December 21, 2009
The "Confidential" Infinity Short Sale Scoop: 301 Main #9E
Asking just under $900,000 when the Infinity sales office first opened, tax records suggest 301 Main Street #9E was purchased for $867,000 in March 2008. The upgraded Tower One condo returned to the market at the end of 2008 listed for $885,000.
The resale asking price was subsequently reduced to $799,000 this past January, and then to $749,000 as a short sale in June. The short sale closed escrow December 10.
And while the sale price in the MLS was reported as "confidential," and as such will reflect the asking price of $749,000 ($635 per square foot) when queried by those who rely on it for market stats and averages, the recorded deed reports a transfer tax of $4,127.60 which equates to an actual sale price of $607,000 or $514 per square foot for the 1,180 square foot two-bedroom condo with parking, 30 percent under its price in 2008.
Keep in mind that the 1,180 square foot 301 Main Street #10E was purchased for $845,000 in July 2008. And tax records suggest the 1,180 square foot 301 Main Street #11E sold for just over $900,000 this past february while the 1,303 square foot 301 Main Street #8E sold for $1,038,000 in February 2008.
Full Disclosure: We advised the plugged-in buyers in their search for a San Francisco property. And as always, we’re looking forward to the housewarming.
∙ Another Infinity Resale (#9E) Within Those "Restricted" Two Years [SocketSite]
∙ Just Under $900,000 Originally, Asking Just Under $800,000 Today [SocketSite]
∙ An End To Confidential MLS Sales* (*Unless You're Willing To Pay) [SocketSite]
Insight Into The Inevitable Once Again?
"Nearly 40 percent of homeowners who received a loan modification that reduced monthly loan payments by 20 percent or more were at least two months late again within a year..."
UPDATE: A plugged-in reader comes through with a link to the original report.
∙ Borrowers with modified loans falling into trouble [The Associated Press]
∙ 9% Of HAMP Eligible Delinquent Loans Modified, 91% To Go [SocketSite]
∙ OCC and OTS Mortgage Metrics Report: Third Quarter 2009 [pdfdownload.org]
The Grinch That Stole A Reader’s Wreath
From a plugged-in reader in Pacific Heights this weekend:
I'm looking to enlist your support in some public shaming. You can also point-out the utility of installing a video camera system during a renovation :)
This Grinch stole the Christmas wreath from the front door of my house early Friday morning. She looks like a fairly put-together person, why is she out stealing in the middle of the night? Pacific Heights of course...
The actual Grinching (i.e., grab) occurs at 2:26 in the clip above (3:04 am Friday morning).
UPDATE: A follow-up from our plugged-in reader today:
There is a happy ending to the story, a good friend has surprised me by placing a new wreath on the door! Very sweet.
A Not So Sweet December For Marquee Lofts #702 Five Year Hold
Purchased for $1,400,000 in November 2004, returned to the market this past March asking $1,800,000, and reduced to $1,365,000 in October, the sale of the Stanley Saitowitz re-designed Marquee Lofts (151 Alice B. Toklas) #702 closed escrow on 12/18 with a reported contract price of $1,330,000 (5 percent under its 2004 value).
Once again, the 2,300 square foot loft starred as Keanu Reeves' character’s apartment in the movie "Sweet November" and features a "custom designed steel audio cabinet" by sculptor Kyle Reicher (and wenge wood bookshelf by Robert Croutier).
A Country(wide) Home In The City: 31 Clipper
Purchased for $675,000 in March 2003, public records would suggest 31 Clipper has actually been bank owned for the past two years (and taken back with $857,500+ owed).
"Freshly painted" but unfortunately not as freshly renovated as well, the Noe Valley 2/2 (with an unwarranted 1/1 below) is now seeking a non-bank buyer at $757,800.
31 Clipper is one of only 39 new listings in San Francisco over the past week, thirteen of which were either bank owned (10) or seeking a short sale (3).
December 18, 2009
A Rather "Junior" Russian Hill Resale For 2552 Hyde
As a plugged-in reader notes, the sale of the single family 2552 Hyde Street closed escrow today with a reported contract price of $1,385,000, 29 percent under its February 2007 acquisition for - and neighborhood comp setting price of - $1,950,000.
Film buffs might recognize the house as that which Arnold Schwarzenegger’s character called home in "Junior." Although the walls (and exterior) have since been painted.
