Will San Francisco See an Increase in Real Estate Inventory?
We seem to be seeing an increased inventory of real estate in San Francisco. So far, we haven’t just been seeing MORE inventory, but we’ve also been seeing BETTER inventory!
And while we don’t know if the flow of good properties will continue (though I can vouch that I have a few fabulous listings coming up in a variety of price ranges), there is anecdotal evidence that the flow of inventory will continue.
You see, when you need to sell a home, you need to pull what we in the real estate industry call a 3R Report. It’s also known as the report of residential record.
It includes:
– Address of the building including condominium or unit number if any
– Block and Lot
– Present authorized occupancy or use
– If the property is classified as a Condominium
– If the building contain any Residential Hotel Guest Rooms
– Zoning district
– Building Code Occupancy Classification
– Expiration date for non-conforming use
– Building construction date
– Original occupancy or use
– Building permit application history and status of building permit:
N = Unknown
I = Issued
X = Expired
C = Completed
– Franchise Tax Board lien
– Abatement case on the property
– Number of residential structures on the lot
– If energy inspection has been done and proof of compliance has been issued
The above information will be shown on the report if available through the Department of Building Inspection microfilm records. In many cases, submittal of additional records from other city agencies such as the Assessor’s Office and SF Water Department will be required for the completion and/or revision/update of a 3R. Please note that a 3R does not list the electrical or plumbing permit history, cancelled or withdrawn building permit applications and any building permits taken for the commercial portion of the building.
You need a 3R report whenever you sell a property. And we recently received a notice from our (MARVELOUS!) office staff at Zephyr letting us know that the 3R department is taking about 3 weeks and up to process requests that normally take just over a week to fulfill!
In fact, rumor has it that there are 70+ requests a day flying into the 3R department! That’s quite a few new San Francisco listings that would appear to be heading to the market in the near future!
We’ve yet to see whether these properties will be quickly snapped up, but I’d say that if they are priced in line with recent comparable SF sales, they’ll quite possibly see the multiple offer game we’re seeing these days at quite a few properties are selling for WELL over the asking price! (But they’re marketed aggressively, so the selling price is still the true current market value.)
But in the meantime, it’ll be great to see some more good San Francisco real estate porn! 😉
