Market Conditions in 94117>Question Details

Susan Reynol…, Both Buyer and Seller in 94117

What is the average square footage in the Haight Ashbury?

Asked by Susan Reynolds, 94117 Mon Oct 13, 2008

I asked this once before but I was "too specific" so I wanted to simplify it. Thanks.

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Hi Susan,

I answered your question above but now that I've gone back and seen your older, "more specific" question, I see that you're looking for an average price per square foot analysis. Going back 12 months in Haight Ashbury, the average sales price per square foot for TICs is ~$625.00.

Are you trying to calculate the value of your place by using this metric? If so, I would advise against it. Price per square foot is valuable information, but is not the way to arrive at a reliable value conclusion. As a prior appraiser, I can tell you that the best way to determine your value is to have an appraisal done or to consult a Realtor that is experienced in the appraisal methodology. If you need any help, just let me know.

Best,

Arrian
415.830.2384
Web Reference: http://www.binningsteam.com
1 vote Thank Flag Link Mon Oct 13, 2008
Hi Susan. I read your question, and immediately thought "I need more specific information"! I kept reading, and realized how annoying that response would have been. I went back to your original question and read the answer. Although I don't agree with everything you were told, the final number is the same number I came to.

I searched three bedroom TICs, and didn't enter the bathroom number in order to open up the search a bit. I also went back futher to get a larger number of hits, and since the market has been pretty flat in terms of appreciation the past two years, it is still relevant. So, with a search of all three bedroom TICs that have sold in the Haight since 2006, the average $ per square foot is $624.96 which is, in the end, exactly what the first guy said!
Web Reference: http://www.vanfenton.com
1 vote Thank Flag Link Mon Oct 13, 2008
Susan,

First, it is impossible to come up with a relevant price per sq ft for TICs, because the majority of TICs don't show square footage. Checking all statuses for TICs 1 BR & up in the Haight for the last year, 36 out of 43 didn't show square footage. That said, even if you do have that information, pricing that way on any kind pf property is not advisable for many reasons. Larger places should go for less per sq ft and vice versa, so the average number will be low or high for your place unless your unit is average, and this method doesn't account for how old the building/unit is and/or what condition it's in. Also, if it's a TIC this method doesn't account for how many units are in the building which can have a dramatic effect on value, nor does it account for OMI and Ellis evictions. If you are looking to Buy or Sell I suggest you speak with someone knowledgeable in this area and go from there, especially in this Market. My team and I would be glad to assist an/or provide no-strings advice.

Regards,

Lance King/Managing Broker
415.722.5549 Cell
lance@fixedrateproperties.com
0 votes Thank Flag Link Tue Oct 14, 2008
Hi Susan,

I ran a search in MLS for all properties in the database located in Haight Ashbury. You should note that some properties in the database do not have square footage figures. Square footage figures are always approximations. Lastly, some homes are listed more than once if they have sold multiple times in the MLS.

Having spelled out the disclaimers, here is what you're looking at:

If you have a condo, the average square feet in Haight Ashbury is ~1,335. The median is ~1,062.

If you have a single family home, the average square feet in Haight Ashbury is ~2,484. The median is ~1,960.

Square footage stats for TICs are unreliable because many TICs in MLS list the square footage for the whole building, not the individual units. So I left TICs out.

Hope this helps!

Arrian
415.830.2384
Web Reference: http://www.binningsteam.com
0 votes Thank Flag Link Mon Oct 13, 2008
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