April 30, 2010
Bay Oaks (4800 Third) BMR Round Two (Or Three)
Bay Oaks (4800 Third Street) consists of eighteen below market rate (BMR) units over 2,100 square feet of ground floor retail and parking for eleven cars. It's also conveniently located across the street from a Third Street light rail stop.
The site reclaims an urban corner on a long vacant site in the Bayview Town Center. All dwelling units have windows on at least two sides, providing cross-ventilation and daylight. An interior courtyard provides protected open space in this dense, urban neighborhood.
One (12) and two (6) bedroom condos for first time buyers currently priced from $155,864 to $272,934. And as previously noted, income restrictions have recently been relaxed for Phase Two sales in the development. At least seven units remain.
∙ 4800 Third Street [4800thirdstreet.com] [Phase Two Sales Sheet]
∙ Bay Oaks: 4800 3rd Street [vmwp.com]
∙ Relaxing BMR Rules At Mission Walk To Compete With Bank-Owned [SocketSite]
Union Update: 66 Of 76 Condos (86 Percent) Closed Or In Contract
Sixty-six (66) of the seventy-six (76) condos at Union (2101/2125 Bryant) are now in contract or closed (86 percent). Of the ten remaining units, nine are three-bedrooms with asking prices currently ranging from $775,000 to $870,000.
"[The sales] staff tells me that the other thing that’s selling is the extra parking spaces, don’t know how many are left but I was surprised that the market is $35,000 per slot."
∙ The Union Of 76 New Units At 2101/2125 Bryant [SocketSite]
∙ Union Update: 40 Percent Currently In Contract, Closings This Week [SocketSite]
∙ Sales Office Stats: 555 Bartlett, 829 Folsom, LindenHayes, And Union [SocketSite]
45 Rosewood Awakens From Its Slumber
The sale of 45 Rosewood ("A dream home!") closed escrow today with a reported contract price of $1,551,000 ($443 per square foot). At 7 percent "Over Asking!" an official "26 days on the market" and just $38,000 (2 percent) under its year 2006 sale price, the sale might be seen (and sold) as a rather bullish sign.
That being said, do keep in mind the stats won’t mention the house was remodeled twice since its year 2006 sale (most recently to add a new bath). And the reports won’t reflect the fact that the house was first listed for sale a year ago (albeit without that new bath).
∙ Can You Be More Specific On The Kind Of Dream? (45 Rosewood Drive) [SocketSite]
∙ 45 Rosewood Returns, Has The Dream As Well? [SocketSite]
California High-Speed Rail Authority Thrown Under The
The title of the California State Auditor's report with respect to the management of California's High Speed Rail initiative: "High-Speed Rail Authority: It Risks Delays or an Incomplete System Because of Inadequate Planning, Weak Oversight, and Lax Contract Management."
And yes, the Authority took exception to the title "but agreed with [the] recommendations and outlined actions it is taking or plans to take to address them."
587 Jersey: Spot The (Suggested) Difference
∙ Comments: Before And After (And "Year-Over-Year") For 587 Jersey [SocketSite]
Posted by socketadmin at 9:30 AM
14 New Leases On (And For) Life On Union Street
The first comment from our post entitled The Union Street Blues ("according to the Chronicle 35 businesses "went under from the start of 2008 through the second quarter of 2009 in the six blocks on Union Street between Octavia and Pierce" while 7 opened up") four months ago: "There's nothing price won't fix."
Three restaurants — American Cupcake, Roam Artisan Burgers and Marengo on Union (selling wine, whisky and sliders) — plan to open [on Union] in May. Later this year, 1875 Union St. will welcome Unwind on Union, Cafe des Amis will finally open at 2000 Union St. and the old Bayside at 1787 Union St. will open as Brick Yard Bar and Restaurant on June 5.
They join the five retailers who have opened on Union (and a stretch of Fillmore just north of Union) since Dec. 22. At least six more addresses have deals for new tenants.
