John Zhou / Realtor/ San Francisco Bay Area / California

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the most recent San Francisco Apartment Rental Rates

Posted by Johnzhou on May 26, 2013 at 3:45 AM Comments comments (0)


The apartment rental startup Zumper has updated its maps of the median rents for one and two bedroom apartments in San Francisco by neighborhood. It found that the median price for a one-bedroom in the city is now $2,764. The median price for a two-bedroom is $4,000.

 

The median is the numerical value separating the higher half of a data set from the lower half.

 

In San Francisco these rates vary substantially depending exactly which part of town we are talking about. Much like its notorious micro-climates, the city features micro-pockets of relatively affordable rental units.

 

For example, here are three most expensive neighborhoods to rent a one-bedroom:

 

South Beach - $3500

Russian Hill - $3410

Financial District - $3350

 

And here are the three least expensive neighborhoods to rent a one-bedroom:

 

Outer Richmond - $1850

Outer Sunset - $1975

Inner Richmond - $2015

 

As for the three most expensive neighborhoods to rent a two-bedroom:

 

Financial District - $5800

Marina - $5450

Cow Hollow - $5400

 

And the three least expensive neighborhoods to rent a two-bedroom:

 

Outer Mission/Excelsior - $2460

Outer Sunset - $2525

Lakeshore - $2640

 

Zumper Co-Founder & CEO Anthemos Georgiades explained the methodology the company uses to construct these maps:

 

"We use medians for the average prices to discount outlier listings and so as to not over/under-state the real prices."

"These May 2013 asking rents are perhaps different to what some readers may currently be paying if they rented a few years ago or if they are still paying rent controlled prices. However, these are the current prevailing prices for available apartments on the market today."

"Most units on the market tend to be newer (read: non-rent controlled) developments built post 1979, since they experience more turn over. These units are often renovated with many more amenities than their rent-controlled counterparts, making them more expensive."

As for the "least expensive" neighborhoods on the list, this too is a relative matter, especially for low-income families. Earlier this year, the National Low Income Housing Coalition reported that San Francisco is the second least affordable rental market among all U.S.cities, after Honolulu.

 

This situation is driving some of those seeking apartments to take extreme measures to enhance their chances.

http://blogs.kqed.org/newsfix/files/2013/05/tumblr_mn9yiqhAJT1rfm8t7o2_500.png

208 Tocoloma Ave. San Francisco CA 94132

Posted by Johnzhou on April 2, 2011 at 4:31 PM Comments comments (1)

http://www.postlets.com/res/5338027

 

豪宅有價,海山無價。小好來塢山水環饒3層豪宅3房3浴2廳 瞰海宅邸,超大景觀陽台,瞰一線海山美景,優享大視野心境,東南朝向,采光通風一流,享清新穿堂風,大氣經典的主人套間,突顯主人尊貴的身份,真可為人文大宅互相扶持,藏風聚氣,貴胄傳承。

This beautifully remodeled three-story, three bedroom, three bath Spanish Mediterranean home offers wonderful views and is MOVE-IN ready. Open floor plans provide flexible living options with the most sought-after modern amenities. You’ll love this property from bottom to top:

BASEMENT: 11 ft. ceiling with expansion potential with spiral staircase access to roof top patio. New furnace and water heater, upgraded water and electrical system for each level.

MIDDLE LEVEL: Living room with wet bar, wood floor, two good size bedrooms, two bath rooms, crown molding & parquet flooring. Expansive bay, mountain & bridge views. Custom bath sink and counter top, jet tub and stall shower with massage spray.

UPPER LEVEL: Open space elegant kitchen with granite counters, stainless steel appliances, beautiful water and mountain views. Crown molding, wood floors, unique bath room with stylish sink & jet tub adjacent to the master bedroom

ROOF TOP: patio with fabulous views of bay. and city. 

Sunday Open House 2:00---4:00 PM or Call John Zhou to Show.

California Tax Credit--Act Nowstarting from 5/1/10

Posted by Johnzhou on May 7, 2010 at 4:50 PM Comments comments (0)

 

$100 Million of tax credits has been allocated to First-Time Homebuyers on a First-Come, First-Served Basis.

