1
Exhibit 99.1
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PRIMARY MARKETS POPULATION
Comp Ann Growth Rate
------------------------
County 1980 1990 1995 2000 1980-1990 1990-2000
------ ---- ---- ---- ---- --------- ---------
Santa Clara 1,295,073 1,497,577 1,594,900 1,705,900 1.5% 1.3%
Alameda 1,105,379 1,276,702 1,349,600 1,430,000 1.5% 1.1%
San Francisco 678,974 723,959 750,984 775,900 0.6% 0.7%
San Mateo 587,329 649,623 681,200 715,800 1.0% 1.0%
Total 3,666,755 4,147,861 4,376,684 4,627,600 1.2% 1.1%
Absolute Change 481,106 479,739
% Change 13.1% 11.6%
Sources: Historical-U.S. Census Bureau, Calculations & Forecasts-Rosen Consulting Group
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MEAN HOUSEHOLD INCOME
BAY AREA VS. U.S.
1995e 1996f
----- -----
Primary Markets n.a. 87,354
San Francisco Bay Area 80,432 84,040
U.S. 44,589 46,027
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Sources: historical data U.S. Census Bureau, forecasts and
calculations Rosen Consulting Group
Rosen Consulting Group 1
2
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LIMITED SUPPLY
MULTIFAMILY PERMITS ISSUED
NINE-COUNTY BAY AREA
Year Permits, Units
---- --------------
1986 25,197
1987 18,452
1988 12,499
1989 11,924
1990 8,596
1991 6,738
1992 4,265
1993 4,158
1994 4,521
1995 4,098
1996e 6,707
Sources: Historical data-U.S. Census
Bureau, 1996e-RCG.
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PRIMARY MARKETS MULTIFAMILY
PERMITS
Year Multifamily Permits
---- -------------------
80 6,915
81 4,810
82 4,639
83 7,540
84 9,366
85 12,031
86 14,548
87 13,391
88 8,224
89 7,723
90 5,404
91 4,750
92 3,171
93 3,206
94 4,158
95 2,798
96e 5,164
Sources: Historical-U.S. Census Bureau;
1996e-Rosen Consulting Group
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Rosen Consulting Group 2
3
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RENTAL TENURE
PERCENTAGE OF HOUSEHOLDS WHICH RENT
1990
----
Primary Markets 47%
9-County Bay Area 44%
U.S. 36%
Sources: 1990 Census, calculations Rosen Consulting Group
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LIMITED HOME AFFORDABILITY
PERCENTAGE OF HOUSEHOLDS ABLE TO AFFORD
THE MEDIAN-PRICED HOME
1995
----
Primary Markets 41%
9-County Bay Area 36%
U.S. 55%
Sources: U.S. Census Bureau, California Association of Realtors,
Rosen Consulting Group
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Rosen Consulting Group 3
4
Existing Median Home Price
MSA 1990 1991 1992 1993 1994 1995 1996e Upd. 9/96
- --- ---- ---- ---- ---- ---- ---- ----- ---------
Oakland
Price 259,000 262,420 259,250 256,200 255,600 254,400 258,979 263,050
Stock 534.7 538.7 544.3 549.0 554.9 560.3 566.1 566.3
San Francisco
Price 259,000 262,420 259,250 256,200 255,600 254,400 258,216 263,813
Stock 340.5 341.5 342.2 342.9 343.9 345.1 346.5 346.1
San Jose
Price 268,890 256,640 248,260 246,510 254,390 253,372 260,878 265,534
Stock 353.6 355.3 357.1 358.9 361.0 363.2 365.7 366.9
Santa Rosa
Price 201,400 208,776 218,094 214,284 212,170 214,749 221,191 215,823
Stock 122.1 124.1 125.9 127.6 129.8 131.5 133.4 133.1
Vallejo-Fairfield-Napa
Price 179,178 185,740 194,030 190,640 188,760 192,743 196,983 188,695
Stock 120.9 122.7 124.7 126.4 128.2 129.5 131.2 131.1
Total Bay Area-3 MSA 261,846 260,758 256,095 253,420 255,253 254,106 259,315 263,969
Total Bay Area-5 MSA 250,041 250,196 247,713 244,828 245,953 245,527 250,719 253,424
Note: Total Bay Area is a weighted average calculation based on single family
stock for each of three or five metropolitan areas: Oakland (Alameda,
Contra Costa Counties); San Francisco (Marin, SF, San Mateo Counties); San
Jose (Santa Clara County); Santa Rosa (Sonoma County);
Vallejo-Fairfield-Napa (Napa, Solano Counties)
Sources: U.S. Census Bureau, National Association of Realtors,
Rosen Consulting Group