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General Area in Western Addition : Real Estate Advice

  • All11
  • Local Info6
  • Home Buying2
  • Home Selling0
  • Market Conditions0

Activity 4
Fri Nov 18, 2011
Sharon C answered:
Western Addition is comprised of a number of smaller, diverse and distinct neighborhoods: Lower Pacific Heights, Cathedral Hill, Japantown, the Fillmore, Hayes Valley, Alamo Square, Anza Vista, and NOPA. It's located centrally and bounded by Van Ness Avenue on the east, Masonic on the west, California Street on the north, and Fell or Oak Street.

Although WA has a reputation for high crime, but I've never felt threatened, or been victimized. I feel safe but there are definitely streets I would avoid after dark. Despite this, there's lots to like about Western Addition, so much so that I recently invested in a property there.

I moved to the neighborhood from Hayes Valley in May 2011, and live at the far north east corner (Cathedral Hill). I love being so centrally located with access some of San Francisco's most fun and interesting neighborhoods. It's easy to get anywhere, by bus, on foot, or by car.

Lots to do nearby. Great selection of Asian restaurants: shabu-shabu, Korean, Japanese, Sushi, Noodles, Izakaya, Chinese. I walk over to Fillmore for Indian at Dosa or chicken and waffles at Gussies. Polk St., and the Tenderloin have lots of nightlife options. Safeway is within walking distance, and there are two Japanese markets on Post. Japantown mall is always fun, plus there's the Kabuki theatre and spa.

My neighborhood is very residential, mostly condos and coops. I have lots of options when walking the dog. There's are two off-leash parks within two blocks. Is cooler, more foggy sometimes when I get off the bus from work in Soma.
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Tue Nov 15, 2011
Sarah C. Bell answered:
NoPa, like most urban SF neighborhoods near parks and tree lined streets, can be very expensive. The commute for those without cars can be difficult.
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Tue Oct 25, 2011
Trulia asked:
Are home prices in Western Addition going to appreciate or depreciate? What are the current market conditions for buying or renting?
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Wed Dec 26, 2007
Jim Walker answered:
The interest rate is usually much higher for a five unit building than it is for a four unit building. It is ratcheted up to a "commercial' loan instead of a residential loan. This triggers a higher down payment requirement as well. The interest rate and down payment differentials are less pronounced in SF than they are in my Sacramento metro area because most of SF is above the conventional loan limit threshold anyway.

When financing is less attractive for buyers, there is relatively less added value for that fifth unit. - in most areas.. San Francisco seems to be an exception to that generalization.

You could ask your agent in San Francisco to do a more specific analysis than my analysis on SFAR of 100 sold 4 plexes in the past year gave a median of $1,350,000 and an average of $1,411,681 or $337,500 to $352,920 per door. 22 five plexes reported sold on SFAR in the past year averaged $1,677,773 with a median of $1,600,000 or $320,000 per door to $335,555 per door.

A quick survey of the Sacramento MLS shows an average sale price in the past 18 months of 84 four- plexes at $523,000 ($140,750 per door)

The average for five plexes was 601,500 ($120,100 per door)

Another way of looking at it is that the fifth units added an average of only $78,500 to the value of their respective properties in my metro area.

advice? financing is a consideration for prospective investor-buyers; a seller could maybe sometimes benefit by offering some seller financing?
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