High end mobile/manufactured homes. Wonder if the few that are allowed to stay counted as low income housing units? (Jim Wagner).
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| Rented ocean view in peaceful Pacifica |
The Carlyle Group, the massive private
equity firm based in Washington, D.C., ... is targeting a surprising spot for its
next real estate deal: A 60-year-old Bay Area mobile home park. Carlyle earlier
this month entered into a joint venture with the longtime owners of
Pacific Skies Estates, a 93-lot community in Pacifica that overlooks the
ocean and is walking distance to Sharp Park Beach. ... ... While mobile home park
residents typically own their manufactured homes and pay rent on the
land, Pacific Skies will own the land and the vast majority of the new
residential units — which are more like traditional single family homes
than the trailers of yore. The model allows
the property owner to command much higher rents while maintaining its
designation as a mobile home community — thus avoiding the political and
regulatory headaches that come along with closing and redeveloping the
communities.
.... Under a deal reached with the landlord,
about half a dozen residents will remain homeowners at Pacific Skies in
newer units. The rest of the
park's residents, who have been renting homes month-to-month, will
receive a relocation assistance package of between $10,000 and $15,000.
Sixty-day notices to vacate the units started going out this month to
the first phase of 13 tenants.
The oceanfront property is a half hour from
downtown Redwood City and San Francisco's Financial District, but a
world away from the hustle and bustle of Silicon Valley. In an email,
McDermott said that the park would still offer "a wide range of pricing
options." Pacific Skies'
owners, who have owned the roughly 10-acre site for more than 25 years,
retain a stake in the property and the business... Read more.
Note new Pacific Skies manufactured homes rendering with ocean-bluff boardwalk from the article, courtesy of CRP/PSE Seaside Pacifica Venture.
Note new Pacific Skies manufactured homes rendering with ocean-bluff boardwalk from the article, courtesy of CRP/PSE Seaside Pacifica Venture.
Submitted by Jim Wagner
Posted by Kathy Meeh
Posted by Kathy Meeh
46 comments:
Its going to be another trailer park?
That's the new Palmetto plan?
Wags, that article didn't mention a settlement amount, are you sure it's that low?
Last night someone said the amount was $2000.
You don't want to know what is behind door #2.
Dick Cheney will waterboard you!
Ka Ching! Another longtime Pacifica property owner gets rich/er. This time it's thanks to the Carlyle Group. Big money (really big money) has discovered P-town. Imagine what really big money could do for existing commercial areas in Rockaway, Pacific Manor, Linda Mar, Pedro Point. Change those and you really would change this town. And good luck and a hearty farewell to all the elderly, poor or infirm park refugees as they almost certainly leave Pacifica and enter the Bay Area rental market with what? $2,000, 15,000? Progress always comes with a little obscenity.
Whether it's $2,000 or $15,000 those guys left money on the table.
You'd probably pay 80 grand each to remove similar protected tenants in the city
Let's hope the morons preaching "sustainable development" stay on course.
Thanks to their juvenile view of how the world works, Pacifica is in line for many more $5,000,000 homes being built on the horizon. This will benefit many by stimulating revenue generation which will bring businesses, jobs, fully funded police, fire and local government, infrastructure improvement, affordable housing, public transportation, decent roads, clean environment and many more benefits that poverty stricken towns can only dream of.
Who knew that eventually your political cohesiveness and your stupidity would benefit others than just yourselves, which was your goal along.
Thanks.
Whats wrong with five million dolllar homes?
@12:16 -- Limited market. Essentially, they are for the 1%. They are expensive to buy and hard to sell. And their rate of appreciation over a short period of time is generally not in line with smaller/less expensive homes.
They are good to live in. But not so great from a short-term (5-10yr) investment perspective.
1216 Not a thing unless of course you actually want Pacifica to be able to pay its bills. You could build a hundred of them, and, even sell them, and this town would still be broke. We need commercial development, but that's not going to happen because at this moment it's housing!housing!housing! Use up the scraps of land for luxury housing and seal our fate. Fine, property taxes are lower in unincorporated areas, aren't they?
1156 What it will bring is a few pricey homes bought by people who will shop elsewhere and really are insulated from the problems of Pacifica. Yes, our reliance on property tax continues. That's brilliant. Somebody will make money. This city? Not so much.
Absolutely nothing!
Maybe now Pacifica can have its own:
Shakespeare in the trailer park!
Not sure how much those trailer homes rent for. Last I checked 1Br/1Ba was going for around $3K/Month (with ocean views and so on..).
At $3K/Months across 93 homes that would be: $279,000/month of gross income.
At $42 million for purchase and renovation of the property at 4% p.a. interest: $1.68 Million in interest. Or $140,000/month of interest charge at current market rates!
