Long road to recovery after devastating California wildfire

1e413 facebook Long road to recovery after devastating California wildfire1e413 twitter Long road to recovery after devastating California wildfire1e413 google plus Long road to recovery after devastating California wildfiree17ce mail Long road to recovery after devastating California wildfiree17ce facebook Long road to recovery after devastating California wildfiree17ce twitter Long road to recovery after devastating California wildfiree17ce google plus Long road to recovery after devastating California wildfiree17ce mail Long road to recovery after devastating California wildfire

MIDDLETOWN — A real estate agent waits to rebuild her home on the same lot she fled in September, mourning the animals she couldn’t save and the family heirlooms she left behind as one of the most devastating wildfires to hit California wiped out her rural subdivision.

Another evacuee survived the deadly wildfire with just a singed house, but now faces eviction. And a self-described hermit who is grieving the breeding parrots he lost, beats back despair as he surveys the blackened land around his ranch.

“I moved here because it was the most beautiful place I had ever encountered in my life. I said this is it,” said Lawrence Ross. “And now it’s one of the ugliest places I’ve ever seen in my life.”

Five months after the Valley Fire killed four and wiped out 1,300 homes in Lake County, many residents face personal and logistical hurdles that put full recovery years away, if ever, for some.

The Sept. 12 fire torched nearly 120 square miles and caused at least $700 million in insured damages, making it the fifth costliest wildfire in state and U.S. history in terms of insured losses.

The county of 64,000 people is renowned for its remote beauty, privacy and an outdoor recreation industry centered on Clear Lake, the largest freshwater lake entirely within California. Today, skeletal pines and charred tree stumps litter a portion of it.

There’s also the threat of flooding and mudslides as forecasters warn of El Nino storms that could quickly saturate fire-scarred land unable to absorb heavy rain.

In woodsy Anderson Springs, a former resort with a bubbling creek where only about 20 of 200 homes survived, green metal address markers are staked where houses once stood.

“A lot of the people are on the fence about rebuilding and a lot of it has to do with the sheer devastation of it all,” said Jessyca Lytle, after a particularly contentious recovery task force meeting last month. “There’s an immense amount of fatigue right now.”

Lake County officials are trying to get their arms around a recovery complicated by terrain ranging from tidy lots in downtown Middletown to off-the-grid homes along rutted roads that themselves need repair.

They’re not even sure how many people lack permanent housing, given that some of the destroyed buildings were second homes, but peg the number at 3,000 displaced.

The Federal Emergency Management Agency has registered more than 2,600 households in Lake County requesting help and approved more than $6.7 million for housing assistance and other needs.

FEMA has also reimbursed the state more than $43 million to help clear debris from private property.

Lake County Supervisor Jim Comstock knows people who are unsure about whether to stay. He recounted the story of a couple who initially decided not to return, but then changed their mind.

“We’re really excited,” he said. “They’re good people and we want them here.”

The county is among the poorest in the state, with pockets of wealth. Its residents are retirees, commuters, families that have lived there for generations and newcomers grateful for the peace they say they found before the fire.

Back in September, Sabrina Jose was thrilled to find her rental home of nearly seven years largely intact, even as neighboring houses perished. She was determined to stay in the town where her oldest daughter is a high school senior and where her youngest, who has Down syndrome, is a beloved fifth-grade cheerleader in the youth football league.

Then Jose received a notice from her landlord to move and months later, she’s stressed over finding a place to live in a county strapped for affordable rentals.

“I feel like we survived the fire, but we can’t survive the landlord,” she said.

Despite frustration and sorrow, signs of hope can be found.

It’s in the bright green grass growing on acres of once-scorched land and the yellow hay scattered on burned lots to prevent erosion. It’s in math teacher Bill Davis’s joyful voice as he reports on life since he waited anxiously in a school gymnasium in September to see the ruins of his former house.

Davis scraped together enough money to buy a mobile home near Lower Lake High School, where he teaches. His sister even found his lost cat, Tootsie, weeks after the fire started.

“My students were the motivation,” Davis said.

Also at that school gym last September was Nell Boyer, a San Francisco Bay Area transplant and avid animal lover who had learned that morning that there was little left of her house.

Boyer eventually decided to rebuild on the same spot, even though it hurts to think about the white magnolia tree that used to grace one side of the house and the family recipes she lost.

“This is where I feel I belong,” Boyer said. “I just feel whole here.”

Article source: http://www.sfexaminer.com/long-road-to-recovery-after-devastating-california-wildfire/

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Virtually Every Home In South Bay Real Estate Market Occupied

SAN JOSE (CBS SF) – A new report finds the real estate market in the South Bay has the lowest residential vacancy rate in the United States, with 99.8 percent of homes being occupied.

