You Had Us At Heated Granite Floors (And We're Not Granite People)
The little (and not so little) things that caught our eye at 801 Teresita: heated granite floors, a Duravit sink, Axor fixtures and skylight in the bathroom; Scavolini, Sub-Zero, DCS and (two more) skylights in the kitchen; a landscaped backyard (which the master bedroom overlooks); and a corner lot. And yes, even that nice new garage door.
UPDATE (9/7): Closed escrow on 8/29/07 for $950,000 (6.1% over asking).
∙ Listing: 801 Teresita Boulevard (2/1) - $895,000 [MLS]
An Entirely Different Le Petit (As In Not Trianon)
The relative price per square foot ($1,178) is sure to raise an eyebrow or two (if not ire), but in absolute terms 151 Bronte is (only?) $589,000 (and 500 square feet). And it is a single family home on the south slope of Bernal Heights, it has been "modernized," and it really does offer some nice urban views (plus parking).
∙ Listing: 151 Bronte (1/1) - $589,000 [MLS]
July 25, 2007
Mint Collection Update (7/25): Sales, Leasing, Plaza And Eats/Drinks
A quick update for the Mint Collection: Twelve (12) of the fifty-two (52) condos at 410 Jessie ("Hales Warehouse") remain available for sale (77% sold) with studios ranging from $480,000 to $510,000 (433 to 494 square feet) and one-bedrooms ranging from $795,000 to $1,075,000 (996 to 1,242 square feet).
Next door at 418 Jesse ("Station House") twenty-three (23) of the twenty-five (25) units have been leased. The remaining two:
∙ 418 Jessie #702 (3/3) 1,921 sqft - $6,250/mo (includes 2 car parking)
∙ 418 Jessie #802 (3/3) 1,931 sqft - $6,550/mo (includes 2 car parking)
Also of note, “Mint Plaza is on schedule for completion on Labor Day” with Chez Papa scheduled to open in mid-September, Sushi Groove in late September/early October, and Blue Bottle in early October as well. (No word on what ever happened to the "Nuevo-Latino/Peruvian" restaurant/lounge.)
∙ The Mint Lofts: The SocketSite Scoop, Update And (Some) Pricing [SocketSite]
∙ Mint Lofts (410 - 424 Jessie): New Website, Photos, And Floor Plans [SocketSite]
∙ Mint Lofts: 410 + 418 Jessie Street, San Francisco [SocketSite]
∙ Mint Plaza: Approved, Moving Forward, And Coming Soon [SocketSite]
San Francisco Notices Of Default/Foreclosures Are Way Up (Sort Of)
We’re just going to pretty much parrot what we wrote three months ago: While a 102.4% year-over-year increase in San Francisco Q2 “Notice of Default” activity sounds quite dramatic, in absolute terms it still represents relatively few properties (257). Within the greater Bay Area, however, Contra Costa hit a record level of Q2 default activity (2,316 notices, up 219.4% year-over-year) as did Sacramento (3,840 notices, up 184.0% year-over-year). And Alameda isn’t too far behind (1,612 notices, up 148.4%).
According to DataQuick, “[m]ost of the loans that went into default last quarter were originated between July 2005 and August 2006. The median age was 16 months. Loan originations peaked in August 2005. The use of adjustable-rate mortgages for primary purchase home loans peaked at 77.8% in May 2005 and has since fallen.”
And while the actual number of foreclosed upon homes in San Francisco jumped a whopping 444.4% last quarter (on a year-over-year basis), that represents a total of 49 properties (versus 9 in the second quarter of 2006). In Contra Costa, however, 778 homes were foreclosed upon last quarter (versus 62 in the second quarter of 2006).
Keep in mind that long-term interest rates remain near historic lows, and according to most, the Bay Area economy and stock market remain strong (and incomes are up).
UPDATE: As a reader notes below, some great perspective from the Chronicle with regard to the relative number of Bay Area defaults/foreclosures over the past twenty (or so) years. In summary: we’ve already surpassed the early 90’s.
∙ Bay Area “Notices Of Default” Heading North? (So To Speak) [SocketSite]
∙ California Foreclosure Activity Continues to Rise [DQNews]
We Have To Wonder: What's The Seller Saying Now?
The listing for the 355 1st Street #1907 (in the Metropolitan) notes, “MAJOR REDUCTION: Seller says sell now!” It was, however, about a month ago (and after a month on the market) that the price was reduced $61,000 (4.6%).
∙ Listing: 355 1st Street #1907 (2/2) - $1,338,000 [MLS]
July 24, 2007
Those Amazing Automated Aluminum Louvers On 1234 Howard
A reader notices the individually operated (unit-by-unit that is) aluminum louvers being installed on the south face of 1234 Howard (and notes floor plans on the updated property website). And in the interests of our readers (okay, and of ourselves), we immediately dispatched a photographer.
And of course, a few more photos from the inside (a week before the rumored sneak peeks for a select few):
UPDATE: According to sfnewdevelopments: two (2) studios in the mid $400’s (one BMR); eight (8) "one-bedrooms" in the mid $600’s (one BMR); and six "two-bedrooms" around $800K to $900K. Oh, and “there were originally eight 2BR units but Mr. Saitowitz himself will be living in 2 of them.” Let's just say we're not too surprised (notice the walkway connecting the top two south facing units) and it doesn't suck to be Saitowitz.
∙ New Stanley Saitowitz/Natoma Architects Condos: 1234 Howard [SocketSite]
Transbay Design Competition: The Revised Schedule And Unveiling
Frederick has heard rumblings of a 1,500 foot tower (despite the current height limits of 550 feet), and as Jamie notes, you can watch the unveiling on SFGTV (channel 26) if you can’t make it in person (on August 6th).
The public is invited to a Special TJPA Board Meeting on Monday, August 6th, 2007 from 6 pm to 9 pm in San Francisco City Hall Board Chamber Room where we will be unveiling the proposed design concepts for the new landmark Transbay Transit Center and Tower in downtown San Francisco.
Presentations will be given at the August 6th, Special TJPA Board Meeting, at City Hall, 6:00 to 9:00 PM, (in order) by the following teams:
* Richard Rogers Partnership/Forest City Enterprises/MacFarlane Partners
* Skidmore Owings and Merrill/Rockefeller Group Development Corporation
* Pelli Clark Pelli Architects/Hines
The design models will also be on display for the public Tuesday, August 7th, 2007 from 8 am to 6 pm in the North Light Court at San Francisco City Hall.
And while we have no interest in stealing the city’s thunder (and are probably aiming even higher than the tower), we are calling on all plugged-in tipsters that might have access to initial sketches, ideas or design concepts that were never submitted. Heck, we’ll even settle for homemade renderings (Godzilla anyone?) or additional rumors.
∙ Transbay Terminal Design Update: And Then There Were Three [SocketSite]
∙ Transbay Terminal (And Tower) Design Competition: The Teams [SocketSite]
Nevermind The Condos, I Really Want That Table On Townsend
From a comment on yesterday’s piece concerning 310 Townsend: “On a side note, does anyone know where I can find the dining table pictured?” The readers nailed it when it came to the barstools, but can they do it again with something slightly larger like a table? We have faith.
∙ The House Is Great (But I Really Want Those Barstools) [SocketSite]
∙ 310 Townsend: Additional Evidence Of Price Reductions [SocketSite]
JustQuotes: Is The Subprime Sickness Spreading?
“Countrywide Financial Corp. reported a 33% drop in second-quarter net income on Tuesday and signaled that problems in the subprime mortgage market have spread to the highest-quality home loans....Countrywide said payments were at least 30 days late at the end of second quarter on 4.56% of prime home-equity loans serviced by the company, up from 1.77% a year earlier....Payments were late on 23.71% of subprime mortgage loans, up from 15.33% at the end of the same period in 2006.” (Subprime problems spread to top-rated mortgages, lender says)
UPDATE (later that afternoon): "Wall Street pulled back sharply Tuesday as investors dealt with disappointing earnings reports and renewed concerns about the mortgage lending market." (Stocks Fall on Earnings; Dow Sinks)
It’s Now Seven Days And Counting For 75 Miraloma Drive
After six months on the market (this time), 75 Miraloma Drive is now advertising “Will be rented by aug 1 last chance to purchase!” That’s seven days and counting. And no, we don't know if it’s “the big hurt” who will be signing up for another season assuming it doesn’t sell.
∙ 75 Miraloma: Not A Lot Of Depth (Although Wide And Tall) [SocketSite]
July 23, 2007
Apples To Apples Appreciation: A Data Point In Pacific Heights
Twenty (20) months ago 2760 Sacramento #3 was purchased for $827,000. Two months ago it was listed for sale at $849,000. And three days ago it closed escrow with a contract price of $840,000 (1.1% under asking).
That’ a $13,000 gain in value since November 2005. In other words, a compound annual growth rate (or "appreciation”) of a little under 1.0% a year for this condominium in Pacific Heights.
∙ We’ve Almost Got A Line (Another Data Point At 2760 Sacramento) [SocketSite]
∙ But Isn't The Median Sales Price Up? [SocketSite]
Symphony Towers: A SocketSite Reader Reports On Opening Day
We might not have an official tally for this past weekend’s “grand opening” of Symphony Towers, but we do have one plugged-in reader’s report (and photo):
Buyers (including many investors) starting lining up at 6am for a chance at one of those 350k studios. From the look of things, Symphony was well on their way to selling out their first 50 homes... We were there till 1pm [on Saturday] and by then 30+ units were already reserved.
Any visitors to the sales office on Sunday care to report in on day two?
∙ The SocketSite Scoop On Sales At Symphony Towers (750 Van Ness) [SocketSite]
∙ Symphony Towers (750 Van Ness Avenue) [SocketSite]
Two Toby Levy Designed Townhouses Up On Ord (40-42)
It’s a Toby Levy designed two townhouse building on “one of the best blocks in San Francisco” and boasting “indoor and outdoor spaces…blurred with large terraces and soaring living spaces,” walls of windows which “usher in a profusion of light and sensational vistas,” and “custom kitchens with professional-grade appliances and spa-like bathrooms….” Oh, and radiant floor heating and solar-ready electrical systems.
And once again, a few more Bertazzonis in the kitchens. Were they having a warehouse sale that we missed? Seriously, can anyone help us understand the sudden surge in popularity of the stoves? (Not that we're opposed.)
∙ Listing: 40 Ord Street (3/3.5) - $1,359,000 [extraordinaryord.com]
∙ Listing: 42 Ord Street (3/3.5) - $1,799,000 [extraordinaryord.com]
∙ Citrino (566 South Van Ness): Website Update And A Few Prices [SocketSite]
310 Townsend: Additional Evidence Of Price Reductions
Five months ago 310 Townsend #412 hit the market at $970,000 (with the option of purchasing parking for an additional $20-25,000). Three days ago it was listed on the MLS for $895,000 (including parking).
That’s an effective reduction of $95,000 (10.6%). And yes, they’re still offering “Special 3.875% financing.”
UPDATE (9/7): Closed escrow on 9/5/07 for $890,000 (8.2% under original asking, and not accounting for any parking).
∙ Listing: 310 Townsend #412 (1/1) - $895,000 [MLS]
∙ 310 Townsend: Available And Selling [SocketSite]
∙ 310 Townsend: Two New Listings, (At Least) One New Price [SocketSite]
July 20, 2007
A Few Picture Postcard Views From The 59th Floor Of One Rincon Hill
You can argue the architecture all you want (over here), but it’s hard to argue with the views (from the 59th Floor of One Rincon Hill tower one). And no, we weren’t kidding about the time capsule (which was blessed today and will be retrieved in 50 years).
And speaking of underutilized surface parking lots (and at least one new development):
∙ One Rincon Hill: Another Fontana Or Transamerica In The Making? [SocketSite]
∙ One Rincon Hill “Rumors”: Construction, Closings and Time Capsule [SocketSite]
∙ More 'Manhattanization' Of San Francisco: Paying More For Parking [SocketSite]
More 'Manhattanization' Of San Francisco: Paying More For Parking
It's a double parking whammy as underutilized downtown surface area parking lots are replaced by new housing developments with more people than parking spaces.
"Parking demand in San Francisco is rising daily," [City Park CEO Tim Leonoudakis] said. "The 'Manhattanization' of downtown parking will be complete with the opening of the residential towers in South of Market, which are all 'under parked.'"
Legislation passed last summer limits parking at new residential projects in the city's downtown to one space per every four units -- though developers can secure up to three spots for every four units under certain conditions.
Leonoudakis said most tenants need more than one space and that demand is not being satisfied on site. Tenants, he said, will overflow into the surrounding neighborhood and "that's going to impact commuter parking."
"There's a dynamic under way that we should all be paying attention to," he said. The issue has already gotten attention, in part due to a controversial measure to increase parking allotments all over the city that is likely to appear on the ballot in November.
The measure would boost the number of allowed spaces at new multi-unit residential projects downtown from a maximum to a minimum of three slots for every four units, according to Jim Ross, a political consultant who's running the campaign for the initiative. It would also increase parking to a minimum of one space for each new residential unit built outside of downtown, and "allows for but doesn't require" minimum numbers of spaces for new retail and other commercial projects, Ross said.”
And regardless of your position on this issue, there’s likely one thing on which we can all agree: the cost/value of parking in the city is going up. Now about those $225,000 parking spaces in Manhattan...
One Of The Infamous Watermark Eight (And A Number Eight As Well)
To be honest, we don’t know what happened to the other
six seven “relatively quick flips at the sold out Watermark” that we highlighted this past February. We did, however, notice that Watermark (501 Beale) #7B was relisted yesterday at $999,000 (as opposed to $1,049,000 five months ago). Any tipsters have the scoop on the other seven?
And while it wasn’t one of the infamous eight, the asking price on 501 Beale #8C was reduced $15,000 (1.7%) the day before yesterday (and after being listed for $880,000 in June). And yes, it still offers the same spectacular bridge views (above) that we highlighted last September (at which point it was listed at $912,000).
