Gabrielle Dahms
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San Francisco Community News - It is no secret that San Francisco sorely needs more housing. While there has been much new development and there is more in the development pipeline, most of what is being built fall into the luxury category. Even though every developer must provide a certain number of affordable units or pay the c ...Read More

The Hot Issue of Housing in San Francisco sanfranciscorealestate2015.wordpress.com

It is no secret that San Francisco sorely needs more housing. While there has been much new development and there is more in the development pipeline, most of what is being built fall into the luxu…

16 hours ago

San Francisco Community News - The Hot Issue of Housing in San Francisco It is no secret that San Francisco sorely needs more housing. While there has been much new development and there is more in the development pipeline, most of what is being built falls into the luxury category. Even though every developer must provide a cer ...Read More

16 hours ago

San Francisco Community News - The Hot Issue of Housing in San Francisco It is no secret that San Francisco sorely needs more housing. While there has been much new development and there is more in the development pipeline, most of what is being built falls into the luxury category. Even though every developer must provide a cer ...Read More

16 hours ago

San Francisco Community News - Guide to San Francisco http://ow.ly/97HC302dUgF

An Insider’s Guide to San Francisco wsj.com

The best places for coffee, cocktails, outdoor excursions and young coconuts in this constantly evolving city, with expert advice from Airbnb’s Joe...

20 hours ago

The Hot Issue of Housing in San Francisco

July 28th, 2016 by Gabrielle Dahms

The Hot Issue of Housing in San Francisco

It is no secret that San Francisco sorely needs more housing. While there has been much new development and there is more in the development pipeline, most of what is being built fall into the luxury category. Even though every developer must provide a certain number of affordable units or pay the city in lieu of offering the prescribed number in their buildings, affordable housing is a hot button. There is simply not enough of it.

Affordable housing is likely a misnomer because it mainly affects the vanishing San Francisco middle class, which now needs to be subsidized to live here.  In order to have a vibrant city, more housing that is affordable to middle-income people is essential. Yet the city has no overall plan or vision for providing this, or at least not one that is working.

That, in turn, means that the issue of housing, whether affordable or not, is a political issue at this time. San Francisco supervisors debate about and propose solutions for affordable housing.

In order to build middle-class housing the city would likely have to make major changes because at this point developers are unmotivated to build middle-class housing (the numbers do not work out for them), market-rate housing costs too much for middle-income earners, and they do not qualify for subsidized housing.

That said, the Prop A housing bond passed in November 2015 and will provide $310 million in bonds for affordable housing. Additionally, Prop C (passed in June 2016) now requires developers to increase the number of below-market rate units from 12% to 25%. – However, these types of subsidies are bandaids versus an actual long-term solution to San Francisco’s affordable housing crisis.

©SFRE 2016

 

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Visitacion Valley Construction Project

July 21st, 2016 by Gabrielle Dahms

Visitacion Valley Construction Project

Construction on the former Schlage Lock Company site has finally started after the site has sat empty for almost twenty years. This housing project in Visitacion Valley, a southerly San Francisco neighborhood, will add 1679 units to San Francisco housing stock. It is noteworthy that this is the first large­scale housing development in Visitacion Valley, formerly a sleepier neighborhood of San Francisco but one that has garnered home buyer interest in the last decade.

The Bayside Development LLC is completing the project in phases and the first 200 housing units will be built in 2018. Two other developers also had input into the project ­ Visitacion Investment LLC andUniversal Paragon. Universal Paragon, however, is no longer involved in the project. The site is being developed in an agreement with the city. A total of 15% of the units being built will be affordable housing.

This Visitacion Valley housing project will include retail space and a grocery store, and sits adjacent to Bayshore Caltrain. The project stalled on several previous occasions but appears to be on track now.

Visitacion Valley is one of San Francisco’s neighborhoods which are seeing large­scale housing projects. Other planned developments of a similar nature are planned for India Basin, Mission Rock, and the Bayview.

