Articles Filed Under: Industry Stuff

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From Thirty To Fifty And Fifty To Thirty For FHA Condo Loans In 2010

While nearly unheard of just a few years ago, FHA backed loans in the Bay Area have become more common (along with associated defaults). A couple of condo related FHA rule changes that went into effect yesterday: up to 50 percent of a building’s units can now be purchased... Read More »

Just BeCause Eviction Vote Scheduled For Tomorrow

Assuming a recomendation by San Francisco’s Land Use and Economic Development Committee this afternoon, tomorrow the Board of Supervisors will vote on Supervisor Avalos’ proposed legislation to extend “just cause” eviction rights to all rental units rather than just those (for the most part) built before June 1979 and... Read More »

The Story (And Faces) Behind The Rise And Fall Of The Lembis

The Story (And Faces) Behind The Rise And Fall Of The Lembis

San Francisco Magazine digs deep to tell the story of the Lembis. Their business plan was simple: Exploit the difference between artificially low, rent-controlled rents and the sky’s-the-limit, market-rate rents they could charge when the old tenants were out and new ones took their place. This has been the... Read More »

It’s The Principal Of The Underwater Mortgage Matter

“We’re looking now at whether we should provide some further loss sharing for principal write downs,” Bair said. “Now you’re in a situation where even the good mortgages are going bad because people are losing their jobs. So you have other factors now driving mortgage distress.”... Read More »

3577 Pacific Recap: Withdrawn From MLS (But Sold Two Days Prior)

3577 Pacific Recap: Withdrawn From MLS (But Sold Two Days Prior)

As its MLS listing was simply withdrawn on 7/10/09 without mention of a sale, we missed it when 3577 Pacific closed escrow on 7/8/09 with a recorded contract price of $4,900,000. Once again, purchased pre-renovation for $2,225,000 in August 2005; returned to the market post-renovation in October 2008 asking... Read More »

1844 Market Street Development Hits A Banking Speed Bump

1844 Market Street Development Hits A Banking Speed Bump

It was a plugged-in tipster that first noticed the movement on 1844 Market Street back in May. And while the builder had indeed broken ground on the 113 unit mixed-use project with 90 parking spaces and 5,000 square feet of retail, the FDIC’s seizure and sale of United Commercial... Read More »

Affordable Housing Requirements For Rental Development Challenged

A developer’s recent legal challenge of the affordable housing requirements imposed by the City of Los Angeles in order to gain approval for a new market rate residential rental development “raises the question about whether the affordability requirements for new market rate rental developments in San Francisco and other... Read More »

Speaking Of Million Dollar Foreclosures (And “Shadow Inventory”)

Speaking Of Million Dollar Foreclosures (And “Shadow Inventory”)

Purchased for $1,212,000 with ten percent down and two variable rate loans in November of 2005, 773 Rhode Island returned to the market in March of 2007 seeking $1,395,000. It was taken back by the bank in September of 2008. It’s now fourteen months later and the Potrero Hill... Read More »

Fannie Mae As The Largest Lender Landlord In All The Land?

Having taken back 57,000 properties through foreclosure in the first half of 2009, “bringing its total real-estate owned inventory to 63,000 properties valued at $6 billion,” Fannie Mae is rolling out a “Deed for Lease Program” in the hopes of generating some cash from the non-performing assets and mitigating... Read More »

Just Cause Protection Coming For Non-Rent Controlled Rentals?

A vote on a Supervisor Avalos’ legislation that would extend “just cause” eviction rights to all rental units rather than just those (for the most part) built before June 1979 and restricted by rent control was postponed by “at least a week” by the Board of Supervisors Land Use... Read More »