Redfin offers glimmer of hope for Seattle home buyers as new listings finally hit double-digit growth in June

c5011 shutterstock 245182087 630x426 Redfin offers glimmer of hope for Seattle home buyers as new listings finally hit double digit growth in June
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In a blink-and-you-could-miss-it moment for Seattle real estate, now might be the right time to shop for a home, according to Redfin, as the company reports that new listings figures for June finally showed some promise.

For the first time since April 2015, new listings reached double-digit year-over-year growth in June at 10 percent, as 6,221 new homes came on market, Redfin reports. The Seattle-based real estate company issued its monthly Market Tracker on Tuesday.

“Buyers have been battling for months with double digit offers on many homes, and fatigue has set in for many people,” said Seattle Redfin agent Karlyn Goetz. “We’re starting to see situations where homes get one or two offers, instead of the 10-50 offers we saw during the spring rush. People are taking a vacation from their home search.”

c5011 RedfinSeattleNewListings 630x366 Redfin offers glimmer of hope for Seattle home buyers as new listings finally hit double digit growth in June
(Via Redfin)

Seattle is still one of the most competitive and fastest-selling markets in the country:

  • The region saw a 4.5-percent year-over-year increase in home sales last month.
  • Seattle was up 11.4 percent in median price growth to $462,500. (Portland rose 12.3 percent to $347,000; Tacoma was up 12 percent to $285,000).
  • Seattle and Portland tied for second-fastest market with eight median days to pending sale. (Denver led the way at six days, down from nine last year).
  • Overall, Seattle-area inventory is still down 19.5 percent year over year.

Nationally, Redfin’s report continues to paint a hot real estate picture, especially in Denver, the Pacific Northwest and San Francisco’s Bay Area.

Homes in Denver are selling in less than a week, as they’re being listed on Thursday with a deadline for offers on Monday.

“Many homes are technically under contract by Monday but that status is often not reflected in the MLS until Tuesday,”said Redfin agent Michelle Ackerman in Denver. “So homes are actually selling even faster than reported.”

In San Jose, Calif., 68.2 percent of homes sold above list price, followed by 68 percent in Oakland and 64.4 percent in San Francisco.

Article source: http://www.geekwire.com/2016/redfin-new-listings-seattle/

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South Los Angeles Organization Sues Bay Area Real Estate Company

Crenshaw Subway Coalition and Friends of the Neighborhood Integrity Initiative are jointly suing a Bay Area real estate developer (CP V Cumulus) and the Los Angeles City Council to stop the first approved skyscraper in the history of South Los Angeles.

The project, known as Cumulus, would impose nearly 1,200 luxury housing units in a fortress-like complex that includes a 30-story, 320-foot skyscraper at the foot of Baldwin Hills and adjacent to the Expo Line La Cienega station. The Cumulus project would add a staggering 1.9 million square feet of development at the frequently gridlocked intersection of La Cienega/Jefferson, which is a shortcut to LAX that is already jammed with east-west and north-south commuters much of the day.

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“The building is too damn high, and the Jefferson/La Cienega intersection is already a traffic nightmare,” said Clint Simmons, a nearby resident and member of Expo Communities United.

Crenshaw Subway Coalition and Friends of the Neighborhood Integrity Initiative are two independent groups fighting for rational city planning that respects neighborhood character and ends land-use abuses. The groups jointly filed their complaint for injunctive and declaratory relief in Los Angeles Superior Court on June 24. The lawsuit cites gross violations of the City Charter and California Environmental Quality Act by the City Council, which on May 25 unanimously approved the Cumulus project.

In approving a 30-story skyscraper in an area where no building exceeds even 4 stories, the Cumulus project is among the worst examples to date of the City Council’s pattern of defying all local protective zoning and height/density limits to help enrich wealthy developers — who shower the City Council with campaign funds and lobbying. In 2014 and 2015, Carmel Partners (CP V Cumulus) of San Francisco paid $59,356 to well-connected lobbyists to influence L.A. officials, and gave a total of $4,900 to a council member’s “officeholder account” and the campaign chests of City Council members who were key to backing the project.

