Parkmerced is in for a long term redevelopment that is designed to change our definition of neighborhood living. Its nothing short of a game changing attitude adjustment. Its a long-term project (20-30 years) involving new buildings, community living and public transportation improvements.
Renew the Watershed Area
Parkmerced is a watershed area draining into Lake Merced, that was developed without consideration of its of its ecological importance. The new development vision is to regenerate the watershed and create a socially sustainable neighborhood. The stream corridor will draw native wildlife back to the lake area. Landscaping will use only native/wildlife friendly plants to minimize water consumption and to provide food and shelter for wildlife. Rainwater flows will recharge Lake Merced and underground aquifers, including a new stream corridor, ponds and wetlands which will filter rainwater before discharging into Lake Merced.
New Wetlands
The landscape will create a variety of green zones including wetlands, coastal woodlands, and meadows. Parkmerced will become an ecologically sustainable neighborhood where urban and natural systems are mutually supportive.
Ecologically Smart
The new Parkmerced will include both rental and for-sale housing that will be woven in and about parks, trails, and public spaces to encourage walking and other outdoor activities. Parks and recreation spaces will be set in public open spaces, and neighborhood Commons all Linked into an ecologically connected network.
Organic Farms
Parkmerceds southern edge will house a Community Center offering residents fitness and wellness programs. West of the Community Center, an organic farm, 2- to 3- acres large, will provide a local food source. Fruits and vegetables grown will be for sale at the local grocery store and farmer’s markets.
Green Transportation
Share Bicycles
A number of bike share centers will be available throughout Parkmerced. Residents will be able to borrow bicycles to get to work or just for a leisurely ride through the parks and trails.
The M line
Each Parkmerced resident makes about 6 vehicle trips per day. Parkmerced developers in a city partnership will reroute the M-Ocean View Muni to make three stops within the complex. People will be able to walk along fresh streams and trails or use share bicycles to Muni reducing auto use.
Green Buildings Too
Parkmerced will utilize green building envelopes, including solar, wind and cogeneration facilities , producing some of Parkmerced’s energy.
Water
Collecting rainwater runoff will help restore the natural water shed that Park Merced is built on.. Even rainwater flowing from rooftops will be collected and returned to the natural water systems that flow to Lake Merced. The annual volume of water for irrigation is expected to decrease from roughly 55 million gallons of potable water per year to just over 30 million gallons of recycled and/or grey water.
Use of low flow toilets, sinks, shower heads, and laundry machines in both new and existing units and the use of recycled and/or grey water, is expected to bring down the individual resident to 38 gallons per day. Estimates vary, but average usage falls between 575 and 120 gallons per capita. Part of San Franciscos dream to be a leader in how to better live in harmony with everything. Gotta love this city!
Thanks for Reading
www.yourpropertypath.com
San Francisco investment properties are bottoming. According to Jay Greenberg, in an SFAA 
magazine article, San Francisco has seen positive sales numbers this year. Rent rates have also been getting stronger in the city. Im a firm believer that well paying jobs and the reverse commute busses provided by the tech sector, are a big part of why rentals are up and property is on the rebound.
Greenberg points out that interest rates are low, rent rates are increasing and cash flows are improving. Following is a synopsis of Greenbergs review of apartment sales:
Chart Source National Real estate Investor
5-9 units
The slide in this sector seems to have stabilized. Price per sqft is $271 this year vs. $376 in 2008. Deal flow for the first three quarters of 2010 is 61 compared to 57 in 2008.
10 Plus
Average price per sqft in 2010 is $256 donw from $347 in 2008. The good news here is that the deal flow has increased to 65 for the first three quarters up from 32 last year.
The San Francisco apartment sector is benefiting from pent-up demand, declining homeownership, and a limited supply of new development. Nationally, 70 million potential renters, the echo boomers, are expected to enter the renter pool for apartments. Something like 3.2 million renters, aged 20-34, will be looking for a place to rent between now and 2012.
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We are confident that the housing market in San Francisco is in the early stages of recovery and expect a expect a sustainable but modest rise in San Francisco home prices for the balance of 2010,” says the most recent Market Focus report issued by the Rosen Consulting Group of Berkeley
The usual optimists case is based on better affordability levels, aided low mortgage rates and the fact that SanFrancisco created jobs this quarter. I honestly think that if it wasnt for the reverse commute busses offered by Google, Apple, Ebay and Genentech we would see some really big price drops. Bringing well paid tech workers to the city, by making the commute free and easy has done wonders for a low vacancy rate and home prices that have held up comparatively well.
