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Finally, some new content, perspectives and data from Kevin+Jonathan. We bring you the latest edition of In the Know.
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IN THE KNOW

 

WE’VE SURVIVED THE FIRST PART OF 2020 AND 6 MONTHS OF LOCKDOWN
San Francisco’s Housing Market is Active and Healthy, But What Does That Mean? 

Happy Pride and Happy 4th! Okay, those events were a while ago. Really, I think it’s National Ice Cream Day, so that counts, right? 

We’ve started this newsletter at least five times since Memorial Day, which was the last time we had enough time to send out a newsletter. This delay has been because we've had a very, very busy summer helping our clients buy and sell real estate in and around San Francisco.

While a lot of agents have been idled by COVID, we’ve worked hard at staying healthy (you should see our mask collection now), ensuing that our clients are kept as current as possible on the latest in their individual searches, listings and escrows and by keeping a close eye on market developments, trends and opportunities.  

COVID has disrupted real estate like everything else and has, ironically, really favored the more personalized approach that we take when it comes to buying and selling properties. We've always used tech in our work — more than 700 property walk-through videos under our belt and our very first virtual showing was about 10 years ago and working remotely is what we’ve done from day one. Moreover, we've always advised looking at the bigger and broader picture when it comes to decision-making and it's proven very helpful having attorney-skills when it comes to drafting precise documents to plan for the unexpected. Oh, and we happen to have a big dog who is just the right size for social distancing. 

Take a read through our latest media clips — a quote in Mission Local about what's happening out there now and a mini-column in the San Francisco Chronicle about how a spike in cases impacts real estate. And be sure to read about a number of recent client wins. But first... 

What we’re seeing out there now: 

  • Like everything else, real estate's summer vacation has been canceled this year. The usual distractions of vacations, music fests, graduations, weddings and conventions are, well, canceled, leaving people sticking closer to home. This means there are more folks around with a lot of them looking to change up their housing situation. 
  • It will still cost you about $1,000 a square foot to buy a home in San Francisco. That’s about $6.90 per square inch! Median per-square foot prices are about $950-$960 for single-family houses and about $1,050-$1,100 for condos (which are usually smaller than houses).
  • Single-family houses are selling strong and fast. Prices have stayed consistent with last year’s prices and average days-on-market time. e Single-family houses are a hot commodity these days as a lot of people are wanting yards, lives without HOAs and a multitude of neighbors.  
  • Condos, depending on where the property is located, are having a more mixed time of it this year compared to last. Some condos are doing well — more traditional units in walkable neighborhoods with size and fewer number of units per building — while others have seen weakness — condos with now-closed amenities near downtown where folks are no longer commuting to.  
  • We've heard the stories of people moving out of San Francisco, but we think that's a bit overblown because these are the types of stories that are run to draw views and clicks. What we're seeing is that a lot of renters are buying places instead of renting a bigger place or asking for a rent reduction. This makes sense: if you miss a rent payment you’d face eviction or would be in a property owner’s debt whereas if you need to miss a mortgage payment you can apply for a forbearance.     
  • Which means that folks have been taking advantage of very, very low mortgage rates. Rates, across the board, for 30-year fixed mortgages are now hovering in the 3% range for new purchases by qualified buyers. Buyers have a better chance of getting a property now thanks to lower monthly payments, the comfort of know that a low rate is locked down for as long as 30 years, and the ability to compete against fewer buyers. 
  • The national savings rate has gone up during the past three months as people literally don’t have anywhere to spend their money (well, fewer outlets perhaps).

As always, thank you for reading In the Know. We have more than 700 subscribers and our readership keeps expanding. But we can’t do it without you, your referrals and your loyalty. We know how the definition of home has take on an entirely deeper level of meaning for all of you and we are deeply honored to be able to have helped you and yours in securing yours.

We thank you for thinking of us anytime real estate comes to mind. Stay cool, safe, healthy and happy! 


