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September 28, 2012

Market Street Development Appealed But Up For Approval This Week

2175 Market Street Rendering

As we first reported with respect to Forest City’s proposed 88 unit development at 2175 Market Street, the Planning department issued a Preliminary Mitigated Negative Declaration with respect to the potential environmental effects of the proposed project last month, which is a good thing if you’re the developer and a step forward assuming the declaration was not (successfully) appealed within 20 days.

The Declaration was, of course, appealed.

In order for the project to proceed, San Francisco’s Planning Commission must now uphold the Negative Declaration and grant conditional use authorization to demolish the existing gas station at 2175 Market Street and construct the proposed 65-foot-tall building with 88 apartments and 7,300 square feet of retail space on the ground floor, a portion of which would be occupied by a yet to be determined restaurant (click the renderings to enlarge):

As we also first reported earlier this month, San Francisco’s Board of Supervisors has approved the issuance of up to $31,000,000 in tax-exempt mortgage revenue bonds to help finance the project, which if employed, would require 20 percent of the apartments to be below market rate (BMR) and occupied by households whose incomes do not exceed fifty percent of the area median income versus 15 percent of the units BMR as is currently proposed.

Next week, San Francisco’s Planning Commission is scheduled to vote on the six-story 2175 Market Street project, a project the Planning Department recommends be approved. And yes, it's probably safe to assume that an approval from Planning will be appealed as well.

From 76 Station To 88 Apartments At 2175 Market Street As Proposed [SocketSite]
City Bonds Slated To Finance 2175 Market Street Development [SocketSite]
A Negative Yet Positive Step Forward For 2175 Market Street Project [SocketSite]

Posted by socketadmin at 5:30 PM | Comments (16)

A Showcase Second Bedroom (So To Speak)

1271 Bosworth

Luckily the eclectic English cottage at 1271 Bosworth is tucked away behind a gate as the "showcase" second bedroom has taken the place of the garage:

1271 Bosworth Bedroom

Purchased for $780,000 at the end of 2009 when offered for $1,075,000 along with an adjacent open lot, the Glen Park property is back on the market and listed for $899,000.

1271 Bosworth Kitchen

The status of the aforementioned open lot we haven't confirmed.

∙ Listing: 1271 Bosworth Street (2/2) - $899,000 [1271bosworth.com]

Posted by socketadmin at 12:45 PM | Comments (8)

Five Stories And Nineteen Studios Ready To Rise At 246 Ritch Street

246 Ritch Street Rendering

Approved for development in 2009, a plugged-in reader reports the 4,130 square foot lot at 246 Ritch Street has been excavated. As plugged-in people know, it’s a five-story, 50-foot tall building with 19 residential units averaging 350 square feet a piece that's going to rise on the site with a garage for four cars and ten bikes on the ground floor:

246%20Ritch%20Cross%20Section.jpg

At 350 square feet per unit, that's a luxurious sixty percent larger than the minimum legal living space in San Francisco as proposed.

246 Ritch Street Third Floor Plan

The Designs For 246 Ritch Street: From SLI To SRO As Proposed [SocketSite]
A Big Vote For Micro-Units In San Francisco [SocketSite]

Posted by socketadmin at 7:30 AM | Comments (0)

480 Potrero Avenue: Designs for 84 Condos, But No Commercial Space

480 Potrero Rendering Revised

While the proposed number of residential units to rise at 480 Potrero Avenue is 84, as a plugged-in reader correctly reports, the developer has scratched plans for 13,000 square feet of commercial space on the ground floor and the design has been tweaked.

Comments: Designs For 84 Condos At The Corner Of Potrero And Mariposa [SocketSite]

Posted by socketadmin at 7:30 AM

September 27, 2012

San Francisco Named "America's Best City" By Businessweek In 2012

3322 Market Views

Ranked by leisure attributes (the number of restaurants, bars, libraries, museums, professional sports teams, and park acres by population); educational attributes (public school performance, the number of colleges, and graduate degree holders), economic factors (2011 income and June and July 2012 unemployment), crime and air quality, Businessweek.com has named San Francisco America's Best City in 2012.

San Francisco's number one ranking is up from number nine in 2011, displacing Raleigh, N.C. atop last year's list. That being said, "as the methodology has changed since the 2011 ranking, a city’s rise or fall compared with last year does not suggest that it has gotten "better" or "worse." Whatever.

