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Tag Archives: California Daydreaming

Here Are Photos of Some of the Dilapidated Equipment San Francisco Wants to Buy from Bankrupt PG&E for $2.5 billion

Californians have had it with PG&E, a convicted felon infamous for sacrificing safety, maintenance, reliability, and people to enhance “shareholder value.” But is San Francisco overpaying? Take a look. This – the offer made on Sunday – has been kicked around in San Francisco since the catastrophic wildfire in Butte County in Northern California last year that killed 85 people, the cause of which was determined to have been PG&E’s electrical transmission lines – how they’ve not...

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Housing Bubble 2 in San Francisco Bay Area & Silicon Valley Pops Despite Startup Millionaires & Low Mortgage Rates

House prices dropped again – and ironically the most in San Francisco and Silicon Valley. In the San Francisco Bay Area overall, house prices dropped again in July compared to July last year. They dropped in eight of the nine counties on a year-over-year basis: Silicon Valley (Santa Clara and San Mateo), San Francisco, Marin, the Wine Country of Napa and Sonoma, and the East Bay (Alameda and Contra Costa). The only county where house prices ticked up year-over-year was in the least...

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Hottest, Most Expensive Rental Markets Unwind

But apartment rents in 10 other cities surge 10% to 15%. In the most expensive US markets, apartment rents hit a ceiling some time ago, in some cases four years ago, and have dropped from those highs, as tenants have reached their limit. That this wasn’t a brief fluke, after which rents would surge again in those markets, is becoming increasingly apparent. At the same time, sharp rent increases have moved down to less expensive markets. In Seattle, the median asking rent for...

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Californians Sour on Tesla Model S and Model X

In their most important market, the plunge in registrations far outpaced their already stunning global decline. Which opens a whole new question. The Model S and the Model X are Tesla’s high-dollar high-margin vehicles. Some versions clock in at over $100,000. Sales of them have been declining globally ever since the Model 3 showed up in quantity. But in the second quarter, registrations in California of the Model X plunged by 40% compared to a year ago. And registrations of the Model...

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Housing Bubble 2 Lost its Mojo in the San Francisco Bay Area: House Prices Drop 8%

Prices in June fell in 8 of the 9 counties, compared to June last year, down to June 2017 levels. Today we got the final numbers from the California Association of Realtors (CAR) about the status of the housing bubble in the nine-county San Francisco Bay Area, which includes some of the most expensive sub-markets in the US, such as the most expensive zip code in the US, plus the Wine Country (Napa and Sonoma), Silicon Valley (Santa Clara and San Mateo), San Francisco itself, beautiful...

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Apartment Rents Fall in Seattle, Southern California, New York, Oakland, San Jose, Chicago, Honolulu

But 8 markets show double-digit increases. Seattle and Southern California are the big new-comers among the most expensive rental markets whose rents have turned south. In Chicago and Honolulu, apartment rents have plunged since 2015. San Francisco’s rental market had peaked in October 2015, and then rents fell, but in 2018, they started rising again, and now they’re back, or almost back, at their 2015 highs. New Nork City’s rents peaked in May 2016 and are now down by the double...

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This is What Happened Next After Special Interests at U.C., Berkeley Retrieved their Power

Hundreds of millions of dollars in lost opportunities, bungled projects, and out-right featherbedding. By John E. McNellis, Principal at McNellis Partners, for The Registry: Last week, the city of Berkeley sued the University of California over its proposed redevelopment of the worn-out Upper Hearst parking garage at the campus’s northeast corner, citing the usual suspect: an inadequate environmental impact report (EIR). This story—development gets sued over EIR—is such an everyday...

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California Panics about Losing Businesses and People (to Texas): What the Housing Market Fears Most is Cropping Up in the Data

But Texans Say, “We’re Full.” And Californians, Buckling Under Housing Costs & Congestion, Tell Wannabe Leavers, “Just Do It” This is now everywhere in the Media. In San Francisco, it was on Radio this morning, a whole discussion on KQED’s Forum about California and Texas, with a good dose of California-bashing, and some Texas-bashing too. The fear is that business conditions and costs of living are driving businesses and people out of California. The panic here is over this...

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Inflation by City, from Hot to Cool, from San Francisco to Chicago

Here’s Where Americans Suffer Hot Inflation, But There Are Cool Spots Too This is something the people in the San Francisco Bay Area have figured out a long time ago: The national inflation numbers don’t quite measure up to local realities. The Bureau of Labor Statistics reported today that the national Consumer Price Index for all urban consumers (CPI-U) rose 2.0% in April compared to April last year, the highest rate since November. The BLS also releases CPIs for the 14 largest...

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In July, I Stuck My Neck Out to See a Housing Market Turning Point in San Francisco Bay Area’s Sonoma County: Here’s an Update on My Neck

Now even the surface of the market has softened, not just the underlying dynamics. Last summer, I stuck my neck out and said that the housing market in Sonoma County in the San Francisco Bay Area had experienced a turning point in July, based on data and boots-on-the-ground observations by Thomas Stone, a broker in Sonoma County, which showed how the housing market was deteriorating beneath the surface while prices had just hit a record. So here is an update on my neck sticking out...

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