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Blog Archives: January 2016 — December 2016

Checking Out the Top of 181 Fremont

December 23, 2016
Source: Brock Keeling - Curbed SF This week, 70-story 181 Fremont, a business/residential luxury high-rise featuring sleek and sumptuous units by Orlando Diaz-Azcuy, officially topped out. The spire, signed by the everyone involved in the project, has been put in its place. And the tower is ready to take its rightful place among California’s most iconic structures. The topping off is a huge milestone for the building. It marks the end of the structural phase of the $665 million high-rise. Now the build-out of the 55 luxe condominium ...

32 Years of Bay Area Development in 4 Seconds

December 23, 2016
Source: Adam Brinklow - Curbed SF In 2013, Google took its people-watching hobby to the next level by compiling several decades worth of satellite imagery of every place on earth into a larger-than-life searchable time lapse sequence. But, being Google, they weren’t satisfied just with that, and last week they updated the entire planet’s yearbook photos to include everything up to the present day, on top of kicking the image quality as high as it can go. The result locally is that you can watch 32 years pass in San Francisco and the ...

Predictions About Stagnating SF Rents Came True This Year

December 21, 2016
Source: Adam Brinklow - Curbed SF Popular apartment and rental sites all report notably similar figures for median San Francisco rents at the end of the year. RENTCafe’s just-released November figures show a median market rent of $3,343. That’s within $100 of three competitor sites. Since platforms like RENTCafe usually only measure what the median rent is on RENTCafe, it’s nice when they can all occasionally agree. [Update: A RENTCafe spokesperson tells us that their report actually reflects data from an independent research g ...

Will 2017 be a Buyer's Market or a Seller's Market?

December 20, 2016
Source: Amber Taufen - Inman Four economists weigh in on what the next year has in store for each group In some years and some markets, the answer is obvious — in 2016, Denver was a seller’s market, and San Francisco’s been one for quite a stretch. But sometimes, it’s not so clear, and with mortgage rates on the up-and-up and robust plans for the economy ahead, all the plans for 2017 seem to be out the window. Here’s what four economists had to say about whether 2017 is leaning toward buyers or sellers. Most economists we talked ...

End of the Year Legislation Round-Up

December 19, 2016
Source: Melinda Sarjapur - Reuben Junius & Rose, LLP Mayor Ed Lee vetoed legislation last week that proposed additional restrictions on the short-term rentals in the City.  The legislation, which was introduced by Supervisors Breed and Peskin and approved 7-3 by the Board of Supervisors on November 29th, would have restricted short term rentals not already registered with the City to 60 days per year, regardless of whether the host was present.  The legislation would also have narrowed the group of people that are allowed to bring a ...

The State Density Bonus Has Arrived in San Francisco

December 14, 2016
Source: Rob Poole - San Francisco Housing Action Coalition On Thursday December 8th, the San Francisco Planning Commission approved the first market-rate housing project to apply the state density bonus law. The vote was 5-1. Commissioner Melgar was the dissenting vote and Commissioner Moore was absent. This marks a tremendous win for housing advocates who have pushed for this law’s implementation over many years. The proposal up for a vote was 333 12th Street. The project team includes SFHAC-members Panoramic Interests, Macy ...

Construction Forecast: December 9 - December 23, 2016

December 12, 2016
Source: Pacific Heights Residents Association Arendering of Van Ness Avenue at California looking south after construction of the Van Ness Improvement Project is completed. Safety observations and traffic adjustments are underway. The roadway is being narrowed from three to two traffic lanes in each direction along the Van Ness Avenue roadway for construction in the median. The lane closures will start on Van Ness southbound at Broadway and northbound at McAllister Street. As work progresses north and south, the lane closures will ...

San Francisco Area Report

December 08, 2016
Here is your latest Area Report, analyzing data as it affects a specific market area. The Market Summary below offers a look at sales activity for the prior month and year, along with current and past year-to-date statistics. The graphs cover several different aspects of the real estate market. Note how some of the graphs break out trends by price increments. Please contact me if you would like more information on your current market.  

8 Experts Predict What the 2017 Housing Market Has in Store

December 07, 2016
Source: Amber Taufen - Inman, SF Bay Area Edition What will happen to mortgage rates, affordability, inventory and more? It’s been one unprecedented 2016, between the Brexit vote, the continued persistence of low mortgage interest rates and an election that seemed to temporarily throw markets for a loop. What will the 12 months encompassing 2017 hold in store for housing? Inman asked eight different experts to give their take: Steve Cook, editor of Real Estate Economy Watch Doug Duncan, senior vice president and chief economist ...

Meet San Francisco's Newest Street, Martin Ave

December 05, 2016
Source: Adam Brinklow, Curbed SF Perhaps Bernal Heights' most nerdy-cool corridor Of San Francisco’s many new additions this year—citizens, buildings, public art—few are quite as endearing as what will soon be the city’s newest street, Martin Avenue. It’s a humble affair, just a short stretch of pavement inBernal Heights, near the Dogpatch Miller Garden. Previously, these blocks were home to a messy, confusing triangle, as Brewster Street splits into two before terminating at Mullen Avenue, creating a weird, nameless stretch on ...

