Luxury Market Blog

The Luxury Marketing Council - Alpha Agent Meeting Notes

Last week I attended the Luxury Marketing Council’s “Alpha Agents” Meeting, where we were privileged to experience Alf Nucifora, Chairman of the San Francisco Chapter pilot a panel of the most successful leaders of the Bay Area's Real Estate Companies discuss both our current market, what they believe to see in the future and the information they gathered while attending the recent National Association of Realtors Convention.

The panel was impressive and clearly delivered their very  best  opinions when presented with the difficult questions including “Where are we, how long, liquidity, who’s funding, what price points are selling and being funded, agent attrition and how are you advising your agents during this period”.

The biggest consensus of opinion was to the “No one really knows”. This crisis is different than anyone has ever experienced, and each member expressed that we are either in a “V” curve coming out or…in an “L”, but all were in agreement that we are seeing an increase in sales. It was also agreed that a good portion (a 50% number was discussed) is in the short sale segment. The new terminology for the luxury segment underwater is called the “shadow people”, the high end homeowner who is quietly losing their home. The top, successful agents are focusing on this niche.

Re: When will the market turn:  the responses ranged from Q4 2009 to 4 years to it will never return to the halcyon days of past.

Re: Financing. Consensus is that financing at all ends seems to jump from financial institution to financial institution, almost on a daily basis with B of A and, interestingly, Citibank expressing interest in funding jumbo loans. Neighborhood banks are in play.  Qualifying has very strict parameters especially, and if at all, at the jumbo level. Jumbos are still bottlenecked. It was heartening to hear that there are buyers out there and they are purchasing – many with cash- and there was talk of multiple offers on well priced properties.

Re: Agent attrition: Numbers from 20-30% attrition is happening and expected. The advice given to agents during this period is to gain all the information possible. Take classes, explore social networking and to just get out there. All down turns purge the real estate community, and this crisis, because it is so long and so deep, will have even a greater impact.

Re: What’s selling: Price and value. The panel agreed that buyers are performing on well priced, good value homes in all price ranges. There is movement in the first home buyer segment and they expect that to begin to impact the move–up market. Clearly the trophy homes are still commanding top price and a few of them are trading. Over all they were in agreement that the new criteria is price, price, price.

Re: Appraisals: Going forward they will be more and more difficult. It was suggested that agents must be more pro-active in supplying appraisers with the comps they know of- especially in the luxury segment. It was also noted that we will be seeing multiple appraisers on each case, many from completely different locations with little or no local market knowledge.

All in all, it was a fascinating panel and we give kudu’s to Alf Nucifora for directing this esteemed group in delivering valuable, timely information from both 20,000 feet above and from on the ground observation.

I highly recommend the world wide Luxury Marketing Council. If any of you would like to attend a meeting as our guest in a specific city, please let me know and I will make the arrangements. Please see: http://luxurycouncil.com/aboutlmc

All the best, DL

 

Bob Dradurka , President & CEO Paragon Real Estate

William Drypolcher, President, Zephyr Real Estate,

Avram Godman, President and CEO, Pacific Union Real Estate

Larry Knapp, President and COO, Alain Pinel Real Estate

Charles Moore, CEO, McGuire Real Estate

James Nunemacher, Principal, Vanguard Properties

Noreen Smith, President  & COO, Frank Howard Allen Realtors

Photo: Jay Cellini

Luxury Market Getting Hit Hard

Luxury Market Getting Hit Hard

24% of homes with a selling price greater than $2 million are seeing price reductions compared to 23.6% of homes on the market for the less than $2 million. While the percentage of homes seeing discounts are almost identical, discounts on luxury homes are significantly more with 14.3% being slashed off the original listing price compared to only 9.7% of homes under the $2 million dollar price tag.

 

$27.4 Billion Slashed Off Homes Currently for

Sale

Across

America

 Print Article

RISMEDIA, June 9, 2009-Trulia, Inc., known for being one of the best places to start your real estate search, announced that 23.6% of current homes on the market in the United States have experienced at least one price cut, totaling $27.4 billion in reductions. The average price-reduced home has seen a listing price reduction of 10.6%.

Major metropolitan areas continue to be hit hard by price reductions. Of the top 50 cities in the

U.S.

based on population, 33 have seen 25% or more of home listings reduced in price, higher than the national average of 23.6%.

