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Bay Area home values up 28 percent, luxury home prices leap 11 percent

Thu, 12 Sep 2013 01:03:36 +0000

This home at 3800 Washington St. in the Presidio Heights neighborhood of San Francisco is on the market for $21 million. It has eight bedrooms, seven bathrooms and 17,895 square feet. Prices for homes above $1 million grew by 11 percent during the past year.

Blanca Torres
Reporter- San Francisco Business Times

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The Bay Area’s housing market continues heating up, but for how long?

Home values in the Bay Area rose by 27.8 percent during the past year to an average of $628,200 in July, according to Zillow, a real estate information site. Zillow calculates home value appreciation for all homes, not just homes that have sold or are on the market.

Click on the image for a slideshow of Bay Area homes that are on the market or have risen significantly in value.

San Francisco ranked third nationwide for home value appreciation after Sacramento with 33.1 percent growth to $274,600 and Las Vegas with 30.8 percent growth to $151,600.

Nationwide, home values crept up by 6 percent during the past year to an average $161,600 — about 25 percent of San Francisco’s average (kind of makes you want to move doesn’t it?).

“The U.S. housing market recovery has proven it is on very sound footing,” said Zillow Chief Economist Dr. Stan Humphries. “We have entered a new phase in the recovery when we can begin to turn away from ugly recent history and turn toward what the housing market of the future will look like and how it will act.”

The housing market has improved significantly, but I’m not sure the Bay Area’s performance will continue to rise at the rapid pace we’ve seen in the past couple of years.

Also, the market here is increasingly shifting toward the high-end and away from first-time and entry-level buyers.

First Republic Bank reported today that luxury home prices in the Bay Area jumped 10.9 percent during the second quarter of this year compared with 2012 to an average of $2.9 million — the highest since the fourth quarter of 2008 and approaching the all-time highs of 2007.

Blanca Torres covers East Bay real estate for the San Francisco Business Times.

Article source: http://www.bizjournals.com/sanfrancisco/blog/real-estate/2013/08/bay-area-home-values-up-28-percent.html

Bay Area luxury homes hit highest price since 2008

Sun, 09 Jun 2013 07:07:00 +0000

San Francisco’s luxury homes are in high demand.

Mark Calvey
Senior Reporter- San Francisco Business Times

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Luxury home values in the Bay Area hit their highest level since the fourth quarter of 2008, with the latest figures marking the fifth consecutive quarter of year-over-year gains.

The value of luxury homes rose 8.7 percent in the first quarter from a year earlier and are up 3.2 percent from last year’s fourth quarter, according to the First Republic Prestige Home Index.

The average luxury home in the Bay Area is worth $2.82 million.

Los Angeles area values rose 7.1 percent from a year ago and 1.9 percent from the fourth quarter of 2012. The average luxury home in Los Angeles is worth $2.1 million.

San Diego posted more modest gains, with luxury home values there rising 2.8 percent from a year ago and 3.6 percent from the fourth quarter. The average home value in San Diego is $1.7 million.

“Luxury home prices rose strongly in the San Francsico Bay Area and Los Angeles, and continued to recover in San Diego,” said Katherine August-deWilde, president and chief operating officer at First Republic Bank, (NYSE: FRC) which produces its report on luxury home prices every quarter with Fiserv CSW, a provider of property valuation services to the banking industry.

“Limited inventory exists in many areas, and buyer demand is accelerating for properties in the most desirable neighborhoods. Many homes have received multiple offers and are selling over the asking prices,” August-deWilde said.

Those hallmarks of the Bay Area housing market was captured in a Financial Times report last week, looking at all the tech wealth flowing into real estate.

Janis Stone of TRI Coldwell Banker in San Francisco sees strong demand from cash buyers, looking for homes in the $3 million to $6 million range.

Mark Calvey covers banking and finance for the San Francisco Business Times.

Article source: http://www.bizjournals.com/sanfrancisco/blog/2013/06/san-francisco-luxury-homes-real-estate.html

Man charged with defrauding Marin real estate agent

Fri, 03 May 2013 07:47:47 +0000

A San Francisco man was arrested last week after allegedly duping a Marin County real estate agent and his girlfriend out of $1.6 million by claiming to be the son of the president of the Congo.

Blessed Marvelous Herve, 41, was charged with wire fraud in a federal criminal complaint April 24 and arrested in San Francisco according to U.S. Attorney Melinda Haag.

Herve faces a maximum prison sentence of 20 years if convicted. He made his first appearance in Federal Court in San Francisco on April 25 and remained in custody.

