February 29, 2008
Infinity And One Rincon Hill: Closings By The Numbers To Date (2/29)
∙ Infinity: 11 closed, a "handful" moved in, 1 has walked away from a deposit.
∙ One Rincon Hill: 40 Closed, 17 moved in, 15 have walked away from deposits.
Keep in mind that we don't have a good denominator to measure the actual rate at which buyers are walking away. And that's 11 down and 354 to go at Infinity (not including tower two), and 40 down and 350 to go at One Rincon Hill (again, not including tower two).
UPDATE: From a plugged-in reader: "I question the accuracy of these numbers. My source at the title company said that they will have closed, as of today, just under 30 at the Infinity."
UPDATE: From another: "I have a unit under contract at ORH, and asked the sales team this morning regarding that figure. I was informed that 16 people have walked away from their deposits, with all but 3 of them being replaced (most likely with higher prices)."
∙ Infinity Update: Closings, Move-Ins And Even Kitchen Cabinetry [SocketSite]
∙ RandomRumors: One Rincon Hill Walkthroughs Without An Agent? [SocketSite]
∙ New residents unpack at S.F. condo towers [Business Times]
JustQuotes: The Timing On Turnberry's Tower (45 Lansing) And Sales
"Turnberry Associates...has leased the defunct 25,000-square-foot Sound Factory nightclub at 525 Harrison St., directly next door to the One Rincon Hill sales center at 511 Harrison St. The space will be converted into a sales and marketing center for the tower Turnberry plans to start work on this summer [at 45 Lansing]. Turnberry spokesman Matt Levinson said...the sales office would open in "six to eight months."
∙ One Rincon Hill office welcomes glitzy neighbor [Business Times]
∙ First Impressions: One Rincon Hill Sales Center [SocketSite]
∙ True Luxury Condos At 45 Lansing? [SocketSite]
∙ Out With The Old: 45 Lansing And The Lot Around Watermark [SocketSite]
Coming Soon Here (And Starting At $559,00): 1158 Sutter Street
Granted, the footprints aren't huge (ranging from 807 to 1,100 square feet), but we’re not intimidated by small spaces (in fact we’re kind of partial to them). And we’ll reserve judgment until we’ve taken a tour (or get a full report from a trusted plugged-in tipster).
As best we can tell all of the photos are from upper floor units rather than the three that are actually listed, and at this point the website doesn’t provide floor plans or additional photography. But the site does provide basic stats and promises pricing; notes monthly HOA dues will range from $460 to $517; and once again highlights “deeded-secured-parking."
∙ Listing: 1158 Sutter #3 (2/2) 1000 sqft - $649,000 [MLS]
∙ Listing: 1158 Sutter #4 (2/2) 815 sqft - $559,000 [MLS]
∙ Listing: 1158 Sutter #5 (2/1.5) 962 sqft - $595,000 [MLS]
∙ Coming Soon: Fifteen New Condos At 1158 Sutter Street [SocketSite]
February 28, 2008
An Unrendered Perspective On The Proposed 690 Stanyan Project Site
Posted by socketadmin at 4:42 PM
Coming Soon Here: 2405 Folsom (Website And Listing)
Following in the footsteps of the signs, the website for 2405 Folsom is now up and fully functional. As previously noted, it’s six condos in total. As not previously noted, units 1,3 and 5 tout one kitchen type (“Classic”); while units 2, 4 and 6 another (“Modern”).
Apparently the bar stools are timeless.
And while a plugged-in reader notes that one unit (a "Modern" #6) is now on the MLS, we haven't noted any updates regarding the status of the trees.
UPDATE (6/24): 2405 Folsom #6 closed escrow on 6/23/08 with a reported contract price of $1,199,000.
∙ Listing: 2405 Folsom #6 (3/3.5) - $1,259,000 [MLS]
∙ 2405 Folsom: The Signs Are Up (The Website Not So Much) [SocketSite]
“Instant Equity” Hawkers Take Note (Along With Everybody Else)
It’s not a done deal, but as a plugged-in reader notes it’s looking like Fannie Mae (“the biggest source of financing for U.S. home loans”) will ban the use of in-house or broker arranged appraisals.
The proposed changes include banning Fannie Mae's partners from using appraisers employed by their wholly owned subsidiaries. Mortgage lenders that own appraisal companies include Countrywide Financial Corp., the nation's largest home- loan originator.
The restrictions would apply to loans acquired after Sept. 1, according to the memo. Fannie also told lenders that an independent appraisal clearinghouse likely would be established.
