Prop 98: Eliminates Rent Control

Should We Eliminate Rent Control in San Francisco

The Public Policy Institute of California did a survey on March 26 of this year to see how Californians feel about the what would effectively eliminate rent control. This would seriously impact the cost of renting in San Francisco. Two of the initiatives in the California primary this June 3rd, Prop 98 and Prop 99 are about eminent domain.

Wikipedia: Eminent domain. The inherent power of the state to seize a citizens private property, expropriate property, or rights in property, without the owner's consent. The property is taken either for government use or by delegation to third parties who will devote it to "public use" or in some cases, economic development. The most common uses of property taken by eminent domain are public utilities, highways and railroads. Some states require that the government body offer to purchase the property before resorting to the use of eminent domain.

The PPIC Survey:

71 percent of likely voters believe this power needs major (38%) or minor (33%) changes, but they are much more in favor of Proposition 99 to do that job. One reason may be that besides blocking state and local government from taking private property to transfer it to another private party, Proposition 98 also prohibits rent control.

53 percent of likely voters believe that rent control is a good thing (39 percent think it’s bad). Proposition 98’s rent control limit may help explain why only 37 percent of likely voters would give it a yes vote (41 percent would vote no). In contrast, at least half of likely voters (53%) would vote yes on Proposition 99, which confines itself to barring government from taking an owner-occupied home to transfer the property to another private party. Republicans (45%) are more likely than Democrats (29%) and independents (36%) to favor Proposition 98, but they are also even more likely to support Proposition 99 (Republicans, 58%; Democrats and independents, 50% each).

Should We Eliminate Rent Control

We understand that the burden of of rent control is placed on the investor when it should be the task of society, not the individual, to assure reasonably affordable housing for all. If rent control is eliminated then the burden would pass to the government. In the case of San Francisco that would mean the transfer of the cost to city agencies which are clearly unable to bear the cost. The resulting chaos that would arise from people getting 30 or 60 days to leave their rental with no affordable alternative is impossible for the city or state to bear.

Until there is a safety net in place that can shift the burden without harm then Im in favor of rent control. We should be looking to create a safety net that protects our housing needs before we uproot the only system in place that keeps a roof over many of us.

A better approach would be to find ways to better equalize the problem that doesnt harm some of our most vulnerable citizens, rather than just pull out all the plugs.

Thanks for Reading
Howard
www.yourproperypath.com
A web site of 450 article primarily focused on property management and always free.

SF Housing Market Conditions: March 3rd, 2008

Charting San Francisco Home Prices Supply and Days on Market

Its a good idea to look at some recent charts that can show us how price is acting in relation to demand. Generally, you want to see price supported by strong demand. If the price is rising and demand is dropping we are not hitting on all cylinders.

The first chart below tracks how long it takes for a San Francisco home to sell. As of March 8th it is about 55 days. Although higher than it has been in the past, we are not looking at a crises situation here. As an example of terrible, Antioch's housing market is about 42% foreclosed sales, taking almost a year to sell if at all.


This second chart below concerns me. As I said above when you have rising prices and declining interest something has to give. The San Francisco housing market has been pulling this configuration off for quite a long time. Still, conditions have really changed in our markets. The more these two charts support each other the less likely we will have a real snap back. Keep your fingers crossed.

Thanks for Reading
Howard
www.yourpropertypath.com
A 450 article real estate web site focused primarily on property management. Always free.

Cal Association Of Realtors Report

Homes Prices Sinking Fast

Sales decrease 28.5 percent, median home price falls 26.2 percent in February

Home sales decreased 28.5 percent in February in California compared with the same period a year ago, while the median price of an existing home fell 26.2 percent, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.

"Although sales rose for the fourth straight month in February by 9.5 percent compared to the previous month, they continue to be dragged down by the ongoing effects of both the credit/liquidity crunch and tighter underwriting standards that have reduced the pool of qualified buyers who can obtain a loan," said C.A.R. President William E. Brown.

Top Ten Cities for High Median Home Prices

Santa Barbara, $1,150,000; Redwood City, $875,000; Danville, $875,000; Encinitas, $842,500; Santa Monica, $787,000; Mountain View, $784,000; San Clemente, $770,000; San Mateo, $750,000; Sunnyvale, $741,750; San Francisco, $737,750; and Carlsbad, $675,000.

