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DRE is Now BRE

Effective July 1, the Department of Real Estate (DRE) became the Bureau of Real Estate (BRE) and moved its headquarters location from 2201 Broadway, Sacramento, CA 95818 to 1651 Exposition Boulevard, Sacramento, CA 95815.

You can learn more information about the changes, by reading BRE's announcement, or by visiting the BRE website.

 

Legislative Update: News From City Hall

TIC/Condo ConversionSF city hall

The Board of Supervisors passed condo tenancy-in-common legislation June 18, 2013 that dramatically changed the TIC/condo conversion landscape in San Francisco. The legislation would place a 10-year moratorium on all condominium conversions, while giving a one-time conversion opportunity to the current 2,200 TIC owners on the condo conversion waiting list for a $20,000 fee. The legislation would also ban 5-6 unit TIC buildings from ever converting after the one-time opportunity and place substantial conversion barriers on 3-4 unit TIC buildings.

Concern for REALTORS®

The concern for REALTORS® is the inability for future TIC owners to convert their property for the next 10 years, the conversion ban for any future 5-6 unit TIC buildings, and the high standards on 3-4 TIC unit build-ings. The legislation was authored by Supervisor David Chiu, and cosponsored by Supervisors Jane Kim and Norman Yee. The vote was 8-3, with Supervisors Scott Wiener, Mark Farrell, and Katy Tang opposing it.

Read more

Lot Size will be Added to SFARMLS Sept. 4

Ever wondered the specific lot size of a property? Now you don’t have go to the tax records to find this information. On September 4, SFARMLS will be adding a new "Lot Size" field to all property types, except condo, apartment lease and business opportunity. Users will be able to enter lot size data and filter their search using either square footage or acres. The new "Lot Size" field will also be added to the appropriate MLS reports.

 

SFARMLS Will Add Fractional-Timeshare Property Type Sept. 4

Condopic

A new property type for fractional ownership listings, commonly referred to as timeshares will go live on the SFARMLS on September 4. Fractional ownership or timeshare listings are properties in which multiple parties possess rights to use the property, and each owner is allotted a period of time that they may use or occupy the property. Fractional-timeshare listings will include fields that allow listing agents to indicate the percentage interest being sold and the period of time that a purchaser is entitled to use the property.

A fractional-timeshare listing could be appropriate for any type of property but is most commonly found with condominiums. The fractional-timeshare designation refers to the time-limited nature of the ownership. It should not be confused with the fractional financing available for tenancies-in-common.

 

Tuesday Tour Deadline Changes

forsale

The SFARMLS has changed the Tuesday Tour deadline to noon on Mondays, from the previous deadline of noon on Fridays. The change to a Monday deadline gives listing agents more flexibility in promoting their listings. Agents can continue to enter new listings on Friday, allowing for a weekend open house, or they can choose to enter listings on Sunday or Monday morning, with the Tuesday broker tour being the first showing. The process to add a Tuesday Tour listing remains the same; simply select "Tuesday Tour" from the listing's Revise Listing menu. Users will still be able to cancel their tour at any time.

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