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In the first few months of the pandemic, the inventory of condos in San Francisco was the highest it had been in 15 years, as people rushed to get out of smaller spaces and move to places where they could find “starter homes” that were bigger, with outdoor space. Mostly, people didn’t go too far, though. Chronicle analysis of data from the U.S. Postal Service showed that the most popular county for San Francisco residents moving out during the pandemic was Alameda County, just over the Bay Bridge.

In part thanks to that migration pattern, the East Bay real estate market has gotten extremely competitive. Compass Realtor Anne Culbertson said single-family homes in Oakland are routinely selling for 30% to 40% over list price — and many are receiving dozens more offers than they would have in years past.

Real estate agents say the market is so cutthroat that some people now are choosing to stay in San Francisco, often in the smaller condos they wanted to be rid of, or focusing on larger condos instead of single-family homes. And, as a result, the condo market appears to be heating up again on both sides of the Bay Bridge.

So what does a “starter condo” look like these days? Here are two properties, one in San Francisco and one in Oakland, that exemplify some of the trends in both markets.

A shoebox-size two-bedroom in the heart of San Francisco urban life

227 Guerrero St, San Francisco

List price: $985,000

Size: 700 square feet

Price per square foot: $1,407

Amenities: Remodeled kitchen, walk-out deck, shared yard with barbecue and fire pit, parking

Situated in the middle of the Mission Dolores neighborhood, this two-bedroom, one-bathroom condo would be considered on the higher end of San Francisco’s “starter condo” bracket, but in the category nonetheless, said Compass real estate agent Tal Klein, who is the listing agent on the property.

The market for $1 million and under in San Francisco is virtually only condos, Klein said, and there are very few of them at that. There are cheaper condos in neighborhoods like SoMa and Diamond Heights, but for centrally located locations like Mission Dolores, $1 million or slightly below is the minimum entry point for buyers. And for those properties, buyers will most likely be looking at one-bedrooms of less than 1,000 square feet or extremely tight two-bedrooms.

Compared with other places in the Bay Area, there are fewer single-family homes in San Francisco in general, which makes them even more difficult to come by. But those “starter homes” really start at $1.3 million, Klein says, and they would likely be in neighborhoods more on the outskirts of the city, such as the Excelsior, Portola and the Bayview. If you want something in the center of the city, you’ll be looking at $1.6 million — and it will probably be a fixer-upper, Klein added.

That dynamic has in part helped the condo market boot back up. Klein says that while the Guerrero Street condo is an example of a small starter home in the city, it’s a rarity because of its location, walkability and views (it’s a top-floor unit).

Artists were commissioned to make murals inside of the building, and the backyard has a shared vegetable garden that the occupants all look after.

“If you want to feel like you’re in a city and a community, this epitomizes it,” Klein said.

But the living quarters will be tight.

A three-bedroom with outdoor space in Uptown Oakland, but no parking

524 21st St., Oakland

List price: $779,000

Size: 1,364 square feet

Price per square foot: $571 square feet

Amenities: Deck, shared backyard, top floor, washer and dryer

As far as “starter condos” in Oakland go, this three-bedroom, two-bathroom property is among the better — and bigger — of the bunch. It’s in a walkable, central neighborhood in Uptown, near Lake Merritt, and comes with ample outdoor space (both a deck and a backyard shared with just one other unit). But it has one potential downside: no parking.

In Oakland, “starter condos” can range anywhere from newly constructed properties to loft-style spaces, said Caldecott Properties Realtor Shalene Rose, who is co-listing the 21st Street property with Realtor Michael Braillard. And just like in San Francisco, Rose says she is seeing the condo market making a recovery from last year.

“We’re definitely seeing more exuberance in the market when it comes to condos, especially when they’re kind of unique and have some nice outdoor space,” Rose said.

“It continues to be a very competitive market,” she said. “The Bay Area is a very desirable and awesome place to live.”

S.F. versus the Central Valley: What home can you buy for $800,000?

S.F. versus Seattle: For people mulling a California exodus, what home does $1.2 million get you?

S.F. versus Sacramento: What type of home can you buy for under $1 million?

Article source: https://www.sfchronicle.com/local/article/San-Francisco-vs-Oakland-What-does-a-1-million-16058440.php

But in a single weekend, the 1,400-square-foot home with an asking price of $399,000 collected 122 offers in total.

“That house was on the market for three hours,” Anita Jackier told KTXL.

The couple said they planned to sell their longtime home after making the decision to move to Idaho. It boasts three bedrooms, two baths and a large backyard complete with a swimming pool and fountain.

“People would think that it was underpriced,” said Brittan, adding that the home sold for roughly $450,000, though the highest offer topped over $500,000. “It was not underpriced. It was straight on with the comps.”

The swift sale and flood of offers might be indicative of the return of the Bay Area real estate surge, which has led prospective buyers to bring in multiple bids on properties throughout Northern California; particularly single family homes as a result of the widespread shift to remote work.

Consequently, prices are soaring across the region.

“The market is hot going into spring,” Vanguard agent Alan Thuma told SFGATE earlier this month.

This was demonstrated when Santa Clara-based real estate agent Alan Wang told the Mercury News that one of his clients – a family who bid on a single-family home in Dublin –  discovered they were one of 49 offers on the house. The four-bedroom home sold for about $400,000 over the $1.7 million listing price.

In San Francisco, condo sales are up 64% year-over-year from the beginning of the pandemic. And in Alameda County, data from the California Association of Realtors revealed the median home price surged 21% to $1.06 million — the 7th consecutive month the county’s median home sale prices have topped $1 million.

SFGATE Local Editor Andrew Chamings contributed to this report. 

Article source: https://www.sfgate.com/local/article/Citrus-Heights-home-Bay-Area-real-estate-surge-16059566.php

That’s the city’s largest monthly price increase since the company began tracking rents in 2017, and comes just six months after the largest monthly price decrease the company ever recorded in September 2020 (-4.9%). It’s also the second straight month that the city has seen rent increases, after a decline in January.

Even with this month’s jump, rents remain down 23.2% year-over-year.

“Despite the big jump in rents this month, it will still be some time before we see pre-pandemic prices in SF,” said Rob Warnock, research associate at Apartment List. “… But all signs are pointing to a continued rebound in the coming months. Typically the spring and summer are when the most moves occur, and this year it coincides with a widespread vaccination campaign that will hopefully lead to the sustained opening of businesses, offices, and schools, all of which create demand within the rental market.”

One of the other big players in the apartment listing space saw something quite different in March. Zumper saw a 0% change in March since February, with median rent for a one-bedroom apartment remaining at $2,650 and two-bedroom apartments at $3,500. That puts S.F. rents down 24.3% year over year for one-bedrooms and 22.9% down for two-bedrooms.

“Rents in the Bay Area were flat to declining in our most recent report with San Francisco staying stable and Oakland and San Jose decreasing on a monthly basis,” said Zumper analyst Neil Gerstein. “… While rent declines in the Bay Area have slowed considerably in Q1 2021, it seems the Bay Area has not caught up with other pricey markets just yet in terms of demand.”

Meanwhile, New York City, Boston and Washington D.C., and other expensive markets, saw rents climbing 4-5% on a monthly basis, signaling a return to other big cities that S.F. hasn’t experienced.

We’re getting to this point:

If SF rents don’t start to climb soon, it’s a pretty reliable sign that fewer people will return to SF than left during Covid

Economic activity was reported to be 28% down in SF (close to our 24% rent drop)

Data suggests no uptick in either

— Anthemos Georgiades (@anthemos) March 25, 2021

Oakland and San Jose continued to decline in price in March, with both cities experiencing a much steeper dip than the previous month. Oakland prices declined 3.5% and San Jose dipped 3.7% for one-bedrooms month-over-month. Overall, Oakland rent is 19.6% lower than it was at this time last year for one-bedrooms and 17.1% for two-bedrooms.

Vallejo was the only city Zumper tracked in the Bay Area with rent increasing on a year-over-year basis, up 5.5%. Sunnyvale rent had the largest decline, falling 31.7% since this time last year, and Redwood City came in second with a 29.3% dip.

Article source: https://www.sfgate.com/realestate/article/SF-rental-prices-aren-t-coming-back-the-way-other-16054288.php

From 1949 through the early 1970s, about 11,000 Eichler homes popped up in the Bay Area, in places like Palo Alto, Sunnyvale, and San Rafael. The now-notable designs by the architects Anshen Allen, Claude Oakland, and A. Quincy Jones have come to be known as Eichlers.

Their signature elements, such as A-frame roofs, indoor atriums, walls of glass leading outside, and open floor plans, have developed a serious cult following.

The designs continue to resonate with home buyers—at least with those willing to spend millions on what are now decades-old homes. Some have been lovingly preserved by their original owners, and others have received a total makeover.

According to one Eichler specialist, Kevin Swartz, the founder of Atria Real Estate, the latest batch to land on the market in the South Bay are being sold by families looking for larger homes—or fleeing the Bay Area entirely.

