Monday, May 16, 2016

Bay Area Real Estate Bubble 2016 news

The hoi polloi, including developers, real estate agents and banks, continue to enjoy the sellers’ market in San Francisco Bay Area. A buyer's market is what you get when there's more demand than supply. In San Francisco Bay Area, the demand is much larger than the supply. People have more money to spend on real estate, and sellers see several buyers competing to buy their property, which drives up the price. This means that buyers will have to spend more to get what they want.

May is best time for selling a home in San Francisco Bay Area

Selling a home can take months, but if you list it during specific dates, so-called “magic windows,” you might be able to speed up the process and sell at a higher price. The windows generally fall in the month of May—something to consider if you plan to sell your home next year.

There will be more traffic on East Bay highways 4, 24 and 680 - Lennar to develop weapons station property

The Concord Reuse Project Area Plan calls for building up to 12,272 housing units and 6.1 million square feet of commercial space on about 2,300 acres of the former military base. The Navy is scheduled to begin transferring land to the city in the spring of 2017.

There will be less heritage trees in Mountian View. One could tear down 50-year-old tree while building a new apartments in Mountainv view and the fine is minuscules - $500. How about forcing Prometheus to buy and plant 50-year-old?

Just months away from completion, a new El Camino Real apartment project has already created bad blood with its neighbors after workers tore down a pair of heritage trees before they were supposed to. The turmoil over trees only got stormier last week after the developer sought permission to chop down a third heritage tree that may have suffered root damage from the construction work.

The project by Prometheus Real Estate Group is a 66-home apartment complex at 1616 W. El Camino Real, slated to be finished by this summer.

There will be more apartments in Cupertino near Apple Campus 2. It will create more traffic on Wolfe road.

The Irvine Company has had plans in the works for a few years to renovate its existing 342-unit complex and construct a new 942 unit complex. The complex, known as The Hamptons, is on Pruneridge Avenue next door to the tech giant's new campus.

San Jose in unhappy with Santa Clara's massive CityPlace project, but San Jose keeps approving a new housing on the border with Cupertino.

By adding almost 20 times more jobs than housing units, the Project would conflict with numerous General Plan policies designed to reduce the City’s existing jobs/housing imbalance. By focusing on commercial and retail uses over housing, the Project would also conflict with the balanced growth objectives of Plan Bay Area, and its mandate to reduce greenhouse gas
emissions from vehicle use.

In the meantime Santa Clara kills housing and mixed use development across from Caltrain and proposed future BART station

In March, Irvine Company withdrew its application for Mission Town Center, a housing-focused mixed use development on El Camino Real, across the street from the Santa Clara Caltrain station, and proposed future BART station. The application was withdrawn after Council demanded more parking and less housing in the transit-rich area, in response to resident concerns.

The project had initially called for 450 apartment units, with retail on the ground floor. The number of apartments was later reduced to 370, then again to 318 in the final review in February. Within the development, 10 percent of the units were required to be provided at below market rate.

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