Monthly Archives: January 2013

Call to Action! Condo Conversion Lottery ByPass Legislation – Please Help!!

CONDOMINIUM CONVERSION LOTTERY BYPASS LEGISLATION – HELP US and JUST SAY YES!!!!

content_HouseMoneyAt the end of this post find a link to all of the San Francisco City Supervisors, call or email in support of this important legislation to secure their votes and help your fellow homeowners realize their real estate dreams.

The current introduced legislation by Supervisors Mark Farrell and Scott Weiner which would enable tenancy in common owners who qualified for the 2012 condominium lottery to bypass the lottery by paying a per unit fee starting at $4,000 and increasing on a sliding scale basis dependent upon the number of years the building has entered the lottery.  The legislation includes tenant protections which provide any tenants in occupancy will receive lifetime leases. In order for the legislation to pass it will require six votes from the Board of Supervisors. 

 MY STORY: I regularly place new homeowners into TIC’s as an entry level purchase that is affordable in San Francisco. Most cannot afford condominiums, are overqualified for the BMR offerings and MOH programs and hope to convert their TIC to condominium as an equity building perk of their ownership. The current condominium lottery process hinders these property owners from furthering their real estate ownership dreams.

A consensus must occur within a TIC group to persue condominium conversion as well as a % share of cost for the persuit. TIC owners are hard working, middle income earners.  It’s not cheap to own a TIC – when the typical down payment is atleast 20% of the sale price.  When a 2-6 unit conversion can take upwards of 6+ years to convert it dashes hope and stifles the desire for ownership of the TIC, and passes along an arduous process to the next owner.  TIC’s are a frequently transferred type of home, with re-sale typically within 3-5 years, as an owners’ life circumstances, job, finances change.  TIC’s are the most basic purchase of 1st Time Home Buyers that stimulate the real estate sales community to trade-up upon re-sale.

Many of these owners purchase with the idea of living in the home as a “starter home” and also an investment.  Many want to make a 2nd home purchase in San Francisco within a few years, turning the TIC into rental/income housing which adds to the rental stock.  Allowing condo conversion to occur quickly and prudently, further secures the perimeter for these owners to make that transition, and building real estate portfolio health in San Francisco.

Making this small step toward allowing the basic rights and freedom of home owners to improve their asset in San Francisco and stimulate TIC and condominium real estate transfers for move-up purchase and possible use as income property in San Francisco is good for its’ prospective and current TIC owners, the rental market, and just plain good business.

Click, Call or Email with your support as YES! for this important Condo Conversion ByPass Legislation:  http://www.plancsf.org/contact-city-hall/

Thank You, Erika Burke, Realtor, Top Producer 415.321.7076 [email protected]

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The Inside Scoop for 1st Time Home Buyers for a successful San Francisco Home Purchase right NOW!

Young Couple9 Tips for making a successful purchase in the current Sellers Market

As you know inventory in San Francisco is at its lowest mark in more than seven years.  With such a low supply comes steeper competition which can put 1st time homebuyers at a disadvantage.  I like to look at it as an opportunity to be informed and prepared.  (Tips at the end)

Evaluating property and the market.

A Discussion:

With low inventory the first time home buyer may be going up against investors who are also targeting the bargain-priced or lower priced homes that are in the same pool in which you are looking.  Investors and contractors come to the table with buying power, large down payments and/or cash, which can edge you out of the deal.  One strategy is to prepare to compete.

In a Sellers market, a strategy that is often employed by listing agents, are to list the homes for well under the market, in hopes of attracting a large number of offers.  This means each home must be individually evaluated against the market to see if this is the case.  If so, the buyer must be prepared to bring their offer in at the regular market price which can be substantially, sometimes $10k-$100k or more over the inappropriately low asking price.  Just because a price is listed, it does not reflect the market value or the actual final purchase price range.  Conversely, some homes do not require an overbid and your agent will be able to advise you accordingly. Continue reading

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Hot new Lunch Spot in SF! Yummmmmmm…..

Hi All!  It was my colleagues turn to take me to lunch today – we check in monthly and compare business notes, chat about our successes and how we can improve!  We’re modern women looking for dining that reflects our sophisticated palates!

CompanyLunchThis time, I chose a new spot within 3 blocks of our Vanguard Properties office in the Inner Mission. The restaurant is “Company”.  It’s chic interior welcomes you, followed by the presentation of an impressive menu offering impeccable food choices. Our sandwich choice came with salad or fries and a cup of soup for $3 extra.  Since it was Parsnip soup, we both made the addition and chose the Open Brisket Sandwich.  Well….the salad was to die for, lightly tossed in a parmesean dressing, full of steamed beets and veges chopped in an enticing way, with wild greens.  The sandwhich of sheared brisket was heaped on a pumpernickel brioche bread and topped with a horseradish aioli slaw.  That’s 3 separate sammy’s in the pic!  Best described as fresh, innovative and delicious.

I would never be able to explain our dish as sumptiously as our server did.  He  made the food sound like art, and upon its’ arrival we were convinced.  I’ve now made it my Mission to let everyone know about this lunch spot and will be sure to take clients here.  They have a lovely wine list. (Although today was not that kind of lunch). After lunch, Owner, Thuay greeted us in such a friendly, warm manner.

We feel like we have made new friends and know of a secret gourmet spot in which to return again and again to try everything on their menu.  Hurry over, and afterwords take a stroll at the interesting shops, just a block away on Valencia.  Tell me what you think of our favorite new lunch spot, “Company” at 1000 Guerrero St. at 22nd. 415-374-7479 www.companysf.com

 

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