Fast Facts from CAR and Freddie Mac - January 2007
Calif. median home price - January 07: $559,640 (Source: C.A.R.)(note: compared to $567,690 last month)
Calif. highest median home price by C.A.R. region January 07:Santa Barbara So. Coast $1,150,000 (Source: C.A.R.)(note: compared to $1,250,000 last month)
Calif. lowest median home price by C.A.R. region January 07:High Desert $317,380 (Source: C.A.R.)(note: compared to $324,560 last month)
Calif. First-time Buyer Affordability Index - Third Quarter 06:24 percent (Source: C.A.R.)
Mortgage rates - week ending 2/22:
- 30-yr. fixed: 6.22%; Fees/points: 0.5%(note: compared to 6.25% and 0.4% points last report )
- 15-yr. fixed: 5.97%; Fees/points: 0.5%(note: compared to 5.98% and 0.4% points last report )
- 1-yr. adjustable: 5.49%; Fees/points: 0.7%(note: compared to 5.49% and 0.5% points last report )
- California Association of Realtors & Freddie Mac
*Note: Surprisingly, interest rates have not changed all that much. Be sure and take the time to review tomorrow's February San Francisco numbers which will be posted in our blog and compare them to these numbers for all of California!
Things to do in San Francisco - Part 10 - Giants Stadium
Yahoo Travel says, "The name may be different but game remains the same. Formerly Pac Bell Park and SBC Park, AT&T Park is the first privately financed ballpark in Major League Baseball since Dodger Stadium (1962), the Giants' new home features an inspiring nine-foot statue of America's greatest living ballplayer, Willie Mays, at the public entrance; home runs that splash into McCovey Cove (named after another Hall of Fame Willie); an 80-foot Coca-Cola bottle with playground slides and miniature SBC Park behind left field that has become a magnet for kids of all of ages; and mass public transit that rivals any sports complex in the world."
Third and Townsend streetsSan Francisco, CA 94107
+1 415 972 2000
Open HoursTours: Daily 10a-2p every hour on the hour except game days
http://www.sfgiants.comNeighborhood:
South BeachIf you are interested in getting a FREE pair of Giants tickets to the 2007 season, shoot us an e-mail to
Info@SFResidence.com with Giants Tickets in the subject line and you will be eligible for our drawing.
HURRY! The season starts in April. Then every month you will receive our e-mail newsletter from
SFResidence with another chance to win! No purchase necessary. (We are season ticket holders, not associated with the Giants or Major League Baseball.)
- Janis Stone
San Francisco Real Estate Market Update for 2/12 - 2/18/07
(Note: Last week's report was published with the wrong dates. It has been corrected.) Read what
Rick Turley, President of Coldwell Banker, San Francisco/Peninsula said in his latest
weekly report:
The fact that there are limited choices out there may have played into the rise of ratified offers, over 240 for the week. Inventory shortages seem to be the primary factor in agents’ strategy, whether working with Buyers or Sellers. Springtime is known for Open Houses industry-wide, but our ability to meet new Buyers is hampered by the amount of homes available to be held open. There are remarkable reports of “micro-climate market” activity in several areas and it will be interesting to watch how they evolve as spring nears. The Greenbrae office noted inventory continues to be a controlling factor, but that some neighborhoods are red-hot while others are tepid at best. A somewhat original condition Eichler home in San Rafael seemed poised for many offers, one of the lowest list prices available in the area – however just a few offers came in, and not as far over the asking as what one might have expected.
In other areas, multiple offers are once again the rule. The Burlingame office reports 18 offers on a property in San Mateo and 8 offers on a San Carlos home. The Palo Alto office is seeing 82% of its listings in multiple offer situations. In San Francisco’s Sunset district, a fixer-upper had 9 offers and went for well over the asking price. Lest Sellers get too carried away – it’s worth noting that a 3/2 in San Francisco priced at $1,275,000 received 11 offers, and a very similar listing just blocks away at nearly the same list price received one.
Some offices report a fair amount of stale inventory – Buyers are not “panic buying” – not buying just to buy. Buyers and their Agents alike are looking for value. It’s important to note that some sales are coming together on homes pulled off the market a few months ago. This is a product of networking at our sales meetings - very critical, and a great value we bring to our Buyers and our Sellers.- Rick Turley* For an e-mail alert when this report is updated, send a note to info@SFResidence.com with "weekly market report" in the subject line.
Mortgage Weekly Update - Last Week in Review - Rates still relatively unchanged
Foster Weeks publishes a
weekly mortgage update which is updated every Monday morning.
