May 29, 2009
From A Peek To A Poke For 54 And 56 South Park
A few weeks ago we gave you the sneak peek inside 54 and 56 South Park. A week ago the listings went live. And the vanity site has since been flushed out.
The fit, finish, and fixture quality are impressive in person. And if your interest was piqued, now’s your chance to poke around (if you haven't already).
∙ Listing: 54 South Park (3/4) - $3,845,000 [54-56southpark.com] [MLS]
∙ Listing: 56 South Park (2/2.5) - $2,695,000 [54-56southpark.com] [MLS]
∙ 54-58 South Park: The Inside Scoop (Both Literally And Figuratively) [SocketSite]
Another "Real" Apple Closes Escrow In The Marina: 1756 North Point
The sale of 1756 North Point closed escrow this past Wednesday with a reported contract price of $1,575,000. That’s an official 1% under asking of $1,595,000 and 49 days on the market according to industry stats, but do keep in mind it was also listed for $1,795,000 four months ago (which would be 12% under original list and 120 days on the market).
Of more interest to us, and those actually trying to make sense of the market, the 2009 sale price of $1,575,000 is 17.9% below its purchase price of $1,920,000 in April 2007.
As we wrote in January, "while short holding periods might not make for the best real estate returns, they do make for better apples in terms of isolating movements in the market versus simply averaging a bunch of years out."
1844 Market Watch: Movement On 113 "Fabulous" Units And Retail
BayRock Residential secured approvals for 113 "fabulous" rental (but condo mapped) units, 90 underground parking spaces, and 5,000 square feet of retail to be built at 1840-1844 Market in 2006, but sold the project in 2007.
And while the site has long been cleared, it's also been dormant for quite some time. Yesterday, however, a tipster noticed activity and couldn't help but wonder, "Is this real?"
It appears so, but unfortunately we don't have any additional details. Readers?
Lembis Look To Cut Another Twelve Loose As Rental Market Drops
"The troubled Lembi real estate empire has put 12 San Francisco apartment buildings up for sale at prices well below what it paid for the properties in 2006 and 2007."
"The buildings the family is attempting to sell include 2185 Bay St., a 24-unit complex the Lembis bought in late 2007 for $7.9 million. The asking price on the building is $5.9 million. Another building, 1305 Lombard St. sold for $2.6 million in 2007 and is priced at $1.9 million. A third property, the 14-unit 2050 Powell St., sold for $3.4 million in 2006 and is priced at $2.9 million."
"David Gruber, who owns 13 multifamily buildings in San Francisco, said rents have dropped 10 percent to 15 percent, and he is seeing an increase in requests for rent adjustments."
∙ Lembis expect to sell apartment buildings for loss [Business Times]
∙ San Francisco Rental Market Weakness: SocketSite Readers Report [SocketSite]
∙ RealFacts Reports (Not So Real) Asking Rents Flat In San Francisco [SocketSite]
3022 Washington Returns With The Traina Quote Of The Day
Engine Company Number 23 was retired as a firehouse in 1964 and was then purchased by world-renowned designer John Dickenson….Former owners have also included former Governor Jerry Brown as well as world-famed advertising guru Hal Riney…. The current owner, who is a collector of rare and fine objects has brilliantly refined and maintained the property to its present glory.
Said current owner remains John Traina (of whom you’ve might have heard). And we remain smitten with that wood burning stove (a John Dickenson original).
The quote of the day from the Wall Street Journal’s coverage of the property’s listing:
Original elements in the ex-firehouse include “brass poles that are popular with the younger set,” Mr. Traina says.
So we've heard.
Full Disclosure: The co-listing agent for this property advertises on SocketSite, but we would have written about it regardless (as we did in 2007).
∙ Listing: 3022 Washington (4/5) - $4,400,000 [pacificheightsfirehouse.com]
∙ For Our Love Of Old Engine House #23 (3022 Washington) [SocketSite]
∙ San Francisco Landmark 93: Engine Company #23 [NoeHill]
∙ Jerry Brown’s Old Firehouse [Wall Street Journal]
A Rose By Any Other Name (But Not Necessarily A Neighborhood)
From the Chronicle with regard to San Francisco’s neighborhood naming:
Stepping into the fray, the San Francisco Association of Realtors is coming out with a new neighborhood map this summer - replacing stale names with hip ones, adding enclaves and changing boundaries to try to answer one of San Francisco's most complicated questions: So, where do you live?
