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January 26, 2008

Chelsea Park (Phase I): On The MLS And Opening Tomorrow (1/27)

Chelsea Park: Living Room

Originally expected to hit the market early last month, seven (7) of the 39 condos that comprise Chelsea Park will be “released” to the public tomorrow afternoon (1/27) with a “Sneek Peek” from 1-5pm. (And yes, we have a feeling they meant “sneak” rather than the city in the northern Netherlands.)

Chelsea Park Floor Plans, Condos 17 & 18

Three of the units are now listed on the MLS (with prices ranging from $749,000 to $1,269,000 in this release). And don’t read too much into the lack of photography (other than with respect to the delayed opening), “the photographer is coming today.”

∙ Listing: 29 Oakwood Street #16 (3/2.5) - $1,269,000 [MLS]
∙ Listing: 29 Oakwood Street #17 (2/2) - $899,000 [MLS]
∙ Listing: 29 Oakwood Street #18 (1/1) - $749,000 [MLS]
San Francisco’s Chelsea Park Condominiums Coming Soon [SocketSite]

Posted by socketadmin at 10:57 AM | Comments (43)

January 25, 2008

Not Overheard Everyday (Again): Five Months After Closing, It’s Back

1420 Douglass: Exterior

Six months ago it was on the market for $1,695,000 and caught our attention for two reasons: 1. the design of the central staircase/fireplace, and 2. it had changed hands 17 months prior for what we assume was a pre-remodel price of $1,300,000.

1420 Douglass: Living

And while 1420 Douglass ended up closing escrow on 8/09/2007 for $1,945,000, it’s back on the market today for $2,095,000. Seeing as how we never received our invitations to the last housewarming, here’s you chance to make things right.

∙ Listing: 1420 Douglass (3/2) - $2,095,000 [MLS]
Not Overheard Everyday: Don’t Hit Your Head On The Fireplace [SocketSite]

Posted by socketadmin at 6:17 PM | Comments (27)

San Francisco Currently A "Category Two" Soft Market To Countrywide

Countrywide’s recent “Soft Market Policy Changes” via a seriously plugged-in tipster:

As you are well aware, 2008 is forecasted to be a challenging year for the mortgage industry, characterized by a declining Housing Price Index in a wide variety of metropolitan markets. In the context of the prominent threat to our industry of collateral values falling below outstanding loan balances, mortgage professionals must strive to ensure that borrowers do not take on loans that they do not have the ability or economic interest to repay.
Because of these market conditions, as well as policies implemented by Government Sponsored Enterprises and Mortgage Insurance agencies, Countrywide®, America's Wholesale Lender® is adopting new Soft Market policies designed to help serve qualified borrowers in markets which are either declining or projected to decline in 2008.
Impacted markets across the nation have been categorized, with Category 5 being the highest risk for declining market value and Category 1 markets currently demonstrating more stable market values. Those counties in a higher risk category are subject to additional guideline restrictions as described below. Click here to view a list of the counties currently attributed to Soft Market categories 1-5.

San Francisco, San Mateo and Marin counties have been defined as Category 2 Soft Markets; Napa county a Category 3; and Alameda, Contra Costa, Sonoma, and Solano counties Category 4. The impact (more or less) of the policy changes that became effective last Friday:

For Countrywide Purchase Loans:
Soft Market Category 4-5 loans: Maximum financing will be reduced by 5%
Soft Market Category 1-3 loans: Maximum financing will be reduced by 5% if the appraisal or appraisal review indicates any of the following: Declining Market, Oversupply, Marketing time over 6 months.
For Countrywide Home Equity Loans:
Soft Market Category 5 loans: Maximum financing will be reduced by 10%
Soft Market Category 4 loans: Maximum financing will be reduced by 5%
Soft Market Category 1-3 loans: Maximum financing will be reduced by 5% if the appraisal or appraisal review indicates any of the following: Declining Market, Oversupply, Marketing time over 6 months.

UPDATE: A comment worth highlighting: "I was all set to take out a mortgage with 5% down from Countrywide this week. On Monday, I got a call saying they no longer have that product. Bummer. I think they were the last to offer the 5% down loan; and it had the same rates (5.75% at the [time]) as their 10% down."