...Home loan rates bumped around a bit midweek, but ended up almost exactly where they started, with rates remaining stable overall....News from other US financial markets showed stocks might be ripe for a move lower. In fact, the S&P 500 has gone almost 1000 trading days without suffering a 10% decline, the second longest stretch in history. So something to watch - if Stocks do reverse, Bond prices and home loan rates may benefit, as money flows out of Stocks and into Bonds...YOU MIGHT HAVE A "TAX LEAK" Income tax, sales tax, estate tax, excise tax, alternative minimum tax...and just when you thought you'd paid them all...along comes your property tax bill as a homeowner. But did you know that the National Taxpayers Union estimates that as many as 60% of homes are assessed for too high of a value, resulting in an incorrectly larger property tax bill? Chances are good you might be in that group of people paying too much, so taking the time to review your property tax bill could save you a nice chunk of change.
The good news is that it's easy.
First, contact your local tax assessor's office and ask for someone in the reassessment area. Find out when appeals are heard, and how the process for submitting a property tax appeal works. Additionally, ask for a copy of your property card. Review the card and confirm that the basic information about your property is correct. For example, is the square footage and number of rooms for your home accurate? If the number is incorrect, the county may change the assessment without a formal appeal. If everything on the property card is correct but the assessed value still seems too high, your next step is to gather the following documentation to support an appeal. And don't be surprised if the assessed value is lower than what you think the market value for your home is - many counties use a formula which uses a percentage of market value to determine assessed value. Ask what the formula is, because an assessment which is less than market value still might be too high.
If you have a current appraisal that supports the value being lower using recent market-value information, many counties will accept a copy of the appraisal with the appeal. If the appraisal is outdated, you can order a new one - just call me for a referral to a great appraiser. You can also visit the local assessor's office or search online, and look through the public records for other homes that have similar features to yours, but have lower assessments. Additionally, contact me to get in touch with a great Realtor who knows your area. They will be able to give you current market information for your neighborhood, and help you see how your market value and assessed value stacks up against your neighbors.
Submitting an appeal is generally a fairly simple process, but make sure to take the time to fill out all forms in advance and be prepared with your documentation if there is an in-person hearing that needs to take place.
More good news - according to the National Taxpayers Union, about 33% of property tax appeals succeed! Taking the time to review the accuracy of a tax bill could easily save you hundreds of dollars per year, adding up to thousands of dollars during the time you own your home. Please feel free to contact me for more information on this money-saving tip.- Foster Weeks
Petaluma sets a great example; business and government working together
In last week's San Francisco Chronicle, there was a great story about how the City of Petaluma, California and a local contractor came to an agreement on a way to preserve an historical building, in this case an old school building, by turning it into condominiums.
The project required a lot of expensive retrofitting so the City allowed the contractor to build 3 Craftsman-style homes on the large property behind the school to offset the extra expense. We think it is an excellent example of the city and local business working together to solve common problems. Read this inspirational story
here.
- Mick Orton
Writing off homeowner's dues
A reader asks:Can one write-off homeowner's dues?
Our reply:
Since tax laws are changing constantly, we checking with our accountant to be sure we got the right answer. Here's what his office said:
Homeowners dues are not deductible if they are your primary residence, but are if the property is being used as a rental or income property as part of the cost of doing business. Although most of the dues go to insurance, this is not deductible for your primary residence.- Janis Stone
One Central Resource Guide for San Francisco Homeowners and REALTORS®
The San Francisco board of Realtors has put together a great website resource for homeowners. To quote:
The Association's new web site for homeowners, www.sfbaywindow.com contains more than 130 articles on subjects important to owners. From "Adding a Room" to "Zoning Districts," it's all there, making the site the most robust resource guide for San Francisco homeowners on the web.We will also have this link on our
website. Take a look. We think you'll be glad you did!
- Mick Orton
Real Estate Basics
Diane Kennedy is the author of the Rich Dad book, "Loopholes of the Rich: How the Rich Legally Make More Money and Pay Less Tax", has a
website dedicated to the ever changing tax laws and how to take advantage of them. She is bullish on real estate as an investment. Here are excerpts from her latest e-mail newsletter:
Part of the fun of being "ahead of the curve" is that when the mass-market is looking left, you're looking right.
Real estate is no different. The papers are absolutely chock full of doom-and-gloom, it's a bad investment, the market is still crashing, etc. Which is fine with me. That means more deals are out there.
How many of you remember a time, just about 20 years ago now, that the real estate market was flying? What stopped in then was spiraling interest rates. I remember reading stories about interest rates at 22, 23, even 24% and people abandoning their homes because they couldn't keep up with the payments. The market crashed, hard, in the late 80's. Some said it would never recover. But it did. Fast-forward to today, and repeat the cycle. Only this time, while appreciation has slowed or stopped in a few areas, we're not facing double-digit interest rates, either.
Personally, if you think you missed the boat on real estate, I would disagree. In fact, I'd be more inclined to say there is a new boat heading your way. Now is a great time to prepare. Educate yourself and build up your cash reserves. Real estate often costs a bit more than you think to get into, even if you are investing with other people's money.In the week's What's Hot, I want to share with you some of the fundamentals of real estate investing. These are terms and ideas you need to become very familiar with, if you want to be ready to board the next real estate ship.
