Some years ago, Warren Buffet was asked about his business strategy. “We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful”, he answered. He’s done all right for himself, hasn’t he? When it comes to condos in San Francisco and elsewhere, another quote of his applies: “Price is what you pay. Value is what you get.” While it doesn’t apply to ALL condos, especially those in the the most desirable neighborhoods in the City, and those in smaller buildings (2-3 units), we are seeing many “good deals” for apartments, from the newer buildings with all the bells and whistles (doorman, gym, clubroom, elevators, view roof deck, communal patio and barbecue area, pool) to older units with larger square footage and traditional architectural and design details. Single family homes still seem to be selling well and for a premium, but those in the market for a condo may find this is the best time in recent memory to purchase one. Maybe you’re looking to downsize? Retire into an elevator building and avoid stairs? Maybe move into a larger space from one you’ve outgrown? Or perhaps you know a renter who’s had enough of renting? There are a host of reasons for the almost 1200 apartments (condos, TICs, lofts, Co-ops) on the market, and yes, some of these reasons include folks leaving the City. If companies are allowing or mandating that employees work from home, many are choosing to return to where they can be closer to family, or where the cost of living is a bit less expensive than San Francisco. This time it’s the pandemic. Ten years ago it was the financial meltdown. Ten years before that it was the dot-com bubble burst. Ten years before that we had a rather sizable {{EARTHQUAKE!!}}. Each time, as the economy shifted and there was a perceived return to “normalcy”, people came back in droves. And those ready to “be greedy when others are fearful” have fared well. Derek & Natalie and Geneva |
by Patrick Carlisle, Market Analyst for Compass Bay Area As illustrated below, the San Francisco market currently reflects a variety of both positive and negative indicators. Among Bay Area markets, the city is seeing the softest recovery from the initial shelter-in-place plunge in activity in early spring, while some other counties – less expensive, more suburban or rural – are experiencing extremely high demand. (See table near the end of this report.) Within San Francisco itself, supply and demand conditions have diverged dramatically between house and condo markets, with the latter being far weaker and rapidly climbing into “buyer’s market” territory. Click the above image or here for to view the entire report. Tell us what you think! We’d love to hear from you. |
New Listings | Just Sold | Announcement |
DID YOU KNOW? As work-from-home continues, some cracks are emerging. Projects take longer. Training is tougher. Hiring and integrating new employees, more complicated. Some employers say their workers appear less connected and bosses fear younger professionals aren’t developing at the same rate as they would in offices, sitting next to colleagues and absorbing how they do their jobs. DID YOU KNOW? Proposition 19 on the Nov. 3 ballot would close one inequity in California’s byzantine property tax laws and create another. It would eliminate provisions that allow often-wealthy parents to transfer without tax consequences ownership of family homes to their children who use the residences as rental properties. It would also expand rules allowing residents age 55 or older to transfer the tax value of their homes when they purchase a new one. The proposed expansion, like a measure voters resoundingly rejected two years ago, would be a windfall for homeowners who already reap the biggest benefits from California’s property tax laws. DID YOU KNOW? Agents and sellers are adding “Zoom rooms” in listings, alongside more traditional home features. As buyers look to a future of working from home due to the coronavirus pandemic, home offices with pretty backdrops are seemingly in demand. DID YOU KNOW? What sort of traffic do INTERNATIONAL real estate websites get? Christie’s Real Estate – 466,000 visits/month Knight Frank (.com and .uk) – 927,000 visits/month Savill’s – 1,45m visits/month
(PS: COMPASS.com is approaching 3 million visits per month.) |
This is what coronavirus will do to our offices and homes. One day, the virus will subside. It could be eradicated. But even then, life will not simply return to the way it was before Covid-19. Spurred on by the coronavirus crisis, architects have been rethinking the buildings we inhabit. Click through to find out how the future might look. | |
Aiming to prove that middle-aged dogs can learn new tricks, here’s a quick look at how we’ve adjusted to our current landscape for our selling clients. (Woof!) |
Visualizing your Upgrade: Curious to know how Compass can transform a listing and improve its sale price? Compass Lens uses Artificial Intelligence (AI) to visualize the potential of your space! See exactly the difference working with us can make. | |
| Virtual Property Presentations: Sticking with what we’ve always done, we’ll provide Professional Photography & Videography, including Matterport 3D home tours, and a dedicated property website which includes all of this within the site. |
Video Creator: We’re able to make quick (10 seconds or less) videos of our listings with essential details to our social feeds. | |
| Create a virtual open house experience using standard video from our phone: We can record a Home Tour – more informal than a professional video, we’ll walk the property and show it as we would in a traditional open house, pointing out all of the features, opening closets and cabinets, send to prospective buyers and their agents, and be available for questions. |
Facetime or Zoom conferencing in the property: As above but on a live feed that is mutually scheduled with prospective buyers and their agents. Offers a personal experience and 1:1 questions are answered. | |
| Dynamic Digital Brochures: Home features will come to life inside this dynamic, digital brochure while creating an immersive experience for even the most discerning of buyers. Pages will turn and videos will play while allowing us to capture real-time data and actionable insights from potential buyers. |
Mobile Listing Ads: We’ll run geo-targeted mobile ad campaigns to reach buyers in the right place, at the right time. Now more than ever, buyers and sellers are spending most (if not all) of their time at home. We’ll create a geofence around the neighborhoods where you’d like your ads to be seen. These ads will appear in mobile apps and will re-target viewers on their desktops and laptops. | |
All of this is designed to bring proper exposure to our wonderful listings, and encourage eager buyers to make safe, virtual visits before making safe, in-person visits. |
Since Compass launched in 2012, we’ve been simplifying the real estate process one community at a time. Today, we have more than 250+ offices extending from coast to coast. |
Please let us know if you or a friend/colleague needs a fantastic agent in an area other than San Francisco. Through our network we can make the connections and introductions and help to find a perfect fit. If you like what you have received, we encourage you to share it with your friends and follow us on Facebook & Instagram. |
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