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.
Thursday, July 23, 2009
Existing-home sales rose for a third month in a row
Existing-home sales rose for a third month in a row in June, and prices may stabilize in many areas by the end of the year if inventories continue to decline, the National Association of Realtors said today.
Sales of resale homes, including single-family homes, townhomes, condominiums and co-ops, rose 3.6 percent from May to June, to a seasonally adjusted annual rate of 4.89 million units -- virtually the same as a year ago, NAR said.
At that rate of sales, the 3.82 million homes on the market represented a 9.4-month supply, down from 9.8 months in May.
A six-month supply of homes is generally considered a healthier balance of supply and demand, but the "raw inventory" total, or number of homes on the market, is down 14.9 percent from a year ago.
A Wall Street Journal analysis of housing fundamentals in 28 major real estate markets during the second quarter showed considerable variation in inventory, ranging from a high of 18.1 months in Chicago to just 2.7 months in Sacramento, Calif.
"If we can keep the volume of sales above the level of new inventory, prices could stabilize in many areas around the end of the year,” said NAR Chief Economist Lawrence Yun in a press release.
Distressed properties accounted for 31 percent of sales in June, a factor in the 15.4 percent decline in median home price from a year ago, to $181,800, the group said.
Sales of resale homes, including single-family homes, townhomes, condominiums and co-ops, rose 3.6 percent from May to June, to a seasonally adjusted annual rate of 4.89 million units -- virtually the same as a year ago, NAR said.
At that rate of sales, the 3.82 million homes on the market represented a 9.4-month supply, down from 9.8 months in May.
A six-month supply of homes is generally considered a healthier balance of supply and demand, but the "raw inventory" total, or number of homes on the market, is down 14.9 percent from a year ago.
A Wall Street Journal analysis of housing fundamentals in 28 major real estate markets during the second quarter showed considerable variation in inventory, ranging from a high of 18.1 months in Chicago to just 2.7 months in Sacramento, Calif.
"If we can keep the volume of sales above the level of new inventory, prices could stabilize in many areas around the end of the year,” said NAR Chief Economist Lawrence Yun in a press release.
Distressed properties accounted for 31 percent of sales in June, a factor in the 15.4 percent decline in median home price from a year ago, to $181,800, the group said.
Blitz Report on Real Estate Markets
In the latest Blitz Report on Real Estate Markets, released July 13, economist Steve Blitz argues against the
notion that home prices are not going to recover on a national scale until the economy is growing and
unemployment is falling. He notes that changes in the labor market over the last two decades have made job
growth an increasingly less reliable indicator of whether the economy is turning up, and points out home prices
have recovered before the end of each recession since 1975. “Home prices are, in truth, rising before
consumers perceive the recession has ended and well before the employment rate starts to turn down,” says
Blitz. He predicts that home prices will recover in the coming months, and that 1-year average RPX prices will
gain 3.3% in 2010, 6.5% in 2011 and 10% in 2012.
notion that home prices are not going to recover on a national scale until the economy is growing and
unemployment is falling. He notes that changes in the labor market over the last two decades have made job
growth an increasingly less reliable indicator of whether the economy is turning up, and points out home prices
have recovered before the end of each recession since 1975. “Home prices are, in truth, rising before
consumers perceive the recession has ended and well before the employment rate starts to turn down,” says
Blitz. He predicts that home prices will recover in the coming months, and that 1-year average RPX prices will
gain 3.3% in 2010, 6.5% in 2011 and 10% in 2012.
Wednesday, July 15, 2009
Monday, July 13, 2009
the Anti-Checklist: What NOT to do when buying a home
Don't just pick up the phone, call the number on the sign, and go by yourself. First, it's unsafe. Second, you can end up looking at a bunch of properties that don't meet your search criteria or price range, wasting your time. Third, it can make sellers think you are unrepresented and, thus, that they have the greater bargaining leverage from the get-go. Let your Realtor do her job; if you drive by an interesting property your Realtor hasn't mentioned to you, call your Realtor with the property address and phone number from the sign, and let her research the asking price and property details, nine times out of 10, your Realtor hasn't sent it to you because the property doesn't meet one or more of your search criteria. The 10th time out of 10 - your Realtor can escort you there and show it to you while the seller is out of the house, and out of your hair.
Don't plan something for two hours later. You don't want to rush, you want to linger where necessary. Plus, if you find one you really like, you might spend more time there. And, with drive time, etc., it can easily take three hours to see seven houses - not to mention that you may find one you want to immediately write an offer on, which will take another hour or so.
Avoid taking separate cars on your buyer's tours. Every once in awhile a hot property will come up, your Realtor will call you from work, and you can meet her there. If you are going to be driving from house to house, get in the car with your Realtor -- even if it means you have to put the baby seat in your Realtor's car. This way, you don't get separated, no one gets lost, and you can spend the time between houses debriefing and providing your Realtor with the feedback she needs to narrow your search and hone in on your home.
Don't bring a triple Venti mocha frap with you on your buyer's tours. How can I say this? Uh, you don't want to be using everyone's bathroom, if you know what I mean -- especially if people still live in the house. Vacant houses are the best ones for pit stops, but because everyone knows that, they are also the most likely to have nothing in the way of toilet paper except a cardboard roll with a couple of spots of paper still stuck to the glue.
