Letter: Wavecrest—sixty years and still counting.

Letter to the Editor posted by Guest on Jan 16, 2007 at 07:00 pm in  Planning & Development
2 comments • Click to email this story

The following article is from a January, 1947 issue of the Half Moon Bay Review

John Lynch
Half Moon Bay

Comments

Comment 1 by Kevin J. Lansing  on  Jan 17  at  2:24am  •  All my comments • 

John, this is interesting for several reasons:

-In 1947, 150 homes equates to an increase in population of 600, or 4 persons per home. In 2007, the official assumption used to implement the HMB growth control ordinance is only 2.7 persons per home—-a gross understatement to reality. Properly counted, the true number of persons per home is still probably close to 4. Consequently, the HMB population and associated traffic and number of parked cars is growing by much faster than the official figure of 1 percent.

-In 1947, developers want more water. In 2007, developers want more water. The CCWD directors may claim that bigger water pipes are about “fire safety” or “replacing aging infrastructure,” but in reality, it’s all about building more houses.

-In 1947 a 900 sq. ft. home cost $8,000. In 2007, a 900 sq. ft. home (if you can find one) probably costs around $700,000. This translates into an annual appreciation rate of 7.7 percent. Assuming the same rate of appreciation over the next 60 years, that same 900 sq. ft. home would cost $61,250,103 in the year 2047 (that’s $61.3 million). Something tells me that is not going to happen—which means that HMB real estate investment has seen its best days.

Comment 2 by Leonard Woren  on  Jan 17  at  3:57pm  •  All my comments • 

I see that the HMB Review’s proofreading standards were the same then as now.


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