Prices for apartments in San Francisco’s North Bay are so hot that even rent control has not resulted in any significant degree of cooling. The city of Santa Rosa continues to see older apartments sell quickly for asking prices over $200,000 a door despite the city council’s decision to enact a 3 percent annual cap on rents. Brokers say that most of the demand comes from people who are concerned about the expiration of their deadlines to identify a property to exchange into after having already initiated a tax-deferred Sec. 1031 exchange. In parts of Marin and Sonoma County, sellers are getting offers of well over $300,000 per apartment.
Land continues to be available for developers willing to brave the local land use approval process. We are tracking several good opportunities for land that is located within close proximity to a station that’s been built to serve the new SMART train service.
Andre Shashaty, REALTOR®
1010 B St. Suite 200
San Rafael, CA 94901
Real estate broker, Calif. Bur. of Real Estate.
Broker license #02000715