Will Jumbo players follow suit? And is there any chance of extending the ban to those who hawk "instant equity based on last appraisal" as well?
∙ Fannie Proposes Ban on Lenders' In-House Appraisers [Bloomberg]
From The Future To The Past (Tense): 2021 Webster Cuts Again
And while it’s now listed at a "drastic" $796,000 (29.5%) under its original asking price of seven months ago, do keep in mind that it’s still priced at $404,000 (17.6%) over what the now relocated seller paid just five months prior to that.
As we wrote in late 2006 (prior to its last sale): “It’s not the ideal block (a lack of single family homes/residential), but the house is stunning and it honestly doesn’t feel narrow in the slightest.” And we're still fans of the ceilings.
UPDATE (5/20): 2021 Webster closed escrow on 5/20/08 with a reported contract price of $2,425,000 (30.6% under orignial asking, but 5.7% over what was paid 16 months prior).
∙ Listing: 2021 Webster (4/3.5) – $2,699,000 [MLS]
∙ RealRecentReductions: You’ve Seen These Before (Will You Again?) [SocketSite]
∙ As Far As We Can Tell, Not Much Has Changed (Other Than The Price) [SocketSite]
∙ Mass Appeal (2021 Webster) [SocketSite]
JustQuotes: Freddie Follows Fannie (As Is Human Nature)
"Freddie Mac, the second-largest mortgage-finance company, posted a record $2.45 billion loss for the fourth quarter as rising defaults sent credit costs soaring....Government-chartered Freddie Mac and Fannie Mae, which account for 45 percent of the $11.5 trillion home loan market, are posting their biggest-ever losses as foreclosures and tumbling home prices increase costs. Freddie Mac Chief Executive Officer Richard Syron said today the company remains 'extremely cautious' for 2008."
∙ Freddie Mac Posts Record Loss, Remains `Cautious' [Bloomberg]
February 27, 2008
The 690 Stanyan Project: Overview And EIR Hearing Tomorrow (2/28)
The proposed demolition: The vacant 24-foot-high, 23,600-square-foot (sq.ft.) retail building (Cala Foods) and removal of the existing 42-space parking lot at 690 Stanyan.
The proposed project: A "four-story," 115,400-sq.ft. retail/residential building with a 34,400-sq.ft. ground-floor specialty grocery store (Whole Foods), 62 residential units in 81,000 sq.ft., and an additional three-level, 176-space subterranean garage (90,000 sq.ft.) with 114 grocery store parking spaces and 62 residential parking spaces. 26 studio units, 20 one-bedroom units, 15 two-bedroom units, and one three-bedroom unit.
The Planning Commission hearing: Tomorrow (2/28/08), 1:30 p.m., City Hall (Room 400).
The point: Show up and show your support (or not).
UPDATE: And thanks to a plugged-in tipster we add a rendering and additional insight: "The final design was a real collaboration between architect [Stephen Antonaros] and neighbors (The Haight Ashbury Improvement Assn) and resulted in the creation of a mezzanine level cafe overlooking Golden Gate Park, something the neighbors preferred over the street level cafe the Planning Dept was pushing for."
∙ The 690 Stanyan Project [690stanyan.com]
JustQuotes: What The OFHEO Are They Thinking?
"U.S. regulators removed limits on the combined $1.5 trillion mortgage portfolios of Fannie Mae and Freddie Mac, enabling the companies to increase financing for the slumping housing market.
The asset caps, imposed in 2006 after the two largest mortgage finance companies revealed $11.3 billion of accounting errors, will end on March 1, the Office of Federal Housing Enterprise Oversight said in a statement today. The agency will still require the companies to set aside reserve capital that is 30 percent more than the usual minimum.
Unconstrained by portfolio limits, the government-chartered companies may buy more loans and bonds, replacing buyers who fled the market amid the collapse in subprime mortgages."
"Ofheo lifted the constraints after Fannie Mae and Freddie Mac met a demand that they resume timely reporting by the end of the month. Fannie Mae today posted a fourth-quarter net loss of $3.55 billion, as record home foreclosures increased credit losses."
∙ Fannie Mae, Freddie Mac Portfolio Caps Will Be Lifted [Bloomberg]
San Francisco’s Seawall Lot 337 Design Proposals: In Summary
And for those who crave even more information (or a chance to
grill interact with the development teams), we'll remind you of the all-day public workshop (including team presentations and Q&A) this Saturday (3/1/08) at Jelly’s Café (295 Terry Francois Blvd).
