The Top Ten Stories YOU Need to Read This Morning

10. Who has the credit to buy homes right now?…. First-time home buyers.

9. In today’s edition of the B of A – Merrill blame game, Hank Paulson gets thrown under the bus.  No word if he got the news on his yacht floating off the coast of St. Barts.

8. Breaking News: Government involvment can hurt free market competition.

7. The newspaper is not the only industry getting killed by the down economy and technology.

6. Warning: if you didn’t listen to the experts (Cirios) last summer and fall and still bought a house, you may have to list your home for a lot less than you paid for it.

5. A failing auto maker is about to be purchased by an auto maker that lost $536 mm last quarter.  What is wrong with that!?

4. Who saw existing home sales falling below unsupported forecasts?  Shocking I tell you.

3. A quick, accurate take on the constant debate of today’s bank CEOs.

2. Don’t worry … the rising defaults is only becasue of the foreclosure moritorum and not rising unemployment.

1. For all of you thinking of entering the real estate game, the NY Times has a story for you.  (Hint: if you price your home correctly, it will sell quickly)

This week’s Deal or No Deal is a remodeled condo in the Mission District of San Francisco. Rehabilitated after a fire a few years ago, this building has been completely redone and the units are being unloaded onto the market. This neighborhood is desirable for young professionals looking to live near bars and restaurants, as well as one of the best views in the city from Dolores Park. (click images to the right to enlarge)

DEAL or NO DEAL?
Comment below and tell us what you think!

Address: 3322 16th Street #6, San Francisco, CA 94114
Status: ACTIVE
Bedrooms: 2; Bathrooms: 1
Living Space: 850 square feet
Lot Size: N/A (condo)
List Date: 3/19/09
Original List Price: $469,000
Current List Price: $469,000
Average School API: Varies
Zip Code Sales Last 3 Months (year-over-year): -43.1%
% Homes in Foreclosure in Zip: 0.16% (Low)
% Housing Inventory For Sale in Zip: 0.77% (Moderate)
MLS number: 354297

Real Estate Agent Comment:Bright, top floor 2BD/1BA flat in the Heart of Mission Dolores. Newly remodeled top to bottom, this unit offers private deck, in unit W/D hookups, custom kitchen/bath. Only steps to Dolores Park and Valencia Corridor shops and restaurants. Close to Church St. Muni transfer and BART. Low dues, only $240/mo. Independent parking available for $50k. These units are priced to move, don’t miss this!

Cirios Verdict: DEAL

Last week, elated we had finally found a Deal, Cirios posted 269 Sequoia Ave in South San Francisco is what would be our first Deal of the Deal or No Deal column.

Sadly (or happily?), the suspense was ruined the next day when the property went under contract.

This home is well-maintained and has two bathrooms, a big plus in this neighborhood, as noted last month in Cirios Trends, 2 bathrooms + South San Francisco = Desirable. Nice landscaping and a decent sized lot makes this home very desirable. Finally, it’s actually listed at the proper price, which helps explain why it only lasted a couple weeks on the market.

A small drawback is its proximity to BART (noise), but the convenience to public transportation and amenities like Trader Joe’s and Costco are a big plus.

Home price in South City have fallen almost 50% in the past few years, but this area has held up better than most. This is due to the good schools, proximity to public transportation and relative affordability when compared to suburbs like Burlingame and Millbrae. While we do foresee further depreciation in the near term, it should be moderate and prices are well supported by median incomes not too much further than where we are now.

Address: 269 Sequoia Ave., South San Francisco, CA 94080
Status: PENDING
List Date: 3/31/09
List Price: $515,000
Cirios Value: $520,000
List Price vs. Cirios Value: 0.9% under-listed.

For a complete Cirios Valuation, click here for our CLEAR report, or on the image to the right.

Have a home you’d like Cirios to use for our next House of the Week?

The Top Ten Stories YOU Need to Read This Morning

10. We open with a very tragic story.

9. Morgan Stanley pays the price for being more honest than its competitors.

8. The banks don’t want to give consumers more power.

7. Some interesting thoughts on how to fix the banking system.

6. The FSHA now has the same level of crediblity as the accountants at Wells Fargo.

5. Breaking News: the people that come to work and work more usually don’t get laid off first.

4. The government is starting to take the New York Yankees approach to fixing the nation’s housing problems … throw money at it until it goes away.

