Archive for the ‘News’ Category
August 25, 2009
Check out this article written by Amy Hoak via RISMedia. The article is entitled “Homes in Walkable Neighborhoods Sell For More“, and sheds light on the growing popularity of walkability as a desirable attribute for real estate (and real estate values).
This
..or this. You make the call.
RISMEDIA, August 22, 2009-(MCT)-Homes located within walking distance of amenities such as schools, parks and shopping aren’t only more convenient for their owners, often they’re also worth more than homes in neighborhoods where driving is the rule, according to a new study.
The report looked at 94,000 real-estate transactions in 15 markets. In 13 of those markets, higher levels of “walkability” were directly linked to higher home values. Read the rest of this entry ?
Posted in News, Tips | Tagged home values, san francisco real estate, things that increase home values, walkability, walkscore | Leave a Comment »
August 25, 2009
Last Friday Bernanke delivered a speech spouting off the best news he’s given since the economy took a nose-dive.
“Economic activity appears to be leveling out, both in the United States and abroad, and the prospects for a return to growth in the near term appear good,” Bernanke said at an annual Fed conference in Jackson.
Big Ben was cautious about his optimism, stating that the recovery was likely to be “relatively slow at first.”
“Although we have avoided the worst, difficult challenges still lie ahead,” he told the gathering of bankers, academics, and economists. “We must work together to build on the gains already made to secure a sustained economic recovery.”
Critics mentioned that Bernanke’s positive tone and optimistic outlook may have been motivated by his job’s expiration in early 2010. “When you go on an interview, you never speak of your shortcomings“, stated Richard Yamarone, economist with Yargus Research.
Whatever the case may be, the economy does seem to be turning a corner and we are certainly reading more positive articles. Whether the turnaround is genuine (or sustainable) remains to be seen. We like to remain cautious and most importantly, realistic.
What does this mean for local real estate? Our feeling is that opportunities will be around for a while for buyers. Maybe not low interest rates or tax credits, but the ability to buy low with less competition from other buyers will remain as long as credit remains tight. If your plan is to buy and hold long term, this is a good time.
-Excerpts taken from Jeannine Aversa, Associated Press, “Fed chief upbeat on world economy“, published on Saturday, August 22, 2009.
Want some dismal news to balance Bernanke’s economic assessment? Check out Robert Kiyosaki’s “Preparing for the Worst“.
Bernanke in action
Posted in News | Tagged bernanke, bernanke speech, economy, recession, recovery, san francisco real estate | Leave a Comment »
August 14, 2009
The Harris Poll just published its annual findings with respect to occupational prestige. This is reassuring if you’re a firefighter, scientist or doctor… not so much if you’re a stockbroker, accountant, or a real estate agent. The survey queries 1,010 U.S. people asking them what level of “prestige” they associate with different jobs. Here’s a look at the results from 2009:
Who's that all the way down there at the bottom? (click to enlarge)
From working in the industry, I can definitely see how this continues to be the public perception. I rub elbows everyday with other agents and brokers. My observation is that Read the rest of this entry ?
Posted in Countdowns & Rankings, News, Opinions, Polls | Tagged jobs, occupational prestige rankings, real estate agents, san francisco real estate | 2 Comments »
August 6, 2009
From the local accounting firm Bertorelli, Gandi, Won & Behti:
Economic and tax considerations make right now a super-favorable time for parents (and grandparents) who are willing and able to help their adult children make first-time home purchases. Home prices are low, interest rates are low, and the tax factors are almost unbelievably beneficial. How long this ultra-good scenario will last is anyone’s guess, but we would bet not too much longer.
Make sure you negotiate a good interest rate. And for God's sake, clean yer room!!
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Posted in Home Buying, News, Tips | Tagged 2009 taxes, family loan, gift tax, san francisco, san francisco real estate, tax deductions, taxable income | Leave a Comment »
August 4, 2009
According to Alan Greenspan in a recent Bloomberg article, the bottom may have already hit… back in mid-July. That’s for economic indicators (such as industrial production), not necessarily housing. But Greenspan also commented that housing appears to be “stabilizing”. The article represents another feather in the cap for a growing number of positively-spun media.
While we are seeing a lot of hopeful signs out there, it just doesn’t feel like we’re completely out of the woods yet. In any case, Greenspan has some good commentary on the economy, housing market, and predictions.
The article we’re citing is available HERE and is a good (and quick) read.
Greenspan - Detailing his recent experience with Viagra.
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Posted in News | Tagged alan greenspan, economic recovery, market trends, real estate market, recession, san francisco real estate, viagra | 5 Comments »
July 22, 2009
A new service now exists for people trying to sell their homes but A) don’t have any furniture in their homes, and B) want to save big bucks on staging.
What’s this service called and how is it done? It’s called “Virtually Staging Properties“, and it’s done by placing 3D renderings of furniture, accents, and other odds and ends on top of real property photos. Here, have a look:
Empty Dining Room - Before
Empty Dining Room - After
So what are people saying about Virtually Staging Properties? Reactions range from Read the rest of this entry ?
