Online 3-D models are on a roll. Matterport, which provides a scanner
and software for the production of explorable 3-D virtual models, is
juicing adoption of its product by producing free models for brokerages
that enroll in its “Real Estate Innovation” program.
Alain Pinel Realtors, ranked by Real Trends as the fifth-largest
residential real estate firm in the U.S. by closed sales volume, is an
early enrollee in the program. Tom Flanagan, vice president of
technology at Alain Pinel, said Matterport will send a trained
photographer to conduct more than 10 scans for the San Francisco Bay
Area brokerage during the two-month duration of the program.
“This gives you an opportunity to really see a property pretty
thoroughly,” Flanagan said of the models. “You can then submit an offer
while you’re scheduling to see it.”
Pam Pollace, a spokeswoman for Matterport, said that the company
is connecting other enrollees in its program with “local partners” to
produce a “number of models” for free.
Word of the program comes shortly after a major breakthrough for 3-D models: Redfin’s decision to add Matterport models to all its listings. (Coincidentally, one of Redfin’s co-founders, David Eraker has launched another Seattle-based real estate brokerage, Surefield, around its own virtual 3-D tour technology.)
In furnishing Alain Pinel with models, Matterport is handing the
brokerage products and services that aren’t cheap. Matterport normally
sells its patented camera for $4,500 and charges $19 to render one model
through its cloud-processing platform. One marketing firm, Home ScanD,
charges a flat fee of $200 to produce a Matterport model for a listing.
Some brokerages, and even individual agents, have purchased
Matterport’s camera in recent months to differentiate themselves from
competitors, and make it easier for buyers to evaluate listings online
(a benefit that could trickle down to sellers and agents by reducing
showings to “lookie-loos”).
Though Alain Pinel only recently enrolled in Matterport’s program, the brokerage is already sold on the technology.
Flanagan said the brokerage is nearly finished helping TourFactory,
which produces listing photos for many of its agents under an exclusive
agreement, integrate Matterport models into its marketing package for
Alain Pinel agents.
Original Article and photo sourced from: http://www.inman.com/2014/09/05/brokerages-offered-free-3-d-models-that-let-buyer-explore-listings-online/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+inmannews+%28Inman+News+-+Headlines%29
Thursday, September 11, 2014
Wednesday, September 10, 2014
Animal Planet Goes LIVE!
Animal Planet Just released their AP Live cameras that show different channels based on a theme like "cute" or "Labor Animals" or "Kittens" that show Live footage of the animals doing what they do best.
Check out the different live camera feeds on Animal Planet's AP Live Website!
Tuesday, September 9, 2014
5 signs you’ll close more deals this fall
Your business is trying to tell you something. Either you’re about to
have the best real estate fall you’ve ever seen or you’ve got some
serious work to do to stay afloat.
Here are five signs you’re in great shape heading into this fall and adjustments you can make to get there if things aren’t exactly “looking up.”
Article and Photos Sourced From: http://www.inman.com/next/5-signs-youll-close-more-deals-this-fall/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+inmannews+%28Inman+News+-+Headlines%29
Here are five signs you’re in great shape heading into this fall and adjustments you can make to get there if things aren’t exactly “looking up.”