∙ Listing: 501 Beale Street #7B (2/2) - $999,000 [MLS]
∙ Listing: 501 Beale Street #8C (1/1) - $865,000 [MLS]
∙ Six Relatively Quick Flips At The Sold Out Watermark (501 Beale) [SocketSite]
∙ Watermark Update: 85% Sold [SocketSite]
Tales Of San Francisco (On So Many Different Levels)
A tipster directs our attention to the listing for 741 Noe, a two bedroom “Tales-of-the-Cityesque” condo “on Eureka Valley's famed Liberty Street Stairs” that could “make Armistead Maupin green w/ envy!” It’s part of a two bedroom condo association along with 494 Liberty (which according to our tipster "recently sold for $1,315,000 after being listed at $1,085,000"). Oh, and apparently the two units “were bought as TIC's on 7/15/2004 for $1,141,500 total.”
And then there's the last paragraph of the tip: “I'm a homeowner who has owned for quite a while and although I like to see properties appreciate, I would prefer it to be less crazy. I can never never afford to move unless I move out of the city.” Oh, the irony (and only in San Francisco).
UPDATE (9/7): Closed escrow on 8/20/07 for $1,057,000 (6.9% over asking).
∙ Listing: 741 Noe Street (2/1) - $989,000 [MLS]
The Royal SF: Sales Update (And Case Study For The SocketSite "Cii")
Although at least 16 condos remain unsold and “available for immediate occupancy” at The Royal (201 Sansome), only one unit (#501) is officially listed as inventory on the San Francisco MLS (it’s the SocketSite Complete Inventory Index in action.) And although 201 Sansome #501 was officially listed at $594,000 yesterday, it’s “priced” at $660,000 according to the sales office sales materials from the day before.
It’s also worth noting that while units #503, #602 and #804 at They Royal are no longer listed on the MLS (as they were two months ago), all three units appear to remain available for sale (and occupancy) today.
∙ The Royal San Francisco [SocketSite]
∙ SocketSite’s Complete Inventory Index (CII): Q3 2007 (SF) [SocketSite]
∙ The Royal San Francisco Reductions [SocketSite]
July 19, 2007
SocketSite’s Complete Inventory Index (CII): Q3 2007 (SF)
Once again, if you’re truly plugged-in you’re already familiar with SocketSite’s Complete Inventory Index (Cii) for San Francisco. But if you're not:
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.
We’re now tracking the size, status, probability, and available inventory for nearly 200 new developments throughout San Francisco (20,000+ condominiums in total). And we’re keeping tabs on another 15,000+ “net new housing units” (including rental units) that are either proposed or on the drawing boards. All told, it's a potential inventory of 35,000+ housing units (i.e., the majority of San Francisco’s overall housing pipeline).
As it stands, in addition to the roughly 600 San Francisco condominiums (and 500 single family homes) that are listed and available for sale on the San Francisco MLS, we estimate that there are approximately 225 new condominiums that are not listed, but are currently available for purchase and occupancy. These condos include unlisted inventory in buildings ranging in size from 310 Townsend to The Palms.
We also estimate that there are currently an additional 1,150 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, The Potrero, and The Hayes). And within the next six months, we expect to see an additional 1,000 condominiums begin marketing, accepting deposits, and competing for sales as well (think The Millennium, SF BLU, and Esprit Park).
Looking forward to 2008 we see an additional 2,000 new condominiums that are likely to start marketing/selling in the first half of the year (or relatively soon thereafter). And another 1,600+ that have a shot of making it to market in the second half of 2008. At the same time, keep in mind that at least 1,000 units have fallen out of the pipeline over the past six months (think 250 Brannan or Rincon Towers).
Beyond that (and for building by building updates) you’ll just have to keep plugging in.
∙ SocketSite’s Complete Inventory Index (Cii) [SocketSite]
∙ 310 Townsend: Two New Listings, (At Least) One New Price [SocketSite]
∙ The Palms: Financing Incentives And Inventory Update [SocketSite]
∙ An Incomplete History Of Prices At The Infinity [SocketSite]
∙ The Potrero: South Building Sales (And Incentives) This Weekend [SocketSite]
∙ The Hayes (55 Page): A Plugged In Buyer’s Facts (And Opinion) [SocketSite]
∙ Millennium Tower: Sales Timeline, Additional Details And Renderings [SocketSite]
∙ 631 Folsom: Recently Christened “SF BLŪ” (And Down To 108 Units) [SocketSite]
∙ Esprit Park (900 Minnesota): The Website (Sales Office This Summer) [SocketSite]
∙ An Ode To Offices Or A Rethinking Of Residential? [SocketSite]
∙ Rincon Towers: From Apartments, To Condos, To Apartments [SocketSite]