This Infographic Nails San Francisco Neighborhood Stereotypes

Perhaps with the intention to infuriate us all, roommate finder and rental website Apartment List has put out an infographic of the "typical" San Francisco roommates for some of the city's most popular neighborhoods. It is, of course, dead on. Obvious standouts include the mustache rocking Mission dweller resting on his fixie; the flip-flop sporting Marina bro; Pacific Heights fitness junkie with necessary Athletica yoga gear; incredibly stereotypical Upper Haight stoner dude; obnoxious startup founder in SoMa; Potrero Hill brogrammer who was recently laid off from Zynga; Noe Valley stroller pusher; boring rich Russian Hill person; and of course, a Lower Haight pseudo hippie with a flower in her hair. A few clues that suggest Apartment List may not be as tuned in as they think: Claiming a typical NoPa resident is a student at USF; the Nob Hill dweller is holding a Trader Joe's bag in lieu of a Le Beau one. Not offended yet? This map may help.

Text and info-graphics taken from: http://sf.curbed.com/archives/2014/05/01/this_infographic_nails_san_francisco_neighborhood_stereotypes.php 

Good News: Most Neighbors Like Each Other

“Good fences make good neighbors,” according to the poet Robert Frost, but in fact, most Americans are happy with their neighbors — fence or no fence.


A recent survey by the real estate classified ads website Trulia found that two-thirds of all Americans like their neighbors. And familiarity breeds contentment: 80 percent of people who know their neighbors’ names generally like them.

A close look at the numbers also shows a significant variance between homeowners and renters. Homeowners are more likely than renters to be agreeable to their neighbors  – 74 percent versus 58 percent — and to know their neighbors’ names: 61 percent versus 39 percent.

Here in the West we are the least likely to know our neighbors’ names — 49 percent, compared with 51 percent for residents in the Northeast and South, and 60 percent in the Midwest — but we’re not unfriendly. In fact, residents in the 13 Western states rank the highest for liking their neighbors: 72 percent, compared with 67 percent in the Northeast and Midwest, and 65 percent in the South.

Comparing suburban residents with city dwellers, folks in the suburbs are much more likely to know their neighbors’ names — 54 percent versus 46 percent — but only slightly more friendly: 68 percent versus 65 percent.

However, in most cases, suburban residents tend to be choosier about their neighbors than their city-based counterparts. For instance, while 38 percent of suburbanites feel that it is important that their neighbors are homeowners, only 29 percent of city dwellers express the same concern. And while 34 percent of suburban residents would prefer that their neighbors speak the same language, just 27 percent of urban residents concur.

Only 5 percent or respondents say they actively dislike their neighbors, and 61 percent say they would resolve a disagreement by trying to know a neighbor. But watch out for the 4 percent who claim they would get into a fight or an argument!



(Photo: Flickr/Rbotman01)

Real Estate Roundup: Bay Area Buyers Pay the Most for Homes in Top School Districts

Here’s a look at recent news of interest to homebuyers, home sellers, and the home-curious:


TOP-RATED SCHOOLS BOOST HOME PRICES $50 PER SQUARE FOOT
Forget the cost of private schools: U.S. homebuyers who seek a stellar public education for their children pay an average of $50 more per square foot for houses in top-ranking school districts versus those in average school districts, according to a recent study by Redfin.





Of the 27 U.S. markets included in the study, the top five areas where buyers paid the largest average premiums for top-performing public elementary schools were all in California.
San Jose ranked No. 1 on the list, with buyers forking over nearly $500,000 on top of the median sales price to obtain access to coveted schools. San Francisco placed second, followed by Los Angeles, Ventura, and San Diego.
However, Redfin’s study found that parents don’t necessarily need to break the bank to ensure their children get an excellent education. For instance, buyers in the San Jose area can save almost 44 percent by purchasing a home in the vicinity of  highly-ranked Meyerholz Elementary School as opposed to one located in a top-ranked school district.

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MORTGAGE RATES DROP DUE TO FEDERAL RESERVE DECISION
Thirty-year fixed-rate mortgages fell to 4.32 percent last week, the lowest they have been since late July.
Though mortgage rates are still up from a year ago, when they were at 3.40, they dropped 0.18 percent from the previous week. According to Freddie Mac Vice President and Chief Economist  Frank Nothaft, the Federal Reserve’s recent decision to continue purchasing mortgage-backed securities is the cause of the rate decrease.
“Mortgage rates fell following the Federal Reserve announcement that it will maintain its bond buying stimulus,” said Nothaft. “These low rates should somewhat offset the house price gains seen the last number of months and keep housing affordability elevated.”

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CALIFORNIA EQUITY SALES HIGHEST IN NEARLY SIX YEARS
In August, equity sales in California reached their highest levels since November 2007, as more underwater homeowners resurfaced.
According to the California Association of Realtors, equity sales have increased on a monthly basis for 18 of the past 19 months and now account for nearly 85 percent of transactions in the state. Of the seven California counties included in the list that posted single-digit distressed-sale percentages in August, five of them were in the Bay Area.
San Mateo County had the fewest percentage of distressed sales on CAR’s list, at 3 percent, followed by Santa Clara County at 4 percent. Other Bay Area counties with single-digit distressed-sale percentages include Contra Costa (6 percent), Alameda (7 percent), and Marin (8 percent).

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U.S. PENDING HOME SALES SLIDE FOR THIRD STRAIGHT MONTH
The U.S. Pending Home Sales Index has declined for the third consecutive month, according to data released by the National Association of Realtors.
Pending home sales slipped 1.6 percent from July but are still up 5.8 percent from August 2012. The index fell to  107.7 in August, down from 109.4 the previous month. Still, pending sales have shown  year-over-year improvements for the past 28 months.
According to NAR Chief Economist Lawrence Yun, the decline was not surprising given the flurry of activity earlier in the year.
“Sharply rising mortgage interest rates in the spring motivated buyers to make purchase decisions, culminating in a six-and-a-half-year peak for sales that were finalized last month,” said Yun.

(Image: Flickr/G Marshall)

Enjoy Stunning Views, Quiet Living in San Francisco’s Diamond Heights

Perched in the hills above Noe Valley and Glen Canyon, San Francisco’s Diamond Heights neighborhood offers a small-town feel with all the amenities of the city.

Sweeping views, a suburban-style shopping center, and easy commuting are among the perks Diamond Heights residents enjoy.

The neighborhood also boasts some fabulous mid-century and Eichler homes located along twisty streets surrounding the Diamond Heights Shopping Center, with its Safeway supermarket, Walgreens, and All Season Chinese Restaurant.


The iconic St. Nicholas Orthodox Church on Diamond Heights Boulevard makes for an interesting silhouette in the hilly neighborhood and operates a daycare and preschool.

Residents enjoy easy access to an array of shops and restaurants in nearby Noe Valley and Glen Park, as well as a variety of parks, including the gorgeous and expansive Glen Canyon Park.

Various Muni metro lines and the Glen Park BART station are just a bus ride away, and freeway access is a snap via O’Shaughnessy Boulevard.

Diamond Heights homes for sale are in demand: The number of single-family homes under contract increased 50 percent in April compared with a year earlier, according to MLS data. That same month, the average sale price rose 18 percent to $1.2 million, up from $1 million in April 2012.

The neighborhood also boasts an array of condominium and apartment complexes, including the Diamond Heights Village on Red Rock Way. In April the average condominium sale price shot up 53 percent to $480,800, from $313,750 a year earlier.

“Being situated between Noe Valley on one end and Glen Park on the other is a big plus,” StreetAdvisor user Sfsully wrote. “The village square that is Glen Park’s main commercial area beckons for those seeking a good book to read, a nice dinner, or just a stroll around some appealing storefronts and shop windows.

“The same goes for even-closer 24th Street in Noe Valley: a good plate of pasta, a cozy tavern, and more boutiques await those willing to make a short walk (or drive) down the hill,” he added.
Read more StreetAdvisor reviews of Diamond Heights here.



(Photo of Diamond Heights homes by Allan Ferguson, via Flickr.)

North Beach: Vibrant Nightlife & Dining, Rich Cultural History

One of San Francisco’s most classic neighborhoods, North Beach offers vibrant nightlife and dining, proximity to downtown, and a rich cultural history.

Cafee Trieste (North Beach, SF)

“There are so many beautiful landmarks — you have Saints Peter and Paul Church, and in Washington Square Park on any given morning you can see people doing tai chi,” said Patrick Barber, president of Pacific Union’s San Francisco region. “There are five restaurants or more on every single block and no shortage of nightlife. North Beach has great energy all the time.”

Also called Little Italy, North Beach was once an Italian-American neighborhood home to baseball great Joe DiMaggio and former San Francisco mayor Joseph L. Alioto. In the 1950s the neighborhood became a hangout of Beat Generation writers like Jack Kerouac, Allen Ginsberg, and Lawrence Ferlinghetti.

In 1953 Ferlinghetti founded City Lights Booksellers & Publishers, which still offers a wonderful selection of books at Broadway and Columbus Avenue. Numerous striptease establishments and other nightclubs line Broadway including the famous Condor Club, which opened in 1964.

Beach Blanket Babylon, billing itself as America’s longest-running musical revue, continues to attract crowds of tourists and locals alike.

Coit Tower in Pioneer Park is one of San Francisco’s most beloved landmarks, and a flock of green parrots have long made Telegraph Hill their home.

North Beach boasts numerous restaurants and cafes. Some favorites include former beatnik hangout Caffe Trieste, the 75-year-old Original Joe’s, Park Tavern with its delicious smoked deviled eggs and Marlowe burger, and Liguria Bakery, a classic establishment that remains open each day until it runs out of focaccia.

A line regularly snakes down the street for brunch at Mama’s on Washington Square.

Many North Beach homes for sale date back to the 1910s and 1920s. In addition to a large number of apartments, the neighborhood offers a range of condominiums, two- and four-unit buildings, and some single-family homes.

In February the median price for a North Beach condominium jumped 49 percent to $895,000, up from $599,500 a year earlier, according to MLS data.

View North Beach Property Listings
& Market Conditions

“My favorite thing about North Beach is it’s still one of the two original San Francisco neighborhoods,” Barber said.  “Its original charm is still present.”

(Photo of Caffe Trieste by Thomas Hawk, via Flickr.)

Marina Green neighbors see red over plan for Woodhouse Fish Co.

A woman walks her dog in front of the old, 

abandoned U.S. Naval Magnetic Silencing 

Range Building on the Marina Green. 

A plan for a restaurant on the site has some neighbors 

angry. Photo: Carlos Avila Gonzalez, The Chronicle

It is happening again. The city's Recreation and Park Department has yet another modest proposal for a small development on park land. And, of course, some members of the neighborhood have responded with torches and pitchforks.

The city's plan is to take a long-abandoned, fenced-off building on the water edge of the Marina Green and turn it into a small seafood restaurant that will serve beer and wine - only by the glass, by the way, and then only with an order of food.

"I think it is a great idea for families and kids to have a bite to eat," says Marina resident Shelli Meneghetti, whose kids played soccer on the adjoining field when they were small. "I just don't see the opposition."

Frankly, even for San Francisco, the backlash has been breathtaking. There are posters, petitions and protests. And there have been some incredibly crazy accusations: like that Rec and Park will pave over Marina Green.

"The fear is that this will turn into a Fisherman's Wharf on the Marina," said opponent Earl Adkins, publisher of the Marina Times.

That's nonsense. And the neighborhood opposition and hysteria is absurd.

Art Scampa looks out the window of his Marina Boulevard home.
He says he never received notice of the plan in 2011.
Photo: Carlos Avila Gonzalez, The Chronicle

But at the same time Rec and Park, which has seen its fair share of budget cuts over the past few years and needs to find a way to generate money to become more self-sufficient, isn't completely innocent either.

Troublesome pattern

Virtually every proposal Rec and Park has put forth - from a Blue Bottle Coffee cart at Dolores Park, to synthetic soccer fields at Beach Chalet, to a revamped boathouse at Stow Lake - has followed a distressingly divisive pattern.
Rec and Park oversees many of the city's gems. Projects should be scrutinized, which is why the department needs to do a better job of community education and outreach.
It holds community meetings that are sparsely attended and committee hearings that don't attract much notice. Then - just as the project is about to begin - vehement yowls of protest come from a few neighbors. They complain that they weren't properly notified and that Rec and Park is attempting to pull a fast one.
That's where we are on the Marina now.

A dog walker goes past Art Scampa's Marina Blvd., home in San Francisco, Calif., on Tuesday, March 5, 2013. Residents near the Marina Green in San Francisco, Calif., are none too happy with a proposed restaurant at the old, abandoned U.S. Naval Magnetic Silencing Range Building. Some are even taking to putting signs up in there homes showing their opposition.
Photo: Carlos Avila Gonzalez, The Chronicle

Sense of mistrust

"People don't trust Rec and Park," said Adkins. "They seem like nice people, but they're more like real estate developers than guardians of the parks."
Granted, if you want to kill a development, it is easier and more effective to wait until the last minute. And people who oppose projects are always noisier and more committed than those who don't have a problem.

But even those who support the Marina restaurant think more could have been done to prepare the community. Members of the Marina Community Association, which now supports the project after some initial reservations, say they hand-delivered flyers to every house up and down Marina Boulevard in 2011. "Supposedly," scoffs Art Scampa, an opponent. "Nobody I know saw that letter."

The association conducted an e-mail survey for about 400 of its members and wrote about the project for the neighborhood newspaper. There were also local meetings, although opinions vary about how effective they were.
But that's it.

Few requirements

Rec and Park did everything that was required. The problem is, not much is required. One Marina resident suggested some of the hue and cry could have been avoided if the department followed a required notification procedure like that of the Planning Department.

Planning requires developers to draft a notice describing a project, with design plans, that is mailed to residents. In addition, all applicable neighborhood groups are notified and a 30-day period is set aside to allow for comment. There's a window for historical review and potential discretionary review.

Now, if Rec and Park followed those guidelines, would it mean everything would go smoothly? Probably not. But it would inoculate the department from charges that somebody was trying to keep this quiet until the last minute.

As it stands now, the process is haphazard. The lightly staffed Rec and Park Department must depend on groups like the Marina Community Association to make its case and get out the information. The association, which had some real misgivings about the restaurant, did things the right way, meeting with Rec and Park, insisting on compromises and finally reaching agreement.

Need outreach

But that's the neighborhood group's role, to vet projects. Expecting it to do the polling and inform the neighborhood is too much. But the shortcomings of Rec and Park's outreach shouldn't doom the restaurant.

The project won't result in the demise of the neighborhood. It would be set well off the street, would close by 9 p.m., and the potential owners already run two much-praised Woodhouse Fish Co. restaurants in the city. The building would be virtually the same size, with almost no change in anyone's vista.

As for the critics, it is ironic to hear them say they are worried that alcohol-fueled diners might recklessly run over youth soccer players. Twelve years ago, when soccer was proposed on the Green, residents of houses facing the field were vehemently opposed - too much yelling, too many cars, too many whistles.

"It's not like these people moved to the bucolic backwoods," says Allan Kaplan, a 30-year Marina resident. "They moved to the Marina, where it is noisy as heck."
And getting noisier.


Photos & Article Sourced from: www.SFgate.com

Micro Neighborhoods are Popping Up!

Real estate agents swear by the premise that the right name can sell a house. This applies to a fancy name on a bronze plaque at a mansion's gated driveway, whether a street address uses "alley" or "avenue," the precise numbers in a zip code, and the nickname of a property's neighborhood or microhood. San Francisco seems to be adding new neighborhoods and microhoods all the time, and it all started decades ago.

Baby Boomer Creations

Urban waves of gentrification took hold in major American cities as the first baby boomers exited college in the late 1960s and chose not to settle in the suburbs. In Manhattan, former residential wastelands such as SoHo (South of Houston) and Tribeca (Triangle Below Canal Street) realized exponential growth throughout the following decade. With SoHo's historical cast-iron district gaining proper recognition from the New York City Landmarks Preservation Commission in 1973, the newly popular neighborhood naming trend spawned Dumbo (District Under the Manhattan Bridge Overpass), Nolita (North of Little Italy), Nomad (North of Madison Square), and other nicknames sprinkled throughout Lower Manhattan realtors' jargon.

