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Home Selling in San Francisco : Real Estate Advice

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  • Home Buying987
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Activity 157
Thu Oct 23, 2008
Tara-Nicholle Nelson answered:
A single family property is easier to sell - in any market - than a multifamily property. The pool of buyers for a single family home is always bigger. Also, right now, financing for investment purchases is extremely difficult to qualify for and requires a huge percentage of the purchase price for down payments.

One more thing - fortunately for you, most zip codes in San Francisco are doing much better than the national news would lead you to believe - if you pull Bayview/Hunter's Point out, the City overall had appreciation year-over-year several months this year. Depending on the property and how realistic/aggressive you are about pricing it, you are likely to find a buyer for whichever property you choose to sell - just keep in mind the difficulties in investment property financing right now.

Does that help? If you have more questions, feel free to let me know at Tara@REThinkRealEstate.com or 510.910.6713.
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Sat Oct 4, 2008
Glen Mitchell answered:
Here is the mayors office of housing website.... http://www.sfgov.org/site/moh_page.asp?id=48003
Towards the middle you will find links for current home owners of bmr housing. One on repricing, one on process etc. A client of mine is looking and preapproved for a bmr unit. He applied for a new place in the financial district for which there will be a lottery next week. If he happens to not get it keep me posted as maybe he would like yours. ... more
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Sat Sep 13, 2008
Jason Chapin answered:
Hello again, Michael... Curious, myself, I actually compiled this data. I went a little further, actually. In 2002 SF saw 7,061 single family, condo, loft and/or TIC sales. In 2003 that number increased to 8,323. In 2004 we peaked with 9,009 sales. 2005 saw 8,723 sales. 2006 saw 7,866 sales. 2007 saw 6,635 sales. So far in 2008 we are at 4,014 completed sales with 537 currently pending. These pending transactions are either recently closed or still in contract.

I looked at sales each month for the years you requested: 2004 and 2008.

Month > 2004 > 2008
Jan > 472 > 282
Feb > 486 > 383
Mar > 731 > 411
Apr > 820 > 547
May > 822 > 589
Jun > 897 > 551
Jul > 859 > 597
Aug > 829 > 507
Sep > 791 > 147 (with 537 pending from the previous months)
Oct > 787
Nov > 813
Dec > 705

Jason
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Thu Sep 18, 2008
Julia Murtagh answered:
Hello Michael,
During the summer, inventory is traditionally down. Once Fall hits, inventory seems to rise, as does the activity level. This year Sales are off all over the country including ,San Franisco. You should talk with a local Realtor who knows your neighborhood, they can give you precise stats. If you would like to read up on the general Real Estate market, there is a great web site, DQNEWS.com. Good Luck ... more
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Fri Sep 12, 2008
Jeff and Ginny Mitchell answered:
Definitely in our area inventory is reduced from earlier last year. Developers had inventory homes to sell, but those homes are nearly gone, and the developers are not building more homes unless they have contracts with substantial down payments. Investors are not buying several homes at pre-construction prices in hopes of flipping like they were doing. Therefore, inventory is down. Granted, it is still too plentiful so we have more than the typical absorption rate. Fewer homes on the market will gradually solidify the market. We will not see a big jump in pricing, but I don't see an additional free fall bubble popping either.

If you would like to sell, it would not hurt to "test" the market by listing your home at a price consistent with your ability to buy another at an attractive price. Current market conditions are more conducive to buying up rather than downsizing, but if selling prices are lower, remember that purchase pricing for your new home will be lower also.

It would be a good idea to take a good look at your competition and make your home shine among your price range. Then also look for your downsize home and when you find something you really want, you will then determine how motivated you wish to be as a seller. Good luck.
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Sat Sep 13, 2008
Keith Sorem answered:
Rita
There are a couple of issues at play here and not working in San Francisco refer to the link below.

