May 31, 2007
From Renderings To Reality (3130 Pacific)
From renderings (when it was listed at $12,000,000) to reality (it’s now listed at $12,495,000), 3130 Pacific has officially hit the MLS. Think Arts & Crafts style with modern amenities (radiant heat and elevator); 8,429 square feet (including home theater, sauna/steam room, and full floor master suite with rooftop terrace and spa); and the Presidio as your back yard.
And if you’re waiting for the even larger (10,260 square feet) sister property next door to hit the MLS, don’t bother. 3100 Pacific closed escrow last week (was asking $15,000,000).
UPDATE: We were lucky enough to score a showing of 3130, and if it’s in your price range you might want to take a look (even if you’re not into new construction). Other than the gas fireplaces (for which you can thank the city), the home offers all the warmth and woodwork of a classic Arts & Crafts abode. And overlooking the Presidio really doesn't suck.
∙ Listing: 3130 Pacific (5/5.75) 8,429 sqft - $12,495,000 [Sotheby's] [Tom Biss]
∙ Listing: 3100 Pacific (6/8) 10,260 sqft - $15,000,000 (sold) [Tom Biss]
Windows, Views, And A Big Orange Garage Door
As you know, we’re suckers for walls of windows, big views, and perhaps a big orange garage door (the mahogany cabinets aren’t too shabby either). And from the listing for 339 Cumberland: “stunning exterior designed by award-winning architect.” No mention, however, of who that architect might be. Readers?
∙ Listing: 339 Cumberland Street (4/2.5) - $2,385,000 [MLS]
JustQuotes: The Showcase, The Event, And The (National) Impact
“1771 North Point is a down to the studs total overhaul (remodel doesn’t do it justice) and the showcase home for the Pacific Coast Builders Conference.” (The “Marina Green Showcase” Hits The Market)
“Numbers are down this year at PCBC The Premier Building Show, a major homebuilders conference at Moscone Center that opened Wednesday, a reflection of declining new-home construction after previously hot sales.” (Premier Building Show reflects decline in sales)
“For nearly a year, the economy has been enduring a stretch of subpar economic growth due mostly to a sharp housing slump.” (Economy Has Worst Growth Since 2002)
OFHEO First Quarter Report: 0.35% Appreciation For SF MSAD
The latest OFHEO House Price Index (HPI) ranks California 46th in terms of year-over-year home price appreciation (1.19%) and measures Q1 2007 appreciation at a negative 0.84%. For the San Francisco/San Mateo/Redwood City MSAD, year-over-year appreciation measured 1.32% with appreciation of 0.35% in the first quarter of 2007, a marked difference from last year's report of 14.60% year-over-year appreciation and 1.15% in the first quarter (0.17% less than the full year gain).
Keep in mind, however, that the HPI is based on data from repeat single-family home sales, or refinancings, that involve conforming mortgages (under $417,000). Data from transactions involving either condominiums or non-conforming loans (two major components in the San Francisco market) are excluded from the Index.
As always, it’s just another data point and perhaps most meaningful relative to itself (rather than in the absolute). And no, we don't have any idea why they chose red to denote the highest positive four-quarter appreciation (10%+) and dark blue the lowest (-1.0% to 2.0%).
∙ OFHEO House Price Index: Q1 2007 (pdf) [ofheo.gov]
∙ OFHEO Reports 1.15% First Quarter Appreciation For San Francisco [SocketSite]
May 30, 2007
733 Front Sales Update: 32% In Contract (Almost All Two-Bedrooms)
According to a “plugged-in” tipster, 22 of the 69 conversion condominiums at 733 Front Street are in contract (32%) with five (5) two-bedrooms (out of 23) and 42 junior/one-bedrooms (out of 46) not yet in contract. And while the east facing units with water views might be gone (and were actually “sold” prior to the sales office opening), a number of units still offer big city, northern Bay (#707), and Bridge views (#704).
∙ 733 Front #202 (2/2) 1,207 sqft - $1,025,000 ($849/sqft)
∙ 733 Front #210 (1/1) 761 sqft - $625,000 ($821/sqft)
∙ 733 Front #213 (1/1) 832 sqft - $550,000 ($661/sqft)
∙ 733 Front #303 (1/1) 949 sqft - $760,000 ($801/sqft)
∙ 733 Front #305 (2/2) 1,278 sqft - $1,375,000 ($1,076/sqft)
∙ 733 Front #306 (0/1) 632 sqft - $615,000 ($973/sqft)
∙ 733 Front #308 (2/2) 1,291 sqft - $1,090,000 ($844/sqft)
∙ 733 Front #311 (1/1) 885 sqft - $735,000 ($831/sqft)
∙ 733 Front #404 (1/1) 833 sqft - $795,000 ($954/sqft)
∙ 733 Front #412 (1/1) 1,189 sqft - $950,000 ($799/sqft)
∙ 733 Front #503 (1.5/1.5) 1,113 sqft - $1,150,000 ($1,033/sqft)
∙ 733 Front #605 (2/2) 1,543 sqft - $1,950,000 ($1,264/sqft)
∙ 733 Front #707 (2.5/2) 1,378 sqft - $1,775,000 ($1,288/sqft)
A couple of other notes: move in could be as early as July; expect the lobby to only be “attended” from 9-5; balconies on the top two floors are much wider than just a few feet; and in terms of city living, we’re big fans of the neighborhood. Oh, and they're serving "wine on Thursday, May 31st in Residence 605 from 4:00 pm to 9:00 pm."
∙ 733 Front Street: A SocketSite Forum Inquiry (And Answer) [SocketSite]
∙ 733 Front Street: Pre-Opening This Weekend (5/12/07) [SocketSite]
∙ 733 Front Street: A Few Prices And A Reader’s Dilemma [SocketSite]
A Hint Of Things To Come: Three Sixty Residences (And San Jose)
First and foremost, this new development isn’t in San Francisco, it’s in San Jose. And while we historically haven’t ventured that far south, we’re about to start logging some miles (more on this next week).
That being said, Three Sixty Residences in downtown San Jose opened its One Rincon-esque sales office featuring “a full-size model of a two-bedroom-plus-den, two-and-a-half-bathroom home” and touch screens (although no word on a signature cocktail) three weeks ago. By the numbers: 1/2/3 bedroom condos; 23 Stories; 213 units (ranging in size from 795 to 3440 square feet, and ranging in price from “the low $500,000’s to over $2 million”); 2009 (spring) delivery; and 11,000 square feet of retail. Oh, and around 120 (60%) reserved (albeit $5,000 refundable deposits) to date.
A couple of other numbers: 6/14/07. As in save the date if you’re either in (or interested in) the San Jose market.
∙ Three Sixty Residences (San Jose) [360residences.com]
A Data Point At The Other End Of The Market (And 1080 Chestnut)
And while the studio at Opera Plaza might be listed for a couple thousand less than was paid last year, 1080 Chestnut #12A is about to be listed at $2,175,000 - a couple (as in five) hundred thousand more than it sold for in August 2005 ($1,650,000).
UPDATE (9/7): Closed escrow on 8/27/07 for $2,050,000 (6.6% under asking, but 24.2% over was it was purchased for two years ago).
∙ Shouldn’t A Rising Tide Raise All Boats? [SocketSite]
Shouldn’t A Rising Tide Raise All Boats?
Two months ago, and after two months on the market, a motivated seller of a studio in the Opera Plaza reduced his price to “below what he paid” seven months earlier ($375,000 on 8/31/06). Today, 601 Van Ness #808 remains available. And we wonder, shouldn’t a rising tide raise all boats or is there something else that's going on?
UPDATE (8/6): This condo closed escrow last week at contract price of $335,000.
∙ Listing: 601 Van Ness #808 (0/1) - $369,000 [MLS]
May 29, 2007
March S&P/Case-Shiller Index: Mixed Results For San Francisco MSA
According to the March 2007 S&P/Case-Shiller index (pdf), single-family home prices in the San Francisco MSA slipped 2.3% year-over-year but gained 0.1% from February '07 to March '07 (the first monthly uptick since May 2006). For the broader 10-City composite (CSXR), year-over-year price growth is down 1.9% and down 0.4% from February.
As previously noted: The S&P/Case-Shiller index only tracks single-family homes (not condominiums which represent half the transactions in San Francisco), is imperfect in factoring out changes in property values due to improvements versus actual market appreciation (although they try their best), and includes San Francisco, San Mateo, Marin, Contra Costa, and Alameda in the “San Francisco” index (i.e., the greater MSA).
∙ Spring Brings No Signs of Warming in Home Prices [standardandpoors.com]
∙ February S&P/Case-Shiller Index Decline Continues For SF MSA [SocketSite]
Buy A Condo Get A Car At 767 Bryant
Last August we were “struggling to rationalize the “value” of [767 Bryant].” Since then we've seen remodeling, reductions, and now…free cars. From a craigslist post for 767 Bryant (courtesy of a “plugged-in” tipster):
If you sign a contract by Wednesday, May 30 AND close the purchase by June 30, 2007, then you'll receive your choice of a 2007 Toyota Prius (BASE MODEL EDITION) or Mini Cooper (BASE MODEL EDITION). Offer available to principals only. Qualifying purchases are for condominiums with prices starting at $629,000.
Our tipster is left wondering how this gets factored in to the ‘real’ selling price (think comps and market statistics). And we'll add: there's nothing like watching the garage fill up with new cars if one of them isn’t yours.
∙ Inside 767 Bryant [SocketSite]
∙ Take Two For A Few Of The Condos At 767 Bryant [SocketSite]
∙ 767 Bryant: A Sales Update (And Reduction) [SocketSite]
∙ Developers offering Prius or Mini Cooper this weekend [Craigslist]
Not Exactly A Flood (But Perhaps A Trickle) At The St. Regis
After two months on the market, 188 Minna #25F (in the St. Regis) is still available and priced at $1,562 per square foot. And over the past two weeks three more listings have joined its ranks on the MLS, including a similar floor plan five floors above (priced at $1,830 per square foot) and a three bedroom/three and one half bath with views of One Rincon Hill (priced at $1,747 per square foot). HOAs ranging from $2,135 to $2,599 a month (plus $225 for parking).
∙ Another Shot At The St. Regis (188 Minna) [SocketSite]
∙ Listing: 188 Minna #23E (3/3.5) - $4,495,000 [MLS]
∙ Listing: 188 Minna #30F (2/2.5) - $2,795,000 [MLS]
∙ Listing: 188 Minna #38B (2/2.5) - $2,795,000 [MLS]
A Relatively Nondescript Building (And A Unit That’s Anything But)
We liked it when it first hit the market three weeks ago, but within days it was listed as “in contract” (and so we chose not to point it out). But for one reason or another, 1080 Chestnut #11D is once again active and worth a peek. And yes, the HOA dues are $2,382 per month (but do include all utilities...).
UPDATE (5/31): Mea culpa! Apparently our eyesight is failing us and the listing was never contingent on the MLS. It remains active and we remain very much in like.
UPDATE (9/7): Closed escrow on 8/30/07 for $3,000,000 (6.1% under asking).
May 27, 2007
2626 Sutter: Little Did We Know (Or Perhaps We Did)
Fifteen months ago we snapped a picture of 2626 Sutter and wrote: “Three weeks ago 2626 Sutter was just another “renovated” property with fresh paint, sloping floors, and a price tag destined to land it in the RealRecentReductions archive. Today it’s a burned out shell. Our first thought? We hope nobody got hurt. Our second thought? Well, let's just say it was probably the same as yours.”
Well, Matier and Ross are now reporting that the house is owned by embattled San Francisco Supervisor Ed Jew. And anybody who's "plugged-in" shouldn't be too surprised by the following: “[In November 2005] Jew put the two-story house on the market for $1.19 million, but it didn't sell. The property was still vacant and available in February 2006, when, according to the Fire Department, an arsonist set it ablaze in the dead of night, causing $260,000 in damage. A Fire Department incident report said the arsonist apparently walked through an unlocked door, doused the den and living room with gasoline, and set the place on fire.”
May 25, 2007
The “Marina Green Showcase” Hits The Market (1771 North Point)
1771 North Point is a down to the studs total overhaul (remodel doesn’t do it justice) and the showcase home for the Pacific Coast Builders Conference. By the numbers: One elevator, two powder rooms, three floors, four full bathrooms, five car garage, six bedrooms, five thousand square feet (approximately), and five million dollars (asking).
And it’s not just another pretty facade. Proceeds from public tours ($20 from June 2nd to June 10th) and a Gala Auction on June 9th (“Everything in the house will be auctioned off!”) will benefit the Northern California Cancer Center. Oh, and it's also “eco-friendly” and a “shining example of how to build responsibly and address the needs of today’s families.” (Although at 5,000 square feet...)
The Montgomery (74 New Montgomery): Almost Selling (For Real)
After three months of flying their “Now Selling” flags, and staffing a sales office that wasn't actually selling, The Montgomery will hold their “Grand Opening Event” on June 14th along with a “VIP sales release, which will not be open to the public.”
Once again, The Montgomery will consist of 107 condos ranging from studios to two-bedrooms plus dens. And according to a tipster, only fifteen parking spaces in the building (allocated to the largest units).
∙ 74 New Montgomery: Sales Office (Almost?) Open [SocketSite]
∙ New Developments: The Montgomery (74 New Montgomery) [SocketSite]
Real Estate Numerology: The Numbers Seven And Two
According to one tipster, there were seven (7) offers on 3040 Pacific and “almost all were north of $6 million.” And according to yet another reader, the final contract price is ~$7 million (okay, so $6.6M).
