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

advertisement

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

The $510,000 median for the nine-county Bay Area represents a jump of 30.8 percent from a year ago and a record 17 percent above March’s median price, said DataQuick, a San Diego real estate service that produced the report.

“The Bay Area is getting back to normal fast,” said Andrew LePage, a DataQuick analyst. “We’ve had just the right ingredients for big increases in the median and other price measures. We’ve got drum-tight inventory of homes for sale, an unprecedented level of investors chasing homes, interest rates lower than most of us alive have ever seen, and changes in the types of homes selling and where they’re selling.”

The median represents a midpoint, meaning half of Bay Area homes sold for more than $510,000 and half sold for less. It is influenced both by actual appreciation in home values and by a changing mix of homes sold.

The Bay Area median peaked at $665,000 in summer 2007. During the real estate downturn, bargain-basement foreclosures and short sales helped drag the median down to a low of $375,000 in March 2009. Now, with far fewer distress sales and more high-end homes changing hands, a similar dynamic is buoying it. DataQuick said the median has regained 59 percent of its losses.

Carolyn Said is a San Francisco Chronicle staff writer. E-mail: Csaid@sfchronicle.com Twitter: @csaid

Article source: http://www.sfgate.com/business/article/Bay-Area-median-home-price-hits-510-000-4520145.php

Tuesday’s SP/Case-Shiller report underscored the rapid run-up in Bay Area home prices, showing that the San Francisco metro area — Alameda, Contra Costa, Marin, San Francisco and San Mateo counties — saw home prices surge 17.5% in January compared to a year ago. That outpaced the national run-up of 8.1 % and was second only to Phoenix.

For a detailed analysis of the numbers and what they mean for the Bay Area, click here.

Bidding wars and multiple offers are the new norm here.

Here’s a look at a San Jose house listed for $1,075,000 that sold for $1,120,000. Redfin agent Ashley Rabello said she had four offers within the first day of listing. The winning offer had no contingencies, a large percentage down, and was significantly higher than the asking price.

Share this gallery: 1 of 7 

Share this gallery: 1 of 7 

Share this gallery: 1 of 7 

Share this gallery: 1 of 7 

Share this gallery: 1 of 7 

Share this gallery: 1 of 7 

Share this gallery: 1 of 7 

Heavy action at all price points is new — and another harbinger of recovery.

“During the boom and bust, the lower-priced houses had the biggest percentage price increases and then the biggest percentage collapse,” said David Blitzer, chair of the index committee for SP/Dow Jones. That’s because the most-outrageous lending practices — subprime loans, liar loans, no money down — were more concentrated in the low end.

Case-Shiller tracks homes at three price tiers — low (under $383,942), middle ($383,9422 to $681,776) and high (over $681,776). “Until the boom, the three moved together; during the downturn, they spread apart,” Blitzer said. “Now they’re moving in sync again; it’s a sign the market is coming back to normal, behaving a lot less bizarrely than it did before.”

Carolyn Said is a San Francisco Chronicle staff writer. For insights and news on the real estate market, follow her on Twitter: @csaid

Article source: http://blog.sfgate.com/ontheblock/2013/03/27/the-incredible-soaring-bay-area-home-prices/

For more information: Gary Johnson, Paragon Real Estate Group, (415) 738-7068; gjohnson@paragonre.com

Article source: http://www.sfgate.com/realestate/walkthrough/article/Up-to-date-luxury-in-1904-Ashbury-Heights-home-4330484.php

Description: This Mediterranean-style corner home in the Inner Parkside area has abundant light and a sunken living room with a wood-burning fireplace. The kitchen has been recently remodeled and features a breakfast nook, pantry and high-end appliances. Located on the lower level, the master bedroom has its own bar and fireplace. The upstairs bedrooms share a remodeled split bathroom and a water fountain decorates the backyard. Three cars can fit in the home’s garage and the property is walking distance from West Portal boutiques and restaurants. Open houses are scheduled Wednesday and Thursday from 5 to 6:30 p.m.

For more information: Helena Zaludova, Paragon Real Estate, (415) 738-7010; helena@paragon-re.com

Article source: http://www.sfgate.com/realestate/walkthrough/article/Inner-Parkside-home-has-great-light-location-4196494.php

Photo by Justin Sullivan/Getty Images

“We did have a brief window of opportunity—or now it seems brief, it actually lasted quite awhile—during the housing downturn where we had, for the first time in years something approaching reasonable affordability in the Bay Area,” said Carolyn Said, economics and real estate reporter for the San Francisco Chronicle, on KQED Public Radio’s Forum show. “First-time home buyers could find a home in the $300,000 price range. [That home wasn't] necessarily in San Francisco, but in Alameda and Contra Costa counties, and without even going way out to the outer edges of the counties.”

And homes prices in San Francisco dipped as well.

Affordability was “the highest we have seen in 25 years in 2010, early 2011,” said Rick Turley, president of Coldwell Banker for the San Francisco Bay Area.

