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
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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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Recent Price Trends for San Francisco

Real Estate Price Trends

The median single family home price as of June 29 2008 for San Francisco is $588,558. Note that there has been a slight uptick in price in the last few weeks.

Home Sales and Demand Trends

The average property in San Francisco as of June 29 2008 has been on the market for about 72 days.

Homes for Sale

There are about 3,891 properties on the market in San Francisco as of June 29 2008. Note: although price is on a short term increase volume is up significantly since January.

Its our view that volume precedes price. Its simply supply vs demand. These charts show supply on a significant increase and we expect that price will continue to soften. There are strong reasons to suspect more supply.

1. Foreclosure continue to rise and put supply on the market at a cut rate price.
2. Mortgage rates are on the rise as the Fed signals its now more concerned about inflation than housing. Costs of money makes it more difficult to buy.
3. The new Jumbo FHA loans are set to expire unless they are reinstated and they are difficult to get anyway.
4. ARMs will continue to re-set through 2010 and they will increase monthly payments by as much as 3 times or more.

The best hope is that the tech industry continues to thrive and this reverse commute brings well paid people who might otherwise live in Mt. View to the city. I believe there is a merge taking place between Silicon Valley and San Francisco.

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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Affordable & Sustainable Food Prevails in San Francisco

The Heart of the City Farmers Market

Market. Started by Quakers and farmers in the 1980s to serve low-income families, this farmers market is a community hub and one of the few places near the Tenderloin to buy fresh fruits and vegetables. It's run on a shoestring by a nonprofit whose board members are elected by the farmers who sell their produce at the market. And it is about to be taken over by City Hall's Real Estate Division.

Just opposite the plaza that houses the heart of the City affordable fresh food markets, their will be the resserection of city urban gardens that will also help provide fresh sustainable food for all. SF Victory Gardens and Slow Food Nation, this project will not only create a fruit-and-vegetable garden in Civic Center Plaza, it'll create an archipelago of urban agriculture throughout the city, mostly in families' back yards.

I recently recieved an email from the group that runs the Heart of the City. They have won this battle with the city, to the credit of both sides. The operation will have to tighten up its operatons, but the city will not take over as originally planned (at least by the city) and we will not see an upscale high priced food mart in the civic center. Reasonably priced food provided by the small farmer and food vendor and a fair price is as important as the farmers market at the Ferry Building. Once again, thanks to this city, another win win for the people of San Francisco

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 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.

You can add this page to your favorite Social Bookmark site:

Greening San Francisco: Edible Gardens

Victory Gardens 2008

History: Victory Gardens 2008 is a pilot project funded by the City of San Francisco to support the transition of backyard, front yard, window boxes, rooftops, and unused land into organic food production areas. The SF Victory Garden program builds on the successful Victory Garden programs of WWI and WWII but redefines "Victory" in the pressing context of urban sustainability.

Throughout the country people plowed front yards, lawns, back yards, flower gardens, and vacant lots to grow their own vegetables. Even public land was put to use, from the lawn at San Francisco City Hall to the Boston Commons to portions of San Francisco’s Golden Gate Park San Francisco’s victory program became one of the best in the country. There were over 250 garden plots in Golden Gate Park. Every park in the city had gardens and many vacant lots were used for growing vegetables.

Slow food Nation: Has the high goal of creating an era of self-sufficiency using city land and all available land to create edible gardens. One high profile project will be to create an edible garden in the heart of San Francisco’s Civic Center. Planted on the same site as the post-World War II gardens 60 years ago, the Slow Food Nation Victory Garden demonstrates the potential of a local agriculture practices that will promote edible foods that are indigenous to the area, while producing high quality food for those in need. Growing and concentrating on local plant foods is easy on the planet because they require less care and water resources, having adapted to the local environment. The garden will consist of heritage organic vegetables suited to the Bay Area micro climate.

Volunteer at Slow Food Nation!

Project Timeline

• July 1- Groundbreaking
• July 1 - 11 - Garden Installation
• July 12 - Community Planting Day
• July 12 – September 21 - Garden Operation, stay tuned for workshop schedule!
• August 29 – September 1 - Slow Food Nation, First Harvest
• September 21 - Community Harvest Day, food donated to those in need

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

Your Property PathSF
http://yourpropertypath.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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The State of the City: San Francisco is Looking Good

The Internet Drives the City

Thanks to the internet and the technology industry continuing to be the infinite work space, thousands of new technology jobs drove the city's population to a new high of more than 824,000.

Yahoo and Google have opened offices in the city and continue to provide shuttle buses that have dominated the city neighborhoods. The increase of high paying young professionals has caused a crimp in the housing supply, but it has also certainly boosted the local economy. This huge influx of workers connected to south bay industries seem to be merging the economies of San Francisco and Silicon Valley. Yahoo, Microsoft and Google farmed out some of their work to San Francisco offices and young start ups are popping up and transforming lower rent districts.

The growing number of online-media and business-software firms are creating a perfect compliment to the computer and microchip focus of Silicon Valley. This divergence of skills is highly complimentary and will continue to knit the San Francisco and the South Bay.

City Stats: In 2007, the 3,281 units authorized for construction was a 41 percent increase from 2006. Projects on the horizon - including Rincon Hill, the Transbay Terminal area, Hunters Point Shipyard, Candlestick Point, 5400 potential units in Merced Park, 6000 units in Octavia area of market and trinity place at market and larkin will add tens of thousands of homes.
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
http://www.yourpropertypath.com/
Snap News updates real estate markets and all things of interest to property owners and real estate professionals.

You can add this page to your favorite Social Bookmark site: