October 31, 2011
Inside The "Modernist-Inspired" House Atop The Cumberland Steps
Originally constructed in 1966 but since redesigned by Ogrydziak/Prillinger, the 1,692 square foot "modernist-inspired" home at 393 Cumberland has hit the market listed for $2,095,000 ($1,238 per square foot) atop the Cumberland steps.
Natural light brought in through numerous skylights, the expanse of glass sliding glass doors and abundant windows infuse this home with a radiance made more captivating by the subtle beauty of the Venetian plastered walls throughout. A sleek ribbon flame fireplace defines the minimalist living room and the dining area overlooks the dazzling views beyond.
One patio (with grill), two decks (with views), and three bedrooms (with floor plans).
∙ Listing: 393 Cumberland (3/2) 1,692 sqft - $2,095,000 [393cumberland.com]
Long Brewing Fight To Develop Off Brewster Is Back On The Boards
First proposed for development in 2006 but met with resistance, the plans to construct single family homes on three of the twelve vacant Bernal Heights lots between Brewster, Holliday and Joy Streets are back in front of the Planning Commission this week.
As proposed, the three new homes to rise between 183 and 191 Brewster will be two stories at the street and step down the lot in the rear for a total of four stories at the rear, ranging from 2,165 to 2,231 square feet and with a single curb cut and two-car garage per home.
The Bernal Heights East Slope Design Review Board continues to oppose the project, raising the following concerns and requesting a Discretionary Review:
1. Exceptional and extraordinary circumstances exist because of the unique location on an extremely steep hill with very narrow and winding Street access and inadequate infrastructure.
2. An early proposal by one owner for the twelve vacant lots on the parcel was for nine houses. CEQA should be applied to a parcel this large, even if the project before you is now piece-mealed down to three houses.
3. The impact on neighborhood character by the bulk of the buildings which will be five stories high on the east side, towering over other houses on the block.
4. The removal of street parking on Brewster Street affects houses on the block which have no street for parking.
5. The insufficient infrastructure that makes emergency vehicle-access a life-safety issue. And the proven insufficient hydrant water pressure that was apparently not upgraded when other street work was done several years ago. The City street construction project was restricted to only serving the existing houses, thus the narrow (21-feet wide) street.
Based on the Planning Department’s analysis and consultation with the Fire Department, however, the Department recommends San Francisco's Planning Commission approve the plans for the three new homes as proposed, and perhaps paving the way for others.
∙ Discretionary Review Analysis: 183-191 Brewster Street [sfplanning.org]
∙ San Francisco Planning Commission Agenda: November 3, 2011 [sf-planning.org]
Mission Bay Block 2 Watch (And Renderings)
The blacktop has been excavated and piles have been driven at 185 Channel Street between Third and Fourth Streets down in Mission Bay, also known as Block 2.
Rising on the block will be an 8-story concrete building consisting of 315 rental units, a two-story parking garage for 315 cars, and 8,000 square feet of retail along Fourth Street.
The building is expected to be construction complete by November 2013.
∙ Mission Bay Neighborhood Block And Construction Watch [SocketSite]
∙ The Future Fourth Street And Envisoned Hub Of Mission Bay [SocketSite]
October 28, 2011
The San Francisco Foreclosure Rigging Four
Amongst eight Northern California real estate investors who have pleaded guilty to rigging public foreclosure auctions are Laith Salma, Patrick Campion, Keith Goodman and Craig Lipton, all of San Francisco.
The men agreed not to bid against each other for foreclosed properties auctioned off outside the county courthouse in Redwood City and in San Francisco County. Instead, they kept the winning price low which, in turn, federal prosecutors say, damaged the real estate market and defrauded those expecting a fair marketplace.
When property is auctioned, the proceeds pay off the mortgage and debt with any remaining money going to the homeowner. Squelching competitive bids limits how much money is available for both.
The men used the U.S. mail and Federal Express to send the Trustee’s Deeds Upon Sale and other title documents to others in the conspiracy, leading to the mail fraud charges.
For their roles, the investors face up to a decade in federal prison for violating the antitrust law known as the Sherman Act and up to 30 years for conspiring to commit mail fraud, the DOJ announced yesterday.