“There have been more nicely and newly updated Eichler homes listed in 2021 compared to previous years,” he says.

“With fewer retirees selling, we aren’t seeing as many in original condition or with outdated remodels done in the ’80s and ’90′s,” he adds. “Instead, homeowners who are selling right now are ones that purchased their homes within the past five to 10 years that have undergone extensive remodeling in alignment with today’s popular design trends, making them more desirable to buyers.”

Swartz says these homes have often been featured in magazines and social media, which has increased their visibility.That visibility is readily apparent, according to another agent we spoke with.

“I just received four offers on my original Eichler listing on Kenneth [Drive],” says Monique Lombardelli, a broker and CEO of Modern Homes Realty.

The Palo Alto listing she’s referring to is a $2.4 million, three-bedroom home that’s been on the market for three days—and can be seen below.

“These original Eichlers are hidden gems,” she adds, “and my absolute favorite to represent.”

For those who want to take a peek inside these iconic homes, we’ve rounded them up below. Let’s have a look.

682 W. Remington Dr, Sunnyvale, CA

Price: $1,998,000
Eichler upside: Built in 1959, this classic atrium model features a central courtyard and high-beamed ceilings. Its highlight is an updated kitchen with quartz counters and a breakfast bar.

With four bedrooms, the layout includes a primary suite with a walk-in closet. Walls of glass along the front and back bring the outdoors in.

Outside, the home has low-maintenance, mature planting in a garden and back patio. The location is close to Las Palmas Park, as well as downtown Sunnyvale, an easy commute to Apple, Google, and LinkedIn.

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770 Las Colindas Rd, San Rafael, CA

Price: $1,325,000
Eichler upside: This three-bedroom home from 1955 has been “beautifully updated” in the spirit of its original design. The remodeled galley kitchen includes custom cabinets and top-of-the-line appliances.

A light-filled, open living and dining area gives onto a landscaped patio, making the outdoor views feel like an integral part of the home.  The master suite also opens outside and has views of the surrounding hills.

Both bathrooms have been updated, and the outdoor space allows for both front, rear, and side yards, all of which offer multiple areas to entertain.

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5877 Highwood Rd, Castro Valley, CA

Price: $1,350,000
Eichler upside: The double-A design by the architect  A. Quincy Jones, built in 1963, is billed as one of the most popular of all Eichler models.

This five-bedroom example in the East Bay build comes with a versatile floor plan, situated around an open-air atrium and great room.

The bedrooms could be configured as office space, gym, or guest rooms. Amenities include double-pane windows, multiple skylights, and a wood-burning fireplace. The flooring’s been updated, and there’s fresh exterior and interior paint.

———

2163 Danberry Ln, San Rafael, CA

Price: $1,478,000
Eichler upside: This four-bedroom from 1957 has been completely redone inside, to reflect a more up-to-date look.

The kitchen boasts an oversized island with stone counters, an induction cooktop, stainless-steel appliances, and recessed lighting. The bathrooms have been redone, but reflect the home’s original aesthetic.

New finishes include Bali solar shades, luxury plank flooring in a light color, and recessed lighting. New paint, a new roof, and updated electrical help to make this old home feel new.

———

3339 Kenneth Dr, Palo Alto, CA

Price: $2,400,000 (pending sale)
Eichler upside: Original features of this three-bedroom Eichler include a beamed ceiling, floor-to-ceiling glass, and mahogany walls in the main living area and bedrooms. The open kitchen with white counters looks out to the family room, which includes original cabinetry.

The home accesses the wraparound yard and Zen garden from the living room, family room, and primary bedroom. All the elements added up to multiple offers, and the home is now in pending sale status, just days after hitting the market.

———

3895 Mumford Pl, Palo Alto, CA

Price: $2,848,000
Eichler upside: Newly renovated, this three-bedroom home from 1954 comes with classic Eichler features: beamed ceilings, globe pendants, and floor-to-ceiling windows.

The kitchen has been updated and now features top-quality appliances and quartz counters.

The bathroom has custom shower glass and LED lighting. Radiant heat warms the new, engineered wood and tile floors. The outdoor space includes a covered patio with space for dining, a large lawn, and pool.

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9 Mount Darwin Ct, San Rafael, CA

Price: $1,695,000
Eichler upside:Billed as turnkey, this four-bedroom atrium-style floor plan with an open-air courtyard opens onto a high-ceilinged living and dining room.