U.S.

cities that have seen at least 30% of homes reduced in price include:

•

Jacksonville

,

Florida

- 36%
•

Tucson

,

Arizona

- 32%
•

Boston

,

Massachusetts

- 32%
•

Los Angeles

,

California

- 32%
•

Columbus

,

Ohio

- 31%
•

Dallas

,

Texas

- 31%
•

Honolulu

,

Hawaii

- 31%
•

Minneapolis

,

Minnesota

- 31%
•

Austin

,

Texas

- 30%
•

Washington

,

DC

- 30%
•

Baltimore

,

Maryland

- 30%
•

Las Vegas

,

Nevada

- 30%

“Summer time is the peak season for buying and selling, and with some of the lowest prices in the last decade, we expect to it be a busy season,” said Pete Flint, Trulia co-founder and CEO. “Everyone wants to think they are getting the best deal available and price reductions are helping to spark a renewed interest in the

U.S.

real estate market.”

The Foreclosure Effect

The national average for price reductions on current home listings is 10.6%, but sellers in the areas hardest hit by foreclosures are slashing prices the most.

Detroit

home owners on average reduce their homes by 23%, while

Las Vegas

sellers reduce their homes by 16% and

Miami

sellers reduce their homes by 15%.

Phoenix

and

Mesa

are also experiencing deep price reductions with 13% slashed off the original listing price.

Luxury Market Getting Hit Hard

24% of homes with a selling price greater than $2 million are seeing price reductions compared to 23.6% of homes on the market for the less than $2 million. While the percentage of homes seeing discounts are almost identical, discounts on luxury homes are significantly more with 14.3% being slashed off the original listing price compared to only 9.7% of homes under the $2 million dollar price tag.

Trulia Price Reductions

According to the company, Trulia is one of the first national real estate sites to provide consumers with the ability to use price reductions as a search filter in their quest to find a deal in today’s market. Trulia’s Price Reduction feature can be accessed from the Trulia homepage and is deeply integrated into the existing search experience on the search results page and via the advanced search tab. Detailed information regarding multiple price reductions and prior sold data is now available on each property listing page.

Providing home buyers with access to price reduction data will help them be better informed as they decide which home to purchase and will help ensure consumers get the most home for their dollar. It will also help home sellers price their homes competitively as more homes come onto the market.

Charts are available for download at: http://www.trulia.com/info/june09pricereductions.

Methodology: All price change data is from live listings on Trulia.com, as of June 1, 2009 and tracks all price reductions from June 1, 2008 to June 1, 2009. This data does not include foreclosure properties. Trulia obtains its listing information from brokers, agents, third party aggregators and MLSs. The percentage of listings with price reductions includes any non-foreclosure property on Trulia.com that has experienced at least one price reduction since it was first posted on the site. The city level data is for listings within the city boundary, and not for metro areas.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

 

The Trend of the Tsunami

The below numbers do not depict the luxury market exclusively, but it does indicate the trend of the tsunami.

I hope that this information is helpful in getting reductions on the property you have currently listed before they are so underwater that they are forced into a foreclosure situation.

Please scroll down to the bottom.

All the best, DL

 Calif. loses crown as worst U.S. home market

May 27th, 2009, 2:02 am · 95 Comments · posted by Jon Lansner/ocregister.com

Good news!

California

is now just the 2nd worst housing market in the country!

That’s according to First American LoanPerformance’s math. Its first crack at April home-pricing data shows

Nevada

now edges out

California

with the steepest case of annualized losses in

America

. (FALP’s latest report IS HERE!)

And thanks to quirks in FALP’s “math” — the constantly revised “repeat sales” methodology — California’s relatively long reign as national housing laughing stock actually was shorter than previously thought.

Our stay at the bottom ended back in January. Older data had

California

at the bottom as recently as March.

California

now shows up as the nation’s biggest losses for 20 consecutive months from May 2007 through December 2008.

For April, the bottom 10 were …

1.

Nevada

: -25%
2.

California

: -23.8%
3.

Florida

: -22.3%
4.

Arizona

: -21.4%
5.

Rhode Island

: -20.7%
6.

Illinois

: -17.1%
7.

Ohio

: -14.2%
8.

Washington

: -14.1%
9.

Maryland

: -12.4%
10.

Oregon

: -12.2%

Oh, yeah … the winner!

