Much Mirkarimi Ado (And Legislative Effort) About Relatively Nothing
After the Drew School got the go-ahead to remove three (3) of the city’s roughly 365,000 housing units in order to expand their campus, Supervisor Mirkarimi introduced legislation that would require the one-for-one replacement of any demolished housing units.
Planning commissioners during a Thursday hearing into the legislation said they would like to retain the ability to use their discretion to approve the demolition of homes in some circumstances, such as the expansion of a school.
Mirkarimi said he would like to work with the commission to finesse his proposal.
“I’m open-minded in terms of how we might want to sculpt the legislation,” Mirkarimi said.
According to the Examiner, the Drew School expansion "was the only demolition project that would lead to an overall loss of housing units to have been approved since anti-demolition policies were formalized and adopted by The City in March 2008."
∙ Drew School Expansion Plans Pass Their Appeals Test(s) [SocketSite]
∙ Proposed Conservation Of Housing Law Specific To San Francisco [SocketSite]
∙ New law would limit housing demolitions [Examiner]
SFMOMA Snags The Fisher Contemporary Art Collection
After abandoning plans to build CAMP (Contemporary Art Museum Presidio) in July, the Fisher’s engaged in "hush, hush" talks with SFMOMA to expand their South of Market space (taking over San Francisco's Fire Station No. 1 on Howard) and join collections.
And while not yet in writing, it appears as though those talks were successful assuming $60 million can be raised for the 100,000 square foot expansion.
[A]dding the Fisher collection to SFMOMA would require expanding the museum, which involves city permits, an environmental review and design plans, and the removal of a century-old building and a fire station. The process could draw neighborhood and political opposition and most likely would take at least two years.
Newsom said he and others are working to fast-track the permitting process.
Despite the Mayor's words today ("To lose this would have been devastating") it's a mayoral effort that wasn’t quite as emphatic when plans called for building near District 7.
UPDATE (9/28): As a reader noted yesterday, Don Fisher passed away at his home in Pacific Heights. Our condolences to his family.
∙ The Fishers Break CAMP With Respect To The Presidio's Main Post [SocketSite]
∙ From CAMP SF To CAMFS? (Contemporary Art Museum Fire Station) [SocketSite]
∙ SFMOMA gets Fisher art collection [SFGate]
U.S. New Home Sales Climb On Discounts And Foreclosures
“Sales of new U.S. homes climbed in August to the highest level in almost a year as builders cut prices at a record pace to compete with the foreclosures that are flooding the market for previously owned houses.”
∙ New-Home Sales in U.S. Climb to Almost One-Year High [Bloomberg]
September 24, 2009
Forward Progress For San Francisco Piers 15, 17, And 70
The deal, approved unanimously by the Port Commission this month, calls for the Exploratorium to shore up and then build its museum on Pier 15, which is in danger of being totally unusable unless it gets $29 million in substructure repairs.
In exchange for rehabbing waterfront property, the museum would get a 50-year rent credit at Pier 15…Project construction costs are estimated at $175 million.
The museum would pay annual rent of $783,000 on Pier 17, which would be upgraded and house the Exploratorium's office operations, port officials said. The museum also would have the option of expanding the Exploratorium to Pier 17.
At the same time, a legislative bill that would "allow the Port to create an infrastructure financing district that could help raise funds [for the redevelopment of Pier 70] by selling bonds to pay for environmental remediation, shoreline restoration, removal of bay fill and other tasks" has passed both houses and is but a governor’s signature away from reality.
∙ The Embarcadero Exploratorium's Most Excellent Draft EIR Update [SocketSite]
∙ Exploratorium a step closer to waterfront site [SFGate]
∙ Pier 70 bill waiting for governor’s signature [San Francisco Examiner]
∙ JustQuotes: Bad Market, Then Back To Big Projects Like Pier 70 [SocketSite]
Drive Build 55: Eyes (And Ears) On Upzoning Mission Street?
While we missed the Planning Department’s public meeting to solicit public comment on their thoughts of increasing building height limits on Mission Street between 16th and Cesar Chavez up to 85 feet (currently between 55 and 65), perhaps a plugged-in reader or two didn’t and would be willing to report.
Foreclosure (And Market) Realities Overcome Legislative Externalities
As we wrote a year ago with respect to the Perata Mortgage Relief Bill:
Unfortunately, we doubt the new law will have any meaningful impact on foreclosure rates throughout California other than to delay the inevitable. The only real impact we expect: making properties that have been foreclosed upon more palatable to the public.
As we wrote this past July:
Expect San Francisco foreclosures to rise dramatically over the next few of quarters as moratorium delayed NODs work their way through the system.
And the Chronicle’s headline today: "Foreclosure-mediation laws not much help."
