theFrontSteps…step inside San Francisco real estate

This question is geared towards the San Francisco Realtors reading this site, and we’re hoping to get some responses, a sort of online petition if you will. (You can comment anonymously by entering a@a.com for email, and whatever name you choose.)

We want to hear it. Is this contraption we’re forced to keep at the ready in order to access MLS really helping protect data, or just a pain in the a$$? We find it particularly annoying , but wonder if we’re alone.

All in favor of keeping this gizmo say “aye”. All opposed say “nay”! [We say nay.]

For the general public a brief explanation: Just like any site, sfarmls.com (San Francisco Association of Realtors MLS) has a login requirement of username and password. However, they take it one step further requiring us to actually have in our possession the most recent “code” from this gizmo that we enter along with our username and password. This code changes every minute, so if you happen to look at the code and it changes in the middle of entering it into the field, you get denied, and must start all over. If you don’t have the gizmo at the ready, you are granted some freebies while logging in, but MLS really discourages it. Once you get all the stars to align you’re let in, but should you let the page idle for too long without action, you get kicked out and have to do it all over again (that’s another discussion altogether). We could go on, but will stop there.

So…Realtors? You loving this gizmo, or what!?

[Update: Should you want to pass this post on to your colleagues, click the post title, right click copy, right click paste where you need to, and off you go...]

Part 1:

We noticed it [3373 22nd Street] hadn’t had a Sunday open in a while, but rather than a pending or sold sign outside - we noticed the sign was just gone yesterday. It isn’t on the public mls as in contract - it just isn’t there. You know the scoop?

We are dying to know the final sales price. It was our perfect house in our perfect location - but a very unperfect price. So it wasn’t just the price - it was the price plus the people who were squatting in the house before the developer bought it, who still like to hang out around the house. For 2 + million - I don’t want to regularly have to ask the neighborhood characters to loiter elsewhere.

Now, we don’t know for certain which property you’re talking about, but imagine you’re talking 3373 22nd St, so we’ll go ahead and assume.

According to MLS it closed on 7/10/08 for a sales price of $1,950,000 (original asking was $2,095,000, originally listed 5/1…love that day!), and we heard the buyer represented himself (mls states the same). Last sale was 11/05 for a sales price of $920,000 and has definitely been fixed up since then.

Part 2:

And while I’m asking - I’ll give you a bit of insight from the east bay. We were supposed to close yesterday on our house in Oakland - only the bank hasn’t delivered loan docs yet. We have a jumbo loan and found the very last bank willing to do a 20% loan. Everyone else wanted 25% down or ridiculous rates. There is no problem with the loan - the bank is just backed up. We likely won’t close until sometime next week and the sellers are rolling with it. I was fully prepared to have to beg and plead for them not to walk - but we are hearing from our agent that a lot of deals are closing late. Is it the same over there?

Deals closing late, or the begging and pleading? We’re seeing a bit more of both.

Thanks for the insight on the East Bay, thanks for your email, and thanks for reading!

Where readers ask and we (the community) try to answer:

Where can my boss find a nice place to rent for his family [includes 10 year old son] where they won’t be the only parents in their neighborhood?

Our answer…are you kidding!? This is a loaded question, so we’re going to go ahead and link to the most detailed SF map we’ve ever found online, and you readers can feel free to throw darts at it claiming the best neighborhood for a family with a 10 year old son. It’s probably not going to be La Mission, and we certainly expect to hear some Noe Valley Neighbors chime in, but will we hear from the Western Addition, or Bayview/ Hunters Point crowd?

We all want to know. As for where to find that rental, like most, we’d suggest Craigslist.

Thanks for the email. Readers?

-San Francisco’s coolest neighborhood, La Mission, hands down [theFrontSteps]
-Sad chapter in Western Addition history ending [SFGate.com]

I knew this one would go superfast. You have to wonder if it wouldn’t have gone almost as fast if it were priced at 850K, tho. Anyway, anyone else see this property? It got into contract instantly.

A two car garage, north slope Potrero Hill, with a 25 X 100 foot lot, for 679? Simply fax your offer to the 678 area code? Well somebody didn’t mess around. Still tho — this is some 2006 type stuff right here!

