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April 30, 2011

The Now Public Details For The Painful Situation We Posted Last Week

While we didn't disclose the details last week, the recent buyer of a unit above an S&M enthusiast has decided to go public, perhaps as the reality of our reader's words of wisdom with respect to litigation has set in. The first third of the buyer's detailed public plea:

When I closed the deal last Friday for [removed by editor] in Glen Park, my new condo in a 2-unit building, I had no idea my downstairs co-owner was a self-described "sex enthusiast" who engages in loud S&M "leather sex" on a regular basis. I learned this not from the seller or his agent, but via an email from the co-owner himself, which I received last Sunday night, after close.
The mere fact of the co-owner's sexual preference doesn't bother me in the least. But the possibility of it coming to the attention of my 10 year old son, whose bedroom was to be directly over the downstairs bedroom, enrages me.
By what measure does this not require disclosure? All parties to the sale knew I had a young boy who would be living with me. And I had expressed to my agent directly my concern over the possibility of an S&M dungeon in the common garage area, as that would be an inappropriate feature in a child's environment.
Neither the seller or his agent told me about the use and type of noise coming from the lower unit, though the co-owner writes that this was a topic of conversation several times between the seller and him.
The level of noise transmitted between the units has been an ongoing issue. In fact, renovation of the seller's unit was undertaken as recently as this year to help abate the noise: new sound proof padding and carpeting were added.
Despite the possibility that my 10 year old would be negatively affected by this noise type and unit use, this fact was kept from me during a full 6 weeks while I decided whether to purchase the condo.
I implored both realty companies to rescind the sale. They both said get a lawyer, we can't help.

While we tried to keep the details private, and encouraged others to do so as well, we can't put the genie back in the bottle for the buyer's now very public plea.

A Painful Situation For A Plugged-In Reader (And Plea For Help) [SocketSite]
No disclosure + no due diligence = New mortgage but no new home [Redfin]

Posted by socketadmin at 3:00 PM | Comments (65)

April 29, 2011

Inner Mission North Survey Says…Thirteen Historic Districts

Inner Mission North Survey Area

Next week, San Francisco's Planning Department will formally present the results of their Inner Mission North Survey to San Francisco's Historic Preservation Commission with a motion to adopt, modify or disapprove their findings.

The study area was designed "to encompass the portion of the Mission District that was directly affected by the 1906 Earthquake and Fires and that was physically rebuilt in the decades that followed the disaster" and covered the 30 square blocks generally bounded by Duboce Avenue and Market Street to the north; 20th Street to the south; Folsom Street and Shotwell Street to the east; and Dolores Street to the west.

The survey documented approximately 2,009 individual properties that are located within the survey area, and included assessments of historic/non-historic statuses for approximately 1,745 individual properties that are at least 50 years of age and that are located within the survey area.
The survey identified a total of 824 properties as eligible for listing in the California Register and/or National Register (including individually eligible properties and/or contributors to eligible historic districts). The survey also identified a total of 921 properties as not eligible for listing in the California Register and/or National Register.
The survey included identification and assessment of groupings of thematically related historic properties that appear to comprise thirteen (13) eligible historic districts.

The thirteen eligible historic districts, four of which are already in place and a number of which are refinements or replacements to districts previously adopted:

1. 16th and Valencia Streets Post-Fire Historic District
2. Capp and Howard Streets Mid-Block Fire Line Historic District
3. Guerrero Street Fire Line Historic District
4. Hidalgo Terrace Historic District
5. Inner Mission North Boulevards and Alleys Reconstruction Historic District
6. Lexington and San Carlos Streets Reconstruction Historic District
7. Mission Miracle Mile 19th to 20th Streets Historic District
8. Mission Miracle Mile at 17th Street Historic District
9. Ramona Street Historic District
10. South Van Ness Avenue-Shotwell-Folsom Streets Historic District
11. Sycamore Street Reconstruction Historic District
12. Wilhelm’s Reconstruction Bungalows Historic District
13. Woodward Street Romeo Flats Reconstruction Historic District

