While the rest of the county buzzed Friday about Facebook’s ($38.23 0.2318%) first day as a public company, real estate agent Brian Chancellor saw the effect months earlier.

Chancellor put a client’s house on the market in February for roughly $1.2 million — a bit underpriced, he said. The home in Palo Alto, Calif., sits adjacent to Menlo Park, the home of the social-media darling.

Twenty days and 38 offers later, the house sold for $1.65 million.

“It’s not uncommon that even when somebody goes well over the asking price … they may not get the home,” Chancellor said. “There are people who are putting in phenomenal offers and still not prevailing.”

As Facebook and its social media and tech brethren boom, so, too, does the housing market in Silicon Valley and surrounding areas. In San Mateo and Santa Clara counties, home sales rose 34% and 13% in April from a year earlier, according to San Diego-based DataQuick. San Francisco Bay Area sales as a whole grew 13%.

The Silicon Valley market picked up visibly starting in late January, said local real estate agent Francis Rolland. Reports surfaced around that time of an imminent Facebook IPO.

There just might be a little too much excitement, Rolland said. Some waited for the IPO to get into the market, and he said they might later find out it won’t change much.

“It’s a real effect, but it’s too hyped in a way,” Rolland said.

It’s not just about Facebook, Chancellor said, with tech-world newbies Yelp ($18.64 -2.63%), Twitter, LinkedIn ($99.02 -5.93%) and Zynga ($7.16 -1.11%) along with standbys Apple ($530.38 0.26%) and Google ($600.40 -22.65%) all based in Silicon Valley or San Francisco.

“Facebook is leading the pack, but there’s money here from tech companies,” Chancellor said.

It’s storyline already known by Chancellor, an area agent for nearly two decades. Now-defunct companies like Pets.com disappeared almost as quickly as they appeared on the scene in the late 1990s and early 2000s during the dot-com bubble.

“The difference is that the techies of today are a little bit more self-aware,” Chancellor said. “The dot-com boom really was just greedy to say the least. I think this generation is more thought out.”

Prices, no matter how outrageous, aren’t rising quite as quickly this time around, said Suzanne Yost, president of the Silicon Valley Association of Realtors. The median price remained flat from April 2011 at $550,000 in San Mateo County, though rose 9.3% to $513,500 in Santa Clara County, according to DataQuick

Yost said appraisals are more stringent now than previous boom times, though there’s also awareness on the part of buyers.

“What we saw then was a much more rapid increase in prices,” Yost said. “We’re not seeing that yet here.”

A sparse amount of new construction is also limiting options for buyers, Yost said. The area’s geographic mix of hills and ocean makes for few empty patches of land.

Properties are moving fast, with reasonably priced homes spending just two or three weeks on market, Yost said.

Those looking to rent don’t have much of an option, with just 76 new units completed in the San Francisco metro since the second quarter 2011, according to research firm Marcus & Millichap.

Some prospective tenants, Chancellor said, will offer to pay more than the asking price or give six months’ rent upfront.

“It’s not to say we don’t have our issues, but as far as bright places to go in the world, we’re it,” Chancellor said

To purchase tickets, go to: http://www.hilltophanoverfarm.org/events/

WLT is excited to be a part of this fantastic celebration. The Hilltop Hanover Quest is an outdoor exploration that combines a treasure hunt with fun fact finding related to the farm’s unique geography that supports varied climates.

At Reskill Westchester, families will learn about the wonderful lost arts, including workshops and demos on: knitting and sewing, knife sharpening, keeping chickens and bees, making bread and cheese, canning and preserving, gardening, not trees and sprouting, herbs and herbal remedies, composting and rainwater harvesting, woodworking and DIY, alternate energies and so much more. Also featuring: Kids Farm Crafts, music, food, artisan craft village, and farmers market!

WLT has five Quests on its preserves to engage visitors in using their creativity and skills in navigation, listening, and observation. WLT’s other Quests are at the Frederick P. Rose Preserve, Cross River; Westchester Wilderness Walk, Zofnass Family Preserve, Pound Ridge; John Jay Homestead, Katonah; and Bedford Audubon’s Bylane Farm, Katonah.

We have Quests at:

the Frederick P. Rose Preserve, in Cross River.

Westchester Wilderness Walk, in Pound Ridge. This Quest was completed with the support of a Land Trust Alliance New York Conservation Partnership grant. Download the Quest booklet here.

Bedford Audubon’s Hunt-Parker Sanctuary. The creation of this Quest was generously sponsored by Jennifer and Roger Schwartz through the Louis and Anne Abrons Foundation.  Download the Quest booklet here.

John Jay Homestead in Bedford. This Quest features the rich history of the John Jay Homestead and introduces questers to the natural and cultural feaures of the property that makes it so special. This Quest was installed by Weschester Favors, a volunteer “club” for families who want to engage, involve, and educate their children in the concept of  “doing good” in conjunction with WLT staff. Download the Quest booklet here.

Hunter Brook Preserve was donated to Westchester Land Trust in 2000 and the trail system was developed by Wilder-Balter Partners, the developer of the adjacent subdivision. Download the Quest booklet here.

 

 

 

 

 

 

 

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Phoenix’s housing market may be on the rise. John Burns Real Estate Consulting said the area is outpacing the recovery of other hard hit areas like Las Vegas, Riverside-San Bernardino and Sacramento.

“Phoenix was one of the hardest-hit housing markets during the bust, with home values declining 57% from 2006 through mid-2011,” said Adam Artunian, senior research analyst with the company. “But since the middle of 2011, the housing conditions in Phoenix have markedly improved and prices have begun to rise.”

