GREEN REALTOR NEWS | Vol. 12
Market Update | News | Photo Contest
No one guessed the location of our February photo contest! This beautiful mural of bandleader Louis Armstrong is located on Hayes Street between Laguna and Octavia in Hayes Valley, just a few blocks from the acclaimed San Francisco Jazz Center. This mural celebrates the storied history of jazz in San Francisco. In an old SF Chronicle editorial from 1917, early jazz was described as “any old jumble of peculiar and noisy sounds, without rhythm or reason, from any old sort of instrument.” But by the 1950’s and 60’s the Fillmore District was called Harlem of the West and the clubs were thriving. Even the frequently curmudgeonly Herb Caen developed an appreciation for jazz. Since 2013 we’ve been lucky to have SFJAZZ, widely considered to be one of the greatest jazz concerts halls in the world. And it’s now open with tickets to live shows on sale now. I can’t wait to go!
As always, our photo contest winner receives a $25 gift card to Marin Green Business Good Earth Natural Foods. Scroll down to see our March photo by artist-in-residence Esther Vermeer.
Market Update
San Francisco | Single Family Homes and Condos | Median Sales Price
Single-family home and condo prices rose significantly in February 2022, reaching an all-time high for single-family homes in San Francisco, while Marin is just below the peak. Condos are mixed, with an 8% decrease in the condo prices county-wide in Marin and a 5% increase in San Francisco compared to February 2021. The condo market in San Francisco had taken quite a hit during the past two years of the pandemic. The increase is likely related to a re-opening of the city and a return to in-person work bringing the condo buyers back. There has been a question of whether mortgage rate hikes will lower demand. Perhaps that will happen in the long-term, but in the short-term we’ve seen demand increase as buyers try to lock in a lower rate. The San Francisco and Marin housing markets have a major advantage in that people simply want to live here. Despite recent reports stating that there was a “dramatic shift” in population during the pandemic, the truth is that the San Francisco Bay Area tends to have high employment rates, racial diversity, and a growing population of affluent young professionals. This tends to have a snowball effect, making these areas more and more desirable places to live. (Of course - we already knew that!)
Speaking of Interest Rates
The Fed is expected to raise interest rates by 0.25% six times this year, going from 0% to 1.50%. We are now entering a period where factors that affect prices are more mixed, unlike the past two years when all the factors combined to raise prices. Rising interest rates, which will hopefully curb the still-rising inflation, will make homes less affordable and might dampen demand over the next year. But inventory is so low that even with less demand, there still won’t be enough homes for everyone who wants one. It might seem counterintuitive that home prices can still appreciate after increasing so much over the past two years, but with inventory at record lows, home prices in 2022 are projected to continue to rise — though at a slower rate than in 2021.
Want more information about the local markets in San Francisco and Marin? Email me to sign up for the Attain Real Estate monthly report which goes into the stats in more detail.
New Listing! 541 Orizaba Avenue, San Francisco
4 bedrooms | 3 bathrooms | 2,135 square feet | Two car garage and… VIEWS FOR MILES!
Gorgeously updated two-level home in Merced Heights features stunning views, stretching all the way from Mt. Diablo to the Farallon Islands. The upper level, refreshed and updated in 2021, contains three bedrooms and two baths, including a large primary bedroom with ensuite bath. Cozy up to the wood-burning fireplace in the generous main living area, surrounded by floor to ceiling windows showcasing vast ocean views and twinkling city lights. An enormous open kitchen enjoys updated countertops, open shelving and new appliances. The lower level includes that ever-elusive two car side by side garage plus parking for two cars in the flat driveway. A comfortable entry hall flows into the family/media room, opening out to an enormous multi-level deck for entertaining. Additional bedroom with ensuite bath and a wet bar/laundry room finish out this level. Green amenities include a new, high efficiency furnace, solar panels, and an electric car charging station. Nearby Ocean Avenue features restaurants, shops, Whole Foods Market and the Ingleside Public Library. Stonestown Mall is just a mile away, with amenities galore including a weekly farmers market. Easy access to MUNI, BART, and freeways 101 and 280. Steps from the front door, the Lakeview Ashton Mini-Park provides 360 degree views from the city to the Bay.
Photo Contest
Esther Vermeer is a Mill Valley resident with a background in branding and graphic design. Originally from the Netherlands, she moved with her family to Montreal, Canada for a while, and came to the Bay Area 14 years ago, where she has since established herself in the world of interior design. She loves to journey around California and discover the lush natural beauty the state has to offer. You can reach her at esther@prevalentprojects.com.
Look familiar? If you know where this is, email me at lucinda@lucindaotto.com. The first person with a correct guess wins a $25 gift card to Good Earth Natural Foods!
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!
