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There are currently 73 properties for sale in San Francisco that are asking less than $500K. We combed through all 73 of them to find you the very best and most unique. We didn't include TIC, short sales, or vacant lots, and we also didn't include homes that were already in contract. From a 278 square foot studio at Cubix to a single-family home in Portola, we've created a map of some great properties around San Francisco, and all are asking under $500,000.
[Photo via Shutterstock]
The rents are too damn high and the median home sale price for May was $701,000. It's time to give your pocketbook a break. Here now, a handy map of several places in the Bay Area to dip your toes into some agua for under ten bucks.
We know that summer in San Francisco is spent mostly wearing fleece jackets instead of swimsuits, but bear with us. All but two San Francisco spots on our map are indoor and feature heated pools. We also took you way east and north, where warmer weather is the norm. Did we miss your favorite watering hole or spot to throw a pool party? Let us know in the comments, as we'll be updating this map next month. Onwards!
The last time we checked in with 145 Magnolia was back in late January when it plopped back on the market with an asking price of $2,995,000. In 1998 the original structure was demolished and the 5-bed, 4.5-bath, 4-level contemporary Marina manse you see to the right was finished and ready for its close up by 2000. It sold that same year for $2.8M. We're happy to report that while it didn't get asking asking, it did manage to pull in $2,850,000. Congrats to all parties involved! [Redfin/Curbed]
If the Eat, Pray, Love HSN home line doesn't quite do it, now there's a better, more complete way to indulge those decadent divorcee fantasies. In fact, some might argue that this is a truly excellent way of spending any monies earned in, say, a settlement: Bramasole, the villa featured in Under the Tuscan Sun, is available for nightly rental. In the 2006 flick, Diane Lane gazes upon the dilapidated structure—actually the stuccoed farmhouse on a two-house property—and espies its sunny, post-renovation future. This, as well as the main house, were renovated in real life and boast a total of 10 bedrooms and a shared pool, heated Jacuzzi, charcoal grill, and pizza oven outside. The place may be stunningly beautiful, but the price—a staggering $2,451 to $3,831 a night—quickly puts the brakes on any dolce vita daydreaming.
· Bramasole [Italian Villas via Hooked on Houses]
Location: 76 Littlefield Terrace, Potrero Hill
Size: 2-bed, 1.25-bath; 956 square feet
Price: $465,000
Pitch: "Located in sunny Potrero & the best area (west side) of the Parkview Heights development facing south-east with views of the hills & beyond, this beautifully renovated townhouse will please the hard to please. The upper level has 2 bedrooms, one with a basin, & a full bathroom that has been fully renovated. The main floor has a wonderfully remodeled kitchen with Dual Decor free range (gas), Bosch dishwasher & microwave & Profile refrigerator. The warm living room has HW floors & a custom Italian wall unit. A deck and a hot tub are just outside the back door. Anderson windows have been installed. There is direct access from the private garage (with storage) to the home. So many amazing improvements it will blow your mind. One of a kind!"
Open House: Sunday, 2 to 4PM
Location: 273 Lowell Street, Corcker Amazon
Size: 2-bed, 1-bath; 981 square feet
Price: $499,000
Pitch: "Another stunning home for you and your family with great income potential. Top floor consists of 2 bedrooms, 1.5 baths, formal living and dining room, with beautiful skylights throughout. Beautiful, original refinished wood floors throughout. There is a half bath in the kitchen area. Sun-room with excellent City views extends off the kitchen and offers a pleasant reading area. Downstairs is unwarranted, and not guaranteed by Seller, but it includes 2 additional bedrooms, 1 full bath and full kitchen; perfect for the in-laws. Clear Pest Report on file, ready for move in. This is a regular sale with brand new roof, updated plumbing and electrical!"
Open House: Sunday, 2 to 4PM
Location: 140 South Van Ness Avenue, SoMa
Size: 1-bed, 1.5-bath; 830 square feet
Price: $449,800
Pitch: "This two level 1 bedroom 1.5 bathroom condominium featuring views of the San Francisco skyline & bay bridge, spacious living/dining combination and in unit stackable washer/dryer. Kitchen includes all appliances, granite counters & maple finish cabinets. Master suite with office alcove & a bathroom that boast marble counter and limestone floor & tub surround. This home is conveniently located to Market Street F line, public transportation ( BART & MUNI) and ideal for commuters as the central freeway is one block away & connects to the 101 & 280. 140 South offers a 24hr access fitness center, courtyard & conference room. Close to Hayes Valley, the Castro, Valencia Corridor shopping & restaurants, the Opera, Ballet, & SoMA night life."
Open House: Sunday, 1 to 4PM
Have a nomination for a jaw-dropping listing that would make a mighty fine House of the Day? Get thee to the tipline and send us your suggestions. We'd love to see what you've got.
Location: West Orange, N.J.
