Effective March 1, 2012 through February 28, 2013, the allowable annual increase amount is 1.9 percent. In accordance with Rules and Regulations Section 1.12, this amount is based on 60 percent of the percentage increase in the Consumer Price Index (CPI) for All Urban Consumers in the San Francisco-Oakland-San Jose region for the 12-month period ending October 31, which was 3.2% as posted in November 2011 by the Bureau of Labor Statistics.
To calculate the dollar amount of the 1.9 percent annual rent increase, multiply the tenant’s base rent by .019. For example, if the tenant’s base rent is $1,250.00, the annual increase would be calculated as follows: $1,250.00 x .019 = $23.75. The tenant’s new base rent would be $1,273.75 ($1,250.00 + $23.75 = $1,273.75).
The Rent Board also has announced the interest rate payable on security deposits for the 3/1/12 – 2/29/13 period—0.4%.
Archive for the ‘Investment Properties’ Category
Rent Board Adjusts Annual Allowable Rent Increase and Interest Payable on Security Deposits
Thinking about buying a duplex?
|
|
| The fastest time to sale (59 days) for 2-4 unit buildings during the past 3 years occurred in Q2 of 2008. From there, the Days-on-the-Market (DOM) rose to a peak of 101 days (a 71.2% increase) in Q4 of 2009. However, there was a slight decline in Q4 of 2008 and a significant decline (15.6%) in Q3 of 2009. The number of units sold also hit bottom (31 units) in Q2 of 2009, down 72.8% from the peak (114 units) in Q2 of 2008. The DOM began to decline in Q1 of 2010, although there was a slight uptick in Q3 of 2010 and a large increase in Q1 of 2011. All indications are that Q1 of 2011 was a significant down time for real estate in San Francisco, as the number of REO sales reached their peak – accounting for 22.4% of the total number of sales – in that quarter. Much like SFR and Condos, due to the large number of REO sales in Q1 of 2011, the median price for 2-4 unit buildings fell to its lowest level during the past three years. Overall, DOM for 2-4 unit buildings is up 22% and the number of units sold is down 13.2% when compared to the same period in 2008. |
TIC Speculators Deflate 2-4 Unit Values.
|
|
| The downward shift in value of 2-4 Unit Buildings is directly related to changes in condo conversion regulations, TIC development and financing restrictions. From the peak in Q2 of 2008 ($1,350,000), the median price for 2-4 Unit Buildings began to fall in the next quarter. After a brief uptick in Q4 of 2008, the median price continued its decline for the next two quarters. In Q2 of 2009, the median price reached $1,005,000, down 25.6% from the peak in Q2 of 2008. Prices began to rise in Q3 of 2009 and then fell again through Q1 of 2010. After a brief spike in Q2 of 2010, prices returned to the Q1 of 2010 levels and then fell. In Q1 of 2011, prices reached their bottom for the period of $957,000. This was the only time in the past three years that the median price for 2-4 Unit Buildings dropped below the one million dollar mark. However, after bottoming in Q1 of 2011, prices rebounded 9.6% in Q2 of 2011. Overall, the median price for 2-4 Unit Buildings is down 22.3%, when compared to this same period in 2008. |
Rent Control Demystified
bornstein&bornstein has a wealth of knowledge on the subject. Check it out!
Soft-Story retrofit now mandatory
San Francisco Invests.
New legislation passed in San Francisco will require all property owners to complete seismic retrofitting on their soft story buildings. The Board of Supervisors unanimously passed the program in March. Soft story failure was responsible for more than half the homes destroyed in the
Loma Prieta Earthquake. About one third of San Franciscans live in a soft story building.
A soft story building is a multi-story building whereby one or more floors have windows, wide doors, large unobstructed commercial spaces, or other openings in places where a shear wall would normally be required for stability as a matter of earthquake engineering design. A typical soft story building is an apartment building of three or more stories located over a ground level with large openings, such as a parking garage or series of retail businesses with large windows.
The work will be necessary to safe guard San Franciscans who live in soft-story housing in the event of an earthquake. However, the city needs to come up with ways to help landlords with the substantial costs involved for the mandatory retrofitting, which will cost between $70,000 and $150,000 per structure. The current administration is working on ways to make these mandatory improvements feasible through low-interest loans and tax incentives.
If you own a soft-story building, it may be advantageous for you to take voluntary measures that will save you a considerable amount of money in the end. Owners of pre-1973 soft story buildings can sign up for voluntary retrofitting and get their building permit expedited and fees waived. Being pro-active may also help you to be exempt from future stricter standards.
For more details, go to www.sfdbi.org (legislation/ordinances).
Real Estate Values and School Success
Blog Ed100: 5.2 School Choice
By Jeff Camp
Education Circle Chair, Full Circle Fund
This is the second of a set of posts that relate, broadly, to the difficult question of how students and schools should be matched. This is a big topic, so I have attempted to break it up a bit.
The first post, “5.1 Where Do You Live?” confronted the reality that zip code is usually destiny, especially for those without many economic options. Middle class families, by contrast, have always enjoyed the benefits of school “choice.” If parents with the means are dissatisfied with the local school, they can move to a home within a district or attendance boundary of a school they prefer. Residential property values can be very sensitive to differences in school reputation. This fact is not lost on real estate professionals, who are attuned to the local rules for determining attendance “catchment” areas. Changes in those rules can have a direct impact on housing values.
