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December 31, 2012

Foreclosures In San Francisco Peaked In 2012, Set To Fall In 2013

Over 500 properties were foreclosed upon in San Francisco over the past year, up 27 percent from 2011 and 10 percent higher than in 2010, the previous high-water mark for homes being taken back by the bank.

By our counts, roughly 41 percent of San Francisco foreclosures occurred in District 10 in 2012, down from 42 percent in 2011 and well below the 48 percent recorded in 2009 or the 58 percent recorded in 2008.

In terms of the current foreclosure pipeline, pre-foreclosure activity in San Francisco has fallen from 379 properties in October to 286 today, 36 percent of which are in District 10*. On a year-over-year basis, pre-foreclosure activity has fallen 55 percent with 642 properties in the pipeline at the end of 2011, 38 percent of which were in District 10.

The number of properties currently scheduled for auction in San Francisco has dropped 30 percent over the past three months, from 477 to 332 today (39 percent of which are in District 10 versus 44 percent three months prior), down from 555 a year ago (at which point 40 percent were in District 10).

Over the past year, roughly 69 percent of scheduled foreclosure auctions in San Francisco were cancelled, down one point from a 70 percent cancellation rate in 2011, 66 percent 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.

San Francisco Foreclosure Trends And 2011 Retrospective [SocketSite]
San Francisco Foreclosure Activity Climbs Outside Of District 10 [SocketSite]
Foreclosure Activity In San Francisco: Pipeline Flattens, Auctions Fall [SocketSite]
San Francisco Association Of Realtors New Neighborhood Map [SocketSite]

Posted by socketadmin at 9:00 AM | Comments (2)

December 28, 2012

As 2012 Ends, So Does Free Sunday Parking In San Francisco

San Francisco Parking Meter

If you happen to be in San Francisco this weekend, be sure to enjoy the free parking in metered spots this Sunday, it will be your last chance. As of 2013, all meters run by the San Francisco Municipal Transportation Agency will operate on Sundays from noon to 6 pm, a change which is projected to yield an extra $2 million a year for the Agency.

Posted by socketadmin at 3:00 PM | Comments (67)

December 27, 2012

Big Plans To Redevelop San Francisco's Largest Public Housing Site


Waylaid by the economy, the HOPE-ful plan to demolish the existing Sunnydale and Velasco public housing complexes in Visitacion Valley, the largest public housing community in the City of San Francisco, and construct a mix of public, affordable, and market rate housing upon the 49-acre site is starting to make its way through Planning:

The proposed project would increase the number of dwelling units on the site from 785 to approximately 1,700, an increase of some 915 units. Of the new units, 785 would be replacement public housing dwelling units, on a one-for-one basis, that would remain affordable housing, subsidized by the San Francisco Housing Authority but under management by and the ownership of the developers or related entities.
Of the additional approximately 915 units, 24 percent (approximately 221 units including 150 senior housing units) would be affordable housing while 76 percent (approximately 694 units) would be market rate housing. In total, 60 percent of the proposed project would be affordable housing while the remaining 40 percent would be set aside as market-rate housing.

The new buildings would range in height from 40 to 60 feet with 18 buildings at 40 feet or less, 15 buildings at 50 feet, and one building at 60 feet. Thirty-three of the buildings would contain family dwelling units; the single building at 60 feet in height would contain senior housing, retail and community services on the ground floor.


And in addition to 1,700 housing units, the proposed master plan and design calls for up to 72,500 square feet of community, recreational and educational facilities; 11.5 acres of new parks and open spaces (including a community garden, a farmer’s market pavilion, and secure outdoor courtyards within residential buildings); up to 16,200 square feet of neighborhood-serving retail; and a reconfigured street network and landscaping.

Sunnydale-Velasco HOPE Rendering

The first public meeting to comment on the scope of the project’s required Environmental Impact Report (EIR) will be held on January 5, 2013, at 10:00 a.m. at the Visitacion Valley Library.

Additional Details (Like Dollars) On Keeping Hope SF Alive [SocketSite]
Sunnydale HOPE SF Master Plan [vmwp.com]

Posted by socketadmin at 10:30 AM | Comments (37)

Pace Of New Home Sales Ticks Up In The US But Dips Out West

November US New Home Sales Since 1963 (www.SocketSite.com)

The seasonally adjusted annual pace of new single-family home sales in the U.S. ticked up to 377,000 in November, up 4.4 percent from a revised rate of 361,000 in October. The pace of sales is up 15.3 percent year-over-year but remains the fourth slowest November on record since 1963.

Annual new home sales in the U.S. have averaged 667,000 since 1963, peaking at 1,283,000 in 2005. Preliminary U.S. new home sales (versus pace) in November were estimated to be 27,000, down from 29,000 in October. November sales peaked in 2005 with 86,000 new homes sold.

In the West, the pace of new home sales fell 17.8 percent from October to November but remains up 13.7 percent on a year-over-year basis versus 33.7 percent in October.

New Residential Sales: September 2012 [census.gov]
Pace Of New Home Sales Slips In October, Remains Below Average [SocketSite]
New Residential Sales Since 1963 [census.gov]

Posted by socketadmin at 9:00 AM | Comments (1)

December 26, 2012

While The US Index Slips, San Francisco Home Prices Gain

According to the October 2012 S&P/Case-Shiller Home Price Index, single-family home prices in the San Francisco MSA rose 0.7% from September to October and are up 8.9% year-over-year but remain 34.0% below their May 2006 peak.

For the broader 10-City composite (CSXR), home values fell a nominal 0.1% from September to October, up 3.0% year-over-year, down 29.8% from a June 2006 peak.

The October monthly numbers were weaker than September as 12 cities saw prices drop compared to seven the month before. The five which turned down in October but not in September, were Atlanta, Dallas, Miami, Minneapolis and Seattle. Among all 20 cities, Chicago was the weakest with prices dropping 1.5%, followed by Boston where prices fell 1.4%. Las Vegas saw the strongest one-month gain with prices up 2.8%.
Annual rates of change in home prices are a better indicator of the performance of the housing market than the month-over-month changes because home prices tend to be lower in fall and winter than in spring and summer. Both the 10- and 20-City Composites and 19 of 20 cities recorded higher annual returns in October 2012 than in September. The impact of the seasons can also be seen in the seasonally adjusted data where only three cities declined month-to-month.

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

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

The bottom third (under $375,355 at the time of acquisition) rose 1.6% from September to October, up 15.0% year-over-year; the middle third rose 0.2% from September to October, up 10.7% YOY; and the top third (over $675,352 at the time of acquisition) rose 0.9% from September to October, up 6.2% YOY.

According to the Index, single-family home values for the bottom third of the market in the San Francisco MSA have returned to November 2000 levels (55% below an August 2006 peak), the middle third has returned to February 2003 levels (35% below a May 2006 peak), and the top third remains at May 2004 levels (20% below an August 2007 peak).

Condo values in the San Francisco MSA gained 0.9% from September to October and are up 17.5% year-over-year but remain 24.3% below their December 2005 peak.

S&P/Case-Shiller Condo Price Changes: October 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 Rise for the Sixth Straight Month [Standard & Poor's]
San Francisco Home And Condos Values Continue To Climb [SocketSite]

Posted by socketadmin at 7:45 AM | Comments (24)

December 24, 2012

Happy Holidays

Happy holidays to all and safe travels if you’re traveling, perhaps one day departing from San Francisco's Transbay Transist Center which is slated to be unwrapped in five years.

We'll see you on Wednesday to review the latest Case-Shiller home price report.

Transbay Transit Center Project Construction Schedule [transbaycenter.org]

Posted by socketadmin at 5:00 PM

Growth Rate Slows, But San Francisco Adds 700 Jobs In November

Preliminary labor force counts for San Francisco, Marin and San Mateo counties peg the current unemployment rates at 6.7%, 5.8% and 6.2% respectively, down 0.1 points in San Francisco and San Mateo from October to November, unchanged in Marin.

With the size of San Francisco’s labor force remaining unchanged at 476,400, the number of unemployed fell by 700 to 31,900 in November as the number of employed city dwellers increased by 700 to 444,500.

Employment in San Francisco is currently up by 16,700 workers on a year-over-year (YOY) basis versus 19,100 the month before and remains 21,000 workers below a December 2000 dot-com peak (at which point the unemployment rate in San Francisco measured 3 percent).

The unadjusted unemployment rate in California ticked down to 9.2% in November as employment increased by 26,500 workers, the labor force fell by 3,500, and the number of unemployed dropped by 30,100.

Monthly Labor Force Data for Counties: October 2012 (Preliminary) [EDD]
San Francisco Added 2,400 New Workers And Jobs Last Month [SocketSite]
San Francisco Employment Trends And Dot-Com Context [SocketSite]

Posted by socketadmin at 10:30 AM | Comments (0)

From David Sacks With Respect To 2845 Broadway (And SocketSite)

Straight from David Sacks with respect to the sale of 2845 Broadway which we first reported having sold for $20,000,000 last month but Trulia just reported having sold for $34,500,000 with "a portion of the sale...recorded as alternative personal property for tax reasons" according to their "in-the-know" sources:

There's no "tax tomfoolery". You correctly reported the sale price of 2845 Broadway when you checked the public records. Trulia didn't bother to. It's just sloppy reporting on their part. As the publication that appears to do actual research and fact-checking, rather than just quoting unnamed sources, you should have stuck to your guns and stood by your original story.
That said, I remain a fan of your blog.

Cheers and agreed, but we've always stood by our due dilligence and story. As we wrote yesterday, "we have reviewed the public records which pegs the recorded sale price at $20,000,000...which begs the question, if the "in-the-know" sale price Truila is reporting is correct...," a question that is now moot.

More Yammerings And Apparent Tax Tomfoolery [SocketSite]
The Massive 2845 Broadway Misses The Mark And Record Books [SocketSite]

Posted by socketadmin at 12:00 AM | Comments (7)

December 21, 2012

More Yammerings And Apparent Tax Tomfoolery

2845 Broadway

As we first reported last month with respect to the sale of 2845 Broadway up on Billionaire's Row:

Unless a major miscalculation, fat finger error or tomfoolery by San Francisco's Assessor Recorder's office is in play, based on the recorded transfer tax paid, the copy of the deed we received pegs the sale price of 2845 Broadway at $20 million.
A $20 million sale is just a bit below the original $65 million ask, $18.5 million (48 percent) under its last list price, roughly $32 million less than has been invested in the property to date, and nowhere near the $33 million 2840 Broadway commanded.
In terms of the buyer, while we've heard various yammerings, the legal entity on the deed is Broadcliff LLC with a mailing address of a wealth manager out of Dallas, Texas. We can't yet officially confirm the individual hidden behind the LLC.

Yes, "yammerings," as in David Sacks, CEO of Yammer. From Trulia this week:

Tech mogul David Sacks has reportedly just paid $34.5 million for 2845 Broadway Street in San Francisco, making it the most expensive home ever sold in San Francisco. Sources close to the deal, which is currently in escrow, say that Sacks and his wife Jacqueline are the proud new owners of the partially-completed home on ‘Billionaire’s Row.’
We’re also hearing buzz among local “in-the-know” brokers that the officially recorded purchase price will likely come in lower than $34.5 million, and a portion of the sale will be recorded as alternative personal property for tax reasons, but that is indeed the amount of money it took to get this home sold. We’ll know more when the official docs make their way to public records.

Once again, the sale has closed and we have reviewed the public records which pegs the recorded sale price at $20,000,000 based on the transfer tax paid to the City. Which begs the question, if the "in-the-know" sale price Truila is reporting is correct, are the "tax reasons" for under recording the sale price by $14,500,000 simply an attempt to avoid paying the City an additional $362,500 in transfer tax and reduce the Sacks’ property tax bill by $169,500 a year? And if so, is it a legitimate strategy and will the City stand for it?

