San Francisco Real Estate - Residential

Mortgage Weekly Update - Last Week in Review - More of the same

Foster Weeks publishes a weekly mortgage report which is updated every Monday morning. How is this affecting the San Francisco real estate market? Read our weekly and monthly market reports. This week, more of the same with slightly fluctuating mortgage rates... still the lowest in a long time!

...although the week did start out with little real economic news for talking heads to deliver with drama, the calendar picked up steam in a hurry. Mixed news arrived for both New and Existing Home Sales - and on the heels of the recent strong housing starts and building permits that had the bad-news loving media choking, they attempted to paint a very dismal picture on housing - but it should be taken with a grain of salt. Most closings in March were likely originated in February, which was an incredibly cold month across the US - not the best month to be out home shopping or mucking around construction sites. With spring on the way, there could be some strength in housing in the upcoming months.

This week also brought an interesting report called the Employment Cost Index - one of former Fed Chair Alan Greenspan's favorites - which measures the change in employment costs like wages and benefits. This report showed that costs are increasing, with wages increasing by 3.6% and benefit costs increasing by 3.1% over the past year. So not only are employers having to pay more in salaries due to a tight labor market, but the benefits they are providing to their employees are costing more too. What's a business owner to do? You got it - consider raising the price of their goods and services to cover the rising costs of their employees...and higher prices means inflation. Not good news for inflation-hating Bond prices and home loan rates, which lost the improvements made earlier in the week and ended unchanged to slightly worse for the week overall... Read more.

- Foster Weeks

posted by SFResidence.com @ 8:07 AM 0 comments

San Francisco Real Estate Market Update for 4/21 - 4/27/07

Read what Rick Turley, President of Coldwell Banker, San Francisco/Peninsula says in his latest weekly report:

You have heard the expression, “It’s not personal. It’s just business.” Well, in real estate, our business is always personal, and the Bay Area market bears witness to that. With the pressures of tax season and spring break over, people have started getting back to the business of investing in the home of their dreams. Most areas saw a sharp increase in serious buyers – not just tire kickers - as well as a welcome influx of fresh inventory from sellers.

Of the more than 615 homes held open during the week, most were well attended by serious buyers. A home in Pleasanton saw 53 groups of people go through, while 300 people packed into a $1.8 million dollar listing in Redwood City. Petaluma reports that open house activity was “phenomenal.” Menlo Park had an open house in the Willows district with over 100 visitors. Berkeley, Oakland/Piedmont, Pleasanton, Santa Rosa, Sebastopol, Walnut Creek, San Francisco and Orinda all reported exceptional turnout as well. Read more.

- Rick Turley

* For an e-mail alert when this report is updated, send a note to info@SFResidence.com with "weekly market report" in the subject line.

posted by SFResidence.com @ 7:05 PM 0 comments

Things to do in San Francisco - Part 18 - The Octagon House

posted by SFResidence.com @ 8:17 AM 0 comments

Area Code 809 phone scam

The original e-mail that came to us was so poorly written that I will try and recap here. What happens is someone calls and leaves an urgent message, usually something about a family member, and asks you to call a phone number beginning with an 809 area code.

Once the call is made, the people pulling the scam try and keep you, the caller, on the line as long as possible. Apparently it is a toll number and charges are added up per minute. Because these calls are to The Bahamas, they are not subject to US regulations and are hard, if not impossible to get reversed.

We haven't heard of anyone being burned by a scam like this, but it certainly seemed plausible. We checked with Snopes, a popular urban myth debunker, to see if this report is true, and they verify that it is a known fraud from 2000, but that only a few people have been taken in by it, and only for small amounts.

- Mick Orton

posted by SFResidence.com @ 6:01 PM 1 comments

TRI Coldwell Banker San Francisco real estate statistics - last week in review

SFResidence is part of the TRI Coldwell Banker office at 1699 Van Ness in San Francisco is one of the premier offices in the City and has the market share numbers to prove it. We have some of the top agents selling real estate in the San Francisco Bay Area. As a result, our office posts some impressive numbers.

Last week's surge in new listings seems to have been a blip on the radar; hopefully a sign of what's coming as we move toward summer. But right now we are back to the situation we previously described; shrinking inventory with increasing demand are making purchase offers at or over the asking price the norm, even when there is not the competition of multiple offers!

While the rest of the country reports average to poor real estate markets, San Francisco continues to be HOT, HOT, HOT!!!

Here are the numbers for last week:

4/25/07

• 6 new listings (average price $1,890,333.33 - low $699,000, high $4,990,000, 1 confidential)
• 28 ratified sales (pending) (average ratified price $1,520,230.77, 2 confidential - low $429,000, high $5,850,000)
• 18 closed sales (sold) (average closed price $1,401,666.67 - low $375,000, high $3,700,000)
• 2 reduced ($849,000 & $899,000)

- Janis Stone

posted by SFResidence.com @ 4:55 PM 0 comments

Kitchen cabinets... replace, reface or refinish?