Oakland was ranked 31st out of the 100 cities evaluated while San Jose ranked 33rd. The rest of the top ten cities and San Francisco's winning metrics by Businessweek's counts:

Population: 808,854
Bars: 394
Restaurants: 3,430
Museums: 70
Libraries: 52
Pro sports teams: 2
Park acres per 1,000 residents: 7
Colleges: 17
Percent with graduate degree: 16
Median household income: $90,640
Percent unemployed: 7.8

Rounding out the top ten below San Francisco on Businessweek's Best American Cities list: Seattle (2); Washington, D.C. (3); Boston (4); Portland, Oregon (5); Denver (6); New York (7); Austin (8); San Diego (9); and St. Paul, Minnesota at number ten.

America's 50 Best Cities [businessweek.com]

Posted by socketadmin at 12:00 AM | Comments (78)

September 26, 2012

Designs For 84 Condos At The Corner Of Potrero And Mariposa

480 Potrero Site

The four-story live/work building on the northwest corner of Potrero Avenue and Mariposa Street was demolished in 2005 and the lot at 480 Potrero has sat undeveloped since.

Plans for an assisted living senior center to rise on the site have been ditched. Now making its way through planning, a proposed six-story building of 89,600 square feet with 84 condos (26 one-bedrooms and 58 two's) over commercial on the ground floor:

480 Potrero Rendering

In addition to parking for 33 bikes, 38 parking spaces for cars would be built in a basement garage. From the project sponsor:

While the proposed project would not be required to provide off-street parking spaces pursuant to Planning Code Section 843.08, the project includes 38 parking spaces in an underground garage, consistent with the allowable 0.75 to 1 ratio under the Planning Code.
Based on the methodology presented in the SF Guidelines, on an average weekday, the demand for parking would be 116 spaces. Thus, the project would have an unmet parking demand of 78 spaces.
Additionally, the project site is located on a transit corridor and in a relatively dense area well-served by a mix of uses. As such, it is expected that many of the residents would be encouraged not to make their trips by car.

The propsoed 480 Potrero project will require the Planning Commission's approval for the construction of a building larger than 25,000 square feet. Assuming approval, the developer is estimating an aggressive construction time of 12 months.

UPDATE: As a plugged-in reader reports, the plans for 13,000 square feet of commercial space on the ground floor of the building have been scrapped. The unit count above (84) actually reflects this revision but the design has been tweaked:

480 Potrero Rendering Revised

Posted by socketadmin at 3:45 PM | Comments (28)

A Potential 750 Beds For CCA Students At The Base Of Potrero Hill

Proposed Art & Design Educational SUD

A proposed addendum to the recently adopted Eastern Neighborhoods Plan would create an "Art & Design Educational Special Use District" (SUD) specific to five lots at the base of Potrero Hill in the Showplace Square Design District, allowing for the development of up to 750 beds of housing within the area bounded by 7th, 8th, Irwin, Channel, De Haro, and 15th Streets, across which the California College of the Arts ("CCA") campus resides.

Housing is currently not permitted upon the parcels which are located in the Production, Distribution and Repair-1, Design Use District which was established to "retain and encourage less-intensive production, distribution, and repair businesses, especially the existing clusters of design-related businesses."

In addition, the proposed legislation would also eliminate a 20,000-square-foot use limitation for secondary arts schools within the district, providing "a regulatory scheme" for a potential future expansion of the CCA campus.

Eastern Neighborhoods Plan, It's Not Just For Policy Wonks Anymore [SocketSite]
Art & Design Educational Special Use District [sfplanning.org]

Posted by socketadmin at 2:45 PM | Comments (10)

New U.S. Home Sales Slip In August But Remain Up 27.7% YOY

New U.S. Home Sales Since 1963

The seasonally adjusted annual pace of new single-family home sales in the U.S. slipped to 373,000 in August, down 0.3 percent from a revised rate of 374,000 in July, but remain up 27.7 percent versus the 292,000 pace recorded in August of last year.

Annual new home sales in the U.S. have averaged 667,000 since 1963, peaking at 1,283,000 in 2005, bottoming at 306,000 last year.

Preliminary U.S. new home sales (versus pace) in August were estimated to be 31,000 (give or take 7 percent), down from 34,000 in July and the third slowest August on record but up from an August low of 23,000 in 2010. August sales peaked in 2005 with 110,000 new homes sold.

