3BR/2BA Top Floor Condo - Lone Mountain/Inner Richmond - $749,000

Once again, I shamelessly plug my own listings here on the blog.

3173 Turk Boulevard @ Arguello - Offered at $749,000

This one is a really sweet three bedroom, two bath, top floor condo with parking and storage on the border of Lone Mountain and the Inner Richmond. This is just a block from Koret Rec Center and two short blocks to Golden Gate Park.

The coolest part? There is an enormous yard with a common treehouse... Check out the photo!

I'll be open this weekend, Saturday from 12p - 2pm and Sunday from 1pm - 4pm.

See more photos and full details at www.3173turk.com

Truly a new real estate Web site: Trulia.com

I'm not giving any opinion on this yet, but thought I'd pass it on. This site incorporates Google Maps and serves to aggregate real estate listings from agent and broker web sites. Of course, this will be FAR less than what you'll find on the MLS, for example, and you'll likely see LOTS of outdated information, but it's yet another avenue through which you might find your next home online.

Inman News has an editorial piece on the site. "Trulia.com, now in beta testing, grabs property listings from about 100,000 real estate Web sites in California and displays basic property information while mapping property locations."

"[The company's CEO Peter Flint] said that some agent and broker Web sites have become too busy and cluttered, clouding the core property information that consumers are after. Their solution – taking a page from Google's streamlined, less-is-more user interface – was to build a minimalist site that provides consumers with what they want but nothing else."

Three Years, 15 Sites, Not One Home

Beyond Chron has an article this week about the Surplus Property Ordinance.

"...three years after the Board of Supervisors enacted a Surplus Property Ordinance requiring the city to set aside vacant or underutilized land for the development of affordable housing for homeless and low-income people, not a single property has been actively perused. Moreover, a site that has real development potential might be instead used as a shelter or turned into a landmark. "

"While [The Mayor's Office of Housing] deemed most of the 15 sites too small, isolated, or inaccessible for development, one property, located at 150 Otis Street might be usable under the ordinance. Previously the Juvenile Court and Detention Home, until 1949, and then a homeless shelter for the Department of Human Services, it currently is being used to house possessions of homeless residents. "

S.F. revels in snow day

Despite the neighbors doing everything they could to prevent the event from happening, Icer Air 2005 went ahead yesterday with thousands of people in attendance.

From the Examiner, "Skiers and snowboarders launched near a mock cable car at the top of the Fillmore Street hill at Broadway and then tore down a narrow strip of snow, reaching speeds around 30 mph. Just a few feet away on either side, crowds beat on wooden barriers that lined the route."

"The event was originally scheduled for the end of August, but organizers and city officials decided to delay it after complaints from neighbors and safety concerns."

SF Gate has a great 4 minute Quicktime video of the event as well, including how they brought the snow into Fillmore Street.

New lighting standards begin Oct. 1

From the San Francisco Business Times, "Beginning Oct. 1, people building or remodeling homes in California will have to obey new lighting standards meant to help consumers save up to 75 percent on lighting costs."

"The new 2005 changes will now require that more than 50 percent of the wattage in kitchens must be high efficiency. The ratio of incandescent lights to the high efficiency lights must be four to one. At least one high-efficiency light fixture or vacancy sensors will be the minimum requirement in virtually every room. Outdoors, lighting attached to a building, such as a porch light, must be energy efficient or controlled by a motion sensor with a built-in photo control unit that detects dusk."

Sparks fly over changes to condo conversions

Go figure. There were raised voices in the Land Use Committee yesterday when the subject of condo conversions hit the floor. The Examiner today has an article on the people that were yelling.

"A plan that would give extra chances to property owners who have long waited for The City's approval to convert their units to condominiums became too hot to handle Wednesday, when a debate among supervisors ended with raised voices and a one-month postponement of the item."

"Committee members agreed to revisit the issue on Nov. 2. But when a city representative on hand to answer questions about the city-run lottery process said it would be more timely if the committee acted now, Sandoval forcefully told him to stop advocating. Dufty soon raised his voice as well in defense of the staff, and it took committee Chairwoman Sophie Maxwell's repeated banging of the gavel to close the matter."

Once again they look to the king of tenants (or is he the jester?), Ted Gullicksen, for a quote but I'm not going to pass that one on. His lack of education on what it is he's fighting for (or unwillingness to truly understand it) is getting old.

