Oakland’s Residential Housing Construction “Boom”

While 18,000 housing units are currently in the pipeline in Oakland, 2002 are under construction as of October 2016 and most of these are market-rate units. The investors involved in Oakland residential construction projects include The Blackstone Group who is funding a project by CityView located at 3093 Broadway, with 423 units. The Carlyle Group is providing funding to Wood Partners who is buildng a 196 unit project located at 2302 Valdez street. (1)

The CEO of Boston Properties, Owen Thomas, is quoted as saying last July in the company’s second quarter earnings call, “Given the high cost of multifamily product in the San Francisco market, we believe we can deliver high-quality units at approximately a 20 percent discount to San Francisco rents in a location that is a 16-minute transit ride from the Embarcadero BART.”

There are many concerns however, that much of the planned pipeline will not be built. The reasons include, rents have leveled off and dropped slightly in both San Francisco and Oakland. Oakland has high affordable housing impact fees that just went into effect. As of now the additional cost is $7,000 per unit in the downtown area, and are planned to rise to $24,000 in 3 years. There is also increasing community and labor opposition to these big projects who want more affordable housing and developer funded community benefits. Some are concerned that a Trump presidency adds a level of uncertainty that could cause a recession in the very cyclical construction business. Listed for sale is the Hampton House, a world-class Piedmont estate, offered at $8,385,000.

About Anian Tunney

Anian Tunney is an agent broker with The Grubb Company. According to statistics collected by East Bay Regional Data, Inc., she was the 2014 number one real estate agent in Piedmont, CA for the number of units sold and sales volume. In 2014 she was The Grubb Company company-wide top producer. Additionally, Tunney has been number 1 in yearly real estate sales for The Grubb Company’s Piedmont office for the last 8 years. Anian was also ranked 129th in the Nation by REAL Trends the Thousand in July 2015. She is known for her knowledge, experience, and network in the Piedmont community; qualities which are invaluable for finding that special home or buyers for her clients.

A fifth generation Piedmont resident, Tunney has been with the Grubb Company for over 30 years. She raised her family of four in Piedmont and is active in community projects such as the Piedmont Beautification Foundation, the East Bay Museum Auxiliary, and the Piedmont school district. Her grandmother, Amy Sutton, was a real estate agent, and now Anian works with her daughter Adrienne Krumins, making Piedmont Realty truly a family vocation. Tunney negotiates with grace and clarity of purpose. She can be contacted at 510-339-0400 ext 217, and at tunney(at)grubbco(dot)com. Her website is aniantunney.com.

Contact Information

Anian Tunney, Piedmont CA real estate agent broker associate
The Grubb Company Real Estate Brokers
Oakland, CA 94611
510-339-0400 ext 217
tunney(at)grubbco(dot)com
aniantunney.com
aniantunney.com/blog

(1) http://www.bizjournals.com/san...