According to court documents filed by the FBI, Herve used a variation of the scam referred to as a “Nigerian Prince” or “Nigerian Letter” scheme, where by an individual claims ties to a wealthy foreign dignitary with fabulous wealth and seeks advance fees for administrative and other costs, promising full repayment of the fees plus bonuses to the victim.

Herve made his first contact with the Marin County real estate agent, when he responded to an advertisement the agent had run for a luxury home in Tiburon late in 2005, FBI Agent Brian Weber said in an affidavit.

Herve claimed to be the son of president of the Congo and was seeking a real estate agent to help him purchase millions of dollars in property in the Bay Area. He told the real estate agent identified only by his initials as “BE” in court documents he wanted to use the agent for these purchases, Weber said.

Herve then told the real estate agent the U. S. government had seized more than $43 million of his assets, and he need the real estate agent’s financial assistance. Over the next three years he told the agent and his girlfriend that he was in federal custody because of the alleged court case and could only communicated by phone.

The real estate agent transferred $635,000 to Herve, who promised to pay back the money as well as bonuses when he was released from custody and the fortune in allegedly seized money would be returned to him, according to court files.

By November 2009, the real estate agent was out of money and unable to meet Herve’s financial demands to support his quest and the agent’s girlfriend began to make payments.

The girlfriend referred to only by her initials of “KW” in court documents began making payments to Herve in 2009. She paid $970,000 through more than 200 wire transfers to Herve between November 2009 and October 2012, according to court documents.

Herve claimed he needed money to pay for expenses incurred during his supposed incarceration. Under Herve’s direction the girlfriend paid $10,000 for medical care while in prison, and $50,000 for court costs and prison transportation.

The real estate agent said Herve seemed credible because he had court documents that appeared to be a criminal complaint on official U.S. Department of Justice letterhead that contained the words “United States of America v. Blessed M. Herve” and the agent believe the documents to be authentic and a part of the claimed court case, according to court documents.

Herve also shared a certificate of Special Congressional Recognition from a member of Congress, an asylum approval letter from the Department of Justice and a birth certificate for his daughter.

The documents and Herve’s knowledge of the Bay Area real estate market made the real estate agent feel comfortable and painted Herve as an upstanding and trustworthy individual, Weber said.

Weber’s investigation of the case showed Herve is not the son of Joseph Kabila, the president of the Democratic Republic of Congo since January 2001 who is also 41, had “no intent or means” to repay his victims, had no court case concerning the alleged seizure of $43 million and was not in federal prison from 2009 to 2012.

Herve was born in the Democratic Republic of the Congo, was granted asylum in the United States in 1999 and became a U.S. citizen in March 2013, according to the affidavit.

He told the real estate agent that he lived in the Four Seasons Hotel in San Francisco. But the agent never saw his room and the hotel has no record of Herve ever living at the hotel, Weber said.

Contact Soren Hemmila at shemmila@marinscope.com.

Article source: http://www.marinscope.com/mill_valley_herald/news/article_8600ce76-b365-11e2-a783-001a4bcf887a.html

RezLux Expands San Francisco Luxury Vacation Rentals

Wed, 23 Jan 2013 14:22:58 +0000

In response to demand from both homeowners and people looking for vacation rentals,RezLux has expanded its premier home rental service to year round.

San Francisco, CA (PRWEB) January 22, 2013

San Francisco, California (January 15, 2013) – In response to demand from both homeowners and people looking for vacation rentals, RezLux has decided to expand its premier home rental service to year round. RezLux will still have a highly curated portfolio of “America’s Cup Ready” properties (see RezLux.com) in anticipation of the upcoming sailing event in the San Francisco Bay area. However, clients are seeking luxury home rentals, and the affiliated concierge services, throughout the year.

“San Francisco is one of the greatest cities in the world,” said Charlie Martin, Managing Director of RezLux LLC, “and visitors come here every month of the year for culture, attractions, and great food in addition to world class events. To meet the needs of our rental clients, we simply had to extend our service to year round. While vacation rentals remain our major focus, we have even done longer term leases in response to requests from clients either relocating to the Bay Area or visiting for an extended period.”

RezLux has succeeded, according to Martin, because the firm has removed the two most common risks in the home rental industry.

The rental clients will find when they arrive at RezLux properties the same quality and luxury as they viewed on the RezLux website. The RezLux principals who are all locals to the Bay Area, are world travelers, own luxury homes themselves and have handpicked each property in the RezLux portfolio; and
All deposits and rental payments are handled through the trust account of the local agency of Sotheby’s International Realty so both rental and homeowner clients can feel secure about their funds.

The RezLux level of service has convinced numerous homeowners to list their special houses with RezLux, resulting in a unique portfolio of luxury properties.

