San Francisco Condos

Here’s the latest from the California Building Industry Association via C.A.R:

California New-Home Market Slowly Improving
The monthly California Building Industry Association/Hanley Wood Market Intelligence (HWMI) New Home Sales and Pricing Report showed that sales in new-home communities of 10 units or more declined 26 percent compared with May 2008, but sales improved from the 31 percent decline in the prior month and is the fourth consecutive month of that improvement trend.

During May, 3,019 new homes and condominiums were sold in the subdivisions tracked by HWMI, compared with 4,094 in May 2008. Sales of single-family homes were down by 30 percent, while sales of townhomes and “plexes” – duplexes, triplexes, etc. – were down 24 percent and sales of condominiums were off by 16 percent.

Compared with the same period last year, the median base price of homes sold dropped by 5 percent.

“The incremental gains since March are counter to this typical seasonal trend, which suggests the market has found the bottom and is truly stabilizing, albeit slowly,” said Jonathan Dienhart, Director of Published Research for HWMI.   “With the state tax credits for home purchases running out and continued troubles in the broader economy, it is not yet clear that an actual recovery is at hand.

CNN reports that California is nearly out of their $10,000 tax credits for anyone who buys a new-construction home (new houses or new condos).  The state set aside $100 million that was meant to last for a year, but after four months $24 million has already been used and another $58.5 million has been claimed, leaving only $17.5 million left… read the full article here: 

California running out of $10,000 tax credits

I was just at the SOMA Grand again this weekend, and must say they’ve got some great deals on two bedrooms right now!  A large, well appointed two bedroom with great views from the 16th floor can potentially be had in the mid $600′s (and possibly lower with the right agent

The building is looking great, Charles Phan’s new restaraunt Heaven’s Dog is up and running, and the building over 75% sold.  For entry level buyers looking for a solid two bedroom in the $600′s, this is in my opinion one of the best buys out there.

Image Source: Infinity

From the Infinity Sales Center:

The Infinity is happy to celebrate another amazing landmark of success – we’ve reached 100 new sales for 2009! Despite these challenging times, The Infinity has continued to be the fastest-selling and most successful luxury condominium community in California.

Congratulations to them in a tough market!  It certainly doesn’t hurt to have one of the best locations in South Beach, good design, and quality construction.  As one of the largest developments in the area, they still have a great selection left in their second tower, and as with many of the new developments they’ve dramatically lowered their prices from a few months ago. You can find more information on my resource site: Infinity San Francisco or by contacting me directly at michael@resonantproperties.com.

The Hayes is the only major new development in Hayes Valley, and offers a great combination of a brand new condo in an established, hip neighborhood brimming with shops and restaurants.  They’ve been pretty aggressive with lowering prices, and are now down to only two left:

The two remaining homes at The Hayes are:

ABOUT THE HAYES

The Hayes features rare newly constructed homes in Hayes Valley, San Francisco’s hip, fashionable neighborhood for the arts, music, dining and shopping. Located on Page Street in the heart of Hayes Valley, The Hayes offers many of the most sought-after urban amenities, including an attended lobby, a state-of-the-art fitness center and a roof deck with great city views. Individual homes are outfitted with exceptional detail, including Italian tile, German cabinetry, and French fixtures. The Hayes is centrally located close to public transportation and with convenient freeway access. Buyers looking for the excitement of The City and the amenities of contemporary urban living will find everything they need at The Hayes.

For showings or more information, call me at 415-830-7804 or email me at michael@resonantproperties.com

690 Market St. #1605

$1,125,000 | 1 Bedrooms | 2 Bathrooms | 1 Car Parking | 1,050 Square Feet

690 Market St. #1605…
This 1BR/1.5 BA at the Ritz Carlton offers one of the best values available at the Ritz. The marble entry  transitions to a rich hardwood floor throughout the living room, dining area and kitchen.

The light, open living area offers nearly wall to wall windows with city and bay views. The kitchen is fully upgraded with all viking appliances and includes a separate wine fridge, along with granite counters, upgraded fixtures, and dark wood cabinetry. A separate island provides space for a breakfast area.

Amenities include valet-attended garage parking, business and conference facilities, private fitness center and a Residents’ Lounge. In addition, your 24-hour, full service Concierge can help arrange in-residence dining, reserving the services of a private chef, twice-daily housekeeping, dry cleaning, child care or virtually anything you might need.

All furnishings can be included at additional cost, making this a great turn-key property or corporate rental.

Created by My Single Property Websites

San Francisco Real Estate for the week of 3-27-2009:

Note: Data is deemed reliable but not guaranteed.  I suggest reviewing multiple sources of San Francisco Real Estate data and discussing with a local, licensed professional. If you are looking for professional representation, I would be happy to provide a complimentary phone consultation so you can learn more about the services I offer.

In order to market my real estate listings as effectively as possible, I’ve been working on developing a web application to create single property websites.  It’s still under construction, but feel free to take a look and let me know what you think.

I was going to write a post this morning about details on the Homeowner Affordability and Stability Plan, but my brother, who practices real estate in Boise, Idaho, beat me to the punch with his recent boise real estate blog post. Some highlights:

Here are some of the basic eligibility requirements (taken directly from the Treasury Department’s summary):

• Loans originated on or before January 1, 2009.
• First-lien loans on owner-occupied properties with unpaid principal balance up to $729,750. Higher limits allowed for owner-occupied properties with 2-4 units.
• All borrowers must fully document income, including signed IRS 4506-T, two most recent pay stubs, and most recent tax return, and must sign an affidavit of financial hardship.
• Property owner occupancy status will be verified through borrower credit report and other documentation; no investor-owned, vacant, or condemned properties.
• Incentives to lenders and servicers to modify at risk borrowers who have not yet missed payments when the servicer determines that the borrower is at imminent risk of default.
• Modifications can start from now until December 31, 2012; loans can be modified only once under the program.

Source: www.markcompany.com

The Mark Company is one of the largest and most well known new development marketing companies (they market the properties and staff the sales centers, amongst other things), and every quarter they release a great report on the state of the market.  Here’s an excerpt:

The fourth quarter of 2008 marked the first quarter since 2001 in which there were no new project openings. Only 615 units entered the market during 2008, compared to 1,988 units in 2007. The sharp decrease in the number of new project openings is due to deteriorating market conditions for for-sale housing, as well as a lack of available project financing. Under current market conditions, it is unlikely that any large new condominium projects not yet under construction will be completed within the next five years.

The median price for all residential units sold in San Francisco during December 2008 was $616,500, representing a decrease of 15.7% compared to the same period a year ago and a decrease of 26.2% compared to the peak of $835,000 reached in May 2007. Despite the decrease, the San Francisco market has experienced less depreciation than the rest of the Bay Area due in part to a much lower foreclosure rate.

The number of new construction condominiums that closed escrow in 2008 increased compared to prior years due to the completion of several large developments that had been pre-selling since 2006. Although many pre-sale buyers fell out of contract as their closing dates approached, enough buyers moved forward with their purchases to push the number of new construction closings in San Francisco to a new all-time high of 1,233 units.

The average price per square foot of new construction closings during the fourth quarer of 2008 was 6% higher than during the fourth quarter of 2007. The increase was primarily due to the commencement of luxury product closings at The Infinity and One Rincon Hill, which began closing units in 2008.

You can learn more about the Mark Company or request a copy of the full report from their website, www.themarkcompany.com.