March 30, 2012
Think You Know Noe? Now’s The Time To Tell
Purchased for $1,560,000 eight months ago, the single-family Noe Valley home at 152 Clipper Street has just returned to the market listed for $1,549,000.
While short-term holds make it difficult to recoup hefty transaction costs, they do provide a nice measure of the market, apples-to-apples style (albeit in this case, with $17,000 of permitted pest work completed in-between sales).
If you think you know Noe, now’s the time to tell. And with respect to the reason for selling, word on the street is that it’s related to work.
∙ Listing: 152 Clipper Street (3/3) 1,723 sqft - $1,560,000 [MLS]
Resolving To Suspend Foreclosure Activities In San Francisco
On the agenda for San Francisco’s Land Use and Economic Development Committee next week, a resolution "urging City and County officials and departments to protect homeowners from unlawful foreclosures; and urging City contractors and all mortgage and banking institutions, especially San Francisco-based Wells Fargo, to suspend foreclosure activities and related auctions and evictions until State and Federal measures to protect homeowners from unfair and unlawful practices and provisions for principal reductions are in place."
And yes, Supervisor Cohen who walked away from her underwater condo prior to being elected is one of the sponsors.
∙ Land Use and Economic Development Committee Agenda: 4/2/12 [sfbos.org]
∙ As Pre-Foreclosure Activity Drops, Scheduled Auctions Tick Up In SF [SocketSite]
∙ San Francisco Supervisor Cohen Walks Away From Underwater Condo [SocketSite]
14 Stories At 1415 Mission Street Back In Play
While sidelined by R&K Investments for the past two years, according to the Business Times, Martin Building Co. is in contract to purchase the site on which 165 units could rise.
∙ 1415 Mission: Existing (Parking) And As Proposed (People) [SocketSite]
∙ People Over Parking As 1415 Mission Gets A Land Use Thumbs Up [SocketSite]
∙ 1415 Mission Street Design [hellermanus.com]
∙ Martin Building Co. to buy Mission Street site [Business Times]
March 29, 2012
Is It The End Of A San Francisco Listing's Era And Poem?
It would appear as though 830 El Camino Del Mar quietly sold for $9,990,000 last month with a listing that was "withdrawn" a week its before closing and unreported on the MLS.
As plugged-in people know, the Sea Cliff home had been listed and withdrawn seventeen times without selling since 1998 and had been listed for as much as $18,000,000 in 2008.
Feel free to suggest a final stanza for a reader’s original poem. Then again, the buyer was the rather anonymous "830 CDM LLC," so perhaps there's a new poem waiting to be penned.
∙ Like The Swallows To Capistrano, 830 El Camino Del Mar Returns [SocketSite]
∙ Would You Believe Fifteen For 830 El Camino Del Mar (And Not Million) [SocketSite]
∙ Behind The Great
Wrought Iron Wooden Gate At 830 El Camino Del Mar [SocketSite]
March 28, 2012
Buyer (And DBI) Beware
Having sold for $675,000 a year ago, and with a permit to simply remodel the kitchen and bathrooms in-kind pulled since, the single-family home at 33 Fountain was gutted instead.
And while there might be plans to expand and double to size of the home, and it’s listed on the MLS with the four bedrooms and baths that don’t yet exist, keep in mind said plans and pictured new framing haven’t been submitted to Planning, much less approved.
Buyer (and DBI) beware.
∙ Listing: 33 Fountain Street - $999,900 [Redfin]
CPMC And The City Reach Agreement For Cathedral Hill Hospital Plan
With Mayor Ed Lee asking for $108 million to approve California Pacific Medical Center’s comprehensive plans, including a new medical center at Van Ness and Geary on Cathedral Hill and to rebuild St. Luke’s in the Mission, according to a statement from California Pacific CEO Warren Browner, CPMC has agreed to fund $115 million worth of affordable housing, transit and streetscape improvements in return for the city's blessing.
Assuming Planning Commission and Board of Supervisors approval, site prep for the Cathedral Hill Hospital project could commence by mid-summer.
∙ SF Mayor To CPMC: $108 Million To Approve Cathedral Hill Hospital [SocketSite]
∙ CPMC’s Long Range Development Plan Renderings And Draft EIR [SocketSite]
∙ California Pacific, Mayor Ed Lee reach agreement on Cathedral Hill [Business Times]
Amended America's Cup Host Agreement Approved
San Francisco’s Board of Supervisors unanimously approved a scaled-down development and host agreement for the 34th America’s Cup in San Francisco with warm-up races, the World Series, scheduled to begin next month in Italy and hit San Francisco on August 21.
