We want to collaborate with you in the changing market of 2017

 

We want to collaborate with you…

What do you want to see in our Highrises.com newsletters next year? What is most important to you? Lifestyle articles, real estate data, mortgage rates? How frequently do you want to see information from my team?
 
Thank you for participating! Responses will receive a gift card.

Bay Area Heats Up in November!

According to the California Association of Realtors, home sales increased in November by 10% in the Bay Area. Home prices and sales had been the hottest in the U.S. until July when prices were said to “tumble back down to earth”. Homeowners struggled to sell their homes and numbers slipped back down to 2008 levels. But in November the sales increased from the year before. Sales of homes priced between $2 million and $3 million saw substantial growth of 38% from last year. Home sales of those priced between $1 million and $2 million saw the second-highest jump of 26% annually. However, the median home price of $785,000 in the Bay Area remained unchanged from October, but did increase 8% from last year. Some counties, Napa, Marin and San Francisco, saw annual decreases of 4%, 5% and 1% respectively. However, Napa’s home prices peaked in November 2015, which is part of the reason for the annual decline.
 
November also reversed the downward spiral of the number of listings sold above asking price with an increase of four percentage points in some areas. Homes priced above $3 million saw the most increase in homes sold over asking price with an increase of 10 percentage points from last month. However, this increase does not seem to be permanent, but rather, a reaction to higher interest rates. The spike in activity was in large part due to increasing mortgage rates following the election and anticipation over further hikes.

Increasing Mortgage Rates

As was widely expected, the FOMC meeting adjourned with an announcement of a quarter point increase to key short-term interest rates. We did get some surprises though and the bond market has not responded well to them. The biggest and most impactful is that the Fed is estimating 3 or more rate hikes next year when the previous estimate was 1 or 2. That means the Fed is confident in the U.S. economy continuing to grow, making bonds less attractive. This is especially true when the Fed strongly believes that inflation will continue to strengthen. Their revised economic projections showed a slight upward revision to the GDP (1.8% to 1.9%), a downward tick in the unemployment rate (4.8% to 4.7%) and no change to core inflation (1.7%).

If I were considering financing/refinancing a home, I would…. Lock if my closing was taking place within 7 days… Lock if my closing was taking place between 8 and 20 days… Lock if my closing was taking place between 21 and 60 days… Float if my closing was taking place over 60 days from now

Great deals to be had! 

Please call me for more information.
 

  New Construction in San Francisco  

The Rowan 
The Lumina 
1450 Franklin 
The District
                                 
 The Luxe                                                       The Austin
                                 
The Knox                                                       Oceanwide Center

The Rowan  

This new condo development located in the Inner Mission has nine stories and 70 condominiums with wall-to-wall windows, open interior spaces and remarkable city views, ranging in prices starting as low as $690,000 to $1,995,000.  Designed by Handel Architects, the “concrete Exo-Skeleton” mid-rise incorporates exposed concrete elements, Domus and Domus Italian cabinetry, Bertazonni appliances, and finished hardwood flooring to create an “industrial chic” aesthetic. The building’s amenities & services include a 3,250 square foot roof deck, a zen garden,  and a grand, double height lobby with lobby attendant, as well as secured parking, storage, and bike racks.
 
 

The Lumina 

 
Homes have been going fast at this iconic new building in South Beach! Most units in the first tower are gone, with available options in the second tower. Warm and modern design with majestic vistas of the city framed by expansive windows characterize the unique design of Bernardo Fort-Brescia, featuring Gaggenau cooking appliances, SieMatic kitchen cabinets, premium Caesarstone quartz countertops, European porcelain bathroom flooring & shower tiles, Maax soaking tubs, Kohler shower & bath fixtures, & Nest Learning Thermostats. Residents will enjoy an unrivaled collection of amenity spaces including a bi-level club lounge, private dining room, rooftop terrace, Jay Wright-designed fitness center, lap pool & more.