Posted in Home Selling, News, Tips | Tagged 3d renderings in real estate advertising, home seller tips, real estate marketing, san francisco, san francisco real estate, selling homes, virtual staging, virtually staging properties | 1 Comment »
July 22, 2009
What… did you think we were talking about PBR, the beer? So sorry to disappoint. We were actually referring to the FHA beating their Personal Best Record. The Federal Housing Administration (FHA) backed nearly 186,000 loans in June 2009, the most ever during its 75 years of existence. To clear any confusion, the FHA doesn’t actually make loans. They Read the rest of this entry ?
Posted in News | Tagged fha, FHA loans, government backed loans, pabst blue ribbon, san francisco, san francisco real estate | Leave a Comment »
July 17, 2009
We’ve written about it time and time again, but the high end of the real estate market is feeling the pinch of the downturn and will likely take a long time to stabilize. Here’s an article from USA Today citing some causes for the slowdown in the upscale residential market, and how this has impacted real estate, retailers, and the overall economy.
The high end seemed to show resilience when everything else was crashing and burning around it. But now we’re seeing that it is not immune, it just held out longer. And it won’t correct quite as fast as the low end… which is showing signs of stabilization right now.
Take a look at the full article HERE.
Even America's wealthiest are changing their ways, dining on dollar menus.
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Posted in News | Tagged luxury market trends, market stabilization, san francisco, san francisco real estate, upscale market | Leave a Comment »
July 17, 2009
According to CBS5, the Attessa, a yacht belonging to billionaire Dennis Washington is now docked in Sausalito. At 225 feet, it’s absolutely magnificent and America’s 14th largest yacht. But it got us thinking… how much are these things and how can we get one?
The Attessa, complete with 7-person helicopter
There’s no doubt that we’re going to have to strike it VERY big to own one of these bad boys, but it’s definitely something fun to dream (and visualize) about. Imagine boarding with a bunch of friends and heading down to Roatan, Honduras or anywhere else your heart may fancy. All your stuff on board, your state of the art “mobile home” serves as your own personal 5-star hotel in any location you decide to visit. What a life, right?
Naturally, we started researching other yachts and came across this concept boat that had us drooling over the possibilities. Check it out:
The Oculus is a concept yacht
300 feet of completely tricked out interiors (and exteriors)
To tour the Oculus Yacht, click HERE. Well worth it!!
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Posted in News | Tagged attessa, boats, lavish lifestyles, oculus, sausalito, yachts | Leave a Comment »
July 14, 2009
There it is… the big bad F-word. We ran across an article today that talked a bit about San Francisco’s ranking in the foreclosure pecking order, and we have to say, we’re not all that surprised. We rarely hear about foreclosure sales in the City and when we do, they’re oftentimes south of I-280 or near Stonestown Galleria. A few have reared their ugly heads South of Market and in South Beach, but overall, the City has largely dodged bullets with respect to foreclosures.
San Francisco County as a whole registered the lowest foreclosure sale rate of any county in California during June, logging just 70 foreclosure sales. That’s one per 11,779 residents. Marin and San Mateo Counties also made appearances in the top five for least number of foreclosure sales in June. The worst county in the Bay Area for foreclosures was Contra Costa County (one per 1,127 residents), and Merced County the worst in the state (with one per 605 residents).
So to answer the question, “Does San Francisco have a foreclosure problem”… we’d have to say that relatively speaking, NO, it does not.
Full article HERE, and thanks to J.K. Dineen and the SF Business Times for the stats.
- What does YOUR exit look like?
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Posted in News | Tagged foreclosure rankings california, foreclosures by county in california, san francisco, san francisco foreclosures, san francisco real estate | 1 Comment »
July 9, 2009
Chance are, you already do! (if you’re a local reader)
Walkscore.com just came out with its annual “walkability” rankings for cities around the U.S. and San Francisco was again the top choice. Walkscore takes data from over 2,500 neighborhoods nationwide to come up with the rankings, which places the top 40 walkable cities in order. Here is a glimpse of the top cities:
- SF
- NY
- Boston
- Chi-Town
- Philly
- Seattle
- DC
- Long Beach (aka, the LBC)
- LA
- Portland (Oregon, not Maine)
Check out the awesome “heat” map on Walkscore which gives you a visual representation of where SF’s most walkable areas are located. They also rank our neighborhoods — here is a glimpse of the top 10:
- Chinatown
- Financial District
- Downtown
- North Beach
- Mission
- Nob Hill
- Pacific Heights
- SOMA
- Western Addition
- Haight Ashbury
Screenshot of Walkscore heat map for SF and neighborhood rankings
Being able to walk to shops, grocery stores,restaurants, banks, and bars is a huge lifestyle upgrade that we SF’ers should never take for granted. Anyone who’s lived in a sprawling metropolis knows what we’re talking about. So while other cities waste their time sitting in traffic inhaling gas fumes, go out for a walk, breathe in the cool, fresh ocean air, and enjoy the weather! (and pat yourself on the back for consuming less oil AND for living in such an amazing city)
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Posted in Countdowns & Rankings, News | Tagged city rankings, neighborhood rankings, san francisco, san francisco real estate, walkability, walkable neighborhoods, walker's paradise | Leave a Comment »
July 6, 2009
We’ve been hearing a lot lately about the “second wave”. Although it seems like we’ve made it through the rough patch and confidence is slowly on the rise, many pundits agree that another blow to the economy could be coming our way. True, it’s tough to imagine another October ’08 or a frozen real estate market– the kind reminiscent of this past November thru February. But it could happen as unemployment continues to rise, ARMs reset, and foreclosures spike again.
