GREEN REALTOR NEWS | Vol. 20
The lucky winner is Carole Weiner! The sight of Fort Mason brought up fond memories of many happy Saturdays taking improvisational theater classes at the Bayfront Theatre. Scroll to the bottom to see if you can identify the location of our November photo. As always, the winner receives a $25 gift card to a local green business, Good Earth Natural Foods.
Market Update | News | Photo Contest
The responses came in fast and furious for our October photo! Seems that a lot of you are familiar with Fort Mason Center, former coastal defense site now on the National Register of Historic Places and home to numerous cultural institutions (and a few great restaurants!). Poetically, this transformation is embodied in Alicia Eggert’s neon sculpture This Present Moment, presented by The Long Now Foundation in partnership with Fort Mason Center for Arts and Culture. The exhibit is open daily in Fort Mason, Building B, from 7:00 am - 11:00 pm through February 2, 2023.
Market Update
The real estate market continues the current trend, with increasing interest rates putting a damper on the red hot housing market of the past two years. In San Francisco prices for single family homes decreased an average of 22% from their peak in March 2022, however due to the huge increases of the past two years they are still up 6% over November, 2020. A slower but steady 5 - 6% annual growth rate is expected in the coming few years as the economy finds its footing again and interest rates start to come back down, predicted by some to start in the second quarter of 2023. In September and October the number of sales increased as the number of new listings declined, a trend that is likely to continue as we enter the slower holiday season.
In the bigger picture, the recent rise in home prices has contributed to an enormous increase in homeowner equity. A recently published report by mortgage giant Freddie Mac states that total home equity in the U.S. has now climbed to an all-time high of over $29 trillion. Nationwide, almost half of U.S. homeowners (48.5%) are “equity rich,” meaning that the combined estimate of all loan balances secured by their properties does not exceed 50% of the home’s estimated market value. What does this mean for the housing market? Unlike the Great Recession of 2009 when many borrowers owed more than their homes were worth, today’s record levels of home equity should help individual homeowners and the housing market at large get through the expected downturn in 2023 without facing the kind of foreclosures we saw in the previous recession.
In Contract!
324 Foerster Street, San Francisco
Homes are selling! We received multiple offers for this fantastic home after just two weeks on the market. The property preparation we worked on with Freemodel.com helped tremendously. Everyone who visited the property commented on how wonderful it all looked, and how comforting it would be to buy a home that was completely “done” with nothing left to do but move in and enjoy. While the new kitchen looks amazing and everyone loved the refinished floors, I think it may have been this sweet little swing under the apple tree that sealed the deal.
In Contract!
601 Van Ness Avenue, #43, San Francisco
It took some time, but we finally found the perfect new owner for this sunny townhouse at Opera Plaza. Dropping the price to just $542 per square foot created a deal that was just too good to refuse. After spending time there for the past few months I’ve really come to appreciate this well-managed complex. There are several one bedroom units available that I think are great investments. Curious? Give me a call.
Greening The Holidays
As December is just about here, we could all use a few quick tips for making the holidays more planet-friendly.
Give experiences, not things
Make gifts by hand
Shop local
Avoid single-use plastics
Real Christmas trees are more sustainable than plastic
Use repurposed items to wrap gifts, or gift wrap you can recycle
(quick rule of thumb - if you crinkle it up and it stays, it’s probably recyclable)
This is a new one for me - those burned out or broken strings of holiday lights are recyclable but need special disposal. Locations are limited. In San Francisco, EwasteSF has a drop-off center open Wednesday and Saturday from 10:00 am - 4:00 pm at 2915 16th Street. In Marin, you can take them to Ace Hardware/Fairfax Lumber Company at 109 Broadway Boulevard in Fairfax.
As always, the best gift of all is time with family and friends!
November Photo Contest
Green Realtor News’ Artist-in-Residence, 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.
If you know the location 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!
