homesmillbrae.com » Property Owners

Manhattan Property Sales Spike on Fears of Tax Hikes

Fri, 04 Jan 2013 01:07:52 +0000

The price gains, however, were largely on the luxury end. In looking at the median prices, where half sell for higher and half sell for lower, prices for co-ops were up just 2.1 percent in the fourth quarter. Condominium prices actually fell just under one percent. (Read More: Extravagant Home Features of the One Percent.)

The median price in the luxury market, however, was $4,440,150, up 7 percent from a year ago, according to Douglas Elliman. The luxury market represents the upper 10 percent of all co-op and condo sales.

“The year-end jump in sales was a function of proactive tax management by property owners. Although it wasn’t clear what form the tax hikes related to housing would take, it was assumed that 2013 would be higher than 2012,” noted Jonathan Miller, CEO of Miller Samuel, which provides the Elliman report data. (Read More: Million Dollar Winter Wonderland Homes.)

Prices in Manhattan are still about 6 to 7 percent off their pre-recession highs, but low supply will likely narrow that gap in 2013. Strong demand from foreign, all-cash buyers is also boosting prices, especially in the condo market. Gains, however, may slip in the current quarter, as so much demand was pulled forward.

Article source: http://www.cnbc.com/id/100351956

Take a tour of San Francisco office buildings for sale

Fri, 13 Jul 2012 09:30:54 +0000

225 Bush St. — the Standard Oil Building.

J.K. Dineen
Reporter- San Francisco Business Times

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Downtown San Francisco is for sale. With values reaching, and in some cases surpassing, the peak reached in 2006, property owners are rushing to market with a wide range of building types.

Click the image to see a slideshow of S.F. buildings on the block.

Properties being offered include Hines

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iconic 101 California St., which has never sold before and could reach $1 billion. There are historic buildings like 225 Bush St. and corporate headquarters properties like 50 Beale (Bechtel) and 550 Terry Francois Blvd. (the Gap)

The stream of pending deals will create a welcome cash flow into city coffers.

With two transfer tax increases passed over the past few years, San Francisco now has a 2.5 percent transfer tax for transactions over $5 million. If everything sells that is currently on the block, the city could raise $125 million.

That is a lot of DPW workers, teachers, social workers, police officers and park directors.

J.K. Dineen covers real estate for the San Francisco Business Times.

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Article source: http://www.bizjournals.com/sanfrancisco/blog/real-estate/2012/07/take-a-tour-of-san-francisco-office.html

With America’s Cup on the horizon, Southern Marin real estate market could heat up – Marin Independent

Sun, 10 Jun 2012 06:49:40 +0000

Click photo to enlarge

LJ Blake is hoping his hillside home in Sausalito that offers sweeping views of the bay will be of interest to well-heeled individuals who want to check out America’s Cup races.

“We just want to get as much as we can for it for as long a period as possible,” he said, with a laugh. “What are they estimating? A billion dollars coming to the Bay Area as part of America’s Cup? We want to stick our fingers in there and get just a bit of that.”

The America’s Cup match will pit the American defender — Internet mogul Larry Ellison’s team — against a foreign challenger on San Francisco Bay in a best-of-nine series set for Sept. 7-22, 2013. The Louis Vuitton Cup, which will determine the challenger, has been scheduled for July 13 through Sept. 1, 2013, also on San Francisco Bay. Travelers from around the world are expected to come to Marin and the Bay Area for the event — and they’ll need places to stay for weeks on end.

As the America’s Cup starts preliminary events in August and October this year, property owners in Southern Marin are getting serious about renting out their homes to those who follow the yachting series.

All the activity has not gone unnoticed by Sausalito city officials, who may look to regulate rentals in the city when they meet Tuesday.

With the races expected to pump $1.4 billion into the Bay Area, property owners see opportunity.

Blake would normally rent his home at 212 Fourth St. for

$7,000 a month. But he is hoping to at least double that for the America’s Cup.

“We could be in the right place at the right time,” he said.

Sausalito real estate agent Charlie Martin said some homes could go for three to five times what they might normally fetch. Martin and two partners started the real estate rental company Rezlux to cater to those who might want to rent for the America’s Cup.

“We are starting to get inquiries from homeowners,” he said. “We think people coming in will want to have a home to themselves rather than stay at a hotel.”

