In some San Francisco neighborhoods, the going rate for real estate now exceeds $1,000 per square foot.
Homes within a mile of the Embarcadero, Montgomery Street, Powell Street and 24th Street/Mission stations in the Bay Area Rapid Transit, or BART, system now sell above that figure, according to data from real estate website Estately, which took into account the sale prices of homes over the past six months. Near the Civic Center station, the per-square-foot average price is just $6 below that threshold. Near Millbrae and Glen Park, home prices top $800 per square foot.
San Francisco home prices, broadly, have skyrocketed of late, cementing a place among the most expensive places to own a home in the country. According to data from Zillow, the median sale price in San Francisco in January 2012 was $620,000; it has since climbed to nearly $1 million — up 60%. In the past year alone, home values in San Francisco have jumped more than 11%, Zillow data reveal.
Read: This Francisco billboard tells you everything you need to know about Bay Area real estate
Experts say that this uptick in prices is due, in part, to tech money pouring into the Bay Area and the limited supply of real estate, particularly in the 49 square miles of the city proper.
Want to buy a house in San Francisco but frustrated at the stubbornly low level of inventory? Lucky for you, some new real estate is coming to market. The cost? In the mere “low $1,000,000s.”
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That’s right: The supply-and-demand situation in the San Francisco Bay Area is today so out of whack that the people behind a new development in the city’s Lake Merced neighborhood felt they could attract eyeballs with a billboard suggesting their starting–at–$1 million value proposition.
Eyeballs captured, the billboard quickly made the rounds on social media:
“You’ll take in the lifestyle of the city but leave all the limitations of San Francisco behind,” according to the development’s website. “So, when your day is done, you’ll pull into the garage, hit the button and walk into a place that’s different from the start.”
Translation: This development is well removed the city’s hustle and bustle, and it’s not in a traditionally sought-after neighborhood. The Lake Merced area is located in the city’s southwest corner. It’s about as far from the Financial District or the charm and attractions of, say, North Beach as one could get and still be within city limits.
This is not the first San Francisco property listing to garner widespread attention of late. Recall the shack that was listed for $350,000 and sold in September 2015 for $408,000, nearly 17% above the asking price. The real-estate agent referred to the house as “above and beyond distressed.” That frank admission signaled that the value was in the land, not the structure standing on it. Fair enough. But the land itself is located in the shadows of both a busy freeway and BART tracks, in a relatively remote and rundown section of the city.
Don’t miss: Mapping the San Francisco–area real estate market, BART station by BART station
If that doesn’t sufficiently impress (or exasperate) you, a perusal of listings in the city’s more central and amenity-rich areas may leave you rethinking Lake Merced and its “low $1,000,000s” town houses.
Take the one-bedroom, two-bath home of 1,428 square feet located near the ATT Park that’s currently on the market for $1,950,000, plus $563.36 in monthly homeowners-association dues.
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Or this three-bedroom, two-bath home in the hipster enclave Mission Dolores. A significantly more sizable property than the one-bedroom near the ballpark, at 2,580 square feet, this house, previously a two-unit property, has recently taken a “huge price reduction” — all the way down to $2,599,000.
Home prices in San Francisco have risen 10.5% on a year-over-year basis, while U.S. house prices overall were up 5.7% in January compared with a year earlier, the SP/Case-Shiller 20-city index showed in March.
National builder Hovnanian last month announced its intention to up stakes in the Bay Area, pronouncing the market “frothy,” “lofty” and “almost speculative.”
At Zephyr Real Estate, Tim J Gullicksen has been the Top-Rated Realtor on Yelp for a handful of consecutive years. As the No. 1 realtor in the area, property and home hunters can rely on Gullicksen to find the perfect property in the San Francisco Bay Area.
For the fifth year in a row, Tim Gullicksen is Yelp’s Top-Rated Realtor. Since 2011, he has been the No. 1 rated real estate agent in the Bay Area.
