October 31, 2013
Nearly Sea Cliff Contemporary: Before And After With Golden Views
Purchased for $1,575,000 in early 2011, the four-level home at 101 27th Avenue which sits just outside the gates of Sea Cliff has been redesigned, renovated and modernized.
The interior now features an open main floor with wide-plank Teak flooring and a center island kitchen with some rather nice features, finishes and high-end appliances.
The family room and full bath on the top floor feature wood-paneled ceiling and floor-to-ceiling windows and opens to a deck with some rather Golden views:
The contemporary three-bedroom home is now back on the market and listed for $3,998,000.
Click the new floor plan above to enlarge.
∙ Listing: 101 27th Avenue (3/3.5) - $3,998,000 [101-27thave.com]
The Proposal To Pack More People And In-Laws Into The Castro
With San Francisco’s population rising and rents rising even more, Supervisor Wiener is sponsoring an amendment to San Francisco's Planning Code which would waive existing density restrictions and Code requirements to "allow the construction of an additional dwelling unit or units within the existing envelope of a residential building or auxiliary structure on the same lot (In-Law Units) on any parcel in the Castro Street Neighborhood Commercial District and within 1,750 feet of the District boundaries."
While constructed after 1979, any newly created units under the ordinance would still be subject to Rent Control if the existing building or any of the existing units within the existing building in which the new units built are currently subject to Rent Control.
As we wrote back in 2007: "Going green might be trendy (and we’re all for it), but as far as we’re concerned it’s a focus on density (and infill) that will define the next era in San Francisco's development, neighborhoods, and lifestyle."
San Francisco's Land Use and Economic Development Committee will review the proposed ordinance next week.
Celebrity Top Chef Suvir Saran Coming To 10th And Market
Celebrity "Top Chef" Suvir Saran has leased 8,500 square feet at the base of NEMA on the corner of 10th and Market Streets with plans to open a yet-to-be-named restaurant "created specifically for San Franciscans." The restaurant is slated to open in the Spring of 2014.
Under Saran's direction in New York, Dévi became the first Indian restaurant in the United States to earn a Michelin Star.
San Francisco’s Key Economic, Building, And Transportation Trends
The summary bullet points from the Planning Department’s just completed 2012 Commerce and Industry Inventory for San Francisco which covers a 10-year time-series of data, including population, employment, wages, business growth, retails sales, government expenditures/revenues, building, and transportation trends:
• Employment, the simplest key indicator of economic activity, grew 5% in 2012 to 586,250 jobs (27,250 additional jobs versus 2011) while the unemployment rate fell to 7.8% from 8.6%. [Editor's Note: As plugged-in people know, the unemployment rate in San Francisco is now under 6% and employment is up by 16,600 jobs on a year-over-year basis, up by 49,400 since 2010.]
• The number of business establishments increased slightly in 2012 to 55,470 firms, 0.4% growth over 2011.
• Workers’ earnings in the San Francisco economy increased to $49 billion, almost 9% over 2011, with average earnings per job increasing to $83,500 per worker, up 1% since last year.
• Building permit applications increased by 7% over 2011 levels to 24,300 applications in 2012 and the estimated value or spending those projects represent in terms of project cost (not all of which will be spent locally in San Francisco) increased to $4 billion, or 16% over 2011. [Editor's Note: San Francisco's current construction pipeline.]
• Taxable retail sales increased 4% over 2011 levels, to $16 billion in 2012.
• City revenue was $4.26 billion in 2012, up 3% over 2011. City expenditures were $4.06 billion in 2012, up 7% from last year.
San Francisco’s population was estimated to have hit 825,100 in 2012, up 1.5% from 2011, with daily transit ridership at roughly 664,326 trips, up 1.1% since 2008 with ridership on the 9-San Bruno line up 25 percent since 2008 and the most used transit line in the City with 59,900 daily trips. The 38-Geary is the second most used Muni line in the city with 55,000 daily trips.
The full report will be presented to San Francisco's Planning Commission next week.
∙ San Francisco’s 2012 Commerce and Industry Inventory [sfplanning.org]
∙ Unemployment Drops In San Francisco, But Employment Drops As Well [SocketSite]
∙ The 48,000 San Francisco Units In The Works By Neighborhood [SocketSite]
October 30, 2013
Bay Area Rents Climb, East Bay Jumps 10 Percent In 3 Months
While the vacancy rate for apartments throughout the Bay Area has ticked up from 3.1 to 3.9 percent, according to Cassidy Turley the average rent has ticked up from $1,851 to $1,897 a month, two percent below its first quarter peak of $1,941.
