| Almost Free Parking and Market Conditions | January 26th, 2006 |
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The market continues to be a little nutsy. I spoke with an agent this week who had an offer in on a nice big Victorian condo in upper Cole Valley. It was listed for $835,000 which seemed like a fair price, but his client went ahead and bid a notch more, just to be safe. However, with multiple offers, it looks like it’s going to go for close to a million. And as predicted, we are seeing a frenzy of activity around smaller apartment buildings. If you’re thinking of selling this year I recommend moving your time table up (if you can) to take advantage of current market conditions. With fewer properties for sale, the competition is intense for whatever is available and prices are going up—a condition that may not exist in the spring when there will probably be many more properties on the market. Even if you’re not selling, a ‘real estate financial check up’ on the value of your property may still be in order. I actually think this kind of evaluation should be done annually. So don’t hesitate to call for a ‘no pressure, no charge’ opinion of value. My expertise and the support of Paragon is always available to you. Parking is one of San Francisco’s most precious commodities—and if you’re like me finding enough change to feed a San Francisco meter is a challenge–, especially when 25 cents only buys you 15 minutes of time at the most. My own ‘modus operandi’ has been to have $10 rolls of quarters with me at all times. So far it’s worked out pretty well, although it makes my purse heavier. But I learned recently that a better solution has been available. Since Christmas, San Francisco parking meters have been able to accept prepaid cards that enable you to replace coins with a quick swipe of plastic. Available in $20 and $50 increments, they can only be bought at a few places right now, but the City plans to ultimately sell them at more than 25 locations. A list of current vending locations is at the end of this email. Caveat—meters owned by the Port of SF (on the Embarcadero and at Fisherman’s Wharf) still don’t take cards. Another time and effort-saver is a FastTrak Pass, which you can order by mail (forms are at www.bayareafastrak.com.) FastTrak can add significantly to the quality of your life even if you don’t go in or out of the city much. Bridge back-ups happen at all hours and there’s nothing like sailing past the “cash only” crowd and saving 20 minutes on the drive back home from Marin or the East Bay. See you next week! |
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Hello My Favorite People!| Market Update For January, 2006 | January 19th, 2006 |
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How long will it last? It’s hard to say. We anticipate stable interest rates this year, which may keep demand strong. On the other hand the imbalance of supply/demand may shift as we move into the year and more properties come on the market. This will give buyers more to choose from and more leverage when negotiating. One segment of the market that’s hardly taken a breather is investment property. Demand for 6U and up has remained consistently strong. We’re also seeing a rise in rents all over the City. This indicates an upward swing in values for San Francisco buildings and odds are good that these kinds of properties stand to appreciate the most in 2006. At Paragon we have some great listings coming up. Among them are a gem of a two unit building on Clipper Street for $1,149,000; a 2br/2ba corner condo on Fillmore at Green for $899,000, and a SOMA loft—corner unit with great light—for just a hair over $600K. We also have some exceptional investment opportunities hitting the market– including an 8-unit Duboce Triangle building listed for 11.22 GRM at $995,000 (it’s a fixer) and a yummy 30+ unit building at Van Ness and Clay for $9,250,000. This last one has exquisite art deco detail—it reminds me of a wedding cake. As always, I’m here to address all of your real estate needs. I’m also a firm believer in the adage, “There’s no such thing as a dumb question.” So please call if you have a concern—no matter how small. See you next week! |
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So how’s the market this week?Well, after a fall slow-down, it looks the Sellers are back in the driver’s seat as there are more buyers than properties available. It’s a refreshing change—some of our clients were so discouraged that they pulled their properties off the market last fall. Now they’re coming back on as new listings and selling at or slightly above their original asking price. Other Paragon listings that have been sitting for quite awhile (like a high-end Russian Hill co-op and a one-of-a-kind Mission Revival style firehouse in Noe Valley) are also finally going into escrow.| Condo Lottery Deadline and Title Co Refunds | January 10th, 2006 |
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Nine California Title Insurance companies have recently agreed with the Insurance Commissioner to refund a portion of their escrow costs to certain buyers or borrowers.Those who qualify will have purchased or refinanced their home between April of 1999 through February of 2005. About 82,000 transactions are affected. Most of the refunds will probably only be for about $20, but some customers may be due as much as $300. It’s unknown as yet how many of these refunds will come from San Francisco transactions— but it’s pretty easy to find out if you can get money back. To register an inquiry of whether you are owed something you can go here There’s also a brief explanation on this page about why the refunds are due. You’ll need to fill in the address of the property and the date you closed. The form asks if you were a “buyer or seller.” If this is for a refi I would just click on “buyer” and then state in the additional notes that this inquiry is for a refi. I think this is set up so you have to fill out a new online form for each property– which is a pain if you refinanced more than once or bought multiple properties in that five-year period. Even so, it still may warrant the effort. Attention! The 2006 deadline for the condo conversion lottery is January 26. Tickets cost $150. The lottery itself will be held February 8. You can download an application and get more information on the condo process at the DPW website page devoted to condo conversion. Here’s the link: www.sfgov.org And, as always, Andy Sirkin has excellent information on the condo process: Finally, my job involves a continual dance of matching buyers and sellers. In order to do my job better, I need to request a favor: If you know someone who is thinking of moving out of the area or is ready to trade up, can you mention my name? Throwing in a compliment or two about my knowledge and services would be an extra bonus. Thanks! Cheers! |
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Happy New Year!We’re covering two topics today– Title Company Refunds and the Condo Conversion Lottery Deadline
