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Our Exclusive Listings:
Happy Hour to benefit the Japan Earthquake Relief Fund - 4/5 (Tuesday) 6-9pm @ Ozumo SF
- Facebook event link: http://www.facebook.com/event.php?eid=160559780669324
- Please RSVP via Facebook or reply to mia@folsomdistrict.com
Hey everyone! Time for an impromptu happy hour during the week in San Francisco's Financial District! We're switching it up a bit, stopping by Ozumo - the classy Japanese lounge and restaurant. While you're sipping fusion cocktails and chatting with other sophisticated ladies and gentlemen, you'll be supporting a worthy cause - the earthquake and tsunami survivors in Japan.
WHO:
You and all of your cool, sexy Bay area friends
WHAT:
Happy hour benefiting the Northern Japan Earthquake survivors
WHERE:
Ozumo SF, 161 Steuart Street (between Mission and Howard Streets)...
...Read more Tags: San Francisco Events, Bay Area Social Events and Business Mixers
 Rates ended last week even, with 30yr fixed loans settling at 4.875% after a wild ride. Bond traders face tough choices right now: sell (rates rise) because rising oil and commodities are causing inflation? Or buy (rates drop) because bonds are a safe haven from turmoil in Libya? The tough choices are compounded when Libyan turmoil is actually the reason for rising oil. Libyan rebels are currently winning a war for that country's key oil fields, and even though Libya only produces 2% of global oil supply, the North Africa & Middle East region (see map)controls 35% of the world's oil, and popular uprisings are spreading toward the Middle East, which controls 30% of that total. With this as a backdrop, let's recap last week and preview next week.
Recap Last Week: Feb 28-Mar 4
...Read more Tags: Current News, Economy Forecast, Financing
Before presenting rate predictions for 2011, it's worth noting that all forecasts are subject to the whims of highly volatile rate markets. What follows is an explanation of how rate markets work, how rates have behaved since the financial crisis began in 2007, then the outlook for this year.
All rates discussed are 30yr fixed rates on single family home loans up to $417,000, and assume at least 20% down payments. Rates are lower for bigger down payments. Rates are higher for condos and loan amounts above $417,000.  How Rate Markets Work Home mortgage rates are derived daily from yields on mortgage bonds. Here's what that means: A bond is like a loan. A bond investor is the lender and a bond issuer like Fannie Mae is the borrower. The investor pays Fannie Mae a certain price for the bond then receives an annual interest payment (called a yield or rate) on that bond they own. As mortgage bond prices trade up and down each day, that yield moves inversely. So if economic news is bad, bonds get bought, prices rise, and yields (or rates) drop. And if economic news is good, bonds sell, prices fall, and rates rise. All U.S. lenders update mortgage rates throughout each day based on whether mortgage bonds are trading up or down on the day's economic data. ... ...Read more Tags: Current News, Economy Forecast, Financing
Normally this report is measured, but it's hard to temper the current situation: we're in an unprecedented government credit explosion. Low rate bonanza. Full tilt refi boom.
Best time for homebuyers who select the right deal.
CONFORMING RATES ($200,000 - $417,000) - 0 POINT
30 Year: 4.375% (4.49% APR) FHA 30 Year: 4.375% (4.50% APR) 5/1 ARM: 3.25% (3.37% APR) SUPER-CONFORMING RATES ($417,001 to $729,750 cap by county) - 0 POINT 30 Year: 4.625% (4.74% APR) FHA 30 Year: 4.5% (4.62% APR) 5/1 ARM: 3.5% (3.62% APR) JUMBO RATES ($729,751 - $2,00,000) - 1 POINT 30 Year: 5.25% (5.37% APR) 5/1 ARM: 4.125% (4.24% APR) The ironic reason for this boom is that is that global developed economies are so unstable because of the last credit boom. But the late-1990s to 2007 credit boom wasn't just loose monetary and fiscal policies, it was also loose credit standards born out of sweeping financial deregulation. We all know the story: Home loans made to unqualified (mostly U.S.) borrowers underpinned bond funds around the globe and countless derivatives were created from those bonds-and it all crashed when home prices plummeted.... ...Read more Tags: Current News, Financing, Economy Forecast
Boundary Changes:
...Read more Tags: Current News
Zero-point rates on 30yr fixed Conforming loans (up to $729k) begin the week back at record lows, and one-point rates on Jumbo loans (above $729k) are steady in the low- to mid-5% range. The European debt crisis flared up again last week and Friday's jobs report was drastically lower than expected. The result was that global investors continued to be net buyers of Treasury and mortgage bonds as a safe haven, and when mortgage bond prices rise on these buying rallies, rates drop. 
