SF housing becoming more affordable, say realtors

Most people won’t believe it: According to the National Association of Realtors (NAR), buying a home in San Francisco and the greater Bay Area in the past year has become a more affordable affair.

In fact, the SF metro finished in the top five in a ranking of cities that improved their affordability rating in the past three months.

However—and pretty much nobody will have trouble believing this part—even with that year-over-year improvement, San Francisco still has some of the least attainable housing stock in the nation.

NAR released its regular , ranking major U.S. cities and surrounding areas on a scale between zero and two, with zero being least affordable and two being the most affordable.

Generally, a score of one is usually close to average, but it varies. , the nationwide average score was 0.84; California, with the least affordable homes nationwide, had a score of 0.57.

In all, 81 cities saw their scores improve in the new report. Of those cities with the largest positive change in affordability year over year, the “SF-Oakland et al” region came in fifth, rising from 0.47 last year to 0.59 in 2019.

While that’s impressive relative to 2018, it still means that the average SF resident can only afford about 18 percent of SF housing stock, and it’s the eighth worst score nationwide. For the record, San Jose’s 0.53 percent showing was the fourth worst in the US.

What accounts for the change year over year? For starters, statistics based on medians are always a little wobbly. The shorter the terms, the more they’ll bounce up and down, so one good year is not necessarily that remarkable in the grand scheme.

But note also that affordability is a measure not just of home prices but also of income—i.e., how much an average household spends without becoming “housing burdened” by the cost of a mortgage each month.

So when the Bay Area’s median income grows faster than its housing costs, affordability rises (even while remaining dismal). The fact that the San Francisco score reflects an area much larger than just the city makes a difference too.

The California Association of Realtors estimates that in October, the median sales price of a single-family home in SF went up 3.1 percent year over year, but across all nine counties it dropped two percent.

Article source: https://sf.curbed.com/2019/11/25/20982281/realtors-affordability-q3-san-francisco-bay-area

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Bay Area home prices continue to slip

Bay Area home prices continued to decline in September as the regional market slows from the rapid pace set over the past seven years.

The median sales price in September for an existing home in the Bay Area dropped 4.7 percent, to $810,000, despite low interest rates, a strong stock market and booming regional economy, according to real estate data firms CoreLogic and DQNews.

Bay Area home prices still are among the highest in the nation.

“It’s still a good, strong seller’s market,” said Jeff LaMont, a Coldwell Banker agent in San Mateo. “It’s still a challenge for buyers.”

The Bay Area residential market has seen year-over-year sale prices drop in several months this year. That follows a record run of rising home prices that began in April 2012 and ended in March.

Adding to the housing pressure is the region’s robust economy, which added 5,100 more jobs in August, according to the state’s Employment Development Department.

Existing home sales increased 3.5 percent, led by busy markets in outlying counties: Sonoma (up 29 percent), Napa (up 14 percent), and Solano (up 18 percent). Sales remained relatively flat in Alameda, Contra Costa, Santa Clara and San Mateo counties.

Year-over-year median prices grew 3.9 percent to $632,500 in Contra Costa County, increased 4.2 percent in San Francisco to $1.48 million, and inched up less than one percent to $869,500 in Alameda County. Prices dropped 3.7 percent to $1.16 million in Santa Clara County and fell 2.7 percent to $1.45 million in San Mateo County, according to DQNews.

Agents say buyers are willing to wait for the right deal, avoiding bidding wars and hesitating to push far past their budgets. Homes in move-in condition, near transit or with a short commute still top the list of desirable features.

Matt Rubenstein, a Compass agent in Walnut Creek, said starter homes between $700,000 and $900,000 have been attractive, especially if they’re in good shape and within a strong school district. “If they show really well, there’s always going to be interest,” he said.

Rubenstein has noticed some nervousness among buyers — the market has stayed strong for nearly eight years, and some are concerned about an inevitable drop. He said he tells buyers to plan on staying in the house for at least seven years and trust the strong, regional economy.

Ramesh Rao, a Coldwell Banker agent in Cupertino, said pricing at or below comparable homes in a neighborhood is key to attracting buyers. The market isn’t as hot as it was last year, he said, but plenty of younger tech professionals still want to buy.

Larger trends in the housing market don’t apply to Silicon Valley. “Listen to what’s happening locally,” Rao said, “not nationally.”

