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Prometheus, the only apartment management company to receive this recognition, was ranked 5th among small- to medium-sized businesses

San Mateo, California (PRWEB) April 28, 2017

Prometheus Real Estate Group, the largest private owner of multifamily properties in the San Francisco Bay Area, today announced it has been named one of Fortune’s Best Workplaces in the Bay Area. Among small- to medium-sized businesses, Prometheus was ranked fifth. Additionally, Prometheus was the top rated construction and real estate company in the Bay Area, and the only apartment management company to be recognized by Fortune.

“The credit for this award goes to our Prometheans (employees),” said Jackie Safier, President of Prometheus Real Estate Group. “This award is a testament to their efforts. They have truly shaped our culture and workplace.”

Fortune and consulting firm Great Place to Work partnered to develop the 2017 Best Workplaces in the Bay Area list. More than 227,000 employees at organizations with locations in the San Francisco Bay Area completed an anonymous survey, answering questions about management transparency, professional development opportunities, meaningful work, promotion equity and the generosity of benefit programs.

This year, Prometheus was also named one of the Best Places to Work by the San Francisco Business Times/Silicon Valley Business Journal, and the Best Large Business Employer by Best and Brightest Companies to Work For® in the Nation. Prometheus has more than 400 employees in the Bay Area, and approximately 500 employees in total.

To learn more about working at Prometheus, please visit iamhomeatwork.com.

About Prometheus Real Estate Group

Prometheus Real Estate Group, Inc. is the largest private owner of multifamily properties in the San Francisco Bay Area, with a growing portfolio of more than 15,000 metropolitan-area apartments in the Bay Area, Seattle and Portland. Since its inception in 1965, Prometheus has specialized in the acquisition, development and management of high-quality residential and commercial properties throughout the western United States. Prometheus has a long history of award-winning approaches to development, management and general excellence. Its philosophy is centered on making the apartment experience more fun and interesting while providing a true sense of home. For more information, visit prometheusreg.com.

About the Fortune Best Workplaces in the Bay Area list

The Best Workplaces in the Bay Area rankings are based on feedback from more than 227,000 employees at Great Place to Work®–Certified™ organizations with locations in the San Francisco Bay Area. Employees completed an anonymous Trust Index© survey, answering questions about how frequently they experience the behaviors that create a great workplace, including, for example, management transparency, professional development opportunities, meaningful work, promotion equity, and the generosity of benefit programs. Results from the survey are highly reliable, having a 95% confidence level and a margin of error of 5% or less.

Being awarded a place on this list indicates the company has distinguished itself from peers by creating a Great Place to Work For All™. Rankings reward organizations where not only the majority of their employees experience a great place to work, but these experiences are highly consistent, regardless of who people are or what they do in the organization. Scores take into account the complexity and size of the employee population. Companies are rewarded based on how much of their business is located in the Bay Area.

For the original version on PRWeb visit: http://www.prweb.com/releases/2017/04/prweb14282381.htm

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Article source: https://www.benzinga.com/pressreleases/17/04/p9369005/prometheus-real-estate-group-recognized-as-a-top-bay-area-employer-by-f

The Bay Area’s housing supply may be low, but fierce competition among spring-season buyers continued to drive up home prices, which reached record highs in March in Santa Clara and Alameda counties.

The typical single-family home cost $1,050,000 in Santa Clara County, up 11.5 percent from a year earlier. In Alameda County, the median price tag jumped 13.5 percent to $772,000.

Taken as a whole, the nine-county region witnessed an 11.2 percent price surge, with the median reaching $745,000 — less than 1 percent under its all-time high of $752,000, set in June 2016.

“Obviously there’s not much good news here for potential first-time homebuyers,” said Andrew LePage, research analyst for the CoreLogic real estate information service, which released the numbers. In a seller’s market like this one, he predicted, “affordability will be a major hurdle for many home shoppers” in the months ahead.

March sales showed a turnaround from the previous month, which had been the most sluggish February for the region in nine years. By contrast, this was the most robust March in four years, with 5,096 homes selling in the nine counties, a 7.3 percent increase from a year earlier.

Sales were up 13.1 percent year over year in San Mateo County, 12.3 percent in Santa Clara County, 8.7 percent in Alameda County and 2.5 percent in Contra Costa County.

With so few homes available — the California Association of Realtors reported a 12 percent drop in active listings from March 2016 — buyers are anxious to snap up whatever they find these days. And when a listing falls into the “sweet spot” for a certain market, say, between $800,000 and $1 million in Pleasanton, sellers “don’t even have to break a sweat,” said Keller Williams agent Kevin Kieffer. “It’s gone, it’s done, almost before you get it listed.”

He gave an example.

Earlier this month, one of Kieffer’s clients — Ron Peat, the retiring dean of students at an Emeryville-based vocational school — decided to sell his 1,500-square-foot townhouse in Pleasant Hill. He didn’t know what to expect, as an identical townhouse — more snazzily updated than his own — had just gone on the market up the block.

“I was fraught with anxiety,” Peat said.

He needn’t have worried. The other property drew multiple bids above the listing price — and one of the unsuccessful bidders decided to buy Peat’s townhome “before we even put it on the market,” he explained, sounding a tad incredulous. “Before we published pictures or anything, we had an offer. Absolutely fabulous.”

The $540,000 sale — $11,000 over the listing price — is pending, and Peat expects to move next month to the Kitsap Peninsula in Washington, about an hour from Seattle, where he has purchased a brand-new house for $240,000.

CoreLogic’s LePage theorized that “job growth and the stock market run-up this year are among the factors that have stoked sales.” He also wondered if February’s heavy rains might have caused some potential homebuyers to delay their searches, resulting in more deals that closed in March.

“It’s also possible that some people moved up their 2017 purchase plans because they feared mortgage rates would keep rising,” LePage said.

Whatever the reason, numerous agents reported that the Bay Area bidding wars of old are back this spring.

The low housing supply is the most commonly cited culprit.

“We’re still extremely low and extremely competitive,” said Jennifer Branchini, past president of the Bay East Association of Realtors, who had expected inventory to increase in March. “But it really hasn’t happened. So you’ll see six offers on properties, overbidding by $100,000 — the buyers are out in full force. At open houses, I see 60 to 80, and sometimes 100 people, coming through.”

Alain Pinel agent Mark Wong, based in Saratoga, noted that at least 30 properties in Cupertino and Sunnyvale had sold for a minimum of $200,000 above the listing price between late March and late April. In San Mateo, a house that listed for $3,995,000 was gone “in four days with 12 offers for $5 million, which is more than $1 million over the asking price,” he said. “Is that crazy? But that’s the market right there.”

Given the scant inventory — “there’s nothing out there” — the pressure on prices is likely to continue, Wong predicted. “It’s just the golden rule of supply and demand.”

Ariel Yeung, his client, learned that lesson.

A data analyst in Sacramento, she has been planning a move to Santa Clara, where her mother and older sister live. Earlier this year, the family went looking for a home with her — but Yeung was outbid three times, even when she offered $150,000 above the asking price.

“That made us pretty nervous,” she recalled.

Then last month, she got wind of a 1,181-square-foot home in Santa Clara that listed for $888,000. Inured to the brutal competition, she decided to make an offer of $1,138,000, which was $250,000 above the listing price.

There were about 20 other bids, and hers won: “It’s just how the market is, and we really wanted to get it, so we’re OK with it,” she said. “We can’t do anything about it.”

The deal closed on March 31.

“We are fortunate,” Yeung said.

Article source: http://www.mercurynews.com/2017/04/27/sjm-housing-0428/

http://www.sfgate.com/realestate/article/Bay-Area-housing-expensive-costs-migration-leaving-11098941.php

By Michelle Robertson, SFGATE

Updated 8:41 am, Wednesday, April 26, 2017

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California dreaming? Hardly.

Mattresses on sidewalks, moving vans in driveways and hasty garage sales hint at a trend Bay Area residents have long suspected – exodus.

Real estate brokerage site Redfin released its annual “migration report” on Monday and found that those residing in San Francisco Metro are the most likely to leave. The catalyst for moving – high housing costs – should surprise no one.

“Movement of Bay Area residents to more affordable metro areas dominated the nation’s migration patterns in the first quarter,” the report states.

Analyzing a sample of 1 million Redfin users, the site found that 19.4 percent of potential homebuyers in San Francisco searched outside of the region for houses.

San Francisco also recorded the highest “net outflow” – the number of potential homebuyers looking to move to San Francisco Metro subtracted from the number of those who want to leave. The region’s outflow was double that of New York.

Story continues below.

A look at the very expensive Bay Area housing market.

Media: KTVU

• 
  In parts of the Bay Area, $105,350 is ‘low income’
  
• 
  Millennials are flocking to SF, but they may not stick around
  

Sacramento was the most common in-state destination, while those heading out-of-state were most likely to settle in Seattle. 

The median home value in San Francisco is $843,200, according to real estate site Zillow, while the average home cost in Sacramento is $293,600. In the past year, Sacramento’s housing costs have risen by 11.3 percent.

“Even a Bay Area family with two solid incomes can struggle to afford a modest home,” Redfin’s chief economist Nela Richardson told the Marin Independent Journal. ”For many, the only path to homeownership is to pack up and move out.” 

Jumping ship – a very, very expensive ship – for a cheaper locale is hardly unique to California. Across the nation, Redfin found that 19.8 percent of house hunters in 75 metro areas searched for houses outside their current cities.

Read Michelle Robertson’s latest stories and send her news tips at mrobertson@sfchronicle.com. 

