September 30, 2011
Gone (And Going) Up At 47 Clarendon
Oh, and not only views, but a glass elevator from which to enjoy them.
As the site looked before:
Renovation Of 680/690 Folsom Slated To Get Going This November
We first showcased the proposed redesign of 680/690 Folsom back in 2008. In 2010, an equity partner in the project deeded their interest in the building back to Wells Fargo but has since been replaced by Rockwood Capital. And now, TMG Partners is expected to start the $87 million renovation of 680/690 Folsom in two months.
The renovated building will yield 505,000 square feet of commercial space and a new public plaza on the corner of Folsom and Third streets, "where there eventually will be a new 15,000-square-foot retail or cultural building constructed" (see rendering above).
∙ Wet Weekend Special (And Scoop): The Designs For 680/690 Folsom [SocketSite]
∙ Additional Details To Go With The Glassy Design: 680/690 Folsom [SocketSite]
∙ The Latest Design For 680/690 Folsom: Back To The Bank [SocketSite]
∙ TMG ready to roll on $87M project [San Francisco Business Times]
September 28, 2011
Loan Limits Set To Fall From $729,750 To $625,000 In San Francisco
While industry groups furiously lobby, it’s now t-minus two weeks until the super/jumbo conforming loan limits that provide for federally backed mortgages up to $729,750 in high cost areas like San Francisco are set to expire on September 30.
As we first reported two weeks ago, it would appear as though Obama’s administration has changed its position and would now support a two-year extension despite the Treasury Department’s recommendation to let the limits reset lower.
Co-sponsored by California Senator Diane Feinstein, the Homeownership Affordability Act of 2011 which would extend the higher loan limits through the end of 2013 has been referred to the Committee on Banking, Housing, and Urban Affairs but hasn't made much progress since being introduced at the beginning of August.
With two days to go, we’re calling it 99 percent certain that super conforming loan limits are dead in the water and the upper limit for qualifying loans in San Francisco will officially drop from $729,750 to $625,500, having effectively been in place for a month.
While we don’t expect the change to have a radical impact on the market, we do expect to see an impact on liquidity and values in the $650,000 to million dollar segment due to potentially higher down payment requirements and rates.
∙ T-Minus Two Weeks Until Higher Loan Limits Set To Expire [SocketSite]
∙ If Lowering Rates Isn’t Working, Perhaps Increasing Limits Will [SocketSite]
∙ Conforming Loan Limit Extension Gains Obama's Support [SocketSite]
∙ Homeownership Affordability Act of 2011 [loc.gov]
Before, After And "Appreciation" At (Or At Least For) The Heublein
Purchased for $1,330,000 in October 2007, the 1,866 square foot Heublein Building (601 4th Street) loft number 322 has since been extensively remodeled. The kitchen before:
The kitchen after complete with new vent:
The two-bedroom is now back on the market in 2011 and asking $1,450,000 ($777 per square foot). The sale will likely contribute to price "appreciation" when it comes to industry stats, but as plugged-in people know, it won’t be apples to apples.
And yes, do watch your step when navigating the new designer stairs (click to enlarge):
UPDATE: As a plugged-in reader alludes, the current owner of the loft appeared on "The Apprentice 2," at least for the first six episodes.
The "$2.8 Million Dream Home" On Mountain Spring Drops To $2.5M
As the new agent for 65 Mountain Spring Avenue wrote when the property returned to the market earlier this month listed for $2,675,000 having been listed by the sellers who are brokers themselves for as much as $3,950,000 in June 2010:
Many, many [sellers] with homes on the market over the past 2-3 years have been surprised by the values of their homes. Having previously appraised near the former asking price, the market has now changed.
It has changed indeed. And late yesterday, the list price for the Clarendon Heights home was reduced $180,000, now asking $2,495,000 for the "$2.8 million" dream house.
∙ Listing: 65 Mountain Spring (4/3) 3,513 sqft - $2,495,000 [65mountainspringave.com]
∙ A Regularly Recurring Dream [SocketSite]
∙ San Francisco Dreaming At 65 Mountain Spring Avenue [SocketSite]
September 27, 2011
The Renderings For What’s Rising At 1150 Ocean Avenue
∙ From Auto Parts To Whole Foods (And Apartments) On Ocean Avenue [SocketSite]
∙ 1150 Ocean Avenue Prepares To Break Ground [SocketSite]
∙ Ocean Avenue [Pyatok Architects]
A Year Later, 350 Eureka Returns With Plans For Much More
We typically won’t feature a property as an "apple" once it’s in contract or has already closed escrow as it promotes a selection bias, but we do like year-over-year data. And two weeks ago a tipster did suggest we keep an eye on this one.
