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January 29, 2010

Artani (818 Van Ness) Scoop Redux: Unsuspending Sales

818 Van Ness: 8/11/08 (www.SocketSite.com)

It was a little over a year ago we broke the news about Artani (818 Van Ness) suspending sales and going the rental route. Today, we break the news that they’re about to dust off the sales center and suspend their rental program.

Current residents of the building (the 54 units of which are nearly all rented) will be given the first right of refusal to purchase their units at a discount to 2010 "market rates." Unclaimed units will be made available to the public in April.

And while we (nor they) have exact pricing, according to a plugged-in source the 2010 market rate is expected be set at a discount of around 20-25 percent from 2008 prices.

The SocketSite Scoop And Rumor Confirmed: Artani Suspending Sales [SocketSite]
The Artani (818 Van Ness) Opens And A Plugged-In Reader Reports [SocketSite]

Posted by socketadmin at 10:30 AM | Comments (56)

It's All About Density (Okay, And Dollars) On Treasure Island

Treasury Island Development Aerial SOM Rendering (Image Source: SOM)

From the San Francisco Business Times today:

The Treasure Island development team has increased the target number of housing units from 6,000 to 8,000, a move that could help attract stores and other services to the new neighborhood and make the staggeringly expensive project economically viable.
Kheay Loke, project manager for developer Wilson Meany Sullivan, said the bump up in density is being driven by public response to the project "notice of preparation" — part of the environmental review process — as well as calculations about the how many residents will be needed to support the variety of retail and services that will make the island a real neighborhood.

Yes, it's all about density. Okay, and dollars.

Treasure Island boosts housing [San Francisco Business Times]
The (SOM) Master Plan For San Francisco’s Treasure Island [SocketSite]
Treasure Island: Sold To The Bidder Across The Bay For $105M (Plus) [SocketSite]
The Next Era In San Francisco’s Development: It’s All About Density [SocketSite]

Posted by socketadmin at 8:45 AM | Comments (13)

A $400 Million High-Speed Stimulant for San Francisco’s Transbay

California High-Speed Rail Map

As noted yesterday, California’s high-speed rail program has been stimulated to the tune of $2.25 billion, or $2.344 billion if you include funding for the Las Vegas long-term vision.

But more importantly (at least for the home team crowd), according to the San Francisco Examiner $400 million of that $2.25 billion has been earmarked "for construction of an underground train station at the Transbay Transit Center."

With the funds, the first phase of San Francisco’s Transbay Transit Center (retail, bus, and park) is currently scheduled to open in late 2015 with the underground train station component (Caltrain and high-speed rail) following in 2016.

Transbay Transit Center Cross Section

Phase I of the California High-Speed rail plan "calls for a 520-mile system connecting Anaheim and Los Angeles through the Central Valley to San Francisco by 2020."

Now about that Beale Street station alternative tomfoolery…

And San Francisco's Transbay Joint Powers Authority Rolls…A Seven! [SocketSite]
High-Speed Intercity Passenger Rail Program: California [whitehouse.gov]
Transbay Terminal: Banking On Stimulus Funds And Opening In 2015 [SocketSite]
Scoop: Transbay Interactive Map (And New Transit Center Website) [SocketSite]
High Speed Rail Scoop: Build On Beale, Demolish The Watermark [SocketSite]

Posted by socketadmin at 4:30 AM | Comments (34)

January 28, 2010

Apples To Apples For A "Sexy & Sophisticated" Six Year Bernal Hold

110 Elsie Dining

Purchased six years ago for $1,250,000 having already been remodeled, this "sexy & sophisticated" Bernal Heights home is back on the market and asking the same.

We’re intrigued by the integration and execution of the skylight and daylighting of the home, we do like the street, and we’re definitely digging the little deck.

∙ Listing: 110 Elsie (3/3.5) 2,202 sqft - $1,250,000 [MLS]

Posted by socketadmin at 1:45 PM | Comments (39)

435 Vermont Now "Priced To Sell!" (Previously Priced To Sit?)

435 Vermont

Purchased for $1,075,000 in January 2007, the single-family 435 Vermont returned to the market last July seeking $1,165,000. In October the asking price was reduced to $1,095,000. And in December the listing was withdrawn from the MLS without a sale.

