Big Mission Bay complex fills up faster than expected

Run Date: August 28, 2009

By J.K. Dineen
San Francisco Business Times

Urban Housing Group’s new 192-unit Strata apartment complex in Mission Bay is fully leased, a milestone that was reached 45 days ahead of schedule, according to the developer.

Rents on the complex averaged $3.02 a square foot, about 15 percent less than the $3.50 a square foot the developer had originally hoped to collect, said Dan Diebel, vice president of development for Palo Alto-based Urban Housing. Strata opened in mid-March.

“We are very pleased that we leased up that rapidly in this economy,” said Diebel. “We had a lot of science people and tech people and 15 percent of our renters came from out of state and were moving to San Francisco for work.”

San Francisco rents dropped 2.7 percent in the second quarter of this year, according to RealFacts. James Devincenti, a multi-family specialist with Marcus & Millichap, said rents declined 10 to 15 percent since the height of the market. He said tenants who signed deals in 2007 and 2008 are still seeking and receiving rent reductions. He pointed to a tenant in a Russian Hill studio who recently had his rent chopped from $1850 to $1650.

“It feels like rents have stabilized, but I can’t say we have had a full-blown reversal,” he said.

The Strata was one of two significant new apartment complexes to open last spring in Mission Bay. The other, the 260-unit Avalon Mission Bay III at 355 King St., is 60 percent leased, according to Senior Vice President for Development Stephen Wilson.

“It’s been very well received in the marketplace,” said Wilson.

HomeAid shoots for the moon with trap shoot on Sept. 17

Run Date: August 27, 2009

Silicon Valley Mercury News

HomeAid Northern California is targeting a lofty fundraising goal of $150,000 when its Eighth Annual Trap Shoot takes place on Thursday, Sept. 17, from 8 a.m. to 3 p.m. at the Livermore-Pleasanton Rod & Gun Club. The event is largely supported by the Northern California homebuilding industry. Everyone is invited, from beginners to sharpshooters.

Since the inaugural HomeAid Trap Shoot in 2002, HomeAid has raised more than $1 million to help fund the construction of shelters for the transitionally homeless throughout the Bay Area. These shelters are located in San Jose, Livermore, Antioch, Hayward, Novato, Santa Rosa and Fairfield (under construction).

The 2002 Trap Shoot a five-person team competition was such a booming success (raising about $75,000) that in each successive year it has grown in popularity within the homebuilding community. In 2005, its best year, the event netted nearly $250,000. Despite a challenging new home market in the region, homebuilders, suppliers and vendors are again stepping up to support the HomeAid Trap Shoot. In addition, HomeAid has redoubled its fundraising efforts, recently receiving sizable donations from the San Francisco Foundation, Wells Fargo Bank, Union Bank and Google.

HomeAid is currently providing significant funding for construction of Mission Solano’s Bridge to Life center in Fairfield, the second largest HomeAid shelter built in the United States.

Activities for the Trap Shoot will include team competition as well as trophies for best male and female marksmen. All participants can enjoy a delicious barbecued lunch, entertainment and a post-event party.

Cost for entrants is $200 each or $1,000 per five-person team. All skill level entrants are welcome, from beginners to sharpshooters. Non-shooter tickets are available for $50.

Trap Shoot participants include builders, sub-contractors, manufacturers and suppliers. Leading homebuilders such as DeNova Homes, Pulte, Brookfield, Standard Pacific, Shea and Ponderosa Homes are already registered, and many more teams are expected to join the fun.
Established in 1999, HomeAid Northern California is a non-profit organization supported by the Home Builders Association of Northern California. Its mission is to build or renovate shelters for temporarily homeless individuals and families.

Need a Foreclosure Game Plan? Find it on KCBS.com’s “The Real Story With Colleen Edwards”

Run Date: August 27, 2009

By Amy Kennedy
Silicon Valley Mercury News

With a daunting array of foreclosure issues, trends and topics in today’s housing market, there’s a one-stop, go-to solution for those seeking a comprehensive source of information to help in the decision-making process: KCBS.com’s The Real Story with Colleen Edwards.

Edwards offers podcasts and interviews with industry thought leaders committed to providing insights and perspective on the ever-evolving real estate world. As a veteran of more than 30 years in the new home market, Edwards also offers a blog, addressing a variety of compelling subjects to those interested in buying, selling, investing or remodeling.

With regard to foreclosures, Edwards recently interviewed Chris George, president of CMG Mortgage and secretary of the California Mortgage Bankers Association. Here are some topics they discussed:
Consumer confidence is the key to a economic recovery, and it’s increasing slightly a baby step in the right direction.
A wave of adjustable rate mortgages will reset in the next few months, causing more havoc and more opportunity.
If you’re facing foreclosure, be proactive about suggesting a workout plan to your lender.
Foreclosure doesn’t benefit anyone including the bank.

Edwards also talked with Lota De Castro of Coldwell Banker Residential Brokerage about these issues:
The Three P’s of buying a foreclosure: patience, preview, perseverance.
When buying a foreclosure, how do you know you’re getting the best deal?
The short sale is a long and complex process.
Buying a foreclosure comes with many potential frustrations.

Condos replace Salvatore’s in San Carlos

Run Date: August 23, 2009

By Judy Richter
Special to The Chronicle

SAN CARLOS BILLS ITSELF AS “THE CITY OF GOOD LIVING”

It lives up to that billing with pleasant parks, respected schools, a bustling downtown and a convenient location about halfway between San Francisco and San Jose.

