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		<title>Supervisor&#8217;s 2nd try to change environmental appeals</title>
		<link>http://homesmillbrae.com/2074/supervisors-2nd-try-to-change-environmental-appeals/</link>
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		<pubDate>Thu, 14 Mar 2013 09:56:51 +0000</pubDate>
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		<description><![CDATA[(03-13) 17:25 PDT San Francisco &#8212; In a city where land-use fights often take center stage, it&#8217;s no surprise that any attempt to tweak the environmental appeals process for new projects would be scrutinized. When San Francisco Supervisor Scott Wiener &#8230; <a href="http://homesmillbrae.com/2074/supervisors-2nd-try-to-change-environmental-appeals/">Continue reading <span class="meta-nav">&#8594;</span></a>]]></description>
			<content:encoded><![CDATA[<p><strong>(03-13) 17:25 PDT San Francisco</strong> &#8212; In a city where land-use fights often take center stage, it&#8217;s no surprise that any attempt to tweak the environmental appeals process for new projects would be scrutinized. </p>
<p>When <a href="http://www.sfgate.com/supervisors/">San Francisco Supervisor</a> Scott Wiener went before the Planning Commission in November proposing to attach a deadline to some California Environmental Quality Act appeals, he was met by 90 minutes of strong opposition from public commenters and commissioners, who told him to come back with a better plan done with more public outreach. </p>
<p>Thirty-four amendments later, Wiener will be back at the commission Thursday hoping to change an appeals process that he calls unpredictable and chaotic.</p>
<p>&#8220;If you&#8217;re not a land-use lawyer, it&#8217;s completely opaque. It&#8217;s unclear even when the deadline is to file the appeal,&#8221; Wiener said.</p>
<p>San Francisco is one of few cities where smaller projects that don&#8217;t require environmental impact reports aren&#8217;t subject to a set deadline for appeals to the Board of Supervisors. Wiener wants to establish a deadline so that any appeal of the state environmental quality act would be made within 30 days of a project&#8217;s approval. </p>
<p>Currently the city attorney determines on a case-by-case basis whether an appeal is timely.</p>
<p>&#8220;The bottom line is we&#8217;re not taking away anyone&#8217;s right to appeal the CEQA decision,&#8221; said Planning Director John Rahaim, who supports Wiener&#8217;s efforts. &#8220;What this does is establish some very basic rules around deadline appeals.&#8221;</p>
<h3 class="subhead">Simplifying process</h3>
<p>Gabriel Metcalf, the executive director of San Francisco Planning and Urban Research Association, said that the city&#8217;s planning code is thousands of pages long and that Wiener&#8217;s legislation would simplify things without resulting in material changes for bigger projects.</p>
<p>&#8220;We have a system that is designed for maximum confusion and maximum frustration,&#8221; he said. &#8220;The amendments we&#8217;re talking about here would help clear up a little bit of the confusion and a little bit of the frustration for a small set of projects.&#8221;</p>
<p>Wiener stresses that his legislation is focused on smaller projects that can least afford to have an unpredictable environmental process, as opposed to large developers who can afford to wage long, costly legal battles.</p>
<p>&#8220;This isn&#8217;t about the Parkmerceds, the Treasure Islands and America&#8217;s Cups of the world,&#8221; he said. &#8220;This is the much larger category ranging from small park projects, to pedestrian projects, to people doing work on their homes.&#8221;</p>
<p>But some groups wary of development say they do believe the legislation puts unreasonable constraints on the appeals process. </p>
<p>&#8220;Scott Wiener&#8217;s legislation puts forward a time frame that will hamper our ability to effectively file an appeal,&#8221; said Michelle Myers, the director of the Sierra Club&#8217;s San Francisco Bay chapter.</p>
<p>Eric Brooks, an organizer for the Our City activist group that opposed past efforts by supervisors to streamline the CEQA process, said he also shares Myers&#8217; concern about a provision in Wiener&#8217;s legislation that would allow some appeals to be heard before a board committee instead of the full Board of Supervisors.</p>
<p>&#8220;Basically what the legislation is doing is taking some small problems in the current law that do need some fixing and using them as a vehicle to completely gut the public&#8217;s ability to use CEQA to support San Francisco and its neighborhoods from bad <a href="http://www.sfgate.com/realestate/">real estate</a> developments,&#8221; Brooks said.</p>
<h3 class="subhead">Miss appeal window</h3>
<p>He also worried that project opponents would miss the appeal window if the legislation is approved. </p>
<p>Brooks and Myers said they are working with Supervisor Jane Kim on alternative CEQA legislation that would involve the full board in appeals and push back the appeal deadlines, which Wiener said would make the process worse than it already is.</p>
<p>Other neighborhood leaders say they welcome clear rules for appeals on smaller projects. Raymond Holland, president of the Planning Association for the Richmond recalled that when ATT started adding utility boxes on sidewalks in his neighborhoods a few years ago, there was a debate over whether it was too late to appeal.</p>
