San Francisco Real Estate - Janice Lee

  The Bay Area’s luxury housing market is showing no signs of slowing down as we move through the spring home buying season. From Marin to San Francisco to Silicon Valley and across to the East Bay, Previews level properties are selling in greater numbers and at higher prices than they did a year ago at this time. We just released Coldwell Banker Residential Brokerage’s luxury market reports this week, and here’s a quick recap: Luxury sales over $2 million in San Francisco jumped 27 percent in the first quarter versus first quarter 2013, with 107 such transactions. The median price was up 5.7 percent to $2.9 million. The upper end of the luxury market was particularly strong in the most recent quarter with 51 sales of homes over $3 million in The City, up from 34 transactions a year ago, and 23 sales over $4 million versus 17 in first quarter 2013. Silicon Valley luxury sales over $1.5 million soared 28 percent last month compared to a year ago. In the upper end of the mar...

Foreclosures are on the decline in lockstep with an improving economy and real estate market. Foreclosure filings hit a seven-year low in February according to RealtyTrac’s monthly foreclosure report, as reported by Housingwire. “There were 112,498 foreclosure filings in February, a 10 percent decrease from January and a 27 percent drop from the same time in 2013.” These numbers mark the lowest monthly totals for foreclosures since December 2006. Current rates for foreclosures in California according to RealtyTrac are one in every 1,047 homes. Nationally that number is one in every 1,170 homes. That may sound like a needle in a haystack, but there are still deals to be had. “Buying a foreclosure can be a great way to get a home for less, whether you’re planning to live in the property or rent it out,” said MSN. If you’re in the market for a foreclosure, here are a few tips to put you in the know before you buy. 1. Beware the property that has been “lingering in the foreclosur...

Bay Area homebuyers continue to scour the landscape for homes on the market, crowding open houses, fighting each other in multiple-offer situations, but often coming away empty handed due to the severe shortage of listings. Lack of inventory continues to have a significant impact on the housing market, slowing sales and driving up prices of what few properties are for sale. DataQuick, the La Jolla-based information services firm, reported this week that lack of inventory contributed heavily to a six-year low in home sales last month. A total of 4,963 new and resale houses and condos sold in the nine-county Bay Area last month, the lowest for any February since 2008. But what’s been bad news for buyers has been good news for those savvy homeowners who do decide to list their home right now. Lack of inventory (and competition from other sellers) has been driving up sale prices rapidly. In some cases, prices are near or above their all-time highs once again. The median price paid ...