And I am sure the rents will increase once they are done with the renovation. And I am sure Carlyle got in on a really good financing rate for this project (around 2% p.a. or some such).
They are going to be profitable right away. This is a killer deal for Carlyle plain and simple!
237 Tut tut. You, too, 859. The Carlyle Group seems to channel their Shakespeare when it comes to avoiding the regulatory quagmire that would go with trying to develop a trailer park on a CA coastal bluff into standard housing. "What's in a name? That which we call a rose by any other name would smell as sweet." Keeping that mobile home park designation is worth it's weight in gold. No limit to what they can charge in a housing shortage for those new, posher units. Carlyle has always been good at thinking outside the box to create profit.
You have got be kidding.
The Palmetto project adds even more trailers to our coastline?
If you own property within a mile you should be outraged.
The trailer park currently has 93 spaces, and it will remain at 93 spaces. It won't add more trailers to the coastline.
456, these are manufactured homes, replacing trailers and mobile homes (I think). In any case the housing units will be "more like traditional single family homes" (from the article).
There's a nice wall around the property, which should be good (adds safety) for that community. And, there should be no concern about degrading other property values in that area.
Living next to the ocean, there is plenty of rust, mold, and other negative weather factors. The 93 units will be mostly (if not all) rented properties, so addressing deterioration issues should default to the landlord (depending upon the rental or lease arrangements).
The upgrades look good (see article rendered graphic). The rental cost may be similar to comparable apartment rentals, plus the peaceful advantage (most of the time) of living near the ocean in a single-family residence.
All of that seems good. What does not seem good is what happens to the current displaced tenants (many of whom are older, and disabled).
LL 338, 1246 interesting point. The investment cost to build a manufactured home is lower than that of a traditional home. Example material cost, Modular homowners.
Longer term, Carlyle Group and their affiliates should receive a very good return on investment for these properties.
Poor Sue Digre.
Her heart's in the right place. She truly cares about these poor displaced people. Unfortunately she doesn't realize that once again she's been duped by her sustainable development puppet masters. She thinks that this eviction by the "evil developers" is a 60 day crisis and doesn't even realize that the playing field has been carefully manicured by the NOBIES for decades. All they truly care about is "I got mine", screw everyone else.
They continue to give Sue menial tasks like creating "The Environment Is Our Economy" bumper stickers to keep her busy and now they are stoking Keener's built in communist leanings to foist a loser Rent Control agenda to distract, distract, distract.
Goofy agendas, phony lawsuits, faux-environmentalism, what's next?
It's still all about NO GROWTH for Pacifica, even if it's affordable housing.
Housing shortage in SF. Dilapidated trailer park by-the-sea within commute distance. Any developer of standard homes on that site would hit a brick wall, but keep calling it a trailer park because special rules apply, kick the tenants out, upgrade the units and voila! Whadda ya say? $4500 month for a 2+2? Maybe more for the front row? Finally, a home for those well-paid techies and such! I was so worried about them.
Who knew you could pay that much to live in a trailer park? Uncharted territory ahead.
The nimbies may have set the table, but the job-creating tech space has served this meal. What's for dessert and how long before we're all on a diet again? Should we celebrate crumbs for the city treasury and bread and water for the evicted? I think we'll find a way.
712 Keener's a commie? Spoken like a landlord or property manager. And here I thought you were just a nutter. Re-evaluating...
Sure Keener is a commie but Big Mike is card carrying Samcar.
The answer is halfway between them.
Which city council member has been living in the park for years paying $500 (which may have been raised to $700 about a year ago) per month. Saw their unit on the eviction list. Where will they go and pay rent so far under market rate?
Sad to see will still be the same trailer park realtors have kvetched about for years.
Palmetto plan was slight of hand and whitewash.
So disappointing.
Which one 414?
Doesnt city council get a top notch union salary?
Lots in city gov make over a hundred thousand.
955 What is samcar?
samcar=san mateo county association of realtors
More trailers? You have got to be joking
Why not build seven foot. pipes and hot bunk them every six hours like the Navy.
Nihart is only one who lives by park...maybe rents it out?
If today's Trib report is accurate, it is misleading to call the money "relocation assistance" because it won't be given until the person actually moves out, meaning a tenant will have to come up with first/last and security on his or her own, which seems like it would be impossible for a lot of these folks. Also, according to the Trib., there are all sorts of conditions placed on the receipt of these funds, including a gag clause and a clause indemnifying the owners and the city. Worst of all, the agreement was negotiated by the city. Am hoping the Trib. report is inaccurate, because, if it is not, this is smoke and mirrors -- all done with the approval of the city. Does anyone have the text of the proposal?
414, which of these address proves a City Councilmember lives in Pacific Skies Estates?
951, Pacifica City Council salaries. Not trying too hard, here's an internet salary indicator from an old Pacifica Patch, 1/12/12 article: "City Council Councilmember $8,400 $8,400 $20,231 $1,649 City Council Councilmember $8,400 $8,400 $20,184 $1,440 City Council Councilmember $8,400 $8,400 $13,570 $7,753 City Council Councilmember $8,400 $8,400 $7,316 $7,830." City council salaries, in San Mateo County may be similar. With a little more effort, better, current information exists from the State of CA. Good luck!
In larger cities, such as Los Angeles, San Francisco, San Jose; full-time employment with benefits, total City Councilmember salaried income may be $100,000+. See Cal HR, "Salary Comparison of City Councils and County Supervisors."
1209 Hey, if that's true, it's a win/win. Don't you think the city in their little yuppie hearts would like a nicer, um, trailer park on that site? Of course they would. And we already know what Carlyle Group wants, ie, get those tenants outta there asap, and, while you're at it, shut 'em up. See, the city wins and Carlyle wins. The tenants? No, no, not winners. Probably not the first time they've been screwed by a landlord, but ain't it special to be screwed by your own town? Ahhh, progress. Hey, council, don't you dare cry on camera.
The State of CA actually has legal guidelines for city council salaries in general law cities like Pacifica where the city lacks applicable statute or ordinance. For a city our size it's $400 per month. Per those same guidelines, City Councils are allowed to vote themselves increases. Pacifica did this many years ago, well before any of our current council was elected. The salary was increased to $700 per month which is $8400 annual. During the tenure of Anne Ritzma in her HR capacity, council voted to become part of the management class and thus received the same benefits as that class. Since then, various council members have waived various benefits, Stone even waived the $8400 annual salary, but most take some or even all. The cafeteria cash benefit became controversial during the recession years and some council members waived it at that time. Easy enough to find the salaries on the State of CA website for this and other cities. The amounts in Pacifica are relatively small, although the benefits are worth more than salary, but the concept of elected officials in control of their own compensation and benefits has been on and off the State Legislature's radar, particularly after Bell, CA blew up and the Public Pension bomb began ticking all over CA.
201, thanks for your informative, factual comment!
951, "knock yourself out": State of CA, City Council/Pacifica salaries and benefits. 2013 is the latest entry. Scroll down.
One city council person takes home more than any of the others combined.
Why Nihart get so much more?
Thx kathy meeh,
The person s in pacifica making most money from City looks to be cops or firemen
Why is that?
459 From past discussions on this, anything over the basic $8400 annual salary is probably due to taking cash-in-lieu of benefits which is an option in the contract that covers them. The old Cafeteria Cash. If a council member has benefits through another source (and most do), as members of the management class of city employees they can waive city benefits and take cash instead. It's income and taxable. Many employers, including some public, place caps on the cash-out during contract negotiations. Very low caps. Looks like Pacifica doesn't. Waive benefits and pick up an extra thousand a month. Nice little benefit, isn't it? Clearly, not every council member takes advantage of this. This practice arrived soon after Ritzma. I seem to remember Nihart has topped the charts during her time in office although she certainly didn't originate the practice.
504 Public safety employees have the strongest unions and those unions successfully argue the jobs deserve higher salaries, richer benefits and special work rules due to stressful work conditions, life and death responsibilities, shift work, etc. Of course every other public employee union tries to keep pace.
Nihart makes $200k between nursing at Vha hospital and city
If she owns a trailer there its strictly rental property.
705 Bark up another tree. Nihart doesn't own or rent a trailer at the local trailer park.
Did I miss the link showing Nihart owns a trailer there?
Apparently trailer residents do not understand that the last five men standing will probably get more than everyone else put together.
That's how every mass tenant relocation goes.
City Manager makes the most money. Almost 200k and the taxpayers pay the rent on her apartment.
That's outrageous 808! Why don't you go out and get these fools a $24.99 CM and hand him/her a tent for the beach. Better yet, put 'em up in Nihart's infamous and totally imaginary trailer. Now, make like a bunny and hop!
If you think nihart owning a trailer will give her some sympathy towards those at Palmetto trailer park you are dreaming.
Send lori Tinfow back in to renegotiate the deal now that the scope of deal is known, get every protected tenant there fifty grand and be done.
Carlyle should bear these costs not local realtors and land lords or City.
Carlyle playing Samcar and city manager for fools.
Yeah, puffpuff, oh, say, excuse me Carlyle Group, we'd like to renegotiate. What a laugh! It's not even David and Goliath because there is no battle. This is more like ants being power washed off a wall.
NOBY/NIMBY constant assault on Pacifica progress and self esteem keeps us weak and unable to stand up to social injustices. Thank these selfish people for making sure that we are impotent.
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