<p>&#8220;It was real unclear when the decision of the exemption was made and secondly when the clock started to run,&#8221; he said. &#8220;It&#8217;s been sort of a free-for-all whenever you have an appeal, so I think codifying makes sense.&#8221;</p>
<p>Once the Planning Commission makes its recommendation Thursday, there will be several more public hearings before the legislation is voted on by the Board of Supervisors. </p>
<p class="dtlcomment">Neal J. Riley is a San Francisco Chronicle staff writer. E-mail: nriley@sfchronicle.com Twitter: <a href="http://twitter.com/realdealneal">@realdealneal</a></p>
<p>Article source: <a href="http://www.sfgate.com/bayarea/article/Supervisor-s-2nd-try-to-change-environmental-4352827.php">http://www.sfgate.com/bayarea/article/Supervisor-s-2nd-try-to-change-environmental-4352827.php</a></p>]]></content:encoded>
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		<title>Property Flippers Are Back as Housing’s New Middle Men</title>
		<link>http://homesmillbrae.com/1765/property-flippers-are-back-as-housing%e2%80%99s-new-middle-men/</link>
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		<pubDate>Tue, 16 Oct 2012 07:07:26 +0000</pubDate>
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				<category><![CDATA[Real Estate News]]></category>
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		<description><![CDATA[Who can forget the heady days of the housing boom when property flippers would follow condo developers around like hungry wolves, waiting to pounce on new projects before one grain of earth had moved? Property auctions for single family homes &#8230; <a href="http://homesmillbrae.com/1765/property-flippers-are-back-as-housing%e2%80%99s-new-middle-men/">Continue reading <span class="meta-nav">&#8594;</span></a>]]></description>
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<p class="textBodyBlack"><span />Who can forget the heady days of the housing boom when property flippers would follow condo developers around like hungry wolves, waiting to pounce on new projects before one grain of earth had moved? </p>
<p class="textBodyBlack"><span />Property auctions for single family homes weren’t any different, as novice buyers were scooping up multiple properties only to flip them for a profit in a matter of weeks. </p>
<p class="textBodyBlack"><span />Those days are gone; the price appreciation is gone, and the funding is gone…but apparently the flippers are back. Some of them never left. Close to 100,000 properties were flipped in the first six months of this year, according to RealtyTrac, which defines flipping as a home bought and sold within six months. That is a 25 percent jump from a year ago. But flipping is not what it used to be. </p>
<p class="textBodyBlack"><span /></p>
<p class="textBodyBlack"><span />“There is this kind of middle man investor who is doing the flipping,” says RealtyTrac’s Daren Blomquist, who ran a webinar last month titled, “<b><strong><a href="http://www.realtytrac.com/content/news-and-opinion/flipping-foreclosures-in-2012-7401" target="_blank"><strong>Why Property Flipping is Flying High in 2012</strong></a></strong></b>.” Blomquist says the difference for today’s flippers is that they must add value to the home before selling, because price appreciation alone won’t net the profit they seek. That means rehabbing, which can be pricey, depending on the condition of the property. Many of the distressed homes now that flippers seek have been either ransacked by former owners or left vacant and untended for years. </p>
<p class="textBodyBlack"><span /><em>(Read More: <b><strong><strong>How to Play the Housing ‘Boom’</strong></strong></b>)</em></p>
<p class="textBodyBlack"><span />“You don’t see any of that highly speculative flipping where it’s solely reliant on the home prices going up for the flip to work,” says Blomquist, which is why many flippers are middle men. They flip to other investors in order to get the profit they need. “It’s probably easier to flip to another investor because this person is an experienced buyer and should have their ducks in a row in terms of being able to finance the property, if not pay up front in cash.” </p>
<p class="textBodyBlack"><span /></p>
<p class="textBodyBlack"><span />Large-scale, big money investors, like hedge funds, have flooded the single family real estate market, looking for rental properties that will produce good yield. While some have their own teams attending foreclosure auctions and doing the rehabilitation and remodeling, many would rather buy turn-key products, even if the price is slightly higher. The “pure” property flip appears to be less popular, although in some stronger markets it is certainly still happening. </p>
<p class="textBodyBlack"><span /><em>(Read More: <b><strong><strong>Cities With the Most Affordable Homes</strong></strong></b>)</em></p>
<p class="textBodyBlack"><span />“I have seen a return of flipping, but only at the individual or small investor level. In some cases, these investors are targeting larger, institutional investors as potential buyers,” says Rick Sharga of Carrington Mortgage Holdings, a large fund investing in single family rentals. “I haven&#8217;t seen institutional investors doing much flipping (although they will occasionally sell off a few properties from a pool if the homes don&#8217;t fit their business model).” </p>
