Gay Realty Network

Real Estate News With a Gay Slant

Condo Construction Breaking Out All Over In San Francisco

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Linea San FranciscoMajor condo projects to help fill need for housing in S.F. A condo construction comeback is shaping up in San Francisco. For the past two years, apartments have dominated San Francisco’s growing skyline, with more than 90 percent of the units in new towers being for rent rather than for sale. And it is pretty obvious why: The crash of 2009 wiped out condo developers across the country, leaving banks and buyers wary of risky for-sale high-rises.

But this month, for the first time in five years, a developer will open a sales office for a major downtown tower. Tishman Speyer is putting the final touches on a sales center for the largest condo complex the city has ever seen. With 656 units, the four-building Lumina will test the upper echelons of the market with the most luxurious development since 2007, when Millennium Partners started selling units in its tower at 301 Mission St.

Lumina was always slated to be the successor to the Infinity, the 650-unit, two-tower development at 300 Spear St. that Tishman Speyer completed in 2007 and 2008. But Tishman Speyer Managing Director Carl Shannon said his development team upped the ante dramatically this time, tripling the amount of space for amenities, adding a billiards room, music room, library, 7,000-square-foot gym, bicycle repair room, valet parking, and private dining room with patio.

At Gay Realty Watch, we look for news to share with you about the gay real estate market – both lgbt real estate news and news specific to gay and lesbian real estate meccas.

Authored By JK Dineen – See the Full Story at The Hornet

Click here for gay realtors, mortgage lenders, and other real estate professionals in San Frtancisco.

If you have a gay real estate story that you’d like to share with us, contact us at info@gayrealtynetwork.com

The Rundown on 94 Los Angeles Development Projects

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The Downtown development scene has been moving forward at a steady clip for more than a year, with a coterie of real estate players and investors recognizing that the community is ripe for additional housing, entertainment options and office space. Still, things ratcheted up even more than could be expected in just the last four months.

Los AngelesSince Los Angeles Downtown News’ previous Development issue in May, a whopping 14 projects have either been announced or have burst into the mainstream. These include major housing efforts on Figueroa Street, the conversion of a vacant 1924 building into a hotel that will feature traditional as well as hostel-type rooms, and a playground in Grand Park.

These projects join a diverse field of 80 already planned or in-the-works developments. It seems that everywhere one looks in Downtown, the signs of change are evident, from the Blossom Plaza mixed-use project in Chinatown to the Federal Courthouse rising in the heart of the Civic Center to Carmel Partners’ 700-apartment effort, complete with a Whole Foods, in the Financial District.

In the following pages, Downtown News runs down the latest information on 94 Central City projects. Given the current state of affairs, expect the momentum to continue.

At Gay Realty Watch, we look for news to share with you about the gay real estate market – both lgbt real estate news and news specific to gay and lesbian real estate meccas.

Authored By Donna Evans – See the Full Story at LA Downtown News

Click here for gay realtors, mortgage lenders, and other real estate professionals in Los Angeles.

If you have a gay real estate story that you’d like to share with us, contact us at info@gayrealtynetwork.com

How Interest Rates Impact Family Wealth

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How Interest Rates Impact Family Wealth | Keeping Current Matters

With interest rates still in the low 4%’s, many buyers may be on the fence as to whether to act now and purchase a new home, or wait until next year. If you look at what the experts are predicting for 2015, it may make the decision for you.

Predictions for 2015 3Q:

Even an increase of half a percentage point can put a dent in your family’s net worth.

Let’s look at it this way…

The monthly payment (principal & interest only) on a $250,000 home today, with the current 4.1% interest rate would be $1,208. If we take that same home a year later, the Home Price Expectation Surveyprojects that prices will rise about 4% making that home cost $10,000 more at $260,000. If we take Freddie Mac’s rate projection of 4.8%, the monthly mortgage payment climbs to $1,364. Some buyers might not think that an extra $156 a month is that bad. But over the course of 30-year mortgage you have spent an additional $56,160 by waiting a year.

 Mortgage Rate Projections | Keeping Current Matters

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Todd Moeller
Seven Gables Real Estate
5481 E Santa Ana Canyon Road
Anaheim Hills, CA 92807
Todd@themoellerteam.com
(714) 404-9540
BRE#: #01762788

Microhousing Coming to Seattle?

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Seattle, Washington

Seattle

New city rules for “microhousing” apartments (backstory here) have just passed the City Council’s Planning, Land Use, and Sustainability Committee. We came in on the meeting broadcast late, but in time to hear the passage of two amendments – one requiring two sinks per unit (food-prep and bathroom areas), one that goes beyond microhousing, requiring a city study of residential-area parking policies, with recommendations to be presented next spring.

