March 9, 2010
March Madness For 5950 Margarido (Coincidence?)
While we typically wait until a property has closed escrow, or at the very least until all contingencies have been waived, a plugged-in tipster notes that 5950 Margarido just went into contract. And we never get tired of looking at that house (click image to enlarge).
Keep in mind the asking price was reduced from $5,500,000 to $4,795,000 last month. And note our reference to March Madness in our October headline. Coincidence? (Yes.)
Now about those margaritas...
∙ There’s Green (And Perhaps Even Platinum) Up In Them Thar Hills [SocketSite]
∙ It’s March Margarita Margarido Madness As 5950 Goes Live At $5.5M [SocketSite]
Readers' Comments (0) | Permalink | Email Story | Filed under: Design & Architecture, East Bay
A Beacon Of Distress (250 King #802)
A Beacon (250 King Street) and neighborhood comp at $906,666 ($614 per square foot) in April 2006, the 1,476 square foot two-bedroom on the eighth floor of 250 King Street (#802) was bought off the courthouse steps for $527,077 this past November.
And while we don’t consider courthouse step sales to be apples to apples (all cash changes the equation), we will consider its resale to be so (assuming the banks are lending again).
On the market and asking $669,000 ($453 per square), 26 percent under its 2006 price.
UPDATE: A plugged-in reader adds:
This is a symbolic foreclosure as the (former) owner of Unit 802 was the lead plaintiff on the lawsuit against Catellus Development. I guess he decided to throw in the towel. Then again, I can't blame him IF Property Shark is right; they claim a $799,900 variable first and $150,000 second (JPM was the loser on that one). Yes that's a 105% LTV...
Emphasis added.
∙ Listing: 250 King Street #802 (2/2) 1,476 sqft - $669,000 [MLS]
∙ Unable To Fund Loan(s) At The Beacon? Hmm... [SocketSite]
Readers' Comments (17) | Permalink | Email Story | Filed under: Apples To Apples, Bay Buildings, Bubble (Or Not), Listings (for sale)
(Not So) Simply For Our Love Of A Beautiful Staircase
No real story, it’s simply for our love of 650 Delancey #213’s staircase.
Okay, and so it's also the fifth time since September 2008 the Oriental Warehouse loft has been listed (asking $1,498,000 at one point but now with an official "one day on the market" and "original list price" of $1,298,000 according to those industry stats).
Oh, and then there's that bit about a flood.
∙ Listing: 650 Delancey #213 (2/2) 1,400 sqft - $1,298,000 [MLS]
∙ The Oriental Warehouse (650 Delancey) [SocketSite]
∙ The Wonderful World Of Warehouse Twos (650 Delancey #112) [SocketSite]
Readers' Comments (25) | Permalink | Email Story | Filed under: Bay Buildings, Design & Architecture, Listings (for sale)
Mayor Newsom’s Voluntary Soft-Story Legislation Up For A Vote
Mayor Newsom’s voluntary soft-story seismic retrofitting legislation is before the Board of Supervisors for a vote this afternoon. The legislation would "waive permit processing fees for the proportionate share of work related to such seismic retrofit upgrades."
And while a Controller's office report found the legislation "is not expected to significantly increase the number of voluntary retrofits," it would reduce the fees collected from all.
∙ Soft-Story Seismic Upgrade Amendment [sfbos.org]
∙ Economic Impact Report: Voluntary Soft-Story Seismic Strengthening Bill [sfcontroller.org]
Readers' Comments (9) | Permalink | Email Story | Filed under: As Proposed
March 8, 2010
Presidio Landmark Building 1801 Recovering Nicely From Wingectomy
The non-historic wings have been removed and Forest City’s redevelopment of Building 1801 (soon to be known as "Presidio Landmark," previously known as the rather less inviting and marketable Public Health Service Hospital) into 154 studio, one, and two-bedroom apartments continues to make great strides.
Where possible, the historic wood windows and brick and stone facades [have been] refurbished...A three-story addition is being added added at the rear of the building...[and] Seven small townhomes are being added totaling about 16,000 square feet.
A smattering of floor plans for the marble, granite and stainless steel adorned units are online but rates have yet to be set. First occupancy is slated for this summer.
∙ From Graffiti Canvas To Apartment Campus: PHSH Breaking Ground [SocketSite]
∙ The Public Health Service Hospital Through A Reader's Eyes And Lens [SocketSite]
∙ Public Health Service Hospital Project [presidio.gov]
∙ Presidio Landmark [thepresidiolandmark.com]
Readers' Comments (15) | Permalink | Email Story | Filed under: Bay Buildings, Being Green, Coming Soon, Remodeling and Renovation, Rentals
The Green Is Gone At 438 Roosevelt
As we wrote about 438 Roosevelt in 2007:
Get over the choice of exterior paint and get inside: big windows, views and lots of light; a steel and glass staircase; an open kitchen with bomber appliances and access to the patio/garden; and a three car garage. And no, we can’t name the architect. Readers?
Listed for $2,995,000 at the time, the green exterior is now gone along with 500,000 greenbacks from its list price (asking $2,495,000 in 2010).
Built in 2000, the lot was purchased for $500,000 in 1999 and the home first sold for $2,275,000 in 2002. And no, we still can’t name the architect. Readers?
∙ Listing: 438 Roosevelt Way (3/2.5) - $2,495,000 [MLS] [Joel Goodrich]
∙ More Monday Morning Modern (Or Is It Contemporary?) [SocketSite]
Readers' Comments (4) | Permalink | Email Story | Filed under: Design & Architecture, Listings (for sale), RealRecentReductions
Maybeck’s 270 Castenada Sells For $573 Per Square Foot
Asking $3,890,000 two years ago, available for rent at $10,000 per month last August, and then back on the market for $2,199,000 this past January, the sale of the Bernard Maybeck designed 270 Castenada closed escrow on 3/5/10 with a reported contract price of $2,075,000 ($573 per square foot) and an official 53 days on the market.
∙ Too Beautiful To Describe (Except By The Architect): 270 Castenada [SocketSite]
∙ A Maybeck For Rent On Castenada (And A Related Neighborhood Sale) [SocketSite]
∙ A 2010 Overture For The Maybeck At 270 Castenada [SocketSite]
Readers' Comments (27) | Permalink | Email Story | Filed under: Design & Architecture
Napa "Gentlemen" Growers Getting Squeezed Like A Grape
"In California’s Napa Valley, producer of the most expensive U.S. wines, 2010 may be a vintage year for foreclosures as the industry is squeezed by falling land values [down 15% since 2007] and a consumer shift to cheaper brands."
∙ Vineyard Defaults Surge as Lost Land Values Undermine Napa Wine [Bloomberg]
Readers' Comments (19) | Permalink | Email Story | Filed under: Just Quotes (Emphasis Added), Marin (And Points North), Trends
The Clarendon Heights Contemporary Parade Continues: 206 Palo Alto
We’re intrigued by the house and more than a few design elements (the photography at this price point, not so much). From the listing:
With world class Bridge to Bridge views, this local designer's contemporary showcase residence, w/ a nod to classical style, melds different genres, creating a fresh & unique environment-an epitome of simple & perfectly proportioned symmetry.
Asking $4,200,000 ($968 per square foot). Bonus points for naming the designer.
And yes, it’s been renovated and expanded since its sale for $1,300,000 in 2003.
∙ Listing: 206 Palo Alto (4/3.5) - $4,200,000 [MLS]
Readers' Comments (10) | Permalink | Email Story | Filed under: Design & Architecture, Listings (for sale)
Measuring A Rising Bay Area Tide
From the Chronicle:
In the Bay Area, First American shows the Vallejo-Fairfield metropolitan market (essentially Solano County) with 61 percent of mortgage holders underwater. The next-highest concentration - but the biggest in numbers - is the Oakland-Fremont-Hayward metro area (Alameda and Contra Costa counties), where 35 percent of mortgage holders, or 192,726 households, have negative equity.
The aggregate of San Francisco, San Mateo, and Marin counties weighs in at 10.4 percent (33,861) with 2.6 percent (8,481) underwater by more than 25 percent.
∙ Strategic defaults on homes on the rise [SFGate]
Readers' Comments (56) | Permalink | Email Story | Filed under: Bubble (Or Not), Trends
