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Housing boom sends Bay Area home prices soaring

Wed, 26 Jun 2013 14:07:31 +0000

A housing boom is sending home prices soaring nationwide, with real estate experts saying the San Francisco Bay Area — specifically the East Bay — is leading the way.

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/

Bay Area housing recovery spreads from Silicon Valley to East Bay

Thu, 09 May 2013 08:48:24 +0000

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The Bay Area’s overheated housing market is restoring thousands of homes to their pre-crash peak values in a ZIP-code-by-ZIP-code recovery that is rapidly spreading from Silicon Valley to the East Bay.

Thirty-four of 185 ZIP codes in five counties have regained or surpassed their bubble-era peak home value or are less than 1 percent from it, according to this newspaper’s analysis of February median values for all homes from online real estate site Zillow.

Another 49 ZIPs are within 15 percent of their previous highs, including 18 in the East Bay. A year ago, only part of leafy Palo Alto had regained the value it lost after Bay Area home values crested in 2006-07.

“Seven or eight years ago, there was really a bubble,” said Richard Green, director of the Lusk Center for Real Estate at the University of Southern California. “Now it’s just good real estate where values are returning to near past peaks.”

Every part of the Bay Area has seen gains in the past year, with Silicon Valley leading the way. But parts of Contra Costa and Alameda counties, where subprime lending was heavy, are still far below their peaks.

The recovery has pulled many homeowners out from underwater — when houses are worth less than the mortgage — and convinced others it may finally be time to sell and move to bigger homes. They’re diving into a fast-moving market in which homes can sell in a day for more than the asking price.

Mike and Lois Lee

sold their Danville home for $780,000 in two days this month, after their real estate agent, Mark Kennedy of Empire Realty, told them their house was again worth more than they paid for it. They made $10,000 on the sale, the result of the past year’s rise in home values.

“I had no idea the market had corrected that much,” Mike Lee said.

Kennedy said the couple tried to sell in 2011 but there were no takers, and it might have resulted in a short sale. “I would say that in a year they went from losing money to making money,” he said.

In one Sunnyvale ZIP code that surpassed its bubble-era peak in December, Greg and Daisy Biggers decided in January it was time to make a move. Their family — four children — was outgrowing the home and the market timing looked right. In fact, it couldn’t have been better.

The Biggers family sold their home in less than a week, with all offers above asking price. Then they bought a home in Orinda, paying above the asking price. The whole process, from the decision to move to the purchase of the Orinda home, took eight weeks. Both homes are in escrow, and agents declined to reveal the sales prices before closing.

“When we started looking at the market, we picked up on this

Daisy Biggers, left, her husband, Greg, and son, Jeffrey, 11, pack some of their belongings that were stored in the garage of the house they recently sold in Sunnyvale on Tuesday, April 23, 2013. They sold their house in less than a week, and bought one in Orinda. The whole process, from the decision to sell, took only eight weeks. Housing values have staged a big comeback and are rapidly accelerating around the Bay Area, with the biggest recovery so far in the Peninsula and Silicon Valley. (Patrick Tehan/Bay Area News Group)
(
Patrick Tehan
)up-trend in prices,” Biggers said. “We quickly decided that if we’re going do it, now is the time. We had much higher demand than we had hoped for, which is great. And things are moving really, really quickly.”

Some pricier parts of Berkeley, Pleasanton, Oakland and Orinda are 10 percent or less below their earlier peaks. Not far behind are San Ramon, Moraga, Alameda, Danville and Fremont.

“Property in Dublin is selling at prices you would more commonly associate with some parts of the Peninsula,” said Lanny Baker, president and chief executive of ZipRealty. Baker said prices should hold even as more homes come on the market.

The market is so hot that sales in a week are not unusual. According to the real estate company Redfin, 24 percent of Alameda County listings in March were pending in a week; the numbers were 32 percent in Contra Costa County, 19 percent in San Mateo County and 26 percent in Santa Clara County.

Ally Yang bought a home in Mountain View in a day after losing another home to a higher offer. Her agent, Mark Wong of Alain Pinel Realty, “sent me the listing. I said let’s go check it out. I walked in, it’s a single family, I know the value, I think it’s a good deal.”

She made an offer of $705,000 that afternoon, and it was accepted. “I think in this kind of market you just have to know what you want and go after it,” she said.

Up the Peninsula in a Burlingame ZIP code that surpassed its bubble-era peak in August, Dianna Herrmann decided it was time to downsize and put her historic, 6,000-square-foot home on the market for $3.98 million.

“I watch the real estate market a lot,” Herrmann said. In February, she called her real estate broker. “I said things are overheated, inventory is low, prices are moving up and rates are low. Is this a good time to sell?”

The answer was yes.

Fifteen days later, the house was sold in an all-cash deal for over the asking price.

“The market is faster than ever,” said Burlingame broker Jennifer Tasto. “When a place sells, there’s one person who gets it and two other people replacing that buyer.”

The recovery is in full bloom in San Francisco. The Mission Bay neighborhood, where new luxury condominiums are about all that’s for sale, edged past its prior peak in January, and other parts of the city are nearing their previous highs.

“San Francisco has recovered incredibly,” said Leslie Bauer, an agent who specializes in the South Beach, Yerba Buena and Mission Bay districts. “I would say we’re recovered beyond when the market fell.”

But the data also reflects the stark contrast between the tech-heavy South Bay and Peninsula, where many areas are surpassing their pre-crash peak values, and the far reaches of the East Bay, where home values in some places are 50 percent or more below peaks that were inflated by subprime lending.

Antioch, Pittsburg, Richmond and a ZIP code in East Oakland have a long climb ahead of them. There, values still hover near their bottoms.

Fifteen ZIP codes in Contra Costa County and three in Alameda County are more than 50 percent below their peak median home value, according to Zillow’s data. In one Antioch ZIP, the median value of a home was $177,700, only 18 percent up from an October 2009 bottom of $149,800 and 62 percent below its peak of $473,400 in January 2006.

“We have a ways to go before we recover,” said Luis Salas, a real estate agent in Antioch. “We’re far from the city and there was so much construction the prices went down a lot in Antioch — in some cases more than 50 percent from the peak. But it’s recovering.”

As prices rise in Antioch, some short sales are drawing offers over asking price and becoming regular equity sales, according to Joy Di Ricco, an Antioch real estate agent who has specialized in short sales since the market crash.

She said one client’s home was $100,000 below the amount of the mortgage six months ago.

“I told them hold off,” Di Ricco said. “Sure enough, I think in another 30 days we may have an equity sale.”

Contact Pete Carey at 408-920-5419 Follow him at Twitter.com/petecarey.

Article source: http://www.mercurynews.com/business/ci_23107869/bay-area-housing-recovery-spreads-from-silicon-valley

San Francisco’s Real Estate Market Making Experts Jump for Joy

Tue, 27 Nov 2012 09:41:11 +0000

LOS ANGELES, Nov. 9, 2012 /PRNewswire-iReach/ — Sports fans in San Francisco couldn’t be happier, as their baseball team just won their second World Series in a three year time span. But Giants’ fans aren’t the only people who should be happy in the Bay Area. According to recent statistics, property owners in San Francisco also have something to smile about! Eight times each year, the Federal Reserve publishes the “Summary of Commentary on Current Economic Conditions”, better known as the “Beige Book”, which gives an economic snapshot of all 12 Federal Reserve districts — including San Francisco. The “Beige Book” came out in mid-October, and it indicates that the residential real estate market in the metropolitan San Francisco area is recovering much quicker than in other cities across the country. For example, the median sales price for a home in the Bay Area continues to rise, and in September, it hit its highest level in more than four years. In September 2012, the median price in the nine-county area climbed to $429,000. That’s a 17.5% increase from September 2011, when the median was $365,000.

