Monthly Archives: July 2009

Lending World Lurches On

We had quite a spirited discussion in the Pacific Union Market Watch meeting this morning about loans, escrows, and new lender regulations. In a nutshell, it’s key that buyers and sellers set their expectations for delayed or even cancelled escrows.

Though loans funding smoothly in 30 days or less used to be the norm, there’s a landmine of issues to navigate in the current market. And that’s slowing everything down. There’s the lender who funded a loan and then reversed the wire to the title company on the day escrow was scheduled to close, subsequently deciding not to fund. Banks are requiring multiple appraisal reviews, which are sometimes resulting in denied loans. Loans are being rejected due to a particular property characteristic (i.e., an unwarranted unit). A second loan review is often being ordered shortly before closing, delaying the close of escrow. Even buyers with as much as 50% down are enduring the scrutiny.Continue Reading

Living the Life of Luxury at the Fairmont Heritage Place

Living the Life of Luxury at the Fairmont Heritage Place

For the out-of-towners dreaming of the luxury life in San Francisco comes the Fairmont Heritage Place, Ghirardelli Square.

The development is located on North Point and Polk, and features 53 one-, two-, and three-bedroom vacation residences sold through fractional ownership. For example, the one-bedroom listed in the MLS being offered at $185,400 entitles you to stay a certain number of days per year. HOA dues for this interest are $675 per month. A 2BR/2BA interest ($830 HOAs) is listed at $276,187; a 3BR/3BA with $967 HOAs is being offered at $377,407.Continue Reading

Sold: 2074 45th Avenue

Sold: 2074 45th Avenue

My 3BR/1BA listing in the Outer Parkside sold on Wednesday for $673,500. List price was $668,000, and we received a total of four offers.

Good news for buyers out there: The new owners of 45th Avenue came in with 3% down and obtained an FHA loan. The transaction went through without a hitch. This is the second sale I’ve closed over the past several months that involved an FHA loan. I haven’t encountered problems yet, despite what you’d think in the current economy.

2nd Quarter Averages Hold Up

It’s always helpful to check in on quarterly price averages and market activity in San Francisco.

First off, prices are down. However, properties are selling fairly briskly, and the single-family homes, condos and TICs located in desirable, centrally located areas are not exactly being given away.Continue Reading

Hayes Valley 3BR/1.5BA for under $1.2M

Hayes Valley 3BR/1.5BA for under $1.2M

The classic Victorian over at 847 Oak features almost 3,000 square feet of living space and three levels. My favorite room is the French Country kitchen, which involves a handmade tile backsplash, built-in breakfast bar and honed granite countertops. The door from the kitchen leads out to a deck and peaceful garden patio. There are three good-sized bedrooms and a bathroom upstairs, with the master bedroom located at the rear of the property. And let’s not forget the two fireplaces, or the bonus room on the garage level.Continue Reading

Get in touch:

Eileen Bermingham

Zephyr Real Estate

415.823.4656

ebermingham@zephyrsf.com

BRE# 01352627

Back to Top

Back to Top

Show All
Marina
Mission