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August 31, 2010

From Apples-To-Apples To An Orange A Plum: 469 Clipper Returns

469 Clipper circa 2008 (Image Source: MapJack.com)

Purchased for $1,020,000 as a dilapidated Noe Valley Victorian in July 2008 ("no kitchen, no bath and the rear portion of the structure is falling off"), 469 clipper resold in no better condition (i.e., apples to apples) a year later for $750,000.

Since completely remodeled (i.e., no longer apples-to-apples and now reflecting return on investment versus simply underlying market appreciation or depreciation as the case may be), 469 clipper has returned to the market asking $2,299,000.

469 Clipper 2010

∙ Listing: 469 Clipper (3/3.5) - $2,299,000 [MLS]

Posted by socketadmin at 2:30 PM | Comments (38)

The Ten Thousand Dollar (Plus) Toilet

For those who might have missed the update, a reader correctly identifies the newly pictured Albion Castle "throne" as a ten grand (plus) Herbeau "Dagobert" Wooden Toilet.

The Albion Castle’s $10,592 Throne [SocketSite]
Herbeau "Dagobert" Wooden Toilet Throne [faucetdirect.com]

Posted by socketadmin at 1:45 PM

Less Great Expectations For Ex-Mayor's Mid-Century Modern Home

100 Palo Alto Living

As we wrote in June:

In March 2008 the Mid-Century Modern Clarendon Heights home at 100 Palo Alto Avenue built for former San Francisco Mayor Elmer E. Robinson in 1953 hit the market asking $4,000,000. It ended up closing escrow with a recorded contract price of $5,625,000.
And while we don’t believe it’s been remodeled much since (2008 not 1953), 100 Palo Alto is back on the market two years later and listed for $6,400,000.
Big views for certain, but even greater expectations for sure.

The list price for 100 Palo Alto has just been reduced $900,000 (14%), now asking $5,500,000 (2% under its 2008 sale).

∙ Listing: 100 Palo Alto (4/4.5) - $5,500,000 [100paloalto.com] [MLS]
An Ex-Mayor’s Mid-Century Clarendon Heights View Manse Returns [SocketSite]
Forget The Rock Star Lifestyle, Anybody Want To Live Like A Mayor? [SocketSite]

Posted by socketadmin at 1:00 PM | Comments (28)

June Case-Shiller: San Francisco MSA Tips Atop As YOY Gains Retreat

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

According to the June 2010 S&P/Case-Shiller Home Price Index, single-family home prices in the San Francisco MSA rose a nominal 0.3% from May ’10 to June '10, down 34.7% from a peak in May 2006 but up 14.3% year-over-year (YOY) versus an 18.3% YOY gain reported in May.

For the broader 10-City composite (CSXR), home values rose 1.0% from May to June for a third straight monthly gain but remain down 28.8% from a peak in June 2006 (up 5.0% year-over-year).

“The monthly Composites cover June and the national index covers the second quarter, when the government’s program for first time home-buyers was winding down. While the numbers are upbeat, other more recent data on home sales and mortgages point to fewer gains ahead,” says David M. Blitzer, Chairman of the Index Committee at Standard & Poor's. “Even with concerns about near term developments, we recognize that the housing market is in better shape than this time last year. Further, California’s cities have moved from some of the hardest hit to three of the four leading cities based on year-over-year gains. Among the other hard hit cities, the news is also a bit encouraging – Las Vegas, however, remains among the weaker cities.
“Seventeen of the 20 MSAs and both Composites saw home prices increase in June over May – Las Vegas was down 0.6%, Phoenix and Seattle were both flat. Through the second quarter, 15 of the 20 MSAs and both Composites have positive annual growth rates, and no market is registering a doubledigit decline. The worry starts when you remember that the Homebuyers’ Tax Credit has expired, foreclosures are still at high levels, and July data on home sales and starts were very, very weak. The inventory of unsold homes and months’ supply data were particularly troubling. If this relative weakness in demand continues, it will likely filter through to home prices in coming months.”

On a month-over-month basis prices were relatively flat across the market tiers with nominal gains at the bottom and nominal declines at the top for single-family homes in the San Francisco MSA.

