According to his website, the company “specializes in opulent resale properties, ground-up developments, and conversions in SF, Silicon Valley, and the Tri-Valley.”
“Renowned locally and globally, the multi-cultural and multi-lingual Habibi Group possesses a unique knowledge of foreign markets. With fluency in English, Farsi, Dari, Arabic, Portuguese, Mandarin, and Spanish,” the description continues.
Article source: https://www.distractify.com/p/roh-habibi-million-dollar-listing-sf
File photo of the Painted Ladies.
Kevin Boutwell/Getty Images
When the Bay Area issued a shelter-in-place order in March due to the coronavirus pandemic, many residents were forced to hole up in tiny apartments, most not designed for spending every waking moment at home.
As companies like Twitter, Facebook and Square announced permanent work from home changes, some are undoubtedly wondering if it’s time to flee for good. An anonymous survey of 4,400 tech workers, conducted by Blind, found that two-thirds of employees would consider leaving the Bay Area if they had the option to work remotely, as reported by Business Insider.
Furthermore, San Francisco saw its biggest dip in rental prices in three years with a 9.2% decline in May. Meanwhile, demand for homebuying in places like Marin, Napa and Carmel has been soaring, real estate agents recently told Bloomberg, while contracts in San Francisco and Alameda County were well below where they were in 2019. The Lake Tahoe area has also seen a surge in interest. If these figures are any indication, at the very least people are seeking out a bit more space.
“There’s a mad rush to get out of the city,” Ginger Martin, a real estate agent with Sotheby’s who concentrates on the high end of the market, told Bloomberg.
But is this “mad rush” temporary? Or are people really leaving the Bay Area for good? We want to hear from you!
Let us know if you’re leaving the Bay by emailing tessa.mclean@sfgate.com and you may be featured in an upcoming article.
Tessa McLean is a digital editor with SFGATE. Email her at tessa.mclean@sfgate.com or follow her on Twitter @mcleantessa.
Article source: https://www.sfgate.com/living-in-sf/article/Will-you-finally-move-out-of-the-Bay-Area-due-to-15324903.php
Companies across the U.S. are warming up to the idea of remote working. Some employees who live in expensive regions like the San Francisco Bay Area, figure they might as well move someplace cheaper. (Credit: iStock)
Why pay an arm and a leg to live near your Silicon Valley office if you don’t need to anymore? That’s what some highly-paid tech workers are asking themselves.
The coronavirus pandemic has forced remote working on scores of companies and some have decided to embrace it. Some of their employees are taking it as an opportunity to escape the super high rents and home prices in the Bay Area, according to Bloomberg.
Dylan Hecklau, who works for a San Mateo-based company, said he’s planning to put a down payment on a home in Sacramento with money he set aside for a vacation. He pays $3,200 a month to rent in San Francisco.
“With nothing keeping me here, I can’t justify paying the rent prices,” he said.
A shift in policy could put downward pressure on rents in notoriously expensive markets like the Bay Area, New York, and Los Angeles.
Facebook and Google announced that the majority of employees won’t need to come into their offices for the rest of the year. Twitter is letting some employees permanently work from home if they want.
Leadership at San Francisco-based cloud communications company Twilio expects about 20 percent of employees to work remotely in the long-term.
Twilio exec Christy Lake said the company was mulling a relocation bonus for employees, but that it could pay less to employees who live in cheaper markets.
“It’s probably not great business practice to pay Bay Area comps in Michigan,” she said.
Industry pros might also find that remote working means more competition for jobs because it widens the pool of employees available to companies. [Bloomberg] — Dennis Lynch
Article source: https://therealdeal.com/2020/05/16/the-exodus-a-rise-in-remote-working-could-crater-expensive-housing-markets/
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Article source: https://www.forbes.com/sites/ellenparis/2020/05/20/q--a-industry-experts-discuss-californias-real-estate-market/
The Securities and Exchange Commission has opened an investigation into a Marin real estate company, an attorney connected to the matter confirmed Tuesday.
The probe is focusing on Novato, California-based real estate company Professional Financial Investors following owner Kenneth J. Casey‘s recent death, according to Eric Sternberger, a partner at Ragghianti Freitas, who was hired to advise on transfer of ownership.
The news was first reported by Law.com. Investigators opened up a non-public, fact-finding inquiry into Casey and his two companies on May 28, Sternberger said, adding that he was hired to represent the companies by Casey’s ex-wife.
“Understandably, the news of this inquiry has been devastating to investors and their families; many of which rely on the income from their investments for their basic necessities,” the law firm said in a statement. “These investors are in the forefront of our minds and their well-being is our primary focus.”
The SEC declined to comment. PFI declined to comment to Bisnow, deferring instead to Sternberger.
In the letter, which Sternberger reportedly sent to PFI noteholders and other investors in a PFI fund company, he said the audit elicited “legitimate questions involving the structure and investment history of Mr. Casey’s companies.”
In response, the companies asked the SEC to conduct a fact-finding inquiry into Kenneth J. Casey and his companies’ three decades of real estate investments, Sternberger reportedly said in his letter.
“Everyone deserves answers on their investments, but to be able to give meaningful and complete answers it requires the analysis of a large and complex amount of data, which we are working through with the SEC,” the law firm statement said. “To find the truth, we are and will continue to cooperate fully with the inquiry to ensure the timely completion of their work on behalf of the investors.”
A May 15 obituary in the Marin Independent Journal reported Casey’s death was unexpected but did not specify a cause.
PFI has 900 apartment units under management and 600K SF of warehouse space between Marin and Sonoma counties, according to Law.com, which linked to a company website that now appears to be down.
