homesmillbrae.com » San Francisco http://homesmillbrae.com Thu, 20 Oct 2022 03:48:43 +0000 en hourly 1 http://wordpress.org/?v=3.1 Bay Area Home Sales, Home Prices Climbing http://homesmillbrae.com/2365/bay-area-home-sales-home-prices-climbing/ http://homesmillbrae.com/2365/bay-area-home-sales-home-prices-climbing/#comments Sat, 17 Aug 2013 11:27:33 +0000 http://homesmillbrae.com/2365/bay-area-home-sales-home-prices-climbing/ Continue reading →]]>

SAN FRANCISCO (CBS SF) – If you’re planning on purchasing a home in the Bay Area soon, you may be up against steep competition.

According to San Diego-based company DataQuick, house and condo sales throughout the Bay Area in July were the highest since 2005.

A total of 9,339 sales were finalized, up 13.3 percent from July 2012, when 8,241 homes were sold, according to DataQuick.

The sales were at its highest since 12,538 homes sold in July 2005, the data company stated.

The spike in sales was most evident in Santa Clara County, where 2,244 homes were sold, 26.1 percent more than the 1,779 from July last year.

In San Francisco, 718 homes sold last month, up 31.3 percent from last July’s 547 sales.

Solano County was the only Bay Area county that recorded fewer sales this July from last, totaling a 0.8 percent decrease, from 610 last year to 605 last month.

With the rise in sales, the median price of homes in the Bay Area has also increased, reaching its highest price in more than five and a half years.

In July, the median price was $562,000, the highest since December 2007 when homes were averaging a price tag of roughly $587,500, according to DataQuick.

Twelve months ago, the median price of homes in the nine-county region was 33.5 percent less, averaging roughly $421,000 per sale.

All counties throughout the Bay Area recorded an increase in median sale prices, but none more than in Contra Costa County, which had its median sale price rise nearly 43 percent from $308,000 to $440,000, according to DataQuick.

(Copyright 2013 by CBS San Francisco and Bay City News Service. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

Bay Area Home Sales, Home Prices Climbing

Article source: http://sanfrancisco.cbslocal.com/2013/08/15/bay-area-home-sales-home-prices-climbing/

]]> http://homesmillbrae.com/2365/bay-area-home-sales-home-prices-climbing/feed/ 0 Three most expensive homes on the San Francisco MLS http://homesmillbrae.com/2319/three-most-expensive-homes-on-the-san-francisco-mls/ http://homesmillbrae.com/2319/three-most-expensive-homes-on-the-san-francisco-mls/#comments Tue, 16 Jul 2013 21:18:43 +0000 http://homesmillbrae.com/2319/three-most-expensive-homes-on-the-san-francisco-mls/ Continue reading →]]> 50259 socialBarCommentsIcon Three most expensive homes on the San Francisco MLS

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Winning the award for 3rd most pricey home on the San Francisco MLS is the Jackson Street abode you see above, nearly 9,000 square feet with 6 beds and 6.5 baths. Readers should note the home’s listing price, $17.5 million, breaks down to asking $1,984 per square foot. Not that this would scare luxury buyers in San Francisco; the home itself went pending just six days after it listed, according to Redfin property records. We don’t know yet what it will actually sell for, but we doubt it’s much less than what the sellers ask given the alacrity of the transaction.

Coming in 2nd is this palatial affair hulking over Washington St.

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This property is so big, it has two MLS listing pages, one for the main house and one for the guest house.  Neoclassical outside and over-the-top on the inside, the home offers almost 18,000 square feet, 8 beds, 7 baths, and the aforementioned guest house at an additional 2,600 square feet.  All this, plus a corner lot Presidio Heights location, set this home at an astonishing $21 million. Not so astonishing anymore, maybe, not after Yammer founder David Sacks paid $20 million for the not even finished 2845 Broadway. However, no one has rushed to snap up this one, hot luxury market or not. The home listed for $25M in May of 2012 and was reduced in March to $21M.

Coming in 1st is this home, lined up with traditional billionaire mansions on Broadway, but looking quite different from its peers.

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We can only thus far see plans for the interior and multiple floors, but the exterior rendering is remarkable, as is the view, and the price. Asking $28,950M, 2712 Broadway is officially the most expensive home listed on the SF public MLS. It offers 6 beds, 6 baths in 11,607 square feet, which calculates to $2,494 per square foot. Too pricey even for that stretch of street? Time will tell.

