The Shipyard
This is a shot taken out of my upstairs bedroom window at some very fresh holes in the ground directly across the street from my back patio. This is all that is left of old navy officer's housing that had stood for more than seventy years - until yesterday.
This is the most tangible evidence yet that development on more than a thousand new housing units - the majority market rate - is proceeding apace. Needless to say, this will very likely have a drastic upward effect on housing prices in the immediate neighborhood, which are greatly depressed as compared to other SF 'hoods. It is uncertain just yet as to what sort of commercial and retail facilities will be a part of the redevelopment. Most of my neighbors - and me - are holding our breaths, hoping for a real supermarket, a Safeway or an Albertsons, given that our district doesn't have a single major grocery outlet anywhere inside its boundaries.
You can still buy properties within a block or so of this redevelopment area for under 400k. I don't know if that will hold for long once the new housing actually starts going into the ground, though.