These assets are touted by 1001 Laurel, a 90-unit condominium project that sits between El Camino Real and Laurel Street, downtown’s main drag.

The 1-acre site once was occupied by the Golden Platter restaurant and its parking lot, according to John Baer, a principal in the Matteson Cos., developer of the condos.

The restaurant became Salvatore’s after chef Sal Campagna bought it in 1977 and offered an Italian menu. The San Carlos resident also served as the San Francisco 49ers’ food consultant.

Matteson talked to Campagna about buying the site in 1999, Baer said. Hoping to capitalize on the dot-com boom, the company planned a 100,000-square-foot office building with penthouses on the fourth floor.

On orders from the city, Campagna closed the restaurant on Dec. 31, 2001, because the unreinforced masonry building, the last in the city, didn’t meet seismic safety standards.

In the meantime, the dot-com bust caused Matteson to scrap its office plans in favor of 104 apartments. Once those plans were OKd, the restaurant was razed in September 2005.

More economic changes led to the 90 condos plus 5,700 square feet of ground-floor retail space. “It was a natural evolution,” Baer said.

Construction began about two years ago. By the time the project opened in mid-July, more than 1,300 people had signed the interest list; 500 of them visited on the opening weekend.

1001 Laurel is close to shops, services and restaurants with cuisine from around the world, many with sidewalk dining. Bianchini’s Market opened on Laurel in May.

Laurel hosts a farmers’ market on Thursdays from May through September, while nearby Burton Park offers free Friday night concerts in July and August. The Caltrain station is four blocks away, and SamTrans buses run along El Camino.

Twenty-five of the condos have one bedroom and one bathroom plus, in most, a tech nook. Averaging about 700 square feet, they start at $430,000.

The 57 two-bedroom, two-bath units range from about 1,027 to 1,097 square feet with prices starting at $599,500. With prices starting at $775,000, the eight three-bedroom units have two or three bathrooms and 1,241 to 1,419 square feet.

Some of the one- and two-bedroom units are available for lower prices to first-time buyers who live or work in San Carlos and meet income guidelines.

The two-bedroom units come in two variations. Of these, Plan 1 is shown as a model.

On one side of its entry hall is a combination closet and laundry area for stacked appliances. On the other side is the kitchen, which features maple cabinets, granite counters, gas stove and stainless steel appliances.

The kitchen looks into the dining area and living room. Off the living room is a door to a patio on the ground floor and to a balcony on the upper floors.

The second bedroom has a wide closet, while the master bedroom has a walk-in closet. Its bathroom includes both a tub and a shower. The other bathroom, across from the second bedroom, has a tub with shower.

Homeowner dues at 1001 Laurel range from $320 to $420, including water and gas. Dues for two-bedroom units are projected from $360 to $390.

One-bedroom units get one underground parking space. Others get two. Extra storage is available for purchase on each floor. All units have air conditioning.

The four-story building is arrayed around a central courtyard with a fountain, barbecue area, fireplace and trellised sitting area. There’s a fitness center on the ground floor.

Matteson is negotiating leases for the retail spaces. Two of the tenants are expected to be an accountant and a drop-off site for White Oak Cleaners of San Carlos.

VITALS

Address: 1001 Laurel St., San Carlos
Developer: Matteson Cos.
Architect: Christiani Johnson Architects
Model: Two bedrooms, two baths
Price: Starting at $599,500
Square footage: 1,027-1,097
Price per square foot: Starting at $583.74
Parking: Two underground spaces
Monthly homeowner dues: $360-$390
Sales office hours: 11 a.m.-5 p.m., Saturday-Thursday
Phone: (650) 594-1005
Web: www.1001laurel.com

Have your questions answered by industry experts

Run Date: August 16, 2009

San Jose Mercury News

Visit TheRealStoryBlog.com for a Webcast of the recent housing market panel presentation featuring industry thought leaders from Zillow.com, CBS MoneyWatch and CMG Mortgage, presented by KCBS 740 AM and moderated by The Real Story’s Colleen Edwards.

KCBS sponsored another of its popular Business Mixer events with Edwards, host of KCBS.com’s informative The Real Story online real estate resource.

The event was titled “Making Lemons Into Lemonade—Practical Tools to Help You Squeeze Opportunity from a Sour Economy” and attracted a capacity audience July 30 at the Lesher Center for the Arts in Walnut Creek.

Edwards was joined onstage and led a panel discussion about housing market issues with Zillow.com’s chief economist Stan Humphries; Alison Rogers, “Ask the Agent” of CBS MoneyWatch.com in New York; CMG Mortgage president Chris George (also secretary of the board of directors of the California Mortgage Bankers Association); and Carolyn Said, a Bay Area journalist covering real estate and business.

“We presented each side of the coin—both the pain and excitement of today’s home buying market,” said Edwards, a veteran or more than 30 years in the real estate industry. “The panel delivered practical solutions to the audience, helping them to shape informed decisions about how best to navigate the ever-changing Bay Area real estate landscape.”

Each of the panelists have agreed to do a week-long podcast segment for The Real Story in the near future. Send questions to http://therealstoryblog.com/ask-colleen/. Edwards will use many of the questions in her upcoming interviews with the panelists.