Real Estate: Last of the red-hot markets
Why is housing in some cities still booming? The answers may help you navigate your own market.
For the most part, the iron laws of supply and demand explain what’s going on…
The basics haven’t changed. Job growth and rising incomes boost demand for, and prices of, housing…
If it’s not demand pushing prices up, it’s got to be you-know-what…[supply]
A trio of economists, Joe Gyourko, Christopher Mayer and Todd Sinai, have argued that persistent growth in cities they dub “superstars” (for example, New York City and San Francisco) is fueled by a limited supply of housing and by a concentration of high-income families who are willing to pay top dollar to live there.
True, both cities have hit bumps in the road in the past, and prices over the past year in the New York metro area rose by only 2.7% while in San Francisco they sank by about 1%. But, Gyourko says, “over the long term they will outstrip the national average.”
Thank you “Craig”. Thank you readers. Thank you commenters. Thank you CNN Money. Have a good weekend.
-Real Estate: Last of the red-hot markets
Why is housing in some cities still booming? The answers may help you navigate your own market. [CNN Money.com]
Who’s got the answer? We want to hear it. NOPA…boundaries…exactly.
Park North it is not. North Panhandle it is not. You’re back yard it might be…let us know. North, South, East, West street borders. If it kinks, we want to know that too. If it stinks, save it. Fav hang out. You might as well dish it.
The most detailed districts map you’ll find to help you nail down those streets.
Where readers ask, and we try to answer:
Other than the penthouses, do any of the condos in the Millennium Tower have outdoor spaces, i.e. terraces/balcony? Thanks.-BD
Yes, there are six homes with terraces on the third floor.The six available homes with terraces range in price from approx. $895,000 to approx. $2.7M.
The other Penthouse with outdoor space currently available is on the [keeping our word and not publishing this to the public.] The price point anywhere from approximately $10M – $12M, and it is a “shell”. Meaning you can build whatever floor plan you desire.
-Millennium Rising and Selling Rather Quickly [theFrontSteps]
-Ask Us [theFrontSteps]
Different than our comment du jour, which is strictly from our readers, this new feature (totally in beta mode) is a quote we found “out there” in San Francisco that is just too good to pass up. From the Chronicle’s “San Francisco Bay opens to fishing, effective immediately“:
Tests on fish and crabs show that the spill is no longer causing most seafood to be unhealthy to eat, officials announced today.
“Attention shoppers, we’re running a special on ‘most seafood’ in the store today, as for ‘the rest’, heck, we’re practically giving it away…”
[For those that might just be joining us, we had a bit of an oil spill not too long ago that might make that crab taste just a bit funky. You know we're still eatin' it though!]
We just found this on Submedian, which is calling itself a “San Francisco affordable housing blog”. (There is no “affordable” housing in San Francisco, but we’re moving on, and we like your stuff, so you’re on our radar.)
So far this person has gone into detail about the median vs. average issue (we found this blog when they caught our blunder), and now they have put together an excellent, and what must have been extraordinarily time consuming spread sheet (shown above) as a way to determine if it is better to rent or own. If spreadsheets aren’t your thing, remember the New York Times has a nice interactive graph to keep you occupied.
We haven’t had much time to play around with it completely, but thought some of you might. Let us know what you think, if it is accurate, and when it’s going to rain.
From the author’s site regarding this graph, “I’m looking for feedback, so if you see something I left out, or some way to improve it, let me know.” That’s submedian.blogspot.com
Off to meetings….
-rent vs. own spread sheet [Submedian]
-Re-run: NY Times Interactive Graph, Rent vs. Buy [theFrontSteps]