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Contacting JD Supra

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Article source: https://www.jdsupra.com/legalnews/event-what-s-ahead-for-the-bay-area-73600/

Oscar winner and American treasure Julia Roberts has just expressed her longstanding love for San Francisco in the most tangible way possible: real estate.

It’s long been known that Roberts returns to San Francisco nearly every year — if not every year, perhaps she isn’t always spotted — to celebrate her birthday in late October. The first documented spotting was at Quince, where Roberts was seen celebrating her 44th birthday in 2011. And it’s possible her love for the Bay Area dates back to the previous year, when the cast of Eat, Pray, Love celebrated together at The French Laundry just before the film’s release.

Roberts has been back for birthday on other occasions, notably in 2017 for her 50th, when she said husband Daniel Moder planned a weekend trip to San Francisco for her that included a shopping spree in the Mission, dinner at Little Star, and a visit to the Irving Street Fish Fest. She was spotted again just last fall, here again for her 52nd birthday, as Eater reported, dining at Outerlands and possibly attending that fish fest again.

And now, she’s treated herself to her own $8.3 million pied-a-terre in Presidio Heights. As the Los Angeles Times reports, having followed Roberts’ real estate-buying habits for a while now, the SF home was bought by the same trust that purchased her other homes across the country, ” including a scenic ranch in Malibu’s Point Dume and a West Village co-op in New York City.”

It’s not clear of course how much time Roberts plans to spend in the Bay Area, but this at least points to the likelihood of seeing a lot more of her around town than just in October.

The Pretty Woman and Notting Hill star got the house for a nice price given its original listing price of $10.25 million last summer. It was later reduced to $9.65 million in September. The five-bedroom, five-floor home boasts a 1,000+-bottle wine room, a fully remodeled kitchen and views of the Golden Gate Bridge.

The listing was handled by Caroline Kahn Werboff of Sotheby’s International Realty.

Photos via MLS/Realtor.com

Article source: https://sfist.com/2020/02/28/julia-roberts-buys-8-3m-home-in-presidio-heights/

The Bay Area’s economic boom brings a steady stream of new buildings and spaces around us, plus the political and social tumult that can make physical changes seem beside the point.

Some of them, though, deserve attention.

The reason is that the quality of our lives is inseparable from our surroundings. Alterations to skylines or familiar streets can bring pleasure or dismay, as well as surprise. They also offer insight on what sharpens a region’s sense of place.

Which leads me to seven snapshot critiques of fresh additions to our landscape. Short and mostly sweet, with full awareness there’s plenty more change on the way.

Cellular Origami

UCSF parking garage, 1630 Third St., San Francisco

The screen known as Cellular Origami on the UCSF parking garage on Third Street in Mission Bay is seen from the Chase Center, where the Golden State Warriors play.

Pedestrians waiting to cross Van Ness Avenue at Market Street are treated to the new light show at Fox Plaza — thick bands of LED lighting along the slab’s broad girth, emphasizing the tombstone shape of the 29-story slab all the more.

You can’t blame the newish owners of Fox Plaza for wanting to freshen up the glum slab that has loomed over Mid-Market since 1966, when it replaced the beloved Fox Theater.

But Swift Real Estate Partners has now made things even worse — by adding thick bands of LED lighting along the slab’s broad girth, emphasizing the tombstone shape all the more.

Besides outlining a 29-story mistake, the lighting captures that awkward moment when a trend goes too far. Nearby City Hall uses computerized illumination to accent the delicate grandeur of its dome. Fox Plaza just looks obliviously lurid.

If Swift wants to upgrade the lobby, fine. That belt of aqua-blue paint across the slab’s midriff is pleasantly harmless. The lighting? Maybe there’s still time for a refund.

500 Folsom St.

Rincon Hill, S.F.

The newest tower to rise near San Francisco’s Transbay transit center is the 42-story apartment building at 500 Folsom St. — a box stacked on top of a box stacked on top of a box.

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The design by Skidmore Owings Merrill doesn’t soar, but there’s a visual twist in the interplay of box upon box — because of tightly spaced metal fins, cubes that are glassy when viewed head-on are silvery solid when glimpsed from the side. More depth is provided by the notched vertical bands of red terra-cotta that hold multistory balconies.

If 500 Folsom sounds cerebral, somewhat detached — you’re right. Fortunately, it rises from human-scaled wings designed by Fougeron Architecture. As residents move in, let’s hope they add a domestic feel to the austere show.

Patricia’s Green

Octavia Boulevard and Hayes Street, S.F.

View of Patricia’s Green seen looking toward Hayes Street at Octavia Boulevard on Wednesday, Feb. 19, 2020, in San Francisco, Calif.

The rebuilt Presidio Theater at 99 Moraga Ave. in the Presidio of San Francisco has undergone a $40 million restoration courtesy of philanthropist Peggy Haas.

We take the ongoing revival of the Presidio for granted and, with it, the extent to which our shared landscape is the beneficiary of our region’s ample wealth.

Inside the newsroom

Like the news articles that The Chronicle publishes, our columns seek to be thoroughly reported, using interviews and data to back up the writer’s observations. But columns allow writers to offer readers their own perspective on the issues they’re examining. John King’s columns on urban design and architecture are drawn from his exploration of the Bay Area landscape as well as research into projects; interviews with planners, designers and residents; and on-site visits. Based in The Chronicle’s newsroom, King gets his ideas from readers’ observations as well as the buildings and spaces that catch his eye.

Then you enter this mock-Spanish theater from 1939 that sat empty after the Army handed off the Presidio to the National Park Service in 1994 and marvel anew.

The landscape is fitting and fresh, the exterior sparkles with life. The interior feels like a welcoming club, with abundant historic details but also 600 wide, comfortable seats. As for the discreet addition, it includes what I’m told is an uncommonly generous women’s restroom.

Credit for all this goes to philanthropist Peggy Haas, who funded the $40 million restoration with a project team led by Hornberger + Worstell architects.

The impulse was hers. The payoff is ours.

East Cut plazas

Transbay district, S.F.

An urban park on the corner of Howard and Main streets in San Francisco is one of two oases that will give way to construction staging areas — if and when the rail extension eventually reaches the transit center.

The laid-back oases were paid for by the developers of Park Tower, the 46-story shaft between them at Beale and Howard. When (if?) work begins on the rail extension to the transit center, they’ll be replaced by construction staging areas.

“We were able to convince everyone to allow an interim use, something that can be deconstructed when need be,” said Emily Rylander, a principal at Andrea Cochran Landscape Architecture. Until then? Consider them small pop-up pleasures in a district where everything else seems super-scaled.

The Broadway

3093 Broadway, Oakland

The Broadway at 3093 Broadway in Oakland.

John King is The San Francisco Chronicle’s urban design critic. Email: jking@sfchronicle.com Twitter: @johnkingsfchron

Article source: https://www.sfchronicle.com/bayarea/article/Snapshots-of-the-new-SF-lurid-nightlights-15084358.php

© Photo via Shutterstock

Building in the Bay Area, and especially in San Francisco, remains an incredibly expensive endeavor, made more-so by the fact that cities like SF add to the cost of housing with millions of dollars in fees.

This is a bit of a catch-22. While the city desperately wants developers to build more and fees make that harder, eliminating those expenses would sap many of the very reasons SF wants development to happen.

Now a handful of mostly Bay Area-based state lawmakers want to change that unsettled formula with a flurry of new bills that they hope will make it cheaper and easier to create new affordable housing by cutting down on impact fees.

What’s affordable housing?

Although the term “affordable housing” gets tossed around, few people bother to define it, and technical definitions can vary. The federal Department of Housing and Urban Development (HUD) defines an “affordable dwelling” as one that a household can obtain for 30 percent or less of its income.

Cities usually work off of Area Median Income (AMI) brackets to determine housing cost needs. The median income for a single person in San Francisco for 2019 was $86,200 before taxes, which means 30 percent comes out to $28,850 per year, or just over $2,400 per month.

Affordable housing might more accurately be called subsidized housing, since it’s largely paid for via public funds like taxes and fees. San Francisco requires a certain amount of affordable housing on big projects; sometimes developers create these units as part of the building, known as “on-site affordable housing.”

But typically developers choose to pay fees into a city fund that builds affordable homes elsewhere, usually with the help of specialized housing developers. Creating new affordable housing is an endeavor all its own, and often comes with its own set of fee-based expenses.

What’s are impact fees?

The SF Planning Department defines an impact fee as a cost imposed on a new or proposed development project “to pay for all or a portion of the costs of providing public services to the new development.”

Sometimes these are direct services like transit and utility infrastructure, while others are more indirect or abstract like privately-owned public open space or public art. In San Francisco the fee schedule borders on dizzying, summarized in an 11-page table.

Prices vary from less than $2 per square foot on some sorts of fees all the way up to thousands of dollars per foot on others. Some costs are based on a percentage of a building’s overall budget, while parking-related fees are often based on the number of spaces.

In an average year, the city collects tens of millions of dollars in impact fees. It’s actually not that much money relative to the city’s $12 billion-plus annual budget, but these moneys are critical to the funding of some city programs.

What’s happening with fees now?

This week, This week, state lawmakers like SF-based Assemblymember David Chiu and East Bay-based Tim Grayson introduced a raft of new bills to change the way that impact fees work, particularly in regards to affordable housing.

“When it costs upwards of $750,000 to build a single unit of housing in San Francisco and California has a 3.5 million housing unit shortage, we have to find ways to encourage [...] affordable housing production,” Chiu said.

Chiu’s new bill (Assembly Bill 3148) would make fees cheaper on affordable units, but only for developments taking advantage of the state’s density bonus law—thus further incentivizing the program, which allows for larger and denser housing developments in exchange for affordable homes.

Grayson has his own bill that would make cities level fees on a per-unit rather than per foot basis. He says this will “[give] developers the option to build smaller, more affordable units without being penalized.” Most SF fees are already based on square footage, but not all cities use the same standards.

Grayson’s other bill uses state money to reimburse cities that decide to simply waive fees on affordable homes, and a third will “establish a ceiling for development fees based on the median home price in a jurisdiction.”

Also of note, Southern California-based Assemblymember Jesse Gabriel’s measure would allow developers to pay fees “under protest,” meaning that if a developer feels a fee is too high, they can choose to pay it now to keep the process moving but could keep negotiating to lower the price and get reimbursed for the difference later.

What will all of these new laws actually do?

Lawmakers are always quick to argue that solutions are rarely a case of one magic bullet and more about paring away a problem by a thousand cuts.

The real question for people looking at the likely effect of such new rules on their neighborhoods is probably the same one that the new bills will have to answer in those committee hearings: Will making it cheaper and easier to build affordable homes actually incentivize building more, or will it just offer a discount on development that’s already happening?

Answering that persuasively will likely mean the difference between what becomes a law and what doesn’t—and what it’ll mean for new development in your city.

Article source: https://www.msn.com/en-us/money/realestate/can-we-make-building-affordable-housing-cheaper-in-the-bay-area/ar-BB10re9N?ocid=hplocalnews

• In 2017, I sold the San Francisco rental property I’d owned for years for $2.75 million. Investing the proceeds provided enough passive income to allow me to be a stay-at-home dad.
• Now, just a few years later, I’m again feeling bullish on real estate. I think now is the time to buy something else.
• Prices have softened all across the US, mortgage rates have collapsed, and the stock market is back to an all-time high. Plus, rents continue to tick up, wage growth is reaching new highs, and the next recession won’t be as severe as the last one.
• However, I’d love for those of you who are bearish to blow my arguments to smithereens.
• Read more personal finance coverage.

Back in 2017, I had a very difficult decision to make. My rowdy tenants gave notice and I had to decide whether to sell my rental property or try and find new tenants.

The house had been rented between 2014 – 2017 for $8,200 – $8,800 a month. But when I went to find new tenants at a similar rent in 2017, none were to be found. Instead, I got a couple of offers for only $7,500 a month after 45 days of looking.

Because my tenant situation gave me stress and my son was just born, I really felt that 2017 was a good time to sell. Further, I was running up against the $500,000 tax-free profit exclusion limit.

Earlier, in 2012, I had tried to sell the house for $1.7 million and received zero offers. My agent at the time told me one couple was looking to lowball me at $1.5 million and I told them don’t bother. Fast forward five years, I was able to find my one and only offer for $2.75 million so I took it.

After paying fees, taxes, and the $815,000 mortgage, I was left with about $1,800,000 in proceeds. Over the next 60 days, I invested $600,000 into dividend-paying stocks, $600,000 into California municipal bonds, $550,000 into real estate crowdfunding, and left ~$50,000 in cash.

So far, the reinvested proceeds have done well. But most of all, the reinvested proceeds have provided a greater amount of passive income with minimal work on my part. I’m extremely thankful I was able to free up time since mid-2017 to be a stay at home dad.

I’m also thankful to the Financial Samurai community for sharing their thoughts about whether or not to sell back in 2017. After over 1,000 votes, 75% of you said sell, which gave me added confidence to let my once beloved property go.

In this post, I will argue that a golden opportunity to buy real estate is once again upon us. My spidey senses are telling me it’s time to buy at least one property before January 1, 2021.

After I finish telling you why I’m getting bullish on real estate, I’d love for those of you who are bearish to blow my arguments to smithereens.

Why It’s time to buy property again:

Article source: https://www.businessinsider.com/now-is-the-time-to-buy-san-francisco-real-estate-2019-10