∙ Govenor Schwarzenegger Signs The Perata Mortgage Relief Bill [SocketSite]
∙ Actual San Francisco Foreclosures Up 34.7% QOQ (Down 3.5% YOY) [SocketSite]
∙ Foreclosure-mediation laws not much help [SFGate]
September 23, 2009
2140 Jefferson: Apparently "Lease To Own" Wasn’t An Option For Thiel
Speaking of big homes that private equity "bought," according to a plugged-in tipster 2140 Jefferson was home to Peter Thiel of PayPal and Clarium Capital notoriety. The twist, he was but a lowly renter of the $8,180,000 (asking) 7,000 square foot Marina home.
∙ Listing: 2140 Jefferson (5/5.5) - $8,180,000 [2140jefferson.com] [MLS]
∙ The Numbers Behind Perkins' Millennium Penthouse Purchase [SocketSite]
Have We Seen This Marquee Lofts (#708) Movie Before?
As we wrote in July:
As a plugged-in reader notes, a fully remodeled and renovated Marquee Lofts (151 Alice B. Toklas Place) #708 has returned to the market asking $739,000 following its kitchen-less foreclosure sale for $580,000 in June of 2008.
Once again, Marquee Lofts #708 first changed hands on 9/30/04 for $607,500; sold on 10/05/06 for $865,000; and was bought back by Merrill Lynch Mortgage Lending for $708,933 on 1/9/08.
After 103 days on the market the list price for 151 Alice B. Toklas Place #708 has been reduced $40,000 (5%) to $699,000 and the listing now notes: "MOTIVATED SELLER!! Price reduction, make an offer!"
No word on how much was invested in the new kitchen, bathroom or rest of the renovation, but we'll be keeping an eye on Craigslist.
∙ Listing: 151 Alice B. Toklas Place #708 (1/1) - $739,000 [MLS] [YouTube]
∙ A Remodeled Marquee Lofts #708 Returns…With A Kitchen! [SocketSite]
∙ Change Of Heart, Cash Crunch, Or A Condo Sitter Gone Crazy? [SocketSite]
∙ From Foreshadowing To Foreclosure For A Marquee Loft Off Van Ness [SocketSite]
∙ Another Non-Comp Comp Along The Booming Van Ness Corridor [SocketSite]
September 22, 2009
The Numbers Behind Perkins' Millennium Penthouse Purchase
Tom Perkins has gone public with his purchase of one of the top two Millennium Tower penthouse shells ("GPHA"). The buy by the numbers: 4,806 square feet; three bedrooms and three baths with 11-foot ceilings; a 700 square foot terrace; monthly dues of $1,709; and a $9.35 million purchase price for the raw space.
September 21, 2009
2849 Pacific: A Million Dollar (Double) "Take"
As we wrote in August:
If our plugged-in tipster is correct, 2849 Pacific will be hitting the market in a couple of weeks after a "big money [but no designer] redo" and with an asking price of around $13,000,000 (give or take a million).
No, it’s not zero bedrooms and three baths as listed. But yes, parking for eight.
San Francisco County Unemployment Up To 10.1 Percent In August
Preliminary August labor force data counts for San Francisco, Marin and San Mateo counties puts the unemployment rate at 10.1%, 8.3% and 9.2% respectively, up 0.2 percentage points in San Francisco and San Mateo and up 0.1 percentage points in Marin from June.
The 10.1% unemployment rate for San Francisco represents a new 25 year high.
The number of unemployed in San Francisco increased by 800 from 44,800 to 45,600 in August while the number of employed decreased by 3,000 (from 409,300 to 406,300) as the labor force decreased by 2,100 (from 454,100 to 452,000).
Overall California unemployment held steady at 12.1% percent in July.
77 Van Ness Sales Update: 90 Percent Sold
According to the sales office at 77 Van Ness, all market rate studios and two-bedrooms have sold and only five (5) one bedrooms remain. The six below market rate units are being placed into contract.
Full Disclosure: While the sales and marketing company for 77 Van Ness currently advertises on SocketSite, 77 Van Ness currently does not (and did not provide any consideration for this post).
The Liberty Belle (366 Liberty) Is Rung Again And By The AIA
The agent owned 366 Liberty received a unaffiliated tipster’s ringing design endorsement in July, landed on the AIA Home Tour last week (designed by Cary Bernstein), and is officially back on the market and asking $2,595,000 (down from $2,850,000).
