June 6, 2008

San Francisco economy is bulletproof – Oakland has carjacking problems

S.F. immune so far from struggling economy
There may be plenty of disagreements about the budget Mayor Gavin Newsom announced on Monday. But there was one statement I totally agree with.

“The reality outside our 47 1/2 square miles is very different from the reality within it,” Newsom said.

He’s got that right.

The housing market is crumbling across the country – but not in San Francisco. Travel and tourism is down in many places but not here, where visitor spending, fueled by foreign tourists, reached an all-time high last year.

And despite a huge city deficit, Newsom still managed to sound upbeat Monday when he announced spending increases for the police force and a health care program that covers uninsured residents.

[snip]

“My opinion is that the Bay Area is 100 percent bulletproof,” said Carlo Middione, who has owned the Vivande Porta Via restaurant on Fillmore Street for 27 years. “I live in the Mission and when I go out at night for a meal, I can’t get in a restaurant. I think business is booming.”

Congrats! Further sign that house prices are going to start rocketing forwards. In the Real Bay Area anyway. Haters will undoubtedly point to Oakland… but clearly Oakland isn’t in the Real Bay Area:

Carjackings a symptom of Oakland’s problems

Oakland can now claim to be the nation’s King of Mayhem on public streets.

The city’s latest award is yet another dubious honor to bolster that claim: Oakland is among the nation’s leaders in carjackings – with a rate more than four times higher than San Francisco over a two-year period, according to a report in Monday’s Chronicle.

It is also one of the nation’s most violent and murderous cities. As midyear approaches, Oakland has reported 56 homicides, a pace that would exceed last year’s total of 127.

Georgia State University criminology Professor Volkan Topalli, who is writing a book on carjackings, found that Oakland’s high rate of that crime goes hand in hand with a laundry list of troubling crime statistics and social ills that make the city a prime candidate to be on the cutting edge of the next national crime surge as the economic downturn continues.

“I think violence rates are going up across the country, and in places like Oakland, the increase is going to be even greater because of existing problems,” Topalli said Monday in a phone interview.

The combination of poor public schools, high unemployment, and a lack of community cohesion amid open drug sales and prostitution on blighted streets can create “a perfect storm of problems,” Topalli said. In this category, at least, Oakland is ahead of the national average.

Already this year, a 10-year-old boy was shot at a piano lesson, the state Senate president pro tem was carjacked in the middle of the day (possibly by the same man who is accused of shooting the boy, police say), and impromptu illegal street races have ended in fiery crashes and multiple shootings.

Those don’t constitute normal, everyday occurrences in most U.S. cities, large or small. But in the most lawless parts of Oakland, such events are a part of everyday life.

[snip]

There were so many reported carjackings in East Oakland that it resembled an Auto Row for car thieves.

Worse comes to worse, I hear there’s a secret button that can transform the San Francisco – Oakland Bay Bridge to being just the San Francisco – Treasure Island Bay Bridge. We’ll probably also need to barricade 92 and the Dumbo, but that’s ok since the East Bay long fell out of the Real Bay Area.

Comments (31) -- Posted by: burbed @ 4:47 am






March 25, 2008

#91 San Francisco « Stuff White People Like

#91 San Francisco « Stuff White People Like
The city is considered one of the world’s premiere locations for white person research.

White people like to vacation in San Francisco because it has beautiful architecture, fantastic food, and it is near the water. They like to live in San Francisco because of its abundance of Non Profit Organizations, Expensive Sandwiches, Wine, political outlook, and most importantly its diversity.

Since many white people either live in, plan to move to, or closely identify with San Francisco it is imperative that you know how best to deal with them.

The City of San Francisco has a very multicultural population that ranges from white to gay to Asian. Within white culture this known as “ideal diversity” for its provision of exotic restaurants while simultaneously preserving property values. The presence of gays and Asians is imperative as it two provides two of the key resources most necessary for white success and happiness.

OH MY GOD. The Real Bay Area was featured on Stuff White People Like.

Spring Bounce + Stuff White People Like = Crazy Appreciation!

Comments (9) -- Posted by: burbed @ 4:37 am

March 21, 2008

Where to find easy parking in San Francisco

2166 Revere Avenue, San Francisco, CA 94124 – Prudential California Realty
2166 Revere Avenue, San Francisco, CA 94124

2166revere.png

Price: $450,000
Bedrooms: 2 Bathrooms: 1 Garage: 1
Square Ft: n/a Lot Size: n/a
Average Price Per sq/ft for this area: $654
Median Home Price for San Francisco, CA: $735,000
Year Built: 1907 School District: n/a
MLS Number: 335798 Live Date: Jan 17, 2008
Property Type: Single Family Area Location: 10-G
Subdivision: n/a County: San Francisco
Status: For Sale Map Page: Sfar Ct48
Property Information

Silver Terrace 2-Bedroom And 1-Bath. Walk To Bus And Easy Access To Freeway. Owner Occupied.

