Sadly, I knew it was coming… but San Francisco has suspended their loan program to help homeowners save energy and go green…

From GreenFinanceSF

Hello,
As a result of guidance issued by the Federal Housing Finance Agency (FHFA) on July 6, 2010, the GreenFinanceSF Program has been suspended indefinitely. The following notice has been posted to the GreenFinanceSF website at www.greenfinancesf.org.

“The GreenFinanceSF residential program is suspended until further notice.

According to guidance received from the Federal Housing Finance Agency (FHFA) on July 6 2010, Fannie Mae and Freddie Mac—the government-sponsored entities that guarantee more than half of the residential mortgages in the United States—and the lenders and other servicers that they work with, will not originate loans or other financings on homes that take advantage of GreenFinanceSF or other Property Assessed Clean Energy (PACE) programs being implemented nationwide, and may take additional unfavorable actions relative to underwriting new mortgages in jurisdictions with active residential PACE financing programs.. A New York Times article published June 30, 2010, provides more detail on this issue. In order to protect GreenFinanceSF participants from uncertain impacts to existing or future home mortgage contracts, we have suspended the residential program indefinitely.

The City and County of San Francisco deeply regrets this development and has joined with other local governments to urge Fannie Mae, Freddie Mac and FHFA to reconsider their position and allow local governments to bring the benefits of energy conservation and job creation to communities across the country.

Please feel free to call (800) 803-6930 if you have any questions. Thank you.”

[ Posted in Green, San Francisco, environment, solar san francisco ]

Upcoming Listings:

$825,000 // Noe Valley //  Duncan Street BR/BA: 3/2 PKG: 1 Brief Description: Oversized contemporary condo on 2 levels with amazing downtown views.  For your clients who want space and to put their own stamp on things.

 $780,000 //Parkside // confidential  BR/BA: 3/2 PKG: 2 Brief Description: Center Patio home with great Ocean Views.  @ BR 1 BA up and 1 BR one BA down.  Full garage.  

 $729,000 //Pacific Heights //  Presidio  BR/BA: 2/2 PKG: 0 Brief Description: Charming garden condominium with lovely detail, FAB location.

 $699,000 // Bernal Heights //Nevada BR/BA: 2/1 PKG:  1 Brief Description: Super cute SFH with a nicely updated kitchen, cherry hardwood floors and new bath.  Has Double pained windows, skylights and a fabulous landscaped backyard with deck. On the market in September, but happy to show sooner.

 $675,000 // Central Richmond // confidential BR/BA: 2/1 PKG: 2 Brief Description: Top Floor remodeled condo

 $639,000 // Midtown Terrace //Panorama Drive BR/BA:  2+/1 PKG: 1+ Brief Description:  Classic Mid-Century Home – 2 Bedrooms/1 Bath with bonus room down (unwarranted) with further expansion potential possible. Some property upgrades being done prior to marketing (i.e. painting, refinishing hardwood floors, windows, landscaping, etc.).  Property is vacant, doesn’t look pretty (yet) but happy to let you see it.

 Pocket Listings:

$795,000 //Lower Pacific Heights // Confidential/Call Agent BR/BA: 2/1 PKG: 0 Brief Description:  Lovely 2bd 1ba plus large office condo located just steps from Fillmore Street.  Period details throughout, open floor plan and deeded patio – great for entertaining!  Leased parking.

 $TBD // Russian Hill //Confidential /Call Agent BR/BA: 2/2 PKG: 0 Brief Description:   Beautiful remodeled top floor flat in excellent location in Russian Hill, ½ block from Polk St. The flat features a double parlor with a fireplace (includes side views of GG Bridge), office area and custom built-ins. Beautiful accents include high ceilings, crown molding, wainscoting, recessed lighting and softwood floors and in-unit w/d hookups. Leased parking prepaid for 1yr

 $TBD// Parkside // Confidential/Call Agent BR/ BA: 3/1 PKG Brief Description:  Excellent location close to 3 parks: Parkside Square, Pine Lake Park, Stern Grove.  Approx 1,926 sq. ft.  Gracious formal living and dining room.  Kitchen w/breakfast room.  7/10 Markoff Pest Inspection shows $0. 

 $TBD //Financial District // Confidential/ Call Agent BR/BA: 1/1 PKG: 0 Brief Description: Beautiful 1bd/1ba unit at The Royal, was the original model unit, in excellent condition, H/W floors, custom paint, very gently used appliances–great pied-a-terre or starter pad for a Fidi worker. Email me for photos 

Back-on-Market Listing: 

$799,000 //Inner Sunset //7^th Avenue  BR/BA:  3/2.5 PKG:  1 Brief Description: Top-floor 1500+ sqft Victorian condo with great space, deeded deck off kitchen, great light, abundant storage space, shared yard, 1 car sxs parking. Coming back on market mid-August Property Website (if any):  www.7thAveCondo.com 

Price Reduction:  

$899,000Old Price: $929,000 //SOMA // 260 King St. #959 BR/BA: 3/2 PKG: 1 Brief Comments: Rare top floor condo located at The Beacon’s West Building. Open floor plan with modern finishes; gourmet kitchen, in-unit laundry. This is a full service building featuring tons of amenities with great access to Muni, and HWYs 280 and 101 for commuting. Property Website (if any): www.missionbaylux.com  

 $619,000Old Price: $649,000  //SOMA //1247 Harrison St. #26 BR/BA: 1/1.5 PKG: 2 Brief Comments: Reduced! Top floor quiet loft w/2 car parking at the H20 building.  Balcony + Private patio, views, storage and top qualify finishes. Property Website: www.h20loft26.com

Tags: San Francisco Real Estate, Upcoming Listings
[ Posted in Upcoming Listings ]

I had a client say to me recently “We don’t want to get involved in any bidding wars.”

