Foster Weeks publishes a weekly mortgage report which is updated every Monday morning. How is this affecting the San Francisco real estate market? Read our weekly and monthly market reports. Here’s what Mr. Weeks says about last week’s activity:

…Forces were certainly at work to keep the financial markets from being at rest, starting bright and early on Monday morning. The headlines brought a quick shot in the arm for Stocks, as beleaguered Bear Stearns is now expected to see $10 per share in their buyout, rather than the previously expected $2 per share. Great news for the troubled financial sector at large, but Bonds got battered hard, as money flowed out of Bonds and into Stocks – causing home loan rates to rise.

But as the week progressed, some dismal news played out, including a plunge in Consumer Confidence and mixed news on the housing market, which pulled the money right back out of Stocks, and into the safe haven of Bonds…helping home loan rates improve again. But like Newton’s famous third law of motion, “every action has an equal and opposite reaction” – Bonds and home loan rates changed course again, on better than expected unemployment claims on Thursday.

Then Friday brought the discovery that Core inflation is perhaps not as hot as previously thought. The highly watched year-over-year core inflation rate was reported at just 2%, as measured by the Fed’s favored Personal Consumption Expenditure Index (PCE), and within the bounds of what the Fed would like to see for core inflation. Since inflation is the arch enemy of fixed return Bonds and home loan rates…this news was good indeed, and caused home loan rates to improve once again. Once the dust settled for the week, home loan rates ended up near where they began, before their weekly roller coaster ride…

Read the entire report here.

- Foster Weeks

We are being told by Princeton Capital, that things are very volatile right now with pricing changes day to day. Her recommendation is, if you find a good rate, lock it in before it goes away. There is still a lot of nervousness out there about the economy.

- Janis Stone

Yahoo Travel says this about the Smuin Ballet :

Michael Smuin (1938-2007), founder of the Smuin Ballet, passed away earlier this year but his spirit lives on in his ballets and through his company. The Smuin Ballet breezes into town at the Palace of Fine Arts with their Fall/Winter Program. The program is a two and a half hour spectacle of emotion, movement and color. Amy Seiwert, a dancer in the company, debuts her Objects of Curiosity – an enchanting exploration of bodies and their movements.

Seiwert’s piece studies the human body by accentuating and dismembering its movements. Performed mostly in pairs, bodies are contorted and reassembled unabashedly for their audience. Duettino, the first number by Michael Smuin is minimalist and classical. It focuses on the physical aspect of dancing, in other words, attention is paid to the dancer’s body and movement. Visually stunning, it is a harmonious follow up to the program’s starter. Stabat Mater, the program’s pinnacle, is a dramatic response to September 11th.

In Latin the lyrics of Stabat Mater refer to Mary’s sorrow and anguish as she watches the death of her son, Jesus – emotions reflected in the color of costumes and scenery. Smuin’s passing provides another (mournful) layer to this heart-clenching performance. Vanessa Thiessen and Aaron Thayer excel as the female and male leads who battle between life and death. Renin’ in the Hurricane, choreographed by Kirk Peterson, is a series of performances set to the music of Gene Autry, Cole Porter, David Byrne, Randy Travis, and k.d. Lang. Renin’, loosely connected by a western theme, excels in capturing each song’s mood and in storytelling.

While campy, in this final act dancers become individuals engrossed with personality. This vivacity makes each performance light hearted and enjoyable, a sharp turn from Stabat Mater. The program overall is well rounded. Lighthearted numbers, which surround Stabat Mater, keep the program balanced, manageable and enjoyable. Bravo, Smuin Ballet. — Marissa Mejia Performances: Through October 14th Tickets $15-$47

3301 Lyon Street
San Francisco, CA 94123

+1 415 567 6642

info@palaceoffinearts.org

Open Hours: 6a-9p M-Su
http://www.smuinballet.org/

- Mick Orton

Find other things to do here.

California Association of Realtors just released its report for February real estate activity.

Calif. median home price – February 08: $409,240 (Source: C.A.R.) (note: compared to $430,370 last month)

Calif. highest median home price by C.A.R. region February 08: Santa Barbara So. Coast $1,295,000 (Source: C.A.R.) (note: compared to $1,135,000 last month)

Calif. lowest median home price by C.A.R. region February 08: High Desert $220,380 (Source: C.A.R.) (note: compared to $234,310 last month)

Calif. First-time Buyer Affordability Index – Third Quarter 2007: 33 percent (Source: C.A.R.) (note: compared to 24 percent second quarter 2007)

Mortgage rates – week ending 03/20:

• 30-yr. fixed: 5.87%; Fees/points: 0.5% (note: compared to 5.48% and 0.4% points last report)
• 15-yr. fixed: 5.27%; Fees/points: 0.5% (note: compared to 4.95% and 0.4% points last report)
• 1-yr. adjustable: 5.15%; Fees/points: 0.8% (note: compared to 4.99% and 0.6% points last report)- California Association of Realtors & Freddie Mac

- California Association of Realtors & Freddie Mac

As you can see from the numbers above, our industry took a hit in February, but judging from our weekly reports for March, I believe we will see a bounce back this month.
 
Mortgage rates are higher from our previous, even though the stimulus package was passed and the Fed cut interest rates, which indicates that the lenders had already priced in these expected changes.

Check our monthly sales updates to compare San Francisco real estate prices versus the state of California as a whole! We also provide weekly updates on this blog as well as our website.

Remember, on March 14 San Francisco was named a “superstar” city with regard to real estate by the San Francisco Chronicle. A pleasant surprise, indeed!

- Janis Stone

SFResidence is part of the TRI Coldwell Banker office at 1699 Van Ness in San Francisco which is one of the premier offices in the City and has the market share numbers to prove it. We have some of the top agents selling real estate in the San Francisco Bay Area. As a result, our office posts some impressive numbers.

Our March 14 article was about the San Francisco Chronicle naming our city as a “superstar” city with regard to real estate. Looking at today’s numbers, you can see that things are indeed picking up in the Spring market.

Here are the numbers posted this week: 3/26/08:

• 12 new listings (average price $3,022,583 – low $1,250,000, high $7,700,000)
• 7 ratified sales (pending) (average price $952,143 – low $429,000, high $1,995,000)
• 7 closed sales (sold) (average price $1,351,429 – low $465,000, high $2,395,000)

- Mick Orton
Marketing Manger

While Avram Goldman is no longer with Coldwell Banker, he is still a friend and associate with an excellent handle on San Francisco Real Estate. Here is this week’s Goldman Report:

And now, live from New York City —- The Goldman Report. While I review the activity around our marketplace, my wife Lori is out doing her best to keep us out of a recession.

New York City looks and feels the same. You still can’t get in the best restaurants without a reservation at least two weeks in advance (try two months for Per Se), forget trying to get a ticket to “Wicked” or Broadway’s latest “Cat on a Hot Tin Roof” with James Earl Jones, I see a few more sale signs in store windows, but the chic shops are still holding strong. Obviously the restaurants and shops frequented by the Bear Stearns 14,000 employees will be looking for new customers, although many of their employees will find other opportunities. This is still a vibrant city of eight million plus. Haven’t heard anyone talking about the recession. Like San Francisco, NYC is one of Richard Florida’s “super cities”, somewhat insulated from the general economic malaise. Plus, it is close to Europe where vacations in NYC are a bargain. If you love art, food, and theater, there is still no better place in the world to go.Now back to reality. Given the fall out of Bears Stearns you would think this would have a dampening effect on our local real estate market. The answer is—not much—buyers are still out in force as evidenced by our open house visitors. The majority of open houses are in double digit attendance numbers. Yes, we still have a few slow ones, but they are relegated to those listings that have been on the market forever and those that are located in areas of voluminous inventories. We also had some outstanding ones like the home in Alamo listed for $2.2mil. with over 100 groups through. Montclair and Berkeley offices had a range between 12-80 buyers and San Francisco had several between 25-40 groups. Most offices reported that more buyers are coming into the market.Sales activity is steady in the majority of our offices, although we did notice open sales falling off in the wine country (Napa and Sonoma). San Francisco still continues to be the most active market where almost 25% of our sales end up in multiple offers. This was the case during the reporting period where multiple offers ranged from 2-7 offers and going from list price to 8% over list. In the East Bay our Montclair and Berkeley offices had almost two thirds of there open escrows end up in a multiple offer. A Rockridge home priced at $799K received 17 offers. One of our agents went $50,000 over, but was one of the lower offers. You can also add to that a Piedmont Avenue home listed at $675K garnering 9 offers. Thus, in spite of trying economic times, there is money and desire to buy homes. Or at least homes that are priced and presented well in desirable neighborhoods…

Read the rest of the March 16, 2008 report here.

