(Save the date: RealShare Apartments East comes to the Hyatt Regency Miami, Florida on February 26th, 2013)
SAN FRANCISCO-As GlobeSt.com revealed this morning, Trumark Cos. is making a major move into San Francisco's condominium market with the launch of Trumark Urban. The new division has acquired six sites in the city's urban core for mid- and high-rise condominium communities with plans in the works for more than 500 for-sale units.
According to Trumark principal and co-founder Gregg Nelson, “as the economy has rebounded, urban housing has been in high demand for months, especially along the coast.” But almost all the housing that's been created has been rental housing, he adds."
“We see an exploding opportunity, and an exploding demand, for for-sale housing in core urban areas because there's almost a complete lack of supply,” says Nelson.
A November report on San Francisco housing inventory illustrates the dearth of condominiums in the pipeline, notes a prepared release from Trumark. “New condominium construction is expected to be minimal from 2012 to 2015, the Polaris Group reported in its November 2012 analysis of San Francisco real estate. Available new condominium inventory is forecasted to be less than 200 units per year from 2012 through 2015, the report states,” the release says.
“For a city of over 800,000 residents, such low inventory is fairly remarkable,” Nelson adds.
According to Michael Maples, co-founder of the firm, “Trumark Urban will debut in San Francisco because of strategic reasons. “First, there is a movement of tech companies choosing to locate in San Francisco over Silicon Valley. Second, a large portion of the young tech work force is choosing to live in San Francisco, even if it means commuting to Silicon Valley. And thirdly, we are seeing more move-down baby boomers choose to maintain a residence in highly amenitized urban areas.”
All these groups, according to Maples, “appreciate the rich amenities found in cities--walkability to entertainment, cultural events and transit. All this at a time when people are, once again, recognizing the value of buying verses renting.”
Jason Kliewer, partner and chief investment officer of the firm, who is responsible for all aspects of land acquisition, neighborhood planning and entitlement processing, explains that in the past two years, housing prices have increased more than 10% in San Francisco. “Because of the rebounding housing market and ongoing creation of high-paying jobs in the Bay Area, we feel our footing is strong.”
Trumark's VP of sales and marketing, Mark Higgins, says that condominiums will range in size from 500 to 1,500 square feet, depending on the location. “The portfolio includes higher-end homes over $2 million as well as approachable market-rate housing under $500,000.”
According to Higgins, the firm is looking at “various amenities that appeal to this unique buyer, including personal bicycle-storage and tune-up facilities, onsite community art galleries, shared-vehicle parking and innovative outdoor spaces and uses.”
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
