If you had told people one year ago that at this time in the future the stock market would have lost half of its value, all the major investment banks would be bankrupt and that General Motors would soon be history, they would have said you were crazy.
And here we are.
If we have learned anything, its the more things change, the more they stay the same. The country and the world have some pretty epic challenges to grapple with but if we take a look back, recent history has been pretty dramatic too. Start with colonialism, epidemics, two world wars, the civil rights movement, nuclear proliferation, the gas crisis, 9/11, Iraq Wars I & II and eight years of the Bush administration.
Granted, we are still working on solutions for the last two. What we find is that people in general and Americans in particular are really good at solving problems in times of crisis. It's something to think about when the media is peddling fear and trying to drown you in a sea of bad news. We can get through this by being part of the solution and deciding on... optimism. It really is as easy as that.
Remember my post from February 9th about the single family home in the Sunnyside neighborhood that received 12 offers when it went on the market for $665,000 ? That property closed last week for $705,000.
Showing posts with label Mount Davidson. Show all posts
Showing posts with label Mount Davidson. Show all posts
Tuesday, March 10, 2009
Monday, February 9, 2009
A Tale of Twelve Offers. Yes, you read that correctly.
The property has great curb appeal. There are tasteful and modern finishes throughout the modest two bedroom and 2 bath home yet the gracious vintage charm has been retained. A large, manicured back yard awaits a French Bulldog and there is a garage for the Prius. A convenient Sunnyside address seals the deal. My talented colleague reported that she received 12 offers on this property last week, 10 of which were very strong. Is this February 2009 or 2006 ?
The buyer and seller just went into contract so we won't know what the final price is until escrow closes but I speculate that it's not a huge run-up. So what does 12 offers on a single family home in San Francisco listed at $665,000 mean ?
To begin with, this price point represents a sweet spot for a lot of first time buyers in The City. If you factor in a 20% down payment of $125,000 that keeps the mortgage balance below the current conforming loan limit of $625,500 ensuring access to the best available interest rates. A single person or couple that have been saving, have good credit scores (above 700) and stable employment can easily qualify for the loan.
Now that we know the lending piece of the equation can be achieved by a lot of potential buyers in San Francisco, why so much demand for this one house in particular ? The location is close to both transit and shopping yet still has a classic neighborhood vibe. It's thoughtfully and tastefully updated (stainless steel appliances and original refinished hardwood floors). Then there's that yard, garage and fireplace. Any client looking for a single family home in San Francisco in this price range would be crazy to NOT put in an offer. This is an example of a perfect real estate storm: a fantastic home that fulfills multiple buyers criteria listed at a price considered reasonable to those interested. One lesson that can be gleaned from this example is that there are still plenty of qualified buyers out there just itching to find a place to call home. You can grab their attention by making sure your property shows at it's absolute best and by pricing it realistically. Living in the moment now pertains to real estate values, too. For a complimentary evaluation of your properties current value make sure to contact me.
Speaking of contacting me, My colleague Bernie Katzmann and I have just listed a beautiful Downtown loft. A three level, top floor historic conversion with 2-bedrooms, 2 bathrooms, penthouse den and huge roof deck with skyline views. Deeded parking and two deeded storage units round out this 1500 square foot Rincon Hill aerie. The address is 346 First Street #301 and we'll be open for tour today from 2:00 - 3:30 and again on Sunday from 2:00 - 4:00.
Stop by and say "Hi". It's an impressive home steps from everything Downtown and although we may not get twelve offers I'm keeping my fingers crossed !
The buyer and seller just went into contract so we won't know what the final price is until escrow closes but I speculate that it's not a huge run-up. So what does 12 offers on a single family home in San Francisco listed at $665,000 mean ?
To begin with, this price point represents a sweet spot for a lot of first time buyers in The City. If you factor in a 20% down payment of $125,000 that keeps the mortgage balance below the current conforming loan limit of $625,500 ensuring access to the best available interest rates. A single person or couple that have been saving, have good credit scores (above 700) and stable employment can easily qualify for the loan.
Now that we know the lending piece of the equation can be achieved by a lot of potential buyers in San Francisco, why so much demand for this one house in particular ? The location is close to both transit and shopping yet still has a classic neighborhood vibe. It's thoughtfully and tastefully updated (stainless steel appliances and original refinished hardwood floors). Then there's that yard, garage and fireplace. Any client looking for a single family home in San Francisco in this price range would be crazy to NOT put in an offer. This is an example of a perfect real estate storm: a fantastic home that fulfills multiple buyers criteria listed at a price considered reasonable to those interested. One lesson that can be gleaned from this example is that there are still plenty of qualified buyers out there just itching to find a place to call home. You can grab their attention by making sure your property shows at it's absolute best and by pricing it realistically. Living in the moment now pertains to real estate values, too. For a complimentary evaluation of your properties current value make sure to contact me.
Speaking of contacting me, My colleague Bernie Katzmann and I have just listed a beautiful Downtown loft. A three level, top floor historic conversion with 2-bedrooms, 2 bathrooms, penthouse den and huge roof deck with skyline views. Deeded parking and two deeded storage units round out this 1500 square foot Rincon Hill aerie. The address is 346 First Street #301 and we'll be open for tour today from 2:00 - 3:30 and again on Sunday from 2:00 - 4:00.
Stop by and say "Hi". It's an impressive home steps from everything Downtown and although we may not get twelve offers I'm keeping my fingers crossed !
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