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.
For any real estate investors looking to purchase or refinance an investment, here are the latest interest rates, courtesy of our financing group Piedmont Capital.
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.
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.”
California lawmakers are exploring new ways to limit skyrocketing rents.
Crooning in the shower is not Chad Regeczi’s thing.
That’s why when he learned last year his monthly rent would go up $300 so the new owners of his La Mesa apartment in San Diego County could upgrade his bathroom with a sound system, he was bemused.
“300 bucks!” he said. “I mean an iPod costs less than that. Everybody has got a phone now. Who needs a Bluetooth speaker in a bathroom apartment? It’s just weird.”
Regeczi, a VA employee, said the 30 percent rent increase didn’t match the condition of his apartment. But he felt powerless to challenge his landlords on the hike.
“Who’s gonna tell them no?” he asked. “There are no rules to how much your rent can go up.”
That may change. Talk is underway about putting a law on the books that would bar California landlords from raising rent beyond a certain percentage.
Oakland Mayor Libby Schaaf said in November the rule would mimic limits on what businesses can charge during natural disasters.
“When there’s a fire, you pass an anti-rent gouging ordinance,” Schaaf said. “The state has a fire. It’s called the housing crisis.”
Rents are surging in some California cities where there is no rent control by double, even triple digits, according to mayors and tenants rights advocates.
And more than half of the state’s renters pay more than a third of their income on housing, according to the California Budget & Policy Center. And a third of renters spend more than half of their paycheck on a place to live. The real estate firm Zillow reported last month that communities where people pay more than a third of their salary on rent, see a faster rise in homelessness.
As the luxury multifamily market approaches a peak, apartment owners and managers turning to social amenities to engage residents at their properties.
The new must-have amenity for luxury apartment projects? Time.
During this economic growth cycle apartment developers have engaged in a virtual arms race of amenities. Most were physical goodies they could tout in property tours – features like furnished guest suites for resident’s out-of-town visitors, rooftop pools, and walk-in lobby refrigerators for food deliveries.
Now, say apartment developers and property managers, the trend is towards providing services that save residents time, or experiences that make effective use of it.
Across the country high-end apartments are now offering a host of new services to attract renters: dog-walking, wine tastings, poker nights, errand-runners.
“There’s this feeling that the amenities war has run its course – everyone has the same check list on their website,” said Tom Geyer, vice president of branding at the Bozzuto Group, the Greenbelt, MD.-based developer and apartment manager.
“But I do think the battle of services is a newfound strategy to build value.”
Bozzuto, which owns or manages more than 60,000 units up and down the East Coast, has become a specialist in adding these experience-based and time-saving services, and notes the appeal of service and experience-based amenities goes across all age groups.
For its part, Geyer said Bozzuto doesn’t try to mold their properties to fit a certain age group – for millennials, say.
Rather, the company sees its properties and tenants in terms of “tribes.” Some properties have a preponderance of bike riders, some have dog owners, and others are dominated by retirees looking for urban living experiences.
“Most of our residents are not non-social people,” said Geyer. “Building amenity space is about supporting interaction, looking for a chance meeting of the tribe.”
For example, Geyer said residents aren’t just interested in an onsite gym, they want access to classes.
“Classes are the number one thing, group classes,” he said.
That means not just adding amenities, but re-designing some of the existing amenity spaces. Gyms have to be designed to accommodate the new trends of cross-fit, PX-90 workouts. And equipment has to be placed to accommodate classes.
National Development, a multifamily developer and manager based in Boston, agrees with the new thinking. It hired a full-time marketing and community engagement manager who coordinates events for a dozen National Development properties.
“It’s not an either-or proposition,” said Ted Tye, a managing partner at National Development. “There’s been a real push for physical amenities, and that hasn’t abated. Layered on top of that, as the market gets more competitive, is the social amenity.”
The Bay Area is getting more mixed messages on the seemingly perennial question of if and how quickly residents are fleeing the region and the state.
The finance company Smart Asset released a report Friday claiming that San Jose is one of the most popular destinations for millennials on the move despite its high cost of living.
Smart Asset economist Derek Miller sorted through U.S. Census data to figure out which U.S. cities got the greatest inflow—i.e., the margin of new residents relocating to a city over the number of those moving away—with the ever-topical millennial demographic, here defined as anyone between the ages of 20 and 34 in 2016.
Suffice to say, San Francisco did not acquit itself well with the trend, despite previous census analyses revealing that the city’s median age is gradually getting younger with each passing year. Instead, millennial movers reportedly favored San Jose, which came in seventh place on Miller’s list, the only California city to break the top ten.
San Jose is simultaneously one of the nation’s most sought cities by job seekers and home to the most job holders who want to leave, a dichotomy that could have profound impacts on Silicon Valley’s business future and social fabric.
That dichotomy stems from the way technology has become the foundation of the U.S. economy and Silicon Valley the capital of that industry, says the author of a recently published study by the online jobs and recruiting site Glassdoor. And it could have profound impacts on the Valley’s business future and social fabric.
“San Jose is a city of churn,” said Andrew Chamberlain, Glassdoor’s chief economist. “It’s the most dynamic of any city of the big metros we looked at” in the company’s 25-page report entitled “Metro Movers: Where are Americans moving for jobs and is it worth it?”
San Jose ranks third on the list of places — after San Francisco and New York — where U.S. job seekers in Glassdoor’s database of 668,000 job applications are applying, the report says.
But San Jose ranks behind only Providence, Rhode Island — which turns out talented college graduates much faster than it creates jobs — as home to the largest percentage (47.6 percent) of applicants seeking work elsewhere.
In much of the country, the start of peak rental season is just a handful of weeks away, meaning that now is the time to get ready for the rush.
The beauty of peak season is that more people are looking for places to live, which means your pool of potential applicants is bigger — but the flip side is that all of your current tenants are also more likely to move on.
Whether this is your first peak season or your fiftieth, these nine strategies can help minimize the chances that any of your units sit empty, even when turnover is high.