I understood. We’ve all heard the stories about buyers getting caught up in “Bidding wars”.   As the story goes, during the height of the Real Estate “bubble”, buyers who overbid on homes have since seen values fall. Why would anyone enter a bidding war in today’s market?

With all that being said, the practice of multiple offers, even if it is no longer the norm, still happens all the time in San Francisco.  The reason
why?  The difference between winners and losers of war come down to
strategy.  “Bidding wars”, even in a depressed market, unleash the power
of underpricing. (My next blog will be about the power of pricing.)

The most important part of any strategy:  it’s yours to choose
Sellers have their own process of how they become prepared to take action
so you shouldn’t be rushed or pressured into any approach if it makes you
uncomfortable.

Be Aware of the Terrain
Yet those who engage in the San Francisco Real Estate market need to be
aware of the terrain.  If your agent is exceptional,  they will challenge your assumptions in a non-threatening way that help you draw your own conclusions with confidence when quick decisions will make the difference between getting a property that fits your needs or starting your search all over.  This is what differentiates an agent who is partnering with you instead of selling to you.  They prepare you to fight a more intelligent battle; to save you both time and money.

The element of surprise is essential to victory for buyers.

When you prepare ahead of time with your agent, they can help you focus on what matters in order to act in the face of distraction.   Prepared buyers can seize an opportunity quickly while others are grappling with uncertainty.

Mostly, your agent should be willing to listen so they can remind you of:

1. your needs that you’ve identified
2. comparable recent sales to ground your concept of value
3. of strategies common in the San Francisco real estate market

After all, the objective is for you to find your home that fits your needs so that you can move-on to your next mission: enjoying your new home in San Francisco.

[ Posted in Uncategorized ]

San Francisco has a lottery system that selects 200 units annually for conversion into condominiums. With 1,799 units having lost the lottery this year and a multimillion-dollar deficit to close, Mayor Gavin Newsom proposed legislation that would allow these units to bypass the lottery system by paying a $20,000 fee per unit. The cost would’ve been reduced depending on the number of years one had participated in the lottery.

But, the proposal was slammed by Budget and Finance Committee Chairman Supervisor John Avalos, who said it threatens San Francisco’s rental stock and encourages evictions. The condo conversion is “a program to disincentivize the turning over of rental property,” Avalos said.

So with the city in a desperate situation and San Francisco with one of the lowest Home-Ownership rates in the state the call is we’ll lose precious rental stock.  Um … Ok!

Good News Regarding TIC Lottery Bypass [SFHomeBlog]

Supervisors Kill Condo Proposal [SF Examiner]

Quick Facts San Francisco [US Census Bureau]

Tags: condo lottery, Condominium conversion, lottery bypass, Plan C, TIC, TIC ownership
[ Posted in Condominium Law, San Francisco Condo Conversion Lottery, TIC ]

Poster for the 2010 festival

Stern Grove’s 73rd season of free Sunday concerts kicked off today!

If you’ve never been to the concerts at Stern Grove, you are missing out.  All summer see great music and events free of charge at Sigmund Stern Grove, 19th Avenue & Sloat. This year, as always the festival features a diverse line-up.

* June 20, 2010
ANGÉLIQUE KIDJO / Sarazino
* June 27, 2010
HAPA / Academy of Hawaiian Arts
* July 4, 2010
SAN FRANCISCO OPERA
* July 11, 2010
SAN FRANCISCO SYMPHONY
* July 18, 2010
CARAVAN PALACE / DePedro
* July 25, 2010
JOVANOTTI / Bomba Estéreo
* August 1, 2010
RICKIE LEE JONES / Meklit Hadero
* August 8, 2010
SAN FRANCISCO BALLET
* August 15, 2010
MACEO PARKER / Darondo
* August 22, 2010
THEY MIGHT BE GIANTS / Rogue Wave

While the show starts at 2 pm, you need to be early, as when the concert meadow is filled you will be  sent to the West Meadow which is nearby but with visibility of the stage.

There is a bike valet for those who ride to the Grove.

There’s also some wonderful picnic benches, which you can reserve 6 seats at through a lottery system. They are close to the stage and a real treat to experience.

Need more information? There’s a handy guide to the Grove experience! Just remember both your sunscreen and your layers, as the weather can be highly changeable at the Grove!

Tags: Festival, Music, Stern Grove
[ Posted in Fun Stuff ]