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

In its monthly report on housing prices, the SP/Case-Shiller Home Price Index — considered to be the leading measure of home prices across the country — said Tuesday the average selling price for a home in the San Francisco area jumped 23.9 percent over a 12-month period ending in April.

Jed Kolko, Trulia’s chief economist, told SFBay home prices in the East Bay showed even more dramatic increases:

“Trulia’s Price Monitor, which is a forward-looking indicator of price trends based on asking prices and reports the San Francisco and Oakland areas separately, showed prices up 31 percent in the East Bay year-over-year, the biggest increase among the 100 largest metros in the country.”

Kolko said home prices in other Bay Area counties also increased, but not as much as the East Bay:

“Prices in our San Francisco metro area, which includes San Mateo and Marin counties, were up 20 percent year-over-year, which is also a very steep increase but not as steep at the East Bay gain.”

Though the housing market is rebounding in most cities, a tight inventory of homes across the Bay Area and one of the fastest job growth rates in the nation is helping to boost home prices locally.

And as Kolko points out, home prices in the East Bay saw prices fall sharply during the bust, creating bargains for home buyers.

SP/Case-Shiller says nationwide prices the average price for a home during that same period of time ending in April jumped 12.1 percent — setting a monthly record.

David Blitzer, chairman of the index committee at SP Dow Jones Indices said the housing recovery is looking strong:

“Atlanta, Las Vegas, Phoenix and San Francisco posted year-over-year gains of over 20 percent in April. San Francisco was the highest at 23.9 percent. … Recent economic data on home sales and inventories confirm the housing recovery’s strength.”

Behind San Francisco in showing strong growth was Las Vegas, which saw prices climb  22.3 percent and Phoenix, which saw prices rise by 21.5 percent.

Article source: http://sfbay.ca/2013/06/25/housing-boom-sends-bay-area-home-prices-soaring/

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/

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U.S. home prices jumped 10.9 percent in March compared with a year ago, the most since April 2006.

A growing number of buyers are bidding on a tight supply of homes, driving prices higher and helping the housing market recover. The Standard Poor’s/Case-Shiller home price index released Tuesday also showed that all 20 cities measured by the report posted year-over-year gains for the third straight month. And prices rose in 15 cities in March from February. That’s up from only 11 in the previous month.

The monthly figures aren’t seasonally adjusted and may reflect the beginning of the spring buying season.

Prices rose in Phoenix by 22.5 percent over the past 12 months, the biggest gain among cities. It was followed by San Francisco (22.2 percent) and Las Vegas (20.6 percent). New York City had the smallest year-over-year increase at 2.6 percent, followed by Cleveland at 4.8 percent.

“Rising home prices may begin to alleviate a lack of housing inventory … by encouraging more homeowners to put their properties on the market,” said Maninder Sibia, an economist with Economic Advisory Service, in a note to clients.

“The housing market is clearly improving.” The index covers roughly half of U.S. homes. It measures prices compared with those in January 2000 and creates a three-month moving average. The March figures are the latest available.

The U.S. housing market is steadily recovering, buoyed by solid job gains and near-record low mortgage rates.

Sales of new homes rose in April to nearly a five-year high. And sales of previously occupied homes ticked up in April to the highest level in three and a half years. Despite the gains, a limited number of homeowners are putting their houses on the market. That’s helped lift home prices. And it’s made builders more willing to ramp up construction. Applications for building permits rose in April to the highest level in nearly five years.

The supply of available homes jumped in April, but was still 14 percent below its level a year earlier. Stan Humphries, chief economist at Zillow, a real estate data provider, said that the increase in the Case-Shiller index has been skewed higher by cities such as Phoenix and San Francisco.

Fewer homes are available in those areas because many homeowners still owe more on their mortgages than their homes are worth.

That makes it difficult to sell. Still, even excluding those markets, home prices are rising steadily nationwide, Humphries said. The increases are “certainly confirmation that the housing market is experiencing a brisk recovery,” he added.

The housing recovery is creating more construction jobs and bolstering the economy in other ways. Higher home prices make homeowners feel wealthier and encourages them to spend more.

Rising prices also encourage more would-be buyers to purchase homes, before prices rise further.

They also enable more homeowners to sell homes, by reducing the number of people who owe more on their mortgages than the homes are worth. Prices have been increasing steadily since last summer.

Still, they are about 29 percent below the peak reached in July 2006. Banks have raised their credit standards since the housing bubble burst and are demanding larger down payments. That’s made it particularly hard for potential first-time buyers to get a mortgage.

Copyright Associated Press

Article source: http://www.nbcbayarea.com/news/local/Bay-Area-Housing-Prices-Take-Big-Jump-209268641.html

Home News Case-Shiller: San Francisco Home Prices Rose Again in March, Climbing 22% YOY

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By Brandon Cornett | Housing Market News
June 14, 2013 | © 2013, All rights reserved

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By Brandon Cornett | June 14, 2013 | 2013, All rights reserved

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Mortgage shopping?

The housing market in San Francisco continues to be a standout, where prices are concerned. According to the latest release of the SP/Case-Shiller Home Price Index, house values in San Francisco rose 3.9% from February to March of this year. Prices have risen by a whopping 22% annually, when measured from March 2012 to March 2013. There is a two-month reporting lag with the Case-Shiller index, which is published on the last Tuesday of every month.

The chart below shows the 20 cities that make up the Case-Shiller 20-city composite. As you can see, the San Francisco real estate market experienced the second-largest annual gain in home prices, slightly behind Phoenix, Ariz.

San Francisco had the largest monthly gain of any metro in the 20-city index, and one of the largest monthly returns in the country. According to the Case-Shiller index, San Francisco property prices rose by 3.9% from February to March.

The Bay Area real estate market continues to rise a wave of recovery that has spread across the entire state. In the chart above, you’ll also notice strong annual returns for San Diego and Los Angeles. These returns are indicative of the positive housing trends throughout California.

In San Francisco’s real estate market, as in other metros across the Sunshine State, housing inventories have plummeted. According to Realtor.com’s monthly housing summary, the total number of homes listed for sale in San Francisco has dropped by 31.22% over the last year. This trend is being seen in other California cities as well, and often to a larger degree. Listing inventory is down 52% in Orange County, 46% in Oakland, and 45% in San Jose.

These are unprecedented statistics. Imagine half of a local real estate market disappearing in a single year. It’s no wonder home buyers are having trouble finding properties in these markets. The supply-and-demand picture has shifted considerably over the last couple of years, and it’s sending prices north. In short, more buyers are vying for fewer properties.

The median list price within the San Francisco housing market has climbed by more than 20% over the last year, according to Realtor.com.

According to DataQuick, a San Diego-based company that provides real estate market data, the median sale price in the nine-county Bay Area reached $519,000 in May. That was an increase of 1.8% from the previous month and 29.8% from the same time last year. The median for San Francisco County climbed to $870,000 last month — the highest of any county in the Bay Area.

Within the city proper, the median sale price is a cool million. According to the real estate firm Redfin, sellers within the city are getting 112% of their asking prices, on average. Clearly, it’s a good time to be selling a home within the San Francisco real estate market.

Home sales have slowed over the last year. In May 2012, a total of 8,899 sales were recorded across the Bay Area. Last month, 8,541 sales were recorded, 4% fewer than the same time last year. In San Francisco County, home sales have declined by 14% over the last year. But this is certainly not due to a lack of demand. It’s from a lack of inventory. If every buyer who wanted to buy a home in the Bay Area could actually find one, sales would probably be 20% to 30% higher this year.

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Article source: http://www.homebuyinginstitute.com/news/case-shiller-san-francisco-409/

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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

SUNNYVALE (KCBS)— New townhome projects continue at a rapid pace in Sunnyvale, where home construction can barely keep up with demand. The 14 currently under construction probably won’t be empty for long. Home values increased nearly 11-percent nationwide over the last year, but homes in the Bay Area are getting even greater gains.

The Standard Poor’s/Case-Shiller home price index released Tuesday showed that all 20 cities measured by the report posted year-over-year gains for the third straight month.

And prices rose in 15 cities in March from February. That’s up from only 11 in the previous month. The monthly figures aren’t seasonally adjusted and may reflect the beginning of the spring buying season.

• Latest Case-Shiller Survey Results
• DataQuick’s Median Bay Area House Price By County

Prices rose in Phoenix by 22.5 percent over the past 12 months, the biggest gain among cities. It was followed by the Bay Area (22.2 percent) and Las Vegas (20.6 percent).

Niccole Beckerman said her family has been priced out of the Silicon Valley.

“It’s really expensive. My parents were trying to buy a house and it’s really expensive just because the schools are really good,” Beckerman said.

The story is the same throughout much of the Bay Area. According to the San Francisco Association Of Realtors, the median Bay Area price for a single-family home has crossed above the $1 million mark for the first time since 2007.

The Inventory of available homes remains extremely low according to San Jose realtor David Martz. He said there are only about 1,000 homes for sale in a population of nearly two-million people in the greater San Jose area.

“Combined with the fact that we currently have interest rates at an all-time low, it’s possible to get an interest rate close to three percent, which is driving demand, so the buyers are out there in force,” said Martz.

Martz said four out of every five homes that come on the market here receive multiple offers, with prices, in some cases, going up hundreds of thousands of dollars over asking.

Despite the gains, a limited number of homeowners are putting their houses on the market. That’s helped lift home prices. And it’s made builders more willing to ramp up construction. Applications for building permits rose in April to the highest level in nearly five years.

The supply of available homes jumped in April, but was still 14 percent below its level a year earlier.

Stan Humphries, chief economist at Zillow, a real estate data provider, said that the increase in the Case-Shiller index has been skewed higher by cities such as Phoenix and San Francisco. Fewer homes are available in those areas because many homeowners still owe more on their mortgages than their homes are worth. That makes it difficult to sell.

Still, even excluding those markets, home prices are rising steadily nationwide, Humphries said. The increases are “certainly confirmation that the housing market is experiencing a brisk recovery,” he added.

The housing recovery is creating more construction jobs and bolstering the economy in other ways. Higher home prices make homeowners feel wealthier and encourages them to spend more.

Rising prices also encourage more would-be buyers to purchase homes, before prices rise further. They also enable more homeowners to sell homes, by reducing the number of people who owe more on their mortgages than the homes are worth.

Prices have been increasing steadily since last summer. Still, they are about 29 percent below the peak reached in July 2006.

Banks have raised their credit standards since the housing bubble burst and are demanding larger down payments. That’s made it particularly hard for potential first-time buyers to get a mortgage.

(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/2013/05/28/builders-cant-keep-pace-with-demand-as-bay-area-housing-booms-again/

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Homes keep getting bid up over asking, which keeps pushing up prices. Another week, another real estate report showing that home prices are on a tear, with the Bay Area among the nation’s leaders. This time, it was the SP/Case-Shiller home-price index showing double-digit prices increases.

Here are photos from one of those now-commonplace scenarios: A perfectly nice, but not extraordinary house that went for way over asking. In this case it was a four-bedroom rancher in Walnut Creek’s Larkey Park area. Listed for $615,950, it went for $650,000 — $34,050 or 5.5 percent over asking.

On average, homes in the 9-county San Francisco Bay Area area are selling for 103.6 percent of asking; this time last year, they went for 100 percent of asking, said Lanny Baker, CEO of Emeryville’s ZipRealty.

Realtors around the Bay Area continue to report flocks of buying chasing super-tight inventory. ZipRealty shows that for-sale Bay Area  inventory is down 43 percent from this time last year to only about 6,998 homes. In 22 out of 24 metro areas it tracks nationwide, ZipRealty “saw more new listings as of April 30 compared to April 30, 2012,” it said in a report. “San Francisco and Austin were the only two metros showing slight declines in new listings.”

“Five of the top seven cities in our national report on price appreciation are in California,” Baker said. “We see San Francisco (metro) as the No. 1 city in the country right now for price momentum,”

In the Case-Shiller report, prices for a 20-city composite index were up 10.9 percent in March versus a year earlier. For the SF metro, which Case-Shiller defines as the counties of San Francisco, Marin, San Mateo, Alameda and Contra Costa, the increase was a strong 22.2 percent, second only to Phoenix’s 22.5 percent gain. For an in-depth look at the report and its implications, click here.

Carolyn Said is a San Francisco Chronicle staff writer. Follow her on Twitter: @csaid

Article source: http://blog.sfgate.com/ontheblock/2013/05/29/homes-prices-keep-on-ratcheting-up-as-bay-area-outpaces-national-growth/

It’s a good time to sell your house. Home prices in 20 major markets are at their highest in seven years. You can bet the San Francisco Bay Area is on the list.

The S P/Case-Shiller home price index calculated growth rates for a 12 month period ending last February. They looked at 20 major markets and found home prices went up 9.3 percent.

The housing recovery’s been driven by near record low mortgage rates, lower unemployment and more buyers than sellers.

This last factor is a big one in California and the Bay Area where the inventory of homes on the market is one of the tightest in the country.

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Article source: http://abclocal.go.com/kgo/story?section=news/7_on_your_side&id=9085727

North Beach San Francisco

Right now cash is king. Homes are consistently going for over list price with multiple offer scenarios being commonplace.

San Francisco, CA (PRWEB) January 31, 2013

The San Francisco market is seeing a great seller’s market. Multiple offer situations, cash in hand, and homes going to market earlier to meet buyer demand.

Business Insider reports, “Going into 2013, home prices are expected to rise 6 percent driven by steady demand, lower bank-owned (REO) sales, and lower inventory of unsold homes. This is according to CoreLogic’s latest report. The CoreLogic Home Price Index (HPI) increased 6.3 percent in 2012, the largest increase and highest level since 2006. And year-over-year home price increases were more widespread. This increase in home prices across a broader geographic spread is expected to continue in 2013.”

“Right now cash is king. Homes are consistently going for over list price with multiple offer scenarios being commonplace. Cash buyers who don’t have to deal with the financing world are winning.” Says Dahle. “A 6% increase for the year is a very promising number and we’re looking forward to a great 2013.”

Only the most informed real estate professionals can guide you through the ups and downs of the San Francisco Bay Area real estate market, and Kirk Dahle has been doing just that for buyers and sellers for several years. A relentless advocate for his clients, Kirk is constantly networking with real estate professionals to find the best listings and to bring a property to market. Contact Kirk directly at sfkirk(at)gmail(dot)com or call 415.203.8638.

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Article source: http://www.prweb.com/releases/2013/1/prweb10386770.htm