People in San Francisco complain all the time “Woe is me! There’s no parking!”

Well guess what – if you had the foresight to buy this home, you’d have plenty of parking! And easy access to 280. Can you say: renting out spots for a carpool commute into downtown? And what a steal at just $499k!

Look at the convenience:

2166revereb.jpg

Besides the usual instant equity – can you say instant revenue stream? Maybe you can issue your own CDO from it!

Thanks to long time Burbed reader Jeff for this find!

Comments (12) -- Posted by: burbed @ 5:17 am

May 7, 2007

149 Mangels had Frosted Flakes Boxes as a wall

Thanks to Burbed reader Nancy for this find:

Buyers finding most area homes too costly – Examiner.com
SAN FRANCISCO (Map, News) – When Roberta Morales got the e-mail from her friend, she almost fell out of her chair — a $400,000 house for sale in San Francisco!

“I said, ‘What are you smoking? There’s no house for that price in San Francisco,’” Morales remembered. “But then I drove by, and it really does exist.”

Morales recounted the exchange during her tour of 149 Mangels, a 1910 one-bedroom home in San Francisco’s Sunnyside neighborhood. She stood in the basement next to a wall made out of cardboard Frosted Flakes boxes that she could have punched her arm through.

[snip]

Lest anyone be confused, the house was described in blunt terms: “Major Fixer Upper needs everything. Buyers and agents beware of unstable building, floors, dry-rot and foundations. Enter at your own risk.”

That blurb was floated on local blogs this past week as a slight reality check — even with a softening market, even with rising interest rates, in San Francisco, this is the best $400,000 will buy you.

Or not. At a court proceeding Tuesday morning, the house went for $524,250 after a frenzied bidding process.

Does that address sound familiar?

It should!

Click here to post a comment -- Posted by: burbed @ 1:45 pm

$525,000 house collapses

House collapses in Sunnyside area – Examiner.com
A one-story house at 149 Mangels Ave. in the Sunnyside neighborhood collapsed Sunday, damaging a neighboring home.

Fire Department officials received a call reporting the collapse at 2:45 p.m.

No one was injured in the incident, but a neighboring home to the east at 139 Mangels Ave. was damaged when a falling roof corner struck it. A public walkway west of the collapsed house will also be closed indefinitely.

Lisa Katzman, a resident of the damaged house next door, said her home had been yellow-tagged until it could be inspected.

“They’re telling us we can’t spend the night here,” Katzman said.

Katzman described the collapsed house, which was reportedly undergoing construction, as being “a wreck” and in poor condition even before the collapse. The owners had reportedly bought it for around $525,000 despite problems including dry rot, she said, and were trying to repair it themselves when it fell in on itself.

Uh. Yeah. What did you think would happen if you spent a mere $525k on a house? Come on! $1 million or bust!

(Thanks to Richard for the link!)

Click here to post a comment -- Posted by: burbed @ 9:34 am

March 16, 2007

$1.1 million fixer upper featured on CNN

CNN recently featured 8 million dollar homes from across the country. Here was it’s San Francisco entry:

Million-dollar homes | 8 | CNNMoney.com
San Francisco, California
Price: $1.1 million

san_fran_exterior.jpg

Beds: 3

Baths: 1

Square feet: 1,479

Description: It’s not everyday that a single family home is sold in Cow Hollow for barely a million dollars. It’s a neighborhood graced with beautiful Victorian and Edwardian homes, art galleries, antique stores and fine restaurants. Right by the Presidio and the Marina District, it’s convenient to downtown as well as a short haul over the Golden Gate for easy weekend escapes to the wine country north of The City.

The house has lots of potential. It features hardwood floors with inlays, Art Deco light fixtures and parking for two cars. There’s a wood-burning fireplace, formal dining room and a small backyard.

The house does sit on a busy street, the view is less than sublime and the kitchen needs work but its location makes it a great alternative to a condo.

Hm, $1.1 million for a 1479 sqft 3/1 fixer upper. That seems about right. Something like that would be $5 billion in New York, and San Francisco is just almost kind of like NY. But not.

But wait a minute… it’s on a “busy street“? How busy is it? Let’s take a look:

lombard.jpg

Of course! This house is on Lombard St, which is technically part of Highway 101. Sweet! You can help increase your income by setting up a TrafficCam to monitor the inevitable traffic jams during rush hour! It’s also conveniently located next to a gas station, so you won’t ever need to drive far to fill up the ol’ tank. (Except during rush hours when you can’t actually back out of your driveway I guess.)