Not all schools have rigid catchment areas, however. Some are designed to serve students from throughout a school district.
Magnet schools, for example, are designed to attract enrollment from throughout a district by offering something different and attractive – most commonly an unusually rigorous curriculum, or a curriculum oriented toward a particular interest such as art or science. The first magnet schools were established in high-poverty neighborhoods in the 1960s. After rapid initial growth, such schools settled to less than 3% of California enrollment by 2009.
The upcoming posts will overview many different approaches to changing the way that students are placed into schools. Post 5.3 will explore models of Selectivity. Post 5.4 will address both Continuation Schools and juvenile halls. Post 5.5 will reveal the tip of the Charter School iceberg. Post 5.6 will describe Private Schools. Home schooling will be addressed in post 5.12.
Sweet Spot in the Center, 3139 California Street
|
|
Spontaneity meets Serenity, Simplicity meets Sophistication
This two-bedroom top-floor Laurel Heights condo is an effortless entry into one of San Francisco’s most active neighborhoods, where history and culture seamlessly merge. From Sunday brunch next door to a bike ride in the Presidio to the myriad classes and performances at the Jewish Community Center, step out your door into what defines city living.
Modern on the inside, yet with an architectural outside that defines the city’s past, this home epitomizes the neighborhood. A living area with period detail leads to a gourmet kitchen. Bedrooms and the bath blend then and now with newer fixtures and preserved elements. A shared yard invites a summer celebration, or a simple Saturday.
Laurel Heights boasts several locally-grown businesses and restaurants one block north on Sacramento Street, where gourmet is everyday. Walk to some of the city’s finest cuisine, where cocktails are mixed with zeal and where coffee culture feeds the soul. Learn and grow at the JCC, where wellness and education is a mission for both body and mind. Spend weekends wandering the roads and trails that encompass the Presidio, a historic military outpost now part of the park system. Emerge to views of the Golden Gate Bridge, Crissy Field or the Exploratorium, where life comes alive through science.
A centralized location ideal for work in the nearby hospital district or downtown, your commute is minutes by foot or the 1 California, the bus outside your front door. Or, head north by car, as the Golden Gate Bridge is just minutes from your front door. You can be anywhere, any time from this California Street home, in a life spontaneous or serene, simple or sophisticated.
Dramatically Chic at 560 Haight Street #102
Pre-market Showing Available!
2 Bedroom, 2 Bathroom, $699,000
|
|
Showing Schedule
|
Nestled in the original envelope of The Riviera Theatre from the 1920′s, 560 Haight Street was reinvented by architect George Hauser in 2001 as The Theatre Lofts. Behind the elegant Art Deco styled facade you will find a gem among residential conversions, a chic urban living space in the true New York style. This home pairs high-end amenities with industrial bling in a full-service, full-flavor San Francisco neighborhood that is a home buyer’s haven. Conveniences galore.
Top 5 Priciest Places to Live = Best Investments!
It’s not cheap to own real estate in California, according to a recent article at CNNMoney.com, which reveals the five least affordable housing markets in the country. California cities snagged three of the top five spots.
Here are the top five least affordable housing markets, according to CNNMoney.com:
-Daily Real Estate News | February 22, 2011
1. New York City
Median home price: $425,000
Median income: $64,800
2. San Francisco
Median home price: $625,000
Median income: $96,800
3. Honolulu
Median home price: $450,000
Median income: $79,300
4. Santa Ana, Calif.
Median home price: $435,000
Median income: $86,100
5. Los Angeles
Median home price: $320,000
Median income: $62,100
Source: “Most (and Least) Affordable Cities to Buy a House,” CNNMoney.com (Feb. 19, 2011)
Read more:
Three Bedroom Noe Home $1.375m
Nestled between two significant neighborhoods, this three-bedroom home gives you the best of both Noe Valley and Eureka Valley. As the streets wind down the hill, find yourself on 24th Street, home to both classic and cutting-edge San Francisco. Bring Whole Foods home. Explore the Eureka Valley Recreation Center, with dog park, playground and community, just blocks from your front door. Have a date in the Castro or picnic at Dolores Park and ascend home via a quaint set of stairs. Catch the J-Church to work, theatre, shopping and the arts. It’s easy to get anywhere by foot, bike, Muni, and BART. Or pull out one of your two cars from the garage.
462 Douglass has a floor plan that fits a lifestyle. The flow moves seamlessly for play and relaxation. Entertain while enjoying the fireplace in the blended living and dining rooms. The roomy kitchen opens to a lush garden backyard, where you are graced with a stunning showcase of both native and exotic greenery. Once there, you can wander a stone walkway through what Alice would surely call a Wonderland. Lounge at your home spa, a spacious and recently renovated bathroom with adjoining deck. Closets contain your wardrobe and linens so you can spread out your furniture in the expansive rooms. A deck off all of the bedrooms, allows you to enjoy this sunny neighborhood from any vantage.






.png)
.png)


