Yesterday, 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.

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.

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.

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.

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.

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.

I used to dream of one day Silicon Valley being more unaffordable than Manhattan – our arch-nemesis. But now, it looks like we have a new enemy in addition!

Vancouver Bubble Watch: 25-Person Bidding War

By Paul Kedrosky · Thursday, April 21, 2011 · ShareThis

I was sent this by someone today on the latest madness in the Vancouver real estate market. It sort of blew my mind — 25 bidders, $655,000 premium, and 34% over the asking price for a house on 50×125 lot.

Kitsilano house goes for $655,000 over asking

Kitsilano, B.C.

Published Thursday, Apr. 21, 2011 6:02PM EDT

2466 WEST 14TH AVE., VANCOUVER

ASKING PRICE $1,895,000

SELLING PRICE $2.55-million

PREVIOUS SELLING PRICE $531,000 (1996)

DAYS ON THE MARKET eleven

THE ACTION: This contemporary West Coast residence in Kitsilano was listed for $1.895-million on a Friday, but the first showings were held a week later. This tactic, combined with its attractive price point, helped retain the interest of so many buyers that 25 made an offer. The one accepted presented $655,000 more than the asking price.

Sigh. What will it take to bring healthy economics like that to the Bay Area?

What can we do to avoid being left behind?

So yesterday we looked at an affordable house with easy commutes in the Bay Area – just $288 per square foot in East Palo Alto.

Now, let’s look at what’s going on for about the same $/sqft in one of our two mortal enemies: Seattle!

18316 NE 21st St Redmond, WA 98052

$525,000

Beds:	3
Baths:	2
Sq. Ft.:	1,800
$/Sq. Ft.:	$292
Lot Size:	7,725 Sq. Ft.
Property Type:	Residential
Style:	1 Story
View(s):	Territorial
Year Built:	1969
Community:	Microsoft
County:	King
MLS#:	165784
Source:	NWMLS
Status:	ActiveThis listing is for sale and the sellers are accepting offers.
On Redfin:	8 days
Cumulative:	151 days

Large elegant rambler. Giant open living room + formal dining + breakfast counter. Lots of Italian tile, new carpet and paint. Remodeled baths and kitchen. Entertainment size deck with hot tub. Tam-O-Shanter Golf Club community with golf, Olympic pool and tennis courts.

So it’s in a golf club. So it’s got some of the nation’s best schools. But is it near Google and Facebook? Does it have the Bay Area schools? Does it have great sushi? (No, all they have is teriyaki!)

Sure they’re similar in price per square foot, but let’s face it – Redmond simply isn’t as livable as East Palo Alto. Add to that the lack of a state income tax… well… what would you do with all your money? Save it for retiring? Stop working and become a slacker?

Further proof that the Bay Area reigns supreme and why our awesome ho
using prices help drive our awesome innovation.

$819,888

801 INTREPID Ln Redwood Shores, CA 94065

Beds:	3
Baths:	3
Sq. Ft.:	1,800
$/Sq. Ft.:	$455
Lot Size:	-
Property Type:	Townhouse
Style:	Contemporary
Stories:	1-3 (Low Rise)
View:	Mountains, Lake
Year Built:	1989
Community:	Lighthouse Cove
County:	San Mateo
MLS#:	81047063
Source:	MLSListings
Status:	ActiveThis listing is for sale and the sellers are accepting offers.
On Redfin:	40 days

Regatta’s Halcyon plan on the wide water! Views from most rooms with westerly exposure ensconced. You’ll love the 18′ ceilings, imported glass block detailing, upgraded carpets, skylights and much more. You’ll luxuriate in the new master bathroom with new marble shower surround w/ seamless glass shower, new soothing tub and marble counters! Don’t miss the pool and spa.

Here’s my recommendations. I know people have given me hell over making comparisons, but I think its always interesting to see what "the rest of the country" is like in regards to housing costs.Here goes nothing.
So here’s a comparison:
The first is a 3 bedroom, 3 bath 1,800 sq foot home in Redwood city. Its referred to in the listing as a "co-op". It can be yours for $819,000

Done. That’s above.

Next?

As its comparison, here is a 4 bedroom, 3 bath house outside of Nashville TN.
It is about the same size- 1,844 sq feet and was built in 1930. The house has been fully renovated. Total cost? $219,000, or about 4 times less than the Redwood city house. Again- this is a comparison.

Well, let’s take a look:

Now, on face value this might seem ridiculous – after all, the Redwood Shores one is 4x as much and is likely to fall into the Bay when the Big One hits.

But that’s face value – let’s talk about FaceTime and FaceBook! Do they have Apple or social networking startups in Nashville? Nope. How are you going to make your millions there? Do they have a 2010 World Series Champion there? Probably not. Do they have the Bay Area’s best schools? Of course not!

Sorry Bob. Sure this might be 1/4 the price, but I can’t even think of 1/4 the reason why anyone would want to move to Nashville. And I haven’t even brought up the sushi argument yet…

NY-area rents are not as high as one might think

Grumble, if you will, about high rents and warren-like apartments. Just be glad you don’t live in San Jose.

