Archive for March, 2010
Market Charts by Week
The next newsletter will come out after the 1st Quarter Data comes in (somewhere around April 7). In the meantime, here are market charts showing trends by WEEK over the past 6 months through March 21st . It’s not unusual for statistics to fluctuate by week without there being a huge significance.
Homes For Sale (Active): Houses & Condos: Gradually Increasing
$18,000 in Combined Homebuyer Tax Credits for a Limited Time
From CAR: “On Monday, the legislature passed AB 183 (Caballero & Ashburn) which would provide $200 million for homebuyer tax credits. The Governor is expected to sign AB 183 into law before the end of the week. C.A.R. supported this important legislation.
AB 183, formerly SB 4 of the sixth extraordinary session (Ashburn), is part of a package of four bills, passed at the request of the Governor, designed to help stimulate the economy and create jobs. The bill allocates $100 million for qualified first time home buyers of existing homes and $100 million for purchasers of new, or previously unoccupied, homes. The eligible taxpayer who closes escrow on a qualified principal residence between May 1, 2010 and December, 31, 2010, or who closes escrow on a qualified principal residence on and after December 31, 2010 and before August 1, 2011, pursuant to an enforceable contract executed on or before December 31, 2010, will be able to take the allowed tax credit. This credit is equal to the lesser of 5% of the purchase price or $10,000, taken in equal installments over three consecutive years. Under AB 183 purchasers will be required to live in the home as their principal residence for at least two years or forfeit the credit (i.e. repay it to the state).”
The Chronicle reported that the Governor had already signed the bill. Continue reading for more information and clarification from CAR & SFAR.
The Artani: 818 Van Ness Avenue
Satisfy your longing for modern simplicity and stylish living. The Artani’s central San Francisco condo community features a contemporary exterior of stone and the maximum amount of glass allowed under city codes. The building is situated just steps away from the Civic Center, with easy access to Marin, East Bay and South Bay. Homes are light and spacious with highly functional floor plans and generous storage. Common and private roof decks overlook most of San Francisco including the Transamerica building and Twin Peaks. Each condo includes hardwood floors, first-rate appliances and high-end finishes. The Artani San Francisco is approved for FHA financing.
Market Focus – March 2010
For-sale inventory levels continued to fall while the months of supply inventory declined to the lowest level in more than a year, aided by a healthy jump in completed sales, particularly in the condominium market. However, after taking several steps forward in recent months, the San Francisco housing market took one step back in February as the median home sale price for both single family homes and condominiums declined from February 2008. With longer lag times between con- tracts and closings in the current environment, this median sales price largely reflects deals agreed upon in late 2009. With more scheduled auctions and distressed properties in the pipeline, as well as temperate job growth through 2010, we expect continued downward pressure on prices in the coming months. Going forward, rising household net worth, improving, though limited, job prospects, and a potential extension of some government-facilitated home-buying programs should support tighter market conditions as the year progresses. Despite anticipated bumps in the road, the San Francisco housing market has turned a corner and should continue to improve through 2010.
Read the full PDF here: Market Focus – February 2010
Provided by the Rosen Consulting Group and the San Francisco Association of Realtors®
Today Show 3/16 – Barbara Corcoran: SF is #1 for Housing Recovery
Visit msnbc.com for breaking news, world news, and news about the economy
St. Patties Day!
Come play hooky with us…
Suzanne, Jason & Kitt invite you to come join us for a wee dram or 3!
St. Pattie’s Day!
3:00pm
Kate O’Brians
579 Howard Street @ 2nd
Spring is here, and here’s what’s coming up.
Upcoming listings:
$2,199,000 //Pacific Heights // BR/BA: 3/2 PKG: 2 Brief Description: Gracious Victorian home, formal dining room w/fireplace, chef’s kitchen, large landscaped yard, sun power solar panel system, & ample storage Property Website (if any): www.2344California.com
$749,000 //Eureka Valley // BR/BA: 2/1 PKG: 1 Brief Description: Very livable 1940s condominium just across from Kite Hill. Large deeded private deck and well cared for backyard. FIRST OPEN will be Saturday March 13th
The San Francisco Home Market: Bounce Back or Double Dip?
We live in a constant storm of analysis and opinion as to what is happening and will happen in real estate. Due to national statistics in December (and other economic indicators), some have predicted a nasty “double dip” in the home market subsequent to the recovery which began last spring. But the market goes into hibernation in December: there are far fewer transactions, mostly by first-time buyers purchasing at lower price points, while families and upper-end buyers generally withdraw for the holidays. When the data is reduced and skewed, it’s less reliable. January isn’t much better because it takes a while for the market to wake up.
Therefore, the market data for February, as seen in the charts below, is of particular interest. While it’s unwise to make too much of one month’s data (a failing of many pundits), it is surprising how sharply February’s statistics indicate a strengthening market. That is not to say a double-dip isn’t possible — the state, national and world economies are still fragile — just that we are not yet seeing indications of one here in San Francisco. Those who have spent the last year waiting eagerly for further price declines have so far waited in vain. (For the record: according to the Case-Shiller index, home values in the 5-county SF Metro Area have increased 4 – 5% in 2009, but the city accounts for only a small percentage of those sales.) It will be interesting to see if the trends seen below continue, as spring gets under way — and what implications that might hold regarding price movements.
What’s coming up in San Francisco.
Upcoming listings:
$2,100,000 // Buena Vista // BR/BA: 4/3.5 PKG: 4 Brief Description: Triple-parlor Grande Scale Victorian with Chef’s kitchen opening onto terraced and landscaped garden. Detached artists studio with skylight, wired…ice Excellent condition, classy renovation done by detail freaks. This will NOT be going into MLS and is available to be shown by appointment THIS WEEKEND ONLY. This is a Very small window of opportunity for you, you clients and for me.
$1,385,000 // Lake // BR/BA: 4/4 PKG: 1 Brief Description: Spacious Condo in a 3-unit built in 2008 on 26th between Lake and California; apprx. 2400 sq. ft. on 2 levels with deeded rear yard; FIRST OPEN Sunday, 3/7Property Website (if any): www.26126thavenue.com
InvestSF
Recent Posts
 |