As bidding wars have largely receded, house hunters can afford to shop around a bit longer.

Bay Area natives Tiphanie and Paul Cimoli have bought and sold houses for 30 years. The couple lives in a single family home in South San Jose and wanted to buy an investment property to rent out to their oldest son and a roommate.

The Cimolis blitzed the market, touring 75 homes in three months. They bought a San Jose townhome for about $780,000 after it had been marked down twice and the seller was motivated to get rid of the unit. Still, the couple found the diligent search a bit more demanding than other, earlier purchases.

“We actually thought that there were a lot of choices out there,” Tiphanie said. “We found that the really good ones went fast.”


Article source: http://www.mercurynews.com/bay-area-home-prices-continue-to-slip

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‘We’ve created this calamity:’ As group home closes, mentally ill may end up in shelter

Despite City Hall’s efforts to save San Francisco’s board and care homes, the facilities for the homeless, mentally ill and drug addicted are still rapidly closing around the city — and officials are running out of places to send the residents.

South Van Ness Manor, a board and care home for 27 mentally ill and homeless residents, can no longer sustain its expenses and plans to close Dec. 1. The city has only found another long-term placement for about half of the residents around the Bay Area, said Jennifer Esteen, a member of the Department of Public Health’s Transitions Division, which identifies shelter and treatment placements for those in need.

The rest of the residents, she said, may be moved to Hummingbird Place, a homeless shelter at San Francisco General Hospital that provides temporary care to psychiatric patients.

While residents stay sometimes stay at board and care homes for decades at a time, people stay at Hummingbird Place for an average of 17 days, according to The Department of Public Health. The placements are subject to change in the coming days, if other long-term beds become available.

“We’re done. We’re out of beds,” said Esteen, who has been outspoken about how the department uses its resources. “We’ve starved our providers, which has created these bed closures. We’ve created this calamity.”

Jenna Lane, a spokeswoman for The Department of Public Health, would not confirm where the South Van Ness Manor residents are going next. But, she said, all the residents “have places to go and no one will be discharged to the street.”

Transitioning people into a short-term care facility like Hummingbird could create a bottleneck in the city’s system of care. Hummingbird is primarily used as a temporary stop for people who come out of San Francisco General Hospital’s psychiatric unit or emergency room, while they wait for longer term placement. It is not clear how long the South Van Ness Manor residents will be allowed to stay at Hummingbird.

“DPH always tries to find the most appropriate level of care,” she said. “The operator, the state and DPH are working together and committed to the well being of these residents.”

Board-and-care facilities are home-like environments for people in need — often homeless, elderly, mentally ill, or all of the above — that offers round-the-clock care. The facilities are often hailed as a critical part of the city’s system of care, as people can live in the them for years on end.

But San Francisco is rapidly losing its board and care homes as operators struggle to make ends meet under the crushing cost of doing business in the city. Operators also blame difficulties with hiring and retaining staff and the temptation to sell the homes in San Francisco’s lucrative real estate market.

More than a quarter of San Francisco’s board-and-care beds have closed since 2012 — and the city is at risk of losing dozens more over the next few years, according to city data. In an attempt to slow the closures, the Department of Public Health recently increased the subsidies from $22 a night to $35 a night for board-and-care operators.

More Information

About the Broken Care series:

San Francisco spends nearly $400 million a year on mental health and addiction treatment, but thousands of people in crisis are still without sufficient care. In this ongoing series, Chronicle journalists investigate the failures of this complicated, costly system and explore solutions to the crisis.

San Francisco spends nearly $400 million a year on mental health and addiction treatment, but thousands of people in crisis are still without sufficient care. In this ongoing series, Chronicle journalists investigate the failures of this complicated, costly system and explore solutions to the crisis.

Still, in the case of South Van Ness Manor, the increased subsidy was apparently offered too little, too late. The operators, Analyn and Andres Parangan Jr., could not be reached for comment Monday afternoon.

But in a letter to the state obtained by The Chronicle, Andres Parangan Jr., said South Van Ness Manor has been struggling financially for years.

Parangan said that the facility could not cut anymore of the expenses without compromising their quality of care, and finally made the decision to close the home after 38 years.