∙ Investors guilty of rigging real estate auctions [smdailyjournal.com]
∙ FBI Looks Into Auction Bid Rigging (And Shouldn’t Have To Look Far) [SocketSite]
∙ The Full 2209 9th Avenue Scoop: Sold And...Coming Back Soon [SocketSite]
∙ 2209 9th Avenue Sports An Open Market Eight In 2011 [SocketSite]
SFMOMA Expansion Comments, Responses And Simulation
Comments and Responses to the Environmental Impact Report for the proposed SFMOMA expansion and Fire House One relocation to 935 Folsom Street have been published.
While the law firm for KSSF Enterprises (owner of the expansion adjacent W Hotel) starts "by expressing [their] support for the Project," their 17 pages of objections and concerns might suggest otherwise, at least for the project as proposed.
At the heart of KSSF’s concern, the impact of the proposed SFMOMA expansion design on views from their hotel, a subtle simulation of which they comissioned below:
∙ SFMOMA Expansion Context And 935 Folsom Street Station Design [SocketSite]
∙ SFMOMA Expansion and New Fire Station: Comments and Responses [sfplanning.org]
∙ The First Sign Of Snøhetta’s Design For SFMOMA Expansion [SocketSite]
Wiener’s Proposed Public Weiner (And Ass) Ordinance
On the agenda for San Francisco’s Board of Supervisors next week, a vote on the Supervisor Wiener’s proposed ordinance regulating public nudity in restaurants and public seating areas.
As proposed, the ordinance would amend San Francisco Police Code Section 1071.1 to:
1) prohibit public nudity in restaurants; and
2) prohibit sitting on public benches or public seating areas without clothing or some other separate material between the person's genitals, buttocks, or anal region and the seating surface.
If nothing else, it’s something to consider before you grab a parklet seat at lunch.
A 1920's Vintage With Legs
It’s a 1,760 square foot Westwood Park Tudor with some rather nice original woodwork at 825 Monterey Boulevard. And while we wouldn't oppose an updating of the vintage baths, and possibly a bit of the kitchen, please don't update the original stove.
Or better yet, do. But give us a call first. We'll come pick it up. No charge.
∙ Listing: 825 Monterey Boulevard (3/2) 1,760 sqft - $795,000 [Redfin]
October 27, 2011
Old News: 706 Mission Tower And Mexican Museum Design
You know, considering we were the first to publish a sneak peek at the circa 2011 conceptual designs for the new tower and Mexican Museum to rise at 706 Mission, you think we would have recognized those that were circa 2006. But we didn’t.
As we were quickly corrected, the design below is DOA. So if you didn't like it, good.
∙ Sneak Peek: 706 Mission Tower Design And Aronson Building Rehab [SocketSite]
∙ 706 Mission Tower (And Mexican Museum) Back In Play [SocketSite]
206 Palo Alto Returns Anew
Listed for $4,200,000 in March of last year, reduced four times thereafter, and then withdrawn from the market last asking $3,150,000, the contemporary designer('s) home at 206 Palo Alto is back on the market and asking $3,195,000 today.
∙ Listing: 206 Palo Alto (4/3.5) 4,344 sqft - $3,195,000 [206paloalto.com]
∙ The Clarendon Heights Contemporary Parade Continues: 206 Palo Alto [SocketSite]
Behind The Rebuilt 6,800 Square Foot Home At 2615 Union Street
Purchased as a rundown two-unit property with "safety hazards including the presence of mold" atop a brick foundation for $2,555,000 seventeen months ago, a rebuilt 2615 Union Street is returning to the market as a 6,800 square foot single-family home atop a concrete foundation with a "family support suite with kitchen and separate entrance" on the ground floor, seeking $7,995,000 for the whole shebang.
The stagers are scrambling to finish, the preview party is this evening from 5:30 to 7:00, and photos (including more of the Walter Hood designed rear garden featuring an "artful wood-burning pizza oven") should be coming soon.
UPDATE: A plugged-in reader adds:
The house belonged to an older guy, who lived there alone. He owned this property and at least 3 others down the street (also run down, shingle duplexes). He suddenly died, and had no wife or children, so a distant family member inherited everything.
