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February 28, 2007

Bryant Commons (2125 Bryant) / Coach House Lofts (2101 Bryant)

The 'Big Pit' at 20th and Bryant

A 'plugged in' tipster forwards a great photo of the “big pit” at 20th and Bryant, links to the big pit developer’s website, and an update.

You know that big pit at 20th and Bryant that's been a 40 foot hole in the ground since around 2000 when it was going to become a dotcom office park? Well, in the last couple months, there has been a lot of activity around it. It's now going to become residences.

Bryant Commons (2125 Bryant) will offer 76 “highly desirable urban family townhouses and flats,” while Coach House Lofts (2101 Bryant) will offer “23 highly-stylized lofts in a classic, historic building.” Both projects are “coming spring 2008.”

Bryant Commons: Drawing

Coach House Lofts: Drawing

And while our Complete Inventory Index (Cii) is already tracking Bryant Commons, Coach House Lofts is a great new addition.

Palisades Development Group: Bryant Commons (2125 Bryant) [Palisades]
Palisades Development Group: Coach House Lofts (2101 Bryant) [Palisades]
SocketSite’s Complete Inventory Index (CII): Q1 2007 [SocketSite]

Posted by socketadmin at 6:10 AM | Comments (12)

Six Relatively Quick Flips At The Sold Out Watermark (501 Beale)

Watermark (501 Beale) #8H

Six condos in the now sold out Watermark are currently on the market. At least two - #6B and #8H (above) - appear to be passing along the remainder of their original buyer incentives (two years of paid HOA dues).

And based on a number of reader comments, we can likely expect to see a few more units hit the market in the not too distant future.

UPDATE (3/1): As a reader notes, make that eight relatively quick flips as Watermark condos #4B and #17E have joined the resale fray.

∙ Listing: 501 Beale #4B (1/1) - $919,000 [MLS]
∙ Listing: 501 Beale #6B (2/2) - $975,000 [MLS]
∙ Listing: 501 Beale #7B (2/2) - $1,049,000 [MLS]
∙ Listing: 501 Beale #8H (2/2) - $1,187,000 [MLS]
∙ Listing: 501 Beale #16D (2/2) - $1,649,000 [MLS]
∙ Listing: 501 Beale #17E (1/1) - $759,900 [MLS]
∙ Listing: 501 Beale #19G (3/2) - $1,728,000 [MLS]
∙ Listing: 501 Beale #PH1E (3/2) - $1,800,000 [MLS]

What’s Up With The Watermark "G"s? [SocketSite]

Posted by socketadmin at 6:00 AM | Comments (28)

The Infinity: Pent-up Demand (For Discussion)

What started with a “I know off topic BUT...” comment on yesterday’s post about the Soma Grand, has led to an Infinity specific (and reader led) discussion this morning. Enjoy. And thanks for “plugging in.”

Posted by socketadmin at 5:59 AM | Comments (96)

February 27, 2007

The Soma Grand: Topped Off And VIP Opening March 7

Soma Grand: 01-22-07 (www.SocketSite.com)

The Soma Grand has topped off and announced a VIP Grand Opening for March 7. And while we haven’t received any official pricing, we have heard rumblings of prices as high as $900/sqft for one-bedrooms. (And yes, they’ll be serving an obligatory specialty cocktail at the opening: the “Soma G”).

For those who are unfamiliar with the neighborhood, the Soma Grand is located adjacent to San Francisco's new Federal Building.

It’s All About Service And Style At The Soma Grand (1160 Mission) [SocketSite]
Got Capped [agicapital.com]
We’re Definitely Arterra People [SocketSite]
Just Quotes: Let's Hear It For (Or Against) The Feds [SocketSite]

Posted by socketadmin at 6:10 AM | Comments (71)

The Hayes (55 Page): Now Starting In The $300,000s ($399,000)

The Hayes Construction Sign (www.SocketSite.com)

A year ago we broke the news that The Hayes (55 Page) would be offering condos in Hayes Valley “starting in the $400,000s.” In August, The Hayes sales center was advertising studios “from the $430,000’s.” And in December, six condos in The Hayes hit the MLS with the least expensive unit priced at $431,375.

Yesterday, a studio condo in The Hayes (55 Page #322) was listed on the MLS for $399,000. And once again, don’t forget to ask about the incentives.

