November 30, 2011
SFMOMA Expansion Design: New Details, Renderings And Video
Back in May the San Francisco Museum of Modern Art (SFMOMA) revealed the rough massings and early Snøhetta design for the expansion of the museum. Today, SFMOMA released refined designs for the building as rendered above and detailed below.
The design of the interior spaces synthesizes the current Mario Botta–designed building and the new Snøhetta expansion into one seamless whole. Two main entrances (the current entrance on Third Street and a new one on Natoma Street) will lead into a central space that will serve as the public entry point to all galleries. To create an expansive, flowing space on the entry level of the museum, the original staircase will be removed from the Botta atrium.
The galleries in the existing and new buildings will be unified and total 130,000 square feet, double the current square footage. The building also introduces a façade on Howard Street that will feature a large, street-level gallery enclosed in glass on three sides, providing views of both the art in the galleries and the new public spaces. Upon opening, the Howard Street gallery will house one of the gems of the Fisher Collection, Richard Serra's masterpiece Sequence (2006). The sculpture will be visible from the outside even when the museum is closed.
On its east side, the new building will feature a sweeping façade and an entrance in an area that is currently hidden from public view and largely unused. This will be realized through the creation of a mid-block, open-air, 18-foot-wide pedestrian promenade running from Howard Street through to Natoma Street that will open a new route of public circulation through the neighborhood and bring Natoma Street, currently a dead end, to life.
Additionally, the design opens up a direct pathway between SFMOMA and the Transbay Transit Center currently under construction two blocks to the east of the museum. The public promenade will feature a series of stairs and landings terracing up to an entry court that extends from the new east entrance, providing additional public spaces.
Groundbreaking for the expansion is currently scheduled for summer 2013 with completion projected in early 2016. And a link to the aforementioned video atop the page.
∙ The First Sign Of Snøhetta’s Design For SFMOMA Expansion [SocketSite]
∙ SFMOMA Expansion, Fire Station Relocation And…Housing Project [SocketSite]
∙ SFMOMA Design: Architectural Sketches and Video [sfmoma.org]
Basilica Loft: High Ceilings And Lower Expectations On Eddy
Purchased for $599,000 in July 2005 having been "REDUCED TO SELL!" at the time, 1826 Eddy Street #203 has just returned to the market listed for "$375,000" as a short sale but without any mention of being pre-approved at that price.
The 917 square foot two-bedroom and top floor Basilica Loft condo #203 features a lot of light and a seventeen foot ceiling in the living room.
This past April, the 920 square foot two-bedroom Basilica Loft #101 sold for $418,000 having been purchased for $635,000 in July 2005 and then taken back by the bank a year ago. While on a lower floor, 1826 Eddy Street #101 features high ceilings as well.
∙ Listing: 1826 Eddy Street #203 (2/2) 917 sqft – $375,000 (short sale) [Coldwell Banker]
U.S. Pending Sales Jump In October As Did Reports Of Failed Closings
As prices tick down, the National Associations of Realtors Pending Home Sales Index jumped 10.4 percent from September to October, up 9.2 percent year over year.
Keep in mind, however, that NAR's Index reflects contracts not closings and the percentage of Realtors reporting a failed contract* nearly doubled last month, from 18 percent in September to 33 percent in October and versus 8 percent in October 2010.
In the West, the Pending Home Sales Index ticked down 0.3 percent from September to October, up 8.1 percent year-over-year.
UPDATE: The language from the National Association of Realtors last month:
Contract failures reported by NAR members jumped to 33 percent in October from 18 percent in September, and were only 8 percent a year ago, so we should be seeing stronger sales.
More accurately stated, however, the number reflects the percentage of Realtors that report having experienced a contract failure, not the percentage of contracts that have actually failed.
