Weekend Events and the Weekly Real Estate Update

The huge Outside Lands festival takes place this weekend in Golden Gate Park. It’s an amazing celebration of music, food, wine, beer, art, and comedy from the 11th through the 13th. Of course, if you don’t already have tickets, you might be out of luck. If that’s the case, you might consider taking in the Pistahan Parade and Festival on Saturday and/or Sunday, or just watching the meteor showers on Friday and Saturday nights — the best spots for that in San Francisco are the Parade Grounds at the Presidio and Point Lobos near Lands End.

On the “Homes for Sale in San Francisco” front, here’s our report for this week, 8/7/17 – 8/13/17

As we’ve been reporting, price reductions in Pacific Heights, Lower Pacific Heights, Presidio Heights, and Cow Hollow have been increasing over the past couple of years, as some sellers have overestimated what buyers are willing to pay.

According to a recent report in the New Fillmore, 43 percent of the single-family homes and condominiums sold in these neighborhoods between mid-June and mid-July were subject to price reductions.

Even in the face of low inventories, buyers are reluctant to pay inflated amounts for properties not priced correctly. Two years ago, during the same time period, only 14 percent of properties in the neighborhood had price cuts. Last year, that number rose to 37 percent.

You may see that homes have sold over the asking price, but that is only after reductions on the original price have been made.