RezLux LLC is a firm specializing in the rental of luxury homes in the San Francisco Bay Area. The firm was formed in 2011 and its three professionals have over 60 years of real estate experience. For more information, see RezLux.com or call 415-689-6739.

For the original version on PRWeb visit: http://www.prweb.com/releases/prweb2013/1/prweb10331924.htm

Article source: http://www.chron.com/business/press-releases/article/RezLux-Expands-San-Francisco-Luxury-Vacation-4212581.php

Toll Brothers launches Pleasanton new home development

Tue, 23 Oct 2012 01:25:15 +0000

The Syrah Versailles is one of four home prototypes available in Toll Brothers’ The Reserve development in Pleasanton.

Blanca Torres
Reporter- San Francisco Business Times

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In another sign that the single-family home market is rebounding in the Bay Area, Toll Brothers, one of the country’s largest homebuilders, is now selling homes in the Reserve, a 19-unit luxury home development in Pleasanton.

The development, at the corner of Manoir Lane and Vineyard Avenue, is surrounded by vineyards. The homes start at $1.3 million and range in size from 3,800 to 4,160 square feet with 4 or 5 bedrooms.

Toll Brothers (NYSE: TOL) designed four different prototypes for the development, all named after wine varietals including Cabernet, Merlot, Syrah and Riesling.

The company joins other homebuilders including KB Home (NYSE: KBH), Shea Homes and Summerhill Homes, who have been debuting new home developments in the Bay Area.

Demand for single family homes is on the rise and homebuilders say there aren’t enough development sites available to keep up.

Toll Brothers, based in Pennsylvania, reported revenue of $1.68 billion for the most recent fiscal year ending July 31, 2012.

Blanca Torres covers East Bay real estate for the San Francisco Business Times.

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Article source: http://www.bizjournals.com/sanfrancisco/blog/real-estate/2012/10/toll-brothers-opens-pleasanton.html

Bay Area luxury home median jumps to $2.67 million

Tue, 18 Sep 2012 11:28:11 +0000

The real estate rebound in the Bay Area has brought the median price for a luxury home up to $2.67 million. That’s up 6.6 percent from last year — the biggest jump since 2006, the San Francisco Business Times reported.

Of course, ordinary home prices are up too. But those luxury homes are oh-so-much-more fun to look at, aren’t they?

The pop in luxury homes up here is bigger than the 2.4 percent growth seen in the Los Angeles area and the 2.5 percent in the San Diego area, according to First Republic Bank’s Prestige Home Index.

So the question is … what does $2.67 million buy you nowadays?

Well, that depends where you are. In Tiburon, that ballpark gets you a view of the Golden Gate Bridge from your living room, but the dated bathrooms can only be described as an “opportunity to renovate” in the sale copy.

$2.675 million in Tiburon (Zillow)

In Napa, you can get 26 acres with three houses on it and even a few acres of vineyard.

$2.675 in Napa (Pacific Union International)

In Menlo Park, $2.67 million buys a roomy 3,075-square-foot Craftsman.

$2.675 in Menlo Park (Bonnie Biorn, Coldwell Banker)

And in Walnut Creek, you could spread out in your own “custom estate,” with a main house and guest house combining for a whopping 7,568 square feet of living space.

$2.675 in Walnut Creek (Zillow)

If you had two and a half million bucks, which would you choose? We’re tempted by the thought of a rambling Napa getaway, but that Tiburon picture window view is worth a million words. Or maybe two and a half million of them.

More views of these median-priced luxury homes:

Carrie Kirby is a freelance writer who recently returned to the Bay Area after living for six years in Chicago. Carrie is more heavily invested in real estate than she ever expected to be, since she and her husband are now long-distance landlords of their Chicago home, and have also purchased a house in Alameda. She posts about interesting properties and real estate trends in San Francisco and Silicon Valley every Tuesday. Carrie also shares money-saving tips on her blog, Frugalistic Mom.

Article source: http://blog.sfgate.com/ontheblock/2012/09/18/bay-area-luxury-home-median-jumps-to-2-67-million/

Luxury Massachusetts home listings displayed through IDX Broker WordPress …

Tue, 24 Jan 2012 12:05:39 +0000

EUGENE, OR – January 23, 2012 – (RealEstateRama) — IDX, Inc. is pleased to welcome the real estate expertise of Lou Hrono of Century 21 Northshore to the growing network of realty professionals dedicated to serving the needs of their clients. Luxury home seekers can now experience an unprecedented level of accessibility to thousands of Massachusetts MLS Property Info Network (MLSPIN) listings, on Hrono’s convenient and easy-to-use IDX-enabled Century 21 Northshore website. As the raw listings data of MLSPIN properties is now extracted and seamlessly integrated into the search functions Hrono hosts, IDX Broker has forever changed the way North Bay San Francisco area home seekers access the MLSPIN database and find the perfect property online.