Very Truly Yours, 









 
Kevin K. Ho, Esq. 
Vanguard Properties 
Broker Associate | Attorney | Top Producer | REALTOR

DRE 01875957 | SBN 233408
(415) 297.7462 | kevin@kevinandjonathan.com







Jonathan B. McNarry 
Vanguard Properties 
Broker Associate | Top Producer | REALTOR

DRE 01747295
(415) 215.4393 | jonathan@kevinandjonathan.com


Raffi McNarry-Ho 
Vanguard Properties
Real Estate Super Dog 
JUST LISTED: A MISSION DOLORES INCOME PROPERTY WITH POTENTIAL AND LOCATION!
Set on an idyllic street that’s lined with trees and lamposts instead of power lines and just a stone’s throw away from Dolores Park, 32 Dorland Street is the rare opportunity to purchase a classic San Francisco building that earns solid income while also possessing the potential of adding even more value without the need for evictions or negotiated buyouts.

32 Dorland comprises four 1-bedroom units — each with coved ceilings, bay windows and wood floors. The well-maintained building has a authentic and bright feel and has two levels over a large garage level that contains a 400+ sqft underutilized area that’s also street accessible by breezeway. There’s also a sunny back garden area with large, fragrent jasmine plants. Available for the first time in years, the opportunity to own this piece of San Francisco is here and ready for you. Listed at $1.997 million
  • 4 1-bedroom units, 2,300+ sqft
  • 4-car garage (tandem access) (3 spaces unrented, possible ADU location with street access with 450+ sqft of new living area) 
  • 100 percent occupancy rate 
  • $8,270/month gross rents (banked increases available for 2 units)
  • Tenants pay PG&E/Internet 
  • Circa 1925, Concrete foundation 
  • Quiet, treelined street with no power lines, minutes from Dolores Park
  • Limited showings to serious buyers only
     

As we said above, a lot has been going on. Here are how our clients have been doing over the past few weeks. 

OUR SELLER UP TOP IN THE HILLS: IN CONTRACT IN RECORD TIME AT A RECORD PRICE


The views!
 
Our seller at 180 Corwin Street, after working with us since January to prepare and update his place for sale accepted an offer after just 10 days on the market with more than 20 disclosure packages sent out and 15 private, COVID-19-compliant, showings. The 270° stunning-view property that is set next to the equally dramatic Kite Hill open space perched just about the Castro was listed at $949,000 and has 2 beds, 1 bath, 1-car parking and just over 950 sqft of living space. There were multiple offers and we are in contract way above the list and where we thought we’d be.  Stay tuned for details.
   

A STRATEGIC BUYER WIN: Ground-floor to Top-floor on Broderick for Less


A set of Floridians turned Californians and their puppy Luke lived in a ground-floor studio in the Tendernob just moved into their new home which closed late month.  Drew and Cori are now the proud owners of an updated 1920s, 1-bed+, 1-bath, top-floor condominium at 1151 Broderick Street, near Anza Vista/NoPa. The tree-lined block leads right into NoPa. We had seen another ground-floor garden condo nearby on Rental but after seeing this one, which was listed at  $775,000, the couple followed our advice of submitting a tactical preemptive offer. 

We knew that the offer was unlikely to get accepted but we also know that it would make us memorable to the seller (we already knew the listing agent well). Indeed, the sellers set an offer date for 4 days later. But instead of resubmitting an offer right at the beginning of the day, our revised offer only came after a call from the listing agent to us asking for one because the sellers remembered our early effort. Indeed, we came back and beat out the other 4 offers, but just barely as at least 3 others were over $800,000.  

With slightly better terms and a higher offer price our buyers managed to avoid having to go through a round of multiple counter offers that could have pushed the final sale price beyond reason. We’d say the property would have a fair chance of hitting the $900,000 price point given its location, setting and finishes. But the fact our clients increased their offer price and tightened up terms meant that we got them the property at $850,000.  See Drew and Cori's Yelp Review here. 
 
UNEXPECTED BUYER WIN: OMG-Views in Oakland Despite 72 Sets of Disclosures



A somewhat different story across the Bay for another set of physician clients — an ER doctor and UCSF researcher. A Tahoe-like A-frame house in the Oakland Hills in the Montclair neighborhood at 6607 Heartwood, which was listed at $1,234,000 (no, really, 1, 2, 3, 4). The somewhat quirky house screams out professor (indeed a professor had owned the property in the recent past) but is perched on a large hillside parcel with stunning, stunning views of the Bay and is sandwiched between two reassuringly tall redwood trees. With the listing agent telegraphing that there were 72 disclosure packages out on the eve of the offer date, our clients asked us where the property would end up.

