May 12, 2008
829 Folsom Street: New Details, Online Registration, And Timing
The full site and floor plans are still “coming soon,” but a few new details about (and registration for) the sixty-nine new condos of (and at) 829 Folsom are now online.
Units range from alcove studios to three-bedrooms (priced from $485,000 to $1,850,000) and offer high-end finishes throughout (i.e., no “upgrades” necessary or even being sold). Sixty-three parking spaces in the building and a rooftop terrace with city view.
Reservations have been placed on ten of the sixty-nine units, the project has just received approval to being accepting hard deposits, and the developer will be calling 829 Folsom home (out of desire, not necessity). Expect a model unit to be open next month, a sales office to opening soon, and initial occupancy this summer (July/August).
And yes, discussions are underway for a restaurant on the ground floor.
∙ 829 Folsom [829folsom.com] [Registration]
∙ 829 Folsom Street: 69 Luxury Condominiums Coming In 2008 [SocketSite]
Posted by socketadmin at 12:00 PM | Comments (22)
Stem Cell Research Funds New UCSF Building Outside Of Mission Bay
By way of a plugged-in tipster and GlobeSt.com:
The University of California at San Francisco will receive approximately $34.9 million from the [California Institute for Regenerative Medicine]. It will combine the grant it with $100 million from its own coffers to construct a 74,000-sf building off Medical Center Way on its Parnassus campus, which has not seen a new research facility since the mid-1960s. The building is being designed by Rafael Viñoly of New York.
∙ Stem-Cell Grant Will Yield $1.1B in Projects [GlobeSt]
Posted by socketadmin at 9:36 AM | Comments (9)
Not Only Appliances, But A Shower Door And Some Light Fixtures Too
A plugged-in tipster reports back on the bank owned condo in the Beacon that we pointed out ten days ago (260 King #957).
...3 offers...the [foreclosed upon] seller had stripped everything out of it before leaving...even the shower glass door, light fixtures, power cover outlets, all appliances!
No word on the accepted contract price but we’ll let you know as soon as it closes (as you might recall, it was listed at $644,900 despite having previously sold for around $860,000). And if a plugged-in reader happens to be the buyer, let's not forget those invitations to the housewarming.
∙ Bank Owned (With Big Windows) At The Beacon: 260 King #957 [SocketSite]
Posted by socketadmin at 6:49 AM | Comments (20)
When Investment In Neighborhoods Isn’t “Enhancement” Enough...
“Imposing community impact fees on developers similar to those applied to builders with projects in the South of Market area would likely happen for future development areas, one city legislator said.
“No area plan improvements that create greater development opportunities and greater opportunities to profit from development will go forth in the city of San Francisco without having mitigation or impact fees that will provide for the enhancement of those areas,” Supervisor Jake McGoldrick said.”
∙ Community funds to bridge economic gaps in SoMa [Examiner]
Posted by socketadmin at 6:45 AM | Comments (27)
SocketSite's San Francisco Listed Housing Inventory Update: 5/12/08
Inventory of Active listed single-family homes, condos, and TICs in San Francisco increased 3% over the past two weeks (37% higher on a year-over-year basis) while listed sales volume appears to have slightly slipped. Keep in mind that our listed inventory count does 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).
∙ SocketSite's San Francisco Listed Housing Inventory Update: 4/28/08 [SocketSite]
Posted by socketadmin at 6:30 AM | Comments (28)
May 9, 2008
Quite Simply, We’re Completely Crushing On This Craftsman On Cole
It's has nothing to do with the alliteration in the listing. Quite simply, we're completely crushing on the design, style and architecture of this Craftsman on Cole.
And in keeping with the day's theme, the upstairs deck. And yes, there's another off the kitchen.
∙ Listing: 1445 Cole Street (3/2) - $1,925,000 [MLS]
Posted by socketadmin at 11:29 AM | Comments (22)
JustQuotes: The HBANC Comes To San Francisco For An Urban Assault
“The [Home Builders Association of Northern California] has opened an office at 660 Mission St., an "urban division" that will push legislation and policies that help foster the sort of dense, urban, infill housing that is being built in San Francisco and downtown Oakland, according to HBANC President and CEO Joseph Perkins.”
“The office will be staffed with members of HBANC's government affairs group, which battles "growth controls, frivolous and abusive lawsuits, excessive environmental regulations and runaway fees," according to the group. Those forces "are significantly impairing housing production in the Bay Area and making homes less affordable."”
“Perkins said his group would offer support to local groups like the Urban Land Institute and the San Francisco Planning and Urban Research Association, both of which push density along transit corridors. HBANC doesn't advocate for individual developments.”