And while the public's "America’s Cup Village" will remain at Piers 27/29, once again, development rights for Pier 29 will remain with the Port as will the cost of improvements.
We’re still waiting for a reaction from "Waterfront Watch," the group which filed a lawsuit in an attempt to block, or at least delay, any race related development, but we expect they'll be okay with the watered-down agreement.
∙ Piers 30-32 Back In Play For The America’s Cup (And Beyond) [SocketSite]
∙ San Francisco’s Last Minute Giveaways To Get The America’s Cup [SocketSite]
∙ Piers 30-32 Dropped From AC34 Development Plan, Lawsuit Filed [SocketSite]
∙ Rendering Scoop: San Francisco's Major America’s Cup Venues [SocketSite]
∙ Pier Pressure And The Price San Francisco Taxpayers Might Pay [SocketSite]
March 27, 2012
The One Rincon Hill Tower Two Timing, Design And Details Scoop
A plugged-in tipster over at One Rincon Hill delivers the design, timing and detailed scoop with respect to the second tower and One Rincon Hill Phase II:
Construction is anticipated to start approximately June 1, 2012 and be completed in an estimated 26 months. The building design, unit size and unit mix can be summarized as a 50 story version of Phase I as displayed at the scale model located in the sales office.
For the floor plans and unit layouts, Phase II will combine the two adjacent small one bedroom units at the center of the building curve above floor 25 into one two bedroom unit. The number of two bedroom units will increase and the number of one bedroom units will correspondingly be reduced. Approximately 60% of Phase II unit plans are the same as Phase I.
Significant improvements in the Phase II building will include a 3,600 square foot exercise facility and a top floor 4,000 square foot penthouse "Sky Lounge." (As comparison, current Phase I amenities include a 750 square foot exercise room and an 1,100 square foot Party Room). All amenities, including the existing swimming pool and spa deck facilities, will be available to occupants of both towers.
Phase II will be "constructed and marketed as [condominiums],” but with a plan for rentals "should the market require… with the ultimate objective of re-establishing condominium sales as the market allows."
A single Home Owners Association will include both Phase I and Phase II units. If Phase II enters the market as rentals, Principal Real Estate Investors will "become part of the existing HOA to operate and manage both buildings."
Also noted, the developer is "in discussions with Caltrans about potentially using the existing Caltrans property next to the Bay Bridge, adjacent and south of the Phase II site" as a private landscaped park for the use of One Rincon Hill.
∙ One Rincon Hill Tower Two Site Sold, Rentals Likely To Rise [SocketSite]
∙ One Rincon Hill (425 First) [SocketSite]
Returned to the market this past September listed for $2,895,000 touting "sweeping views of the GG Bridge & bay - think America's cup!," the music for the make whole game of musical chairs appears to have stopped for the three-bedroom Russian Hill home as its sale closed escrow today with a reported contract price of $2,600,000.
Call it 5 percent ($125,000) less today than ten months ago, 2 percent ($50,000) below its late 2010 sale, all on an apples-to-apples-to-apples basis.
∙ If You Weren’t The Winning Bidder For 2739 Larkin Six Months Ago... [SocketSite]
∙ The Force Remains Strong For 2739 Larkin [SocketSite]
∙ Can You Feel A Ripple In The Force? [SocketSite]
Waldo The Couch?
With the two-bedroom 301 Main Street #14D currently rented for $4,800 per month, we don’t know if it’s the $4,950 per month asking rent for a furnished one-bedroom at the Infinity, or the furnishings themselves, that elicited the "OMG" comment from a reader.
∙ To The Infinity And Beyond 2008? [SocketSite]
∙ $4950 / 1br - Fabulous Furished (sic) Pied-A-Terre @ The Infinity [craigslist.org]
Historic Humboldt Building (785 Market Street) Slips Into Default
Down the Street from the CityPlace parcels which were foreclosed upon last week, the owners of the historic Humbolt Building at 785 Market Street have slipped into default on $13.3 million interest only loan which is currently in forbearance until May first.
Designed by Meyer & O’Brien in 1905, delayed by the great quake in 1906, and completed in 1908, the Humboldt building rises 19 stories and is topped by a wedding cake dome.
According to a tipster, while expenses for the building have been rising, revenues have been declining despite the surge in demand for commercial space south of Market.
S&P/Case-Shiller San Francisco: Home/Condo Prices Drop In January
According to the January 2012 S&P/Case-Shiller Home Price Index, single-family home prices in the San Francisco MSA fell 2.5% from December 2011 to January 2012, down 5.9% year-over-year, down 42.5% from a peak in May 2006.
For the broader 10-City composite (CSXR), home values fell 0.8% from December to January, down 3.9% year-over-year, down 34.4% from a June 2006 peak.
"Despite some positive economic signs, home prices continued to drop. The 10- and 20- City Composites and eight cities – Atlanta, Chicago, Cleveland, Las Vegas, New York, Portland, Seattle and Tampa – made new lows," says David M. Blitzer, Chairman of the Index Committee at S&P Indices.
"Detroit and Phoenix, two cities that have suffered massive price declines, plus Denver, saw increasing prices versus January 2011. The 10-City Composite was down 3.9% and the 20-City was down 3.8% compared to January 2011."
"Atlanta continues to stand out in terms of recent relative weakness. It was down 2.1% over the month, and has fallen by a cumulative 19.7% over the last six months. It also posted the worst annual return, down 14.8%. Seven of the cities were down by 1.0% or more over the month."
On a month-over-month basis, prices fell across all three San Francisco price tiers and the 2.5% aggregate decline was the largest of all Metropolitan Areas in the U.S.
The bottom third (under $302,275 at the time of acquisition) fell 0.7% from December to January (down 4.5% YOY); the middle third fell 1.0% from December to January (down 5.9% YOY); and the top third (over $549,932 at the time of acquisition) fell 2.5% from December to January, down 2.6% year-over-year (versus a 1.4% in December).
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 to February 2002 levels having fallen 43% from a peak in May 2006, and the top third has dropped to November 2003 levels having fallen 28% from a peak in August 2007.
Condo values in the San Francisco MSA fell 1.5% from December '11 to January '12, down 6.9% year-over-year, down 37.9% 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).
∙ Case-Shiller: 2012 Home Prices Off to a Rocky Start [Standard & Poor's]
∙ S&P/Case-Shiller San Francisco: Homes Slip, Condos Dip In January [SocketSite]
March 26, 2012
Electrifying Mission Bay And Transbay Transit Center News
While Proposition 1A passed last week giving San Francisco hope of realizing a high-speed rail line, the hope that rail lines will be extended the 1.4 miles from the current Caltrain station at Fourth and King to the new Transbay Transit Center to rise at First and Mission might have taken a hit.
“We do not need First and Mission. I am satisfied with Fourth and Townsend,” said Judge Quentin Kopp, chairman of the High Speed Rail Authority. “We are not going to pay an extra billion-plus dollars to take the high-speed rail an extra 1.4 miles.”
The extension will have to be resolved — and funded — by The City and Caltrain, he said.
In related news, the realization of high-speed rail could help speed the electrification of Caltrain which would greatly benefit the residents of Mission Bay (think diesel noise and pollution).
Last week, a plan to spend $1.5 billion dollars to electrify Caltrain by way of a mix of bonds, tax revenue and federal grants was agreed upon and included a "pledge by Bay Area leaders to build a 1.2-mile tunnel through downtown San Francisco to connect the line to the new Transbay Terminal."
The electrification is expected to take five years and construction could commence as early as next year. Now about the potential to develop the Fourth and King Streets railyard we first mentioned a few years ago…
∙ Transbay Terminal Moves Forward, But Payments And Terms Change [SocketSite]
∙ California High-Speed Rail Peer Review Questions Plans For HSR [SocketSite]
∙ While San Francisco Might Get High-Speed Rail, Will The Transbay? [SocketSite]
∙ $1.5 billion Caltrain deal packs some big extras [SFGate]
∙ Fourth and King Railyard: Now You See It, Perhaps One Day You Won’t [SocketSite]
To The Infinity And Beyond 2008?
With a built-in media cabinet, Sub-Zero wine storage, and dry bar installed since purchased for $1,225,000 in June 2008, the resale of 301 Main Street #14D won’t be perfectly apples-to-apples, plus there’s a tenant in place paying $4,800 month-to-month.
