Pacific Union Quarterly Report: Q3 2013

October 22, 2013 by Pacific Union

Q3_report_cover

Although portions of Pacific Union’s Bay Area region experienced slight seasonal slowdowns at some point during the third quarter, prices remained strong overall.

The median sales price tied or exceeded its 12-month high in MarinNapa, and Sonoma counties in the third quarter, and single-family homes in the Tahoe/Truckee region also reached yearly plateaus.

Almost all of our markets saw inventory increase in September, though the number of available condos in the Tahoe/Truckee region has been gradually decreasing for the past four months.

Pacific Union’s third quarter report packs in data and regional summaries that show why we’re optimistic that the Bay Area’s thriving real estate market will continue to be a solid investment in the coming months and into 2014.

Our Q3 report also boasts a massive chart that tracks 10 years of home sales throughout the Bay Area and Tahoe/Truckee — 67 cities, towns, and neighborhoods in eight regions. A smaller version of that chart, showing regional totals, appears below. Click anywhere on the chart to see the full data set.

10yearchart Q3


Below are some specifics on what’s happening in our regional real estate markets. For further information, including detailed charts, please view our complete Q3 Quarterly Real Estate Report.

http://blog.pacunion.com/pacific-union-q3-report-2013/

Posted in Uncategorized | Comments Off on Pacific Union Quarterly Report: Q3 2013

Where in the World Top Buyers Shop

The strongest home purchasers tend to look for property investments in tried-and-true markets that offer both low risk and some potential for price appreciation. Outside of such safe havens, shoppers tend to buy in or near their own areas.
Foreign buyers are willing to pay top dollar for second homes abroad, but the location needs to be a safe bet, according to a coming report on foreign ownership.

Global Getaways

Foreign buyers are willing to pay top dollar for second homes abroad, but the location needs to be a safe bet, according to a report by global property consultancy Knight Frank. Getty Images/Flickr RF

About 47% of prime home buyers are drawn to locations they view as solid investments, according to a report by Knight Frank, a global property consultancy based in London. To buyers, locations such as London and New York are protected from economic and political risk, plus offer potential for property appreciation.

High-end buyers seek out tried-and-true places because they are still reeling from the economic downturn five years ago, says James Price, head of international residential development at Knight Frank who worked on the report. “They want liquidity. They want the best places to invest and be secure,” he says. “The reasons London and New York are very popular is they are two genuine safe havens.”

Buyers looking for trophy assets may be willing to try a more offbeat locale for lifestyle features, but that isn’t a typical motivation, he adds.

The Global Hunt for Homes

Source: Knight Frank Research; Flag illustrations by Andrew Janik

Knight Frank’s Global Development Insight report, set to be released Friday, looks at buyer requirements for prime, newly built residential properties. The report—based on Knight Frank search data, sales data and survey responses from 54 individuals world-wide—ranked the leading countries from which buyers originate, and the most common sales locations and prices.

Latin American buyers are big players in Miami, but they aren’t ranked in Knight Frank’s list, says Mr. Price.

The strongest home purchasers tend to look for property investments in tried-and-true markets that offer both low risk and some potential for price appreciation. Outside of such safe havens, shoppers tend to buy in or near their own areas. Photo: Tips.

Outside of the safe havens, buyers tend to buy in their own regions, the report shows. Buyers in China are the most significant purchasers of prime new-build properties internationally, spurred by a strong yuan and slowing domestic economy, the report says. Although their interest extends to properties in New York and London, their primary interest remains regional, the report shows.

In Russia, which ranked third on Knight Frank’s list, buyers look abroad after exhausting local options. “They already have property portfolios in Russia—a city home, a country home—and then they’re looking for another property abroad,” says Elena Yurgeneva, director of residential at Knight Frank in Russia and the Commonwealth of Independent States.

Write to Sanette Tanaka at sanette.tanaka@wsj.com

Source: http://online.wsj.com/news/articles/SB10001424052702303680404579143750789705062

Posted in Uncategorized | Comments Off on Where in the World Top Buyers Shop

Positive Predictions for California Real Estate in 2014

As the seasons turn and 2013 winds down, it is in our nature to look forward into a new year. What can we leave behind, what will be next, and what opportunities will arise? We all have our own answers for ourselves, but the California Association of Realtors (C.A.R.) has an answer that home sellers should all be happy to hear regarding real estate – a healthy growth for sales and prices is projected for 2014.

“The housing market has improved over the past year, and we expect this trend to continue into 2014,” said C.A.R. President Don Faught. The C.A.R. foresees a 3.2 percent gain in sales next year, up from 430,000 homes sold in 2013 to 444,000 projected in 2014. The median home price is forecasted to increase 6 percent, up to $432,800.

Over the past four years the economy has been slowly recovering, and it is projected that homeownership will now become a highly sought after desire. C.A.R. expects the growth in the U.S. GDP to be up 2.8 percent in 2014. As the economy rises, buyers have less competition with investors and loans are more readily available. The growth of the economy and the fall in unemployment, also predicted, will naturally boost sales.

“We’ve seen a marked improvement in housing market conditions in a year with the distressed market shrinking from one in three sales a year ago to less than one in five in recent months, thanks primarily to sharp gains in home prices,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. She continues,  “As the market continues to improve, more previously underwater homeowners will look toward selling, making housing inventory less scarce in 2014.  As a result of these factors, we’ll see home price increases moderate from the double-digit increases we saw for much of this year to mid-single digits in most of the state.”

As this report was released, I can’t help but be excited for the rise of the economy, the fall of unemployment, and the positive predictions for real estate in California. Does this news have you excited to begin to look for your new home? Browse luxury Marin properties for sale on my website, and contact me with any questions or inquiries. Cheers to the future!

 

Posted in Bay Area Real Estate, Luxury Homes, Market Reports, News, Quarterly Market Reports | Comments Off on Positive Predictions for California Real Estate in 2014

EXCLUSIVE LOWER KENT WOODLANDS OFF-MARKET LISTING

Take a look my video of this exclusive off-market listing in lower Kent Woodlands! Please call me for additional details about this trophy property!

http://www.ignitevideo.com/video/RjlNSlI2MTc4MjcwMzU=

Posted in Uncategorized | Comments Off on EXCLUSIVE LOWER KENT WOODLANDS OFF-MARKET LISTING

EXCLUSIVE BROKER’S OPEN THIS THURSDAY! 38 Fernhill Avenue, Ross

EXCLUSIVE BROKER’S OPEN THIS THURSDAY! 38 Fernhill Avenue, Ross

Please Join Us! 

Broker’s Open: Thursday, October 3rd, 2013 from 11am-2pm

This will be the FINAL Broker’s Open. Please bring or send your clients. 

**Seller is motivated** 

Exclusively Offered at $7,900,000

www.38FernhillAvenue.com

Beautifully sited on over two acres of spectacular grounds, 38 Fernhill Avenue offers a rare combination of privacy and community and is considered to be one of the most coveted properties in all of Ross.

Built at the turn of the century, the southwest facing residence (7,813 sq. ft. per appraiser) with 7 bedrooms and 5.5 bathrooms, enjoys a history as rich as the town itself.  This magnificent gated property was erected during the same period as nearby Lagunitas Club and San Francisco Theological Seminary.  It is just steps from the acclaimed Branson School and in proximity to Ross Common and its shops, restaurants and award winning Ross School.

Posted in Bay Area Real Estate, Christie's International Real Estate, Events, Luxury Homes, Luxury Listings, Marin County, News, Pacific Union International, Real Estate, Ross | Tagged , , , , , , , , , , | Comments Off on EXCLUSIVE BROKER’S OPEN THIS THURSDAY! 38 Fernhill Avenue, Ross

OFF-MARKET LISTING!! NOT ON MLS! 37 North Ridgewood Road in Kent Woodlands

Come Join Us!

Broker’s Open: Thursday, September 26th from 11am to 3pm

www.37NorthRidgewoodRoad.com

Located on a rare 1.76 acres (per tax record) in the coveted lower Kent Woodlands, this outstanding gated residence offers 5 bedrooms and 4.5 bathrooms (4,565 sq. ft. per appraisal) including a detached guest suite or pool house.

Thoughtfully designed and sited to capture the stunning views of Mount Tamalpais and the surrounding Woodlands, the open floor plan and grand scale rooms make this home well suited for entertaining.  The spacious home features high ceilings, oak flooring and detailed molding.  Numerous Andersen glass doors open to the many decks, patios and gardens providing fantastic flow from indoors to out.

The extraordinary property offers complete privacy and park like grounds including mature oaks, level lawn, two seasonal creeks, swimming pool, tennis court, putting green, potting shed and vegetable garden.

Conveniently located, 37 North Ridgewood Road is just steps to Woodlands Market, Kent Middle School, shops, restaurants and Marin’s legendary hiking and biking trails.

Posted in Uncategorized | Comments Off on OFF-MARKET LISTING!! NOT ON MLS! 37 North Ridgewood Road in Kent Woodlands

Buyers Ready to Pay More for a Home Near School

A recent online survey by realtor.com revealed that a great number of buyers are willing to pay extra during the purchase of a home for a location near a preferred school.

According to the results, near 24% of buyers would be ready to stretch their budget by 1 to 5%, while 9% of them would agree to pay 11 to 20% more of their original budget! 40% of the people interviewed would not go over budget.

Others said they were willing to give up on certain amenities in order to live closer to the school to which they would like their children to go. More than 60% are willing to give up on a pool. 50% would be willing give up on accessibility to shopping while 40% would do without nearby parks.

It is also reported that schools with slightly better rankings than another school will motivate buyers to purchase a home nearby. Premiums are often even expected to reach over $200,000 of the original price just to be closer to a given school.

School rankings are therefore becoming key elements when processing a home purchase transaction. Brokers are more and more aware of this fact and will make sure to emphasis the proximity to a school when selling a property.

Posted in Uncategorized | Comments Off on Buyers Ready to Pay More for a Home Near School

Real Estate Roundup: US Home Prices Approach All-Time Peak

Here’s a look at recent news of interest to homebuyers, home sellers, and the home-curious:look at recent news of interest to homebuyers, home sellers, and the home-curious:

Median U.S. Prices Near Record Highs

Median home sales prices in the country hit $213,500 in July, a year-over-year increase of 13.5 percent, according to the National Association of Realtors. U.S. housing prices have experienced 17 consecutive months of year-over-year gains, and the median price is now just 7.3 percent below the all-time record of $230,400, set in July 2006.

Median sales prices in the nine-county Bay Area reached $720,000 in July–more than three times greater than the overall U.S. median sales prices.

NAR also found that sales volume across the country spiked 17.2 percent since last July, from 4.6 million units to 5.39 million. Months’ supply of inventory (MSI) held steady from June at 5.1 but is down 5 percent from a year ago. According to NAR Chief Economist Lawrence Yun, the slim supply of home inventory will continue to push prices upward.

“Tight inventory in many areas means above-normal price growth for the foreseeable future,” Yun stated.

Oakland easily topped the list of markets with the tightest inventory, with homes lasting on the market an average of 20 days. Denver placed second, with an average time-on-market of 31 days.

To view the inventory and prices of homes for sale now, visit our current listings page.

Posted in Uncategorized | Comments Off on Real Estate Roundup: US Home Prices Approach All-Time Peak

Solid Growth in Bay Area Home Prices & Sales

 August 20, 2013 by Pacific Union

New figures from the California Association of Realtors confirm that the region’s real estate markets continue to grow at a robust pace, with double-digit increases in July home prices in all nine Bay Area counties and solid sales growth in all but two.

The median sales price of existing, single-family homes in the Bay Area reached $720,000 in July, up 24.2 percent from a year ago.

The median marks the midpoint in the range of home prices. In Marin County, the median sales price in July held steady at $1 million, up 18.2 percent from a year earlier and the highest in the Bay Area. San Mateo County had the second-highest median sales price, at $919,000 (up 14.7 percent), followed by San Francisco at $842,550 (up 15.6 percent).

Sales growth was strongest in San Francisco, up 28.6 percent from July 2012. Sales slipped 2.4 percent year over year in Sonoma County and were down 14.1 percent in Solano County.

Overall, sales prices in the Bay Area were nearly double that of any other region in California, and year-over-year sales growth was more than three times greater than it was in the Los Angeles metropolitan area.

CAR’s numbers support the strong results noted in other recent real estate reports, including Pacific Union’s July real estate update for the Bay Area and the Tahoe/Truckee region, as well as a regional summary from the research firm DataQuick.

Leslie Appleton-Young, CAR vice president and chief economist, said the outlook for California’s real estate markets remains bullish.

“Looking ahead, we should continue to see strong price growth but at a less accelerated pace than what we’ve experienced over the past year,” she said in a statement.  ”Inventory levels are starting to build in some areas as price gains free up previously underwater homes and encourage homeowners reluctant to list because of the scarcity of homes to purchase.” 

SOURCE: http://blog.pacunion.com/solid-growth-in-bay-area/

Posted in Uncategorized | Comments Off on Solid Growth in Bay Area Home Prices & Sales

Survey: Majority of Buyers Would Pay Extra for a Home in a Preferred School District

School-district boundaries are an important consideration for most homebuyers — so important, in fact, that 54 percent of people who plan to buy a home within the next two years said they would be willing to pay from 1 to 20 percent over their budget to purchase in a desirable school district.

In a recent survey by Realtor.com, 24 percent of future homebuyers said they would pay 1 to 5 percent above their budget for a home in the school district of their choice. Another 21 percent said they would pay 6 to 10 percent above budget, while 9 percent would shell out 11 to 20 percent above budget.

Most buyers said they would be willing to live without a variety of home and neighborhood amenities in order to be close to the right schools. For instance, 62 percent would do without a pool, 51 percent would forego easy access to shopping, 44 percent would give up a bonus room, and 42  percent would consent to live farther from parks and trails.

Also, 17 percent of buyers said they want to live within a mile of school so their children could walk to class.

Schools have long been an important part of the homebuying decision-making process in the Bay Area. Our region has some of the highest-rated schools in California, and it’s not uncommon for area homebuyers  to walk away from otherwise outstanding properties because they fall outside of a preferred school or district boundary.

Recently, we reported on a San Francisco Chronicle article that found Peninsula buyers regularly pay more than $200,000 extra for homes in neighborhoods with high-performing schools.

Homebuyers looking in San Francisco should also read our blog post from earlier this year that explains the San Francisco Unified School District’s notoriously complex enrollment lottery, which doesn’t guarantee students a spot at their neighborhood school.

Learn about what the different Marin neighborhoods have to offer – schools, amenities, and safety.

Posted in Uncategorized | Comments Off on Survey: Majority of Buyers Would Pay Extra for a Home in a Preferred School District