February 28, 2011
San Francisco Listed Housing Inventory Update: February 28, 2011
Inventory of listed single-family homes, condos, and TICs in San Francisco increased 1.1% over the past two weeks to 1,415 active listings. Over the past five years listed inventory levels have increased an average of 5.9% in San Francisco during the same two weeks.
Current listed inventory is up 15% on a year-over-year basis, up 19% versus the average of the past five years, up 55% as compared to 2006. On the demand side of the equation, listed sales were up 15 percent in January with 275 properties sold.
The inventory of single-family homes for sale in San Francisco is up 30% on a year-over-year basis to 593 homes while listed condo inventory is up just 6% to 822.
The percentage of all active listings in San Francisco have undergone at least one price reduction dropped one point to 30% as the percentage of active listings that are either already bank owned (85) or seeking a short sale (202) did as well to 21%, down 1% 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).
∙ San Francisco Listed Housing Inventory Update: February 14, 2011 [SocketSite]
∙ Will Pent-Up Demand Outstrip Pent-Up Supply? [SocketSite]
∙ SF Listed Sales Volume Up 15% In January Driven By Low-Cost Areas [SocketSite]
Phelan Loop Sale On San Francisco's Land Use Agenda This Afternoon
Amongst the items the agenda for San Francisco’s Land Use and Economic Development Committee this afternoon, the sale of 25,772 square feet of the City owned parcel at Ocean and Phelan Avenues to the San Francisco Redevelopment Agency for $4,056,580.
The transfer would help clear the way for the parcel which current houses a bus turnaround and 1,000 square foot restroom building to be redeveloped as a five-story affordable housing development dubbed "Phelan Loop Housing" with 71 residential units over ground floor retail, community, and supportive services space along with an adjacent "Phelan Loop Plaza."
As you might recall, not everyone is particularly enamored with the project as proposed.
∙ Land Use and Economic Development Committee Agenda: 2/28/11 [sfbos.org]
∙ The Designs (And Approvals) For 1100 Ocean Avenue As Proposed Archives [SocketSite]
∙ Unsupportive Reaction To Proposed Supportive Housing's Parking Plan [SocketSite]
The Penthouse Atop 567 Vallejo Cuts To Just $1,874 Per Square Foot
With pre-construction expectations of $7.5 million, in 2009 the 2,081 square foot penthouse atop 567 Vallejo was listed for $4,750,000 where it remained for about a year before being withdrawn from the MLS last April.
Relisted two weeks ago for $4,300,000, the list price for the “never been lived in” Telegraph Hill condo has since been reduced to $3,900,000 (and with just 16 days on the market according to industry statistics).
∙ Listing: 567 Vallejo #500 (3/3) - $3,900,000 [MLS]
∙ Take Two (Or Three) For Five New Condos On Telegraph Hill [SocketSite]
While One Is Ready To Sell A Neighbor Seems A Little Less So
It’s a plugged-in tipster that notes a pair adjacent condos for sale at 3110 California. Purchased in November 2005 for $967,000, this past September 3110 California #2B returned to the market seeking $979,000.
Reduced and relisted a few times since, they’re now asking $849,900 (12 percent below 2005) for the Pacific Heights two-bedroom as the agent notes "seller ready to sell" and offers the "buyer’s agent" a $2,000 bonus for making the sale.
At the same time, 3110 California #2A which was purchased for $1,000,000 in September 2004 hit the market ten days ago listed for $1,200,000 (20 percent over 2004) and seemingly a little less ready to sell the three-bedroom.
Another $150,000 Flushed At Albion Castle (881 Innes Avenue)
While the $10,592 throne is still in place and the listing continues to advertise "seller financing available," the asking price for the Albion Castle (881 Innes Avenue) has been reduced another $200,000 to $1,599,000 (151 thrones).
Once again, the seller is a mortgage banker who purchased the property at auction for $2,090,000 in 2005, remodeled and renovated (enter said throne), and then returned the castle to the market in late 2009 asking $2,950,000.
Four days later the list price for the Albion Castle was reduced to $1,499,000. And on Friday, the list price for 881 Innes Avenue was reduced to $1,349,000, 54 percent under 2009 expectations but just 35 percent under its pre-renovated sale price in 2005.
∙ Listing: 881 Innes Avenue (4/2) - $1,349,000 [MLS]
∙ Albion Castle (881 Innes) Cuts To 151 Thrones [SocketSite]
∙ The Albion Castle’s $10,592 Throne [SocketSite]
∙ 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]
∙ Another Cut For Albion Castle (881 Innes Avenue) [SocketSite]
∙ Four Days Later And Another Nine Throne Cut For Albion Castle [SocketSite]
February 25, 2011
Steel, Glass And Wood Behind The Victorian Facade At 778 Clayton
If you happened to tour the "Mork-Ulnes Design Clayton Street Residence" on the AIA’s 2009 San Francisco Living Home Tour, the address for which was correctly pre-identified by a plugged-in reader, you’ve already been inside.
At the time, however, 778 Clayton wasn’t on the market. But today, the renovated 2,618 square foot Victorian condo with modern Norwegian flair (think steel, glass and lots of blond wood) has been listed for $1,595,000.
∙ Listing: 778 Clayton (3/2) 2,618 sqft - $1,595,000 [778claytonstreet.com] [MLS]
∙ AIA's 2009 San Francisco Living: Home Tours (Plugged-In) Challenge [SocketSite]
Saitwowitz’s Yerba Buena Lofts (855 Folsom) Showcase Unit Returns
One of twenty-one terrace units at the 200-unit Saitowitz designed Yerba Buena Lofts, one of fifteen with two full baths, 855 Folsom #539 was purchased new for $690,000 in 2002.
Customized with dual 18 foot motorized shades (including blackout), a Norbert Wangen designed Boffi K2 kitchen island (sans the mini-appliances), and sliding glass walls on either side of the lower bedroom, the 1,396 square foot unit with 500 square foot terrace is back on the market and listed for $995,000.
If you’re familiar with The Phaidon Atlas, this is the unit showcased for the development. And as a financial aside, word has it an adjacent unit was just leased for $4,200 a month.
Full Disclosure: The seller of 855 Folsom #539 advertises on SocketSite and provided a tour of the property and background information at our request, but no compensation, for this post.
752 Carolina On Our Minds (For The Second Time In Three Years)
Its three wings and 3,455 square feet around a central courtyard and surrounded by gardens designed by Jeffery Miller were built across three adjacent Potrero Hill lots in 1997.
Asking $3,000,000 in early 2008, the sale of 752 Carolina quickly closed escrow with a reported contract price of $3,120,000 that March.
For the second time in three years the "once in a lifetime opportunity" is back on the market, now asking $3,300,000. Will only the kitchen be left feeling blue once again?
∙ Listing: 752 Carolina (5/3.5) 3,455 sqft - $3,300,000 [MLS]
A Bank-Owned BMR (No, Not BMW) In Pacific Heights
2760 Sacramento #6 is a Below Market Rate (BMR) one-bedroom condo in Pacific heights which was purchased for $211,500 in February 2003 with restrictions limiting its future resale value and pool of buyers.
Despite the aforementioned restrictions, the owner refinanced the condo with a $272,013 first mortgage in 2005 to which a second for $50,000 was added in 2006 and a third for $390,001 was added in 2008.
With a total debt of $712,014, the 1,220 square foot Below Market Rate unit at 2760 Sacramento was taken back by Wells Fargo and is now back on the market and available for a restricted $250,765.
2808 Broadway Becomes Official Gold Coast Inventory At $25M
The four bedroom listing count for the Gold Coast property doesn’t include the two-bedroom apartment below for staff. Other numbers: six fireplaces, five levels with elevator access to the top four, two kitchens, and one sundeck with hot tub atop the home.
In terms of parking, well, there is none. Yes, it's time to slap a parking sticker on the Bentley. Just don't forget about street cleaning, those tickets can really add up.
∙ Listing: 2808 Broadway (4/7.5) - $25,000,0000 [thegoldcoastsf.com] [MLS]
∙ Belli Would Be Fired Up As 2950 Broadway Is Reduced By $5,600,000 [SocketSite]
JustQuotes: 2008 Tenant Harassment Provisions Struck Down
"A state appeals court has struck down provisions of a voter-approved San Francisco law that allowed the city's rent board to reduce payments from tenants whose landlords harassed them.
The First District Court of Appeal in San Francisco left intact other parts of Proposition M, a November 2008 measure, but ruled that the city board has no constitutional authority to impose lower rents on landlords who mistreat their tenants or try to coerce them into leaving."
February 24, 2011
Glen Park Plan, Arts Complex, And A Buena Vista Expansion Proposed
While the Planning Commission reviewed the latest Glen Park Community Plan in a special session this morning, this afternoon the Commission will review a request to convert the two-story building at 140 9th street into an arts complex ("including two dwelling units, eight group housing units, and artist studio and gallery space") and the proposed rebuilding of 449 Buena Vista East, a project that was first submitted to Planning in 2005.
The Project includes a major alteration to the existing one-and-a-half-stories-over-garage, two-unit residential building, built circa 1923.
It includes an approximately 5’‐0” horizontal front addition (which results in façade alterations), a horizontal rear addition that does not increase the overall depth of the building, and a vertical addition that results in a height increase of 12’‐0”.
Opposed by the elderly neighbors to their right above who believe the project "will substantially reduce direct eastern sun light exposure to the back of their house and to their rear balcony," the project sponsor offered to expand their neighbors deck in order to provide them with more accessible usable open space, an offer the neighbors declined.
After five-and-a-half-years years of review and revision, and a full story shorter than originally proposed, the Planning Department recommends the Planning Commission approve the plans for 449 Buena Vista Avenue despite their neighbors opposition.
∙ Glen Park Community Plan [sfplanning.org]
∙ San Francisco Planning Commission Agenda: 2/24/11 [sfplanning.org]
∙ 140 9th Street Arts Complex Proposal [sfplanning.org]
∙ 449 Buena Vista Avenue East Proposal [sfplanning.org]
Esprit Park Two Years Later, Apples-To-Apples Style
Public records suggest the Esprit Park two-bedroom known as 875 Indiana #515 sold for $1,250,000 in November of 2008, the same year the San Francisco Business Times named Esprit Park its "New Community of the Year."
It’s now two years later and the top floor condo is back on the market and listed for $950,000 (24 percent under its New Community of the Year price). As we noted in 2008 with respect to a top floor sister unit which had been listed for $1,095,000 that November:
While asking at least $105,000 less than "similar units" in the development, after a month on the market the listing for that investor owned and "insatiable" two-bedroom at Esprit Park has been withdrawn. As always, another data point for plugged-in people.
∙ Listing: 875 Indiana #515 (2/2.5) - $950,000 [MLS]
∙ Not So Quick For That "Insatiable" Homes On Esprit Park Flip (#S514) [SocketSite]
∙ A Quick Friends And Family Esprit Park Flip? [SocketSite]
U.S. New Home Sales: Down 18.6% Year-Over-Year In January
The pace of new single-family home sales in the U.S. fell 12.6 percent from a revised annual rate of 325,000 in December 2010 to 284,000 last month, down 18.6 percent versus the 349,000 rate recorded in January 2010.
Preliminary U.S. new home sales (versus pace) in January 2011 were estimated to be 19,000 (give or take 8 percent), the lowest January on record going back to 1963.
In the West, the pace of new home sales fell 15.4 percent on a year-over-year basis to 66,000, down 36.5 percent versus December 2010.
∙ U.S. New Home Sales: Down 7.6% In December (YOY), 14.2% in 2010 [SocketSite]
∙ New Residential Sales: December 2010 [census.gov]
∙ New Residential Sales Since 1963 [census.gov]
Apples To Apples To Apples Again As 2312 Gough Returns
As a plugged-in reader notes, "the beautifully remodeled Pacific Heights Victorian home" at 2312 Gough which was returned to the bank in early January with no bidders at $2,100,000 on the courthouse steps has been listed by the bank for $2,142,000.
As plugged-in people know, the property sold for $3,000,000 in May of 2000 and then $2,600,000 in July of 2004 with 100 percent financing before being refinanced in September 2006 with a $2,630,000 note for which it would have had to appraise.
∙ Listing: 2312 Gough (4/3) 3,968 sqft - $2,142,000 [MLS]
∙ From 100% Financing To 100% Bank-Owned For 2312 Gough [SocketSite]
∙ Apples To Apples To Apples (And 100% Financing) For 2312 Gough [SocketSite]
February 23, 2011
Quick Reminder: First America’s Cup Public Scoping Meeting Tonight
The first of two public meetings meant to help define the scope of development to support Francisco's hosting of the America’s Cup is tonight at 6:30 at City Hall.
Posted by socketadmin at 5:00 PM
1823 Jackson: Before The Before And The "Fresh New" Now
Built as a single-family home but then legally converted to a six unit building (which it legally remains), 1823 Jackson was Ellis Acted in 1999 and sold for $3,050,000 in 2007.
Since remodeled and "updated to an exquisite, luxurious condition," 1823 Jackson returned to the market last May asking $5,850,000 for the now "two-unit" building with six bedrooms and six full baths atop a lower level guest suite.
Another look at the "fresh new look" over the now old new:
And we'd be remiss if we didn't note the built-in rotisserie:
∙ Listing: 1823 Jackson (8/6) 6650 sqft - $4,995,000 [MLS]
∙ San Francisco’s DUM Policy In Principle (And Action At 2037 Jefferson) [SocketSite]
The Bank's 330 Banks Returns 29 Percent Below Its 2005 Price
As we wrote about 330 Banks up in Bernal back in January 2008:
On the market without finding a buyer at $649,000 last fall, 330 Banks is back on the market (but not the MLS) with a list price of $599,000.
Included in the sale are approved plans to add an additional "art studio" and half-bath on first floor. And while it’s usually "showings by appointment only," it will be open this Sunday (1/27) for just one half-hour (from 2:00 to 2:30) if you want to take a peek.
Keep in mind that this single-family Bernal Heights home was purchased two and one-half years ago for $700,000 (on 6/8/2005). And yes, the sale at $700,000 was likely used as a local comp a couple of years ago. And so on. And so forth.
This past June the bank foreclosed with $558,053 owned on its first (the 2005 sale was financed with a first for $544,000 and a second for $57,500) and the little Bernal home returned to the market asking $534,900 in September before being withdrawn from the market in December without a sale.
Today, 330 Banks returned to the MLS asking $499,900, 29 percent under its 2005 comp setting price and without any allusion to those plans.
∙ Listing: 330 Banks (1/1) - $499,900 [MLS]
∙ Back On The Market (But Not The MLS) In Bernal Heights: 330 Banks [SocketSite]
∙ Six Of Sixty-Five Bank-Owned In Bernal Including Two On Banks [SocketSite]
Hartter’s Party Of
Five Seven House Returns At 818 Steiner
Built for Louis Hartter, his wife Emily Geisel and their five children in 1899, the 5,693 finished square feet of 818 Steiner were completely refinished between 2004 when purchased for $1,620,000 and 2007 when sold for $3,400,000.
It's now four years later and the Martens & Coffey designed Alamo Square Victorian is back on the market and asking $3,200,000. The sale in 2007 was $550,000 under original ask.
The Quintessence Of Russian Hill Living Or The Market As A Whole?
Purchased for $2,550,000 in December 2007 and unsuccessfully listed for sale five times since with prices ranging from $2,700,000 to $1,900,000, the Royal Towers (1750 Taylor) #1803 is now back on the
market MLS and listed for $1,995,000 as a short sale.
The new listing at 22 percent below its 2007 price touts "Quintessential Russian Hill Co-Op." And yes, the listing now includes an obligatory reference to the America’s Cup.
∙ Listing: 1750 Taylor #1803 (3/3) - $1,995,000 (short sale) [MLS]
∙ Royal Towers (1750 Taylor): Columns, Views, And Comps [SocketSite]
∙ Overused Listing Descriptor Of The New Year: "Stunning" [SocketSite]