She kept the other properties, which are rented out, but sold this one because it was beyond repair.
∙ Listing: 2615 Union Street (6/5.5) 6,800 sqft - $7,995,000 [Redfin]
Equity Markets Jump As Holders Of Greek Debt Are Jabbed
With bondholders set to "voluntarily" accept 50 percent writedowns on Greek debt, the Euro STOXX 50 jumped 5.9 percent while the S&P 500 opened the day up 2 percent. With the writedowns in place, Greece’s debt will be cut to just 120 percent of GDP by 2020.
Marked To Market (And Back Below 2001) For 12 Minerva
As we wrote this past December:
We’re not sure how a home that last sold for $669,000 in 2004 becomes a “million dollar home” other than in Realtor speak, but in terms of understanding trends we are digging the marked to market story the sale of 12 Minerva will tell (apples-to-apples-to-apples-to-apples-to-apples if you will).
Purchased for $365,000 in 1999, the four-bedroom home sold for $450,000 in 2000, then again for $550,000 in 2001 and $669,000 in August 2004. Back on the market today and asking $499,000 as a short sale.
The sale of 12 Minerva has since closed escrow with a reported contract price of $510,000, officially "over asking" according to industry stats but midway between its year 2000 and 2001 sale, 24 percent below 2004.
That being said, there was a tenant in place for the "perfect...investment property."
October 26, 2011
The New Plans And Latest Recommendations For Japantown
With the grand plans for a complete redevelopment of San Francisco’s Japan Center Mall and Peace Plaza waylaid by the economy back in 2008, a Japantown Organizing Committee has been exploring the possibility of forming a Community Land Trust (CLT) to acquire the property from 3D Investments and team with a development partner to renovate the mall, making it "more user-friendly, landscaped with plantings characteristic of Japanese gardens and [incorporating] Japanese style lighting and signage."
Assuming 3D would be willing to sell for $22,500,000 having paid $19,700,000 for the parcels in 2006, and assuming the ability to secure financing, the CLT would likely need to attract philanthropic funding/grants of between $5.1 million to $7.1 million, and raise average exisiting rents by up to 50 percent, in order to make the project "pencil."
On Thursday, Planning is scheduled to present the latest recommendations for moving forward with the redevelopment of Japantown to the Planning Commission, the plan for which plugged-in people can get a sneak peek (click any of the images to enlarge).
∙ The 4 Design Concepts For The Future Of San Francisco’s Japantown [SocketSite]
∙ Japantown’s Better Neighborhood Plan Update: Draft Acknowledged [SocketSite]
∙ Japantown Community Planning Process and Initial Recommendations [sfplanning.org]
The Well Designed Ten Foot Home On Shrader Sells
The sale of the well designed ten foot wide home at 1415 Shrader Street closed escrow yesterday with a reported contract price of $849,000 ($824 per square foot) having been purchased for $749,000 in 2004 following its construction.
∙ Inside The Ten Foot Wide Home At 1415 Shrader Street [SocketSite]
October 25, 2011
A Quick Tenant-ectomy And Attempted Flip
As we first reported when the tenant occupied single-family home at 1532 Church Street hit the market two months ago:
The list price and lack of interior photos for 1532 Church Street make a little more sense considering possession is subject to tenant rights and it's currently rented for $1,154 per month. But at $699,000, the single-family Noe home is sure to generate a fair amount of interest and most likely an eviction notice soon after its sale.
Having closed escrow with a reported contract price of $730,000 last month, the Noe home has returned to the market emptied of its carpet and tenants and listed for $895,000.
Based on the quick turn, we’re guessing cash was likely the carrot but the threat of an eviction might still have been a stick.
∙ Listing: 1532 Church Street (2/1) 1,114 sqft – $895,000 [MLS]
∙ Sure To Generate Interest (And Likely An Eviction Notice) [SocketSite]
∙ Landlord or Owner Move In Evictions [sftu.org]
By With House Rules To Effect An Eviction [SocketSite]
Over Asking (But A Lost Decade) For 65 Zircon Place
The sale of 65 Zircon Place has closed escrow just eleven days after we first featured it, selling for a reported $1,800,000. Call it a quick sale and $21,000 "over asking," but $500 under its year 2000 purchase price for the renovated four-bedroom home with big views.
