homesmillbrae.com » Young Professionals

City Plan Helps Expedite Multifamily Build

Wed, 09 Jan 2013 07:28:02 +0000

Raintree acquired the property directly from the seller in February 2012.

(Save the date: RealShare Apartments East comes to the Hyatt Regency Miami, Florida on February 26^th, 2013)

REDWOOD CITY, CA-As GlobeSt.com reported this morning, Raintree Partners, a Laguna Niguel, CA-based real estate investment and development company, has begun construction on a ground-up multifamily development project, called 201 Marshall. The project is a 116-unit, seven-story community next to the Caltrain station in the heart the Citys expanding downtown.

201 Marshall is the first large project approved under Redwood Citys Downtown Precise Plan.

GlobeSt.com has learned from Raintree director of development, Jason Check, that The citys proximity to San Francisco and San Jose makes it a desirable location for young professionals who are commuting to these markets for employment, as well as for those wishing to live in an area with shopping, night-life, transportation, and expanding employment opportunities all within walking distance.

Check explains that When we decided to build this project, one of the first things we did was to contact Zipcar, a car sharing company, to encourage the company to expand into Redwood City, which it did earlier this year across the street from our property. Our residents will now be able to walk to Zipcars, to Caltrain, and to employment, groceries, shopping, restaurants and nightlife, Check explained.

According to Check, Redwood Citys Downtown Precise Plan enabled Raintree Partners to quickly entitle the site. We were able to complete our entitlement effort with the City and start construction in little more than one year, he says.

The Downtown Precise Plan is a very innovative plan, and one that should serve as a model to other cities seeking to create community supported change at a more rapid pace when the market supports new development, Check says.

Raintree Partners acquired the property at 201 Marshall St. directly from the seller in February 2012 in an off-market transaction after it had completed the entitlement for the project. The firm would not release further information on the seller or for how much it was purchased for by deadline. Construction is now underway on the project, which is scheduled to open in Spring 2014.

201 Marshall will contain studios, one- and two-bedroom floor plans. The community was designed by TCA Architects, and will feature a modern design with open-concept units, as well as loft-style units. The community will also feature upscale finishes, a bike repair workshop and bike lockers, telecommuting center, outdoor communal dining, and an expansive roof deck with an indoor/outdoor lounge area.

Raintree currently has three other Bay Area projects in development. The company is actively pursuing additional development opportunities in California, focusing on infill sites in core markets in both Northern and Southern California, according to a prepared statement.

Article source: http://www.globest.com/news/12_514/sanfrancisco/multifamily/City-Plan-Helps-Expedite-Multifamily-Build-328563.html

63rd Street bungalow reflects rebirth of NOBE area

Sun, 07 Oct 2012 06:36:00 +0000

The NOBE area, which consists of the North Oakland, Berkeley and Emeryville neighborhoods, has become one of the most evolved locations in the Bay Area due to the continuing influx of young professionals and property renovations.

The breath of new life flows through the many storied properties that stood the test of decades, such as the bungalow at 1024 63rd St. in Oakland. Built in 1908, the two-bedroom, one-bath house is in the trendy Golden Gate Neighborhood.

“It is a somewhat undiscovered area that’s about to take off. You are close to the heart of so many cafes and shops, yet you are 15 to 20 minutes away from San Francisco,” said Linnette Edwards of Better Homes and Gardens Real Estate. “You get so much bang for your buck with a residence like this. So much of the original integrity has been kept with this house.”

Edwards said the house, priced at $389,000, is the perfect turnkey opportunity for first-time home buyers. In this price range, Edwards noted, an owner can experience much saving in the immediate future and beyond.

“You get something legitimate in such a home,” she said. “This is a starter home that does not require sweat equity. When you buy a fixer, you’re experiencing cash up front for repairs which is a deal breaker for most buyers. Here, a lot of the systems have been updated.”

The interior provides a modern touch while still retaining the home’s original personality in its high ceilings and sturdy fireplace in the dining room. Sunny, welcoming natural light pours through the entrance into the living and dining rooms.

Major updates in the kitchen include gray quartz countertops, a porcelain farmhouse sink and Italian-tiled backsplash. The kitchen also features new stainless appliances as well as newer custom cabinets.

“Usually, a lot of kitchens in a bungalow home are smaller. They don’t have an open flow as they do here,” Edwards said. “This kitchen is more open to let in that natural light.”

Though the bungalow residence houses two bedrooms, the spaces are not as small as one would expect. The two spacious areas have their original wood floors and share an updated Jack and Jill bathroom and walk-in closet.

The backyard, bordered by bamboo fencing, offers space for casual gatherings and enough room for an adventurous gardener to practice his or her craft. “We found in the NOBE there are a lot of urban farms that are utilized in the backyard,” Edwards said. “We have a lovely looking lemon tree and several other plants and a new irrigation system.”

Also included is a full-sized basement that could serve as an additional bedroom, an in-law suite or an office with a separate entrance on the ground floor. While the house with such value will attract many, Edwards said, the neighborhood is also a contributing factor to its allure.

