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Tag Archives: California Daydreaming

Bubble Trouble: Silicon Valley & San Francisco Housing Markets Head South

The underlying dynamics changed in August and have worsened since. And this is still the tech boom. It’s high time to unload houses and condos in Silicon Valley and San Francisco, one of the most expensive housing markets in the US. Sellers are now flooding the market with properties. Inventory listed for sale in those three counties that make up the area – San Francisco, San Mateo, and Santa Clara – surged by 102% in November compared to November last year, to 3,931 listings. In each...

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Housing Downturn Arrives in Silicon Valley & San Francisco

The inflection point: sellers got the memo and cut prices. The area of Silicon Valley and San Francisco – comprised of the counties of San Francisco, San Mateo, and Santa Clara – is one of the most expensive housing markets in the US. Atherton, a town in the heart of Silicon Valley, has been named the single most expensive zip code in the US. And when that housing market gets tough, the tough start cutting prices. And that’s what’s happening. Sales have slowed. Buyers have lost their...

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Red Ink: Housing Inflects Further in Bay Area’s Sonoma County

“101 new listings, 101 price reductions.” This is what it looks like on the ground: The home on 1704 Hurlbut in Sebastopol, Sonoma County – a pricey area a little north of San Francisco, between the Pacific and Napa County – was listed for $980,000 on June 17. Then came the price cuts: July 19: cut to $935,000 July 24: cut to $895,000 August 7: cut to $850,000 September 19: cut to $830,000. In addition to the 15% price cut, they threw in a $15,000 credit toward the pest damage,...

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Anatomy of a Housing-Bubble Inflection Point in Bay Area’s Sonoma County

Red indicates the moves since the inflection point in June. “Having a legal cannabis grower near your property has a significant negative effect on value due to the odors,” explained Thomas Stone, a real estate broker in Sonoma County, California. “This is the first legal harvest in the County, and while better than having a pig farm next door, an acre of flowering cannabis can be pretty overwhelming. You don’t want to show those properties on a warm afternoon.” Just another wrinkle in...

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Anatomy of the Housing-Market Inflection Point in the Bay Area’s Sonoma County: Insider View

The inflection point was in June. This is how inflection points show up at the subcutaneous level in all housing markets. The first obvious sign that something was up, that something wasn’t going the right way, came on June 6, 2017, when the housing market in Sonoma County was still booming, according to the data. Sonoma County is a little north of San Francisco, between the Pacific and Napa County. It’s wine and craft-brew country, sprinkled with beautiful cities and towns. And it’s...

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Could California Flame Out?

High housing costs & taxes lead to this: “Once we decided we had to get our employees out of California, we went about our search systematically.” By John E. McNellis, Principal at McNellis Partners, for The Registry: The phone rang early the other day. “Well, our center’s still standing,” my partner said. “The fire’s only a couple blocks from us, the whole town of Lakeport’s been evacuated. I think we’ll be ok, but it’s out of control.” That fire is still raging as of this...

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Oops, Facebook’s Market Cap Plunges by $143 Billion

Throughout the scandals, Facebook was clad in Teflon and nothing mattered. But today, it mattered. Facebook shares plunged 23% to $169 in late trading today, after successfully dodging the impact of various scandals the company has been embroiled in recently over its horrendous privacy practices, including disclosures that political analytics firm Cambridge Analytica, now defunct, had improperly accessed data from about 87 million Facebook users. This led to the world being served up...

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Biggest Apartment-Construction Boom-Towns Are Not What You May Think

No, it’s not Seattle. Denver is by far #1. New York isn’t even in the top 25. And it explains why rents in Chicago are collapsing. We’re going to shake up the status quo of apartment construction reporting. First, we’re going to lay out the status quo – the classic way of looking at this, the way you typically see it, where the New York metro comes out invariably as #1. And then we’re going to look at it by population size of the metro, for metros with over one million people. And boy,...

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San Francisco’s Housing Market, Incomes & Disconnects, According to the Planning Commission

It’s called “Housing Crisis” for a reason. When we discuss the insane San Francisco housing market, it’s usually in terms of median asking rents ($4,680 a month for a 2-bedroom), the median single-family house price ($1.7 million), the median condo price ($1.2 million), or the Case-Shiller Home Price Index’s 11% year-over-year surge. As different as the data may be, all of the data agrees: San Francisco is a horrendously expensive place to live. But beneath the summary data hides the...

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What the Heck’s Going on in San Francisco’s Housing Market?

After the blistering spike earlier this year. In San Francisco, the median price of a single-family house (we’ll get to condos in a moment) soared by 11% in June compared to a year ago, or by $159,000, to $1.62 million. That surge, as crazy as it seems, is mild compared to the kind of heck that had broken loose in February, when the median price of a single-family house spiked 32% year-over year, or by $410,000, to a still standing record high of $1.7 million. For a median house, which...

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