The Transfer Tax on Real Property is based on the total value or consideration for the property.
$100 to $250,000: $2.50 per $500 of value.
$250,000 up to $1,000,000: $3.40.
$1,000,000+: $3.75.
Who pays the Transfer Tax?
Most often in San Francisco the seller pays the Transfer Tax. Two exceptions are if you purchase property through probate or in a new development.
Fast Facts
| Condominiums | ||
| District 1 | February 2007 | February 2008 |
| Number of Sales | 7 | 5 |
| Median Selling Price | 809,000 | 990,000 |
| Average DOM | 61 | 50 |
| District 2 | February 2007 | February 2008 |
| Number of Sales | 7 | 0 |
| Median Selling Price | 675,000 | |
| Average DOM | 22 | |
| District 3 | February 2007 | February 2008 |
| Number of Sales | 2 | 1 |
| Median Selling Price | 417,500 | 649,000 |
| Average DOM | 31 | 90 |
| District 4 | February 2007 | February 2008 |
| Number of Sales | 3 | 6 |
| Median Selling Price | 418,000 | 618,000 |
| Average DOM | 55 | 91 |
| District 5 | February 2007 | February 2008 |
| Number of Sales | 29 | 23 |
| Median Selling Price | 858,000 | 789,000 |
| Average DOM | 46 | 39 |
| District 6 | February 2007 | February 2008 |
| Number of Sales | 14 | 14 |
| Median Selling Price | 752,000 | 830,500 |
| Average DOM | 44 | 68 |
| District 7 | February 2007 | February 2008 |
| Number of Sales | 14 | 17 |
| Median Selling Price | 907,000 | 1,250,000 |
| Average DOM | 52 | 18 |
| District 8 | February 2007 | February 2008 |
| Number of Sales | 22 | 24 |
| Median Selling Price | 797,500 | 577,000 |
| Average DOM | 53 | 60 |
| District 9 | February 2007 | February 2008 |
| Number of Sales | 44 | 18 |
| Median Selling Price | 724,500 | 682,000 |
| Average DOM | 60 | 73 |
| District 10 | February 2007 | February 2008 |
| Number of Sales | 5 | 0 |
| Median Selling Price | 565,000 | |
| Average DOM | 28 | |
| District 11 | February 2007 | February 2008 |
| Number of Sales | 6 | 7 |
| Median Selling Price | 528,500 | 340,000 |
| Average DOM | 77 | 103 |
And…
Here is a look at the world’s first LEED PLATINUM HOME REMODEL…
http://www.jetsongreen.com/2008/01/worlds-first-le.html
Buying a home is one of the biggest ways to reduce your tax payment and start your long term savings and investment while enjoying the tangible benefits such as being able to live in it! Buying a home is usually a person’s biggest investment, and also one that yields the most financial and tangible rewards. There are good times as well as bad times to buy and sell real estate as pure investment (like stocks or anything else), but to me, it is NEVER a bad time to buy a HOME to live in.
Here are some details about home owner tax deductions that yield tax saving benefits…
1. mortgage interest on a primary residence is usually fully tax-deductible, unless your mortgage balance exceeds $1 million or you took out a mortgage for reasons other than buying, building or improving a home.
2. your lender will send you a 1098 that tells you how muchy mortgage interest you paid for the year. you can record your interest deduction on line 10 in your schedule A, labeled “itemized deductions”.
3. real estate taxes are also fully deductible. These taxes are approximately 1.14% in San Francisco, and are taxed annually based on the assessed value of your home.
4. If you (or the seller) had to paid points on your mortgage, then the amount may also be deductible on the year that you purchased the property.
The Office of Federal Housing Enterprise Oversight (OFHEO) today announced it has temporarily increased limits on conforming loans offered by government-sponsored enterprises, Fannie Mae and Freddie Mac, from $417,000 to as high as $729,750 in fourteen counties in California for loans originated between July 1, 2007 and Dec. 31, 2008. Fannie and Freddie are reported to be working out new underwriting standards and expect to begin offering the new loans soon.
Also, on Wednesday, the government raised the conforming loan limit for mortgages guaranteed by the Federal Housing Administration, and has begun offering the maximum limit of $729,750 for 14 California counties, up from $362,790, for loans originated between now and Dec. 31, 2008.
The Fed’s economic stimulus package approved earlier this year called for temporary increases on conforming and FHA loan limits to allow troubled borrowers to refinance out of sub-prime loans and make it easier for many new buyers to qualify for mortgages in high-cost areas, particularly in California where home prices remain among the highest in the nation.
To view a list of the new FHA Mortgage Limits by county, go to:
For a list of the proposed loan limit changes for Fannie Mae and Freddie Mac, go to:
