Serene 1-BR Historic Loft in South Beach

Perfect for a flexible live and work environment, this Condo could be yours today!

Characterized by its soaring ceilings and enormous windows, this ground floor 1-BR/2-BA corner loft condo offers an inspirational and flexible live/work environment, great for sheltering in place or working from home. The main “great room” space has impressive double high ceilings, phenomenal natural light, warm wood floors, built in shelves, and an open stairway which leads to the bedroom on the second floor. The completely remodeled eat-in kitchen has beautiful tile floors, recessed lighting, and comes with quality stainless steel appliances, handsome caesarstone countertops, and ample white cabinetry. There is a cozy upper level bedroom with a large closet, recessed lighting, and ensuite tile bathroom with washer/dryer hookups. A full bath on the lower level and one car parking make the home that much more comfortable. The building has a shared courtyard and is located in an area of the Mission known for its tech start ups. The home is across from Franklin Square Park and close to many wonderful restaurants and shops. Easy access to freeways, BART/MUNI, and corporate shuttles.

“Home” is taking on a whole new meaning

The 2020 Homebuyer Wish List [INFOGRAPHIC] | MyKCM

The word “home” is taking on a whole new meaning this year, and buyers are starting to look for new features as they re-think their needs and what’s truly possible. From more outdoor space to virtual classrooms for their children, buyers have a growing list of what they’d like to see in their homes. Let’s connect today if your needs have changed and your wish list is expanding too.

Why Is It so Important to Be Pre-Approved in the Homebuying Process?

Why Is It so Important to Be Pre-Approved in the Homebuying Process? | MyKCM

You may have heard that pre-approval is a great first step in the homebuying process. But why is it so important? When looking for a home, the temptation to fall in love with a house that’s outside your budget is very real. So, before you start shopping around, it’s helpful to know your price range, what you’re comfortable within a monthly mortgage payment, and ultimately how much money you can borrow for your loan. Pre-approval from a lender is the only way to do this.

According to a recent survey from realtor.com, many buyers are making the mistake of skipping the pre-approval step in the homebuying process:

“Of over 2,000 active home shoppers who plan to purchase a home in the next 12 months, only 52% obtained a pre-approval letter before beginning their home search, which means nearly half of home buyers are missing this crucial piece of paperwork.

This paperwork (the pre-approval letter) shows sellers you’re a qualified buyer, something that can really help you stand out from the crowd in the current ultra-competitive market.

How competitive is today’s market? Extremely – especially among buyers.

With limited inventory, there are many more buyers than sellers right now, and that’s fueling the competition. According to the National Association of Realtors (NAR), homes are receiving an average of 2.9 offers for sellers to negotiate, so bidding wars are heating up.

Pre-approval shows homeowners you’re a serious buyer. It helps you stand out from the crowd if you get into a multiple-offer scenario, and these days, it’s likely. When a seller knows you’re qualified to buy the home, you’re in a better position to potentially win the bidding war and land the home of your dreams.

Danielle Hale, Chief Economist for realtor.com notes:

“For ‘a buyer in a competitive market, it’s typically essential to have pre-approval done in order to submit an offer, so getting it done before you even look at homes is a smart move that will enable a buyer to move fast to put an offer in on the right home.’”

In addition, today’s housing market is also changing from moment to moment. Interest rates are low, prices are going up, and lending institutions are regularly updating their standards. You’re going to need guidance to navigate these waters, so it’s important to have a team of professionals (a loan officer and a real estate agent) making sure you take the right steps along the way and can show your qualifications as a buyer at the time you find a home to purchase.

Bottom Line

In a competitive market with low inventory, a pre-approval letter is a game-changing piece of the homebuying process. If you’re ready to buy this year, let’s connect before you start searching for a home.

Ask a Pro about Buying a Home

Lots of people have questions about buying a home, and other topics related to the process. Working with a trusted real estate professional will help you create the most personalized and helpful experience when buying a new home. Let’s connect so you have the guidance you need along the way.

Ask a Pro About Buying a Home [INFOGRAPHIC] | MykCM

 

Today’s Low Interest Rates

Today’s low rates mean it’s less expensive to borrow money, so the savings over the life of your loan is significant. Sometimes it helps to see the dollars and cents you’ll save when you purchase a home while mortgage rates are low. Let’s connect to determine the best way to position yourself for a financially-savvy move in today’s market.

Mortgage Rates & Payments by Decade [INFOGRAPHIC] | MyKCM

Record Breaking Sale at The Palms!

 

Just sold 555 4th Street #825 in San Francisco, a sweet, sunny condo at The Palms in South Beach for $780,000 – or $1,300 per square foot – the highest price per square foot for a one-bedroom in the building ever!

Whether you are looking to buy or sell a property, I always support my clients to get the best price possible!