∙ Pending Home Sales Jump in October [realtor.org]
∙ S&P/Case-Shiller San Francisco: Prices Fell In September [SocketSite]
November 29, 2011
San Francisco Prestige Index Up 1.0% In Third Quarter, Back To 2004
The First Republic Prestige Home Index for "San Francisco" homes valued at more than $1 million and averaging $2.53 million rose 1.0 percent from the second quarter of 2011 to the third quarter of 2011, down 1.4 percent on a year-over-year basis, down 17.9 percent from a third quarter 2007 peak and equal to the third quarter of 2004.
As always, keep in mind that the "San Francisco" index includes "a cross-section of luxury homes in Alamo, Atherton, Belvedere, Danville, Healdsburg, Hillsborough, Lafayette, Los Altos, Los Gatos, Mill Valley, Moraga, Orinda, Palo Alto, Piedmont, Portola Valley, Ross, St. Helena, San Francisco, Saratoga, Sonoma, Tiburon and Woodside."
∙ First Republic Prestige Home Index: San Francisco [firstrepublic.com]
S&P/Case-Shiller San Francisco: Prices Fell In September
According to the September 2011 S&P/Case-Shiller Home Price Index, single-family home prices in the San Francisco MSA fell 1.5% from August ’11 to September '11, down 5.9% year-over-year (versus a 5.3% YoY drop in August), the ninth consecutive month of year-over-year declines and down 39.0% from a peak in May 2006.
For the broader 10-City composite (CSXR), home values fell 0.4% from August to September, down 3.3% year-over-year and down 31.2% from a June 2006 peak.
"Three cities posted new index lows in September 2011 - Atlanta, Las Vegas and Phoenix. Seventeen of the 20 cities and both Composites were down for the month. Over the last year home prices in most cities drifted lower. The plunging collapse of prices seen in 2007-2009 seems to be behind us. Any chance for a sustained recovery will probably need a stronger economy."
"Detroit and Washington DC posted positive annual rates of change and also saw an improvement in these rates compared to August. Only New York, Portland and Washington DC posted positive monthly returns versus August. It is a bit disturbing that we saw three cities post new crisis lows. For the prior three or four months, only Las Vegas was weakening each month. Now Atlanta and Phoenix have fallen to new lows too. On a monthly basis, Atlanta actually posted a record low rate of -5.9% in September over August. The markets are fairly thin, and the relative lack of closed transactions might be exacerbating the downside."
On a month-over-month basis, prices fell across all three Francisco MSA price tiers which remain down on a year-over-year basis for the tenth month in a row.
The bottom third (under $320,010 at the time of acquisition) fell 2.2% from August to September (down 9.5% YOY); the middle third fell 1.1% from August to September (down 10.1% YOY); and the top third (over $603,426 at the time of acquisition) fell 0.9% from August to September, down 3.1% year-over-year (versus down 2.3% in August).
According to the Index, single-family home values for the bottom third of the market in the San Francisco MSA have dropped below May 2000 levels having fallen 60% from a peak in August 2006, the middle third has dropped below March 2002 levels having fallen 41% from a peak in May 2006, and the top third has dropped below February 2004 levels having fallen 25% from a peak in August 2007.
Condo values in the San Francisco MSA fell 1.3% from August '11 to September '11, down 8.7% year-over-year, down 33.9% 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 Weaken as the Third Quarter Ends [Standard & Poor's]
∙ S&P/Case-Shiller San Francisco: Prices Relatively Flat In August [SocketSite]
November 28, 2011
Presenting Oscar Park (And A Chance To Provide Feedback)
Slated to bring over an acre of green and outdoor recreation space to the Transbay neighborhood, the bulk of Oscar Park will reside between Clementina and Tehama Streets, extending north and south along the new Oscar Alley.
In addition, "extensions of the park east to First Street, north to Howard Street, and south to Folsom Boulevard will provide enhanced pedestrian corridors that will facilitate pedestrian movements to and from the Terminal and Rincon Hill."