While Martin said there likely will be a large spectrum of homes offered, it will be the higher-end properties that will be most desirable.

“We will be trying to accommodate the high-end visitors, and a home will probably have to have special and unique qualities,” he said.

To make the experience a little more ritzy for renters, Martin is offering chef and concierge service. The company is getting inquires about rentals in Sausalito and Southern Marin, he said.

Many of the more desirable properties being rented are in San Francisco, but Marin should see some action as well, said Eric Baird, president of Relisto, a San Francisco firm also offering rental homes for America’s Cup.

“You still have premium homes in Sausalito, Tiburon and Belvedere that people will be interested in,” Baird said. “Even though those homes don’t put you right on top of the action they are still right there and just a ferry ride away. I think there is a lot of excitement out there for this.”

Sausalito real estate agent Sherrie Faber, however, is not so sure the demand is really there.

“Unless you have a great view of the race course, I don’t think people will seek out homes,” she said. “A lot of people will be coming in their yachts and staying in the higher-end hotels or maybe on the west shore of Belvedere. A few homes in Marin may be rented that have the panache that these travelers are looking for. But most want to be close to the action in San Francisco.”

People are expected to come to Marin for the races. As many as 11,500 people a day could line the shores of Southern Marin to watch the America’s Cup on race weekends, according to an environmental impact report on the ritzy yacht race prepared by the city of San Francisco.

Sausalito is expected to see the most visitors in Marin for the race — 5,000 during peak periods on the weekends. Another 3,500 people are expected to come to Fort Baker, the Marin Headlands and other areas just north of the Golden Gate Bridge. Tiburon and Belvedere are expected to see 1,200 people a day during the race on weekends.

Sausalito city officials are looking at how to address potential impacts to the city. While there may be some hardships, they also realize there is a chance to cash in on the event from affluent yachting fans who want to spend and rent in the town. At Tuesday night’s City Council meeting, council members will look at new vacation rental regulations.

“With the pending America’s Cup, staff anticipates an increase in tourism and local hotels may not have the capacity to accommodate the visitors’ lodging demand,” reads a city report on the subject.

Noting the city can only offer up a little more than 100 rooms in hotels, the city is proposing to temporarily allow for rentals for fewer than 30 days in residential areas including arks and houseboats. These short-term rents are currently prohibited in all residential areas.

The rentals would only be allowed during race periods. Property owners would have to pay for a $283 permit to rent their homes. Properties would need to be rented for at least seven days.

Mayor Mike Kelly wants to check the pulse of the community on the issue.

“We have to move slowly and carefully on this and see what the residents and business community, including the hoteliers, think about it,” he said. “We will see if people find it favorable. I’m sure the community will let us know what they think.”

Contact Mark Prado via email at mprado@marinij.com

RENTALS DISCUSSION

The Sausalito City Council meets at 7 p.m. Tuesday to discuss short-term residential rentals related to the America’s Cup races. The meeting will be in City Hall at 420 Litho St.

Article source: http://www.marinij.com/sausalito/ci_20814635/americas-cup-horizon-southern-marin-real-estate-market

Bay Area Property Management Company, Stokley Properties Inc., Announces a …

Sat, 25 Feb 2012 20:31:33 +0000

Stokley Properties Inc. discusses the state of the rental market, which is still red hot in the Bay Area, the greater Walnut Creek and the Contra Costa area.

Walnut Creek, CA (PRWEB) February 24, 2012

Stokley Properties Inc., a Bay Area property management company that handles properties in Concord, San Ramon, Brentwood, Martinez and Oakland, offers advice for landlords and property owners. The rental market is still hot; however, some landlords are still making the mistake of pricing their properties too high and at a price that is not warranted.

Many owners are not experienced property managers. They believe that because the market is hot, they can get the price they want for their property, regardless of its condition. This is absolutely not true. Clients who are well off will pay top dollar but only when the property deserves the price. Many property owners may only own one rental property and have not had the opportunity to truly understand the dynamics of the property management industry.

Prospective renters must be aware that rental is a highly competitive market. They need to be prepared.

Stokley Properties has been offering expertise and valuable advice to tenants and property managers throughout the East Bay since 1989. It is more than just a property management firm. It also specializes in investment properties throughout the East Bay and Northern California. Stokley will offer sound investment advice to assist investors in achieving real estate goals. Whether the client is looking to buy or sell an investment, Stokley Properties will lend its expertise to maximize a client’s investment value.