And while seven (or six) might have been the magic number for 3040 Pacific, it appears that 1703 Octavia is all about the number two. The property features a double parlor living room, 2 bathrooms on upper level, 2 decks, 2 car side by side parking and 2 Viking stoves. And after just about two months on the market, the price was reduced by a little over two hundred thousand dollars ($245,000) and is now listed at just under two million ($1,950,000). It’s definitely a sign (of a long week).
Another Office To Hotel/Condo Conversion: 140 New Montgomery
A “plugged-in” tipster notes the news that Wilson Meany Sullivan is in contract to purchase the 26-story Pacific Telephone Building at 140 New Montgomery for $345 a square foot with plans to spend an additional $500 a square foot converting it from an office building to “a five-star hotel and condominium tower, with a spa, restaurant and bar.”
Architecture firm Hornberger + Worstell has been hired as project architect, along with historic preservation specialists Page & Turnbull. Plant Construction Co. will be the contractor on the project. Mark Hornberger, a principal with Hornberger + Worstell, said the light gray terra cotta tapered skyscraper is a "wonderful historic landmark property and we want to be very careful about the work we do." He said the building could support about 100 residences and 70 to 80 hotel rooms and would be "more intimate than the St. Regis with an even higher level of service." The deal includes a 441-space, eight-level parking garage on Natoma Street behind the Pacific Telephone Building.
The Jazz Age building was designed by Timothy Pflueger -- who also designed 450 Sutter St., the Pacific Coast Stock Exchange and the I. Magnin building -- and was considered radically contemporary when constructed. The building, with 13-foot terra-cotta eagles perched on its four corners, retains many of its original detailing, including the black marble lobby and bronze elevator doors, wood-paneled board rooms with working fireplaces.
And on a side note, our tipster is led to wonder: “What happened to the word deluxe? Is 'luxe' a level higher, has deluxe become dated - reserved for 'mid-century' descriptions? Did marketers feel a need to invent another word - like world-class (which thru overuse now has no impact?)” [Cue the Jeffersons theme song.]
∙ S.F. tower to become luxe hotel [San Francisco Business Times]
∙ Pacific Telephone Building gets heavy interest from developers [SFGate]
May 24, 2007
We’ve Almost Got A Line (Another Data Point At 2760 Sacramento)
As you might recall, last fall 2760 Sacramento #9 hit the market in Pacific Heights for $769,000, received multiple offers, and sold for $859,000 on 8/31/06. At the same time, 2760 Sacramento #11 hit the market for $795,000, was reduced to $755,000, received four offers, went into contract for $795,000, and then finally closed for $749,000 after the “winning” bidder backed out (and the multiple offers evaporated). And as we wrote in September:
Our take: competitive bidding still gets the best
of peopleresults, 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 [11/05], don’t have parking, and are located two floors directly below #11.
And now 18 months after its last sale, unit #3 is back on the market with a list price of $849,000. A sale at this price would represent annual appreciation of a little under 2% over the past 18 months. We'll keep you posted (and "plugged-in").
∙ Yet Another Data Point At 2760 Sacramento [SocketSite]
∙ One Building, Same Floor (Plans), Two Very Different Prices [SocketSite]
∙ Listing: 2760 Sacramento #3 (1/1) - $849,000 [MLS]
Not For Sale (But Some Mighty Tasty Modern Gawking)
Matt Jalbert over at le blog exuberance captures 2005-2007 18th Street (at Rhode Island) in all its modern glory. And while we actually have the scoop on this one, we can’t quite share (which is killing us). Suffice it to say, it's not headed for the market (so no open house for you), but we’ll do our best to get you a peek inside.
That being said, while this property isn’t hitting the market, there’s an equally gawk worthy modern gem hitting the market nearby. And by nearby, we mean you can actually see it in all of Matt's photos...
∙ 2005-2007 18th Street: mega modern new architecture on Potrero Hill [exuberance.com]
∙ Map: 2005-2007 18th Street @ Rhode Island [Google]
733 Front Street: A Few Prices And A Reader’s Dilemma
It all started with an inquiry (and answer) in the SocketSite Reader's Forum. From there to our pre-opening alert. And now, a couple of prices and a reader’s dilemma ("My husband wants us to buy one of the units....").
∙ 733 Front Street #304 (1/1) 832 sqft - $785,000
∙ 733 Front Street #312 (1/1) 1,192 sqft - $940,000
∙ 733 Front Street #605 (2/2) 1,543 sqft - $1,950,000
∙ 733 Front Street: A SocketSite Forum Inquiry (And Answer) [SocketSite]
∙ 733 Front Street: Pre-Opening This Weekend (5/12/07) [SocketSite]