On December 8, the initial designs for Oscar Park, Essex Street, and portions of the Folsom Streetscape will be presented for community feedback from 5:30 to 7:30pm in the Yerba Buena Center for the Arts second floor conference room at 701 Mission Street.
∙ Scoop: Transbay Interactive Map (And New Transit Center Website) [SocketSite]
∙ Transbay Center Plans: Revised, Refined, And Unveiled Today [SocketSite]
Opposed To The Proposed Expansion Below Over In Noe Valley
A rendering of how the rear of 4366 26th Street over in Noe Valley currently appears above, and as it would look following a proposed expansion below.
The proposed addition would add roughly 650 square feet to the existing 1,650 three-bedroom home, which was purchased for $1,342,000 last November (and referenced by a reader earlier this year), without raising its height or increasing its official bedroom count.
Opposed by the neighbor partially rendered above based on a perceived "invasion of privacy," this week San Francisco’s Planning Commission will weigh-in on the plans for 4366 26th Street. The Planning Department recommends the addition be approved as proposed.
∙ 4366 26th Street Discretionary Review Analysis [sfplanning.org]
∙ No 2006 Repeat For 4381 26th Street In 2010 And Now Back In 2011 [SocketSite]
U.S. New Home Sales: Up 8.9% Year-Over-Year In October
The seasonally adjusted annual pace of new single-family home sales in the U.S. increased to 307,000 in October, up 1.3 percent from a revised rate of 303,000 in September and 8.9 percent above the 282,000 pace recorded in October 2010.
Preliminary U.S. new home sales (versus pace) in October were estimated to be 25,000 (give or take 8 percent), matching September’s sales and the second slowest October on record. October sales peaked in 2005 with 105,000 new homes sold.
In the West, the pace of new home sales was up 54.0 percent year-over-year to 77,000 in October, up 14.9 percent versus the month before.
Team Picked For 300-Foot Tower (And More) At Folsom And Fremont
The development team of Chicago-based Golub & Company along with affordable housing partner Mercy Housing bid the most and has been picked by the San Francisco Redevelopment Agency to develop 557 units of housing on Transbay blocks 6 and 7 between Beale and Fremont on Folsom.
The development team was one of four that responded to the city’s request for proposals last summer. In winning the agency staff nod, Golub and Mercy beat out Related Cos., Avant Housing, and Grosvenor Americas. Golub agreed to pay $30 million for the market-rate site, 36 percent more than the $22 million runner-up Related agreed to shell out. Avant proposed to pay $18.05 million. Grosvenor Americas offered $21 million. The city guidelines required that the chosen developer would have to pay a minimum of $18 million for the land.
As proposed, a 300-foot glass tower designed by One Rincon Hill designer Solomon Cordwell Buenz will rise at the corner of Folsom and Fremont with 407 units of market-rate housing and 150 affordable units designed by Santos Prescott and Associates rising in an assortment of buildings across the site.
The San Francisco Redevelopment Agency Board which still needs to approve the deal is expected to review the Agency recommendation on December 6. Construction is expected to start in 2013, assuming it's approved.
∙ Four Teams Compete For
450 557 Units On Folsom At Fremont And Beale [SocketSite]
∙ Golub, Mercy get Transbay housing nod [San Francisco Business Times]
Another Bank-Owned Sale To Believe At The Brannan
Referenced by a reader at the time we noted the listing of 229 Brannan Street #9J for $919,000 (the price at which it closed escrow this past October having sold for $1,230,000 in 2006 and $980,000 in 2004), the sale of 229 Brannan Street #3A closed escrow last week with a reported contract price of $863,000.
Taken back by the bank in May with no bidders at $933,620 in cash versus $954,000 in debt having been purchased for $1,065,000 in 2004 (19 percent more than its sale price last week), the 1,486 square foot corner unit #3A at the Brannan had been remodeled prior to being listed by the bank.
