Can We Get A Sale In 2010 At The St. Regis For Chissakes!

Having recently received a few (yes, more than two) inquiries as to both rentals, and sales activity at the St. Regis Residences here in this lovely city of San Francisco, we thought it high time to give you an update.

First off…not one closed transaction in 2010 (according to MLS). Second, there are currently eight, yes 8, active listings in the St. Regis and none of them are moving (average Days On Market of 105). Finally, …..well, we won’t go there.

Here is a nice little spread sheet of the recent comps (had to go back to 2008 to get anything good) for the St. Regis Residences in San Francisco. Enjoy.

We’d have to say, it’s a pretty damn good time to be a buyer at the St. Regis, so don’t hesitate to contact us if you have a question about the St. Regis, or any other high rise gem punctuating our skyline.

San Francisco Real Estate Numbers For Real

From a reader in the comments:

I looked at the MLS sales volume and median sales prices year over year today, and sales volume is up about 38% for SFRs and condo/TICs, from 1354 in 2009 to 1875 in 2010. Median price is also up across just about all price tiers I looked at, which were 650 – 800K, 800K to 1M, 1M to 2M, 2 to 3M, and 3M or higher. 3M or higher was the only one that showed a lower median, and it was down about 70K. But there have been 35, 2010 sales to 19, 2009 sales for that tier.

Thank you.

Maximum Overbid, Tech Push Ups, And The End In Sight

According to today’s article in SFGate regarding San Francisco Real Estate, things ain’t that bad and actually might be getting a bit silly. It all kind of makes sense, seeming how three of the most popular tech companies in the world right now (Apple, Twitter, and Facebook) are within our greater metropolitan area:

Sales of houses and condominiums in San Francisco jumped 50 percent in the first quarter from a year earlier and the median price rose 5.4 percent to $685,000, according to a multiple listings analysis by Terradatum Inc. House values will gain 7 percent this year, the biggest annual increase since a 9 percent advance in 2005, Rosen Consulting Group forecast last month.

San Francisco has conditions of very restricted supply and lots of things that can push demand: an attractive climate, innovative economy and high quality of life [Haven’t we been saying this for years!?],” said Harvard University economist Edward Glaeser, who has studied U.S. housing bubbles.

Could this mean the return of the Maximum Overbid we coined on sfnewsletter? Time will tell, but if you’re on that fence thinking of buying, you might want to get in the game.

-Tech Lifts San Francisco Home Prices as Ocean View Gets 26 Bids [SF Gate]

State Of The California Real Estate Market

We bring this to you directly from the California Association of Realtors (C.A.R.):

According to the California Association of REALTORS’® April 2010 Sales/Price Report, home sales decreased 8.1 percent in April in California compared with the same period a year ago, while the median price of an existing home rose 21 percent.

The State Association believes that the State tax credit that went into effect May 1 created an incentive for many buyers to postpone closing escrow so they could take advantage of both the State and federal tax credits that were available. It anticipates that the pace of closed sales will edge up in May and June as these tax-incentivized transactions close.

The report observes, “Mortgage interest rates continue to hover near their historic lows, and many buyers are out in force to take advantage of the combination of low interest rates and affordably priced homes. It’s an ideal time for many families to purchase their first home even though they may face stiff competition.”

Highlights of CAR’s April 2010 Sales/Price Report:

* C.A.R.’s Unsold Inventory Index for existing, single-family detached homes in April 2010 was 5.1 months, compared with five months (revised) for the same period a year ago. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.

* Thirty-year fixed-mortgage interest rates averaged 5.10 percent during April 2010, compared with 4.81 percent in April 2009, according to Freddie Mac. Adjustable-mortgage interest rates averaged 4.16 percent in April 2010, compared with 4.82 percent in April 2009.

* The median number of days it took to sell a single-family home was 39.4 days in April 2010, compared with 48.1 days (revised) for the same period a year ago.

* Statewide, the 10 cities with the highest median home prices in California during April 2010 were: Manhattan Beach, $1,572,500; Saratoga, $1,440,000; Los Altos, $1,428,750; Mill Valley, $1,200,000; Laguna Beach, $1,162,500; Cupertino, $1,120,000; Newport Beach, $1,037,500; Los Gatos, $1,034,000; Calabasas, $925,000; and Santa Monica, $870,000.

* Statewide, the cities with the greatest median home price increases in April 2010 compared with the same period a year ago were: Richmond, 63.2 percent; Pittsburg, 56.7 percent; Tulare, 37 percent; San Bernardino, 37 percent; Cupertino, 35.7 percent; Monterey Park, 33.9 percent; Tustin, 31.6 percent; Highland, 29.2 percent; Manteca, 28.1 percent; Lancaster, 27.6 percent; and Seaside, 26.9 percent.