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Apartment mania: Sleek live-work lofts in East Bay vs. SF

Thu, 02 May 2013 13:36:51 +0000

Apartment hunting in San Francisco is not for the faint of heart. The latest news on spiraling rents and brutal competition for rentals in San Francisco — as well as Oakland and San Jose — is covered here.

Many folks find that they can get more for their money by trekking across the Bay.

Here’s a look at two state-of-the-art lofts in converted industrial buildings — one East Bay (Emeryville), one West Bay (San Francisco) that underscore the price differentials. Both are from the same dynamic duo team — architect David Baker and developer Rick Holliday. Admittedly they aren’t direct comparisons, as the San Francisco penthouse is bigger and in a more chi-chi location, but they give an idea of the price differences.

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First up, here is a “gorgeous light-filled” one-bedroom, one-bathroom in an historic Emeryville warehouse. At $2,450 a month for 1,300 square feet, it was snapped up within a week, said leasing agent Jeanne Zimmerman of McGuire Real Estate/Urban Bay Properties in San Francisco. “It would be about $3,800 if it were in San Francisco,” she said, pointing to the Hueblein Building as an equivalent SF comp.

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Next, take a look at this penthouse unit in San Francisco’s landmark ClockTower building with one bedroom plus an office space and two bathrooms. It also found a tenant quickly. At 1,925 feet it went for $6,500.

Believe it or not, in the early 1990s when Holliday converted the 1907 ClockTower building, originally the home of a lithography company that printed California fruit-crate labels, to 127 open-floor-plan live/work units, people “thought I was out of my mind,” he said. The South of Market/South Beach area seemed like a wasteland at the time. “Then the building sold out,” he said. “It blew everyone away; it was written up in Esquire magazine.”

The condos that sold for $250,000 “back in the day” now hover around $1 million with some of the better ones going for $2 million, Holliday said.

A side note on live-work lofts. Zimmerman said they have an unusual competitive situation where potential residents have to vie with corporate renters.

“I see a lot of small businesses and startups competing with residential customers for them,” she said. “The companies are looking to lease them for office space, and use the bed upstairs in the loft area for executives who travel or employees who work late.”

Carolyn Said is a San Francisco Chronicle staff writer. For insights and news on Bay Area real estate, follow her on Twitter: @csaid

Article source: http://blog.sfgate.com/ontheblock/2013/05/01/apartment-mania-sleek-live-work-lofts-in-east-bay-vs-sf/

Tech and the San Francisco Rental Bubble

Sat, 06 Aug 2011 05:19:52 +0000

screenshot via Craigslist.orgA sample list of apartments for rent in SoMa, an area of San Francisco with trendy lofts.

I’ve recently learned that real estate brokers in San Francisco have reached a consensus on a topic that entrepreneurs and investors can’t seem to agree on: that we are in the midst of a technology bubble.

Technologists have been debating the existence of such a bubble for over a year now, but they just can’t seem to agree. Some argue that companies like Twitter, Facebook and LinkedIn, are overvalued with multi-billion dollar valuations. Others say that technology companies are actually undervalued.

Real estate brokers in San Francisco have seen the evidence of a new dot-com style bubble: Rents are shooting up as the demand for apartments grows. As a newcomer to San Francisco, I can attest to how frantic the search for apartments has become in the area, and to the often audacious pricing of rental properties.

An article published on Thursday in The San Francisco Examiner notes that Bay Area renters are now seeing rent hikes that are eerily similar to those during the dot-com bubble that occurred a little more than a decade ago. RealFacts, a real estate analysis firm, told the Examiner that a new wave of San Francisco residents who work for technology giants and start-ups seemed to be responsible for the rise in apartment rental costs.

“I think a lot of new dot-com employees, specifically those who work for companies like Apple, Google and Twitter, are now moving into the city and can afford to pay much higher rents,” said Sally Kuchar, editor of the real estate blog Curbed San Francisco, told me in a phone interview. ”As a result, San Francisco rental rates have risen by 6 percent between 2010 and 2011.”

As a very recent transplant to San Francisco, I’ve visited dozens of open houses over the past week and already see a frightful pattern. When I show up to see a property there is always a long line of young people, mostly wearing t-shirts adorned with Twitter, Facebook or Google logos, who are standing at the ready with an application, credit report and deposit check in hand. They often bid up the price of an apartment by several hundred dollars too.

Real estate brokers I’ve spoken with note that although the San Francisco market has always been challenging for renters, the current state of affairs is extraordinary.

