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 Multiple-offers and confidence are back in San Francisco’s housing market. See how, sales stories and see our latest client wins from Kevin+Jonathan in this edition of In the Know.
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IN THIS ISSUE... 

It took a little more over a year but open houses are back for San Francisco — just in time for a summer that’s poised to be one of the busiest we’ve seen in a while. People are making up for lost time right? We’ve already seen steady — even busy — open house traffic since open houses were allowed again starting last weekend Indeed, you will be able to find us at our open house today at our latest listing at 1631 Pierce Street — a beautiful, Lower Pacific Heights condominium that dates from 1886 with a modern-meets-Victorian vibe that also channels a bit of London too. With a double-wide back garden and a layout that’s as adaptable for home office, in-law or rowdy teenager, 1631 is pretty special. If you can’t see me and Raffi today, then check out the website here where you’ll see the property video, 3-D tour, floor plan and more.  
 
Now that open houses are back the question is how it will impact an already-red-hot market. Multiple offers and properties selling for hundreds of thousands of dollars over the list price already common place with restricted open house showings (masks, permission slips and private appointments only), time will tell how relatively unfettered access will mean. Here’s a mix of our observations and predictions for the summer to come:  
 
Buyers will get to see more houses without having to do the pomp and circumstance of having to ask their agent to ask for an appointment, filling out form after form and, ultimately, taking an hour just to decide a house wasn’t right for them being forced to repeat the process for any other potential candidates. This means buyers will be able to see more houses in a shorter amount of time which makes agent-buyer time more productive as buyers get to vet non-starter candidates before getting their agent involved.
 
More fairness will be back in the market as we were starting to see sellers take preemptive offers from agents and buyers who were able to schedule a private property visit early before anyone else even had a chance to see the same property let alone prepare an offer for it.
 
This is a good thing because we’ve been seeing houses sell with multiple offers on offer dates at seemingly outlandish prices without knowing the details or what made a property special enough to justify the new comp it was setting. And, just in case you were wondering, we’re not talking your typical multiple-offer situation with three or four coming in, we’re talking 20+ offers (one case recently saw 83 offers).
Even with open houses coming back and more inventory coming (see next) it’s still unlikely that the market will calm down anytime soon as demand is so much stronger than before. Instead of two or three people losing out on a house, there are twenty other buyers looking for something similar.
 
The good news is that there is more inventory coming, but not at much as we’d like. Trying to schedule one of our three go-to property inspectors last week for a last-minute inspection was unsuccessful as each of them told us they were booked out anywhere from 3 weeks in advance to 3 months in advance! We ourselves are working with our various sellers on great listings that should start hitting the market next month (stay tuned).
 
Supply chain issues are leading to desperate times for some remodelers and sellers. One scary story we heard this week from an agent with a higher-end listing in Bernal Heights is a sign of the times. A seller had just finished remodeling their home and ended up moving to LA while the property was undergoing renovation. After the house hit the market (subtly, no signs or obvious signs it was on the market onsite) the agent came to see it one morning to discover that all the brand-new appliances were gone. Literally gone. Ring camera footage from the neighbors and how the home was left (spotless apart from the missing appliances) it became apparent the home was targeted by a sophisticated crew of 4 who clearly had experience installing (and in this case uninstalling) appliances, wheeling them out gingerly at 3 a.m. after getting into the home and making themselves at home — one even took a nap before the 3 a.m. retrieval, which took approximately 6 minutes to complete. When trying to find replacements the agent was told that the blacklog for Viking ranges and Subzero refrigerators was more than 8 months or more with black market prices for new appliances far exceeding list prices. The agent and seller are putting in LG appliances and offering a buyer a credit for new appliances once some time passes   
 
As always, thank you for reading In the Know. We have more than 680 subscribers and our readership keeps expanding. But we can’t do it without you, your referrals and your loyalty. Thank you. So be sure to think of us anytime real estate comes to mind as we’ll be here to help you and yours out. 

Very Truly Yours and Best, 









 

Kevin K. Ho, Esq. 
Vanguard Properties 
Broker Associate | Attorney | Top Producer | REALTOR

DRE 01875957 | SBN 233408
(415) 297.7462 | kevin@kevinandjonathan.com








Jonathan B. McNarry 
Vanguard Properties 
Broker Associate | Top Producer | REALTOR

DRE 01747295
(415) 215.4393 | jonathan@kevinandjonathan.com


Raffi McNarry-Ho 
Real estate super dog and Black Labrador Retriever extraordinaire. See his listing resume here.
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Client Wins

 

We are fortunate to have a stable of amazing folks who are our client base. The diversity, dynamism and drive all of you have is pretty amazing. And while this disparate group of people (and pets) vary so much, the one thing in common is achieving real estate success with us. 
 
Congrats to our buyer Phil on getting into contract for a top-floor, classic, Castro condominium at 80 Pond Street. With 2 (or 3) bedrooms, 1.5 baths, a remodeled kitchen and bathroom, this bright Victorian with updates was listed at just under $1.4M. We saw the home and met one of the sellers by chance and made a great impression without knowing it (complimenting finishes is always a good thing when it turns out the seller took months to decide them). After a week of showings three offers came in with our edging out the next one just barely after we went to being fully non-contingent. More details on where we ended up after we close next month.
 
After more than 2 years of non-continuous searching, congrats to our clients Nika and Jørgen (and their two adorable girls) on closing one of the most over-improved condominiums we’ve seen recently. 3189 Cesar Chavez, a 3-bed, 2-bath, top-floor space with a huge, kitted out kitchen (LEDs everywhere, hidden plugs everywhere, an island rivaling the size of Alcatraz and toe-kick cabinets people — toe-kick) was overlooked by many despite its location next to Precita Park and in the heart of the Mission-Bernal enclave. Our clients got the home for $1.625M with a smooth an easy escrow after realizing the this condo and its location would be better than any fixer house that they’d get now with construction costs being what they are now (lumber prices have tripled this year alone). Instead of having to martial more cash and time for a renovation, they can now worry about playdates and more park time than before. With a huge parking space and overimproved private outdoor space (room for a 48-inch grill anyone?) the property should have sold for more than $1.7M in our view but things worked out just right so our clients could scoop this one up.
Congrats to our sellers at 1310 Fillmore who are about to close on their 1-bed, 1-bath, 1-car parking, fantastic-view condominium in this modern-build complex in the heart of the Fillmore District. COVID took the wind out of the neighborhood’s sails last year and pushed us into this year with this listing. After not selling last year, we were on the market for about 30 days when the right offer came in. With a longer escrow we’re finally set to close next week above the initial ask price and will be one of the highest sale prices for a 1-bedroom in this building ever. Of the three other 1-bedroom units to hit the market over the last year, one didn’t sell, another sold for a shockingly low price on an online auction model, and the other just saw a $50,000 reduction, ours was set apart because our clients followed our updating suggestions (lighting, countertops, paint and more). It is, in fact, the first in the entire building that breaks the cookie-cutter mold that all the other units have.

What We’ve Been Doing

We love to show off our client successes and wins of course —  here's a walk-through of our client’s soon-to-be home and of our latest listing where you cana see us today.  
Our latest listing at 1631 is a beautiful and satisfying homes we've seenFall in love with this beautiful Victorian home with a blossoming, oversized yard in Lower Pacific Heights with yoga next door and tennis courts at either end of the block among the many shops, restaurants and attractions that surround 1631 Pierce Street. 1631 is a sophisticated and stylish, 3-bed, 2.5-bath, 1-car garage parking updated Victorian condominium that with rich details, updated chef’s kitchen, laundry, 2 outdoor areas, and an adaptable layout that allows for public and private spaces to coexist comfortably.  Learn why this is by watching our video and stroll through the 3-D tour at www.1631-Pierce.com
Take a walk through 80 Pond Street, which will be our client Phil‘s new home in the Castro! 
 
Market Data of note.... 
Single-family houses are selling for more and faster. 
Condos, TICs and Co-Ops are selling for a little less a little faster than last year. 
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Why did you get this newsletter? Good question! Either you’ve reached out to us via our site or we met an open housse or just because you love real estate. Learn more about us and where you fit into the market, by visiting our website here
 

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Vanguard Properties · 2501 Mission Street · San Francisco, CA 94110 · USA