CATEGORY ARCHIVE: Apples To Apples

March 27, 2014

A Major Price Cut For Minor's Massive San Francisco Estate

3800 Washington

The list price for Halsey Minor's 18,000 square foot Presidio Heights mansion at 3800 Washington Street has just been cut by $1,994,000 (10%). Now asking $17,995,000 for the mansion, adjacent 2,600 square foot guest house, and the undeveloped lot behind.

Le Petit Trianon (Image Source: lepetittrianon.com)

Having topped the list of the Top 500 Delinquent Taxpayers in California last year, Mr. Minor soon thereafter filed for Chapter 7 bankruptcy, listing liabilities of $50 million to $100 million and assets of $10 million to $50 million.

Minor purchased the asset turned liability at 3800 Washington for $20,000,000 in 2007.

Posted by socketadmin at 8:30 AM | Permalink | Comments (8) | (email story)

March 26, 2014

Before And After On The 25th Floor Of The St. Regis

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Purchased for $1,930,000 in January of 2013 having traded for $2,100,000 in July of 2008, the 1,527 square foot St. Regis condo #25F has since been completely remodeled.

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And the wall between the living room and second bedroom has been removed to open up the space, replaced with a sliding pocket wall for when a second bedroom is needed:

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The kitchen before:

188%20Minna%20%2325F%20Kitchen%20Before.jpg

The kitchen after:

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And the new master bath:

188%20Minna%20%2325F%20Master%20Bath.jpg

∙ Listing: 188 Minna #25F (2/2.5) 1,527 sqft - $3,850,000 [stregis25f.com]

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March 24, 2014

Purchased For 37 Percent Less, Listed For 74 Percent More

177%20Townsend%20%23629%20Living.jpg

The 475-square-foot "junior one bedroom" condo #629 at 177 Townsend Street was purchased for $466,000 in August of 2007. It resold for $295,000 in November of 2011.

With "over 35K" since invested in the unit, including new floors and refinished cabinetry, the South Beach condo with parking is back on the market and listed for $550,000.

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Call it a 37 percent decline in value for the condo from 2007 to 2011, and a 74 percent gain in value for the condo from 2011 to 2014 if it sells at asking, a gain which would include both market appreciation as well as the investment in - and returns from - remodeling.

∙ Listing: 177 Townsend Street #629 (0/1) 475 sqft - $550,000 [Redfin]

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March 14, 2014

Eye-Popping Appreciation For A Modern Noe Home

465%20Hoffman%202014.jpg

While the sale of 625 Duncan just set a new record for the most expensive home in Noe Valley, it's the sale of the modern Noe Valley home on Hoffman pictured above that might end up raising even more eyebrows.

Purchased for $2,850,000 in early 2011 having first sold for $2,970,000 in early 2010, the 4,500 square foot home at 465 Hoffman was listed for $3,795,000 last month. A sale at asking would have represented a rather healthy 33 percent ($945,000) gain in value for 465 Hoffman over the past three years, but it didn't sell for asking. It sold for $5,105,000.

Call it a 79 percent ($2,255,000) gain in value, effective 21 percent annual appreciation, for the modern Noe Valley home over the past three years, apples-to-apples style.

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March 13, 2014

Modern Noe Valley Home Sells For A Record $7 Million

625%20duncan%202014.gif

Listed for $6,750,000 last month, the sale of 625 Duncan Street has just closed escrow with a reported contract price of $7,000,000, eclipsing the sale of 526 Duncan for $6,100,000 in 2011 to become the most expensive home sale in the history of Noe Valley.

Having characterized their efforts as a fight to preserve "the character and charm" of the neighborhood, the sellers of 625 Duncan who paid $5,818,000 for their 5,933 square foot home back in 2008 were unsuccessful in their bid to downsize the plans for a neighboring 4,820 square foot home to be built on the vacant lot next door.

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March 10, 2014

A New Peak For A Well-Designed Noe Valley Home

836%20Alvarado%20Living.jpg

Listed for $2,599,000 last month, the John Maniscalco designed home at 836 Alvarado has closed escrow with a reported contract price of $3,400,000 ($1,037 per square foot). Yes, that's $801,000 "over asking," but more meaningfully, that's 27 percent over its purchase price of $2,700,000 in August of 2007, about a half year before the last cycle peak.

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March 3, 2014

Two Ways Inside 65 Montclair: When One Elevator Just Won't Do

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Purchased for $7,300,000 in 2005, Craig and Maureen Sullivan's Russian Hill home at 65 Montclair Terrace is now on the market for $9,950,000 with big city views.

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In addition to the home's entrance and garage on Montclair, there's an entrance and garage on Chestnut Street as well, and of course a second elevator:

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And while not noted in the listing, according to tax records, the four-bedroom home which was designed by Gardner Dailey in 1938 measures just over 5,100 square feet inside.

∙ Listing: 65 Montclair Terrace (4/4.5) - $9,950,000 [65montclair.com]

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February 26, 2014

Apples To Apples And Peak To Peak?

836%20Alvarado.jpg

Purchased for $2,700,000 in August of 2007, the John Maniscalco designed home at 836 Alvarado is back on the market and listed for $2,599,000, a little under $800 per foot.

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The main level of the four-bedroom Noe Valley home features Avodire wood cabinets and accent walls, behind which a secondary staircase to the master suite is hidden.

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The kitchen is open to a family room which overlooks the yard designed by Paxton Gate:

836%20Alvarado%20Yard.jpg

Keep in mind that Noe Valley home prices didn't actually peak until 2008, but the end of 2007 was pretty close. And if you think you know the Noe market, now's the time to tell.

∙ Listing: 836 Alvarado (4/3.5) 3,280 sqft - $2,599,000 [836alvarado.com]

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February 10, 2014

Apples-To-Apples Appreciation For A Remodeled Noe Home

913%20Alvarado.jpg

Purchased as a total fixer in need of everything for $759,000 in 2009, the 2,461 square foot Noe Valley home at 913 Alvarado was rebuilt, remodeled, and resold for $1,613,000 in March of 2011 having been listed for $1,685,000 in October of 2010.

913%20Alvarado%20Kitchen.jpg

With no apparent major work having been done to the home since, the property has just been listed for $2,200,000 or $894 per square foot.

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A sale at asking would represent total appreciation of 36 percent for the home over the past three years or average annual appreciation of 10.9 percent, all on an apples-to-apples versus median basis.

∙ Listing: 913 Alvarado (4/3) 2,461 sqft - $2,200,000 [913alvarado.com]

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February 6, 2014

The Modern Noe Valley Market Since 2009, Apples-To-Apples Style

465%20Hoffman%202014.jpg

As we wrote about the sale of the modern Noe home at 465 Hoffman in February 2011:

"Speaking of Noe Valley year-over-year, the sale of 465 Hoffman closed escrow Wednesday with a reported contract price of $2,850,000.
Call it $633 per listed square foot and a four percent ($120,000) drop in value over the past eleven months for the "exceptional showcase home architecturally designed & methodically built with gorgeous views!"
As plugged-in people might recall, the modern Noe home first hit the market in early 2009 listed for $3,900,000 and sold for $2,970,000 [in March of 2010]."

The modern 4,500 square foot home is now back on the market and listed for $3,795,000.

465%20Hoffman%202014%20Kitchen.jpg

A sale at asking would represent average annual appreciation of 10 percent over the past three years on an apples-to-apples basis. If you think you know Noe, it's time to tell.

∙ Listing: 465 Hoffman (4/4.5) 4,500 sqft - $3,795,000 [465hoffman.com]

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January 28, 2014

Six Months Later And Ninety-One Grand More? Nein, A Little Less

1160%20Mission%20%231806%20Living.jpg

Purchased as new for $1,160,000 in 2008, the 1,146 square foot southeast corner condo on the 18th floor of the 22-story SOMA Grand resold for $1,198,000 a year ago next month.
Six months later, the two-bedroom hit the market listed for $1,289,000, a price which was reduced to $1,199,000 two months ago.

Yesterday, the sale of 1160 Mission Street #1806 between 7th and 8th Streets (“in the heart of SOMA's Tech Belt”) closed escrow with a reported contract price of $1,175,000, fifteen grand more than in early 2008 but twenty-three grand less than a year ago.

While the condition of the condo was "apples-to-apples" with respect to the sales, keep in mind that the SOMA Grand's homeowners association filed suit against the building’s developer, builder, and architects eight months ago, a fact that can affect financing and limit the pool of potential buyers.

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January 7, 2014

A Giant Elk Paid $5,550,000 For The Noe Valley Firehouse No. 44

3816 22nd Street (www.SocketSite.com)

Briefly on the market for $5,250,000 this past September, the converted Noe Valley Firehouse at 3816 22nd Street quickly sold for $5,550,000 or $955 per square foot and the buyer was an extinct giant elk.

Okay, so the buyer wasn't actually an extinct giant elk but rather the "Megaloceros, LLC," behind which the identity of the person financing the purchase was hidden. And while we're not going to name the veiled buyer, we will note that he is a tech entrepreneur but didn't make his money in any IPO, but rather by selling his startups to larger companies, none of which included Facebook, Twitter, Zynga, Google nor Apple.

Having first hit the market in 2008 with a price tag of $6,375,000, the seller of Firehouse 44 paid $4,050,000 for the property in 2011 and appears to have remodeled a bit, but not much, between.

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December 13, 2013

Despite The Boom, Foreclosures Are Still Happening In San Francisco

The Palms (555 4th Street)

In pre-foreclosure since 2009 when $14,047 past due on a $580,000 loan, the top-floor unit #927 at The Palms (555 4th Street) was finally foreclosed upon and taken back by the bank this past October with no bidders at $649,000 on the courthouse steps. The unit has been purchased for $725,000 in June of 2007 with 20 percent down.

Listed for $624,900 nine days ago, the bank is now accepting offers for the 699 square foot condo from those who are planning to use it as their primary residence. Offers will be accepted from investors or those looking for a second home if it hasn't moved in a week.

While there are no other units at The Palms currently in pre-foreclosure or scheduled for auction, there are 275 other properties in the current San Francisco foreclosure pipeline.

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December 3, 2013

Arts & Crafts With A Heated Pool And Views In Parnassus Heights

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Purchased for $3,470,000 in early 2007, the remodeled Arts & Crafts home at 212 Edgewood Avenue is back on the market for $3,795,000 in 2013 with 3,400 square feet of living space inside.

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And then there's the heated pool with big Parnassus Heights views out back:

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212%20Edgewood%20Pool%20view.jpg

∙ Listing: 212 Edgewood Avenue (5/2.5) 3,400 sqft - $3,795,000 [212edgewood.com]

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November 14, 2013

Two Years Later And 60 Percent More For This Pacific Heights Pad

2523 Steiner 5/2/11 (www.SocketSite.com)

As we wrote about the Pacific Heights pad above this past August:

Foreclosed upon in 2009 with nearly $3 million owed at the time, the Pacific Heights home at 2523 Steiner returned to the market listed for $1,450,000 in 2011, was repainted three times in quick succession, and then sold for $1,260,000 that May.
Without any permits to remodel having been issued since purchased, and still sporting the same chocolate coat of exterior paint, the three-bedroom home with a rather challenging floor plan is now back on the market and listed for $2,450,000, this time with 1,730 square feet.

Reduced to $2,195,000 in September, the sale of 2523 Steiner has since closed escrow with a reported contract price of $2,010,000. That's 18 percent under original list but nearly 60 percent more than the price which was paid for the pad in early 2011.

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October 23, 2013

Targeting Seven Percent More After Seven Months For A Saitowitz

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Seven months after having closed escrow on the purchase of condo #202 within the new Stanley Saitowitz designed development at 2020 Ellis Street for $599,000, the buyer has returned the 648 square foot one-bedroom to the market listed for $639,000.

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While the property on the border of NoPa is "apples-to-apples" in terms of its condition as compared to seven months ago, keep in mind that the CityTarget at Masonic and Geary which is three blocks away has since opened its doors even wider than those between the bedroom and bath.

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∙ Listing: 2020 Ellis #202 (1/1) 648 sqft - $639,000 [2020ellisunit202.com]
San Francisco's Second CityTarget Has Opened Its Doors [SocketSite]

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October 22, 2013

A Contemporary Potrero Hill And Mortgage Comparison: 2007 To Today

2130 24th Street

As we wrote in July of 2012:

Having hit the market in late 2006 asking $1,295,000, the 1,792 square foot 2130 24th Street #A sold for $1,274,000 in the middle of 2007.
With its Scavolini cabinets, Carrara marble counters, and Black Walnut floors still looking rather fresh, the contemporary Potrero Hill condo is back on the market and listed for $1,389,000.
With twenty percent down and a thirty-year mortgage at current rates, the monthly mortgage payment would be around $5,300 a month at asking. In 2006, the payments on the purchase would have been closer to $6,500 at rate of 6.56 percent.

Having failed to sell in 2012, the Potrero Hill condo is back on the market today and listed for $1,499,000. With the current rate for a 30-year Jumbo loan running around 4.0 percent, the monthly mortgage payment with 20 percent down at asking is now around $5,700 a month, 12 percent less than in 2006 but 8 percent higher than at asking in 2012.

2130 24th Street Kitchen

UPDATE: Our original calculation of a $6,700 monthly payment at asking today included property taxes and HOAs which should not have been included for the sake of comparison and has since been updated above.

∙ Listing: 2130 24th Street #A (3/2) 1,792 sqft - $1,499,000 [Redfin]
Apples-To-Apples: Prices, Rates And Payments...Oh My! [SocketSite]

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October 18, 2013

Rented For $8,500, A Modern Bernal Pad Is Listed For $1,980,000

3119-3121 Harrison Street

Asking $2,700,000 when conceived in late 2008 and then $2,370,000 when under construction in 2009, the modern north Bernal three-bedroom condo at 3119 Harrison, half the building above, was listed post-construction for $1,950,000 in early 2011 and sold for $1,650,000 that July.

3119 Harrison Kitchen

Currently rented for $8,500 a month having been listed for $10,500, and with a lease that expires at the end of February, 2014, the modern Bernal pad has just hit the market listed for $1,980,000, tenants included for now.

∙ Listing: 3119 Harrison (3/3.5) 2,300 sqft - $1,980,000 [via Redfin]
The Second Of Two AIA Tour Homes Closes On Harrison [SocketSite]

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September 6, 2013

Royally Unexpected Architecture Redux

1750%20Taylor%20%23203%202013.jpg

On the market for $2,195,000 in 2009, the designer Royal Towers unit #203 sold for $2,175,000 that December.

1750 Taylor #203: Living

As we noted at the time, while the modern interior by Louise Mann might not be for everyone, the sweeping views of San Francisco most likely are:

1750 Taylor #203: Kitchen and View

And while not yet listed, the two-bedroom with two baths and two parking spaces is back on the market and seeking $2,995,000.

∙ Listing: 1750 Taylor Street #203 (2/2) - $2,995,000 [sfproperties.com]
Royally Unexpected Architecture, Design & Views: 1750 Taylor #203 [SocketSite]

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August 28, 2013

A Decade Of Data Points And New Peak For A Twin Peaks Home

243%20Romain.jpg

Having sold for $925,000 in 2005 and then again for $899,000 in early 2008, the touched up Twin Peaks home at 243 Romain was listed for $1,195,000 this past April.

Withdrawn from the market without a sale and relisted for $995,000 in June, and then again for $975,000 in July, the sale of 243 Romain closed escrow this past Monday with a reported contract price of $1,100,000, up a little over 20 percent on an apples-to-apples basis since 2008 (or 2005).

Having also sold for $700,000 in 2003, call it total appreciation of 57 percent or average annual appreciation of 4.5 percent over the past decade for the San Francisco home, with some ups and downs between.

Touched Up In Twin Peaks [SocketSite]

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August 26, 2013

A Day Late To Easily Convert, So What's The New Vacancy Worth?

1281-1285%20Filbert.jpg

With two of three units vacant, the triplex at 1281-1285 Filbert Street was listed for $1,499,000 this past April and sold for $2,000,000 within two weeks. Having occupied the top floor two-bedroom since 2003, the tenant was paying $2,337 a month in rent.

In June, San Francisco’s Condominium Lottery Bypass was adopted, restricting the condo conversion of TIC units which weren't occupied by the converting owners of record on April 15, 2013. The purchase of 1281-1285 Filbert closed escrow on April 16.

Last month the triplex returned to the market listed for $2,795,000 without any substantive changes to the building save one: all three units are now listed as vacant. No word on what the tenant was offered to move, but we're guessing less than $795,000.

∙ Listing: 1281-1285 Filbert Street - $2,795,000 [via Redfin]
Condo Conversions: The Clock Is Ticking For The Mayor To Act [SocketSite]

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August 19, 2013

Now Trending In Noe Valley

313 Duncan (www.SocketSite.com)

Speaking of Noe Valley and Duncan Street, the sale of 313 Duncan which Twitter's co-founder Evan Williams and his wife purchased for $2,400,000 in April of 2009 has closed escrow with a reported contract price of $3,200,000.

Having been remodeled a bit since its purchase in 2009 the pair of sales for 313 Duncan isn't perfectly "apples-to-apples," but it is 33 percent more expensive than it was four years ago.

The Three Most Expensive Homes In Noe Valley [SocketSite]
Home Tweet Home [SocketSite]
While A Bird Tweets, A Shark Sings [SocketSite]
Before And After, Inside And Out [SocketSite]

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August 13, 2013

Twice The Price Of Two Years Ago, Time To Repaint?

2523 Steiner 5/2/11 (www.SocketSite.com)

Foreclosed upon in 2009 with nearly $3 million owed at the time, the Pacific Heights home at 2523 Steiner returned to the market listed for $1,450,000 in 2011, was repainted three times in quick succession, and then sold for $1,260,000 that May.

2523 Steiner Kitchen

Without any permits to remodel having been issued since purchased, and still sporting the same coat of exterior paint, the three-bedroom home with a rather challenging floor plan is now back on the market and listed for $2,450,000, this time with 1,730 square feet.

∙ Listing: 2523 Steiner (3/3.5) 1,730 sqft - $2,450,000 [Redfin]
Pacific Heights For 50 Percent Below 2006 Expectations And Debt [SocketSite]
Oh No They’re Not, Oh Yes They Are At 2523 Steiner Again [SocketSite]
Will The Third Time Be The Chocolatey Color Charm For 2523 Steiner? [SocketSite]

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August 9, 2013

Six Months Later And Ninety-One Grand More?

Soma%20Grand%202013.jpg

In early 2008, the 1,146 square foot southeast corner condo on the 18th floor of the 22-story SOMA Grand was first purchased for $1,160,000. Six months ago, 1160 Mission Street #1806 resold for $1,198,000. And today, the two-bedroom hit the market listed for $1,289,000.

1160%20Mission%20%231806%20Living.jpg

As plugged-in people know, the building’s homeowners association filed suit against the building’s developer, builder, and architects three months ago which is why the "pending litigation" box was checked on the listing, so check with your lender if you're interested in the building.

1160%20Mission%20%231806%20Kitchen.jpg

∙ Listing: 1160 Mission Street #1806 (2/2) - $1,298,000 [Zephyr]
SOMA Grand Homeowners Follow And File Suit [SocketSite]

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August 7, 2013

The Actual Appreciation For A Single-Family San Francisco Home

14%20Ventura%20Avenue.jpg

Two months ago, the already remodeled and nicely kept single-family Forrest Hill home at 14 Ventura Avenue hit the market listed for $1,495,000 having been purchased for $1,680,000 in May of 2012, a year-over-year and "apples-to-apples" sale in the making.

As we noted at the time, since May of 2012 the oft-quoted "median price" for single-family homes in San Francisco has increased 36 percent while the median price in Forrest Hill’s District 4 is up nearly 32 percent, changes which are frequently misreported as representing changes in values.

Last week, the sale of 14 Ventura Avenue closed escrow with a reported contract price of $1,950,000, up 16 percent on an apples-to-apples basis since May of 2012, a little less than half the movement of the median.

And yes, having been listed for less than its 2012 purchase price, the sale was amazingly "over asking" and attracted a fair amount of attention, as the listing was designed to do.

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July 25, 2013

A Closet Sized Bedroom, And That’s Not A Slight

2999%20California%20Street.jpg

While $420,000 might seem like a lot for a 613 square foot "junior one-bedroom" on the border of Pacific Heights, it's $95,000 less than was paid for the sixth floor condo when 2999 California Street #603 was listed for $459,000 and sold for $515,000 in 2005.

2999%20California%20Street%20%23603.jpg

And yes, the bedroom was once a walk-in closet:

2999%20California%20Street%20%23603%20Bedroom.jpg

Deeded parking and designated storage are included, and it's a nice use of space.