∙ Listing: 366 Liberty (3/2.5) - $2,595,000 [366libertystreet.com] [MLS]
∙ A Ringing Endorsement For A Liberty Belle (366 Liberty) [SocketSite]
∙ AIA's 2009 San Francisco Living: Home Tours (Plugged-In) Challenge [SocketSite]
The "Citadine" Flags Are Flying At 1299 Bush
The for sale flags are now flying, and a placeholder website is now up, for the 26 units of "Citadine," previously known and chronicled as 1299 Bush. Touting "3.5% Down Available" which would seem to suggest FHA approved, but would also require at least 50% of the units to close prior to funding if so.
∙ Citadine (1299 Bush Street) [citadine-sf.com]
∙ Twenty-Six In The Bush At 1299 Rising (And A Reality Check) [SocketSite]
September 18, 2009
54 South Park Sells (And We Think Alpha Rather Than Beta)
As a plugged-in tipster let us know last night, the sale of 54 South Park has closed escrow with a reported contract price of $3,375,000. As far as we know that’s a new high on a dollar per square foot basis for South Park (over $1,000 per square foot). But in and of itself that’s not proof the “the market” is up.
It’s what we’ll call real estate alpha versus beta (the financial Greeks for those who are unfamiliar), and to a certain extant “mix” (i.e., a new product that really never before existed in the neighborhood – high-end modern – and is relatively rare in San Francisco).
No word on number 56.
∙ 54-58 South Park: The Inside Scoop (Both Literally And Figuratively) [SocketSite]
∙ From A Peek To A Poke For 54 And 56 South Park [SocketSite]
Gotta Have Shouldn’t Have Had Faith: The Follow-Up
The short sale of 110 Faith Street has closed escrow with a reported contract price of $550,000 or 24% under its purchase price in October of 2005 ($720,000).
From the listing in 2009 (which probably wasn't all that different than the sales pitch back in 2005): "Come see this before you miss out on owning in Bernal Heights."
1223 Bosworth Wins First To List Challenge (And You A Peek Inside)
Design by Sasaki architect Strachan Forgan for himself, constructed in 2007, and featuring two master suites (plus a half-bath), a double height living room with lots of glass, "energy efficient materials and fixtures," radiant heating, and a 2 (plus) car garage.
And did we mention the climate controlled 400 bottle Vigilant wine racks or the climate controlled and digitally locked server room? Hello blogopreneur(s)...
∙ Listing: 1223 Bosworth (2/2.5) - $1,479,000 [1223bosworth.com] [MLS]
∙ AIA's 2009 San Francisco Living: Home Tours (Plugged-In) Challenge [SocketSite]
Wells Fargo Adds 375K Feet To San Francisco’s Negative Absorption
∙ Wells Fargo calls quits at S.F. office building [Business Times]
∙ San Francisco's Office Availability Rate Up To 20 Percent In Q2 2009 [SocketSite]
September 17, 2009
San Francisco Recorded Sales Activity In August: Down 2.8% YOY
According to DataQuick, recorded home sales volume in San Francisco fell 2.8% on a year-over-year basis last month (514 recorded sales in August ’09 versus 529 sales in August ‘08) and fell 1.2% compared to the month prior. The difference between recorded and listed sales activity continues to be driven by unlisted new construction sales (think discounts and expiring tax incentives).
San Francisco's median sales price in August was $635,000, down 12.4% compared to August ’08 ($725,000) and down 1.2% compared to the month prior.
For the greater Bay Area, recorded sales volume in August was up 4.0% on a year-over-year basis but down 14.3% from the month prior (7,518 recorded sales in August '09 versus 7,232 in August ’08 and 8,771 in July '09), while the recorded median sales price fell 19.5% on a year-over-year basis, down 8.9% compared to the month prior and ending a four month string of upticks.
At the extremes, Alameda recorded a 21.0% year-over-year increase in sales volume (a gain of 267 transactions) on a 22.7% drop in median sales price while Solano recorded a 13.2% year-over-year increase in sales volume (a gain of 79 transactions) on a 25.7% drop in median sales price
As always, keep in mind that DataQuick reports recorded sales which not only includes activity in new developments, but contracts that were signed ("sold") many months or even years prior and are just now closing escrow (or being recorded).
∙ Bay Area August home sales and median price fall [DQnews]
∙ San Francisco Recorded Sales Activity In July: Down 10.8% YOY [SocketSite]
∙ San Francisco Listed Sales Volume In August: Down 10% YOY [SocketSite]
Where Tony Bennett Left His Heart In San Francisco
From a plugged-in tipster with respect to 1133-1143 Taylor:
[I]t wasn't necessarily the building that caught my attention, as was the fact that the top unit (the owners unit penthouse) was where Tony Bennett wrote "I left my heart in San Francisco" and lived for a while.
Unfortunately we can’t confirm, but we have no reason to doubt (especially upon seeing said penthouse and its views).
∙ Listing: 1133-1143 Taylor (10 units) - $5,295,000 [MLS]