5 Bedrooms | 6.5 Bathrooms | 6,587 SqFt
Luxury Listing of the Month
Remarkable Italian Mediterranean Pacific Ocean view home tucked away on gated private drive!
Impressive entrance w/waterfall leads to expansive arched veranda with double doors & into a lobby-like foyer with vaulted ceiling & adjacent library with fireplace & built-in bookshelves.
Extraordinary formal living room with towering glass rooftop & 3 sets of French doors opens to a walk-out patio. Sensational formal dining room with adjacent cocktail lounge!
Magnificent gourmet kit with amazing ocean views & terrific walk-out terrace features all stainless-steel appliances include Wolf range & Sub-Zero refrigerator, granite counters, custom wood cabinets & a vast wall-to-wall pantry. Adjacent to kitchen are the great room with fireplace & turret breakfast area.
Grand staircase leads to upper level with 4 bedroom en-suites! Luxurious master with fireplace, cupola, huge walk-in closet, sumptuous bath & delightful walk-out balcony w/ocean views.
Billiard room with pool table, home theater, 2 laundry rooms, elevator. Large landscaped backyard with patio, garden & up-lit fountain!
Listed by agent Andrew Herrera with Berkshire Hathaway-Franciscan
– Francis, Geneva, Gerardo and Amy
by Patrick Carlisle, Market Analyst for Compass
Leaning into Market Headwinds, Year-over-Year Appreciation Rate Falls
The impact of this year’s severe economic headwinds – soaring inflation and interest rates, stock market declines, fears of recession – on Bay Area real estate markets are speeding up. The first effect was on buyer demand (fewer buyers, offers and listings into contract), leading to changes in supply (more homes for sale, more price reductions), which began to alter buyer and seller psychology and the balance of power between them. Especially after one of the longest, most dramatic epicycles in history, the psychology, circumstances and plans of individual buyers and sellers shift unevenly in the early months of a transition as they try to make sense of changing market realities. Eventually statistics based on closed sales – prices, appreciation rates, overbidding, days on market – slowly start to adjust. Generally speaking, closed sales are lagging indicators of what occurred in the economy and market weeks and months earlier.
If stock market prices are like a jet skier on a triple-espresso, home prices are like a giant cargo ship, which decelerates and turns slowly. It took a few months from when the big economic changes began, but the high year-over-year appreciation rates of recent years are now dropping fast in Bay Area markets – and in San Francisco, the rate turned slightly negative in June – though the degree of any actual, longer-term “correction” to prices, if it occurs, remains to be seen.
A correction is not a crash. The precipitating factor in the 2008 crash – tens of millions of households talked into home loans they couldn’t afford, forcing frantic sales during a recession – does not apply today. Indeed, mortgage payments as a percentage of income are close to all-time lows (and most homeowners’ mortgages are also at historically low rates). Outside the 2008 crash, market corrections over the last 4 decades typically ran from a simple flattening in appreciation, to price adjustments of 5% to 10% (relatively small compared to the appreciation rates which precede them). It is far too early, with far too many factors at play, to make predictions.
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Guo Pei: Couture Fantasy celebrates the extraordinary designs of Guo Pei—hailed as China’s first couturier—and includes more than 80 works from the past two decades highlighting her most important collections shown on Beijing and Paris runways. Through exquisite craftsmanship, lavish embroidery, and unconventional dressmaking techniques, Guo Pei creates a fantasy that fuses the influences of China’s imperial past, decorative arts, European architecture, and the botanical world. Through her stunning fashions, the exhibition reveals the trajectory of Guo Pei’s career as remarkable yet emblematic of China’s emergence as a leader in the fashion world in the early twenty-first century.
Dates: April 16, 2022 – September 5, 2022
45 Years of The San Francisco Marathon.
From the Golden Gate Bridge, past AT&T Park, over 27,500 runners came together from all over the world to run the incredibly scenic, USATF certified and Boston Marathon Qualifier course.
Dates: 7/23 & 7/24
This year’s Orchids in the Park is in July at the San Francisco County Fair Building in Golden Gate Park. On display, you will find thousands of gorgeous orchids for sale. The event runs from 10am to 5pm both days. It’s one of the more colorful San Francisco events in July.
Dates: 7/30 & 7/31
With a career spanning almost four decades, Grammy Award-winning violinist Joshua Bell is one of the most celebrated artists of our time. He is joined by his musical collaborator (and wife), the internationally acclaimed soprano Larisa Martínez. Together they perform a program of opera arias and orchestral classics arranged by them for voice, violin, and orchestra, with Constantine Orbelian conducting Festival Orchestra Napa.
Benchmark Mortgage Rate Drops Over Half a Point, But…
Having hit 5.81 percent two weeks ago, which was the highest average rate since November of 2008 and above-average over the past 30 years, the average rate for a benchmark 30-year mortgage has since dropped 51 basis points (0.51 percentage points) to 5.30 percent with a 40 basis point drop over the past week alone, driven by increasing concerns of a recession and hard landing.
What is considered “normal wear and tear?” The one thought on every renter’s (and landlord’s) mind on move-out day (aside from “How the heck am I going to get this sofa through the front door?”) has to do with the security deposit. Will you ever see that money again?
1 Bed | 1 Bath | 1 Parking
631 Folsom Street, Unit 16E
2 Bedrooms | 2 Bathrooms | 1 Parking
Featured Sales – Seller Represented
1688 Pine Street, Unit W809
Featured Sales – Buyer Represented
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