If you’re interested in Bay Area real estate, you should be familiar with the Prestige Home Index. Put together by First Republic Bank, the Prestige Home Index tracks the value of a number of “over $1 million properties” in eight Bay Area counties. Burbed has a handy link to the index on our blogroll on the right; you’ll find it with the Real Bay Area links.
Earlier this week, the latest quarterly numbers ending September 30th were released. Let’s take a look at First Republic’s exciting graph with the latest RBA domicile data!
While the index has risen to 437.48 (after dropping from 450 nine months ago, long down from its peak of 533.17 exactly four years ago) the little kick at the very end of the graph shows what could be the second dead cat bounce, or it could show we’ve hit bottom! Then again, it could just represent a few LinkedIn types jumping into Palo Alto ahead of their stock coming out of the no-trading lock-up zone.
Then again, the above graph is the median value of their high-end home portfolio, which is currently $2,531,042. Since they neglected to graph the index itself, I’ve thrown one together for you.
Oh, silly me, I didn’t pull the “let’s exaggerate the graph by chopping a whole bunch of numbers off the bottom of the Y axis” trick. Fine, I can play that game too.
Can anyone figure out which Bay Area county is not represented in the First Republic Prestige Home Index, San Francisco Edition? My money is on Marin!
In San Francisco, the higher end of the luxury market was active. “Above $5 million, the market is healthy,” said Mary Lou Castellanos of Sotheby’s International Realty. “Smart money is buying now and is taking advantage of lower prices and lower interest rates. At the same time, a growing number of sellers are getting more realistic about price.”
We’ve featured high-end properties before, and prices aren’t always realistic (take a look at both the homes in the zip code series and this collection of Santa Clara County astonishers if you don’t believe us).
This is an Open Thread.