Upcoming Listings

March 19, 2009

Here’s what Paragon has on deck – tell a friend!

$9,000,000/Potrero Hill/ Brief Description: 36 Commercial Loft Condominiums over 41 parking spaces. Investment property to lease now and possibly sell as individual lofts down the road. Kitchens and 2nd baths are stemmed in and individual owners can increase value exponentially somewhere down the road. High ceilings, huge windows, brand new construction, price is per unit – averaging 1200 Sq. Ft. each…

$995,000/ South of Market / BR/BA: 1/2 PKG: 1 car/leased Brief Description: Stunning Brick & Timber loft conversion. 20 ft. ceilings, exposed wood beams, courtyard outlook, granite countertops, glass mosaic tile, cherry cabinetry w/built in pantry. Den area converts to a guest bedroom, with folding panel door.

$749,000/ South Beach/ BA: 1 / 1 PKG: 1 Brief Description: Beautiful Brick and Timber Loft 1 block from Embarcadero. Top Floor Corner unit with over 1000+ square feet. Bay Views. This is a unique and great space! Will be listed in April, but can show soon!

$499,000/ Lower Pacific Heights/ BR/BA: 1/1 PKG:1 Brief Description: Contemporary condo, needs some updating – currently tenant-occupied month-to-month. Built in 1986 so not subject to rent control.

Pocket Listings:
$1,950,000/Noe Valley / Brief Description: 4 Unit Victorian commercial building on 24th St. Upper 2 floors are owner occupied. Tenant on ground floor.

$700,000ish /SOMA/ BR/BA: 2/2 PKG: 1 Brief Description: Wide loft, Kitchen and two bath remodel. Very Swanky. Sneak preview and pricing roundtable on Wednesday @ 2:30pm. No clients before weekend. Call to confirm if you are going to preview

$340,000/ TenderNob/BR/BA: 0/1 PKG: 0 Brief Description: Large alcove studio in “The HamiltOn”, a classic, art-deco elevator, door-man bldg. Perfect pied-a-terre; Central location.

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casitabonita_website_0001s_0000_front_of_houseStefan and I were joined by CITK Dennis MacNeil for an afternoon of tasting Napa Valley wines and conversation at The Vintners’ Collective. The Vintners’ Collective is a single tasting room for sixteen boutique wineries. Every month they have a wine release party ($25 a head) which features one or more of their vintners with nibbles and entertainment. At yesterday’s gathering, the entertainment was Chaplin movies and a special appearance by the Tramp himself. The vintners featured were Gregory Graham, Clark Claudon and Showket.

We tasted a delicious rarely available Rose from Gregory Graham, two sophisticated Cabernets from Clark Claudon, and a Sangiovese, a Super Tuscan and a Cabernet from Showket. In addition, we snuck in the back room for sips of Vinoce’s Cabernet and Proprietary Red, and were treated to liberal samples of Las Bonita’s Zinfandel and Cabernet by the Vintners’ Collective’s owner Garrett Murphy. What a relaxing afternoon!

But what does all this have to do with Real Estate? Well, Garrett mentioned his La Casita Bonita, a fully-equipped two bedroom home located in downtown napa, available for short-term rental. As nice as the home is, I think the best part of the deal is that the Vinters’ Collective will act as your personal concierge for planning the perfect visit.  What better way to try out the wine-country lifestyle than to move in?

The good news is that there are both Federal and California Tax Credits available for certain qualifying buyers of homes that meet the requirements.  Note that the Federal and California tax credits are very different from each other, and the methods for claiming the credit are likewise very different.

This summary is provided for general information only and does not apply to any individual situation.  All buyers who are interested in qualifying for either or both of these credits are advised to consult with their own tax advisors.

1.  FEDERAL TAX CREDIT (FIRST-TIME BUYERS ONLY)

Amount:  $8,000 if home purchased in 2009, but no more than 10% of the purchase price of the home (half that amount if married filing separately).  $7,500 if purchased before 2009.

Expires:  December 1, 2009

Only First-Time Homebuyers Can Claim the Credit:  In general, buyers can claim the credit if they are a first-time homebuyer. Buyers are considered a first-time homebuyer if:

  • They purchased their main home after April 8, 2008, and before December 1, 2009.
  • The buyer (and spouse, if married) did not own any other main home during the 3-year period ending on the date of purchase.

