September 30, 2009
If You Missed It When It Sold Five Months Ago...
As a plugged-in and ever on the luxury ball sleepiguy notes, 3570 Washington is back on the market after a five month (yes, month) hold. Purchased for a reported $5,225,000 in April, asking $5,600,000 today (roughly 7% more than was paid).
Floor plans and additional photos via the previous listing brochure. Watch your fingers, the ink might still be wet.
UPDATE (10/1): The current listing's virtual tour is now live.
∙ Listing: 3570 Washington (6/3.5) - $5,600,000 [presidioheightsviewhome.com] [MLS]
∙ Kirk Hammett’s Pacific Heights Monster Is Back (2505 Divisadero) [SocketSite]
A Glen Park Beacon (#195)
And Apple Closes Escrow
While they couldn’t rent the Ross Leavy renovated 195 Beacon for $6,000 a month, they could sell it for an MLS reported $1,600,000. Asking $1,650,000 (which is what the seller had paid in October of 2007).
UPDATE (10/1): Sorry folks, but we screwed up. While 195 Beacon was purchased for $1,650,000 in October 2007 and did just sell for $1,600,000, it wasn’t an "apples to apples" sale but rather invested in and improved.
We missed a permit for the addition of two bedrooms on the ground floor, a kitchen and bathroom renovation on the upper floor, and a few new windows in-between sales. Luckily a plugged-in reader did not.
∙ Name That "Noe Valley" House (And Architect) [SocketSite]
∙ A (195) Beacon Of Renovated "Hollywood Hills Style" Up In Glen Park [SocketSite]
If Only They Would Be Willing To Accept Virtual Mini-Dollars As Well
And while we applaud the "photo virtually staged" watermarks, we’re amazed at how much virtual furniture can fit in that real space: a couch with four armchairs and coffee table, a dinning room table for eight, and even a baby grand!
All in a twenty-five by thirty foot living room and kitchen with island? That’s incredible! Just ignore the original architects’ scaled drawing, perspective and floor plan.
∙ Listing: 301 Mission #40D (3/3) 1,952 sqft - $2,750,000 [ninahatvany.com] [MLS]
∙ The First Attempted Millennium
Flip Resale: 301 Mission #40D [SocketSite]
∙ Inside A Recently Staged 2006 Washington Number Four [SocketSite]
Lemons To Lemons For Thirty Ex-Lembi Apartment Buildings
According to JK Dinnen, at least thirty (30) of the seventy-five (75) or so ex-Lembi owned San Francisco apartment buildings that had been taken back by the banks have been resold at discounts of 25 to 40 percent under what "the Lembis were paying for the buildings at the height of the market."
∙ Building buyers swoop on Lembi apartments [Business Times]
∙ The Chronicle Reports "Dozens," A Plugged-In Source Says Over 100 [SocketSite]
Kirk Hammett’s Pacific Heights Monster Is Back (2505 Divisadero)
As we wrote in October of 2008:
After an effective 1000+ days on the market, a few reductions [originally asking $12,500,000], and a remodeling, the listing for Kirk Hammett’s Pacific Heights mansion at 2505 Divisadero has been withdrawn from the market.
As we added in December:
Last listed for sale at $9,500,000 before being withdrawn, Kirk Hammett’s recently remodeled mansion atop Pacific Heights (2505 Divisadero) is now being offered for rent at $14,000 a month. Yes, that’s only $1,550 per bedroom (there are nine). [Editor's Note: Hmm...]
It never rented (in fact within an hour of our publishing the Craigslist post for 2505 Divisadero was quickly "deleted by its author"). And now as plugged-in readers and tipsters alike noted late last night (cheers), 2505 Divisadero is once again coming soon.
∙ The Monster Meets A Magnetic Death? (2505 Divisadero Withdrawn) [SocketSite]
∙ Some Kind Of Monster In This Kind Of Market (2505 Divisadero) [SocketSite]
∙ The Monster Comes Roaring Back (2505 Divisadero) [SocketSite]
∙ This Isn't Exactly How Mr. Hammett Used To Roll (2505 Divisadero) [SocketSite]
∙ Rent Kirk Hammett’s Mansion For $1,555 A Month (Split Nine Ways) [SocketSite]
A Fronds To Fronds Sale For The Palms (555 4th Street) #602
Purchased for $589,000 in September 2006 but then bought back by the bank in June 2009, the banked-owned re-sale of The Palms (555 4th Street) #602 closed escrow on 9/28/09 with a reported contract price of $400,000. Call it a 32% drop in value for the 670 square foot one-bedroom end-unit with deck (but leased parking) since 2006.
A Peek Inside A Recently Staged 2006 Washington Number Four
While "totally empty as of a couple of weeks ago," as a plugged-in reader notes with respect to 2006 Washington Number 4:
New Interior Pics online that should put to rest any questions about the interior condition of this unit. Although no pics of kitchen and some of the pics seem a bit overly staged.
Once again, originally listed for $15,000,000 with McGuire and then reduced to $12,500,000 in March, now listed with Malin (Coldwell Banker) and asking $8,500,000.
∙ Listing: 2006 Washington #4 (5/5.5) - $8,500,000 [sfproperties.com] [MLS]
∙ 2006 Washington Number 4 Returns Asking 32 (Plus) Percent Less [SocketSite]
September 29, 2009
Noe Whole Foods Opens In The Morning (And The Pumpkins Are Safe)
Seven months ago Whole Foods Market was given the green light to convert (but not raze and rebuild) the shuttered Bell Market on 24th Street in Noe. Wednesday at 10 am Whole Foods Market Noe Valley opens its doors (with a 9:45 am bread-breaking before).
At the same time, Aveda, GNC and Streetlight Records (neighboring, neighboring, and across the street) have since closed while Real Foods remains dormant.
UPDATE: The inside scoop from a plugged-in reader:
WFM management has specifically canvassed the neighborhood and have reduced their offerings of items that have excellent local store representation. Floral, Pet Dept, and Cheese in particular have smaller offerings than a regular WFM store because the neighborhood is already well served.
Their front-end team has been collecting cards from *all* local businesses. When people complain "Why don't you carry X, Y, Z?" they are to direct the customer to the local business 4 doors down that does carry it rather than start carrying it themselves.
The hope is that the small parking lot will serve as a natural rate limiter on the number of shoppers. There are 4 full service checkout lanes and 4 express and that's it.
PS. All the breads are sourced from the local Boulange chain and all their prepared foods are made by local caterers and food companies. This is the first WFM store to not make anything on site, at all. Boulange is delivering fresh bread 2x a day. There aren't even any finishing ovens in the store!
UPDATE (9/30): As another plugged-in reader notes, La Boulange is planning to open down the block this fall where Noe Valley Pizza recently closed their doors.
∙ Whole Foods Green-Lighted In Noe (And As Proposed On Market) [SocketSite]
∙ Noe Bagel's Days Might Be Numbered. Now About Next Door... [SocketSite]
Now Bill Gross (And PIMCO) Does Deflation
"There has been significant flattening on the long end of the curve...This reflects the re- emergence of deflationary fears. The U.S. is at the center of de-levering as opposed to accelerating growth." - Bill Gross via Bloomberg
∙ Pimco’s Gross Buys Treasuries Amid Deflation Concern [Bloomberg]
∙ Promoted From Comment To Post: Satchel Does Deflation [SocketSite]
July S&P/Case-Shiller: San Francisco MSA Continues MOM Uptick
According to the July 2009 S&P/Case-Shiller Home Price Index (pdf), single-family home prices in the San Francisco MSA gained 3.3% from June ’09 to July '09, down 17.9% year-over-year and down 41.0% 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 1.7% from June to July but remain down 31.1% from a peak in June 2006 (down 12.7% year-over-year).
These figures continue to support an indication of stabilization in national real estate values, but we do need to be cautious in coming months to assess whether the housing market will weather the expiration of the Federal First-Time Buyer’s Tax Credit in November, anticipated higher unemployment rates and a possible increase in foreclosures.
On a month-over-month basis San Francisco MSA single-family home prices rose across all three price tiers for the second time since May 2006.
The bottom third (under $287,849 at the time of acquisition) gained 1.9% from June to July (down 26.4% YOY); the middle third gained 1.3% from June to July (down 14.3% YOY); and the top third (over $533,113 at the time of acquisition) gained 1.8% from June to July (down 14.5% YOY).
According to the Index, single-family home values for the bottom third of the market in the San Francisco MSA remain at April 2000 levels having fallen 61% from a peak in August 2006, the middle third is hovering around April 2002 levels having fallen 39% from a peak in May 2006, and the top third is back to February 2004 levels having fallen 25% from a peak in August 2007.
