Data Loading...
Brendon Kearney | 2021 Year-In-Review
27 Downloads
31.59 MB
Twitter Facebook LinkedIn Copy link
RECOMMEND FLIP-BOOKS
BRENDON KEARNEY REAL ESTATE San Francisco 2021 Year-in-Review MARKET UPDATE
LETTER FROM BRENDON
The Comforts of Home–
Over the past two years, home has grown ever more important. And while, like many of you, I look forward to the days of future travel, it has been nurturing to develop my roots at home and take stock of what is most important in life. Home is where I can be with my friends, family and loved ones. For others, it may be where you feel most comfortable and at ease, or perhaps where you feel most in sync with your natural environment. I remain committed to providing you with peace of mind and a seamless experience. My optimism for the future of real estate and my ability to be inspired by the work persevere. I invite you to join me online at BrendonKearney.com to begin your journey and start dreaming about rediscovering your world in relation to your home. 2022 marks the 20th anniversary of my career in San Francisco real estate. I am honored to have been a part of your lives through some of the most exciting—and sometimes stressful—decisions one can make. I love being there to support and strengthen my clients’ lives. My grandfather was a real estate agent and investor in Virginia throughout his entire career. In 2002, I took my first step in his shoes and was named Coldwell Banker’s “Rookie of the Year.” Since then, I’ve been a top-producing agent in San Francisco and am now among the top 100 most influential agents in the city. A Midwest boy’s dream come true! The new year brings fresh meaning to home as we continue our journey with an ever-changing landscape of how we interact with the world. I would be honored to help you navigate.
Yours,
Brendon
2021 Market Recap
THE GREAT HOUSING SHAKE-UP! The San Francisco market was driven not by a mass exodus as once predicted, but by the continuing great housing shakeup—a theme you’ll see repeated here. Who moved last year? Everyone: expanding families needing more space, empty nesters re- sizing to settle in over the next chapters, and young buyers who have been living at home for the past two years and saved money for a healthy down payment.
home with a lower 30-year rate. We anticipate this will be the reaction until rates near 4.5% - 5.0%. Interest rates are slow to drop, but quick to rise— acting fast is the answer. COVID The pandemic continues to cause instability in the market on a global level. With the Omicron variant it appears that we are nearing an end of the pandemic portion of covid and are moving toward a more manageable stage. With nearly one in five people, many I know and love, becoming infected with Covid, they are primarily seeing flu-like symptoms and hospitalizations remain low. May this trajectory continue.
Brendon has helped us purchase two homes. Based on our experience with our first home, when we were thinking of purchasing the second property, he is the first person I called. He jumped right in with advice and direction on the steps to take. He knows all the right things to do and has great connections —super important in the SF real estate market. I wouldn’t trust anyone else with the process.
Literally everyone!
San Francisco marked another record-setting year with more than 7000 home sales and shattered records for sales volume, median sale price, and dollar-per-square-foot sales. Demand for personal space drove the market and single-family homes were unstoppable. Predominantly single-family neighborhoods saw the greatest increase, with the Richmond District popping up more than 22% year- over-year from 2020. The condo market appears flat but was quite diverse when looking at specific geographic areas. Central San Francisco’s more traditional condominiums realized gains of more than 7.2% while the high-rise condominiums of South Beach and Yerba Buena increased in price, but with plenty of market share left to recapture from a greater than 20% loss in 2019. As always, an understanding of the micro-markets of San Francisco continues to be very important for success when buying or selling a home.
OFFICE RE-OPENING The San Francisco-specific impact of the
coronavirus is quite simple: “butts in seats”. As offices begin to reopen, we will continue to have office workers return to the city, dramatically increasing demand for homes and housing. Rents will rise and we will continue to see absorption of homes at all price points. Best of Bay Area Always a top tourist destination and a vibrant community to call home, San Francisco continues to be a hot location for a global economy. Be it finance, biotech, tech, retail, or medicine, San Francisco is now and will always be a global destination. We saw many companies shed commercial space over the last two years only to have it reallocated and reabsorbed by other companies. We will continue to see changes at all levels of commercial space, just as we have had in the residential sector. San Francisco and the greater Bay Area are home to great history, amazing coastline, beaches, skiing, hiking, and extraordinary culinary delights. With an esteemed group of major universities, the Bay Area also boasts some of the world’s most sought-after educational opportunities.
