June 30, 2009
Restored Façade, Newly Constructed Interior And Muni On The Corner
It’s a restored classic façade with a newly constructed interior and plan on 21st Street.
Close to Muni would be an understatement as the developers traded a new J-Church sidewalk stop, fence and retaining wall in exchange for a new easement agreement to allow access to a parking garage.
And for once it really is a condo that would live like a house with the other three totally new construction units in the association next door.
Is "G" Wondering What The "F" As Well?
It’s a bit to the South but we’ve looked at it before. Purchased for $2,500,000 in November of 2005 and boasting $750,000 in upgrades since, "G’s" 356 Santana Row #306 down in San Jose returned to the market in April of 2008 asking $4,000,000.
Reduced a number of times before being withdrawn in December, it’s a plugged-in reader that notices it’s been back on the market for 22 days asking $2,999,999.
∙ Listing: 356 Santana Row #306 (4/4) 3,856 sqft - $2,999,999 [306villacornet.com]
∙ Infinity Penthouse Unit 37B: Before And After (And The Budget) [SocketSite]
A New All-Time High (Or Rather Low) For U.S. Prime Delinquencies
The delinquency rate for prime mortgages over 60 days behind continued to climb from 2.4% in the fourth quarter of 2008 to 2.9% through March 31, 2009 (up from 1.1% at the same point in 2008) as "first-time foreclosure filings on [prime] loans rose 22 percent from the fourth quarter."
The delinquency rate for prime mortgages in the U.S. has hit a new all-time high (or perhaps low). And overall, "mortgages 60 days or more past due rose 88 percent from last year." You know, when it was simply a subprime problem.
∙ U.S. Prime Delinquency Rate Doubles, Alt-A Approaches 10% [SocketSite]
∙ Delinquencies Double on Least-Risky Loans, U.S. Says [Bloomberg]
April S&P/Case-Shiller: San Francisco MSA Top Tier Flatish, Others Fall
According to the April 2009 S&P/Case-Shiller Home Price Index (pdf), single-family home prices in the San Francisco MSA gained 0.6% from March ’09 to April '09, down 28.0% year-over-year and down 45.8% from a peak in May 2006.
For the broader 10-City composite (CSXR), home values fell 0.7% from March to April and are down 33.6% from a peak in June 2006 (down 18.0% year-over-year).
In addition to the 10-City and 20-City Composites, 13 of the 20 metro areas also saw improvement in their annual return compared to that of March. Furthermore, every metro area, except for Charlotte, recorded an improvement in monthly returns over March. While one month’s data cannot determine if a turnaround has begun; it seems that some stabilization may be appearing in some of the regions. We are entering the seasonally strong period in the housing market, so it will take some time to determine if a recovery is really here.
San Francisco MSA single-family home prices continued to fall across the bottom two-thirds in terms of price tiers, but gained nominally at the top.
The bottom third (under $265,194 at the time of acquisition) fell 1.8% from March to April (down 35.4% YOY); the middle third fell 0.7% from March to April (down 19.5% YOY); and the top third (over $479,157 at the time of acquisition) gained 0.2% from March to April (down 21.9% YOY).
According to the Index, single-family home values for the bottom third of the market in the San Francisco MSA have retreated below April 2000 levels having fallen 62% from a peak in August 2006, the middle third has fallen to November 2001 levels having fallen 42% from a peak in May 2006, and the top third is holding at April 2003 levels having fallen 30% from a peak in August 2007.
Condo values in the San Francisco MSA gained 0.3% from March ’09 to April '09, down 26.9% on a year-over-year basis and down 32.5% 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).
JustQuotes: Think New Life, Lifestyle, And Landscaping
"The Painted Ladies charmed her. The de Young wowed her. But Liesbeth van der Pol [chief government architect of the Netherlands] also savored a part of San Francisco that many locals ignore - Mission Bay." (Chief Dutch architect wowed by S.F.)
June 29, 2009
A Bank-Owned Bernal Apple Is Picked (For 16% Less Than In 2005)
Purchased for $841,000 in August of 2005, bought back by the bank this past January for $703,120, and then listed this past May for $658,630, the single-family (but zoned RH-2) 3261 Harrison closed escrow today for a reported $705,000.
Call it 16% below its late 2005 value for this North Slope Bernal Heights apple, but $46,370 (7%) "over asking!"
Union Street’s Metro Theater: Saving Its Skin In Order To Un-Shutter
In a deal with preservationists, the re-developer of the Metro Theater on Union Street is expected to to restore the theater’s exterior "to reflect its "vintage heyday"" and sign "a letter of intent…to preserve interior features like the elaborate murals and columns" while transforming the long shuttered theater into a mix of retail and an Equinox gym.
An 06 Comp (In More Ways Than One) At One Rincon Hill
While One Rincon Hill (425 1st Street) #806 has been on the market for 87 days asking $945,000 ($763 per square foot), the sale of 425 1st Street #1306 closed escrow three days ago with a reported contract price of $930,000.
The 06 unit five floors higher had been asking $995,000, was on the market for 113 days, and was advertising "available for lease as of June 1st. [for] $4150 mo." Tax records would suggest an original purchase price of just over $975,000 (likely in 2006) for #1306.
∙ Listing: 425 1st Street #806 (2/2) - $945,000 [MLS]
Plugged-In Perspective On Occupancy (And Incentives) At Avalon III
From the San Francisco Business Times last week with regard to Avalon at Mission Bay III:
…AvalonBay’s third Mission Bay building, which opened less than a month ago and held a grand opening party June 18, is 36 percent leased and 25 percent occupied, according to Meg Spriggs, who oversees Bay Area development for AvalonBay.
From a plugged-in reader yesterday:
With regards to [Avalon at Mission Bay III], they have something like 30 tenants and 80 units [on line] at the moment. Each month on the 15th another 20-30 units are [made available for occupancy].
So these stats they put out are meaningless. Their current incentive is first month free and $100 off the base rental price per month. But they also raised parking to $150/spot up from $100.
We'll call that 12 percent leased for the 260 units to be at Avalon at Mission Bay III.
∙ Strata And Avalon III Riding A Mission Bay Rental Wave [SocketSite]
∙ Avalon At Mission Bay III (240 Berry): Now Open And The Rents [SocketSite]
SocketSite's San Francisco Listed Housing Inventory Update: 6/29/09
Inventory of Active listed single-family homes, condos, and TICs in San Francisco declined 0.7% over the past two weeks (versus an average drop of 2.6% for the same two week period over the previous three years) and is now running 9.8% higher on a year-over-year basis (down 0.5% for single-family homes and up 16.9% for condos/TICs) and 24.4% higher than at the same point in 2006.
Just under 39% of active listings in San Francisco have undergone at least once price reduction (up from just over 32% at the same time last year). And just over 12% of active listings in San Francisco are currently either already bank owned or seeking a short sale.
The standard SocketSite Listed Inventory footnote: Keep in mind that our listed inventory count does not include listings in any stage of contract (even those which are simply contingent) nor does it include listings for multi-family properties (unless the units are individually listed).
Performance Recoveries Are No Guarantee Of Future Results
"The residential real estate market improved ahead of the end of the past seven contractions, with home construction starts beginning to climb an average of seven months before gross domestic product picked up and sales gaining about four months in advance, according to data compiled by David Berson, chief economist of PMI Group, a mortgage insurer in Walnut Creek, California."
June 26, 2009
A White House To End A Black Week
Five bedrooms, five baths and over 5,000 square feet, the contemporary 388 Lansdale was built in 1991 the same year Michael Jackson released Dangerous. And while not one of his best efforts, track number 13 can't help but be somewhere on the mind.
Japantown’s Better Neighborhood Plan Update: Draft Acknowledged
While 3D Investments' redevelopment of the Japan Center Mall and Peace Plaza was pushed back by the economy late last year, the Planning Department’s Japantown Better Neighborhood Plan has been pushing forward.
Yesterday a draft plan which includes an overhaul of Peace Plaza and “the conversion of the western two lanes of Webster Street, between Geary Boulevard and Bush Street, into a neighborhood park” was
endorsed acknowledged by the Planning Commission.
The proposed $41.3 million budget "would need to be raised through development impact fees and neighborhood taxes to pay for proposed public improvements included in the draft 20-year plan."
UPDATE: A correction from a plugged-in reader:
The draft was "acknowledged", not "endorsed" by the Planning Commission. The Planning Commission added language to the resolution to emphasize that this plan is a work in progress and it does not endorse some of the most controversial contents, such as proposed heights.
∙ Japantown: The Question, The Answer And Your Chance To Embellish [SockeSite]
∙ Japantown Better Neighborhood Plan [SFGov]
∙ Commission backs Japantown overhaul [San Francisco Examiner]
Strata And Avalon III Riding A Mission Bay Rental Wave
"The Strata, the first development on the still-unopened new Fourth Street, has leased 103 [out of 193] apartments in 90 days...four apartments a month above leasing goals, although Urban Housing Group has slashed rents about 15 percent from original projections. Meanwhile, AvalonBay’s third Mission Bay building, which opened less than a month ago...is 36 percent leased and 25 percent occupied..."
∙ Mission Bay lures renters with new luxury housing [San Francisco Business Times]
∙ The Scoop On Strata At Mission Bay, Its Environs And Rents [SocketSite]
∙ Avalon At Mission Bay III (240 Berry): Now Open And The Rents [SocketSite]
A Landmark District Seven Mansion Foreclosure (2799 Pacific)
Commissioned by Dr. C. N. Ellinwood in 1893, 2799 Pacific was designed by Eugene Freeman and its 28 rooms, 14 fireplaces and glass domed center hallway were finished in 1894. And the Ellinwood residence is San Francisco Landmark #207.
As a number of plugged-in people noted last month, 2799 Pacific fell into foreclosure and had a date with the courthouse steps earlier this month. And as a couple of other plugged-in people piece together, with a mortgage balance due of $11,363,000 and an unmet minimum bid of $10,000,000, the landmark 2799 Pacific was taken back by the bank.
∙ San Francisco Landmark 207: Ellinwood Residence (2799 Pacific/2498 Divisadero)
∙ Another District Seven Mansion Heads For Foreclosure (2151 Green) [SocketSite]
∙ Another Ex-Decorator Showcase Is Officially Listed: 2500 Divisadero [SocketSite]
Will SWL 337 Or SWL 351 Meet The Same Fate As Transbay Block 8?
"With many developers predicting that highrise development of any sort won’t work economically [in San Francisco] for another five years, public agencies are struggling with a development model in which private builders pay for the right to develop valuable land and, in the process, bankroll public benefits like parks, roads and affordable housing."
∙ Real estate slump threatens projects [San Francisco Business Times]
∙ Transbay Block 8: No Deal Or Development In 2009 [SocketSite]
∙ San Francisco SWL 337 Proposal: Downsized And Drawn Out [SockeSite]
∙ Cosmic Development Karma For San Francisco's Seawall Lot 351? [SocketSite]
While Fall Falls We Doubt Spring Would Have Sprung
Returning to the market this winter, 1333 Waller (a.k.a. "Fall" in the row of "Four Seasons" Victorians on Waller) closed escrow near the end of spring (6/12/09) with a reported contract price of $1,725,000 (asking $1,895,000), 6.8% under its purchase price of $1,850,000 in October of 2005.
June 25, 2009
Will We See 70 Williams Touted On The News Tonight?
As we wrote about 70 Williams last month under the headline of "A Single-Family In The Threes (But Expect At Least As Many Offers)":
So Williams isn’t the most scenic of residential avenues in San Francisco. But it is near the 3rd Street Muni line. There is development in the area. And 70 Williams is a single-family home that's asking $349,000 and looks to be in good, albeit a bit dated, shape.
Today, the sale of 70 Williams closed escrow with a reported sales price of $450,000 ($360 per square foot). Yes, that's 29% over asking but closer to 3% above the median price per square foot for surrounding single-family homes in 2008 (based on 208 sales). And it's still 24% below said median in 2005 (based on 182 sales).
The year-to-date median price per square foot in zip code 94124 is, however, currently running at $276 (based on 55 sales so far).
A Gold Mine Hill Apple (38 Topaz Way) And Peek Into The Past
The sale of 38 Topaz Way up in Gold Mine Hill closed escrow yesterday with a reported contract price of $790,000 (12% under asking and 10.9% under its last sale in August of 2003). Which reminds us, we never published that peek into the neighborhood’s past.
And so we offer it now by way of a plugged-in reader and in the form of a few classic photos and pages from a 1969 edition of House & Home which not only featured the Gold Mine Hill development but such articles as "Do you think we have a housing crisis? Just look at Japan" and "The Housing market at midsummer: Forecasts turn cautious."
∙ Nice Gold Mine Hill Neighbor (And 1960's Design Lover) Seeks Same [SocketSite]
∙ From SocketSite - Gold Mine Hill History (pdf) [Box.net]
Delaying Development Fees In An Attempt To Un-Delay Development
From the San Francisco Examiner with respect to various development fees:
Because of the dismal [San Francisco] economy...city officials are drafting new legislation that could allow developer fees to be paid after construction finishes instead of before it starts, according to Michael Cohen, Mayor Gavin Newsom’s chief economic strategist.
No update on the fees of One Rincon Hill.
∙ City development fees may rise [San Francisco Examiner]
∙ Michael Kriozere (ORH) Responds: We're Planning To Pay, Damn It! [SocketSite]