Up, Down, And Back To Where It Started For The S&P 500 In 2011

Up, Down, And Back To Where It Started For The S&P 500 In 2011

The S&P 500 closed the day and 2011 at 1,257.60, down .04 points (0.0%) from where it started the year and down 7.8% from an April high, but up 14.4% from an October low. ∙ What’s The Point? Read More »

California Supreme Court Rules Against Redevelopment Agencies

The California Supreme Court has upheld the legislative move orchestrated by Governor Brown that effectively abolished redevelopment agencies across California. The multi-million dollar question: can large-scale neighborhood revitalization and redevelopment projects thrive, or even simply survive, without agency dollars and support? ∙ Supreme Court Redevelopment Ruling ∙ Proposed... Read More »

The Great Courthouse Race And End Of Year Hail Mary Listing

The Great Courthouse Race And End Of Year Hail Mary Listing

Remodeled in 2003 per the permits and purchased for $630,000 in 2004, the Outer Parkside single-family home at 2542 39th Avenue has just returned to the market listed as a “short sale” for $490,000. In default on a $504,000 first mortgage with $41,332 past due as of three months... Read More »

U.S. Pending Sales Up 5.9% In November But Failed Closings Loom

As prices continued to tick down in October, the National Associations of Realtors Pending Home Sales Index increased 7.3 percent from October to November, up 5.9 percent year over year. Keep in mind, however, that NAR’s Index reflects contracts not closings and the percentage of Realtors reporting failed contracts... Read More »

Construction Commences On 120 Units At Folsom And Essex

Construction Commences On 120 Units At Folsom And Essex

Construction has commenced at the southeast corner of Folsom and Essex, also known as Transbay Block 11A. As plugged-in people know, it’s an eight (8) story building with 120 below market rate apartments for the formerly homeless, a suite for supportive services, and two market rate retail spaces that’s... Read More »

S&P/Case-Shiller San Francisco: Homes Slip, Condos Dip In October

S&P/Case-Shiller San Francisco: Homes Slip, Condos Dip In October

According to the October 2011 S&P/Case-Shiller Home Price Index, single-family home prices in the San Francisco MSA fell 0.7% from September ’11 to October ’11, down 4.7% year-over-year (versus a 5.9% YoY drop in September), down 39.4% from a peak in May 2006. For the broader 10-City composite (CSXR),... Read More »

Happy Holidays

Happy holidays to all and safe travels if you’re traveling, perhaps one day departing from San Francisco’s Transbay Transist Center which is slated to be unwrapped in six years. Have a great weekend; we will see you on Tuesday to review the latest Case-Shiller home price report. And our... Read More »

Apples To Oranges To Apples (And Three “Free” Years) At 501 Beale

Apples To Oranges To Apples (And Three “Free” Years) At 501 Beale

Already $87,355 past due on a $652,000 loan by the time a notice of default was filed last December, a past due amount which had grown to $115,828 this past July, last month 501 Beale #14E was finally taken back by the bank with no bidders at $477,000 in... Read More »

U.S. New Home Sales: Up 9.8% Year-Over-Year In November

The seasonally adjusted annual pace of new single-family home sales in the U.S. increased to 315,000 in November, up 1.6 percent from a revised rate of 310,000 in October and 9.8 percent above the 287,000 pace recorded in November 2010. Preliminary U.S. new home sales (versus pace) in November... Read More »

It Would Have Been 50 Percent Over Had They Priced At A Million…

It Would Have Been 50 Percent Over Had They Priced At A Million…

Listed for $1,100,000 last month, the 1,810 square foot Albert Lanier designed home at 4378 Cesar Chavez quickly went into contract. As a plugged-in reader soon reported, “The sign in the Herth window says…22 offers received,” and as another reader soon followed: That’s lame. Those guys missed the price... Read More »

While Underwhelmed By The Finishes, We Do Like The Floor Plan

While Underwhelmed By The Finishes, We Do Like The Floor Plan

We’re not so sure we would characterize the remodeling as “spectacular,” but the floor plan for 2040 Franklin #708 is rather appealing with dual entrances to the one toilet and bath. Having been listed and relisted seven times since 2008 when first asking $669,000, or $629,000 in early 2010,... Read More »

From Bad To Worse And Business As Usual At NAR

From Bloomberg with respect to the National Association of Realtors revised figures for existing homes sales over the past four years: The number of existing homes sold in the U.S. was revised down by an average 14 percent since 2007, magnifying the depth of the slump that contributed to... Read More »

Unhappy Holidays “In The Heart Of Pacific Heights”

Unhappy Holidays “In The Heart Of Pacific Heights”

Purchased for $910,000 in September 2006 with 20 percent down and a $728,000 loan, the buyer of 2142 Franklin was $41,636 past due on payments by the end of 2010. Originally scheduled for auction earlier this year but postponed by “mutual agreement,” this Friday the “charming two bedroom, two... Read More »

Challenge Of BMR Resale Restriction Misses By Two Months

Having purchased resale restricted BMR condominiums in San Francisco at below market rates, a group of BMR owners filed suit against the City in May 2009 claiming the right to resell their units at market rates and challenging a December 2008 ordinance which clarified “the City’s intent that the... Read More »

Housing Starts Up Driven By Demand For Rentals

Housing starts in the U.S. were up 24.3 percent year over year in November driven by demand for rentals and multi-family housing with construction of structures with five (5) or more units up 180.5 percent year over year while single-family home starts dropped 1.5 percent. Permit activity to start... Read More »