Mike James, president of Coldwell Banker Residential Brokerage, was one of the featured speakers at a real estate industry conference analyzing the Bay Area’s hot housing market and discussing trends for the future.
James joined executives from a number of other local real estate companies on a panel entitled “Deconstructing Bay Area Real Estate through the Eyes of Industry Leaders and Influentials.” The event, held at the Golden Gate Club in San Francisco, was organized by the Luxury Marketing Council, in partnership with HSBC Bank and San Francisco Magazine.
“The Bay Area housing market continues to be one of the strongest in the country,” James said. “The market is driven higher by an extremely robust economy, especially in the tech sector, as well as an outstanding quality of life that attracts buyers from across the country and around the world. The biggest challenge we’re facing is not having nearly enough inventory of homes to meet the strong buyer demand.”
James said the luxury segment of the Bay Area market has been perhaps the hottest segment of the local market, especially on the Peninsula, in San Francisco and in parts of the South Bay. But he added that even other areas, like the East Bay, are seeing strong luxury sales as buyers commute further to find high-end homes at more attractive prices.
“The luxury market really has been driven in good measure by the run-up in the financial markets,” he added. “There’s a very striking correlation between the NASDAQ and average home prices in the Bay Area. Many of the buyers in the luxury market are highly compensated tech workers and executives who are using stock gains to invest in the housing market.”
Other panel sessions at the conference included one on building long-term client relationships, featuring a group of executives from a variety of industries, including the gaming industry, retail, banking and luxury autos.
The event concluded with an introduction to the upcoming Bravo network series, “Million Dollar Listing,” which stars Coldwell Banker Residential Brokerage agent Roh Habibi and two other local agents. Tune in to the new season of Million Dollar Listing San Francsico, premiering July 8 on Bravo.