April 30, 2012
Is Bruce Lee's Birthplace Historic Or Soon To Be History?
As plugged-in people know, the Chinese Hospital plans to raze their 29,793 square foot building at 835 Jackson and build a 101,545 square foot hospital in its place, a plan which will be presented to San Francisco’s Historic Preservation Commission this week.
Yes, Bruce Lee was born in the building. And no, still no word from the Mayor’s office with respect to any demands for approving the needed project.
∙ The Chinese Hospital's Plans, Will The Mayor Make Demands? [SocketSite]
∙ CPMC And The City Reach Agreement For Cathedral Hill Hospital Plan [SocketSite]
After 480 Days On The Market, A Boutique Soma Buyer Is Found
Picked-up as 2,275 square feet of industrial "flex space" for $820,000 in 2009, in 2010 the bathroom at 765 Clementina was enlarged and remodeled, the kitchen updated, and radiant heating was installed at an estimated cost of $50,000 per the permits.
Repositioned as a "boutique Soma residence," the property returned to the market 480 days ago listed for $1,200,000. Today, the sale of 765 Clementina closed escrow with a reported contract price of $940,000.
∙ 765 Clementina Returns As A "Boutique SoMa Residence" [SocketSite]
17 Costa Sales Away Having Hit A 2005/2006 Bernal Reef
As we reported with respect to 17 Costa six months ago:
Listed for $599,000 in July 2005, and having been purchased for $319,000 four years before, the 900 square foot cottage with an unwarranted bedroom in the garage of 17 Costa sold for $645,000 that August.
A year later the property appears to have traded for $641,000 in 2006. And in July of 2010 the Bernal Heights home returned to the market priced at $699,000.
Withdrawn from the market after four months and two price reductions (last listed for $649,000), 17 Costa has now returned to the market as a "short sale" for $399,000 but missing any reference to being pre-approved, a sale at which would represent a 38 percent ($242,000) haircut from both 2005 and 2006.
With permits for expansion approved in 2003 then cancelled in 2004, but not before the foundation was poured, the sale of 17 Costa closed escrow on Friday with a reported contract price of $439,000, roughly 30 percent below its sale price in both 2005 and 2006.
∙ A Few Steps Back For 17 Costa Over In Bernal [SocketSite]
Apples-To-Apples And Two Years Later At The Artani
While the Artani sales office still has around ten unsold units left to sell over at 818 Van Ness Avenue, #203 has returned to the market as a resale and two-year apple to be.
Purchased for $549,000 in June of 2010, the 781 square foot one-bedroom has been on the market for a week seeking the same.
The sale of 818 Van Ness Avenue #203 closed escrow on Friday with a reported contract price of $579,000 ($741 per square foot), up 5.5 percent over the past two years on an apples-to-apples basis.
∙ A Two-Year Artani (818 Van Ness Avenue) Apple To Be [SocketSite]
∙ The Artani (818 Van Ness) Opens And A Plugged-In Reader Reports [SocketSite]
∙ Artani (818 Van Ness) Inventory Starts To Return As Expected [SocketSite]
April 27, 2012
Inside The Rather Spectacular Spanish Colonial Home At 740 Church
Constructed in 1936, the rather spectacular Spanish Colonial home at 740 Church Street began a meticulous two-year renovation and remodeling in 2003, finished with Venetian-plastered walls, hand crafted doors, and hand-hewn wood beamed ceilings.
Prominently positioned overlooking Dolores Park, there’s a sun soaked rear courtyard and an adjacent 2,501 square foot vacant lot on Cumberland that’s included in the sale.
And yes, we said spectacular.
∙ Listing: 740 Church Street (6/6.5) - $5,250,000 [nealwardproperties.com]
Approved But Still Seeking Financing To Start Construction On Sixth
Citing an inability to secure financing, next week the sponsors of the 5-story building that was approved to rise at 345 6th Street will seek an extension to start construction on the 36 dwelling units over ground floor retail by January, 2014.
San Francisco Employment Trends And Dot-Com Context
As we first reported a week ago, roughly 20,000 workers have joined the workforce in San Francisco over the past year with total employment at 432,600 and an unemployment rate of 8.1 percent. For context with respect to our last boom, employment in San Francisco peaked at 465,500 in December 2000 with an unemployment rate at 3.0 percent.
Including Marin and San Mateo, total employment is currently 919,000 with an unemployment rate of 7.7 percent, up 31,000 jobs year-over-year but versus a peak of 1,000,600 in December 2000 when the unemployment rate totaled 2.6 percent.
∙ San Francisco Employment Up By 2,000 In March, Up 20,000 YOY [SocketSite]
To Rent, Buy, Or Invest At The Palms By The Numbers (Not The Heart)
Purchased for $760,000 in late 2006, the two-bedroom number 606 at 555 4th Street (The Palms) is currently rented for $3,200 a month, a rent which will increase to $3,500 on Tuesday according to the owner.
On the market listed for $699,000, monthly HOA dues are $544 and the property tax rate is currently 1.17%. We’ll let you run the numbers in terms of rent versus buy or as an investment (for which we calculate a CAP Rate under 4 percent).
∙ Listing: 555 4th Street #606 (2/2) 1,031 sqft - $699,000 [Redfin]
∙ San Francisco Property Tax Rate Set To Increase 0.67 Percent [SocketSite]
∙ To Rent Or To Buy, That Is The Question (That Only You Can Answer) [SocketSite]
April 26, 2012
100 Van Ness Repurposed, Redesigned And Rendered
In the background of the aerial rendering for the proposed tower to rise at One Van Ness, the existing 400 foot building at 100 Van Ness lurks.
As proposed and rendered above and below, however, the old AAA headquarters will be re-skinned and re-purposed as a 399-unit apartment building with ground floor retail, 118 parking spaces, and a 12,000 square foot rooftop resident’s playground above.
Features of the proposed 29th floor roof deck (click image to enlarge) include fire pits, lounges, a dog walk, a hot tub, lawn, plants and trees.
And yes, there's a good reason why apartment buildings are currently all the rage.
∙ An All-Star Architect's Design For The All Star Site At One Van Ness [SocketSite]
∙ AAA Complex At Van Ness And Hayes About To Get A Jump Start [SocketSite]
∙ Surprised By A Spike In San Francisco Rents? There's No Excuse. [Socketsite]
Surprised By A Spike In San Francisco Rents? There's No Excuse.
According to RealFacts, the average asking price for a rental in large apartment buildings in San Francisco increased almost 16 percent from the first quarter of 2011 to the first quarter of 2012.
Keep in mind that RealFacts’s figures are based on surveys of professionally managed apartment complexes with 50 or more units, which aren't necessarily the norm in San Francisco, and reflect asking rather than effective rents after incentives.
∙ Tech Job Quote Triptych [SocketSite]
∙ San Francisco Rents Up 9 Percent As Vacancy Rate Drops To 3.2 [SocketSite]
An All-Star Architect's Design For An All Star Site At One Van Ness
From John King with respect to the Richard Meier & Partners designed 34-story residential tower that’s on the boards to rise near the corner of Market and Van Ness, possibly replacing the squat building in which the All Star Café currently resides:
What's unusual here is the proposed tower's un-Meier surface and shape: a tall tapered cone wrapped in what now is mullion-free glass, broken only by two slits from base to sky that would emphasize the sleek height and make the glass "appear veil-like," Meier said in a phone interview. His signature white-metal panels would appear only at the base. There, glass gives way to three stories that are unmistakably modern, yet in scale with the best nearby buildings.
According to Meier, the soft slender form is a response to the triangular site wedged between Market and Oak streets. "It's a rare opportunity to have a building relaxed, but open on all sides," he said. "There's really space around it."
Tentatively dubbed "One Van Ness," King hints that the proposed 400-foot building should start weaving its way through Planning and the public by the end of the year.
How One Rincon Could Really Become A Giant Ionic Breeze
Alcoa is currenlty testing EcoClean, a new coating for its Reynobond building panels.
As a photocatalyst, titanium dioxide interacts with sunlight to break down organic matter both on and floating around the surface of the building panels, leaving the organic matter sitting on the surface of the Reynobond panel, ready to be washed away. When it rains, water doesn’t bead on the surface. Instead, it collapses and runs evenly off the building, taking most of the broken down pollutants with it.
Reynobond with EcoClean actively works to remove pollutants by using sunlight, water vapor, and oxygen in the air to clean the air itself. In fact, 1,000 sqm / 10,000 sq ft² of Reynobond with EcoClean on your building can have approximately enough cleansing power to offset the smog created by the pollution output of four cars every day, which is the approximate air cleansing power of 80 trees every day.
∙ Reynobond with EcoClean [alcoa.com]
∙ No Story, Simply A Fresh SocketSite Perspective On One Rincon Hill [SocketSite]
∙ The One Rincon Hill Tower Two Timing, Design And Details Scoop [SocketSite]
April 25, 2012
Will Wells Profit From This Noe Valley Foreclosure?
With a 2008 era mortgage for $910,000 long past due, last year Wells Fargo foreclosed upon the Noe Valley home of Kathryn Galves at 1164 Church Street. From "Occupy the Auctions" which unsuccessfully lobbied to keep Ms. Galves in the home:
Kathryn Galves purchased her lovely home at 1164 Church Street in 1972 and the home increased in value considerably over the years. She is a military widow who banked on the increased value of her property to invest in an out-of-state property with a Section 8 (affordable public housing) tenant. The investment did not go well and she lost more to book sales customers who didn’t pay for their orders.
Kathryn lives on a fixed annuity income and her live-in sister earns a meager living as a caretaker. When her financial situation went sour, Kathryn filed a Chapter 13 bankruptcy, but Wells Fargo Bank successfully challenged the bankruptcy, then foreclosed on her home and it went to foreclosure auction. No one bid for the property at auction [at which the opening bid was $1,081,123], so it became “bank-owned”, that is, owned by Wells Fargo. Wells Fargo has filed for the San Francisco Sheriff to evict Kathryn, her sister, and their dog from her home of 40 years.
Kathryn has found a long-term neighbor who is willing to purchase her home and let her, her sister, and their dog remain in the home. Despite many requests by Kathryn and the prospective buyer, Wells Fargo has refused to come to the bargaining table regarding selling the home.
Ms. Galves ended up accepting $7,500 to voluntarily leave the property prior to eviction by the Sheriff and not sue Wells Fargo, she has since vacated the property.
Yesterday, 1164 Church Street hit the MLS listed for $849,000 and touting "Great price, won't last!" with "offers due 5/1 by noon." And yes, priced at $494 per square foot, we’d be willing to bet the sale will be "over asking!" (and perhaps even more than was owed).
∙ Listing: 1164 Church Street (2/2) 1,722 sqft - $849,900 [Pacific Union]
∙ Stop the Eviction of Kathryn Galves, Her Sister, and Their Dog [occupytheauctions.org]
∙ It's Not This Mid-Century Modern Noe Valley Home That Was Flawed [SocketSite]
2012 Decorator Showcase Sneak Peek And Kitchen Before And After
While the 2012 Decorator Showcase at 2020 Jackson Street doesn’t officially open its doors until Friday, a plugged-in tipster delivers a sneak peek of the transformation of the main kitchen, before (above) and after (below) as redecorated by Green Couch.
∙ Showcasing 2020 Jackson Street [SocketSite]
∙ A Pre-Showcase $2,500,000 Price Cut For 2020 Jackson [SocketSite]
The Designs For Sixth And Howard Before Redevelopment Was Razed
While the razing of the Hugo Hotel and construction of nine new stories at 200 6th Street has been waylaid by the loss of the San Francisco Redevelopment Agency, a plugged-in tipster delivers the latest rendering for the mixed-use project designed to rise.
∙ Hugo Hotel Hangs On As Redevelopment Agency Is Dropped [SocketSite]
∙ Defending The Design For 200 6th Street And Adieu To Defenestration [SocketSite]
The San Francisco Bay Guardian Sells (Out?)
Union Property Capital (UPC) is in contract is to purchase the San Francisco Bay Guardian’s Potrero Hill headquarters building at 135 Mississippi for $6.5 million. Guardian owner Bruce Brugmann purchased the building for $4.7 million in 2002.
From the Business Times with respect to a bit of sale
The Bay Guardian has been a vocal opponent of development in the city, railing against highrise construction, luxury housing, and zoning rules that favor tech and knowledge-based companies over more traditional blue-collar jobs.
Ironically, it was UPC that assembled and did the early planning on one of the most prominent highrises built in downtown San Francisco in the last decade: Tishman Speyer's two-tower Infinity project at 300 Spear St.
UPC also developed a data center at 365 Main St., built a luxury residential loft project at 150 Powell St., and repositioned SoMa buildings like 330 Townsend St. and 840 Brannan St. for dot-coms. The company also completed a condo conversion of a former rental building in Alamo Square — the sort of project that the Guardian routinely opposes in the interest of protecting the city's rental housing stock.
And yes, we do believe UPC has set its sights set on developing the property.
∙ SF Bay Guardian seeks to cash out in hot real estate market [Business Times]
April 24, 2012
S&P/Case-Shiller San Francisco: Home/Condo Prices Dropped In Feb
According to the February 2012 S&P/Case-Shiller Home Price Index, single-family home prices in the San Francisco MSA fell 0.7% from January 2012 to February 2012, down 4.1% year-over-year, down 42.9% from a peak in May 2006.
For the broader 10-City composite (CSXR), home values fell 1.0% from January to February, down 3.8% year-over-year, down 35.1% from a June 2006 peak.
"While there might be pieces of good news in this report, such as some improvement in many annual rates of return, February 2012 data confirm that, broadly-speaking, home prices continued to decline in the early months of the year," says David M. Blitzer, Chairman of the Index Committee at S&P Indices.
Nine MSAs -- Atlanta, Charlotte, Chicago, Cleveland, Las Vegas, New York, Portland, Seattle and Tampa – and both Composites hit new post-crisis lows. Atlanta continued its downward spiral, posting its lowest annual rate of decline in the 20-year history of the index at -17.3%. The 10-City Composite declined 3.6% and the 20-City was down 3.5% compared to February 2011.
On a month-over-month basis, prices fell across all three San Francisco price tiers.
The bottom third (under $297,895 at the time of acquisition) fell a nominal 0.1% from January to February (down 3.2% YOY); the middle third fell a nominal 0.2% from January to February (down 3.7% YOY); and the top third (over $537,349 at the time of acquisition) fell 1.2% from January to February, down 1.7% year-over-year (versus 2.6% in January).
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 July 2003 levels having fallen 29% from a peak in August 2007.
Condo values in the San Francisco MSA fell 1.5% from January '11 to February '12, down 6.4% year-over-year, down 38.8% 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).
∙ Nine Cities and Both Composites Hit New Lows in February 2012 [Standard & Poor's]
∙ S&P/Case-Shiller San Francisco: Homes Slip, Condos Dip In January [SocketSite]
April 23, 2012
Hugo Hotel Hangs On As Redevelopment Agency Is Dropped
The proposed Kennerly Architecture & Planning designed nine-story mixed-use building slated to rise at 200 6th Street has been waylaid by the loss of San Francisco’s Redevelopment Agency which Mercy Housing had been counting on to finance the demolition and replacement of the existing four-story, and rather storied, Hugo Hotel.
As plugged-in people know, the Redevelopment Agency acquired the Hugo Hotel in 2009 for $4,600,000 by way of eminent domain.
∙ Defending The Design For 200 6th Street And Adieu To Defenestration [SocketSite]
∙ Sixth Street landmark ready to hang around a bit longer [Examiner]
∙ And Now Back To The Hugo Hotel (And Eminent Domain On Sixth) [SocketSite]
∙ Hugo Hotel's Flying Furniture Update, No Word On The Graffiti [SocketSite]
∙ The Hugo Hotel Has A Date With A Different Kind Of Bench [SocketSite]
∙ Eminent Domain Suit Semi-Successfully Snatches Hugo Hotel [SocketSite]
Pre-Foreclosure Activity Ticks Back Up In San Francisco
Having slowed down in the first quarter of 2012, pre-foreclosure activity has picked back up in San Francisco over the past month with 480 properties in the pipeline, 36 percent of which are in District 10*, up from 420 properties in the pipeline last month. On a year-over-year basis, pre-foreclosure activity is down 27 percent with 660 properties in the pipeline at the same time last year, 28 percent of which were in District 10.
The number of properties scheduled for auction in San Francisco fell by one over the past month and currently tallies 591 (42 percent of which are in District 10 versus 34 percent last month), down from 692 in April 2011 (at which point 41 percent were in District 10).
Last year roughly 70 percent of scheduled foreclosure auctions in San Francisco were cancelled (only one point above the 69 percent cancellation rate for scheduled auctions in District 10), up from a 66 percent cancellation rate in 2010, 55 percent in 2009, 53 percent in 2008, and 49 percent in 2007.
*Editor's Note: In an attempt to match and map two disparate data sets, we include 94124, 94134 and 94112 in "District 10," which results in a slightly larger area than the District as defined by the San Francisco Association of Realtors.
Cathedral Hill Hotel Demolition Paperwork Filed, Poised To Fall
With a special Planning Commission hearing scheduled for Thursday, at which approvals for CPMC’s Long Range Development Plans, including a new Cathedral Hill Hospital, are expected to be approved following the "extraction" of $115 million in affordable housing, transit and streetscape concessions from California Pacific, as a plugged-in tipster reports, CPMC has officially applied for the permit to demolish the Cathedral Hill Hotel.
∙ CPMC’s Long Range Development Plan Renderings And Draft EIR [SocketSite]
∙ CPMC And The City Reach Agreement For Cathedral Hill Hospital Plan [SocketSite]
∙ Planning Commission Special Meeting: CPMC's Development Plans [sf-planning]