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March 31, 2010

Care To Venture Upon 207 Maple's New New Return?


There’s no real story of which we know for 207 Maple other than perhaps the seller's last name of Perkins. Purchased for $1,575,000 in November 1997 the Presidio Heights house had sold nine years prior for $1,356,500 (average annual appreciation of 1.7 percent).

207 Maple: Living

Since remodeled and back on the market asking $2,950,000 in 2010.

∙ Listing: 207 Maple (3/4.5) - $2,950,000 [207maple.com] [MLS]

Posted by socketadmin at 12:15 PM | Comments (42)

Privately Insured Cures Outpace Defaults For First Time Since 2006

According to Mortgage Insurance Companies of America (MICA), this past February privately insured delinquent homeowner cures (80,758) outpaced new defaults (68,675) in the U.S. for the first time since March 2006.

Keep in mind that over the past year new defaults by homeowners with private mortgage insurance have outpaced cures 1,063,114 to 709,446.

Also of note, 73,180 applications for private mortgage insurance were received in February 2009 with 56,210 polices issued, this past February only 20,128 applications were submitted with 14,924 policies issued.

MICA February 2010 Statistical Report [privatemi.com]

Posted by socketadmin at 10:15 AM | Comments (7)

150 Otis: Details For Redevelopment Into "Veterans Commons"

150 Otis Street

Additional details on the proposed Swords to Plowshares and Chinatown Community Development Center’s conversion of 150 Otis Street from a temporary homeless shelter and City storage into "permanent affordable rental housing for chronically homeless veterans over the age of 55" with in-house supportive services ("Veterans Commons"):

Constructed in 1916 as the Juvenile Court and Detention Home, [150 Otis] has been designated as San Francisco Landmark No. 248. The west side (rear) of [the lot] contains an auditorium, underground garage, and plaza associated with 170 Otis Street – the San Francisco Human Services Agency (HSA) building west of the project site.
The lower three levels of 150 Otis Street are currently used as a seasonal homeless shelter during winter months, serving approximately 60 people between 7:00 PM and 7:00 AM. The shelter employs two daytime employees with additional staff at night when the shelter is open. The upper six levels of the building are currently used for City storage.
The proposed project involves interior and exterior renovations to the existing building to create 75 units of affordable permanent housing for homeless veterans and one manager’s unit (49,314 sf), and support service offices and community space (7,283 sf). The area of the building would increase by 4,621 sf; the building height would remain the same.

All non-original windows would be replaced, and the front entryway would be reconfigured for ADAaccessible entry. In addition, an exterior fire escape and windows at the rear of the building would be removed and replaced with an elevator shaft/lobby/trash room measuring 17’ by 25’ by 110’. A raised deck and new entrances would be added at the rear of the building. The project also includes seismic and building system upgrades; interior alterations for the building’s new use; repair of the roof; and repair/cleaning of the building exterior.

Required approvals or amendments: zoning (to allow for the development of housing consistent with Residential, Transit‐Oriented (RTO) and sundry exceptions); height (to accommodate the new elevator shaft); lot line (an adjustment for the removal the auditorium and underground garage encroachment); and a Certificate of Appropriateness for alteration of a City Landmark.

150 Otis Street: Preliminary Negative Declaration [sf-planning.org]
150 Otis: From Temporary To Permanent Shelter As Proposed [SocketSite]

Posted by socketadmin at 8:45 AM | Comments (31)

March 30, 2010

One Hawthorne: The SocketSite Straight Scoop (And Sales Update)

One Hawthorne Aerial (www.SocketSite.com)

While One Hawthorne's website has been live since last October (to which floor plans for the first seven floors have since been added), and the onsite sales office has been "open" for a few months, pricing has yet to be finalized and tours still aren’t being offered.

