San Francisco, New York and Boston are the United States' most walkable cities, according to new rankings from a website that evaluates how easy it is to live in the nation's cities and neighborhoods without a car.
Walkscore.com, which uses an algorithm to identify those neighborhoods boasting the most amenities per person, published its ranking on Thursday and deemed San Francisco the most walkable city, with a "Walk Score" of 86 out of 100.
The ultimate goal is to see the site's scores included in property listings, said Mike Mathieu, founder of the company that created the site's software.
"What we see is someone calling up a broker and saying 'I want three bedrooms, two baths, a walkability score of 85, what've you got?"' Mathieu said.
Type an address, and the site generates a map showing the nearby grocery stores, cafes, movie theaters, schools and parks.
New York received a score of 83, Boston a score of 79.
Scores greater than 70 indicate neighborhoods where it's possible to get by without owning a car, while scores greater than 90 qualify communities as a "Walker's Paradise."
(Reporting by Helen Chernikoff)
Thursday, July 17, 2008
Wednesday, July 16, 2008
Home Buyers Hopeful About Market
An online survey of potential home buyers found that 44 percent believe the real estate market will improve once the new president takes office.
In the meantime, 81 percent say they remain nervous about the current market.
Respondents cite a variety of barriers to buying a home: 28 percent say they are stymied by the cost of a down payment; 20 percent are concerned about their income level, and 31 percent (39 percent in the West) say home prices are still too high.
Practical reasons motivate these potential buyers. A quarter say they need more space; 17 percent have gotten married, had a baby or experienced some other life-stage change, while 9 percent want to downsize.
Seventy-eight percent say they are willing to save or earn extra money for the down payment and are willing to compromise on amenities in their new home to make it more affordable.
In the meantime, 81 percent say they remain nervous about the current market.
Respondents cite a variety of barriers to buying a home: 28 percent say they are stymied by the cost of a down payment; 20 percent are concerned about their income level, and 31 percent (39 percent in the West) say home prices are still too high.
Practical reasons motivate these potential buyers. A quarter say they need more space; 17 percent have gotten married, had a baby or experienced some other life-stage change, while 9 percent want to downsize.
Seventy-eight percent say they are willing to save or earn extra money for the down payment and are willing to compromise on amenities in their new home to make it more affordable.
Tuesday, July 15, 2008
Top 10 Cities to Buy a Home
Financially, at least, the best places to buy houses are those where buying costs less than renting, tax incentives are attractive, and there’s an opportunity to build equity.
Forbes magazine surveyed the 40 largest metropolitan area housing metrics looking for cities where home prices have appreciated over the last two years. It also measured vacancy rates. And it gave extra points to cities where rents are significantly higher than a buyer would pay for the same home.
Texas dominated the magazine’s list because of its healthy job market and growing tax revenues.
Here are the 10 cities that topped Forbes’ best-places-to-buy list:
1-Houston
2-Austin, Texas
3-St. Louis
4-Philadelphia
5-San Antonio, Texas
6-Dallas
7-Charlotte, N.C.
8-San Francisco
9-Jacksonville, Fla.
10-Atlanta
Forbes magazine surveyed the 40 largest metropolitan area housing metrics looking for cities where home prices have appreciated over the last two years. It also measured vacancy rates. And it gave extra points to cities where rents are significantly higher than a buyer would pay for the same home.
Texas dominated the magazine’s list because of its healthy job market and growing tax revenues.
Here are the 10 cities that topped Forbes’ best-places-to-buy list:
1-Houston
2-Austin, Texas
3-St. Louis
4-Philadelphia
5-San Antonio, Texas
6-Dallas
7-Charlotte, N.C.
8-San Francisco
9-Jacksonville, Fla.
10-Atlanta
Friday, July 11, 2008
Freddie Mac- interest rates
Mortgage Rates Rise, Fall This Week
Freddie Mac reports a slight jump in the 30-year fixed mortgage rate to 6.37 percent during the week ended July 10, from 6.35 percent the prior week.
