It's been quite a while since we've seen two new developments open for sales within one week of each other in San Francisco.
829 Folsom and 77 Van Ness have joined the new condominium development party and although much smaller in scale and lighter on the amenities than The Infinity or BLU, they are both real contenders for buyers deposit checks.
Lets look at the details:
First up is 829 Folsom. Located between Fourth and Fifth Streets, this building sits between the iconic 855 Folsom (aka Yerba Buena Lofts) and the fairly mundane 821 Folsom (aka Shipley Square). There are 69 units in the nine story structure and there is a standard parking space included in the price for almost every home.
The Folsom, Shipley and interior courtyard facades are clad in an attractive floor-to-ceiling glass system that provides great light and views from the interiors.
The dramatic differences between this buildings facade and it's immediate neighbors creates a unique streetscape that may not be everyone's taste, but will ensure much attention and debate during AIA tours.
Not up for debate are the interior finishes, which are wonderful. Kitchens and baths are nicely outfitted and flooring, trims and doors all have a quality, high-end feel.
The floor plans here are unique and in some cases, idiosyncratic. Some offer long entrance galleries and big closets. Others sport generous terraces and large "plus" rooms or dens.
Studios start $399K, one-bedrooms at $524K and one-bedroom plus dens at $589K. They are not officially marketing the 2-bedrooms but I saw a terrific unit on the fifth floor with an incredible terrace that is being offered at 1.3M. Not sure how realistic that price is but time and 829 Folsom's sales velocity will tell us soon.
Our second "new kid" is 77 Van Ness. I have to be honest that I was not expecting much from this development. Located on super-busy Van Ness Avenue directly across the street from depressing, soviet inspired buildings, I thought I was entering the condominium version of Siberia. I could not have been more wrong.
The eight story building is actually five floors and 50 units of residential sitting above three floors of commercial office and ground floor retail. A subtle and tasteful lobby and elevator bank are shared by both. Parking is provided via Klaus lifts for all units and it is included in the price.
The exterior does a good job blending in with the neighbors (Masonic Hall and a San Francisco School Board building) and there are alleys on both sides giving the building plenty of light and air.
Floor plans, finishes, views and square footage are all exemplary. My only quibble being that the interior doors are a traditional two-panel style which clashes slightly with the otherwise clean and contemporary aesthetic seen everywhere else.
The neighborhood may be considered Civic Center but I predict that the future residents of 77 Van Ness will be spending most of their free time in Hayes Valley; conveniently located two blocks west.
Studios start at $360K, one-bedrooms at $443K and two-bedrooms at $641K. Given the overall quality of this building, I'd say these are some of the best values I've ever seen in San Francisco.
My favorite aspect of both buildings ? They are known by their address only and have eschewed a "name". These kids are very 2009.
To schedule a tour of one or both of these new-to-the-market developments please call or email me.
Tuesday, June 2, 2009
Tuesday, May 26, 2009
Taking a Walk on the Mild Side, New York City Begins Bold Planning Experiment in Times & Herald Squares. A Model for Downtown San Francisco ?
Ask anybody who lives in an urban environment if they ever had a close call with a car or truck while attempting to walk across the street and chances are they will have more than one anecdote. Unfortunately, most of us have accepted that being a pedestrian in San Francisco comes with the added thrill of taking your life in your hands once you step off the curb.
Drivers aren't the only culprits. Every week I see people stepping into the street engrossed in their mobile phones without a single glance toward oncoming traffic. It seems they expect the cars, buses and trucks will slow or stop to allow them to cross, unscathed. Never mind that the drivers too, are engrossed in their mobile phones or checking their teeth in the rear-view mirror.
With these scenarios in mind, New York City's Transportation Commissioner completed an ambitious project Sunday that closed two sections of Broadway to vehicles from 47th to 42nd Streets in Times Square and 35th to 33rd Streets in Herald Square. Her goals are twofold: improve traffic flow in these otherwise gridlocked locations by routing traffic to cross streets and the creation of broad pedestrian plazas in two of Manhattans most celebrated and crowded urban gathering places. The plan has its share of critics but it's hard to argue with a scheme that carves public open space out of dense, built- out areas without the loss of public or private property.
Can San Francisco take a cue from The Big Apple by appropriating sections of our streets and giving them back to residents and visitors who will actually use them ? Or is maintaining the full length of Market, Mission, Howard, Folsom, Harrison, Bryant, Brannan and Townsend Streets for SUV's speeding toward the Bay Bridge the best use of these unrecognized resources ?