The disconnect between an "open" sales office and lack of information has led to a slew of One Hawthorne related readers' tips like the following:

I've toured the One Hawthorne sales office 3 times over the past 2 months now and I find it a bit unsettling that the building still does not have pricing or models and DOES NOT anticipate pricing and tours until "late Spring" without further specifics….I'm a highly interested and qualified buyer looking to downsize from my home in Marin but I feel like this developer must not have their act together if the sales office have been open for almost 3 months (the office opened on January 4th) with no idea of pricing or when people will begin to write contracts.

So here’s the inside scoop...select brokers will be getting their first tours of the building on April 19 at which time pricing will be released. Brokers will also tour on the 20th and the sales office will start writting contracts on April 21.

Once again, One Hawthorne consists of 165 units (26 junior one's, 74 one-bedrooms, 59 two-bedrooms, and 6 three-bedroom penthouses) with 124 non-deeded parking spaces which will be valet and are expected to run around $300 per month.

With a $120 million construction loan, whether or not the developer of One Hawthorne will end up underwater on the development, and what role that’s played in any delay to date, is open for debate.

We'll wait for actual pricing and early sales figures before we join the fray.

One Hawthorne: A Couple Of Renderings To Accompany Our Reality [SocketSite]
One Hawthorne: Close To Being Closed In But Without Its Crown? [SocketSite]

Posted by socketadmin at 2:45 PM | Comments (51)

And If Rates Jumped Two Points? They'd Still Be Historically Cheap.

"Fixed mortgage rates likely will rise less than a quarter of a percentage point in the next three months, the smallest increase for the second quarter since a drop in 2005, according to estimates by Fannie Mae and Freddie Mac. The gain would add about $30 to the monthly payment for a $250,000 mortgage."

Cheap Mortgages May Last as Investors Replace Fed [Bloomberg]

Posted by socketadmin at 2:40 PM | Comments (28)

January Case-Shiller Index: Bottom Tier Up, Middle And Top Tiers Fall

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

According to the January 2010 S&P/Case-Shiller Home Price Index, single-family home prices in the San Francisco MSA fell 0.6% from December ’09 to January '10, up 9.0% year-over-year for the third year-over-year gain since September 2006 but down 37.9% from a peak in May 2006.

For the broader 10-City composite (CSXR), home values fell a nominal 0.2% from December to January (the third consecutive slide) and remain down 30.2% from a peak in June 2006 (flat year-over-year).

Los Angeles and San Diego showed slight improvements in actual index levels from the previous month to the current month. All other metros and the two composites showed a slight drop from their December 2009 levels. Of that, four markets – Charlotte, Las Vegas, Seattle and Tampa – posted new index lows as measured by the current housing cycle where, depending on the market, we saw peaks in 2006 and 2007. The peak-to-current declines for these MSAs are -13.8%, -55.8%, -24.6% and -42.0%, respectively.
On a relative basis, Washington DC, Los Angeles and New York have held up the most, with each of those markets still 70% above their January 2000 levels. Las Vegas, which once stood 135% above its January 2000 level, is now showing price increases about 4% above that same level. Detroit remains that one market whose average value is below 2000, approximately 28% below that value.

On a month-over-month basis, San Francisco MSA single-family home prices rose for the bottom price tier but fell across the middle and top tiers.

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

The bottom third (under $324,055 at the time of acquisition) gained 0.6% from December to January (up 1.9% YOY); the middle third fell 1.2% from December to January (up 3.6% YOY); and the top third (over $593,499 at the time of acquisition) fell 0.9% from December to January (flat YOY).

According to the Index, single-family home values for the bottom third of the market in the San Francisco MSA are back to September 2000 levels having fallen 57% from a peak in August 2006, the middle third is hovering around June 2002 levels having fallen 36% from a peak in May 2006, and the top third slipped back to February 2004 levels having fallen 25% from a peak in August 2007.

Condo values in the San Francisco MSA fell 1.8% from December ’09 to January '10, down 1.4% on a year-over-year basis and down 28.7% from an December 2005 high.

S&P/Case-Shiller Condo Price Changes: January 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).

