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July 30, 2010

All Aboard As San Francisco’s Transbay Terminal Nears Its Close

Inside San Francisco's Transbay Terminal

It’s now T-Minus one week until the closing of San Francisco’s Transbay Terminal. If you missed today’s tours, or have never been inside, a reader walks you through.

Transbay Temporary Terminal To Open (Existing To Close) August 7 [SocketSite]
Transbay Terminal Historians (And Futurists) Take Note [SocketSite]
SF Transbay Terminal [flickr.com]

Posted by socketadmin at 6:45 PM | Comments (12)

Will There Be A(nother) Battle Over Battery Caulfield Road?

Battery Caulfield Road

Having just finished the renovation and conversion of the Public Health Service Hospital into the 154-unit Presidio Landmark with parking for all residents at the end of Battery Caulfield Road, the Presidio Trust is now considering two approaches to limit cut-through vehicular on said road in the name of "public health and safety, to protect environmental values, to protect natural resources, and to avoid conflict among visitor uses."

The two proposed approaches are: 1) limitation of vehicular use during weekday peak AM and PM hours, 7 to 9 am and 5 to 7 pm, as well as on weekends (Alternative 1); and 2) limitation of vehicular use at all times (Alternative 2).

Comments on the proposed limits will be accepted until September 1.

Notice of Proposed Use Limit of Battery Caulfield Road [presidio.gov]
Presidio Landmark Opening Its Doors Next Week [SocketSite]
Presidio Landmark Priced And On Track For An Opening In July [SocketSite]

Posted by socketadmin at 4:30 PM | Comments (11)

One Day On The Market (For The Eighth Time) At 188 South Park

188 South Park #7 Living

Sorry folks, but it looks like we miscounted this past April when 188 South Park #7 was listed for what we thought was the eighth time without a sale since first being listed for $1,995,000 in 2006. In fact, it now appears that had only been the seventh.

It’s today’s re-listing at $1,549,500 that marks number eight for 188 South Park number seven. Our re-listing count for 830 El Camino Del Mar remains at fifteen.

And over in Noe, 4214 26th Street has returned to the market after a hiatus of a year.

∙ Listing: 188 South Park #7 (2/2) - $1,549,500 [MLS]
Will The Eighth Time Be The Charm For 188 South Park Number Seven? [SocketSite]
Oh So Sexy Showers [SocketSite]
Would You Believe Fifteen For 830 El Camino Del Mar (And Not Million) [SocketSite]
4214 26th Street: A Nicely Remodeled Noe Valley Apple On The Tree [SocketSite]

Posted by socketadmin at 2:45 PM | Comments (16)

Hales Warehouse (410 Jessie) Gallery Of Listing(s) Along Mint Plaza

410 Jessie #502 Living

Tax records show 2,018 square feet and suggest a sale at $1,400,000 in October 2007, back on the market today and asking $1,350,000 for 410 Jessie (Hales Warehouse) #502.

410 Jessie #502 Floor Plan

Other Hales Warehouse condos on the market along Mint Plaza, the 769 square foot 410 Jessie #302 which was previously asking $499,000 and touting "Great Deal!" has just been relisted at $399,000 (purchased for $580,000 in September 2007), and the 1,229 square foot 410 Jessie #201 asking $979,000 (purchased for $920,000 in September 2007).

Mint%20Plaza%20Market.jpg

∙ Listing: 410 Jesse Street #201 (2/2) 1,229 sqft - $979,000 [MLS]
∙ Listing: 410 Jesse Street #302 (1/1) 769 sqft - $399,000 [MLS]
∙ Listing: 410 Jesse Street #502 (2/2) 2,018 sqft - $1,350,000 [MLS]
The Mint Lofts: The SocketSite Scoop, Update And (Some) Pricing [SocketSite]
JustQuotes: Care To Quote The Odds On The Success Of Mint Plaza? [SocketSite]

Posted by socketadmin at 11:30 AM | Comments (32)

45 Lansing Site In Contract, No Imminent Eviction For The Bees

45 Lansing: Site (www.SocketSite.com)

Once again, as plugged-in people know, following a false start at the end of 2008 Turnberry has been shopping their entitled lot for 227 units at 45 Lansing since 2009.

According to the San Francisco Business Times, Miami-based developer Crescent Heights is now in contract to purchase the site from Turnberry for $13 million, 57 percent less than Turnberry paid for the site back in 2006 ($30 million).

Crescent Heights is still seeking for financing for its 750-unit development at 1401 Market Street which hasn't seen much movement over the past three years. We're not expecting the current residents at 45 Lansing to receive eviction notices anytime soon.

The Turnberry (45 Lansing) Scoop: Construction Starting Early 2009? [SocketSite]
The 45 Lansing SocketSite Scoop: Turnberry Quietly Shopping The Lot [SocketSite]
Big San Francisco condo site sold at big discount [San Francisco Business Times]
Crescent Heights (1401 Market): No Condos For You! Apartments. [SocketSite]
45 Lansing: Busy As For The Bees As Another Extension Is Expected [SocketSite]

Posted by socketadmin at 9:00 AM | Comments (4)

July 29, 2010

A Medjool Of A Modern Noe Valley Home (767 27th Street)

767 27th Street Exterior

By the numbers for the concrete and steel 767 27th Street with cedar siding: 3 decks; 4 car parking; 5 bedrooms; 6.5 baths; completed in 2007; and listed for $3,850,000 today.

767 27th Street Kitchen

And yes, public records suggest the home was built for the owner of Medjool.

∙ Listing: 767 27th Street (5/6.5) - $3,850,000 [joelgoodrich.com] [MLS]

Posted by socketadmin at 4:30 PM | Comments (43)

Will It Play With The Port?

Howard/Steuart/Embarcadero Triange (ImageSource: MapJack.com)

While an adult playground is in the works for Parcel L over in Hayes Valley, apparently a few South Beach residents have approached the Port of San Francisco with the idea of converting the concrete triangle bounded by Howard, Steuart and The Embarcadero into a playground for kids.

Its current use? In the words of one reader who resides nearby, "it's a landing spot for the homeless and the lady who feeds the pigeons...looks like the [YMCA] uses it during the summer to line up their charges for day camp. And, it's always used as a port-a-potty lot for Bay to Breakers, and other sundry events [on that stretch of The Embarcadero]."

Mmm…Beer (Garden) In The Works For Parcel L (424 Octavia) [SocketSite]
San Francisco Association Of Realtors New Neighborhood Map [SocketSite]
Temporary Transbay Terminal "Sneak Peek" Next Week [SocketSite]

Posted by socketadmin at 1:00 PM | Comments (18)

Would Be Renters Remember This Name: Rachael Marie Smith

"A San Francisco woman has been arrested and charged with bilking would-be apartment renters of thousands of dollars apiece by accepting their deposits [of $5,600] and then spinning a tale that they couldn't move in for a while because her mother had cancer...Rachael Marie Smith, 29, recruited victims by posting ads on Craigslist, offering to rent her apartment on the 5300 block of California Street near 15th Avenue..."

S.F. woman accused of bilking would-be tenants [SFGate]

Posted by socketadmin at 1:00 PM | Comments (23)

Three Listings, Five Reductions, And One New Kitchen Later...

367 31st Avenue

Purchased for $1,035,000 in March 2005, the "charming 3 bedroom Spanish Mediterranean single family home in prime location" at 367 31st Avenue returned to the market in May 2009 asking $1,295,000, a sale at which would have represented average annual appreciation of 5.6 percent for total appreciation of 25 percent over those four years.

In July 2009 the price was “Reduced!” to $1,230,000. That October it was "Reduced again!" to $1,195,000 and "Motivated! Bring offers!" was added to the listing. No word, however, on whether it was the listing agent or seller who was feeling motivated at the time.

This past January the property was relisted anew. This past February it was "Reduced!" to $1,135,000 while touting a "New look!" In April the price was dropped to $1,049,000. In May the price was reduced to $995,000. And in June it was withdrawn from the market.

Today, 367 31st Avenue was once again listed as new with one day on the market and an original list price of $995,000, a sale at which would be considered to be "at asking" and represent a 4 percent decline in value for this home on a five year hold. Of course that's not accounting for the added value of the newly remodeled kitchen.

367 31st Avenue Kitchen

And perhaps there’s been a bit of an up and down in the market in between.

∙ Listing: 367 31st Avenue (3/1.5) 1,850 sqft - $995,000 [MLS]

Posted by socketadmin at 11:00 AM | Comments (14)

Bank-Owned Competition (And Litigation) In Action At The Beacon

The sale of 250 King Street #636 closed escrow on Monday with a reported contract price of $315,000 ($441 per square foot) for the vacant one-bedroom condo at the Beacon .

Purchased for $575,000 in March 2006 ($800 per square foot), the 715 square foot unit was taken back by the bank in August 2009 with $498,055 owed. The sale this week represents a 45 percent drop in value for the unit since 2006.

At the same time the 587 square foot junior one-bedroom at the Beacon known as 250 King #904 remains active and available as a short sale seeking at $329,000. It was purchased for $525,000 in September 2005.

And yes, as plugged-in people have known for quite some time, litigation is in play.

Bank-Owned Competition In Action At The Beacon (250 King) [SocketSite]
Unable To Fund Loan(s) At The Beacon? Hmm... [SocketSite]

Posted by socketadmin at 6:00 AM | Comments (1)

Radiance West (325 China Basin Phase Two) Construction Underway

Radiance%20West%20Construction%207-29-10.jpg

The piles were driven for Radiance’s 318-unit Phase Two (“Radiance West”) back in 2008 before construction was suspended that July. Developer Nat Bosa first floated the idea of breaking Phase Two into Phases Two And Three back in 2009. And last month a plugged-in resident in Phase One first noticed workers getting busy on site.

As a plugged-in tipster notes yesterday, construction on the first 170 units of Radiance West (aka Radiance Phase Two of Three) has now begun in earnest and the units should be ready for move-in by mid-2012.

As the three phases of Radiance will look when complete:

Radiance at Mission Bay Phase II: Rendering

Radiance At Mission Bay Phase II Update: Officially "Suspended" [SocketSite]
Radiance: Positioning For Phase II (And To Close Out Phase I) [SocketSite]

Posted by socketadmin at 6:00 AM | Comments (13)

July 28, 2010

Renewed Expectations Versus A Recent Comp (And Bag Of Apples)

2155 Buchanan

As we wrote in February of 2009:

Apples-to-apples sales tell us the most about how the market is moving, but non-sales can provide some hints as well.
And while 2155 Buchanan Street #9 is in contract up in Pacific Heights (purchased for $1,000,000 in June 2006, listed for $950,000 in November 2008, last asking $885,000), the listing for the "reduced to sell!" and vacant 2155 Buchanan Street #7 has expired without a sale (purchased for $899,000 in July 2005, listed for $960,000 in August 2008, asking $850,000 at expiration).
Perhaps we’ll soon see a sign in the window for number seven and another unit of rental inventory to be absorbed. We’ll keep you posted on the contract price for number nine.
UPDATE: After 24 hours off the MLS as "expired," the listing for 2155 Buchanan #7 has been turned back on. No adjustment to the price (still asking $850,000) and now an official 186 days on the market (but we'll call it 185).

As plugged-in people know, the sale of 2155 Buchanan #9 closed escrow on 2/26/09 with a reported contract price of $925,000, representing a 7.5% decline in value from June 2006 ($893 per square foot) to February 2009 ($826 per square). The listing for 2155 Buchanan Street #7 was withdrawn from the market in April 2009 without a sale at $850,000.

Today, 2155 Buchanan #7 returned to the market asking $899,000 ($825 per square).

Keep in mind that three weeks ago the sale of the two-bedroom 2155 Buchanan Street #8 ("elegant top floor corner unit in sought after location") closed escrow with a reported contract price of $800,000 ($777 per square). It had last been listed at $820,000 having been purchased in July of 2004 for $832,000 ($808 per square).

And then there’s the 1,035 square foot 2155 Buchanan #2. As a plugged-in tipster notes, the ground floor two-bedroom was purchased for $750,000 ($725 per square) in December 2005 and sold in August 2008 for $955,000 ($923 per square). Yikes or yeah depending on whether one was buying or selling at the time.

UPDATE: A resident tipster’s opinion with respect to the top floor #8: "Best unit in building: faces away from hospital and Sacramento bus stop." Again, sold for $777 per square foot three weeks ago (4 percent under its 2004 price).

∙ Listing: 2155 Buchanan #7 (2/1) 1,090 sqft - $899,000 [MLS]
Checking In On Two Pacific Heights Apples: 2155 Buchanan Update [SocketSite]
A Pacific Heights Apple Up In The Tree: 2155 Buchanan #9 [SocketSite]
Another Shot At A Ripening Pacific Heights Apple: 2155 Buchanan #9 [SocketSite]
San Francisco Rental Market Weakness: SocketSite Readers Report [SocketSite]
A Bell Rings And An Apple Closes Escrow In Pacific Heights [SocketSite]

Posted by socketadmin at 2:00 PM | Comments (13)

Apples, Medians, And May Case-Shiller For 1251 44th Avenue

Purchased for $479,000 in June of 2002, the one bedroom single-family home at 1251 44th Avenue was taken back by the bank this past May with what would appear to have been $567,000 owed. The property was just listed for $448,900.

The median sale price per square foot for homes in the neighborhood was $396 in 2002, peaked at $579 in 2007, and is currently weighing in at $508, down 3% year-over-year and down 12% from peak, but up 28 percent versus 2002.

Keep in mind the median sized home sale in the neighborhood has averaged around 1,450 square feet, size matters when it comes to comparing price per square foot on an absolute basis, and remodeling has been particularly popular over the past eight years.

The Case-Shiller index for middle tier homes in the San Francisco MSA measured 146.28 in May, up 12.7 percent year-over-year, down 34 percent from a peak in May 2006 (down 30 percent from a 2007 average), and up 3 percent versus June 2002.

∙ Listing: 1251 44th Avenue (1/1) 1,000 sqft - $448,900 [MLS]
May Case-Shiller: San Francisco Tiers Up But Gains Moderating Atop [SocketSite]

Posted by socketadmin at 10:45 AM | Comments (7)

First Peek At Octavia Court (261 Octavia Boulevard)

Octavia Court: 7/28/10

A plugged-in tipster captures the first peek of Octavia Court being unwrapped at 261 Octavia Boulevard. Once again, it's fifteen units of affordable housing for disabled individuals and their families by Satellite Housing and West Bay Housing Corporation.

Octavia Court: The Original IE Collaborative Winning Design [SocketSite]
Octavia And Oak: Octavia Court’s Past, Present And Future [SocketSite]

Posted by socketadmin at 9:30 AM | Comments (24)

Hunters Point Redevelopment Plan For 10,500 New Units Approved!

Proposed Hunters Point Waterfront Promenade

San Francisco’s Board of Supervisors approved the redevelopment plans for Hunters Point by a vote of 10-1 yesterday. Supervisor Daly offered the sole dissenting vote.

In 2008 San Francisco voters rejected a ballot measure which would have required 50 percent of the proposed 10,500 new Hunters Point residential units to be below market rate, but yesterday Supervisor Daly proposed a do-over amendment once again calling for at least half of the residential units to be affordable (up from an already unprecedented 32 percent). The board rejected Daly’s amendment by at vote of 6-5 with supervisors Avalos, Campos, Mar, and Mirkarimi joining Daly on the losing side.

The board also rejected a proposed amendment from Supervisor Mirkarimi to eliminate a contentious bridge across Yosemite Slough connecting Hunters Point and Candlestick. Expect legal challenges to follow.

And to quote Lennar vice president Kofi Bonner, "now we have to find some money."

The Grand Plan And Aesthetics For Candlestick/Hunters Point [SocketSite]
S.F. supes approve Hunters Point redevelopment [SFGate]
BOS Today: Redevelopment, Rezoning, Replacement And Reclamation [SocketSite]
Results: Proposition 98 Fails/99 Passes, Measure F Fails/G Passes [SocketSite]

Posted by socketadmin at 7:45 AM | Comments (17)

July 27, 2010

Temporary Transbay Terminal "Sneak Peek" Next Week

Transbay Terminal Contruction Cam: 7/27/10

While the Temporary Transbay Terminal officially opens (and the existing Terminal closes) on August 7, your first chance to explore the new Terminal and familiarize yourself with its operations is next Tuesday.

A special open house featuring "tours, refreshments, giveaways and more" will be held at the new terminal on August 3 from 4 to 7 PM. No word on the "more." And not to be confused with the historical tours of the existing terminal this Friday.

Transbay Temporary Terminal To Open (Existing To Close) August 7 [SocketSite]
Transbay Terminal Historians (And Futurists) Take Note [SocketSite]

Posted by socketadmin at 4:15 PM | Comments (20)

BOS Today: Redevelopment, Rezoning, Replacement And Reclamation

With an Environmental Impact Report (EIR) that’s been affirmed, the Candlestick/Hunters Point Grand Plan is back in front of San Francisco’s Board of Supervisors this afternoon to negotiate and finalize the details of development in an effort to secure final approval.

Other items in front of the Board this afternoon include the rezoning of One Capitol Avenue, the swap of Fire Station No. 1 for 935 Folsom to make way for SFMOMA's expansion, and a slew of eminent domain hearings related to the construction of San Francisco’s Central Subway.

Board Of Supervisors Affirms Both Hunters Point And 900 Folsom EIRs [SocketSite]
The Grand Plan And Aesthetics For Candlestick/Hunters Point [SocketSite]
San Francisco Board of Supervisors Agenda: July 27, 2010 [sfbos.org]
One Capitol Avenue Address, Twenty Eight Dwellings As Proposed [SocketSite]
935 Folsom: Warehouse Squat Sweatshop Condos Fire Station! [SocketSite]
Let It Snø! (Snøhetta Snags SFMOMA Expansion Project) [SocketSite]
San Francisco's Central Subway: Make That 2018 And An Extra $278M [SocketSite]

Posted by socketadmin at 9:15 AM | Comments (3)

May Case-Shiller: San Francisco Tiers Up But Gains Moderating Atop

S&P/Case-Shiller Index Change: May 2010 (www.SocketSite.com)

According to the May 2010 S&P/Case-Shiller Home Price Index, single-family home prices in the San Francisco MSA rose 1.7% from April ’10 to May '10, down 34.9% from a peak in May 2006 but up 18.3% year-over-year (YOY).

For the broader 10-City composite (CSXR), home values rose 1.3% from April to May for a second straight monthly gain but remain down 29.6% from a peak in June 2006 (up 5.5% year-over-year).

"While May’s report on its own looks somewhat positive, a broader look at home price levels over the past year still do not indicate that the housing market is in any form of sustained recovery," says David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s. "Since reaching its recent trough in April 2009, the housing market has really only stabilized at this lower level. The two Composites have improved between 5 and 6% since then, but this is no better than the improvement they had registered as of October 2009. The last seven months have basically been flat."

On a month-over-month basis, and for the first time in six months, prices rose across all three tiers for single-family homes in the San Francisco MSA.

S&P/Case-Shiller Index San Francisco Price Tiers: May 2010 (www.SocketSite.com)

The bottom third (under $335,860 at the time of acquisition) gained 2.1% from April to May (up 14.8% YOY); the middle third rose 2.6% from April to May (up 12.7% YOY); and the top third (over $611,205 at the time of acquisition) gained 1.6% from April to May (up 8.3% YOY versus 10.7% in April).

According to the Index, single-family home values for the bottom third of the market in the San Francisco MSA remain just above September 2000 levels having fallen 56% from a peak in August 2006, the middle third is back to just below April 2003 levels having fallen 34% from a peak in May 2006, and the top third is back to April 2004 levels having fallen 22% from a peak in August 2007.

Condo values in the San Francisco MSA rose 2.3% from April ’10 to May '10, holding at a 4.7% gain on a year-over-year basis (down 29.4% from an December 2005 high) for the second straight month.

S&P/Case-Shiller Condo Price Changes: May 2010 (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).

For the Past Year Home Prices Have Generally Moved Sideways [Standard & Poor's]
April Case-Shiller Index: San Francisco MSA Up At Top But Down Below [SocketSite]

Posted by socketadmin at 7:00 AM | Comments (79)

July 26, 2010

Mmm…Beer (Garden) In The Works For Parcel L (424 Octavia)

Biergarten Notice at 424 Octavia (www.SocketSite.com)

Speaking of Parcels K+L over in Hayes Valley, a plugged-in reader reports: "I saw some fellows from Suppenküche put up this sign [for a Biergarten at 424 Octavia/Parcel L] this afternoon." As if we weren't fans of the plans for the parcels already. Mmm...beer.

Leases For Temporary Inhabitations Along Octavia Boulevard [SocketSite]
Envelope A+D's "Proxy" For Octavia Boulevard Lots K+L [SocketSite]

Posted by socketadmin at 6:00 PM | Comments (5)

Still Not "Cheap" But Now Five Percent Even Cheaper

The list price for the first listed foreclosure at One Rincon Hill has just been reduced by $33,000 to $662,000 ($877 per square foot). Once again, 425 1st Street #3908 had been purchased from the sales office for $855,000 in June 2008 ($1,132 per square).

As plugged-in people know, the sales office sale of 425 1st Street #4408 closed escrow last month with a reported contract price of $690,000 ($914 per square) while the sale of 425 1st Street #4308 closed escrow last week with a reported contract price of $687,000 ($910 per square).

∙ Listing: 425 1st Street #3908 (1/1) 755 sqft - $662,000 [MLS]
The First Listed Foreclosure At 425 First (One Rincon Hill) [SocketSite]
Additional '08 Stack (And Year) Perspective From One Rincon Hill [SocketSite]
Additional One Rincon Hill '08 Stack (And Year) Perspective Redux [SocketSite]

Posted by socketadmin at 4:00 PM | Comments (3)


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