Bay Area Real Estate Market
... is on the rise despite the verdict against the National Assocation of REALTORS, rising prices and interest rates
San Francisco's average price went up to $1,800,789 in October from $1,669,613 in September. Downtown got another massive clean up ahead of APEC. The restaurant/bar renaissance downtown continues with a huge fanfare for the large new rooftop venue Chotto Matte?and the doomsayers have started to be quiet.? Tiny homes for homeless people at 16th and Mission has support from Supervisor Ronen who previously opposed them. Commercial woes continue as Microsoft tries to exit one of SF tallest towers, commercial office and?multifamily buildings struggle against foreclosures amid tenancy and interest rate struggles. Residential landlords are challenging a new law that taxes them for leaving homes vacant.
Berkeley's average price went down to $1,376,462 in October from $1,593,870 in September. Building appears to have made housing more affordable. Planned North Berkeley BART housing may benefit from relaxed design rules, pending approval by city council.
Oakland's average sales price went down slightly to?$1,024,190 in October from?$1,050,5532 in September. A "new plan" to revitalize the 7th st corridor by West Oakland BART does not seem entirely new to me; similar ambitions were proposed about a decade ago. New housing is being cited as the reason rents have fallen fastest in the nation. The new housing includes dorms for youth facing homelessness. A lot of effort and money, at least $100MM is going towards revitalizing East Oakland as well.
San Jose's average price went down to $1,459,038 in October from $1,487,052 in September. New development faces challenges as Google backs out after all. The BART extension pushes forward as some 940?new homes are planned to replace the Berryessa Flea market,?but that is reduced from 3,500!. Churches recently got the ability to streamline new housing construction, one on the edge of town in Santa Clara will be replaced by townhomes. One downtown fired a pastor that was promoting the idea at their 10th st site by SJSU.? VTA land is also a likely location for new housing particularly existing lightrail stations. San Jose is abandoning plans for tiny homes for homeless people opting to support housing operator HomeFirst's solutions to homelessness, to the tune of $6.2MM instead The Capitol of Silicon Valley?challenges San Francisco's claim as "AI capitol"? San Jose was recently ranked 6th "greenest" out of the most populous 100 cities in the US.
Other changes to be aware of: NAR lost?a lawsuit about cooperating commissions this month in a federal court.? NAR is appealing, but the industry is expected to be changed moving forward. Specifically, more and more agents will require a signed agreement when working with buyers. California is home to a?movement against synthetic lawns is growing now?due to health concerns.? New state laws may allow for enough affordable housing to impact the housing crisis allowing more building by decreasing regulations in some circumstances. New rules for property insurance pricing are being considered to avert crisis as insurers were leaving the state.
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A lot of my clients bring up "homebuyer exodus" from the state, but prices are still going up.? Governor Newsom, aggressive about addressing the need for new housing has now removed some environmental restrictions. ADUs become more valuable due to a new law that allows them to be sold like condominiums. Between price and interest rate increases the income needed to afford a home in America has hit a new record going up 50% since the pandemic, so has deal cancellations. Biden's admin has added some tax credit and down payment assistance. So has Freddie Mac and several builders. By one count these totaled 53 new programs in 2023Q3. These can be hard to obtain so if you want to try we should talk.
Give me a call for a quick update.
-Uche Uche Nchekwube, M.B.A. REALTOR??
Dre#01750107
415.322.0774
Uche Nchekwube is a full service real estate broker active throughout the Bay Area. Text or call (415)322-0774 or send an email to [email protected] to get help to buy/sell real estate or more information on affordable housing. Graphs are typically county level data unless otherwise stated. Information contained in this email is a summary and not complete. For information purposes only. Data is sourced from San Francisco MLS and/or related sources, unless otherwise stated or referenced via hyperlink all Data and other information contained, linked or otherwise referenced is for information purposes only. Uche Nchekwube is not an attorney. No legal advice, tax advice or investment advice or offer for sale is being made here in this email information subject to errors, omissions and change at any time. A subscription may be required to access full articles referenced?reporting delays including reporting of unlisted sold homes may cause discrepancies?in price data referenced contact us for more information.??Copyright ? 2023 Uche Nchekwube, M.B.A. Independent Broker, All rights reserved. ?
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1 年Uche, You are right on as usual. Anne