Seven amendments in all were proposed – they’re all linked from the agenda for the meeting that just concluded. The full council will vote on October 6th. If the new rules pass, they won’t affect projects already in the pipeline, including at least two on the drawing board here in West Seattle, where two “microhousing” buildings are now open – both under the Footprint brand – one on Delridge, one on Avalon.

At Gay Realty Watch, we look for news to share with you about the gay real estate market – both lgbt real estate news and news specific to gay and lesbian real estate meccas.

See the Full Story at the West Seattle Blog

Click here for gay realtors, mortgage lenders, and other real estate professionals in Washington State.

If you have a gay real estate story that you’d like to share with us, contact us at info@gayrealtynetwork.com

The Two Things You Don’t Need to Hear from Your Listing Agent

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Two Things You Don't Need to Hear From Your Listing Agent | Keeping Current Matters

You’ve decided to sell your house. You begin to interview potential real estate agents to help you through the process. You need someone you trust enough to:

  1. Set the market value on possibly the largest asset your family owns (your home)
  2. Set the time schedule for the successful liquidation of that asset
  3. Set the fee for the services required to liquidate that asset

An agent must be concerned first and foremost about you and your family in order to garner that degree of trust.  Make sure this is the case.

Be careful if the agent you are interviewing begins the interview by:

  • Bragging about their success
  • Bragging about their company’s success

An agent’s success and the success of their company can be important considerations when deciding on the right real estate professional to represent you in the sale of the house. However, you first need to know they care about what you need and what you expect from the sale. If the agent is not interested in first establishing your needs, how successful they may seem is much less important. Look for someone with the ‘heart of a teacher’ who comes in prepared well enough to explain the current real estate market and patient enough to take the time to show how it may impact the sale of your home. Not someone only interested in trying to sell you on how great they are. You have many agents from which to choose. Pick someone who truly cares

Do you have more any more real estate questions? Please visit us on Facebook or at our website.

Todd Moeller
Seven Gables Real Estate
5481 E Santa Ana Canyon Road
Anaheim Hills, CA 92807
Todd@themoellerteam.com
(714) 404-9540
BRE#: #01762788

 

Is Shared Housing the Next Thing for LGBT Boomers?

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Cohousing Association logoJust as ideas in fashion become new again, so do many other facets of our lives. Years ago it was common for people to live together in extended family groups and to form close-knit communities. Then individualism drove us apart. But there has always been a desire in the hearts of many to live close, to form neighborhoods and to share. In the next few articles we’re going to look at some of these old yet new housing options.

Kiplinger’s Retirement Report, Vol. 21, of August 2014, discusses how baby boomers are seeking a new way to live that will allow them to age in place and skip the dreaded nursing home. They go on to discuss cohousing, shared homes and new village formations. We will be discussing all three options, both for retirees and younger families. Today: cohousing.

Cohousing is a form of “intentional community,” and based on a model conceived in Denmark. Residents band together to create a neighborhood which they will design, maintain and manage. Each member has their own residence, but usually these are closer together and somewhat smaller than individual houses. This is intentional – the idea is that residents desire to encounter one another, and will agree to share gardening tools, bicycles, dinners, whatever the group decides, and help one another.

At Gay Realty Watch, we look for news to share with you about the gay real estate market – both lgbt real estate news and news specific to gay and lesbian real estate meccas.

Authored By Del Phillips – See the Full Story at LGBT Weekly

Click here for gay realtors, mortgage lenders, and other real estate professionals.

If you have a gay real estate story that you’d like to share with us, contact us at info@gayrealtynetwork.com

Fannie Mae Relaxes Waiting Period for Distressed Borrowers

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fanniemae-300x198

Fannie Mae recently released a report revising the waiting periods for distressed borrowers with a derogatory credit event such as a foreclosure, bankruptcy, short sale, or deed-in-lieu of foreclosure on their credit history to obtain a new loan.

For borrowers with a short sale or deed-in-lieu of foreclosure on their record, Fannie Mae’s new mandated minimum waiting period to become eligible for a new loan is four years. The time is shortened to two years if there are extenuating circumstances. According to Fannie Mae, extenuating circumstances are defined as “nonrecurring events that are beyond the borrower’s control that result in a sudden, significant, and prolonged reduction in income or a catastrophic increase in financial obligations.”

If a borrower has a foreclosure on his or her credit record, the new minimum waiting period is seven years. Under extenuating circumstances, that period is shortened to three years with some additional requirements for up to seven years.

For those with a bankruptcy (chapter seven or 11), the waiting period is four years (two years with extenuating circumstances). For distressed borrowers with a chapter 13 bankruptcy, the required waiting period is now two years from the discharge date and four years from the dismissal date. If there are extenuating circumstances, the waiting time from the dismissal date is shortened to two years.