- Diane Kennedy* To subscribe to her e-mail newsletter updates go to http://www.TaxLoopholes.com/us
TRI Coldwell Banker San Francisco real estate statistics - last week in review
Our office at
TRI Coldwell Banker at 1699 Van Ness in San Francisco is one of the premier offices in the City and has the market share numbers to prove it. We have some of the top agents selling real estate in the San Francisco Bay Area. As a result, our office posts some impressive numbers.
All signs point to a great spring market... provided we get the inventory. Last week the number of ratified deals in our office was over twice the number of new listings. Only one property was reduced so prices seem to be holding steady. Low inventory and high demand usually pushed prices higher, so if you are thinking of buying or selling, now would be a good time to think about jumping in. Here are the numbers for last week:
2/21/07- 4 new listings (average price $2,012,500)
- 10 ratified sales (pending) (average ratified price $1,930,500)
- 10 closed sales (sold) (average closed price $1,359,363)
- 1 reduced ($1,295,000)
- Mick Orton
!!! EARN Real Estate Auxiliary Leadership Council hosts FREE breakfast meeting !!!
You're invited to a FREE breakfast meeting of the Real Estate Auxiliary Workgoup sponsored by
EARN (Earned Assets Resource Network), a non-profit organization. The meeting is
tomorrow, February 22, 2007 from 8:30 AM to 10:00 AM at the Bay Club's Lombard Room at 150 Greenwich St. Parking on the street or at the Levi's Plaza Garage. Please RSVP to Jenn Davis at
davis.jcd@gmail.com!
Break the cycle of poverty by becoming a homeowner!
Is It Too Late for Real Estate?
Diane Kennedy is the author of the Rich Dad book, "Loopholes of the Rich: How the Rich Legally Make More Money and Pay Less Tax", has a
website dedicated to the ever changing tax laws and how to take advantage of them. She is bullish on real estate as an investment. Here are excerpts from her latest newsletter:
I've been investing in real estate for 24 years. I've seen the ups and downs of the market and I've made some bad investments, but most of them have turned out great – as long as I was prepared to stay through the bad times.There's been a lot of talk lately about the downturn in real estate. Have real estate values gone down where you live? In today's email, I'm going to cover three possible strategies to survive a real estate downturn.How serious is the problem really? Has the home you live in, the property you are renting out or the property you bought as a fix and flip gone down in value? Well, if you weren't planning to sell right away, why would it matter? Hang on until the market comes back. Historically, in the bigger picture, most real estate markets have ALWAYS come back...
- Run Your Investments Like a Business.
I'm going to talk about some strategies that are worst case only. Remember that real estate is nothing more than a product. If you're good at a business and know how to thoroughly research a product and its market, you can sell toasters or you can sell a house. It's all the same. Of course, not too many people rent toasters and toasters don't appreciate and that's why real estate is such an easy business for so many people to jump into. That's also why there are so many catastrophic failures. It's too easy to make money in real estate, if the market is going hot, even if the investor does everything wrong. They have forgotten (or never knew) the fundamentals of business...
- Keep Your Eyes On the Real Goal
No matter what type of business or investments you have, you need to have fundamental skills. That's what Strategy #2 was all about...
- Diane Kennedy
* Go to her website and sign up for the FREE newsletter!
San Francisco Real Estate Market Update for 2/5 - 2/11/07
Read what Rick Turley, new President of Coldwell Banker, San Francisco/Peninsula said in his latest
weekly report:
It’s very interesting to review the past several weeks’ market reports and notice the geographical migration of low inventory concerns throughout the Bay Area. Several weeks ago the communities further east and north were largely commenting on lack of sales activity - listed properties not moving. The same week, San Francisco and the Peninsula were starting to comment on the lack of new properties coming to the marketplace. Notice this week that sales activity is picking up in the north and east bays, while San Francisco and Peninsula offices are genuinely concerned about the shortage of inventory.
In Pleasanton, our office reports that 67 new homes came on the market during the week, and 63 homes went pending. Inventory in the Danville market has dropped below a three month supply. Coastal inventory in Half Moon Bay is down dramatically. Palo Alto reports that 65% of all of their offers are multiple offers. Menlo Park cries “We’re starving for houses to sell.” Burlingame reports multiple pre-emptive offers at a $3M price-point listing. That being said, there are some properties in both San Francisco and the Peninsula in the $2.5M+ range which aren’t flying off the shelves, indicating that a sensitive list price is still key.
Of the more than 485 open houses held by our offices, all were well attended. In San Francisco an approx. 950 sq ft home w/o dining room in Bernal Heights had more than 300 visitors. By mid-week, it sold for more than 20% over its $699,000 LP with 13 offers. Another San Francisco home in the Westwood Highlands district had 43 disclosure packets out and 21 offers submitted after only 4 days of showings.