There have been plans floating around City Hall since the 1960's to close some or all of Market Street (San Francisco's Broadway) to vehicular traffic. Each time a new plan surfaces, it gets shot down by merchant groups claiming that closing the street will hurt their business by impeding the flow of customers and delivery trucks. As one ponders the public transit already in place and the primarily retail and office uses of buildings along Market, it's hard to fathom that this scheme would do anything but draw more people to patronize these businesses.
San Francisco has however, planned for a new and improved Folsom Street Corridor from The Embarcadero to Second Street. The approved plan includes widening sidewalks, planting trees and other traffic calming measures that will take back part of the street for pedestrians. The plan looks good on paper but the reality is that "Folsom Boulevard" as envisioned won't happen for at least another ten years or whenever the new TransBay Terminal, Tower and related construction is complete.
It's not all doom and gloom, though, for those who can envision Downtown transformed into a safer, more human-focused environment. When the various neighborhood farmers' markets and street fairs take place, we get a short taste of what life could be like when parts of our busy streets are closed. Vendors set up shop, people sit, shop, strut, mingle and, for a few hours, a neighborhood becomes a place for it's residents and visitors to savor and experience without noise, fumes and risk.
It sure beats the life-threatening gamble of calculating whether or not that MUNI bus barreling toward you is going to run the red light or not.
Thinking about buying or selling Downtown ? You owe it to yourself to consult an expert. I'm happy to discuss your real estate goals, no obligation.
Thanks for reading; see you next week.
Drivers aren't the only culprits. Every week I see people stepping into the street engrossed in their mobile phones without a single glance toward oncoming traffic. It seems they expect the cars, buses and trucks will slow or stop to allow them to cross, unscathed. Never mind that the drivers too, are engrossed in their mobile phones or checking their teeth in the rear-view mirror.
With these scenarios in mind, New York City's Transportation Commissioner completed an ambitious project Sunday that closed two sections of Broadway to vehicles from 47th to 42nd Streets in Times Square and 35th to 33rd Streets in Herald Square. Her goals are twofold: improve traffic flow in these otherwise gridlocked locations by routing traffic to cross streets and the creation of broad pedestrian plazas in two of Manhattans most celebrated and crowded urban gathering places. The plan has its share of critics but it's hard to argue with a scheme that carves public open space out of dense, built- out areas without the loss of public or private property.
Can San Francisco take a cue from The Big Apple by appropriating sections of our streets and giving them back to residents and visitors who will actually use them ? Or is maintaining the full length of Market, Mission, Howard, Folsom, Harrison, Bryant, Brannan and Townsend Streets for SUV's speeding toward the Bay Bridge the best use of these unrecognized resources ?
There have been plans floating around City Hall since the 1960's to close some or all of Market Street (San Francisco's Broadway) to vehicular traffic. Each time a new plan surfaces, it gets shot down by merchant groups claiming that closing the street will hurt their business by impeding the flow of customers and delivery trucks. As one ponders the public transit already in place and the primarily retail and office uses of buildings along Market, it's hard to fathom that this scheme would do anything but draw more people to patronize these businesses.
San Francisco has however, planned for a new and improved Folsom Street Corridor from The Embarcadero to Second Street. The approved plan includes widening sidewalks, planting trees and other traffic calming measures that will take back part of the street for pedestrians. The plan looks good on paper but the reality is that "Folsom Boulevard" as envisioned won't happen for at least another ten years or whenever the new TransBay Terminal, Tower and related construction is complete.
It's not all doom and gloom, though, for those who can envision Downtown transformed into a safer, more human-focused environment. When the various neighborhood farmers' markets and street fairs take place, we get a short taste of what life could be like when parts of our busy streets are closed. Vendors set up shop, people sit, shop, strut, mingle and, for a few hours, a neighborhood becomes a place for it's residents and visitors to savor and experience without noise, fumes and risk.
It sure beats the life-threatening gamble of calculating whether or not that MUNI bus barreling toward you is going to run the red light or not.
Thinking about buying or selling Downtown ? You owe it to yourself to consult an expert. I'm happy to discuss your real estate goals, no obligation.
Thanks for reading; see you next week.
Tuesday, May 12, 2009
Pools, Theaters, Concierges, Oh My ! Downtown Developments Offer Amenity Packages to Lure Buyers, Secure Bragging Rights.
