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Most of it is hot garbage. However, this one struck me as something that might actually come to pass”

“Dear Kenneth,I am sure that you have read about the $700,000,000,000 government bailout of the financial markets and you are probably wondering what this means to you as a real estate professional.

Well, I have good news and bad news for you.

This bailout is bad for the taxpayers but good news for REO agents and here’s why. After the financial meltdown of the 1980’s the RTC took over 748 Savings and Loans and liquidated their foreclosed properties for pennies on the dollar. The taxpayers were left holding the bag for hundreds of millions of dollars. This time things are going to be different.

The new governement rescue plan, Troubled Asset Relief Program, or TARP, will purchase defaulted loans from financial firms, freeing up cash so that they can continue making new mortgages. The big difference is that the government will leave the banks and lenders responsible for managing and selling their own foreclosed properties.

This is the big opportunity for you and I. You see, there is a huge back log of defaulted mortgages right now because most lenders do not have the cash to foreclose. They have been waiting for months for the government to come to their aid and bail them out. I’m sure that you’ve seen many of these vacant homes in your area. They’re easy to spot, newspapers in the driveway and weeds as tall as a NBA player.

As soon as these lenders get their hands on their share of the 700 billion dollars they will begin foreclosing on these bads loans as fast as they can. And they will need trained REO agents to manage and sell them.

If you’d like to learn how to become the agent of choice for these lenders and get REO listings click here: http://www.reorenegades.com/ .

If you are already a REO agent and you’d like to get more listings click here:

http://www.reo-companylist.com/.

Right now REO’s make up 42% of all real estate sales in the US. The number of REO listings is likely to continue to increase into 2012 before leveling off. If you’re not an REO agent you’re missing out in nearly half of the business opportunities in real estate today.

I have been an REO broker for over 8 years and have sold over 1,000 REO properties. Last year I closed 214 transactions. I can teach you how to get REO listings even if you got your real estate license yesterday. And it won’t cost you an arm and a leg. In fact, right now you can get started for less than the price of a tank of gas.

Click here and get training from a real live REO broker. This is not an ebook, and I’m not from some “guru” who just jumped on the REO bandwagon last night.

http://www.reorenegades.com/

To your success!

Frank Patrick

REO Broker

PS. Many companies will only list their REO’s with one agent per office. Join me today and get started before the other agents in your office find out..

PPS. Join today and get access to 117 of my REO clients for FREE.”

I’m really not cool with this type of marketing, and I’m not going to sign up or anything. I also don’t think this is particularly applicable to SF. But will this go down? I think it’s likely.

2448 Folsom went on the market on August 1st. It got an offer within 11 days, went pending a week later, and sold on 9/22 for $1.509M. That was 34K above its asking price of $1.475M.

This is Folsom street between 20th and 21st. Those of us familiar with the area were very surprised by this to say the least. The reasons for that are many, not the least of which is the fact that this is the very center of the Mission. With all that has happened, wouldn’t you think such a result unlikely?

MLS LINK here.

Although it may look exactly the same to you, behind the scenes theFrontSteps is going through a massive redevelopment project and it’s going to take some time. Thanks for your patience, browse and converse on the current posts at will, and don’t hesitate to contact us if you have any questions or concerns regarding San Francisco real estate.

(Don’t be surprised if a little tech gremlin makes things blow up, or the power goes out from time to time during this project either.)

This one hit the market a few months back at the same price. It was taken off the market after a month. Yet it appears to be the same property it was back in 2005, when it sold for 995K. An interesting one to watch, perhaps?

Listed at $1.295M

MLS Link

Saw some interesting numbers today. The Data Quick numbers came out for August. They basically indicated that the Bay Area is going to cease to exist. Apparently, we are all going to get sucked down a rather large submerged drain. A gigantic rubber stopper is located in the silt about 600 yards to the northeast, off the coast of Treasure Island. A strategic command unit of trained bear underwater demolition aquanauts is standing by, ready to pull the plug at a moment’s notice.

Just kidding. But take a look, and check out Contra Costa County in particular. We’ve all been wondering about the bottom. Well, CoCo saw a big spike in sales YoY, but got really slammed in median. That looks like it really could be bottom.

Guess what? Here in SF we saw the same thing in D10. This year over last, more people bought in 10 and for cheaper.

In fact, in areas 10 and worst of 3 there were four more sales this year than last, at 10% cheaper.

Areas 10 alone had four more sales this year, 42 over 38, and cost 423 a foot as opposed to 515 last year. Average sales were 559K this year, 718 last. (Apologies to those who would prefer median over average, and no I didn’t look up the tax or permit records to see who did or did not grab square footage in various basements and garages and attics.)

Anyway, it isn’t as dramatic as CoCo, not by a longshot. But when was it ever? There were more D 10 sales this August than last? For 18% cheaper?

–Kenneth Kohlmyer a k a der fluj

What does this latest round of failure and acquisition do to the mortgage market? We keep hearing the same refrain. Basically (to paraphrase), “Interest rates will likely get lower short term. But conversely credit will be even more difficult to obtain.”

To put a fine point on it, what does this mean to the average buyers with 20% to put down on a house? Or, can you describe a typical scenario right now? Something that has come across your desks?

Any and all input would be greatly appreciated.

I’m officially forcing myself to switch my blogging platform here behind the scenes and as much as everyone is telling me, “It’s so easy!”, “It’s seamless”, I anticipate many, many bumps in the road. With any luck, it will go easily and we’ll be up to blogging full speed and all that good stuff soon enough. If not, blame WordPress.

For those of you that read this San Francisco real estate blog on a regular basis, you’ll know I’ve been watching the progress of many of the new developments around town. One of my favorites happens to be Millennium Tower (301 Mission). Not because I’ve sold many units there, but because it truly stands out (and above) from the others.

(Yes, that is the Infinity you see way down there, and this shot is only from the 26th floor.)

Don’t get me wrong, I love the other new developments (towers) as well, and I’d love to show any of you around all of the buildings, because they all have their attractions, but Millennium Tower just seems to have that vibe. That…je ne sais quoi…It seems like it will have the same high end/high net worth residents (at least one penthouse in contract at +$10 million and….damn I want to tell you more, but promised not to) as those in the St. Regis, but twice as many amenities at half the dues…not to mention a Michael Minna restaurant. The Infinity feels much more Hard Rock Hotel meets San Francisco (not a bad thing at all), and One Rincon Hill with the dazzling views, just doesn’t have the location (trust me, I’ve had several clients turn away from the location) to put it in the same class as St. Regis and Millennium Tower, not to mention the uncertainty of Tower Two.

I must say I am a bit disappointed with the ranges, and islands in the kitchens at the Millennium, and that some units don’t have deeded parking, but those are easy enough to remedy. The building is solid, and the finishes are very high end. The views are extraordinary, the location is getting better, and the amenities are through the roof. The units are still selling very quickly and many owners losing their money in the stock market have bought multiple units here, so all signs still point to a successful development by Millennium Partners, and I can’t wait until they start moving people in.

(Penthouse terrace views.)

There are still some very choice units available at the Millennium and several at many other developments around town. I haven’t heard of any negotiations or price incentives at Millennium Tower, but I know some of the other developments around town have been offering them up, and the “off market” trading that is going on at many of them is nothing short of extraordinary.

I have more photos, and a lot more details, but you’ll have to contact me if you’d like to learn more.

We thought about trying a little something new here on theFrontSteps for your Friday. That is to test your knowledge of your surroundings, since we’re all experts right?

It goes like this: we post a picture of something in San Francisco, you name it and claim it (your uberknowledge of San Francisco and its environs). We’ll start off fairly easy, and hopefully get harder and harder should this idea gain traction. Feel free to submit photos (thefrontsteps@gmail.com), but if you do, make sure to tell us exactly what it is and where you find it.

What reads on the blue arrow you can’t see? Where is it….exactly?

A good reason to get out and explore this weekend.

Have fun! Happy Friday.