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SAN FRANCISCO (KGO) — When it comes to the Bay Area housing market, the list price is rarely the selling. But that may change.

Shawneequa Badger is with Badger Real Estate Group. Based out of Oakland, they have a big footprint in the East Bay.

Badger, who has been recognized as a top real estate entrepreneur by Yahoo Finance, says houses are still selling fast, even with higher interest rates.

“We couldn’t be in the 3s and 4s forever,” says Badger, about interest rates. “And that has been historically low. We are still historically low.”

Badger thinks prices will start to stabilize, and perhaps drop a bit.

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Many experts agree that the market strategy to ‘list low, get high’ to attract multiple bids will change as competition slows. That will allow for more transparency in prices.

But Badger doesn’t see the changes in the economy as reducing demand for housing.

“Not in the Bay Area. I think we have plenty of demand, we have a lot of pent-up demand. We are still below our levels, in terms of supply for housing,” says Badger.

Doctor Tammie Mosley is a professor of Finance and Real Estate at California State East Bay. She adds that part of the demand owes to work from home policies. Families can sell their homes in Silicon Valley or San Francisco and buy cheaper – even bigger – homes in the places like Antioch or Pittsburg.

“You are able to have a lower payment amount, even with interest rates going up,” explains Dr. Mosley.

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Furthermore, Mosley says any drop in home prices may not be related to weaker demand. But rather prices adjusting to offset increasing interest rates, which is in part, to reduce spending.

“It is actually curbing spending, but it is spending at a lower price,” says Mosley.

Head down to the Peninsula or the South Bay, and Rabia Alizai with real estate company, Compass, sees the market a bit different.

“Our markets here are very dependent on the stock market. That is where a lot of people get their down payment money from,” explains Alizai.

Alizai, who has a five-star agent rating on Zillow, has listing cities like Sunnyvale, Cupertino and Mountain View.

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She says the current bear market is putting the brakes on the buying frenzy. And rising interest rates and the seasonal summer lull is putting a drag on the housing market.

“Anytime there is a change in the market, you will see some hesitation, because people don’t know what’s happening,” says Alizai. “But I think once people feel that this is new normal, they will emerge back into the market.”

As for low to moderate-income buyers, who may fear that they have been priced out of the Bay Area market, Badger recommends to work with lenders.

“If you can save – absolutely save. But then make sure you are dialed into what the lending industry is doing in terms of great programs for entry leave buyers, you can get down payment assistance, grants. They are still out there, and they are going to be a lot more plentiful going forward than they are today,” says Badger.

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Article source: https://abc7news.com/bay-area-housing-market-2022-real-estate-will-prices-go-down-bear/11959818/

Current owner — Sun Microsystems co-founder, Trump supporter and self-described “raging capitalist” Scott McNealy — has been trying to move the property since June 2018 when it was listed privately for a staggering, and somewhat ridiculous, $96.8 million.

Perhaps unsurprisingly, it didn’t sell and was re-listed in October 2019 with a giant $42 million price cut and an overhaul of the interior staging. It didn’t sell, and was removed from the MLS in December 2021 before reappearing at almost the exact same price now. 

Regarding that eye-watering $96.8 million listing price, agent Deepee Chattha of Rex Homes told SFGATE at the time that the sellers “were not serious” and merely testing the market.

The 13-acre property — nestled in the woods of Portola Valley, the wealthiest town in America by some estimates — was custom-built in 2008. Beyond the 110-yard practice golf course and ice hockey rink, the 20-room home includes a rock-climbing wall, a tennis pavilion, 5 bedrooms, 7.5 bathrooms and a separate 4,000-square-foot guest house. 

While the lengthy list of sports amenities and sheer size of this place are undeniable, on closer inspection much of the interior finishing feels more Marriott than mansion, complete with what looks like an industrial laundry room and a barrack-style kids’ room with three beds. 

If the property sells at its asking price, the new owners will be looking at a San Mateo County property tax bill of around $300,000 a year. Current listing agent Stanley Lo told SFGATE over email that the property is also currently available for rent at a cool $100,000 a month. 

As of 2018, McNealy had an estimated net worth of $1 billion. He was the CEO of Sun Microsystems for 22 years before stepping down in 2006. Oracle purchased Sun in 2009 for $7.4 billion, a fraction of its $116 billion valuation at the height of the first dot-com boom.

A video shared by Architectural Digest took a look inside the lavish property.

SFGATE Senior News Editor Amy Graff contributed to this report

Article source: https://www.sfgate.com/realestate/article/Scott-McNealy-tries-to-sell-Bay-Area-megamansion-17238585.php

FREMONT – This week’s movement by the Federal Reserve to rein in skyrocketing inflation with an interest rate hike could hit many prospective Bay Area home buyers especially hard.

Daniel Chan, a Bay Area native who now lives in Fremont, said he was considering leaving California for a more affordable state offering a larger house for a cheaper price.

“We could comfortably retire in Florida or Texas,” Chan said. “We still have to keep working here in the Bay Area and it feels like a rat race.”

Chan is self-employed as a magician booking jobs in person as well as performing virtually from a home studio. He has looked at buying a home for years and regrets not buying in 2008 during the last economic slowdown.

His children are almost finished with high school so he doesn’t want to impact their education and wonders if leaving California may be his best bet.

“I felt that I was doing very well in the stock market and it was gaining faster than appreciation of the houses,” he told KPIX 5 on Thursday. “I feel there is a lot of pressure to buy a home a before everything goes up.”

Chan estimates that the cost of a mortgage around $800,000 would set him back an extra $500 a month after the Federal Reserve raised interest rates by half a point on Wednesday. The move comes as demand remains high in the Bay Area and supply is still low.

Home prices went up in April, according to local realtors who say buyers will need to pay more for even less home in the current market.

“We think this interest rate hike is only going to exacerbate the home ownership disparities, certainly that exist right now between Whites, Asians, Blacks, and Hispanics,” said Brett Caviness, the president of the Silicon Valley Association of Realtors. “If real estate is a long-term strategy for you, then I would say it is always a good time to get into the market when you are able.”

Caviness told KPIX 5 that buyers may see less offers for homes but still plenty of people competing for any property up for sale. He points out that with rising rent rates, many people will still want to try to own a home and get locked into a mortgage rate before another increase.

“There’s always someone that’s richer,” Chan worries as he contemplates what his family will do in the months ahead. “Putting more down in a different state and moving out of California is definitely something on my mind.”

Article source: https://www.cbsnews.com/sanfrancisco/news/interest-rate-hike-bay-area-homebuyers-lament-less-affordable-real-estate/

Despite the new reservation system, long lines stretched along the north and south sides of the park, and as usual real estate for folding chairs and picnic blankets was tough to find. However, thanks to the pandemic pivot to livestreaming, the festival had added a large video screen to the grassy side area, which showed a very slickly produced feed of the concert for those without a sightline to the stage. Early in the day, a heavy fog settled throughout the grove and light drizzles threatened the vibe, but the cooling mist merely added to the San Francisco atmosphere.

Just before Too $hort’s set, Mayor London Breed stepped up for a ribbon-cutting ceremony in which she thanked the Goldman family for stewarding he festival for five generations, and showed appreciation toward parks department employees who worked overtime to repair the park. With her civic duties behind her, the mayor shifted into the role of hype woman.

“Ye Area, let’s turn up, let’s have a good time, thank you for coming!” screamed Mayor Breed.

The crowd was warmed up by DJ Shortkut, a San Francsico turntablism legend whose career dates back to the late ’80s. He blazed through a medley of Bay Area hip-hop classics including everything from “The Thizzle Song” to “I’ve Got Five on It” to several hits featuring Shock G of Digital Underground, who died in 2019. When it was time for Too $hort to take the stage, he entered to a loop of “his favorite word” from the 2006 hit “Blow the Whistle” and the hillside erupted, with thousands of people screaming the very-much-uncensored lyrics in unison.

$hort joked about how he agreed with the festival organizers to keep his set “R-rated” and laughed as he pointed out babies in the crowd wearing protective headphones, but it was clear that he wasn’t doing much to tone down his language for the families in attendance. He stomped through trunk-rattling classics like “I’m a Player,” “The Ghetto” and “Gangsters Strippers,” boasting about his legendary history as the first Bay Area rapper to release an independent album. The set was everything a Bay Area hip-hop fan could ask for.

After $hort left the stage, DJ Shortkut returned for a second set of masterfully mixed funk sure-shots before the arrival of Tower of Power. Ever since their 1970 debut album “East Bay Grease” (released on Bill Graham’s San Francisco Records), Tower of Power have earned a reputation as one of the tightest bands to ever come out of the Bay Area, with their signature wall-of-saxophone sound reverberating throughout the park.

Extended versions of “Soul Vaccination” and “What Is Hip?” offered nearly every musician on the stage a chance to flex into a solo, and the lengthy vamping also gave the sun enough time to emerge from behind the fog. As the sky parted, Tower of Power broke into “You’re Still a Young Man,” which served as the perfect soundtrack for laying on a blanket in the sun and enjoying a uniquely San Francisco tradition.

Article source: https://www.sfgate.com/sf-culture/article/San-Francisco-music-festival-Stern-Grove-returns-17237208.php

It goes without saying that the coronavirus pandemic has sparked a wave of uncertainty across myriad industries, and not other market has quite felt its impact like that of real estate.

The pandemic has become a driving force behind the continued real estate boom, with high demand for vacation homes and a limited supply of housing that has prompted buyers and investors to bid up prices for affordable properties, causing home prices to skyrocket. The ability to work remotely played a role in the vacation home demand in mid-2020, as affluent Americans opted to ride out the pandemic with more amenities and space outside dense urban areas.

Stacker compiled a list of cities with the fastest-growing home prices in San Francisco using data from Zillow. Cities are ranked by 1-year price change as of April 2022. The charts in this story were created automatically using Matplotlib. The typical home value in the United States increased over the last year by +20.9% to $334,141.

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#30. Dublin, CA

– 1-year price change: +$352,648 (+30.9%)
– 5-year price change: +$572,506 (+62.3%)
– Typical home value: $1,492,151 (#47 most expensive city in metro)

#29. Union City, CA

– 1-year price change: +$354,375 (+32.0%)
– 5-year price change: +$663,462 (+83.2%)
– Typical home value: $1,461,121 (#50 most expensive city in metro)

#28. Larkspur, CA

– 1-year price change: +$368,012 (+19.5%)
– 5-year price change: +$638,838 (+39.5%)
– Typical home value: $2,257,644 (#22 most expensive city in metro)

#27. Mill Valley, CA

– 1-year price change: +$378,234 (+20.8%)
– 5-year price change: +$642,632 (+41.3%)
– Typical home value: $2,197,067 (#24 most expensive city in metro)

#26. Corte Madera, CA

– 1-year price change: +$398,114 (+24.3%)
– 5-year price change: +$606,441 (+42.5%)
– Typical home value: $2,034,674 (#27 most expensive city in metro)

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#25. Pleasanton, CA

– 1-year price change: +$401,608 (+29.1%)
– 5-year price change: +$703,877 (+65.4%)
– Typical home value: $1,780,675 (#33 most expensive city in metro)

#24. Sunol, CA

– 1-year price change: +$406,975 (+29.2%)
– 5-year price change: +$604,832 (+50.6%)
– Typical home value: $1,801,212 (#32 most expensive city in metro)

#23. Millbrae, CA

– 1-year price change: +$420,639 (+22.9%)
– 5-year price change: +$660,129 (+41.3%)
– Typical home value: $2,259,822 (#21 most expensive city in metro)

#22. Bolinas, CA

– 1-year price change: +$448,789 (+22.7%)
– 5-year price change: +$1,243,000 (+105.0%)
– Typical home value: $2,426,817 (#20 most expensive city in metro)

#21. San Ramon, CA

– 1-year price change: +$449,348 (+30.0%)
– 5-year price change: +$741,711 (+61.4%)
– Typical home value: $1,948,727 (#28 most expensive city in metro)

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#20. Tiburon, CA

– 1-year price change: +$462,112 (+16.2%)
– 5-year price change: +$758,151 (+29.6%)
– Typical home value: $3,319,373 (#8 most expensive city in metro)

#19. Burlingame, CA

– 1-year price change: +$481,753 (+19.2%)
– 5-year price change: +$923,961 (+44.6%)
– Typical home value: $2,996,429 (#14 most expensive city in metro)

