Lots of real estate news from around the country. California cities with reduced inventory are experiencing multiple offers across many price ranges.
Sonoma county Luxury Homes are on a recent tear with 29 million dollar plus homes entering contract in the last 30 days. That’s more than the 3 previous months combined.
So what’s now fueling this multiple offer market and renewed interest in Luxury Homes?
I can write a lengthy article here about buyers on the sidelines and pent up demand and lots of independent theories…..but I won’t. I think it’s quite simple..
Don’t Fight The FED!!! that’s it. It is common knowledge the banks are printing and that the FED is accommodative..and that eventually this will stimulate the Real Estate Market. Well it appears its finally working.
A client of mine that I represented in the purchase of a few buildings in San Francisco is just now putting up for rent the units he purchased and rebuilt in brand new condition.
These Russian Hill units have Bay views of Alcatraz and Golden Gate. The rents he is getting are up an astounding 35% from the time we did the analysis during the purchase phase and he has no shortage of renters.
My most recent buyer closing is one of the original iphone engineers and is still with Apple. Full price close in 30 days. Last time I wrote an offer like this was the spring of 2007. Many agents are experiencing similar situations and there is definitely a feeling of a market change.
Now of course this is all before the Facebook IPO which is slated for this week.
Who knows maybe the 29 buyers of the million dollar price homes are all the parents of some of the new young billionaires that will be born this week.
Pretty exciting stuff that’s for sure. Local News Here.