Two weeks ago I attended the South Beach Mission Bay Neighborhood Association. Alan Mark of The Mark Company was the speaker for the evening, and if you do not know who he is, just think of sales and marketing for The Infinity, The Brannan, The St. Regis, 200 Brannan, The Arterra, The Montgomery, 733 Front, and the soon to be released One Hawthorne.

Alan Mark and his company represented the sales of all of the above buildings in the South Beach and SOMA areas of San Francisco and many more since his company was founded 11 years ago. So I was dying to hear his perspective on the sales activity in the South Beach area that night.

What did he say? He said that within 2 years he sees us with a shortage of inventory in South Beach. Why? New construction loans are extremely tough to get these days. But let’s say an entity was fortunate enough to get a loan. Getting the entitlements to the land is another time-consuming hurdle that could take years. Then there’s the time it takes to build.

What is available today in new construction? As of February 2010:

  • Only 14 units are left at The Infinity
  • One Hawthorne is going to open soon with just 119 units
  • The Montgomery is sold out, and
  • The Arterra is also close to being sold out

If an entity gets that new construction loan and the entitlements to build, it could be up to 10 years before the building would be complete and ready for sale.

Realtors get accused of being overly optimistic. So I’m not going to make any recommendations; I’m just reporting this is what Alan Mark sees on the horizon. He’s pretty credible in my book. Like I said, think The Infinity, St. Regis, The Brannan, 200 Brannan, One Hawthorne….

We are done with 2009. What’s behind us? In the fourth quarter ’09 the real estate market began to recover from the trauma of the financial market fallout that began in 2008. The quantity of homes and condos sold increased 5% over last year which ends a four year decline. Prices still were down however there are signs that there is competition in the marketplace again as properties sold closer to their asking price in Q4.  But talk to people that have been writing offers in 2009 and you will find many stories of buyers having to write *over* the list price to get the home.

I have detailed neighborhood reports for all districts in San Francisco. Shoot me an email and I will send it to you!

jdavis@mcguire.com

Jenn

South Beach Hot Spots

I have a new challenge for 2010: keeping up with the new hot spots that keep opening up in San Francisco’s South Beach.

In 2009, and in just the past few weeks, I have seen these South Beach establishments open for business:

Coming down the pike is the long-awaited Prospect restaurant (a spinoff from Nancy Oakes’ Boulevard Restaurant) that will be located on the ground floor of the Infinity building at 300 Spear @ Folsom.

These new establishments continue to enhance the walkability of the South Beach neighborhood. That is great for the real estate values in the area. And there are some great deals in South Beach these days.

Stay tuned. There are more South Beach hot spots to come in 2010!

Some beautiful homes keep coming on the market! Be sure to see 145 Mallorca, a 3500 s.f. 4 bedroom, 4 bath home in the Marina! How rare to have all that space. This is a fully detached Spanish Mediterranean home listed for $2.995,000. Email me for more info jdavis@mcguire.com

The next hot property this week is a condo at 3553 Divisadero @ North Point. 3 bedrooms, 2.5 baths on two levels! Hey, and 2 car parking to boot! This dynamite deal is listed for $1,,275,000. I’ve got the details! jdavis@mcguire.com

Finally, in Pacific Heights there is a great 2 bedroom, 1.5 bath condo located at 256 Presidio at Clay. It is one of (or if not the only) condo in the building with deeded outdoor garden. Listed for $789,000.

Deals to be had! jdavis@mcguire.com

Jackie Speier is doing a great job trying to help Bay Area homeowners. In her words,  “I’ve drafted an amendment so that rather than being limited to whether the loan was conforming at time of origination, it will be based on (whether it’s conforming at) the time of (modification), which will take the limit up to $729,750 in high-cost areas. This should make more people in the Bay Area eligible.”

The Chronicle article  states that Pelosi supports the bill and it is expected to pass the House.  Some much needed relief!

jdavis@mcguire.com

www.jenndavis.com

The buying opportunities abound in San Francisco and condo shopping sprees are on the rise! This month, a tour of 40 executives from China will be ascending San Francisco, Boston, New York and Los Angeles in search of a sweet deal.  I’d bet this is the first of many trips.  Is this the sign of things to come? Does this mean we are at the bottom and the market is about to move up?

Avram Goldman, CEO of Pacific Union, posts recently that things are getting better all the time. I still hear about multiple offers on well priced homes. That is the key, a realistic seller and a motivated buyer. This market will flesh them out.

Buyers out there, keep looking seriously.  We won’t be in this market forever.

www.jenndavis.com

jdavis@mcguire.com

299 Santa Paula

299 Santa Paula

Hot Properties for this week, February 10th, 2009

Starting with St. Francis Wood… 

 
 

 

Check out this Mediterrean Villa at 299 Santa Paula! A gorgeous 5Br, 5.5BA, 4 car garage home listed for $5,900,000! This is one of the more stunning homes in San Francisco. You gotta see it!

521 Hill Street

521 Hill Street

 Let’s move to

 
 

 

Noe Valley….521 Hill Street is a well priced 3BR, 2BA Marina style home located on a very desirable block in Noe Valley.  It comes with a lovely south facing yard…great light! At $1,399,000 this is a great deal.

More questions or just curious? Email me…

jdavis@mcguire.com

www.jenndavis.com