How are there over 100,000 vacant homes in the San Francisco metro area?

An estimated 100,025 homes are sitting empty in the San Francisco metro area.

Compared to other cities, San Francisco metro area’s vacancy rate is actually low at 5.6 percent. Of the 1.784 million households counted in the census region, roughly 1.684 million are occupied. LendingTree concludes a region like San Francisco – which includes Oakland, Hayward and surrounding areas is what’s considered a sellers’ market, meaning people selling their homes will easily find buyers, while future homeowners will struggle to buy. Anyone who has tried to buy a home in the city in the last decade knows this to be true.

Read more on SF Gate

Jonathan Kelly joins NAI Northern California as Senior Investment Advisor in San Francisco

Specialist in residential real estate and technology industries joins the team in San Francisco

NAI Northern California is pleased to announce that Jonathan Kelly has joined as Senior Investment Advisor in San Francisco to focus on multifamily investment properties. Jonathan uses his entrepreneurial mindset to develop creative products and solutions for his clients, and spends his free time analyzing market conditions and evaluating potential properties.

 

NAI Northern California’s Tim Warren named East Bay/Oakland Top Sales Broker by CoStar Power Broker Awards

Tim Warren recognized with CoStar Power Broker Award as a Top Sales Broker for the East Bay/Oakland

The CoStar Power Broker Award winners for 2018 were recently announced, and one of NAI Northern California’s top producers, Tim Warren, was named a Top Sales Broker for his work in the East Bay/Oakland market.

As a commercial real estate services company, NAI Northern California was also recognized as a Top Sales Firm in both San Francisco and the East Bay/Oakland markets.

Check out all the CoStar Power Broker Award winners here.

 

If California pursues a cap on rent increases, how many tenants will it actually help?

What happened to all that talk about rent control?

Less than four months after an initiative to allow cities to expand rent control failed overwhelmingly at the ballot box, and less than four months after then-incoming Gov. Gavin Newsom talked about brokering a compromise between tenant and landlord groups, no new legislation from lawmakers or specific proposals from the Newsom administration have been introduced to cap how much rents can rise.Legislators who have backed rent control expansions in the past say they’re working on proposals to help tenants stay in their homes. Newsom, in his State of the State address earlier this month, called on the Legislature to send him tenant protections he could sign into law, although he didn’t offer any specifics.

“Everything is on the table,” said Assemblyman David Chiu, Democrat from San Francisco, who co-authored a failed rent control bill last year. “From topics like just cause eviction to Costa Hawkins and other protections, everything is being considered.”

One possible compromise: A bill to ban “rent gouging,” similar to one poised to take effect in Oregon.

That measure, expected to be signed by Gov. Kate Brown in the next few weeks, would make Oregon the nation’s first state to enact anti-gouging provisions covering the vast majority of rental properties within its borders. While often characterized as statewide “rent control,” in reality it focuses on the most flagrant rent hikes—typically 10 percent or more.

“It was surprising to see (Oregon) with that type of success. It was heartening,” said Chiu. “As California policymakers we like to think we’re leading, but in this instance, hats off to our Oregon counterparts.”

Chiu stresses that any rent-gouging bill would need to be part of more comprehensive tenant protections, and that other more stringent rent control measures are still a possibility.

A UC Berkeley housing think tank released an anti-gouging proposal last year after consulting with both landlord and tenant groups. A Bay Area regional housing plan popular with state legislators from the area offers a similar solution.

So what exactly would an anti-gouging law in California actually look like? And how many people would it actually help?

No one can say yet.

 

Read more at East Bay Times

 

Lucca Ravioli building asks $1.45M

Famed Valencia Street cornerstone for sale in triple-building package.

The building that for nearly a century housed Lucca Ravioli Company on Valencia Street is, as anticipated, up for sale. It’s part of a three-building package along with the two related buildings, all stuffed with a price tag of more than $8.28 million.

According to to the official history of Lucca Ravioli, the Italian goods store opened its 1100 Valencia Street locale in 1925 (18 years younger than the circa-1907 building it occupies), a family owned-institution that has endured through booms, busts, world wars, depressions, and the ever-changing character of the Mission District.

