Latest Issue of Zephyr Real Estate S.F. MarketTracker week of 9/25/2010

Real Estate Market updates for S.F. buyers & sellers


Real Estate Update for San Francisco Homebuyers and Sellers
courtesy of:
Cheryl Bower
DRE# 01505551
415.999.3450
cheryl@cbower.com
In This Issue…
San Francisco Market Overview
SF School Boundary Map Released
$30+ Million Mansion
Fire Station Fire Sale
San Francisco Market Overview
Single Family Homes Condos/TICs/Lofts 2-4 Units
Median Sales Price, last 180 days
% Change from prior 180 days
Avg. Days on Market, last 180 days
% Change from prior 180 days
$689,000.00
+2.84%
56.9163
-6.22%
7.4
$615,000.00
+1.74%
73.5772
-8.46%
8.5
$1,056,500.00
+5.65%
85.2222
-13.81%
12.3
SF School Boundary Map Released

The San Francisco Unified School District recently released their preliminary version of the new elementary school attendance map. The map divides the city into “sending” districts for elementary school. This is a major shift from the open lottery system that’s been in place for decades.

The lottery system allowed parents to rank seven schools. SFUSD then did their best to offer students one of their selections without consideration of where the schools were located. The new system assigns a neighborhood school for each “district” in the city and provides an opportunity to keep kids closer to their home.

There are several schools that remain citywide — schools that don’t have neighborhood-specific boundaries. These include: Alice Fong Yu, Buena Vista, Bessie Carmichael, CEC, Fairmount, Lilienthal, Lawton, Marhsall, Paul Revere, Rooftop and SF Community.

What does this mean for property values? In other cities across the U.S., additional value is often placed on certain neighborhoods that are associated with “great” schools. However, in San Francisco location is still only one factor that affects where a child may be placed. There are other criteria that are weighted in the school assignment process, so families do not have a guarantee that their child will be placed in their neighborhood school. Chances are greater to attend the neighborhood school with the new process though, so property values may potentially be affected — positively or negatively depending on the demand of the neighborhood school. How this will affect values over the long-term still remains to be seen. Time will tell.

$30+ Million Mansion
2701 Broadway has hit the market. A private, invitation-only launch on September 16th revealed an incredible estate. Some highlights:

• List Price: $32,000,000 (that’s a lot of digits!)
• 7 Bedrooms, 7 Full Baths, 4 Half Baths
• 16,000+ Square Feet
• Built in 1910 and restored in 2002
• 5 Levels of living space
• Multiple decks and terraces with incredible city and water views
• Lower levels include an art room, a media room, an au-pair suite, a mud room and an indoor basketball court!
• The top level includes 2 decks with breathtaking views, a game room and a kitchen

While certainly not for everyone, this estate has been beautifully restored and will make an extravagant showpiece for some lucky buyer.

Fire Station Fire Sale
We’ve seen several former fire stations come on the market this year, including some fully renovated into very special homes with high price tags. This one’s a bit different — an actual firehouse in original form.

909 Tennessee Street. The former firehouse was initially priced at $735,000, but now bids are starting at a minimum of $340,000. All offers are due on November 23rd, and offers will be opened and read aloud. The property is approximately 6,113 square feet.

The property will be sold without warranty to the highest cash bidder at a sealed public auction. The property is being sold “as is” and the buyer is responsible for paying all transfer taxes, escrow fees, title fees and all other costs associated with the property.

How’s that for a fire sale?

Cheryl Bower • 415.999.3450 • cheryl@cbower.com • www.cbower.com
Recent listings, sales, and market data are based on information from the San Francisco Association of Realtors MLS for the periods shown.
Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS.

Posted by:

Cheryl Bower, Realtor CRS, GRI, ABR, ePro
Cell 415.999.3450

cheryl@cbower.com
DRE #: 01505551
Zephyr Real Estate

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About Cheryl Bower

Cheryl is a S.F. native & 17 year property investor/renovator, specializing in S.F. real estate including residential sales & leasing.

She represents sellers, first time buyers, move up buyers, investors, & landlords in San Francisco, San Mateo County & beyond.

Questions about our marketplace?

415-999-3450

cheryl@cbower.com

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