Condominium For Sale, 199 New Montgomery #1105

Yet another listing to note and check out, 199 New Montgomery #1105 just hit the market and let us tell you…it is sweet! (Additional Details)

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199newmontbedroom

This chic, contemporary residence is located in one of San Francisco’s most desirable buildings in an excellent centrally located SOMA block (right across the street from San Francisco’s Academy of Art College). It has one bedroom plus a den, one bathroom, a very open and spacious feel, bamboo wood floors, modern kitchen, great natural light, and one car deeded parking! Price is set at $639,000 and there will be an open house this weekend on Sunday (3/1/2009) from 2-4pm, and every Sunday thereafter until it is sold. If you, or anyone you know, is interested in this great condominium at 199 New Montgomery, please do not hesitate to stop by or contact Alex Clark (alexclark at gmail dot com, 415-254-5351) for details.

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199newmontkitchen

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[Full Disclosure: The editor of this here insanely popular real estate blog is the listing agent on this property. Big time exposure like this is just one of the perks of listing your home, condo, or multi-unit building with him.]

-199 New Montgomery #1105, 1 bd, 1 ba, 1pk, $639,000 [Listing detail]
-Your editor/agent…what an ugly mug! [Zephyr Real Estate]

Reader Reports: 85 Beaumont Gone Fast (Like In Six Days)

From a reader:

[Eighty-five Beaumont] went for a little under asking.
Lone mountain location.

85beau

Good deal?
Lots of pictures.

Maybe you will want to feature it!

Thanks!

PS: I am not an agent.

It’s a good thing you’re not an agent. ;-) Can’t tell you if it is a good deal until you tell us what it’s selling for. Some people’s definition of “a little under asking” is different than others. It looks like a good deal, but maybe it’s actually a great deal.

For those that are wondering, this is a 3 bed, 2 bath home in the very desirable Lone Mountain district of San Francisco. The last recorded sale was in 2001 for $725,000 and today’s asking price is $1,198,000. It has not actually closed escrow as of today, but the status is “pending”, which means things are looking good. It went into contract after six days on the market. That’s not too shabby.

[Update: Sold at asking with $4000 credit to buyer.]

-85 Beaumont, 3 bed, 2 bath, $1,198,000 [Listing detail page]

Adjusting Housing Relief Plans For Bay Area Residents

From SFGate:

‘[Rep. Jackie Speier, D-Hillsborough] drafted an amendment so that rather than being limited to whether the loan was conforming at time of origination, it will be based on (whether it’s conforming at) the time of (modification), which will take the limit up to $729,750 in high-cost areas. This should make more people in the Bay Area eligible.’

Speier’s amendment addresses an aspect of the plan that encourages mortgage services to modify loans to make them more affordable for struggling borrowers. The modifications are supposed to reduce monthly payments to 31 percent of a borrower’s income for five years; they also could include lowering the principal or refinancing the loan.

The amendment says that loan modifications must be available to loans that are “conforming,” meaning those that can be securitized or guaranteed by Freddie Mac or Fannie Mae. The conforming loan limit was $417,000 until July 1, 2007. About 60 percent of homes purchased in the expensive Bay Area in 2005 and 2006 were bought with higher-cost “jumbo” loans above $417,000; about 30 percent of homes in California were jumbos in those years, according to MDA DataQuick. The limit is now $729,750 in high-cost regions, including most of the Bay Area.

-A central aspect of the bill, called the “Helping Families Save Their Homes Act of 2009,” is a change to bankruptcy law. That controversial proposal, fiercely opposed by the lending industry, would allow judges to “cram down” or reduce the principal owed on mortgages to the home’s actual value.

Wish we would have bought a $1,000,000 house with zero down a few years back. And we wonder if a judge would “cram up” some stock values to be worth what they were when we bought them. Hmmmm…might be on to something there.

To learn more please visit, www.financialstability.gov

-Speier plan would aid refinancing in Bay Area [SFGate]

Over Asking In Oceanview!

It’s a great day in the eyes of Realtors everywhere! Overbids are back, multiple offers have returned (stay tuned for 262 Minerva), and the rain is going to stop. Orrrrrr…maybe not.

166majestic

The story is becoming all too familiar, and 166 Majestic is no different. This 2 bed, 1 bath, 1000 square foot single family home in the Oceanview district of San Francisco was surely “priced to sell quickly” at $399,900, and sell quickly it did (Days On Market show 90 days, but that is time lag for bank approval of the REO.)

Here’s the bad part for the seller, purchased in 2006 for $699,000…and the good part for the buyer, purchased today for $461,000. Indeed that is 15% over asking today, but 34% less ($238,00) than the last recorded sale in 2006. We keep saying, if you’ve got the funds, the good credit and you plan on staying a while, “it’s a great time to be a buyer”.

-166 Majestic [sfnewsletter listing detail page]
-Oceanview District, San Francisco [