Standard Monthly Research Reports Mark Comp… · cabinetry, granite countertops, a Sub-Zero refrigerator and a 48-inch Wolf range stove. The master bedrooms boast heated marble floors

Standard Monthly Research ReportsSan Mateo County

October 2007

Contents

Market Overview 1Competitive Matrix 2Pipeline Report 3Disclaimer 4

Section 1:Market Overview

San Mateo County Market Overview - October 2007

The following new construction developments are included in this market overview*:

*Developments are considered Recently Sold Out if the last market rate unit has closed or three months have passed without a closing. Developments sold out prior to 2006 are removed from the Market Overview.

Currently Selling Developments 1. Park Broadway, Millbrae 2. Versailles, San Mateo (55+ Community) 3. 88 South Broadway, Millbrae 4. 1700 De Anza, San Mateo 5. South City Lights, South San Francisco

Recently Sold Out Developments 1. Stradbally Court, San Mateo 2. Nazareth Plaza, San Mateo


Park Broadway Sales Center: 1301 Broadway, Millbrae Developer: Silverstone Communities Total Units: 96 Total Units in Contract: None (0% in contract) Date on Market: October 2007 (Delayed until February 2008) Avg. Absorption Since Marketing Commenced (10/07): TBD Average HOA Fees: TBD Home Type: Condominiums Comments Park Broadway is located in the heart of vibrant Millbrae. The four-story development has 96 homes featuring one-, two- and three-bedroom floor plans ranging from 665 to 1,854 square feet in size. Homes include stainless steel appliances, granite slab countertops, designer cabinetry and walk-in closets in select floor plans. Amenities will feature interior courtyards, a spa and fitness center. The Sales Center is anticipated to open in February 2008. Preliminary pricing is currently unavailable.


Versailles Sales Center: 10 Crystal Springs Road, San Mateo Developer: William B. Baner Total Units: 61 Total Units in Contract: 25 (41% in contract) Date on Market: December 2006 Avg. Absorption Since Marketing Commenced (12/06): 2 units/month Average HOA Fees: $1,420 - $4,185/month Home Type: Luxury Condominiums Comments San Mateo’s newest active-adult community features luxury finishes throughout and a plentiful amenity package, which includes an on-site putting green, daily continental breakfasts, a rooftop solarium, theater room and three meals delivered to each condominium every month. All utilities except telephone and electricity are included in the monthly HOA dues. Occupancy is expected in late 2007. The following information is based on available list prices dated November 2007: Two Bedroom:

Starting List Price: $900,000 - $2,160,000 Average Size: 1,238 - 2,341 SF Starting List Price/SF: $727 - $923


88 South Broadway Millbrae Developer: The Pauls Corporation Total Units: 105 Total Units in Contract: 57 (54% in contract) Date on Market: October 2006 Avg. Absorption Since Marketing Commenced (10/06): 4 units/month Average HOA Fees: $405 - $580/month Home Type: Condominiums Comments According to San Mateo County permit data, the project is located at the former site of the Millbrae Bowl. There are five Feng Shui-approved floor plans at 88 South Broadway ranging in size from 1,250 to over 1,850 square feet. The development includes an elevator, gym, community room and secure key-card access. Closings commenced in April 2007, but details are unavailable. The following information is based on available list prices dated November 2007: Two Bedroom:

Average Price: $750,000 - $1,295,000 Average Size: 1,250 - 1,850 SF Average Price/SF: $600 - $700


1700 De Anza San Mateo Developer: Emerald Fund Inc. Total Units: 43 Total Units in Contract: 30 (70% in contract) Date on Market: August 2006 Avg. Absorption Since Marketing Commenced (8/06): 2 units/month Average HOA Fees: $375 - $385/month Home Type: Condominiums Comments This conversion of the luxury 1700 De Anza Apartments launched in late August 2006. The project features an upgraded lobby and a re-worked pool and spa area that includes a fire pit. All homes feature two-bedroom, two-bathroom floor plans that come with a balcony. Closings commenced in January 2007, but details are unavailable.

