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8 Ways to Solve San Francisco's Housing Crisis

8 Ways to Solve San Francisco's Housing Crisis | San Francisco Real Estate News | Scoop.it

On one of the first rainy days that drought-stricken California has had in months, San Francisco Mayor Ed Lee stood out of the rain in an unfinished retail space on the city’s gentrifying Market Street. Exposed pipes ran past naked plaster and cold concrete floors, but the drab backdrop had shining significance: above the retail space were nearly two dozen brand new, below-market rate apartments, the kind of housing the land-constrained, soaringly expensive city desperately needs—and that the mayor has vowed to provide.

Housing in San Francisco has become the most costly in the nation, spurring an affordability crisis that has pushed protesters into the street and low-income earners out of their homes. It has also inspired a flurry of activity at City Hall, where politicians have been churning out proposals aimed at fixing housing problems and easing the city’s simmering class tensions. Lee’s latest effort, announced at a press conference in the retail space on Thursday, calls for cutting red tape in the cumbersome review process for new projects and giving priority to proposals that include units for lower-income residents.



Read more: San Francisco Housing Real Estate Costs | TIME.com http://nation.time.com/2014/02/07/8-solutions-to-san-franciscos-housing-problems/#ixzz2swYsJ2O2

Bornstein Law & Bay Property Group's insight:

"Housing in San Francisco has become the most costly in the nation, spurring an affordability crisis that has pushed protesters into the street and low-income earners out of their homes.

Read more: San Francisco Housing Real Estate Costs | TIME.com http://nation.time.com/2014/02/07/8-solutions-to-san-franciscos-housing-problems/#ixzz2swYq0S7B

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We are committed to keeping you abreast of San Francisco real estate and property updates, news, trends and insights from around the SF bay area. Contact us for further assistance: http://bornstein.law and http://baypropertygroup.com Thank you for following and reading!
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Number Of Wealthy, White Urban Dwellers Has Risen Since 2000, Economist Says

Number Of Wealthy, White Urban Dwellers Has Risen Since 2000, Economist Says | San Francisco Real Estate News | Scoop.it

Jed Kolko, the former chief economist at Trulia, has been working double time to puncture the idea that the United States is in the midst of a great shift toward urban living.

 

Instead of looking at the movement of Americans to and from cities or metro areas, he's had the great insight to analyze the growth of different neighborhoods by housing density—the logic being that some cities full of detached single-family homes, like Charlotte, N.C., actually look an awful lot like suburbs, and some suburbs full of row houses and apartments, like Hoboken, N.J., look and feel a lot like cities.

 

His work has shown that after briefly falling behind following the recession, sprawling 'burbs are once again growing faster than jam-packed urban neighborhoods. Young adults, often stereotyped as bike-riding, coffee-shop-dwelling city creatures, are actually becoming less urban overall.

Bornstein Law & Bay Property Group's insight:

The highest-earning 40 percent of U.S. households are now more likely than they were in 2000 to live in crowded urban neighborhoods.

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Home Purchases By Foreign Buyers Are Likely Easing

Home Purchases By Foreign Buyers Are Likely Easing | San Francisco Real Estate News | Scoop.it

"Over the 12-month period April 2014‒March 2015, the National Association of REALTORS® estimated that the dollar volume of home purchases of foreign buyers rose to $102 billion, led by purchases from Chinese buyers. While NAR is yet to conduct its annual survey in April 2016, current economic indicators could prove challenging to foreign buyers and may indicate an easing of foreign demand.

  • Rising U.S. home prices. U.S. home prices have continued to increase strongly, making homes less affordable for domestic and foreign buyers alike. As of January 2016, the median price of an existing home stood at $213,800, or eight percent higher compared to the levels one year ago.

  • Stronger dollar. On top of the strong increase in home prices, the dollar has also strengthened against most currencies, which means that foreign buyers have to shell out more of the local currency for every dollar of purchase. For example, the dollar has appreciated against the Brazilian real by a whopping 54 percent, against the Mexican peso by 23 percent, and the Canadian dollar by 15 percent."
Bornstein Law & Bay Property Group's insight:

"Tighter monitoring of capital flow in China is expected to have some impact since foreign buyers typically pay cash." Realtor.org

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Google Fiber Coming To San Francisco First

Google Fiber Coming To San Francisco First | San Francisco Real Estate News | Scoop.it

"Google Wednesday confirmed it will bring its ultra-high-speed Internet service, Google Fiber, to a California city -- and it's not San Jose.

