What this means is the buyer can use a smaller down payment at 3.5% and generally close and move through the transaction a lot quicker. There are also requirements that need to be in place in order for a condo building to be endorsed for FHA/VA approval. These same requirements such as owner occupancy rate, reserves, and percentage of pre-solds ensure a purchaser a viably stable investment for the long term.

Some interior highlights include:

• Floor to ceiling windows
• Viking and Bosch appliances
• European kitchen cabinetry
• Marble bath floors and vanities

The Building features:

• 24 hr. door attendant
• Concierge services
• Private rear garden with fountain, and a BBQ and catering set-up facility

BLU is located in the vibrant SOMA neighborhood, so close to everything you need for shopping, dining, work, and nightlife.

Six different 2 bedroom plans on floors 2-19 starting in the high $600s

*Pre-approval is required with their preferred lenders

My Personal Credit Crisis

If there was anybody who should have avoided the mortgage catastrophe, it was I. As an economics reporter for The New York Times, I have been the paper’s chief eyes and ears on the Federal Reserve for the past six years. I watched Alan Greenspan and his successor, Ben S. Bernanke, at close range. I wrote several early-warning articles in 2004 about the spike in go-go mortgages. Before that, I had a hand in covering the Asian financial crisis of 1997, the Russia meltdown in 1998 and the dot-com collapse in 2000. I know a lot about the curveballs that the economy can throw at us.

But in 2004, I joined millions of otherwise-sane Americans in what we now know was a catastrophic binge on overpriced real estate and reckless mortgages. Nobody duped or hypnotized me. Like so many others — borrowers, lenders and the Wall Street dealmakers behind them — I just thought I could beat the odds. We all had our reasons. The brokers and dealmakers were scoring huge commissions. Ordinary homebuyers were stretching to get into first houses, or bigger houses, or better neighborhoods. Some were greedy, some were desperate and some were deceived.

As for me, I had two utterly compelling reasons for taking the plunge: the money was there, and I was in love. It was August 2004…

The level of personal transparency is compelling.  This comes right on the tail of last weeks post on BloodhoundBlog My own first-hand foreclosure story, by Greg Swann.

Sales on New Developments have been slow moving, but what’s new? When The Hayes opened their doors over a year ago, there were not much to compare it to in the way of location. Not much has changed since. I have always liked the development for this very reason. In my opinion, it really flies under the radar. Where as a lot of folks would rather live in the SOMA to South Beach/Mission Bay area, The Hayes has a neighborhood diversity on verge of a Renaissance.

The final 2 at a considerably reduced asking price:

Hayes Valley could be considered San Francisco’s Midtown.  Now after you giggle, here me out.

Transportation

Living where Gough, Market, and Van Ness intersect give you multiple options if your are driving, biking, or taking public transportation.

• Muni: by bus or bart, within a 1/4 of a mile you’re headed to all points of the city North, South, East, and West.  More on this at Transit.511.org
• Drive right out of the garage and on to Franklin to head North across town and head right back on Gough.   Two of SF’s most efficient thoroughfares in both directions.  The same could be said for Market heading up to the Castro or Fell heading West as well.  If it’s the freeway South you’re looking to for commuting, access to 101 South could not be easier at just 3 blocks away.
• Bike with ease for sure.  As far as city friendly streets go for cyclists, again, in the heart of the city you are surrounded by Class 1 and 2 bike routes making commuting to downtown a cinch – 511 Bikemapper
• Walking right out your door and finding city life at your foot steps is why you’re living at The Hayes, so what can be found around here?  Just about everything.  All that, and it’s flat too.

The Arts

San Francisco has culture to be rivaled by only a few cities in the US. Why not live right smack dab in the cultural hub of the city? A few events taking place right now, all within a short walks distance from your doorstep.

• The San Francisco Symphony’s season calender
• The San Francisco Opera’s season calender
• The San Francisco Ballet’s performance and tickets 2009 season
• If that’s not enough, you have the Bill Graham Civic Auditorium, The public Library, and The Asian Art Museum right around the corner as well.

Dining

The options are almost limitless. With great culture come great dining.

• Espetus, Zuni Cafe, Cav Wine Bar, Paul K, and Sauce are just step away.  No kidding.
• If you’re looking for a quick bite Dellesio, Cafe Trieste, or even Go Getters for a slice.
• This is where the list begins.  It continues on and on here.

Shopping

Some of the best shopping in San Francisco. Period. From boutiques to art galleries, to antiques and home furnishing, what are you looking for?

• For your day to day, you’ve got Safeway and Rite-aid both nearby on Market.  Beyond that the local ma and pa corner stores and gourmet delis will get you by just fine.
• Art galleries like Bucheon, Micaela, and Reaves are neighbors.
• For streetwear and hard to find brands, shops like Acrimony, Azalea, and Dish Boutique will keep your plastic active.
• Just after you move in to your new place, furnishings from Minimal, Inside, and F. Dorian will help you get it dialed in before the house waring party.

