By JAMES B. STEWART

Passing through the Fort Myers, Fla., airport a few weeks ago, I noticed people eagerly signing up for a free bus tour of foreclosed real estate—with all properties offering water views. During the ride to my hotel, the young driver volunteered that he had just bought his first house, paying $65,000 for a foreclosed property in nearby Cape Coral that last sold for over $250,000. He said he had never expected to be able to buy anything on a driver’s salary, let alone something that nice.

Last week, Standard & Poor’s reported that its S&P/Case-Shiller U.S. National Home Price index of real-estate values increased this past quarter over the first quarter of 2009, the first quarter-on-quarter increase in three years. Its index of 20 major cities also rose for the three months ended June 30 over the three months ended May 31, with only hard-hit Detroit and Las Vegas experiencing declines. The week before that, the National Association of Realtors reported that sales volume of existing homes was up 7.2% in July from June.

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From Socketsite:

”According to the San Francisco Planning Department and its 2004 and 2009 Housing Element Report, San Francisco’s big picture housing pipeline is as so:

· 156 projects with 6,510 housing units are currently under construction
· 168 projects representing 2,850 units have received a building permit
· 316 projects representing 4,480 units have applied for a building permit
· 92 projects representing 6,200 units have been approved by the Planning Department
· 130 projects representing 34,750 units have filed for Planning Department approval

From the Planning Department’s report:

Collectively, these 54,790 new units represent San Francisco’s pipeline projects….It is possible that some of these projects may not go forward due to shifts in economic and legislative conditions. However, production trends over the last decade show that as much as 85 percent to 90 percent of pipeline project units are completed within five to seven years.”

Savvy buyers use self-directed IRA to buy homes
Carolyn Said, Chronicle Staff Writer

   (08-31) 18:44 PDT –
   Nathan Foran used his self-directed IRA to buy a dilapidated foreclosed
house in Richmond for $25,000 cash. Another $25,000 to $35,000 from the
retirement account will go toward fixing up the property. He then hopes to
rent it out for about $1,000 a month, money that will go straight into his
retirement account.

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This week’s list of upcoming listings, pocket listings, price reductions and properties that buyers are looking for (want to sell?)…

Upcoming listings:
$2,450,000 // Cow Hollow // Filbert Street BR/BA: 3/ 3.5 PKG: 2 Brief Description: Beautifully renovated from the studs up – SFH – green certified with solar roofing. PLUS-legal unit below that can be used for au pair/guests/family room. Fabulous finishes – great curb appeal – A must see! 
 
$2,195,000 //  Presidio Heights // Jackson St   BR/BA: 3/2 PKG:  2  Brief  Beautiful, well appointed and fully renovated, spacious Edwardian Flat with private garden, one bedroom in-law, gym, wine cellar, the works! 

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This week’s list of upcoming listings, pocket listings, price reductions and what some buyers are looking for:

Upcoming listings:
$959,000 // Corona Heights // States Street BR/BA: 2/2 PKG: 1 Brief Description: Sophisticated Top floor unit in 2-Units 1960’s building, one block up from Castro. This unit has a large open living and dining area with adjoining kitchen—great for entertaining. Granite kitchen counters, stainless steel appliances, fireplace and hardwood floor. Multiple doors open out to decks on upper and lower levels of unit with views of Eureka valley and partial view of the Bay Bridge. Trust sale, no court confirmation. First OPEN house Sunday, 8/17, 1-4pm.

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