RECORD LOW RATES TO START WEEK As of market close Friday mortgage rates were again at their lowest levels since 1971. Attached is a chart showing this. The WeeklyBasis rate lock bias continues this week - mortgage bond levels make it unlikely rates can drop further, and this is the time for borrowers to lock record low rates....
...Read more
There is still an opportunity to purchase Infinity penthouses (only 2 left - Floor plan attached) as of 3/11/10:
41B - $7.35M (in negotiations) 3329 sq ft 10 feet ceilings HOAs = $ 995/mth
42B - $7.75M 11 feet ceilings
- 1 deeded parking space (2 tandem car parking spaces)
- Option to purchase a storage room with a door
- 39B is in contract and 40B is sold!
Here are all they have left in Tower 2 (Tower 1 is 100% sold):
2BR/2BAs
, the following is available:
39D - $1.850 approx. 1340sf HOAs = $747.51/mth (in negotiations)
40D - $1.925 approx. 1340sf HOAs = $747.51/mth
41D - $2.0 approx. 1340sf HOA's = $747.51/mth (also this unit has approx. 10 ceilings instead of the typical 9)
2BR/Den/2BAs
:
38F - $1.760 approx. 1560sf HOA's = $772.48/mth...
...Read more Tags: San Francisco Condos, The Infinity, Transbay Redevelopment Area, Financial District, New Construction, Transit Center District, High-rise, South Beach, South of Market
Have Questions? Contact us at info@folsomdistrict.com Tags: Current News, Transbay Redevelopment Area, Transit Center District, South Beach
The question has come up about appeals to have one's assessed property value reduced permanently, as opposed to Reduction in Value appeal which apply just for the tax year in which it is filed. It appears that these permanent reductions are pursuant to what is called a "Base Value Appeal" and it seems that one has to prove that one did not pay fair market value at the time of purchase -- which I bet is a tough one to prove. There are also strict deadlines for such appeals. Our Prop Tax Appeal newsletter has several links that provide more information. There is a link to a series of videos: This part is for a base value appeal andThis part is for filling out the appeal application (whatever type of appeal). And here again is the link for Publication 30, which reviews all the different types of appeals Tags: Property Tax Info
Watch an Interactive Video on Transbay Neighborhood, Transit Center and Caltrain Extension!!! A city plan to overhaul development impact fees could help revive some of San Francisco's biggest stalled housing projects, including Tishman Speyer's (developer for Infinity) 725-unit 201 Folsom St., and the 292-unit second tower in Urban West Associates' One Rincon Hill. The city's Office of Economic and Workforce Development is proposing a package of changes that would allow developers to pay impact fees after the building is completed, rather than before construction starts. It would also reduce affordable housing fees by a third, replacing that portion with a permanent 1 percent transfer fee that would generate long-term revenue for the Mayor's Office of Housing. The Planning Commission will consider the package of legislation next week....
...Read more Tags: South Beach, The Infinity, Transbay Redevelopment Area, South of Market, Financial District, One Rincon, Transit Center District 2 comments
Are you wondering what's left at The Infinity? I have an answer for you! Here are the remaining inventories:
As for available 2BR/2BA's, they are the following:
39D - $1.850 approx. 1340sf HOA's = $747.51/mth
40D - $1.925 approx. 1340sf HOA's = $747.51/mth
41D - $2.0 approx. 1340sf HOA's = $747.51/mth
(also this unit has approx. 10' ceilings instead of the typical 9')
They also have 2BR/den/2BA's that range from:
35F - $1.655 to 39E - $1.840 (same unit different "letter") approx. 1560sf, HOA's = $772.48/mth
Regarding our 3BR's, they have the following:
-Only (1) townhouse (two-story) left on the 39thfloor at $2.4. It is approximately 1680sf. The unit# is 39D.