The following information is based on available list prices dated November 2007:

Two Bedroom:

Starting List Price: $685,000 - $975,000 Average Size: 1,000 - 1,100 SF Starting List Price/SF: $685 - $886

Three Bedroom: Starting List Price: $1,135,000 - $1,180,000 Average Size: 1,500 SF Starting List Price/SF: $757 - $790


South City Lights 2200 Gellert Boulevard, South San Francisco Developer: Watt Communities Total Units: 280 Total Units in Contract: 144 (51% in contract) Date on Market: June 2006 Avg. Absorption Since Marketing Commenced (6/06): 8 units/month Average HOA Fees: $328 - $395/month Home Type: Condominiums Comments South San Francisco’s newest development offers Bay views from each of its one-, two- and three-bedroom condominiums. Each residence includes one or two deeded parking spaces. Homes include GE stainless steel appliances, granite slab countertops, European maple cabinetry, washer and dryer hook-ups and central heating. Upgrades are available for flooring, washer and dryers, stainless steel refrigerators and plasma televisions. Plasma televisions are standard in the penthouses and are not upgradeable. The Sales Center opened in June 2006. According to the project website, South City Lights is on its fourth release of homes. The development includes a few below market rate (BMR) homes, though the exact number is undisclosed at this time. Closings commenced in December 2006, but details are unavailable. The following information is based on available list prices dated November 2007:

One Bedroom:

Starting List Price: $499,000 - $554,000 Average Size: 825 SF Starting List Price/SF: $605 - $672

Two Bedroom: Starting List Price: $589,000 - $765,000 Average Size: 1,026 - 1,182 SF Starting List Price/SF: $574 - $647

Three Bedroom: Starting List Price: $675,000 - $790,000 Average Size: 1,290 - 1,337 SF Starting List Price/SF: $523 - $591


Stradbally Court (Sold Out) 222 6th Avenue, San Mateo Developer: Tilton Avenue Properties, LLC Total Units: 9 Total Units Closed: 9 (100% closed) Date on Market: September 2005 Avg. Absorption Since Marketing Commenced (9/05): <1 unit/month Avg. Absorption per Month since Closings Commenced (11/05): TBD Average HOA Fees: $587 - $787/month Home Type: Luxury Condominiums Comments Stradbally Court’s luxury homes have set records for condominium prices in the City of San Mateo. According to the project website, each home features hand-carved cherry cabinetry, granite countertops, a Sub-Zero refrigerator and a 48-inch Wolf range stove. The master bedrooms boast heated marble floors and a hydrotherapy spa. The 5,000 square foot+ penthouse was listed at $4.5 million, a price reduction from its original listing price of $6 million. The penthouse comes with four bedrooms and four deeded parking spaces. The project has been deemed sold out, as the one remaining unit was withdrawn from the market in late 2006.

The following is based on final list prices:

Two Bedroom: Three Bedroom:

Average Price: $1,850,000 Average Price: $2,050,000 Average Size: 1,911 SF Average Size: 2,510 SF Average Price/SF: $968 Average Price/SF: $817

Four Bedroom: Average Price: $4,500,000 Average Size: 5,220 SF Average Price/SF: $862


Nazareth Plaza (Sold Out) 800 S. B Street, San Mateo Developer: Nazareth Enterprises Total Units: 54 Total Units Closed: 54 (100% closed) Date on Market: July 2005 Avg. Absorption Since Marketing Commenced (7/05): 3 units/month Avg. Absorption Since Closings Commenced (12/05): 4 units/month Average HOA Fees: ~$350/month Home Type: Condominiums Comments Targeted toward young professionals on the Peninsula, Nazareth Plaza features seven floor plans and one two-story model. All homes include a one-car garage and high-end finishes. Monthly HOA fees cover the security services and fitness facilities. Nazareth Plaza sold out in 2006. The following is based on final list prices:

One Bedroom: Two Bedroom:

Average Price: $570,000 Average Price: $824,000 Average Size: 911 SF Average Size: 1,300 SF Average Price/SF: $625 Average Price/SF: $634

Two Bedroom+: Four Bedroom: Average Price: $880,000 Average Price: $1,199,000 Average Size: 1,370 SF Average Size: 2,051 SF Average Price/SF: $642 Average Price/SF: $585

Section 2:Competitive Matrix

Currently SellingRecently Sold Out

San Mateo County Competitive MatrixSelected Currently Selling Residential Developments

X

Development Overview

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Development Features

X X

X X X X

* Based on list prices, as closings are unavailable or have yet to begin.

