When realtors rename a neighborhood, all hell breaks loose! (ie, check out this scathing Bold Italic article about NOBE in Oakland) But when tech companies do it, they get praised to high heaven! What's up with that?! BuzzFeed has more.
It’s a concentration of more than 50 cloud-computing companies that have set up shop between Market Street and AT&T Park. Today’s Cloud Corridor is roughly located in what used to be called the Multimedia Gulch during the first dot-com era. Names come and go. But with our digital lives moving to the cloud, these techies claim their innovations will determine the future as much as Silicon Valley has transformed our lives already.
Such impact requires a memorable name.
Is Cloud Corridor a marketing ploy? Sure. But so was Silicon Valley. No one called it that until 1971. The media forever branded it the place where cool stuff happens.
Names matter because any city that gets to coin the zeitgeist’s next big tech destination will enjoy economic benefits for decades to come. Based on the venture capital dollars flowing into San Francisco, we’re already being called the “new” Silicon Valley. But we deserve a unique name.
I was so flattered when Jeff Elder (San Francisco Chronicle's social media guy) approached me: They wanted to feature my image! SFgate.com started a new Instagram gallery #HowSFseesSF: "An SFGate project letting San Franciscans capture The City their way." Over 3,000 pics posted & they picked just 30, including mine! OK, guys, this has given me the courage to greenlight a project I'm secretly working on. Stay tuned! Meanwhile, follow me on Instagram.com/hermanity PLZ!
Photo Credit: Herman Chan
| |The new Bay Bridge just opened and I drove across it to snap this photo! It did take 11 yrs and $6.4B, but I think it was worth it. It's about time we got a trophy bridge, eh? Atlantic Cities:
The new span of the Bay Bridge connecting San Francisco and Oakland has been under construction for 11 years, during which time it grew to become the largest public works project in California history. At final tally, the construction cost $6.4 billion, five times what the bill looked like a decade ago. And in all that time, the project has been famously dogged by political controversy, construction delays, and engineering flaws.
Below is a cool timelapse video of the construction!
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The top ten areas being targeted for the near-term development of new housing in San Francisco are:
10. The Mission (930 new units)
9. South Central (1,210 units)
8. Western Addition (1,240 units)
7. Transbay (1,340 units)
6. East SoMa (1,480 units)
5. Mission Bay* (2,088 units)
4. Rincon Hill (2,370 units)
3. Market/Octavia (2,410 units)
2. Showplace Square/Potrero Hill (2,950 units)
And with nearly 4,000 units either under construction, approved, or proposed to be built, the number one area for new housing development in San Francisco is "Downtown" which includes Mid-Market and the Tenderloin.
Innerestin' factoid: Buyers paying in cash accounted for 27.6 percent of sales in May, down a bit from April. The monthly average back to 1998 is 13.1 percent. Read more here!
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Fellow San Francisco blog The Front Steps
posted this interesting breakdown of SF. Apparently lotsa rich smart folk and plenty of gays live here! Well, that ain't no surprise!
| || |Mercury News
"The current buyer frenzy has several ingredients: interest rates kept low by the Federal Reserve; a low inventory of homes for sale; high rents relative to home prices; rising incomes and job security; and investors and others paying cash for low-end houses and condominiums."
"At $564,250, the median sales price of an existing single-family Bay Area home in May was 23 percent below its 2007 peak of $738,500 just before the crash, according to DataQuick."
"The Peninsula & South Bay have regained most of their post-bubble losses, while Contra Costa & Alameda counties have a long way to go."
Median rents for one-bedroom apartments by neighborhood in San Francisco (Zumper).
The apartment rental startup Zumper has updated its maps of the median rents for one and two bedroom apartments in San Francisco by neighborhood. It found that the median price for a one-bedroom in the city is now $2,764. The median price for a two-bedroom is $4,000.
The median is the numerical value separating the higher half of a data set from the lower half.
In San Francisco, these rates vary substantially depending on which part of town you're looking in. Much like its notorious micro-climates, the city features micro-pockets of relatively affordable rental units.
For example, here are the three most expensive neighborhoods to rent a one-bedroom:
South Beach - $3500
Russian Hill - $3410
Financial District - $3350
And here are the three least expensive neighborhoods to rent a one-bedroom:
Outer Richmond - $1850
Outer Sunset - $1975
Inner Richmond - $2015
As for the three most expensive neighborhoods to rent a two-bedroom:
Financial District - $5800
Marina - $5450
Cow Hollow - $5400
And the three least expensive neighborhoods to rent a two-bedroom:
Outer Mission/Excelsior - $2460
Outer Sunset - $2525
Lakeshore - $2640
Zumper Co-Founder & CEO Anthemos Georgiades explained the methodology the company uses to construct these maps:
As for the "least expensive" neighborhoods on the list, this too is a relative matter, especially for low-income families. Earlier this year, the National Low Income Housing Coalition reported that San Francisco is thesecond least affordable rental market among all U.S.cities, after Honolulu.
- "We use medians for the average prices to discount outlier listings and so as to not over/understate the real prices."
- "These May 2013 asking rents are perhaps different to what some readers may currently be paying if they rented a few years ago or if they are still paying rent- controlled prices. However, these are the current prevailing prices for available apartments on the market today."
- "Most units on the market tend to be newer (read: non-rent controlled) developments built post-1979, since they experience more turnover. These units are often renovated with many more amenities than their rent-controlled counterparts, making them more expensive."
The rental situation is driving some of those seeking apartments to take extreme measures to enhance their chances.