San Francisco's Marina District - all For Sale homes

To see all homes and condos For Sale on the San Francisco MLS in the Marina District, bookmark this link:
http://www.mlsfinder.com/ca_sfar/robregan?action=newsearchsession&zip_code=94123&property_type=Single%20Family%20Homes&property_type=Condominium

Tracking San Francisco's SOMA & South Beach markets

Two recent listings to help track San Francisco's SOMA & South Beach markets

In May 2006 88 King St #1304, San Francisco sold for $1,260,000. Today it is on the MLS asking $995,000. If it sells there that's over a 20% price drop - or 100% equity loss if the owners put 20% down when they purchased.

In March 2008 555 4th St #814, San Francisco (the Palms) sold for $649,800. Today it is on the market for $550,000. A sale at the asking price would be a 15% drop. Unfortunately they've been asking $550,000 for 71 days, so it's more likely to also see a 20% drop.

To see these two listings on the MLS you can enter their addresses at www.SF-MLS-Search.com/welcome.html

$8,000 & $6,500 tax credits San Francisco buyers might be able to use

San Francisco home buyers have a much better chance of using the Home Buyer Tax Credits.

Income levels for the original $8,000 home buyer tax credit was $75,000 for a single person and $150,000 for joint filers. Those may be spectacular incomes in 90% of the country, but in places like San Francisco and New York City they barely make ends meet, let alone purchase a starter 1 bedroom condo in a neighborhood like Cow Hollow of Noe Valley.

But with both the House and Senate passing an extension of the tax credit that was to expire November 30th to April 30th 2010, they also increased the income limits to $125,000 (single) and $225,000 (joint). Of course the max home price is $800,000 which is only slightly above San Francisco's average home price. $800,000 buyers you a fantastic 1 bedroom Condo, or a small or "flawed" 2 bedroom condo (lack of parking for example) in neighborhoods like Pacific Heights, Cow Hollow, Russian Hill and even Noe Valley and Cole Valley. $800,000 however does get you a Single Family home in many other neighborhoods like the outer Richmond, the Sunset, even Glen Park or a "fixer" in Noe Valley.

San Francisco home buyers have until April 30, 2010 to enter into a contract to purchase via a 60 day extension.

The bill also provides a new existing homeowner credit - if you've lived in your current home for 5+ years you qualify for a $6,500 credit on a new purchase (there probably won't be a lot of San Francisco trade-ups to $800,000 since that's often a beginner condo/home in many San Francisco neighborhoods).

To start a home search in San Francisco try www.SF-MLS-Search.com/welcome.html and feel free to contact the SFisHOME team for help at info AT sfishome DOT come

What’s Happening in San Francisco, Marin, the Peninsula and South Bay


For Saturday Nov 7th and Sunday Nov 8th

SAN FRANCISCO


For more SF listings please: click here


2nd Annual Fabulous Food Festival

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Saturday, Nov 7 10:00a to 5:00p

Price: $10 general / $7 seniors

Phone: (415) 388-7208

Age Suitability: All Ages

at San Francisco Design Center: Concourse Exhibition Center, San Francisco, CA
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What is the creation story behind the tasty marinade or flatbread? How did someone’s family pancake recipe turn into the family fortune? One hundred fifty exhibitors at the 2nd Annual Fabulous Food Festival ARE EXCITED TO INTRODUCE YOU TO THE NEXT BIG TASTE SENSATION! Pacific Expositions invites everyone to explore and discover what’s NEW, HOT, SPICY and COOL just in time for the home chef’s holiday entertaining and gift creations!


27th Annual San Francisco Jazz Festival presents Milton Nascimento --------------------------------------------------------------------------------

Saturday, Nov 7 7:00p

Price: $25/$40/$55/$75

Phone: (866) 920-5299

Age Suitability: All Ages

at Nob Hill Masonic Center: Nob Hill Masonic Auditorium, San Francisco, CA


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Milton Nascimento is one of Brazil's most famous vocalists. For this performance, Nascimento focuses on the bossa nova standards that provided him with early inspiration, songs he explores on his 2008 album, Novas Bossas. It’s a rare opportunity to hear one of the world’s most beloved and influential musicians delve into the songs that shaped him.