 

The Internet behemoth in October said it was working with San Jose officials to bring in the gibabit-speed, fiber-optic cable service, and had applied for some necessary permits. But on Wednesday the company announced it will "connect some apartments and condos" in San Francisco, along with providing the service for free to some affordable housing residents there.

 

"We have a lot of work to do before we can offer details on service and timing, or identify the specific condos, apartments, and affordable housing properties that will be connected," a Google blog post said."

Bornstein Law & Bay Property Group's insight:

Google announced plans to bring its lightning-fast Google Fiber service to “some apartments, condos and affordable housing properties” in San Francisco, by utilizing the existing fiber cabling in the city.  Exact dates and locations of the rollout are still being worked out.

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S.F. protesters want $20 million to help homeowners, renters

S.F. protesters want $20 million to help homeowners, renters | San Francisco Real Estate News | Scoop.it
The group, led by the Alliance of Californians for Community Empowerment, called for the mayor to allocate $20 million for financial assistance for distressed Bayview homeowners and at-risk Mission District tenants. “In his five years reign as mayor, Ed Lee gave to me: A Twitter tax break, pay to play politics, thousands of evictions and the displacement of the black community,” sang the activist carolers. The protesters said the $20 million request would be divided, with $10 million going to help distressed Bayview homeowners reduce the amount owed on their loans and the other $10 million for the small-site acquisition program, to help Mission renters buy their buildings. Under Lee’s leadership, the city has grown to new levels of prosperity, with rising housing prices, more tech firms and a city budget that’s increased by more than $2 billion.
Bornstein Law & Bay Property Group's insight:

“In his five years reign as mayor, Ed Lee gave to me: A Twitter tax break, pay to play politics, thousands of evictions and the displacement of the black community,” sang the activist carolers.

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SF's Rent Prices Only Went Up 4.5 Percent in 2015

SF's Rent Prices Only Went Up 4.5 Percent in 2015 | San Francisco Real Estate News | Scoop.it
San Francisco's rent prices have been rocketing up with double-digit increases every year for so long that we almost forgot what a normal rental market looks like. If rental website...
Bornstein Law & Bay Property Group's insight:

Most places would love to have 4.5% growth in 2015! 

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New Co-Working Operator Leases 37,000ft on Mission St. SF

New Co-Working Operator Leases 37,000ft on Mission St. SF | San Francisco Real Estate News | Scoop.it
SPACES, the Netherlands-based co-working provider, has leased 37,000 square feet of space on the ground and second floors of The Paramount at 680 Mission Street. The new location will be the company’s first on the west coast and second in the United States, with 284 desks in Long Island City. When Related California built The […]
Bornstein Law & Bay Property Group's insight:

Co-working spaces are taking over traditional office rentals... have you tried one?

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Top 5 Home Inspection Issues in Real Estate

Top 5 Home Inspection Issues in Real Estate | San Francisco Real Estate News | Scoop.it
A home inspection not only offers lay purchasers ammunition for offsets, but when mismanaged the inspection can kill the deal. To save your deal while leveraging proper due diligence, it's important to understand five home inspection issues in residential real estate transactions.
Bornstein Law & Bay Property Group's insight:

Home inspections are terribly important piece of the real estate puzzle... learn more! 

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Why Real Estate Could Be a Better Investment than Stocks!

Why Real Estate Could Be a Better Investment than Stocks! | San Francisco Real Estate News | Scoop.it
I'm not trying to push anyone into real estate who is afraid of it or not suited for a landlord's duties. But, there definitely are reasons for real estate as a diversification strategy.
Bornstein Law & Bay Property Group's insight:

Duh... we know real estate investing is better than stocks, here is how! 