Prop 13 Saved San Franciscans Millions

December 02, 2016
Source: Adam Brinklow - Curbed SF The real estate site Trulia took a gander at the recent history of Prop 13, the California property tax law that remains a constant bone of contention in Sacramento’s budget dealings almost 40 years after it passed. Some Californians believe that Prop 13—which voters approved in 1978 by a margin of nearly 2 million ballots in a 2-1 blowout—prevents property taxes from rising at all, but that isn’t accurate. It did, however, radically alter the way the state levels property taxes and put an extremely ...

The Nearly 64,000 Apartments and Condos in SF’s Housing Pipeline

December 01, 2016
Source: SocketSite With new proposals for slightly more units of housing than finished construction in the third quarter of 2016, the overall pipeline of apartments and condos under development in San Francisco has inched up by 400 to a record 63,700. While that’s 4,700 more units in the pipeline than at the same time last year, the quarter-over-quarter increase of 400 is 4,000 fewer than the increase from the second to third quarter last year, an increase which was followed by a jump of 3,500 in the fourth quarter which we’re not on ...

Proposition W: Increase in Real Property Transfer Tax

December 01, 2016
Source: Thomas P. Tunny - Reuben, Junius & Rose, LLP In our last update, we reported on two of the ballot measures presented to the voters on the November 8 ballot.  An additional measure was Proposition W, which was approved by the voters and authorized an increase in the Real Property Transfer Tax on properties sold for at least $5 million. The Real Property Transfer Tax is imposed on any transaction that results in a “transfer” of real property in the City. The definition of a “transfer” is broad and includes certain transfers of ...

Airbnb Vs. The City

November 23, 2016
Source: Megan Barber, Curbed SF It's a story enshrined in tech history: in 2007, two entrepreneurs struggling to make rent in pricey San Francisco latched onto a novel idea. A design conference was coming to town and hotels were sold out. The pair decided to throw three air mattresses into their loft, charge $80 per person (breakfast included), and advertise the nightly rentals on a new, custom-built website. In their first weekend of hosting, cofounder Joe Gebbia said in a 2009 interview, they netted close to $1,000. Several failed ...

Another Record for Bay Area Home Prices, New Report Shows

November 08, 2016
Bay Area home prices continued to move higher last month with the median sale price of all homes (new and resale, houses and condos) hitting yet another record, according to a new report by CoreLogic, the Irvine-based real estate information firm. The median price paid for all homes sold in the Bay Area in June 2016 was a record $712,000, the third straight month it hit a new high. Prior to this spring, the peak median was $665,000 in June and July of 2007, CoreLogic reported. The June 2016 median price was up 1 percent month over month ...

San Francisco County Area Report

November 07, 2016
Here is your latest Area Report, analyzing data as it affects a specific market area. The Market Summary below offers a look at sales activity for the prior month and year, along with current and past year-to-date statistics. The graphs cover several different aspects of the real estate market. Note how some of the graphs break out trends by price increments. Please contact me if you would like more information on your current market. SAN FRANCISCO COUNTY MARKET SUMMARY October 2016 | Single Family H ...

Will rising construction costs choke the Bay Area's development pipeline?

November 04, 2016
Source: Mary Ann Azevedo of San Francisco Business Times There’s no question that Bay Area contractors and developers are feeling the crunch of the overheated construction market – to the point that some developments have been put on hold. The biggest problem, they say, is that demand for subcontractors far outweighs supply, which is driving costs to unsustainable levels. Until those costs come down, contractors and developers are getting creative with their approaches to building – or simply putting projects on the backburner. Kofi ...

Shipyard architect David Adjaye wants “more natural” Hunters Point

October 26, 2016
Source: Adam Brinklow of Curbed San Francisco Slowly but surely, the city and developers are making good on a decades-long dream to turn the abandoned, toxic Navy base at Hunters Point and the area around it into something fit not only for human habitation but, possibly someday, for consumer envy. The San Francisco Chronicle already dubbed the San Francisco Shipyard the city’s newest neighborhood and praised its relative affordability, as new two bedroom condos there run in the $500K-$600K range. But in that same story, residents ...

San Francisco Quarterly Report - Q3

October 19, 2016
Here is your latest Quarterly Real Estate Report, analyzing data as it affects a specific market area. The Real Estate Snapshot and various graphs outlined in the Quarterly Real Estate Report compare listing and sales activity for the prior quarter against previous quarters. The graphs depict different aspects of the real estate market for the specific market area. Please contact me if you would like to receive more frequent market summary reports or if you would like more information on your current market.  

The “90 Day Rule.” What Home Buyers Need to Know When Purchasing All Cash.

October 19, 2016
The “90 Day Rule.” What Home Buyers Need to Know When Purchasing All Cash. By Warren Goldberg, on March 22nd, 2014 For the past few years, local Realtors have seen a large number of properties being purchased with cash.  While many of these buyers have been foreign investors, many have been New Yorkers, flush with cash, looking to trade up or trade down.  These buyers may have assumed it’s easier to purchase “all cash” and worry about possibly obtaining a mortgage later.  These same cash buyers are likely unaware that the IRS views ...

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