It used to be that when developers were planning a new condominium tower they would include a fitness center, provide a doorman and maybe throw in a pool and they were done. But when the market heated up in the early 2000's, they chose to offer more and more amenities to draw buyers, bolster the building's brand and differentiate from the competition. The flip side of these lavish extras is that they don't come free. For every additional feature, there is the cost to maintain and eventually replace that item-- and that adds to the monthly assessment for each unit in the building.
So is it better to go light on the amenities and reduce the HOA operating expenses, thus reducing the monthly dues ? Or is including even the most esoteric amenity (Olive Oil Steward, perhaps) the way to ensure prestige and future value ?
In post-boom San Francisco, we have three high profile developments that chose unique strategies when it comes to the dog park-guest suite-pilates studio selection process. Let's ponder their merits, shall we ?
BLU
At 112 units, BLU is the smallest community we will be comparing and its size is probably the primary reason the development team chose to go light on the extras. There is a 24 hour doorman stationed in the stylish lobby, a lovely landscaped terrace in the back with a barbecue and catering kitchen and... that's it. While some may squawk at the paucity of amenities, I think it was a smart move. The dues for these 2-bedroom homes average about $625 per month making them the lowest of the three buildings in our comparison. Less equipment to maintain, less energy consumed, less that can go wrong. BLU is the stylish yet sensible lady at the party whose "less is more" approach allows her to leave the diamonds at home while still offering up enough sizzle to keep the crowd interested.
Infinity
Most of my readers are well versed in The Infinity's amenities package, but here's a recap for the uninitiated: heated indoor lap pool, enormous fitness center, his and hers saunas, pilates studio, doormen in all four lobbies, concierge, screening room, business center, conference room, and club room with caterers kitchen and terrace. This impressive list is but an elevator ride away. That said, it's an awful lot of stuff to maintain, so the dues for a 2-bedroom here average about $760 per month. What makes it work? There are over 700 units in the complex, so it's not an onerous cost per individual unit.
Millennium Tower
Representing the ultimate in condominium amenities, Millennium Tower is as luxe and over-the-top as it gets in Downtown San Francisco. In addition to the gym, pool, business center and everything that Infinity offers, Millennium boasts a private dining room serviced by the on-site restaurant RN74, climate controlled wine storage for every unit and an army of liveried staff to take your shopping bags, valet your car, open the door and push the 'up' button on the elevator. If you want 5 star service 24/7, this is the building for you. The price ? Well, if you have to ask.... I'll tell you. This glamour will run you about $1400 per month for a 2-bedroom.
It seems that there is a building for every taste and budget Downtown. Although paying monthly dues on top of the mortgage and property taxes isn't for everyone, it sure beats cleaning out the gutters and mowing the lawn on weekends.
So is it better to go light on the amenities and reduce the HOA operating expenses, thus reducing the monthly dues ? Or is including even the most esoteric amenity (Olive Oil Steward, perhaps) the way to ensure prestige and future value ?
In post-boom San Francisco, we have three high profile developments that chose unique strategies when it comes to the dog park-guest suite-pilates studio selection process. Let's ponder their merits, shall we ?
BLU
At 112 units, BLU is the smallest community we will be comparing and its size is probably the primary reason the development team chose to go light on the extras. There is a 24 hour doorman stationed in the stylish lobby, a lovely landscaped terrace in the back with a barbecue and catering kitchen and... that's it. While some may squawk at the paucity of amenities, I think it was a smart move. The dues for these 2-bedroom homes average about $625 per month making them the lowest of the three buildings in our comparison. Less equipment to maintain, less energy consumed, less that can go wrong. BLU is the stylish yet sensible lady at the party whose "less is more" approach allows her to leave the diamonds at home while still offering up enough sizzle to keep the crowd interested.
Infinity
Most of my readers are well versed in The Infinity's amenities package, but here's a recap for the uninitiated: heated indoor lap pool, enormous fitness center, his and hers saunas, pilates studio, doormen in all four lobbies, concierge, screening room, business center, conference room, and club room with caterers kitchen and terrace. This impressive list is but an elevator ride away. That said, it's an awful lot of stuff to maintain, so the dues for a 2-bedroom here average about $760 per month. What makes it work? There are over 700 units in the complex, so it's not an onerous cost per individual unit.
Millennium Tower
Representing the ultimate in condominium amenities, Millennium Tower is as luxe and over-the-top as it gets in Downtown San Francisco. In addition to the gym, pool, business center and everything that Infinity offers, Millennium boasts a private dining room serviced by the on-site restaurant RN74, climate controlled wine storage for every unit and an army of liveried staff to take your shopping bags, valet your car, open the door and push the 'up' button on the elevator. If you want 5 star service 24/7, this is the building for you. The price ? Well, if you have to ask.... I'll tell you. This glamour will run you about $1400 per month for a 2-bedroom.
