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?Sellers may move money across
the bay in search of higher
yields or park capital in
less management-intensive
single-tenant retail assets,? says
Mishkin.

SAN FRANCISCO-A research report that GlobeSt.com exclusively obtained from Marcus Millichap Real Estate Investment Services shows that for the San Francisco apartment market, renovating existing properties is key to outsized returns. According to the report, the apartment market here is arguably the strongest in the nation, and the impending construction boom will only have a minor impact on operations.

Job growth in the tech industry remains the key driver for occupancy and rent gains, and owners will likely have a strong negotiating position into next year, says the report. However, some early indications are emerging that rent growth will slow to a sustainable pace during the next several quarters, the report says.

Jeffrey Mishkin, first vice president and regional manager of the San Francisco office, notes that “class A vacancy is leveling off, while lower-tier vacancy tightens. As rents in the top-tier have climbed, many tenants are choosing to move down the quality scale rather than spending more of their income on housing,” he says. “Although new demand has been sufficient to offset these losses, new supply could tip the supply-demand bal­ance. Several thousand units will come online during the next two years, creating competition for class A properties. As a result, operators are expected to slow rent gains to maintain occupancy rates until the development cycle wraps up in 2015.”

Investors will remain active in the San Francisco market, though deal flow could be impeded by the number of available listings, he adds. “Sellers may move money across the bay in search of higher yields or park capital in less management-intensive single-tenant retail assets,” he says. “Some owners see the low cap rates and low interest rates as a favorable time to divest. Buyers, meanwhile, remain focused on the spread, which points toward a strong buy stance.”

Many of these investors are seeking older, larger units that can be upgraded, he says. “Changing a large studio to a one bedroom or a large one bedroom into a two bedroom can have a significant impact on asking rents.”

The new owner may have to wait for rent-controlled units to be vacated to execute this strategy, which could tie up capital for an extended period, adds Mishkin. Nonetheless, he explains, “the return could be much more lucrative than the average 5% yield for a class B asset in today’s market.”

Categories:

West,
Multifamily,
Acquisitions/Dispositions,
Development,
San Francisco

Natalie Dolce Natalie Dolce, editor of the West Coast region for GlobeSt.com and Real Estate Forum, is responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, Natalie was Northeast bureau chief, covering New York City for GlobeSt.com. Dolce?s background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats Arthur Frommer?s Budget Travel magazine, FashionLedge.com, Co-Ed magazine, and has also freelanced for a number of publications including MSNBC.com and Museums New York magazine. Contact Natalie Dolce.

Article source: http://www.globest.com/news/12_484/sanfrancisco/multifamily/Renovating-Existing-Property-Key-to-Outsized-Returns-327035.html

LOS ANGELES, Nov. 7, 2012 (GLOBE NEWSWIRE) — City National Bank today announced that real estate veterans Charlie McGann and Deven Mays have joined the real estate team in the Bay Area.

McGann is a senior vice president and regional manager of Northern California real estate for the bank, focusing on lending to developers and investors in the region. McGann will work closely with the bank’s commercial real estate clients, including home builders and commercial real estate developers, providing them with construction, bridge and permanent financings. McGann will report to Mark Forbes, executive vice president and manager of the Real Estate Division at City National.

“We are pleased to have such veteran real estate bankers join our team in the Bay Area,” said Forbes, who noted that for the third quarter, City National’s average balances for commercial real estate loans were up 27 percent from the previous year. “We are seeing much opportunity in many sectors of the real estate market, and the Bay Area is clearly leading the industry’s recovery in California.”

With more than 15 years of industry experience, Deven Mays is a senior vice president for real estate in the Bay Area and he reports to McGann. He was a senior vice president and team leader of real estate with Wells Fargo’s real estate division and formerly with Greater Bay Bancorp., which was acquired by Wells. Mays received his bachelor’s degree from California State University at San Jose and attended graduate school at the University of Southern California. Mays is active in his local community having served as traffic coordinator for the City of Orinda and as a youth soccer coach.

