Gay Realty Network

Real Estate News With a Gay Slant

San Francisco Inventory Decline Leads to Mass Overbidding

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SF Inventory

A gradual decline in inventory has contributed to the increase in overbidding among buyers, according to a new report from Paragon Real Estate. The real-estate firm tallied the number of homes, co-ops, TICs, condos and even 2-4-unit buildings listed on the MLS, starting just before the market recovery began in 2012. It found that while listings consistently peak in the spring and autumn, and plummet around the December holidays, those peaks and valleys have been sinking lower and lower over the past few years.

The reduced inventory (as well as a widespread underpricing strategy by local realtors) has led motivated buyers to bid considerably over the asking price for the vast majority of S.F. sales. Paragon’s figures show that February 2015\0x2032s sales prices were an average of 8% higher than asking prices overall, with single-family homes selling for 12% over asking, condos averaging 7% over, and 2-4 unit buildings 2% over asking. “Houses are becoming a smaller and smaller percentage of city home sales (since virtually no new ones are being built), which has generally made them the most competitive market segment,” according to the report.

Now for some (slightly) good news for buyers: Paragon claims that even in this hot market a good 20%-30% of homes are price reduced before selling or are so overpriced they are removed from the market without a sale taking place. Now for more bad news: the less expensive the home, the bigger the buyer frenzy. “Right now, more affordable homes–for example, condos under $1 million–appear to be in particularly high demand,” according to the report.

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 Emily Landes – See the Full Story at SFGate

Click here for gay realtors, mortgage lenders, and other real estate professionals in San Francisco.

If you have a gay real estate story that you’d like to share with us, contact us at info@gayrealtynetwork.com

Fire Destroys Fire Island Gayborhood Hotel, Homes

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Fire on Fire Island

A massive fire swept through Cherry Grove’s commercial district on Fire Island last night, destroying several private homes, the Holly House Hotel, and the Grove Hotel, the last of which was home to the famed Ice Palace nightclub. For decades the Ice Palace hosted the Miss Fire Island pageant and served as the kickoff location for the annual Fire Island Pines Drag Invasion.

Local authorities say that the source of the blaze, which reportedly broke out on the nearby boardwalk, is unknown. About 80 firefighters were on the scene and two suffered injuries, but no residents were hurt, possibly because most of Fire Island is unoccupied at this time of year.

Last night’s fire was yet another in a recent string of disasters to strike Fire Island’s two predominantly gay towns. The commercial district of neighboring Fire Island Pines was destroyed in a 2011 fire and both towns were flooded during 2012’s Hurricane Sandy.

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.

See the Full Story at Joe.My.God

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San Diego Metro Area Has Denser LGBT Population Than National Average

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San Diego

Apple Maps

New research into Gallup survey information reveals an educated estimate of where LGBT Americans live, considered perhaps the most detailed glimpse yet into the lives of lesbian, gay, bisexual and transgender people across 50 states.

At 6.2%, the San Francisco metropolitan area has the highest percentage of the adult population who identify as LGBT of any of the top 50 U.S. metropolitan areas, followed by Portland, Oregon (5.4%) and Austin, Texas (5.3%), according to a new Gallup Poll.

Variation in the percentage who identify as LGBT across the largest metro areas is relatively narrow, with San Francisco’s percentage just 2.6 percentage points higher than the national average of 3.6%, and the lowest-ranked metro area — Birmingham, Alabama (2.6%) — one point below the national average.

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.

See the Full Story at SDGLN

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Image via Apple Maps

Fear of Buying Holding San Francisco Bay Area Inventory Low

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San Francisco HomeRain wasn’t the only thing in short supply over the winter. The Bay Area housing market has also been suffering from an inventory drought. Real estate activity always slows in winter, but the number of homes and condos sold in the Bay Area in January and February were the lowest in seven years for those two months, according to CoreLogic Dataquick…

So why is inventory so tight?

The reason you hear most often is that people are afraid to put their homes on the market because they won’t be able to buy another one in the Bay Area. “The move-up market is pretty much frozen,” said Matt Fuller, an agent with Zephyr. “Even if you can do great on the sale of your property, you are terrified to enter the market as a buyer.” Sellers who accept all-cash offers, which accounted for about a quarter of all Bay Area sales last month, may find themselves scrambling to find a replacement home because cash deals close quickly.

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 Kathleen Pender – See the Full Story at SF gate

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If you have a gay real estate story that you’d like to share with us, contact us at info@gayrealtynetwork.com

Whats Hot and Why

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San Francisco HomeBy most indicators, the national real estate market is looking up. There are lots of reasons for this and we’ll get into some of them here. But for the most part, the real estate market follows the general state of the economy. When employment is high and the economy is on a strengthening trend, buyer confidence is naturally strong.

It is also the case that a reduction in the number of foreclosures and short sales is boosting the general market; as these properties are absorbed, buyers turn to the regular inventory. Of course, continuing low interest rates have played a part in the upturn as well.

Some other factors are also in play. There has been a shift in the marketplace as multinational corporations have relocated to lower cost regions like the Midwest. This harbingers a trend away from the high tax, high cost states into these formerly less attractive markets. Another factor is the resurgence of American energy thanks to new oil extraction technologies, bringing a boon to such states as North Dakota, Oklahoma and Michigan.

With all this in mind, it’s interesting to have a look at the states and neighborhoods enjoying the highest appreciation in real estate values. A recent online real estate magazine, BiggerPockets, came up with the top cities undergoing year-to-year rapid appreciation. They were No. 1, Detroit at 32 percent, Toledo, Ohio at 23 percent, Dayton, Ohio at 20 percent, Modesto, Calif. at 18 percent, Houston, Texas at 16 percent, Atlanta at 15 percent, Chicago at 13 percent and Miami, Fla. also at 13 percent.

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 Del Phillips – See the Full Story at LGBT Weekly

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Is Toronto Finally Acting Like a Big City?

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Totonro, ON, CanadaWhen a developer announced last week that he planned to build what would be the tallest building in Canada on the southwest corner of Yonge and Bloor, Toronto seemed unimpressed. Many who wrote online comments about the proposal wondered why on earth this city needs yet another glass condominium tower, even a dramatic 80-storey one designed by the firm of celebrated British architect Norman Foster.

“Imagine all of the birds that will be killed,” said one. “The congestion, the sun block, the sheer ugliness of the structure adds another blight,” said another. “The Manhattanization of downtown Toronto is completely out of control,” said still another.

Toronto, it would seem, is still not altogether sold on tall buildings. This city is seeing a wave of high-rise development unlike any in its history. The most recent report from city officials says that no less than 91 high-rise buildings are under construction, the most for any North American city except New York, which is building 167.

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 Marcus Gee – See the Full Story at The Globe and Mail

Click here for gay realtors, mortgage lenders, and other real estate professionals in Ontario.

If you have a gay real estate story that you’d like to share with us, contact us at info@gayrealtynetwork.com

New Report: SF Inventory Keeps Getting Lower as Prices Soar

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A gradual decline in inventory has contributed to the increase in overbidding among buyers, according to a new report from Paragon Real Estate. The real-estate firm tallied the number of homes, co-ops, TICs, condos and even 2-4-unit buildings listed on the MLS, starting just before the market recovery began in 2012. It found that while listings consistently peak in the spring and autumn, and plummet around the December holidays, those peaks and valleys have been sinking lower and lower over the past few years.

Paragon Report

The reduced inventory (as well as a widespread underpricing strategy by local realtors) has led motivated buyers to bid considerably over the asking price for the vast majority of S.F. sales. Paragon’s figures show that February 2015\0x2032s sales prices were an average of 8% higher than asking prices overall, with single-family homes selling for 12% over asking, condos averaging 7% over, and 2-4 unit buildings 2% over asking. “Houses are becoming a smaller and smaller percentage of city home sales (since virtually no new ones are being built), which has generally made them the most competitive market segment,” according to the report.

Now for some (slightly) good news for buyers: Paragon claims that even in this hot market a good 20%-30% of homes are price reduced before selling or are so overpriced they are removed from the market without a sale taking place. Now for more bad news: the less expensive the home, the bigger the buyer frenzy. “Right now, more affordable homes–for example, condos under $1 million–appear to be in particularly high demand,” according to the report.

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 Emily Landes – See the Full Story at SFGate

Click here for gay realtors, mortgage lenders, and other real estate professionals.

If you have a gay real estate story that you’d like to share with us, contact us at info@gayrealtynetwork.com

It’s Now Cheaper to Buy a Castle Than a San Francisco Condo

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Castle - Via Moulin

Hey, did you know housing cost in San Francisco is really high? Of course you did — you live here.

But, did you know that the mortgage is so damn high that it is possible to find a castle in Europe that is less expensive than some condos in San Francisco? Did you know that someone found FIVE castles that are cheaper than flats in the city?

And these castles aren’t exactly fixer-uppers either — these are liveable, go-ahead-and-fill-the-moat, literally-fit-for-a-king residences that you can actually move into.

So, if you’re thinking (and capable) of throwing down a few mil on a new house in the city, think about buying this sweet 45-bedroom castle in the Belgian Ardennes instead. You can actually do that.

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 Alyssa Pereira – See the Full Story at CBS Local

Click here for gay realtors, mortgage lenders, and other real estate professionals in San Francisco.

If you have a gay real estate story that you’d like to share with us, contact us at info@gayrealtynetwork.com

New York Drops to Fourth in List of Cities for the Super Wealthy

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New York Real EstateThe yearly Knight Frank’s Wealth Report that surveys the movements of the global ultra-rich has been released (h/t CityLab), and–truly, surprise!–New York City’s status amongst the moneyed elite has dropped three places to rest as the number four city most populated by individuals who have amassed over $30 million in personal wealth.

What’s eyebrow-raising is that as of 2013, 7,580 of these Ultra High Net Worth Individuals (UHNWI) lived in New York. That number is now 3,008. Whether the plummet has to do with the rise of other global cities, or whether it has to do with a change in methodology behind the report (which accounts for assets like yachts, real estate, private jets, and really, really expensive art and wine) is unclear.

London topped the 2015 list as the global city with the highest number of UHNWI, followed by Tokyo and Singapore.

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 Zoe Rosenburg – See the Full Story at Curbed

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If you have a gay real estate story that you’d like to share with us, contact us at info@gayrealtynetwork.com

The New York City We Love is Disappearing

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Taylor Swift - NYC Go

Wherever the towers of big development rise, the rents rise with them. And as the rents hit nosebleed heights, New York vanishes. Neighborhood by neighborhood, borough by borough, this is how you kill a city.

From the glitzy corridor of the High Line in Manhattan, to the Downtown Brooklyn neighborhood around the Barclays Center to Long Island City in Queens, where Mayor de Blasio’s buddy Rob Speyer is hoisting three extravagant slabs of glass into the sky, our city is dying. It is a victim of its own so-called success.

People want to come to New York. Taylor Swift urges them in, singing, “It’s been waiting for you,” as if the city had nothing better to do but anticipate the arrival of newcomers. Bloomberg filled the whole town with tourists until we were bursting at the seams. Global oligarchs come to stash their dirty money in empty penthouses atop sky-high splinters, giving us nothing in return but long, dark shadows.

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 Jeremiah Moss – See the Full Story at the Daily News

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” target=”_blank”>Authored By – See the Full Story at

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