Buyers want, and can afford, high-end

Meanwhile, luxury properties enjoy a continued popularity in 2013. Paragon Real Estate Group shows this in a recent 2nd quarter report:

ca788 LuxHome Unit Sales by Qtr 600x451 Three most expensive homes on the San Francisco MLS

Going up! Demand for pricey homes going up, and prices with it. Courtesy Paragon Real Estate Group

 

How high is too high?

When, and at what price, will buyers balk? Or is the appetite for luxury in San Francisco insatiable?

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/2013/07/16/three-most-expensive-homes-on-the-san-francisco-mls/

]]> http://homesmillbrae.com/2319/three-most-expensive-homes-on-the-san-francisco-mls/feed/ 0 Bay Area Housing Prices Take Big Jump http://homesmillbrae.com/2268/bay-area-housing-prices-take-big-jump/ http://homesmillbrae.com/2268/bay-area-housing-prices-take-big-jump/#comments Tue, 18 Jun 2013 07:43:22 +0000 http://homesmillbrae.com/2268/bay-area-housing-prices-take-big-jump/ Continue reading →]]>

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Bay Area Housing Prices Take Big Jump

U.S. home prices jumped 10.9 percent in March compared with a year ago, the most since April 2006.

A growing number of buyers are bidding on a tight supply of homes, driving prices higher and helping the housing market recover. The Standard Poor’s/Case-Shiller home price index released Tuesday also showed that all 20 cities measured by the report posted year-over-year gains for the third straight month. And prices rose in 15 cities in March from February. That’s up from only 11 in the previous month.

The monthly figures aren’t seasonally adjusted and may reflect the beginning of the spring buying season.

Prices rose in Phoenix by 22.5 percent over the past 12 months, the biggest gain among cities. It was followed by San Francisco (22.2 percent) and Las Vegas (20.6 percent). New York City had the smallest year-over-year increase at 2.6 percent, followed by Cleveland at 4.8 percent.

“Rising home prices may begin to alleviate a lack of housing inventory … by encouraging more homeowners to put their properties on the market,” said Maninder Sibia, an economist with Economic Advisory Service, in a note to clients.

“The housing market is clearly improving.” The index covers roughly half of U.S. homes. It measures prices compared with those in January 2000 and creates a three-month moving average. The March figures are the latest available.

The U.S. housing market is steadily recovering, buoyed by solid job gains and near-record low mortgage rates.

Sales of new homes rose in April to nearly a five-year high. And sales of previously occupied homes ticked up in April to the highest level in three and a half years. Despite the gains, a limited number of homeowners are putting their houses on the market. That’s helped lift home prices. And it’s made builders more willing to ramp up construction. Applications for building permits rose in April to the highest level in nearly five years.

The supply of available homes jumped in April, but was still 14 percent below its level a year earlier. Stan Humphries, chief economist at Zillow, a real estate data provider, said that the increase in the Case-Shiller index has been skewed higher by cities such as Phoenix and San Francisco.

Fewer homes are available in those areas because many homeowners still owe more on their mortgages than their homes are worth.

That makes it difficult to sell. Still, even excluding those markets, home prices are rising steadily nationwide, Humphries said. The increases are “certainly confirmation that the housing market is experiencing a brisk recovery,” he added.

The housing recovery is creating more construction jobs and bolstering the economy in other ways. Higher home prices make homeowners feel wealthier and encourages them to spend more.

Rising prices also encourage more would-be buyers to purchase homes, before prices rise further.

They also enable more homeowners to sell homes, by reducing the number of people who owe more on their mortgages than the homes are worth. Prices have been increasing steadily since last summer.

Still, they are about 29 percent below the peak reached in July 2006. Banks have raised their credit standards since the housing bubble burst and are demanding larger down payments. That’s made it particularly hard for potential first-time buyers to get a mortgage.

Copyright Associated Press

Article source: http://www.nbcbayarea.com/news/local/Bay-Area-Housing-Prices-Take-Big-Jump-209268641.html

]]> http://homesmillbrae.com/2268/bay-area-housing-prices-take-big-jump/feed/ 0 SF Median Home Price Tops $1 Million http://homesmillbrae.com/2266/sf-median-home-price-tops-1-million/ http://homesmillbrae.com/2266/sf-median-home-price-tops-1-million/#comments Mon, 17 Jun 2013 13:36:45 +0000 http://homesmillbrae.com/2266/sf-median-home-price-tops-1-million/ Continue reading →]]>

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SF Median Home Price Tops $1 Million


IMAGES: Famous Homes in San Francisco

SF Median Home Price Tops $1 Million

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Bank-Owned $35 Million SF Penthouse Sells

35cfb 12 15 2011%2B10 18 13%2BAM SF Median Home Price Tops $1 Million

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The real estate glory days have returned to San Francisco.

