Establishing value in property is something I strive to do for any prospective buyer that comes through my Open House. Working primarily by referral, I offer my best professional guidance to buyers of Craftsman homes, and can consult to seller-owners for Victorian and Edwardian style architecture. However, as a full-time Realtor® with Zephyr in San Francisco, we sell a dynamic inventory of housing stock – ranging from Historic buildings built as early as 1852 to modern luxury buildings sold before they are even completed. Knowing the key things that help buyers understand the property’s value is my job. Helping them quickly and easily understand what the intrinsic value of owning a particular home or unit can be, is what I consider to be the job of a good showing agent.
When it comes to New Construction, or new-er construction, buyers often times ask how to establish value for property beyond the average price-per-square-foot. What people are really asking for is often the intangible value: How does it feel to live here? If all units appear from the outside to look the same, and the layout on the inside is only one of four options (with view, with deck, no view, etc.), how do you differentiate value and equate that to the asking price?
Perhaps it is knowing the proximity to the nearest SFUSD elementary school, and knowing that school’s rating. This can help parents understand why this is the right home for raising their kids in San Francisco.
Sometimes, if you start running down the numbers – it can easily get overwhelming, if not downright confusing. Also, stating an opinion about whether or not the monthly HOA fees are high or low is not very useful when the Home Owner’s Association reserves is large, and you have already read the disclosures to reference recent assessments or upcoming improvements the association has planned. [By the way, Zephyr has the largest market share in the City of San Francisco, and there is a good chance we may have a record of a previous sale in the building.]
Being able to identify what the previous owner enjoyed is helpful; such as experiencing the comfort of in-floor radiant heating on the bathroom floor.
Going beyond their expectations is helping them to imagine how they will utilize the amenities included in the building (e.g. the full-time concierge books the 20-person theater for your Superbowl party, or walks your dog, and receives packages). Knowing which upgrades are approved by the HOA can also help identify the potential of installing custom cabinetry and lighting, or in-unit laundry.
When you buy into a small space, you sometimes have to rely on the previous owner’s taste – and whether or not they made good choices. Besides being easy to clean, high-quality stainless steel appliances often operate quietly and are energy-efficient, and they last a long time. They may also fit naturally into small spaces, making the most of their footprint and the available overhead bulk space.
Being informed about the current or planned construction in the neighborhood and how that will potentially increase value by proximity is crucial – since the build of a new Warriors stadium can add value, while the build of new rental apartments can add and not detract (as opposed to being sold as condominiums and competing for marketshare).
This Sunday, I will be holding an Open House at:
875 Indiana #220.
Come by an visit. The unit is quiet, and has a private deck overlooking the courtyard with a viewing pond. Besides having all of the upgrades possible (originally constructed in 2008), the previous owner rented this unit at a market rate that also makes it a good investment property. Large enough for a couple, it is perfectly situated between the Central Waterfront and Potrero Hill; and comes with a deeded parking space. It is accessible by foot to both CalTrain and the MUIN T-Line.
Perhaps I can help you obtain and review disclosures or inspection reports – or provide you with my Hotlist of Good value Condos in the City.
Contact me directly at: Chris@49wayshome.com or (415) 806-4966.
I look forward to helping you.