A Street, Agent And Now A Price In Common Too: 4432 19th Street
While it took the listing for 4552 19th Street a few reductions to join the Eureka Valley chapter of the million dollar cut club, down the street 4432 19th has done so in one fell swoop: previously seeking $3,999,000, now listed for $2,999,000.
Extensively renovated [beware the background tunes] and retrofitted since purchased for $1,200,000 in 2001, this District 5 single-family home is currently asking $750 per square foot based on its reported 4,000 square feet.
It's worth noting that both 19th Street listings share the same agent. And while it could be a cosmic coincidence, and the public facing listing doesn’t note a licensed agent owner, it’s a data digging reader that notes the agent and owner (at least in trust) for 4432 19th Street do appear to share the same name.
∙ Listing: 4432 19th Street (5/5.5) - $2,999,000 [MLS] [4432-19thst.com]
∙ 4552 19th Street Joins The High-End
Half Million Dollar Cut Club [SocketSite]
∙ 4552 19th Street Joins The High-End Half-Million Dollar Cut Club [SocketSite]
JustQuotes: Bailing On The Substation To Bailout Yoshi's Et Alli
"The cornerstone nightclub of the revitalized Fillmore jazz district is about to get a $1.5 million Redevelopment Agency bailout loan — but it comes at the cost of fixing a long-abandoned building in the neighborhood.
Officials are close to taking $3.3 million intended for revamping the abandoned Muni substation at Fillmore and Turk streets and instead offering the money as loans to struggling businesses, helping pay for restaurant consultants and funding an operating shortfall at a parking garage."
"The Redevelopment Agency will vote today to transfer the deed for the Muni substation, along with valuable certificates of redevelopment, back to The City. As of now, city officials have no plans for the aging property"
∙ Jazz district loan comes at cost [San Francisco Examiner]
∙ Tough Times For The Fledgling Fillmore Jazz District's Rebirth [SocketSite]
∙ The (Re)Development And Design Of 1198 Fillmore And 1345 Turk [SocketSite]
Two Well Designed Data Points We Wouldn't Dismiss Out Of Hand
Purchased for $1,126,000 in 2005, remodeled and returned to the market for $1,195,000 in June of 2008, the Henry Hill home at 2209 9th Avenue was withdrawn without selling in July. Back on the market today and listed for $995,000.
We can't call it an "apple" for a couple of reasons (including the view blocking new home next door), but we also wouldn't dismiss this well designed data point out of hand.
On the market for $1,895,000 in April of 2007 and sold for $2,200,000 in May, this updated Arts & Crafts home in Ingleside Terrace returned to the market in October of 2008 with a few updates and originally asking $2,099,000.
∙ Listing: 2209 9th Avenue (2/1) - $995,000 [MLS]
∙ Listing: 25 Mercedes Way (5/3) - $1,979,000 [MLS]
∙ Mid-Century Modern That’s Been Remodeled: 2209 9th Avenue [SocketSite]
∙ Another Mid-Century Modern Casualty: A Shift In Tastes Or Appetites? [SocketSite]
∙ We’re Buying It (The Description Not The House) [SocketSite]
∙ Still An Architectural Work Of Art, But Still A Bidding War To Be? [SocketSite]
February 13, 2009
Will The Twelfth Time Be The Charm? 830 El Camino Del Mar Returns
From a plugged-in reader last June:
I know this house and [had] spoken with this owner decades ago. Since 1998 he has put it on the market 11 times, each time with a [high-end/profile] realtor at an improbable price.
Once again, two bedrooms and under 4,000 square feet, but "approved plans for a huge [penthouse] addition sure to be the world's most dynamic master" are included.
Our estimated cost to actually affect said addition on this particular home? Priceless...
UPDATE: With new photos added to the listing since we first posted and an "interactive brochure" now online (complete with soothing wave sounds), our piece on 830 El Camino Del Mar heads back to the top of the page.