On March 25, 2010 California approved a new $10,000 First-Time Homebuyer tax credit for purchases that close escrow on or after May 1, 2010. (Cal. Rev. & Tax Code § 17059.1)

The California Association of Realtors® predicts that it will take only 10 - 20 days to deplete the $100 million allocation for this credit.

 

For specific rules and forms please use the FTB link http://www.ftb.ca.gov/individuals/new_home_credit.shtml

Tax credit for home owner

Posted by Johnzhou on February 11, 2010 at 3:52 PM Comments comments (0)
Homebuyer Tax Credit Update
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Member Legal Services
Tel  (213) 739-8200
Fax  (213) 480-7724
Feb. 2, 2010


Introduction

There were major changes on November 6, 2009 to the homebuyer tax credit after passage of the federal Worker, Homeownership, and Business Assistance Act of 2009. This new law extended the homebuyer tax credit to a broader range of home purchasers and added new documentation requirements to deter fraud and ensure taxpayers properly claim the credit.  In particular, the first-time home buyer tax credit for $8,000 (or $4,000 if married and filing separately) maximum was extended to April 30, 2010.  In addition, the law provides a homebuyer tax credit of $6,500 ($3,250 if married and filing separately) maximum for current homeowners who had used the home sold or being sold as a principal residence consecutively for five of the previous eight years.  For all qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 or 2010 tax returns. 

A new version of IRS Form 5405 , First-Time Homebuyer Credit, is available (revised December 2009). A taxpayer who purchases a home after Nov. 6, 2009 must use this new version of the form to claim the credit. Likewise, taxpayers claiming the credit on their 2009 returns, no matter when the house was purchased, must also use the new version of Form 5405. Taxpayers who claim the credit on their 2009 tax return will not be able to file electronically but instead will need to file a paper return.  A taxpayer who purchased a home on or before Nov. 6, 2009 and chooses to claim the credit on an original or amended 2008 return may use the old version of Form 5405.

The new law also provides a "binding contract" provision which, in essence, states that so long as a written binding contract to purchase is in effect on April 30, 2010, the buyer has until July 1, 2010 to close escrow.

In addition, the law increased the income limits in order for the buyer to be eligible for the tax credit.  The increased modified adjusted gross income (MAGI) limits are effective as of November 7, 2009:  $125,000 for a single person, $225,000 for a married couple.  For homes purchased prior to Nov. 7, 2009, existing MAGI limits remain in place. The full credit is available to taxpayers with MAGI up to $75,000 ($150,000 for joint filers). Those with MAGI between $75,000 and $95,000 (or $150,000 and $170,000 for joint filers) are eligible for a reduced credit. Those with higher incomes do not qualify.

The law includes anti-fraud provisions that require the purchaser to attach certain documentation to the tax return.  The new documentation requirements mean that taxpayers claiming the credit cannot file electronically and must file paper returns.

Finally, several new restrictions on purchases that occur after Nov. 6, 2009 go into effect with the new law:

Dependents are not eligible to claim the credit.

No credit is available if the purchase price of a home is more than $800,000.

A purchaser must be at least 18 years of age on the date of purchase. 

FIRST-TIME HOMEBUYER FOR HOMES PURCHASED IN 2009 OR 2010


Q
1.
 Who is considered a first-time homebuyer? 
 
 

A homebuyer is considered a first-time buyer if all of the following requirements are satisfied:

1.  The main home is purchased in the United States, and

It is purchased after Dec. 31, 2008 and before May 1, 2010, or

It is purchased after April 30, 2010 and before July 1, 2010 and the buyer entered into a binding purchase contract before May 1, 2010 with the close of escrow before July 1, 2010.

2.  The buyer (and spouse if married) did not own any other main home during the 3-year period ending on the date of purchase.

3.  The buyer does not satisfy any of the conditions listed in Question 3. 

(Source: Instructions for Form 5405  (rev. Dec. 2009).)

Q 2.  What is a "main home" as mentioned in this legal article?  

A main home is "the one you live in most of the time.  It can be a house, houseboat, mobile home, cooperative apartment, or condominium."  
 

(Source: Instructions for Form 5405  (rev. Dec. 2009).) 

