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April 2008
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Daily Real Estate News | April 25, 2008
Affordable Ways to Makeover Bathrooms
Source: The Washington Post, Terri Sapienza (04/24/08)
A dreary, outdated bathroom can be a home sale deal breaker.
Remodeling magazine says the average price of a mid-range bathroom remodel in 2007 was $14,445. But $500 worth of nips and tucks can upgrade the room, says Lytel Young, host of HGTV’s "Save My Bath."
"There are three important things in a bathroom," Young says. "Clean, simple, and orderly. That's the key for every budget, whether it's $500 or $40,000."
He recommends these inexpensive steps to sellers whose baths need a facelift:
- Rip out the dated medicine cabinet and replace it with a big mirror.
- Replace the lighting with new sconces on both sides of the mirror plus a new overhead fixture on a dimmer.
- Re-caulk the tub and shower.
- Repaint with a neutral color, but decorate with big, fluffy colorful towels.
If you are interested in a 'bathroom makeover' call me. I have a person that does this type of light construction who is dependable and very resonable.
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Condominium sales were down down dramatically, year over year (March 2008 vs. March 2007).
The most expensive condominium to close escrow in March 2008 was the "rarely available TOP TOP FLOOR Four Seasons penthouse apartment" at 765 Market Street, #G. Aside from the amazing views from the 41st floor, it also boasts:
"2 master suites, maid's quarters with separate service entrance, 10'+ ceiling heights, formal dining/office/library, upgraded gourmet kitchen, Brazilian Cherry hardwood floors." - San Francisco MLS
It was listed for $8,975,000 and closed for a price which has been withheld. Regardless, no other condominium closed above $2.7m.
A 390 sqft studio on Nob Hill, listed at $325,000, sold for $330,000 for this weeks bargain condominium.
In District 5, a district which includes Noe Valley, Eureka Valley/Dolores Heights, Haight Ashbury, etc., sales were down from 29 to 21 in March 2008 while prices rose from $845,000 in March 2007 to $856,000 March 2008.
In District 9 (SOMA, South Beach, Potrero Hill, Mission Bay, Inner Mission, etc) sales plummeted from 52 in March 07 to 36 in March 08, but prices rose nicely from $679,000 to $772,000 in March 08.
Click on the image to the left for a PDF of the entire report.
Contact Scott Pierce for more information at 415-595-3519 or scott@sfcondomap.com
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How is the market? That is what I get asked every single day from at least one person. My answer is always, depends on the property.
Forbes.com just released a Top 10 Best Cities for Home Sellers list by analyzing and comparing "job growth, amount of new construction, vacancy rates, and credit availability" in the top 40 metro areas in the United States.
And San Francisco ranks #2, just behind San Jose, CA and above Salt Lake City and Austin, TX!
There are buyers in San Francisco and when the conforming loan limit recently jumped from $417,000 to $729,750, it made it easier for them to get financing. In addition, our economy is still doing well, and perhaps more importantly, it is more diversified than in 2000 during the dot.com revolution.
It is definitely not a market where every property goes over asking with multiple offers, but there are certainly properties that are getting multiple offers and going 6-figures over asking. And more than just a few. At the same time, there are properties that are sitting, and not selling at all. For these properties, it seems like no matter how much the agents lower the price, they still sit.
The tale of two markets, which is quintessential San Francisco.
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