August 13, 2021
Market Update + Prediction
Welcome to a scorching hot summer edition of the Artemis Real Estate Newsletter! This month we give a quick market update along with our monthly prediction below.
The summer 2021 market has been very active compared to years past. Many people have chosen to travel (and rightfully so!) which took some air out of the high-pressure spring market we all just white-knuckled our way through. This left the door open for opportunistic buyers, many of whom were bordering on exhaustion from frenetic bidding wars, to sneak into the market while others sipped margaritas on the beach. Just in the past 30 days we were able to get 8 buyers and over $20M into contract, as well as sell a few of our listings. This level of activity is atypical for summer. We can attest that it’s a sign of the times— a time where home is more important than ever.
We sold 106 Locust in Mill Valley in just a few days for $4,000,000 ($1,588/foot!) after having been listed at $3,750,000. Sycamore Park continues to maintain its spot as one of Mill Valley’s most desirable neighborhoods, and this sale is no exception. We’re also thrilled for our clients and longtime friends who scored 333 Avila, a darling house on one of the Marina’s best blocks, by beating out two all-cash competitors! We just closed on Tuesday for $3,660,000.
We’re busy project-managing and preparing our autumn listings for the market, as well as trying to enjoy a little sunshine and family time. How about a quick survey around the office to see where Artemis team members are headed? Universal Studios Hollywood, Carmel, Cape Cod, Punta Mita, Scotland, Italy, and Boulder. It’s nice to have a team to hold down the fort when it’s time for each associate to switch up the scenery. We expect another full-throttle selling season to take off right around Labor Day, so stay tuned to our newsletter for the latest!
Monthly Prediction: Slow Street Value Kicker
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!
While it’s tempting to write about climate change or Delta this month, we’re going to try to keep things more upbeat— especially after writing about the Champlain Towers last month. We’ll tackle those topics another day.
In the meantime, and as you may have recently read, San Francisco has opted to keep some of its Slow Streets as permanent fixtures! Slow Streets are intended to create safe, fun outdoor recreation areas with limited automobile access. The recreation is mainly intended for walking, jogging, and cycling, but we’ve seen plenty of skateboarders, games of catch, and even newly installed basketball hoops on some blocks.
Most citizens agree that slow streets are nice environmental upgrades, particularly those that do not have yards or outdoor spaces of their own. The program has seen strong support. What started as a COVID-19 program for citizens has morphed into a new process whereby citizens can attend hearings on having a Slow Street permanently established near them. You can get involved and follow all the latest at SFMTA Slow Streets.
Our prediction is that proximity to Slow Streets will become a desirable feature for many homebuyers. San Francisco properties are notorious for having little to no outdoor space, so a second-best option will be to live near a park, playground, or permanent Slow Street. Look for buyer competition and home values to get a small kicker from this newly created value-add to San Francisco real estate!
Click here to read the San Francisco market report.
Click here to read the North Bay market report.
That’s it for this month. Please follow us on social (Barack Obama follows the Payton + Binnings Team on Twitter, so you should too!) and get in touch if we can assist with any of your real estate needs. Until next time, enjoy the heat, a holiday, and hopefully a hammock!
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