July 19, 2012

“San Francisco housing market booms bigger than ever”

San Francisco housing market booms bigger than ever

The average monthly price of an apartment lease has risen to $2,734 — up 12.9 percent since 2011 — according to data compiled by the rental data firm Real Facts. The spike in San Francisco rents seems to be spilling over to cheaper markets like Oakland, where the average rent is now $1,835 — up 14.4 percent since last year. Pacifica, where rents now average $1,908, has experienced a 15.6 percent increase.

A recent survey by Realtor.com shows that The City’s median listing price is up 15.4 percent since last year, which matches a similar upward tick in Oakland, where the average home is selling for $379,000. The number of homes for sale in San Francisco is down 40 percent since last year, and nearly 60 percent in Oakland.

Congrats to the Real Bay Area for this tremendous achievement!

You heard it here first! This site has been calling this since… oh… 1849. Finally we are back on track to overtake Manhattan, Moscow, Japan, and other world class cities in terms of being unaffordable (e.g. exclusively awesome)!

Let’s check in with an expert, shall we?

“With the rising rents, we’re definitely seeing some people get off the fence,” Kearney said. “But still, a lot more people can afford to pay rent on a monthly basis — even if it’s higher than a mortgage payment — than those who can come up with a down payment. So we’re seeing more and more of those down payments from parents.”

That’s right! Now’s the time to buy! Unlike when the market was tanking (that was also a time to buy BTW). If you don’t buy (with your parents’ money), you’ll be priced out forever!


Comments (56) -- Posted by: burbed @ 5:49 am

July 13, 2012

All the World’s a-Staged

Here’s a San Francisco Super Special, courtesy of Burbed reader Petsmart Groomer!  Thanks very much for finding more listings for over a thousand a foot!  Too bad this one is… you guessed it.  Pending!

501 Beale St Unit 10h
San Francisco, CA 94105


120712-beale-viewBEDS:  2
SQ. FT.:  1,161
$/SQ. FT.:  $1,012
HOA DUES:  $750/month
PROPERTY TYPE: End Unit, Luxury, Condominium
STYLE: Contemporary
VIEW: Panoramic, City Lights, Bay, San Francisco
COMMUNITY:  South Beach
COUNTY:  San Francisco
MLS#:  397084
SOURCE:  San Francisco MLS
STATUS: Pending
ON REDFIN:  55 days
Beautifully staged by Arthur McLaughlin. Corner unit at the Watermark. Panoramic views to East & South. Large private balcony. Maple floors, marble baths, Lutron lighting, s/s appliances, custom window coverings, 24 concierge, fitness center, pool & BBQ.

120712-beale-bathAnd here’s why PG brought you this confounded contemporary condo:

Because who staged the place is very important!

Almost as important as how much the HOA dues are on this puppy: $750 a month!  Which is actually a bargain, because that includes two bedrooms, two bathrooms, and most of all, one, count ’em, ONE parking space!

But who knew that San Francisco could cost almost as much as Mountain View?

Must be because of million dollar views like this one.


Comments (9) -- Posted by: madhaus @ 5:09 am

May 22, 2012

UPDATED: Hella Disturbing Realty

Welcome back to Adventures in HDR!  This occasional series shows the cutting edge of today’s real estate photography, if by cutting edge I actually meant OMG my eyes are bleeding.  Today’s featured property was sent in by Petsmart Groomer, so thanks very much!

The update is at the end of the article and it is an important one.

555 4th St #404
San Francisco, CA 94107


SQ. FT.: 993
$/SQ. FT.: $755
HOA DUES: $545/month
PROPERTY TYPE: Attached, Full, Condominium, Unit Above, Unit Below
STYLE: Contemporary
VIEW: Garden/Greenbelt
COMMUNITY: South of Market
COUNTY: San Francisco
MLS#: 396886
SOURCE: San Francisco MLS
STATUS: Active
ON REDFIN: 2 days

Welcome to another simply fantastic unit at The Palms. This northern-facing unit is perfect for the SF professional, it features spacious living and bedroom areas, as well as outdoor access to the garden belt. Gourmet kitchen includes SS Bosch stove-top and insert oven, dishwasher, refrigerator, Cabria Stone counter-tops, and Studio Becker cabinets. The kitchen and bathroom flooring/tub area were redone with new grout, wood floors were resurfaced, and new accent paint throughout. Custom CA Cabinetry in living and bedroom closets gives you tons of storage space. This unit comes with deeded parking at no extra cost to your HOA dues. Close to Wholefoods, Safeway, 25 Lusk, District, CoCo500, SF Tennis Club, AT & T Park, and public transportation.

Welcome to another simply fantastic set of photos of this Condo With Too Many Fours.


You think this is something?  Click on through to see the rest, after donning a welding helmet that can shade to at least #13.


Comments (6) -- Posted by: madhaus @ 5:07 am

May 19, 2012

CNN blogger creams himself over Facebook Effect

Have we discussed the price adjustments (up! up! up!) in both buying and renting in San Francisco due to the Facebook IPO?  Not enough!  Let’s see what happens when CNN lets one of its bloggers write a tl;dr post that makes our zip code pieces look like tweets by comparison.

The Facebook effect on San Francisco real estate

By Julian Hebron, contributor @CNNMoney May 17, 2012: 1:27 PM ET

120517-sf-facebook-effect(StockTwits) — The Basis Point is a popular mortgage and housing blog that tracks consumer critical issues and data. It is edited by Julian Hebron, a retail mortgage lender who runs the San Francisco branches of RPM Mortgage.

Three weeks ago, some clients wrote a $1.25 million offer on a 1,400 square foot 3-bed, 1-bath house with original kitchen and bath near San Francisco’s Dolores Park. They weren’t even close. There were 51 offers. It sold for $1.4 million and closed 8 days after offers were due.

That’s the most offers I’ve seen in 10 years. And a different property at that week got 23 offers.

Two weeks ago, another client offered $245,000 over list price on a 3-bed, 2-bath Pacific Heights condo. One of the other 9 offers was the winning bid in this $1.6 million to $1.9 million market segment. That was my client’s fourth rejected offer. He’s looking at two properties in this price range this week, and the listing agents are reporting similar demand: about 10 serious buyers circling.

That’s the norm. It’s what some are calling The Facebook Effect on San Francisco real estate.

That’s the norm: 10 serious buyers circling.  StockTwits goes on at very great length to explain why this is happening, and mentions “The Facebook Effect” as if the term were newly minted.  Here’s what Hebron said in much fewer words.  (The charts are all linked from his article.)

1. Everyone not already working for Facebook is trying to buy before millions of Facebook employees get their license to print unlimited money

You will love this quote from the article:

The San Francisco buyer mindset is that they want to get in before they’re priced out, but they either haven’t reaped their firm’s windfall yet or don’t expect much if any windfall from their firm.

That’s right.  They’re all worried about being Priced Out Forever.  And this has never, never, ever happened before!


2. Ed Lee’s reelection as SF Mayor means tech employers can demand payroll tax adjustments

Twitter threatened to leave SF over the 1.5% payroll tax, what with all the high salaries and the stock option financials on top of that, Lee negotiated an adjustment with a maximum annual tax, and now all the other tech companies will expect similar easements.  Which means they’ll stay in SF, which means high-paid twentysomething technogeeks will continue to buy real estate there, which means you can’t afford anything.

And this is all very interesting, except Facebook is not in SF.  So why isn’t this article called “The Twitter Effect”?

3. Constricted housing supply.  Really, really, really constricted.  Plus rising rents.  Did we mention constricted housing supply?


The key takeaway is that there were only 500-600 annual SF home sales above $1.5 million.  Now, how many people do you think will be wanting one of those better places once the IPO cash hits?


And is it maybe possible that more homeowners would cash out when they start seeing more of these prices? 

Comments (31) -- Posted by: madhaus @ 5:08 am

May 18, 2012

Be a San Francisco media giant!

Let’s finish out the week with another find in San Francisco. Once those Facebookers get their hands on all that IPO money, lots and land there are going to be made out of unobtainium.  Thanks very much to Burbed reader Petsmart Groomer for this SoMa spot, ready for your serendipity.

1376 Harrison St
San Francisco, CA 94103


SQ. FT.: –
LOT SIZE: 2,374 Sq. Ft.
PROPERTY TYPE: Lots & Acreage
COMMUNITY: South of Market
COUNTY: San Francisco
MLS#: 392692
SOURCE: San Francisco MLS
STATUS: Active
ON REDFIN: 126 days

Billboard on Site


This urban homestead, or Garage 4.0, depending on what use you feel is best, ready for you to build upon.  But there’s so much more than a generous half of a tenth of an acre lot.  There’s also a steady stream of hard liquor advertising dollars, too.

Well, the billboard seems attached to the building next door, but we didn’t say the advertising payments would be going to you.  The agent just notes there is a “Billboard on Site”. 

The photo also reveals that you’re close to transit.  Real close.  So let’s get a better picture of the lot, courtesy of Google Streetview.


Billboard still on site.  Facebook’s better watch out for you!

Comments (26) -- Posted by: madhaus @ 5:11 am

May 15, 2012

Rent prices in SF have gone up 135% year over year!

Average Rental Apartment Listing Price


Don’t you wish you had taken my advice every day of every year and purchased already? Look, now you’re priced out of the American Dream of home ownership, and you can’t afford an apartment!

Cardboard boxes for your!