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

The bottom third (under $337,624 at the time of acquisition) gained 0.8% from May to June (up 14.7% YOY); the middle third was unchanged from May to June (up 9.7% YOY); and the top third (over $613,353 at the time of acquisition) fell 0.6% from May to June (up 5.1% YOY versus 8.3% in May).

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 0.7% from May ’10 to June '10, falling to a 2.5% gain on a year-over-year basis (down 27.2% from an December 2005 high).

S&P/Case-Shiller Condo Price Changes: June 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).

Second Quarter of 2010 Saw Modest Improvement in Home Prices [Standard & Poor's]
May Case-Shiller: San Francisco Tiers Up But Gains Moderating Atop [SocketSite]
Existing U.S. Home Sales Pace Plunges 27.2% In July (25.5% YOY) [SocketSite]

Posted by socketadmin at 6:30 AM | Comments (40)

North Beach Branch Library Landmark Resolution Poised For Adoption

North Beach Branch Library (Image Source: MapJack.com)

Having already voted to recommend that the Board of Supervisors designate the North Beach Branch Library as a City Landmark in June, tomorrow San Francisco’s Historic Preservation Commission (HPC) is scheduled to review the resolution it’s poised to adopt and pass along to the Board.

Landmarking of the Library would have a significant impact on the master plan for the North Beach Library/Joe DiMaggio Playground project which is scheduled to be reviewed by San Francisco’s Planning Commission and public on October 7.

Preservation Commission Recommends New North Beach Landmark [SocketSite]
Historic Preservation Commission Meeting Agenda: September 1, 2010 [sf-planning.org]
North Beach Branch Library Draft Resolution [sf-planning.org]
North Beach Library And Playground Plans Like You Read About [SocketSite]
North Beach Library/Joe DiMaggio Playground Master Plan Report [SocketSite]

Posted by socketadmin at 6:00 AM | Comments (12)

August 30, 2010

Land Grab On Linden?

Linden Street: 8/30/10 (www.SocketSite.com)

Four years ago Loring Sagan (Sagan Piechota Architecture and Build Inc.) and David Winslow (Winslow Architecture & Urban Design) who both have offices on Linden were awarded a challenge grant of $100,000 by the City of San Francisco for a master plan to make Linden Street more pedestrian friendly.

As the execution of the master plan for Linden nears completion, however, not everyone is thrilled. From a reader who resides off Linden:

Now that the concrete curbs are pored, it's become clear that this pedestrian plaza was designed without any thought put into the existing driveways/garages that exit onto Linden, or the industrial users further up the street. I've spent the last two days watching my neighbors struggle through 12-point turns to access their homes -- it's only going to be worse when we have to navigate around pedestrians who don't realize they're loitering in the street because we've managed to "blur the distinction between the pedestrian and automobile realms and to create a unified space." That is poor urban planning -- period.
It's not an "outdoor living room". It's an alley -- a public street. An alley that people drive through, put their garbage bins in, and park trucks to deliver things to the light-industrial users. It's also one of the last blocks with free all-day parking in Hayes Valley, and you've managed to take away three more parking spaces (plus the one that blue bottle took, when you cut the curb to pretend they were just a driveway).
The primary (and possibly singular) goal of the project was obviously this: “When completed, Linden living alley will serve as a comfortable “great good place” for the habitual customers of Blue Bottle café.”
And it's going to do a very good job of that, at the expense of virtually every other user of this alley.
It should come as no surprise (considering the financial relationship between Blue Bottle and the architects involved in this project) that the neighbors' concerns were ignored in favor of providing greater benefit to Blue Bottle and their habitual customers. Blue Bottle is a tiny cart in a block-long mixed use street. It's also a relative newcomer here (2005), and has never made much of an effort to make nice with the residential neighbors nearby.
[It's worth noting that they went through the motions of soliciting input from the community when they were trying to get the permits in 2008, until the neighbors voiced the very concerns and objections that are now becoming realities. They made no effort to change the plans to alleviate our concerns -- just paid us lip service and thanked us for our feedback (which they ignored). All communication stopped when we refused to sign a document that would make us perpetually responsible for additional maintenance costs and liability.]
This entire project is really just an expansion of Blue Bottle, who will soon get the benefit of a rent-free plaza, owned by the city and used almost exclusively by their customers (if this weren't about Blue Bottle, it would be at the other end of the street, where it would logically connect with Patricia's Green and the impending pop-up spaces in the city-owned lots).
I predict tables and no more through traffic, within two years -- the complete elimination of this as a public roadway. That's great if you're running a cafe (permitted as a kiosk/cart), and want a place for your customers to sit...but it's not so good if you happen to have a 20 car garage that opens into someone's living room.
I can only hope that the residents of Ames and Sumner alleys have better luck than we did (or have alleys that are more suited to pedestrian-only use). Initially, we were excited by this project. It would clean up the alley, and probably make our home a more desirable place to live. Instead, it's only confirmed our fears about having to share an alley with professional property developers that own a cafe next door.