West Virginia

was the nation’s best — for the 8th consecutive month — with yearly gains of 5.23%!

 

High End Foreclosusres Are Next

I just returned from a meeting with the major brokerage owners in the Bay Area, and, unfortunately, the below information was confirmed by their experience and research.

It is clear that we are seeing a “re-set” in our industry, not a return to the way that it was in our old world.  It was  a consensus of opinion that “price” will be the driving force with investors….and foreign investment will be very strong as will cash investors. They are looking for the bargains.

 

The below article makes the same case. We will see the luxury market come to the forefront, and even though the financial institutions are working with short sales, they are usually at the amount of the 1^st loan – the balance of the encumbrances will be sold to a collection agency who will then come after the owner for deficiency judgments etc…forcing many into bankruptcy. Please notice the forecasted time frame for this situation.

 

Our Luxury Ambassadors have access through UGE to the Investor Group who will be dealing with these financial institutions at an entirely different level. Through the sheer power of mass of their investments…they will, of course, be abler to negotiate a much better price…that will then be passed along to our Ambassadors to price the property and sell within the 30 day window we have discussed.

 

It was agreed in the meeting that these short sales will drive the value of luxury real estate down…appraisals…competition etc. As UGE Ambassadors, You have the ability to enlist their services and, it would be comparable to achieving a huge price reduction on a top property that has not sold due to encumbrances and hardship.

 

Please remember that after the introduction of the seller to the IG, you have no more work to do with the financial institution, the IG does it all, and then brings the greatly reduced listing back our Ambassador to market…and possibly double-end.

 

Our goal is to get you and your reduced listings to market….first…to reap the benefits…..ahead of the curve…rather than chasing it down.

 

Again, our goal is not to throw people out of their homes, just to assist the owner…who simply wants out from under.without deficiency judgments etc and to survive in the best possible shape. You are the “Angels” with this ability.

 

Please see the attachments for the road map and the submission document.

 

All the best, DL

 

High-End Foreclosures Are Next

High-End Foreclosures Are Next
CNBC

I heard a startling statistic from the National Association of Realtors this morning…no not that home sales are actually increasing, but something about the high end of the market.

Chief economist Lawrence Yun said that the supply of existing homes for sale over $750,000 has reached a forty-month supply. Yep, that means it would take well over three years at the current place to sell off all of those homes.

Number of Home Sales Rises, but Prices Keep Plummeting
The

Washington

Post

Bargain hunters drove home sales up slightly in April, but prices plunged and do not appear close to stabilizing, according to industry data released yesterday.

Existing-home sales rose 2.9 percent from March, to a seasonally adjusted annual rate of 4.68 million units, according to the National Association of Realtors. That was slightly better than analysts expected. The April numbers represented a 3.5 percent drop in sales compared with April 2008.

$1M Mortgage Buybacks Seen
The

New York

Post

Smart-money investors are betting that the Obama administration will start leaning more on Fannie Mae and Freddie Mac to kick-start the housing market by giving them the OK to buy mortgages worth up to $1 million.

Current law prohibits the two government-run mortgage giants from buying home loans valued at more than $417,000 nationally, or up to $729,000 in areas where home prices are high. But some mortgage traders and analysts think that could soon change.

The Housing Hurricane Will Howl Again
Barrons

WE'RE OUT OF THE EYE OF THE HURRICANE, but here comes the back half of the storm. A lot of people think that we've seen the worst of the housing crisis. They're talking about green shoots and glimmers of hope, when they should be back in the storm shelter, preparing for a flood of inventory that will overwhelm the markets and produce another round of falling prices

For the past few months there has been a semi-moratorium on foreclosures. Most institutions with delinquent mortgages didn't foreclose. The signs that blanket many neighborhoods have been posted by a fraction of the lenders. Now the rest of the banks are rushing to get their properties on the market.

Our new world...

 

 

Our world has changed, and, as I’m sure the rest of you are doing…we are still spinning a bit…but are taking the offense by getting ahead of the curve in our new world. I have received so many calls and emails asking advice on how to both survive and council clients going forward…, and thanks to my extensive network of top professionals in many different arenas of the luxury business, we have listened and we have made incredible adjustments to deliver excellent care to all.

