Luba Muzichenko

San Francisco Realtor

Archives for July 2009

Has the San Francisco Real Estate Market Hit the Bottom?

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Yesterday, I sent a tweet saying that “Real Estate Sales in San Francisco are MOVING! Mutiple offers and overbids are back! The bottom of the market is here!”

 

While I’m not ready to call the bottom of the market just yet, it seems that the New York Times is!

 

Today, I got my weekly email from the California Association of Realtors where they had the following to say: 

 

3-year descent in home prices appears to be at end

According to recent reports and forecasts by housing analysts, the three-year descent in home prices appears to be at an end.  Eight cities, including San Francisco, showed price increases in May, up from four in April, and one in March, according to Standard and Poor’s/Case-Shiller Index.  For the first time since early 2007, the index of 20 major cities was virtually flat, rather than down.
 

MAKING SENSE OF THE STORY

 

 

·      Earlier reports show that sales of existing homes nationwide rose last month for the third consecutive month, while sales of new homes increased in June by the largest percentage in eight years, according to the NATIONAL ASSOCIATION OF REALTORS® (NAR) and the U.S. Commerce Dept., respectively.

 

 

·      Although some skeptics believe the market is pausing before home prices decline further, the median price in California’s housing market appears to be stabilizing.  June marked the fourth consecutive month of rising home prices and the second largest gain on record for the month of June, based on statistics dating back to 1979.  The year-to-year decline in June also was the smallest in the past 16 months.

 

·      The S&P/Case-Shiller price index for 20 cities showed a half-percent gain when May was compared with April.  It was the first month-over-month increase in the index in 34 months.  “It is very possible that years from now we will say that April 2009 was the trough in home prices,” said Maureen Maitland, vice president for index services at Standard & Poor’s.

 

 

·       One explanation for the increase in median prices is the rise in demand from buyers, especially first timers taking advantage of the $8,000 federal tax credit, which expires in December.  The NATIONAL ASSOCIATION OF REALTORS® (NAR) is lobbying for the tax credit to be extended and to be replaced with a $15,000 credit for all buyers.

 

 

·      Another factor in the market’s resurgence is the prevalence of foreclosures, which make up about a third of all existing home sales.  “Although another surge of foreclosures is expected later this year, demand remains strong, so the market may be able to absorb more distressed properties without significantly impacting the median price,” said C.A.R.’s Chief Economist Leslie Appleton-Young.

 

To read the full story, please click here

So folks, while there’s no way to recognize the bottom of the market until long after it’s passed, the fact is that the buyers are back out in the market and they are bidding, and they are buying. 
While there’s no guarantees that SF real estate has truly hit its bottom, I’m feeling pretty good these days.  My listings have had a ton of activity, my buyer clients are pre-approved and ready to make offers and overall, most agents I talk to are pretty upbeat that the market is, indeed, picking back up. 
If you have specific questions about the real estate market in your nook of SF, give me a holler at 415–307–1392.  We can talk about whether now is the right time for you to buy or sell your San Francisco Home.
 

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June 2009 San Francisco Home Sales Data is Here!

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Yet again, Luba’s San Francisco Real Estate Blog brings you latest San Francisco Real Estate market report here. (You can also view previous market updates by selecting the archives on the upper right portion of the screen).

Heres’s a little glimpse of the report:

Sales of single-family, re-sale homes and condos continued rising last month as we move through the Spring selling season. Home sales were up 16.9% from May, off 2.41% year-over-year. Year-to-date, home sales are down 17.1%.

Condo sales were up 20.5% month-over-month, but off 15% compared to June 2008. Year-to-date, condo sales are down 33.9%.

The median price for single-family homes rose for the third month in a row The median price rose 3.2% from May, but was down 5.7% year-over-year. The average price also rose, gaining 9.5% month-over-month, but down 12.3% compared to last June.

The median price for loft/condos in San Francisco dipped 0.5% from May, and was down 15.1% year-over-year. The average price for condos fell 5.4% month-over-month, and was off 16.2% year-over-year.

Read on for full details.

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Coming SOON! Single Family Home in Noe Valley: 2BR 1BA $699K

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Yes, you read that list price correctly. 

 

It’s not a short sale, it’s not an REO, it’s a single family home in Noe Valley that’s been in the same family since the 1960’s!

Built in 1900, it’s a 2BR 1BA single family home with a dining room that is move-in ready.  It has new carpets (with softwood floors under the carpet that can be refinished), new appliances in the kitchen (including a Wolf stove and stainless steel fridge) but could use a little TLC to make it really sparkle.  It is also is zoned RH2, so the possibilities are endless.  There is no parking, but most of the neighbors have added a garage at street level. 

 

We will be setting an offer date for this property but I wanted to give my blog readers a heads up that it’s coming, it’s coming soon, and it won’t last long!

 

Call me at 415–307–1392 or email me if you have questions!

 

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San Francisco Fast Facts June 2008 vs. June 2009

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San Francisco Association of Realtors District Map

For those of you that like your SF real estate market data without commentary, here ya go.  Take a look, check it out, come to your own conclusions.
Or you can always ask me questions. 

 

Fast Facts

Single Family Homes 

Condo
 
2-4 Units

 
 

NUMBER OF UNITS is the equivalent of number of sales/transactions. For condominiums, each unit is treated as a sale. For 2- to 4-unit buildings, the “building” is treated as a sale.
NUMBER SOLD is the number of properties in the market segment that closed escrow during the month.
NUMBER FOR SALE is the number of active properties on the market for one day or more during the month.
MEDIAN PRICE (SOLD) reflects the “middle” price point of a group of properties that have successfully closed escrow on a monthly basis, i.e. half sold for more and half sold for less than the median price. Tracking the movement of median prices over time provides a good indicator of the direction market forces are moving.
If the percentage change is positive between the two periods then there is upward pressure on prices in that market segment. If the percentage change is negative between the two periods then there is downward pressure on prices in that market segment.
AVERAGE DAYS ON MARKET (DOM) reflects how long it has been taking (on average) to draw an offer on a reasonably priced property exposed to the market. The AVERAGE DAYS ON MARKET is defined as: The average number of days it took all of the properties that went under contract during the period to accept a first position offer.
MONTH’S SUPPLY OF INVENTORY (MSI) is a measure of how long it would take, in months, to sell the existing inventory at the current sales rate for the specific neighborhood and property type. The MONTH’S SUPPLY OF INVENTORY is defined as: The number of active properties on the market for one day or more during the month, less the number of properties that have been withdrawn or expired, divided by the number of properties that have gone under contract during the month.

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Data provided by Terradatum.

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Sunday Streets in the Mission – July 19th, 2009

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Be sure not to miss out on our last Mission event of the summer, this Sunday July 19th!

In just a few days we will be heading back to the Mission for the last time this year, so whether you missed last month’s event or just couldn’t get enough make sure to join us there this Sunday from 10AM to 2PM! What better place to ditch the car and get some exercise than the lively, culture-rich Mission district? It’s the same route as last time with many of your favorite attractions– such as the amazing Aztec Dancers, a roller rink with free lessons and skates, free dance and yoga classes, and much more! See the purple section below for highlights of the next event and go to our website at www.sundaystreetssf.com for the full list of programming and route map.

Save the Date: Sunday Streets on the Great Highway August 9th and September 6th

That’s right: we’re headed to the coast for our last two events of the summer where we will be closing off both sides of the Great Highway from Sloat Blvd all the way to Golden Gate Park where we continue our route along MLK and JFK Drives! This is a Sunday Streets first and we can’t wait to have some fun in the sun right next to San Francisco’s beautiful Ocean Beach. We hope you will join us– mark your calendars now!

 

NEW: Check out Sunday Streets on Facebook and Twitter!
Want to find out more information about the next Sunday Streets? Connect with other fans? Share your thoughts in our Discussions forum? Then find and follow Sunday Streets on Facebook and Twitter. With these new online platforms, you can enjoy the social nature of Sunday Streets between the main events. See you online!

 

Let us know what you think

Sunday Streets is an evolving program that is growing by leaps and bounds. We want to make it better, and your input is important. Please take a moment to let us know what you think about Sunday Streets: Why you like it, how it can be improved, what kinds of programs you’d like to see more of, and where you’d like to see new routes in the future, for example.  We’d also love to see your photos of past events. Go to http://sundaystreetssf.com/?page_id=404 to fill out our feedback form.

New this Sunday: Free Concert from the SF Symphony in Dolores Park!

 

After you’ve had all the fun you can handle at Sunday Streets, pack a picnic basket and head over to Dolores Park for a relaxing afternoon of musical favorites with the San Francisco Symphony, including excerpts from Tchaikovsky’s Swan Lake and Romeo and Juliet followed by Beethoven’s incomparable Symphony No. 5. If you need to drive to the event you can park your car at the Mission Bartlett public parking garage at 21st and Bartlett (between Mission and Valencia Streets), which has a Sunday Special of $2/ per hour. For more info, go to www.sfsymphony.org/summer

 

Sunday Streets is a Pet-Friendly Event!

 

Sunday Streets participants are encouraged to invite their four-legged friends along to join in on the fun. This weekend, we have several programs for pet owners and would be pet owners: the San Francisco SPCA will have information about adoption and pet services (look for the doggie mascot near the kid’s area in Garfield Square Park). We are also setting up a special pet programming area at Mission Playground (19th Street side) which includes adoption information from Pets Unlimited, Pet Grooming Services from Happy Hounds, and pet photography from Dogumentarian and a roving pet photographer. Out of courtesy for others at Sunday Streets, please remember to bring baggies to clean up after your dogs and keep pets on their leashes.

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Do you want to do more to help Sunday Streets?

 

Sign up today to volunteer for our next event! Just a couple hours of your time goes a long way toward making Sunday Streets a success– we provide free lunch as well as a free shirt to sweeten the deal, and you still have time left over to play! 

Volunteer support is crucial for the success of car-free streets, so if you care about the future of the city, please come out and show your support! We truly can’t do it without you, and when we surveyed our volunteers from our first few events, 100% said they enjoyed and want to come back again. Signing up is easy, just go to www.sundaystreetssf.com. The Sunday Streets Volunteer program is managed by the San Francisco Bicycle Coalition.

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SF Recreation and Parks’ Support of Sunday Streets:


In addition to maintaining parks as an essential part of San Francisco’s recreational offerings, Rec and Park provides permits and support for Sunday Streets activities in public parks. The Mission events include Rolph Playground, Garfield Square Park, York Street Mini Park, Mission Playground and Dolores Park.

Rec and Park staff provide needed support by opening and maintaining the facilities at all parks used as part of Sunday Streets programs. Our final two events of 2009 include the crown jewel of SF’s Park system: Golden Gate Park. While a portion of the park is open to non-auto users (closed to cars) for a small segment of roadway each Sunday, August 9 and September 6 Sunday Streets events include a car-free JFK Drive in Golden Gate Park from Stanyan to the Ocean (via MLK Drive South to Lincoln Way).

Thank you!

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Sunday Streets is co-sponsored by San Francisco Mayor Gavin Newsom, the City and County of San Francisco, and the SF Municipal Transportation Agency. These events are made possible by generous support of our sponsors and the hard work of hundreds of volunteers who serve on various committees and provide safety support at each event.  We appreciate everyone’s contribution to making Sunday Streets a success.

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What is your Addiction? – Surf Addict's San Francisco Surf Clinic for beginners

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I’m all about following your dreams.  And recently, a client, friend and neighbor of mine decided to venture out and start his own company, Surf Addict!  So, here’s a shameless plug for an awesome local company serving SF’s surfing community.

 

Surf Addict is a San Francisco based company that provides clothing, accessories, information, resources and training for Action Sports.

 

And now, Surf Addict is offering, for the first time, a six week beginner surf training program, to be held at the Bay Club Financial District, in San Francisco, CA.

 

The Surf Clinic was carefully designed to incorporate in-class surf theory and athletic components, to enhance one’s surf conditioning and performance. Training sessions will integrate the following areas: 

 

– Surf Environment, Equipment, Technique, Training, Safety & Etiquete

– TRX Suspension Training

– Core Training

– Flexibility Training

– Strength Training

– Cardiovascular Training

– Swim Technique

 

Many of the topics above will be delivered or led by surf world personalities such as:

 

  • Jeff Clark, the Mavericks pioneer surfer and big wave rider from the Bay Area
  • Alex Martins, Yoga teacher and big wave contest rider from Brazil
  • Joao de Macedo former pro-surfer and author of the surf book “How To Be A Surfer“.  

These surfers are known to have surfed world class waves such as Pipeline, Waimea Bay and Mavericks. They will share their unique knowledge and legacy and will be available to connect with a small group, with one on one interaction on scheduled clinic days.

 

At the end of the clinic, in addition to being able to ride their first wave, students will be left with a strong framework to build their new surfing experience on and bring their surfing to the next level.  During the graduation reception, to be held at Surf Addict’s headquarters, students will receive a Surf Addict Surf Clinic certificate of completion and will share the celebration with local pro-surfers and other members of the surf community.

 

Surf Addict will donate a percentage of proceeds from the Surf Clinic to SurfAid International and Save the Waves Coalition.

 

Surf Addict Surf Clinic for beginners

at the Bay Club Financial District

 

July 21 – August 27

 

Tuesdays & Thursdays

6:30 – 7:30 pm

 

Prices

Bay Club Members – $ 450

                 Guests – $ 570

 

***Surfboard and wetsuit rentals may apply.

 

For more information, please contact [email protected] or by phone at 415-948-5889.

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Who Built YOUR San Francisco Home?

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Western Neighborhoods Project board member and architectural historian Richard Brandi will show you how to search city records and other archives to find the builder or architect of your San Francisco house and when it was built.

 

Richard will demystify the process and show how you can find the information without too much heartache. The seminar is focused on houses built in the western part of SF, but many of the techniques can be applied to homes in any city neighborhood.

 

Please bring any building records or questions you have about your house. This is a fundraiser for Western Neighborhoods Project.

 

Admission is just $15 and benefits the Western Neighborhoods Project

 

Jul 15th, 2009 7:00pm (Wednesday) at

 

Covenant Presbyterian Church

321 Taraval Street @ Funston 

  

Contact: Richard Brandi [email protected]

 

 

 

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San Francisco Economic Resource Fair

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Many people these days are finding themselves in extreme financial hardship.  Whether it’s a sudden lay off, credit card debt, or a mortgage adjusting to unaffordable heights, money problems are stressful and trying to find the solutions to those problems can be overwhelming.

Supervisor Chu and Congresswoman Jackie Speier have teamed up to help families in financial crisis.  “Crisis to Recovery”, an economic resource fair, will be held on Saturday, July 25th  at Dianne Feinstein Elementary School.  HUD-approved, non-profit credit counselors will be on site to explain your options with mortgage, credit, and debt problems.  Representatives from various City Agencies will have information on employment, healthcare and other resources.   Learn from speakers about how to seek a mortgage modification, property tax reassessment and avoid foreclosure scams.  Counselors will be available in Cantonese, Mandarin and English.

Free registration begins at 9:30 am at Dianne Feinstein Elementary School at 2550 25th Avenue.  For more information about “Crisis to Recovery”, call our office 415-554-7460 or email us at [email protected].

File Attachment: Crisis to Recovery Flyer July 25_2009.pdf (3078 KB)

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San Francisco Real Estate Market Focus (Fast Facts) June 2009

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San Francisco Association of Realtors District Map

For those of you that like your SF real estate market data without commentary, here ya go.  Take a look, check it out, come to your own conclusions. 

Or – you can always ask me questions. 

Market Focus (Formerly Fast Facts)

(Editor’s Note: Set forth below are Supply/Demand, Sales Rate and Median Price charts for the month of June. Also included is an extra report showing the number of single-family homes that went under contract in June (the highest number in the last 13 months—good news  ).)

NUMBER OF UNITS is the equivalent of number of sales/transactions. For condominiums, each unit is treated as a sale. For 2- to 4-unit buildings, the “building” is treated as a sale.

NUMBER SOLD is the number of properties in the market segment that closed escrow during the month.

NUMBER FOR SALE is the number of active properties on the market for one day or more during the month.

MEDIAN PRICE (SOLD) reflects the “middle” price point of a group of properties that have successfully closed escrow on a monthly basis, i.e. half sold for more and half sold for less than the median price. Tracking the movement of median prices over time provides a good indicator of the direction market forces are moving.

If the percentage change is positive between the two periods then there is upward pressure on prices in that market segment. If the percentage change is negative between the two periods then there is downward pressure on prices in that market segment.

AVERAGE DAYS ON MARKET (DOM) reflects how long it has been taking (on average) to draw an offer on a reasonably priced property exposed to the market. The AVERAGE DAYS ON MARKET is defined as: The average number of days it took all of the properties that went under contract during the period to accept a first position offer.

MONTH’S SUPPLY OF INVENTORY (MSI) is a measure of how long it would take, in months, to sell the existing inventory at the current sales rate for the specific neighborhood and property type. The MONTH’S SUPPLY OF INVENTORY is defined as: The number of active properties on the market for one day or more during the month, less the number of properties that have been withdrawn or expired, divided by the number of properties that have gone under contract during the month.

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Data provided by Terradatum.

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Can an LLC Buy San Francisco Real Estate?

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As a Realtor, people ask me all sorts of real estate related questions.  The latest question I received was whether an LLC could buy property in San Francisco.  And, well, the answer is a mixed bag. 

Sometimes, I have the best answers.  Other times, I turn to people on my “super star team!”  (Some members of that team include escrow officer, Michelle Patterson of Old Republic Title, stagers Lisa Violetto and Gary Tarmine, and mortgage broker Marc Geshekter.)

This time, Marc Geshekter comes to the rescue with an explanation about LLC’s and property ownership in SF:

Most lenders today are not interested in lending only to an LLC as the only recourse a lender would be to hold only the LLC liable for the debt or take control of the property.  Lender enforced foreclosure is a losing proposition for a lender and is something that lenders try avoid as much as possible.  Lenders today are fully aware of the fact that one of the purposes of an LLC is to help shield its members from possible liability arising from the business dealings of the LLC.  Because of this lenders today typically require additional security be included in the form of the personal assets of those members of the LLC in order to approve and close the mortgage loan.

A few lenders do still exist today who allow the title to the property to be placed in the name of the LLC.  These lenders do still require the individual(s) to qualify for the loan based on standard lending guidelines which includes holding the individual liable for the note in the event of a default.  The short answer is, no, typically a lender will not lend only to an LLC without some form of additional security other than the LLC.  Please contact me directly with additional questions about lending to an LLC.

Marc Geshekter
Senior Mortgage Consultant
RPM Mortgage, Inc.
415.722.3196 – cell/text
866.743.2252 – eFax
[email protected]

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