“It took owners a while to see that if they wanted to lease their spaces, they had to reduce their prices. It was not something they had ever had to do in the past,” said Peter Mikacich, a broker with Brick & Mortar. “Landlords who came to grips with that early in the process were the first to lease up space.”
According to Mikacich rents on Union Street have come down about 25 percent, from $80 to $100 a square foot for the best locations previously to $60 to $75 today.
April 29, 2010
Mission District Streetscape Project: Final Plan And Declaration
Chicanes, bulb-outs, bollards, green gutters, rain gardens, living streets, and road diets are all part of the proposed the Mission District Streetscape Project, the final plan for which is now online.
The [Mission District Streetscape Plan Project] (MDSP) is the product of a community‐based planning process to identify opportunities for the implementation of potential improvements to streets, sidewalks and public spaces in the City’s Mission District (“Plan Area”). The boundaries of the Plan Area are roughly Division Street to the north, US 101 to the east, Precita Avenue, Mission Street and San Jose Avenue to the south, and Dolores Street to the west.
The MDSP is intended to result in "a system of neighborhood streets with safe and green sidewalks; well‐marked crosswalks; widened sidewalks; creative parking arrangements; bike paths and routes; well integrated transit; and roadways that accommodate automobile traffic but encourage appropriate vehicular speeds." The MDSP seeks "to improve pedestrian safety and comfort, increase the amount of usable public space in the neighborhood, and support environmentally‐sustainable stormwater management."
All great macro goals. Of course plugged-in people should be thinking in terms of the micro (i.e., which blocks will actually benefit the most) as well.
∙ Mission District Streetscape Project Plan: Mitigated Negative Declaration [sf-planning.org]
∙ Mission Streetscape Project [sf-planning.org]
Decorator Showcase Miss 2000 Repainted, Remodeled And Repriced
It’s not yet listed on the MLS, but as a few plugged-in readers and tipsters alike have noted, 2601 Broadway has been repainted, repriced and returned to the market.
Listed for $15,500,000 in 2009, asking $12,800,000 today. The nearly 10,000 square foot former Decorator Showcase Home (Miss 2000) features four car parking and a "newly remodeled gourmet kitchen finished in marble with professional quality appliances" and "a luxurious master suite with newly remodeled, spa-inspired bathroom."
∙ Listing: 2601 Broadway (7/7) - $12,800,000 [davidbellings.com]
∙ Decorator Showcase Miss 2000 Officially Hits The Market On Broadway [SocketSite]
Fairmont Hotel Revitalization And Tower Rebuilding As Proposed
As is proposed for the “Fairmont Hotel Revitalization” and Residential Tower Project:
The proposed project includes two main components: (1) renovation of portions of the historic 1906 Fairmont Hotel, a Landmark structure (City Landmark Number 185), which is also listed on the California and National Registers of Historic Places; and (2) the construction of a new residential tower, a new mid-rise residential component and a replacement podium structure on the site of the existing 317-foot-tall, 23-story non-historic hotel tower above a five-story podium with parking and hotel support uses, that was built in 1961.
The project includes the demolition of the existing hotel tower and podium and additional excavation for and expansion of below-grade parking uses. While interior changes to portions of the historic 1906 Fairmont Hotel are proposed, the exterior facades would remain largely unchanged.
The proposed five-story podium would be 50 feet tall and the proposed five-story mid-rise residential portion (above the five-story podium) would be 55 feet tall. The mid-rise residential component including the podium would be a total of 10 stories and 105 feet in height.
The proposed tower with its flag pole would be 373 feet in height, approximately four feet shorter than the existing hotel tower with its roof ornament (377 feet).
The proposed residential tower, mid-rise residential component and podium would together contain up to 160 residential units (occupying a total of 325,086 gsf); 3,776 gsf of retail space; and an 80,500-gsf net new addition to the existing 165-space, 65,000-gsf subsurface parking garage, resulting in an approximately 145,500-gsf, 350-space parking garage consisting of 302 self-park and 48 tandem spaces.
The project sponsor anticipates that the proposed residential units would consist of a combination of two- bedroom, three-bedroom, and four-bedroom units. Affordable units are not proposed on site as part of the project; the project sponsor anticipates electing to pay an inlieu fee in compliance with Section 315 of the Planning Code.
