This is from a contact at The Potrero: "By the way, we are getting ready to roll out a great new incentive on all of our 1-bedroom homes in the next week or so. It is going to be a “6 months of no mortgage payment program!” I will send you more information as the program is finalized, but if you have any 1 bedroom buyers on the market, this could be helpful for them!"
If you are in the market for a one bedroom in San Francisco and want to be in a great location in one of the, in my opinion, better new condo buildings, call me and we can talk more. I know of some other 'special agent' incentives that we can get you as well!
Even if you are not preapproved, feel free to call Ye and just tell her that you read this article and she will ask you a couple of questions and then give you her thoughts as if you would qualify to buy with this program.
Also, there is a two-bedroom that was put into contract the first week the building was on the market that JUST coming back on this week. It is not even in the MLS. Top floor, corner unit with perfect downtown and bay views. One of the best units in the building. I got the sell price and incentive program for this too.
Art Bruzzone, the host of the popular local show "San Francisco/unscripted" (On Comcast) will interview John Asourdian, President, SF Association of Realtors. The topics will obviously include the San Francisco Housing market.
Richard Sonnenheim, former English Professor, will also be interviewed on his San Francisco and how the city has changed.
Sounds like a good show, and should be of interest to anyone interested in San Francisco real estate.
There is a great video titled "Where is the market headed" with Leslie Appleton-Young, Chief Economist, California Association of Realtors. This woman is exceedingly brilliant.
This is NOT a puff piece, but just a good overview of the current market in both California and the Bay Area. If you start about halfway through you will get the information that is more pertinent to San Francisco, but the whole video is good and should be watched.
Click Spotlight with Tom Sinkovitz below, and the 2nd video is "Where Is the Market Headed?"
(Learn more about buying, selling and financing
real property. Click on the link to view video
features on contemporary real estate subjects.)
The main points of this article are:
- Only 12% of California homeowners have earthquake coverage.
- It is "extraordinarily expensive" ($100-$200 or so a month for a $700,000 property).
- Most policies have a 10-15% deductible.
- For most, alternative is bolting the home to the foundation and reinforcing particular parts.
- In Loma Prieta 43,000 homes were damaged, 75% of them less than the deductible.
- Property built on bedrock better than landfill.
- The California Earthquake Authority (CEA) is the state agency that funds coverage.
- Insure for cost of rebuilding, not appraised value.
- "It makes sense to link insurance with your equity status."
To buy or not buy earthquake insurance is a personal decision. We do not have earthquake insurance, but we live in a single family home on bedrock that is bolted to the foundation.
Two things to look at when considering this are in the disclosure package you sign(ed) when buying property.
Report of Residential Building Report (3R)
In the 3R section 7 lists "Construction, conversion or alteration permits issued, if any". If you see anything for years 1989-1991, see if it looks like it could relate to work done due to damage from the Loma Prieta earthquake and ask about it.
Natural Hazards Disclosure Report
The NHDR is typically prepared by either JCP or Property ID. Click here to read more about the NHDR from JCP.
In the NHDR there is a map cover page that shows the various hazard zones in which the property is located. Check this out and then see if the property you are buying was built to meet the cities guidelines regarding the hazard in which it is located. The City does have building requirements that builders and developers have to meet for hazards such as earthquakes and others. Click here for the Department of Building Inspections page on earthquake preparedness, hazard maps, etc.
MY THOUGHTS: You should always check to make sure that the property you are buying has been built or retrofitted to meet current building codes which take into account the hazards relevant to the San Francisco Bay Area. Newer buildings and homes typically meet these standards. Many others have been retrofitted to provide better protection.
As always, call or email us for more information, to discuss this in more detail or to have us help you read the map for your property.
This is a map of places we like, and we recommend everything on here personally.
(Note, you can pan east, west, north and south, and zoom in and out just like any other Google map. Click Legend, show marker titles to see the titles on top of each icon)
Click each icon for pictures, information, directions and website for each place!
All photographs in video are within a 10 minute
walk of the property. All interior photos are from the MLS
Listing.
Click below to play the video.
It has two levels of living space connected by
catwalks suspended just below the 18' concrete ceiling, compelling
city views seen through glass enclosures and walls that adjust and
define different uses for different desires. With over 4000 square
feet, the loft is the combination of three lofts merged into one
gorgeous, artistic space and can be 3 BR, depending on need, with
2.5 BA. It also has 2 pkg & 3 storage units.
Price: $2,400,000
MLS Listing:
Here
Listing Agent: Jito Garcia, McGuire
Our clients ratified a beautiful TIC in a 19th Century Victorian on July 2007. In the disclosures (which we read before we submitted the offer but did not approve) it stated that the fireplace needed a lot of work, and that it might not work and suggested that the buyers get their own inspection (this is code for "The fireplace does not work." usually).