Listing inventory overall was reported as being steady by 16 offices, increasing by 6 and decreasing by 10. Sales activity reportedly increased in 7 offices, decreased in 4, and was steady for 18 offices. Of the offices reporting, there were more than 200 ratified offers.
There is a lot of buzz indicating that sellers are waiting for late spring before putting their homes on the market. Hopefully, those sellers aren’t looking at the media headlines and thinking they’re indicative of a bad time to list. The buyers are out there…waiting for something to buy!
- Rick Turley* For an e-mail alert when this report is updated, send a note to info@SFResidence.com with "weekly market report" in the subject line.
Things to do in San Francisco - Part 9 - Lombard Street
Yahoo Travel says, "This picturesque stretch of Lombard Street has eight angles along a single block. They twist at very acute angles, making for very slow going if you are in a car, though, oddly enough, cars were the reason for designing the street this way back in 1922, the idea being that this design would make it easier for them to negotiate the steep 16-percent grade. The drive is usually bumper-to-bumper and in the summertime, there is almost always a line of cars waiting to take the drive down, so a stroll is a good option, especially when the hydrangeas along the sidewalk are in bloom."
Lombard and Hyde StreetsSan Francisco, CA 94109
+1 415 391 2000 (Tourist Information)
Open 24 Hours
Neighborhood:
Russian Hill- Mick Orton
Mortgage Weekly Update - Last Week in Review - Markets closed today
Foster Weeks publishes a
weekly mortgage update which is updated every Monday morning.
...As the financial markets are closed on Monday in observance of Presidents Day, I hope you enjoy the special article below on Daylight Savings - including the whole scoop on the new change for 2007......In any event, Daylight Saving Time (DST) will be springing a bit further this year. Back in 2005, Congress enacted the Energy Policy Act, which will extend DST by one month - beginning earlier in the spring and lasting later into the fall - beginning on March 11th and ending on November 4th... Read more.- Foster Weeks
Focus on San Francisco Neighborhoods - Outer Sunset/West Portal
The
Outer Sunset/West Portal as described on the
SFResidence neighborhood guide:
"The Outer, Central & Inner Sunset operates like a city within a city with its tidy streets, excellent schools, and family owned businesses. The fogginess of this district hasn't discouraged the 40,000 students, young professionals, and middle-class families from nesting and/or embracing this quiet and mellow suburb."
SFGate says, "Although this southwestern corner of the city is often ignored in guidebooks, you'll find there's lots to explore including a neighborhood caught in a '50s time warp and dozens of multi-ethnic businesses." Read more
here.
For more information on other neighborhoods and street maps visit our
website.
- Mick OrtonPrevious Neighborhoods:
Chinatown - Bernal Heights - Castro - Cow Hollow - Diamond Heights - Fisherman's Warf - Golden Gate Park - Haight - Hayes Valley - Inner Richmond - Lake Street - Laurel Heights - The Marina - Nob Hill - Noe Valley - North Beach - Outer Richmond - Pacific Heights - Potrero Hill - Russian Hill - Sacramento Street - St. Francis Wood - Sea Cliff - SoMa - Sunset - Telegraph Hill - Western Addition
San Francisco - close to ski resorts
We own a condominium in
Tahoe City which we rent to others through LMI Realty. It is close to several of the ski areas; Alpine Meadows, Squaw, Diamond Peak and Homewood among others.
Are you a skier? If you are, you will be happy to know that Alpine just reported today 2 feet of new snow over the last few days with more possibly on the way Monday or Tuesday. Just in time for ski week!
If you need a place to stay, call the folks at LMI (530) 581-4100. Our 3 bedroom, 2 bath 1st floor condo in St. Francis Lakeside will be available after February 25th.
- Mick Orton
TRI Coldwell Banker San Francisco real estate statistics - last week in review
Our office at TRI Coldwell Banker at 1699 Van Ness in San Francisco is one of the premier offices in the City and has the market share numbers to prove it. We have some of the top agents selling real estate in the San Francisco Bay Area. As a result, our office posts some impressive numbers.
Once again, last week there were many more ratified deals than new listings, indicating a shrinking inventory. In one week we had 3 times as many deals made than we did new listings. As we have said before, this indicates a surge in buying which will probably drive prices higher. We are seeing more and more properties end up in multiple offer situations. Agents are again getting comfortable with setting offer dates anywhere from 10 days to 2 weeks after putting their property on the market. This is another indication that sellers feel the San Francisco real estate stagnation has passed. Judging by the number of sales, so do buyers. Here are the numbers for last week:
2/14/07
- 5 new listings (average price $1,867,600)
- 15 ratified sales (pending) (average ratified price $1,022,692)
- 3 closed sales (sold) (average closed price $1,155,000)
- 1 reduced ($929,000)
- Mick Orton
Things to do in San Francisco - Part 8- San Francisco Museum of Modern Art
Yahoo Travel says, "Opened in 1995, this museum houses a permanent collection of over 15,000 works, including 4,700 paintings, sculptures, works on paper, and 9,000 photographs. The museum has exhibited the works of Matisse, Diebenkorn, Dorothea Lange, Klee, Cindy Sherman, and many contemporary artists. Designed by Swiss architect Mario Botta, the lobby floor is a massive chessboard. Gargantuan sculptures hang from above. Admission: USD12.50 Adults; USD8 Seniors (62+); USD7 Students with ID; Children 12 and under free when accompanied by an adult; Half price on Th 6p-9p; Free first Tuesday of the month."