National and international developers are swarming Los Angeles to cash in on the development craze currently gripping the Los Angeles Department of Planning and elected Los Angeles politicians, creating a glut of luxury housing with a huge 12% vacancy rate, according to the city’s own data.

The Cumulus project, which will introduce more than 1,000 new unaffordable high-rise apartments, is aimed at upscale employees in nearby Culver City, while acting as a slap in the face to the surrounding South Los Angeles neighborhoods of mostly Black and Latino residents. The City Council even approved the project without any local hire requirements.

Damien Goodmon, Executive Director of the Crenshaw Subway Coalition, said, “The Cumulus project is the poster child for wildly out-of-scale development that is clearly not for existing residents and feeds concerns like gentrification. We believe in development without displacement and responsible community planning. This is a gross violation of both of those principles. Furthermore, the Cumulus project sends a horrible message to developers that ‘Anything goes,’ which threatens the right of existing residents to the neighborhoods we have built and want to see improved for us.”

Beverly Grossman Palmer, the attorney representing Crenshaw Subway Coalition and Friends of the Neighborhood Integrity Initiative, said, “The entitlements granted to construct the Cumulus Project fly in the face of sound planning and violate City Charter rules about when the General Plan may be amended.”

Palmer notes that, “The city ignored the limitations included in the newly proposed West Adams Community Plan and permitted construction of a 320-foot tower that far exceeds the permissible height on all neighboring properties. This is a perfect example of ‘spot zoning’ to benefit a particular developer, exactly the practice that the City Charter prohibits.”

Outrageously, the City Council approved a special “General Plan Amendment” in its efforts to help the developer get around city land-use rules on the very same day that an environmental impact report was publicly released detailing the updated West Adams Community Plan. The new Community Plan, 8 years in the making, allows an increase of the building height limit on the site from 45 to 75 feet with a possible increase to 86 feet for mixed-use projects, far below Cumulus’ 320 feet.

City Hall’s decision to break zoning rules on behalf of a wealthy developer is a clear-cut message that Council members viewed residents’ years of input and engagement with city officials on the West Adams Community Plan as meaningless. Such actions have been proven to ignite a domino effect that drastically alters neighborhood character. The Council has frequently used approval of a single illegal tower to justify more high-rise towers in areas where they are expressly prohibited by the zoning code.

Darren Starks, President of the Baldwin Neighborhood Homeowners Association, said, “We are deeply concerned about the domino effect of the Cumulus skyscraper. One skyscraper is bad given the current traffic gridlock. But we see this as the start of more to come.”

Jill Stewart, campaign director for the Coalition to Preserve L.A., which is sponsoring the Neighborhood Integrity Initiative heading for the March 2017 ballot, said supporters of the ballot measure joined the Crenshaw Subway Coalition in suing City Hall because “city officials are steamrolling over a community of color that supports development, but not outrageous and illegal development that will ruin their area, jack up rental prices, price out existing residents, and jam up the streets in an area reaching from South L.A. to the Wilshire District to Palms. The Neighborhood Integrity Initiative will put an end to the soft corruption at City Hall, where rule-breaking mega-projects are granted ‘spot zoning’ favors after council members and the mayor take money from those very same developers.”

 

The Cumulus skyscraper complex is far more than a “project.” It would forever change local neighborhoods in and along the Baldwin Hills, and would tower over the Ballona Creek Bicycle Path and Ballona Creek. Yet the Cumulus proposal is practically unknown to the public, having been rushed through its approvals with little mention of it by the area’s representative, Los Angeles City Council President Herb Wesson.

Article source: https://lasentinel.net/south-los-angeles-organization-sues-bay-area-real-estate-company.html

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JODI Group Announces New Partnership Connecting San Francisco Bay Area Sellers with Overseas Investors

JODI Group, Inc. Real Estate, a San Francisco real estate firm recently announced a new partnership that will give agents and clients direct access to high-net worth Chinese investors interested in purchasing property in the Bay Area and in Silicon Valley.

