Livability.com scores the top 100 cities across America as the best places to live and visit. Their criteria is based on housing, education, amenities, transportation/infrastructure, social/civic capital, health care & economics. Over 2 dozen cities in California made the list! Did your city make it?
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The top ten areas being targeted for the near-term development of new housing in San Francisco are:
10. The Mission (930 new units)
9. South Central (1,210 units)
8. Western Addition (1,240 units)
7. Transbay (1,340 units)
6. East SoMa (1,480 units)
5. Mission Bay* (2,088 units)
4. Rincon Hill (2,370 units)
3. Market/Octavia (2,410 units)
2. Showplace Square/Potrero Hill (2,950 units)
And with nearly 4,000 units either under construction, approved, or proposed to be built, the number one area for new housing development in San Francisco is "Downtown" which includes Mid-Market and the Tenderloin.
Source: ANNUAL COLDWELL BANKER REAL ESTATE HOME LISTING REPORT
California dominates the first six slots in the report, with Los Altos ranking as the most expensive housing market in America, carrying an average listing price of $1.7M. Considering Los Altos is less than 20 minutes away from such tech giants like Google and Facebook, the high prices aren't a big shock. Following directly after is Newport Beach ($1.6M), Saratoga ($1.5M), Menlo Park ($1.5M), Palo Alto ($1.4), and Los Gatos ($1.4).
| || |Mercury News
"The current buyer frenzy has several ingredients: interest rates kept low by the Federal Reserve; a low inventory of homes for sale; high rents relative to home prices; rising incomes and job security; and investors and others paying cash for low-end houses and condominiums."
"At $564,250, the median sales price of an existing single-family Bay Area home in May was 23 percent below its 2007 peak of $738,500 just before the crash, according to DataQuick."
"The Peninsula & South Bay have regained most of their post-bubble losses, while Contra Costa & Alameda counties have a long way to go."
Median rents for one-bedroom apartments by neighborhood in San Francisco (Zumper).
The apartment rental startup Zumper has updated its maps of the median rents for one and two bedroom apartments in San Francisco by neighborhood. It found that the median price for a one-bedroom in the city is now $2,764. The median price for a two-bedroom is $4,000.
The median is the numerical value separating the higher half of a data set from the lower half.
In San Francisco, these rates vary substantially depending on which part of town you're looking in. Much like its notorious micro-climates, the city features micro-pockets of relatively affordable rental units.
For example, here are the three most expensive neighborhoods to rent a one-bedroom:
South Beach - $3500
Russian Hill - $3410
Financial District - $3350
And here are the three least expensive neighborhoods to rent a one-bedroom:
Outer Richmond - $1850
Outer Sunset - $1975
Inner Richmond - $2015
As for the three most expensive neighborhoods to rent a two-bedroom:
Financial District - $5800
Marina - $5450
Cow Hollow - $5400
And the three least expensive neighborhoods to rent a two-bedroom:
Outer Mission/Excelsior - $2460
Outer Sunset - $2525
Lakeshore - $2640
Zumper Co-Founder & CEO Anthemos Georgiades explained the methodology the company uses to construct these maps:
As for the "least expensive" neighborhoods on the list, this too is a relative matter, especially for low-income families. Earlier this year, the National Low Income Housing Coalition reported that San Francisco is thesecond least affordable rental market among all U.S.cities, after Honolulu.
- "We use medians for the average prices to discount outlier listings and so as to not over/understate the real prices."
- "These May 2013 asking rents are perhaps different to what some readers may currently be paying if they rented a few years ago or if they are still paying rent- controlled prices. However, these are the current prevailing prices for available apartments on the market today."
- "Most units on the market tend to be newer (read: non-rent controlled) developments built post-1979, since they experience more turnover. These units are often renovated with many more amenities than their rent-controlled counterparts, making them more expensive."
The rental situation is driving some of those seeking apartments to take extreme measures to enhance their chances.
There is no stopping California! Per RealEstate.com, 5 of out 10 cities for Best Value Appreciation for 2013 are in the Sunshine State. The Bay Area is sitting pretty at 3rd place (San Francisco, Oakland & San Jose). I can personally attest the market is completely bonkers. Multiple offers, overbids, all cash, it's like it's 2007 all over again. The difference this time is that it's not based on "Liar Loans", subprime mortgages and zero downpayments! When people are putting down 20% to call cash, they ain't gonna just walk away! They got skin in the game. They stay to play! What do you think?
The concept of installing a modern interior inside a traditional home, long seen in Europe, is becoming particularly popular in older U.S. cities. In San Francisco, architect Stephen Verner of Aleck Wilson Architects says most of his clients want contemporary interiors even in the oldest homes.