PG&E – San Francisco’s Big Bad Wolf

I hate meter reading day.  In fact, my alarm just went off to notify me that it’s time for me to call PG&E and give them my gas & electricity meter reading. 

But, I hate meter reading day.  Sometimes, I forget.  And the rest of the time, it’s just a pain in the ass. 

Unfortunately, my meters are located in places where PG&E can’t see them from outside my house.

So when I heard about PG&E Smartmeters, I was SUPER excited.

But the wind has been taken out of my sails somewhat.  Seems PG&E’s mew smart meters aren’t that smart.  They’re full of errors.  BOOOOOO!

In fact, apparently there’s SO many errors that the San Francisco City Attorney has asked them to slow their roll.

For the full article, click here. 

And of course, whether you own SF real estate, or rent in the City, you might be affected by this too. 

In my fantasy world, PG&E will work out the kinks, fix the errors and make my meter reading life easy.

Till then, I’ll be calling it in manually. Bah humbug.

More News on San Francisco Pay to Play Condo Converstion Policy

So I got a GREAT email from Plan C.  And while I usually love to add my two cents, they pretty much said it ALL for me.  So here it is, verbatim, for your condo conversion supporting pleasure:

We have good news to report regarding the proposed one time “condo bypass” for TIC owners, originally proposed in 2009 by Supervisor Elsbernd: the Mayor has included the condo bypass proposal as part of this year’s budget.

The details of the proposal are as follows:   TICs must have participated in the 2010 condo conversion lottery in order to be eligible for the condo bypass.  The fee for the bypass starts at $20,000 per unit for those who first participated in the lottery in 2010, and declines by 20% for each previous year of unsuccessful lottery participation. So, if 2010 was the first year your TIC participated in the lottery, your fee will be $20,000 per unit in the building. If 2010 was your second year, your fee will be $16,000 per unit. If 2010 was your third year of participation your fee with be $12,000 per unit. If 2010 was your fourth year $8,000/unit, and if it was your fifth year and beyond, $4,000/unit.  Note:  If your TIC only qualified to participate in the last 25 units which were drawn from Pool B of the 2010 lottery (because of eviction history), you are not eligible for the one-time bypass.

Plan C has worked with the Mayor’s office on this issue since it was first proposed, and we are very pleased that the Mayor has included the plan in the budget.  The proposal will bring significant revenue (likely in excess of $8M) to the city during this time of budget crisis – money that will provide funding to affordable and supportive housing programs that might otherwise be cut.  At the same time the legislation will bring much needed ownership and mortgage relief to middle income San Franciscans that owner occupy their TICs.  This is sensible legislation that helps everyone – it addresses the needs of TIC owners AND provides funding to low-income residents with special housing needs.  Tenants are also protected – to be eligible to participate in the lottery, the TIC building must not have been subject to recent Ellis Act evictions, must not have evicted any protected tenants and must not have more than one no fault eviction.

How you can help!

Email the Mayor and Key Supervisors. The Mayor and the Supervisors need to hear from us – contact them today by clicking here – let them know that you support the one-time condo bypass. Tell them that the program would help thousands of first-time homeowners, would hurt no one, and that it would help solve the City’s budget mess. And then tell them that you support overall reform of the completely broken condo conversion process! If you have the time and desire to call them, do that too. (contact information available here).

Attend the budget hearing on June 21.  The condo bypass will be considered at the budget hearing at City Hall on June 21. The hearing starts at 10AM, and the Condo Bypass is Item Number 4.  We don’t expect the Board to get to Item 4 until at least noon.  Please come and speak in public comment – tell the supervisors that you support the condo bypass! We know that the opponents of this program will be out in force – so it is critical to have supporters there as well.  If you are able to attend the hearing, let us know by email at info@plancsf.org- we may be able to give you better information as to exactly when to show up as it gets closer to June 21.

 

Dolla Dolla Billz Changing the San Francisco Real Estate Game

So sales of homes in San Francisco are well, moving like hotcakes, at least relative to the last year or two. 

Socketsite reported that “recorded home sales volume in San Francisco was up 50.6% on a year-over-year basis last month“ and that “median sales price in March was $675,000, up 11.0% compared to March ’09 ($608,000) and up 7.6% compared to the month prior.”

Not enough evidence for you that we may have seen the bottom of the market? 

Well, how’s the evidence that multiple offers are on the rise again?  Out of the last 8 offers I’ve written for clients, 7 properties received multiple offers. 

