Low Interest Rates, Limited Inventory, and An Active Real Estate Market - July 31st

Robyn Kaufman, Realtor®

415.497.1798
robyn(at)sfhighrises(dotted)com

It Is Going To Come Back!

There is a concern amongst Realtors that many people are moving out of the city due to all the closures and lack of entertainment. However, this may be a very short sighted projection and every San Franciscan knows that the city is going to come back. The combination of record-low interest rates and hordes of still-employed buyers descending on limited listings has kept prices high. At first glance, buyers for the South Beach condo market appear to be holding out, however, some do recognize that it’s a great opportunity to buy. The median price per square foot for condos citywide is approximately $1,102, a 5.4% decline since last year.

Currently, Sellers are bringing their condos on the market at 2019 prices, but are seeing more interest and serious buyers as soon as there is a price reduction to about 10%. In fact, we’re seeing price reductions citywide.
Every condo unit is different too in terms of its views, condition, and the condominium building. So depending on your condo value, you may not have to reduce price. Bottom line is, price right or follow the market down.

According to Compass California President, Mark McLaughlin, in his expectation for the second half of 2020, he sees three significant macroeconomic variables driving our real estate markets. They are:

Federal Stimulus Package: The combination of the current State & Federal unemployment stimulus expires July 31st. The entire reason our newly unemployed citizens can meet rent and mortgage obligations are these unemployment benefits. In my view, Congress owns this part of the economy until 3 – 6 months after a vaccine is actively in the “market”, I do not see these unemployment benefits changing anytime soon.

Election: We get volatility and anxiety in our economy and equity markets every time there is a meaningful election. This one coming up is no different. Whether you want change or stability; we will get volatility and anxiety until it’s over – this is the way it has always happened.

Vaccine: A successful vaccine changes everything, once it is in the market and deployed. It seems our government is aggressively investing in the ultimate manufacturing and distribution of a successful vaccine. I do not believe we have seen a possible accelerated delivery like this in any other health crisis. Once the vaccine is on the market, the COVID home buying surge could substantially relax.

Robyn’s Hot Summer Listings

Waterfront Condo Residences
Available For Purchase. Featuring 3D self-guided tours that you can visit from anywhere. Like what you see? Call me for a in-person Covid-safe appointment.

Elegant North Waterfront Living A Mid-Century Modern Renovation with Views!

111 Chestnut Street #601 / North Waterfront

Shown by Appointment*

*Call 30 minutes ahead for appointment with Covid docs

Zoom Virtual Tour

Sunday, August 9th, 2:00pm-2:30pm

Stunning corner on a cul-de-sac with sea breezes. Mid-century modern renovation blended with Euro elegance, including blond ash, stainless steel, high gloss, stone, electronic fireplace, LEDs, Neolith, Miele, Wolf, and SubZero, heated stone floors in baths. Open floor plan with flexible space, extensive storage, and two well-separated master suites. Chef’s Kitchen! Dining in the glassy corner overlooking Alcatraz & Mount Tam. A walk score of 95 & walking distance to Embarcadero Waterfront, Financial District, Franklin Square, the Ferry Building, the Farmers’ Market, the San Francisco Bay Club, Levi Plaza Park, indoor & outdoor dining, grocery stores, & more.

Offered at $1,788,000

This enchanting corner is suitable for additional seating, a dining room area or a zoom room for video conference calls.

Open Concept
Chef’s Kitchen

Fireplace Wall Built with Additional Storage

Master Suite with
Custom Built-Ins

Extensive Storage Wall
in 2nd Master

Video Tour of Parc Telegraph 601

3D Virtual Tour

Floor Plan
111 Chestnut #601

2 Master Bedroom Suites
2 Baths
Flexible Open Floor Plan
E
xtensive Storage Throughout!

1 Parking

New Listing at The Metropolitan! 333 1st Street #901

This sought after 2 bedroom urban residence offers an open concept floor plan, separated bedrooms & city lights views. Features include: wood flooring throughout, marble baths & chef’s kitchen. The residence has open outlooks to the north, west & south.

Available now! Stay tuned for more information and photos!

skyscraper-building
Listed at $1,288,000
2 Bedrooms