Gay Realty Network

Real Estate News With a Gay Slant

Prices Up, Sales Down in San Francisco

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San FranciscoLast month, the number of Bay Area home sales slowed to a crawl and hit its lowest level since the recession in 2008, according to the latest report from DataQuick. A slowdown is normal for January, but even compared with January 2014, sales are down, dropping 5.5 percent to a seven-year low of 4,439 houses and condos for the whole Bay Area. Meanwhile, the median price paid is still climbing; it rose 9 percent year over year to reach $572,000, compared with $525,000 last January. In fact, last month was our 34th month straight of a year-over-year price gains. Small consolation: Price growth has slowed since January 2014, when median prices had increased a whopping 26.5 percent over January 2013. At least we’ve dropped to single-digit price hikes! Woohoo.

In San Francisco proper, at least, this January’s prices are pretty flat compared with last year’s. The median sale price is up just $1,000 from January 2014, standing at $885,500. Sonoma, Napa, and Marin saw the highest year-over-year price increases, of 11 percent, 9.5 percent, and 9 percent, respectively.

Absentee buyers (mostly investors) accounted for 21 percent of Bay Area homes in January, down from 24.5 percent in January 2014.

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 Lamar Anderson – 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

San Francisco Penthouse Listed at $49 Million

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SF Lumina Duplex

A 15,000-square-foot duplex condominium that overlooks the Bay Bridge is the new most expensive listing in San Francisco, with a price tag of $49 million.

SF Lumina PenthouseThe penthouse on the 41st and 42nd floors of one of two Lumina towers being developed by Tishman Speyer is still under construction. However, marketing began this week thanks to renderings that show how the penthouse’s curved glass walls and 20-foot ceilings will look 15 months from now, when the building is completed.

If the duplex penthouse were to fetch its asking price, it would smash the current condo sales record: $28 million for the penthouse at the St. Regis in 2011. The second-priciest listing after the duplex is a home on the Gold Coast, currently listed at $39 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 Erin Carlyle – See the Full Story at Forbes

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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

Where Are Mortgage Rates Headed?

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The interest rate you pay on your home mortgage has a direct impact on your monthly payment. The higher the rate the greater the payment will be. That is why it is important to look at where rates are headed when deciding to buy now or wait until next year. Below is a chart created using Freddie Mac’s February 2015 U.S. Economic & Housing Marketing Outlook. As you can see interest rates are projected to increase steadily over the course of 2015.

How Will This Impact Your Mortgage Payment?

Depending on the amount of the loan that you secure, a half of a percent (.5%) increase in interest rate can increase your monthly mortgage payment significantly. Research released by Zillow touched on this point:

“As rates rise, new home buyers will confront higher financing costs and monthly mortgage payments. For many, this will mean tightening their budgets and sacrificing some luxuries they may take for granted today.”

The experts predict that home prices will appreciate by 4.4% over the course of 2015. If both predictions become reality, families would wind up paying considerably more for their home.

Bottom Line

Even a small increase in interest rate can impact your family’s wealth. Meet with a local real estate professional to evaluate your ability to purchase your dream home.

Flipping in DC

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Washington DC Real EstateOn Dec. 31, 2014, a colleague purchased a fully redeveloped home in Brookland. The property, a stunning, newly renovated single-family home on Newton Street, N.E., was staged and showed beautifully. After several months on the market and under contract for improvements from a home inspection, my colleague and his husband closed on the property for nearly $800,000. When they arrived to their walkthrough, the buyers found that the aesthetically pleasing light hardwood floor had been severely worn after all the staging material was removed.

In addition, the material used in producing the cabinets was easily damaged, and the house had frozen pipes just days after move-in. In short, the aesthetic charm had reduced the quality of the finishes; moreover, the lack of quality in the renovation had already become apparent. Flipping property, often times a misnomer also used to describe illegal practices in building a real estate bubble, is often the term used for housing redevelopment.

In D.C., neighborhoods such as Petworth, Columbia Heights and Shaw have seen large-scale development over the past decade. These residential projects, often associated with a particular town home or multi-unit redevelopment, rely on a developer who purchases the distressed property at low cost, renovates, and finally sells it for a significant markup. This type of purchase is popular among buyers who are looking for a move-in ready home with historic charm. However, as with the case of my colleague, what should buyers (as well as flipping sellers) be on the lookout for with these types of renovations?

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 Tim Savoy – See the Full Story at The Washington Blade

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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

Is China’s Real Estate Bubble Ready To Burst?

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ChinaI’ve been warning that the greatest threat to the global economy is the bursting of China’s real estate bubble. It’s the largest and most extreme in the world. Prices for Shanghai real estate have gone up 650% since 2000 and 86% since the last peak in 2007.

Here’s my question… what’s driving this bubble? The answer lies in the movement of 220 million people from rural to urban areas over the last 12 years — the greatest and fastest urbanization rate in history.