Home Prices in the New Year Continue the Trend Set in Late 2009 [
December Case-Shiller Index: Bottom Tier Up, Nominal Slips At Top [SocketSite]

Posted by socketadmin at 7:45 AM | Comments (68)

March 29, 2010

Big Money Returns To Broadway (With Roots Beyond Real Estate)

2342 Broadway Bed

As a plugged-in reader notes, the sale of 2342 Broadway closed escrow this past Friday with a reported contract price of $13,500,000 (asking $14,000,000).

The sale of the fully remodeled (and rather viewtastic) home represents the most expensive listed* single-family home sale in San Francisco since the middle of 2008 (displacing the $12,000,000 sale of 2849 Pacific at the end of 2009).

Thank a rebounding market (but in this case we’re not referring to real estate).

*Note: As plugged-in people know, 300 Sea Cliff sold for $18,000,000 in October of 2009 but it wasn’t officially listed at the time.

2342 Broadway Returns Anew, "Green," And Asking $14,000,000 [SocketSite]
The One With The Twelve On It: 2849 Pacific Price-ish Scoop [SocketSite]
The Captain’s House Goes For To A Cruise? [SocketSite]

Posted by socketadmin at 4:00 PM | Comments (24)

SocketSite's San Francisco Listed Housing Inventory: 3/29/10

San Francisco Listed Housing Inventory: 3/29/10 (www.SocketSite.com)

Inventory of Active listed single-family homes, condos, and TICs in San Francisco rose 6% over the past two weeks versus an average of 4% for the same two weeks over the past four years.

Current inventory levels are down 15% on a year-over-year basis but up 14% versus the average of the past four years (up 24% if you exclude 2009) and up 46% as compared to 2006. Inventory of single-family homes in San Francisco is down 14% on a year-over-year basis but up 49% versus 2007 (even versus 2008, we don't have the split for 2006).

29% of active listings in San Francisco have undergone at least one price reduction with the percentage of active listings that are either already bank owned (60) or seeking a short sale (124) holding steady at 13% over the past two weeks (up 4% in absolute terms).

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: 3/15/10 [SocketSite.com]
Will Pent-Up Demand Outstrip Pent-Up Supply? [SocketSite]

Posted by socketadmin at 11:45 AM | Comments (17)

860 De Haro: An Orwellian Reference In More Ways Than One

860 De Haro

Built in 1984 and last sold for $1,700,000 in March 2007, 860 De Haro has been extensively remodeled since. A new kitchen now opens to the dining room (for which a new beam was installed to accommodate), all the bathrooms were redone, all the windows and doors were replaced, new flooring was installed, and the yard was landscaped.

860 De Haro Kitchen

The Potrero Hill home is back on the market and asking $2,190,000. And while its sale is likely to set a new "peak" for the property, at least plugged-in people will understand why.

∙ Listing: 860 De Haro (2/2.5) - $2,190,000 [MLS]

Posted by socketadmin at 10:30 AM | Comments (37)

Debating The Details Of The Presidio's Preservation

"This is a far cry from the struggle that ended eight months ago, when the Fisher family abandoned its proposal to erect a contemporary art museum near the spot where a Spanish expedition established an outpost in 1776. Instead of headline-grabbing battles over a major facility, bureaucrats and watchdogs now are chewing on details as small as whether a 50-square-foot shed should be razed."

2 Presidio barracks fuel preservation debate [SFGate]
The Fishers Break CAMP With Respect To The Presidio's Main Post [SocketSite]

Posted by socketadmin at 8:30 AM | Comments (1)

From Three-To-Four To One-To-One For Two Hundred Dolores

200 Dolores Site

Proposing sixteen but limited to ten in February per Planning’s current parking ratio for the neighborhood (3:4), last week the developer of 200 Dolores was granted an exception and will build 13 underground parking spaces at the corner of Dolores and Fifteenth for a one-to-one (1:1) ratio of parking to condos (ten new plus a renovated three).