San Francisco is a union town, and also has rent control That means that the city has Housing Codes that landlords must adhere. My guess is that your son's building has Housing Code Violations that must be cured before the property can be transferred. The problem with rent control is that you, as the owner of the properly, may not be able to AFFORD to make repairs because your income (rent) is limited by the city.

I suggest that you have your son talk with a Realtor about what needs to be done. I would be happy to refer you to a top Realtor that deals with income property, just contact me via My Trulia profile.
Good luck!
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Fri Sep 21, 2012
Vincent answered:
just to be clear.....i am not really testing the waters. if i found a buyer, i would jump on it.
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Sun Apr 22, 2012
Eric H. Wong answered:
All commissions are negotiable in California, but just to make sure your mathy is right, if as you say 5% is $1M than the price of your home would be around $20M. Not that I doubt you, but usually owners of $20M homes have bought and sold quite a few properties, and are familiar with the process of negotiating commissions.
Somewhere between 6% and 5% is the average commission in the Bay Area, but as I said, all commissions are negotiable.
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Fri Sep 12, 2014
Sally Rosenman answered:
Dear REinSF,

It depends on what the defect is, where you are in the actual lawsuit (ready to settle or just starting) and if your unit is actually affected by the defect. In the past, units have been able to be financed even with a lawsuit or the threat of one. In today's crazy market, your best bet is to talk to a lender or two and ask. I would call Mary Apprill at Wells Fargo as she does a ton of new construction. She can be reached at 415-247-1265. You can also go to my website and check for names of lenders & mortgage brokers - see Resources. Any of them would be a good choice or feel free to contact me for more suggestions. We realtors can guesstimate an answer, a lender can give you a real one.

Good luck,
Sally
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Tue Nov 30, 2010
Danielle Lazier answered:
Hi Mike,
The answer to your question is really going to depend on your house's condition and pricing strategy during the marketing period. I have a listing coming up in the Excelsior so I have been watching these areas closely.

It is true that Portola and nearby districts like the Excelsior have seen amongst thebiggest declines since the peak back in 2005. However, there is more to the story. Yes, there are short sales and foreclosures nearby but there are also homes that are selling quickly and sometimes with multiple offers.

There is a great variance in the quality of the listings in your neighborhood, both the quality of the houses AND the quality of the agent's marketing plans.

Without seeing your house, I couldn't say exactly how it would fare in today's market but what I can say is that if you choose to properly present and price your home and list with a top-notch local SF Realtor, you should do just fine.

Of course, I am happy to discuss this with you further if you'd like to see how I can help.
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Thu Feb 26, 2009
Lisa Cartolano Ellen Diamond answered:
Mike,

Typically you can write different conditions into a lease agreement and as long as both the landlord and tenant agree on the terms, it is okay.

You may want to contact the San Francisco Rent Control Board to find out about the guidelines for renting property to verify lease term agreements: http://www.sfgov.org/site/rentboard_index.asp

Good luck!

