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July 29, 2011

Targeting Spring 2013 For Unanimously Approved City Center Target

Target’s application to open a 120,000 square foot store "offering clothing, personal accessories, household goods, including home furnishings, electronics and groceries" in the City Center development at the corner of Geary and Masonic was unanimously approved by Planning last night. The location could be open by Spring 2013.

Proposed City Center Target Design (And Full Meeting) Scoop [SocketSite]
Second San Francisco Target gets unanimous approval [Business Times]

Posted by socketadmin at 4:00 PM | Comments (10)

A Half-Million Reasons To Start A Staging Company

According to a plugged-in source, having been taken back by Bank of America and its asking price reduced to $35 million, the Penthouse atop the St. Regis is being prepped to be officially listed on the MLS by, or around, Labor Day.

At the center of its preparation, a complete staging of the penthouse’s 17,000 interior and 3,000 exterior square feet. And according to our source, the expected budget for said staging for which RFP’s have been distributed, a cool $500,000. Yes, an expected half-million dollars in staging fees alone.

And no, we’re not expecting any Sunday open houses.

Full Disclosure: The co-listing agent for the penthouse atop the San Francisco St. Regis advertises on SocketSite but provided no compensation for this post.

$70M St. Regis Penthouse Goes Back To The Bank And Drops To $35M [SocketSite]

Posted by socketadmin at 3:45 PM | Comments (10)

1124 Stanyan Returns Recapitalized, Reconfigured, And Remodeled

1124%20Stanyan%20Living.jpg

A fully remodeled 1124 Stanyan Street has just returned to the market. As plugged-in people know, the single-family home was purchased for $1,280,000 in May 2008 before being gutted, abandoned mid-remodel, and then lost to the lenders which sold the unfinished property for $1,350,000 this past September.

Asking $2,095,000 for the "classic Edwardian" which has been "configured for today's modern expectations" and listed without any square footage (versus 3,047 per its listing when purchased or 2,175 in 2008).

∙ Listing: 1124 Stanyan (3/3.5) - $2,095,000 [MLS]
Save $381,000 (If You've Got The Cash) [SocketSite]
If At First A Second Doesn’t Succeed, Try, Try Again… [SocketSite]

Posted by socketadmin at 2:00 PM | Comments (7)

$70M St. Regis Penthouse Goes Back To The Bank And Drops To $35M

188 Minna Penthouse Bath

Purchased for roughly $30,000,000 as a raw shell in 2005 by local real estate developer Victor MacFarlane, listed for $70,000,000 in 2008, and last asking $49,000,000 having finished an uberexpensive five year renovation, the 20,000 square foot penthouse atop San Francisco’s St. Regis at 188 Minna has been deeded back to Bank of America in lieu of foreclosure and is returning to the market priced at $35,000,000.

As a prescient plugged-in reader wrote in 2009: "I wonder if this place will win the prize for, "Most expensive foreclosure in the city." That would be a bingo!

Full Disclosure: The co-listing agent for the penthouse atop the San Francisco St. Regis advertises on SocketSite but provided no compensation for this post.

St. Regis Penthouse Asking $70M: Is San Francisco All Growns Up? [SocketSite]
First Peek Inside The Finished St. Regis Penthouse Atop 188 Minna [SocketSite]
Going Up: St. Regis Penthouse Construction Nearly Complete [SocketSite]
Inside The St. Regis Penthouse: The Rendering Scoop And Details [SocketSite]
St. Regis Penthouse Now $21,000,000 Off (And No, That’s Not A Typo) [SocketSite]

Posted by socketadmin at 9:30 AM | Comments (23)

July 28, 2011

Continued Discretionary Review Irony And The Revised Designs

309-311 Eureka Revised Rendering

As plugged-in people know, the Planning Commission postponed their vote on the proposed project at 309-311 Eureka in May, raising concerns about "the compatibility of the proposed new structure with the existing neighborhood character" and "the impact of the proposed project to light and air for neighbors lower down the hill to the north."

