As you may remember from my post last week, I was recently the victim of a home burglary. The topic of this weeks post is home door locks—believe it or not, ANYONE can pick your locks if you have a standard run-of-the-mill door lock. If you are curious to know how, there are countless that can teach you!
Having done extensive research on this topic now, I recommend the Abloy Protect–it is the only unpickable lock in the world! Despite what you may think, the well-known Medeco has been picked and is no longer the gold standard (YouTube Video).
I know times are tough and the economy is changing at record pace. I also know that not everyone has the money they used to have or thought they did. I am not writing this post for those people. This posting is for the people who have money and recognize “this” may be the time to get the deal they have been waiting for.
The January 2009 issue of San Francisco Magazine featured a story by Amy Graff, a noted blogger on the topic of schools in San Francisco. In October 2007, Graff created a blog called ”SF K Files” (One Parents Search for a Kindergarten in San Francisco) that delved into topics about public vs. private schools. According to the magazine, “For months last year, “Kate” and her wildly popular SF K Files blog championed the high-stakes movement of idealistic middle-class professionals who are transforming many of San Francisco’s public elementary schools. Then she announced that she was sending her own daughter to an elite private school, and all hell broke loose.”
An interesting table of information accompanied the article that highlights up-and-coming schools. It makes the point that there are many public schools in San Francisco that many might overlook where parents and teachers are making a difference to help create a better environment for learning.
Welcome to Vanguard’s Blog. My weekly posts will be specific to the Inner Mission, here in district 9C. Here you will know where to go and what new properties to see. We’ll travel down some of the most popular streets, hit the pavements to view some gorgeous Victorian homes built in the early 1900s, visit the popular restaurants, local moms’ and pops’ taquerias, and do what residents in the Inner Mission love to do the most. The Mission has great historical significance in San Francisco and we’ll delve into them.
I’ll keep you up to date with the newly listed condos, single family homes, and multi-unit buildings that come onto the market in this warm centrally located neighborhood. Your feedback and comments are always appreciated. Welcome, we look forward to blogging with you.
The post on investing with your IRA got me thinking about where one would be if they invested in real estate vs the stock market over the longer term. To keep things simple I took monthly stock market closings from January 2000 to November 2008 for the S&P500, Dow Jones, and Nasdaq and compared them to average single family home as well as average condo prices in San Francisco over the same time period. Read the rest of this entry »
I had an interesting drive around the city yesterday with a client looking at properties, which were mostly tics (tenancy-in-common) matching her criteria (up to mid $500K range in “popular” neighborhoods such as Noe Valley, NOPA, Mission Dolores, Lower Pac Heights, older homes w/ “charm”). And of course, during our tour, she asks “Are tics really that bad?”
Like a “good” agent, I bit my tongue and didn’t respond immediately, and listened to her concerns. The buyer is like many other buyers in SF, she initially wanted the most property for her money and was mainly focused on the price. However, once we prioritized her needs and wants in a property, it became apparent that a tic would be the best type of home for her. After seeing some properties that she liked a lot, her next obvious concerns were financing and stability of tics.
Stability: Tics are inherently conservative due to disclosure requirements for each buyer. They have to prove to the lender and to each potential partner (document their finanacial viability), therefore tics have largely avoided the whole foreclosure debacle (As of 01.07.09, per the SFMLS no tics sold in 2008 that was a known short sale or foreclosure and there are no active/act. cont/pending short sale/foreclosed tics.)
Financing: There are essentially 2 tic financing scenarios. 1) Fractional Loans: which on average are about 1-1.5 points higher than a comparable conventional loan. However, rumor has it the tic lenders are considering lowering their rates as the mortgage rates on conventional loans have dropped dramatically. Fractional loans are also a bit more flexible and some sellers are buying down rates or offering down payment assistance so one can purchase with as little as 10% down; 2) Group Loan: One loan for the whole building, each buyer responsible for their proportionate share. Hopefully there is an assumable clause and the buyer has enough cash to cover the difference between the loan amount and the purchase price.
So what’s the answer? It all depends. Each tic has their unique strengths and challenges. Just make sure to comb over the details of the loan and the tic agreement with a fine tooth comb with your agent.
As for the buyer, she is looking at a couple of properties, I’ll keep you posted….
I just endured a horrible experience that I hope no one reading this article ever needs to endure—I was burglarized while away on Christmas vacation. While this alone is a miserable experience to go through, it gets worse when you find out about the hidden limits inside your homeowner’s/renter’s insurance policy.
Each insurance company has different limits for different categories of assets in your home. Common asset classes include (along with standard ranges of coverage): (1) Jewelry ($1,000-3,000), (2) Silverware ($1,000-3,000), (3) Currency ($200-500), (4) Business Personal Property ($1,000-2,500), (5) Stamp/Sports Collections ($1,000-2,500).
If you don’t know your limits, call your insurance company IMMEDIATELY to find out. If you own property that exceeds these limits, separate policies are available to supplement your blanket coverage for minimal cost.
The big question these days is “When will we hit the bottom?” in San Francisco.  Are you the one who will begin ground zero??? The answer lies in the next wave of comps that will lay the ground for the upcoming year.  But when will we have those comps???? There is so much pent up buyer demand AND pent up Seller stress and  Everybody is on the sidelines wanting and watching. Looking at the MLS and its 24- hour watch the daily number of contingents has been on average 6-8 units/ day for the last two months!!!  This is staggering, considering the number of units that enter the market daily- on average about 60 lately.
Using Noe Valley as an example, take a guess how many single family homes listed at 1.9 million and higher are active contingent (offer accepted with contingencies) or pending???? You guessed it- ZERO!!! Read the rest of this entry »
Just the facts:
For you data junkies out there, here are charts of condo sales, prices and inventory data for November 2008. This data is highly customizable (districts, neighborhoods, time-frames, etc). I’ll plan to post the city-wide condo data on a monthly basis but upon request can easily post data that is more specific if folks want to know what is going on in a certain ‘hood!
Motive: Something (as a need or desire) that causes a person to act. “Merriam-Webster”
In today’s market, it is more important than ever for a buyer to have an understanding of the seller’s motivation:
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Does the seller have to sell? Maybe they have been relocated with their job. Perhaps their family has grown and they need more space.
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Are they testing the waters and fishing the market to see if they can get “their price”, which may or may not be realistic.
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Is the seller distressed and in need of a sale to avoid foreclosure or other bank action?
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Is the property rented, with rental income covering the payment?
While a buyer can’t always know a seller’s true motivation, there are tell-tale signs: Has the seller already moved out (or, are they waiting for that perfect price before they leave)? What do the tax records show for the balance of their Deed of Trust (another word for Mortgage)? Can they afford to sell for less?