1. Profile views and traffic are up
Tomorrow’s clients are today’s Web visitors. Check your Trulia profile and other Web analytics to get a handle on your traffic trends. If you’re seeing more or stable Web views, you’re likely in good shape. If things are taking a dip, it may be time to blog, share, or create other content that gives real estate lurkers a reason to stop by your profile or website.2. Your past clients are feeling nurtured
According to NAR’s 2013 Profile of Home Buyers and Sellers, nearly half of agents were chosen based on a referral. That means prospects aren’t the only ones you should be nurturing. Whether they are anniversary cards, neighborhood updates or home valuation reports, if you’re staying in touch then you’re on track to have a great fall.3. You’re trying something new
One of the biggest real estate lessons of the past few years is that change is really the only constant in the life — and business. That means you should always be looking for new ways to ensure your business’s future. If you’re experimenting with new cutting-edge products like Trulia Seller Ads and other tools that help you track your marketing return on investment and generate high-quality leads, you’re headed in the right direction.4. You’ve (actually) closed the computer
Online lead generation is a must, but your marketing mix should include some community face time. Whether it’s PTA meetings, golf tournaments or other events that bring your community together, get out there and show face. This has two major benefits: Your prospects will feel more connected when they see your ads or emails, and you can farm content for sharing online that reinforces your position as the neighborhood expert.5. You’ve got the latest lead-handling tools
Traffic, tools and referrals are great, but if you can’t handle the leads when they are coming, then your business is at risk. If you don’t already have them, here are three great tools that help with lead handling to help with faster response and staying on top of your nurturing this fall:Article and Photos Sourced From: http://www.inman.com/next/5-signs-youll-close-more-deals-this-fall/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+inmannews+%28Inman+News+-+Headlines%29
Monday, September 8, 2014
'Super pop-up' food hall feeds into plans for S.F.'s Mid-Market
Behind a 150-foot construction barricade at the vacant Hollywood
Billiards on Market Street is one of the most ambitious food
marketplaces the city has seen: seven new culinary venues under one
roof, including an Anchor Steam bar, a fish market, a wine shop, and
restaurants offering Moroccan-Peruvian fusion, Vietnamese pho, barbecue,
cold-brewed coffee and pastries.
The food court will open at the end of the month, but the really remarkable thing is that it will all be torn down in less than two years.
The "super pop-up" project at 1028 Market, dubbed the Hall, is developer Tidewater Capital's effort to solve a problem vexing city officials trying to redevelop blocks of boarded-up buildings along Market Street between Fifth and 10th streets. Despite the dozen proposals in the Mid-Market area, the reality is that the city won't approve most of them until 2015 or even 2016. Add 18 months or two years of construction, and you're looking at four or five years of vacant storefronts before much of the much-hyped revival takes place.
Nowhere is this more obvious than the north side of the 1000 block of Market Street, in the vicinity of Golden Gate Avenue and Jones and McAllister streets. Here Tidewater Capital has submitted plans to build 186 housing units over 10,000 square feet of retail. Next door, Shorenstein Properties is hoping to win approvals to build 301 apartments at 1066 Market St., a site that includes a sliver of Market Street but spreads back onto a large surface parking lot along Golden Gate and Jones.
"Our block has so much potential - what we are trying to do is to unleash that and harness the power of food to get people to come enjoy the site," said Tidewater partner Craig Young. "You show up three or four years from now and there is an apartment building and you remember the great event you went to."
Hollywood Billiards has been vacant for seven years. The ground-floor space, which used to house a strip club, was in such bad shape that Tidewater had to rebuild portions of the facade and put in new ceilings, walls, windows and concrete floors.
Each food vendor will have a large stall, and a prep kitchen will serve all the restaurants. There will be communal picnic-style tables both on the sidewalk and inside.
"The Hall will help activate a key block along Central Market while longer-term development at the old Hollywood Billiards site continues," Mayor Ed Lee said.
The development of the Hall is part of a wider effort to make Mid-Market safer and more vibrant. In addition, SF Beautiful is organizing a series of evening concerts at United Nations Plaza. The Rainin Foundation recently gave $100,000 to install two illuminated benches at Sixth and Market and light up the San Cristina building at 1000 Market St.
Shorenstein Properties is also working on a plan to make better use of its 1066 Market St. property, said Meg Spriggs, managing director of the company's apartment development arm. Shorenstein is storing 12 pianos at 1066 Market that will be periodically wheeled out for public use, including at Civic Center Plaza and the Hall next door.
Just two buildings will remain on the block once the two developments are completed. One is a mosque with retail downstairs, the other the San Cristina building, a former office building that Community Housing Partnership converted into studios for the formerly homeless. The lower floors of the flatiron building lease space to Showdogs, a gourmet sausage and beer joint, and Machine, a coffee kiosk.
