Two For The Price Of One Atop Nob Hill
As we wrote last month:
With $49,853 past due on a $1,950,000 mortgage taken out in November 2006, the two units on the 14th floor of Gramercy Towers which were combined to create a 2,300 square foot three-bedroom with "top of the world views" were taken back by the bank a year ago.
First relisted by the bank for $1,100,000 a hundred days ago, they’re down to $999,999.
Today, the sale of combined two units closed escrow with a reported contract price of $960,000. With a unit merger that doesn’t appear to have been previously approved by the city, might we see the two units soon reappear?
∙ 50 Cent (On The Dollar) In Da Condo On Nob Hill [SocketSite]
Chloe’s Magical Condo Hits The Market At 1178 Dolores
Who’s the unnamed designer behind the fig tree festooned "magical, designer-owned" Noe Valley condo at 1178 Dolores? That would be Chloe Warner who purchased the pad for $900,000 in January 2006. Perhaps you took a tour a couple years after in late 2007:
With the books still arranged by color, and without any outside staging one would hope, the two-bedroom and two-bath condo has just hit the market listed for $899,000 in 2011.
San Francisco County Unemployment Falls To 9.1% In February
Preliminary February labor force data counts for San Francisco, Marin and San Mateo counties pegs the unemployment rate at 9.1%, 7.8% and 8.3% respectively, down 0.4 percentage points in San Francisco and San Mateo, down 0.1 percentage points in Marin.
On a revised basis, the number of unemployed in San Francisco fell by 2,000 in February (from 43,100 to 41,100) as the number of employed increased by 1,200 (from 410,100 to 411,300) and the labor force contracted by 900 (from 453,300 to 452,400).
Overall unadjusted California unemployment fell by 0.4 percentage points to 12.2% as the labor force contracted by 60,900 workers and the ranks of the unemployed fell by 83,400.
One Of Twelve (And Floor Plan Porn) In A Classic Chestnut Building
Built in 1927 at the corner of Larkin, 1090 Chestnut is a thirteen floor building with twelve full-floor units averaging four bedrooms and around 3,500 square feet a piece.
Now on the market mid-way up the building and with two-car parking and storage units included below, 1090 Chestnut #6 has officially hit the market listed for $5,950,000.
∙ Listing: 1090 Chestnut #6 (4/3.5) - $5,950,000 [MLS]
Reader’s Tales Of The City: The Ultimate Doorman Tip
"I looked at a condo in this building in 1988. Asking price then: $1,000,000. Owner had died, leaving the condo (free & clear) to one of the doormen - who had listed it for sale. The doorman was handsomely rewarded for excellent service, I'd say!"
Posted by socketadmin at 10:00 AM
Hot Or Not On Hampshire Continues With Number 725
Unfortunately it’s not an "apple" to be as the kitchen (and at least one bath) has been remodeled with a permitted estimate of at least $40,000 worth of new cabinets, counters and appliances since its purchase for $975,000 in 2006.
∙ Listing: 725 Hampshire (3/2) 1,889 sqft - $959,000 [725hampshire.com] [MLS]
∙ Well "Over Asking" At $478 Per Square Foot For 953 Hampshire [SocketSite]
March 24, 2011
It's Two Years Later And Time To Adopt San Francisco’s Housing Plan
It’s been almost two years since we first plugged our readers in to San Francisco’s Housing Element Report. As we wrote at the time, San Francisco's big picture (click to enlarge) housing pipeline was as so:
∙ 156 projects with 6,510 housing units are currently under construction
∙ 168 projects representing 2,850 units have received a building permit
∙ 316 projects representing 4,480 units have applied for a building permit
∙ 92 projects representing 6,200 units have been approved by the Planning Department
∙ 130 projects representing 34,750 units have filed for Planning Department approval
In total, 54,790 new housing units were under construction, on the boards or under consideration to be built in San Francisco over the long-term.
The challenge, an estimated 31,000 new units, "60% of which should be suitable for housing for the extremely low, very low, low and moderate income households," will be needed in San Francisco to meet projected demand in the nearer-term.
The evening at 6pm San Francisco’s Planning Commission will review and vote on the adoption of the report’s objectives and policies, a report which is a treasure trove of San Francisco facts and figures for the real estate obsessed.
Oh, and did somebody say density?
∙ San Francisco’s Housing Pipeline And 2009 Housing Element Report [SocketSite]
∙ San Francisco Housing Element: Data and Needs Analysis | Objectives and Policies
∙ The Next Era In San Francisco’s Development: It’s All About Density [SocketSite]
It’s A Gas, Gas, Gas In Hayes Valley
It’s not yet listed and its website is still coming soon, but we have the inside scoop on the music video that's been produced to showcase 457 Oak Street #1.
Purchased for $425,000 in October 2008, the one-bedroom TIC is returning to the market asking $429,000 with a new gas line run to the kitchen and to which a gas range with convection oven is now attached.
Consider the market (and background music) bar officially raised.
∙ Coming Soon: 457 Oak Street #1 (1/1) - $429,000 (TIC) [457oakstreet1.com]
It’s Game On With A Hand Out As Zynga Demands Tax Breaks As Well
It’s game on with one hand out and another in a fist as Zynga follows Twitter’s lead and threatens to move its highly paid employees to Silicon Valley unless San Francisco grants the company a payroll tax waiver on employee stock option gains.
In a meeting last week that included San Francisco Mayor Edwin Lee, Board of Supervisors President David Chiu, Zynga CEO Mark Pincus and CFO David Wehner, company executives indicated that without their own exemption Zynga may convert its 270,00 square-foot office into a call center and relocate its headquarters – including its programmers and highly paid staff – to Silicon Valley, according to people present at the meeting. In the week since, the company has contacted a number of supervisors to argue a similar case, said at least two supervisors who have met with the company.
Zynga, creator of popular online games like Farmville, is expected to go public within the next few years. The company is particularly concerned about a payroll tax provision unique to San Francisco that allows the city to tax gains on employee stock options.
According to the Bay Citizen, City Hall was "stunned by Zynga’s threat," which, to be honest, is the only part of this story that actually stunned us.
∙ Twitter Intent On Moving To Market Square Assuming Tax Break [SocketSite]
∙ Following Twitter, Zynga Now Threatening to Leave San Francisco [baycitizen.org]
America’s Cup Preview. Now Think Bigger. And More Boats.
Four AC45’s were sailing about New Zealand’s Hauraki Gulf yesterday, a mini-preview of what’s in store for San Francisco’s Bay when the larger 72-foot hardwing multihulls arrive to compete for the America’s Cup in 2013.
∙ America's Cup: AC45's sailing as a fleet [youtube.com]
∙ The Scope Of Development For San Francisco’s First America’s Cup [SocketSite]
∙ And The 2013 America’s Cup Will Be Held In…San Francisco! [SocketSite]
Tomorrow’s Noe Buzz Today: Firehouse 44 Back In Contract
We’re not in the habit of mentioning a sale until it has closed. And considering 3816 22nd Street has been in and out of contract before, we should probably wait.
Then again, it appears as though all contingencies have been waived this time around. And the sale of Firehouse 44, which was first listed for sale for $6,375,000 in May of 2008 and currently listed for $4,250,000, is sure to generate a bit of Noe Valley buzz.
Let’s hear what you’ve heard so far and we’ll see if we can’t fill in the blanks.
∙ Firehouse 44 (3816 22nd Street) Catches On Contract [SocketSite]
∙ The Holy Hotness Of Firehouse 44 (3816 22nd Street) Hits The Market [SocketSite]
∙ Holy Hotness, History, And Home: Engine Company No. 44 Returns [SocketSite]
∙ Transparency At Firehouse 44 (3816 22nd Street) [SocketSite]
March 23, 2011
524 Howard: Approved Twenty-Two Years Ago And Still A Lot Today
In 1989 San Francisco’s Planning Commission first approved the entitlements for a 311-foot tall, 23-story building to be built at 524 Howard Street with 199,965 gross square feet of office space, 4,500 square feet of retail space, 14,000 square feet of off-street parking, and 4,218 square feet of publicly-accessible open space.
Ten years later the Planning Commission re-authorized a slightly reconfigured building for which the project sponsors never pursued the necessary permits. And in in 2005, the Planning Commission approved a Conditional Use Authorization to operate a temporary surface parking lot on the site, authorization for which expired in 2007.
Since 2007, "the sponsor has not diligently pursued the necessary building permit approvals or otherwise sought to complete the project" and the existing parking lot has been operating without authorization. Tomorrow, the Commission will consider a request to re-authorize use of the site as a parking lot for another two years.
At the same time, the Commission will also hear an overview of the entitlement history for 524 Howard, after which "the Commission may wish to provide feedback to Department staff as to whether a future public hearing should be scheduled to consider revocation or extension of the previous approvals for office development at 524 Howard Street."
Keep in mind that San Francisco’s Planning Code states, "Construction of an office development shall commence within eighteen (18) months of the date the project is first approved. Failure to begin work within that period, or thereafter to carry the development diligently to completion, shall be grounds to revoke approval of the office development."
That being said, citing a "downturn in the economy which led to a high office vacancy rate and difficulty in obtaining commercial financing for new construction" in 2002, San Francisco’s Planning Commission has since been operating under a policy of monitoring, but not seeking to revoke, approvals for projects which have exceeded their construction commencement date.
In 2009 the Commission reaffirmed the policy they adopted in 2002, but we might argue that commercial conditions south of Market in San Francisco have changed a bit since.
∙ 524 Howard: Request for Parking Lot Conditional Use Authorization [sfplanning.org]
$581,000 Down And Currently At Risk
The four-unit building at 559 27th Street was purchased for $1,730,000 in June 2007 with two long-term tenants in place, one of which was protected, and two "renovated corporate rental units with views" which were due to become vacant that summer.
The 2007 purchase was financed with $581,000 down and a $1,149,000 note which has been in default for a year. Having already been postponed a few times, the Noe property is once again scheduled to hit the courthouse steps tomorrow afternoon with a published opening bid of $1,336,740, the total now due on the aforementioned note.
In 2003 the building traded for $1,325,000 with the protected tenant in place and one other unit tenant occupied.
A Peek Inside The Deconstructed Penthouse Atop 1170 Sacramento
You’ve seen the floor plan and views. And now, plugged-in people are treated to a trio of peeks from inside the deconstructed penthouse atop 1170 Sacramento (#19C).
Have we mentioned the views?
∙ 1170 Sacramento #19C Hits The MLS As A Shell [SocketSite]
U.S. New Home Sales: Down 28% In February Year-Over-Year
The seasonally adjusted annual pace of new single-family home sales in the U.S. fell to 250,000 in February, down 16.9 percent from a revised rate of 301,000 in January and down 28.0 percent versus the 347,000 pace recorded in February 2010.
Preliminary U.S. new home sales (versus pace) in February were estimated to be 19,000 (give or take 8 percent), the lowest February on record going back to 1963.
In the West, the pace of new home sales fell 34.1 percent on a year-over-year basis to 58,000, down 14.7 percent versus the month before.
∙ New Residential Sales: February 2011 [census.gov]
∙ U.S. New Home Sales: Down 18.6% Year-Over-Year In January [SocketSite]
∙ New Residential Sales Since 1963 [census.gov]
March 22, 2011
170 Saint Germain: Before, After And A Peek Inside (Poke To Follow)
Having been expanded both horizontally and vertically and completely rebuilt since being purchased for $1,400,000 in 2003, 170 St. Germain Avenue has just returned to the market as a 4,300 square foot contemporary home listed for $4,500,000.
According to the listing, "professional photos" are to follow and there won’t be any Sunday open houses. We’ll keep you plugged-in on both accounts.
∙ Listing: 170 St. Germain Avenue (4/3) 4,300 sqft - $4,500,000 [MLS]
MacroMarkets' Survey Now Says...Nearly Half Expect Double Dip
The latest MacroMarkets home price survey aimed at forecasting the next five years for housing prices in the U.S. was released today with almost half of thier "economists and experts" surveyed now expecting a double-dip in national values to new post-crash lows which are less than one percent away.
In December, only 15 percent of the same survey group was projecting a double dip in values which not only speaks to a shift in expectations, but the ability of MacroMarkets’ survey group to forecast the market.
∙ MacroMarkets Home Price Expectations Survey [macromarkets.com]
∙ Expectations Surge for Housing Double Dip [macromarkets.com]
∙ S&P/Case-Shiller: San Francisco Home Values Dropped In December [SocketSite]
An Old House On An Odd Lot In The Right Place (3169 Cesar Chavez)
It’s not your typical lot which can be problematic. But considering the address to which this one is attached (3169 Cesar Chavez), we’ll say it could be a good thing.
Tucked behind the buildings lining the street, the turn-of-the-century three-bedroom home sits listed for $529,000 and awaiting a remodel and a bit of landscaping.
∙ Listing: 3169 Cesar Chavez (3/1) 1,480 sqft - $529,000 [MLS]
Trust Issues (Formerly Known As "Trust Us, It's Different Here")
The rather ironic line from the listing for 690 Market Street #1505, a one-bedroom at San Francisco’s Ritz-Carlton Residences: "The world's most trusted luxury brand has brought a new measure of service to one of the world's most fascinating and engaging cities."
While we’ll naturally agree with the "one of the world's most fascinating and engaging cities" bit, how has this condo in the "world's most trusted luxury brand[ed]" building performed over the past four years in San Francisco?
Purchased for $1,193,000 in 2008 by way of a $894,440 loan (25 percent down), last year 690 Market #1505 was taken back by the bank with $937,377 owed.
Today, they’re asking $699,900 for the Ritz-Carlton condo, 41 percent ($493,100) less than its purchase price in 2008 and down from a list price of $729,900 last month.
∙ Listing: 690 Market #1505 (1/1.5) 952 sqft - $699,900 [MLS]
∙ A Concerning Comp (And Empty Shell) At The Ritz-Carlton Residences [SocketSite]
Officials To Investigate Alleged Hunters Point Collusion And Cover Up
"Federal and city officials announced Monday they would investigate new allegations that government staff colluded with developer Lennar Corp. to cover up health risks associated with the redevelopment of the Hunters Point Naval Shipyard in San Francisco.
The U.S. Environmental Protection Agency and the San Francisco Department of Public Health announced their investigations after Bayview neighborhood activists on Monday released emails from 2006 to 2009 in which officials asked the developer and its consultants to help draft public statements about the safety of dust kicked up by the controversial building project.
San Francisco’s Board of Supervisors approved much of the sprawling redevelopment plan last year after receiving assurances from federal and local officials that it was safe, despite toxic compounds, radioactive contamination and naturally occurring asbestos in swaths of the shuttered shipyard’s soil. A 75-acre outlying chunk of the project area was transferred to Lennar in 2005, but the construction of homes has not yet begun."
∙ Emails Reveal Alleged Cover-Up of Environmental Risks at Hunters Point [baycitizen.org]
∙ The Grand Plan And Aesthetics For Candlestick/Hunters Point [SocketSite]
∙ Emails Between EPA and San Francisco Health Department Officials [amazonaws.com]
∙ Hunters Point Redevelopment Plan For 10,500 New Units Approved! [SocketSite]