<p class="textBodyBlack"><span />Investors planning a REIT would not be flippers, Sharga notes, as what they need is a large pool of rental homes delivering the cash flow a REIT would require. Most of the larger investors are paying market price (sometimes a little less, sometimes more), which makes profitable flipping difficult. </p>
<p class="textBodyBlack"><span /><em>(Read More: <b><strong><strong>A Risky Lifeline for Seniors Is Costing Some Their Homes</strong></strong></b>)</em></p>
<p class="textBodyBlack"><span />Until the rental market chills and the housing market shows strong price gains, pure property flipping will not be nearly as lucrative as it once was. On the positive side, continued strength in the single family rental market and the ensuing large investors interest offers smaller investors willing to do the dirty work a large pool of cash-heavy buyers. </p>
<p class="textBodyBlack"><span /></p>
<p class="textBodyBlack"><span /><b><strong><em>Sector Watch: Construction  General Building Materials</em></strong></b></p>
<ul>
<li class="textBodyBlack">The Home Depot <span><span><span class="cboq_div"><span class="cbo_qwrpr"><br /><span><img src="http://homesmillbrae.com/wp-content/plugins/rss-poster/cache/eae77_blank.gif" border="0" title="Property Flippers Are Back as Housing’s New Middle Men" alt="eae77 blank Property Flippers Are Back as Housing’s New Middle Men" /></span></span></span></span><span><a href="http://data.cnbc.com/quotes/hd" class="black_no_change"><span>[</span><span>HD</span> <br />
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<li class="textBodyBlack">Lowe&#8217;s Companies <span><span><span class="cboq_div"><span class="cbo_qwrpr"><br /><span><img src="http://homesmillbrae.com/wp-content/plugins/rss-poster/cache/eae77_blank.gif" border="0" title="Property Flippers Are Back as Housing’s New Middle Men" alt="eae77 blank Property Flippers Are Back as Housing’s New Middle Men" /></span></span></span></span><span><a href="http://data.cnbc.com/quotes/low" class="black_no_change"><span>[</span><span>LOW</span> <br />
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	<span><img border="0" src="http://homesmillbrae.com/wp-content/plugins/rss-poster/cache/eae77_realtime_icon.gif" title="Property Flippers Are Back as Housing’s New Middle Men" alt="eae77 realtime icon Property Flippers Are Back as Housing’s New Middle Men" /></span>]</a></span></span></li>
<li class="textBodyBlack">The Sherwin-Williams Company <span><span><span class="cboq_div"><span class="cbo_qwrpr"><br /><span><img src="http://homesmillbrae.com/wp-content/plugins/rss-poster/cache/eae77_blank.gif" border="0" title="Property Flippers Are Back as Housing’s New Middle Men" alt="eae77 blank Property Flippers Are Back as Housing’s New Middle Men" /></span></span></span></span><span><a href="http://data.cnbc.com/quotes/shw" class="black_no_change"><span>[</span><span>SHW</span> <br />
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<li class="textBodyBlack">E. I. du Pont de Nemours and Company <span><span><span class="cboq_div"><span class="cbo_qwrpr"><br /><span><img src="http://homesmillbrae.com/wp-content/plugins/rss-poster/cache/eae77_blank.gif" border="0" title="Property Flippers Are Back as Housing’s New Middle Men" alt="eae77 blank Property Flippers Are Back as Housing’s New Middle Men" /></span></span></span></span><span><a href="http://data.cnbc.com/quotes/dd" class="black_no_change"><span>[</span><span>DD</span> <br />
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<li class="textBodyBlack">Apogee Enterprises <span><span><span class="cboq_div"><span class="cbo_qwrpr"><br /><span><img src="http://homesmillbrae.com/wp-content/plugins/rss-poster/cache/eae77_blank.gif" border="0" title="Property Flippers Are Back as Housing’s New Middle Men" alt="eae77 blank Property Flippers Are Back as Housing’s New Middle Men" /></span></span></span></span><span><a href="http://data.cnbc.com/quotes/apog" class="black_no_change"><span>[</span><span>APOG</span> <br />
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</ul>
<p class="textBodyBlack"><span /><em>Questions?  Comments?  </em><em /><em>And follow me on </em><a href="http://twitter.com/diana_Olick"><em>Twitter @Diana_Olick</em></a></p>
<p><img width="100%" height="0" title="Property Flippers Are Back as Housing’s New Middle Men" alt=" Property Flippers Are Back as Housing’s New Middle Men" /></p>
<p>Article source: <a href="http://www.cnbc.com/id/49419503?__source=RSS*blog*&amp;par=RSS">http://www.cnbc.com/id/49419503?__source=RSS*blog*&amp;par=RSS</a></p>]]></content:encoded>
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		<title>Apartment Demand Ebbs as ‘Avalanche’ of New Units Open</title>
		<link>http://homesmillbrae.com/1747/apartment-demand-ebbs-as-%e2%80%98avalanche%e2%80%99-of-new-units-open/</link>
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		<pubDate>Thu, 04 Oct 2012 06:25:46 +0000</pubDate>
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				<category><![CDATA[Real Estate News]]></category>
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		<description><![CDATA[One of the biggest upsides to the downturn in housing has been a surge in demand for apartments. Whether burned by foreclosure or afraid of losing money in homeownership, Americans have run in droves to rent. That resulted in a &#8230; <a href="http://homesmillbrae.com/1747/apartment-demand-ebbs-as-%e2%80%98avalanche%e2%80%99-of-new-units-open/">Continue reading <span class="meta-nav">&#8594;</span></a>]]></description>