The median price for a home in the city is back at the $1 million mark, according to the SFGate.com real estate blog On the Block.

It appears that the data from April reveals a median price increase of 32 percent from 2012, according to the Business Journal. That’s higher than the average list price of $799,000, which means “too many buyers [are] vying for too few properties,” the blog reported.

Supply and demand means that a home that sold at auction in 1998 for $106,500 in Twin Peaks is now listed for $995,000, the blog reported.

In general, sellers are getting 112 percent of their asking prices for San Francisco homes, according to Redfin.

A seller’s market — but could it get any hotter?

Yes. Another home, bought in November 2012 for $875,000, is back on the market, less than a year later — for an asking price of $1.2 million. Will it sell for a 100 percent profit? It could — which is saying something.

Copyright NBC Owned Television Stations

Article source: http://www.nbcbayarea.com/news/local/SF-Median-Home-Price-Tops-1-Million-211448041.html

]]> http://homesmillbrae.com/2266/sf-median-home-price-tops-1-million/feed/ 0 Top cities to buy bargain fixer-uppers don’t include San Francisco http://homesmillbrae.com/2255/top-cities-to-buy-bargain-fixer-uppers-dont-include-san-francisco/ http://homesmillbrae.com/2255/top-cities-to-buy-bargain-fixer-uppers-dont-include-san-francisco/#comments Mon, 10 Jun 2013 19:09:48 +0000 http://homesmillbrae.com/2255/top-cities-to-buy-bargain-fixer-uppers-dont-include-san-francisco/ Continue reading →]]> 71125 socialBarCommentsIcon Top cities to buy bargain fixer uppers dont include San Francisco

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San Francisco doesn’t offer the best area for people hoping to buy bargain fixer-upper homes, probably because even fixers sell for a fortune in the Bay Area, and not many properties end up foreclosed or otherwise abandoned to decay much anyway, given the value of property in general.  So, even among our few homes for sale needing “TLC,” we don’t find many “bargains.” The properties above show that.

Among the currently MLS listed homes for sale in San Francisco proper, only 16 came up under a parameter search for “fixer-upper,”  and zero came up when the term “foreclosure” was also added.  RealtyTrac maps SF’s  pre-foreclosures (we’ve got 180 shown in purple below), bank owned (we have 185 marked in gold below), and for auction properties (we’ve got 41, marked in red below). This section of the map shows you a portion of the RealtyTrac heat map.

59bb3 heat map 600x360 Top cities to buy bargain fixer uppers dont include San Francisco

A portion of RealtyTrac’s heat map for distressed property in SF.

 

Slim pickings, really, in a city with a lot more potential homebuyers than potential homes for sale. The city’s inventory in May was down 24.5% year-over-year.

Best cities for fixer-upper bargains

59bb3 1 rss Top cities to buy bargain fixer uppers dont include San Francisco

RealtyTrac, prolific provider of U.S. real estate data with a particular focus on foreclosure-related activity, analyzed national data to find the 15 best markets for buying fixers at discount prices. The figures show the number of foreclosed homes old enough to potentially be candidates for makeovers that are also valued at $100K or less– a sure sign, in more robust markets– of a bargain. Also analyzed here: the average market value of a distressed home as well as the change in the median sales price of such properties in each location year-over-year.

“Low-priced homes are still plentiful in many markets, particularly in the form of foreclosures,” said Daren Blomquist, RealtyTrac vice president. “While these homes may be in need of more work than a typical home and are certainly harder to find now than in previous years, buyers and investors willing to put in a little extra legwork and sweat equity can often find the best deals in their markets on these foreclosure fixer-uppers.”

RealtyTrac analysis found that nationwide , there are more than 51,000 potential foreclosure fixer-uppers: bank-owned homes that were built before 1960 with an estimated market value below $100K.

Meanwhile, back in SF

As usually happens when we compare other parts of the country to San Francisco, our home prices stand out in sharp relief. For less than you’d need for a downpayment on a fixer here, you could buy an entire home outright somewhere else. So if your reason for wanting a fixer-upper is bargain price (though of course, “bargain” is a relative term), you might want to look elsewhere.

