June 30, 2006
SocketSite’s San Francisco Inventory Update: 6/30/06
As far as we can tell, last week marked the first time since the beginning of the year that new sales have outpaced new listings in San Francisco. At the same time, active listed housing inventory in San Francisco remains up ~50% since the beginning of the year, and up ~13% since the beginning of the month. In addition, the percentage of properties that have been re-priced (i.e., reduced) has ticked up slightly and now stands at around 23% (according to ZipRealty).
We attribute last week’s slowdown in new inventory to the upcoming holiday weekend rather than any fundamental change in the market. In addition, we believe that the current pipeline of condominiums and TICs will increase listed housing inventory by 10-15% over the next couple of
And for those of you who are keeping track at home, it appears that we matched those “one-time occurrence” inventory levels of last September last week.
∙ SocketSite’s San Francisco Inventory Update: 6/1/06 [SocketSite]
∙ Inventory Update: 5/18/06 [SocketSite]
SocketSite: 2006 Inman News Innovator Awards Finalist
Okay, so until yesterday we didn’t even know we were nominated, but it appears that SocketSite is one of six finalists for the 2006 Inman News Innovator Awards, Most Innovative Real Estate Blog category.
In all honesty, we probably don’t have a snowball's chance in hell of winning. The competition is tough, and we don’t have any fancy new “Web 2.0” technologies, features, or widgets (yet). Regardless, we’re not only honored to be nominated, but to be the only Blog finalist from California as well (we’ll do our best to represent).
So if we don’t get a chance to say it from the stage, a sincere thank you to all our readers, tipsters, and supporters for helping us to keep you ‘plugged in’ to what’s really going on in the local real estate market - from the anecdotal, analytic, and architectural; to the good, the bad, and the ugly.
∙ 2006 Inman News Innovator Awards [Inman]
A Troublesome Trend?
Four units in 255 Berry are currently on the market. That's not a lot considering the number of units in the building (100), and not too surprising considering the building recently passed the magical two-year mark (think tax free gains). But then again, perhaps Le Blog Exuberance is on to something?
We were surprised, however, to note that while unit #113 sold for $998,000 ($837/sqft) a month ago, unit #513 (four floors above, but 143 sqft and a half-bath smaller) failed to sell at $849,000 ($809/sqft), and is currently on the market at $799,000 ($761/sqft).
∙ Comments: Arterra: Less Sex, More Green [SocketSite]
∙ Listing: 255 Berry #307 (1/1) - $699,000
∙ Listing: 255 Berry #317 (2/2.5) - $1,325,000
∙ Listing: 255 Berry #321 (2/2) - $889,500
∙ Listing: 255 Berry #513 (2/2) - $799,000
June 29, 2006
More Free TVs!
It might have been “in contract over asking!” but it’s not any more. And that means the included “DWIN Transvision high-definition projector . . . [and] 110-inch retractable movie screen” is back up for grabs! Hell, with a seven day close you (we?) could be watching the World Cup final in style.
Opportunity, Funk, And The Color Purple
Back in April, 2415 Van Ness #606 was advertised as a “rare opportunity” but failed to sell at $549,000. We’re hoping they used the past couple of months to remodel, because it’s back on the market, it’s still being advertised as a “rare opportunity,” and it’s now $579,000.
Speaking of random pricing strategies, we’re guessing that a bidding war failed to materialize for 142 Saturn. The “Offers on 6/21” deadline has come and gone, it’s still active, and now they’ve raised the price by $251,000. As ReyEstate notes, something smells a bit funky.
And finally, we’d like to think of it as evidence of some cosmic pricing karma rather than evidence of a changing market, but either way, the list price for 321 Langton #11 (“Bait And Switch On MLS?”) has been reduced by $30,000. This time for real.
∙ Tip Of The Day [SocketSite]
∙ Listing: 2415 Van Ness Ave #606 (1/1) - $579,000 [MLS]
∙ Betting On A Bidding War? [SocketSite]
∙ Listing: 142 Saturn (3/2) - $1,250,000 [MLS]
∙ What's That Smell Coming From Uranus? [ReyEstate]
∙ Bait And Switch On MLS? [SocketSite]
∙ Listing: 321 Langton #11 - $649,000 [Urban Bay]
June 28, 2006
Watermark Signs Of Weakness?
Despite strong initial sales, the Watermark (501 Beale) appears to be showing subtle signs of weakness. According to ZipRealty, the list price for Watermark unit #14D was reduced $10,000 to $975,000 and unit #20M is currently listed for $1,725,000 ($5,000 below the advertised price range of $1.730M to $1.9M for “M” floor plan units on floors 17 to 22).
What’s After Anxious?
According to the listing for 855 Oak Street, the “Seller [is] anxious!” That might explain the $701,000 (41%) price cut a month ago (and yet it's still on the market).
∙ Listing: 855 Oak Street - $999,000 [MLS]
June 27, 2006
Two Tuesday Reports
PMI reports that they believe the likelihood of a price decline in the San Francisco Bay Area (San Francisco, San Mateo, Redwood City) housing market now stands at 56%. But as an astute reader pointed out in April, that’s not exactly going out on a limb.
At the same time, CAR reports that that the May ’06 median sales price of an existing, single-family detached home in San Francisco was $770,000 (down from $775,000 in April) and $752,830 in the Bay Area. This represents a year-over-year appreciation of 2.0% in San Francisco (4.3% in the Bay Area).
188 King Street: An Update
Seven weeks ago we alerted our readers to the opening of 188 King Street and provided a complete rundown of “Phase I” pricing (16 units). At the time, 3 units were already being advertised as “pending,” and only two units were listed on the MLS.
Today, 9 units are active on the MLS (including 7 of the original units), and four more are listed as active contingent. In addition, at least one unit that was originally identified as “pending” (#404) is now active. And while it’s possible that the sale fell through, a quick review of the “Agreement of Sale” for 188 King specifically discloses that “Seller herein informs buyers that a number of units will be retained for investment purposes. . . . Some or all of these units may be designated as “Sold” for marketing purposes.”
39 Chattanooga Street Sold
According to the folks at Save 39 Chattanooga, the “little house” at 39 Chattanooga has been sold to a woman who “plans to remodel the house and live there.” Here’s to hoping that everyone’s happy with the outcome. And that this is the final (rather than first) chapter in this little saga.
June 26, 2006
104 Collins: The Architect And Landscape Designer
Over a year ago, 104 Collins was added to SocketSite’s “Curb Appeal” archive. Ever since, we’ve received numerous requests for information on the team responsible for the stunning renovation. And today, thanks to the kindness of the current owners, we can finally report that the architect behind the project was Brad Polvorosa of REDD (SF Real Estate Design & Development) while Peter Kline (415.260.3480) was responsible for the landscape design.
And sorry folks, the house isn't on the market.
Where's The Simulated Tower?
On the heels of one tipster noting that the “view” from the model unit in The Infinity Sales Center might actually be from the 9th floor of the Gap, another tipster notes that while the simulated views on the One Rincon Hill touchscreen kiosks are a nice touch, they seem to be missing something fairly significant. Such as the second One Rincon Hill tower that will most definitely obscure the views to the East of the first tower (as “simulated” above)…
∙ Comments: The Infinity Sales Center: SocketSite’s
Inside Scoop [SocketSite]
∙ First Impressions: One Rincon Hill Sales Center [SocketSite]
Irony Or Foreshadowing?
It probably didn’t seem quite so ironic to have originally included “Sellers to remain on the property at no cost until 9/29” in the listing for 1141-1145 Filbert. But after two months on the market, and a $1,250,000 (25%) reduction, it's looking like the sellers just might have an opportunity to “remain on the property” even longer.
∙ Listing: 1141-1145 Filbert Street - $3,700,000 [Coldwell Banker]
June 23, 2006
The Infinity Sales Center: SocketSite’s
While the sales center for The Infinity opened last week, no units have been offered for sale. In fact, the first release of units isn’t scheduled to occur for another couple of weeks. That being said, the sales center is accepting pre-qualification letters from one of The Infinity’s preferred lenders, and “the order in which the sales center receives the pre-qualification letters is the order in which prospective purchasers will be offered units in the release.” So jump to it if you’re interested.
Other key details, rough pricing, and a couple of sneak peeks:
∙ The first release will consist of 365 "residences" in three buildings: one tower (301 Main) and two mid-rise buildings (333 Main and 318 Spear). First occupancy projected for early 2008 (little mention of the second tower).
∙ Rough pricing: studios (539-690 sq.ft.) from the $500,000’s; one-bedrooms (714-931 sq.ft.) from the $600,000’s; two-bedrooms (800-1,726 sq.ft.) from the $800,00’s; three-bedrooms (1,293-1,755) from the $1,800,000’s; luxury homes and penthouses (3,364 sq.ft.) over $2,000,000.
∙ One deeded parking space per residence and average monthly HOA’s of $700 per month.
∙ Purchasers will be required to make a 5% good faith deposit (held in escrow). (“Investment opportunities [versus owner occupied] are limited.”)
∙ “The Infinity welcomes Real Estate Broker/Agent participation and will pay a commission to qualifying licensed Real Estate Brokers/Agents.”
∙ Model residence sneak peeks:
Floor plans, design porn, services, amenities, and simulated views are available online. And perhaps most importantly, the air conditioning in the sales center is supposed to be turned on today…
∙ The Infinity [Official Site]
One Building, Four Listings, Four Different Answers
It’s always interesting to compare the listings in a building. Take 1201 California for example. There are currently four coop’s for sale in the building ranging in price from $1,195,000 to $1,995,000; the units have been on the market from twenty days to six months; and at least two of the units have been reduced (by as much as $200,000). And depending upon which listing you believe, the building consists of 63, 70, 76, or 94 units…
∙ Listing: 1201 California #601 (2/2) - $1,195,000 [Coldwell Banker] [MLS]
∙ Listing: 1201 California #1101 (2/2) - $1,195,000 [Coldwell Banker] [MLS]
∙ Listing: 1201 California #1401 (2/2) - $1,250,000 [Hill & Co.] [MLS]
∙ Listing: 1201 California #1601 (2/2.5) - $1,995,000 [Ackerman] [MLS]
QuickLinks: One Tipster, Three Links
One of our favorite tipsters [email firstname.lastname@example.org] peppers us with a trio of links:
∙ Fee-based realty consultants gain foothold in home sales [MarketWatch]
∙ New Evidence Of Bay Area Real Estate Slowdown [KGO-TV]
∙ Now What's in Store for Real Estate? [Wharton]
June 22, 2006
Curb Appeal: The Sunny Steps Of 2813 Buchanan
On this sunny San Francisco day we pay homage to the recently unveiled mosaic steps (full view) of 2813 Buchanan. These steps definitely set the tone for the rest of the house (and could brighten the foggiest summer day).
∙ Never Underestimate Curb Appeal [SocketSite]
The Tale Of Two Developments: Chapter 1
Despite the fact that The Infinity opened its Sales & Design Center last week (160 Folsom), and launched a "flashy" new website this week (the-infinity.com), most eyes still seem to be focused on One Rincon Hill. Or as The Infinity’s own website states, “Press + News: Coming Soon.”
Condo Living In San Francisco
Damion Matthews, a frequent SocketSite contributor and go-to source for SoMa insight and tips, has launched SFcondo.org (a blog dedicated to “Condo living in San Francisco”). Initial posts include an interesting comparison between the marketing efforts of two new developments and a possible hint of things to come.
How Will It Read In 2007?
The Bubble Meter provides a side-by-side comparison between the 2005 and 2006 book covers for David Lereah’s “Real Estate Boom.” It just begs the question: how will it read in 2007?
∙ David Lereah's Book: How the Cover Changed [Bubble Meter]