Price: $1,998,000
The Skinny: It might not possess the political connections of the former Edison estate in town, but this 15-room 1920 brick Tudor in West Orange, N.J. packs a lot of top-dollar style into a $2M package. The highlight of this offering is the well-tended formal acreage, detailed with fountains bordered by flagstone, broad brick patios, and an assortment of garden outbuildings. To our eyes, these 2.65 acres seem perfect for a summertime soiree, but we don't get a good look at the interiors from the listing photos, so it's hard to determine the condition. Still, provided the roof isn't leaking ceaselessly, $2M is a good deal for five bedrooms, seven bathrooms, and original '20s detailing.
· West Orange Twp [Realtor.com]
· Home of Thomas Edison's Son, A Former New Jersey Governor [Curbed National]
Home prices are highly seasonal, due to the different mix of homes that sell at different times of the year, but the latest reading for September shows home prices are under added pressure now; this is not just due to the high concentration of distressed properties on the market. Prices fell 1.1% month to month, according to CoreLogic, both in seasonally adjusted and unadjusted terms. This is the second consecutive month of monthly drops, as we head into the slower fall season. The more concerning aspect of the report is that while home prices including foreclosures and short sales fell 4.1 percent from September of 2010, they still fell 1.1 percent when you exclude distressed sales. That has not been the case in previous months. "The acceleration in the rate at which the CoreLogic house price index is falling reflects the slowing in the pace of job creation and wider economic growth earlier this year," says Paul Diggle of Capital Economics. While the unemployment picture has weighed heavily on home prices all year, the new uptick in foreclosure starts will likely have a more drastic effect. Foreclosure start rates on severely delinquent loans have increased to over 10 percent a month in the private-label RMBS (residential mortgage backed securities) sector, according to Fitch, which is now estimating another 10 percent decline in home prices before they fully stabilize. Paul Diggle doesn't agree with the 10 percent drop. "After all, relative to historical norms housing is now about 25 percent undervalued against incomes. And with mortgage rates lower than at any point in the past 40 years, mortgage affordability looks favorable," he argues. That may be, but he's not taking into account consumer confidence, or lack thereof. 36 percent of Americans say that mortgage rates will go up over the next year, according to Fannie Mae's October housing survey. That's up from the previous month. They also expect rents to rise, and yet a full third still say they would rent their next home rather than buy it. More telling is that 77 percent say the economy is on the wrong track and an all-time high expect their financial situation will stay the same over the next year.That's not a great atmosphere for a surge in home buying. Questions? Comments? document.write("");document.write("RealtyCheck"+"@"+"cnbc.com");document.write('');And follow me on Twitter @Diana_Olick
Given that the conservator of Fannie Mae and Freddie Mac, the Federal Housing Finance Agency (FHFA) has been wielding incredible power of late in deciding how much the two mortgage giants can and cannot charge in guarantee fees and whom they can and cannot refinance, it was particularly disturbing to learn the that same FHFA has been deemed, dare I say it, incompetent, at least in one of its oversight capacities. The FHFA's Office of Inspector General has released a scathing report that points to understaffing and inefficiency at the mortgage giants' regulator. "FHFA-OIG has identified shortfalls in the Agency's examination coverage, particularly in the areas of Real Estate Owned (REO) and default-related legal services," the report begins. Translation: "Robo-signing" paperwork issues. "FHFA has too few examiners overall to ensure the efficiency and effectiveness of its examination program," the report continues. Apparently just about a third of the FHFA's 120 non-executive examiners are accredited federal financial examiners, and there is nothing in the works there to "improve this condition." But wait, there's more: "FHFA, to its credit, has sought to address these challenges. Although this is a positive response, FHFA has expressed concern that its current hiring initiative will neither enable it to overcome its examination capacity shortfalls nor ensure the effectiveness of its 2011 reorganization." So the FHFA is having trouble getting new examiners, because, logically why would anyone want to go work for an agency that regulates two entities that are supposed to be eliminated over the next five years? Still, it's not exactly comforting to hear that there's no one, or at least too few people, minding the store...the store which finances more than half of the nation's home mortgages. Fannie Mae had no comment. The FHFA responds in an appendix to the report. Questions? Comments? document.write("");document.write("RealtyCheck"+"@"+"cnbc.com");document.write('');And follow me on Twitter @Diana_Olick? Previous: Suburban Chicago's Le Grand Rêve Set for Pre-Halloween Auction
Gary Hustwit, the filmmaker behind the celebrated typeface documentary Helvetica and design doc Objectified, has focused on something a bit larger: cities. His new film, Urbanized, is set for its premiere next month at the Toronto Film Festival and it turns the lens on the development patterns, design challenges, and public dialogue surrounding the growth of cities. Starchitects make an appearance, represented by Rem Koolhaas, Oscar Niemeyer, Norman Foster, and others, but the film also focuses on what ordinary people are doing to transform the urban landscape. After the jump, check out Hustwit's Kickstarter video from earlier this year, his blog at Urbanizedfilm.com for more, and stay tuned for the official trailer, which is due out in a few weeks.