Posted by socketadmin at 12:29 PM | Comments (15)

One Rincon Hill: A Remembrance Of Its Clock Tower Past

Rincon Hill Bank of American Clock Tower

We’re not fans of One Rincon Hill’s white stripes (although we rather like the band). And we do believe that more could have been done with the design (assuming the city would have acquiesced). But at the same time, we also believe that critiquing the design prior to the completion of both towers constitutes an unfair rush to judgment. And that it's worth remembering the architecture (and use of land) that graced this site not too long ago.

One Rincon Hill: Another Fontana Or Transamerica In The Making? [SocketSite]

Posted by socketadmin at 10:47 AM | Comments (37)

“Back With A Vengeance” (Reduced Price And New Half-Bath) In Noe

981 Dolores

We must have missed it the first time around (when it was listed for $975,000), but perhaps that’s not such a bad thing. From the listing for 981 Dolores in Noe Valley: “BOM at lower price and with new powder room. Bring 'em back!” Moo.

∙ Listing: 981 Dolores (3/1.5) - $959,000 [MLS]

Posted by socketadmin at 10:30 AM | Comments (3)

130 New Apartments And Fresh Groceries, Both For The Greater Good

The site of the future Eddy & Taylor Family Housing

The Tenderloin Neighborhood Development Corp. (TNDC) has acquired the 22,000-square-foot surface parking lot on the corner of Taylor and Eddy, and according to J.K. Dineen, the designs for development include both apartments (13-story building) and a 15,000-square-foot ground-floor grocery store.

Eddy & Taylor Family Housing will be comprised of 130 studio, one-, two- and three-bedroom apartments. At least 20 percent of the apartments will be reserved for formerly homeless households. The building will include play areas for kids and community gathering venues.

David Baker + Partners have been tapped for the design. The grocer has not been named. And completion is slated for 2012.

Developer takes on one of S.F.'s toughest corners [Business Times]

Posted by socketadmin at 8:02 AM | Comments (23)

Modern Architecture Hits Is Back On The Market Up On Mullen (306)

306 Mullen

The modern 306 Mullen is back on the market (or more accurately the MLS). And while the staging, photos, and official days on the market have changed (and it appears that Nelly is no longer), the list price remains the same.

∙ Listing: 306 Mullen (4/4) - $2,295,000 [MLS]
Modern Architecture Hits The Market Up On Mullen (306 Mullen) [SocketSite]

Posted by socketadmin at 6:45 AM | Comments (15)

January 24, 2008

Conforming Loan Limits: A Placeholder For Discussion And Analysis

Analysis to come. But in essence, it's not a silver bullet (increasing the conforming loan limit that is).

UPDATE: And as was sure to happen, a plugged-in reader steals a bit of our thunder with reference to the OFHEO report, “Potential Implications of Increasing the Conforming Loan Limit in High-Cost Areas.”

Posted by socketadmin at 12:25 PM | Comments (106)

32 Carson Returns To The Market Having Shed A Little Winter Weight

32 Carson: Glass Walkway

A listing for 32 Carson has returned to the MLS having shed a little winter weight ($15,000 on top of the previous $50,000 reduction) and a few months on the market.

Considering the views, location, and income unit generating $1,800 a month, we’re guessing the renovation (which some will love and some will hate) and “easy street parking” (a.k.a. no garage) might be two of the property specfic things keeping buyers at bay.

To quote the quote over the stove, “If life gives you limes, make margaritas.” (And then don't forget to invite us over.)

∙ Listing: 32 Carson (2/2) - $1,3250,000 [MLS]

Posted by socketadmin at 11:02 AM | Comments (17)

JustQuotes: Breaking Down A Barrier Between North And South

The Great Geary Divide

"City planners are proposing to redesign a below-ground-level stretch of Geary Boulevard to create more open space and pedestrian-friendly links between Japantown and the Fillmore and Western Addition areas. Options [to be discussed at a public workshop on Feb. 12 along with a related Geary Boulevard transit project (BRT)] will include new traffic signals and pedestrian crossings, integration of the boulevard with new open spaces planned in Japantown, and raising the street to ground-level..."