Items to Monitor for 2022
NOEL A.
INTEREST RATES Excitement and energy pervade the market as we anticipate the Federal Reserve’s raising of interest rates. After 20-plus years of experience, we know there is a historic increase in prices during periods of rising interest rate increases. Buyers will “throw money at the problem” to lock in a higher-priced
2021 San Francisco Home Market Report
2021 was another record-setting year for San Francisco. The amazing strength of the single- family home market dominated sales. The condominiummarket, while remaining strong and making excellent gains in the hi-rise sector, was still overshadowed —but not to worry, San Francisco remains a world-class city with property prices to prove it.
7,220 HOMES SOLD Record for last 20 years 38% more than 2020
$1,094 AVERAGE $/SQ FT
Record-setting! 4.3% over 2020
35 AVERAGE DAYS ON MARKET 1 day longer than 2020 – SFH down by 4 days, Condo market driving up days on market by 4 days
$12,542B SALES VOLUME Record for last 20 years – 51% more than 2020
$1,425M MEDIAN SALE PRICE
106.7% LISTING PRICE TO SALE PRICE RATIO 4.1% Over 2020
Record again! 1.8% over 2020
I want to thank you for your diligent and effective efforts in selling the condo. I really appreciate the miracles you pulled off.
RICHARD S.
2021 SINGLE-FAMILY HOME REPORT
12.4% Increase in D5 (Central SF)
12% Single Family Home median sale price
22.3% Increase in D1 (Richmond District)
Not surprising, the single-family home market dominated the market when it comes to the greatest market gains. While impressive – and truly reflecting the value of a single-family home – District 1 (Northwest SF: Richmond, Sea Cliff, Lake, & Jordan Park) led the pack with an increase of more than 22% while D5 (Central SF: Noe Valley, Eureka Valley, Ashbury Heights, Duboce Park, Buena Vista Park) realized more than 12.4% increases. Single-family homes and condominiums with higher bedroom counts had the highest appreciation in sale price.
2021 CONDOMINIUM REPORT
-1.9% Decrease in the median sale price of Condominiums
7.2% Increase in Districts 5 & 6 (Central San Francisco)
-1.4% Average decrease in median sale price for areas with dense, high rise living
The median sale price of condominiums decreased by 1.9% citywide. However, underlying trends show dynamic neighborhood differences: Districts 5 & 6 (Central SF) showed an increase of more than 7%, while neighborhoods with a higher concentration of high rise condominiums showed an average decrease of -1.4%. This is a great improvement for high rise sales which took a near 20% drop in 2020.
#1 Real Trends 2021 | Best Agent Individually by Sales Volume in San Francisco
Brendon Kearney Real Estate
2021 Home Sales
SINGLE FAMILY HOMES
$4,995,000 459 Ashbury Street Haight Ashbury
$3,385,000 1146 Florida Street Mission $2,850,000 4264 22nd Street Noe Valley $2,250,000 810 Douglass Street Noe Valley $1,420,000 20 Ridgewood Avenue Westwood Park
$3,025,000 207 Montcalm Street Bernal Heights
Top 100 Agents in SF
$3,000,000 4048 21st Street Eureka Valley/Dolores Heights
$2,675,000 240 Caselli Eureka Valley/Dolores Heights
$2,650,000 116 Avila Street Marina
$1,877,000 537 Moultrie Street Bernal Heights
“Congratulations to Brendon Kearney, who made the America’s Best list. I have the pleasure of working with successful real estate professionals day in and day out, and I know all the hard work, late nights, and huge effort that goes into achieving such incredible results. There are multiple ways to become successful in real estate. Yet, despite the differences, the real estate professionals on this list have one thing in common— they are simply the best. Congratulations to all recipients of this prestigious recognition.”
