San Francisco residents looking for a place they can call home are in for a good luck as developers plan to build 59,000 new residences in the city in the next five to six years, the Paragon Real Estate Group based in San Francisco reported.
The Mansion Global reports that most of these newly constructed homes will be situated near Market Street. The Paragon report highlighted the following: 59,000 housing units are planned to be built including rental apartments, luxury condominiums and many more affordable houses. Most of these new houses are planned to be situated at Van Ness corridor, Market Street corridor, as well as in the Southeast districts of Market Street.
As of the moment, San Francisco holds a total of 382 residential units in which 3,500 of these were constructed in 2014. The new condominiums that will soon rise will be sold for more than $1,250 per square foot. While a rent of $3,500 per month is the price for a studio unit with 500 square feet.
According to the same report, the inadequate supply of housing in the city prompted developers to go after the project. San Francisco's population has been staggered by construction for decades. This pushed developers to take advantage of the Real Estate market which has been in demand ever since.
Variety of factors can also affect the delay or speed of the construction process. This includes environmental, economic and political events. Bottom line is that it will not be finished on the given time frame just because the construction and development is on going. Bigtime Chinese developers are reported to have been investing already in both commercial and residential development projects and they continue to look for additional opportunities.
This billion-dollar investment, though significant, does not make up the bigger part of Bay Area development. This analysis of the Paragon Real Estate Group is based on the recently released data of San Francisco Planning Department.
