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Mission Bay : Real Estate Advice

  • All53
  • Local Info4
  • Home Buying32
  • Home Selling2
  • Market Conditions5

Activity 49
Wed Oct 26, 2016
Sf_pilates answered:
Aren't the condos built in Mission Bay sitting on Landfill? That's an important consideration since experts have warned that there will be another big earthquake in the near future. Also, I've heard about the Milleinium Tower sinking 16 inches. Good to be aware of with any new construction for large condo developments. Just something to keep in mind although I don't know a lot about the different developments in Mission Bay. ... more
0 votes 5 answers Share Flag
Thu Mar 12, 2015
Damon Knox answered:
Hi Ruth,

There is no real simple answer to this question. The bulk of new inventory coming to Mission Bay in the next 24 months, excluding Arden, is going to be rental and the only way to find that out is to call the existing rental buildings and inquiring about each. The resale market itself in the area is really brisk right now with a lot of deals happening offline therefore making it hard to track. In my experience there is high owner occupancy there right now which isn't an issue for lending yet. There may be a tipping point in the near future though.

Best,

Damon
... more
0 votes 1 answer Share Flag
Fri Mar 6, 2015
Ryan Rudnick answered:
While the building is sold out there are definitely other comparable buildings in the area that have available units. Most buildings in the neighborhood sell for $1200+ per foot. Let me know if theres anything I can do to help you with your house hunt!
-Ryan
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0 votes 2 answers Share Flag
Sat Nov 8, 2014
urbandimer answered:
300 - 400 hard costs, 100 - 150 soft costs, land not included. Big question is are you entitled. Could take 2 years to get entitlement if there are issues, and there usually is. This assumes you are in a pretty hot area and not way out in the Valley. ... more
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Sun Jul 20, 2014
Camila Da Silva answered:
Dear Roman,

As the previous agent mentioned below, I also haven't seen BMRs (below market rate ) affect condos value anywhere in San Francisco. Also, just for you to have an idea, I checked some data from last year (May 20013), and the median sales price for condos in SF were $825,500 compare to $952,500 - May 2014 (Source: San Francisco Association of Realtors). I hope this was helpful. Take care! ... more
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Fri May 23, 2014
Mike Roy answered:
I am not a real estate agent, but Trulia offers this:
http://www.trulia.com/crime/San_Francisco,CA/
0 votes 2 answers Share Flag
Sat Apr 26, 2014
kfriedle answered:
I inherited a house worth $840,000 in San Francisco, I was told I would have to pay 1% of it's value annually in property. Is that right?
0 votes 8 answers Share Flag
Sun Jan 19, 2014
Abhishek Dhawan answered:
Thanks everyone for your answers.

@Aaron: I sent you an email at aaron@vanguardsf.com. Please respond at your convenience. I look forward to hearing from you.

Thanks,

Abhi
0 votes 9 answers Share Flag
Sat Mar 23, 2013
kLeesf81 answered:
Hi - i'm also in the market and have done 18 months of research. here is what i've found - 255 and 235 Berry (Both built by Signature) condos are the best built, highest quality on the street. I'd give them an A+ rating. I personally think they are undervalued even at current prices. Here is how i would rank the other condos in the area - Again with 235 and 255 as the A+ standard. - Park Terrace/325 Berry A minus (not as nice as 255 and 235 but still nice). Fit and finish good but not as high and not quite as close to the more desirable part of Berry street. Arterra - B+ . Madrone B+ (similar high end construction to 255 and 235 Berry but not as close and only T line accessible vs. T & N line, Caltrain and 280 access like Berry). Radiance - B Minus. In answer to your other questions, I asked the many police who frequent the Philz coffee on Berry and they said there is little to no crime compared to SOMA/Mission. At the end of the day you cannot go wrong with a purchase on Berry street but if you can afford it, buy at 255 and 235 Berry first. If you can't , the others are still good investments. Hope this helps and hope we can find a unit soon. I'm frustrated with the lack of inventory. Good luck! ... more
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Fri Jan 4, 2013
Alina Aeby answered:
The Mission Bay area development have started way back in 1998 and it is still a work in progress.

To cite from the Mission Bay Redevelopment's website:


"The maximum development program for Mission Bay includes:

• 6,000 housing units, with 1,700 (28%) affordable to moderate, low, and very low-income households. Redevelopment Agency sponsored non-profit developers will build 1,445 of the affordable units on 16 acres of land contributed by the master developer. The remaining 255 affordable units will be included in privately developed projects,

• 4.4 million sq. ft. of office/life science/biotechnology commercial space,

• A new UCSF research campus containing 2.65 million sq. ft. of building space on 43 acres of land donated by the master developer and the City,

• A state-of-the art UCSF hospital complex serving children, women, cancer patients

• 500,000 sq. ft. of city and neighborhood-serving retail space,

• A 500-room hotel,

• 41 acres of new public open space, including parks along Mission Creek and along the bay, plus 8 acres of open space within the UCSF campus,

• A new 500-student public school, a new public library and new fire and police stations and other community facilities."


The plans are always changing, a good example being the Workforce decision not to build its campus, therefore adjustments needed to be made.

There is a lot more to be done here and true to be told, it depends a lot on the private investors and what will attract them to the area. Despite the sluggish economic growth, San Francisco is still better off than most metro areas and there is a lot of hope for 2013.

The releasing of the new UCSF hospital complex should attract a lot more related health care services and pharma/biotech companies that will fill those momentary empty offices.

Furthermore, the Urban Land Institute recently released report placed San Francisco as the number 1 real estate market in the nation in 2013.


Alina Aeby-Broker Associate
Pacific Union International
www.bestsfhomes.com
415.744.4844
... more
0 votes 4 answers Share Flag
Sun Nov 25, 2012
Sally Rosenman answered:
And don't forget you can buy at The Radiance and Madrone complexes......and we expect future growth when the economy gets better!

Cheers,

Sally
0 votes 2 answers Share Flag
Sun Nov 25, 2012
Sally Rosenman answered:
Yes, it is not the best area. But it has so much potential and really, the only area with space to convert to homes and/or condos and restaurants and stores. Plus it is within easy reach of areas like South Beach which are full of nighttime activities and a great ballpark!

Cheers,

Sally
... more
0 votes 2 answers Share Flag
Wed Sep 5, 2012
Oggi Kashi answered:
Call Brandon Hoyles of RPM mortgage:

bhoyles@rpm-mtg.com
(415) 713-6938 mobile
(415) 738-7050 office
0 votes 10 answers Share Flag
Thu Aug 30, 2012
Peter T. Chin answered:
I will give you some pros and cons, but as for the question of long term investment, this should be decided between you and your hired realtor after due diligence.

When I first saw Madrone, I was impressed by the low rise development in an up and coming neighborhood with the future site of huge UCSF Hospital and current and future life sciences there.

I am still impressed by the development, but there are things to consider (since you have already gotten a lot of pros from others, I'll just skip to the cons):

The development is built upon landfill that used to be an industrial site for many warehouses and such; the good thing is that new developments are seismically better designed than older buildings.

Also, you should look at "superfund" sites in the environmental hazards reports for the general area.

I like the outdoor swimming pool (this is one of the largest, if not the largest outdoor pool in SF), but this swimming pool would be used for only two month out of the year at most (this may be an expense issue with the HOA'S, but then many don't care).

Renters will pay a premium to rent at Madrone, but it will only attract certain types of renters; others will be turned off by not being in the center of the city and the vast construction noise going on.

Since it is a condominium and a new develpoment, it is not subject to rent or eviction controls; but, as you may know, all evictions in California have to go through a court process or jury trial.

I think it would be best for you to see if this development is a good fit for you; it is a good fit for some people and not a good fit for others.

Peter T. Chin 01866332
www.facebook.com/PeterTchinrealtor
415-863-7500
... more
1 vote 7 answers Share Flag
Mon Jul 9, 2012
Matthew Goulden answered:
Hi Angie,

Sounds like you need a Realtor to help you, I presume you are buying at a new development by this question. It is common for the buyer to pay transfer tax on this type of property, but everything is negotiable.

Remember this, new developers will pay your agent fees for you and no extra amount in the price of the property, they just like to represent both sides and save some $$$
... more
0 votes 5 answers Share Flag
Fri Jul 6, 2012
Gabriel Rojas answered:
Hello Sylvia,

The best way to answer this question is to say...it all depends. First, an agent/Realtor cannot legally give financial advice. I am a former coop owner in Manhattan and did pay a transfer tax when I sold it 3 years ago. I would recommend calling a local agent or tax professional there in New York. If you need a referral for either, I would be happy to help.

Here is some info I hope you find helpful:

New York State imposes a real estate transfer tax on conveyances of real property or interests therein when the consideration exceeds $500.

Tax rate:

Tax is computed at a rate of two dollars for each $500, or fractional part thereof, of consideration.

An additional real estate transfer tax (sometimes referred to as the "mansion tax") of 1% of the sale price applies to residences where consideration is $1 million or more.

Who pays the tax?

The tax is paid by the grantor (seller). However, if the grantor doesn't pay the tax, or is exempt from the tax, the grantee (buyer) must pay the tax.

The additional 1% real estate transfer tax is paid by the grantee. If the grantee is exempt, the grantor must pay the tax.

File and pay tax

File Form TP-584, Combined Real Estate Transfer Tax Return, Credit Line Mortgage Certificate, and Certification of Exemption from the Payment of Estimated Personal Income Tax, with the county clerk where the real property being transferred is located. The form is due no later than the 15th day after the delivery of the deed or similar legal document.
If the deed or document isn't being recorded, file Form TP-584 and pay any tax due directly to the Tax Department no later than the 15th day after the delivery of documents.

Best of luck to you!

Gabriel Rojas
gabriel@climbsf.com
415-562-6999
... more
0 votes 1 answer Share Flag
Tue Jan 10, 2012
Eric Wu answered:
Unfortunately, Mission Bay and Mission are different neighborhoods in San Francisco.

Mission is located between Noe Valley and Potrero Hill, and you are correct in that it has a ton of bars and restaurants, some of the best in the city: http://g.co/maps/sf978

Whereas, Mission Bay is located south of SoMa, is not a terrible area, but less dense, more commercial, and a bit more stale than The Mission District. http://g.co/maps/qzrfm
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0 votes 1 answer Share Flag
Mon Jan 2, 2012
Rich Bennett answered:
Hi Newbuyer-

This is a very difficult question to answer. If you, as a buyer, have a sensativity to noise or are concerned that the rental value of your unit would be compromised, I would suggest buying a unit as far away from it as possible.

Happy New Year.

Rich Bennett, Realtor


www.76-78Prosper.com www.115-117States.com


Zephyr Real Estate
DRE#01358540
... more
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