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Chuck Barberini Real Estate - Weekly Newsletter
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"Just Thinking"
Heading out to San Francisco for the Labor Day weekend show, “Come Monday” the classic Jimmy Buffett song that I really liked before I knew who Jimmy Buffet was, it wasn’t until Cheeseburger in Paradise in 1978 that I became a Parrott head. I saw Buffett for the first time at the Greek Theater in Berkeley in 1979 then headed over to Tower Records later that week to buy the Son of a Son of a Sailor album. I was fortunate to see Buffett several times throughout my life, including one show at the Circle Star Theater when my buddy Johnny B got on stage and played a song with him. When Jimmy Buffett passed away last year, I felt like I lost a friend, he was a constant in my life for over forty years. RIP Jimmy.

I was driving across the Bay Bridge yesterday into San Francisco, when I took in the skyline, it was an absolutely beautiful springlike day, I was humming “Come Monday” (the Buffet thing) to myself and thinking how beautiful “The City” looked and how blessed I am to be right here right now. The outline of the skyscrapers, The Ferry Building, The Fairmont atop California St, Coit Tower, Alcatraz, Angel Island, The Golden Gate Bridge, The Giants Ballpark (Pacific Bell , SBC, AT&T or now Oracle Park). The container ships moored on the placid water of San Francisco Bay, a few sailboats out enjoying the day, a large cruise ship at dock and a ferry pulling in.

I have recently written disparagingly about San Francisco, the crime, the homelessness, the businesses leaving town and todays top story below also is a negative piece about home prices in San Francisco. Despite all of the troubles I still love “The City”, the sights, the sounds, the weather, the neighborhoods and I believe that it is poised for a comeback.

Number 3 Son, Cole, and I took a ride late yesterday afternoon, leaving Mom & Dad’s house in Visitacion Valley, we drove up Visitacion Ave., passed a modernized Coffman pool into McLaren Park and Gleneagles Golf Course to Mansell Avenue and its views of the Cow Palace and San Bruno Mountain. We went through the excelsior down Persia to Mission St and that was where memory lane really kicked in, although so much has changed, so much was the same, the stores and businesses, houses and apartment buildings, the hustle and bustle of people living their lives all engaged in the day to day.

We continued our tour on Mission, across Geneva Ave and Bravo Pizza (an old main stay still there) into Daly City, with a slight detour onto San Jose Ave we were back on Mission. Top of the Hill Daly City, Mathew’s TV and Sterio, long since gone, down into Colma, "it's great to be alive in Colma". Then we hit the El Camino Real in So San Francisco, "The Industrial City" stopping for some killer Burritos at El Faros. We took a slight detour on Grand Ave just to check it out, then on to Bayshore back to the valley just as evening hit, the fog rolling in, the temperature dropping and the wind picking up, ah yes, Mom’s warning when leaving the house echoes in my head, “Grab your sweater”.
 
Let me know what you think.
~Top Real Estate Stories This Week~

  • SCOTUS Rules in Favor of Owners in Property Fee Dispute
  • California Home Sales Down in March
  • Commercial Real Estate Foreclosures Up 117% From Last Year
  • Florida Home Sales Down While Property Prices Rise
  • Mark Wahlberg’s “Hollywood 2.0” Vision For Las Vegas Set to Create 10,000 Jobs

Things to Consider When Buying a Home Spring 2024

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This Weeks Top Story
Nearly 20% Of Home Sellers Take A Loss In This City—Compared To 4% Nationwide
Nearly one in five San Francisco home sellers (17.8%) are taking a loss on the sale of their home during the three months ending February 29, 2024—higher than any other metro and more than four times the nationwide share.

That’s according to a new report from Redfin. And that loss is likely due to home prices in the area coming back down after soaring to unsustainable levels during the pandemic.

That 17.8% is comparable with the 17.9% share recorded for the three months ending January 31—the highest share reached in 11 years.

Meanwhile, the nationwide share of home sellers losing money is much smaller (4.3%) thanks to home prices holding steady near record highs. That nationwide share is the highest recorded since May 2021, but it’s remained fairly stable over the past couple years, ranging between 2% and 4.5%.

Home sellers in New England are least likely to lose money on the sale of their homes, with less than 2% of sellers in Providence, RI, and Boston, MA, reporting a loss.

SOME SAN FRANCISCO HOME SELLERS BOUGHT WHEN PRICES PEAKED

San Francisco’s median home sale price has dropped significantly from the peak of $1.66 million reached in April 2022, falling 15% ($250,000) to $1.41 million as of February 2024.

So, while the Bay Area still has the priciest real estate market in the country, home sellers in this particular metro are more likely than those in any other city to take a loss on the sale of their home.

Pretty much anyone who purchased a San Francisco home during much of 2021 or 2022, when buyer competition was at its fiercest thanks to low mortgage rates, would have lost money if they’d sold during the first few months of 2024.

According to local Redfin Premier agent Christine Chang, San Francisco’s housing market is struggling more than other metros in the Bay Area.

Home prices have fallen from their peak, especially when it comes to condos. It’s not just because mortgage rates are high. San Francisco has lost some of its appeal post-pandemic. A lot of tech employers and big-name retailers have moved out of the city, and some of my clients have reported they’re leaving the area because they don’t feel as safe as they used to. Christine Chang - Redfin Premier Agent in San Francisco

Two things worth noting here:
  • Most San Francisco homeowners who bought their homes during the past two or three years are staying put. And some of those who are selling...

Finish - The Full Story

Posted by:
Sarah Lentz 
April 18, 2024 
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Previous Newsletters
April 12th
1 In 5 Americans Are Making Big Sacrifices to Afford Monthly
https://conta.cc/4aRGqhj
April 5th
Squatting Has Gone Viral—And Some Are Taking Matters
https://conta.cc/4aEiVIl
March 29th
The Pandemic Roiled the Housing Market
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March 22nd
Co-Buying, Compromises, And Home Tour Burnout: 2023 First...
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March 15th
Is Price the New Location?
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March 8th
The $2 Trillion Surge In U.S.
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March 1st
The $2 Trillion Surge In U.S.
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February 23rd
Lead Analyst On How To Talk To Consumers About Mortgage Rates
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February 16th
3 Reasons More People Are Losing Money to Real Estate Fraud
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February 9th
Single Women Still Own More Homes Than Single Men
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February 2nd
Fed Chair Jerome Powell: “We’re Not Targeting Housing Price
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January 26th
80% of Homebuyers Willing to Adjust Plans in 2024
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January 19th
4 Housing Market Predictions From Realtor.com Chief Economist
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