Weekend Events and the Weekly Real Estate Update

This year, as the luck of the Irish would have it, St. Patrick’s Day falls on a Saturday. SF.FunCheap.com has published a comprehensive guide to the City’s Irish block parties, festivals, and parades. To see the complete list of events, click here. On Sunday, the Presidio Picnic 2018 season kicks-off at 11 A.M. on the Main Parade Ground Lawn.

On the “Homes for Sale in San Francisco” front, here’s our report for this week, 3/11/18 – 3/17/18

S.F. Starter Home Prices More Than Double in Only Five Years

The prices for a San Francisco starter home have more than doubled in the last five years, according to a recent report on SFGate.com. There has been a 103.3 percent increase during that time period in the least-expensive segment of the market.

The report divides housing stock into three equal segments based on value. In contrast to the least-expensive San Francisco homes, with a median price of $530,900, the most-expensive segment, with a median price of $1,559,400, has risen 70.4 percent in the last five years.

This trend of less-expensive home growth outpacing more-expensive home growth has been seen across the nation. Experts explain that owners of starter homes across the country are gaining equity faster than other homeowners because demand for entry-level homes continues to grow faster than supply.

While it appears this trend is accelerating nationwide, it’s worth noting that over the last year three markets — San Francisco, San Jose, and Seattle — have bucked the trend, with the most expensive homes gaining value faster than the least expensive homes. In San Francisco, for example, the least-expensive segment is up 9.5 percent in the last year, while the most-expensive third is up 11.6 percent.


Weekend Events and the Weekly Real Estate Update

It’s likely going to rain this weekend, so keep that in mind as you make your plans. Here are some things going on: On Saturday and Sunday, The Old Mint will be hosting San Francisco History Days, where you can immerse in San Francisco of yesteryear through film, photos, exhibits, presentations, and interactions. On Saturday the 38th Annual Black Cuisine Festival takes place in Bayview Hunters Point at the Dr. George W. Davis Senior Center. And on Sunday, there are a bunch of Oscar parties happening throughout the City. Go to sf.funcheap.com for information on many of them.

On the “Homes for Sale in San Francisco” front, here’s our report for this week, 2/15/18 – 3/3/18

Trends in the City’s Commercial Real Estate Market

Success has its rewards, and its challenges. We’ve discussed how San Francisco home prices have gone up dramatically in recent years, in part because of an expanding and affluent workforce. The tech sector is driving demand and the inventory of homes for sale hasn’t been able to keep up, especially when it comes to single family homes.

As you might expect, scarcity is impacting commercial real estate, right along with residential real estate. A recent report in the San Francisco Chronicle describes how Google, Apple, and Facebook are gobbling up commercial space throughout the Bay Area as they expand.

The presence of large tech companies can make it difficult for startups and other businesses to find space, as landlords may be more willing to work with established, deep-pocketed firms that can pay more rent, sign longer leases, and maybe even buy the property in the future.

Very real challenges exist in both commercial and residential real estate, but they are the byproduct of the Bay Area’s robust and enviable economy.

Weekend Events and the Weekly Real Estate Update

It’s once again a very busy weekend in San Francisco when it comes to events and activities. For starters, there’s the Chinese New Year Parade and Festival — always a big draw. The parade is on Saturday evening, and the festival takes place both Saturday and Sunday. The Noise Pop festival concludes its one-week run with shows and events throughout the City on Friday, Saturday, and Sunday. Finally, since this is the last weekend of the month,  TreasureFest (formerly Treasure Island Flea) will take place — this month featuring a Mardi Gras theme. There will be Mardi Gras beads, “buy one, get one free” craft hurricane cocktails, 30+ Food trucks and tents serving New Orleans inspired foods like West Coast Gumbo and California Beignets, live jazz music, and much more. 

On the “Homes for Sale in San Francisco” front, here’s our report for this week, 2/18/18 – 2/24/18

Home Prices Continue to Climb Across the Country

An uptick in existing-home sales in the final three months of 2017 pulled down housing inventory to an all-time low and kept home-price growth at its recent robust pace, according to the latest quarterly report by the National Association of REALTORS®.

In fact, across the country, home prices were up 5.3 percent in the fourth quarter in comparison to the same period in 2016, and in nearly two-thirds of the nation’s markets, home prices were at an all-time high.

Four of the five most expensive housing markets in the fourth quarter were in California, and yes, San Francisco was among them — ranked #2. As is often the case when national figures are released, San Francisco in this survey includes Oakland and Hayward. Here are the rankings:

San Jose metro area, where the median existing single-family price was $1,270,000; San Francisco-Oakland-Hayward, $920,000; Anaheim-Santa Ana-Irvine, $785,000; urban Honolulu, $760,600; and San Diego-Carlsbad, $610,000.


Weekend Events and the Weekly Real Estate Update

SF Beer Week comes to an end this weekend, as does Tulipmania at Pier39. There’s still time of course to enjoy both. On Sunday the Asian Art Museum hosts a day-long event to celebrate the start of the Chinese New Year. There’s a full schedule of family activities planned, including performances, workshops, story telling, and more.

On the “Homes for Sale in San Francisco” front, here’s our report for this week, 2/11/18 – 2/17/18

San Francisco Is Once Again the Nation’s Hottest Real Estate Market

In January, according to a realtor.com report, San Francisco took back the crown from San Jose, becoming once again the hottest real estate market in the country. San Jose came in second, followed by Vallejo. As usual, California dominated the survey, claiming 13 out of the top 20 spots.

In this study, the San Francisco market includes Oakland and Hayward. Rankings are based on the number of realtor.com listing views in each major metropolitan market (including satellite cities), plus the number of days homes spend on the market before being snapped up by buyers.

The other California cities ranking among the hottest markets in the nation are San Diego (No. 6), Santa Rosa (No. 7), Sacramento (No. 8), Stockton (No. 10), Modesto (No. 11), Fresno (No. 13), Los Angeles (No. 14), Chico (No. 16), Oxnard (No. 17), and Santa Cruz (No. 18).


Weekend Events and the Weekly Real Estate Update

There are a ton of things going on this weekend, and the weather should be beautiful! SF Beer Week and the  SFIndiFest film festival continue, the San Fransisco Giants host the team’s annual admission free  FanFest at AT&T Park, Tulipmania inundates Pier39 beginning on Saturday, and Chinatown hosts a number of events in anticipation of the larger celebration later this month — this weekend for example you can take in the Chinese Flower Fair and the Chinese New Year Mini-Parade.

On the “Homes for Sale in San Francisco” front, here’s our report for this week, 2/4/18 – 2/10/18

Three Different Cities with Three Different Sets of Challenges

The fundamental real estate challenge we are facing in San Francisco can be expressed in fairly simple terms — on the one hand you have a very low inventory of homes for sale, and on the other there is enormous buyer demand. Consequently, home prices continue to rise and some people hoping to buy homes in the City are unable to do so.

Other markets face other challenges, and they’re worth looking at in part to provide some perspective about what we are seeing here. Let’s look briefly at two markets that are the polar opposites of one another, yet both face real challenges that are very different from ours. We’re going to look at Manhattan and a community in Alabama, as described by articles on Bloomberg.com and in the Wall Street Journal respectively.

Mansions in Manhattan

In Manhattan, the demand for many of its most beautiful mansions has sagged over the past two years as new condominium buildings aimed at the world’s richest people have flooded the market. For the uninitiated, this may come as a surprise because the stately mansions that line Manhattan’s side streets represent a level of privilege that few glassy condominiums can confer. The trend, however, is clear: Mansions in Manhattan have gone out of style. With high list prices, inventory sitting on the market, a niche, high-maintenance product, and a thin sliver of possible buyers, Manhattan’s mansions have entered, over the past two years, a buyer’s market.

Starter Homes in Alabama

Foley, a town on Alabama’s Gulf Coast, is at the opposite end of the spectrum. A recent essay in the Wall Street Journal by Ryan Dezember traced his personal experience — his 10-year odyssey through America’s housing crisis — to shed light on what so many across America experienced. We never really fully felt this in San Francisco, as the City is typically the last in and the first out of any real estate downturn.

The writer bought his house in 2005, just prior to the housing market collapse. This year, he was finally able to sell his home at a tolerable loss, but the road to that sale was unbelievably arduous. The collapse was particularly brutal on Alabama’s Gulf Coast, which was in the midst of an anything-goes building boom when prices crashed. The region fell into a deep funk prolonged by the Deepwater Horizon oil spill and the opioid epidemic. In Audubon Place, his subdivision of starter homes, close to a third of its 109 houses were foreclosed. One of them twice.

San Francisco’s Singularity

Millions of Americans experienced the same thing in communities across the country. In contrast, the housing crisis seemed very distant for most San Franciscans. There weren’t many foreclosures in the City, and the dip in the market was very short-lived. We have our own set of real estate challenges to be sure, but our location, economy, and yes, scarcity of land and unwavering buyer demand, are enormous blessings!


Weekend Events and the Weekly Real Estate Update

It’s Super Bowl Weekend, and there’s not much to do but wait for the game and all the eating that goes with it. If you’re still not sure where you are going to watch the Super Bowl, sf.funcheap.com has published the perfect guide for you.  Super Bowl LII: Where to Watch tells you where to find SF’s biggest screens, arcade parties, puppy bowl celebrations, drink specials, and more. Of course, before all of this, you might want to take advantage of the beautiful weather we’re forecast to have, and join in one of Sunday’s 15 free San Francisco Walking Tours.

On the “Homes for Sale in San Francisco” front, here’s our report for this week, 1/28/18 – 1/3/18

SF Real Estate Is Expected to Be Hot Again in 2018

Even after a years-long boom, the San Francisco metropolitan area is still expected to be among the hottest U.S. housing markets in the country in 2018, according to an SF.Gate.com report. Factoring in home values, rents, and jobs, San Francisco is expected to rank as the No. 5 hottest real estate market in the nation.

For all the talk of the U.S. tax overhaul hitting wealthy blue-state real estate, the San Francisco Bay area is set for more home-price gains. Its technology-fueled economy and persistent housing shortage are sending values ever higher — and that may get even more pronounced as tech share sales create still more new millionaires in San Francisco and Silicon Valley. In short, home prices will keep rising as more startups go public or sell shares privately, generating cash for tech investors and workers.

In the city of San Francisco, low unemployment at 2.2 percent — along with the expansion of large employers such as Dropbox, Facebook, and Google — is likely to ensure demand for housing will continue to outstrip supply. The median house price in the City soared 11 percent to a record $1.5 million in the fourth quarter, while the average time it took to sell fell to two weeks from 22 days a year earlier.

To read the entire report, please click on, or copy and paste, the link that follows: http://bit.ly/2DLxEXc


Weekend Events and the Weekly Real Estate Update

SF Sketchfest — the annual San Francisco comedy festival — will end its two week run on Sunday. The eclectic festival will have hosted more than 200 shows across 16 venues before it’s over. SF Restaurant Week continues this weekend, and runs through next Wednesday. It’s a celebration of San Francisco’s world-class dining community. Nearly 130 restaurants are participating. Finally, The 16th Annual San Francisco Film Noir Festival returns to its home at the historic Castro Theatre tonight through Sunday, February 4th. 24 movies will be presented, all from the original film noir era, 1941 to 1953.

On the “Homes for Sale in San Francisco” front, here’s our report for this week, 1/21/18 – 1/27/18

4th Quarter 2017 San Francisco Real Estate Report

Hill & Co. just released its 4th Quarter 2017 San Francisco Real Estate Report. If you haven’t already seen it, you might want to take a look. The median sales price for San Francisco single family homes in the fourth quarter was $1,500,000, and the median sales price for San Francisco condos and lofts in the fourth quarter was $1,175,000.

Home prices reached new highs in San Francisco in 2017, as they have done every year for the past several years. For the year as a whole, the median sales price for a single family home was $1,417,671, with 2,253 sales recorded in 2017. The median sales price for a condo or loft was $1,150,000, with 2,791 sales recorded in 2017.

The Hill & Co. 4th quarter report includes these articles and features:

• How San Francisco home prices fared in 2017, and what to expect in 2018

• Record-breaking deals during a time of global and domestic uncertainty

• 4th Quarter home sales by neighborhood

• 4th Quarter single family home and condominium sales by month

• Listings from around the world

To view the 2017 4th Quarter San Francisco Real Estate Report, please click on, or copy and paste, the link that follows: http://bit.ly/2FYWtML