Act Now (After Seventy-Seven Days On The Market) Or Else!
Purchased for $1,170,000 a year ago, 337 Douglass retuned to the market this past March asking $1,195,000. Reduced to $1,095,000 on April 1st and then to $995,000 on April 30th, a buyer has yet to emerge.
A sale at asking would represent a 15% drop in value over the past year for this single-family Eureka Valley home. But that’s not what caught our tipster’s eye. No, it was the following language from the listing:
It may be now or never...I am going to recommend to the Seller that we increase the price.
No word on who recommended the purchase in the first place.
And in other "last chance" news, a plugged-in reader points out that the listing for 1409 20th Street now notes: "LAST CALL! Final $ Reduction." Purchased for $860,000 in May of 2005, now asking $799,000 (down from $949,000).
∙ Listing: 337 Douglass (3/2.5) - $995,000 [MLS]
∙ A Potential Single-Family Apple Atop Potrero Hill: 1409 20th Street [SocketSite]
San Francisco County Unemployment Dips To 8.8 Percent In April '09
Preliminary April labor force data counts for San Francisco, Marin and San Mateo counties puts the unemployment rate at 8.8%, 7.2% and 8.1% respectively, down 0.2 percentage points from March across the board.
The 9.0% unemploment rate for San Francisco in March represented a 25 year high.
UPDATE: A plugged-in reader adds:
There is an interesting detail on the SF numbers. The number of unemployed in SF fell by 1000 from 40,800 to 39,800. But the number of employed fell by 1300 from 414,200 to 412,900. And the number in the "labor force" fell by 2800, from 455,000 to 452,800.
Looks like a few thousand workers packed up and left SF last month. Re the housing market, easing unemployment would certainly be good, but a smaller workforce would not.
66 Everson: Charles Warren Callister Designed Mid-Century Modern
It’s a Charles Warren Callister designed Mid-Century Modern home up in Glen Park.
In great condition and "largely unchanged from its original design" except for what looks like some new bathroom fixtures and counters, a remodeled lower level (which "may not be warranted"), and an updated kitchen (in a way that works).
Signature Cuts At Candlestick But Continues Townhouse Build Out
In a rare glimmer of optimism in the still-troubled new home construction industry, Signature Properties CEO Mike Ghielmetti has directed his contractor to pull permits for the next 20 townhouses of Candlestick Cove, a 125-unit townhouse project.
The move comes as sales traffic has picked up and Signature only has three or four units remaining out of the first 40 built. It has sold about 15 units since the last round of price cuts, which averaged between 15 and 20 percent. Together with previous price reductions, prices on four-bedroom townhouses, originally over $800,000, are now in the $500,000s.
No word on the 100-plus-unit podium buildings Signature has entitled for the Cove as well.
∙ Signature lights up Candlestick Point [San Francisco Business Times]
∙ Candlestick Condo Construction: Point Paused, Cove "Cautious" [SocketSite]
City Loses Landmark Appeal, Church Of The Pagoda Theater Anyone?
A bid by the city of San Francisco to designate the United Methodist Church at Larkin and Clay a landmark despite the Methodist Church’s desire to raze the building to make way for twenty-seven new condominiums has failed in the state Court of Appeals.
The Court of Appeal, in a ruling issued in San Francisco Wednesday, said state law specifically exempts nonprofit religious groups from landmark proceedings concerning their property.
Church of The North Beach Pagoda Theater anyone?
May 21, 2009
San Francisco Recorded Sales Activity In April: Down 33.6% YOY
According to DataQuick, recorded home sales volume in San Francisco fell 33.6% on a year-over-year basis last month (402 recorded sales in April ’09 versus 605 sales in April ‘08) but rose 21.1% compared to the prior month (which seasonality would foretell).
San Francisco continued to experience the sharpest year-over-year decline in sales volume of any Bay Area county in April with San Mateo (-22.5%) and Marin (-19.4%) the only other counties recording declines. San Francisco's median sales price in April was $628,500, down 16.2% compared to April ’08 ($750,000) but up 3.4% compared to the month prior.
For the greater Bay Area, recorded sales volume in April was up 13.1% on a year-over-year basis (a sharp decline from the 32.6% average YOY gain of the past seven months) and up 12.9% from the month prior (7,139 recorded sales in April '09 versus 6,310 in April ’08 and 6,325 in March '09), while the recorded median sales price fell 41.3% on a year-over-year basis, up 4.8% compared to the month prior (the first uptick in 17 months).
Last month’s sales were the second-lowest for an April since 1995 and were 23.2 percent below the average April sales total back to 1988, when DataQuick’s statistics begin.