The Commission made several recommendations at the hearing to help guide the Project Sponsor in making revisions to the proposal, including:
• Consider reducing the mass of the proposed new structure at the rear in order to lessen the impact to light and air for neighbors north of the subject property along 20th Street;
• Reconfigure the roof form and façade treatment in order to make the new structure more contextual;
• Examine methods of reducing the overall height of the proposed new structure.
The Commission also asked that the Project Sponsor continue to work with the [Discretionary Review] Requestors to try to come to a compromise.
In response to the DR Requestors’ concerns, the proposed project has been significantly modified since its original proposal. One garage door has been removed, and two off‐street parking spaces are now accessible through a single garage door that measures 10’ in width. The fourth floor has been set back 15’ from the front building wall, and the overall height of the structure has been reduced. Setbacks at the north and south property lines have been added, as well as at the rear.

In addition, the proposed building has been reconfigured "using more traditional building elements such as an angled bay and sloped roof," the overall height has been lowered 14", and the overall "bulk" of the building has been reduced 25% from original plans.

In the eyes of the neighboring objectors, however, it’s not good enough.

The DR applicants regret to inform you that our efforts to reach a compromise with the Project Sponsor were unsuccessful and we were unable to reach agreement on a revised design. The DR applicants put forth 2 designs dated June 1, 2011 that addressed their concerns but the Project Sponsor rejected these designs because they were authored by the DR applicants.

309-311 Eureka: Neighbor's Proposed Alternatives

That being said, the Planning Department recommends the Planning Commission approve the Project Sponsor’s revised design as proposed this afternoon.

Once again, as the site currently appears:

311-313 Eureka

And as was previously proposed:

311 Eureka Rendering

An Architect’s Nightmare And Discretionary Review Irony [SocketSite]

Posted by socketadmin at 12:00 PM | Comments (23)

Off The Courthouse Steps But Back To 2003 For 170 Guerrero #F

Clinton Mews

As we reported in May:

One of ten Donald MacDonald designed petit townhomes that comprise the Clinton Mews urban infill development off Guerrero, 170 Guerrero Street #F was purchased for $507,000 in November 2003.
Refinanced in June of 2007 with a first for $517,500 and a second for $130,000, as of this past November the first mortgage was $43,976 past due and the home is currently scheduled to hit the courthouse steps in a month.
In the meantime, 170 Guerrero #F has been listed for $568,000 as a short sale.

Avoiding a courthouse steps sale rescheduled for tomorrow, it would appear as though the short sale of 170 Guerrero #F closed escrow yesterday with a reported contract price of $503,000 versus $507,000 in 2003 (or $647,500 in debt for which the property would have had to appraise in 2007).

On This Farm He Had A Short Sale (And Foreclosure In The Works) [SocketSite]

Posted by socketadmin at 9:15 AM | Comments (7)

A Sour Sale For The Stunning Pacific Heights Apple At 2679 California

2679 California Facade

The sale of the "beautifully remodeled" and "stunning Pacific Heights Victorian home" at 2679 California closed escrow yesterday with a reported contract price of $2,335,000.

As previously reported, the property was purchased for $3,005,000 in April 2008 having sold for $2,850,000 in 2005. Call it a 22 percent ($670,000) apple-to-apples drop in value since 2008 and 18 percent ($515,000) below 2005.

Apples To Apples To Apples At 2679 California [SocketSite]
Apples to Apples: Pacific Heights Single-Family (2679 California) [SocketSite]

Posted by socketadmin at 7:45 AM | Comments (30)

July 27, 2011

Target On Geary, Yea! Unleashed By PETCO On Geary, Nea!

5411 Geary

While the Planning Department recommends the Planning Commission approve the request to open the formula retail known as Target at 2675 Geary, the Department recommends the Commission disapprove the request to open the formula retail known as Unleashed by PETCO at 5411 Geary, the site of a former formula Walgreens.

The Department’s reasoning:

The proposed new use will not provide a development that is necessary or desirable with the surrounding neighborhood. There are a number of pet stores and services within the area, including two smaller locally-owned pet supply stores in the immediate vicinity and several others within two miles of the subject site, making the proposed use unnecessary.
The subject area has a large concentration of formula retail establishments, and adding another formula retail store will only increasing this concentration.
The neighborhood is well served by smaller locally owned pet stores and a larger destination formula retail pet supply store (Pet Food Express, on California Street near Presidio Avenue).
The proposed formula retail establishment could have a negative impact on existing neighborhood character by displacing smaller local stores that provide similar products and services.

No word on who the Department or opposing neighbors have lined up to take over the lease in place of Unleashed, a storefront that has been vacant and contributing to the character of the neighborhood as pictured above for the past five years.

Proposed City Center Target Design (And Full Meeting) Scoop [SocketSite]
Request for Conditional Use Authorization For Unleashed at 5411 Geary [sfplanning.org]

Posted by socketadmin at 11:30 AM | Comments (19)

Take Two (Or Three) In The Marina And Call Us In Another Five Years

3561 Pierce

Purchased for $1,575,000 in March of 2006, the Marina District duplex at 3561-3563 Pierce returned to the Market this past February listed for $1,650,000, it also includes a "permits unknown" garden (or garage) one-bedroom that’s rented for $1,274 per month.

Reduced seven (7) times since, and having been refinanced in 2007 with $1,456,000 in debt (versus $1,256,250 at the time of purchase), the property has been listed as a "short sale" at $1,485,000 for the past three weeks.

Keep in mind that three months ago, two months after being listed, a notice of default was filed on the property with $87,042 then past due on its $1,274,000 first (mortgage).

∙ Listing: 3561-3563 Pierce (2 x 2/1 + 1/1) - $1,485,000 (short sale) [MLS]

Posted by socketadmin at 9:00 AM | Comments (14)

A Common Question In San Francisco: How Much For The Weed?

From the Bay Citizen:

Regulators have refused to issue permits necessary for the [America's Cup] to move forward until organizers can prove the event won't significantly spread invasive seaweed through San Francisco Bay.
Concerns over exotic seaweed, including Undaria pinnatifida, a fast-growing Asian species that reaches 10 feet and poses dangers to native kelp species, prompted the San Francisco Bay Regional Water Quality Control Board on Friday to reject a 107-page permit application filed late last month by the Port of San Francisco.

But before anybody panics:

If it appears that it will be impossible to prevent the spread of the seaweed, [Watershed Division Chief Shin-Roei Lee] wrote, then the Port and America's Cup Event Authority will need to propose compensation, such as providing funds to an invasive species eradication program.

Invasive Seaweed Fears Stall America's Cup [baycitizen.org]
The 34th America's Cup Environmental Impact Report (And Issues) [SocketSite]

Posted by socketadmin at 8:00 AM | Comments (11)

July 26, 2011

Bonds, Tax-Exempt Bonds (To Fund Day's Purchase Of 601 Dolores)

601 Dolores

On the agenda for today’s Board of Supervisors meeting, a resolution approving "the issuance and sale of tax-exempt bonds by the California Municipal Finance Authority in an aggregate principal amount not to exceed $11,000,000 to finance various capital facilities owned or leased by Children's Day School."

In specific, to finance the purchase and renovation of 601 Dolores (a.k.a. the Castle on the Park), the purchase of which we first reported back in May.

Castle On The Park (601 Dolores) In Contract For $6,600,000 [SocketSite]
Sweet Jesus (So To Speak): 601 Dolores On The Market And Inside [SocketSite]

Posted by socketadmin at 1:30 PM | Comments (3)

Remodeled Apples-To-Apples On 16th Avenue (2321)

2321 16th Avenue

Listed as a "pristine, fully detached, beautifully and tastefully remodeled Spanish / Mediteranean (sic) style home in a Great Location" for $749,000 in February 2003, the Inner Parkside home at 2321 16th Avenue sold for $800,000 that April and refinanced with $860,000 in debt three years later (November 2006).

Taken back by the bank with no bidders at $675,750 cash on the courthouse steps last August, the home is back on the market and listed for $720,000 with "special financing & incentives available," ten (10) percent under 2003 on an apples-to-apples basis.

According to the selling agent-owner in 2003 when listed with 2,100 square feet, the "rooms down [are] unwarranted." According to the listing today at 1,575 square feet, there’s an "InLaw (w/ some [unwarranted] work)."

∙ Listing: 2321 16th Avenue (4/2) 1,575 sqft - $720,000 [MLS]

Posted by socketadmin at 1:00 PM | Comments (2)

U.S. New Home Sales: Up 1.6% Year-Over-Year In June

The seasonally adjusted annual pace of new single-family home sales in the U.S. fell to 312,000 in June, down 1.0 percent from a revised rate of 315,000 in April but up 1.6 percent versus the 307,000 pace recorded in June 2010.

Preliminary U.S. new home sales (versus pace) in June were estimated to be 29,000 (give or take 8 percent), one thousand lower than in April and the second lowest June on record since 1963.

In the West, the pace of new home sales was up 23.2 percent year-over-year to 69,000, down 12.7 percent versus the month before.

New Residential Sales: June 2011 [census.gov]
New Residential Sales Since 1963 [census.gov]
U.S. New Home Sales: Up 13.5% Year-Over-Year In May [SocketSite]

Posted by socketadmin at 10:45 AM | Comments (0)

May S&P/Case-Shiller San Francisco: Seasonality Or Solid Trend?

S&P/Case-Shiller Index Change: May 2011 (www.SocketSite.com)

According to the May 2011 S&P/Case-Shiller Home Price Index, single-family home prices in the San Francisco MSA increased 1.8% from April ’11 to May '11, down 38.4% from a peak in May 2006 and down 5.4% year-over-year (YOY), the fifth consecutive month of year-over-year declines but versus a 5.5% year-over-year decline as recorded in April.

For the broader 10-City composite (CSXR), home values increased a nominal 0.7% from April to May, down 32.1% from a June 2006 peak as values fell 3.6% year-over-year.

"We see some seasonal improvements with May’s data," says David M. Blitzer, Chairman of the Index Committee at S&P Indices. "This is a seasonal period of stronger demand for houses, so monthly price increases are to be expected and were seen in 16 of the 20 cities. The exceptions where prices fell were Detroit, Las Vegas and Tampa. However, 19 of 20 cities saw prices drop over the last 12 months. The concern is that much of the monthly gains are only seasonal."
"While the monthly data were encouraging, most MSAs and both Composites fared poorly in annual terms. Nineteen of the 20 MSAs and the two Composites posted negative annual growth rates in May 2011. The 10-City Composite was down 3.6% and the 20-City Composite was down 4.5% in May 2011 versus May 2010. Minneapolis posted a double-digit decline in annual rate of 11.7%. The only beacon of hope was Washington D.C. with a +1.3% annual growth rate and a +2.4% monthly increase. We have now seen two consecutive months of generally improving prices; however, we might have a long way to go before we see a real recovery. Sustained increases in home prices over several months and better annual results need to be seen before we can confirm real estate market recovery."

On a month-over-month basis, prices rose across all three price tiers in the San Francisco MSA for the first time in eleven months. On a year-over-year basis, however, values declined across all three tiers.

S&P/Case-Shiller Index San Francisco Price Tiers: May 2011 (www.SocketSite.com)

The bottom third (under $317,708 at the time of acquisition) increased 1.1% from April to May (down 6.3% YOY); the middle third increased 1.3% from April to May (down 8.6% YOY); and the top third (over $589,634 at the time of acquisition) ticked up 0.9% from April to May, down 4.5% on a year-over-year basis versus 3.9% the month before.

According to the Index, single-family home values for the bottom third of the market in the San Francisco MSA are just above May 2000 levels having fallen 59% from a peak in August 2006, the middle third is just above March 2002 levels having fallen 40% from a peak in May 2006, and the top third has returned to February 2004 levels having fallen 25% from a peak in August 2007.

Condo values in the San Francisco MSA fell 0.5% from April ’11 to May '11, down 5.4% year-over-year, down 31.6% from a December 2005 peak.

S&P/Case-Shiller Condo Price Changes: May 2011 (www.SocketSite.com

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).

S&P/Case-Shiller: April Seasonal Boost in Home Prices [Standard & Poor's]
April S&P/Case-Shiller: San Francisco Benefits From A "Seaonal" Kick [SocketSite]
May Case-Shiller: San Francisco Tiers Up But Gains Moderating Atop [SocketSite]
San Francisco’s Condo "Double Dip" Is (Or Was) Here [SocketSite]

Posted by socketadmin at 6:30 AM | Comments (21)

July 25, 2011

Apples-To-Apples-To-Apples-To-Apples 1470 Noe Closes Down

1470 Noe 2011

As we first wrote in June:

As plugged-in people know, Moises Alou paid $1,875,000 for the rebuilt house at 1470 Noe in March 2005 and sold it for $1,865,000 in January 2007. Two years after that the contemporary Noe home traded for $1,850,000 in March 2009.
And yes, 1470 Noe is now back on the market two years later and listed for $1,849,000.
Assuming a sale at asking, approximately $370,000 worth of brokerage commissions will have been generated from buying and selling 1470 Noe over the past six years (while the value of 1470 Noe itself would be $26,000 less).

The sale of 1470 Noe closed escrow on Friday with a reported contract price of $1,800,000. Make that $369,500 in commissions paid over the past six years while the value of the Noe home has fallen $75,000 (4 percent), down $50,000 (3 percent) since 2009.

Apples To Apples To Apples To Apples At 1470 Noe [SocketSite]
Another On Noe (1470 Noe Street) [SocketSite]
1470 Noe Closes For 100% Of Asking (But $25,000 Less Than In 2005) [SocketSite]
1470 Noe Steps Back Up To The Plate (And A Plugged-In Peek Inside) [SocketSite]

Posted by socketadmin at 2:45 PM | Comments (23)

The Second Of Two AIA Tour Homes Closes On Harrison

3119-3121 Harrison Street

As we reported in February:

We first stated following the construction of the two modern townhomes at 3119 and 3121 Harrison a little over three years ago. Originally expected to be finished in 2009, they were asking $2,700,000 a piece as pre-construction in late 2008. And in March 2009 one of the two (3119 Harrison) was listed for $2,370,000.
Now construction complete, the two condos have been listed anew with a bit more modern expectations as well. Now asking $1,895,000 for the 2,500 square foot three-bedroom at 3119 Harrison and $1,950,000 for the 2,645 square foot three-bedroom at 3121 Harrison.
In addition to three bedrooms, both units offer three (and one-half) bathrooms across three levels and parking for three cars side-by-side.

In June the sale of 3121 Harrison closed escrow with reported contract price of $1,750,000 ($716 per square foot). And this past Friday, the sale of 3119 Harrison closed escrow with a reported contract price of $1,650,000 ($717 per square).

And yes, they’re the "Harrison Street Residences: 1 x 2" on the upcoming AIA Home Tour.