UPDATE: Straight from David Sacks:

There's no "tax tomfoolery". You correctly reported the sale price of 2845 Broadway when you checked the public records. Trulia didn't bother to. It's just sloppy reporting on their part. As the publication that appears to do actual research and fact-checking, rather than just quoting unnamed sources, you should have stuck to your guns and stood by your original story.
That said, I remain a fan of your blog.

Cheers. And always, thank you for plugging in.

The Massive 2845 Broadway Misses The Mark And Record Books [SocketSite]

Posted by socketadmin at 5:00 AM | Comments (28)

Plans For 12 New Stories And Perhaps A Store Along Market Street

1125 Market Street Site

Real estate developer MacFarlane Partners has purchased the vacant lot at 1125 Market Street with plans to construct a 12-story apartment building on the Mid-Market site according to the Business Times.

Located directly to the east of the old Strand Theater at 1127 Market Street which the American Conservatory Theater (ACT) has plans to renovate, "the site could accommodate a 113,000 square foot building, in addition to 3,500 square feet of retail" but is not currently entitled.

The New ACT For The Shuttered Strand Theater On Market Street [SocketSite]
MacFarlane Partners grabs vacant Mid-Market development site [Business Times]

Posted by socketadmin at 5:00 AM | Comments (9)

December 20, 2012

Pincus Plans To Go Underground In Pacific Heights

2950 Pacific

What do you do when your Pacific Heights house is listed as a historic resource but you really want to expand and remodel? If you’re Mark Pincus, apparently you plan to go underground, quite literally (and perhaps a bit figuratively as well).

Having purchased the seven bedroom Pacific Heights property that’s perched on the south side of the 2800 block of Broadway but with a Pacific Avenue address earlier this year, Pincus has drawn up plans to renovate the property. And according to a plugged-in tipster, the plans "include a significant new multilevel concrete structure below the existing house."

Zynga's Business Is Now Worth Less Than Its Building [SocketSite]
While Zynga Trades Down, Pincus Trades Up [SocketSite]

Posted by socketadmin at 8:30 AM | Comments (20)

U.S. Housing Starts Slip In November As Sandy Takes A Toll

US Housing Starts History (www.SocketSite.com)

Housing starts in the U.S. fell 3.0 percent from October to November, up 21.6 percent year-over-year as construction of structures with five or more units increased 1.4 percent (up 49.6 percent year-over-year) while single-family home starts fell 4.1 percent (up 22.8 percent year-over-year).

Single-family housing starts fell to 40,000 last month having averaged 87,400 a month since 1959, peaking at 170,400 in May of 2005 and measuring 150,700 that October. Starts for structures with five or more units fell to 23,700 last month having averaged 30,100 a month since 1963, peaking at 87,200 in May of 1973 and measuring 54,000 that October.

Total housing starts which measured 64,600 in November have averaged 122,500 a month since 1959, hitting 227,300 in early 2006 and peaking at 249,400 in early 1972.

On a year-over-year basis, permit activity to start construction was up 26.8 percent in November with applications for multi-family housing up 30.6 percent, up 26.8 percent for single-family homes.

In the west, starts were up 32.6 percent year-over-year, unchanged for single-family homes, while permit activity was up 46.6 percent, up 22.2 percent for single-family homes.

New Residential Construction Statistics [doc.gov]
U.S. Housing Starts Hit Four Year High But Remain Below Average [SocketSite]

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

December 18, 2012

Salesforce Signs Deal To Occupy Entire 350 Mission Street Tower

350 Mission Rendering

As we first reported in October, the permits to demolish the existing four story Heald College building at 350 Mission Street and construct a 27-story office tower reaching 350 feet on the site have been issued with construction to start early next year.

Today, Salesforce announced it has signed a 14 year lease for the entire tower. In fact, the lease is not only for all 27 stories, but for 30 stories and 444,000 square feet should the developer get approval to construct an additional 3 stories on the site.

350 Mission Street: Permits Issued For 350-Foot Tower To Rise [SocketSite]
Salesforce inks deal to occupy new San Francisco highrise [Business Times]

Posted by socketadmin at 5:30 PM | Comments (46)

Butterflies Facing Eviction As 45 Lansing Lands A General Contractor

45 Lansing: Site (www.SocketSite.com)

According to a plugged-in source, Build Group has been selected as the general contractor for the construction of the 39-story tower to rise at 45 Lansing.

45 Lansing Rendering 2011

With construction permits in hand, as we first reported last month, the butterflies will likely soon be evicted from the Lansing Street Pollinator Garden on the site.

45 Lansing Take Two: Latest Renderings And Smaller Units Proposed [SocketSite]
Permit Issued For 39 Stories And 320 Condos At 45 Lansing To Rise [SocketSite]
‘∙ 45 Lansing: Busy As For The Bees As Another Extension Is Expected [SocketSite]

Posted by socketadmin at 6:30 AM | Comments (12)

A Map Of All Privately-Owned Public Open Spaces And Public Art In SF


Privately-Owned Public Open Spaces (POPOS) are publicly accessible spaces in the form of plazas, terraces, atriums and small parks that are maintained by private developers but accessible to all.

Prior to 1985, developers provided POPOS under three general circumstances: voluntarily, in exchange for a density bonus, or as a condition of approval. The 1985 Downtown Plan created the first systemic requirements for developers to provide publicly accessible open space as a part of projects in C-3 Districts. The goal was to “provide in the downtown quality open space in sufficient quantity and variety to meet the needs of downtown workers, residents and visitors.” Since then project sponsors may provide POPOS instead of their required open spaces in other districts such as Eastern Neighborhoods.

Over the past two summers, San Francisco’s Planning Department has cataloged all POPOS and required Public Artworks in San Francisco, mapping the results of their survey for all to interactively search and see.

Beginning next month, the Planning Department’s Zoning and Compliance Division will begin reviewing POPOS sites that were approved subject to the Downtown Plan for compliance with signage and access.

Privately-Owned Public Open Space and Public Art Interactive Map [sf-planning.org]

Posted by socketadmin at 6:00 AM | Comments (8)

December 17, 2012

First Of 250 New "Artful" Yerba Buena Bicycle Racks Unveiled


Made of recycled cast iron and sporting tire tread designs, designs which are planned to change every 30 racks, the first 60 of 250 new bike racks to be installed in San Francisco’s Yerba Buena neighborhood over the next few months were unveiled on Friday:


The bike racks which were designed by CMG Landscape Architecture are part of the YBCBD’s Yerba Buena Street Life Plan, a plan that includes more than 30 projects ranging from temporary installations to long-term, large-scale urban design improvements. The first project involved creating six mobile parklets with landscaping and seating that add greenery and places for social interaction.

Other projects in the plan include: public seating; clean energy solar docking stations for public use; improving alleys as social spaces for pedestrians; new dog parks and dog runs; adding decorative lighting to define the district and improve pedestrian safety; artistic crosswalks; and anchoring the district with a redesigned plaza at Moscone Center.

Bringing New Life And Portable "Parkmobile" Gardens To The YBCBD [SocketSite]

Posted by socketadmin at 11:30 AM | Comments (38)

Putting Lipstick On The Red-Tagged Pig Of Pier 38?

Pier 38

Bids to rehabilitate the Pier 38 bulkhead structure and a portion of the Pier 38 shed, the pier from which a whole host of startups and two venture capital firms were evicted last year, are now being sought with a deadline of February 22, 2013 to respond.

From a plugged-in tipster who attended the pre-bid conference last week and questions the Ports direction and approach:

The Port Commission directed the Port staff to get the front part of the pier (the "bulkhead building") re-tenanted as soon as possible. If the Port had recovered from the previous tenant debacle and resolved two issues - litigation over an outstanding loan against the previous lessee and the removal of three boats parked illegally at Pier 38 - they could conceivably move forward with developing the whole pier.
As it stands, it’s kind of half-baked (at the direction of the Port) because respondents are being asked to develop the front of something while kind of ignoring the back half. Oh, and the respondents can "optionally" submit qualifications for developing the whole pier.

In the opinion of our tipster, the Port "should seek resolution on the outstanding issues so Port staff can create a complete development package, rather than put lipstick on a pig through a large tenant improvement." Feel free to proffer an opinion of your own.

Pier 38 Bulkhead Rehabilitation Project RFP [sfgov.org]

Posted by socketadmin at 7:45 AM | Comments (2)

A Kynar, Gentler Eleven-Story Hotel Proposed To Rise On Fourth


As proposed, the existing two and one-half story building occupied by Olivet Theological University at 250 Fourth Street between Howard and Folsom will be razed and an 11-story hotel with 220 guest rooms over a ground floor restaurant (and/or retail) will rise. The hotel would be "locally owned, but affiliated with an international hotel chain."

While the plan calls for a passenger loading zone, no on-site parking would be provided other than for ten bikes within the basement for employees and visitors. The visitor bicycle parking would be "valet assisted."

The design, finishes and timing for the proposed hotel at 250 Fourth Street:


The building's ground-floor cement plaster façade would include glass, stone clad columns, and stainless steel-clad door frames with translucent glass canopies and signage above the entries to the hotel and restaurant/retail.


Each floor above the ground level would include windows with Kynar-finished metal sunscreens and Kynar-finished metal trim and panels. The roof deck would be enclosed by vision glass units and Kynar-finished metal trim fronting on Fourth Street.

Assuming approvals, the demolition of 250 Fourth Street would commence in July of 2013 and the finished building would be ready for occupancy by the end of 2014.

And for those who might be wondering, as were we, Kynar is a resin coating for aluminum, galvanized steel, and aluminized steel which is "available in a rainbow of textures, sheens and colors, including metallics and pearlescents."

Posted by socketadmin at 6:00 AM | Comments (6)

December 14, 2012

Designs For A 350-Foot Tower To Rise At 75 Howard Street

75 Howard Site

As we wrote a year ago, an application had been filed to raze the eight-story and 550 space parking garage at 75 Howard Street and build a 284-foot building with 160 condos.

We now have the details and design for the proposed tower, the height of which has risen to 350 feet and 31 stories with 186 condos over a ground floor restaurant, café, and 175 underground parking spaces accessed from Howard Street.

The project also includes landscaping and paving improvements, resulting in a new 4,780 squre foot landscaped and publicly accessible open space in the triangle at the end of the block. Steuart Street south of Howard would be narrowed and on-street parking would be eliminated along with the turnaround bulb at the southern terminus of the street.

75 Howard Street Site

The proposed 31-story tower's design consists of two main elements, a horizontal podium surmounted by a vertical tower:

75 Howard Street Elevation

The 7-story (82-foot-tall) horizontal podium element would be built to its Howard Street (north) and Steuart Street (east) property lines, and it would be set back from the south property line by about 18 feet and from the west property line by about 3 feet. The podium element would measure about 153 feet from east to west and 116 feet from north to south. The ground and second stories would be recessed about one to six feet from the wall plane of the podium above, forming a high, continuous band of glazing at the ground floor and second floor across a portion of the north façade, all of the east façade, and part of the south façade. These setbacks are intended to define a transparent, pedestrian-oriented ground and second floor, with a horizontal podium volume above, provide additional sidewalk space along Howard Street and Steuart Street, and provide additional space for the café garden and common open space along the south façade.
The 24-story vertical tower element together with the 7-story podium would rise a total of 31 stories (350 feet tall, plus an additional 6 feet for rooftop screening and mechanical enclosures). The tower element would be nearly square in plan, measuring about 114 feet from east to west and 109 feet from north to south. It would be set back from the podium element below by about 2 feet from the podium’s north façade, 23 feet from the podium’s east façade, 5 feet from the podium’s south façade, and 16 feet from the podium’s west façade. However, floor 8 (the terrace level), the lowest floor within the tower element, would be further set back from the tower wall plane above it along the north and south facades to accentuate the transition between the podium and tower elements and to articulate each of these elements as distinct from each other.

The building would likely be clad in glass and stone (granite or limestone), ranging from light to medium grey. Two variants for the proposed tower are also on the boards, a Public Parking Variant and a proposed Residential / Hotel Mixed Use Variant.

The proposed Public Parking Variant would provide an additional 96 non-accessory public off-street parking spaces, for a total of 271 parking spaces, to partially offset the 550 public spaces lost by demolition of the 75 Howard Garage. All 271 parking spaces would be located in stacked mechanical spaces on Basement Level 2 within the proposed 26,701-gsf parking garage.
The proposed Residential / Hotel Mixed Use Variant would provide a mix of residential units and hotel rooms within the high-rise tower. Hotel rooms would be located on floors 3 through 7 and floors 10 through 12, and residential units would be located on floors 13 through 31. This variant would also include space on floors 8 and 9 for hotel registration, a hotel restaurant, spa services, and other hotel amenity space. Under this variant, approximately 109 residential units and 82 hotel rooms with associated hotel amenity space would be constructed.

As always, we'll keep you posted and plugged-in.

UPDATE: As a plugged-in reader quickly notes, the 75 Howard site is currently zoned for up to 200 feet and implementation of the proposed project would require the adoption of legislative amendments to reclassify the height limit to 350 feet.

We’ll also add the unit mix of the proposed project includes 16 studio units, 39 one-bedroom units, 97 two-bedroom units, 29 three-bedroom units, and 5 four-plus bedroom units.

From Parking To 160 Condos At 75 Howard Street As Proposed [SocketSite]

Posted by socketadmin at 6:00 AM | Comments (31)

December 13, 2012

Recorded San Francisco Sales Volume Hits Six-Year Seasonal High


Recorded home sales volume in San Francisco rose 24.2% on a year-over-year basis last month (524 recorded sales in November 2012 versus 422 sales in 2011), down 8.4% compared to the month prior, a slightly higher seasonal drop than the average drop of 7.0% from October to November since 2004. An average of 507 San Francisco homes have sold in November since 2004 when recorded sales volume hit at 682.

San Francisco's median sales price in November was $728,000, up 13.0% on a year-over-year basis, down 8.4% as compared to October in which the median was up 25.1% year-over-year.

For the greater Bay Area, recorded sales volume in November was up 15.5% on a year-over-year basis, down 6.4% from the month prior (7,296 recorded sales in November '12 versus 6,317 in November ’11 and 7,795 this past October). The recorded median sales price was up 20.8% year-over-year, up 5.3% month-over-month.

Last month’s sales count was the highest for any November since 8,042 homes were sold in 2006. November sales have varied from 5,127 in 2007 to 11,906 in 2004. The average for all months of November since 1988, when DataQuick’s statistics start, is 7,873.
Foreclosure resales – homes that had been foreclosed on in the prior 12 months – accounted for 11.5 percent of resales in November, down from a revised 11.7 percent in October, and down from 25.2 percent a year ago. Last month was the lowest since 10.1 percent in November 2007. Foreclosure resales peaked at 52.0 percent in February 2009. The monthly average for foreclosure resales over the past 17 years is about 10 percent.
Short sales – transactions where the sale price fell short of what was owed on the property – made up an estimated 23.0 percent of Bay Area resales last month. That was down from an estimated 23.5 percent in October and down from 24.9 percent a year earlier. While short sales’ share of the overall market does not appear to have changed much, the number of short sales in November was about 6 percent higher than a year ago.

At the extremes, Napa recorded a 34.3% increase in sales volume (a gain of 34 transactions) and a 21.2% increase in median sales price while Solano recorded an 11.9% increase in sales (a gain of 62 transactions) and a 16.6% increase in median sales price. The median sales price increased 26.3% in Contra Costa and 8.4% in Marin.

As always, keep in mind that DataQuick reports recorded sales which not only includes activity in new developments, but contracts that were signed ("sold") many months or even years prior and are just now closing escrow (or being recorded).

Further Gains for Bay Area Home Sales and Prices [DQNews]
San Francisco Sales Volume Up 27.7% And Above Average In October [SocketSite]
Recorded San Francisco Activity Up 2.9% In November, Median Falls [SocketSite]

Posted by socketadmin at 1:15 PM | Comments (40)

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