About San Francisco's South Beach

To make a long story short - a continuation from my earlier blog

A Day in the Life....Ended on the 50th Floor in San Francisco

In order to have final preapproval for a loan to purchase that 50th floor 2BR, my clients needed to finalize their discussions with Hong Kong and Shanghai Bank - now known as HSBC. The meeting went fairly well, but in the end my clients were reluctant to provide certain personal information required. They also didn't have the blank checks from another local account they had opened last October, so had no way to provide the 5% deposit required. It was also getting on to 4pm - we were running out of time to get back to the sales office to actually make the offer. And they want to go to Yosemite on Wednesday, and they leave for the east coast on Thursday AM. The offer may yet be able to be accomplished through email and docusign, but I am doubtful.....so this is likely end of story. Aside from the financial consequences to ME, I regret that I didn't take pictures - it was a Spectacular view!

However, I have more info on an excellent loan program especially for buyers from China (and other foriegners as well). As you probably know, China limits the amount of $$$ that can be transferred out of country every day by private individuals. I think it is something like $50,000. So even for an all cash buyer there needs to be a lot of forethought in getting that cash to the US in the first place. Considering how difficult that may be, there is an option.

The long and short: HSBC has a program with the following requirements:

1. Buyer opens savings account and deposits $100,000 for minimum one year.

2. Buyer pays a 40% downpayment upon ratification of contract..

3. Buyer provides a Letter of intent / verification from foreign bank where money is kept, 2 months bank statements, and profit & loss statements or proof of source of income.

4. Buyer gets mortgage at 3.5%.

And, Oh Yeah, the next time my clients come back to the US, I'll require bank statements, and all cash in a Hong Kong or US bank. Only then can we go look again....

Day 2 of searching for the perfect condo in San Francisco - one with water views, easy access to MUNI light rail, walk to the grocery store, and walk to Union Square in 20 minutes.

We started at the Beacon on King Street. The realtor's assistant David showed us two well appointed and organized 2 BRs very well done. Nothing spectacular, but well appointed. My clients from China were very appreciative, but we had more to see.

We wanted an appointment at The Towers on King Street, right across the street from AT&T park, but the owners had just returned from Mexico, and the agent can't show the condo when the owners are there. Too bad. I love this building for its resort feel, and my clients loved the pictures of water views. I have a feeling the sellers could have had a sale there - 2BR with Den - just what they were looking for.

Then on to The Infinity on Spear Street. I love this building. I showed a number of units from this building a number of years ago to buyers from Hawaii, and the units had spectacular views and great floor plans. Unfortunately the unit we saw today, although a nice layout, was on a lower floor with nothing but views in to other nearby office buildings. For over $1 mil. Not worth it.

Next, One Rincon Hill in South Beach. A number of years ago it would have been considered too far on the edge of downtown. But development South of Market has made it a more comfortable location, and as the tallest condo building in SF at 60 stories it presents quite an image. You can see the recently completed Millennium Tower at 58 stories from here, closer to Market Street, but it is pricier, believe it or not - both in unit prices and HOA.

We looked at 2 - 2BR units on mid and high floors, and one 3BR. My clients fell in love with a 2BR on the 50th floor, with gorgeous Water and City views.

Next up for Tomorrow, finalizing preapproval or proof of funds and submitting an offer? Only time will tell. Or it could all disappear in a flash as my clients run out of time for their current US visit. Stay posted.....It's always an adventure in SF real estate.

* Photo of One Rincon Hill from onerinconhill.com

Sales Report: SOUTH BEACH neighborhood, San Francisco (January 2011)

Condominiums and Lofts

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Neighborhood Snapshot: South Beach, San Francisco, California

Yes...believe it or not, there's a 'South Beach' in San Francisco. There's also a 'Pittsburg' and a 'Venice' (in CA), but that's another discussion we'll save for later. As with many areas of the City, there is definitely lot of history behind the South Beach neighborhood . The more you dig, the more interesting it can get. The modern border you see around the City by the Bay didn't exactly look like that about 150 years back. The desire to back-fill small creeks and sloughs was common practice for expansion and creation of "develop-able" land... or perhaps for just burying a few "secrets"...no doubt there are a few. This area in particular, as well as the surrounding neighborhoods of Yerba Buena and SOMA (south of Market) and Mission Bay, saw a huge boom in development beginning in the early nineties through the early 2000's...all in sync with the City's overall expansion plan towards the southern port sections of town. Of course, given the current economy, construction has slowed significantly, and many of the newer homeowners who paid top dollar (often with 100% financing) during the frenzy have seen prices drop in many of these new buildings. Accordingly, you'll find a decent chunk of short sale and REO units distributed through out the general area. Not everyone, of course, is "under the water", and the area is still a huge destination spot for folks looking to enjoy the surrounding night life and waterfront living in San Francisco. Definitely a must see area on your next visit to San Francisco!

South Beach

From the Zephyr Video Narrative...

Ever evolving, South Beach is now San Francisco's newest upscale destination neighborhood. Just south of the Financial District alongside the San Francisco Bay, South Beach enjoyed a major boom in the late 20th century, as high-tech start-ups set up shop and glittering residential condos rose to the sky. New developments along with thrilling nightlife and dining options give this neighborhood a heavily cosmopolitan air. Home buyers are easily enticed by the high rises and conversion lofts that pop up unexpectedly between designer furniture stores, art galleries and nightclubs. South Park is an unofficial hub for the neighborhood. This little park offers a playground, picnic areas and is surrounded by quaint cafes and restaurants. It was San Francisco's first gated community. In the midst of all the change in South Beach, walking the loop around South Park Avenue, one can easily go back in time to 1852 when privileged homeowners needed keys to enter their neighborhood. Now the area is home to architects, designers, photographers, restaurants and boutiques. You'll likely run into a friendly dog or two as well. Rapid development along with the presence of the new ball park, home of the San Francisco Giants, have greatly increased the level of public transit service. Muni's N-Judah streetcar takes off from the Caltrain Station at 4th and King Streets,zipping residents along the waterfront and downtown. Freeway access is exceptionally easy as well, making South Beach a commuter's dream come true. To the east, the Embarcadero is heaven for cyclists, joggers and walkers. Bay views will take your breath away. SOMA and Yerba Buena border South Beach to the west, offering world class cultural activities and nightlife into the wee hours of the morning.

"South Beach" Real Estate is one of the more popular searches in San Francisco

Luckily I have a site for you that is two clicks away from showing you all South Beach Homes and Condos For Sale in San Francisco. Search All South Beach Properties Here. South Beach is my backyard and I know South Beach Real Estate.

Search South Beach Highrise Condos For Sale, South Beach Lofts For Sale, Soma Homes For Sale, Soma Real Estate, South Beach Foreclosures and Bank Owned Properties, including South Beach Luxury Homes and Real Estate Listings on our website.