The end of the 2015 calendar year results show Tim Gullicksen has far more reviews than his nearest competitor, and that his reviews average 5 out of 5 stars. In fact, 96 percent of his 159 reviews are 5 stars.
“I am thrilled to have received so much positive feedback from my past clients,” said Gullicksen, Yelp’s Top-Rated Realtor. “I take very seriously my obligation to provide excellent service to every customer.”
Yelp has grown by leaps and bounds, becoming the go-to source of information for consumers looking for recommendations on products and services of all kinds. Several hundred real estate agents currently have profiles and reviews on Yelp in the San Francisco Bay Area in California, so maintaining the No. 1 position has become increasing difficult; making the accomplishment all the more impressive.
Tim Gullicksen has been a top-producing real estate agent since he first entered into the business and takes great pride in managing every aspect of each transaction. After graduating from high school in the South Bay, Tim earned a bachelor’s degree in political science and history from the University of California-Berkeley. He went on to earn his teaching credentials from JFK University in Orinda and taught kindergarten in the San Jose Unified School District. He brings an educational approach to real estate developed from that background and sees himself as a facilitator of property transactions. For more information, visit his website at http://www.timgullicksensf.com/.
In some San Francisco neighborhoods, the going rate for real estate now exceeds $1,000 per square foot.
Homes within a mile of the Embarcadero, Montgomery Street, Powell Street and 24th Street/Mission stations in the Bay Area Rapid Transit, or BART, system now sell above that figure, according to data from real estate website Estately, which took into account the sale prices of homes over the past six months. Near the Civic Center station, the per-square-foot average price is just $6 below that threshold. Near Millbrae and Glen Park, home prices top $800 per square foot.
San Francisco home prices, broadly, have skyrocketed of late, cementing a place among the most expensive places to own a home in the country. According to data from Zillow, the median sale price in San Francisco in January 2012 was $620,000; it has since climbed to nearly $1 million — up 60%. In the past year alone, home values in San Francisco have jumped more than 11%, Zillow data reveal.
Read: This Francisco billboard tells you everything you need to know about Bay Area real estate
Experts say that this uptick in prices is due, in part, to tech money pouring into the Bay Area and the limited supply of real estate, particularly in the 49 square miles of the city proper.
For years, Zephyr Real Estate has had the top-rated estate agent on Yelp working for the company.
San Francisco, CA (PRWEB) April 04, 2016
At Zephyr Real Estate, Tim J Gullicksen has been the Top-Rated Realtor on Yelp for a handful of consecutive years. As the No. 1 realtor in the area, property and home hunters can rely on Gullicksen to find the perfect property in the San Francisco Bay Area.
For the fifth year in a row, Tim Gullicksen is Yelp’s Top-Rated Realtor. Since 2011, he has been the No. 1 rated real estate agent in the Bay Area.
The end of the 2015 calendar year results show Tim Gullicksen has far more reviews than his nearest competitor, and that his reviews average 5 out of 5 stars. In fact, 96 percent of his 159 reviews are 5 stars.
“I am thrilled to have received so much positive feedback from my past clients,” said Gullicksen, Yelp’s Top-Rated Realtor. “I take very seriously my obligation to provide excellent service to every customer.”
Yelp has grown by leaps and bounds, becoming the go-to source of information for consumers looking for recommendations on products and services of all kinds. Several hundred real estate agents currently have profiles and reviews on Yelp in the San Francisco Bay Area in California, so maintaining the No. 1 position has become increasing difficult; making the accomplishment all the more impressive.
Tim Gullicksen has been a top-producing real estate agent since he first entered into the business and takes great pride in managing every aspect of each transaction. After graduating from high school in the South Bay, Tim earned a bachelor’s degree in political science and history from the University of California-Berkeley. He went on to earn his teaching credentials from JFK University in Orinda and taught kindergarten in the San Jose Unified School District. He brings an educational approach to real estate developed from that background and sees himself as a facilitator of property transactions. For more information, visit his website at http://www.timgullicksensf.com/.
Imgur/Wolcam
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