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5 Things to Note When Buying A Condo in San Francisco

8/24/2011

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I have been in the real estate business for many years and just thought I would write something that buyers should pay close attention to when purchasing a condominium that many realtors and buyers often overlook.

1. The Condo Plan or Tract Map
The Condo Plan and Tract Map will show you exactly what you own versus what is a common area. This should clarify what parts of the property you are personally liable for and what you have to pay in dues to your Home Owner Association (HOA) to maintain.

2. Covenants, Conditions and Restrictions (CC&Rs)
Make sure you have read through the CC&Rs and are comfortable with accepting all their terms before you close escrow. Once you have closed escrow you are legally assumed to have accepted each CC&R term.

3. Articles of Incorporation of the HOA
The Articles of Incorporation will give you an idea of what the HOA is authorized to do.

4. By-Laws and Operating Rules
The By-Laws and Operating Rules are important to you as they determine how the HOA members are elected and what your rights up front when dealing with your HOA.

5. Reserves
HOA Reserves are something you should pay special attention. Given the current economic environment, some HOAs are not receiving all their dues.  This is causing a short fall in revenues. Those that are not well funded are increasing their HOA dues or charging owners assessments. Also, many banks are no longer lending to potential buyers in buildings where there are significant HOA delinquencies or large assessments.

I hope these tips help you and if ever I can be of any assistance just contact me, Greg Bryan, your San Francisco Real Estate Solution Specialist.

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LA v SF Condos, Who has the better resale market

5/19/2011

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I recently was asked a question regarding the resale Condo market of SF v LA.

In a nutshell as of April 2011 Condo prices in San Francisco were only down 14.5% from the peak of the market in 2007 as opposed to Los Angeles' whose overall market has fallen 38.6% as of February 2011 from its peak in September 2006.  Note though each neighborhood and community is different so it is better if you were to actually compare on a neighborhood by neighborhood basis as some neighborhoods have actually seen an appreciation in condo prices recently while others continue to decline.

To get a good idea for what is currently happening in San Francisco with regard to Condo and SFR (Single Family Residences)  pricing go to our Marketing Reports page.

To see the article itself on Trulia about who has the best condo resale value San Francisco or Los Angeles click here.
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Condo Prices Falling

4/18/2011

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Condo prices have been falling throughout the Bay Area.  It is true that things are neighborhood specific in San Francisco, but this chart below is from the April 10th, 2011 Chronicle with fractions rounded and source being DataQuick Information Services. It definitely shows that as of the end of last year across the Bay Area prices are down 42.9% overall since their 2007 Peak.  Note San Francisco has had the least drop but is still 14.5% lower than our 2007 peak.

County                    2006            2007            2008          2009         2010           Peak            2010 v. Peak
Alameda                $462.5K      $460K         $320K        $250K       $248.3K    $462.5K      -46.3%
Contra Costa        $420K         $429K         $280K        $185K       $180K        $429K         -58.0%
Marin                      $548.8K      $570K         $402K        $317.5K    $350K        $570K        -38.6%
Napa                      $462K         $440K         $400K        $242K        $236.5K    $462K         -48.8%
Santa Clara          $499K         $520K          $417.5K    $300K        $328.8K    $520K         -36.8%
San Francisco     $715K         $760K          $749K        $640K        $650K       $760K         -14.5%
San Mateo            $535K         $550K          $450K        $393K        $375K       $550K         -31.8%
Solano                  $300K         $294K          $125K        $75K           $78K         $300K         -74.0%
Sonoma               $380K         $359.5K       $220K        $174.5K     $175K       $380K         -53.9%

BAY AREA            $490K        $508K            $375K       $275K        $290K        $508K         -42.9%

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    Greg Bryan is a realtor and an attorney in San Francisco

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