Prior to joining City National, McGann has spent nearly two decades involved in the real estate industry. He most recently served as regional manager of real estate for Union Bank and before that was with Carr Capital Corp., in Washington, D.C., and with Montgomery Securities in San Francisco. McGann earned his bachelor’s degree from Trinity College and his master’s degree in finance from the University of California at Berkeley.

(For an image of McGann: https://www.cnb.com/PublishingImages/Charlie-McGann.jpg)

(For an image of Mays: https://www.cnb.com/PublishingImages/Deven-Mays.jpg)

About City National

City National Bank is the wholly owned subsidiary of City National Corporation (NYSE:CYN). It is backed by $26.3 billion in total assets, and provides banking, investment and trust services through 78 offices, including 16 full-service regional centers, in Southern California, the San Francisco Bay Area, Nevada, New York City, Nashville and Atlanta. The company and its investment affiliates manage or administer $56.7 billion in client investment assets, including $38.0 billion under direct management.

The City National Bank logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3143

CONTACT: Media Contact:
         Debora Vrana, City National Bank, 213.673.7631
         Debora.Vrana@cnb.com

Source: City National Bank

Article source: http://www.nasdaq.com/article/city-national-bank-hires-charlie-mcgann-and-deven-mays-as-senior-vice-presidents-of-real-estate-in--20121107-01131

San Francisco, CA (PRWEB) December 02, 2011

San Francisco home sales and prices softened slightly in the third quarter of 2011 compared with the previous quarter and same period one year ago as potential entry-level and mid-level homebuyers awaited better economic news and everyone adjusted to the notion that a “flat” real estate market characterized by modest ups and downs may be “the new normal,” says San Francisco real estate company Better Homes and Gardens Mason-McDuffie Real Estate

Across the City of San Francisco, 593 existing, single-family detached homes changed hands during the third quarter of 2011, down from 665 homes sold in the second quarter and up slightly from 577 homes sold a year ago according to an analysis of MLS data by the research division of Better Homes and Gardens Mason-McDuffie Real Estate. San Francisco’s real estate median sales price, meanwhile, declined to $833,372, down 5 percent from the second quarter and 8 percent lower than one year ago. Short sale and REO transactions accounted for as many as one-third of existing home sales for the quarter.

According to Mark Kelaidis, Regional Manager of Better Homes and Gardens Mason-McDuffie Real Estate, “Looking ahead, expect home sales and median prices to seesaw as market conditions and buyer perceptions change in the months ahead.” Yet to be determined is the impact of the recent reduction in Fannie Mae, Freddie Mac and FHA loan limits from a maximum of $729,750 to $625,500. Beginning October 1, loans that fall above this lower “conforming” amount will require the buyer to obtain a jumbo loan, which may be subject to a slightly higher interest rate and pricing.

For more information about San Francisco, Berkeley, or Sonoma Valley real estate, call Better Homes and Gardens Mason-McDuffie Real Estate at (925) 924-4617 or visit them online at www.bhghome.com. Better Homes and Gardens Mason-McDuffie is located at 2200 Union St. San Francisco, CA 94123.

About Better Homes and Gardens Mason-McDuffie Real Estate

Their heritage began with the founding of Mason-McDuffie Real Estate in 1887. In 2009, the company was named the 19th largest real estate services firm in the nation and number one San Francisco’s East Bay. The company provides comprehensive solutions to home buyers and sellers and handled more than 7,300 transactions in 2010, generating $2.9 billion in sales. Better Homes and Gardens Mason-McDuffie Real Estate is independently owned and operated and includes joint ventures with partners JF Finnegan Realtors, Highland Partners in Piedmont and Montclair, Wine Country Group in the North Bay, and Tri-Valley Realty in Pleasanton-Hopyard and Ruby Hill. The organization is comprised of more than 1,800 real estate agents in 37 offices.

