February 27, 2009
A Toned Down CAMP And Revised Main Post Plan For The Presidio
The two new buildings for the art museum will be located on different sites to lessen the visual impact of new construction. They will be connected by an underground tunnel.
The new construction on both sites will be modulated into volumes that are in scale with the adjacent historic structures. Building materials will complement the Main Post material palette and respect the color and texture of the adjacent historic buildings.
The architectural style of the new buildings will be compatible with the simple, straightforward architecture that characterizes the Main Post, but the detailing and design will be differentiated from historic Main Post buildings.
The building located south of Moraga Avenue will be mostly underground, with only about six feet of its two-story height above ground. This portion of the museum will measure about 100 by150 feet and will have a flat roof. Its Moraga Avenue façade will look like a planted retaining wall with only a small section containing the loading dock door and staff entrance.
The new gallery building will consist of two stories, with one above ground. The building will have a footprint of approximately 100 by 300 feet that is oriented to the Main Post grid.
That's quite a change from the original design. And one can't help but wonder if that's what they had planned all along.
∙ Presidio Main Post Update – February 2009 Plan [presidio.gov]
∙ Just Released: Revised Plans for the Presidio Main Post [sfcitizen]
∙ JustQuotes: Presidio Plans, Proposals, And Preservationist Protests [SocketSite]
Proposal For 345 6th Street Development: Scoop, Meeting And Design
While plugged-in readers answered another's question with regard to a proposed hotel in the vicinty of Sixth and Jessie (yes, at 942 Mission), a plugged-in tipster passes along the notice for a pre-planning commission community meeting for 345 Sixth Street, a proposed 36 unit residential project four blocks to the south on the corner of Shipley.
The architect and development team are making themselves available at 348 6th Street next Thursday (3/5/09) from 6-7pm for Q&A. Don’t forget those tips if you attend.
UPDATE: A plugged-in reader adds a few details and a link to the Planning Department’s Preliminary Mitigated Negative Declaration for 345 6th Street which includes floor plans and few elevations.
A $729,750 SF Home With $25,541 Down (2009 FHA Loan Limits)
2009 FHA loan limits were released on Wednesday. The limits for high-cost San Francisco: one-family - $729,750; two-family - $934,200; three-family - $1,129,250; four-family - $1,402,400.
∙ FHA Mortgage Limits [hud.gov]
Say Hello To Our Not So Little Friend On Hoffman (22 Hoffman)
Purchased for $952,000 in May of 2002, completely remodeled in 2004 (by Ryan no less), and on the market today for $2,199,000. Say hello to our not so little (four bedrooms, three and one-half baths) friend on Hoffman (22 Hoffman to be precise).
UPDATE: And as a number of plugged-in readers note, San Francisco Fire Station 24 across the street (100 Hoffman):
Downward Revisions: They're Not Just For NAR These Days
"[U.S. GDP] contracted at a 6.2 percent annual pace from October through December, more than economists anticipated and the most since 1982, according to revised figures from the Commerce Department today in Washington. Consumer spending, which comprises about 70 percent of the economy, declined at the fastest pace in almost three decades."
∙ U.S. Economy Shrank 6.2% Last Quarter, Most Since ’82 [Bloomberg]
∙ SocketSite’s Residential Real Estate Outlook For 2009 [SocketSite]
February 26, 2009
A Reader Asks, Perhaps You'll Answer: Hotel Around Sixth And Jessie?
A reader asks:
I understand that a new 15-story hotel with ground floor retail is being planned in the vicinity of 6th and Jessie. Do you know any more about this? The rumor is also that the public is being invited to comment this month.
Unfortunately we can't answer (hey, it happens). It is, however, hard not to notice that big old surface area parking lot and adjoining empty lot. Readers?
UPDATE: Cheers to the plugged-in readers who nailed the answer: 942 Mission (between 5th and 6th). As proposed, a 13 (or 15 depending upon the source) story hotel with 7,840 (or 3,240) square feet of ground floor retail and 165 (or 172) rooms.