3rd i's Seventh Annual San Francisco International South Asian Film Festival
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Saturday, Nov 7 12:00p to 10:00p

Price: $10 general; discount passes available

Phone: (415) 835-4783

Age Suitability: Teens and up

at Castro Theatre, San Francisco, CA

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From art-house classics to documentary films, from innovative and experimental visions to cutting-edge Bollywood, 3rd i is committed to promoting diverse images of South Asians through independent film. The 2009 festival includes offerings from India, Afghanistan, Bangladesh, Australia, Canada, Germany, UK and the USA. read more


African Dance and Drum Festival
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Saturday, Nov 7 9:00p to 11:00p

Price: $25, Seniors & Students $20

Age Suitability: None Specified

at African American Art and Culture Complex, San Francisco, CA

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The Sixth Annual San Francisco African Dance and Drum Festival runs from November 4,- November 8, 2009. The Festival has been enjoyed by over 1,000 attendees each year. The Saturday, November 7th, 9pm Gala African Dance and Drum Performance Features master drummers and dancers including Ndeye Gueye (Thiossanou African Dance Company), "Bontle featuring Neopolitan", Ousseynou Kouyate, Mohammed Kouyate, and many more - at the African American Art & Culture Complex, 762 Fulton,San Francisco.


MARIN



Marin Art School 2009 Student Show
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Saturday, Nov 7 9:00a to 9:00p

Price: Free

Phone: (415) 499-6014

Age Suitability: None Specified

at Marin Civic Center: Marin Veterans Memorial Auditorium, San Rafael, CA

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Adult students of the Marin Art School in Novato are showcased in this exhibit at the Marin Veteran’s Memorial Auditorium in San Rafael. This exhibit in the Redwood Foyer is not open to the public daily. Those attending Marin Veteran’s Memorial Auditorium events are welcome to view the exhibit. The public IS invited to the public reception hosted by Marin Arts Council and Friends of Marin Center from 5 to 7 p. read more


Open Secret Bookstore & The Rainbow Body Cultural Center
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Saturday, Nov 7 11:00a

Price: Varies

Phone: (415) 457-4191

Age Suitability: All Ages

at Open Secret Bookstore, San Rafael, CA

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Open Secret Book, Music and World Art Gallery and the Rainbow Body Cultural Center celebrate our 20th year in San Rafael

Come enjoy a cup of homemade chai tea & nestle on a comfortable couch with a good book. Find healing in the bookstore's art-filled temple and enjoy the variety of daily events including, tarot, meditation, lectures and cultural performances.


PENINSULA & SOUTH BAY


20th Annual Dickens Faire at Bethel Church
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Saturday, Nov 7 9:00a to 5:00p

Phone: (408) 246-6790

Age Suitability: None Specified

at Bethel Church of San Jose, San Jose, CA

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The Women's Mininstries of Bethel Church will be sponsoring their 20th Annual Dickens Faire, November 6th, 10am-8pm, November 7th, 9am-5pm, and November 8 Noon-3pm. Over 50 vendors from all across the Bay Area. Stroll the aisles to find holiday, decorations, handmade arts and craft, antiques. Have lunch or dinner at the Holly and Ivy Cafe. read more


Pioneer High School Boutique
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Saturday, Nov 7 9:00a to 4:00p

Phone: (408) 535-6310

Age Suitability: All Ages

at Pioneer High School, San Jose, CA

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Holiday Boutique at Pioneer High School, November 7th from 9:00 am to 4:00 pm. this is a fundraiser for the school radio station. Vendor space still available. Located at 1290 Blossom Hill Rd, between Meridian and Almaden Expressway it's a great shopping location.


Kitten and Cat Adoption Fair
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Saturday, Nov 7 11:00a to 3:00p

Price: free admission

Phone: (888) 538-9402

Age Suitability: All Ages

at Petco, Redwood City, CA
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Come and join us for a spectacular adoption fair. We are adopting out many adorable kittens and cats!! We are Humanimal Connection... a non-profit, no-kill organization that is run entirely by volunteers.


11/6-11/8: Mel Cotton Sporting Goods' Resort Days 2009. Free Lift Ticket!
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Saturday, Nov 7 10:00a to 9:00p

Price: FREE

Phone: (408) 287-5994

Age Suitability: All Ages

at Mel Cotton's Sporting Goods, San Jose, CA

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Join Mel Cotton Sporting Goods for Resort Days 2009! Don’t miss Mel Cotton’s million-dollar kick-off sale, with all ski and snowboard gear at the best prices of the season including snow bibs at $24.99 and retired rental skis from $50. Spend $50 at the event and get a lift pass to Bear Valley or spend $100 and get a pass to Kirkwood while supplies last.

Case-Shiller home price index: San Francisco MSA

Results for Case-Shiller home price index: San Francisco MSA

I lifted a bit of research from a SocketSite commenter named "HappyRenter" and added a bit more analysis to see what's been happening with San Francisco "MSA" home prices (think Bay Area, not just the City of San Francisco, when looking at MSA numbers).



If the above is a bit hard to read check out the online PDF at http://homesofsf.googlepages.com/Case-Shillerresearch.PDF

Note that prices bottomed in both tiers in April 2009 (think March since contracts probably happened then, with Closes in April). This is in line with March Stock market bottom. Since the bottom prices are up 16.5% and 13.2% respectively in the Top and Bottom tiers. Those are pretty amazing jumps, and probably why Robert Shiller said we may be entering into another bubble.

