Home Selling in Mission Bay>Question Details

Alice, Home Buyer in San Francisco, CA

How does a BMR complex going up next to Park Terrace affect those units' resale & general value?

Asked by Alice, San Francisco, CA Tue Nov 6, 2007

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I followed up with the director of home ownership programs for the Mayor's office of housing. It doens't affect market value. Just as I said when the BMR's are in buildings they don't affect the value in the building. Studies have been done on both a local and national level and consistantly show that BMR's in themselves don't effect value. All of the usual forces do but not the existance of BMRs.
0 votes Thank Flag Link Fri Nov 9, 2007
Jed Lane; Fog…, Real Estate Pro in San Francisco, CA
MVP'08
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Hmm, that comes as a surprise.
1 vote Thank Flag Link Fri Nov 9, 2007
I purchased a unit in Park Terrace and face this BMR building...and the water. What is going to make a big change to the area is having more people outside enjoying the waterfront and park along with the jobs from UCSF; the easy commute south and the rapidly developing public space. The BMR unit will not take away from this. Btw, my reappraisal came back and it's up significantly from when I purchased in August. Call me anytime to discuss...bill
0 votes Thank Flag Link Thu Mar 13, 2008
Hi;

If I am not misstaken, the building you are referring to is being built for folks who are 55+, so it won't affect property values in the vacinity.

Best,

Charlie Mader
Vanguard Properties
0 votes Thank Flag Link Thu Nov 8, 2007
Very interestng question. On the face of it I don't think it would adversly affect value. If you consider that there are BMR units in many developments and it doesn't affect market value on other units in the development.
I'll pose the question to the Mayor's Office of Housing to see if they have any data and will post that response upon receipt.
Web Reference: http://wwwJedLane.com
0 votes Thank Flag Link Wed Nov 7, 2007
Jed Lane; Fog…, Real Estate Pro in San Francisco, CA
MVP'08
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