We had this decision to make at our place in Tahoe. Our 3 bedroom, 2 bath condo is in the middle of having new counter tops put on to be ready for resale in the summer. We considered replacing or refacing the cabinets, but it was just too costly and time consuming. Here is the article that inspired us from the 3/16/2007 "The Money Pit" newsletter.

When it comes to kitchen remodels, new appliances may be pricey and flooring costs may floor you, but cabinets can be the single biggest expense of all. That's why it literally pays to take a close look at what you've already got and consider the options carefully. Depending on the configuration and construction of your cabinets, you can replace, reface or refinish them on the way to your kitchen redo. Following is a rundown of each approach to strengthening the bones of your kitchen.

REPLACE - If your kitchen remodel involves a new footprint and additional storage needs, partial or complete replacement of cabinets is the way to go. Just remember that this approach involves major demolition and consideration of such critical elements as plumbing and appliance placement...

REFACE - Refacing cabinets involves replacing the doors and veneers on existing laminate or wood boxes. It's not a job for the novice, but also understand that if you hire a pro to do the job, your satisfaction with the results will be directly proportional to their skill and level of craftsmanship. Quality of existing cabinetry and the new materials applied also impact the end product.

REFINISH - If you like the style and configuration of the cabinets you have, and they happen to be made of wood or laminate, refinishing them is the clearest route to remodeling cost control. Most older cabinetry is well built, so preserving it is usually worthwhile... just be sure to examine the construction carefully before pulling out the sander, because if paper-thin veneers cover every surface but the solid fronts, you'll need to rethink your refinishing plans. Veneers can't be sanded or stained, so painting will be the only option if they'fre involved. Whether painting or staining, choose an oil-based finish, which is far more durable and forgiving of everyday kitchen grime than latex finish...Read more.

- The Money Pit

posted by SFResidence.com @ 7:54 AM 0 comments

Mortgage Weekly Update - Last Week in Review - We could be wrong!

Foster Weeks publishes a weekly mortgage report which is updated every Monday morning. How is this affecting the San Francisco real estate market? Read our weekly and monthly market reports.

...after a trend of gradually worsening over the past month, Bond prices and home loan rates finally got the good news they'd been waiting for...that pesky inflation rate finally appears to be moving lower. Early last week, the Consumer Price Index (CPI) showed core consumer price inflation as better than anticipated, falling to a year-over-year 2.5% rate, down from 2.7% reported last month. While lower prices on goods and services are certainly good news for all of us, the consumers; it was especially welcome for inflation-hating Bonds and home loan rates. Following the news, home loan rates improved by .125%, and appeared destined to improve even more.

But this wasn't to be - what happened? Bond prices were feeling the love, home loan rates were improving - but right in the middle of the party, Bonds ran dead into a tough ceiling of technical resistance, stopping them cold and turning them back, causing them to lose some of the nice ground they'd made in the first part of the week. The path of least resistance ahead appears to be that Bond prices and home loan rates may worsen before they get better...but it all depends on the flavor of the news ahead. Read more.

- Foster Weeks

posted by SFResidence.com @ 7:46 AM 1 comments

San Francisco Real Estate Market Update for 4/14 - 4/20/07

Read what Rick Turley, President of Coldwell Banker, San Francisco/Peninsula says in his latest weekly report:

Inventory is picking up a bit - that's a good thing in most of our markets. Open houses are still very well attended. Multiple offers continue to be the norm in the areas with the least available properties for sale.

Among the hot spots, Palo Alto reports that multiple offers exceeding 20% of list price are not unusual. In San Francisco one low priced listing received 51 offers. A home in the Avenues received 20 offers, and the only listing available in St Francis Wood, an upscale neighborhood west of Twin Peaks, was a fixer which hadn't been remodeled in over 50 years. The list price was $1.2M, there were 33 offers, and one of our agents found that writing $300K over asking put his buyers somewhere in the bottom third of offers. San Mateo is seeing multiple offers on at least 80% of all listings. Half Moon Bay reports that, while pricing is still key, they are averaging 20 to 30 groups at open homes.

In the North Bay, some positive signs of sustained activity are being witnessed in Greenbrae with an up-tick in inventory and buyers and sellers meeting at a comfortable level. Petaluma is seeing buyers starting to write offers and Santa Rosa is enjoying generous (but not excessive) inventory levels for their buyers to select from. Sebastopol and Southern Marin/Belvedere are still seeing the upper end homes moving quickly. In fact, a Kentfield property listed at $2.1 million had seven offers.

