December 2009


Greetings!

Are you eligible for the $8000 “first time homebuyers” or the $6500 “move up buyers” tax credit? Read on…you may qualify but the deadline to act is April 30, 2010. Buying a home in 2010 may just fit in to your New Year’s resolutions.

The “first time homebuyers” tax credit is available for the purchase of principal homes costing $800,000 or less, meaning vacation homes are ineligible. The credit would be phased out for single tax filers with annual incomes above $125,000 and for joint filers with incomes above $225,000.

“Move-up buyers” who buy a new home don’t have to purchase a more expensive home than their previous home to qualify for the $6500 tax credit, but they need to have lived in their previous home for at least five consecutive years of the eight years prior to the purchase of the new home.

For more detailed information on this program and how to qualify,  email me and click on this link for answers. http://www.federalhousingtaxcredit.com/ I can supply you with a list of condos and homes that would be available to you under these guidelines.

Happy Holidays to you!

Jenn Davis

South Beach Hot Spots

I have a new challenge for 2010: keeping up with the new hot spots that keep opening up in San Francisco’s South Beach.

In 2009, and in just the past few weeks, I have seen these South Beach establishments open for business:

Coming down the pike is the long-awaited Prospect restaurant (a spinoff from Nancy Oakes’ Boulevard Restaurant) that will be located on the ground floor of the Infinity building at 300 Spear @ Folsom.

These new establishments continue to enhance the walkability of the South Beach neighborhood. That is great for the real estate values in the area. And there are some great deals in South Beach these days.

Stay tuned. There are more South Beach hot spots to come in 2010!

 A new San Francisco development, One Hawthorne,  will be opening in Downtown San Francisco in early 2010.  The location is at the corner of Hawthorne and Howard.  Compared to other new developments in San Francisco,  The Infinity at 656 units, One Rincon at 709 units and The Millenium at 419 units, One Hawthorne is a boutique building offering just 165 units. One Hawthorne will have condos ranging from junior 1 bedrooms to 3 bedroom penthouses.

Pricing can only be estimated right now as ranging from the $400,000s to $2,000,000. And pricing will be key. The South Beach and SOMA developments that listened and responded to the market in 2009 were rewarded with plenty of buyers. For example: The Infinity has less than 50 units available after selling an average of 40 homes a month (making it one of the top selling development in the country) One Rincon states to be 80 percent sold out . Other nearby developments such as The Montgomery have only a few unit left for sale.

One Hawthorne is positioned well as an alternative to the larger towers in South Beach and SOMA: Located on a quiet(er) historic block in Downtown San Francisco.  A rooftop garden for residents.  A new restaurant Benu (from the former chef de cuisine of French Laundry) is opening right on Hawthorne Lane. 

As the debate continues on whether or not we have hit the bottom of the market and starting a recovery, the sales at One Hawthorne will be an exciting indicator. It is looking to be a gorgeous development with the best of the city’s amenities. One Hawthorne will a welcome beginning to 2010.