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Tag Archives: Homes in San Francisco
New SOMA release of 6 stylishly remodeled homes at 181-191 Russ Street. Steps from the best culinary, shopping, arts and recreational destinations in the district. Walking distance to Whole Foods Market, ATT Park, and Draves Park 1/2 block away make this a city dwellers dream location. Each freshly remodeled spacious two-bedroom two-bathroom home at features hardwood floors, high-efficiency lighting, all new kitchens with stainless appliances, modern bathrooms, large bedrooms and stunning open floor plans with Bay Windows. Storage and In Unit Laundry Room included. Low HOA fee. Asking $549,000-$595,000. Walkscore of 98, Transportation score of 100, Great Biking.
Early OPEN Sunday 1-4:30PM. Call Erika, Showing Agent, for private viewing 415-321-7076, Erika Burke, Top Producer DRE#01386234
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]
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.
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
As a member of The San Francisco Luxury Marketing Council, I attended a presentation of “America’s Cup – Everything you need to know”, Hosted by Al Nucifora at The City Club at 155 Sansome tonite. Presenter, Napa Valley Vintners’ Association served an array of Napa Boutique Wines and and was introduced as the Official Wine of the America’s Cup. Napa wines will exclusively be served at the events. In Napa Valley, 95% of vineyards are family owned, 80% produce 10,000 cases and less. There are 45 acres of planted vineyards which is only 9% of the county. They will be partnering to offer promotion for visitors to visit Napa during their Bay Area holiday.
The America’s Cup is a series of regatta’s held in top venues around the world, sailing the AC45’s, the fastest catamarans with cutting edge wing sail technology. The marketing message is that this event is “Innovative and Revolutionary”. They have 28 Broadcast Partners, have recieved 5.8 million UTube Views and expect 370K spectators to take in the World Series of Racing. www.uTube.com/AmericasCup
Time to make your home a short term rental or if you are ready to sell, prepare in time for the quickly approaching race dates!
Pier 39 will be host to the America’s Cup Village and the Finish Line where you can get up close and personal with sailor and take in bands at theAmphitheater. Piers 27/29 Will be home to the International Broadcast and Media Center to coordinate and support more than 1,000 journalists.
In this Article from Realtor Magazine, the IRS has finally told us what documentation will be needed to qualify for, submit and receive the 1st time homebuyers Tax Credit and the Step-up Buyers Tax Credit. Move through these pages and click on the additional links to go all the way to the IRS website which gives you directions on how to get it all done!
I am not a tax person and you should always consult with your tax professional on all matters concerning your taxes, though I like to keep my clientele informed and make resources available to them.
Are you a first time homebuyer? APPLY FOR THE MORTGAGE PROTECTION PROGRAM! This is a FREE program through the California Association of Realtors that provides you, a qualified first-time buyer up to $1,500 a month for up to six months in the event of job loss to help pay the mortgage; a $750 monthly benefit also is available for a qualified co-buyer. There is NO cost to you! To qualify, you must be first time homebuyers – haven’t owned a home for the last three years; and have opened escrow on or after April 2, 2009 and closed escrow before December 31, 2009; use an active California REALTOR® like me; purchase the property in California, and be a W-2 employee (cannot be self-employed). Call me for further information and an application.