South San Francisco, CA

Our comeback in Real Estate this 2011 is truly amazing! It's not the way it used to be from our 25 years of practice before. The last 5 years has taught us to re-strategize the marketing we implemented before with so much outbound marketing-postcards, newsletters, print-ads, newspaper ads etc. We have allotted our budget at least 30% for outbound marketing. Now the in-bound marketing through Social Mediais is helping us a lot to renew our commitment and dedication to the industry with a very minimal expenses. Aware of the new technologies and the new trends in real estate, working from home and enjoying grandparenting, is making our passion re-ignited and enjoy the journey of helping others. Specializing with REO/Foreclosures and Short Sales in San Francisco and San Mateo counties, we are connecting the bargain properties with First Time Homebuyers. Prices rolled back just like in the early 2000's and now it is more practical to own than to rent. Mortgage payments for low prices is practically the same as renting. We just handed the keys last week to a happy family to their first home here in San Francisco Peninsula and combined rent for siblings to 2 apartments is almost the same owning their 4bedrooms, 2 baths home with 2 separate kitchens on a 2 story home. In time for THANKSGIVING. What a breath of fresh air and a joy to our hearts being a part of an American Dream. This also shows in hard times there is always a silver lining. Great bargains are out there with Foreclosures and Short Sales, for those dreaming to own their First Home in San Francisco and San Mateo counties, there is no better time to buy NOW.

HAPPY THANKSGIVING TO ALL. May another Thanksgiving bring you to your dreams and goals of owing your own home for the first time or next time to find you to be homeowner again.

Required Pre-Sale Inspections - South San Francisco

Just about every city in the San Francisco Bay area requires some sort of city mandated inspection or report prior to the sale of a 1 to 4 unit building.

South San Francisco requires a Home Safety Inspection by the Fire Prevention Division prior to closing a sale. They do offer a pre-inspection at no cost. This would identify things like smoke and carbon monoxide detectors, water heater strapping, safety issues with exits or security bars, and work done without permits. I spoke with a very nice and well-informed woman at the Division yesterday regarding an upcoming REO listing.

In response to the initial pre-inspection, seller could do one of two things:

1. Have any noted items corrected. Then schedule a final inspection (cost is $125) at which time the Division will sign off on the corrections and issue a Certificate of Compliance.

2. With the pre-inspection items identified, market the property AS-IS with the understanding that it will be the buyer 's responsibility to correct the items after close of escrow. Once a buyer is on board a separate addendum would be required showing that the buyer agrees to remedy any code related issues within a certain time frame after close of escrow. This is then registered with the Fire Prevention Department. There is no pre-sale Certification of Compliance, but no Violations recorded either.

Approach 1 is obviously preferred, and where it concerns mostly missing detectors or water heater bracing, should be the approach taken.

Approach 2 would solve the problem in the case of a Short Sale (seller has no funds), seller has died, or in the case of an REO property. This would most likely come in to play in remedying non-permitted work, or illegal construction.

REO Properties and Legal Requirements

I've written a few recent posts about keeping REO / vacant properties safe. Two of the latest are Squatters in the House! Police were called and Be Careful of the Squatters.

I live in San Francisco, which is only 47 square miles (according to Wikipedia) , roughly 7 miles by 7 miles. So my work as a REALTOR often takes me outside City boundaries. And we have to keep up with all neighboring city requirements if we want to work there. I'm talking about Best Practices in Real Estate.

I have another REO listing coming up soon in South San Francisco. It is a great opportunity for an Investor or someone who wants to live in a home and have great income. There is a 3 Bedroom home on one street and a 3-unit building in back on another street. More on that later.

Since it is an REO and now vacant, I've been talking with the Fire Department about their required Safety Inspections (another post to come soon on that requirement). Then I found another item of interest. Each REO has to be registered with the city as a Distressed Residential Property. And there are specific requirements regarding notices / signage on the property.

The following from Ordinance 1402-2008:

Signage Requirements

Any abandoned property shall be posted with the name and 24 hour contact phone number of the trustee beneficiary or a local property management / realtor company that must be retained by the beneficiary.

The posting shall be no less than 18 inches by 24 inches and shall be of a font that that is legible from a distance of 45 feet., and shall contain along with the name of the 24 hour contact number, the words "THIS PROPERTY MANAGED BY........and TO REPORT PROBLEMS OR CONCERNS CALL ......."

The posting shall be placed on the interior of a window facing the street to the front of the abandoned property so it is visible from the street but not readily accessible to vandals.

It's just not enough for a Realtor to be good at buying or selling properties. We MUST know all the rules and regulations set by any local community we work in. We must be educated and adept at what we do in order to skillfully represent our clients.

For Gen Y First Time Homebuyers, South San Francisco is one of the best cities to live in the Mid-Peninsula It’s geographic location will serve it’s purpose being in the center going to the South or to the North. Going North, five to ten minutes to San Francisco International Airport, 15 minutes to Downtown San Francisco. Going south is 15 minutes to Mountain View and Palo Alto and less than an hour to Silicon Valley. South San Francisco (or South City to many) is one of the most predominant biotech development areas in the country, which generates revenue and employment in the community. Oyster Point Business Centers caters to executive offices and commercial businesses.

Genentech, one of largest biotech companies in the world offers lots of job opportunities in this area. The San Francisco International Airport together with the hotel and restaurant industries offer employment whether in service or in tech. One great news is that South San Francisco homes for sale are becoming affordable to the First Time Home Buyers. A decent 3 bedrooms single family home, condos and town homes have never been affordable since the early 2000’s. The affordability of the monthly mortgage is undoubtedly more practical than renting.

With Gen Y Homebuyers who are interested in getting their first place and still avail of the San Francisco working lifestyle, South San Francisco homes can be the right path to homeownership.

As it is popularly called South City, you can still find most neighborhoods comprise of young families with working parents. School district can be convenient to these communities who are raising children. Commute is so convenient with the city and county transportation available 7 days a week. With 2 major freeways, 101 and 280, drivers are given the choice to get to their destination fast and easy.

REO or Bank Owned Foreclosures and the Short Sale listings play a big role in this home affordability for South San Francisco. Homes for sale in South San Francisco ranges from $199k to $299K for condos and town homes and for single family homes prices ranges from $299k to $399k. Homes for sale in South San Francisco can be the best bet for home ownership for the Gen Y First Time Homebuyers.

I decided to focus on the first city that I need to service as my "niche market" for Gen Y First Time Homebuyers in South San Francisco. I need to know this market and the first thing that came to my mind is the Census Data. How can I promote the homes for sale in South San Francisco without knowing the current demographics of the community? So to start with here's the Census Report for South San Francisco.

Source: Census 2000 SF1, SF3, DP1-DP4, CTPP, Census 2010 DP-1