340 6th Street #304. Offered at $665,000
Down almost $200K from what it was listed for last year, this loft is sitting pretty for an offer. 2 bedroom, 2 bath, approx. 1,509 sq. ft., tri-level loft with large private facing deck. Get it into the low $600Ks and it’s a steal!

The month of January seems to be the low point in the data.  Median sale prices, for instance, appear to have bottomed out at $625,500 in January, then rose significantly in February, held steady in March at $665,000 and rose again to $699,000 in April.

The same held true for the number of homes sold.  The January low of 176 properties closed has been left behind with a rise to 205 properties closed in February, 259 properties closed in March and 297 closed in April, an increase of 69 percent since January. With such a dramatic increase, it’s clear that there’s more than just seasonality at work here.

This sense of stabilization has been present throughout the U. S., but especially in the western region.  Prices of properties listed for sale increased in 18 of 26 major markets according to the Real-Time Housing Market Report.  March figures represented the best year over year results in the past 18 months!

The significant drop in median sale prices that we have experienced has been attributed to the increased supply of lower priced and distressed properties pushed onto the market.  This has been compounded by the behaviors of higher priced property owners who have more frequently chosen to wait things out.  The result would be exactly what we have been seeing - a much larger volume of properties selling in the low price points.  The low end is what’s selling and the high end is not being sold.  As the inventory of distressed and lower priced properties are depleted the median sale price is naturally rising.

The improving market is a welcome relief for homeowners and the real estate industry alike.  As an added bonus for us here at Zephyr, we have been leading the pack with the best recent results of any of our major competitors.  Zephyr agents are some of the most productive in the city and we have been accomplishing our successes despite the many obstacles presented by the market place.

C.A.R.’s Mortgage Protection Program will provide up to $1,500 a month for six months to eligible buyers who lose their jobs due to layoffs to help make mortgage payments. Qualified co-buyers can also participate and receive up to $750 a month for up to six months. Additional program benefits include coverage for accidental disability and a $10,000 death benefit.

To qualify for the Mortgage Protection Program, applicants must:
•  Be a first-time home buyer – someone who has not owned a home in the last three years.
•  Open escrow April 2, 2009, or later, and close on or before Dec. 31, 2009.
•  Use a California REALTOR® in the transaction.
•  Purchase the property in California.
•  Be a W-2 employee (cannot be self-employed).

C.A.R. is the first statewide association in the nation to offer a protection plan to buyers. The Housing Affordability Fund is a non-profit dedicated to addressing California’s housing crisis, which receives donations primarily from REALTORS® committed to addressing the housing problem in California.

It’s a great way to enjoy the Summer months and all the best our City has to offer. Details at SundayStreetsSF.com

Whether you plan to bike, skate, walk, run or hula hoop (or perhaps, just need to know where to avoid Sunday driving) here are the details:

June 7, July 19: The Mission Garfield Park to Dolores Park via Harrison, 24th Street, Valencia Street and 19th Street.

August 9, September 6: Great Highway Golden Gate Park to the San Francisco Zoo along Ocean Beach.

Streets will be closed from 10 a.m. to 2 p.m. Go to SundayStreetsSF.com for more information.

Check out breaking news about our City on San Francisco’s Facebook site at www.facebook.com/SF

Did you know that the city of San Francisco is on Facebook? If you visit www.facebook.com/SF and become a fan, you’ll get updates right on your Facebook home page about everything from free museum days to road closures and other breaking news. It’s also a great way to brag about your hometown.

You can also use Twitter to follow the daily activities of Mayor Gavin Newsom and the Board of Supervisors. Follow the Supes at twitter.com/sfbos and Mayor Newsom at  twitter.com/GavinNewsom.

Agent’s Corner

     Summer is around the corner. While it may not be “hot times in the city” here in SF, real estate is certainly getting a lot of heat these days. No doubt, we live in interesting times. There are many opportunities for those serious about home buying or selling though I encourage caution and thoughtfulness. For some, now is the time to take the leap, while others are best to hunker down. My best advice is to get very specific info about your situation and options rather than rely on the mass media for your market stats or mortgage data.
     We are excited to announce that the San Francisco Association of REALTORS® has introduced its new open home listing web site: SFOpenHomes.com. This is the first completely comprehensive source for open home listings. It’s a great tool for Sellers as well as Buyers.  
     Don’t forget about Zephyr Real Estate’s Market Tracker. If you are not already receiving this e-newsletter and want to know more, let us know. Of course, whenever you or a friend has a question about real estate, please contact me right away. There’s so much complexity in our market that it is essential to get the real scoop from a trusted advisor like me.
     Have a wonderful summer and keep in touch!
                          
                              –Danielle

SFPUC, MUNI to Raise Rates in July

It’s official. Beginning July 1, expect to pay a bit more for two vital city services.

The San Francisco Public Utilities Commission will hike rates annually for the next five years, at an average of about 10 percent each year for a single family home’s water and sewage bill. The increases will help pay for $4.4 billion in seismic safety upgrades.

And as expected, despite a controversial budget deal, MUNI rates will go up July 1 as well. Adult one-way fares will go up to $2 from the current $1.50 and a monthly Fast Pass will cost $55. Fare increases for students, seniors and the disabled will be postponed until May of next year.

Budget accordingly!

Local Policy Opinion-Makers Open Their New Home to the Public

Curious downtown denizens will finally get a peek at what’s been going on at 654 Mission, where crews broke ground more than a year ago. The City is about to get its own “urban center,” similar to those found in New York and Paris: a home to local public interest think-tank, SPUR.

Since 1959, the Planning + Urban Research Association has worked to promote good planning and government through research, analysis, public education and advocacy. From community planning, to public transit, to local ballot analyses, SPUR’s reach is felt throughout the community.

As part of its goal of becoming the most reliable source of information on public policy and urban planning, the building will house the Urban Affairs Library and host workshops and forums to get the public more engaged with the democratic process.

The long anticipated opening of the SPUR Urban Center will be feted May 29 and 30 with all day open houses. Drop by 654 Mission between 10 a.m. and 5 p.m. to tour the building and check out the debut exhibition, “Agents of Change: Civic Idealism and the Making of San Francisco.”

SFAR’s Newest Home Selling Tool

This is a first we are very excited to announce. The San Francisco Association of REALTORS® has created a brand new Web site featuring open house listings of all of its members. This will be the most comprehensive information source online,  with detailed search functionality and enhanced open home reports. Handy for buyers, and a great place to highlight your for-sale property too; check it out today!