Tag Archives: housing

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 days.nike air max penny

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Snapshot: A Look Back At 2014

In 2014 we experienced significant growth for San Mateo County home prices as record highs were found in both single family residences and condo/townhomes. Prices peaked in May of 2014 for single family residences, then dropped through October and later picked up through the final two months of the year. Condominium/town homes prices rose early in the year and held steady throughout 2014.ray ban cat eye

Single family residences sold for an average of $1,401,419 which was a year-over-year gain of 15.5% , and an increase of 60.4% since the low point in 2011. The large gain in appreciation for 2014 was less, however, than in 2013 when home prices gained 24.4%. Condominium/town home rose 13.4% which was strong, but, also, lower than 2013 when prices rose 25.7%.nike air max cb 94

Strong demand and low inventory spurred the price gains. In 2014, the number of homes for sale decreased 12.3% with inventory reaching a historic low in December. The number of homes sold decreased 5.5%.

For 2015 we expect a robust local economy with limited housing inventory. Supply will continue to outpace demand resulting in steady appreciation in home prices, but, likely, at a slower pace than 2013 and 2014.

Today Sotheby’s International Realty was once again the brokerage with highest production per agent (brokerages over 50 agents), and our San Carlos office was once again the number one San Mateo County office in listings sold and buyers represented.oakley crosshair sunglasses

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Sotheby’s International Realty® Global Residential Real Estate Report

We at Wealth-X are pleased to present the inaugural edition of the Wealth-X and Sotheby’s International Realty® Global Luxury Residential Real Estate Report 2015 . This report was compiled using Wealth-X’s proprietary wealth intelligence derived from our staff  of over 170 global researchers who manually research and curate dossiers on ultra high net worth.Canada Oakley sunglasses

(UHNW) individuals (defined as those with US$30 million or above in assets). In contrast to other reports that provide a macro view based on macro data, this report takes a micro view, starting with specific UHNW individuals and their personal stories, and weaving together these individual strands into a larger tapestry that provides the most accurate and insightful perspective into broader trends.ray ban replacement lenses

The Global Luxury Residential Real Estate Report 2015 identifies the most significant markets for UHNW residential property investment, provides a profile of the global luxury residential property consumers and offers insights into their spending habits relating to their luxury residential property investments.

Luxury residential real estate holds a special place within the portfolio of the world’s ultra wealthy. This report shows that UHNW individuals each own, on average, 2.7 properties. While they may purchase real estate for a variety of reasons – spanning from practical to passion to investment purposes – it represents one of the most intimate asset classes characterizing their wealth. For the purpose of this report, we are using the label “investment” to describe UHNW luxury residential real estate ownership, whether that was their purpose or whether the primary purpose is for their personal and private leisure or living.nike air jordan retro 8

The value of UHNW-owned residences globally rose by 8% in the past year, according to the report’s UHNW Residential Real Estate Index. As capital continues to flow towards key cities and locations across the globe, and as available land becomes scarcer, such growth in value will continue. The inaugural Global Luxury Residential Real Estate Report 2015  is the definitive source of data, insights and trends at the intersection between the world’s UHNW population and the global luxury residential real estate industry, illuminating the opportunities that these individuals present for this sector.imitation oakley sunglasses

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Millennials Jump Into The Mortgage Market

(Repost from Washington Post, Jan 30.)
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Call them the prodigal millennials: Statistical measures and anecdotal reports suggest that young couples and singles in their late 20s and early 30s have begun making a belated entry into the home-buying market, pushed by mortgage rates in the mid-3-percent range, government efforts to ease credit requirements and deep frustrations at having to pay rising rents without creating equity.
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Listen to Kathleen Hart, who just bought a condo unit with her husband, Devin Wall, that looks out on the Columbia River in Wenatchee, Wash.: “We were just tired of renting, tired of sharing [housing] with roommates and not having a place of our own. Finally the numbers added up.”
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Or listen to Erin Beasley, who with her fiance this month closed on a condo unit in the Capitol Hill area of Washington, D.C. “With the way rents kept on going,” she told me, “we realized it was time” after five years as tenants. “With renting, at some point you get really tired of it — you want to own, be able to make changes” that suit you, not some landlord.

Hart and Beasley are part of the leading edge of the massive millennial demographic bulge that has been missing in action on home-buying since the end of the Great Recession. Instead of representing the 38 percent to 40 percent of purchases that real estate industry economists say would have been expected for first-timers, they’ve lagged in market share, sometimes by as much as 10 percentage points. But last week, new signs began emerging that hinted that maybe the conditions finally are right for them to shop and buy:
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●Redfin, a national real estate brokerage, said that first-time buyers accounted for 57 percent of home tours conducted by its agents mid-month — the highest rate in recent years. Home-purchase education class requests, typically dominated by first-timers, have jumped so far this month by 27 percent over last January. “I think it is significant,” said Redfin chief economist Nela Richardson. “They are sticking a toe in the water.” Kas Divband, a Redfin agent in the District, assisted Beasley with her condo purchase.
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●The Campbell/Inside Mortgage Finance HousingPulse Tracking Survey, which monthly polls 2,000 realty agents nationwide, reported that first-time buyer activity has started to increase much earlier than in the typical seasonal cycle. First-timers accounted for 36.3 percent of all home purchases in December, according to the survey.

●Anecdotal reports from realty brokers around the country also point to exceptional activity in the past few weeks.

Perrin Cornell of Century 21 Exclusively in Wenatchee, who helped Hart and her husband buy their condo, says that he is either actively working with or has serious inquiries from four times the number of first-timers that he’d typically see in January. Gary Kassan, an agent with Pinnacle Estate Properties in the Los Angeles area, says nearly half of his current clients are first-time buyers. Martha Floyd, an agent with McEnearney Associates in McLean, Va., said she is working with “an unusually high” number of young, first-time buyers. “I think there are green shoots here,” she said, especially in contrast to a year ago.
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Assuming these early impressions may be pointing to a trend, what’s driving the action? The steady decline in interest rates, high rents and sheer pent-up demand play major roles.
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But there are other factors that may be at work. In the past few weeks, key sources of financing for entry-level buyers — the Federal Housing Administration and giant investors Fannie Mae and Freddie Mac — have announced consumer-friendly improvements to their rules. FHA cut its punitively high upfront mortgage insurance premiums, and Fannie and Freddie reduced minimum down payments to 3 percent from 5 percent.

Price increases on homes also have moderated in many areas, improving affordability across the board. Also, many younger buyers have discovered the wide spectrum of special financing assistance programs open to them through state and local housing agencies. Hart and her husband made use of one of the Washington State Housing Finance Commission’s buyer assistance programs, which provides second-mortgage loans with zero interest rates to help with down payments and closing costs. Dozens of state agencies across the country offer help for first-timers, often with generous qualifying income limits.

“Bottom line: Nobody knows yet whether or how long this month’s reported upticks in first-time buyer activity will last, but there’s no question that market conditions are encouraging. It just might be the right time.”

Photo Credit: Yahoo

Location, location, location.

“For most Americans, the location of their home is as important as or even more important than the physical home itself. So it’s not surprising that location-related reasons play a critical role in the decision on when and where to move: 75% cite one or more location-related reasons for why they are planning to move,” Demand Institute.
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