Just Quotes: It’s Hot In Manhattan, But What About Here?
“Since the new year began, a burst of activity has broken out in Manhattan and several Brooklyn neighborhoods as New Yorkers frenetically hunt for co-ops, condominiums and town houses, sending prices higher despite sluggish sales in many other cities.”
∙ Housing Market Heats Up Again in New York City [New York Times]
February 18, 2007
The SocketSite Scoop On Two Very Big (Unconfirmed) Rumors
Okay, so for a while we’ve been hearing rumblings from brokers to builders that the developers of The Infinity have been discussing going rental rather than sales with their second tower (at least initially). That being said, we haven’t been able to confirm it as fact (and perhaps it's simply contingency planning gone awry).
And now according to a "plugged in" reader, it’s rumored that One Rincon Hill’s second tower has been
put on hold "held back." Once again, we haven’t been able to confirm (and we’re not sure if the rumor simply refers to sales, construction, or both).
If either of these rumblings are true, it’s not particularly positive commentary on the near-term strength of the market (or new development absorption). On the flipside, either action would increase the near-term scarcity of ownership opportunities in these developments (and help throttle back San Francisco's condominium pipeline).
And as far as our inventory index (Cii) is concerned, we're still assuming both towers will hit the pre-construction market in 2007.
UPDATE (2/20): Just to be clear, we haven’t heard even the faintest whisper about “cancelling” either of these towers. At this point it’s simply a question of timing with one and initial use with the other.
UPDATE (2/22): We’re now guessing our “plugged in” reader was absolutely correct about a big project that's being "held back" on Rincon Hill, but that it’s The Californian on Rincon Hill and not One Rincon Hill that has changed its sales/construction dates. (And that’s news, not rumor.)
∙ The Infinity Continues To Grow Up [SocketSite]
∙ JustQuotes: Nope, Not Included In Our "Near-Term Likely" Cii Pipeline [SocketSite]
∙ One Rincon Hill: Hovering Around 90% Sold [SocketSite]
∙ SocketSite’s Complete Inventory Index (CII): Q1 2007 [SocketSite]
∙ The Californian On Rincon Hill Construction/Sales Pushed Back [SocketSite]
February 16, 2007
Foster + Partners Dropped From Transbay Terminal Design Comp
The Transbay Joint Powers Authority Board announced that the Foster + Partners / Heller-Manus Architects team has been dropped from the Transbay Terminal design competition. The four design/development teams left standing:
1. Richard Rogers Partnership with Forest City Enterprises and MacFarlane Partners
2. Santiago Calatrava with Boston Properties
3. Pelli Clarke Pelli Architects with Hines
4. Skidmore Owings & Merrill with Rockefeller Group Development Corp.
Drawings and proposals are due in July (remember, it’s email@example.com), and the winning team will be named on August 23.
∙ Transbay Terminal (And Tower) Design Competition: The Teams [SocketSite]
∙ San Francisco Transbay Terminal: Design Competition Update [SocketSite]
∙ We're Thinking Gehry (No, Not Geary) [SocketSite]
JustQuotes: Nope, Not Included In Our "Near-Term Likely" Cii Pipeline
“Less than a year after acquiring 250 Brannan St. for $20 million as a luxury residential loft play, Florida real estate mogul Don Peebles is putting the property back on the market as offices and expects to attract offers as high as $35 million.”
∙ Condo builder wants to sell space for offices [San Francisco Business Times]
∙ SocketSite’s Complete Inventory Index (CII): Q1 2007 [SocketSite]
Beauty Is In The Eye Of The Beholder
Inlaid hardwood floor have never been our thing, but if they’re yours, you might want to take a peek at 207 Clipper. Plus, nice curb appeal and location for just under $777,778...
∙ Listing: 207 Clipper (2/1) - $777,777 [MLS]
San Francisco Homes Sales Up, Median Sales Price Waffles
First and foremost, DataQuick has changed their methodology for identifying an "arm's-length" transaction. The change results in a “roughly 10 percent increase, on average, in [DataQuicks] historical monthly sales totals” and “a roughly 1 percent difference in the all-home median sale price historically.” We’ll be adjusting our methodology to reflect the change. That being said...
According to DataQuick, the median sales price for existing homes in San Francisco was $750,000 last month, up slightly (0.7%) compared to a revised January ’06 ($745,000), but down slightly (0.4%) compared to an unrevised December ’06. And for the first time in well over two years, sales volume increased (8.9%) on a year-over-year basis (402 sales in January ’07 versus a revised 369 sales in January ‘06).
For the greater Bay Area, the recorded median sales price in January was $601,000 (down 1.5% year-over-year) and sales volume was 6,168 (down 4.1% from a revised 6,434 sales in January ’06). And at the extremes, Sonoma county recorded a 10.4% reduction in median sales price year-over-year, while Marin county recorded a 10% year-over-year gain.
∙ Bay Area home prices edge down [DataQuick]
∙ Change in Statistics Methodology [DataQuick]
∙ San Francisco Home Sales Fall, Median Prices Relatively Flat [SocketSite]
February 15, 2007
Better Late Than Never: Transbay Advisory Meeting (2/15/07)
We know it's late notice, but if you're not invited to tonight's Vallejo Street Soiree, perhaps you'd be interested in attending the San Francisco Redevelopment Agency's "Market-Rate and Affordable Housing Program for Zone One of the Transbay Redevelopment Project Area" presentation. Meeting details:
Transbay Citizens Advisory Committee Meeting
Thursday, February 15, 2007, 5:30 P.M.
Yerba Buena Center for the Arts
701 Mission Street, 2nd Floor Conference Room
San Francisco, CA 94103
And if you do attend, perhaps you'd be willing to report back (tips at socketsite.com).
Versailles On Vallejo (At Least Inside)
Thanks to a “plugged in” tipster, we’ve got the scoop on tonight’s coming out soiree for the uberdecadent 2090 Vallejo Street. It’s expected to be one of the open houses of the year, and it’s most definitely by invitation only (but we do have photos and links for the masses).
Designed by Clarence Tantau for a local department store mogul (think City of Paris), the home boasts an “exquisite jewel-like interior including lavish wall panels, columns, extraordinary three-dimensional moldings, impressive Frescos and opulent 24-carat gildings.” And while mention of the 1,000 bottle wine cellar wasn’t too unexpected, the private “fur storage” did raise an eyebrow or two.
By the numbers: Six bedrooms, six full baths and two half baths, five fireplaces; three car side-by-side garage plus motor court for six cars; approximately 10,340 square feet as per appraiser; and asking $17,800,000. And forget the cake, 2090vallejo.com should be delivering some guilt-free voyeuristic pleasure in the not too distant future.
UPDATE (2/16): Thanks to an insider we have the post-“soiree” scoop…lots of unused champagne glasses and uneaten strawberries (looks like the crowds never materialized); while not Georgian, the ornate common area décor and detailing were indeed fabulous (and cost three million dollars to renovate); and while the pentroom could definitely benefit from a major overhaul (and is much larger than it appears in the pictures), the faux balcony and views are breathtaking. (Oh, and that “fur storage?” Well, let’s just say it looked a whole lot like the wine cellar...)
∙ Listing: 2090 Vallejo (6/7) - $17,800,000 [deckerbullock.com]
No Staging Or Photoshopping Happening Here (We Hope)
Perhaps they’re simply shooting for that "lived in" look. Or perhaps they're just trying to keep it real. In either case, the listing caught a reader's (and our) attention. And there's definitely no staging or photoshopping happening here (we hope).
∙ Listing: 946 Stockton #6F (2/1.5) - $599,800 [MLS]
February 14, 2007
Got (An) Appointment?
∙ Listing: 212 Edgewood Avenue (4/2.5) - $3,495,000 [212edgewood.com]
Park Terrace (325 Berry): A Little Over 10% “Sold”?
Five months ago, Park Terrace released its first batch of condominiums. And while “Phase I Sold Out!”, we have reason to believe that it consisted of a "friends and family" round of only five or six units. And to date, a total of 12 condos (11%) have been reserved.
Park Terrace condos are still “starting from the low $600,000s” (now $604,900), another release of units is scheduled for
February 24th March 3rd March 10th, and occupancy is slated for summer '07.
235 Berry Street: 40% Sold (Really)
Well, at least we weren’t wrong when we published that 235 Berry was “At Most 89% Sold” two weeks ago (or even “Under 50% Sold” four months ago). But based on a couple of readers’ comments, we did some more digging. And as best we can tell (i.e., no tipsters involved), 235 Berry is currently 40% sold (and available for occupancy).
∙ 235 Berry Street Update: At Most 89% Sold (And Moving On In) [SocketSite]
∙ 235 Berry Street Update: Under 50% Sold? [SocketSite]
∙ 235 Berry Street Sales Release (6/11/06) [SocketSite]
February 12, 2007
SocketSite’s Complete Inventory Index (CII): Q1 2007
If you’re truly “plugged in,” you should already be familiar with SocketSite’s Complete Inventory Index (Cii) for San Francisco. As we wrote last September:
The goal of the Cii (pronounced “see”; we’re hoping Nintendo views it as flattery) is to paint a complete picture of housing inventory and new development in San Francisco; listed, unlisted, pipeline, and potential. In fact, we believe it represents a fundamental shift from the abstract to the tangible with regard to what’s in the works throughout San Francisco.
Over the past quarter, we have doubled the size of our new development database and SocketSite now tracks the size, status, probability, pricing, sales, and available inventory for nearly 125 new developments in San Francisco (15,000+ condominiums in total). We also track 10,000 “net new housing units” (including rental units) that are either proposed or on the drawing boards. And all told, we are actively keeping tabs on a potential inventory of 25,000+ housing units (i.e., San Francisco’s overall housing pipeline).
As it stands, in addition to the roughly 325 San Francisco condominiums that are listed and available for sale on the San Francisco MLS, we estimate that there are approximately 350 new condominiums that are not listed, but are currently available for purchase and immediate occupancy. These condos include unlisted inventory in buildings ranging in size from The Glassworks to The Beacon.
We also estimate that there are currently an additional 1,050 available condominiums that are actively competing for the attention of buyers and accepting non-refundable deposits in sales offices throughout San Francisco (examples include The Infinity, Heritage on Fillmore, and Arterra). And within the next six months, we expect to see an additional 2,450 condominiums begin marketing, accepting deposits, and competing for sales as well (think The Potrero, Symphony Towers, and The Bay).
Looking forward to the second half of 2007, we see an additional 1,575 new condominiums that are likely to start marketing/selling before the end of the year (or relatively soon thereafter). And for 2008/2009, we see 4,000+ units that have a shot of making it to market (and 2,000+ that will likely fall by the wayside).
Beyond that, well…you’ll just have to keep “plugging in.”
∙ SocketSite’s Complete Inventory Index (Cii) [SocketSite]
∙ Glassworks (207 King): 3 Years Paid HOA And Further Reductions [SocketSite]
∙ The Beacon: Sales Office Incentives [SocketSite]
∙ The Infinity: Online Floor Plans And Condo Specifications [SocketSite]
∙ Heritage On Fillmore: The VIP Scoop [SocketSite]
∙ Evidence Of A Price Reduction At Arterra? [SocketSite]
∙ The Potrero (451 Kansas): Sales Center Opening In February [SocketSite]
∙ Symphony Towers: From The $300,000s [SocketSite]
∙ The Bay (329 Bay Street): Complete Pricing [SocketSite]
Glassworks (207 King): 3 Years Paid HOA And Further Reductions
Last November we first noticed a subtle round of price reductions for the five new conversion condominiums at The Glassworks (207 King). And as best as we can tell, all five condos remain available, the developer is now offering a “Limited Time Offer” of 3 years paid HOA fees, and prices have been reduced by as much as $200,000 (15.4%).
