Optimism Reigns In Bay Area Multifamily
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Part 1 of 2
SAN FRANCISCO-“Optimism reigns.” That was the overall message delivered to more than 450 local real estate professionals in attendance at the recent Marcus & Millichap/IPA Multifamily Bay Area Forum: San Francisco & Beyond event held at the Sofitel Hotel in Redwood City, CA. John Sebree, VP and national director-NMHG, kicked off the day-long event with an overview of the local Bay Area economy and multifamily trends. When it comes to investment sales, he noted that he is often asked if now is the time to buy or sell. “Yes is my answer.”
Sebree said there will be 2.2 million more 20-34 year olds by 2020, and he expects the apartment building boom to continue for the next few years.
The quote of the day came from Steven Levy, director and senior economist of the Center for Continuing Study of the California Economy in Palo Alto. “Yes this is a kickass local economy,” he explained, noting that the Bay Area is on the verge of recovering all of the jobs lost during the recent Great Recession.
In a panel titled: Silicon Valley: What’s Happening in the Peninsula?, Stanford Jones, executive vice president, IPA, a division of Marcus & Millichap, said that there are currently 60,000 units in the pipeline in the bay area--20% are through entitlement; 20% are in entitlement, and 20% are under construction.
When asked what advice he would give to people trying to break into the industry as brokers, Jones said that while it’s more competitive than ever, it’s smart to connect with someone who is seasoned and team up with them. Jones praises his connection with fellow teammates Phil and Salvatore Saglimbeni, both younger brokers, who happen to be brothers, and who “do most of the work while I get most of the credit,” quips Jones.
Check back for more from this event in our part 2 story in the next few days on GlobeSt.com.
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