June 18, 2014

Peak median home prices in the Real Bay Area

Bay Area home sales great for sellers, tough on buyers

Santa Clara County, which surpassed its peak price for existing single-family homes in April, saw a gain of 6.7 percent to $800,000, and San Mateo County was up 14.2 percent to $925,000.

Wendy McPherson of Coldwell Banker in Menlo Park said recent tech company public offerings and acquisitions are creating wealthy buyers at a brisk pace. "We just had a buyer buy a $20 million property who was living in a $900,000 house," she said.

Ken DeLeon of DeLeon Realty in Palo Alto said demand is so brisk for luxury real estate that one home in Atherton sold for $14 million in three days.

As we all know, it’s been a long time dream of the readers of this site, and the homeowners and landlords of the Real Bay Area to see housing prices surpass those of our arch nemesis, Manhattan – proving that you don’t need ugly skyscrapers, integrated cultural diversity, things that open late, low crime, taxis, functioning mass transit, and <shudder> shadows to be successful.

We. Are. Almost. There.

The median home price for a single family home in San Mateo is now $925,000. Santa Clara, which includes Gilroy, $800,00.

Is there anything more beautiful than this?

Question time: What will the median price in a year from now for SM and SC? $2M and $1.8?

Post your predictions in the comments!

Comments (7) -- Posted by: burbed @ 5:28 am






May 28, 2014

What is the minimum salary to buy a house in San Francisco?

You Must Make At Least $137,129 A Year To Afford A Home In San Francisco

You need make at least $137,129 a year (before taxes) to afford a home in the Fog City, which according to a new report is the most expensive city in the country for home buyers.

Coming in a distant second place is San Diego, where you need to bring home $98,534 a year to afford the principal, interest, taxes and insurance of a median-priced home, the measure used to make the calculations by HSH Associates, the mortgage-tracker that published the report.

New York City scored third place — perhaps surprisingly, because of its notoriously high rents. You "only" (hahaha!) have to make a salary of $89,788 a year to afford a mid-level apartment.

The widening gap between rich and poor in San Francisco just keeps getting worse. A recent report ranked income inequality in the city on par with developing countries including Rwanda.

This poses a real dilemma for us in the Real Bay Area. Now that we’ve set the bar so high, how we do we drive this even further?

I have a feeling that if we all work together, we can drive this minimum to a nice even $200,000.

What will you be doing to make this happen?

Click here to post a comment -- Posted by: burbed @ 5:19 am

May 26, 2014

No wonder California is called “The Golden State”

I hope you’re enjoy this Memorial Day!

As a community of people obsessed homes, we should also remember those houses that are still underwater.

Obviously, there are none in the Real Bay Area though…

Rent or Buy? The Math Is Changing

Billy Gasparino and Jenna Dillon-Gasparino were savvy enough to wait out the housing boom of a decade ago as renters. Not until 2010, well into the bust, did they buy a house in the Venice neighborhood of Los Angeles, less than a mile from the beach, for $810,000.

Only four years later, the couple see new signs of excess in the housing market and have decided to go back to renting. They are close to a deal to sell their house – for $1.35 million, a cool 67 percent gain.

Is it any wonder that California is called? Every house you touch turns to gold. And we all know that gold always goes up in value!

Since the start of 2011, prices have risen 33 percent in the San Francisco area, 30 percent in Miami, 24 percent in Los Angeles — and even more in some of the most desirable neighborhoods within those areas.

In the San Francisco Bay Area, home of the sharpest recent price increases, the sale price of a home is about 20 times what it would cost to rent a home of the same size for a year. That ratio, based on an analysis of data from Zillow, is the same as in 2003, when the San Francisco real estate market had yet to become an out-of-control bubble but was well on its way there.

That’s right! Based on data… DATA…there’s still plenty of upside for the homes in Silicon Valley.

But wait.. there’s more!

When low mortgage rates are taken into account, buying a home in San Francisco looks somewhat more attractive — but with a 10 percent down payment and prevailing interest rates, buying a home is 6 percent more expensive than renting a place of the same size, the same premium for buying as there was during the dot-com boom in 1999. Just two years ago, buying in the San Francisco area was 24 percent cheaper than renting an equivalent place.

There you have it! The NY Times says now is a great time to buy a home in San Francisco.

“If you thought home values in the Bay Area or Southern California were such that we might see another housing correction, that radically starts to advantage rental housing,” said Stan Humphries, Zillow’s chief economist, who argues that current prices are reasonably well justified, while acknowledging that prices are high enough to leave buyers exposed.

Even the Chief Economist at Zillow agrees!

This time it’s different. The economics have changed. The paradigm has shifted. House prices simply cannot go down.

I’m surprised you haven’t gone and picked up 6 houses over the weekend!

Comments (8) -- Posted by: burbed @ 5:00 am

February 25, 2014

San Francisco Real Bay Area beats New York for most expensive housing

Hello.