Top Ten Cities With the Largest Median Price Increase

Encinitas, 25.7 percent; Santa Barbara, 23.4 percent; Walnut Creek, 21.5 percent; Redwood City, 14 percent; Carlsbad, 10.9 percent; Sunnyvale, 5.3 percent; Mountain View, 3.4 percent; Rancho Mirage, 2.6 percent; Santa Monica, 1.5 percent; Los Angeles, 1.5 percent; and Santa Clarita, 0.9 percent.

This situation will have to continue to correct until price comes into line with income and the lenders reach a point where the risks in their portfolios start to look reasonable again. The only ways to do this is for the lenders to assume part of the problem by renegotiating their loans so that people can stay in their homes and keep supply off the markets. Now, they are foreclosing and undercutting agents listing prices by 20%.
The only other option besides continuing to shoot oneself in the foot is for the Govt via Fannie Mae and Freddie Mac to buy these debts and be the lender of last resort.

I know the pure capitalists among us will howl, but we did just socialize the Bear Sterns investment collapse and we are making moiney cheapo to banks through "auctions"......maybe the average citizen should also see a little help.

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

SF Property Owners Calendar of Important Events

Straight from the sfgov web site are the most important dates for property owners in San Francisco. Bookmark this page for reference.

January 1	Lien date – taxes for the next fiscal year attach as a lien on the property. The assessment of property applies as of 12:01 a.m. on the first day of January of each year.
February 15	Deadline to file a claim for most exemptions.
April 1	Deadline for filing Business Personal Property and Vessel Property Statements.
April 10	Property tax due - last day to pay second installment of secured property taxes without penalty.
July 1	Close of assessment roll. Assessor delivers the property tax roll to the Controller.
July 2 through September 15	Period to file an assessment appeal application with the Assessment Appeals Board (for assessments dated January 1 – July 1).
August 31	Property tax due - last day to pay business personal property taxes before penalties are added.
December 10	Property tax due - last day to pay first installment of secured property taxes without penalty.
Variable	Appeals of Supplemental Assessment Notices must be filed with the Assessment Appeals Board within 60 days of the notice date. Exemptions claims for Supplemental Assessments must be filed with the Assessor-Recorder within 30 days of the notice.

Thanks for Reading

Howard
www.yourpropertypath.com
A real estate resource with over 450 articles focused on property management.

Bank on San Francisco

San Francisco Looks Out For All of Us

In 2006, San Francisco opened a program that would allow low income people to have a bank account. People the city referred to as the "unbanked" citizens of San Francisco. These are the people that generally had to use check cashing services. Participating banks and credit unions report they have opened 11,110 Bank on San Francisco accounts since the program launched in September 2006.

According to the Mayors press release, Bank on San Francisco seeks to help people like 71 year-old Virginia Johnson. Ms. Johnson, who lives in the South of Market neighborhood and cares for her disabled grandson full-time, has been cashing her $900 monthly check at a check casher since 1974. She learned about the program when her care worker, Roy Miller, saw a billboard and called for more information. "I had been using check cashers for 30 years," said Virginia. "I just didn't know about the credit union. I had been paying almost $200 a month to cash my social security check and my grandson's disability check, and to pay all of our bills with money orders." Now Virginia has her monthly income direct deposited into her account at the Northeast Community Federal Credit Union, receives five free money orders each month and has a safe place to keep her money. She has also signed up to take a financial management class and will receive her first ever ATM card upon completion of the class next month.

Treasurer Cisneros launched Bank on San Francisco in September 2006, alongside Mayor Gavin Newsom, the Federal Reserve Bank of San Francisco and the non-profit, EARN.

Special thanks to JohnLSmith - Great photo!

Thanks for Reading
Howard
www.yourpropertypath.com
A 450 article real estate information resource focusing on primarily on property management

Relocating to San Francisco: Spot the Rogue Mover

Scam Protection

San Francisco has a lot of people moving in to the area to fill high tech jobs from Palo Alto to media gulch in SOMA. We have heard some horror stories not only regarding the rents people have to pay, but also Moving company scams.

Rogue movers typically work like this:

Without ever visiting your home or seeing the goods you want moved, they give a low-ball estimate over the phone or Internet. Once your goods are on their truck, they demand more money before they'll deliver or unload them. They hold your goods hostage and force you to pay more, sometimes much more than you thought you had agreed to. If you refuse to pay then they will refuse to deliver your household belongings.