Residents As Proposed On 17th (And Perhaps A Few On 16th As Well)
While not yet approved by either Planning nor Kaiser Foundation Hospitals and Health Plan board of directors, Walden Development is in contract to sell Kaiser Permanente half of its four parcel development site between 16th and 17th Streets west of Mississippi on which to construct a medical office building. From the Business Times:
In addition to the medical office building, Walden Development, which owns four parcels along 16th and 17th streets, is seeking approval of 200 units of housing on a portion of the land. Under the proposed scenario, the site — now occupied by the office moving and storage company Corovan — would be divided into two parcels, with the Kaiser building on one portion and the residential project next door. Walden bought the four parcels in March of 2006 for $12.4 million, according to city records.
The development site is over 150,000 square feet and includes four properties: 903 16th St., 941 16th St., 1200 17th St., and 1210 17th St. Josh Smith, president of Walden Development, said the medical office building would front along 16th Street, with the residential complex built out on 17th Street.
∙ Kaiser’s next operation: Mission Bay [San Francisco Business Times]
November 23, 2011
Warm Thoughts Of A Traditional Thanksgiving Dinner (2011 Edition)
Purchased as a 1940’s two-unit building of 2,756 square feet for $1,740,000 in April 2010; torn down to the studs, expanded to 4,180 square feet and returned to the market this past October following a multi-million dollar rebuild and redesign by the Green Couch team (think custom milled crown molding, thick cut marble, and designer finishes throughout).
The sale of 2250 Washington closed escrow earlier this month with a reported contract price of $4,995,000. And no, the buyers aren’t from China (nor Europe), but they do fly a foreign flag. And as such, perhaps a turkey won’t be roasting in that kitchen tomorrow.
Regardless, here's to hoping your pantry is plentiful and your table is overflowing with family and friends. Safe travels if you are. We'll see you next week.
∙ 2250 Washington: Design [greencouch.com] | Listing [teedhaze.com]
∙ Warm Thoughts Of A Traditional Thanksgiving Dinner (2010 Edition) [SocketSite]
∙ Warm Thoughts Of A Traditional Thanksgiving Dinner (2009 Edition) [SocketSite]
∙ Warm Thoughts Of A Traditional Thanksgiving Dinner (2008 Edition) [SocketSite]
∙ Conjuring Up Warm Thoughts Of A Traditional Thanksgiving Dinner [SocketSite]
What's The Point?
Just when the financial markets seemed to have recovered from the Great Greek Debacle, the S&P 500 dropped 3.67 percent today stoked by uncertainty over Italy and the stability of the Euro as a whole.
The S&P 500 has dropped 8.93 percent since November 9 and is now down 1.60 percent year-over-year. And no, it’s not the daily moves we’re focused on, nor simply the dips, but rather potential turning points, be they bearish or bullish, and the trends.
And with respect to the IPO market and its ups and downs, let’s consider this a safe place to discuss and debate its impact on the San Francisco real estate market as we try to keep our other discussions on topic and track.
∙ Ciao? [SocketSite]
∙ Financial Markets Balk At Vote To Accept Voluntary Writedowns [SocketSite]
∙ Dow Crosses 11,000 As Market Volatility (A.K.A. Skittishness) Wanes [SocketSite]
∙ It Must Just Be Because We're "Bearish," Why Else Would We Care? [SocketSite]
155 Fifth Street Refacing, Renovation And Repurposing In The Works
The University of the Pacific has purchased the seven-story and 395,000 square foot building at 155 Fifth Street for $47 million with plans to reface, renovate and repurpose the building (five floors for university use, two floors to be leased) over the next two years.
As is currently envisioned for the building above and as currently exists below.
Psst! 865 Duncan Is Active Once Again (And Actually Available)
As we wrote at the beginning of August:
Purchased for $1,329,000 in March 2008 with $140,800 (11%) down and currently listed as "Active" on the MLS with a list price of $1,385,000, last week the Noe Valley home at 865 Duncan was taken back by the bank with no bidders willing to pay $1,152,387 in cash on the courthouse steps. Someone might want to alert the Realtors.