It may be little comfort, but the New York metropolitan area is not home—as a renter might think—to the highest rents in the country. That distinction goes to the San Jose metro area in northern California, where gross median rents cost $1,414, making it the most expensive in the country. San Francisco came in second, followed by the Washington, D.C., area, according to the U.S. Census Bureau’s 2009 American Community Survey released Tuesday.

The New York metro area, which includes northern New Jersey and Long Island, was sixth. Median gross rent was $1,125 a month. The median rent in the city alone was $1,086.

America’s 15 Safest States

15. New York

Assault: 25
Burglary: 47
Murder: 26
Motor Vehicle Theft: 45
Rape: 49
Robbery: 9

Ha ha! Look at that! New York is all the way at the bottom of the list of America’s 15 Safest States!

Let’s see where California ranks!

15 Most Dangerous U.S. States

#15: California

Assault: 18
Burglary: 25
Murder: 16
Motor Vehicle Theft: 3
Rape: 41
Robbery: 5

Booyah baby! #15 on the list of Most Dangerous States!

Further proof that if you can make it here in California, you can make it anywhere!

And while we’re at it….

25 Craziest Cities in America

2. San Francisco

Psychiatrists per capita: 1
Stress: 57
Eccentricity: 2
Drinking: 11 (tie)
Local Character: Samir “Sammy” Keishk spent 18 months and $12,000 working on a 2,260-pound rubber-band ball in a quest to set a Guinness world record.

 

7. New York City

Psychiatrists per capita: 4
Stress: 19
Eccentricity: 4
Drinking: 49 (tie)
Colorful Character: Robert John Burck, better known as the Naked Cowboy to anyone who’s ever walked through (or heard of) Times Square, stuns and entertains passersby with his outfit: cowboy boots, a hat, and briefs that he hides with a guitar. (AP Photo/Tina Fineberg)

Take that again New York!

Man… we are just rockin’ it out!

Top 29 Cities to live in

1: New York City

10: San Francisco

I think this is a case of good news/bad news. The good news is that San Francisco scored 9.2/10 for cost of living, while our mortal enemy New York scored a mere 8.9/10. WOOHOO!

That said, it’s clear the methodology of this report was wrong. They should’ve been comparing Silicon Valley!

It’s search engine Thursday!

Usually an actual search query is featured.However, lately there has so many “cupertino union school district lottery date” and “cusd lottery” (what’s that all about?) in the logs that it wasn’t particularly interesting. So, let’s examine a different potential query: is new york too expensive compared to california

The answer is a resounding yes. New York is absolutely too expensive compared to California… the Bay Area should definitely be more expensive. We’ve got sushi, world class universities, El Camino Real – what do they have? Jersey Shore?

Now let’s give credit where credit is due – we are certainly getting there. Out in the suburbs, we’re beating them soundly. Take this for example:

1.47 acre house – with access to Wheatley Schools

versus this:

Duc & Elliot built good houses in Cupertino

Oh yeah. Beaten.

More importantly, I think we’re even making progress against Doomedhattan with its Doomed Bankers.

For example, some of you may recall that the “smallest apartment in the city” at 175 sqft sold for an astounding $150,000. At the time, it made all the headlines!

Do the math people. Is it any wonder why all those Bankers failed and our VC succeeded? $150,000/175 is a mere $857 per square foot. Palo Alto… even Cupertino can beat that on most days!

Great work everyone! Don’t worry… 2010 is the year we’ll beat Manhattan and take the reign of “most expensive”! It’s our destiny!

It’s Day 5 of our “Bay Area versus New York: Which suburbs are more expensive?” smackdown. To be fair, we’ll only look at reasonable houses: $1-$1.5 million.

It is, of course, the last day, and it is back to the Bay Area. You might think it is unfair that New York won’t get a chance to respond, but I assure you… this listing is so awesome that there’s no way anyone can respond. Let’s take a look:

140 WOOD Rd, Los Gatos, CA 95030 | MLS# 80812909
$1,100,000
140 WOOD Rd Los Gatos, CA 95030
Beds: 2
Baths: 2
Sq. Ft.: 1,470

$/Sq. Ft.: $748
Lot Size: 0.26 Acres
Property Type: Detached Single Family
Style: Cottage/Bungalow
Stories: 2
View: Mountains, Canyon, Valley, City Lights
Year Built: 1917
Community: Los Gatos/Monte Sereno
County: Santa Clara
MLS#: 80812909
Source: MLSListings
Status: Active This listing is for sale and the sellers are accepting offers.
On Redfin: 542 days
PRICE REDUCED! 2 bdr, 2 bath guest house. This home is nestled on the edge of a majestic redwood grove, which is the gateway to several hiking paths around the main property. It is the original home on this los gatos estate, built circa 1917. Fireplace in living room is clinker brick. Beautiful valley view from deck.

And there you go folks. $1.1M for a guest house. I couldn’t find anything like this in New York.

Phew. It’s been a great week, but I think this report definitively concludes that the Bay Area suburbs are more expensive than New York.

Please, tell 25 people you know about this. The press needs to know. The public needs to know. Everyone needs to know!