March 31, 2008
Coming Soon! Bayshore Boulevard Home Depot Development Is Dead
"A controversial plan almost a decade in the making to open a Home Depot store on San Francisco's Bayshore Boulevard has been scuttled because of the flagging home-improvement market, company officials said today."
SocketSite's San Francisco Listed Housing Inventory Update: 3/31/08
The inventory of Active listed single-family homes, condos, and TICs in San Francisco increased slightly (1%) over the past two weeks and is currently running 43% higher on a year-over-year basis. And the percentage of Active listings that have been reduced at least once has increased from 21% to 29% (195 versus 384) on a year-over-year basis as well.
Keep in mind that our listed inventory counts do not include listings in any stage of contract (even those which are simply contingent) nor do they include multi-family listings (unless the units are individually listed). And once again, reports of decreasing inventories in San Francisco proper are either incorrect or possibly refer to a decrease from the levels of last October which would not reflect the market’s seasonality.
A Clean Compliment To The Edwardian Character Of 1205 Cole
It’s bound to feel a bit too cold (or perhaps even industrial) to some, but we quite like the how the clean kitchen and baths compliment the Edwardian character of 1205 Cole.
∙ Listing: 1205 Cole (2/2) - $1,250,000 [MLS]
Apples To Apples To Be In Pacific Heights: 2243 Franklin Street
Having last changed hands on 5/31/07 for $1,250,500 this apple has barely had a chance to ripen. Nonetheless, it’s back on the tree and looking to be picked.
Granted, 2243 Franklin is on a busy street. But then again, it’s no busier than it was ten months ago. And it is a rather nice top floor unit with some nice detailing and a great deck out back.
You know the drill. And the point isn't whether or not the sellers will make money on this transaction, it's how has the market moved since they were the buyers.
∙ Listing: 2243 Franklin (2/2) - $1,275,000 [MLS]
Another Non-Comp Comp Along The Booming Van Ness Corridor
There's no longer a kitchen (or even really a bathroom). But the listing is touting “instant equity” and a “motivated” seller for this “unfinished” loft in the Marquee building along the booming Van Ness corridor.
Currently listed at $620,000, 151 Alice B. Toklas Place #708 changed hands on 9/30/04 for $607,500, on 10/05/06 for $865,000, and most recently on 1/9/08 for $708,933. Of course that last “sale” was to Merrill Lynch Mortgage Lending.
It's also interesting to note that #808 last changed hands on 4/27/2007 for $819,500. And at the time, the buyer likely counted on the sale of #708 in 2006 (at $865,000) as a comp.
∙ Listing: 151 Alice B. Toklas Place #708 (1/1) - $620,000 [MLS]
∙ JustQuotes: A Reminder That They’re Not Just Building Down In SoMa [SocketSite]
March 29, 2008
Supervisor Peskin Engineers An End-Run (And Ending) For 55 Laguna
The alert from the developer (AF Evans):
Unfortunately, at the last possible moment, someone is trying to stop the 55 Laguna project. Supervisor Peskin is going to introduce amendments this coming Monday that will KILL the entire project permanently.
He is asking that the Landmarks Board and the preservation planners at the Planning Dept. be the body to review and approve the design of the project and not the Planning Commission or the senior staff in the Planning Department. This is highly irregular but also specifically against our project.
The Landmarks Board has vociferously opposed our project for over two years. If this amendment is approved, the project is over. We have already said in the Environmental Impact Report that we have a significant preservation impact and we are doing everything we can to mitigate that impact. The Planning Commission and the Board approved the EIR unanimously. This issue of preservation has been discussed multiple times and has been put to bed.The editorial from our plugged-in tipster:
We regret to inform you that San Francisco is closing down.
Should we all just go home and gate this as Colonial Williamsburg by the Sea - perhaps a retirement village with nice light, no mosquitoes and artisan everything?
And how AF Evans suggests you respond:
Please send an email to the four supervisors below. It is important to use the same words in the subject sentence (“APPROVE 55 LAGUNA WITHOUT CHANGE NOW!”), so they don't have to read the emails to know what they say. It is our goal to fill up the email boxes and the voicemail boxes of these supervisors so they can know that this project has gone through its paces and it is time to start building housing, not wasting time and money on throwing up road blocks.
Then you can add a few lines about how the project has been approved by the Commission and the Board with full knowledge of the preservation impacts and that it is highly irregular and completely damaging to the project to remove the review and approval process from senior planning staff and the Planning Commission.
The emails and phone numbers are below. Please call this weekend and let them know you are frustrated, angry and disgusted by the changes proposed at the last minute when this project has been in review at the Board and Planning Commission since January 2007.
Aaron Peskin: (415) 554-7450, Aaron.firstname.lastname@example.org
David Noyola (Peskin's Aide): (415) 554-7451, email@example.com
Ross Mirkarimi: (415) 554-6715, firstname.lastname@example.org
Other Land Use Committee Members
Sophie Maxwell: (415) 554-7670, Sophie.email@example.com
Geraldo Sandoval: (415) 554-6975, Geraldo.firstname.lastname@example.org
March 28, 2008
The Building Through The Trees: The Hayes (55 Page) Opens Up
The new owners (including a few plugged-in readers) partied together on Wednesday, a handful of new residents have already made the move, and the model units officially open up to the public this weekend at The Hayes (55 Page).
