We are now 8 months into the coronavirus pandemic, and the state of California has been on fire! Last month, the air cast an eery dark orange color across the sky from the heavy levels of smoke down the West Coast. For anyone who has been affected by the wildfires, we are sending our deepest condolences. It is through the darkest of times, that the light of friendship, love and togetherness can shine the brightest. You are in our thoughts and prayers!
In this months newsletter:
- San Francisco Rental Market Update – SF RENT DOWN 20.3%
- San Francisco Market Update – Surplus of Inventory w 4-10 Months Supply but our listings are selling at above market price + buyers are out there shopping!
- Recent Sold by Mia Takami Real Estate – We had our busiest month in Sep despite the slow condo market with 9 Closed + 2 Pending + 2 Coming Soon!
- Exclusive Listings – We have exciting new listings coming soon all over SF & East Bay! Please inquire for details.
- Happy Halloween – Be the 1st to claim a complimentary Starbucks treat on us!
Rental Market Update
SF rental prices experience largest yearly drop since records kept, fall another 7% MOM
The median price of a one-bedroom last month was $2,830, a 20.3% decrease from September 2019, according to Zumper, 20.4% according to Apartment List. It was also the first time the median price of a one-bedroom in San Francisco was priced below $3,000. Zumper found that the two-bedroom median price dropped 7% as well, to $3,800.
Working from home is here to stay for the foreseeable future with many large companies announcing they will not be opening their offices until mid to end of 2021. Facebook and Google have told their workers they can work remotely thorough next Summer. Rental prices will continue to drop until some event starts driving demand back into the market. Many market analysts are reporting that the rental market will eventually bounce back, however it may take years to fully recover.
Are you wondering what your investment property may be worth in the market today? Contact us to discuss our rental services and the possibility of selling. We will help you do your due diligence and educate you so that you can make the best decision for your situation and future 415.728.2596 | email@example.com.
San Francisco saw a steep increase in both sales and inventory from July – September. Inventory continues to increase much faster than the sales rate and price reductions are heavily concentrated in the condo market. Affluent buyers have been making up a larger portion of people buying homes who have been less affected as the stock market returns, whereas the entry level buyer pool of tech workers is likely leaving the city to work from home as the pandemic continues.
“The average size of home that sold in the third quarter was 1,997 square feet, compared to 1,890 in the third quarter last year.”
Many downtown high-rise offerings continue to sit with up to 10 months supply of inventory, while listings in more suburban neighborhoods tend to trade faster and slightly above asking price. The number of sales rose 30.2% compared to the third quarter last year, climbing from 1,151 to 1,499 transactions. Comparing September to the same month last year, the number of price reductions was up 172% for houses and condos combined. Of the price reductions, 80% were of condos.
Nevertheless, it’s important to grab the attention of buyers quickly without getting lost in the surplus of inventory. We had our busiest month in September with 9 Closed Properties, 2 Pending and 4 Coming Soon! Although Days on Market have been climbing in recent months, our listings have been outperforming the market with higher selling prices.
We are here for all your real estate needs!
1. Our team sells at a high volume with over 122M sold since 2018
2. We are well connected with top agents in the Bay area and can leverage our agent community to get you best return on investment
3. We take care of the project management at no costs to our clients and offer a team of trusted partners that will design and complete the improvements at our preferred rates
Recent Sales by Mia
888 7th St #125 | Potrero Hill
3 Bedrooms / 2 Bathrooms / Approx. 1547 Sq Ft
Sold within 3 weeks at $1,250,000
2232 California St | Pacific Heights
2 Bedrooms / 2 Bathrooms / Approx. 1233 Sq Ft
Buyer Represented – Our strategy won multiple offer situation at $1,380,000
1200 Gough St #2E
Buyer Represented – Bright and spacious 1BR + Den home near Japantown at $775,000!
115 Uptown Circle #0095 | Oakland
Buyer Represented – Modern 2BR townhouse at Ice House w solar technology at $739,990
SHOWING BY APPOINTMENT COVID COMPLIANT IN-PERSON TOURS AVAIL NOW FOR ALL LISTINGS!