It seems that there is a building for every taste and budget Downtown. Although paying monthly dues on top of the mortgage and property taxes isn't for everyone, it sure beats cleaning out the gutters and mowing the lawn on weekends.
Monday, May 4, 2009
What to do with your exclusive-use common area. That means your terrace.
When I shopped for my first condominium in San Francisco, one of my "must-haves" was private outdoor space. My terrace measured three by four feet and the door opened out, making most of the floor space unusable. Still, it was wonderful to have a tall clutch of potted bamboo and a perch from which to take in the view, breeze or the 30 minutes of madness after a ball game in Mission Bay.
When my neighbors started storing bicycles, boxes and indoor furniture on their terraces, my lovely new building started to look more like a vertical garbage shelving unit. My favorite item on view for 3 months ? A toilet.
Thankfully, the HOA began enforcing the CC&R's and the terraces were gradually cleaned up. This experience poses the question: What do you do with your small piece of the outdoors in the sky ?
Having successfully created three terrace designs of my own, I'm happy to recommend the following advice:
KISS
Keep it Simple, Silly. Chances are your space is limited. Trying to create an elaborate outdoor room is not in the cards functionally or aesthetically in a small area. Scale your plans accordingly.
The Rule of One
When choosing outdoor furniture and planters, select a single color and style for each. Too much color and variation will make the space appear kitschy when the look you want to achieve is more cohesive and subtle.
Customize
If stock outdoor furniture and planters don't come in sizes suited to the scale of your terrace, have them made.
Commissioning an artisan to design and build custom pieces is not as time consuming or expensive as you may think.
The Bay Area has a large community of talented craftspeople that can create something beautiful, functional and unique--
much better than a milk crate and a beer bottle ashtray.
I Never Promised You a Rose Garden
Lucky as we are to live in San Francisco, it tends to be a bit windy and chilly--not the ideal climate for hot-house orchids or delicately leafed specimens. Select just one or two hardy species such as boxwood or cedar and keep in mind how much sun they will receive. Choosing a plant that is green year-round will create a consistent look that can stand on its own or be enlivened with seasonal color. If your terrace is on a high floor where winds whip, select dense, lower growing plants and don't let them exceed the height of your railing, wind break or parapet wall.
Water Works
Plants need water. Depending on rainfall, temperature and exposure you will need to bring the watering can outside at least 3 days a week. If you plan on being away more than 5 days have someone come by and water. I figured this out when I left town for a week and there was a freak heat wave leaving my plants a healthy shade of brown upon my return. Live and learn.
When a terrace is done well it lends an inviting, finished look to the whole home. It's not that difficult or time consuming and if you are lucky enough to have your own slice of the outdoors in the city; you owe it to yourself to get out there and enjoy it !
When my neighbors started storing bicycles, boxes and indoor furniture on their terraces, my lovely new building started to look more like a vertical garbage shelving unit. My favorite item on view for 3 months ? A toilet.
Thankfully, the HOA began enforcing the CC&R's and the terraces were gradually cleaned up. This experience poses the question: What do you do with your small piece of the outdoors in the sky ?
Having successfully created three terrace designs of my own, I'm happy to recommend the following advice:
KISS
Keep it Simple, Silly. Chances are your space is limited. Trying to create an elaborate outdoor room is not in the cards functionally or aesthetically in a small area. Scale your plans accordingly.
The Rule of One
When choosing outdoor furniture and planters, select a single color and style for each. Too much color and variation will make the space appear kitschy when the look you want to achieve is more cohesive and subtle.
Customize
If stock outdoor furniture and planters don't come in sizes suited to the scale of your terrace, have them made.
Commissioning an artisan to design and build custom pieces is not as time consuming or expensive as you may think.
The Bay Area has a large community of talented craftspeople that can create something beautiful, functional and unique--
much better than a milk crate and a beer bottle ashtray.
I Never Promised You a Rose Garden
Lucky as we are to live in San Francisco, it tends to be a bit windy and chilly--not the ideal climate for hot-house orchids or delicately leafed specimens. Select just one or two hardy species such as boxwood or cedar and keep in mind how much sun they will receive. Choosing a plant that is green year-round will create a consistent look that can stand on its own or be enlivened with seasonal color. If your terrace is on a high floor where winds whip, select dense, lower growing plants and don't let them exceed the height of your railing, wind break or parapet wall.