2999%20California%20Street%20%23603%20Kitchen.jpg

The HOA dues for the unit are $455 a month, up from $306 in 2005. And the sale will be apples-to-apples, most likely multiple offers and all.

∙ Listing: 2999 California Street #603 (0/1) 613 sqft - $420,000 [2999california603.com]

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July 16, 2013

Before And After, Inside And Out

313%20Duncan%20Before%20and%20After%20Kitchen.jpg

While not nearly as dramatic as its original transformation, having been remodeled a bit following its purchase for $2,400,000 in 2009, keep in mind that the resale of the "Home Tweet Home" at 313 Duncan won't be perfectly "apples-to-apples" when it comes to measuring appreciation.

313%20Duncan%20Before%20and%20After%20Back.jpg

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July 15, 2013

The Aliotos' Towering Mansion Sells For Millions Under Asking, But Fifty-Two Times Their Purchase Price

2898%20Vallejo%20Facade.jpg

Having hit the market asking $16,500,000 this past March, the list price for the Aliotos' Pacific Heights home at 2898 Vallejo Street was reduced to $13,900,000 in April.

This afternoon, the sale of 2898 Vallejo closed escrow with a reported contract price of $11,750,000, roughly two million "under asking," closer to five million under original list.

As we first reported earlier this year, Frank and Frances Alioto purchased the 9,500 square foot home in 1973 for $225,000 following its use in the filming of The Towering Inferno, serving as the mansion for Richard Chamberlain’s character, the cheapskate electrical engineer who cut corners and was to blame for the tower's fire.

With a tax basis of $439,219 thanks to Proposition 13, the total property tax bill for 2898 Vallejo was $5,205 in 2011. The property tax bill for the new buyers should now be closer to $137,369 per year.

And in terms of the average annual appreciation for the property, call it an effective 10 percent per year over the past 40 years.

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June 28, 2013

Those Amazing Medians Versus An Actual San Francisco Home

14%20Ventura%20Avenue.jpg

Having been listed for $1,495,000, the remodeled single-family Forest Hill home at 14 Ventura Avenue was purchased for $1,680,000 a year ago. Since then, the oft-quoted "median price" for single-family homes in San Francisco has increased 36 percent! The median price in Forrest Hill’s District 4 is up nearly 32 percent.

Today, the four-bedroom home at 14 Ventura returned to the market listed for $1,650,000, two percent under its sale price in May of 2012. Did we mention that the average single-family home in San Francisco sold for "over asking" last month at 108 percent of list price? Go figure.

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Rising Shoreline Tides (And Barbeques) Down In South Beach?

41%20Federal%20%2323%20Kitchen.jpg

At 1,617 square feet, #23 is the largest of nine condos in the boutique South Beach building at 41 Federal named Shoreline. Purchased for $1,495,000 in 2007, with three bedrooms, two terraces, and one parking spot, 41 Federal #23 is back on the market and listed for $1,495,000 again.

41%20Federal%20%2323%20Living.jpg

And yes, you can barbeque on the back patio (although we’re guessing gas only).

41%20Federal%20%2323%20Patio.jpg

Early last year, the 1,365 square foot two-bedroom Shoreline condo #21 resold for $1,135,000, one percent below its purchase price of $1,150,000 in October of 2006.

∙ Listing: 41 Federal #23 (3/2) 1,617 sqft - $1,495,000 [mcguire.com]

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June 24, 2013

Sitting Pretty Atop The Brannan Down In South Beach

219%20Brannan%20%2317D%20Living.jpg

As we wrote about the sale of 219 Brannan's penultimate penthouse #17D last month:

If the Warriors’ plans for Pier 30-32 and penthouses aren’t your cup of tea, you might want to look elsewhere. But if they are, you might take a peek at 219 Brannan #17D.
The 2,005 square foot three-bedroom unit features big Bay, Bridge, and downtown views from windows that reach from the eleven foot ceilings down to the blonde wood floors.
Purchased as new for $2,307,500 in 2001 and barely lived in since, 219 Brannan #17D is about to hit the market for $3,500,000 with parking for two and dues of $1,047 per month.
As plugged-in people know, the penthouse unit with the exact same floor plan one floor above (219 Brannan #18D) sold for $2,942,500 this past September having been purchased for $2,810,000 in August of 2005.

The sale of 219 Brannan #17D closed escrow today with a reported contract price of $3,625,000. Call it a little over $1,800 a square foot, fifty-seven percent over its 2001 sale price, and twenty-three percent over the price which was paid for the identical unit one floor above nine months ago.

Fancy The Warriors' Plans And Penthouse Views? [SocketSite]
Redesigned Warriors Arena Unveiled: A Peek Inside And Out [SocketSite]
A Million Dollars Under Dotcom Days For The Brannan's Penthouse [SocketSite]

Posted by socketadmin at 3:45 PM | Permalink | Comments (12) | (email story)

June 17, 2013

Under Expectations But Over Asking On Broadway

2300 Broadway

Listed for $6,200,000 this past September, the sale of 2300 Broadway closed escrow on Friday with a reported contract price of $5,400,000. Having been relisted for $5,300,000 a few months ago, the sale will be reported as "over asking" according to industry stats.

As plugged-in people know, the 174 square foot smaller sister project at 2306 Broadway sold for $5,235,000 in 2009 having traded for $6,600,500 in the year 2000, down 21 percent from the height of San Francisco’s dotcom days and previous economic boom.

2300 Broadway

Posted by socketadmin at 12:30 PM | Permalink | Comments (5) | (email story)

June 14, 2013

Back Near The Heights (And Full House Façade) On Broderick

1705 Broderick Street (www.SocketSite.com)

The remodeled Lower Pacific Heights home at 1705 Broderick Street, two doors down from the Full House façade at 1709 Broderick, was purchased for $2,800,000 near the end of 2007. Two months ago, the remodeled 2,648 square foot Victorian returned to the market listed for $2,895,000.

By most accounts and measures, home values in Pacific Heights last peaked in early 2008 and bottomed at the end of 2011, falling 15 to 20 percent between.

Yesterday, the sale of 1705 Broderick closed escrow with a reported contract price of $2,865,000, one percent under asking but two percent over its 2007 price.

Peak To Trough And Back In The Heights [SocketSite]

Posted by socketadmin at 7:00 AM | Permalink | Comments (5) | (email story)

June 12, 2013

A Conscientious Approach To Appreciation And Over Asking Stats

3961%2025th%202013.jpg

Purchased by a plugged-in reader for $2,850,000 in June of 2009, the Noe Valley "house with a conscience" at 3961 25th Street was listed for $3,299,000 this past May.

Reduced to $2,899,000 two weeks later, the sale of 3961 25th Street closed escrow yesterday with a reported contract price of $3,400,000, officially "17 percent over asking" according to industry stats, 3 percent over its original list price.

On an apples-to-apples basis, the sale represents total appreciation of 19 percent for the remodeled Noe Valley single-family home since 2009, an annualized rate of 4.6 percent.

Posted by socketadmin at 12:15 PM | Permalink | Comments (10) | (email story)

June 6, 2013

Touched Up In Twin Peaks

243%20Romain.jpg

Having sold for $925,000 in 2005, the Twin Peaks property at 243 Romain resold for $899,000 in early 2008. And with a bit of new paint and appliances in the kitchen, the two-bedroom home is back on the market and listed for $995,000.

243%20Romain%20Kitchen.jpg

Solar panels have been installed and the fireplace is wood burning.

243%20Romain%20Living.jpg

And yes, there’s a rather nice little deck behind the master bedroom.

243%20Romain%20Deck.jpg

∙ Listing: 243 Romain (2/1) - $995,000 [243romain.com]

Posted by socketadmin at 10:30 AM | Permalink | Comments (2) | (email story)

May 24, 2013

Bouncing Back In Presidio Heights

3577 Pacific Avenue (www.SocketSite.com)

Having traded for $4,900,000 in 2009, the modern 4,264 square foot Presidio Heights home at 3577 Pacific Avenue returned to the MLS listed for $6,500,000 29 days ago.

On Wednesday, the sale of 3577 Pacific closed escrow with a reported contract price of $7,000,000, up $2,100,000 (42 percent) versus early 2009.

The Modern Home At 3577 Pacific Comes Bouncing Back [SocketSite]

Posted by socketadmin at 2:00 AM | Permalink | Comments (5) | (email story)

May 21, 2013

Before And After And Back On The Market In Mission Dolores

Purchased for $1,400,000 seven months ago, the appliances within 3650 20th Street’s kitchen have since been upgraded with a better class of stainless steel, a proper hood has been installed over the stove, and the cabinets have been painted.

The living room nook which had been listed as "an open bar area for cocktails...an office or child's play area" (priorities people, priorities) is now outfitted with a dining room table.

And the four-bedroom Mission Dolores condo is now back on the market for $1,495,000.

∙ Listing: 3650 20th Street (4/2) 1,987 sqft - $1,495,000 [via Redfin]

Posted by socketadmin at 12:00 PM | Permalink | Comments (31) | (email story)

The Price Of A Parking Space In South Beach

Having sold for $65,000 in early 2008, parking spot #142 at 88 Townsend Street resold for $38,000 in October of 2011. Listed for $85,000 last month, the parking spot which can be used or leased by a resident or non-resident of the building is in escrow.

Posted by socketadmin at 10:30 AM | Permalink | Comments (12) | (email story)

May 10, 2013

A Cool Noe Breeze Or Conscientious Repricing Strategy?

3961%2025th%202013.jpg

Purchased for $2,850,000 in June of 2009, the contemporary Noe Valley home "with a conscience" at 3961 25th Street returned to the market ten days ago listed for $3,299,000. In the words of a plugged-in Noe Valley resident at the time:

"I would very tentatively say that Noe is cooling off just a tad. It is still hot, just not hot, hot, hot."

Last night, the list price for 3961 25th Street was reduced by $400,000 (12 percent), now asking $2,899,000 or two percent over its 2009 sale price on an apples-to-apples basis.

The House With A Conscience Returns [SocketSite]

Posted by socketadmin at 9:45 AM | Permalink | Comments (9) | (email story)

May 9, 2013

Fancy The Warriors' Plans And Penthouse Views?

219%20Brannan%20%2317D%20View.jpg

If the Warriors’ plans for Pier 30-32 and penthouses aren’t your cup of tea, you might want to look elsewhere. But if they are, you might take a peek at 219 Brannan #17D.

