Gay Realty Network

Real Estate News With a Gay Slant

The Strange Is Gone From San Francisco

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San Francisco

As I walk into the homey Inner Richmond apartment of Vetiver singer Andy Cabic three days before Christmas, the first thing I notice are the boxes lining the walls — an all too familiar sight in San Francisco these days. When asked about the changes the city has faced over the last five or so years, Cabic sighs and looks out the kitchen window toward the Presidio, a view that he soon would no longer be able to enjoy. “Artists would not be able to live here if it wasn’t for rent control,” he says. By New Year’s Eve, his apartment building will change ownership and Cabic will be forced to say goodbye to the railroad-style apartment where he and his partner Alissa have lived for more than a decade. Everything was still uncertain when I spoke with him, echoing a refrain that the displaced San Francisco band Two Gallants used as the title of their 2015 piano ballad, “There’s So Much I Don’t Know.”

This scenario has gone from regular occurrence to cliche; evictions in the Bay Area have become the norm when they were once the exception. As rents have risen to the highest in the country — skyrocketing well past New York City, according to Zumper’s National Rent Report from May 2016 — it has become increasingly expensive to live in San Francisco. The creative class has been hit hard, getting pushed to the outskirts of the city — most notably, the far western suburban Outer Sunset and southern Excelsior neighborhoods, both a considerable distance away from downtown. Many have crossed the San Francisco Bay to Oakland, where rents have been rising at an equal or faster rate over the past few years, now cracking the list of top-five most expensive cities in America. As a result of rent increases, Oakland has lost a quarter of its African-American population in the past decade alone. Many people have left the Bay Area altogether, journeying south to Los Angeles, north to Portland, or in some cases, across the country to New York.

It’s easy to focus on how the city itself has changed (just walk down the tree-lined and wine-bar-littered Valencia Street in the Mission), but hyper-gentrification has manifested itself in more subtle ways, cutting deep into the psyche of many musicians who once called the area home.

At Gay Realty Watch, we look for news to share with you about the gay real estate market – both lgbt real estate news and news specific to gay and lesbian real estate meccas.

Authored By Steven Edelstone
See the Full Story at Spin

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Chicago One of Slowest Metros in US to Recover

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Chicago

October 2003 stands out in Chicagoans’ memory for the Cubs’ infamous collapse one game shy of the World Series. Now there’s another reason to curse that month: Nearly 13 years later, local home values are about the same as they were at the time of that Cubs crash.

An index of Chicago-area single-family home values was at the same level in March as in October 2003, according to the S&P/Case-Shiller Indices released this week.

Though the Chicago residential market is recovering from the bust, Case-Shiller data show it’s coming back much more slowly than other metropolitan areas: Of the 20 major U.S. cities Case-Shiller tracks, only two are trapped further back in time: Detroit, whose price index is at February 2001 levels, and Cleveland, at February 2003.

Over the years since the bust, Chicago has struggled with a logjam of thousands of slow-to-sell new condos, a heavy load of foreclosures, higher-than-average unemployment and other factors as other cities moved forward.

At Gay Realty Watch, we look for news to share with you about the gay real estate market – both lgbt real estate news and news specific to gay and lesbian real estate meccas.

Authored By Dennis Rodkin
See the Full Story at the Chicago Real Estate Daily

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Toronto and Vancouver Buyers Can’t Move Up, So They Renovate

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Toronto, ON, Canada

Defeated house hunters in Toronto and Vancouver who feel that the supply of affordable homes must be shrinking aren’t entirely imagining the phenomenon.

Beata Caranci, chief economist at Toronto-Dominion Bank, says the houses listed for sale are increasingly tilted towards the upper end of the market. Her report, entitled Moving on the Monopoly Board: Buyer Gridlock in the Toronto and Vancouver Housing Markets, illustrates how the change is shifting the way people get onto the property ladder and how they climb up once they get there.

Ms. Caranci was prompted to drill into the numbers behind the vanishing listings after hearing so much about the lack of supply that continually frustrates house hunters in the two cities. “You keep hearing it’s a sellers’ market but the sellers have to go somewhere.” Ms. Caranci says it’s still common for people to buy an entry-level home with the thought of trading up as babies come along, incomes rise or other lifestyle changes unfold.

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Authored By Carolyn Ireland
See the Full Story at Globe and Mail

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Everyone’s Moving to Oregon

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Gay Portland Real EstateA confluence of factors — including low supply, high demand, obstructive regulations and lacking infrastructure — is driving up housing prices in the state, a panel of state economists and housing experts told a legislative committee Tuesday, May 24.

“There are too few units given the strong and growing demand,” said Josh Lehner, economist with the Oregon Office of Economic Analysis. “In such a market, anything available at a remotely reasonable price and/or location is gone instantaneously. The lack of supply drives prices higher.”

Panelists recommended a series of policy changes, many of which lay outside the Legislature’s control. Local zoning laws, permitting rules and even the state labor commissioner’s interpretation of prevailing wage law for residential construction projects can drive up the cost and time it takes to build units, said Kurt Creager, director of Portland Housing Bureau.

“Who moves to Oregon? The short answer is everyone moves to Oregon,” Lehner said.

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Authored By Paris Achen
See the Full Story at Portland Tribune

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Prices Surging for Philly Home Sales

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Philadelphia Real Estate

Home values in a highly competitive Philadelphia Real Estate market – newly reclassified by the real estate search engine Zillow as “very hot” – finished the first quarter of 2016 higher than the peak the Philadelphia Real Estate market reached just before the housing bubble burst in 2007.

