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October 31, 2008

We’ll Give You The Jump Once Again: 3119 Harrison On The Market

3119 Harrison: Rendering

As we wrote ten months ago:

Okay, we’re giving you the big jump on this one (as in “[c]onstruction is due to start by Spring 2008…[and] both houses will go on the market as the project gets closer to completion”). From the developers behind 1438-1446 Jackson Street comes 3119 Harrison, two contemporary [3,000] square foot homes on a currently (relatively) empty lot…Rough plans (and a few more renderings) available online. Details in a year (assuming it gets built).

3119 Harrison: Rendering (Image Source: dawson-clinton.com

And as we write today with the scoop: They're now on the market (but not yet done). Each home will sport four bedrooms, three bathrooms, and three parking spaces with studio space underneath. Asking $2,700,000 each with occupancy expected in May (2009).

1440 Jackson #2: Kitchen

And if you were lucky enough to see 1440 Jackson (the kitchen from #2 pictured above), expect similar high-end modern finishes (Bulthaup, WET, Bonelli, etc.) throughout.

Coming (Not So) Soon To An Empty Lot (3119 Harrison) Next Year [SocketSite]
Coming Soon Three Quarters In Contract: 1440 Jackson Street [SocketSite]
Dawson&Clinton General Contractors [dawson-clinton.com]

Posted by socketadmin at 3:00 PM | Comments (38)

It’s Not Officially An Apple Until It’s Sold, But We’ve Seen This Movie…

1968 Greenwich

After four weeks on the market the asking price for 1968 Greenwich has been reduced for the second time, now asking $1,800,000. Once again, purchased in May of 2005 for $2,100,000. And bonus points for the best rationalization of how we “cherry picked” this renovated District 7 apple four weeks ago when it just as easily could have sold for more.

UPDATE: And on the topic of apples, the sale of 632 Ashbury Street closed escrow today with a reported contract price of $870,000. That's $5,000 over its purchase price in November of 2005.

∙ Listing: 1968 Greenwich (3/2.5) - $1,800,000 [MLS]
A Renovated Cow Hollow Apple On The Tree: 1968 Greenwich Street [SocketSite]
Two Cow Hollow Apples On Greenwich Get A Little Less Green [SocketSite]

Posted by socketadmin at 2:00 PM | Comments (17)

5800 Third Street: Development Starting Back Up (Delivery In 2010)

5800 Third Street: Rendering

We had the scoop on the construction of 5800 Third Street shutting down. And now J.K. Dineen has the scoop on it starting back up.

Goldman Sachs Urban Investment Group has tapped veteran builder Rick Holliday to jump-start a 340-unit housing project at the former Coca-Cola bottling plant on Third Street. The $150 million project has been on hold since April when the former developer, Noteware Development, ran into financial trouble.
The first phase of the revived project, 140 units of housing and the city’s first Fresh & Easy grocery store, is now on track for completion in a year to 14 months. The podium of the building at 5800 Third St. was 80 percent complete in April when construction was shut down.

Let us know what you see from the train.

RandomRumors: Construction Comes To A Halt On 5800 3rd Street? [SocketSite]
Stalled housing project gets new life [Business Times]
Speaking Of 5800 Third Street (A Development/Developer Update) [SocketSite]

Posted by socketadmin at 9:30 AM | Comments (5)

The Almost Infamous 76 Caselli Closes Escrow For $679 Per Square

76 Caselli

The almost infamous 76 Caselli closed escrow on 10/24/08 with a reported contract price of $1,900,000 ($679 per square foot). "Completely renovated in 2005 with high end finishes." And yes, "tipster" liked it (and we remain quite enamoured with those stairs).

76 Caselli: Kitchen

First listed by the agent ex-owners earlier this year for $2,558,000. Reduced in June to $2,458,000. Relisted on 8/8/08 for $2,288,800. And reduced to $1,999,900 in September.

76 Caselli: Bath

Once again, $679 per square foot. On a street "Fluj" concluded could support $900 based on a few past comps. And even "Satchel" thought might command $765. Must have been the paint job. Couldn't have been the market. And please welcome a new new comp.

Our First And Second Thoughts For The Recently Reduced 76 Caselli [SocketSite]
Eight Eight Eight On Eight Eight Oh Eight: An Auspicious Return? [SocketSite]
From Eight Eight Eight To Nine Nine Nine Nine For 76 Caselli [SocketSite]

Posted by socketadmin at 3:00 AM | Comments (41)

To Architect Or Not To Architect, That Is The Question Of The Day

It’s another case of a reader asks we hope you'll help solve:

We are interested in doing an internal remodel to a small, older home. We want to open up the space and move the bathroom and the kitchen (same floor, different layout). We are not looking to spend too much money, so nothing too elaborate is planned. It is an old cottage home, so has its own charm anyhow.
Does it make sense to have an architect? Does that make the process for permits go more smoothly? Does it still take a long time to get permits approved or is it a case by case thing? Is it better that we are not going to have any additions or changes to the exterior (except maybe painting, landscaping)?
I know there are some architects and contractors on the board that are pretty knowledgeable and would love their input.

It's a bit like religion (we happen to favor an architect), and it really depends on the person (on either side of the table), but so would we (appreciate your input). And the line that secured the post: “I didn't want to take a posting too off topic with my questions.” Cheers.

Posted by socketadmin at 2:45 AM | Comments (34)

The Plugged-In Scoop On The Corner Of 3rd and 19th Streets

A sign at the corner of 3rd and 19th streets (www.SocketSite.com)

A reader asks, a reader (or two) answer, and we once again bow down to Wayne (in a we’re not worthy kind of way):

Here is the real story. This property has been in construction for 4 years and has seen 2 shoddy contractors come and go. 2 months ago a reputable builder was brought on board and indeed the whole building must be redone, including all the rough electrical and rough plumbing. Much of this has been done over the last 2 months. Fortunately only about 5% of the sheetrock was hung.
The roof is coming off and the ENTIRE stucco too. Scaffold will be erected in the next few weeks so there will be a more visible sign of activity. This project will be rented out and there is no question of foreclosure. Lots of litigation though! Completion late Summer '09.

Cheers. And as always, thank you for plugging in.

Beauty Blight Is In The Eye Of The City (And Perhaps Your Neighbors) [SocketSite]

Posted by socketadmin at 2:00 AM

October 30, 2008

4552 19th Street Joins The High-End Half-Million Dollar Cut Club

4552 19th Street

It’s a plugged-in agent who suggests $500,000 cuts seem to be all the rage at the upper end of the market. And 4552 19th Street recently embraced the new new thing.

4552 19th Street: Dining

Completely redesigned by architect Chris McMahon and rebuilt with a few traditional touches (think new bay windows), but modern baths and solar panels "for six" up top.

4552 19th Street: Garden

A couple of big city views and a sweet little backyard retreat. Reduced from $4,299,000 after three weeks on the market, but still seeking $935 per square.

∙ Listing: 4552 19th Street (6/4.5) - $3,749,000 [4552-19thst.com] [MLS]

Posted by socketadmin at 2:30 PM | Comments (80)

208 Glenview: No Real Story, Simply A Bit Of Seasonal Color Flair

208 Glenview: Living

No real story, simply a bit of seasonal color flair. Oh, and recently reduced $92,000. Boo.

208 Glenview: Deck

∙ Listing: 208 Glenview Drive (4/4) - $1,198,000 [MLS]

Posted by socketadmin at 2:15 PM | Comments (5)

Homes On Esprit Park Receives First Certificate Of Occupancy

According to a plugged-in tipster, the first wave of homes at Esprit Park have received thier temporary certificate of occupancy (TCO) and the development will be "moving to close [their] first units imminently." Also noted:

No word on how many new contracts written recently, but several people who have been in contract for a while have been told that the price reductions and refundable deposits announced during October do NOT apply to anyone in contract before October, so if you are in contract for more than they are selling the unit next to yours today, you are SOL.

"First floor of the Minnesota building this week, and supposedly second floor next" (with regard to the TCO). And SOL being another industry acronym of course.

Homes On Esprit Park: Now Offering Refundable Purchase Deposits [SocketSite]

Posted by socketadmin at 10:15 AM | Comments (41)

The Corner Of 3rd And 19th Streets: A Reader Asks (And So Do We)

Corner of 3rd and 19th Streets (www.SocktSite.com)

Speaking of blights...does anyone have any information on the development at the corner of third street and 19th street in the central waterfront? Development started years ago (taking a very long time to get framed etc.) and stopped over a year ago. (note - I'm not referring to the nicer development still being developed at 3rd and 18th)."

Corner of 3rd and 19th Streets: Window (www.SocketSite.com)

UPDATE: A plugged-in reader reports: "This building is a complete disaster. The latest is that they have to not only remove all the insulation but all the plumbing, electrical, sheetrock - and - strip off all the stucco and re-do it all."

UPDATE: And the full scoop:

This property has been in construction for 4 years and has seen 2 shoddy contractors come and go. 2 months ago a reputable builder was brought on board and indeed the whole building must be redone, including all the rough electrical and rough plumbing. Much of this has been done over the last 2 months. Fortunately only about 5% of the sheetrock was hung.
The roof is coming off and the ENTIRE stucco too. Scaffold will be erected in the next few weeks so there will be a more visible sign of activity. This project will be rented out and there is no question of foreclosure. Lots of litigation though! Completion late Summer '09.

Cheers Wayne. And as always, thank you for plugging in.

Beauty Blight Is In The Eye Of The City (And Perhaps Your Neighbors) [SocketSite]

Posted by socketadmin at 7:45 AM | Comments (13)

The Bank Owned 152 Banks Closes Escrow (“Officially” Over Asking!)

152 Banks

As far as the San Francisco Association of Realtors and their reports are concerned, the bank owned 152 Banks Street has officially sold for over asking with a reported contract price of $705,000 on 10/27/08.

Of course that’s only “over asking” with regard to its most recent list price ($699,900) not its original ($749,900). And that’s still $195,000 less than what it was purchased for in April of 2006. But hey, over asking in Bernal Heights!

Bad Data In Bernal Heights Or Something Else Afoot? (152 Banks) [SocketSite]

Posted by socketadmin at 7:30 AM | Comments (12)

October 29, 2008

Another Address Change And Listing On Raycliff Terrace: Number 27

27 Raycliff from Broderick (www.SocketSite.com)

Designed by William Wurster in 1949, renovated by Sandy Walker in 1996, and last sold on 1/13/2004 with a reported contract price of $3,383,500 (listed for $3,995,000), 27 Raycliff (previously known as 25 Raycliff) is once again coming soon.

27 Raycliff Terrace: Floor Plan

A great courtyard, “glimpses” of the Bay and Broadway homes, and one sweet front door.

27 Raycliff: Front Door

Now asking $4,250,000. And perhaps drafting a bit off of the sale of the house next door.

∙ Coming Soon: 27 Raycliff Terrace (4/4.5) - $4,250,000 [sfproperties.com]
Previous Listing (2003): 25 Raycliff Terrace - $3,995,000 [sfproperties.com]
William Wilson Wurster, Architect [wikipedia.org]
The SocketSite Scoop On 37 Raycliff Terrace (A.K.A. 2799 Broadway [SocketSite]

Posted by socketadmin at 6:07 PM | Comments (14)

The Fed Cuts Rates To One Percent To Avert "Prolonged" Recession

A year ago Friday the Federal Reserve cut its benchmark interest rate to 4.5% and signaled that further cuts were unlikely. The thought at the time:

"Today's action, combined with the policy action taken in September, should help forestall some of the adverse effects on the broader economy that might otherwise arise from the disruptions in financial markets," the Federal Open Market Committee said in a statement after meeting today in Washington. "After this action, the upside risks to inflation roughly balance the downside risks to growth."

This morning, the Federal Reserve cut its benchmark interest rate to 1 percent, “matching a half-century low, in an effort to avert the worst U.S. economic downturn in the postwar era." And with that, the rate kegs have nearly run dry.

