August 6, 2021
Market Update + Prediction
Welcome to the April 2021 edition of the Artemis Real Estate newsletter! My my, it’s been a busy few weeks since we last wrote. We have closed or placed into contract over $30 million in real estate just since the last newsletter and some of the results are astounding!
We just listed and sold 432 Lovell in Mill Valley for $10,500,000, which was $512,000 over our asking price. Key handoff just took place with some very happy new buyers! Our TIC listing in the Mission, 2546 Folsom, just sold for $1,800,000 (20% over asking) to an all-cash buyer. We helped our clients buy the property back in 2014 for just under $1M. 315 Magee, the charming hillside cottage we listed in Mill Valley a couple of weeks ago, just sold for $2,300,000 to an all-cash buyer, a whopping $805,000 over asking! A total of twelve offers were received, many from City buyers, including the winner.
In other news, we just listed 118 Alta in Telegraph Hill, the house where the Grateful Dead signed their first record deal (photos below)! This property, offered at $2,495,000, is in a positively enchanting setting and our showing schedule has no choice but to Keep Truckin’! We also just signed 106 Locust in Mill Valley’s coveted Sycamore Park neighborhood for $4,000,000. This incredible residence will be offered for sale off-market. We're also listing a gorgeous renovated single-family home in Noe Valley, just off 24th Street. Please contact the team if you have any interest in our coming soon listings.
Buyers and sellers are still very active this time of year but we have felt a tiny bit of steam come out of the market just in the last week or so. It’s clear summer is getting close and people are planning to get out of town and enjoy travel / vacation for the first time in quite a while. If you are planning to travel this summer, we wish you a well-deserved break and hope you get a chance to recharge your batteries. This past year has been a lot to handle, so get out there and enjoy yourself! For buyers who stick around, they may find themselves with a little less competition this summer than they had in the spring.
This is where we'll attempt to make a prediction about the future based on all the inputs we receive each month - whether it be boots-on-the-ground experience, roundtable discussions we're participating in, or the countless articles, podcasts, industry reports, and other media consumed. Read at your own risk!
Inflation is here. Prices are climbing-- and people are accepting and paying the new painful prices-- meaning there may be no going back to old pricing paradigms. There seems to be a spectrum forming with those that believe we're on the precipice of the biggest crash we've ever seen on the right, and those that see things going up, up, and away on the left. So where do we stand and what's our prediction?
It's a tough one to answer, so we've been busy polling our colleagues and comrades to try to see which way the scales tilt. Most people we've polled are believers of the inflation narrative-- that prices will continue to climb and that it's best to be leveraging up and buying assets that ride the wave of inflation. But, there is that nagging, uncomfortable feeling that never quite goes away... what if there's a big bubble burst? Both sides of the spectrum have merit. But the scales tilt more to the inflation side of things, at least for now.
The best thing you can do in real estate, particularly during an inflationary period, is to buy for the long haul and plan to hold through any downturns. One of the biggest benefits of owning real estate is to lock in your payment for the long term while the world inflates around you. No matter when you decide to buy, make sure the home you choose can accommodate your needs for many years to come and lock in your low rate for as long as feasible.
Should you need help finding that special place, or know someone who does, don't hesitate to reach out and we will always provide the best advice we can, no matter what the market condition. The market is complex, nuanced, and ever-changing, so be sure to get the best counsel you can.
Click here to read the San Francisco market report.
Click here to read the North Bay market report.
That's it for this month - see you next time!
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