Articles Filed Under: Industry Stuff

(892 posts)

Just Cause Or Rather Not: Mayor Newsom Vetoes Legislation

As expected, Mayor Newsom has vetoed Supervisor Avalos’ legislation extending “just cause” eviction rights to non-rent controlled units which was approved by the Board of Supervisors by a 7-4 vote in December and affirmed 7-3 in January. Eight votes would be required to override the veto. ∙ Just Cause... Read More »

A Sensational Modernistic Neo-Classical Six Days On The Market

A Sensational Modernistic Neo-Classical Six Days On The Market

Listed for $9,250,000 in June 2007 but then withdrawn that November. Listed In May 2008 but then withdrawn that November. Listed for $7,980,000 in February 2009 but then withdrawn three weeks ago. Listed for $7,980,000 once again a week ago, it’s now six official days on the market (and... Read More »

FHA Waives Prohibition To Aid Quick Foreclosure Flips

Starting February first, the current prohibition on providing FHA backed loans for properties that have been owned by the seller for less than 90 days will be waived for a year. To protect FHA borrowers against predatory practices of “flipping” where properties are quickly resold at inflated prices to... Read More »

A Tip Of The Hat To That New MLS Rule: 2140 Jefferson Closes Escrow

A Tip Of The Hat To That New MLS Rule: 2140 Jefferson Closes Escrow

As a plugged-in reader notes, the sale of 2140 Jefferson closed escrow today. Originally asking $8,180,000 in September but reduced to $7,400,000 in October, the reported contract price was $6,500,000. And it’s a tip of the hat to that new MLS rule. ∙ An End To Confidential MLS Sales*... Read More »

Development Carrots Have Developers Atwitter (But Still Not Funded)

Development Carrots Have Developers Atwitter (But Still Not Funded)

The Mayor’s proposed carrots in the form of deferred impact and reduced affordable housing fees has caught the attention of the developer community as Tishman Speyer estimates the cuts could shave two years off the start date for 201 Folsom (for which they currently have three years to start).... Read More »

More Along The Lines Of A Figurative San Francisco “Tsunami”

“ now expects losses of 3.8 percent on loans underlying 2005 prime-jumbo bonds, with estimates of 8 percent for 2006 securitizations, 10.9 percent for 2007 debt and 12.3 percent for 2008 securities.” “Since March, serious delinquencies among the pools, as a percentage of original balances, have risen... Read More »

An End To Confidential MLS Sales* (*Unless You’re Willing To Pay)

A plugged-in reader reports (and we hadn’t): Just an FYI (and you may have already covered this), the is scheduled to prohibit confidential sale prices in the MLS starting January 1st, 2010 – or face a $1000 fine. For our clients in this range,... Read More »

Rewarding Forgiving Their Riskiest Borrowers

“Wells Fargo has forgiven an average of $46,000 in principal, or 15 percent, for the 43,500 option-ARM loans it has modified this year through September, said Franklin Codel, chief financial officer at the bank’s home-lending unit. The San Francisco-based lender has cut as much as 30 percent off the... Read More »

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 »