Sound Off: How would a dip in the tech sector affect Bay Area real estate?


A: Diversity remains one of the Bay Area’s greatest assets, and that extends to employment opportunities. An economic downturn, even in the technology sector, would be tempered by the variety of available jobs elsewhere in the Bay Area.

Econ 101 tells us when a viable industry slows down, the process eliminates weaker businesses and allows stronger companies to thrive and consolidate.

These more vibrant firms can then absorb much of the labor force laid off from those that do not survive. Because of the vast diversity of Bay Area commerce, we are fortunate to be somewhat insulated from the effects of challenges faced by a specific industry or trade.

Technology continues to dominate our global society. Research and development to stay ahead of the curve demands constant rebranding, remarketing and strategy revisions.

Our economic future shines bright in the Bay Area. The good news for San Francisco, Silicon Valley and surrounding communities is if an economic slowdown targets a specific industry, we would likely feel it last and be the first to recover. With the diversity of our lifestyles, desirable weather, cultural and social enhancements and a dedicated workforce, the Bay Area continues to be a beacon for strong employment opportunities.

Jill Gumina,

Pacific Union Real Estate, (415) 265-1717, jillgumina@pacunion.com

A: The strong real estate market we have seen for the past four years in the Bay Area is a result of the incredibly strong demand for housing and a lack of homes for sale.

Job growth in the biotech, high-tech, social media and medical sectors of our local economy drives demand. The continuation of low interest rates and our region’s quality public schools factor in as well. So if job creation in the technology sector cooled, that would have a negative effect on the demand for housing in the Bay Area, including the Peninsula.

History shows us more affordable areas tend to get hit harder when the market overcorrects. But so much of the Bay Area market is being driven by job creation, all areas would be negatively affected to some degree by an economic downturn — more so, if the technology and biotech sectors were to regress simultaneously.

Job creation will remain for quite some time. We live in the area of innovation, and most of the innovative Bay Area companies will continue to hire and expand their operations and revenues. It also appears that the low interest mortgage rates will stay with us for a while, based on comments from the Federal Reserve and the country’s lack of inflation. Real estate remains the best long-term investment one can make to accumulate wealth.

Jeff LaMont, Coldwell Banker,

(650) 740-8808,

jeff@jefflamont.com

A: It’s helpful to better understand some of the factors driving current market conditions before predicting the future. A relatively weak foreign economy offers investors few options for solid returns, so a lot of capital has been poured into the technology industry, whose epicenter is the Bay Area.

During the past several years, venture capitalists and large asset managers have invested large sums of capital into “unicorn” companies (those valued in the private market at more than $1 billion), and foreign investors have put their money into property (commercial and residential) in this area. Only if global macroeconomic conditions begin to improve significantly will we begin to see capital shift elsewhere, at which point tech valuations may level out and a lot of startups may feel the pain of having to raise capital in a more competitive credit environment.

But returns simply don’t exist in the same way in other sectors. While most expect housing price appreciation to slow in the next year or two, I believe the housing markets I serve on the Peninsula and in San Francisco are well positioned to continue to build value, even in the event of a slowdown. I believe the Bay Area is the center of our country’s economic future, and the supply-demand effect is real: We still have more buyers than available homes.

Katharine Carroll,

Pacific Union, (415) 300-7122, kat@katcarroll.com

Article source: http://www.sfgate.com/realestate/article/Sound-Off-How-would-a-dip-in-the-tech-sector-6601595.php

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Is the Schweppes mansion America’s most haunting real estate?

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  • 4c513 a Is the Schweppes mansion Americas most haunting real estate?