219%20Brannan%20%2317D%20Balcony.jpg

The 2,005 square foot three-bedroom unit features big Bay, Bridge, and downtown views from windows that reach from the eleven foot ceilings down to the blonde wood floors:

219%20Brannan%20%2317D%20Living.jpg

Purchased as new for $2,307,500 in 2001 and barely lived in since, 219 Brannan #17D is about to hit the market for $3,500,000 with parking for two and dues of $1,047 per month.

219%20Brannan%20%2317D%20Bedroom.jpg

As plugged-in people know, the penthouse unit with the exact same floor plan one floor above (219 Brannan #18D) sold for $2,942,500 this past September having been purchased for $2,810,000 in August of 2005.

Full Disclosure: The listing agent for 219 Brannan #17D advertises on SocketSite but provided no compensation for this post.

∙ Listing: 219 Brannan #17D (3/3) 2,005 sqft - $3,500,000 [brannanpenthouse.com]
Redesigned Warriors Arena Unveiled: A Peek Inside And Out [SocketSite]
A Million Dollars Under Dotcom Days For The Brannan's Penthouse [SocketSite]

Posted by socketadmin at 12:00 AM | Permalink | Comments (1) | (email story)

May 7, 2013

Warriors Fever At The Watermark?

501 Beale (www.SocketSite.com)

As we first wrote this past November:

While a number of penthouses atop the Watermark at 501 Beale Street have gone back to the bank and sold for substantial discounts over the past couple of years, the 2,055 square foot Penthouse #1C on the 22nd floor at 501 Beale has just hit the market listed for $3,200,000 having been purchased as new for $2,300,000 in January of 2007.
The northeast corner three-bedroom currently features "dramatic Bay, City, and Bay Bridge views," and would directly overlook the new Warriors arena and Seawall 330 developments.

On the day the Warriors advanced to the second round last week, the sale of 501 Beale Street's Penthouse #1C closed escrow with a reported contract price of $2,850,000, up 24 percent versus 2007 and roughly $1,387 per square foot.

Calling All Warriors Willing To Bet On The Watermark And An Arena [SocketSite] 
Another Watermark Penthouse Returns To The Market Bank-Owned [SocketSite]
Redesigned Warriors Arena Unveiled: A Peek Inside And Out [SocketSite]

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

May 3, 2013

Appealing Plans Or Certain To Be Appealed?

1785%2015th%20Street%20Building.jpg

Purchased for $600,000 in 2005, the 765 square foot building at 1785 15th Street between Guerrero and Albion was foreclosed upon in 2011 and resold for $430,000 that November.

Luckily for the buyers, the San Francisco's Planning Department has determined that the shed behind the building which was demolished last year was not a historical resource.

1785%2015th%20Street%20Shed.jpg

Having determined that the building itself isn’t a historical resource either, a finding that could, of course, be appealed under the California Environmental Quality Act, the buyers plan to raze the building and build a 52-foot-tall, 5-story building in its place:

1785%2015th%20Street%20Design.gif

The first floor of the eight-unit building would be finished in stone with the rest of the facade in stucco and Hardie-plank siding with aluminum windows and painted wood bays and window trim. No parking is proposed.

The estimated cost of the project is $2.2 million and the project sponsor hopes to begin construction in January 2014. Any opposition to the project has until May 21 to appeal the Planning Department's determination and attempt to force a full environmental report.

Supervisor Showdown: Wiener Versus Kim, CEQA, And Waste [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (22) | (email story)

May 1, 2013

Contemporary Noe Valley And Facebook Year-Over-Year

1507 Noe 2012

In February of 2012, the newly constructed 3,400 square foot home at 1507 Noe Street hit the market listed for $2,750,000 and sold for $2,950,000 that March. The faceless buyer of the Noe Valley home was officially "Hangar Labs LLC," which we reported was formed by a single Facebook engineer.

Two months after the purchase of 1507 Noe and just before Facebook went public at $38 a share, a two million dollar mortgage was taken out on the property. And with Facebook trading around $24 a share, this past November 1507 Noe quickly returned to the market listed for $3,599,000.

Reduced to $3,399,000 in January, the sale of 1507 Noe Street closed escrow on Monday with a reported contract price of $3,230,000, up 9 percent on an apples-to-apples basis, roughly 8.4 percent when annualized.

Facebook closed the day at $27.43 per share, down roughly 28 percent year-over-year while the S&P 500 is up 13.6 percent and the workforce in San Francisco has grown by 19,500 over the past twelve months.

SF Unemployment Rate Drops To 6.0% For First Time Since 2008 [SocketSite]
The Dow Hits An All-Time High, S&P 500 Comes Close [SocketSite]

Posted by socketadmin at 5:00 PM | Permalink | Comments (5) | (email story)

April 30, 2013

The House With A Conscience Returns

3961%2025th%202013.jpg

From the plugged-in reader who purchased the Noe Valley "house with a conscience" at 3961 25th Street for $2,850,000 back in June of 2009:

Fun to read all of your comments, I bought the house and am very happy.
For me it was the location (flat and close to 24th street, the gym/shopping) and the family friendly part that was the appeal. The Green part was nice but did not really register as all that significant.
I think the quality is beautiful and obviously love the lay out. Children can access the yard from the main floor of the house & that is very appealing. I have seen all of the houses mentioned on the blog but was really taken by this one.

The four-bedroom home has just returned to the market listed for $3,299,000.

3961%2025th%202013%20Living.jpg

We're still fans, especially of the indoor/outdoor living and deck action we noted before:

3961%2025th%202013%20Deck.jpg

∙ Listing: 3961 25th Street (4/3.5) - $3,299,000 [3961-25thstreet.com]
A Noe "House With A Conscience" (And Listing Lob): 3961 25th Street [SocketSite]

Posted by socketadmin at 10:15 AM | Permalink | Comments (13) | (email story)

April 29, 2013

Closing In On Circa 2006 Prices At The Beacon

250 King Street #730

Having been purchased for $650,000 four years ago, the resale of 250 King Street #730 closed escrow on Friday with a reported contract price of $950,000 ($710 per square foot).

Call it 46 percent over the purchase price for the penthouse unit with two parking spaces at the Beacon back in 2009, but still a few percentage points under the unit’s sale for $979,200 in 2006. The two-bedroom condo first sold for $935,000 in 2005.

Will The Rising Tide Lift The Beacon Back Above 2006 Prices? [SocketSite]
Unable To Fund Loan(s) At The Beacon? Hmm... [SocketSite]

Posted by socketadmin at 11:45 AM | Permalink | Comments (15) | (email story)

April 26, 2013

Peak To Trough And Back In The Heights

1705 Broderick Street (www.SocketSite.com)

Near the end of 2007, the Lower Pacific Heights home at 1705 Broderick Street, two doors down from the Full House façade at 1709 Broderick, was purchased for $2,800,000. The 2,648 square foot Victorian returned to the market today listed for $2,895,000.

1705%20Broderick%20Kitchen.jpg

Over in Bernal, 442 Anderson Street was purchased for $1,230,000 in June of 2007. The Mid-Century boned home is back on the market today listed for $1,195,000.

By most accounts and measures, home values in Bernal and Pacific Heights peaked in early 2008 and bottomed at the end of 2011, falling 15 to 20 percent between.

∙ Listing: 1705 Broderick Street (3/3.5) 2,648 sqft - $2,895,000 [1705broderick.com]
A Modern Worldly Renovation In Bernal Heights (442 Anderson) [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (14) | (email story)

April 25, 2013

The Modern Home At 3577 Pacific Comes Bouncing Back

3577 Pacific Avenue (www.SocketSite.com)

Listed for $7,700,000 in October of 2008 following a major expansion and renovation, the Presidio Heights home at 3577 Pacific Avenue quietly sold for $4,900,000 in July of 2009.

3577 Pacific Living

Today, the 4,264 square foot home returned to the market listed for $6,500,000 having been included on the AIA’s 2012 tour of modern San Francisco homes.

And yes, this is the one with the bathtub that's filled by way of a spigot on the ceiling:

3577 Pacific: Bath

∙ Listing: 3577 Pacific Avenue (5/4) 4,264 sqft - $6,500,000 [pacunion.com]
3577 Pacific: Inside Its Newly Contemporary Soul (And Market's Mind) [SocketSite]
3577 Pacific Recap: Withdrawn From MLS (But Sold Two Days Prior) [SocketSite]

Posted by socketadmin at 10:30 AM | Permalink | Comments (15) | (email story)

April 19, 2013

A Perfectly Average San Francisco Sale And Bubble Talk Revisited

653 Duncan

The sale of 653 Duncan closed escrow today with a reported contract price of $2,251,000. Purchased for $1,550,000 in mid-2004, call it total appreciation of 45 percent for the Noe Valley home since 2004, roughly 4.3 percent per year, with some ups and downs between.

In 2006, prior to the big bust, the average annual appreciation for San Francisco homes since 1949 had been measured at 4.2%. From the "bubble-proof" titled piece by CNNMoney at the time:

If developers were allowed to go all out with building on San Francisco's Treasure Island, Presidio and the Marin Headlands across the Golden Gate Bridge, the price of housing would fall close to the cost of construction. But those pristine natural amenities are the product of one of the most anti-development political cultures in the country - and a perennial magnet for the highest earners.

At least they got the parts about the Marin Headlands, Presidio (for the most part), and San Francisco being a magnet for the highest earners correct.

A Walk Run-Through Of A Minimalist Noe Home [SocketSite]
Expectation Setting: San Francisco Appreciation [SocketSite]
SF Unemployment Rate Drops To 6.0% For First Time Since 2008[SocketSite]

Posted by socketadmin at 2:30 PM | Permalink | Comments (14) | (email story)

April 15, 2013

A Record Setting Sale On Billionaires Row

2950 Broadway (Image Source: 2950broadway.com)

Hidden behind non-disclosure agreements and tax records stamped "DO NOT FILM," you’re not supposed to know about the sale of 2950 Broadway which was purchased for $29,500,000 in 2011, remodeled a bit last year, and very quietly traded hands last month.

And you're definitely not supposed to know the confidential sale price which has set a new record for homes in San Francisco.

With $875,000 in transfer tax paid to the city, the sale price for 2950 Broadway was $35,000,000 or roughly $3,182 per square foot, displacing 2840 Broadway to become the most expensive single-family home ever sold in San Francisco.

As we first wrote about 2950 Broadway back in 2009, "it’s the outer Broadway mansion from which Melvin Belli ran naked firing a pistol at his wife who hosted a real estate show for the highest priced properties on television," the only one with a heated outdoor pool.

