Real Estate Update for San Francisco Homebuyers and Sellers
courtesy of:
Eileen Bermingham
DRE# 01352627
415.823.4656
ebermingham@zephyrsf.com
Most Recent Sales  citywide in the last 21 days
Address Type BR/BA/Units Parking DOM List Price Sold Price
No sales reported in the past 21 days.
       
       
       
       
       
       
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In This Issue…

Most Recent Sales
San Francisco Market Overview
Condo Conversion Lottery Bypass Legislation Approved
Fall in Love With These High-End TICs
New Tuesday Tour Deadline
San Francisco Market Overview 
  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
$909,000
+15.1%
37
-22.7%
$800,000
+8.3%
45
-17.2%
$1,260,000
+8.6%
65
-7.5%
Condo Conversion Lottery Bypass Legislation Approved 

The San Francisco Board of Supervisors has approved the condo conversion lottery bypass legislation by a vote of 8 to 3, a super-majority that may withstand a veto from the mayor. You’d think this would be a party. You’d think that TIC owners would be dancing in the streets having finally seen legislation approved that would allow them to skip the long lottery process and quickly pay a fee to convert their home to a condominium. Sadly such is not the case.

As we discussed previously, this legislation as it was originally written intended to have TIC owners pay to condo convert – so that they could have more freedom in their homeownership to sell or refinance – with proceeds going toward affordable housing. This legislation was a political victim and was rewritten to add clauses that would suspend condo conversions for ten years after the TICs currently in the system converted. And when (if?) the lottery came back, five- and six-unit buildings would no longer be able to convert and occupancy requirements would be difficult to achieve. The most troubling part of this legislation is the “poison pill” clause that would halt ALL condo conversions if any legal challenge arises.

This passing of this legislation is now being seen as a boon to tenant’s rights groups. But it also marks another barricade to affordable homeownership in San Francisco.
Fall in Love With These High-End TICs 
Time will tell what happens with TIC sales due to the approved legislation. But let’s take a look at some truly crush-worthy, high end TICs -- the types of properties that you want to live in no matter the obstacles!

1450 Green #6
Russian Hill
Listed for $1,979,000
Two bedroom, two-and-a-half bath full floor flat in Russian Hill with private foyer and direct access elevator. Epic views. Office/library could be used as third bedroom.

432 Laurel
Presidio
Listed for $1,379,000
Top floor, two bedroom, two bath flat with an open floor plan and gourmet kitchen. Exclusive roof deck with wind shields.

595 Waller
Hayes Valley
Listed for $1,395,000
Three bedrooms and two baths in a renovated Victorian building in hot Hayes Valley. Over 1800 square feet. High end kitchen and baths.
New Tuesday Tour Deadline 
For more than a decade new properties have been entered into the San Francisco Multiple Listing Service (MLS) by noon on Fridays so as to be included on the following Tuesday’s broker tour. The San Francisco Association of REALTORS® (SFAR) has very recently updated this timeline, now allowing broker tour entries as late as noon on Monday. This will allow San Francisco Realtors more flexibility and nimbleness in marketing your property. It may take some time for agents, buyers and sellers to adapt to this new schedule, but it has the potential to have beneficial results.

Traditionally a new listing would be put into the MLS on Friday with an open house on Sunday and then open for brokers to “preview” the following Tuesday – usually after their clients had viewed the property! With the new timeline, listing agents will have the opportunity to input new listings on Mondays so that agents can preview on Tuesday before the first public open house on Sunday. This will give listings greater market exposure and ensure that buyers are concentrating their efforts and only viewing the right properties for them. It may take months (or even years) for this new schedule to become the norm and best practice, but it’s a great step in the right direction by the SFAR!
Eileen Bermingham • 415.823.4656 • ebermingham@zephyrsf.cominsidesfre.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.