Your best defense is to recognize a rogue mover before they have your goods.

Red Flags

• The mover doesn't offer or agree to an on-site inspection of your household goods and gives an estimate over the phone or Internet sight - sight unseen. These estimates often sound too good-to-be-true. They usually are.
• The moving company demands cash or a large deposit before the move.
• The company's Web site has no local address and no information about licensing or insurance.
• The mover claims all goods are covered by their insurance.
• When you call the mover, the telephone is answered with a generic "Movers" or "Moving Company," rather than the company's name.
• Offices and warehouse are in poor condition or nonexistent.
• On moving day, a rental truck arrives rather than a company-owned and marked fleet truck.
  
  
  Use these sources and check out your mover before you sign anything;
  
  
  1. Better Business Bureau's Web site
  2. Another good resource is the Federal Motor Carriers Safety Administration.
  3. www.movingscam.com, a user-generated site that maintains a "blacklist" of alleged scam moving companies.
  
  4. File a complaint with the Government.
  

Thanks for Reading
Howard
www.yourpropertypath.com

Property Management Tip: Rent it Faster

Curb Appeal Applies to Rentals Too

Staging a property for rent or sale is a very important part of how to rent faster and at the higher rental dollar. Paint your home's interior and exterior using neutral colors to maximize its appeal to the largest group of people. Use light colors to make rooms look more spacious. Leave lights on in each room, and leave blinds open to make rooms look brighter and larger

• Check your windows and screens and make sure they all work.
• Freshen your home with flowers
  
• Move furniture around so that a sense of spaciouness is maximized. Dont crowd or clutter.
  
• Clean out your garage, attic and other storage areas
• Be ready to talk up its features. Create a checklist of the things you like about the house. Use it to "sell" potential tenants. This is classic sales technique,
• Walk through the house as if you were a renter. Consider the negatives and be ready with answers that overcome its shortcomings.
• Drive through your neighborhood to get a sense of how much supply is on the market.
• Call a few rentals in your neighborhood to find a realistic rent range
• Check to see comparable rents
  
• Consider consulting with a professional property manager to determine the right rent range if you still have difficulty.

Thanks for Reading
Howard
www.yourpropertypath.com

Property Management Tip: Security Deposit Interest Rate is 5.2%

San Francisco Security Deposit Interest Rate

The rate for security deposit interest remains @ 5.2%. The new rate is effective March 1, 2008, through February 28, 2009.

*Special thanks to badarama for the best piggy bank ever

Hotel Rooms Looking to Condo Conversion

Nice entrance to come home to

The Board of Supervisors will vote on whether over 500 hotel rooms can be converted to condo's. The hotels would like to do this because they can avoid the up/down income stream of tourism and because the conversion to condo brings in more money than tourist rentals.
Andrew Peskin was at odds with this idea because tourist dollars are a big part of San Francisco revenue. The Mayor was for the idea and a compromise was reached after years of wrangling. Today the City Planning Commission will know whether it can approve up to 550 hotel rooms for conversion. The 2005 provision that disallows hotel rooms to become condo's will likely be overturned, now that the Peskin-Newsome deal has been reached
Personally, Im not opposed to the idea as long as it doesnt interfere with tourist dollars because it provides housing without taking more rental units of the market. Im expecting a huge yes for this one.

Thanks for Reading
Howard Sobel
www.yourpropertypath.com
A web site of over 450 articles related to real estate

Property Management Tip: 21 Ways to Save energy

Use these common sense energy tips and reduce your household bills.

• Purchase an efficient heating system: If you are thinking about purchasing a new heating system, look for energy star models. These are the most energy efficient models on the market.

• Put your computer to sleep: Most computers come with the power management features turned off. Set your computer to go to sleep if you're away from your machine for 15 minutes.

• Replace Light Bulbs: Use a compact fluorescent bulb. It uses about one-fourth the energy an incandescent uses with the same light quality and lasts 10 times as long.

• Can't heat up faster: Your house won't warm up any faster if you raise the thermostat setting. When your heating system is on it runs at the same rate regardless of the temperature setting.

• Keep doors closed: Shut the door each time you open the door cold air enters the house.

• Rearrange your rooms: Sit near interior walls, exterior walls and older windows are likely to be cold and drafty. Close closets and cabinets - Closets and cabinets on outside walls can leak a great deal of cold air, so make sure the doors fit snuggly and keep them closed.

• Caulk and weather strip: One of the quickest dollar-saving tasks you can do is to caulk, seal and weather strip where drafts are detected

• Use ceiling fans: Use ceiling fans to increase air movement and comfort levels and save money. By changing the direction of your ceiling fan to counter-clockwise in the winter, the fan will push rising warm air back into the living space.

• Take advantage of the sun: Open shades on the southern and eastern windows during the day. Close these shades when the sun goes down.

• High efficiency windows: If you are planning to replace your windows, choosing Energy Star windows can reduce your heating and cooling costs by up to 15 percent.

• Don't let heat go up the chimney: Keep it shut. Traditional fireplaces are an energy loser - it's best not to use them because they pull heated air out of the house and up the chimney. When not in use, make absolutely sure the damper is closed.

• Turn off the pilot light: If your heating system has a pilot light, turn it off during the summer. A pilot light typically costs $3-$5 per month to keep lit so why not turn it off when you aren't using it. Gas ranges with electronic ignition systems will use 40 percent less energy than a standing pilot system.

• Tune up your heating system: Have your heating system tuned and inspected by a service professional. Losses from a poorly maintained system accumulate sometimes at a rate of 1-2% each year.

• Insulate properly: Make sure that your wall and attic are properly insulated. Adding fiberglass insulation in your attic is one of the most cost effective savings measures and one that you can do yourself.

• Seal Leaks: Leaks develop in all air ducts over time. Sealing these leaks in ducts can reduce heating costs by up to 20%. Keep filters clean, they can block heat flows.

• Use appliances efficiently: Do only full loads when using your dishwasher and clothes washer. Use the cold water setting on your clothes washer when you can. Using cold water reduces your washer's energy use by 75 percent.

• Lower your thermostat: Most energy experts recommend setting the thermostat to 68F or less, and several degrees cooler overnight. Make sure you lower you thermostat if you are leaving the house for any length of time.
  

• Use a programmable thermostat: A programmable thermostat lets you easily lower the thermostat during periods when no one is home, as well as lower the temperature overnight without having to freeze in the morning while waiting for the heat to rise. They start at $30 and can save you $100 in heating and cooling costs every year.

• Insulate your hot water pipes: Hot water heating systems use a network of pipes to distribute heat through your house. Wrapping pipes and your hot water heater with insulation is easy to do and fairly inexpensive. Use foam or fiberglass insulation with a wall thickness of 3/4 in. for fiberglass and 1/2 in. for foam.

• Single pane windows: Not only are they inefficient, but worn and dirty windows can be unsightly as well. Replacing them with energy-efficient windows is a major investment, but in colder climates the heating savings can be considerable.

• Insulate outlets: Electric outlets let cold air into the house. Remove the outlet covers and insert special insulation underneath. Use special insulating plugs in all outlets that are not being used

Thanks for Reading
Howard bell
www.yourpropertypath.com

Market Factors That Support Home Values

If you are looking to buy a home now you need to be more particular than ever before. Real estate prices are still in decline and these up down cycles can typically last ten years or more. To protect yourself against ill winds there are some things that should look for when buying in difficult markets.

Factors that Stabilize price

1. Good Schools: Homes near better schools will sustain value. There is a greater demand by home buyers to be near well rated schools.

2. Supply Demand: If you can choose an area close to the city center, where new development is limited that is a plus. Be on the lookout for areas that will be offering large developments. You might want to check in with the local planning commission to see whats on the drawing board.

3. City or Suburb: Out lying areas are having more difficulty selling and maintaining value. Consider the cost of travel in gas and time. people are returning to cities.

4. Foreclosures: keep away from areas with a lot of foreclosure signs. they will pull down the price as banks low ball prices to offload inventory.

5. Micro Location: be much more particular in difficult markets. Choose your street carefully. Look for the sunny side and to be away from traffic or busy shopping areas. In good times people will pay higher prices for poor locations, but will not be so ready to do that now.

6. Job Market: Prices are sustainable when people believe they will have the ability to pay. Check the local papers or crags list to see if the job market is healthy in your area.