Foreclosure resales – homes sold in April that had been foreclosed on in the prior 12 months – accounted for 47.4 percent of Bay Area resales. That was down from 50.2 percent in March and 52.0 percent in February. Last month’s figure was the lowest since foreclosure resales were 46.8 percent of existing home sales last November.
A lower concentration of discounted foreclosure resales in the statistics is one reason the median sale price has recently begun to more or less flatten, or at least erode more slowly, in many markets.
At the extreme, Solano recorded a 67.1% year-over-year increase in sales volume (a gain of 288 transactions) on a 43.7% drop in median sales price.
As always, keep in mind that DataQuick reports recorded sales which not only includes activity in new developments, but contracts that were signed ("sold") many months or even years prior and are just now closing escrow (or being recorded).
∙ Bay Area home sales rise again; median price up slightly over March [DQnews]
∙ San Francisco Recorded Sales Activity In March: Down 34.6% YOY [SocketSite]
∙ SocketSite Sees Seasonality (Versus Signs Of A Rebound) [SocketSite]
Bank Owned And Back On The Market On The South Slope Of Bernal
Purchased for $510,000 in September 2005 and then flipped five months later for $631,000 ("Buy, sell, repeat, retire!"), 622 Gates Street was taken back by the bank in September 2008. The Bernal Heights home is back on the market and asking $428,900.
As was overheard on the north slope of Bernal in September 2005, so went the chatter on the south slope in February 2006: "If that place is worth $631,000 then..."
∙ Listing: 622 Gates ("2/2") - $428,900 [MLS]
∙ Bank Owned And Back On The Market On The North Slope Of Bernal [SocketSite]
Under Two Hundred Per Square Foot (Just Not Including The House)
This four story, four bedroom, and six and one-half bath Forest Hill* home is listed for under $200 per square foot! Unfortunately that doesn’t include the cost of building it.
*UPDATE: As a plugged-in reader correctly points out, it's Forest Hill Extension for this lot not Forest Hill.
Two New (But Actually Old) Chelsea Park (3620 19th Street) Comps
According to a plugged-in tipster these two Chelsea Park (3620 19th Street) condos appear to have sold in January but their listings were just recently updated in the MLS:
3620 19th Street #27 closed with a contract price of $565,000 (one-bedroom last listed at $619,000) while #30 closed with a contract price of $600,000 (two-bedroom last listed at $734,000).
Once again, one-bedrooms at Chelsea Park were originally offered from $679,000.
∙ The Newest Chelsea Park Comp: 3620 19th Street #28 Closes Escrow [SocketSite]
∙ San Francisco’s Chelsea Park Condominiums Coming Soon [SocketSite]
From Listing To Sale In Just Two Weeks For This Pacific Heights Apple
Fifteen days ago 2608 Sacramento was listed on the MLS for $2,395,000. And yesterday it closed escrow with a reported contract price of $2,500,000. The sellers purchased the property in April of 2005 for $2,675,000.
While 6.5% under its 2005 sale doesn’t sound too bad, keep in mind that the median price per square foot for single-family homes sales in area code 94115 increased 11% from 2005 to 2008. If you buy into that metric, consider it a 17.5% drop from "peak" for this remodeled Pacific Heights home.
But hey, it did sell quickly and for over asking.
May 20, 2009
Plans Approved And Price Reduced But No Sale And Off The MLS
Sold in December 2005 for $868,000 and then again for $875,000 in September 2008, 1409 Sanchez retuned to the market in January asking $1,250,000 with newly approved plans and permits in hand to raze the current structure and build two units in its place.
Yesterday the listing for 1409 Sanchez was withdrawn from the MLS despite reductions down to $970,000 and an offer by the "Seller/Builder" to "complete [the] project at a Discounted Price & Customize [the] Plans to Suit!"
No word on whether or not the listing will soon return with a new new price and zero days on the market or if said seller/builder has simply decided to go the spec route.
Bank Owned And Back On The Market On The North Slope Of Bernal
Purchased for $841,000 in August of 2005, the single-family 3261 Harrison was bought back by the bank this past January for $703,120. The single-family (but zoned RH-2) home on the north slope of Bernal is now back on the market and asking $658,630.
Overheard in September 2005: "If that place is worth $841,000 then..."
∙ Listing: 3261 Harrison Street (2/1) - $658,630 [MLS]
Calling 911 For Number 911 At 199 New Montgomery
No photos and few details, but we couldn’t help but notice the (short sale) listing for a ninth floor studio at 199 New Montgomery seeking $225,000.
In addition to said studio there are currently ten other listings at 199 New Montgomery. And as plugged-in people know, that's only about half the effective inventory.
