Category Archives: In the News

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Imagine: The New

Sotheby’s International Realty Affiliates LLC today announced the launch of its newly redesigned website,, which was built to showcase its network’s listings in an immersive and visual way that is unique to the industry.
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“The new was created to tell the story of a home in a more editorial way, not the commoditized approach that can often be found in our industry,” said Wendy Purvey, chief marketing officer, Sotheby’s International Realty Affiliates LLC.  “We believe the art of marketing a home is based on showcasing its soul, so every aspect of the new site works toward this goal.”

The design changes include an increased focus on full-screen, high-definition video throughout the site, from the homepage to property detail pages, to allow for a more immersive consumer experience.  High-resolution photography also plays a more prominent role.  The property detail pages feature: slideshows that tell a home’s story via the captions, custom video, location overviews that provide insight into the local area via video and text, and a seller or expert quote that offers a personal view of the property.
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Consumers still can search for a home based on lifestyle and amenity but now have the ability to sort their results by various home features including pools, kitchens and views, and compare visual images of that feature among their search results.
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“At the foundation of the Sotheby’s International Realty brand is our focus on lifestyle,” said John Passerini, vice president of interactive marketing for the brand.  “Our lifestyle search is more visual, and our focus on video and photography allows our affiliates to showcase the various lifestyles a home offers that cannot be properly articulated in words only.  Our fully responsive site works on any mobile device and allows our network members to do what we believe they do best: uniquely showcase extraordinary homes around the world anytime, anywhere and in any language.”
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Discover how searching for your new home is redefined on the NEW SIR.COM
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Bay Area Home Prices Continue to Rise

The closer a home is to tech jobs in San Francisco and Santa Clara the more likely it is to sell quickly and for over asking. The very hot—some would say overheated—core of the Bay Area homes market is San Francisco and Silicon Valley, and the heat radiates out from there, diminishing as one gets further away. This core is defined by the incredible strength of the economy, much of it supercharged by the high-tech boom.
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In February 2015, 91% of homes in San Francisco sold without a price reduction, versus 86% in San Mateo, 82% in Alameda, 76% in Marin, 75% in Contra Costa, 67% in Santa Clara, 67% in Sonoma and 65% in Napa. Throughout the Bay Area, the homes that did sell without a price reduction generally averaged sales above the asking price. Again, San Francisco led the way with an average sales price 11% over asking.
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S.F. was followed closely by San Mateo (8% over asking), Santa Clara (7% over asking) and Alameda (6% over asking). Marin, Contra Costa and Sonoma sold only 1-2% over asking, on average, and Napa actually sold at 2% under asking, on average. As one gets further north, east and south of the inner core, the markets become less overheated: It’s not that these markets are weak—in fact, some are quite hot and they’ve all been strengthening for the last 3 years
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The same dynamic played out when for the average number of days a home was on the market before a sale. San Mateo had the lowest number of days, with homes going into contract an average of 18 days after coming to market. Santa Clara, Alameda, Contra Costa and San Francisco were all just days over that average. But Marin’s average was 40 days, followed by Sonoma at 54 days and Napa at 79 air max penny


Why are so few homes for sale in the Bay Area?

(Posted from

Rain wasn’t the only thing in short supply over the winter. The Bay Area housing market has also been suffering from an inventory drought.
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Real estate activity always slows in winter, but the number of homes and condos sold in the Bay Area in January and February were the lowest in seven years for those two months, according to CoreLogic Dataquick.

The plunge in sales reflects a lack of supply, not a lack of demand.
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“On well-located remodeled homes (on the Peninsula), you could have eight to 12 offers and probably two will be at asking and the rest will be over asking. The numbers over asking could be hundreds of thousands of dollars,” said Jim Meader, a broker with Today Sotheby’s International Realty in San Carlos.

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The Arden, a 267-unit condo development in San Francisco’s Mission Bay, sold out last fall even though owners can’t start moving in until the third quarter of this year, said Alan Mark, president of the Mark Co.

At the current rate of sales, it would take roughly 1.3 months to sell all of the existing homes and condos on the market in San Francisco, according to the San Francisco Association of Realtors. In a normal market, more balanced between buyers and sellers, it takes three or four months.

Everyone knows the supply of new homes in the Bay Area is falling far short of job and population growth, but the number of existing homes being put up for sale is also near record lows in many areas.

In San Mateo County, only 329 single-family homes hit the market in February, the lowest number for that month since at least 1998, when MLSListings Inc. started keeping track. In Santa Clara County, the number was 934, also a record low.

Numbers from Realtor and MLS sources generally do not include new condos because most developers do not list new units on the Multiple Listing Service, or list just a few.

They also do not include homes that never enter an MLS. Realtors say these “off-market” listings are a growing part of the industry and could account for some of the apparent shortage.
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But DataQuick numbers include both new-condo sales and off-market listings because it pulls data from county recorders’ offices. And its sales numbers are still undeniably low.