UPDATE (12/21): While still a valid data point and food for thought, in light of a retaining wall issue we've pulled our "apples to apples" tag for 2552 Hyde.
More Along The Lines Of A Figurative San Francisco "Tsunami"
"[Moody’s Investors Service] now expects losses of 3.8 percent on loans underlying 2005 prime-jumbo bonds, with estimates of 8 percent for 2006 securitizations, 10.9 percent for 2007 debt and 12.3 percent for 2008 securities."
"Since March, serious delinquencies among the pools, as a percentage of original balances, have risen to 3.2 percent from 2.1 percent for 2005 bonds, 6 percent from 3.8 percent for 2006 securities, 7.6 percent from 4.8 percent for 2007 debt, and 7.8 percent from 4.6 percent for the 2008 group, Moody’s said."
∙ Moody’s Reviews $143 Billion of Jumbo-Mortgage Bonds [Bloomberg]
San Francisco’s Tsunami Inundation Map (Literally Not Figuratively)
By way of the California Emergency Management Agency, California Geological Survey, and University of Southern California: San Francisco’s Tsunami Inundation Map.
The inundation map has been compiled with best currently available scientific information. The [red] inundation line represents the maximum considered tsunami runup from a number of extreme, yet realistic, tsunami sources. Tsunamis are rare events; due to a lack of known occurrences in the historical record, this map includes no information about the probability of any tsunami affecting any area within a specific period of time.
Pink is potentially problematic. Now about that development of Treasure Island...
San Francisco County Unemployment At 9.7 Percent In November
Preliminary November labor force data counts for San Francisco, Marin and San Mateo counties puts the unemployment rate at 9.7%, 8.0% and 8.9% respectively, down 0.2 percentage points in San Francisco and San Mateo and down 0.1 percentage points in Marin.
While the number of unemployed in San Francisco fell by 1000 (from 44,100 to 43,100) in November, the number of employed fell by 600 (from 402,100 to 401,500) as the labor force contracted by 1,500 (from 446,100 to 444,600).
Overall California unemployment fell by 0.1 percentage points to 12.2%.
Latest San Francisco Listing Euphemism: "Unfinished" Versus Stripped
Purchased for $1,888,000 in October 2005, 1522 Lake Street underwent a major renovation and returned to the market this past July asking $2,100,000. It didn’t sell.
A week ago it returned to the MLS asking $1,750,000. From the listing:
…Skylights galore, Marble tiled baths, Box Beamed Ceiling, Period Details, New Andersen Dual Paned Wndws, Top Fixtures + much more! A Bargain at this price as the home is unfinished! Kitchen Cabinets, BA Fixtures, Speakers, Lighting/Trims are needed to finish this Grand Home!
While the listing notes "unfinished," however, a plugged-in reader reports: "stripped."
Oh, and did we mention the property also hit the courthouse steps eleven days ago with a minimum bid of $1,301,817? As a plugged-in tipster reports, it sold for $1,305,500. Yes, more than a penny over, but not too much so considering a reported three bidders.
∙ Listing: 1522 Lake Street (3/4) - $1,750,000 [MLS] [Map]
∙ Are The Real San Francisco Foreclosures On Their Way? [SocketSite]
∙ Noe Renovation Goes For A Penny Over Foreclosure Auction Minimum [SocketSite]
Union Update: 40 Percent Currently In Contract, Closings This Week
According to the sales office of Union (2101/2125 Bryant), "over 30 homes" are currently in contract (versus a reported 29 in November) and the first closings should start this week.
December 17, 2009
Same Story, Different Day, Additional Architectural Context
∙ Hats Off To Zygmunt Arendt And "His House" At 850 Broderick | Comments [SocketSite]
Posted by socketadmin at 6:30 PM
Glen Park Market Place
Still Defying Gravity Latest Comp Closes Down
As we wrote in October:
A few months after the 15-unit Glen Park Market Place premiered, 53 Wilder Street #406 closed escrow for $855,000 (September 2006). It’s two bedrooms, two baths and 1,249 square feet. And it’s back on the market and asking $839,000 (2% under its 2006 price).
Interestingly enough, a two bedroom, two bath and 1,279 square foot unit next-door (53 Wilder Street #405) sold for $871,000 this past April. It had been purchased for $810,000 in November 2006.
Yesterday the sale of 53 Wilder Street #406 closed escrow with a reported contract price of $819,220. That's 4.2% under its 2006 value and versus the 7.5% gain since 2006 that 53 Wilder #405 realized just eight months ago.
∙ Still Defying Gravity At Glen Park Market Place? [SocketSite]
∙ Glen Park Market Place: Range Of Prices And BMR Deadline [SocketSite]
Are The Real San Francisco Foreclosures On Their Way?
Homeowners with mortgages of more than $1 million are defaulting at almost twice the U.S. rate and some are turning to so-called short sales to unload properties as stock-market losses and pay cuts squeeze wealthy borrowers.
Payments on about 12 percent of mortgages exceeding $1 million were 90 days or more overdue in September, compared with 6.3 percent on loans less than $250,000 and 7.4 percent on all U.S. mortgages, according to data from First American CoreLogic Inc., a Santa Ana, California-based research firm. The rate for mortgages above $1 million was 4.7 percent a year earlier.
San Francisco Recorded Sales Activity In November: Up 46.8% YOY
According to DataQuick, recorded home sales volume in San Francisco jumped 46.8% on a year-over-year basis last month (499 recorded sales in November ’09 versus 340 sales in November ‘08), down 9.8% compared to the month prior on seasonality. For context, November sales figures for San Francisco from 2004 to 2007 were 682 (2004), 658 (2005), 568 (2006), and 479 (2007) while the average October to November drop was 4.2%.
San Francisco's median sales price in November was $650,000, up a nominal 0.3% compared to November ’08 ($648,000) but down 5.9% compared to the month prior.
For the greater Bay Area, recorded sales volume in November was up 19.5% on a year-over-year basis and down 13.3% from the month prior (6,878 recorded sales in November '09 versus 5,756 in November ’08 and 7,933 in October '09), while the recorded median sales price rose 10.6% on a year-over-year basis, down a nominal 0.8% compared to the month prior. Think mix.
Last month’s sales were the highest for a November since 2006 but were still 14.6 percent lower than the November sales average of 8,050 since 1988, when DataQuick’s stats begin. November sales have ranged from a low of 5,127 in 2007 to a high of 11,906 in 2004. On average since 1988, sales have dropped 8.3 percent between October and November.
Sales in the region’s higher-cost counties – Marin, San Francisco, Santa Clara and San Mateo – represented 42.3 percent of November sales, up from 35.0 percent a year ago, when more sales were concentrated in the lower-cost inland areas steeped in foreclosures. Homes selling for more than $500,000 made up 36.5 percent of all transactions last month, up from 31.3 percent a year ago and a low this year of 22.7 percent in January.
At the extremes, Marin recorded a 52.9% year-over-year increase in sales volume (a gain of 82 transactions) on a 4.0% drop in median sales price, while Solano recorded flat sales volume (actually, a loss of 1 transaction) and a 4.9% increase 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).
740 Washington Contributed To The Past, Will It To The Future?
As 740 Washington currently looks above, and as is (roughly) proposed below.
The proposed project would involve the demolition of an existing vacant, 41-foot high, three-story-over-basement, 13,500-square-foot building constructed in 1907 in the Chinatown neighborhood of San Francisco. It would include the construction of a four-story-over basement with mezzanine, 50-foot-tall, 17,336-sq.ft. building, which would contain a new institutional use, a ground-floor senior center (4,450 square feet), 18 affordable senior residential units in the upper floors (9,578 sq.ft.), and storage and building service space in the basement (3,308 sq.ft.).
A fair number of Conditional Use authorizations, variances and approvals would be required to proceed (height, bulk, coverage, shadows, etc.). And yet all of which might seem trivial as compared to the following:
The Historic Preservation Commission will review and comment on the Draft EIR, including preservation alternatives and building design, because the site is located in the National Register-eligible Chinatown Historic District.
In fact, the building is listed on the California Register as a contributor to the District.
December 16, 2009
Treasure Island: Sold To The Bidder Across The Bay For $105M (Plus)
From the Office of the Mayor:
Secretary of the Navy Ray Mabus and San Francisco Mayor Gavin Newsom announced today that they had reached a broad outline of terms for the conveyance of former Naval Station Treasure Island from the Navy to the City’s Treasure Island Development Authority. The terms of the agreement include a guaranteed payment to the Navy of $55M followed by an interim payment of another $50M, plus an additional share of potential further profits.