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, and writes for SFGate and CurbedSF. Follow Anna on Twitter: @AnnaMarieErwert

Article source: http://blog.sfgate.com/ontheblock/2013/06/10/top-cities-to-buy-bargain-fixer-uppers-dont-include-san-francisco/

]]> http://homesmillbrae.com/2255/top-cities-to-buy-bargain-fixer-uppers-dont-include-san-francisco/feed/ 0 CIM Expands Bay Area Office Holdings with Three Recent Purchases http://homesmillbrae.com/2172/cim-expands-bay-area-office-holdings-with-three-recent-purchases/ http://homesmillbrae.com/2172/cim-expands-bay-area-office-holdings-with-three-recent-purchases/#comments Fri, 26 Apr 2013 11:47:01 +0000 http://homesmillbrae.com/2172/cim-expands-bay-area-office-holdings-with-three-recent-purchases/ Continue reading →]]>


SAN FRANCISCO—CIM Group has purchased 330 Townsend in San Francisco for an undisclosed sun. The 98 percent-leased, 60,000-sq.-ft. office building is located in the South of Market District, which has one of the lowest office vacancy rates in the city.

Through the West SoMa Community Plan, 330 Townsend is zoned for additional development. CIM has not said yet whether it will add to the building.

This purchase is one of several recent buys for CIM, which has been in the Greater Bay Area since 2001. The real estate and infrastructure investment firm also recently purchased 260 Townsend, a 100 percent occupied, class-A office building, located one block from 330 Townsend. Additionally, CIM purchased 211 Main St., also a fully-occupied, class-A building just a couple blocks from the other buys.

In total CIM owns 2.7 million sq. ft. of class-A office property in the Bay Area as well as two hotels.

Article source: http://nreionline.com/investment/cim-expands-bay-area-office-holdings-three-recent-purchases

]]> http://homesmillbrae.com/2172/cim-expands-bay-area-office-holdings-with-three-recent-purchases/feed/ 0 CIM Expands Bay Area Office Holdings with 3 Recent Purchases http://homesmillbrae.com/2170/cim-expands-bay-area-office-holdings-with-3-recent-purchases/ http://homesmillbrae.com/2170/cim-expands-bay-area-office-holdings-with-3-recent-purchases/#comments Thu, 25 Apr 2013 17:22:57 +0000 http://homesmillbrae.com/2170/cim-expands-bay-area-office-holdings-with-3-recent-purchases/ Continue reading →]]>


SAN FRANCISCO—CIM Group has purchased 330 Townsend in San Francisco for an undisclosed sun. The 98 percent-leased, 60,000-sq.-ft. office building is located in the South of Market District, which has one of the lowest office vacancy rates in the city.

Through the West SoMa Community Plan, 330 Townsend is zoned for additional development. CIM has not said yet whether it will add to the building.

This purchase is one of several recent buys for CIM, which has been in the Greater Bay Area since 2001. The real estate and infrastructure investment firm also recently purchased 260 Townsend, a 100 percent occupied, class-A office building, located one block from 330 Townsend. Additionally, CIM purchased 211 Main St., also a fully-occupied, class-A building just a couple blocks from the other buys.

In total CIM owns 2.7 million sq. ft. of class-A office property in the Bay Area as well as two hotels.

Article source: http://nreionline.com/san-francisco/cim-expands-bay-area-office-holdings-3-recent-purchases

]]> http://homesmillbrae.com/2170/cim-expands-bay-area-office-holdings-with-3-recent-purchases/feed/ 0 Rise In All-Cash Home Sales Frustrates Bay Area First-Time Buyers http://homesmillbrae.com/2107/rise-in-all-cash-home-sales-frustrates-bay-area-first-time-buyers/ http://homesmillbrae.com/2107/rise-in-all-cash-home-sales-frustrates-bay-area-first-time-buyers/#comments Thu, 04 Apr 2013 14:19:10 +0000 http://homesmillbrae.com/2107/rise-in-all-cash-home-sales-frustrates-bay-area-first-time-buyers/ Continue reading →]]>

SAN FRANCISCO (KCBS) — Real estate firms are reporting a record number of Bay Area homes are being bought with cash, making it increasingly difficult for first-time homebuyers to get their offers accepted.

Often, the bids are only accepted after multiple offers resulting from bidding wars, according to real estate experts.

Real estate agent Peyton Schteevah with Pacific Union in San Francisco said 26 percent of their transactions last year were all-cash deals. That is a reflection of the record statewide high in 2012, where 32.4 percent of overall home sales were cash purchases.

“People came to the table with cash deals because it was so competitive to get homes that they tried to get any advantage they could to get their foot in and have a very compelling offer,” he said.

