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59 new Santa Clarita listings 12 properties did not sell in the Santa Clarita Valley cities during the contractual time frames We are back - 351 distressed real estate listings are being tracked in the Santa Clarita Valley We have it broken down by bank owned, auction, pre foreclosure and sold to third properties You can see the listings that are involved in this process by typing in the words Foreclosure Update into the MacBoX at the top of this screen
Welcome to Hunters View. The homes on this hilltop in the Bayview-Hunters Point neighborhood of San Francisco offer views of downtown skyscrapers and the waterfront, and they’re close to the city’s newest transit line, down 3rd Street. They would be snapped up in a minute in today’s red-hot housing market were it not for one thing: they’re not for sale. These 107 new homes are designated as affordable housing, the first result of a public-private partnership that is throwing out the old affordable housing rulebook and creating a new one for the 21st century.
San Francisco’s HOPE SF was established nearly a decade ago to bring together the public and private sectors to rethink and replace the city’s run-down public housing. Isolating low-income residents had led to pockets of poverty, but the new rules integrate affordable and market-rate dwellings in mixed-income developments. Low-, moderate- and higher-income residents will coexist in neighborhoods that will include retail shops, access to transit, job training, parks, and playgrounds.
How is this possible in a city where the cost of living is second only to New York? To develop the $80 million first phase of Hunters View, city and state support, together with $41 million in tax-exempt bonds financed byCiti Community Capital, provided the funding. Market-rate housing in later phases will also offset some of the costs, and eventual plans call for replacing about 2,500 public housing units around San Francisco with 6,000 homes in similar developments.
Hunters View shows that desirable housing for working families can be built even in cities where rents and housing prices are sky-high. Learn more about how Citi is supporting Progress Makers in San Francisco and around the world at www.citi.com/progress.
Listen up, beleaguered buyers. According to Paragon Real Estate, rationality may be returning to the San Francisco property market. “The San Francisco market definitely cooled after the overheated feeding frenzy of the first half of the year,” according to the real-estate firm’s November report. “The competition between buyers for new listings declined to more rational levels: Homes that might have received 5 to 10 offers earlier in the year received 1 or 2 or 3.”
While getting three offers is still something sellers in most other marketplaces can only dream of, in San Francisco it could be a sign that pricing has finally reached its peak. “The number of expired and withdrawn listings jumped 18% August through October when compared to last year, to over 460 listings, as buyers decided many sellers were pushing the envelope on prices too far,” according to the report.
The home in the gallery above is a perfect example. 316 Warren Drive in Forest Knolls came to market August 21 at $1.695 million for 4 bedrooms and 3.5 bathrooms in 2,943 square feet. By September 10, the price had dropped to $1.575 million and two weeks later the fully detached three-story 1990 home dropped again to $1.428 million. It sold November 7 for $1.35 million.
Perhaps for this reason, the trend of underpricing homes in order to create market demand continued in the fall, and seems to be working. In October 2014, 57% of home sales and 31% of condo sales were more than 10% over their asking prices. However, in line with the cooling trend, 11% of homes and 20% of condos sold for within 1% of list price and 12% of homes and condos sold in October 2014 went for under the final list price, including price reductions. In fact, properties that saw a price reduction sat on the market for 81 days before an offer was accepted, versus only 29 days for properties with no price reductions.
In response, an increasing number of sellers have been removing their homes from market, rather than accepting a less-than-top-notch offer. In October 2014, 16% of home and condo listings expired without a sale; that number climbs to 21% when you include TICs and 2-4 unit buildings.
Does all of this data mean that a pricing plateau or even (gasp!) a buyer’s market could be on the horizon? Not so fast, says Paragon. “Most of the city’s listings have continued to sell quickly for well over the asking price and luxury home sales hit their highest number ever,” according to the report. “The autumn market has been very strong by any reasonable measure, just not one of utterly crazed competition.”
Emily Landes is a writer and editor who is obsessed with all things real estate. She also has a DIY problem that she blogs about at pritical.com.
A study in which a leading U.S. retailer targeted 565,000 email subscribers with both its regular emails and coordinated Facebook News Feed ads found that subscribers who received both were 22 percent more likely to make purchases than those who...
"A suspicion-confirming report from Paragon Real Estate Group points to three neighborhoods that have seen the greatest bump in home values since the financial crisis: Bayview, the Inner Mission, and Bernal Heights (in that order). But even if you didn't buy in one of those neighborhoods, you still have seen crazy appreciation in your home in the last three years, probably upwards of 40 percent.
The findings, written about here in the Chronicle, are based on a review of median sales price and average dollar-per-square-foot data for San Francisco homes in neighborhoods where there was enough sales data to compare.
The report doesn't include all of the 80-plus neighborhoods listed on the San Francisco Association of Realtors’ map, but it's nonetheless thorough. Here's the chart in question, which shows appreciation since the 2010-11 market bottom through today, with appreciation since the pre-crash peak of 2006-8 in a sidebar in red.
From the text of the report:
Over the past 3 years, in our latest market recovery, San Francisco neighborhoods have typically appreciated 40 - 50%, with an overall increase of approximately 44%. This correlates well with the Case-Shiller Index for the Metro Area, which estimates appreciation in the range of 42% - 46% for Bay Area mid and high-priced homes. As one can see in the percentages in red, most of the city’s neighborhoods have now exceeded, often by substantial margins, their previous peak values before the bubble popped. However, some of the neighborhoods hit hardest by the subprime crisis are still below their previous peaks.
Now for analysis of the top three appreciators, starting with Bayview, which is up 75% from 2010-11 but still down 12 percent from its 2006 market peak: "During the downturn, its housing market became dominated by distressed sales and it fell so far that now, with the disappearance of the subprime effect, its recovery has been equally dramatic. But because its bubble was so large, it is still below its 2006 peak value."
Second in line is the Mission, where the report is hip to demographic changes in this neighborhood. It appreciated 63% from 2010-11 and 46% from its 2007 pre-crash peak, and changes can be chalked up to a huge "change in buyer demographics over recent years: Though it had been slowly gentrifying since the nineties, more recently [the Mission] became a highly sought-after home location for young, hip, affluent, high-tech buyers. They love the Valencia Street corridor, being close to Dolores Park, the sunny weather and the [disappearing] edginess."
You can also wave goodbye to your dream home in Bernal, says the report. The neighborhood is up 57% since market bottom and 24% from a previous 2007 market peak: "Bernal Heights has become one of the most popular, more affordable, go-to neighborhoods for house buyers who like the neighborhood ambiance of the general Noe Valley area, but were priced out there by its rocketing prices."
Last, Here's the appreciation in good old fashioned $$$:
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