Pacific Heights


We are done with 2009. What’s behind us? In the fourth quarter ’09 the real estate market began to recover from the trauma of the financial market fallout that began in 2008. The quantity of homes and condos sold increased 5% over last year which ends a four year decline. Prices still were down however there are signs that there is competition in the marketplace again as properties sold closer to their asking price in Q4.  But talk to people that have been writing offers in 2009 and you will find many stories of buyers having to write *over* the list price to get the home.

I have detailed neighborhood reports for all districts in San Francisco. Shoot me an email and I will send it to you!

jdavis@mcguire.com

Jenn

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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

Have you noticed the shift in the topic on the real estate market?

Just 6-8 months ago the conversation about the market began with ‘How much worse can it get?’  Today, the conversation begins with ‘There are signs of a recovery’.

Earlier this week Bernanke said the deep recession that’s gripped the US economy is “very likely over at this point.” A recent survey conducted by the City Business Journals Network, an alliance with the Business Times, stated that over half of small to mid-sized business owners feel that their prospects will be a lot better in the next 12 months. That is a sizeable increase when just five months ago only a third of business owners felt optimistic about their prospects.

I took a look at recent sales in the MLS (Multiple Listing Service). In San Francisco, from January 1, 2009 through June 30, 2009, 1417 homes were sold or an average of 236 homes per month. From July 1 until now (less than 3 months), 884 homes have been sold or an average of 294 homes per month. That is an increase of 58 homes sold each month. Optimism fuels a recovery just as pessimism fuels a downturn.

I expect we will have a very active fall in San Francisco. Buyers are feeling that optimism and writing more offers. Serious sellers are more acclimated to the current environment and are willing to price their homes to meet the market. Of course, there are also sellers that quickly turn in to buyers as some are willing to take a bit of a loss on their current home and trade up into a larger home to recoup their investment!

Do you fall in one of these categories? Call me today to discuss your needs or if you want more detail about your neighborhood. Enjoy the San Francisco Indian Summer!

jdavis@mcguire.com

http://www.jenndavis.com

San Francisco Painted Ladies

San Francisco Painted Ladies

I have been working with a buyer for the past 6 months who wants to upgrade from a condo to a single family home. We all are aware the market has softened and the time is right to make a move.

My client finally found the home of her dreams last month but felt the market had not hit bottom and wanted to wait things out. See if the Sellers would drop their price. Sure enough, another buyer thought this home was their dream home too and made an offer that was accepted immediately. Surprised and disappointed, my client continued her search.

The next dream home surfaced just a week later. The listing agent set an ‘offer date’! (what year is this – 2005?) and would not entertain offers until there had been 2 Sunday open houses. The offer date arrived. Three offers (including ours) were presented. The offer that was accepted was head and shoulders above our offer. The Sellers didn’t even bother to issue a counter. The belief was it is best to accept the top offer than to take their chances in issuing a counter (what if the buyer went away? they felt).

I’ve also seen two fixer single family homes go into contract in under 10 days.

I know we are in a softer market. But it is not a market that can be generalized. The nicer properties, priced well, will go alarmingly fast. My perspective is why wait? If you see a property that fits your needs, write your best offer now. Many times, the first offer in is the best offer. Sellers know that. But even if a Seller does not know that, an agent representing you knows that. Just my 2 cents.

Jenn Davis jdavis@mcguire.com

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Who would have thought that just last year San Francisco was considered #24 as the best place to invest in real estate? Now in 2009, it has moved up to position #6. This is the year for playing it safe, not investing in creative or far flung opportunities.

The City by the Bay has always been a destination city with international appeal. Only 7×7 miles…the traditional rules of supply and demand apply in this gorgeous city of ours.

For investment opportunities, click here for my info or send me an email at jdavis@mcguire.com.

Jenn

Some beautiful homes keep coming on the market! Be sure to see 145 Mallorca, a 3500 s.f. 4 bedroom, 4 bath home in the Marina! How rare to have all that space. This is a fully detached Spanish Mediterranean home listed for $2.995,000. Email me for more info jdavis@mcguire.com

The next hot property this week is a condo at 3553 Divisadero @ North Point. 3 bedrooms, 2.5 baths on two levels! Hey, and 2 car parking to boot! This dynamite deal is listed for $1,,275,000. I’ve got the details! jdavis@mcguire.com

Finally, in Pacific Heights there is a great 2 bedroom, 1.5 bath condo located at 256 Presidio at Clay. It is one of (or if not the only) condo in the building with deeded outdoor garden. Listed for $789,000.

Deals to be had! jdavis@mcguire.com

The buying opportunities abound in San Francisco and condo shopping sprees are on the rise! This month, a tour of 40 executives from China will be ascending San Francisco, Boston, New York and Los Angeles in search of a sweet deal.  I’d bet this is the first of many trips.  Is this the sign of things to come? Does this mean we are at the bottom and the market is about to move up?

Avram Goldman, CEO of Pacific Union, posts recently that things are getting better all the time. I still hear about multiple offers on well priced homes. That is the key, a realistic seller and a motivated buyer. This market will flesh them out.

Buyers out there, keep looking seriously.  We won’t be in this market forever.

www.jenndavis.com

jdavis@mcguire.com

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