David Schnur, Community Housing Partnership's director of development, said tenants in the San Cristina welcome new neighbors and retailers.
"It's a troubled block, and our tenants want to live in a safe, high-quality neighborhood," he said. "Eliminating vacant buildings and vacant storefronts will benefit our tenants as much as anyone else."
But he said that the new retail coming in needs to serve everyone - low-income residents as well as the tech workers making $150,000 a year at Twitter or Zendesk. "The neighborhood needs to remain a neighborhood for people of all income levels," he said. "We have been able to develop in that part of town because nobody with deeper pockets than ourselves was interested in it. ... Right now there is plenty of low-cost food in the neighborhood - it would be a problem if it were to all go upscale."
Mid-Market is still a tough place to operate a store. The 1000 block attracts a constant group of drug dealers - mostly marijuana - and their customers.
If the Hall concept takes off, the restaurants could move into other vacant spaces in the neighborhood and eventually into the new Tidewater project, once it is built, Young said. For retailers, it's a low-risk chance to test the market without signing guarantees or taking out construction loans to build out a space.
"Folks are not going to have to wait years before they see something - it's going to be a shot of electricity back into the neighborhood," Young said. "It's a ton of work up front, and we have a relatively short period of time to recover those costs, and we are taking risk, but we all realize that it's the right thing to do."
Tidewater has hired Ilana Lipsett of Free Space, which organizes cultural events in vacant spaces, to curate cultural activities in the 1028 Market space.
"It's going to be about using food, music and art to bring people together and help them express themselves," she said. "It's not going to change the cost of housing in San Francisco, but it could change the tenor of relationships between different populations."
Article and complete list of Photos can be found at: http://www.sfgate.com/bayarea/article/Super-pop-up-food-hall-feeds-into-plans-for-5729488.php#photo-6805012
The food court will open at the end of the month, but the really remarkable thing is that it will all be torn down in less than two years.
The "super pop-up" project at 1028 Market, dubbed the Hall, is developer Tidewater Capital's effort to solve a problem vexing city officials trying to redevelop blocks of boarded-up buildings along Market Street between Fifth and 10th streets. Despite the dozen proposals in the Mid-Market area, the reality is that the city won't approve most of them until 2015 or even 2016. Add 18 months or two years of construction, and you're looking at four or five years of vacant storefronts before much of the much-hyped revival takes place.
Nowhere is this more obvious than the north side of the 1000 block of Market Street, in the vicinity of Golden Gate Avenue and Jones and McAllister streets. Here Tidewater Capital has submitted plans to build 186 housing units over 10,000 square feet of retail. Next door, Shorenstein Properties is hoping to win approvals to build 301 apartments at 1066 Market St., a site that includes a sliver of Market Street but spreads back onto a large surface parking lot along Golden Gate and Jones.
"Our block has so much potential - what we are trying to do is to unleash that and harness the power of food to get people to come enjoy the site," said Tidewater partner Craig Young. "You show up three or four years from now and there is an apartment building and you remember the great event you went to."
Hollywood Billiards has been vacant for seven years. The ground-floor space, which used to house a strip club, was in such bad shape that Tidewater had to rebuild portions of the facade and put in new ceilings, walls, windows and concrete floors.
Each food vendor will have a large stall, and a prep kitchen will serve all the restaurants. There will be communal picnic-style tables both on the sidewalk and inside.
"The Hall will help activate a key block along Central Market while longer-term development at the old Hollywood Billiards site continues," Mayor Ed Lee said.
The development of the Hall is part of a wider effort to make Mid-Market safer and more vibrant. In addition, SF Beautiful is organizing a series of evening concerts at United Nations Plaza. The Rainin Foundation recently gave $100,000 to install two illuminated benches at Sixth and Market and light up the San Cristina building at 1000 Market St.
