Archive for March, 2010
From CAR: “On Monday, the legislature passed AB 183 (Caballero & Ashburn) which would provide $200 million for homebuyer tax credits. The Governor is expected to sign AB 183 into law before the end of the week. C.A.R. supported this important legislation.
AB 183, formerly SB 4 of the sixth extraordinary session (Ashburn), is part of a package of four bills, passed at the request of the Governor, designed to help stimulate the economy and create jobs. The bill allocates $100 million for qualified first time home buyers of existing homes and $100 million for purchasers of new, or previously unoccupied, homes. The eligible taxpayer who closes escrow on a qualified principal residence between May 1, 2010 and December, 31, 2010, or who closes escrow on a qualified principal residence on and after December 31, 2010 and before August 1, 2011, pursuant to an enforceable contract executed on or before December 31, 2010, will be able to take the allowed tax credit. This credit is equal to the lesser of 5% of the purchase price or $10,000, taken in equal installments over three consecutive years. Under AB 183 purchasers will be required to live in the home as their principal residence for at least two years or forfeit the credit (i.e. repay it to the state).”
The Chronicle reported that the Governor had already signed the bill. Continue reading for more information and clarification from CAR & SFAR.
Seeing 25-30 properties per week, as I do, gives me the opportunity to spot great values. Especially In the current market, I’m always looking for outstanding properties for my clients. What makes a home outstanding? The essential elements include light, location and style, either in realized or potential form. Here are three properties that have recently caught my eye.
Bernal Heights: 251 Bonview is a 2 bedroom, 1 bath single family home listed at $568,000. Just a short walk from the charming Cortland Street shopping district, this home is a “fixer upper” in need of your creative imagination. Tax records say this barrel-front home was built in 1930 and comprises 1200 square feet of interior space.
Saving on broker commissions is the most common reason that FSBOs, “For Sale by Owners”, give for attempting to sell their home without using a real estate broker.
So why have the number of FSBOs declined in the last 18-24 months? Clearly, selling a home or condominium has become much more difficult since the market downturn. It used to be that some sellers could put up a For Sale sign, post a craigslist ad, host an open house and wait for offers to come in. Those days are gone.
There are several reasons to explain why it pays to consult a Realtor when you’re selling your home:
It’s always fun and informative to see what you will get for the same amount of money in different San Francisco neighborhoods. If you can spend around $1.8 million for a San Francisco condominium, here are three selections in Nob Hill, Marina and Presidio.
Nob Hill: 1045 Mason #302 is a 2 bedroom, 2.5 bath condo listed at $1,795,000. This place is DONE, DONE, DONE. The owner reportedly spent over $400,000 in the renovation of this half floor flat in an exclusive 9-unit building, built in 1993. Approximate square footage: 1,960 square feet. HOA dues: $981.26 per month. If this unit sells for anywhere near the asking price, it will be a record price for the building. Currently the highest sale in this building is unit #301, which sold for $1,460,000 in May 2008.
$2,199,000 //Pacific Heights // BR/BA: 3/2 PKG: 2 Brief Description: Gracious Victorian home, formal dining room w/fireplace, chef’s kitchen, large landscaped yard, sun power solar panel system, & ample storage Property Website (if any): www.2344California.com
$749,000 //Eureka Valley // BR/BA: 2/1 PKG: 1 Brief Description: Very livable 1940s condominium just across from Kite Hill. Large deeded private deck and well cared for backyard. FIRST OPEN will be Saturday March 13thContinue Reading...
We live in a constant storm of analysis and opinion as to what is happening and will happen in real estate. Due to national statistics in December (and other economic indicators), some have predicted a nasty “double dip” in the home market subsequent to the recovery which began last spring. But the market goes into hibernation in December: there are far fewer transactions, mostly by first-time buyers purchasing at lower price points, while families and upper-end buyers generally withdraw for the holidays. When the data is reduced and skewed, it’s less reliable. January isn’t much better because it takes a while for the market to wake up.
Therefore, the market data for February, as seen in the charts below, is of particular interest. While it’s unwise to make too much of one month’s data (a failing of many pundits), it is surprising how sharply February’s statistics indicate a strengthening market. That is not to say a double-dip isn’t possible — the state, national and world economies are still fragile — just that we are not yet seeing indications of one here in San Francisco. Those who have spent the last year waiting eagerly for further price declines have so far waited in vain. (For the record: according to the Case-Shiller index, home values in the 5-county SF Metro Area have increased 4 – 5% in 2009, but the city accounts for only a small percentage of those sales.) It will be interesting to see if the trends seen below continue, as spring gets under way — and what implications that might hold regarding price movements.Continue Reading...
$2,100,000 // Buena Vista // BR/BA: 4/3.5 PKG: 4 Brief Description: Triple-parlor Grande Scale Victorian with Chef’s kitchen opening onto terraced and landscaped garden. Detached artists studio with skylight, wired…ice Excellent condition, classy renovation done by detail freaks. This will NOT be going into MLS and is available to be shown by appointment THIS WEEKEND ONLY. This is a Very small window of opportunity for you, you clients and for me.
$1,385,000 // Lake // BR/BA: 4/4 PKG: 1 Brief Description: Spacious Condo in a 3-unit built in 2008 on 26th between Lake and California; apprx. 2400 sq. ft. on 2 levels with deeded rear yard; FIRST OPEN Sunday, 3/7Property Website (if any): www.26126thavenue.comContinue Reading...