SF St. Patrick’s Day Parade 2013 – March 16, 2013

Well over a hundred colorful floats, marching bands, Irish dance troupes and thousands of observers will gather together to for the San Francisco St. Patrick’s Day Parade and Festival. Saturday, March 16th will be the 162nd annual parade, and the popular Festival joins in the fun for another year. The Parade and Festival are a family friendly celebration of Irish culture and heritage, with San Francisco’s event shining as the largest one of its kind West of the Mississippi.

The Parade kicks off at 11:00 AM (PST) from 2nd and Market Streets and finishes at the Civic Center. Festival activities are scheduled from 11 AM to 5 PM and include, in addition to the Parade, live performance, crafts exhibitors, food and beverage concessions, children’s rides and inflatables, cultural displays and a number of non-profit booths representing the Irish community.

Saturday, March 16, 2013
2nd and Market Streets to the Civic Center
11 AM to 5 PM PST

From our NorCal network : The Artisan Group

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2151 Green Street
San Francisco, CA 94123
Offered at $9,950,000

For more information about this property or a referral to other areas of Northern California, please contact me.

The San Francisco Metro Area Apartment Building Market

The San Francisco Metro Area Apartment Building Market

The Reis Reports Update Provided by the Paragon Real Estate Group
for the Metro Area of San Francisco, Marin & San Mateo Counties.

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MARKET OVERVIEW: The economy of the West Bay area of metro San Francisco (aka the San Francisco Metropolitan Division) had one of the most dynamic economies in the country in 2012, and is attracting more people from across the globe than its housing market can accommodate. “Having left the heavy-lifting to technology companies until early this year, San Francisco’s non-tech employers are playing a growing role in the city’s labor recovery,” Bloomberg News reported.

The dollar value of qualifying single-property apartment sales in San Francisco in 2012 was $879.2 million in 176 deals according to Reis Transaction Analytics. For the fourth quarter of 2012 Reis reports 57 deals for $253.3 million at a mean price of $230,512 per unit. A shortage of properties for sale is holding back deal volume, as demand is enormous.

The 136,650-unit market-rate investment grade San Francisco apartment market features low and falling vacancies and high and rapidly rising rents. “The San Francisco apartment market is exceptionally active,” according to Western Real Estate Business. “It features extremely low vacancies, rapidly rising rents, and tremendous demand for a very limited inventory of assets.”

OCCUPANCY: The fourth quarter 2012 vacancy rate is just 3.2% according to Reis. The rate is already lower than the 3.6% in 2008 (the low of the previous cycle), but above the 1.2% rate recorded for 2000 at the height of the dotcom boom.

RENTS

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“San Francisco leads the region with an average rent of $2,741 per month,” according to our source. “This number has increased by 5.8% over the past year and 22.4% over the last 24 months. San Mateo County follows with a current average asking rate of $2,128 (up 11.6% in the past 12 months and 26.2% over the past two years).”

“Asking rents continue to soar, despite rent control laws in San Francisco,” according to Western Real Estate Business. While perhaps suppressing overall rents, of course, rent control increases the rent of the market-rate units tracked by Reis by locking up apartments and narrowing the housing stock available to meet new demand. Reis predicts another year of strong rent gains in 2013, followed by moderating but still solid gains thereafter. Reis predicts rent gains will be in the vicinity of 5% in 2013.

SUPPLY AND DEMAND: The broader Bay Area is on the brink of a new supply boom, according to Cassidy Turley. “There were 5,300 new multifamily units delivered in 2012 and we are currently tracking another 19,000 units in the development pipeline. San Francisco and Santa Clara Counties are the epicenter of this growth, though we are also seeing development levels quickly rising in the East Bay.”

Whatever level of new supply is added, and many of the huge-development units referenced above could be 10 years or more away from completion, Reis predicts it will be quickly snapped up. With modest deviations, net absorption is expected to match up with new availability through 2017, keeping the vacancy rate very low.