City may topple Japantown’s ‘Berlin Wall’ [Examiner]
The 4 Design Concepts For The Future Of San Francisco’s Japantown [SocketSite]

Posted by socketadmin at 9:00 AM | Comments (14)

U.S. Existing Home Sales Decline More Than Forecast In December

"Sales of existing homes in the U.S. fell more than forecast in December, capping the biggest yearly slump in more than a generation.

Purchases fell 2.2 percent to an annual rate of 4.89 million, the National Association of Realtors said today in Washington. For all of last year, sales of single-family homes declined 13 percent, the most since 1982, and prices dropped for the first time in at least four decades [and likely since the Great Depression].

Falling property values and tougher borrowing rules may lead to more foreclosures and depress housing for most of this year. The worsening real-estate recession is at the core of the economic slowdown and will probably prompt the Federal Reserve to lower interest rates next week and in future meetings, economists said."

U.S. Existing Home Sales Fell More Than Forecast [Bloomberg]

Posted by socketadmin at 8:12 AM | Comments (2)

One Rincon Hill: Seismic, Sway, And Second Tower Construction

A plugged-in tipster forwards a slightly enginerdy read (and we mean that in a good way) with respect to the performance-based seismic design (PSD) of Infinity and One Rincon Hill. Three little nuggets that caught our attention specific to One Rincon:

1. The temporary certificate of occupancy (TCO) for the first 20 floors was received on January 4, the TCO for the next seven is expected within the next couple of weeks;
2. The building will sway from east to west as the “wind whips around the building from south to north [and] creates a cross wind effect;” And,
3. Condo owners have been forewarned that construction is set to begin late next month [February] on the second tower.

And yes, nugget number three would seem to suggest no January groundbreaking for the “two and only” tower two (despite all the advertising).

San Francisco’s 590-ft Skyscraper Lifts Seismic Design’s Stature [ENR]
One Rincon Hill: An Official Update And A Few Confirmed Facts [SocketSite]

Posted by socketadmin at 7:45 AM | Comments (35)

The Hayes (55 Page) Strips Off (And Reveals) A Little Bit More

The Hayes: 01-23-08 (www.SocketSite.com)

The Hayes (55 Page) is one step closer to architectural judgment (and occupancy) as the majority of blue window wraps have been removed. And while at least one plugged-in reader looks forward to an “early ‘08” move-in, another who was planning on “late ‘07” will no longer be making the move (we’re trying to confirm details on exactly why and what happened to the deposit).

Keep in mind that it was ten months ago that another reader reported 30% sold with sales office expectations of selling out (and moving people in) by the end of 2007. And in terms of net new sales, word on the street is very little movement since our last report of 60% in contract three months ago.

The Hayes (55 Page): Starts To Get Unwrapped And Revealed [SocketSite]
A Plugged-In Reader And Hayes (55 Page) Buyer Reports: 60% “Sold” [SocketSite]
The Hayes (55 Page): A Plugged In Buyer’s Facts (And Opinion) [SocketSite]

Posted by socketadmin at 3:30 AM | Comments (31)

January 23, 2008

The First Physical Sign (Quite Literally) Of Home Depot Development

Bayshore Home Depot: Coming Soon Sign (Image Source: Bayview Hunters Point Home Blog)

A plugged-in reader reports: “As I was driving by today, there were four guys standing on the awning removing the "Home Depot YES" sign and replacing it with a "Home Depot Coming Soon" sign.”

UPDATE: And Bayview Hunters Point Home Blog scores the photographic proof.

Home Depot Bayshore (San Francisco): Let’s Get Ready To Rubble! [SocketSite]
Home Depot Coming Soon [Bayview Hunters Point Home Blog]

Posted by socketadmin at 2:29 PM

A Reader Reports: 1286-1298 Treat Avenue Goes Up In Flames. Twice.

1286-1298 Treat Avenue (www.SocketSite.com)

The Ellis Act eviction notices were served in December 2006, the evictions carried out a year later, and three units at 1286-1298 Treat Avenue returned to the market as TICs not too long ago. And according to a plugged-in tipster, they’ve gone up in flames.

"[1286-1298 Treat Avenue] was torched the night of 1/21 and then mysteriously rekindled itself Tuesday morning. All that seems salvageable is the realtor’s sign, untouched by the blaze."

Borrowing a line from our story about a suspicious fire at 2626 Sutter: "Our first thought? We hope nobody got hurt. Our second thought? Well, let's just say it was probably the same as yours."

Attempt to evict Treat Ave. residents [El Tecolote]
∙ Listing: 1286-1298 Treat Avenue [Vanguard]
2626 Sutter: Little Did We Know (Or Perhaps We Did) [SocketSite]

Posted by socketadmin at 12:11 PM | Comments (41)

Nothing But Numbers (And A Pretty Picture): 3400 Clay Street

3400 Clay Street

1 quick reduction ($105,000 91 days ago); 3 car garage (and fireplaces); 4 bedrooms/full bathrooms; 11 foot ceilings; 33 foot long THX home theater; 96 days on the market; 6,500 square feet; 1,567,058 (dollars) tax assessed value; 6,995,000 (dollars) asking.

∙ Listing: 3400 Clay Street (4/5) - $6,995,000 [MLS]

Posted by socketadmin at 3:45 AM | Comments (12)

Back On The Market (But Not The MLS) In Bernal Heights: 330 Banks

On the market without finding a buyer at $649,000 last fall, 330 Banks is back on the market (but not the MLS) with a list price of $599,000.

330 Banks

Included in the sale are approved plans to add an additional “art studio” and half-bath on first floor. And while it’s usually “showings by appointment only,” it will be open this Sunday (1/27) for just one half-hour (from 2:00 to 2:30) if you want to take a peek.

330 Banks: Approved Plan

Keep in mind that this single-family Bernal Heights home was purchased two and one-half years ago for $700,000 (on 6/8/2005). And yes, the sale at $700,000 was likely used as a local comp a couple of years ago. And so on. And so forth.

∙ Listing: 330 Banks (1/1) - $599,000 [330banksstreet.com]

Posted by socketadmin at 3:30 AM | Comments (32)

Homes On Esprit Park (888 Minnesota): A Two Joins The Ones

Esprit Park #S322: Floor Plan

Last week we wrote, “No word, however, on any movement (either in terms of sales or reductions) for the two and three bedroom units [at Homes on Esprit Park].”

And today we note, the list price on 888 Minnesota #S322 (two bedroom/two bath) has been reduced $52,000 (4.7%).

Homes On Esprit Park: The Foreshadowing Comes To Fruition [SocketSite]
∙ Listing: 888 Minnesota #S322 (2/2) - $1,053,450 [MLS]

Posted by socketadmin at 3:05 AM | Comments (5)

It Closed Escrow Yesterday With A Contract Price Of...$935,000

4027-4033 2026th Street

JustQuotes: There’s Always One On (Almost) Every Block [SocketSite]

Posted by socketadmin at 3:00 AM

Five New North Beach Condominiums Hit The Market: 84 Vandewater

84 Vandewater: Map

They’re five (5) new North Beach condominiums at 84 Vandewater (between Bay and Francisco), each with one car parking and storage. And no, they're not listed on the MLS.

∙ 84 Vandewater #201 (2/2.5) 1,109 sqft - $925,000
∙ 84 Vandewater #202 (2/2) 986 sqft - $945,000
∙ 84 Vandewater #301 (2/2.5) 1,039 sqft - $1,049,000
∙ 84 Vandewater #302 (2/2) 1,009 sqft - $975,000
∙ 84 Vandewater #401 (3/2.5) 1,253 sqft - $1,249,000

Floor plans and photos are available online. And we'll leave it at that.

84 Vandewater [84vandewater.com] [Floor Plans] [Photos]
SocketSite's San Francisco Listed Housing Inventory Update: 1/21/08 [SocketSite]

Posted by socketadmin at 2:30 AM | Comments (10)

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