The San Francisco luxury real estate market (defined as single family homes priced at $2,500,000 and above, and condominiums priced at $2,000,000 and above) remains a sellers market, although the supply of luxury condominiums has increased almost to the point of being considered a balanced market between buyers and sellers.
That said, the real story with condominiums is that there are almost 12 months of inventory in District 9. Of the 79 luxury condominiums currently on the market, 41 of them are in District 9. District 8 has a balanced market, with 19 active listings. The other districts have limited inventory and remain a sellers market.
Not surprisingly, then, sales prices remained strong in the luxury homes market, with the median sold price at 107% of list price. Not so for condominiums, where it fell to 96% of list price.
As in the non-luxury market, new listings were down sharply for both luxury homes and luxury condominiums, with homes down 49% compared to February 2016 and condominiums down 17%. The number of sales were unchanged for homes and down 13% for condominiums.
San Francisco, situated in Northern California, is a hub of business, commerce, and culture. While the major metro area sprawls on for miles on end, San Francisco proper is a tiny city by land size – just under 49 square miles. Despite its compactness, there’s a lot of greatness packed into this pint-sized, forward-thinking city. Though it was originally settled around the same time America won its independence, it wasn’t until 1849, at the height of the gold rush, that San Francisco saw its first spurt of rapid growth. The influx of new residents seeking fortune in the California hills catapulted the city of San Francisco forward. These new crowds attracted enterprising businessmen, who started banks (Wells Fargo), dry goods businesses (Levi’s), and even chocolate factories (Ghirardelli). Though the gold rush was eventually abandoned, what it left behind was a burgeoning city full of enterprise, hope, and progressive thinking. Today, San Francisco, the 14th largest city in the country, is a thriving urban area with just over 840,000 residents.
In a report recently released by U.S. New & World Report, San Fran was just ranked as the 16th best place to live in the U.S. in 2017. On Frisco’s official scorecard, it was given high marks in the categories of “desirability” and “job market”, but received a lower score in the categories of “quality of life” and “value”. So, what is it really like to live here? Our friends at Great Guys Moving Company have put together the following infographic with some of the nitty gritty facts about life in the City by the Bay. If you’re considering moving here, these are some of the things you need to know before you pack up that moving truck and head west. For instance, the data jives with the U.S. News report; San Francisco’s high-tech job market is booming. The unemployment rate is nearly 33% lower than it is across the rest of the country (3.5% versus 5.2%), and on average, paychecks are much bigger! On the flip side, San Francisco isn’t much of a “value” city, meaning it costs a lot to live here. Almost everything, except for wine (thanks Napa!), is more expensive here than it is elsewhere. And as the 2nd most population-dense city in the country after NYC, San Francisco has sky high real estate prices. The competitive real estate market is certainly impetus for working with an experienced San Francisco realtor.
As with any city, living in San Francisco does have its downsides, but overall, it’s an energizing city full of interesting people and packed with cultural landmarks. After all, where else can you ride a cable car just for the fun of it, soak up the views of the Golden Gate on a crisp, clear morning, or stroll through the largest Chinatown outside of Asia? Spend one week here, and you’ll see why it’s such a magical place to live. When you’re ready to move here, let the Living 415 team help you find the perfect place to call home! Whether you’re looking for an Italianate mansion in Noe Valley or a chic condo in Union Square, there’s sure to be a great place waiting for you.read more →
220 San Jose Avenue,
San Francisco California
>Offered at $3,798,000
Click here to Download Disclosures
- Noe Valley address with hip Mission vibe
- Grand eight room home
- Magnificent Italianate details
- Can be used as 4 or 5 bedrooms
- Four Full Baths
- Original softwood floors
- Five marble wood-burning fireplaces
- Walk-out garden and dining deck
- Two car garage
- Year built: 1871
- Square footage: 2,820 per graphic artist
- Lot size 4,591
220 San Jose Avenue is a very rare 1871 Italianate mansion on an oversized lot. Visiting it is transporting. Living here is better. Just seeing it might stretch your imagination of what city life can be. From the crown moldings to the baseboards, it is a magnificently conceived and preserved home. The external expression of the Italianate style can be seen in the way that wood has been used to imitate stone, the exceptionally tall windows and the inviting portico-style entry way. On the interior, the ceiling heights are lofty and the rooms are grand. It is classified by the City of San Francisco as being historic register eligible both as an individual property and as part of the Horner’s Addition East Historic District.
To enter the home you leave the city behind by walking through the garden gate and up just nine steps. Upon entry through the front double doors, you are greeted by the sweeping well-polished bannister that leads upstairs and the view down the hall and through the dining room and kitchen to the sun-drenched back garden. On your left are two large adjoining entertaining rooms, both with marble fireplaces (one of these can also be used a a guest/5th bedroom). Behind these two rooms is a dining room the full width of the home (also with fireplace). This in turn flows to a tastefully remodeled kitchen with hip open shelving, Mexican tile details and a Wolf cooktop, where you can enjoy morning coffee with a view of the rear yard. You will often be tempted to drink it outside – the kitchen spills out on a dining deck the full width of the property and one small step down takes you into one of the biggest rear gardens in the city. Also overlooking the garden at the rear of the first level, there is a bedroom with it’s own entry and en-suite bath. A second full bath for guest use is cleverly hidden beneath the staircase to upstairs.
After climbing the graceful staircase you will find yourself in a large hall. The master bedroom at the front of the home has a marble fireplace, exceptionally large closet and three tall windows that flood it with light. The adjacent bath (#3) has a claw foot soaking tub and handmade Italian tile floors. Upstairs there are two further bedrooms – one of which is currently used as an office and also has a fireplace – and a convenient laundry closet. Also upstairs, the 4th bath has light-magnifying glass brick, a step in shower and a handmade Italian tile floor. In addition, the home has a large attic for expansion or storage and a two car garage installed in 2015. read more →
KW Cares is a centerpiece of the Keller Williams International culture. This was the most amazing event to attend. As someone who has watched the center of San Francisco return from blight over the last 30 years, hearing about Mama Shu’s determined effort to revitalize her block was intensely inspirational. I’m so proud and happy my company could help her complete a piece of her mission. – Jennifer
At the conclusion of Family Reunion, Keller Williams associates gather together to celebrate the spirit, service and acts of kindness that bond us together. This year’s event continued the 18-year tradition with the theme “touching hearts.”
After a moving performance by the Las Vegas Mass Choir, Vice Chairman of the Board Mo Anderson welcomed attendees and emphasized the “unyielding efforts, unshakeable spirit and united action” of Keller Williams associates.
“You are a part of the beautiful things too. You bless our hearts, because of the wonderful acts of kindness that you do every single day.”
After a prayer of all faiths, Anderson and her assistant executive, Kellie Clark, welcomed Khloe Thompson to the stage to share her story.
Heart of a Child
Khloe Thompson is not your average 9-year-old. She is an ambitious elementary student who started her own charity, Khloe Kares, in which she hands out handmade bags filled with toiletries to homeless women near her California home.
With the January inauguration of the new administration came a number of changes that have injected uncertainty into some important aspects of business which may have a ripple effect into the San Francisco real estate market.
The first change is the executive order to ban non-U.S. citizens entering the U.S. from certain countries. This caused an immediate employee travel ban by a several prominent San Francisco and Bay Area employers for employees potentially affected by the ban. Second came the announcement that the administration plans to double the qualifying salary threshold from $65,000 to $130,000 for an H-1B visa, making it much harder for employers to fill positions with foreign talent, a not insignificant source of employees in the high tech sector. Both of these injected uncertainty and potential business disruption into the Bay Area business community and both have received broad coverage in the business and general news, with some high-profile CEO’s speaking out against them because of fears of damage to their businesses.
On a stabilizing note, mortgage rates eased off just slightly (about 1/8 percent) in January. However, most lenders expect them to rise somewhat throughout the year, to around 5%.
The charts on the following pages graphically depict the same message we’ve seen for the past few years: San Francisco remains a strong single family home sellers market, with incredibly low inventory at 1.3 months, down 10% from January 2016. Median sales prices are up 7.1% year-on-year for single family homes. The median sales price of single family homes also continues to be bid up above list price, coming in at 105.9% for January.