GREEN REALTOR NEWS | Vol. 27
Market Update | News | Photo Contest
So many correct guesses! Not only did many of you correctly identify this image as the stunning mural on the side of The Women’s Building, located on the corner of 18th and Lapidge in San Francisco’s Mission District, several of you shared fond memories of living in the neighborhood during the early 2000’s - a golden age of art and creativity for many of us. The mural is titled MaestraPeace Mural. It was painted by seven artists in 1994 and depicts the power and contributions of women throughout history and the world. The lucky photo contest winner is Eileen Gordon. Eileen is a local architect and custom home designer with an impressive portfolio. She’s currently working from her home office in San Rafael where she lives with her husband and daughter. Thanks to all for playing!
Market Update
We’re approaching the midway point of 2023, and the year has been unlike any other in recent memory when it comes to the real estate market. While prices are recovering from the mid-winter lows, they have yet to reach the peak of Spring 2022. While many homes are receiving multiple offers and selling for hundreds of thousands of dollars over asking, others are languishing on the market for months. In San Francisco we are seeing record-breaking prices and a high number of off-market transactions at the same time as the news trumpets the “downfall of downtown.” The stats do not tell the whole story. Inventory continues to lag behind previous years, decreasing the overall number of transactions while creating strong demand for desirable properties. The market is highly segmented, necessitating precise micro-analysis when it comes to pricing and making a competitive offer. Interest rates continue to fluctuate with the economic news. The bottom line? Long-term interest rates peaked back in October and have gradually declined. Looking at the second half of the year, with inflation continuing to moderate and unemployment continuing to rise, we should expect a continued gradual decline in interest rates. This, coupled with robust housing demand, sets us up for a better market in the second half of 2023. Click the links below for more details.
Just Sold! $1,225,000
48 Hancock Street, San Francisco
Contingent on the sale of two investment properties in Seattle, this offer was a long shot for a beautifully renovated two bedroom condo perfectly located just a half block from Dolores Park. After a complicated series of counter offers and negotiations, my client is thrilled to be the lucky new owner! This three unit condo building has lovely outdoor spaces including a sunny, south-facing roof deck just outside this unit, and loads of period detail. It’s going to be a great summer!
In Contract! Listed for $1,788,000
212 Beryl Street, Mill Valley
These first time buyers did their homework just right, spending months touring properties, learning about different neighborhoods, comparing list prices to sale prices, and honing in on exactly what they wanted for their first home. They nailed it, making a successful purchase with their very first offer. They couldn’t be more excited and we are thrilled for them! This completely renovated home features views of the bay, Sausalito and downtown San Francisco. The large, open main living area creates a hub for welcoming friends and family, highly desirable for our clients, while multiple storage rooms on the lower level provide an opportunity for an all-important wine cellar. Patience pays off!
In Contract! Listed for $349,000
631 O’Farrell, unit #1511, San Francisco
After a series of price drops, we finally found the perfect new owner for this sweet little condo! After numerous showings we eventually received two offers. The new owner already lives in the building, loves it, and is so happy to make it his permanent home. It’s always satisfying when we find the perfect fit.
Homeowners Insurance in California is Changing
Here’s what you need to know
The recent announcement by the largest residential insurance provider in California, State Farm, that they would no longer sell new home insurance policies anywhere in the state left some wondering if they would be able to insure their homes at all, particularly in fire-prone areas. This is the latest development in a wildfire-fueled crisis that started in the aftermath of fires in 2017 and 2018. Increased fire risk and rapidly increasing construction costs have erased insurance providers’ profitability. Price caps and other mandates set by the state have kept premiums artificially low compared to other states. While insurance providers are saying that they will honor existing policies, we are seeing some homeowners dropped from their providers and buyers are having difficulty obtaining policies. As the state and insurance industry work to find a solution, there are things homeowners and prospective home buyers can do now. Click on the button below to read more about it on my real estate blog.
Gerstle Park Featured in Marin Magazine
127 San Rafael Avenue. Illustration by Skye Addicks.
The big buzz at last night’s PorchFest planning meeting was an article about our neighborhood featured in the July 2023 issue of Marin Magazine! Fun fact: I sold the house Illustrated above back in 2019 and the lovely new owner was our PorchFest meeting hostess! The article describes some of the historic homes in our area and talks about what makes it such a great place to live. Click on the button below to read the full article. And meanwhile … save the date of September 17 for PorchFest 2023! Our porch will be one of the band locations, featuring our very own Whiskey Rebellion as the headliner. Reach out if you’d like more details or to join us for exclusive back yard access. More info coming in the next issue of the Green Realtor News.
And on a personal note…
June 2023 marks the ten year anniversary of my big career transition from a drama teacher/theatre director to a full time real estate agent. Aside from the need to make a change, a big motivator was figuring out a way to finance college educations for my two growing daughters. Last week marked a major milestone when my younger daughter graduated from the University of Oregon with a BA in Journalism/Public Relations. My older daughter graduated from the University of California, Santa Cruz, in 2020 with a double major in Sociology and Feminist Studies. This mama couldn’t be more proud of them and excited for the future. I owe a BIG THANKS to all of YOU who played a role in helping to make it happen! From trusting me to represent you in some of the biggest transactions of your lives, to referring me to friends and family, to supporting me and cheering me on, I truly couldn’t have done it without you. Ten years ago it was hard to imagine having such a thriving business and two highly accomplished daughters with college degrees, yet here we are today. From the bottom of our hearts, thank you.
I hope you enjoyed the Green Realtor News! If you know anyone buying or selling, or if you are curious to hear more about the market, please don’t hesitate to reach out. I’d love to help you or your friends make moves. As one of my happy clients loves to say:
Everyone Needs A Lucinda!