San Francisco Style

Beginning with Silicon Valley, a 1970s catchword that caught on in the 1980s, the San Francisco Bay Area embraced the name game, too. Neighborhoods in San Francisco now gain nicknames nearly as quickly as new apps are started up by the high-tech crowd.

San Francisco's NOPA neighborhood

Microhoods Popping Up

Sometimes, a collection of a few streets is tagged as a neighborhood. How about just 100 residents? Frederick Knob between Cole Valley and Ashbury Heights in San Francisco consists of only two blocks between Clayton and Ashbury streets, yet it shows up with its own Wikipedia listing and is now labeled on Google Maps. There's Jordan Park, a pocket within Laurel Heights, which itself straddles Presidio Heights and Inner Richmond. There's long and narrow NoPa (North of Panhandle) with only two streets running through it. Banners hanging from street lamps indicate the boundaries of a little Little Saigon. Sandwiched between Post and Pine streets, where a dicey Tenderloin rubs noses with posh Nob Hill, the moniker Tendernob has gained wide usage. Or should it be called Nobberloin?

Newer 'Hoods

The large and well-known SoMa (South of Market) launched its Twitter-headquartered offspring, Mid-Market, with tax breaks to encourage venturing into the neighborhood. FiDi (Financial District, of course) is where virtually nobody lives, yet it has given birth to FiDiSo, home to the new $4.2 billion Transbay Transit Center. Will the name stick? While the first train is not due to pull in until 2020, it's a flashy new neighborhood that requires an equally cool nickname. Not many locals have yet heard of Somisspo, the intersection of South of Market, the Mission, and Potrero Hill. On the edge of Dolores Heights, adjacent to Mission Dolores, the label Baja Noe is being bantered about.

Little Saigon neighborhood, San Francisco

Who's Counting?

Pedestrian-friendly San Francisco is everyone's favorite city with its fabric of neighborhoods woven together. Wikipedia lists 117 neighborhoods in San Francisco. The real estate blog CurbedSF identifies 91. Clearly needing to catch up is the San Francisco Planning Department, which identifies only 36 neighborhoods.

Article & photos sourced from:  Yahoo!News.com

SF Planning Commission looks into Mission Bay Office Park

A new Mission Bay office park is in the works

 The Planning Commission will hear all about it tomorrow. Known only as Mission Bay Block 40, the new Perkins+Will designed 995,000 sq.ft. office building will have two "campuses", each featuring a five-story building connected to a 12-story building. They'll vary in height, with a max of 180 feet, and include 680 off-street parking spaces. Landscape plans from CMG also call for a couple pocket parks scattered throughout. The lot has never been developed because it's a wonky triangle shape, bordered by 280 and CalTrain tracks on the westside. 

No word on who the target tenant would be, but the Block 40 site is adjacent to both the UCSF Biomedical Research Campus and the three-hospital $1.5 billion UCSF Medical Center at Mission Bay. There hasn't been much public response, but the Mission Bay Citizens Advisory Committee reviewed the project and gave it their thumbs-up, but wanted to see the building's design incorporate curvilinear features and have greater differentiation in design. The Potrero Boosters on the other hand are tired of large block sites and want more diversity in building types and design. The Planning Commission only gets to approve the massive amount of office space - the design, land use, and development details will fall to the long winded-named Commission on Community Investment and Infrastructure of the Successor Agency to the Redevelopment Agency.

Photos & Article Sourced from sf.curbed.com

San Francisco Structure Celebrates Birthday, Prepares New Span For 2013

While the better-known bridge in the San Francisco Bay Area gets fireworks and fanfare on her birthday, the Bay Bridge celebrates her 76th with a more sensible celebration.

The San Francisco-Oakland Bay Bridge celebrated 76 years on Monday. And though the Golden Gate might be more recognizable, the Bay Bridge is the local workhorse, carrying about 270,000 vehicles a day and boasting one of the world's longest spans.

