š” Insider Report - Wed, Jan 19
š” Insider Report - Wed, Jan 19
Sales volume is up by 71% in the hottest market this week!
TRENDS
Market Movement
The seasonal trend continues with only 17 homes listed in the past day, a slight increase from the 12 listings at the same time last week, and 10 the week prior to that. Home prices are swinging both ways with Marin, Santa Clara, San Mateo, and San Francisco counties recording a drop in prices, while Alameda, Sonoma, Contra Costa, and Napa counties registering a rise in the median price per square foot.
MARKET UPDATES
Quick Clicks
Price dropsĀ (396 today in the Bay):
52 price drops inĀ Contra Costa County, 113Ā inĀ San Francisco,Ā 73Ā inĀ Alameda County, andĀ others.
Last week in theĀ Bay Area:
Most expensive home listed: 2121 Webster Street #PH1-7, San Francisco for $24,500,000
Cheapest home listed: 6070 Old Redwood Hwy #17, Penngrove for $75,000
Oldest home listed:Ā 1036 Peralta St, Oakland built in 1883
Home with the most beds: 955 South Van Ness Avenue, San Francisco with 7 bedrooms
Home with the most baths:Ā 1720 Jasper Highlands Drive, Morgan Hill with 8.5 bathrooms
OUTSIDE INSIDER
š A California estate that will blow your mind
You're not ready for this one!
'The Sanctuary' is an extraordinary and ultra-private property in one of the most private and desirable areas along the California coast. ā
2779 Padaro Lane is on the market for $160,000,000...
Highlights: 22 oceanfront acres, 2,000+ feet of coastline bluff, 10 beds, and 17.5 baths, 5 individual parcels featuring two custom estates connected by a gated road, a built-in security structure with private beach access, a pool overlooking the ocean, and breathtaking views for days.
The current owner spent 14 years envisioning and creating this masterpiece, and it is a must-view for any home addict.
Check out the complete listing here.
GET SMARTER
Lease Option
An agreement between a homeowner and a tenant that gives the latter a choice to purchase the rental home during or at the end of a lease period at a pre-determined price. The agreement also prevents the owner from offering to sell the property to anyone else during the term of the lease option. The tenant usually pays higher than market rent every month, and the excess is credited towards the down payment if they exercise their right to purchase the house. Depending on the contract, the tenant might be responsible for the maintenance and repairs of the house, which is usually the responsibility of the owner.
A lease option may make sense for a renter who wants time to build their credit and down payment funds while staying in a home because they like the neighborhood, school district, or who wants to lock a purchase price in case prices are too high by the time they are ready to buy. A lease option can make sense for sellers who are having trouble selling their home, or who plan on selling their home in several years anyway and could benefit from potentially keeping the excess funds paid above the market rate if the tenant does not exercise.
MARKET WATCH
Hottest market of the week - Gilroy, CA
Our hottest market this week is Gilroy, with sales volume up by 71% this week! Average days on market were 135 days this month, up from 101 days last month and 32 days last year. The median sale price this week of $990k is close to the bottom of the range since the start of November, and lower than the last monthly high of $1.08m in October 2021; at $491, the price per square foot is just slightly lower than the last monthly high of $492 in August. The number of new homes coming on the market each month in Gilroy decreased by 57.14%, while the number of homes sold each month increased by 40.48% over the past 12 months. Popular home searches include a swimming pool, updated kitchen, and big yard.
HOME ADDICTION
The best real estate shows on Netflix in 2022
Netflix really comes through when it comes to real estate content. Whether you're in the mood for a serious documentary or a drama-filled spectacle - they have something for everyone. That being said, we've gone ahead and compiled a list of the five best real estate shows to binge on Netflix right now. Grab your snacks and settle in for some serious home obsessing.
The World's Most Extraordinary Homes
This British property series follows property enthusiast Caroline Quentin and architect Piers Taylor around the world as they explore the world's most extraordinary homes. The show has two seasons for you to binge and a solid rating of 7.6/10 onĀ IMDB.com.Tiny HouseĀ Nation
Hosts and renovation experts John Weisbarth and Zack Giffin travel across America to show ingenious small dwellings and their creative inhabitants while also helping families design and construct their own dream mini-homes.
Selling Sunset
Imagine a topĀ Los AngelesĀ brokerage of the most glamorous, badass women imaginable. We're talking mega-mansions inĀ Malibu, insane listings like a $75 million dollar compound inĀ Beverly Hills, celebrities, and elite clientele. Now add a few cutthroat agents and lots of drama. That's Selling Sunset.Million Dollar Beach House
Follow this group of young and hungry agents as they try to seal the deal on luxury listings in the Hamptons. They must move fast to sell luxe properties in a tight time frame. The competition is fierce. The drama, undeniable.Grand Designs
Host Kevin McCloud follows people as they self-build their dream house, often focusing on modern design, energy efficiency, maximizing space, and views. Expect people who redefine the term DIY, taking self-building to the next level with endless ambition from start to finish.Stay Here
The perfect show for real estate investors and Airbnb aficionados alike. This show features interior designer Genevieve Gorder and real estate expert Peter Lorimer as they teach property owners how to turn their rentals into moneymaking masterpieces.
INSIDER INSIGHT
š Oakland neighborhoods: Market update
Itās time for our monthly look at how certain Oakland neighborhoods are doing when considering the median number of days on market (DOM) - time before homes sold - over the past 3 months:
Here's how things look: Inventory fell in December as the number of homes sold outstripped new listings on the market. Median DOM fell this week- the first time since early December, and the median price per square foot and median sale prices stayed flat for the third week in a row.
Like Grand Lake, Adams Point saw a drop in inventory in December as more than twice as many homes sold than were listed. The median price per square foot and median sale prices have risen above their end-of-year trendline, but median DOM continues a slow climb.
GET IN TOUCH
Have a Great Day
Want to talk to someone about data on homes or have suggestions for this email? Great, our data science team is starved for human contact. Ping us atĀ data-team@zerodown.com.