Posted on January 31, 2010 by Michael Novia
Dedicated to the extraordinary. The exceptional. The unique.
Are you interested in purchasing or selling a home in the South of Market neighborhood in San Francisco? You’ve come to the right place for information. On SoMaHomeSearch.com you can easily view homes for sale by building (links to the right) or by neighborhood (tab at the top). From within each listing click on the view details tab for tons of photos and mapping. I think it’s one of the most informative and easiest property searches on the market today.
You’ll also find interesting content on this site ranging from the big national stories to local sales prices, price reductions and statistics.
While there are many good real estate websites and blogs in San Francisco and they are a great place to start, you are not getting the whole story. Depending on what neighborhood, building and property type you are interested in, the general statistics you read in the press may not apply. Please feel free to contact me for more specific information or to request a free Sotheby’s exclusive Comparative Market Analysis & Marketing Plan.
Filed under: Buyer Info, Seller Info | Tagged: Michael Novia, Sotheby's, Sotheby's International Realty, Sotheby's Realty, Sotheby's San Francisco | Leave a Comment »
Posted on February 8, 2010 by Michael Novia
Includes Condos, Lofts, Coop’s, TIC’s and Single Family Homes. If you would like more info or wish to view photos you can click the Home Search tab at the top of the page or go to SFLuxuryHomeSearch.com (a new window will pop up). You can then enter the street address in the search box on the home page (leave out the unit #).
If you would like to receive price reductions and new listings via e-mail please send your contact info and search criteria (neighborhoods, number of bedrooms and price range) to novia@comcast.net. You have my guarantee that your e-mail will never be sold, given away or otherwise used.
Michael Novia
Broker Associate
Sotheby’s International Realty
*Links expire in 30 days.
Filed under: Price Reductions | Tagged: Michael Novia, San Francisco Real Estate, SoMa Real Estate, Sotheby's, Sotheby's International Realty, Sotheby's Realty, Sotheby's San Francisco | Leave a Comment »
Posted on February 4, 2010 by Michael Novia
A couple of new listings at Blu caught my eye today.
- 12B which is a view unit is listed at $845,000.
- 11C which is a partial view unit is $789,000.
Also, a few homes which are not in MLS are priced to sell: 11B is $799,000 with a partial view and 2B & 2C with approximately 400 square foot patios are $799,000 as well. 14E was reduced to $699,000.
View all Blu listings
Please let me know if you have any questions about Blu. I have toured this building well over a hundred times and am very familiar with the floor plans and pricing.
Michael Novia
Broker Associate
Sotheby’s International Realty
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Posted on February 3, 2010 by Michael Novia
The number of for sale condos/lofts in SoMa declined by 13% this January when compared to the same time last year, reducing the months supply of inventory from 14 months to 5 months - a healthy 65% decrease. The average days on market also decreased 33% from 99 days to 66. This could be a sign of a few more buyers in the market, but more likely that sellers have come to terms with current values – which is exactly what buyers have been waiting for.
Citywide the overall number of homes for sale declined 15% while demand increased 23%. The months supply of inventory fell from 6 months to 3 months, a decrease of 41%. Days on market also decreased 25% from 69 to 52 days.
Sales for February will increase as well. The number of properties going into contract during January is up 29% from 114 units to 147.
What does all of this mean to you? Proceed with caution. While many sellers are more reasonable these days, there are still a fair number of properties for sale which are significantly over priced. Take your time, do your homework and fully understand what’s happening in your neighborhood(s) of interest.
Source: Clarus Market Metrics
Filed under: Buyer Info | Tagged: Michael Novia, San Francisco Real Estate, SoMa Real Estate, Sotheby's, Sotheby's International Realty, Sotheby's Realty, Sotheby's San Francisco, South Beach Real Estate | Leave a Comment »
Posted on February 1, 2010 by Michael Novia
Includes Condos, Lofts, Coop’s, TIC’s and Single Family Homes. If you would like more info or wish to view photos you can click the Home Search tab at the top of the page or go to SFLuxuryHomeSearch.com (a new window will pop up). You can then enter the street address in the search box on the home page (leave out the unit #).
If you would like to receive price reductions and new listings via e-mail please send your contact info and search criteria (neighborhoods, number of bedrooms and price range) to novia@comcast.net. You have my guarantee that your e-mail will never be sold, given away or otherwise used.
Michael Novia
Broker Associate
Sotheby’s International Realty
*Links expire in 30 days.
Filed under: Price Reductions | Tagged: Michael Novia, San Francisco Real Estate, SoMa Real Estate, Sotheby's, Sotheby's International Realty, Sotheby's Realty, Sotheby's San Francisco, South Beach Real Estate | Leave a Comment »
Posted on January 28, 2010 by Michael Novia
According to data gathered from the San Francisco MLS, twenty-two homes have sold in SoMa since the first of the year. A nice increase from last years five. Overall volume is still down from its peak of thirty-five in January, 2005.
