San Francisco Peninsula Update on the Housing Market

February 11, 2013

40verbaleelane-hillsboroughOn the San Francisco Peninsula there are 14 active and 16 pending sales in Burlingame. Low inventory continues to be a problem everywhere. It is amazing how agents keep coming up with properties to sell to their waiting “pent up” buyers. Our Burlingame office just had 50 offers on a pair of fixer properties in San Mateo, which sold all cash substantially over asking price. There is little new inventory coming on in Hillsborough, however the high end is starting to show movement with four properties over $10 million and two over $5 million now in escrow. This is very encouraging to see high-end buyers actively in the market. Our Palo Alto manager says the inventory is even scarcer (if possible) than last year – while the demand is higher. Lack of inventory is the biggest concern for agents and clients in the Redwood City-San Carlos area. Agents are working in a wider area in order to find properties for their buyers. In San Mateo, our manager sees a slight increase in listings. Homes that are off-market coming back on the MLS in the Woodside and Portola Valley area. Sales have picked up over the past two weeks. Everyone has lots of buyers – not too many sellers yet.

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Celebrity Historical Homes For Sale

January 6, 2013

Al Capone's house in Varadero

Al Capone’s house in Varadero (Photo credit: Dani Figueiredo)

 

Al Capone's house in Varadero

Al Capone’s house in Varadero (Photo credit: Dani Figueiredo)

Happy New Year Everyone!

Please enjoy our new Celebrity Homes that are Historical that are on the Market. Check out Regan, Al Capone, and Virsace…

http://xfinity.comcast.net/video/legendary-celebrity-homes-on-the-market/13783107803

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Spectacular Home

December 28, 2012

Check out Larry Hagman’s home for sale in Ojai! It is even narrated by himself. A spectacular home.

http://www.hagmanheaven.com/ojaimain.html

San Carlos One of Top Real Estate Home Prices

December 2, 2012

San Carlos Tenth Most Expensive Real Estate Market in Country…
 
This home on Beverly Dr. in San Carlos is listed at $1,585,000, Courtesy of Coldwell Banker.
 
Tech investor Yuri Milner's $100 million home made headlines when he bought it in March 2011. In July 2012, it was assessed at just half that figure    Credit Courtesy of Google Satellite
This home on Willow Road in Belmont is listed for $1,995,000Credit Courtesy of Re/Max
This home on Beverly Dr. in San Carlos is listed at </p><br />
<p>$1,585,000Credit Courtesy of Coldwell Banker
This home on Northam Ave. is listed at $1,795,000

How much does it cost to buy a four-bedroom, two-bath house?

This year, Los Altos/Los Altos Hills, at an average price of $1,706,688, is the most expensive market in the country when it comes to how much house your dollar will buy, according to Coldwell Banker’s annual Home Listing Report.

And San Carlos isn’t far behind, ranking 10th on the list, with an average listing price for a four-bedroom, two-bath home priced at $1,230,880 (wedged right between Carmel-by-the-Sea and Greenwich, CT). Belmont comes in at number 15, with an average home price of $1,098,777.

In fact, of the nation’s top five most expensive markets, four are on the lower Peninsula and Santa Clara County, and all are in California. Besides Los Altos, they include Saratoga ($1,582,434), Menlo Park ($1,506,909), and Palo Alto ($1,495,364). Newport Beach, in the No. 2 position ($1,658,000), was the only market outside of the Bay Area in the top five.

Coldwell Banker attributes Los Altos’ ranking to the confluence of tech and desirable locations. Google, Apple, Facebook and Stanford University are all located within 15 minutes of Los Altos, Coldwell Banker observed. And, so are the other top-five cities Saratoga, Menlo Park and Palo Alto.

And Los Altos Hills is the town that brought you the $100 million home, purchased by Russian tech investor Yuri Milner in 2011.

“The success of many of our native tech companies has shined a spotlight on Silicon Valley and our real estate market in the San Francisco Bay Area,” said Rick Turley, president of Coldwell Banker Residential Brokerage in the San Francisco Bay Area, in a written statement.

In fact, among the top 20 most expensive markets in the country, ten of them are on the Peninsula or in Santa Clara Valley. They include the additional cities (in order of price) of Los Gatos, San Carlos, Cupertino, San Francisco and Redwood City.

High demand, low inventory, desirability and population projections all figure into the prices, Turley said.

Conversely, the most affordable was in Redford, Michigan, where the average a four-bedroom, two bath house cost $60,490—or 28 times less than the same house in Los Altos.

Coldwell Banker lists both the top 20 most affordable and the most expensive in the chart below.

For a state-by-state ranking, see this Coldwell Banker link.

Rank Most Expensive State Avg Listing Price Most Affordable States Avg. Listing Price
1 Los Altos $1,706,688 Redford, Mich $60,490
2 Newport Beach, Calif. $1,658,000 College Park, GA $62,080
3 Saratoga $1,582,434 Detroit, Mich. $65,155
4 Menlo Park $1,506,909 Cleveland, Ohio $70,0665
5 Palo Alto $1,495,464 Poinciana, Fla. $76,341
6 Los Gatos $1,444,214 Hastings, Fla $78,840
7 Rye, N.Y. $1,312,250 Jonesboro, GA $79,686
8 Kailua, Hawaii $1,238,208 Park Forest, Ill. $81,107
9 Carmel-By-the-Sea $1,232,167 Augusta, GA $83,966
10 San Carlos $1,230,880 Johnstown, Penn. $84,173
11 Greenwich, Conn. $1,200,525 Cleveland Heights, Ohio $84,535
12 Cupertino $1,151,145 Saginaw, Mich. $85,345
13 San Francisco $1,132,086 Fort Pierce, Fla. $89,292
14 Weston, Mass $1,105,692 Country Club Hills, Ill. $90,788
15 Belmont $1,098,777 Irvington, N.J. $92,264
16 Boulder, Colo $1,084,183 Lehigh Acres, Fla $92,819
17 Orono, Minn. $1,070,203 Terrell, Texas $96,329
18 Mercer Island, Wash. $1,059,411 Warren, Mich. $96,349
19 Darien, Conn. $1,056,933 Ellenwood, Ga. $97,850
20 Redwood City $1,010,394 Maricopa, Ariz $97,886

 

 

World’s Most Expensive Home

November 25, 2012

English: Panorama of the beachfront of Nice, F...

English: Panorama of the beachfront of Nice, France. (Photo credit: Wikipedia)

http://youtu.be/ej9zGQbo67w

Check out this video on the world’s most expensive home which is located in Nice, France.

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Olivia Wilde Lists Home for Sale, Buys in New York

November 10, 2012

Some people move cross-country for jobs.

Others move cross-country for love.

Actress Olivia Wilde recently picked up a new place in New York, listing her home in Los Angeles for sale.

She readily admits she moved for her boyfriend, actor Jason Sudeikis. In a recent interview with USA Today, the “House” actress said she’s been spending time “decorating our new apartment. That’s a lot of what I do.”

Wilde’s Los Feliz place, pictured in the gallery, was formerly listed as a rental for $9,500 a month, but apparently the relationship is serious enough that she’s ready to dump her West Coast digs. She bought the home in March 2011 for $2.295 million, according to property listings. The home is listed for $2.495 million.

Located at 2510 Chislehurst Pl, Los Angeles, CA 90027, Wilde’s home is a classic 1929 Spanish-style villa with original architectural details such as Malibu tile, wood floors, stained glass and iron work. Measuring 3.284 square feet, the home has 4 beds, 3 baths, a library and media/screening room. The private property also includes video surveillance.

Wilde’s new place in New York is a tad smaller. The 2-bed, 2.5-bath apartment is just 1,950 square feet. Good thing Wilde is a native New Yorker and likely used to the high prices for smaller spaces in the Big Apple. According to property records, Wilde closed on the Manhattan apartment for $3.225 million. The loft has enormous windows, hardwood floors and open spaces perfect for entertaining.

 

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Historical Home for the Future, Michael Jackson’s Home Sells….

November 5, 2012

Michael Jackson ‘s last home is off the market.

The Holmby Hills mansion where the King of Pop died tragically in June 2009 has finally sold for $18.1 million, according to the Wall Street Journal .

That figure is well below the $29 million the house’s owners, Hubert Guez, head of Ed Hardy apparel, and his wife Roxanne had originally been asking for when they put the estate on the market back in 2010.

Michael Jackson’s death house: ready for the grand tour

Mauricio Umansky, the listing agent representing both parties in the transaction (and hubby of The Real Housewives of Beverly HillsKyle Richards), could not be reached for comment on the sale. Nor was the buyer’s identity disclosed.

But sources told the paper that the chateu-style property was purchased by Steven Mayer, a senior managing director of private investment firm Cerberus Capital Management.

Nestled in the posh Holmby Hills neighborhood of Beverly Hills, the 17,000-square-foot residence sports seven bedrooms, 13 bathrooms, and 12 working fireplaces. The 1.3-acre abode also boasts a wine cellar, theater, tasting room, spa with a gym, guest house, along with a pool and gardens.

More pics of Michael Jackson’s death house

A photo of an entrance courtyard of a luxury h...

A photo of an entrance courtyard of a luxury home in Beverly Hills (Photo credit: Wikipedia)

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Mixed Economic Signals: Better GDP & Housing vs. Worse Corporate Earnings

October 26, 2012

 In the last year alone, we’ve seen inventory in San Francisco drop 62 percent from 2,003 units to just 758 units for sale; while the price has climbed 27 percent, as this chart shows:

 

By now it’s clear that this will not be an easy economic recovery. For every two steps forward we take one step back, as this week’s mixed economic signals show.

On one hand, it was good to see improved GDP growth figures announced Friday. The U.S. economy grew at a better-than-expected 2 percent annual rate in the third quarter, the Commerce Department announced. That’s up from a 1.3 percent growth rate in the second quarter.

The improvement was driven in part by greater consumer spending, but also defense spending and the government sector. Many analysts cautioned that the economy is still facing significant headwinds and warned that GDP isn’t likely to climb much above this level through the coming year.

On the bright side, real estate continues to be one of the better performing sectors of the economy, as the recent Bay Area housing report from DataQuick reaffirmed. The La Jolla-based real estate research firm reported that Bay Area home prices last month rose to their highest level in more than four years and attributed it to a slowly improving economy, low mortgage interest rates and shifts in market mix.

The median sale price for all new and resale homes in the nine-county Bay Area rose to $429,000 in September, up 17.5 percent from a year ago. It was the highest since August 2008 when it was $447,000, according DataQuick.

Additionally, sales continue to climb steadily. A total of 6,850 new and resale homes were sold in the Bay Area last month, up 1.5 percent from 6,749 for September 2011. And the mix of homes is encouraging with a continued decline in the percentage of foreclosures and distressed sales and a steady increase in “regular” sales and transactions in the middle and upper ends of the market.

“It’s obvious that a lot of fence-sitters are getting active,” John Walsh, DataQuick president, said in a statement. “We’re probably past that most attractive of mathematical sweet spots, the one that combines low interest rates and low prices. In other words, price increases the past few months outweigh mortgage rate declines.”

What was particularly interesting to me is that higher-priced markets around the Bay saw the biggest uptick in sales. San Francisco led the way with a whopping 23.3 percent increase in sales volume, followed by Marin County with 12.1 percent, San Mateo with 7.9 percent, and Santa Clara with 2.6 percent.

Those sales volume gains were offset by declines in less expensive markets in our region, including an 11.4 percent drop in Solano, 5.5 percent decline in Sonoma, and 1.9 percent in Alameda. Contra Costa was up fractionally while Napa was 1.6 percent higher.

In the last year alone, we’ve seen inventory in San Francisco drop 62 percent from 2,003 units to just 758 units for sale; while the price has climbed 27 percent, as this chart shows:

Silicon Valley has seen the same trend with Santa Clara County inventory down 66 percent over the past year and the price up 31 percent.

Of course, in this choppy economic recovery we continue to expect setbacks. And Wall Street has given us those in recent weeks. The majority of companies reporting earnings this season are announcing they have fallen short of forecasts. The market has responded to the disappointing numbers with the Dow off about 4 percent from its peak level and hovering just about 13,000.

With the upcoming presidential election and the impending “fiscal cliff” staring us in the face, I suspect we’ll see more volatility in the financial markets and the economy in the weeks and months ahead. But all indications are pointing to a continued healthy, if not robust, housing market.

 

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Tax Advantage of the Mortgage Debt Relief Forgiveness Act Benefits….

October 22, 2012

For the year end of 2012, the most important tax mortgage debt relief forgiveness act.

This law exempts current homeowners from the hidden, serious income taxes that are normally incurred when mortgage debt is forgiven – including in cases where an underwater home is sold short. See, a mortgage lender extends cash to a borrower when they make a mortgage on a home. If that debt is wiped out without actually being paid back, then the cash that was extended to that borrower is normally considered income by the IRS, and is taxed as such.

‘Nightmare on Elm Street’ House Was Truly Scary Before Rehab

October 21, 2012

 A little history before Halloween!!!

Angie Hill bought the “Nightmare on Elm Street” home in 2006, even though it was not really on Elm Street. This was the house the Freedy Krueger haunted as a real nightmare on “Nightmare on Elm Street”.

Angie Hill lives in one of the most legendary horror homes in movies: the house with the scariest basement in America, where Nancy Thompson faced the sharp-fingered Krueger in the original 1984 slasher flick “A Nightmare on Elm Street.” (Of course, the real home used for filming is in Los Angeles, not the fictional Springwood, OH, and it’s on North Genesee Avenue, not Elm Street.)

It was a delightful suburban cottage when it appeared in the film, but when Angie snatched it up 22 years later, it looked like something out of a scary movie. Neglected by the previous family who owned it, the house was falling apart.

“It was horrible,” Angie said. “It was the only house on the street that looked beaten up. …The pool looked like it hadn’t been touched in 10 years — it was black.

Paint was chipping, and cracks were showing all over the home’s exterior, and the concrete patio in the backyard was breaking apart.

“It had the weirdest vibe,” Angie said. “You could feel the weird energy. There was a really oppressive odor.”

Angie bought the place anyway with the intention of completely renovating it. First, she burned sage to clear the energy in the house, she said. Then, she took apart 90 percent of the entire home — walls, ceilings, the roof — and replaced them. “I ripped off half the house.”

Only a portion of the exterior shell of the house remained intact while she gut-renovated every room. The work was so extensive that it took nearly a year to complete before she could officially move in. But it was all worth it: “I love my house,” Angie said.

The front exterior of the house still looks mostly the same as it did in “Elm Street,” save for a new, striking red door. Cult followers of the classic horror film still recognize it today.

“People stop and take pictures, and there’s a tour bus that goes by three times a day,” Angie said. “Sometimes people come to the door and say stupid things like, ‘Do you know what house this is?’ ”

But, she admits, the home’s fictional history of horror still has a very real effect on her.

“I used to be afraid to go in the basement,” she said.

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