The remodeled Potrero home is back on the market today at $1,010,000 noting, "Refreshed, restaged & priced to sell!" Refreshing the list price on the million dollar home's namesake website might be a nice touch as well.

∙ Listing: 435 Vermont (3/2.5) 1,876 sqft - $1,010,000 [MLS] [435vermont.com]

Posted by socketadmin at 12:45 PM | Comments (24)

The Bank-Owned "Anomalies" Keep Building At The Brannan

Listed as 219 Brannan #212 on the MLS, we’d be willing to bet it’s actually 219 Brannan #1C that’s now bank owned at the Brannan and back on the market asking $594,900.

Public records would suggest the one-bedroom condo was purchased in 2003. And a tax assessed value of $533,268 would suggest some premature equity withdrawal might have been involved. The property has been listed and relisted at least six times since 2006.

∙ Listing: 219 Brannan "212" (1/1.5) 875 sqft – $594,900 [MLS]
Bank Owned Hits The Brannan (239 Brannan #11E) [SocketSite]
Another Bank-Owned Anomaly At The Brannan (229 Brannan #3H) [SocketSite]

Posted by socketadmin at 12:30 PM | Comments (21)

A Few Perspectives On San Francisco’s (Potential) Future Skyline


Speaking of the proposed 222 Second Street, future shadows (or not), and Transbay re-development(s), a few perspectives on San Francisco’s potential future skyline.


The 222 Second Street Scoop (For The Second Time) [SocketSite]
From The Shadows They Start To See The Light [SocketSite]
And San Francisco's Transbay Joint Powers Authority Rolls… [SocketSite]

Posted by socketadmin at 10:45 AM | Comments (16)

From The Shadows They Start To See The Light

As we wrote last week with respect to Supervisor Chiu’s proposed measure to strengthen the City's 1984 Sunlight Ordinance last week: "Sundry San Francisco tower and 555 Washington lovers take note."

As others have now figured out, this measure could be a problem.

Planning Director John Rahaim…said the ballot measure would gut the city's plan for a new transit-centered downtown with seven skyscrapers, including the signature tower, clustered around a modern Transbay Terminal at First and Mission streets.


Newsom slammed Chiu and the co-sponsors, Supervisors David Campos, Eric Mar, Sophie Maxwell, Ross Mirkarimi, for not doing their homework. "I am rather mesmerized that this analysis wasn't done before they attached their signatures to the ballot initiative," Newsom said.

No kidding.

Hardship, Shadows And Rail Making Their Way Towards June Ballot [SocketSite]
Chiu's measure casts shadow on building plans [SFGate]

Posted by socketadmin at 10:15 AM | Comments (12)

The 222 Second Street Scoop (For The Second Time)

222 2nd Street Rendering

While truly plugged-in people have known about the proposed development of 222 Second Street on the corner of Howard for well over two years, details for the proposed 26-story development are now online via a Draft Environmental Impact Report (EIR).

The project sponsor, TS 222 Second Street, L.P., proposes to construct a 26-story, approximately 350-foot-tall office tower containing approximately 430,650 square feet of office space. The project would also include [4,600 square feet of] retail space and an enclosed [8,750 square foot] publicly accessible open space at the ground floor, and two levels of sub-grade parking containing 54 parking spaces.

222 2nd Street Rendering (Looking south on Second)

As proposed, the project would be a rectilinear tower of diminishing bulk from the building base to a height of approximately 350 feet. At the fifth floor, the north façade of the building would be set back 5 feet from Howard Street and the west façade would be set back approximately 20 feet from the westerly property line. At the 17th story, the east façade would be set back 24.5 feet from Second Street, and the South façade would be set back 44.5 feet from Tehama Street. In addition, the fifth floor would include a further 5-foot recess, or “reveal,” on all four facades, intended to emphasize a visual break above the first four stories of the building—at a height of about 60 feet—and thereby establish a sense of continuity with nearby historic structures.