Inventory was reported as increasing by 12 offices and steady by 14 offices, while decreasing inventory was only reported by four. Sales activity, though sluggish due to the Spring Break and tax deadlines, was reported as increasing by six offices, steady by 17 offices and only decreasing by seven.

- Rick Turley

* For an e-mail alert when this report is updated, send a note to info@SFResidence.com with "weekly market report" in the subject line.

posted by SFResidence.com @ 10:22 PM 0 comments

Things to do in San Francisco - Part 17 - Palace of the Legion of Honor

posted by SFResidence.com @ 2:11 AM 0 comments

TRI Coldwell Banker San Francisco real estate statistics - last week in review

SFResidence is part of the TRI Coldwell Banker office at 1699 Van Ness in San Francisco is one of the premier offices in the City and has the market share numbers to prove it. We have some of the top agents selling real estate in the San Francisco Bay Area. As a result, our office posts some impressive numbers.

Now that's more like it. Our office showed a slight increase in new listings. While multiple offers are still very common, if new inventory continues to outpace ratified deals, San Francisco could reach a more normal market. As I write this, we are in Hawaii where very little is selling... so it's time to be grateful!

Here are the numbers for last week:

4/18/07

• 15 new listings (average price $1,515,571.43, 1 confidential - low $639,000, high $3,375,000, 1 confidential)
• 13 ratified sales (pending) (average ratified price $1,747,530.77 - low $529,000, high $4,950,000)
• 17 closed sales (sold) (average closed price $1,955,411.76 - low $840,000, high $4,600,000)
• 1 reduced ($699,000)

- Janis Stone

posted by SFResidence.com @ 9:54 AM 0 comments

HELP! MY LOAN IS ADJUSTING!

Stacey Fleece is a Senior Loan Consultant for Princeton Capital at 1699 Van Ness Avenue, San Francisco, CA 94109.

Ah…the glory days of home buying! Remember back in 2003 when you bought that $800,000 condo, put 5% down and got a 5-year interest only ARM at 4.875% with no points? Sure…the rate on your equity line 2nd lien has gone up a lot over the past four years but your 1st lien is locked for five years…what a steal!

Fast forward to 2007…less than one year left on that ARM and when you hit your adjustable period, the rate would change to LIBOR plus a margin of 2.5%. Based on today’s market, that equates to a whopping 8.75%! But don’t panic – now is the time to consider refinancing out of that ARM into a new ARM or even a 30-year fixed before rates start moving higher. There is still time to get a low rate and the impact to your monthly payment will be significantly less than if you continue to hold your mortgage in the adjustable period.

Let’s look at a real world example on that $800,000 condo you bought in 2003…

Let’s assume your current mortgages breakdown as follows:

1st lien - $640,000 at 4.875% interest only – payment $2,600.00
2nd lien - $120,000 at prime+0.5% interest only – payment $875.00
TOTAL MONTHLY MORTGAGE $3,475.00

Now…how will this mortgage look in 10 months when you hit your adjustable period on the 1st lien? Let’s take a look:

1st lien - $640,000 at LIBOR+2.5% interest only – payment $4,666.67
2nd lien - $120,000 at prime+0.5% interest only – payment $875
NEW TOTAL MONTHLY MORTGAGE $5,541.67

That is a 59.5% increase over the current mortgage payments. Yikes! What can we do about this now to prevent such a large jump in payment? Plenty…

Let’s assume that your $800,000 condo has appreciated in value 5% per year over the past four years. That would put your current value on the property at $972,000. That is good news because now your 1st and 2nd liens combined fit under the “magic” 80% loan-to-value lender rule ($760k in total liens vs. $972k in value is 78.2% loan-to-value). Why should you care? Because that means on a refinance, you can roll your 1st lien and 2nd lien together in one which would put the entire $760k outstanding balance at a 1st lien rate!

Now let’s evaluate current payments versus payment on a new lien. Yes, the rate on the 1st lien will increase. Get with reality…5-year ARM’s are just no longer in the 4.875% range. However, since we are able to roll the liens together into one, the rate on the $120,000 2nd will be much lower on a refinance. If you were to refinance the above loan scenario today, here’s how it could look:

1st lien - $760,000, 5-year ARM interest only @ 5.875% - payment $3,720.83
NO SECOND LIEN
TOTAL MONTHLY MORTGAGE $3,720.83

The monthly increase is only $245 higher than your current financing…and it is over $1,800 LOWER than what your future holds in monthly payments based on your pending adjustable loan…you could even refinance to a 30-year fixed, still save loads off your adjustable payment and lock in the rate for the life of the loan!

Do yourself a favor and start looking into refinancing that mortgage now while rates are still low. There are no guarantees on where rates might be 10 months down the road and you know what they say…a bird in the hand…!