2950 Broadway Pool Aerial

The seller of 2950 Broadway was musician (think Tangerine Dream) turned real estate and natural resource investor Peter Baumann. The buyer was hidden behind an LLC.

Stay tuned for the hidden identity of the buyer who wasn't a Facebook, Apple or Twitter founder. Nor was the buyer from overseas.

UPDATE: The Trainas Are Trading Up On Billionaires Row.

2950 Broadway Sells For $29,500,000 (And No, That's Not A Typo) [SocketSite]
The Confidential Sale Price For 2840 Broadway On Billionaire’s Row [SocketSite]
When Friia Ruled San Francisco Real Estate (A Reader’s Recollection) [SocketSite]
From Tangerine To A Gold Coast Dream [SocketSite]

Posted by socketadmin at 11:00 AM | Permalink | Comments (12) | (email story)

The Actual Appreciation For This Luxurious View From Telegraph Hill

1454-1456%20Kearny%20Living.jpg

As we wrote about the Telegraph Hill view home at 1454-1456 Kearny Street last month:

On the market for $3,500,000 in 2009, the legal two-unit building at 1454-1456 Kearny Street that’s being used as one ended up selling for $2,575,000 in March of 2011.
While unlikely to win any awards for its façade, the views from within are rather winning as are those from the roof deck by way of the spiral glass staircase.
If you missed it back in 2011, 1454-1456 Kearny is now back on the market and listed for $2,995,000, two years later to the month.

The sale of 1454-1456 Kearny has closed escrow with a reported contract price of $2,750,000. Call it total appreciation of 7 percent over the past two years for the Telegraph Hill view home on an apples-to-apples basis.

1454-1456%20Kearny%20Roof%20Deck.jpg

The View From Telegraph Hill [SocketSite]
An Average Of Only 212 1.3 Days On The Market For These Three [SocketSite]
Hinting At Some Rather Spectacular Views (1454-1456 Kearny) [SocketSite]

Posted by socketadmin at 8:45 AM | Permalink | Comments (0) | (email story)

April 12, 2013

Mansion Owner Minor Tops The List Of California Tax Delinquents

3800 Washington

With $10,856,672.77 in state income tax past due, San Francisco’s Halsey Minor, the co-founder of CNet and current owner of the mansion above, has once again topped the list of the Top 500 Delinquent Taxpayers in California.

As plugged-in people know, Mr. Minor recently cut the list price for his Presidio Heights mansion and two adjacent parcels to $21 million, a million dollars more than he paid for the real estate in 2007 with a loan for $9 million to which a second for $3 million was added in 2008.

As a top 500 delinquent, Mr. Minor is at risk of losing his driver's license as well.

Top 500 Delinquent California Taxpayers [ca.gov]
March Mansion Madness: Minor's Major Price Cut [SocketSite]
Halsey Minor's "Abandoned" $20,000,000 Mansion Hits The Market [SocketSite]

Posted by socketadmin at 12:00 AM | Permalink | Comments (18) | (email story)

April 11, 2013

Back To 2005 On An Apples-To-Apples Basis Over In North Beach

33%20Vandewater%20%23301%20Living.jpg

As we wrote about the apples-to-apples resale of 33 Vandewater #301 which returned to the market over in North Beach a couple of months ago:

Purchased for $550,000 in 2005, the one-bedroom condo #301 at 33 Vandewater Street, a Donald McDonald designed development, was listed for sale for $525,000 in early 2011, reduced to $514,500, and then withdrawn from the market having failed to find a buyer.
With a remodeled kitchen, wood burning fireplace and deeded parking, the 618 square foot condo with five skylights has just returned to the market listed for $489,000 "in a prime North Beach neighborhood." If you think you know North Beach, it's time to tell.

The sale of 33 Vandewater Street #301 closed escrow yesterday with a reported contract price of $565,000, three (3) percent above its 2005 price on an apples-to-apples basis.

Listed For Less Than In 2005 In A Prime North Beach Neighborhood [SocketSite]

Posted by socketadmin at 10:00 AM | Permalink | Comments (5) | (email story)

April 10, 2013

Remodeled With Two Tons Of Rock And $400K Worth Of Steel Work

461%202nd%20%23557%20Living.jpg

With two tons of river rock and $400,000 worth of fabricated steel and glass inside, the Olle Lundberg designed loft #T557 at the ClockTower (461 2nd Street) sold for $1,160,000 in early 2007 having been on the market for $1,195,000 at the time.

461%202nd%20%23557%20Dining.jpg

Listed for $1,399,000 two months ago and briefly in contract, the asking price for the 1,812 square foot loft with a Hobart in the kitchen has just been reduced to $1,349,000.

461%202nd%20%23557%20Kitchen.jpg

Purchased for $375,000 in 1995 prior to the Lundberg makeover, the redesigned loft first resold for $1,050,000 in September 2000 and then for $785,000 in August of 2002.

And yes, that's a custom fabricated pull-down bed behind the breakfast table above.

∙ Listing: 461 2nd Street #T557 (1/2) 1,812 sqft - $1,349,000 [clocktower557t.com]
The ClockTower Lofts (461 2nd Street) [SocketSite]
Lundberg, ClockTower, And Cocktails…Oh My! [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (7) | (email story)

April 3, 2013

Appreciation For A Luxury Russian Hill Penthouse: 2005 To Today

Purchased for $3,100,000 in early 2005, Penthouse #6 atop the Russian Hill building at 2555 Larkin Street returned to the market last year listed for $3,600,000.

Withdrawn, relisted, and reduced to $3,450,000 in February, the sale of 2555 Larkin Street #6 closed escrow last week with a reported contract price of $3,275,000, a total of six (6) percent over its sale price in 2005 for the "ultimate luxury cooperative penthouse" with Golden Gate Bridge views from the living and dining room(s).

Lurking Behind This Larkin Street Penthouse Wall: The Office [SocketSite]

Posted by socketadmin at 11:30 AM | Permalink | Comments (6) | (email story)

April 1, 2013

Another Former Mayor's And Rather "Exclusive" Home Returns

34%20Presidio%20Terrace%20Facade.jpg

34 Presidio Terrace was once the home of former San Francisco Mayor Joe Alioto, serving as the unofficial mayor's mansion of San Francisco in the 1970's and 80's. And as plugged-in people know, it was bombed during a union strike in 1975.

Purchased for $9,500,000 in early 2008 having been listed for $10,400,000 at the time and on and off the MLS for years, the 8,040 square foot Presidio Terrace mansion has just returned to the market asking $8,980,000.

34%20Presidio%20Terrace%20Entry%202013.jpg

While still rather exclusive, thankfully the gated Presidio Terrace enclave isn't nearly as "exclusive" as it was in 1915 when first developed and advertised as the only "spot in San Francisco where only Caucasians are permitted to buy or lease real estate or where they may reside." And where buyers had to agree to only sell to other white people as well.

With respect to the home, don't miss the playrooms below:

34%20Presidio%20Terrace%20Theater.jpg

34%20Presidio%20Terrace%20Play%20Room.jpg

∙ Listing: 34 Presidio Terrace (5/6.5) 8,040 sqft - $8,950,000 [34presidioterrace.com]
From The Emails Of Tipsters: 34 Presidio Terrace Closing Escrow [SocketSite]
Tainted Love Of Presidio Terrace [SocketSite]

Posted by socketadmin at 12:30 PM | Permalink | Comments (7) | (email story)

Tippy Top Tier Apples-To-Apples Atop Pacific Heights

2006%20Washington%20%231%20Kitchen.jpg

As we wrote about the five million dollar pied-a-terre at 2006 Washington two months ago:

Designed by Conrad Alfred Meussdorffer, the überexclusive building at 2006 Washington was designed to take advantage of 100 feet of open space to the west, facing the Golden Gate Bridge and overlooking the Spreckels Mansion in which Danielle Steele now resides.
Originally ten units, the 2,200 square foot penthouse atop 2006 Washington was separated from the tenth floor to create an eleventh. And while floors two through ten are 5,500 square foot, full-floor co-op apartments, unit number one on the first floor is "only" a two-bedroom, perhaps that’s why it’s been listed as "an elegant pied-a-terre defined."
Purchased for $4,900,000 in March of 2009...the recently renovated 2006 Washington Street #1 is now back on the market and listed for $5,299,000. And yes, the building's Board must interview and approve the buyer.

Having been approved by the Board but as of yet unidentified, the sale of 2006 Washington Street #1 closed escrow this past Friday with a reported contract price of $5,250,000, up a total of 7 percent (1.7 percent a year) since 2009 on an apples-to-apples basis.

While the marketing site for the property had touted "Offered for the first time in decades," as best we can tell the former President of CBRE Investors had purchased the unit from the Harris estate in 2009. Robert Harris had been the oldest living partner at the storied San Francisco law firm Heller Ehrman prior to its passing in 2008 as well.

A Five Million Dollar Pied–À–Terre In Pacific Heights [SocketSite]
The Full Floor Plan Monty For 2006 Washington Number Four [SocketSite]

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

March 28, 2013

Diamond Heights Year-Over-Year And Decade-Over-Decade

Having traded for $840,000 in October of 2002, the Mid-Century Diamond Heights home at 5587 Diamond Heights Boulevard returned to the market early last year listed for $799,000 and closed escrow with a reported contract price of $830,000 in March of 2012.

Having since been spruced up a bit, the four-bedroom home with nearly 2,000 square feet has just been listed for $948,000, under $500 per square foot and a sale at which would represent appreciation of 14 percent on a year-over-year, or decade-over-decade, basis.

∙ Listing: 5587 Diamond Heights Boulevard (4/3) 1,995 sqft - $948,000 [via Redfin]

Posted by socketadmin at 8:15 AM | Permalink | Comments (6) | (email story)

March 25, 2013

Another View From The Heights Of The Heights And Ex-Mayor's Home

100 Palo Alto

As we wrote this past September:

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.
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 view home was withdrawn from the market in early 2011, last asking $4,950,000.

Listed anew for $4,995,000 six months ago then reduced to $4,695,000 in November, the sale of 100 Palo Alto closed escrow last week with a reported contract price of $4,600,000, a million dollars ($1,025,000) or eighteen (18) percent under its early 2008 sale price.

