This week, Jill and I, along with approximately 50 of our COMPASS colleagues took the opportunity to tour the Bristol condominiums on Yerba Buena Island, followed by a light lunch on the 5th floor terrace. (What a view.) Given that COMPASS has secured the listing for the ENTIRE development (congratulations), it only makes sense that as COMPASS Agents, we should know what's going on . . . .
Full disclosure, I haven't exactly been a fan of these multi-story buildings that seem wedged against the Bay Bridge in an uninspiring fashion. In truth, I've been known to comment (more than once) "WHO would ever live there?!?"
News flash, anyone who appreciates an inviting, modern aesthetic, easy living, and convenient access to the Ferry Building at the Embarcadero - that's who.
Moreover, 40% of the units have already been sold with several reservations in place for the upcoming townhouses set to break ground soon. In short, Yerba Buena Island is quickly garnering interest, with Treasure Island hot on its tail.
For the uninformed (that's me), I always assumed there was only one island: Treasure Island. In point of fact, the acreage that lies halfway between Oakland and San Francisco is actually two islands connected by a causeway. The smaller of the two, Yerba Buena, is composed largely of rock and is a natural island, while Treasure Island is entirely artificial and created out of landfill, having specifically been built in 1936-1937 for the Golden Gate International Exposition in 1939.
On June 8, 2011, the San Francisco Board of Supervisors approved a sweeping new neighborhood development to serve approximately 19,000 people. This development is scheduled to be built during the next 20–30 years by Wilson Meany Sullivan, Lennar Urban, and Kenwood Investments, and is slated to include up to 8,000 new residences, 140,000 sq. ft of new commercial and retail space, 100,000 sq. ft of new office space, three hotels, a new fire station, and 300 acres of parks. Driving through the island(s), it's clear that much of this building is already underway.
So who are the Buyers that have taken the early lead in setting up residences on Yerba Buena Island? Would it surprise you to learn that the majority are coming from the East Bay.
What's the demographic?
Empty nesters for sure, but also a mix of young and old, as well as second-home owners; people who enjoy access to the City but don't necessarily want to live in the heart of it.
Officially, still part of San Francisco, the goal for both Yerba Buena and Treasure Island is to offer a health-conscious environment with miles of walking trails, a new harbor, and the largest addition of Green Space since Golden Gate Park. In other words, stay tuned; this new community could be something truly special.
So while I'm not yet ready to pull up stakes and move into an emerging community, the Yerba Buena residences might well be an opportunity for those who are. Let's just say that having now toured the facilities, I can certainly see the attraction, which is only going to get better and more exciting with time.
For more information, or for a tour of the facilities, click Here: Yerba Buena Residences
Julie Gardner, has been writing The Perspective for 18 years and has published more than 750 humorous but always informative, essays on life and real estate.