But as Eater SF reported in January, the neighborhood received shocking news that Lucca Ravioli will sell its last batch of tagliarini on April 20.

According to the San Francisco Chronicle, no one will take over the family business once 50-year proprietor Michael Feno retires. The sale of the off-the-market building will certainly finance quite a retirement in today’s market.

1100-1118 Valencia St. is presented for sale by Jordan Geller and J.B. Williams of NAI Northern California. Click here for more details on this listing.

 

Read more at Curbed SF

 

 

 

NAI Northern California ranks in Top 5 San Francisco commercial real estate brokerages with revenue up 18% entering 2019

Leader in Bay Area multifamily, retail, and office investment sales and leasing transactions owes continued expansion to its team of talented people

Fast-forward from its 2004 debut on the San Francisco Bay Area real estate scene, NAI Northern California has grown in transaction volume to the 5th largest commercial real estate brokerage in San Francisco and 6th largest in the East Bay according to the San Francisco Business Times. With a major specialization in investment property sales and corporate leasing transactions, the company was up 18% in total revenue from the previous year.

“We are proud to have evolved into one the top brokerages that Bay Area investors turn to when it comes to representation of their multifamily, retail, office, industrial, and land assets,” says President James Kilpatrick.

He points out, “The secret to our success is that we invest in talented real estate professionals who provide amazing service on transactions and offer deep expertise on Northern California submarkets and far beyond. We bring together a group of people as diverse as the Bay Area itself, and we value what all these different experiences bring to serving our clients. Our company culture is really big on professional development and empowerment, from our interactive sales training workshops to our technology platform that encourages a high level of collaboration.”

At NAI Northern California’s recent 2019 Kick-Off Event hosted in downtown Oakland, James Kilpatrick and Brett Stratton led the team in celebrating great momentum. For the third year in a row, the spot of company-wide Top Producer was earned by Shivu Srinivasan, who leads one of the most successful teams in East Bay multifamily sales. Other top producers in the 2018 NAI Northern California President’s Club, include Kent Mitchell, Doug Sharpe, Ethan Berger, Tim Warren, Joel Calvillo, Mary Alam, Grant Chappell, Kevin Flaherty, Rudas Gebregiorges, and Joby Tapia.

“2018 was a great year for NAI Northern California, and we are excited to be celebrating with all our top agents in Las Vegas this spring for our Top Producers Retreat,” says James Kilpatrick. “Our San Francisco and East Bay teams are solid, and as the year unfolds NAI Northern California is ramping up an expanded presence to serve our clients in the South Bay Area.”

 

Jordan Geller and J.B. Williamson on SFGate: Want to be the owner of Lucca Ravioli Co.?

Jordan Geller and J.B. Williams of NAI Northern California represent the sale of  1100-1118 Valencia Street. They recently talked to SFGate.com on the sale of the iconic Lucca Ravioli location: “The family will of course review offers with the hope to find buyers who will respect the current feeling and history of the property….”

After nearly a century, San Francisco’s well-loved Lucca’s Ravioli Company on a busy Valencia Street corner will close, and the property–all total, three buildings–is for sale at $8.285 million.

….

Lucca’s is a San Francisco institution…Michael Feno has made the store part of his daily life for over 50 years.

….

After trying to figure out a way to keep the business in the family, Feno has decided, with mixed emotions, to put the storefront and adjacent company-owned buildings up for sale.

….

The Lucca’s storefront and mixed-use structure is only one part of this package. Also for sale are associated buildings at 1102-1110 and 1114-1118 Valencia Street.

These buildings were formerly part of the Lucca Ravioli Company’s production and operations. Now, they could be just about anything: This portion of Mission District land is zoned as NCT, which stands for Neighborhood Commercial Transit district zoning.

….

Listing agents Jordan Geller and J.B. Williams indicated that Lucca’s last day of operation will be Easter of this year.

It’s hard not to want to know now what will become of the store, but Michael Feno doesn’t want to control its future. “The family will of course review offers with the hope to find buyers who will respect the current feeling and history of the property,” Geller told SFGate. “But he has no plans to limit or put conditions on the sale.”

Perhaps after almost 100 years, the family feels, finally, ready to let go.

1100-1118 Valencia St. is presented for sale by Jordan Geller and J.B. Williams of NAI Northern California. Click here for more details on this listing.

Read the full article on SFGate.com

 

Lucca Ravioli Co. slated to close as old San Francisco family divests its real estate holdings

Pair of buildings that host beloved deli, seven housing units, readying for sale.

“It’s very important that the marketing photos make the units look good,” tenants told in letter.

The building on the corner of 22nd and Valencia Streets that houses Lucca Ravioli Co., the last commercial outpost of the Feno family, which has done business in San Francisco for nearly 100 years, appears to be readying for sale.

No, not the parking lot next door that already sold for around $3 million in October — the actual building where the ravioli magic has happened since 1925.

That’s not all: The six-unit apartment building next door at 1102-1106 Valencia, which the Feno family also owns, is apparently up for sale, too.

Residential tenants of both buildings received a letter in mid-December stating that representatives of the commercial real-estate firm NAI Northern California — along with Lucca’s owner, Michael Feno — would walk through their apartments for inspections and photos. Their places, the letter said, must be “clean without personal belongings strewn about.”

“These are marketing photos,” the letter reads. “It’s very important that the marketing photos make the units look good.”

The letter adds: “To help incentivize the tenants, we would like to offer those that do a gift-card.”

Of course, this raises questions over whether these tenants will be shooed out of their places to raise the value of the buildings. Tenants, who declined to be interviewed for this piece, are discussing their options.

A Lucca employee confirmed that the deli will close in spring 2019.

1100-1118 Valencia St. is presented for sale by Jordan Geller and J.B. Williams of NAI Northern California. Click here for more details on this listing.

Read more at Mission Local

 

Housing proposed above S.F. firehouse

The city is preparing to sell off its fire station in Jackson Square to a residential developer, but it won’t be at a fire-sale price.

Fire Station No. 13 at 530 Sansome St. is zoned for a 200-foot tower and is expected to fetch upward of $20 million. Proceeds from the sale will pay for a new firehouse on the same location, topped with luxury housing.

Whatever money is left after construction will be used to develop affordable housing at 772 Pacific Ave., a city-owned property that is home to the New Asia restaurant in nearby Chinatown. The $10 million in affordable housing fees the firehouse project is expected to generate will also be spent on the 80-unit Pacific Avenue development, which will also include a new dim sum banquet hall on the lower levels.

On Wednesday, the brokerage firm Colliers International will begin soliciting offers from builders interested in acquiring and developing the roughly 9,000-square-foot property in Jackson Square, one of San Francisco’s most historic and sought-after neighborhoods. About 100 family-sized units would be built above a new 22,000-square-foot fire station, a mix of uses that has been successfully combined in projects in Washington, D.C., Chicago, and Wilmington, Del.

The firehouse would have to be temporarily relocated while the new building is constructed. The fire station is 45 years old.

Read more at San Francisco Chronicle

Lucca Ravioli Co.’s parking lot sold — five-story tower may rise

Lucca Ravioli Company’s parking lot at 22nd and Valencia Street, which went on the market in August, quietly sold in October for around $3 million — and now plans are in the works to develop it into a five-story residential building.

The parking lot’s new owner — M3 LLC — filed a preliminary application with the city in mid-December. The plans for 1120 Valencia Street envision a five-story, 18-unit building with around 1,171 square feet of ground-floor retail and a rooftop deck. Two of the units will be below-market-rate, and the building will include 18 bicycle spaces but no car parking.

The project’s estimated cost is $4.8 million.

The owner of M3 LLC could not be reached for comment, as his or her identity could not be confirmed. Planning documents list the owner’s address as the Garaventa Accountancy Corporation on Church Street.

 

 

Read more on Mission Local