No word on who granted the Realtors exclusive naming rights.
∙ Familiar S.F. neighborhoods gain new names [SFGate]
Take Two (Or Three) For Five New Condos On Telegraph Hill
Originally priced "from $3.1 million to $7.5 million," all five condos at the newly built 567 Vallejo on Telegraph Hill remain available and are now listed with prices ranging from $2,250,000 to $4,750,000 for the penthouse (whose floor plan is below).
May 28, 2009
The 690 Stanyan Project Scoop: Scaled Back To An Interior Gutting
The other half had a storewide meeting at Whole Foods last night. It was told to them that the Stanyan Project has been scaled back to be just like the Noe Valley project. No external construction - no condos, just a interior gutting of the old Cala foods and a small format Whole Foods going into it.
The mixed-use design as was proposed (and conditional use approved):
The 26 studio units, 20 one-bedroom units, 15 two-bedroom units, and one three-bedroom unit have been removed from our pipeline inventory watch list.
UPDATE: Confirmation this afternoon from the Business Times with regard to the project:
The developer of a Whole Foods and housing development approved for a vacant lot at Haight and Stanyon streets has decided to shelve the project, citing high city fees [of between $5 million and $6 million] and the economic downturn.
According to the developer, however, an agreement with Whole Foods on the scaled back plan has not been reached (but is being discussed).
∙ The 690 Stanyan Project Update: Conditional Use Approved 6-0 [SocketSite]
∙ The 690 Stanyan Project: Overview And EIR Hearing Tomorrow (2/28) [SocketSite]
∙ Whole Foods Green-Lighted In Noe (And As Proposed On Market) [SocketSite]
∙ Developer scraps S.F. Whole Foods project because of city fees [Business Times]
Name That "Noe Valley" House (And Architect)
From the Craigslist post (by way of a tipster):
This recently remodeled 2900 square foot home sits on a quiet, tree-lined street overlooking Noe Valley, downtown and the Bay Bridge. Built in the 1960s, this home is currently the private residence of a well-known San Francisco architect. The double-wide lot offers gracious living with easy access to downtown.
Asking $6,000 per month but also offering a "rent to own option." Two points for naming the house (assuming you show your work), a bonus for naming the architect.
UPDATE: A plugged-in "Dave" sweeps the points in under an hour - it's 195 Beacon, owned by Ross Levy of Levy Art & Architecture Inc. And for those who like to run the numbers, purchased in October of 2007 for $1,650,000.
JustQuotes: While Buyers Don't Defaults Do (Move Up)
"The inventory of new and old [U.S. Mortgage] defaults rose to 3.85 percent, the MBA said today. Prime fixed-rate mortgages given to the most creditworthy borrowers accounted for the biggest share of new foreclosures at 29 percent, and prime adjustable-rate mortgages were 24 percent, [Jay Brinkmann, the MBA’s chief economist] said. It shows the mortgage problem has shifted from a subprime issue to a job-loss problem..."
∙ Mortgage Delinquencies, Foreclosures, 30-Year Rates Increase [Bloomberg]
∙ San Francisco County Unemployment Dips To 8.8 Percent In April '09 [SocketSite]
∙ SocketSite’s Residential Real Estate Outlook For 2009 [SocketSite]
May 27, 2009
Another District Seven Mansion Heads For Foreclosure (2151 Green)
The tip we received last month:
2151 Green...is going into foreclosure this summer…I'm not sure I'd bring it up until something official is announced, but this info did come straight from the owner.
And while we didn’t bring it up before, today a plugged-in reader did:
I think it's safe to say now that [2151 Green Street] is going into foreclosure. The owner is back in Iran and that's all she wrote!
A notice of default (NOD) has been filed on the property. And the fate of the proposed 2157 Green Street on the adjoining empty lot? Likely the same.