“[This] implies that all of the losses in house values due to the bubble’s deflation and subsequent recession have now been recovered. The average Philadelphia home has achieved a new all-time high in value,” said Kevin Gillen, chief economist for Meyers Research and senior research fellow at Drexel University’s Lindy Institute for Urban Innovation.

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Authored By Alan J. Heavens
See the Full Story at Philly.com

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Why Washington DC is the Best City for Gays

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Victory_Fund_National_Champagne_Brunch_and_Stonewall_Kickball_and_Wilson_Phillips_and_Dupont_Circle_split_insert_c_Washington_Blade_by_Michael_Key

New York? Yawn. San Francisco? It’s been overrun by tech junkies. Chicago? Might as well be Shreveport.

The jury is officially in, via my Facebook page, and Washington, D.C., has been declared the best city to be gay. But what makes our nation’s capital the ideal urban fruitopia for the LGBT community? Succinctly, today’s Washington is the perfect coming together of vibrant neighborhoods, good restaurants, nightlife, events and cute guys.

Gay sports leagues, happy hours, a growing theater scene — all of this gives D.C. a certain gay camaraderie that other cities seem to lack. Plus, this city makes brunching an Olympic sport. Here are nine reasons of why you shouldn’t waste your time with any other city.

#9 There Are More of Us Here. There’s no denying that. Even though we aren’t a state, yet, D.C. has the largest percentage of gays and lesbians in the United States. Bringing up the rear, so to speak, North Dakota.

At Gay Realty Watch, we look for news to share with you about the gay real estate market – both lgbt real estate news and news specific to gay and lesbian real estate meccas.

Authored By Brock Thompson
See the Full Story at The Washington Blade

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Seven of the World’s Tallest Skyscrapers

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Nordstrom Supertall

As far as modern living goes, building higher and higher is one the trend du jour, with developers trying to (literally) outreach each other with every new project.

From Dubai to Hong Kong, the trend to build high has originated some stunning designs with even more stunning views from the apartments.

While London is currently set to be home to Western Europe’s tallest residential tower, it’s nearly certain Hertsmere House won’t be the last attempt at breaking that mark.

At Gay Realty Watch, we look for news to share with you about the gay real estate market – both lgbt real estate news and news specific to gay and lesbian real estate meccas.

Authored By Stefanie Gerdes
See the Full Story at Gay Star News

LGBTI Community More Likely to Buy or Sell Homes

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PollLGBTI people are far more likely to buy or sell a home than their straight counterparts, new research reveals.

In a representative study Emerald Life, the UK’s first full-service insurance provider for the LGBTI community, asked 2,023 adults about their plans for the next six months; their results were then compared to a sample of straight people.

As it turns out, in a property-obsessed country, the LGBTI community is a major force on the property market. Of the surveyed adults, 15% said they’re planning on buying or selling a home in the next half year – nearly 50% more than in the straight group, where 9% said the same.

At Gay Realty Watch, we look for news to share with you about the gay real estate market – both lgbt real estate news and news specific to gay and lesbian real estate meccas.

Authored By Stefanie Gerdes
See the Full Story at Gay Star News

Is San Francisco Market Slowing Down?

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San Francisco Real EstateThat sound you hear may be some air finally escaping from the inflated San Francisco real estate market.

Home prices in the San Francisco Bay Area fell by 1.8% year-over-year in March, the first such drop in four years, according to Redfin , a Seattle-based real estate brokerage. “For years, San Francisco has been one of — if not the most — competitive markets in the country,” said Redfin chief economist Nela Richardson. “Now we are seeing this white-hot market start to cool and contract,” she said. Richardson noted that the share of Redfin properties facing multiple offers by buyers dropped to 77% in March from 94% compared to a year ago, Richardson added. “This suggests that the price drop is not about inventory, it’s about buyers fed up with high Bay Area prices and crazy competition,” she said.

In the city of San Francisco, the median value of homes has skyrocketed, from $670,000 at the beginning of 2012 to $1.12 million in April , a gain of more than 67%, according to Zillow.com, which puts the gain in the past year alone at 11%, though down from its year-over-year estimate of 14% in February. Last fall, a derelict two-bedroom, one-bath earthquake shack, built in the aftermath of the 1906 earthquake, sold for more than $400,000, 17% above its asking price. In addition, a similar fixer-upper along San Francisco’s famed Great Highway overlooking the Pacific Ocean, within walking distance of the city zoo and Golden Gate Park, sold for $1.2 million.

At Gay Realty Watch, we look for news to share with you about the gay real estate market – both lgbt real estate news and news specific to gay and lesbian real estate meccas.

Authored By Daniel Goldstein
See the Full Story at Yahoo Finance

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US Luxury House Market in a Slump?

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432 Park Avenue in New York CityThe luxury housing market is in a slump, with prices falling 1.1 percent in the first quarter of 2016 compared to the year-ago period, according to a new report from Redfin.

Aside from a positive blip in 2015’s fourth quarter, the market has been slowing since the third quarter of 2014, so the drop is not terribly surprising. With prices falling, buyers are taking advantage, and several cities are proving themselves as viable luxury hubs for the future.

“The global economy has been sputtering with troubles in China, Brazil and Europe,” said Nela Richardson, chief economist at Redfin. “The relative weakness of other currencies compared to the U.S. dollar has dissuaded many foreign buyers from purchasing luxury real estate in the States.

At Gay Realty Watch, we look for news to share with you about the gay real estate market – both lgbt real estate news and news specific to gay and lesbian real estate meccas.

Authored By Fprest Cardamenis
See the Full Story at Luxury Daily