100 Palo Alto Living

The Height Of The Heights And An Unnamed Real Estate Tycoon [SocketSite]
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]
As The Market Turns: Another Quick Cut For 100 Palo Alto [SocketSite]
Remembering The Heights Of 2008 And 100 Palo Alto Avenue [SocketSite]

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

March 22, 2013

March Mansion Madness: Minor's Major Price Cut

3800 Washington

Halsey Minor paid $20,000,000 for the 18,000 square foot mansion at 3800 Washington, the adjacent 2,618 square foot guesthouse, and the undeveloped lot behind back in 2007.

Le Petit Trianon (Image Source: lepetittrianon.com)

Having been deemed "abandoned" by the city in 2011 with an order of abatement issued for failing to comply with San Francisco’s Abandoned Building Ordinance, the property was spruced up a bit and returned to the market last May listed for $25,000,000.

This morning, the list price for the trio of Presidio Heights properties was reduced by $4,000,000 (16 percent), now asking $21,000,000. Congratulations if you picked another price cut in your mansion sales pool, or Oregon and California in that other one.

∙ Listing: 3800-3810 Washington / 125 Maple - $21,000,000 [byzantiumbrokerage]
Minor’s "Abandoned" Mansion At 3800 Washington [SocketSite]
Beauty Blight Is In The Eye Of The City (And Perhaps Your Neighbors) [SocketSite]
Halsey Minor's "Abandoned" $20,000,000 Mansion Hits The Market [SocketSite]

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A Contemporary View Of Clarendon Heights, Apples-To-Apples Style

140 Saint Germain: View

Having been purchased for $5,200,000 ($912 per square foot) in June of 2011, the newly rebuilt 5,701 square foot Clarendon Heights home at 140 Saint Germain returned to the market this past October listed for $5,695,000.

Reduced, delisted and relisted in contract three weeks ago, the sale of 140 Saint Germain closed escrow yesterday with a reported contract price of $5,500,000 ($965 per square foot), up a total of 6 percent, 3.2 percent a year, on an apples-to-apples basis.

140 Saint Germain: Kitchen

As we wrote about the pre-renovated property in 2008: "It’s truly a fixer, but with the requisite bones, big city views, and two atriums (not to mention decks and parking)."

And as the interior (and turntable stove) looked at the time:

140 Saint Germain in 2008

140 St Germain: Stove

140 St. Germain: From Renderings To Reality To Sold For $5,200,000 [SocketSite]
Sixteen Months Later And Asking Ten Percent More On Saint Germain [SocketSite]
A Fixer With Big Views And The Requisite Bones: 140 St. Germain [SocketSite]

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March 19, 2013

Wozland Returns

300%20Santa%20Rosa%20Drive%20Exterior.jpg

While The Woz hasn't lived there for many years, and the property has since been remodeled, Steve Wozniak's onetime home at 300 Santa Rosa Drive down in Los Gatos is back on the market and listed for $4,395,000 having last sold for $3,100,000 in 2009.

300%20Santa%20Rosa%20Drive%20Living.jpg

As some might recall, the 7,200 square foot "Wozland" had been listed for $7,950,000 at the end of 2005, was bought for $6,900,000 in March of 2006, and returned to the market a few months later for $20,000,000 following a quick restoration and maketing campagin.

300%20Santa%20Rosa%20Drive%20Kitchen.jpg

The property was unsuccessfully listed for sale for $5,000,000 a year ago as well, a price which was reduced to $4,500,000 this past July. The Woz sold for $4,750,000 in 2004.

∙ Listing: 300 Santa Rosa Drive, Los Gatos (6/7) 7,500 sqft - $4,395,000 [Sotheby's]
Ex-Wozland For Sale [SocketSite]

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March 15, 2013

The View From Telegraph Hill

1454-1456 Kearny: View

On the market for $3,500,000 in 2009, the legal two-unit building at 1454-1456 Kearny Street that’s being used as one ended up selling for $2,575,000 in March of 2011.

1454-1456%20Kearny%20Living.jpg

While unlikely to win any awards for its façade, the views from within are rather winning as are those from the roof deck by way of the spiral glass staircase:

1454-1456%20Kearny%20Roof%20Deck.jpg

If you missed it back in 2011, 1454-1456 Kearny is now back on the market and listed for $2,995,000, two years later to the month. And of course, the aforementioned facade:

1454-1456 Kearny

∙ Listing: 1454-1456 Kearny Street (3/2) 2,275 sqft - $2,995,000 [Sotheby's]
An Average Of Only 212 1.3 Days On The Market For These Three [SocketSite]
Hinting At Some Rather Spectacular Views (1454-1456 Kearny) [SocketSite]

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March 14, 2013

Showcase Hellman Mansion Sells For A Few Million Less Than In 2004

2020 Jackson Street

Purchased by the Catherine Schwab Revocable Trust for $15,000,000 in 2004 and priced at $20,000,000 in 2011, the nearly 12,000 square foot Hellman Mansion at 2020 Jackson Street has just sold for $12,750,000 with an official "4 months" on the market.

2020 Jackson Entry

Call it 15 percent below its 2004 price despite a bit of designer updating along the way.

2020 Jackson: Main Kitchen After

Once again, The Julius Kraft designed home was built in 1902 by Wells Fargo Bank President Isaias Hellman as a wedding gift for his daughter and served as the makeshift headquarters of Wells Fargo following San Francisco's great quake and fire in 1906:

2020 Jackson Street circa 1906

The Hellman Mansion Officially Hits The Market Listed For $20 Million [SocketSite]
Schwab's 2020 Jackson Street Returns For A Skosh Less Than In 2004 [SocketSite]
2012 Decorator Showcase Sneak Peek And Kitchen Before And After [SocketSite]

Posted by socketadmin at 9:45 AM | Permalink | Comments (4) | (email story)

March 13, 2013

Another Peek Inside (And From) The Penultimate Four Seasons Pad

765 Market #27A Kitchen

Having sold for $7,200,000 two years ago, the purchase of 765 Market Street #27A was the second most expensive in San Francisco’s Four Seasons history, second only to the 4,336 square foot Grand Penthouse #A which sold for $8,975,000 in 2008.

765 Market #27A Living

As plugged-in people know, the 3,318 square foot #27A was redesigned (think moving a bath and the kitchen) and renovated by Orlando Diaz-Azcuy Design (think not cheap):

765%20Market%20%2327A%20Floor%20Plan.gif

While you won’t currently find 765 Market Street #27A on the MLS, the condo is back on the market and asking $8,400,000 which includes the Orlando Diaz-Azcuy custom designed furniture, and a few enhancements, once again.

765%20Market%20%2327A%20Living%202013.jpg

And yes, the buyer should be well aware of the proposed 550-foot 706 Mission tower which will rise to the right of the brick Aronson Building below if approved.

765%20Market%20%2327A%20View.jpg

Full Disclosure: The listing agent for 765 Market Street #27A advertises on SocketSite but provided no compensation for this post.

∙ Listing: 765 Market Street #27A (3/4.5) 3,318 sqft - $8,400,000 [fourseasons27a.com]
Second Most Expensive Sale In San Francisco Four Seasons' History [SocketSite]
San Francisco’s Four Seasons (765 Market) #27A: Winter 2011 [SocketSite]
550-Foot Museum And Condo Tower Prepares For A Critical Vote [SocketSite]

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February 13, 2013

Listed For Less Than In 2005 In A Prime North Beach Neighborhood

Purchased for $550,000 in 2005, the one-bedroom condo #301 at 33 Vandewater Street, a Donald McDonald designed development, was listed for sale for $525,000 in early 2011, reduced to $514,500, and then withdrawn from the market having failed to find a buyer.

With a remodeled kitchen, wood burning fireplace and deeded parking, the 618 square foot condo with five skylights has just returned to the market listed for $489,000 "in a prime North Beach neighborhood." If you think you know North Beach, it's time to tell.

∙ Listing: 33 Vandewater Street #302 (1/1) 618 sqft - $489,000 [via Redfin]

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February 12, 2013

Mid-Century Contemporary In Modern Clothing

101 Montcalm

While the façade of 101 Montcalm might be Mid-Century Modern, the interior is no longer:

101%20Montcalm%20Living.jpg

Purchased for $849,000 in 2007 with no building permits issued since, the Bernal Heights home is now back on the market listed as a "very chic Mid-Century Modern" three-bedroom home with a "cool kitchen" and asking $849,000 once again.

101 Montcalm Kitchen

If you think you know Bernal, or design, now's the time to tell.

∙ Listing: 101 Montcalm Street (3/1.5) 1,193 sqft - $849,000 [101montcalm.com]

Posted by socketadmin at 10:00 AM | Permalink | Comments (38) | (email story)

February 1, 2013

Noe Valley Apples-To-Apples And The S&P Over The Past Two Years

3715 22nd Street

As we wrote about the renovated Noe home at 3715 22nd Street in January:

Listed for sale at $2,750,000 in 2010, the "exquisitely renovated [with] hi-end finishes & impeccable detail" Victorian home at 3715 22nd Street ended up selling for $2,500,000 that October, which included the legal one-bedroom unit below and Noe Valley views.
Back on the market and listed for $2,825,000, a sale at asking would represent annual appreciation of 5.7 percent over the past two years for the Noe Valley property on an apples-to-apples basis, total appreciation of 13 percent since the fourth quarter of 2010.

The sale of 3715 22nd Street closed escrow last week with a reported contract price of $2,890,000. Call it total appreciation of 16 percent since the fourth quarter of 2010 for the Noe Valley single-family home on an apples-to-apples basis, effective annual appreciation of 6.7 percent over the past two years.

Over the same two years the S&P 500 is up 28 percent, up 16 percent since May of 2012 when Facebook, which is currently trading at $30.16, went public at $38 per share. We'll let you decide which is having more of an effect on the market.

Speaking of Facebook and Noe, the list price for the modern home at 1507 Noe Street was reduced to $3,399,000 in January.

Renovated Noe Valley On An Apples-To-Apples Basis Since 2010 [SocketSite]
Look Past The Overhyped Facebook Effect [SocketSite]
Facebook On The Home Front [SocketSite]
The Facebook Effect On Noe [SocketSite]

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January 22, 2013

If The Median Price Is Way Up, Why Wasn't The Value On Valley?

554 Valley

On the market at the end of 2006 asking $2,879,000, at which point it was the most expensive single-family home actively listed for sale in Noe Valley, the four-bedroom home at 554 Valley Street ended up selling for $2,879,000 in March of 2007.

Returned to the market this past June asking $2,895,000, the sale of 554 Valley closed escrow last week with a reported contract price of $2,725,000, five (5) percent or $154,000 less than six (6) years ago. At the same time, the median sale price in Noe Valley is up around 25% over the same period of time as larger and more expensive homes have come to market, changing the mix of sales.

