Senators Agree to Extend Tax Credit for First-Time Homebuyers, Expanding It to Repeat Buyers

Senator Chris Dodd, D-CT, has been  negotiating for several weeks with Senator Johnny Isakson, R-GA., to craft an  extended tax credit for homebuyers that would pass the Senate. Last Wednesday,  they announced agreement on a bill that would extend the tax credit for  first-time homebuyers and offer a reduced credit of $6,500 to repeat buyers who  have owned their current homes for at least five years.

The tax credit provides up to $8,000 to  first-time homebuyers but is set to expire at the end of November.

Homebuyer Tax Credit: New Eligibility, New Rules, New Provisions

Don’t worry!  This is easy to read. 

NAR Homebuyer Tax Credit Chart: published by the National Association of Realtors, this is a great synopsis of the latest version of the Homebuyer Tax Credit that has been approved by the government. 

There is now a provision for a “homebuyer,” not just “first-time homebuyers.”  As with anything, there are restrictions and limitations.  Take a peek and call me with any questions.

How much have SF home prices declined since the peak?

Visit these links to view more information:
 
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What to get in on what is coming up?

Upcoming listings:
$649,000 // Bernal Heights // Ellsworth BR/BA:  2/1 PKG: 1 Brief Description:  Remodeled jr5 w/vacant 1BR in-law, garden.
 
$485,000// Daly City // S. Mayfair Avenue BR/BA: 3+/1.5  PKG: 2  Brief Description: Great Westlake Highlands home on quiet block, bonus room and bath down, close to shopping. NOT an REO or short sale.
 
Pocket Listings:
$TBD //  Alamo Square // BR/BA: 4/ 1.5  PKG 1: Brief Description: Very light & bright top floor 2000 sq ft view, Victorian Condo, in unit W/D will price between 899k-949k.
 
$649,000 //Van Ness/Civic Center //  Myrtle Street BR/BA: 2/1 PKG:  1 Brief Description:  Best unit at the historic Myrtle Street flats.  Top floor fully detached on 3 sides for loads of sun.  Beautiful remodel including gorgeous kitchen with 48″ Wolf range, integrated SONOS audio system with leased parking.  Please see www.236Myrtle.com
 
$429,000 // Castro // Sanchez @ 19th St BR/BA: 0/1 PKG: 0 Brief Description: Exceptional Castro/Mission Dolores Location!!!  Beautifully updated Studio Condo in a 3-Unit bldg w/Stainless & Granite Kitchen, Marble Bathroom, Hardwood Floors and large walk-in closet sliding doors lead to a shared Asian style garden. 

Unusual Buyer Need:
Price Range: < $3,000,000 Neighborhood:  South Beach Brief Comments: Looking for BR/BA: 2/2 original, killer conversion loft of approximately 3,500-5,000 sq ft.

Current Conforming Loan Limits Extended Through 2010

President Obama has signed a resolution passed last Thursday by Congress extending the current limits for Fannie Mae, Freddie Mac, and Federal Housing Administration (FHA) loans through 2010.

The conforming loan limits determine the maximum size of a mortgage that Government Sponsored Enterprises (GSEs) Fannie Mae and Freddie Mac can buy or guarantee. Non-conforming or jumbo loans typically carry a higher mortgage interest rate than a conforming loan, increasing the monthly payment and negatively impacting affordability.

Avalos Seeks to Modify Rent Control Ordinance

AVALOS SEEKS TO BRING POST-1979 UNITS UNDER JUST CAUSE EVICTION PROVISIONS OF RENT CONTROL ORDINANCE

October 30, 2009

Although the original Residential Rent Stabilization Ordinance specifically exempted from rent control all buildings with a certificate of occupancy issued after the ordinance took effect (June 13, 1979), recently elected Supervisor John Avalos is now proposing an amendment to the ordinance designed to bring these units under the just cause eviction provision of the Rent Control Ordinance. The proposal additionally extends the residential rental unit fee (currently $29.00 per apartment unit) to these units.