If your interest has been piqued and you feel the next move is to take a look for yourself.  Contact me at (415) 999-3487 or brad@sfsunrise.com.  I’ll be sure to get you in real quick with no hassle and a better understanding of the best way to negotiate your condo purchase.

… and for more on the blog, take a look at the condo page here.

555 Washington Renderings / View From Columbus

More renderings available at BarbaryNeighbors.org

Something that has been on the horizon for urban dwellers looking to get closer to the downtown/financial district – In charming Jackson Square.

From The Barbary Coast News:

The Draft Environmental Impact Report for the 555 Washington Street project was released in late March and is scheduled for hearing by the Planning Commission on May 7. The proposal is for a 390-foot residential tower to be built close to the iconic Transamerica Pyramid. The ultimate height would be 425 feet, including a 35-foot mechanical penthouse.
The site east of the Pyramid is presently zoned for 200 feet. As designed the project would require a Zoning Map change to a 400-S height and bulk district. The doubling of the allowed height is expected to engender the primary opposition to the complicated project.

The new Financial District high-rise would be constructed on the site of a nine story building at 545 Sansome Street, which would be demolished. Among other factors in the plan are providing about 248 residential units in about 331,640 square feet, 6,780 sq. ft. of retail space, and 230 subsurface parking spaces on four levels accessed from Washington Street….

Sounds pretty cool.  At the crossroads between North Beach, The Barbary Coast, and The Finincial District, one could have a lot of fun.  Nearby boutique building The Residences at Jackson Square was popular, but only for a select 13 homebuyers.  We’ll have to keep our eyes on this as it develops.

Millennium Towers opens it’s doors April 20th, 2009

The Millenium Tower website

Overall I am very impressed with the building. Not to sound to much like a commercial for them, but they are doing something here that is a lot different than any other development int the city: Three distinct types of units for different lifestyles, all with a 5 star trained staff and world class amenities that you really only find with 5 star luxury hotels.

Funny, their byline in advertising is “San Francisco Lives Here”. Not exactly true yet being as 301 Mission St. does not really sport any residential accommodations too close by. But hey, soon enough and forever more it’s a statement to be set in steel.

Prices have been reduced on all units by 15%. Contact me at 415-999-3487 or brad@sfsunrise.com for more information or a tour of what’s available.

Micheal Minna’s new restaurant Rn74 opening at the Millenium on April 24th as well.

From the sales team:

The Hayes features rare newly constructed homes in Hayes Valley, San Francisco’s hip, fashionable neighborhood for the arts, music, dining and shopping. Located on Page Street in the heart of Hayes Valley, The Hayes offers many of the most sought-after urban amenities, including an attended lobby, a state-of-the-art fitness center and a roof deck with great city views. Individual homes are outfitted with exceptional detail, including Italian tile, German cabinetry, and French fixtures. The Hayes is centrally located close to public transportation and with convenient freeway access. Buyers looking for the excitement of The City and the amenities of contemporary urban living will find everything they need at The Hayes

More from SF Sunrise on the development and the neighborhood.

Recent home sales trending for 94102 Condominiums.

The developer of the Mission Bay Radiance development said:

“pragmatic approach” but not a “permanent situation.” The market is already showing slight signs of a recovery and we will obviously have to adjust prices upwards again once the market demonstrates sustained recovery.  - SF Business Times

Given the scarcity of property along the waterfront of the city and the newness of the developing area.  This very well could be a great opportunity to get in on a great value.   Along with the new prices are a buyers incentive of having 2 years HOA dues paid in advance.  Feature price reductions below.

More on The Radiance at Mission Bay Here.

View Larger Map

January’s statistics as provided by The SFAR show that compard to 2008 prices are down 6.1% city-wide. Still there is a limited amount of properties available given certain neighborhoods. The time it’s taking to sell a unit has increased by just over 50%, so buyers are certainly taking a lot longer to make the decision to buy if they are getting off the sidelines at all.

February’s numbers will be quite interesting give the number of units that have been coming to the market lately.

Data provided by Terradatum. For additional information about market statistics and/or additional information about Terradatum’s products and services, please call Terradatum at 1-888-212-4793 Ext. 2 or send e-mail to info@terradatum.com.

For January “Fast facts” on Single Family homes in SF
For January “Fast facts” on 2-4 Units

As the market continues to slow, the prices on these new developments we forsee will be dropping.  There are some real great opportunities here for living at The Hayes.   These ‘featured units are a few of what’s actually available.  To schedule a full of. the property, contact us today brad@sfsunrise.com.  Showings daily.

The entire Yerba Beuna and Downtown areas have been transformed over the past 10 years and it just keeps getting better.   We have been seeing a lot of boomers coming in up from the South Bay for a while now, selling off their suburban home for a little something closer to the city’s lights and markets. According to one of the major developers in the Rincon Hill area, one in five buyers is 61 or older.

I can only imagine this is a trend that will continue on for the next several years. With our proximity to all things California and beautiful weather, what’s not to love about a place like SF heading into the prime of your life?

Video courtesy of The USNews.com