Of course this hasn't happened in the City of San Francisco, but some believe we're tracking the larger MSA but on at a much delayed pace. So we've yet to bottom, and are not currently going up. Others believe we did bottom in March and have risen slightly. In my opinion the City is too large and diverse to draw any one conclusion. Every neighborhood, price range, and type of property is reacting differently. If you have questions on "your market", feel free to drop us a line and we'll do an analysis for you if you don't currently work with another Realtor.

Conforming Loan limits extended

Conforming loan limits for high-cost areas of the United States will remain at $729,750 through the end of 2010 following action in the House and Senate this week to extend the ability of Fannie Mae, Freddie Mac and the Federal Housing Administration to make and purchase those bigger loans.The higher limits were set to expire Dec. 31. The extension removes some year-end uncertainty for mortgage companies, which had already been preparing for lower limits. Without the new law, the high-cost loan limit would have fallen back to $625,500."Given the lack of a private secondary mortgage market, FHA, Fannie Mae and Freddie Mac are pretty much the only game in town," said Robert Story Jr., chairman of the Mortgage Bankers Association. "Extending the current loan limits through 2010 will allow more loans to qualify for these important programs and will help keep mortgage credit more accessible and affordable for qualified borrowers.""As we try to maintain the momentum of the housing recovery, providing affordable financing for qualified borrowers is critical. Extending the loan limits, along with other initiatives such as extending and expanding the home-buyer tax credit, will help restore stability to the housing and mortgage markets," he said.The jumbo mortgage market, loans that are above the Fannie/Freddie/FHA limits, virtually froze in the credit crunch of the last year, limiting the ability of borrowers and buyers in many cities to purchase or refinance homes. The higher limits, along with efforts by the Federal Reserve and Treasury to buy up mortgage securities, was meant to maintain liquidity in the mortgage markets.Fannie and Freddie, though, have there own problems. They are held in receivership by the government, and the debate over their future is a contentious one. Legislation to overhaul the mortgage agencies could come next year, but its shape is anything but certain.In the meantime, the FHA has become the lender of choice. As much as one-third of new mortgages today are being underwritten by the agency, which does not provide the loans but offers an insurance guarantee backed by the U.S. to lenders, with some lenders reporting 50% or more of their business is with the FHA.That has skeptics, who cite troubling default ratios in recent FHA loans, worried that the next big bailout will be of that agency.-- Steve Kerch, assistant managing editor/personal financeHOME-BUYER TAX CREDIT IS ADMINISTRATIVE NIGHTMARELast November, J. Russell George, the Treasury Inspector General for Tax Administration, warned the Internal Revenue Service that if they didn't ask for documentation from people filing for the first-time home-buyer credit, there would be fraud. The IRS ignored the advice. The result? The IRS doled out about $620 million to ineligible filers. Big deal, you might say. How does it affect me? Well, thanks to the problems, the IRS is now checking every return by hand.If you're among the millions of people who bought or plan to buy a first home in 2009, be prepared for long delays in getting your tax refund sent to you
sent from a BlackBerry

Short Sales on the rise but not REO's

Short Sales on the rise but not necessarily REO's

Word on the street is that while Notices of Default may be on the rise - that does not mean you should expect a rise in REO's.

The reasons:
1) Lenders are starting to finally figure out that Short Sales can save them time and money vs. REO's.

2) In areas outside of the City of San Francisco where an investor might buy REO's in bulk from a bank - the public may not see any evidence in a rise in REO's because they are turned around and placed on the market NOT as REO's because they aren't anymore.

Similar to yesterday's post - one of the conclusions is that there's more than meets the eye when trying to read the market.
sent from a BlackBerry

Could San Francisco home prices rise dramatically again?

Could San Francisco home prices rise dramatically again?

I thought I was reading an old article when I read Robert Shiller of Case-Shiller said "It is entirely possible that even with the bad news we are getting, home prices could start a major increase….what happens from here will depend on people's animal spirits and speculative impulses,"

Click here for the link to the article.

The article specifically references San Francisco:
"Home prices in certain areas like San Francisco, have risen by double-digits over four months, and if viewed on an annualized basis, they look like they are in 'bubble territory,' Shiller said."

When the Case-Shiller Index refers to "San Francisco" they are usually referring to the San Francisco "MSA" or what I'd refer to as the "Bay Area". There definitely have been pockets of strength in the City of San Francisco recently, but for big gains you can look outside of the City in low-cost areas where investors and first time home buyers are snapping up foreclosures. I predict gains to be realized in the next few reports for two reasons - the reports are old news, and Closed sales are actually reflect the month earlier action - you contract at a price, and don't get it reported until it Closes, often 30 days later.

Home prices fell off a cliff starting in late September 2008. We're probably a few weeks from seeing how this September did vs. last September, but the real news will be October over October and even November over November since again, a November sales price reflects a October contract - immediately after everyone was worried sick about the economy.