∙ Zircon (Not Zirconium) Views [SocketSite]
S&P/Case-Shiller San Francisco: Prices Relatively Flat In August
According to the August 2011 S&P/Case-Shiller Home Price Index, single-family home prices in the San Francisco MSA fell a nominal 0.1% from July ’11 to August '11 but remain down 5.3% year-over-year (versus a 5.6% YoY drop in July), the eigth consecutive month of year-over-year declines and down 38.1% from a peak in May 2006.
For the broader 10-City composite (CSXR), home values increased a nominal 0.1% from July to August, down 3.5% year-over-year, down 30.9% from a June 2006 peak.
"In the August data, the good news is continued improvement in the annual rates of change in home prices. In spring and summer’s seasonally strong period for housing demand, we cautioned that monthly increases in prices had to be paired with improvement in annual rates before anyone could declare that the market might be stabilizing. With 16 of 20 cities and both Composites seeing their annual rates of change improve in August, we see a modest glimmer of hope with these data. As of August 2011, the crisis low for the 10-City Composite was back in April 2009; whereas it was a more recent March 2011 for the 20-City Composite. Both are about 3.9% above their relative lows.
"The Midwest is one region that really stands out in terms of recent relative strength. Chicago, Detroit and Minneapolis have all posted very sharp monthly increases going back to May. These markets were some of the weakest during the crisis, particularly Detroit. But as of August 2011, Detroit is the healthiest when viewed on an annual basis. It is up 2.7% versus August 2010. Prices there are still back to their 1995 levels, but the recent pickup in the US auto industry may finally be helping."
On a month-over-month basis, prices fell across the bottom and middle San Francisco MSA price tiers and were unchanged for the top. On a year-over-year basis, however, values remained down across all three tiers.
The bottom third (under $321,866 at the time of acquisition) fell 1.5% from July to August (down 8.0% YOY); the middle third fell 0.7% from July to August (down 9.6% YOY); and the top third (over $608,109 at the time of acquisition) was unchanged, down 2.3% year-over-year.
According to the Index, single-family home values for the bottom third of the market in the San Francisco MSA have dropped below June 2000 levels having fallen 59% from a peak in August 2006, the middle third remains below April 2002 levels having fallen 41% 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 a nominal 0.2% from July '11 to August '11, down 9.0% year-over-year, down 33.0% 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: Annual Rates of Change Continue to Improve [Standard & Poor's]
∙ S&P/Case-Shiller San Francisco: SFH’s Moderate, Condos Fall In July [SocketSite]
October 24, 2011
PETCO Withdraws Application To Revitalize 5411 Geary
As we wrote when we first reported the Planning Department's recommendation against allowing an Unleashed by PETCO to open at 5411 Geary Boulevard:
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.
PETCO has since withdrawn their application to renovate and reopen the long shuttered storefront at 5411 Geary. And as far as we know, no other tenant is waiting in the wings.
∙ Target On Geary, Yea! Unleashed By PETCO On Geary, Nea! [SocketSite]
No Equity? No Appraisal? No Problem!
From Bloomberg with respect to a new plan to save the housing market and economy:
U.S. regulators will let qualified homeowners refinance mortgages regardless of how much their houses have dropped in value, expanding a government effort to chip away at one of the economy’s most unyielding problems.
The Federal Housing Finance Agency will also enhance the Home Affordable Refinance Program by eliminating some fees, reducing others and waiving some risk for lenders, Edward J. DeMarco, the agency’s acting director, said today.
And the paragraph at which readers might start raising an eyebrow or two:
The changes should encourage more lenders to participate, DeMarco said. Lenders can’t be faulted for a bad appraisal, for example, because under the new program they won’t be required in most cases, he said.
∙ U.S. Plan Expands to Underwater Borrowers [Bloomberg]
The Archbishop's Old Mansion At 1000 Fulton Street Hits The Market
Thirteen bedrooms, fourteen baths, sixteen fireplaces, and one rather sweet range hood.
Over 20,000 square feet in total with an elevator serving the mansion's four floors.