San Francisco Schtuff

San Francisco real estate, events, food and neighborhood

The Central Waterfront

There are significant plans in place for the Central Waterfront district of San Francisco which will impact Potrero Hill, SOMA, and Mission Bay. Below are a few excerpts from the land use plan released by sfgov.org. There are several more reports ranging from open space to transportation, which can be found at the sfgov.org site.

The Central Waterfront includes a mixed-use district which would enable the creation of up to 1,100 housing units in the Central Waterfront within 5 years and up to 1,600 housing units over the next 20 years, according to the Planning Department’s analysis of sites likely to be redeveloped.

The Pier 70 Mixed Use District is intended to foster a lively working environment based on industrial, research and development, or creative activities. Pier 70 is very near to Mission Bay, which will also be the home to a new UCSF campus, now under construction. Generally, uses permitted in this district allow the flexibility to create a mix of arts-oriented, light industrial, research and development, institution and entertainment activities. The proliferation of general office as a principal uses is not allowed. However, a limited amount of office space related to or supportive of R&D, creative, or industrial activities at Pier 70.

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Filed under: 3rd St., Central Waterfront, Ggold, Potrero Hill, SoMa, neighborhood changes , ,

Third Street Light Rail–When will we ride???

It’s been years that the residents and workers along the 3rd St. corridor, SOMA, Central Waterfront and Potrero Hill have been waiting for the MUNI 3rd St. light rail. We have all seen the progress over the last few months as stations/stops seem to be getting their finishing touches. But when do we get to ride already?

A little history (from the MUNI website):

Construction on Phase 1 of the light rail line began in 2001 and is anticipated to last until late 2005 (woooops)

  • Phase 1 will extend Muni Metro light rail service south from its current terminal at Fourth and King Streets. The line will cross the Fourth Street Bridge and run along Third Street and Bayshore Boulevard, ending at the Bayshore CalTrain Station in Visitacion Valley. Tracks will be constructed primarily in the center of the street to improve safety and reliability and 19 stops will be provided. This phase of the light rail project is expected to open for service in 2006.
  • Phase 2 will extend light rail service north from King Street along Third Street, entering a new Central Subway near Bryant Street, crossing beneath Market Street and running under Geary and Stockton Streets to Stockton and Clay Streets. Underground subway stations will be located at Moscone Center, Market Street, Union Square and Clay Street in Chinatown. Muni and the City are actively pursuing funding for the Central Subway.

How long is construction going to last on Third Street?

Construction along Third Street started in May 2002 and will be complete in mid-2006 (we are just about there, but no trains have started to test run–still several months away).

When will the Third Street Light Rail Line start running?

Revenue service on Third Street is anticipated to begin operating in December 2006 (and I have heard rumors that it will not be until early 2007).

Hang tight–hopefully we’ll be able to ride within a year…

Filed under: 3rd St., neighborhood changes , ,

Mortgage Market Update

By: Jason Russell

mortgage market update:

“The changing of the guard with a new Federal Reserve Chairman has ushered in a new era – along with further increases to the Federal Funds Rate, which directly affects Prime Rate.

The recent .25% hike is the 15th consecutive increase in rates, raising Prime Rate from 4% to 7.75% over the last few years. The Fed meets again next month, and it seems clear Prime Rate is headed to 8%.

The story hasn’t changed – keep an eye on your adjustable mortgages if you plan to stay in your homes beyond the time they will start adjusting. In the case of the HELOCs, those rates keep rising and rising – close attention needs to be paid here as well.

For those with adjustable rate mortgages or home equity lines of credit, long-term rates and fixed home equity loans are still at very attractive rates. These rates/payments are potentially higher rates that your current ARMs and HELOCs, but paying for security over the long haul can be as important as a lower payment in the short-term and can curb some sleepless nights. The best move if you plan on staying in the home for a few years longer is to think about refinancing into fixed-rate money.

That said, you don’t necessarily need a 30-year mortgage. 10 year ARMS are still very attractive, with rates in the mid 6’s. This rate is a little bit lower than a 30-year loan and you still have 10 years of fixed rate security.

For those with Home Equity Lines of Credit (HELOCs), the rise in interest rates has been more rapid as of late. If you can pay down your HELOC balances, this is your best option, otherwise – think about refinancing the debt into a fixed rate loan.