-Property Details, 251 Arkansas [sfnewsletter listing detail page]

– Kenneth Kohlmyer a k a der fluj

Did we read that headline correctly? Is that quite possibly the first headline in over two years about the housing/mortgage market that doesn’t spell disaster? Or is it the shot of Tequila and can of Tecate (a bit of lime squeezed in and a touch of salt on the rim) talking?

Home loan applications are up, interest rates are down and financing continues to be approved, according to national data and local mortgage brokers.

The interest rate on a 30-year fixed-rate mortgage averaged 6.26 percent last week, down from 6.37 percent the previous week, according to Freddie Mac.

Mainstream media is getting soft! We kind of like it. But then you had to go ruin our party:

None of this is to say that the mortgage market has returned to normal. It is still far more difficult to qualify for a loan than it was before default rates shot up last summer, underwriting guidelines are in a continual state of flux and the housing market remains in a deep slump.

The number of homes sold in the Bay Area during June was the lowest for the month since 1993, down 9.9 percent from a year ago, according to DataQuick Information Systems. Across the nine [Bay Area] counties, the median price paid for all home types plummeted 27.1 percent to $485,000, slipping under the half-million-dollar mark for the first time in four years.

Damnit!

-Mortgage market weathers storms [SFGate]

Just a bit busy, so this from today’s sfnewsletter:

“Hi Alex,
I just heard a rumor that 9W at 2190 Broadway asked for $3.45M and closed for $5M. An overbid of 43%?”

Rumor mill says…TRUE! Also true: that puts the price per square foot of this condo that “needs updating” at $1,562.50; HOA dues are $2254.50; Days On Market 39; built in 1973; 3200 square feet; and one parking space.

Happy Friday!

-2190 Broadway 9W [listing details]

Well, our frequent reader and commenter, Sophie, doesn’t really say it, the article on BusinessWeek.com does, but she tipped us off, so we’re passing it on.

And yes, we still focus on San Francisco real estate, but find ourselves looking more and more that way (San Jose/Penisula), and receiving more and more tips from there, so why not talk about it. Half of our residents work down there anyway.

Unlike other California markets that have been battered by foreclosures, real estate in Silicon Valley, part of the pricey San Francisco Bay area, has remained relatively strong and has been buoyed by the job growth in the technology sector and some of the highest salaries in the nation. The subprime problems that have vexed other parts of California have been relegated to parts of San Jose and to the outskirts of Silicon Valley. The towns with the best schools, including Palo Alto, Woodside, Los Altos Hills, and Cupertino also tend to have the most robust markets.

Please don’t go moving there. The city is more fun.

Where readers ask and we (the community) try to answer:

Hi Alex,

Thinking about changing my original single pane windows and wanted to get advice from people with experience. I’ve heard of Andersen, Millgard, Marvin, Lowen, Pella… does it really make a difference? Andersen claims to be the only “Green certified” window company, and the oldest at 100+ years with the most patents. What about them? I’ve asked 3 different people, and they went with three different brands.

With the Fibrex material, it’s a composite of wood and polymer. Should I replace wood with more wood, which just rots, or new technology that should have better insulation and sound reduction?

All thoughts welcome!

Window Man

Unfortunately, your editor has to defer completely to the readers on this, as I have absolutely no experience with this matter. Anyone else care to help? I know there are some contractors online.

Says Realtor to us after not disclosing to him the address of a pocket listing [off market deal] we had known about. (This after his client contacted us directly interested in the property, and the selling agent made us swear on our grandmother’s grave not to disclose the address [publicly online] to anyone in order to post to our site.)

I have to ask, what does it complicate? You missing out on a deal, or your clients knowing about off market deals before you (essentially knowing more than you)? They already have complete access to MLS, so why not bring them the growing number of off market opportunities too?

It’s called transparency, social networking, and the power of the internet. Get used to it, and plan on losing some clients in the future. You almost lost one, but you’re lucky he’s loyal to you.

[Explicative removed citing poor judgment and bad choice of word.] (You know who you are, and we hope you’re reading this.)

Where readers ask and we (the community) try to answer:

Earlier this year I looked at a property with a partner and traded a few emails with another agent who I had worked with on a home purchase in the past. He provided cursory input on comps, reviewed a very preliminary design, but I always got the feeling that he had better things to do. The service just wasn’t there.

So the question is:
How do you effectively replace an agent/broker on a deal before an offer is made? Are there commission issues and hidden costs which need to be addressed?

We’re assuming you are being represented as a buyer? If that is the case, unless you signed a specific “buyer’s broker agreement” or something of the sort you can simply walk away. There shouldn’t be any hidden costs or commissions. The agent may try to get something out of you or the other agent in the way of “referral fees”, but unless there is an agreement in writing, you can pretty much walk away. You might tell them you’re walking away out of courtesy (emails work, phone calls are better), but that is up to you.

Good luck!

We’re constantly on the lookout for new companies/technologies that might alter the scope of the current real estate system and this latest press release we received from N-Play might have something to offer.

The concept is simple, agents get listings and add the “N-Play” button to the online listing, buyers make offers on properties by clicking the button, offers are non-binding and anonymous, sellers negotiate directly with the buyers online (hopefully multiple buyers), the parties reach an agreement, the agent comes in to shuffle some papers, buyers get keys, seller gets money, everyone’s happy. Simple enough, and brilliant at the same time. It’s the simple things in life……

For the full press release read on: Read the rest of this entry »

Since we’re on the subject of million dollar price reductions (some more honorable and accurate than others), we got that Wanderlust in us again and couldn’t help but bring you 12335 Stonebrook Dr. (For more detailed pics go here.)
“This magnificent home is one of the greatest estates in California” (and they just hacked the price $7M from $45M to $38M, so you’re in luck!)

–
“architectural masterpiece that is said to have played host to presidents and kings, movie stars and celebrities…” (”Said”? What exactly does that mean?)

–
“Outdoor Activities” (Canon balls, back flips, swan dives, Marco Polo, Fish out of Water…)

We could go on and simply repost all of the pictures here, but that’d be silly now wouldn’t it. You must absolutely check this place out. It is not to be missed for all of you real estate porn addicts. And of course, should you have $38,000,000, you know where to find us in order to get the keys.

-Decker Bullock Website with property details

Has Realtor to Realtor marketing (spam) reached a new low in order to get fellow Realtors to open their property emails? Just yesterday, we (and likely all of San Francisco Association of Realtors members) received an email with the subject, “Price reduced 1,000,000″ on the property located at 1919 Page (”now” asking $1,095,000) in the Haight Ashbury district.

Upon further research (in MLS) we found 1919 Page to have a DOM of 0 and no “property history”, 1921 Page to have recently (Nov ‘07) sold for $1,075,000 (asking $949,000), and no record whatsoever of the entire building being for sale at the moment (the only thing we could think of to explain a $1M price reduction on a condo worth only ~$1M in the first place.)

So what gives? Did one of the most productive agents in San Francisco just stoop to a new low, or can we chalk it up to a typo?

What do you think, because we sure as hell can’t figure it out?

-1919 Page [detail page]

Where readers ask and we (the community) try to answer:

Hi,

I own a building with 4 other people here in San Francisco and we need to get good advice on how structurally sound our building is re: earthquakes. I want to be able to trust the opinion and not be concerned with getting an opinion skewed to make them money in the retrofit. I’m hoping you can suggest a few names/companies. Basically I’m looking for an inspection (willing to pay for it) like a contractors inspection, only exclusively as it relates to earthquake soundness and we would like a report with specific suggestions on how to move forward.

Any help would be greatly appreciated.

Thanks,

G.A.,
Let’s see if the community can shed some light. If not, you’ll see an answer from us shortly both here online and in your inbox. Thanks for the email.

San Francisco real estate just keeps on throwing curve balls our way, as do our totally awesome readers. It would also appear theFrontSteps has highlighted three sub $400k properties this week alone! That has to be a record. This one from “AMinSF”:

TICs anyone?

Note the DOM (Days on Market)- 451!!!!! That’s insane! I looked at that project when it came out, they were not bad 1 BR units with tandem parking per unit. I think 3 out of 4 sold w/in 4-5 months, so why would the last one be such a dog? Ouch.

That project is 2671 Bryant. The link does not show the DOM, but AMinSF is right on. To provide a little more history, the original asking price was $454,500 (now $399,388), and it appears (according to MLS) to have been in contract around January 14th, 2008.

We thought maybe you’d like to see the hourly wage earned for this Realtor, on this unit, should it sell today at asking, assuming a 2.5% commission. But then we figured there are so many ways to slice that pie, we’d rather see what you come up with.

Or, if you’re not a math whiz, maybe you’d rather tell us if you’d prefer this sub $400k condo on Monterey, this sub $400k condo at 888 Seventh Street, or the sub $400k TIC mentioned in this post here? We know “Garrett” would like to know.

All things to ponder, discuss, and debate on a Friday. We look forward to your responses. Have a great weekend!

-Sub $400k at 380 Monterey (#101) [theFrontSteps]
-888 Seventh Street, 85% sold and looking for your $399,000 [theFrontSteps]
-2671 Bryant [sfnewsletter listing detail]

Check out this recent post on theFrontSteps.ORG: “Coming Soon - Oceanview Pig Sty!” by the newest member, Nancy Corsaut. Perhaps a quote is in order:

Then, it happens, the agent points to the pig and then starts screaming with a foreign accent, “piggy going poop, piggy going poop, no piggy, no piggy!” As the owner looked on completely uninterested about the cause of this outcry, I finally get that this illegal addition to the house must be the pigs toilet. Who knew?

Head on over there and check it out.

For those who are new to our world, theFrontSteps.ORG was an attempt at socializing this here blog. Now, .ORG is all about San Francisco, so go ahead and get over there and be social with your fellow San Franciscans.

-Chicken as pet in San Francisco? No problem!” [theFrontSteps]
-“Coming Soon - Oceanview Pig Sty!” [theFrontSteps.ORG]

Those of you that have read our little blog about San Francisco real estate for a while know we’ve been known to get Wanderlust from time to time and are forced to go walkabout. Today we head to Sonoma where $5,895,000 buys you one helluva sweet (green?) house at 2000 Hot Springs Rd. in the town of Cloverdale, CA.

It wasn’t the pictures that caught our eye (although they’re nice).

–

It was the description:

Dramatic 332 acre estate property of rolling oak-studded hills overlooking Lake Sonoma w/ 360 degree panoramas all the way to Mt. St. Helena. Eleven thousand (11,000) square foot modern residence designed by apprentice to Mies Van der Rohe with 6 bedrooms & rooms of great scale…green energy property with carbon negative footprint… an entertainer’s paradise, features swimming pool, terrace, 1700 bottle wine cellar, helicopter pad and 12 horse stable…easy access to wineries, fine dining and exceptional outdoor recreation.

We’d take it, but we wouldn’t have enough cash left to buy the helicopter to go with the pad, so we’ll have to pass. Nice pad though.

-2000 Hot Springs Rd. [listing detail]

Everybody knows it’s hip to be green and San Francisco almost leads the pack (we were edged out by Portland, OR) , but what’s a city without its people, right?

We want to try to do a little thing here on theFrontSteps (by getting your comments) and it goes something like this:

My name is _____ and I’m greener than thou because… recently my wife and I began throwing all of our food waste, paper towels, egg cartons, milk cartons, and pet fish in the green bin and damnit if it doesn’t feel good! We’ve reduced our black bin waste by at least 50% each week, and our breezeway stinks to high heaven (could be the diapers we save for the landfill). We still drive mediocre gas consuming vehicles (Subaru and Volkswagen), but we’re considering a hybrid or something else “green” (although a Porsche GT sure would be nice, and a helluva lot faster than a Prius.) We send our boy to school with reusable containers rather than Zip Lock bags, and try to use “green” detergents and soaps when possible. We no longer shave our legs, face, armpits or privates, and toilet paper is a thing of the past, (Just kidding! Jesus H Christ…did you honestly think….?) and that is what makes me green.

And that’s how it goes. Share with us just how green you are (especially any green things you might have done or are doing to your San Francisco home) and let’s prove to Portland they ain’t got nothing on San Francisco!

p.s. For those of you that are ready to pounce on us for making fun of hippies, or tree-huggers, or Oregon, or whatever…save it. We’re sarcastic. Should you decide to delete the sarcasm, we are actually doing all of those things in an effort to be greener. (It’s the demons within that want the Porsche GT, not us.)

[We'll go ahead and tag this a Battle Royale should you care to forward to your Oregon friends.]

Update: We just noticed Curbed uses the title “Greener than thou” for many of their posts and has done so for quite a while. Some things slip by…sorry Curbed!