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Fairmont SF Hotel Interests Sold To S. Koreans For $450M

Fairmont SF Hotel Interests Sold To S. Koreans For $450M | San Francisco Real Estate News | Scoop.it

SAN FRANCISCO--(BUSINESS WIRE)--The companies that own world renowned Fairmont San Francisco Hotel atop Nob Hill were sold today for $450 million by a partnership between funds managed by Oaktree Capital Management, L.P. (“Oaktree”) and real estate investor Michael Rosenfeld’s Woodridge Capital Partners LLCKingdom Holding Company (KHC) was also part of the selling group. The buyer is comprised of affiliated companies of Mirae Asset Global Investments, a large financial services company based in Seoul, Korea. Mirae is a pioneering financial services company that introduced the first mutual funds to Korea in 1998.

Bornstein Law & Bay Property Group's insight:

The Fairmont was sold $180M in 2014... a 2X increase to $450M and sold to a S. Korean firm. 

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SF Data Reveals Local Residents Spend 47% of Income on Rent

SF Data Reveals Local Residents Spend 47% of  Income on Rent | San Francisco Real Estate News | Scoop.it

Perhaps you’ve heard – it’s really expensive to live in San Francisco. A recent report from the real estate website Zillow reveals that San Franciscans spend an average of 47% of their income on rent.

Those lucky enough to afford to buy in San Francisco spend 40.6% of their annual salary on mortgage. First-time home buyers planning to put 20% down on their purchase will need to have saved a median average of $153,600.

The San Francisco Business Times reports that it’s basically totally affordable to live almost anywhere else in the world, as if any of us would ever consider moving to a fly-over state. Have you looked outside today? It’s gorgeous.

Spending 47% of one’s annual income on shelter leaves the average San Franciscan 53% to spend on everything else (obviously.) Here are the Top 10 expenses we suspect take up the rest of that money:

Bornstein Law & Bay Property Group's insight:

"First-time home buyers planning to put 20% down on their purchase will need to have saved a median average of $153,600."  Zillow

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ironmic215's curator insight, November 14, 2015 9:05 PM
This is further proof that we as a people need to further allocate the way that our wealth and resources are dispensed.
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SF's November Rent Sets Yet Another Record

SF's November Rent Sets Yet Another Record | San Francisco Real Estate News | Scoop.it

"Just when you thought maybe, just maybe there was a chink in the high-priced armor worn by San Francisco’s rent market, the median rent for a one bedroom went up again. After a record in early September of $3,530, SF’s October median one bedroom now rents for $3,670, according to Zumper’s National Rent Report for November (two bedrooms remained steady at $5,000).


That hike comes despite news of Twitter’s massive layoffs and a September report in the Business Journal on waning confidence in the “white hot housing market” of San Francisco.


Bay Area rents still setting records

San Francisco does not stand alone in the record-setting rent department. Oakland, a city that won the dubious distinction of being the nation’s hottest rental market in August of this year, is now the 5th most expensive market in the country. In Oakland this November, one bedrooms, per the Zumper report, hit a median of $2,160."

Bornstein Law & Bay Property Group's insight:

"Only 10% of the 50 largest cities in the US have actually seen rent drops this past year."

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Bubble Watch - SF's Housing Market 5th in World

Bubble Watch - SF's Housing Market 5th in World | San Francisco Real Estate News | Scoop.it

San Francisco might be the most expensive city in the country, but it'salso the biggest risk for a housing bubbleaccording to a new study by UBS Wealth Management. According to the bank, the study is meant to "track the risk of housing bubbles in global financial centers," and San Francisco is the fifth highest spot in the world for bubble risk. London leads the way, followed by Hong Kong, Sydney, and Vancouver. Cities in the bubble zone face the risk of a large price correction if there's a "change in macroeconomic momentum, a shift in investor sentiment, or a major supply increase."

The study shows that, between 1985 and 2009, when a city got a rating of 1.0 or above on the bubble index a real price correction on the average of 30 percent hit within three years 95 percent of the time. San Francisco is teetering right around that 1.0 mark, well above other U.S. cities like New York, Boston, and Chicago, which are all fairly valued according to UBS. The report also notes that "investors in overvalued markets should not expect real price appreciation in the medium to long run."

San Francisco's run has been "fueled by foreign demand and a fast growing economy (Silicon Valley), although prices have risen much faster than incomes," says that report. The only question left to ask is what comes next?

