Monthly Archives: March 2009

TICs Loans Available, But Affordable?

I’m being contacted regularly by buyers in the $400,000-$500,000 price range, who are exploring real estate purchase possibilities. Many such individuals have been renting for a while, and are starting to feel that owning their first home is within reach.

Though condo prices are declining, the bulk of the units in this range currently on the market are tenancy-in-common (TIC) units in 3+ unit buildings. (This is an ownership scenario wherein you own an interest in a building, not the unit itself.)Continue Reading

TICs vs. Condos on 3rd Ave

TICs vs. Condos on 3rd Ave

My broker tour brought me to Third Avenue between Balboa and Cabrillo this week, to check out two TICs and one condo all listed in a similar price range. 673 3rd (above) is a 2+BR/2BA Edwardian TIC, listed at $895,000. This top-floor unit has been recently renovated, and is about 1725 square feet. Continue Reading

Loft Market Gets a Lift

Loft Market Gets a Lift

Listed most recently in January for $2,750,000, 650 2nd Street #502 closed escrow last week for $2,450,000 in an all-cash transaction.

This 4,190 square foot, 5BR/4BA has had an interesting ride over the past few years. It was on the market for a good part of 2008 at a $2,895,000 asking price, and last changed hands in 2004 for $2.3M. Prior to that, it sold for $2.6M in 2000.

Three units were combined to create the current property, and it features 60′ windows and three-car parking. I’m guessing the $1,340 monthly HOA dues won’t be a problem for the new owner.

SF Market Down, But Not Out

The first quarter of 2009 is winding to a close, and it’s time to check out how well San Francisco is positioned heading into April.

A quick look at what properties are pending is an excellent indicator of market health. As of March 18th, a total of 165 single-family homes were pending, along with 94 condos and 26 TICs.Continue Reading

Sellers Slip Under Water in Noe

In addition to the short sales and foreclosures that are creeping into San Francisco, there’s another trend afoot: Owners are putting their homes on the market at prices which indicate they’ll lose money or barely break even if their homes sell at list price.

One neighborhood where the trend is growing is Noe Valley. A check on the details behind the 38 single-family homes currently for sale reveals that 12 were purchased five or fewer years ago, at prices that don’t add up to appreciation now. Here’s the rundown:Continue Reading

Rent to Own at Cubix Yerba Buena

I toured the units at Cubix Yerba Buena over on Harrison at 4th Street several months ago. Though very small, all the studio condos were nicely designed and efficient, with list prices in the $200,000-$400,000 range. I was kind of into the very walkable location, and thought the building would be great for first-time home buyers or empty nesters looking for a pied-a-terre in San Francisco.

Now the folks at Cubix are offering a rent-to-own deal on the “penthouse” units–you can start out renting at only $995 per month, with the goal of owning your unit, which is priced at $225,000. Though that doesn’t include parking, you’re very near public transportation, and there’s a City Car Share pod in the garage. Not a bad way to get a leg up on your first home in the city–or your second home, for that matter.

Mission House Gets Modern Price

Purchased in July 2005 for $1.1M, 2707 21st Street at York enters the market this week with a fresh, modern list price of $1,175,000.

Featuring four bedrooms, two bathrooms, an open floor plan, three-car tandem parking and great Victorian curb appeal, the property offers nice space for those who need more than two bedrooms. But will the few buyers with the means to purchase a $1.2M house in the current market elect to spend their money in the outskirts of The Mission? And of course, the unfortunate factor is that short sales and foreclosures have had an impact on the Mission, cutting into property appreciation.

Get On Your Walk Score

If you’re considering buying a home in a neighborhood in which you’re not sure about access to services, restaurants, parks and transportation, check out Walk Score.com.

Type in any address in San Francisco, and the site will rate how walkable your neighborhood is. For example, I put my home address into the system (I’m in Upper Noe Valley), and our location received a 91 out of 100. The site then lists all the grocery stores, coffee shops, restaurants, libraries, bookstores, etc. which surround your address. There’s also a corresponding map that lets you click on the symbols surrounding your location; you can then see the name of a nearby business, its address, and links to Yelp review. Fabulous. Don’t overlook this site, especially if you’re new to San Francisco.

Help for Homeowners in Foreclosure

Obama’s foreclosure fix is now open for business. If you’re a homeowner who’s potentially facing foreclosure, head on over to The Homeownership Preservation Foundation. The federal government, in conjunction with several non-profit organizations, is working with borrowers and their loan servicers to head off foreclosure situations. The goal is to prevent homeowners from having to default in order to get assistance.

If you’d like to actually speak with someone, you can call 1-888-995-HOPE (4673). There is also online counseling assistance.

New Twist on TICs in NoPa

New Twist on TICs in NoPa

Got a three-unit building you want to sell, but don’t want to tread the choppy waters of the multi-unit TIC ocean? Take a tip from the sellers over at 215-217 Cole in the North Panhandle: Create an “airspace” subdivision of a three-unit building. Turn the top unit into Parcel A, and designate it a planned unit development, or PUD. Continue Reading

Luxury Moves to Mission

Luxury Moves to Mission

There seems to be no stopping luxury development in the Mission, despite the current economy. I stopped in yesterday during my broker tour at 3099 22nd Street, where three new condos priced at $785,000, $789,000, and $795,000 are gracing the landscape at the corner of 22nd and South Van Ness. Continue Reading

Get in touch:

Eileen Bermingham

Zephyr Real Estate

415.823.4656

ebermingham@zephyrsf.com

BRE# 01352627

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