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<p class="textBodyBlack"><span />One of the biggest upsides to the downturn in housing has been a surge in demand for apartments. </p>
<p class="textBodyBlack"><span />Whether burned by foreclosure or afraid of losing money in homeownership, Americans have run in droves to rent. That resulted in a strong rise in rents and a big drop in vacancies over the past few years, as investors rushed to build more supply. Now, just as that supply is about to come on line, demand appears to be weakening. </p>
<p class="textBodyBlack"><span />Apartment vacancies fell by just ten basis points in the third quarter of 2012, from 4.7 percent to 4.6 percent, according to Reis Inc. While that is still an improvement, it is the slowest rate since the recovery began in 2010; vacancies fell by an average 35 basis points every quarter from 2010 and 2011. </p>
<p class="textBodyBlack"><span />&#8220;Demand for apartments still clearly outstrips supply growth, with absorption figures higher than construction, and vacancies declining. Still, there is cause for concern in the near-term that demand is abating for multifamily, just as a veritable avalanche of new projects begins to open their doors early next year,&#8221; notes Reis economist Victor Calanog. </p>
<p class="textBodyBlack"><span />The change in occupied apartments also slowed to the lowest rate of absorption since the first part of 2010 and represented less than half the quarterly average of the past two years. This is particularly concerning, given how many new apartments are under construction and scheduled to open in the next two years. Multi-family housing starts were up 37 percent in August from a year ago, according to the U.S. Department of Commerce. </p>
<p class="textBodyBlack"><span /></p>
<p class="textBodyBlack"><span />Reis estimates that accounting for delays and cancellations, between 160,000 and 200,000 new units will open in 2013. In 2014 that “total” figure (not adjusted for delays) exceeds 320,000. That is in the 79 markets it tracks, where only 41,000 or so units were built in 2011. The average annual figure from 2001 to 2008 was about 120,000. </p>
<p class="textBodyBlack"><span />Many analysts still believe apartment demand will remain robust in the near term, relative to where it has been historically, as so many potential home buyers are shut out of the mortgage market due to damaged credit. They also point to a shift in the homeownership mentality of younger Americans, who have seen what the housing crash did to their parents and who are gravitating more and more to urban centers. </p>
<p class="textBodyBlack"><span />&#8220;Renting an apartment offers extreme flexibility in today&#8217;s techie generation and offers sociability,&#8221; says Alexander Goldfarb of Sandler O&#8217;Neill. &#8220;It&#8217;s huge how much kids want to be with other kids, and apartments lend themselves well to that. We are not seeing a sudden wave of people moving out to buy homes, even though housing is finding a floor.&#8221; </p>
<p class="textBodyBlack"><span />In fact, Goldfarb says the move-out rate is now at 16 percent, below the historical average of 20 percent. The biggest issue for the big apartment REITs, like <b><strong>Equity Residential <span><span><span class="cboq_div"><span class="cbo_qwrpr"><br /><span><img src="http://homesmillbrae.com/wp-content/plugins/rss-poster/cache/826fd_blank.gif" border="0" title="Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" alt="826fd blank Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" /></span></span></span></span><span><a href="http://data.cnbc.com/quotes/eqr" class="black_no_change"><span>[</span><span>EQR</span> <br />
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	<span><img border="0" src="http://homesmillbrae.com/wp-content/plugins/rss-poster/cache/826fd_realtime_icon.gif" title="Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" alt="826fd realtime icon Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" /></span>]</a></span></span></strong></b>, <b><strong>Avalon Bay <span><span><span class="cboq_div"><span class="cbo_qwrpr"><br /><span><img src="http://homesmillbrae.com/wp-content/plugins/rss-poster/cache/826fd_blank.gif" border="0" title="Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" alt="826fd blank Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" /></span></span></span></span><span><a href="http://data.cnbc.com/quotes/avb" class="black_no_change"><span>[</span><span>AVB</span> <br />
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	<span><img border="0" src="http://homesmillbrae.com/wp-content/plugins/rss-poster/cache/826fd_realtime_icon.gif" title="Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" alt="826fd realtime icon Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" /></span>]</a></span></span>,</strong></b> <b><strong>Essex</strong></b> <span><span><span class="cboq_div"><span class="cbo_qwrpr"><br /><span><img src="http://homesmillbrae.com/wp-content/plugins/rss-poster/cache/826fd_blank.gif" border="0" title="Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" alt="826fd blank Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" /></span></span></span></span><span><a href="http://data.cnbc.com/quotes/ess" class="black_no_change"><span>[</span><span>ESS</span> <br />