Article source: http://www.sfgate.com/realestate/article/Bay-Area-housing-expensive-costs-migration-leaving-11098941.php

http://www.sfgate.com/realestate/article/Bay-Area-housing-expensive-costs-migration-leaving-11098941.php

By Michelle Robertson, SFGATE

Updated 7:42 pm, Tuesday, April 25, 2017

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Caption

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California dreaming? Hardly.

Mattresses on sidewalks, moving vans in driveways and hasty garage sales hint at a trend Bay Area residents have long suspected – exodus.

Real estate brokerage site Redfin released its annual “migration report” on Monday and found that those residing in San Francisco Metro are the most likely to leave. The catalyst for moving – high housing costs – should surprise no one.

Analyzing a sample of 1 million Redfin users, the site found that 19.4 percent of potential homebuyers in San Francisco searched outside of the region for houses.

San Francisco also recorded the highest “net outflow” – the number of potential homebuyers looking to move to San Francisco Metro subtracted from the number of those who want to leave. The region’s outflow was double that of New York.

Story continues below.

A look at the very expensive Bay Area housing market.

Media: KTVU

• 
  In parts of the Bay Area, $105,350 is ‘low income’
  
• 
  Millennials are flocking to SF, but they may not stick around
  

Sacramento was the most common in-state destination, while those heading out-of-state were most likely to settle in Seattle. 

The median home value in San Francisco is $843,200, according to real estate site Zillow, while the average home cost in Sacramento is $293,600. In the past year, Sacramento’s housing costs have risen by 11.3 percent.

“Even a Bay Area family with two solid incomes can struggle to afford a modest home,” Redfin’s chief economist Nela Richardson told the Marin Independent Journal. ”For many, the only path to homeownership is to pack up and move out.” 

Jumping ship – a very, very expensive ship – for a cheaper locale is hardly unique to California. Across the nation, Redfin found that 19.8 percent of house hunters in 75 metro areas searched for houses outside their current cities.

Read Michelle Robertson’s latest stories and send her news tips at mrobertson@sfchronicle.com. 

Article source: http://www.sfgate.com/realestate/article/Bay-Area-housing-expensive-costs-migration-leaving-11098941.php

An inaugural quarterly report from Seattle-based online real estate company Redfin takes a look at the migration patterns of people across the United States based on their searches for homes on Redfin’s website.

The report is based on a sample of nearly 1 million Redfin users searching for homes in 75 metro areas during the first three months of 2017. Redfin found that one in five users (19.8 percent) were searching for homes outside their home metro area.

A couple of key takeaways have ties back to technology, or at least some of the regions impacted by jobs, growth and affordability related to the tech sector.

The San Francisco Bay Area had the largest net outflow — defined by Redfin as “the number of local users searching for a home in a different metro minus the number of users from another metro searching for a home in the subject metro.”

As home prices in the Bay Area — and other expensive metros — have skyrocketed over the years, those looking to buy find themselves looking elsewhere. And while Seattle may no longer seem cheap to those who live here, it’s still attractive to Silicon Valley workers, as it’s the leading destination (13.9 percent) on searches of those looking to flee the Bay Area. Portland is second at 5.9 percent.

Meanwhile, for the four out of five Redfin users looking to stay within their home metro area, Seattle was near the top of the list of cities where people are looking to stay put. A healthy nine out of 10 (91 percent) of homebuyers in Seattle searched for houses close to home, putting the city just behind Boston (91.6 percent) and Chicago (92.5 percent). At No. 8 on the list, Portland Redfin searchers aren’t looking to flee the Rose City, either (89.4 percent).

The 9 percent of users who have had enough of the rain and whatever else bothers them about Seattle are mostly looking to head south on the West Coast. Portland (13.8 percent), Los Angeles (11.3 percent), Phoenix (7.9 percent), the Bay Area (4.6 percent) and San Diego (3.5 percent) lead the list of destinations searched.

Redfin’s study also found that sunny and southern locations are a big draw, at least when it comes to searches. Sacramento, Calif., was the most popular destination for people looking to migrate away from their home area — driven in large part by Bay-Area residents looking to stay in California but escape $1 million average home prices. Florida and Texas are also popular states which boast relative affordability, strong local economies and job markets.

“Austin (Texas) is the gold standard of healthy migration, driven by its booming jobs market and a vibrant housing market,” Redfin chief economist Nela Richardson said in the release. “In order for cities to attract and keep a talented workforce, win corporate investment and generate tax revenues, they have to prioritize the basics for their residents — ensuring an adequate supply of homes that are affordable to live in.”

Check out this cool interactive map to select a metro area and examine the data for where people are looking to migrate.

Article source: http://www.geekwire.com/2017/redfin-report-tracks-cities-people-want-flee-bay-area-want-stay-seattle/