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This morning the chronicle reported that Bay Area rents are up. That’s no surprise to folks that cannot afford to buy, but have been looking for a place to call home in sF. There seem to be a few explainations for the high rents and low occupancy numbers.
1. Bay Area companies are continuing to hire employees at a fast pace
2. People are losing their homes due to foreclosure or
3. People are waiting for the housing bubble to completely deflate
4. Lending practices have tightened, keeping more people from purchasing
Some Stats:
1. Current occupancy rates hover around 95 percent, according to a quarterly rental survey by RealFacts.
2. Average rent for an apartment in San Francisco stood at $2,243 in the third quarter, up nearly 12 percent from one year ago; in San Jose, the average rent also jumped 12 percent to $1,622. Across the nine counties, the average rent in the third quarter was $1,539, up 9 percent from $1,411 twelve months ago.
Bay Area rents jump, especially in S.F. and San Jose [sfgate]
San Francisco apartments for rent [craigslist]
Wes Anderson, one of my favorite writer/director’s has another doosy hitting our local silver screen plaza’s next week. Some of the old Rushmore cast is back (Owen Wilson, Jason Shwartzman, Bill Murray, Angelica Houston and Kumar Pallana) for what the Internet Movie Database explains as:
“Three American brothers who have not spoken to each other in a year set off on a train voyage across India with a plan to find themselves and bond with each other — to become brothers again like they used to be. Their “spiritual quest”, however, veers rapidly off-course (due to events involving over-the-counter pain killers, Indian cough syrup, and pepper spray), and they eventually find themselves stranded alone in the middle of the desert with eleven suitcases, a printer, and a laminating machine. At this moment, a new, unplanned journey suddenly begins.”
Word on the street is that Owen W. has his wrists “bandaged” in the movie because his character tried to commit suicide. Weird.
Enjoy the trailer. You may be asking–what the eff does this have to do with San Francisco? Actually, it has nothing to do with our fine city. However, to tie everything together, there are some SF movie theaters listed below.
AMC Loews Metreon 16 with IMAX
101 Fourth St., San Francisco
AMC Van Ness 14
1000 Van Ness Ave. and O’Farrell, San Francisco
Century San Francisco Centre
Mission St between 4th and 5th Streets, San Francisco
Embarcadero
1 Embarcadero Center, San Francisco
We have a lot of good year-over-year data that we’ve been compiling separated by property type. We’re hoping to organize it in a manner that doesn’t hurt your head and present it over the next few days. Good times for all you crazy stat lovers (we know you’re out there). In the meantime, feast your eyes on the sales stats for Single Family Homes in San Francisco’s districts 1-10 as provided by the San Francisco Association of Realtors. Don’t be shy–we want to hear your thoughts, forecasts, questions and real estate bubble sh*t.
| Single-Family Homes | ||
| District 1 | Sep-06 | Sep-07 |
| Number of Sales | 18 | 19 |
| Median Selling Price | 1,150,000 | 1,075,000 |
| Average DOM | 33 | 29 |
| District 2 | Sep-06 | Sep-07 |
| Number of Sales | 49 | 23 |
| Median Selling Price | 811,000 | 845,000 |
| Average DOM | 36 | 39 |
| District 3 | Sep-06 | Sep-07 |
| Number of Sales | 18 | 11 |
| Median Selling Price | 719,500 | 688,000 |
| Average DOM | 29 | 35 |
| District 4 | Sep-06 | Sep-07 |
| Number of Sales | 29 | 20 |
| Median Selling Price | 979,000 | 1,002,500 |
| Average DOM | 33 | 31 |
| District 5 | Sep-06 | Sep-07 |
| Number of Sales | 33 | 15 |
| Median Selling Price | 1,195,000 | 1,200,000 |
| Average DOM | 42 | 30 |
| District 6 | Sep-06 | Sep-07 |
| Number of Sales | 2 | 3 |
| Median Selling Price | 1,425,000 | 1,805,000 |
| Average DOM | 28 | 42 |
| District 7 | Sep-06 | Sep-07 |
| Number of Sales | 8 | 6 |
| Median Selling Price | 2,192,500 | 3,082,500 |
| Average DOM | 48 | 49 |
| District 8 | Sep-06 | Sep-07 |
| Number of Sales | 2 | 2 |
| Median Selling Price | 4,455,000 | 1,350,000 |
| Average DOM | 292 | 53 |
| District 9 | Sep-06 | Sep-07 |
| Number of Sales | 21 | 15 |
| Median Selling Price | 835,000 | 875,000 |
| Average DOM | 36 | 29 |
| District 10 | Sep-06 | Sep-07 |
| Number of Sales | 60 | 37 |
| Median Selling Price | 697,500 | 650,000 |
| Average DOM | 47 | 47 |
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