3. One economic group has decided they are going to give you the unfortunate reality.

2. Nothing like buying an over-priced condo in SOMA to convince your 21-year-old daughter that you are “hip”.

1. Wait a second, housing supply is hurting the market!?!?  You sir, are a liar.

The Top Ten Stories YOU Need to Read This Morning

10. At least these guys are making money.

9. Geithner completely disagrees with most banking analysts.

8. Bankruptcy in this country is about to become a bigger mess than it already is.

7. Small businesses with profitable ideas can’t get loans but GM and Chrysler can…the economy’s got a ways to go.

6. Newspapers are basically dead. It’s about time everyone realized it.

5. As people start listing their properties correctly, big price reductions are not needed.

4. Stanford was offering unrealistic returns but “there never was a Ponzi scheme.“  I wonder what he calls it.

3. IHS just lost all respect of economists by saying Orange County housing was undervalued in the 4th quarter.

2. Cheaper hybrids are coming to a show room near you – don’t worry -  they aren’t made by GM or Ford.

1. If I say I service loans, can I get a bailout?

The Top Ten Stories YOU Need to Read This Morning

10. Congress is looking to reform the mortgage industry.  Isn’t it hard to regulate something you don’t understand?

9. Oracle has decided that they want to be better than IBM.

8. A Realtor calls the bottom … again.

7. Apparently, the folks at Bank of America are not nearly as convincing with their accounting practices as the folks at Wells.

6. Southern California commercial real estate is getting crushed … at least 3 people didn’t see that coming.

5. Cartoon character thoughts on finance.

4. Subprime servicer lists on the NYSE.  How strong is this business going to be when subprime is only 7% of of the market in two years?

3. Oil at $75 by the end of the year is not exactly the economic news we wanted to hear this morning.

2. Let me get this straight – residential developers only care about you buying their condos and could care less if you ever receive the necessary amenities to make living comfortable?  I refuse to believe this story.  (sarcasm)

1. Economic recovery is only months away?

Yesterday, we highlighted 269 Sequoia in South San Francisco as the Cirios Deal or No Deal. Not to give away the exciting conclusion, but this house was slated to be the first Deal of Deal or No Deal’s short life span.

Alas, the suspense is no longer.

The property went under contract today. Where will it sell? Only time will tell.

The Top Ten Stories YOU Need to Read This Morning

10. Servicers don’t like to say foreclosure.  They also don’t like to say “we know how to help people in trouble”

9. Americans helping Americans. … revolutionary stuff.

8. How many people who bought houses at auction are now underwater?  Almost everyone.

7. There is something to be said for “as goes GE so goes the economy”

6. Who is afraid of the increased interest in reverse mortgages?  ME!

5. Wait a second … bank earnings are not what they seem!?  You sir are a liar.

4. Breaking news: communication is important to resolving problems.

3. There is no way this entire market run up is a bear market rally driven by traders.  Oh wait, yes there is.

2. If you have a top ten list on rents for apartments and Manhattan is not on the list, your list isn’t worth the paper its printed on.

1. Jobless rates continue to climb along with the Dow Jones.  The worst must be over.

CLICK HERE to view the results of this Deal or No Deal.

This week’s Deal or No Deal comes to us straight out of the Industrial City. While 50 years ago that moniker meant factories, today South San Francisco’s industry means Biotechnology. Genentech (Roche) and numerous other Bio-tech firms call the Oyster Point section of South City home. Proximity to San Francisco either by car or train, along with booming biotech profits has transformed this once middle class city into one of the up and coming parts of the Bay Area. Schools have improved, crime is down and new swanky developments dot the hills.

While home values have declined with the rest of the state, we believe South City’s housing market area will emerge as one of the first to stabilize when we move from housing correction into housing recovery.

This property is updated, clean, and although small is close to Bart, a Trader Joes, Costco and displays good pride in ownership. It’s been on the market for just a few weeks and may not last.

DEAL or NO DEAL?
Comment below and tell us what you think!

Address: 269 Sequoia Ave., South San Francisco, CA 94080
Status: ACTIVE
Bedrooms: 3; Bathrooms: 2
Living Space: 1,000 square feet
Lot Size: 5,350
List Date: 3/31/2009
Original List Price: $515,000
Current List Price: $515,000
Average School API: 790
Zip Code Sales Last 3 Months (year-over-year): -16.3%
% Homes in Foreclosure in Zip: 2.4% (Low)
% Housing Inventory For Sale in Zip: 0.80% (Low)
MLS number: 80916066

Real Estate Agent Comment: Beautiful updated home with gorgeous deck and backyard located in a wonderful family nieghborhood!!!

The Top Ten Stories YOU Need to Read This Morning

10. JP Morgan made tons of money but mortgages are still a huge problem for them.

9. Moody’s continues their campaign: “If we downgrade everyone, you will forget that we were a major enabler of the financial crisis.”

8. Median household income: $74,700 + Median house “value”: $716,400 = falling home values. Welcome to Brisbane, CA.

7. When the general public is broke, this is likely to happen to numerous companies.

6. When building permits drop, confidence for future home appreciation should not go up.

5. A story on gambling and video games … tell me more.

4. Here are some “new” ways to sell your house … and here I was thinking you should clean it and price it correctly.

3. This is a story that could be relevant for the next 5 years.

2. If you make $250,000 a year in Tenn., you are rich and I don’t care how you feel.

1. I know this is not finance or real estate related but it’s John Madden people!