e Back!
market is back!”…..Louder now, please: “The Real Estate Market d healthy again. Are we all finally getting it? Are we finally oy the ride, that is buy & sell without crossing our fingers and e are now the proud owners of a big mortgage?
e been shaken up so bad and for so long by a tumultuous n-shy and afraid to fall in love with housing again. All I have been e “The real estate industry is now great, BUT…” Well, it is great ad my lips), forget about the “But” once and for all and get back
of homeowners are still under-water, unable to sell or unable to he end of 2007 to late 2011, has left its marks in many towns be, this phenomenon is not new or unique. There are always , irrespective of the overall market conditions. I even remember the tank while the East Coast was enjoying a nice bump in sales y.
t the same tempo all over the map, we may be in for a long wait. will miss extraordinary opportunities to benefit from the obvious about the reasons to procrastinate, focus instead on the many wave.
ether you read the newspaper in San Francisco, Miami, New York … You see the same splashing titles: “Hottest housing market in rs!” Same photo on the TV screens. Reporters and editorialists cializing in real estate are now the popular guys. Their papers ke the front page (Time for them to ask for a raise). The hot es cover particularly the metropolitan areas of both the Pacific & ntic Coasts, where the high end market is substantially fueled by owing foreign demand.
he San Francisco Bay Area, a piece of geography of 7,000 square s, spread over 9 counties and home to more than 7 million ple, the median price jumped 30.8% in April, relative to the same nth of 2012. The stats, compiled by DataQuick, also show that the l median price, this year, beat the March level by…17%! Lucky smart) were those who bought when we told them to.
by: Alain Pinel
Sr. Vice President General Manager Intero Prestigio international
The counties that benefit the most belong to 2 categories: those which took the deepest plunge during the crisis (Solano, Alameda…) and those which are traditionally the most stable (and pricey) due mostly to the quality of the work environment and what we call the “quality of life”: Santa Clara (heart of the Silicon Valley), San Mateo,… As an example, Solano county, that took a bath over the previous 6 years, gained 36% in a year. As far as Santa Clara & San Mateo, they jumped respectively 25.6% and 32%. Not bad for any 12 month period, won’t you agree? Much of the appreciation, however, can be attributed to the extreme shortage of listing inventory. A couple of weeks ago, I was checking the number of active listings in Santa Clara county for the same period of 2011, 2012 & this year. Frightening it was. From 2011 to 2012, the number of listings fell more than 50%, while the number of pending sales was nearly identical. This year, the inventory shrunk another 16% or so! Something has got to give. Since unit sales are limited by the extent of the available inventory of homes, at a time when mortgage money is (still, but for how long?) at bottom levels and the pent-up demand is getting impatient… prices can only go up a bit more. Are the sellers among you listening?
INTERO PRESTIGIO MAGAZINE JUNE 2013 3