- Stacey Fleece

415.229.1228 (office)
866.248.2642 (fax)
415.596.6069 (mobile)
staceyfleece@princetoncap.com
www.princetoncap.com/staceyfleece

posted by SFResidence.com @ 8:38 PM 0 comments

San Francisco Real Estate Market Update for 4/7 - 4/13/07

Read what Rick Turley, President of Coldwell Banker, San Francisco/Peninsula says in his latest weekly report:

The Easter and Passover holidays in combination with spring break brought an anticipated cooling of activity in many areas. However, there were a lot of surprises in our markets as well, with hot spots in the communities with the least inventory of new properties.

With the Easter holiday being a notoriously slow one for open houses, the recent influx of groups touring properties was not expected to materialize. But of our more than 240 homes held open, a number of areas saw surprising attendance levels. A $1.9 million listing in Berkeley had a “mob” of people go through. Agents “flocked” to open houses on tour in the Greenbrae area. Redwood City reported an “amazing amount of attendees,” and open houses remain a “hot commodity” in San Francisco. Turnout was also impressive in Burlingame, Palo Alto and Woodside/Portola Valley.

Multiple offers remain highly competitive in a number of areas. An El Cerrito Hills property received nine offers. Larkspur saw a $1.6 million fixer receive four offers and sell well over asking. Palo Alto reports that the majority of their sales are from multiple offer situations. In San Francisco, a Noe Valley home received 26 offers during the week, and the only listing that received only one offer received that pre-emptively. Orinda too is very busy with multiple offer situations.

Listing inventory is still seeing incremental increases in most areas, though not fast enough for the City and much of the Peninsula. Danville actually saw four listings get sold from “coming soon” signs. The Marin market remains “on fire,” with the $2 million range being particularly strong - as one Greenbrae Sales Associate put it, “$2 million is the new $1 million.” I toured new listings in Palo Alto this Friday and felt the very same thing -most of the listings I saw were asking $1.8M to $2.4M. The agents I toured with commented it was the greatest increase for number of new properties on tour in quite some time.

Eight offices saw an increase in listings during the week, while only 5 reported a decrease and 17 indicated steady listing inventory. And while these holidays and the Spring break generally see a slowing in sales, 15 offices maintained steady sales activity, 6 saw an increase and only 9 reported decreased activity.

Buyers would undoubtedly be confused by misleading newspaper articles such as those that appeared in the Chronicle this week. But the reality of Bay Area real estate is that buyers are researching, recognizing and grabbing a good deal when they see one – and are willing to negotiate and fight for properties that are well-priced and in good condition. They continue to recognize the positive value of Bay Area real estate as a long term investment.

- Rick Turley

* For an e-mail alert when this report is updated, send a note to info@SFResidence.com with "weekly market report" in the subject line.

posted by SFResidence.com @ 1:26 AM 0 comments

Mortgage Weekly Update - Last Week in Review - No Fed rate change, but loan rates worsen

Foster Weeks publishes a weekly mortgage report which is updated every Monday morning. How is this affecting the San Francisco real estate market? Read our weekly and monthly market reports.

The good news is that the economy is doing well. The bad news is that the economy is doing well. Although the Fed left rates alone, fears of inflation sent bonds south and thus rates worsened slightly.

...The market had a busy week on its own...and the Fed took center stage, with the "Minutes" from the last Fed meeting being released, as well as several members out and about on the speaking circuit.

While the Fed speakers didn't give any market-rattling comments, the Fed Meeting Minutes were a different story. Remember that the Minutes are the "Fed Unplugged", giving all the commentary between voting and non-voting members, before the carefully crafted formal Policy Statement is released to the public. The Fed intentionally delays the release of the Minutes, so the market has time to interpret and adapt to the Policy Statement itself, before they throw the "off the record" discussion into the mix for review and analysis.

The Minutes revealed that although the decision at the meeting was to leave the Fed Funds Rate unchanged, Fed members remain concerned about inflation, as recent indicators show that inflation is stubbornly remaining at a level above the Fed's comfort zone of 1 - 2%. Bonds didn't like the inflationary concerns, and lost some ground...with home loan rates worsening just slightly. The Fed is leaving an open door for more hikes ahead - as well as the possibility of cuts - completely dependent on what the incoming economic data tells them in the coming months. And a highly watched measure of inflation is due out next week - read on to know what to be looking for. Read more.

- Foster Weeks

posted by SFResidence.com @ 10:02 AM 0 comments

BIGGEST CREDIT CARD SCAM IN HISTORY UNCOVERED!

This was reported recently in a financial newsletter. Be cautious when using your credit cards to purchase.

Thanks for shopping at TJ Maxx...but your credit card info is now fair game.

