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SoMa : Real Estate Advice

  • All75
  • Local Info9
  • Home Buying27
  • Home Selling4
  • Market Conditions8

Activity 44
Tue Apr 20, 2010
It depends on how you took title, whether it is tenants in common, or joint tenants. In one, your heir will inherit your share. In the other, your siblings would divide up your share. Look at your deed to see what it says. If it does not follow your wishes, discuss this with your siblings and change the deed if you need to. ... more
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Tue Mar 23, 2010
Grace Hanamoto answered:
Hello Deepcleaning and thanks for your question.

The amount of the interest that will be deductible against your taxes is determined by your gross income and filing status. Interest income is deducted on one's Schedule A, and is subject to some reductions based on income. All of the interest that is paid during the year, however, is reported as a deductible expense, but there is a difference between what is deductible and what is "allowable" and that's why you will need to talk with a qualified tax professional to determine how this applies to your specific income and financial situation.

To best determine the amount of interest that will be charged to you each month or for the first year, speak directly with the loan officer handling your mortgage. He or she will provide you with a Good Faith Estimate and Truth In Lending Statement that details the amount of interest, the monthly payment and the amount of money going each year to interest on the loan.

Good luck!

Grace Morioka, SRES
Area Pro Realty
San Jose, CA
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Mon Mar 22, 2010
David Tapper answered:
The best advice anyone can give you is to talk with a good real estate attorney who knows about rent control in S.F.

One way to get some free advice is to call the tenant hotline and ask them if you were a protected tenant and a new owner bought the place, what would be your rights.

Good luck.

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Fri Jan 22, 2016
Jed Lane answered:
There are many factors that will need to be addressed. The best thing for you to do is find out what your parcel is zoned now. If you can, determine the "use code" also. Then contact the planning department with your questions. If it is easy you cna follow through and get it done yourself. This would be if the parcel is zoned for residential and you can change the use code.
There can be so many issues that will come up like is it up to code and in habitable condition, is it in any of the restricted zones where the production, distribution and repair facilities take precedence. It could also be ini a zone where new offices are prohibited. If any of these are the case you might be able to apply for variance or conditional use and go forward. You also might need to make improvements and hire an architect, engineer or attorney. But no reason not to ask.
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Tue Jan 5, 2010
Greg Corvi answered:
Hi Calbgirl,

First, are you working with a Realtor who is helping you find the properties and educating you on the neighborhoods, buildings etc.? If you are, then it would not be prudent for another Realtor to correspond with you. If you are not working with a Realtor, than you really should be so that you don't feel "uninformed" and you have as much information to make an informed decision. I have several ideas and thoughts if you wish to contact me, as long as you are not currently working with an agent. Best of luck to you either way.
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Tue Jan 5, 2010
Michael Young answered:
I think we need more information. Similar properties in different San Francisco neighborhoods can vary by hundreds of thousands of dollars. Are both of these properties downtown? Also, downtown where? Nob Hill? Financial District? SOMA? Do the properties offer similar amenities such as a gym, pool, valet, security? You get the point. Assuming the buildings are similar, or perhaps both condos are in the same building, and the jr is in front facing downtown and the 1 bed is in the back or side and both on the same floor...the 1 bedroom will be a better buy. Price per square foot is generally going to be the more important factor, unless the "penthouse" faces a brick wall two feet away, which it doesn't sound like it does. ... more
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Tue Jan 5, 2010
Michael Novia answered:
Hi Gina,

The parking space is already chosen and assigned to the unit. They have made exceptions in the past, but with so few units left to sell they are unlikely to move it. Never hurts to ask though. ... more
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Thu Aug 13, 2009
David Tran answered:
Lbeatty, pretty sure no one really knows. If they say otherwise, I've got some real estate, I can sell you in the Florida swamps.
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Tue Jan 5, 2010
Shaban Shakoori answered:
Average is $800/s.f. Hard to generalize because there are many different floorplans and views.