∙ Listing: 301 Main Street #14D (2/2) - $1,275,000 [301main-14d.com]
∙ To Rent Or To Buy, That Is The Question (That Only You Can Answer) [SocketSite]
San Francisco Misses Inman’s Global Homebuyers Hot Spot Cut
According to the National Association of Realtors, Canadians accounted for 23 percent of foreign buyers of U.S. real estate with Chinese accounting for the second highest share at 9 percent. And while Miami, Manhattan, Honolulu, and Las Vegas cracked the top ten most popular areas in which the foreign buyers are buying according to an Inman News report, San Francisco did not which shouldn’t come as a surprise to those who are plugged-in.
∙ 10 Hot Spots for Global Homebuyers [Inman]
∙ Recap: What’s The Scoop On Foreign Investment In San Francisco? [SocketSite]
∙ What’s The Scoop On Foreign Investment In San Francisco? [SocketSite]
The Super Confidential Sale Price And Raw Scoop For 2701 Broadway
Having originally been listed for $32,000,000 this past September and withdrawn from the MLS in January having been reduced to $28,500,000, the sale of 2701 Broadway closed escrow on the last day of February without a reported contract price.
The "super confidential" sale price, according to a plugged-in tipster, however, has since been recorded at $27,000,000.
The buyers of the 16,000 square foot Gold Coast corner home? Nope, it’s not a Pincus nor another web wunderkind, but rather local celebrity chef Roxanne Klein and her old-school entrepreneur turned new-school environmentalist husband who once toured with The Dead.
∙ 2701 Broadway: Despite The SFPD A Plugged-In Reader Reports [SocketSite]
∙ 2563 Divisadero (AKA 2701 Broadway) Coming Soon? [SocketSite]
March 23, 2012
CityPlace Parcels Lost To Foreclosure
As a plugged-in reader reports, the Market Street parcels upon which the approved CityPlace development was to be built between Fifth and Sixth Streets were just foreclosed upon and taken back by the bank.
∙ Comments: CityPlace Parcels Rescheduled For Foreclosure [SocketSite]
∙ CityPlace EIR
Approved Appealed Approved! [SocketSite]
∙ CityPlace Parcels Along Market Scheduled For Foreclosure This Week [SocketSite]
∙ Details To Augment Designs For "CityPlace" (935-965 Market Street) [SocketSite]
Posted by socketadmin at 3:00 PM
Remodeling Shock And Awe
Designed by Edward E. Young and built upon a double Forrest Hill lot in 1933, much of the then Tudor home at 255 Magellan was remodeled in the early 90’s and the interior now features a limestone and marble atrium that’s rather "awe inspiring" indeed.
And there's now a master bath that’s feeling as Arabian or Italian as it is "Art Deco."
∙ Listing: 255 Magellan Ave (5/5.5) - $3,295,000 [Redfin]
San Francisco County Employment Up By 2,100 In February
Preliminary February labor force data counts for San Francisco, Marin and San Mateo counties pegs the unemployment rates at 8.1%, 6.6% and 7.3% respectively, unchanged in San Francisco and Marin, up 0.1 point in San Mateo.
On a revised basis, while the number of unemployed in San Francisco ticked up by 100 in February (from 37,600 to 37,700), the labor force increased by 2,200 (from 466,100 to 468,300) and the number of employed increased by 2,100 (from 428,500 to 430,600).
Overall unadjusted California unemployment increased to 11.4% as the labor force increased by 85,400 workers and the ranks of the unemployed increased by 19,800.
Planning Approves 8 Washington Street Development As Proposed
San Francisco’s Planning commission has approved the Environmental Impact Report (EIR) for the proposed 8 Washington development and voted in favor of increasing spot height limits, from 84 feet up to 136 feet, and permitting the subsequent shadows that would be cast over Sue Bierman Park in order for the project to be constructed as proposed.
Next up for the four to twelve story development that would yield 145 dwelling units, 20,000 square feet of ground-floor retail, 400 off-street parking spaces, and a new health club: San Francisco’s Board of Supervisors and the Port Commission.
And then, of course, will come the lawsuits and appeals.
∙ 8 Washington: Special Meeting And Votes To Approve This Week [SocketSite]
∙ Tennis Anyone? No Longer At 8 Washington As Now Proposed... [SocketSite]
∙ 8 Washington: A Chance To Hear And Be Heard This Afternoon [SocketSite]
∙ SWL 351 And The Proposed 8 Washington Street Project: Port Hearing [SocketSite]