SF Homes


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

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As the market shifts and changes, I am starting to see more of a silver lining. Your property may be eligible for a reduction in your property tax. The Assessor’s office is accepting “Requests for Informal Review of Assessed Value” through August 28, 2009.  You may also submit a request for a formal appeal with the Assessment Appeals Board. See below link.

The filing period is between July 2nd – September 15th, 2009. If your appeal is approved by the assessor’s office, you could benefit from the tax reduction for the period of July 1, 2009-June 30th, 2010. You will need sales comparables to support your claims.  Let me know if I can be of assistance!

San Francisco property tax appeal information

Jenn Davis

jdavis@mcguire.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

A San Francisco property received 42 offers…others went into contract immediately. There are some great properties out there and great loan rates. The Infinity is selling an average of a property a day…what’s going on? Is this the rebound?

http://cbs5.com/video/?id=47401@kpix.dayport.com 

Email me, Jenn Davis,  for more information jdavis@mcguire.com

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

 Take a look through the latest offerings from the Stimulus Plan. Incentives for first time home buyers as well as buyers of new construction. There is an opportunity here especially with the low interest rates.

Contact me for details jdavis@mcguire.com.

Obama’s Federal Stimulus Plan:

 $8,000 federal tax credit for first-time home buyers (have not owned a
home in the past three years);

Applies to any primary residence (new construction or previously
owned, but not second homes or investment property), purchased between
January 1, 2009, and November 30, 2009;

Up to modified adjusted gross income less than $95,000 for single taxpayers and
$170,000 for married taxpayers;

Still eligible for the credit, even if overall tax liability is
insufficient to cover the amount of the tax credit;

Must live in the residence for a minimum of three years, or the credit
will have to be repaid.

California State Plan:

 $10,000 state tax credit, spread out over three years;

Applies to anyone (first-time or previous home owners) buying a
primary residence (i.e. not second homes or investment property),
between March 1, 2009, and March 1, 2010;

New construction only (i.e. not previously owned or occupied);

No income limit on the credit, but overall tax liability must equal or
exceed the amount of the tax credit;

Must live in the residence for a minimum of two years, or the credit
will have to be repaid;

$100,000,000 has been set aside for this credit, to be allocated to
the first 10,000 eligible home buyers who apply, on a
first-come-first-served basis.

New construction in San Francisco such as the Infinity, One Rincon, Millenium, Blu, The Montgomery…so many choices and a lot of options!

Why wait?

www.jenndavis.com

jdavis@mcguire.com

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