In cities like Las Vegas, San Francisco, San Diego, prices have climbed by as much as 20% or more in the past year, well above the national average of 13%, according to Case Shiller. Plus mortgage rates are up by nearly a point to 4.3%, so borrowers today are paying 25% more than they would have a year ago. Nationwide, about 35% of all offers were in cash in February, a nearly 30% increase from a year earlier, according to RealtyTrac.
CNN Money says home buyers are priced out of the market:
This new development of homes in Colorado are engulfed by a sea of tumbleweeds....and there ain't a thing they can do about it! How will they get out!?
SHOCK: Twin Peaks House Collapses Down Hill Mid-Remodel...Owner is Ex-Building Inspection Commission President!!
Scary! San Francisco Chronicle reports that a house under renovation has crumbled down Twin Peaks! Something is fishy. The owner is Mel Murphy, "a city port commissioner and a director of the Coalition for Responsible Growth, a political advocacy group funded largely by developers and others with real estate interests." Do you think he was allowed to cut corners?!
UPDATE: Murphy dodged $15,000 in permit fees by lying to the City with a lowball construction estimate! Not fair!!
Innerestin' stuff! Realtor.com has compiled the cities that are making the most inroads to housing recovery:
It wasn't long ago when downtown LA was known as just Skid Row. It's recent renaissance has exploded the need for housing. Anyone know why it's mostly geared toward rentals, and not condos? It's like the opposite of SF, where people complain there aren't enough rentals. Planetizen breaks down the numbers:
"A dearth of apartments is fueling one of the city's largest building booms in years," reports Dawn Wotapka. "There are about 14,000 apartment units in downtown Los Angeles. About 5,100 units are under construction, and more than 3,400 units were built between 2008 and 2013, according to Polaris Pacific, a real-estate sales, marketing and research firm. More than 3,000 additional rental units have been approved, with another 7,000 proposed. Meanwhile, there are only 17 condo units for sale and 68 under construction.
In Today's Episode of Crazy Things Rich White People Do: $2M Mansion in Marin Burns to The Ground The Day of Tenant Eviction! Arson or Coincidence?!
American Home Buyers Stats Now Include LGBTQ, BFF's & DINK (Dual Income No Kids)! Times, They Are A-Changing!
VISA is Clamoring To Return to SF! Cuz No Self Respecting "Young Urban Engineers" Wants to Work in the 'Burbs!
Just last year VISA moved out of San Francisco and into a suburban office park. Well now they are hankering to return! Apparently, who wants to commute or work in such a bedroom community when all your fellow techie friends are partying it up in the city, at Zynga, Twitter, Salesforce, Airbnb, etc!? VISA is on the prowl to lease space in SF to retain these millennial employees who know what they want. And they wanna live and work where all the cool kids are ...in SF!
San Francisco Lost Its Appeal! Palo Alto & Berkeley Ranked Top 3 Most Livable Places! (SF Didn't Even Crack Top 100. Wonk Wonk)
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?
Did you know it was against the law to be a real estate agent in Cuba?! That all changed recently when the Cuban government unbanned that job. All this time, can you imagine selling homes under the radar, under threat of arrest?! Its a tough enough job as it is. Hope our Cuban realtor friends can finally sell in the light!
Just another reason why being loaded is the pits! You got the bucks to spend, but there ain't nothin' to buy! Business Insider reports:
Census Says SF Full of OverEducated, Overseas, Overpaid Gays! (Not Necessarily In That Order Though)
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?
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