“It’s not easy to find the right property management company. Most companies lack the true dedication and attention to detail it takes to achieve success with the properties, the tenants and the landlords. But, Stokley Properties is different. From the first phone call to the follow-up, property prep and ultimate securing of an appropriate tenant, Joe Stokley and team take care of business from A to Z,” Debbie Rossetto of Legacy Real Estate Associates said.

For more information about Stokley Properties Inc., call 925-658-1415, or visit the company on the web at www.stokleypropertieseastbay.net and www.stokleyproperties.net. Stokley Properties Inc. is located at 1630 North Main St., Suite 54, in Walnut Creek.

About Stokley Properties Inc.

Stokley Properties Inc. is a licensed property management company and California real estate brokerage firm. It provides property management services in Contra Costa and Alameda counties in the San Francisco East Bay Area.

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For the original version on PRWeb visit: www.prweb.com/releases/prwebproperty-management/bay-area/prweb9224566.htm

Article source: http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2012/02/24/prweb9224566.DTL

Bay Area Fast Forward Property Management Offers Three Tips on Improving …

Thu, 28 Apr 2011 10:09:04 +0000

Fast Forward Property Management, located in the San Francisco Bay Area, is offering three tips to property owners on how to fill vacancies.

“Owners and property managers invest a great deal of time and money to attract and maintain high-quality residents,” said Jade Powell of Fast Forward Property Management. “High vacancy rates can quickly turn a highly profitable investment property into a money-losing liability. When a tenant leaves, you lose money by not being able to collect rent and can spend a considerable amount of time and money painting, repairing, cleaning, and advertising your unit.”

Fast Forward Property Management offers expert advice for those in the Bay Area, Sonoma County, San Francisco, Sacramento, San Jose, and Santa Rosa looking to fill their vacancy with a new tenant.

The following three tips should be considered by property owners:

First, place banners and signs around the property and launch ad campaigns online and with other media outlets.

Second, work with real estate sales professionals to develop referrals. Real estate sales professionals are a great source because many people go to them for listings, especially those new to the area, so it is wise to build a business relationship with them.

Finally, offer $150 to $250 to any tenant who refers someone that is approved for a lease. This provides motivation for current tenants to be on the lookout for new tenants, minimizing the amount of time and money spent by the property owner searching for someone to fill the vacancy.

These are great suggestions that every property owner should bear in mind to maintain successful rental properties.

For more information about property management, and all services provided by Fast Forward Property Management, visit them on the web at www.FastForwardPMBayArea.com or call them at (877) 388-0998.

About Fast Forward Property Management

Fast Forward Property Management is a property management firm in the San Francisco Bay Area that specializes in managing apartment buildings, HOA, and commercial properties. The staff at Fast Forward Property Management has over 40 years of experience in rental management. They offer the Greater Bay Area communities of Sacramento, San Francisco, San Jose, Santa Rosa, and Sonoma County property management services.

Filed under:

Real Estate , Fast Forward Property Management, BlockShopper BNR, San Francisco Bay Area

Article source: http://sf.blockshopper.com/news/story/243210-Bay_Area_Fast_Forward_Property_Management_Offers_Three_Tips_on_Improving_Vacancy_Rates

SF Leads Bay Area in Vacant Homes

Sun, 03 Apr 2011 05:03:16 +0000

Surprising news out of the census: San Francisco had 30,000 empty homes in 2010, reports Blanca Torres of the San Francisco Business Times. That’s an 8.3 vacancy rate, higher than the state average, and higher than any other county in the Bay Area.

Torres asks the question that’s no doubt on everyone’s mind: “As many people who have moved to the City by the Bay can attest, finding housing here can be challenging whether you are renting or buying — and it’s not just the cost factor. I have to wonder why there are not fewer vacant units considering the high demand and seemingly tight supply. Who are these property owners holding the keys to empty homes?”

Marin County had the next highest vacancy rate at 7.2 percent, followed by Alameda County and Contra Costa County. Silicon Valley had the lowest vacancy.