Water Works
Plants need water. Depending on rainfall, temperature and exposure you will need to bring the watering can outside at least 3 days a week. If you plan on being away more than 5 days have someone come by and water. I figured this out when I left town for a week and there was a freak heat wave leaving my plants a healthy shade of brown upon my return. Live and learn.
When a terrace is done well it lends an inviting, finished look to the whole home. It's not that difficult or time consuming and if you are lucky enough to have your own slice of the outdoors in the city; you owe it to yourself to get out there and enjoy it !
Tuesday, April 28, 2009
"Thank you for calling Future Downtown Residential High Rises, please hold."
The last two weeks welcomed the first closings at both Millennium Tower and Infinity Tower II with BLU on schedule for May. As these lucky homeowners move in they are probably unaware that they are the first wave of the last batch of new residents we will see Downtown for what could be a decade. These buildings represent the last of the "boom" developments to be completed and open their doors. This however, was not always the case.
It was only a few years ago that developers had been planning three more large-scale condominium towers that would already have broken ground and have sales offices open at this time. All of these projects have been either shelved until further notice, put up for sale or both. The absence of these towers has made an undeniable impact; not only on the skyline but in the downtown residential inventory pipeline.
A brief rundown of the history and status of what could have been:
Turnberry announced last November that they had sold a 50% equity stake in their proposed 40 story tower at First & Harrison. Ground breaking had been scheduled for March of '09. With spring weeds rising on the empty lot instead of concrete and steel the joint ownership is shopping the entitled development to potential buyers.
Across the street at One Rincon Hill; the 50 story Tower Two remains on indefinite hold. The development team announced last week that they are still just 70% sold after nearly three years of marketing. The ghost of Tower Two is still very much part of the logo and marketing collateral for the development. With the first tower standing alone atop Rincon Hill it seems like one half of a broken heart pendant; waiting to be reunited with its lost love.
Traveling one block further east to Harrison and Fremont we encounter more weeds where The Californian should be rising. Developer Fifield's 393 units have been actively shopped for two and a half years with a suitor yet to be found.
One could interpret this as evidence of continued weakness in the San Francisco condominium market, but I disagree. These three developments would have added just over 1,000 units of new construction inventory Downtown. Without the competition and specter of over supply, Downtown developments are doing just fine (albeit with the implementation of significant price adjustments).
Don't cry for the towers that are still just a twinkle in their developers eye. One Hawthorne is proudly representing for them as it rises at the corner of Howard and Hawthorne. The timing for the 24 story165 unit development might be just right.
It was only a few years ago that developers had been planning three more large-scale condominium towers that would already have broken ground and have sales offices open at this time. All of these projects have been either shelved until further notice, put up for sale or both. The absence of these towers has made an undeniable impact; not only on the skyline but in the downtown residential inventory pipeline.
A brief rundown of the history and status of what could have been:
Turnberry announced last November that they had sold a 50% equity stake in their proposed 40 story tower at First & Harrison. Ground breaking had been scheduled for March of '09. With spring weeds rising on the empty lot instead of concrete and steel the joint ownership is shopping the entitled development to potential buyers.
Across the street at One Rincon Hill; the 50 story Tower Two remains on indefinite hold. The development team announced last week that they are still just 70% sold after nearly three years of marketing. The ghost of Tower Two is still very much part of the logo and marketing collateral for the development. With the first tower standing alone atop Rincon Hill it seems like one half of a broken heart pendant; waiting to be reunited with its lost love.
Traveling one block further east to Harrison and Fremont we encounter more weeds where The Californian should be rising. Developer Fifield's 393 units have been actively shopped for two and a half years with a suitor yet to be found.
One could interpret this as evidence of continued weakness in the San Francisco condominium market, but I disagree. These three developments would have added just over 1,000 units of new construction inventory Downtown. Without the competition and specter of over supply, Downtown developments are doing just fine (albeit with the implementation of significant price adjustments).
Don't cry for the towers that are still just a twinkle in their developers eye. One Hawthorne is proudly representing for them as it rises at the corner of Howard and Hawthorne. The timing for the 24 story165 unit development might be just right.
Monday, April 20, 2009
Hot Enough for Ya ? Downtown Sales Activity, Temperatures, on Upswing.
Today was a linen shirt type of day. Hot and dry. There was a slight breeze but it was still too warm and stagnant for comfort. Those in the know headed for cooler climates be they the shade of a tree or an air conditioned hide-away.
