2008 ROBERT ROWLAND AWARD
Rick Heilberg, Cournale & Co.’s Property Management Department Supervisor, was chosen by his fellow employees as the 2008 Robert Rowland Award recipient. Congratulations, Rick!

The Robert Rowland Award, established in 2005, recognizes “inspiring work, dedication, and professionalism”. The award was announced at the company holiday luncheon.

RENT BOARD ANNOUNCEMENT
The S.F. Residential Rent Stabilization and Arbitration Board has announced that the annual allowable rent increase for the March 1, 2009 to February 28, 2010 is 2.2%. The interest rate payable on tenant security deposits for the same period is 3.1%. 

REAL ESTATE VALUES PLUMET 
The California Association of Realtors (CAR) reported that the median price of an existing, single-family home during December 2008 was $281,100 a 41.5% decrease from the revised $480,820 median for December 2007.

On the bright side, CAR estimates that there will be over 500,000 closed escrows of single-family homes in 2008, an increase over 70% from the approximate 300,000 sales in 2007. 

OPEN HOMES ONLINE!
The San Francisco Association of Realtors has developed a website dedicated to promoting Open Homes. www.sfopenhome.com is now “the” site to find properties open on Saturdays and Sundays.

STAFF NEWS
It was anniversary time here in January.

John Montgomery, a stalwart in our Property Management Department celebrated his 9^th anniversary and Stephanie Tse, our Senior Associate in the Loan Department, celebrated her 7^th anniversary.

Congratulations to John and Stephanie for their valuable contributions over the years to Cournale & Co.’s success.