So why is inventory so tight?

Fear of buying

The reason you hear most often is that people are afraid to put their homes on the market because they won’t be able to buy another one in the Bay Area.

“The move-up market is pretty much frozen,” said Matt Fuller, an agent with Zephyr. “Even if you can do great on the sale of your property, you are terrified to enter the market as a buyer.”

Sellers who accept all-cash offers, which accounted for about a quarter of all Bay Area sales last month, may find themselves scrambling to find a replacement home because cash deals close quickly.
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When that happens, “We negotiate very long rent backs, or they move into temporary housing,” said Ira Serkes, a Realtor in Berkeley.

Some owners are doing what what Dorothy and Michael Catangay did when they sold their home in Gilroy in May. The couple wanted to move to the Villages, a 55-and-older community in San Jose. When they started looking in the fall of 2013, “there were about 10 or so homes in our price range. By the beginning of 2014, we noticed it was down to maybe three or four,” Dorothy said.

Taking the advice of their broker, Quincy Virgilio, they made the sale of their Gilroy house contingent on their ability to get an offer accepted on a replacement home within 21 days. “We were fortunate,” Dorothy said. The couple found a new home at the Villages within two days of accepting an all-cash offer on their Gilroy home.

Foreclosures & TICs
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Inventory is also shrinking because post-foreclosure sales have dried up. “After the bubble burst, foreclosures added to the inventory, especially of affordable homes,” Trulia chief economist Jed Kolko said.

Foreclosure resales accounted for just 4.5 percent of all Bay Area resales in February, compared with a peak of 52 percent in February 2009, DataQuick said.

In San Francisco, the sale of tenancy-in-common units, another affordable option in which two or more parties share ownership, have also plummeted. “TIC sales are down from 724 in 2007 to 295 in 2014,” said Patrick Carlisle, chief market analyst with Paragon Real Estate. The sale of two- to four-unit buildings, which were frequently sold as TIC properties, have also fallen sharply. “I think a lot of this has to do with aggressive changes to tenant-eviction law and condo-conversion laws.”

An influx of foreign owners could also be holding back supply because many see their homes as long-term investments, or a way to get money out of their home country.

Rent, don’t sell

Thanks to soaring rents and low interest rates, a growing percentage of people who buy a new home are renting out their old one instead of selling it.
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“If you bought a home in 2009 through 2011, at prices 35 to 50 percent below today’s, refinanced your mortgage at 3.5 to 4 percent, and the average asking rent in the city for a 2-bedroom is something like $4,500, it can make very compelling financial sense to rent your home out if you don’t have to sell, especially when CDs are paying 1 percent interest,” Carlisle said via e-mail. “The Airbnb phenomenon can only be adding to this.”


Taxes are also dissuading some owners from selling. When homeowners sell their primary residence, they can exclude up to $250,000 in profit ($500,000 if married) from capital gains tax. In pricier areas, “the capital gains exemption, at half a million, is just a drop in the bucket,” said Ken DeLeon of DeLeon Realty in Palo Alto.

Not only are more homes subject to the tax, but the tax itself has risen. In 2012, the maximum long-term capital gains tax rate was 15 percent federal and 9.3 percent in California. Today it’s 23.8 percent federal and 13.3 percent in California.

Rather than sell, some elderly homeowners have decided to stay in their homes until they die. When their heirs get the house, its cost basis will be “stepped up” to its value on their date of death, which essentially wipes out tax on the appreciation that occurred during the owner’s lifetime.

1978’s Proposition 13 also discourages some homeowners from selling, the same way rent control keeps tenants from moving.

In California, homes are reassessed for property taxes only when they are sold or when the owner makes a substantial improvement, which is added to their assessed value. As long as homeowners stay put, their property tax cannot go up by more than 2 percent a year (plus voter-approved local taxes).

Many longtime homeowners would face a steep property tax increase when they sell, unless they qualify for a Proposition 60 or 90 transfer. UnderProposition 58, they could give or leave it to their children (or parents) without triggering a property-tax increase.

Prop. 13 “is a huge disincentive toward selling,” DeLeon said.

For younger buyers, taxes are less of an issue. Although more of his clients are exceeding the capital gains exclusion, “in some cases, the price they are getting is so far above their expectations,” they don’t mind paying the tax. He does, however, think Prop. 13 is affecting the move-up market.

The future

Although sales and listings typically pick up in March, it probably won’t be enough to keep up with the Bay Area’s seemingly insatiable demand for housing.

At some point, prices will get so high that buyers give up or sellers cash in. “Every owner has a price at which they will sell. As prices go higher and higher, I think we will see people willing to sell,” Fuller said.

That could help in the short run, but if everyone who sells wants to stay in the Bay Area, “You still have the same number of households chasing after the same number of housing units,” Kolko said.

Absent an earthquake, stock market crash, recession or other demand-killing event, the only long-term solution is to build more housing. That’s hard to do in the Bay Area, where there’s so little available land and so much regulation.

