Northern California’s high-end and luxury Real Estate markets
22. December 2007
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Fourth quarter sales of high-end and luxury-priced homes in seven
Northern California counties served by Alain Pinel Realtors exhibited a mix of stabilized pricing overall, with luxury-classed homes selling for greater median prices in six of seven counties while median prices declined in most of the counties at the high-end of the housing market. Inventory, which is often a precursor of future activity, was all over the place in the fourth quarter and depending on price points, higher in some counties and lower in others, according to the Distinctive Homes & Estates fourth quarter report by Alain Pinel Realtors.
The information in this report is based on public records researched from the leading multiple listing services in San Francisco, San Mateo, Santa Clara, Santa Cruz, Monterey, Contra Costa and Alameda counties and compiled specifically for Alain Pinel Realtors by TrendGraphix Inc., a leading real estate information services provider based in Sacramento.
Overview $1.5- $2.499 High-end Market
For homes listed from $1.5 million to $2.499 million, San Mateo was the only county among the seven counties tracked by Alain Pinel Realtors to experience a decline in inventory during the fourth quarter, by dropping 11.54 percent from 78 homes listed at the end of 2005 to 69 homes listed at the end of 2006. In this price range, Santa Clara County’ inventory increased the least at just 1.58 percent (from 190 to 193) during the same period.Meanwhile Contra Costa County inventory climbed a dramatic 73.33 percent in the fourth quarter 2006 compared with the same quarter of 2005, or 130 listings versus 75 a year earlier. Prices slipped modestly during the period, based on sold median figures for homes from $1.5 to $2.499 million, in six of seven counties tracked by APR.San Francisco County was the exception with an 8.53 percent media price increase from $1.7 million during the fourth quarter 2005 compared with $1.845 million during the final quarter of 2006. Alameda’s median sales price fell only .32 percent, Monterey County’s just 1.5 percent and Santa Clara County’s declined 2.54 percent, while Contra Costa’s fell 4.28 percent, San Mateo’s was off 4.45 percent for homes sold between $1.5 million and $2.499 million, and Santa Cruz homes priced from $1.5 million to $2.499 dropped 4.85 percent.
The most dramatic change by category for homes sold between $1.5 million and $2.5 million was in unit count – far fewer homes sold in this price range during the fourth quarter of 2006 compared with the fourth quarter of 2005 – except in Santa Clara County. The six counties to experience declining unit sales were San Francisco, San Mateo, Santa Cruz, Monterey, Alameda and Contra Costa, which fell on average 27.41 percent. Unit sales declined the least in Contra Costa County – 15.38 percent during the period (66 sold in 4Q06 vs. 78 in 4Q05), while Monterey County’s unit sales declined the most at 39.58 percent (29 in 4Q06 vs. 48 in 4Q05).
Unit sales increased a modest 6.08 percent Santa Clara County during the period, with 208 sales from $1.5 million to $2.499 million during the fourth quarter 2006, compared with 195 in the same period of 2005. Perhaps the surging stock market and low unemployment figures in the Silicon Valley’s core county account for the exceptional sales performance.
Overview $2.5 and greater Luxury Market
For the category of “luxury” homes priced at $2.5 million and greater in the seven counties tracked by Alain Pinel Realtors, San Francisco exhibited the greatest fourth quarter improvement on a year-to-year basis while Contra Costa proved to be the weakest link in the quarter, as measured by the relationship between inventory and units sold.
Inventory of luxury-priced homes declined in San Francisco 35.71 percent, with just 18 homes on the market compared with 28 at the end of 2005, while more homes sold in the county for the period – 31 versus 27 in the fourth quarter 2005, for a gain of 14.8 percent. Contra Costa County, meanwhile, had more inventory of homes added to the market above $2.5 million – 60 at year-end 2006 compared with 41 at year-end 2005, or a 46.34 percent increase, as unit sales slipped from 10 during the fourth quarter 2005 to seven in the final quarter of 2006, or a 30 percent decline.