Q 3.  When is a first-time homebuyer not eligible for the tax credit?  

A first-time homebuyer cannot claim the tax credit if any of the following apply:

1.  The purchase price of the home is more than $800,000.  (This rule applies to homes purchased after November 6, 2009.)

2.  The buyer's modified adjusted gross income (MAGI) is

      a.  $95,000 or more ($170,000 or more if married filing jointly) and the home was purchased before November 7, 2009, or

     b.  $145,000 or more ($245,000 or more if married filing jointly) and the home was purchased after November 6, 2009.

3.  The buyer was claimed as a dependent on another person's tax return. (This rule applies to homes purchased after November 6, 2009.)


4.  The buyer (and spouse if married) is under age 18 on the date of purchase. (This rule applies to homes purchased after November 6, 2009.)

5.  The buyer is a non-resident alien.


6.  The main home is located outside the United States.


7.  The main home is sold, or it ceases to be the main home, before the end of the year in which it was purchased.  (Note:  this rule doesn't apply if the buyer is a member of the uniformed services or Foreign Service, or an employee of the intelligence community on qualified official extended duty as defined in the Instructions to Form 5405 (2009) and the main home is sold, or it ceases to be the main home, after 2008.  The tax credit can be claimed on the return for the year of purchase or on the return for the year before the year of purchase.)

8.  The main home was acquired by gift or inheritance.


9.  The main home was acquired from a related person. (A related person is a spouse, parent, grandparent, or other ancestor; or a corporation in which you directly or indirectly own more than 50% of the capital interest or profits interest; or a partnership in which you directly or indirectly own more than 50% of the capital interest or profits interest.)

10.  The buyer acquired the main home after November 6, 2009, from a person related to the buyer's spouse.  This includes the spouse's ancestors or lineal descendants.  Examples are the buyer's parents-in-law or stepchildren.

(Source: Instructions for Form 5405  (rev. Dec. 2009).) 

Q 4.  What is the amount of the tax credit for a first-time homebuyer?  

The tax credit is 10% of the purchase price of the home not to exceed $8,000 (or $4,000 for a married person filing separately). The tax credit may entitle the homeowner to a refund even if no tax is owed.

(Source: Instructions for Form 5405  (rev. Dec. 2009).)

Q 5.  What documentation must be attached to the tax return (Form 1040) for a first-time homebuyer? 

The following documentation must be attached to the buyer's tax return for 2009 or 2010: 

Settlement statement showing all parties' names and signatures, the property address, the contract sales price, and the date of purchase.  In most cases, the settlement statement is the properly executed Form HUD-1.  

For a mobile home, the buyer may attach a copy of the executed retail sales contract showing all parties' names and signatures, the property address, the purchase price, and the date of purchase.  

For a newly-constructed home and there is no executed settlement statement, attach a copy of the certificate of occupancy showing buyer's name, the property address, and the date of the certificate.  

If the date of purchase is after April 30, 2010 and before July 1, 2010, attach a copy of the pages from the signed purchase contract showing all parties' names and signatures, the property address, the purchase price, and the date of the contract.

(Source: Instructions for Form 5405  (rev. Dec. 2009).)
 

FIRST-TIME HOMEBUYER FOR HOMES PURCHASED IN 2008

Q 6.  What were the differences in the tax credit for a first-time homebuyer who closed escrow in 2008? 

The Housing and Economic Recovery Act of 2008 established a tax credit of 10% for first-time homebuyers with a maximum of $7,500 ($3,750 for a married person filing a separate return); however, this tax credit is equivalent to a no-interest loan and must be repaid in 15 equal, annual installments beginning with the 2010 income tax year. This credit applies to home purchases after April 8, 2008 and before Jan. 1, 2009.  This credit reduces a taxpayer's tax bill or increases his or her refund, dollar for dollar.  In other words, the tax credit is fully refundable--the credit is paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax that they owe.  
 

For example, if a buyer claimed the maximum available credit of $7,500 , then the buyer would begin repaying the credit by including one-fifteenth of this amount, or $500, as an additional tax on his or her 2010 income tax return.

The tax credit is reduced or eliminated for higher-income taxpayers.  The tax credit is phased out based on the MAGI.  For a married couple filing a joint return, the phase-out range is $150,000 to $170,000.  For other taxpayers, the phase-out range is $75,000 to $95,000.  That means the full credit is available for married couples filing a joint return whose MAGI is $150,000 or less and for other taxpayers whose MAGI is $75,000 or less.

See the Internal Revenue Service News Release IR-2008-106, Sept. 16, 2008 (http://www.irs.gov/newsroom/article/0,,id=186831,00.html) for more details. 
 

LONG-TIME RESIDENT HOMEBUYER FOR HOMES PURCHASED IN 2009 OR 2010  
 

Q 7.  Can an existing homeowner get the tax credit for a new home purchase?
 

 Yes, under certain circumstances after passage of the federal Worker, Homeownership, and Business Assistance Act of 2009 existing homeowners are eligible for a tax credit for a new home purchase.  Existing homeowners were not eligible for the tax credit under the prior law.  
 

In order to be eligible to claim the tax credit, the buyer must meet all of the following requirements:

1.  The buyer (and his or her spouse, if married) must have owned and used the same main home for any 5-consecutive-year period during the 8-year period ending on the date the new main home is purchased (typically the escrow close date).  
 

2.  The new main home is located in the United States and it was purchased

a.  After November 6, 2009 and before May 1, 2010, or

b.  After April 30, 2010 and before July 1, 2010 and the buyer entered into a binding purchase contract before May 1, 2010 with the close of escrow before July 1, 2010.

3.  The buyer does not satisfy any of the conditions listed in Question 3. 

Note:  The definition of main home can be found in Question 2.

(Source: Instructions for Form 5405  (rev. Dec. 2009).)

Q 8.  What is the amount of the tax credit for a long-time resident homebuyer?
 

The tax credit is 10% of the purchase price not to exceed $6,500 ($3,250 if married filing separately). The tax credit may entitle the homeowner to a refund even if no tax is owed. 
 

(Source: Instructions for Form 5405  (rev. Dec. 2009).) 
 

Q 9.  What documentation must be attached to the tax return (Form 1040) for a long-time resident homebuyer?  

The following documentation must be attached to the buyer's tax return for 2009 or 2010: 

Settlement statement showing all parties' names and signatures, the property address, the contract sales price, and the date of purchase.  In most cases, the settlement statement is the properly executed Form HUD-1.  

For a mobile home, the buyer may attach a copy of the executed retail sales contract showing all parties' names and signatures, the property address, the purchase price, and the date of purchase.  

For a newly-constructed home and there is no executed settlement statement, attach a copy of the certificate of occupancy showiwng buyer's name, the property address, and the date of the certificate.  

If the date of purchase is after April 30, 2010 and before July 1, 2010, attach a copy of the pages from the signed purchase contract showing all parties' names and signatures, the property address, the purchase price, and the date of the contract.

Form 1098, Mortgage Interest Statement (or substitute statement), property tax records, or homeowner's insurance records.  (These records should be for 5 consecutive years of the 8-year period ending on the purchase date of the new main home.) 

(Source: Instructions for Form 5405  (rev. Dec. 2009).)

Q 10.   Must the tax credit be repaid for a first-time homebuyer or a long-time resident homebuyer for purchases in 2009 or 2010?  

No, if the homebuyer owns the main home and uses it as a main home for at least 36 months beginning on the purchase date (close of escrow) then the tax credit need not be repaid.

However, if the home was purchased after 2008, the tax credit must be repaid if the home is disposed of or ceases to be the main home during the 36-month period beginning on the purchase date (close of escrow).  This includes situations such as selling the home, converting the entire home to a business or rental property, the home is destroyed, condemned, or is disposed of under threat of condemnation, or the lender forecloses on the mortgage.

If applicable, the tax credit is to be repaid by being included as additional tax on the tax return for the year it is disposed or ceases to be the main home.  If the home is destroyed, condemned, or disposed of under threat of condemnation, and a new home is not acquired within 2 years of the event, then the entire repayment amount must be repaid with the tax return for the year in which the 2-year period ends.

(Source: Instructions for Form 5405  (rev. Dec. 2009).)