Top 1% Agents in SF
$1,800,000 332 Cresta Vista Drive Miraloma Park
$575M Total Sales
CONDOMINIUMS
$2,895,000 160 Lower Terrace Corona Heights
$2,325,000 1815 Sutter Street Japantown
$1,750,000 200 29th Street, No. 5 Noe Valley
$1,680,000 207 King Street, No. 409 Mission Bay
$1,660,000 1963 McAllister Street, No. 7 North Panhandle
$1,650,000 1022 Oak Street North Panhandle
$1,550,000 4101 21st Street Eureka Valley/Dolores Heights $1,325,000 404 Diamond Street Eureka Valley/Dolores Heights
$1,325,000 3018 Pine Street Lower Pacific Heights
$1,385,000 1725 Noe Street Noe Valley $1,300,000 2505 19th Street Potrero Hill $1,015,000 19A Alpine Terrace Buena Vista Park
$1,150,000 444 Francisco Street, No. 103 North Beach
20-Year Anniversary Selling San Francisco Real Estate
TOM FERRY Founder and owner of Tom Ferry International
2022 Market Predictions
EVERYONE IS WATCHING INTEREST RATES Interest rates are going up, it’s just a matter of when. Rate increases historically create a sense of urgency in the market. Home buyers are already starting to feel the pressure even though we don’t know when a rate increase is going to happen and how high the rates will go. Even if rates reach 4%-5%, that’s still historically low, especially for an area with as much wealth as the Bay Area. RENT WILL GO UP San Francisco and the Bay Area are some of the only places in the country where rent prices have yet to creep back up to pre- pandemic levels. During the pandemic San Francisco was de-throned as the most expensive rental market as New York City re- gained the crown. We expect this to change as the Bay Area’s renowned entertainment venues continue to re-open and expand offerings adding to the dynamics of the San Francisco economy. Those craving a diverse lifestyle will move back to the City absorbing long vacant properties driving rent prices back up. I am looking forward to seeing what new trends come from a post-pandemic life! SEASONALITY HAS DISAPPEARED Usually the market waits until spring, but this year the market started early and kept right on going. Some sense of seasonality is out the window. Depending on the type of home you are selling, the market can be very rewarding, even in December, though I think we can all use a break over the holidays and the December market can be less predictable. FOREIGN BUYERS Before the pandemic, foreign buyers spent $267 billion on U.S. real estate in 2018 and $183 billion in 2019, according to the National Association of Realtors. In 2021, that spending dropped to $107 billion, which may suggest pent-up demand since buyers weren’t able to visit properties until international restrictions were lifted in November. Expect to see a resurgence of foreign investments in the Bay Area.
IT’S STILL GOING TO BE A SELLER’S MARKET
Even as interest rates are projected to increase, the demand for homes will still be greater than inventory, especially for single-family homes. Demand is from buyers who were starting to look in 2021 and are continuing to look for a new home. The amount of quality, single family homes on the market is usually low in the city, but those houses are now in particularly short supply. For sellers, that means the time is now. My advice is to move quickly if you want to be in the driver’s seat when it comes to selling your home. Another buyer segment to watch: many first- time homebuyers who saved up money for a down payment during the pandemic are returning to town, which will also add to the competition. SPACE IS STILL A MUST “Zoom rooms” and exercise spaces became must-haves during the pandemic and that is not going away anytime soon. The desire for home offices or gyms has become an essential amenity. We’ve also seen another new amenity emerge: homes located on or near a Slow Street, which limits through traffic and enables them to be used as shared spaces, are just as appealing as a home proximity to a local park. Outdoor space is still crucial for most clients and sellers are getting creative when it comes to upgrading that outdoor space. We’ve also seen a trend in upgrading a backyard shed that can be used as a multipurpose space. REOPENING OF OFFICES As the effects of the Omicron variant recede, the economy will continue to rebound. We will see a demand for offices to re-open, building upon the strengths of what makes the Bay Area such a world-class destination: entertainment, culture, sports, dining, theater and so much more. The Bay Area in general has always been eager to embrace remote work and this was reinforced amid the pandemic. However, offices won’t stay closed forever and workers will be coming back to the office where teamwork and community thrive. One thing likely not to change is the increased flexibility to work from home.
“We recently sold a classic Victorian home with Brendon and the experience was tremendous. Brendon has a rare ability to be both outstanding at sales/marketing/communication, but always excels at getting down into the weeds and making sure that i’s are dotted and t’s are crossed. Brendon was also just an easy person to work with. I always enjoyed talking to him and anytime something came up (which it did), he always went above and beyond to make sure it was taken care of. Highly recommend working with him!”
DAVE F.
Top Tips for 2022 Whether the market is up or down, fundamentals remain the same. And yes, now more than ever, a mastery of the fundamentals is stronger than ever.
STEP 1
MARKET ASSESSMENT AND STRATEGY SESSION Bringing together my 20-plus years of San Francisco real estate experience, I will provide an accurate market analysis and perspective on property condition. Together, we’ll assess your costs and net proceeds. A large part of this is determining an optimal launch date and showing calendar while crafting a fully customized multimedia marketing campaign. HOME PREPARATION Benefit from my network of professionals. This exceptional team will identify valuable improvements prior to sale, providing you the highest return on investment. My network includes every necessary tradesperson, from a local gardener for a light refresh to highly skilled contractors for the heavy lifting. A critical part of this step is organizing pre-sale inspections from licensed professionals and bringing in a superior marketing group to ensure the best presentation from ad copy to a full suite of multi-media experts. ON THE MARKET—IT’S SHOWTIME! Now we are into the fun part: showing off your home and ensuring that the full marketing and sales strategy is being executed. I take personal pride in presenting your home with passionate, professional appearance. I will communicate with you throughout to get real-time feedback on continuously customizing the messaging as needed based on real homebuyer feedback. A major part of this process is evaluating the buyer and helping with financing solutions if needed. CONTRACT PREPARATION AND DISCLOSURES From our very first meeting, I’ll be working to reduce post-sale liability. By listening to you and keeping a detailed record, I can help you prepare a thorough disclosure package that will not only provide buyers with the relevant information they need to make an informed decision but will also serve to protect you from any issues that arise after the sale closes. I will negotiate the terms and conditions of the sale while representing you and working to give you the upper hand. My team and I will coordinate with title and escrow professionals, mortgage brokers, and many others to manage all contract deadlines and buyer performance requirements, ensuring there are no surprises along the way. TEAMWORK & COMMUNICATION Your interests come first. We want to deliver an exceptional experience! With 24/7 availability and diligent communication, you’ll know exactly what to expect at each stage of the process and what is going on every step of the way. I am here to ensure your goals are met. Together we create one superpower team!
Brendon is the ultimate in a supremely competent and detail- oriented broker. He’s the one to call if you want your home to be perfectly, and I mean perfectly, prepped for sale. He knows what he is doing and he and his team leave no stone unturned as they work tirelessly on their clients’ behalf. My apartment looked so good after gave it the Brendon touch that I wondered why I would sell such a great-looking place.
STEP 2
STEP 3
STEP 4
JOAN R.
STEP 5
“Brendon’s suggested improvements to the property before hitting the market were on point and added value to the property well in excess of the cost of the improvements. It was a pleasure working with him and I would recommend Brendon to anyone looking to sell a home in San Francisco.”
The key to success in any market is a perfectly presented home. Today’s home buyers are clear about one thing–they will pay top dollar for a move-in ready, Instagram worthy home. For the Seller, the home preparation costs are typically an “out of pocket” expense. With the Compass Concierge program, you can have most, if not all, of the home prep costs covered with no fees and no interest, ever. Compass Concierge is the hassle- free way to sell your home faster and for a higher price with services like staging, flooring, painting, and more. We will work together to decide which services can increase your home’s value the most and set an estimated budget for the work. Look at these before and after photos for my recent sale at 207 Montcalm Street on the North slope of Bernal Heights. By partnering with me and using the Compass Concierge program, the seller received results beyond any of our expectations. Not only did we receive a record setting price, but also delivered the sale in less than one day on the market.
