homesmillbrae.com

A 1,300 square foot single family home in Sunnyvale, Calif. has sold for $823,000 over asking, marking the city’s continued surging real estate prices. The home was originally listed for $1.858 million and sold for $2.681 million.

The single-story three-bedroom, two-bath home features hardwood floors, a fireplace and a skylight in the bath. It also boasts a spacious backyard with fruit trees and a deck.

The home is well located, not far from the rapidly expanding Town Center and less than a mile from Apple Park.

Joe Polyak and Chuck Paterson with Rise Homes were the listing agents.

The property last sold in 1972 for $31,500, according to public records. A lot has changed since then. Today, the median sales price of a single-family home in Sunnyvale is $2.375 million, a 25 percent increase from a year ago, according to Redfin.

• Report an error
• Policies and Standards
• Contact Us

Article source: https://www.mercurynews.com/2021/12/20/photos-single-family-sunnyvale-home-sells-for-more-than-800000-over-asking

The judge in Shah’s case ordered him to pay restitution to Hwang but set the amount at $311,000, saying property values in the area were declining at the time of the theft. But Hwang filed a damage suit against Shah and was awarded $954,000 for financial losses, $500,000 for emotional distress and $1.6 million in punitive damages.

A state appeals court upheld the damages in August, rejecting arguments by Shah’s lawyers that Hwang’s compensation should be limited to the earlier restitution order, and on Wednesday the state’s high court denied review of Shah’s appeal.

In upholding Hwang’s damage award, the First District Court of Appeal cited findings by San Francisco Superior Court Judge Newton Lam that Shah and his wife had claimed a net worth of $20 million in 2009, and that Shah had shown no remorse for his conduct.

Hwang was not bound by Judge Charlene Kiesselbach’s restitution order in Shah’s criminal case, the court said, since she took no part in the prosecution and her lawyer was not allowed to participate in the restitution hearings.

The court also rejected arguments by Shah’s lawyers that it was unfair to require him to produce financial records related to Hwang’s lawsuit after he had been sent to prison. Shah had ample time to respond, had attorneys and family members available to help, but made “no diligent effort to retrieve any of those documents,” Justice Carin Fujisaki said in the 3-0 ruling.

Shah’s lawyers could not be reached for comment on the Supreme Court’s order. A lawyer for Hwang declined to comment.

The case is Commonwealth Land Title Insurance vs. Shah, S271522.

SUNNYVALE (KPIX) — We’re used to the hot Bay Area real estate market leaving us sticker shocked, but recently a Sunnyvale home’s selling price even caught the listing agent off guard.

“By far the craziest that I’ve ever experienced,” said Rise Homes realtor Joe Polyak.

READ MORE: Sierra Blizzard Shuts Interstate 80 From Colfax to Nevada

The single-family home on Flin Way, which is 1,300 square feet with three bedrooms and two baths, just sold for $823,000 over its original listing price.

Polyak said the home next door recently sold for $2.6 million, and he valued his client’s home at around $2 million.

He was stunned when it sold for $2.68 million dollars.

“I couldn’t ever have imagined that,” Polyak said. “It is insane.”

He said he received 35 offers on the day he opened it up to bids.

READ MORE: Glide Memorial Church Draws Thousands to Christmas Day Celebration, Meal in SF Tenderloin

Gary Shapiro, the lead agent for the Shapiro Group at Keller Williams in Los Gatos, said the cause for skyrocketing Bay Area home prices right now is high demand and low inventory. He believes the strong sellers market will continue into 2022. Shapiro thinks inventory will improve slightly, but it still won’t keep pace with the demand.

“We’re at a point where inventory is at an all-time low that I’ve ever seen and this is my 37th year of full-time real estate in Santa Clara County,” Shapiro said.

He also said Polyak used a common strategy to spark the bidding war frenzy over the Sunnyvale home.

“When we’re in a sellers’ market most agents will recommend a low conservative asking price knowing that the amount of demand will create multiple offers and cause the buyers to bid the price up,” said Shapiro. “I think the agent and seller should be extremely happy with the final sale price for such a small house, absolutely.”

