| Yowza! It’s a First Time Buyer Credit — and it’s Retroactive | October 22nd, 2008 |
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It is not a gift, but a no-interest loan. It begins to get phased out at annual incomes of $75,000 for a single person and $150,000 for married couples. For San Francisco, this will make this benefit feasible only to those buying in a lower price range. Here is how it works: if you are a first time buyer within the time frames specifified (owner occupied only), you may apply for the credit on your 2008 or 2009 tax return. If you are granted the credit, then it must be paid back usually over 15 years (at about $500/year to hit to amount owed in following years. If you sell or transfer the property within 15 years, all is due and payable on a pro-rated basis. For more information, check out www.federalhousingtaxcredit.com. |
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I’m pushing my way through some of the fine print in the bailout today– and just found out about a first time buyer credit of $7,500. It started April 9, 2008 and will end June 30, 2009.| Market Assessment - Big Picture | October 22nd, 2008 |
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If you want a STRONG opinions about current economic conditions and how they affect our local real estate values, then Carole is your gal. Here are some of her remarks regarding our current economy and real estate inside and outside the Bay Area: Yes Virginia, we are in a recession. While we haven’t seen negative growth for two consecutive quarters, it’s been stimulus packages from the government that have kept us afloat. The market is still correcting and we can’t say for sure when it will go back up. We know we’re presently in a downward trend, but we’ll only know when we’ve hit the bottom when we start going up again. There are positive signs that we nearing the bottom. The number of real estate sales is soaring in entry level markets. Oil prices are down. And we have solid growth in consumer segments of the stock market with companies like WalMart, Kraft and Proctor & Gamble. The bailout will loosen lending restrictions, which will bring more buyers into the market. The government is pouring money into the banking system both as an investor and a lender. This influx of cash will take time to shake its way through the system, but Rodoni predicts that real estate loans will be easier to obtain by Q2 of 09. If Rodoni had to make a guess, she’d say the market will continue to waffle until mid-09. When measuring prices nationwide, there could be a 20-25% correction, but we may already be 3/4 of the way there. Things Buyers should consider - LOCATION is still the most critical factor when purchasing real estate. This seems like a bonehead observation, but we should always remember that property holds its value best in locations that are highly sought after. This is why real estate in Pacific Heights is outperforming real estate in the Excelsior District. It’s also why the San Francisco real estate market is outperforming the rest of the Bay Area. A correlation to this observation is that every market segment in San Francisco is a micro-economy. The condo market on the Van Ness corridor is completely different than the single family home market in Noe Valley which is completely different from the new homes market. So beware of comparing apples to oranges. Things Sellers should consider: You may want to wait if you don’t need to sell right away. If you have to sell, you need to face the fact that you won’t make a killing in this market. You CAN, however, take heart by looking back on what you’ve accomplished financially and emotionally during your period of ownership– appreciation, tax benefits and personal enjoyment should help you arrive at a ’glass half full’ conclusion. If you are selling with an intention to buy something else, then you need to become a Buyer ASAP! You will get as good a deal on what you buy as what your Buyer did with your homes. You can even make out like a bandit if you move to an area where prices are dipping more than the neighborhood you moved from. |
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Today I attended a brief seminar given by Carol Rodoni– a past COO of Alain Pinel Realtors and real estate industry leader. Carol is highly opinionated and highly entertaining. She constantly studies the economy and chatters about facts and statistics faster than ticker tape.| What You Can Buy Between $450K and $550K in San Francisco | October 20th, 2008 |
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If you can go up to $550K for a home in San Francisco and don’t care about size and parking, you can find something in just about any neighborhood. Most surprising is the nice selection of condos below $500K. Here are a smattering of possibilities among the 66 condos and 64 houses for sale in San Francisco between $451K and 550K. Condos:
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$475,000 Groovy loft on the Van Ness corridor. This building used to be an auto showroom. Movie theaters are right downstairs. Sunny western exposure. 817 square feet. Listing information courtesy of Tamara Cooke, Century 21 Showcase.
$485,000 High Rise Studio Condo at the Sutterfield in Pacific Heights. This is a quiet, classy building with solid construction just off the Van Ness corridor. There are a number of units available in this price range, many with views and spectacular upgrades. Call for details.