SELECTED SUBMARKET SNAPSHOTS

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The 15,771-unit Civic Center/Downtown submarket has a fourth quarter 2012 vacancy rate of 3.7% and an average asking rent of $1,596 per month. The Civic Center/Downtown submarket led the rest in units sold in 2012 at 1,065, and dollar value of sales at $148 million.

In the 8,084-unit Marina/Pacific Heights submarket, the fourth quarter vacancy rate is reported by Reis at 2.1%, the lowest in San Francisco proper, with an average asking rent at $2,348 per month. Among submarkets with substantial sales volumes, Marina/Pacific Heights leads in price per unit at $378,532.

The 15,692-unit South of Market (SoMa) submarket has a vacancy rate of 4.3%, highest among the submarkets (though hardly high), and an average asking rent of $2,485 per month, the second highest market-wide. Out of 544 condominium units completed in the West Bay market in 2012, 473 were in SoMa.

The 8,381-unit North Marin submarket has a vacancy rate of just 1.6%, and an average asking rent of $1,601 per month according to Reis.

For the 10,639-unit South San Mateo submarket, Reis reports a vacancy rate of 1.9%, second lowest among the submarkets, and an average asking rent of $1,740 per month. This submarket is near booming Silicon Valley.

POLITICAL: “San Francisco could soon be home to some of the tiniest apartments in the country: studios for up to two people that include a bathroom, kitchen, and a living area measuring 10 feet by 15 feet,” according to the Associated Press. “The Board of Supervisors approved legislation allowing construction of up to 375 micro units measuring a minimum of 220-square feet.

“Back from the graveyard of dead 2010 ballot proposals is a plan that would compel owners of ‘soft-story’ buildings to retrofit them for earthquake safety by 2020,” Curbed SF reported. “San Francisco’s Board of Supes will revisit the issue, which would apparently apply only to wood-frame buildings built before 1978, with at least three stories.

From our NorCal network : The Artisan Group

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756 El Pintado Road
Danville, CA 94526
Offered at $5,500,000

For more information about this property or a referral to other areas of Northern California, please contact me.

Bernal Heights House Sales

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Bay Area sees patchwork recovery from housing crash

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“According to an analysis by this newspaper of home values by ZIP code, with higher priced homes, such as the core of Silicon Valley and parts of San Francisco, have recovered much of the home equity lost in the crash. The data is for all types of homes: single-family, condos and townhouses. But neighborhoods with low-cost homes, especially those in parts of Alameda and Contra Costa counties, are still far below peak values, hurt by the waves of foreclosures that struck those areas.”

The full article with map is here: http://www.mercurynews.com/business/ci_20402461/bay-area-sees-patchwork-recovery-from-housing-crash

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330 Mission Bay Blvd., No. 202


Represented Buyer
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Case-Shiller’s December Report: 10th consecutive increase

The December report of the Case-Shiller Index for the 5-County SF Metro Area was released today, showing its 10th consecutive increase. In the high-tier-price index, which applies to the city better than their other indexes, but still understates the increases we’ve seen here, C-S shows a 9% increase in prices in the past 12 months, December 2011 to December 2012. Again, the real estate market of the city of San Francisco itself has outperformed the general market of the 5-county metro area.

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Our full report on the Case-Shiller Index is here: http://www.paragon-re.com/Case_Shiller_Index_Deciphered_for_SF

From our NorCal network : The Artisan Group

793168

1165 Lakeshore
Incline Village, 89451
Offered at $12,000,000

For more information about this property or a referral to other areas of Northern California, please contact me.

Bay Area Home Prices Projected to Surge

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“Looking at 245 Bay Area ZIP codes, Zillow projects that 244 will see home values ratchet up by significant margins in 2013, with 27 ZIPs seeing double-digit appreciation…Popular San Francisco neighborhoods such as Noe Valley, the Castro, Twin Peaks, the Mission and Bernal Heights are poised for double-digit appreciation, along with Menlo Park, Larkspur, Palo Alto, Alameda and North Berkeley, Zillow predicts.”

The full article is here: http://www.sfgate.com/realestate/article/Bay-Area-home-prices-projected-to-surge-4288392.php