For years, this site and its fine readers have yearned for the day that the San Francisco Real Bay Area would eclipse New York for most expensive housing. It has been a dream that we have all pined for. There were good times, there were bad times, but for better or for worse we stuck together in the hopes of realizing this dream.

I present to you, this:

Here’s How Much Money You Must Earn To Buy A Home In 25 Big US Cities

  1. CLEVELAND: You’d have to earn at least $19,435 to buy an average home. (All they have is the Rock and Roll Hall of Fame. Big whoop.)

  2. CINCINNATI: You’d have to earn at least $22,227 to buy an average home. (Jerry Springer was mayor.)

  3. ST. LOUIS: You’d have to earn at least $22,398 to buy an average home. (Arch this!)

  4. ATLANTA: You’d have to earn at least $24,391 to buy an average home. (Because everyone is a peach picker.)

  5. TAMPA: You’d have to earn at least $24,651 to buy an average home. (It’s not Orlando!)

  6. ORLANDO: You’d have to earn at least $28,298 to buy an average home. (It’s not Miami!)

  7. SAN ANTONIO: You’d have to earn at least $29,305 to buy an average home. (Riverwalk? Really?)

  8. DALLAS: You’d have to earn at least $29,751 to buy an average home. (Meh. Oil.)

  9. HOUSTON: You’d have to earn at least $31,299 to buy an average home. (Galleria is meh.)

  10. CHICAGO: You’d have to earn at least $32,389 to buy an average home. (Too much wind.)

  11. PHOENIX: You’d have to earn at least $32,812 to buy an average home. (Arizona.)

  12. MINNEAPOLIS: You’d have to earn at least $33,800 to buy an average home. (Cold.)

  13. PHILADELPHIA: You’d have to earn at least $36,836 to buy an average home. (Everyone is angry.)

  14. BALTIMORE: You’d have to earn at least $41,155 to buy an average home. (Too many crime shows.)

  15. SACRAMENTO: You’d have to earn at least $42,832 to buy an average home. (Sacramento.)

  16. MIAMI: You’d have to earn at least $43,918 to buy an average home. (Too much cocaine.)

  17. PORTLAND (OR): You’d have to earn at least $45,872 to buy an average home. (Sometimes I just want a twinkie)

  18. DENVER: You’d have to earn at least $48,123 to buy an average home. (Air is too thin.)

  19. SEATTLE: You’d have to earn at least $59,130 to buy an average home. (Too much flannel.)

  20. WASHINGTON, D.C.: You’d have to earn at least $62,810 to buy an average home. (D.C.)

  21. BOSTON: You’d have to earn at least $63,673 to buy an average home. (Not enough smart people compared to the Real Bay Area.)

  22. NEW YORK CITY: You’d have to earn at least $66,167 to buy an average home. (Not Real Bay Area.)

  23. LOS ANGELES: You’d have to earn at least $72,127 to buy an average home. (Too much traffic… until the Bay Area beats LA)

  24. SAN DIEGO: You’d have to earn at least $81,570 to buy an average home. (Too far south.)

  25. SAN FRANCISCO :You’d have to earn at least $115,510 to buy an average home. (The best place in the world.)

That’s right everyone! You need to make 75% more money in San Francisco Real Bay Area, to be able to afford a home compared to New York City.

We.

Have.

Won.

I knew this could happen, and it did. <sheds a tear>

Now that this has happened, what should Burbed’s future direction hold… I mean… how should Burbed pivot?

Comments (25) -- Posted by: burbed @ 5:09 am

September 22, 2013

Post some comments or else… Part Deux

20130921-dog-gunYou enjoy this site? Well, then, this requires your assistance. Good content needs good comments to keep more good content coming.

Yesterday we threatened a stock photo of a house if we didn’t see more comments pronto. Today, we up the ante.

Remember this iconic image?

And if you’re too young to remember it, well, you can read it, can’t you?

Thought you could.

We don’t think we have to spell it out, now, do we?

Fine. We’ll spell it out. Post some more comments or the dog gets it.

And don’t give us any crap about this dog probably being dead already since the magazine cover was from January, 1973. He’s been brought back to life… in Bucharest.

This is also your Weekend Open Thread, not that that ever made any difference.

Comments (10) -- Posted by: madhaus @ 7:09 am

September 21, 2013

Post some comments… or we burn this house down

130920-arson-commentAlright, so the site’s been having some access and downtime issues. We know, but we can’t do anything about it. Do you see us complaining?

Well, yes. Yes, you do.

Too many of you are giving up instead of pressing Reload over and over and over until the 502 Bad Gateway error goes away. So, it’s come to this. Make some comments so we know you’re reading… or this innocent stock photo of a house, who hasn’t hurt anyone at all except for the Photoshopper who get second degree burns adding the extra flames… gets it.

And think of all the other innocent houses who will have an even worse fate. That’s right, if you don’t speak up in comments, thousands and thousands of houses will never get a chance to appear on the front page of Burbed ever. Now think about it, that means your house may never appear, even if you wanted it to be famous!