7. Willing Sellers: Now that the cost of money is still rising and lenders standards are tightening, a seller willing to carry becomes very important. often, the terms are more favorable.

Real estate cycles tend to be long and in weak markets it pays to have as much working for you as possible.

San Francisco is still an exception

We have strong job growth, thanks to the Bio Tech industry and to tech in general. The reverse commutes that Ebay, Genentech, Apple and Google have placed strong demand on housing in a city that has limited supply of housing and land to expand on. Our height limitations arent helping either. The result is high rents that are providing bigger cash flows and higher property values.

Although the foreclosure rate is at 102% higher than last year, we are still looking at a small number, only 257 homes. Still one wonders how this market can escape a long term downturn. Its almost a perfect storm for declining prices.

Thanks for Reading
Howard bell
www.yourpropertypath.com

SF Graffiti Abatement: No Standards Yet

Free public art?

Sometimes..... when permission is given and a permit is valid we can have beautiful street art murals. But when its your building that is used as a canvas and your tenants want it removed, its vandalism.

The San Francisco Abatement program

Anyone can report a tagged building and often its a tenant or neighbor that wants it removed.
It is the owners responsibility to remove graffiti and it must be done within 30 days.

The fine is steep, considering you are the victim

The Dept of Public Works is authorized to enter your property and remove the graffiti. The minimum fee is $500. DPW is allowed to pile on admin costs and legal fees and place a lien on your property if you do not pay.

Protect yourself from abatement costs.

If your building is continuously tagged try calling the Police Dept. in your area and ask for extra patrols, or log onto www.sfgov.org/site/police and file a complaint. Often when kids see beefed up patrols they will move on. That is the cheap and easy way to stop a problem.

There are programs that will help if you can prove removal costs are a hardship. Its possible for the DPW to provide paint if you agree to remove it within 10 days. Ask.
There are also volunteer groups that will come and clean up graffiti. Call DPW at 415-554-5447 and see if you can get some help there.

Thanks for Reading
Howard Bell
www.yourpropertypath.com

Property Management Tip: The Scoop on Security Deposits

One of the biggest issues in landlord tenant disputes is the return of the security deposit. More bad feelings are generated by the mishandling of this than almost any other issue.

If the security deposit is discussed during the lease signing orientation, it is less likely that a dispute will arise later on. For those of you who arent clear as to the rules, this is the way it is in San Francisco

How Much Can I Charge
An owner can charge up to two times the rent or three times the rent for a furnished apartment. This is the maximum amount and must include such things as "pet deposit" or "cleaning fee". No other fees can be put on top of the 2x and 3x limitations.

Can I Keep Security Deposits
The deposit is never nonrefundable. It is a fee designed to protect the owner and the property against mis-use.

How Long can I Keep The Deposit
By law, you must return the deposit within 21 days. Any failure to do so can result in a fine of up to two times the deposit, if it is deemed you have acted maliciously when an angry tenant drags you to small claims court and wins. It may be possible to withhold a portion longer than the 21 days if it will take longer to get an estimate for repairs. It gets murky here and you should talk to your attorney before withholding beyond the 21 days.

Deductions from the Security Deposit
Any deductions over $125.00 must be accompanied with itemized receipts from the vendors you have hired to repair or clean as necessary.

The landlord can deduct 50% of the rent board fee from the security deposit. Landlords who pay the security deposit interest annually instead of giving the tenant an equivalent rent credit, may also bill for the Rent Board fee separately rather than deducting it from the interest payment owed. Landlords may "bank" the Rent Board fee since November 1999 and collect it in a later year. For the 2007-2008 tax year, the rental unit fee is $26.00 per apartment unit and $13.00 per residential hotel room.

Do I owe Interest
Yes. generally it is due on the anniversary or lease date. The rent board determines the interest due every year. Often, owners will keep or "bank" the interest until the tenant moves out. This is acceptable unless the tenant asks for it in writing. Then send off a check and file a copy.
This year the interest on security deposits is for the period March 1, 2008 through February 28, 2009 is 5.2%

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www.yourpropertypath.com

Residential Apartment Housing Market is Doing Just Fine:

The National Multi Housing Council recently issued a press release on the health of the residential markets.