∙ Builders will seek urban home deals [San Francisco Business Times]
Posted by socketadmin at 10:08 AM | Comments (4)
Drawn To The Decks (But Perhaps Not The Best For Entertaining)
We’re drawn to the deck(s) and views, but do wish they were located off the living room or kitchen for ease of entertaining (at least more than one, or perhaps two...). And while that couch in the kitchen has got to go, we do like the light and access to the yard (think grill).
∙ Listing: 4419 19th Street (3/3.5) - $2,535,000 [MLS]
Posted by socketadmin at 9:30 AM | Comments (32)
Wells Fargo Tightens Local Lending Standards For HELOCs
Three months ago we alerted you to a trend in lending to tighten up on Home Equity Lines of Credit (HELOCs), so please don’t let us hear that any plugged-in readers have been caught unprepared or by surprise.
The latest local news: Wells Fargo has “lowered the maximum loan-to-value to 75 percent from 80 percent on mortgages involving an equity line of credit for houses in Marin, San Francisco and San Mateo counties.”
∙ When Hell HELOCs Freeze Over... [SocketSite]
∙ Wells tightens standards for home equity lines [Business Times]
Posted by socketadmin at 8:15 AM | Comments (20)
A Contemporary Remodel Backing Up To Bernal Heights Park
It’s not the largest space (floor plan), but it’s not a bad us of what there is (or was); we do like the setting (up the hill from Cortland Avenue and backing up to Bernal Heights Park); and we’re fans of the contemporary remodel (and wall of doors).
∙ Listing: 55 Gates (3/2) - $1,198,000 [Virtual Tour] [MLS] [Floor Plan]
Posted by socketadmin at 7:30 AM | Comments (21)
Preaching To The Choir: Fundamentals, Cash-Flow, Longer Horizon
They’re preaching to the SocketSite choir: fundamentals, cash-flow positive and a long-term horizon. The current challenge: finding those opportunities a bit closer to home (assuming you're not reading from Vallejo). Our solution: continue to plug in.
∙ Timing may be right for real estate investors [SFGate]
Posted by socketadmin at 7:00 AM | Comments (5)
May 8, 2008
Some Insight Into Adding Value (And Effect On Neighborhood Median)
From a plugged-in reader:
From time to time, people have debated about the value of properties that are in total disrepair. 3373 22nd St. provides some insight. It was sold in November of 2005 for $920,000. At that time it was a disaster -- absolutely uninhabitable. We were told it was purchased by an architect and it appears that the buyer has been diligently pursuing the permitting and building process. Now 2 ½ years later, the façade has been preserved and restored and a modern 3,000 square foot interior has been created. It is on the market for $2,095,000.
Perhaps a plugged-in reader or two might consider taking a crack at the numbers. And while it's definitely not an "apple," it is another example of how median (or at least mean) sales price can be increasing without any actual "appreciation" (or for that matter, despite any market decline).
∙ Listing: 3373 22nd Street (4/3.5) - $2,095,000 [MLS]
Posted by socketadmin at 8:42 AM | Comments (119)
Not Exactly Cheap, But A Bit Below Their Initial Great Expectations
Granted, it was officially listed at just over 4,000 square feet (but according to one appraiser, is closer to 5,000); and it does offer an in-law unit, six parking spaces, and some fine woodwork (all in a package fit for Miss Havisham).
But the initial list price of $3,000,000 for 2645 Lincoln Way in Parkway Terrace (central Sunset) still managed to shock quite a few (and likely sent the neighbors into a frenzy). And while the asking price on the home was subsequently reduced down to $2,375,000, according to a plugged-in tipster it just closed (or is about to close) escrow for $1,900,000.
Posted by socketadmin at 7:00 AM | Comments (8)
JustQuotes: Fewer Transfers Yields Fewer Dollars And Offsets Savings
“On Tuesday, the City Controller’s Office released a report that put [San Francisco's projected budget] shortfall for next fiscal year at approximately $305 million, $33 million less than what was projected a few weeks ago.
The savings came from the departmental cost-cutting, as well as well-performing hotel, sales, property and business taxes, according to the Controller’s Office.
The “good news” however, is tempered by less-than-expected property transfer tax revenue. The City budgeted to receive $123.5 million from the sales of real estate in San Francisco [down from $144 million the year before], but have now adjusted that figure and expect to bring in $91.6 million.”
∙ Sales of soaring skyscrapers sag [Examiner]
Posted by socketadmin at 6:50 AM | Comments (10)
May 7, 2008
JustQuotes: Barney Frank’s Housing Bill Reduced To Political Rubble?
“As the House prepared to vote on a housing-relief bill offered by Democratic leaders, President Bush on Wednesday told the lawmakers, in effect, not to bother. “I will veto the bill that’s moving through the House today if it makes it to my desk,” the president said at the White House, after meeting with Republican House leaders."