- Avram Goldman
President and CEO
Pacific Union GMAC Real Estate
One Letterman Drive, Bldg. C Ste. 300
San Francisco, CA 94129-1492

Foster Weeks publishes a weekly mortgage report which is updated every Monday morning. How is this affecting the San Francisco real estate market? Read our weekly and monthly market reports. Here’s what Mr. Weeks says about last week’s activity:

The financial markets endured another week of extreme bipolar behavior, with enormous intra-day mood swings that normally wouldn’t be seen over the course of several weeks. While Bonds and home loan rates wildly rocketed higher and plummeted lower on a daily basis throughout the week, fixed home loan rates ended up improved by about .25% for the week overall. And last week…the action started unusually early, stemming from some almost unprecedented weekend actions by the Fed.

Last Sunday night, the news broke that the Fed had not only decided to make a move to lower the Discount Rate by .25%, just two days ahead of when their normally scheduled announcement would arrive, but also that they had helped facilitate the bailout of investment giant Bear Stearns. The 85-year-old company had its stock purchased by JPM Chase at $2 per share, for $236 Million…yep, that’s Million with an M. Bear Stearns was trading near $90 at the end of February, with a 52-week high near $160. Bear Stearns was the number one buyer of sub-prime home loans, with a huge appetite for this type of paper – and they bought sub-prime transactions with both fists, a strategy that certainly came back to haunt them.

Read the entire report here.

- Foster Weeks

SFResidence is part of the TRI Coldwell Banker office at 1699 Van Ness in San Francisco which is one of the premier offices in the City and has the market share numbers to prove it. We have some of the top agents selling real estate in the San Francisco Bay Area. As a result, our office posts some impressive numbers.

What a difference the week makes. After a lackluster start to March, this week had an exceptional number of ratified deals, while new listings remained about the same. As we predicted, the Spring market is coming alive.

Here are the numbers posted this week: 3/19/08:

• 6 new listings (average price $1,415,333 – low $549,000, high $5,000,000)
• 18 ratified sales (pending) (average price $1,159,972 – low $375,000, high $2,995,000)
• 7 closed sales (sold) (average price $1,351,071 – low $585,000, high $4,700,000, 1 confidential)
• 3 reduced (average price $1,116,000 – low $749,000, high $1,350,000)

- Mick Orton
Marketing Manger

Read what Rick Turley, President of Coldwell Banker, San Francisco/Peninsula says in his latest weekly report:

DataQuick, the real estate information service that the media drools over every month, issued yet another gloomy report on Thursday. Frankly, I think the reports received from our offices each week, and from talking to all of those hardworking Coldwell Banker Sales Associates in the field, should be what’s making the headlines in our newspapers instead of DataQuick’s latest monthly statistics. We are actually working with buyers and sellers and understand our local markets. We comprehend the intricacies of the various communities and neighborhoods we work with, and we actually know what’s happening out there. Quite simply, they don’t know what we know about the market TODAY. They can only report on what closed last month based on transactions that began 30 to 90 days prior. We need to continue to remind our buyers and our sellers that what they see in the newspaper today is a reflection of the recent past – not necessarily a snapshot of the current market. Yes – it’s been a challenging market overall as of late, but we see definite signs of improvement now that just aren’t reported anywhere else.Read the rest of the March 9, 2008 report here.

Here’s something current that I haven’t read about – we’re seeing a drop in month’s supply of inventory in virtually every county in our area. We’re seeing an increasing number of homes going into contract. We’re seeing open houses in most areas that continue to teem with buyers anxious to take advantage of the low rates and plentiful selection. We’re seeing a boost in the number of first-time buyers who don’t have to sell an existing home in order to make their purchase. We’re seeing high-end homes selling off-market – meaning that they sell without ever hitting the MLS – often with multiple offers and well over the asking price, (this also means that DataQuick won’t account for those homes in its statistics for sales and median prices next month).

- Rick Turleyinfo@SFResidence.com with “weekly market report” in the subject line.

* For an e-mail alert when this report is updated, send an e-mail to