By JAMES B. STEWART

Passing through the Fort Myers, Fla., airport a few weeks ago, I noticed people eagerly signing up for a free bus tour of foreclosed real estate—with all properties offering water views. During the ride to my hotel, the young driver volunteered that he had just bought his first house, paying $65,000 for a foreclosed property in nearby Cape Coral that last sold for over $250,000. He said he had never expected to be able to buy anything on a driver’s salary, let alone something that nice.

Last week, Standard & Poor’s reported that its S&P/Case-Shiller U.S. National Home Price index of real-estate values increased this past quarter over the first quarter of 2009, the first quarter-on-quarter increase in three years. Its index of 20 major cities also rose for the three months ended June 30 over the three months ended May 31, with only hard-hit Detroit and Las Vegas experiencing declines. The week before that, the National Association of Realtors reported that sales volume of existing homes was up 7.2% in July from June.

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From Socketsite:

”According to the San Francisco Planning Department and its 2004 and 2009 Housing Element Report, San Francisco’s big picture housing pipeline is as so:

· 156 projects with 6,510 housing units are currently under construction
· 168 projects representing 2,850 units have received a building permit
· 316 projects representing 4,480 units have applied for a building permit
· 92 projects representing 6,200 units have been approved by the Planning Department
· 130 projects representing 34,750 units have filed for Planning Department approval

From the Planning Department’s report:

Collectively, these 54,790 new units represent San Francisco’s pipeline projects….It is possible that some of these projects may not go forward due to shifts in economic and legislative conditions. However, production trends over the last decade show that as much as 85 percent to 90 percent of pipeline project units are completed within five to seven years.”

This week’s list of our upcoming listings, pocket listings, price reductions and property types buyers are looking for (interested in selling? an off-market deal?):

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Check out the great deal I just got my buyers!

Newly constructed condo is the heart of Cow Hollow.  Amazing two-level condominium with sophisticated house like-feeling. Large 3 Bedroom, 2.5 Bathroom features flexible open floor plan, stunning gourmet kichen and sun-drunched living area. Exceptional upgrades include Brazilian teak flooring with hydronic heating throughout,Ecosmart designer fireplace, FuzeONE whole-home media system with surround speakers.   Building has amazing roof deck with panoramic views of the bay and Golden Gate Bridge.

List price $1,749,000
Sold price $1,600,000

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