“The cost of operating a facility like this in San Francisco has not been adequately compensated,” Parangan wrote in the letter. “Our monthly rent income was not sufficient enough to cover the cost of living in San Francisco or the ongoing necessary repairs.”

What frustrates Esteen — the member of the Transitions Division — the most is that there are several empty long-term beds at the Residential Care Facility for the Elderly at San Francisco General Hospital. But those beds have been kept empty as the city figures out staffing issues at the facility.

The residents at South Van Ness Manor are not the only ones in flux.

Parkview Inn #1 planned to close Oct. 1, but Karen Balingit, the bookkeeper and payroll manager for the facility, said the state asked them to extend the closure until Jan. 1 so they could have more time to find placements for the 20 residents.

Balingit said the city’s recent subsidy increase wasn’t enough to help keep the facility afloat.

“Even though we have an increase, we are still under,” she said. “Clients are upset knowing the facility is closing, but they can’t do anything about it.”

Balingit said the facility is also being impacted by a new rule that makes it harder to convert the homes into a different use and also urges the city to buy facilities at risk of closing. The point of the rule, sponsored by Supervisor Rafael Mandelman, was to influence the facilities to stay open for longer and also give the city more time to hash out a possible deal to buy the home.

After the rule went into effect this fall, Balingit said interest from buyers has dwindled.

Andy Lynch, a spokesman for Mayor London Breed, the city is looking at “all sites that are at risk for closure to explore potentially acquiring them so that they can remain operating.”

Still, the facilities continue to close.

“Talk about destabilizing,” Esteen said. “Any kind of transition is difficult for them — and now we’re going to transition them in the middle of the holidays.”

Trisha Thadani is a San Francisco Chronicle staff writer. Email: tthadani@sfchronicle.com Twitter: @TrishaThadani

Article source: https://www.sfchronicle.com/politics/article/We-ve-created-this-calamity-As-group-14862246.php

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You know ’em — those awful jingles on the radio. They’re the real songs of San Francisco

I was out on an extended car trip the other day, listening to the radio as I drove, and realized what I was hearing is a valuable historical artifact: the sounds of Bay Area life.

After a lifetime in the news business, I always have the car radio tuned to KCBS. All news, all day, all night. This business is addictive, like drinking or smoking. Even old newspaper hacks like me never get over it. What if you missed something?

But after an hour or so of driving, I noticed that the earlier version of the news had come on again — an interview I’d heard earlier was rebroadcast, and the day’s news was being repackaged a bit. That’s a radio concept called the “newswheel” based on the idea that listeners are there only for a little while, to be replaced by new listeners who haven’t heard the previous stuff. It’s news to them.

So I began to notice the commercials — the real music of our times. The most annoying, of course, is an awful jingle you must have heard:

One eight seven seven Kars 4 Kids

K-A-R-S Kars 4 Kids

One eight seven seven Kars 4 Kids

Donate your car today!

It’s a flat, tuneless tune, repeated three times with a cheery reminder that Kars 4 Kids also accepts donations of motorcycles, boats and real estate.

This truly awful jingle is all over commercial radio; PBS stations, being pure of heart and all, don’t have it. But it’s part of our lives. It’s the spice of life that comes with the news.

After listening for a while, I began to discover what the real concerns of the Bay Area are — not impeachment, not street crime, not wildfires. The real problems are termites, window replacement and a host of other crises.

I listened carefully: Are you bothered by lower back or neck pain? Is your business short of cash? Is your personal life a problem? Do you want to cut your electric bill? We have zero percent financing. Attention investors! We are A-plus rated! Call today!

All these unseen people are besieging us with solutions to problems we never knew we had. It’s termite breeding season! Is your house ready for the holidays? Now you have a friend in the jewelry business!

 You know ’em — those awful jingles on the radio. They’re the real songs of San Francisco

Then I realized that we’ve always had this background noise to our lives. Before the Kars 4 Kids jingle we had others and some of them stuck with us.

See Ellis Brooks today for your Chevrolet

At the corner of Bush and Van Ness

He’s got a deal for you, oh what a deal for you

A Chevy deal that you will like the best.

Ellis Brooks would give you 5 pounds of Hills Bros. coffee if you could beat his deal.

Or another song that grated on me for years. It went to the tune of “Three Blind Mice.”

Four Wheel Brake!

Four Wheel Brake!

Brakes relined

Wheels balanced and wheels aligned

At Four Wheel Brake!

These jingles are known to social scientists as earworms, songs that get stuck in your head and won’t go away.

There are other commercials that stick with you. Consider Steven Matthew David, who sold stereos at the Top of the Hill, Daly City, and had radio and television commercials that were so much a part of life in the Bay Area that my colleague Peter Hartlaub cited them as part of the region’s pop culture.

And Bay Area folks of a certain age all know that Tuesday is Red’s Tamale Day, that Mission Street has a miracle mile, and that the cables are turning at Market and Powell because of the bargains they’re selling at Owl.

And don’t forget Joe Putnam— “Old Giveaway Joe”— who sold cars on the Peninsula. It was simple dealing with him. “Bring your wife or husband, pink slip and checkbook,” and you could drive away that very day in a shiny new car. His inventory was always too high and his prices too low.

I’ve always loved radio. I guess from when I was a little boy and my old grandfather brought me into his back room, put a set of earphones on my head and twisted a few dials. There was a crackle of static. “What’s that?’’ I asked. “England,” he said.

I think I was hooked from that day. The internet is small potatoes compared with listening to the weather report from Moose Jaw in the frozen north, or picking up Wolfman Jack from a Mexican station while driving down Highway 99 in the middle of the night. Adventure for the ear, paid for by singing commercials.

I still admire radio announcers. The other day, I dropped my voice into a lower register and tried it out on the Sailor Girl, my companion. Maybe I could switch jobs. Not a chance, she said. “But don’t worry,” she said. “You have a radio face.”

Carl Nolte’s column appears Sundays. Email: cnolte@sfchronicle.com Twitter: @carlnoltesf

Article source: https://www.sfchronicle.com/bayarea/nativeson/article/You-know-em-those-awful-jingles-on-the-14857081.php

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List of U.S.’s most expensive ZIP codes shows California housing crisis

The real estate site Property Shark published its yearly list of the most expensive housing ZIP codes in the country this week. For the third year in a row, the tony town of Atherton took the number one spot.

This is neither surprising nor necessarily consequential, as Atherton, an ultra-exclusive Silicon Valley community, has played host to some of the most expensive luxury homes in the United States for decades.

But the rest of the annual list reads like a riot act for California’s ongoing housing crisis, with a particular emphasis on the Bay Area’s glaring defects.

Of the 124 ZIP codes ranked (there are 100 spots, but an extra 24 neighborhoods ended up in the rankings due to ties), 13 of them are in San Francisco, which appears on the list more times than any other city.

Across California, 91 ZIP codes appeared on the list. (Last year it was 82, and the year before that 77.) And of those 91 ZIP codes, 55 are located in the Bay Area.

Here’s how the priciest locales broke down in 2019:

  • Atherton’s 94027—which covers the entire town—took its now customary first place spot with a median home sale price of $7.05 million. Last year it was $6.7 million.
  • Palo Alto’s 94301 was the next most exclusive market in the Bay Area. Although the Silicon Valley town slipped from number six last year down to number seven, this year’s median of more than $3.52 million is a bit less than 2018’s $3.75 million.
  • The 94022 section of Los Altos came in at number nine nationwide, averaging $3.45 million, down a hair from last year’s $3.5 million.
  • Ross’s 94957 was tenth in the nation with $3.35 million, leaping from a 23rd place tie last year when it was just $2.55 million.
  • The fifth priciest Bay Area redoubt was Los Altos’ 94024, which landed in 13th place at $3.15 million, slipping from ninth and $3.25 million in 2018.

SF’s highest showing on the list was 38th place with a tad over $2 million in the 94123—i.e., primarily the Marina District.

While there was slight depreciation in prices in a few of the region’s most expensive markets, the fact that the Bay Area comes closer and closer to swallowing up the entire list every year is cause for concern.

Property Shark tabulates home sales based on “actual closed sale prices, and not asking prices” and calculates a median for each ZIP code.

It’s worth noting that some locations, like Atherton, have relatively few home sales per year, because there are not that many homes for sale—or homes period—in such places, and this is likely to inflate the averages.

Article source: https://sf.curbed.com/2019/11/22/20978185/most-expensive-zip-codes-2019-bay-area-sf

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