July 31, 2009
2510 Jackson: Foreclosure Sale Tops The Market In Pacific Heights
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.
Apples To Apples And Year Over Year In Pacific Heights (2221 Baker)
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).
∙ 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]
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."
The United Nations Of Hunters Point?
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?
July 30, 2009
Call It Sunroom, Fogroom, Whatever…We’d Never Leave That Floor
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]
Telling It Like It Is 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]
Octavia Court: The Original IE Collaborative Winning Design
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]
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]
Pier 27 Public Workshop On Pier 1 Tonight (7/30/09)
∙ Pier 27 Cruise Terminal Design [SFGov]
∙ The Port's Plan For Pier 27: We Don't Need No Stinking Rate Of Return! [SocketSite]
July 29, 2009
A Round Of...Cuts For The All New "Arden Estates" On 15th Avenue
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.
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]
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]
Octavia And Oak: Octavia Court’s Past, Present And Future
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 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).
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]
Sunnyside (Thumbs) Up Or Down?
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]
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.
July 28, 2009
You Might Bump Your Head In The Morning But Did You See The 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]
A 10th And Mission Triptych In Reverse For Mercy Housing Rising
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.
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.
May S&P/Case-Shiller: San Francisco MSA Top Tier Up, Bottom Down
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.
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.
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).
July 27, 2009
SocketSite’s Straight Scoop On The Collapse Of Cubix (766 Harrison)
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.
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.
Apples To Apples To Apples Over The Past Five Years (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]