Reload, respond, and refresh.  Not just a good idea. It will keep the houses posted.  And at room temperature.

Comments (15) -- Posted by: madhaus @ 7:07 am

May 4, 2013

Open Houses need Open Threads

Are you looking at any Open Houses next to a farm?

Photo credit thanks to Galen Ward.

 

Comments (4) -- Posted by: madhaus @ 5:09 am

March 31, 2013

Easter Eggstra: What’s in Your RBA Easter Basket?

130331-easter-failbasketHappy Easter! This means NOW is the time for Spring Real Estate selling season to begin Bouncing in earnest. We’ve been telling you about Bay Area Bubble 4.0, so just imagine how much win Real Bay Area home prices will have starting tomorrow!

That’s not all the Easter Eggs we’ve found under our bedecked and bowtied basket! Here’s a few more the Burbed Bunny brought to beaucoup browsers.

 

130331-easter-failpricesWe appreciate all our readers who send us awesome listings (and you know by awesome, we mean something that is exactly the opposite of awesome). If you have a great example of Real Estate Fail, send it to one of our email contacts in the upper right corner.

Best of all is when you visit an Open House and take some photos of things that the agent didn’t think best reflected the property’s best features. Yes, we love your photos too!

We also love our readers’ comments. Please be sure to stop by and show each listing as much love as it deserves.

Finally, we’re going to be part of another Big Blog Bonanza. Tomorrow begins a new month, and we’re going to be joining the fun with over 1700 other blogs in the April 2013 Blogging from A to Z Challenge. For many bloggers, the difficulty of merely writing one post every day brings anxiety, fear, or wrestling with the dreaded blogger’s block. We’ve been putting out an article pretty much every day for seven years, but having topics line up with the alphabet will give us an interesting tour of the Bay Area.  Feel free anytime to nominate some suggestions for letters to come!  We’re still wondering just what to do with that pesky letter X.

Comments (4) -- Posted by: madhaus @ 7:03 pm

March 25, 2013

A few odds and ends, mostly odds

130324-odds-poleWe did make it over to the old Wozniak place during yesterday’s Open House. And we took pictures.  Lots and lots of pictures. We can assure you that some of the notable improvements to the property, such as the fireman’s pole, the cave, and the twisty little maze of passages, all different, are still there.  Here’s just a taste of the photoblog to come.

You may have also noticed that we’ve been moving the furniture back and forth on our pages. Some of the new additions seem good, and some just aren’t working out quite as well as we’d like. Notice that little Redfin sign where it says “location, location, location?” That links to our growing photo Collections over there.  Please check it out.  Another thing to check out is our twitter feed (and yes, we know we should be posting the feed right to the site. A site redesign first would help. We’re working on it, really. Why do you think we keep moving the furniture?)  The sharing options don’t seem to work as advertised, f’rinstance. Anyone want us to try the thumbs up/down again? We kind of miss them. (This allowed you to vote yea or nay on both posts and comments.)

Blog Blitz BadgeFinally, we joined into a Blogtacular scheme called the Blog Blitz. We think it’s a good idea, and if you write your own blog, you can also be part of it. By joining the group, you agree that when DL Hammons, who started it all, says “Everyone Blitz this Blog!” you will head over to the chosen site on the appointed day and post some helpful or encouraging comment there. It’s true, people who write blogs love it when their readers post something useful.

Now, in the case of Burbed, “helpful or encouraging” does not necessarily mean “I love your blog and read it every single day and twice on Sundays!” (although we don’t object 130324-odds-wozroutersto such fawningly overdone praise either). Useful would be either informing us about the property of the day or sharing something related to it or making a snarkilicious observation. All this goes to say if you join us in signing up for Blog Blitz, please read whatever blog you’re asked to post in before chiming in with “Me too! All the way!”

We’ve listed the participants below (if this LinkyTools code works properly) and you can join in right here. If you don’t see any blog list (we’re #127, which is 2^7-1, perfect for a Silicon Valley-based site), then obviously the script stopped working, so head over to DL’s site and sign up there.  Who knows, maybe someday we’ll be blitzed and for one delightful day, we’ll be back to the glory days of a 150+ comment thread.

Or you all could start talking more.

Blog list after the break.

(more…)

Comments (5) -- Posted by: madhaus @ 5:05 am

February 3, 2013

They Like Us! They really, really Like Us!

130202-fb-calloutNotice something new in the right-side column?

At long last, we’ve set up a Facebook Page, and we’re collecting Likes.  We’re not really sure what we’re going to do with them.  Maybe there’s a Mortgage Equity Withdrawal program out there who wants every one of your names.  But more likely we’ll just wonder which Facebook Name goes with some of the more interesting handles our commenters have used.

Anyway, please click that Like button if you have a Facebook account, because right now we’re still in single digit territory, and Patrick.net is threatening to beat us up behind the gym.

This is also your opportunity to grouse about Facebook, or its policies, or its stock price, if you don’t find the housing-related piece today to your taste.

Click here to post a comment -- Posted by: madhaus @ 8:06 am