October 29, 2010
Tricks And Treats
A month ago we asked readers to envision solutions for finishing off the lower third of the façade at 2409 Octavia. Our Halloween weekend top three:
While the windows might need to be faux, it’s always nice to see more green.
An homage to 909 Tennessee (the last open house for which is November 9).
And while likely not to be appreciated every day, it would be a hit a least once a year.
UPDATE: An hour after publishing this piece, the list price for 2409 Octavia was reduced $457,000 (13%), now asking $2,990,000. Boo.
1372 Union: Eight Years Later Its Penthouse Finally Pops Up
The plans to add a third story and terrace at 1372 union were first approved in 2002, renewed in 2007 (along with plans to excavate for a garage), and finished up this year.
Atop the building now sits a 3,200 (plus) square foot penthouse with framed bridge views and 800 square feet of outdoor space. Asking $3,295,000 as a TIC.
∙ Listing: 1372 Union Street (4/3.5) 3,200 sqft - $3,295,000 (TIC) [1372union.com] [MLS]
The Great (Party) Room At 2159 Bay
A great (party) room, fire pit, hot tub, guest quarters, and built-in barbeque all at 2159 Bay. Don’t forget those invitations to the house warming; we will be spending the night.
∙ Listing: 2159/61 Bay (4/3.5) 4,215 sqft - $3,799,000 [2159bay.com]
Another San Francisco Landmark Facing Foreclosure
In what would appear to be a spat over the terms of a loan extension, the Royal Bank of Scotland is moving forward with foreclosure proceedings on the retail portion of the landmark and recently renovated Ghirardelli Square.
∙ Ghirardelli retail nears foreclosure [Business Times]
∙ Ghirardelli Square & Fairmont Heritage Place: Overview And Sales [SocketSite]
∙ SF's Landmark Cannery At Del Monte Square Taken Back By The Bank [SocketSite]
∙ A "Calculated" Default For The Cannery At Del Monte Square [SocketSite]
Not Fit (For Some) To Print
Purchased for $2,940,000 in July 2005, the remodeled Victorian at 2605 California returned to the market asking $3,495,000 in July 2008. Since then the listing has been reduced, delisted, relisted, withdrawn, listed, delisted, relisted, withdrawn, listed, reduced, delisted, relisted, and last withdrawn a month ago.
Yesterday, the single-family home "situated in the HOT Upper Fillmore corridor" was listed anew once again, this time "priced to sell!!" at $2,795,000. Yes, double exclamation points. And yes, with an official "one day" on the market according to industry reports.
As a plugged-in tipster notes, it would appear it’s the publisher of the Chronicle that’s been trying to sell, a tidbit that likely won’t make it in to print.
∙ Listing: 2605 California (4/5.5) 4,013 sqft - $2,795,000 [MLS]
Three New "Parklets" (And Six Fewer Parking Spaces) Approved
The dual Noe parklets are more or less in lieu of the Noe Valley Plaza project which also managed to divide the street. Perhaps the two parklets can be divided into dueling camps complete with rousing shouting matches back and forth.
∙ Soon To Be Sitting Pretty In A Series Of New Plazas And Parklets [SocketSite]
∙ Parklets for Noe, North Beach approved [SFExaminer]
∙ Proposed Noe Street Plaza DOA [SocketSite]
∙ Noe Valley Plaza Meeting: This Will Make (For) News In Noe Valley [SocketSite]
October 28, 2010
5800 Third Street Scoop: Sales, Restaurants, And Fresh & Easy Soon
San Francisco’s first Fresh & Easy should be open by April (if not March) 2011 and a Bayview outpost of Limon and a Crossroads Café should soon follow along with a third (possibly a Brown Sugar Kitchen), all at the base of 5800 Third Street.
As plugged-in people know, the "coming soon" flags started flying at 5800 Third in May, and the sales office has been open for a little over a month with 20 of the 137 Phase One condos in contract and the first closings in just a few weeks.
One bedrooms are listed from $339,000 with two-bedrooms (75 of the 137 units, all with two baths) starting at $383,000 for a little over a thousand square feet and three bedroom townhomes with three baths and 1,564 square feet from $539,000 (three-bedroom flats with two baths are priced from $479,000).
All units come with a deeded parking space in the garage. And the finishes and amenities (dog washing station with hot water anyone?) are nicer than many might expect (although the flooring is laminate).
The Clouds Have Almost Cleared From Over The Oriental Warehouse
While a bit of litigation ("your basic ‘construction defects’ issues such as water intrusion") has been hanging over the units at The Oriental Warehouse (650 Delancey), a plugged-in tipster reports that while not officially finalized, "all parties have agreed to the terms [of a settlement] and the developers’ insurance company has 45 days to pay the funds."
The settlement might help explain the three new listings over the past month ranging from $999,000 for #408 which now sports Viking and Miele appliances, Paperstone counters and custom cabinetry in the kitchen (and new fixtures and Italian tile in the baths), to $1,150,000 for #215 which touts a gas range.
∙ The Oriental Warehouse (650 Delancey) [SocketSite]
∙ Listing: 650 Delancey #408 (2/2) 1,456 sqft - $999,000 [MLS]
∙ Listing: 650 Delancey #215 (2/2) 1,577 sqft - $1,150,000 [MLS]
∙ Listing: 650 Delancey #213 (2/2) 1,400 sqft - $1,198,000 [MLS]
∙ A SocketSite Smackdown: Gas Versus Electric In The Kitchen [SocketSite]
∙ (Not So) Simply For Our Love Of A Beautiful Staircase [SocketSite]
Keep An Eye Out For A Craig Steely On That Other Craig's List...
∙ Comments: Half Of Xiao-Yen’s House (3794 16th Street) Hits The Market [SocketSite]
Posted by socketadmin at 10:00 AM
Before And After And Behind The Green Door Of 2140 Bush Street #3
The kitchen of 2140 Bush Street #3 before (above) and the kitchen after (below).
The living room before (above) and the living room after (below).
The price before (March 2007): $920,000. And the asking price after: $1,195,000.
October 27, 2010
The Modern Bath Behind A Period Façade At 2705 Buchanan
With a recently remodeled modern bath and "extensive seismic retrofitting" (estimated for the purposes of permitting at $94,600) soon after being purchased for $3,350,000 in October 2005, the sale of 2705 Buchanan won’t be apples-to-apples.
And while we’re not sure we get dual showerheads placed that close together, we are digging the skylight, shower tiles and hardware on that sink.
Pagoda Theater Preview (And Signs Of Progress All Around)
In addition to the proposed rehabilitation and expansion of David Ireland’s 500 Capp Street, and a vote on the proposed 48-unit development at 1645 Pacific, the long shuttered North Beach Pagoda Theater is back in front of San Francisco's Planning Commission tomorrow afternoon.
With authorization to convert the dilapidated theater into 18 condos over ground floor commercial and 27 parking spaces approved by the Planning Commission nearly two years ago, the project sponsors are now requesting an amendment to change their Affordable Housing Requirement from constructing 4 off-site BMR units to paying an in-lieu fee.
With respect to the re-development as proposed:
New openings will be introduced on all elevations to allow for a residential use on the upper floors. A courtyard will be inserted on both the north and south elevations in order to provide additional light, air, and open space to the residential units.
The ground floor will contain a residential entrance and offstreet parking entrance and two retail commercial spaces – a 1,000 square foot space, and a space for La Corneta restaurant, of approximately 4,000 square feet but less than 3,999. The project does not propose any expansion of the existing building envelope.
The Planning Department recommends approval of the project and we’ll happily note the second floor bay windows have been removed from the latest rendering (while also noting that as a condition of approval, "The project sponsor shall continue to work with Planning Department staff on the details of the design of the project").
The prior rendering for reference:
∙ The Plans To Preserve (And Expand Upon) David Ireland’s 500 Capp [SocketSite]
∙ The 1645 Pacific Project: Latest Designs (And Neighbors’ Concerns) [SocketSite]
∙ Inside The “Landmark” Pagoda Theater (And Tussle) In North Beach [SocketSite]
∙ San Francisco Planning Commission Agenda: October 28, 2010 [sf-planning.org]
∙ North Beach Pagoda Theater Plans Approved By Planning, But... [SocketSite]
A Two At Eight Twenty-Nine Folsom Closes For Close To Six
Having reduced prices by around 25 percent at the end of January (at which point two-bedrooms with parking were priced from $699,000), the sale of 829 Folsom #214 closed escrow a week ago with a reported contract price of $607,000 for the two-bedroom with parking which had indeed been listed for $699,000.
Full Disclosure: The new sales and marketing company for 829 Folsom advertises on SocketSite but had no prior knowledge of this post.
∙ 829 Folsom Cuts Prices And Pushes For April Closings [SocketSite]
The Margarido House Sells "At Asking" (And 38% Below Original List)
Two weeks shy of a year on the market, the sale of the "Margarido House" over at 5950 Margarido Drive in Oakland appears to have closed escrow on October 12 with an MLS reported contract price of $3,395,000.
Interestingly enough, the brokerage represent both buyer and seller is advertising the sale in print touting "Originally offered at $3,395,000." Not $5,500,000. Or $4,795,000. Or $4,300,000. Or even $3,950,000.
But hey, having reduced its list price to $3,395,000 in September after relisting anew in June, it is an official sale at "100% of asking" and just under "four" months on the market according to MLS based reports.
∙ Mmmm...Margarido Even More Happy Hour Pricing (If You're Buying) [SocketSite]
∙ The (5950) Margarido Happy Hour Now Starts At (Just Under) Four [SocketSite]
∙ March Madness For 5950 Margarido (Coincidence?) [SocketSite]
March Margarita Margarido Madness As 5950 Goes Live At $5.5M [SocketSite]
∙ There’s Green (And Perhaps Even Platinum) Up In Them Thar Hills [SocketSite]
∙ A Margarido (Sale) On The Rocks [SocketSite]
T-Minus Two Days (And A Decade In The Making) For Lowe’s In SF
After an eight year battle to build a Home Depot on the former Goodman Lumber site, Lowe’s swooped in and signed a lease. And now a year and a half later, it’s just T-minus two days until the Lowe’s on San Francisco’s Bayshore Boulevard opens its doors on Friday.
∙ Home Depot Bayshore (San Francisco): Let’s Get Ready To Rubble! [SocketSite]
∙ Home Depot "You Can Do It We Can Help" Irony: Lowe’s Now In Line [SocketSite]
∙ Let’s Build Something (On Bayshore) Together: Lowe’s Signs A Lease [SocketSite]
Actual San Francisco Foreclosures Flat QOQ (Up 0.6% YOY)
Bay Area Notices of Default (NODs) fell 30.5% on a year-over-year basis in the third quarter of 2010, down 20.4% in San Francisco proper (from 607 to 483). At the same time NOD activity in San Francisco rose 12.1% from the second quarter of 2010 to the third (versus a 3.1% gain from the second to third quarter the year prior).
On average, homes foreclosed on last quarter took 8.7 months to wind their way through the formal foreclosure process, beginning with an NOD. That's down from 9.1 months for the prior quarter but up from 7.0 months a year earlier. The increase from last year could reflect, among other things, lender backlogs and extra time needed to pursue possible loan modifications and short sales.
Actual Bay Area foreclosures in the third quarter fell 9.4% on a year-over-year basis (from 7,462 to 6,757) with Contra Costa (down 7.0% to 1,909), Alameda (down 20.2% to 1,404) and Solano (up 2.0% to 1,045) leading the way with respect to volume.
Third quarter recorded foreclosures in San Francisco totaled 180, up a nominal 0.6% on a year-over-year basis, even with the second quarter, and versus a 31.6% gain from the second to third quarter in 2009.
October 26, 2010
The Building Of UCSF’s New Mission Bay Medical Center Is Underway
Having started clearing the site long ago, today the ground was officially broken for UCSF’s Mission Bay Medical Center. Once again, if all goes as planned, the new facility should be ready for operations in 2014. And an old aerial for perspective:
∙ Making Way For UCSF’s New Mission Bay Medical Center [SocketSite]
∙ UCSF Mission Bay Medical Center Project Costs Down, Donations Up [SocketSite]
∙ The Designs And Timing For UCSF’s New Mission Bay Medical Center [SocketSite]
A Little Too Japanesey Indeed As 542 Valley Goes Back To The Bank
Having been withdrawn from the MLS three weeks ago last asking $2,195,000 and versus $2,995,000 two years ago, a plugged-in reader reports that according to Redfin the Len Brackett rebuilt 542 Valley up in Noe was taken back by the bank on October 6 with $1,648,285 owed on its first.
The foreclosing note was a $1,560,000 adjustable rate mortgage (ARM) taken out in 2005 which appears to have paid off a $1,350,000 interest-only ARM from 2004 which appears to have paid off a $999,000 interest-only ARM from 2002.
Keep in mind that home equity lines of credit (of which a number had been approved) wouldn’t be reflected in that $1,648,285 "price" (nor would a subordinated "second" note).
∙ 542 Valley Returns Feeling Even More Japanesey [SocketSite]
∙ A Contemporary Japanese Estate In Noe (And No, It's Not Ellison's) [SocketSite]
A Sale (And Subsequent Reduction) At 1355 Pacific Avenue
As the sale of 1355 Pacific Avenue #401 closed escrow yesterday with a reported contract price of $799,000 (11 percent under original asking of $899,000 for the 813 square foot two-bedroom), the list price for the 842 square foot two-bedroom a floor below (1355 Pacific #301) was reduced from $849,000 to $799,000 (originally asking $899,000 as well).
At least five other condos in the twenty-three unit building are still looking for buyers.
∙ Listing: 1355 Pacific Avenue #301 (2/2) 842 sqft - $799,000 [MLS]
∙ 1355 Pacific: Inside (And Priced From
$799,000 $749,000) [SocketSite]
∙ 1355 Pacific: Two Top Floor Two-Bedrooms Listed At Eleven A Square [SocketSite]
Last Asking 11% Less Than 2001 (Not Accounting For That Remodel)
Purchased for $2,350,000 in 2001 and having been "lovingly remodeled" in 2004, the grand Edwardian returned to the market priced at $3,095,000 in December 2008. Reduced, withdrawn, and relisted a few times since, this past May its list price was reduced to $2,100,000 before going into contract five months later (two weeks ago).
While a sale at asking will likely be reported by some as simply 11 percent under its 2001 price, keep in mind that won’t account for the value of the remodeling. And rumor has it, the budget for said remodeling ran around a million dollars. Yes, $1,000,000 on top of the $2,350,000 paid in 2001.
But hey, at least a lot of remodeling and investment helps boost neighborhood medians.
∙ Listing: 119 Frederick (5/2.5) 3,675 sqft - $2,100,000 [Redfin]
∙ Two 2 Million Dollar Sales And Now Two Months At 22 Percent Less [SocketSite]
∙ Medians Are Up, But Don’t Confuse That With Increasing "Prices" [SocketSite]