San Bruno
REAL ESTATE
San Francisco Bay's only private island hits the real estate market
Purportedly won in a bet, the Bay Area's only private island is up for sale with an asking price of $25 million. A tour of one of Chris Lim's real estate listings in the San Francisco Bay Area requires a trip on the water. As the former president of Christie's International Real Estate, he's had his fair share of unique listings. "I've been selling real estate for 21 years. I love a really interesting challenge," he said. "A fire house, a church, a parking spot." But a $25,000,000 private island? "This is my very first," he said. Lim is the listing...
San Francisco benefits from housing law that streamlines approval
SAN FRANCISCO - To address the state's housing crisis, California enacted a Statewide Housing Plan in 2022. It says that every city and county must build its share of new homes to meet a total of 2.5 million new homes the state estimates it will need by 2031. San Francisco's part of the job is to build 82,000 units by the same deadline.
220 Park in Burlingame Signs Office, Retail Tenants
Joint venture partners Dostart Development Company, LLC and Sares Regis Group of Northern California recently secured two new leases at the newly completed 220 Park development in downtown Burlingame. Private equity firm SkyKnight Capital confirmed to the San Francisco Business Times that it had leased approximately 10,000 square feet of office space, relocating its headquarters from San Francisco to the new 185,000-square-foot Class A office and retail project.
Berkeley housing prices projected to increase next year, mirroring Bay Area trends
With the median price for a single-family home in the Bay Area reaching $1.46 million in May — a 12% increase from last year that nears a record $1.5 million median price set in April 2022 — Berkeley’s housing market remains an outlier with its current decline in prices.
Affordable housing for BUSD educators revealed on San Pablo Avenue
Renderings and building permits were revealed for a 2025 housing project for Berkeley Unified School District, or BUSD, educators at 1701 San Pablo Avenue. The plans are for a six-story building including 109 affordable units, which have been reserved for BUSD affiliates and their families working in Alameda county. The project will replace part of the Berkeley Adult School’s parking lot.
Index for Bay Area Home Values Ticks Up, YOY Gain Slows
Having ticked up 2.6 percent in March, the S&P CoreLogic Case-Shiller Index for single-family home values within the San Francisco Metropolitan Area (i.e., “San Francisco,” which includes the East Bay, North Bay and Peninsula) ticked up another 2.0 percent in April, albeit with some seasonality still in play.
San Francisco's Wage Growth Outpaces Rising Rents, Offering a Silver Lining Amid Nationwide Housing Struggles
Likely welcomed by residents from one of the nation's most expensive cities, a new report reveals that wages in San Francisco are now rising faster than rent. The detailed analysis showed a significant wage increase of 9.97% from 2022 to 2023, dwarfing a more modest rent rise of just 0.73% during the same period. This creates a notable 9.23% gap between the growth rates of wages and rent, signaling a rare but welcome shift for the city's residents according to ConsumerAffairs.
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