The San Francisco market continues to do well despite stock market corrections and reports of real estate doom and gloom. Our inventory is still unusually low for this time of year; and if we had more product, I am confident we could sell it for a great price, as long as the property is priced right. If you look at October's numbers, you will see that average prices were higher from last month as well as a year ago. Even the number of homes sold was respectable considering there isn't much to sell!

Once again, let me remind everyone that we have a strong network of agents in other areas to whom we can refer with confidence. We've already sent some happy buyers and sellers outside of San Francisco, so if you or someone you know needs to buy or sell property somewhere else in the country, keep us in mind. In return for the lead, we'll give you a chance to win our Rewards for RE-ferrals contest.

Change is the hallmark of real estate and big changes can be seen in the Tenderloin area of San Francisco. Young people who want to walk to work are buying condominiums and bringing new, vibrant life back to the that area. It has been a long time in coming. The condominium project at 83 McAllister is 90% sold out at prices well over $1,000 a square foot--without parking. They are small units so that means that the prices were under $500,000.

We have an exciting new project listed at Hyde and Turk. It is a new four story building, currently under construction, with an elevator and consists of 31 units--14 one bedrooms and 17 studios. There is also parking for 10 cars. It is a perfect product for a client who has been trading into properties for years and would like to eventually get their money out of the property.

How it could work would be that they would exchange into this property (which is exempt from rent control so no worries about occupancy for a new buyer!!) and over the next few years they could slowly sell the units, which are individual condominiums, and pay the long term capital gains tax over many years. So if you know of someone in this position, let me know so we can discuss this exciting opportunity.

The October Real Estate Market Report for September is now available on our website. September sales histories may be seen here.

Want to vacation in North Lake Tahoe? We have a very nice 2 bedroom, 2 bath condominium available for rent in Tahoe City at Tahoe Marina Lodge, a lake front complex. This unit has panoramic lake and mountain views yet is within walking distance to shops and restaurants. Tahoe is an excellent place to get away from the fast pace of city life and enjoy nature.

Want to sit on the beach on the Big Island of Hawaii? We have a fabulous 3 bedroom, 3 and 1/2 bath beach front condo at Waikoloa on the Big Island available for rent with ocean views and steps from the "A" Bay beach. Kolea is a gated community close to all of the amenities of Waikoloa-- swim with the dolphins, golf, swim, snorkel or just enjoy the sun. Send us an e-mail or call for details. This condo is also on the market!

The Term “Rock Bottom” in Relation to California Real Estate Probably Doesn’t Exist

In the last 40 years, the real estate market in California has seen remarkable growth in terms of the median cost of a single-family home. According to the California Association of Realtors, since 1970 the real estate market in California has only dropped seven times, six times under 3.6% and only once at 4.5%

The Long-Term Outlook for Housing is Bullish

As we enter into an election year, traditionally a time when the economy heats up, we do so with a job market that is hot, and during a time when buyers have more choices than ever. What is driving this? The upcoming growth in new households puts estimates for new-home demand at about 19.5 million units from 2005 to 2014, surpassing the 18.1 million units added between 1995 and 2004.

A Unique Window of Opportunity

The reality is that the current housing market offers a unique opportunity for confident buyers looking to make long term investments. For the first time in many years, home buyers have the opportunity to steer the ship and navigate the waters of the Northern California real estate market on their own terms. Mortgage rates are historically low, inventory is high and financing is readily available for qualified borrowers.

Remember that we represent buyers and sellers at all price points and in most areas of San Francisco. We love to help friends get established in the market and make their first purchase -- it is exciting for all of us.

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