July 29, 2010
Noe Valley Concrete And Steel 2007 Construction And Design
By the numbers for the concrete and steel 767 27th Street with cedar facade: 3 decks; 4 car parking; 5 bedrooms; 6.5 baths; completed in 2007; and listed for $3,850,000 today.
∙ Listing: 767 27th Street (5/6.5) - $3,850,000 [joelgoodrich.com] [MLS]
Readers' Comments (11) | Permalink | Email Story | Filed under: Design & Architecture, Listings (for sale)
Will It Play With The Port?
While an adult playground is in the works for Parcel L over in Hayes Valley, apparently a few South Beach residents have approached the Port of San Francisco with the idea of converting the concrete triangle bounded by Howard, Steuart and The Embarcadero into a playground for kids.
Its current use? In the words of one reader who resides nearby, "it's a landing spot for the homeless and the lady who feeds the pigeons...looks like the [YMCA] uses it during the summer to line up their charges for day camp. And, it's always used as a port-a-potty lot for Bay to Breakers, and other sundry events [on that stretch of The Embarcadero]."
∙ Mmm…Beer (Garden) In The Works For Parcel L (424 Octavia) [SocketSite]
∙ San Francisco Association Of Realtors New Neighborhood Map [SocketSite]
∙ Temporary Transbay Terminal "Sneak Peek" Next Week [SocketSite]
Readers' Comments (11) | Permalink | Email Story | Filed under: As Proposed, SocketSite Readers Report
Would Be Renters Remember This Name: Rachael Marie Smith
"A San Francisco woman has been arrested and charged with bilking would-be apartment renters of thousands of dollars apiece by accepting their deposits [of $5,600] and then spinning a tale that they couldn't move in for a while because her mother had cancer...Rachael Marie Smith, 29, recruited victims by posting ads on Craigslist, offering to rent her apartment on the 5300 block of California Street near 15th Avenue..."
∙ S.F. woman accused of bilking would-be tenants [SFGate]
Readers' Comments (10) | Permalink | Email Story | Filed under: Just Quotes (Emphasis Added)
Three Listings, Five Reductions, And One New Kitchen Later...
Purchased for $1,035,000 in March 2005, the "charming 3 bedroom Spanish Mediterranean single family home in prime location" at 367 31st Avenue returned to the market in May 2009 asking $1,295,000, a sale at which would have represented average annual appreciation of 5.6 percent for total appreciation of 25 percent over those four years.
In July 2009 the price was “Reduced!” to $1,230,000. That October it was "Reduced again!" to $1,195,000 and "Motivated! Bring offers!" was added to the listing. No word, however, on whether it was the listing agent or seller who was feeling motivated at the time.
This past January the property was relisted anew. This past February it was "Reduced!" to $1,135,000 while touting a "New look!" In April the price was dropped to $1,049,000. In May the price was reduced to $995,000. And in June it was withdrawn from the market.
Today, 367 31st Avenue was once again listed as new with one day on the market and an original list price of $995,000, a sale at which would be considered to be "at asking" and represent a 4 percent decline in value for this home on a five year hold. Of course that's not accounting for the added value of the newly remodeled kitchen.
And perhaps there’s been a bit of an up and down in the market in between.
∙ Listing: 367 31st Avenue (3/1.5) 1,850 sqft - $995,000 [MLS]
Readers' Comments (9) | Permalink | Email Story | Filed under: Apples To Apples, Listings (for sale)
Bank-Owned Competition (And Litigation) In Action At The Beacon
The sale of 250 King Street #636 closed escrow on Monday with a reported contract price of $315,000 ($441 per square foot) for the vacant one-bedroom condo at the Beacon .
Purchased for $575,000 in March 2006 ($800 per square foot), the 715 square foot unit was taken back by the bank in August 2009 with $498,055 owed. The sale this week represents a 45 percent drop in value for the unit since 2006.
At the same time the 587 square foot junior one-bedroom at the Beacon known as 250 King #904 remains active and available as a short sale seeking at $329,000. It was purchased for $525,000 in September 2005.
And yes, as plugged-in people have known for quite some time, litigation is in play.
∙ Bank-Owned Competition In Action At The Beacon (250 King) [SocketSite]
∙ Unable To Fund Loan(s) At The Beacon? Hmm... [SocketSite]
Readers' Comments (0) | Permalink | Email Story | Filed under: Apples To Apples, Bay Buildings
Radiance West (325 China Basin Phase Two) Construction Underway
The piles were driven for Radiance’s 318-unit Phase Two (“Radiance West”) back in 2008 before construction was suspended that July. Developer Nat Bosa first floated the idea of breaking Phase Two into Phases Two And Three back in 2009. And last month a plugged-in resident in Phase One first noticed workers getting busy on site.
As a plugged-in tipster notes yesterday, construction on the first 170 units of Radiance West (aka Radiance Phase Two of Three) has now begun in earnest and the units should be ready for move-in by mid-2012.
As the three phases of Radiance will look when complete:
∙ Radiance At Mission Bay Phase II Update: Officially "Suspended" [SocketSite]
∙ Radiance: Positioning For Phase II (And To Close Out Phase I) [SocketSite]
Readers' Comments (9) | Permalink | Email Story | Filed under: Design & Architecture, New Developments, SocketSite Readers Report
July 28, 2010
Renewed Expectations Versus A Recent Comp (And Bag Of Apples)
As we wrote in February of 2009:
Apples-to-apples sales tell us the most about how the market is moving, but non-sales can provide some hints as well.
And while 2155 Buchanan Street #9 is in contract up in Pacific Heights (purchased for $1,000,000 in June 2006, listed for $950,000 in November 2008, last asking $885,000), the listing for the "reduced to sell!" and vacant 2155 Buchanan Street #7 has expired without a sale (purchased for $899,000 in July 2005, listed for $960,000 in August 2008, asking $850,000 at expiration).
Perhaps we’ll soon see a sign in the window for number seven and another unit of rental inventory to be absorbed. We’ll keep you posted on the contract price for number nine.
UPDATE: After 24 hours off the MLS as "expired," the listing for 2155 Buchanan #7 has been turned back on. No adjustment to the price (still asking $850,000) and now an official 186 days on the market (but we'll call it 185).
As plugged-in people know, the sale of 2155 Buchanan #9 closed escrow on 2/26/09 with a reported contract price of $925,000, representing a 7.5% decline in value from June 2006 ($893 per square foot) to February 2009 ($826 per square). The listing for 2155 Buchanan Street #7 was withdrawn from the market in April 2009 without a sale at $850,000.
Today, 2155 Buchanan #7 returned to the market asking $899,000 ($825 per square).
Keep in mind that three weeks ago the sale of the two-bedroom 2155 Buchanan Street #8 ("elegant top floor corner unit in sought after location") closed escrow with a reported contract price of $800,000 ($777 per square). It had last been listed at $820,000 having been purchased in July of 2004 for $832,000 ($808 per square).
And then there’s the 1,035 square foot 2155 Buchanan #2. As a plugged-in tipster notes, the ground floor two-bedroom was purchased for $750,000 ($725 per square) in December 2005 and sold in August 2008 for $955,000 ($923 per square). Yikes or yeah depending on whether one was buying or selling at the time.
UPDATE: A resident tipster’s opinion with respect to the top floor #8: "Best unit in building: faces away from hospital and Sacramento bus stop." Again, sold for $777 per square foot three weeks ago (4 percent under its 2004 price).
∙ Listing: 2155 Buchanan #7 (2/1) 1,090 sqft - $899,000 [MLS]
∙ Checking In On Two Pacific Heights Apples: 2155 Buchanan Update [SocketSite]
∙ A Pacific Heights Apple Up In The Tree: 2155 Buchanan #9 [SocketSite]
∙ Another Shot At A Ripening Pacific Heights Apple: 2155 Buchanan #9 [SocketSite]
∙ San Francisco Rental Market Weakness: SocketSite Readers Report [SocketSite]
∙ A Bell Rings And An Apple Closes Escrow In Pacific Heights [SocketSite]
Readers' Comments (10) | Permalink | Email Story | Filed under: Apples To Apples, Listings (for sale)
Apples, Medians, And May Case-Shiller For 1251 44th Avenue
Purchased for $479,000 in June of 2002, the one bedroom single-family home at 1251 44th Avenue was taken back by the bank this past May with what would appear to have been $567,000 owed. The property was just listed for $448,900.
The median sale price per square foot for homes in the neighborhood was $396 in 2002, peaked at $579 in 2007, and is currently weighing in at $508, down 3% year-over-year and down 12% from peak, but up 28 percent versus 2002.
Keep in mind the median sized home sale in the neighborhood has averaged around 1,450 square feet, size matters when it comes to comparing price per square foot on an absolute basis, and remodeling has been particularly popular over the past eight years.
The Case-Shiller index for middle tier homes in the San Francisco MSA measured 146.28 in May, up 12.7 percent year-over-year, down 34 percent from a peak in May 2006 (down 30 percent from a 2007 average), and up 3 percent versus June 2002.
∙ Listing: 1251 44th Avenue (1/1) 1,000 sqft - $448,900 [MLS]
∙ May Case-Shiller: San Francisco Tiers Up But Gains Moderating Atop [SocketSite]
Readers' Comments (7) | Permalink | Email Story | Filed under: Apples To Apples, Listings (for sale), Trends
First Peek At Octavia Court (261 Octavia Boulevard)
A plugged-in tipster captures the first peek of Octavia Court being unwrapped at 261 Octavia Boulevard. Once again, it's fifteen units of affordable housing for disabled individuals and their families by Satellite Housing and West Bay Housing Corporation.
∙ Octavia Court: The Original IE Collaborative Winning Design [SocketSite]
∙ Octavia And Oak: Octavia Court’s Past, Present And Future [SocketSite]
Readers' Comments (24) | Permalink | Email Story | Filed under: Design & Architecture, New Developments, SocketSite Readers Report
Hunters Point Redevelopment Plan For 10,500 New Units Approved!
San Francisco’s Board of Supervisors approved the redevelopment plans for Hunters Point by a vote of 10-1 yesterday. Supervisor Daly offered the sole dissenting vote.
In 2008 San Francisco voters rejected a ballot measure which would have required 50 percent of the proposed 10,500 new Hunters Point residential units to be below market rate, but yesterday Supervisor Daly proposed a do-over amendment once again calling for at least half of the residential units to be affordable (up from an already unprecedented 32 percent). The board rejected Daly’s amendment by at vote of 6-5 with supervisors Avalos, Campos, Mar, and Mirkarimi joining Daly on the losing side.
The board also rejected a proposed amendment from Supervisor Mirkarimi to eliminate a contentious bridge across Yosemite Slough connecting Hunters Point and Candlestick. Expect legal challenges to follow.
And to quote Lennar vice president Kofi Bonner, "now we have to find some money."
∙ The Grand Plan And Aesthetics For Candlestick/Hunters Point [SocketSite]
∙ S.F. supes approve Hunters Point redevelopment [SFGate]
∙ BOS Today: Redevelopment, Rezoning, Replacement And Reclamation [SocketSite]
∙ Results: Proposition 98 Fails/99 Passes, Measure F Fails/G Passes [SocketSite]
Readers' Comments (15) | Permalink | Email Story | Filed under: Neighborhoods
