| Long-term Planning for Home Maintenance | February 22nd, 2008 |
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Hundreds of phone calls to manufacturers, trade associations and researchers who spend most of their time thinking about how long housing components last went into making the report. Many of them emphasized that life expectancy is affected by how well we maintain our homes. We also love remodeling– and often replace stuff long before we need to (I could digress here about how home remodeling incorporates tons of anti-green practices, but won’t). So here’s how long some of our stuff is supposed to last– Appliances: Gas ranges have the longest life expectancy at 15 years. Dryers and refrigerators give out after about 13 years. The shortest lifespans belong to the compactors (6 years), dishwashers (9 years) and microwave ovens (9 years). No mention was made of toaster ovens– probably because those suckers last f-o-r-e-v-e-r. Cabinetry and Storage: Kitchen cabinets are expected to last 50 years– that’s long enough for them to look cool, then ugly, then cool again. Medicine cabinets can hang in there for 20 years. Countertops: Natural stone can last a lifetime. Cultured marble countertops (think bathroom, not kitchen) can go about 20 years. I looked up Cesarstone– my new favorite counter material. The warranty only lasts 10 years. I also dug around for info on how long green alternatives last, but all I learned is that PaperStone and glass composite countertops have lifespans ‘comparable to standard countertop material.’ Decks– Lifespan differs depending on region, but under ideal conditions they last about 20 years. I dread a deck inspection when I sell a house because it’s alwys a hotspot for its exposure to wet leads to inevitable dry rot. Again, think green and check out Trex Decks. Doors– Your exterior wood door will last as long as your house. Vinyl doors are only good for 20 years, which I think is kind of weird because vinyl is supposed to be more weather and water resistant. Maybe the framing cracks? Sinks and Faucets– Kitchen sinks made of modified acrylic (like Swanstone) will last 50 years. Kitchen faucets can go about 15 years. Showerheads last a lifetime and whirlpool tubs can go 20-50 years, depending on use. Heat– Furnaces last 15-20 years. Standard water heaters give out after about 10 years. Tankless water heaters go more than 20. I love tankless water heaters, but am told that it can be difficult to retrofit our older homes for them. Roofing– If you want your roof to last more than 50 years, go for slate, copper or clay/concrete. Asphalt shingles last about 20 years. Fiber cement shingles can go 25 and wood shake can hang in there for about 30 years. I have a copy of the complete report in pdf. Email me if you want one. |
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One of our managers recently passed out a report by the National Association of Home Builders and BofA entitled Study of the Life Expectancy of Home Components. That sounded like a big yawn to me at first, but once I dug into it, I found some surprises and interesting tid-bits. | Hot New Listings and Big Fat Price Reductions | February 22nd, 2008 |
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We’ve got good stuff this week. Extra points for Cleary Court (I’m learning to love mid-century and Cleary Court condos are BIG!) and Alvarado (southern exposure in that location means you can grow anything in your back yard. . .) $700,000 / Western Addition / 66 Cleary Court / 3br/2ba, 1-car prkg. Eichler-designed steel and concrete highrise. Doorman building. Top floor unit with Golden Gate Bridge views!!! This is a good long-term bet, given the plans for a Japantown’s makeover. $995,000 / Mission Bay / 235 Berry Street / big 2br/2ba, 1-car prkg. “Nine months New” sexy and chic condo with lots of upgrades and custom features in this recently sold-out Signature Properties building. Partial water and City views. Tenant occupied through April of “08. Can be shown by appt. $1,450,000 / Glen Ellen, Sonoma County, Wine Country Home. 4br/2.5ba home with panoramic Sonoma Valley views PLUS a legal guest cottage! $1,495,000 / South Beach / Metropolitan / 2br/2ba, 1-car parking. Pano view unit with wrap-around deeded deck! Price Reduction. New Price: 825,000 Old Price: 859,000 / Noe Valley Condo / 2br/1ba 2/1, no parking. Victorian façade opens to chic contemporary open floor plan. Direct south garden access. |
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| Air your Contractor Conflict | February 22nd, 2008 |
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My sister who is totally wired into gobs of networking groups (she should be a Realtor!) – got a call today from a casting producer in New York for a new reality show which focuses on remodeling projects gone bad. They are looking for situations homeowners who are stuck mid-project because of failure to perform by their contractor or because of cost over-runs which they cannot afford to finish. In a 6-day period the show’s crew will sort out the dispute and finish the project for the homeowner either with or without their contractor. If you’re willing to air your property’s ‘dirty laundry,’ it sounds like a nifty idea. The company is Superfine Films and they are well established. If you or someone you know has candidate projects, call me and I’ll hook you up with more information. |
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| It’s Official– Conforming Loan Limits are up, Up, UP! | February 15th, 2008 |
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Hello My Favorite People!
Until now, conforming loan amounts were limited to $417,000—a negligible amount in San Francisco where the median home price is around $725,000 (this figure factors in TICs and condos along with single family homes). An 80% first mortgage on a purchase of this size would be at least $580,000 unless you had an unusually large down payment. A conforming loan is a fixed rate loan that is packaged for resale on the secondary mortgage market to Fannie Mae or Freddie Mac, two quasi-governmental agencies that buy mortgages from cooperating lenders. Both agencies set limits annually on the size loans they’ll buy. This guaranteed market for conforming loans leads banks to offer lower rates on them– usually they run about 1% lower. Adjustable rates on conforming loan amounts also run lower by about ½ a percent. Although the increase in the conforming rate is good news, it may take a bit of time before most lenders start offering lower rates on larger loan amounts. There’s a chance that some will start making larger loans at conforming loans right away, but most lenders offering the best rates will be more cautious as they wait for guidance from Fannie Mae/Freddie Mac on how the loans will be bought. And as always, the best loans go to the most qualified– conforming loans tend to have the most stringent criteria. If your credit is shaky or you have been job-hopping in recent years, you may have to pay a higher interest rate. |
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The big news this week is that conforming loan limits are up, Up, UP in San Francisco– President Bush signed the economic stimulus bill into law on Tuesday – and for us, the most important piece of the legislation is the increase in conforming loan amounts to $729,750. | Seminar for TIC Owners and Buyers Tomorrow | February 10th, 2008 |
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Fortunately we have local attorneys willing to study, understand and interpret this mess. And occasionally we are lucky enough to have easy access to them without having to pay them $500/hour. On February 12 from 6:30-8:00 pm, attorneys David Gellman and Boy McSparran are offering a seminar entitled The Five Worst Mistakes in Condo Conversions and Condo Alternatives in 2008. These guys live and breathe the stuff that goes into condo-conversions and tenancies-in-common I’ve heard David speak at some of our office meetings. He has the ability to make a dry topic entertaining, and I always learn something when I hear him. Some of their discussion will center on recent court cases and how they affect condominium law. The seminar is divided into two parts. It looks like the first part is directed towards those who have won the lottery and are beginning the process of converting. The second half is dedicated to TIC owners and prospective TIC owners. There is an unlimited question and answer period. A reservation is required to attend! To reserve a place, please call Pierre Beniston at Financial title– 415-512-0123. |
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Keeping up with the arcane rules for condo-conversion in San Francisco is a full-time job. As a local Realtor I have a rough knowledge of them but always need qualify the information I give with the “you need to check with an attorney” line. The biggest contributor to the complexity is the evolving rent control rules which affect which buildings qualify for the condo lottery. And the lottery itself has a complex priority system for those who have entered multiple times over the years which I can’t even begin to explain.| 733 Front Will Feed You And Then Clean Up Your Mess | February 10th, 2008 |
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Now, they’re offering maid service and free gourmet meals for a year if you buy there. Free. I think this may be inspired by (or a response to?) the SOMA Grand, which has been offering the maid perk since they first opened over a year ago. Here are the deal’s details: The house cleaning is twice a month. The gourmet meals are delivered to your door by Cook-SF, which delivers organic, local and sustainable food (very appropriate, since the nearby Ferry Building is mecca to sustainable- and slow-food types) Last I checked, prices for one-bedrooms started in the mid-500K range. Pay the price and they’ll clean you up, feed you and put a roof over your head. |
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733 Front has been having a heckuva time selling their last few units– probably because nearly all of them come without parking. For awhile they were throwing a free Vespa scooter in with every purchase.