151 3rd St
San Francisco, CA 94103-3107
+1 415 357 4000
Open HoursMemorial-Labor Day (Summer): F-Tu 10a-6p, Th 10a-9p; Labor-Memorial Day (Winter): F-Tu 11a-6p, Th 11a-9p
http://www.sfmoma.orgNeighborhood:
SOMA- Mick Orton
San Francisco Real Estate Market Update for 1/29 - 2/4/07
Read what Rick Turley, new President of Coldwell Banker, San Francisco/Peninsula said in his latest
weekly report:
Last weekend’s Super Bowl seemed to have little or no impact on the more than 350 Open Homes our agents provided throughout the San Francisco Bay region. Reports of 148 attendees on a North Bay listing, and over 300 for the weekend at a Menlo Park Open House were not met with surprise. In densely populated areas such as San Francisco’s Noe Valley, it was back to the old days of cars double parked up and down the narrow streets as Buyers scrambled to see the few new listings introduced to the market this past week.
It’s perfectly clear that what’s “not right” with this current market is not enough inventory. We are hearing the same lament in all our offices – from Palo Alto in the South to the Marina District of San Francisco in the North. It appears our offices in North Bay and East Bay share the same concerns. Of the offices that reported declining sales this week, it seems they are the same offices reporting decreasing inventory. You can’t sell it if you don’t have it.
Multiple offers are ruling the day again. Consider our Woodside office, perhaps harder hit in the “adjusting” market of 2006 due to the price point of their inventory. This week they reported 8 sales, of which 50% were in multiple offers. Six months ago it seemed Woodside was very far away from multiple offers being the norm again anytime soon. Burlingame reported multiple offers this week from the $700K price point to a recent listing they introduced at $3M. San Francisco agents are back to asking what the “offer date” is of a new listing, where it’s plain to see that nearly 50% of all sales are going into multiple offers in the City. It’s too soon to see if this is a “blip” or a trend – but in the meanwhile, the best Valentine’s present any Bay Area homebuyer could receive would be for more Sellers to get their homes on the market.
- Rick Turley* For an e-mail alert when this report is updated, send a note to info@SFResidence.com with "weekly market report" in the subject line.
Mortgage Weekly Update - Last Week in Review - Not much new
Foster Weeks publishes a
weekly mortgage update which is updated every Monday morning.
...Foreign buyers who seek a safe, high rate of return on their money love our US Bonds – and their continued investment in our Bond market has helped keep Bond prices high, and therefore, home loan interest rates low. Based on the good result of the auctions, Bond prices and home loan rates improved throughout the week, but then lost some ground on Friday to end the week right back where they started.
So what happened Friday? First, some Traders saw prices as topping out, and decided to sell and take their profits. Additionally, there were several Fed officials on tour, including St. Louis Fed President William Poole. Poole mentioned increased defaults in home loans to risky borrowers, and said that rates may rise as a result. The talk of rising home loan rates was enough to spook Traders ahead of the weekend – and many decided to take even more chips off the table. The Fed Chairman himself was on the speaking circuit, and an interesting comment Mr. Bernanke made had to do with the increasing differential between earnings of a four year college grad, vs. a high school grad with no college experience. A college graduate made 75% more than their high school graduate counterparts last year – a trend that has been increasing for many years...- Foster Weeks
Think this is a free country? THINK AGAIN!!!
Don't get us wrong. We do not like smoking and wish everyone would quit. But is it the government's responsibility to ban such noxious habits? This country was founded on the principle of religious and personal freedoms, yet, good or bad, our country is also a nation of laws. And the current laws support the thinking that second hand smoke is the cause of disease.
With that said, the latest Davis-Stirling newsletter addresses the problem of odors coming from a neighbor's unit of a condominium in an article called "incensed".
QUESTION. One of our owners is complaining because his downstairs neighbor burns a lot of incense, mostly late at night. The smell goes through the floor into his upstairs unit. What are the board's duties?
ANSWER. Because the odors may violate the nuisance provision of the CC&Rs, the board must investigate the complaint and make a good faith determination if the odors are excessive.
Nuisance. Owners do not have a right to be completely free of sounds and odors when they live in a condominium. To constitute a nuisance the noise/odors must be sufficiently annoying to cause an unreasonable disturbance to the free use of property by the owner in the adjacent unit.