222 2nd Street Rendering (Looking north on 2nd)

The site is currently occupied by a surface parking lot. As part of the project, the sponsor proposes to acquire and incorporate into the project site a 1,650-square-foot (20-foot–by–82.5-foot) portion of the adjacent property, which would increase the size of the project site to 25,575 square feet, and to demolish the existing loading dock at 631 Howard Street, which occupies the portion of the adjacent parcel to be acquired. The existing building at 631 Howard Street would remain.

222 2nd Street Site

Two basement parking levels would be provided beneath the project site, with access provided via a two way driveway from Tehama Street for a total of 54 marked parking spaces, with capacity for approximately 80 vehicles with valet parking. The basement would also include approximately 46 bicycle parking spaces, which would exceed the 12 spaces required by the Planning Code. Three additional service van spaces would also be provided in the basement.

Construction is estimated at 21 months with occupancy as early as 2013. The project architect is Heller Manus in association with Thomas Phifer and Partners.

And yes, the "TS" in "TS 222 Second Street, L.P." stands for Tishman Speyer.

The Things You Can See From Those Virtual Views (222 2nd Street) [SocketSite]
222 Second Street Draft Environmental Impact Report (EIR) [sf-planning.org]

Posted by socketadmin at 6:30 AM | Comments (29)

January 27, 2010

And San Francisco's Transbay Joint Powers Authority Rolls…A Seven!

Last year San Francisco's Transbay Joint Powers Authority rolled the dice by modifying construction plans for San Francisco's Transbay Transit Center.

The modified plan to pre-build the train station component of the center will save an estimated $100 million in construction costs but banks on $400 million in federal stimulus funds, without which the move will likely end up burning $15 million worth of engineering and design and delay the project by at least four months.

Tomorrow morning President Obama will formally announce $8 billion in stimulus funds to 13 U.S. rail corridors ($50 billion was requested). But according to a White House pre-release, California's high-speed train project is getting $2.25 billion of that eight.

Exactly how that $2.25 billion will be divvied up between California's four corridors still needs to be determined. Will San Francisco’s $15 million bet payoff or crap out?

Stay tuned (and plugged-in).

UPDATE: And it's lucky number seven (or rather four hundred) for the TJPA and San Francisco:

Department spokeswoman Maureen Knightly said the $2.25 billion includes a reservation of $400 million for construction of an underground train station at the Transbay Transit Center.


Transbay Terminal: Banking On Stimulus Funds And Opening In 2015 [SocketSite]
Obama to Give 13 Areas $8 Billion for High-Speed Rail [Bloomberg]]
Scoop: Transbay Interactive Map (And New Transit Center Website) [SocketSite]
High-speed train project gets $2.25 billion from Obama [mercurynews.com]
$400M to go toward Transbay Transit Center train station [San Francisco Examiner]

Posted by socketadmin at 10:00 PM | Comments (5)

Actual San Francisco Foreclosures Down 2.8% QOQ (Up 55.4% YOY)

San Francisco Foreclosure Activity: Fourth Quarter 2009 (www.SocketSite.com)

Bay Area Notices of Default (NODs) in the fourth quarter of 2009 rose 21.8% on a year-over-year basis, up 54% in San Francisco proper (from 302 to 465). NOD activity in San Francisco fell 23.4% from the third to fourth quarter (versus a 14.4% decline in 2008).

Actual Bay Area foreclosures in the fourth quarter fell 2.8% on a year-over-year basis (from 7,677 to 7,464) with Contra Costa (down 6.9% to 2,151), Alameda (down 6.2% to 1,576) and Santa Clara (down 7.6% to 1,244) leading the way with respect to volume.

Fourth quarter recorded foreclosures in San Francisco totaled 174, up 55.4% on a year-over-year basis but down 2.8% (5 homes) from the third quarter 2009 and versus a 42% drop from the third to fourth quarter in 2008 (think moratoriums).

Another Drop in California Mortgage Defaults [DQNews]
Actual San Francisco Foreclosures Up 31.6% QOQ (Down 6.8% YOY) [SocketSite]

Posted by socketadmin at 1:45 PM | Comments (33)


2458 Great Highway Living

A plugged-in tipster reports with respect to 2458-2460 Great Highway:

Sold in December 2007 for $1.160m as a pocket listing. Did work to kitchen and backyard [complete with fire pit and shower]. Now on the market at $1.125M but looks WAY better than in 2007.

