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

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As the market shifts and changes, I am starting to see more of a silver lining. Your property may be eligible for a reduction in your property tax. The Assessor’s office is accepting “Requests for Informal Review of Assessed Value” through August 28, 2009.  You may also submit a request for a formal appeal with the Assessment Appeals Board. See below link.

The filing period is between July 2nd – September 15th, 2009. If your appeal is approved by the assessor’s office, you could benefit from the tax reduction for the period of July 1, 2009-June 30th, 2010. You will need sales comparables to support your claims.  Let me know if I can be of assistance!

San Francisco property tax appeal information

Jenn Davis

jdavis@mcguire.com

San Francisco Painted Ladies

San Francisco Painted Ladies

I have been working with a buyer for the past 6 months who wants to upgrade from a condo to a single family home. We all are aware the market has softened and the time is right to make a move.

My client finally found the home of her dreams last month but felt the market had not hit bottom and wanted to wait things out. See if the Sellers would drop their price. Sure enough, another buyer thought this home was their dream home too and made an offer that was accepted immediately. Surprised and disappointed, my client continued her search.

The next dream home surfaced just a week later. The listing agent set an ‘offer date’! (what year is this – 2005?) and would not entertain offers until there had been 2 Sunday open houses. The offer date arrived. Three offers (including ours) were presented. The offer that was accepted was head and shoulders above our offer. The Sellers didn’t even bother to issue a counter. The belief was it is best to accept the top offer than to take their chances in issuing a counter (what if the buyer went away? they felt).

I’ve also seen two fixer single family homes go into contract in under 10 days.

I know we are in a softer market. But it is not a market that can be generalized. The nicer properties, priced well, will go alarmingly fast. My perspective is why wait? If you see a property that fits your needs, write your best offer now. Many times, the first offer in is the best offer. Sellers know that. But even if a Seller does not know that, an agent representing you knows that. Just my 2 cents.

Jenn Davis jdavis@mcguire.com

ggb1

Who would have thought that just last year San Francisco was considered #24 as the best place to invest in real estate? Now in 2009, it has moved up to position #6. This is the year for playing it safe, not investing in creative or far flung opportunities.

The City by the Bay has always been a destination city with international appeal. Only 7×7 miles…the traditional rules of supply and demand apply in this gorgeous city of ours.

For investment opportunities, click here for my info or send me an email at jdavis@mcguire.com.

Jenn

A San Francisco property received 42 offers…others went into contract immediately. There are some great properties out there and great loan rates. The Infinity is selling an average of a property a day…what’s going on? Is this the rebound?

http://cbs5.com/video/?id=47401@kpix.dayport.com 

Email me, Jenn Davis,  for more information jdavis@mcguire.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

Millennium Tower

Millennium Tower

The word is that the Millennium Tower  in San Francisco, located at 301 Mission, just inked a sale for 10.6M! This is apparently a 5000 square foot shell with beautiful views.

They recently slashed their prices by 15% and extended it to their existing buyers in response to the slower market. I wonder if this $10.6M Buyer took advantage of this discount?

www.jenndavis.com

jdavis@mcguire.com