207 MONTCALM STREET UPDATES INCLUDED
•
New hardwood floors throughout
STEVEN V.
• Interior and exterior paint • Designer home staging • New light fixtures throughout • Kitchen countertop replacement
< BEFORE
Originally marketed in 1989 when it was brand new the home remained in the hands of the original owner for 32 years. Although the home was exquisitely maintained and updated over the years, the homes interior finishes were a bit outdated with wall-to-wall carpet and original light fixtures throughout. With the help of Compass Concierge the family was able to give the home a modern update transforming the interior of the home to match the homes iconic views. The Seller achieved a 5:1 return on the home prep renovation expenses. Netting a greater than $500,000 gain to the estate.
AFTER >
Offered at $2,395,000 SOLD FOR $3,025,000
Best Marketing Practices
HOME PREPARATION & STAGING Ensuring the home looks its very best will ensure a successful sale. A beautifully presented home allows for magical photography and media to be used around the world to promote your home. Selecting the right home staging company for your home is a critical step that cannot be undervalued. We will work with you to find the right staging company for your home and your budget to net the absolute best net return for your investment. LANDSCAPING Even more important now than ever. Taking the time to refresh your garden with fresh flowers and mulch gives your home that extra pop. HOME PRICING While perhaps not an obvious marketing tip, it is important to price your home to reflect the market you are in—not for the market you wish to be in. Using Compass tools and a continually updated market evaluation, we can track buyer activity and use trends to develop the best pricing strategy for your home. PHOTOGRAPHY The use of a full suite of technology from a professional photography company allows us to capture images that inspire. We use day, twilight, detail, and wide-angle shots in combination with editorial photography to create an emotional connection to the home. The goal is to get the buyer off the couch and into the home. Having a full set of professional images allows for a mix of marketing activities to best showcase your home. VIDEO Critical to the home sale success—the use of full- length home videos and teaser videos throughout social-media channels exposes the home to a wide range of target buyers. DRONE PHOTOS AND VIDEO When appropriate, the use of a drone will provide additional video and still imagery to reflect the best attributes of the home.
3D VIRTUAL TOURS The pandemic brought out the emergence of 3D Tours. With high-speed internet penetrating most home markets, the ability to walk through a home from your living room is essential. DIGITAL MEDIA From the local MLS to Compass.com; from Facebook to Instagram and beyond, the Compass platform allows me to integrate my personal marketing with an impressive suite of marketing services that will be customized for your home. Using proprietary tools, we’ll make sure your home is in front of the right audience every step of the way. Property statements and property brochures are nearly a thing of the past. The trend is now eco- friendly, high resolution digital magazines providing a home buyer with an immersive journey from start to finish—and leaving the buyer with a treasured piece of marketing to showcase for years to come. QR CODES Replacing the time-honored tradition of “property statements” is the use of QR codes to deliver prospective buyers directly to a multimedia site with expanded imagery, copy, and the full suite of digital media to keep a buyer engaged with your home. FLOOR PLANS A simple step that many agents skip, a simple black-and-white floorplan truly allows a buyer to mentally move in. Using the floorplan, a buyer can visualize room use and begin placing furniture prior to making an offer. PROFESSIONAL COPYWRITING No more boring copy. By working with a professional copywriter, we truly develop the feelings we wish to convey. The written word will engage a buyer and help them become completely emotionally attached to the home. PROPERTY DISCLOSURES These ensure that proper time and consideration are paid to making a complete and accurate disclosure package. Do not overlook the importance of a properly executed disclosure package as it relates to a buyer’s desire to purchase your home.
BRENDON KEARNEY
Broker, Top 1% San Francisco Agents 415.640.4757 [email protected] brendonkearney.com DRE 01350213
Compass is a real estate broker licensed by the State of California and abides by Equal Housing Opportunity laws. License Number 01527235. All material present- ed herein is intended for informational purposes only and is compiled from sources deemed reliable but has not been verified. Changes in price, condition, sale or withdrawal may be made without notice. No statement is made as to accuracy of any description. All measurements and square footages are approximate.