Given all those indications, we thought that the property would end up in the $1.5 million to $1.6 million price point, which was more than our buyers wanted to go.

Well, real estate is anything but boring, right? The next morning the listing agent said that while offers had come in (with multiple counter offers out) the high disclosure package count scared off many buyers and that the property was still available with a buy-it-now price of $1.4 million, which is right where our clients wanted to be at. But what was the catch? How long did we have to act? 

We donned our masks, got our gloves on and trekked over to see it in person within ours. And wow was it amazing. We arrived just in time to catch magic hour and a dramatic sunset sweeping across the bay (which is routine for this part of the area). Wasting no time, we wrote a non-contingent, $1.425 million offer by the next morning despite the fact that one of the buyers hadn't been to the place in person!

Apparently there were other buyers who couldn't get past their disbelief and/or suspicions about whether $1.4 million was the ‘real’ price, we moved ahead and our clients' offer was accepted by that night. The listing agent confided with us that the seller’s expectation was $1.5 million to $1.6 million but because we included letter with our non-contingent offer, the seller felt happy enough with the outcome of having the house go to people who will really appreciate it, which they will.

And, of course, during the escrow the much-anticipated glitch that we always warn about did indeed come up in the form of an unexpected $25,000 lien for an air conditioning install that the seller thought would transfer but couldn't. The seller’s agent was under the impression that our clients were going to put more cash down to pay off the note. But that's not what we bargained for. After an in-depth review of the note’s terms (it pays to have an agent who is also an attorney), we successfuly made the case that it needed to be a seller cost. Indeed, the seller agreed with our logic and paid that obligation off at close. What’s better is that we managed to close ahead of schedule with a mortgage with a 3% rate thanks to our lending contact Tony Alencar at Citibank, at the agreed-upon $1.425 million price, which is as steal of a deal. 
 

THE SWIFT BUYER WIN: The Perfect and Rare Inner Richmond Find

We met our clients who won a rare nearly perfect house in the Inner Richmond while we were doing a YouTube preview of another house in the Central Richmond for another set of clients. I had started filming when I saw a jogger who had clearly displayed the looking-at-house choreography we usually do ourselves and, after chatting outside ended up showing her the house, which I proceeded to take a part for an hour — most of you that I can’t help myself! Anyway, we kept in touch over the next few months with us sending her the occasional Inner Richmond house that came on the MLS or otherwise, but none fit the bill. Until one did. And when the right one comes along, there’s no other way to get it then to act.  

Our client sent the listing to us Wednesday night. The listing had only come out that afternoon. We booked an appointment to see it Thursday afternoon (apparently slots were filling up fast). When we arrived, there was a group waiting to go in, another who had been in and us. Our 30 minutes came up and were barely done when we were told that our time was up. Coming outside again there was another group waiting to get in and the one after. So, what did we see over that 30 minutes? We saw something pretty special. 687 11th Avenue is a 37.5-foot wide house (the normal is 25 feet) that’s been renovated how we’d renovate, understated but refined. The super width is a bit disorienting but that’s part opf the draw of the 3-bed, 2.5-bath, 2600+ sqft house. The deep rooms, smart design choices combined with the fact that there’s potential to add even more living area in the semi-finished basement and in the attic with a dormer for a total of 4,500+ sqft. not that our seller would ever need to do that. Back to the story. 

When we came out we all agreed it was perfect with our seller being relieved and pleasantly surprised that I had nothing but praise for the place as it is genuinely well-done and feels great. We knew it was match and we knew that it would get snapped up fast. Indeed, that night we got a ping saying that another set of buyers submitted a lackluster offer with both an appraisal and financing contingency, neither of which we’d need. So, we moved quickly and decisively so that our offer was in by 8:30 Friday morning and accepted by 10:00 a.m. Listed at $2.395 million we wrote an offer of $2,525,000 with a 7-day close and returned all of the disclosures. We ended closing a day early and couldn’t be happier.