$539,000 - 3br/2ba, 1474 square foot condo near Lake Merced. No, that’s not a typo. If you want to stay inside City limits but love the great outdoors, then this complex set among the cypress trees is worth a look. Location is ideal for commuters to the South Bay. Listing information courtesy of Irene Dietz at Zephyr Real Estate.
$549,000 - 2br/1.5 ba condo in Pacific Heights. Remember ‘Melrose Place’? This recently renovated 1960s building has that same kind of community feel. Location half-a-block up from the Whole Foods on Van Ness makes shopping and public transit a breeze. Listing info courtesy of Cameron Bamberger at Urban Bay. Houses: If your price limit is $550,000 for a house in San Francisco, you will remain fairly restricted to neighborhoods close to the Daly City border, or looking at heavy fixers. The good news is that the homes you’ll see will tend to be on solid blocks with good neighbors:
$499,950 - Ingleside home with views. 2br/1ba, +/-925 square feet. Done, done, done with granite in the kitchen, stainless appliances and gleaming hardwood floors. Listing information courtesy of DeSanz Realty.
$525,000 - 2br/1ba fixer in the Outer Sunset. One block to beach, 1/2 a block to Golden Gate Park. Tax records show 850 square feet on a 1,437 square foot lot. Not for the faint of heart. Listing information courtesy of Titan Real Estate.
$529,000 - 3br/2ba in the Excelsior. The photo belies this homes; squeaky clean condition and great natural light. You could eat off the floor in the garage and new interior paint and carpet make the home sunny and bright. new on the market. Listing information courtesy of Mark Barasch at Brown and Company.| Homes You Can Buy for Under $450K in San Francisco | October 20th, 2008 |
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If you can squeak up to $450,000 for a San Francisco home purchase, you can buy a major fixer house in the Mission District a tidy little home in the Bayview or Oceanview district or condos with cool architecture (albeit small square footage) in San Francisco. Here are some examples:
As of October 20, 2008, all these properties are available. Please call 415-577-0809 if you would like to arrange a showing. |
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$439,000 - Small, sexy one bedroom apartment in a brick and timber building. This is a new development just off Market Street in the heart of the Financial District. I toured the homes last week. The least expensive units are usually nestled up against the office building next door. Nice finishings, good lay-outs.
$449,000 View one-bedroom in Pacific Heights. Marina style apartment building. Classic architecture with coved ceilings, and hardwood floors. No parking, and car-owners will be challenged in this neighborhood. The price was just reduced from $469,000 a week ago, and it may be time for this one to sell. Call today if you want to get in. Listing information courtesy of Faye Dibachi of Zephyr Real Estate.
$425,000 - Highrise studio apartment across from the Yerba Buena Center. SOMA is made up of micro-neighborhoods. Yerba Buena is one of my favorites because it is a true walking neighborhood with a park, carousel, skating rink, movie theater, three museums and scads of restaurants all around. The building is circa mid-80s, and the architecture holds up well, with curved windows and great light. Listing information courtesy of Skybox Realty.
About houses for in the $350-450K range: Again, most of your options will be in the Bayview or Oceanview district, unless you are a contractor willing to take on something nearly uninhabitable in a neighborhood like Bernal or the Mission. This cute little house is in a cul-de-sac block in the Oceanview District. It’s a short sale and was in escrow for some time before coming back on the market two months ago. 2br/2ba, funky Victorian lay-out, but very sweet. Call me and I’ll get you in. Listing shown courtesy of Jodi Campion of Alain Pinel.| What $350K (and less!) gets you in San Francisco | October 20th, 2008 |
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If you are on a beer budget, but still really (really!) want to live in San Francisco, here are places you can squeeze into for under $350,000. Be aware that you are probably giving up square footage and possibly parking to live in your new, reasonably priced home–
This house is in the Bayview and is listed for $319,000. It is a 2br/1ba. Tax records show 1,022 square feet. I chose to use this one as an example because it photographs better than all the other ones. Listing information courtesy of Jeanette Cope of ReMax Accord. As of October 20, 2008, all of these properties are currently available. For more information about any of them properties, please call me at 415-577-0809. I look forward to hearing from you. |
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$314,000 - A Yerba Buena “loft” at Cubix. The word ‘loft’ is italicized, because this place is really just a small room with very high ceilings. It does come with an itty-bitty kitchen and itty-bitty bathroom, however. Cubix is on Harrison between 3rd and 4th, which is walking distance to lots of good stuff like the Yerba Buena Center, which has everything from movies to MOMA.