Q 11.  What are the exceptions to the repayment rule in Question 10?

The following are exceptions to the repayment rule:

If the home is sold to someone who is not related to the homebuyer during the 36-month period, the repayment in the year of sale is limited to the amount of gain on the sale.  The amount of the credit in excess of the gain doesn't have to be repaid.

If the home is destroyed, condemned, or disposed of under threat of condemnation, the tax credit need not be repaid if a new home is purchased within 2 years of the event and you own and use it as your new main home during the remainder of the 36-month period.

If, as part of a divorce settlement, the home is transferred to a spouse or former spouse, the spouse who receives the home is responsible for repaying the credit if, during the 36-month period beginning on the purchase date, the spouse disposes of the home or it ceases to be his or her main home and none of the other exceptions apply.

Members of the uniformed services or Foreign Service and employees of the intelligence community (as defined in the Form 5405 Instructions) do not have to repay the credit if, after 2008, they sell the home or the home ceases to be their main home because they received Government orders to serve on qualified official extended duty.

If the homebuyer dies, repayment of the tax credit is not required.  However, if the credit was claimed on a joint return, the surviving spouse would be required to repay his or her half of the credit if, during the 36-month period beginning on the purchase date, he or she disposes of the home or it ceases to be his or her main home and none of the other exceptions apply.

(Source: Instructions for Form 5405  (rev. Dec. 2009).)



Q 12.   Must the tax credit be repaid for a first-time homebuyer for purchases in 2008? 
 
Yes.  For a main  home purchased in 2008 and owned and used as the main home during all of 2009 and 2010, repayment of the credit over a 15-year period begins with the 2010 tax return.  Form 5405 is not to be filed in 2009.  These homebuyers must file the 2010 revision of Form 5405 with the 2010 Form 1040.

However, if the home was purchased in 2008 and it ceased to be the main home in 2008 or 2009, then the tax credit must be repaid with the 2009 tax return. An exception applies if the home was destroyed, condemned, or disposed of under threat of condemnation, and a new main home was not acquired within 2 years of the event.  In that case, the tax credit is to be repaid with the tax return for the year in which the 2-year period ends.

Another exception applies for certain members of the uniformed services or Foreign Service or employees of the intelligence community (see instructions for line 12 on Form 5405). 
 
(Source: Instructions for Form 5405  (rev. Dec. 2009).)

Q 13.  Where can I get more information?

A
For any other tax credit questions not convered in this Legal Q&A, please refer to the Instructions for Form 5405  (rev. Dec. 2009). In addition, see the IRS, First-Time Homebuyer Credit Questions and Answers: Claiming the Credit on Your Tax Return.  This chart is just one of the many legal publications and services offered by C.A.R. to its members. For a complete listing of C.A.R.'s legal products and services, please visit car.org.

Readers who require specific advice should consult an attorney. C.A.R. members requiring legal assistance may contact C.A.R.'s Member Legal Hotline at (213) 739-8282, Monday through Friday, 9 a.m. to 6 p.m. and Saturday, 10 a.m. to 2 p.m.  C.A.R. members who are broker-owners, office managers, or Designated REALTORS� may contact the Member Legal Hotline at (213) 739-8350 to receive expedited service. Members may also fax or e-mail inquiries to the Member Legal Hotline at (213) 480-7724 or [email protected].  Written correspondence should be addressed to:

CALIFORNIA ASSOCIATION OF REALTORS�
Member Legal Services
525 S. Virgil Ave.
Los Angeles, CA  90020

2009 Tax credit chart

Posted by Johnzhou on April 15, 2009 at 5:11 PM Comments comments (0)
Home Buyer Tax Credit Chart available from C.A.R. Legal Services
C.A.R.�s Member Legal Services has published a new legal article, Home Buyer Tax Credit Chart. This new chart explains in detail the two new tax relief laws for home buyers�the first-time home buyer credit under federal law and a new home credit under California law. This new chart is available on Legal's What's New, the Legal Articles pages, and the 2009 Legal Q&As page on car.org.

San Francisco Real Estate Rebound

Posted by Johnzhou on March 12, 2009 at 10:02 PM Comments comments (0)

To post this link on your own web site, simply insert the following code in your web page:

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