Shorenstein Properties is also working on a plan to make better use of its 1066 Market St. property, said Meg Spriggs, managing director of the company's apartment development arm. Shorenstein is storing 12 pianos at 1066 Market that will be periodically wheeled out for public use, including at Civic Center Plaza and the Hall next door.
Just two buildings will remain on the block once the two developments are completed. One is a mosque with retail downstairs, the other the San Cristina building, a former office building that Community Housing Partnership converted into studios for the formerly homeless. The lower floors of the flatiron building lease space to Showdogs, a gourmet sausage and beer joint, and Machine, a coffee kiosk.
David Schnur, Community Housing Partnership's director of development, said tenants in the San Cristina welcome new neighbors and retailers.
"It's a troubled block, and our tenants want to live in a safe, high-quality neighborhood," he said. "Eliminating vacant buildings and vacant storefronts will benefit our tenants as much as anyone else."
But he said that the new retail coming in needs to serve everyone - low-income residents as well as the tech workers making $150,000 a year at Twitter or Zendesk. "The neighborhood needs to remain a neighborhood for people of all income levels," he said. "We have been able to develop in that part of town because nobody with deeper pockets than ourselves was interested in it. ... Right now there is plenty of low-cost food in the neighborhood - it would be a problem if it were to all go upscale."
Mid-Market is still a tough place to operate a store. The 1000 block attracts a constant group of drug dealers - mostly marijuana - and their customers.
If the Hall concept takes off, the restaurants could move into other vacant spaces in the neighborhood and eventually into the new Tidewater project, once it is built, Young said. For retailers, it's a low-risk chance to test the market without signing guarantees or taking out construction loans to build out a space.
"Folks are not going to have to wait years before they see something - it's going to be a shot of electricity back into the neighborhood," Young said. "It's a ton of work up front, and we have a relatively short period of time to recover those costs, and we are taking risk, but we all realize that it's the right thing to do."
Tidewater has hired Ilana Lipsett of Free Space, which organizes cultural events in vacant spaces, to curate cultural activities in the 1028 Market space.
"It's going to be about using food, music and art to bring people together and help them express themselves," she said. "It's not going to change the cost of housing in San Francisco, but it could change the tenor of relationships between different populations."
Article and complete list of Photos can be found at: http://www.sfgate.com/bayarea/article/Super-pop-up-food-hall-feeds-into-plans-for-5729488.php#photo-6805012
Friday, September 5, 2014
Hardly Strictly Bluegrass announces surprise-filled lineup
The
lengthy lineup has been announced for the 2014 Hardly Strictly Bluegrass
Festival, set for Oct. 3-5 at Golden Gate Park in San Francisco. It
features plenty of the usual suspects -- such as Robert Earl Keen, Ralph
Stanley and, of course, Emmylou Harris -- as well as a number of
intriguing surprises.
| Social Distortion lead singer
and guitarist Mike Ness performs in concert at the newly reopened Fox Theater in Oakland on Feb. 6, 2009. (Ray Chavez/Staff file) |
Other top names on the bill include John Prine, Ryan Adams, Lucinda Williams, Sharon Van Etten, Dawes, Conor Oberst, Mavis Staples, Chris Isaak, Rosanne Cash and Dwight Yoakam.
Daily schedules and set times will be released at a later date. The event is free and annually draws hundreds of thousands of music fans. For more information, visit www.hardlystrictlybluegrass.com.
Here's the complete lineup:
Poor Man's Whiskey
The Aquabats!