∙ If $550,000 Were A Rounding Error, Would $2,000,000 Be As Well? [SocketSite]
∙ But Hey, $550,000 Is Simply A Rounding Error To A Proper Industrialist [SocketSite]
∙ The Scoop On 2157 Green Street (Could You See The Foreshadowing?) [SocketSite]
A Bank Owned TIC In Lower Pacific Heights? (2033 Pine Street)
It's a three-bedroom Tenancy in Common (TIC) with parking in a three-unit building in Lower Pacific Heights that's two blocks from "the heart" of Fillmore. And if the MLS is correct, 2033 Pine Street is also bank owned.
Again, TIC and bank owned (which would be the first such combo we've seen) assuming the listing is correct.
UPDATE: Well, despite the fact that it's been listed on the MLS (and sites that rely on the MLS) for 19 days as a bank owned sale...
...apparently it's not.
UPDATE: And after three hours on SocketSite, the listing has been corrected. Cheers.
∙ Listing: 2033 Pine Street (3/2) 1,600 sqft - $1,075,000 (TIC) [2033pine.com] [MLS]
CPMC's Long Range Development Plan And Cathedral Hill Campus
Additional details with respect to California Pacific Medical Center’s (CPMC) Long Range Development Plan for five campuses have been published in the form of an EIR and Public Scoping Meeting notice (pdf). At the heart of the plan, the Cathedral Hill Campus.
The proposed 3.85 acre medical campus…is comprised of three sites that would be developed by 2015 with a new Cathedral Hill Hospital [which would occupy an entire city block bounded by Post Street to the north, Van Ness Avenue to the east, Franklin Street to the west, and Geary Boulevard to the south), a new Cathedral Hill Medical Office Building (Cathedral Hill MOB), and a second renovated medical office building at 1375 Sutter Street.
The AIA Honor Award design by SmithGroup for CPMC's Cathedral Hill Hospital ("using a system modeled on Toyota’s manufacturing process to maximize design and value"):
And as the proposed hospital site looks today:
UPDATE: By way of a plugged-in tipster, a couple of aerial renderings of the proposed CPMC Cathedral Hill hospital for context:
The Scoop On 147 Laidley: AIA Award Winner "Coming Soon"
[The architects] designed their house with the environment in mind, using sustainably-harvested woods and solar panels to keep their average monthly energy bill to $80 a month. The couple also built much of the home's frame off-site, shaving nearly two months from the 15-month project and keeping total construction costs to $1.5 million, or $500 a square foot -- moderate, by San Francisco standards.
According to our tipster the asking price still hasn’t been set, but "it will be north of $3M." We’ll keep you plugged-in.
May 26, 2009
March S&P/Case-Shiller: San Francisco Slide Slows But Continues Fall
According to the March 2009 S&P/Case-Shiller Home Price Index (pdf), single-family home prices in the San Francisco MSA fell 2.2% from February ’09 to March '09, down 30.1% year-over-year and down 46.1% from a peak in May 2006.
For the broader 10-City composite (CSXR), home values fell 2.1% from February to March and are down 33.1% from a peak in June 2006 (down 18.6% year-over-year).
On a positive note, nine of MSAs are reporting a relative improvement in year-over-year returns and nine of the 20 metro areas saw an improvement in their monthly returns compared to February. Furthermore, this is the second month since October 2007 where the 10- and 20-City Composites did not post a record annual decline. Based on the March data, however, we see no evidence that that a recovery in home prices has begun.
San Francisco MSA single-family home prices continued to fall across all three price tiers.
The bottom third (under $268,429 at the time of acquisition) fell 4.6% from February to March (down 37.3% YOY); the middle third fell 2.5% from February to March (down 20.8% YOY); and the top third (over $481,916 at the time of acquisition) fell 3.5% from February to March (down 22.2% YOY).
According to the Index, single-family home values for the bottom third of the market in the San Francisco MSA have retreated to April 2000 levels having fallen 61% from a peak in August 2006, the middle third has fallen below March 2002 levels having fallen 42% from a peak in May 2006, and the top third has fallen to April 2003 levels having fallen 30% from a peak in August 2007.