The city has a chance to create a great neighborhood on Rincon Hill

The Chron's John King discusses the creation of the Rincon Hill 'neighborhood' in his Urban Design column today.

"The clock tower atop Rincon Hill doesn't tell the time anymore, and by the end of November, there won't be a clock tower at all. A 50-year-old landmark will be taken down, and a pair of towers, 55 and 45 stories, will rise in its place."

"The funny thing is, the neighborhoods that work the best are the ones were got slapped together long ago. Space was at a premium, so houses were jammed close together; cars weren't that common, so commercial districts were pulled in close to transit lines."

"These days, by contrast, development is shaped by process and politics -- with mixed results. Planning too often is nothing more than an attempt to satisfy the demands of every conceivable interest group. For most politicians, meanwhile, the long-term look and feel of San Francisco isn't nearly as important as making your most strident constituents happy."

"It's easy to take down a clock tower; it's tough to create a community. Let's hope San Francisco is up to the task."

Median price of a home in California at $568,890 in August, up 20.1 percent from year ago; sales increase 7 percent

From the California Association of Realtors this week comes some data that shows a statewide increase in the median price of a home of over 20% since a year ago. The rise for the San Francisco Bay Area was over 13%.

CAR President Jim Hamilton is quoted, “While fixed mortgage interest rates have not increased, adjustable rates have risen in reaction to the Federal Reserve and a more general increase in short-term rates,” he said. “Since more buyers are relying on adjustable-rate mortgages to finance the purchase of their homes, buyers may be moving more quickly to make the home purchase decision in anticipation of future rate increases. This is adding more pressure to the price of a home.”

Available Affordable Housing Units

At the request of one of my readers... There is a page on the SFGov.org site under the Mayor's Office of Housing where they list all currently available units that fit into the 'affordable' program. This is where the Beacon units were advertised as well as the meeting referred to in my post earlier today.

Remember, they are affordable to get into, but you must resell them at a zero-profit. This is, of course, better than renting in that you still get a tax deduction for your mortgage payments, but you must sell for what you paid plus any documentable costs (in nearly all cases). Not that all things real estate must result in profit, but that is many people's motivation for purchasing in San Francisco.

Consumer confidence takes big dive

From the USA Today, "Consumer confidence took the biggest tumble in 15 years in September, as Americans grappled with soaring energy prices after Hurricane Katrina, the New York-based Conference Board said Tuesday."

"Economists said that while the September consumer confidence figures were not good news, they did not necessarily mean a dramatic slowdown in consumer spending, about two-thirds of the economy. The outlook depends on the pace of job growth and how far gasoline prices decline from recent highs of more than $3 a gallon."

"Accept this for what it is: an emotional reaction to tragic circumstances. But are people going to stop spending? No," says Ken Mayland of ClearView Economics.

"The decline in new-home sales followed Monday's report that existing-home sales in August were the second-highest on record. Even with the drop in new-home sales, they were 6.2% above year-ago levels. Further, builders must replace hundreds of thousands of homes damaged or destroyed by Katrina. That will boost the industry, as well as related sectors such as furniture makers."

"Sam Bullard of Wachovia said that, given strong fundamentals, he does not expect to see any major slowing until mortgage rates rise toward 7%."

Thanks again to Brett for the tip on this article.

The well-off are better off, but the ranks of the poor are growing, and middle- and low-income workers feel pressure of high prices

From today's SF Gate, "The gap between high-income and low-income Americans is widening, the ranks of the poor in California and nationwide are swelling, and middle-class workers have lost ground compared with the 1970s, several national and state studies show."

"And on Labor Day, the Budget Project reported that California's highest-paid workers -- those in the top 10 percent -- earned 5.1 times more than workers making wages in the lowest 10 percent, up from 3.8 times more in 1979."

Condo-conversion ordinance to be heard

From the Examiner, "The Board of Supervisors Land Use Committee today (Wednesday) is scheduled to take up a proposal by Supervisor Bevan Dufty to factor seniority into The City's lottery for converting jointly owned tenancies in common to sought-after, individually owned condominiums. Under current rules, people who've tried unsuccessfully for several years become less likely to win one of the 200 slots awarded annually."