RealtyTrac found at the beginning of February, only 858 out of 443,387 homes in the San Jose metropolitan statistical area were unoccupied, a vacancy rate of 0.2 percent. The company found 78 percent of the vacant homes had equity, a sign of the area’s booming real estate market.

• READ MORE Report Finds Bay Area Housing Market Overheating

Vacancy is also very low in the San Francisco area, with only 0.3 percent of homes in the market being unoccupied.

“This is a very good time to be a seller of real estate throughout the Bay Area. And it’s not a bad time to be a landlord because you can take care of your vacancies very quickly,” Rick Smith of the Santa Clara County Association of Realtors told KPIX 5.

Other major cities with low vacancy rates include Los Angeles, Boston and Denver.

Nationally, the group found 1.6 percent of the nation’s residential properties were vacant in their latest analysis, down 9.3 percent from late last year.

Flint, Michigan has the highest home vacancy rate in the country. As the city deals with an ongoing crisis involving lead in the water supply, 11,605 out of 154,137 homes are vacant, a rate of 7.5 percent.

To come up with their numbers, RealtyTrac analyzed the owner-occupancy status, equity and foreclosure status of nearly 85 million homes, matching it against vacancy data from the U.S. Postal Service.

Tim Fang is a digital producer for CBS San Francisco. A native of the Bay Area, follow him on Twitter @fangtj.

Article source: http://sanfrancisco.cbslocal.com/2016/02/12/san-jose-san-francisco-home-vacancy-realtytrac/

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Cooling ahead for high-end San Fran real estate

Hatvany confirms the same trends. In the second quarter of last year, her firm said, 18 homes sold in San Francisco for $6 million or higher. That number dropped to nine in the fourth quarter.

One question: Will the more cautious tone now defining the ultra-high-end of the market spread to other price points?

Christopher Palmer — an associate professor at the Haas School of Business at the University of California, Berkeley, who specializes in the housing markets — said the biggest threat to price appreciation is a downturn in tech because so much of the Bay Area economy is reliant on the sector.

“Tech stocks have taken a beating in the past few months, and every time there is a stock market correction, people start to wonder if the spigot of capital that has fueled so much Bay Area growth is about to be turned off,” Palmer said.

Analysts at Fitch raise another concern, arguing that home prices in San Francisco have “risen to a level unsupportable by area income.” Fitch reports that home prices set a record last year and are now more than 60 percent above the post-crisis low of 2012.

Article source: http://www.cnbc.com/2016/02/12/cooling-ahead-for-high-end-san-francisco-real-estate.html

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San Francisco real estate ‘overvalued’ according to new report

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  • ca62c 171bright 1 San Francisco real estate overvalued according to new report


171 Bright: in just 16 days on the market, sold for 62.21 percent over asking. Photo: RMLS

Image 1 of 17 – Most overbid homes for January, 2016

171 Bright: in just 16 days on the market, sold for 62.21 percent over asking. Photo: RMLS

171 Bright: in just 16 days on the market, sold for 62.21 percent over…asking. Photo: RMLS

Street view of 171 Bright shows a rather depressing exterior and fire damage.

Image 2 of 17 – Most overbid homes for January, 2016

Street view of 171 Bright shows a rather depressing exterior and fire damage.

Street view of 171 Bright shows a rather depressing exterior and fire…damage.

1139 Green Street is a multi-family. Listed at $1,299,800 and sold for $1,710,00. Photo: RMLS

Image 3 of 17 – Most overbid homes for January, 2016

1139 Green Street is a multi-family. Listed at $1,299,800 and sold for $1,710,00. Photo: RMLS

1139 Green Street is a multi-family. Listed at $1,299,800 and sold for…$1,710,00. Photo: RMLS

Green sold for 31.56% over asking. Photo: RMLS

Image 4 of 17 – Most overbid homes for January, 2016

Green sold for 31.56% over asking. Photo: RMLS

Green sold for 31.56% over asking. Photo: RMLS

Inside Green. Photo: RMLS

Image 5 of 17 – Most overbid homes for January, 2016

Inside Green. Photo: RMLS

Inside Green. Photo: RMLS

Green kitchen. The property was only 12 days on the market. Photo: RMLS

Image 6 of 17 – Most overbid homes for January, 2016

Green kitchen. The property was only 12 days on the market. Photo: RMLS

Green kitchen. The property was only 12 days on the market. Photo:…RMLS

1161 York sold for 30 percent over asking. Photo: RMLS

Image 7 of 17 – Most overbid homes for January, 2016

1161 York sold for 30 percent over asking. Photo: RMLS

1161 York sold for 30 percent over asking. Photo: RMLS

York is also a multi-family property. Photo: RMLS

Image 8 of 17 – Most overbid homes for January, 2016

York is also a multi-family property. Photo: RMLS

York is also a multi-family property. Photo: RMLS

York: listed at $1.2 million, sold for $1.56 million.