Condo values in the San Francisco MSA fell 6.0% from February ’09 to March '09 (over three times the average of New York, Boston, Chicago and Los Angeles), down 27.3% on a year-over-year basis and down 32.7% from an October 2005 high.
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., greater MSA) and are imperfect in factoring out changes in property values due to improvements versus appreciation (although they try their best).
An Updated Oakland (The Architect) Eichler Across The Bay In Marin
It’s a Claude Oakland designed Eichler across the bridge in Lucas Valley. Built in 1963 but renovated (modern lovers keep looking, Eichler purists look away) and expanded since.
We’re not sure we get the carpeted dining room, but otherwise we’re digging the design (and lot). Not yet listed but the vanity site just went live and asking $1,550,000.
∙ Listing: 26 Oak Mountain Court, San Rafael (4/3) - $1,550,000 [26OakMountainCt.com]
77 Van Ness: It’s Two Years Later And The Sales Office Opens Today
It’s been a little over two years since a reader first asked what was happening on the corner of Van Ness and Fell (and a plugged-in reader responded, "77 Van Ness Avenue, an eight-story, 100-foot-tall mixed-use development providing residential, office, and retail space."). And today, the 77 Van Ness sales office opens.
A mix of studios, one-bedrooms and two-bedrooms with 500 square foot studios starting in "the mid to upper $300’s," one-bedrooms listed from $443,170, and two-bedrooms listed from $641,449. Fifty (50) residential condos total and all floor plans online.
Full Disclosure: While the sales and marketing company for 77 Van Ness currently advertises on SocketSite, 77 Van Ness currently does not (and did not provide any consideration for this post).
∙ 77 Van Ness [77vanness.com] [Floor Plans]
∙ Listing: 77 Van Ness #609 (1/1) 575 sqft - $443,170 [MLS]
∙ Listing: 77 Van Ness #503 (2/2) 1,162 sqft - $641,449 [MLS]
∙ Reader’s Questions: That Eureka Moment [SocketSite]
∙ The Unfinished Façade Of 77 Van Ness (And Its 56 Residential Units) [SocketSite]
∙ 77 Van Ness Rising (And Our Request For A Rendering) [SocketSite]
May 23, 2009
With Memorial Day Barbeques On The Brain (2209 Scott Street)
It was simply the wide plank floors (for which we’re suckers) and high ceilings (ditto) of the down to the studs (if not foundation) remodel of 2209 Scott that piqued our interest. And we were drawn right up to the roof deck with Memorial Day barbeques on the brain...
May 22, 2009
24 Karat Gold Coast Coming Soon (2950 Broadway)
It’s the outer Broadway mansion from which Melvin Belli ran naked "firing a pistol at his wife who hosted a real estate show for the highest priced properties on television."
It’s a Frederick Herman Meyer design, and an ex-Decorator Showcase home (Miss 1987 to be exact). And as a tipster notes, 2950 Broadway is in the process of getting prepped for sale and "coming soon" (asking $39,500,000).
Also noted, it's perhaps the only Gold Coast property with an outdoor pool.
∙ Coming Soon: 2950 Broadway - $39,500,000 [stevegothelf.com]
∙ When Friia Ruled San Francisco Real Estate (A Reader’s Recollection) [SocketSite]
∙ Frederick Herman Meyer [sfhistoryencyclopedia.com]
Extra! Extra! Read All About It...Extra Fees To Develop Downtown
"Developers who construct skyscrapers and other buildings near the new Transbay Terminal in downtown San Francisco will have to pay up to $850 million in extra fees over a 20-year period, according to a city proposal announced Thursday.
The area will allow for towers taller than what is permitted downtown - including one building that could be up to 1,000 feet tall....The surcharges of up to $35 a square foot would be in addition to a package of downtown-only fees for things such as public transit, affordable housing and wastewater treatment."
"The fees would be applied to all new developments, not just skyscrapers....Given the city's lengthy planning and approval process, it is unlikely that any developer would obtain permission to build before 2011."
∙ Extra fees for new transit district [SFGate]
∙ San Francisco’s Transbay Terminal: Website And Community Meeting [SocketSite]
∙ San Francisco’s Transit Center District Plan: EIR Notice Of Preparation [SocketSite]