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Blog Archives: June 2017

San Francisco's Tree Ordinance: New Rules Helping Property Owners Taking Effect this July 1

June 29, 2017
In November of 2016, San Francisco residents voted to pass a new law ("Proposition E"), effective July 1, 2017, that transfers back responsibility from private property owners to the City of San Francisco to maintain and care for street trees and surrounding sidewalks damaged by the trees. The City had taken care of trees several decades ago, but then shifted responsibility back to property owners after that (during a time of budget crisis). Now the City has taken back financial and other responsibility for these trees. As of July 1, 2017, it ...

Record-Setting Pacific Heights Home Sold for $38 Million

June 23, 2017
June 20, 2017 As we first reported last week, the 12,000-square-foot spec home at 2712 Broadway, which had been on the market since the end of last year with a $40 million price tag, sold “in a battle with multiple bidders,” according to Pacific Union’s PR team. And while the final contract price for the Billionaires Row home was not officially released, a plugged-in reader quickly proffered a $38 million contract price, a price which we couldn’t verify at the time. But having since reviewed the home’s deed and tax records, the ...

SF's Affordable Housing

June 23, 2017
The construction of affordable housing in San Francisco over the past decade has seen rollercoaster-like lows and highs due to funding and policy changes. Most types of federal funding for affordable housing have steadily dwindled, said Kate Hartley, acting director of the Mayor’s Office of Housing and Community Development. State funding has fallen off a cliff. California dissolved redevelopment agencies in 2012 – which eliminated a huge source of housing funding — and federal funding for a ...

FAQ: Effects of Rising Interest Rates on Commercial Real Estate

June 18, 2017
COMMERCIAL REAL ESTATE Keeping with expectations, the Federal Reserve announced it will raise rates by 25 basis points coming out of its June meeting. AL BROOKS, HEAD OF COMMERCIAL REAL ESTATE, COMMERCIAL BANKING JUNE 14, 2017 For the second time this year, the Federal Open Market Committee (FOMC) announced it will increase the benchmark federal funds rate by 25 basis points, bringing it to a target range of 1.00 to 1.25 percent. Today’s move was widely anticipated following the Fed’s comments at its May meeting. Previously, it ...

The 10 Most Expensive Homes for Sale in the U.S. Right Now

June 14, 2017
    By Claudine Zap | Jun 13, 2017; StockFinland/iStock Let’s be clear. There are expensive homes. And then there are astronomically priced palaces that rise head and shoulders—and multiple zeroes—above the rest. We were curious about the current status of the priciest pads in the country. So we dove into the 10 most expensive listings in America to ogle some big and beautiful homes. To qualify for a nine-digit price tag, a number of luxe factors converge, ...

New and Retroactive Seismic Improvement Requirements Affecting Older San Francisco Buildings: How Property Purchases and Refinancings May Be Affected

June 13, 2017
June 09, 2017 The San Francisco Building Code now has new requirements for regular facade inspections and maintenance of facades of certain kinds of older buildings. Although signed into law by Mayor Lee earlier this year, this new law (entitled "Building Facade Inspection and Maintenance – Retroactive Provisions") has received little public attention even though the City believes that a little over three thousand buildings are affected. The purpose of Ordinance is reducing the risk of injury or death caused by failing building facades ...

RIP Forever Homes: Millennials More Inclined to Move

June 09, 2017
Say goodbye to the idea of a “forever home.” No, I’m not talking about taking home a rescue pup. Instead, I’m referring to the antiquated idea of buying that dream house and living there forever.  A recent community survey from Taylor Morrison showed that over half (56 percent) of homeowners no longer believe in the forever home. To get these results, Taylor Morrison employed Wakefield Research to survey 1,000 U.S. adults who have purchased a home in the last three years, or who are likely to purchase a new home in the next three years....

$42 million San Francisco penthouse floorplan will drop, shatter your jaw

June 06, 2017
BY BROCK KEELING MAY 22, 2017, 10:30AM PDT Perhaps these rendered images didn’t due it full justice, but one look at the floorplan for the upcoming 181 Fremont penthouse, currently under construction in San Francisco’s Yerba Buena neighborhood, will have you gasping for air. Whether you’re shocked by the unabashed expansiveness of the top-floor home (currently asking $42 million) or appalled by its audacity, the layout for the 6,941-square-foot penthouse is hard to ignore. Encompassing the high-rise’s entire top ...

Even Bigger Plans for the Shuttered Lucky Penny Site

June 04, 2017
While zoned for building up to 80 feet in height, the shuttered Lucky Penny parcel at 2670 Geary Boulevard is also only zoned for development’s of moderate density. And as such, plans a seven-story building, with 21 apartments over three stories of office space, a new ground floor commercial space and a three-level subterranean garage for 57 cars were first drafted back in 2014 and formally proposed the next year. Those plans, however, are being abandoned. Instead, an eight-story building with 98 residential units over a ground floor ...