That's right, if you shopped at TJ Maxx over the past few years, your credit card may be one of the 45 million - yes 45 million - that was accessed and copied in the biggest data leak ever. The card info was used to make duplicate dummy cards...and those cards were used to buy gift cards at WalMart and Sam's Club for $400 each, which is under the $500 threshold for showing identification. This is not the first time this has happened. You may recall the DSW Shoe security breach about a year earlier; and like Déjà vu, it's Déjà DSW all over again. And unfortunately, it's a good bet that something like this will happen yet again.
You might be saying it's a good thing you have that security code on the actual card to show that you have it in your possession...but the latest scam is designed especially to gain that information.

Scammers lure you into giving them the security code by impersonating themselves as employees of the credit card company, calling the cardholder, and acting as though fraud has already taken place in hopes that you will give up that precious three digit code. Here is how the call plays out.

The caller identifies himself by name, badge number, and states that the call is from the Security and Fraud Department of Visa or MasterCard. They use the news about TJ Maxx and asked if you have shopped there in the past 4 years...a decent chance you have and have also heard about the data leak.

The caller explains that your card has been flagged for an unusual purchase pattern, he is calling to verify a charge that was made to your account (reads the account number to you), and asks if you made a purchase in the amount of $497.99 to a Marketing company in Arizona for an Anti-Telemarketing Device? When you respond "no" the caller states that a credit will be issued but to issue the credit the caller needs the security code (the three digit code from the back of the card) to process the credit. You innocently pull out the card; give the caller the security code, and minutes later are hit with a charge not a credit in the amount of $497.99. Even though the scammers have your account number, name, and some personal information, this information is not always enough to make purchases and the scammers need the security code.

Should you receive a call that is similar to the description above, take the following steps to protect your identity and your credit:

• Do not give the caller the security code.
• Ask for the caller's name and terminate the call.
• Call the credit card company immediately, but do not call the number the caller provides.

Additionally, here are a few extra steps you can take to protect your sixteen digit credit card number and personal information:

• Be aware of your surroundings when purchasing merchandise. If the individual behind you in line is crowding your space, cover your credit card information.
• Watch your card when individuals around you in public places have cell phones. Thieves can easily use a cell phone to take a snapshot of your credit card.
• Shred all credit card receipts. Many merchants issue a charge receipt with the full account number and your name. (Editor: CompUSA is one that still takes an imprint of all sales!)
• Don't leave credit card statements lying around the house or office, file or shred statements once paid as they contain all of the information for a thief to perform this scam.

posted by SFResidence.com @ 10:48 AM 0 comments

Things to do in San Francisco - Part 16 - Musee Mecanique

Musee Mecanique constantly gets high ratings from tourists as a "quirky" home for mechanical games from a time long ago!

Yahoo Travel says this:

A penny for your thoughts? In addition to a melange of penny structures, this quirky, offbeat museum which had originally resided beneath the Cliff House at Pt. Lobos, has a variety of interesting gadgets and knick-knacks. A must-see is the toothpick amusement park, built by San Quentin inmates. Bring a handful of quarters so you can play some of the games, including the miniature antique pinball machines. Visiting the museum is free of charge. Cash only.

Taylor Street and Jefferson StreetSan Francisco, CA 94133
+1 415 346-2000
Open HoursM-F 11a-7p; Sa-Su 10a-8p

Neighborhood: Richmond District

- Mick Orton

Part 1 - Golden Gate Bridge, Part 2 - Alcatraz, Part 3 - Japanese Tea Garden, Part 4 - Cable Cars, Part 5 - Fisherman's Warf, Part 6 - Exploratorium, Part 7 - Mission Dolores, Part 8 - San Francisco Museum of Modern Art, Part 9 - Lombard Street, Part 10 - Giants Stadium, Part 11 - Mission Cliffs Rock Climbing Center, Part 12 - Beach Blanket Babylon, Part 13 - Palace of Fine Arts, Part 14 - Asian Art Museum, Part 15 - Coit Tower

posted by SFResidence.com @ 6:11 AM 0 comments

TRI Coldwell Banker San Francisco real estate statistics - last week in review

SFResidence is part of the TRI Coldwell Banker office at 1699 Van Ness in San Francisco is one of the premier offices in the City and has the market share numbers to prove it. We have some of the top agents selling real estate in the San Francisco Bay Area. As a result, our office posts some impressive numbers.

Can you say inventory? Once again, the low number of listings is driving the real estate prices higher. For example, this week our office ratified 22 while only listing 9 new properties, and 2 of those were confidential! Is it any wonder that many homes are getting multiple and preemptive offers over the asking price?

While the rest of the country is experiencing a downturn in the real estate market, San Francisco is going just the opposite direction... up, up, up! Our President's weekly market report confirms what we have been saying... for weeks!

Inventory is unusually low for this time of year. These sales figures reflect a heavier than usual buyer representation for our office.