Designs For 200 Dolores Six Years In The Making (And Why) [SocketSite]

Posted by socketadmin at 8:30 AM | Comments (33)

March 26, 2010

Behind The Façade (And On The Market) At 2841 Divisadero

2841 Divisadero

Hidden behind the relatively unassuming Cow Hollow façade at 2841 Divisadero lies 7,615 modern square feet over four floors including with a three-story sky lit library and gallery.

2841 Divisadero Library

Public records show the property last changed hands off the market this past October. And while a listing for 2841 Divisadero doesn't currently show up on the public facing MLS, it is on the market with McGuire and asking $8,500,000.

Bonus points to the reader that can find a good link to the listing.

UPDATE: A plugged-in tipster responds with a link to the (still not public) listing.

UPDATE: As a plugged-in reader notes, the transfer in October was due to the owner's passing at ninety with friends by his side (we should all be so lucky). And another reader provides a link to the architects' (Butler Armsden) overview of the home.

UPDATE: As promised, the website for 2814 Divisadero is now live.

∙ Listing: 2841 Divisadero (5/5.5) 7,615 sqft - $8,500,000 [2841divisadero.com] [MLS]
Butler Armsden: Architecture on Exhibit (2841 Divisadero) [butlerarmsden.com]

Posted by socketadmin at 6:00 PM | Comments (41)

Apples To Apples For A Hip "Cool" Noe Home: 728 Duncan

728 Duncan

The self described "Noe Valley modern cool" home at 728 Duncan is on the market and asking $2,550,000. According to the MLS the property sold in August 2007 for its reduced asking price of $2,475,000 (tax records suggest a contract price closer to $2,448,000).

Take that Mission 'hip.'

∙ Listing: 728 Duncan (4/3.5) 3,350 sqft - $2,550,000 [MLS]

Posted by socketadmin at 4:30 PM | Comments (89)

Q&A For Obama's Latest Mortgage Aid Plan Via The AP

"The Obama administration on Friday announced a major reworking of its troubled $75 billion plan to prevent foreclosures. The revamped program is now designed to aid jobless homeowners and people who owe more on their mortgages than their homes are worth."

"Borrowers will get help in three ways: Jobless homeowners can get a three-to-six-month break on their mortgage payments. Banks will get financial incentives to reduce mortgage balances for under-water borrowers. And lenders can offer refinanced loans backed by the Federal Housing Administration to these borrowers."

Answers to questions about new mortgage aid plan [Associated Press]

Posted by socketadmin at 3:15 PM | Comments (5)

Now An Eight, Two Nines And A Sexy Six For 6521 California

6521 California

As we wrote this past December:

Purchased for $562,000 in April 2004 but then "completely renovated [with] extensive high quality and designer touches throughout this charming house," 6521 California returned to the market just three months later asking $888,000. It closed escrow in August 2004 with an MLS reported sale price of $938,888.
According to public records the buyers of the house in 2004 financed the purchase with two variable rate loans totaling $938,850. And according to its latest listing, the "Sea Cliff" house is now bank owned and asking $799,900 (but subject to tenant rights).
Apparently $38 isn’t enough skin to keep a buyer in the game.

Withdrawn from the market in January without a sale, 6521 California is back on the MLS with an official one day on the market and asking $689,900 (26 percent under its 2004 comp setting sale price).

∙ Listing: 6521 California (2/2 + 1/1) 1,474 sqft - $689,900 [MLS] [Map]
San Francisco Real Estate Districts: Maps And Neighborhoods [SocketSite]
Not So Lucky Number Eights (Maybe The Nines Will Be Better) [SocketSite]

Posted by socketadmin at 3:15 PM | Comments (1)

San Francisco County Unemployment To 9.9 Percent In February

Preliminary February labor force data counts for San Francisco, Marin and San Mateo counties puts the unemployment rate at 9.9%, 8.4% and 9.4% respectively, down 0.4 percentage points in San Francisco, 0.5 percentage points in Marin, and 0.3 percentage points in San Mateo.

