SAN FRANCISCO (CBS/AP) – A research firm said home prices in the San Francisco Bay Area began to cool off last month after a torrid run.

California posted its strongest homes sales for any August in seven years as price increases cooled, a research firm said Friday, a relief to buyers who have been competing over slim pickings.

There were 42,546 new and existing houses and condominiums sold, up 3.1 percent from 41,280 sales a year earlier and the highest August tally since 51,054 homes sold in 2006, according to DataQuick.

The median sales price was $361,000, down 0.6 percent from 363,000 in July but still up 28.5 percent from $281,000 in August 2012. It was the 18th straight month of annual price gains.

Sales were especially strong for mid- to high-priced homes. Sales above $500,000 jumped 28.2 percent in the nine-county Bay Area and soared 48.7 percent in Southern California.

Louis Marcoux, 35, lost three bids before buying a four-bedroom house last month for $830,000 in Pleasanton. It is better house than the previous ones he sought—and less expensive.

“It got sort of crazy in May, June,” said Marcoux, an executive at a medical device maker. “We were ready but weren’t pressed for time … The wait was worth it.”

The median sales price in the Bay area was $540,000, down 3.9 percent from $542,000 in July but still up a whopping 31.7 percent from $410,000 in August 2012. There were 8,616 homes sold in the Bay area, down 0.6 percent from a year earlier.

DataQuick reported Thursday that Southern California’s median sales price was $385,000 last month, matching a 64-month high and marking the 13th straight month of annual double-digit gains. Sales increased 2.8 percent to 23,057 homes.

“We’re starting to see an overdue correction that’s going to lead to much more moderate price increases,” said Michael Lea, lecturer at San Diego State University’s Corky McMillin Center for Real Estate.

The sales increase partly reflects a national trend of fewer homeowners owing more than their homes are worth, allowing them to sell without taking a loss, analysts said. CoreLogic Inc., a real-estate data firm, reported this week that 15.4 percent of its mortgaged homes in California were “underwater” at the end of June, down from 21.3 percent three months earlier.

Foreclosed homes, which drove sales after the 2008 financial market meltdown, made up a much smaller part of the sales mix. According to DataQuick, homes foreclosed upon during the previous year accounted for 7.8 percent of existing home sales in August, down from 20 percent a year earlier and 58.8 percent in February 2009.

Lea said he is watching for housing inventories to grow, which will help keep a lid on price increases.

The California Association of Realtors reported a 2.9-month supply of single-family homes for sale in July, down from 3.5 months a year earlier. A normal supply is considered five to seven months.

(Copyright 2013 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

Article source: http://sanfrancisco.cbslocal.com/2013/09/13/bay-area-home-prices-cooling-off/

A spot in the city’s trendy South Beach neighborhood sold last week for $82,000, the San Francisco Chronicle reported on Thursday ( ).

The 8- by 12-foot parking space is in an enclosed garage in a condominium building near the San Francisco Giants’ ballpark. A Porsche SUV was parked in it on Thursday. The Chronicle said the unidentified buyer did not respond to interview requests.

While it may seem like a lot of money, real estate agents said parking could be a good investment in densely packed San Francisco, where vehicle spaces go for a premium. They can add as much as $100,000 to the purchase price of a property or be rented out at rates of $400 to $450 a month _ the going rate in South Beach.

“We had a very good response right out of the gate,” said Sean Sullivan with Climb Real Estate, which sold the spot. “It was only in the market two weeks.”

Sullivan said he sold a parking spot in the same building at the height of the last real estate boom for $95,000.

Overall, the city has seen real estate prices climb. Home prices in San Francisco grew by 22.2 percent in March compared with a year ago, second only to Phoenix among U.S. cities, according to The Standard Poor’s/Case-Shiller home price index released in May.

Home prices in the wider, nine-county San Francisco Bay area posted a 12th straight month of double-digit price increases last month, according to research firm DataQuick. DataQuick said Thursday that the median price for new and existing houses and condominiums reached $519,000 in May, up 30 percent from the same period last year.

Condos in the South Beach area are going for $1,000 a square foot, the Chronicle reported. At 96 square feet, the parking space was a relative bargain at $854 per square foot.

Sullivan said the building where the parking spot was sold was built before the city restricted spaces to one per unit. It is one of the few buildings that allows nonresidents to own a spot.

The owner has a deed and must pay property taxes and homeowner association dues.

The sale was all cash.

Article source: http://wnyt.com/article/stories/s3066080.shtml?cat=300

SAN FRANCISCO (CBS/AP) – It seems parking spots aren’t immune from the recent surge in San Francisco real estate prices.

A spot in the city’s trendy South Beach neighborhood sold last week for $82,000.

The 8- by 12-foot parking space is in an enclosed garage in a condominium building just a block from ATT Park. The unidentified buyer did not respond to interview requests, but a Porsche SUV was parked in the space on Thursday.

While it may seem like a lot of money, real estate agents said parking could be a good investment. It can add as much as $100,000 to the purchase price of a property, or be rented out at rates of $400 to $450 a month — the going rate in South Beach.

Sean Sullivan, who sold the space, said the spot has an ideal location with Instagram and other tech companies nearby.

“We had a very good response right out of the gate,” said Sullivan, an agent who works for Climb Real Estate. “It was only in the market two weeks.”

Sullivan said that he’s previously sold a space for even more. In fact, he sold a parking spot in the same exact building at the height of the last real estate boom for $95,000.

Overall, the city has seen real estate prices climb. Home prices in San Francisco grew by 22.2 percent in March compared with a year ago, second only to Phoenix among U.S. cities, according to the Standard Poor’s/Case-Shiller home price index released in May.

Home prices in the wider, nine-county Bay Area posted a 12th straight month of double-digit price increases last month, according to research firm DataQuick. DataQuick said Thursday that the median price for new and existing houses and condominiums reached $519,000 in May, up 30 percent from the same period last year.

Condos in the South Beach area are going for $1,000 a square foot. At 96 square feet, the parking space was a relative bargain at $854 per square foot.

Sullivan said the building where the parking spot was sold was built before the city restricted spaces to one per unit. It is one of the few buildings that allows non-residents to own a spot.

The new owner has a deed and will be required to pay property taxes and homeowner association dues on his little slice of South Beach.

The sale was all cash.

(Copyright 2013 by CBS San Francisco. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Article source: http://sanfrancisco.cbslocal.com/2013/06/13/parking-spot-sells-for-82k-in-san-francisco-building/

We had a very good response. It was only in the market two weeks.

San Francisco, CA (PRWEB) June 20, 2013

Sean Sullivan, Senior Sales Leader with Climb Real Estate Group in San Francisco was recently featured in a KRON4 news report featuring reporter Maureen Kelly about the second Rincon Tower which was put on hold five years ago after the housing recession of 2008. The second building, known as Rincon II has resumed construction. Rincon I finally sold out last fall. According to the KRON4 news report from late April(1), Rincon II was initially going to be condominiums for individual sale, but since resuming construction, the developers have changed their minds and have decided to make the units available for lease instead of for sale. Rincon is represented for sale by Polaris Pacific. Available now at ICON, these 1 and 2 bedroom homes feature contemporary, tasteful finishes located adjacent to shopping, transit, services, food and drink. Amazing views toward the top of the 6 story building. Represented for sale by Paragon Real Estate Group’s Suzanne Gregg and Jason Gorski.

Sullivan comments in the KRON4 news report that he would not be surprised if the developers change their minds again if there is a chance for them to get a better rate of return by selling instead of leasing. As it stands now it is not known what the market conditions will be in a year and beyond and if it will be more favorable to the developers to lease or sell. Sean Sullivan specializes in San Francisco real estate new construction and more information about other new properties can be found on his website. Century Condominiums, a chevron shaped building will open for sales late this summer.  They are 1 and 2 bedroom floor plans at the crossroads of Duboce Triangle and Upper Market. The View Penthouses feature commanding views and large private terraces. Represented for sale by Vanguard Properties’ Jean-Paul Samaha and Ed Deleski.

Another event to make international news featuring Sean Sullivan is the $82,000 parking space which recently sold in a condominium garage in San Francisco’s trendy South Beach neighborhood, near the Giants’ ballpark. This news was reported in the online news outlets Huffington Post, Britain’s Daily Mail, San Francisco Chronicle, the CBS Evening News, the Los Angeles Times and the Washington Post, among others. Sullivan commented in the Washington Post(2) “We had a very good response. It was only in the market two weeks.” Sullivan added that at the height of the property boom he sold a parking spot in the same building for $95,000. In the UK’s Daily Mail(3) Sullivan said the space was in a good part of the garage, and said the company struggled at first to put a price on it. The Linea condominiums are perhaps the most architecturally stunning residential development along Upper Market, Linea offers myriad views and floor plans to suit buyers who crave privacy or who want to be front-and-center in this dynamic location.  Glass curtain wall construction allows for floor-to-ceiling glass in most homes.  With the historic Art Deco San Francisco Mint and a new Whole Foods as neighbors, Linea graces an already remarkable location. Represented by for sale by Polaris Pacific.

About Sean Sullivan San Francisco Real Estate Agent

Sean Sullivan serves as Climb Real Estate Group’s Senior Sales Leader, where he oversees the brokerage’s agents and resale business. With more than fifteen years in the real estate industry, Sullivan has sold over $600 million in real estate and built a reputation for his sales leadership in the Bay Area — from San Francisco, San Mateo, and San Jose.

Sullivan has extensive experience in a variety of real estate transactions, both on the buying and on the selling sides, and expertly collaborates with attorneys, brokers, and the real estate community at large.  He has strong relationships with developers and buyers alike, who trust his honesty, market knowledge and vast experience in negotiating, renovating and problem solving.

As Senior Sales Leader, he is very involved in the real estate community as a member of SFAR, CAR, and NAR.  He is also active in SPUR San  Francisco Planning Urban Research Association, California Preservation Foundation, The National Trust for Historic Preservation, Jewish Vocational Services, SF Bicycle Coalition and Panhandle Park Stewards. Today, he continues to provide advice to his broker peers and volunteers his time teaching and participating in seminars.

Originally a Connecticut Yankee, he has lived in San Francisco for 15 years.  His interests include family, urban planning, fitness.  He has also been fortunate to travel to over 30 countries. He currently resides in the North Panhandle.

Contact Information

Sean Sullivan, Senior Sales Leader

Climb Real Estate Group

San Francisco, CA

415-215-0554

Sean(at)climbsf(dot)com

http://sfresource.com

(1) http://news.kron4.com/video/second-rincon-tower-starts-to-rise-above-san-francisco/

(2) http://articles.washingtonpost.com/2013-06-13/national/39940496_1_san-francisco-giants-real-estate-prices-parking-space

(3) http://www.dailymail.co.uk/news/article-2341399/Tiny-parking-spot-sells-82-000-San-Franciscos-South-Beach-weeks-offered-sale.html#ixzz2WVtBr0Vi

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Article source: http://www.prweb.com/releases/2013/6/prweb10852842.htm

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Parking spots apparently aren’t immune from the recent surge in San Francisco real estate prices.

A spot in the city’s trendy South Beach neighborhood sold last week for $82,000, the

The 8- by 12-foot parking space is in an enclosed garage in a condominium building near the San Francisco Giants’ ballpark. A Porsche SUV was parked in it on Thursday. The Chronicle said the unidentified buyer did not respond to interview requests.

While it may seem like a lot of money, real estate agents said parking could be a good investment in densely packed San Francisco, where vehicle spaces go for a premium. They can add as much as $100,000 to the purchase price of a property or be rented out at rates of $400 to $450 a month – the going rate in South Beach.

“We had a very good response right out of the gate,” said Sean Sullivan with Climb Real Estate, which sold the spot. “It was only in the market two weeks.”

Sullivan said he sold a parking spot in the same building at the height of the last real estate boom for $95,000.

Overall, the city has seen real estate prices climb. Home prices in San Francisco grew by 22.2 percent in March compared with a year ago, second only to Phoenix among U.S. cities, according to The Standard Poor’s/Case-Shiller home price index released in May.

Home prices in the wider, nine-county San Francisco Bay area posted a 12th straight month of double-digit price increases last month, according to research firm DataQuick. DataQuick said Thursday that the median price for new and existing houses and condominiums reached $519,000 in May, up 30 percent from the same period last year.

Condos in the South Beach area are going for $1,000 a square foot, the Chronicle reported. At 96 square feet, the parking space was a relative bargain at $854 per square foot.

Sullivan said the building where the parking spot was sold was built before the city restricted spaces to one per unit. It is one of the few buildings that allows nonresidents to own a spot.

The owner has a deed and must pay property taxes and homeowner association dues.

The sale was all cash.

Copyright Associated Press

Article source: http://www.nbcbayarea.com/news/local/San-Francisco-Parking-Spot-Sells-for-82000-211467521.html

A total of 5,404 houses and condominiums were sold, down 1.8 percent from January and more than 6 percent from February of 2012, DataQuick said.

The median sales price for a home in the nine-county area was $405,000. That was down 2.4 percent from January but still nearly 25 percent higher than a year ago.

Although prices remain well below the peak of several years ago, they have soared by double digits each month for the past nine months when compared with the same months a year earlier. The gains have topped 20 percent in the past four months in year-over-year comparisons, DataQuick said.

“Isn’t this Economics 101? Supply and demand?” DataQuick President John Walsh asked in a statement. “If demand outstrips supply in a free market, the price goes up.”

“Now, with a recovering economy, prices still closer to the bottom than to the top, with ultra-low mortgage interest rates and tight supply, the stage is set for price gains. This spring is going to be interesting,” Walsh said.

There were continuing indications that California’s housing market is recovering from its five-year slump.

“Foreclosure activity is well below peak levels reached in the last few years. Financing with multiple mortgages is low, and down payment sizes are stable,” DataQuick said in a statement.

Sales in February shifted from low-cost, distressed homes to mid-market and higher properties, with the number of homes selling for $500,000 or more jumping by 27.7 percent, DataQuick reported.

Foreclosures and short sales, those in which the price was less than the amount owed on the property, both were down over January and there were a lot fewer of them compared with February a year ago.

Investors, as compared with first-time homebuyers, accounted for a sizeable chunk of the sales. Absentee buyers, who mostly are investors, bought 28.2 percent of all Bay area homes.

That was an all-time high based on DataQuick figures going back to 2000, the company said.

In Southern California, homes sales continued strong, with 15,945 sold – the most for a February in the past six years.

The median sales price in Los Angeles and five other counties was $320,000, DataQuick reported Wednesday.

Article source: http://www.vcstar.com/news/2013/mar/14/sf-bay-area-february-home-sales-dip/

A total of 5,404 houses and condominiums were sold, down 1.8 percent from January and more than 6 percent from February of 2012, DataQuick said.

The median sales price for a home in the nine-county area was $405,000. That was down 2.4 percent from January but still nearly 25 percent higher than a year ago.

Although prices remain well below the peak of several years ago, they have soared by double digits each month for the past nine months when compared with the same months a year earlier. The gains have topped 20 percent in the past four months in year-over-year comparisons, DataQuick said.

“Isn’t this Economics 101? Supply and demand?” DataQuick President John Walsh asked in a statement. “If demand outstrips supply in a free market, the price goes up.”

“Now, with a recovering economy, prices still closer to the bottom than to the top, with ultra-low mortgage interest rates and tight supply, the stage is set for price gains. This spring is going to be interesting,” Walsh said.

There were continuing indications that California’s housing market is recovering from its five-year slump.

“Foreclosure activity is well below peak levels reached in the last few years. Financing with multiple mortgages is low, and down payment sizes are stable,” DataQuick said in a statement.

Sales in February shifted from low-cost, distressed homes to mid-market and higher properties, with the number of homes selling for $500,000 or more jumping by 27.7 percent, DataQuick reported.

Foreclosures and short sales, those in which the price was less than the amount owed on the property, both were down over January and there were a lot fewer of them compared with February a year ago.

Investors, as compared with first-time homebuyers, accounted for a sizeable chunk of the sales. Absentee buyers, who mostly are investors, bought 28.2 percent of all Bay area homes.

That was an all-time high based on DataQuick figures going back to 2000, the company said.

In Southern California, homes sales continued strong, with 15,945 sold – the most for a February in the past six years.

The median sales price in Los Angeles and five other counties was $320,000, DataQuick reported Wednesday.

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Article source: http://www.sacbee.com/2013/03/14/5262908/sf-bay-area-february-home-sales.html

For a 10th consecutive month, the median home price in the nine-county region rose year over year to hit $415,000, real estate firm DataQuick reported.

That was a 27.3% increase from the same month last year, though a 6.3% decline from the prior month.

The region posted its strongest January sales pace in six years, popping up 3.2% from the prior month.

A total of 5,501 newly built and previously owned houses and condominiums sold last month.

Foreclosures and short sales made up just over a third of the market last month.

ALSO:

One-third of homeowners have no mortgage

2012 was a banner year for housing affordability

Investors fuel Southland housing gains as foreclosures plummet

Article source: http://www.latimes.com/business/money/la-fi-mo--bay-area-housing-20130214,0,4188583.story

Monthly sales of existing single-family homes and condominiums in the San Francisco Bay area fell from May to June but were still higher year-over-year for the 12th consecutive month according to real estate information provider DataQuick..

A total of 8,577 new and resale homes were sold in June in the nine county Bay Area, which includes Alameda, Contra Costa, Marin, Napa, Santa Clara, San Francisco, San Mateo, Solano and Sonoma Counties. That was 2.6 percent lower than the 8,810 home sales in May but still 7.2 percent higher than the 7,998 sales posted in June of 2011. Year-over-year home sales have improved for 12 consecutive months.

Home sales typically increase from May to June in the Bay area with last month’s home sales 14.8 percent below their historical average.

Cash buyers accounted for 27.5 percent of the homes purchased for the month, down from 28.3 percent in May and they paid a median price of $277,000 for the homes they purchased, down from $280,000 the previous month.

Absentee buyers, usually investors and vacation home buyers, accounted for 23.4 percent of all sales, down from 24.4 percent in May, paying a median price of $270,000 for the homes they purchased, up from $262,000 the previous month..

The median sales price for new and resale homes and condos in June increased 4.3 percent to $417,000, up from $400,000 in May. The median price was 10.4 percent higher than in June of 2011, when the median price stood at $377,750. It was the third consecutive month that year-over-year home prices have improved in the area following 19 straight months of declines.

By comparison, the lowest median price posted during the current real estate cycle was $290,000 in June 2009, while the peak median price was $665,000 in June/July 2007.

John Walsh, president of DataQuick, stated, “Some of today’s stats are similar to what we saw in the thick of the housing downturn back in 2009, only in reverse: Instead of foreclosure resales soaring they’re waning, and instead of high-end sales slumping they’re posting some of the larger sales gains. This is one of the main reasons that various price measures are pointing higher – a so-called change in market mix. While last month’s jump in the median sale price might to some extent reflect prices edging a bit higher in certain markets, mostly it’s a reflection of the change in market mix. Fewer discounted distressed properties changing hands, more normal sales in the move-up range.”

Distressed home sales accounted for 36.1 percent of the Bay Area’s re-sale market last month, down from a revised 39.0 percent in May. Foreclosure re-sales accounted for 18.1 percent of all existing home sales in June, down from 21.4 percent in May, while short sales also made up about 18.0 percent of the Bay Area’s existing home sales last month, up from a revised 17.6 percent in May.

Tags: Bay Area, DataQuick, home sales, home prices, spring selling season, median sales price, new homes, re-sale homes

Source:
Dataquick

Article source: http://loanrateupdate.com/mortgages/bay-area-june-home-sales-fall-in-june

The median price for houses and condominiums in the nine-
county Bay Area increased to $400,000, up 2.6 percent from April
and 7.5 percent from May 2011, the San Diego-based data seller
said today in a statement. Almost 39 percent of purchases
exceeded $500,000, the most since August 2010.

“It’s not exactly a stampede, but people are starting to
move off the housing-market sidelines in numbers we haven’t seen
in quite a while,” DataQuick President John Walsh said in the
statement. “Foreclosures are a significantly smaller portion of
what’s selling, and the higher-cost coastal markets are seeing
more activity.”

Total sales in the Bay Area rose to 8,810, up 15 percent
from the previous month and 26 percent from May 2011. It was the
highest tally for the month since 2006. Foreclosure sales
accounted for 22 percent of the total, down from almost 27
percent a year earlier and the lowest since January 2008.

Prices in both San Francisco and Santa Clara counties rose
6.2 percent, to a median $701,000 and $529,000, respectively.
The biggest increase was in Contra Costa County, where the
median gained 16 percent to $295,000. The Marin County median
price fell 2 percent to $627,000, according to DataQuick.

To contact the reporter on this story:
Dan Levy in San Francisco at
dlevy13@bloomberg.net

To contact the editor responsible for this story:
Kara Wetzel at
kwetzel@bloomberg.net

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Article source: http://www.bloomberg.com/news/2012-06-14/san-francisco-bay-area-home-prices-climb-to-22-month-high.html