The project would likely reduced the number of hotel rooms at the Fairmont to between 305 and 365 (a reduction of 226 to 286).
Required approvals include: Conditional Use authorization for modifications to hotel use in the Nob Hill Special Use District; Planned Unit Development authorization; a Certificate of Appropriateness from the Historic Preservation Commission; and Planning Commission approval under the "Large Tourist Hotel Conversion Ordinance."
And assuming all is approved, construction could begin as early as 2012 and be completed by the end of 2014.
UPDATE: The façade of the historic portion of the Fairmont Hotel with the 1961 tower peeking up behind (which would be demolished and rebuilt as is proposed):
April 28, 2010
Before And After (And "Year-Over-Year") For 587 Jersey
Speaking of over in Noe Valley, 587 Jersey has just returned to the market following a soup to nuts remodeling and expansion of its living space.
Purchased for $700,0000 a year ago as a one-bedroom, one-bath with 1,360 square feet, the single-family home is back on the market with four bedrooms, three and one-half baths, and 2,462 square feet across three floors.
Now asking $1,749,000, a sale at which represents year-over-year appreciation of 150 percent! Or at least it will in terms of its impact on simple neighborhood averages (and industry market and sales reports).
Sales Office "Close Outs" (And Comps) At Arterra And Infinity
Originally asking $1,319,000 but listed on the MLS by the sales office for $1,059,000 five months ago, 300 Berry #1610 closed escrow yesterday with a reported contract price of $850,000. That’s $834 per square foot for the Arterra two-bedroom, two-bath penthouse with terrace (and 36 percent under its original ask).
Over at Infinity the sale of 338 Spear Street #38C closed escrow yesterday with a reported contract price of $2,250,000. That’s $1,385 per square foot for the 1,624 square foot high floor three-bedroom in Infinity’s Tower II and 25 percent under its sales office list price as of six months ago (listed at $2,995,000).
∙ Four To Go At Arterra (300 Berry) At Up To 33 Percent Off [SocketSite]
∙ Infinity Tower Two Apples-To-Apples (And Comps Above And Below) [SocketSite]
Will The Eighth Time Be The Charm For 188 South Park Number Seven?
As we wrote about the developer's unit when listed for $1,995,000 in 2006:
We’re suckers for a luxurious shower (and doubly so when it’s outside). So you can imagine our glee when we first noticed the five shower heads (including two separately controlled rain-heads and a steam function) in the his & her shower at 188 South Park #7, and then our surprise when we walked upstairs to discover an outdoor shower (with unobstructed views of the city). Now that's luxury.
As always, please don’t forget to invite us to the housewarming (but be forewarned, we’re bringing towels...).
As we added about the unit this past November:
We never did get invited to that housewarming. Then again, it didn’t sell (refinanced instead). We now have another chance, however, as it’s back on the market and asking $1,750,000. We're packing the towels now.
And as we note today, back on the MLS for the eighth time since 2006. Now asking $1,525,000 (and with an official five days on the market according to industry reports).
∙ Listing: 188 South Park #7 (2/2) - $1,525,000 [MLS]
∙ Oh So Sexy Showers [SocketSite]
∙ The Oh So Sexy Showers Of 188 South Park #7 Return [SocketSite]
Noe Valley Close To Politely Removing Its Restaurant Cap
From the San Francisco Examiner with respect to the current cap on new full-service restaurants along 24th Street in Noe:
With a unanimous vote Tuesday, the Board of Supervisors repealed the Noe Valley restriction, meaning restaurants need only conditional-use permits to open along the commercial stretch of 24th Street. The permit process requires a public hearing before the Planning Commission and public notification. A granted permit can be appealed to the Board of Supervisors.
The character of 24th Street has changed and the number of restaurants decreased from 29 to 22 as “the number of vacancies has increased dramatically,” the Planning Department said. Noe Valley’s 24th Street has 22 restaurants operating, 15 vacancies and 13 takeout businesses, according to the most recent Planning Department study.