Peter Rowan's Twang An' Groove
The Waybacks
Dry Branch Fire Squad
John Prine
Ryan Adams
Thao & The Get Down Stay Down
Dave Alvin & Phil Alvin with The Guilty Ones
Lucinda Williams
Conor Brings Friends For Friday Featuring:
Waxahatchee
The Good Life
Jonathan Wilson
Sharon Van Etten
Dawes
Conor Oberst
Bill Kirchen & Too Much Fun
Buckwheat Zydeco
Hurray For The Riff Raff
Cibo Matto
Yo La Tengo
The McCrary Sisters
Alison Brown Quintet
The Time Jumpers Featuring Vince Gill, Kenny Sears, Dawn Sears & Ranger Doug Green
Holler Down The Hollow: A Hardly Strictly Salute to the Masters (Dickens, Hellman, Reed, Scruggs, Seeger, Watson & Winchester)
Dave Rawlings Machine
Steve Earle & The Dukes
Whograss
Bad Luck Jonathan
Justin Townes Earle
Mavis Staples
Chris Isaak
Red Baraat
Deltron 3030 with The 3030 Orchestra
Built To Spill
Social Distortion
Carlene Carter
Buddy Miller's Cavalcade of Stars:
Kate York
Striking Matches
Nikki Lane
Shawn Colvin
Tony Joe White
Buddy Miller & Friends
Robert Earl Keen
Evolfo Doofeht
Blue Rodeo
Johnnyswim
St. Paul & The Broken Bones
Reckless Kelly
The Flatlanders Featuring Joe Ely, Jimmie Dale Gilmore & Butch Hancock
The Mastersons
Rose's Pawn Shop
The Felice Brothers
Parker Millsap
Jessica Hernandez & The Deltas
Chris Smither
Sister Sparrow & The Dirty Birds
Malawi Mouse Boys
Hot Rize Featuring Red Knuckles & The Trailblazers
Jerry Douglas Presents Earls of Leicester
Ralph Stanley & The Clinch Mountain Boys
Tweedy
Emmylou Harris
Robbie Fulks
The Lone Bellow
Rosanne Cash
Lake Street Dive
Bruce Cockburn
The Apache Relay
Laurie Lewis & The Right Hands
X Acoustic
Bela Fleck & Abigail Washburn
Dwight Yoakam
The Go To Hell Man Clan
Kevin Welch, Kieran Kane & Fats Kaplin
Sun Kil Moon
Chuck Prophet & The Mission Express 'Strings In The Temple'
T Bone Burnett
Jason Isbell
The Sam Chase
Nitty Gritty Dirt Band
Moonalice
Blackie and The Rodeo Kings
Lukas Nelson & Promise of The Real
Joe Russo's Almost Dead
Jesse DeNatale
Chuck Cannon
The High Bar Gang
Shelly Colvin
Caitlin Rose
Sarah Jarosz
Rising Appalachia
Willie Watson
Article and Photo Sourced From: http://www.contracostatimes.com/ci_26404250/hardly-strictly-bluegrass-announces-surprise-filled-lineup
Thursday, September 4, 2014
What’s the Right Asking Price for Your Home?
Pricing a home for sale is an inexact science — some owners
might call it a crapshoot — and determining the right asking price
involves both psychological and practical reasons, according to
a recent article in The Wall Street Journal.
An asking price is primarily a negotiating tactic, Michael Seiler, professor of real estate and finance at The College of William & Mary, told The Wall Street Journal. “When you set a list price, you’re sending a signal to the market.”
Mike McCann, a real estate professional in Philadelphia, said in the article that most sellers overestimate the value of their home, and some real estate professionals may start with a price that’s too high to avoid hard feelings or to get the seller’s business. Or, they may price it too low for a quick sale.
Setting the right asking price depends on a variety of practical factors, such as the condition of the property and recent sales activity in the area, but pricing research offers a few tips:
Precise prices suggest you are inflexible. Setting an exact asking price — say, $795,475 — could lead buyers to believe that the price is not negotiable. A round number such as $800,000 can indicate that you’re willing to consider other offers.
A few dollars can make a big difference. Pricing a property at $499,900 rather than $500,000 can subconsciously influence a buyer. It seems to defy logic, but researchers say $499,900 is perceived as a huge bargain compared with a home priced just $100 more.