But the topic of discussion surrounding the Bay Bridge is hardly the anniversary, but rather the projected opening of the bridge's retrofitted new span next year. And with the near-completion of a complicated load transfer--the transition from its temporary to its permanent supports, and the last nail-biting part of the project--things are looking good.

"This was really the last big question for the bridge, and looks like it's about to be answered successfully," said Caltrans spokesman Bart Ney in an interview with the San Francisco Chronicle.

The new span has been a Bay Area hot topic since the earthquake of 1989 brought a section of the top deck crashing down on cars below it. (Several hiccups surrounding the over-budget, behind-schedule new span haven't helped.)

But if all goes according to plan, Bay Area commuters should be able to drive onto the new span by the end of next year.

Take a look at the progress of the project in our slideshow below, and Happy Birthday, Bay Bridge!

Article written by Huffington Post

2012 Q3 Market Update

	Joske Thompson This year has been a whirlwind in the real estate world. As you are probably aware our market has defied most professional predictions of where real estate is headed. My quarterly report will hopefully explain the market's current position and where you can expect it to be in the near future. As the average prices of homes have increased, the chance to snag a foreclosure or a short sale in this market has been dwindling. Competition for these fantastic investment opportunities are driving up the value and consequently the average price to buy into this market. The one thing you should take away from this report is that the San Francisco market is heading up. Now is a perfect time to assess your financial future; homes prices are relatively lower and more importantly interest rates are the lowest that we have seen in our lifetimes. Let me know how my expertise in this market can be of service to you. San Francisco: Q3 Results The summer months typically see a slowdown in home sales, but this summer was anything but slow. An exceptionally tight supply of homes on the market resulted in frenzied activity among buyers looking to get into contracts at all price points in the third quarter, and multiple bids were the norm for all fairly priced properties – both single-family homes and condominiums. Sellers found themselves choosing among multiple offers – in some cases 20 or more – which helped push single-family home prices higher across the city. Prices are now very close to the highs reached at the peak of the market in 2005-2006. The limited homes-for-sale availability, coupled with strong buyer demand, should contribute to an increase in the median price for single-family homes. We expect this will encourage more sellers to come off the sidelines, which will help inventory levels rise. Noe Valley, with its family-friendly ambience and the easy commute to the South Bay, was one of the hottest real estate markets in the third quarter. Overall sales volume in the neighborhood was sharply up compared with Q3 in 2011 – a trend that was also seen in the rest of the city’s District 5, which includes Cole Valley, Duboce Triangle, Haight-Ashbury, Mission Valley, and Twin Peaks. In the condominium market, limited inventory woes continued through Q3, with the months’ supply of inventory tightening up. Even though inventory was down 40 percent, sales were up 38 percent, year over year – a tremendous increase. As young professionals move into the city with cash in hand from recent tech IPOs and expansions, South Beach will certainly solidify its status as one of the most desirable neighborhoods for condos, especially along the waterfront. Looking Forward: The constrained inventory that has played havoc with buyers over the past year is finally showing signs of loosening. Our real estate professionals are hearing of a sharp increase in business for stagers, who typically prepare properties for sale, and for professionals who do pre-sale inspections, so expect to see a wider selection of homes for sale over the next six months. Median Sales Price The median sales price represents the midpoint in the range of all prices paid. It indicates that half the prices paid were higher than this number, and half were lower. It is not the same measure as “average” sales price. Single Family Homes – Median Sales Price Click to view larger chart Condominiums – Median Sales Price Click to view larger chart Months’ Supply of Inventory The months’ supply of inventory is a measure of how quickly the current supply of homes would be sold at the current sales rate, assuming no more homes came on the market. In general, an MSI below 4 is considered a seller’s market; between 4 and 6 is a balanced market; and above 6 is a buyer’s market. Single Family Homes – Months’ Supply of Inventory Click to view larger chart Condominiums – Months’ Supply of Inventory Click to view larger chart Average Days on the Market Average days on the market is a measure that indicates the pace of sales activity. It tracks, on average, the number of days a listing is active until it reaches close of escrow. Single Family Homes – Average Days on the Market Click to view larger chart Condominiums – Average Days on the Market Click to view larger chart Percentage of Properties Under Contract Percentage of properties under contract is a forward-looking indicator of sales activity. It tracks expected home sales before the paperwork is completed and the sale actually closes. Single Family Homes – Percentage of Properties Under Contract Click to view larger chart Condominiums – Percentage of Properties Under Contract Click to view larger chart Sales Price as a Percentage of Original Price Measuring the final sales price as a percentage of the original list price, without price adjustments, measures the success of a seller in receiving the hoped-for sales amount, but it also indicates the level of sales activity in a region. Single Family Homes – Sales Price as a Percentage of Original Price Click to view larger chart Condominiums – Sales Price as a Percentage of Original Price Click to view larger chart Delving into San Francisco’s Districts San Francisco is defined by 10 separate districts, each of which encompasses several neighborhoods. District 1: Inner Richmond, Central Richmond, Outer Richmond, Jordan Park/Laurel Heights, Lake, Lone Mountain, Sea Cliff. District 2: Outer Sunset, Central Sunset, Inner Sunset, Outer Parkside, Parkside, Inner Parkside, Golden Gate Heights. District 3: Pine Lake Park, Merced Manor, Lake Shore, Lakeside, Stonestown, Merced Heights, Ingleside, Ingleside Heights, Oceanview. District 4: Balboa Terrace, Diamond Heights, Forest Hill, Forest Hill Extension, Forest Knolls, Ingleside Terrace, Midtown Terrace, Miraloma Park, Monterey Heights, Mount Davidson Manor, Sherwood Forest, St. Francis Wood, Sunnyside, West Portal, Westwood Highlands, Westwood Park. District 5: Buena Vista/Ashbury Heights, Clarendon Heights, Cole Valley/Parnassus Heights, Corona Heights, Duboce Triangle, Eureka Valley/Dolores Heights, Glen Park, Haight-Ashbury, Mission Dolores, Noe Valley, Twin Peaks. District 6: Alamo Square, Anza Vista, Hayes Valley, Lower Pacific Heights, North Panhandle, Western Addition. District 7: Cow Hollow, Marina, Pacific Heights, Presidio Heights. District 8: Downtown, Financial District/Barbary Coast, Nob Hill, North Beach, North Waterfront, Russian Hill, Telegraph Hill, Tenderloin, Van Ness/Civic Center. District 9: Bernal Heights, Central Waterfront/Dogpatch, Inner Mission, Mission Bay, Potrero Hill, South Beach, South of Market, Yerba Buena. District 10: Bayview, Bayview Heights, Candlestick Point, Crocker Amazon, Excelsior, Hunters Point, Little Hollywood, Outer Mission, Mission Terrace, Portola, Silver Terrace, Visitacion Valley. Click to view larger chart Click to view larger chart Click to view larger chart Click to view larger chart Bay Area: Is the Housing Slump Over? By now you’ve heard the optimistic news emanating from the media and real estate experts across the country: Housing markets are back on their way up. Home values are rising, foreclosures are dropping, and housing starts are increasing. In addition, the Federal Reserve’s plan to purchase mortgage-backed securities to the tune of $40 billion a month should contribute to the climb by pushing down mortgage rates and boosting home prices. Sounds like great news, and it is. But to those of us in the Bay Area, it’s a bit of old news. In January, we predicted we’d see the best year in housing since 2006. So far we have – and there are strong indicators that’ll continue, thanks to sustained job growth, low interest rates, and aggressive buyer demand. If there’s a downside to all this, it’s that buyers who have been waiting on the sidelines hoping to pounce on a foreclosure or distressed property have likely missed their opportunity. The records being set for number of homes sold in the Bay Area are being accomplished with limited inventory, and this will contribute to price appreciation. The combination of buyer demand and a continuing constrained supply of available homes is leading to a return of one of the hallmarks of the heyday of Bay Area real estate: the bidding war. Multiple offers on well-priced properties are becoming the norm in many areas, and for every one buyer who lands the home, there are several frustrated suitors even more determined to find a new abode … thus fueling more multiple offers. We predict housing will be 3 to 6 percent more expensive by this time next year. For more about the return of the bidding wars, read our exclusive feature story below. And best