Huge S.F. crowd vies for affordable luxury condos

From the Examiner, "By the time Robert Schlesinger went over the details of the Beacon condominium project — the heated outdoor pool, the private dog run, the concierge service, the granite kitchen countertops — he hardly needed to sell it to the crowd. Roughly 500 people showed up to hear Schlesinger's presentation Thursday about 20 condos being offered — by lottery — for prices well below market rate in two South Beach luxury towers across from SBC Park. Another 1,000 people had gathered a few nights earlier to find out how, in San Francisco, one could still buy a luxury condominium in a vibrant, safe part of town for less than $200,000."

"[Matt] Franklin (director of the Mayor's Office of Housing) said, in addition to the demand for units at the Beacon, about 10,000 applicants vied for 100 spots in the International Hotel, a recently completed affordable senior project. Other condominium projects that contained an affordable-housing component have also drawn throngs of would-be homeowners hoping they can be among the lucky few."

"But those looking to cash in on rising real estate prices by reselling the property at market rate for a huge profit should look elsewhere: The City's program puts limits on resale prices."

S.F. tops list for cost of living

From today's Examiner, "A family of four in San Francisco must make nearly $80,000 a year to afford basic needs, according to a report released Tuesday."

"According to study estimates, two working parents in San Francisco with two children would need to both work full time and make more than $17 an hour — or $40,000 a year — each — in order to afford housing, utilities, childcare, food, transportation, health care and taxes. Although The City's minimum wage is almost $2 higher than the state's, at $8.62 per hour, it's about half of what's needed to get by, according to the report."

Vision of new life for Old Mint as history museum

From today's SF Gate, "These fall days mark the beginning of a major effort by the San Francisco Museum and Historical Society to transform the venerable Old Mint at Fifth and Mission streets into a museum to celebrate San Francisco."

"There's no museum about San Francisco,'' said Gilbert Castle, executive director of the museum and historical society.

"One of the designers is "asking the museum's potential audience for ideas on how the museum should look and what stories it should tell. He and the historical society have assembled a 22-page vision statement that covers the city from the days of the Ohlone Indians to the end of the 20th century as a kind of guideline. It's not a blueprint or a plan -- that will come in part from the community and other historians -- but rather a way of drawing comment from the public."

"The vision statement is available in public libraries and on the Internet (www.sfhistory.org). The society will also circulate the vision statement for comment and ideas to more than 400 San Francisco community groups, to academic historians, to community historians, and other groups such as the California Historical Society."

What constitutes a landmark?

Also from the Examiner this morning, "For Joel Schechter of the Ocean Beach Historical Society, the Doggie Diner sign near the zoo is a cultural artifact that represents a lost era of The City's history, marked by a great oceanfront amusement park called Playland and a molded fiberglass dachshund's head."

"The Doggie Diner head, wearing a chef's hat and bow tie, symbolized a now-defunct restaurant chain, and it is beloved by tourists and locals. But does it deserve to be considered as a possible landmark?"

Residents irked by Ocean Beach parties

From the Examiner, "Despite a 2004 law that bans bonfires on the beach south of Lincoln Avenue and down to Sloat Boulevard, business and homeowners say problems have persisted — and that the illegal parties may have led to one local business' front window being smashed and another neighbor's porch being torn up in the middle of the night for firewood."

Somehow, however, the few rangers that the GGNRA employ have no problem ticketing off-leash dogs and their owners... Guess they can't be bothered to be out past their bedtimes....

Sales of existing homes are second highest on record

USA Today has two real estate-related pieces, starting with August existing home sales numbers.

"Defying expectations, sales of previously owned homes rose in August to the second-highest level on record, with prices rising at the fastest pace in 26 years. The National Association of Realtors said Monday that sales of existing homes rose 2% in August to a seasonally adjusted annual rate of 7.29 million units, a sales pace that was exceeded only by an all-time high 7.35 million units in June."

"Economists had been forecasting a slight decline, believing the red-hot housing market was finally beginning to cool." Doh! [my own emphasis added]

The second article includes Alan Greenspan's current view on the housing market, which has become more optimistic in recent weeks. "Federal Reserve Chairman Alan Greenspan, softening his concern about a possibly overheated housing market, said Monday that many homeowners have enough equity to cushion the shock if prices drop."

"The vast majority of homeowners have a sizable equity cushion with which to absorb a potential decline in house prices," he said. Less than 5% of home borrowers were highly leveraged, according to one measure, he cited.

Thanks to Brett for sending these to me.

Home Depot appeal heads to full board

The seemingly never-ending battle between Bernal Heights, The Bayview, and Home Depot is coming to a head again in front of the full Board of Supervisors.

From the Examiner today, "The Atlanta-based Home Depot chain has tried repeatedly to open a store somewhere in San Francisco but has been blocked until now. In spring 2004, supervisors enacted tight restrictions on "big-box" stores over 120,000 square feet but exempted the Home Deport project because Bayview residents had been working on it to boost their economically stressed area."

Personally, I hate this idea. I have plenty of sympathy for the folks who need the jobs that would be created by this store, but realistically many of the people that would work at the Bayshore store would just be moving from their jobs at the Colma store. Is ANYONE really inconvenienced by the additional 5 minute drive down I-280? Although I do want to see Bayshore stay industrial and inexpensive, putting a Home Depot in will not only dramatically change the landscape and traffic congestion, but will force a lot of smaller business to shut down and will raise rents in the area.

If you live nearby, you're running out of time to make your opinion heard. Once this gets approved, the whole Bayshore area will be forever affected, and if you look around the country at the impact that Home Depot has had, there will be nothing gained from this new store other than a savings of a five minute drive to Colma. Everyone loses in my book, even the 100 people with their new jobs who may be pushed out of the area due to further development with or without the store.

Mission Bay sees rapid growth spurt

Today's Examiner has a piece on the progress of both residential and commercial development in Mission Bay.

"Though market-rate condominiums at Mission Bay are fetching exorbitant prices, affordable housing is part of the mix. The agency requires 28 percent of the units to be affordable to four-person households making between $33,000 and $95,000 a year. Bringing more life sciences jobs to the area will be the next big push."

A second Examiner article discusses the housing being built around the UCSF campus.

"After a long day in the lab at Mission Bay, UCSF graduate student in biophysics Clement Chu no longer has to commute back to the Inner Sunset at 2 a.m. Instead, he can stumble across the street to his $1,030-a-month studio apartment to sleep."

Bank of America Center in S.F. fetches $1.05B

Not that this is 'homes' related, but the sale of the Bank of America Center is significant for a couple of reasons: 1. it was a record price for commercial property in San Francisco, and 2. if the residential market stayed hot when there were fewer jobs and a bleak outlook for jobs, this obviously shows a strength in the commercial sector (which has been slumping since 2000), and might mean that a new surge for the residential sector is forthcoming yet.

From the San Francisco Business Journal (who sources a Friday WSJ article), "Bank of America's former headquarters in San Francisco was sold to a group of Hong Kong investors and Donald Trump for $1.05 billion, a record price for office space in the city, the Wall Street Journal reported Friday."

Even better is that "last year, an investment group led by New York investor Mark Karasick purchased the building for $879 million, or $489 per square foot. This week's sale of the center was priced at $583 per share foot."

$131M in profits don't suck. Especially after only a year.

What does this mean for the residential market? Perhaps nothing, but it might also mean that there is a strong enough optimism in the commercial sector to justify paying record prices for office space. This usually means more or better jobs, equalling more $$ for the residential economy.

I'm looking forward to seeing how the doom-n-gloom media reports on this one...

Manufactured homes find a place in inner city, tired mobile home parks

From today's SF Gate, "In a bid to curb soaring Bay Area housing costs, developers are taking a closer look at manufactured homes and discovering that, even when it comes to erecting small projects in cities, the latest generation of factory-built homes can often reduce costs without compromising quality."

"Jose Silva, 45, can attest to the latter phenomenon. Silva, his wife, Elsa Hernandez, 40, and their two school-age daughters recently moved into a new three-bedroom, two-bath home on 94th Avenue in Oakland. Unlike a traditional house that's erected on the site, starting with the framing lumber, Silva's home was built in a factory and delivered to Oakland in two, long regular halves that were split down the middle where the roof peaks."

The only problem in San Francisco is land... But when there is available land, perhaps some of the new pre-fab homes (such as the ones I mentioned earlier in conjunction with Dwell Magazine) will become a better and better option for some want-to-be homeowners.

Home Sales Around San Francisco

Once again, the link to recent home sales around San Francisco from SF Gate.

Paying just interest on a loan

From Robert Bruss in today's SF Gate comes the answer to a reader's question about interest-only loans.

"There are pros and cons. If you expect to stay in your home less than five years, an interest-only mortgage keeps your monthly payments at fully tax-deductible rock bottom. You won't be paying any of the principal balance, but if you will be selling in five years, who cares?"

Reductions at Muni mean longer waits, fewer stops

If you're a regular rider of public transportation in San Francisco, beginning today your wait times may be longer, or your walk to the nearest bus line may be further.

From SF Gate today, "In the last six years, we have increased service by 7 percent," MUNI spokeswoman Maggie Lynch said Friday. "The service changes represent a service reduction of 4.2 percent. Although we are reducing service, we will still be above the service levels of six years ago."

For more information, go to www.sfmuni.com/changes.

Fleet Week returns to SF

In case you weren't aware of it, the Blue Angels are back in San Francisco from October 6th - 10th.

Some love it, some hate it, and it will almost certainly disrupt the golfers, but it's always good to know when to expect the loud jets.

Check the schedule at www.FleetWeek.us.

How to Find a Great Real Estate Agent

Disclaimer: This is from an SF Chronicle Advertorial last Sunday, and this page was paid for by Pacific Union, but has good information, nonetheless.

Click here to read the advertorial

New Orleans has post-disaster real estate lessons for San Francisco

This week's Surreal Estate column discusses why an earthquake would not bring housing prices back to levels that most people would find affordable.

"For all of you waiting for a major quake to bring the cost of housing down to a tolerable level -- to democratize this city of real estate haves and have-nots -- don't count your square feet quite yet. New Orleans has offered San Francisco an eerie glimpse of its possible future. In the wake of Hurricane Katrina, the Big Easy has become the site of another perfect storm. And I don't mean Rita, which as I write is rushing headlong toward the southern states -- I'm talking about the perfect storm of real estate madness."

"In fact, many real estate investors seem to have decided that New Orleans is the new land of opportunity. For two weeks now, Craigslist's New Orleans real estate listings have been inundated with offers from real estate investors from all over the country offering to buy New Orleans properties, whether they were flooded or not."

I've always thought that a strong, yet non-damaging quake could cause many to weigh their options and leave town, but there's still too much demand for that to really bring prices down. Besides, the folks that have been waiting since 1997 for things to crash will never see those prices again. Even the day after a catastrophic quake. We're too far gone for that to happen...

"Even though prices are already ridiculously high in San Francisco, one can imagine that a similar mind-set might prevail in the wake of the "Big One" -- especially since the frequency of catastrophic earthquakes pales in comparison to the potential for hurricanes in the Gulf Coast region. In this sense, real estate in the wake of disaster won't equalize so much as concentrate economic power in the hands of those with cash to risk."

What's Really Wrong With the Lower Fillmore?

From this week's SF Weekly comes an article attempting to clarify what is happening in the Lower Fillmore, formerly the home to San Francisco's great jazz heritage.

"The five neighborhood residents on the subcommittee are fishing for financial information from the Redevelopment Agency's Western Addition project manager, Gaynell Armstrong. They want to know just how much money is left for the redevelopment project that leveled and then rebuilt much of the Western Addition neighborhood. The project began in 1964 and will be completed in 2009."

"Because the agency's books offer vague work descriptions, it is hard to know who is paid for what and why. Under titles of "consulting" and "production," thousands of dollars are paid out each year to residents in the Lower Fillmore."

Related Story: Condo Tower May Jazz Up Fillmore

Hitting the 'sweet spot' of profit in property flipping

From CBS Marketwatch today, some comments on the do's and don'ts of 'flipping' properties.

"As it turns out, the "sweet spot" for flippers is between three and six months. Hold a house any shorter or longer than that and you won't do nearly as well. Of course, we're not talking about scam artists who use false information to buy a house. Rather, we're talking about savvy investors who purchase distressed or undervalued properties, raise their value by making repairs or even remodeling or simply taking advantage of a hot and getting-hotter housing market."

For those bitter readers out there, I don't necessarily condone this practice. Just passing on the information, OK?

Pacific Heights ski jump is on again - SF panel votes 8-0 to approve event next week

Well, looks like Jonny Moseley is having his birthday party after all! The Chronicle is reporting today that the event, slated for September 28th & 29th, was approved in an 8-0 vote.

"After almost two hours of public comments, the Interdepartmental Staff Committee on Traffic and Transportation decided that ski and snowboard wax company Icer had satisfied all safety requirements and voted 8-0 to grant the permit, which will close Fillmore Street between Broadway and Green and Vallejo Street between Webster and Steiner streets Sept. 28-29."

