Archive for March, 2008
March 28, 2008
Due to the surfeit of condos on the market, select units of one of Oakland’s recently completed condo complexes, Eight Orchids, are on the chopping block this Sunday. Despite set levels of minimum bids (see table at right) developer Stuart Gruendl risks owing money to the lender by auctioning off 41 out of 157 total units in the building.
To participate in the auction, each bidder must be registered with Eight Orchids and pre-qualified with a lender. (If buyers go with Wells Fargo or Bank of America, the seller will credit $2,500 towards closing costs.) Additionally, any contracts are required to close within 30 days.
See www.eightorchidsauction.com for more information. Compare the minimum bid prices to other condos in downtown Oakland, Lake Merritt, and Jack London square listed below.
989 Franklin #503 Downtown/Chinatown
1bd/1ba 533 SF
List Price: $309,888
585 9th St. #622 Downtown/Old Oakland
1bd/1ba 722 SF
List Price: $425,000
309 4th St. #111, Jack London Square
2bd/1ba 1204 SF
List Price: $455,000 Reduced to: $479,900
311 Oak St. #723, Jack London Square
1bd/1ba 962 SF
List Price: $399,900 Previous High Sale: $439,000 in May 2004
1 Lakeside Dr. #1204, Lake Merritt
2bd/2ba 1161 SF
List Price: $629,000 Previous High Sale: $716,500 in September 2005
Table Credit: from www.eightorchidsauction.com
March 28, 2008
It appears that sellers are getting the message, realizing that if they don’t go big on price reductions, they might as well go home and grow old waiting for an offer. Of the 51 SFR Mid-Peninsula price updates during the weeks of March 10th and 17th, two-thirds were above 6% and almost half were above 11%. The largest reduction, located at 2829 Curtis Avenue in Redwood City, was 46%. This home, which was originally listed in June of 2007 for $550,000, has seen 7 price reductions in its 281 days on the market, and is currently priced at $299,000. In fact, a whole lot of homes in Redwood City got in on the price cut action, with 43 reductions. San Carlos and Belmont, which seem to continue to sell well, lag with 3 and 5, respectively.
Eighteen of the 51 homes had multiple reductions, which isn’t surprising given that 22 of the listings have been on the market for more than 60 days. On the bright side, 11 of the reductions were taken in the first 30 days on market, meaning owners are trying to adjust for the dramatic price fluctuations. Gotta give em props for that.
Here are the TOP TEN properties with the biggest price cuts, all over 17%:
2829 CURTIS AVENUE, Redwood City
ORIGINAL $550,000 Reduced multiple times Reduced to $299,000 (-46%) Days On Market: 275
621 MACARTHUR AVENUE, Redwood City
Original $575,000 Reduced to $410,950 (68DOM), $399,950 (71DOM), Now $350,000 (-40%) Days On Market: 75
3312 SPRING STREET, Redwood City
Original $620,000 Reduced to $500,000 (30DOM), $449,000 (39DOM), $399,000 (-35.5%) Days On Market: 49
1181 ADAMS STREET, Redwood City
Original $560,000 Reduced to $499,000 (63DOM) Now $399,000 (-30.5%) Days On Market: 164
614 STANFORD AVENUE, Redwood City
Original $710,000 Reduced to $628,888 (156DOM), then $602,1888 (216DOM), $575,448 (268DOM) Now $518,888 (-27%) Days On Market: 301
600 ROOSEVELT AVENUE, Redwood City
Original $775,000 Reduced to $750,000 (18DOM), then $650,000 (35DOM), then $599,000 (48DOM) Now $575,000 (-26%) Days On Market: 86
606 FLYNN AVENUE, Redwood City
Original $700,000 Reduced to $670,000 (5DOM), $620,000 (28DOM), $590,000 (54DOM), Now $550,000 (-21.5%) Days On Market: 64
198 BUCKINGHAM AVENUE, Redwood City
Original $750,000 Reduced to $599,000 (-20%) Days On Market: 156
436 JACKSON AVENUE, Redwood City
Original $499,000 Reduced to $399,000 (-20%) Days On Market: 141
1115 DAVIS STREET, Redwood City
Original $599,000 Reduced to $499,000 (-17%) Days On Market: 177
March 28, 2008
Verily, there’s no doubt the slowdown is spreading, or deepening, or something, when prices start going down in El Cerrito. This lovely town is safe, has two BART stations and boasts its own lovely restored movie theater, the Cerrito, along with one of my favorite natural food stores. It’s sorta kinda in between Albany and Richmond, and has pretty good freeway access as well. Check out these recent price drops. (Photo of the Cerrito: ingorr.)
5804 Avila Avenue, El Cerrito: 2 bedrooms/1 bath, 751 sq ft, was $435,000, now $399,000. Okay, take a deep breath and repeat after me: “Neighborhood, neighborhood, neighborhood.” This tiny, undistinguished house with its tar-and-gravel roof (next to a park, wonder how noisy it gets) is smack dab in one of the most appealing ‘hoods imaginable. You can walk to: BART; the Cerrito Theater; amazing coffeehouse Central Perk; the El Cerrito Plaza; Peet’s Coffee.
745 Balra Drive, El Cerrito: 1 bedroom/1 bath, 1,011 sq ft, was $539,000, now $499,000. If you’re unimpressed with the less-than-stellar domicile above, here’s a truly sweet deal to make up for it. This place appears to be a knockout. It has gorgeous views, wood first and an updated kitchen. It’s in the hills, hence further from the attractions in the first place, but still relatively close.
747 Gelston Place, El Cerrito: 4 bedrooms, 3 baths, 2,480 sq ft, was $850,000, now $789,000. We’re told this place is on a cul-de-sac (no photo; what’s up with that?), has panoramic views, two fireplaces, hardwood floors, well-maintained gardens. It’s close to the Kensington border, Kensington being an upscale Contra Costa hill town north of Berkeley and south of El Cerrito.
March 28, 2008
This is the second in a six-week series reporting on your local farmer’s markets. These markets, all weekly events, can be worked in combination with house hunting, driving different routes to attend the markets, or hitting open houses after a weekend stroll through the stalls.
Farmer’s Markets are important to our local economy, helping the small farmer continue in tradition and feed the community. These markets offer you the opportunity to be out in the fresh air and buy the freshest, tastiest produce available (organic and otherwise). A farmer’s market is a treat for the senses—smelling the fresh peaches, strawberries, herbs and even the dirt they were grown in. You can see the vibrant colors, textures, and varieties available, not to mention the enthusiasm of the growers. And you should make it a point to talk to the growers themselves; find out how and why they farm, what to expect in the upcoming weeks, and maybe even have them share a favorite recipe. Best of all, you can taste what you are buying—a sliver of juicy pear, the crunch of a fresh green pea, the sugary goodness of honeycomb. An added bonus is the live music, set to the background of a chatting shoppers and the laughter of the children. It will do your heart good to get outside and load up on fresh food.
This week’s focus is on the San Francisco markets, small and large, located all around the city. The most famous, and well attended, of these is the Ferry Plaza Building. I’ve even driven up from the Peninsula on the weekends to meet friends and shop the market. It is a great gathering place for families and foodies alike, and you can get just about any kind of food your tummy is rumbling for, in addition to the great produce and wares being sold.
If I have missed a market, or there is one you particularly like, give us a shout out in the comments section below.
Alemany Farmers’ Market Every Saturday 6am – 3pm 100 Alemany Blvd
Bayview/Hunters Point Farmers’ Market Every Wed 8:30am – Noon (Mid-May to mid-November) Bayview Opera House
Crocker Galleria Thursday 11am – 3pm Crocker Galleria/Post Street
Ferry Plaza Tuesdays 10am – 2 pm, Saturdays 8am – 2pm
Heart of the City Wednesday 7am – 5:30 pm, Sunday 7am – 5pm Market between 7th and 8th St.