∙ Four Teams Submit Development Proposals For Seawall Lot 337 [SocketSite]
∙ The Rendering And Additional Details For The Giants SWL 337 Proposal [SocketSite]
∙ The SocketSite Scoop: The Build Inc. Proposal For Seawall Lot 337 [SocketSite]
∙ The Federal Development Proposal For SWL 337: Details And Design [SocketSite]
∙ The Kenwood Proposal For Seawall Lot 337: Details And Design [SocketSite]
∙ Development Concepts for China Basin SWL 337 [Port of San Francisco]
The Kenwood Proposal For Seawall Lot 337: Details And Design
Kenwood’s proposal for San Francisco’s Seawall Lot 337 includes “approximately 1,100 new rental homes (20% of which will be affordable), great open spaces [5 acres including semi-public courtyards, street plazas and a park between Piers 48 and 50], restaurants, galleries, retail spaces, community performance and artists’ spaces, and offices [400,000 square feet plus parking for 1,500 cars]."
"The homes will be stacked flats at a density of approximately 90-110 homes per acre, some low [6-story] some high [30-story], wrapped around hidden parking structures [for 1,100 cars].”
“Two office towers are currently being proposed (although more could be considered), each at a height, mass and bulk (approximately 11 stories tall) that works within the neighborhood setting. Active retail uses are spread throughout the district ensuring that the residents of the south of channel area will have access to vital retail services to sustain this new neighborhood.”
And under Kenwood's proposal, the sheds on Pier 48 would become working artists’ studios with the alley that runs between an outdoor art gallery (designed in collaboration with The Black Rock Arts Foundation).
The Federal Development Proposal For SWL 337: Details And Design
“The Federal Development Project Concept [for San Francisco's Seawall 337] calls for integrating revenue producing new land uses within a matrix of substantial open space. The new uses include a 170-room Four Star Hotel, two office buildings [432,000 sqft in total], a 450-unit residential building and a 2,500 seat theater facility."
"The open space will be created primarily at the podium (top) level of a 4-story parking facility [with 2,745 spaces] that will cover most of the site and serve the parking needs of the new uses as well as providing replacement parking for the AT&T Ballpark.”
“At the key intersections of Third Street and Terry Francois Boulevard, and at the corner of Third and Mission Rock Street, meandering and gracious upwardly sloping walkways, lined with retail shops and restaurants, will invite visitors onto the site to enjoy the views and to access the podium level attractions. A major expanse of podium level open space at the site’s northeast corner will accommodate and be made available for active sporting events including soccer, football or baseball or could be the temporary (but long-term) home for Cirque de Soleil. Retail space with 30’ deep modules will front along the 3rd street frontage.”
“In the near term, uses for Pier 48 would include maritime related activities as permitted under the Burton Act and consistent with the BCDC Seaport Plan. These might include exhibition events and leasing of raw shed space (as is) to conventional maritime-related businesses such as boat rental and storage, ship chandlery stores and the like. In the longer term, Federal Development will seek approvals to permit private offices for maritime related businesses, restaurants, retail, and visitor entertainment space.”
February 26, 2008
A Few Renderings Of The Buildings Rising Up In South Mission Bay
UPDATE (2/28): Sorry folks, but the renderings for 1450 Owens Street (Parcel 7), 1500 Owens Street (Parcel 5) and Parcel 26 in Mission Bay have been removed at the request of Alexandria Real Estate Equities (although a few will return in the not too distant future). If you didn’t see them, let this serve as a lesson to plug in early (and often). And if you did, let this once again serve as a lesson to not post “confidential” materials to a public facing website where a plugged-in tipster might find them.
∙ Alexandria accelerates Mission Bay [Business Times]
∙ An Overview Of Mission Bay [SocketSite]
∙ 1501 Greenwich: A Plugged-In Reader Finds The Floor Plans [SocketSite]
A Peek Inside 270 Castenada (And Now About Those Drawings...)
For those who missed it in person last weekend, or haven't recently browsed the MLS, we'll note that a few interior shots of 270 Castenada have been added to the listing. And yes, we'd love to see a few of Maybeck's drawings as well. Tipsters?
Posted by socketadmin at 11:56 AM
Property Supervisor Rights Prevail At The Flower Mart
"Relenting to City Hall pressure, the Academy of Art University appears ready to pull out of a controversial plan to buy the San Francisco Flower Mart, potentially an 11th-hour reprieve in a deal critics felt would have destroyed the local landmark."
"[A] quashed deal would be a blow to the owners, who have been trying for years to cash out of the business. In 2005, the San Francisco Flower Growers Association accepted an offer to sell its portion of the property to a Virginia housing developer for a reported $18 million. That transaction fell through." (Academy of Art near deal on saving Flower Mart)
∙ Rose Sellers Still Selling [SocketSite 8/05]
December S&P/Case-Shiller: San Francisco MSA Hits Double-Digit Dip
According to the December 2007 S&P/Case-Shiller Home Price Index (pdf), single-family home prices in the San Francisco MSA fell 3.2% from November '07 to December ’07 and are down 10.8% year-over-year. For the broader 10-City composite (CSXR), year-over-year price growth is down 9.8% (having fallen 2.3% from November).
Miami remains the weakest market, reporting a double-digit annual decline of 17.5%, followed by Las Vegas and Phoenix at -15.3% each. In December, San Francisco slipped into negative double-digit territory with an annual return of -10.8%. Charlotte, Portland and Seattle are the only three MSAs still experiencing positive annual growth rates; however, Seattle came in at only +0.5%, an almost flat growth rate.
Prices fell across all three price tiers for the San Francisco MSA with the rate of decline increasing most significantly for the middle two-thirds of homes.
The bottom third (under $565,563 at the time of acquisition) fell 5.7% from November to December (down 25.3% YOY); the middle third fell 4.0% from November to December (down 12.1% YOY); and the top third (over $815,549 at the time of acquisition) fell 2.1% from November to December (down 2.1% YOY).
The standard SocketSite S&P/Case-Shiller footnote: The HPI 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).
∙ Year End Numbers Mark Widespread Declines [Standard&Poor's]
∙ November S&P/Case-Shiller: San Francisco MSA Continues Decline [SocketSite]
February 25, 2008
From Tough Love Comes Positive Change Over At One Rincon Hill
From "One Rincon Hill Resident" (the reader formerly known as “FrustratedBuyer”):
I was told by the excellent sales team at One Rincon Hill that the developer would be changing its policies and procedures. Based on the last couple of comments (NewRinconResident at February 23, 2008 12:40 PM; ORHBuyersAgent at February 23, 2008 12:50 PM), that appears to be the case, and the pre-closing walk through should now be a positive experience for both buyer and seller. The developer is inspecting and making obvious corrections before releasing the units for the walk through and has loosened up on the policy of prohibiting helpful professionals not on title from participation; and the customer service representative who conducts the walk through has cleaned up his act. [SocketSite] is an excellent site for new residents to have a serious exchange of ideas concerning our new homes -- and our comments are noted by the sales staff.
We love it when a plan comes together. And here's to a plugged-in One Rincon Hill Resident for being so "picky" (not to mention having "too much time on his/her hands").
∙ RandomRumors: One Rincon Hill Walkthroughs Without An Agent? [SocketSite]
Posted by socketadmin at 1:56 PM
From Rendering To Reality (And The MLS): 1446 Jackson Street
The fixtures and finish are high-end (Bulthaup, Miele, Subzero, Dornbracht, Lefroy Brooks, WET, Bonelli); we’re fans of the flow, end grain wood flooring, and overall design (although we will note a lack of non-kitchen/bedroom storage); and the pictures really don’t do the space justice (the ceiling height of the “breakfast nook” is just over 6’).
As previously noted, the other three units in the building have already sold. As not previously noted (nor known to most), the selling prices for those three: Unit 2 (1440 Jackson) 2,274 sqft - $2.5M; unit 3 (1438 Jackson) 1,227 sqft - $1.5 million; and unit 4 (1442 Jackson) 1,457 sqft - $1.7M.
∙ Listing: 1446 Jackson (1/1) 683 sqft - $699,000 [MLS]
∙ Coming Soon Three Quarters In Contract: 1440 Jackson Street [SocketSite]
JustQuotes: Damn Those "Broader Effects"
"Sales of existing homes in the U.S. fell in January to the lowest level since records began nine years ago and prices slid for the sixth time in seven months, posing a threat to consumer spending, the largest part of the economy.
Resales declined 0.4 percent, less than forecast, to an annual rate of 4.89 million from a revised 4.91 million in December that was higher than previously reported, the National Association of Realtors said today in Washington.
The figures indicate declines in home prices so far aren't sufficient to entice more buyers. Former Federal Reserve Chairman Alan Greenspan said today that the deepening rout in housing is having a 'broader effect' on spending, and that a recession this year may be deeper than previous downturns."
∙ Existing Home Sales Decline to Nine-Year Low [Bloomberg]