1450 Franklin

This new 13-story building in Pacific Heights has been selling only since October, offering 67  homes, each with its own outdoor space and a parking above ground. There are only 7 units per floor, offering spacious floor plans and impeccable finish quality – each adorned with light-filled living spaces set against expansive views of the San Francisco skyline. Located in an enviable part of Pacific Heights, that merges city access with a charming, walkable neighborhood. The building offers wonderful amenities such as a roof deck outdoor kitchen, a fire pit gathering space, on site ground floor retail, bike parking, and PORTE COCHÉRE arrival.

The District

Nestled at the corner of Bush and Divisadero in San Francisco’s Lower Pacific Heights neighborhood, The District started move ins this past summers and still has units available! The building has  25 different floor plans ranging in size from a 575 square foot compact unit, to a 1600 square foot penthouse on the top floor. Pricing begins around $1 million. All units have hardwood floors in the common areas, carpeted bedrooms, tile bathrooms, and wonderful Bosch appliances. Up to two pets are allowed. There is one to one parking, a lobby attendant, and extra storage units available. Enjoy life adjacent to the iconic Pacific Heights neighborhood, with its stunning homes, gorgeous parks, and easy-to-walk terrain, where you’ll find upmarket shops and boutiques, bars, lounges, and restaurants.

The LuXe

Located in the prestigious and highly coveted Pacific Heights neighborhood, the LuXe will offer 34 inspired one, two and three-bedroom homes with beautifully appointed finishes and rich materials – an immaculate display of architectural elegance, with fluid open spaces and  sweeping views of the Golden Gate and San Francisco’s iconic downtown skyline. Pricing starts at $1.15 million for a one-bedroom, 816-square-foot unit, and come with a den and minimum of 1.5 baths. Two-bed, two-bath units with two private patios begin at $1.25 million, and three-bedrooms start at $2.095 million. Every unit comes with one parking spot, and units with two or more bedrooms get a priority option to purchase a second spot. Amenities include a two-story lobby and a community meeting and gathering room.

The Austin

Coming early 2017 is a bold new, 12 story building at the corner or Pine and Polk at the border of Nob Hill and Lower Pacific Heights.Homes will be available in studio, one-bed, and two-bedroom configurations, with select homes having parking in vehicle stackers. The ground floor will be home to several retail shops and a community-based art space. The price range will be studios as low as $600,000 to two bedrooms for $1,700,000. The building’s distinctive façade of large white rectangles reflects each unit’s unique perspective of the city, with it’s floor to ceiling windows. The property will feature premium finishes and amenities including ground floor retail, spacious lobby lounge, rooftop terrace, and wi-fi throughout.

The Knox

Get ready! Knox sales start in January! Offering one, two and three bedroom condominium residences, Knox offers a unique opportunity to own a home in Dogpatch. One bedroom residences start from the $700,000s and two bedroom residences from the $900,000s. Pre-qualified homebuyers will enjoy the exclusive advantage of having the first look and first choice of all 91 Knox homes as soon as they are available for sale. Don’t miss out on your first choice! 

Oceanwide Center

 
A remarkable project that broke ground last week, which includes an office-and-condo tower which will be the second-tallest building in San Francisco. Located in the increasingly active Transbay Transit Center neighborhood, which is roughly bordered by Market Street to the north, the Embarcadero to the east, Folsom Street to the south, and Hawthorne Street to the west. Upon completion, the 61-story building will have about 1 million square feet of office space that will occupy the 7th through 40th floors, and the 41st through 61st floors will feature 109 high-end condo residences, along with a member’s club and lounge. It is scheduled to be completed by 2021. The condos atop the 910-foot building will be the highest residential units in San Francisco. The tower’s ground floor will feature an “Urban Plaza,” a roughly half-acre landscaped plaza, adjacent to First Street, that will extend upward 68 feet, framed by massive columns that continue upward to form structural exoskeletons.
                           

 

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