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July 31, 2009

2510 Jackson: Foreclosure Sale Tops The Market In Pacific Heights

2510 Jackson (www.SocketSite.com)

As an observant reader noted earlier this week, the sale of the rather infamous (mostly for being foreclosed upon) 2510 Jackson has closed escrow.

While our reader reports an $11.5 million sale price, however, according to a plugged-in source it wasn’t quite but rather close (it's actually an asterisked "confidential" sales price that's reported on the MLS). Regardless, it represents the highest priced San Francisco sale in 2009.

Tax records would suggest an original purchase price of around $9,500,000 in the year 2000 before its sale back to the bank in April of 2008 (asking $14,900,000 soon thereafter).

Also according to our source, it’s a local family that purchased the house.

Fortunes Can Be Fleeting (And Mansions Can Be Foreclosed Upon) [SocketSite]

Posted by socketadmin at 9:30 AM | Comments (9)

Apples To Apples And Year Over Year In Pacific Heights (2221 Baker)

2221 Baker Street (www.SocketSite.com)

It might not ring any bells without that photoshopped street. And it’s not currently listed on the MLS (or official inventory). But 2221 Baker Street has returned to the market 13 months after its purchase for $4,200,000 (was listed for $3,795,000 at the time).

Now asking $4,495,000 in 2009. Perhaps hoping the soup to nuts renovation of 2201 Baker next door will give it a boost. And once again, designed by Albert Sutton and Charles Peter Weeks in 1905.

∙ Listing: 2221 Baker Street (5/3.5) - $4,495,000 [domicileproperties.com]
The Only Appropriate Headline: "What The Hell Were They Thinking?" [SocketSite]
Say Hello To My Little Friend Frond (And An Orchid) At 2221 Baker [SocketSite]
The 2201 Baker Street Site Scoop: Full Gallery And Floor Plans Live [SocketSite]

Posted by socketadmin at 9:00 AM | Comments (34)

JustQuotes: Citi Draws Deposit Ire (And Lawsuits)

"Rental security deposits held by [CitiApartments and associated companies] were funneled into an array of bank accounts and plundered, potentially affecting thousands of tenants, according to lawsuits."

Lawsuit alleges CitiApartments drained tenant deposit accounts [Examiner]

Posted by socketadmin at 7:00 AM | Comments (16)

The United Nations Of Hunters Point?

Proposed United Nations Global Compact Center

Speaking of the redevelopment of Hunters Point, from the Business Times:

San Francisco Mayor Gavin Newsom wants to put a United Nations center focused on global warming at Hunters Point Shipyard…The proposed center, called the United Nations Global Compact Center, would cost about $16 million to $20 million.

If we build it will the world come?

Can You Say San Francisco Earthquakes? [SocketSite]
S.F. Mayor proposes UN center at Hunters Point [Business Times]

Posted by socketadmin at 7:00 AM | Comments (22)

July 30, 2009

Call It Sunroom, Fogroom, Whatever…We’d Never Leave That Floor

470 Vallejo: Sunroom

Our main concern with 470 Vallejo is that we’d never want to leave the "pent-level" floor. And as such we’d very likely end up spending every night on the couch.

A related renovation aside, both 2209 Scott Street #1 and #2 closed escrow last week.

∙ Listing: 470 Vallejo (4/4) – $3,995,000 [470vallejo.com] [MLS]
With Memorial Day Barbeques On The Brain (2209 Scott Street) [SocketSite]

Posted by socketadmin at 12:45 PM | Comments (60)

Telling It Like It Is For 533 Laidley

533 Laidley

From the listing for 533 Laidley:

This lot value sale of a 1906 Earthquake Cottage on lovely Laidley St. in Glen Park is ready for a new owner/developer…Home is not salvageable & is unsafe to enter or climb on (Do not attempt!). No plans drawn or approved for this property.

How somebody else might spin it, "asking over $1,000 a square foot in Glen Park!"

∙ Listing: 533 Laidley (1/1) - $499,000 [MLS]

Posted by socketadmin at 11:30 AM | Comments (69)

Octavia Court: The Original IE Collaborative Winning Design

Octavia Court Rendering (click to enlarge)

A plugged-in tipster delivers the original IE Collaborative design for Octavia Court.

Our apologies in arrears to IE Collaborative for misidentifying the final architects on the project, and our apologies in advance as we’ve been told the design above has been tweaked and new renderings are in the works (and hopefully soon to be on the way).

IE Collaborative [iecollaborative.com]
Octavia And Oak: Octavia Court’s Past, Present And Future [SocketSite]

Posted by socketadmin at 10:00 AM | Comments (9)

Can You Say San Francisco Earthquakes?

Site prep for the construction of 1,400 homes on Hunters Point Parcel A is expected to be completed by the end of the year with first occupancy around 2012.

At the same time contingency plans for how to proceed with the overall Hunters and Candlestick Point redevelopment should the San Francisco 49ers make the move to Santa Clara are being drawn.

Ideas for alternative uses for the 25-acre Parcel G currently set aside for a new football stadium range from enabling the development of larger and more luxurious housing to a "greentech industry hub" (which might be easier to envison than execute).

We’ll go on record with the suggestion for the development of a "football" stadium and a few practice pitches of another kind. Can you say San Francisco Earthquakes?

City plans Hunters Point redevelopment without the 49ers [Examiner]
JustQuotes: The Redevelopment Of Hunters/Candlestick Point [SocketSite]
First And Goal For The San Francisco Santa Clara 49ers Stadium [SocketSite]

Posted by socketadmin at 8:30 AM | Comments (25)

Pier 27 Public Workshop On Pier 1 Tonight (7/30/09)

Pier 27 Conceptual Drawing

The Port of San Francisco is holding a public workshop tonight from 6 p.m. to 8 p.m. on Pier 1 to discuss their conceptual designs to transform Pier 27 into a cruise terminal.

Pier 27 Cruise Terminal Design [SFGov]
The Port's Plan For Pier 27: We Don't Need No Stinking Rate Of Return! [SocketSite]

Posted by socketadmin at 8:00 AM | Comments (5)

July 29, 2009

A Round Of...Cuts For The All New "Arden Estates" On 15th Avenue

Arden Estates Under Construction

Originally priced between $1,995,000 and $2,195,000, a plugged-in tipster notices the new $1,699,000 to $1,950,000 range for five of the seven new construction homes of "Arden Estates" on the edge of West Portal on 15th Avenue.

2763 15th Avenue

Two of the seven four bed, three and one-half bath detached homes are advertising prices TBD. In the opinion of said tipster who walked through, "Interesting houses, but a pretty high price point given what $1.7-2M gets you in Saint Francis Wood."

Arden Estates [ardenestatesluxuryhomes.com]
∙ Listing: 2733 15th Avenue (4/3.5) 3,290 sqft - $1,699,000 [Barbagelata via Pacunion]
∙ Listing: 2763 15th Avenue (4/3.5) 3,300 sqft - $1,950,000 [Barbagelata via Pacunion]

Posted by socketadmin at 4:00 PM | Comments (26)

Beige Book Results: Real Estate and Construction Remain Weak

The Real Estate and Construction summary from the latest Federal Reserve regional business survey (a.k.a. The Beige Book) for the twelfth district ("San Francisco"):

Conditions in District housing markets remained very weak but showed further signs of improvement, while demand for commercial real estate continued to erode. Sales prices for new and existing homes fell further in most parts of the District, and home construction activity remained at very low levels. Combined with low mortgage rates, however, price declines have propelled a sustained pickup in the pace of home sales in many areas.

Demand for commercial real estate fell further, and with rising vacancy rates, tenants have successfully been requesting rent concessions and other new terms on existing leases. Construction activity for commercial properties also continued to fall, and contacts noted that a lack of available credit remained a constraint for construction activity and investment transactions in some areas.

To summarize the summary, residential sales volume is up on falling prices and commercial is getting squeezed. Nothing that should catch a plugged-in person by surprise.

Federal Reserve: Beige Book Twelfth District Summary (7/29/09) [federalreserve.gov]

Posted by socketadmin at 12:30 PM | Comments (26)

Octavia And Oak: Octavia Court’s Past, Present And Future

Octavia and Oak as Parcel Q (Image Source: MapJack.com)

A reader wonders if we know what’s happening at the corner of Octavia and Oak long known as the fenced off Central Freeway Parcel Q. And that we do: Octavia Court.

Octavia and Oak on 7/29/09 (www.SocketSite.com)

Octavia Court will be a fifteen unit affordable housing development for disabled individuals and their families. Development by Satellite Housing and West Bay Housing Corporation, but the original design as proposed by Fougeron Architecture (below) isn't what's getting built (see UPDATE below that).

Octavia Court Rendering (Image Source: Fougeron Architecture)

The ground floor will house a vocational art center and gallery run by Norcal Vocational which provides "developmentally disabled adults with the opportunity to use art as a vehicle for developing life skills."

UPDATE: Our apologies to IE Collaborative whose design for Octavia Court has replaced that of Fougeron as rendered above. We’re working on the scoop.

Octavia Court: The Original IE Collaborative Winning Design [SocketSite]

Posted by socketadmin at 11:00 AM | Comments (21)

Sunnyside (Thumbs) Up Or Down?

Sunnyside District Map

Well, we weren’t exactly but now we will be: "While we're on the subject of relatively affordable San Francisco, how do people feel about Sunnyside?" (District 4-S)

San Francisco Real Estate Districts: Maps And Neighborhoods [SocketSite]

Posted by socketadmin at 8:45 AM | Comments (35)

412-416 Bosworth: What Recently Was And What Will Soon Be


The MapJack photo above for 412-416 Bosworth is a bit old as much progress has been made and a plugged-in tipster notes, "these homes are being built around the corner from me on Bosworth St on the Glen Park / Bernal Heights border…Given the speed of construction I wouldn't expect move in until late 2009 / early 2010."


To be priced "from $650,000 to $1,299,000" for the eight condos that stretch across "four buildings" with floor plans for all four buildings currently available online.

412-416 Bosworth [bosworthhomes.com] [Map]

Posted by socketadmin at 8:30 AM | Comments (15)

July 28, 2009

You Might Bump Your Head In The Morning But Did You See The Bath?

224 Elsie: Master Bath

It’s a Bernal Heights renovation (i.e., no apple) with limited head room in the master bed but with an open master bath with dual walk-in showers and natural light that we adore.

∙ Listing: 224 Elsie (3/2) - $948,000 [MLS]

Posted by socketadmin at 1:30 PM | Comments (47)

A 10th And Mission Triptych In Reverse For Mercy Housing Rising

10th and Mission: 7/27/09 (www.SocketSite.com)

Once again, the 12-story Mercy Housing project on the northeast corner of 10th and Mission should be completed by August. Current reality above and as rendered below.

10th and Mission Mercy Housing Rendering

Soon to be 136 affordable apartments for families with household incomes ranging from 15% to 45% of the area's median, a 5,400 square foot youth/family center, and 3,000 square feet of ground-floor neighborhood retail space where the King Diner once stood.

10th and Mission: Before (Image Source: MapJack.com)

Affordable Family Housing Rising (And Rendered) At 10th And Mission [SocketSite]

Posted by socketadmin at 12:30 PM | Comments (38)

May S&P/Case-Shiller: San Francisco MSA Top Tier Up, Bottom Down

S&P/Case-Shiller Index Change: May 2009 (www.SocketSite.com)

According to the May 2009 S&P/Case-Shiller Home Price Index (pdf), single-family home prices in the San Francisco MSA gained 1.4% from April ’09 to May '09, down 26.1% year-over-year and down 45.0% from a peak in May 2006.

For the broader 10-City composite (CSXR), home values gained 0.4% from April to May but are down 33.3% from a peak in June 2006 (down 16.8% year-over-year).

As of May 2009, average home prices across the United States are at similar levels to where they were in the middle of 2003, indicating that the three years of appreciation that occurred from 2003-2006 were all given back in the following three years. From the peak in the second quarter of 2006, the 10-City Composite is down 33.3% and the 20-City Composite is down 32.3%.

San Francisco MSA single-family home prices continued to fall across the bottom one-third in terms of price tiers but showed gains at the top.

