WHAT PEOPLE ARE SAYING

"Thank you for always helping me and also being available nights and weekends."
- Ruth Chou

"My family and I are really appreciative and thankful for all your hard work in helping us obtain our first home."
- Tan Nguyen

The need to put up homes near modes of transport is nothing new but in today’s slow economy a TOD has to be positioned and priced right in order to succeed. Bridge Housing Corporation, one of California’s leading developers of affordable homes, finds success with a new TOD near San Francisco and nets 17 sales to date. However, John Ross Condominiums is in REO status, despite being located in public transport-friendly Portland, Ore. Looks like Comstock Partners is on the right track with its suburban TOD in Fairfax County, Va., which will become one of the most sought-after destinations for Washington, D.C., and Baltimore commuters.

The U.S. light rail system saw its biggest increase of about 8.3% in public transit riders last year, accounting for about 1 billion trips. Chances are this number will grow and firms are poised to meet the expected housing demand near transit connecting to employment corridors. What’s more, living in a TOD makes sense in these times of rising gas prices and traffic nightmares. Bogged down under the weight of constant congestion, big cities look to governments for that extra boost to expedite construction of new developments. There’s no doubt that monies spent on new development driven by transportation services far outweighs costs to install it. In Washington D.C., new transit expansions have helped to produce over $15B of real estate development in the last 20 years. This, in turn, generated $2.1B in tax revenues for the Commonwealth of Virginia. The good news? Calculations show that properties within walking distance of transit systems sell for up to 20% to 25% more than comparable homes located further away.

It’s not often such deals come along, but Bridge Housing offers qualified low- and median-income folks a chance to purchase a home in San Francisco’s sought after Bayview District. The Armstrong Place Townhomes, located one block from a connection to downtown at Muni Third Street Light Rail Stop, contains homes priced from $166,300 to $356,700 that target working families. The majority of these families are lifelong renters, but at Armstrong Place, they now have the opportunity to qualify for a new home. Since opening in August, Armstrong Place has transformed the Bayview neighborhood, bringing a more vibrant energetic feel to the area. Considering industry challenges and end-of-the-year slowdown, traffic remains solid at 30 to 40 units/week, resulting in the sales of 17 of the 124 townhomes. There is very little competition in the area other than older homes built in the 1940s and 1950s in dire need of remodeling, and priced from the low $400Ks. It’s no surprise that demand is high with 100 applications being processed. Project funding comes from Bridge Housing and and the San Francisco Redevelopment Agency along with a construction loan from Bank of America.

Bridge Housing Corp.’s Armstrong Place Townhomes, a 124-unit transit-oriented development in San Francisco’s Bayview district, has seen 15 sales recently at the newly opened family-focused residential community, one block from a Muni Third Street light rail stop.

The homes are being offered to qualified low- and median-income buyers earning 60-100 percent of the area’s median income at significantly reduced prices. The units range from $166,000 to $356,000 and have attracted homebuyers who are drawn to the community’s large floor plans. More than half of the 124 townhomes have three or four bedrooms, according to the developer.

Part of the San Francisco Redevelopment Agency’s Affordable Homeownership Program, Armstrong Place is being built in conjunction with the adjacent Armstrong Senior Housing development. The project was designed by David Baker and Partners Architects of San Francisco.

“With home buyer tax credits still available, this is an excellent opportunity to make the leap to homeownership at a high-quality property such as Armstrong Place Townhomes,” said Fred Blackwell, executive director of the San Francisco Redevelopment Agency.”