Archive for the 'Economic News & Market Updates' Category

Sunday Streets are Full Swing in San Francisco!

“Sunday Streets are in full swing! If you have yet to happen across one here’s the scoop: Sunday Streets is a series of events put on by the City of San Francisco to encourage health, community and fun. In layman’s terms? Streets are blocked off to cars on pre-determined Sundays for you and your friends and neighbors to bike, walk, dance, hula-hoop, do the worm, Macarena, moon walk, you name it! Here’s a schedule of remaining dates:

• May 6: Mission
• June 3: Mission
• July 1: Mission
• July 22: Bayview
• August 5: Mission
• August 26 Chinatown
• September 9: Western Addition/N. Panhandle Alamo Square
• October 21: Outer Mission/Excelsior”

…Read this article and more in the new issue of MarketTracker, courtesy of Zephyr Real Estate. Also in this issue:

• Most Recent Sales
• San Francisco Market Overview
• April 2012 Market Update
• Doyle Drive Closures

Want Zephyr Market Tracker in your inbox every 2 weeks? Sign up for local San Francisco real estate updates via RSS or email delivery for neighborhoods like Noe Valley, Bernal Heights, Hayes Valley, Mission Bay, Mission Dolores and all SF neighborhoods?

Tags: Market Tracker, MarketTracker, real estate buzz, san francisco real estate market, Zephyr Real Estate

Low Inventory a Boon to Sellers in San Francisco

With the new quarter’s statistics coming out it is becoming more and more clear that it’s currently a great time to be a seller and once again a more challenging time to be a buyer. Over the past year the average days on market for single family homes, condos and TICs has gone from about 70 days all the way up to 100 days around the holidays and now has come way, way down to an average of just over one month on the market.  Most properties are selling FAST!  Sellers may want to prepare themselves for a quick sales cycle.  And Buyers should have all their purchasing power ducks lined up in a row, ready to pounce on the right property before it’s scooped up by someone else.

The “odds of sale” are also up.  This is a measure of how likely it is that your property will sell in a given month.  Since the first quarter of 2010 we’ve seen this rise citywide on average of about 20 percentage points.  And in some areas – such as Pacific Heights and the Marina – your odds of sale have gone up 40 percentage points! Make hay people, make hay!

…Read this article and more in the new issue of MarketTracker, courtesy of Zephyr Real Estate. Also in this issue:

• Most Recent Sales
• San Francisco Market Overview
• Double the View-Blocking on Rincon Hill
• Feeling Handy?

Want Zephyr Market Tracker in your inbox every 2 weeks? Sign up for local San Francisco real estate updates via RSS or email delivery for neighborhoods like Noe Valley, Bernal Heights, Hayes Valley, Mission Bay, Mission Dolores and all SF neighborhoods?

Tags: Market Tracker, MarketTracker, real estate buzz, san francisco real estate market, Zephyr Real Estate

Lookin’ Good, San Francisco Real Estate Market!

As you may have overheard in crazed cell phone calls while waiting in line at Whole Foods, or while dishing with friends over coffee – the San Francisco real estate market is back, baby!  We’re currently seeing a flurry of activity unmatched since the pre-2008 go-go days.  Over the last 30 to 60 days there have been countless reports from real estate offices of multiple offers and well-above asking prices in neighborhoods throughout the City. Example: my Pacific Heights condo received 14 offers! Suffice to say the current market is hot

With all the doom and gloom we read in the national press it’s important to remember that real estate is local.  The reason for our local uptick?  Threefold.  Sales activity is up due in part to rising rental costs as well as lending guidelines beginning to loosen.  Also, after being relatively flat for the past two years, prices saw a substantial 6.5 percent uptick in February.  And of course, the big reason Lil’ Miss SF Real Estate is wearing her prom queen crown is due to the very low property inventory. San Francisco is experiencing a four year low in “months supply of inventory,” which is a measure of how many months it may take to sell the current inventory at the current rate of sale.  Work it SF!