So what’s causing this high rate of vacancy in what is considered one of the most desirable cities to live in? According to Torres’ follow-up piece, possible explanations offered by Biz Times readers include: people waiting for a better real estate market to sell, people owning homes in San Francisco for investment or vacation purposes, and finally, landlords who are fearful of renting to bad tenants, given the tough protections for renters in the city.

Article source: http://www.baycitizen.org/blogs/pulse-of-the-bay/sf-leads-bay-area-vacant-homes/

Fast Forward Property Management Lists Top Six Mistakes San Francisco Bay Area …

Fri, 04 Mar 2011 12:04:48 +0000

Petaluma, CA (Vocus/PRWEB) March 04, 2011

In real estate, as in any business, mistakes can cost time and money. Fast Forward Property Management, a team of seasoned Bay Area Property Management specialists with over forty years of experience, offers advice to property owners to help them become more profitable and efficient.

The following is a list of the six most common mistakes landlords make when maintaining and making repairs to their property:

1. Overpaying contractors

Contractors can charge whatever they choose for any job. Therefore, to ensure a fair price, it is always advisable to get multiple bids for a project, rather than settling for the first one. To get the best value with contractors it is best to agree on an hourly rate ahead of time and agree to pay at cost for the materials.

2. Trying to save money by hiring unskilled workers

On the other hand, trying to save money by using unskilled workers can backfire. Genaro Mendoza of Fast Forward Property Management explains, “If you pay someone $15 an hour for a job that takes that person 10 hours to complete, that job cost you $150. If you pay an expert $50 an hour to do that same job, but it only takes him or her 2 hours to complete it, you only spent $100 on work that is most likely of a higher caliber and therefore less likely to require repairs in the near future (which would cost you even more money).” The bottom line comes down to value. A higher rate doesn’t always equal a higher final bill.

3. Personally Performing Time-Consuming Repairs to Save Money

Landlords with the proper skills can save a significant amount of money on labor by doing construction and maintenance work themselves. In order to save enough money to make this worthwhile, however, the job must be completed quickly. Many owners brag about how much money they saved in preparing a vacant unit for rental, but not all of them do it swiftly, in which case the money saved in labor expenses would have been negated by the weeks of rent lost due to the vacancy.

“If you save $900 by doing the work yourself, but lose $1,400 in rent by not filling the vacancy promptly, you have actually lost income,” .said Mendoza. Most professionals can paint a unit and replace flooring in just a few days, and then the unit can be rented.

4. Allowing Tenants to do Repairs Themselves

While it is common practice to give a tenant some money off of their rent for making a repair, it exposes landlords to great risk. If someone falls from a ladder or gets injured while hired to do work, and the landlord does not have workers’ compensation insurance for them, then the landlord could be held personally responsible for paying for their medical bills and loss of income.

5. Not Inspecting Properties Regularly

“We regularly hear stories of owners who have, after a long-term tenant moved out, found extensive damage to a unit that could have been easily prevented,” says Mendoza. “It is essential to inspect units (even the rented ones) regularly so that repairs can be done before further damage is done to your building.”

6. Deferring Maintenance

Maintenance is a significant expense for most property owners. Some landlords have an “If it’s not broken, why fix it?” mentality, but deferred maintenance will cost more in the long run, as well as lower property value. Additionally, rent in buildings that have areas in obvious need of improvement tends to be lower, and many tenants will move if their landlord will not fix things or keep their units up to date. Few things frustrate tenants more than landlords who do not respond quickly to service requests. Neglecting maintenance to save money now will cost more in the future.

For more information about avoiding mistakes when maintaining and making repairs to property, property management, and other services provided by Fast Forward Property Management, visit them on the web at fastforwardpm.com, call them at 707-266-8100 or 888-737-8116, or visit their office located at 620 E. Washington Street, Petaluma, CA 94952.

About Fast Forward Property Management

Fast Forward Property Management is a property management firm in the San Francisco Bay Area that specializes in managing apartment buildings, HOA, and commercial properties. The staff at Fast Forward Property Management has over 40 years experience in rental management. They serve the Greater Bay Area communities of Sacramento, San Francisco, San Jose, Santa Rosa, and Sonoma County with expert property management services.

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For the original version on PRWeb visit: www.prweb.com/releases/prwebbay-area/property-management/prweb8181488.htm

Article source: http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2011/03/04/prweb8181488.DTL