From Rags to Riches in Noe Valley

The Before and After Remodel of a Noe Valley Home

The booming economy in San Francisco has made ordinary homes in the right location become a developers dream come true.  In particular homes located close to the tech shuttles in Noe Valley, Glen Park and Bernal Heights.

For example this house that was just listed at 1632 Dolores Street in Noe Valley.  It was bought last year on 11/06/2012 for $1,263,000 below the asking price of $1,295,000.  One year later it is back on the market completely remodeled and is asking $2,875,000.  In the past couple of months homes that have been remodeled in that area have sold for as high as $3,200,000.  That was the home of Twitter’s co-founder Evan Williams located at 313 Duncan Street.

This is a prime neighborhood location within walking distance to some of the best local grocery stores, J-Church Muni, tech shuttles and a number of top rated public and private schools in San Francisco.

Front of 1632 Dolores in 2012

Front of 1632 Dolores in 2013

Closed Floor Plan

Open Floor Plan

Hallway Before Remodel

Hallway Remodeled

Old Floor plan

New Floor Plan

Old Bathroom at 1632 Dolores Street

New Bathroom at 1632 Dolores St.

Backyard at 1632 Dolores St. in 2012

Backyard Landscaping 2013 at 1632 Dolores St.

Stay Tuned!

I predict the next house on the chopping block will be McGuire’s new listing at 1829 Church Street for $895,000.  The opportunity this home has will bring it way over the asking price.  It is a 4 bedroom 2-bath single-family house that has been used as two units with an additional in-law unit downstairs.  It is in the perfect location with a back yard and screams opportunity!

If you are looking for opportunities like this then don’t hesitate to give me a call.  I love seeing a home go from rags to riches and I have lived in the city long enough to know where you will get the biggest bang for your buck!

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The Cost of Living in SF

San Francisco has seen some dramatic shifts in real estate over the past year.   Rental prices have increased by 30% over the past 2 years with the average rental costing $2,663.  Homes for sale have increased in price by 32% compared to sales in April 2012.  The housing demand is predicted to continually increase over the next 20 years with the addition of 150,000 people coming here for jobs.  So if you live in SF you might want to buy now or you may pay for it later!

Single Family Homes

Median Sales Price: $1,000,000

Inventory: 541

Days on Market: 27

One area experiencing the greatest growth is known as District 9, which includes Portero Hill, Dog Patch, Inner Mission and Mission Bay.  The Inner Mission neighborhood has become a popular area for young tech professionals.  The median price for a home has increased by 33% from last year with a median price of $1 million dollars.

Condominium Sales

Median Sales Price: $850,000

Inventory: 740

Days on Market: 31 

One area in the city that seems to be a hot commodity for condos has been District 1.  Specifically the neighborhoods of Richmond and Sea Cliff, located just south of the Presidio.  The inventory has decreased by 60% over the last two years.  The median price for a condo in the district reached $810,500 in April 2013.

The California Association of Realtors (C.A.R) reported CA home sales and prices experiencing strong increases in April with the median price surpassing the $400,000 mark for the first time in 5 years!  The average days on market also has decreased to 27 days compared to 48 days in April 2012.

According to the SF Gate rental rates have seen a dramatic shift as well.  Studio apartments increased in price by 16.5% from the previous year with the average of $2,075/month.  The average one-bedroom, one bath apartments are now $2,611/month which is 20% higher than the previous year and 30% higher than two years ago.

*Data collected from the San Francisco Association of Realtors.

The Parking Dilemma

Arial view of San Francisco

When it comes to buying property in San Francisco the majority of people want deeded parking.  But they are not always willing to pay $50,000 to $100,000 more to get it.  With such a shortage of inventory in San Francisco and properties being sold in the matter of days after they hit the market, it can be quit the dilemma.  Do you sacrifice the luxury of parking in order to get in the market?

In my opinion the answer is yes because it is easier to find parking than the perfect condo.  Parking is a common problem in most major cities.  Luckily there are entrepreneurs out there that decided to resolve this issue so it is easy to find parking options based on your location.

The most efficient app I have found that tackles this problem is called BestParking.com.  It is a parking search engine that will give pricing options of what is available close by.  You can choose Hourly or Monthly parking and find the cheapest and most convenient option.

If you plan on parking in a meter when you need to go somewhere, you should probably consider using the PayByPhone app.  It allows you to enter in the location number and automatically pay for the duration needed.  The best part is it will send a text message when your meter is going to run out so you can add more time.  There are some neighborhoods that slap a ticket on your car the minute the meter runs out.  I have been a victim of this one too many times in SF and finally have found a way to outsmart the DPT!

Another issue that can come up when parking on the street is trying to remember where you parked your car.  I guess I am not the only person who has had that happen because it seems to be an issue that a number of apps are trying to resolve.  I like Pinpoint Park out of all of the apps in this category.  It is easy to pinpoint where your car is, add notes and take a picture to visually remind yourself.

Hats off to the entrepreneurs that make our lives easier and more efficient with our time.  If you want to find out more about how technology can simplify our lives living in San Francisco follow my blog and stay tuned!  You can also find daily updates on my Facebook Page or Twitter.