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In the Know for 2-18-18

Congratulations to our friend and client on getting and accepting a strong, off-market, all-cash close for her penthouse apartment at 630 Mason, one of San Francisco's 13 co-op buildings. Long rented and long held in their family, the property's low tax basis and capital gains issues weighed heavily on how our client wanted to respond to the unsolicited offer made by folks who own another unit in the 12-story building in the heart of the City. The one-bedroom unit has rich wood floors, stunning views and, despite its central location, is quiet.

IN THIS ISSUE…

It’s time to party like it’s 4716! That’s the Chinese new year that so many folks are ringing in. The dog symbolizes loyalty, alertness and a curiosity to explore the world and to ‘sniff’ out things. You can draw the metaphor to real estate we’re sure, right?

Anyway, activity in San Francisco is humming along, but it seems like we are all waiting for that push of properties to come onto the market that we’re supposed to see after the Super Bowl. This pattern happens every year and we know the pattern breaks before you know it with more properties and more transactions. Some observations:

  • Properties that aren’t cookie cutter are selling for more so long as the right design notes, finishes and amenities are hit.
  • Other properties that aren’t usual, fit within the box of what many buyers are expecting — i.e., unusual, head-scratchers, the non-staged properties — need to be priced low or else will sit on the market longer.
    Interest rates are going up and the time to lock-down a long-term mortgage under 5% (which is still historically low) is limited.
  • Various ballot measures and bills in the Legislature will alter the landscape for investment properties, rent control laws and property taxes for mixed-use properties, so stay alert!

Read more of the issue here.