Weekend Events and The Weekly Real Estate Update

Skyline -Its Friday Banner

 

Tony Bennett’s 90th birthday is being celebrated in the City today, with the unveiling of an 8 foot tall, bronze structure of him at noon.  The festivities will begin at 11:30am today, on the lawn of the Fairmont in Nob Hill.

Be sure to check out the 98th Annual Italian Festival “Festa Coloniale Italiana” in North Beach on Saturday. You can read more about this event in our blog post earlier this week. 

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On the “Homes for Sale in San Francisco” front, here’s our report for this week, 8/14/16 – 8/20/16:

While San Francisco home values have never been higher, SFGate.com’s “On the Block” had a pretty interesting post on Monday. It identifies four surprising factors that can lower San Francisco home prices. No two properties are alike, but these are some things that might indeed prove detrimental.

1. Ongoing litigation can hurt a property’s value. Until litigation is resolved, banks typically won’t loan on the property, limiting the pool of buyers to all-cash prospects. That can bring down the value of the property, at least until the litigation is over.

2. Noise can be a problem. A busy street, or being next to a firehouse or school can factor into a home’s diminished value.

3. Also problematic are fixer-uppers. Most buyers want a home that’s turnkey – they aren’t looking to make a huge investment in time or money upgrading a place. Be aware, though, that many buyers would rather take on a project than settle for a kitchen or bathroom that has been renovated, but not to their tastes.

4. Lastly, according to the article, sellers themselves can have a detrimental impact on the price of a home. Sellers have to be realistic about the accurate value of their property. If they insist on overpricing it, buyers will lose interest and stay away, ultimately damaging the perceived value of the home as a result.

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