Location: San Francisco
March 1, 2008
Often, that duel pits local against local, says Richard Sax, a 30-year Bay Area real estate veteran, currently with Pacific Union/Christie’s Great Estates. "A large number of folks on the market are longtime San Francisco residents who might now be empty nesters and are looking to finally get the house of their dreams," he says. "They tend to know precisely what houses are truly worth what prices. They tend to be more cautious."
Sax also agrees that this could be a good time to look at the San Francisco market: "It’s a romantic place where everyone wants to be, and it’s also a place where you can’t exactly add more housing. What you see is what’s available. So you know your investment is lasting."
San Francisco may be synonymous with romance, but it’s also often mentioned in the same sentence as the dreaded E-word: earthquake. Famously, parts of the Marina District—built on fill—pancaked during the 1989 quake, as did some of the city’s freeways. But there’s a silver lining. That experience served to tighten San Francisco’s already stringent building codes; any home that has undergone a recent renovation meets some of the strictest standards in the business (a bit of a consolation to those concerned about Mother Nature impacting their newest investment).
In the end, as any Bay Area denizen will tell you, there’s no use trying to
predict the unpredictable. Instead, what most San Franciscans focus on—to the
point of obsession—is the good life. Sure, they work, but that’s just a way to
generate funds to indulge in great wine in nearby Napa, a hike in the Sierra
Nevada, a speedboat outing on Lake Tahoe, a mountain biking escape outside
Orinda or...well, the list, incredibly, goes on.
Facts & Stats
How Sweet it Is
The lap of luxury doesn’t get any cozier than a single-family
residence perched atop Pacific Heights that was built in 1912 for sugar baron
Adolph Spreckels. What do you get for $25 million? A Neoclassical mansion that
meets tough seismic standards, while preserving the wood-bathed charm of an era
long gone. It features six fireplaces, five bedrooms and bathrooms, a media room
with its own dining and cooking areas and, in a nod to a 1912 pastime, a sewing
room. There are also massive private gardens and views to kill for—from the
Golden Gate Bridge to Russian Hill. Contact Sotheby’s International Realty San
Francisco Brokerage, 415.296.2239, www.sothebysrealty.com
On the Waterfront
If watching regattas is your thing, but buying a sailboat isn’t
where your budget is at, condominiums in the Marina District—where rooftops
often double as resident gathering spots for everything from sailing events to
Blue Angels fly-bys—are the way to go. Typical of what’s available is a $1.8
million, three-bedroom, three-bath unit with a large den and fireplace for those
chilly, foggy nights (the sound of the bay’s omni-present foghorn is free).
Meant for well-heeled singles or starter families, this offering is about
average in both price and space for an apartment in the Marina, a neigh-borhood
where standalone homes fetch $4 million or more. In the past six months, 13
homes in the Marina have sold for an average of $3.29 million, spending around
27 days on the market, at a cost of about $1,051 per square foot. Another Marina
condo currently on the market is priced at $1.7 million. Contact Pacific
Union/Christie’s Great Estates, 415.345.3752,
www.christiesgreatestates.com
Keeping it Green
If you’re interested in creating your dream home in San Francisco and have
green practices in mind, get the low-down on everything from the area’s building
codes to names of top builders at Berkeley-based Build It Green: 510.845.0472,
www.builditgreen.org
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