Baltimore Vs. San Francisco, the Real Estate Super Bowl

Congratulations 49ers. I love hockey and I’m so glad we’ve made it to the Stanley Cup. Or, er, the Super Bowl. Yeah, that’s it. Don’t get me wrong – I absolutely love playing sports. But even overly-muscled men in skin-tight pants can’t keep my attention when it comes to watching sports. But since our football team has made it to the championship game and completely messed up this Sunday’s open house schedule, let’s take a moment to compare Baltimore real estate (because we’re playing the Ravens, and they’re from there… GO me!) and San Francisco real estate:

High End Home:

Baltimore offers up 622 Ponte Villas N, listed by Karen Hubble Bisbee, a waterfront double townhome with 6 bedrooms, 10 bathrooms, and over 9,000 square feet of living space.
Asking price: $8,500,000.

622 Ponte Villa N, listed by the HubbleBisbee team of Coldwell Banker
622 Ponte Villa N, listed by the HubbleBisbee team of Coldwell Banker

 

Looking for something in San Francisco that has over 9,000 square feet of living space? Then might I suggest 3800 Washington St. in Presidio Heights listed by Steven Mavromihalis of Pacific Union. 3800 Washington offers 8 bedrooms, 7 bathrooms, and crushes the competition with more than 17,000 square feet of living space. On almost an acre of land. In Presidio Heights. This one is ready for your dreams, just be sure to bring additional cash to turn those dreams into reality!
Asking price: $25,000,000. Bonus: Comes with two additional lots – 3810 Washington (2,869 square foot guest house) and 125 Maple (empty lot).

3800 Washington St. listed by Steven Mavromihalis of Pacific Union.
3800 Washington St. listed by Steven Mavromihalis of Pacific Union.

And the winner is… San Francisco!

Downtown Condo:

Looking for a luxury condo near the core of Baltimore? Look no farther than 801 Key Highway #155, listed by Bill Caspari of Long & Foster. This condo offers three bedrooms, four full baths and one half bath in a luxury condominium development at the Ritz Carlton Residences. It also includes four (!) heated (!) parking spaces, with monthly HOA dues of $2,843.
Asking price: $2,499,000

baltimore_condo
801 Key Hwy #155 listed by Bill Caspari of Long and Foster Real Estate.

For San Francisco condo buyers, I’d suggest residence 49C at The Millennium Tower. Residence 49C is listed by Denise Paulson of Alain Pinel, and offers two bedrooms, 3.5 bathrooms and 2,489 square feet of living space on the 49th floor of the Grand Residences. Monthly HOA dues are $1,489.
Asking Price: $6,600,000

301 Mission #49C listed by Denise Paulson of Alain Pinel
301 Mission #49C listed by Denise Paulson of Alain Pinel

 

And the winner is… San Francisco (although I almost had to give this one to Baltimore based on parking spaces alone)!

Starter Home:

In Baltimore, you could pick up 6722 Boston Ave., a 3 bedroom, 1 bathroom home listed by Dina Chao of Century 21 Downtown. No word on square footage in the listing, but tax records put it at about 1,170 square feet. Which comes out to $113/square foot.
Asking Price $138,500

6722 Boston Ave. in Baltimore, MD listed by Dina Chao of Century 21.
6722 Boston Ave. in Baltimore, MD listed by Dina Chao of Century 21.

Our San Francisco starter home is 122 Bertita St in the Mission Terrace neighborhood. It features 4 bedrooms, 1 bathroom, and is approximately 1,500 square feet. The home is listed by Jeff Peargin of Pacific Union.
Asking Prce: $369,000

122 Bertita St. listed by Jeff Peargin of Pacific Union.
122 Bertita St. listed by Jeff Peargin of Pacific Union.

And the winner is… San Francisco!

Happy Super Bowl weekend everyone! Enjoy the commercials, the parties, and even the football game. But celebrate responsibly!

Yerba Buena Market Update

Yerba Buena is a small chunk of the South of Market neighborhood that has its own MLS sub-district. It consists almost exclusively of condominium homes in larger, newer highrise buildings. The Millennium Tower, for example, is a part of the Yerba Buena real estate mls sub-district. Below is a quick – just over one minute – video with a look at the latest real estate statistics for the Yerba Buena neighborhood for September of 2012.

A few points about the current market stats for Yerba Buena that I thought were pretty noteworthy:

  • Year over year inventory is down 34%, comparing September of 2012 to September of 2011. This is part of the same trend that we’ve seen throughout the city this year.
  • DOM (days on market) is down 33%, which is what you would expect with lower inventory and more activity by buyers.
  • There was a 42% increase in sales, month over month, which is also what you would expect in an active market.

The data source for the Yerba Buena market stats video is the San Francisco MLS, which is not a perfect source of data in any situation, but falls particularly short in neighborhoods where there is significant new construction activity that is not reported in the MLS. So, for example, any new development sales that occurred directly between the developer and buyer and were not advertised in the MLS will not be reflected in these statistics. One Hawthorne and Millennium Tower would be the two biggest examples of buildings in the neighborhood that have homes for sale directly from the developer.

However, even given that our data source is not 100% comprehensive, I think it is pretty accurate and reflective of the trend in the South of Market neighborhoods, including the Yerba Buena district. What are your experiences? Feel free to leave a comment below!