RDA Min 1997-04-14 - Laserfiche WebLink

Browse Search

Station, because it is almost an island out there, when you look at 15,000 square feet of smaller shop spaces. You want to make sure it is tenanted properly and there is enough foundation for it, tenant interest." He added that if the whole Area Plan was considered, there would be sufficient space for a mix of rental and "for sale" units. In answer to Board Director's questions regarding the retail component on El Camino Real also serving as a buffer, Mr. Irmer said, "I would much prefer seeing something of beauty along the EI Camino that rnight be sheer landscaping... a wonderful strip of landscaping and decorative fencing of some sort, and set back ITom that, the residences... I would much prefer seeing that than I would strip shopping along there that didn't work." _____n__________n______-----------------------------------------------------------------______n______---------- Chairman Hartnett declared a recess at 10:02 p.m. Meeting reconvened at 10:12 p.m. ----------------------------------------------------------------------------------______n______----______n_____- Gary Ryness, President of the Ryness Co, a residential real estate brokerage company and research organization, representing new home developers throughout northern California, described his company, and said that over the last 20 years he had probably sold 2,000 homes in Redwood City. He said that Mr. Butler had asked him to address the "for sale" housing market. Mr. Ryness said that Mr. Irmer and Mr. Kelly had been correct that Redwood City was experiencing a very strong housing market. He said "in the entire County of San Mateo in 1996, and I am addressing only production housing (communities of 15 homes or more), there were less than 1,000 sales in the entire County. That represents roughly a third of what was done in the late 80s. So we are very much undersupplied with 'for sale' housing in the County... We probably have more housing created in Redwood City than in all the other cities put together, so you are doing your part, and the home buyers of Northern California appreciate your efforts. However, we are not keeping up with demand. We are not even close. For example,... we believe if you could do it, you could sell anywhere ITom 5,000 to 6,000 homes per year between... $150,000 to $600,000, five or six times as many sales as we are currently doing in new homes. The problem is we can't find suitable sites... We can't get new sites entitled fast enough to meet the burgeoning job demand that has been created throughout the County.... The demand that belongs here is going elsewhere." Mr. Ryness described several "for sale" developments in other counties near transportation corridors that address density concerns. He said, "I am confident. . . that the demand for attached housing in Redwood City under $250,000 that you could barely measure it, the demand would be so great.... The demand for housing is driving both 'for rent' and 'for sale' prices up, and this trend should continue." Mr. Ryness said that inclusion of affordable housing in new developments is quite common throughout California, and the cost is spread over the "for sale" units, not generally subsidized by cities. Mr. Ryness described the demographics for "for sale" housing and said 20% of buyers in two of his company's project in the East Bay were ITom San SPECIAL REDEVELOPMENT AGENCY MEETING MINUTE BOOK NO.1 APRIL 14, 1997 MINUTES P"ge No. 410 PAGE 8