Bornstein Law & Bay Property Group's insight:

SF just ranked 5th in the world according to UBS for a real estate bubble within 3 years!

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SF Real Estate: High Home Prices Link Up With Apple Inc.

SF Real Estate: High Home Prices Link Up With Apple Inc. | San Francisco Real Estate News | Scoop.it

San Francisco real estate properties are a bit pricey. The high home prices are being linked up to the technology sector like Apple company.

The Wall Street Journal reports that protesters are already blaming the technology sector for the mounting home prices in San Francisco, California. According to these individuals, "the industry's high salaries and lavish stock-option awards are fueling the increases.

(Photo : Stephen Lam/ Getty Images)

Bornstein Law & Bay Property Group's insight:

"Homes occupied by Apple workers are appreciating at 18% a year, compared with 11% for San Francisco as a whole, and 12% for San Jose."

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Are SF Real Estate Prices Starting to Level Off?

Are SF Real Estate Prices Starting to Level Off? | San Francisco Real Estate News | Scoop.it
As fall selling season kicked off in San Francisco after Labor Day, we wondered if new uncertainty in the stock market would impact the seemingly endless skyward march of San...
Bornstein Law & Bay Property Group's insight:

"Condo prices have slipped before during the boom, and prices are heavily affected in San Francisco by seasonality."

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What $4,000/Month Rents You in San Francisco

What $4,000/Month Rents You in San Francisco | San Francisco Real Estate News | Scoop.it
Welcome to Curbed Comparisons, a column that explores what a person can rent for a set dollar amount in various San Francisco neighborhoods. Is one man's studio another man's townhouse?...
Bornstein Law & Bay Property Group's insight:

Which of these options is your favorite or best deal?

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Mayor Lee Supports Tenants Rights

Mayor Lee Supports Tenants Rights | San Francisco Real Estate News | Scoop.it

Last week, San Francisco Mayor Ed Lee backed sweeping new eviction protections Supervisor Jane Kim sponsored for the city’s tenants. That’s nothing new.  Lee has supported every single piece of tenant legislation that has passed the Board since taking office in January 2011.

Lee has also stopped Ellis Act evictions. He did this by dramatically boosting funding for tenant legal representation, which has led to legal victories for tenants and discouraged speculator evictions by raising their costs.

Lee’s Small Sites Program has purchased small buildings where tenants are facing, or are likely to face, displacement due to the Ellis Act. High-profile Ellis evictions like that of Benito Santiago were first stopped by legal action and then permanently halted when the Small Sites Program was used to purchase Santiago’s building.

Lee is also the first and only mayor in California to go up to Sacramento as part of an all out effort to enact state Ellis Act reform. Lee led San Francisco’s all out lobbying effort to stop speculator evictions in 2014, and again pushed for the Leno bill’s passage this year. Lee’s campaign did not win reform, but it did  lead to a reduction in Ellis evictions as speculators awaited the bill’s outcome.

Bornstein Law & Bay Property Group's insight:

San Francisco Mayor Ed Lee is strongly backing tenants rights and is the nation's most pro-tenant big city mayor. 

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San Francisco: The Rent Is Too Damn High

San Francisco: The Rent Is Too Damn High | San Francisco Real Estate News | Scoop.it

Now, five years living in San Francisco under many roofs on different city streets, I can solemnly verify that indeed, the rent is too damn high. And it’s only getting higher.

Anyone can agree that their rent is too high and everyone wishes they could pay less. But in San Francisco, there has become a widening gap between simply wishing for less rent, and now constantly fearing eviction.

For many San Franciscans, that fear is becoming a reality.

The price of living has increased so rapidly and relentlessly that many who have long, established lives here, can no longer afford to live here. Even worse, they’re being told to leave.

- See more at: http://theguardsman.com/san-francisco-the-rent-is-too-damn-high/#sthash.8B2kYO9L.dpuf

Bornstein Law & Bay Property Group's insight:
Is “San Francisco is becoming too grand and too rich for it’s own people?"