“Under the [Frank] bill, lenders would be required to reduce the principal balances for borrowers at risk of default. The troubled loans, typically with high, adjustable interest rates, would then be refinanced into more affordable 30-year fix-rate loans insured by the Federal Housing Administration. The new loans would be limited to 90 percent of a property’s value, based on an updated appraisal, and the government would retain a stake in any future sale of the property.
The Bush administration prefers a more limited expansion of federally insured mortgages and has argued that housing relief can be accomplished by the Federal Housing Administration without new legislation.
The president on Wednesday repeated his opposition to a bill “that will reward speculators and lenders” who have suffered because of their own foolishness.”
∙ Bush Vows to Veto Housing-Relief Bill in House [New York Times]
Posted by socketadmin at 2:25 PM | Comments (46)
It's Not Often A Listing Can Tout A Private Outdoor Amphitheater
So the pictures aren’t particularly fantastic, but the backyard and private amphitheater do sound quite fantastical. From the listing for 3444 Washington:
A welcoming place to entertain, the garden was recently transformed to a level yard by elevating the ground six feet with new retaining walls. A checkerboard pattern of grass with granite cobble stones, and a gravel border was designed to allow for drainage during the rainy season.
The outdoor amphitheater with seats terraced into the landscape, features a movie screen that hangs between cleverly crafted bronze bamboo poles. The bamboo theme is carried throughout the borders of the yard, up-lit to create a dramatic ambience at night.
No word on whether or not they also bothered to add any open flames.
∙ Listing: 3444 Washington Street (6/6.5) - $17,500,000 [MLS]
∙ From Play House For Youngsters, To Contemporary Oasis With Fire [SocketSite]
Posted by socketadmin at 11:13 AM | Comments (11)
A "Gut Check" Then And Now? (869 Alvarado Facing Foreclosure)
Described as a “gut check for SF realtors” when it sold on 6/1/2005 (establishing a new Noe Valley neighborhood comp at $1,500,000), 869 Alvarado appears to have been refinanced a few times since closing escrow. And if PropertyShark is correct, the property is currently facing foreclosure with an unpaid mortgage balance of $1,497,746.
∙ Apparently They’re Selling Expensive Lemon Trees At 861 Alvarado [SocketSite]
Posted by socketadmin at 9:52 AM | Comments (38)
It Might Just Be Marketing, But What The Heck: 1635 Castro Street
With only two weeks on the market it might just be marketing, but the list price on 1635 Castro (Noe Valley) was just reduced $100,000 (6.3%) and the listing now notes, “Owner is motivated, has bought another house.”
If nothing else, we are quite enamored with that sunroom and deck. And okay, perhaps the kitchen too.
∙ Listing: 1635 Castro (3/2) - $1,495,000 [MLS]
Posted by socketadmin at 9:28 AM | Comments (11)
When Bulls Become Bears (AKA No Longer Working For The Realtors)
During his tenure as Chief Economist for the National Association of Realtors (NAR), David Lereah published the infamously titled "Why the Real Estate Boom Will Not Bust.” Since parting way with NAR and Move Inc., however, Mr. Lereah has had an epiphany: not only has the boom busted, but it's going to get worse.
∙ It’s Going to Get Worse [Newsweek]
Posted by socketadmin at 8:55 AM | Comments (32)
JustQuotes: Redevelopment Plans For Hunters Point Public Housing
“Six residential towers will stretch up to 65 feet above the highest peaks of Hunters Point providing enviable views of The City and Bay, under newly released redevelopment plans to rebuild the public-housing site for low-income as well as market-rate residents.
Currently, 154 of the 267 decrepit public-housing units at the hilly site within The City’s southeast area are rented from the San Francisco Housing Authority, according to city documents. The rest sit empty.”
“Along with 267 public-housing units planned for the rebuilt neighborhood, there will be 315 market-rate units, 141 below-market-rate rental and ownership units, and at least 17 units built by Habitat For Humanity, plans show.”
“Narrow, tree-lined streets in the redeveloped site will follow a classical grid-pattern that connect with roads in surrounding neighborhoods — a vast contrast to the current street-design that follows the circular contours of the land, according to Torney. The project will also include a trio of parks.
Work on the redevelopment effort is expected to begin late next year…[and] is expected to finish by 2015.”
∙ Public housing in Hunters Point to have soaring views [Examiner]
∙ JustQuotes: A New Vision For A Hunters Point Neighborhood [SocketSite 5/07]
∙ JustQuotes: Redeveloping The Developments (And Changing The Mix) [SocketSite 3/08]
Posted by socketadmin at 7:00 AM | Comments (17)