The Bay Area "Jumbo Conforming" Foreclosure Bailout Amendment
"I've drafted an amendment [to President Obama's housing rescue plan] so that rather than being limited to whether the loan was conforming at time of origination, it will be based on (whether it's conforming at) the time of (modification), which will take the limit up to $729,750 in high-cost areas. This should make more people in the Bay Area eligible."
∙ Speier plan would aid refinancing in Bay Area [SFGate]
∙ The Bailouts Are Coming But Is The Bay Area Dying On The Vine? [SocketSite]
The Juxtaposition Of Two Potential Sale Pairs For One Noe Property
Purchased for $1,076,000 in March of 2004, 601 Grand View Avenue atop 24th Street returned to the market three weeks ago with a list price of $1,195,000.
Reduced to $1,095,000 two weeks later, a sale at the current asking would represent average annual appreciation of 0.35% over the past five years for this single-family Noe Valley home with mid-century modern bones.
It’s an interesting juxtaposition with the previous sale pair for the property: sold for $655,000 in January of 2002 which represents average annual appreciation of 26% from 2002 to 2004.
∙ Listing: 601 Grand View Avenue (3/2) - $1,095,000 [MLS]
February 25, 2009
Riders On The Storm (The Doors Of 55 Buena Vista Terrace Reduced)
As we wrote in September of 2008 when listed for $3,395,000:
It’s a 1905 Edwardian that’s been redesigned by architect Jonathan Feldman and interior designer Joseph Oroza (the seller). Big glass doors with some big city views.
And it still is (and still has). But as a tipster notes today: 55 Buena Vista Terrace was re-listed last month and recently reduced to $2,695,000 (now 21% under original asking).
Purchased for $2,177,000 in April of 2006, but significantly remodeled since (including adding a new bathroom, turning outdoor space in, and remodeling the kitchen and dining).
∙ Listing: 55 Buena Vista Terrace (3/3.5) - $2,695,000 [MLS] [residentphotography.com]
∙ Big Swinging…Doors (And Here Comes The Competition) [SocketSite]
Up From 2004 (But Down From 2005): 3004 Ortega Closes Escrow
The sale of 3004 Ortega in the Outer Sunset (real estate District 2-C) closed escrow yesterday (2/24/09) with a reported contract price of $604,000.
To recap: purchased for $550,000 in June of 2004; flipped eight and one-half months later for $680,000; sold for $750,000 in November of 2006; bought back by the bank this past September for $535,075; and listed for $589,900 last month.
UPDATE: We missed what appears to be an off the MLS sale in November of 2006 for $750,000 (since added to our recap above), but a plugged-in reader did not. And another offers some "sales stats for 2bd/1ba single-family homes in districts 2-B and 2-C":
Jan-Feb 2007: Sold: 9 Range: 690K-825K Median: 749K
Jan-Feb 2008: Sold: 9 Range: 560K-750K Median: 630K
2009 (so far): Sold: 7 Range: 550K-622K Median: 598K
Damn those "fantastical" apples (and cheers).
A Plugged-In Reader Calls Shenanigans And Sets The Record Straight
I had clients who were interested in showing up to the auction today, but who could not pull it together by this afternoon. Good thing we did not waste our time! Read on...
I have been going back-and-forth with the listing agent/auctioneer over the past few days. I also exchanged e-mails with the previous listing agents at Brown & Co. Turns out that this is just a decision that the Seller made in an effort to [sell it fast].
Well, it turns out after all that there was a confidential "reserve price" (i.e., minimum accepted bid price) set by the Seller, which the auctioneer was aware of, of course.
Apparently this price was $550k and tons of people showed up today but nobody went up that high, and therefore nobody walked away owning 1/6 of this building today w/the exclusive right to occupy #2 or any unit for that matter.
The listing agent told me this morning prior to the auction that the other 4 vacant units may very well go up for auction today as well if things went in the right direction; but OF COURSE nobody wanted to offer anything above $550k. Duhhh! [Editor's Note: As you might recall 3731 Fillmore #2 failed to sell for $549,000 when last listed on the MLS.]
I told the listing agent to let me know when his Seller gets back in touch with reality and the current economy/market. What a frickin...waste of time!
