Weekend Events and the Weekly Real Estate Update

SF Pride takes place this Saturday and Sunday, and that’s this weekend’s big event. It includes speakers, exhibits, performers, parties, and of course, the parade. But there are other things going on in the City as well, including a celebration of San Francisco’s 241st birthday in the Presidio on Saturday, and the Stern Grove Festival’s 80th Season Opening Day featuring Kool and the Gang on Sunday.

On the “Homes for Sale in San Francisco” front, here’s our report for this week, 6/18/17 – 6/24/17

According to SocketSite.com, while sales activity for new condos in San Francisco doubled from April to May as you would expect during the spring sales uptick, the number of purchase contracts signed last month (73) was 36 percent lower on a year-over-year basis.

What’s more, the volume of new contract signings over the past twelve months remains 19 percent lower than the twelve months before.

Along with this slowdown in sales, there’s been a slowdown in the delivery of major new projects. The inventory of new construction condos available to purchase in San Francisco (877) is now running 29 percent lower on a year-over-year basis, the first year-over-year decline in a year. More units will come to market in the near future, but this slowdown in sales may impact the pace of future development.

Meanwhile, single family homes are selling at a fast and furious pace, as you will see in our upcoming quarterly report.

Weekend Events and the Weekly Real Estate Update

The weather should be spectacular this weekend, and of course Father’s Day is on Sunday. The North Beach Festival takes place Saturday and Sunday, from 10 AM to 6 PM on both days. There’s also the Annual San Francisco Juneteenth Festival and the Japan Day Festival, both on Saturday. As to where to take your dad on Sunday, Father’s Day, for brunch, lunch, or dinner, Open Table has a nice guide. To see it, click here.

On the “Homes for Sale in San Francisco” front, here’s our report for this week, 6/11/17 – 6/17/17

As areas like Noe Valley and Bernal Heights run out of cheaper inventory, developers have set their sights on other neighborhoods with good views and access to neighborhood amenities, according to a recent piece on SFGate.com.

For example, Glen Park recently saw a record sale with a newly built home that went for $5.4 million last month. Another record sale took place within the last two weeks, this time with a $1.9 million modern home in Bayview. Both had a streamlined design and terrific views.

This is taking place more and more throughout the City. If a neighborhood has a vibrant or growing commercial area, then the potential upside for builders can make the development risk worthwhile. This is what happened in Noe Valley, and it’s now happening elsewhere.

Weekend Events and the Weekly Real Estate Update

Another big weekend is coming up, and there are tons of things to do. The SF Jazz Festival continues with ten performances on Friday, Saturday and Sunday. Also on Sunday, The 2017 Escape From Alcatraz Triathlon takes place, along with a bunch of street festivals, including the Haight Ashbury Street Fair, Noe Valley SummerFest, and the “Sunday Streets” Huge Block Party at Sunset and Golden Gate Park.

On the “Homes for Sale in San Francisco” front, here’s our report for this week, 6/4/17 – 6/10/17

The low inventory of homes for sale is a problem, not just in San Francisco, but across the country. A recent Mortgage News Daily report looked at what is taking place.

Historically Americans have tended to buy their first home at a certain age, and move up into a newer, larger, better located, or more amenity laden home a few years later, and then perhaps move again to downsize or relocate to a more suitable place for retirement.

Lifestyle choices, and the housing crisis, disrupted all of this in recent years. Even though most markets have recovered from the real estate downturn, a new mindset has taken hold.

Today, not only are Americans buying that first home later than their predecessors, but once settled in, they seem to want to stay there. This has had ramifications for potential buyers as inventories of existing homes for sale are at record lows across the nation.

Old SF Neighborhood Has a New Name: The East Cut

The area around the Transbay Transit Center has recently been dubbed the East Cut, a name unveiled at a gathering at Solaire, a 32-story building at Fremont and Folsom streets. So says a recent SFGate.com report. The rebranding effort encompasses a growing section of the city; in the last decade, about 6,000 apartments and condos have been added to the neighborhood, with at least 2,000 more in the works.