In the West, the pace of new home sales ticked up 0.9 percent versus July, up 64.6 percent on a year-over-year basis.

New Residential Sales: July 2012 [census.gov]
U.S. New Home Sales Pace Jumps 25.3% Year-Over-Year In July [SocketSite]
New Residential Sales Since 1963 [census.gov]

Posted by socketadmin at 7:30 AM | Comments (1)

The Height Of The Heights And An Unnamed Real Estate Tycoon

100 Palo Alto

Custom built for former San Francisco Mayor Elmer E. Robinson in 1953, the Mid-Century home at 100 Palo Alto Avenue hit the market in March 2008 listed for $4,000,000 and closed escrow that April with a recorded contract price of $5,625,000.

100 Palo Alto Living

Returned to the market listed for $6,400,000 in 2010, after 341 days on the MLS and a couple of reductions, the Clarendon Heights home was withdrawn from the market in early 2011, last asking $4,950,000.

100 Palo Alto Kitchen

The four-bedroom home is now back on the market, listed anew for $4,995,000 in 2012 and touting "formerly owned by a local real estate tycoon" whom we have yet to identify.

∙ Listing: 100 Palo Alto Avenue (4/4.5) - $4,995,000 [100-paloalto.com]
Forget The Rock Star Lifestyle, Anybody Want To Live Like A Mayor? [SocketSite]
An Ex-Mayor’s Mid-Century Clarendon Heights View Manse Returns [SocketSite]
Less Great Expectations For Ex-Mayor's Mid-Century Modern Home [SocketSite]
As The Market Turns: Another Quick Cut For 100 Palo Alto [SocketSite]

Posted by socketadmin at 12:00 AM | Comments (13)

September 25, 2012

Supported By Neighbors But Opposed By Planning In Pacific Heights

2833-2835%20Fillmore%20Street.jpg

The 6,249 square foot brick home at 2300 Vallejo Street was built in 1899. In 1956, a 1,384 square foot two-story duplex was built in 2300 Vallejo’s backyard. And in 1996, a substandard lot variance was granted and the two-story building at 2833-2835 Fillmore Street came to rest on its own 788 square foot lot.

In 2009, the owner of the two properties proposed to merge the two lots back together, demolish the duplex on Fillmore, and build a 555 square foot one-story residence as an addition to 2300 Vallejo with a garage and a 951 square foot deck spanning the building’s roof for use by both buildings.

Having abandoned the plans for the proposed merger and addition, the owner of the two Pacific Heights properties is now proposing to simply demolish the existing two-unit building on Fillmore and build a smaller two-unit building with a shared roof deck extending over the property line between 2833 Fillmore and 2300 Vallejo in its place.

2833-2835%20Fillmore%20Street%20Rendering.jpg

The proposed project isn't opposed by any neighbors, in fact, many have written letters of support. The project is, however, being opposed by San Francisco’s Planning Department.

2833-2835%20Fillmore%20Street%20Rendering%20Rear.jpg

The Department's basis for recommending San Francisco’s Planning Commission deny the proposed demolition and rebuilding of 2833 Fillmore Street this week:

1. The proposal would not preserve existing housing or conserve neighborhood character. The project proposes to demolish two, two-bedroom, rent controlled units and replace them with two new studio units, one of which will not have adequate exposure.
2. The project will not result in a net gain of dwelling units.
3. The project will result in a net loss of bedrooms.
4. The project will not create family-sized dwelling units.
5. The proposal will demolish two “naturally affordable” units that are also subject to rent control.
6. The subject property is at its maximum density for this zoning district; this project cannot be considered infill housing on an under-utilized lot.

With respect to what constitutes a "naturally affordable" two-unit building in San Francisco, the current threshold is $1.9 million. The Fillmore Street duplex last appraised for $1.35 million in 2009. We’ll note the owner of the two properties is proposing to permanently designate the two new studios as below market rate (BMR) housing stock if his plan is approved.

Posted by socketadmin at 1:00 PM | Comments (10)

San Francisco Home Prices Gain In July, Condos Up 8.1 Percent YOY

S&P/Case-Shiller Index Change: July 2012 (www.SocketSite.com)

According to the July 2012 S&P/Case-Shiller Home Price Index, single-family home prices in the San Francisco MSA increased 1.9% from June 2012 to July 2012, up 4.8% year-over-year but 35.1% below their May 2006 peak.

