Monthly Archives: January 2010

Join Next Week’s Condo Conversion Rally at City Hall

My friends at Plan C are organizing a rally on the steps of City Hall next week, in support of expediting condo conversion. Here’s the lowdown, straight from Plan C:

“Please join Plan C at 8:15AM on Wednesday, Feb. 3, on the City Hall steps for a rally to support condo conversion reform! As many of you know, the condo lottery drawing happens at 9AM on February 3, and we’ll be done in time for you to attend the lottery itself.Continue Reading

Luxury Market Finds Its Footing

Properties in the $1.5M+ price range in San Francisco have been selling at quite a reasonable pace, considering our current economic challenges. Unsurprisingly, the city continues to attract buyers with substantial wealth, and these buyers are deciding to snap up luxury real estate.

But make no mistake: Just because luxury buyers have the money to spend, it doesn’t mean they aren’t also looking for a deal. And sellers in higher price ranges are discovering that they may need to get realistic about their properties’ value.Continue Reading

State of the TIC Market in San Francisco

Despite their risky and complex nature, tenancy-in-common (TIC) interest sales made a strong showing in 2009.

A total of 403 TIC interests sold last year, for an average of $603,780. Units spent an average of 92 days on market (DOM), and that lengthy timeframe doesn’t seem to be shortening. Of the 403 TICs sold, 162 sold in the fourth quarter of 2009, at an average of $586,755. September and October saw 73 TICs selling, and surprisingly, 89 interests sold in the last two months of 2009. Buyers apparently weren’t slowed down by the holidays in this property category, either.Continue Reading

A Look Inside the Mission’s Newest Development: 555 Bartlett

I attended a friends and neighbors party at the Mission’s new 555 Bartlett last night. The building isn’t quite complete, but it’s pretty obvious that it will cater to what San Francisco buyers need—reasonably priced units with parking in a central, increasingly hip location.

The 58-unit development is located at the corner of Mission and Cesar Chavez and features a mix of predominantly one- and two-bedroom condos.Continue Reading

Mission’s Union Gets FHA Approval

Mission’s Union Gets FHA Approval

One of the latest condo developments to get FHA loan approval is Union, the 76-unit complex at Bryant between 19th & 20th in the Mission. The project has been on the market since last year, and is more than 50% sold, according to the sales team, and it’s now possible to buy a condo in Union with as little as 3.5% down.Continue Reading

Lenders Held to Good-Faith Estimate

Lenders now have to stand by their initial good-faith estimate that they provide borrowers, according to the Department of Housing and Urban Development (HUD).

Closing costs are given to loan applicants up front, but these good-faith estimates can sometimes change when the loan is finalized. However, as of January 1st, lenders will be forbidden from increasing some charges at the closing table and will be limited to a 10% increase on other fees. If the costs of such services such as title insurance or credit reports turn out to be substantially more than initially indicated on the good-faith estimate, the lender will have to east the difference.Continue Reading

SF Market on Track in New Year

It’s been a challenging time for all real estate markets, and San Francisco felt its own pain throughout most of 2009. But buyers and sellers were doing substantial business in the fourth quarter of last year, pointing to a definite housing recovery in the city.Continue Reading

Get in touch:

Eileen Bermingham

Zephyr Real Estate

415.823.4656

ebermingham@zephyrsf.com

BRE# 01352627

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