This Golden Age of Affordability may have come to an end, at least for now. But here’s the good news: If you didn’t buy a home in the past few years, you only sort of missed the boat.

Low Interest Rates

An advantageous part of the affordability equation is still applicable in the form of historically low interest rates, according to Said. “[Rates] are still right around 3.5 percent, which is just amazing when you think of it,” she said.

“That’s a positive for people looking to buy a house. Their buying power is really more because their effective monthly payment is still going to be less, even if they’re paying a little more [for the property].”

In addition to low interest rates, there’s some other good news for would-be home buyers. The Federal Housing Administration still offers loans requiring relatively small down payments.

FHA Loans

“In order to have home ownership, you need to have a down payment, which people starting out in their careers often don’t have,” said Said. She said FHA loan are available with a “3.5 percent down payment if you have decent enough credit, and of course it helps to have a stable income.” A down payment of less than 20 percent requires the purchase of mortgage insurance, but even with that added cost, the low percentage required up front should make the initial plunge more affordable.

Micro-Markets

It’s also important to remember that the Bay Area is a diverse region, and with that diversity comes price range.

“We tend to roll things up as the ‘Bay Area’ in general, but we’re probably 30 micro-markets,” said Turley.

You may have missed your window of opportunity to own a house in San Francisco and Palo Alto proper, but there are still relatively affordable places in the Bay Area.

“More affordable neighborhoods are in Oakland, eastern Contra Costa County, and other parts of the East Bay, as well as in some San Jose neighborhoods,” said Jed Kolko, chief economist for Trulia, an online real estate company.

These places might not have the cachet of the Marina district, but they still offer many of the benefits of living in the Bay Area: good weather,  a decent job market and proximity to outdoor recreation.

And even if you have to pay a bit more to enter the market, chances are you still will get a decent return on your investment.

Still Time to Make a Good Investment

“Historically, since World War II, housing has appreciated … maybe half a percent or a percent ahead of inflation,” said Said. “And that is normal for our country. If you look at [the value of your house] going up 3.5 percent a year over the next 20 years that’s still a substantial appreciation.”

True, that’s not a doubling in value that earlier California generations enjoyed. But Said said that “given what’s been happening in Silicon Valley, with the tremendous demand for housing and the tremendous amount of money that is out there for people working at high-tech companies, the housing in Silicon Valley is not following normal economic paths. It is fueled by all this tech money and from that perspective, it’s perfectly possible that your house will run way up there.”

Finding a Place in the Bay Area Was Never Easy

If you should find yourself put on the spot about why you didn’t jump while prices were lower, you can always blame a lack of credit.

“One of the reasons why people haven’t been able to take advantage of the relatively lower prices and low mortgage rates during the past couple of years is that mortgage credit has been very tight,” said Kolko. “Banks have been reluctant to lend to people who don’t have high credit scores.” The new mortgage rules announced Thursday might encourage banks to be more willing to lend to borrowers who meet income and credit guidelines, he said, so that credit could become easier for some people to obtain.

And remember, San Francisco is a world-class city. Affordability here is a relative term.

“It’s as if God wanted the Bay Area to be expensive,” said Kolko. Not only does the region’s relatively mild weather attract people, but because the region is “hemmed in by the ocean on one side, the bay and the mountains on the other, there’s very little available land to build. The Bay Area’s not like places in Texas or other parts of the South where you can spread out in all directions.”

And there are other limits on building…

“Regulations on building are particularly strict in the Bay Area,” said Kolko. “That makes it even more difficult to build new housing, both in the Bay Area and in much of California, and that adds to the high cost.”

So if you didn’t get around to buying a house when prices were low — take solace in the fact that prices weren’t ever that low.

Article source: http://blogs.kqed.org/newsfix/2013/01/10/if-youre-in-the-market-for-a-home-in-the-bay-area-yes-you-missed-the-boat-sort-of/

The nine-county region saw the highest November sales rate in six years, said San Diego-based DataQuick. A total of 7,296 new and resale homes changed hands in November, up 15.5 percent from a year earlier. That was nearing the long-term November average of 7,873 sales.

“We’re seeing a more-normal level of sales and a more-normal distribution of sales across price categories,” said Andrew LePage, a DataQuick analyst. “The market isn’t quite as lopsided.”

Bay Area buyers paid a median price of $438,000 last month, up 20.5 percent from November 2011. DataQuick said about half of the increase stemmed from a shift in the mix of houses sold.

Bargain-basement foreclosure resales are now at their lowest level in five years, accounting for 11.5 percent of November resale transactions. A year ago they were a quarter of the market; at their peak in 2009, foreclosures were 52 percent of all resales.

Short sales – homes sold for less than is owed on the mortgage – were 23 percent of the resale market, down from 24.9 percent a year ago.

More buyers committed to pricier homes. Mortgages above the old “jumbo” limit of $417,000 were 40.1 percent of the November market, up from 29 percent a year earlier.