Action. If, in the board’s opinion, the odors are strong enough to constitute a nuisance, the board must take appropriate action to stop the first owner from disturbing the second owner. A simple phone call or warning letter may cure the problem. If the owner ignores the warning [incense is often used to mask the smell of marijuana smoke], the board should give him a hearing and impose a fine for each nuisance violation.
If the owner wants to continue smoking pot . . . sorry, I meant burning incense, he could cure the problem by (i) buying a HEPA filter to clean the air in his unit, or (ii) sealing all penetrations in walls, ceilings and floors (at his expense) to prevent the smoke from migrating to surrounding areas.
If the fines do not cause the owner to cure the problem, the association can go into court for an order that the owner cease creating a nuisance.
Religious Observance. Even if the burning of incense is for religious purposes, the same rules apply.
Tobacco Smoke. Because of the problems associated with second-hand smoke, many associations are looking at going "smoke free" by amending their CC&Rs to prohibit smoking everywhere in the association, including owners' units.
In a case decided November 2006 in Colorado, an association banned smoking in owner's units because second-hand smoke was seeping into adjoining units. One of the owners (a smoker) sued. The court upheld the smoking prohibition and found that the CC&R amendment "was proper, reasonable, made in good faith and not arbitrary and capricious." Christiansen v. Heritage Hills
The city of Belmont in the San Francisco Bay area is currently considering a ban in all apartments and condominiums in the city. In 2003, the Seattle Housing Authority opened a smoke-free property, an 86-unit development called the Tri-Court. The restriction was imposed because residents with asthma, emphysema and other respiratory problems were asking for a smoke-free building. - Adrian J. Adams, Esq. ADAMS & KESSLER LLP
Focus on San Francisco Neighborhoods - Inner Richmond
The
Inner Richmond as described on the
SFResidence neighborhood guide:
"Stroll along the Inner Mission's wide avenues and you'll be struck by the profusion of taquerias, pupuserias, produce markets, Salvadoran bakeries, salon de bellezas (beauty salons), auto-repair shops and check-cashing centers that post rates for wiring money to Guatemala and Nicaragua -- all evidence of the Central American and Mexican families that have been settling the Mission en masse since the 1950s."
SFGate says, "Traditionally the Latino quarter of SF, the Mission is home to artists and families, and offers a lively nightlife scene." Read more
here.
For more information on other neighborhoods and street maps visit our
website.
- Mick OrtonPrevious Neighborhoods:
Chinatown - Bernal Heights - Castro - Cow Hollow - Diamond Heights - Fisherman's Warf - Golden Gate Park - Haight - Hayes Valley - Lake Street - Laurel Heights - The Marina - Nob Hill - Noe Valley - North Beach - Outer Richmond - Pacific Heights - Potrero Hill - Russian Hill - Sacramento Street - St. Francis Wood - Sea Cliff - SoMa - Sunset - Telegraph Hill - Western Addition
Dishwasher Recall
The
MoneyPit is a free newsletter that has all sorts of home improvement ideas. There was important recall news in this week’s issue:
...the CPSC is warning consumers about Maytag and Jenn-Air dishwashers that pose a fire hazard. More than two million dishwashers were sold between 1997 and 2001. Consumers can have them repaired or get credit toward replacing them. The U.S. Consumer Product Safety Commission said that about 2.3 million Maytag and Jenn-Air dishwashers will be recalled because of a fire hazard. The dishwashers pose a safety risk because liquid rinse aid can leak from its dispenser and come in contact with the product’s internal wiring, causing it to short circuit and ignite. The company, part of Whirlpool, has received 135 reports of dishwasher fires and four reports of injuries. Three of those injuries were from smoke inhalation, the agency said. The recall applies to Maytag and Jenn-Air under-counter or portable tub dishwashers with black, white, almond, bisque or stainless steel front panels. The dishwashers were sold at department and appliance stores and by home builders nationwide from July 1997 through June 2001 for between $370 and $800. The agency said consumers should immediately stop using the dishwashers and disconnect the electric supply. The agency instructed consumers to contact Maytag for either a free in-home repair or a $75 cash reimbursement for the purchase of a new Maytag, Jenn-Air, Whirlpool or KitchenAid dishwasher. Check out www.cpsc.gov for details.To subscribe go to their
website and sign up for their FREE newsletter.
Copyright 2006 Squeaky Door Productions, Inc.
Defining 1031 exchanges
Once again we refer to the January 7th article in
SFGate by Robert Bruss which explores 1031 exchanges:
Q: In a recent article you correctly said Internal Revenue Code 1031 tax-deferred exchanges must involve a trade equal or up in both price and equity. But you mistakenly went on to say the replacement property must be a "like kind" property. The current rule allows an exchange of any property held for investment purposes. Thus, an apartment building can be traded for bare land, etc. Please make this correction for the benefit of your readers and my clients, as I am a real estate agent.