Walls of glass look out to the private backyard with a large lawn. A chef’s kitchen features an eat-in bar, walk-in pantry, and opens to the family room and breakfast nook.

The primary bedroom comes with an en suite bath, walk-in closet, and large shower. Along with two more bedrooms that share a bathroom, a fourth opens to the atrium and could work as an office.

The attached two-car garage has room for storage and could also be used as a workshop. The serene outdoor space includes a built-in barbecue, fridge, fireplace, and lawn.

———

856 Thornwood Dr, Palo Alto, CA

Price: $2,298,000
Eichler upside: This is an Eichler fixer-upper opportunity. This four-bedroom classic is in dire need of a renovation. For those who want a challenge, it offers a chance to restore this midcentury space to its original condition.

The elements are all there: floor-to-ceiling windows, open living spaces, and beamed ceilings. In addition, the kitchen features brightly colored cabinets, and the backyard includes a patio and lawn.

However, a buyer could tear it down and build anew, the listing notes. Say it isn’t so! We hope that this gem in need of some TLC is picked up by an Eichler fan willing to restore it.

———

1171 Plum Ave, Sunnyvale, CA

Price: $2,248,000
Eichler upside: This updated, 1,643-square-foot abode offers four bedrooms and an indoor-outdoor floor plan.

Original details include a pitched roofline, open beam ceilings, and floor-to-ceiling windows in the living room. The interior has been freshly painted, and a remodeled kitchen features quartz counters, new cabinets, and high-end appliances.

The large primary bedroom, with updated bathroom, comes with a sliding glass door that opens outside. An inviting backyard features a pool, grassy area, covered patio, and mature fruit trees.

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784 Pear Ave, Sunnyvale, CA

Price: $2,198,000
Eichler upside: This 1,739-square-foot, A-frame design from 1967 features open beam ceilings and floor-to-ceiling windows.

A remodel completed in 2017 by Flegel’s Construction, local Eichler specialists, incorporated the needs of a modern family, with a nod to the original design.

The home now has three bedrooms and two bathrooms. It features a primary suite with a private office nook and an en suite bath with shower.

A huge chef’s kitchen has a large island with seating, quartz counters, and a built-in desk. An oversized backyard boasts a pool, large patios, and low-maintenance modern landscaping.

The post Wave of 10 Eichler Homes for Sale Makes a Splash in San Francisco Bay Area appeared first on Real Estate News Insights | realtor.com®.

Article source: https://www.sfgate.com/realestate/article/Wave-of-10-Eichler-Homes-for-Sale-Makes-a-Splash-16048848.php

Facebook will open at 10% capacity as long as health data continues to improve; workers can choose whether to come back. Its Fremont offices are scheduled to reopen May 17, Sunnyvale on May 24 and its two downtown San Francisco towers on June 7.

Employees had been allowed to work from home until July 2, and will now be able to stay remote until one month after offices reach 50% capacity. That will likely be after Sept. 7 for large sites, Facebook said.

Facebook is also reopening offices in Seattle in April and is in the process of reopening offices in Asia.

The company will eliminate some of its key perks for health reasons: There will be no free food and no buses delivering workers to campuses, which could bolster demand for nearby restaurants and public transit. There’s no timeline when food and buses will come back, but Facebook is offering commuter benefits to workers who return. It will not offer food stipends. Facebook has continued to pay more than 4,000 service contractors including food and transit workers despite closed offices and said it will continue to do so.

“As we return to the office, we have a number of protocols in place that include testing, physical distancing, wearing masks and other best practices. We continue to work with experts to ensure our return-to-office plans prioritize everyone’s health and safety,” said Chloe Meyere, a Facebook spokeswoman.

The company won’t require employees to get vaccinated to return to offices. It will have weekly testing requirements for some offices.

Uber will open its Mission Bay headquarters next week at 20% capacity, on a voluntary basis, becoming the first major employer to return since restrictions lifted. San Francisco is restricting office occupancy to 25% of capacity.

“As cities will carefully return to a new normal, so will we,” Uber said in a statement to The Chronicle.

Uber drivers, who are classified as independent contractors, have been allowed to operate throughout the pandemic, but office workers were allowed to work remotely until Sept. 13.

Workers will be required to take daily health screenings including temperature checks at home to qualify. The company is increasing cleaning services and requiring face coverings in its four-building complex with over 1 million square feet, enough space for around 5,000 workers before the pandemic.

Uber has around 22,000 global employees and is one of San Francisco’s largest employers. Offices in New York have also reopened.

