On Thursday, February 5th I was fortunate enough to sit in on a presentation by Carole Rodoni. Carole is a renowned speaker on the economy and real estate from the Bay Area. Her past impressive employment includes being the President of Fox and Carskadon Real Estate, the Chief Operating Officer of Cornish and Carey Real Estate, and the President of Alain Pinel Realtors. Not to mention, she has been a guest columnist for the San Francisco Examiner and has appeared as a guest speaker on TV and radio across the Bay Area.
I want to share with you some high level points that Rodoni expressed about the Bay Area real estate market during her presentation and what we should expect to see in 2015. She spoke quickly, so I may have missed a few details here and there.
The Silicon Valley Real Estate Market
In 2015, Rodoni expects inventory to stay low and “mirror” the 2014 market. She also predicts cities to continue to be more flexible with allowing more building of apartments and condos. (We need this to help fulfill the high demand!) A prime example of this is a new development project in San Francisco called “Summit 800” off of Brotherhood Way. The city had owned this piece of land forever and finally sold it to a developer. To view this development, click on the link: http://www.summit800.com/
Rodoni also mentioned that this year the lower end areas are absolutely on fire with double-digit appreciation! Just a few of the areas include: East Palo Alto, East Menlo Park, Shoreview, Daly City, and South San Francisco.
“The Year of the East Bay” -Carole Rodoni
At the end of Rodoni’s presentation, she brought up the idea of “The Year of the East Bay”. What she meant by this is that she expects East Bay to come back in full force. She explained how the East Bay economy went down and has taken them a lot longer to come back, but it is happening in 2015. She thinks that affordability, manufacturing and construction are coming back to America and that the East Bay is experiencing this growth. She called it a “very hot spot”. The cities she mentioned included: Union City, Fremont, Newark, etc. Thinking about buying an investment property? Rodoni suggested investors may see good returns in the valley. Due to affordability, companies are expanding to places like Manteca, where Amazon is building a new fulfillment center and Lathrop/Ripon area, where Tesla is expanding their manufacturing.
I hope you enjoyed reading my summary of Carole Rodoni’s presentation on what to expect in 2015. I highly recommend watching/listening to her speak. If you want to read more articles like this one, like my Facebook Page! Click link to view: Suzanne O’Brien Real Estate