 

Most of what is happening with the new administration in the world of real estate has to do with conventional loans in price points under the $750K limit. Due to the fact that all 54,000 properties on our site are in excess of $1M, …it just does not address this niche. We know that the carnage began on both coasts, and has spread in varying degrees through our Country. Luxury home values are decreasing substantially, encumbrances are re-setting to higher rates and the approximately $3 trillion sitting on the sidelines is waiting and watching…poised to make their new real estate investment fortune. This has been true in all major financial crises.

 

 We cannot change the battlefield, we can only try to figure out how to help the “wounded” who are underwater in the jumbo market….survive in the best possible shape possible, to live to buy another home another day.

 

If you are or have clients experiencing this situation and would like additional information, please email InvestorGroupContact@UniqueGlobalEstates.com

"conversations In The Room" with Rick Goodwin, Publisher, Unique Homes Magazine

On Thursday, 1/22, our meeting began with my interview of Rick Goodwin, Publisher of Unique Homes Magazine and Ultimate Homes Magazine and a founding partner with me for The Luxury Conclave.

 

For more than 25 years Rick Goodwin has been involved in the marketing of luxury real estate. He has been publisher of Unique Homes Magazine for 11 years and served as editor-in-chief for 7 years. Rick launched Ultimate Homes, the first magazine to provide a comprehensive list of the most expensive homes for sale in the U.S. priced at $8M and up.

 

Rick has appeared on numerous TV programs including Extra!, Fox News Live, and Good Day L.A., as well as “The Biggest Mistakes in Real Estate” on HGTV. He has also been quoted by USA Today, The Wall Street Journal, The Los Angeles Times, The Washington Post, Chicago Sun Times, The Boston Globe, and the Associated Press, among others.

 

On a personal note, Rick has been an alliance, a partner and friend of Unique Global Estates since we launched over 10 years ago. He is one of the most knowledgeable and trusted professionals in our industry, and the “heart” of Unique Homes Magazine…and I am proud to call him a dear friend.

 

In compiling my notes from our meeting, I found that I had about 6 pages of important information. Rather than send all of the notes in bullet format, I will touch on a few of the major subjects with his insight, and encourage you to listen to the attached ½ hour interview for much more detail and depth.

 

Where are we?
            Landscape has changed.  We have never been in a world like this. Still experiencing some very high 'trophy' sales although the 'move up' market is hampered by fear, mortgage and appraisal challenges. The question of how far we are into the 'tunnel' and where is the light at the end - maybe 6-8 months out.
            Consumer adopting a “wait and see” approach. Working within the framework and taking advantages of the opportunities will be key.  It will be important to stand out, be visible and out in front of the market or your lunch will be eaten.

 

What is new?
            The consumer wants images, not copy. Rick is investing in and utilizing much more video. People like pictures and this is of most interest to the consumer – both in promoting agents and in promoting properties. The internet rather than postcards. High end is all about niche marketing – match the level of the advertising to the consumer. Of course service and word of mouth - testimonials - are of great importance. Must communicate that you know what is happening – cutting edge tools. You can’t just be one of the commuters at Grand Central Station…you must stand out. They must be able to find you. Who comes up first?

 

Global market?
            USA still the safest place to invest and there is still value although we have seen a rise in the dollar. Many languages showing up in major cities. Trophy homes have sold outside the US, and investors are still coming in although their cry is value! Value! Value! It is important to know your market and to know what countries are attractive and target market to them. Market is still global and you must be visible.

 

We also heard that business is picking up – possibly because of a sense of confidence, but the phones are ringing and offers are being written and accepted. Investors are wary of the stock market which usually is a signal that investment in real estate may be very attractive.

 

All in all, we are in the toughest market that we have seen in 30 years and it is of utmost importance for the seasoned professional to ride this out …. , but not from under the covers. Use cutting edge tools and careful spending to ensure your visibility…they are still drilling, researching and looking, looking, looking ….

 

Would love to hear any of your comments, experiences.
Also, please remember that we have added a section in our Newsletter entitled “Hidden Treasures, Incredible Values.” Our Luxury Market Watch Newsletter is targeted to our database of consumers, the wealth of the world, and is also delivered to our entire luxury agent database. There is no charge for your properties to be featured – this opportunity is only available to Luxury Ambassadors

Tahoe City, CA Reports

Luxury Ambassador Spokesperson, Trinkie Watson, reports from

Tahoe

City

: "We are starting to see a hint of revival in the north and west

shore

of

Tahoe

and Squaw-Truckee area with a few nice new escrows over $1 million.  Some impressive inquiry calls have come in as well, telling me that there are people hovering for good buys and opportunities to jump in at good prices."

