San Francisco Real Estate Properties

Anticipation comes to mind.

For San Franciscans, Labor Day brings the anticipation of the beginning of our hot sunny San Francisco’s summer weather (and fewer foggy days).

For the San Francisco real estate market, it is the anticipation that the perplexing effect the media has had on potential buyers’ perceptions and fears will settle down soon, as buyers with a reasonable credit and a nice (20%) down payment are getting reasonable home loans when they have been working with a multi-source mortgage broker finding well-capitalized lenders.

Over the past several weeks, there have been a few San Francisco transactions that had loan setbacks which delayed and/or cancelled an escrow or two because the financial markets reaction to the tightening of credit in the mortgage industry.   Three real estate industry groups have reported slower sales in California and the nation due to the ongoing bad news of tighter mortgage underwriting and its adverse psychological impact, yet the reality here is that the credit tightening has only affected a very, very small percentage of buyers and sellers in San Francisco. 

This week before Labor Day, there are presently 551 homes and 444 unsold condos, co-ops, and lofts for sale that have been on the market unsold for an average of 56 days and 51 days respectively.  At the same time there have been 392 homes and 411 condos, co-ops and lofts that are either now in contract or have sold so far this month.

Now more than ever, I anticipate that your Realtor’s experience will count in you understanding today’s many opportunities that exist in buying and selling real estate in San Francisco! 

Charts presented by Ann Scherbert courtesy of San Francisco Association of Realtors MLS data (all information deemed to be reliable, but not guaranteed).

A little known fact about our Peyton Place on Marina’s lagoon:

I can remember back when the San Francisco’s Palace of Fine Arts Lagoon in the Marina had at least 6 clipped-winged swans.  Several male swans from time to time would act more like ”speed boats” racing across the lagoon in hot pursuit for one of the female swans during the mating season.

Over the years, the flock has both multipled and shrink.  From time to time for the safety of the female swans, our swan steward has had to find other habitats for several male swans .

You can find the Judy Whilt, our resident swan steward, more commonly known as the ”Swan Lady” early most mornings as she walks around the lagoon attending to the swans.  Judy Whilt can tell the swans apart. She knows their ancestry and calls them by name.  Today there remains on the lagoon - a mother swan with her son, and her two daughters from several of her previous years of mating.    

A walk around the lagoon may seem pleasant enough for the casual observer, until one observes a “speed boat” race become a “drag race” with the mother swan and a daughter shoeing away her other daughter away from her advancing brother.  According to the “Swan Lady”, the 2 female swans have become jealous of the male swan’s (the mother’s son) attention of other female swan. 

Oh, the Peyton Place saga continues for those in the know on Marina’s lagoon.

The Tourists are here for one last summer fling and so are our summer’s inventory stock (homes and condos, co-ops, and lofts) still for sale!

This is the week for writing an offer on a great neighborhood home or a super condo, co-op or loft somewhere in the city and getting it accepted (maybe even below asking) before our remaining summer inventory stock gets old and/or forgotten. San Franciscans getting back home from vacation will eagerly await the anticipated fall preview of new inventory and will get serious. Sellers will be attempting to get their property on the market and sold by the Holidays. Our Buyers will want to be entertaining in their new home before the end of the year.Tourists visit all year round and fall in love with San Francisco.

While they are here they start dreaming about coming back here as job transferees or buying a second home in the city…so Open Houses over a holiday weekend such as Labor Day are always a great way for them to see the inside of homes in our charismatic neighborhoods before heading home to start packing!

While most of California and the Bay Area’s real estate markets are seasonal/weather-related and centered around school schedules…San Francisco’s real estate market is centered more around when holidays and vacations begin and end.

Anticipating one of San Francisco’s high seasons about to begin just after Labor Day weekend, perhaps more San Franciscans will be thinking about staying in the city to enjoy this upcoming long holiday weekend with the tourists and take in an open house or two since the Bay Bridge will be closed from Friday, August 31st at 8 PM through Tuesday, September 4^th at 5 AM .

In the homes that are held open this coming weekend, September 1^st and 2^nd in San Francisco, you will find a motivated Seller and Seller’s agent …hoping their property to be sold before the end of summer.