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

 

 

John Caronna joins NAI Northern California as Vice President in Oakland

Multifamily real estate specialist joins the team in Oakland

NAI Northern California is pleased to announce that John Caronna has joined as Vice President in Oakland to focus on multifamily real estate. John’s combined experience as a multi-unit real estate specialist, property owner and manager makes the transactions stress free for his clients.

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

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.

 

What are the Golden State Warriors’ latest plans for Downtown Oakland?

Warriors won’t practice in Oakland next season but will leave downtown facility in hands of youth programs.

The Golden State Warriors announced Monday they won’t stick around to practice in their downtown Oakland basketball facility next season as they make their move to the under-construction Chase Center in San Francisco’s Mission Bay neighborhood a complete one. But that doesn’t mean the Warriors are totally abandoning the city that’s been their physical home — if not their namesake — for almost half a century.

Read more on East Bay Times

Transit-oriented development changing how Oakland grows

When it comes to the future of Oakland, a good amount of the development that will change the city has one thing in common: the transit station nearby. 

Bay Area Rapid Transit has committed to an ambitious plan to build mixed-use transit-oriented developments around its stations throughout the Bay Area, and a number of those projects will be in Oakland.

Already, the transit authority has started to transform land around MacArthur Station in the northern part of the city as well as Fruitvale Station to the southeast. Construction is underway on Coliseum Transit Village from UrbanCore Development and Oakland Economic Development Corp.

Future plans call for continued development on those sites and projects to go up around downtown BART stations.

BART’s transit-oriented development policy states that the agency will only move forward with future developments in cities that have adopted station area plans, and Oakland has been at the forefront, BART’s Sean Brooks said. Brooks, the department manager of real estate and property development for BART, will speak about TODs at Bisnow’s The Evolution of Downtown Oakland March 13.

Projects already underway have required upzoning, and the city also has been progressive about parking requirements, Brooks said.

“The city has kind of bent over backwards to help and advance some of these projects,” he said.

Case in point: the planned development for West Oakland, which got through the planning commission in record time, he said. The project was helped along in no small part because of the affordable housing it is bringing to the city.

 

Read more at Bisnow Oakland

 

Oakland A’s meet opposition over plans for new waterfront ballpark

Plans for a new Oakland A’s ballpark at Howard Terminal at the Port of Oakland have run into opposition that could throw up roadblocks for the project.

Last week, a coalition that includes Save The Bay sent a letter to the state legislature listing concerns from environmental, business and labor organizations about the stadium project.

In the letter, Save The Bay Executive Director David Lewis said East Bay lawmakers are considering introducing a bill that could fast-track the project through regulatory exemptions. That would lessen the project’s accountability to environmental laws designed to protect public health, public lands and vulnerable wildlife.

The coalition said it is opposed to any measures that would reduce San Francisco Bay Conservation and Development Commission oversight for the project, remove State Lands Commission-enacted public trust protections, undercut hazardous materials restrictions or seek a way around California Environmental Quality Act obligations for the project.

The A’s said they had no plans to ask state lawmakers to fast-track the process, the San Francisco Chronicle reports.

Save The Bay is not the only one arguing against the plans for the stadium.

The bar pilots association said the lights from the stadium will be blinding for those navigating container ships to the port, and those ships could hit kayakers going after stray balls, the San Francisco Chronicle reports.

The Pacific Merchant Shipping Association, which represents some of the port’s tenants, said the hotel and housing included in the plan would increase traffic and compete with trucks around the port.

Oakland has suffered the loss of sports teams, including the Golden State Warriors, who are slated to be in their new Chase Center in San Francisco for the 2019-2020 season, and the Raiders, who are moving to Las Vegas and still haven’t settled on where they will play next season before that move.

 

Read more at Bisnow Oakland

 

Fremont City Council balks at stronger renter protections, opts for ‘minor tweaks’ to rent review law

Majority of council feels one-year old rent review program is doing well.

In the first year of Fremont’s rent review program, nearly half of those who sought help with rent increases saw them lowered, but some renters and city council members still don’t think the program goes far enough to help tenants.

The update on the program was presented by staff at the recent Fremont City Council meeting, where the council subsequently voted to make some minor tweaks to its rent review ordinance, but backed off of strengthening discrimination and retaliation protections for renters.

Councilwoman Jenny Kassan and Councilman Vinnie Bacon said they would have preferred to beef up those protections, and look at adopting rent control in the city, but the other five members of the council chose the status quo.

The city’s review ordinance is intended to help landlords and renters mediate disputes over rent increases. The council adopted the ordinance in fall 2017, and the program went into effect in 2018.

 

Read more at East Bay Times

 

 

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.”

 

With Square move on horizon, fintechs discover Oakland

Square’s expansion into Uptown Station underscores what fintech entrepreneurs have been saying for some time: Oakland is hot and only getting hotter.

Square’s new lease taking all of Oakland’s Uptown Station signals the growing popularity of the East Bay’s largest city for fintechs and other startups.

Fintech entrepreneurs say Square moving into the city in such a big way — the payments company plans to start moving in about 2,000 employees beginning later this year — means a lot more energy and talent will be drawn into Oakland.

Square’s move represents a tripling of Oakland’s fintech workforce, which the city estimates to be just under 1,000 people.

“We have a small but growing tech sector in Oakland,” said Marisa Raya, economic development specialist for the city of Oakland.

 

 

Read more at San Francisco Business Times