Soma Grand is the only project in San Francisco to have received approval from the FHA to offer buyers the option to purchase with a down payment as low as 3.5%.
This unique program will enable San Franciscans, who have previously been unable to purchase a home, a unique opportunity to buy at a time experts are increasingly referring to as the bottom of the housing market. Representatives of the luxury high-rise condominium building Soma Grand, located in San Francisco’s Mid Market neighborhood, announced this week that they had received approval on a unique government sponsored FHA program aimed at revitalizing the housing market nationwide. Debuting at a time that many industry experts are heralding as the bottom of the housing market, this unique program will allow thousands of residents to purchase a home with down payments as low as $20,000. For a city with some of the highest median home costs in the country, such low down payment requirements break down the savings hurdle that has prevented many high-income earners from purchasing homes in the past. Whereas previously, buyers would have to save cash amounts of $140,000 to purchase some of the most affordably priced homes in the city, now they can purchase a home with a deposit of roughly $20,000. As the only luxury condominium community project in the City offering this program and with 80% of the homes already purchased, Soma Grand is on-track to sell out by the end of this year.
Monday, August 17, 2009
Saturday, August 8, 2009
Tuesday, August 4, 2009
New Recycling Law Takes Effect October 21
The San Francisco Board of Supervisors approved, and Mayor Gavin Newsom signed into law, legislation that requires all persons and businesses located in San Francisco to separate recyclables, compostables and landfill trash and participate in recycling and composting programs. The new law takes effect on October 21.The new law contains the following mandate:“All persons in San Francisco shall source separate their refuse into recyclables, compostables and trash, and place each type of refuse in a separate container designated for disposal of that type of refuse. No person may mix recyclables, compostables or trash, or deposit refuse in a collection container designated for another type of refuse, except as otherwise provided….”The legislation was proposed by Mayor Gavin Newson who cited the California Integrated Waste Management Act of 1989 which requires cities and counties to reduce, reuse and recycle (including composting) solid waste generated in the State to the maximum extent feasible before any incineration or landfill disposal of waste, to conserve water, energy and other natural resources. The Act mandates that each local jurisdiction in the State divert 50 percent of discarded materials from landfill. Owners or managers of multi-family or commercial properties will be required to provide information and/or training for new tenants, employees and contractors, including janitors, on how to source separate recyclables, compostables and trash, and will be required to re-educate tenants, employees and contractors at least once a year.The fine for any violation at a dwelling or commercial property that generates less than one cubic yard of refuse per week may not initially exceed $100.If the Director of Public Health causes a dwelling or commercial property to be inspected to determine whether the owner has complied with the ordinance, the owner of the dwelling or commercial property will be required to pay an inspection fee equal to $167 per hour of staff time spent during the inspection.Both Sunset Scavenger and Golden Gate Disposal and Recycling will deliver a larger recycling cart, a composting cart or a kitchen pail at no additional cost. Call Sunset at 415-330-1300 or Golden Gate at 415-626-4000.
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