REAL ESTATE TRENDS...Daily Market Update: SF housing shortage – solved!

SF housing shortage – solved!
An innovative design could provide the answer to the shortage of homes in San Francisco, but there is a compromise. The project involves cutting down some of the city’s wide streets to narrow side streets and building homes in the additional space created. Good news for homebuyers, not so good for drivers. Narrow Streets SF say that their plan would make the city a better place for people, with more homes, slower traffic and a more sustainable place to live. The group’s Steve Brombeck told Fast Company that in his own block the plan would free up 45,000 square feet of three-story housing while the entire street length would give a million square feet.
 
Guess the hourly rate needed to rent in OC
A report released today (May 19) by the National Low-Income Housing Coalition and Irvine-based Kennedy Commission reveals just how unaffordable renting has become in Orange County. A two-bedroom apartment in the county will set you back $1,608 per month and that means workers need to earn $30.92 an hour to afford it. While that figure is down slightly from last year it also means that a minimum-wage earner would have to work a staggering 137 hours a week. Working a typical 40 hour week there would need to be 4 workers living in the two bed home to make enough. The figures are based on rent being 30 per cent of income.
 
Sinatra’s Palm Desert villa listed for $3.95 million
The home where Frank Sinatra entertained the Rat Pack is on the market for $3.95 million. The Palm Desert villa was built by the music legend in the sixties and he lived there for 12 years, entertaining the cream of showbiz elite. The estate comprises a 5-bedroom main house with two kitchens and 5 stone fireplaces. There’s also a guesthouse and a pool house with two saunas. Outside space includes tennis courts, basketball court and even a helipad. Frank Jackwerth of Hilton & Hyland is the listing agent.
 

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Anthony Clark sells home to tenant
Actor and property investor Anthony Clark has sold one of his homes to its tenant. The LA Times reports that the Hollywood Hills home was bought by Clark 8 years ago for $1.2 million but has been remodeled with lots of wood to create a mountain-resort style for the main house. His tenant of the past two years has paid almost $2.3 million for the home.