#18. Menlo Park, CA

– 1-year price change: +$484,094 (+18.7%)
– 5-year price change: +$794,464 (+34.9%)
– Typical home value: $3,069,747 (#12 most expensive city in metro)

#17. Nicasio, CA

– 1-year price change: +$488,491 (+28.2%)
– 5-year price change: +$664,840 (+42.7%)
– Typical home value: $2,223,039 (#23 most expensive city in metro)

#16. Belmont, CA

– 1-year price change: +$493,172 (+24.7%)
– 5-year price change: +$827,678 (+49.7%)
– Typical home value: $2,491,845 (#19 most expensive city in metro)

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#15. San Carlos, CA

– 1-year price change: +$505,430 (+24.0%)
– 5-year price change: +$871,812 (+50.1%)
– Typical home value: $2,612,516 (#18 most expensive city in metro)

#14. Piedmont, CA

– 1-year price change: +$524,671 (+20.4%)
– 5-year price change: +$988,613 (+47.0%)
– Typical home value: $3,094,236 (#10 most expensive city in metro)

#13. Kentfield, CA

– 1-year price change: +$547,004 (+21.7%)
– 5-year price change: +$723,946 (+30.9%)
– Typical home value: $3,068,113 (#13 most expensive city in metro)

#12. Highlands-Baywood Park, CA

– 1-year price change: +$547,248 (+24.4%)
– 5-year price change: +$943,506 (+51.0%)
– Typical home value: $2,793,754 (#16 most expensive city in metro)

#11. Orinda, CA

– 1-year price change: +$577,463 (+23.1%)
– 5-year price change: +$1,016,258 (+49.3%)
– Typical home value: $3,078,083 (#11 most expensive city in metro)

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#10. Alamo, CA

– 1-year price change: +$581,088 (+25.4%)
– 5-year price change: +$960,014 (+50.4%)
– Typical home value: $2,866,500 (#15 most expensive city in metro)

#9. Belvedere, CA

– 1-year price change: +$594,704 (+13.7%)
– 5-year price change: +$995,159 (+25.2%)
– Typical home value: $4,948,376 (#3 most expensive city in metro)

#8. Emerald Lake Hills, CA

– 1-year price change: +$607,013 (+24.3%)
– 5-year price change: +$1,021,576 (+49.0%)
– Typical home value: $3,107,155 (#9 most expensive city in metro)

#7. Danville, CA

– 1-year price change: +$624,663 (+31.0%)
– 5-year price change: +$960,308 (+57.2%)
– Typical home value: $2,637,780 (#17 most expensive city in metro)

#6. Portola Valley, CA

– 1-year price change: +$697,245 (+18.4%)
– 5-year price change: +$964,703 (+27.4%)
– Typical home value: $4,480,476 (#7 most expensive city in metro)

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#5. Woodside, CA

– 1-year price change: +$726,359 (+18.2%)
– 5-year price change: +$1,158,769 (+32.5%)
– Typical home value: $4,719,224 (#5 most expensive city in metro)

#4. Stinson Beach, CA

– 1-year price change: +$795,417 (+20.0%)
– 5-year price change: +$1,599,760 (+50.5%)
– Typical home value: $4,765,150 (#4 most expensive city in metro)

#3. Hillsborough, CA

– 1-year price change: +$832,754 (+17.3%)
– 5-year price change: +$1,283,810 (+29.4%)
– Typical home value: $5,643,993 (#2 most expensive city in metro)

#2. Ross, CA

– 1-year price change: +$840,137 (+23.0%)
– 5-year price change: +$1,173,181 (+35.3%)
– Typical home value: $4,493,768 (#6 most expensive city in metro)

#1. Atherton, CA

– 1-year price change: +$1,232,913 (+17.9%)
– 5-year price change: +$1,765,660 (+27.8%)
– Typical home value: $8,116,990 (#1 most expensive city in metro)

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This story originally appeared on ZeroDown and was produced and distributed in partnership with Stacker Studio.

Article source: https://www.kron4.com/news/cities-with-fastest-growing-home-prices-in-san-francisco-metro-area/