The median price of homes sold in this category increased 8.16 percent in Contra Costa County, however, reaching $2.9 million in the most recent quarter versus $2.68 million a year earlier. In San Francisco, the median price was off slightly, or just 3.73 percent, declining to $3.095 million compared with $3.215 million in the fourth quarter 2005. In Monterey, Santa Cruz, San Mateo, Santa Clara and Alameda counties, the data was mixed concerning movement in inventory and unit sales, with no notable trends.
In general, pricing held steady for homes sold beyond $2.5 million. As noted, San Francisco’s median sales price declined in the quarter, but the other six counties combined experienced positive price appreciation, despite the mixed report on inventory and unit sales, by increasing on average 5.3 percent in the fourth quarter 2006 compared with the final quarter of 2005.
Monterey County had the greatest spike in median home price with plus 10.86 percent, or $3.7 million versus $3.337 million in the fourth quarter 2005. Alameda County’s median price of sold homes gained a modest 1.69 percent, with a median price in the recent quarter of $3 million compared with a median of $2.95 million in the fourth quarter 2005.“The performance of luxury-classed housing sales continues to march to its own beat and seems unaffected by the correction in the general housing market,” said Alain Pinel Realtors President and COO Larry Knapp.
“It’s not necessarily the same story in the high-end market, where inventory appears to be stabilizing after several months of steep increases that ultimately put the breaks on price appreciation. In other words, the markets are behaving normally, with one affected by general market conditions and the other not much, if at all,” he said.
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Colorado Real Estate
22. December 2007
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Is Louisville, Colorado, just east of Boulder, really a “rising star” in today’s uncertain real estate market?
According to local real estate experts it is — with average home prices appreciating at a booming rate. In the last quarter of a century the population of this city has more than tripled. And more residents translate into more demand for housing.
The average sales price is currently $381,000, while sales are down just 3.9 percent.
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San Diego, California Real Estate
10. December 2007
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Search San Diego, California homes for sale, work with San Diego local agents, and find San Diego home values. RealEstate.com Brokerage’s real estate services include access to San Diego area listings including local MLS, San Diego REALTORS®, new homes, construction, and foreclosures for all property types.
We provide San Diego demographic information, including access to data on San Diego schools (elementary, middle, and high school) test scores, student to faculty ratios, and other pertinent statistics.
RealEstate.com combines the technological expertise of an Internet company with our seasoned staff of San Diego real estate professionals who can assist you with San Diego home selling and buying and a wealth of other realty services. We also have local home finance professionals on site that can assist you with your mortgage needs.
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Tucson Real Estate
10. December 2007
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Tucson has the best of both worlds with a diverse and blossoming metropolitan community and the charming historic ambiance of a small town. Areas here include Catalina Foothills, Central area,Green Valley, Marana, and Oro Valley. Consistently ranking high on several publications’ lists of the best places to live, excellent scores for cost of living, crime rate, education, weather and home prices have made this area one of the fastest-growing cities in the nation. Real estate options consist of luxury homes, retirement communities, townhouses, condos and manufactured homes.
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California Real Estate
1. December 2007
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Home sales decreased 27.8 percent in August in California compared with the same period a year ago, while the median price of an existing home increased 2 percent, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.
“Despite the overall increase in the statewide median price, prices declined in 11 regions last month, falling 11.5 percent in the Central Valley region and 12.1 percent in Sacramento,” said C.A.R. President Colleen Badagliacco. “Price softness is even more pronounced when we look at different segments of the market.
For example, the statewide median price in the entry-level price range of less than $500,000 fell 5.1 percent in August to $349,360 compared with $368,210 for the same period a year ago.
“The median price per square foot for a single-family home is also on the decline, falling 4.3 percent this year to $336 compared with last year’s record high of $351 per square-foot,” she said.
Closed escrow sales of existing, single-family detached homes in
California totaled 319,200 in August at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local REALTOR® associations statewide. Statewide home resale activity decreased 27.8 percent from the 442,150 sales pace recorded in August 2006.
The statewide sales figure represents what the total number of homes sold during 2007 would be if sales maintained the August pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
The median price of an existing, single-family detached home in
California during August 2007 was $588,970, a 2 percent increase over the revised $577,300 median for August 2006, C.A.R. reported. The August 2007 median price increased 0.5 percent compared with July’s $586,030 median price.