SAP, the German software company, plans to reopen offices in the next few weeks, Silicon Valley Business Journal reported.

Bret Taylor, Salesforce’s president, said the company would reopen offices soon during a talk on the Clubhouse app on Thursday. A spokeswoman for Salesforce, San Francisco’s largest private employer, said there isn’t currently a time frame.

Wells Fargo said most workers would continue to stay home until at least May 1.

The absence of in-office meals at Facebook could help local restaurants and shops slowly recover. In San Francisco, Facebook leases all the office space at 181 Fremont, a major hub for its Instagram division, and nearby Park Tower in the Transbay neighborhood.

The area, along with the rest of downtown, has been devastated during the pandemic. Facebook said the public coffee shop in 181 Fremont, Andytown, will remain closed for now.

The owner of Andytown, Lauren Crabbe, told The Chronicle last month that she was eager to return. “I miss being around tall buildings, the hustle and bustle of people walking all around you,” she said. “I hope when everything starts to open we can all get back together.”

But 10% office occupancy, rising gradually, may not be enough for downtown restaurants to reopen soon, said Laurie Thomas, executive director of the Golden Gate Restaurant Association, San Francisco’s main industry group.

“Is there going to be enough volume and buying power? I’m not sure it’s a turning point. It’s certainly exciting, positive news,” she said. “We are very concerned about the downtown corridor. Without customers for our cafes and services … we’re kind of dead in the water.”

Thomas is urging companies to share information on how many workers will be in the office and on what days to help restaurants plan their reopenings. “Those kinds of data points are what we need now to work as a team,” she said.

Workers will return as the Bay Area’s coronavirus case numbers improve and vaccination efforts accelerate. Californians who are 50 and older are set to become eligible for vaccines on April 1, and everyone 16 or older will be eligible on April 15. More than 40 states have said they will meet or beat President Biden’s May 1 goal of making all adults eligible.

Some Facebook workers will never return. The company is hiring some fully remote workers as some of the pandemic’s disruptions become permanent. The broader recruitment area will also help feed its voracious growth: The company had 58,604 global employees at the end of 2020, a 30% increase in one year.

“I think Facebook will be the most forward-leaning company on remote work at our scale, and we’ve been working on a thoughtful and responsible plan to do this,” CEO Mark Zuckerberg wrote last May. “It lets us access talent pools outside of traditional tech hubs in big cities — and that should help spread economic opportunity much more widely around the country and world while also helping us build a more diverse company.”

He said half the company’s workers could be remote within a decade.

The shift to remote work across all businesses is expected to outlast the pandemic. A survey of 103 executives at 72 companies found that 66% plan to have a hybrid work model where workers stay remote part-time. Only 12% of respondents expect to have workers at the office five days a week after the pandemic, according to the survey by Vocon, a New York architecture firm.

Facebook has been one of tech’s biggest winners during the pandemic, with 2020 net income jumping to $29.1 billion, a 58% increase from the prior year. Unlike smaller tech companies that have cut office space and marketed sublease space, Facebook hasn’t reduced any of its Bay Area real estate despite remote work expansion plans.

The company has new offices opening this year in Burlingame for its Oculus virtual reality division and in Sunnyvale. It expanded last year in Fremont. Last August, Facebook leased 730,000 square feet in Manhattan near Penn Station.

Fellow tech giants Google and Amazon have also continued relentless expansion as business boomed during the pandemic. Google said it plans to spend over $1 billion on California real estate this year as part of its $7 billion U.S. growth. Google said employees can stay remote until September and hasn’t scheduled office reopening dates. Amazon bought a San Francisco site for $200 million, where it is proposing a new last-mile delivery station.

The industry faces obstacles to continued dominance. Congress, states and regulators are cracking down on big tech, filing numerous lawsuits alleging antitrust behavior and other abuses, which the companies have denied.

On Thursday, Zuckerberg and the CEOs of Google and Twitter testified remotely in front of Congress on misinformation and tech’s role in the Jan. 6 Capitol riot. The independent Facebook Oversight Board will decide whether to permanently ban former President Donald Trump.

Still, with workers coming back to city centers, Thomas of the Golden Gate Restaurant Association said the return of major companies and vaccination progress are major signs for optimism.

“It’s spring. It’s rebirth,” she said. “It’s great.”

Roland Li is a San Francisco Chronicle staff writer. Email: roland.li@sfchronicle.com Twitter: @rolandlisf

Article source: https://www.sfchronicle.com/business/article/Facebook-sets-reopening-date-for-S-F-Bay-Area-16055743.php