Job growth and low interest rates are also bringing more buyers into the area. The unemployment rate around San Francisco has fallen to 7.4% — down from a high of 10.1% in January 2010. With more buyers eager to purchase a home now so they can take advantage of the all-time low interest rates that are available, there is a shortage of homes for sale in the Bay Area. While that’s bad news for buyers, it’s good news for sellers. After all, with fewer homes available on the market, sellers can raise their listing prices. And speaking of fewer homes on the market, San Francisco also is leading the way in foreclosure reduction. Last week, it was announced that foreclosure filings in the San Francisco area fell 36% when compared to the same time period last year. A big part of that comes from investors who are purchasing foreclosure properties and fixing them up to rent, instead of reselling them once the needed repairs have been made. But residential properties in San Francisco aren’t the only hot commodities in town. Commercial real estate is also seeing a boom in the Bay Area. Kilroy Realty Corporation is building two new skyscrapers in town, and their CEO says they already have interested clients wanting to lease space in the buildings. The first, a 400,000 square foot, 27-story project, will break ground in the first quarter of next year, and construction of the second building should get underway in late 2013. In an interview with San Francisco Business Times, the company’s CEO, John Kilroy said, “I can tell you I do not believe in the trees growing to the sky. But I have never seen so much visible demand from such a diverse group of people as I have seen in San Francisco and the Bay Area right now.” With so many interested clients, but limited commercial space, the demand outweighs the inventory at this time, so economists speculate that Kilroy won’t be the only company building commercial properties in San Francisco in the months and years to come. What does all this mean? If you’re looking for a home in San Francisco, expect to pay more. If you own a business that is looking to move to the Bay Area, or relocate within it, also expect to pay a pretty penny. And finally, if you’re a seller — of either a residential or commercial piece of real estate — you may be able to cash in on the high demand in the area and make more money than you initially hoped or planned when selling your property.
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Media Contact: Daniel Torelli RealtyPin.com, 514-836-1432, daniel@realtypin.com

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Article source: http://www.itnewsonline.com/showprnstory.php?storyid=243279

San Francisco’s Real Estate Market Making Experts Jump for Joy

Sun, 25 Nov 2012 03:27:03 +0000

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Media Contact: Daniel Torelli RealtyPin.com, 514-836-1432, daniel@realtypin.com

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San Francisco’s Real Estate Market Making Experts Jump for Joy

Sat, 10 Nov 2012 02:29:29 +0000

LOS ANGELES, Nov. 9, 2012 — /PRNewswire-iReach/ — Sports fans in San Francisco couldn’t be happier, as their baseball team just won their second World Series in a three year time span. But Giants’ fans aren’t the only people who should be happy in the Bay Area. According to recent statistics, property owners in San Francisco also have something to smile about! Eight times each year, the Federal Reserve publishes the “Summary of Commentary on Current Economic Conditions”, better known as the “Beige Book”, which gives an economic snapshot of all 12 Federal Reserve districts — including San Francisco. The “Beige Book” came out in mid-October, and it indicates that the residential real estate market in the metropolitan San Francisco area is recovering much quicker than in other cities across the country. For example, the median sales price for a home in the Bay Area continues to rise, and in September, it hit its highest level in more than four years. In September 2012, the median price in the nine-county area climbed to $429,000. That’s a 17.5% increase from September 2011, when the median was $365,000.

Media Contact: Daniel Torelli RealtyPin.com, 514-836-1432, daniel@realtypin.com

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Article source: http://www.sacbee.com/2012/11/09/4974033/san-franciscos-real-estate-market.html

US Real Estate News: California

Fri, 12 Oct 2012 12:54:42 +0000

California leading US out of housing bust

KHB

California, the state that led the US into the housing “Boom and Bust” with some of the most reckless subprime mortgage lending, is now leading the way out.
A fall in new defaults in California helped push US foreclosure filings to the lowest level in almost 5 yrs, according to RealtyTrac Inc., a seller of home-loan data.

Across the country, 531,576 properties received notices of default, auction or repossession in Q-3, down 13% from a year earlier and the lowest since Y 2007, 1 in every 248 households got a filing, RealyTrac said today.

California, the home of subprime mortgage lending, saw a burst of foreclosures thanks to such industry innovations as “no-doc” loans that required no proof of income.

The state’s recovery is mirrored by US home values that rose 1.2% in July from a year earlier, according to the SP/Case Shiller index of property prices in 20 major cities. It was the 2nd straight 12-month advance and the biggest jump for the real estate gauge since August 2010.
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The gains are moving in tandem with foreclosure declines as lenders control the flow of bank-owned homes that come to market, crimping inventory and pushing up prices, said Daren Blomquist of Irvine, California-based RealtyTrac.

Initial filings in September fell in 31 states, led by California which dropped to a 69-month low. Defaults dropped 45% from a year earlier, 34% in Arizona, 22% in Michigan and 21% in Georgia, RealtyTrac said.
Home sales in California’s biggest population centers rose in August to the highest level since Y 2006, according to real estate research firm DataQuick.

Median house and condominium prices in 6 Southern California counties rose 11% from a year earlier to $309,000, while values in 9 counties in the San Francisco Bay Area gained 11% to $410,000, the San Diego-based company said.

“Much of the pickup reflects a continuation of trends we have seen for months, like the unleashing of pent-up demand in move-up markets and high levels of cash and investor buying,” DataQuick President John Walsh said in a 13 September statement about the Southern California sales surge.

