SF Real Estate Market

The Rush
 
Here is a picture of the crowd heading in to see the house at 285 Richland Ave in San Francisco this morning for a brief (and probably only) showing of this house.  Why?  This 1000 square foot home, which is now bank owned already has two offers (even before the first showing).  The first offer is from the tenant, who is currently paying $2,400 per month to live there.  The second, from another party, who had not seen the house when they submitted the offer.
I suspect this house...

There have been recent proposals to eliminate the Federal income tax deduction for mortgage interest paid and to eliminate the government's role in guaranteeing loans.  These are likely to have a huge, negative impact on the housing market, already beleagured in recent years.  The elimination of the mortgage interest deduction is one that I suspect might go away, along with many others as Congress starts to tackle our budget and debt situation.  While I suspect that this transition will be...

North Beach Edwardian Condo
2 bedrooms 1 bath Formal Dining Room Living Room Dining Room with Wood Floors
$549,000

Located on a residential street in the heart of North Beach and close to Washington Square Park, this two bedroom condo is packed with period details including coved ceilings, crown moldings, wood floors and a decorative fireplace.  The upadated kitchen is well designed with ample counter space and storage.  The adjacent dining room is a bright, inviting space.  But, why eat at home when you are close to fabulous restaurants in North Beach, Chinatown and the Financial District?

Sold
$525,000

In the past week, several major banks have announced that they will stop the foreclosure process until they have more time to evaluate the process and be sure that there are no errors in their paper work.  Is this good news or bad news?  The answer of course is that it depends. 
If during this time, banks can work with homeowners to modify loans and this keeps people in their homes, then it is probably good news. Owners get to stay in their homes, and be happy (ok, the banks can't control...

San Francisco supervisors voted earlier this week to approve the plan for the project to transform the partially abandoned Hunters Point Shipyard into a new neighborhood with open space, over 10,000 new residential units, businesses, clean technology space and good urban design.

These plans have been in the works for years.  I was somewhat surprised a few years ago when almost all of my artist friends who have studio space at Hunters Point were in favor of the development project.  Many...

This morning, I was touring Zephyr's new listings.  I was driving to see a great condo in a great location close to cafes, restaurants and shops.  Easy access to the freeway, close to many different forms of public transportation.  Hmm, nice block with a nice mix of architectural styles represented. As I spied the facade, I noticed peeling paint. A lot of it. I had a moment's hesitation. The same hesitation that I suspect that many buyers are likely to have.

I went into the condo. It's a...

There are some extraordinary condos on the market in Telegraph Hill.  1360 Montgomery is an absolute gem, Built in 1936, it is a fabulous Art Deco period piece with stunning views.  You feel like you are in a movie.  In fact, this building was the setting for Dark Passages starring Lauren Bacall and Humprhey Bogart.  An amazing one bedroom condo, listed for $1.5 million.  The Penthouse at 567 Vallejo Street is still available, along with at least one other unit in the building.  This 3...

The DJIA crossed 10,000 last week, and seems to be oscillating in that range. (This second at 10,015, thanks to my iphone).  National Public Radio quotes the National Association of Realtors, reporting that home sales in September were up, but national median sale prices are down 8.5% from last year.  Interest rates are incredibly low, and for many first time buyers, the tax credit (up to $8,000, depending upon income) will expire at the end of November.
 
What's up?  Is the housing...

This morning's SF Chronicle has an article about the Board of Supervisors lastest proposed legislation, that which will make it difficult, if not impossible to have a garage installed in a property where a tenant has been evicted without cause, such as through the state Ellis Act, or a city Owner Move In Eviction.  This bill, proposed by Board of Supervisors President David Chiu is getting the support of Tenants Rights Organizations as well as anti-car activists. I notice that I must have a...

I've been working with a new buyer, who is not a cook and doesn't care about kitchens, at all.  Visiting a newly constructed condo recently, I saw her lingering in the kitchen for a while.  That's interesting.  So I asked.  Evidently, she likes the amount of storage space, and indicated that the extra storage provided by the beautiful cabinets would be useful.  Shoes, we joked.  It reminds me of a friend, also not much of a cook, who uses extra storage space in her kitchen for her...

San Francisco supervisors voted earlier this week to approve the plan for the project to transform the partially abandoned Hunters Point Shipyard into a new neighborhood with open space, over 10,000 new residential units, businesses, clean technology space and good urban design.

These plans have been in the works for years.  I was somewhat surprised a few years ago when almost all of my artist friends who have studio space at Hunters Point were in favor of the development project.  Many...

A guest blog entry from Donna Aldrich, a mortgage broker:

HVCC the ‘Home Valuation Code of Conduct’ went into effect May 1st of this year and was purportedly passed to protect the consumer. HVCC has created intermediary companies (AMCs) to separate mortgage brokers and lenders from the appraisers. The idea behind this was to be sure that appraisals are completely unbiased and consumers are protected from unscrupulous appraisers.

Unfortunately, these intermediary companies often send...

This week's report from Wells Fargo Advisors focuses on the housing market, with some interesting data and information about national studies of housing and studies of different markets throughout the country.  For once, a study looks at part of the Bay Area (here, San Jose, Santa Clara and Sunnyvale) v. the whole Bay Area region (from here to Sacramento).  

It is interesting that most neighborhoods in San Francisco are holding their value more than the national averages (as I have...

Gorgeous Noe Valley Getaway!
3 Bedrooms 2 Baths Open Floor Plan Living and Dining Room Wood-Burning Fireplace Cook's Kitchen Private Deck Laundry Terrific Storage Shared Garden HOA Fees $225/month Great Location!
$1,095,000

Just steps away from the restaurants, shops and conveniences of Noe Valley, this top floor 3 bedroom condo is filled with light and a sense of privacy and tranquility.  The over-sized living room has dramatic, soaring ceilings, a wood burning fireplace and two seating areas.  The adjoining dining area is bathed in light from the adjacent deck.  The semi-private kitchen has a ton of storage and counter-space, stainless steel appliances and granite counters.  I understand that baking with this oven is a dream.

The master bedroom and adjoining bath has terrific storage.  The guest bedroom is located across from the hallway bathroom.  The last bedroom, currently used as an office has built-in shelves and a desk.  There is easy access down to the shared garden.

Located near all of Noe's conveniences--easy walking distance to 24th Street and steps from Church Street, this home has easy access to 101 and 280 and the J-Church.

Sold
$1,030,000
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