The median sold price for a 1 bedroom is $545,000 and two bedrooms are $704,500. The highest overall sales price is $1.625 mil for a two bedroom at the Four Seasons. However, two higher priced homes are pending at the Infinity. The highest one bed sale goes to the Clock Tower for $1.085 mil.
Michael Novia
Broker Associate
Sotheby’s International Realty
*Links expire in 30 days.
Filed under: Uncategorized | Tagged: Michael Novia, San Francisco Real Estate, SoMa Real Estate, Sotheby's, Sotheby's International Realty, Sotheby's Realty, Sotheby's San Francisco, South Beach Real Estate | Leave a Comment »
Posted on January 26, 2010 by Michael Novia
Zillow estimates the monthly payments for the White House at $1,220,318. The Millennium is not looking so bad now! 
The estimated value of the White House has dropped 5.1 percent—from $308 million to $292.5 million—in the last year, according to real estate Web site Zillow. Homes across the United States declined in value by about 5 percent, so the 132-room mansion is following the national trend.
The 5.1 percent decrease in the value of the White House is an improvement over its 7.2 percent decrease in 2008; and the nationwide 5 percent drop is a major improvement over the 11.9 percent average decrease in 2008. The White House, designed by an Irish architect and built in 1792, totals 55,000 square feet and sits on 18 acres.
Source: CNN.Com (1/21/09)
Filed under: Interesting Info | Tagged: Michael Novia, Sotheby's, Sotheby's International Realty, Sotheby's Realty, Sotheby's San Francisco | Leave a Comment »
Posted on January 25, 2010 by Michael Novia
Includes Condos, Lofts, Coop’s, TIC’s and Single Family Homes. If you would like more info or wish to view photos you can click the Home Search tab at the top of the page or go to SFLuxuryHomeSearch.com (a new window will pop up). You can then enter the street address in the search box on the home page (leave out the unit #).
If you would like to receive price reductions and new listings via e-mail please send your contact info and search criteria (neighborhoods, number of bedrooms and price range) to novia@comcast.net. You have my guarantee that your e-mail will never be sold, given away or otherwise used.
Michael Novia
Broker Associate
Sotheby’s International Realty
*Links expire in 30 days.
Filed under: Uncategorized | Tagged: Michael Novia, San Francisco Real Estate, SoMa Real Estate, Sotheby's, Sotheby's International Realty, Sotheby's Realty, Sotheby's San Francisco | Leave a Comment »
Posted on January 22, 2010 by Michael Novia
Nice to see San Francisco in the top 10!
For people who want to own a home, the premium to buy—the spread between what they’d spend to rent and what they’d pay for a mortgage—is much lower than the 15-year average in many cities.
To determine what cities are smart buys, Forbes magazine computed the premium and also identified locales where economists predict home prices will go up the most over the next five years.
Here are the top 10 cities the magazine chose as the best places to buy right now.
- Boston-Cambridge-Quincy, Mass.
- Charlotte-Gastonia-Concord, N.C.-S.C.
- Chicago-Naperville-Joliet, Ill.-Ind.-Wis.
- Cincinnati-Middletown, Ohio-Ky.-Ind.
- Denver-Aurora-Broomfield, Colo
- Minneapolis-St. Paul-Bloomington, Minn.-Wis.
- Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md.
- Portland-Vancouver-Beaverton, Ore.-Wash.
- San Francisco-Oakland-Fremont, Calif.
- Washington-Arlington-Alexandria, D.C.-Va.-Md.-W.V.
Source: Forbes, Francesca Levy (01/21/2010)
Filed under: Buyer Info | Tagged: First Time Home Buyer, Michael Novia, Realtors San Francisco, San Francisco Real Estate, SoMa Real Estate, Sotheby's, Sotheby's International Realty, Sotheby's Realty, Sotheby's San Francisco | Leave a Comment »
Posted on January 20, 2010 by Michael Novia
The Federal Housing Administration (FHA) today outlined future changes to the FHA home loan program. The changes first were proposed last month by Secretary of Housing and Urban Development (HUD) Shaun Donovan.
Rising defaults on FHA loans have led to the FHA’s cash reserves falling below federally mandated levels. FHA officials hope that policy changes will ensure borrowers have a stronger equity position and are less likely to default.
Policy changes include:
Raising the up-front mortgage insurance premium: The premium will rise to 2.25 percent from its current 1.75 percent. HUD is expected to release a Mortgagee Letter on Jan. 21 making the premium increase effective in the spring.
Raising the minimum credit score requirements: New borrowers will be required to have a minimum FICO score of 580 to qualify for the FHA’s 3.5 percent down payment program. New borrowers with less than a 580 FICO score will be required to put down at least 10 percent. FHA expects this to take effect in early summer after it goes through the normal regulatory process.
Reduce allowable seller concessions: The agency is lowering the maximum permissible level to 3 percent from its current 6 percent limit. FHA expects this to take effect in early summer after it goes through the normal regulatory process.
Michael Novia
Broker Associate
Sotheby’s International Realty
Source: C.A.R.
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