Here are the numbers for last week:

4/11/07

• 9 new listings (average price $2,086,285.71, 2 confidential - low $525,000, high $4,000,000)
• 22 ratified sales (pending) (average ratified price $1,180,978.64 - low $413,000, high $2,795,000)
• 6 closed sales (sold) (average closed price $1,572,000 - low $875,000, high $2,675,000)

- Janis Stone

posted by SFResidence.com @ 3:21 AM 0 comments

Focus on San Francisco Neighborhoods - Cole Valley

Cole Valley as described on the SFResidence neighborhood guide:

...while partly in the Haight-Ashbury and part in the Parnassus neighborhoods, Cole Valley has a character all its own.

SFGate says:

...bordered on the west by Stanyan Street and the Sutro Forest, on the south by Tank Hill and on the east by Clayton Street. Residents are largely families and young professionals, though there is no trace of the snootiness that has affected other parts of the city. Most of the businesses in Cole Valley are of the mom-and-pop variety, in lieu of chain stores or franchises, and shop owners are outwardly supportive of each other. Read more here.

Other features include:

• Sights and Culture
• Food and Drink
• Shopping
• Nightlife

For more information on other neighborhoods and street maps visit our website.

- Janis Stone

Previous Neighborhoods:

Chinatown - Bernal Heights - Castro - Cow Hollow - Diamond Heights - Fisherman's Warf - Golden Gate Park - Haight - Hayes Valley - Inner Richmond - Lake Street - Laurel Heights - The Marina - Nob Hill - Noe Valley - North Beach - Outer Richmond - Outer Sunset/West Portal - Pacific Heights - Potrero Hill - Russian Hill - Sacramento Street - St. Francis Wood - Sea Cliff - SoMa - Sunset - Telegraph Hill - Union Square - Western Addition

posted by SFResidence.com @ 8:05 AM 0 comments

San Francisco Real Estate Market Update for 3/31 - 4/6/07

Read what Rick Turley, President of Coldwell Banker, San Francisco/Peninsula says in his latest weekly report:

No April fooling around in the Bay Area real estate market for the week. Serious buyers are making serious offers. Inventory continues to trickle in to San Francisco and the Peninsula, but not fast enough for eager buyers. Most areas of the East and North Bay markets, however, remain steady, but without the traditionally expected deluge of spring listings.

Of the more than 550 homes held open, most were well attended - especially in the City and on the Peninsula – and multiple offers among the well-priced offerings and desirable homes continue to be the norm in all areas. In San Francisco, a home in Noe Valley listed at $925,000 received 14 offers. Another in Inner Sunset district had 20 offers and sold for substantially over the asking price.

The mid-high end market saw another week of increased activity in all areas with Novato, Oakland, San Francisco, Menlo Park and Palo Alto all noting that pre-emptive and multiple offers are the rule of thumb on virtually all listings in the $1.5- 3 million range.

Listing inventory increased for 10 offices, remained steady for 14 offices and declined in 5. Sales activity saw a little up-tick from the previous weeks with an increase reported by 10 offices, steady reported by 14 offices and a decline in 5 offices. Over 240 offers were ratified, and nearly 100 multiple offers were reported.

A note of interest comes from Redwood City, and also discussed recently in Menlo Park, where it seems that open house attendees are relying more on Internet sources than on print media to locate homes to tour. Hopefully, it’s an infectious trend as our Coldwell Banker Internet sites and relationships with innovative technology companies continue to provide information that is more accurate and up-to-date than anything found in the newspapers.

Historically we are experiencing our strongest listing month of the year in April. The amount of new property listings taken in April and May will shape the sales activity we can expect for the summer of 2007. Sellers need to seize this incredible opportunity in today's market with pent-up Buyer demand and very low interest rates.

- Rick Turley

* For an e-mail alert when this report is updated, send a note to info@SFResidence.com with "weekly market report" in the subject line.

posted by SFResidence.com @ 7:43 AM 0 comments

Mortgage Weekly Update - Last Week in Review - Home loans rise slightly for second week in a row

Foster Weeks publishes a weekly mortgage report which is updated every Monday morning. How is this affecting the San Francisco real estate market? Read our weekly and monthly market reports.

Indications are that historically low interest rates for home loans may be finally coming to an end... Read more.

...last Friday, the Department of Labor reported that another 180,000 Americans left the coffee shops and found jobs during the month of March, with another 32,000 jobs added to prior month's reports. The Unemployment Rate dropped to 4.4%, matching the lowest rate in six years - and Average Hourly Earnings were up as well, rising to $17.22 per hour. So it was all good news for the US job market...but bad news for home loan rates, since a strong labor market can lead to inflation, the arch-enemy of Bonds and home loan rates. On the release, Bond prices slipped lower, causing home loan rates to rise slightly across the board.

And the Fed was watching too...remember that the pop in new job formations and stronger wages creates that risk of further inflation ahead, and this news comes on the heels of a higher read on inflation from the Fed's most closely watched indicator - The Personal Consumption Expenditure Index. So, despite the media and many "so called" experts saying the Fed has to cut rates soon - don't expect a cut in the near future, as the Fed's main priority is controlling inflation... Read more.

- Foster Weeks

posted by SFResidence.com @ 8:03 AM 0 comments

Big City government causes housing prices to soar in San Francisco

Today's article in the Daily Pundit says what we have been saying for a long time... the San Francisco city government has so many rules and regulations that it makes it hard for people to build new homes. Combine that with rent control, and you can see why things have gotten out of hand. To quote:

Short of removing rent control or drastic free-market surgery on zoning regs in NIMBY neighborhoods, there is little or nothing the City can do to lower housing prices or increase the housing stock...

...Unless and until SF becomes capable of a free-market response to that fact, rather than the usual Big City-Big Government-Big Control methods, housing will continue to be ridiculously high compared to most other places in the U.S.

- Bill Quick, The Daily Pundit

posted by SFResidence.com @ 11:12 AM 0 comments

To repair of not to repair... that is the question

A reader asks:

I have a question for your blog. The question is, is it better in today's market to take your time and repair and do simple remodel your home if you want to sell it rather than sell it "as is" for people who are looking for "fixer uppers"?

- Margaret K.

Our reply:

There are some things that will return value to you without a lot of cost or risk of over-improvement:

First of all—“de-clutter”. Remove extra books from bookcases, things on kitchen and bath counters, extra items on shelves and extra furniture from rooms. Rooms need to be furnished so that people can see how furniture will fit but not too much so that the rooms look crowded. Clean out closets. This is a good time to pack items that you will need to move anyway.

If you can afford it, put a fresh coat of paint in the main rooms and even paint the front door.
You might also have fragrant flowers or potpourri so that the home smells inviting.

If there are hardwood floors beneath old carpet, take up the carpet and polish the floors. If you keep the carpets, clean them. If the carpet is worn, you can replace with a neutral color.

Wash the windows. Make sure the front of the house is clean and tidy. Put plants in nice pots and put in corners where color might be needed.

If you have a lot of pictures or items on the walls, take some down so that the walls do not look cluttered. You can make even a “fixer” home look pleasant with a little effort. Prospective buyers may not think it needs as much work if it looks like they can live in it while they work on it.

The answer to your question really depends on the state of disrepair. If, by doing the things above you can give your house a fresh look it will sell for more than you would get by selling it as a fixer and it will not cost all that much in improvements.

In a general it is better to do a simple remodel than to sell something that needs fixing. However, that is not always an easy or simple decision. Sometimes you start to remodel and it is a difficult decision as to when to stop. Remodeling one thing can make other things look worse.

I do think there are some general things that can be done to update many homes and add value.
For example, we are going to be selling a condo we own in Tahoe that was built in the 70’s. So to prepare it for sale we are replacing the light fixtures, replacing the kitchen formica counter top with Silestone (a granite like surface) and replacing the gold colored appliances with new black appliances. We have also decorated it with mirrors and silk plants. We will let you know the buyers response when we put it on the market again this year.

- Janis Stone

posted by SFResidence.com @ 9:36 PM 0 comments

Things to do in San Francisco - Part 15 - Coit Tower

posted by SFResidence.com @ 8:17 AM 0 comments

Fast Facts from CAR and Freddie Mac - February 2007

The numbers for February are finally out from CAR and Freddie Mac.

Calif. median home price - February 07: $564,700 (Source: C.A.R.) (note: compared to $559,640 last month)

Calif. highest median home price by C.A.R. region February 07:Santa Barbara So. Coast $1,000,000 (Source: C.A.R.) (note: compared to $1,150,000 last month)

Calif. lowest median home price by C.A.R. region February 07:High Desert $319,860 (Source: C.A.R.) (note: compared to $317,380 last month)

Calif. First-time Buyer Affordability Index - Fourth Quarter 06:25 percent (Source: C.A.R.) (note: compared to 06:24 percent last month)

Mortgage rates - week ending 3/29:

• 30-yr. fixed: 6.16%; Fees/points: 0.4% (note: compared to 6.22% and 0.5% points last report)
• 15-yr. fixed: 5.86%; Fees/points: 0.4% (note: compared to 5.97% and 0.5% points last report)
• 1-yr. adjustable: 5.43%; Fees/points: 0.6% (note: compared to 5.49% and 0.7% points last report)

- California Association of Realtors & Freddie Mac

posted by SFResidence.com @ 6:37 AM 0 comments

TRI Coldwell Banker San Francisco real estate statistics - last week in review

SFResidence is part of the TRI Coldwell Banker office at 1699 Van Ness in San Francisco is one of the premier offices in the City and has the market share numbers to prove it. We have some of the top agents selling real estate in the San Francisco Bay Area. As a result, our office posts some impressive numbers.

Our current SFResidence monthly market report as well as our President's weekly market report agree... there is not enough inventory for sale in San Francisco! This week our ratified deals outpaced the new listings by 4 times! As a result, multiple offer situations are constantly being seen.

Here are the numbers for last week:

4/4/07

• 4 new listings (average price $1,049,666.67, 1 confidential)
• 20 ratified sales (pending) (average ratified price $1,373,100)
• 25 closed sales (sold) (average closed price $1,270,776, 4 confidential)

- Janis Stone

posted by SFResidence.com @ 1:28 PM 0 comments

San Francisco Real Estate Market Update for 3/19 - 3/25/07

Read what Rick Turley, President of Coldwell Banker, San Francisco/Peninsula says in his latest weekly report:

The Bay Area real estate market is in full bloom. Even with negative media focused on subprime issues, most of the Bay Area is seeing a steady, if slow, increase in inventory. Sales activity has seen an escalation in most areas with the number of multiple offer situations dipping.

Inventory is still not coming on fast enough in San Francisco and most of the Peninsula where they are still seeing multiple offer situations. Palo Alto is seeing 53% of listings in multiple offers, and Redwood City and Burlingame noted strong open house attendance even for condos and townhouses. San Francisco is also strong where one home had 114 groups. Even properties on the market for 5 or more months are garnering multiple offers. San Mateo notes 85-90% multiple offers.

The luxury home market – especially in the $2-3 million range - continues to show solid figures in all areas. An Atherton listing for $2.8 million had 4 offers. A San Francisco home garnered 20 offers and went for substantially over the $1.295 million price.

Even with increasing inventories, multiple offers occur on homes that are well-priced and desirably located – especially in the East and North Bay areas. One Berkeley property received 18 offers. Another, listed in the $800 thousand range, sold for $450 thousand over asking. Healthy and stable describe Walnut Creek, Orinda, Danville, Livermore, Pleasanton and Fremont market areas where sales are brisk in all categories and buyers are very competitive for the right homes.

More than 550 homes were held open with most noting heavy attendance. More than 260 offers were ratified, and well over 100 properties were in multiple offer situations.

Overall, listing inventory actually increased for 5 offices, remained steady for 21, and decreased in 4. Sales activity increased for 10 offices, remained steady for 17, and only decreased for 3.

- Rick Turley

* For an e-mail alert when this report is updated, send a note to info@SFResidence.com with "weekly market report" in the subject line.

posted by SFResidence.com @ 8:40 AM 0 comments

Mortgage Weekly Update - Last Week in Review - Mortgage rates increased

Foster Weeks publishes a weekly mortgage report which is updated every Monday morning. How is this affecting the San Francisco real estate market? Read our weekly and monthly market reports.

...Big Ben (Bernanke) halted the long string of rate hikes even though inflation is a bit higher than the Fed wants, so Ben has "played ball" by patiently waiting for inflation to settle down to the desired range between 1% - 2%. But while "Ben-Ball" has been "berry berry" good to bonds so far, all that may change after last week's economic data.

The Fed closely watches the rate of inflation and uses the Core Personal Consumption Expenditure (PCE) Index as its favorite gauge. And last week the Fed was thrown a curve, as the PCE increased more than expected during February for the largest monthly spike since August. As previously mentioned, the Fed wants inflation no higher than 2%, and the annual rate of PCE just rose to 2.4% from the previous reading of 2.3%.

Also of note, the Personal Savings Rate remains negative at -1.2%. It appears that achieving a meaningful amount of savings for many Americans is as tough as hitting a pitch from Mariano Rivera. Mortgage Bonds worsened during the week, causing Home Loan Rates to increase modestly... Read more.

- Foster Weeks

posted by SFResidence.com @ 8:27 AM 0 comments

1031 Exchange seminar - This is no April fool's joke!

If you are unclear about the rules surrounding 1031 exchanges, then there will be a seminar in mid-April that might be for you. Sponsored by DME Holdings, LLC, this event will be a dinner event held for 2 nights in San Rafael and seating is limited.

There is no obligation and nothing to buy. Due to the popularity of this dinner program, RSVP is required.

Where: San Rafael Joe's, 941 4th Street, San Rafael, CA
When: April 18th or April 19th at 6:30 PM
Call: (800) 234-1765 to RSVP

As we are unable to attend, there are 4 tickets reserved with RSVP code 200506, first come, first served.

- Mick Orton

posted by SFResidence.com @ 10:39 AM 0 comments