Kaiser SF Wednesday 10am – 2pm 2425 Kaiser Permanente Hospital Geary Blvd
Noe Valley Saturday 8am – 1pm 24th Street between Vicksburg and Sanchez
Park Merced Saturday 10am – 2pm (June – October) Meadow at Serrano and Arballo
NOTE: Markets are year-round unless noted otherwise.
March 27, 2008
Quite awhile back, I wrote of a dreamy looking set of condos going up on 17th and Clayton Streets: location, spaciousness, and pure style. They’re finally ready now, and according to TheFrontSteps.org, the crowds turned out in droves for a recent open house. I wonder about these crowds though. Yes, 4588 17th Street is a stunning 3/3.5 luxury condo with an incredible design, inside and out. But are there really so many San Franciscans who can pay $1, 399,000, plus a $400 HOA? Plus, some readers have already pointed out the problems you will have pulling out of your garage at that intersection…
Still, this trend in new luxury condos is nothing new. We’ve hardly missed the soaring towers of pricey enclaves taking up the last of the city’s buildable space, so there must be buyers for these units. On my own block, I’ve watched a beautiful complex going up near a park I take my puppy to. These condos are on the MLS now as well. 729 Moraga St., for instance, is very similar to the 17th St. condo above, but offers 4/3, substantially more space, and a higher price tag( $1,995,000, with an HOA of $500 per month). So, right: they can’t stop my walking by on my way to the park, but there’s no way in hell I’m ever going to see the place inside once it’s owned: no one I know could afford that.
Some readers at Socketsite have opined that foreign buyers are our new biggest target group, since, to quote:
“The dollar continues to drop against foreign currencies. To foreigners our local real estate appears to be getting cheaper and cheaper.”
And
“Considering that SF was already much cheaper than London, Hong Kong, Singapore, Tokyo, Shanghai and Beijing, and now the dollar has taken a nosedive, executives in these places, especially from Asia, can buy prime condos in SF for less than half what they would pay at home.”
I don’t know if it’s true that foreign buyers are snapping up the new luxury condos I see everywhere now, but I do know that the average buyer (a middle income, long time renter looking to finally own) is priced out. Here’s what we can afford:
5700 Mission St., #1: 2/1 condo for $439,000. The agent is “not sure” if the $400 HOA is enforced, so let’s assume it isn’t. That way the aforementioned mid-income buyer can enjoy life in the dubious Outer Mission/Crocker-Amazon in a condo that has been on the market 80 days, and reduced 50k. Hmm.
86 Potomac St.: Hayes Valley 2/1 for $445,000. Not a condo, silly middle-income buyer– it’s a TIC. Also, it’s currently rented. Have fun evicting the tenant! On the market for awhile (40 days), this unit too has been reduced 50K since it listed.
I know: I’m bitter. I see the sparkling, capacious lux units and they’re all I want. When I turn my attention back to what I can “afford,” I don’t want to afford it. But the question remains: are there really that many people who can afford well over a million dollars for a condo in San Francisco, or will some of these heart breakingly beautiful homes sit empty until prices come down?
—
Photo: Socketsite.com
March 27, 2008
Before we get to our regularly scheduled post, I want to invite our readers to a Redfin Red Carpet Event that is being held next week in our San Francisco office. Come on down and meet Sweet Digs bloggers, quiz Redfin agents, talk tech with our engineers, and nosh on some free pizza and beer. We’d like to hear what you have to say about our blog, forums, website, and our services.
The last event was a rousing success, and if we are really lucky, CEO Glenn Kelman may show up and entertain us with his quick wit, vast knowledge, and sincere commitment to our clients.
The Details
When: Wednesday, April 2nd, from 6:00PM to 8:00PM.
Where: 433 California Street, Ste 1010 San Francisco, CA 94104
Who: Redfin users, customers, customers-to-be… basically anyone who’s used our site or service.