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	<span><img border="0" src="http://homesmillbrae.com/wp-content/plugins/rss-poster/cache/826fd_realtime_icon.gif" title="Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" alt="826fd realtime icon Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" /></span>]</a></span></span> and <b><strong>Camden Property Trust <span><span><span class="cboq_div"><span class="cbo_qwrpr"><br /><span><img src="http://homesmillbrae.com/wp-content/plugins/rss-poster/cache/826fd_blank.gif" border="0" title="Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" alt="826fd blank Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" /></span></span></span></span><span><a href="http://data.cnbc.com/quotes/cpt" class="black_no_change"><span>[</span><span>CPT</span> <br />
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<p class="textBodyBlack"><span /></p>
<p class="textBodyBlack"><span />&#8220;Does that continue or do other trends boost them?&#8221; asks Goldfarb. &#8220;When you look at absolute growth rates, it will look very good relative to other sectors, and that will bring investors back to apartments.&#8221; </p>
<p class="textBodyBlack"><span />Goldfarb does not believe that the burgeoning single family rental market is taking share away from the multi-family sector, but others say it could play a role, especially for lower income families looking for more space. Investors in some of the hardest hit housing markets have been buying up as many distressed properties as they can find, citing new demand. </p>
<p class="textBodyBlack"><span />&#8220;I see unprecedented demand, more than I&#8217;ve ever seen in 15 years,&#8221; says James McClelland, CEO of Chicago-based MACK Companies, a rental property investment group. &#8220;Our waiting list is already up to 4 months. if you pass our criteria to become one of our renters you get the honor of sitting on a four month waiting list until the next home is available to you.&#8221; </p>
<p class="textBodyBlack"><span />The housing market may be recovering, but it is far from a robust recovery, and the lessons learned in the latest crash will likely keep rental demand high. Given where other commercial sectors are with vacancy rates, apartments are still the healthiest; it remains to be seen what all the new supply will do to the fundamentals over the long term. Analysts say 2014 is the year to watch. </p>
<p class="textBodyBlack"><span /></p>
<p class="textBodyBlack"><span /><b><strong><em>Sector Watch: US-Based REITS</em></strong></b></p>
<p class="textBodyBlack"><span />—Host Hotels  Resorts <span><span><span class="cboq_div"><span class="cbo_qwrpr"><br /><span><img src="http://homesmillbrae.com/wp-content/plugins/rss-poster/cache/826fd_blank.gif" border="0" title="Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" alt="826fd blank Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" /></span></span></span></span><span><a href="http://data.cnbc.com/quotes/hst" class="black_no_change"><span>[</span><span>HST</span> <br />
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<p class="textBodyBlack"><span />—Simon Property Group <span><span><span class="cboq_div"><span class="cbo_qwrpr"><br /><span><img src="http://homesmillbrae.com/wp-content/plugins/rss-poster/cache/826fd_blank.gif" border="0" title="Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" alt="826fd blank Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" /></span></span></span></span><span><a href="http://data.cnbc.com/quotes/spg" class="black_no_change"><span>[</span><span>SPG</span> <br />
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<p class="textBodyBlack"><span />—Equity Residential <span><span><span class="cboq_div"><span class="cbo_qwrpr"><br /><span><img src="http://homesmillbrae.com/wp-content/plugins/rss-poster/cache/826fd_blank.gif" border="0" title="Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" alt="826fd blank Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" /></span></span></span></span><span><a href="http://data.cnbc.com/quotes/eqr" class="black_no_change"><span>[</span><span>EQR</span> <br />
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<p class="textBodyBlack"><span />—Apartment Investment  Management Co <span><span><span class="cboq_div"><span class="cbo_qwrpr"><br /><span><img src="http://homesmillbrae.com/wp-content/plugins/rss-poster/cache/826fd_blank.gif" border="0" title="Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" alt="826fd blank Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" /></span></span></span></span><span><a href="http://data.cnbc.com/quotes/aiv" class="black_no_change"><span>[</span><span>AIV</span> <br />
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<p class="textBodyBlack"><span />—Vornado Realty Trust <span><span><span class="cboq_div"><span class="cbo_qwrpr"><br /><span><img src="http://homesmillbrae.com/wp-content/plugins/rss-poster/cache/826fd_blank.gif" border="0" title="Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" alt="826fd blank Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" /></span></span></span></span><span><a href="http://data.cnbc.com/quotes/vno" class="black_no_change"><span>[</span><span>VNO</span> <br />
