January 31, 2007
S&P/Case-Shiller Index Down For San Francisco
According to the November 2006 S&P/Case-Shiller index, single-family home prices in San Francisco dropped 0.7% from October '06 to November '06 (down 0.9% year-over-year).
A couple of things to remember, the S&P/Case-Shiller index only tracks single-family homes (not condominiums which represent half the transactions in San Francisco), and it is imperfect in factoring out changes in property values due to improvements versus actual market appreciation (although they try their best). Regardless, it is another data point.
∙ Continued Wide Spread Home Price Declines in November (pdf) [Standard & Poor’s]
∙ A Decade Of Movement In San Francisco's Mean Sales Price [SocketSite]
Will We See
The asking price on 65 St. Germain was recently reduced for the sixth time (yes, sixth). And with the most recent cut of $200,000, the home is now listed at just about half (56%) of its original list price ($6,750,000). One word: staging.
The Bay Condominiums (329 Bay)
The Bay (329 Bay between Powell and Mason) is a collection of 21 “Custom Condominiums” with “one-bedrooms starting at $579,000, two-bedrooms starting at $789,000, and three bedrooms starting at $1,200,000.”
Construction looks nearly complete, and floor plans are available online. Other than that, we’re still looking for the inside scoop. (And yes, they’re already been added to our Complete Inventory Index (Cii).)
UPDATE (2/1): The “current projection is to have all units ready for showings and sales in mid to late March.”
January 30, 2007
It’s Not Just Condos That Are Going Rental
After 138 days on the market, and three price reductions (now $505,000 or 15% below its original list price), 2523 Steiner is still on the market. But now it’s also testing the waters as a rental ($10,000 per month). We’ll let you run the numbers.
Modern, Yet Classic (2855 Jackson #301)
The pictures don’t do it justice (really), and you’re going to have to take our word for it, but 2855 Jackson #301 is a beautiful blend of classic and modern in Pacific Heights. Plus, nice views and a southern exposure.
If it's in your price range, it might be worth a look. And if you buy it, don't forget our invitation to the housewarming...
∙ Listing: 2855 Jackson #301 (4/3) - $1,995,000 [MLS]
The Jackson Square Condominiums (847 Montgomery)
Originally constructed as a hotel and lodging house in 1912, the Jackson Square building at 847 Montgomery has served as home to numerous establishments including a 54 year run as “Ernie’s” restaurant (at which Alfred Hitchcock filmed Vertigo). And now, it’s in the process of being transformed into 13 upscale condominiums.
The Jackson Square current pricing starts at $950,000 for One Bedroom Homes, Two Bedroom Homes from $1,200,000 and spectacular Penthouses from $2,250,000. Construction completion and delivery is slated for May of 2007.
If the finished product is anywhere near as interesting as the renderings (above), forget the housewarming. Instead, invite us over for a soak, shower, and drink on the balcony.
UPDATE (1/31): Frederick has the scoop on parking - 10 spaces for the 13 condos.
January 29, 2007
A Little Off The Top Of The Witches Hat (21 Buena Vista Ave)
Another Gathering Of “Plugged In” People (February 7, 2007)
It’s been two months since our last gathering of “plugged in” people, and we’re long overdue for another. And while our last theme was quite specific (contemporary renovations), this time it’s quite broad (what the heck is going on in San Francisco).
We’ll be talking (about San Francisco real estate trends, developments, and what to watch in 2007); Redfin will be buying (beer, wine, and snacks); and you’re invited (to meet us and other “plugged in” people). The gathering will be held next Wednesday (February 7) from 6:30-8:30pm at Fluid (662 Mission), and attendance will be limited to the first
100 200 people that add their name to the attendee list (http://socketsite.wetpaint.com).
We'll see you then/there. And as always, thanks for “plugging in.”
UPDATE (1/30): Okay, we probably should have seen this coming, but the first 100 spots were filled within 24 hours. And we say “first,” because Redfin has agreed to double the size of the beer/wine tab. And as such, we’re maxing out the capacity of the venue and opening up the attendee list to the first 200 “plugged in” people to add their names. What have we gotten ourselves into…
UPDATE (2/2): Sorry folks, but we’ve maxed out capacity and the attendee list is now closed for this gathering.
Posted by socketadmin at 8:56 AM
520 Chestnut: “Grand Opening” (And Lower Prices)
A few condos at 520 Chestnut first hit the market last October prior to the building’s completion. And yesterday, the building held its “Grand Opening” with prices that have been lowered since the pre-sale (#406 was reduced from $789,000 to $749,000 or 5%; and #403 was reduced from $859,000 to $799,000 or 7%).
As of yesterday afternoon, sixteen of the twenty condos were available (but the opening was teeming with activity):
∙ 520 Chestnut #101 – PENDING
∙ 520 Chestnut #102 (2/2) 926 sqft - $859,000
∙ 520 Chestnut #103 (2/2) 1,042 sqft - $879,000
∙ 520 Chestnut #104 (1/1) 793 sqft - $729,000
∙ 520 Chestnut #201 (2/2.5) 1,343 sqft - $1,149,000
∙ 520 Chestnut #202 (2/2) 928 sqft - $839,000
∙ 520 Chestnut #203 (1+/1) 868 sqft - $749,000
∙ 520 Chestnut #204 (2/2) 1,018 sqft - $864,000
∙ 520 Chestnut #205 (2/2) 1,014 sqft - $874,000
∙ 520 Chestnut #206 – PENDING
∙ 520 Chestnut #301 (1+/1) 868 sqft - $749,000
∙ 520 Chestnut #302 (2/2) 1,018 sqft - $864,000
∙ 520 Chestnut #303 (2/2) 1,014 sqft - $874,000
∙ 520 Chestnut #304 (1/1) 789 sqft - $699,000
∙ 520 Chestnut #401 (2/2.5) 1,179 sqft - $1,149,000 (PENDING)
∙ 520 Chestnut #402 (2/2.5) – PENDING
∙ 520 Chestnut #403 (1+/1) 868 sqft - $799,000
∙ 520 Chestnut #404 (2/2) 1,018 sqft - $909,000
∙ 520 Chestnut #405 (2/2) 1,014 sqft - $899,000
∙ 520 Chestnut #406 (1/1) 789 sqft - $749,000
The building received mixed reviews from SocketSite readers prior to completion, but we were impressed by the finished product (although we’re not buying “commercial grade appliances”). HOA dues range from $427 to $565 per month.
∙ New In North Beach: 520 Chestnut [SocketSite]
January 26, 2007
One South Park: An Overview And Car Stacker Question
A tipster forwards floor plans and an overview of all 35 condos that will comprise One South Park. Pricing “will start in the low $600,000's” with condos ranging in size from 681 square feet (junior one-bedroom, one bath) to 2,699 square feet (three-bedroom plus den, three and one-half bath, expansive deck); sales are expected to begin in April (targeting July/August 2007 for “project completion”).
And while all but one condo (#111) will be offered with parking, our tipster notes that twenty (20) of the condos will feature parking via a car “stacker” (the remaining 14 condos will feature a “deeded stall”). Our tipster wonders:
What is the impact of a car stacker on the value of these places? I would love to hear from SocketSite readers who have had an experience with a car stacker. Is it more hassle than it's worth?
Great questions (for which we have no answers or experience). Readers?
∙ 310 Townsend, One South Park, And A Tipster [SocketSite]
You Had Us At “Landscaped Rooftop Terrace & Lawn” (1277 Arguello)
Let’s see…a stunning (yes, stunning) renovation, chef’s kitchen (including dual ovens and dishwashers), huge master suite and panoramic views. What more could you want? Well, how about a “landscaped rooftop terrace & lawn.” Yes please.
∙ Listing: 1277 Arguello Blvd (3/2.5) - $1,699,000 [MLS]
Apples To Apples In Hayes Valley (525 Gough #405)
Almost eighteen months ago, 525 Gough #405 sold for $1,035,000 (after being listed for $1,025,000). Today, it’s on the market for $1,079,000. It's a fair amount of square footage for the money (1,713 square feet) and the neighborhood continues to develop.
Now Renting: The General’s House (1337 Pope)
Since 1915, 1337 Pope Street has served as home to numerous Army generals living in the Presidio. And now the seven-bedroom, four and one-half bath house in Kobbe Terrace is going rental with a minimum bid of $15,000 per month.
Open next weekend (2/2/07 from 2:00pm to 4:00pm and 2/3/07 from 11:00am to 2:00pm) for interested parties, budding young generals, or those who simply care to
gawk admire the beautiful property.
January 25, 2007
3208 Pierce: Sales Update And Availability
We’ve updated our inventory overview for 3208 Pierce to reflect three new reservations (i.e., “Sold”). At least eight (8) of the fourteen (14) condos are currently available.
∙ 3208 Pierce: New Website And Photo Gallery [SocketSite]
A Decade Of Movement In San Francisco's Mean Sales Price
Once again, this data only reflects properties that were listed and recorded as sold on the SFAR Multiple Listing Service. And as always, while a change in average (or Median) sales price might be a fair measure of the market's appetite, it’s not necessarily the best measure of actual home/condo appreciation or performance. It's just another data point.
∙ San Francisco Home/Condo Sales: Historical Context [SocketSite]
∙ Expectation Setting: San Francisco Appreciation [SocketSite]
∙ NAR Home Price Analysis For San Francisco [SocketSite]
January 24, 2007
161 Clifford Terrace: Calling All Couch Potatoes (With Good Taste)
By no means do we consider ourselves couch potatoes, but we'd be hard-pressed to ever leave the newly remodeled living room of 161 Clifford Terrace.
Another Try (And Reduction) For 868 Arkansas
An eagle-eyed (and elephant-minded) tipster notices that 868 Arkansas is back on the market. As you might recall (as did our tipster), 868 Arkansas was the focus of a somewhat controversial Chronicle article last October.
"[The Seller] was considering taking a job in Seattle last year and put the house on the market last fall. After just two weeks, she received two offers, including one for $975,000. She decided against the new job and turned down the bidder. Now, she's decided to move to Europe and is asking $949,000 for her house [which was originally listed for $989,000]."
"If she hasn't received any offers by month's end, Nakajima said she'll stop trying to sell the house, which she bought 2 1/2 years ago." They aren't building single-family homes up on the hill in San Francisco any more,'' said Nakajima. "If I absolutely had to sell, that would be one thing. But...just breaking even is not really what I had in mind." (Home prices slip after 4 hot years)
With regard to the new listing, we can’t help but notice some great new photos (we’re particularly drawn to the leaded glass windows, hardwood floors, and French doors). And yes, a great new price ($899,000). "Twilight Showing" (with wine and cheese) this Friday (1/26/07) from 5:30-7:30pm.
The Potrero (451 Kansas): Sales Center Opening In February
A “plugged in” tipster notes that the Sales and Design Center for The Potrero will open next month ("with state-of-the art virtual technology and built out sample finishes"). And good news for agents, they’re advertising 2.5% broker participation.
∙ The Potrero (451 Kansas): From The Low $400,000s [SocketSite]
January 23, 2007
One Rincon Hill: Hovering Around 90% Sold
As goes The Infinity, so goes One Rincon Hill (at least in terms of vertical growth). In terms of sales, however, a tipster notes that One Rincon seem to have been hovering around 90% “sold” for the past few months. (With roughly a year of construction remaining, we’re guessing they’re not overly concerned.) A few of the available condos:
∙ 425 First #3002 (3/3) 1971 sqft - $2,165,000
∙ 425 First #3003 (3/3) 1928 sqft - $2,200,000
∙ 425 First #4207 (1/1) 819 sqft - $970,000
∙ 425 First #5503 (3/2) 1677 sqft - $2,325,000
∙ 425 First #5902 (2+/2) 1526 sqft - $2,175,000
And don’t forget, floor plans available online.
∙ The Infinity Continues To Grow Up [SocketSite]
∙ One Rincon Hill: Rain, Rain Go Away [SocketSite]
∙ One Rincon Hill’s Fall Newsletter And Update [SocketSite]
∙ One Rincon Hill: Floor Plans, Features And Amenities [SocketSite]
New Year, New Price For 34 Presidio Terrace
After a brief respite, 34 Presidio Terrace is back on the market. And once again, you're $500,000 (4.8%) closer to being able to call it home (for a total reduction of $1,100,000 (10%) from the original list price of 593 days ago).
∙ Listing: 34 Presidio Terrace (6/6.5) -
$10,400,000 $9,900,000 [Joel Goodrich]
∙ Another Reduction In Uberexclusive Presidio Terrace [SocketSite]