Several of the local news outlets carried the overview story of the increases in local residential real estate, but leave it to the Wall Street Journal to give us the really local details we crave! Yesterday's edition carried the full DataQuick listing of 107 towns from Healdsburg to Morgan Hill.
B'game came in #17 overall at +27.9% in fourth quarter 2012 over fourth quarter 2011. The only Peninsula towns escalating faster are Sunnyvale (+36.1%) and Mountain View (+33.2%) but our median sales price is a full half-million above Mountain View and almost double Sunnyvale's. Here's the map from the article
The dearth of listings (it's either 12 or 16 depending on which realtor's newsletter you read) means this will likely continue for awhile.
According to this from the Daily Journal, the appreciation could have been even more!
A Burlingame real estate investor pleaded guilty to mail fraud and rigging bids at public foreclosure auctions in San Mateo and San Francisco counties by agreeing not to bid against others, according to the Department of Justice.
Gilbert Chung’s plea makes him the 27th person to do so as part of the department’s ongoing investigation into fraud and bid rigging at foreclosure auctions throughout Northern California, the DOJ announced yesterday.
Between January 2010 until December 2010, Chung and others conspired not to bid against each other but instead designated a winner to obtain chosen properties in the two counties, according to court documents.
Doing so kept the winning bid low which in turn, federal prosecutors contend, damaged the real estate market and defrauded those who expected all investors to have a level playing field.
http://www.smdailyjournal.com/article_preview.php?id=1762764&title=Realtor pleads guilty to mail fraud and auction bid rigging
Posted by: Joe | February 06, 2013 at 01:12 PM