©SFRE 2016

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Writing a Contract As-ls

July 14th, 2016 by Gabrielle Dahms

Writing an Offer As-Is.

 

Writing a real estate purchase contract and including the As­Is clause means that at the seller will not make any repairs that provided inspection reports point out or that the buyers find during their due diligence period. Neither will the seller credit the buyer any funds for such repairs or other defects found.

Even though, the As­Is clause does not reduce or eliminate the duty of the seller or agents to fully disclose all property defects, and other material facts of which they are aware.

In the San Francisco Bay Area, many sellers opt to provide either a home inspection report or a pest inspection report, or both. This allows the buyers to get a good idea about the condition of the property and any repairs it may need. Although many sellers provide these reports, it is always a good idea for the buyers to do their own inspections, starting with a home inspection. That is particularly pertinent because many sellers and their agents in San Francisco request As­Is offers.

Although As­Is stays any negotiations about defects or repairs the buyers may find, they still can decide to take or leave the property if they find other repairs and defects that will incur costs they are not willing or able to deal with ­ as long as this happens within the inspection contingency period.

As with any contract, any and all contingencies should never frivolously considered a way out of the contract for the buyers. Remember, their earnest money deposit will be in escrow at that point and its release requires the signatures of both the sellers and the buyers. ©SFRE 2016

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San Francisco’s Soft Story Buildings

July 12th, 2016 by Gabrielle Dahms

San Francisco s Soft Story BuildingsSan Francisco has a huge number of soft­story building, buildings which are more vulnerable in the event of an earthquake. Soft­story buildings have open parking or commercial space on the first floor and housing on the floors above. These structures are more apt to collapse in an earthquake. Clearly, this would have an immense impact on the city and its residents.

In order to address the problem, the San Francisco Mandatory Seismic Retrofit Program has been in effect since April 2013. Buildings that fall under this program include buildings which have not yet been seismically upgraded, buildings with 5+ dwelling units built before 1978, and wood frame buildings with three or more stories.

Retrofits naturally are expensive and some owners cannot afford to complete them. San Francisco offers these owners a financing option through Alliance NRG/Deutsche Bank.

Find more information here. And read these interesting articles about soft­story buildings and the mandatory retrofitting on Hoodline and the LA Times. ©SFRE 2016

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San Francisco Neighborhood: Eureka Valley

July 9th, 2016 by Gabrielle Dahms

Eureka-Valley-SF
Eureka Valley and Dolores Heights (which includes the world-renowned Castro district) have a rich history as the epicenter of the gay rights movement. Today, the neighborhood is undergoing another transition as the long-standing gay community welcomes young families to the increasingly diverse neighborhood.

On the eastern end, coveted Liberty Hill offers tremendous views and one-of-a-kind residences. Located centrally with downtown access via Muni streetcar and freeway access just off of Market Street, the neighborhood is also graced with a wide variety of architectural styles and property types — including many pre-Quake Victorians.

Bustling Castro Street is home to some of the city’s most beloved landmarks, including Harvey Milk’s store front and the historic Castro Theatre, as well as restaurants and bars, clubs and pubs. A celebratory attitude often reigns, as each year the streets come alive during the Castro Street Fair and Pride Week.

Up the hills you’ll find quieter streets lined with charming, well-kept homes. Locals love to take advantage of many hidden mini-parks like Kite Hill, and the Seward Street slides.

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Construction Appraisal Anyone?

June 30th, 2016 by Gabrielle Dahms

Construction Appraisal

In case you are considering a major renovation of your home or an addition to the home and you will be using a renovation loan, a construction appraisal will be required. It is a specialized valuation service. Here are a few items you will need to facilitate this type of appraisal, which determines a future value of your home. Remember that any of the items below can vary significantly, depending on the actual materials you use. The construction appraiser will request the following:

1. Blueprints with exterior dimensions

2. Your construction budget

3. Your materials list ­ the more detailed, the better

4. Landscaping plans.

There better the appraiser understands what the property will look like when the renovation and/or construction is complete, the better and easier the construction appraisal.