Our residential markets have a lot going for them these days and are a light in a gloomy marketplace. When people wont or cant buy, they rent. The demand for rental units has risen dramatically and even rent controlled markets are seeing good returns on their investment. As rent controlled units come back on the market they are able to go to market rates. Some units are able to double or quadruple their rent flow, if a unit has been occupied for many years.

More than 2 million homeowners have lost their homes and this has contributed to the demand for rental units. Add to that the strong immigrant population and you have solid demand.
Unlike new home construction, residential development has not kept up with demand. This favorable supply demand has helped boost rent rates.

According to the NMHC report, nationwide returns to privately held apartments in the first nine months achieving an annualized rate of 12.6%. That’s a drop from the 2006 level of 14.6%, and down significantly from 21.2% returns in 2005.

Here in San Francisco, which is a peninsula with height limitations and a great deal of restrictions designed to preserve the beauty of our neighborhoods we have run into a housing crises. Our tech industry and our startup and media gulch has brought a great deal of highly paid employees into the city. Techies from Boston to Berlin have arrived with new jobs from Genentech to Google, Apple and Ebay, soaking up much of the available housing and boosting rents to new heights. The part of the city that has seen great growth in the cost of housing is that area nearest to 101. A straight shot to Silicon Valley and easy to Caltrans has made areas like Noe valley, The Mission and Bernal very desirable. Add to that the new Darth Vader like buses that have been creating a reverse commute for many of the best known Silicon valley tech firms and the Bio-tech firms in South San Francisco.

We actually cant absorb all of this and its making San Francisco a very expensive city. Of course, all of this will change if we are in a recession and the hiring pattern slows. That might help save the character of city as we have known it. Our love of odd balls and off center individuals has kept that Barbary coast atmosphere alive and well....lets hope we dont price them out of the city. Its a big part of what is so special about us, dont you think?

* The Image is the Plaza Apartments project in San Francisco

Thanks for Reading
Howard bell
www.yourpropertypath.com

San Francisco Housing Markets Looking Shakey

We love San Francisco and understand why this city has such a great reputation. The climate, beauty ans strong job market all help support prices. But still when I see charets like this I have to wonder what's next. In the stock market there is a phrase that defines an asset when its price keeps going up, while less and less people are willing or interested in buying.

Negative Divergence: it simply means a change in the trend from bullish to bearish. When less people play the game or exhibit interest the trend is down. In San Francisco predicting a downturn has been wrong most of the last ten years....still look at these charts.

Price Change in San Francisco Property

Supply Vs. Demand For San Francisco

When price rises and there is little demand, something has to change. Either demand has to pick up or price has to drop to a point where demand supports price. EG; a price point where people are willing to buy. Check out this chart...

** Above the 30 mark the interest for buying is positive and below the 30 mark it is negative.

Thanks for Reading
Howard
www.yourpropertypath.com

Freddie Mac and Fannie Mae Lifts Loan Limits

Did You Buy Too Much Home?

Help is on the way....The government on Wednesday raised the mortgage limits for loans guaranteed by the Federal Housing Administration in 14 high-cost California counties. The limits, with the maximum at $729,750, are derived from median home prices in each county.

The Big Winners in California by County

The counties at the maximum level for FHA loans are Alameda, Contra Costa, Los Angeles, Marin, Monterey, Napa, Orange, San Benito, San Francisco, San Mateo, Santa Barbara, Santa Clara, Santa Cruz and Venturato. The higher caps will let more homeowners with high-rate subprime mortgages refinance into federally insured loans.

Appraisers: Part of the Problem

More Changes, the new agreed upon code will also bar lenders from using mortgage company appraisers and it also bars lenders from pressuring appraisers to make inflated estimates. Fannie and Freddie also agreed to create an independent organization to monitor the new appraisal standards.Some estimate that home values are overvalued nationwide by at least 10% because of inflated appraisals.

Its Really up to the Banks

All these changes are helpful and part of the puzzle but they are not nearly big enough to ease the pain.
The kink in the plan is that many of the people in trouble will not qualify for a refi because of low credit or low incomes. When banks get burned they pull back by raising loan standards. We still believe that the only way for the crises to be eased and for people to stay in their homes (and off the market) is for the banks to re-negotiate and not foreclose. The median foreclosure price for homes on the market in San Francisco is 20% less than the median price of a similar home listed by a real estate agent. This is hurting everyone and the cost to the economy is huge...needs to be mitigated.

