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By virtually every statistical measure of supply and demand, the luxury home segment in San Francisco dramatically strengthened in the 2nd quarter. And this is what we are clearly experiencing on the ground in the day to day transactional market here in the city. One always wants to see trends continue for minimally 2 or 3 quarters before jumping to headline conclusions about market declines or rebounds, but right now the signs are quite positive.

Luxury homes are defined as those selling for $1,500,000 and above. The second quarter saw a surge in sales – as is not uncommon in the 2nd quarter/ spring sales season. Luxury house sales were comparable to those of last fall and last spring, but luxury condo, co-op and TIC sales exploded to by far their highest level in 3 years. Closed sales follow accepted-offer activity typically by 4-8 weeks, so 2nd quarter sales figures mostly reflect accepted-offer activity in mid-February to mid-May. Sales $1.5m and above make up about 10% of the overall home market in the city.

As measured by the number of luxury homes accepting offers, the 2nd quarter was the strongest in 3 years: about 15% higher than last year’s figures.

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Year to date luxury sales – defined as properties selling over $2,000,000- are better than they were in 2009 and 2010! The Single Family Home market is slightly ahead of last year’s sales and the condo/co-op/tic market is significantly better than last year and 2009 with regards to number of sales. We’re still not at the pace we were in 2007 or 2008 though.
# of Sales from Jan 1- June 8; $2,00,000+
Year SFH Condos/Co-Ops/TICS
2011 83 35
2010 79 21
2009 48 17
2008 105 41
2007 98 27

Attractively priced homes in our best neighborhoods are selling, sometimes fast and sometimes with multiple offers.

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You thought San Francisco was expensive? Check out the 10 most expensive homes for sale in the U.S.
Makes SF real estate seem like a deal!

Share and Enjoy:

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Foreclosure is blind. After the mortgage meltdown and the plunge in home prices, record numbers of ordinary houses tumbled into foreclosure across Southern California as borrowers became unable or unwilling to pay their mortgages. But the rich aren’t so different after all: Million-dollar-plus homes have reverted to lender ownership in increasing numbers — previous sales prices, prime locations and even celebrity pedigrees have provided no immunity.

Earlier this year, Oscar-winning actor Nicolas Cage’s English Tudor joined the foreclosure fraternity. The nearly 12,000-square-foot house, once marketed at $35 million, now is listed for $11.8 million; the seller, Citibank.

 Foreclosures of Million-Dollar Homes on the Rise [Los Angeles Times]

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Two years ago,  this single family home, 28 Clarendon Avenue,  sold for$1.6 million in a trust sale.  Less than 2 months ago, this 5 story home came on the market with a major renovation and a $4.5 million dollar price tag.

Designed by San Francisco architect Simon Kwan and rebuilt in 2010, this mid-century home spans five levels and comes with oak hardwood flooring and a number of wide floor-to-ceiling windows. It’s highlighted by a top-floor great room with a living room, dining room and kitchen that has Viking appliances, Chroma Quartz countertops, European metallic backsplash and a center island. The lower level master suite offers a panoramic three-bridge view and a bathroom with limestone tile. There’s also separate lower level with a bedroom suite, office/media room and stairs that lead to the deck and landscaped garden. The home has been seismically retrofitted and has a two-car garage with interior access.

Don’t miss: The property has a cedar wood-lined light well that runs through every floor, as does an elevator, and there are multiple decks, a professionally landscaped yard and a wine cellar.

Built: 1959, renovated in 2010

Size: The three-bedroom home has three full and two half bathrooms and covers 4,537 square feet.

*Listed by Patricia Lawton, TRI Coldwell Banker

Rebuilt five-story home with light well[SFGate.com]

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Selling in 12 days, 1000 Francisco, the enchanting cottage on the Francisco “dead end” wow-ed even the most savvy agents.

Listed at $2,499,000, this “diamond in the rough” sold for $3,500,000 in 12 days! Can you say all cash?  

I’m sure the sellers are thrilled at the multiple offers and resulting sales price. Just goes to show that homes with 5 star locations still sell quickly!

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1000 Francisco just came on the market and this very special home is located on the part of Francisco that dead ends so most people have probably never even seen it. A magical location with bay and Golden Gate bridge views, this home hasn’t been “touched” and is a unique opportunity for someone who wants to create their own SF paradise. We’d bet that 1000 Francisco garners multiple offers and sells over its $2,499,000 list price.

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