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Prop 60/90 ­ Buy Up Transfer Property Tax Basis

June 23rd, 2016 by Gabrielle Dahms

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Prop. 60 is a constitutional amendment that was approved by the voters of California in 1986. It is codified in Section 69.5 of the Revenue & Taxation Code, and allows the transfer of an existing Proposition 13 base year value from a former residence to a replacement residence, if certain conditions are met.

Proposition 60 allows transfers of base year values within the same county, while proposition 90 allows transfers from one county to another county in California. It is the discretion of each county to authorize such transfers. As of November 20, 2014, only ten counties have passed an ordinance authorizing intercounty transfers. San Francisco county is not among them.

Note that Props 60/90 have eligibility requirements. Call your assessor’s office to find out whether and how these propositions apply to the county your are in. For more information, visit http://www.boe.ca.gov/proptaxes/faqs/propositions60_90.htm. ©SFRE 2016

If you are considering selling property in San Francisco, click to get your free preliminary market analysis. Gabrielle Dahms

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Recording Tax

June 16th, 2016 by Gabrielle Dahms

Assembly Bill 1335, the bill that imposes new fees on the recording of various real estate documents is expected to raise $300 ­ $500 million annually. Although it does not raise fees on the recordings of documents pursuant to a sale transaction, the bill imposes a fee of $75 on the recording of certain real estate­related documents, to fund the Building Home & Jobs Trust Fund. The bill creates a 20% set-aside of funding for homeownership programs.

The documents affected by the $75 per document fee include but are not limited to, the following: grant deed, quitclaim deed, deed of trust, declaration of homestead, notice of default, mechanic’s lien, CC&Rs, easement, abstract of judgment, and reconveyance.

©SFRE 2016

If you are considering selling property in San Francisco, click to get your free preliminary market analysis. Gabrielle Dahms

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Heat Out? Here’s What to Do

June 9th, 2016 by Gabrielle Dahms

Heat Out Here s What to Do

It’s cold. You’re home and now the heat is out. Brrrr. Here’s just a little reminder in case that happens to you.

Getting that heat to work is a priority when it is cold. And there are some simple initial steps to take. First, call PG&E. They will check your heater for free and if it is a small adjustment they will fix it. In case PG.&E can’t fix the heat issue quickly, call a furnace contractor for a gas furnace or an electrician for electrical. ­ By the way, if there is a child or sick person in the home PG&E will send someone out on a priority basis.

©SFRE 2016

If you are considering selling property in San Francisco, click to get your free preliminary market analysis. Gabrielle Dahms

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Parcel Tax in California

June 2nd, 2016 by Gabrielle Dahms

Parcel Tax in California

 

Parcel Tax in California

 

 

A parcel tax is different than a traditional ad valorem property tax (a tax levied as a percentage of

value), in that it is imposed by local government on a per­parcel basis. Local governments that may

impose parcel taxes include cities, counties and special districts, such as schools, hospitals and public

safety districts.

 

State law authorizes local governments to impose parcel taxes, as long as the tax is not based on the

value of a property. Additionally, parcel taxes must be approved by a two­thirds vote of the electorate.

 

While there is no consistent definition, theBoard of Equalization defines a parcel as “an area of land in

one ownership and one general use.” For tax purposes, a “parcel” is a property, or part of a property,

that is entirely located within the invisible boundaries of a local government (this is known as a tax rate

area). These invisible boundaries may divide a taxpayer’s property, thus creating multiple parcels out

of a single property.

 

With the impact of Prop 13 in California since its inception in 1978, parcel taxes are a way to assess

property owners they would otherwise not pay for since Prop 13 caps their tax contributions. In other

words, parcel taxes are one way around Prop 13.

©SFRE 2016

If you are considering selling property in San Francisco, click to get your free preliminary market analysis. Gabrielle Dahms

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