August 12, 2008

Bernal Heights fixer upper! Just $449,000!

Bernal Heights Real Estate: 339 Crescent Ave at home-SanFrancisco.com
339 Crescent Ave
2 Bedrooms

1 Bath
approx 750 Sq ft

$449,000

Look at the price.Contractor’s special. Located on a level 25×100 RH-2 lot. This is a fixer not for the faint of heart. Needs extensive renovation with plenty of deferred maintenance. This is a tremendous opportunity for handy person or the savvy developer. Currently occupied but will be delivered vacant. Please make appointment. Owner reserve the right to accept or reject any or all offers.

Listing firm: Smith R.E., Michael (MLS Only); Listing agent: Michael R Smith NM.

Burbed reader Mia wanted to share this with everyone. Sure it might collapse, but just think, if it does, you instantly get a lot where you can build 2 new homes. Spend a few bucks more and boom – you’ve got $2-3 million dollars worth of real estate.

Or, I suppose, you could just clean this unit up a little and live in it. You might even be able to write a book and get a deal out of it: “Falling down in Bernal Heights – a year of instant equity”.

I’m telling yah, at $449,000, this is yet another clear sign that the bottom has been reached. Just think of all the possibilities.

Frankly, I’m surprised Mia didn’t snap this up for herself – but thanks for sharing Mia!

Comments (32) -- Posted by: burbed @ 5:27 am






August 6, 2008

More signs the bottom of the real estate market has been reached

2901 Broadway Street

Burbed reader Herve thought it would be good to point this unique property out. Apparently it’s been on the market 2 years ago for $75 million (really?).

In any case, it is now just at $48 million – another sure sign the real estate market has bottomed out and that it is now a great time to jump back in.

Just think, if you got a smart enough mortgage, you could easily buy this and get at least $22 million in instant equity. Wowsers!

What are you waiting for?

Comments (13) -- Posted by: burbed @ 5:26 am

July 22, 2008

“No kitchen, no bath and the rear portion of the structure is falling off.”

Vanguard Properties: 469 Clipper St , San Francisco, CA 94114
469 Clipper St , San Francisco, CA 94114

Bdrms Bths Pkg Year Sq.Ft. HOA Price MLS#
0 1 2 1900 1,983 $0 $995,000 343307
Additional Info: Rare opportunity! One of two side-by-side properties for sale, each 30′ x 114′ and zoned RH-2. A large single-story vacant Victorian of 1896 sq ft (per appraiser) that has been deteriorating for years. No kitchen, no bath and the rear portion of the structure is falling off. There would be potential Downtown views from a second story. South garden. Walk to 24th St or Church St restaurants and shops. Near J-Church streetcar, walk to 24th St BART, near Douglass and Noe Courts Parks.

Thanks to Burbed reader Laura G for this find.

This, more than any listing as of late proves how amazingly freakin’ special the Bay Area is. You could only be so lucky as to own a home like this.

No kitchen, no bath, part of the structure falling off? Can you say instant equity?

Comments (47) -- Posted by: burbed @ 5:15 am

July 13, 2008

San Jose – #1 of 34 cities where it’s still better to rent

34 cities where it’s still better to rent – Rentals – MSN Real Estate
Hit worst would be home buyers in San Jose, Calif., the nation’s priciest market. By the study’s calculations, anyone who bought a low-priced home there with a 6% loan could be $355,000 in the hole in 2012. (A low-priced home was defined as 75% of the area’s current median price.)

In San Francisco, you stand to lose around $254,000 in the next four years, according to the study; in Honolulu, $115,000; in Seattle, $108,000; in Washington, D.C., $81,000; and Boston, $28,000.

<snip>

Projected equity in 2012 …

Metro area 6% loan 7% loan 8% loan
San Jose-Sunnyvale-Santa Clara, Calif. -355,346 -361,381 -366,603
San Francisco-Oakland-Fremont, Calif. -253,875 -259,684 -264,711
Los Angeles-Long Beach-Santa Ana, Calif. -222,719 -227,598 -231,820
Oxnard-Thousand Oaks-Ventura, Calif. -203,481 -208,464 -212,776
Bridgeport-Stamford-Norwalk, Conn. -183,685 -187,931 -191,605
San Diego-Carlsbad-San Marcos, Calif. -157,371 -161,798 -165,629
Honolulu -114,657 -119,323 -123,360
Stockton, Calif. -109,757 -112,775 -115,386
Seattle-Tacoma-Bellevue, Wash. -108,427 -111,496 -114,151
Sacramento-Arden-Arcade-Roseville, Calif. -107,621 -110,772 -113,499
New York-North New Jersey-Long Island, N.Y.-Pennsylvania* -102,428 -106,287 -109,625

Ouchers. This begs the question: why does the MSM (Main Street Media) hate the Bay Area so much? Is it out of sheer jealousy? Do they hate the players, not the game?