Condo values in the San Francisco MSA gained 2.1% from June ’09 to July '09, down 17.7% on a year-over-year basis and down 27.5% 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).
∙ Broad Improvement in Home Prices According to S&P/Case-Shiller Index [S&P]
∙ June S&P/Case-Shiller: San Francisco MSA Up MOM Across All Tiers [SocketSite]
∙ March S&P/Case-Shiller: San Francisco Slide Slows But Continues Fall [SocketSite]
∙ San Francisco County Unemployment Up To 10.1 Percent In August [SocketSite]
From Cala Foods To "1401 California" By 2012
Or Bust As Proposed
Clearing up some confusion with respect to the current home of Cala Foods at 1401 California, the grocery store’s lease ends on December 31, 2010 (not 2009).
And if all goes as the Prado Group (think 2001 Market) plans, demolition will start soon thereafter and in its place will rise around 107 residential units over 30,000 square feet of retail including a replacement "neighborhood-serving grocery store."
In terms of parking, 82 retail parking spaces with two car share spaces and 96 spaces in a dedicated residential garage with two car share spaces. No variances would be required as proposed, but Conditional Use Authorizations would be required on four counts: parcel size, retail square feet, retail parking, and expected formula retail.
An optimistic project completion is currently projected for summer 2012 with formal public review in early 2010.
∙ 1401 California [1401california.com] [Map]
∙ Around A Rendered 2001 Market Street From Market To 14th [SocketSite]
4252 22nd Street Squeezes Out A Pre-Foreclosure Sale
The sale of 4252 22nd Street closed escrow on 9/25/09 with a reported contract price of $780,000. Previously asking as much as $1,495,000 in September 2008 (don’t ask us).
Purchased for $760,000 in May 2006 with tenants in place and without the approved permits and plans but prior to the owners having started work and ripping out the kitchen (which changes the game with respect to financing).
September 28, 2009
Citadine (1299 Bush): Current Pricing And A Peek Inside
In terms of pricing, currently ranging from $495,000 for a 558 square foot one-bedroom to $1,669,000 for a 1,573 square foot three-bedroom on the eighth ("penthouse") floor.
∙ 1299 Bush Street #201 (2/3) 1,531 sqft - $1,259,000
∙ 1299 Bush Street #203 (2/2) 940 sqft - $795,000
∙ 1299 Bush Street #204 (1/1) 558 sqft - $495,000
∙ 1299 Bush Street #802 (3/2) 1,573 sqft - $1,669,000
We'll call it aggressive pricing, but perhaps not in the way some had hoped.
∙ The "Citadine" Flags Are Flying At 1299 Bush [SocketSite]
∙ Twenty-Six In The Bush At 1299 Rising (And A Reality Check) [SocketSite]
A Fifty Percent Off Sale For The Bank Owned 767 Bryant #204
Purchased for $944,500 in March 2007, the 1,607 square foot two-bedroom loft #204 at 767 Bryant was "bought" back by the bank for $745,784 in December 2008 adding to a growing inventory of bank owned units in the building.
On September 17, 2009 the resale of 767 Bryant #204 closed escrow with a reported contract price of $475,000, $295 per square foot and 49.7% under its value in 2007.
UPDATE: A quick reminder that in August 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 #210 Comes In For A 767 Comp Crash Landing [SocketSite]
Pelosi And Schwarzenegger Type For A Transbay HSR Terminus
A plugged-in tipster reports with respect to High Speed Rail and the Transbay Terminal:
Thought you should know that both Nancy Pelosi and [Gov. Arnold Schwarzenegger] both sent strongly worded emails to the Secretary of Transportation this week endorsing the Transbay Terminal as the San Francisco terminus for High Speed Rail.
Pelosi's letter was pretty detailed technically on how the trainbox would look (to combat the misconception that has been floating around that the terminal cannot accommodate all the HSR traffic; which is massively over-optimistic, but that is another argument all together) and why the 'Beale street option' is not realistic at all in terms of cost and the fact it would undermine all the work Caltrans has just done on the Bay Bridge approach.