-Then they still have some of our amazing 3BR's that face the bridge. They are the "C" plans, located on the 31stto 38thfloors. Although 36C is in negotiations and 37C has sold and closed escrow. Approximately 1624sf....
...Read more Tags: San Francisco Condos, South Beach, The Infinity, Transbay Redevelopment Area, High-rise, New Construction
After touching the lowest levels on record before Thanksgiving, rates are now about .1% higher than that. The attached chart shows rates from December 2009 back to April 1971, when Freddie Mac started officially tracking 30 year mortgage rates. The high was in October 1981, when borrowers paid an average of 2.3% points to buy a rate down to 18.45%. The low was November 25, 2009, when borrowers averaged 0.7% points to buy a rate down to 4.78% - note that 4.78% with 0.7% points was also achieved April 2 and April 30, 2009. These are rates on conforming loans up to $417,000 for single family homes with 20% or more equity in the property. Current rates for super conforming rates up to $729,750 and jumbo rates up to $2m are below.
...Read more Tags: Financing
Many of my buyers are excited about "Union SF", Brick and Timber New Construction on Bryant @ 19th (right in front of Blowfish Sushi), and that shows in their unit sales - nearly 50% SOLD since they started writing offers last month. 53 units total in phase I and will begin selling phone II anytime soon. Classy and elegant finishes with high end appliances in a kitchen and bathrooms. Pricing as of Nov 2009, subject to change:
202- $511,000 650 sq. ft
104- $715,000 1120 Sq. Ft
007 - $895,000 1580 Sq. Ft.
318 - $921,000 1500 Sq. Ft.
109 - $905,000 1350 Sq. Ft.
Tags: Potrero Hill, Union SF, Inner Mission
The federal home-buyers' tax credit has been extended through April 30, 2010, with a 60-day extension if a binding contract is in place prior to the deadline. First-time home buyers will continue to be eligible for a tax credit of up to $8,000, while existing homeowners will now be eligible for a credit of up to $6,500. To qualify for the $6,500 credit, existing homeowners must have lived in their current residences for at least five years. The bill also increases the qualifying income limits to $125,000 for single tax filers and $225,000 for joint filers. The purchase price of the home is capped at $800,000. Taxpayers can claim the credit on purchases completed in 2010 on their 2009 income tax returns. Home buyers do not have to repay the credit provided the home remains their primary residence for 36 months after purchase. This is a dollar for dollar credit against taxes due, not a deduction against income. How the credit may apply to you should be carefully verified with your accountant....
...Read more Tags: Financing
Just to let you know that we have closed a Spacious 2 level 2BR View Condo in Pointe Pacific at $400K. The property was not even on the market and the day after we made an offer, they received 3 more offers. We got ours in before everyone else and the final price is comparable to Bank Owned pricing. FHA loan 3.5% down and we closed it in 30 days. Detail and pictures: View Listings There are others that I know that might be of your interest and can get a great deal in Pointe Pacific and Village In the Park (beautiful gated community in Daly City - 10min to SF.) Most recent 3BR/3Bath Short Sale at Village in the Park: To view and print these listings, please click on View Report. **Please let me know if you are interested or would like to discuss further on these interesting properties. Mia 415.728.2596 Tags: Recent Sales by Mia, Daly City, Pointe Pacific | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rates change daily as mortgage bonds trade. Rates held lows coming into this week due to scares about Dubai's ability to service their debt, and as that subsided, we end the week with the best jobs report since the recession began in December 2007: only 11,000 private sector jobs were lost in November and unemployment decreased from 10.2% to 10%. Still a staggering unemployment rate but a move down is significant, as is the decrease in job losses. Of course bond markets sell off on positive economic news like this, and when that happens, yields (or rates) rise....