Fed Cuts Rate to 1% to Avert Prolonged Recession [Bloomberg]
The Federal Reserve Cuts Benchmark/Discount Rates By 0.25% [SocketSite]

Posted by socketadmin at 12:00 PM | Comments (32)

Beauty Blight Is In The Eye Of The City (And Perhaps Your Neighbors)

549 23rd Avenue Blight (www.SocketSite.com)

San Francisco Supervisor Gerardo Sandoval’s anti-blight legislation was unanimously adopted by the Board of Supervisors yesterday. And once again:

The law empowers city officials to hit property owners with up to $1,000 in fines for violations, and, if left unabated, The City could correct the blight and bill the property owner for the work….Under the law, a property is considered blighted for various reasons, including dead trees, debris or if the paint on a building’s exterior is worn off. Other examples include deterioration of the building’s exterior stairs, or defaced or broken windows.

No word on whether or not a construction site on hold might qualify as well. Whether or not it will apply to the color purple. Or what one's to do when it's the arbiters that stand in your way of abatement.

Blight will cost property owners in San Francisco [San Francisco Examiner]
If Only We Didn’t Get So Nervous Every Time We Heard “Blight” [SocketSite]

Posted by socketadmin at 9:50 AM | Comments (26)

It's "Official," One Rincon Hill's Tower Two Is Indefinitely On Hold

One Rincon Hill: The site of tower two (www.SocketSite.com)

It’s now "official" and in the open. The construction of One Rincon Hill's second tower has been indefinitely put on hold. And roughly 30% of tower one inventory has yet to close.

The plugged-in word on the street: talk of potential class action lawsuits with regard to the loss of tower two amenities and the handling of closings/deposits in tower one.

And with regard to a reader’s comment: “So how come CBS has the story of One Rincon cancelling/delaying the second tower before SocketSite??” Good question. There's no excuse. And perhaps that's the price we pay for delaying our latest Complete Inventory Index (Cii).

UPDATE: Keep in mind there's a big difference between “cancelled” and “on hold.” And while we’re done holding our breath for the actual groundbreaking of tower two, we do believe it will eventually come (and that we'll be the first to report it when it does).

UPDATE: Or in the words of developer Mike Kriozere, “We own the land, we have the financing and our construction [plans and] contracts are in place...Like others, our team is watching the economy for the proper time to re-commence construction.”

Rincon Hill Among SF Building Projects Put On Hold [CBS]
SocketSite’s Complete Inventory Index (Cii): Q1 2008 (San Francisco) [SocketSite]

Posted by socketadmin at 12:01 AM | Comments (93)

The Monster Meets A Magnetic Death? (2505 Divisadero Withdrawn)

2505 Divisadero

After an effective 1000+ days on the market, a few reductions, and a remodeling, the listing for Kirk Hammett’s Pacific Heights mansion at 2505 Divisadero has been withdrawn from the market. Luckily Death Magnetic is meeting with no such sales challenge.

Some Kind Of Monster In This Kind Of Market (2505 Divisadero) [SocketSite]
The Monster Comes Roaring Back (2505 Divisadero) [SocketSite]
This Isn't Exactly How Mr. Hammett Used To Roll (2505 Divisadero) [SocketSite]

Posted by socketadmin at 12:00 AM | Comments (7)

October 28, 2008

Argenta's Confirmed And Artani's Rumored, Will 77 Van Ness Be Next?

77 Van Ness: 10/28/08 (www.SocketSite.com)

With Argenta (One Polk) on the market as an apartment building, and a reader suggesting that The Artani (818 Van Ness) might just follow suit (in terms of going rental), we’re keeping a close eye on the 56 units at 77 Van Ness (pictured above).

Regardless, with Symphony Towers (750 Van Ness) down the block cutting prices by up to 30% and The Hayes (55 Page) around the corner by up to 21%, we have a feeling they can’t finish construction on 77 Van Ness fast enough.

UPDATE: With a couple rental listings directly via Paragon on Craigslist (a two-bedroom at $4,250 and a fully furnished one-bedroom at $3,999), The Artani is at the very least testing the rental waters for a few of its 52 units.