Anyone want to predict what the 2 year over year will be? I’m guess it will be 3500% percent across San Francisco as every single company in SoMA IPOs this year.

Comments (21) -- Posted by: burbed @ 5:43 am

April 19, 2012

Spacious and vacant in San Francisco. So very vacant.

We hope you enjoyed Burbed reader Petsmart Groomer week last week.  Here’s another fine PG-produced property in San Francisco.  Last week, we had a Tenderloin tenement masquerading as a Civic Center squat, so let’s move on to the Mission!  And in acknowledgement of Spring Bounce, this property is also pending.  San Francisco is hot I tell you, hot, hot, HOT!

3223 20th Street
San Francisco, CA 94110


SQ. FT.: 2,244
$/SQ. FT.: $290
PROPERTY TYPE: Single-Family Home
COMMUNITY: Inner Mission
COUNTY: San Francisco
MLS#: 394741
SOURCE: San Francisco MLS
STATUS: Contingent – Show
ON REDFIN: 21 days

Situated in the heart of the Inner Mission (cross-street is Harrison), this spacious and vacant 5BD/2BA home is on the market for the first time in over 50 years! Large one car garage. Rear yard. Just down the street from Flour + Water and close to an amazing variety of other great restaurants, cafes, and shops. Walk-Score = 97. Zoned RH-3, per the city’s 3R report. A great potential development opportunity in one of the city’s warmest and liveliest neighborhoods!


Look, it doesn’t matter how big a turd this building is.  Location, location, location; even if every single piece of hardwood in the entire house ended up in this one room.


How low could those low ceilings be?


If that doorway is standard width, that’s pretty low.

Comments (8) -- Posted by: madhaus @ 5:04 am

April 9, 2012

A perfect pied-a-terre, if you only stand on one foot

San Francisco continues to be hot hot HOT, with just about everything getting offers no matter what the problem may be.  That’s bad news for buyers but great news for Burbed readers.  Agents will put anything on the MLS figuring they can sell it!  Thanks very much to Burbed reader Petsmart Groomer for this find in the Civic Center area!  In fact, we’d like to thank Petsmart Groomer so much for so many quality submissions. With the official opening of the Spring Selling Season, this is going to be Petsmart Groomer WEEK.

83 McAllister St #305
San Francisco, CA 94102


SQ. FT.: 252
$/SQ. FT.: $853
HOA DUES: $285/month
PROPERTY TYPE: Condominium, Studio
STYLE: Contemporary
VIEW: City Lights
COMMUNITY: Van Ness/Civic Center
COUNTY: San Francisco
MLS#: 393741
SOURCE: San Francisco MLS
STATUS: Pending
ON REDFIN: 52 days

A beautifully restored landmark in the heart of the City’s evolving cultural, arts & entertainment district; built in 1908 & completely remodeled in 2006, The Book Concern Bldg blends classic architecture w/ contemporary loft-style living, featuring anopen interior, artful decor & high ceilings. This corner unit boasts lg windows, fantastic urban outlooks, hdwd flooring, Murphy Bed & stainless steel counter & sink. Laundry facility & fitness center in bldg. Secured bldg w/ electronic access to entry & elevator. Perfect pied-a-terre in the city! Enjoy city living just a few blocks from Union Square, transportation & world-class restaurants & shopping all at your fingertips!

120405-mcallister-bigroomLet’s review some of this listing copy, shall we?

in the heart of the City’s evolving cultural, arts & entertainment district:

The key word here is “evolving,” which means in the realtard’s wildest dreams, this building fronts onto Union Square or the Opera House, but in reality it’s much closer to the stripper bars.

120405-mcallister-sinkbuilt in 1908 & complete remodeled in 2006

This is an overly creative use of the “YEAR BUILT” field in MLS.  And by “overly creative” I actually mean “pants on fire.”

blends classic architecture w/contemporary loft-style living

Really old building with high ceilings and even higher prices

120405-mcallister-windowanopen interior, artful décor & high ceilings

You thought I was joking about the high ceilings?  They just mean it will cost you a fortune to heat or cool the place.

This corner unit

Traffic from TWO different streets!

boasts lg windows, fantastic urban outlooks,

This is the neighborhood for urban outlooks.  Panhandlers, hookers, pimps, drunken bar hoppers, it’s all here!

120405-mcallister-bathroomhdwd flooring, Murphy Bed & stainless steel counter & sink.

Be the star of your own zany movie!

Secured bldg w/ electronic access to entry & elevator.

It’s got locks and a keycard.

Perfect pied-a-terre in the city!

All 252 square feet!  It sure isn’t a pieds-a-terre!

120405-mcallister-fakeskyEnjoy city living just a few blocks from Union Square,

A few very important blocks.

transportation & world-class restaurants

If you can walk there safely at night, because the cabs won’t stop here.