Shaban Shakoori
TRI Coldwell Banker, SF's #1 Office
0 votes 4 answers Share Flag
Fri Aug 28, 2009
Jed Lane answered:
Parking costs in SF are figured to add between $50,000 to $75,000 dollars to the purchase price according to the Planning Department and other independent sources. We have only just begun to see parking unbundeled and sold separately so the market hasn't really had a chance to respond to find out what soomeone would pay on the open market.
Listing all the different buildings and the parking situation would be a pointless excercise for any one. First find a place you like or include your criteria in a search by a local Realtor to find the right situation for you. The local MLS has the data and it's searchable so find a Realtor to work with.
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Fri Jun 13, 2008
Melanie Narducci answered:
That's a bit of history for SOMA and South Beach ... I used to work there in the late 90's with a dot-com, there wasn't much of a real estate market at that time. The ballpark was built around then and I think the Portside and 88 King (The Towers) was also finished although they began as condos, finished as a rental building and then back to condo sales, as well as the Bay Crest,. The Old Seaman's home was there on Harrison at 1st; and the bridge was still there!

Art Haus moved in about 5 years ago on Brannan ... and started their First Saturday Art Walk a year and a half ago when they noticed there were neighbors walking on weekends. 15 years changes a lot!
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Sun Jun 15, 2008
Jpeas answered:
C'mom. . do you really want to live with an airplane over your head for that price? I been there twice, once daytime and once at night. When an airplane flies over, you can hear its engine really going at 11pm. My friend lives there and said there are days that the airport changes the landing pattern. Planes would land from west to east direction and about 1-2 planes go above that area every minute or so. With the windows closed, you can hear the planes if you have sensitive ears, like me. With windows open, forget sleeping in peace. ... more
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Sun Mar 21, 2010
Doug Devine answered:
Hi Mike,

Another big question to ask the listing agent is whether the sale requires court confirmation or if it's being sold under "IAEA" -- they'll be impressed if you use the acronym. :-) If it requires court confirmation, there's an added layer of complexity. In SF, the transfer tax is paid solely by the seller in a typical sale; however, that charge often gets passed fully to the buyer in a probate (as in all things real estate, everything is negotiable). One reason people are interested in probate properties is because they perceive that they'll get a "deal". But I've found that probates often sell for market price or close to it. And as you've discovered, a probate often comes with some disadvantages (ie: buyer paying transfer tax, deferred maintenance of the property, longer timeframes, and the uncertainty of a court confirmation). Assuming you're a first time buyer, unless the price is super attractive, it can sometimes makes sense to skip the probate and buy the "usual" way. Of course, when a probate property offers something that doesn't come along everyday, it can be a "deal" in other aspects (ie: location, original charm and details, etc.). Talk to your realtor and weigh the options, and see what makes the most sense. ... more
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Tue Jan 5, 2010
Artur Urbanski answered:
Hi Alex,
Either, Baby Bullet Caltrain or a combination of BART with a "bullet" Caltrain with a change of trains in Millbrae are definitely good options. Dependent where in Palo Alto, you can either bike or take a bus. ... more
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Sat Feb 13, 2010
Aaron answered:
Tue Mar 4, 2008
Scott Pierce answered:
Depends. You can contact us via our website and we'll let you know what we think. If selling is right for you, your property will never look so beautiful or be seen by more people than with us.

And we have a mortgage agent/cpa on our team who will crunch the numbers for you at no obligation or cost.
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Sun Jul 19, 2009
Dave Rivera & Sheila Small answered:
Hi Dan,
Because you just moved there, it may be helpful to know that, as a native San Franciscan, Dave would not ever consider living on Sixth St. South of Market. There is far too much loitering (and all that accompanies it) for either of us to feel safe there. The prices in SOMA are lower for a good reason. As you said, "Location, Location, Location"! ... more
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Sun Jul 19, 2009
Jed Lane answered:
When my clients have these questions I recommend that they talk to an accountant. Using your own numbers they can tell you the tax ramifications and how it will benefit you.
Our board has a video interview with a CPA that can be accessed from my web site. The button is about 2/3 of the way down the page and is labeled “Spotlight with Tom Sinkowitz”.
I know that when I was renting it was very important for me to be in a place where no one else can tell me to leave which happened twice. I also worked with many elderly people that lived in SRO’s in the Tenderloin.
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Sun Jul 19, 2009
Patti Pereyra answered:
PMI (Private Mortgage Insurance) if you will have less than 20% down, or unless our lender is able to avoid it with 2 separate mortgages.

Other than that, looks like you have it all factored in, other than budgeting for monthly utilities (it's always a good idea to find out the average heating/cooling bills of a house/condo prior to making an offer). ... more
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