The "potential for fast-track condo conversion" duplex also sold on the open market for $1,045,000 in September 2006. Ah, the good old days of (unsustainable) near "double digit annual appreciation" into which some were sold (and bought).

∙ Listing: 2458-2460 Great Hwy (2/1 + 2/1) - $1,125,000 [2458-2460greathwy.com] [MLS]

Posted by socketadmin at 12:15 PM | Comments (22)

Apples To Apples (And Agent To Bank-Owned) For 200 Brannan #504

200 Brannan

Purchased for $925,000 with 10 percent down in April 2005, the agent-owned 200 Brannan #504 returned to the market asking $1,150,000 in July 2006.

The top floor 200 Brannan one-bedroom with 1,123 square feet failed to find a buyer, however, and in December 2009 it became bank-owned with what appears to have been no bidders at $780,000.

It’s back on the market and listed for $649,900, 30 percent under its 2005 purchase price.

∙ Listing: 200 Brannan #504 (1/1.5) 1,123 sqft - $649,900 [MLS]
200 Brannan Owners Association [200brannan.org]

Posted by socketadmin at 9:15 AM | Comments (51)

Will Our Sprinter Get A Second Wind?

Our headline for November’s existing U.S. home sales gain of 7.4 percent: A Sprinter's Or Marathoner's Pace? In December the pace of U.S. existing home sales fell 17 percent.

According to the National Association of Realtors, the decline "was the biggest since records began in 1968."

At the same time, the pace of new home sales in the U.S. (a leading indicator) declined 7.6 percent in December. "[F]or all of 2009, sales dropped 23 percent to 374,000, the lowest level since records began in 1963."

A Sprinter's Or Marathoner's Pace? [SocketSite]
Sales of U.S. New Homes Unexpectedly Fell in December [Bloomberg]

Posted by socketadmin at 9:00 AM | Comments (1)

January 26, 2010

First Peek Inside The Remodeled (And Newly Garaged) 3024 Pierce

3024 Pierce in 2008

From the listing for 3024 Pierce Street in December 2007 (and as it looked above):

Prime Cow Hollowv location, Estate sale, 3br, 1ba, 2 story Edwardian home with nice yard, full basement, original detailing. East/West exposure. Classic fixer with huge potential.

Sold for $1,850,000 in January 2008, 3024 Pierce Street has since been fixed up and just returned to the market ("has not hit the MLS...sign went into the ground about 15 minutes ago") asking $3,599,000, a big number for the 2,500 square foot home.

3024 Pierce in 2010

And the factoid and execution that caught our eye: "I [think] this is the only home in America to have this BI-Fold Garage Door system by FAAC." We do like a good door.

∙ Listing: 3024 Pierce (3/2) 2,500 sqft - $3,599,000 [3024PierceStreet.com]

Posted by socketadmin at 6:00 PM | Comments (61)

A $171 Million Federal Boost For San Francisco's New Transbay Center

"Federal authorities approved a $171 million loan for a new transit center in San Francisco....The U.S. Department of Transportation said Tuesday its loan for construction of the Transbay Transit Center will pay for ramps to the Bay Bridge, a bus storage facility and the design of an underground transit facility."

S.F.’s Transbay center gets $171M loan [San Francisco Business Times]
Scoop: Transbay Interactive Map (And New Transit Center Website) [SocketSite]

Posted by socketadmin at 4:00 PM | Comments (1)

The View From 2288 Broadway #5 (Albeit Not Today)

We can’t argue with the view from 2288 Broadway #5 nor the windows from which to view it.

2288 Broadway #5 Floor Plan

Last reportedly sold for $2,500,000 in 1997 (after which it was completely overhauled) and not official inventory according to the MLS, but an assessed value of $7,635,104 and offer to sell for $7,995,000 would suggest otherwise on both accounts.

∙ Listing: 2288 Broadway #5 (3/3.5) 4,000 sqft - $7,995,000 [sfproperties.com] [View]

Posted by socketadmin at 3:00 PM | Comments (25)

One Room, Two Perspectives (And An Alvarado TIC Apple To Be?)