& shopping all at your fingertips!

If you have an internet connection, you have shopping all at your fingertips, but don’t let that rain on the Market Street Parade you’re facing in the wrong direction to see from this tiny studio.

Comments (4) -- Posted by: madhaus @ 5:02 am

April 6, 2012

Holy Toledo in San Francisco

We’ve been spending too much time in the Valley.  Today’s photopalooza is courtesy of Burbed reader Kevin.  And Kevin’s writeup, coupled with the amazing pictures of this thousand a foot Marina manse, are all that’s needed for a give-it-up Guest Post.

Please give Kevin a big, warm, Real Bay Area welcome as today’s Guest Blogger!

73 Toledo Way
San Francisco, CA 94123


BATHS: 2.5
SQ. FT.: 1,842
$/SQ. FT.: $1,004
PROPERTY TYPE: Attached, Full, Modified, Single-Family Home
STYLE: Spanish/Mediterranean
COUNTY: San Francisco
MLS#: 392612
SOURCE: San Francisco MLS
STATUS: Active
ON REDFIN: 86 days

Great Neighborhood and wonderful home. Close to transportation, shopping, schools, and more. House has been well taken care of. One Block from Chestnut, Completely remodeled from previous owner with Seismic Upgrades, Quality Workmanship Throught, Custom Light Fixtures, Hardwood Floors, Fireplace, Custom Kitchen Cabinets/Stainless Steel Appliances, Granite-Marble-Stone Used throught Kitchen & Bathrooms, Laundry Room, Deck & Patio, Mature Landscapping, LARGE 3 CAR Tandem Parking & Stroage Area, Alarm System, Expansion potential in garage area, and more. Seller reserves the right to refuse any and all offers. Please confirm and verify all information stated in listing. The information provided is deemed reliable but not guaranteed.

In the category of “bad real estate listing photos”, I’d like to nominate this one:

The photos are pretty priceless:


1.  two front views looking directly into the sun (perhaps to hide how ugly it is from the curb?)


2.  a kitchen photo with as little light as possible.


3.  several of the photos were not rotated 90 degrees.  Classy.


4.  laundry stacked on the washer/dryer.


5.  kitchen counter top stacked high with food.


6.  last but certainly not least, photos of *both* bathrooms have a plunger standing next to the toilet. In case the buyer had any doubts about the plumbing I guess.

Comments (10) -- Posted by: madhaus @ 5:06 am

March 28, 2012

* * * NO MORE OFFERS PLEASE !!! * * *

120324-sf-sold-redfinHave you heard?  The housing market is hot, hot, hot!  So many finds have that red PENDING banner smacked across the first picture because there’s so little inventory available (see chart).  That means even a Burbed-worthy home may get more love from overbidders than from, well, Burbed.  You would not believe how many homes that belong on the front page are snapped up and have their listings wiped clean off Redfin before we can even get the IP wrapper off our email.

But that’s great news for you, Burbed readers!  If the market is this hot, that means more and more crapboxes will be listed with no attempt to put any lipstick on those pigs.  And that means we are assured there’ll be plenty of prime content!  Like today’s OMG THAT’S PENDING WTF? listing from Burbed reader Petsmart Groomer.  Thanks very much for this listing that left many parts in San Francisco.

1261 Sanchez St
San Francisco, CA 94114


SQ. FT.: 885
$/SQ. FT.: $734
LOT SIZE: 1,999 Sq. Ft.
TYPE: Detached
STYLE: Cottage
COUNTY: San Francisco
MLS#: 40558309
STATUS: Pending Court Confirmation
ON REDFIN: 66 days

* * * NO MORE OFFERS PLEASE !!! * * * Cute home with full garage/workshop. Backyard and patio. Loads of potential !!! Fixer, reflected in price. ..

120324-sanchez-porchHere’s a perfect example of a house that doesn’t need any effort by a listing agent.  It’s in Noe Valley, so just let the new buyer deal with any deferred maintenance.  What do you want, this place was standing when The Big One hit in 1906 and it’s still here!

This home requires Court Confirmation to sell, so buying it will require some legal advice as well.  And that’s not the realtard’s problem.  You want this house?  You should have been overbidding in January.

Now, a small amount of cleanup might be required.  Take a good look at these pictures, because the agent couldn’t even be bothered to move the smallest little distractions out of the framing.  What is up with all those bottles in the kitchen?  It doesn’t matter.  This market is HOT!

So, see if you can come up with a good story for each of these items.


The rest of the photos are to assure you of Burbed’s Good Housekeeping “Tag of Approval.”  Some of you Negative Nellies might object that the living room and bedroom do not demonstrate good housekeeping at all.  But, ah, the garage!


Comments (28) -- Posted by: madhaus @ 5:01 am