Redwood City Real Estate And Homes For Sale

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Jeffrey R Keller

Redwood City Apartment Building Prices Continue to Climb

real estate trends

Although large real estate investor/developer purchases don’t closely match individual homeowner purchases, the prices eventually track each other. The recent purchase of a luxury apartment complex in Redwood City called the Encore set a new high record price-per-unit of $816,666.

Large investors are still seeing increasing values for apartments in Silicon Valley. View Redwood City real estate trends for houses, townhouses, and condos.

Previous apartment complex sales have been:

  • November 2019, $814,285 per-unit for 175 units, sold by Greystar.
  • June 2019, $810,000 per-unit for 402 units, sold by Paul’s Corporation and Fortress Investment Group.
  • June 2016, $700,000 per-unit for 305 units, sold by Greystar Franklin.
  • March 2015, $595,744 per-unit for 141 units, sold by SummerHill Apartment Communities.
  • May 2014, $628,787 per-unit for 132 units, sold by Sares Regis.

Building Backyard Cottages, In-Law Units, or ADUs

real estate laws

California laws taking effect Jan 1, 2021 allow more homeowners to build backyard cottages or accessory dwelling units (ADUs).

Cities and counties can have regulations but the regulations must have:

  • No minimum lot size requirement.
  • No required replacement parking when a parking garage is converted into an ADU.
  • No required parking for an ADU created through the conversion of existing space or located within a half-mile walking distance of a bus stop or other public transit.
  • No height limit under 16 feet or side/rear setbacks requirements over 4 feet.
  • No setbacks requirements for conversions/replacements of existing legal structures.
  • Floor area ratio (FAR) and similar restrictions must be relaxed to allow development of an 800 sq ft ADU.
  • Design standards must be objective and are assessed by staff, not elected officials.

More details are available at Backyard Cottage, Accessory Dwelling Unit