According to more Realtor Spam (it’s really getting out of control, but some of it is useful):

Just a reminder, we are about 85% sold at our new building at 888 7th Street in the Showplace Square/lower Potrero area. We have a limited number of junior one bedrooms homes available starting at $399,000. We have a limited number of one bedroom homes available starting at $499,000. These are great prices and great deals for first time home buyers.

-Website
-More on 888 7th Street [theFrontSteps]

Saw this today: Basketball star Elton Brand places…

Huh.

Apparently Elton Brand is going SOMEWHERE. We still don’t know whether it’s going to be to the Warriors or not. I guess the story is that the salary cap and luxury tax thresholds are released tonight. From those teams determine how much they can pay players. Elton Brand has been stringing three teams (the LA Clippers, the Warriors, and the Philadelphia 76ers) along for a week at this point. But it’s now on the fast track!

Any other Dubs fans out there in The Front Steps’ audience?

– Fluj

Had you been reading theFrontSteps a while ago, June 11th to be exact, you’d have had an opportunity to pick up this developer special at 235 Broderick long before the rest.

Now the cat is out of the bag, the chatter has begun, it’s on MLS (listed for exactly the same price the seller’s paid in March of 2008, $2M…makes price per square foot a cool $500), and we’re left pondering the future of this (potentially) awesome house.

One thing is for certain, these sellers will likely take a huge hit and that can’t feel good. You know what they say, “One man’s loss, is another man’s gain.”

…and we almost forgot the before shots. Can’t wait to see the after!

-Developer Special not on market in Haight Ashbury [theFrontSteps]
-235 Broderick [listing detail]
-235 Broderick (before) [listing detail]

Where readers ask and we try to answer:

We’ve decided to do a down to the studs remodel of our place at 88 King Street. Can you refer us to a few good contractors?

Anyone care to pump their friends or themselves?

It’s not very often we point out the sub $600,000, let alone the sub $500,000 San Francisco real estate market, because it’s not the most common sale in San Francisco, but what about the sub $400,000 market? It exists, albeit very minimally, and 380 Monterey #101, a 1 bed, 1 bath, 668 square foot condo in the Sunnyside is a perfect example of what you can get…it’s still close to $600/square foot, but it will only set you back $390,000.

For those that always wonder, original asking price was $449,000, so this does support the doomsday theory that more properties are selling under asking and the bottom is falling out, even if it was priced too high in the first place. Get to the right price and 95% of homes in San Francisco will still sell.

-380 Monterey #101 [MLS]
-Sunnyside [Tour de San Francisco (real estate) in the Sunnyside]

To the untrained eye, 1671 Bush St. is nothing more than a “spacious, elegant Victorian flat priced well below market comparables”, but to the wizards behind theFrontSteps

…it is an approved short sale, so time is of the essence, and we would like to sell as soon as possible. We are offering 4% commission to the buyer’s agent.

Okay, so we got spammed and the email gave us the short sale clues, but now you have them too. And since you’re reading, we’ll give you back 1.5% of that commission should you need assistance with that purchase.

As for help with the wallpaper. Sorry, our hands are tied.

Update: And a reader comes in with more details:

It opened at 1.13 then dropped to 995k.

It’s also been on craigslist some times for 899k and must sell.

All told, it’s been on the market for well over 12 months at roughly the same price.

For most of the time it has been in foreclosure, which makes me think that the owners haven’t paid their mortgage for about the 12 months that it’s been on the market.

Last sold was approx 400k in 1997. I’m guessing the owners did a massive refinance to the highest price they could appraise it at. (1.13) then stopped paying the mortgage. I hope the owners are taking a nice holiday with the money the borrowed from the bank before they stopped paying the mortgage.

Especially since it is “AS IS” and it has had no takers at roughly the same price for the last 12 months, look out below!

-1671 Bush St. [MLS]

Your editor is out of office inhaling toxic smoke at Lake Tahoe while getting scorched under harmful high altitude UVA and UVB rays (and loving every minute of it).

Have a safe weekend! Back on Monday. I might tweet a bit. Otherwise don’t expect a fireworks show on theFrontSteps (unless Fluj lights a match), and certainly don’t play with fire(works) if you’re anywhere near me. It’s dry as a frikin bone!