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Blog Archives: December 2016

Checking Out the Top of 181 Fremont

December 23, 2016
Source: Brock Keeling - Curbed SF This week, 70-story 181 Fremont, a business/residential luxury high-rise featuring sleek and sumptuous units by Orlando Diaz-Azcuy, officially topped out. The spire, signed by the everyone involved in the project, has been put in its place. And the tower is ready to take its rightful place among California’s most iconic structures. The topping off is a huge milestone for the building. It marks the end of the structural phase of the $665 million high-rise. Now the build-out of the 55 luxe condominium ...

32 Years of Bay Area Development in 4 Seconds

December 23, 2016
Source: Adam Brinklow - Curbed SF In 2013, Google took its people-watching hobby to the next level by compiling several decades worth of satellite imagery of every place on earth into a larger-than-life searchable time lapse sequence. But, being Google, they weren’t satisfied just with that, and last week they updated the entire planet’s yearbook photos to include everything up to the present day, on top of kicking the image quality as high as it can go. The result locally is that you can watch 32 years pass in San Francisco and the ...

Predictions About Stagnating SF Rents Came True This Year

December 21, 2016
Source: Adam Brinklow - Curbed SF Popular apartment and rental sites all report notably similar figures for median San Francisco rents at the end of the year. RENTCafe’s just-released November figures show a median market rent of $3,343. That’s within $100 of three competitor sites. Since platforms like RENTCafe usually only measure what the median rent is on RENTCafe, it’s nice when they can all occasionally agree. [Update: A RENTCafe spokesperson tells us that their report actually reflects data from an independent research g ...

Will 2017 be a Buyer's Market or a Seller's Market?

December 20, 2016
Source: Amber Taufen - Inman Four economists weigh in on what the next year has in store for each group In some years and some markets, the answer is obvious — in 2016, Denver was a seller’s market, and San Francisco’s been one for quite a stretch. But sometimes, it’s not so clear, and with mortgage rates on the up-and-up and robust plans for the economy ahead, all the plans for 2017 seem to be out the window. Here’s what four economists had to say about whether 2017 is leaning toward buyers or sellers. Most economists we talked ...

End of the Year Legislation Round-Up

December 19, 2016
Source: Melinda Sarjapur - Reuben Junius & Rose, LLP Mayor Ed Lee vetoed legislation last week that proposed additional restrictions on the short-term rentals in the City.  The legislation, which was introduced by Supervisors Breed and Peskin and approved 7-3 by the Board of Supervisors on November 29th, would have restricted short term rentals not already registered with the City to 60 days per year, regardless of whether the host was present.  The legislation would also have narrowed the group of people that are allowed to bring a ...

The State Density Bonus Has Arrived in San Francisco

December 14, 2016
Source: Rob Poole - San Francisco Housing Action Coalition On Thursday December 8th, the San Francisco Planning Commission approved the first market-rate housing project to apply the state density bonus law. The vote was 5-1. Commissioner Melgar was the dissenting vote and Commissioner Moore was absent. This marks a tremendous win for housing advocates who have pushed for this law’s implementation over many years. The proposal up for a vote was 333 12th Street. The project team includes SFHAC-members Panoramic Interests, Macy ...

Construction Forecast: December 9 - December 23, 2016

December 12, 2016
Source: Pacific Heights Residents Association Arendering of Van Ness Avenue at California looking south after construction of the Van Ness Improvement Project is completed. Safety observations and traffic adjustments are underway. The roadway is being narrowed from three to two traffic lanes in each direction along the Van Ness Avenue roadway for construction in the median. The lane closures will start on Van Ness southbound at Broadway and northbound at McAllister Street. As work progresses north and south, the lane closures will ...

San Francisco Area Report

December 08, 2016
Here is your latest Area Report, analyzing data as it affects a specific market area. The Market Summary below offers a look at sales activity for the prior month and year, along with current and past year-to-date statistics. The graphs cover several different aspects of the real estate market. Note how some of the graphs break out trends by price increments. Please contact me if you would like more information on your current market.  

8 Experts Predict What the 2017 Housing Market Has in Store

December 07, 2016
Source: Amber Taufen - Inman, SF Bay Area Edition What will happen to mortgage rates, affordability, inventory and more? It’s been one unprecedented 2016, between the Brexit vote, the continued persistence of low mortgage interest rates and an election that seemed to temporarily throw markets for a loop. What will the 12 months encompassing 2017 hold in store for housing? Inman asked eight different experts to give their take: Steve Cook, editor of Real Estate Economy Watch Doug Duncan, senior vice president and chief economist ...

Meet San Francisco's Newest Street, Martin Ave

December 05, 2016
Source: Adam Brinklow, Curbed SF Perhaps Bernal Heights' most nerdy-cool corridor Of San Francisco’s many new additions this year—citizens, buildings, public art—few are quite as endearing as what will soon be the city’s newest street, Martin Avenue. It’s a humble affair, just a short stretch of pavement inBernal Heights, near the Dogpatch Miller Garden. Previously, these blocks were home to a messy, confusing triangle, as Brewster Street splits into two before terminating at Mullen Avenue, creating a weird, nameless stretch on ...

Prop 13 Saved San Franciscans Millions

December 02, 2016
Source: Adam Brinklow - Curbed SF The real estate site Trulia took a gander at the recent history of Prop 13, the California property tax law that remains a constant bone of contention in Sacramento’s budget dealings almost 40 years after it passed. Some Californians believe that Prop 13—which voters approved in 1978 by a margin of nearly 2 million ballots in a 2-1 blowout—prevents property taxes from rising at all, but that isn’t accurate. It did, however, radically alter the way the state levels property taxes and put an extremely ...

The Nearly 64,000 Apartments and Condos in SF’s Housing Pipeline

December 01, 2016
Source: SocketSite With new proposals for slightly more units of housing than finished construction in the third quarter of 2016, the overall pipeline of apartments and condos under development in San Francisco has inched up by 400 to a record 63,700. While that’s 4,700 more units in the pipeline than at the same time last year, the quarter-over-quarter increase of 400 is 4,000 fewer than the increase from the second to third quarter last year, an increase which was followed by a jump of 3,500 in the fourth quarter which we’re not on ...

Proposition W: Increase in Real Property Transfer Tax

December 01, 2016
Source: Thomas P. Tunny - Reuben, Junius & Rose, LLP In our last update, we reported on two of the ballot measures presented to the voters on the November 8 ballot.  An additional measure was Proposition W, which was approved by the voters and authorized an increase in the Real Property Transfer Tax on properties sold for at least $5 million. The Real Property Transfer Tax is imposed on any transaction that results in a “transfer” of real property in the City. The definition of a “transfer” is broad and includes certain transfers of ...