According to a poll the San Francisco Chronicle recently held, the mortgage meltdown topped the list of the most important news of the year for the Bay Area.Out of the 2,456 readers who responded to the poll, 795 of those readers voted the mortgage crisis as the top story.  Unfittingly enough the poll was released 24 hours before a tiger escaped from the San Francisco Zoo, which may have impacted the way readers voted.Investors played a big role in the rising number of foreclosure in the Bay Area.  One out of every five homes foreclosed on were owned by investors.  Most of these homes that were purchased by investors were purchased without any sort of down payment.With the availability of sub-prime mortgage loans, many residents in the Bay Area decided it was time to get their piece of ... 12/31/2007

330 Mission Bay Blvd #606 (Pending) - Estimated $2,347,900. 325 Berry St #726 - $1,947,900. 255 Berry St #610 - $1,750,000. 255 Berry St #710 - $1,680,000. 255 Berry St #609 - $1,605,000.Radiance comes in with the with the highest sales price for the year with an estimated $2,347,900 for a 1,772 sq ft 2 bed/2bath penthouse with panoramic views of the city and bay. Park Terrace takes the number 2 spot with an 1,852 sq ft 2 bed/2 bath for $1,947,900. 255 Berry takes the next 3 spots to round out the top 5.The Beacon shows up with 3 out of the top 10 (250 King St #652, $1,285,000, coming in at number 6) and tying with 255 Berry with 3 out of the top ten most expensive sales prices in Mission Bay.Michael NoviaSouth Beach Real Estate415-637-2409 12/21/2007

 The Transfer Tax on Real Property is based on the total value or consideration for the property.$100 to $250,000: $2.50 per $500 of value.$250,000 up to $1,000,000: $3.40.$1,000,000+: $3.75.Who pays the Transfer Tax?Most often in San Francisco the seller pays the Transfer Tax. Two exceptions are if you purchase property through probate or in a new development.Michael NoviaSouth Beach Real Estate415-637-2409 (24 hours) 12/21/2007

Recently someone called me about a home they purchased several years ago and the home was now worth less and they wanted to refinance it.  This home is in San Mateo County and a neighboring home sold over 60k below what they paid.   This is what is called 'underwater' and means that the home is worth less then the loans on it.   If the owner sold the home, they would likely need to bring money to the table.  They have the option to re-fi it and depending on the appraised price, equity they have in the home, they might be able to re-fi it but again would have to bring money at the close of escrow if they didn't have too much equity.   I have been seeing more of these types of situations and it's best to wait it out if possible.  As more homes are sold and as appreciation occurs, this sit... 12/20/2007

The San Francisco Business Times reported on a land boom in the Mission Street area between sixth and ninth. This SOMA area has long been run-down and neglected and the opening of the SOMA Grand has been a welcome shot in the arm to the local economy. New businesses and restaurants are driving up land values and creating a welcome change to the past decades of decay.SOMA Grand is well positioned in the center of the San Francisco’s Mid-Market Redevelopment Area and should quickly benefit from the increased population brought to the area by such draws as the new Westfield Shopping Center (Bloomingdales), Mint Paza, adjacent Federal Building, and the eventual redevelopment of Trinity Plaza on the west side of the SOMA Grand. This increase in daily visitors and residents should continue to... 12/20/2007

There are still some 301 Mission St condos left in the D stack of the Millennium Tower in San Francisco. That's the south east corner of the tower which is located in the Transbay Terminal redevelopment area. That corner of the building has great views, particularly above the 26th floor and up to the very high floors. The Millennium Tower is 60 stores, 645 feet tall and will be the fourth tallest building in San Francisco. There are a total of 440 units of which 320 will be sold as residences. The balance of the units will be managed as an extended stay property.   You can see more details and read regular high rise condo updates at my blog, SFNewDevelopments.com.   12/20/2007

Act now if you want a San Francisco condo in the first tower of One Rincon Hill. This beautiful high rise sitting on Rincon Hill will be the second tallest residential structure west of the Mississippi and there are only eight units remaining as of December 20, 2007. Among the choice San Francisco view condos remaining is a fantastic 3 bedroom penthouse looking out at Twin Peaks, San Francisco, and the Golden Gate Bridge.The crews working on Rincon Hill are making progress on construction with concrete driveways being poured, construction cranes coming down, and scaffolding going up for the facades of the town homes. Closings are scheduled to begin on this tower within six weeks.We have already formed an interest list for the second tower at One Rincon Hill. Construction is scheduled to... 12/20/2007