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Index For San Francisco Home Values Close to 2006

Index For San Francisco Home Values Close to 2006 | San Francisco Real Estate News | Scoop.it

Having ticked up 0.6 percent in July, and gained 59 percent since January 2010, the Case-Shiller Index for single-family home values within the San Francisco Metropolitan Area is within 1.2 percent of its 2006 peak and 10.4 percent higher versus the same time last year.

That being said, while the index for the bottom third of the market gained 1.0 percent in July (up 11.2 percent year-over-year), and the index for middle third of the market gained 0.9 percent (up 11.7 percent year-over-year), the index for the top third of the market was unchanged for the second month in a row but remains 9.8 percent higher versus the same time last year.

According to the index, single-family home values for the bottom third of the market in the San Francisco MSA have more than doubled since 2009 and are back to October 2004 levels (21 percent below an August 2006 peak); the middle third is back to July 2005 levels (2 percent below a May 2006 peak); and home values for the top third of the market remain at the all-time high recorded in May (13.7 percent above the previous peak reached in August of 2007).

Having slipped 0.5 percent in June, San Francisco condo values ticked up 0.7 percent in July to a new all-time high, up 12.0 percent year-over-year and 15.4 percent higher than in October of 2005, the peak of the previous cycle. 

Bornstein Law & Bay Property Group's insight:

"Single-family home values for the bottom third of the market in the San Francisco MSA have more than doubled since 2009!"

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THIS is what $350K buys you in San Francisco

THIS is what $350K buys you in San Francisco | San Francisco Real Estate News | Scoop.it
In America's most expensive city THIS is what $350K buys you in San Francisco
  • A dilapidated and tiny two bedroom, one bathroom home is being sold in the Outer Mission neighborhood of the city for $350,000
  • The 765-square-foot wood siding house is being showcased as a 'single family' listing
  • Built in 1906, it is described as a 'distinguished home in need of work'



Bornstein Law & Bay Property Group's insight:

Wow... a real winner! $350 gets you this lovely 2 bedroom home, complete with boarded windows and bars.  Welcome to San Francisco real estate, not for the faint of heart. 

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Map Compares SF Housing Prices to The Most Expensive Neighborhoods Around the World

Map Compares SF Housing Prices to The Most Expensive Neighborhoods Around the World | San Francisco Real Estate News | Scoop.it

It's old news that San Francisco is the most expensive city in the country. But what happens looking further afield to some of the world's global capitals like Paris and Rome? A new interactive map from Constantine Valhouli's NeighborhoodX compares prices in San Francisco neighborhoods to those in some of the priciest areas in cities around the world. In San Francisco the Outer Sunset is considered remote, but its pricing per square foot compares to Rome's central, historic Centro Storico. Hunters Point isn't a high-end neighborhood by any means, but its prices are similar to those of Salamanca, known as one of the most expensive, high-end neighborhoods in Madrid.

Bornstein Law & Bay Property Group's insight:

Check out this new map comparing our local SF neighborhoods to famous areas around the globe!

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Buying A House Swallows Up 77 % of Avg. San Franciscan's Income

Buying A House Swallows Up 77 % of Avg. San Franciscan's Income | San Francisco Real Estate News | Scoop.it

It was no surprise at all to see San Francisco be named the least affordable city in the country yet again in the latest affordability report by real estate website Trulia. But the gory details of the report are still startling. A median household in the San Francisco metropolitan area would have to spend 77 percent of its monthly income on housing to purchase the median-priced home on a 30-year loan. That figure also includes property taxes and insurance. That's far above the second place city, Los Angeles, where a median household would spend 59.6 percent of monthly income on housing. Then, a median household would have to spend another 8.6 percent of their income on commuting and utilities, bringing its entire expenditure on the basics to 85.5 percent of income.

Bornstein Law & Bay Property Group's insight:

"The bad news is that affordability has gone significantly down in the past year for San Francisco, and for most of the other cities in Trulia's study."

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What $4,000/Month Rents You in San Francisco

What $4,000/Month Rents You in San Francisco | San Francisco Real Estate News | Scoop.it
Welcome to Curbed Comparisons, a column that explores what one can rent for a set dollar amount in various San Francisco neighborhoods. Is one man's studio another man's townhouse? Let's...
Bornstein Law & Bay Property Group's insight:

As the monthly rents continue to rise, we are seeing less and less rentals on the market in SF!