We’re not taking sides and keep in mind that the Proxy project at the other end of Linden is intended to be temporary. Regardless, if you’re lining up to buy a cup of coffee, get on the sidewalk. Standing in the street is more annoying (and dangerous) than hipster cool.

A Building, Coffee and Movement That We Love In Hayes Valley [SocketSite]
Sagan Piechota Architecture [sp-architecture.com]
Winslow Architecture & Urban Design [winslowarchitecture.com]
The Evolution Of EnvelopeA+D’s Proxy Project For Parcels K+L [SocketSite]

Posted by socketadmin at 1:00 PM | Comments (178)

178 Townsend Funded While 72 Townsend Vows To Move Forward

178 Townsend Design

Martin Building has scored a $32.4 million HUD insured construction loan to begin rebuilding 178 Townsend into the 94 rental units approved by Planning last year.

And while the developers of the 74-unit 72 Townsend filed for bankruptcy this past December, according to West Bay Builders President Paul Thompson they plan to move forward with the project and "appreciate MacQuarie Bank and their ability to work with us during these times of unprecedented economic challenges."

72 Townsend: Rendering

Martin nabs $32.4M HUD loan for apartments [San Francisco Business Times]
178 Townsend Approved To Become Mixed-Use With 94 Rentals [SocketSite]
A Plugged-In Tipster Reports: 72 Townsend Is Now “Coming Soon” [SocketSite]
72 Townsend: So Close, But Yet So Far For 74 Approved Units [SocketSite]

Posted by socketadmin at 8:45 AM | Comments (1)

SocketSite's San Francisco Listed Housing Inventory: 8/30/10

San Francisco Listed Housing Inventory: 8/15/10 (www.SocketSite.com)

Inventory of Active listed single-family homes, condos, and TICs in San Francisco dropped 2.1% over the past two weeks on new sales, a slowdown in new listings and a seasonal culling of listings that haven’t moved. On average, inventory has dropped 5.3% during the same two weeks over the past four years. Expect the volume of new listings and available inventory to spike in the weeks following Labor Day.

Current inventory levels remain up 18% on a year-over-year basis and up 21% versus the average of the past four years, up 22% if you exclude 2009, up 36% as compared to an average of 2006 and 2007.

The inventory of single-family homes for sale in San Francisco is up 31% on a year-over-year basis versus an 11% increase for condos.

37% of all active listings in San Francisco have undergone at least one price reduction and the percentage of active listings that are either already bank owned (92) or seeking a short sale (178) is 17%, up one percentage point but with no substantive change on an absolute basis 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: 8/16/10 [SocketSite]
A New High For Distressed Listings In San Francisco [SocketSite]

Posted by socketadmin at 7:30 AM | Comments (20)

August 27, 2010

A Castle Perch From Which To Ponder San Francisco (And DOM Stats)


Having been rebuilt in 1999, the single-family home at 41 Castle returned to the market listed for $3,950,000 in June 2007. Relisted that September, its list price was subsequently reduced to $3,695,000 before being withdrawn from the market two months later.

41 Castle reappeared on the MLS this past January asking $3,350,000. In April its list price was reduced to $2,995,000. And in June it was reduced to $2,750,000 before being withdrawn from the MLS in July.

Today, 41 Castle was listed anew for the fourth time. Once again asking $2,750,000, but now staged. And of course, it’s "one day" on the market according to industry DOM stats.

