Weekend Events and the Weekly Real Estate Update

The holidays are officially here as SantaCon 2017 takes to the streets on Saturday, beginning around noon at Union Square. Wear a full Santa or elf suit, and bring a toy! Also happening Saturday, the 15th Annual San Francisco Parol Lantern Festival and Parade take place at Yerba Buena Gardens, Jessie Square, and St. Patrick’s Social Hall from 3 – 8 PM. The event is a Filipino holiday tradition — an expression of hope, blessings, luck, peace, and light. The Lower Haight Art Walk runs from 3 -8 PM on Saturday as well.


On the “Homes for Sale in San Francisco” front, here’s our report for this week, 12/3/17 – 12/9/17

The Tax Law Headed Our Way

Tax law is by its very nature complicated, and the tax legislation that made it through the senate over the weekend was 479 pages long. Nothing is final, but the president hopes to sign a $1.5 trillion tax cut package into law by the end of the year.

Things are going to move quickly, so we thought we would present you with a VERY brief snapshot of where things stand as of today — all in just a couple of paragraphs. You’ll really want to talk to your tax consultant about these matters, but here’s what we know:

It appears that under the new plan, mortgage interest would be deductible on loans up to $500,000 instead of the current $1 million for couples filing jointly. Real estate experts believe this could potentially weaken the incentive in high-cost markets where property deals often require large mortgages.

About 7 million homes, including a third of homes in California, would be affected by the mortgage-interest deduction cap if they were put on the market, according to a preliminary analysis by the National Association of Home Builders. The number of households that itemize to take advantage of the housing deduction would drop to less than 11 million from 34 million currently, according to the group.

The plan could also limit home sales in other ways. Under current law, a couple who sells their home is able to exclude up to $500,000 in capital gains from their gross income, as long as they used the home as their principal residence for two of the past five years. Under the new plan, they’d need to use it as their principal residence for five of the past eight years to qualify. Instead of being able to use that exclusion every two years, they’d be able to use it only every five years.

Here are some links to reports that provide more details on how the new tax law may impact you as a homeowner or home buyer. If interested, please click on, or copy and paste, the links that follow:

Forbes Report: http://bit.ly/2ippnLr

Chicago Tribune Report: http://trib.in/2iWWHxh

CNBC Report: http://cnb.cx/2AUWyS0

Mercury News Report #1 http://bayareane.ws/2AZuBoj

Mercury News Report #2: http://bayareane.ws/2AOpdbd

Advertisements

Weekend Events and the Weekly Real Estate Update

This Saturday there will be four holiday block parties, happening in Cow Hollow, Hayes Valley, Dogpatch, and the Valencia Corridor. Also on Saturday, the 12th Annual Supermarket Street Sweep will take place. It’s a bike race that benefits SF-Marin Food Bank think bikes, groceries, and lots of pedaling. On Saturday at 7PM and Sunday at 3PM, the San Francisco Lyric Chorus will be performing at the Mission Dolores Basilia. It’s always a wonderful way to experience some of the most beautiful music ever created!


On the “Homes for Sale in San Francisco” front, here’s our report for this week, 11/26/17 – 12/2/17

Housing Pipeline Holds as Construction Rises in San Francisco

Today we’re going to present you with some housing pipeline numbers, courtesy of SocketSite.com. The overall pipeline of apartments and condos under development in San Francisco is holding around 63,500, having peaked at 63,700 in the third quarter of 2016.

There are roughly 7,000 units of housing under construction across the city which should be ready for occupancy within the next year or two. That represents an increase of 26 percent from the 5,600 units under construction in the first quarter of this year.

In addition, there are now 11,150 net-new units of housing for which building permits have either been issued, approved or requested, and 31,500 units in projects that have already been approved but not yet permitted — the latter includes the majority of the 10,500 units by Candlestick, 7,800 units on Treasure Island and 5,680 units at Parkmerced, projects which have overall timelines measured in decades, not years.

