homesmillbrae.com

According to Redfin, 641 properties were sold in the city between March 15 and April 15. The most expensive, 2973-2975 Jackson St., sold on April Fools’ Day for a cool $8.3 million.

The six-bed, 7,400-square-foot duplex in Pacific Heights, two blocks from the prestigious “Gold Coast” stretch of Broadway, was sold by agent Arline Klatte of Compass. 

“In the heart of Pacific Heights, behind an understated facade, a spacious modern masterpiece is ready to blow your mind,” the blurb reads. “Part New York loft, part traditional, this huge space … offers creative people plenty of flexible options for glamorous entertaining as well as cozy, intimate gatherings.”

It also includes “site-specific art pieces” to woo dinner guests, who can park in the building’s five-car garage. “This place is special,” concludes the description.

The $8.3 million sale price could be seen as a great deal, with the Redfin estimate clocking in at $13.4 million. The home was listed at $7,495,000 and previously sold for a hair under $7 million in 2006. 

At the bottom of the San Francisco real estate ladder, which often feels like it’s missing the first few rungs, we find a very small studio downtown. Apartment seven at 520 Natoma St. sold for $280,000 last week. The 330-foot tenancy in common unit is on the third floor of a pretty blue Edwardian property built in 1911. 

The description says that the building was remodeled in 2018, and the “sunny south facing studio” offers bamboo floors and bay windows, though no parking is available. While it’s the cheapest sale in recent weeks in the city, its small size means that the price per square foot is still $848. The studio previously sold for $425,000 four years ago.

A dig in the archives shows that when first offered in 1912, the building was sold as “the finest apartments South of Market.” In 1959, the apartment was available for rent for $25 a month, but only men need apply.

DUBLIN (KPIX 5) – As interest rates creep up, many thought it would mean some potential home buyers would back off. So far, that doesn’t seem to be the case in the Bay Area’s red-hot market.

March was another record month for California and Bay Area real estate. The median single-family home price in California, in March, was $849,080, according to the California Association of Realtors.

READ MORE: SF DA Releases Interactive Map Of Businesses Targeted In Alleged Fraudulent ADA Lawsuits

Here were the median sale prices for single-family homes in the nine Bay Area counties:
• Alameda: $1,430,000
• Contra Costa: $965,900
• Marin: $1,737,500
• Napa: $998,000
• San Francisco: $2,060,000
• San Mateo: $2,280,000
• Santa Clara: $1,950,000
• Sonoma: $833,750
• Solano: $604,000

“The headlines are screaming historically high sales prices. The finer print is, people still want to buy homes,” said David Stark, with the Bay East Association of Realtors. “If you look at how long a home was on the market, it’s at historically low levels, which tells us that buyers are not only willing to pay those prices, but they’re willing to pay those prices quickly.”

Mortgage interest rates are rising. However, that phenomenon doesn’t seem to have had an effect on the market yet, according to John Levine, the VP Chief Economist of the California Association of Realtors.

“Even as rates have really, surged over the course of the last eight weeks or so, we haven’t seen that affect buyer demand for several reasons,” Levine told KPIX 5. “But the bottom line is, we still have ultimately too many buyers and not enough homes to put them in, that’s keeping the market relatively strong.”

In March, for the first time in about two years, the inventory of available homes did not shrink, according to the latest figures.

READ MORE: Wanted San Francisco Fugitive Captured In Atlanta Gang Raid

“It is significant that we actually have more for the first time in a very long time. We still have a long way to go to get back toward something that looks normal,” Levine said. “But, I think for those buyers in particular who really do want to move forward with those transactions and get in while the gettin’ was good as it were with rates, that’s good news in the sense that they might have a few more options moving forward.”

Bay East President and Realtor Sheila Cunha tells KPIX 5 while the market is still “crazy,” it’s not quite as crazy as it was a few months ago.

“We’re not seeing quite as many offers right now as we did four or five months ago,” she said.

Cunha believes the rising interest rates will ultimately lead to some potential homebuyers backing off, but doesn’t think that’ll happen until the summertime.

“I think it’s coming. I think as the Fed continue to raise the interest rates you’ll see buyers not being able to afford what they once could,” she said.

As for the inventory, she thinks that will slowly start to increase as well.

MORE NEWS: Giants Pitcher Anthony DeSclafani On 10-Day Injured List; Outfielder Steven Duggar On 60-Day IL

“Spring is usually our busiest season,” she said. “I think we’ll start seeing more homes coming on the market.”

Article source: https://sanfrancisco.cbslocal.com/2022/04/20/bay-area-housing-market-yet-to-cool-off-despite-rising-interest-rates/

The company said Wednesday that expansion would benefit employees, who were required to return to the office part-time last week.

“Google’s offices and data centers provide vital anchors to our local communities and help us contribute to their economies. As we embrace more flexibility in how we work, we believe it’s more important than ever to invest in our campuses and that doing so will make for better products, a greater quality of life for our employees, and stronger communities,” said Google CEO Sundar Pichai in a statement.

The company won approval last year for its massive Downtown West project near Diridon Station in San Jose, which calls for 4,000 new homes, more than 7 million square feet of offices and 15 acres of parks and outdoor space. It says it will submit plans this year for site preparation and infrastructure improvements.

Google agreed to a $200 million community benefits agreement that includes job training, homelessness assistance and small-business support.

“The unprecedented private-public partnership and investment of $200 million to San Jose, is one of the largest in the state and we are thankful to Google for their ongoing commitment to our community and California,” said Mayor Sam Liccardo, a strong supporter of the project, in a statement.

But some residents fear the project will exacerbate already out-of-reach housing prices and do little to benefit the community, leading to protests during the approvals process.

Google also plans to open a Mountain View campus called Bay View, while continuing work on two projects called Charleston East and Landings. The company also has projects in Sunnyvale and Los Angeles’ former Westside Pavilion mall, expected to open next year.

The plans don’t include San Francisco, where the company has previously leased numerous offices near the Embarcadero.

Other projects include offices in Atlanta; New York; Boulder, Colo.; and Austin, Texas.

Fellow tech giants Facebook and Apple also signed major Silicon Valley leases last year and have major expansion efforts spanning the country.

“[O]ne impact of the pandemic appears to be far more metropolitan areas where the real estate market looks increasingly like San Francisco’s,” according to an article by Kellie Hwang for the San Francisco Chronicle [paywall].

Hwang is sharing a recent analysis by the Chronicle that used Zillow data to catalogue the U.S. metropolitan areas experiencing “significant increases in home values and decreasing housing inventory over the pandemic.”

“In our data analysis, we narrowed down the list to areas where home values rose 40% or more from Jan. 2020 to Jan. 2022, inventory from the same time period fell by 40% or more, and inventory is now at two homes or fewer per 1,000 people,” explains Hwang.

“Two years into the pandemic, the U.S. housing market is virtually unrecognizable from before, with nearly half the number of homes for sale, prices a third higher and rising.” -Zillow spokesperson Tyrone Law

“What we found was a mix of both large and smaller metro areas whose housing markets have become less affordable and scarcer over the past two years.”

The list might surprise: Missoula, Montana; Port Angeles, Washington; Provo, Utah; Oak Harbor, Washington; Salt Lake City, Utah; Raleigh, North Carolina; Merced, California; San Diego, California; Bellingham, Washington; and Helena Montana.

Article source: https://www.planetizen.com/news/2022/03/116638-10-real-estate-markets-could-soon-resemble-san-francisco

PLEASANTON (CBS SF) – In another sign of the Bay Area’s scorching hot real estate market, realtors said the median sales price for a single family home in the East Bay has soared to $1.2 million as inventory has dropped compared to a year ago.

According to the Bay East Association of Realtors, a single family home in the region covering Alameda and Contra Costa counties was on the market an average of 16 days last month. Meanwhile, the number of homes for sale in the month of February was at 955, compared to 1,128 in February of last year.

READ MORE: Man Shot Dead In San Francisco’s Fillmore District

“As with January, 2022, potential buyers acted quickly due to limited options. While the number of homes listed for sale increased compared with January, there were fewer homes on the market compared with February, 2021,” the realtors said in a statement Tuesday.

The median sale price so far this year in the East Bay is $1,212,500, up from $1,147,500 last year and up a whopping 30% from the 2020 median of $930,750.

READ MORE: Up In Smoke; Thousands Expected To Gather At Hippie Hill For 4/20 Celebration

According to the realtors, many East Bay communities experienced double-digit year-over-year price jumps. The biggest year-over-year jumps included Union City, where the median sale price in February was $1.66 million, up 58% from a year ago ($1.05 million).

The median sale price in Lafayette also jumped 58% in 12 months, from $1.785 million in February 2021 to $2.825 million last month. Clayton also experienced a year-over-year price jump over 50% ($825,000 to $1.26 million).

MORE NEWS: Man Dies After Being Hit By Car Earlier, Bringing San Jose’s Fatal Crash Toll To 25

Alamo was the community with highest median sale price last month, at $3 million. Meanwhile, the lowest median sale prices in the East Bay in February were in the eastern Contra Costa County communities of Pittsburg ($685,000), Oakley ($700,000) and Antioch ($710,000).

Article source: https://sanfrancisco.cbslocal.com/2022/03/22/east-bay-median-home-price-soars-feb-22/