1
Exhibit 99.2
Addendum to Report Dated June 28, 1996
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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 1,711,988 1.5% 1.3%
Alameda 1,105,379 1,276,702 1,349,600 1,403,233 1.5% 1.1%
San Francisco 678,974 723,959 750,984 756,561 0.6% 0.7%
San Mateo 587,329 649,623 681,200 714,625 1.0% 1.0%
Total 3,666,755 4,147,861 4,376,684 4,586,406 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 1996e 1996 1997f
----- ----- ---- -----
Primary Markets n.a. 87,354 88,097 92,159
San Francisco Bay Area 80,432 84,040 84,185 88,524
U.S. 44,589 46,027 46,671 48,403
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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
1996 7,062
1997f 7,999
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
96 5,743
97f 6,571
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
1996
----
Primary Markets 42%
9-County Bay Area 38%
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 Upd. 9/96 1996 1997f
- --- ---- ---- ---- ---- ---- ---- --------- ---- -----
Oakland
Price 259,000 262,420 259,250 256,200 255,600 254,400 263,050 265,258 277,051
Stock 534.7 538.7 544.3 549.0 554.9 560.3 566.3 566.2 573.1
San Francisco
Price 259,000 262,420 259,250 256,200 255,600 254,400 263,813 265,258 276,134
Stock 340.5 341.5 342.2 342.9 343.9 345.1 346.1 346.2 347.4
San Jose
Price 268,890 256,640 248,260 246,510 254,390 253,372 265,534 274,732 303,853
Stock 353.6 355.3 357.1 358.9 361.0 363.2 366.9 367.2 371.4
Santa Rosa
Price 201,400 208,776 218,094 214,284 212,170 214,749 215,823 202,944 204,367
Stock 122.1 124.1 125.9 127.6 129.8 131.5 133.1 133.0 134.7
Vallejo-Fairfield-Napa
Price 179,178 185,740 194,030 190,640 188,760 192,743 188,695 183,106 182,556
Stock 120.9 122.7 124.7 126.4 128.2 129.5 131.1 131.0 132.4
Total Bay Area-3 MSA 261,846 260,758 256,095 253,420 255,253 254,106 263,969 267,977 284,510
Total Bay Area-5 MSA 250,041 250,196 247,713 244,828 245,953 245,527 253,424 255,171 268,927
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