Two weeks later the listing for 865 Duncan was finally withdrawn from the San Francisco Multiple Listing Service (MLS). And yesterday, the "lovely and large home" at 865 Duncan returned to the MLS as bank-owned and listed for $1,295,000.
∙ Listing: 865 Duncan (4/3) 2,159 sqft - $1,295,000 [Redfin]
∙ Psst! It’s Now Bank-Owned (And The Other Is In Default) [SocketSite]
November 22, 2011
Following In The Footsteps Of A 52 Percent Drop At The Ritz-Carlton
Purchased for $2,201,500 in March 2008 on the penultimate floor atop the Ritz-Carlton Residences in San Francisco, 690 Market Street #2301 returned to the market listed for $2,299,000 eight months later.
Reduced to $2,099,000 in February 2009 and then to $1,999,999 that April, the 1,660 square foot two-bedroom was withdrawn from the market that June.
It’s now two years later and 690 Market Street #2301 has returned to the market listed for $1,350,000. Recently rented asking $6,800 per month in rent, but delivered empty at close of escrow according to the MLS, it’s not a foreclosure, nor a short-sale. And if a reader is correct, the buyer in 2008 paid cash.
We’ll note 690 Market Street #2201, the same two-bedroom a floor below, was foreclosed upon in 2010 having been purchased for $2,173,000 in 2007 by way of a $1,500,000 loan.
And having been listed for $1,326,000 last November, the resale of #2201 closed escrow this past March with a reported contract price of $1,050,000 (52 percent below 2007).
∙ Listing: 690 Market Street #2301 (2/2) 1,660 sqft - $1,350,000 [Redfin]
∙ Reductions And Returns At The Ritz-Carlton Residences (690 Market) [SocketSite]
An Inner Mission Apple To Be Atop 3236 17th Street
Living like a two-bedroom but technically a one, the top floor condo atop 3236 17th Street was purchased for $830,000 in June 2008 according to the MLS, or $820,000 according to public records. Back on the market today and touting "high-end…in the heart of the Inner Mission" and "meticulously designed," it’s apples-to-apples to be and asking $799,000.
∙ Listing: 3236 17th Street #3 (1/2) 1,273 sqft - $799,000 [Climb]
San Francisco Parklets Present And Proposed
Since early 2010, 21 Parklets and the Powell Street Promenade have sprouted up across San Francisco, a few "parkmobiles" are making the rounds, and seeds have been planted for more to grow. Speaking of which, proposals for new parklets are due by December 5, the process, application, and guidelines for which (click image to enlarge) are online.
∙ Soon To Be Sitting Pretty In A Series Of New Plazas And Parklets [SocketSite]
∙ Powell Street Promenade Making Progress [SocketSite]
∙ Bringing New Life And Portable "Parkmobile" Gardens To The YBCBD [SocketSite]
∙ Map of San Francisco Parklets [Google]
∙ Request for proposals for temporary Parklets [sfgreatstreets.org]
November 21, 2011
A Concept, Revocation And Consequences For 48 Tehama
A tenant at 543 Howard which is scheduled for foreclosure tomorrow, BAR Architects once sketched a concept for a 19-story mix-use building to rise at 48 Tehama, the approved office allocation for which was revoked for inaction, and the land for which is scheduled to hit the courthouse steps tomorrow as well by way of a second mortgage now past due.
Forget the bike storage and in-building showers, the feature of "San Francisco's First Green Office Conversion" at 543 Howard Street that caught our eye: the rooftop dog park.
Purchased for $6,600,000 in 1999, converted and refinanced in 2006 with a $17,500,000 loan to which a second mortgage for $4,500,000 was added in 2009, the roughly 23,000 square foot building at 543 Howard Street is scheduled to hit the San Francisco courthouse steps tomorrow with $18,588,582 now due on that first alone.