But what’s MORE interesting, at least in my opinion, is that we seem to be seeing a major resurgence of the all cash offer! 

Yup.  In the last few weeks, the words “all cash offer” are a phrase I’m hearing on a daily basis.  Lenders are talking about it.  Escrow officers are talking about it.  And without a doubt, real estate agents are talking about it. 

But what does this all MEAN? 

Someone asked me the other day, “Why the hell would enyone ever tie up so much money in San Francisco real estate?”  Well, I’m going to go out on a limb here, but it might mean that the folks that are smart enough (or lucky enough) to amass a giant pile of cold hard cash seem to think that dumping all of their dough into real estate RIGHT NOW is a smart investment decision. 

Prices don’t seem to be going any lower and with sales spiking upwards and prices creeping upwards, it might be safe to deduce that the bottom of the SF housing market has come and gone.

I’d love to hear from some of you cash buyers, or even agents with cash buyers whether my theories are sorta correct or completely far fetched.  You can drop a note in the comments, or if you want to keep yourself anonymous, email me.

Spend Less Green to Go More Green in San Francisco

Good news my earth loving, tree hugging, composting, recycling, reusing San Franciscans! 

From the San Francisco Association of Realtors:

San Francisco Homeowners Have New Way to Pay for Going Green

San Francisco homeowners have a new way of paying for solar panels, energy-efficient appliances and low-flow toilets.

A new city-run program, GreenFinanceSF, will give San Franciscans the money to pay for such projects up front and let them pay it back through installments on their property tax bills. Berkeley pioneered the idea in 2007, and since then, hundreds of cities, counties and states have adopted their own versions.

For more details, visit https://greenfinancesf.org/systems/energy.

That’s great news for you, your pocket, your carbon footprint, global warming and all that.  If you’ve been thinking of making some environmentally friendly upgrades to your home, you may have just run out of excuses.

March 2010 San Francisco Housing Sales Data is Here!

Yet again, Luba’s San Francisco Real Estate Blog brings you latest San Francisco Real Estate market report here. (You can also view previous market updates by selecting the archives on the upper right portion of the screen). Heres’s a little glimpse of the report:

Property Sales up Sharply in March

Sales of single-family, re-sale homes were up 87.5% from February. Year-over-year, home sales were up 66.7%. This is the ninth month in a row home sales have been higher than the year before.

The median price for homes gained 13.5% from February, and was up 14,5% year-over-year.

Sales of lofts/condos also increased sharply last month, rising 51.1% from February, and up 82.1% year-over-year.

The median price for lofts/condos rose 3.1% from February, and was up 3.2% year-over-year.

The increase in sales was welcome and put home sales up 39.9% year-to-date. For lofts/condos, sales are up 73.8%.

With the new state tax credit and the federal tax credit still in effect until the end of April, we expect sales for the Spring selling season to be strong.

Read on for full details.

Getting Real – Truth in Advertising

On this wet and rainy Monday, I thought I’d share a refreshing little listing that put the “real” back in “realtor!”

Real estate agents are known for some serious fluff in our marketing pieces.  We use words like “cozy” when we mean “tiny”.  Or we say it has “potential” when we mean “once you rip out the kitchen, the bathrooms, the wallpaper, and that hideous statue it’ll be exactly what you want.”  

I could go on with the examples, but you get the point.

But for once, I found a little something something that was about as honest as it gets.

The listing agent’s marketing remarks:

Needs everything, not just TLC… but everything! Not to be even concidered unless you are a contractor. Still want to see it? Be prepared to walk lightly because you may fall through the floor. Nice roof just a few years old,at least something is good on the thing.

High five for a nice dose of reality! 

Full details on the bargain priced fixer (Just $350,000) located at 522 Athens in San Francisco can be found by clicking here.

San Francisco Real Estate Sales Data – January – March 2010

In case you haven’t noticed, I’ve been a little behind on my blog posts as of late.  I’m a San Francisco Realtor first, and a blogger second.  So priority has been taking care of my buyers and sellers.  But there’s a teensy calm in the storm (the kind where the forecast is still calling for rain, but you peek outside and see a rainbow knowing that by the time you take off your galoshes, the rain will be back!) 

So since I’ve been behind in getting you the data you so desperately crave, here’s three months of it all at once.  Hopefully, it’ll be enough to make ammends.  And if not, I promise I’ll be around more often for you all.   