A low starting price can backfire. A lower asking price may net a flurry of offers, but it may not lead to a higher sales price. “It creates a havoc that doesn’t serve anyone well,” Rebecca Walter, a real estate professional in Portland, Ore., told The Wall Street Journal.
Pricing strategies only go so far, however. Ultimately, determining a home’s real value of requires knowledge of the local real estate market and access to recent sales data. That’s where the assistance of a local real estate professional can be most valuable.
Real estate professionals typically compile neighborhood sales data to prepare a comparative market analysis, which provides a sensible starting point for price negotiations.
Seiler, the real estate professor mentioned in the article, said that without comparable sales data, “an appraiser will have no clue what a property is worth, and a buyer wouldn’t know either.”
(Image: Flickr/OTA Photos)
An asking price is primarily a negotiating tactic, Michael Seiler, professor of real estate and finance at The College of William & Mary, told The Wall Street Journal. “When you set a list price, you’re sending a signal to the market.”
Mike McCann, a real estate professional in Philadelphia, said in the article that most sellers overestimate the value of their home, and some real estate professionals may start with a price that’s too high to avoid hard feelings or to get the seller’s business. Or, they may price it too low for a quick sale.
Setting the right asking price depends on a variety of practical factors, such as the condition of the property and recent sales activity in the area, but pricing research offers a few tips:
Precise prices suggest you are inflexible. Setting an exact asking price — say, $795,475 — could lead buyers to believe that the price is not negotiable. A round number such as $800,000 can indicate that you’re willing to consider other offers.
A few dollars can make a big difference. Pricing a property at $499,900 rather than $500,000 can subconsciously influence a buyer. It seems to defy logic, but researchers say $499,900 is perceived as a huge bargain compared with a home priced just $100 more.
A low starting price can backfire. A lower asking price may net a flurry of offers, but it may not lead to a higher sales price. “It creates a havoc that doesn’t serve anyone well,” Rebecca Walter, a real estate professional in Portland, Ore., told The Wall Street Journal.
Pricing strategies only go so far, however. Ultimately, determining a home’s real value of requires knowledge of the local real estate market and access to recent sales data. That’s where the assistance of a local real estate professional can be most valuable.
Real estate professionals typically compile neighborhood sales data to prepare a comparative market analysis, which provides a sensible starting point for price negotiations.
Seiler, the real estate professor mentioned in the article, said that without comparable sales data, “an appraiser will have no clue what a property is worth, and a buyer wouldn’t know either.”
(Image: Flickr/OTA Photos)
Wednesday, September 3, 2014
Real Estate Roundup: Listing Video Is for the Dogs, Mortgage Rates Dip
Here’s a look at recent news of interest to homebuyers, home sellers, and the home-curious:
LISTING VIDEO IS FOR THE DOGS
Man’s best friend could also be his chief marketer when it comes to selling a home.
A New York real estate professional recently employed a pair of golden retrievers to narrate a listing video, a tactic that has garnered the clip a surprising number of YouTube views.
The canines, speaking with an Australian accent, laud the 3,369-square-foot Westchester County home for its pool and expansive grounds, noting that there’s “even a place for my human to relax.”
U.S. BIDDING WARS DOWN IN DECEMBER
Competition for residential housing eased throughout the U.S. in December but varied considerably by region, a new report shows.
A solid 52 percent of Redfin offers in the U.S. faced bidding wars in the last month of 2013, compared with 52.8 percent in November and 62.4 percent in December 2012, the brokerage said in its Real-Time Bidding Wars report.
However, the numbers actually rose month over month in San Jose and San Francisco, the nation’s two most competitive cities respectively.
San Jose saw the percentage of offers facing other bids increase to 85.3 percent in December, up from 77.4 percent in November but down from a stunning 94.3 percent a year earlier. San Francisco’s figures came in at 78.7 percent in December, compared with 75.2 percent in November and 86.8 percent in December 2012.
Redfin predicted the market will continue heating up in the new year.