Inner Mission North Historic Resource Survey [sf-planning.org]

Posted by socketadmin at 4:00 PM | Comments (11)

Yes You Can, Can, Can Once Again On Broadway

1805 Broadway

Perhaps it’s simply a fat finger error, but as a plugged-in reader notes, the "Can, Can, Can" home at 1805 Broadway which was on the market in 2009 asking $4,859,900 before quickly being reduced and withdrawn and then relisted for two weeks earlier this year at $4,199,000 has returned to the MLS listed as "1801" Broadway with a $3,999,000 price.

Purchased from the Feinstein family for $3,400,000 in November of 2006 and then remodeled in 2008, the property remains available for rent asking $18,500 a month and listed a little more liberally on craigslist at 5,000 square feet with seven bedrooms as it was in 2009 as well.

The inspiration for a reader's "can, can, can" line:

1805 Broadway Kitchen

UPDATE: And as the kitchen looked circa 2006:

1805 Broadway Kitchen Before

∙ Listing: "1801" Broadway (6/6.5) 4,400 sqft - $3,999,000 [MLS]
You Can, Can, Can (And A Grand Reduction) At 1805 Broadway [SocketSite]
$18500 / 7br - Prime, Outst 7bd, 6bth Vict single family [Craigslist]

Posted by socketadmin at 12:45 PM | Comments (11)

Yes, You May (A.K.A. The Kind Of Comments We Love To Read)

An excerpt from our comment of the week on the sale of 909 Tennessee:

Can I take a moment to tell the world again how much I love this building and have since the first time I laid eyes upon it 16 years, six months five days ago? That was the day I moved into a loft I rented from Sergio Nibbi at 900 Tennessee Street with a few dollars in my pocket and a determination to make it as an aspiring entrepreneur in SF, the city of my childhood.
It was love at first sight and still sinking in that I really have the thing after wanting and hoping for it all these years.

And once again, cheers.

Wayne Prevails And Secures His Firehouse At 909 Tennessee [SocketSite]

Posted by socketadmin at 11:30 AM

Atop The Two-Unit TIC Market

1372 Union Dining

As we wrote this past October:

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.

Relisted anew in January and then reduced to $3,250,000 in February, yesterday the sale of 1372 Union closed escrow with a reported contract price of $2,700,000, 18 percent under original expectations but still $844 per square foot for the penthouse TIC in a two-unit building (i.e., with lower barriers to condo convert).

1372 Union: Eight Years Later Its Penthouse Finally Pops Up [SocketSite]
Condo Conversion 2011: Are You Feeling Lucky Punk? Well, Are You? [SocketSite]

Posted by socketadmin at 11:00 AM | Comments (6)

The United (236) States Of Easy Money And Forgiveness

236 States #1: Kitchen

As we wrote about 236 States in July 2008:

While 236 States #1 doesn’t look to be particularly large, it does look to make decent use of the space (although it’s tough to tell about storage).
And to be honest, it was simply the operable windows in the kitchen that caught our eye.

Listed for $769,700 at the time having been purchased for $558,000 with no money down in 2003, the 923 square foot condo was withdrawn from the market after three months without a sale (and a "make me move" price of $849,000 on Zillow).

Today, 236 States is back on the market listed as a short sale for $619,000 having been refinanced in 2005 with $641,000 in debt.

∙ Listing: 236 States Street #1 (2/1) - "$619,000" (short sale) [MLS]
Sometimes It’s The Small Things (In More Ways Than One) [SocketSite]

Posted by socketadmin at 10:15 AM | Comments (9)

The Power Of Four(s) And A Friendly Reminder

381 Teresita Boulevard.

Sure, 381 Teresita could use some updating. But it looks perfectly livable until you can. And it is a District 4 single-family four-bedroom for under four hundred a square foot.

And as an aside, and while it might be a cool feature, if you happen to have a hidden escape, panic or storage room in your house, don’t post pictures of it on the web.

381 Teresita Boulevard Hidden

Well, at least not if it's a feature for which remaining hidden in the future is a selling point.

∙ Listing: 381 Teresita Boulevard (4/2) 2,016 sqft - $775,000 [MLS]

Posted by socketadmin at 9:00 AM | Comments (5)

Two Years And A Cosmetic Upgrade Later For $31,000 $47,000 Less

Having been cosmetically renovated since purchased for $530,000 in February 2009, it’s not perfectly apples-to-apples. But the resale of 201 Harrison #210 closed escrow on 4/21 with a reported contract price of $483,000, down 10 percent ($47,000) for the two-bedroom Baycrest Towers condo over the past two years, not accounting for the renovation.

Two Years And A Cosmetic Upgrade Later For $31,000 Less [SocketSite]

Posted by socketadmin at 7:00 AM | Comments (7)

If You Weren’t The Winning Bidder For 2739 Larkin Six Months Ago...

2739 Larkin Interior

Listed for $1,995,000 last October, 13 days later the sale of 2739 Larkin closed escrow with a reported contract price of $2,650,000. Yes, 33 percent over asking.

It’s now six months later, and while it’s been making the rounds quietly for at least a few weeks, yesterday 2739 Larkin was officially listed for $2,695,000.

While not noted on the MLS once again, tax records report it's 2,596 square feet. We’ll let you set the odds on a repeat performance with respect to price.

∙ Listing: 2739 Larkin (3/2.75) - $2,695,000 [MLS]
A Look Inside 2739 Larkin And The Russian Hill Contemporary Market [SocketSite]

Posted by socketadmin at 7:00 AM | Comments (10)

April 28, 2011

Vintage Mid-Century Modern At 1157 Washington

1157 Washington Living

The single-family home at 1157 Washington just hit the market in Nob Hill listed for $995,000 and touting "original vintage Mid-Century detailing" with which we’ll concur.

1157 Washington Bath

And while we often object to the de-vintification of Mid-Century designs, in this case we wouldn’t, especially with respect to the bathrooms. But please don't pull that staircase.

1157 Washington Kitchen

And we'd love to see the vintage cook-top counter incorporated into a new kitchen design.

∙ Listing: 1157 Washington (2/2) 1,596 sqft - $995,000 [1157washington.com] [MLS]

Posted by socketadmin at 12:45 PM | Comments (35)

No, This Wasn't In Florida But Rather On...

1376 Florida

As we wrote in January:

In April 2007 the Inner Mission fixer at 1376 Florida sold for $700,000. Since then "fully approved plans" have been secured and "permits are ready to be issued" for rebuilding the property as two "low energy condominiums" totaling 3,000 square feet.
Returned to the market professionally priced at $850,000 early last year, reduced to $799,000, then to $749,000, and then to $649,000 before being withdrawn last October, the property has just returned to the market as a short-sale listed for "$300,000."

The sale of 1376 Florida closed escrow today with a reported contract price of $320,000. Yes, another "hot" over asking sale at a cool 54 percent ($380,000) under its 2007 price.

Plans For The Inner Mission Fixer At 1376 Florida Come Up Short [SocketSite]

Posted by socketadmin at 12:15 PM | Comments (38)

The Score Card For 2207 Scott

2207 Scott Street

The sale of 2207 Scott Street closed escrow yesterday with a reported contract price of $3,310,000. As we first wrote about the property last October:

Purchased for $3,425,000 in May 2006 with what would appear to have been "Google money," in 2008 the rear foundation at 2207 Scott Street was replaced, a three-quarter bath added, and a bit of garage space reclaimed for living.
At a permit estimated cost of $200,000, let's call it $3,625,000+ invested in the property.
Back on the market today and listed for $3,600,000, a sale at asking would appear as "appreciation" of 5% over the past four years in MLS based reports, newsletters and statistics but wouldn’t exactly be so.
Closing the day at $543.30, shares of Google are up 47% over the same timeframe.

Relisted for $3,450,000 in January, the property was in and out of contract in February and then reduced to $3,300,000 in March for an "over asking" sale according to industry stats.

Google is currently trading at $536.58 per share.

2207 Scott Versus The Underlying Shares [SocketSite]
Google Salaries And Shares Up While 2207 Scott Street Returns Down [SocketSite]

Posted by socketadmin at 11:30 AM | Comments (35)

The Price To Go With The Peek Inside 3843 22nd Street

3843 22nd Street

Two weeks ago we gave you a sneak peek inside the rather dramatic home hidden behind the original John Anderson façade at 3843 22nd Street. And while it hadn't yet been priced or listed at the time, it has now and the number is $1,799,000.

Oh, and the first open house is tonight.

Comments: A Sneak Peek Inside The Rather Dramatic 3843 22nd Street [SocketSite]

Posted by socketadmin at 10:00 AM

Wayne Prevails And Secures His Firehouse At 909 Tennessee

909 Tennessee

As Wayne wrote in February about his $1,310,000 bid for 909 Tennessee which San Francisco's acting Director of Real Estate had represented as having fallen through:

There's so much I'd like to say about the deal but I'm going to leave it for the moment that we're still in escrow, we always have been, we have not withdrawn or failed to perform in any way, we intend to close and working with the City has been a learning experience.
We still love the fire station, I still intend to close the deal and buy it but everything has been at a standstill while we all (Wayneco and the City Real Estate Dept.) waited for the BoS to vote to approve resolution # 101479. Last Tuesday, Feb 15th, they did approve a highly edited & rewritten Feb 9th version, submitted by the acting City director of Real Estate.
Now we all wait for Ed Lee to sign the approved resolution into law.
Then and only then will we have an opportunity to complete this deal and close escrow.
I'll post more when I can, I'm a quite open person about all my dealings but while the deal remains unfinished, there's really only so much I can say except that we've been working with the City since we won the auction on 23rd November to get this done and it's just taking a long time to wind through the required legislative and bureaucratic process.

We’re now happy to report that Wayne successfully closed escrow on the firehouse Tuesday afternoon. And according to the Business Times, it’s with hopes of rezoning the property for mixed use "with a restaurant on the ground floor and two residential units above."

Cheers!

909 Tennessee: High Bid (By Far) Backs Out But Expectation Remains [SocketSite]
$1,310,000 Is Bid For 909 Tennessee And The Board Says... [SocketSite]
A One Time Fire Sale To Address An Ongoing Budgetary Problem [SocketSite]

Posted by socketadmin at 8:15 AM | Comments (12)

Si, 299 Santa Paula Avenue Has Sold

299 Santa Paula Avenue

As we noted yesterday, the sale of 299 Santa Paula Avenue has closed escrow with a reported contract price of $4,400,000.

As plugged-in people might recall, the muy sweet 10,853 square foot St. Francis Wood villa had been listed for $5,900,000 in February 2009 and was briefly in contract soon thereafter at a rumored price of $5.4M followed by a few reductions and relistings.

Mi Casa Es…Muy Sweet (And Large): 299 Santa Paula Avenue [SocketSite]
Oh Santa, You Shouldn’t Have! (299 Santa Paula Avenue Cuts) [SocketSite]
299 Santa Paula Avenue: Still Muy Sweet But Now Under Cinco [SocketSite]
Ay, Caramba As 299 Santa Paula Avenue Cuts Again [SocketSite]

Posted by socketadmin at 7:30 AM | Comments (2)

April 27, 2011

A Violation Of Trust

San Francisco's Ritz-Carlton Residences (www.SocketSite.com)

As we wrote last month:

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.

Yesterday, the resale of 690 Market Street #1505 closed escrow with a reported contract price of $665,000, a 44 percent ($528,000) drop in value for the Ritz-Carlton condo since 2008. Let's just call that a violation of trust.

Trust Issues (Formerly Known As "Trust Us, It's Different Here") [SocketSite]
A Concerning Comp (And Empty Shell) At The Ritz-Carlton Residences [SocketSite]

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

Fourteen Days For 110 Freelon

110 Freelon Living

As a plugged-in reader notes, and steals a bit of our afternoon thunder, the sale of 110 Freelon closed escrow yesterday with a reported contract price of $3,320,000.

And yes, that’s $220,000 over asking and 14 days from list to close for the 4,430 square foot (not including the roof terrace) live-work loft which suggests a truly all cash offer.

Don’t forget those invitations to the housewarming. We'll bring the tunes. And a ball.

110 Freelon: Let's Get Ready To Rave [SocketSite]

Posted by socketadmin at 3:30 PM | Comments (6)

A Painful Situation For A Plugged-In Reader (And Plea For Help)

A plugged-in reader in need writes:

Where do people go who have had realtors - realtors of some prestige, paragons of real estate experience one might say - who seem to have hidden or ignored pertinent information on a property?

This is both scary and almost amusing tale of woe were it not for the all too serious consequences.
Say, for example, someone buys a condo in a two-unit building, agrees to all the conditions, then, after closing, is told by the other condo owner that other unit is an S&M, um, er, "chamber," and the building is not suitable for children to occupy because strangers visit at odd hours and they're not the sort of people who are good with children. Plus, the new owner had better seriously soundproof the unit and never, ever let the child use the shared yard, go down into the garage or help with the laundry because it's near the "guest" room. Oh, yes, and the seller knew about this, um, "lifestyle."
The seller's realtor and the purchaser's realtor claim no knowledge, "not our job to ask personal questions" sort of thing even if you did raise this exact question with your realtor, "This isn't some S&M dungeon is it?" [Editor's note: apparently a number of locked rooms below raised the question], besides, the seller has left the state and well, sorry, it's a done deal, you own it.

Please keep in mind this isn’t meant as a condemnation of an S&M lifestyle, but rather an issue of disclosure and a serious concern. And yes, we have confirmed the sale. So, if you’ve successfully negotiated a similar situation, do you think you can help a reader out?

Posted by socketadmin at 8:30 AM | Comments (76)

Designs For Salesforce's Global Headquarters Complex in Mission Bay

Salesforce.com Mission Bay Parcels

While salesforce.com has been tight-lipped about designs for their Global Headquarters Complex in Mission Bay, an RFQ for design, engineering, and consulting services to support Flad Architects and Legorreta + Legorreta (the executive and design architects) seeks those with experience designing swimming pools, water features and green roofs.

The project which is envisioned to include "offices, conference space, auditoria, retail, restaurants, structured parking for approximately 1,500 cars, public spaces/parks, and other amenities common to corporate campuses" will consist of eight main buildings, several specialty buildings, and open spaces.

Total building area will be approximately 2 million square feet and designed to accommodate eight to ten thousand employees.

Salesforce.com Acquires 14 Mission Bay Acres To Build 2 Million Feet [SocketSite]
RFQ: Salesforce.com Global Headquarters Complex – Mission Bay [sfredevelopment.org]
Mission Bay Neighborhood Block And Construction Watch [SocketSite]

Posted by socketadmin at 8:30 AM | Comments (12)

Cohen’s The Bank’s Candlestick Point Condo Closes Escrow

The bank-owned resale of the Candlestick Point two-bedroom condo that newly elected San Francisco Supervisor Malia Cohen purchased for $581,500 in December 2006 before letting the bank foreclose ("It was underwater, so I let it go...") has closed escrow with a reported contract price of $320,000, a 45 percent ($261,500) drop in value since 2006.

As previously noted, while the Chronicle reported Cohen’s January move from the condo, we reported the bank had actually foreclosed on the condo this past August, a few months before her election.

San Francisco Supervisor Cohen Walks Away From Underwater Condo [SocketSite]

Posted by socketadmin at 5:30 AM | Comments (46)


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