San Francisco's Excelsior District One of the Hottest Markets In The Nation. Really?
Appartently so. So says recent report from ZipRealty as reported by the National Association or Realtors. This is amazing to me. I know the Excelior very well. There are wonderful homes throughout this often overlooked area of San Francisco. Seems that buyers are being driven to the value that it offers. A very nice home can be has in the $500K range. Similar home in a few adjacent neighborhoods could go for mid to upper $700K.
Home Prices Stabilizing in Key Markets
ZipRealty says in its third quarter report that homes in key markets all over the country are selling above the asking price.
The report shows that the spread between the sales-to-list price ratio lessened significantly in most markets, but high-end housing markets in many areas continued to offer great bargains for buyers.
The 10 hottest ZIP codes in the ZipRealty markets where the selling prices was greater than the asking price were:
1. Greater Grand Crossing - Chicago, Ill. (60619)
2. Oakland, Calif. (94603)
3. The Loop - Chicago, Ill. (60603)
4. Excelsior - San Francisco, Calif. (94112)
5. Fort Lauderdale, Fla. (33309)
6. San Bernardino, Calif. (92411)
7. Oakland, Calif. (94621)
8. Covington, Wash. (98042)
9. Berkeley, Calif. (94702)
10. North Las Vegas, Nev. (89030).
The coldest ZIPs, where selling prices were below asking, were:
1. Statesville, N.C. (28677)
2. Singer Island, Fla. (33404)
3. Philadelphia, Pa. (19140)
4. Boca Raton, Fla. (33434)
5. Jacksonville, Fla. (32206)
6. Chester, Pa. (19013)
7. Naples, Fla. (34102)
8. Palm Beach, Fla. (33480)
9. Reading, Pa. (19602)
10. Durham, N.C. (27703)
Source: ZipRealty (10/22/2010)
Also note that three other bay area neighborhoods are in the top 10 list. This is very good news for the bay area. In a recent presentation I heard that there is a planned increase in jobs due to Green technology and IApps tech companies sprouting throughout the area. Something could be brewing here. I'll keep my eyes and ears open.
Leading San Francisco Realtor and Trusted Advisor
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