Sunday, May 08, 2016

San Francisco Bay Area Housing Market News

The latest San Francisco Bay Area housing market news are getting better and better every day - home prices continue to climb up to 9-year high, the average Bay Area home sells in 22 days and Bay Area residents expect economy to shrink and home prices to go down. In the same time the scientists predict that the 'Big One' is coming

California’s Hot Housing Market Drives Pricey Home Facelifts
California may be a capital of cosmetic surgery, but it’s not just noses and eyelids falling under the knife. Buyers pay exorbitant sums to buy old, frumpy houses and even more to fix them up.

Bay Area residents expect economy to shrink
More than half of Bay Area residents think the region will experience a significant economic downturn within the next five years, according to a survey released Tuesday by the Bay Area Council. About 52 percent of people surveyed by the council expect the region’s economy to stumble within that time frame, while another 7 percent say a downturn could hit after five years. Twenty percent do not anticipate the Bay Area economy to shrink in the foreseeable future.

California home prices up 5.6% in a year to 9-year high
Last month’s California median selling price for a single-family home was $415,000, up 5.6 percent from March 2015, and now at the highest level since 2007. The condo median price was $400,000, up 3.9 percent in a year.

The largest price jumps among the state’s largest counties were found in Santa Cruz (14.5 percent), Santa Clara (12.6 percent), Marin (11.5 percent), Contra Costa (9.5 percent), and Los Angeles (9.1 percent).

Zynga Now Worth Less Than Its Own Office Building
After a long spate of difficulties with its product strategy and business model, the gaming company Zynga, once a Silicon Valley powerhouse, is now worth less than the office building in which it resides.

San Jose city leaders drop plan to freeze rents
When a divided City Council two weeks ago mustered the votes to lower maximum rent hikes in 44,000 apartments from 8 percent to 5 percent, there was concern that landlords would jack up rent before the rule goes into effect next fall. But city officials have now abandoned the idea of a rent freeze to prevent last-minute increases, and instead are pushing to have the new law take effect sooner.

The San Andreas fault is locked, loaded and ready to go
Californians are being told to brace for 'the big one' - a massive earthquake that typically occurs every 400 to 600 years and could leave thousands dead or homeless. An earthquake scientist has added to claims the dreaded event is overdue, warning the San Andreas fault is 'locked, loaded and ready to roll'.

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