Developments / Location

Dee

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Park

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Park BroadwayMillbrae

Condominiums 96

1 / 11 / 1.52 / 23 / 2

TBD TBD TBD X

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Unit Standard Features

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TBD TBDTBDOctober

2007

Stainless Steel

AppliancesXX X

X XVersailles (Adult/Retirement)

San MateoLuxury

Condominiums61

1 / 12 / 2

TBD $825$1,420 - $4,185

December 2006

Carpet & Tile European-

style

Stainless Steel

AppliancesX

88 South BroadwayMillbrae

Condominiums 105 2 / 2 100% $650 $405 - $580October

2006April2007

X X X X X XCarpet, Tile &

HardwoodTBD

Stainless Steel

AppliancesX

1700 De AnzaSan Mateo

Condominiums 432 / 23 / 2

75%25%

$780 $375 - $385August 2006

January 2007

X X X X X HardwoodStudio Becker

Stainless Steel

AppliancesX

South City LightsSouth San Francisco

Condominiums 2801 / 12 / 23 / 2

TBD $602 $328 - $395June 2006

December 2006

X X MapleGE Stainless

Steel Appliances

XCentral heat

XLaminate,

Carpet & Tile

October 2007

San Mateo County Competitive MatrixSelected Sold Out Residential Developments

Stradbally Court 2 / 2.5 11%San Mateo 3 / 2.5 78%

4 / 4.5 11%

Nazareth Plaza 1 / 1 7%San Mateo 2 / 2 89%

4 / 2 4%

Note: Includes developments sold out in 2006 or later only.

$635 ~$350 MapleBosch

appliancesJuly 2005

2006 x x Carpet / StonexCondominiums 54

Developments / Location

Development Overview

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December 2005

x x x x

Luxury Condominiums

9 $830 $587 - $787September

2005November

20062006 x x x x x x

Marble / Mahogany hardwood

MahoganyThermador and Miele stainless steel appliances

x

October 2007

Section 3:Pipeline Report

Currently SellingUnder ConstructionApprovedUnder Review

San Mateo County Pipeline Report Selected Residential Developments

Currently Selling Developments*Name / Address Developer / Owner City Product Type

Marketing Commenced**

Total Units***

Total Units Available*****

Average $/SF****

Park Broadway - 1301 Broadway Silverstone Communities Millbrae Condominiums October 2007 96 TBD TBD

Versailles - 10 Crystal Springs Road William B. Baner San Mateo Luxury Condominiums December 2006 61 36 $825

88 South Broadway (formerly Millbrae Bowl) The Pauls Corporation Millbrae Condominiums October 2006 105 48 $650

1700 De Anza - 1700 De Anza Boulevard Emerald Fund Inc. San Mateo Condominiums August 2006 43 13 $780

South City Lights - 2200 Gellert Boulevard Watt Communities South San Francisco Condominiums June 2006 280 136 $602

Total: 585 233

*Only new construction townhome and condominium developments with 20+ units are tracked in this pipeline report.

** Date sales center opened.

*** Total units may include BMR units.

**** Based on list prices.

*****Approximations based on market knowledge. Homes are considered available if they are not in contract or closed.

October 2007


Currently Under Construction Developments*Name / Address Developer / Owner City Product Type

Marketing to Commence**

Total Units***

Serramonte Condos - Serramonte and Gellert Boulevards Hansen PSC Daly City Condominiums Spring 2008 200

Geneva Avenue - 2665 Geneva Avenue Brian Spiers Daly City Condominiums TBD 72

Landmark Plaza - Hillside Blvd. and Mission Street Poplar Development Daly City Condominiums TBD 95

Mission/Westlake Condos - 6800 Mission Street Alpha Real Estate Development Daly City Condominiums TBD 36

Menlo Square - 1001 Merrill Street Tim Kelly Menlo Park Condominiums TBD 25

The Crossings - El Camino Real at Sneath Lane SNK Development San Bruno Condominiums / Lofts TBD 900

Stonegate Condominiums - 20 & 30 Madison Avenue Stonegate Condominiums LLC San Mateo Condominiums TBD 46

Verona Ridge - Callan Site at Highway 92 Braddock & Logan San Mateo Single Family Homes TBD 34

Park Station Lofts - 1410 El Camino Real SummerHill Homes South San Francisco Lofts Spring 2008 99

Carter Park - 3851 - 3741 Carter Drive Westborough Court Partners South San Francisco Condominiums TBD 50

1,557


** Date sales center is expected to open.

*** Total units may include BMR units.

Comments

Grading began in Sept 06.

Total Units Under Construction:

October 2007


Future Projects - Approved*Name / Address Developer / Owner City Product Type

Total Units Proposed**

Weeks Street Bill Garlock/Credit National de Geneve East Palo Alto Townhomes 55

Pulgas Avenue The Olson Company East Palo Alto Live/work Lofts 78

7298 Mission Street Van Ly Daly City Condominiums 38

75 Willow Road Summerhill Homes Menlo Park Condominiums 33

110 and 175 Linfield Drive 110 Linfield Project, LLC Menlo Park Condominiums 56

Belamor - 151 El Camino Real L.F. George Millbrae Condominiums / Apartments 142

1355 El Camino Real Silverstone Development Millbrae Condominiums / Lofts 97

Park Broadway - 1388 Broadway Prime Pacific Global Management Millbrae Condominiums 122

The Bowl - Palmetto Avenue North Pacifica LLC Pacifica Condominiums 43

Connemara - 900 Oceana Boulevard Jim Polla Pacifica Condominiums 25

Westview - 367 Glen Court Way The Olson Company Pacifica Condominiums 92

El Camino Real at Vera Street First Community Housing Redwood City Condominiums 66

Delaware Place - 2090 South Delaware Street Toll Brothers San Mateo Condominiums 104

Palm Residences - 1705 Palm Avenue Design + Build San Francisco San Mateo Condominiums 19

Park Bayshore - 801 S. Bayshore Boulevard Green Valley Corporation San Mateo Townhomes 21

1525 Cherry Street Robert Stafford San Carlos Condominiums 28

Salvatores - 1000 El Camino Real Matteson Real Estate Equities San Carlos Condominiums 104

Total Units Approved: 1,123


** Total units proposed may include BMR units.

Comments

Redevelopment area.

Redevelopment area.

Mixed-use.

Under EIR.

Mixed-use.

Includes 13 live/work lofts.

Mixed-use.

Was previously 111 units. Approved October 2006.

Design has been submitted for 3-story building with tuck-under parking.

400 units total. Four story building with retail space.

October 2007


Projects Under Review*Name / Address Developer City Product Type

Total Units Proposed**

Quarry Project - 1 Quarry Road Western Pacific Housing Brisbane Condos 183

Sierra Point at the Brisbane Marina Universal Paragon Corporation Brisbane Condos 400

The Ridge Phase II - Guadalupe Canyon Road Brookfield Homes Brisbane Condos 77

1840 Ogden Drive Bruce Balshone Burlingame Condos 45

1800 Trousdale Drive Paul Bogatsky Burlingame Condos 25

1875 California Drive Otto Miller Burlingame Condos 18

Cummings Park - at Ravenswood Shopping Center Cummings Park Associates - John P. Hunter East Palo Alto Townhomes / Lofts 34

Four Corners / Ravenswood Project Area - Demeter Street and Purdue Avenue Barry Swenson Builder East Palo Alto TBD 500

Wavecrest Village - West of Highway 1 along southern coast of HMB Wavecrest Village, LLC Half Moon Bay Condominiums / Apartments 217

Derry Mixed-Use Project O'Brien at Derry Lane, LLC Menlo Park Condominiums 135

885 Woodside Road Nicholson-Lamb Ventures Redwood City Condominiums 43

Tuscan Towers - 439 Fuller Street Anderson Architects Redwood City Condominiums 90

Peninsula Park - 650 Bair Island Road Glenborough-Pauls Redwood City Condominiums 796

Bayside Gardens - 557 East Bayshore Road BHV Innisfree Ventures Redwood City Condominiums 600

665 Prospect Street JGA Architects San Carlos Condominiums 20

211 Eastmoor TBD Daly City Condominiums 21

Hayward Park - 1700 S. Delaware Street EBL&S Property Management San Mateo Condominiums / Townhomes 500

333 S. B Street HPL Development San Mateo Lofts 16

Mariner's Island Condominiums - 400 Mariner’s Island Boulevard Centex Homes San Mateo Condominiums 74

North San Mateo Drive Mixed Use - 800 & 888 N. San Mateo Drive Centex Homes San Mateo Condominiums 150

Residences at Benjamin Franklin - 44 East 3rd Avenue AF Evans Development, Inc. San Mateo Condominiums 40

Summerhill Clearview Homes - 3000 & 3155 Clearview Way Summerhill Homes San Mateo Townhomes 112

Bay Meadows Housing - Hillsdale Blvd. and Saratoga Ave. Bay Meadows Land Company San Mateo Condominiums 211

Bay Meadows Race Track Phase II Bay Meadows Land Company San Mateo Condominiums 1,250

South San Francisco Transit Village - 1600 El Camino Real Fairfield Development South San Francisco Condominiums 370

5,927


** Total units proposed may include BMR units.

Total Units Under Review:

Comments

Two 14-story towers; 400 hotel rooms to be included in development.

16 1-BR lofts and 18 2-BR townhomes.

400 to 600 units have been proposed.

178 units marked as market-rate.

Includes 17,000 SF adjacent commercial space.

Project includes 17 towers; mixed-use; under community and planning review.

Initially proposed as rentals; in EIR stage.

Unit count is approximate as of October 2006.

Included in pipeline due to product type.

Previously recorded as an 80-unit project.

Mixed-use complex; exact product types remain undetermined.

25,000 SF of adjacent commercial space.

Includes 16,000 SF adjacent commercial space.

Converting the upper floors of the existing Benjamin Franklin Hotel.

Project includes 77 SFHs.

October 2007

Section 4:TMC Disclaimer

The Mark Company (TMC)Disclaimer

1.

2.

Professional Opinion. With regard to the consulting services, reports, projections, and recommendations to be provided by TMC under the Agreement, whether delivered orally or in writing, the parties acknowledge that the matters on which TMC is consulted [e.g., assessing potential competition, market trends, demographic trends, fi nancing availability, and the like] are not the subject of a predictive science, and are instead subject to unforeseen market variables and conditions. Client therefore understands and acknowledges that TMC’s projections and recommendations as contemplated by the agreement are solely the result of TMC’s considered opinion based on TMC’s assumptions and judgments predicated on past experience in light of the relevant data studied with respect to the market conditions and the proposed project. Consequently, Client specifi cally agrees (a) that TMC’s projections and recommendations constitute opinions only and do not constitute any representation or assurance of any future market conditions; (b) that any action taken by Client based on any such TMC projections or recommendations is made without any reliance thereon as a representation or assurance as to any future market conditions; and (c) that Client will not hold TMC liable or otherwise responsible for any losses occurring in the event that future market conditions deviate from TMC’s projections and/or recommendations.

Use of Product. All information, data, projections, and recommendations received by Client from TMC in connection with the Agreement, whether presented orally or in writing, shall be solely for use by Client, and is/are not to be used or relied upon by any third party[ies] without the prior written approval of TMC having been fi rst had and obtained. TMC specifi cally disclaims any and all liability to any third party[ies] deriving from the use of, or reliance upon, any such material, and Client agrees to hold harmless, indemnify and defend TMC from any claims arising from any such use or reliance.

Documents

Standard Monthly Research Reports Mark Comp… · cabinetry, granite countertops, a Sub-Zero refrigerator and a 48-inch Wolf range stove. The master bedrooms boast heated marble floors