US economic conditions are shutting the door on the red-hot residential real estate market in the North Bay, with increasing interest rates contributing to May’s double-digit percentage drop in the region’s home sales, according to the California Association of Realtors.

And this may be just the start of a changing real estate market, thanks in part to interest rates that have doubled since the start of the year.

“The industry was caught very blindsided by that, because all of the mortgage-lending industry and most economists expected mortgage rates to remain in the (3% range) all during this year,” said Nevin Miller, president and CEO of San Rafael- based Pinnacle Loans, which serves Marin, Sonoma, Napa and Solano counties, as well as Southern California. “For them to go from 3% to 6% is a shock to the market.”

The current market still favors sellers, he noted, but that doesn’t mean they aren’t reacting, even with all-time low inventory.

“Sellers who have now got a ton of equity because homes have appreciated so much are rushing to put their home on the market before the market changes, which it is doing now,” Miller said.

In the North Bay, year-over-year property sales in May were down in several counties, according to the agent association. Sonoma County home sales dropped by 22.8% to 385 homes sold; Napa County 12.1% to 102 homes; and Marin County, 10.1% to 178 homes, CAR reported. Solano County sales, however, rose 5.8% to 328 homes sold in May.

This wasn’t surprising to CAR Deputy Chief Economist Oscar Wei, who noted that Solano is the most affordable county in the Bay Area and North Bay.

Insights and cash

In Sonoma Valley, while large overbids on homes have not been unusual, with three-quarters of offers coming in all-cash, the buying frenzy reached out to traditionally more affordable areas of the county, said Duane Margreiter, sales manager for Century 21 NorthBay Alliance in Sonoma. One of his properties was a $1 million home in Windsor, where overbids had previously gone as high as asking $25,000 over, and that property sold for $75,000 over.

“We’re seeing a shift in the market,” Margreiter said. “Buyers are taking a different look. They’re realizing that they do not need to put in an offer on the first thing they see.”

While the rise in interest rates is likely to initially price out first-time homebuyers, overall it likely will result in a shift to a more balanced market, rather than a crash like in 2005 to 2012, when the Great Recession had a wave of foreclosures , Margreiter said.

Patricia Oxman, a 30-year real estate veteran and top producer for Golden Gate Sotheby’s International Realty, said the Marin County market data she tracks suggests local entry-level buyers have already pulled back so far this year, but higher-priced homes continue to be selling.

Sales of single-family homes in Marin County are down 17%, with 1,120 changing hands so far this year, compared with 1,346 in the same time frame last year. Home sales under $1 million have dropped to 72 from 145 a year ago. Sales of mid-range homes ($2 million to $4 million) moved down to 48% of all sales from 54% last year, while top-end homes (over $4 million) now make up 46% of sales, up from 34% a year ago.

“The luxury market is still strong because buyers pulled money out in anticipation of the purchase, and 28% of our sales are all cash,” Oxman said.

Gerrett Snedaker, broker and partner with Better Homes and Gardens Real Estate-Wine Country Group, said he’s seen “a decrease in multiple offers and selling homes in excess of asking prices.” The firm has multiple offices in Napa, Sonoma and Mendocino counties.

In May, 16% of homes in the three counties sold at reduced prices, and by late June that proportion is 19%, in line with the level from a year before, according to Snedaker. And the share of homes selling for over the asking price was 55% in May, 44% through late June and 52% a year before.

Market influences

The changing market conditions have already started to reduce prices on listings.

Just over 9% of Sonoma County listings experienced a price cut in May, compared with 6.9% in April and 4.9% in March, Zillow reported. About the same percentage of sellers lowered their prices in neighboring Napa County, in contrast to reductions in April at 7.1% and 6.3% in March. To the west in Marin County, 6.8% of listings were lowered, versus 5.1% in April and 4.9% in March.

Much of this trend is due to “rising interest rates on the back of the incredible price appreciation in recent years,” Zillow spokesman Matt Kreamer pointed out, adding: “People are being priced out.”

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SAN FRANCISCO – San Francisco residents told Fox News they’re excited local mask mandates are ending this week.

Health officials last week announced that California would end its indoor mask mandate for vaccinated people Feb. 15, though face coverings would still be required in schools. gov. Gavin Newsom implemented an indoor mask mandate in mid-December amid the omicron surge and extended it in January.

“I’m for no mask,” one San Francisco resident, Nichole, told Fox News. “I think no matter what, everybody is going to encounter the virus.”

“We have to start somewhere,” she continued. “We can’t be masked up forever.”

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Another local, Cierra, said: “This is exciting. We need this. This is going to just make everybody see each other smiles.”

Cierra speaks with Fox News Digital.

Some, however, still supported mask mandates, despite COVID-19 cases falling.

“I know some people aren’t comfortable with it, but I think we need to look out after each other,” one man, Paul, told Fox News. “They could suck it up a little bit.”

“I’ve heard studies recently where they stopped the mandates in schools and like about 10 times as many kids got the virus,” he continued.

California has seen a 65% drop in case rates since the omicron surge’s peak, according to state data.

Riders wear masks while aboard the Powell/Hyde cable car (Fox News Digital/Jon Michael Raasch)

“We all pile in the grocery stores, airplanes,” Nichole told Fox News. “It makes no sense to me.”

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Cierra was excited to learn that the mandates were ending but said adjusting will present other challenges.

“Being this close to you right now without a mask myself, I’m like, ‘This is weird,'” she told Fox News. “This is anxiety-filled. We have to relearn how to be normal.”

Steve, a lifelong San Franciscan, was fed up with the mandates, calling them hypocritical and politically motivated.

California Governor Gavin Newsom defies his own indoor mask mandate by dining at the French Laundry this summer in Yountville, Calif.