 Goin’ through some older posts it was noticed that a few promised updates had to be addressed. From October’s $1,344.231 per square foot: “This listing fascinates me for several reasons: 1. It’s a good deal of money for a very small house 2. It’s being listed by an “online” company (redfin) 3. This home was on the market for the exact price in May ‘07 and was never sold (withdrawn) I’ll be sure to report back with further details” Further Details: Accepted offer 12/06Reduced from $699K to $650K on 12/15House goes back on the market 12/15 55 Laidley Street [Home San Francisco] $1,344.231 per square foot!?! [San Francisco Schtuff]$1344.231 per square foot UPDATE [San Francisco Schtuff]  *photo courtesy of Redfin Real Estate via SFARMLS. 12/17/2007

As promised, an update to our earlier post about the soggy, wet, home with a view in the Sunset that received 29 offers. Asking Price: $629,000 Selling Price: $780,000 % over asking: 24% $ over asking: $151,000 Listing Agent: N. Johnson Selling Agent: N. Johnson The Deets (to refresh your memory): Built in 1939 3 beds/ 2 baths 1175 square feet Asking Price: $629,000 Days on Market: 30 (from the day it went active to the day it closed) Wet as a sponge (the entire house was moist and moldy) Original condition and fixtures Huge ocean views The original post received a bit of attention which sparked some great conversation. Some folks that sent us emails were of the opinion that the home would have sold for the desired asking price should the agent have priced the property fairly from the ... 12/17/2007

 1) 765 Market St #26 A - $5,005,000.2) 765 Market St #29F - $4,695,000.3) 188 Minna St #33A (Active Contingent) - Estimated $3,750,000.4) 188 Minna St #30A - $3,200,000.5) 188 Minna St #27C - $2,750.000.As expected homes at the Four Seasons and the St Regis are by far the most expensive in South of Market. They take 8 out of the top 10 spots.  1097 Howard St #308 came in at 7 ($2,450,000) and 357 Tehama St #7 came in at 8 ($2,395,000).188 Minna #30A sold in the quickest amount of time, 14 days. 188 Minna #13 has the honor of achieving the highest ppsf; it's estimated to sell for $1,850 a sq ft. 765 Market #29F is close, selling at $1,822 a sq ft.Michael NoviaSouth Beach Real Estate415-637-2409 (24 hours) 12/14/2007

1. The closing date. Determine if the date the buyer wants to take title is reasonable for you. A 30 day close is the norm. 2. Date of possession. Do you need a rent-back?3. The initial deposit should not be less than 3% of the purchase price. 4. Fixtures and personal property. Check the list of items that the buyer expects to remain with the property and be sure it is acceptable.5. Repairs. Determine what the requested repairs will cost and whether you're willing to do the work or would rather lower the price.6. Contingencies. See what other factors the buyer wants met before the contract is final-inspections, obtaining a mortgage etc. Be sure that contingencies are removed quickly. Pest and Contractors within 7 days, Appraisal within 3, Finance within 10 to 14.7. The offer expiration ... 12/13/2007

400 Beale St #2606(Active Contingent) - Estimated $2,4000,000 229 Brannan St #12A - $2,175,000 75 Folsom #1603 - $2,150,000 219 Brannan St #18A - $2,150,000 219 Brannan St #15D - $2,050,000 The Brannan comes in with 3 out of the top 5 most expensive properties sold in South Beach in 2007 and 6 out of the top 10. 229 Brannan #12 A sold in just 10 days placing in #14 amongst the fastest selling properties. 75 Folsom #1603 sold in just 15 days. A total of  Six out of 199 properties sold within one week.The Brannan continues to be one of the most highly sought after buildings in the area. A combination of location, service and amenities along with a professionally managed and well funded HOA will continue to attract the most discerning clientele for the foreseeable future.Michael NoviaSouth... 12/13/2007

BayRock Residential continues with their plans for a proposed 110+- unit high rise condominium project that includes more than 15,000 square feet of ground floor retail space. The retail is rumored to be occupied by a high end grocery store to serve the neighborhood. The premium site with great Nob Hill and Union Square views will feature larger than usual units with upgraded cabinets, granite countertops, stainless steel appliances, high speed elevators and a subterranean garage. The building will have excellent frontage along Van Ness Avenue, with additional vehicle access on Sutter Street and Hemlock Street. The 13 story project is being designed by Christiani Johnson Architects. Current plans have the tower set back from Van Ness and stepping down to a lower segment, following the s... 12/12/2007