The five-year adjustable mortgage rate also moved up, climbing to 5.82 percent from 5.78 percent.
However, the 15-year fixed rate fell to 5.91 percent from 5.92 percent; and the one-year ARM was unchanged at 5.17 percent.
Freddie Mac reports a slight jump in the 30-year fixed mortgage rate to 6.37 percent during the week ended July 10, from 6.35 percent the prior week.
The five-year adjustable mortgage rate also moved up, climbing to 5.82 percent from 5.78 percent.
However, the 15-year fixed rate fell to 5.91 percent from 5.92 percent; and the one-year ARM was unchanged at 5.17 percent.
Monday, June 9, 2008
Here are some other market predictions from Yun and NAR:
Affordability getting better.
NAR’s housing affordability index has been trending up this year and is projected to rise 15 percentage points to 128.0 for all of 2008. “It appears that more buyers are realizing they can take advantage of a favorable combination of mortgage interest rates, home prices and family income,” says NAR President Richard F. Gaylord. “Overall affordability conditions are the best we’ve seen since the middle of the housing boom in 2004, but with far more choices and much less pressure than buyers experienced four years ago to make an investment in their future.
Recent declines in mortgage rates on conforming jumbo loans and a return to sound but not overly stringent underwriting standards will permit more people to qualify for a loan.”
Mortgage rates to go up. “Although mortgage interest rates will remain historically favorable, they will start to steadily inch up,” Yun said. The 30-year fixed-rate mortgage should rise gradually to 6.3 percent by the end of this year, and then hold at that level for most of 2009.
Demand for homes only rising. Yun said the underlying fundamentals point to a pent-up demand. “Home sales are at about the same level as they were 10 years ago, yet the population has grown by 25 million people and we have over 10 million more jobs,” he said. “The housing market has been underperforming by historical standards, partly because buyers were hampered by mortgage availability issues, but that’s improved and an upturn is more likely. On the other hand, it’s unclear what role consumer confidence will play in the coming months.”
EHS to see healthy gains in ’09. Existing-home sales should increase from an annual pace of 5.05 million in the second quarter to 5.83 million in the fourth quarter. For all of this year, existing-home sales are expected to total 5.40 million, and then rise 6.3 percent to 5.74 million in 2009. “Sales gains will be greatest in areas that underwent sharp price declines,” Yun said.
Prices to stabilize in second half of this year. After unprecedented home price declines in the first half of the year, many markets can anticipate stabilizing price trends in the second half. The aggregate median existing-home price is likely to decline 8.4 percent in the first half of this year, and then begin to stabilize in the second half before rising 4.4 percent next year to $213,900. “Policymakers need to be attentive to the fact that many homeowners have seen a reduction in housing equity, or are in an ‘underwater’ situation. More needs to be done on the policy front to alleviate hardships and bring fence-sitters back into the marketplace,” Yun says.
New-home sales slow to recover. New-home sales will probably fall 31.7 percent to 529,000 in 2008 before rising 12.5 percent to 595,000 next year. Housing starts, including multifamily units, are projected to drop 27.2 percent to 987,000 this year, and then slip 0.6 percent to 980,000 in 2009. “Rising construction costs will provide less room for price cuts on new homes,” Yun said. The median new-home price is forecast to decline 3.1 percent to $239,500 in 2008, and then rise 5.4 percent next year to $252,400.
A better economic picture. Yun sees an improving economy. Growth in the U.S. gross domestic product (GDP) should be 1.7 percent in 2008 and 2.0 percent next year. The unemployment rate is estimated to average 5.3 percent this year and 5.6 percent in 2009.
Inflation growing. Inflation, as measured by the Consumer Price Index, is expected to be 3.6 percent this year and 2.4 percent in 2009. Inflation-adjusted disposable personal income should grow 1.4 percent in 2008 and 2.5 percent next year.