Ominous and beautiful bird’s eye view. All photos: Estately.com

Image 1 of 18 – 405 N Mayflower: haunting Schweppes home

Ominous and beautiful bird’s eye view. All photos: Estately.com

Ominous and beautiful bird’s eye view. All photos: Estately.com

Closer up. All photos: Estately.com

Image 2 of 18 – 405 N Mayflower: haunting Schweppes home

Closer up. All photos: Estately.com

Closer up. All photos: Estately.com

Courtyard. All photos: Estately.com

Image 3 of 18 – 405 N Mayflower: haunting Schweppes home

Courtyard. All photos: Estately.com

Courtyard. All photos: Estately.com

Entry. All photos: Estately.com

Image 4 of 18 – 405 N Mayflower: haunting Schweppes home

Entry. All photos: Estately.com

Entry. All photos: Estately.com

Ceiling and floor detail. All photos: Estately.com

Image 5 of 18 – 405 N Mayflower: haunting Schweppes home

Ceiling and floor detail. All photos: Estately.com

Ceiling and floor detail. All photos: Estately.com

A living room with fire warming no one. All photos: Estately.com

Image 6 of 18 – 405 N Mayflower: haunting Schweppes home

A living room with fire warming no one. All photos: Estately.com

A living room with fire warming no one. All photos: Estately.com

Another view. All photos: Estately.com

Image 7 of 18 – 405 N Mayflower: haunting Schweppes home

Another view. All photos: Estately.com

Another view. All photos: Estately.com

Sitting room view. All photos: Estately.com

Image 8 of 18 – 405 N Mayflower: haunting Schweppes home

Sitting room view. All photos: Estately.com

Sitting room view. All photos: Estately.com

Doorway detail and mood lighting. All photos: Estately.com

Image 9 of 18 – 405 N Mayflower: haunting Schweppes home

Doorway detail and mood lighting. All photos: Estately.com

Doorway detail and mood lighting. All photos: Estately.com

More fireplaces. All photos: Estately.com

Image 10 of 18 – 405 N Mayflower: haunting Schweppes home

More fireplaces. All photos: Estately.com

More fireplaces. All photos: Estately.com

Sunroom/conservatory. All photos: Estately.com

Image 11 of 18 – 405 N Mayflower: haunting Schweppes home

Sunroom/conservatory. All photos: Estately.com

Sunroom/conservatory. All photos: Estately.com

Huge windows and tile detail. All photos: Estately.com

Image 12 of 18 – 405 N Mayflower: haunting Schweppes home

Huge windows and tile detail. All photos: Estately.com

Huge windows and tile detail. All photos: Estately.com

Formal dining room (watch yourself while you are eating). All photos: Estately.com

Image 13 of 18 – 405 N Mayflower: haunting Schweppes home

Formal dining room (watch yourself while you are eating). All photos: Estately.com

Formal dining room (watch yourself while you are eating). All photos:…Estately.com

More haunting light. All photos: Estately.com

Image 14 of 18 – 405 N Mayflower: haunting Schweppes home

More haunting light. All photos: Estately.com

More haunting light. All photos: Estately.com

Huge, empty kitchen. All photos: Estately.com

Image 15 of 18 – 405 N Mayflower: haunting Schweppes home

Huge, empty kitchen. All photos: Estately.com

Huge, empty kitchen. All photos: Estately.com

Shining-esque hall shows wood panel detail. All photos: Estately.com

Image 16 of 18 – 405 N Mayflower: haunting Schweppes home

Shining-esque hall shows wood panel detail. All photos: Estately.com

Shining-esque hall shows wood panel detail. All photos: Estately.com

Master. All photos: Estately.com

Image 17 of 18 – 405 N Mayflower: haunting Schweppes home

Master. All photos: Estately.com

Master. All photos: Estately.com

Is that the always clean window? All photos: Estately.com

Image 18 of 18 – 405 N Mayflower: haunting Schweppes home

Is that the always clean window? All photos: Estately.com

Is that the always clean window? All photos: Estately.com

If we’re looking for a particularly gothic, haunting Halloween-themed piece of real estate, The Schweppe Mansion has everything going for it. History, fame, wealth, death, suicide, ghosts and a long, lonely search for a buyer despite numerous dramatic price cuts.

The property itself, considered one of Chicago’s most historically important, is impressive with or without any haunting attached.  It sprawls over roughly five acres, an elaborate estate of forested, lakefront land crowned with a 25,000 square foot mansion. Inside, the mansion offers a dizzying 28 rooms to explore, including at least 10 bedrooms and more than 11 baths, a formal dining room with beveled paneling, a stately library and a cavernous kitchen.  Despite restoration in the 1980s (after being abandoned for almost 50 years), today the home appears very much original, as if the Schweppe family has only stepped out for a sail on Lake Michigan.

But history tells us otherwise.

Wealth and fame

In 1917 this home was bequeathed to Laura Shedd by her parents. Her father was John G. Shedd, whose story of starting at Marshall Field’s as a stock clerk and rising to the role of company president is the epitome of the American Dream. Under his guidance, Marshall Field’s enjoyed its heyday, becoming “the largest store in Chicago and the largest wholesale and dry goods company in the world.” The mansion was a gift for Laura’s wedding to Charles Schweppe, a name we might recognize from bars, refrigerators and store shelves all over the world.

Tragic history

Known as Mayflower Place, the estate attracted the world’s elite. Chicago Magazine reports the Schweppes entertained royalty at least twice. “Legend says that Laura Shedd Schweppe hosted a crown prince and princess of Sweden, who danced on the eastern terrace. With Wallis Simpson, for whom he abdicated the British throne in 1936, Edward, Duke of Windsor slept in a bedroom on the western end of the home’s second floor.”