wishes for a happy, healthy, and productive year-end! Going, Going, Gone! The Return of Bidding Wars Throughout 2012 we’ve seen continued improvements in our housing markets, and our predictions of enjoying the best real estate year in the Bay Area since 2006 seem to be coming true. Q3 has also brought the re-emergence of another characteristic of the heights of Bay Area real estate: bidding wars. Multiple offers on desirable properties have become common, and the bidding wars that result can test the nerves of the most seasoned real-estate veteran. Sellers in many Bay Area regions may receive 10 to 20 competing offers for a well-priced home; some homes are even luring 30 offers. Our regions experiencing the most bidding-war activity in Q3 included the East Bay, Contra Costa County, Marin County, San Francisco, and Sonoma Valley. Sonoma County as a whole saw moderate numbers of multiple offers. Napa County and the Tahoe/Truckee area had the fewest bidding wars. A robust economy, a skyrocketing housing market, and waves of tech dollars flowing from Silicon Valley spurred bidding wars during the real estate boom of the last decade. Today’s bidding wars owe more to the laws of supply and demand: too few homes on the market for too many eager buyers. After years of stagnation, the pent-up demand for homes in the Bay Area today is palpable, fueled by historically low interest rates, economic growth, and an increasingly expensive rental market. The problem: There’s precious little to buy. Prospective sellers are waiting on the sidelines, unwilling or unable to enter the marketplace. More than a quarter of all Bay Area homeowners today remain underwater, owing more on their mortgages than their properties are worth. Others won’t sell because they don’t have enough equity yet to buy another home, or are holding out for higher price points. This reluctance has driven down the supply of housing inventory across the Bay Area, which usually averages four to six months, to below two months in many regions. Cue the feeding frenzy, as hungry buyers compete against each other to land one of those homes. Bidding wars can be great news for sellers who price their properties appropriately. One of our real estate professionals recently helped a Bay Area client sell a home that attracted 27 bidders after just one week on the market. “The seller was completely taken aback by the interest in the property,” our real estate professional said. “We had to be careful with the pricing, but the market was hurting for inventory.” The home was offered at $417,000, slightly higher than comparable homes in the area. The eventual winning bid came in at $485,000 -- much of it in cash. The final selling price nearly matched what the owners paid in 2009. Looking ahead, multiple offers will likely stay on the scene for a year or more, although gradual increases in home values will bring more homeowners above water and back in the market. Meanwhile, although it can be frustrating for buyers to compete in a bidding war, it’s not necessarily a losing proposition. To improve your odds: Get pre-approved – not just prequalified -- for a loan, and offer the highest price you can. Make the highest down payment you can afford, and offer more cash if possible. If you are pre-approved and time permits, consider doing inspections in advance of your offer. The seller would likely respect your intent -- and you may then consider waiving any unnecessary contingencies to expedite the process. Don’t forget the personal touch: A “buyer’s letter” that lets the seller know how much you love and want the home can often spell the difference between two similar offers. And listen to the real estate professional representing you. He or she has unique knowledge about the neighborhoods and homes you’re evaluating, as well as expert insights into market conditions, and can give you valuable advice to tip the scales in your favor. Bay Area 10-Year Overview Here’s a look at home sales in the Bay Area’s real estate markets in the third quarter of 2012, with a glance back at the 10 preceding third quarters. Click here to see specific 10-year data on key cities in the Bay Area. Recent Activity FOR SALE 701 Minnesota #122 , Dogpatch Listed at $525,000 701minnesota.com SOLD 2040 Broadway #301 , San Francisco Listed at $2,100,000 2040broadway.com FOR SALE 3726 Cesar Chavez, Noe Valley Listed at $2,295,000 3726cesarchavez.com SOLD 2811 Vallejo St, San Francisco Sold at $3,600,000 2811Vallejo.com SOLD 455-457-457A Vermont, San Francisco Sold at $1,095,000 455Vermont.com SOLD 572 Missouri, San Francisco Sold at $925,000 Joske Thompson Providing 29 Years of Excellent Service 415.345.3100 Direct jthompson@pacunion.com www.joskethompson.com One Letterman Drive, Building C, Suite 300 San Francisco, CA 94129 © Pacific Union International, Inc. 2012. CA DRE #00843865