4A Public Hearing 2014 1006 - Laserfiche WebLink

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WORKING DRAFT FOR HCD REVIEW NEEDS ASSESSMENT 3-15 SAN LEANDRO HOUSING ELEMENT Home prices in new for-sale developments are generally higher than resales. For example, prices for new three-bedroom townhomes in Cherry Glen (off of Washington Street) are approximately $500,000. Comparable units in older developments were over $100,000 less, although these units lack the amenities of the newer homes. Resale homes in newer developments like Cherrywood and Heron Bay tend to be more expensive than homes of comparable size in older neighborhoods like Washington Manor or Marina Faire. Homes with special amenities such as panoramic views, large yards, or distinctive early 20th Century architecture tend to command higher prices than those in the large post-war era subdivisions. In 2014, San Leandro was significantly more affordable than the Bay Area as a whole. This became even more true in 2013 and 2014 when prices accelerated faster in nearby cities than they did in San Leandro. In 2014, the median sales price in Oakland surpassed San Leandro’s, while the median in San Francisco rose to nearly three times San Leandro’s. Median prices rose to $805,000 in Fremont, $875,000 in Berkeley, $880,000 in Pleasanton, $786,000 in Dublin, and $760,000 in Alameda. San Leandro and Hayward have become a pocket of relative affordability within the most expensive housing market in America. Rents in San Leandro have fluctuated over the last decade, but the changes have been less volatile than the for-sale market. In 2012, the American Community Survey reported a median gross monthly rent of $1,214, an increase of 39 percent over 2000. This includes all rental units in the city, including those that have been occupied for many years without substantial rent increases (more than 500 units in the city were being rented at less than $500 a month in 2012). According to Zillow.com, median advertised monthly apartment rents in San Leandro were in the $1,100- $1,200 range during 2010 and 2011. Median rents rose to $1,200-$1,350 during 2012 and then accelerated more quickly in 2013. In July 2014, Zillow reported the median listed apartment rent for a two-bedroom unit at $1,550, a 25 percent increase over July 2011. Based on a survey of Craigslist listings in August 2014, the median list price for a one bedroom apartment in San Leandro is $1,400/month and the median list price for a two bedroom apartment is $1,795/month. The median for a three bedroom unit (including single family homes as well as apartments) was $2,295, while the four bedroom median was $2,625. There were 20 one-bedrooms listed, 27 two-bedrooms, 11 three-bedrooms, and 4 four-bedrooms. The median for all units was $1,775. A similar survey in the 2010 Housing Element (from August 2008) identified a median of $1,272. This represents a 39 percent increase in six years. Table 3-9 summarizes the findings.