Not much movement in the sales department since our last update (still around 60%), but we do expect an uptick in activity now that the doors have opened, rumor has it that they’ve put together a new sales team (but still within The Mark Company), and they're now offering a new “buyer incentive” of “up to $20,000 in credits" as well.
Let's not forget those invitations to the housewarmings. It's going to be a busy spring.
The Same House In Address Only: A Contemporary 844 Bay Street
In 2004 844 Bay Street (the one with the red door) was a two-bedroom single-family home of two thousand and thirty-five square feet that sold for $1,550,000.
Today it’s a three-bedroom home of four thousand and five hundred square feet with Zen garden and yoga studio; home theater; big bay views; and a rather nice contemporary interior if you happen to like that kind of thing (which we do).
A SocketSite Reader Reports: 65 Caselli Returns With Just One DOM
As we wrote a little over two weeks ago:
The listing for 65 Caselli expired without generating a sale (as far as we know). If the seller is in fact "motivated" to sell, we wouldn't be surprised to see the properties return under a new broker. (And perhaps another new price...)
As a plugged-in Trip writes today:
I see that 65 Caselli, oft-featured here for the, um, interesting, bathroom, and significant price reductions is newly listed again. I believe it's now at an even further reduced price, and, of course, "officially" now on the market for 1 day.
∙ Listing: 65 Caselli Avenue (3/4) - $1,649,000 [MLS]
∙ And Sometimes It’s Simply The Sinks (65 Caselli Avenue) [SocketSite]
∙ We Have A Motivated Seller! (But Still Seeking A Motivated Buyer!) [SocketSite]
Approved For Residential, But Building Commercial (535 Mission)
Hines had planned to build an office tower, then Monahan Pacific acquired the site and received approval to build high-end condos, and now Beacon Capital Partners is back to offices and moving forward with a 27-story tower at 535 Mission (currently the surface area parking lot next to Salt House).
After delaying construction for about a year, developer Beacon Capital Partners is laying the groundwork to start work this spring. On March 12 the company filed permit applications with the Department of Building Inspections to begin pile testing and shoring on the lot, according to public documents.
The 27-story spec tower, which the Planning Commission gave the OK to last August, totals 290,000 square feet and was designed by HOK.
And according to Simon & Associates, the HOK designed tower will be seeking LEED Gold and should look a little something like the rendering above.
As Succinct As They Come: An Address, A Picture, And A Price
The entirety of the succinct (and unfortunately unconfirmed) plugged-in reader's tip: An address (2504 Scott Street), a picture (above), and a price ($14,000,000).
UPDATE: And once again, a plugged-in tipster is right on the money.
∙ Listing: 2504 Scott Street (6/6.5) - $14,000,000 [MLS]
March 27, 2008
Another Modern Apple Is Up On The Noe Valley Tree: 576 30th Street
If you’re still kicking yourself for missing 576 30th Street when it was listed for $2,195,000 in October of 2006, here's a second chance. Yes, fifteen months after closing escrow for $2,125,000, it's back on the market today. And they're asking $2,195,000.
Modern. Single-family. Noe Valley. It's time to go on record or forfeit the right to write, “I told you so!”
They’re Feeling A Little Fickle Over At 1158 Sutter (i.e., They’re Back)
It’s a plugged-in tipster that first caught the return of the 15 condos at 1158 Sutter Street to the MLS just two weeks after having been withdrawn (and indicating they were going the rental route). One new brokerage (Vanguard has replaced Makras Real Estate), four new listings, and all new prices (as best we can tell).
And by new prices, we mean they’re up. List prices on the four units that have returned to the MLS have been increased from between $10,000 (1.4%) and $110,000 (19.7%).
1158 Sutter Street #4: Original price $559,000, new price $669,000
1158 Sutter Street #11: Original price $779,000, new price $849,000
1158 Sutter Street #13: Original price (“Pending”), new price $825,000
1158 Sutter Street #14: Original price $719,000, new price $729,000
No word on the certificate of occupancy, or if any of the eight or nine who had previously taken the time to write an offer will get first dibs. And yes, it looks like they're now right back where they started.
Coming Soon Here And Now "Off The Market": 1158 Sutter Street [SocketSite]
Coming Soon Here (And Starting At $559,00): 1158 Sutter Street [SocketSite]
∙ Coming Soon: Fifteen New Condos At 1158 Sutter Street [SocketSite]
Are We Detached From More Than Simply The Fundamentals?
An interesting chart of California MSA home price appreciation as measured by the OFHEO*, put together by the Public Policy Institute of California (pdf), and by way of a plugged-in tipster. And an important observation which shouldn’t catch any plugged-in readers by surprise:
While California’s previous housing crisis (southern California in the early and mid‐1990s) was part of a broader economic slowdown, the relationship between housing and economic conditions today is less clear‐cut. In 2007, employment in Merced and Stockton grew more than 2%, despite crashing housing prices, whereas employment grew only 0.6% in California overall and even fell in Los Angeles, Orange County, Ventura County, and Riverside-San Bernardino – where home prices are holding up better than in the Central Valley.
