Archive for September, 2009
Broad Improvement in Home Price According to the S&P/Case-Shiller Home Price Indices
New York, September 29, 2009 – Data through July 2009, released today by Standard & Poor’s for its S&P/Case-Shiller1 Home Price Indices, the leading measure of U.S. home prices, show that, although still negative, the annual rate of decline of the 10-City and 20-City Composites improved compared to last month’s reading. This marks approximately six months of improved readings in these statistics, beginning in early 2009.
Many national, state and local real estate indicators turned positive in the last 6 months (sometimes for the first time in years) and San Francisco sales continued to strengthen in spring and summer in virtually all price categories. (See charts here.) Properties viewed as good deals are selling quickly, sometimes with multiple offers for more than asking price. Bank-owned (REO) home sales and short sales constitute approximately 20% of sales in the city, though so far mostly concentrated in specific neighborhoods. (See link at bottom to REO & Short Sale Analysis.) Despite positive market conditions, many home listings still expire without selling – generally speaking, due to overpricing, poor preparation and/or poor marketing. With the advent of autumn – typically a strong sales season – new inventory has increased dramatically and, after a Labor-Day lull, a spike in accepted offers began in mid-September.
Pacific Heights: 9 BR, 6.5 BA, 10,614 sq.ft. 1885 mansion; GG bridge view, ballroom, library, 7 fireplaces, 2 terraces, elevator, 4 car pkg. $1083/sq.ft., bank sale of foreclosed home, 408 days on market (DOM); original list price of $14,900,000.
Here is the updated list of Paragon online market statistics (and other recent html emailers). All are still current. Almost all were created as agent-branded emails. Please use them in every way you can think of: emails, blogs, websites, new buyers and sellers, etc.
Paragon’s September Market Update Newsletter — SF Homes Under $750,000
SF Foreclosure Sales & Short Sales Analysis – September 2009.
Paragon SF Luxury Home Market Report — August 2009:
Analysis of Market Trends in Charts — Updated September 2009:
July 2009 Newsletter – What You Get for How Much Where in SF: median prices & dollars per square foot
San Francisco Farmers Markets:
Who is San Francisco: City Demographics
San Francisco Online Resources – Updated July 2009
Property Tax Appeals:
Appreciation & Depreciation of SF Real Estate since 1995 – updated July 2009:
Rent vs. Buy: Sample Analysis
Paragon Weekly Market Update Report by Neighborhood – by Altos Research
Paragon Market Share Statistics — Updated:
What’s coming to the market, what’s being reduced on the market and what the market doesn’t have that our buyers need (be kind, and help us out):
Unusual Buyer Need:
Price Range: < $700,000 Neighborhood: Twin Peak West Brief Comments: Looking for a 2+SFD home, my client has a company truck 8×24 that needs to be parked off the street.
$1,295,000 //San Rafael //17 Debes Ranch Rd BR/BA: 4/3 PKG: 3+ Brief Gated custom acre estate. Why commute to Wine country? Perfect Family home! www.losranchitosestate.com
$899,000 // Eureka Valley/Castro // 19th Street BR/BA: 3/1 PKG: 1Brief Description: Classic Edwardian full flat in corner building with views. Walkscore – 98!
$825,000 // NOPA // Golden Gate BR/BA: 2/ 2 PKG: 1 Brief Description:
Remodeled full floor Victorian condo with GORGEOUS exclusive use walk-out garden. Formal dining, in-unit washer dryer, period detail, fireplace.
$675,000 // Central Richmond // 20th Avenue BR/BA: 2/1 PKG: 1 Brief Description: Spacious top floor condo with deck, living room, dining room, deeded parking and shared garden. Remodeled kitchen.
$669,000 // Bernal Heights // Murray Street BR/BA: 2/2 PKG: 1 Brief Description: Fantastic top floor unit in 3 unit bldg constructed in 2006. Great natural light + skylights, stainless steel kitchen with granite, luxurious baths. Views and easy access to shared common roof deck. Easy access to all commuter routes, Muni + BART.
$649,000 //Hayes Valley // Lily Street BR/BA: 1/1 PKG: 1 Brief Description: Pristine Italianate Cottage with new foundation and full basement. Bright, open, modern floorplan with a lovely indoor/outdoor garden feel. FIRST Showing 9/20 2 to 4 p.m.
$599,000 // Outer Sunset // 46th Avenue BR/BA: 2/1 PKG: 2 Brief Description: Excellent value for the starter home in the Outer Sunset. 2 bedroom, 1 bath with tub & shower stall, parquet wood floors, internal staircase to garage level w/ high ceilings = expansion potential! Probate sale with no court confirmation.
$1,070,000 // Eureka Valley // Castro St BR/BA: 3/2 PKG: 1 Brief Description: High-end remodel top floor Edwardian flat. Great period details in a contemporary setting. www.paragon-re.com/ParagonListingDetail.aspx?ID=2506 <http://www.paragon-re.com/ParagonListingDetail.aspx?ID=2506>.
By JAMES B. STEWART
Passing through the Fort Myers, Fla., airport a few weeks ago, I noticed people eagerly signing up for a free bus tour of foreclosed real estate—with all properties offering water views. During the ride to my hotel, the young driver volunteered that he had just bought his first house, paying $65,000 for a foreclosed property in nearby Cape Coral that last sold for over $250,000. He said he had never expected to be able to buy anything on a driver’s salary, let alone something that nice.
Last week, Standard & Poor’s reported that its S&P/Case-Shiller U.S. National Home Price index of real-estate values increased this past quarter over the first quarter of 2009, the first quarter-on-quarter increase in three years. Its index of 20 major cities also rose for the three months ended June 30 over the three months ended May 31, with only hard-hit Detroit and Las Vegas experiencing declines. The week before that, the National Association of Realtors reported that sales volume of existing homes was up 7.2% in July from June.
Read the rest here.
This week’s list of our upcoming listings, pocket listings, price reductions and well, frankly, we have buyers looking for properties that aren’t on the market, yet.
”According to the San Francisco Planning Department and its 2004 and 2009 Housing Element Report, San Francisco’s big picture housing pipeline is as so:
· 156 projects with 6,510 housing units are currently under construction
· 168 projects representing 2,850 units have received a building permit
· 316 projects representing 4,480 units have applied for a building permit
· 92 projects representing 6,200 units have been approved by the Planning Department
· 130 projects representing 34,750 units have filed for Planning Department approval
From the Planning Department’s report:
Collectively, these 54,790 new units represent San Francisco’s pipeline projects….It is possible that some of these projects may not go forward due to shifts in economic and legislative conditions. However, production trends over the last decade show that as much as 85 percent to 90 percent of pipeline project units are completed within five to seven years.”