With such illustrious beginnings, we might expect a long and happy history in this home, but in truth,  history of Schweppe family life here is neither. Inside its walls Laura Schweppe died of a heart attack in 1937. Her death was the first of worse to come: In 1941, writes The Chicago Psychic Examiner,

“Servants entered Charles Schweppe’s bedroom and found him dead from a self-inflicted gunshot wound to the head. Charles Schweppe was only 60 years old. The only clue left by Charles as to why he took his own life was a note found on his dresser that simply read, “I’ve been awake all night. It’s terrible.”

Grief or greed?

Though the obvious cause of his suicide would be devastation over losing his wife, other theories exist. Clinical depression? Physical illness? Maybe a brain tumor? Chronic insomnia? Some historians speculate it boils down to greed: When Laura Schweppe passed, she left the bulk of her $10 million fortune to her children; Charles only received $200,000. “Could it be that Charles was so disappointed with his inheritance … that he believed death was the only way to escape his pain?” wonders Annie Walker of the Chicago Examiner.  Of course, it could be that he had plenty of his own money and she only sought to safeguard her children. Whatever his reasons for killing himself, Charles Schweppe took them with him to his grave.

Period of decay

The death of Charles Schweppe ended his family’s tenure in Mayflower House. No one lived in the estate for 46 years thereafter — at least no mortal.  “Locals insisted it was haunted and buyers were scarce,” writes Time Out Chicago.” Reports that Laura and Charles’ ghosts haunted the mansion’s bedrooms were common enough to qualify as bona fide Chicago paranormal lore.  Adding to legend, “Ghostly servants were also rumored to roam the halls of the majestic Tudor,” says the Examiner.

The Lakeforest College Library archives include this entry: “At the Preservation Foundation holiday reception there on Sunday, December 4, 2011, a credible witness observed that he and small group had indeed seen a ghost.”  The Orlando Sentinel reports that “Although the heirs to the estate have kept silent on their reasons for holding onto the estate without occupying it, folklore has it that Schweppe ordered them to leave the home empty for 45 years after his death, in case he decided to return as resident reincarnate.”

Whoever is haunting the master bedroom, s/he is doing so tidily: Reportedly, one window there remained free of cobwebs and dust, despite almost five decades of abandonment.

New life

In the late 1980s, Donna and Howard Hoeper finally purchased the estate for $5.5 million, regardless of haunts. At the time, the Sentinel reported that “The Hoeper family takes the folklore with more than a grain of ghoulish good humor. Noting that the mansion has 22,000 square feet of living space, 20 bedrooms and 18 bathrooms, Hoeper said ‘If there is a spirit in the house, there is enough room for all of us.’”

The couple planned for an elaborate restoration, but divorced before finishing, leaving the mansion in foreclosure by 2009. Since then, the home has been listed and de-listed multiple times, as seen on Estately property history for the listing. In its first attempt on the market, it listed for $18 million. Later, it listed at $15 million. Today, it’s been on the market over 250 days, drastically reduced to $9.950 million.

Take a tour  through the gallery above, or even live via YouTube … if you dare

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/2015/10/29/is-the-schweppes-mansion-americas-most-haunting-real-estate/

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How Local Real Estate Agents See This Crazy, Crazy Market

e6e79 Screen%20Shot%202015 10 27%20at%207.12.15%20AM How Local Real Estate Agents See This Crazy, Crazy MarketTo get an insiders’ view on the current crazy real estate market, San Francisco magazine conducted a comprehensive survey of 115 Bay Area real estate agents about “their work, their clients, and the state of their psyche.” They dove into questions about all cash deals, tech buyers, foreign buyers, and houses that sell for way above asking. An overwhelming 92.1 percent of agents said that most of their buyers come from the local market, while 4.4 percent are from Asian countries, 2.6 percent are from another state, and less than 1 percent hail from countries outside the U.S. and Asia. Nearly half of all agents had only 1 to 20 percent of their buyers purchase in all cash, while 29.2 percent had 21-50 percent of buyers pay cash and 17.7 percent had more than 50 percent cash deals.

e6e79 Screen%20Shot%202015 10 27%20at%207.12.40%20AM How Local Real Estate Agents See This Crazy, Crazy Market

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More than half of surveyed agents recommend to sellers to deliberately underprice to create a bidding war, and nearly half of agents say that “asking prices often seem totally made up.” Agents are generally seeing final prices that are 6 to 20 percent over asking, and they’re seeing buyers pay those prices primarily because “they had no other choice if they wanted to buy a house.”

