Rates head up

With talk of inflation in the air thoughts are turning to the Fed raising rates in the near future.  This certainly affects the monthly payments for current buyers who have not locked in their rate.  But Brian Brady doesn’t see the Fed raising rates until 2009.

BankRate® 30 Year Fixed Mortgage Rate Trend

Supes talk upping transfer tax

Increases in Rate of Real Property Transfer Tax Rate Proposed

Two supervisors, Aaron Peskin and Jake McGoldrick, have proposed increases in the rate of the city’s real property transfer tax. Both proposals are intended to leave the rate for less expensive properties unchanged while focusing on properties in the mid- to high- price range.

State law requires tax increases affecting real property to appear on the ballot and to be approved by a two-thirds vote of the electorate for passage. It is not known at this time whether either or both of the proposals will appear on the municipal ballot in November.

To provide a basis for comparison, set forth below are the current transfer tax rates, as well as those proposed by Supervisors Peskin and McGoldrick. Changes to the transfer tax ordinance currently in effect are underlined.

Current Rate Structure:

  • Over $100 and less than or equal to $250,000 = .50%
  • More than $250,000 and less than $1 million = .68%
  • Equal to or more than $1 million = .75%

Proposed Rate Structure (McGoldrick):

  • Over $100 and less than or equal to $250,000 = .50%
  • More than $250,000 and less than $1 million = .68%
  • Equal to or more than $1 million but less than $1.25 million = 1%
  • Equal to or more than $1.25 million but less than $1.75 million = 1.25%
  • Equal to or more than $1.75 million but less than $2 million = 1.5%
  • Equal to or more than $2 million = 1.75%

Proposed Rate Structure (Peskin):

  • Over $100 and less than or equal to $250,000 = .50%
  • More than $250,000 and less than $1 million = .68%
  • Equal to or more than $1 million and less than $2 million = .75%
  • Equal to or more than $2 million = 1.5%
  • (Tax Reduced on Transfers of Residential Property by Up to One Third If, After January 1, 2009, Transferor Has Installed Active Solar System or Made Seismic Retrofitting Improvements or Improvements Utilizing Earthquake Hazard Mitigation Technologies)
  • (Clarifies Application of Tax to Transfers of Ownership Interests in Legal Entities that Own Real Estate)

The Association’s board of directors has voted to vigorously oppose all proposed increases in the city’s real property transfer tax as an unwarranted financial burden on buyers and sellers of real property in the city.

Daly at it again …

Daly Introduces Two Ordinances Aimed at Rental Property Owners Supervisor Chris Daly has introduced two proposed ordinances that, if passed, will affect rental property owners. One would prohibit owner move in evictions for households with children under the age of 18 and amend the definition of disability so that it is the same as the definition of disability in the relocation section of the city’s rent ordinance. The other would amend the city’s rent ordinance to define and prohibit harassment by landlords and provide for rent reduction fines for landlords who are harassing tenants. Both proposed ordinances have been assigned under the 30-day rule to the supervisors’ rules committee, consisting of Supervisors Daly, Dufty and Ammiano. Public hearings on the proposed ordinance are expected to be held by the committee next month.

Although the Association has not developed positions on the two proposed ordinances, it is a virtual certainty that it will oppose further restrictions on owner move in evictions.

A unique perspective on new condo online marketing

You have to check out www.therobclark.com a web site that cleverly focuses on the experience of a new condo, rather than the amenities or finishes.  I’ve been critical of the blandness of the majority of our new construction web sites, although this one is in LA, Beverly Hills to be exact, I definitely have to give it my top tiara rating!  Thanks, Rob!

Map our San Francisco Micro Climates

I love Weather Bonk, a site where you can map weather, and check out web cams all over the City.  With our diverse micro climates here in the Bay Area it’s difficult to explain to newcomers why they might want to take a jacket if they are headed to the Zoo.  For us old-timers we have an extra sweat shirt in the trunk in case we find ourselves across town.  Weather also plays a part in real estate prices, becoming a part of the location-location-location equation.

Of course you can also check out the weather anywhere in the world by typing in the city, country, or simply world to see how San Francisco compares.  I hope this doesn’t mean that we won’t be able to identify the tourists with their $12 SF fleeces and shorts in the summer!

#1 Selling Tip

Thinking of selling and wondering what you should do to prepare your home? Eliminating and editing all your collectibles is the best first step. This video provides a good demonstration.

from www.expertrealestate posted with vodpod

Beware of Buyers

The boys at The Front Steps have run into a couple of buyers out there who are not who they represent themselves to be apparently. Thanks, guys, this really is a service to our profession. They encourage everyone to send this link out to the agents in their office.