“That is what we did, and that is what we always do is list it a little bit lower,” Polyak said.

He listed the home at $1.83 million knowing it would cause a bidding war, but he never imagined just how high buyers would go.

MORE NEWS: Oakland PD Officer Fires at Suspect During ‘Violent Friday’ Arrest

“We were not expecting that and neither were the sellers, to a good surprise, obviously,” said Polyak.

Article source: https://sanfrancisco.cbslocal.com/2021/12/22/sunnyvale-home-sells-for-nearly-1-million-over-listing-price/

forbidden

Article source: https://oaklandnewsnow.com/real-estate-market-prediction-for-san-francisco-in-2022/

According to data from real estate listings website Zillow, home values made the biggest jump from Dec. 2020 to Nov. 2021 in ZIP codes in more suburban and rural areas, while they had the smallest change in city centers, including many San Francisco ZIP codes.

The ZIP code with the biggest increase of about 38% was Sea Ranch, the small, rural community on the Sonoma County coast that boasts unique architecture and dozens of trails. Coming in second at 28% is another seaside town, Bolinas, that sits 30 miles north of San Francisco in Marin County. A third waterfront community, Bethel Island in Contra Costa County, had the third highest home value increase of 27%.

Matt Kreamer, a data spokesperson for Zillow, said the Bay Area, particularly San Francisco, has long been one of the priciest places to purchase a home, and also has a high share of remotable jobs.

“What you’re seeing in these rankings are exactly the trends we’ve seen in the Bay Area for several years, and they accelerated during the pandemic,” he wrote in an email. “Over the past two years, as more and more people became untethered from offices, we’ve seen home values in the suburbs shoot up much faster than in the urban areas.”

Zillow’s data attempts to reflect the typical home value in ZIP codes across the country. Home value estimates are not just based on the prices of those homes that recently sold, but rather estimate the value of all homes in a ZIP code based on trends in sale prices of similar homes in the area. We narrowed the data down to only ZIP codes in the nine-county Bay Area with at least 1,000 residents.

Contra Costa County appears 10 times in the top 20 ZIP codes in growth and Alameda County six times. Suburban towns are strongly represented: San Ramon, Pleasanton, Livermore, Castro Valley and Brentwood all appear on the list. Kreamer said the East Bay’s growth has been particularly rapid, simply because homes are more affordable in the region.

“The East Bay is less expensive than San Francisco, though prices are rising more quickly,” he said. “And buyers can get more for their money: larger homes and outdoor space, both of which became more desirable during the pandemic. But it’s still close enough to commute to the office a few times a week, and to take advantage of San Francisco amenities.

In the South Bay, many of the ZIP codes with the biggest growth over the past year are in San Jose. Home values in six San Jose ZIP codes all went up by at least 20%. Kreamer said the trends in the South Bay are a bit different.

“I think a big part of that is the home types,” he said. “People looking for more space don’t necessarily have to look farther away. So if that’s more important than lower prices, it’s much easier to stay in a more urban environment, and closer to amenities.”

At the bottom of the list is La Honda in Santa Clara County with a decrease in home value of 6%. Home value prices in the 95113 ZIP code, which is in downtown San Jose, went down 1%.

Six of the ZIP codes in the bottom 10 ZIP codes are in San Francisco, including 94108 that only increased by 0.3%, and includes Union Square and parts of Nob Hill and Chinatown. Kreamer said while home values are growing everywhere much faster than normal, San Francisco slower growth is not all that surprising.

“San Francisco’s home value growth is among the slowest in the country, but that’s all relative,” he said. “The Bay Area has the highest home prices in the country, so it’s more difficult to afford to live there. The fewer people there are who can afford to buy, the less demand there is, and that tempers home value growth.”

And, he said this doesn’t mean there is an exodus from San Francisco. In fact, he predicts it is actually likely to pick up because more people are arriving in the city now than during the heart of the pandemic.

“Home values there are growing much faster than typical, also, just not as quickly as in the suburbs,” he said. “But there definitely is still demand. San Francisco is one of the great cities in the country, and the world. We don’t see demand to live there tapering off.”