Realty World – City of the Bay

This new restaurant and lounge opened its doors in South Beach/ Mission Bay San Francisco.  It quickly became the next hot spot in town for happy hour, dinner and late night drinks.   One of my favorite aspects of this new spot is the architechture.  Built in 1917 as a meat packing and smokehouse facility, this building has been renovated to blend of the old brick and timber with a new modern, swanky style, creating a visually stimulating and inviting environment.

25 Lusk, located on a small alley in the heart of South Beach is known for its twists on food, crafted cocktails, specialty liquors, wine list and vibrant scene.  While food reviews have varied quite a bit, as with most new restaurants, 25 Lusk has found its groove.

Following up on TIC Home Ownership Part 1. Here is Andy Sirkin, legal expert in TIC ownership, contractual agreements and history, continuing his presentation about TICs.

Approved and effective as of July 15, 2011 is Senate Bill 458.   This bill prohibits junior lein holders who approved (in writing) a short sale of a 1-4 unit property from attempting to collect monies after the close of escrow.  This bill will work in partnership with SB 931 passed last year which prohibits senior lein holders from the same actions.  As with most legal changes affecting real estate there are upsides and potential downsides that may develop.  A key factor in this case can be the differences between recourse and non-recourse loans.  Certainly it is a benefit to a homeowner who sells property in a short sale to avoid post escrow collections as long as the lein holder(s) agreed to the short sale in writing and included the fund disbursements on the HUD-1.   If, however, the loan is a recourse loan, second lein holders may be more reluctant to agree to a short sale and limit their ability to come after the owner to collect the debt owed.  In time the effects of this new bill on short sales will develop.

(A recourse or non-recourse loan can have an impact on an owners decision to short sale or foreclose.  In addition the banks will include fine print that can change the deal a homeowner believes he/she is making.  Please consult a qualified attorney to ensure protection.  For references email me.)

Home buyers shopping in San Francisco end up viewing different types of condos in our market. The sub-types we have here are; Condos, Loft Condos, TIC and Co-Op (cooperatives). When walking into a TIC you may wonder what the differences are. Isn’t TIC a type of ownership, much like joint tenants? Yes it is but in San Francisco, while it is a type of ownership and not a legal type of property it means more than how you hold title to real estate. One of the legal experts in San Francisco on TIC ownership is Andy Sirkin. Andy has been an influential player in educating and creating TIC contracts. He has two videos about TIC ownership that are extremely helpful for any home buyer considering purchasing a TIC verses a more ‘traditional’ condominium. Check out part 1 and check back for part 2.