August 31, 2009
The Trap Door, Secret Passageways, And Dungeon Of 2550 Webster
I am well aware of everything in the house, including the trap door, the secret passageways, the dumb waiter, the elevator, the crawl space and the dungeon, all of which pose significant dangers to anybody who enters. There are significant dangers of serious injury or even death to anybody who enters this building.
∙ Landmark Bourn Mansion (2550 Webster) Listed And Your Peek Inside [SocketSite]
∙ Affidavit of Samuel Howard Sloan [groups.google.com]
Posted by socketadmin at 4:45 PM
New York In Nob Hill Returns After Three Years: 1022 Powell Street #3
As we wrote about 1022 Powell Street (behind the vines) in April of 2006:
As you know, it’s not often that we agree with listing hyperbole. And although we’ve only seen pictures (so far), we just might have to agree with the "One of a Kind Loft in Nob Hill!" claim for 1022 Powell St. #3.
Then again, we’re suckers for vines, brick, open floor plans, high ceilings, natural light, fireplaces, parking, and decks with a view...
Sold for asking ($1,625,000) shortly thereafter, it's back on the market and listed for $1,395,000 today, a sale at which would represent a 15% drop below its June 2006 value.
A Fairly Big Fair Market Drop (42 Percent) For 61 Fair Avenue
As we wrote in February:
A Bernal Heights single-family (with in-law in the basement) sales comp in May of 2006 at $980,000, 61 Fair Avenue was bought back by the bank in December of 2008 for $949,862 (suggesting a bit less than 20% was put down).
Tenant occupied with "protection status undetermined" (which could have dashed some dreams). Back on the market today and asking $760,000.
Last week after three months on the market and numerous reductions, the bank's sale of 61 Fair Avenue closed escrow with a reported contract price of $565,000, 42 percent under its comp setting sale price in 2006 (and $384,862 less than the bank had been owed).
The Hugo Hotel Has A Date With A Different Kind Of Bench
The San Francisco Superior Court is scheduled to start hearing the San Francisco Redevelopment Agency’s eminent domain suit over the Hugo Hotel on Sixth Street today.
The Agency had offered $3,250,000 for the building two years ago but the Oregon-based owners were holding out for $7,000,000. The burned-out building has a current tax assessed value of $474,894 and a yearly tax contribution of $7,269.58 to the city.
From a plugged-in reader with respect to the building last year:
The reason this eyesore remains is that [the owner] is impossible to deal with. The last time I tried, he said he wanted $50,000 up front to talk.
Plans for the long vacant and art covered ex-hotel should the Redevelopment Agency prevail: razed to the ground and below market rate housing erected.
UPDATE (9/2): From a plugged-in reader:
To correct a factual error...The owners are local, not Oregon-based. They live in Hillsborough on the Peninsula, despite what the mailing address for tax records may say.
∙ Art-draped hotel focus of suit [Examiner]
∙ JustQuotes: Eminent Domain For Affordable Housing On Sixth Street? [SocketSite]
∙ And Now Back To The Hugo Hotel (And Eminent Domain On Sixth) [SocketSite]
Strata At Mission Bay All Leased Up At $3.02 Per Square Foot
According to J.K. Dineen at the San Francisco Business Times, the 192-unit Strata at Mission Bay has been fully leased having rented 90 apartments over the past two months with an average rent of $3.02 a square foot, "about 15 percent less than the $3.50 a square foot the developer had originally hoped to collect."
UPDATE: A plugged-in reader's point we probably should have noted as well, "[a]verage rent of $3.02 psft likely doesn't include incentives (free rent for some period of time, free parking, etc)."
∙ Big Mission Bay complex fills up faster than expected [Business Times]
∙ Strata And Avalon III Riding A Mission Bay Rental Wave [SocketSite]
∙ The Scoop On Strata At Mission Bay, Its Environs And Rents [SocketSite]
SocketSite's San Francisco Listed Housing Inventory Update: 8/30/09
Inventory of Active listed single-family homes, condos, and TICs in San Francisco declined 10.3% over the past four weeks which is not to be unexpected leading up to Labor Day weekend. Listed inventory is currently running 1.5% under last year’s levels on a year-over-year basis (down 17.3% for single-family homes, up 11.2% for condos/TICs) and 12.7% higher than at the same point in 2006.
Roughly 37% of active listings in San Francisco having undergone at least once price reduction with the percentage of active listings that are currently either already bank owned or seeking a short sale hovering around 12%. Expect listed inventory levels to quickly jump around 20% after Labor Day.
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).
August 30, 2009
Landmark Bourn Mansion (2550 Webster) Listed And Your Peek Inside
As a plugged-in reader reported a week ago, "[The Bourn Mansion] is finally being emptied and mountains of trash removed." And with bankruptcy heading off its courthouse sale, the landmark 2550 Webster has hit the MLS with an asking price of $2,900,000.
The bad news, the past three decades have not been overly kind to the Willis Polk designed mansion. The good news, "Transfer of Possession: Close of Escrow" rather than subject to tenants rights and some gorgeous detailing still remains.
∙ Listing: 2550 Webster (14/4.5) 9,762 sqft - $2,900,000 [MLS]
∙ Bourn To
Run Party: A San Francisco Mansion Of Ex-Glory And Dreams [SocketSite]
∙ The Bourn Foreclosure (2550 Webster) [SocketSite]
∙ The Eccentric Arden Van Upp Might Be Feeling A Bit Antsy These Days [SocketSite]
August 27, 2009
An Homage To Kerouac And Snyder (The Matterhorn Not The House)
As we head to the Sierras to scramble up the Matterhorn in an homage to Kerouac and Snyder, the façade of 2214 14th Avenue seemed a rather fitting way to end the week.
Now if only its recent renovations were as so. And if ever there were a time for haiku...
∙ Listing: 2214 14th Avenue (2/1) - $769,000 [MLS]
Remember That Figurative Freight Train (And Potential HSR Delay)?
"A Sacramento County Superior Court judge said Wednesday that portions of an environmental review of high-speed rail service will have to be rewritten, which might lead to delays in the project and loss of billions of dollars in state and federal funds.
Judge Michael P. Kenny ruled that the California High-Speed Rail Authority had failed to address concerns by Union Pacific Railroad about sharing its right-of-way in a stretch of the system further south, between San Jose and Gilroy, in its environmental review.
The ruling grew out of a lawsuit filed by the cities of Menlo Park and Atherton that challenged the adequacy of an environmental impact report conducted by the rail authority. Officials are meeting regularly with Union Pacific representatives to iron out any concerns they have about right-of-way issues between San Jose and Gilroy."
∙ Judge's order may delay high-speed rail [Business Journal]
∙ California's High-Speed Rail Hits Its First Figurative Freight Train [SocketSite]
∙ Peninsula Residents Aim To Slow Down High-Speed Development [SocketSite]
The Full Floor Plan Monty For 2006 Washington Number Four
As other’s have suggested, however, it’s not a good sign with respect to whether or not interior shots will show up anytime soon (if ever at this price point in this building).
∙ Listing: 2006 Washington #4 (5/5.5) - $8,500,000 [sfproperties.com]
∙ 2006 Washington Number 4 Returns Asking 32 (Plus) Percent Less [SocketSite]
What Are 412-416 Bosworth: Full Pricing And Two Open This Weekend
From what was and will be at 412-416 Bosworth last month, to what are today and a grand opening this weekend for two of the eight condos.
From the agent in charge:
One thing that people will ask about…is how much road noise there is from San Jose, which runs behind the property. I was initially concerned about that myself, but now that the window installation is in I feel comfortable challenging anyone to come and sit in the rear bedrooms so they can hear for themselves how quiet it is. The assembly consists of a dual paned window, then an air gap, followed by another single paned window that opens separately….Living in an urban area road noise is such a common issue, and I think a lot of other buildings in the city could have taken a cue from the way these windows were done.
And of course, the full pricing scoop to go with the plans:
A Upper (1/1.5) 1 parking - $650,000
A Lower (3/2.5) 1 parking - $855,000
B Upper (3/2.5) 1 parking - $960,000
B Lower (3/2.5) 2 parking - $1,099,000
C Upper (3/2.5) 2 parking - $1,099,000
C Lower (3/3.5) 2 parking - $1,149,000
D Upper (5/4.5) 2 parking - $1,275,000
D Lower (5/4.5) 2 parking - $1,299,000
∙ 412-416 Bosworth: What Recently Was And What Will Soon Be [SocketSite]
∙ 412-416 Bosworth [bosworthhomes.com]
767 Bryant #210 Comes In For A 767 Comp Crash Landing
As we wrote in May:
In August of 2006 twenty apartments at 767 Bryant hit the market as condos. At the time list prices ranged from $676,920 to $1,850,000 including 767 Bryant #409 at $676,920 and 767 Bryant #210 at $1,200,000.
Despite a subsequent remodeling, reductions and incentives (including a free Prius or Mini Cooper), at least six of the units failed to sell and were lost to foreclosure.
On Friday 767 Bryant #409 returned to the market as a bank owned property (REO) asking $525,000 (23% less than in 2006) and 767 Bryant #210 returned to the market as an REO property asking $799,000 (33% less than in 2006).
Yesterday the sale of the 2,041 square foot 767 Bryant #210 closed escrow with a recorded sale price of $665,000 ($326 per square foot and 44.6% under its 2006 asking).
∙ Thirty Percent Of 767 Bryant Returns As REO (But Not Speedwagon) [SocketSite]
∙ 767 Bryant: The
Apartments Condominiums [SocketSite]
∙ Buy A Condo Get A Car At 767 Bryant [SocketSite]
August 26, 2009
2006 Washington Number 4 Returns Asking 32 (Plus) Percent Less
While still noting "coming soon" on Malin’s San Francisco Properties site, 2006 Washington #4 has hit the MLS asking $8,500,000. As a plugged-in tipster adds, asking $12,500,000 with McGuire in March (and apparently $15,000,000 prior to that).
It’s a full floor in the classic, and überexclusive, Conrad Alfred Meussdorffer designed Pacific Heights cooperative building.
[2006 Washington] was designed to take advantage of 100 feet of open space to the west by facing towards the Golden Gate and so looks down on the George Applegarth-designed Spreckels Mansion.
Each of the main floors is about 5500 square feet…Originally ten apartments, the 2200 square foot penthouse has been separated from the tenth floor to create an eleventh apartment.
Number four includes four bedrooms (plus one for the maid), five full bathrooms (plus two half’s), and two terraces/parking spaces. We’ll let you know when/if interior photos arrive.
UPDATE (8/27): Still no interior shots, but we now have the full floor plan.
∙ Listing: 2006 Washington #4 (5/5.5) - $8,500,000 [sfproperties.com]
∙ Conrad Alfred Meussdorffer [sfhistoryencyclopedia.com]
∙ The Full Floor Plan Monty For 2006 Washington Number Four [SocketSite]
Fronds To Fronds For A Few One-Bedrooms At The Palms (555 4th)
Purchased for $562,000 ($853 per square foot) in January 2007, the Palms (555 4th Street) #540 is now bank owned and back on the market asking $376,646 ($570 per square foot).
At the same time, the non-bank owned 454 square foot one bedroom #447 which was purchased in August 2006 for $395,000 ($870 per square foot) remains on the market after 132 days, currently asking $375,000 ($825 per square foot).
Six other one-bedrooms in the Palms are currently listed for sale with asking prices ranging from $430,000 for the 691 square foot #733 which is currently in contract as a short sale (purchased for $645,000 in August 2006, listed for $589,000 in February 2009) to $579,000 for the 682 square foot #714 (which has been listed for 74 days).
UPDATE: Although all the details were correct, we originally misidentified unit #447 as #337 (since corrected). That being said, according to a plugged-in reader the unit is actually a studio despite its 132 day old MLS listing as a one bedroom.
∙ Listing: 555 4th Street #447 (1/1) 454 sqft - $375,000 [MLS]
∙ Listing: 555 4th Street #540 (1/1) 660 sqft - $376,646 [MLS]
∙ Listing: 555 4th Street #714 (1/1) 682 sqft - $579,000 [MLS]
∙ Pushing Forward With Price Discovery At The Palms (555 4th Street) [SocketSite]
Cash For Closings Has Intended New Home Sales Results
Boosted by an expiring $8,000 tax credit for new-home buyers, the pace of U.S. new home sales increased 9.6 percent from June to July.
The jump in sales was led by a 32 percent surge in the Northeast. Purchases increased 16 percent in the South and 1 percent in the West. They dropped 7.6 percent in the Midwest.
At the same time, however, both sales volume and the median sales price for new homes remain down on a year-over-year basis (down 13 and 12 percent respectively).
∙ U.S. New Home Sales Jump 9.6%, Most in Four Years [Bloomberg]
Mission Bay Gets A Little More Growns Up Each And Every Day
From a plugged-in reader living in Mission Bay two years ago:
I think it is comparatively safe as compared to lot of other neighborhoods in the city and I was seriously considering buying a condo in the area (and still might). I think it's very easy to hit all the hotspots in the city from this neighborhood either by Muni (Bus & Transit) or cab. Overall I would say it’s a nice neighborhood and I see it only improving from here on.
From the Chronicle with respect to Mission Bay today:
Mission Bay feels as if it escaped the economic downturn - stores are opening, buildings are going up, and young professionals are zipping out of $700,000 condos to get to work. Most live in a six-block area north of Mission Bay Creek. These pioneers say it's now starting to feel like a place worth staying in on the weekends.
Of course those $700,000 condos might have been $800,000 condos last year as no San Francisco neighborhood has "escaped the economic downturn," but the point about Mission Bay continuing to grow and evolve is sound.
∙ SocketSite Reader’s Report: Living In North Mission Bay (For Real) [SocketSite]
∙ Mission Bay becoming a real neighborhood [SFGate]
∙ An Overview Of Mission Bay [SocketSite]
Bank Owned No Longer On The South Slope Of Bernal (622 Gates)
As we wrote in May:
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.
The sale of 622 Gates Street closed escrow yesterday with a reported contract price of $404,900, only 6% under asking but 36% under its previous comp setting price in 2006.
In somewhat related news, a plugged-in reader reports the lot value 533 Laidley in Glen Park "[s]old and closed in 16 days for $300,000 all cash" (40% under asking).
∙ Bank Owned And Back On The Market On The South Slope Of Bernal [SocketSite]
∙ Telling It Like It Is For 533 Laidley [SocketSite]
August 25, 2009
June S&P/Case-Shiller: San Francisco MSA Up MOM Across All Tiers
According to the June 2009 S&P/Case-Shiller Home Price Index (pdf), single-family home prices in the San Francisco MSA gained 3.8% from May ’09 to June '09, down 22.0% year-over-year and down 42.9% from a peak in May 2006, but up from a 46.1% fall from peak as recorded in March 2009.
For the broader 10-City composite (CSXR), home values gained 1.5% from May to June but remain down 32.3% from a peak in June 2006 (down 15.1% year-over-year).
While not alone, Las Vegas and Detroit continue to be two markets that are struggling severely. These are the only two markets that fell in June and saw deterioration in their annual rates of return. Since their relative peaks they have fallen 54.3% and 45.3%, respectively.
On a month-over-month basis San Francisco MSA single-family home prices rose across all three price tiers for the first time since May 2006.
The bottom third (under $276,283 at the time of acquisition) gained 0.8% from May to June (down 30.7% YOY); the middle third gained 2.8% from May to June (down 15.5% YOY); and the top third (over $507,504 at the time of acquisition) gained 2.4% from May to June (down 16.6% YOY).
According to the Index, single-family home values for the bottom third of the market in the San Francisco MSA are hovering around April 2000 levels having fallen 62% from a peak in August 2006, the middle third is hovering around April 2002 levels having fallen 40% from a peak in May 2006, and the top third is back to January 2004 levels having fallen 26% from a peak in August 2007.
Condo values in the San Francisco MSA gained 2.8% from May ’09 to June '09, down 21.6% on a year-over-year basis and down 29.0% 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).
∙ Home Prices on an Upswing in the Second Quarter of 2009 [S&P]
∙ May S&P/Case-Shiller: San Francisco MSA Top Tier Up, Bottom Down [SocketSite]
∙ March S&P/Case-Shiller: San Francisco Slide Slows But Continues Fall [SocketSite]
The Designs For 246 Ritch Street: From SLI To SRO As Proposed
The project description from the preliminary mitigated negative declaration (a good thing if you’re in favor of development) for the proposed development of 246 Ritch Street:
The approximately 4,130 square foot (sf) project site at 246 Ritch Street is located mid‐block along Ritch Street, between Bryant and Brannan Streets within the East South of Market (East SoMa) neighborhood. The project site contains a 4,130 sf vacant building that is in very poor structural condition and does not contain a roof or north‐facing wall.
The proposed project includes demolition of the existing building on the project site, totaling 4,130 sf and construction of a new five‐story, 50‐foot‐tall building with 19 Single Room Occupancy (SRO) residential units totaling approximately 16,442 gross square feet (gsf). Each SRO unit would be about 350 sf with 8,690 gsf dedicated to common areas, circulation, garage and storage.
The project includes a ground floor parking garage for four off‐street parking spaces, one car share space, and six bicycle spaces. Floors 2 through 5 would contain 19 SRO units. The project would include planting three street trees along the Ritch Street frontage.
Construction of the proposed project is anticipated to take approximately 18 months. The project site is zoned SLI (Service/Light Industrial) and is within a 55‐X height and bulk district. The proposed project would require Conditional Use authorization for construction of SROs in an SLI use district.
As the site currently appears (on Google maps):
UPDATE: As a plugged-in reader correctly points out:
SRO no longer means what you think it means. It's a term used in the planning code to mean "small studio." SRO's now have their own bathrooms, kitchens, etc. Cubix was approved as an SRO. They're studio apartments, and yes, we have a need for them.
August 24, 2009
Five Years Of Appreciation Under Its Un-Renovated Year 2005 Price
Purchased for $1,295,000 in July of 2005, remodeled in 2007, and then bought back by the bank in July of 2009, 160 Westgate Drive is on the market and asking $1,025,000. From the listing:
Amazing opportunity! Bank owned, priced below neighborhood comps….Up-dated kitchen (no appliances)…Remodeled marble and tile baths.
A sale at asking would represent a 21 percent drop in value below its un-renovated year 2005 price. At 4 percent annual appreciation it’s a little less than five years to grow 21 percent.
From another perspective, if the buyers in 2005 were sold on long-term appreciation of 4 percent per year, their expectations would have been for a $1,522,000 value today (33 percent above asking). That's not accounting for the cost or value of remodeling of course.