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CONDOMINIUM CONVERSION LOTTERY BYPASS LEGISLATION – HELP US and JUST SAY YES!!!!
At 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]
John Rahaim, our San Francisco City Planner spoke at Vanguard Properties to provide us with the state of San Francisco City Planning.
Here’s a re-cap of what is ongoing and planned for our City scape, and what you can expect when building or remodelling your home.
The City has the capacity for 70,000 housing units with the current land availability and capital availability. We are approving about 2500 projects per year and he believes that double that amount should be approved annually. To speed up the process he would like to see smaller projects and about 1/2 of new construction units not have to go before the planning commission.
We have 45,000 units currently entitled. About 28,000 are in Park Merced and Hunters Point. 4,000 units are currently under construction with another 2,000 to be completed by the end of this year. This growth is primarily driven by the needs of the Tech Industry. In SOMA (South of Market) our office space vacancy is at 3%, we are nearly fully occupied. Already through planning, the 2nd Rincon Tower is planning to break ground in a Couple of weeks.
SF Overlook Development, LLC have completed their environmental review with pending planning approval to build a proposed 34 units on the hillside below Crestmont Dr. in San Franciscos’ Forest Knolls neighborhood.
Crestmont Preservation is an organized group of home owners and community members with the common cause of preserving the quiet and peaceful enjoyment that is their right as homeowners. Their primary concern is the additional 340 person trips, (136-170 car trips…based upon round trips per person for average of 5 residents per 2-3 bedroom unit per day), moving through this quiet, residential neighborhood of narrow, hilly streets along with the increased density this large development will bring to the end of this cul-de-sac, already the city’s longest.
SF Overlook states their 34 unit project is 44% less units than the max allowed by zoning. The mix of units are two and three bedroom family townhomes and one 11 unit building. This project will improve hillside stability through water management, new retaining walls and drainage improvements. They propose to add 51 off-street covered parking spaces and will apply for up to 68 parking spaces Continue reading
Here’s the latest on the first time home buyers tax credit!!!
Gavin Newsom just Twittered me about the launch of the new Green Cities Website, which is a collaboration of 10 cities GREEN Goals, we can participate in helping our City “Go GREEN”, read about Best Practices and keep up with what’s happening. Very inpsirational. I’ll be sure to post some of their San Francisco initiatives and events here.
See the article about the launch Here:
and the visit the New WEBSITE website here:
State law requires the Department of Toxic Substances Control (DTSC) to take removal actions with respect to illegal substances. On or before October 1, 2008, DTSC was required to develop health-based target remediation standards for methamphetamine labs. CAA worked actively on the initial law that put these DTSC standards in place. Hundreds of single family rentals and even some apartment units have been boarded up after a meth lab was found. Clean up standards were imperative in order to get these units back on line.
AB 1489 changes existing remediation standards for the benefit of the property owners while taking into consideration the safety of the tenants. The standards have now been developed and various studies have found that property contaminated by methamphetamine laboratory activity is safe for human occupancy if the level of methamphetamine on an indoor surface is less than, or equal to 1.5 micrograms per 100 square centimeters. The standard currently established in law is lower and harder to achieve at .1 micrograms per 100 square feet.
CAA supports this legislation. The bill currently has passed out of the Assembly Committee on Environmental Safety and Toxic Materials and is currently awaiting a hearing in the Assembly Appropriations Committee.