Image 9 of 17 – Most overbid homes for January, 2016

York: listed at $1.2 million, sold for $1.56 million.

York: listed at $1.2 million, sold for $1.56 million.

1819 26th Ave: this Sunset home sold for 29.03 percent over asking. Photo: RMLS

Image 10 of 17 – Most overbid homes for January, 2016

1819 26th Ave: this Sunset home sold for 29.03 percent over asking. Photo: RMLS

1819 26th Ave: this Sunset home sold for 29.03 percent over asking….Photo: RMLS

Classic mid-Sunset home, 42 days on the market. Photo: RMLS

Image 11 of 17 – Most overbid homes for January, 2016

Classic mid-Sunset home, 42 days on the market. Photo: RMLS

Classic mid-Sunset home, 42 days on the market. Photo: RMLS

Retro kitchen, Home listed at $775K and sold for $1M. Photo: RMLS

Image 12 of 17 – Most overbid homes for January, 2016

Retro kitchen, Home listed at $775K and sold for $1M. Photo: RMLS

Retro kitchen, Home listed at $775K and sold for $1M. Photo: RMLS

Very typical Sunset -style bath, untouched, apparently, through the years. Photo: RMLS

Image 13 of 17 – Most overbid homes for January, 2016

Very typical Sunset -style bath, untouched, apparently, through the years. Photo: RMLS

Very typical Sunset -style bath, untouched, apparently, through the…years. Photo: RMLS

39 Bradford Street sold for 25.25 percent over asking. Photo: RMLS

Image 14 of 17 – Most overbid homes for January, 2016

39 Bradford Street sold for 25.25 percent over asking. Photo: RMLS

39 Bradford Street sold for 25.25 percent over asking. Photo: RMLS

Bradford is a two bed, one bath. Photo: RMLS

Image 15 of 17 – Most overbid homes for January, 2016

Bradford is a two bed, one bath. Photo: RMLS

Bradford is a two bed, one bath. Photo: RMLS

Bradford listed at $998,000 and sold for $1.25M. Photo: RMLS

Image 16 of 17 – Most overbid homes for January, 2016

Bradford listed at $998,000 and sold for $1.25M. Photo: RMLS

Bradford listed at $998,000 and sold for $1.25M. Photo: RMLS

Bradford was on the market 29 days. Photo: RMLS

Image 17 of 17 – Most overbid homes for January, 2016

Bradford was on the market 29 days. Photo: RMLS

Bradford was on the market 29 days. Photo: RMLS

As San Francisco home prices continue to rise, a new report is calling the local market “overvalued” by about 16 percent.

Prices continue to go up in many markets throughout the country, but home prices in the Bay Area have “risen to a level unsupportable by area income,” according to Fitch Ratings.

That’s news that should come as no surprise to anyone who has recently tried to buy a home here, where vastly over-asking sales prices are the norm and even badly damaged homes like the one leading off the gallery above sell for nearly 200K above asking.

But, San Francisco is not alone. Home price increases in some Florida and Texas markets are also rising faster than incomes. Nationally, the housing oversupply we saw just about five years ago is gone. “For-sale inventory has declined and the percentage of new homes sold prior to completion has normalized while new home construction spending continues to show strength,” according to the Fitch Ratings report.

The credit rating agency also found that San Francisco home prices “hit an all-time high in third-quarter 2015 and are now 62 percent above their post-recession low in early 2012.” With San Francisco home prices up over 10 percent in the past year alone, Fitch Managing Director Grant Bailey had no doubt that homes here were overvalued and pointed to a fairly recent run-up to describe the current market.

“The last time the Bay Area experienced this kind of home price growth was during the dot-com era from 1997-2000,’ said Bailey.

And we all know what happened to the market in 2001.

Emily Landes is a writer and editor who is obsessed with all things real estate.

Article source: http://blog.sfgate.com/ontheblock/2016/02/11/san-francisco-real-estate-overvalued-according-to-new-report/

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Record Bay Area Home Prices Are Reaching Bubble Stage

The report says that home prices are overvalued by 16 percent relative to economic fundamentals like income growth. Income has grown 18 percent since the last recession while home prices have soared 62 percent above their post-recession bottom. Prices are also 10 percent above their previous 2005 peak, before the last crash. Prices are growing faster than they did during the 2003-2006 housing boom. In fact, the report notes that the last time prices grew this quickly was during the dot-com boom from 1997-2000. Area home prices fell 10 percent in real terms when that bubble burst.

· Gasp: SF’s Housing Market is Not That Overvalued After All [Curbed SF]
· U.S.: RMBS Sustainable Home Price Report [Fitch Ratings]
· San Francisco Home Prices Climb to Unsustainable Levels, Fitch Ratings Says [SF Business Times]

Article source: http://sf.curbed.com/archives/2016/02/09/record_bay_area_home_prices_are_reaching_bubble_stage.php

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