I am seeing good job relocations coming into the city. We are blessed to have twitter, Trulia and the South Bay big tech companies so close to San Francisco. They are doing well, they are paying well and they are hiring
John Lee, president of the San Francisco Association of REALTORS®, notes, “The overall underlying trend of the housing market in San Francisco should remain positive, resulting in price appreciation and a further tightening of market conditions into year-end 2010.
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Inching forward
The San Francisco supervisors approved the environmental impact report for a large redevelopment project in Bayview-Hunters Point. The Navy has spent approximately $400 million on clean-up to date and expects to spend an additional $500 million over the next several years.
The Plan
The plan calls building 110,500 residential units, 320 acres of parkland and open space and retail and commercial space at the 720-acre site, including andlestick Park and the Alice Griffith public housing project. The plan also calls for a 69,000-seat stadium for the San Francisco 49ers, to be be replaced by residential and commercial space if the team moves to Santa Clara.
Both the city and Lennar (The Developer), believe the project will create 10,000 permanent jobs and 5,582 construction jobs in the 20 years it will take to complete. Lennar will also spend $25 million for community benefits and job training.
There is more to deal with, but this is a big step, after some 20 years, towards development on the once toxic superfund site. New [proposals and some concerned regarding car pollution and road/bridge locations that need to be ironed out. Lennar claims to have spent 30 million to contractors in the BVHP Area, 72% of total. $19.8 million to minority contractors in the BVHP Area, 48% of total, with 77% of work hours going to minority workers.
Its Green
Hunters Point Shipyard will be the first neighborhood in San Francisco powered entirely by clean, reliable public power. In the new “Green Public Power Community,” the San Francisco Public Utilities Commission will deliver reliable, 100 percent renewable and cost-competitive power to new residents and businesses of the current and future developments through its extensive hydropower, solar and other renewable energy generation projects.
The development will be powered largly by hydro and solar power. BVHP will be a microosm of how to power cities using solar and wind power as well as newer technologies such as fuel cell and tidal energy.
Those who opposed had issues with transportation and pollution issues. Environmentalists and the the Golden Gate Audubon Society, say the proposed bridge over the wetland habitat would disturb the natural region by introducing pollution into a fragile area.
I like the way this is developing as both good for the community and a real world study in clean power. Im not sure whether the Lennar plan is the right plan, but I am sure San Francisco is the right City.
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Mortgage Bankers Association for the week of 07/07/2010
Market Composite Index: (loan application volume) increased 6.7 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 6.5 percent compared with the previous week.
Refinance Index: increased 9.2 percent from the previous week and is the highest Refinance Index observed in the survey since the week ending May 15, 2009
Purchase Index: has decreased eight of the last nine weeks
Refinance Share of Mortgage Activity: increased to 78.7 percent of total applications from 76.8 percent the previous week, which is the highest refinance share observed in the survey since April 2009.
Arm Share: increased to 5.4 percent from 4.7 percent of total applications from the previous week.
MBA outlook: (Excerpted from mbaa.org)
Mortgage rates remained near record lows last week, as incoming data on the job and housing markets were weaker than anticipated. As more homeowners locked in to these low rates, the level of refinance applications increased to a new 13-month high, said Michael Fratantoni, MBA’s Vice President of Research and Economics. For the month of June, purchase applications declined almost 15% relative to the prior month, and were down more than 30% compared to April, the last month in which buyers were eligible for the tax credit.
We predict that mortgage originations will fall to $1.4 trillion in 2010 from an estimated $2.1 trillion in 2009. Purchase originations will fall slightly to $725 billion, as home prices continue to fall and the effect from the homebuyer tax credits wane. Refinance originations will fall to $717 billion in 2010 from $1.4 trillion in 2009, but we continue to mark up our refinance origination forecast given the sharp drop in mortgage rates.
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Howard is a property manager and leasing agent in San Francisco. If you are considering leasing or management services in San Francisco you can reach him at foundhoward@gmail.com
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