I doubt that the Vodka Village will be positioned outside of the Meditation Center, as was originally planned, but we'll see flying skiers and snowboarders nonetheless.

See you there!

Report: Chinatown housing substandard

As if this would really come as a surprise to anyone who has spent time on Grant or Stockton Streets... Today's Examiner has a study on why Chinatown's housing is substandard.

"The most common violations reported by occupants included bugs and rodents, noise, second-hand smoke and a lack of heat. Dust mites, mold, poor ventilation and leaky ceilings were also present, according to the report. Many of the violations can affect health, the report states, with asthma, tuberculosis, lead poisoning and injury the main worries."

In my opinion, this is something that is a direct result of rent control and the difficult process involved with getting capital improvement pass-throughs approved. Then again, maybe it's just a case of complete landlord apathy? Many of these buildings have been owned outright by generation after generation of families. Some landlords own many buildings in this neighborhood. Unlike a newer owner who might struggle to make both mortgage payments and provide proper upkeep, many owners in Chinatown are profiting greatly from long-term ownership (read:ultra-low property taxes due to Proposition 13), and could feasibly afford to provide a better standard of living.

"For example, Xiao Qiong Tan, who lives with her two daughters and husband in a $600-a- month studio at Washington and Stockton streets, said through an interpreter she worries about the garbage that overflows from the common kitchen in her building. But she has not told her landlord or authorities."

Slower housing market predicted for 2006

[posted @ 8:17 AM] I'm down in San Diego right now for the California Association of Realtors board of directors meetings (of which I am a board member), so I have a piece today from the San Diego Union-Tribune.

CAR's economist, Leslie Appleton-Young, is predicting a slowing market, but not due to price decreases... Rather due to price increases and the fewer number of people that can afford to live in the state.

"In her forecast for 2006, Appleton-Young anticipates a 2 percent statewide decrease in single-family home sales. She predicts a 10 percent increase in the cost of a median-priced home to $575,500. Healthy by normal standards, that's well below the levels of recent years."

"Home prices in many California markets have doubled since 2000. Young said the increase in home equity has created a fiscal disconnect between established homeowners and those seeking to buy their first dwelling."

"For the first time in history, households on a mass scale have tapped into that equity," she said.

Owners who purchased before the current price boom got under way now are thinking of retiring early, buying a second home or purchasing a condo for their children, she said. "They have the means."

[updated @ 3:21pm] Kelly Zito did some further research on this in today's Chronicle. "Although overall home price appreciation for 2005 appears to be in line with expectations, the [CAR's] outlook generally has proved too conservative. In its forecast for 2004, the group said prices statewide would increase about 13 percent, and they rose more than 20 percent."

Will Newsom-Peskin Eviction Task Force Make A Difference?

Wow. In what I will say is the most misguided article every published by BeyondChron, Randy Shaw makes that case that "If San Francisco voters ban condo conversions, potential purchasers will look among the thousands of newly built condos coming on the market rather than commit nearly the same amount of money to being a lifetime owner of a TIC."

Doesn't anyone do their homework anymore?

This guy needs to be slapped. A ban on condo conversions would do nothing but drive already high prices on ridiculously low inventory through the roof. Supply and demand, my friend.

The basis for this article is a new task force formed by Mayor Newsom and Supervisor Peskin to look into ways to help stem the tide of evictions. Supply and demand, my friend.

If you don't build more housing and you limit people's ability to sell what's out there, you reduce supply. The demand just doesn't go away in this town. Period. You want something to complain about? Ban condo conversions and we'll talk a week later about how condo prices went up 20%.

So they go looking for other ways to help slow evictions. Let's call a TIC a condo and limit their formation! Wrong again, my friend. You can't limit how a buyer takes title. Just can't do it.

And their sales pitch: "The incentive for the real estate industry to make [a compromise] deal is an increase in the annual number of conversions allowed from the current 200 to as many as 800. This would be of enormous benefit to those seeking homeownership through condos and TIC’s, and reduce if not eliminate delays caused by the condo lottery. Former State Senator John Burton sought to broker such a deal in 1999. Burton got the state Apartment Association to sign off, but it was then vetoed at the last minute by the SF Association of Realtors"

I will be the first to admit that not all of my peers are the sharpest tools in the shed, but let's be real here. Do you think any semi-intelligent Realtor association is going take part in any sort of legislation that reduces property owner's rights? Not a chance. Not even for something that is deemed a compromise.

