Real estate in some parts of the nation experiences the malaise of fall, buyers cooled off by chilly weather and shorter days, distracted by the impending holiday season. But not the Bay Area. This September, Bay Area property sales made improvements in three key areas: days on the market (DOM); listing prices; and, most importantly of all, sales prices.

ZipRealty recently released September 2012 data in comparison with 2011 for each county in the Bay Area. And that data shows a very hot market, with no sign of seasonal slowdown whatsoever.

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Want some local proof? Here are three San Francisco listings in which the sellers ask a million dollars or more above what they paid for them. In only one case, this first example, has the current seller been in the home more than 2 years.

Number one, Lower Pac Heights

On Buchannan Street in Lower Pac Heights, a splendid Victorian 5 bedroom offers evidence. Public records show it sold for $1,550,000 in 2005. Now it’s listed at $2,595,000—a substantial increase indeed, intimating the home rose over $100K a year in value every year since 2005.

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Number two, SoMa

Or how about the first ever re-sell of an Infinity Tower duplex? This unit at 338 Spear offers 3 bed, 3 baths, jaw-dropping views, and a price to match. After having sold for $1,760,000 2 years ago, this property is now listed at $3,200,000- an increase of over 80% in just 2 years.

Number three, Cow Hollow

Or, this Cow Hollow listing, 3 bedrooms, easy walk to Presidio. Yes, the official write up hints at extensive remodeling (most of it in white, per photos). But that remodeling alone wouldn’t justify new price—we also need that crazy Bay Area real estate magic: according to sales history, the property sold $2,200,000 in 2010. Now, it’s $4,750,000.

So we ask you, readers, what’s next? Low inventory forcing prices up in every corner of the Bay, no matter what the season… how much higher can they go?

Article source: http://blog.sfgate.com/ontheblock/2012/10/25/seasonal-slowdown-not-in-the-bay-area/

Cities suffering from mass emigration? Here are 5 of today’s most vacant.

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We all know the nation’s real estate has been hard hit by the economy’s malaise. Between record high foreclosures and plummeting home values, the nation’s housing market may never fully recover—at least not if the target is pre-bubble prices.

But in the Bay Area, real estate remains strong. In San Francisco and the Silicon Valley in particular, prices have gotten higher along with higher demand. Even Oakland, formerly decimated by foreclosures and short sales, has enjoyed something of a comeback, scoring Realtor.com’s title of “fastest selling city in America” this August.

The rest of the county hasn’t been so lucky. As CNBC puts it, “one of the unfortunate results of a bad housing market are empty homes. Vacant properties have increased by 43.8%.”  And where do thee vacancies hit hardest? CNBC released its list of the 10 emptiest cities in the USA. We covered 5 here. To see the complete list, visit CNBC here.

Could It Happen to the Bay Area?

People in Toledo or Houston probably ever planned for their cities to be so vacant. Consider Detroit, once the flourishing center of America’s automobile industry, now a shell of its former glory. What would it take, readers, to empty out one of our Bay Area cities?

Anna Marie Erwert writes from both the renter and new buyer perspective, having (finally) achieved both statuses. She focuses on national real estate trends, specializing in the San Francisco Bay Area and Pacific Northwest. Follow Anna on Twitter: @AnnaMarieErwert

Article source: http://blog.sfgate.com/ontheblock/2012/10/04/americas-emptiest-cities/

Nearly a quarter (24.6 percent) of homes in the nine-county area were underwater in the three months ended in September, Zillow said. That compares with 22.8 percent in the preceding quarter.

Several reasons underlie the declines: the end of the spring/summer peak home-buying season, continued malaise after last year’s expiration of home buyer tax credits, lack of consumer confidence.

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Article source: http://www.gayapolis.com/news/artdisplay-realestate.php?artid=12047