Main home. A main home is the one the buyer lives in most of the time. Not limited to new construction.  It can be a house, houseboat, house-trailer, cooperative apartment, condominium, or other type of residence.

The Credit Cannot Be Claimed If:

  • The buyer’s modified adjusted gross income is $95,000 or more ($170,000 or more if married filing jointly).
  • The buyer is a nonresident alien.
  • The home is located outside the United States.
  • The buyer acquired their home by gift or inheritance.
  • The buyer acquired their home from a related person.

No Repayment of Credit:  There is no repayment of this credit if the home is purchased in 2009.  However, the buyer must repay the credit if the home ceases to be their main home within the 36-month period beginning on the purchase date.  (Note:  For homes purchased before 2009, the tax credit is subject to repayment rules.)

2.  CALIFORNIA TAX CREDIT (NEW CONSTRUCTION PURCHASES ONLY)

Amount:  Up to $10,000.  California allows qualified new home buyers a total tax credit amount equal to either five percent of the purchase price or $10,000, whichever is less.

Note:  Taxpayers must apply the total tax credit in equal amounts over three successive taxable years (maximum of $3,333 per year) beginning with the taxable year (2009 or 2010) in which the new home is purchased.  Special rules apply to married/RDP (Registered Domestic Partners) taxpayers filing separately.

Expires:    March 1, 2010.

All Qualified Buyers Can Claim This Credit, Not Just First-Time Home Buyers:  This tax credit is available for qualified buyerswho on or after March 1, 2009, and before March 1, 2010, purchase a qualified principal residence. The buyer must reside in the new home for a minimum of two years immediately following the purchase date.

Qualified Buyer:  A taxpayer who purchases a Qualified Principal Residence that is purchased to be the principal residence of the taxpayer for a minimum of two years, and that is eligible for the homeowner’s exemption (under California Revenue and Taxation Code Section 218).

Qualified Principal Residence – New Construction:  Any of the following can qualify if it is new construction (that is, it has never been occupied), is the buyer’s principal residence, and is subject to property tax, whether real or personal property:  a single family residence, a condominium, a unit in a cooperative project, a houseboat, a manufactured home, or a mobile home.

First-Come, First-Served (or You Snooze, You Lose):  California has allocated $100,000,000 for this tax credit. Buyers must apply for credit allocation from the Franchise Tax Board (“FTB”). Applications will be reviewed and credit allocations will be made on a first-come, first-served basis. Once $100,000,000 has been allocated, the tax credit will no longer be available.

How to apply:   Within one week (seven calendar days) after the close of escrow:

·         The seller must complete Part I of Form 3528-A, Application for New Home Credit, certifying that the home has never been occupied, and provide a copy to the buyer or escrow person.

·         The buyer will complete Parts II & III of Form 3528-A.

·         The escrow person on behalf of the seller and buyer will fax the completed Form 3528-A to FTB at 916.845.9754, and provide a copy to the buyer.

Fax is the only delivery method that will be accepted by, and considered for credit allocation by, FTB, as the date and time stamp on the fax will determine the order in which credits are allocated.

“Time is of the essence” on this one!  

1.  Remember, when the allocated amount of funds ($100,000,000) has been approved for credit by the FTB, there are no more tax credits available.

2.  Also, Buyers only have one week after close of escrow to apply for the credit.

For more information on the California tax credit (and a running total of the amount of credit left to be allocated) go to:  http://www.ftb.ca.gov/individuals/New_Home_Credit.shtml#def2 or call the Franchise Tax Board at:  888.792.4900 (press 5)

Advanced Listing Services was kind enough to provide me with this “State of the Market” report for San Francisco County. It analyzes new listings, the rate at which they are marked “pending,” and the number of properties that return to “active” after being “pending.”

The most intersting piece of information in the report to me, is that the listing price for pending properties is significantly lower than that of for sale or active properties. This suggests that only inventory at the lower end of the price range is really moving despite the fact that foreclosures continue to be a relatively low proportion of our inventory in San Francisco.

To see the report, click here.