$299,000 - A little one-bedroom apartment in a neo-Victorian building on the South Slope of Potero Hill. This location is next door to the 101 Freeway and ideal for those who need to commute down the Peninsula. This is a short sale and requires lender approval. Listing information courtesy of Rimma Realty
$349,000 - A Victorian studio condominium in a small, intimate building near Kaiser Hospital. This is an excellent block up and away from Divisadero, yet still close enough to a walking district with shops, restaurants and a nearby public library. No parking, but street parking is pretty easy and the Geary Express bus is just three blocks away.
And a word about houses. . . the MLS currently shows 17 houses listed in San Francisco for under $350,000. 12 of them are in the Bayview District. 2 of them are in the Oceanview District. one is in Visitacion Valley, on is in Silver Terrace, and one is in Hunters Point. | Statistics on San Francisco Home Sales Since the Stock Market Began to Slide | October 13th, 2008 |
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MLS Hotsheet Statistics for the last 2 weeks as of 10/13/08, Districts 1-10 New Listings Comparing this last 2 weeks with the 2-week period before: we see no cataclysmic shifts, though some definite slowing in market activity occurred:For houses, new listings were down about 12%; houses going contingent, pending and sold down about 10%; back-on-markets and price reductions up 10 – 15%; expireds stayed about the same, while withdrawns went up dramatically at 77%.For condos, the slowing was a bit more dramatic: new listings down 18% and those going contingent/pending down 27%. Condo solds and price reductions went up a little, back-on-markets went down a little; expireds up almost 100% and withdrawns up about 15%. |
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| Hot New Listings - | October 2nd, 2008 |
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$2,795,000/ Upper Market- Liberty Hill/ BR/BA: 4/2.5 PKG: 2 Brief Description: New expansion, remodeled on 3 levels with downtown views and terraced gardens. $2,250,000/Marina Dist/ BR/BA: 3/3.5 PKG: 2-4 Brief Description: Newly constructed home approx 3,000 sq feet of living area. It is 3 stories with views to both the North (Marin/GGB) and South (Pac. Hghts) from deck area to the top level. There is a level yard with Penthouse room/office. $1,800,000/ St. Francis Wood/ BR/BA: 5/2 PKG: 2 Brief Description: Spanish Mediterranean remodel. Elaborate detail, art-friendly home with usable garden/yard. $1,699,000 / South Beach/ BR/BA: 2/2 + loft PKG: 1 Brief Description: Never before on the open market, this rare penthouse offering features 2 full bedrooms, loft library, and a corner patio that enjoys city views and opens to both the living room and master bedroom. $1,195,000/ SOMA/ BR/BA:1/1 PKG: 2 Brief Description: Live on the top of the Heublein Building. One of 3 penthouse units w/rooftop Japanese Soaking Tub. One of a kind space and once in a lifetime opportunity. Perfect for young professional male or older male/couple looking for a crash pad, pied a terre or weekend retreat. Last chance to buy off market. Price negotiable! $1,149,000/ Russian Hill / 2 unit building. Upper 2 bdrm. Lower 1 bdrm. Remodeled top to bottom – great entry level units! Agents: $385,000/ Anza Vista / BR/BA: Studio/1 PKG: 0 easy street parking Brief Description: Elegant Victorian condo with garden entry, Civic Center views, approx 398 sq ft. Top Unit - $1,325,000ish/ BR/BA: 3+/3 PKG: 1 Brief Descripton: Unbelievable 2 Level top floor PANO view condo completed in September 2008. Multiple deeded decks, large deeded yard. Smashing views of Bay Bridge, Oakland, Bay and East Bay. Great SFH alternative…commuters dream. Can show and sell NOW. Lower Unit - $849,000ish/ BR/BA: 2/2 PKG: 1 Brief Description: New construction, lower level condo w/ some views. Giant Patio and outdoor space, open kitchen/living/dining area. New building completed in September 2008. Can show and sell NOW. |
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We have something for everyone today, in a wide range of sizes, styles, prices and neighborhoods:
