Two tidbits of B'game real estate news came in today from Zumper and the County assessor's office. First the Zumper rental update shows B'game in the middle of the pack at $2,300 for a one-bedroom--up 1.82% year-over-year. Two-bedrooms were a bit of a surprise with average rent off 11.6% at $2,830. That's the only noticeable decline of all 20 cities surveyed. Not sure what is going on, but the wave of For Rent signs on El Camino has subsided a bit yet there are still many available. It's a good thing we don't have rent control.
On the assessed property value side, the DJ is reporting
San Mateo County’s property assessment roll increased year over year by $22.2 billion, or 8.34%, to a record high of over $288 billion in assessed value, San Mateo County Assessor Mark Church announced Tuesday. San Carlos had an increase of 12.64%, South San Francisco was up 12.53%, Burlingame saw a hike of 10.77%, Millbrae increased 9.43% and East Palo Alto was up 9.29%.
The property tax revenue generated is approximately 1% of the annual property assessment roll and this year will increase to $2.88 billion. Approximately 45% of the revenue will go to schools within the county, 25% to the county, 18% to cities, 10% to special districts and 2% to former redevelopment agencies.
One factor in the growth of the San Mateo County secured roll is new commercial development. In all, 64.6 million square feet of new construction are expected to be completed in the county over the next six to eight years. A total of 9.12 million square feet are under construction, 13.9 million square feet have planning approval, and 41.6 million square feet are under review. Approximately 17 million square feet of new construction have been completed in the last five years, according to the Assessor’s Office.
That puts numbers to our collective amnesia about the drought. And who knows, a lot of this new real estate may be underwater as John Horgan notes in his column:
According to Dave Pine, chair of the OneShoreline Board of Directors and a member of the county’s Board of Supervisors, projects to counter climate change along the shore could take decades to finish. And, even then, they might not be enough to ward off the worst aspects of what could be coming. “This will take generations,” he predicted. To that end, OneShoreline and the county are examining the need for an ultralong-term parcel tax to help to finance the myriad construction efforts under discussion.
You knew where that was headed, right?
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