South Beach – SOMA – Mission Bay Listings & Info

July 2009
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Miscellanous

Posted on June 24, 2009 by Michael Novia

Radiance is set to break ground on phase 2 by the end of the year.
Only a few tickets remain for the K&L charity wine tasting for this Sunday. Amazing list of wineries.
Blu will have 20 units closed by weeks end.
Infinity has sold 10 units a week for the past 8 weeks. At this pace they won’t be around for very long.
77 Van Ness already has 5 in contract.

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More Signs of a Real Estate Turnaround

Posted on June 23, 2009 by Michael Novia

Good news for homeowners, but a long way to go.

Housing confidence is up amid increasing evidence that the market is turning around.

The Adversity Index from MSNBC.com and Moody’s Economy.com reported signs of a turnaround in 33 of the nation’s metro areas.

While that’s less than 10 percent of all metro areas, it’s still significant, says economist Andrew Gledhill of Economy.com. “There are signs out there that builders are growing modestly more confident about their prospects,” he says.

Vallejo, Calif., where housing starts are up 440 percent compared to a year ago, leads the list of improving metros. In Longview, Tex., housing starts increased 263 percent. Others metros at the top of the list are Lawrence, Kan.; Ann Arbor, Mich.; Kokomo, Ind.; and Clarksville, Tenn.

Housing prices are also increasing in 140 metro areas compared to a year ago. The greatest increase was in Elmira, N.Y., where prices were up 10 percent compared to a year ago.

Source: MSNBC, Bill Dedman (06/19/2009)

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California Running Out of $10,000 Home Buyer Tax Credit

Posted on June 19, 2009 by Michael Novia

There is about $5 mil left. The state may issue another $200 mil.

First-time home buyers wanting to take advantage of the state’s $10,000 tax credit may have less time than originally expected. California set aside $100 million to help home buyers purchase newly built homes, hoping to jump start the residential-construction market. According to state officials, the tactic has worked well and is helping to entice home buyers into the market. However, there only is approximately 20 percent of the program’s funding remaining.

The program launched in March, and as of June 3 nearly $24 million in tax credit certificates already had been issued, according to the state’s Franchise Tax Board, leaving nearly $76 million in credit available. Many applications still are in the pipeline awaiting approval. If all of the submitted applications are approved, only $17.5 million would remain in the fund.

The California state legislature is considering adding another $200 million to the program. However, securing approval may be difficult due to the state’s estimated $24 billion budget deficit. A bill to extend the program already has won Assembly approval and now is awaiting activity in the state Senate.

Source: California Association of Realtors

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Rates Are Still Good

Posted on June 16, 2009 by Michael Novia

A client of mine just locked in at Bank of America on a $729,000 loan amount, 30 year fixed rate, no points at 5.25%.

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3 Good Places to Hunt for a Mortgage

Posted on June 12, 2009 by Michael Novia

These are not bad ideas. However if you are serious about buying a home you should talk to your REALTOR, parents, friends and colleagues for suggestions. Even at the well known banks, Wells Fargo and Bank of America for example, I have found that there are mortgage consultants who will go above and beyond to get you the best deal, while others will get the job done, but maybe not go that extra mile. Also it is very important to choose a lender that is familiar with San Francisco Real Estate. Especially if you are interested in buying in a new development.

Daily Real Estate News | June 12, 2009

Getting a mortgage isn’t easy these days, particularly since many banks have tightened crediting, which is ultimately keeping some buyers out.

More borrowers are turning online to shop for a mortgage, in which they can shop anonymously and still get accurate rates.

According to a recent article on CNNMoney.com, here are three Web sites that will get mortgage-shoppers started (these sites act as a referral source and borrowers will still need to close with a bank or mortgage broker).

Zillow.com: The best thing about this site is the ability to read reports of other people’s experiences with a lender.
MortgageMarvel.com: This site updates mortgage rates in real time, so it’s a good place to find deals.
LendingTree.com: This site matches a potential borrower with four lenders who will offer their best rates. The downside is that lenders will pull credit scores, which could hurt a borrower’s credit.

Regardless on what bank or mortgage broker borrowers use for their mortgage, they should expect to pay an average of $3,118 in fees, according to the article.

Source: CNNMoney.com, Beth Braverman (06/09/2009)

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With Economy Improving, Rates Become Focus

Posted on June 11, 2009 by Michael Novia

Daily Real Estate News | June 11, 2009

The Federal Reserve’s Beige Book report released Wednesday found five of the Fed’s 12 regions reporting improved business activity. Most reported an increase in home sales and some stabilization in new-home construction, albeit at low levels.

The survey, which is based on phone interviews with businesses in all parts of the country, concluded that the recession is receding. The sense of improvement leaves observers wondering what the Fed will do about interest rates when it meets in two weeks.

The Fed has left interest rates near zero for months, but fears that this approach will lead to inflation has increased the premium investors are willing to pay on long-term Treasury bonds. That has resulted in rising mortgage rates, making it possible that the Fed will take some action to push rates back down.

Source: The Washington Post, Annys Shin and The Associated Press (06/10/2009)

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New Development Update

Posted on June 9, 2009 by Michael Novia

The Infinity - Has now sold 110 homes in tower 2. Total project is 70% sold. 11 sales last week alone.
Blu - Now over 30% sold.
Homes on Esprit Park – Phase 2 is expected to be released in approximately 60 days.
Radiance – Only only has 2 one bedroom homes left.
829 Folsom - Is being released in 2 phases. They are currently selling studios, 1 bedrooms and 1+ bedrooms. They are FHA approved. If you really want a two bedroom they’ll consider selling it to you.