C L IMB R E A L E S TAT E
VANTAGE
May | 2012
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INSIDE
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BE S T OF T HE B AY Monthly featured listings
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HOME S, LOF T S & C ONDO S
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NE W C ON S T RUCT ION UP DAT E
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An update of our inventory
The latest developments in the city
REN TA L V IE W
The hottest rentals in SF
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CL IMB E V EN T S
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F E AT URED AGEN T
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W H AT ’S NE W IN SF ?
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CL IMB P E T S
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NEIGHBORHOOD SP OT L IGH T
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CL IMB CONGR AT UL AT E S
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RE A L E S TAT E C ONDO M A RK E T RE V IE W
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Home Buying Seminar Monica Burns
Local events this May
Our extended furry family Russian Hill
Achievements, good news & amazing accomplishments District 9 Q1 2012
OUR T E A M
Meet your Climb Real Estate team
BEST OF THE BAY
1018 PENNSYLVANIA 2BR/2BA + Large Studio In-law | $995,000 | Jack Su
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THE L ANDMARK 2BR/2BA | $1,395,000 | Dirk Kinley
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20 0 BRANNAN 3BR/3BA | $2,495,000 | Matt Finley
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THE INFINIT Y 1BR+Den/1BA | $629,000 | Marcus Lee
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555 NATOMA 2BR/2.5BA | $787,000 | Joshua Lawrence
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HOMES, CONDOS & LOFTS
TOP: SHOWPL ACE SQUARE LOF TS 1BR+Den/2BA | $749,000 | Dirk Kinley 170 OFF THIRD 2 BR + PRIVATE PATIO/2BA | $799,000 Kevin Gueco BOTTOM: ONE RINCON HILL 1BR/1BA | $625,000 | Matt Finley SOMA GR AND 1BR+Den/1BA | Upon Request | Kristen Stuecher
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TOP: NOPA VICTORIAN FL AT 3BR/2BA | $899,000 | Sean Sullivan POTRERO SQUARE LOF TS Jr1BR/1BA | $499,000 | Melody Hultgren BOTTOM: BRIDGE VIEW TOWERS 1BR/1BA | $510,000 | Bruce Jones LIBERT Y HILL GR AND VICTORIAN 4BR/2.5BA + 1BR/1BA In Law Unit | $2,295,000 Dirk Kinley
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NEW CONSTRUCTION UPDATE
BLU SOMA The design aesthetic of Blu is clean, simple and modern. The architects wanted to preserve the sense of open space in ord the ever-changing cityscape. Sky BLU, the penthouses, offer three floors of living area including the individual solariums an
ESPRIT PARK Central Waterfront Homes on Esprit Park are ideally situated in the Central Waterfront area of San Francisco close to Mission Bay and Potrero Originally the Schilling Wine Cellars built in 1906 and then as the headquarters for Esprit sportswear, the North Court repre
der to maximize sunlight and air. Open living spaces with floor-to-ceiling windows engage nd roof decks. Sales and Marketing by Polaris Group DRE #01499250. A development by Lennar Urban.
o Hill. Restaurants, shops, entertainment and recreation are in close proximity, and transportation is easily accessible. esents a unique melding of historic and modern 142 loft-style homes. Courtesy of Pacific Marketing Associates
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RENTAL VIEW
TOP: MODERN MARINA FL ATS 2BR/2.5BA | $6,450 BOT TOM: FURNISHED PARK TERR ACE UNIT 1BR+Den/1.5BA | $4,475
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TOP: MILLENNIUM TOWER LUXURY 2BR/2BA | $6,200 BOT TOM: CAPE HORN LOF TS 1BR/1BA | $3,700
Follow Darcy Algeo, @darcyrentals, on Twitter for the most up-to-date information on available rentals! For upcoming rentals, contact Darcy Algeo at 415.601.2775
DARCY ALGEO
Leasing Director 415.601.2775 darcy@climbSF.com DRE 01369396
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CLIMB EVENTS
Attention Home Buyers: Do you have the edge you need to conquer the market and find the home of your dreams? Are you looking for a leg up over the competition? Or are you just looking for an education on the current trends in your neighborhood? Climb Real Estate’s own Sean Sullivan will be hosting a series of FREE home buyers classes this April. The courses are designed to educate beginners on current real estate market dynamics, mortgage pre-approval and financing options, and strategies for writing a successful offer. Come by our Design Center on April 4th and 11th to get the inside scoop from one of San Francisco’s most successful agents. Space is limited so reserve your seat today. RSVP to sean@climbsf.com.
HOME BUYING SEMINAR
SEAN SULLIVAN Senior Sales Leader 415.215.0554 sean@climbSF.com
LOCATION
251 Rhode Island Street Suite 105 San Francisco, CA 94103
RSVP
sean@climbSF.com
FEATURED AGENT MONICA BURNS Senior Sales Associate | 415.244.7354 | monica@climbSF.com
Monica Burns My Name ................................................................................................................................................................................................................................................................................................. All about living in the moment I am .................................................................................................................................................................................................................................................................................................................. Waking up to sunshine, drinking hot tea on my deck, taking a nice long Perfect Day ......................................................................................................................................................................................................................................................................................... run on the beach with Cooper, enjoying a delicious late lunch outdoors with good friends, good wine, and lots of laughs.
Inspiration
Moments filled with creativity and spontaneity
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Canyon swinging in Queenstown, New Zealand diving backwards from Proudest Moment ......................................................................................................................................................................................................................................................................... the world’s highest cliff jump 2011.
Thinking outside of the box while helping people achieve their dreams. Climb Is .......................................................................................................................................................................................................................................................................................................
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WHAT’S NEW IN SF?
LOCAL EVENTS THIS MAY 5 SAT
CINCO DE MAYO FESTIVAL
7 MON
BEATLES K ARAOKE NIGHT Cafe Royale
12 SAT
TAIWANESE AMERICAN CULTURAL FESTIVAL Union Square
17 THURS
SF WEEKLY “BEST OF 2012” PART Y Ruby Sky
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BAY TO BREAKERS
26–27 SAT–SUN
34TH SAN FRANCISCO CARNAVAL Harrison Street
27 SUN
GG BRIDGE 75TH ANNIVERSARY GG Bridge & Northern Waterfront
Dolores Park
Starts at Howard/Beale
CLIMB PETS
THE CHAIRMAN MEOW Owner: Katrice Shaner, Marketing Assistant
The Chairman Meow My Name ................................................................................................................................................................................................................................................................................................. A furious lion I am .................................................................................................................................................................................................................................................................................................................. Proudest Moment ....................................................................................................................................................................................................................................................................... When I learned how to open the linen closet door
Getting my mommy to wake up Biggest Challenge ....................................................................................................................................................................................................................................................................... 5 am when I’m ready for breakfast Alarm Clock ......................................................................................................................................................................................................................................................................................... Lounging in the sun on my perch by the window while mom works Perfect Day ......................................................................................................................................................................................................................................................................................... from home
Lions on the Discovery Channel Inspiration .............................................................................................................................................................................................................................................................................................. A place a stay away from. Too many dogs! Climb Is .....................................................................................................................................................................................................................................................................................................
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NEIGHBORHOOD SPOTLIGHT RUSSIAN HILL
Photo: Bernt Rostad
Photo: Andrei Taranchenko
RUSSIAN HILL VIEWS & GARDENS
DIRK KINLEY Top Producer
At 345 feet above San Francisco Bay, Russian Hill is one of San Francisco’s most magical neighborhoods — with secret gardens and panoramic views of Coit Tower, the Bay, Bay Bridge, and the city. One of my favorite past times is to climb hills and find the hidden staircases. From these walkways and staircases you can get the perspective of the real San Francisco — one that was inhabited by writers, artists and other young bohemians. Let me know if you spot the remaining octagon houses!
LEOPOLD’S
GABRIEL ROJAS Senior Sales Associate
In a world of stuffy and over-hyped restaurants with a celebrity chef’s name stamped on it, it’s a welcome relief to walk into a place like Leopold’s. It has a simple and homey interior that welcomes you. I started with the Grilled Duck Crépinettes which were great. I followed that up with the Wiener Schnitzel. This is the greatest thing since mom’s! My buddy John had the Hungarian Paprika Beef Goulash. The beef is accompanied by a gnocchi that is truly awesome. Leopold’s is a true reflection of the love that its owner and staff have for it.
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Photo: jdeeringdavis
Photo: Marit & Toomas Hinnosaar
ALICE MARBLE TENNIS COURTS
KRISTEN STUECHER Top Producer
Shhhh, a hidden Gem in Russian Hill are the Alice Marble public tennis courts. Perched at the peak of Hyde and Lombard, they offer stunning views of the Bay, Coit Tower, Alcatraz and the Golden Gate Bridge. Ace, Deuce, LOVE!!!
RUSSIAN HILL HOMES
EDIE NARRIDO Sales Associate
This affluent area has some of the most expensive homes in the city. There’s a mix of brown shingled country cottages, tall older residential buildings with Art Deco or Spanish motifs, and fine Victorian and Edwardian homes. Several streets with steep slopes have been converted into urban garden walkways such as the Vallejo Steps, Fallon Place, and Macondray Lane (inspired Armistead Maupin to use as a setting for his “Tales of the City”). A fantastic neighborhood to live in or at the very least visit! SWENSENS ICE CREAM
JENA DAVIS Sales Associate
Swensens Ice Cream (1999 Hyde Street) is delicious. Old fashioned style with big scoops and over 20+ pure flavors, Swensens Ice Cream is rich and fulfilling. Very inexpensive (cash only). Customer service is great with avery fun and friendly atmosphere.
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CLIMB CONGRATULATES
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Congratulations to Marketing Assistant, Katrice Shaner on her graduation from SF State University. She now has a Baccalaureate of Science and Business Administration with a concentration in Marketing. Great Job!
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REAL ESTATE CONDO MARKET REVIEW DISTRICT 9 | Q1 2012
CLIMB Real Estate Group prides itself on bringing clients the best coverage of ongoing trends in th housing market of 2009-2011, with all around positive statistics (some the highest in recent memor expect the market to look like over the next year.
MARKET COMMENTARY Photo: Bernt Rostad Photo: Andrei Taranchenko Signs for the San Francisco market remain highly positive: Percentage of listings accepting offers is at an all time high, monthly supply of inventory continues its downward trend (meaning higher demand for homes), and average days on market for new homes for non-distress properties is also seeing the lowest levels in years. All of these signs point to a hot market.
During the fourth quarter of 2011, new construction was incredibly hard to come by, with no new condos added to inventory. In the first quarter of 2012, however, several new developments have risen to meet the increasing demand for new homes: Madrone’s 329 new condos in South Beach, One Rincon Hill’s upcoming Phase II release with 312 units, and 201 Folsom, the followup to Tishman Speyer’s popular Infinity Towers development, with an announced 671 units.
KEY INSIGHTS
Although we saw a decline in new construction sales in 2011 overall, the 30% reduction in new condos available for immediate move in would seem to be the main culprit. Plans for new projects are scarce, especially compared to the pre-recession era, but do expect an increase in the number of pre-construction sales this year, with the gradual introduction of new developments back into the market. Another piece of breaking news has been the alarming increase in competition in the resale market with rent prices rocketing to the highest levels seen since 2001. Rent prices for two bedroom units have reached approximately $1,900 a month on average (prices not seen since the Dot-Com era boom), and with so little new inventory, resale has seen a 12% marked increase in Q1 2012. Prices on resold homes have remained consistent with 2011 so far, but with more buyers on the market, don’t expect this to last.
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he San Francisco Real Estate Market. This year has seen a dramatic rebound from the lagging ry). Outlined below are what we feel are the most essential points to take away and what we can
DATA ANALYSIS
San Francisco is currently seeing the highest percentage of listings accepting offers since 2008, at 57%, (an increase of 18% over Q1 2011). This factor, which illustrates buyers willingness to meet a sellers offered price, can be attributed to the limited supply but also to the new labor force entering the city, spurred on by social media and tech growth in the Bay Area. Homes are being snatched up at market rate across the city, but especially in high demand areas like District 9.
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REAL ESTATE CONDO MARKET REVIEW DISTRICT 9 | Q1 2012
Number of homes for sale on the last day of the month is a clear indicator of rapidity of sales. At an historic low of only 825 units for sale at the end of March 2012, compared to 1702 units in 2011, and 1918 units in 2010, this measurement indicates an incredibly strong market for resale. The lack of new construction projects in Q1 is the main cause here.
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Month’s supply of inventory gives analysts a snapshot of buyer demand, by looking at the time condos stay on the market. At 1.3, MSI has not been this low in years, reflecting a strengthening market. No big changes should be expected for MSI in the coming quarters with no major increase to supply of condos expected.
FINAL THOUGHTS
With a dramatic recovery in the District 9 market on our hands, it will be interesting to see how developers react in the next quarter. Resale should continue to be competitive with little sign of demand letting up. Also, expect more news on new construction projects (like the rumored Mission Rock, and 1415 Mission Development) as the year progresses. Please contact us with any comments or questions or to learn more about how to make the market work for you and turn a profit on your real estate investments this year.
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CLIMB REAL ESTATE GROUP #1 in South Beach. #8 in San Francisco.* Over 200 million in total sales.
* Source: SFAR MLS, 2011 condo sales (total dollar volume)
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CLIMB REAL ESTATE 251 Rhode Island Street, Suite 105 San Francisco, CA 94103 | 415.431.8888 | climbSF.com