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SAN FRANCISCO (KRON) — Club Deluxe, the long-running SF jazz and blues club, will remain open following an agreement reached by the club and the owner of the building in Upper Haight where the club has operated since 1989. Deluxe had been set to close at the end of the month, but following an all-day mediation on Monday between the club owner and Veritas Investment, an agreement was reached to keep it open, according to a press release from Supervisor Dean Preston, whose district includes the area where the club is located.

“Our community faced the potential of a tremendous loss with the closure of Club Deluxe,” said Supervisor Preston. ”I am grateful that all parties came to the table to keep the doors open and we were able to hammer out a deal. It was true before, but even more so as we emerge from the pandemic – our arts and our artists are what make San Francisco, San Francisco. Long live Club Deluxe.”

Earlier this month, Club Deluxe’s owner, Sarah Wilde, announced the club would be closing due to a dispute with Veritas Investment.

“It is with sadness, and a hint of disbelief that I must let you know Deluxe will be closing,” read the letter posted by musician Cathy Lemons from Wilde. “We do not need a GoFundMe. We need the multi-billion-dollar real estate company that owns our building, to allow a fraction of their portfolio to remain occupied by small businesses, artists, the unsigned musician, the carpenter, the waiter, and the single parent.”

Club Deluxe, like many SF venues, faced “significant pandemic hardship,” according to the press release from Preston, “shutting down for a significant period in 2020 and periodically ever since.”

Following the announcement that the club would be closing, Preston, who was once the co-owner of Cafe Du Nord on Market Street, helped restart negotiations between the club and the property owner. According to the press release, Preston brought both parties to City Hall on Monday for a six-and-a-half hour mediation, during which a deal was finally struck.

“Thank you so much for showing up, and showing your support for Club Deluxe,” said Wilde. “Your love of this venue has helped the landlord understand it is worth supporting this small business by offering a fair lease. Deluxe will be very happily staying at 1511 Haight St, hopefully for another 33 years!”

According to Jeff Jerden, Veritas COO, “Our goal in the months of working on this was to get to the successful outcome we have today keeping the Club open. We’re very appreciative of Supervisor Preston, for his work helping to get this deal done.”

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In July, 2021, Preston helped pass a law to waive certain pandemic-related back rent for small businesses. According to the press release, this law helped facilitate the resolution to keep the club open. Club Deluxe is also applying to be added to the San Francisco Legacy Business Registry, which, according to the press release, “recognizes long-term small businesses in San Francisco, and provides benefits to businesses and their landlords to encourage long-term stability.”

Supervisor Preston issued a letter to formally nominate Club Deluxe as a legacy business, according to the press release.

“Club Deluxe is a one of a kind live music venue in the heart of the Haight Ashbury,” Preston said. “It’s a gathering spot, a place where people share community, and join together in what makes us human. I am proud that we could help forge a path to keep the music going.”

Article source: https://www.kron4.com/news/bay-area/club-deluxe-to-remain-open-after-owner-reaches-agreement-with-property-owner/

The Bay Area’s once-scorching pandemic housing market continued to cool in June, with home prices plunging to the largest monthly drop for this time of the year in at least three decades.

In June, the median price of existing single-family houses in the nine-county region declined 7% from the previous month — from just over $1.5 million to $1.4 million, according to data for the California Association of Realtors. That’s the steepest May-to-June dip ever recorded in the association’s regional home sales data, which dates back to 1990.

What’s behind the record price drop? Real estate experts point to rising interest rates squeezing buyers, more homes staying longer on the market and an increasingly uncertain economy — all signaling the Bay Area housing market may have peaked after prices hit all-time highs earlier this year.

“From this point on we probably won’t see another record price, at least for this year, for either the Bay Area or for the state,” said Oscar Wei, deputy chief economist with the California Association of Realtors.

Wei noted it’s uncommon to see such a significant price decline in June in the middle of what is traditionally the busy summer home-buying season.

In the core Bay Area, Alameda County saw the largest monthly price drop of 8% to $1.42 million. That was followed by San Francisco County with a 6% decline to $1.9 million, Santa Clara County with a 6% drop to $1.82 million, Contra Costa County with a 5% dip to $976,940 and San Mateo County with a 3% drop to $2.16 million.

Still, Bay Area home prices were up 5% in June compared to the same time a year ago. But some counties did see year-over-year drops, including San Mateo (-5%), San Francisco (-3%) and Contra Costa (-1%).

Throughout most of the pandemic, home values soared as house hunters — many untethered from the office by remote work and buoyed by historic-low interest rates — were locked in a mad scramble for homes, sometimes bidding hundreds of thousands of dollars over the asking price.

But as the Federal Reserve has raised the cost of borrowing this year in a bid to slow runaway inflation, mortgage rates have spiked accordingly to around 5.5% for both jumbo and conforming 30-year fixed home loans. That’s up from as low as under 3% during the depths of the pandemic.

Volatile financial markets that have put a dent in investment portfolios, increased job layoffs and raised fears of a coming recession have also taken some buyers out of the market.

In turn, Bay Area home sales dropped 27% in June year over year, the largest decline since pandemic lockdowns halted most home buying in spring of 2020, Wei said.

South Bay Realtor Mary Pope-Handy said the drop in demand has resulted in price reductions and homes staying for sale longer, after some sellers jumped into the market hoping to cash in on soaring prices in recent months. Now, she said, many buyers and sellers are holding to see who blinks first.

“It’s a lot of everybody waiting for the market to go up or go down,” Pope-Handy said. “At some point the logjam will break because people still need to buy and sell.”

That dynamic has likely contributed to home inventory increasing throughout the region. In Alameda County, the number of available listings has nearly doubled since last year.

Paddy Kehoe, a real estate agent with Compass in the East Bay, said active sellers now have to be more thoughtful about how they put homes on the market.

“If it is marginally overpriced it’s not going to sell,” Kehoe said. “Today, you have to know 100% what the price should be.”

Wei, the California Association of Realtors economist, said that despite the current state of the market, it’s unlikely the Bay Area will see another month-to-month price drop as large as 7%. That’s in part because even though the number of homes on the market is growing in the short term, supply in the Bay Area remains tight compared to the rest of the state and country, after years of sluggish housing construction in the region.

“Going forward,” he said, “we will continue to see some slowdown, but it’ll be in line with the traditional seasonal slowdown rather than the sudden dip in that price shift.”

Article source: https://www.redbluffdailynews.com/2022/07/26/bay-area-home-prices-see-largest-may-to-june-drop-on-record

Founded in 2020, FAST REAL ESTATE is a close-knit group of more than 300+ top agents across the SF Bay Area, Sacramento, SoCal and beyond.

“We’re expanding our reach,” said Kenny Truong, FAST REAL ESTATE Founder. “Growing our presence into Southern California means providing more agents across the state with the resources and mentorship they need to experience next-level growth.”

OAKLAND, Calif. (PRWEB)
August 22, 2022

On June 14, 2022, FAST REAL ESTATE, led by Kenny Truong and brokered by eXp Realty was named #1 Sales Volume Team in eXp Realty and #4 Mega Team by Transactions Sides in California by nationwide real estate authority RealTrends.

RealTrends + Tom Ferry America’s Best Real Estate Professionals, now in its 10th year, honors America’s top real estate agents and teams across the United States. Agents and teams that receive a RealTrends ranking are the top 1.49% of more than 1.6 million licensed Realtors® nationwide.

Inclusion in this prestigious list is a strong indicator of how effectively a real estate team’s strategic expertise, transactional success-rate and historical knowledge translates into the ability to help clients navigate the complexities of their respective real estate market.

“Our vision has always been clear… serve agents at the highest level, create a thriving community and never conform to industry norms,” said Elias Astuto, FAST REAL ESTATE’s Director of Sales and Coaching. “We have surrounded ourselves with the best talent in the industry, we took massive action to build, and we worked tirelessly to achieve our company goals. We are grateful and humbled by this recognition.”

While the pandemic backdrop of 2020 – 2021 brought many teams to a near standstill as they reconsidered how to navigate a reeling industry, the unexpected shift propelled FAST REAL ESTATE into massive growth. With more than 325 high performing agents attracted to FAST REAL ESTATE since the team’s inception in late 2019, FAST REAL ESTATE has quickly become one of the largest teams in California – and that’s just the beginning.

On the heels of this explosive growth, FAST REAL ESTATE is pleased to announce expansion into Southern California markets, including Irvine, Huntington Beach and Costa Mesa.

“We’re expanding our reach,” said Kenny Truong, FAST REAL ESTATE Founder. “Growing our presence into Southern California means providing more agents across the state with the resources and mentorship they need to experience next-level growth.”

FAST REAL ESTATE’s refreshing take on industry representation, unparalleled educational programming, exclusive access to business-scaling masterminds and impressive office network continues to attract agents to their distinctive environment.

In 2021, FAST REAL ESTATE sold 894 homes throughout the Bay Area and beyond, equating to 694 million dollars in sales. The team is on track to close over 1 billion dollars in sales in 2022, setting a new sales standard for large California real estate teams and cementing permanence in the state’s residential market.

ABOUT FAST REAL ESTATE

FAST REAL ESTATE is a team of experienced, licensed real estate agents serving the California areas. We scale top producers #FAST. We’re the #1 reviewed team on Zillow and the #1 Sales Volume Team at eXp Realty in 2021. Our motto? Be you, but #FAST.

Learn more about FAST REAL ESTATE and how to join the team.

Article source: https://www.prweb.com/releases/2022/8/prweb18851661.htm

Article source: https://www.cbsnews.com/sanfrancisco/news/buying-or-selling-in-this-real-estate-market-one-south-bay-woman-is-doing-both/

Article source: https://www.cbsnews.com/sanfrancisco/news/buying-or-selling-in-this-real-estate-market-one-south-bay-woman-is-doing-both/