S&P/Case-Shiller Index San Francisco Price Tiers: May 2009 (www.SocketSite.com)

The bottom third (under $266,630 at the time of acquisition) fell 0.5% from April to May (down 33.3% YOY); the middle third gained 1.0% from April to May (down 18.2% YOY); and the top third (over $485,728 at the time of acquisition) gained 3.8% from April to May (down 19.6% YOY).

According to the Index, single-family home values for the bottom third of the market in the San Francisco MSA have retreated to March 2000 levels having fallen 62% from a peak in August 2006, the middle third is hovering around March 2002 levels having fallen 42% from a peak in May 2006, and the top third is back to November 2003 levels having fallen 28% from a peak in August 2007.

Condo values in the San Francisco MSA gained 2.3% from April ’09 to May '09, down 24.7% on a year-over-year basis and down 31.0% from an October 2005 high.

S&P/Case-Shiller Condo Price Changes: May 2009 (www.SocketSite.com)

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).

Home Price Declines Continue to Abate In May According to S&P/Case-Shiller [S&P]
April S&P/Case-Shiller: San Francisco MSA Top Tier Flatish, Others Fall [SocketSite]

Posted by socketadmin at 8:00 AM | Comments (106)

July 27, 2009

SocketSite’s Straight Scoop On The Collapse Of Cubix (766 Harrison)

Cubix 7/27/09 (www.SocketSite.com)

As a plugged-in reader noted this morning, the sales office at Cubix (766 Harrison) never managed to re-organize and re-open and a trustee sale of the unsold condos is scheduled for the courthouse steps this afternoon at 2 p.m. The outstanding developer's loan balance on the building is $21,050,440.

According to our sources the loan balance is split roughly two-thirds ($14M) on a first and one-third ($7M) on a second, today's trustee sale is likely a move to simply wipe out the second, and the unsold inventory includes 80 of the 98 residential units and the commercial space (i.e., 18 of the condos, including 7 BMRs, actually sold).

We know of at least one pre-emptive offer that was made and rejected for the units. And as an aside, Temecula Valley Bank which holds the first has been taken over by the FDIC.

As always, we’ll keep you posted and plugged-in.

UPDATE: With an opening bid of $5,000,000 but no bidders, the auction of Cubix likely played out as planned (as written above "today's trustee sale is likely a move to simply wipe out the second"). And as a plugged-in reader correctly notes:

As I suspected, you could not have bought it for 5 million as the trustee had instructions to check back with the lender if any bidders came to the the starting price. BTW, my source says George Hauser (developer) made an appearance at the steps.

Let the real bids begin.

Cubix (766 Harrison) Sales Office Currently Closed But Not Sold Out [SocketSite]

Posted by socketadmin at 11:00 AM | Comments (87)

A Commercial Quote With Residential Relevance?

It’s a fixed-income manager’s two ways of looking at Wells Fargo’s doubling down on commercial mortgage-backed bonds:

“One is: Your past history tells me you don’t know how to assess this risk that well…The other is: Well, you’re bright people, you won’t make that same mistake again. Personally, I’m not convinced of the latter.”

One can’t help but wonder how said quote might play in other real estate arenas.

Wells Fargo Buys Mortgage Bonds as Defaults Rise, Sloan Says [Bloomberg]

Posted by socketadmin at 10:45 AM | Comments (7)

Apples To Apples To Apples Over The Past Five Years (1578 Noe)

1578 Noe

Purchased for $1,005,000 in May of 2004 on a namesake street, 1578 Noe returned to the market a little over two years later and sold for $1,300,000 in November of 2006. It’s back on the market today and listed for $1,075,000.

A sale at asking would represent average annual depreciation of roughly 6.8% per year (a 17.3% drop) from 2006 to 2009 versus average annual appreciation of 11.0% (a 29.4% gain) from 2004 to 2006 for this single-family (albeit both currently and historically only one and one-half bath) Noe Valley home.

∙ Listing: 1578 Noe (2/1.5) - $1,075,000 [MLS]

Posted by socketadmin at 9:30 AM | Comments (54)

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