Our apologies for any unwitting role we played. That being said, we now have another data point: a high bid of $410,000. Now about all that "pent-up demand"…
February 24, 2009
Trying To Catch The Market Over At One Rincon Hill (425 1st #2307)
Originally seeking $849,000 as a resale, the listing for One Rincon Hill #2307 was reduced down to $749,998 and then withdrawn from the MLS after 200+ days.
Returning to the MLS 21 days ago asking $699,000, the list price for the northeast corner and 819 square foot 425 1st Street #2307 was just reduced to $649,000.
∙ Listing: 425 1st Street #2307 (1/1) - $649,000 [MLS]
∙ One Rincon Hill (425 First Street): Secondary Market Stumbles [SocketSite]
Hearst Close To Calling It Quits With The San Francisco Chronicle?
From the San Francisco Chronicle itself:
The Hearst Corp. today announced an effort to reverse the deepening operating losses of its San Francisco Chronicle by seeking near-term cost savings that would include "significant" cuts to both union and non-union staff.
In a posted statement, Hearst said if the savings cannot be accomplished "quickly" the company will seek a buyer, and if none comes forward, it will close the Chronicle. The Chronicle lost more than $50 million in 2008 and is on a pace to lose more than that this year, Hearst said.
∙ Hearst seeks changes at Chronicle [SFGate]
∙ A Huge (Potential) Development For The Mid-Market/SoMa 'Hood [SocketSite]
∙ We’re Only Surprised Nobody Has Gone With The Gherkin [SocketSite]
An Appreciation (Just Not "Appreciation" Per Se) For 2668 Vallejo
After last being listed for $6,350,000 in 2007 (and sold), 2668 Vallejo is back on the market for $8,500,000. Think renovation more than appreciation over the past two years.
According to permits, the basement was partially excavated and first turned into living space and then later converted into a two-car garage (complete with new curb cut). A wine cellar and workshop were added, bathrooms were spruced up, and the foundation was partially replaced.
More recently a three level addition on the back, a new roof deck up top, a media room extension down below, and a kitchen and master suite renovation inside were all kicked-off with an anticipated completion date of June 2009 ("an opportunity for the sophisticated buyer to select their finishes" in listing speak).
And while a sale for anything over $6,350,000 is sure to be counted and misreported by some (or some reports) as "appreciation," we trust that any plugged-in person would know it’s not. Regardless, we do appreciate the home.
∙ Listing: 2668 Vallejo (4/5) - $8,500,000 [ninahatvany.com]
What's Fair Market For (The Bank Owned) 61 Fair Avenue In Bernal?
A Bernal Heights single-family (with in-law in the basement) sales comp in May of 2006 at $980,000, 61 Fair Avenue was bought back by the bank in December of 2008 for $949,862 (suggesting a bit less than 20% was put down).
Tenant occupied with "protection status undetermined" (which could have dashed some dreams). Back on the market today and asking $760,000.
∙ Listing: 61 Fair Avenue (4/2) - $760,000 [MLS]
Cubix Sales Update: 32% “Sold” (And Now Offering "Lease-To-Own")
After reducing prices by up 29.5% for their four week “Economic Stimulus Sale,” Cubix managed to put another seven condos into contract.
With around 24 of their 98 units either closed or in contract prior to the sale, we’ll now call Cubix 32% "sold" or roughly 18 contracts away from their stated Stimulus Sale goal of 50% (in order to open up the doors to FHA financing).
In related news, Cubix has started offering "lease-to-own" deals, purchase contracts which can either be executed or cancelled at anytime during a 3, 6, 9, or 12 month lease.
December S&P/Case-Shiller: San Francisco MSA Ends '08 Down 31%
According to the December 2008 S&P/Case-Shiller Home Price Index (pdf), single-family home prices in the San Francisco MSA fell 3.8% from November ’08 to December '08 and fell 31.2% year-over-year. For the broader 10-City composite (CSXR), year-over-year price growth is down 19.2% (having fallen 2.3% from November).
