From Janis Stone–
“Spring has been hot (market-wise, not weather-wise) and it looks like summer will be even hotter. I can not stress to you enough how the absence of inventory can cause double-digit appreciation, when the few listings we do have sell, and it often creates multiple offer situations.
A new listing I had in Laurel Heights was marketed for 8 days, received several offers and sold well in excess of the asking price of $1,495,000. [editor’s note: The property is 32 Collins, and the sales price was $1,610,000.] We had 2 open houses, broker’s tours and then looked at offers. I sold this property to them in 2001 and when they sold this time around, they received close to 10% annual appreciation on their condo. San Francisco real estate is a GREAT INVESTMENT!”
So as not to think we only report about the properties selling over asking, have a look at yesterday’s post regarding 2340 Larkin #2, and a $296,000 price reduction…not to mention our totally lousy bet on that property. We still think it’s a sweet pad. You might also want to look at 99 Surrey going for under asking.
–32 Collins [Janis Stone]
–32 Collins [MLS]
Is this place considered Laurel Heights? Guess so. Nice place. I was thinking in that area, the whole building would go for $1.61 mil, and not just a condo? Guess I have no idea about that area.
It’s interesting to see inventory running 13% below last year YTD. Every day that passes, there’s more pent up demand.
This year’s bonuses are going to be huge, perhaps 20%+ than last year’s record year, at least in the financial industry. I better get hopping and buy something during 4Q before the checks clear!!
Yes, this area is called Laurel Heights. Speaking to your bonus, there is a loan program called the “Pledged Assets Home Loan Program”. It is offered by Princeton Capital. You might want to look into it.
[Editor’s Note: From Janis’ blog:
“The pledged asset loan program allows customers to finance up to 100% of a home purchase without liquidating investment assets. The customer keeps the investment strategy in place and defers capital gains taxes. Some of the benefits and features of this program are:
There is no additional cost for this program and no interest rate add-on
A parent or sponsor may pledge assets on behalf of a borrower in lieu of a down payment or a gift letter
Available on second homes, investment properties and for cash-out refinances
Customer can maintain long-term investment strategy and benefit from interest, dividends and investment appreciation
This is no Private Mortgage Insurance (PMI) required as would be typical with a loan-to-value over 80%
Defer capital gains tax by keeping investment assets in place
Borrowers may keep pledged assets with their brokerage firm of choice, as long as the firm agrees to certain pledge account requirements. The borrower may pledge multiple accounts
Eligible assets include stocks, bonds, mutual funds, CDs and others. Retirement accounts are not eligible.
Trading is allowed in the pledged account with permission”]