Take a read at our client’s review here.     
SOLD ON ELM STREET: The Nightmare of COVID Delayed Things, But Couldn’t Prevent A Successful Sale
Our sellers at 368 Elm Street, Number 305, did everything we suggested they do to update their unit. All the details, paint lighting changes, and we came on the market in February, right when the stock market took an unexpected hit and, after that, right as three sets of buyers expressed interest in the unit Shelter In Place rolled over everyone’s lives. We waited out the withdrawn period, made sure that our sellers didn’t have top pay any extra staging costs and continued to market and arrange COVID-safe showings. Ultimately, in May/June we came back onto the market with a teaser price, a new 3D tour and Raffi property tour video and an offer date. Lots of showings followed as interest was piqued . And, after multiple offers came in, we still ended up closing with the highest sale price in that building to date at $1.245 million. More surprising is that the loan was done by Wells Fargo and closed early — in just 25 days. In the end, it took longer and we got a smidge less than we thought we would but, given the circumstances and timing, this outcome was as definite win. Read our Clients’ Yelp Review Here.  
IN CONTRACT IN UPPER NOE: Under the List!
Congratulations to our buyers over at 649 28th Street. This is a upper Noe Valley, extra deep parcel with your typical sunset-style house on it. Our buyers, who currently rent in Mission Bay, contacted us saying they wanted to get a place they could renovate and add value to in Noe. After seeing a few listings with entitled plans that were simply too big (4,000+ sqft in most cases) the buyers realized that they’d need to get home without plans so that they wouldn’t be paying a premium for plans that they will never use. Indeed, the search took some time but then 649 28th came on and we were among the first people to see it via lockbox. The property could have views out the front (we confirmed with a drone flight) and the house next door is just finishing a multi-year project that turned a similar sunset-style house into a 6-bed, 6.5-bath modern marvel that’s expected on the market later this year. Listed at $1,700,000 the seller inherited the home years ago and has maintained it but not updated it, which is just what our clients want and also explains the 1980s red-brick kitchen décor. We submitted a non-contingent offer and after 5 rounds of offers and counter offers we can say we’re in contract under the list price and above where we started but that everyone will end up happy a few weeks from now.  
SELLING SWIFTLY IN DALY CITY: In just 8 days — way over list
 
Congrats to our sellers at 855 Bellevue in Daly City.
Having bought the property when they first got married in the 1980s, the couple found another place in San Francisco and rented out the property for many years to the same tenant. As the tenant got older, upkeep of the house slipped so by the time our clients got the house back it was time to remodel. Well, they did a great job, doing a lot of the things we’d do and even went to one of our favorite vendors. By the time they called us there were a few tweaks, but the main question would be how the property would fare in this niche part of Daly City, which is literally a stone’s throw from the City. With up to 5 bedrooms, 2.5 baths and about 2,000 sqft of living space, the house has commanding views of Bernal Hill all the way to Mt. Tam and opens out to a green space in the backyard instead of someone else’s yard. 

We deployed our tools of good staging, a Raffi property video, great photography, drone footage and a 3-D tour and a $998,000 list price drew the crowds out. In just a week (during a Pandemic mind you) we had more than 30 private showings (by appointment) and 22 disclosure packages out. The question of when an offer date was one that kept being asked (you know our advice: if you like it, write it). Finally, we set an offer date some 8 days from our launch and more than 10 came in. Our original goal had been to top the next-door neighbor sale price of $1,088,000 from 2 years ago and we are pleased to say that we are substantially over that price with a backup to boot too. Stay tuned to see the final closing price when the home closes in about 30 days from now. Take a look at the property site here.
Watch Raffi’s Latest Property Video Here:

You’d be surprised at the value you can get just a few minutes over the county line in ‘original’ Daly City, which is where you’ll find Mr. Raffi’s latest video is set. The property sold in just 8 days with multiple offers in. The winning offer is substantially over asking and there’s a backup offer right on the winning buyer’s heels  


 

On the YouTubes

For other videos and to watch one of the hundreds of property walk-throughs we’ve done over the years, visit our YouTube channel here.


A sampling of what’s coming soon in the City. Information is preliminary and subject to change. Ask us if you want to learn about anything you see below. 

Single Family Houses 

Where

Address

Cross Street

Expected List

Beds

Bath

Area

Lot Size

1 - Central Richmond

886 28th Ave

Fulton

$2,988,000

5

4.50

2900

2500

1 - Jordan Park/Laurel H

17 Commonwealth Ave

California St

$4,950,000

4

3.50

3480

2848

1 - Lake Street

5419 California St

16th Avenue

$2,749,000

3

2.50

 

2561

1 - Lake Street

134 2nd Ave

Lake St

$2,500,000

3

1.50

1747

2700

2 - Outer Parkside

2342 38th Ave

Taraval St

$1,500,000

2

1

1600

2996

2 - Outer Sunset

1675 38th Ave

Moraga

$1,495,000

3

2

1704

3000

2 - Parkside

2555 32nd Ave

Vicente

$1,095,000

3

1

1475

3000

2 - Inner Sunset

1461 7th Ave

Judah

$1,995,000

4

1.50

2050

2996

4 - Miraloma Park

739 Rockdale Dr

La Bica/Reposa

$1,295,000

2

1

1102

3314

5 - Glen Park

382 S Surrey St

Chenery Street

$2,100,000

3

2.50

1625

2953

5 - Glen Park

190 Hamerton Ave

Mangels Ave

$1,295,000

3

2

1222

2134

5 - Noe Valley

437 Valley St

Noe St

$2,299,000

3

2

1557

2848

5 - Cole Valley/Parnassu

1283 Stanyan St

Belgrave Ave.

$1,495,000

1

1

 

2299

5 - Clarendon Heights

150 Glenbrook Ave

Palo Alto

$21,950,000

6

7.50

7440

5271

5 - Eureka Valley/Dolore

3928 20th St

Sanchez

$6,200,000

4

3.50

3348

2848

5 - Eureka Valley/Dolore

473-475 Diamond St

21st street

$4,000,000

4

3.50

2518

3125

6 - Anza Vista

95 Anzavista Ave

Encanto

$1,975,000

4

3

1970

4120

7 - Marina

585 Marina Blvd

Divisadero

$7,995,000

4

3.50

4062

3497

7 - Pacific Heights

2340 Washington St

Webster

$11,500,000

5

5.50

6200

3219

8 - Russian Hill

1011 Green St

Jones

$4,500,000

3

2

3182

2696

9 - Bernal Heights

31 Mullen Ave

Alabama St

$2,150,000

3

2

1260

1875

9 - Bernal Heights

86 Elsie St

Esmeralda Ave

$2,595,000

4

2

 

 

9 - Bernal Heights

375 Highland Ave

Andover

$1,400,000

2

1

932

2212

9 - Bernal Heights

344 Park St

Holly Park Circle

$1,499,000

4

2

1600

2495

9 - Bernal Heights

609 Precita Ave

Florida

$1,875,000

3

2

 

2561

9 - Inner Mission

621 York St

17th street

$2,195,000

3

2

2000

2500

9 - Inner Mission

1 Enterprise St

Folsom

$6,500,000

4

3

4795

1799

10 - Bayview

1411 Newcomb Ave

Keith

$1,450,000

4

3

1779

1873

10 - Bayview

1978 Armstrong Ave

Newhall St

$999,000

4

3

1626

2500

10 - Crocker Amazon

48 Brunswick St

Curtis

$1,100,000

2

1

1120

1800

10 - Mission Terrace

132 Santa Ynez Ave

Otsego

$1,099,000

2

1

1112

3232

10 - Mission Terrace

406 Capistrano Ave

San Juan Avenue

$1,349,000

2

1

 

3075

10 - Mission Terrace

34 Arago St

Paudling

$1,050,000

2

1

1270

2726

10 - Mission Terrace

65 Meda Ave

Delan0

$1,875,000

4

3

 

1663


Condominiums
 

Neighborhood

Address

Cross Street

Expected List

Beds 

Baths

Area

# of Units 

# Parking 

1 - Central Richmond

2224 Clement St #109

24th Ave Clement St

$1,398,000

2

2

1000

12

1

2 - Inner Sunset

1327 7th Ave #2

Irving

$1,625,000

3

2.50

1333

12

1

2 - Inner Sunset

1244 6th Ave

Hugo

$1,125,000

2

1

1187

4

1

3 - Ingleside

1490 Ocean Ave #402

Miramar

$1,199,000

3

2

1336

15

1

4 - Mount Davidson Manor

415 Dorado Ter #39

Ocean

$799,000

1

1

831

56

1

4 - West Portal

2760 19th Ave #7

19th Ave.

