👀After Years of Delays, Candlestick Point Moves Closer to Reality

Driving the news: FivePoint Holdings is set to proceed with long-delayed work at Candlestick Point after the San Francisco Board of Supervisors approved amendments to the development agreement for both Candlestick and Hunters Point.

These changes have enabled FivePoint to pivot to infrastructure work at Candlestick, a necessary first step in advancing the long-awaited project.

Details: Recent approvals provide extended access to public financing, introduce flexible zoning options, and allow for transferring up to two million square feet of commercial space from Hunters Point to Candlestick.

The rezoning at Candlestick will create more flexible usage options for the site, easing the pathway for future development phases. With new permissions to transfer additional commercial and residential density to Candlestick (due to environmental delays at Hunters Point), FivePoint can adjust plans to prioritize this site over Hunters Point. FivePoint anticipates finalizing approvals for infrastructure work as early as 2024, with construction potentially beginning next year.

Why it matters: This progress marks a positive shift for San Francisco, which has faced numerous stalled developments due to regulatory and logistical challenges. For residents, the potential completion of Candlestick Point offers a path to more affordable housing, new job opportunities, and revitalized commercial spaces.

The project also reinforces FivePoint’s commitment to supporting the community with much-needed housing and lifestyle spaces that were part of the original vision.

The big picture: The Candlestick Point and Hunters Point developments have been in the works since 2010, but U.S. Navy delays in decontaminating Hunters Point have stalled both projects.

The new plan allows FivePoint to treat Candlestick as a distinct project, reducing the dependency on Hunters Point’s timeline and complications. The transfer of commercial entitlements also suggests a strategic realignment, addressing the changing needs of the Bay Area’s commercial and residential markets.

What’s next: FivePoint has indicated that they are now seeking partnerships and tenant commitments to support Candlestick’s vertical development, with the infrastructure stage being the immediate focus.

🍴New Michelin Starred Restaurant to Light Up San Francisco’s Waterfront in 2025

Driving the news: San Francisco’s Ferry Building will welcome a new restaurant early in 2025, filling the high-profile vacancy left by the Slanted Door. Michelin-starred team Alex Hong and Joel Wilkerson, from the celebrated Pacific Heights restaurant Sorrel, have signed a 15-year lease to transform the iconic waterfront space.

Details: Hong and Wilkerson plan a full-service restaurant with a menu centered on seasonal California ingredients. The space will also feature a bakery specializing in laminated-dough pastries.

Expect floor-to-ceiling windows, an open kitchen, a seated bar, and outdoor seating that offers views of the Bay Bridge. The space is set to open as the Bay Bridge light installation returns in March 2025, adding to the atmosphere. The restaurant will be open seven days a week, aiming to become an evening anchor for the Ferry Building.

Why it matters: This new addition reinforces San Francisco’s recovery as a premier dining and tourism destination. For local businesses, the arrival of a Michelin-starred team promises increased foot traffic, benefiting nearby merchants and enhancing the waterfront’s appeal.

The big picture: This announcement aligns with the city’s broader goals to revive downtown and attract more tourists post-pandemic. The San Francisco Travel Association projects a return to pre-pandemic visitor levels by 2026, and high-profile openings like this add momentum. Mayor London Breed also highlighted the duo’s investment as a positive step for the city's downtown resurgence.

What’s next: The new restaurant, yet to be named, will finalize its concept in the coming months, with design and planning underway to reflect both San Francisco’s culinary heritage and its sustainable dining practices. The Ferry Building anticipates the restaurant will serve as a culinary attraction by 2025, welcoming both locals and visitors back to the city’s iconic waterfront.

🎥 The BEST Places to Retire in Marin County in 2025

Marin County is consistently ranked one of the best places to live in all of California due to its beautiful scenery, temperate weather, proximity to the water and some of the best hiking and biking in the entire State. It's no wonder that it's also consistently ranked as one of the top places to retire in the entire country. Here I tell you everything you need to know about retiring in Marin County in 2024, and exactly where the best places to retire are in the area!

🏠Home Sales Up 12% Despite High Mortgage Rates

Driving the news: Home sales are seeing unexpected gains as pending transactions climb 14% over this time last year. Though rates remain high, home prices and demand continue to show resilience, suggesting a stronger housing market in the face of 7%+ interest rates.

Details:

• Inventory: U.S. unsold home inventory is currently at 576, down from its 2024 peak of 739,434, but up about . While still 27.3% higher than last year, inventory levels are stabilizing as the year closes.

• New Listings: About 48,863 new listings hit the market last week, with a 11.7% increase over the same week in 2023. This rise signals healthier market activity as sellers re-engage.

• Sales Surge: There were 58,000 new contracts started this week also up about 10% compared to last year at this time. This shows rising buyer interest despite higher rates, balancing out the additional supply.

Why it matters: This trend offers a hopeful sign for homebuyers and sellers alike, especially as mortgage rates remain volatile. Improved sales and stable prices help boost market confidence, signaling that buyers may be adapting to high rates and bringing renewed activity to the housing sector, which has been at recession levels for the past two years.

The big picture: Resilience in home prices demonstrates that the supply-demand dynamic is more balanced than during the immediate aftermath of the pandemic, when demand crashed after the unhealthy pandemic craze. Rates are still pressuring affordability, but buyers haven’t slowed down compared to last year. Even with mortgage rates near 7%, sales remain stronger, indicating that demand may be less sensitive to rate fluctuations than in previous years, as it has become the new normal.

What’s next: As we approach 2025, we’ll keep an eye on the market’s momentum. Mortgage rates are critical—if they exceed 7%, demand may weaken, potentially softening prices early next year. But for now, the market holds steady with both prices and inventory trends signaling cautious optimism.

📊 Market Trends

National trends are important to focus on. But if you’re really thinking about buying or selling, local trends matter more.

In contrast to rising inventory at the national level, inventory decreased in San Francisco compared to last year, without a commensurate drop in demand. This created a more competitive housing market over the past quarter, which drove prices higher.

For single family homes, the average price per foot of homes sold rose 1.5% over the past three months compared to the same three months last year.

For condos and co-ops in San Francisco, the average price per foot rose 4.8% for the past three months compared to the same three months last year.

In contrast, Marin County inventory trends are more consistent with national trends, rising year over year, without a commensurate uptick in demand. This has caused softening in home prices, with the average price per foot over the past three months dropping 3.3% compared to the same three months last year.

Demand levels across both Marin and San Francisco remain relatively high in comparison to available inventory, so there’s no current signs of an impending crash or major correction like we what we saw in 2022. But, as always, I’ll keep an eye on the data so don’t have to.

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