∙ Listings: 41 Castle (4/4.5) 3,170 sqft - $2,750,000 [ninahatvany.com] [MLS]

Posted by socketadmin at 1:15 PM | Comments (15)

Clicking Their Heels And Chanting, "There’s No Time Like 2008…"

200 Clayton (Image Source: MapJack.com)

The 3,000+ square foot Victorian at 200 Clayton hit the market in 2008 asking $1,795,000 with a tenant in the in-law paying $1,550 per month. And according to a plugged-in tipster, a bid was received for $1,650,000 but was dismissed for being too low at the time.

Withdrawn from the market without a sale in 2008, the property returned to the market this past April without the tenant and asking $1,750,000. In June its list price was reduced to $1,599,000, and then to $1,549,000 in July.

Yesterday, the asking price for 200 Clayton was reduced to $1,499,000. We can hear the heels clicking from here ("...there's no time like 2008, there's no time like 2008...").

∙ Listing: 200 Clayton (5/3.25) - $1,499,000 [MLS]

Posted by socketadmin at 11:00 AM | Comments (9)

A Forced San Francisco Sale Circa 1903

During renovations of a pre-quake Victorian last year, a plugged-in tipster discovers a scrap of San Francisco newspaper dated September 18, 1903.

The text of the boxed ad (click image to enlarge):

Lot and cottage of 6 rooms and bath; high basement; situated on Mason st. within 120 feet of the Fairmount Hotel, cor California and Mason sts.; this is a forced sale and will be closed out for $3100, the amount of the mortgage. DAVIDSON & LEIGH. 219 Montgomery.

In the words of our tipster, "seems like short sales were common even back then."

We also love the bit about Willits atop the page. And yes, a short sale would have actually been for less than the amount of the mortgage, but that’s such 21st century thinking.

Posted by socketadmin at 10:00 AM | Comments (15)

Unofficial Inventory, But An Official Sale For An Apple On 26th Street

3730 26th Street

As we wrote a year ago March:

3730 26th Street is a single-family home on the edge of Noe Valley that was last touted as a neighborhood sales comp in June of 2004 when purchased for $1,250,000.
Now granted, there are more parking spaces (two) than baths (one a one-half), but the kitchen has been remodeled. And just like its location, none of these things have changed in the past five years. That being said, currently asking $1,148,000.

And while we don’t believe it was listed on the MLS at the time, it’s a plugged-in tipster that notes 3730 26th Street changed hands on July 1, 2010 with a reported contract price of $1,000,000 (20% under its 2004 sale).

If 3730 was presented as a buy-side comp in 2004, adjust expectations accordingly.

Some Will Call It Yet Another Anecdote, We’ll Call It An Apple To Be [SocketSite]

Posted by socketadmin at 8:30 AM | Comments (41)

The Albion Castle’s $10,592 Throne

881 Innes Bath

A few new pictures have been added to the listing for the Albion Castle at 881 Innes, including the rather literal castle’s throne. The property remains listed for $1,799,000.

UPDATE: Want your own? A plugged-in reader finds a source for the Herbeau "Dagobert" Wooden Toilet Throne.

Inspired by Dagobert, the last ruler of the 8th Century French Merovingian dynasty, this toilet will delight even the most jaded Royal. The musical chime "Le Bon Roi Dagobert" begins playing as the lid is raised. A tug on the pull chain activates the flush, accompanied by the ringing of a bell. Includes full set of accessories including candleholder and ashtray.

Priced at $10,592. And no, it's no August fools (but perhaps a jester or two).

∙ Listing: 881 Innes Avenue (4/2) - $1,799,000 [MLS]
Another Cut For Albion Castle (881 Innes Avenue) [SocketSite]
Herbeau "Dagobert" Wooden Toilet Throne [SocketSite]

Posted by socketadmin at 7:30 AM | Comments (18)

August 26, 2010

Let There Be Light, A Nice Neighborhood, And A Deck Off The Kitchen

1451 10th Avenue

We would have redone the kitchen a little differently, and the wet bath on the second floor isn’t going to be everyone’s cup of tea, but there’s a lot we like about 1451 10th Avenue including the light, neighborhood (mmm....Arizmendi), and deck out back.

1451 10th Avenue Deck

∙ Listing: 1451 10th Avenue (2/1.5) 1,275 - $799,000 [MLS]

Posted by socketadmin at 4:45 PM | Comments (30)

Foundations Poured (And Spray Cans At Work) At 1399 Clayton

1399 Clayton Graffiti (www.SocketSite.com)

While the heavy equipment have long finished their work, and the foundations for two 4,000 square foot three-story single-family homes have been poured, as a tipster notes, spray cans have been hard at work at 1399 Clayton as well.

Heavy Equipment Hard At Work At 1399 Clayton (We Do Believe) [SocketSite]

Posted by socketadmin at 3:00 PM | Comments (23)

An Auspicious Contract Price But Inauspicious Outcome On First

Listed for $899,000 in July of 2005, the two-bedroom top floor loft at 346 1st Street #304 closed escrow that October with an auspicious recorded contract price of $888,000. This past March the unit was inauspiciously taken back by the bank.

Now listed for $669,900, perhaps it’s a prime opportunity for our head banging RAB to make an offer.

∙ Listing: 346 1st Street #304 (2/1.5) 1,617 - $669,900 [MLS]
Who’s Down With OPM In The Marina? [SocketSite]

Posted by socketadmin at 11:45 AM | Comments (18)

A Jordan Park Apple Returns On Palm (And To Its 2007 List Price)

176 Palm Kitchen

As we wrote this past June:

Listed for $2,995,000 in October 2007, the totally renovated 176 Palm closed escrow in November 2007 with a contract price of $3,100,000.
Back in the market for two weeks without a sale in September 2009 asking $3,100,000, the Jordan Park home is now back on the market in 2010 and listed for $3,150,000.

Withdrawn from the market in July without a sale, as a plugged-in reader notes today, “It's Baaaack.” And it’s back to being listed for $2,995,000 with just one (1) day on the market and no reductions according to those official industry "state of the market" stats.

∙ Listing: 176 Palm (4/4.5) - $2,995,000 [MLS]
176 Palm: Apples To Apples To Asking In 2009 [SocketSite]
From Couch To Kitchen To BBQ And Back In No Time Flat: 176 Palm [SocketSite]

Posted by socketadmin at 11:00 AM | Comments (17)

Rates Hit 20-Year Low Yet Purchase Activity Is Down 38.8% YOY

Mortgage rates dropped to their lowest levels in at least 20 years last week. And while refinancing activity is up to its highest level in fifteen months, according to the Mortgage Bankers Association’s mortgage activity index, purchase activity in the U.S. fell 1.1 percent last week and is currently running 38.8 percent lower on a year-over-year basis.

Mortgage Bankers Association Applications Survey: 8/20/10 [mortgagebankers.org]

Posted by socketadmin at 9:45 AM | Comments (11)

August 25, 2010

Mission Bay South Beach Borders Closing Its Doors October 16

Mission Bay Borders Closing (www.SocketSite.com)

An anchor tenant at the base of The Beacon, the "Mission Bay Borders" at 200 King Street will be closing its doors on October 16. And no, it’s not so a "South Beach" Borders can open on the 17th.

No word on what role the Beacon’s Residential versus Commercial Association spat might have played. And in terms of what’s in the works to fill the space, rumors of a bowling alley and laundromat have been heard but we can’t confirm.

Might a plugged-in resident reader or tipster care to report?

Mission Bay Borders [borders.com]
The Incredible Shrinking Mission Bay (And Expanding South Beach) [SocketSite]
Association Battle Over Unpaid Bills Brewing At The Beacon? [SocketSite]
Borders Books is Closing… What Next? [SocketSite]

Posted by socketadmin at 5:15 PM | Comments (38)

Who’s Down With OPM In The Marina?

Purchased for $875,000 in June 2004 with a variable rate first for $612,500, a second for $218,750, and all of five (5) percent down, 1471 Francisco was taken back by the bank three weeks ago with what would appear to be $983,741 owed. Ah, the good old days of playing with OPM (other people’s money). Other than the FHA's, of course.

The two-bedroom Marina condo is back on the market today and asking $892,500.

∙ Listing: 1471 Francisco (2/1) 1,344 sqft - $892,500 [MLS]
Three Amigos Of FHA Requirement Changes In Effect Or Coming Soon [SocketSite]

Posted by socketadmin at 3:30 PM | Comments (22)

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