Lisa Cartolano
Alain Pinel Realtors
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Wed Jul 30, 2008
Dallas Texas answered:
It can...... did you work with a realtor when you purchased the property? Contact your agent ask? In some instances "tubs" can be very outdated looking, just dont go overboard on your improvements expenses vs. the value of the property.
http://www.lynn911.com http://www.homes-for-sale-dallas.com
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Tue Sep 28, 2010
Jed Lane answered:
Paul,
There really isn't enough information in your question to evaluate and give you a decent answer. Tax records show a 2 bedroom 6 room house built in the '40. But condition and other factors will have to be factored. The average price for a 2 bedroom property in the Outer Richmond is $825,000 or about $631 per SF. Your property at 1595 SF would be $1,006,445 at the average $ per SF. ... more
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Thu Sep 18, 2008
Dallas Texas answered:
I believe digital stills, why the others are to long, for luxury homes virtual is better options.
http://www.lynn911.com http://www.homes-for-sale-dallas.com
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Sun Oct 23, 2016
Ailynne PeBenito answered:
You should consult a Stager to do this. It varies on square footage and how much furniture you wanted.
I know a couple of stager that you might want to contact:
Judy Rose 510-220-6206
Sheryl Medford 888 750-3300
They both do a wonderful job in staging
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Wed Feb 11, 2009
Jed Lane answered:
Michael,
There are many considerations for you. Some of the considerations will deal with taxes, a new basis on the property that establishes the value at the time of her passing. You should consult wit an attorney before you make decision.
The tenants in the building will stay in the building and will be your tenants. It is possible that you can raise the rents if your grandmother has not raised them. It is called "banked rents" and it allows you to raise the rent by the allowed amount for each year. The formula is not very complicated but it is tiem consuming to research the allowed increases for each year.
You should hire a property manager to manage the property for you since you live far enough away and propbably don't wan to deal with a broken toilet or such. Maybe you already have someone taking care of it. If not I own a property management company, Anchor Property Management.
I think there are many considerations for you to think about. If you are not sure about keeping it you should explore selling and getting another investment property that will perform better as an investment.
My firm recently represented a client that was in a similar position. Lets say the rents coming from the property were $6,000 a month or $72,000 per year. There were expenses, because of deferred maintainence of almost $50,000 projected per year. An asset worth over a million dollars would then be paying only 2.2%. He would be better off putting it in a savings account.
Michael, you need to analyze the situation and look at what can be and what is. Then decide what is the best for you.
Take good care of yourself and your grandmother. 96 years what a life. Many changes in our worl siince 1912.
It goes without saying but I'm going to say it anyway - If I can help you call me.
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Sun Feb 12, 2017
Jim Rudoff answered:
To me, the answer is in the last sentence of your description. Given that the rest of the home is updated, it probably makes sense to update the kitchen. The way you described sounds about perfect -- keep it as inexpensive as possible.

The reasoning behind my answer is that it seems like the majority of buyers at the moment are looking for a home that is in move-in condition. If the kitchen is that much of a downer, then you're not going to attract these types of buyers.

If you would like any other tips, I'd be happy to talk to you, and even visit your home -- no strings or expectations.

Good luck!
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Fri Jun 13, 2008
Jed Lane answered:
Kristian,
First I have to be clear that by answering this question I have no intention of soliciting the listing or to interfer with the agency relationship between you and the agent.

The stragey she is using is the correct one for the San Francisco market. Our market pretty much demands that properties be under priced. It has been my experience, on many occasions, to see no offers on a property till the price is lowered and then multiple offers come in. Some closer to the original asking price then the new lower price and I have seen offers over the original asking price but not until it was lowered.
It may sound strange but it is the way it is. One of the values of a good agent is that they know how the market for your product works. Here is what happens. The buyers know what the value is, in fact it is the buyers that ultimately set the sale price. If it is priced to attract buyers there will be more that see it and probably more that will want it. More buyers bring you the best price.
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Tue May 27, 2008
Mott Marvin Kornicki answered:
Sure! If I have any prospects, I'll be sure to send them your way! Please forward your referral agreement to my brokers attention!
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Thu Sep 18, 2008
Sally Rosenman answered:
Dear Doug,

Have you called the Listing Agent's Broker and described the sitation. Perhaps a simple call would solve this problem. If the agent is the Broker, talk to him about the situation and ask him to tear up the Listing Agreement and mail it back to you. That could solve the problem. Or do you want the property sold? If yes, ask the Listing Agent to come back to finish filling in the Agreement.

If this does not solve the problem and in light of the fact your mother is not competent to handle her finances, I would suggest you and your mother together contact an attorney who specializes in real estate law as soon as possible. It does sound like you mother is not competent and if that is the case, I would presume she would be deemed incapable of selling her home. You did not mention the City in which you live, but you can call the California Bar Association and find an attorney in your area. Did the person who holds a power of attorney also sign the agreement? You need to get some answers.

Good luck,
Sally
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