GREEN REALTOR NEWS | Vol. 22
Market Update | News | Photo Contest
The winner of our December photo contest was Mary Ann Johnson! Mary Ann hails from Long Beach, California, proving that anyone can be a winner at the Green Realtor News. The rainbow lights in this photo adorn the escalator at the Castro MUNI station in San Francisco. Designed to complement the many rainbow flags and crosswalks in the Castro neighborhood, SFMTA spokesman Paul Rose explained, “Whenever we get a chance to play a part in showcasing and honoring San Francisco, its communities, and its people we do what we can.”
Scroll to the bottom to see if you can identify the location of the January photo. As always, the winner receives a $25 gift card to a local green business, Good Earth Natural Foods.
Market Update
After the roller coaster of the past few years, the beginning of 2023 feels like pre-pandemic times. The chart below illustrates the impact of the pandemic on the housing market. Despite talk of a “market crash,” the numbers at the end of 2022 showed that across the U.S. the housing market retained a net increase of 24% in the past 3 years. Local inventory remains about 20% below pre-pandemic levels, but signs point to a busy spring. Buyer demand had nowhere to go but down after the buying frenzy of 2020 and 2021. Low inventory and low demand slowed the overall number of sales considerably, but even with a decline from some of the peaks in early 2022 prices are still strong. They are projected to increase between 5 - 6% in 2023, which makes for a healthier market than the one over the past couple of years. The market for single family homes in both Marin and San Francisco will still favor sellers, but without the frenzy we saw last spring. That said, special properties that are beautifully prepared and priced still sell well over asking within a few days. Locally, the number of agents posting on our networks about buyer needs seems to have exploded. There are many eager, qualified buyers who can’t find what they want. If you are a seller considering selling in the near future, getting on the market soon when there is little competition seems like a good opportunity.
Sleeper Alert!
Even with the low inventory, there are a few properties out there that I call sleepers - fantastic houses that are available for prices that would have been unthinkable a year ago. They’ve been sitting on the market for a while, just waiting for that savvy buyer to come and snap them up. For example, take a look at these two beauties.
21 Stetson Avenue, Kentfield
This bright, sunny, three bedroom, two bath home with an updated kitchen and dead-on beautiful views of Mt. Tam is available for $1,595,000. Out of the 56 sales in Kentfield in 2022 only 4 of them sold for less. With an average sale price of $1,190 per square foot, this home is an amazing deal at just under $860 per square foot. Located on a sweet, tree-lined street off of Sir Francis Drake, the house is steps away from the College of Marin, Woodland Market, the Half Day Cafe and Kent Middle School. The main level features an enormous living room with a vintage fireplace and big windows facing east. Wide steps lead to a generous dining room with a big picture window framing Mt. Tam. Off the kitchen there is a large, flat private back yard. The main bedroom and a beautiful office/bedroom with the Mt. Tam view completes this level. Downstairs has two bedrooms, a full bath, and a one car garage. This level offers expansion opportunities including a possible ADU. The only reason I can think of why it hasn’t sold is because it’s a sleeper. Curious? Give me a call! I’d love to find someone for this lovely home.
370 Church Street, #A, San Francisco
This large, one bedroom condo has been on the market for over 120 days. Centrally located between the Castro, Duboce Triangle and the Mission, it has a walk score of 97, bike score of 96 and transit score of 100. The living room features large, east-facing windows and a cool free-standing wood stove. The open plan includes a dining area, room for a home office and an updated kitchen. With private, one-car parking, in-unit laundry, a private deck and a patio, plus a shared gym, hot tub and sauna, what is not to love about this condo, listed for $1,049,000. Looks like an opportunity to me!
January Photo Contest
All of the gorgeous local photos in our photo contest are provided by the Green Realtor News Artist-in-Residence, Esther Vermeer. Esther 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! I wish you all happiness and prosperity in the coming year. 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!