∙ Listing: 830 El Camino Del Mar (2/2.5) - $15,000,000 [seacliffsentinel.com] [MLS]
∙ Behind The Great
Wrought Iron Wooden Gate At 830 El Camino Del Mar [SocketSite]
∙ Secluded Sea Cliff home on the market for $9 million [SFGate]
An "Exciting New Price" (And Club Initiation) For 3577 Pacific Avenue
That’s assuming you count the three days at which it was originally listed for $7,700,000 (now 22% lower). If not, it’s now only $955,000 (14%) under its last price of $6,950,000.
UPDATE: And from a plugged-in reader, the full floor plan monty (pdf).
∙ Listing: 3577 Pacific Avenue (6/4) - $5,995,000 [MLS]
∙ 4552 19th Street Joins The High-End
Half Million Dollar Cut Club [SocketSite]
∙ 3577 Pacific: Inside Its Newly Contemporary Soul (And Market's Mind) [SocketSite]
If Nothing Else It Should Continue To Distort Those Foreclosure Stats
"Citigroup Inc., JPMorgan Chase & Co. and Morgan Stanley agreed to suspend foreclosures until next month and signaled a readiness to help the Obama administration craft a housing plan to modify mortgages for troubled borrowers."
∙ Citigroup, JPMorgan, Morgan Stanley Halt Foreclosures [Bloomberg]
Decorator Showcase Miss 2000 Officially Hits The Market On Broadway
Another past Decorator Showcase home has officially hit the market. This time it’s Miss 2000 at 2601 Broadway sporting seven bedrooms, six and one-half baths, and almost 10,000 square feet of “down to the studs” remodeled and retrofitted living space.
A listed price of $15,500,000. And if a few more San Francisco Showcase homes hit the market, we’ll have a decade of homes from which to choose.
∙ Listing: 2601 Broadway (7/6.5) - $15,500,000 [MLS]
JustQuotes: New SFPD Headquarters Targeting Mission Bay?
"A new San Francisco Justice Facilities Improvement Study by architects Hellmuth, Obata + Kassabaum and Mark Cavagnero Associates identifies 1.5 acres of city-owned land on the southwest corner of Third Street and Mission Rock as the “preferred location” for a 265,000-square-foot building that could house police headquarters, the Southern District police station, a fire station, and parking for 171 police vehicles.
In addition to the Mission Bay site, the study looked at two secondary locations: a parcel at Third and Evans streets and another on Bryant Street, between Fourth and Fifth. Both of those sites would require the city to acquire privately owned property."
∙ SFPD headquarters pick: Mission Bay [San Francisco Business Times]
A Plugged-In Reader’s Perspective On The Montgomery And Its Cuts
A plugged-in reader’s perspective on The Montgomery (74 New Montgomery) and its cuts:
I bought a 1-bedroom pre-opening in 2007…for over 100K more than the new pricing (although we did get about $35K in pre-paid HOA and upgrade credits plus the standard 3 yrs parking) ... oh well.
The building, by the way, is quite nice, and I love the location ... this is a second home for my wife and me so we plan to keep it long term but I'd hate to be someone who needs to re-sell right now.
The new starting prices from the sales office:
Studios starting from $383,000
Executive Studios starting from $462,000
One Bedrooms starting from $452,000
One Bedrooms with Den starting from $625,000
Two Bedrooms starting from $882,000
Two Bedrooms with Den starting from $1,350,000
And a few of their original price ranges from the first release in 2007:
Studios $379,000 to $540,000 (420-580 sqft)
Junior one bedrooms $598,000 to $655,000 (500-600 sqft)
One bedrooms $487,000 to $647,000 (600-750 sqft)
One bedrooms + den $745,000 to $850,000 (700-900 sqft)
And everybody’s favorite of which to be aware, “New 4.5% Broker Co-op" (for new contracts before 3/31/09).
∙ The Montgomery (74 New Montgomery): Pricing And Reservations [SocketSite]
February 12, 2009
$15,000 Homebuyer Tax Credit Cut, Conforming Loan Limits Restored
“A proposal to provide a $15,000 tax credit to homebuyers was stripped from a $789 billion economic stimulus package that appears headed for a vote Friday, but a restoration of higher loan limits for Fannie Mae, Freddie Mac and FHA loan guarantee programs appears to have made the cut.”
