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Here’s something you already knew: buying a house in the Bay Area is financially difficult!

Out here it’s so expensive, in fact, that as real estate research company PropertyShark.com found, the region claims 38 of the 100 zip codes with the most expensive home prices in the United States. 

The study compiled 2016′s home listing prices nationwide — including condos, co-ops, single- and two-family home sales — and worked out the median (or, midpoint in a set of sale prices for every U.S. zip code), and found that the geographic area with the most expensive zip codes for houses belonged to the Bay Area. 

However, the Bay Area was not home to the most expensive zip code on the list; that honor went to a zip code in Sagaponack, New York (11962), which is part of the Hamptons in Long Island. In 2016, houses there went for a median of $5.5 million.

The most expensive Bay Area zip code on the list, which came in at #2, belonged to that of Atherton, a South Bay suburb, which in 2016 had a median home sale price of $5.425 million.

The Bay Area is one of the most expensive regions to build. Tom Vacar explains why.

Media: KTVU

But though it didn’t come in first (better luck next year?), Atherton was far from alone on PropertyShark’s most expensive roundup. Four of the top 10 zip codes were also part of the Bay Area, including Palo Alto (94301, with a median price of $2,935,000), Los Altos (94022, with a median price of $2,831,250), and Portola Valley (94028, with a median price of $2,815,000). 

San Francisco, frequently regarded as the priciest place to buy a home in the Bay Area, actually had seven zip codes on the list of the 100 most expensive. The SF zip that proved to have the highest cost comprises — no shocker here — the Marina district, which had a median cost of $2,210,000 and landed at #24.

See all the rankings here at PropertyShark.

Article source: http://www.sfgate.com/realestate/article/Over-a-third-of-the-100-most-expensive-zip-codes-10820663.php

The Bay Area’s expensive housing market shows little sign of letting up.

Higher home prices and increased sales in November compared with a year ago may continue to put the cost of a home further out of reach for many in the region. And upward pressure on mortgage rates isn’t helping.

Overall, the number of existing homes sold in the Bay Area’s nine counties last month soared 21.3 percent higher than sales in November 2015, according to real estate information service CoreLogic. That made it the strongest November in four years.

The year-over-year boost in November home sales followed the slowest October in three years.

Meanwhile, in a region obsessed with home prices, existing single-family houses that sold in November fetched a nearly 8 percent higher median price than a year earlier. While November’s $727,000 median was below the Bay Area record of $752,000 set in June, the numbers Wednesday from CoreLogic show buyers are getting little relief.

Tight housing supply continued to prop up home prices on a year-over-year basis — a trend that has persisted for years. November marked the 56th straight month that the region’s median sale price increased from a year earlier.

However, while the market showed solid gains in sales of existing, or resale, homes, November’s numbers benefited from a comparison to lower than typical sales a year ago. In November 2015, new federal loan rules pushed the closing of many deals into December.

According to CoreLogic data, 5,266 resale houses were sold across the nine Bay Area counties last month. That was 1 percent less than the November average for the region going back almost 30 years.

Andrew LePage, research analyst with CoreLogic, said that November’s gains were bolstered, to a degree, by the new federal guidelines regarding disclosures to borrowers during the loan process.

“Looking at the big picture, it was a solid month for home sales in the Bay Area,” LePage said.

The figures included sales in the counties of San Francisco, Alameda, Santa Clara, Contra Costa, San Mateo, Solano, Marin, Napa and Sonoma.

“One of the things when looking at this information is it’s coming from a number of micro-economic areas,” said Chris Iverson, an agent and sales associate with Dreyfus Sotheby’s International Realty, in Palo Alto.

San Francisco County had the highest median sale price in the region at $1.251 million, and San Mateo County was in second place at $1.227 million.

Among the other seven counties included in the data, the median resale home price was $965,000 in Marin, $933,750 in Santa Clara, $743,500 in Alameda, $589,500 in Napa, $539,500 in Sonoma, $515,000 in Contra Costa and $351,000 in Solano.

Only Marin County saw a year-over-year drop in its median price. In Alameda County, the median price was up 9.8 percent from November 2015 while San Mateo County saw a 9 percent increase. Contra Costa saw a 4 percent increase while Santa Clara’s median was up 5.7 percent.

LePage said that while there have been concerns that the region’s real estate market might be affected by Donald Trump’s election on Nov. 8, the election wasn’t likely as much a factor as some may think.

“There weren’t that many deals that could hatch and close within a few weeks and be impacted by the election,” he said.

Instead, LePage said the region’s home sales reflect long-standing trends and the change in interest rates since Trump’s presidential victory. Since the election, the average 30-year fixed-rated mortgage has risen to 4.3 percent from 3.57 percent, according to survey data by Freddie Mac. Mortgage brokers have said they expect that may motivate some potential buyers to act sooner, but eventually it could push others out of the market.

“When rates go up like that, it can be demoralizing,” said Iverson, of Dreyfus Sotheby’s. “When that happens, it can knock out a piece of someone’s purchasing ability. It’s like getting a pay cut, and we may see some impact down the road.”

Still, while some sellers have been concerned over a possible cooling of the region’s housing market, CoreLogic numbers show home prices rose from October to November.

Of all homes sold in the Bay Area in November — existing homes, new homes and condominiums — the median price was $695,000, a gain of 0.7 percent from the previous month.

 

Article source: http://www.mercurynews.com/2016/12/28/bay-area-home-sales-have-best-november-in-four-years/

Fall is usually considered a slow period for residential real estate, but Bay Area home sales in November rose more than 19 percent from the same month a year ago — giving November its best performance on record in four years.

The November year-on-year sales boost got some help, however, from artificially weak sales recorded in November 2015, after federal lending rules had kicked in during the prior month, according to real estate information firm CoreLogic. That resulted in delays that caused some deals to close in December 2015 rather than November 2015, it said.

Last month’s Bay Area home sales fell slightly when compared with sales in October, CoreLogic said.

Still, while some sellers have been concerned recently over a possible cooling down of the region’s housing market, home prices are still rising.

The median price of a Bay Area home continued to rise in November, with the average sale fetching $695,000, a gain of 0.7 percent from October 2016.

The November average home price rose 6.9 percent from the $650,000 average sale price recorded in November 2015, in line with the average annual gain over the past two years, CoreLogic said.

On a year-over-year basis, November marked the 56th-straight month that the median sale price of a Bay Area home increased.

CoreLogic said that among the counties that traditionally make up the Bay Area — San Francisco, Alameda, Santa Clara, Contra Costa, San Mateo, Solano, Marin, Napa and Sonoma — there were 7,461 sales of new homes, resale homes and condominiums during November.

That number slipped from the 7,551 homes sold in October, but it was also the best November on record since 2012, when 7,474 homes were sold.

Article source: http://www.mercurynews.com/2016/12/28/bay-area-home-sales-have-best-november-in-four-years/

2140 Jefferson St., San Francisco (Photo courtesy of Venture Sotheby’s Int’l Realty)

A lot happens in a year, and as the New Year gets closer many individuals start to reflect on everything they’ve accomplished. If you’ve ever sold a home, you know that this endeavor can take a lot more time and effort than it seemed like it would in the beginning, and when escrow finally closes it seems like you’ve cleared an obstacle course of inspections, paperwork, and fees.

The upside is that real estate transactions aren’t easy for anyone, even celebrities and billionaires. In fact, considering the amounts of money many of them may have first spent on their homes, and the fees they’ll need to pay to sell them, it may be more difficult for the well known

Here’s a look at 4 of the homes sold in the Bay Area by well-known celebrities and entrepreneurs alike, each with their own sets of difficulties:

Robin Williams (Actor/Comedian) – Villa Sorriso, Napa – $18, 100,000

Villa Sorriso (Image courtesy of Coldwell Banker Previews International)

 

Robin Williams had Villa Sorriso (Villa of Smiles) built in the early 2000s, but after a divorce began to put a strain on his finances, he put it on the market in 2012 at $35 million.