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<p class="textBodyBlack"><span />—Boston Properties <span><span><span class="cboq_div"><span class="cbo_qwrpr"><br /><span><img src="http://homesmillbrae.com/wp-content/plugins/rss-poster/cache/826fd_blank.gif" border="0" title="Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" alt="826fd blank Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" /></span></span></span></span><span><a href="http://data.cnbc.com/quotes/bxp" class="black_no_change"><span>[</span><span>BXP</span> <br />
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<p class="textBodyBlack"><span />—FelCor Lodging Trust <span><span><span class="cboq_div"><span class="cbo_qwrpr"><br /><span><img src="http://homesmillbrae.com/wp-content/plugins/rss-poster/cache/826fd_blank.gif" border="0" title="Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" alt="826fd blank Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" /></span></span></span></span><span><a href="http://data.cnbc.com/quotes/fch" class="black_no_change"><span>[</span><span>FCH</span> <br />
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<p class="textBodyBlack"><span />—AvalonBay Communities <span><span><span class="cboq_div"><span class="cbo_qwrpr"><br /><span><img src="http://homesmillbrae.com/wp-content/plugins/rss-poster/cache/826fd_blank.gif" border="0" title="Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" alt="826fd blank Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" /></span></span></span></span><span><a href="http://data.cnbc.com/quotes/avb" class="black_no_change"><span>[</span><span>AVB</span> <br />
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<p class="textBodyBlack"><span />—American Capital Agency Corp <span><span><span class="cboq_div"><span class="cbo_qwrpr"><br /><span><img src="http://homesmillbrae.com/wp-content/plugins/rss-poster/cache/826fd_blank.gif" border="0" title="Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" alt="826fd blank Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" /></span></span></span></span><span><a href="http://data.cnbc.com/quotes/agnc" class="black_no_change"><span>[</span><span>AGNC</span> <br />
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<p class="textBodyBlack"><span />—UDR, Inc <span><span><span class="cboq_div"><span class="cbo_qwrpr"><br /><span><img src="http://homesmillbrae.com/wp-content/plugins/rss-poster/cache/826fd_blank.gif" border="0" title="Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" alt="826fd blank Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" /></span></span></span></span><span><a href="http://data.cnbc.com/quotes/udr" class="black_no_change"><span>[</span><span>UDR</span> <br />
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<p class="textBodyBlack"><span />—Essex Property Trust, Inc. <span><span><span class="cboq_div"><span class="cbo_qwrpr"><br /><span><img src="http://homesmillbrae.com/wp-content/plugins/rss-poster/cache/826fd_blank.gif" border="0" title="Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" alt="826fd blank Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" /></span></span></span></span><span><a href="http://data.cnbc.com/quotes/ess" class="black_no_change"><span>[</span><span>ESS</span> <br />
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<p class="textBodyBlack"><span />—Camden Property Trust <span><span><span class="cboq_div"><span class="cbo_qwrpr"><br /><span><img src="http://homesmillbrae.com/wp-content/plugins/rss-poster/cache/826fd_blank.gif" border="0" title="Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" alt="826fd blank Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" /></span></span></span></span><span><a href="http://data.cnbc.com/quotes/cpt" class="black_no_change"><span>[</span><span>CPT</span> <br />
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<p class="textBodyBlack"><span /><em>Questions?  Comments?  </em><em /><em>And follow me on </em><a href="http://twitter.com/diana_Olick"><em>Twitter @Diana_Olick</em></a></p>
<p><img width="100%" height="0" title="Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" alt=" Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" /></p>
<p>Article source: <a href="http://www.cnbc.com/id/49271964?__source=RSS*blog*&amp;par=RSS">http://www.cnbc.com/id/49271964?__source=RSS*blog*&amp;par=RSS</a></p>]]></content:encoded>
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		<title>San Francisco Real Estate Condo Market Report &#8212; Q1 2012</title>
		<link>http://homesmillbrae.com/1431/san-francisco-real-estate-condo-market-report-q1-2012/</link>
		<comments>http://homesmillbrae.com/1431/san-francisco-real-estate-condo-market-report-q1-2012/#comments</comments>
		<pubDate>Thu, 19 Apr 2012 06:43:54 +0000</pubDate>
		<dc:creator></dc:creator>
				<category><![CDATA[SF Bay Area News]]></category>
		<category><![CDATA[Construction Sales]]></category>
		<category><![CDATA[Culprit]]></category>
		<category><![CDATA[Distress Properties]]></category>
		<category><![CDATA[Downward Trend]]></category>
		<category><![CDATA[Estate Condo]]></category>
		<category><![CDATA[Fourth Quarter]]></category>
		<category><![CDATA[homes millbrae]]></category>
		<category><![CDATA[Hot Market]]></category>
		<category><![CDATA[Housing Market]]></category>
		<category><![CDATA[Market Commentary]]></category>
		<category><![CDATA[New Condos]]></category>
		<category><![CDATA[New Construction]]></category>
		<category><![CDATA[New Developments]]></category>
		<category><![CDATA[New Projects]]></category>
		<category><![CDATA[One Rincon Hill]]></category>