Ms. Kuchar of Curbed said rents were also rising because more landlords were choosing to turn their properties into short-term rentals using services like AirBnB, a company that lets people rent out their spare bedrooms or homes to travelers.

“A lot of residential property owners are now converting their long-term rentals into vacation rentals; that has also depleted the market,” Ms. Kuchar said. She also said that though high real estate prices make it clear there is a new bubble in Silicon Valley, no one can really predict how long it will take before it pops.

Article source: http://bits.blogs.nytimes.com/2011/08/05/tech-and-the-san-francisco-rental-bubble/

East Bay Modern Real Estate Launched for Bay Area Architectural Home Enthusiasts

Wed, 27 Jul 2011 09:45:22 +0000

San Francisco, CA (PRWEB) July 26, 2011

East Bay Modern Real Estate, a full service residential real estate brokerage firm specializing in modern and architectural properties, announced their entry into the East Bay residential real estate market and the launch of their new website www.EastBayModern.com.

Established and launched by Renee Adelmann, one of the Bay Area’s premier architectural realtors, East Bay Modern represents a logical expansion for the company, which has established roots and a proven track record in surrounding Bay Area communities including Marin County (Marin Modern Real Estate) as well as San Francisco (San Francisco Modern Real Estate). With the launch of East Bay Modern Real Estate, the firm will strengthen its ability to service clients in both Alameda and Contra Costa County.

“For years we’ve had clients ask us if our company would ever expand into San Francisco’s East Bay to better serve the needs of today’s modern day home buyers and sellers,” commented Renee Adelmann. “We’ve long recognized the market opportunity in the East Bay given its rich architectural history and the abundance of modernist properties; however, it was critically important for us to launch the East Bay Modern brand in a way that was both reflective of our organization’s commitment to quality and also value-added to consumers. With this in mind we’ve spent well over a year on the development of the East Bay Modern brand to insure that we would exceed clients’ expectations. I’m extremely proud of our team’s work and we look forward to assisting clients with the sale or purchase of a home, loft or condominium in the East Bay.”

To coincide with the launch of East Bay Modern Real Estate, the company unveiled its new website which includes hundreds of pages of unique website content including in-depth information on East Bay towns, modern and mid-century modern residential architecture, East Bay lofts for sale, an online guide to Eichler homes in the East Bay, listing alerts for enthusiasts of modern real estate and robust home search capabilities. East Bay property search capabilities include the ability to search across a variety of criteria including towns, neighborhoods, price ranges, property types, street addresses, MLS #, keywords, school districts, map location, and more.

Renee Adelmann added, “Our East Bay Modern website is designed to help educate the public on unique modernist architecture in the East Bay while at the same time providing home buyers with a one-stop resource for exploring residential real estate in both Alameda and Contra Costa Counties, California. Whether consumers are looking for a modern or traditional home, a luxury estate or an affordable REO, we’ve got them covered. The site complements our strong online presence in both Marin County and San Francisco and further strengthens our ability to service the needs of our modern-day home buyers and sellers in the East Bay.”

In addition to the launch of East Bay Modern Real Estate, the company announced the addition of three new sales associates to their team.

In the East Bay, Realtor Matthew Sorrenti joins East Bay Modern Real Estate Team from Better Homes Gardens Mason McDuffie Real Estate. An East Bay native, Matthew Sorrenti has a strong technology background and brings over a decade of residential real estate experience in the East Bay.

In Marin County, Realtors Janis Peterson and Cari Gennarelli join Marin Modern Real Estate from Frank Howard Allen. With over 20 years of success assisting clients with their real estate needs throughout Marin, Realtor Janis Peterson brings a wealth of experience and knowledge to the Marin Modern Team. Cari Gennarelli, a Marin County native, brings with her a strong track record in real estate and property management in both Marin San Francisco. Additionally, Cari is a certified EcoBroker® who partners with her clients to make healthier, sustainable, and energy saving choices when buying or selling a home.

To learn more visit us online at East Bay Modern Real Estate, Marin Modern Real Estate and San Francisco Modern Real Estate.

About East Bay Modern Real Estate

East Bay Modern Real Estate is a full service brokerage offering state-of-the-art representation to both buyers and sellers of residential real estate throughout Contra Costa and Alameda Counties.

Founded by one of the Bay Area’s top-producing real estate agents, East Bay Modern is the newest brokerage to partner with the successful Marin Modern Real Estate and San Francisco Modern Real Estate.

The company can be reached online at www.EastBayModern.com.

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For the original version on PRWeb visit: www.prweb.com/releases/prwebEast-Bay-Modern/2011/prweb8666893.htm

Article source: http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2011/07/26/prweb8666893.DTL