On Sat, 3 Oct 2015, 11:03am PDT
Advice on what to do with inherited house in San Francisco?,
Indiana Jones said:
Is it under rent control? If it is, think hard before renting it out. Many other anecdotal stories like this -- just ask SF landlords. Tenant rights prevail in SF.
"A San Francisco firefighter has been trying for two years to move his mother-in-law into a building he owns where he lives, but he can't get a tenant to leave. This is a case study about the other side of the rent crisis, and this battle has become very nasty.
There are many stories about landlords taking advantage of tenants and jacking up their rent. But consider what this firefighter's lawyer says: that the pendulum has swung too far in favor of tenants, and small property owners are having a tough time controlling their own buildings..." On Mon, 31 Aug 2015, 12:36am PDT
Zillow says even SF housing market is cooling,
Indiana Jones said:
Not so fast, Zillow; Redfin says Bay Area real estate is hotter than ever
Not so fast, Zillow — a recent report from the real estate data company showing that the Bay Area is experiencing a cooling housing market is off the mark, rival home data cruncher Redfin said.
San Francisco and the surrounding Bay Area remains one of the nation’s hottest markets, according to a report this week from Redfin. “There’s just 1.5 months of supply in the Bay Area, a sign that there’s not nearly enough inventory to meet demand,” said Rachel Musiker, a Redfin spokesperson. “The results are bidding wars and escalating prices."
Redfin data, which tracks MLS home sales, inventory and prices, showed that in July, 77.3 percent of homes sold in the Bay Area sold for above list price. The average sale-to-list price ratio was 108.7 percent. That's in direct contrast to Zillow (NASDAQ: Z)’s report earlier this week pointing to a Bay Area-wide cooling trend....
...In San Francisco, Redfin agent Mark Colwell said he isn't seeing any type of slowdown. In fact, competition is just as fierce as it has been in the past few years, which has forced many buyers to give up on the city and “try the East Bay instead.”
“San Francisco remains very hot, but I do think we’re starting to and will see a cap on prices,” said Colwell. “It’s going to vary by property type and neighborhood. You can buy a one-bedroom condo for $1.4 million. That price may continue to creep up a bit, but I don’t think we’ll be paying more than $2 million for one in the near future.”
Redfin agent Tom Hendershot in Oakland said that although competition is a bit less intense than it was a few months ago, homes there are regularly selling above their asking price. That trend can be a double-edged sword. Redfin agents in San Francisco report that it’s also turning some buyers off.
“Even those who can afford to pay escalating prices don’t want to overpay for a home and they don’t want to buy at the top of the market,” said Musiker. “Redfin agents are reporting that buyers are getting choosier about how high they are willing to go, and about which homes they’re willing to buy at those prices.