If there are multiple bankruptcy filings on a borrower’s record, the waiting period for a new loan is five years if there has been more than one filing in the previous seven years.  Under extenuating circumstances, the waiting period is cut to three years from the most recent dismissal or discharge date.

Fannie Mae said in the report that it is “focused on helping lenders to provide access to mortgages for creditworthy borrowers while supporting sustainable homeownership” and that the new policy “provides opportunities for borrowers to obtain a loan to Fannie Mae’s maximum LTV (loan-to-value) sooner after the preforeclosure (short) sale or DIL.”

The new policy is effective for loans with application dates on or after August 16, 2014.

Under the previous policy, the standard waiting period for borrowers with a derogatory credit event was two years with a maximum 80 percent LTV ratio; four years with a maximum 90 percent LTV ratio; or borrowers were eligible for a new loan after a standard seven-year waiting period. For borrowers with extenuating circumstances, the previous waiting period was two years with a maximum 90 percent LTV ratio.

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Todd Moeller
Seven Gables Real Estate
5481 E Santa Ana Canyon Road
Anaheim Hills, CA 92807

Todd@themoellerteam.com
Todd Moeller Direct:
(714) 404-9540
BRE#: #01762788

San Francisco Homes See Fastest Appreciation in the Country

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san-franciscoHomes prices all across the country have rebounded sharply from the housing downturn. CoreLogic, a real estate information firm, reported that over the past year, prices rose in 371 of the 401 metro areas it tracks. But 10 metro areas, as defined by the U.S. Census, have experienced the sharpest increase, ranging from 11.4 percent to 20.5 percent, according to Kiplinger magazine.

Not too surprisingly, the San Francisco metro area leads the list with the median price up between 13.4 percent and 20.5 percent, according to the magazine. In fact, their survey found prices have come all the way back – or even surpassed – their peak levels of 2006 in many communities.

“Demand has outstripped supply in the nation’s most-expensive housing market for decades,” Kiplinger reports. “This is what happens when high population growth meets geographic and regulatory constraints on new housing construction.” The publication said that another tech boom fueled by an influx of social media companies to the Bay Area (San Francisco, Oakland, Vallejo) is again driving up home prices.

At Gay Realty Watch, we look for news to share with you about the gay real estate market – both lgbt real estate news and news specific to gay and lesbian real estate meccas.

Authored By Mike James – See the Full Story at California Home

Click here for gay realtors, mortgage lenders, and other real estate professionals in San Francisco.

If you have a gay real estate story that you’d like to share with us, contact us at info@gayrealtynetwork.com

Will Fire Island Real Estate Soon Be Underwater, Literally?

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JosephMeet Joseph. He’s concerned about climate change, and wants the upcoming UN Climate Summit in NYC to be successful. So he decided to visit “climate change ground zero.” You know, Fire Island.

Because besides being the stuff that gay dreams are made of (which can quickly turn into gay regret), it’s also a “low-lying sandbar on the Atlantic Ocean.” Which doesn’t sound good when he puts it so bluntly. He tries to engage the locals about the impending threat of climate change, but they seem a bit preoccupied.

Joseph does finally find a few takers, and gets the perfect response after telling them that, “This place will be underwater. Sea level rise will wipe this place out.”

“So like, we won’t be able to come here anymore?”

At Gay Realty Watch, we look for news to share with you about the gay real estate market – both lgbt real estate news and news specific to gay and lesbian real estate meccas.

Authored By Dan Tracer – See the Full Story at Queerty

Click here for gay realtors, mortgage lenders, and other real estate professionals in New York.

If you have a gay real estate story that you’d like to share with us, contact us at info@gayrealtynetwork.com

Will New Luxury Apartments On Seattle’s Capitol Hill Eventually Become Condos?

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Capitol Hill Apartments“Condo Hill” is a term that seems to be popping up with increased regularity in reaction to the rapid construction of new, high-end buildings on Capitol Hill . It turns out, the nickname misses the mark by at least a decade as the vast majority of projects built on Capitol Hill today are for new apartments, not condos. Developers and building owners say, like anything in real estate, it comes down to what’s profitable.

That’s not to say Capitol Hill’s new apartments could never become luxury resident-owned units, but if recent trends are any indication, apartment-to-condo conversions aren’t coming to Capitol Hill soon, either.

In the past three years there has not been one single condo conversion on Capitol Hill, according to city data obtained by CHS. In that same time period, only seven apartment units were converted to condos city-wide. New condo construction has also slowed dramatically in recent years.

At Gay Realty Watch, we look for news to share with you about the gay real estate market – both lgbt real estate news and news specific to gay and lesbian real estate meccas.

Authored By Bryen Cohen – See the Full Story at

Click here for gay realtors, mortgage lenders, and other real estate professionals at the Capitol Hill Seattle Blog.

If you have a gay real estate story that you’d like to share with us, contact us at info@gayrealtynetwork.com