I wanted to beat New York, but this wasn’t quite what I had in mind!

I think we need a Proposition to fix this fast!

Comments (42) -- Posted by: burbed @ 5:16 am

June 6, 2008

San Francisco economy is bulletproof – Oakland has carjacking problems

S.F. immune so far from struggling economy
There may be plenty of disagreements about the budget Mayor Gavin Newsom announced on Monday. But there was one statement I totally agree with.

“The reality outside our 47 1/2 square miles is very different from the reality within it,” Newsom said.

He’s got that right.

The housing market is crumbling across the country – but not in San Francisco. Travel and tourism is down in many places but not here, where visitor spending, fueled by foreign tourists, reached an all-time high last year.

And despite a huge city deficit, Newsom still managed to sound upbeat Monday when he announced spending increases for the police force and a health care program that covers uninsured residents.

[snip]

“My opinion is that the Bay Area is 100 percent bulletproof,” said Carlo Middione, who has owned the Vivande Porta Via restaurant on Fillmore Street for 27 years. “I live in the Mission and when I go out at night for a meal, I can’t get in a restaurant. I think business is booming.”

Congrats! Further sign that house prices are going to start rocketing forwards. In the Real Bay Area anyway. Haters will undoubtedly point to Oakland… but clearly Oakland isn’t in the Real Bay Area:

Carjackings a symptom of Oakland’s problems

Oakland can now claim to be the nation’s King of Mayhem on public streets.

The city’s latest award is yet another dubious honor to bolster that claim: Oakland is among the nation’s leaders in carjackings – with a rate more than four times higher than San Francisco over a two-year period, according to a report in Monday’s Chronicle.

It is also one of the nation’s most violent and murderous cities. As midyear approaches, Oakland has reported 56 homicides, a pace that would exceed last year’s total of 127.

Georgia State University criminology Professor Volkan Topalli, who is writing a book on carjackings, found that Oakland’s high rate of that crime goes hand in hand with a laundry list of troubling crime statistics and social ills that make the city a prime candidate to be on the cutting edge of the next national crime surge as the economic downturn continues.

“I think violence rates are going up across the country, and in places like Oakland, the increase is going to be even greater because of existing problems,” Topalli said Monday in a phone interview.

The combination of poor public schools, high unemployment, and a lack of community cohesion amid open drug sales and prostitution on blighted streets can create “a perfect storm of problems,” Topalli said. In this category, at least, Oakland is ahead of the national average.

Already this year, a 10-year-old boy was shot at a piano lesson, the state Senate president pro tem was carjacked in the middle of the day (possibly by the same man who is accused of shooting the boy, police say), and impromptu illegal street races have ended in fiery crashes and multiple shootings.

Those don’t constitute normal, everyday occurrences in most U.S. cities, large or small. But in the most lawless parts of Oakland, such events are a part of everyday life.

[snip]

There were so many reported carjackings in East Oakland that it resembled an Auto Row for car thieves.

Worse comes to worse, I hear there’s a secret button that can transform the San Francisco – Oakland Bay Bridge to being just the San Francisco – Treasure Island Bay Bridge. We’ll probably also need to barricade 92 and the Dumbo, but that’s ok since the East Bay long fell out of the Real Bay Area.

Comments (31) -- Posted by: burbed @ 4:47 am

June 1, 2008

Still not #1 in Most Unaffordable

NAHB: Indianapolis Maintains Title of Nation’s Most Affordable Housing Market
Other major metros at the bottom of the housing affordability chart included New York-White Plains-Wayne, N.Y.-N.J.; San Francisco-San Mateo-Redwood City, Calif.; Miami-Miami Beach- Kendall, Fla.; and Santa Ana-Anaheim-Irvine, Calif., in that order.

Among metro areas smaller than 500,000 people, the five markets at the bottom of the affordability chart were all located in California, starting with Salinas as the least affordable and followed by San Luis Obispo-Paso Robles, Napa, Santa Barbara-Santa Maria-Goleta and Santa Cruz-Watsonville, respectively.

<sigh>

New York continues to beat us. How depressing. Come on guys, can’t we rally and finally push our way to #1? Surely we can beat New York in terms of being unaffordable!

ACTION ITEM: Please ask all your European and Asian friends/family members to buy real estate here ASAP.

Together, we can win!

(Thanks to Burbed reader Pralay for this find…)

Comments (17) -- Posted by: burbed @ 4:51 am

March 25, 2008

#91 San Francisco « Stuff White People Like

#91 San Francisco « Stuff White People Like
The city is considered one of the world’s premiere locations for white person research.