New Condos Starting In The $400,000s? [SocketSite]
Arterra and The Hayes: Sales Centers [SocketSite]
The Hayes (55 Page) Hits The MLS [SocketSite]
∙ Listing: 55 Page #322 (0/1) - $399,000 [MLS]
Incentives At The Hayes (And Bonuses At Arterra) [SocketSite]

Posted by socketadmin at 6:10 AM | Comments (14)

Infill Along Octavia Boulevard: And The Winners Are…

Rendering of NE corner of Octavia and Market (Image Credit: Natoma Architects / Stanley Saitowitz)

John King reports on the results of the RFPs for infill along Octavia Boulevard that we highlighted last October.

The long-awaited proposals for new housing along San Francisco's Octavia Boulevard include a welcome blast from the past: the idea that lots of little buildings are better than one or two big ones.

And the proposed Natoma Architects/Saitowitz design for the corner of Octavia and Market (above) reminds us...we're still looking for the inside scoop on the proposed Wong/Saitowitz development in Hayes Valley (below) that we featured last year.

555 Fulton Design

A welcome plan for bold -- not big – housing [SFGate]
RFPs For Housing Along Octavia Boulevard [SocketSite]
We Want Need Some Answers [SocketSite]

Posted by socketadmin at 6:07 AM | Comments (4)

Speaking Of Savings (And Subtle Signs) At Arterra

We couldn’t help but notice that the original MLS listing for 300 Berry #446 (Arterra) has been withdrawn and replaced with a new listing and a price tag that’s $10,000 less ($815,000). Combined with the current sales incentives (~$12,000 for this unit), that’s an effective savings of ~$22,000 (2.7%).

And perhaps less subtly, last August the Arterra sales center was advertising two-bedrooms “from the $780,000’s.” Yesterday, an Arterra two bedroom (300 Berry #511) was listed on the MLS for $720,000 (a difference of 7.7%).

∙ Listing: 300 Berry #446 (2/2) - $815,000 [MLS]
Evidence Of A Price Reduction At Arterra? [SocketSite]
Arterra and The Hayes: Sales Centers [SocketSite]
∙ Listing: 300 Berry #511 (2/1) - $815,000 [MLS]

Posted by socketadmin at 6:05 AM | Comments (3)

February 26, 2007

More Listings, Reductions, And Opportunities On Berry Street

255 Berry Street #512

Eight months ago we caught some flak for pointing out a potentialtroublesome trend” at 255 Berry (and then again two months later). And today, we can’t help but notice that of the four Active listings in 255 Berry three have been reduced (as were the two that are currently Active Contingent).

Of the three reduced listings, one in particular caught our attention: 255 Berry #512. It’s a nicely upgraded two-bedroom/two-bath on a high floor with courtyard views; it has been reduced three times (for a total reduction of $80,000 or 8.2%); and it’s now listed at just under $700 per square foot (in an upscale building that’s barely two years old). Perhaps there is something to be said for the relationship between supply, demand, and pricing.

A recap of the neighboring new developments: 235 Berry is roughly 40% sold and available for occupancy; Park Terrace (325 Berry) is approximately 10% sold and should be available for occupancy by the end of the summer (2007); and Arterra (300 Berry) should be ready for occupancy early next year (2008), appears to have already reduced some prices, and is offering additional buyer incentives.

A Troublesome Trend? [SocketSite]
More “Pseudo-Omniscient Pretense” (And 255 Berry) [SocketSite]
∙ Listing: 255 Berry #512 (2/2) - $899,000 [Pacific Union] [MLS]
235 Berry Street: 40% Sold (Really) [SocketSite]
Park Terrace (325 Berry): A Little Over 10% “Sold”? [SocketSite]
Evidence Of A Price Reduction At Arterra? [SocketSite]
Incentives (And Insight?) At Arterra (300 Berry) [SocketSite]

Posted by socketadmin at 7:00 AM | Comments (11)

Just Quotes: Let's Hear It For (Or Against) The Feds

San Francisco Federal Building: Rendering (Image Source: natural-works.com)

“If they'd had a choice, city planners wouldn't have allowed either the slab or the imposing design, because the complex sits across Seventh Street from the U.S. Court of Appeals building, a Beaux-Arts landmark from 1905. But city zoning doesn't apply to federal projects.” (TOWERING EXPECTATIONS)

TOWERING EXPECTATIONS: S.F.'s new federal building [SFGate]

Posted by socketadmin at 12:10 AM | Comments (41)

February 23, 2007

Beacon Class Action Lawsuit Dismissed Without Prejudice

Thanks to a “plugged in” tipster (and homeowner at the Beacon), we have the scoop on some big Beacon news: the class action lawsuit against The Beacon has been dismissed by Catalano without prejudice. (No word on the status of similar suits filed against The Metropolitan or Watermark.) Also from our tipster:

One other good piece of news that we homeowners received was that the ground lease was terminated 3 years early and in January everyone received a deeded interest in their unit (rather than the leasehold interest that we were sold). In my book, that makes my unit more valuable than when I bought it!
Overall, I'm really happy with my unit. Its a great location and a great place to live. I'm sure I'd get flamed for saying that by the "condoistas" on your site, but the truth is I'm happy and I didn't pay $1,000+ psf so I never expected it to be the St Regis.