Parking: There are many garages nearby. Street parking also available, free after 6PM.
RSVP: Click here for our invitation page.
And, now, our scheduled newsletter post of the day:
Today I accidentally hit the top post in our Washington, DC division and got this house at 12368 Iona Sound Drive in Bristow, Virginia (a suburb of our nation’s capitol). A lovely red-brick Colonial, it has 5,470 square feet (boy do they build ‘em big out there), with 5 bedrooms and 4.5 baths. Less than 10 years old, it has all the modern amenities, including one very large kitchen that I was seriously drooling over. There is even a butler’s pantry…ohhhh the room I would have for my exotic cooking ingredients that now reside on a metal shelving unit in the garage. All the rooms, even the secondary bedrooms are large, and the agent was kind and wise enough to put up 29 photos (yes, 29!) so that I could see the home, yard, and view from every vantage point. Outdoors there is a huge deck on the upper level, big grassy area below for the kiddies to play on, and a little stream gurgling past. The price of $550,000 comes out to $101 per square foot, my kinda price. Now, if I only liked cold weather and snow.
Over on our coast, one of the top contenders today is a similarly priced home in Sunnyvale. Located at 1617 Swallow Drive in Sunnyvale is a 3 bedroom, two bath rancher of 1,232 square feet. At fifty years old, this home is showing its age, never seeing a modern remodel. Listed as a “diamond in the rough,” it is priced at $600,000 or $487 per square foot. Only 6 of the 9 photos actually show the home, and one of those is just a fruit tree. (I think the agents out here could take a lesson from our eastern brethren.) Not exactly as exciting as its counterpart in the Virginia suburb, but it is priced significantly lower than Zillow or eppraisal valuations, and almost $200/sf less than neighborhood listing comps, and even lower than any sales comps. So in our neck of the woods, so to speak, this is a bargain.
Recent Sweet Digs Posts:
Fed Up With Prices In The Bay Area? How About A Free House?
Sellers on Holiday Hiatus?
Happy Trails to … Richmond!
Victorian Splendor in Santa Clara - With Ten Bedrooms
March 27, 2008
Amazing news from the folks who helped create the mortgage mess: The former president of Countrywide Financial Corp., which is now facing FBI probes for securities fraud, has launched a new company that seeks to profit from the downturn Countrywide helped create.
Kurland will run a new mortgage company that will acquire and restructure distressed mortgages, Associated Press and other news outlets reported Monday. Kurland’s former company, Countrywide, lost about $1.6 billion in the last six months of 2007 as more and more people defaulted on their loans. Bank of America Crop. has agreed to acquire Countrywide.
Private National Mortgage Acceptance Co. LLC intends to help borrowers restructure loans so they can avoid foreclosure and maintain payments. It will be located in Calabasas, Calif., about six miles from the offices of Countrywide. What would be an appropriate analogy, folks? Maybe a former gangbanger who painted graffiti all over a city going into business painting it over?
Do you think this new company will be a rousing success? Should it be? (Photo: ninjapoodles.)
March 27, 2008
Yes really. A house for free. There’s no catch. Well not really. These houses genuinely do come for free — just so long as you can move them out of their current location.
The properties in question are in Oakland’s Temescal neighborhood — there are two Victorian cottages at 5244 and 5248 Telegraph Avenue (pictured above) as well as more units on Telegraph at 4744-4750 and 4760-4770 (pictured below left) and a third duplex on 48th Street (below right)
The reason these properties, which currently house 11 residential units, need to be moved is that there are plans afoot to build condos and co-housing community on the sites they occupy.
Large banners outside these homes proclaim: “THIS HOUSE IS FREE”. A website explains how it works. It addresses some of the issues involved in tackling a house relocation, including hiring experts, snagging permits and, perhaps most crucially, what it will cost.
