Posted on November 9, 2009 by Michael Novia
Blu released 12 new homes on Saturday and by Sunday six of them were already reserved. The other six will most likely be gone by the end of the week or so.
Elsewhere in SoMa, I spent Sunday at Radiance where traffic was close to nonstop. Unfortunately there’s very little to sell there now. Unit 416 is in contract, but it is a contingent offer. Listed at $999,000, it is a spacious 2 bed/2 bath + den and still worth looking at. Unit 804 is now in contract as well, it was listed at $1.875 mil. Besides a couple of resales, including unit 403 which is a 2 bed/2 bath + den for $825,000, Radiance phase one is now history. I’m told that construction on phase two will begin sometime during the first quarter of 2010 and that construction will take about two years.
Filed under: BLU, Radiance | Tagged: BLU, Blu SF, First Time Home Buyer, Michael Novia, New Developments SoMa, Radiance Mission Bay, Radiance San Fran, Radiance San Francisco, Realtors San Francisco, San Francisco New Developments, San Francisco Real Estate, SoMa Real Estate, South Beach Condos, South Beach Real Estate, South of Market Condos | Leave a Comment »
Posted on November 9, 2009 by Michael Novia
This weeks edition includes: Update: $8,000 Tax Credit, New Condo Listings, New Live/Work Listings, Price Reductions, Pending Sales, Sold Prices and Useful Links.
The South Beach Real Estate Real Estate Newsletter is emailed on Fridays. Interested? Just email your name to mnovia@southbeachrealestate.com to join the list. I give you my personal guarantee that your email address will never be sold, given away or otherwise used. Easy opt out let’s you decide when to stop receiving the updates.
Filed under: South Beach Real Estate Newsletter | Tagged: First Time Home Buyer, Michael Novia, New Developments SoMa, Realtors San Francisco, San Francisco MLS, San Francisco New Developments, San Francisco Real Estate, SoMa Lofts, SoMa Real Estate, SoMa Realtor, South Beach Condos, South Beach Lofts, South Beach Real Estate, South Beach Real Estate Newsletter, South of Market Condos | Leave a Comment »
Posted on November 8, 2009 by Michael Novia
So what will you do with your new $8,000 tax credit? Blu has a few ideas!
They just released 12 new homes to the public. Six are second floor patio homes and six are the former model homes on the fourth floor (four of those include custom painting and window treatments).
Prices start at $649,000. Blu is an FHA approved building which means you can buy with as little as 3.5% down.
Filed under: BLU, Buyer Info | Tagged: BLU, Blu SF, First Time Home Buyer, Michael Novia, New Developments SoMa, Realtors San Francisco, San Francisco Real Estate, SoMa Real Estate, SoMa Realtor, South Beach Real Estate, South of Market Condos | Leave a Comment »
Posted on November 6, 2009 by Michael Novia
This is certainly true for SoMa. In some ways we can say that the bottom of the market is now behind us. Those “incredible deals” at the new developments have now been replaced with “good deals”. Prices are obviously lower than they were 2 years ago but price stabilization is beginning to work its way through the market. The extensions of the $8,000 tax credit and $729,750 loan limit will only help to further firm up the market.
An important reason that the housing market is stabilizing is the reduction in inventory. Current sales and inventories suggest that supply will decline below the pre-2006 levels by the end of 2009.
But analysts say that the stabilization of the market doesn’t mean that prices will rise anytime soon. They point to what they call “shadow inventory,” foreclosed homes that banks are holding off the markets. They predict that these homes will hit the market in spring 2010.
But overall, they are optimistic that the housing recovery is built on an improving economy and say that the market will continue to stabilize.
Source: BusinessWeek.com, James C. Cooper (11/09/2009)
Filed under: Buyer Info, Seller Info | Tagged: Michael Novia, New Developments SoMa, San Francisco Real Estate, SoMa Real Estate, SoMa Realtor, South Beach Condos, South Beach Lofts, South Beach Real Estate, South of Market Condos | Leave a Comment »
Posted on November 5, 2009 by Michael Novia
Update: The House just passed the bill . It is now on it’s way to the President who is expected to sign it no later than Friday.
The Senate passed the bill and now the House is expected to vote on it and pass it today. The really good news for us here in San Francisco is that we can actually take advantage of it this time around.
In order to receive the $8,000 credit you must be a first time home buyer or have not owned a home in the past three years (but there’s more read below). The good news is that they have extended the income limits. Last time around single taxpayers making up to $75,000 and married couples making up to $150,000 could take full advantage of the tax credit. In this new package single taxpayers can earn up to $125,000 and married couples can earn up to $225,000 to receive the full credit. In addition single filers earning up to $145,000 and married couples up to $245,00 will still qualify but for a reduced credit.
In addition if you have lived in your principal residence for at least five of the past eight years you can now also qualify for a $6,500 tax credit.
