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We’ve been hearing the same story, month after month: The tight housing supply is driving competition among buyers, which keeps pushing home prices up.

It’s a national story. The number of U.S. homes for sale sank 13 percent in March compared to one year earlier, marking the 18th straight month of annual inventory declines, according to a report from Redfin. At the same time, said the report, 2017 “remains on track to be the fastest housing market on record.” Nearly a fifth (19.1 percent) of U.S. homes sold in March went under contract within two weeks, and 21.7 percent of homes sold for more than their asking price.

And it’s a Bay Area story. After Denver and Seattle (where newly listed homes spent just eight days on market), Oakland and San Jose were the fastest-moving markets in the nation with 13 and 14 median days on market, respectively. What’s more, Redfin ranked the nation’s most competitive markets like this: No. 1, San Jose, where 69.6 percent of homes sold for more than their listing price; No. 2, San Francisco (66.7 percent); No. 3, Oakland (65.9 percent). No. 4 was Seattle (56.6 percent) and Tacoma, WA (44.4 percent).

In parallel with the 13 percent dip in national inventory, U.S. home prices rose 7.5 percent year-over-year to a median sale price of $273,000.

This was the picture in the Bay Area: In San Jose, where the number of homes for sale fell a whopping 25.9 percent year-over-year, the median sale price rose 11.3 percent to $957,000. In San Francisco, where inventory fell 14.2 percent, the median price increased 8.2 percent to $1,185,000. And in Oakland, where supply fell 12.7 percent, the median price rose 11.6 percent to $650,000.

You can read the Redfin report (which covers single family homes, condos, townhomes and 2-to-4 unit buildings) right here.

This chart shows you how fast-moving the markets are in the Oakland, San Francisco and San Jose (here described as “Santa Clara County”) metros:

Top: Photo of home for sale in Pleasanton, CA. (Courtesy of Redfin)

Tags: affordable housing, Bay Area real estate, days on market, median sale price, Oakland, Real Estate, Redfin, san francisco, San Jose

Article source: http://www.siliconbeat.com/2017/04/13/tight-home-supply-keeps-driving-real-estate-prices-bay-area-nation/

Article source: https://globenewswire.com/news-release/2017/04/12/959783/0/en/We-welcome-Courtney-as-she-joins-the-Park-North-Real-Estate-Family.html

NFL veteran Vinny Testaverde has listed his mansion in Odessa, FL, for $4.9 million. The seven-bedroom, 11-bathroom mansion has been decked out from top to bottom.

After buying the property in 2004, Testaverde wasted little time upgrading the 3.67-acre lot with features too numerous to list, according to the listing agent. 

And the mansion comes with an interesting history.

The signal caller bought the home for just under $800,000 and immediately made news when the city threatened to fine the family if they didn’t replant some 20 trees that were cut down without the proper permit.

A decade later, the home was back in the news—this time as part of a lawsuit the quarterback’s family filed against Gray Homes of Tampa Bay claiming breach of contract and building code violations.

The suit points the finger at the home’s builder for water damage that led to mildew, bugs, and rotting wood, according to the Tampa Bay Times.

Four years later, there are no signs of prior problems. The mansion has wood flooring throughout and comes with vaulted and tray ceilings in each room.

The first floor of the three-story home was designed with entertainment in mind. There you’ll find a full bar, wine room, and plenty of space to host parties. Also on the ground floor are the gym, ice tub, and sauna.

The kitchen features a butler’s pantry, another walk-in pantry, and state-of-the-art appliances. The oversize laundry room with moveable island and gift wrapping station is nearby.

There’s a separate in-law suite with a private entrance, bathroom, and wet bar. Outside there’s a full-size kitchen, basketball and tennis courts, a large deck, pool, and putting green.

And if you can’t get enough golf outside, just head to the virtual golf room located on the third floor.

Testaverde rose to national prominence as quarterback for the University of Miami, where he won the Heisman Trophy in 1986.

The QB stayed in Florida with the Tampa Bay Buccaneers for his first five seasons in the NFL. He bounced around the league and played for the Cleveland Browns, Baltimore Ravens, New York Jets, Dallas Cowboys, New England Patriots, and Carolina Panthers over a career that spanned 21 seasons. He retired after the 2007 season with two Pro Bowls, 275 touchdowns, and over 46,000 passing yards to his name.

Article source: http://www.realtor.com/news/celebrity-real-estate/vinny-testaverde-selling-florida-mansion/

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When single-family homes regularly list for several million, a three-unit Victorian in San Francisco’s Noe Valley listed at $2,900,000 gets our attention. And so does the building. Built in 1900, 656-658a Elizabeth still looks like the ornate grand dame she once was. The property, which offers three units– two of which are accessed from the street, and the third accessed from the rear– has not been on the market since the 1970s (1971, to be exact, when it sold for $24,000!).

Tour each unit in the gallery above and enjoy incredible details, everything from vibrant wall coverings to original molding to stained glass. Largely preserved, the building is only missing photos of its resident apparition. And with rents in Noe Valley among the city’s highest, we have to wonder — is this property too good to be true? Maybe it is haunted after all?

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: http://blog.sfgate.com/ontheblock/2017/04/11/ornate-preserved-victorian-triplex-circa-1900-hits-the-market-at-2-9m/

A Hillsborough, California woman accused of killing the father of her two children was released from jail Thursday after posting an unprecedented $35 million bail raised by friends, family and business associates with ties to China.

Tiffany Li, wearing a baseball cap pulled low over eyes and a hood wrapped tightly around her head, declined to answer questions shouted by reporters as a bodyguard ushered her out of jail and into an SUV.

Li, 31, is backed by a group that raised $4 million in cash and pledged the remainder in San Francisco Bay Area property worth $62 million. California courts require twice the bail amount if property is used instead of cash. She is required to turn over her passports, wear an electronic monitor and remain under house arrest.

Li and her mother were born in China, where the mother was financially successful in the construction industry, said Li’s attorney, Geoff Carr. Li and her mother are naturalized U.S. citizens, Carr said.

Hillsborough Murder Suspect Posts Unprecedented $35 Million Bail

A Hillsborough woman accused of killing the father of her two children is being processed for release from jail Thursday after posting an unprecedented $35 million bail raised by friends, family and business associates with ties to China. Rick Boone reports.

(Published Thursday, April 6, 2017)

Carr said all defendants except those accused of death penalty-eligible crimes are entitled to “reasonable bail.” The $35 million bail his client faced is the highest ever in San Mateo County’s history, a county official said.

Li has pleaded not guilty to charges she directed her boyfriend and another man to kill Keith Green, 27, and dispose of his body last year. Prosecutors say she feared losing custody of her young children to Green.

A friend of Green’s said Thursday that she was disappointed and shocked that Li was able to pay for her freedom pending her murder trial in September.

“Nothing about this seems right,” said Angela Dunn, adding that Green stayed at her house for six months after he and Li split up. “It’s very difficult for all of us, especially Keith’s mom.”

Hillsborough Murder Suspect Set to Post Massive $35 Million Bail

A Peninsula woman accused of murdering her ex-boyfriend is expected on Thursday to post $35 million in bail — the eighth highest amount ever paid in United States history. Kris Sanchez reports.

(Published Thursday, April 6, 2017)

San Mateo District Attorney Steve Wagstaffe said he’s concerned Li is a flight risk and is disappointed the judge didn’t set the bail even higher. His office asked for it to be $100 million.

“If convicted, she faces the rest of her life in prison,” Wagstaffe said. “That’s plenty enough incentive to flee back to her native China.”

Green’s body was found May 11 in Sonoma County, about 80 miles north of where he was supposed to meet Li.

Li was arrested several days later in the multimillion-dollar home she shared with her children in Hillsborough, a suburb of mansions and large houses 20 miles south of San Francisco.

Hillsborough Woman Accused of Murder Set to Post $35M Bail

A Hillsborough woman accused of murdering her ex-boyfriend is expected to post $35 million in bail Thursday. Peggy Bunker reports.

(Published Wednesday, April 5, 2017)

The two men also were arrested in May and were jailed without bail. Their lawyers didn’t ask for bail because they don’t have the resources to post a multimillion-dollar bond like Li did, her attorney said.

Carr says the people who posted Li’s bail believe she is innocent and will not flee. If she does go on the lam, the court can confiscate the property and cash.

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