Purchased for $1,403,500 in August 2010, a permit to convert the attic at 350 Eureka into a master suite, renovate the kitchen, add a new garage out front and expand out back has since been filed and plans have been drawn up, but the property returned to the market two weeks ago prior to any of the proposed work.
Listed for $1,495,000 on September 8, the Eureka Valley home went into contract on September 23 but contingencies have yet to be waived. We'll keep you plugged in.
UPDATE (9/28): A plugged-in tipster reports: "This property is now out of contract. Apparently, the potential buyers could not afford the renovations and secure financing."
∙ Listing: 350 Eureka (4/2) 1,720 - $1,495,000 [MLS]
S&P/Case-Shiller San Francisco: SFH’s Moderate, Condos Fall In July
According to the July 2011 S&P/Case-Shiller Home Price Index, single-family home prices in the San Francisco MSA increased a nominal 0.3% from June ’11 to July '11 but remain down 5.6% year-over-year (YOY), the seventh consecutive month of year-over-year declines, down 38.1% from a peak in May 2006.
For the broader 10-City composite (CSXR), home values increased 0.9% from June to July but remain down 3.7% year-over-year, down 31.0% from a June 2006 peak.
"With July’s data we are seeing not only anticipated monthly increases, but some fairly broad improvement in the annual rates of change in home prices," says David M. Blitzer, Chairman of the Index Committee at S&P Indices. "This is still a seasonal period of stronger demand for houses, so monthly price increases are expected and were seen in 17 of the 20 cities. The exceptions were Las Vegas and Phoenix where prices fell, while Denver was flat. The better news is that 14 of 20 cities and both Composites saw their annual rates of change improve in July."
"While we have now seen four consecutive months of generally increasing prices, we do know that we are still far from a sustained recovery. Eighteen of the 20 cities and both Composites are showing that home prices are still below where they were a year ago. The 10-City Composite is down 3.7% and the 20-City is down 4.1% compared to July 2010. Continued increases in home prices through the end of the year and better annual results must materialize before we can confirm a housing market recovery."
On a month-over-month basis, prices rose across the top and bottom San Francisco MSA price tiers, falling in the middle. On a year-over-year basis, however, values remained down across all three tiers.
The bottom third (under $319,938 at the time of acquisition) increased 0.8% from June to July (down 7.9% YOY); the middle third fell 1.0% from June to July (down 10.1% YOY); and the top third (over $601,361 at the time of acquisition) ticked up 0.5% from June to July but remains down 2.9% year-over-year.
According to the Index, single-family home values for the bottom third of the market in the San Francisco MSA have returned to June 2000 levels having fallen 59% from a peak in August 2006, the middle third remains just below April 2002 levels having fallen 40% from a peak in May 2006, and the top third remains at February 2004 levels having fallen 25% from a peak in August 2007.
Condo values in the San Francisco MSA fell 1.1% from June '11 to July '11, down 9.4% year-over-year versus a 6.8% YoY drop in July, down 32.9% from a December 2005 peak.
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: Home Prices Continue to Show Seasonal Strength [Standard & Poor's]
∙ S&P/Case-Shiller San Francisco: SFH’s Tick Up, Condos Down In June [SocketSite]
September 26, 2011
Inside The Ten Foot Wide Home At 1415 Shrader Street
Speaking of interesting homes on Shrader Street (but not of Russian stripper stalkers), a plugged-in tipster reports having walked through 1415 Shrader which was designed by Ira Kurlander and built on a ten foot wide lot over in Cole Valley:
It feels like a very well designed cruise ship suite. This is one that you really have to see in the "flesh" as the pictures make it look very cramped. It's actually very spacious inside considering...
On the market listed for $849,000 in 2011 with 1,030 square feet and having been purchased for $749,000 in 2004 following its construction.
∙ Listing: 1415 Shrader Street (1/1) 1,030 sqft - $849,000 [1415shrader.com] [MLS]
∙ The Shrader Street Home From Which Mark Pincus Was Driven [SocketSite]
Modern Living At 145 Magnolia In The Marina
The site was purchased for $466,000 in 1998 and by 2000 a four-story and light-filled 3,400 square foot property had risen at 145 Magnolia. It sold for $2,800,000 that July.