Plus, coffeehouse drinks usually have coffee and milk, not the most gastro-friendly substances. If you need to, plan ahead to stop in the middle of the tour for a snack and a pit stop, and do feel free to bring a bottle of water.
Don't wear lace-up shoes. Slip-ons, flip flops, etc. are ideal. Many well-prepared homes will have new carpet, and often the listing agent will have posted a "please remove shoes" sign to help keep the flooring clean. Having to untie and tie your shoes at every house can be a huge waste of time and really anti-climatic when you get to the front door of a house you really want to see. Note-those paper booties some "shoes off, please" agents provide can be slippery. Avoid them; if you can't stand the idea of walking barefoot through a house, make sure you wear socks with your slip on shoes.
Don't hesitate to look in drawers, cupboards and closets. If you really dislike a place, you needn't get really detailed in your viewing of a property. But if you don't hate it, you should open every door. I've had clients miss whole rooms and large storage areas by not opening a door they assumed went to a closet. Besides, you need to know how wide and deep the real closets are, which you can't find out without opening the door and having a look. If you really like a place, you should also open kitchen and bathroom drawers, cupboards and cabinets. You're not being nosy, you're gathering information. Rest assured that the sellers have had ample notice to straighten up those spaces in anticipation of your poking around.
Hold the trash talk. Sellers may be listening. I wish I was kidding, but often the seller just steps outside or next door. (I once represented a kooky seller who walked around with her purse on during the Open House "ooh"ing and "aah"ing like she was a prospective buyer.) And they don't always understand that it's the most interested buyers who pick the place apart to figure out exactly what they will need to do to it to make it theirs. If you end up in a multiple offer situation, you don't want to have an uphill battle because you badmouthed the sequined butterfly "artwork" the seller had hanging in the hallway. So, if you can't say something nice, don't say anything at all. Until you get in the car, and roll up the windows - then you need to let it rip so your agent can learn your likes and dislikes.
Don't think you can offend your Realtor. I always remind my clients that the house I'm showing them is not my house. So, if you like it, that's great. But if you hate anything about it, don't hesitate to say so. Don't be timid or polite and omit a criticism or concern you have. Doing so can result in you seeing more of the same, which is a waste of everybody's time.
Don't plan something for two hours later. You don't want to rush, you want to linger where necessary. Plus, if you find one you really like, you might spend more time there. And, with drive time, etc., it can easily take three hours to see seven houses - not to mention that you may find one you want to immediately write an offer on, which will take another hour or so.
Avoid taking separate cars on your buyer's tours. Every once in awhile a hot property will come up, your Realtor will call you from work, and you can meet her there. If you are going to be driving from house to house, get in the car with your Realtor -- even if it means you have to put the baby seat in your Realtor's car. This way, you don't get separated, no one gets lost, and you can spend the time between houses debriefing and providing your Realtor with the feedback she needs to narrow your search and hone in on your home.
Don't bring a triple Venti mocha frap with you on your buyer's tours. How can I say this? Uh, you don't want to be using everyone's bathroom, if you know what I mean -- especially if people still live in the house. Vacant houses are the best ones for pit stops, but because everyone knows that, they are also the most likely to have nothing in the way of toilet paper except a cardboard roll with a couple of spots of paper still stuck to the glue.
Plus, coffeehouse drinks usually have coffee and milk, not the most gastro-friendly substances. If you need to, plan ahead to stop in the middle of the tour for a snack and a pit stop, and do feel free to bring a bottle of water.
Don't wear lace-up shoes. Slip-ons, flip flops, etc. are ideal. Many well-prepared homes will have new carpet, and often the listing agent will have posted a "please remove shoes" sign to help keep the flooring clean. Having to untie and tie your shoes at every house can be a huge waste of time and really anti-climatic when you get to the front door of a house you really want to see. Note-those paper booties some "shoes off, please" agents provide can be slippery. Avoid them; if you can't stand the idea of walking barefoot through a house, make sure you wear socks with your slip on shoes.
Don't hesitate to look in drawers, cupboards and closets. If you really dislike a place, you needn't get really detailed in your viewing of a property. But if you don't hate it, you should open every door. I've had clients miss whole rooms and large storage areas by not opening a door they assumed went to a closet. Besides, you need to know how wide and deep the real closets are, which you can't find out without opening the door and having a look. If you really like a place, you should also open kitchen and bathroom drawers, cupboards and cabinets. You're not being nosy, you're gathering information. Rest assured that the sellers have had ample notice to straighten up those spaces in anticipation of your poking around.
Hold the trash talk. Sellers may be listening. I wish I was kidding, but often the seller just steps outside or next door. (I once represented a kooky seller who walked around with her purse on during the Open House "ooh"ing and "aah"ing like she was a prospective buyer.) And they don't always understand that it's the most interested buyers who pick the place apart to figure out exactly what they will need to do to it to make it theirs. If you end up in a multiple offer situation, you don't want to have an uphill battle because you badmouthed the sequined butterfly "artwork" the seller had hanging in the hallway. So, if you can't say something nice, don't say anything at all. Until you get in the car, and roll up the windows - then you need to let it rip so your agent can learn your likes and dislikes.
Don't think you can offend your Realtor. I always remind my clients that the house I'm showing them is not my house. So, if you like it, that's great. But if you hate anything about it, don't hesitate to say so. Don't be timid or polite and omit a criticism or concern you have. Doing so can result in you seeing more of the same, which is a waste of everybody's time.
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