Schteevah said plenty of people decided to cash in their stocks or use money they had saved in the bank to compete with investors, a situation that is squeezing out buyers obtaining mortgages.

“It is very, very frustrating,” he said.

Adding to the current environment is a low inventory of homes and a median Bay Area price of $426,500 in February, up 22 percent from the same time last year.

“It is a seasonal market. Right now it’s extremely hot, but if we learned anything from the past; it’s up and down,” he said.

(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/2013/04/03/rise-in-all-cash-home-sales-frustrates-bay-area-first-time-buyers/

]]> http://homesmillbrae.com/2107/rise-in-all-cash-home-sales-frustrates-bay-area-first-time-buyers/feed/ 0 Class is Now in Session: Open Thread for Real Estate Questions http://homesmillbrae.com/2065/class-is-now-in-session-open-thread-for-real-estate-questions/ http://homesmillbrae.com/2065/class-is-now-in-session-open-thread-for-real-estate-questions/#comments Sat, 09 Mar 2013 02:50:40 +0000 http://homesmillbrae.com/2065/class-is-now-in-session-open-thread-for-real-estate-questions/ Continue reading →]]> Curbed University delivers insider tips and non-boring advice on how to buy, sell, or rent a home or apartment. Additional questions welcomed to sf@curbed.com. Today’s topic: ask a real estate expert!
Class is Now in Session: Open Thread for Real Estate QuestionsAre you a first-time homebuyer who’s a little overwhelmed by the madness that is San Francisco residential real estate? Or perhaps you’re a seasoned pro but have a few questions before you plop your house on the market. We’ve tapped Bay Area (and San Francisco based) real estate consult Brian Kelly from Zephyr to hang around Curbed for the afternoon and answer your questions about buying, selling, or renting. Brian was a natural choice when picking a real estate pro, as he always gives us the honest truth, even when it hurts. Remember readers, there’s no such ting as stupid question! Ask your question in the comments and Brian will answer them in a timely manner this afternoon. The best questions and answers will make it into a new post we’ll publish Monday. Let’s get this party started!

Article source: http://sf.curbed.com/archives/2013/03/08/class_is_now_in_session_open_thread_for_real_estate_questions.php

]]> http://homesmillbrae.com/2065/class-is-now-in-session-open-thread-for-real-estate-questions/feed/ 0 South Bay and SF residents are amongst highest earners in the nation http://homesmillbrae.com/2020/south-bay-and-sf-residents-are-amongst-highest-earners-in-the-nation/ http://homesmillbrae.com/2020/south-bay-and-sf-residents-are-amongst-highest-earners-in-the-nation/#comments Wed, 20 Feb 2013 12:18:01 +0000 http://homesmillbrae.com/2020/south-bay-and-sf-residents-are-amongst-highest-earners-in-the-nation/ Continue reading →]]> 15095 socialBarCommentsIcon South Bay and SF residents are amongst highest earners in the nation

5e107 socialBarEmailIcon South Bay and SF residents are amongst highest earners in the nation 5e107 socialBarPrintIcon South Bay and SF residents are amongst highest earners in the nation

With such high real estate prices, it’s no surprise that Bay Area residents earn some of the highest incomes in the country.  After all, how else will you pay for that million dollar house?

5e107 high incomeearner South Bay and SF residents are amongst highest earners in the nation

Households in the San Francisco and San Jose metro areas have some of the highest incomes in the country.

The U.S. Census Bareau recently announced the results of a study that looked at household incomes over a 5 year period, from January 2006 to November 2011.  The San Jose metro region had the 2nd highest concentration of households with incomes in the top 5%, which was defined as earning more than $191,469  per year.  In the South Bay, 15.9% of the households are in the top 5%.  The San Francisco metro area, defined as “San Francisco – Oakland – Fremont” followed closely, being the 4th on the list of high income earners, with 13.0% of the households’ income in the top 5%.  The Stamford, CT and Washington, DC metro areas squeezed in between our two Bay Area regions, taking the #1 and #3 spots, with 17.9% and 14.1% of their households in the top 5%.

As the results only included data up through November 2011, it won’t be shocking if the incomes of Bay Area residents continue to rise given the strong local economy, thanks in large part to the burgeoning tech industry.  Will it only push up the real estate markets in these two metro areas?

Article source: http://blog.sfgate.com/ontheblock/2013/02/20/south-bay-and-sf-residents-are-amongst-highest-earners-in-the-nation/

]]> http://homesmillbrae.com/2020/south-bay-and-sf-residents-are-amongst-highest-earners-in-the-nation/feed/ 0