∙ Listing: 199 New Montgomery #911 (0/1) - $225,000 [MLS]
∙ Selling The Rest Of Their Sold Out Inventory At 199 New Montgomery [SocketSite]
Showcasing A Designer Price Cut: 2830 Pacific Sheds Another 29%
On the market but unlisted asking $15,500,000 seven months ago but then listed for $12,900,000 last month, it’s a plugged-in reader that notes the asking price for 2830 Pacific (a.k.a. the 2009 Decorator Showcase) has been cut to $9,995,000.
And speaking of designer digs, as noted by a number of readers the list price for the solar panel sporting 118-120 Cervantes has been cut from $3,000,000 to $2,850,000.
∙ Listing: 2830 Pacific Avenue (7/6) - $9,995,000 [MLS]
∙ 2009 Decorator Showcase (2830 Pacific) Opens Its Doors And Kimono [SocketSite]
∙ 118 Cervantes Boulevard: Listed, Numbers, And Your Peek Inside [SocketSite]
California Special Election Results (As They're Sure To Come Up)
California Special Election ballot measures 1A through 1E were soundly defeated yesterday by an average margin of 65% no to 35% yes with Proposition 1F (elected officials salary freeze) the only measure to pass (74% in favor, 26% against).
We will note tighter results (except with respect to Proposition 1F) in San Francisco County where just 21% of registered voters visited the polls and Proposition 1B (school funding) received yes votes from 52% of those visiting (i.e., not including absentee).
May 19, 2009
The First Attempted Millennium
Flip Resale: 301 Mission #40D
It’s the first attempted resale at the Millennium (as far as we know). Asking $2,750,000 ($1,409 per square foot) for the coveted southeast corner Grand Residences "D" plan on the fortieth floor with big Bay Bridge views.
No word on the original contract price for the sake of comparison. Tipsters?
UPDATE: A plugged-in reader reports:
The D Stack was selling for 1550-1600 psf when they first came on, but the prices were dropped 15% a couple of months ago, so figure that this buyer paid $1300-1350 psf for this place. They may have added upgrades that would increase the price some, but it looks to me like they are try to "flip" and make a small profit.
∙ Listing: 301 Mission #40D (3/3) 1,952 sqft - $2,750,000 [MLS]
∙ The Millennium: A Few Things You Might Know (And A Few You Don’t) [SocketSite]
∙ The SocketSite Scoop: Millennium Cuts Prices 15% Across The Board [SocketSite]
Call It Yet Another "Anecdote" (Or Data Point), It’s Down From 2004
As we wrote in February:
Purchased for $2,000,000 in June of 2004, 2203 Broderick in the heart of Pacific Heights returned to the market with a remodeled bath in October of 2008 asking $2,395,000. Reduced to $2,195,000 in November, and now asking $1,975,000 as of nine days ago.
A sale at asking would represent zero appreciation over the past four and one-half years. But do avoid the temptation to see that as "prices in Pacific Heights have been holding steady since 2004" versus having risen and are now falling since.
Temptation avoided as the single-family 2203 Broderick (with expansion potential) closed escrow on 5/12/2009 with a reported contract price of $1,750,000. That's 12.5% under its sale price in 2004 (which was well below "peak" and didn’t include the remodeled bath).
JustQuotes: Five Years From A 49ers Free San Francisco?
"Santa Clara officials are expected to finalize a proposal with the San Francisco 49ers as early as today to build a 68,500-seat stadium in the South Bay city, in part with millions of dollars in public redevelopment money.
The deal lays out a funding plan to move the five-time Super Bowl champions into a new game-day home 37 miles from San Francisco in time for the 2014 NFL season, those involved in the negotiations said."
May 18, 2009
In Case You Missed It As You Were Running By This Weekend...
The photography probably won't win any awards and the layout or stairs are certain to be off-putting to some. But the listing for 857 Hayes Street made us stop and sucked us in.
And it wasn't what looks to be a respectful remodel and restoration of the grand scale Victorian nor the dollars per square foot (four hundred and seventy-five) which did the trick. It was simply that porch off the kitchen which any entertainer would adore.
∙ Listing: 857 Hayes (4/2) - $949,000 [MLS]
Carl Terrace (415-437 Carl) Update: On Pace For A Sale A Year
Asking $489,000 in January of 2008, the list price for 415 Carl has been reduced to $399,000 while the list price for 437 Carl has been reduced to $499,000 (from $529,000).
Of the six TICs and six condos within Carl Terrace, ten remain unsold (including all six of the TICs). And the seller is now offering five year financing (interest only at 5.5% with a balloon payment) with 15% down.
∙ Moving Pictures: Can You Help A Reader (And Us) Out? [SocketSite]
∙ Two Of The TICs At 415 (And 437) Carl Hit The Market In Cole Valley [SocketSite]
∙ Carl Terrace [carlterrace.com]