$879,000

2

2

1240

84

1

5 - Haight Ashbury

1121 Masonic Ave #A

Page

$1,700,000

3

2

2380

3

1

5 - Noe Valley

146 28th St

Dolores

$1,599,000

3

2

1569

2

1

5 - Noe Valley

1158 Church St

24th

$1,300,000

2

1

1100

2

1

5 - Twin Peaks

880 Corbett Ave #4

Hopkins

$1,650,000

2

3

2094

4

1

5 - Buena Vista/Ashbury

261 Buena Vista Ave

Park Hill

$1,850,000

3

2

1815

2

3

5 - Eureka Valley/Dolore

304 Eureka St

20th St

$1,875,000

2

2

 

3

1

5 - Eureka Valley/Dolore

40 Seward St

Douglass

$950,000

2

1

 

2

0

6 - Hayes Valley

370 Waller St #B

Filmore Street

$1,749,000

3

2

1419

5

2

6 - North Panhandle

1960 Hayes St #1

Clayton

$1,649,000

2

2.50

1620

13

2

7 - Pacific Heights

2121 Webster St #206

Sacramento Street

$1,950,000

1

1.50

966

76

1

7 - Pacific Heights

1981 Broadway

Laguna

$2,895,000

3

3.50

2539

2

1

7 - Pacific Heights

2155 Buchanan #7

Sacramento

$1,495,000

2

1

1162

10

1

7 - Cow Hollow

3041-A Webster St

Filbert

$2,495,000

3

2

1790

2

1

8 - Financial District/B

201 Sansome St #801

Pine St.

$880,000

1

1

658

48

0

8 - Nob Hill

1537 Pacific Ave

Polk St

$1,795,000

4

2

 

2

1

8 - North Beach

2230 Mason St #M201

Chestnut

$1,180,000

2

2

1071

12

1

8 - North Beach

445 Francisco #F305

Mason

$1,618,000

2

2

1300

88

1

8 - Russian Hill

1339 Vallejo St

Hyde Street

$1,549,000

2

2

1249

2

2

8 - Russian Hill

1341 Vallejo St

Hyde Street

$2,349,000

3

2.50

1816

2

2

8 - Russian Hill

56 Glover St

Leavenworth

$1,295,000

2

1

1042

2

1

8 - Van Ness/Civic Cente

77 Van Ness Ave #607

Hickory

$948,000

1

1

979

50

1

8 - Van Ness/Civic Cente

818 Van Ness Ave #402

Eddy

$899,000

1

1

867

52

1

9 - Inner Mission

3321 23rd St

Mission

$1,795,000

2

2.50

1880

3

0

9 - Mission Bay

1000 3rd #913

Channel St

$1,325,000

2

2

1004

350

1

9 - Mission Bay

1000 3rd St #706

Channel

$1,448,000

2

2

1156

350

1

9 - Mission Bay

255 Berry St #708

King

$3,195,000

2

2.50

2435

99

1

9 - Potrero Hill

2250 24th St #436

Kansas

$699,000

1

1

602

132

1

9 - Potrero Hill

451 Kansas St #350

17th

$1,325,000

2

2

 

165

2

9 - South of Market

252 9th St #401

Folsom

$775,000

1

1

 

15

0

9 - South of Market

465 10th St #102

Bryant

$1,695,000

2

2

2541

40

1

9 - Yerba Buena

300 3rd St #522

Folsom

$845,000

1

1

871

233

1

9 - South of Market

2 Mint Plz #406

5th Street

$649,000

1

1

674

50

0

9 - South of Market

765 Market St #24CD

3rd Street

$6,900,000

1

1

3545

142

1

9 - South Beach

555 4th St #609

Brannan St.

$795,000

1

1

691

302

1

9 - South Beach

555 4th St #447

Brannan

$658,000

0

1

 

300

1

9 - South Beach

355 Bryant St #102

2nd Street

$2,450,000

2

2

2203

43

1

9 - South Beach

200 Brannan St #134

Delancey

$979,500

1

1

925

241

1

9 - Central Waterfront/D

1325 Indiana #211

23rd

$895,000

1

2

928

48

1

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Vanguard Properties · 2501 Mission Street · San Francisco, CA 94110 · USA