Weekend Events and the Weekly Real Estate Update

On Saturday you can sample Italian food, wine, live music, dance, and more at Festa Coloniale Italiana in North Beach from 11 AM to 5 PM. Or take in Noise Pop’s 20th Street Block Party: Food & Music Fest taking place all day, also on Saturday.

On the “Homes for Sale in San Francisco” front, here’s our report for this week, 8/13/17 – 8/19/17

Hill & Co. Sales Manager Jill Gumina was quoted again in Sunday’s San Francisco Chronicle, this time responding to the question “How do you avoid buyer’s remorse?” Here’s what she said:

“First, educate yourself as much as possible about the market, understand the inventory and what comparable sales have occurred. A professional, full-time Realtor can help you understand what all this information means. Ask lots of questions. For example, have inspections been done on the property? You want to know the true condition of the home before purchase so you can anticipate any expenses that will come up in the future like a new roof or pest and/or water damage repairs.”

“Once you have made your decision, understand normally well-meaning friends and family may inadvertently confuse you, especially if they’re from out of the area and don’t understand the local housing market which can be vastly different across the country. They may express concern how you may have paid too much, bought in the wrong area, etc. and start planting seeds of doubt.”

“If you’ve done your homework, you will know you have made a solid investment and will begin growing that all-important equity, essential for building your financial future – a very exciting and worthwhile decision.”


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.

Market Street to Ban Private Vehicles in Coming Years

Once again we start the week talking about construction, and projects in the works. That might be because construction is taking place all over the City, and San Francisco will emerge in a few years as a very different place. Fingers crossed, all for the better!

Hoodline reported last week that significant changes are coming to Market Street. We’ve heard about this for years, but it looks like construction could start in late 2018 or early 2019.

The $604 million Better Market Street project is set to bring pedestrian, bicycle, and public transportation improvements to 2.2 miles of one of the City’s busiest streets, between Octavia Boulevard and the Embarcadero.

Once the project is completed, plans include restricting private vehicles from certain portions of the street. Market between 10th Street and the Embarcadero could only see commercial vehicles, buses and the historic F-Line streetcars.

For more details and to see some illustrations that show how Market Street may look in the coming years, click here.

Weekend Events and the Weekly Real Estate Update

The 15th Annual Jerry Day takes place Sunday at McLaren Park, celebrating one of the greatest rock guitarists of all time and San Francisco native son, Jerry Garcia and his Excelsior roots. The lineup includes Stu Allen & Mars Hotel, Melvin Seals and JGB, and Midnight North. Admission is free.

On the “Homes for Sale in San Francisco” front, here’s our report for this week, 7/30/17 – 8/6/17

Hill & Co. Sales Manager Jill Gumina was quoted in Sunday’s San Francisco Chronicle, responding to the question “What affect will the Millennium Tower have on Bay Area high-rise real estate?” Here’s what she said:

“The immediate effect is it may take more time and money to get projects through the city for new developments which is already a cumbersome and expensive process at best. Those costs, unfortunately, will be passed through to the consumer. The longer term effects are the importance for everyone involved to accept they share culpability and to devise a solid plan to prevent this type of catastrophic event from happening again. We need a balance between cost-effective and sound construction methods to maintain viable commercial and residential structures.”

“Developers and contractors need to be held to the highest standard of design and construction. City employees from the Planning Department to on-site inspectors must be accountable for their review process. It is critical that they oversee all aspects of approval of the project through to its completion. In the past, developers and architects typically thought only in terms of their own ventures and didn’t necessarily anticipate the impact their project would have on surrounding areas.”

“The Millenium Tower issues have changed that forever as we acknowledge the importance of a holistic approach to overall community development. City powers-that-be must adopt a more global view of development and the impact one project can have on an area and community. Everyone involved in further development of San Francisco and other Bay Area communities must realize and accept the importance of their roles in keeping our communities safe to maintain the integrity of its structures and the confidence of its citizens.”

Weekend Events and the Weekly Real Estate Update

SFJAZZ and the Golden Gate National Parks Conservancy join forces to present Pulitzer Prize and Grammy-winning composer John Luther Adams’ Inuksuit in a unique free outdoor performance at Lands End and Sutro Baths on Saturday at 1 PM. On Sunday, the 51st Annual Festival of the Chariots takes place in Golden Gate Park, with the parade starting at 11 AM, and the festival beginning around 1 PM. The event features a free vegetarian meal, live music, ancient Indian dances, exhibits, books, and more.

On the “Homes for Sale in San Francisco” front, here’s our report for this week, 7/23/17 – 7/29/17

The National Association of Realtors® reported Monday that for the country as a whole existing home sales slipped in June, with the blame again placed on low levels of inventory. The decline in sales was anticipated, as pending home sales have decreased in each of the previous three months, ticking down by 0.8 percent in May, and down 1.8 percent in June.

The organization, however, offered some good advice for those hoping to purchase a home. It may be a bit hard to hear for weary buyers, but according to NAR President William E. Brown, those who postponed their home search this spring because of limited inventory may have better luck as the summer winds down. A good many buyers will have stopped looking at this point. Inventory remains extremely tight, but patience may pay off in coming months for those looking to buy.

Persistence is enormously important in this market — both across the country, and in San Francisco.

A Sneak Peek at the Transbay Transit Center

The Transbay Transit Center construction project is nearing completion.  The first phase is scheduled to be done December 22 of this year, with bus service in place in early 2018. In the meantime, sf.curbed.com recently published a sneak peek showing the transit center as it currently looks — lots of good photos and information with descriptions, details, and links.

The expectations for the transit center are enormous. According to the feature, here’s what you’ll see once it’s open to the public:

“The original Transbay Terminal was a Depression-era artifact—and quite a depression piece it was by the end of its life, rundown and seeing only a fraction of its former volume of commuters.”

“The new project wants to be all things to all people: not just a bus and train station, but also an architectural display far removed from the hunkered-down concrete design of the old building, a treatise on innovation as the planned terminus for the state’s high-speed rail project, a Union Square-grade retail hub south of Market, and a centerpiece for South Beach as a neighborhood.”

“Or as the City and the Transbay Joint Powers Authority prefer to think of it, Transbay as a neighborhood. ‘It’s an entirely new neighborhood,’ says facility manager Martha Aragon Velez. ‘How often does a city get to do something like that?’”

To see the entire report, click here.

Weekend Events and the Weekly Real Estate Update

This weekend the 2017 San Francisco Marathon takes place on Sunday, with the expo happening on Friday, noon to 7 P.M., and Saturday 9A.M. to 5 P.M. at Fort Mason. Also on Saturday and Sunday, the 79th Annual Ginza Bazaar and 86th Annual Bon Odori take place, presented by the Buddhist Church of San Francisco, 1881 Pine Street at Octavia Street.

On the “Homes for Sale in San Francisco” front, here’s our report for this week, 7/16/17 – 7/22/17

Hill & Co. just released its 2nd Quarter 2017 San Francisco Real Estate Report. If you haven’t already seen it, you might want to take a look.

Stories and features include:

• A Lead Story Reporting that San Francisco Home Values Reached All-Time Highs in the Second Quarter
• A Status Update on the Demand for Luxury Real Estate
• An Article on Property Values Vs. Home Values
• A Chart with Second Quarter Home Sales by Neighborhood
• Listings from Around the World

To read the four-page report click here.