An article from the SF Business Times was published today that highlights some of the ominous, looming forces that have yet to fully play out in the markets. It will be interesting to see what happens. While we don’t deny there is another wave coming, we’re curious how it will compare to the first one… particularly since there has been so much government intervention. As the article states, the size of the second wave could hinge upon Obama’s reappointment (or not) of Bernanke, whose term ends in February. Guess we’ll see how things shake out, and we’ll be prepped with boogie boards (or life preservers, depending).
Click HERE to read the article in full.
It's coming, but how big will it be?
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Posted in News | Tagged bernanke, economic crisis, fed, foreclosure, recession, san francisco, san francisco real estate, second wave of foreclosures, unemployment | Leave a Comment »
June 29, 2009
From a recent article at the San Francisco Business Times:
Some 3,019 new units of housing came online in 2008, the final burst of a condo construction bubble that peaked in 2006 and started to deflate in late 2007. Since then prices have dropped 20 to 30 percent. A recent Polaris Group report found there are 1,340 condominium units available for resale — 58 percent more than available in May 2008 and a 10.3-month supply. The one major condo project currently under construction, Jackson Pacific’s 180-unit One Hawthorne St., will come online in 2010.
Every major condo project expected to break ground in 2008 was shelved, including:
Urban West Associates’ 292-unit phase two of One Rincon Hill.
Bosa Development’s 318-unit phase two of the Radiance.
Crescent Heights’s 720-unit project at 1401 Market St.
Turnberry’s 227-unit tower at 45 Lansing St.
Some huge SF developments have been delayed or canceled altogether
As grim as the news sounds, we actually think this is a good thing for San Francisco’s real estate market, particularly the neighborhoods of Read the rest of this entry ?
Posted in Appraisal 101, News, Tips | Tagged condo development, condo inventory, condo projects, condo saturation, san francisco, san francisco real estate | Leave a Comment »
June 23, 2009
According to an article published on USAToday.com, lawmakers have proposed some fairly significant changes to the existing $8,000 tax credit available to first time home-buyers. Currently, the $8,000 credit is available to first time buyers (anyone who has not purchased a home within the past 3 years). Single people making less than $95,000 per year and married couples making less than $170,000 per year combined are eligible for a partial credit. Single people making less than $75,000 per year and married couples making less than $150,000 per year are eligible for the full credit. Buyers do not have to repay the credit if they own and occupy the home for three years or more.
The new legislative proposals include:
- Proposal 1: Tax credit to rise to $15,000. Eligibility no longer restricted to first time buyers. Income restrictions lifted.
- Proposal 2: The $8,000 tax credit would be extended until June 2010 and apply to all buyers. A $3,000 tax credit would be extended to those refinancing.
- Proposal 3: The $8,000 tax credit would be extended to all buyers through 2010.
No word on how realistic these proposals are, but they are floating around out there. The full article is available by clicking HERE.
Will new legislation save housing or create more problems?
*Always consult an accountant for tax advice.
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Posted in News | Tagged 8000 tax credit, first time buyer tax credit, san francisco, san francisco real estate, tax credit, tax credit proposals | 1 Comment »
June 19, 2009
The University of Wisconsin just completed a survey which was released by the Association of Foreign Investors in Real Estate (AFIRE). The survey involved questioning the AFIRE’s 200 members regarding their feelings on the US real estate market, which cities would be first to recover, and when recovery would begin. Here are some bullet points, and to check out the entire article courtesy of CNBC, click HERE.
First Cities To Recover:
- Washington D.C. (favored heavily)
- New York, NY.
- San Francisco, CA.
- Boston, MA.
- Los Angeles, CA.
Timing for Real Estate Recovery:
- Most respondents feel that recovery will begin in late Q2 2010.
- Investments during the latter half of ’09 will out-strip investments made in the first half of ’09.
Sectors to Recover First:
- Office Sector
- Multi-Family Sector
- Industrial Sector
"And the survey says!"
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Posted in Macro-Level Info, News | Tagged afire.org, association of foreign investors in real estate, macro level real estate analysis, real estate, real estate trends | Leave a Comment »