Coming up with new names for sub-neighborhoods is a favorite San Francisco pastime. SFGate puts it perfectly:

“For a city of only 49 square miles, San Francisco is packed with a lot of neighborhoods. While Wikipedia puts the number at 40, locals would tell you there are at least a dozen more, from Lincoln Park to Balboa Terrace to Bayview Heights.”

Chronicle architecture critic John King East says developers explain East Cut is a reference to when Rincon Hill was bisected in 1869 to make Second Street a flat thoroughfare connecting downtown and the commercial waterfront. It may sound like a stretch, but who would have guessed the name Cow Hollow would catch on.

Weekend Events and the Weekly Real Estate Update

Looks like it’s shaping up to be a beautiful weekend, perfect weather for the 41st Annual Union Street Music Festival from 10 AM to 6 PM on both Saturday and Sunday in Cow Hollow. Want more? Saturday night the 3rd Annual San Francisco Beer & Music Festival takes place from 7 PM to 10 PM at SoMa StrEat Food Park.

On the “Homes for Sale in San Francisco” front, here’s our report for this week, 5/28/17 – 6/3/17

San Francisco Chronicle columnist Kathleen Pender recently wrote a piece about Bay Area homes sales, citing information released by CoreLogic. In her story she says the median price paid for a Bay Area home in April surged to a record $750,000, as the inventory of homes for sale continued to fall far short of demand.

In San Francisco the median price for the same period was $1,247,500.

It’s interesting to note that the median home price rose in every Bay Area county in April except San Francisco, where it fell 4 percent year-over-year. The drop was largely due to a drop in condo prices according to the report. Even so, the City’s median home price had a month-over-month gain — a rise of 5.3 percent from March.

SF Has More Parks Per Square Mile than Any Other U.S. City

The Trust For Public land, a non-profit dedicated to creating public parks, hailed San Francisco this month as the first U.S. city to achieve almost total recreation saturation, estimating two weeks ago that anywhere in San Francisco is within half a mile of one of the City’s roughly 220 parks.

Nationally, only Arlington, Virginia and Boston, Massachusetts come close to San Francisco’s perfect 100, both coming in at 98 percent according to a recent sf.curbed.com report. The Trust looked at the nation’s 100 largest cities when putting together these rankings.

The Trust also estimates that some 20 percent of the area of San Francisco altogether is now parkland. That’s enough to net San Francisco third place in the ParkScore report, behind Minneapolis and Saint Paul the Twin Cities in Minnesota.

Weekend Events and the Weekly Real Estate Update

It’s a three-day weekend so lots going on! Here are just some of the things you can do: The 39th Annual Carnaval San Francisco takes place Saturday and Sunday in the Mission. A free concert by jazz “Jedi master” tenor saxophonist Richard Howell & Sudden Changes happens on Saturday from 1 to 2:30 PM at Yerba Buena Gardens. It’s Memorial Day of course, and there is a Memorial Day Commemoration  on Monday from 10:30 AM to 3 PM at the Presidio’s Officer’s Club. Activities around this event include a grand march with veterans, a formal ceremony, a ranger-led cemetery walk, and a community picnic on the Main Parade Ground.

On the “Homes for Sale in San Francisco” front, here’s our report for this week, 5/21/17 – 5/27/17

A recent realtor.com report summarizes some of the trends we’ve noted in recent years. It turns out what’s taking place in San Francisco is actually happening across the country, and contributing to America’s worsening housing shortage. Young people in the U.S. prefer living in city centers and that has had a significant impact on our nation’s housing stock.

In some of the country’s largest and most prosperous markets, such as New York, San Francisco, Boston and Los Angeles, housing construction has been stronger than normal in the urban core but weaker in the suburbs, where new housing can be built abundantly and more cheaply.

As builders have shifted focus toward trendier urban markets and away from cheaper suburbs, they have produced less housing overall than they otherwise might have. At the same time, high land costs in central cities have pushed developers to focus on higher-end housing geared toward high earners.