Jim S.
San Francisco
A: You should be aware the tax term "like kind" does not mean "same kind" of property when referring to IRC 1031 tax-deferred exchanges."Like kind" means the qualified property must be held for investment or use in a trade or business. Almost every property can qualify except a personal residence or dealer property, such as a home builder's inventory of houses.
To illustrate, an investor can make a "like kind" trade of a rental house for a warehouse, or an apartment building owner can make an IRC 1031 "like kind" tax-deferred exchange for a shopping center, as long as the trade is equal or up in price and equity without receiving any cash "boot," which is taxable "unlike kind" property.
Q: I don't understand the 60 months part of Internal Revenue Code 121 for home sales. Can I own my home for 24 months, live in it as my primary residence, and qualify for the $250,000 sale exemption? Or must I own the home for 60 months and live in it for 24 out of those 60 months?
John C.
Dublin
A: Unless you acquired your principal residence in an Internal Revenue Code 1031 tax-deferred exchange, you do not have to own it for 60 months before qualifying for the IRC 121 principal-residence-sale exemption up to $250,000 (up to $500,000 for a qualified married couple filing a joint tax return).
At a minimum, to qualify for the capital-gain tax exemption, you must have owned and occupied your principal residence at least 24 months before its sale. That means you could have purchased it as recently as 24 months before its sale if you occupied it as your primary residence for those 24 months. Please consult your tax adviser for full details.
Q: My late mother and I owned a house together as tenants in common. Her written will left everything to me, her only offspring. When I went to see a local probate attorney, she said it would take at least six months and cost me about 5 percent of my mother's modest estate to transfer everything to me. Is this true?
Sophie R.
Tampa
A: Unless your late mother's estate qualifies for an exception to the probate requirements in the state where she was a resident, the attorney is probably correct.
The only easy title transfers without probate after a property owner dies are if the title was held in joint tenancy with right of survivorship or in a revocable living trust. Then probate court jurisdiction does not apply.
As for the probate attorney's fee of 5 percent of the gross estate, each state has a maximum statutory fee depending on the estate's total valuation. However, that fee is negotiable downward.
If the attorney thinks you will take your business elsewhere, she is very likely to reduce her fee substantially unless there are complications, such as a contested will.- SFGate
TRI Coldwell Banker San Francisco real estate statistics - last week in review
Our office at
TRI Coldwell Banker at 1699 Van Ness in San Francisco is one of the premier offices in the City. We have some of the top agents selling real estate in the San Francisco Bay Area. As a result, our office posts some impressive numbers.
As you can see from the numbers below that listings are still scarce. However, ratified deals are plentiful. As we discussed, these dynamics lead to high demand, low supply which in turn leads to multiple offer situations and over asking price preemptive offers (offers made before the offer date and well over the asking price in hopes of avoiding a bidding war.)
2/7/07- 2 new listings (average price $1,145,000)
- 17 ratified sales (pending) (average ratified price $1,361,076)
- 8 closed sales (sold) (average closed price $1,103,000)
- 1 reduced
- Mick Orton
Things to do in San Francisco - Part 7- Mission Dolores
Yahoo Travel says, "The northernmost of the California missions founded by Father Junipero Serra, this mission is the oldest structure in San Francisco, dating from 1788. Walk inside and it is like Spanish-colonial San Francisco beneath roof beams held together with rawhide strips. The graveyard includes the remains of both noble colonial families and the Native Americans who were conscripted to build and then serve the Mission. The museum houses artifacts and manuscripts."
332, 16th StreetSan Francisco, CA 94158-2505
+1 415 621 8203
Open Hours9a-4p M-Su
http://www.missiondolores.org/Neighborhood: Mission- Mick OrtonPart 1 - Golden Gate Bridge,
Part 2 - Alcatraz,
Part 3 - Japanese Tea Garden,
Part 4 - Cable Cars,
Part 5 - Fisherman's Warf.
Part 6 - Exploratorium
San Francisco Real Estate Market Update for 1/22 - 1/28/07
Read what
Rick Turley, President of Coldwell Banker, San Francisco/Peninsula said in his latest
weekly report:
A hunger for inventory seems pervasive in the majority of markets. In most areas inventory is getting sold as fast as it comes on the market. The Peninsula and San Francisco offices report the most frenzied buyer activity and the lowest inventory. A number of agents in San Francisco are back to setting offer dates.
Eager buyers are out in all price ranges and for all types of property, from first time homes to luxury homes. But those buyers are awaiting new listings and selection before sealing the deal. There also seems to be a resurgence of people looking for second home and vacation property, especially up in Sonoma County.
The activity level in the offices has picked up significantly in the last week with 11 offices reporting increasing sales activity. 16 offices report steady sales activity, and 3 of the offices reported declining sales activity.