KB Home (NYSE:KBH) is seeing “dramatic improvement” in California, where strength in the coastal markets, including the Bay Area and Orange County, is spreading inland, Chairman and Chief Executive Officer Jeffrey Mezger said on a conference call with analysts last month. The West Coast is KB Home’s largest market.

“It’s simply a different market than it was 6 months ago in the Inland areas as inventories have declined significantly and prices are now rising,” Mr. Mezger said.

The Los Angeles-based homebuilder’s shares fell 1.4% today trimming its gain this year to 118%. That compares with the 75% advance for the 11-member Standard Poor’s 1500 Homebuilding index.

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Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster’s Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.

Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.

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Article source: http://www.livetradingnews.com/us-real-estate-news-california-89457.htm

US Real Estate News: California

Fri, 12 Oct 2012 12:54:41 +0000

California leading US out of housing bust

KHB

California, the home of subprime mortgage lending, saw a burst of foreclosures thanks to such industry innovations as “no-doc” loans that required no proof of income.

“It’s simply a different market than it was 6 months ago in the Inland areas as inventories have declined significantly and prices are now rising,” Mr. Mezger said.

The Los Angeles-based homebuilder’s shares fell 1.4% today trimming its gain this year to 118%. That compares with the 75% advance for the 11-member Standard Poor’s 1500 Homebuilding index.

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Knightsbridge Law is a boutique law firm in Thailand. The lawyers of our firm have provided legal advice on a variety of areas of the legal practice, including:

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Paul A. Ebeling, Jnr.

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Article source: http://www.livetradingnews.com/us-real-estate-news-california-89457.htm

SheSpree.com Offers San Francisco Daily Deals From Its Own Backyard

Sun, 15 Jul 2012 15:37:55 +0000

Group coupon buying through daily deal websites is all the rage these days, and trailblazers Groupon and LivingSocial have been leading the way. But few realize that a virtual smorgasbord of lesser-known niche sites are also making their way into the marketplace with great success. Some sites are industry specific, offering products of a certain genre such as specialty foods or athletic equipment, while others offer downloadable products like e-courses or music files. But the real up and comers, like Marin County-based SheSpree.com, offers its subscribers the local appeal. Shoppers in the San Francisco Bay Area will now get daily deal coupon opportunities for products and services from businesses right in its own backyard.

Novato, CA (PRWEB) July 11, 2012

SheSpree.com, a new daily deal website set to launch this fall, is based in Marin County, California. Its mission is to provide incredible deals from local women-owned businesses. The site has an inherent cause in it by supporting female entrepreneurship, but it also champions local commerce by keeping its revenue within the Bay Area itself. Residents of the greater San Francisco region maintain a widespread, community feel regardless of where they live. Home to about 7 million people, the Bay Area has many folks living in one county, but working in another. The city itself, for example, is home to about 800,000 people, but another 200,000 commuters make their way there each weekday for work. For this reason, SheSpree.com has embraced the entire Bay Area as its local niche, while chartering women merchants from Marin County as the stars of its initial launch.

With all the focus on failing city and township economies in the media these days, there is a growing concern among many that spending should be consciously funneled into local commerce. So it stands to reason that a daily deal website, offering local discounts, is a wise, as well as convenient, choice. SheSpree.com will offer women great deals on everything they need to help manage their personal lives, families, homes, and businesses. Having the merchants be local (especially for service-based products) adds value, saves time, and helps to develop repeat customer bases within the community. And because of the large population of commuters in the greater Bay Area, residents from the entire region can reap the rewards as well.

Owner Paula Richer comments, “SheSpree.com aims to provide smart deals for women all over the Bay Area yet focuses on our women entrepreneurs, one area at a time. We’re starting with Marin County, a creative, diverse community, where you’ll find a lot of unique artisans and small businesses. I want to showcase their talent and ingenuity by featuring their offerings on site. It’s very heartwarming and very exciting!”

SheSpree.com is set to launch this fall. For additional information email shespreeme(at)gmail(dot)com. To sign up as a subscriber visit http://www.SheSpree.com.

For the original version on PRWeb visit: http://www.prweb.com/releases/prwebdailydealwebsite/women-ownedbusinesses/prweb9687985.htm

Article source: http://www.sfgate.com/business/prweb/article/SheSpree-com-Offers-San-Francisco-Daily-Deals-3698028.php