September 8, 2006
It All Depends On How You Define “New”
We couldn't help but notice that some of that “new” inventory isn’t necessarily all that new.
301 Bryant #101 is back on the market with the same new price and the same “High end 50 inch Pioneer plasma TV & 5 B&W wall speakers included in sale!”, but a brand new broker; 22 Napier Lane is back on the market with the same broker but a new price (reduced $155,000); and 650 Delancey #422 is back on the market with both a new broker and a new price (reduced $70,000).
∙ Inventory Update: Four Days Later [SocketSite]
∙ Listing: 301 Bryant #101 (2/2) - $959,000 [MLS]
∙ Subterfuge at 301 Bryant? [SocketSite]
∙ Listing: 22 Napier Lane (2/2) - $1,995,000 [22Napier.com]
∙ Your Chance To Live On Napier Lane [SocketSite]
∙ Listing: 650 Delancey Street #422 (1/2) - $925,000 [MLS]
Inventory Update: Four Days Later
You commented. We listened. And from now on we'll report inventory in terms of Single Family Homes (SFH), Condos, and TICs (and just reserve the right to point out significant movements/trends in Multi-Family listings). So without further ado...
Active listings are up ~17% since Labor Day for a new baseline of nearly 1400 listed units (TICs up ~12%, SFHs up ~13%, and Condos up ~21%). Not including unlisted inventory (i.e., new developments), that’s roughly a three month supply of SFHs/Condos and a five month supply of TICs.
∙ SocketSite’s San Francisco Inventory Update: 9/05/06 [SocketSite]
Two Beautiful (But Expensive) TICs
Speaking of TICs, a tipster notes that two units in Jordan Park (824-832 Euclid) have been reduced and relisted. If memory serves, these units were once the most expensive TICs for sale in the city (originally $2,075,000 and $2,275,000), but at $1,798,000 and $1,998,000 respectively, 824 Euclid is only the third most expensive and 832 Euclid is just $53,000 away from losing the overall title (2061 Hyde is listed at $1,945,000).
∙ The Odds Of Winning A Coveted Golden Ticket [SocketSite]
∙ Listing: 824 Euclid Ave (4/3.5) - $1,798,000 [MLS]
∙ Listing: 832 Euclid Ave (4/4) - $1,998,000 [MLS]
∙ Listing: 2061 Hyde (4/2.5) - $1,945,000 [Coldwell Banker]
12% Is So Last Month
The Odds Of Winning A Coveted Golden Ticket
Something to consider if you’re purchasing a TIC with the intent of converting it into a condominium:
With the number of condo conversion applicants increasing each year, the odds will get worse for each incoming group. For example, an applicant who entered the condo lottery in 2002 becomes an automatic winner in 2007. However, applicants who enter the lottery four years from now, in 2010, could face a waiting period of up to 24 years, the DPW report notes.
This year, 1652 units (537 buildings) applied for conversion permits (which are currently limited to 200 units per year).
∙ Condo permit odds toughen [Examiner]
New Developments: 368 Elm Street
Six months ago we alerted you to a new Vanguard development on Turk street in Hayes Valley. Well, apparently they’ve chosen to go with an Elm Street address (the 28 unit building stretches from Turk to Elm), and while the website for 368 Elm Street is now live (and it’s six months later), the majority of the information is still “coming soon.”
On a related note, construction on the apartment building next door is going strong.
∙ SocketSite Inside Scoop: Vanguard Turk Street Development [SocketSite]
∙ 368 Elm [368elm.com]
∙ New Developments: 871-881 Turk [SocketSite]
Odeon VIP Sneak Preview
We’re not sure if you’ll be allowed to attend the Odeon “VIP Sneak Preview” on Wednesday (9/13) if you’re not already a member of the “early interest list,” but we thought we’d pass along the invitation just in case. If you mange to get in, and end up buying a unit, don’t forget to invite us to the housewarming.
∙ New Developments: Odeon (181 O’Farrell) [SocketSite]
Grand Opening Special: 4343 3rd Street
16 new condos at 4343 3rd Street (Bayview) hit the market this week, with a “Grand Opening Special” this weekend. The units range in price from $299,000 (one bedroom, one bath) to $599,000 (three bedroom, two bath). According to the listings:
True master suite w/ attached BA. New construction includes in-floor radiant heating, cat 5 cabling. Kitchens feature all modern appliances, granite countertops & honey maple cabinets. Washer/dryer in unit.
∙ 4343 3rd Street #202 (1/1) - $299,000 [MLS]
∙ 4343 3rd Street #206 (1/1) - $325,000 [MLS]
∙ 4343 3rd Street #204 (3/2) - $499,000 [MLS]
∙ 4343 3rd Street #201 (3/2) - $549,000 [MLS]
∙ 4343 3rd Street #303 (3/2) - $599,000 [MLS]
September 7, 2006
Just Quotes: A Rough Day For Realtors
“[David] Lereah said home prices typically appreciate at the rate of inflation, plus one or two percentage points. Buyers who plan to stay in their homes should see those gains, but "people who purchased last year with the intent of flipping are likely to get burned," he said.” (Realtors expect home prices to fall)
""The shift we've seen lately results from psychological factors with buyers on the sidelines trying to time the market," NAR President Thomas Stevens said in explaining the sharp shift in the group's forecast." (Realtors slash home sales forecast)
A Second Chance: 355 Bryant #102
We couldn’t help but notice that 355 Bryant #102 is back on the market. For those unfamiliar with it, this loft features a stunning modern staircase and true high-end finishes:
The kitchen is by Varenna, the closet system are by Poliform and the bathroom vanities are by Rifra. All counter surfaces as well as the bathroom walls are cut and book matched from Carrara marble slabs. Sliding glass door systems are by Tre-Piu. Appliances are by Miele and SubZero.
An interesting video of the down to the studs transformation is available at Loft102SF.com. And while we’re big fans of the finish, we’re still struggling with the listing’s description which, along with the price, hasn’t really changed since the last time it was on the market.
∙ Listing: 355 Bryant #102 (2/2) - $2,195,000 [Gomez & Patton] [MLS]
∙ Loft 102: Introductory Video [Loft102SF.com]
∙ The Art Of The Listing [SocketSite]
∙ The Live/Work Lofts Of 355 Bryant [SocketSite]
Think Olivia Might Be Interested?
The asking price for 1540 Newhall was recently reduced by $200,000 (12.6%). At 5,600 square feet it’s a lot of house for the money ($1,390,000), but it’s also a lot of money for the neighborhood. Then again, it is a “castle”…
∙ Listing: 1540 Newhall Street (4/2.5) - $1,390,000 [MLS]
3208 Pierce: 14 New Units
We know very little about 3208 Pierce, a new development of 14 condominiums and townhomes at the corner of Pierce and Lombard in the Marina, but registrations for the “sneak preview interest list” are currently being taken online.
∙ 3208 Pierce [3208pierce.com]
September 6, 2006
One Building, Same Floor (Plans), Two Very Different Prices
You may recall the two units we profiled in 2760 Sacramento. Unit #11 first hit the market at $795,000 (and was subsequently reduced to $755,000) while unit #9 hit the market for $769,000. According to a tipster, here’s how it played out:
#11 sat forever…they dropped the price…got 4 multiple offers…rumored to have gone back in contract for their original list price. Then the buyer got remorse so it fell out.
Simultaneously #9 - same floor plan better kitchen and some city views comes on - 24 disclosure packages go out voila $859k sales price.
Meantime #11 gets back in contract and just closed for $749k. Honestly the views weren't that great.
Our take: competitive bidding still gets the best
of people results, and views continue to command a premium. And at the very least, we’re still calling it troublesome for the buyers of unit #3 who paid $827,000 last November, don’t have parking, and are located two floors directly below #11.
Raising The Bar On Green Building
It’s a bit south (Santa Monica), but the house is still worth noting for two reasons: 1. it’s the first home in the country to be “given ‘platinum’ status in the U.S. Green Building Council's influential LEED rating system (for Leadership in Energy and Environmental Design),” and 2. it’s the prototype for LivingHomes, a builder of prefabricated homes. (In fact, the “bulk of the house was built at a factory in Santa Fe Springs, Calif., and assembled in one day.”)
According to LivingHomes founder, "We're targeting consumers who buy organic food, do yoga, and shop at Design Within Reach." We’re guessing there just might be some of those folks around here. And despite what some might think, we’re guessing they’ll actually pay a premium to live in a well designed (and located) green house.
310 Townsend, One South Park, And A Tipster
310 Townsend, a former commercial building, is being converted into “45 one and two bedroom residences.” While One South Park, at one time a tobacco warehouse, is being transformed into a collection of 35 residences with “retail and/or a restaurant on the ground floor.” A tipster provides a great overview of both conversions:
310 Townsend (fka Santa Fe Place), while not a spectacular location directly facing CalTrain station, is nonetheless quite nice. There was some indication that it was fully reserved but actually there are units still available. Like [One South Park], it's a slightly different concept from many of the other projects: condos, not lofts, in a renovated building. Finishes are highish-end: Studio Becker, Kohler, gas ranges, etc. Pricing is around $750/sf.
[One South Park] looks very promising. A very nice location on 2nd street, touching SouthPark on one corner. Like 310 Townsend, they will be condo's, not lofts, but with many of the original building's attributes (concrete walls, arced windows, etc.). Highish-end finishes (Studio Becker, Grohe, gas ranges). The penthouses will be extraordinary: 2 level townhouses with great views and great decks. 4 3BRs will dot the corners. General pricing around $900/sf (penthouses more).
Both developments by Santa Fe Partners (the group behind the five new units in the Glassworks).
September 5, 2006
The Glassworks (207 King Street)
The Glassworks in Mission Bay (207 King) is as a mixed use development that included 34 residences when completed in 2003. Designed by Brand + Allen Architects, the units feature a wall of glass (along with central air conditioning) and overlook
Pac Bell SBC AT&T Park.
In addition to the original 34 residences, Santa Fe Partners recently converted an additional floor in the building (previously commercial) into a collection of five “upscale city homes” (four one bedrooms and one two bedroom). From a reader:
If you go to www.santafepartners.com, you will find some information about the units but if you fill out the form to have them contact you, you never hear back at all, either by phone or e-mail. I personally like the floor plans that I see on their website, but am surprised that there is never any follow up from Santa Fe Partners.
We’re surprised too. Does anyone have the inside scoop?
UPDATE (9/20): We have initial pricing:
∙ Glassworks #411 (1/2) 1461 sqft - $1,595,000
∙ Glassworks #412 (1/2) 987 sqft - $995,000
∙ Glassworks #413 (2/2) 1628 sqft - $1,650,000
∙ Glassworks #414 (1/2) 1172 sqft - $1,295,000
∙ Glassworks #415 (1/2) 1440 sqft - $1,495,000
SocketSite’s San Francisco Inventory Update: 9/05/06
Since peaking at well over 1700 Active listings at the end of
August July, housing inventory in San Francisco has steadily dropped over the past four weeks to approximately 1500 listings (the lowest they’ve been since the beginning of June, but still around a three month supply). Three factors at work: sales, withdrawals, and waiting (until after Labor Day to list).
Once again, we expect to see a significant jump in inventory over the next few weeks. And the percentage of active listings that have been re-priced (i.e., reduced) stands at ~21% (according to ZipRealty).
Update: It's been a rough couple of weeks for the editorial staff. In case you didn't already figure it out, listings peaked at the end of July (and not August). Either that or we're suddenly able to see four weeks into the future...
∙ Nobody Actually Owns A Home In “Bay Area” [SocketSite]
A Divine Opportunity?
A “Noe Valley” church (complete with pews, a beautiful old pipe organ, and a separate two-unit residence) is on the market for $2,395,000. It’s definitely a unique opportunity, but isn’t 94110 (East of Dolores) officially the Mission? Now about that ninth commandment…
Win A Buck (Keep Thirty-five Cents)
We still haven’t seen a copy of the fee agreements in either the Beacon or Metropolitan class action suits (anyone?), but the word on the street is that the attorney’s 50% contingency fee doesn’t include “costs” (which could add up to another 15% of the “gross recovery”). If accurate, this would mean that the Plaintiffs could end up “recovering” just 35% of any award.
September 1, 2006
Boon Or Bust On Lombard?
There is at least one thing you can be sure of this holiday weekend, a non-stop processional of cars down the “world famous crooked street.” As such, we are naturally drawn to the listing for 1057 Lombard, a two-bedroom, two-bath condominium that’s located smack-dab in the middle of the block, has been on the market for almost five months, and was reduced by $100,000 about 45 days ago. And perhaps that’s a hint, but we can’t help but wonder, is a “crooked street” address a boon or a bust?
Update (9/5): As Dan notes in the comments, the price has been reduced another $200,000 (now listed at $1,650,000).