So here’s this wuarter’s summary of home sales pulled directly from the MLS. Remember, these are all closed sales and not pending sales.

Check back monthly to get the latest facts and figures – and if you have any questions about these statistics, or the market in general, feel free to give me a holler! I’m always happy to talk “real estate!”

Here’s a quick snapshot of the market from January 1 through March 30, 2010:

JANUARY

Single Family Homes

• 119 Homes Sold
• Median Sale Price was $718,000
• Minimum Sale Price was $150,000
• Maximum Sale Price was $6,500,000
• Median Selling Price was 103% of asking price
• Median Days on Market was 61
• Median Selling Price for homes that sold within 30 days was 103.5% of asking price

Condominiums, Lofts & Co-ops

• 93 Homes Sold
• Median Sale Price was $620,000
• Minimum Sale Price was $208,700
• Maximum Sale Price was $1,750,000
• Median Selling Price was 99% of asking price
• Median Days on Market was 72
• Median Selling Price for homes that sold within 30 days was 99% of asking price

TIC’s

• 22 Homes Sold
• Median Sale Price was $584,000
• Minimum Sale Price was $330,000
• Maximum Sale Price was $895,000
• Median Selling Price was 101% of asking price
• Median Days on Market was 108
• Median Selling Price for homes that sold within 30 days was 100% of asking price

FEBRUARY

Single Family Homes

• 120 Homes Sold
• Median Sale Price was $701,250
• Minimum Sale Price was $200,000
• Maximum Sale Price was $3,362,500
• Median Selling Price was 101% of asking price
• Median Days on Market was 33
• Median Selling Price for homes that sold within 30 days was 104% of asking price

Condominiums, Lofts & Co-ops

• 120 Homes Sold
• Median Sale Price was $660,000
• Minimum Sale Price was $115,000
• Maximum Sale Price was $4,100,000
• Median Selling Price was 97% of asking price
• Median Days on Market was 54
• Median Selling Price for homes that sold within 30 days was 100% of asking price

TIC’s

• 23 Homes Sold
• Median Sale Price was $549,000
• Minimum Sale Price was $250,000
• Maximum Sale Price was $870,000
• Median Selling Price was 102% of asking price
• Median Days on Market was 104
• Median Selling Price for homes that sold within 30 days was 97% of asking price

MARCH

Single Family Homes

• 210 Homes Sold
• Median Sale Price was $790,000
• Minimum Sale Price was $130,000
• Maximum Sale Price was $13,500,000
• Median Selling Price was 100% of asking price
• Median Days on Market was 31
• Median Selling Price for homes that sold within 30 days was 103% of asking price

Condominiums, Lofts & Co-ops

• 182 Homes Sold
• Median Sale Price was $683,500
• Minimum Sale Price was $235,000
• Maximum Sale Price was $2,450,000
• Median Selling Price was 101% of asking price
• Median Days on Market was 40
• Median Selling Price for homes that sold within 30 days was 99% of asking price

TIC’s

• 22 Homes Sold
• Median Sale Price was $560,000
• Minimum Sale Price was $370,000
• Maximum Sale Price was $980,000
• Median Selling Price was 99% of asking price
• Median Days on Market was 53
• Median Selling Price for homes that sold within 30 days was 101% of asking price

First Time San Francisco Homebuyers? HGTV wants YOU!

I guess I’ve always sorta wanted to be on TV. 

I’m not very photogenic – I always get caught with expressions that look like I’m smelling something rotten, or in some ridiculous shot where I am devouring piles of snow, or where I look like I’m actually taking a nap. 

But I figured that as long as the camera keeps rolling, maybe those expressions won’t get frozen in time – unless someone pauses the screen on their DVR, in which case, well… you can’t win them all.

Now, I’ve been talking to the casting folks over at HGTV’s show “My First Place” and they are ready and willing to work with my first time home buyers clients. 

So, if you’re ever wanted to be on TV like me, and aren’t afraid of your expressions being frozen on someone’s paused DVR, then read the details from the HGTV folks.   And if you want to have your homebuying experience taped (and get a nice little housewarming gift at the end to boot) shoot me an email and I’ll get you hooked up with an application!

BUYING YOUR FIRST PLACE?
Then HGTV is looking for you!

MY FIRST PLACE, HGTV’s hit series, is coming back for an eighth season and we’re looking for first-time homebuyers (and their agents!) in the Greater San Francisco area RIGHT NOW!