I called the Listing Agent to let him know that I had arranged (on behalf of my buyers) for a fireplace inspection/repair service to come over and give us a quote to fix everything and get the fireplace working. Turns out all the work that the inspection referred to had already been done, but the information was not in the disclosure package. Huh?
I called the company that I was told did the work, confirmed with them that they did do the work, and I had them come out and give us a walkthrough on what work he did and to confirm again in person that the fireplaces were ready to use.
Jeff Friedman from The SF Chimney Sweep met us at the property at 8am and gave us a great courtesy review and walkthrough on the work he did and he said that the fireplaces were ready for use. Thanks Jeff.
The buyers are of course happy and relieved that the fireplace they thought they were going to have to fix is now ready for use!
FOR BUYERS: Always make sure to have professionals inspect any and every system of the house that you have reason to suspect may have a problem as fast as you can after you ratify and as far away from the contingency removal date as possible! In this case, there was an inspection done on the fireplace that was included in the disclosure package.
But often times the Seller will not have these types of inspections performed, and the buyers then have to rely on the Property Inspection to raise further concerns about various components and sytems in the house. The Property Inspector would probably not be able to give you a detailed analysis on the fireplace during his inspection, but he would at least recommend verbally and in his written report to have a professional look at the fireplace.
From the San Francisco Chronicle, 8.5.2007 Section L Open Homes, Robert Bruss, Mailbag
The question centered on a heating system that failed to work shortly after the buyers moved into their new townhouse. They say that a local heating contractor told them that the complex was aware of the problem, yet neither the seller nor the listing agent ever told the buyer about it.
Now they want to know what to do.
First, it sounds like the buyers did not have a property inspection. Often times, this type of problem would be found during a professional property inspection. I do not think it makes sense to pay $500,000 - $2,000,000+ on something and then not to pay $500+/- to have a professional inspection completed. And a good property inspection is a great introduction to your new home. I am always happy that our clients have property inspections done. But it is amazing how many buyers do not do it. Click here for a sample report from David Milazzo for a Condominium and for a House.
At this point, If I was the buyer's agent....I would call the listing agent and their broker and tell them that I thought they had a disclosure issue problem. And that my buyer felt that the listing agent (who should have known that the heater did not work) and the real estate firm were liable for the cost to fix the heater.
This highlights why it is good to work with reputable agents and firms. While mistakes can happen anywhere, reputable firms have Errors and Omission Insurance to cover......errors and omissions. Which this may be.
This also illustrates the importance of a Home Warranty. While we do not know what kind of heater it was exactly, a Home Warranty plan may cover this type of item. Look for the blog entry for Home Warranty for more information (coming August 14, 2007) on what a home warranty covers.
We buy a Home Warranty for all of our buyer clients. And several of our clients have saved lots of money because of it!
This is a good article about what stays with the property and what does not when it is sold.
Item 9 of the Contract for the Sale and Purchase of Real Property copyright San Francisco Association of Realtors (the contract used for making an offer on property in San Francisco, CA) states:
"Fixtures: All fixtures and fittings attached to the Property and major appliances for which custom openings or encasements have been made are included, free of liens, in the Purchase Price, including electrical, lighting, plumbing and heating fixtures, hardware, solar systems, screens, awnings, shutters, window coverings, drapes, curtains, and related hardware, attached floor coverings, television antennas/satellite dishes and related equipment, water softening systems, air coolers or conditioners, pool and spa equipment, mailbox, garage door openers and transmitters, security systems, private telephone systems, trees, shrubs and outdoor plants planted in the ground, and items permanently attached to the Property, except for:_________________"
But in practice, it is best to actually write in anything you want that you are unsure of in item 10, Personal Property.
Item 10 states: (For Residential Property) Note to Buyer: Personal Property items listed in the marketing materials are not included in the sale unless specified here. The following personal property on the Property at the date of Acceptance is included in the sale, free of liens and without warranty of condition:______________________"
Even though items such as curtains, built in microwaves, etc. are included under item 9, it is best to list them in item 10 to avoid any confusion or problems down the road.
So if you love that original light fixture in the living room or those silk curtains in the bedroom, make sure you list them in item 10, even though they are included under item 9 and save yourself the disappointment and hassle later when you walk into your new home for the first time!
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