It's now eleven years later and the Marina property is back on the market listed for $3,250,000. And it's still looking rather contemporary both within and without.
U.S. New Home Sales: Up 6.1% Year-Over-Year In August
The seasonally adjusted annual pace of new single-family home sales in the U.S. fell to 295,000 in August, down 2.3 percent from a revised rate of 302,000 in July but up 6.1 percent versus the 278,000 pace recorded in August 2010.
Preliminary U.S. new home sales (versus pace) in August were estimated to be 26,000 (give or take 8 percent), two thousand lower than in July and the second slowest August on record. August sales peaked in 2005 with 110,000 new homes sold.
In the West, the pace of new home sales was down 10.6 percent year-over-year to 66,000, down 6.3 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 6.8% Year-Over-Year In July [SocketSite]
The Confidential Sale Price For 2840 Broadway On Billionaire’s Row
As we first reported earlier this month, the sale of 2840 Broadway quietly closed escrow in August, selling to a couple from the 'hood and not to Larry Ellison as was misreported and then widely republished.
While the deed for 2840 Broadway was recorded with a "confidential" sale price and its transfer tax was hidden, tax records have caught up with the sale and suggest the property was purchased for $33,000,000.
While the sale price wasn't unsubstantial for the 17,000 square foot Pacific Heights property, it was $7,000,000 below the supposed $40,000,000 that Ellison never paid.
∙ 2840 Broadway Quietly Sells On Billionaire's Row (And Not To Ellison) [SocketSite]
∙ Another Big Billionaire's Row Home Coming Soon: 2840 Broadway [SocketSite]
∙ Ellison Report Kicked To The Curb [SocketSite]
September 23, 2011
The Shrader Street Home From Which Mark Pincus Was Driven
Following a few run-ins with a Russian stripper stalker at their Shrader Street home, Mark Pincus and family recently moved to a more secure building within San Francisco. Today, the Pincus owned 1572 Shrader Street officially hit the market listed for $2,189,000.
According to public records, Mark Pincus paid $2,850,000 for the contemporarily remodeled home hidden behind a modest facade in the heights of Cole Valley back in 2005.
∙ Listing: 1572 Shrader Street (3/3) 2,875 sqft - $2,189,000 [1572shrader.com] [MLS]
∙ Billionaire Mark Pincus's Alleged Stripper Stalker [businessinsider.com]
∙ Mark Pincus [wikipedia.org]
The Master’s Sweet Suite Within 1333 Jones #705
The master suite within #705 at the Comstock (1333 Jones) sports a big San Francisco view, a designer bath (or at least shower), and a rather master worthy closet.
Unfortunately the guest bath didn’t get the same designer makeover as the rest of the unit. But if you were our guest, we'd say help yourself to a few of the 300 bottles in the built-in cooler and spend your time soaking up...
Purchased for $2,400,000 in September 2007, the Comstock two-bedroom is back on the market listed for $2,349,000 four years later. As plugged-in people know, the unit two floors below sold for $2,000,000 in 2010 but wasn’t nearly as well "designed."
∙ Listing: 1333 Jones #705 (2/2) - $2,349,000 [MLS]
∙ A Comstock (1333 Jones) View Comp Closes A Little Bit Down [SocketSite]
San Francisco's "Wall Street Wrecking Ball" Report And Rally
At 12:30 this afternoon, Assessor-Recorder Phil Ting along with Supervisors Avalos, Cohen and Mirkarimi will gather at City Hall to address the "Wall Street Wrecking Ball" report for San Francisco, "uniting behind solutions to help homeowners facing foreclosure and City Hall deal with the economic and budget impact of the mortgage crisis."
The Supervisors and Assessor-Recorder will be joined by leaders of the Alliance of Californians for Community Empowerment (ACCE) and California Reinvestment Coalition (CRC) which are publishing the new findings, as well as foreclosure victims from Bayview-Hunter’s Point and Ingleside-Excelsior who will detail their individual accounts of how foreclosures are wreaking havoc on our families and neighborhoods.
No word on whether or not Supervisor Cohen plans to detail her account of walking away from the condo she purchased with no money down in 2006, leaving "Wall Street" to absorb her $261,500 loss.
∙ The Wall Street Wrecking Ball: San Francisco Report [calorganize.org]
∙ Scheduled Auctions Flat As Pre-Foreclosure Activity Ticks Down [SocketSite]
∙ San Francisco Supervisor Cohen Walks Away From Underwater Condo [SocketSite]
Cohen’s The Bank’s Candlestick Point Condo Closes Escrow [SocketSite]
The Jeremy Kotas Re-Designed 123 Laidley Is Listed Anew
Listed for $1,700,000 in late 2008 before being withdrawn from the market and offered for rent at $5,550 per month in 2009, the Jeremy Kotas re-designed home at 123 Laidley has just returned to the market listed for $1,499,000 with possession at close of escrow.
The Glen Park property was purchased from Kotas for $1,042,500 in 2003.
∙ Listing: 123 Laidley (4/2.5) - $1,499,000 [MLS]
∙ 123 Laidley (To Which Jeremy Kotas Added A Bit Of Height And Flair) [SocketSite]
∙ 123 Laidley: Same Sales Flair Now Available For Rent (And Analysis) [SocketSite]
September 22, 2011
3340 Market Returns As A Contemporary Apple To Be
Constructed in 1938 but then completely rebuilt in 2009, the 3,096 square foot home at 3340 Market sold for $2,275,000 that August having originally been listed for $2,575,000.
It’s now two years later and the contemporary home with Miele in the kitchen, big views, and three decks (including one on the roof plumbed for an outdoor kitchen) is back on the market and listed for $2,485,000, apples-to-apples style.
∙ Listing: 3340 Market (3/3.5) 3,096 sqft - $2,485,000 [MLS]
Can You Feel A Ripple In The Force?
As we wrote in April:
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.
As we then added this past June:
Yesterday, the sale of 2739 Larkin closed escrow with a reported contract price of $2,725,000, up 3 percent over the past seven months on an apples-to-apples basis.
And yes, the seller last year was a Lucas.
It’s now just three months later and 2739 Larkin has been listed once again as a "2nd chance" (or more accurately third), this time asking $2,895,000.
∙ Listing: 2739 Larkin (3/2.75) - $2,895,000 [MLS]
∙ If You Weren’t The Winning Bidder For 2739 Larkin Six Months Ago... [SocketSite]
∙ The Force Remains Strong For 2739 Larkin [SocketSite]
The Miraloma Apple At 99 Marietta Finally Falls Into Our Cart
Speaking of single-family homes for sale up in Miraloma Park, when we last checked in on 99 Marietta the four-bedroom home had returned to the MLS as short sale listed for $685,500 having fallen out of contract when previously listed for $612,500.
Once again, the 1,966 square foot home was purchased for $850,000 in September 2005 with a rather reasonable 20 percent down and a $680,000 variable rate loan. Not previously mentioned, in February 2007 the property was refinanced with a first for $750,000 and a second for $149,000 (for which the property would have had to appraise).
A few minutes ago the list price for 99 Marietta was reduced to $675,000. At the same time, the property is currently scheduled to hit the courthouse steps on March 18 with $41,355 past due on Washington Mutual’s first (as previously noted by a reader).
The courthouse sale was cancelled. And yesterday, the non-foreclosure sale of 99 Marietta Drive closed escrow with a reported contract price of $650,000, twenty-four (24) percent or $200,000 below its sale price in 2005.
∙ The Courthouse Clock Is Ticking For 99 Marietta Up In Miraloma [SocketSite]
∙ A Modern Miraloma Apple Returns At 801 Teresita Boulevard [SocketSite]
∙ 99 Marietta Comes Up Short (For The Sellers) In Miraloma [SocketSite]
September 21, 2011
The Parking Is Of "Primary Concern" On Peralta
As is now proposed, two single-family homes will rise on the lot spanning 54-60 Peralta.
As originally proposed, two two-unit buildings with a total of 1,495 additional square feet of living space (and an extra floor at 60 Peralta) would have risen, but the plans were opposed by both neighbors and the Bernal Heights East Slope Design Review Board.
The Design Review Board’s primary concern: a lack of adequate off-street parking for four units which "is an important provision for reducing [a] project’s reliance on neighborhood parking." Based on the unit downsizing the Board no longer formally opposes the project.
The neighbors, however, continue to object to the project and question the functionality of the turntable driven four-car garage to be shared by the two homes as proposed.
On Thursday, San Francisco's Planning Commission will hear the neighbors’ objections in the form of a formal Discretionary Review request, the Planning Department recommends the request is ignored and the project be approved.
∙ Requests for Discretionary Review: 54-60 Peralta Street [sfplanning.org]