The seven worst performing cities in terms of year-over-year declines continue to be from the Sunbelt, reporting negative returns in excess of 20%. Phoenix was down 34.0%, Las Vegas reported -33.0% and San Francisco fell 31.2%. Denver, Dallas, Cleveland and Boston faired the best in terms of annual declines down 4.0%, 4.3%, 6.1% and 7.0%, respectively.
Condo values in the San Francisco MSA also continued their decline falling 1.3% from November ’08 to December '08, down 19.8% on a year-over-year basis and down 23.0% from an October 2005 high.
San Francisco MSA single-family home prices fell across all three price tiers.
The bottom third (under $321,066 at the time of acquisition) fell 3.8% from November to December (down 39.0% YOY); the middle third fell 2.5% from November to December (down 25.8% YOY); and the top third (over $561,810 at the time of acquisition) fell 3.4% from November to December (down 15.8% YOY).
According to the Index, single-family home values for the bottom third of the market in the San Francisco MSA have retreated to October 2000 levels, the middle third has returned to June 2002 levels, and the top third has fallen to April 2004 levels.
The standard SocketSite S&P/Case-Shiller footnote: The S&P/Case-Shiller home price indices include San Francisco, San Mateo, Marin, Contra Costa, and Alameda in the "San Francisco" index (i.e., the greater MSA) and are imperfect in factoring out changes in property values due to improvements versus actual market appreciation (although they try their best).
February 23, 2009
Whole Foods Green-Lighted In Noe (And As Proposed On Market)
While Whole Foods Market has been given the green light to take over the shuttered (but unfortunately not razed and to be rebuilt) Bell Market on 24th in Noe, the Prado Group continues to push forward with a proposed mixed-use development at 2001 Market Street which would replace the shuttered S&C Ford dealership with not only a Whole Foods on the ground floor but 80 residential units above and 125 parking spaces below.
No update on the Whole Foods slated for the Haight (a.k.a. the 690 Stanyan Project).
UPDATE (2/24): From a plugged-in reader with respect to the Noe Valley location: "Apparently Whole Foods has budgeted $5 million for [the] remodel and hopes to be open by September."
∙ Here comes another Whole Foods [SFGate]
∙ 2001 Market Street [2001marketsf.com]
∙ The 690 Stanyan Project Update: Conditional Use Approved 6-0 [SocketSite]
Checking In On Two Pacific Heights Apples: 2155 Buchanan Update
Apples-to-apples sales tell us the most about how the market is moving, but non-sales can provide some hints as well.
And while 2155 Buchanan Street #9 is in contract up in Pacific Heights (purchased for $1,000,000 in June 2006, listed for $950,000 in November 2008, last asking $885,000), the listing for the "reduced to sell!" and vacant 2155 Buchanan Street #7 has expired without a sale (purchased for $899,000 in July 2005, listed for $960,000 in August 2008, asking $850,000 at expiration).
Perhaps we’ll soon see a sign in the window for number seven and another unit of rental inventory to be absorbed. We’ll keep you posted on the contract price for number nine.
UPDATE: After 24 hours off the MLS as "expired," the listing for 2155 Buchanan #7 has been turned back on. No adjustment to the price (still asking $850,000) and now an official 186 days on the market (but we'll call it 185).
∙ A Pacific Heights Apple Up In The Tree: 2155 Buchanan #9 [SocketSite]
∙ Another Shot At A Ripening Pacific Heights Apple: 2155 Buchanan #9 [SocketSite]
∙ San Francisco Rental Market Weakness: SocketSite Readers Report [SocketSite]
Grand Opening Liquidation Sale: Signs Of
The Times And SF Freeze?
A plugged-in tipster captures the seemingly oxymoronic "Grand Opening Liquidation Sale" sign adorning Bamboo Colony at the base of Potrero Hill. The tipster’s succinct subject line: “It's gonna be a deeeep freeze” [in San Francisco].
UPDATE: A plugged-in reader sets the record straight:
This is just a marketing gimmick. I live close by and I have gone to that store a few times (they carry some decent stuff) and asked about the sign and if they are closing shops. They aren't. They have been opened for a couple of months and they keep getting more furniture every time I go in. The sign has always been there.
As such we're scratching our "signs of the times" designation, but standing behind our tipster's first thought.