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Real Estate Roundup: Bay Area Sees Big-Time Postrecession Home Price Growth

Here’s a look at recent news of interest to homebuyers, home sellers, and the home-curious.

SAN JOSE, SAN FRANCISCO HOUSING MARKETS ARE THE COUNTRY’S MOST RECOVERED
When the Great Recession hit the Bay Area less than a decade ago, it hit hard, as jobs evaporated and home prices plummeted seemingly overnight. But the ensuing tech boom has been a powerful one, propelling the region’s largest cities to the top of a list of the nation’s most-recovered markets.

That’s according to a recent analysis by realtor.com, which examined 150 U.S. housing markets to determine which have best recovered from the recession based on home price growth, new construction, unemployment and foreclosure rates, and household incomes. Nationwide, the median home price hit $227,000 last year, surpassing its previous 2005 peak, and it is now 26 percent higher than the 2011 trough.

Seven of the 10 most-recovered U.S. real estate markets are located west of the Mississippi River, with San Jose in the No. 1 spot. The median home price in San Jose was $835,200 in 2016, up 57 percent from its low five years earlier. Between 2008 and 2009, the unemployment rate skyrocketed by 5 percentage points to 11.1 percent, but Silicon Valley‘s economy was relatively quick to recover, with companies like Tesla Motors and Facebook leading the way.

San Francisco is the nation’s second best-recovered housing market, with the median sales price at $754,500 in 2016, up 53 percent from the 2011 trough. Although San Francisco’s unemployment rate nearly hit 10 percent in 2010, optimistic tech workers rode out the storm, starting companies such as Uber and Pinterest during the economy’s darkest days.

The only other U.S. city to enjoy better postrecession appreciation than the Bay Area is Reno, Nevada, where the median sales price has jumped by 77 percent since bottoming out in 2011.

 

Kate + Mary
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We are downright giddy about all the fun summertime events coming up in Marin. One of our favorites is the Sausalito Jazz & Blues by the Bay concert series which takes place in Gabrielson Park in downtown Sausalito. Every Friday night for the months of June through August from 6:30 PM – 8:00 PM a fantastic jazz or blues band hits the stage. This is a full-family affair and a great activity with kids. You can see a complete lineup of the summer’s concerts here.

Each week a different Sausalito non-profit group sells food and drink. You can reserve dining tables which are available on a first-come, first-served basis. The cost to reserve a table for the season (this is serious business!) is $550 for a Sausalito resident and $650 for a non-resident. Just a few tables are set aside each week for one-time use ($60 for residents and $70 for non-residents). To reserve a table call 415.289.4152.

For the most part, attendees find a grassy spot and throw down a blanket. We recommend getting there early as the grassy areas fill up fast! What’s better than a picnic on the edge of the San Francisco Bay? There are a couple of spots in Sausalito that are terrific for gathering picnic fare. Both Cibo and Sausalito Bakery & Cafe offer great seasonal prepared foods.

Sometimes we like to bring just wine and cheese to the concert and make a dinner reservation for after. Our go-to list for Sausalito dinner spots includes Poggio (their handmade pasta makes us swoon) and Le Garage (hello, pomme frites!). For a sweet ending post-concert, nothing beats Lappert’s ice cream and it’s always fun to stroll downtown Sausalito.

Hope to see you there!

 

Kate
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Just over the Golden Gate Bridge from Marin, The San Francisco Symphony’s Film Series is bringing iconic movies to life at Davies Symphony Hall. Just imagine the incredible SF Symphony playing the score of one of the greatest movies of all time in front of a giant screen featuring that film. Next up is the classic and beloved Casablanca and we are very excited for this event!

Tickets are now on sale so check out the lineup:

Friday, June 2 + Sunday, June 3: Casablanca, buy tickets here.

Thursday, July 14 + Friday, July 15: Jaws, buy tickets here.

Here are a couple of our favorite Davies Symphony Hall neighborhood spots if you want to have dinner first. Of course we can’t resist telling you what to order. We’re bossy like that!

Rich Table When a restaurant sells their house-cultured butter to-go, you know you’re in good hands. Try the bbq spring lamb lo mean with ginger and scallions or the black cod Japanese curry with fava beans. The craft cocktails at Rich Table are hard to resist!

The Riddler Sometimes drinks and appetizers is more our style. New to the neighborhood, The Riddler is a champagne and caviar bar that is casual and cool. Try the tater tot waffle topped with prosciutto and caviar and (of course) a glass of bubbles from their impressive selection.

Kate + Mary
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