90 Alvarado Living (Wide)

It’s two different perspectives on the "open concept living/dining area" within 90 Alvarado (and with no real argument from us as both shots are included and titled in the listing).

90 Alvarado Living

We’re digging the high ceilings and ladder to the loft storage area (but desperately want to reconfigure the rest). And assuming the remodeling was prior to its sale for $415,000 in November 2007, it’s an apples to apples TIC sale to be and asking $449,000.

∙ Listing: 90 Alvarado (1/1) - $449,000 (TIC) [MLS]

Posted by socketadmin at 12:15 PM | Comments (23)

November Case-Shiller Index: Up For Bottom Tiers But Flat At The Top

S&P/Case-Shiller Index Change: November 2009 (www.SocketSite.com)

According to the November 2009 S&P/Case-Shiller Home Price Index, single-family home prices in the San Francisco MSA gained 0.6% from October ’09 to November '09, up 1.0% year-over-year and the first year-over-year gain since September 2006, but still down 37.4% from a peak in May 2006.

For the broader 10-City composite (CSXR), home values fell a nominal 0.2% from October to November (the first slide in seven months) and remain down 30.0% from a peak in June 2006 (down 4.6% year-over-year).

"While we continue to see broad improvement in home prices as measured by the annual rate, the latest data show a far more mixed picture when you look at other details." says David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s.
"Only five of the markets saw price increases in November versus October. What is more interesting is that four of the markets – Charlotte, Las Vegas, Seattle and Tampa – posted new low index levels as measured by the past four years. In other words, any gains they might have seen in recent months have been erased and November is now considered their current trough value.
On the flip side, there are still some markets that continue to improve month-over-month. Los Angeles, Phoenix, San Diego and San Francisco have seen prices increase for at least six consecutive months.

On a month-over-month basis, San Francisco MSA single-family home prices rose across the bottom two price tiers but was unchanged at the top.

S&P/Case-Shiller Index San Francisco Price Tiers: November 2009 (www.SocketSite.com)

The bottom third (under $323,227 at the time of acquisition) gained 1.3% from October to November (down 8.8% YOY); the middle third gained 1.2% from October to November (down 0.8% YOY); and the top third (over $600,572 at the time of acquisition) was unchanged from October to November (down 6.5% YOY).

According to the Index, single-family home values for the bottom third of the market in the San Francisco MSA are back to August 2000 levels having fallen 58% from a peak in August 2006, the middle third is back to June 2002 levels having fallen 36% from a peak in May 2006, and the top third remains at March 2004 levels having fallen 24% from a peak in August 2007.

Condo values in the San Francisco MSA gained 0.3% from October ’09 to November '09, down 6.9% on a year-over-year basis and down 27.3% from an November 2005 high.

S&P/Case-Shiller Condo Price Changes: November 2009 (www.SocketSite.com)

Our 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).

Mixed Messages in the Data According to the November S&P/Case-Shiller [S&P]
October Case-Shiller: Up For SF MSA Houses, Down For Condos [SocketSite]

Posted by socketadmin at 6:45 AM | Comments (64)

A Great Green Idea If We Do (And Did) Say So Ourselves

As we wrote a year ago with regard to numerous recently cleared but undeveloped lots now dotting the landscape in San Francisco facing the loss of their city entitlements:

Our suggestion, grant the extensions but in exchange for turning undeveloped lots into public parks and maintaining them as such until construction is underway.

As John King adds today:

The Newsom administration is drafting legislation to encourage San Francisco developers to occupy empty lots on a short-term basis with such initiatives as tree farms or public art.
What's being called a "green development agreement" would offer a trade-off. Landowners with approved projects stalled by the real estate slump could lock in their right to build if the land is used in ways that offer visual, environmental or cultural benefits until construction begins.

Needless to say, we like the idea.

Entitlement Extensions? We Say Yes, But With A Green Twist… [SocketSite]
Myriad ideas to fill void of empty lots [SFGate]

Posted by socketadmin at 6:30 AM | Comments (12)

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