And from the Chronicle:
The plan is for 6,000 homes to be created through private and public financing. Development partners Wilson Meany Sullivan, Lennar Corp. and Kenwood Investments will stake $500 million with the city providing an additional $700 million in bond money financed by property taxes collected once the development is completed. The initial $1.2 billion will pay for the project's infrastructure and some of the proposed housing.
Once again, infrastructure work for the SOM designed development of Treasure Island could start as early as 2011 with the first residences ready for occupancy in 2013 and an Island complete by 2022.
∙ Newsom Announces Agreement to Transfer Treasure Island to San Francisco [SFMayor]
∙ City reaches $105 million deal to acquire Treasure Island [SFGate]
∙ Treasure Island: We Have A Plan, So Can't We Just Have The Land? [SocketSite]
∙ The (SOM) Master Plan For San Francisco’s Treasure Island [SocketSite]
∙ Model For Turning Treasure Island Into A "Green City Of The Future" [SocketSite]
233 Franklin Dubbed "LindenHayes" (And An Overview Now Online)
The mixed-use development at the corner of Franklin and Hayes has been dubbed LindenHayes and apparently the residential address will be 233 Franklin (versus 231). Hopefully not to be confused with Linden Hayes Fine Art at 1925 Hayes.
The lobby, accentuated with wood-paneled walls, is highlighted with decorative panels by Lumicor. The distinctive exterior is a composition of materials including brick, fiber cement rainscreen panels, metal and glass. The courtyard was created by Marta Fry Landscape Architects and features a unique design of paving and planter walls to provide a serene setting of trees and plantings complementing the quality architecture of LindenHayes.
The living areas of the units have hardwood floors in Brazilian cherry or European white oak, by Berg and Berg. Generous bathrooms feature expansive custom tile finishes and frameless glass enclosures. All the residences include washer/dryer (gas) hookups. Exterior doors and windows are custom-built metal-framed systems with insulated glass by Bonelli, and feature floor-to-ceiling windows in main living areas.
In the kitchens: Studio Becker cabinets, Bertazoni stoves, Fisher Paykel refrigerators, Bosch dishwashers and microwaves/vented hoods. One car parking per unit, air conditioning, and occupancy as early as February, 2010. Floor plans online.
And confirming our previously reported scoop, "The very popular Grove [Café] is planned to be located at the Hayes and Franklin corner."
High Speed Rail Scoop: Build On Beale, Demolish The Watermark
A plugged-in tipster reports with a bit of concern:
I am a resident at the Watermark [501 Beale], and we just received a lovely bulletin that our building is right in the path of the planned California Highspeed rail...
If you go to Page 13 of the [December 8 Transbay Transit Center Rail Update] you'll see that the plans are to "demolish residential highrise" with an image of the Watermark.
Keep in mind this Watermark demolition scare is all in the context of building San Franciso's High Speed Rail terminus on Beale rather than at the Transbay Terminal as is being evaluated by the California High Speed Rail Authority but as is opposed by Pelosi, Schwarzenegger and others.
And if we’re interpreting the presentation correctly, Baycrest Towers at 201 Harrison Street would have to be demolished as well. Again, assuming it's the Beale Street Alternative terminal that's adopted for California's High Speed Rail rather than the Transbay.
∙ 12/8/09 HSR Rail Update/Beale Street Alternative [transbaycenter.org]
∙ More Evidence Of A High Speed Snub For The Transbay Transit Center [SocketSite]
∙ Pelosi And Schwarzenegger Type For A Transbay HSR Terminus
Hats Off To Zygmunt Arendt And "His House" At 850 Broderick
The namesake of "a World War II refugee who left $6 million to the City and County of San Francisco…[and] specified that 60 percent of his estate be used for the poor and needy and 40 percent for the neediest seniors," the Zygmunt Arendt House at 850 Broderick broke ground earlier this year and has quickly risen.
[The $16 million Development] contains 47 studio units located in a residential neighborhood known for its beautiful Victorian fabric. The project's lobby and common spaces—multipurpose room, management and service offices, and mid-block garden—were designed to encourage interaction among staff and its formerly homeless tenants. The project's sustainable features include an energy-efficient building envelope and mechanical systems, rooftop photo-voltaic panels, and a stormwater detention system that directs runoff to streetside planters.
Hats off to Zygmunt Arendt along with the Community Housing Partnership and TNDC.
UPDATE (12/17): A bit more architectural context for the building: