What’s the hold-up on housing development in the Bay Area?

Bay Area paradox: We need housing, but we don’t want to build faster.

Chronic lawsuits against new Bay Area housing developments. Loud, angry protests against pro-growth legislators and mayors. If the Bay Area has an all-season contact sport, it’s the recurring NIMBY fights against housing construction. And although almost everyone agrees housing prices are too high, few want to see faster development to tackle the problem, according to a recent Bay Area poll for the Silicon Valley Leadership Group and this news organization.

Read more on NAI Northern California’s Newsletter

Which Bay Area neighborhoods are at risk for a major earthquake?

Earthquake map reveals liquefaction risks in Bay Area neighborhoods.

No place in the Bay Area is safe when it comes to the inevitable, devastating earthquakes that loom on the horizon. But some neighborhoods are better situated than others.

Read more on NAI Northern California’s Newsletter

How are Tech IPOs affecting Bay Area Housing?

How upcoming tech IPOs could affect the Bay Area housing market.

Last week, San Francisco-based ride-hailing startup Lyft finally filed to go public – the first of what is expected to be a number of area startups (such as Uber, Slack and Pinterest) that could be making the leap from the private market this year. To understand what this means for those living and working in the Bay Area, I talked to a couple of people in the real estate industry to get their thoughts. The short answer: The IPOs will almost certainly impact inventory and pricing.

Read more on NAI Northern California’s Newsletter

Is Bay Area housing still a sizzling hot housing market?

Even cool, Bay Area housing market is still hot.

The San Jose housing market has cooled more than any other in the country — and it’s still the hottest in the nation, according to a recent Zillow survey. The bidding wars and quick cash sales have abated, and home sellers are cutting prices more often and waiting longer to close deals than a year ago. But middle-income families still struggle to afford the median-priced home of $1.2 million in the San Jose metro area. A typical family needs to put about $600,000 down to fit that mortgage comfortably in their budget.

Read more on NAI Northern California’s Newsletter

 

 

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

James Kilpatrick on Commercial Property Executive : NAI Northern California Grows San Jose Office

President James Kilpatrick quoted on Commercial Property Executive about NAI Northern California’s new leadership hire in San Jose:

“We have had great success working with a multitude of real estate investors on transactions for multifamily, retail, office, industrial, and mixed-use asset types from San Mateo to Palo Alto, Calif., to downtown San Jose and Gilroy, Calif. … Bringing a great leader like Tod Rudee on board is all about doubling down our efforts in Silicon Valley by building a first-class team of institutional brokerage professionals,” said James Kilpatrick, president of NAI Northern California, in prepared remarks.

Read the full article on Commercial Property Executive

 

Tod Rudee joins top Bay Area commercial real estate brokerage NAI Northern California as Executive Vice President in San Jose

Leader in multifamily, retail, and office investment transactions recruits real estate industry veteran to lead the charge in the South Bay

SAN JOSE, CA –  March 12, 2019 –  NAI Northern California is pleased to announce that Tod Rudee has joined as Executive Vice President in San Jose to focus on leadership and expansion of commercial real estate services throughout the greater Silicon Valley area. Tod brings nearly 30 year of extensive experience in commercial real estate strategy, transaction services, and brokerage performance management in Silicon Valley. His previous background includes leading the San Jose office as Managing Director for CBRE as well as management roles with Colliers International and Premier Properties.

“Silicon Valley has been one of the top tier real estate markets in the United States for a while. As the home of big tech influencers like Apple and Facebook, the South Bay region continues to be major hub for investment. We have had great success working with a multitude of real estate investors on transactions for multifamily, retail, office, industrial, and mixed-use asset types from San Mateo to Palo Alto to downtown San Jose and Gilroy. We have have some major success stories representing corporate clients in meeting their leased space requirements, as well as representing some Silicon Valley landlords. Bringing a great leader like Tod Rudee on board is all about doubling down our efforts in Silicon Valley by building a first-class team of institutional brokerage professionals,” remarks President James Kilpatrick.

Recently on the San Francisco Business Times Book of Lists, NAI Northern California hit the top 5 and 6 spots in San Francisco and the East Bay and top 15 Bay Area wide. NAI Northern California is part of the NAI Global network, recently recognized by Lipsey as the number 4 most recognizable commercial real estate brand.

About NAI Northern California

NAI Northern California is a full service commercial real estate firm serving the San Francisco Bay Area and beyond. Our team delivers technology-enabled commercial real estate services that create value for our clients, industry, and communities.

NAI Northern California is a partner of NAI Global, the largest commercial real estate brokerage network with more than 400 offices worldwide and over 7,000 professionals completing in excess of $20 billion in commercial real estate transactions globally.

Downtown San Jose hotel tower proposal gets dozens more rooms

19-story hotel in downtown San Jose would have 272 rooms.

A downtown San Jose hotel tower would have many more rooms than first proposed, according to new plans being offered by the project’s developer.

Originally, the hotel planned for the northeast corner of North Almaden Boulevard and West Santa Clara Street would have contained 220 rooms, but the latest plans propose 272 rooms, plans from project developer KT Urban shows.

“There are several key factors driving the demand for new hotel rooms in the downtown core,” said Mark Tersini, principal executive with KT Urban. “They include convention center demands for larger venues, job growth in San Jose and the Bay Area, office expansion, along with the SAP Center events.”

Among the biggest corporate plans for downtown San Jose: Google plans a transit village of offices, homes, shops, restaurants and parks near the Diridon train station, while Adobe is pushing ahead with a big expansion of its existing three-building  campus with the addition of a fourth office tower.

Plus, other firms such as WeWork, Zoom and Xactly have expanded downtown, and WeWork wants even more office space for its co-working concept.

“We believe the hotel as designed will be a tremendous addition to the downtown core, providing state-of-the-art accommodations,” Tersini said.

Some residents have raised concerns that the hotel’s proposed height could overshadow nearby buildings such as the adjacent De Anza Hotel and block views of residents living in the Axis residential tower.

 

Read more at East Bay Times

 

 

Silicon Valley has the highest housing costs in the U.S.

Report says both incomes and costs soaring in the state’s tech capitol.

It’s the best of time and the worst of times in Silicon Valley, at least according to Joint Venture Silicon Valley, a regional think-tank that issued its annual Silicon Valley Index last week.

The 2019 index, a “comprehensive report based on indicators that measure the strength of our economy and the health of our community,” describes the Valley as materially successful but fundamentally anxious, as new wealth puts additional stress on those most vulnerable.

The report defines Silicon Valley as a broad region encompassing parts of Santa Clara, San Mateo, and Alameda Counties, ranging from Daly City to Union City to Gilroy to Scotts Valley.

The index includes some data from San Francisco for context but does not include the city as part of its larger regional definition. Most of the data covers 2017, with some references to 2018 as well.

 

Read more at Curbed SF 

 

 

Santa Clara approves agrihood, city’s largest affordable housing project in pipeline

Santa Clara has approved its largest affordable housing project in the pipeline — an “agrihood” that will combine urban living with farm life. 

The city approved the project, a public-private partnership between the city and developer The Core Cos., last week. Called Agrihood, the mixed-income property will have 361 apartments, with 181 of those below market rate, 160 of which will be for low-income seniors. A 1.7-acre urban farm and community retail and open space will complete the neighborhood.

The city had the site earmarked for senior housing for more than a decade.

“This project was borne out of a dire need to bring affordable housing through a truly creative, community-driven process. The Core Companies has kept this mission and urgency at the center of its work and dialogue with the city and community stakeholders,” The Core Cos. Senior Development Manger Vince Cantore said in a statement. “Santa Clara’s seniors have already waited more than a decade for housing at this site. An available below-market home for a senior can be the differentiator between a comfortable, safe environment in which to spend one’s golden years, or an extended period of financial stress and uncertainty.”

 

Read more at Bisnow Silicon Valley