Speaking of larger and more expensive, the most expensive single-family home currently listed for sale in Noe Valley is 1507 Noe Street which tripled in size from 2006 to 2012, was purchased as new for $2,950,000 this past March, was listed for $3,599,000 this past November, and was reduced to $3,399,000 two weeks ago.

Garrett's Quick Peek [SocketSite]
Medians Are Up, But Don’t Confuse That With Increasing "Prices" [SocketSite]
Say Hello To Your Little Friend (In The Shower) At 1507 Noe [SocketSite]
The Facebook Effect On Noe [SocketSite]

Posted by socketadmin at 10:00 AM | Permalink | Comments (10) | (email story)

January 4, 2013

Renovated Noe Valley On An Apples-To-Apples Basis Since 2010

3715 22nd Street

Listed for sale at $2,750,000 in 2010, the "exquisitely renovated [with] hi-end finishes & impeccable detail" Victorian home at 3715 22nd Street ended up selling for $2,500,000 that October, which included the legal one-bedroom unit below and Noe Valley views.

3715 22nd Street Kitchen

Back on the market and listed for $2,825,000, a sale at asking would represent annual appreciation of 5.7 percent over the past two years for the Noe Valley property on an apples-to-apples basis, total appreciation of 13 percent since the fourth quarter of 2010.

And yes, there's a pot filler over the range.

∙ Listing: 3715 22nd Street (4/4.5) 3,772 sqft - $2,825,000 [22ndstreetvictorian.com]
A Plugged-In Pot Filler Comment (And Theme) We Couldn’t Resist [SocketSite]

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January 2, 2013

A New Year And Listing For 2154 44th Avenue: Now Bank-Owned

2154 44th Avenue

Purchased for $450,000 in 2002 with ten percent down, in 2007 the Outer Parkside home at 2154 44th Avenue was refinanced with a $624,000 first mortgage for which it would have had to appraise.

First listed as a short sale for $429,000 six months ago, the month after which a notice of default filed, this past December 2154 44th Avenue became one of the over 500 San Francisco homes lost to foreclosure in 2012 with no bidders at $512,412 in cash on the courthouse steps.

Yesterday, the “classic two bedroom one bathroom Hollywood Bungalow on a great street in Outer Parkside” was listed anew as bank owned for $614,000 with possession at close of escrow.

∙ Listing: 2154 44th Avenue (2/1) - $614,000 [Redfin]
Foreclosures In San Francisco Peaked In 2012, Set To Fall In 2013 [SocketSite]

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December 3, 2012

A Plan For San Francisco's Central Subway To Stop In North Beach

San Francisco Subway Extension Map (Image Source: sfmta.com)

The construction plan for San Francisco’s five stop Central Subway line has long called for digging to continue beyond the last northern stop on the line at Washington and Stockton down in Chinatown in order to excavate the subway drilling machines.

Seeking to quell the vocal concerns of North Beach merchants and residents who would be disrupted by the digging, Muni General Manager Ed Reiskin has told the Chronicle that he plans to recommend an abandonment of the plan to dig up Columbus, instead "he'll recommend to the Municipal Transportation Agency that the subway tunnel be extended to Columbus and Powell Street, site of the long-abandoned Pagoda Theater" which the City doesn't currently own, but upon which a North Beach station could be built if it did.

North Beach Pagoda Theater (Image Source: MapJack.com)

San Francisco's Central Subway: Make That 2018 And An Extra $278M [SocketSite]
Plans For San Francisco’s Central Subway Chinatown Station Revealed [SocketSite]
Muni subway plan to appease North Beach [SFGate]
Pagoda Theater Preview (And Signs Of Progress All Around) [SocketSite]
North Beach Pagoda Theater Set To Be Sold To New Yorkers Today? [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (35) | (email story)

November 28, 2012

Calling All Warriors Willing To Bet On The Watermark And An Arena

501 Beale (www.SocketSite.com)

While a number of penthouses atop the Watermark at 501 Beale Street have gone back to the bank and sold for substantial discounts over the past couple of years, the 2,055 square foot Penthouse #1C on the 22nd floor at 501 Beale has just hit the market listed for $3,200,000 having been purchased as new for $2,300,000 in January of 2007.

501%20Beale%20%23PH1C%20Living.jpg

The northeast corner three-bedroom currently features "dramatic Bay, City, and Bay Bridge views," and would directly overlook the new Warriors arena and Seawall 330 developments.

Assuming, of course, that they are built below.

∙ Listing: 501 Beale Street #PH1C (3/2.5) 2,055 sqft - $3,200,000 [watermarkph1c.com]
Another Watermark Penthouse Returns To The Market Bank-Owned [SocketSite]
The Design For The Warriors San Francisco Arena On Piers 30-32 [SocketSite]
The Conceptual Details And Design Discussion For Seawall 330 [SocketSite]

Posted by socketadmin at 12:00 PM | Permalink | Comments (4) | (email story)

November 26, 2012

Eureka (Valley): Measuring The Market Apples-To-Apples Style

350 Collingwood Kitchen

As we wrote in September:

Built as a three-unit Mid-Century building, 350 Collingwood was legally expanded and converted into a 5,246 square foot single-family home circa 2003. In 2005, the renovated home sold for $3,595,000 with four bedrooms across two levels and a two car garage below, an elevator, and a rather cherry kitchen on the top floor. The adjacent landscaped lot at 342 Collingwood (the "Grounds") fetched another $1,000,000, for a total purchase price of $4,595,000.

Having returned to the market listed for $4,750,000, the sale of 350 Collingwood and the gorunds closed escrow last week with a reported contract price of $4,575,000, just below its 2005 price on an apples-to-apples basis for the Eureka Valley home.

350 Collingwood Living

Born A Three-Unit Building, Rebuilt As A 5,000 Square Foot SF Home [SocketSite]

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November 21, 2012

The Facebook Effect On Noe

1507 Noe 2012

Nine months ago the newly constructed 3,400 square foot modern home at 1507 Noe Street hit the market listed for $2,750,000 and sold for $2,950,000 this past March. The faceless buyer of the Noe home was officially "Hangar Labs LLC," which we'll report was formed by a single Facebook engineer.

Two months after the purchase of 1507 Noe, just before Facebook went public at $38 a share, a two million dollar adjustable rate mortgage was taken on the property.

Two weeks ago, 1507 Noe quickly returned to the market listed for $3,599,000. Facebook is currently trading at $24.43 a share, which is up from $19.05 in August.

And yes, this is the house with the shower from which to see and be seen:

1507 Noe Shower

∙ Listing: 1507 Noe Street (4/3.5) 3,400 sqft - $3,599,000 [1507noestreet.com]
Say Hello To Your Little Friend (In The Shower) At 1507 Noe [SocketSite]
Facebook On The Home Front [SocketSite]
We've Been Looking Past The Overhyped Facebook Effect, Have You? [SocketSite]

Posted by socketadmin at 10:30 AM | Permalink | Comments (16) | (email story)

November 14, 2012

Year-Over-Year For A Corona Heights Condo

219 States Street

As we originally wrote last month with respect to the apples-to-apples sale of 219 States Street in the works:

Condo converted in early 2011, the upper level two-bedroom condo at 219 States Street hit the market a year ago listed for $1,129,000 and sold for $1,025,000 this past December.
While the red oak floors might have been refinished, the condition of the Corona Heights condo is otherwise the same as ten months ago and it's back on the market and listed for $1,049,000, Gangnam apples-to-apples style. Calling all Psy-chics to predict the close...

On the record with a prediction of roughly $1,194,786, a plugged-in "sunset guy" dances away with bragging rights as the sale of 219 States Street closed escrow today with a reported contract price of $1,175,000 ($695 per square foot), up 15 percent over the past eleven months and within two percent of our guy’s prediction.

Calling All Psy-chics: Apples-To-Apples On States [SocketSite]

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November 13, 2012

Before And (Two Years) After In Presidio Heights

3878 Jackson Before and After

Picked up for $3,841,000 in April of 2010, 35 percent below the asking price in 2008, the exterior and interior of 3878 Jackson Street (including the faux tortoise shell master bath above) were toned down a bit and the Presidio Heights home was returned to the market five months later listed for $4,200,000.

Withdrawn from the market at the end of 2010 without a reported sale, the 4,609 square foot property returned to the market earlier this year listed for $3,999,000.

This past Friday, the sale of 3878 Jackson Street closed escrow with a reported contract price of $3,660,000, five (5) percent under its 2010 price. And no, they didn't remove the street tree, that's simply a slightly different camera angle.

Details, Details, Details (And Another Adjustment In Expectations) [SocketSite]
Before, After, And Back On The Market At 3878 Jackson [SocketSite]

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November 9, 2012

105 Danvers: Inside The Converted Corner Store And Stairway Code

105 Danvers

Purchased for $2,115,000 in 2005, the designer Eureka Valley home at 105 Danvers Street sold for $2,400,500 in May of 2008. The converted corner store is now back on the market and listed for $2,480,000 with no garage, but a parking pad in the back yard:

105 Danvers Parking Pad

As we wrote in 2008, if you’ve ever wondered what became of that little grocery at the corner of 18th and Danvers, here’s your chance to peek inside. And we know, earthquakes, but we do love our books (and at least they’re not over the bed).

105 Danvers Living

Oh, and as a "picky" plugged-in reader commented, and was debated, in 2008:

"nice house. nice details and materials. but one flaw..NO HANDRAIL shown on the interior stairway. this is not code compliant and not safe. opens up a nice liability lawsuit for all parties involved."

A handrail has since been installed.

105 Danvers Stairs: Before and After

UPDATE: While a handrail has been installed, as a reader notes, it's still not up to code:

Guess what? that stairway is STILL not code compliant. A guardrail is required on the open side. A guardrail is different than a handrail.
That one small section of (assumed) tempered glass is not enough. You must have a guardrail whereever there is a change in elevation of 30" or more. The bottom portion of stair needs the guardrail as well.

Our headline has since been brought up to code.

∙ Listing: 105 Danvers Street (4/3) 2,952 sqft - $2,480,000 [pacunion]
We Know, We Know...Earthquakes (But We Do Love Our Books) [SocketSite]

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November 7, 2012

Remembering The Heights Of 2008 And 100 Palo Alto Avenue

100 Palo Alto Living

As we wrote this past September:

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.
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.
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.

As a reader notes, the list price for 100 Palo Avenue has since been reduced to $4,695,000, now asking 17 percent ($930,000) less than the price that was paid for the luxury view home in early 2008, back when overbidding was the norm.