East SoMa Draft Area Plan (And Community Workshop)
A “plugged in” reader reminds us that the San Francisco Planning Department has completed their draft East SoMa Area Development Plan and that they will be holding a community workshop tomorrow (2/13/07) to review and discuss. On the agenda:
• Proposed zoning controls
• Update on the Public Improvements Program
• Building height limits and other urban design issues
• Preliminary affordable housing strategy for the Eastern Neighborhoods
The East SoMa community workshop will be held at the SoMa Recreation Center (270 Sixth Street @ Folsom) from 6:00-8:00pm. And we'll see you there.
February 9, 2007
2130 24th Street #A: It’s On (Again)
UPDATE (5/16): After falling in and out of contract a couple of times, it finally closed escrow on 5/7/07. Selling price: $1,274,000.
1418 Shafter: Back On The Market (And So Much For Value)
When 1418 Shafter hit the market last month (listed at $595,000) we took some heat for seeing “value” and the potential for a bidding war. Well, it appears to have fallen out of contract, and it's back on the market. New list price: $795,000.
QuickLinks: Our Enlightened City Hits The Journal*
∙ No Condos, Please: Old Armory Finds New Life in Porn [WSJ]
∙ 50 protest porn business inside old Mission Street armory [SFGate]
∙ From (Proposed) Condos To Kink [SocketSite]
*Note: Full credit to a tipster for the headline.
The Bay (329 Bay Street): Complete Pricing
A full rundown of pricing for the 21 units that comprise The Bay (329 Bay Street):
∙ Listing: 329 Bay Street #101 (3/2) 1742 sqft - $1,195,000
∙ Listing: 329 Bay Street #102 (2/2) 1456 sqft - $979,000
∙ Listing: 329 Bay Street #202 (1/1) 659 sqft - $545,000
∙ Listing: 329 Bay Street #203 (2/2) 958 sqft - $785,000
∙ Listing: 329 Bay Street #204 (2/2) 958 sqft - $785,000
∙ Listing: 329 Bay Street #205 (1/1) 659 sqft - $545,000
∙ Listing: 329 Bay Street #206 (2/2) 1014 sqft - $799,000
∙ Listing: 329 Bay Street #207 (2/2) 869 sqft - $258,215 (BMR)
∙ Listing: 329 Bay Street #301 (2/2) 1009 sqft - $849,000
∙ Listing: 329 Bay Street #302 (1/1) 659 sqft - $224,199 (BMR)
∙ Listing: 329 Bay Street #303 (2/2) 958 sqft - $799,000
∙ Listing: 329 Bay Street #304 (2/2) 958 sqft - $799,000
∙ Listing: 329 Bay Street #305 (1/1) 659 sqft - $565,000
∙ Listing: 329 Bay Street #306 (2/2) 1014 sqft - $849,000
∙ Listing: 329 Bay Street #307 (2/2) 1225 sqft - $899,000
∙ Listing: 329 Bay Street #401 (2/2) 1014 sqft - $865,000
∙ Listing: 329 Bay Street #402 (1/1) 659 sqft - $579,000
∙ Listing: 329 Bay Street #403 (2/2) 958 sqft - $825,000
∙ Listing: 329 Bay Street #404 (2/2) 958 sqft - $839,000
∙ Listing: 329 Bay Street #405 (1/1) 659 sqft - $579,000
∙ Listing: 329 Bay Street #406 (2/2) 1014 sqft - $865,000
Monthly HOA dues are running $414 to $614 per month, and mid-March is the target for showings. (Oh, and a tip of the hat to the sales team for actually identifying the two BMR units rather than simply marketing them as “SOLD.”)
∙ The Bay Condominiums (329 Bay) [SocketSite]
February 8, 2007
Yesterday’s Gathering Of “Plugged In” People (Recap And Thanks)
Our thanks to all the “plugged in” readers who braved the weather to join us last night for an evening of candid real estate talk, insight, and networking. And a special thanks to Redfin for doing a fantastic job of coordinating and sponsoring the event (and all the kind words).
If you missed the gathering, not to worry - we’ll update this post with a full recap
later this afternoon soon (apologies for the delay, but we’ve been hindered by a server meltdown). And better yet, the next gathering is already in the works…
∙ Another Gathering Of “Plugged In” People (February 7, 2007) [SocketSite]