Values Rose Slightly in San Diego, Fell Modestly in Los Angeles and San Francisco

SAN FRANCISCO, Feb. 23, 2010 – Luxury home values in Los Angeles, San Diego and San Francisco began firming at the end of 2009, according to the First Republic Prestige Home Index™ by First Republic Bank, a leading provider of private banking and wealth management services.

In the quarter ended Dec. 31, 2009, the Index indicated the following:

• Los Angeles area values fell 12.9% over the past year and dropped 0.9% from the third quarter of 2009. The average luxury home in Los Angeles is now $2.01 million.
• San Diego area values dropped 12.2% year-over-year and rose 0.8% from the third quarter of 2009. The average luxury home in San Diego is now $1.70 million.
• San Francisco Bay Area values decreased 14.5% over the past year and declined 0.4% from the third quarter of 2009. The average luxury home in San Francisco is now $2.51 million.

“On a year-over-year basis, prices continued to fall sharply, but market conditions improved slightly from the third quarter of 2009 to the fourth quarter of 2009,” said Katherine August-deWilde, President and Chief Operating Officer of First Republic Bank.

There’s a whole lot of activity going on in San Francisco:

SF Hotsheet Statistics for the past 2 weeks, 2/5 – 2/19/10

There have been 117 new listings entered into MLS in the past 24 hours.*

*as of 02/19/10

Each week, the Paragon Market Update Report looks at prices and market dynamics in the different neighborhoods all over the city. Select the neighborhood to access the latest neighborhood details.

San Francisco City Overview

Specific Neighborhoods:

Extreme rate volatility discussed in this report two weeks ago still holds. Rates traded up and down about .375% this week on fears about business inflation and Fed rate hikes. Today’s tame consumer inflation contributed to rates dropping again, and rates end the week roughly .25% above all time record lows. But this record low rate window looks to be closing. Rates could rise by about 0.5% by summer for three reasons:

By: Katie Worth
Examiner Staff Writer
December 19, 2009

The Examiner compiled a range of facts and figures about neighborhoods across The City — including how much it costs to live there and the percentage of people with access to a supermarket — to show that aside from the commonly held assumptions about the areas, there are vast differences among the places San Franciscans call home.

San Francisco

Population: 808,796
Average household size: 2
Percentage of families with children under 18: 40
Percent married: 34
Violent crimes, Sept.-Dec.*: 1,103
Nonviolent crimes, Sept.-Dec.*: 5,623
Median sales price, Sept.-Nov.*: $640,000
Average rent for two-bedroom apartment*: $2,737
Median household income: $71,451
Percentage of households within half-mile of supermarket: 84

199 New Montgomery Street #1505
San Francisco, CA 94105

Sold for $575,000

Features
Bedrooms: 1
Bathrooms: 1
Parking: 1
View: Yes

Neighborhood: South of Market (Google Map)
Property Type: Condo

Popular music: A look at San Francisco Jazz’s spring season
By Jim Harrington
jharrington@bayareanewsgroup.com
Posted: 02/18/2010 12:00:00 AM PST

The 2010 San Francisco Jazz spring season kicks off in a big way this weekend.

The festivities begin Friday with two shows, at 8 and 10:30 p.m., by Cuban pianist Issac Delgado at San Francisco’s Bimbo’s 365 Club. At 8 p.m. Saturday, retro German crooner Max Raabe and his Palast Orchester visit the Paramount Theatre in Oakland. The weekend offerings conclude with world-music/psychedelic-rock ensemble Tinariwen at 7 p.m. Sunday at the Palace of Fine Arts Theatre in San Francisco.

Upcoming listings:

$1,695,000 // NOE // BR/BA: 3/3 PKG:   1  Brief Description:  Gorgeous house-like condominium, completed in 2007 – this home was built with meticulous attention to detail and the finest finishes: a Thermador 6 burner range in the gourmet kitchen, U-Line wine refrigerator, radiant heat and wired for sound throughout. Includes a fireplace and huge, exotic Brazillian walk-out deck off of the living room. 

$1,299,000 // Parnassus/Ashbury Heights // BR/BA:  3/2 PKG: 1 Brief Description:  2200± sq.ft. Condo w/period details, Living & dining rooms, w/ chef’s kitchen. Deeded yard, one car parking & a great location

$869,000 //Anza Vista // BR/BA: 2/1 PKG: 1+ Brief Description: Classic modern top floor condo with city Skyline Views

$799,000 // Glen Park // BR/BA: 3/2 PKG: 1 Brief Description: Comfortable and convenient, wood burning fireplace, remodeled bathrooms, deck and backyard

$525,000 // West Portal // BR/BA: 2/2 PKG: 1 Brief Description:   Stern Grove Condo with fire place, in unit Laundry and elevator. 24 Hr. Guard.

Pocket Listing:

$2,795,000 // SOMA // BR/BA: 2/2.5 PKG: 1 Brief Description: Exclusive TOP floor condo at  The St. Regis Residences, 1670 sq ft. Private appointment only!

Unusual Buyer Need:

Price Range: < $1,500,000 Neighborhood: Eureka Valley Brief Comments: Looking for BR/BA: 3/2 with a nice kitchen, parking and not to far from the Castro.

Price Range: < $700,000 Neighborhood: Twin Peaks West Brief Comments:  I have a client who is looking for BR: 2+ SFH in March/April ideally in Midtown Terrace or thereabout with a garden and open garage space for a work area.  Any leads would be greatly appreciated.

Download the PDF to read the full analysis. It’s worth it.

Chart 1: % of Sales Price to Final List Price by Days on Market

Regardless of time on market, on average, homes sell – after price reductions – within 4% – 5% of the final asking price. That is, most buyers simply will not make offers on properties they believe are significantly overpriced.