“Even in the height of the pandemic, they’re going up to the real fancy place French Laundry,” Steve said, referring to Newsom being photographed maskless at a dinner party last summer. “Fifteen-course meal with a bunch of friends, but it’s OK for him to do it. But for us, we couldn’t do it.”

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“I think it’s all wrong,” he continued.

Milo, who works in the restaurant industry, said: “Before and after the shift, none of our coworkers are wearing masks. It’s only when the lights go on and we’re ready to do a dinner service.”

Caio said: “It’s time. We need to care about everyone. But if there are resources for you to be protected and you don’t want to get it, you cannot be the world’s problem anymore.”

The post San Francisco locals react to masks mandates ending: ‘We won’t be masked up without end’ appeared first on Los Gatos News And Events.

Born and raised in San Francisco, Andrew Zieman returned to his childhood alma mater – Sherman Elementary – to teach. But on Wednesday morning, just before school started, the 30-year-old para-educator was hit by a car on the sidewalk opposite the school. According to the police, he died on the scene.

“He was one of the nicest teachers I knew,” said first year Logan Klein.

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Logan said Zieman was one of his teachers after school.

“He always helped me when I was frustrated.”

School was out on Veterans Day, but Logan wanted to come over and pay his respects. His mother, Jessica Klein, witnessed the crash minutes after dropping Logan off at school on Wednesday.

“It was really shocking to see him lying there,” Jessica said through tears.

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When she was 12, Jessica said she had a dangerous car accident on Franklin Street and Filbert Street, one block away. You and many others hope the city can make the intersection safer for the school community.

“That could have been a kid so easily, and I think all parents and staff are very relieved that it wasn’t a kid, but it’s still heartbreaking that it was a teacher.”

Two cars were involved in the collision on Franklin Street and Union Street, according to SFPD. Witnesses report that a third car was also hit.

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The office of San Francisco supervisor Catherine Stefani says the accident is being investigated and charges may be brought against the drivers.

“It’s worrying to see people go through red lights. My mother was hit in a car on Franklin Street and Lombard,” said Peter Cimarelli, one of Zieman’s cousin.

“Andrew was a wonderful person, very smart. He just wanted to help people. He was really a good boy and it really hurts. “

ABC7 news reporter Kate Larsen spoke to Andrew’s parents on Thursday. Andrew was their only child and they are devastated. His mother, Maridine Zieman, said Andrew touched many lives and his father Richard Zieman said what happened to his son made him angry. But they want everyone to know how comforting it was to hear all of the kind words the headmaster, families, and ward said about their son. “

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Andrew’s friend Adrienne Yang says they met five years ago while working at Sherman.

In a moving statement, she wrote: “What fascinated me about him was his patient and gentle teaching. He loved his job and always strived to contribute to the school community. I am incredibly happy to have seen him at his best every day. ” He was my balance, my consolation and my light. This world will never have another like him. My heart will never be the same. I love you, Andrew. “

SFMTA employees plan to inspect Franklin and Union intersection on Friday. Supervisor Stefani says she will be there and would like to consider “all possible interventions to reduce traffic speed along this corridor, including new speed bumps, wider walkways, lane reductions, lighted crosswalks, additional lamp exits and lower speed limits”.

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The post ‘This world won’t ever have one other like him’: Family members, witnesses react to tragic demise of San Francisco educator appeared first on Los Gatos News And Events.

Source: Ben Pursell for Blizzard Entertainment

The Overwatch League had to cancel its live playoffs in Dallas and its live final in LA this week in response to worsening COVID conditions and related visa challenges for APAC teams. The move has sparked some violent reactions, with some professionals expressing disappointment while others expressing anger over the change and how the postseason will continue to be dealt with.

Here are some of the most notable reactions we saw when the Overwatch League switched the postseason to an online format with NA teams playing out of Hawaii.

OWL players are responding to playoffs being moved to Hawaii and played online

The most common reaction to the announcement has been disappointment and sadness from many players, including Gladiators player Shu, Houston Outlaws player Crimzo, and former pro McGravy, who all looked forward to the NA-based LAN events.

Some players, overcoming disappointment, criticized OWL’s plan to host NA teams in Hawaii during the postseason. San Francisco Shock player Nero stated that NA will be at a “massive disadvantage” in response to the decision, although he admitted that nothing could be done about it.

Houston Outlaws player Danteh expressed his frustration with “jet lag + lost practice time + worn setups aghhhhhhhhhhhhhh”.

Perhaps most controversial is that Atlanta Reign’s Gator posted numerous tweets about the situation. First, on his own side, he said, “What a joke, they can’t get one thing right”. He also responded to the Overwatch League announcement by saying, “Make a right decision.”

Both comments sparked some backlash from OWL fans and journalists. In response to the backlash, Gator went on to state that he is not upset about the cancellation of live events due to COVID, but he is upset that the Overwatch League playoffs will be played online rather than on the LAN and that 5 NA teams will do so be forced to travel to Hawaii again.

In a tweet, Gator suggested that it would be preferable for both regions to play separate playoffs and then, after being quarantined, host a single final somewhere on the LAN, as they did in 2020. He also pointed out that due to Pelican’s lung collapse, he will not be able to compete now that the final is in Hawaii because Pelican, an MVP contestant and star DPS player for Reign, cannot travel due to his illness.

Gator’s teammate Masaa responded with a much less tactful response, just a video of someone laughing hysterically to show his disapproval of the Overwatch League’s post-season plans.

Even if the cancellation of the live events was necessary, it is clear that the players are not happy with the situation and the reputation of the OWL 2021 postseason may be damaged a bit.

The post Overwatch execs react to OWL shifting playoffs on-line in Hawaii appeared first on Los Gatos News And Events.