“While low affordability, tighter underwriting standards and expectations of lower prices continue to pose challenges for the market, the decline in sales accelerated in August as a result of the so-called credit or liquidity crunch that began in July.,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “The credit crunch emerged as uncertainty about the extent of the subprime problem drove investors across the globe to turn off the tap of funds to lenders in mortgage and other credit market segments. With credit drying up, even qualified buyers were unable to receive funding for home purchases.”
“We expect the impact of the credit crunch to play out over the next several months, and that it will continue to negatively impact sales,” she said.
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Phoenix real estate
1. December 2007
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The Phoenix real estate market has one of the most affordable metropolitan areas in the country for homes for sale.
Phoenix is separated into specific sections, each containing villages or urban areas, including Ahwatukee Foothills, Camelback Corridor - Arcadia, Desert View, and Paradise Valley. Despite its size as a vast, growing metropolis, this desert metro area is a well-organized place, receiving such honorary titles as “Best-Run City in the World” and “Best Managed City.” This area offers a relatively stable and affordable cost of living benefits from home prices and real estate to utilities to taxes.
Phoenix, also has several professional sports teams, an efficient transportation system and is a hub for political and economic activity. Year-round sunshine and hot temperatures create a perfect environment for enjoying the natural beauty of the city and its surrounding terrain, which is ideal for a plethora of outdoor recreation activities.
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Arizona Real Estate
30. November 2007
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Arizona Best Real Estate is a seasoned full-service, woman-owned residential brokerage. We represent over a 50-year tradition of professionalism and excellence. Personalized service is the hallmark of this premier residential real estate brokerage. With six offices valley wide, over 150 agents and a full-time relocation professional to watch over each client, we’re on your side.
Arizona Best services the entire Metropolitan Phoenix area from Arrowhead Ranch to Tempe and more. We have specialists in each office indigenous to each particular area. Many of our agents have moved a time or two themselves, and understand the importance of an understanding and patient agent.
Our clients and customers are offered a wide range of real estate services and individualized treatment. In addition to traditional brokerage services, we provide individual relocation, local and national institution, as well as insured lender disposition services.
Arizona Best is known and respected for its professionalism, demonstrated knowledge and experience, while providing a caring and personal atmosphere to our clients. With these attributes, we are able to provide our clients with the “best” service available and marketing plan that is results oriented. When the rest can’t, the “Best” will.
Whether you are buying, selling or investing, our valley wide knowledge and professionalism is sure to please.Our mission is to be committed to providing you with a stellar real estate experience. We want to expand beyond the normal expectations and limitations of other brokerages. We promise to conduct business with the highest standards of honesty, integrity, and fairness.
You will be our number one priority, and we will be with you every step of the way. For your Arizona real estate needs, call the “Best” .. Arizona Best Real Estate.
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Alabama Real Estate
24. November 2007
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The State of Alabama Real Estate Commission (AREC), with offices in Montgomery, Alabama, oversees all aspects of the Real Estate industry in Alabama. The requirements to become a real estate agent in Alabama include the following: For an applicant to obtain an Alabama real estate salesperson license they must be a U.S. citizen or lawful permanent resident; be at least 19 years old; show proof of bona fide residency in any state in the U.S.; show proof of high school graduation or a GED; not have been convicted of a felony or a crime involving moral turpitude; not have had a real estate application or license rejected or revoked in any state within the past two years; successfully complete approved 60 clock-hour prelicense Alabama real estate courses. There are special course rules for those applying before October 1, 2004.
In addition, those applying for an real estate salesperson license must complete a 30-hour post-license real estate agent training in Alabama within the first twelve months of licensure. In order to maintain an active Alabama real estate license they must complete these courses and have the original license issued within the first six months.
And, or course, they must pass the licensing real estate exams. The requirements to obtain an Alabama real estate broker license include being a U.S. Citizen or lawful permanent resident; be at least 19 years old; show proof of bona fide residency in any state I the U.S.; show proof of high school graduation or GED; not have been convicted of a felony or a crime involving moral turpitude; not have had a real estate application or license rejected or revoked in any state within the past two years.
