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Rita

Real Estate Reveal in the SF Mission District

By | Just Sold, San Francisco Real Estate News

Real Estate Reveal in the SF Mission District

Ravaged by fire in 2015, leaving one dead, and 60 homeless, the building at Mission and 22nd Streets hit the market late last year. However, with no pending buyers in sight, the architects have taken to envisioning what’s to come for this highly develop-able 1/2 acre lot in the heart of the Mission District.

2588 Mission Street rendering - Ian Birchall & Associates

2588 Mission Street rendering – Ian Birchall & Associates

The 9-story development rendered by Ian Birchall and Associates, would house 129 apartments, including over 6,400sqft. of street level retail space, an expansive “community space,” basement parking for 30 cars, and 121 bikes. Read more on SocketSite>>>

Views as Art – 1200 Gough Gets Multiple Offers

1200 Gough Street – Views as Art

Views as art – 1200 Gough is a masterpiece.

I knew this one would last long! This masterfully modern, one-bedroom condominium with spectacular vistas, listed mid-October and immediately garnered multiple offers, one all cash).

Let me help you sell your San Francisco luxury real estate – or find your next home.

Views as art! 1200 Gough Street, in the heart of San Francisco

See more of  my properties here.

San Francisco Real Estate News

October – San Francisco Real Estate News

By | San Francisco Real Estate News

Breed Introduces Legislation Protecting San Francisco’s At-risk Housing

San Francisco Mayor London Breed

San Francisco Mayor London Breed

Just two months after being inaugurated, Mayor London Breed has introduced her first major law in an attempt to secure San Francisco’s stalled pipeline of new housing.

It targets 3,420 units of housing, 498 of which would be permanently affordable, “currently at-risk due to unrealistic permitting deadlines” in part set by Proposition C, according to the mayor’s office. In particular, the 30-month timetable set by the measure didn’t take into account the lengthy entitlement process, which can take years.
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Refined Plans for SF Mega Mansion – SocketSite

2950 Pacific under redevelopment

2950 Pacific under redevelopment

Purchased by Mark and Alison Pincus for $16 million in 2012, the nearly 12,000-square-foot Pacific Heights manse at 2950 Pacific Avenue, returned to the market in 2014 with plans to add a bunker below the home and an $18 million price tag.

Withdrawn from the MLS and scrubbed from the listing agent’s site in early 2015, the property quietly sold to developer Troon Pacific for $16 million that November, at which point even bigger plans to gut and expand the Albert Farr-designed home were working their way through Planning.
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Index for Bay Area Home Values Inches Up, NY Slips, and Vegas Jumps

Having ticked up 1.1 percent in May, the S&P CoreLogic Case-Shiller Index for single-family home values within the San Francisco Metropolitan Area – which includes the East Bay, North Bay and Peninsula – inched up 0.5 percent in June to an all-time high and is running 10.7 percent higher versus the same time last year, but with uneven gains across the market.

While the index for the bottom third of the Bay Area market inched up 0.6 percent and is running 11.1 percent higher versus the same time last year, the index for the middle third of the market ticked up 0.9 percent and is 13.2 percent higher, year-over-year, and the index for the top third of the market inched up a nominal 0.1 percent and is now running 9.3 percent above its mark at the same time last year.
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The Market

San Francisco Real Estate Market Update – Sept. 2018 – PDF

September in San Francisco Real Estate

By | San Francisco Real Estate News

Twist & Shout

Mira in the Transbay District

Mira in the Transbay District

Construction is well underway for Tishman Speyer’s spiraling condo tower in San Francisco’s Transbay District. The 40-story, 400′ “Mira” designed by Studio Gang, offers a mix of 1-, 2-, and 3-bedroom condos, townhomes, and penthouses.
READ MORE >>

 

 

Ambitious Franklin Street  Infill Project

Franklin Infill Project

Franklin Infill Project

Pending approval of plans to relocate the historic “Englander House,” a new, 8-story, 48-unit infill building. Rising up 80′ above the current 10,3000 Italianate building’s footprint, the residential building features a stacked car garage, parking for 80 bicycles and a 5,500 sq.ft. side yard.
READ MORE>>

 

 

The Big Pay Back – Reverse Mortgages for the Boom Generation

By | Mortgage & Financing, Uncategorized

The Big Payback – Reverse Mortgages for the Baby Boom Generation

With an average of 10,000 baby boomers reaching retirement age daily—many without significant retirement savings, or hit hard by the economic downturn—the ability to tap into accrued equity in the form of a reverse mortgage is a boon to an aging population. Equity—the end game to homeownership.

Or as James Brown put it, “The big pay back.”

Reverse Mortgages Simplified

A reverse mortgage is a “loan” of sorts, available to homeowners over the age of 62 to be used for just about anything – except stock market investment or speculation. Simply put, the traditional mortgage payback stream is reversed and the lender pays the homeowner one lump sum at closing; a line of credit with a growth factor; or monthly installments of up to $625k over a specified period, depending on equity accrued.

Reverse mortgages were conceived as a means to help retirees with a limited income, allowing them to use the accumulated wealth in their homes to cover basic monthly living expenses, health care expenses, and remain in their homes as long as feasible.

Don’t Believe the Bad Rap

Reverse mortgages have gotten a bad rap, mainly because of the dissemination of incorrect information. They’re a complex product—but they are not a scam. You’ll hold title to your home as long as you live in it, and there are no additional monthly payments towards the loan balance. However, you’re required to remain current on your property tax and homeowner’s insurance.

Administered by the Department of Housing and Urban Development (HUD) and insured by the Federal Housing Administration (FHA) lends credibility to reverse mortgages, also known as Home Equity Conversion Mortgages (HECM).

Where’s the Catch?

There are some downsides to a reverse mortgage, mainly in the fee structure, which can be higher than a conventional mortgage, and some lenders charge the maximum allowable origination fee for their time and trouble. This fee varies based on the value of your home, but is capped at $6,000.

And, like a traditional mortgage, expect third party charges like appraisal and recording fees, title searches and inspection costs, to name a few. You should also be prepared to pay a mortgage insurance premium (MIP) at closing.

However, the good news is, all these fees can all be financed into your loan. It is your money after all.