December 31, 2010
And The 2013 America’s Cup Will Be Held In…San Francisco!
The racing syndicate's self imposed deadline to announce the site of the 2013 America’s Cup expires today, with San Francisco trying to hold off a spinnaker flying (or perhaps luffing) Rhode Island. Or perhaps another host will emerge from the fog.
And the winner is…San Francisco!
UPDATE: While the Mayor's Office hasn't made an official announcement, unnamed sources are claiming that race organizers have hit San Francisco's revised bid to host the America’s Cup in 2013.
UPDATE: It's official, San Francisco has been selected to host the America's Cup in 2013. Let the
lawsuits waterfront rebuilding begin!
∙ The Pitch To Sail The America’s Cup Into San Francisco's Bay [SocketSite]
∙ San Francisco’s America’s Cup Chances Swiftly Sailing Out To Sea? [SocketSite]
∙ San Francisco Board Of Supes Unanimously Back America’s Cup Bid [SocketSite]
Free Commercially Reasonable Rents For America's Cup As Proposed [SocketSite]
December 30, 2010
The Abandoned (408-416) Bosworth Homes Head Back To The Bank
A year ago the eight unit “Bosworth Homes” development at 408-416 Bosworth hit the market asking between $650,000 for a one-bedroom to $1,299,000 for a five-bedroom with parking for two. Having sold none and just seventy percent complete, the project had ended up in receivership earlier this year, "working with a local contractor to secure the building and obtain a bid for completion."
As plugged-in tipster notes, the development appears to have finally gone back to the bank following an auction Tuesday on the courthouse steps. A second auction related to the development scheduled for yesterday was cancelled, the details for which we’re searching.
In the words of a plugged-in reader in September:
[This development]…has become an eye-sore for our neighborhood. Unfinished units have been standing for well over a year and [are] now becoming a hazard to the community. I think this property would probably not meet health department regulations since the load bearing walls have been exposed for two winters now.
As best we can tell, the two buildings at 2 and 10 Rousseau which are only twenty percent complete were finally foreclosed upon as well, and to which our reader’s load bearing walls comment likely relates (versus the eight condos fronting Bosworth).
We'll keep you plugged-in and our eyes open for any "contractor specials" coming soon.
An Offer Inciting Potrero Hill Price At 40 Percent Under 2004
Built in 2001, the two-bedroom #3 atop 146 Connecticut appears to have first sold for $729,000 that April and then $880,000 just three years later in 2004. Taken back by the bank three weeks ago, the 1,056 square foot Potrero Hill condo is now back on the market and listed for an offer inciting price of $525,000 ("No offers until 1/4/11").
The listing touts "Modern kitchen with granite counter tops" although you’ll have to take their word for it (it’s not pictured in any of the current listing pics), there do appear to be some nice views (although keep in mind that pictured roof deck is shared), and we’ll touch on that "owner occupied versus investor" bit in a bit (unless you beat us to it).
We’ll also note that the 1,502 square foot lower floor unit #1 at 146 Connecticut which originally sold for $699,000 in May of 2001 resold in October of 2005 for $980,000.
But remember short term holds never show appreciation. Well, unless the market is actually going up rather than down.
∙ Listing: 146 Connecticut Street IT-3 (2/2) 1,056 sqft - "$525,000" [MLS]
December 29, 2010
Apples, Schmapples, Look At Those Medians! (Just Not Too Closely)
With 45 recorded sales to date in 2010, the median sale for condominiums in zip code 94123 (which includes the Marina and Cow Hollow) weighs in at $1,175,000, up 26 percent over 2009 ($930,000) and within just 4 percent of a peak $1,219,000 in 2007! Talk about a real estate rebound!
Of course as we pointed out to plugged-in people in September, the median size of condos sold in 2010 (1,525 square feet) is up over 20 percent from 2009 (1,270 square feet) and up 12 percent from 2007 (i.e., the mix of sales has changed). And on a price per square foot basis, so far the median in 2010 ($755) is down 2 percent from 2009 ($767), down 18 percent from 2007 ($921).
And while the median price per square foot for condos in 94123 is up 5 percent from 2004 ($718), the apples-to-apples sale of the two-bedroom condo at 2382 Union Street closed escrow six days ago with a reported contract price of $705,000, down 7 percent from its 2004 sale price of $759,000.
But never mind all that, did you see those medians!
∙ SocketSite Sees Seasonality (Versus Signs Of A Rebound) [SocketSite]
∙ One Percent Down In 2004 (And Perhaps
More Down More Since) [SocketSite]
∙ Medians Are Up, But Don’t Confuse That With Increasing "Prices" [SocketSite]
Ho, Ho, No…Holiday Red On Green Atop Russian Hill
As we wrote this past September:
Listed for $2,100,000 in April 2008, the two-bedroom Green Hill Tower (1070 Green) condo #902 sold with a "confidential" sale price reported on the MLS that June. As such, the list price of $2,100,000 would have been used when compiling MLS based median and average sale price reports.
Public records, however, suggest the sale price for the Russian Hill home was actually $1,910,000. And two weeks ago, the two-bedroom view condo returned to the market listed for $1,695,000. Currently in contract, but it would appear that not all contingencies have yet been waived.
The sale of 1070 Green Street #902 closed escrow today with a reported contract price of $1,675,000, 12 percent ($235,000) under its recorded sale price in 2008.
Target On Target For A 2012 Opening At The Metreon
"San Francisco's mayor says the last bureaucratic hurdles have been cleared for the construction of the city's first Target retail store....[as] final permits [have] been issued to begin building the downtown store [at the Metreon]."
∙ Target + Metreon = (Twenty-Two Foot) Bull's-Eye In 2012 [SocketSite]
∙ Path cleared for San Francisco's first Target [SFGate]
Posted by socketadmin at 12:15 PM
Shorter Still For 310 Townsend From The Beginning To End Of 2010?
With a list price of $645,000 when the 45 condos at 310 Townsend first hit the market in early 2007, unit number 309 ended up selling for a recorded $640,000 that July (reported as $645,000 on the MLS).
Returned to the market this past March asking $465,000, the list price on the one bedroom was reduced to $425,000 in April and was pending two weeks later. Falling out of contract, the condo was relisted in June at $500,000.
Reduced to $475,000 in July, two weeks later 310 Townsend #309 was back in contract only to fall out once again. Relisted at $450,000 this past September, in November its list price was reduced to $435,000 and on Monday it was reduced to $399,000 (38 percent under 2007). And yes, it’s listed as a "short sale" but without mention of being "pre-approved" at this price.
Interestingly enough, the 803 square foot #308 at 310 Townsend which was purchased for $615,000 in 2007 resold for $494,000 a year ago (a drop of "only" 20 percent at the time) while 1,136 square foot #303 which was purchased for $850,000 in 2007 resold for $670,000 five months ago (a drop of 21 percent).
We’re still waiting for 310 Townsend #202 to report its "best price ever" sale.
∙ Listing: 310 Townsend #309 (1/1) 789 sqft - "$399,000" [MLS]
∙ 310 Townsend: Available And Selling [SocketSite]
∙ 310 Townsend #303 Is Booked [SocketSite]
∙ "Best Price Ever" At 310 Townsend (Assuming It’s Approved) [SocketSite]
December 28, 2010
San Francisco (MSA) Home Value Slide Accelerates In October
According to the October 2010 S&P/Case-Shiller Home Price Index, single-family home prices in the San Francisco MSA fell 1.9% from September ’10 to October '10, down 36.4% from a peak in May 2006 and down to a 2.2% year-over-year (YOY) gain, a steady slide from the 18.3% gain reported this past May and down from 5.5% in September.
For the broader 10-City composite (CSXR), home values fell 1.4% from September to October, down 29.7% from a June 2006 peak as the year-over-year gain slipped to 0.2%.
The double-dip is almost here, as six cities set new lows for the period since the 2006 peaks. There is no good news in October’s report. Home prices across the country continue to fall.” says David M. Blitzer, Chairman of the Index Committee at Standard & Poor's.
“The trends we have seen over the past few months have not changed. The tax incentives are over and the national economy remained lackluster in October, the month covered by these data. Existing homes sales and housing starts have been reported for both October and November, and neither is giving any sense of optimism.
On a year-over-year basis, sales are down more than 25% and the months’ supply of unsold homes is about 50% above where it was during the same months of last year. Housing starts are still hovering near 30-year lows. While delinquency rates might have seen some recent improvement, it is only on a relative basis. They are still well above their historic averages, in both the prime and sub-prime markets.
For the second time in three months prices fell on a month-over-month basis across all three price tiers for San Francisco MSA single-family homes.
The bottom third (under $342,388 at the time of acquisition) fell 1.4% from September to October (up 4.6% YOY); the middle third fell 2.2% from September to October (up 0.4% YOY); and the top third (over $624,623 at the time of acquisition) fell 1.3% from September to October for a negligible 0.1% YOY gain.
According to the Index, single-family home values for the bottom third of the market in the San Francisco MSA have fallen back to 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 has retreated to March 2004 levels having fallen 24% from a peak in August 2007.
Condo values in the San Francisco MSA fell 3.4% from September ’10 to October '10 for 3.4% drop in value year-over-year (down 30.0% from December 2005).
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).
∙ U.S. Home Prices Weaken Further as Six Cities Make New Lows [Standard & Poor's]
∙ September Case-Shiller: San Francisco MSA Slide Continues [SocketSite]
∙ May Case-Shiller: San Francisco Tiers Up But Gains Moderating Atop [SocketSite]
∙ Homebuyer Tax Credit Extension For Closing (Not Contract) Date [SocketSite]
∙ Existing U.S. Home Sales Pace Up 5.6%, Down 27.9% Year-Over-Year [SocketSite]
December 27, 2010
Walgreens CVS’s Plans For 701 Portola Atop Miraloma
While Walgreens had planned to raze the Miraloma Gas Station at 701 Portola and build a 7,000+ square foot store covering the site, rumor has it they backed out "due to 'unreasonable' green building requests by the City's DBI and Planning departments."
And now, CVS Drugs is planning to piggyback off Walgreens groundwork and proposed design, shuttering the station and breaking ground on the site as early as February assuming final approval of all permits.
While we can’t confirm whether or not the rumored reason for Walgreens pulling the plug is true (readers?), we will echo our tipster’s surprise that Walgreens would easily cede the site to a competitor.
Mary, Mary How Did Your Roof Atop One South Van Ness Grow?
Completed this past October, the new living roof atop One South Van Ness "percolates storm water, reduces peak runoff, reduces cooling loads and energy use within the building, provides a suitable habitat for butterflies & honey bees, and a...park-like view from neighboring buildings."
The living roof is 9,500 square foot and captures, stores, and delivers rainwater for irrigation via a 6,500 gallon tank and pump system; which will help reduce the use of potable water during the summer or dry months.
The plants on the living roof include a variety of California native and adopted plants including Buckwheat, Stonecrop, Tufted Hair Grass and San Bruno Mountain Manzanita.
In addition to the greenery and environmental benefits, the project team prioritized the reuse of roofing and insulation materials. River rock ballasts were reused around the edges of the living roof, provided by the Park and Recreation Department, and the pathways were made out of existing concrete roof pavers.
Cost of construction: $3 million over 10 months, compressed to under 3 minutes below:
∙ One South Van Ness Roof Replacement/Living Roof Project [sfdpw.org]
Riddle Us This...
Often misunderstood if not misrepresented as a sign of a bullish market, we harp on touts of "over asking" all the time. And when we do, we’re often met with a minor chorus chant of "you’re the only ones that care."
So riddle us this, when 2939 and 2921 Vallejo sold for a combined $9,500,000, having been listed for $8,500,000 and $2,250,000 respectively, and the MLS was updated to report the combined sale price on the listing for 2939 while the listing for 2921 Vallejo was simply withdrawn, why wasn’t the list price on the listing for 2939 Vallejo updated to accurately reflect the combined transaction as well?
Keep in mind that industry statistics and newsletters with respect to the market, as well as agent league tables, are based on the data which is self-reported on the MLS.
∙ Over Asking! (But Four Percent Less Than Seven Months Ago) [SocketSite]
Over Under Asking For 2939 Vallejo (Plus The Lot Next Door) [SocketSite]
2950 Vallejo: Will There Be A Refuge Themed Room In 2011?
A plugged-in reader reminds us that we’ve been remiss in noting that 2950 Vallejo will soon be the 2011 Decorator Showcase Home. Oh, and that it once served as refuge for "Princess Stephanie," a Nazi spy who was eventually arrested down in Palo Alto.
On the market (but off the MLS) asking $25,000,000 in 2008, 2950 Vallejo was last seen seeking $20,000 a month as a rental before successfully being pitched to be Miss 2011.
∙ Trophy Home Watch On Vallejo: Next Door Neighbors Edition [SocketSite]
∙ SFlashback: The Nazi Princess of Pacific Heights [SFLuxe]
December 24, 2010
‘Twas The Night Before Christmas And An Apple Was Picked…
Okay, so more accurately, ‘twas the night before the night before Christmas and an apple was picked. Purchased for $1,495,000 in October 2007 and "never occupied as a primary residence," the sale of 1 South Park #402 closed escrow yesterday with a reported contract price of $1,165,000, an apples-to-apples decline in value of 22 percent ($330,000) over the past three years.
And while we didn’t feature it before, and it’s not actually an apple (think new structural beams and the elimination of columns for the enlargement of the garage), a tipster's noted sale of 19 Delmar does fit our "night before the night" theme.
With a reported sale at $1,660,000, one could call it a 17 percent drop in value ($280,000) for the single-family Haight Ashbury "elegant Stick-Victorian" home since its purchase for $1,940,000 in March 2008, of course that wouldn’t account for the value of those improvements which were estimated to cost (versus be worth) an estimated $55,000 for the purposes of permitting.
A safe and merry Christmas to all, and to all a good night.
∙ One South Park Starts Sprouting Apples (1 South Park #402) [SocketSite]
A Little Over (Half) For A Little Under (Half) At 873 Van Ness
Purchased as a 4,285 square foot two-unit Inner Mission building for $1,500,000 in July 2006, a little over half the building (2,337 square feet) is back on the market today, remodeled and asking $729,000 as a tenancy in common (TIC).
And while the listing touts "EZ CONDO READY!!," understand how the "bonus/entertainment room w/ kitchen+bath included with the unit" could affect the not always so EZ conversion process.
∙ Listing: 873 South Van Ness (2/1) 2,337 sqft - $729,000 [MLS]
Four More Years For The 49ers At Candlestick
As the San Francisco 49ers move forward with plans for a new stadium in Santa Clara, and their current lease at Candlestick is set to expire at the end of the 2013 season, the team has agreed to the terms of a new lease which "would keep the team in San Francisco until the end of 2015 unless the 49ers exercise an option to leave a year early."
∙ Santa Clara Scores A Potential Stadium/Team As Measure J Passes [SocketSite]
∙ Niners extend lease at Candlestick Park [Examiner]
December 23, 2010
Over Under Asking For 2939 Vallejo (Plus The Lot Next Door)
While the sale price was $9,500,000, and 2939 Vallejo was listed for $8,500,000, the sale included the lot next door (2921 Vallejo) which was listed separately for $2,250,000. In other words, it was actually $1,250,000 (12%) under asking for the two.
But hey, why bother to be right when reporting real estate. And yes, MLS based statistics, reports, and industry newsletters will reflect "over asking!" for the sale as well.
∙ You See, It's Not Pacific Heights Prices That Are Falling... [SocketSite]
∙ Listing: 2939 Vallejo (4/5.5)/2921 Vallejo (lot) - $8,500,000/$2,250,000 [sfproperties]
∙ 2939 Vallejo Gets $1M Above Asking Price [Curbed]
Delusions Abound As San Francisco Scrambles To Save The Race
When the city shifted public viewing facilities to the northern waterfront and Pier 50 was removed from equation, race organizers saw their costs go down, but so did their potential to recoup an investment they say will approach $500 million to put on the regatta and pre-Cup races.
Newsom said race organizers are overvaluing Pier 50's development rights, and thus view the current deal as insufficient.
"Our own analysis is they're delusional about its value, but somehow I think they're fixated that it's worth a lot more," Newsom said. "I'm convinced that they're wrong about this assessment, but they're convinced they’re right about the value of the site, so we've been trying to make up for that value."
Giving race organizers the option to develop Piers 26 and 28 was one step, but Stephen Barclay, an official with the team and yacht club, said the piers' historic qualities weaken their development value.
No word on how the Mayor’s office analysis matches up with the Giants’.
∙ San Francisco’s America’s Cup Chances Swiftly Sailing Out To Sea? [SocketSite]
∙ City tweaks America's Cup offer, sees "progress" [SFGate]
∙ A Cup Plan B And Latest Economic Impact Report [SocketSite]
You See, It's Not Pacific Heights Prices That Are Falling...
Now that the listing for 2111 Franklin #4 includes photos, the 33 percent difference between the purchase price in 2005 ($1,075,000) and the list price today ($725,000) for the Pacific Heights condo all makes sense. Apparently the building is falling over.
But hey, what would you expect when there’s only $38,750 in sales commissions at stake.
December 22, 2010
As Eagle-Eyed Readers Know (And Stanley Saitowitz Rendered)
As plugged-in and eagle-eyed people know, renderings for "1600 Harrison" have sat perched in the Stanley Saitowitz | Natoma Architects portfolio for a couple of years, a site otherwise known as 398 12th Street. And yes, that’s the address of The Eagle.
And while The Eagle is rumored to have been on the market since the beginning of the year, as far as we know a buyer has yet to swoop in and no permits have been filed for development. So who has the inside scoop?
∙ From The Stanley Saitowitz | Natoma Architects Portfolio: Pine Street [SocketSite]
∙ Stanley Saitowitz | Natoma Architects: Portfolio [saitowitz.com]
Existing U.S. Home Sales Pace Up 5.6%, Down 27.9% Year-Over-Year
The pace of seasonally adjusted existing-home sales in the U.S. increased 5.6 percent from October to November but remains down 27.9 percent on a year-over-year basis for the fifth slowest pace on record (4.68 million).
And while months of existing housing supply (inventory over sales) fell 9.5 percent from 10.5 months in October to 9.5 months in November, it remains 46.2 percent higher on a year-over-year basis with 3.71 million units currently on the market.
The pace of existing-home sales in the West increased 11.7 percent from October to November, down 19 percent year-over-year.
∙ Existing-Home Sales Resume Uptrend with Stable Prices [realtor.org]