollar per square foot than a condo (because of land value), a condo will have a higher $/sq.ft. than a TIC (quality of title), and a TIC’s will be higher than a multi-unit building’s (quality of use). All things being equal, a smaller home will have a higher $/sq.ft. than a larger one. The highest dollar per square foot values in San Francisco are typically found in upper floor condos in prestige buildings with utterly spectacular views.
The AVERAGE SIZE of homes of the same bedroom count may vary widely by neighborhood: for example, the average size of a 4-bedroom house in Pacific Heights is much larger than one in Noe Valley; and the average of a Marina 2-bedroom condo is larger than one in South Beach. Besides the affluence factor, the era and style of construction often play large roles in these disparities.
Some neighborhoods are well known for having additional ROOMS BUILT WITHOUT PERMIT, such as the classic 1940’s Sunset house with “bedrooms” and baths built out behind the garage. These additions often add value, but being unpermitted are not reflected in $/sq.ft. figures.
Many aspects of value cannot be adequately reflected in general statistics: curb appeal, age, condition, views, amenities, outdoor space, “bonus” rooms, parking, quality of location within the neighborhood, and so forth. Thus, how these statistics apply to any particular home is unknown.
In real estate, the devil’s always in the details.
SAN FRANCISCO REALTOR DISTRICTS
District 1: Sea Cliff, Lake Street, Richmond (Inner, Central, Outer), Jordan Park/Laurel Heights, Lone Mountain
District 2: Sunset & Parkside (Inner, Central, Outer), Golden Gate Heights
District 3: Lake Shore, Lakeside, Merced Manor, Merced Heights, Ingleside, Ingleside Heights, Oceanview
District 4: St. Francis Wood, Forest Hill, West Portal, Forest Knolls, Diamond Heights, Midtown Terrace, Miraloma Park, Sunnyside, Balboa Terrace, Ingleside Terrace, Mt. Davidson Manor, Sherwood Forest, Monterey Heights, Westwood Highlands
District 5: Noe Valley, Eureka Valley (Castro, Liberty Hill), Cole Valley, Glen Park, Corona Heights, Clarendon Heights, Ashbury Heights, Buena Vista Park, Haight Ashbury, Duboce Triangle, Twin Peaks, Mission Dolores, Parnassus Heights
District 6: Hayes Valley, North of Panhandle (NOPA), Alamo Square, Western Addition, Anza Vista, Lower Pacific Heights
District 7: Pacific Heights, Presidio Heights, Cow Hollow, Marina
District 8: Russian Hill, Nob Hill, Telegraph Hill, North Beach, Financial District, North Waterfront, Downtown, Van Ness/ Civic Center, Tenderloin
District 9: SoMa, South Beach, Mission Bay, Potrero Hill, Dogpatch, Bernal Heights, Inner Mission, Yerba Buena
District 10: Bayview, Bayview Heights, Excelsior, Portola, Visitacion Valley, Silver Terrace, Mission Terrace, Crocker Amazon, Outer Mission
Some Realtor districts contain neighborhoods that are relatively homogeneous in general home values, such as districts 5 and 7, and others contain neighborhoods of wildly different values, such as district 8 which includes both Russian Hill and the Tenderloin.
Statistics such as these are generalities, subject to fluctuations due to a variety of reasons (besides changes in value). Average figures in particular may be distorted by a few sales substantially higher or lower than the norm, especially where the sample size is small. Generally speaking, the fewer the sales, the less reliable the statistics. New-development condo sales not reported to MLS – of which there are quite a few in San Francisco – are not included in this analysis.
All information herein is derived from sources deemed reliable, but may contain errors and omissions, and is subject to revision.