Pending Home Sales Reach Post-Recession High

The National Association of Realtors reported Monday that pending home sales in the US rose 0.9 percent in May, as gains in the Northeast and West offset declines in the Midwest and South. Compared to a year earlier, the NAR’s pending home sales index rose a staggering 10.4 percent. The index also reached a new post-recession high, climbing to a reading of 112.6, its highest reading since April 2006. A calculation of the number of contracts signed to purchase homes, the measure of pending sales is considered a solid indicator of what sales will do in the coming months, as closings typically trail contrcat signings by a month or two.

NAR chief economist Lawrence Yun was buoyed by Monday’s report, indicating that sales are now on track for their best year since the Great Recession. “The steady pace of solid job creation seen now for over a year has given the housing market a boost this spring,” Yun noted in a statement. “It’s very encouraging to now see a broad-based recovery with all four major regions showing solid gains from a year ago and new-home sales also coming alive.” The report continues a trend in recent housing reports that appear to show the market is finally nearing a state of health not seen since before the downturn. Just last week, in fact, a Commerce Dept. report showed that new home sales rose 2.2 percent in May to reach another post-recession high.

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06 2015

California Home Sales Slump as Price Gains Slow

California home sales slumped 3.5 percent in May, according to a report issued earlier this week by PropertyRadar Inc. A total of 36,912 homes and condominiums sold last month, according to the report, compared to 38,249 properties sold in April. The report notes that sales slipped for both distressed and non-distressed homes, marking the first decline in traditional home sales in May since 2005. While sales were down from April, they were slightly higher on a year-over-year basis, climbing 2.3 percent since May 2014. In the nine-county Bay Area, sales slipped 3.5 percent from last May.

The median price for homes sold in California in May was $396,750, a bit lower than April’s statewide median of $404,000. Of the state’s 26 largest counties, 21 experienced rising prices on a monthly basis, led by an 11.3 percent increase in Santa Barbara County and a 6.3 percent uptick in Marin. Last month’s California median price was 0.4 percent higher than the median seen in May 2014 as fewer counties saw double-digit increases seen in recent months. Of the state’s 26 biggest counties, only four saw double-digit price gains year-over-year, including a 20 percent surge in San Francisco.

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06 2015

California Supreme Court Upholds Affordable Housing Rules

The California Supreme Court on Monday upheld the right of city and county governments to pass legislation compelling developers to include a certain number of affordable housing units in every new home development. The ruling was a response to a legal challenge of an ordinance that has yet to take effect in San Jose, though more than 170 local government agencies have similar legislation in effect, including Marin County and San Francisco. Builders had argued that this type of legislation amounts to government confiscation of property, claiming that affordable housing rules are only valid in cases where a development leads to a shortage of affordable housing. The court rejected the claim, saying that affordable housing rules are every bit as legal as rules governing housing size or density in a given community.

 

San Jose Mayor Sam Liccardo lauded Monday’s ruling, saying it has “ vindicated San Jose’s bold decision to become the largest city in the nation with an inclusionary housing policy, and it couldn’t have come at a time of greater need.” Attorneys representing the California Building Industry Association, meanwhile, said the ruling will hurt efforts to ease housing shortages because the penalties for insufficient affordable units will deter developers from breaking ground on some developments. The builder group’s lawyers are currently wighing their options, including an eventual appeal to the US Supreme Court.

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06 2015

Marin Population Growth Surged as Economy Improved

Marin County’s population growth surged in the last few years as the national and California economies’ improvement has allowed more people to afford Marin’s high cost of living. According to a report from the California Department of Finance, the total population of the county rose 0.2 percent in 2011, 0.3 percent in 2012 and 0.4 percent in 2013. That rate nearly doubled to 0.9 percent in 2014 before dropping slightly to 0.7 percent in 2015. Marin County school officials note that a rise in school enrollment has accompanied the population growth as retirees sell their homes and more families move in. As a result, county-wide enrollment has surged 15 percent over the last decade, according to a spokesman for Marin County education.

Of the individual cities that make up Marin County, Larkspur saw the biggest population jump from last year at 1.5 percent. Sausalito was close, with a 1.2 percent increase in population. Among Bay Area counties, Marin’s 0.7 percent growth was the smallest, followed by Sonoma’s 0.8 percent spurt and Napa’s 0.9 percent uptick. San Francisco led the Bay Area in population growth at 1.3 percent, though Alameda and Contra Costa Counties saw an identical rise. That 1.3 percent increase tied those three communities at second in the state behind San Joaquin County, where the population jumped 1.5 percent. Of the 482 cities across the state, 421 saw population growth, while 50 saw declines and 11 saw no change. The total population of California jumped 358,000 to 38.7 million for an increase of 0.9 percent.