The average rent in San Francisco is now $3,266 a month, up 3 percent over the past three months and 18 percent higher year-over-year. The average studio in San Francisco now rents for $2,434 and one-bedrooms for $2,980. The vacancy rate in San Francisco is currently 3.6 percent, up from 3.3 percent in the second quarter of 2013.
The average East Bay rent jumped 10 percent in the third quarter and now averages $1,681 a month with studios renting for $1,268. The average rent is up to $1,674 in the North Bay.
And while the vacancy rate has increased from 3.1 to 4.6 percent in San Mateo, the average rent has ticked back up to $2,148 per month, even year-over-year. Studios in San Mateo now rent for an average of $1,446 a month and apparently a number of new projects on the Peninsula won't even consider prospective tenants that earn less than $75,000 per year.
Over the past two years, the average rent in San Mateo has increased by 15 percent, it's up by 17 percent in the East Bay and it's up by 27 percent in San Francisco.
Eight Acre North Oakland Development Set To Break New Ground
Having been waylaid by the BART strike, the ground breaking for Phase Two of MacArthur Station, the master-planned Transit-Oriented Development on BART's former MacArthur Station parking lot in North Oakland, has been rescheduled for Friday, November 15 at 11am.
Once again, Phase Two of the development will consist of 90 apartments at 40th and Telegraph for households with incomes ranging from 30 to 50 percent of the area's median income.
In total, MacArthur Station will eventually provide a total of 624 new housing units on the 7.76 acre site, of which 516 units will be market rate. In addition, 42,500 square feet of local commercial and retail space will be constructed along with 5,000 square feet of space for community use.
Phase One of the MacArthur Station development was the new 478-space parking garage for BART.
The remaining A, B and C parcels are slated for development over the next eight years.
Site Cleared For Kaiser Permanente's Geary Campus Expansion
The southwest corner of Geary and Divisadero has sat vacant since 1989 when the former gas station on the site was demolished and the adjacent 21 unit building at 1098 Divisadero Street has just been razed, clearing the way for Kaiser Permanente to construct a new 75,000 square foot outpatient clinic and medical office which has been on the boards since 1984.
The new building will yield 23,000 square feet of clinic space, 10,500 square feet of medical office space, and 3,000 square feet of retail on the sloped lot, rising five-stories along O’Farrell and six-stories along Geary, creating "a visual cohesiveness for Kaiser’s Geary Campus."
While the expansion has been approved, the building permits have not been issued and in the interim the site will serve as a temporary nursery, for trees.
October 29, 2013
Before And After On Dolores Street: A Modern Makeover
Purchased for $1,263,000 in November of 2012, the Noe Valley home at 1632 Dolores Street has just returned to the market listed for $2,875,000 having been rebuilt and expanded "with the latest in designer colors and quality finishes throughout."
The kitchen within 1632 Dolores Street before and after:
The open living area into which the kitchen now opens (which had been a separate living room, dinning room, and media room before):
And the new bath above, there's a new one below as well:
∙ Listing: 1632 Dolores Street (4/3.5) - $2,875,000 [1632dolores.com]
Home Prices In San Francisco Tick Up But The Pace Is Slowing
While the pace of increases continues to slow from the record setting gains recorded in April and May, single-family home and condo values in San Francisco continued to tick up in August.
According to the latest S&P/Case-Shiller Home Price Index, single-family home values in the San Francisco MSA rose 0.9% from July to August 2013. Up 25.4% year-over-year, the San Francisco Index remains 18.2% below a May 2006 peak.
For the broader 10-City composite (CSXR), home values gained 1.3% from July to August and are up 12.8% year-over-year but remain 21.0% below a June 2006 peak.
"Las Vegas and California continue to impress with year-over-year increases of over 20%. Denver and Phoenix posted 20 consecutive annual increases; Miami and Minneapolis 19. Despite showing 26 consecutive annual gains, Detroit remains the only city below its January 2000 index level.
The monthly percentage changes for the 20-City composite show the peak rate of gain in home prices was last April. Since then home prices continued to rise, but at a slower pace each month. This month 16 cities reported smaller gains in August compared to July. Recent increases in mortgage rates and fewer mortgage applications are two factors in these shifts.
Denver and Dallas again set new highs. All the other cities remain below their peaks. Boston and Charlotte are the two MSAs closest to their peaks with only 8-9% left to go. Las Vegas is still down 47.1% from its peak level."
On a month-over-month basis, prices ticked up across all three San Francisco price tiers but only nominally for those in the top tier.
The bottom third (under $486,084 at the time of acquisition) gained 3.0% from July to August (up 40.6% YOY); the middle third gained 1.0% from July to August (up 28.6% YOY); and the top third (over $808,660 at the time of acquisition) gained 0.1% from July to August, up 18.5% year-over-year versus 18.8% in July.
According to the Index, single-family home values for the bottom third of the market in the San Francisco MSA are back to June 2003 levels (38% below an August 2006 peak); the middle third is back above August 2004 levels (18% below a May 2006 peak); and the top third remains just above April 2005 levels and 6% below its August 2007 peak.
Condo values in the San Francisco MSA rose 1.4% from July to August 2013 and are up 27.7% year-over-year, within 5.0% of their 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).
∙ Home Prices Rise Further in August 2013 [Standard & Poor's]
∙ San Francisco's Top Tier Homes And Condos Within 6% Of Peak [SocketSite]
October 28, 2013
1400 Mission Street: 197 Affordable Condos On The Other Corner
Across the street from the SoMa parcel on which the 14-story building at 1415 Mission Street is getting ready to start construction, the building permits for the condo building to rise up to fifteen stories at 1400 Mission have been issued and site work has commenced.
As we first reported about the 1400 Mission Street project last year:
Currently leased to the builders of 1401 Market for construction staging, the plans for the site at 1400 Mission Street at Tenth have since been revised. And yes, the rooftop gardens once proposed for the portions of the building fronting Mission and Tenth Street are old news and long gone. The currently proposed project is ten stories along Mission Street and fifteen along Tenth Street with a podium courtyard on the second floor.
Having partnered with Maracor, the TNDC led project is slated to yield 197 units of for-sale affordable family housing, including 87 two-bedroom condos and 24 three-bedrooms, over 5,000 square feet of ground floor commercial/retail space and parking for 48 cars by 2015.
Households earning between 70% and 150% of the Area Median Income (AMI) will qualify for the condos. And with respect to parking for bikes, the latest plans call for 66 spaces up from the 13 spaces approved in 2004.
The current Area Median Income for San Francisco is around $71,000 for a one-person household, $81,000 for two people and $91,000 for three.
Number Of Homes For Sale In San Francisco Tightens Up
Down by 4 percent over the past three weeks, in line with normal seasonality, the inventory of listed homes for sale in San Francisco is back to being down on a year-over-year basis, 2 percent lower for single-family homes and 7 percent lower for condominiums.
At the same time, the percentage of listings which have been reduced in price at least once has ticked up to a little over 20 percent which is even year-over-year.
The number of active listings in San Francisco is currently a third the levels of 2010.
Corner Of Mission And 10th Cleared For New Residential Units To Rise
The southwest corner of Mission and 10th Street has been cleared of its former parking lot and one-story garage, and with the permit for a construction crane in hand, construction of the 14-story building with 117 residential units over a garage to rise on the SoMa site at 1415 Mission Street should soon be underway.
Pending Home Sale Index Slips To 2013 Low, Down Year-Over-Year
The National Association of Realtors Pending Home Sales Index fell 5.6 percent in September, down 1.2 percent on a year-over-year basis overall and 9.8 percent lower in the West despite a year-over-year increase in listed inventory levels.
It's the fourth month in the row the Pending Home Sales Index has declined, the lowest level for the index since December 2012, and the first year-over-year decline for the index in 29 months.
As we wrote in August: Rising Rates Start Reeling In Pending Home Sales
October 25, 2013
The Preliminary Designs For Ten Stories At 16th And Mission
Once again, a 10-story building with 351 housing units, 32,000 square feet of retail and a 56,000-square-foot basement parking garage has been proposed to rise above the 16th Street Bart Station on the northeast corner of Mission Street, the preliminary design and massing for which is illustrated above and below.
The basement garage would contain 161 parking spaces, 39 spaces for the ground floor retailers and 122 spaces for the residential units, 88 of which would be stacked, with its entrance on Capp Street. The garage would also include space for 193 bikes.
Destined For Dwell(ing) In Bernal Heights
Having sold for $700,000 in 2005 as a one-bedroom with 760 square feet, as plugged-in people were aware, the single-family Bernal Heights home at 330 Banks Street was foreclosed upon in 2010, was listed for $499,900 in early 2011 and re-sold for $450,000 that May.
Having been completely remodeled, modernized, and now "fit for Dwell magazine," 330 Banks is back on the market as a three-bedroom home of 1,253 square feet for $1,195,000:
The rafters have been exposed, the heat is now radiant through concrete and cork floors, and there's an excellent use of space (and light) throughout.
∙ Listing: 330 Banks Street (3/2.5) 1,253 sqft - $1,195,000 [via Redfin]
∙ The Bank's 330 Banks Returns 29 Percent Below Its 2005 Price [SocketSite]
A Move To Close All San Francisco Parks At Midnight
The hours at which San Francisco's public parks are considered to be closed and off-limits are currently set on an ad-hoc basis, making it difficult to effectively police and enforce.
On the agenda for San Francisco’s Board of Supervisors next week, an ordinance which would establish a midnight closing time for all City parks in San Francisco including Golden Gate Park, Union Square and the Panhandle. That being said, roadways and paved paths would remain open for the purposes of traversing any park or plaza, but no stopping or stepping on the grass.
San Francisco's parks would open again at 5am daily.
October 24, 2013
Ten Story Building Proposed Atop 16th Street BART Station Site
Maximus Real Estate Partners is in contract to buy the 57,000 square foot parcel above the 16th Street BART station on the northeast corner of Mission Street and has submitted plans to build a 10-story building designed by Skidmore Owings & Merrill with 351 housing units, 32,000 square feet of retail and a 56,000-square-foot basement parking garage on the site.
The proposal calls for airy plate glass storefronts, with 14-foot floor-to-ceiling heights, which would wrap around the BART plaza and continue along Mission and 16th streets. The group says the blank facades currently ringing the BART Plaza on Mission and Capp streets represent "a significant contributing factor to the high crime rate at the intersection of 16th and Mission."
The sale of the parcel which includes an existing Walgreens, the Hwa Lei Market, the City Club bar, two restaurants and a defunct dollar store, all of which would be razed, is contingent upon approvals of the proposed development by the city.
Prime Cole Valley With A Palm Tree Out Front For $900 A Foot
Purchased for $962,000 in 2003 and then taken down to the studs, the nicely remodeled Cole Valley home at 1024 Shrader Street has just returned to the market listed for $2,950,000.
There’s a total of four bedrooms across the home's four levels with an open loft level above and an in-law with separate entrance below. The main level is open yet separated and the modern kitchen maintains a bit of Craftsman flair:
And while not listed with any square footage, it’s "3,270 square feet per [a] graphic artist."
∙ Listing: 1024 Shrader Street (4/3.5) - $2,950,000 [1024shrader.com]
Appeal Of Potrero Hill Development Rejected By Supervisors
San Francisco's Board of Supervisors has rejected the CEQA based appeal opposing the proposed Potrero Hill development at 480 Potrero Avenue and affirmed the Planning Commission's Environmental Declaration to allow the six-story building with 75 condos, 47 parking spaces and a thousand square feet of retail on the northwest corner of Potrero and Mariposa to be built.
October 23, 2013
Is San Francisco Getting The Short End Of The Saitowitz Stick?
With the Stanley Saitowitz designed "Garden Village", a 77-unit development of 18 interconnected buildings of three to five stories in height with 16 rooftop farm plots above and a fleet of four to ten shared cars for residents in a small garage below having been approved for development by Berkeley’s Zoning and Adjustment Board two weeks ago, a number of readers can’t but wonder if San Francisco has been getting the short end of the Saitowitz design stick.
Of course it's not always the architects who are to blame for bad building designs in San Francisco as the City's Planning process can be a challenge to navigate and many developers have been known to choose greater profits over great design.
Targeting students, the Garden Village development is slated to break ground at 2201 Dwight Way in Berkeley next year and be ready for occupancy and farming in 2015.