The Avalos amendments would be given effect by removing the following two provisions from the section of the Rent Ordinance that establishes exclusions from just cause eviction protections and payment of the residential rental unit fee:

“Rental units located in a structure for which a certificate of occupancy was first issued after the effective date of this ordinance; and
 
“Rental units otherwise subject to [the Rent Ordinance], to the extent such dwelling units are exempt from rent increase limitations under the Costa Hawkins Rental Housing Act.”

Online Real Estate Resources

Below are links to wide variety of online resources pertinent to San Francisco real estate. Hope you find them useful.

• SF Market Trends in Charts (updated bi-monthly)
• SF Median Prices & Average Dollar per Square Foot (Nov 2009)
• What Costs How Much Where: Recent SF Home Sales (Oct 2009)
• SF REO & Short Sale Analysis (Sept 2009)
• The SF Home Market Under $750,000 (Sept 2009)
• The SF Luxury Home Market (Aug 2009)
• Appreciation & Depreciation of SF Real Estate since 1995
• SF Market Statistics by Zip Code (updated weekly)
• Who is San Francisco? SF Demographics
• Characteristics of a Good Real Estate Agent
• When is the Time to Buy?
• Mortgage, Refinance & Rent vs. Own Calculators
• Additional Online Resources for Living in San Francisco

What’s New, What’s Reduced, What’s Needed

Upcoming listings:
$795,000 //Clarendon Heights/Cole Valley // Villa Terrace BR/BA: 2/1 PKG:1 Brief Description: Large condo (1400 sq.ft)with Pano Views built into the hillside between Villa and Greystone Terraces in a 5 unit Spanish Mediterranean building.Very unique space.  Owners in contract on something and want to get on the market and will show ASAP.
 
$675,000 //Haight Ashbury //Haight St BR/BA: 2/1 PKG: 1 Brief Description: Delightful condo remodeled kitchen, in-unit laundry two-storage area and bike parking. Across from Buena Vista park, this unit is a MUST see.
 
$675,000 // North Panhandle // McAllister BR/BA: 2/2 PKG: 1Brief Description: Inner courtyard condo in move-in condition at Petrini Place!
 
$549,000 //South Beach // Harrison BR/BA: 2/2 PKG: 1 Brief Description: Amazing value- 2 bed, 2 bath, in unit laundry, patio.
 
Pocket Listing:
$829,000 //Midtown Terrace // Dellbrook  BR/BA:3/2 baths PKG: 1 Brief Description: Beautifully maintained home, showing real pride of ownership. Panoramic view. Sellers leaving the outdoor hot tub-Easy to show! 
 
Price Reduction:
$799,000 Old Price: 799,000 //Eureka Valley/Castro // 4302 19th Street BR/BA:   3/1 PKG:  1Brief Description: Classic Edwardian full flat in corner building with views. Walkscore – 98!   .\\
 
$599,000 Old Price: $699,000 // Inner Mission // 1356 Utah BR/BA: 2/2 PKG: 1 Brief Description:  Chic modern condo with deeded deck and great shared garden.

SOLD! – 942 Market #501

Sale price and more info after the break.

Watch for Falling McMansions….

The Wall Street Journal, October 22, 2009:

Waiting for the Next McMansion to Drop

By JAMES R. HAGERTY

Despite some tentative signs of recovery, the U.S. housing market remains vulnerable to further price drops—especially in areas where large numbers of mortgages are headed toward foreclosure over the next few years.

The Wall Street Journal’s quarterly survey of housing-market data in 28 major metro areas shows sharp drops in the number of homes listed for sale across the country. But the potential supply of homes is far larger because banks are likely to acquire significant numbers of foreclosed homes in some areas, notably Las Vegas, Atlanta, Detroit, Phoenix, Miami and other parts of Florida, and Sacramento, Calif., over the next few years.

Sales of those homes may depress prices further. By contrast, metro areas with relatively low foreclosure and mortgage-delinquency rates include Boston, Denver, Minneapolis, San Francisco, Seattle, Raleigh, N.C., and Portland, Ore., making them less vulnerable.

Read more…