NAR’s housing affordability index has been trending up this year and is projected to rise 15 percentage points to 128.0 for all of 2008. “It appears that more buyers are realizing they can take advantage of a favorable combination of mortgage interest rates, home prices and family income,” says NAR President Richard F. Gaylord. “Overall affordability conditions are the best we’ve seen since the middle of the housing boom in 2004, but with far more choices and much less pressure than buyers experienced four years ago to make an investment in their future.
Recent declines in mortgage rates on conforming jumbo loans and a return to sound but not overly stringent underwriting standards will permit more people to qualify for a loan.”
Mortgage rates to go up. “Although mortgage interest rates will remain historically favorable, they will start to steadily inch up,” Yun said. The 30-year fixed-rate mortgage should rise gradually to 6.3 percent by the end of this year, and then hold at that level for most of 2009.
Demand for homes only rising. Yun said the underlying fundamentals point to a pent-up demand. “Home sales are at about the same level as they were 10 years ago, yet the population has grown by 25 million people and we have over 10 million more jobs,” he said. “The housing market has been underperforming by historical standards, partly because buyers were hampered by mortgage availability issues, but that’s improved and an upturn is more likely. On the other hand, it’s unclear what role consumer confidence will play in the coming months.”
EHS to see healthy gains in ’09. Existing-home sales should increase from an annual pace of 5.05 million in the second quarter to 5.83 million in the fourth quarter. For all of this year, existing-home sales are expected to total 5.40 million, and then rise 6.3 percent to 5.74 million in 2009. “Sales gains will be greatest in areas that underwent sharp price declines,” Yun said.
Prices to stabilize in second half of this year. After unprecedented home price declines in the first half of the year, many markets can anticipate stabilizing price trends in the second half. The aggregate median existing-home price is likely to decline 8.4 percent in the first half of this year, and then begin to stabilize in the second half before rising 4.4 percent next year to $213,900. “Policymakers need to be attentive to the fact that many homeowners have seen a reduction in housing equity, or are in an ‘underwater’ situation. More needs to be done on the policy front to alleviate hardships and bring fence-sitters back into the marketplace,” Yun says.
New-home sales slow to recover. New-home sales will probably fall 31.7 percent to 529,000 in 2008 before rising 12.5 percent to 595,000 next year. Housing starts, including multifamily units, are projected to drop 27.2 percent to 987,000 this year, and then slip 0.6 percent to 980,000 in 2009. “Rising construction costs will provide less room for price cuts on new homes,” Yun said. The median new-home price is forecast to decline 3.1 percent to $239,500 in 2008, and then rise 5.4 percent next year to $252,400.
A better economic picture. Yun sees an improving economy. Growth in the U.S. gross domestic product (GDP) should be 1.7 percent in 2008 and 2.0 percent next year. The unemployment rate is estimated to average 5.3 percent this year and 5.6 percent in 2009.
Inflation growing. Inflation, as measured by the Consumer Price Index, is expected to be 3.6 percent this year and 2.4 percent in 2009. Inflation-adjusted disposable personal income should grow 1.4 percent in 2008 and 2.5 percent next year.
Saturday, June 7, 2008
Saturday, May 31, 2008
SoMa Grand- 1160 Mission
SoMa Grand (1160 Mission) Update: Sales, Office, And Phan’s Food
According to the sales office (which has moved into the building), SoMa Grand is now 50% in contract or closed. That’s up from 40% at the beginning of February and represents roughly 25 net new contracts over the past four months.
Two new model units will be open this weekend. And work on the ground floor Charles Phan concept restaurant is “underway and slated for fall.”
According to the sales office (which has moved into the building), SoMa Grand is now 50% in contract or closed. That’s up from 40% at the beginning of February and represents roughly 25 net new contracts over the past four months.
Two new model units will be open this weekend. And work on the ground floor Charles Phan concept restaurant is “underway and slated for fall.”
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