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06 2015

Fight Continues Over Robin Williams’ Tiburon Mansion

The estate of renowned actor Robin Williams is still in dispute some 10 months after the actor hanged himself in his Tiburon home. The home itself is not an issue, as the actor clearly left the home to his wife, Susan Williams. Instead, Williams’ children from a previous marriage are trying to get access to hundreds of items in the house, including some clothing, pictures and awards. Williams’ widow, meanwhile, is claiming that she was not given enough money to maintain the home, as was laid out in the actor’s will. A Superior Court judge in San Francisco has ordered that the two sides resolve their differences before July, and said he is encouraged by the progress made so far. Williams left the majority of his estate to his three children, all from previous marriages, and an ex-wife. Susan was awarded the home they share, plus the money she will need to maintain it the rest of her life. A decision on how much money that is should be made after a second appraisal on the home is completed in the coming days. 

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06 2015

Marin Builders Award $24,500 in Scholarships to Marin Seniors

The Marin Builders Association announced Tuesday it will award a total of $24,500 to eleven students graduating from area high schools. The scholarships will be awarded at a June 9th ceremony, and students were selected based on scholastic achievement, potential for success and financial need. “The applicants this year had tremendous qualifications and inspiring stories,” noted Marin Builders Association chief executive Rick Wells. “We’re pleased we can help the recipients take the next step forward in education and show our confidence in them.” The Marin builders Association has awarded nearly $1 million in scholarships to area graduates since the program began in 1978. The winners, selected from a pool of 32 applicants, are as follows:

$5,000 to Dante Felciano of Tomales High

$4,000 each to Tonatiuh Beltran and Chelsea Supawit of Sir Francis Drake High

$2,500 each to Maddie Quirke-Shattuck of the Branson school and Elaina Walker from San Rafael High

$1,500 each to Nicholas Bornstein of the Branson school

$1,000 each to Krish Chinai, Branson School; Jacqueline Cooney, Marin Catholic High School; Sara Evans, Terra Linda High School; Franklin Ratto, Casa Grande High School in Petaluma; and Emily Wearing, Sir Francis Drake High School

02

06 2015

Monthly San Francisco Rent Payments Average $4,225 in April

Renting in San Francisco continued to get more expensive in April, according to the Zillow Rent Index, released late last week. According to the report, the average rent in San Francisco in April was $4,225 a month. That’s 1.1 percent higher than the average rent amount in March, and a staggering 16 percent surge from April 2014. The increase for the entire San Francisco metro area was at 14.9 percent, easily the highest rental growth rate for a major city The only cities where rents rose anywhere near as much were San Jose CA, with a 12.9 percent increase; and Denver CO, at 11.6 percent. Besides San Francisco, several other Bay Area cities experienced a massive surge in rents over the past year, including Berkeley, where the average rent rose a painful 30.9 percent.

 

In an attempt to avoid variations caused by specific inventory on the market at a given time, Zillow’s Rent Index assesses the rental values of all properties within a city, not just what’s available to rent at the moment.

26

05 2015

Budget Revealed for Musical Acts at Marin County Fair

Marin County Fair organizers will pay out $185,500 for the eight musical acts signed to perform at this year’s festivities, according to a report from the Marin Independent Journal. A spokesman said that the budget will likely increase next year, in honor of the event’s 75th anniversary. The most expensive acts at this year’s Fair will be Kansas, who opens the fair on July 1st, and Aaron Neville, who will close things out on July 5th. Both will be paid $40,000, slightly more than the $37,500 Tribal Seeds will earn for their July 2nd performance. The Marshall Tucker Band will be paid $25,000, Pablo Cruise will earn $20,000, and Judy Collins will make $16,5000. The cheapest acts will be Queen Nation, at $4,500, and La Misa Negra, at $2,000.

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05 2015

Marin County Law Enforcement Kick Off “Click It or Ticket” Campaign

As part of the national “Click It or Ticket” campaign, law enforcement officers throughout Marin County will be on the lookout for the next few weeks for drivers not using their seat belts. The campaign began Monday, and will run through May 31st. Officers will be taking a no-excuses approach through the campaign, writing citations for seat belt violations 24 hours a day.

 

The National Highway Traffic Safety Administration says that 21,132 people were killed in automobile accidents last year, and nearly half of those were not wearing seat belts at the time. In crashes between 6 PM and 6 AM, however, 59 percent of those killed were unrestrained. In California, 54 percent of men killed in accidents were unrestrained, while 41 percent of women did not buckle up.

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05 2015

Bay Area Gas Prices Up Nearly 20 Percent in 4 Weeks

Gas prices have risen drastically across the nation in recent weeks, and that trend has only been magnified in the Bay Area and statewide in California. According to a report from AAA, the average price for a gallon of gas in the Bay Area is $3.69 per gallon. That’s a dramatic increase of 58 cents, or nearly 20 percent, since April 14th. California as a whole saw an increase of just over 20 percent, or 63 cents, to $3.73 per gallon. San Francisco continues to deal with one of the region’s highest average gas prices, at $3.82 per gallon, though it only increased by 55 cents.  The only North California community with a higher average than San Francisco was Eureka, with an average gas price of $3.83 a gallon.  Despite the recent climb of gas prices, the AAA said that prices are still well below historic highs, and economists generally do not expect huge increases in the coming months. Recent price growth has been fueled in part by issues at refineries that limited production.

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05 2015