The Threes At 3119 And 3121 Harrison Now Listed For Under Two [SocketSite]
Coming (Not So) Soon To An Empty Lot (3119 Harrison) Next Year [SocketSite]
We’ll Give You The Jump Once Again: 3119 Harrison On The Market [SocketSite]
We Gave You The Jump, Now Some New Renderings: 3119 Harrison [SocketSite]
2011 San Francisco Living: AIA Home Tours Lineup (And Challenge) [SocketSite]

Posted by socketadmin at 11:30 AM | Comments (8)

Inside An Architect’s Home And Studio At 28 Precita

28 Precita

Purchased by Architect Lisa Harvey for $700,000 in April 2000, the 3,092 square foot building with a former store on the first floor has been remodeled into a three-bedroom flat over a (architect’s) studio and work-shop with 18 13 foot ceilings below.

28 Precita: Studio

Back on the market (but not "apples-to-apples") and asking $1,225,000.

∙ Listing: 28 Precita Avenue (3/1 + studio) 3,092 sqft - $1,225,000 [28precita.com] [MLS]

Posted by socketadmin at 9:45 AM | Comments (16)

The Manhattanization Hotelization Of San Francisco

"We call it the ‘hotelization’ of San Francisco," [executive director of the San Francisco Tenants Union, Ted Gullicksen] said. "Seniors, families and low-income tenants are being pushed out. We have to fight for every affordable unit."

Conversion of Apartments to Rentals for Tourists Is Surging [nytimes.com]

Posted by socketadmin at 9:00 AM | Comments (30)

July 22, 2011

Proposed City Center Target Design (And Full Meeting) Scoop

As we first reported earlier this week, this coming Thursday the Planning Commission will hear Target’s request to open a 106,000 t0 120,000 square foot store "offering clothing, personal accessories, household goods, including home furnishings, electronics and groceries" in the City Center development at the corner of Geary and Masonic.

Target’s stated design goals for the project (click either image to enlarge):

Activate the street edges to make the building pedestrian friendly and contribute to an active street life
1. Increase the amount of street-front display windows along Masonic Ave.
2. Maintain and add display cases along the Geary elevation to create activity, visual interest and pedestrian scale.
3. Refurbish the base building materials to provide a higher quality, durable pedestrian environment.
4. Rehabilitate grade level planters and plantings along Geary Blvd.
5. Explore building-mounted, pedestrian scale lighting.
Apply elements to the facades to moderate the building’s bulky scale and give it an updated appearance
1. Add blade sign elements appropriate to the Mid-Century Modern character of the building that introduce rhythm, color and movement to the facades along Geary Blvd.
2. Add screen elements to key facade areas that provide contemporary hints of warmth, color and texture to the building.
3. Repaint the building in a new color scheme that emphasizes 1.g texture and articulation over monotonous bulk.
Create a more sustainable building
1. Update and reuse the existing building, employing recycled materials whenever possible.
2. Enhance bicycle parking and storage.
Add landscaping to soften the environment
1. Vines at existing retaining walls.
2. Add drought-tolerant plants.
3. Replace landscape in existing planters

The Planning Department recommends the Commission approve the request.

Target Prepares For Planning Vote On Geary Store Next Week [SocketSite]
YIMBY's Set Their Sights On A Target At Geary And Masonic [SocketSite]
One Word: Target. Okay, Five: Target At Geary And Masonic? [SocketSite]

Posted by socketadmin at 5:15 PM | Comments (16)

1803 Castro Returns Four Times Its 2005 Size (And Price)

Purchased for $600,000 in 2005 as a 825 square foot one-bathroom home on a 1,950 square foot lot with plans for a horizontal expansion, 1803 Castro Street has just returned to the market as a fully renovated 3,400 square foot home with four bedrooms, three and one-half baths, and a $2,600,000 price tag.

Needless to say, no "apples" here but a nice boost to the neighborhood averages to come.

∙ Listing: 1803 Castro (4/3.5) 3,400 sqft - $2,600,000 [MLS]

Posted by socketadmin at 12:30 PM | Comments (25)


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