       

New Waterfront Development Coming to Pier 70

A major new development broke ground in May at Pier 70 with plans to rehabilitate several historic buildings and create thousands of new homes. This is an exciting project that brings to life an area of the waterfront that has been underutilized. Plans include commercial and residential development of the 35-acre site, and will bring new public waterfront parks, spaces for artists and plenty of new housing to the city’s east side. The project is said to cost $2 billion with the Port of San Francisco working in partnership with a private developer, Forest City, known for their innovative approach to building community. Forest City is the developer responsible for such adaptive reuse projects like the award winning Presidio Landmark and the 5M Project which will be transforming the iconic Chronicle Building.

   

STYLISH AND SEXY VIEW CONDO IN NOB HILL

If Sex in the City and Mad Men had a love child, 10 Miller Place would be the product of their union. Located in prestigious Nob Hill, 10 Miller Place #1202 is a stylish and fun 1 bedroom, 1 bathroom condominium that was renovated in 2013 by noted San Francisco designer Benjamin Dhong. Mr. Dhong’s work has been featured in Architectural Digest, Elle Decor, House Beautiful, and the Wall Street Journal. The home showcases high ceilings, a large balcony, and stunning views of San Francisco landmarks including downtown, the Transamerica Building, the Bay Bridge, Treasure Island, and Coit Tower.

   

The living room has several designer touches such as coffered ceilings with elegant wallpaper; a mirrored wall; and custom built-ins with sliders that cleverly hide the TV. The kitchen is open to the the living room for maximum enjoyment of the breathtaking views and has marble countertops, a breakfast bar, a mirrored backsplash, a Blomberg refrigerator, a Bosch dishwasher, a Fagor oven, a Miele cooktop, and a GE Monogram microwave. Although an urban dwelling, this home has 2 storage closets in the entry way and a pantry/closet at the end of the breakfast bar as well as a large closet in the bedroom. The bathroom has a marble-top vanity and stall shower. Hardwood floors, crown molding, paneled doors, custom lighting, and 1-car parking complete this home.

  

 

10 Miller Place is a boutique high-rise building with a full-time doorperson (8 am – 11 pm, Monday to Friday) and common laundry facilities. Current HOA dues are $969 per month and include water, garbage, basic cable, wireless internet, gas, and property management as well as a portion towards reserves.

Located in Nob Hill just a few blocks from the Fairmont, the Mark Hopkins, Huntington Park, Chinatown, North Beach, and the Financial District, this is exactly where you want to be.

Being A Homebuyer Can Be Challenging

Being a homebuyer can be challenging, but there are some things you can do to be sure you will succeed. First time homebuyers often come to the table unprepared and with misconceptions. Don’t let that happen. Here are some things to consider:

  1. Time is of the essence! When the market is active it is particularly important to move fast with a decisive offer right in the beginning. If you don’t you will definitely not have a good chance on winning the bid.
  2. Don’t expect a property to be perfect. There is no such thing as a perfect property. Try to look at the pros and cons and weigh the good with the bad. You can always turn a property into your version of perfect once it is yours.
  3. You maybe can’t have it all, so be prepared to compromise. It is unlikely you will find a property that has everything you want in a home. Think about the things you absolutely must have and the the items it would be “nice to have”. Make lists.
  4. Stay in your budget. Do not pay attention to what others are saying or doing. You know how much you can spend. Don’t forget that in addition to paying your mortgage you will need to factor into monthly expenses your taxes, utilities and maintenance.
  5. Understand what you need from a new home, verses what you want or would like to have. Communicating with your agent about your needs will help the process of finding a new home move along more quickly.
  6. Educate yourself about the Financial Process. Your agent and lender can help you with that. Buying a home may be the biggest financial event in your life. Don’t let yourself be intimidated. Start the process early by gathering information and documentation about your finances. Be sure to get a trustworthy loan officer.
  7. Make sure you get pre-approved for a loan before you start shopping. That way you will know exactly how much you can spend. You will never have to  experience being turned down for a mortgage. It would be very frustrating to fall in love with a house you can’t have.
  8. Forget about low ball offers. You run the risk of insulting the seller. Let your agent determine a fair market value by running the comparables and advising you on a strategy that will win you your new home.
  9. Be ready. Educate yourself about neighborhoods, commute times and anything about location which may impact your life. When the time comes you will have done your homework and will be ready to perform.
  10. Determining a home’s current market value is not something that Redfin or Zillow can provide with any accuracy. It is worlds better to have an agent who is familiar with your market. Have them visit the property to understand the full scope of the situation. They will be able to run a more true-to-life market analysis that will be more telling than any algorithm.

 

Year Over Year Home Prices Are Increasing

Year over year home prices have been increasing throughout the Bay Area. Single-family homes and condos continued to perform well in the first quarter of 2018. In San Francisco the median sales price was up 23.8% for single family homes and 4.6% for condos and lofts. Listings spent less time on the market than in the first quarter of 2017. Take a look at my office’s exclusive data covering the entire Bay Area: