April 20, 2015

Home prices up 31% in Redwood City, 40% in Mountain View – Congrats!!

MedianHomePrice

 

Congrats to the Real Bay Area cities whose median sold home price went up greater than 30%!

Now, let’s dissect the data. Obviously Hillsborough and Atherton went up by 40% because everyday a new millionaire is minted (billionaires are only minted on Thursdays.)

Mountain View is kind of obvious because of Google, Google, Google, and Global Beads at 345 Castro Street.

But Redwood City? Damn!

The last time Redwood City soared like this was back in 2006… when dead people were getting mortgages. But this time it’s different. The paradigm has shifted. There’s Facebook next door and a Philz.

And look at the difference it has made to the schools according to Great Schools:

RWC-Schools

Oh. Uh. Yeah.

Well whatever. Nothing can stop us now. It’s only a matter of time before even Redwood City will beat our mortal enemy Manhattan in price per square foot. (I hear they’re already whimpering in fear.)

Let’s look at how house prices will look in 5 years based on the current growth levels (and as always, past performance is indicative of future results):

MountainViewHomeForecast

Yep, that’s right. You heard it first. I’m calling Redwood City at $4.3M and Mountain View at $4.7M in 2019. Nothing can stop us now!

What are your forecasts for 2019?

Comments (14) -- Posted by: burbed @ 6:40 am






March 30, 2015

Median Home Price to Median Income Ratio in San Francisco Bay Area

Great news everyone!

The Median Home Price to Median Income ratio just exceeded 9x in 2014 Q4! To be precise, it was 9.16x!

And with house prices growing 20% year over year, my guess is that when when the NAHB/Wells Fargo Housing Opportunity Index data for 2015 Q1 comes out, the Real Bay Area will easily exceed the peak of 9.27x set in 2007 Q2!

Where will this ratio go? It’s obvious that by the end of this year, it will be 10x… but when will it happen?

Median

SF

SJ

Great work everyone! The real question is: How can we drive this to 20x?

San Franciscans have already done their part by blocking new homes from being built. Redwood City-ers have succeeded with their protests of building more homes. Mountain View, Palo Alto, Millbrae, Burlingame: You guys need to pass laws to destroy existing apartments (because renters aren’t humans anyway).

What are your suggestions? Let’s hear them in the comments!

Comments (29) -- Posted by: burbed @ 5:31 am

February 17, 2015

What’s the highest listing-to-sold spread you’ve seen lately?

As we all know… overbidding is once again the norm.

What has been the highest listing-to-sold spread that you’ve seen lately?

wilshire-s

Comments (60) -- Posted by: burbed @ 5:37 am

February 9, 2015

Here’s a photo from an open house for a starter home in the Real Bay Area

Here’s a photo from an open house for a starter home in the Real Bay Area.

House

Been to any open houses lately?

Comments (4) -- Posted by: burbed @ 5:42 am

January 29, 2015

The house prices. They won’t stop going up.

They just keep going, and going, and going, and going!

To infinity and beyond!

Comments (28) -- Posted by: burbed @ 12:47 pm

November 3, 2014

House prices are amazing in the Bay Area

Modest Bay Area homes hit mind-boggling prices

Two years of tight supply and intense demand have pushed prices for modest Bay Area homes in trendy neighborhoods to mind-boggling heights.

In Palo Alto, tiny homes sell for multiple millions of dollars. In Oakland’s sought-after Rockridge district, a home just sold for $500,000 over the asking price.

On both sides of the bay, it’s the location that commands the biggest price, even as the amount paid per square foot reached new peaks in more than a third of 155 Bay Area ZIP codes analyzed for this newspaper by CoreLogic DataQuick.

With the price of homes in Palo Alto skyrocketing, Ken Plourde, a 79-year-old retired jazz bass player, decided it was time to sell the home he bought for $35,000 in 1970.

"I was sitting on a gold mine," said Plourde, whose income from music gigs has been declining with his advancing years and changes in the live music business.

The 992-square-foot-home within walking distance of Stanford University was snapped up in one day by a wealthy Stanford graduate in China for $3 million, a price that comes to just over $3,000 a square foot.

Real estate agents say two groups are leading the pack of home shoppers in Silicon Valley: newly wealthy tech workers and overseas buyers, particularly from Asia.

Congrats to the Bay Area. You are making me so proud.

2015 is the year where the median price will be $1250 per square foot across the entire real Silicon Valley. I just know it!

Maybe it’s time to retire this blog.

Comments (34) -- Posted by: burbed @ 5:15 am

October 20, 2014

This San Mateo house listing forgets a key detail

301 N KINGSTON St
San Mateo, CA 94401
$948,000 Price 
6  Beds 
4  Baths  2,650 Sq. Ft.
$358 / Sq. Ft.
Built: 1949 Lot Size: 5,000 Sq. Ft. On Redfin: 9 days Status: Active
20141018a

Great Single Family Home with an approved In-law Unit. Completely updated throughout! 2650 sqft of living space. Main house has 4 Bedrooms with 3 Bathrooms. In-Law unit has 2 bedrooms/1 bathroom with a separate address and separate utility meters. Live in one, rent the other! Unique Property! Great Potential Income! Centrally Located! Open House Sat/Sun October 18th & 19th from 1:30 pm – 4:30 pm.

Ok. Got it. If you’re big into the sharing economy, this house is for you. Or, buy one get one free.

With rent soon to hit $1,000,000 per hour for a 1 bedroom, you’ll be making Monopoly level money in no time! Maybe you can buy up a whole street and replace it with a hotel (like the one in the background?)

But… I think this listing forgets a key detail! One that’s an amazing benefit. One that you usually find in most listings!

20141018b

That’s right… easy access to freeways. I mean, come on… it’s right there.

I’m surprised that the realtor forgot to mention this on this listing.

What else would you include to improve this listing?

Comments (4) -- Posted by: burbed @ 5:45 am

October 16, 2014

Congrats to Mountain View–median home sale price now a million!

20141016a

Congratulations Mountain View!!

2015 – $2,000,000.

I know you can do it!

Click here to post a comment -- Posted by: burbed @ 5:01 am

October 13, 2014

Do you like Victorian homes? You’ll love this one in San Jose!

435 S 7TH St
San Jose, CA 95112
$499,000
Price 
4 Beds 
2 Baths  2,176 Sq. Ft.
$229 / Sq. Ft

20141013

Less than a block from San Jose State University. House is damaged by Fire. Value is in the land. Huge potential for a Contractor or Investor who will like to own a Historic Grand Victorian. Imagine the Possibilities.

Do you like Grand Victorian homes? Well if you do, you’re in luck! Check out this specimen!

Oh wait… value is in the land. And as we all know – they’re not making any more of that! Plus it is in Downtown San Jose! Woot!

Well, let’s imagine the possibilities… What would you do with this fantastic deal?

Comments (3) -- Posted by: burbed @ 5:47 am

October 7, 2014

Shocker! House with additions and permits

343 N HUMBOLDT St
San Mateo, CA 94401
$779,000 Price 
5 Beds 
3 Baths  1,890 Sq. Ft.
$412 / Sq. Ft.
Built: 1939 Lot Size: 6,450 Sq. Ft. On Redfin: 42 days Status: Active

20141006a

This is a great opportunity for a large family, the main house has 4 bedrooms 2 bath with a attached legal in-law unit. The house needs cosmetic work but it is in good shape. all additions were done with permits.

Those of you who have read burbed for long enough know why this is a shocker… it’s a house that has additions with permits. A legal in-law unit.

Normally, the Real Bay Area is full of disruptors and entrepreneurs – leaders and visionaries who know that laws and regulations are mere guidance meant to be broken.

In fact, reading this listing, I almost have a certain disdain for this house. So ordinary. So legal. There’s a real lack of ambition.

Someone with true leadership and ambition would add 4 more bedrooms to this house. Wouldn’t you?

Also… what’s going on with the curtain in this picture…

20141006b

Huh?

Comments (2) -- Posted by: burbed @ 5:16 am