Board of Supervisors Votes To Extend Seismic Retrofit Deadline

The Board of Supervisors on Tuesday unanimously approved Supervisor Rafael Mandelman’s legislation to extend the deadline for Tier IV buildings to September 15, 2021, as reported by The San Francisco Chronicle.

The city enacted its soft-story retrofit program back in 2013, which required that buildings with five or more units over a garage or commercial space retrofit their structures. Flash forward seven years and most of the 115,000 affected building owners have completed the work. The Tier IV group is the last one that remains—425 buildings which have ground floor commercial space. Of those, 41% still need to complete the work.

Good news for Tier IV building owners, as corona has particularly challenged retail and commercial space. Giving these building owners an extra year to sort things out was the right thing to do.

The Difference Between a TIC and a Condo

It’s not always obvious whether a property is a condo or tenancy-in-common (TIC) when you’re a buyer who’s searching online for properties. You have to click in to all the details before you realize that the photos of the wonderful “flat” that seems listed kind of low is actually a TIC.

But what’s the difference between a TIC and a condo? All things being equal, couldn’t you just buy a TIC if it has the space and location you want? Continue Reading

How To Get Top Dollar For Your Home

There’s one way to increase your chances of maxing out the sale price of your home: Look as good as your comps.

The San Francisco market—particularly for single-family homes—has held up during corona. Many home sellers have walked away with solid net proceeds, often amidst multiple offers.

But that doesn’t just automatically happen. The tricky part is that buyers have one eye on their dream home, and the other on the economy. So sellers have to do their part by making their home as appealing as possible. Continue Reading

Price Reductions Hitting Large SF Buildings

Condos in larger buildings are seeing their fair share of price reductions during corona, based on sales that have closed from July 1 to August 15th.

Twenty percent of the 306 condos sold in that timeframe saw a price chop prior to closing, in various locations throughout San Francisco. But a majority of the reductions were concentrated in the Mission Bay, SoMa and South Beach areas.

Condos in smaller buildings with yards and parking that also have convenient neighborhood locations appear to be holding their values better. Buyers aren’t as quick to write offers on units in hotel-like properties where they have to share elevators and common areas with large numbers of residents. Continue Reading

Just Sold: Vacant Inner Richmond Duplex

Just Sold: Vacant Inner Richmond Duplex

My clients closed today on a beautiful Victorian two-unit building. 737-739 Arguello lives more like a single-family home with a 1BR/1BA on the ground level, and a one-car garage.

737 Arguello occupies the top two floors of the building, with a chef’s kitchen open to the dining area and three bedrooms upstairs. Both bathrooms are updated, and there’s ample closet space and also in-unit laundry. Continue Reading

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Eileen’s Recent and Past Sales
737-739 Arguello
Inner Richmond
Victorian Duplex
Sold: $2,575,000
Represented Buyers

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307 Moraga Street
Inner Sunset
Modern Two-Level Condo
Sold: $1,825,000
Represented Buyers

Just Sold: Modern Inner Sunset Condo

Just Sold: Modern Inner Sunset Condo

My clients close today on their purchase of an awesome, two-level modern condo in a prime Inner Sunset location at 307 Moraga.

This 3BR/2BA has an open living/dining/kitchen area with large windows overlooking Moraga. There’s in-unit laundry, and two bedrooms with one en suite upstairs. One flight down is another bedroom/bath and family room. Both lead out to the private, deeded yard. Continue Reading

How to Evaluate a Condo and HOA

The condo market offers excellent opportunities right now for savvy buyers, because there seems to be more inventory than interested purchasers. This is particularly true for condos located in larger buildings and high rises—not so much for units in smaller buildings with access to outdoor space. Those are still popular and go into contract more quickly.

It’s important to consider the complexity of owning this type of property, before you rush out to look at different possibilities.

Here’s a quick primer that will help you evaluate the fundamentals of a condo and its homeowners association (HOA). Continue Reading

SF Single-Family Homes Not Immune To Price Reductions

Houses in San Francisco are always in demand among buyers. And this property type has stood its ground during our current recession—in fact, the average price of a house from June 1 – August 15th has increased by 6.7% to $2,141,356 in comparison to the same time in 2019.

But single-family home sellers are no strangers to the dreaded price reduction decision. Some homes come on the market with high prices in comparison to their comparable sales; it’s no secret that there’s a tendency for homeowners to believe their house is superior for one reason or another.

I took a look at all the houses that sold from June 1 through August 15th and discovered that 17% sold after having at least one price reduction. Continue Reading

My Picks for Price-Reduced Properties

I’m seeing a lot more price reductions happening on a regular basis lately, especially in the $2M+ price ranges for condos. Sellers and their agents are trying to find their accurate home values and the corona market is a work in progress.

I always recommend seeing a property as soon as you can if there’s a big price reduction. A large list price cut tends to attract eyeballs, particularly belonging to folks who had already been through on a showing. Continue Reading

What The Heck is HO-6 Condo Insurance?

You might have HOA insurance coverage when buying a condo, but you have to purchase your own “walls-in” coverage during escrow.

Lenders require what’s known as HO-6 insurance. Otherwise known as hazard or individual unit coverage, HO-6 insurance provides personal property and liability coverage for whatever happens within your unit’s walls. Continue Reading

Cash Sales Decline in SF Corona Market

Cash Sales Decline in SF Corona Market

Cash buyers appear to be receding into the background these days as the San Francisco market adjusts to corona’s financial fallout.

It wasn’t so long ago that a quarter of single-family home and condo buyers paid cash. However, cash sales represented only 14% of all house and 12% of condo transactions from April to early August. Continue Reading

Lenders Ratchet Up Requirements During Corona

Lenders are tightening their loan requirements in light of the corona chaos. Prospective home buyers are flocking to lenders in pursuit of those low interest rates, but lenders are not making it easy to qualify for loans, especially in higher-cost regions like The Bay Area.

It’s not difficult to understand lenders’ concerns amidst job losses and general economic instability. However, if you were preapproved for a loan in pre-corona times, it’s likely your lender has slapped some new requirements on that approval. Continue Reading

5 Tips for Protecting Your Property from Earthquake Damage

5 Tips for Protecting Your Property from Earthquake Damage

We live with the threat of “the big one” on the horizon, so it’s always a good time to revisit how prepared you are for an earthquake. Though a huge shaker will cause inevitable damage, there are a few fundamental things—some more expensive than others—you can do as a homeowner to minimize damage that can happen in a large earthquake. Continue Reading

Get in touch:

Eileen Bermingham

Corcoran Global Living

415.823.4656

eileen@insidesfre.com

DRE# 01352627

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