Thursday, June 23, 2005

housing market and economy trend

Lately I've been reading SF Examiner a lot. Not sure if it's due to the handouts in front of Old Navy, or just the fact that it's free as vs. SF Chronicle. I do like the layout, w/ Mayor & Governor's schedule, literary events, food/restaurant event, and other events on second page.

Anyways, yesterday's paper had an interesting article about re-zoning in North Beach district.

It's been somewhat known fact and topic of humorous speculations that even long time residents of San Francisco may need guidance of tour guide when strolling SOMA/South Beach district that surrounds SBC Park. That area used to be warehouse district, but is in a process of being converted a full-time residential district. Bordering the financial district, this conveniently located district also boasts its convenience to Bay Bridge, upcoming Giants games and trendy restaurants and nearby clubs not to mention walking distance to the CalTrain station and Transbay Terminal. Not many of these new luxury condos are in high-rise, but warehouse conversion into modern-style loft. There are talks about high-rise buildings surrounding embarcadero and Transbay Terminal but it's still just talk.

However, on yesterday's paper, I read that some stretch of 3 blocks in North Beach are converted from small business area into residential district, and would impact investment-property owner who owns a warehouse and plans to turn it into loft condos in negative way.

This was interesting for two reason. The fact that North Beach seem to be going through much of lodging turmoil lately with many of long-time apartments forcing low-rent renters out to the street to turn the apartment complex into high-profit condos is one. The other is the fact that I didn't realize investment-property owner could actually lose money with the change of district like this. With all the hypes in real estate investment, I've so far only heard profits better than some stock trades.


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