Upcoming Listings

March 12, 2009

Well, we have some nice new inventory – especially in Cole Valley!  And look at all those price reductions.  Three in one week…wow is it a good time to buy.  If anything here looks like you or someone you know, please let me know so I can get you in ahead of the market!

$1,495,000/ Cole Valley/ BR/BA: 2/2.5 PKG: 2 Brief Description: Brand New Town home with high end finishes. 3 levels, private balcony, landscaped-patio and view of Mt. Tam and GG Bridge

$1,495,000/ Cole Valley/ BR/BA: 2/2.5 PKG: 2 Brief Description: Brand New Town home with high end finishes. 3 levels, private balcony, landscaped-patio and view of Mt. Tam and GG Bridge

$1,395,000/ Cole Valley /BR/BA: 2/2 PKG: 1+ Brief Description: Brand New Townhome w/ 3 levels-high end finishes-prvt balcony landscaped-patio and views, views, views

$1,395,000/ Cole Valley/ BR/BA: 2/2 PKG: 2 Brief Description: Brand New Town home with high end finishes. 3 levels, private balcony, landscaped-patio and view views, views

$1,099,000/ Pacific Heights/ BR/BA: 3/2 PKG: 1 Brief Description: Gorgeous, remodeled TIC unit, ~1,600 sq. ft., separate TIC financing available!

$1,095,750/Noe Valley/ BR/BA: 3/1.5 PKG: 2 Brief Description: Classic Mid-century home in a great location. Large flat yard and great expansion potential on the lower level, First Open on 3/8/9 1-4pm

$885,000/Sunset/BR/BA:3/1.5 PKG: 2 Brief Description: Gorgeous Parkway Terrace Colonial home….3 bedrooms on upper level…1.5 baths…elegant original details with sunny deck and yard price is negiotiable

$495,000 / Silver Terrace / BR/BA: 2/2 PKG: 1 Brief Description: SFD on great tree-lined block, views, charm, move-in ready condition with family room and parking pad.

$439,000/Twin Peaks/ BR/BA: 1/1 PKG: 1 Brief Description: condo w/parking & extra storage!

$315,000/ Opera Plaza/ BR/BA: 1/1 PKG: 1 Brief Description: JR- 1BD condo w/updated wood floor balcony; great pied-a-terre or first home purchase. Parking is avail for fee

$250,000/Petrero Hill/ Brief Description: 36 Commercial Loft Condominiums over 41 parking spaces. Investment property to lease now and possibly sell as individual lofts down the road. Kitchens and 2nd baths are stemmed in and individual owners can increase value exponentially somewhere down the road. High ceilings, huge windows, brand new construction, price is per unit – averaging 1200 Sq. Ft. each..

Pocket Listings:

$1,950,000/ Noe Valley/ 24th St BR/BA: 0/0 PKG: 0 Brief Description: This is 4/units commercial building on 24th Street

$900,000à/ South of Market / BR/BA: 1/2 PKG: 1 car/leased Brief Description: Stunning Brick & Timber loft conversion. 20 ft. ceilings, exposed wood beams, courtyard outlook, granite countertops, glass mosaic tile, cherry cabinetry w/built in pantry. Den area converts to a guest bedroom, with folding panel door.

Price Reductions:

$949,000/ Old Price: $1,049,000/ Hayes Valley/ 560 Haight #201 BR/BA: 2/2 PKG: 2 Brief Description: NY Style open loft, end unit with three walls of windows, top floor with huge deck off living space AND roof deck

$699,000/Old Price: $719,000/South Beach /1 Federal St #10 BR/BA: 1/1 PKG: 1 Brief Description: Fabulous New York Style loft – 967 sq. ft. with full-time concierge, a workout facility, community room, and storage rental. It is in close proximity to transportation, freeways, Waterfront Trail, restaurants, shops, the nearby Embarcadero, Muni light rail, Ferry building and the ballpark.

$620,000/ Old Price: $649,000/ Central Richmond/ 362 24th Ave #2. BR/BA: 2/1 PKG: 1 Brief Description: Over 900 sq. ft. for this spotless condo; great location; WalkScore – 92.

Here are some useful, interesting and/or fun websites for San Francisco and the Bay Area. I hope you enjoy them!  I especially love Walkscore, which is the first one!