 

Congratulations, Trinkie. Great News!!!

 

We hope that the top placement in the organic search position on Google under

'

Tahoe City Luxury Estates

'

will continue to bring increased, excellent, qualified inquiries to your business.  Trinkie

'

s actual SEO submission hit search engines only 10 days ago.  We anticipate complete dominance of the first page of search results within 30 days.  We are always pleased to hear our

Luxury Ambassadors

'

success stories and love to promote you in our Luxury Market Watch Newsletters and Luxury Destination Magazine. 

 

 

 

 

 

Economic Panel Notes From Luxury Marketing Council

The economic panel from the Luxury Marketing Council was very informative. In these extreme times, we will try to forward any information that we believe will be of assistance to you in either moving the listings that you currently have or in securing the most desirable properties in your marketplace.

Also, we hope that this information will be of interest to your clients. (currency)

Please see the evening overview and then below, the specific panelist notes.

Wednesday, October 22, 2008

Overview:

I was able to have conversations with all of the panelists before and after the event.

Each panelist began by saying "we really don’t know…no one does"…but this is what they see at this time.

Clearly, the overall theme discussed was that of the credit markets and how to work in our new world.

Going forward, buyers are beginning to re-enter the market. The challenge will be to "cherry pick" the best, most financially qualified buyers who can perform under extremely strict financing conditions. Or Cash buyers.

Trillions of dollars are waiting on the sidelines….waiting for the dust and panic to settle. The pool of buyers who can qualify is displaying a mind set to negotiate terms, conditions and price. The task for the proven professional will be to first secure this group of buyers, navigate their demands, deliver cutting edge tools, technology, excellent service and retain their loyalty. These have always been the attributes of top professionals, but they will be more important than ever in our new world. Qualified buyers rule…and they know it. Using your time wisely by prioritizing the buyer by his ability to qualify will be a top consideration by agents.

Trophy homes will continue to be in demand; this group of buyers is the least affected. The luxury market is still the right niche although the move up buyer is impacted. Investors are key.

Maryanne Brogan, Director and Senior Credit Officer Citi Private Bank:

Citi is financing loans for their own clients. If your buyer brings assets to the bank, they are funding jumbo loans.

Do not want fixed loans locked in for more than 5-7 years.

Banks are keeping the current $25B in their reserves although the bank to bank lending is beginning. She does not know when we will see the credit move more easily on main street but believes that this goal is of high concern and will be addressed in the near future.

Traditional Banks will absorb many smaller banks. Maryanne indicated that there will be a place for small, specialized banks who serve neighborhood business.

Media driving the panic.

Vanilla loans, Fannie and Freddie funded at this time. Banks will get more comfortable. No timetable.

Cash is king.

Baby boomers moving toward cities- not so much retirement communities (Florida).

Allan Wassermann, EVP & Western United States Group President, Stewart Title Guaranty Co.

Still seeing buyers coming in from emerging markets. Testing the water, hovering on the sidelines.

Buyers demanding more than full service. Expect to have documents transmitted to them electronically all over the world in record speed. High demand and expectations from buyers and sellers.

Korea has lifted restraints – can now invest more than the previous $2M limit.

Currently 50% of sales are short sales or REO.

Agents must provide the best service, website, transaction assistance. Must make it easy to get the deal done.

Watch oil. Interest rates will match the rising or falling of oil.

Banks are using their bail out money to shore up their reserves.

Allan Mark, Founder and President, The Mark Company:

55% of condo buyers do their research on-line and report that they physically only looked at one building before purchase.

Condo buyers want concessions and 10-15% reduction in price. Uber wealth wish to show off how hard they negotiate – bragging rights. Cash is king.

Negotiation also translates to other luxury items, cars, jewelry.

Becoming similar to car lots- figure out how much product they need to move by a specific time for absorption goals. Buyers researching motivation.

Does not believe that prices will drop much more.

Surprised and pleased by amount of traffic.

Seeing some buyers walk away from their deposit- cannot qualify under new restrictions.

If you would like to discuss any part of these notes, please call me on 415 441 1157. Also, if you have information that you would like to share, please either call or send a note- we will forward to all.