The Scoop: Argenta (1 Polk) On The Market As An Apartment Building [SocketSite]
The Artani (818 Van Ness) Update: From Unveiled To Unwrapped [SocketSite]
77 Van Ness Rising (And Our Request For A Rendering) [SocketSite]
Price Cuts Of Up To 30% At Symphony Towers (750 Van Ness) [SocketSite]
New Development “Closeout” Sales: The Potrero And 170 Off Third [SocketSite]

Posted by socketadmin at 12:06 PM | Comments (30)

August S&P/Case-Shiller: San Francisco MSA Decline Accelerates

S&P/Case-Shiller Index Change: August 2008 (www.SocketSite.com)

According to the August 2008 S&P/Case-Shiller Home Price Index (pdf), single-family home prices in the San Francisco MSA fell 3.5% from July ’08 to August ’08 and are down 27.3% year-over-year.

For the broader 10-City composite (CSXR), year-over-year price growth is down 17.7% (having fallen 1.1% from July).

Both the 10-City and 20-City Composites have been in year-over-year decline for 20 consecutive months. Of the 20 regions, 13 of them had their annual returns worsen from last month’s report. As seen throughout 2008, the Sun Belt markets are being hit the most. Phoenix and Las Vegas are both reporting annual declines in excess of 30%, and Miami, San Francisco, Los Angeles and San Diego are all in excess of 25%.

Prices fell across all three price tiers in the San Francisco MSA with the rates of decline accelerating across the board.

S&P/Case-Shiller Index San Francisco Price Tiers: August 2008 (www.SocketSite.com)

The bottom third (under $409,952 at the time of acquisition) fell 4.8% from July to August (down 42.7% YOY); the middle third fell 2.2% from July to August (down 26.3% YOY); and the top third (over $674,537 at the time of acquisition) fell 2.1% from July to August (down 13.6% YOY).

And according to the Index, home values for the bottom third of the market in the San Francisco MSA have retreated to December 2001 levels, the middle third has returned to October 2003 levels, and the top third has fallen below February 2005 levels.

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).

National Trend of Home Price Declines Continues into the Second Half of 2008 [S&P]
July S&P/Case-Shiller: Pace Of San Francisco MSA Decline Continues [SocketSite]

Posted by socketadmin at 7:15 AM | Comments (79)

Land Use Supes Oppose Mirant Retrofit, Lennar Seeks Higher IRR

Potrero Hill Power Plant:Aerial (Image Source: local.live.com)

Mayor Gavin Newsom's proposal to retrofit Potrero Hill's Mirant Power Plant appears to have run out of steam as Supervisors Sophie Maxwell and Aaron Peskin acting as members of the Land Use and Economic Development Committee have recommended moving forward without the retrofit.

Chronicle Graphic: Hunters/Candlestick Point Redevelopment Plan

Meanwhile, while the San Francisco Redevelopment Commission "approved a nonbinding, multibillion-dollar draft financing plan" for the Lennar led redevelopment of Hunters and Candlestick Point, according to Lennar chief local negotiator and Vice President Kofi Bonner, "further negotiations are needed in the coming months to increase the projected monthly [sic] internal rate of return...from 15.8 percent to 22.5 percent."

Total potential housing at risk: 10,500 units. And a new 49ers stadium. There's nothing like a little leverage (unless it's working against you).

JustQuotes: Potrero Hill Power Plant Plan Paused (For A Week) [SocketSite]
Power plant retrofit option rejected [Examiner]
JustQuotes: The Redevelopment Of Hunters/Candlestick Point [SocketSite]
Lennar Corp. seeks higher return for San Francisco redevelopment project [Examiner]

Posted by socketadmin at 7:00 AM | Comments (3)

October 27, 2008

Mission Walk (330/335 Berry): BMR Applications Now Available

Mission Walk (10/27/08): Under Construction (www.SocketSite.com)

It might still be wrapped in scaffolding, but applications are now available for the 131 Below Market Rate (BMR) condos that will compose Mission Walk (330/335 Berry Street).

Mission Walk Rendering: View from across Mission Creek (www.SocketSite.com)

25 one, 82 two, and 24 three bedroom units priced from $159,474 to $302,735.

Mission Walk Rendering: View from across Berry Street (www.SocketSite.com)

Qualified buyers will have incomes of up to 80%-100% of the area median. Applications are due January 22nd, 2009. And a lottery for the 131 units will be held on January 28th.

Mission Walk (330/335 Berry): Application and Overview [homebricks.com]

Posted by socketadmin at 5:45 PM | Comments (9)

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