San Francisco has seen a big jump in condo construction and an even bigger increase in apartment construction over the past few years.

Polaris Pacific expects to see roughly 800 condos completed this year, 1,500 next year and 1,500 in 2017. That’s about twice as many as were completed the previous three years combined.

Apartment completions between now and 2017 will total about 7,000, compared with about 4,700 over the past three years.

That will help, but it’s not enough to keep up with the city’s job growth.

The suburbs will also have to overcome their aversion to anything over three stories. “Tech companies seem to be making a permanent commitment to the area,” Meader said. “You can’t get much density at three stories.”

Nonprofit’s San Mateo County Land Purchase Completes Coastal Trail

A nonprofit has announced the purchase of 21 acres that will complete a segment of the Coastal California Trail in San Mateo County, nonprofit officials said.
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The Peninsula Open Space Trust (POST) purchased the land along Pillar Point Bluff and the land will complete a section of the Coastal California Trail that travels along the bluff. The nonprofit previously purchased other land along the bluff and this most recent purchase is between two of the previously purchased parcels.

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“This is the fulfillment of a decade-long dream to preserve Pillar Point Bluff,” POST President Walter T. Moore said in a statement. “This is a spectacular piece of the California coast and we are thrilled that people can now take an uninterrupted hike on this property and enjoy the incredible scenic beauty of this place.”
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The bluff is known for its views of the Fitzgerald Marine Reserve reefs and the Pacific Ocean. The bluff provides habitat for the threatened California red-legged frog and the endangered San Francisco garter snake.

The property is made up of coastal scrubland and coastal terrace prairie and may be a site for nesting raptors.
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POST is a private, nonprofit land trust that protects and cares for open space, farms and parkland in and around Silicon Valley. Since its founding in 1977, POST has been responsible for saving more than 70,000 acres as permanent open space and parkland in San Mateo, Santa Clara and Santa Cruz counties.


Bay Area Home Prices Rise As Inventory Drops

“As long as there is very low supply, high-paying jobs and low interest rates, it will continue to go at this rate. Until the mechanics of something in the economy change, this is still going to be a bumpy ride for the next five or six months for buyers.”
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Buyers in San Mateo County are struggling to find homes on the market, as the local stock of available housing has shrunk precipitously in recent weeks, according to local experts.

As the lack of available options decrease, prices continue to surge, setting a market that is extremely difficult for those interested in purchasing a new home.
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The year started off with a bang in some regions of the Peninsula, but has ground to a halt recently, as fewer homes are coming onto the market.

This year touted the most new homes available in San Carlos in the month of January since 2012. But that momentum was not indicative of more good things to come, as February featured the fewest homes listed in that month since 2007.

The setback was so severe that the first two months of the year combined for the fewest homes becoming available San Carlos in eight years.
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Realtor Steven Hyman, who sells property along the coast in San Mateo County, echoed those sentiments.

He said there are 30 homes currently available for sale on the coastside, but normally there would be near 100.

“The inventory is just incredibly low,” he said.

According to data from the San Mateo County Association of Realtors, or SAMCAR, 181 single-family homes sold in the county last month, down from 202 during the February prior and 260 sold in February 2013.

It’s a culmination of factors has resulted in an unprecedented degree of difficulty for those currently searching for a new home.
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“It’s unlike anything I’ve ever seen in this market,” he said. “It’s a combination of low inventory everywhere, and on top of that, there’s an unprecedented amount of wealth.”

The dearth of options is spread across the county, as there are 587 homes available on the market, down from 1,181 homes in February 2012, according to SAMCAR.

“It’s the perfect storm. There are very well qualified buyers, and nothing to choose from.”  Hyman said he attributed the lack of available homes to how promptly real estate is being purchased.

“Houses are just getting snapped up in days,” he said.
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It is common for home buyers to make offers well over the listing price, or offer much of their down payment in cash with hopes to improve their odds of striking a deal. He said some buyers may be overreacting out of frustration associated with possibly being turned down repeatedly in a highly-competitive market, which could result in some being willing to pay considerably more than market rates.

“There is a certain desperation in the mind of some buyers. They are getting fed up with being outbid, and when people get that emotional and that frustrated, they tend to write very strong offers,” he said.

Average sales price in San Mateo County has climbed to $1.4 million in February 2015, up nearly $500,000 from that same month in 2012, according to SAMCAR.

“The county has gone into hyper drive,” he said. “This year blew through previous high sale prices.” And there is likely little relief in sight for those hoping to see the market slow down.

While large technology companies such as Facebook and Google are present in the area and offering well-paying jobs to young residents, home buyers will be able to continue paying the prevailing exorbitant rates.
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As well, housing stock is not likely to increase drastically, because space is limited along the Peninsula. Expect to see more high-rise housing developments built, similar to recent projects in Redwood City, because there is such a significant demand for housing but not an abundance of space to build.

(Post from Daily Journal)