This should brighten the weekend for the sales office (20 units left the last time we checked) and any owners who are currently trying to sell (~15 resales currently listed) as it removes the stigma of pending litigation and increases the pool of potential lenders.

Celebratory party in the clubhouse/pool? You know where to send our invitation.

A Big Bad Lawsuit At The Beacon [SocketSite]
A Class Action Suit At The Metropolitan? [SocketSite]
Now Serving: The Watermark [SocketSite]
A Sales Office Shakeup At The Beacon? [SocketSite]

Posted by socketadmin at 9:15 AM | Comments (13)

For Our Love Of Old Engine House #23 (3022 Washington)

3022 Washington Street

We’ve had a serious crush on the converted firehouse at 3022 Washington for as long as we can remember. And just when we thought our crush couldn’t get any stronger, we catch a glimpse of that beautiful wood burning stove...

3022 Washington: Woodburning Stove

Designed by Architect Bernhardt Henriksen, the San Francisco firehouse was active until 1963 and then converted into a residence by interior designer John Dickinson. It's an honest to goodness San Francisco landmark (#93), and served as home to former California governor and Oakland mayor Jerry Brown in the early 90s.

∙ Listing: 3022 Washington Street (3/4.5) - $4,850,000 [MLS]
Engine Company 23 Firehouse [verlang.com]
San Francisco Landmark 93: Engine Company #23 [NoeHill]

Posted by socketadmin at 9:10 AM | Comments (7)

Another Stately San Francisco Home Hits The Market (2863 Pacific)

2863 Pacific: Exterior (Image Source: 2863Pacific.com)

2863 Pacific: Kitchen (Image Source: 2863Pacific.com)

Another stately Pacific Heights home (2863 Pacific) hit the market yesterday. And while the current listing is lacking in photos (and carries an asking price of $7,750,000), what appears to be a website for the property's last sale is filled with some beautiful shots, floor plans, and an asking price of $6,500,000 (it sold for $7,250,000 according to the agent).

And to be honest, we have no idea what to make of the fact that PropertyShark reports the property last changed hands on 5/9/06 for $10,875,000. Let's just focus on the house (and all the pretty pictures).

UPDATE (2/24): As Eddy notes, 2855 Pacific (the yellow house next door) has officially hit the market as well (list price $7,700,000).

∙ Listing: 2863 Pacific (6/4.5) - $7,750,000 [MLS]
Sotheby’s Interactive Brochure: 2863 Pacific [2863pacific.com]
∙ Listing: 2855 Pacific (7/6.5) - $7,700,000 [Virtual Tour] [MLS]

Posted by socketadmin at 9:00 AM | Comments (12)

Incentives At The Hayes (And Bonuses At Arterra)

The Hayes is “pleased to announce that for a limited time, new home buyers can get two years of paid HOA as well as a new refrigerator, washer and dryer.” While Arterra is now advertising “incremental bonus broker commissions.” A little sugar for everyone.

UPDATE (2/25): And yes, Arterra has been offering buyers two years of paid HOA, a new refrigerator, and washer and dryer "for a limted time" as well (since the begining of January).

The Hayes (55 Page) Hits The MLS [SocketSite]
Arterra (300 Berry) Hits The MLS [SocketSite]
Incentives (And Insight?) At Arterra (300 Berry) [SocketSite]

Posted by socketadmin at 8:30 AM | Comments (3)

February 22, 2007

The Californian On Rincon Hill Construction/Sales Pushed Back

An eagle-eyed tipster notices that Fifield's website for The Californian on Rincon Hill was just changed to reflect a “Sales Start” of Early 2008 (was February 2007) and a “Construction Start” of November 2007 (was March 2007). It's also worth noting that the average unit size has increased (from 988 square feet to 1,048 square feet) as the number of planned condos has decreased (from 420 to 393).

Our Complete Inventory Index (Cii) has been updated to reflect all three changes (we were forecasting 420 units hitting the market in the second half of 2007). And we have a feeling this news explains that “Rincon Hill” rumor.

