The San Francisco Examiner from San Francisco, California • 97

i It THE SAN FRANCISCO EXAMINER 0 WANT ADS BUSINESS OPPORTUNITIES PART TWO Si1 if I i I I- It I SUNDAY, JUNE 9, 1963 -17W i i 7 i ii i AOwn Your Apartment' Spreads to Suburbs 4 more travel money, and who find conventional home ownership too confining. Brannen's Marysville project is called Villa East, located at the corner of 18th and Ramirez, a 40-unit complex; and in Stockton the development is called Calaveras Park, where 18 units of a potential 104 have been almost completed. Calaveras Park is located In the Weberstown section north of downtown Stockton. The two projects are billed as the "tenancy-in-common" type, where each buyer gets a grant deed to his particular unit in the structure. This is similar to the condominium method of purchase.

Custom design is possible if purchase Is made prior to the start of con struction. In any event, buyers have a choice of decor including wallpaper, interior colors, tile and floor covering at both projects. Multiple units will also be available to resident-owners. Special financing will be offered to those who wish to purchase a duplex, triplex or up to four units for Investment purposes. Investors will have the advantage of group costs of insurance, gardening 8nd upkeep, with the owner's board of governors reserving the usual rights requiring tenants to meet certain qualifications as buyers.

A guaranteed trade-in program is offered, permitting buyers to apply the equity in their present home towards the purchase of the new apartment. Villa East and Calaveras Park plans include one, two and three bedroom designs. Each unit is Individually air-conditioned with refrigerated air piped to each room. Kitchens are all-electric and appliances are included in the prices of $14,000 to $22,000. By sharing the costs of maintenance and gardening, the resident owners will have luxury accommodations available to them at minimum monthly expense, averaging less than $50.

according to the developers. This will include all taxes and professional management. Model units can be viewed at the Marysville site, 18th and Ramirez Sts. Plans for Stockton's Calaveras Park units are on view at the contractor's office, Village Homes, 410 Lincoln Center there. 1 Buyers have choice of decor; custom design Is possible a lllllllllllllllllllllllllllllllllllllllllllllllflllllllllllllllllllllllll How to Figure If You Can Qualify for a Home Loan THE TREND to "own-your-own apartment" as apart from single family-home ownership has been spreading to the suburbs in rapid fashion.

Today it is even popular in such fairly distant places as Stockton and Marysville. Evidencing the popularity of this new method of buying a home in a multi-family structure, are two projects engineered by Edgar W. Brannen, Los Gatos housing consultant, and Richard Finnegan, draftsman and designer with offices in Santa Clara. Those who are buying at the Marysville and Stockton projects are business and professional people, 1 widows, widowers, and senior citizens who now have more leisure time, tr i--f 1 Mill! i 1 i -j It i ---tJLlrm, I By Brian W. H.

Toyor Eximliw Rut Ettitt IdlUf How much should we pay for a home? Will we qualify for a loan? How much Income do we need to get an FHA loan? These are typical questions potential home owners worry about when first contemplating the major Investment of the average lifetime, the purchase of a home. the payment on the mortgage loan of the home he proposei to buy, including principal, interest and insurance premium. The buyer must then add to these figures a monthly proration of the taxes and any special assessments, aa estimate for maintenance, repairs, and an estimate for utilities including light, heat, water, and air conditioning, if any. The next step is to analyze living expenses Including food, clothing, medical, dental, automobile, education, and then all fixed obligations such as installments on autos, furniture, and personal loans. Here is a hypothetical example to Illustrate the fort going requirements: i i ujtp' vv.

I MS 1 1 1 I I 'Hit' I 1 ri tit SFKJii r'y 1 5 jfV i rf f- U'h ft- I Real Esfate Review There Is no rule of thumb. When it comes to the ques tlon of how much a family should pay for a home, each family's circumstances are different. Transportation Recreation and in Put by for Miscellaneous (dues, contributions, etc.) 11 Total expense! Wed Fixed obligations (monthly Installment payments, tjVttV furniture, etc $10t Personal loans or debt payments 11 State income taxes (monthly proration) I Retirement fund Miscellaneous (support of parent, etc.) Total fixed obligation 1120 Now add up the total axpensesi Housing expsnss (monthly av- erage) SIM Living expenses (monthly aver- ase) 4M Fixed obligations (monthly average) 12 Total monthly axpenses $7M Court. This one will cost $404,946. Oakland has a 25 apartment project slated for $180,000 at 145 17th and San Pablo, a 36-unit structure to cost $225,000 at 1230 Brookside In San Francisco, an 18-unit project is slated for W.

