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Market Conditions in 94117 : Real Estate Advice

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  • Local Info1
  • Home Buying10
  • Home Selling2
  • Market Conditions4

Activity 4
Fri Oct 8, 2010
Eileen Bermingham answered:
I work in the 94117 zip code frequently, so I'm familiar with the values there. Neighborhoods like Hayes Valley, Cole Valley & the Haight have remained popular despite the economic recession. That being said, there are many real estate professionals who believe prices are closer to 2004 levels these days.

I wrote a blog post recently entitled "San Francisco Home Prices Still Ripe for Correction," which goes into more detail:
http://insidesfre.com/2010/09/24/san-francisco-home-prices-probably-still-ripe-for-correction/

Good luck. If anything, take a shot at the property; you might be able to negotiate yourself a decent deal.

Eileen
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Fri Aug 27, 2010
Anna Shea answered:
I believe the NOPA has changed over the past years, however with that being said you still have some of the original character of the neighborhood. I agree that there has been an increase of newer restaurants to that area which only benefits the residents. However are you stating that "gentrifying" the area is pushing original residents out? If that is the real question than I can answer that one as well. Just send me an email and I can help assist you anyway I can.


Best,
Anna Shea
Realtor
asheasf@gmail.com
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Wed Aug 4, 2010
Lance King answered:
Susan,

Not sure if you are looking to buy or sell, but either way pricing property on a per sq foot basis doesn't really make sense in any neighborhood. In San Francisco there are so many variables in terms of age, condition, views, location, etc..., not to mention that all TICs are not created equal. You need to have an agent/broker who knows TICs & how to market them, but it's still going to be tougher than selling a SFH or condo.

There are lots of reasons for that, but the lack of finance options makes both purchase and sale more difficult because of the disparity in costs of a fractional loan vs conventional. TIC usually will take longer to sell, although priced with a proper discount over a similar condo in the same neighborhood it will likely sell.

We do a lot of these and happy to consult with no strings.

Best Regards,

Lance King/Owner-Managing Broker
lance@fixedrateproperties.com
415.722.5549
DRE# 01384425
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Tue Oct 14, 2008
Lance King answered:
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
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