August 24, 2010
"San Francisco" Prestige Index Up 1.8% In Second Quarter
The First Republic Prestige Home Index for "San Francisco" homes valued at more than $1 million ticked up 1.8 percent from the first to second quarter of 2010, down 1.3 percent on a year-over-year basis, down 16 percent from a third quarter 2007 peak, and back to fourth quarter 2004 levels.
Keep in mind that the "San Francisco" index includes "a cross-section of luxury homes in Alamo, Atherton, Belvedere, Danville, Healdsburg, Hillsborough, Lafayette, Los Altos, Los Gatos, Mill Valley, Moraga, Orinda, Palo Alto, Piedmont, Portola Valley, Ross, St. Helena, San Francisco, Saratoga, Sonoma, Tiburon and Woodside." Whew.
∙ First Republic Prestige Home Index: San Francisco [firstrepublic.com]
∙ "San Francisco" Prestige Index Up 1.1% In First Quarter [SocketSite]
First Published: August 24, 2010 1:30 PM
Comments from "Plugged In" Readers
Dow was above 11k for much of Q2. Now, with it struggling to maintain 10k level, even the prestige index is in trouble. Consumer confidence is down. Share of distressed (REO+Short Sale) is increasing. Inventory back up to 12.5 months. My guess is prestige reverses course in Q3.
Posted by: abc at August 25, 2010 8:15 AM
I'm not arguing that the market's not having issues, but saying that "Dow was above 11k for much of Q2" ain't really true.. 15 days in Q2 it closed above 11,000. So less than 25% of the time in Q2. Not really 'much of Q2'. Maybe 'a little of Q2'.
Posted by: R at August 25, 2010 8:48 AM