Allowable Rent Increase for March 1 2008

The San Francisco Residential Rent Stabilization and Arbitration Board implements the San Francisco Rent Ordinance. San Francisco has no commercial rent control

• The allowable rent increase for units in San Francisco is 2% this year
• The interest rate on security deposits is 5.2% for the year.

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Howard Bell
www.yourpropertypath.com
A web site of over 450 articles related to real estate focused primarily on property management.

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San Francisco Housing Market Trends

As of July 27 2008

The chart below is the current median single family home price in San Francisco. As of July 27 it is $846,53. It appears that price is holding fairly steady when compared to some of the outer markets such as Antioch or Sacramento. Note the following charts show sales activity and supply as increasing. In stock markets volume precedes price. This is a logical observation, Less sales and more supply should point to ever lower prices.




This chart below is a barometer of real estate supply and demand. A value above 30 indicates demand is relatively robust, we call that a Seller's Market. Below 30 is a Buyer's Market.

Inventory measures the number of properties for sale in a given real estate market. San Francisco has 600 properties on the market and this is the high season for sales.


All in all, inventory continues to build and price continues to drop. I have read that 70% of all property sold in the last 3-5 years were sub prime or ARMs. They should be resetting between now and 2010. Deals may be beginning to show in the more devastated markets and outer lying areas such as CoCo county, Solano and even Sonoma, but they have yet to really show here in the city.

Does San Francisco lag these markets because so many sub primes have yet to cause the defaults and foreclosures we see elsewhere or will the reverse commute bringing so many well paid Google and Apple employees into the city save the day....Its anybody's guess, but I think we will see cascading prices for quite a while to come. For those waiting to catch the bottom, be patient, its not here yet.


Thanks for Reading
Howard Bell
www.yourpropertypath.com
A web site of over 450 articles related to real estate focused primarily on property management.

Your Property Path New Brief
http://wwwyourpropertypath.blogspot.com/
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Security Deposits: What are the Rules

There is no such thing as a “nonrefundable” security deposits or key deposit, cleaning fee or closing cost, all money paid in addition to your first month’s rent is
refundable.

The total amount the landlord can charge for all the deposits including last month’s rent

1. Twice the amount of one month’s rent for an unfurnished place
2. Three times one month’s rent for a furnished place.

The purpose of the security deposit is to protect owners from damage done by tenants, above and beyond normal wear and tear. In the state of California all owners and managers of real property have 21 days to return security deposits to tenants after they have vacated their apartment.

Owners are allowed to deduct for necessary repairs that are not considered normal wear and tear. However, the law requires the following only if the total costs do not exceed $125 or the tenant waives the right to an itemized list of deductions:

The Rules

1. All bills, receipts and costs incurred and a clear description of the work done.
2. Where work was done by the owner a list of the work done and a reasonable hourly rate must be applied.
3. The law understands that there are times that work cannot be completed in 21 days. When this is the case the owner is required to use the estimate of cost and apply that value and document to the tenant. When this is the case, the law requires that you provide receipts within 14 days of completion of the work.
4. Owners will also have to provide the interest due on security deposits for each year they have held security deposit money. The rent board has a list of interest rates for each past year to help you calculate the total interest return, in addition to the security deposit (less any repairs made).
5. This rate is published annually by the Rent Board. The landlord must pay this at least once a year and may deduct a $21.50 Rent Board Fee from it


Thanks for Reading
Howard Bell
www.yourpropertypath.com
A web site of over 450 articles related to real estate focused primarily on property management.

Your Property Path New Brief
http://wwwyourpropertypath.blogspot.com/
Snap News updates real estate markets and all things of interest to property owners and real estate professionals.

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San Francisco Building and Remodel Fees Rise

City Permit and Inspection fees Up By 20-30 Percent

The Board of Supervisors agreed this week to increase fees for almost everything. We read that the fees for hundreds Planning Dept. reviews will take place in 2008-209. This coems as no surprise as cities and municipalities everywhere scramble for funds.

According to Henry Lee of the Chronicle, some of the increases:
1. Bathroom/Kitchen Remodel: The permit will go from $113.55 to $160.00
2. Inspections Per Hour: From $80.00 to $170.00

Need a Permit?

You need to contact the Department of Building Inspection/Central Permit Bureau at (415) 558-6070 for a permit fee estimate.For work not requiring plans such as minor repairs, installing kitchen cabinets, repairing stucco, replacing drywall, and re-roofing are issued over-the-counter. Complicated work requiring plans such as structural additions, expect to be routed to several DBI divisions and possible multiple fees.

Thanks for Reading
Howard Bell
www.yourpropertypath.com
A web site of over 450 articles related to real estate focused primarily on property management.

Your Property Path New Brief
http://wwwyourpropertypath.blogspot.com/
Snap News updates real estate markets and all things of interest to property owners and real estate professionals.
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Market-Octavia Development is Approved

Supervisors Approve the plan that will create new condo's and affordable housing in the area between the Castro and Market/Van Ness.

After nearly eight years in the planning process, the San Francisco Board of Supervisors recently approved the Market-Octavia plan, which will bring thousands of new housing units to the upper Market area.

Whats the Plan

• 6,000 units of new housing concentrated along Octavia Boulevard and the Market/Van Ness intersection.
• $85 million in funding for infrastructure including new open space, streetscape improvements and transportation improvements.
• 1,500 additional affordable units and $50 million in new funding sources.
• Preservation of neighborhood character
• 900 units of housing and affordable housing along the former Central Freeway right of way.

The plan involved a major zoning change that will allow developers to construct 40-story towers on some parcels near Van Ness Avenue and Market Street. The plan also requires developers to sell or rent 25% of the new units at below-market rates and imposes fees that could bring up to $50 million for an affordable housing fund.

Howard Bell
www.yourpropertypath.com
A web site of over 450 articles related to real estate focused primarily on property management.

Your Property Path News Brief
http://wwwyourpropertypath.blogspot.com/
Trade talk for the San Francisco real estate industry. Your source for property management tips, policies and market trends.

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