Read some of the latest local real estate news headlines: Unfortunately, if you want to buy a house in the bay area, you’ll most likely have to over-ask when bidding for it. Other news: for many reasons, one of the latest housing trends is to build “Granny Flats” or small in-law units on your property. Speaking of more density, read about a new proposal that would raise height limits for housing near major transit stops. Finally, check out rent control in California. A proposal to lift restrictions was blocked but would it have been a good idea to lift it anyway?
New Bay Area housing trend: Living in the backyard
The walls weren’t even up yet on the granny flat Limei Huang is building in her San Jose backyard when people started lining up to rent the space.
The first offer came from the worker who laid the unit’s foundation. After his day’s work, he called Huang up and asked: When it’s finished, can I move in? Not long after, Huang brought in a painter. While he was giving her an estimate, he asked the same question. She had to tell him to get in line. Read More…
Bay Area housing: Over-asking bids are the new normal
Back in September, a modest ranch house sold in Sunnyvale for $782,000 over its asking price, signaling that the Bay Area housing market was even crazier than it seemed.
That sale was extreme: The buyer paid $2,470,000 for a four-bedroom, two-bath house — less than 2,000 square feet — that had listed for $1,688,000. But the deal turns out to have been an over-the-top version of what has become the new normal in the Bay Area, where home buyers are more likely to pay over-asking prices than anywhere else in the nation, according to a report from Zillow.
The analysis shows that 68.5 percent of the homes sold last year in the San Jose metropolitan area went for over the asking price. The median amount paid over list price was $62,000, which translates as 6.8 percent above list. Those were the highest numbers in the country.
The San Francisco metropolitan area, which includes the East Bay, was close behind in second place: 64.5 percent of deals were for over asking and the median amount paid above the list price was $41,000, or 6.0 percent over list. Read More…
Rent control in California: Proposal to lift restrictions blocked in committee
SACRAMENTO — A closely watched attempt to repeal a California law restricting rent control died at a packed committee hearing Thursday, but proponents vow to keep fighting — and, if they get nowhere in the Capitol, to take the issue straight to voters…
The raucous hearing attended by landlords and tenants underscored the deepening tension in the state as the housing crisis shuts out many from buying a home and forces residents to pay rising rents that outpace their incomes. Read More…
Our view: Can ‘density’ stop being a dirty word in the Bay Area?
Scott Wiener is the state senator for San Francisco. He is also quickly carving out a reputation as the state senator for housing.
Still in his first term, Wiener was the primary author and driving force behind last year’s most influential piece of housing legislation. SB35 effectively takes away from Bay Area cities and counties many of the bureaucratic tools they have long used to delay, deny or downsize zoning-compliant housing projects. Municipalities can regain those powers if and when they start meeting state-mandated housing targets.
Now Wiener’s back, teaming with fellow Bay Area legislators Phil Ting and Nancy Skinner on an even more dramatic proposal. SB827 would remove arbitrary local density restrictions and raise height limits for any project within a quarter mile of a “major transit stop” or a half-mile of a “high-quality transit corridor.” (Both are terms of art, not generic descriptions, with detailed definitions in state code far too complicated to get into here.) The bottom line is that large swathes of the tightly-packed Bay Area will be covered. Read More…
Having a knowledgeable and experienced real estate broker on your side helps protect your interests and insure you make the best possible decisions. We are dedicated to keeping on top of the real estate market and keeping you informed of changes. You can rest easily knowing you made a well-informed decision based on experience and insight into the Concord California market.
To reach Peter Maclennan please call 925.385.8798 or email us at peter@maclennaninvestments.com.
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Peter is a real estate broker serving Central Contra Costa County. He and his family live in the Dana Estates Neighborhood.
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