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For the original version on PRWeb visit: www.prweb.com/releases/prwebreal-estate/san-francisco/prweb9009058.htm

Article source: http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2011/12/02/prweb9009058.DTL

San Francisco, CA (PRWEB) September 20, 2011

Moving and Storage Company Gentle Giant Moving Company, an award winning local and interstate mover, today announced that revenues for its San Francisco regional operations, known in the Bay Area as Great Giant, exceeded expectations for the first six months of business. Aggressive goals were set for the regional office based on the San Francisco real estate market, competition from numerous other moving companies with established reputations in the area, as well as the consistent growth of the company’s other West Coast Seattle Moving Company Gentle Giant in Seattle, Wash.

After formally establishing a local moving presence in the Bay area in February of 2011 with a branch on the Central Waterfront area of San Francisco, Great Giant has experienced steady growth in revenue and demand for its professional moving services. A strong local renters market combined with positive word-of-mouth have helped enable the company to increase the number of jobs, as well as the number of employees in the region. Great Giant Moving Company now employs 5 highly trained moving crew members and drivers.

The Boston based Gentle Giant has leveraged its highly successful long distance moving business with its desire to grow local moving service for Great Giant in San Francisco by working in tandem with Regional Manager Brandon Sparks on interstate moving jobs whenever the opportunity arises

“Although local moves are new for Great Giant in San Francisco,” Sparks explained, “we have been working throughout this community for years via Gentle Giant’s interstate business. Many folks in San Francisco know the GG brand, and the high quality service that goes with it.”

The company’s even growth and the spreading of its positive reputation and has been spurred by the strong internet user community in the San Fran area who frequently write about their positive experiences with Great Giant on popular review sites such as Yelp and Angie’s List. In addition, the company has immersed itself in the community by becoming involved in events like the SharkFest Swim and the Escape the Rock Triathlon.

“I helped develop Gentle Giant’s positive presence in Seattle,” noted Sparks, “and the key is providing a superb work environment for our people. This allows us to focus on creating life-long loyalty in our customers, and I’m delighted that we have such a great opportunity for success in San Francisco.”

Gentle Giant has been serving its customers with a blend of high quality care and speedy, athletic ability that differentiates the company in the industry. The award winning mover has operated for more than 30 years, but it was not until 2005 that the company expanded outside of New England. Its strategy in new regions is to start small and build a strong reputation by changing what people expect from a moving company.

“The mission of Gentle Giant is to create a positive experience through great service and to create growth opportunities for employees,” said Gentle Giant Founder and CEO Larry O’Toole. “The company invests in solid, proven employees like Brandon and his team, and our customers benefit from that.”

About Gentle Giant Moving Company Inc.

Founded in 1980, Massachusetts Moving Company Gentle Giant is a premier residential and commercial mover, offering local moving, interstate moving, and international moving service. Named 2009 Independent Mover of the Year by the American Moving and Storage Association, one of the Boston Business Journal’s Best Places to Work in Massachusetts in 2004, 2005, and 2006, winner of the 2006 International Torch Award for Marketplace Ethics by the Better Business Bureau, winner of the Better Business Bureau’s Torch Award for Excellence in 2002, 2003, 2005 and 2008, nine-time winner of Boston Magazine’s “Best of Boston,” six-time winner of The Improper Bostonian’s “Boston’s Best Moving Company” award, ten-time winner of the Angie’s List “Super Service” award, and 2007 Top Small Workplaces award from the Wall Street Journal and Winning Workplaces, the company’s services include craning, piano moving, complete packing services and unpacking services, and other related services. Gentle Giant offers storage facilities and dispatches crews from its 18 offices in California, Massachusetts, New Hampshire, New York, North Carolina, Rhode Island, Virginia, Washington, DC and Washington State. For more information, please call (617) 661-3333 or visit www.gentlegiant.com

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For the original version on PRWeb visit: www.prweb.com/releases/prweb2011/9/prweb8804343.htm

Article source: http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2011/09/20/prweb8804343.DTL