We are looking for fun, high-energy people who are just starting the home-buying process for their first place and would like to share their story with HGTV! Our goal is to capture all the trials and tribulations of looking for, bidding on and buying your first place.

Taping takes place this spring and summer.  Ideal candidates will be enthusiastic buyers with a great story to tell and a desire to share their experiences. Singles, couples and families are all invited to apply!

Candidates who complete taping will receive a surprise housewarming gift as part of the show and also a DVD copy of their episode to document their first home buying experience for all time!

Here is the links to apply from the HGTV and High Noon websites:

High Noon  

HGTV

Oh, and don’t forget to select your favorite Realtor to join you!

$18,000 in Free Money for San Francisco Home Buyers

You read that right!  First time home buyers that get into contract before May 1st and close between May 1st and June 30th get a big fat tax credit! 

I could rehash the details, or I could give you the skippy straight from the horse’s mouth (and by horse, I mean the San Francisco Association of Realtors.)  You’re getting the latter:

$18,000 in Combined Home Buyer Tax Credits for a Limited Time

Californians have a brief window of opportunity to receive up to $18,000 in combined federal and State home buyer tax credits. To take advantage of both tax credits, a first-time home buyer must enter into a purchase contract for a principal residence before May 1, 2010, and close escrow between May 1, 2010 and June 30, 2010, inclusive. Buyers who are not first-time home buyers may use the same timeframes to receive up to $16,500 in combined tax credits if they are long-time residents of their existing homes as permitted under federal law, and they purchase properties that have never been previously occupied as provided under California law.

Under the federal law slated to soon expire, a first-time home buyer may receive up to $8,000 in tax credits, and a long-time resident may receive up to $6,500, for certain purchase contracts entered into by April 30, 2010 that close escrow by June 30, 2010. Additionally, under a newly enacted California law, a home buyer may receive up to $10,000 in tax credits as a first-time home buyer or buyer of a property that has never been occupied. The new California law applies to certain purchases that close escrow on or after May 1, 2010 (See Cal. Rev. & Tax Code section 17059.1(a)(4)). California law generally allows buyers of never-occupied properties to reserve their credits before closing escrow, but buyers seeking to combine the federal and state tax credits will not be able to satisfy the timing requirements for such reservations (see Cal. Rev. & Tax Code section 17059.1(c)(1)(A)). Other terms and restrictions apply to both tax credits.

For more information, CAR has prepared a Home Buyer Tax Credit Chart with a side-by-side summary of the federal and California laws. The State Association also has prepared a legal article entitled Home Buyer Tax Credit Update which might be of interest 

So, while I wouldn’t suggest running out and buying a home if you weren’t planning on doing it already, if you are already on the fence, $18,000 in dollar bills in one hand might be enough to tip you to the homebuying side. 

A San Francisco Studio Condo for $220,873!

Some of you may have heard about the San Francisco’s Below Market Rate Housing Program.  It allows would-be homebuyers with income that is somewhat restricted to actually buy a home of their own. 

The purchase price and resale price of these units is restricted by the City, so you’re not going to earn as much appreciation as you would in a a market value unit, but you ARE able to purchase something when otherwise, you might not be able to do so AND you are paying yourself instead of a landlord.

The studio condo in the picture is ready and waiting for a new buyer for the bargain price of $220,873!

Only 1 occupant is allowed to live in the unit and the income MAXIMUM is $67,750.  For more pictures and more details on the unit, visit the public link on the SF MLS.

But the listing agent does a pretty good job of describing the condo on her blog:

Built in 1906, the stunning brick and limestone facade reminded me of the timeless beauty of the historic brick buildings that I grew up with back east.   

The building’s interior has elegant original details interspersed with stylish modern murals.  For relatively low HOA fees, residents enjoy a rooftop deck and a gym in addition to other common meeting spaces and laundry facilities.

Inside the studio, the light from a large, street-facing window gleams off of beautiful hardwood floors and a modern stainless steel countertop.  Although small, the studio is smartly designed with space-maximizing storage solutions. 

The best features of this condo are the location and the price.  Busy professionals and students will appreciate how close the building is to all major forms of transportation that will quickly take them anywhere in San Francisco and allow them easy access to the East Bay, Peninsula and the South Bay.  Additionally, there are several spacious common areas that allow a party to continue when the last guest has nowhere else to stand but in the bathroom.

So if you’re in the market for something small, but efficient and your income doesn’t exceed $67,750 – this might be the home for you!