With more U.S. states reopening for business this summer, and as people start to return to work, we can expect the economy to begin improving. Most expert forecasts indicate this economic recovery will start to happen in the second half of this year. As we get back to work and the financial landscape of the country begins to turn around, many experts also agree that real estate has the potential to lead the way in the recovery process.
“Mortgage demand from home buyers shows unexpectedly strong and quick recovery…The quick recovery has surprised most forecasters.”
Robert Dietz, Chief Economist and Senior Vice President for Economics and Housing Policy of the National Association of Home Builders (NAHB) says:
“Overall, the data lend evidence to the NAHB forecast that housing will be a leading sector in an eventual economic recovery.”
One of the big reasons why housing has the potential to be such a driving force is the significant impact it has on the local economy. This impact is particularly strong when a newly constructed home is built and sold. According to a recent study by the National Association of Realtors (NAR), the average new home sale has a total economic impact of $88,416. As outlined in the graphic below, this is a combination of income generated from real estate industries, expenditures, and new home construction.With so many unknowns today, especially in the wake of a worldwide pandemic, one known factor is the bright spark the housing market can play in local and national recovery. Buying and selling a home goes well beyond personal growth and satisfaction – it supports our economy as a whole.
According to experts, the economy will begin to recover in the second half of this year. With real estate as a driver, that recovery may start sooner than we think.
Now is a great time to reflect on how we can each promote stronger community growth. Homeownership helps families build financial freedom, find greater happiness and satisfaction, and make a positive impact on our local communities. Let’s connect today if homeownership is part of your future plans.
More than ever, our homes have become an integral part of our lives. Today they are much more than the houses we live in. They’re evolving into our workplaces, schools for our children, and safe havens that provide shelter, stability, and protection for our families through the evolving health crisis. Today, 65.3% of Americans are able to call their homes their own, a rate that has risen to its highest point in 8 years.
June is National Homeownership Month, and it’s a great time to reflect on the benefits of owning your own home. Below are some highlights and quotes recently shared by the National Association of Realtors (NAR). From non-financial to financial, and even including how owning a home benefits your local economy, these items may give you reason to think homeownership stretches well beyond a sound dollars and cents investment alone.
Owning a home brings families a sense of happiness, satisfaction, and pride.
Pride of Ownership: It feels good to have a place that’s truly your own, especially since you can customize it to your liking. “The personal satisfaction and sense of accomplishment achieved through homeownership can enhance psychological health, happiness and well-being for homeowners and those around them.”
Property Maintenance and Improvement: Your home is your stake in the community, and a way to give back by driving value into your neighborhood.
Civic Participation: Homeownership creates stability, a sense of community, and increases civic engagement. It’s a way to add to the strength of your local area.
Buying a home is also an investment in your family’s financial future.
Net Worth: Homeownership builds your family’s net worth. “The median family net worth for all homeowners ($231,400) increased by nearly 15% since 2013, while net worth ($5,000) actually declined by approximately 9% since 2013 for renter families.”
Financial Security: Equity, appreciation, and predictable monthly housing expenses are huge financial benefits of homeownership. Homeownership is truly the best way to improve your long-term net worth.
Homeownership is even a local economic driver.
Housing-Related Spending: An economic force throughout our nation, housing-related expenses accounted for more than one-sixth of the country’s economic activity over the past three decades.
GDP Growth: Homeownership also helps drive GDP growth as the country aims to make an economic rebound. “Every 10% increase in total housing market wealth would translate to approximately $147 billion in additional consumer spending, or 0.8% of GDP, as well as billions of dollars in new federal tax revenue.”
Entrepreneurship: Homeownership is even a form of forced savings that provides entrepreneurial opportunities as well. “Owning a home enables new entrepreneurs to obtain access to credit to start or expand a business and generate new jobs by using their home as collateral for small business loans.”
The benefits of homeownership are vast and go well beyond the surface level. Homeownership is truly a way to build financial freedom, find greater satisfaction and happiness, and make a substantial impact on your local economy. If owning a home is part of your dream, let’s connect today so you can begin the homebuying process.
Exceptional North Waterfront condo with resort-style amenities in one of the neighborhood’s most sought after buildings, unit 712W is an ideal retreat from the city. Designed with entertaining in mind, this spacious 2Br/2Ba home offers exceptional designer finishes, quality fixtures, and beautiful wide plank floors throughout. Off the entry a large open living and dining space is a lovely oasis featuring a wood-burning fireplace, surround sound speakers, and large sliding glass doors that open onto a private deck with views of Coit Tower and lush gardens. The sleek open kitchen has custom walnut cabinetry that wraps around into the dining area, with ample storage and soft close pull out drawers. Thick slab Calacatta marble counters have a dramatic backsplash with a central workspace that makes it great for entertaining. There is top of the line Bosch appliances, a Sub Zero refrigerator, and a separate wine bar with a fridge and wine wrack. The stackable washer/dryer is conveniently tucked away in a closet in the kitchen. The spacious master suite has Telegraph Hill & Coit Tower outlooks and a luxurious bath with double marble vanities, a large tile shower, and a walk-in closet. Down the hall there is a wall of closets beautifully built out to maximize storage and a well appointed second bedroom, great as a den or for guests. Storage and 1-car parking complete the home. This prestigious 5-star amenity bldg has Resort-style Amenities, including 24-hour concierge services, heated outdoor pool and hot tub, and a fabulous club room and library. Close to Telegraph Hill, the Ferry Building, Waterfront, Parks, North Beach, FiDi, and Transportation.
