In another sign that the US economy is turning the corner, the San Francisco housing market has almost instantly become hot.
Bay Area CBS News 5 reports "there are now signs of a serious real estate rebound in San Francisco." Their news story headline? "Mini-Boom."
"This is not some kind of spin from the real estate brokers. We absolutely have hard numbers to back this up," claims reporter Hank Plante of News 5. "In the last 2 weeks in San Francisco there have been more homes sold than in the previous 6 months."
One 40-year veteran agent claims he has never seen activity like he saw last week. On one home alone he received 42 offers. That house sold for $100,000 over the listing price.
Another house in the same neighborhood had 10 offers on it. It was listed for $525,000 and just sold for $608,000. And Plante reports several more examples of almost instant sales in this resurgent market with none of the examples being foreclosures.
Real estate expert Brendon DeSimone claims that evidently, "buyers have been waiting, they've been saving their money and waiting. The foreclosures have come and driven the prices down. With affordable monthly payments now, buyers are coming back in."
With those low prices, "pent up demand has now been unleashed, even at the high-end," continued Plante. For instance, waterfront real estate developer Alan Mark describes their "amazing run since the beginning of the year. We've had 50 [high-end waterfront condo] sales in 2009 and 30 in the last 30 days."
We'll add this incredible observation to our growing list of strong recovery signs.
(Thanks to an Anonymous reader for pointing us to this good news story)
When all you read is gloom, turn here for a much different perspective.