According to the report, investors now make up 45% of all buyers in the area, and first-time buyers now have difficulty competing with all-cash offers coming from investors. This often creates a bidding war that raises the price of the home.

The effort by investors is well worth it, however. With a current average single-family rental rate of $12,500 per year and the median selling price of distressed homes in the area well below $127,000, the report says investors can expect between a 5% to 10% annual return. That, however, may not last.

“Competition for distressed resale homes is likely to get more challenging for buyers, with Phoenix making national headlines recently as one of the best markets in the country to purchase investment homes and enjoy favorable returns as rentals,” Artunian said.

Inventory also is very low at 2.4 months, down from almost five months just one year ago and more than 12 months in early 2008. Supply hasn’t been this low since late 2005 when the home market was at “feverish level,” said Artunian.

“Investors and foreign buyers have helped reduce Phoenix’s housing inventory to its lowest level in over six years,” he said.

Low inventory creates competition and has helped stabilizes prices, he noted. The company’s Burns Home Value Index is up 1.5% year-over-year for the Phoenix market.

Resale listings have also fallen 43% since March 2011 and are now as low as they were at the peak of the market in September 2005.

Phoenix is a destination for retirees escaping colder climates. Artunian said this past winter created the “perfect storm” for home sales, given improving conditions, low interest rates, good weather and the tourism from Major League Baseball’s spring training activity, which takes place near Pheonix. 

“The true test of Phoenix housing market strength will be this summer, when these favorable elements subside, and the housing market will stand more on its own,” he said.

Each day the Research staff takes a look at recently released economic indicators, addressing what these indicators mean for REALTORS® and their clients. Today’s update discusses mortgage applications.

• Mortgage applications decreased 2.4 percent during the week ending April 6, 2012, with the Purchase Index declining 0.5 percent from the prior week.
• The Refinance index dropped 3.1 percent, despite declining interest rates on 30-year fixed mortgages, which reached 4.10 percent.
• Cash purchases—which have been steady at about 30 percent of transactions—were not captured in the data.
• Import and export prices during the month of March increased 0.5 percent, according to a report by the Labor Department.

Ocean City, Md., a resort town about 70 miles south of Dover, Del., that attracts many visitors from Baltimore, Philadelphia, and Wilmington, has long drawn large crowds with its beach, bay, and hundreds of dining and nightlife offerings. A popular destination for young singles and families, the town of 10,246 people swells to about 250,000 during the summer, according to city estimates. Surprisingly, living in the middle of all this action also can be affordable. Homes in the Ocean City area have a median price of $243,600, compared with the state median of $232,500, according to Better Homes & Gardens Real Estate and real estate data provider Onboard Informatics.

Ocean City—also known as OCMD to habitués—emerged as the country’s most affordable and fun city in a ranking by Better Homes & Gardens Real Estate’s Lifestyle Search. “”There are two or three ultra-cool cities that everyone wants to live in,” says Sherry Chris, chief executive of BHG Real Estate. “The problem is it’s very expensive to live in those cities, so that eliminates them as a possibility for many people.” As lifestyle and community are more important for “echo boomers,” or 18-to-34-year-olds, than older buyers, Chris says, identifying affordable places with active downtown areas and a cool atmosphere are key to attracting the current generation of home buyers.

After Ocean City, the next most affordable and fun cities were the Ala Moana-Kakaako section of Honolulu (No. 2), Tempe, Ariz. (No. 3), Scottsdale, Ariz. (No. 4), and Greenville, S.C. (No. 5).

DOWNTOWNS, COLLEGES, AND RESORT AREAS

To select the country’s most affordable places, Better Homes & Gardens Real Estate, along with its data partner Onboard Informatics, analyzed 6,106 Zip Codes nationwide where the median home price was within 20 percent of the state’s median. It then selected the Zip Codes with the greatest number of bars and restaurants as of July 2011. Restaurants range from chains and casual eateries to fine dining venues, and bars include pubs, lounges, and clubs, says Pete Goldey, chief information officer at Onboard.

The downtown areas of such cities as Sacramento and Orlando made the top 25. The list also includes several vacation areas and college towns. Tempe, for instance, is home to Arizona State University, and Wilmington, N.C., (No. 7) is home to the University of North Carolina Wilmington. Also on the list are such resort areas as Myrtle Beach, S.C., and the Wildwoods in New Jersey, as well as several cities in Hawaii.

“College towns and vacation destinations have a higher percentage of eating and drinking establishments because they are catering to a nonpermanent client base,” says Goldey. These customers tend to spend more time and money “going out and being social.”

YEAR-ROUND RESIDENTS

Ocean City may be bustling during warm months, but during the winter many businesses on the boardwalk close or keep shortened hours, says Donna Abbott, the town’s communications manager. About three-fourths of housing units are for seasonal or recreational use, according to 2010 Census data, and only 12.8 percent are occupied.

Also, while young beachgoers, reveling tourists, and families make up a large portion of visitors, 35.3 percent of year-round residents are age 62 and older.

Still, the promise of affordable fun—compared with pricier second-home markets in the region, such as the New Jersey shore—continues to attract home buyers. The number of sales in Ocean City and West Ocean City totaled 503 in the first half of 2011, up 13 percent over the same time last year, according to data from Remax Premier Properties agent Nicholas Bobenko, an Ocean City native.

“There are people who gravitate here because of the people and great way of life,” Bobenko says. “There is a ton of activity, it’s a safe town, and there’s low crime.” The city is also part of the Worcester County Public School District, which has a few highly ranked schools, according to greatschools.org.

During peak season, tourists and students may help drive affordability and entertainment in some of these cities, says Chris, but “as a result there are a lot of fun things to do in the area for people who live there year-round.”

Click here to see America’s 25 Most Fun, Affordable Cities.