On a revised basis, the number of unemployed in San Francisco fell by 1,900 (from 46,900 to 45,000) in February and the number of employed increased by 2,300 (from 407,700 to 410,000) as the labor force increased by 400 (from 454,600 to 455,000).

Overall California unemployment fell by 0.4 percentage points to 12.8% as the labor force increased by 68,800 and employment increased by 134,000.

Monthly Labor Force Data for Counties: February 2010 (Preliminary) [EDD]
San Francisco County Unemployment Up To 10.3 Percent In January [SocketSite]

Posted by socketadmin at 12:15 PM | Comments (0)

Royal Towers (1750 Taylor): Columns, Views, And Comps


Okay, so columns aren’t really our thing (sorry Mike, marble or not). But we do like big views. And there aren't many buildings in San Francisco from which a second floor unit provides a panoramic like this.

Configured as a one-bedroom (and without one parking space), the 2,849 square foot Royal Towers (1750 Taylor) #205 is on the market and asking $4,500,000. An un-renovated (and column-less) Royal Towers three-bedroom (with two parking spaces) on the 18th floor has been on the market for two months asking $2,049,888.

1750 Taylor #1803: Living

From the listing for 1750 Taylor #1803: "Last comp at $2,175,000 16 stories down." That completely renovated "comp" shouldn’t come as any surprise to the truly plugged-in and brings us back to the second floor.

∙ Listing: 1750 Taylor #205 (1/1.5) - $4,500,000 [MLS]
∙ Listing: 1750 Taylor #1803 (3/3) - $2,049,888 [MLS]
Royally Unexpected Architecture, Design & Views: 1750 Taylor #203 [SocketSite]

Posted by socketadmin at 9:45 AM | Comments (21)

He's It's Back: California’s $10,000 Homebuyer Tax Credit Returns

An effective $200 million extension and expansion of last year's oversubscribed $10,000 homebuyer tax credit incentive, California Assembly Bill 183 was signed into law by Governor Schwarzenegger yesterday.

The new law allocates $100 million in credits for buyers of new homes (a previous requirement) and $100 million in credits for first-time buyers of existing homes (a new twist) purchased between May 1, 2010 and August 1, 2011 (or until the coffers run dry).

California $10,000 Tax Credit Pool For New Home Buyers Closed July 3 [SocketSite]
California Assembly Bill 183 [ca.gov]

Posted by socketadmin at 8:00 AM | Comments (45)

March 25, 2010

(Will They) Give It Up For Your Golden State San Francisco Warriors…

Mission Rock - SWL 337/Pier 48 - Proposal (click to enlarge)

Could Chris Cohan’s announced willingness to sell the Golden State Warriors at a time when the San Francisco Giants’ are scrambling for equity investors to support their proposed development of San Francisco’s Seawall Lot 337 make for a return of the San Francisco Warriors?

As plugged-in people know, the Giants' current proposal for "Mission Rock" doesn’t include an NBA sized arena and adding one would necessitate a new plan (and perhaps competition). But considering the current lack of dollars for large development deals, a whole new plan might just be more of a boon than a barrier for the Giants.

Proposed Seawall Lot 337 Development Scrambling For Investors [SocketSite]
SocketSite Weekend Special: One Proposal For San Francisco SWL 337 [SocketSite]
This time, Warriors' return to S.F. has a shot [SFGate]
The Development Of Seawall Lot 337: And Then There Were Three [SocketSite]

Posted by socketadmin at 3:15 PM | Comments (23)

Three Different Perspectives On (Or From) 117 Lower Terrace

117 Lower Terrace: Facade

117 Lower Terrace from the front, from the inside...

117 Lower Terrace: Living

And behind.

117 Lower Terrace: Rear

∙ Listing: 117 Lower Terrace (3/2) - $1,649,000 [MLS] [Map]
Spaces fresh and familiar (117 Lower Terrace) [www.jrstudiodesign.com]

Posted by socketadmin at 1:15 PM | Comments (15)

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