For the broader 10-City composite (CSXR), home values increased 1.5% from June to July, up 0.7% year-over-year, down 30.5% from a June 2006 peak.

Digging into the numbers, 15 cities and both Composites had stronger annual returns in July’s report. New York was the only city with a worse 12-month decline in July than June. Dallas and Washington D.C. saw no change in their annual rates. Cleveland and Detroit saw annual rates decelerate in July versus June, although they remain positive for both cities.
The news on home prices in this report confirm recent good news about housing. Single family housing starts are well ahead of last year’s pace, existing home sales are up, the inventory of homes for sale is down and foreclosure activity is slowing. All in all, we are more optimistic about housing. Upbeat trends continue. For the third time in a row, all 20 cities and both Composites had monthly gains. Stronger housing numbers are a positive factor for other measures including consumer confidence.
Among the cities, Miami and Phoenix are both well off their bottoms with positive monthly gains since the end of 2011. Many of the markets we follow have seen some decent recovery from their respective lows – San Francisco up 20.4%, Detroit up 19.7%, Phoenix up 17.0% and Minneapolis up 16.5%, to name the top few. These were some of the markets that were hit the hardest when the housing bubble burst in 2006,

On a month-over-month basis, prices increased across all three San Francisco price tiers.

S&P/Case-Shiller Index San Francisco Price Tiers: July 2012 (www.SocketSite.com)

The bottom third (under $349,250 at the time of acquisition) rose 2.5% from June to July (up 3.2% YOY); the middle third rose 2.2% from June to July (up 5.7% YOY); and the top third (over $636,666 at the time of acquisition) rose 1.1% from June to July, up 4.3% year-over-year versus 3.7% in June.

According to the Index, single-family home values for the bottom third of the market in the San Francisco MSA are back to August 2000 levels (57% below an August 2006 peak), the middle third is back to June 2002 levels (37% below a May 2006 peak), and the top third is back to just below June 2004 levels (21% below an August 2007 peak).

Condo values in the San Francisco MSA rose 2.1% from June to July, up 8.1% year-over-year but still 27.5% below a December 2005 peak.

S&P/Case-Shiller Condo Price Changes: July 2012 (www.SocketSite.com)

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 Increase Again in July 2012 [Standard & Poor's]
S&P/Case-Shiller San Francisco: Home/Condo Prices Continue Gains [SocketSite]

Posted by socketadmin at 6:45 AM | Comments (27)

September 24, 2012

A Big Vote For Micro-Units In San Francisco

1321%20Mission%20Street%20Rendering.jpg

As we first reported this past March:

Per San Francisco Building Code Section 1208.4, the smallest legal dwelling unit in San Francisco must have living room of at least 220 square feet (20.4 m2) in addition to a separate closet and bathroom.
As proposed and sponsored by Supervisor Wiener, Section 1208.4 would be re-written to reduce to the minimum legal living room in San Francisco from 220 to 150 square feet while restricting residency of said units to no more than two persons.

As we added this past July:

While the amendment would still reduce the minimum legal living room in San Francisco to 150 square feet, a clause has since been added requiring the total area of the unit to be no less than 220 square feet "measured from the inside perimeter of the exterior walls of the unit and shall include closets, bathrooms, kitchen, living and sleeping areas."
San Francisco’s Board of Supervisors are scheduled to vote on the amendment tomorrow.

Continued by San Francisco’s Board of Supervisors three times since without a vote, the amended amendment is once again scheduled to be reviewed, and possibly adopted, by the Board this week.

Keeping a close eye on the vote, Panoramic Interests which has proposed to build an 11-story high-rise at 1321 Mission at the corner of 9th Street, the old Guitar Center building, with 200 micro-apartments designed for students and averaging 260 square feet:

Click the floor plans above to enlarge.

32 Percent More Or Less Efficient In San Francisco As Proposed [SocketSite]
Amended Definition of Efficiency Unit Amendment [sfbos.org]
32 Percent More Or Less Efficient In San Francisco Part Two [SocketSite]
1321 Mission Design [dwellwellgroup.com]

Posted by socketadmin at 3:45 PM | Comments (32)

Building Upon A Bungalow’s Arts & Crafts Bones

4031%2021st%20Street.jpg

Built as a one story Arts & Crafts bungalow with two bedrooms in 1916, and purchased for $362,000 in 1993, in 1999 the owners of 4031 21st Street hired an architect and artist to renovate and expand the home to three-stories with four bedrooms.

4031 21st Street Living

Recycled goods and hardware starred in the expansion:

4031 21st Street Second Floor

A number of contemporary touches and conveniences have made an appearance as well.

4031 21st Street Kitchen

The Eureka Heights home is now back on the market and listed for $2,855,000, one of fourteen (14) San Francisco properties to be listed for over $2,500,000 this week for a total of seventy seven (77) in listed inventory.

A total of two-hundred and thirty-six (236) properties in San Francisco have sold for over $2,500,000 in the past year, representing less than four (4) percent of all sales.

∙ Listing: 4031 21st Street (4/3) - $2,855,000 [4031-21st.com]
A Plugged-In Pot Filler Comment (And Theme) We Couldn’t Resist [SocketSite]

Posted by socketadmin at 1:00 PM | Comments (12)

Now Noe But Otherwise Apples-To-Apples And Up 7 Percent On Ames

155 Ames Exterior

As we reported in July:

Having hit the market in early 2010 as new construction listed for $1,495,000, the list price for 155 Ames was reduced to $1,395,000 that June and it sold for $1,360,000 that July.
With three-bedrooms and two and one-half baths across four levels and 2,190 "ultra modern" square feet, the LEED Platinum certified condo which was built in the Mission has returned to the market, but now it's in Noe Valley and listed for $1,495,000 once again.
There are three terraces and a deeded deck, perfect for soaking up the Mission Noe sun. And in terms of being apples-to-apples, we'll let the old neighborhood switcheroo slide.

The sale of 155 Ames closed escrow on Friday with a reported contract price of $1,450,000. Call it 3 percent under asking but 7 percent over its 2010 sale and $662 per square foot for the ultra modern Noe townhouse.

155 Ames Kitchen

An "Ultra Modern" Mission Noe Apple On Ames [SocketSite]
Now "Nove" On Guerrero (Formerly Flora Grubb) [SocketSite]
San Francisco Association Of Realtors New Neighborhood Map [SocketSite]
Flora Grubb On Guerrero (1074) Is Gone, Nine New Homes Up Next [SocketSite]
San Francisco’s New Neighborhoods And Boundaries Come August 10 [SocketSite]
A Rose By Any Other Name (But Not Necessarily A Neighborhood) [SocketSite]

Posted by socketadmin at 9:45 AM | Comments (6)

Transbay Tower Tweaks, Cuts And Timing

Transbay%20Tower%202012%20revised.jpg

Shrunken 130 feet earlier this year, the revised design for the proposed 1,070 foot Transbay Tower has added "a deep vertical slit…up each side of the [tower’s] crown, backed by perforated metal that will be lit at night for a sculptural effect."

Having gone missing, the funicular from the street to the 5.4-acre City Park over the proposed Transit Center is also back on the boards:

Transbay%20Transit%20Center%20Funicular.jpg

Hines has until the end of this month to complete their $185 million purchase of the Transbay site, down from $350 million as originally bid. Hines' plans for the proposed Transbay Transit Tower and Terminal are up for approval by San Francisco’s Planning Commission next month.

Assuming approvals and financing materialize, and no setbacks emerge, construction could start as soon as late summer 2013, according to a senior managing director at Hines.

Yes, The Proposed Transbay Transit Tower Shrank A Hundred Feet [SocketSite]
Transbay Tower's Financial Backer Has Left The Building [SocketSite]
Transbay Land Cost Cut Another $50 Million For Shrunken Tower [SocketSite]
Tweaked S.F. tower plans up for approval [SFGate]

Posted by socketadmin at 8:00 AM | Comments (33)

September 21, 2012

Mid-Century Modern With Contemporary Flair

125 Mountain Spring Avenue

Purchased for $2,700,000 in May 2008 then remodeled in 2009, the Mid-Century Modern home at 125 Mountain Spring Avenue features light and airy rooms throughout.

125 Mountain Spring Avenue Living

The Mid-Century aesthetic has survived and a bit of contemporary flair has been added:

125 Mountain Spring Avenue: Kitchen

With four bedrooms and a Japanese soaking tub in the new master suite, the Clarendon Heights home is now back on the market and listed for $2,875,000.

∙ Listing: 125 Mountain Spring Avenue (4/3.5) - $2,875,000 [125mountainspring.com]

Posted by socketadmin at 3:15 PM | Comments (13)

San Francisco Employment Up By 200 In August, Up 22,100 YOY

Preliminary August labor force counts for San Francisco, Marin and San Mateo counties peg the unemployment rates at 7.4%, 6.3% and 6.8% respectively, down 0.3 points in San Francisco, down 0.4 points in Marin, and down 0.2 points in Marin.

On a revised basis, the number of unemployed in San Francisco fell by 1,400 in August (from 36,500 to 35,100) as the labor force contracted by 1,200 (from 476,800 to 475,600) and the number of employed increased by 200 (from 440,300 to 440,500).

Employment in San Francisco is up by 22,100 workers on a year-over-year (YOY) basis but remains 25,000 workers below a December 2000 dot-com peak (at which point the unemployment rate in San Francisco measured 3 percent).

Overall unadjusted California unemployment fell to 10.4% in August as employment increased by 14,900, the labor force contracted by 80,400, and the number of unemployed fell by 95,100.

Monthly Labor Force Data for Counties: August 2012 (Preliminary) [EDD]
Employment In San Francisco Up By 4,600 In July, Up 24,900 YOY [SocketsSite]
San Francisco Employment Trends And Dot-Com Context [SocketSite]

Posted by socketadmin at 9:10 AM | Comments (1)

Before And After For A Little (At Least Then) Lower Pac Heights Home

2882 Pine Street: Before

Billed as a "Quaint Italiante (sic) Victorian Single Family Home in need of TLC" with one bedroom and one bath, the 864 square foot single-family Lower Pacific Heights home at 2882 Pine Street sold for $661,000 in May of 2011.

2882 Pine Street: After

Having just finished up a remodeling and expansion, the now three-bedroom home with two and one-half baths across two floors is back on the market and listed for $1,595,000, looking a bit more modern both outside and in:

2882 Pine Street Kitchen

According to the permit which was issued earlier this year, the side yard and storage space on the first floor was infilled with habitable space and the deck was added over the garage.

2882 Pine Street Living

And of course, the living room and kitchen before:

2882 Pine Street Living: Before

∙ Listing: 2882 Pine Street (3/2.5) - $1,595,000 [2882pine.com]

Posted by socketadmin at 8:15 AM | Comments (4)

September 20, 2012

The Big Plans And Prices For Three Übermodern San Francisco Homes

Block%203900%20Rendering.jpg

The smallest of three modern glass, steel and timber "Block 3900" homes that have yet to be built but are being marketed for sale pre-construction, 3927 19th Street has just been listed for $4,995,000 with plans for a 4,019 square foot three-bedroom main residence over a two car garage and a 1,581 square foot two-bedroom "guest house" behind.

Block 3900 Floors

The other two proposed modern homes measure 4,612 square feet for 3929 19th Street and 4,784 square feet for 3931 19th Street (with a 1,650 square foot guest house and a 1,800 square foot guest house respectively behind) as planned:

3929%2019th%20Street%20Rendering.jpg

The middle home rendered above was quietly being marketed for a half-million dollars more than 3927 19th Street in April, a full million more for the largest home at 3931 19th.

Block 3900 Living

Construction is projected to last eighteen (18) months from ground breaking. The "Block 3900" lots with three existing "guest houses" which would be rebuilt:

Block 3900 Lot

Block 3900: Floor Plans [block3900.com]

Posted by socketadmin at 11:00 AM | Comments (33)

Hipster Hotelier Wannabes Take Second Note

385 9th Street

As we first reported and warned this past May:

…the Vagabond Inn at 385 9th Street is scheduled to hit the courthouse steps in San Francisco this afternoon with an opening bid of $269,612. But budding hipster hoteliers take note, it’s the $250,000 second mortgage that’s foreclosing.
While a courthouse sale today would wipe out the $120,000 third, the $1,462,500 first mortgage on the property would remain. And yes, the first is currently in default as well, by $1,183,244 as of last month.

The move by the second mortgage holder to foreclose was subsequently cancelled.

As a plugged-in tipster notes, and no plugged-in reader should be caught by surprise, the first mortgage holder is now foreclosing with an auction scheduled for this afternoon, $1,344,714.78 now owed, and the second and third mortgages likely to be wiped out.

Hipster Hotelier Wannabes Take (Second) Note [SocketSite]
Failing Grades In Auction Buying 101 (And Commenting) [SocketSite]

Posted by socketadmin at 10:00 AM | Comments (8)


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