“Overall competition normally rebounds sharply in January as the new real estate season kicks off and we expect this year will be no different,” the company said.
MORTGAGE RATES DIP AS U.S. HOME SALES DECLINE
Mortgage rates dipped slightly after U.S. new home sales declined in December, and an influential market report showed national home prices decreased for the first time in months.
In the week ending Jan. 30, 30-year fixed-rate mortgages averaged 4.32 percent, down from 4.39 percent the previous week but up dramatically from 3.53 percent a year earlier, the Freddie Mac Primary Mortgage Market Survey reported.
“Mortgage rates eased somewhat as new home sales fell 7 percent in December,” Frank Nothaft, Freddie Mac vice president and chief economist, said in a statement. “The S&P/Case-Shiller 20-city composite house price index declined 0.1 percent for the month of November, the first decrease since November 2012.”
Despite the Case-Shiller index’s overall drop, the report showed prices in San Francisco actually increased 0.4 percent in November compared with a month earlier and were up a whopping 23.2 percent year over year.
DOWNTOWN MANHATTAN PENTHOUSE SELLS FOR $50.9 MILLION
If you thought San Francisco condos were getting pricey, a downtown Manhattan penthouse recently went for a cool $50.9 million.
Penthouse One, a nearly 6,000-square-foot five-bedroom home in the Walker Tower in Chelsea, takes up an entire floor in the Art Deco building.
The deal may be the most expensive home sale on record in downtown Manhattan, The Wall Street Journal reports.
(Photo: Flickr/RayMorris1)
LISTING VIDEO IS FOR THE DOGS
Man’s best friend could also be his chief marketer when it comes to selling a home.
A New York real estate professional recently employed a pair of golden retrievers to narrate a listing video, a tactic that has garnered the clip a surprising number of YouTube views.
The canines, speaking with an Australian accent, laud the 3,369-square-foot Westchester County home for its pool and expansive grounds, noting that there’s “even a place for my human to relax.”
Competition for residential housing eased throughout the U.S. in December but varied considerably by region, a new report shows.
A solid 52 percent of Redfin offers in the U.S. faced bidding wars in the last month of 2013, compared with 52.8 percent in November and 62.4 percent in December 2012, the brokerage said in its Real-Time Bidding Wars report.
However, the numbers actually rose month over month in San Jose and San Francisco, the nation’s two most competitive cities respectively.
San Jose saw the percentage of offers facing other bids increase to 85.3 percent in December, up from 77.4 percent in November but down from a stunning 94.3 percent a year earlier. San Francisco’s figures came in at 78.7 percent in December, compared with 75.2 percent in November and 86.8 percent in December 2012.
Redfin predicted the market will continue heating up in the new year.
“Overall competition normally rebounds sharply in January as the new real estate season kicks off and we expect this year will be no different,” the company said.
In the week ending Jan. 30, 30-year fixed-rate mortgages averaged 4.32 percent, down from 4.39 percent the previous week but up dramatically from 3.53 percent a year earlier, the Freddie Mac Primary Mortgage Market Survey reported.
“Mortgage rates eased somewhat as new home sales fell 7 percent in December,” Frank Nothaft, Freddie Mac vice president and chief economist, said in a statement. “The S&P/Case-Shiller 20-city composite house price index declined 0.1 percent for the month of November, the first decrease since November 2012.”
Despite the Case-Shiller index’s overall drop, the report showed prices in San Francisco actually increased 0.4 percent in November compared with a month earlier and were up a whopping 23.2 percent year over year.
If you thought San Francisco condos were getting pricey, a downtown Manhattan penthouse recently went for a cool $50.9 million.
Penthouse One, a nearly 6,000-square-foot five-bedroom home in the Walker Tower in Chelsea, takes up an entire floor in the Art Deco building.
The deal may be the most expensive home sale on record in downtown Manhattan, The Wall Street Journal reports.
(Photo: Flickr/RayMorris1)
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