As the calendar turns to March we hope that most of the Winter rain is behind us and the sun will start to shine. The weekend after super bowl is the unofficial start of the Spring selling season and initial results are in.
We continue to tell our clients that that the Silicon Valley is moving north to San Francisco and the East Bay making Lamorinda a viable commute option for today’s “new-tech” workforce. Today 90% of “new-tech” is San Francisco based and moving east. Below is a recent CNBC article of this new-tech workforce that will be future purchasers of Lamorinda homes as the companies these folks work for IPO in the near future.
Over the holiday break a large oak tree fell and hit our garage during a windy night. Fortunately no one was hurt but we were reminded how important it is to stay on top of general property maintenance issues. It is important to check on the overall health of any trees in your yard - even if they look healthy. Keep tree limbs trimmed back that are close to your home to avoid pest issues.
While we often monitor the output of real estate markets with average price and price per square foot metrics it is also useful to monitor the health of the Bay Area economy to better predict future performance. The Bay Area Council Economic Institute and McKinsey & Company just released the 10th edition of their Bay Area Economic Profile.
Recently our clients have asked us more and more “Where are we in the current real estate cycle and do you foresee a correction in the near-future.” This question is a valid considering the strong market that has persisted for years, rising interest rates and the new GOP Tax Plan that reduced deductions for real estate taxes and mortgage interest.