You could say that the Downtown real estate market has been like a linen shirt to a lot of buyers the past few months. After being stored in a closet since last September it now looks a lot more appealing and appropriate given current circumstances.
We seem to have entered a phase of moderate stability in the markets (yesterday's Dow notwithstanding). Both resale and new construction sellers have adjusted their prices and expectations while at the same time rates are historically low and lenders have loosened the purse strings. 50 sales at The Infinity since the beginning of 2009 does mean something and it's not due to them having air conditioning (lucky!) although that helps.
Bull market ? Not so much. Bottom of the market ? Consult your crystal ball.
If you are a buyer or seller in San Francisco, one thing to remember about real estate markets is that like politics, they are local. What's happening in Manhattan, Los Angeles and Miami may have some relevance to the national market on a macro-level but a good real estate agent will be able to separate the headlines and cocktail chatter from reality.
Who would be more plugged in to what's happening Downtown than someone that lives and breathes it ? That's me.
I'm always happy to answer your questions and accept your referrals !
Stay cool, my friends.
You could say that the Downtown real estate market has been like a linen shirt to a lot of buyers the past few months. After being stored in a closet since last September it now looks a lot more appealing and appropriate given current circumstances.
We seem to have entered a phase of moderate stability in the markets (yesterday's Dow notwithstanding). Both resale and new construction sellers have adjusted their prices and expectations while at the same time rates are historically low and lenders have loosened the purse strings. 50 sales at The Infinity since the beginning of 2009 does mean something and it's not due to them having air conditioning (lucky!) although that helps.
Bull market ? Not so much. Bottom of the market ? Consult your crystal ball.
If you are a buyer or seller in San Francisco, one thing to remember about real estate markets is that like politics, they are local. What's happening in Manhattan, Los Angeles and Miami may have some relevance to the national market on a macro-level but a good real estate agent will be able to separate the headlines and cocktail chatter from reality.
Who would be more plugged in to what's happening Downtown than someone that lives and breathes it ? That's me.
I'm always happy to answer your questions and accept your referrals !
Stay cool, my friends.
Tuesday, April 14, 2009
Timely Tax Tricks Tease the Tempted to Take Action: Housing Stimulus for 2009.
I was between appointments today at one of my favorite Downtown developments and I started thinking about one of the more tangible pieces of legislation from Washington since the new administration took over. The Housing Stimulus laws for 2009 offer home buyers unprecedented incentives to make purchases this year. One piece of the legislation benefits first time buyers exclusively; the other pertains to all California home buyers.
The First Time Home Buyer Tax Credit offers people who have never owned a home or those who have not done so for 3 years an $8,000 credit. The credit is described as "...a dollar-for-dollar reduction in taxes owed...". In other words, if you owe Federal taxes for 2009 and you bought a primary residence, knock $8,000 off your tax bill. If you don't owe any taxes? Uncle Sam writes you a check for $8,000.
The New Home Tax Credit is the second piece of this tasty, cash-filled pie. California residents who purchase a newly constructed primary residence will receive a $10,000 state income tax credit. This credit applies only to new, never lived-in property. Wow.
To receive a pdf of the entire document provided by The California Association of Realtors, email me and I'll be happy to pass it along.
These combined tax incentives along with the mortgage interest deduction, historically low interest rates and the most affordable prices we have seen in years have done the trick, or so it would seem. So far this Spring sales offices are humming, mortgage applications are rising and people are buying.
Which reminds me, I've got an appointment to catch.
The First Time Home Buyer Tax Credit offers people who have never owned a home or those who have not done so for 3 years an $8,000 credit. The credit is described as "...a dollar-for-dollar reduction in taxes owed...". In other words, if you owe Federal taxes for 2009 and you bought a primary residence, knock $8,000 off your tax bill. If you don't owe any taxes? Uncle Sam writes you a check for $8,000.
The New Home Tax Credit is the second piece of this tasty, cash-filled pie. California residents who purchase a newly constructed primary residence will receive a $10,000 state income tax credit. This credit applies only to new, never lived-in property. Wow.
To receive a pdf of the entire document provided by The California Association of Realtors, email me and I'll be happy to pass it along.
These combined tax incentives along with the mortgage interest deduction, historically low interest rates and the most affordable prices we have seen in years have done the trick, or so it would seem. So far this Spring sales offices are humming, mortgage applications are rising and people are buying.
Which reminds me, I've got an appointment to catch.
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