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Located in the affluent Silicon Valley outpost of Los Altos, the home sits on a “quiet cul-de-sac with a personalized soundwall.” It’s perhaps not what you’d expect from a house that the controversial CEO referred to as “Casa de Facebook,” with interns and employees flowing in and out at a rapid clip. 

The house, landlord Judy Fusco told the New York Post last year, was also the location of a sort-of postscript to the movie. Cameron and Tyler Winklevoss were on the home’s balcony arguing with Zuckerberg, she told the Post.

“I didn’t know who they were at the time,” she said. “But I saw them yelling at Mark on the balcony. They were not happy.”

Crystal Souza, the home’s listing agent, told McClatchy that the house has a techie pedigree that goes far beyond Facebook. LinkedIn and Apple executives have been past residents, and startups like Shopkick got their start in the home, she said.

But beyond the home’s place in Silicon Valley lore, it has the aforementioned balcony, bay windows, a breakfast nook and an entertainment room with plenty of natural light, according to the listing.

Article source: https://www.sfgate.com/realestate/article/Mark-Zuckerberg-Facebook-house-for-sale-17172132.php

In a separate report, Apartment List put median rent for a one-bedroom in San Francisco at $2,390 in April — a mere 0.7% month-over-month increase, but a 12.1% increase year-over-year. 

Experts predict there are a number of factors affecting these still-shrunken prices, one of which being that the Bay Area has one of the most remote-friendly workforces. Tech companies led the way at adopting work from home amid the pandemic and many are continuing to allow flexible or permanent work-from-home options. 

San Francisco doesn’t dominate the highest of those one-bedroom median numbers in the region though, according to Apartment List. San Mateo rents are about 1% higher, with a median one-bedroom running at $2,440. Fremont, Union City and Dublin also all have higher one-bedroom median rental prices.

Zumper, another apartment rental marketplace, conversely still has rents in San Francisco as the highest in the area. Median one-bedroom rent was $2,900 in April, according to their most recent report, far above San Mateo’s $2,510 median one-bedroom rent. 

Notably, rents are still far below New York City averages, Zumper reports, which took the top spot in the nation yet again at $3,420 for a one-bedroom apartment. 

Oakland prices grew even more modestly in April, with a minor 0.3% month-over-month growth and only a 5.3% year-over-year growth. It’s still one of the least expensive cities in the San Francisco metro area, with a one-bedroom median of $1,660.

While prices in the Bay Area seem “discounted,” Apartment List senior economist Chris Salviati said they aren’t likely to stay that way for long. Still, the Bay Area is consistently trailing the national average, and Salviati attributes much of that to the region’s lack of affordability before the pandemic began.

“San Francisco is still the nation’s most expensive market,” he said. “It’s a little bit of a discount but this is far from enough of a reset to make San Francisco an affordable market by any stretch of the imagination.”

Article source: https://www.sfgate.com/realestate/article/Bay-Area-rental-prices-below-pandemic-17172167.php

SAN FRANCISCO (KGO) — Coming as a surprise to perhaps no one, housing prices in the Bay Area are becoming increasingly out of reach for more and more people.

A new report from online real estate company, Zillow, says some local homeowners are paying as much as 20% more on their mortgages just since January.

“That is not surprising to me at all,” said Todd David.

David is the executive director of the Housing Action Coalition.

VIDEO: Real estate experts predict buying a Bay Area home this spring will be harder than ever

He says the problem with our persistently high housing costs come from a multitude of factors.

“These are the ramifications of the policy choices that we have chosen,” said David.

David says California, and the Bay Area in particular, has built too little housing for about 50 years.

It’s gotten so bad in the Golden State that we alone now account for half of the entire housing shortage in the U.S.

RELATED: Bay Area to Los Banos? Many taking on longer commute for cheaper housing

Those eye-popping statistics can be seen on the ground too, says realtor John Yen Wong.

“I’ve been in situations where the successful offer is maybe 300,000 to 500,000 over asking,” Wong said.

Wong says the hot housing market means buyers are often times facing dozens of other people all interested in the same property.

He warns those trying to purchase a new place to have patience.

VIDEO: Housing market could soon go back to pre-pandemic norms, Zillow says

“It could take anywhere from three to six months of looking very actively for opportunities before you’re finally successful,” Wong said.

But for those hoping for some reprieve, David says don’t hold your breath.

In order to fix the problem, he believes several things needs to be done, with changing zoning laws, expediting approval processes and building more affordable housing at the top.

Without them, he says, we’ll be stuck with the problems for years to come.

“We are just going to keep seeing the cost of housing go up,” David said.

Article source: https://abc7news.com/bay-area-housing-market-zillow-report-mortage-rates-increase/11781851/

In the case of this 2005 property, dubbed Lake Ridge Estate, we see a modern translation of luxury living. There are 11,447 square feet of living space here.

The main home — or mansion, more accurately — offers a massive media room, 500-bottle wine cellar, and walk-in closets built to store 200 pairs of shoes and 200 handbags. 

The property features many outbuildings in addition to the mansion: the one-bedroom carriage house, itself built over a secondary nine-car garage has a full kitchen, while a one-bedroom “tennis house” includes a kitchenette.

The estate’s setting is equally luxurious, set on the Alamo ridgeline and surrounded by views of Mount Diablo. The grounds feature an outdoor kitchen and bar, pool and steam room, tennis court, as well as the primary 14-car garage.

Two gates protect the property, which adds to the “private resort” feel; yet in fact the town of Alamo is actually within walkable distance. “It is rare to see an estate of this quality check all the boxes for today’s lifestyle,” said Dana Green, Compass listing agent. “The ability to retreat to privacy, while remaining part of a true community, less than a mile away, is extraordinary.”

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: https://www.sfgate.com/realestate/article/10-acre-East-Bay-estate-for-sale-17091125.php

SAN FRANCISCO, Calif. — As record-low mortgage rates brought on by the pandemic begin to level out, some Bay Area homeowners are paying more than 20% since the start of the year.

According to Zillow’s March Market Report, a typical home in San Francisco is worth $1,461,773, up 20.1% year over year. Homeowners living in the city are reportedly paying about $5,700 a month on their mortgage, a 19.8% increase since the start of the year and 37.4% higher than a year ago.

Housing inventory in the city grew by 26.3% from February but remains 9.1% lower than a year ago. The typical monthly rent is roughly $3,118.

In San Jose, a typical home is worth $1,674,427, up 23.9% year over year. Homeowners are reportedly paying about $6,529 on their mortgage, a 22% increase since the start of the year, and 41.8% higher than a year ago.

Housing inventory in San Jose grew 33.6% from February but remains 16.9% lower than a year ago. The typical monthly rent is roughly $3,133.

Home prices increasing nationwide

Across the U.S., the cost of a 30-year mortgage is now 19.5% higher than it was just three months ago, according to Zillow. Despite this, the pace and volume of sales picked up in March, showing the depth of the pool of home buyers willing and able to meet current asking prices. 

The typical U.S. home is worth 20.6% more than it was a year ago, the 12th straight month in which a new record for annual home value growth has been set. Mortgage rates, which were below 3% a year ago, entered March at 3.51% and rose as high as 4.54% throughout the month.

Zillow’s report shows the combination of rising home values and mortgage rates has pushed the monthly payment on the typical U.S. home 38% higher than it would have been a year ago, assuming a 30-year mortgage with a 20% down payment.

“Higher mortgage rates were anticipated this year, but the speed of their rise has been breathtaking,” said Jeff Tucker, Zillow senior economist. “Record low mortgage rates had been an affordability lifeline during the pandemic, keeping monthly payments in check even while prices climbed quickly. March was the biggest test yet of whether enough buyers can meet the new asking prices to keep home values growing at a record pace, and the answer was ‘So far, yes.’

Article source: https://www.kron4.com/news/bay-area/bay-area-housing-prices-up-20-since-the-start-of-the-year-report/