…Read this article and more in the new issue of MarketTracker, courtesy of Zephyr Real Estate. Also in this issue:

Most Recent Sales
San Francisco Market Overview
Where to Park your IPO Money
Is San Francisco Hipper Than Ever?

Want Zephyr Market Tracker in your inbox every 2 weeks? Sign up for local San Francisco real estate updates via RSS or email delivery for neighborhoods like Noe Valley, Bernal Heights, Hayes Valley, Mission Bay, Mission Dolores and all SF neighborhoods?

Tags: Market Tracker, MarketTracker, real estate buzz, san francisco real estate market, Zephyr Real Estate

Commercial Real Estate Buzz in San Francisco!

“While our focus is residential real estate, we can learn quite a bit about the state of our real estate market and economy in general by watching the commercial real estate market.  Here are three big signs things are moving in the right direction:

• The plan to convert St. Joseph’s Catholic Church at 10th and Howard into 18,260 square feet of office space, 1,300 square feet of retail space, and 2,500 square feet of assembly space cleared another hurdle as it was approved unanimously by the Planning Commission this week. The space will likely attract more tech industry to the already-buzzing SOMA district.

• Tishman Speyer is set to list and sell 555 Mission Street.  This is a 33-story, 550,000 square foot tower that is 90 percent leased.  The transaction could generate up to $450 million and could be the impetus for additional commercial sales.

• The PAC 12 Conference broke ground last week on their new headquarters in SOMA.  They are set to fill 70,000 square feet at 370 Third Street and will house all of their broadcast, digital media and licensing/sponsorship divisions from the new HQ.

Mayor Ed Lee summed it up, stating that “San Francisco is attracting an incredible mix of talent and industry from across the nation.”

Great news for our market!”

…Read this article and more in the new issue of MarketTracker, courtesy of Zephyr Real Estate. Also in this issue:

Most Recent Sales
San Francisco Market Overview
$750,000 Shopping Spree
Take it to the Street on Sundays!

 

Want Zephyr Market Tracker in your inbox every 2 weeks? Sign up for local San Francisco real estate updates via RSS or email delivery for neighborhoods like Noe Valley, Bernal Heights, Hayes Valley, Mission Bay, Mission Dolores and all SF neighborhoods?

Tags: commercial real estate, Market Tracker, MarketTracker, real estate buzz, Zephyr Real Estate

Noe Valley – Neighborhood of Choice for “Non-Suburban” Silicon Valley Professionals

“I heard that many buyers want to get in now before Facebook goes public (and spawns scores of new millionaires), which is pushing demand.” -Bernard Katzmann

Three weeks ago, a client (who works for a big pharmaceutical company in the South Bay & is looking to buy a home in San Francisco) asked me if it was true that social tech was pushing up real estate values in San Francisco and in particular, Noe Valley.

Two weeks ago, I spoke with Carolyn Said about this exact topic as she researched her upcoming article.

“We see a lot of first-time buyers from tech companies who still want to have a city lifestyle; they don’t want to live in the suburbs, but they work down south. What I notice is when people from Google, Apple, Yahoo and Genentech come in for a first meeting, we literally draw a line in the city because of the commute. Noe Valley is at the top of the list, then Bernal, Mission, Dolores, Cole Valley.” – Zephyr Agent Danielle Lazier

Last week, the Noe Valley Voice interviewed me about the role of high-tech workers in the local real estate market. I kid you not.

Want to know what I told that home buyer?

I told him that it did not really matter if it was true. What matters is that everyone is talking about how the Facebook, Zynga, LinkedIn and other IPOs are driving demand in our housing market. The role of perception and social psychology should not be underestimated when it comes to the behavior of the residential real estate market.

Read the San Francisco Chronicle Article

* Read Yes, yes, Noe Valley, say eager S.F. home buyers, all about tech home buyers and noe valley, bernal heights, mission dolores and cole valley real estate in Monday’s Chronicle with Bloomberg article by Carolyn Said.

Do You Qualify for an Property Tax Reduction? San Francisco, CA

“As our economy continues to recover and the San Francisco housing market follows suit, many home owners have had success with reducing their San Francisco Property Taxes.  “How?”, you may ask, given property taxes are based on the last sales price of the property and are rarely adjusted by the city?  Here’s a quick and dirty explanation:

1. If you own a home and it’s your primary residence, you may apply for a $7,000 exemption from your assessed value.  New property owners will receive an application automatically with their supplemental assessment bill. Existing property owners should first confirm they were not granted this exemption on their current bill.  If you are not receiving it, you can call the SF Assessment Board at 415.564.5542.
2. Can you lower your property tax base due to market value decline? There have always been a variety of ways to lower your tax base.  Disaster relief, builder’s exclusion, veteran’s exemption, exclusions/exemptions for parent to child change in ownership and several others.  With the volatile market, the Assessment office will review individual owner’s requests to reduce their tax base.  The first step is contacting the Valuation Division – 415.554.5596.  If a reduction is “justified,” the value will be reduced.  If the Valuation Division doesn’t agree, an owner can apply to the Assessment Appeals Board for relief.  If you file an assessment appeal on an existing value, you have to file with the County Assessment Appeals Board (City Hall – Room 405).”

…Read this article and more in the new issue of MarketTracker, courtesy of Zephyr Real Estate. Also in this issue:

Most Recent Sales
San Francisco Market Overview
A Peek at Potrero Hill
Bay Area News Bites – Dolores Park, SF Airport, America’s Cup, San Francisco 49ers

Want Zephyr Market Tracker in your inbox every 2 weeks? Sign up for local San Francisco real estate updates via RSS or email delivery for neighborhoods like Noe Valley, Bernal Heights, Hayes Valley, Mission Bay, Mission Dolores and all SF neighborhoods?

Tags: Market Tracker, MarketTracker, tax reduction, tax update, Zephyr Real Estate

We like our bubble, thank you very much!

Fruits, Nuts, Flakes (and Nerds) – Yes, please.

Happy New Year! I have this firm belief that the world is not going to end this year and that 2012 is going to be awesome, especially here in the San Francisco Bay Area. Everyone and by everyone, I mean Fox News and Rush, teases us for living in a bubble of fruits, nuts and flakes. Add in nerds, and yes, they are right. And we love it! Our bubble affords us a temperate climate, year-round produce, delicious, innovative food, wine and design, a stable housing market, jobs, an accepting culture, and so much more. (Read about the Bay Area’s innovative & pioneering spirit on my SF real estate lifestyle site daniellelazier.com.)

Last week, the Brad Stone of Bloomberg Business Week wrote about Silicon Valley’s recession-not and how Sean Parker’s party for Spotify epitomized the current vibe of the valley. (Sadly, I had a prior engagement and could not make it.)

Every so often, the best parties come to represent moments in time. Think of Truman Capote’s Black and White Ball in 1966, the celeb-studded Liberty Island launch of Tina Brown’s ill-fated Talk magazine in 1999, and private equity maven Stephen Schwarzman’s 60th birthday bash in 2007, which featured Rod Stewart. Sean Parker‘s bacchanal for the streaming music service Spotify on Sept. 22 in San Francisco may well join the ranks of these epic affairs.

In Silicon Valley, all the Sturm und Drang of 2011 seemed as relevant as the Cricket World Cup. High unemployment? Crippling debt? Not in Silicon Valley, where the fog burns off by noon, and it’s an article of faith that talented, hardworking techies can change the world and reap unimaginable wealth in the process.

“We live in a bubble, and I don’t mean a tech bubble or a valuation bubble. I mean a bubble as in our own little world,” says Google Chairman Eric Schmidt. “And what a world it is: Companies can’t hire people fast enough. Young people can work hard and make a fortune. Homes hold their value…”

Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2011/12/24/BU2J1MG1Q8.DTL#ixzz1iFS193PJ

Technorati Street Cred = Live in San Francisco

As you know, I sell real estate in San Francisco and on the Peninsula. Lucky for me and the rest of the local real estate market, many of the technorati like to keep their street cred by living in SF (at least part-time!) and in fact, many of the hottest companies are based here (Zynga, Twitter, etc).

When Silicon Valley does well, so does San Francisco, at least for the demographic we’re talking about. My clients often don’t believe me when I tell that the housing downturn in SF is long gone and the competition is fierce for the best listings until the first time they write an offer and compete with 6 other buyers to get the house they want.

Bring on the bubble.

Tags: brad stone, sean parker, silicon valley

Transbay Housing Update – San Francisco, CA

“The San Francisco Redevelopment Agency has awarded Golub and Co. and Mercy Housing the rights to develop 557 units of housing on Folsom Street.  This is a deal that will generate upwards of $30 million that will be used for the Transbay Terminal.

…Read this article and more in the new issue of MarketTracker, courtesy of Zephyr Real Estate. Also in this issue:

Most Recent Sales
San Francisco Market Overview (the Single Family Home sector is looking up!)
Make it Your Own- MarketTracker is now customizable for you.
New Construction in Pacific Heights

Want Zephyr Market Tracker in your inbox every 2 weeks? Sign up for local San Francisco real estate updates via RSS or email delivery for neighborhoods like Noe Valley, Bernal Heights, Hayes Valley, Mission Bay, Mission Dolores and all SF neighborhoods?

Tags: Market Tracker, MarketTracker, zephyr

Fall Picks for Noe Valley in San Francisco, CA

“Situated very centrally in the City, this neighborhood is home to one of the most vibrant streets in San Francisco – 24th Street. Highlighted by world class dining, cafes, bars and shops, 24th Street has something for everyone. In recent years, Noe has become home to many San Francisco families. As anyone who’s walked 24th Street recently can testify, you can’t go a half dozen steps without bumping into a pooch on parade or a baby stroller.

Considered the “South of Market Pacific Heights,” the real estate in Noe is a great mix of single-family homes, condos, TICs and multi-unit buildings. Much like 24th Street, there’s something for everyone in Noe Valley. Here are a few picks, from the high to the low of single-family homes, a well-priced condo, and a rare 3-unit offering….”

…Read this article and more in the new issue of MarketTracker, provided by Zephyr Real Estate. Also in this issue:

• Most Recent Sales
• San Francisco Market Overview
• Newest Social Media: SkyChalk
• On Broadway

Want Zephyr Market Tracker in your inbox every 2 weeks? Sign up for local San Francisco real estate updates for neighborhoods like Noe Valley, Bernal Heights, Hayes Valley, Mission Bay, Mission Dolores and all SF neighborhoods?

Tags: Market Tracker, Zephyr MarketTracker

Are you ready for the next wave? Millionaire Watch in SF & Silicon Valley

Millionaire Watch: In Silicon Valley a Countdown Is Under Way

As written in DanielleLazier.com, our San Francisco real estate listings and lifestyle blog, we live in the land of dreamers and this is major reason why our real estate market continues to defy the odds. Sure, we have had our hard times. But comparatively, they are softer, less frequent, and less enduring. We were fashionably late to the real estate downturn “party” and barely stayed for that third glass of vino. Kind of like Coco Chanel, we are!

Check out Monday’s Wall St Journal article about all of the dreamers down the road in Silicon Valley who are readying themselves for the next wave of millionaires. We are bit more blase about these things in San Francisco but believe me, the buzz is out there. It might be a whisper but real estate folks are talking about their Facebook, LinkedIn, and/or Zynga clients. SFHotlist & Co is much too discrete to discuss such things but yes, the buzz is real.

…read more about SF Bay Area-dreamin’ and what Pretty Woman and real estate have in common.

Talk soon,

DL