Multiple offers continued to pick up this week with more than 60 properties receiving two or more offers, as reported by the offices. Some of the listings experiencing multiple offers are still looking at prices at or even slightly under list price – still a good opportunity for Buyers. Many other listings are seeing prices well over asking price, more similar to 2005 and earlier.
In some cases, any “perceived” losses thought to have occurred in 2006, could possibly be turned around within the first two quarters of 2007. Let’s hope potential Sellers see this opportunity and bring more inventory to the market.
Listing inventory is reported as increasing by 9 offices, steady by 17 offices, and decreasing at 4 offices. There were over 480 open houses held and they continue to remain well attended across the board.- Rick Turley* For an e-mail alert when this report is updated, send a note to info@SFResidence.com with "weekly market report" in the subject line.
Mortgage Weekly Update - Last Week in Review - Loan rates unchanged to lower
Foster Weeks publishes a
weekly mortgage update which is updated every Monday morning.
...Last Friday brought the monthly Jobs Report, capping off a wild week of twists and turns brought by a fat economic news calendar. And despite the ups and downs during the week, Bonds gained back enough yardage overall to find home loan rates unchanged to improved by .125%. The highly anticipated Jobs Report showed 111,000 new jobs were formed in January - and while this was below expectations of 150,000, revisions to the prior two months added another 80,000 jobs to previously reported numbers! So if you take the average revised gain of 40,000 jobs per month and add it to January...it would place the number right in line with expectations, and matching the healthy average monthly job growth of around 150,000 seen over the past year.Last Wednesday, it was no surprise when the Fed decided to keep the Fed Funds Rate unchanged at 5.25% - but indicated that they are continuing to keep a vigilant eye on inflation, and will raise rates further if inflation picks up any steam. And how timely...just following the Fed Meeting came their favorite gauge of inflation, the Personal Consumption Expenditure Index, which indicated that inflation looks to be moderating. So hindsight appears to be 20/20, and the Fed likely made the right move in remaining patient with the US economy...- Foster Weeks
Defining mortgage junk fees
Over the weeks we have imparted information from the Januray 7th
SFGate article by Robert Bruss. Here is an excerpt from that same article regarding mortage junk fees:
Q: I am in the process of refinancing my mortgage. What fees are unnecessary junk fees?
Darrin B.
Vacaville
A: The definition of a mortgage lender's unnecessary junk fee is any lender charge that is not for a specific service. Examples of legitimate lender fees include appraisal fee paid to the appraiser, title insurance paid to the title insurer, and credit report fee paid to a credit bureau.
But a junk fee is nonspecific, often for vague services that do not benefit the borrower. Examples of unnecessary junk fees include creative names such as:- administrative fee
- documentation fee
- warehouse fee
- underwriting fee
- loan review fee.
Those services should be included in the mortgage interest rate.
- SFGate
San Francisco condominium conversion workshop
Fidelity Title is hosting a condominium conversion workshop by Goldstein, Gellman, Melbostad, Gibson & Harris, LLP (
www.G3mh.com) at
- Fort Mason Center, Building A, Golden Gate Conference Room
- Tuesday, February 13, 2006
- 6:30 - 8:30 PM
Topics to be discussed:
- Step-by-step explanation of the conversion process
- Detailed descriptions of all NEW city and state requirements
- Conversion costs and time frames including NEW city fees and deadlines
- Preparing for the building inspection
- NEW Planning Department issues… will evictions hurt your conversion?
- Fulfilling the tenant’s rights requirements
- Maps, CC&Rs and budgets
- Allocating parking spaces and costs among the condominium units
- NEW obstacles to obtaining lender consent for conversion
- Tips for making the conversion process easier
- Unlimited question and answer period
There is limited seating and reservations are required to attend. Contact Jennifer Lehnus at 415-837-2323 or e-mail her at mjlehnus@fnf.com
After you've converted, use our website for information on condo laws provided by Adams & Kessler, LLP.
- Mick Orton
Fast Facts from CAR and Freddie Mac - December 2006
Calif. median home price - December 06: $567,690 (Source: C.A.R.)
(note: compared to $555,290 last month)
Calif. highest median home price by C.A.R. region December 06:Santa Barbara So. Coast $1,250,000 (Source: C.A.R.)
(note: compared to $1,083,000 last month)
Calif. lowest median home price by C.A.R. region December 06:High Desert $324,560 (Source: C.A.R.)
(note: compared to $332,340 last month)
Calif. First-time Buyer Affordability Index - Third Quarter 06:24 percent (Source: C.A.R.)
Mortgage rates - week ending 1/25:
- 30-yr. fixed: 6.25%; Fees/points: 0.4%
(note: compared to 6.13% and 0.3% points last report ) - 15-yr. fixed: 5.98%; Fees/points: 0.4%
(note: compared to 5.89% and 0.4% points last report ) - 1-yr. adjustable: 5.49%; Fees/points: 0.5%
(note: compared to 5.44% and 0.6% points last report )
- California Association of Realtors & Freddie Mac