Homeowners who choose to install Solar Panels get help from the City of San Francisco in new subsidy program that was proposed on Tuesday. Some experts say the effort is groundbreaking and, if implemented, could be the nation's biggest such program. The proposed subsidy would be $3,000 and $5,000 per residence and up to $10,000 for businesses. City officials are also proposing....To find out what the city is proposing visit...Green Mortgage Group 12/11/2007

   Good photos are an essential element in selling your home quickly and driving prospective buyers to your open house. Photos should be taken at least one week prior to your home being listed in MLS. They should be uploaded into MLS the day your house goes on the market. I can't tell you how many listings I see that don't have any photos or only have photos of the exterior of the building, lobby, common area etc. That's a big mistake.First off, most REALTORS in San Francisco use "auto prospecting"; when a new listing becomes available, it is instantly emailed out to agents who are looking for "like" properties. When that email is sent without photos it loses most of it's impact. The thought is that it is most likely not a very appealing home. Even the worst of homes can be made to look... 12/11/2007

250 King St #652 - 3 Bed/2 Bath/1 Parking/1,653 Sq Ft. Days on Market: 57. Neighborhood: Mission Bay. List Price: $1,320,00. Sold price: $1,285,000. Original Price: $1,375,000.According to the San Francisco MLS this is the highest sales price paid for a 3 bedroom at the Beacon, the third overall highest sales price and the number one highest sales price for the year. And yes this was a South Beach Real Estate listing, Sean and I. Michael NoviaSouth Beach Real Estate415-637-2409 12/11/2007

Now the fancy, tech-heavy part of the building process is taking place at One Rincon Hill with the installation of “intelligent elevators” and the sort. Elevator Deets: travel at 1,200 feet per/min (2nd fastest in sF just behind BofA building)4 total in building (versus 38 in the Bank of America building)“smartest” in the citymoves 61 floors in 26 seconds–that’s ear poppin’ speed Factoid: According the to SFGate, “The One Rincon tower now under construction has a footprint of 9,800 square feet - less than a quarter of an acre. One football field = one acre. Monster park Candlestick, you better watch your back. Elevators with brains [SFGate] Bathroom With a View at 1 Rincon Hill [SanFrancisco Schtuff] 60th And Last [SanFrancisco Schtuff] One Rincon Elevators Have Brains, Will Travel [Cu... 12/11/2007

 For our first home we used a portion of our IRA money. No penalty for early withdrawal but you will be taxed at your current tax rate.Daily Real Estate News  |  December 10, 20073 Buyers who don't have a 20 percent down payment are finding it harder and harder to buy a home. Here are some sources of money that are still available and the pluses and minuses of using them.Borrowing from a 401(k). Only some companies allow this. The maximum available is $50,000 ($100,00 if both spouses have 401(k)s) and the loan must be repaid within five years. Failure to do so and the loan will be considered a withdrawal, leaving the borrower liable for penalties and federal income tax. Withdrawing up to $10,000 from an IRA for a purchase of a first home. Spouses who both have IRAs can withdrawal a tota... 12/10/2007

 Here's a note from my wife Wendy Novia/Polaris group. She is working on Blu, 1234 Howard and The Heights at Candlestick. Questions? Her contact info is below.Looking for a brand new condo at a great price?In the emerging Bayview Candlestick Point neighborhood of San Francisco, The Heights at Candlestick is a smart approach to city living with all the comforts of home. These one, two and three bedroom condominiums are an incredible value, with spacious interiors and truly spectacular views of downtown and the Bay Bridge.There is only "preliminary" pricing at this time, but the estimates are the following:1 bedroom, 1 bath (1209 sq.ft.) approx. $500K2 bedroom, 2 bath (approx 1085 - 1329 sq.ft)  from mid $500's3 bedroom, 2 bath (approx. 1320-1390 sq.ft.) from the mid $600'sHOA dues will v... 12/10/2007

The SOMA or borderline South Financial District project known as BLU (or “BLŪ”) has just been topped off. The 21 story tower on 2nd and Folsom in San Francisco is scheduled for move-in / completion in June of 2008.The building has mainly two bedroom units ranging from 950 to 1200 square feet on the first 19 floors. The top of the building features six two level penthouses, each with three bedrooms. The penthouse units range from 2000 to 2700 square feet. The best interior images to date are from my friends at The Front Steps who got some renderings from Zum.As always, please contact me if you want to be placed on the interest list for this property. 12/08/2007