It’s time for another review of neighborhood real estate results! How are the Marina and Cow Hollow doing right now? Looking at both neighborhoods, the numbers, as derived from the San Francisco Multiple Listing Service, are reflected in the table below.

Properties sold quicker in the third quarter of 2010 (3Q10) versus the third quarter of 2009 (3Q09) in all categories. Average days on market (DOM) is the key indicator here. For single-family homes in the Marina, DOM went from 70 to 36; in Cow Hollow, DOM went from 60 to 47. For condos in the Marina, DOM went from 59 to 52; in Cow Hollow, DOM went from 65 to 51.

Mortgage rates have continued to remain at historical lows. This continues to be great for buyers, however loans remain difficult to obtain. Unfortunately, there are no indications that loans are going to be easier to get in the near future. Certain federally backed loans are continuing to be processed requiring only a 3.5 percent down payment. So, if a buyer does not have a 20 percent down payment, which is the normal lender requirement, a 3.5 percent down payment loan could be considered. A buyer without 20 percent down, however, must pay for private mortgage insurance, which is expensive and is both added to the original loan and continues to be charged to the borrower monthly. Therefore, the rule of thumb right now is to figure out a way to get a 20 percent down payment. Much easier said than done.

Opportunities continue to abound in the Marina and Cow Hollow. There are also opportunities throughout the rest of San Francisco and the Bay Area, depending on the neighborhood and the city. The banks are talking about more foreclosed property coming on the market over the next several months, so there will be opportunities in the foreclosure market, also.

Jim O’Neil is a Realtor for Prudential California Realty at 2200 Union Street and has lived in Cow Hollow for the past 20 years. He has earned his SFR, which is the short sale
and foreclosure resource designation. E-mail: [email protected]