Hrono can also make his WordPress blog into a powerful lead capture solution by displaying IDX search forms, widgets, and links both on his blog and on his primary website. IDX Broker makes integration a breeze for Hrono, and by simply choosing one design for all of his IDX results and details pages, he can then utilize the IDX Broker WordPress Plugin to add indexable page links, such as the IDX Lead Login Widget. He can even develop automatic page wrappers, which allow him to synchronize all his design or layout changes with the click of a button.

With access to an administrative login page, IDX Broker helps Hrono effectively and efficiently manage all of the tools his IDX solution supplies to him. From one convenient location, he is able to edit the CSS and global wrappers affiliated with his page to create a unique look and professional branding that represents his company online. By adding a custom IDX solution, Hrono has transformed his professional website to be the most effective real estate resource for his clients.

About Lou Hrono

Lou Hrono is a real estate broker with Century 21 Northshore of Medford, Massachusetts.

About IDX, Inc.

Based in Eugene, Oregon, IDX Inc. is nationally known as a leading provider of real estate search applications. IDX, Inc. actively manages over $1 trillion worth of active listings data from over 450 individual Multiple Listings Services (MLS). IDX, Inc. provides integrated IDX software, customizable listing search utilities and lead management tools for real estate based websites ( IDX Broker ). In addition to the primary web-based software, IDX also provides an integrated WordPress widget for use in WordPress based blogs and websites ( IDX Broker WordPress Plugin ) as well as a dedicated mobile application available for the iPhone and iPad ( myAgent IDX ). The entire suite of real estate software available from IDX is easy to manage and maintain and helps real estate professionals display real estate data from their multiple listing service (MLS) regardless of their technical ability. For more information on all the services provided by IDX, Inc. please visit www.idxbroker.com .

Tagged as: Luxury

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[...] RealEstateRama (press release) Hrono can also make his WordPress blog into a powerful lead capture solution by displaying IDX search forms, widgets, and links both on his blog and on his primary website. IDX Broker makes integration a breeze for Hrono, and by simply choosing one …Find out more from WordPress … [...]

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San Francisco luxury home prices plunge to 2004 level

Tue, 24 May 2011 08:43:45 +0000

San Francisco’s luxury home values dropped in the first quarter to their lowest point since the first quarter of 2004, when the region was clawing its way back from the dot-com bust.

San Francisco Bay Area luxury home values lost 4.3 percent from the fourth quarter of 2010 and were down 1.9 percent from the first quarter of 2010, according to a quarterly survey produced by San Francisco-based First Republic Bank. (NYSE: FRC)

“Prices fell as sales activity declined,” said Katherine August-deWilde, president and chief operating officer at First Republic.

Luxury home values also fell in Los Angeles and San Diego.

In Los Angeles, they dipped 0.5 percent from the fourth quarter and were down 0.9 percent from last year’s first quarter.

In San Diego, luxury home values plunged 4.6 percent from the fourth quarter and 5.1 percent from last year’s first quarter.

The First Republic Prestige Home Index is produced quarterly with Fiserv CSW, (NASDAQ: FISV) a provider of property valuation services and home-price data to the nation’s financial institutions. The survey defines luxury homes as those valued at more than $1 million, which typically feature three to six bedrooms and a comparable number of bathrooms in 3,000 to 6,000 square feet.

“First quarter sales reflected the price discounting that took place in the second half of 2010. We had a buyer’s market in the final two quarters of last year,” said Stephen Gomez of Gomez Patton Real Estate in San Francisco. “Now we’re starting to see the window to the buyer’s market close.”

One factor fueling buyer interest is the flood of capital pouring into the region’s tech sector, generating buying power for those looking to purchase on the Peninsula.

“I see tons of buyers with money, but inventory is the issue,” said Geoffrey Nelson of McGuire Real Estate in Burlingame.

Buyer hesitation was on full display in the East Bay.

“There are actually a few buyers out there, but they are unwilling to commit,” said Sharon Dare of J. Rockliff Realtors in Danville.

Mark Calvey covers banking and finance for the San Francisco Business Times.
Contact him at mcalvey@bizjournals.com or (415) 288-4950.
Read his blog postings at Bay Area BizTalk.

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Article source: http://www.bizjournals.com/sanfrancisco/news/2011/05/23/san-francisco-home-prices-first-republic.html