Bartlctt and 25th St. at a cost of $140,000. Here1 are the county by county figures for residential building permits issued as compiled by the Daily Pacific Builder. Last WeekMontrt County Alameda 267 wet Dsroraj ago 405 13S 401 225 Contra Costa 112 Marin 67 San Francisco 43 San Mateo 73 6anta Clara 152 79 82 197 $72 Monthly Ineoms Take-horns pay $650 Wife's takt-homt pay (if steadily employed) 200 Total income S850 Housing expenses (monthly) Estimated payment on mortgage loan including principal, interest, insurance premium (if FHA) $110 Hazard insurance premium Taxes and special assessments 30 Estimate for maintenance and repairs 20 Estimate for utilities, light, heat 24 Water Air conditioning 0 Total housing expense $194 Other expenses (monthly average) Food $200 Clothing 75 Insurance premiums, fire, theft, life. etc.

2S Education, books, etc 10 Medical and dental 10 Automobile operation $0 Family obligations, responsibilities, futura prospects and ideas on spending all differ widely. So even if the amount of take-home Income seems to be the same as that of friends and acquaintances, the amount you can safely spend on home ownership could be much more or much less than other families. While there is no set rule, a good formula for buying a home is to figure about 25 per cent of your net Income after taxes for annual housing expense. Do not figure on just the mortgage payment and property taxes alone as "housing expense." There is a lot more to it than that. Insurance, maintenance and the various utilities all must be taken into account The Federal Housing Administration, which Insures loans on low interest long term mortgages for home buyers, has a good method of analyzing a would-be home buyer's potential purchasing power.

A comprehensive check-list is used. Applicants for FHA-insured loans are asked to list total net take-home pay, plus any other Income, say from a wife who is steadily employed. Then the applicant is asked to estimate on the checklist 1 v4' i 1 MM mJ Wrti hmi mu Duplexes and triplexes are available for 'tenancy-ln-common' IllIIITllIllIIIIIIIIlllllIIIIfllllllllltlllllllllSlltllllllllllSIIIIllllIIllllllllSIIIIIIIIlllllIIIIIIIIlllllllIIIlllllllIIIIIIIIIIIllllllllllIlflllTllIIIfTlllIIIIIlflllllllll Apartment With Sweeping Views POST STREET BUILDING BEING REMODELED When all housing items, living expenses and fixed obligations are added, they should be compared to total income. If they balance or are less than the net Income, you should be in good shape to buy. But if estimated expenses outweigh the income, the Indication is that yoa are setting your sights too high, and would not qualify for a loan at the present time.

With the net take-home pay of $850, the hypothetical buyer used here would appear to be in a good position to buy. Using this formula for comparison of expenses to income, with certain variations according to family obligations and then estimating the housing expense of the house you want to buy, you can get a good idea of how you will rate In the eyes of the mortgage lender andor the Federal Housing Administration, when you apply for a loan. (Loan amortization information can be supplied by the real estate broker or builder handling the deal.) Santa Clara Permits Rise I 111 1 II If 1 RH 111 i I VlkJLrl" ferfv 11--' i-H 'ti The seven-story building runs from block to block from Post St. to Maiden Lane. A branch office of the San Francisco National Bank" will occupy the main floor.

Architect on this phase is Mario Gaidano. Contractor for Tiffany's is Oscar Presco Sons. Completion is expected by the latter part of August. THE HOLIDAY LODGE at Lake Tahoe will soon open a new resort by the same name at the site of the old Lawton Hot Springs, six miles west of Reno, Nev. The San Francisco interior design firm of Al-bers-Gruen Associates has ben retained to design the interiors of both the old and new buildings.

The new Holiday Lodge is owned and will be operated by a group headed by Bud Ruppert who also operated the Tahoe resort. A REMODELING project for the second floor of the Roberts Brothers Building at 233 Post Street in San Francisco is now underway, and Tiffany's of New York will open local quarters there this fall. Irwin Robens, co-owner of the building, announced that Griswold-Raetze, local architectural firm, is designing the entire floor in keeping with the traditional New York concept of Tiffany's. The front entrance to the building will also be re-designed. imiiiiiiiiiiiiiimiimiiimiiiiiiii See Santa Cruz Realty Today i I See classification 240 of I Examiner real estate ads to-j day for a special feature devoted to Santa Cruz County properties.

Bay area residential building activity continued at a high level again last week, chiefly due to an exceptionally strong permit issuance in Santa Clara County. The Santa Clara figures showed apartment house projects to be the dominating factor. In San Jose per-mits were taken out for 96 units costing $708,000 at 2080 Alum Rock Road. Mountain View had a 25 unit project slated for $181,328 at 185 Center St Fremont In the East Bay recorded a 22-unit complex for $132,000 at 37550 Glenmoor; and Hayward has a 54-unit apartment complex In six buildings at Whitman St. and St, Luke OVER 200 of San Prandieo'i mod fashionable motroni wft entertain! for afternoon tw In Hie new 1200 California St.

community apartment houso last wek at guesh of the developer, Realty end Construction Co. of New York, They were shown through the nearly completed building and the model opartmenti now open. This particular apartment typifies those available and showi the excellent vlevn obtainable. Here Mrs. Frank Atlau admires the view from the 14th itory, 'imiiimiiiimiiiiiiimiMiuimiiiiiiim Totala I2i 1270 1491 i.