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San Jose, San Francisco: Ranked Top Sell Markets
TOP SELL MARKETS 
1. San Francisco
2. New York City
3. San Jose
4. Miami
5. Milwaukee
Read the full report on the Multifamily Sector from Ten-X.    read more

Zillow Sued for Inaccurate Estimates
Home owners, realty agents and appraisers have been critical for years about the valuation tool, citing estimates that too often are far off the mark — sometimes 20 percent or 30 percent too low or too high — and misleading to consumers.  Zillow itself acknowledges errors…A Zestimate “is not an appraisal,” the company says on its website, but instead is “Zillow’s estimated market value” using its proprietary formula. Another way of looking at the Zestimate error rate: Roughly one quarter of the time, the value estimate is off by 10 percent or more of the selling price, and wrong by 20 percent or more 10 percent of the time. Though the 5 percent median error rate sounds modest, when computed against median sales prices, the errors can translate into tens of thousands of dollars — hundreds of thousands in high cost areas.  read more

Luxury High-Rise boom makes San Jose a Millennial Magnet
Transit-rich, adjacent to freeways and with parks, museums and theaters already in place, the approximately 250-square-block downtown core — with rents lower than San Francisco and more or less on par with Oakland — appears poised to become a new urban destination for millennials and the tech crowd.  Five projects have lately broken ground and — to use the parlance of developers — are now “going vertical,” bringing about 1,300 apartments and condos to the neighborhood. Beyond that, as many as 20 projects with about 6,000 units are in the pipeline, recently approved or under review by City Hall. read more

South Bay Economy Will Cool Off Yet Remain Strong
“Santa Clara County is still hot, but things are starting to slow because growth is being constrained by a lack of housing and a lack of labor,” said Christopher Thornberg, principal economist and founding partner with Beacon Economics, during his presentation at an economic summit at San Jose State University. read more

Silicon Valley and Peninsula Multifamily Rent Growth Tapers Off
Average rent growth in the San Jose Metro Market decreased by 1.1% and 0.8% in the San Francisco Metro Market in the previous 12 months.  Yardi’s Matrix report for May predicts that rent will grow just 0.5% in San Jose Metro area and to remain stable (0.0%) in San Francisco.  Download the full report