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/

Neighborhoods around the Bay Area, from Silicon Valley to the East Bay, are seeing home values near their pre-crash levels, according to the real estate site Zillow.com.

The Mercury News reports that 34 of 185 ZIP codes in the region have reached or come near their bubble-era peak home values and another 49 are within 15 percent.

The recovery is being felt in many parts of the East Bay, as well, though areas of Contra Costa and Alameda counties where subprime lending was heavy are still struggling.

But home values in some parts of Berkeley, Pleasanton, Oakland and Orinda have risen to 10 percent or less below their earlier peaks, the report notes.

Read more at the Mercury News.

Article source: http://www.bizjournals.com/sanfrancisco/morning_call/2013/04/housing-recovery-spreading-in-bay-area.html

San Francisco, CA (PRWEB) June 23, 2012

Sunny Thiara of The Beverley Group, a company that offers real estate services throughout San Leandro, Danville, Dublin and Pleasanton, seeks to find anyone’s dream home and sell houses quickly. Most importantly, he does it all and works hard for all of his clients. This is exemplified in Thiara’s relationship with Pratt, a Cisco accountant.

“He came to me with three requests: to sell his parents’ house, find investment property for him and help him with a great deal on his mortgage,” Thiara said. “I accomplished all three within two weeks.”

The Beverley Group offers a boutique environment for those looking to purchase, sell or handle luxury real estate, bulk sales, short sales and listings. It also handles all aspects of real estate, but primarily focuses on providing clients with representation and consultation as they conduct their real estate transactions.

The real estate company’s top performing agents make every effort to understand the client’s real estate needs, whether it’s to handle the short sale process on different properties, locate properties that have strong returns or offer real estate advice on the value of specific properties. As a company that provides boutique-type treatment, its experience and advice is at anyone’s disposal.

For more information about The Beverley Group’s Bay Area luxury homes, real estate listings or services, call 925-478-3456 or view the real estate company on the Web at http://www.beverleygrp.com. The Beverley Group is located at 1201 Fourth St. in San Francisco.

About The Beverley Group Real Estate Services

The Beverley Group provides boutique real estate representation to businesses and individuals in the Bay Area. It offers client consultation on a variety of real estate matters, from short sales, bulk home sales, luxury real estate properties and more. The Beverley Group serves the areas of San Leandro, Danville, Dublin, Pleasanton, Alamo, Tiburon and Sausalito.

For the original version on PRWeb visit: http://www.prweb.com/releases/prwebluxury-homes/bay-area/prweb9634035.htm

Article source: http://www.sfgate.com/business/prweb/article/San-Francisco-Real-Estate-Company-The-Beverley-3657362.php

Download image

DALLAS, May 17, 2011 /PRNewswire/ — Behringer Harvard announced today the sale of Waterford Place, a 390-unit multifamily community at 4800 Tassajara Road in Dublin, California approximately 35 miles east of San Francisco. The buyer is an institutional investor.

(Logo: http://photos.prnewswire.com/prnh/20050907/DABEHHARLOGO)

“At an asset level, the disposition of Waterford Place is a remarkably successful execution of our multifamily platform’s investment strategy,” said Mr. Mark Alfieri, Chief Operating Officer of Behringer Harvard Multifamily REIT I, Inc.

“Our real estate team identified Waterford Place as an institutional-quality asset that had the potential to provide attractive income as well as capital appreciation for our investors,” explained Mr. Alfieri. “We’re pleased that this demonstrates the effectiveness of our investment strategy and the value we can create in our multifamily portfolio.”

Behringer Harvard Multifamily REIT I, Inc. acquired Waterford Place in September 2009 through a joint venture with PGGM Private Real Estate Fund. Waterford Place is a high-quality, stabilized multifamily community located near the intersection of Interstates 580 and 680 in one of the most desirable cities in Alameda County. Residents are approximately one mile from the Dublin/Pleasanton BART station offering convenient light-rail service to Bay Area employment centers. In addition to proximity to major traffic arteries and public transportation, the community provides convenient access to shopping, restaurants and attractions favored by a young, educated workforce.

With the disposition of Waterford Place, the Behringer Harvard Multifamily REIT I, Inc. portfolio owns investments in 34 communities in 13 states comprising 9,538 apartment homes.

About Behringer Harvard

Behringer Harvard creates and manages global institutional-quality investment programs for individual and institutional investors through its real estate investment trusts, joint ventures and proprietary program structures. The company also offers strategic advisory, asset management and capital market solutions. Behringer Harvard has interests in or manages more than $11 billion in assets. For more information, contact our U.S. headquarters toll-free at 866.655.3600 or our European headquarters at 011 49 40 34 9999 90, or visit us online at behringerharvard.com.

This release contains forward-looking statements relating to the business and financial outlook of Behringer Harvard Multifamily REIT I, Inc. that are based on our current expectations, estimates, forecasts and projections and are not guarantees of future performance. Actual results may differ materially from those expressed in these forward-looking statements, and you should not place undue reliance on any such statements. A number of important factors could cause actual results to differ materially from the forward-looking statements contained in this release. Such factors include those described in the Risk Factors sections of the offering documents for the offering of shares of Behringer Harvard Multifamily REIT I, Inc. Forward-looking statements in this document speak only as of the date on which such statements were made, and we undertake no obligation to update any such statements that may become untrue because of subsequent events. We claim the safe harbor protection for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

SOURCE Behringer Harvard

Back to top

RELATED LINKS
http://www.behringerharvard.com

Article source: http://www.prnewswire.com/news-releases/behringer-harvard-announces-sale-of-multifamily-property-in-east-bay-area-of-san-francisco-122033774.html