November 6, 2009
The Captain’s House Goes For To A Cruise?
It appears an apology is in order. Last month a plugged-in reader reported that 300 Sea Cliff had sold for $16,363,569 on 9/10/2009 to which we replied:
Sorry, but we don’t think that was a sale but rather a Recorder’s Office annual adjustment of 2% on the previous tax assessed value of $16,089,041.
We were wrong. The 9/10/09 sale of 300 Sea Cliff Avenue was recorded on 9/15/09 with a sale price of $18,000,000. As an even more plugged-in reader notes, the sale price included "commissions, transfer tax and some deferred maintenance credits."
And perhaps this other reader is pulling our leg, but if not the buyer was...Tom Cruise (we haven't been able to confirm).
Purchased by the seller who never lived in the property for $13,100,000 in March 2000, a remodeled 300 Sea Cliff returned to the market asking $23,500,000 in 2003. Unable to attract a buyer, the house underwent a major $8,000,000 renovation and raised its asking price to $25,900,000. The list price was subsequently reduced to $22,000,000. And then it sold. Again, for $18,000,000 and perhaps the Captain’s House went for to a Cruise.
UPDATE: Another reader quickly notes the mailing address for the purchasing LLC ("Tawaraya") is that of "a high-end accounting firm in Walnut Creek" which happens to advise Larry Ellison (amongst others). And The Real Estalker adds, "Tawaraya is a super posh and searingly expensive, 300-year old ryokan–which is essentially a Japanese bed and breakfast sort of place–located in Kyoto" which is rather Ellison-esque.
∙ Is The Captain’s House (300 Sea Cliff) Preparing For Another Voyage? [SocketSite]
∙ Checking In On 300 Sea Cliff Ave [SocketSite]
∙ The $8,000,000 Man Renovation [SocketSite]
∙ 300 Sea Cliff: $3,900,000 Reduction (After An $8,000,000 Renovation) [SocketSite]
∙ Another Chance At (For?) The Captain's House (300 Sea Cliff Ave) [SocketSite]
∙ Rumor Has It, But... [Real Estalker]
Readers' Comments (23) | Permalink | Email Story | Filed under: Bay Buildings, RandomRumors, Remodeling and Renovation, Seemingly Random, SocketSite Readers Report
Half-Price Sale For (Mostly Vacant) Class A Commercial Continues
"Prudential Real Estate Investors is in contract to sell the [mostly vacant 188 Spear Street] to Shorenstein for $170 a square foot [$25 million], a 56 percent drop from the $385 a square foot or $56.9 million that the city assessed the...property for last fiscal year. The only other Class A financial district building to sell this year, 250 Montgomery St., traded for $172 a square foot — also a 56 percent drop from its previous sale in 2006."
∙ Shorensteins prevail in bid for S.F. building [San Francisco Business Times]
∙ A Half-Price Sale For Class A Commercial Real Estate In San Francisco [SocketSite]
Readers' Comments (14) | Permalink | Email Story | Filed under: Bubble (Or Not), Commercial, Just Quotes (Emphasis Added)
1381 Sanchez: Redesigned, Remodeled And Now Double The Size
Purchased for $1,005,000 in May 2008 (asking $899,000 at the time), 1381 Sanchez returns to the market with 4 bedrooms, 3 baths and 2,200 square feet (1,094 before).
Now asking $1,795,000 ($816 per square foot) for the completely remodeled (as designed by Shelly Amoroso) Noe Valley house.
∙ Listing: 1381 Sanchez (4/3) - $1,795,000 [MLS] [2008 Listing]
∙ Amoroso Design [amoroso-design.com]
Readers' Comments (20) | Permalink | Email Story | Filed under: Design & Architecture, Listings (for sale), Remodeling and Renovation
U.S. Unemployment At 10.2 Percent, Five Tenths Above San Francisco
"The unemployment rate in the U.S. soared to a 26-year high of 10.2 percent in October and employers cut more jobs than forecast, underscoring why Federal Reserve policy makers say interest rates will remain near zero."
∙ Unemployment in U.S. Jumps to 10.2%, Payrolls Fall [Bloomberg]
∙ San Francisco County Unemployment At 9.7 Percent In September [SocketSite]
Readers' Comments (1) | Permalink | Email Story | Filed under: Trends
Behind The Door Of 25 Hotaling (And The Street)
Down the alley from Villa Taverna and above Aventine, what was once a "bathhouse, saloon, warehouse and denim overall factory" is now the nine condos of 25 Hotaling Place.
Originally called Jones alley, the small street that runs between Jackson and Washington Streets started life as an alley servicing the warehouses of old San Francisco’s bourgeoning waterfront. In the early 20th century it was given its present name—Hotaling Place— commemorating one of the Gold Rush-era’s most successful entrepreneurs.
Anson Parsons Hotaling arrived in San Francisco in the mid-1850s and founded A.P. Hotaling & Company, a distributor for Cutter’s Bourbon Whisky. During the 1906 Earthquake and ensuing fire, sheer luck and a change in wind spared Hotaling’s warehouse. This led to one local commentator to pen the following lines that are now etched in the city’s folklore: "If, as they say, God spanked the town for being over frisky, Why did he burn the churches down and save Hotaling’s Whiskey?"
A plugged-in tipster reports on the development:
They finally put up a decent website for [25 Hotaling] which has been selling quietly for a couple of months. They claim they've already sold one of the nine units.
Photos look interesting, but there's a suspicious lack of square footage info and on the floorplans [see links below] the units look small.
In addition to nice details, every unit has one or more shortcomings; it's a great neighborhood, though.
Pricing and monthly HOA dues for the Hotaling nine:
∙ 25 Hotaling #A (1/1) - $629,000 ($399/mo HOA)
∙ 25 Hotaling #B (1/2) - $649,000 ($424/mo HOA)
∙ 25 Hotaling #C (1+/2) - $859,000 ($469/mo HOA)
∙ 25 Hotaling #D (1/1) - $589,000 ($383/mo HOA)
∙ 25 Hotaling #E (2/1.5) - $889,000 ($469/mo HOA) [MLS]
∙ 25 Hotaling #F (1+/1) - $639,000 ($399/mo HOA)
∙ 25 Hotaling #G (1/1) - $669,000 ($396/mo HOA) [MLS]
∙ 25 Hotaling #H (1/1) – "SOLD" ($384/mo HOA)
∙ 25 Hotaling #I (1+/1) - $689,000 ($399/mo HOA)
And yes, all listed parking is leased.
∙ 25 Hotaling [25hotaling.com] [Floor Plans: A/D/F/G/I | B/C/E]
Readers' Comments (9) | Permalink | Email Story | Filed under: Bay Buildings, New Developments, SocketSite Readers Report
November 5, 2009
The (Eichler) Summit Of 999 Green Street #2802
According to a plugged-in tipster, the three-bedroom Eichler Summit #2802 was purchased "off the market" (unlisted on the MLS) for $2,500,000 in October of 2008. And the sale price might have been partially based on the "comp" sale of #2804 for $2,720,000 in December of 2007 (which "was in worse condition" than #2802).
Back on the market four weeks ago asking $2,099,000, the price for 999 Green Street #2802 has been reduced to $1,950,000. Yes, the kitchen and baths could use some updating, but it's a classic building with big views and a price 22 percent less than in 2008.
. Listing: 999 Green Street #2802 (3/2) - $1,950,000 [MLS]
Readers' Comments (13) | Permalink | Email Story | Filed under: Apples To Apples, Bay Buildings, Listings (for sale)
Details To Augment Designs For "CityPlace" (935-965 Market Street)
Augmenting the designs we brought you a year ago, the Draft Environmental Impact Report for 935-965 Market Street (a.k.a. "CityPlace") is now online with all its gory details.
The building would be on the south side of Market Street, mid-block between Fifth and Sixth Streets. Stevenson Street forms the southern boundary of the site. The approximately 1.06-acre project site is on Assessor’s Block 3704, Lots 71, 72, and 73. It is in the C-3-G (Downtown General Commercial) and C-3-R (Downtown Retail) Zoning Districts and the 120-X Height and Bulk District.
The project site is developed with three mixed-use commercial and office buildings: 935-939 Market Street, 941-945 Market Street, and 947-965 Market Street. These buildings, which are currently vacant, would be demolished to make way for the new building. They contain a total of about 186,400 gross square feet (gsf) including approximately 11,900 gsf of retail space, 67,000 gsf of office space, 95,700 gsf of vacant entertainment space, and 11,800 gsf of mechanical, storage, and service space. The 935-939 Market building is 94 feet tall and has five stories; the 941-945 Market building is 30 feet tall and has two stories; and the 947-965 Market building is 45 feet tall and has two stories.
The proposed new building at 935-965 Market Street, named “CityPlace” by the project sponsor, would be five stories high and approximately 90 feet tall. It would have seven levels of retail space, including a mezzanine and subsurface level, and two subsurface levels of parking. A loading area and a vehicular driveway would be provided on the ground floor at the rear of the building; and a mechanical penthouse, including rooftop equipment, would be located above the fifth floor on the roof. Overall, the proposed project would involve construction of an approximately 375,700-gsf building, with about 264,010 gsf of retail uses; about 4,830 gsf of common areas; about 10,900 gsf of mechanical and storage space; and about 95,960 gsf of parking, loading, and driveways and maneuvering space. There would be 201 parking spaces, 21 bicycle parking spaces, and four loading spaces. The project would result in a net increase of about 189,300 gsf of developed space on the project site.
The project would require a Conditional Use authorization for parking in excess of permitted accessory parking and for demolition of a prior theater use; variances for oversized floor heights and for the width of the loading and parking access on Stevenson Street, and review and consideration by the Planning Commission of an exception to freight loading requirements under Planning Code Section 309. In addition, the proposed project would require permit and plan review by BART due to the project site’s proximity to the BART right-of-way under Market Street.
For those who are serious about cleaning up and changing Market Street, encouraging and allowing development and investment (versus signs) is the way.
∙ The Designs For San Francisco's "CityPlace" (935-965 Market Street) [SocketSite]
∙ Draft Environmental Impact Report: 935-965 Market Street [SFGov]
∙ CityPlace (935-965 Market Street) [discovercityplace.com]
∙ Single-Finger Sign Language From 8% Of All Registered Voters [SocketSite]
Readers' Comments (29) | Permalink | Email Story | Filed under: As Proposed, Design & Architecture, Neighborhoods
The Word On 56 South Park: Sold
From the peek to a poke to the sale of 54 South Park for a reported $3,375,000, we now have the word on 56 South Park, the roughly 2,000 square foot (plus 600 square feet of outdoor space) just closed escrow for a reported $2,300,000 (15% under asking).
∙ 54-58 South Park: The Inside Scoop (Both Literally And Figuratively) [SocketSite]
∙ From A Peek To A Poke For 54 And 56 South Park [SocketSite]
∙ 54 South Park Sells (And We Think Alpha Rather Than Beta) [SocketSite]
Readers' Comments (9) | Permalink | Email Story | Filed under: Bubble (Or Not), Design & Architecture
231 Franklin Starts To Strip Its Scaffolding
231 Franklin, the mixed-use development (32 residential condos over 6,000+ square feet of retail and 36 parking spaces) at the corner of Hayes has started to strip its scaffolding. They’re hoping to be construction complete by the middle of February.
Once again, what was there before:
And the pre-reality rendering with hints of retail to be:
UPDATE: By "hints of retail to be" we weren’t being literal in terms of the types of stores, but a plugged-in reader hints at the scoop:
That hint in the rendering for a gallery/furniture store is a bad hint. According to my sources, a "well known" restaurant operator was in negotiation to take the space, and design changes were being made to place the entry in the corner.
Now come on, spill the beans. Or throw us a bone. (Or something else food related.)
∙ Okay, So Maybe Not So Soon For The Corner Of Hayes And Franklin [SocketSite]
∙ 32 Condos Coming "Soon" To The Corner Of Hayes And Franklin [SocketSite]
Readers' Comments (10) | Permalink | Email Story | Filed under: Coming Soon, Design & Architecture, New Developments
Fannie Mae As The Largest Lender Landlord In All The Land?
Having taken back 57,000 properties through foreclosure in the first half of 2009, "bringing its total real-estate owned inventory to 63,000 properties valued at $6 billion," Fannie Mae is rolling out a "Deed for Lease Program" in the hopes of generating some cash from the non-performing assets and mitigating the near-term impact of so-called "shadow inventory" on the market.
The Deed for Lease Program, which Fannie plans to roll out on Thursday, will offer borrowers who fail to complete or don't qualify for a loan modification or other workout to deed their property to the lender in exchange for a lease. Borrowers-turned-tenants will be able to sign leases of up to 12 months and will pay market rents, which in most cases are lower than the cost of mortgage payments.
Borrowers who haven't missed any mortgage payments aren't eligible for the program, and the borrower's mortgage servicer would have to show that a borrower isn't eligible for a loan modification before the homeowner could apply for the Deed for Lease program.
Of course collecting rents from those who have already lost their homes to foreclosure might be a challenge. And while the tipster that first pointed out the story notes, "Good news for RE investors like me, that's fo' shore!", we’d argue it's the opposite.
∙ Fannie Mae to Rent Foreclosed Homes Back to Borrowers [WSJ]
Readers' Comments (24) | Permalink | Email Story | Filed under: Bubble (Or Not), Industry Stuff, Real Estate Economics
An Under $600 Per Square Foot Two-Bedroom Comp At 235 Berry
Purchased for $950,000 in June of 2007 ($18,900 under asking at the time), 235 Berry #413 returned to the market this past April asking $789,000.
Yesterday, the sale of the 1,235 square foot condo closed escrow with a reported contract price of $734,000 ($594 per square). Call it a 23% drop in value over the past three years for the two-bedroom condo with a deck (and some windows) overlooking Mission Bay.
UPDATE: Some additional color (and opinion) from the short seller's agent:
Truth is we went through four buyers and our first offer was for $789,000 but no one wanted to hang out and wait while the bank takes 6 months to decide. Had the lender been able to respond before 4 months passed, the sales price would have been much closer to the original list.
Bottom line it was the best deal the bank would get even though as an REO it could have sold for more - it still would have cost them another 3-5% to foreclose and process it. The price was reflected in the fact the buyer was taking a gamble with their time and emotions as to whether it would ever close, and it was a nailbiter.
Cheers.
∙ I’ll See Your $800 Per Square Foot And Raise Lower You $200 At 235 [SocketSite]
Readers' Comments (54) | Permalink | Email Story | Filed under: Apples To Apples, Bay Buildings