And what do these new unskilled people do for a living? They build condos for no one. China has massive ghost cities with little or no residents. It has 27% of its condos in urban areas that are standing there… vacant.

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 Harry Dent – See the Full Story at Investing.com

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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

As California Home Sales Fall, Prices Go Up

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San Francisco HomeCalifornia home sales were down last month, plunging to the lowest level seen in January in seven years in the San Francisco Bay area, a research firm said Wednesday. But prices are still up over the same period last year.

An estimated 25,325 new and resale houses and condos sold in California – marking a 30.6 percent decline from the number sold the previous month and a 2 percent drop from January 2014 sales, according to data released by Irvine-based CoreLogic DataQuick.

The median price paid for a home in California of $376,000 was 6.5 percent above what it was a year ago but slightly less than it was in December.

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 KCRA

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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

Who Killed Seattle’s Gayborhood?

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Capitol Hill, SeattleSeattle is the fastest growing city in the country, and like thousands of other jerks who are ruining what used to be a moderately populated city with affordable housing, I’m a newcomer here.

When I was looking for neighborhoods in Seattle, I decided on Capitol Hill — a densely populated area not far from downtown — based on its reputation as the city’s gay neighborhood, a reputation it’s had since the ’60s. The Hill appealed to me because, well, have you seen my haircut? I’m super gay. But despite Capitol Hill’s reputation as the gayborhood, it doesn’t feel gay to me. Sure, there’s a gay bookstore and a thrift shop where you can also get a HIV test, but after I moved here, I was surprised to find that there are more hot yogas studios than hot gay clubs in my neighborhood. Capitol Hill, it seems, is losing its place as the epicenter of Seattle’s gay life.

And why is this? Some blame tech money. Capitol Hill isn’t far from Amazon’s Seattle campus, and as tech workers have moved to the neighborhood, rents have risen, which has pushed out artists and gay folks (who, despite the double-income-no-kids stereotype, earn on average less than heterosexuals).

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 Katie Herzog – See the Full Story and Podcast at Grist

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

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

The Strip: Dallas’s Gayborhood

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The Strip - DallasWhen Out Traveler named Oak Lawn the “best gayborhood in the U.S.,” it said “Oak Lawn is a shining star in a city soaked with money and privilege.” The magazine also noted that Oak Lawn is “packed with nightlife and eateries,” and praised its proximity to downtown and the Design District.

But just what is it that really makes a gayborhood successful and keeps it vibrant?

According to Dallas Tavern Guild Executive Director Michael Doughman, it takes a good mix of retail and restaurants with a concentration of bars in the area. Hospitality, stability, engagement with the surrounding neighborhood, a great hotel and new development that’s integrated into the gayborhood all play into making Oak Lawn an enduring draw for the LGBT community, he said.

Doughman said other gayborhoods he’s visited don’t have the mix of stores, restaurants and bars that Oak Lawn has. He said the publisher of Sparticus, the international gay guide, told him that in many cities, he replaces a majority of the listings each year. In Dallas, there are usually just a few updates.

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 David Taffet – See the Full Story at the Dallas Voice

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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

Home Prices: A 5-Year Outlook

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With inventory presently below historically normal levels, current & future home prices have been the topic of many real estate conversations. The most recent Home Price Expectation Survey was just released; giving insight into where experts believe prices will be leading up to 2019. Every quarter, Pulsenomics surveys a nationwide panel of over 100 economists, real estate experts and investment & market strategists about where prices are headed over the next five years. They then average the projections of all 100+ experts into a single number.

Here are some highlights from their latest survey:

  • Home values will appreciate by 4.4% in 2015.
  • The cumulative appreciation will be 19.3% by 2019.
  • That means the average annual appreciation will be 3.6% over the next 5 years.
  • Even the experts making up the most bearish quartile of the survey still are projecting a cumulative appreciation of 11.7% by 2019.

Individual opinions make headlines. We believe the survey is a fairer depiction of future values.

courtesy of: keepingcurrentmatters.com

New Map Shows Astounding Rise in San Francisco Prices

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San Francisco price increase map 10 years - Property Shark

What have 10 years meant for San Francisco real estate prices? Real estate website PropertyShark set out to answer that question with an interactive map of changes in prices per square foot for median home sales; the map compares prices in 2004 with those in 2014.

The neighborhoods that have changed the most include Duboce Triangle, where prices have gone up 52 percent, and the perpetually contentious Mission District, where prices have soared 47 percent.

Other neighborhoods with big price hikes included fast-changing Yerba Buena, where new condos have pushed up prices by 43 percent, and the Dogpatch, a former neighborhood of warehouses that has also seen a 43 percent increase in prices as new developments have moved in.

Note: red is 40% or more in ten years.

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 Tracy Elsen – 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