“According to a summary of the compromise bill released by lawmakers Thursday, the tax credit will still be available only to first-time homebuyers -- those who haven't owned a principal residence in the last three years. But they won't have to pay it back, as is currently the case, and the credit will be increased to $8,000 and be available through the end of November.”
“[NAR President Charles McMillan] said the bill will also reinstate the $729,750 loan limit in high-cost areas for Fannie Mae, Freddie Mac and FHA loan guarantee programs that was in place throughout much of 2008…”
∙ $15,000 homebuyer credit cut in compromise [Inman]
∙ Proposed $15,000 Homebuyer Tax Credit Clears The U.S. Senate [SocketSite]
∙ The American Recovery And Reinvestment Act Of 2009: Summary (pdf) [senate.gov]
∙ Jumbo-Conforming Loans Going, Going, And Almost Gone [SocketSite]
BLU Cuts Pre-Sale Required Green To $575,000 (And Up To 26%)
According to the sales office over at BLŪ, the "starting price" cuts of 17 to 22% as reported by SF New Developments are in direct response to a fast approaching 25% pre-sale requirement (currently 10% of 108 units in contract), and aren't expected to last past their first round of closings in 60 or so days. As always, time, the market and SocketSite will tell.
The pre-sale starting price adjustments according to SFND:
“A” Plans: Originally from $925,000, currently from $743,000 (down 20%)
“B” Plans: Originally from $809,000, currently from $631,000 (down 22%)
“C” Plans: Originally from $799,000, currently from $622,000 (down 22%)
“D” Plans: Originally from $930,000, currently from $743,000 (down 20%)
“E” Plans: Originally from $739,000, currently from $575,000 (down 22%)
“F” Plans: Originally from $809,000, currently from $673,000 (down 17%)
And it's a plugged-in tipster that points out some specific unit price cuts of up to 26%:
631 Folsom #3B: Originally $749,000, now $630,000 (down 16%)
631 Folsom #6A: Originally $985,000, now $799,000 (down 19%)
631 Folsom #PHE: Originally $2,527,358, now $1,862,358 (down 26%)
UPDATE: The 25% pre-sale requirement insight was added for additional color (and accuracy). And yes, it's officially turned into one of those days.
Full Disclosure: BLU currently advertises on SocketSite but provided no compensation for (nor had any prior knowledge of) this post. They did, however, inform our update.
∙ Listing: 631 Folsom #3B (2/2) - $630,000 [MLS]
∙ Listing: 631 Folsom #6A (2/2) - $799,000 [MLS]
∙ Listing: 631 Folsom #PHE (3/3) - $1,862,358 [MLS]
∙ A Reader Starts Singing The BLŪ’s (631 Folsom Website Now Live) [SocketSite]
∙ BLU Slashes Prices - now starting at $575,000! [SF New Developments]
Early January Listed Sales Results For San Francisco: Down 34%
Based on an early count of 142 sales of listed single-family homes, condos and TICs in January, sales volume in San Francisco has dropped 34% on a year-over-year basis (versus a 13% drop from 2007 to 2008), and is down around 60% from four years before.
At the same time, inventory of listed and available single-family homes, condos and TICs is up 20% on a year-over-year basis (versus a 32% increase from 2007 to 2008) and is up 58% over the past two.
In terms of months of listed supply on the market at the end of January, in 2007 the count was 3.4 while in 2009 it was 9.4. Keep in mind, however, that January typically marks the seasonal low point for sales activity and sales counts should climb over the next five months (and at a faster pace than inventory).
CORRECTION: As a plugged-in reader correctly notes, we originally miskeyed the current January 2009 sales count as 162 (corrected above and throughout as 142). We’re triple checking everything else.
∙ SocketSite's San Francisco Listed Housing Update: 2/02/09 [SocketSite]
∙ San Francisco Recorded Sales Activity In December: Down 17.8% YOY [SocketSite]
4552 19th Street Joins The High-End
Half Million Dollar Cut Club
With a $300,000 cut late yesterday, the recently renovated 4552 19th Street in District 5 joins the high-end million dollar (and over 30%) price cut club. Now asking $2,999,000 or $1,300,000 less than what was expected in October.