In order to qualify you must be in contract by April 30, 2010. The credit can be claimed on this years taxes and if your credit exceeds your tax bill the government will send you a check for the difference. Home purchases are capped at $800,000.
Filed under: Buyer Info | Tagged: Michael Novia, San Francisco Real Estate, SoMa Real Estate, SoMa Realtor, South of Market Condos | Leave a Comment »
Posted on November 5, 2009 by Michael Novia
The Federal Reserve announced Wednesday that it is keeping its key interest rate at or near zero and will continue to do so as long as the economy remains weak.
Analysts predicted that the Fed would leave interest rates low for at least six more months.
The Fed said that it would continue its program to buy $1.25 trillion worth of mortgage-backed securities by the end of March, a sign that it intends to continue to drive down the cost of mortgage loans.
Source: The New York Times (11/5/2009)
Filed under: Buyer Info, Seller Info | Tagged: First Time Home Buyer, Michael Novia, San Francisco Real Estate, SoMa Real Estate | Leave a Comment »
Posted on November 4, 2009 by Michael Novia
34 homes sold during the month of October in SoMa with a median sold price of $668,450.
- 20.6% sold in 0 to 30 days for 93.2% of list price.
- 23.5% sold in 31 to 60 days for 97.8% of list price.
- 20.6% sold within 61 to 90 days for 93.4% of list price.
- 14.7% sold within 91 to 120 days for 96.8% of list price.
- 20.6% sold after 120+ days for 93.5% of list price.
The median sold price last year was $650,000 with 29 homes sold – which translates into a 2.8% increase in the median price and a 17% increase in volume for this October. As inventory in the new developments is absorbed we will begin to see these numbers rise even further. Already for the month of November there are 42 pending sales – not all of those will close. However, last November there were only 17 sales for the month so we could be looking at a huge increase in volume upwards of 140%.
Filed under: Buyer Info, Seller Info | Tagged: Michael Novia, New Developments SoMa, Realtors San Francisco, San Francisco New Developments, San Francisco Real Estate, SoMa Lofts, SoMa Real Estate, SoMa Realtor, South Beach Condos, South Beach Lofts, South Beach Real Estate, South of Market Condos | Leave a Comment »
Posted on November 2, 2009 by Michael Novia
This weeks edition includes: Halloween, Loan Limits (update below), Radiance, Citywide Sales, New Condo Listings, New Live/Work Listings, Price Reductions, Pending Sales, Sold Prices and Useful Links. The South Beach Real Estate Real Estate Newsletter is emailed on Fridays. Interested?
Just email your name to mnovia@southbeachrealestate.com to join the list. I give you my personal guarantee that your email address will never be sold, given away or otherwise used. Easy opt out let’s you decide when to stop receiving the updates.
Filed under: Buyer Info, Radiance, Seller Info | Tagged: San Francisco Real Estate, SoMa Real Estate, South Beach Real Estate Newsletter, SoMa Lofts, Radiance San Fran, Radiance Mission Bay, Radiance San Francisco, San Francisco New Developments, South Beach Condos, New Developments SoMa, South of Market Condos, Realtors San Francisco, SoMa Realtor, South Beach Lofts, South Beach Real Estate, San Francisco MLS, Michael Novia | Leave a Comment »
Posted on November 1, 2009 by Michael Novia
Another step in the right direction….
Banks that write a majority of mortgages and other loans in the U.S. say that borrowers have improved their repayment records in the third quarter of this year.
In the third quarter, Bank of America saw the first decrease in the numbers of customers that were more than 90 days late paying home equity loans. Wells Fargo’s loss rate on its credit card loans declined to 10.9 percent from 11.6 percent.
JPMorgan Chase reported that in the third quarter, loan payments more than 90 days late declined to 2.8 percent from 3.3 percent in the second quarter.
“There seems to be stability in the environment in terms of consumer spending … that could be forming the base of a recovery,” says Jamie Dimon, CEO of JPMorgan Chase.
Source: USA Today, Pallavi Gogoi (10/30/2009)
Filed under: Buyer Info, Seller Info | Tagged: Michael Novia, San Francisco Real Estate, SoMa Real Estate, South Beach Real Estate | Leave a Comment »
Posted on October 30, 2009 by Michael Novia
Looking for a new home, maybe an investment property? I’ll be working at Radiance this Sunday from 12 to 4 PM. Feel free to stop by for a personal tour or call me ahead of time to schedule an appointment. Whether you are interested in buying at Radiance or elsewhere in SoMa I can be a valuable resource for you.
Filed under: Buyer Info | Tagged: Michael Novia, New Developments SoMa, Radiance, Radiance Mission Bay, Radiance San Fran, San Francisco New Developments, San Francisco Real Estate, SoMa Real Estate, South Beach Real Estate, South of Market Condos | Leave a Comment »