Living room. (Image courtesy of Coldwell Banker Previews International)

 

The main residence alone is over 20,000 square feet on 653 acres. When he was unable to find a buyer, he took it off the market and then relisted it months later for $29.9 million.

Infinity pool overlooking the Mayacamas Mountains. (Image courtesy of Coldwell Banker Previews International)

 

After his untimely passing in 2014, the estate passed to his three children. Still without a buyer, they initially lowered the price to $25.9 million, and a few months later to $22.9 million. I’m surprised that it hadn’t sold after the initial price drop, knowing what an iconic figure Williams was in both comedy and acting.

Vineyards. (Image courtesy of Coldwell Banker Previews International)

 

Villa Sorriso included 18.4 acres of vineyards producing Cabernet Sauvignon, Merlot and Cabernet Franc wines with existing contracts with Robert Craig Winery and Rombauer Vineyards. It’s no surprise then that the home finally sold to French winemakers Alfred Tesseron and his niece Melanie Tesseron for a 2016 price of $18.1 million.

Colin Kaepernick (SF 49er) – 4903 Eastbourne Ct, San Jose – $2,895,000

Driveway/Exterior of home.

 

Colin Kaepernick had some interesting times in 2016. He went from team darling to a somewhat more controversial figure this past season. Love him or hate him, this home is now pending sale, though the MLS won’t show the figure. That was a quick sale; though $2.8M is about the standard price for homes in the Silvercreek area of San Jose.

Tiled entry with fish tank. (Photo courtesy of Intero Real Estate Services)

 

Though he’d only lived in this sprawling estate for two years, records show that he invested over $300,000 in renovations. The in-wall fish tank is my favorite.

Second living room. (Photo courtesy of Intero Real Estate Services)

 

Since he recently purchased a condo in New York for a million more than he paid for this home – at a fraction of the size – will he miss this slate-gray man-cave entertainment room?

Pool with fountain. (Photo courtesy of Intero Real Estate Services)

 

My feeling is that he’ll miss this pool more than the room, especially during a hot New York summer. Kaepernick is scheduled to make $14.9 million in salary and bonuses next season, though with his New York purchase CSN is betting he’ll opt-out to become a free agent.

Peter Thiel (PayPal founder) – 2140 Jefferson St, San Francisco – $8,000,000

2140 Jefferson St. (Photo courtesy of Venture Sotheby’s Int’l Realty)

 

Another home that’s having a heck of a time attracting buyers is Peter Thiel’s house in San Francisco. This surprises me only because of the stunning views it has of the Palace of Fine Arts as well as the Golden Gate Bridge. In addition, for a 4+ story house in the Marina district, this is a steal.

Rooftop lounge. (Photo courtesy of Venture Sotheby’s Int’l Realty)

 

Thiel originally listed this house back in May for $9,025,000. Less than a year later it’s already been reduced by a million. I can’t imagine many homes in the city would provide such a bucolic view of an iconic landmark like the Palace of Fine Arts.

Dining room. (Photo courtesy of Venture Sotheby’s Int’l Realty)

 

Built in the 1940s, this house still has the original architectural elements from that time such as the arched walkways and crown molding.

Bedroom. (Photo courtesy of Venture Sotheby’s Int’l Realty)

 

The home has 5 bedrooms and 6 bathrooms, and is well maintained throughout, though I don’t get the feeling that it’s been truly lived in for quite a while. I imagine that Mr. Thiel would have to travel often, and with co-founders of the company like Elon Musk and Ken Howery, this is more than likely not his only house.