Weekend Events and the Weekly Real Estate Update

Starting tomorrow, and running successive weekends (and one Friday) through December 17, the Great Dickens Christmas Fair & Victorian Holiday Party will be taking place at the Cow Palace in San Francisco. The immersive event, now in its 35th season, transforms the venue into Victorian London with the help of 800 performers dressed in period costume. Also this weekend, on Sunday Pier 39 offers an afternoon of activities and entertainment culminating with a tree lighting celebration at 6PM.


On the “Homes for Sale in San Francisco” front, here’s our report for this week, 11/12/17 – 11/18/17

It’s Price Reduction Season

Very expensive San Francisco homes tend to sell in greater numbers in October, according to a recent SFGate.com real estate report. Homes with a value of more than $3 million made up 17 percent of all sales in October, compared to 10 percent of annual sales.

At the same time, price reductions soar in October and November as sellers with time constraints try to make their homes more desirable and get in a quick sale before they lose buyers to holiday travels.

For example, according to the report, last year there were over 200 price reductions in October and about 140 more in November per the MLS. By comparison, in March, when buying picks up again after a winter lull, there are typically around 50 price reductions reported.

Weekend Events and the Weekly Real Estate Update

The holidays are just around the corner, and there’s already so much going on. For starters, the Renegade Craft Fair takes place all weekend long at Fort Mason. On Saturday at Ocean Beach you’ll find the 35th Annual Sandcastle Classic from 11AM to 3:30PM — the biggest competition of its kind in Northern California. Then on Sunday, at 11AM in Fisherman’s Wharf, the 97th Annual Veteran’s Day Parade takes place. Finally, also on Sunday, you can enjoy a free concert at Herbst Theatre. From 3PM to 5PM The San Francisco Civic Music Association presents Mozart to Mendelssohn. Seating is limited, so if you’re interested in attending visit their Eventbrite page today!


On the “Homes for Sale in San Francisco” front, here’s our report for this week, 11/5/17 – 11/11/17

Home Prices Continue to Climb, Especially in the West

In a recent report, real estate news service RISMedia said home prices keep rolling nationwide, up 5.3 percent in third quarter of 2017.

The report quotes Lawrence Yun, chief economist at the National Association of Realtors, who said, “The stock market’s climb to new record highs, the continued stretch of outstanding job growth, and mortgage rates under 4 percent kept homebuyer demand at a very robust level throughout the summer. Unfortunately, the pace of new listings was unable to replace what was quickly sold. Home shoppers had little to choose from, and many had to outbid others in order to close on a home. The end result was a slowdown in sales from earlier in the year, steadfast price growth, and weakening affordability conditions.”

According to the report in the third quarter home prices in the West grew at the highest year-over-year rate, 7.0 percent to a median existing single-family value of $373,700. Prices in the Midwest followed at 5.6 percent to a median $202,400, while prices in the South were up 5.5 percent to a median $226,100. Prices in the Northeast grew at the lowest year-over-year rate, 4.1 percent to a median $283,300.

When measured by median existing single family home price, four of the five most expensive metro areas in the country are in California: San Jose ($1,165,000); San Francisco ($900,000); Anaheim-Santa Ana ($790,000); urban Honolulu, Hawaii ($760,200); and San Diego ($607,000).

Keep in mind these are metro areas, and so the San Francisco figure is different from what you typically see in our reports because the metro region that RISMedia is referring to extends beyond San Francisco’s city limits.

Weekend Events and the Weekly Real Estate Update

The 12th Annual “Snowbomb” Ski & Snowboard Festival takes place this Saturday and Sunday from 10AM to 6PM both days at Pier 35. It’s a celebration of all things snow, for skiers and snowboarders alike! On Saturday, the first 500 guests will get free ice cream at the grand reopening of the Häagen-Dazs shop in the Westfield San Francisco Centre Mall. Also on Saturday, the 2nd Annual “SingFest” 200-Voice Choir Music Festival takes place at the beautiful Mission Dolores Basilica from 8 to 10PM. It’s a free event, and it’s your chance to listen to over 200 hundred voices raised in song in this spectacular setting.


On the “Homes for Sale in San Francisco” front, here’s our report for this week, 10/29/17 – 11/4/17

San Francisco Has One of the Lowest Eviction Rates in the Nation

Rental site ApartmentList released a study last Thursday breaking down eviction data in major metros across the U.S. and came up with some potentially surprising news for the Bay Area: San Jose and San Francisco had the lowest and second-lowest eviction rates nationwide, respectively.

ApartmentList economist Chris Salviati acknowledges that this seems unexpected, saying:

“Although displacement of long-time renters is a sensitive and high-profile topic in fast-gentrifying markets such as the Bay Area, these metros actually tend to have lower overall eviction rates.”

“The list of metros with the lowest eviction rates contains locations well-known for their lack of affordability, such as San Jose, San Francisco, Boston and New York. While this result may seem counterintuitive, it seems to be driven by the fact that the most expensive areas also tend to have the best job opportunities.”

To reach this conclusion, Salviati referenced ApartmentLists’s annual renter survey (which drew roughly 41,000 responses) as well as the self-reported rental history of ApartmentList users. The results found that 1.2 percent of renters in San Jose had experienced an eviction, along with 1.6 percent of San Francisco renters, the lowest rates of all cities studied.

The highest eviction rate nationwide was Memphis, TN, with 6.1 percent. The national average came in at 3.3 percent.

To see the entire sf.curbed.com report and to learn more about the study, click on, or copy and paste, the link that follows: http://bit.ly/2iglJ66

Forbes Just Named San Francisco the Coolest City in America

Another week, another survey. This time San Francisco was named the “Coolest” city in the country by Forbes. In fact, Forbes said, “San Francisco may be an almost perfect embodiment of coolness today.”

How did they determine this? According to SFGate, they used the following criteria:

  • Quality and quantity of recreational options, including sporting events, parks and zoos.
  • Share of non-chain restaurants in each city.
  • Percentage of commuters who use “eco-friendly” means of transportation such as bikes, mass transit or hybrid/electric cars.
  • Number of coffee shops, coffee roasters and breweries (the logic is that most people want to start their day with good coffee and end it with good beer).
  • Number of bars and clubs.
  • Net migration from 2010 to 2016.
  • Share of the population aged 25 to 34.
  • Diversity levels determined by Sperling’s Diversity Index.
  • Small business employment growth between 2010 and 2015.

“San Francisco is crushing it,” says Bert Sperling, founder of Sperling’s Best Places, Forbes’ partner on this semi-annual list. “It is very tough to deny that looking at what the readers and users have said they are looking for seems to be San Francisco.”

Sounds good to us, and explains why we love it here so much — though as the report points out, we do pay a premium to live here!

Weekend Events and the Weekly Real Estate Update

It’s Halloween weekend! Need we say more? For a complete list of activities — from neighborhood costume parties for kids to dance parties for adults — click here.


On the “Homes for Sale in San Francisco” front, here’s our report for this week, 10/22/17 – 10/28/17

3rd Quarter San Francisco Real Estate Report Just Released

Hill & Co. just released its 3rd 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 third quarter was $1,370,800, and the median sales price for San Francisco condos and lofts in the third quarter was $1,161,600. The local real estate market remains incredibly hot, and all indications are it will remain so in October and November.

The lead story in the Hill & Co. report offers an analysis of the housing crisis that exists in San Francisco, the Bay Area, and throughout California. It explains how low inventories and affordability barriers have become more commonplace in recent years, and the significant impact this has had on the real estate market both locally and across the state. Thereʼs also an article that presents the top ten reasons to list a home during the holidays.

The report features a number of charts, including second quarter home sales by neighborhood.

To see the entire report click here.