3 Reasons the San Francisco Real Estate Boom Will Continue in 2015
San Francisco real estate has been pulling in the records in 2014. Earlier this year, we saw the highest price per square foot in Hayes Valley at 8 Octavia. And condos have been selling at the speed of light. The 267-unit Mission Bay development Arden by Bosa, for instance, sold out in a few months this summer. Recently, though, there has been some evidence the market is starting to plateau. For instance, the median home price in San Francisco hit a record $1.072 million in November, but sales volume dipped by 20 percent. But that shouldn’t be a cause for alarm. The San Francisco housing market traditionally slows down late in the year. In fact, it’s not likely prices will come down in 2015. Why? The laws of supply and demand are alive and well in the city, and the huge demand and short supply are contributing to surging home prices. Plus, interest rates remain low, although they’re projected to climb, so there are more buyers looking. Here are a few market factors to consider in 2015: 1. Demand for Housing Is Off the Charts: Since 2010, San Francisco has added about 10,000 residents per year, and new housing construction hasn’t come close to keeping pace. According to The Chronicle,San Francisco added roughly 10,000 residents in 2013, while just 2,300 new housing units were built. The math doesn’t add up. Unfortunately, San Francisco’s population is estimated balloon to 1 million by 2032; it’s roughly 840,000 residents now. Plus, many new residents are employed in the booming tech industry, i.e. they’re earning high wages are ready to buy. In fact,...San Francisco Condo Watch: Developments Buyers Should Watch in 2014
In San Francisco, new condos are popping up all over the city. That’s good news for buyers. But it can also be difficult to tell what’s going to hit the market soon or within the year, and what developments are coming online in the long-term. Here are a few real-estate projects buyers and investors should keep a close eye on in 2014:
Pier 70 – Big Changes for the Dogpatch Waterfront
San Francisco’s Pier 70: Developers Take Steps to Revitalize Long-Neglected Bayfront Property San Francisco’s historic Pier 70 is in the process of getting a major makeover – something The City has been pushing for since 1997. In all, the development at Pier 70 will add a load of new retail, office and residential property along the waterfront, incorporating existing historic buildings. But the pier won’t shed its shipyard past completely, as plans include the existing ship repair dock. Plus, there’s plenty of open space and a new city park on the docket, as well. The truth is this development has the potential to turn Pier 70 from forgotten industrial yard to a vibrant new business district. Yet, it can be a challenge to understand the full scope of Pier 70’s overhaul. There are four different projects on the table – one in the construction phase and others awaiting approval – and each one will bring on new park space, office and residential buildings to market. But all in all, the future of the 69-acre pier, which is located east of Illinois Street between Mariposa and 22nd, is looking bright. Here are some of the highlights: Pier 70 Historic Core Rehabilitation The Historic Core is the fastest-moving of all the redevelopment projects at Pier 70. Orton Development is currently rehabbing six historic buildings since getting the go-ahead from the city in late 2013. The buildings include about 270,000 square feet of existing space, and plans include an addition of 69,000 square feet of mostly retail and office space. It’s a great renovation project that will preserve Pier 70’s historic past....