The Californian on Rincon Hill [fifieldco.com]
The Californian on Rincon Hill: 375 Fremont St [SocketSite]
SocketSite’s Complete Inventory Index (CII): Q1 2007 [SocketSite]
The SocketSite Scoop On Two Very Big (Unconfirmed) Rumors [SocketSite]

Posted by socketadmin at 3:12 PM | Comments (25)

310 Townsend: Available And Selling

310 Townsend (www.SocketSite.com)

Buyers have already started to make their move into the converted furniture warehouse at 310 Townsend. And while it’s entirely possible that the development was once fully “reserved,” as of a few weeks ago at least 27 of the 45 condos were still available (with six in contract and twelve "reserved").

The one and two bedroom (plus) condos are configured with traditional layouts (walls and doors between rooms), but also retain some stereotypical loft characteristics (exposed brick/timbers and high ceilings). HOA fees range from $219 to $401 a month, and a total of 28 parking spaces are available for purchase (see asterisks below).

Complete pricing for the 45 units:

∙ 310 Townsend #101 (2+/2) 1,296 sqft - $969,000*
∙ 310 Townsend #102 (2+/2) 1,462 sqft - $998,000*
∙ 310 Townsend #103 (1+1) 883 sqft - $599,000
∙ 310 Townsend #104 (2+/2) 1,210 sqft - $855,000*
∙ 310 Townsend #105 (2/2) 1,244 sqft - $975,000*
∙ 310 Townsend #106 (1/1) 689 sqft - $495,000 (SOLD)
∙ 310 Townsend #107 (1/1) 760 sqft - $529,000
∙ 310 Townsend #108 (1/1) 684 sqft - $525,000 (SOLD)
∙ 310 Townsend #109 (2+/2) 1,113 sqft - $797,000*
∙ 310 Townsend #110 (2+/2) 1,410 sqft - $1,295,000*
∙ 310 Townsend #201 (2+/2) 1,472 sqft - $1,185,000*
∙ 310 Townsend #202 (1+/1) 945 sqft - $799,000* (SOLD)
∙ 310 Townsend #203 (1+/1) 1,136 sqft - $899,000*
∙ 310 Townsend #204 (1+/1) 882 sqft - $665,000
∙ 310 Townsend #205 (2+/2) 1,238 sqft - $925,000*
∙ 310 Townsend #206 (1/1) 689 sqft - $525,000
∙ 310 Townsend #207 (1+/1) 803 sqft - $589,000 (SOLD)
∙ 310 Townsend #208 (1+/1) 789 sqft - $605,000
∙ 310 Townsend #209 (2+/2) 1,162 sqft - $869,000*
∙ 310 Townsend #210 (1+/1) 853 sqft - $760,000*
∙ 310 Townsend #211 (1+/1) 951 sqft - $850,000*
∙ 310 Townsend #301 (2+/2) 1,472 sqft - $1,221,000*
∙ 310 Townsend #302 (1+/1) 945 sqft - $798,000* (SOLD)
∙ 310 Townsend #303 (1+/1) 1,136 sqft - $957,000*
∙ 310 Townsend #304 (1+/1) 882 sqft - $719,000
∙ 310 Townsend #305 (2+/2) 1,238 sqft - $1,025,000*
∙ 310 Townsend #306 (1/1) 655 sqft - $589,000
∙ 310 Townsend #307 (1/1) 689 sqft - $557,000
∙ 310 Townsend #308 (1+/1) 803 sqft - $611,000
∙ 310 Townsend #309 (1+/1) 789 sqft - $640,000
∙ 310 Townsend #310 (2+/2) 1,162 sqft -$899,000*
∙ 310 Townsend #311 (1+/1) 853 sqft - $799,000*
∙ 310 Townsend #312 (1+/1) 951 sqft -$897,000*
∙ 310 Townsend #401 (2+/2) 1,472 sqft - $1,295,000*
∙ 310 Townsend #402 (1+/1) 945 sqft - $885,000*
∙ 310 Townsend #403 (1+/1) 1,136 sqft - $998,000*
∙ 310 Townsend #404 (1+/1) 882 sqft - $779,000*
∙ 310 Townsend #405 (2+/2) 1,238 sqft - $1,100,000*
∙ 310 Townsend #406 (1/1) 655 sqft - $625,000
∙ 310 Townsend #407 (1/1) 689 sqft - $599,000 (SOLD)
∙ 310 Townsend #408 (1+/1) 803 sqft - $665,000
∙ 310 Townsend #409 (1+/1) 789 sqft - $679,000
∙ 310 Townsend #410 (2+/2) 1,162 sqft - $995,000*
∙ 310 Townsend #411 (1+/1) 853 sqft - $865,000*
∙ 310 Townsend #412 (1+/1) 951 sqft - $970,000*

*Indicates a unit with an option to purchase parking ($20,000 compact/$25,000 standard)

310 Townsend, One South Park, And A Tipster [SocketSite]

Posted by socketadmin at 12:30 AM | Comments (11)

Just Quotes: The Downside Of Getting Aggressive

“Aggressive lending allowed people to buy homes who otherwise could not have, and that increase in demand is part of the reason home prices soared in the first half of the decade. In a December 2006 paper, "Aggressive Lending and Real Estate Markets," Wachter and co-author Andrey Pavlov of Simon Fraser University concluded that neighborhoods and cities that had high concentrations of aggressive lending suffered the largest home-price declines after the market cooled.

They focused on neighborhoods in which disproportionate shares of loans were ARMs -- adjustable-rate mortgages. "For each one-percent higher share of ARMs in 1990, the price decline increases by 1.3% for that neighborhood," they write.”

Could Tremors in the Subprime Mortgage Market be [a Sign] [Knowledge@Wharton]

Posted by socketadmin at 12:10 AM | Comments (4)

February 21, 2007

Inside Lundberg’s Modern Manse On Jackson

2606 Jackson: Bath (Image Source: lundbergdesign.com)

2606 Jackson: Stairs (Image Source: lundbergdesign.com)

Morgan chides us for leaving you hanging without any interior shots of yesterday’s modern manse on Jackson. We respond with a direct link to the “Pacific Heights Residence” on the Lundberg Design website. (Be sure not to miss the little up/down navigational arrows in the lower right-hand corner of the page.) Hey, we aim to please.

Lundberg Design [San Francisco]
Lundberg Design: Pacific Heights Residence [lundbergdesign.com]
Modern Wonderings In Pacific Heights (2606 Jackson) [SocketSite]

Posted by socketadmin at 12:22 AM | Comments (15)

170 Off Third (170 King/177 Townsend): Sales And Design Center

170 Off Third: Rendering (Image Source: 170offthird.com)

The sales and design center is open, and they’re now accepting 3% deposits for the 198 condos that comprise 170 Off Third (24 of which are BMR).

The building has come a long way since we first photographed it a year ago, and so has the website which now offers a complete set of floor plans, virtual tour, and art film (“Art is an integral part of the overall design”). A couple of common amenities that caught our eye: “two-story club room with a private theater,” “manicured, art-filled courtyard featuring a spa and full-sized lap pool,” and “climate-controlled wine storage.”

As you’re sure to ask, it’s one parking space per condo (plus three dedicated Flex Car spaces for the building), they’re targeting late spring (2007) for closings and occupancy, and prices seem to be running in the mid-$800s per square foot.

And as always, any “plugged in” readers care to fill in the gaps?

Heritage On Fillmore And 170 Off Third: BMR Updates [SocketSite]
QuickLinks: New Condos On The Market (Or In The Works) [SocketSite]

Posted by socketadmin at 12:10 AM | Comments (37)

February 20, 2007

Modern Wonderings In Pacific Heights (2606 Jackson)

2606 Jackson (SocketSite.com)

We’ve often wondered (albeit never out loud) about the Olle Lundberg designed manse at 2606 Jackson Street. Thankfully John King wonders (out loud) as well.

And while modern architecture isn’t everybody’s cup of tea, if it can happen here (amongst the Pacific Heights mansions) perhaps it can happen anywhere (without "denigrating" the character of the neighborhood).

Sleek and chic finds a place among the stately 19th century homes... [SFGate]
Lundberg, ClockTower, And Cocktails…Oh My! [SocketSite]

Posted by socketadmin at 2:19 PM | Comments (17)

February 19, 2007

The Potrero (451 Kansas): Sales Center Now Open

The Potrero: Interior Rendering

Normally we’d wait until we've had a chance to tour, critique, and get the inside scoop on a sales center before announcing its opening, but in light of a number of reader comments, we'll simply state . . . The Potrero’s sales center is now open and accepting reservations.

Would any "plugged in" readers be willing to share their initial impressions, experiences, or pricing with the rest of the SocketSite community? You know we'd do the same for you.

The Potrero (451 Kansas): Sales Center Opening In February [SocketSite]
The Potrero (451 Kansas): From The Low $400,000s [SocketSite]
Just Quotes: It’s Hot In Manhattan, But What About Here? [SocketSite]

Posted by socketadmin at 1:15 PM | Comments (36)


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