*Note: For those who are unfamiliar, the OFHEO Home Price Index (HPI) is based on data from repeat single-family home sales, or refinancings, that involve conforming mortgages. Data from transactions involving either condominiums or non-conforming loans (two major components of the San Francisco market) are excluded from the Index.
A Couple Of Acronyms, But Lots Of Character/Space: 1392 McAllister
We’ll skip right over the fact that it’s a TIC, parking is leased and half a block away, and it was subject to an owner move in eviction (OMI) in 2002. And instead, we’ll simply focus on the architecture (can you say quintessential?), condition (pride of ownership comes to mind), and character/square footage (lots of both).
∙ Listing: 1392 McAllister (3/2) 2,600 sqft - $998,000 (TIC) [MLS]
JustQuotes: At Least It’s Getting Cheaper For Those Foreign Buyers…
"The difference between the 10-year government bond yield and the average U.S. fixed mortgage rate was 2.7 percentage points last month, the widest spread since 1986, data compiled by Bloomberg show. Banks are defying Bernanke and hoarding cash after writing down the value of more than $200 billion of mortgage-related securities since July."
"Fed policy makers have made seven rate cuts since September, shaving 3 percentage points off borrowing costs, and the effort has failed to spur a recovery. The average rate for a 30-year fixed mortgage dropped half a percentage point during that period."
March 26, 2008
Going Once, Going Twice...“Sold” For $700,000 (41 Federal #42)
With around sixty people in the room, but only a few active bidders, the high bid at today’s auction for 41 Federal #42 was $700,000 (and apparently it wasn’t “outbid”). As a plugged-in ex SF-er correctly surmised, however, the bank now has seven days to decide whether or not to accept the bid (which we’d be surprised if they didn’t).
A recorded sale at $700,000 would represent a drop of $180,000 (20.5%) from the original purchase price in December of 2006, and would also establish a new building “comp” at $760 per square foot.
That being said, keep in mind that the unit looked like it had never been occupied, and the reported sale price of $880,000 in 2006 was $5,000 over the original list price of $875,000 which had subsequently been reduced down to $825,000 prior to going into contract (i.e., something’s not quite right with respect to the original sale).
And tip of the hat to ex SF-er ("I think this sells for $700k+ or not at all"), Lance ("$685K"), and Nicole ("$679,000") who were all on record with their pre-auction predictions and within 3% of the highest bid (as well as to FSBO for filling in a few holes with respect to #42's official MLS history).
From Rendering To Reality (At Least For Three): Homes On Esprit Park
For those who don’t put a lot of faith in renderings, but have long been interested in the Homes on Esprit Park development, three “preview” units in the South Court are now open to tour. One of which is either #S102 or #S302 (they share the same floor plan/photos).
∙ Listing: 900 Minnesota Street #S102 (1/1.5) - $594,928 [MLS]
∙ Listing: 900 Minnesota Street #S302 (1/1.5) - $614,620 [MLS]
∙ Esprit Park (900 Minnesota): Interior Renderings [SocketSite]
∙ 900 Minnesota: Now And Then [SocketSite]
A Second (Coming) And A First (Approach): 2502 Leavenworth
It didn’t sell last year when it was listed for $5,495,000 (having been reduced down from $6,450,000). Nor does it appear to have been rented for the Craigslist advertised $33,000 a month (we hope nobody was using that as their benchmark). But that's not stopping 2502 Leavenworth from returning to the market and seeking $5,995,000.
The listing does note “[r]ecently added about 3000 sqft,” but we’re pretty sure that’s “recently” as in 2006 (not as in since the last listing). And it's the first time we’ve seen a listing for a single-family home in San Francisco tout, “condo alternative.” The times they are a-changin' (in more ways than one).
∙ Listing: 2502 Leavenworth (5/4.5) - $5,995,000 [2502leavenworth.com] [MLS]
∙ Buy It For Fifty Percent Less, Or Rent It For Thirty Percent More [SocketSite]
∙ RealRecentReductions: You’ve Seen These Before (Will You Again?) [SocketSite]
We’re All In Favor (But Wondering If It Will Actually Work)
District 11 Supervisor Gerardo Sandoval’s legislation empowering Planning Department inspectors to issue citations for having an illegally paved-over front yard (or other planning code violations) has received initial approval by the San Francisco Board of Supervisors.
The motivation is usually to gain an extra parking space, but Sandoval said the violation reduces the beauty of the neighborhood. Also, he said, when the rain has no place to go, it will flow into The City’s storm drains, putting the area at risk to flooding.
The questions remain, will the inspectors start citing and will property owners actually respond without a bigger stick (the maximum fine of $500 is peanuts relative to the value of a parking space in the city).
∙ Forget About The In-Law, What If The Parking Is (Was) Unwarranted? [SocketSite]
∙ Supes approve fine for paving over front yard [Examiner]