Built in 2014, this stylish condo residence at Marlowe is characterized by its luxurious finishes and dark wood floors throughout. The home features a bright and spacious living area with large windows with north facing views of the neighborhood. An open designer kitchen has a combination of white and dark walnut cabinetry, beautiful quartz counters, top of the line stainless steel appliances, a Bertazzoni cooktop, and a huge entertaining island. Next to the kitchen is a comfortable space currently being used for a home office. The gracious master bedroom has ample closet space with custom organizers. The bathroom can be considered en suite, and also has a door facing the kitchen. It has a dark wood quartz vanity and a shower over tub with 3/8 frameless glass enclosure. The home has central air and heating and custom window coverings in all rooms with blackout curtains and shades. An in-unit washer/dryer and one car deeded garage parking complete the home. Parking has an outlet for an electric car. Located at the juncture of Nob Hill, Russian Hill and Pacific Heights, the Marlowe has an attended lobby and a beautifully landscaped community courtyard which includes a fireplace lounge, Bocce Ball court, gas BBQ and two dining areas. Transportation lines and tech shuttle stops are just steps away, as well as all the restaurants, nightlife, shopping and other amenities of the Polk Corridor.
Welcome home to the prestigious Four Seasons Residences, Stan Lee’s former San Francisco Getaway at The Four Seasons. Currently listed for $1,350,000, the home is perfect for weekend getaways or a corporate executive. With gorgeous, unobstructed views of downtown, this east facing unit has expansive windows, tall ceilings, and Brazilian Cherry hardwood floors throughout. The kitchen is accented with granite counters and upgraded stainless steel appliances, and the unit has plentiful closet space, a marble bathroom, and a stacked washer and dryer. Experience elegant surroundings of the highest quality with world-renowned Four Seasons Brand attention to service and detail.
Boasting one of the only 5-Star Hotels in San Francisco, the Four Seasons Residences are truly unique, special, and one of a kind. 5-Star Amenities include 24-hour security and doorman service, highly skilled resident specific Concierge team, 24/7 In-Room Dining, Housekeeping, MKT Bar/ Restaurant, leased valet parking, and an Equinox Sports Club facility. Just an elevator ride away from the epicenter of international business and commerce, The Four Seasons is always an exciting, elevated address to visit. Directly outside you’ll find a city buzzing with activity. You’ll be close to world-class shopping, Michelin starred restaurants, Union Square, Yerba Buena Center for the Performing Arts, and SFMOMA. Transportation options are aplenty as well; BART, Muni, and freeway access.
Photos are a virtual representation of the property staged with furniture. They are an approximation and not an actual representation of how the property currently looks.
An awesome one bedroom condo at The Palms, unit #825 has amazing views of San Francisco’s skyline and hills. The Palms is a beautiful building with a nice look and feel, and is on the sunnier side of town. It has an impressive courtyard with a variety of palm trees and dramatic lighting which will uplift your spirits on a foggy summer night. If you like a walkable place, this is in the heart of it all. You can’t beat it, it’s in a great SoMa location. The condo is on the eighth floor so you are able to feel a sense of being connected to the city, with floor to ceiling windows and views from all the windows. It gets great natural light, and also has a long balcony. There are wood floors in the kitchen, living and dining room. The kitchen is well designed with handcrafted Studio Becker cabinetry, top quality Bosch appliances, and a beautiful Sub-Zero fridge. There is a nice size bedroom and bathroom with plenty of cabinet space. Luxury full service amenities include 24/7 front door staff that is always professional and enthusiastic. Both Whole Foods and Safeway are very close, as are lots of restaurants, pubs, services and shops, including acclaimed restaurants like 25 Lusk, Marlowe, & celebrity chef Chris Cosentino’s new restaurant. This building has a conference center and business center for use which is very convenient if you work from home. The condo comes with a parking space and is perfect for commuters. There is easy access to 101, I-280 and I-80. And you can catch the Caltrainonly one block away at 4th and King.
Part of the city’s Transbay redevelopment plan, the Folsom Bay Tower is an awesome addition to the city’s skyline with it’s distinctive form and texture. Designed by Chicago architect Jeanne Gang and built by developer Tishman Speyer it’s been call twisty tower, since it incrementally twists to the height of 400 feet (originally it was supposed to be 300). You can’t miss it! It’s architecturally stunning. The design utilizes a traditional element common to San Francisco homes, the bay window, to maximize views, sunlight and air into its units – reported to be due to the special attention given to the building’s energy performance and how the building designers meant for the building “to be experienced”. There will be a wide range of floor plans. Retail on Folsom and Main streets will contribute to the new pedestrian amenities to create a highly walkable area of the city. See it here at studiogang: http://studiogang.com/project/folsom
If SOMA is a neighborhood you’ve been interested in, you’ve got some very distinct new construction options available this year. The 8 new Residences at 259 Clara, the six story Folsom Street development called 99 Rausch, and a new building on 10th Street called La Maison are all new developments that are available now or we expect will begin sales this year.
The latest project by JS Sullivan, who also recently did 1515 15th, The Sutter, 299 Valencia, is La Maison, located at 241 10th St. between Howard and Folsom. While this developer is typically known for mid-range construction, they have gone all out with this development. Offering 28 “modern residences” designed by Alan Tse this mid-rise, five-story building has both one-bedroom and two-bedroom plans available. Building amenities include a rooftop deck with grill and dining area.
For a full list of amenities and how this compares with nearby buildings, please contact me. I would be glad to also connect you with one of the building’s preferred lenders so that you will be ready to go and on the developer’s list when they are ready to begin sales later this spring.
New buildings are reported to be coming to a quiet block of Howard Street between first and second street, according to the Chronicle, that will completely transform that neighborhood south of market. Three enormous towers ranging in height between 36-64 stories have been proposed or approved, stepping up to the immense new Salesforce Tower a block away, and potentially featuring upper floor walkways connecting pedestrians to Transbay’s awesome rooftop park, which is set to open this time next year. Read the full article in the Chronicle here.