A Home Equity Loan (HEL) is basically a second fixed mortgage. Unlike a HELOC, where the payments start only once you draw from the account, a HEL gives you a lump-sum loan, and you must start making payments immediately, But, unlike a HELOC, the interest rate on a HEL is fixed — in this environment, it may be your best option.

The best case scenario occurs if the value of your property has increased to a point where you can take your 1st and 2nd mortgage balances, and combine the two into a new fixed rate 1st mortgage. Your new loan amount should not increase 80% of the new appraised value.

For example, If you bought your place for $100,000 and put 10% as a down payment – you currently have an $80,000 1st mortgage and $10,000 2nd mortgage (lower if you have paid down the balances). If the new appraised value is $115,000 or higher, you can take the $90,000 in total loans and get one new loan, which would be about 78% of the new value of the property.

There is a silver lining here – with the increase in interest rates comes increases in deposit accounts. Yields of 4 percent in short-term bank accounts such as money markets or 5 percent interest rates in short-term CDs are available in a variety of locations. “

Jason Russell

Filed under: mortgage , ,

Every body’s favorite subject–STATISTICS (Part II)

Now we will take a moment to review the sales stats in Potrero Hill for the first quarter of this year.

Quarter 1 Sales in Potrero Hill

Single Family Homes
7 single family homes sold in the first quarter of this year
Average square feet: 1855 (only 3 of the homes actually have sq. ft. data in the MLS)
Average sales price: $1,280,428.57
Average days on market: 32

conclusion: Looking at the average data is a little tricky because there is some missing information (square feet) and there were 2 very large sales ($1.795 million and $1.95 million). Single family homes on the Hill are always popular–they sell for significantly more now than they did a few years ago and it continues to be a sought after destination spot. Just for some comparison, in the first quarter of last year (2005), there was only 1 single family home that sold and it sold for $875K.

Condo’s/Lofts/TIC’s
9 condos/2 lofts were sold in the first quarter of this year
Average square feet: 1178
Average sales price: $736,272.73
Average days on market: 52

conclusion: Quarter 1 of 2005 included 21 sales of condo’s, TIC’s and lofts with an average sales price of $741,976.19–just slightly higher than quarter 1 in 2006 (but MANY more sales). The average days on market was 28 (much shorter). I think you would agree–the data is interesting. There were fewer transactions and a slightly lower sales price Q1 2006–why do you think that is? There is currently an abundance of Condo/TIC/Loft inventory on the Hill and homes seem to be selling.

Greg and I work with both buyers and sellers of real property in San Francisco. What we have found is that buyers are slightly more cautious today versus this time last year, yet sellers typically demand the same quick turn around with selling a house. The market has not shifted to what I would call a “buyer’s market,” however, buyer’s certainly do have more choice and leverage in negotiation. If you want to get the top dollar for your home, make sure your real estate agent has creative marketing techniques to expose your property to as many potential buyers as possible. Just as important–make sure the property is priced correctly!

Filed under: Ggold, stats ,

Every body’s favorite subject–STATISTICS

It’s that time again, time to reflect and take a look at what has been happening in our back yard.

Despite what you may hear in the news or read in the papers (and blogs of course), the San Francisco real estate market is still moving ahead–at least in Glen Park and Potrero Hill it is.

Quarter 1 sales in Glen Park

Single Family Homes
7 Single Family Homes Sold
Average Square feet: 1730
Average Sales Price: $1,025,500
Average Days on market: 40

Conclusion: Fewer single family homes sold in Glen Park in the first quarter of this year versus last year, leading me to believe that has something to do with the increased average sales price (lack of supply leads to higher prices). Most reports I have read warn about saturated markets with multiple homes for sale–doesn’t seem to be the case here.

Condos/Lofts/TIC’s
4 condo and TIC Sold (2 condo, 2 TIC’s)
Average Square feet: 1360
Average Sales Price: $708,500
Average Days on Market: 43

Conclusion: This is interesting–last year there were more that sold (9) and the average sales price was higher ($844,333.33), that goes against my logic stated above, hhmm… That said, perhaps it’s time for Glen Park condo owners to think about selling–low inventory means higher prices (well, usually).

What is imperative is that home sellers demand the most from their real estate agents. Agents that maximize exposure of a home, utilize creative marketing techniques and price the property correctly, get top dollar in today’s market.

Data for quarter 1 sales in Potrero Hill to be published soon, stay tuned….

Filed under: Ggold, stats ,

award winning home for sale

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