| The Buzz Takes a Stab at Eco-Remodeling | July 28th, 2008 |
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Kitchen countertops are a sexy topic when it comes to talking about green finishings. My choices include aggregates that mix in glass, or counters made of recycled paper(!). Wood countertop options include end grain bamboo or reclaimed/renewable wood products counters. My favorite material so far is Ceasarstone, which is mostly made of recycled quartz dust (don’t ask me how). Ceasarstone counters have a soft creamy texture that reminds me a bit of Corian, but sturdier and more stain resistant. Deck material—After much debate (and battle) my husband and I settled on Trex deck boards for the deck we are rebuilding behind our house. I read somewhere that the Trex Company is the world’s largest consumer of used plastic grocery bags. Trex used to mix wood in with the plastic, but lately has revised their formula so the decks are now 100% plastic. We like Trex because the material will last forever, never splinter, and never need staining. And (I swear) the stuff looks just like real wood, at least to me. If the idea of a plastic deck freaks you out, you can also consider Ipe, a renewable hardwood from Central and South America. Ipe forestry is a hot industry in Bolivia and Brazil and has a positive affect on economic growth so its harvesting and use is a win-win for everyone (until you get into the carbon footprint involved in transporting the stuff, but we won’t go there—it starts to make my head ache). Toilets are another hot topic - Conventional toilets have used 6 gallons of water per flush, but new toilet technology like the dual flush toilet, uses .8 gallons to flush #1 and about 1.2 to flush #2. Manufacturers of the dual flush include Caroma and Toto (the Toto site is a kick—who knew you could make toilets look so sexy!). If the guy at Home Depot has thinks Toto is a dog and Caroma is a sports car, just ask him about the Kohler Sterling Dual Flush, which claims to save the average family up to 6,000 gallons of water a year. |
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Since embarking on some remodeling projects with my husband, I have become obsessed with using green materials for the finishings. So far I’ve spent hours researching stuff online. This is what I’ve come up with so far:| Clean Living, Clean Air at the Arterra | July 28th, 2008 |
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The Arterra has 270 units in two buildings. I hadn’t been that wild about the project until my first hard hat tour a few weeks ago. The architecture seemed a little bland and it’s set way out at the edge of the Mission Bay district, which is still being built up. Three-to-four years out it will feel like a very different neighborhood, but right now it feels a bit remote. The tour changed my view. There’s a good energy about the building and the prices are very reasonable. My clients have a 2br/2ba in escrow in the $775,000 range with big corner windows, some city skyline views and a small deck. The plan for Mission Bay also includes bike trails, esplanades running along Mission Bay Creek and a very cool urban park with basket ball courts and storage for kayaks. The most striking about touring the Arterra is the absence of toxic smells. Usually when I tour new construction I’m slightly overcome by paint fumes and off gases from carpeting. There’s none of that at the Arterra– it just feels really, really clean. The Arterra has a variety of unit sizes at different price points. For more information on availability and pricing, call me at 415-577-0809. |
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I and some other associates in my office at Paragon Real Estate in San Francisco have a number of units in escrow at The Arterra, San Francisco’s first LEED-certified condominium development. Move-ins are scheduled to begin later this summer.| SOMA Grand Demographics | July 20th, 2008 |
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Soma Grand represents San Francisco’s true spirit of a diverse community. Our residents vary in age, education and profession as well as marital status. So, what is the common denominator with these folks? Every one of the residents who chose Soma Grand as their home are smart, savvy, stylish early adapters who embrace the pioneering spirit of the Gold Rush that made San Francisco what it is today. Over 85% of our residents have earned a college degree or higher. Over 20% work in the technology, while marketing/advertising, real estate and medical fields follow closely behind in occupation. About 50% are between $100K ~ 250K in household income level and 60% are married. 69% are between the ages 25 to 44 while the remaining 30% are over 45. . . . The posting also reports that 61% of the residents are unmarried– and from the anecdotal information I’ve gotten on the building, I’d lay odds that most of them are men. . . . I sometimes joke that there are “girl” buildings and “boy” buildings (The Brannan), and there are buildings that seem to attract dozens of empty nesters. If I were to predict the population at SOMA Grand, I’d say it will be skewed slightly younger and all the residents will share a common ‘pioneer spirit.’ I know this term sounds hokey, but you gotta’ be a visionary to see where this neighborhood is going. . . I don’t mean to be sarcastic– Mission between 7th and 12th is due for dramatic changes over the next three years. Most significant is the San Giacomo project next door to the SOMA Grand, which will add 440 units to the neighborhood along with a major grocery store and other shops on the ground floor. In the immediate future, look forward to a new Charles Phan (Slanted Door) restaurant on the ground floor of the SOMA Grand building, with more upscale dining spots across the street. |
