May 28, 2010
Closer To Reality For 2001 Market Street
And while the BAR Architects website doesn't yet feature the latest renderings, as Curbed catches it does note "the project is slated to begin construction Fall 2010 with the [30,000 square foot Whole Foods] opening early 2012 and the  residential units mid 2012."
Keep in mind the project has yet to be approved by Planning. And while we might have missed it, we haven’t heard anything with respect to funding or financing. Tipsters?
∙ Drawings And Details For The Proposed Development Of 2001 Market [SocketSite]
∙ Around A Rendered 2001 Market Street From Market To 14th [SocketSite]
"San Francisco" Prestige Index Up 1.1% In First Quarter
The First Republic Prestige Home Index for "San Francisco" homes valued at more than $1 million ticked up 1.1 percent from the fourth quarter of 2009 to the first quarter of 2010, down 6.1 percent on a year-over-year basis, down 18 percent from a third quarter 2007 peak, and back to second quarter 2004 levels.
Keep in mind that the "San Francisco" index includes "a cross-section of luxury homes in Alamo, Atherton, Belvedere, Danville, Healdsburg, Hillsborough, Lafayette, Los Altos, Los Gatos, Mill Valley, Moraga, Orinda, Palo Alto, Piedmont, Portola Valley, Ross, St. Helena, San Francisco, Saratoga, Sonoma, Tiburon and Woodside." Whew.
∙ First Republic Prestige Home Index: San Francisco [firstrepublic.com]
Purchased for $725,000 in June 2004, the 1,165 square foot 57 Bessie was listed in 2007 asking $849,000 before being reduced to $749,000 and then withdrawn from the market.
The single-family home on the northern (relatively) flats of Bernal Heights is back on the market today seeking a short sale at $695,000.
∙ Listing: 57 Bessie (3/2) 1,165 sqft – “$695,000” (Short Sale) [MLS]
A Modern Apple At 1234 Howard Defies The Commodity Condo Trend
Speaking of a Stanley design, the resale of 1234 Howard #2C closed escrow on 5/19 with a reported contract price of $639,000, purchased for $587,000 in December 2007.
Yes, design matters (whether you like it or not).
∙ Not Louvered But Not Unloved: 1234 Howard #2C Returns [SocketSite]
1601 Larkin: Comments, Responses And Latest Renderings
Roseanne Roseannadanna Emily Litella…never mind. Apparently the Planning Department's just published compendium of comments and responses to the proposed 1601 Larkin project contains outdated renderings for the project. Whoops.
Ironically, the images had been added to the document in response to community comments that the most recent renderings had not been made available for review.
The renderings now above and below (not including the "alternative") are in fact the most current by way of Stanley Saitowitz | Natoma Architects. Cheers.
As proposed, the building would rise 63 feet and yield 27 units over 30 parking spaces.
The ground floor would have three residential units, the second floor would have seven residential units, and floors three and four would contain 12 units. The fifth floor would have four residential units and the sixth floor would be a penthouse. Of the total 27 units, there would be 1 junior one-bedroom unit, 1 one-bedroom unit, 4 one-bedroom-plus units, 20 two-bedroom units, and 1 three-bedroom unit (the penthouse).
The main entrance to the residences and the driveway to the ground-floor garage containing nine spaces would be from Larkin Street. Vehicular access to the below-grade parking garage containing 21 spaces would be from Clay Street.
Comments run the regular gamut of concerns regarding visual impact, views, parking, shadows, air quality and the likes. And yes, the birds:
We also remind you that small animals such as pigeons and other birds make their home in this area which would be significantly disrupted, if not destroyed, by this new structure.
Disrupting pigeons? We're not sure if that's more of an argument for rather than against.
UPDATE: Oh, and did we mention a onetime "alternative" design for the preservationists?
And no, that’s no May Fools or photoshop savvy reader simply having a goof.
∙ 1601–1603 Larkin Street: Comments And Responses | EIR
∙ 1601 Larkin Reignites An Architects Versus Planning Design Debate [SocketSite]
May 27, 2010
Hell Heck Of A Bedroom Overlooking Dolores Park...
It’s not only a new listing on the MLS (and now official inventory) but a new website and photos featuring one heck (for some reason "hell" doesn't seem appropriate) of a bedroom for 601 Dolores. No new surprises, however, on the price ($7,490,000).
Yes, we know that's actually the living room. And there are parts of this property we love.
∙ Listing: 601 Dolores (3/2) 17,000 sqft - $7,490,000 [601dolores.com] [MLS]
∙ Unofficial Inventory (And A Righteous Reduction) At 601 Dolores [SocketSite]
∙ Sweet Jesus (So To Speak): 601 Dolores On The Market And Inside [SocketSite]
From "Needs TLC" To "Contractors' Special" (And Now Bank Owned)
From the listing for 1482 Underwood in November 2007 asking $445,000 (purchased for $250,000 in August 2000): "Needs some TLC…A very motivated seller...."
In April 2008: "$100,000 Price Reduction...Needs cosmetic work. A short sale…" Two weeks later: "Handyman special! $130,000 Price Reduction!" And in May of 2009 at $279,900: "Great for contractors."
Today at $205,900 and now bank owned: "Contractors special…Foundation is poor."
∙ Listing: 1482 Underwood (2/1) - $205,900 [MLS]
736 Valencia Hits The MLS (While 700 Valencia Hits Craigslist)
The first of the eight new two-bedrooms at 736 Valencia (which we first unwrapped last year) has hit the market listed for $950,000 for its 1,465 square feet ($648 per square foot). And forget Medjool, we'll see you up on 736 Valencia's rooftop terrace.
UPDATE: The two craigslist postings for 700 Valencia have been hastily removed.
∙ Listing: 736 Valencia #202 (2/2) 1,465 sqft - $950,000 [MLS]
∙ 736 Valencia Exposed (700 Valencia Still Under Wraps) [SocketSite]
∙ 700 Valencia Unwrapped (And Nine New Units Coming Soon) [SocketSite]
∙ Rental Listing: 700 Valencia #2 (3/2.5) – $4,695/month [craigslist.org]
∙ Rental Listing: 700 Valencia #4 (3/2.5) – $4,495/month [craigslist.org]
Requests For Reductions In Residential Assessments Up 46 Percent
Perhaps due in part to the ease of starting the process online this year (as plugged-in people knew), 6,462 requests for reductions in residential property assessments were received by San Francisco’s Assessor-Recorder’s office this year, up from 4,421 last year and 1,673 the year before that.
In all, 11,700 homeowners have received temporary property tax reductions in the current fiscal year that ends June 30; some at the request of the property owners, others at the initiation of the assessor's office. The cumulative total in reduced assessed value added up to $1.4 billion.
Rulings on the requests will be out by early August, appeals will be due by September 15.
∙ Assessing The Potential Upside Of A Down Market: Tax Basis Redux [SocketSite]
∙ Thousands more in S.F. seek property tax breaks [SFGate]
∙ JustQuotes: It's Time To Make Some Property Tax Lemonade [SocketSite]
2458-2460 Great Highway Catches Another Wave
The sale of 2458-2460 Great Highway closed escrow on 5/21 with a reported sale price of $1,063,000. Sold for $1,045,000 in September 2006, then again for $1,160,000 in December 2007 but renovated a bit since. The boards weren't included as far as we know.
∙ Duuuude! [SocketSite]
May 26, 2010
2830 Pacific: A Tripling Of Taxes (At Half Off Initial Hopes)
Speaking of big properties and taxes atop Pacific Heights, according to a plugged-in tipster the sale of 2830 Pacific quietly closed escrow yesterday with a reported contract price of $8,350,000. The sale should result in an annual property tax bill of around $100,000, triple what’s currently being paid.
As plugged-in people know, the 2009 Decorator Showcase home had originally been shopped around at $15,500,000 before being listed for $12,900,000. The list price was eventually reduced to $9,995,000 before the property was leased with an option to buy.
Also according to our tipster, "I heard it was a Hong Kong buyer." No confirmation on whether or not the buyer was the one with the option. And we would be remiss not to note a bit of irony considering the agent was Malin (who apparently represented both sides).
∙ Proposition 13 In Practice Along San Francisco’s Gold Coast [SocketSite]
∙ 2830 Pacific Scoop: Still Not Sold, But Leased With An Option To Buy [SocketSite]
∙ 2009 Decorator Showcase (2830 Pacific) Opens Its Doors And Kimono [SocketSite]
∙ An Actual Showcase Sale In The Works For 2830 Pacific? [SocketSite]
∙ Recap: What’s The Scoop On Foreign Investment In San Francisco? [SocketSite]
Proposition 13 In Practice Along San Francisco’s Gold Coast
The impact of Proposition 13 and the inequities it's created along San Francisco’s Gold Coast has long been a topic of conversation and debate amongst the plugged-in crowd.
And of course the annual tax bill of $7,722 for 2901 Broadway (which is currently on the market for $45,000,000) is front and center as well.
∙ On Gold Coast, a Legacy of Low Taxes [baycitizen.org]
∙ The SocketSite Scoop On 37 Raycliff Terrace (A.K.A. 2799 Broadway) [SocketSite]
∙ A $3,000,000 Reduction (That Might Not Seem Like So Much To Some) [SocketSite]
Well, We Do Recognize A House Or Two...
While we passed on publishing an early tip as to the neighborhood preparations for the President’s dinner at the Getty’s last night (there’s no need to be atop the Secret Service’s watch list), our tipster later passed along a shot of the President’s limo making its way through Pacific Heights.
Plugged-in people should at least recognize a house or two in the background, but we’ll have to take our tipster’s word for it that the President was in the ride.
And the real point of this post, bonus points for including a photo with the tip (hint, hint).
∙ The One With The Twelve On It: 2849 Pacific Price-ish Scoop [SocketSite]
Parkmerced: Planning On The Future But Presently In Default
While the proposed plan to redevelop Parkmerced moves forward through San Francisco’s Planning Department, it appears as though the past (or rather present) has caught up with the owners of the complex who shall soon announce that their (not so) current loan on the property is in default.
Expect the announcement to allude to "strategery."
∙ Planning For 5,700 New Homes In San Francisco’s Parkmerced [SocketSite]
∙ One Meeting; Two Presentations; 16,200 New Homes As Proposed [SocketSite]
∙ Parkmerced in default [SFGate]
U.S. New Home Sales Up 48% YOY As Tax Credits Expire
Purchases of new homes in the U.S. increased to an annual pace of 504,000 in April, up 15 percent from a revised March (439,000) and up 48 percent on a year-over-year basis (341,000 in April 2009) as Federal tax credits expired at the end of the month.
To receive a tax credit worth as much as $8,000, contracts had to be signed by the end of April, meaning demand will probably wane in coming months. Rising foreclosures, falling stock prices caused by concern over the European debt crisis and unemployment may hamper any recovery in sales and construction into the second half of the year.
For context, the pace of new home sales in the U.S. peaked at 1,389,000 in July 2005.
∙ New Residential Sales: April 2010 [census.gov]
∙ Sales of New Homes in U.S. Jump to Two-Year High [Bloomberg]
∙ U.S. New Home Sales Up 13% YOY As Credits Set To Expire [SocketSite]
May 25, 2010
15 Surrey Relisted And Reduced (And The Permit Clock Is Ticking)
Listed for $995,800 this past October touting "READY to brake (sic) ground," the 625 square foot one bedroom home at 15 Surrey with approved plans to become an "over 2800" square foot four-bedroom/three and one-half bath Glen Park view home has returned to the market asking $895,800.
The clock is now ticking, however, as the new listing notes: "permits issued." Keep in mind that the permits are technically for a "remodel" of the current property including a vertical and horizontal addition of 1,800 square feet (no word on what would appear to be an unaccounted for 375 square feet).
Once again, purchased for $731,000 in 2007 prior to said plans, approvals and permits. Kudos to the listing agent for including a photo of the current façade this time around.
∙ Listing: 15 Surrey (1/1) - $895,800 [MLS]
∙ Suspended Disbelief (And Renderings) For 15 Surrey [SocketSite]
The Era Of Their Ways…
A reader’s random (i.e., way off topic) question of the day:
Is there a specific era regarded as especially poor for condominium construction? I often hear "early 1980s, late 1970s", but is that really true across the board? And conversely, is there an era of nicer condominium construction?
Yes, any answer is likely to be painted with broad brush strokes and subjectivity. And no, no answer will ring true across the board with respect to quality.
Now if we were talking
errors eras of aesthetics…
1601 Larkin Reignites An Architects Versus Planning Design Debate
It’s not a new dynamic in San Francisco; in fact it’s one we first wrote about over two years ago. But an apparent impasse over the Saitowitz design for 1601 Larkin...
...a proposed six-story residential building to be built at the corner of Clay where the First St. John's United Methodist Church currently stands, seems to have reignited our great architects versus Planning design debate.
On account of said impasse, but prior to any appeal, the Planning Commission is now expected to review the design on June 24.
∙ Damn All Those Untalented Architects To Hell! Oh, Wait A Minute… [SocketSite]
∙ City Loses Landmark Appeal, Church Of The Pagoda Theater Anyone? [SocketSite]
∙ Are Planners Overstepping Bounds Telling Architects What to Do? [Curbed]
∙ JustQuotes: What's/Who’s To Blame For "Bad" Building Design In SF? [SocketSite]
A Twist And A Turn For The Warfield Theater Building (988 Market)
It looks like there may be some "potential" issues with the interpretation of the "accessory use housing" for this "commercially zoned" space. The City wants the seller to take this case to the "board of appeals" to get special permission (and clarify) to have "accessory use housing" (referring to the example of the penthouse unit). So unless you are planning to use this for strictly commercial reasons, anything else without a final stamp of approval for "accessory use housing" is a risk you need to be aware of.
Oh...and parking is of concern as the rear parking lot (separate owner with month to month leasing avail) currently does "not" have an ingress/egress point to rear of the (Warfield Theater) commercial space. One must walk down Taylor (sketchy especially at night) to Market and turn left onto Market and enter via the Market St entrance.
Make that a twist and a turn. We'll keep you posted and plugged in.
∙ Warfield Theater Building (988 Market): Condos With A Twist [SocketSite]
∙ 988 Market Website [warfieldcondos.com]
March Case-Shiller Index: Mixed Messages For San Francisco MSA
According to the March 2010 S&P/Case-Shiller Home Price Index, single-family home prices in the San Francisco MSA rose 1.5% from February ’10 to March '10, down 37.4% from a peak in May 2006 but up 16.1% year-over-year.
For the broader 10-City composite (CSXR), home values fell 0.4% from February to March (the fifth consecutive slide) and remain down 30.9% from a peak in June 2006 (up 3.2% year-over-year).
Looking at the monthly statistics, 13 of the 20 metro areas showed a decline in March compared to February. Boston was flat. Eight MSAs posted new index lows in March – Atlanta, Charlotte, Chicago, Detroit, Las Vegas, New York, Portland and Tampa. Las Vegas and Phoenix have peak-to-current declines of 56.3 and 51.8%, respectively.
On a more optimistic note, Los Angeles, Minneapolis, San Diego and San Francisco have shown recovery from recent lows of +7.2%, +7.4%, +10.9%, and +16.2%, respectively. San Diego, in particular, has stood out with 11 consecutive months of increasing home prices.
On a month-over-month basis prices fell nominally across the bottom two price tiers but rose for top tier single-family homes in the San Francisco MSA.
The bottom third (under $324,798 at the time of acquisition) fell 0.1% from February to March (up 10.3% YOY); the middle third fell 0.2% from February to March (up 8.9% YOY); and the top third (over $589,259 at the time of acquisition) gained 1.6% from February to March (up 8.2% 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 May 2002 levels having fallen 37% from a peak in May 2006, and the top third is back to February 2004 levels having fallen 25% from a peak in August 2007.
Condo values in the San Francisco MSA fell 1.7% from February ’10 to March '10, up 1.5% on a year-over-year basis and down 31.7% 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).
∙ First Quarter of 2010 Indicates Some Weakening in Home Prices [Standard & Poor's]
∙ February Case-Shiller Index: San Francisco Falls Across All Price Tiers [SocketSite]