Wednesday, January 17, 2007

Stage 2, Inner Richmond

Stage 2 of Le Tour de San Francisco begins today. If you are new to sfnewsletter, the TDSF is our real estate version of the great cycling race, where we tour through our nano-markets around town. This week we look at District 1B...Inner Richmond. We'll finish after 86 stages with district 10K...Bayview Heights. So if you have anything you want to say about your district, we want to hear it. For past stages, contact your sfnewsletter provider.

Market Update

Before we get into the market in the Inner Richmond, we thought you should read this, Bubble Proof Markets on Business 2.0

So how's the market in the Inner Richmond? Generally, the closer you get to the outer edges of the district box (Park Presidio, Arguello, Fulton, and California), the more the property values increase. Geary, is kind of like a black hole. Some Avenues on the north side of Geary do better than the same Avenue on the south side of Geary and vice versa. If you are on Funston, then you should do okay no matter what. Being on Arguello and Fulton isn't exactly the best location, and that little tiny street, Cornwall, has three markets of its own. Confusing? Hell ya! That's why you need to talk to a Realtor who actually works IN the city before you make any decisions about buying or selling your home.

some stats

Inner Richmond Listings

One Block is All it Takes

Have a look at 350 3rd Ave ($1,550,000) and 227 3rd Ave ($1,725,000). Same Avenue, similar homes, but on different sides of the track (Clement). Without delving into all the details and amenities of each property, let's do a very rudimentary comparison. Take the square footage of 350 (2,650sf) and multiply it by the price per square foot of 227 ($616) and you'll get $1,632,400. So if that home was on the 200 block of 3rd instead of the 300 block, it might sell for $1,632,000 or $82,000 more than it fetched on the 300 block. Is it that simple? No, but we're trying to give you an idea of some of the dynamics. Keep in mind that in the Inner Richmond (and most of San Francisco for that matter) there are literally no two properties that are exactly alike, so we're working with what we have and getting as close as we can. Got questions? We want to hear them. Here is a side by side comparison of these two properties with square footage and all that fun stuff.

Comparison Shopping

It's that time of year when the snow starts falling. Some of you could probably care less and that is okay. But if you are a skier/boarder and would love for all of your closest friends here at sfnewsletter to crash in your pad, you could pick up this plush ski huette at Alpine Meadows, CA for $1.6MM. It even has a "doggy bath in the garage", and rental income of around $50,000/year. Thank you Kim Thomas, of Tahoe Real Estate Group, for that link.


Have you ever been on Clement and wondered about the stores with all the produce out front? There are a couple of good markets in that area, but New May Wah on Clement @ 8th (right next to Radio Shack) has some excellent fruit, vegetables, meats, fish, and all kinds of other goods from around the world. Their candy aisle alone is enough to bring a sweet junkie to their knees, and their prices are truly hard to beat. It is crowded and bustled, so don't expect a relaxing shopping experience, but you should at least check it out.

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