As well as the fee for physically moving the building, expenditure might include installing a new foundation under the relocated building, connecting all new services to the building such as water, electricity, gas and sewer, as well as architectural, engineering and project management services and permits from the city. They estimate these could amount to $175,000.
Then you have to find land on which to put your rescued home — price being dependent on which part of the nation you choose.
So, even though the end result is not going to be a home on which you have spent absolutely zilch, and we all know there’s no such thing as a free lunch, it’s fair to say that in this case there really is such a thing as a free house.
March 26, 2008
It appears that Spring Break and the Easter Holiday put a bit of a damper on new listings on the Mid-Peninsula during the weeks of March 10th and March 17th. I see 54 new SFRs on the market in the tri-city area, compared with 75 during the previous two weeks. Must be getting in that last ski run or sunning in Hawaii.
Since I am in the mood to make charts this week, here is a breakdown of the 54 properties:
There is not much new on the market in the low-end range under $500,000 this week. Not sure if that means that the mortgage mess is settling down, that people are getting more savvy about how to handle it, or that lenders are too overwhelmed to get inventory on the market. Only time will tell.
Once you eliminate the lowest category, Redwood City covers the price spectrum pretty evenly with 9 properties in each category. San Carlos, which is still selling well, is pretty much staying above the $750,000 mark, while Belmont lags in listing numbers in general. The highest priced home of the week goes to 824 Arlington Road in Redwood City, a 5/4+ listed for $3,199,000. The two low-end properties are in Redwood City and tie at a list price of $329,000.
Here are the Belmont New Listings for the week:
414 Chesterton Avenue, 3/1, 1080 sf, $715,000
924 Ruth Avenue, 2/1, 850 sf, $729,000 OPEN Sunday 1-4 pm
403 Hiller Street, 3/2, 1310 sf, $730,000
1040 Judson Street, 3/2, 1249 sf, $769,500
2109 Forest Avenue, 4/3, 1970 sf, $948,000
2911 San Juan Boulevard, 4/4+, 2000 sf, $1,050,000
3643 Hillcrest Drive, 5/2.5, 2800 sf, $1,189,000
2813 Alhambra Drive, 3/2.5, 2680 sf, $1,199,000 OPEN Sunday 1-4 pm
2516 Somerset Drive, 4/2.5, 2360 sf, $1,288,000
March 26, 2008
Wouldn’t it be cool if you could hop on your bike, put the pedal to the metal and zip along for miles right next to the San Francisco Bay shoreline, with stunning views of water and sky stretching all the way to the horizon and the wind blowing through your hair?
Well, actually, you can if you take the Bay Trail. Richmond currently has 25 miles of the trail completed, the most of any Bay Area city. The trail is also known as the “Ring Around the Bay,” which will eventually span 500 miles to link nine counties encircling San Francisco and San Pablo bays.
Some 80 percent of the existing trail is separated from traffic, a recent newspaper article informs us, and 146 species of birds can be found between Point Isabel and Marina Bay, including the great blue heron, snowy egret and burrowing owl. Many of you are probably familiar with Point Isabel, the famous dogwalking area on the bay at the Central Avenue exit off Interstate 580.
And yes, you can bike, or jog, or walk, all the way from Point Isabel to Marina Bay on this trail! Pretty cool, eh? Which is one of the big selling points of the condos in the Marina Bay area. Here are some recent sales thereabouts (Photo: Peter Kaminski).
1601 Kayak Court, Unit 100, Richmond: 1,265 sq ft, sold for $490,000 on Jan. 15. This condo and other properties in this post are all within walking distance of the Bay Trail.
139 Schooner Court, Richmond: 2 bedrooms/2 baths, 997 sq ft, sold for $351,000 on Feb. 15.
113 Melville Square Apt. 113, Richmond: 1 bedroom/1 bath, 734 sq ft, sold for $243,000 on March 4.
190 Schooner Court, Richmond: 1 bedroom/1 bath, 732 sq ft, sold for $279,500 on Jan. 10.
