June 18, 2007
Millennium Tower (301 Mission) Website: Alive And Kicking
Floor plans and interior renderings should be online in October, so for now you’ll just have to settle for additional tower renderings, a Club Level floor plan and overview (including the wine cellar, tasting room, and “owners lounge”), and an animated “flyover” (accompanied by a real estate website soundtrack that - for once - doesn't drive us totally insane).
∙ Millennium Tower: Official Website [millenniumtowersf.com]
∙ Millennium Tower: Sales Timeline, Additional Details And Renderings [SocketSite]
San Francisco Housing Inventory Update: 6/18/07
Over the past two weeks new listings have outpaced new sales in San Francisco as listed housing inventory has increased ~11% in a typical post-Memorial Day bump. At the same time, listed inventory is currently running ~13% below 2006 levels.
∙ San Francisco Housing Inventory Update: 6/01/07 [SocketSite]
One Rincon Hill By The (Chronicle’s) Numbers (And Our Notes)
Only 2 of 14 townhomes, but 368 of 376 tower condos, in contract (although nothing has actually “sold”); the glass curtain wall now reaches the 50th floor (45th story) while the 60th floor (or 55th story) has been poured; and the first tower should top off (at 605 feet) in about a month (with lower floor move-ins by the end of the year).
UPDATE: And speaking of topping off, a plugged-in tipster sends word that that One Rincon's "Topping Out Celebration" (for future residents) is scheduled for July 21.
∙ Glass Curtain Rises On Tower [SFGate]
∙ One Rincon Hill’s Townhome Collection “Officially” Released [SocketSite]
∙ One Rincon Hill’s Fall Newsletter And Update [SocketSite]
Esprit Park (900 Minnesota): Interior Renderings
The Esprit Park “3-D interiors illustrations” that were coming soon are now here. And even though we prefer our refrigerators a bit closer to the sink (yes, we’re picky), we can’t stop ogling the rendering for unit N516. The windows, the deck, the counter space…oh my!
SocketSite Silicon Valley Coverage Coming Soon (sv.SocketSite.com)
Posted by socketadmin at 3:00 AM
The Hanging Gardens Of San Francisco: 2550 Lyon
As far as we know, there aren’t many rooftops like it in San Francisco. And if for no other reason, that makes 2550 Lyon worth a mention (and perhaps a look).
∙ Listing: 2550 Lyon (4/5.5) - $9,800,000 [MLS]
June 15, 2007
New Stanley Saitowitz/Natoma Architects Condos: 1234 Howard
A number of readers have asked, and we finally have an answer: 1234 Howard (an 18 unit Stanley Saitowitz/Natoma Architects building) will start marketing mid July. It’ll be a mix of one and two bedroom units with deeded parking and “impeccable details.” No word on pricing and so far only a few more images (and a not so subtle reminder to “register now”) on the website.
∙ 1234 Howard [1234howard.com]
Millennium Tower: Sales Timeline, Additional Details And Renderings
From rumor to reality, J.K. Dineen reports that the Millennium sales center will be opening in November of this year (roughly six months early). A couple of other details and numbers: second floor amenities (including screening room, gym, pool, terrace with fire pits, individual wine lockers and rooms dedicated to yoga and pilates) for the midrise (11-story) and tower (60-story) residents; a total of 419 condos (not 437); and units ranging from 750 to 3,400 square feet.
Architect Glenn Rescalvo, who designed the project for Handel Architects, said the 53 1,600-square-foot midrise units would feature 10-foot ceilings and wide-open floor plans. He said the design would be more typical of Tribeca lofts than San Francisco lofts, which tend to be long and narrow with double height and a mezzanine.
Occupancy remains slated for Spring 2009. And pricing? “Sean Jeffries, a principal with Millennium, said the pricing of the units at the Millennium had not been finalized, but that it would represent "the highest price per square foot in the marketplace." If so, that's likely north of $1,500 a square foot.
∙ Millennium Tower (301 Mission): Moving On Up (Tower And Schedule) [SocketSite]
∙ Millennium pours on condos [Business Times]
∙ Not Exactly A Flood (But Perhaps A Trickle) At The St. Regis [SocketSite]
The Modern One That's (Almost) On The Market: 610 Rhode Island
We alluded to it a couple of weeks ago. And while it hasn’t officially hit the market (we’re told next week) we did finagle an early photo and the list price ($2,300,000). And yes, complete details and links when we have them.
∙ Not For Sale (But Some Mighty Tasty Modern Gawking) [SocketSite]
[Full Disclosure: The listing agent for 610 Rhode Island is a sponsor of SocketSite. And if for any reason you don't think this house would have otherwise found its way onto this site, then you simply haven't spent enough time plugging in...]
A Reader Searches For Context (And Some Eye Popping Prices)
And speaking of big bucks per square foot, a reader writes:
This daily plugged in reader often sees SocketSite's references to price per square foot when describing San Fran residential sales. Interesting and powerful information to be sure; but we are now searching for context. In particular, do you or any of my fellow plug-ins know (confirmed or just anecdotal) examples of some of the highest price per square foot San Fran single family (e.g., not condo) property sales and their PPSF numbers?
We don’t, might you?
June 14, 2007
San Francisco Home Sales Drop, Median Sales Price Up (Enter Mix)
According to DataQuick, the median sales price for existing homes in San Francisco was $835,000 last month, up 8.4% compared to a revised May ’06 ($770,000) and up 5.7% compared to the month prior (think mix). Sales volume, however, was down 10.9% year-over-year (616 sales in May ’07 versus a revised 691 sales in May ’06) but rose 8.5% compared to the month prior (568 recorded sales in April ‘07).
A key sentence that finally made its way into the latest DataQuick report (and shouldn’t catch any plugged-in readers by surprise): "The median has increased the last four months, in part because sales of lower-cost homes have dropped more than sales in other categories.”
For the greater Bay Area, the recorded median sales price in May was $660,000 (a revised year-over-year increase of 3.4%) and sales volume was 8,080 (down 18.7% from a revised 9,935 sales in May ’06). And at the extremes, Sonoma recorded a 5.4% year-over-year reduction in median sales price, while Napa recorded a 13.1% year-over-year gain on significantly lower (down 35.6%) volume; and year-over-year sales volume continued to plummet in both Contra Costa (down 29.5%) and Solano (down 37.6%) counties as well.
∙ Bay Area home sales drop, prices up [DQNews]
∙ San Francisco Home Sales Drop, Median Sales Price Up [SocketSite]
JustQuotes (And A Note): And Yet Money Is Still Relatively Cheap
“The average rate on 30-year fixed-rate loans climbed to 6.74 percent for the week ending June 14, from 6.53 percent the previous week. That marked the biggest one-week increase since July 2003….Doug Duncan, chief economist for the Mortgage Bankers Association (MBA), expects mortgage rates to top out near 7 percent by the end of the year.”
[Editor’s Note: A rate shift from 6.53 to 7.00 percent would requite mortgage balances to drop by almost 5% in order to maintain the same level of payment affordability.]
∙ Mortgage rates: biggest spike in 4 years [CNNMoney]
∙ What’s The Treasury Got To Do With It? (Quite A Bit) [SocketSite]
Rincon Towers: From Apartments, To Condos, To Apartments
A year ago, the Rincon Towers apartment building at 88 Howard was sold to a developer intent on converting the building into condos.
Three months ago (and over on the SocketSite Forums) a plugged-in reader wondered about the lack of activity at the building (either in terms of new rentals or condo sales), and another reader answered: "...Beacon [Capital] backed out of doing a condo conversion and put the building back on the market. They are now marketing it to potential buyers not as a condominium building, but as an apartment building."
And yesterday, it’s reported that the Towers have indeed been sold (to Capital Properties) with plans to turn the building into "luxury apartments and high-end corporate furnished housing." Don't say you didn't see it coming (at least if you're plugging-in).
We Write About Where Dashiell Wrote: 1155 Leavenworth #2
We’ve been keeping an eye on the 21 units at 1155 Leavenworth ever since a plugged-in reader dropped us a note last month musing about a “Nob Hill-ish” TIC priced at almost $1,000/square foot. Partially because of the pricing, partially becasue of the size (with or without individual financing), but mostly because of our reader's side note: “Dashiell Hammett lived in Apt 2 at the San Loretto (1155 Leavenworth). That unit isn't up for sale in the ad.”
Alas, Hammett's unit #2 is now on the market (along with five others and one that's in contract), and apparently it's “Priced to sell Quick!” We have to imagine Dashiell would have described it differently.
∙ Listing: 1155 Leavenworth #2 (0/1) 307sqft - $249,000 (TIC) [MLS]
∙ Wikipedia: Dashiell Hammett [wikipedia.org]
There Was And There Is: A Reader Reports on 118 Joost
From a plugged-in tipster: “Just to follow up on your listing of 118 Joost. I just talked to my broker who informed me the seller received 7 offers with the winning bid going 100K over.”
June 13, 2007
Special Guests Confirmed: We’ll See You Tomorrow (6/14/07) In SJC
The special guests are confirmed for Thursday’s gathering of "plugged-in" people in San Jose. So please consider joining us, San Jose Mayor Chuck Reed, Vice Mayor David D. Cortese, Councilmember Sam Liccardo, San Jose Redevelopment Agency Deputy Director John Weis, Mesa Development Director Charles Young and a host of other readers as we delve into the residential real estate renaissance of downtown San Jose.
Posted by socketadmin at 11:00 AM
JustQuotes: One We Couldn’t Resist And Another We Shouldn’t
"You're safer taking a ride with Lindsay Lohan than being in homebuilder stocks," said David Lichtenstein, chief executive officer of Lightstone Group LLC in Lakewood, New Jersey, which owns malls and hotels. Actress Lohan was arrested May 26 for driving under the influence after crashing her car.”
And on a more serious (and perhaps local) note, "It appears that the impact of stricter lending standards, primarily arising from problems in the subprime market, is negatively affecting affordability at lower price points," [Toll Brothers Chief Executive Officer] said. "This in turn can and probably does impact the entire housing food chain including some of our potential customers' ability to sell their existing homes."
For context, under 2% of Toll Brothers’ buyers are subprime borrowers. Did someone say bipolar (or bifurcated) market?
∙ Subprime Crash Squeezes Out First-Time Home Buyers [Bloomberg]
∙ JustQuotes: They Say Bifurcated, We Said Bipolar (A While Back) [SocketSite]
Readers Report: Big Demand For Big Rentals (For Big Money)
While we can’t confirm a reader’s comment yesterday about recently renting 2786 Broadway, it does remind us that we’ve been remiss in publishing another contribution from Seb (a seriously plugged-in reader):
Big Demand For Big Rentals (For Big Money)
If you don’t want to buy in Pacific or Presidio Heights, and you need more than 4,000 square feet or 5+ bedrooms, you can always rent. But beware, properties are now moving fast. Since the beginning of 2007 high-end rentals have on average moved within a couple of weeks. Recent rentals include:
A choice property near the Egyptian Consulate General’s for a little over $10,000/month.
A grand Chateau near the Korean Consulate General’s for around $15,000/month.
And a majestic view home near the Japanese Consulate General’s for $32,000/month.
∙ Comment: 2786 Broadway: Reduced 12.8% (Again) [SocketSite]
∙ Million Dollar Views (For A Million Dollars Less) [SocketSite]
∙ To Rent Or To Buy, That Is The Question (That Only You Can Answer) [SocketSite]
National News: Foreclosure Filings Up, Median Price Down
A reader notices the surge in national foreclosure filings (up 90% year over year) with California, Florida and Ohio leading the way. Also noticed: “The median price for a U.S. home slid 1.8 percent the first three months of 2007 as the housing slump entered its second year, according to the National Association of Realtors." And then wondered: Isn’t that already below the 1.3% decline most recently forecast by NAR?
∙ Mortgage foreclosure filings rise 90 percent in May [Chicago Tribune]
∙ Whoops, They Did It Again (NAR Revises National Forecast Once More) [SocketSite]
Floor Plans And Feng Shui At Sutter Heights (1521 Sutter)
Originally expected to be delivered next month, the 28 new construction condos that comprise Sutter Heights (1521 Sutter Street) will likely be completed in September. That being said, eight condos are already reserved for buyers, six are being reserved for the developers, and three are BMR. That leaves eleven (11) available (which should officially be on the market relatively soon).
According to the marketing materials, a “Feng Shui expert” was consulted in the design process to “create smart floor plans for today’s lifestyles.” And apparently we should be spending more time in the kitchen, bath and living areas.
∙ Sutter Heights (1521 Sutter Street) [sutterheights.com]