The month over month reports should be extremely interesting for a full year - and could - as Robert Shiller suggests - cause a new bubble mentality with reports of big increases leading to even bigger increases.

Foreclosure vs. Short Sale - which is best

Foreclosure vs. Short Sale - which is best?
Well neither is good. But there has been a lot of noise that Short Sales are so much better for owner/sellers than Foreclosures. From what I can tell some of the claimed advantages just aren't true. There are some advantages though.

Firstly, reviewing pages 3 thru 5 at eFanniemae.com's 2008 0816 announcement which describes underwriting rule changes in how Fannie Mae treats bankruptcies, foreclosures, short sales and other negatives transfers. If you go through a Short sale, they won't loan to you for 2 years. If you go through a foreclosure they won't loan to you for 3 to 5 years depending on whether you had "extenuating circumstances".

But the "noise" I am referring to about foreclosures supposedly being better than Short Sales is that from all indications your credit rating will get severely damaged in either scenario, and it's probably unlikely that your credit score will be high enough in 2 years time to qualify for any decent loan.

So is a Short Sale really better than a foreclosure? I think that's a case by case question.... and one you probably need to discuss with an attorney especially since one of the biggest questions is when and how a lender can go after you for a "deficiency judgement" on the amount owed.

SF Water ordinance update

San Francisco real estate Water Ordinance update:
It's official, Sellers must get a water inspection, fix any problems, and once you pass the inspection have it recorded. I hired Alex Mak Energy 415-533-3322) recently for $100 inspection and $75 recording fee. That was after a few calls and I figured I had found the best price until a colleague recommended Timothy Branham (415-269-9361) who charged $40 less.

The inspections took all of 10 minutes, so hopefully in time these might get even cheaper. Of the two inspections I needed for my listings, one passed, the other needed a new toilet - and Alex Mak got the toilet and installed it for $300.

For more on the Water Ordinance you can download the City's pamphlet at
http://homesofsf.googlepages.com/WaterOrdinanace.pdf

3011 Jackson St #2 - new SFisHOME Group listing

New listing from the SFisHOME Group: 3011 Jackson St, #2, San Francisco, CA 94115

Click on "view detailed listing" link below to check out the video walk and larger photos, description, etc.

New listing: Luxury San Rafael Condo

Just Listed: 187 Professional Center Parkway, San Rafael

New on the Market. This exceptional property has been completely remodeled and has everything you need to enjoy your days off on the spacious back deck just soaking the sun or designing your own garden, because everthing else has been done for you. This home also features a media room/family room, home office/sleeping loft, balcony with views of Marin Hills, laundry room & 2 car garage parking with storage. Minutes to the 101 for an easy commute (15 Mins to GGB) and Terra Linda Farmer's Market, Shopping Mall, Mulberry's Pizza and Scotty's Market.

Tim Geithner can't sell his home

From The Daily Show - Tim Geithner's home:

Home Crisis Investigation

The Daily Show With Jon Stewart	Mon - Thurs 11p / 10c
www.thedailyshow.com
Daily Show Full Episodes Political Humor Spinal Tap Performance

FHA loans in San Francisco

FHA loans in San Francisco - "spot approval" for your condo.

I just got off the phone with a lender I know at Bank of America who explained that it's very costly and time consuming for a building to get FHA approved, but very easy for a Buyer to get the particular condo unit they are interested in approved.

There are lots of criteria that must be met, but they are pretty basic and relatively easy info to track down. I'm quite sure the following list is not complete, so call your lender (or contact me and I'll provide my lender's contact info) for more details.

1. 7+ unit building - so condos in 2 to 6 unit buildings don't qualify
2. 51% owner occupied. That's a pretty low bar if you ask me
3. no "special assessments" in the past 12 months, and none planned
4. no current legal action against the building

The benefits of FHA loans are that as little as 3.5% downpayment is required, and your credit doesn't have to be as squeaky clean as a "normal" loan.

You might say "didn't low down with sub-par credit get us into the trouble we're in now?" To that I'd say 'yes', except I'm quite sure you have to prove your income to support your payments which is NOT what was happening in the crazy days that led us into this mess. In addition, San Francisco prices have already dropped, and the belief that real estate will only got up is now gone. Having SOME availability of decent loan products is important. Having a plethora of loan products for anyone who could breath (and some who couldn't when the con men got involved) was what really got us in trouble.

So if you earn a good income, but don't have a ton of money saved up, or your credit isn't what it could be, and you are interested in either a Single Family home, or a condo in a 7+ unit building, be sure to ask your lender how the FHA loan stacks up. For condos, ask the Listing Agent, the HOA Board or the Property Management firm the basic questions about assessments, litigation and owner-occupancy percentage. Your lender should also have a form that will need to be filled out.