Coming Soon | 88 King St #822
Offered at $2,199,000 or TBD
4 Enclosed Bedrooms / 2 Bathrooms / 2 Private Terraces / Approx. 1440 Sq Ft
Photos & Floor Plan:
Will Show and Sell Off-market! Exceptional waterfront corner residence with spectacular Bay Bridge, Marina and Oracle Park views! Feel your absolute best in this rejuvenating oasis on water with 2 outdoor terraces – perfect for entertaining!
Coming Soon | 255 Berry St #107
Offered at $1,850,000 or TBD
4 Enclosed Bedrooms (2 Bedroom Suites, Bedroom/Den, Office) /
Private Balcony / 3 Bathrooms / Approx. 1707 Sq Ft
Photos & Floor Plan:
Will Show and Sell Off-market! Magnificent 2 level townhome on Mission Creek! The generous living space opens to a private balcony on a quiet pathway where you can admire water views & beyond!
Coming Soon | 250 King St #630
Offered at $1,399,000 or TBD
2 Bedrooms / 2 Bathrooms / 1 Den / Approx. 1415 Sq Ft Per HOA
Photos & Floor Plan:
Spectacular corner home with floor to ceiling windows showcasing Bay Bridge & city views! Perfect for the urban explorer seeking an exclusive luxury lifestyle with thoughtful upgrades throughout. See full list of upgrades here.
Offered at $1,249,000
2 Bedrooms / 2 Bathrooms / 1 Deeded Parking / Approx. 1547 Sq Ft Per Tax Record
3D Tour, Cinematic Video, Floor Plan:
This Marina Chateau home exudes elegance and sophistication with breathtaking Golden Gate Bridge and Bay views! Artful and unique details throughout with dramatic arched doorways, crown moldings and high beamed ceilings.
333 1st St #N202 | South Beach
1 Bedroom / 1 Bathroom / Approx. 758 Sq Ft
Bright and spacious waterfront living at the desirable Metropolitan! Assigned parking & storage, AC, WD, low HOA/full amenity w doorman!
585 9th St #621 | Old Oakland
2 Bedrooms / 2 Bathrooms / Approx. 993 Sq Ft
Elegant Penthouse w Extra High Ceilings, Private Patio, Fabulous Amenities w low HOA dues!
110 Channel #104 | Mission Bay
2 Bedrooms / 2 Bathrooms / Approx 1030 Sq Ft
Exclusive waterfront park residence w 12 ft ceilings & private patio. One of only six units with 12 ft ceilings and direct access to Mission Creek Park!!
2 Bedrooms / 2 Bathrooms / Approx. 1275 Sq Ft
201 Folsom #39 | South Beach
4 Bedrooms / 3 Bathrooms / Approx. 2692 Sq Ft
Signature corner sky residence with Panoramic Bay Bridge, Bay, Downtown City Skyline views with private balcony at LUMINA!
338 Main St #10A | South Beach
2 Bedrooms / 2 Bathrooms / Approx. 1385 Sq Ft
Exceptional Waterfront Living w/ Breathtaking Bay views from every room! Over $400K worth of upgrades included!
250 King St #874 | Mission Bay
2 Bedrooms / 1.5 Baths / Approx. 1104 Sq Ft
Peaceful sights of the city and glistening pool below become your daily backdrop in this charming top floor home at Beacon!
250 King St #780 | Mission Bay
2 Bedrooms / 2 Bathrooms / Approx. 1142 Sq Ft
Renovated designer home at The Beacon with serene courtyard & downtown views! Highly desirable split layout with remodeled kitchen.
In the spirit of Halloween, we are giving away a Starbucks treat ON US! Be the first person to respond to our newsletter with “HAPPY HALLOWEEN”, and we will send you a gift card to Starbucks! All we ask is that you tag us or give a shout out to Mia Takami Real Estate on social media!
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