Also reduced late yesterday, 3271 Baker Street is now listed for $2,275,000. Hitting the market last July asking $3,395,000, expectations for the recently renovated (hmm...) Marina home have been lowered by $1,120,000 or 33% over the past seven months.
Keep in mind that MLS based industry reports on the state of the San Francisco real estate market now reflect 33 days on the market and a 12% drop from its "original" list price of $2,595,000 in January for 3271 Baker Street.
But hey, what’s six months, $800,000 and 20% between friends?
∙ Listing: 4552 19th Street (6/4.5) - $2,999,000 [MLS] [4552-19thst.com]
∙ Listing: 3271 Baker Street (4/2.5) - $2,275,000 [3271bakerstreet.com]
∙ 4552 19th Street Joins The High-End Half-Million Dollar Cut Club [SocketSite]
∙ Spanish/Mediterranean Flair From Traditional To Modern: 3271 Baker [SocketSite]
∙ Less Great Expectations: 3271 Baker Drops Its New Year Asking 24% [SocketSite]
February 11, 2009
Fannie Seeks To Stoke Demand By Increasing Limits For Investors
Fannie Mae, the mortgage-finance company under U.S. government control, will no longer bar real- estate investors from qualifying for its loans if they already own four properties as it seeks to increase housing demand.
The company will expand its limit for investor and second- home loans to as many as 10 properties per borrower, according to a Feb. 6 notice to lenders on Washington-based Fannie’s Web site.
According to the new guidelines the borrower cannot have any history of bankruptcy or foreclosure within the past seven years, cannot have any delinquencies (30-day or greater) within the past 12 months on any mortgage loans, and must have a six month reserve (two months for some second homes).
Also nice to note, maximum loan to value ratios of 75% for one unit properties and 70% for multi-unit purchases.
∙ Fannie to Expand Mortgage Rules for Realty Investors [Bloomberg]
∙ Updates to Multiple Mortgages to the Same Borrower Policy (pdf) [Fannie Mae]
Bank Owned For The Past Year But Now On The Market: 279 Flournoy
279 Flournoy was purchased for $440,000 in October of 2003, bought back by the bank in January of 2008 for $486,023, and has now hit the market for $349,900. Perhaps a bit close to the 280 (and Daly City) for some, but for others that might be a bonus.
No comment on all the bars (not in terms of drinks). And no word on whether or not the bank had been waiting for a market rebound or other forces were at work.
∙ Listing: 279 Flournoy (3/2) - $349,900 [MLS]
Two Sides To The New Mission Theater Zoning "Error" Story
From the Chronicle last week:
On Jan. 6, as part of a major rezoning effort, the board approved legislation limiting building heights on Mission Street to 65 feet. Prior to the vote, there had been discussions about giving an exception to [Gus Murad’s New Mission Theater project] because it had been under city review before the zoning plan was finalized and would add needed housing and other community facilities to the neighborhood.
The board declined to make the exception, but a city planner who wrote the final legislation inadvertently inserted the 85 foot height for the Murad property. The board later approved another ordinance restoring the 65 foot limit. Newsom then vetoed that legislation, placing the Murad property back at the accidental 85-foot height.
Supervisor Chris Daly said at the Board of Supervisors meeting Tuesday that Newsom's actions gave the appearance of, "impropriety and malfeasance."
From the Mayor’s new "Corrections Page" this week:
The New Mission Theater site has been proposed for development of a mixed-use project that includes heights up to 85 feet along Mission Street. This project has been under review at the Planning Department since July 2005. The proposed development would, among other benefits, rehabilitate, restore and reactivate the long dormant New Mission Theater, a San Francisco landmark, provide neighborhood-serving child care services, reactivate the theater use, and increase the City’s housing supply by constructing market-rate and below market-rate units on one of the City’s most transit-intensive streets.
