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September 3, 2007
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SFResidence.com | Newsletter Table of Contents |
The numbers are in for August and volume-wise, we are down. But that's because there was nothing out there to sell. Even though inventory levels were LOW, sales prices were well over listing prices in all the categories we track and there were many multiple offer situations.
This time of year is perfect for us to be away, and we got to attend
both the Elite Retreat in Los Angeles and the Previews Retreat in Monterey.
This is where we meet elite Realtors from across the country.
We have a strong network of agents in other areas to whom we can refer
with confidence. If you or someone you know needs to buy or sell property
somewhere else in the country, keep us in mind. In return for the
lead, we'll give you a chance to win our Rewards
for RE-ferrals contest.
Loan and interest rate crisis--- these are the headlines and the talk everywhere. We have become so spoiled with easy money and low interest rates that fear has become the dominant factor in many markets. I think the only reason we don't have problems in our San Francisco market is because of our lack of inventory. Historically this is still a FABULOUSLY FAVORABLE interest rate climate and a great time to own property.
I was cleaning out my office drawers the other day and came across two old booklets with payment tables for loans. One was dated 1974 (I started in the real estate business in 1975) and the interest rates started at 8% and went to 14%. This booklet I used until it was replaced by a new booklet published by the SF Board of Realtors in 1980 where the lowest rate was 10% and went to 24%!!
This should put a little perspective on our current situation. Aren't
we lucky to be able to own (and sell) property and pay less than 8% interest
on an 80 to 90% loan for a $1,000,000 home???
The September Real Estate Market
Report for August is now
available on our website. August sales histories may be seen here.
Want to vacation in North Lake Tahoe? We have a lovely
3 bedroom, 2 bath condominium available for rent in Tahoe City at St.
Francis Lakeside, a lake front complex close to the boat ramp. It has
been recently updated with new kitchen counters, floor and appliances,
light fixtures, dining room furniture and more! Tahoe is an excellent
place to get away from the fast pace of city live and enjoy nature. This
condo is on the market! We just purchased a 2 bedroom, 2 bath condo
with breath taking panoramic lake and mountain views which will be available
shortly!
Want
to sit on the beach on the Big Island of Hawaii? We have
a fabulous 3 bedroom, 3 and 1/2 bath beach front condo at Waikoloa on
the Big Island available for rent with ocean views and steps from the
"A" Bay beach. Kolea is a gated community close to all of the
amenities of Waikoloa-- swim with the dolphins, golf, swim, snorkel or
just enjoy the sun. Send us an e-mail or
call for details. This condo is also on the market!
Despite
the changes in the mortgage market, many buyers are not affected, particularly
those who are looking to buy into a TIC - Fractional TIC purchase loans.
Dennis Kowalski from Princeton Capital explains, "All TIC lenders are "portfolio" lenders meaning that they keep those loans on their books because there is no "secondary" market in which to sell those loans. TIC loans carry more risk to the originating bank because they stay in their portfolio so the rates have always been higher than conventional "Non-Conforming" or "Jumbo" mortgages that do have a secondary market. However, due to current events in the mortgage industry investors that previously bought non-conforming/jumbo loans have pulled back from the market, driving up rates.
"On the other hand the TIC lenders never did sell their loans on
the secondary market so little has changed for them. As a result the spread
between TIC rates and non-conforming/jumbo rates has narrowed significantly.
Whereas one could recently get a 5 year ARM in the low 6% range for a
conventional SFR or condo those rates are now in the 7% range. Meanwhile,
are still about 7.5%. Therefore, at least for now, TIC loans are actually
better priced relative to conventional loans although still somewhat higher."
If you are interested in a weekly update on the San Francisco Real Estate
Market visit our BLOG.
Remember that we represent buyers and sellers at all price points and
in most areas of San Francisco. We love to help friends get established
in the market and make their first purchase -- it is exciting for all
of us.
Interest Rates
Interest rates have been fluctuating a bit, but are still historically low. Foster Weeks reports every Monday in his weekly newsletter and on our Blog.
Giants Tickets
THIS IS IT! END OF THE SEASON! We the following tickets for our seats
in Lower Box 121 row 40, seats 5 & 6 which we love to share
with clients and friends. If you are interested in any of the following
dates, e-mail Info and let us know
what date you prefer.
Regular Season Starts:
| Day: | Date: |
Time: |
Team: |
| Tue. | 11-Sep | 7:15 | LA |
| Wed. | 12-Sep | 7:15 | LA |
| Thu. | 20 Sep | 7:15 | CIN |
| Fri. | 21-Sep | 7:15 | CIN |
| Mon. | 24-Sep | 7:15 | SD |
| Tue. | 25-Sep | 7:15 | SD |
LA = LA Dodgers, CIN= Cincinatti Reds. SD = San Deigo Padres
Sales Activity
| Coming Soon! | |
 |
Central Richmond Condo
Beautiful full floor condo built in 2000 with 3 bedrooms, 2 baths, Golden Gate Bridge views from the master bedroom, in unit laundry, 1 car parking, storage and a common yard. A great offering for $849,000 |
| Sale Pending | |
 |
Potrero
Hill Condo Tastefully designed to blend with the neighborhood, The Potrero is distinguished but discreet. Stroll down the central mews and two garden courtyards beckon on either side. Here, lush landscaping with an abundance of flowers and trees offers a peaceful respite from the urban bustle. Just inside is the state-of-the-art fitness center and Yoga and Pilates studio, for even greater well-being. And when your thoughts turn outward, grab a blanket and a bottle of wine and head to the rooftop deck, where the view of the city is as vast and brilliant as the stars. Buyer Represented - Listed for $965,000 |
|
Potrero
Hill Condo Tastefully designed to blend with the neighborhood, The Potrero is distinguished but discreet. Stroll down the central mews and two garden courtyards beckon on either side. Here, lush landscaping with an abundance of flowers and trees offers a peaceful respite from the urban bustle. Just inside is the state-of-the-art fitness center and Yoga and Pilates studio, for even greater well-being. And when your thoughts turn outward, grab a blanket and a bottle of wine and head to the rooftop deck, where the view of the city is as vast and brilliant as the stars. Buyer Represented - Listed for $799,000 |
| Sold | |
 |
Fabulously designer renovated top floor contemporary styled condo
in a 2 unit building with a Victorian façade on a prime block
of Noe Valley. High ceilings, open floor plan, two bedrooms, two
baths, fireplace done in Venetian plaster, family room leads to
exclusive deck and lovely common garden, 2 car parking. |
See you next month!
Janis Stone & Christine Serventi
"The nicest compliment you can give us is to refer
others within your circle"
Toll Free (866) 224-8024
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