June 30, 2010
From Freeway Ramp To Parking To Family Apartments As Proposed
A sister development to the cater corner Broadway Family Apartments which received 8,500 applications for its 80 apartments in 2008, the proposed affordable housing development at 235 Broadway would replace the paved parking and undeveloped lot on the south side of Broadway between Battery and Sansome, once home to an Embarcadero Freeway ramp.
The proposed project involves the construction of a 65-foot-tall, six-story, 86,000-square-foot (sf) mixed-use building containing 61 residences (78,000 sf), 5,000 sf of ground-floor neighborhood-serving retail, and 3,000 sf of supportive service space. No on-site parking is proposed.
The residential development would be 100 percent affordable and would consist of 10 studio units, 8 one-bedroom units, 24 two-bedroom units, and 19 three-bedroom units. The San Francisco Redevelopment Agency is the property owner and Chinatown Community Development Center is the project sponsor. The project would require variances from the Planning Code for rear yard configuration, dwelling unit exposure, and parking. The project would also require conditional use authorization for bulk exception.
The block-long project site stretches from the large parcels and loft buildings to the east of Battery Street to the more typical San Francisco fabric of very small lots at Sansome and to the west. The building is designed (click image to enlarge) to respond to these conditions.
From Broadway and Battery Street and stretching two thirds of the way up along Broadway, the building would contain a horizontally configured loft-like bar with retail frontage at the Broadway/Battery corner. This element has a three-story middle section over the retail base with a two-story glassy loggia above. The Broadway façade would contain a central entrance and courtyard. The western third of the block, approaching Sansome Street, would contain deep notches in the building and small, vertically proportioned elements, which would be similar in scale to the smaller buildings on Sansome Street.
The Broadway/Sansome corner would also have retail frontage. The interplay of the two compositional strategies related to the surrounding buildings would articulate and give appropriate scale to the only full-block frontage on this portion of Broadway.
Construction could start as soon as November 2011 and would last for 24 months.
∙ Broadway Family Apartments: T-Minus Three Months To Opening [SocketSite]
∙ 235 Broadway – Broadway Sansome Family Housing Proposal [sf-planning.org]
Back On Edinburgh (And In The Excelsior)
Since the sale of CBS's infamous "42 offer home" at 555 Edinburgh closed escrow in April of 2009 for "24 percent over asking" (and calling a "real estate rebound"), the median sale price per square foot for homes in 94112 has declined 11 percent to $405.
Yesterday 458 Edinburgh hit the market in 94112 asking $499,000 ($399 per square foot) having been purchased in July 2005 for $770,000 ($616 per square foot), a 35 percent decline in value over the past five years at asking.
Keep in mind that housing stock in the neighborhood is relatively homogenous in terms of age and size, and the neighborhood hasn’t seen a lot of new development or major remodels which can quickly change the mix of reported neighborhood sales and stats.
∙ The SocketSite Reality Check For CBS’s Infamous "42 Offer" Home [SocketSite]
∙ 555 Edinburgh Sells For 24% Over Asking (The Neighborhood Median) [SocketSite]
∙ CBS Calls It A "Real Estate Rebound In San Francisco" [SocketSite]
∙ Our Divining Rod Strikes 454 Edinburgh [SocketSite]
∙ Divining The Condition Of A Potentially Divine 454 Edinburgh [SocketSite]
More Mediterranean Villas For Less Money In St. Francis Wood
While the more Spanish styled Mediterranean Villa at 299 Santa Paula Avenue remains on the market asking $4,950,000 (versus $5,900,000 a year ago), the more Tuscan styled Mediterranean villa down the street at 200 Santa Clara Avenue has just hit the market asking $2,798,000 having been purchased for $3,250,000 in May of 2005.
From the listing: "Built in 1929 this magnificent Masten and Hurd designed masterpiece has been exquisitely refurbished and renovated perfection with great care to preserve its historical design." And sincere bonus points for an "Estate-of-the-art" line.
A sale at asking would represent a 14 percent drop below its 2005 value for this St. Francis Wood home.
∙ Listing: 200 Santa Clara Avenue (4/5) 3,513 sqft - $2,798,000 [MLS] [Map]
∙ 299 Santa Paula Avenue: Still Muy Sweet But Now Under Cinco [SocketSite]
∙ Mi Casa Es…Muy Sweet (And Large): 299 Santa Paula Avenue [SocketSite]
From "Landlords Gone Wild!" To Landlords On The Run
Kip and Nicole Macy (Pacific Heights The Sequel (Working Title: "Landlords Gone Wild!")) have skipped town after posting a combined half-million dollar bail bond.
They had both spent some time in the slammer -- Nicole more than Kip, who got out to raise cash for her bail -- before being allowed to put up Kip's parents' property as collateral for bond.
Let’s hope the bail bondsman didn’t use Zillow when deciding whether or not to issue said bond (or at the very least checked for notices of default or delinquency).
∙ Pacific Heights The Sequel (Working Title: "Landlords Gone Wild!") [SocketSite]
∙ ''Landlords from Hell'' vanish [SFGate]
June 29, 2010
A Panoramic View (Of More Than Just The Bay)
As we wrote about 1219 Lombard in May (a view from which is above):
With some rather big views from the sitting area aside the top floor master suite, 1219 Lombard changed hands in 2006 for $3,150,000 and then again in 2008 for $3,189,500.
Since then the interior has been remodeled, a loft space added, the wine room has been repurposed as a laundry room (damn that utilitarian decision making), and permits have been filed to extend the square footage of the single-family home.
All that being said, the Russian Hill home has returned to the market asking $3,059,000.
This past Friday (6/25) the sale of 1219 Lombard closed escrow with a reported contract price of $2,875,000, 9.9 percent under its 2008 price (8.7 percent under 2006) not accounting for the value of its recent remodel or new loft.
The Dow Drops Back Below 10,000. Yes, Skittish.
We’re back below 10,000 as the Dow closed the day at 9,870 without any so called "fat fingers" (which were never really) to blame. The S&P closed the day down 3.1% to 1,041 erasing its year to date recovery and dropping to a new year to date low (down 6.6%).
In more upbeat Bay Area market news, newly minted shares of Tesla closed the day up 40.5% on their first day of trading.
Full Disclosure: Our Editor in Chief owns shares of Tesla.
∙ S&P 500 Back To Even For The Year To Date As Skittishness Remains [SocketSite]
∙ (D)ow! And Did We Say Skittish? [SocketSite]
∙ QuickLinks: A Rough Day On A Skittish Street [SocketSite]
One Day In Noe Under Nine (And Another Listed Under Seven)
With the 1,058 square foot single-family Noe home at 489 Day selling at 3 percent under asking for $875,000 this past February, it’s probably safe to assume the 1,068 square foot (according to tax records) 477 Day is priced to attract "multiple offers!" at $659,000.
Regardless, we think it's worth noting if you’re looking for perfectly livable Noe Valley homes under nine (and assuming 477 truly is a cosmetic fixer as
advertised listed of course).
April Case-Shiller Index: San Francisco MSA Up At Top But Down Below
According to the April 2010 S&P/Case-Shiller Home Price Index, single-family home prices in the San Francisco MSA rose 2.2% from March ’10 to April '10, down 36.0% from a peak in May 2006 but up 18.0% year-over-year.
For the broader 10-City composite (CSXR), home values rose 0.7% from March to April reversing a five month slide but remain down 30.5% from a peak in June 2006 (up 4.6% year-over-year).
"The month-over-month figures were driven by the end of the Federal first-time home buyer tax credit program on April 30th. Eighteen cities saw month-to-month gains in April compared to six in the previous month. Miami and New York were the two that fared the worst in April compared to March. New York is the only MSA to have posted a new relative index low with April’s report." says David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s.
"Other housing data confirm the large impact, and likely near-future pullback, of the federal program. Recently released data for May 2010 show sharp declines in existing and new home sales and housing starts. Inventory data and foreclosure activity have not shown any signs of improvement. Consistent and sustained boosts to economic growth from housing may have to wait to next year."
On a month-over-month basis prices fell for the bottom price tier but rose for the top two tiers for single-family homes in the San Francisco MSA.
The bottom third (under $330,403 at the time of acquisition) fell 0.3% from March to April (up 12.0% YOY); the middle third rose 1.1% from March to April (up 11.0% YOY); and the top third (over $601,426 at the time of acquisition) gained 2.5% from March to April (up 10.7% YOY).
According to the Index, single-family home values for the bottom third of the market in the San Francisco MSA remain just below September 2000 levels having fallen 57% 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 is between March and April 2004 levels having fallen 23% from a peak in August 2007.
Condo values in the San Francisco MSA rose 3.5% from March ’10 to April '10, up 4.7% on a year-over-year basis and down 29.4% 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 Do Not Yet Show Signs of Sustained Recovery [Standard & Poor's]
∙ March Case-Shiller Index: Mixed Messages For San Francisco MSA [SocketSite]
∙ As Expected, Another Unexpected Decline For Existing Home Sales [SocketSite]
∙ Pace Of New Home Sales In The U.S. Hits Historic Low [SocketSite]
June 28, 2010
Said New Façade On Howard Behind Which 464 Tehama Resides
∙ A Collectable Apple (Save The New Façade On Howard) Closes [SocketSite]
∙ No Words (Just Drool) [SocketSite]
399 Fremont: Interim Plans Set To Bloom For The Californian Site
Approved for development in 2006 with a performance period set to expire in June 2008, Fifield started clearing the site for the proposed Californian at 399 Freemont in November of 2007. In August of 2008 the Planning Commission granted a 12 month extension of the performance period to June 2009, and then again in June 2009 to June 15, 2010.
On Thursday the Planning Commission is expected to grant another 12 month extension for the now 452 unit (and 238 parking spot) project which would expire on June 15, 2011. The site will be planted and bloom with wildflowers in the interim.
Despite an attempted sale in 2007, Fifield still owns the parcel as far as we know. And the latest rendering of what is entitled to eventually grow:
∙ The Californian on Rincon Hill: 375 Fremont St. [SocketSite]
∙ Are They Clearing The Way For Someone's Californian On Rincon Hill? [SocketSite]
∙ The Californian on Rincon Hill (375 Fremont): Website And Renderings [SocketSite]
∙ The Californian On Rincon Hill: No Longer Coming Soon (If At All) [SocketSite]
A Collectable Apple (Save A New Façade On Howard) Closes Escrow
Purchased for $3,200,000 in 2007 having sold for $2,375,000 in 2006, the Jim Jennings designed and Ryan & Associates built 464 Tehama returned to the market in March asking $3,600,000. On Friday the sale closed escrow with a reported contract price of $3,050,000.
Keep in mind the property’s Howard Street façade was refaced with stainless steel in 2009.
Posted by socketadmin at 9:30 AM
SocketSite's San Francisco Listed Housing Inventory: 6/28/10
Inventory of Active listed single-family homes, condos, and TICs in San Francisco continues to climb having increased 3% over the past two weeks versus an average 2% decline for the same two weeks over the past four years.
Current inventory levels are now up 10% on a year-over-year basis and up 23% versus the average of the past four years (up 27% if you exclude 2009) and up 48% as compared to a 2006/2007 average.
The inventory of single-family homes for sale in San Francisco is up 16% on a year-over-year basis versus a 6% increase for condos. Once again, inventory would be dropping if new demand was increasing faster than new supply although the converse is not necessarily true as listings can simply be withdrawn.
38% of active listings in San Francisco have undergone at least one price reduction and the percentage of active listings that are either already bank owned (87) or seeking a short sale (164) is holding at 14% (up 6% on an absolute basis).
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: 6/14/10 [SocketSite]
∙ Will Pent-Up Demand Outstrip Pent-Up Supply? [SocketSite]
June 25, 2010
Development Of 1601 Larkin Disapproved By Planning Commission
The sole dissenting vote was cast by Commissioner Michael Antonini who apparently prefaced his vote with a remark about the proposed project needing to be redesigned.
The project's Environmental Impact Report (EIR) was deemed to be "inadequate in its consideration of project alternatives, among other things" and the project's requested Conditional Use Authorization for height and other variances were denied.
And yes, plugged-in people should have seen this coming.
UPDATE: Another perspective on the proposed project:
∙ City Loses Landmark Appeal, Church Of The Pagoda Theater Anyone? [SocketSite]
∙ 1601 Larkin: Comments, Responses And Latest Renderings [SocketSite]
∙ 1601 Larkin Reignites An Architects Versus Planning Design Debate [SocketSite]
∙ Planning Disapproves Of Proposed Height For 1601 Larkin Project [SocketSite]
Blame It On The Weather (Or Design)
Perhaps it’s our rough start to summer with respect to weather that has us looking south, or perhaps it’s simply the design. Regardless, 755 Bowhill Road was rebuilt in 2001 with walls of glass and indoor/outdoor living on three-quarters of an acre in Hillsborough.
Purchased for $2,800,000 in September 2004, back on the market today (although not yet listed) and asking $3,475,000.
∙ Listing: 755 Bowhill Road, Hillsborough (4/3.5) 3,519 sqft - $3,475,000 [geoffreynelson]
A Single-Family Under Five (By A
Buck Grand And Before Any Bids)
It’s nothing too fancy but two bedrooms and baths, a bit of original woodwork, and three of our favorite words ("pride of ownership") all for under $500,000.
Okay, so by a
buck grand and before any bids.
∙ Listing: 215 Lisbon (2/2) - $499,000 [MLS]
Rest In Peace Walter Shorenstein
"Walter Shorenstein, San Francisco's pre-eminent real estate developer whose financial largesse made him a power broker in Democratic national politics for decades, has died."
∙ Street-smart developer shaped S.F. skyline [SFGate]
June 24, 2010
$165,000 $255,000 Off At 728 Duncan
Listed for $2,550,000 in March, the list price for the self described "Noe Valley modern cool" home at 728 Duncan was reduced to $2,385,000 in April, and just a few minutes ago it was further reduced to $2,295,000.
Once again, the single-family Noe home was purchased for $2,475,000 in August 2007 according to the MLS (although tax records suggest a contract price closer to $2,448,000).
All comments on our original post.
∙ Listing: 728 Duncan (4/3.5) 3,350 sqft - $2,295,000 [MLS]
∙ Apples To Apples For A
Hip "Cool" Noe Home: 728 Duncan [SocketSite]
Posted by socketadmin at 5:45 PM
Fannie Mae's Sabre-Rattling In Response To Rising Strategic Defaults
From Fannie Mae today:
Defaulting borrowers who walk-away and had the capacity to pay or did not complete a workout alternative in good faith will be ineligible for a new Fannie Mae-backed mortgage loan for a period of seven years from the date of foreclosure. Borrowers who have extenuating circumstances may be eligible for new loan in a shorter timeframe.
Fannie Mae will also take legal action to recoup the outstanding mortgage debt from borrowers who strategically default on their loans in jurisdictions that allow for deficiency judgments. In an announcement next month, the company will be instructing its servicers to monitor delinquent loans facing foreclosure and put forth recommendations for cases that warrant the pursuit of deficiency judgments.
Seven years is up from the typical five Fannie Mae requires in cases of foreclosure, borrowers with "extenuating circumstances" could see that five reduced to as little as two.
∙ Fannie Mae Increases Penalties for Borrowers Who Walk Away [fanniemae.com]
∙ The Rapid Rise Of "Strategic" Defaults [SocketSite]
First Mover Disadvantage (And A Few More Cuts) At 1327 7th Ave?
While the listings for 1327 7th Ave #4 (which had been reduced in price by 10%) and 1327 7th Ave #3 have been withdrawn from the MLS after 98 days without a sale, yesterday the list price for 1327 7th Avenue #7 was reduced another $76,000 (7%) now asking $999,000 (18% under its original list price of $1,225,000).
As we wrote about the sale of 1327 7th Avenue #11 which closed escrow in January with a reported contract price of $1,150,000, 2% under its original list price, "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) - $999,000 [MLS]
∙ Listing: 1327 7th Avenue #9 (3/2.5) 1,631 sqft - $1,149,000 [MLS]
∙ From Rendering To Reality And On The Market For 1327 7th Avenue [SocketSite]
∙ A Couple Of New Cuts For The New Condos At 1327 7Th Avenue [SocketSite]
Another Cut For Albion Castle (881 Innes Avenue)
Once again, as we wrote last September when listed for $2,950,000:
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.
∙ Listing: 881 Innes Avenue (4/2) - $1,799,000 [MLS] [Map]
∙ Care To Get Your Castle On? A Restored Albion Castle Returns [SocketSite]
∙ Albion Castle Cuts $550,000 (19%), Now About That Karma... [SocketSite]
∙ Calling All Kings...Albion Castle Cuts Another $500,000 (21 percent) [SocketSite]