cde8d Screen%20Shot%202015 10 27%20at%207.16.59%20AM How Local Real Estate Agents See This Crazy, Crazy Market

One agent saw more than 100 bids pour in on a property because it was so underpriced, while others have seen buyers offer sellers a vacation to Hawaii, a $5,000 gift certificate to a restaurant owned by the wannabe buyers, or stock options on a company that “really only had paper value.”

cde8d Screen%20Shot%202015 10 27%20at%207.17.11%20AM How Local Real Estate Agents See This Crazy, Crazy Market

But there could still be hope for all of those potential buyers out there. A whopping 84.9 percent say that the market can’t keep going up and will level off.

cde8d Screen%20Shot%202015 10 27%20at%207.16.48%20AM How Local Real Estate Agents See This Crazy, Crazy Market

· Handmaids of the Bubble [San Francisco Magazine]

Article source: http://sf.curbed.com/archives/2015/10/27/how_local_real_estate_agents_see_this_crazy_crazy_market.php

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Nominate: Bay Area Real Estate Deals of the Year 2015 and a look at last year …

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Article source: http://www.bizjournals.com/sanfrancisco/blog/real-estate/2015/10/real-estate-deals-of-the-year-2015-bayarea-sf.html

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Spooky real estate from around the nation

  • 762f5 920x920 Spooky real estate from around the nation

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The season of spooky has arrived, and that’s certainly proven in the nation’s real estate listings. These houses aren’t haunted, but they sure look a little bit spooky.

First, a Queen Anne Victorian in Connecticut, listed for $315,000. The write up posted to Estately proclaims the home was “at one time one of the most prestigious homes in the valley, but now it “needs work!” This theme runs through many of these listings: once grand abodes, now shambolic “fixer-uppers.”

Next we have a the historic Fitzgerald House in Los Angeles, a sprawling 1906 affair decaying over what is now three parcels for sale at $1.495 million.

Per the Estately listing, this home was built “by famed architect J.C. Newsome. Designated as City Los Angeles Historic Cultural Monument # 258. This mansion has a lovely and storied history once described as the ‘Finest Mansion in All of Los Angeles.’” As with the Connecticut Queen Anne above, buyers are assured of “INCREDIBLE Potential,” but also urged to “consult with a historic preservation architect” as the estate needs major restoration. From the looks of it, it may also need an exorcism.

Spookier still, this Civil War-era nine-acre estate in Michigan, yours for $324,900. It’s historic and seemingly stuffed to the gills with chandeliers, organs, creepy paintings of dead people and candles.

Per the official listing, buyers can “take a step back in time, to 1863, during the Civil War, with this Historic Italianate, nine acre estate in Hudson, [featuring] manicured lawn, woods, decorative pond, gazebo and the original two story carriage house. The home has been “placed on the Historic Register by the US Department of Interior; it also received the prestigious 2-11 Hillsdale County Beautification Award by the Hillsdale County Historic Commission.” Even if you have no fear of ghosts, these photos may frighten you.

Next, we travel to forward in time as well as easterly, to land at this home in New Jersey. Bizarrely, though it looks every bit as old and rickety as its peers on this blog, it was built in 1998.

The listing boasts that “This Italianate style of Victorian Architecture is a replica of a historic gem,” situated on 3.6 acres. The photos have that hazy, cloudy look you associate with screen shots stills from Amityville Horror. All of this can be yours for $395,500.

Not creepy enough? How about a stone castle complete with ramshackle barn and abandoned horse stalls? You can get it plus 5 acres of silent, cinematic land in Pennsylvania. The history of this castle is fascinating: According to Estately, it’s officially known as “Rocky Hill Castle.”

This property is in the heart of Historic Chadds Ford Township and is steeped in it’s [SIC] own fascinating history! Not on the historical registry, so no worries about renovations! Current owners have owned the property since 1957…. This home was built by a Philadelphia business owner and was rumored to include about 600 acres. It was a “summer home” at that time, equipped with servant’s quarters on the 3rd floor. In approximately 1912…..the original Victorian style home with wrap around deck was converted to a stone “castle”! [A] 12 bedroom, 3.5 bath mansion….. The 3 story BARN with 5 STALLS is just waiting to be renovated!

Well, the barn does seem to be waiting in the photo… waiting patiently… for…something.…

Which ones scare you the most, readers? But beware: This is just a teaser. We’ll be back Thursday to post what we think is the spookiest home for sale in the country. In the meantime, Happy Halloween season!

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://www.mysanantonio.com/homes/article/Spooky-real-estate-from-around-the-nation-6592170.php

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