White people like to vacation in San Francisco because it has beautiful architecture, fantastic food, and it is near the water. They like to live in San Francisco because of its abundance of Non Profit Organizations, Expensive Sandwiches, Wine, political outlook, and most importantly its diversity.

Since many white people either live in, plan to move to, or closely identify with San Francisco it is imperative that you know how best to deal with them.

The City of San Francisco has a very multicultural population that ranges from white to gay to Asian. Within white culture this known as “ideal diversity” for its provision of exotic restaurants while simultaneously preserving property values. The presence of gays and Asians is imperative as it two provides two of the key resources most necessary for white success and happiness.

OH MY GOD. The Real Bay Area was featured on Stuff White People Like.

Spring Bounce + Stuff White People Like = Crazy Appreciation!

Comments (9) -- Posted by: burbed @ 4:37 am

March 21, 2008

Where to find easy parking in San Francisco

2166 Revere Avenue, San Francisco, CA 94124 – Prudential California Realty
2166 Revere Avenue, San Francisco, CA 94124

2166revere.png

Price: $450,000
Bedrooms: 2 Bathrooms: 1 Garage: 1
Square Ft: n/a Lot Size: n/a
Average Price Per sq/ft for this area: $654
Median Home Price for San Francisco, CA: $735,000
Year Built: 1907 School District: n/a
MLS Number: 335798 Live Date: Jan 17, 2008
Property Type: Single Family Area Location: 10-G
Subdivision: n/a County: San Francisco
Status: For Sale Map Page: Sfar Ct48
Property Information

Silver Terrace 2-Bedroom And 1-Bath. Walk To Bus And Easy Access To Freeway. Owner Occupied.

People in San Francisco complain all the time “Woe is me! There’s no parking!”

Well guess what – if you had the foresight to buy this home, you’d have plenty of parking! And easy access to 280. Can you say: renting out spots for a carpool commute into downtown? And what a steal at just $499k!

Look at the convenience:

2166revereb.jpg

Besides the usual instant equity – can you say instant revenue stream? Maybe you can issue your own CDO from it!

Thanks to long time Burbed reader Jeff for this find!

Comments (12) -- Posted by: burbed @ 5:17 am

January 12, 2008

Will rent and purchases prices soon converge?

I was thinking about this post from the other day:

Bay Area Wins! Most Expensive Cities For Renters – Forbes.com [Burbed.com]

In Pictures: Most Expensive Cities For Renters – Forbes.com
San Francisco, Calif. $1,904

Very few residents here can afford the city’s $800,000 median home-sale price. The result is an extremely tight rental market, which is expected to see the largest year-over-year jump, with rents expected to grow 8.6%. It’s very difficult to add new inventory due to limited space, cost of business and developers’ reluctance to dive into the fervently rent-controlled market.

San Jose, Calif. $1,612

The city to San Francisco’s south suffers from many of the same ailments; there are, however, fewer barriers to expansion. San Jose rents are expected to climb 5.5% this year thanks to a low vacancy rate second only to New York City. Investor-cap rates are high, which, not surprisingly, means that construction in the rental market will surge 29%, relaxing some price pressure.

Without a doubt, rent prices are definitely on the uptick across the Bay Area. Now granted, there the ratio between mortgage and rent is nearly 2x these days – but still with rent prices going up and housing prices holding steady (especially in The Real Bay Area), will these two numbers finally converge this year?

What are your thoughts?

Comments (20) -- Posted by: burbed @ 5:07 am

January 8, 2008

Bay Area Wins! Most Expensive Cities For Renters – Forbes.com

In Pictures: Most Expensive Cities For Renters – Forbes.com
San Francisco, Calif. $1,904

Very few residents here can afford the city’s $800,000 median home-sale price. The result is an extremely tight rental market, which is expected to see the largest year-over-year jump, with rents expected to grow 8.6%. It’s very difficult to add new inventory due to limited space, cost of business and developers’ reluctance to dive into the fervently rent-controlled market.

San Jose, Calif. $1,612

The city to San Francisco’s south suffers from many of the same ailments; there are, however, fewer barriers to expansion. San Jose rents are expected to climb 5.5% this year thanks to a low vacancy rate second only to New York City. Investor-cap rates are high, which, not surprisingly, means that construction in the rental market will surge 29%, relaxing some price pressure.

Congrats to the Bay Area for having two entries in this report! Woot! We win!

Now, if only we can move ahead of New York as being highest in rent!

These high rents can mean only one thing: 15% appreciation in housing prices are coming back right after the SuperBowl. Renters will have no choice but to buy buy buy as these rent prices soar!

You heard it here first!

Comments (25) -- Posted by: burbed @ 11:38 am