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www.yourpropertypath.com

San Francisco Building Code Changes: The Slope Protection Act

Amendments to the San Francisco Building Code
The Slope Protection Act

Do you remember that Telegraph Hill slide about a year ago that loosened tons of rock onto Broadway and made seven buildings uninhabitable? The fix had a large crane on Broadway, suspended over other building to drill the hole for new rebarb and concrete into the exposed rock to stabilize the landslide. Then they had huge steel nettings to move the rock over existing buildings. The city has finally responded to situations like this by amending the building code to establish the Slope Protection Act and create procedures that require the Structural Advisory Committee to review and make recommendations on permit applications that exceeds an average slope of 25% grade.

Its easy to forget we are in earthquake country, in fact it might be part of the survival mechanism that lets us live in a normal way. As all the easily buildable land is probably gone, we appreciate the Board of Supervisors for keeping the most dangerous projects under close scrutiny. This is a good amendment and will probably save lives.

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Howard for
www.yourpropertypath.com

San Francisco Housing Markets: Two Charts Compare Home and Condos

Property Price Trends
The median single family home price as of March 02 2008 for San Francisois $794,103

House Vs. Condo Prices in San Francisco as of March 02 2008

Condo prices are generally less than comparable homes, this chart shows a differential of about $125,000.

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www.yourpropertypath.com

San Francisco Condo Vs. Home Prices:

The median price of a home in San Francisco as of March 02 2008. . The following chart shows how prices have rebounded form a low of $775,000 to $794,103. With long rates climbing back up we are hard pressed to see price rises hold. It is impressive how San Francisco is an island of relative stability in this state.


The other buy option is the condo and we can see how that market is relative to home prices....quite a difference.

A list of homes sold, courtesy of SFgate.com as of Sunday 03/02/08

San Francisco County

San Francisco
3275 16th Street $2,450,000, 6579 sq. ft., 1907		1011 23rd Street #4 $780,000, 1565 sq. ft., 2000
756 24th Avenue $1,600,000, 4 bdrms, 2206 sq. ft., 1916		246 28th Avenue $1,790,000, 1839 sq. ft., 1916
1964 8th Avenue $1,500,000, 3 bdrms, 2268 sq. ft., 1922		2271 Bay Street $2,267,500, 3 bdrms, 1470 sq. ft., 1927
325 Berry Street #410 $960,000		287 Brentwood Avenue $1,475,000, 2810 sq. ft., 1927
900 Bush Street #1002 $535,000, 1 bdrms, 657 sq. ft., 1982		1083 Clay Street #201 $589,000, 915 sq. ft., 1984
520 Clement Street $1,810,000, 4534 sq. ft., 1900		166 Duncan Street $1,006,000, 869 sq. ft., 1900
1312 Eddy Street $795,000		27 Excelsior Avenue $700,000, 2100 sq. ft., 1908
254 Flournoy Street $463,000, 2 bdrms, 616 sq. ft., 1925		4017 Folsom Street $625,000, 4 bdrms, 1175 sq. ft., 1906
733 Front Street #209 $720,000		733 Front Street #306 $567,000
999 Green Street #1204 $1,900,000, 2 bdrms, 1681 sq. ft., 1964		1612 Hayes Street $970,000
1442 Jackson Street $1,700,000		451 Kansas Street #528 $837,500
2527 Kirkham Street $808,000, 1375 sq. ft., 1929		306 Louisburg Street $566,000, 1350 sq. ft., 1936
1160 Mission Street #1613 $855,000		5020 Mission Street #3 $500,000, 1553 sq. ft., 2004
495 Monterey Boulevard $900,000, 2532 sq. ft., 1947		787 Myra Way $675,000, 742 sq. ft., 1950
1314 Polk Street #306 $520,000		1314 Polk Street #606 $521,500
1314 Polk Street #706 $521,500		260 Pope Street $555,000, 1570 sq. ft., 1910
807 Red Leaf Court $500,000, 3 bdrms, 1200 sq. ft., 1987		1 South Park Avenue #408 $1,850,000
310 Townsend Street #110 $920,000		1609 Ulloa Street $1,132,000, 1350 sq. ft., 1939
518 Vallejo Street $1,450,000, 1900 sq. ft., 1908		750 Van Ness Avenue #V401 $380,000
750 Van Ness Avenue #V402 $384,000

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