The real estate firm has formed a strategic alliance with Macau-based brokerage, Anzac Group Co., Ltd. The alliance will deepen the existing relationship between the two firms, giving JODI Group agents and their clients in the San Francisco Bay Area and in Silicon Valley direct access to high net worth foreign buyers and real estate investors in Hong Kong, Macau and mainland China through syndicated listings, joint overseas marketing programs and a global referral network. This is to be the first phase of the real estate firm’s global marketing and sales strategy which will target the rapidly growing number of foreign real estate investors in the San Francisco Bay Area and in Silicon Valley.

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The company’s international marketing program includes international listing syndication where all listings will appear in top international property search portals beyond the Great Firewall, including Anzac Group and Juwai. JODI Group has already captured the attention of a growing audience through its official Chinese WeChat channel. The group also has affiliate offices, with international clients and investors having access to five Anzac Group offices in the Macau region.

There are several reasons why the Bay Area is so popular for Chinese real estate investors with many being drawn towards its appealing lifestyle combined with world-class education opportunities. There are established Chinese American populations in San Francisco, Oakland and San Jose. The Bay Area is home to 3 major universities that are ranked among the best in the world which are Stanford, UC Berkeley and UCFS. The area already has a long history of Chinese immigration and the San Francisco Bay Area is home to one of the largest Chinese populations outside of Asia. As a result there are numerous Chinese retail shops, services and schools catering for Chinese speakers.

JODI Group, Inc. Real Estate was founded in 2010 by Joe Kwan and Dickson Sum. The privately held corporation is based in San Francisco’s Sunset District and provides real estate services to the greater San Francisco Bay Area and Silicon Valley. The company focuses on high net worth, international clients seeking to expand their investment portfolios with single family homes, multiunit buildings and new construction luxury condos.

Photo Credit: Unsplash via pixabay

Article source: http://realtybiznews.com/jodi-group-announces-new-partnership-connecting-san-francisco-bay-area-sellers-with-overseas-investors/98734133/

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Bay Area home prices set 3rd straight monthly record

90d50 920x1240 Bay Area home prices set 3rd straight monthly record

For three months in a row, Bay Area home prices have set records, a new report shows. But thanks to low interest rates, mortgage payments for many buyers are still lower than they were in 2007 before the real estate bubble burst.

Article source: http://www.sfchronicle.com/business/article/Bay-Area-home-prices-set-third-straight-monthly-8399417.php

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Zephyr Real Estate Debuts "The Collection", Online Luxury Magazine

SAN FRANCISCO, CA–(Marketwired – July 18, 2016) – Zephyr Real Estate has just released the first edition of its all-new online luxury magazine, The Collection. The semi-annual publication is a sumptuous showcase for Zephyr’s most elegant properties. The featured residences include glamorous interior, exterior and landscape images as well as some of the more dramatic panoramic views across the Bay Area.

Paging through the breathtaking photography provides impressive visual images of the Bay Area’s architectural diversity. Zephyr’s strategic marketing and broad network of luxury and international affiliations are excellent benefits in the sale or purchase of luxury properties, and Zephyr’s 300+ agents stand ready to guide the process.

“Our first edition of The Collection is the result of a growing interest from our agents to have an elegant showcase of our luxury sales success,” commented Melody Foster, V.P. of Marketing at Zephyr. “We’ve captured some of the most stunning properties in the Bay Area and made them readily accessible and shareable.”

Zephyr has dramatically increased its share of the luxury home market over the last five years, and that segment now comprises 40 percent of the company’s business. Zephyr’s multiple and illustrious luxury market affiliations include Leading Real Estate Companies of the World, Luxury Marketing Council, Mayfair International, Proxio International and Who’s Who in Luxury Real Estate. Zephyr is also deeply committed to providing the latest tools and education for agents to stay on top of their game in this highly competitive component of the real estate business.

The first volume of The Collection is now available.

About Zephyr Real Estate

Founded in 1978, Zephyr Real Estate is San Francisco’s largest independent 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; and local luxury marketing association, the Luxury Marketing Council of San Francisco. Zephyr has six offices in San Francisco, a brand new office in Greenbrae, 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.

Image Available: http://www.marketwire.com/library/MwGo/2016/7/13/11G106412/Images/Collection-4a5e72b4279f88d49522623b4a996330.jpg

Article source: http://finance.yahoo.com/news/zephyr-real-estate-debuts-collection-160000202.html

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