In addition, applicants for an real estate broker license must have held an active real estate salesperson license in any state for at least 24 months of the 36 month period immediately preceding the date of application. They must pass the Alabama real estate education requirements and pass the licensing examination. Those who hold a current license in another state may obtain a Reciprocal license by submitting an application and a “Certificate of Licensure” from the other state, showing your hold a current license there. Approximately 19 other states have a reciprocal agreement with the state of Alabama.
The fee for taking the real estate exams is $67.00 and the exams are held in four different cities in Alabama. The annual renewal fee for an Alabama real estate salesperson license, whether active or inactive, is $175.00. The annual fee a broker license is $195.00, and the annual fee for a license for a Company is $170.00. All agents can easily renew a real estate license in Alabama online.
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Real Estate Agents – Your Partner in Real Estate Deal
13. November 2007
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Services Offered by Real Estate Agents
Real estate agents are the individuals and companies who facilitate buying and selling of real properties to their clients. Though their primary focus are related to the marketing of real estates available for sale, many real estate agents also offer renting and management services of houses, apartments, land and commercial properties. Real estate agents maintain extensive networks of brokers, agents and property dealers as well as databases of properties offered for sale and persons searching for real estates. These helps them to assist their clients in finding sellers for the clients interested to buy real estate and finding buyers for those trying to sell real estate. They help their clients in closing the deal at the best possible price under the best terms.
What makes a Real Estate Agent
In the United States a person or an organization working as real estate agent is required to obtain a license for practice. The rules define a licensed real estate agent as a professional who has obtained either a real estate salesperson’s license or a real estate broker’s license. The licensing rule provides immunity to the clients from being cheated by the unscrupulous agents. Though the agents commonly fill out the real estate contract form, they are not given the power of attorney to sign the real estate contract or the deed. These documents are to be signed by the respective principals. Real estate agents charge their clients in the form of commissions from the transaction process. In general, an agent can work both as buying and selling agent in different transactions, and conducts fiduciary duty to the clients. If the same real estate agent represents both the buyer and the seller, the agent is typically considered a dual agent. However, there are certain real estate agents who prefer working as a buyer’s or seller’s agent exclusively.
Making the Best Deal
If you are planning to sell your real estate, you can benefit by seeking services from a reputed real estate agent. Once entered into a contract, the agent will ensure that the real estate property is listed for sale to the public. Often multiple listing services are used for better results. Your agent will undertake the publicity works such as preparation of papers describing the property for advertising, pamphlets, and open houses to show the property. Prescreening the buyers regarding their financial status to be eligible as a buyer is also done by the real estate agents. They negotiate with the buyers in closing the deal successfully and also act as a fiduciary for their clients. If, on the other hand, you want to buy a property, you can approach a real estate agent who can help you find a real estate in accordance with your requirements, specifications, and affordability. Your agent will take you to show you the various properties available for sale. When deemed appropriate they also prescreening the buyers to ensure they are financially qualified to buy the properties shown. Once the property is selected the real estate agent negotiates the price on behalf of the buyers and prepares standard real estate purchase contract. Reputed real estate agents also offer absolute personal commitment and effective follow-up once the deal is over, and provide complete satisfaction to their clients.
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Choosing a real estate broker
2. November 2007
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Although some people prefer to work on their own, it is usually good to hire a licensed real estate professional if you are looking to buy or sell a house. You may choose between a real estate broker, who is independently licensed to review the entire market and show any house that suits your needs, and a real estate agent who works for a specific company and is usually restricted to showing properties in that companys listings.
Which one you choose will depend on your needs, budget, and the number of real estate companies competing in your area. If there are a large number of companies, you may do better with a broker, but if there are only a few, you can save money by using an agent.
No matter what type of professional you choose, there are a few things you should consider before making your decision. How does the agent or broker intend to market your house? How successful has he been in the past, particularly with homes in your range and area? If he is an agent, what is his companys track record? What is the time limit on the contract you will sign, and can you break it if youre dissatisfied? Do you feel comfortable that he understands your needs and will work hard to meet them? Recall that, above all, real estate agents are salespeople, so be sure that you are confident that they are working with you as well as for their employers.
A great way to narrow down choices is to check the Internet for websites that compare companies and agents in your area. You may also want to talk with friends who have recently moved about their experiences with local agents and brokers.
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