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I’ve gotten a scolding in the past for ‘profiling’ my buyers, and sellers by specifiying their (general) ages and (specific) sexual orientations. I think the SOMA Grand website blog avoids these ethical dilemmas by focusing on general population demographics. Here is what they have to report:| Beware of Signing in at New Homes Projects | July 19th, 2008 |
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It’s just one of many things that make buying a new home different– and sometimes trickier than purchasing an existing one. Once you sign in, it’s possible that the developer won’t pay a commission to an outside agent. Different home projects have different policies on the matter. But I’ve had clients sign in without me and sometimes it’s been very difficult for me to represent them afterwards. It’s frustrating, because I can’t guide them through things like negotiating the price, upgrades and credits back for closing costs. My new home buyers also benefit from my careful review of every page of the developer’s purchase contract and disclosure documents. Builder contracts are naturally one-sided, and designed to take away many of the rights a buyer has in ordinary resale contracts. Some of the differences are contingency timelines, which are often quite short. There are also extensive liability protections built into the contract to keep you from pursuing damage in the event of a disagreement. I go in and out of new home developments all the time to stay on top of what’s available and where. Agents in Paragon’s New Homes Group also meets monthly to review all new homes projects, and swap insider information on different buildings. As a result we know how much different developers are shaving off their prices, how fast different buildings are selling and which ones have a large number of units coming back on the market because of buyers who have been unable to obtain financing. When I work with a buyer interested in new homes, my experience helps them quickly assess the different projects how one stacks up against another. We usually get a lot accomplished in an initial meeting at my office, where we can review the marketing collateral for each development and discuss neighborhood, amenities, price, and size. After that first meeting we generally zero in on three or four new homes projects to visit on an initial outing. Please visit some of the New Homes I’ve sold in the Featured Listings section of my website. I will be adding two additional sales the Arterra and Soma Grand soon. |
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You shouldn’t even think about visiting a new homes project and signing in by yourself– at least if you want to be represented later by a real estate agent.| Hot New Properties and Listings Not Yet on Market | July 18th, 2008 |
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$2,69,000 / Clarendon Heights /BR/BA: 3/3 PKG: 2 Brief Description: Impeccable mid-century single family set high above Cole Valley on an extra-wide view lot. 3 bd 3 ba, formal living, large den/family room. Coveted cul-de-sac block. Very well maintained gardens with flowering fruit trees, magnolias, roses –even vegetables! $949,000/ Corona Heights/ BR/BA: 3/1.5 PKG: 1 Top unit in a 2 unit Edwardian. Stylish remodel retains its quintessential SF charm. City views. $769,000/Excelsior/ BR/BA:3/2 PKG:1 Victorian home with stunning contemporary renovation. Wide open floor plan, expansive deck with hot tub, landscaped yard, and large attic for storage. Blocks to Glen Park Bart. Could the Excelsior be the next Potrero Hill? Some think so. . . $499,000 / Van Ness Corridor / The Sutterfield BR/BA: 1/1 PKG: 1 Beautiful Jr. One Bedroom condo, 650 Sq. Ft., downtown views. Shown by appointment to visionary buyers before painting and staging! The Sutterfield is a cool, solid building– in a location that holds significant promise for the long-term investor. $549,900/ Westin Verasa Napa Unit / BR/BA: 1/1 Brief Description: Beautiful new condo/hotel in downtown Napa. Income producing property with 29 use days for owners. Quiet, creek facing ground floor unit. Pet-friendly! Opportunity to get in at 2006 prices with a 10k HOA credit and upgrades. Motivated seller. South of Market/77 Dow Place / BR/BA: 1/1.5 PKG: 1 Move-in ready loft condo has with open living/dining space, mezzanine level bedroom and additional space for office/den. Gourmet kitchen, hardwood floors, walk-in closet, doorman building. |
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Hot Properties and New Listings Not Yet on Market| San Francisco Bucks the Starbucks Closures | July 18th, 2008 |
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So far there are only two slated closures in San Francisco– one at the SF Centre and one at The Metreon. Beyond the City, only nine more will be shutting down within the Bay Area. Starbucks has begun to spill the beans on which stores will be going and there’s a partial ist of all planned closures on Starbuck’s site. The list will grow longer as the company finalizes which stores will be going. |
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When Starbucks announced it was closing 600 stores that seemed like a lot. But when you think it through, that’s really only twelve stores in each state. Given that there seems to be a gazillion Starbucks all over San Francisco already, I doubt that any of the ones I’m familiar with will be targeted.| San Francisco’s Walkability Factor | July 17th, 2008 |
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Walkscore.com, used an algorithm to identify those neighborhoods boasting the most amenities per person. San Francisco scored the highest overall with a ‘walkability’ score of 86 out of 100. A walkable neighborhood, according to the site has:
On the page featuring San Francisco, Walkscore rates neighborhoods within the City. Chinatown gets the highest score of 99. Lakeshore gets the lowest with 66. Within this range the rankings get a little screwy– I’m mystified why SOMA ranks above Noe Valley and wonder where Walkscore thinks people living downtown go grocery shopping. Walkscore’s ultimate goal is to see their site’s scores included in a property’s listing information. Says Mike Mathieu, the site’s founder: “What we see is someone calling up a broker and saying ‘I want three bedrooms, two baths, a walkability score of 85, what’ve you got?’” I think my answer would be, “Can we start this conversation over?” Seriously, San Francisco is a very walkable City– but if you want to learn which San Francisco neighborhoods have goods and services truly close at hand, just call me. I can save you a lot of time and confusion. |
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So some scientists with a computer program and a bunch of (very flat) metro maps have decreed that San Francisco is the nation’s most walkable City. Clearly, these guys don’t understand our topography.| Rent Your Driveway By The Day, By The Night, Or By The Hour | July 17th, 2008 |
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Why didn’t I think of this? There’s a new website, GottaPark.com that works as a sort of StubHub for parking spaces. If you have a spare driveway available for an afternoon or evening you can post it for rent on GottaPark. Drivers seeking a space set up an account on the site and use a credit card to pay for the space. GottaPark’s fee is 15% of the driveway owner’s take. If the charge is $5.00 or less, the website’s fee would be 60 cents. I cruised the site to see what might be available this Saturday night. The site just went live on Tuesday and I think owners are still testing values. There were a half dozen spaces available with rates that ranged from $6.00 near the Daly City border to $20 for a prime location on Russian Hill or the heart of the Castro District. San Francisco officials warn that people renting driveway spaces could be subject to citation if cars block sidewalks– so make sure to parallel park across the curb cut. I think this might catch on. And those lucky enough to own driveways within two blocks of Golden Gate Park can look forward to cashing in next month when Outside Lands comes to town. If you would rather take your chances on finding a space in North Beach or downtown, San Francisco wants to improve your odds of finding a legal one. Starting this fall, the City plans to try out some ’smartphone technology’ which will help your cell phone sniff out little sensors that signal when metered spaces are vacated. http://www.engadget.com/2008/07/15/san-francisco-to-test-wireless-parking-sensors-cause-rat-races/ |
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| The Gas Guzzler In Front Of Al And Tipper’s House | July 17th, 2008 |
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The latest is a San Francisco Business Times (SFBT) report on veteran NFL broadcaster John Madden’s condo purchase at the St. Regis. Public records state he paid $2.6M for the 1,805 square foot unit, which was $200,000 under asking. The big question for SFBT is where Madden will park his ‘Madden Cruiser,’ the deluxe motor coach he’s used to crisscross the country for the past 30 years. A permanent case of claustrophobia has made plane travel impossible for the sportscaster, and his custom-built bus is a lifestyle necessity. We usually ask our buyers who have larger cars to test the parking space before they buy their new home. I’m sure, though, that Mr. Madden knew that there was no space large enough in the hotel/condo tower parking lots before he made the down payment. And I’ll lay odds that his driver just drops him off and takes care of this little problem. More interesting to me is that Al and Tipper Gore, who bought at the St. Regis when it was brand new in 2005, are now Madden’s neighbors. And the vision of an idling tour bus, emblazoned with an ad for Outback Steakhouse, right outside Al and Tipper’s front door is pretty funny, at least to me. |
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It seems that everywhere I look I see another local story about parking, driving or gas prices. Clearly these topics are near and dear to the hearts of San Franciscans these days.| It Was The Best of Times, It Was The Worst Of Times. . . | July 14th, 2008 |
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Why should those of us who are not Freddie or Fannie shareholders care? Because they provide stability and liquidity to the mortgage market by guaranteeing that investors who purchase mortgage securities will receive timely payments of principal and interest. The two companies currently own or guarantee about $5 trillion in mortgages, or nearly half of all outstanding U.S. home-mortgage debt. They are pretty much the only game in town for conforming mortgages. Fannie and Freddie aren’t going anywhere, but a disruption in their operations could impact mortgage rates. Some of the doomsday pundits have stated that if their troubles persist, rates on mortgages could move higher – as much as 0.25% to 0.50%. So far, mortgage markets remain sanguine over Fannie’s and Freddie’s fate. The prime 30-year fixed-rate mortgage fell five basis points to 6.48% last week, while the prime 15-year fixed-rate mortgage fell eight basis points to 6.01 and the prime 5/1 adjustable-rate mortgage fell four basis points to 6.05%, according to Bankrate.com’s latest survey. |
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Guarantee Mortgage’s Newsletter says that there may be some truth in Charles Dickens’ long-winded prologue from A Tale of Two Cities, which begins “It was the best of times, it was the worst of times. . .” We could look back and see that this was the best of times to be a home buyer. In some parts of the country, prices are off 35% to 50% from highs set three years ago. On the other hand, we may look back and see that this was the worst of times. At least it could be the worst of times for Freddie Mac and Fannie Mae: Both firms lost 60% of their value this past week on solvency concerns.