Kyle Vogt (Tech entrepreneur) – 2250 Vallejo Street, San Francisco – $21,800,000 

Exterior of home. (Photo courtesy of OpenHouse Realty, Inc.)

 

I know, it’s hard to feel bad for people who are having ‘problems’ selling a house when the numbers hit the multi-millions. To round it out, here’s a house that’s recently been purchased in San Francisco to the tune of $21.8 million – which makes it the most expensive home sold in the area to date. Kyle Voght may not be a household name, but he’s made a fortune selling two different start-ups. How very Silicon Valley.

Living room. (Photo courtesy of OpenHouse Realty, Inc.)

 

Speaking of the Silicon Valley and the movers and shakers living there, Mr. Voght may have chosen this particular home for the neighborhood; his new neighbors will include Larry Ellison, the Gettys, and David Sacks.

Upstairs living room. (Photo courtesy of OpenHouse Realty, Inc.)

 

This living room is upstairs and provides a stunning panoramic view of the city outside. This house has 7 bedrooms and 7 bathrooms, so he’ll have no issues making room for overnight guests.

Wet bar. (Photo courtesy of OpenHouse Realty, Inc.)

 

Speaking of overnight guests, Voght bought this home from the founders of Blue Bottle coffee; so I’m sure he’s well-stocked with both regular and decaf after dropping that amount of money on real estate.

Article source: http://realestate.blogs.pressdemocrat.com/16758/4-celebrities-and-real-estate-deals-in-2016/

Some 31 social services, childcare and arts nonprofits in San Francisco received over $1 million in grants this month, according to city officials.

On Dec. 16, the Office of Economic and Workforce Development, the Mayor’s Office of Housing and Community Development and the San Francisco Arts Commission announced the grants as part of the San Francisco Nonprofit Sustainability Initiative.

Over the last two years, 76 community organizations have received $4.5 million in financial awards and real estate services through the initiative to secure long-term leases and affordable spaces, city officials said.

San Francisco Mayor Ed Lee said in a statement:

“San Francisco’s nonprofit organizations are essential partners that advance shared prosperity, provide vital safety net services and cultivate the creativity and advocacy of all residents in our communities. … Together, we are taking on intractable challenges and strengthening a community built on San Francisco values.”

The 24 nonprofits receiving grants to provide childcare, health services, legal aid and education are:

• A Better Way
• Bay Area Legal Aid
• California Institute of Integral Studies
• California Childcare Resource and Referral Network
• EARN Inc.
• Homebridge
• Homeless Youth Alliance
• Instituto Familiar de la Raza (IFR)
• Mission Childcare Consortium
• Mission Graduates
• New Door Ventures
• OneJustice
• Pangea Legal Services
• Portola and Excelsior Family Connections
• Positive Resource Center
• Project Inform; Schools, Mentoring and Resource Team (SMART)
• San Francisco Community Land Trust
• San Francisco Conservation Corps
• Success Center San Francisco
• Tax Aid
• Tenants Together
• Western Addition Community Technology Center
• Working Solutions

The seven arts organizations receiving grants are:

• the Cartoon Art Museum
• the Gay, Lesbian, Bisexual, Transgender Historical Society
• Golden Thread Productions
• ITVS
• SafeHouse for the Performing Arts
• the Center for Sex and Culture
• theSan Francisco Gay Men’s Chorus (SFGMC)

With help from The City, SFGMC, IFR and the Cultural Conservancy secured five-year leases, city officials said.

The Homeless Youth Alliance also secured a five-year lease with a five-year renewal option. The alliance also opened a new administrative space on Haight Street, city officials said.

Homeless Youth Alliance executive director Mary Howe said in a statement:

“Homeless Youth Alliance closed the doors of its drop-in center on Christmas Day 2013 and has inquired about over 160 leases since then. … While this is a huge milestone for us, finding a safe space that our young people can access and call their own is still our major goal.”

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