		<category><![CDATA[Prweb]]></category>
		<category><![CDATA[Real Estate Group]]></category>
		<category><![CDATA[Recession]]></category>
		<category><![CDATA[San Francisco Ca]]></category>
		<category><![CDATA[Signs Point]]></category>
		<category><![CDATA[Tishman Speyer]]></category>

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		<description><![CDATA[CLIMB Real Estate Group prides itself on bringing clients the best coverage of ongoing trends in the San Francisco Real Estate Market. This year has seen a dramatic rebound from the lagging housing market of 2009-2011, with all around positive &#8230; <a href="http://homesmillbrae.com/1431/san-francisco-real-estate-condo-market-report-q1-2012/">Continue reading <span class="meta-nav">&#8594;</span></a>]]></description>
			<content:encoded><![CDATA[<p><i>CLIMB Real Estate Group prides itself on bringing clients the best coverage of ongoing trends in the San Francisco Real Estate Market. This year has seen a dramatic rebound from the lagging housing market of 2009-2011, with all around positive statistics. Outlined below are what we feel are the most essential points to take away and what we can expect the market to look like over the next year.</i></p>
<p class="releaseDateline">San Francisco, CA (PRWEB) April 18, 2012 </p>
<p> CLIMB Real Estate Group prides itself on bringing clients the best coverage of ongoing trends in the San Francisco Real Estate Market. This year has seen a dramatic rebound from the lagging housing market of 2009-2011, with all around positive statistics. Outlined below are what we feel are the most essential points to take away and what we can expect the market to look like over the next year.</p>
<p>Market Commentary</p>
<p>Signs for the San Francisco market remain highly positive: Percentage of listings accepting offers is at an all time high, monthly supply of inventory continues its downward trend (meaning higher demand for homes), and average days on market for new homes for non-distress properties is also seeing the lowest levels in years. All of these signs point to a hot market.</p>
<p>During the fourth quarter of 2011, <a href="http://sfnewdevelopments.com" title="new construction">new construction</a> was incredibly hard to come by, with no new condos added to inventory. In the first quarter of 2012, however, several new developments have risen to meet the increasing demand for new homes: <a href="http://www.climbsf.com/buildings/madrone-2/" title="madrone">Madrone</a>&#8216;s 329 new condos in South Beach, <a href="http://www.climbsf.com/buildings/one-rincon-hill/" title="One Rincon Hill">One Rincon Hill</a>&#8216;s upcoming Phase II release with 312 units, and <a href="http://www.climbsf.com/buildings/201-folsom/" title="201 Folsom">201 Folsom</a>, the followup to Tishman Speyer&#8217;s popular Infinity Towers development, with an announced 671 units.</p>
<p>Key Insights</p>
<p>Although we saw a decline in new construction sales in 2011 overall, the 30% reduction in new condos available for immediate move in would seem to be the main culprit. Plans for new projects are scarce, especially compared to the pre-recession era, but do expect an increase in the number of pre-construction sales this year, with the gradual introduction of new developments back into the market.</p>
<p>Another piece of breaking news has been the alarming increase in competition in the resale market with rent prices rocketing to the highest levels seen since 2001. Rent prices for two bedroom units have reached approximately $1,900 a month on average (prices not seen since the Dot-Com era boom), and with so little new inventory, resale has seen a 12% marked increase in Q1 2012. Prices on resold homes have remained consistent with 2011 so far, but with more buyers on the market, don&#8217;t expect this to last.</p>
<p>Market Analysis</p>
<p>San Francisco is currently seeing the highest percentage of listings accepting offers since 2008, at 57%, (an increase of 18% over Q1 2011). This factor, which illustrates buyers willingness to meet a sellers offered price, can be attributed to the limited supply but also to the new labor force entering the city, spurred on by social media and tech growth in the Bay Area. Homes are being snatched up at market rate across the city, but especially in high demand areas like District 9.</p>
<p>Number of homes for sale on the last day of the month is a clear indicator of rapidity of sales. At an historic low of only 825 units for sale at the end of March 2012, compared to 1702 units in 2011, and 1918 units in 2010, this measurement indicates an incredibly strong market for resale. The lack of new construction projects in Q1 is the main cause here.</p>
<p>Month&#8217;s supply of inventory gives analysts a snapshot of buyer demand, by looking at the time condos stay on the market. At 1.3, MSI has not been this low in years, reflecting a strengthening market. No big changes should be expected for MSI in the coming quarters with no major increase to supply of condos expected.</p>
<p>Final Thoughts</p>
<p>With a dramatic recovery in the District 9 market on our hands, it will be interesting to see how developers react in the next quarter. Resale should continue to be competitive with little sign of demand letting up. Also, expect more news on new construction projects (like the rumored Mission Rock, and 1415 Mission Development) as the year progresses. Please contact us with any comments or questions or to learn more about how to make the market work for you and turn a profit on your real estate investments this year.</p>
