Articles Filed Under: Industry Stuff

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From At Risk To Lost For Another 24 Lembi Properties

The 23 Lembi properties at risk of being lost in March have officially been deeded back to their lender (a CIM Group fund) along with one more. ∙ Lembis At Risk Of Losing Another 23 Apartment Buildings ∙ CIM Group snaps up 24 Lembi buildings [San Francisco Business... Read More »

A Few More Numbers For The Most Recent Lembi Twelve

Some additional numbers on the twelve properties the Lembis put on the market in May: Lembi hopes to generate $43 million in revenue from the disposition, which equates to approximately $185,000 per unit, approximately 50% of replacement cost and a significant discount to what it paid to acquire the... Read More »

If You’re Looking To Renovate Or Rewire In San Francisco…

“Unemployment in San Francisco’s building trades sector is over 20 percent, with about 50 percent of unionized electricians out of work, according to San Francisco Building and Construction Trades Council President Mike Theriault. With 16,000 members, that means that more than 3,200 building trades workers are currently without a... Read More »

A Rose By Any Other Name (But Not Necessarily A Neighborhood)

A Rose By Any Other Name (But Not Necessarily A Neighborhood)

From the Chronicle with regard to San Francisco’s neighborhood naming: Stepping into the fray, the San Francisco Association of Realtors is coming out with a new neighborhood map this summer – replacing stale names with hip ones, adding enclaves and changing boundaries to try to answer one of San... Read More »

The Montgomery Surpasses Itself (Now Offering 5% Commissions)

The Montgomery Surpasses Itself (Now Offering 5% Commissions)

Last month the sales office at The Montgomery extended their “unsurpassed offer” of 4.5% broker commissions through May 31. And while it’s not yet the thirty-first, the sales office is now offering buyer’s agents 5% commissions on “select homes placed in contract between 5/15/09 to 6/30/09.” Also noted, “new... Read More »

Loan Officers Forced To Play The Field Rather Than Pick Their Horse

A long awaited “appraisal overhaul” for agency backed mortgages goes into effect May first. Some color from Julian Hebron at RPM Mortgage: As of May 1, the Federal Housing Finance Agency has mandated that loan officers can’t select or pay appraisers. The Home Value Code of Conduct (HVCC), as... Read More »

Mortgage Rates Are Down But Are The “Bad Ways” Picking Back Up?

From a plugged-in reader refinancing a home up in Portland: We just signed on our refinance (4.625% for 1 point) and we were talking to a woman who worked at the title company and she said things are going right back to the old (bad) ways. People taking mortgages... Read More »

Lembis At Risk Of Losing Another 23 Apartment Buildings

After deeding 51 buildings back to the bank in lieu of foreclosure in January, the Lembis are at risk of losing another 23 of their remaining 250-ish apartment buildings in San Francisco. From J.K. Dineen at the San Francisco Business Times: affiliate bought $121 million of distressed... Read More »

A Tighter Fannie…For Condo Mortgages

“ stopped guaranteeing mortgages in condo buildings where fewer than 70% of the units have been sold, up from 51%. In addition, the company won’t back loans for sales in buildings where 15% of current owners are delinquent on association fees or where more than 10% of units... Read More »

Local Housing Developer AF Evans Files For Bankruptcy Protection

In what’s likely not to be good news for the development of 55 Laguna (at the very least with regard to timing), Oakland based developer AF Evans has filed for Chapter 11 bankruptcy protection citing “plummeting house prices and the credit crunch.” ∙ AF Evans Co. files Chapter 11... Read More »