∙ More Evidence Of A High Speed Snub For The Transbay Transit Center [SocketSite]
∙ While San Francisco Might Get High-Speed Rail, Will The Transbay? [SocketSite]
∙ Unplanned Obsolescence For Transbay High-Speed Station Design? [SocketSite]
SocketSite's San Francisco Listed Housing Inventory Update: 9/28/09
Inventory of Active listed single-family homes, condos, and TICs in San Francisco increased 3.6% over the past two weeks but is currently running 11.3% under last year’s levels on a year-over-year basis (down 16.2% for single-family homes and down 7.8% for condos/TICs) and within two percent of listed inventory levels at the same point in 2006 and 2007.
Thirty-three (33) percent of active listings in San Francisco have undergone at least one price reduction while the percentage of active listings that are either already bank owned or seeking a short sale is down to 10%.
Keep in mind that listed sales volume in August was down ten percent on a year-over-year basis as well.
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).
∙ SocketSite's San Francisco Listed Housing Inventory Update: 9/14/09 [SocketSite]
∙ San Francisco Listed Sales Volume In August: Down 10% YOY [SocketSite]
Record High Ratio Of Unemployed To Openings
At the end of 2001 US unemployed workers outnumbered job openings by a little over two to one, a ratio that climbed to almost three to one in 2003 but then fell to under two to one in 2004.
According to the New York Times and Bureau of Labor Statistics the ratio is currently six to one and climbing.
And while we don't have the ratio for San Francisco (tipsters?), San Francisco unemployment has reached double digits (10.1%) and a twenty-five year high.
The Test Pattern For Tomorrows Six Week Market Street Closure
"San Francisco's new experiment to remake Market Street starts Tuesday when restrictions on private automobiles take effect. The six-week trial is aimed at reducing traffic traveling east on Market Street toward the Ferry Building by forcing drivers to turn right at Eighth and Sixth streets - or face fines."
September 25, 2009
Designs For 200 Dolores Six Years In The Making (And Why)
While the developers had planned to demolish the dilapidated 1904 parish building at 200 Dolores in order to build more housing back in 2003, 115 neighbors rallied citing historical and potential archeological significance ("This would include doing a thorough study of both the building and the double lot to make sure there is no Native American burial ground there").
In June of 2007 (no, that’s not a typo) the Planning Department responded to the developers’ proposed project requesting a Environmental Impact Report in light of a potential "historical resource impact."
It’s now late 2009 and the developers' amended project proposal and Planning Department's "Intent to Adopt" are online. From the new proposal:
The proposed project would involve the renovation of a vacant, 40-foot-tall, 3½-story, 4,400-square-foot residential building (a former parsonage constructed in 1904) and the construction of a new residential building on a vacant area adjacent to the existing building. A 2-story, 280-square-foot portion of the rear of the existing building would be removed.
The existing building would contain three condominium units after renovation. The new building would be 19,083 square feet in size, would be 40 feet (4 stories) tall, and would have 10 condominium units. The renovated and new buildings would total approximately 23,243 square feet and would contain a total of 13 units.
The new building would include construction of a one level, 16-space, 7,900-square-foot underground parking garage below the existing and proposed buildings.
As far as we know no trace of a Native American burial ground was found to exist.
∙ 200 Dolores: Preliminary Environmental Impact Report [SFGov]
∙ Petition To Save Parish Building at 200 Dolores [missiondna.org]
Another "Diabase LLC" Debacle As 1417 15th Street Returns?
Asking $3,750,000 for the one bedroom but 8,200 square foot BIG HOUSE studio in early 2007, but then subsequently reduced to $3,250,000, an off-the-MLS sale of 1417 15th Street was recorded in the amount of $3,065,000 to "Diabase LLC" at the end of that year.
Re-listed in November for $3,295,000 ("Buy, Sell, Repeat, Retire"), but it failed to sell. Back on the market in the Mission today and asking $2,750,000.
And perhaps it’s purely coincidence, but as a plugged-in reader notes, a "Diabase LLC" purchased 1756 North Point down in the Marina for $1,920,000 in April of 2007. It sold again for $1,575,000 in May of 2009.
∙ Listing: 1417 15th Street (1/2.5) - $2,750,000 [MLS]
∙ Picture This: One Big One-Bedroom [SocketSite]
∙ Two Relatively Big Reductions (Two Absolutely Big Properties) [SocketSite]
∙ Another "Real" Apple Closes Escrow In The Marina: 1756 North Point [SocketSite]
∙ A Rather "Real" Apple On The Tree In The Marina: 1756 North Point [SocketSite]