<p>About <a href="http://www.climbsf.com/" title="ClimbSF">Climb Real Estate Group</a>: Climb Real Estate Group is a boutique real estate brokerage with an emphasis on the purchase, sale, rental and marketing of select residential new developments, commercial and premier resale properties. We specialize in condos, high rises, lofts and homes in South Beach, SOMA, South Beach, Mission Bay, Rincon Hill, Potrero Hill and Central Waterfront. Our focus is on urban-style properties, specializing in new construction, historic loft conversions, live/work spaces, Victorian flats, modern condominiums, and stylish single-family homes. We also have exclusive access to Off-Market Listings, Foreclosures and Developer Specials.</p>
</p>
<p>For the original version on PRWeb visit: <a href="http://www.prweb.com/releases/prwebsanfranciscomarketreport/climbsf/prweb9414840.htm"></a><a href="http://www.prweb.com/releases/prwebsanfranciscomarketreport/climbsf/prweb9414840.htm">www.prweb.com/releases/prwebsanfranciscomarketreport/climbsf/prweb9414840.htm</a></p>
<p>Article source: <a href="http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2012/04/18/prweb9414840.DTL">http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2012/04/18/prweb9414840.DTL</a></p>]]></content:encoded>
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		<title>More finalists unveiled in Real Estate Deals of the Year</title>
		<link>http://homesmillbrae.com/1327/more-finalists-unveiled-in-real-estate-deals-of-the-year/</link>
		<comments>http://homesmillbrae.com/1327/more-finalists-unveiled-in-real-estate-deals-of-the-year/#comments</comments>
		<pubDate>Fri, 24 Feb 2012 08:20:07 +0000</pubDate>
		<dc:creator></dc:creator>
				<category><![CDATA[SF Bay Area News]]></category>
		<category><![CDATA[Biological Research]]></category>
		<category><![CDATA[Cancer Biology]]></category>
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		<description><![CDATA[UC Berkeley’s Li Ka Shing Center for Biomedical and Health Sciences is a $210 million facility where collaborative biological research and teaching center on solving the world’s health problems. The focus is on cancer biology, stem cell biology and infectious &#8230; <a href="http://homesmillbrae.com/1327/more-finalists-unveiled-in-real-estate-deals-of-the-year/">Continue reading <span class="meta-nav">&#8594;</span></a>]]></description>
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<p>                	<a href="http://www.bizjournals.com/sanfrancisco/blog/real-estate/2012/02/more-finalist-unveiled-in-real-estate.html?s=image_gallery"></a></p>
<p>UC Berkeley’s Li Ka Shing Center for Biomedical and Health Sciences is a $210 million facility where collaborative biological research and teaching center on solving the world’s health problems. The focus is on cancer biology, stem cell biology and infectious and neurodegenerative diseases.</p>
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<p>          <a href="sanfrancisco/bio/3491/Emily+Fancher"><br />
<img src="http://homesmillbrae.com/wp-content/plugins/rss-poster/cache/6722a_FancherEmily.jpg" width="56" title="More finalists unveiled in Real Estate Deals of the Year" alt="6722a FancherEmily More finalists unveiled in Real Estate Deals of the Year" /></a>          <a href="sanfrancisco/bio/3491/Emily+Fancher"><br />
Emily Fancher</a><br />
              Senior Editor &#8211; <em>San Francisco Business Times</em></p>
<p>              Email</p>
<p>Last week, we featured 10 finalists from the San Francisco Business Times’ annual Real Estate Deals of the Year contest. Here are more finalist deals and projects that reshaped the Bay Area real estate landscape in 2011.</p>
<p><strong>(Click the photo to start a slideshow of Real Estate Deals of the Year finalists.) </strong></p>
<p>This week&#8217;s collection of deals and projects range from the mammoth and potentially transformational $210 million Li Ka Shing Center at UC Berkeley to a massive $520 million industrial portfolio that spans the Bay Area. While big transactions and buildings are certainly noteworthy and fun to write about, Real Estate Deals also celebrates some of the smaller, but riskier deals, such as Swift Realty’s purchase of Tower Plaza in San Mateo.</p>
<p>I hope that this week’s slideshow gives you a sense of the incredible range of Bay Area real estate activity in 2011. If you want to find out which of these finalists actually won, you’ll have to attend the awards on March 21 at the Palace Hotel. (<a href="http://www.bizjournals.com/sanfrancisco/event/57641#register">Click here to register)</a></p>
<p>In the meantime, I’d love to hear from you about which real estate deals of 2011 — leases, sales and new projects — from RD to office to residential to health and cultural space — deserve to win.</p>
<blockquote><p>Emily Fancher is a senior editor  at the San Francisco Business Times.</p></blockquote>
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<p>Article source: <a href="http://www.bizjournals.com/sanfrancisco/blog/real-estate/2012/02/more-finalist-unveiled-in-real-estate.html">http://www.bizjournals.com/sanfrancisco/blog/real-estate/2012/02/more-finalist-unveiled-in-real-estate.html</a></p>]]></content:encoded>
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