“There are so many great cafes and parks, music venues at your fingertips,” she said. “That draws the younger person to NOBE. The walkability factor is ideal for anyone who wants something that is close to everything.”

Edwards explained the area has created a perfect storm of culture and uniquely situated properties sure to attract many potential homeowners for quite some time. “That is why so many people discovering NOBE and are flocking to it. We are seeing so many homes in the areas built up in this fashion. There is a renaissance that is going on.”

An open house will be held from 2 to 4:30 p.m. Sunday. For more information, contact Linnette Edwards at Better Homes and Gardens, Highland Partners, (925) 580-8801, ledwards@MyHousingGuide.com; www.1024-63rd.com.

Article source: http://www.sfgate.com/realestate/article/63rd-Street-bungalow-reflects-rebirth-of-NOBE-area-3923667.php

Bay Area rent hikes highest in U.S.

Fri, 20 Jan 2012 17:49:48 +0000

If you’re out looking for a new pad in the Bay Area you can expect to drop more bucks than ever before.

Rental price growth in our market was the highest in the nation for 2011, as much 12.2 percent on average according to a new report.

Researchers at RealFacts, a company that analyzes rental data, also found that occupancy in cities like San Francisco rose only 1.3 percent over the last four years. There’s just nothing available.

Real estate experts agree: “We’ve reached a point where there’s nothing out there,” said Craig Berendt, a broker with Berendt Properties in San Francico. “People are knocking down my door to get an apartment.”

When something good does hit the market in trendy neighborhoods, young professionals come from everywhere and line up for a chance to start a bidding war. And it’s not just Hayes Valley or the Mission — San Jose actually led the pack, with highest rental price increases in the U.S. last year.

For decades, the tech industry has been widely credited with driving-up commercial and rental real estate in the Bay Area, bringing young, high-earning and uncompromising professionals into market that are willing to spend way too much to get what they want. And with Facebook gearing up for one of the biggest tech IPOs in history, we don’t see this situation getting any better for the middle class in 2012.

“I see our middle class really starting to dissipate,” Berendt said. “Obviously we don’t want that. We want a well-balanced class system, but the rents are just going through the roof.”

Article source: http://sfbay.ca/2012/01/19/bay-area-rent-hikes-highest-in-u-s/

Fewer vacant office spaces

Fri, 28 Oct 2011 08:27:17 +0000

By Mark Puente, Times Staff Writer

In Print: Friday, October 28, 2011

Click here for reuse options!

Story Tools

Comments

Contact the editor

Email Newsletters

The Tampa Bay commercial real estate market is no longer in the basement but remains far from the penthouse.

A bright spot in a national report released this week shows the commercial sector has improved in the bay area and other parts of Florida amid the languishing economy and lackluster job growth.

The report ranked the bay area as the 33rd best of 51 metro areas for investment in commercial real estate. Overall, the bay area improved to fair this year from poor last year, according to the “Emerging Trends in Real Estate” report by the nonprofit Urban Land Institute and accounting firm PricewaterhouseCoopers.

“It shows we’re moving in the right direction,” said Ray Sandelli, head of the Tampa office of the CB Richard Ellis commercial real estate firm. “It will also challenge us to improve.”

Experts attribute the improvement locally to the commercial market not being overbuilt during the boom, and real estate prices correcting downward to match today’s market.

Statewide, Miami ranked 17th and recorded the biggest gains among major markets for investment opportunities. Foreign cash is flowing into the city because of political instability in Latin America, the report said. Orlando ranked 29th; Jacksonville ranked 40th. Detroit, Cleveland and Las Vegas were at the bottom.

Apartments are the safest place to park cash here and across the country, the report said. Nationally, brokers and investors of industrial properties, shopping centers, hotels and office buildings face a “slowing, grind-it-out recovery” in 2012.

Investment cash is gushing toward the 24-hour global gateways: Washington, D.C., San Francisco, New York City, Boston and Seattle. Money is also following young professionals to pedestrian-friendly cities such as Portland, Ore., Seattle and Austin, Texas.

Not all experts buy into the report.

Larry Richey, senior managing director of Cushman Wakefield in Tampa, said the bay area is doing better and will never be near the top when compared to big metro areas on the East Coast and West Coast. But it would rank high among similarly sized metro areas.

Vacancy rates have dropped in office and industrial buildings as companies move to bigger offices or relocate from outside the region, he said. He pointed to Time Warner’s recent pledge to create 500 jobs in Hillsborough County and to spend $5 million on new facilities over the next five years.

The report, Richey said, doesn’t reflect all the gains made in 2011.

“It’s the most improvement we’ve seen in the last five years,” he said.

[Last modified: Oct 27, 2011 09:54 PM]

Click here to post a comment

You must enable javascript to view and add comments.

Join the discussion: Click to view comments, add yours

#simplemodal-container a.modalCloseImg{ background:none; right:-16px; width: 30px; height: 30px; filter: progid:DXImageTransform.Microsoft.AlphaImageLoader(src=”/universal/images/modal-close.png”, sizingMethod=’scale’); }

Article source: http://www.tampabay.com/news/business/realestate/tampa-bays-commercial-real-estate-sector-rebounds-report-says/1198914