We have all seen the cycles….perhaps not exactly like this…but we all know that… people always have to have homes… and the best professionals will survive and flourish…and many of the competition ….will go back to what they were doing before the real estate boom.

In The Room with Steven Kantor

Bernice Ross, PhD, one of the most well-respected journalists in our industry stated in today's "Luxury Clues":

"When the stock market crashes, there is still a tremendous amount of money looking for a safe home. ... Do you know what is poised to make a tremendous comeback? Real estate! Reports are that sales numbers are increasing across the country."

Are you prepared?


Is your agent utilizing cutting edge tools?

It was our absolute pleasure to have Steve Kantor join us for our monthly Luxury Ambassador meeting to discuss his brilliant business and his recently released book “Billion Dollar Agent.”

Are you buying or selling your home – or both?

In our rapidly changing, flattening world, luxury real estate is global. We know that buyers and sellers in this niche know no boundaries. Buyers are flocking into the USA from both emerging markets and Europe to purchase top luxury real estate because of the safety of investing in the USA and also because of our economy.

Whether a buyer is simply interested in purchasing a home in another state, or coming from another country, the internet is the most effective means to gather information on these properties.  Clearly the best top agents, our Luxury Ambassadors, need to know the most effective means of systems to accomplish this goal.

When Steve Kantor interviewed the top 70 “Billion Dollar Agents" for his book, a series of business patterns became apparent. These top agents had systems in place to be certain that no stone was left unturned. Steve then launched his business of “Best Agent Business” which, to simplify, brought together the “Unique Talents” of many stay at home Mom’s who wish to work from home, keep their own hours, not commute….and utilize their specialized skill set. Kantor says that he hires slowly and fires quickly…which results in a finely tuned group of virtual assistants who can work together or separately to produce the results of a company with a large on site staff.

Why is this important to you? The luxury real estate business is a specialized niche and the professionals who work within this specific arena….must work globally. For example, Li Read, our Luxury Ambassador Spokesperson from Salt Springs Island, British Columbia, Canada, has a thriving business in the “cool Mediterranean” of the North as she describes it. Her clients are wealthy individuals interested in both purchasing second homes in the beautiful Northwest, and in relocating - many times downsizing to less home and more exquisite property with views. Li was thrilled to learn that she could tap into many areas of the country, the best talent available…virtually….and deliver even more excellent care to both her buyers and sellers. David Cole, our Luxury Ambassador in Vail, Colorado, who has almost 50 beautiful homes in excess of $1Million showcased on Unique Global Estates, was excited to discover tools to both manage and grow his extensive list of properties, thereby giving him more time to do what he does best - structure luxury real estate sales.

Now more than ever it is extremely important to know that you are working with the very best professional. The world of real estate has moved to a higher level, especially in the luxury arena. The agent you select to represent you must not only be familiar with all of tools needed to reach out globally, they need to “own” them.  I believe that “If you have the option, always opt for the best.”

Visit www.UniqueGlobalEstates.com to learn about our Luxury Ambassador Community.

Best Agent Business - http://www.bestagentbusiness.com/
Lessons Learned: Billion Dollar Agent - http://www.billiondollaragent.com/

Pulse of the Market - Pulse 61

It is our pleasure to share this brilliant article written by our alliance, Malcolm Kaufman, in which he examines the luxury condominium market in San Francisco and commercial real estate investments.

We believe by examining the market in one of the Big 4 (San Francisco, Los Angeles, New York and D. C.), we can draw parallels of impact throughout the USA in our changing world.

Malcolm Kaufman gives us a point of reference on trends…..investing in the future.

Respectfully,

Donna Lee Laue
President/CEO

Got the Picture?
Pulse 61

The front-page San Francisco Chronicle headline on June 25, 2008 read “Bay Area Home Prices Take New Hit.” The article states that the price of a typical single-family home in the San Francisco area plunged 22.1 percent compared with a year ago. Wow!

This is where it pays to be an educated consumer. Remember, it is the context that gives meaning to the text! So let’s dig a little deeper . . .

The casual reader may not realize that the home index cited, the S&P/Case Shiller Index, includes Alameda, Contra Costa, Marin, San Francisco, and San Mateo counties, not just San Francisco proper, and relates only to one type of residence, single-family homes.

READ ENTIRE ARTICLE