On one hand, I'm tempted to just stop posting articles from BeyondChron due to their complete lack of journalistic integrity or ability to do their background research, but on the other hand it gives me yet another chance to point out why prices are so high in this town. When the only people fighting for tenant's rights have no clue what it is their fighting against or even what a TIC really is, tenants should be very afraid.

Once again, I will remind all of you, I do not condone evictions. I especially do not condone evictions for the sake of speculative real estate sales. But this is still a free market and I believe in property owner's rights to make decisions about their properties. Remember, these properties do belong to the owners, not the tenants as Ted Gullickson would like to believe.

I'm off of my soapbox for the day. Maybe.

Artists get reprieve at Hunters Point

From today's Examiner, "Officials met with artists and other tenants Monday to discuss details of the [Naval cleanup] plan and inconveniences expected from the continuing cleanup of the former naval shipyard, which is being prepared for development. Roughly 400 artists work at the site, though only half received notices from the Navy. The City has arranged for all but 20 of the artists to stay, and Cohen said his office is working to identify space for them as well."

"Meanwhile, developer Lennar/BVHP began work this summer on the first phase of development. The work will prepare 66 acres for 1,200 homes and open space, with the first homes expected to be ready by 2008."

Architecture and the City

Today's Urban Design column in the Chronicle talks about October's "Architecture and the City, a free-wheeling series of events designed to get people thinking about how buildings shape society and vice versa. There are home tours and lectures, a range of formal exhibits and even a rare showing of historical films of Market Street dating back to 1905."

Since SF is such an architecturally-rich city, this might be your chance to learn a bit more about your neighborhood...

If a tree falls in S.F., supes may hear it

Well, Chris Daly is at it again! From today's Examiner, "A sweeping proposal to require permits when property owners wish to cut down large trees — even in their own backyards — was forwarded to the Board of Supervisors on Monday after a debate over the aesthetic, historical and environmental value of San Francisco's 668,000 trees."

Don't get me wrong, I love trees. I love tree-lined streets. I love backyard trees. I am a supporter of Friends of the Urban Forest. But I'm not a Chris Daly supporter. And given that he lives in (and presides over) the concrete jungle that is SOMA, it's understandable that he'd like to see some greenery in his district. But to require additional bureaucracy for an already over-burdened city department is just ridiculous.

On the bright side, however, there is a competing measure from Jake McGoldrick that "allows for greater landmarking of rare or valuable trees on private land and would affect far fewer trees than Daly's plan."

Quaker school buys ‘San Francisco icon'

From today's Examiner, the bright yellow building which housed Levi Strauss until 2002 has been purchased by a private school.

"The historic yellow Levi Strauss & Co. building on Valencia Street, one of the most visible symbols of The City's rich textiles history, has been purchased by the San Francisco Friends School. The Friends School, the Bay Area's only Quaker school, plans to occupy the 1906 wooden building by the fall of 2008."

With the recent news of families leaving town due to poor schooling, perhaps this will help out, if only a little bit.

Study finds Bay Area housing prices in line with economic growth

Kelly Zito has a very non-media-like, non-doom-n-gloom article (although you can bet this one will sell papers!) in the Chronicle this morning on why San Francisco's housing prices are in line with economic growth and why we won't see any dramatic price drops.

"The bubble fears are over people paying money for housing today because they're expecting unreasonable (price increases)," said Todd Sinai, associate professor of real estate at the Wharton School. "Our calculation says that if people are expecting something reasonable, house prices today are justified -- and they are in San Francisco."

The Wharton School, huh? That's not the California Association of Realtors or even DataQuick (where Zito got the data for her last article), but an esteemed institution of higher education. Everyone who knows me knows that I am very comfortable with the San Francisco market and with nearly all of the prices being paid for houses these days (there are always exceptions). So it's nice to hear when someone agrees with me and that they can actually back it up.

My sense of well-being comes from being on the streets and seeing how many buyers are still willing to pay $1M for a small house in Noe Valley. The Wharton study's comfort level comes from hard data. "In fact, Sinai and his co-authors found that the annual cost of owning a home relative to renting in San Francisco and other expensive cities -- including Boston, Los Angeles and New York -- is lower than it was in the late 1980s, just before the last major downturn in housing prices. The ratio of housing costs to income is also more favorable than at other times during the past 24 years in these cities, the survey said."

All of the buyers that are in the market right now should heed this advice. There is a veritable saturation in the market this week of way too many homes. This will last for a couple of weeks, then that will be it, more or less, for the rest of the year. Don't be fooled into thinking that this stockpile of inventory is a trend. It is a one-time occurrence. And you can quote me on that.

Post-Katrina focus turns to home ownership

President Bush is giving away land in New Orleans in hopes that it will stimulate the rebuilding process, as reported today by Inman News.

The President "is promoting home ownership in the wake of Hurricane Katrina with plans for an Urban Homesteading Act, which would make some federally owned land free to eligible low-income families through a lottery. In return, the families would pledge to build homes on the lots with either a mortgage or help from a charitable organization like Habitat for Humanity."

Not sure where folks without any source of income will afford mortgage payments at this point, but I guess it's a start, right?

Even more interesting in this article was a reference to free land in Kansas. "Several communities in Kansas also are offering free land and other incentives to help rural areas sustain and grow economically. Seven communities are identified on KansasFreeLand.com as participating in these programs. They are Atwood, Plainville, Lincoln, Minneapolis, Ellsworth County, Marquette and Chetopa."

Realtors (and media) Bubble. Skeptics Blog.

Here's a good example of how media is changing... The New York Times has a short piece about how bloggers are helping to clarify, or at least balance, traditional news stories

"HURRICANE KATRINA will lift home prices across the country, the National Association of Realtors declared [last] week. News outlets that picked up the story passed it along wholesale. MarketWatch.com presented a news release rewrite at the top of its home page with its usual screaming headline. It was left to real estate bloggers to provide context...."

First impressions play key role in real estate sale

Dian Hymer has an article on Inman News today about whether you should consider selling your house vacant or staged.

"...selling a vacant home could result in a lower net return. The main reason for this is that first impressions play a big part in selling homes. When buyers walk into a home that looks bright, inviting and comfortable, they feel good. When most buyers walk into a vacant home, they feel that something is missing."

Case in point, "a listing in the Oakland Hills (Calif.) was put on the market last fall. It had a great view, but was vacant. It did not sell after three months on the market during a time when all well-priced listings in the area were selling. The listing was temporarily withdrawn from the market and staged with rental furniture and accessories. It was put back on the market at the same price and sold right away."

Personally, I think that proper preparation is the key to a successful transaction. It doesn't have to cost an arm and a leg to make a house look fantastic. Cleaning up is the biggest key, but painting, staging, and floor refinishing are almost always money well-spent.

Boat residents survive development

The residents of Mission Creek, the sliver of water near SBC Park, the UCSF Biotech Campus, and the driving range, have toughed it out through the developments and change. The Examiner today has a piece on how they're faring now.

"Despite the development around it, the community is on solid ground. The owners of 20 houseboats and 35 recreational boats formed an association that has a master lease with the Port of San Francisco through 2019, said Mirian Saez, deputy director for real estate."

Show will go on at Marina District theater

It appears that at least one more single-screen theatre has been saved from the chopping block.

From the Examiner, "Demolition started last week on the total renovation of the theater at 2141 Chestnut St., which closed in October of 2001 and many assumed would never again smell of buttery popcorn."

"The model — hashed out by the property owner, the Marina Merchants Association and the Neighborhood Theater Foundation — uses ground-floor retail as an engine to partially finance the upper-level theaters. In this case a 9,200-square-foot Walgreens will bring in enough rent that the two theaters are not under as much financial pressure, according to Miller. The theater will be an anchor to lure moviegoers to the block."

Perhaps the Alamo Square/North Panhandle neighbors can find a way to salvage something out of the Harding Theatre as well, using this or a similar model...

Muni to alter bus service beginning Saturday

After raising fares $0.25 at the beginning of this month, MUNI is cutting back on its service city-wide beginning Saturday, as reported by the Examiner.

"The cuts on nearly all of the agency's bus lines — many of them one- to two-minute increases in wait times between buses — will not yet affect Muni's Metro or cable car services, although changes to the J, K, L, M and N lines are planned. Most significantly, the time between buses after 7 p.m. will increase on almost all lines to 20 or 30 minutes during both weekdays and weekends."