Better buy ASAP! I hear that gas station proximity and freeway proximity is becoming increasingly hip and desirable. This will easily sell for $2 million next year. $3 if you actually repair it!

BTW, how does this compare with the other million dollar houses featured in this piece?

8stack.jpg

Doh! Not #1 most expensive! What’s the Washington DC one have to offer? It’s only in a prestigious neighborhood filled with homes of ambassadors – none of them next to gas stations. Bah.

There’s always next year.

Click here to post a comment -- Posted by: burbed @ 5:50 am

February 10, 2007

What's Below Market Rate (BMR)income limit in San Francisco?

MLS SFAR Reports (513)
Junior One BD Below Market Rate subject to income verification by the Mayor’s Office of Housing. This unit is to be sold to a household not earning more than: One Person – $95,775. Two Persons – $109,425. Three Persons – 123,150. Buyer’s must be 1st time homebuyers or have lived in their current home for over 3 years. Deadline for submission is Feb. 15 at 4pm. Lottery will be held on Feb. 16.

Therefore, prices will never drop below $600,000.

If you don’t make more than $95,775 – San Francisco doesn’t need you.

In fact, the Bay Area doesn’t need you.

We only need people like Shannon Hermes – a millionaire receptionist.

Click here to post a comment -- Posted by: burbed @ 5:30 am

October 5, 2006

SF – no crash – too special

Mixed outlook for local housing / Solano County’s forecast weakest, Economy.com says
There’s a good chance that housing prices across the United States will drop next year for the first time since the Great Depression, but West Bay homeowners may be spared by the area’s tight housing supply.

Prices in San Francisco, Marin and San Mateo counties will rise about 3.6 percent a year for the next two years even as home values in the East Bay slip, according to a Moody’s Economy.com report.

Solano County will probably be hit hardest, with prices dropping 12.1 percent through 2008 from their peak at the end of 2005. Home values in Alameda and Contra Costa counties will slide by 6.4 percent, the report predicts.

“There doesn’t appear to be much excess supply in the San Francisco market,” said Gus Faucher, director of macroeconomics at Economy.com. “A lot of the growth has been occurring in the outlying metro areas. It’s the case in San Francisco that supply has not really gotten ahead of demand.

[snip]

San Francisco is also protected by the fact that there are fewer speculators, according to Faucher. Only 9.2 percent of homes in the city and in neighboring Marin and San Mateo counties are occupied by people other than their owners. Nationally, that number is 16 percent, he said.

That, coupled with the fact that home prices in the three-county region aren’t out of line with historical values, suggests that market isn’t in for a major crash, Faucher said.

“San Francisco is perpetually unaffordable,” said Faucher, who noted that an analysis showed that prices in the three counties were just 7.5 percent higher than Economy.com predicted they should be based on historical comparisons. “We think the metro area should be able to sustain that.”

Congrats to San Francisco on being so special!

Click here to post a comment -- Posted by: burbed @ 10:10 am

June 2, 2006

Only 12% of SFers can afford a home. Families leaving in droves…

Lots of toddlers, fewer school-age kids in S.F.
Only an estimated 12 percent of San Francisco households earn enough to buy a median-price home, which costs more than $760,000, according to the California Association of Realtors and DataQuick Information Systems.

In some ways, this isn’t terribly surprising. 12% does seem a bit low – especially when you think about how many properties in SOMA are second homes. But what’s really shocking is the chart. No one is moving to Santa Clara! I checked with the author of the piece and this is not a mistake. Whoa!

Click here to post a comment -- Posted by: burbed @ 5:00 am

May 7, 2006

San Francisco: 2,700 New Condos On Sale Soon

SocketSite™: 2,700 New Condos On Sale Soon
2,700 New Condos On Sale Soon

Thank a change in state legislation (allowing for 3% non-refundable pre-construction deposits) for the boom in new development sales centers slated to open this spring/summer. One such sales center, the 9,000-square-foot, $2.5 million sales center for One Rincon Hill, will feature “a fully appointed, two-bedroom model apartments [sic] with lightboxes simulating views both night and day.”

In total, sales centers representing at least 2,700 new condos should open within the next six months. Included in the mix:

170 Off Third – 198 condos
255 Berry (open) – 99 condos
The Arterra – 268 condos
Broderick Place (open) – 70 units
The Hayes – 128 condos
The Infinity – 650 condos
One Rincon Hill – 695 condos
The Palm (open) – 300 condos
Park Terrace – 110 condos
SoMa Grand – 246 condos

Wow, that’s a lot of condos coming online!

Click here to post a comment -- Posted by: burbed @ 5:00 am
 
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