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View from Benioff's Future Office - Top of Salesforce Tower

View from Benioff's Future Office - Top of Salesforce Tower | San Francisco Real Estate News | Scoop.it
Photos via Patricia Chang When the Cesar Pelli-designed Salesforce Tower is finished, it will be the tallest building in San Francisco, rising 61 floors and 1,070 feet into the sky....
Bornstein Law & Bay Property Group's insight:

Not too shabby unless you are afraid of heights!

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Who are the big-time tenants circling Salesforce Tower?

Who are the big-time tenants circling Salesforce Tower? | San Francisco Real Estate News | Scoop.it

It’s been 503 days since Salesforce inked the biggest office lease in San Francisco history and grabbed the naming rights to the city’s tallest proposed tower. Since then, no other companies have taken space in the tower as it now starts to slowly make its way out of the ground for April 2017 delivery.

But Salesforce could soon have big-name neighbors signed on.

Several market sources tell me that startup-space-provider WeWork and management consulting giant Bain & Co. are in talks to lease about 100,000 and 60,000 at Salesforce Tower, respectively.

It doesn’t appear that any formal agreements – known as letters of intent – have been signed. But getting those deals done would be big moves for Salesforce Tower developers Boston Propertiesand Hines, who are competing for deep-pocketed tenants with apair of other Transbay office towers– the under-construction 181 Fremont and the approved Park Tower.

Plenty of market watchers have been skeptical about the 1.4-million-square-foot building’s ability to capture big-name technology tenants, who wouldn’t want to be in Salesforce’s shadow. 

Bornstein Law & Bay Property Group's insight:

“Our list of prospective tenants is very good. We are definitely trading paper with a number of tenants and our prospect list is growing,”

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Flippers Turn Modest Eureka Valley Duplex into $5M Swanky

Flippers Turn Modest Eureka Valley Duplex into $5M Swanky | San Francisco Real Estate News | Scoop.it

Although 891 Noe Street was a single-family home when it was first built back in 1911, it was converted to a duplex in 1941. Now, after a total transformation, the house has returned to its single-family status, if not exactly its roots. The home just changed hands for $5.1 million, a threefold increase and an eye-popping $3.515 million morethan it last sold for back in 2013, when it was still a duplex. The newly fancy home has retained its boxy shape, but virtually everything else is new. There wasn't much character to salvage to begin with, it seems: The only bits of design—the mosaic tile entryway and big white fireplace—are both gone, replaced by the modern, designer vibe that'sjust about everywhere now.

Bornstein Law & Bay Property Group's insight:

When flippers purchased the duplex back in 2013, they paid $436K over the $1.149 asking price, then set to work turning the place into a $5 million home.

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Bornstein Law is a premier San Francisco Bay Area law firm providing an array of real estate and civil litigation legal services. Bay Property Group has expertise in property mgmt, brokerage, sales + rentals. Together they provide unrivaled excellence!
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Bornstein Law + BPG Insights
Bornstein Law works in affiliation and collaboration with Bay Property Group.  Daniel Bornstein, Esq. is the founder of the law firm, and also the broker of record for Bay Property Group in Oakland, San Francisco and Cupertino.  Together the two companies assist local property owners, landlords, commercial clients, multifamily investors and offer property management services. Contact us for assistance: http://bornstein.law & http://baypropertygroup.com
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A culmination of online articles, related updates and news for the East Bay real estate communities. Offering insights into rental prices, local development, legislation and new market trends. Contact us for assistance: http://bornstein.law + http://baypropertygroup.com
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Providing you with current eviction, tenants rights, owners rights, legislation and San Francisco Bay Area news focused on rental housing. Contact us for further assistance: http://bornstein.law and http://baypropertygroup.com!
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San Francisco is a complex and challenging region, with new In-law regulations changing often.  We seek to keep you updated and informed about all the changes! Contact us for further assistance: http://bornstein.law and http://baypropertygroup.com
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We are committed to keeping you abreast of San Francisco real estate and property updates, news, trends and insights from around the SF bay area. Contact us for further assistance: http://bornstein.law and http://baypropertygroup.com Thank you for following and reading!

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