Realtors throughout the Bay Area report that a dearth of supply is fueling bidding wars, with properties selling well above asking prices.

“We’re getting 30 offers on properties at the lowest price points,” said Don Faught, managing broker with Alain Pinel Realtors in the Tri-Valley area.

“The challenge we have now is that there’s nothing to sell,” he said. “But now that prices are increasing, people are finally realizing that they can sell their house.”

LePage agreed. “This is a strengthening market that is still undersupplied, hence the pressure on prices,” he said. “If these trends hold, we will see a lot more inventory. As prices ratchet up, fewer people are underwater and those who are in a position to sell will be tempted to make their move now.”

Investors remained a potent market force. Buyers paying all cash bought 28.7 percent of Bay Area properties in November, the same as a year earlier, paying a median $320,000, up 27 percent from November 2011.

Low interest rates – one trend underlying the surge in sales – seem likely to continue. The rates on 30-year mortgages dipped last week to an average of 3.32, nearing the record low, according to a Freddie Mac survey, also released Thursday. The all-time low was 3.31 percent in the Nov. 21 report.

The Federal Reserve said Wednesday it would continue buying government securities and mortgage bonds until unemployment drops below 6.5 percent – something it predicts will not happen until 2015. The tens of billions of dollars it is pouring into those purchases will keep interest rates low.

Carolyn Said is a San Francisco Chronicle staff writer. E-mail: csaid@sfchronicle.com

Article source: http://www.sfgate.com/realestate/article/Bay-Area-home-sales-prices-jump-4116852.php

653 Duncan St.

Beds: 3 Baths: 3.5 Square footage: n/a

This three-bedroom, 3.5-bath Contemporary home is located in the sought-after community of Noe Valley. The sleek white tones go hand-in-hand with the clean minimalist architecture. The living room has hardwood floors and floor-to-ceiling windows that offer breathtaking views of the city. It also has a fireplace and recessed lighting. The dining room has glass doors that lead out to the back patio area. The galley-style kitchen has marble countertops and ample cabinet space. The master bedroom also provides access to the patio and overlooks the garden. The rooftop deck is perfect for barbecues and lounging.

Listing agent: Gloria Smith, Sotheby’s International Realty, (415) 296-2206.

San Francisco, $2.17 million

257 Collingwood St.

Beds: 5 Baths: 3 Square footage: 2,931 (per architect)

This five-bedroom, three-bath house has more than 2,900 square feet of living space. The foyer has a modern light fixture and gleaming hardwood floors. The living room has sage-green walls, crown molding and a fireplace. The formal dining room is spacious enough for large dinner parties and has bay windows that look out to the street. The master bedroom has plush carpeting and large windows that let in plenty of natural light. There are plans to increase the living space to 4,112 square feet, add decks on each of the three levels, and build an attached garage that will provide interior access.

Listing agent: Rafael Acevedo and Joe Marko, Paragon Real Estate Group.

(415) 738-7246 or (415) 738-7245.

The San Francisco Chronicle and BlockShopper San Francisco scour the Bay Area to find what range of properties buyers can get for their money. This week, What You Can Buy features homes in the $2.18 million range.

Article source: http://www.sfgate.com/realestate/article/What-you-can-buy-in-San-Francisco-for-2-195-4024557.php

118 Coso Ave.

Beds: 3 Baths: 2.5 Square footage: 2,220

This three-bedroom, 2.5-bath home was built in 1909 and has about 2,220 square feet of living space. The foyer has intricate hardwood floors and a wooden staircase that leads to the upper level. The living room has a fireplace and bay windows that let in lots of natural light and provide cross-ventilation. The formal dining room has a modern light fixture and is open to the kitchen, which is perfect for dinner parties. The kitchen offers stainless steel appliances, a dishwasher, solid-wood cabinets and ample cupboard space. The backyard has a wooden fence for added privacy, a patio area and a hot tub.

Listing agent: Michael Salstein, Zephyr Real Estate eTeam, (877) 627-2805.

San Francisco, $1.395 million

272 Dalewood Way

Beds: 3 Baths: 3.5 Square footage: 1,923

This three-bedroom, 3.5-bath home has about 1,923 square feet of living space and offers breathtaking ocean views. The living room has elegant crown molding, a fireplace and hardwood floors. The formal dining room has a chandelier and the kitchen is adjacent. The kitchen has a gleaming black tile floor, stainless steel appliances and solid-wood cabinets. The master bedroom is sleek and modern with red walls and white trim, and the master bathroom has dual sinks and granite countertops. The garage provides space for two vehicles and added storage. It is conveniently located within one mile of Miraloma Elementary School.

Listing agent: Pamela Rummage Culp, Alain Pinel Realtors, (415) 640-3293.

San Francisco Chronicle and BlockShopper San Francisco scour the Bay Area to find what range of properties buyers can get for their money. This week, What You Can Buy features homes in the $1.287 million range.

Article source: http://www.sfgate.com/realestate/article/What-you-can-buy-in-San-Francisco-for-1-179-4004343.php