A final vote to ratify the legislation is expected next week. Other streets with caps that might benefit from Noe’s lead: Castro, Clement, Upper Fillmore, Haight and Union.
∙ New eateries in Noe Valley given green light [Examiner]
April 27, 2010
A 7 Percent Slide From 2005 To 2009...But Up 8 Percent Since?
Purchased for $860,000 in May 2005, the renovated single-family home at 1409 20th Street returned to the market as a "pocket listing" asking $949,000 in early 2009 before being listed for $899,000 in February 2009. As we wrote at the time:
A sale at asking would represent average annual appreciation of 1.5% over the past three and three-quarter years for 1409 20th Street. And if you’re planning on playing the "I told you so card" with respect to its eventual sales price, go on record now or forever hold your peace (bulls and bears alike).
Following three price reductions and a "LAST CALL! Final $ Reduction" listing plea, the sale of the Potrero Hill home closed escrow in June 2009 with a reported contract price of $799,000 (representing average annual depreciation of 1.8% from 2005 to 2009).
And while we missed its return to the market two weeks ago, a few plugged-in readers did not. Now asking $865,000 (8 percent over its 2009 price). Once again, if you’re planning on playing the "I told you so card" with respect to its eventual sales price, go on record now or forever hold your peace.
∙ Listing: 1409 20th Street (2/1) - $865,000 [MLS]
∙ A Potential Single-Family Apple Atop Potrero Hill: 1409 20th Street [SocketSite]
∙ Its Last Call Is Heard: Apples To Apples For 1409 20th On Potrero Hill [SocketSite]
A Winner’s Curse That Has Yet To Be Cured
As we wrote this past August:
A renovated Victorian at 819 Haight Street hit the market in 2005 asking $1,395,000, it sold for $1,635,000 ($240,000 over asking). No word on what role the buyer’s agent played in advising their client on how to "win" in a competitive situation ("pay more!").
As a plugged-in tipster notes, back on the market today and asking $1,595,000. One and one-half rather nice baths then, one and one-half rather nice baths now.
As we added in March:
The August listing was delisted in November without a sale, but 819 Haight Street was re-listed anew at $1,535,000 a couple of weeks ago. It’s still active, available, and with only 18 official industry days on the market. We continue to dig the kitchen.
And as a plugged-in reader noted today, the asking price for 819 Haight Street has been reduced to $1,470,000. Hopefully those who will dismiss the apples-to-apples outcome due to the "competitive" nature of its 2005 sale also dismissed its use as a comp in 2005 (along with every other sale that garnered multiple offers at the time).
∙ Listing: 819 Haight Street (3/1.5) - $1,470,000 [819haight.com] [MLS]
∙ A Four Year Hold For A Renovated 819 Haight: A Winner's Return [SocketSite]
∙ 819 Haight Street’s Return Redux: Winner's Curse In Action? [SocketSite]
One Day On The Market (For The Sixth Time In Four Years)
219 Brannan #1C was listed anew for the sixth time since 2006 today, and for the second time since becoming bank owned.
Withdrawn from the market just yesterday with a list price of $529,900 (and an official "90" days on the market at time), the 875 square foot Brannan one-bedroom was relisted today with a new broker at $529,000 (and an official one day on the market according to industry reports).
Once again, public records would suggest the one-bedroom condo was purchased in 2003 and its tax assessed value of $533,268 would suggest a bit of premature equity withdrawal might have been involved.
∙ Listing: 219 Brannan #1C (1/1.5) 875 sqft – $529,000 [MLS]
∙ The Bank-Owned "Anomalies" Keep Building At The Brannan [SocketSite]
February Case-Shiller Index: San Francisco Falls Across All Price Tiers
According to the February 2010 S&P/Case-Shiller Home Price Index, single-family home prices in the San Francisco MSA fell 0.7% from January ’10 to February '10, down 38.3% from a peak in May 2006 but up 11.9% year-over-year.
