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When it comes to sustained growth in the price of a typical single-family home, the Emerald City is closing in on San Francisco. While the city by the Bay set the record back in 2001 for the longest streak of price gains, some 20 months in a row, Seattle is three months away from bursting through that high-water mark.

Now the hottest market in the United States, Seattle’s residential real estate has had a rip-roaring year so far: the cost of a home jumped 12.9 percent in January over a year earlier. That makes the 17th spike in a row, the Seattle Times reported this week, quoting the monthly Case-Shiller home price index.

If Seattle can keep up that red-hot pace, it could surpass San Francisco’s 20-month record for the longest streak of any metro area in the country. It could go either way, of course, with Las Vegas (up 11.1 percent) and San Francisco (up 10.2 percent) nipping at its heels.

With the help of Seattle Times reporter Mike Rosenberg, here’s a look back at some of the notable notches in Seattle’s real-estate belt:

February 2018: A mansion in the billionaire-infused suburb of Medina sells for $26.75 million, the most expensive home in the history of Western Washington and, the Times reports, it could be a teardown; the buyer’s name, according to the Northwest Multiple Listing Service, was not disclosed, but tech titans Jeff Bezos and BIll Gates live nearby;

December 2017: The median cost of a single-family home on the county’s Eastside soared to $938,240 in December, beating the old record of $885,000, and in Seattle’s Capitol Hill neighborhood, the median price hit $1 million for the first time ever;

November 2017: The median single-family home rises twice as fast as the national average, hitting $725,000, in a market that has seen dramatic price growth evenly across all segments, from starter homes to luxury properties to trade-ups;

November 2017: To keep up with the rising prices, Rosenberg figured would-be buyers would need an $11,000 pay raise in the past year to afford the typical mortgage; buyers now need a household income of $93,400, up from $82,000 a year earlier, to afford monthly payments on the median house in the Seattle metro area;

September 2017: Home sales aren’t the only thing soaring in Seattle – this month, the rent for the average two-bedroom apartment in the city topped $2,000 a month for the first time;

July 2017: For the first time since records were kept, the median King County home price grew more than $100,000 in just a year; it was the hottest month of July since such monthly records began in 2000, with prices rising 18.6 percent from a year earlier;

June 2017: The median U.S. home value surpasses $200,000 for the first time this month and Seattle, along with Dallas and Las Vegas, is at the head of the pack with the Emerald City’s home values jumping 13 percent year-over-year to a median home value of  $447,100;

May 2017: Online real-estate broker Redfin releases new data showing about 90 percent of houses for sale in the city of Seattle over the past two months have ended up in bidding wars, the most since records were first logged at the start of this decade; the survey says Seattle’s bidding wars ranked higher than red-hot markets like San Francisco, Oakland, Los Angeles and Portland; the typical single-family house in the city last month sold for a record $722,000;

May 2017: A buyer beat out 40 other offers and paid $427,000 for a “crumbling, toxic West Seattle house too dangerous to enter,” says the Times; the single-story home on Belvidere Avenue was draped with a blue tarp, “hiding a roof that could collapse at any moment. The floors were giving way under rusty old appliances. It had five feet of standing water and air too toxic to breathe, creating its own gross ecosystem. Only licensed contractors who signed a legal waiver could enter;”

June 2016: With houses in Seattle selling for as much as $100,000 over the asking price, concerns grow over people at lower income levels getting squeezed; “We actually have come to a critical point,” Zillow economist Svenja Gudell tells KUOW. “We’re seeing the bottom third of people living in Seattle being shut out of the housing market completely.”

 

 

 

 

 

Article source: https://www.mercurynews.com/2018/03/28/watch-out-san-francisco-seattles-gaining-on-you/

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This 2 bed, 2 bath TIC is for sale in what may be SF’s oldest building.

This 2 bed, 2 bath TIC is for sale in what may be SF’s oldest building.

Photo: Edward Deleski/Mario Banuelos • Vanguard Propertie

This 2 bed, 2 bath TIC is for sale in what may be SF’s oldest building.

This 2 bed, 2 bath TIC is for sale in what may be SF’s oldest building.

Photo: Edward Deleski/Mario Banuelos • Vanguard Propertie

This 2 bed, 2 bath TIC is for sale in what may be SF’s oldest building.

This 2 bed, 2 bath TIC is for sale in what may be SF’s oldest building.

Photo: Edward Deleski/Mario Banuelos • Vanguard Propertie

This 2 bed, 2 bath TIC is for sale in what may be SF’s oldest building.

This 2 bed, 2 bath TIC is for sale in what may be SF’s oldest building.

Photo: Edward Deleski/Mario Banuelos • Vanguard Propertie

This 2 bed, 2 bath TIC is for sale in what may be SF’s oldest building.

This 2 bed, 2 bath TIC is for sale in what may be SF’s oldest building.

Photo: Edward Deleski/Mario Banuelos • Vanguard Propertie

This 2 bed, 2 bath TIC is for sale in what may be SF’s oldest building.

This 2 bed, 2 bath TIC is for sale in what may be SF’s oldest building.

Photo: Edward Deleski/Mario Banuelos • Vanguard Propertie

This 2 bed, 2 bath TIC is for sale in what may be SF’s oldest building.

This 2 bed, 2 bath TIC is for sale in what may be SF’s oldest building.

Photo: Edward Deleski/Mario Banuelos • Vanguard Propertie

This 2 bed, 2 bath TIC is for sale in what may be SF’s oldest building.

This 2 bed, 2 bath TIC is for sale in what may be SF’s oldest building.

Photo: Edward Deleski/Mario Banuelos • Vanguard Propertie

This 2 bed, 2 bath TIC is for sale in what may be SF’s oldest building.

This 2 bed, 2 bath TIC is for sale in what may be SF’s oldest building.

Photo: Edward Deleski/Mario Banuelos • Vanguard Propertie

This 2 bed, 2 bath TIC is for sale in what may be SF’s oldest building.

This 2 bed, 2 bath TIC is for sale in what may be SF’s oldest building.

Photo: Edward Deleski/Mario Banuelos • Vanguard Propertie

This 2 bed, 2 bath TIC is for sale in what may be SF’s oldest building.

This 2 bed, 2 bath TIC is for sale in what may be SF’s oldest building.

Photo: Edward Deleski/Mario Banuelos • Vanguard Propertie

This 2 bed, 2 bath TIC is for sale in what may be SF’s oldest building.

This 2 bed, 2 bath TIC is for sale in what may be SF’s oldest building.

Photo: Edward Deleski/Mario Banuelos • Vanguard Propertie

This 2 bed, 2 bath TIC is for sale in what may be SF’s oldest building.

This 2 bed, 2 bath TIC is for sale in what may be SF’s oldest building.

Photo: Edward Deleski/Mario Banuelos • Vanguard Propertie

This 2 bed, 2 bath TIC is for sale in what may be SF’s oldest building.

This 2 bed, 2 bath TIC is for sale in what may be SF’s oldest building.

Photo: Edward Deleski/Mario Banuelos • Vanguard Propertie

This tenancy-in-common (TIC) is part of what The SF Planning Department lists as possibly San Francisco’s oldest home (certainly, it is one of the oldest). When built, the entire structure likely cost $500. Today, the TIC alone will cost you $849,000.

The home:

Recently listed as a two bed, two bath TIC, 1268 Hampshire St. is part of a now four-unit building.

This home is 865 square feet, with hardwood floors and a garden view. The patio outside is exclusive to the owners of this particular unit.

The San Francisco 49ers are looking to rebuild and part of that plan includes hiring John Lynch as the general manager. Mark Ibanez reports.

Media: Brandpoint

There is an HOA fee of $300 a month.

Is it really in SF’s oldest home? 

Property information shows a building date of 1907, but some records put that date much earlier, in the 1850s.

Mission Local points out that

While the city’s historical survey lists the building at 1855, the Planning Department puts it at 1907. That’s not surprising, however. The city burned in 1906, eradicating nearly all old records and, to boot, the nascent city burned a number of times between 1849 and 1859, around when this structure was possibly being constructed.

A screenshot of the historical survey noting the 1855 date is included in the gallery above.

Some historians posit the home was built in 1849 or 1950.

History

In a series of articles on the property, Mission Local reported that 1268 Hampshire St. was originally built for John Treat, the brother of George Treat (the latter’s posterity preserved by Treat Avenue).

The Treats, originally from Maine, moved to San Francisco in the 1849.  George Treat made more of a mark on history than John did.

A noted businessman and silver investor, George Treat was also an outspoken abolitionist, according to the Virtual Museum of the City of San Francisco.

Mission Local found that in 1851,  George was part of the city’s “first Committee of Vigilance,” a vigilante group that carried out law enforcement outside the city government.

Both George and John liked horses and racing them, apparently, as they helped establish the city’s first race track, Pioneer Racing Course.

The price of progress

Mission Local also mentioned this detail: When the Treat brothers built originally built this home, “it might have run them $500, estimates San Francisco architectural researcher Gary Goss (that’s about $14,000 in today’s money [per this US Inflation Rate conversion tool]).”

Today, just a small slice of the original home– and not even outright condo ownership, but instead a tenancy in common– will cost you $849,000. Or, knowing SF bidding, a lot more.

See the listing here.

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/This-TIC-for-sale-may-be-a-part-of-San-12783213.php

The U.S. Census announced last week that the estimated population of San Francisco County grew by more than 8,000 people between July 2016 and July 2017, on top of smaller population surges in surrounding counties. Which is surprising, especially given the steady stream of news lately about people planning to leave the Bay Area.

• In the first week of March, real estate site Redfin reported that San Francisco has the highest “outflow”—net number of potential homebuyers browsing ads in other cities—of any U.S. metro area, a trend that has remained consistent ever since Redfin began issuing its quarterly migration reports in 2017.
• The same week, the Chicago-based PR firm Edelman reported that of 500 Bay Area residents polled in a phone survey, 49 percent said they are “considering moving away from California because of the high cost of living.”
• In February, San Francisco Chronicle reported that a University of Michigan professor surveyed the price of U-Hauls and concluded that soaring demand in San Jose and surrounding counties had agitated prices and created a shortage.
• And finally, much has been made of prototypical Silicon Valley venture capitalist Peter Thiel’s decision to leave the Bay Area, declaring the tech boom “over” and grousing about how much money he spends subsidizing real estate costs for companies he invests in.

And yet, the population continues to grow, albeit at a smaller rate than in other post-2010 years. What’s the deal?

Well, since the census figures are from July of 2017, it’s technically possible that a huge exodus has occurred in the past eight months and it’s not on the books yet.

Also consider what Curbed SF noted about all of these trends at the time: Redfin users shopping for homes in other cities aren’t necessarily actually moving; there’s no way to know if people who told Edelman that they are “considering” moving are actually going to do it, or when; the fact that Bay Area residents rent a lot of U-Hauls doesn’t tell us whether they’re moving out of the region or within it; and Peter Thiel seems to generally like to complain about anything.

Wikimedia

More than anything, these trends tell us about public sentiment in the Bay Area, which is an important consideration, but doesn’t necessarily translate to action.

On Monday, Paragon Real Estate Group economic Patrick Carlisle examined the census figures more closely and found that since 2015, San Francisco’s net domestic migration—the number of U.S. residents moving into SF versus those leaving—has indeed declined.

In 2016, domestic migration was down 1,334 people, almost exactly equivalent to the gain in the previous year. In 2017, the loss more than doubled to 2,689. So it appears a great many of those people saying they want to leave the city really did pick up and go.

But the population increased both years anyway, because the number of immigrants coming into San Francisco makes up the difference:

More people are NOT leaving San Francisco or the Bay Area than arriving. When you tally both domestic migration in and out (to and from other places in the U.S.), and foreign migration, more people are arriving than leaving.

It is true than in the past two years, domestic net migration has shifted to a net loss, but that deficit is still overcome by the large positive in foreign immigration. Is the shift in domestic migration worrisome? Yes, if it continues to grow. But it is not cataclysmic in its current proportions.

In fact, net foreign migration has been responsible for most of San Francisco’s recent growth: As Carlisle notes, it’s not insignificant that domestic migration is in decline, just like it’s not unimportant that so many people gripe about the cost of living in the Bay Area when asked. But it’s not the end of the world either.

• Bay Area Not In Decline [Paragon]
• SF Population Swells [Curbed SF]
• SF Didn’t Lose Most People Last Quarter [Curbed SF]
• Half Say They Want To Leave Bay Area [Curbed SF]
• U-Haul Shortage In Bay Area [Chronicle]
• Peter Thiel Gripes About “Slumlords” [Curbed SF]

Article source: https://sf.curbed.com/2018/3/27/17169094/census-population-immigration-san-francisco-paragon

SAN FRANCISCO, March 26, 2018 (GLOBE NEWSWIRE) — Last week, Randall Kostick, President and Chief Executive Officer, and Matthew Borland, Chief Operating Officer, presented the annual State of the Company address for Zephyr Real Estate. Together, they recapped a very successful 2017 with high expectations for an even greater 2018.

Highlights from the presentation included Zephyr’s position in the marketplace, maintaining its number one spot as the most successful real estate firm in San Francisco. Zephyr exceeded its nearest competitors, such as Coldwell Banker, Paragon and Pacific Union, in several categories including residential dollar volume, number of units sold and closed buy sides.

Gross sales volume over the past five years has increased nearly 30 percent, while transactions remain fairly constant over that time period. While the lion’s share of business is in San Francisco, Zephyr’s market share in Marin has grown by leaps and bounds since opening their Greenbrae office in 2015. Additionally, business centers were opened in Burlingame and Berkeley in 2017, two locations where Zephyr is advancing.

Being named Brokerage of the Year by the Luxury Marketing Council was one of the major achievements of 2017. “We considered a number of factors including industry reputation, market performance and growth, management style, business strategy, internal operations, agent hiring, onboarding, training and satisfaction, as well as innovative practices and community outreach,” commented Alf Nucifora, Chairman and founder of The Luxury Marketing Council of San Francisco. “On every criteria, Zephyr Real Estate excelled.”

Zephyr was also invited to join the prestigious Artisan Group, an affiliation of independent luxury brokerages in the Bay Area, Lake Tahoe and the California Coast. This prestigious, by invitation-only, membership grants access to impressive
networking and referral opportunities.

Zephyr launched several innovative programs to support the growing number of top producing agents, such as Listing Service Suite, RealSatisfied, Buyside Property Valuation Tool, Boost Facebook Advertising Platform, Jauntful Neighborhood Amenity Maps, Market Charts, plus partnering with several other top-flight software service providers.

These processes augment an already impressive host of tools in the Zephyr arsenal. The focus in 2018 will be on enhancing and expanding these powerful assets while simplifying, unifying and connecting technologies.

“We are in the most competitive brokerage environment in history,” commented Randall Kostick, President and CEO. “What provides Zephyr with the edge among the fierce competition is a team of agents and staff who believe that success is more than an individual achievement but an intense group effort as well.”

Zephyr also supported a huge list of important causes in 2017 including Art Span, Habitat for Humanity, AIDS/LifeCycle, San Francisco Symphony, Project OpenHand and many, many more…148 organizations in all.

“2017 was another great chapter for Zephyr,” according to Matthew Borland, Chief Operating Officer. “This year will be even better because this amazing group of people can accomplish just about anything together!”

About Zephyr Real Estate
Founded in 1978, Zephyr Real Estate is San Francisco’s No. 1 real estate firm with nearly $2.3 billion in gross sales and a current roster of more than 300 full-time agents. Zephyr’s highly-visited website has earned two web design awards, including the prestigious Interactive Media Award. Zephyr Real Estate is a member of the international relocation network, Leading Real Estate Companies of the World; the luxury real estate network, Who’s Who in Luxury Real Estate; global luxury affiliate, Mayfair International; the local luxury marketing association, the Luxury Marketing Council of San Francisco; and the regional luxury real estate affiliation, the Artisan Group. Zephyr has eight locations across San Francisco, Marin, Alameda and San Mateo Counties and two brokerage affiliates in Sonoma County, all strategically positioned to serve a large customer base throughout the San Francisco Bay Area. For more information, visit www.ZephyrRE.com.

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/401cbaad-1b35-4f69-b927-92a361ee70eb

Article source: https://globenewswire.com/news-release/2018/03/26/1452605/0/en/Zephyr-Real-Estate-s-State-of-the-Company-Address-Outlook-Is-Bright.html