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SocketSite's San Francisco Listed Housing Inventory: 4/26/10
Inventory of Active listed single-family homes, condos, and TICs in San Francisco rose 3.8% over the past two weeks versus an average of 5.8% for the same two weeks over the past four years.
Current inventory levels are down 5% on a year-over-year basis but up 16% versus the average of the past four years (up 23% if you exclude 2009) and up 46% as compared to 2006/2007. Inventory of single-family homes in San Francisco is up 2% on a year-over-year basis, up 2% versus 2008 and up 34% versus 2007 (we don't have the split for 2006).
31% of active listings in San Francisco have undergone at least one price reduction (almost double what others are reporting) with the percentage of active listings that are either already bank owned (58) or seeking a short sale (138) holding steady at 13% over the past two weeks.
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: 4/12/10 [SocketSite.com]
∙ Will Pent-Up Demand Outstrip Pent-Up Supply? [SocketSite]
Posted by socketadmin at 8:00 AM | Comments (24)
April 23, 2010
A Princely "Rebirth" (And New Old Façade) For 2432 Pine
Remodeled, refaced, and "reborn" since its purchase for $1,300,000 in August 2007, 2432 Pine was a three bedroom and one and one-half bath home without parking at the time.
Now sporting a new facade with a new garage, a contemporary interior, and another full bath, they’re asking $2,095,000 in 2010. Make sure there’s no exclusions on the lighting.
Yes, we're digging on those Campbell’s "cans" (along with a few of the other fixtures).
UPDATE: Although we're still partial to our original "Mmm, Mmm Good" headline, we've switched to keep today's royalty theme alive (and at least one plugged-in reader entertained).
And wouldn't you know it, "Exclusions from the sale of the real property: hanging light fixtures in the living and dining areas." Yep, we've still got it.
∙ Listing: 2432 Pine Street (3/2.5) - $2,095,000 [sfproperties.com] [MLS]
Posted by socketadmin at 1:00 PM | Comments (131)
Calling All Kings...Albion Castle Cuts Another $500,000 (21 percent)
The asking price for Albion Castle has just been reduced another half-million dollars (now $1,050,000 and 36% under original asking). As we wrote last September:
A few months after Laughing Squid launched their blog from Albion Castle in early 2005 the Hunter’s Point property at 881 Innes Avenue was auctioned off at the Palace Hotel in front of a thousand spectators and sold for $2,090,000 (purchased for $400,000 in 1999).
The mortgage banker buyer had planned to resurrect the Albion Porter & Ale Brewery for which the castle was originally constructed and open a restaurant on-site as well. And while the restaurant and re-brewery plans never materialized, the interior of the San Francisco Historic Landmark was renovated and restored.
Now asking $1,900,000 for 881 Innes.
∙ Listing: 881 Innes Avenue (4/2) - $1,900,000 [MLS]
∙ Care To Get Your Castle On? A Restored Albion Castle Returns [SocketSite]
∙ Albion Castle Cuts $550,000 (19%), Now About That Karma... [SocketSite]
Posted by socketadmin at 10:00 AM | Comments (34)
Long Live The Queen (And Perhaps A Navi Or Two) At 1617 Lyon
An 1891 Queen Anne Victorian that’s been remodeled but at least maintains a bit of its original flair on the main floor, the legal square feet at 1617 Lyon has also been expanded to include a one-bedroom apartment on the ground floor (which is vacant).
And what better way to, eh, honor the DVD release of Avatar just yesterday than with a wall o' virtual virtual Navi in the second floor media room.
∙ Listing: 1617 Lyon (4/3.5) - $2,495,000 [MLS]
Posted by socketadmin at 9:30 AM | Comments (17)
U.S. New Home Sales Up 13% YOY As Credits Set To Expire
Purchases of new homes in the U.S. increased 27 percent from February to March to an annual pace of 411,000. That’s up 13 percent on a year-over-year basis (365,000 in March 2009) with Federal tax credits expiring at the end of this month.
For context, the pace of new home sales in the U.S. peaked at 1,389,000 in July 2005.
∙ A Stormy February For U.S. New Home Sales (But Sunny In The West) [SocketSite]
∙ Sales of New Homes in U.S. Climb by Most Since 1963 [Bloomberg]
∙ U.S. New Home Sales Down 31% YOY (West Shows Seasonality) [SocketSite]
Posted by socketadmin at 8:30 AM | Comments (23)
The Toy Factory Produces An Apple (1 Rausch #H)
The sale of 1 Rausch #H closed escrow on Tuesday with a reported contract price of $1,400,000 ($576 per square). Purchased for $1,380,000 in August 2005, we featured it last April when asking $1,695,000 (but not this past January when it returned to the market asking $1,545,000 or was subsequently reduced to $1,445,000).
∙ The Toy Factory Lofts (1 Rausch) In General, Loft H In Specific [SocketSite]
Posted by socketadmin at 8:00 AM | Comments (11)
April 22, 2010
As The Sun Sets Over San Francisco's Transbay Terminal...
As the sun figureatively sets over San Francisco's old Transbay Terminal, and we look to the future, steelblue treats the plugged-in to a literal sun set over the terminal of today.
∙ Transbay Terminal Plans: Revised, Refined, And Unveiled Today [SocketSite]
Posted by socketadmin at 5:00 PM | Comments (0)
Bank-Owned Competition In Action At The Beacon (250 King)
On the market for 152 days and now vacant, the list price for the bank-owned 250 King Street #636 has just been reduced to $319,770 ($447 per square foot). The 715 square foot one-bedroom at The Beacon is now asking $9,230 less than a 587 square foot studio three floors higher (250 King #904) which isn’t bank owned but is seeking a short sale.
The one-bedroom had been purchased for $575,000 ($800 per square foot) in March 2006 before being taken back by the bank in August 2009 with $498,055 owed. A sale at asking would represent a 44 percent drop in value since 2006.
∙ Listing: 250 King Street #636 (1/1) 715 sqft - $319,770 [MLS]
∙ Listing: 250 King Street #904 (0/1) 587 sqft - $329,000 [MLS]
Posted by socketadmin at 1:45 PM | Comments (18)
Warfield Theater Building (988 Market): Condos With A Twist
Don’t panic, The Warfield itself isn’t going condo (or away). But seven of the eight adjacent floors of the Gustav Albert Lansburgh designed Warfield Theater Building (988 Market) are about to return to the market as commercial condos with a twist.
Zoned C3G with an allowance for Accessory Use Housing, up to a quarter of each floor of the building could be converted to full-time residential use. And while floors 2-5 which share a wall with The Warfield auditorium (i.e., they’re likely to remain 100 percent commercial), the top three floors will be marketed with the residential component in mind.
In fact, the roughly 5,000 square foot penthouse floor has already been built-out as such, with a quarter of the floor turned into a one-bedroom, one-bath with a loft-like living area and wall of windows. The other three-quarters of the penthouse floor has been remodeled for commercial use (albeit with a wet bar and full bath). The penthouse also boasts a private 5,000 square foot roof deck.
And speaking of that penthouse floor, we've been told that at one time it housed the offices of Al Capone. No word on whether or not Geraldo already knows.
∙ Coming Soon (and not yet live): Warfield Condos [warfieldcondos.com]
Posted by socketadmin at 11:15 AM | Comments (13)
Existing U.S. Home Sales Pace Up 6.8 Percent In March
The pace of existing U.S. home sales "climbed 6.8 percent [from February] to a 5.35 million annual rate" in March, the first increase in four months (think and thank both seasonality and tax credits).
Once again, 5.16 million previously owned homes sold in 2009 (4.91 million in 2008).
∙ Tax Credit Helping Drive Sales of Existing Houses [Bloomberg]
∙ Existing U.S. Home Sales Struggling To Find A Second Wind [SocketSite]
Posted by socketadmin at 10:30 AM | Comments (6)
Transbay Center Plans: Revised, Refined, And Unveiled Today
The revised and refined plans and designs for San Francisco's new Transbay Transit Center will officially be unveiled today. From John King at the Chronicle:
It's a mark of today's slow economy that the elaborate project remains on the budget set in 2007, when the Transbay authority held a competition to select a design team for the new terminal and a developer for the adjacent parcel at First and Mission streets, a site seen as the future home of San Francisco's tallest building.
Not only that, the $1.189 billion budget now includes the rooftop park, which in 2007 was to be financed separately.
The final park design by PWP Landscape Architecture isn't as elaborate as the original rooftop concept: The waterway along one edge is gone, as is a thin southern extension that would have covered the ramp that will be used by buses to and from the Bay Bridge.
But the park space remains expansive, 1,400 feet long and 170 feet wide. A grassy bowl at one end could seat 1,000 people. The design also includes a picnic meadow, a children's park and a small cafe.
Demolition of the existing terminal is now slated for August or September with an opening of the new terminal by 2017.
The proposed Transbay Tower is the tallest building fully rendered above (and on the left).
∙ Plan for new Transbay Terminal in, under budget [SFGate]
∙ Scoop: Transbay Interactive Map (And New Transit Center Website) [SocketSite]
∙ Hines And Pelli Clarke Pelli Bid The Most (And Get The Transbay Nod) [SocketSite]
Posted by socketadmin at 8:00 AM | Comments (52)
April 21, 2010
A Couple Of New Cuts For The New Condos At 1327 7Th Avenue
The sale of 1327 7th Avenue #11 closed escrow on January 8, 2010 with a reported contract price of $1,150,000 ($904 per square foot and 2% under original asking).
Today, the list price for 1327 7th Avenue #9 was reduced $170,000 (12%) to $1,225,000 ($751 per square foot) while the list price for 1327 7th Avenue #7 was reduced another $74,000 to $1,075,000 (now asking 12% under its original list price as well).
Please don't make the mistake of comparing the price per square foot of a two-bedroom sale with the asking price of a much larger three. Wondering about how the units were relatively priced and how that's now changed, however, is fair game.
And once again, while we can’t vouch for whether or not the sale of #11 was an arms length transaction, we have no reason to doubt it was (nor would we really be surprised).
∙ Listing: 1327 7th Avenue #7 (3/2) - $1,075,000 [MLS]
∙ Listing: 1327 7th Avenue #9 (3/2.5) 1,631 sqft - $1,225,000 [MLS]
∙ From Rendering To Reality And On The Market For 1327 7th Avenue [SocketSite]
Posted by socketadmin at 5:30 PM | Comments (30)
Another Bank-Owned Watermark Apple Falls Into Our Cart
As we wrote this past November:
Of 83 new listings in San Francisco over the past week, 30 (36%) are either bank owned (16) or seeking a short sale (14). One such listing is for Watermark (501 Beale) #1D.
Purchased for $725,000 in January 2007 but then bought back by the bank this past August, the 831 square foot one-bedroom with parking was listed for $495,000 yesterday.
And according to public records, 501 Beale #1D was refinanced in July of 2007 with a variable rate loan for $780,000. Is it yet another "anomalous" data point to be?
Today the sale of the now vacant 501 Beale #1D closed escrow with a reported contract price of $402,000 (45 percent under its 2007 comp setting price).
Now back to the relative scarcity – but increasing number – of newly bank owned properties in San Francisco proper and whether or not they’ll have any impact on the market as a whole, a market in which prices tend to be set at the margin(s).
∙ One Of Thirty Underwater Properties New To The Market This Week [SocketSite]
∙ A Pair Of Bank-Owned Penthouses Atop The Watermark (501 Beale) [SocketSite]
∙ A Higher Watermark Than Some Expected…Only 23% Under '06 Price [SocketSite]
∙ Actual San Francisco Foreclosures Up 10.9% QOQ (Up 91.1% YOY) [SocketSite]
Posted by socketadmin at 12:30 PM | Comments (27)
Actual San Francisco Foreclosures Up 10.9% QOQ (Up 91.1% YOY)
Bay Area Notices of Default (NODs) in the first quarter of 2010 fell 30.5% on a year-over-year basis, down 5.8% in San Francisco proper (from 569 to 536). NOD activity in San Francisco rose 15.3% from the fourth quarter of 2009 to the first quarter of 2010 (versus an 88.4% gain the year prior).
Actual Bay Area foreclosures in the first quarter rose 6.1% on a year-over-year basis (from 6,050 to 6,417) with Contra Costa (up 6.0% to 1,842), Alameda (up 4.2% to 1,266) and Santa Clara (down 7.6% to 1,069) leading the way with respect to volume.
First quarter recorded foreclosures in San Francisco totaled 193, up 91.1% on a year-over-year basis and up 10.9% (19 homes) from the fourth quarter 2009 versus a 10% drop from the fourth quarter in 2008 to the first quarter in 2009 (think moratoriums).
∙ California Foreclosure Activity Declines Again [DQNews]
∙ Actual San Francisco Foreclosures Down 2.8% QOQ (Up 55.4% YOY) [SocketSite]
Posted by socketadmin at 10:45 AM | Comments (72)
Infinity Tower Two Apples-To-Apples (And Comps Above And Below)
Purchased for $522,000 this past September, 338 Spear Street #10C has returned to the market asking $599,000 for the Infinity Tower Two one-bedroom seven months later.
In terms of comps (versus the apple to be), 338 Spear Street #9C sold for $510,000 in October 2009 while 338 Spear Street #11C sold for $565,000 the month after. 338 Spear Street #12C sold for $535,000 this past August.
Of course those 2009 sales were all so last year (and The Infinity is now nearly sold out).
∙ Listing: 338 Spear Street #10C (1/1) - $599,000 [MLS]
Posted by socketadmin at 10:15 AM | Comments (83)
April 20, 2010
555 Washington's EIR Certification Reversed
The San Francisco Board of Supervisors has upheld the appeal of the San Francisco Planning Department’s certification of the Environmental Impact Report (EIR) for the 555 Washington project voting 10 to 0 to reverse said certification.
True to our headline and tone in March ("EIR Approved But…"), the Board focused not only on concerns related to height, wind, and shadows but also objections with respect to land use and the inclusion Redwood Park in the project’s floor area-ratio (FAR) calculations (an approach which Planning staffers had recommended against but were overruled by Planning’s higher-ups).
A Hail Mary request from the developer to certify the EIR on the condition that the development adhere to current height restrictions of 200 feet was deemed too little, too late (and as far as we’re concerned, too damn short for the design) and failed to address the underlying concern that the existing EIR doesn’t meet California Environmental Quality Act (CEQA) guidelines for the project as proposed.
All eyes and ears are now back on developer Andrew Segal who intimated that upholding the EIR's appeal would kill the project (an action which was characterized by at least one Supervisor as "holding a gun to our heads").
Will Segal throw in the towel or reenter the ring for another round? We'll keep you posted.
∙ 555 Washington: Round Four On Hold Pending EIR Appeal [SocketSite]
∙ 555 Washington Round Two Vote Redux: EIR Approved But… [SocketSite]
∙ 555 Washington EIR Appeal: An Expected Response (From Both Sides) [SocketSite]
∙ Let’s Get Ready To Rumble Over 555 Washington [SocketSite]
Posted by socketadmin at 9:27 PM | Comments (31)
A Not So Prosperous At (And Under) Asking Sale For 33 Prosper
As we wrote last month:
Purchased in July of 2007 for $920,000, the single-family re-work in progress at 33 Prosper was taken "back by the bank" (or more accurately the Kahn Family Trust) in July 2009. It's another Muhawieh driven comp of yore asking $789,000 today.
On Friday the sale of 33 Prosper closed escrow with a reported contract price of $770,000. And as the list price for 33 Prosper was reduced from $789,000 to $770,000 on the same day it closed escrow, it’s another sale "at asking" according to those industry stats.
UPDATE: While still unexplained, apparently the recorded List Price change for 33 Prosper on April 16 occurred after the listing’s status was changed to Sold earlier that day. And as such, it appears (at least on the surface) as though the sale will be reported at 2 percent under asking. Cheers.
UPDATE (4/21): Mystery partially solved by a plugged-in reader (cheers!).
33 Prosper was listed on the MLS twice, once under Single-Family Homes and once under Lots & Acreage. The List Price for the listing under Single-Family Homes wasn't changed on April 16 and reflects a sale at 97.59% of asking. The List Price for listing under Lots & Acreage, however, was in fact changed on April 16 and reflects a sale at 100% of asking.
We'll just average the two and call it a reported 99% (and two sales for the price of one).
UPDATE (4/21): And the List Price for the Lots & Acreage listing for 33 Prosper has just been changed back to $789,000. Both now reflect sales at 97.59% of asking.
∙ An Ironic Address For Another Ex-Muhawieh Property (33 Prosper) [SocketSite]
∙ Two More Muhawieh Comps Of Yore Head For The Courthouse Steps [SocketSite]
Posted by socketadmin at 11:30 AM | Comments (25)
Curb Appeal Before And After (But Unfortunately Without Budgets)
It’s not San Francisco centric, but there is at least one local example, and we do love before and after picture pairs (hint, hint). Now if only their budgets were featured as well.
∙ 16 inspiring front yard makeovers: Photo Gallery [SFGate]
∙ Shed revival [Sunset]
Posted by socketadmin at 11:00 AM | Comments (2)
A Bit Of Listing Transparency In Light Of Its Design: 3537 21st Street
From the architect’s website with respect to their "21 House" (a.k.a. 3537 21st Street):
This remodel of a kitchen and bathroom in a San Francisco Victorian explores the effects of transparency in both the literal/material sense and the phenomenal sense. Exterior and interior glass walls allow light to create a continuous, multiple readings of space – at different points in time and with various interpretations.
The glass box is the perfect layer of protection between the communal nature of the kitchen and the private nature of the bathroom. This translucent wall speaks of sensuality and voyeurism. During the day, light is allowed into the bathroom from the south-facing kitchen, creating a bright, warm interior that accentuates the experience of bathing. In contract, the translucent volume glows green at night through the use of jelled fluorescents, becoming a beacon for the gleaming kitchen.
The glass, steel, and shower transparency show continues upstairs with the second bath.
And the light-filled "Dolores Heights Victorian renovated in modernist style by renowned local architect" is now on the market and seeking $1,999,0000.
∙ Listing: 3537 21st Street (4/2) - $1,999,000 [3537-21st.com] [MLS]
∙ Fougeron Architecture [fougeron.com]
Posted by socketadmin at 9:15 AM | Comments (82)
A Premium Sea Cliff Apple Is Picked (2910 Lake Street)
As we wrote in February, having sold for $4,250,000 in November 2007 (asking $4,595,000 at the time), 2910 Lake Street returned to the market two months ago asking $3,990,000.
And as a plugged-in reader added:
Made the tour. Very nice home. No real flaws. Some easy updates. Views are pretty good from the second level. Felt very traditional and solid. Not a huge fan of the kitchen, but I've seen much worse. I think it will sell quickly.
Four days ago the 2010 sale of 2910 Lake Street closed escrow with a reported contract price of $3,940,000 (7 percent below its 2007 value).
∙ A "Premium" Apples To Apples Sea Cliff Sale To Be (2910 Lake Street) [SocketSite]
Posted by socketadmin at 8:00 AM | Comments (10)