January 15, 2012

Fun with Case and Shiller

imageYesterday, we had a guest post from Greg Fielding on Bay Area Case-Shiller tiered data.  In case you haven’t been reading any real estate sites ever, a Case-Shiller index tracks home values by comparing sales of the same homes over time.  The index is arbitrarily set at 100 at the first quarter of the year 2000, so watch out if you ever see a two-digit C-S index for this or any region.  There is also a national C-S index.  Monthly updates represent sales from two months previous.

The counties included in the “San Francisco” regional index are the aforementioned City and County of San Francisco, as well as Alameda, Contra Costa, Marin, and San Mateo.  That’s right, it’s not a full Bay Area index and note the absence of Santa Clara County, that engine of high-paying job creation.

Today, we take a look at the magical cut-off point to qualify for the top tier.  According to Fielding, any house selling for more than $579,803 is in the top tier (there are three of them).  Let’s see what kind of palatial abodes you could have for this kind of money.  All homes shown today are at selling prices rather than the wishing ones.

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2916 SOMBRERO Cir
San Ramon, CA 94583
$585,000, sold on 12/8/2011

If you’re looking in San Ramon, here’s a 3 bedroom, two and a half place for you. It’s not a new house, though, this was built in 1980.

The development it’s in sits hard against the freeway (and there’s only one in San Ramon, I-680), but the property itself does not. Instead it backs onto what is now open space.  Given how many new homes went up in San Ramon, the new owner will have some quiet over the back fence until the next bubble starts boiling up.

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5205 MANILA Ave
Oakland, CA 94618
$580,000, sold on 12/24/2011

This cute little bungalow is in the Rockridge district, desired by hipsters and yuppies alike.  It’s a 2/1, but at over 1200 square feet it doesn’t qualify for the Burbed “cozy” tag.

There’s absolutely no information about previous sales on Redfin, but with a $43,000 assessment, this obviously wasn’t a flip.  The sellers went all-out with the staging and photography, so enjoy.

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122 Crescent Rd
Corte Madera, CA 94925
$594,000, sold on 12/22/2011

Wow, what a home, complete with extra rooms the county obviously didn’t know about.  Listed as a 3/2.5, but recorded as a 2/1.  This place hiding in the woods of Marin County against a hill is going to be a contractor’s retirement fund.

Be sure to check out the sales history on this former REO puppy, it’s crap-tastic.

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2051 SULLIVAN St
San Mateo, CA 94403
$585,000, sold on 11/30/2011

Everything in this price range in San Mateo is on the east side.  “Bunus:” This 3/2’s near the 101/92 cloverleaf, which is why it needs the doublepane windows.

This house sold for $795K in 2006, but at least it went for above asking this time around.

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328 Monticello St
San Francisco, CA 94132
$583,000, sold on 10/19/2011

Amazingly, this Merced Heights house doesn’t directly touch walls with its neighbors.  And if you decide it isn’t for you, there are plenty of SF State students to rent it to.  Anyway, you or your tenants are going to have loads of fun with the tandem parking garage.

The house last changed hands in 1989, for $271K.  Quite the investment that doubles its value in 22 years.

We won’t bother with Santa Clara County, as it’s not in the Case-Shiller SF Index anyway.  If it were, that top tier would be a bit higher and way more Special.

Comments (13) -- Posted by: madhaus @ 5:09 am

13 Responses to “Fun with Case and Shiller”

  1. * Says:

    how about adding square foot number for each of the houses? i want to see how palatial these are.

  2. SEA Says:

    2916 SOMBRERO Cir San Ramon, CA 94583
    Beds: 3
    Baths: 2.5
    Sq. Ft.: 1,967
    $/Sq. Ft.: $297
    Lot Size: 6,600 Sq. Ft.

    5205 MANILA Ave Oakland, CA 94618
    Beds: 2
    Baths: 1
    Sq. Ft.: 1,287
    $/Sq. Ft.: $451
    Lot Size: 4,356 Sq. Ft.

    122 Crescent Rd Corte Madera, CA 94925
    Beds: 3
    Baths: 2.5
    Sq. Ft.: 1,146
    $/Sq. Ft.: $518

    2051 SULLIVAN St San Mateo, CA 94403
    Beds: 3
    Baths: 2
    Sq. Ft.: 1,290
    $/Sq. Ft.: $453
    Lot Size: 5,050 Sq. Ft.

    328 Monticello St San Francisco, CA 94132
    Beds: 2
    Baths: 1
    Sq. Ft.: 1,325
    $/Sq. Ft.: $440

  3. Divasm Says:

    So the one in Oakland apparently has a “sweet enclosed front porch”…what character traits does a porch have to exhibit to be sweet? Is that sweet like nice or sweet like awesome?

    Then the one on Corte Madera just starts with “What a house!” which is Realtard speak for “this is crappy enough so I have no words!”

    The San Mateo house listing features a random street view photo – bunus to the person who can explain it…perhaps we are advertising nice wide streets in which one can make 3-point turns?

    And are the trees actually glowing in the backyard of that SF house or did they actually photoshop a grey sky just to prove the house is in the city? Which is worse- radioactive shrubbery or lack of blue skies?

  4. * Says:

    thanks sea.

    except for san ramon, they were about as un-palatial as i had expected.
    around 1150sqft to 1300sqft for $600k.
    a couple of them were only 2/1.

    what a rip off.

  5. SEA Says:

    Many people, at least those outside of the Bay Area, might be considered mentally ill to spend more than “not a lot of money” for 1150sqft to 1300sqft of living space, but here in the Bay Area, and especially the RBA, we know that is a sign of how good things are.

  6. ms Says:

    The San Mateo short sold in three short months.
    That is selling shortly!

  7. madhaus Says:

    These decidely non-palatial homes are supposedly in the upper third tier of housing, which means just imagine what you’d get for less than not a lot of money.

    Not at all surprised that the highest $/sf would be the one in San Mateo County.

  8. nomadic Says:

    …except that the highest $/sf was in Corte Madera (Marin County, last I checked).

    :-P

  9. madhaus Says:

    Okay, nomadic, I’m going back to sleep now.

  10. nomadic Says:

    That’s okay, madhaus. We do appreciate that you entertain us on the weekend with featured articles.

  11. Huge price reduction in Los Gatos! | Burbed.com Says:

    […] is a high-end listing, courtesy of Burbed reader Overheard in San Carlos.  Now, if you read yesterday’s feature based on price tiers in the SF Case-Shiller Index, you might be thinking that means a property that […]

  12. Tom Stone Says:

    If this is the top third in pricing, it makes sense. I think the top 20% is where I would begin to see what I consider high end homes. I’m a Broker Associate in Sebastopol (Halfway between Santa Rosa and Bodega Bay. There’s a home for sale at 8660 Starlight Ln, 95472 that is typical. MLS# 21128444, $790k. 2570 Sq Ft on a well landscaped acre. This is a very well done midsize home.I think that’s about 5% above what it will sell for and I consider it upper mid range for my town. If you call the agent handling it,say howdy, he’s a good one.

  13. If You Can Read This, It Should Be Old [Burbed.com] Says:

    […] we heard from Greg Fielding on Case-Shiller tiers.  On Sunday, we saw some examples of just how much house qualified for the “upper” tier (the top third) in the counties that make up the SF index.  Now here’s what you could get if […]


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