The height reduction proposed by this ordinance is inconsistent with the Planning Department’s and Commission’s original recommendation for the site, the General Plan policy of encouraging preservation of historically significant buildings, encouraging housing along major transit corridors and revitalizing underutilized properties along key neighborhood commercial corridors. Mayor Newsom’s staff, working with Supervisor Bevan Dufty’s office, made good faith efforts to amend this ordinance to address several of the policy concerns raised by members of the Board, including adding additional language to clarify the preservation requirements for the theater. These attempts at compromise were not accepted.
Based on all of the above factors, the Mayor determined that a veto of this ordinance is in the best interests of the City.
We won't argue with the decision, but perhaps "Positions Page" might be more correct.
∙ Goof gives Newsom donor 20 more feet [SFGate]
∙ New Mission to have new use [examiner.com]
∙ CORRECTION: New Mission Theater articles by Robert Selna [SFMayor]
Homeowners In The West "Now Nine Percent Less Delusional!"
While we don’t buy into Zillow’s analytics as accurate measures of any reality (or realty), we can’t argue with the results of their surveys on perception. A recap of their second-quarter 2008 survey of homeowners in the West:
My Home's Value Has Increased Over Past Year: 28%
My Home's Value Has Decreased Over Past Year: 56%
My Home's Value Has Stayed the Same Over Past Year: 16%
And from the fourth-quarter:
My Home's Value Has Increased Over Past Year: 19% (-9% from Q2)
My Home's Value Has Decreased Over Past Year: 70% (+14% from Q2)
My Home's Value Has Stayed the Same Over Past Year: 11% (-5% from Q2)
∙ Perhaps An Apple A Day Would Keep Their Delusions Away... [SocketSite]
∙ Zillow Homeowner Confidence Survey: Q4 2008 [Zillow]
∙ Luckily The Sellers Weren't Looking At Their "Zestimate" [SocketSite]
4356 25th Street: No, It Hasn’t Closed Escrow But In Contract It Is
As a general rule we don’t point out properties we’ve previously featured until they’ve actually closed escrow. But we did take some heat for suggesting that 4356 25th Street could quickly go into contract (and to see it while you could). And well, in contract it is.
Of course we’ll let you know if it falls out of escrow (and you’ll have another chance to peruse), or as always, when it closes (and for how much).
∙ 4356 25th: A Modern Mid-Century Modern AIA Home Tour Home [SocketSite]
Another "Limited Time Offer" And Additional Cut At Symphony Towers
In October Symphony Towers (750 Van Ness) cut prices on 20 units in its tower one by up to 30%. Positioned as a limited time offer with "no plans" for another round of "slashing," the list price for 750 Van Ness #T-907 was cut from $515,000 to $419,000.
Passed along by a plugged-in tipster yesterday:
This weekend only, Symphony Towers will offer two incredible residences (a Penthouse Studio and a Courtyard One-Bedroom) at incredible savings.
And you guessed it, said studio is 750 Van Ness #T-907 which is now being offered for $389,000 (including “lots of free upgrades”). Also noted, "new pricing" for tower two.
∙ Price Cuts Of Up To 30% At Symphony Towers (750 Van Ness) [SocketSite]
∙ Symphony Towers Update: Slashing Success And Words On The Street [SocketSite]
February 10, 2009
The Rather “Studly” Julian Waybur House (3232 Pacific) For Sale
The Julian Waybur House at 3232 Pacific Avenue is a “Historic [Ernest] Coxhead Shingle-Style Home with Presidio and Golden Gate Views.” And while it wasn't in bad shape “before,” it’s now down to the studs and awaiting a “green” renovation.
Coxhead's signature redwood paneling remains in the living room and the celebrated staircase has been restored off-site and is now ready for re-installation and finishing in place.
Included in the offering are preliminary plans by Page and Turnbull to create a luxury "green home" consisting of: 3 bedrooms, 3 full and two-half baths, living room, formal dining room, gourmet kitchen with breakfast area and recycling center, media room and study.
Full details, history and plans for 3232 Pacific are on a "special website," the address for which we somehow managed to surmise.
UPDATE: As a plugged-in “sleepiguy” notes, after the "before" but before any "after" there was an "in-between" (a.k.a. a fire).