For the broader 10-City composite (CSXR), home values fell 0.7% from January to February (the fourth consecutive slide) and remain down 30.7% from a peak in June 2006 (up 1.4% year-over-year).
San Diego was the only market that continued to show improvement in home prices between January and February. All other metros and the two composites showed declines from their January levels, some of these being fairly significant, with 12 of the MSAs falling by at least 1.0% during the month. Six of the MSAs – Charlotte, Las Vegas, New York, Portland, Seattle and Tampa – posted new index lows as measured in the current housing cycle where, depending on the market, we saw peaks in 2006 and 2007. The two latest markets to post new index lows, New York and Portland, showed peak-to-February declines of -21% and -23.0%, respectively.
Charlotte and Cleveland have shown seven consecutive months of negative monthly returns. Atlanta, Boston, Denver, New York and Tampa are not far behind, with six consecutive negative prints. Six of the 20 MSAs – Atlanta, Denver, Las Vegas, San Diego, Seattle and Washington DC – showed some improvement in monthly returns compared to the prior month.
On a month-over-month basis, and for the first time since March 2009, prices fell across all three price tiers for single-family homes in the San Francisco MSA.
The bottom third (under $320,889 at the time of acquisition) fell 0.4% from January to February (up 5.3% YOY); the middle third fell 0.3% from January to February (up 6.4% YOY); and the top third (over $584,331 at the time of acquisition) fell 1.5% from January to February (up 2.7% YOY).
According to the Index, single-family home values for the bottom third of the market in the San Francisco MSA are just below September 2000 levels having fallen 57% from a peak in August 2006, the middle third is hovering around June 2002 levels having fallen 37% from a peak in May 2006, and the top third slipped back below February 2004 levels having fallen 26% from a peak in August 2007.
Condo values in the San Francisco MSA fell 2.6% from January ’10 to February '10, down 3.0% on a year-over-year basis and down 30.5% from an December 2005 high.
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 Mixed in February 2010 [standardandpoors.com]
∙ January Case-Shiller Index: Bottom Tier Up, Middle And Top Tiers Fall [SocketSite]
April 26, 2010
Green Apples-To-Apples To Be At Arterra: 300 Berry #514
While 300 Berry #514 has been "lovingly decorated...with artwork, wall coverings, custom paint colors and fine appointments" we’ll still call it a "green" apples-to-apples pair of sales to be.
Purchased for $565,500 in August 2008, the 664 square foot Arterra one-bedroom is back on the market and listed for $499,000 in 2010.
∙ Listing: 300 Berry #514 (1/1) 664 sqft - $499,000 [MLS]
2004 To 2010 (And Bank-Owned) For 2040 Franklin #1008
Looking a little less empty (and staged) than when purchased for $610,000 in October 2004 ("Beautifully renovated condo...Granite counters in kitchen, top of the line appliances, remodeled baths, excellent outlooks, & peeks at the Bay"), the now bank-owned 2040 Franklin #1008 on the border of Pacific Heights is back on the market and asking $532,900. And yes, those appliances remain in place.
At the same time, the 31 percent smaller but "recently renovated" 2040 Franklin #708 is asking $629,000 and going on 266 days on the market. And no, it's not bank owned.
UPDATE (5/18): The listed square footage for 2040 Franklin #1008 has been changed to 772 square feet and its list price reduced to $519,900.
∙ Listing: 2040 Franklin #1008 (1/1.5)
1,040 772 sqft - $532,900 $519,900 [MLS]
∙ Listing: 2040 Franklin #708 (1/1.25) 715 sqft - $629,000 [MLS]
Guide To San Francisco's Green Landscaping Ordinance
The goals of the ordinance once again: "Healthier and more plentiful plantings through screening, parking lot, and street tree controls; Increased permeability through front yard and parking lot controls; Encourage responsible water use through increasing "climate appropriate" plantings; and Improved screening by creating an ornamental fencing requirement and requiring screening for newly defined “vehicle use areas.”
∙ Green Landscaping Ordinance Gets The Green Light [SocketSite]
∙ Guide To San Francisco’s Green Landscaping Ordinance [sf-planning.org]