Woodside home Courtesy Of: sfluxe.com
January was a busy month for the Bay Area housing market. End-of-the-year reports for 2012 continued to roll out, pointing towards price gains and increasing sales in nearly everywhere in the region. We also sent the real estate blogosphere abuzz with the news that a Woodside, Calif. home had sold for $117.5 million in November.
Do we have your attention yet? Here are the latest real estate headlines from around the region:
Many media outlets reported that the $117.5 million Woodside, Calif. sale was the second most expensive home sale in U.S. history…but as Forbes reporter Morgan Brennan points out, it was technically the most expensive sale on record.
What can you expect more of in 2013? Increasing prices and bidding wars in the Bay Area, says The Wall Street Journal.
Sorry, Silicon Valley buyers. Prices are going to keep rising, with no end in sight, says Glenn Kelman of TechCrunch.
Another sign of recovery? Foreclosures in the Bay Area and California have fallen to their lowest levels since before the housing downturn, reports the San Francisco Chronicle.
This probably won’t come as a shock to Bay Area residents, but it’s cheaper to own in Oakland than to rent even a studio in San Francisco. Many first-time buyers, investors and empty nesters in the Bay Area agree—and have sent condo sales surging.
News to first-time buyers’ ears? Condo conversions and new construction are poised to make a comeback in San Francisco this year, reports the San Francisco Business Times.