To quote Santayana, "those who cannot remember the past are condemned to repeat it."

The Height Of The Heights And An Unnamed Real Estate Tycoon [SocketSite]
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 2:15 PM | Permalink | Comments (9) | (email story)

November 5, 2012

A Walk Run-Through Of A Minimalist Noe Home

653 Duncan

The Noe Valley lot at 653 Duncan Street was purchased for $190,000 in 1994. In 1995 a two-bedroom home was built to which a third bedroom and bath was added above the dining room in 2003. The expanded 653 Duncan sold for $1,550,000 in 2004.

653 Duncan Living

Touting "an elegant expression of minimalist architecture & design" and a "luminous style merged with modern amenities," the three-bedroom is now back on the market and listed for $2,195,000 in 2012. A walk run-through of the Noe home and its art:

∙ Listing: 653 Duncan Street (3/3.5) - $2,195,000 [653duncan.com]

Posted by socketadmin at 3:30 PM | Permalink | Comments (16) | (email story)

Schwab's 2020 Jackson Street Returns For A Skosh Less Than In 2004

2020 Jackson Street

As we reported last month:

Despite a $2,500,000 price cut to $17,500,000 in April, just prior to serving as San Francisco's 2012 Decorator Showcase home (as it was in 1991 as well), the listing for the 11,500 square foot Hellman Mansion at 2020 Jackson Street [was] withdrawn from the MLS without a reported sale after 381 days on the market.
As plugged-in people know, the Julius Kraft designed property was built in 1902 as a wedding gift for Wells Fargo Bank President Isaias Hellman's daughter and is owned by the Catherine Schwab Revocable Trust which purchased the property for $15,000,000 in 2004.

On Saturday, 2020 Jackson Street was listed anew with an official "one day" on the market and an "original list price" of $14,900,000, a skosh below its sale price in 2004.

2020 Jackson Dining Room

The dining room frieze remains intact post-showcase and the kitchen(s) remodeled.

∙ Listing: 2020 Jackson Street (7/7.5) 11,500 sqft - $14,900,000 [2020jacksonst.com]
Designer Remnants Redux: Schwab's Showcase Home Withdrawn [SocketSite]
A Pre-Showcase $2,500,000 Price Cut For 2020 Jackson [SocketSite]
Showcasing 2020 Jackson Street [SocketSite]
The Hellman Mansion Officially Hits The Market Listed For $20 Million [SocketSite]
2020 Jackson’s Storied Past (And Currently Staging) [SocketSite]
Designer Remnants On Vallejo [SocketSite]
2012 Decorator Showcase Sneak Peek And Kitchen Before And After [SocketSite]

Posted by socketadmin at 1:30 PM | Permalink | Comments (11) | (email story)

November 1, 2012

Lurking Behind This Larkin Street Penthouse Wall: The Office

Penthouse #6 atop the Russian Hill building at 2555 Larkin Street was purchased for $1,950,000 in 2002 in need of updating, and updated it was (click floor plan to enlarge).

2555 Larkin #6 Kitchen

In 2004, the two-bedroom returned to the market as the "ultimate luxury cooperative penthouse" following a down to the studs renovation (all new systems, interior walls and windows) led by designer Jeffry Weisman and sold for $3,100,000 in early 2005 with "the office" neatly hidden behind the bird's eye maple cabinetry off the kitchen:

2555 Larkin #6 Workstation

The penthouse is back on the market and listed for $3,600,000 with 2,132 square feet.

∙ Listing: 2555 Larkin #6 (2/2.5) - $3,600,000 [russianhillviewpenthouse.com]

Posted by socketadmin at 9:00 AM | Permalink | Comments (18) | (email story)

October 30, 2012

Actual Versus "The Index" For A Contemporary Corona Heights Home

438 Roosevelt in 2010 (www.SocketSite.com)

Purchased for $2,275,000 in 2002 and unsuccessfully listed for $2,995,000 in 2007 and $2,295,000 in 2010, the contemporary Corona Heights home at 438 Roosevelt sold last week with a reported contract price of $2,300,000 having been listed for $2,499,000.

438 Roosevelt Interior

Call it an actual apples-to-apples gain of 1.1 percent for the "dramatic and sexy home" since 2002 versus the 0.96 percent gain in the Case-Shiller Index for San Francisco over the same time period, or the 12.9 percent gain in the Index for the top third of homes in the San Francisco MSA or the 22.2 percent gain in the San Francisco Prestige Index.

438 Roosevelt Returns Listed For 24,490 Benjamins [SocketSite]
More Monday Morning Modern (Or Is It Contemporary?) [SocketSite]
The Green Is Gone At 438 Roosevelt [SocketSite]
San Francisco Home Values Tick Up, Condos Up 11.1 Percent YOY [SocketSite]
San Francisco Prestige Index Up 2.9% In Q2 2012, Up 6.6% YOY [SocketSite]

Posted by socketadmin at 3:00 PM | Permalink | Comments (14) | (email story)

October 18, 2012

Bumps All Around

668 Elizabeth Kitchen 2012

As we wrote last month:

Beyond a modern color scheme and "approval from [the] HOA" (but not yet the city) to replace the condo's front parlor with a second bathroom and a third bedroom, the new listing for 668 Elizabeth Street at $1,049,000 is looking rather apples-to-apples versus July of 2009 when the 1,684 square foot Noe Valley property was purchased for $930,000.

The sale of 668 Elizabeth Street closed escrow this week with a reported contract price of $1,150,000, up 24 percent versus 2009. Once again, in the land of baby bumps, the second bathroom is king key.

In The Land Of Baby Bumps, The Second Bathroom Is Key [SocketSite]

Posted by socketadmin at 8:45 AM | Permalink | Comments (0) | (email story)

October 17, 2012

The Final Score For (1755) Alabama

1755 Alabama

As we wrote about the three bedroom and three bath home at 1755 Alabama under the headline "'Bama By Three(s) Up In Bernal Heights" last month:

Purchased new for $1,375,000 in January 2011 with a listed 2,063 square feet, the modern Bernal home at 1755 Alabama has just returned to the market listed for $1,495,000.

The sale of 1755 Alabama closed escrow last week with a reported contract price of $1,605,000. Call it $778 per (unreported) square foot for the "stunning, modern and sexy" North Bernal home, up 17 percent ($230,000) over the past 21 months.

'Bama By Three(s) Up In Bernal Heights [SocketSite]

Posted by socketadmin at 12:00 AM | Permalink | Comments (23) | (email story)

October 15, 2012

Sixteen Months Later And Asking Ten Percent More On Saint Germain

140 Saint Germain: View

As we wrote when the finished 140 Saint Germain first hit SocketSite in early 2011:

It’s another high-end home that’s not yet listed on the MLS. But as a plugged-in reader notes, the new 140 Saint Germain no longer only exists in renderings, but has been finished, photographed and priced at $5,000,000.
As we wrote about the property in 2008: "It’s truly a fixer, but with the requisite bones, big city views, and two atriums (not to mention decks and parking)."

As we reported four weeks later, in June of last year:

…while it never hit the MLS, according to a plugged-in tipster, the sale of 140 Saint Germain has closed escrow with an unreported contract price of $5,200,000 ($912 per square foot), the highest of three offers.

And as a reader notes, 140 Saint Germain is now back on the market sixteen months later and asking ten percent more ($5,695,000).

140 Saint Germain: Kitchen

∙ Listing: 140 St. Germain (5/7) 5,701 sqft - $5,695,000 [140stgermain.com] [Floor Plans]
140 St. Germain: From Renderings To Reality And A $5,000,000 Ask [SocketSite]
140 Saint Germain: Rendered Meat On The Bones And Coming Soon [SocketSite]
A Fixer With Big Views And The Requisite Bones: 140 St. Germain [SocketSite]
140 St. Germain: From Renderings To Reality To Sold For $5,200,000 [SocketSite]

Posted by socketadmin at 10:15 AM | Permalink | Comments (8) | (email story)

October 11, 2012

An America's Cup Flip-Flop On Marina Boulevard

611 Marina Boulevard

As we wrote in June of 2011:

Twenty years ago, 611 Marina Boulevard sold for $1,250,000. Eight years later, the property sold for $1,620,000. And eight years after that, the property returned to the market listed for $3,995,000 and sold for $3,835,500 in 2007.
Unfortunately the next sale will no longer be perfectly apples-to-apples as the first floor was reconfigured and remodeled in 2008, but 611 Marina Boulevard is back on the market as of today listed for $4,800,000.
The listing now touts "front row seating [for] America's Cup events," of course. And the dining room has been painted green.

Having repainted again, reduced a few times, and relisted at $3,995,000 this past June, the sale of 611 Marina Boulevard closed escrow last week with a reported contact price of $3,750,000, two (2) percent less than in 2007.

Alpha, Beta, And The America's Cup [SocketSite]
The $1,500,000 Half Bath On Marina Boulevard [SocketSite]
The Scope Of Development For San Francisco’s First America’s Cup [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (1) | (email story)

October 9, 2012

Coming Up Short (In More Ways Than One): The Crib Crib Closes

As we first reported in July:

Listed as a one-bedroom for $765,000 when The Hales Warehouse first hit the market in 2007, 410 Jessie #603 was purchased for $749,700 that July.
Having been unsuccessfully listed for $815,000 in 2009 and $799,000 in 2010, the 1,130 square foot condo is back on the market and listed as a short sale for $699,000 in 2012.
While newly listed as a "two bedroom," however, there appears to be a bit of childlike listing license in play with respect to this San Francisco crib.

The resale of 410 Jessie #603 closed escrow on Friday with a reported contract price of $675,000, ten percent ($74,700) under its 2007 sale price. The old floor plan for #603 to which a wall has been added to create "the crib room":

410 Jessie #603 Floor Plan

SF Cribs: Coming Up Short (In More Ways Than One) [SocketSite] 
New Listings For New Developments On The MLS [SocketSite]
Mint Lofts: 410 + 418 Jessie Street, San Francisco [SocketSite]
SF Cribs: Coming Up Short (In More Ways Than One) [SocketSite] 

Posted by socketadmin at 10:00 AM | Permalink | Comments (4) | (email story)

October 5, 2012

Back In The Black But Now Dining In The Red And Playing Down Below

299 Santa Paula Avenue

Briefly in contract for a rumored $5,400,000 in 2009 when asking $5,900,000, the nearly 11,000 square foot Mediterranean styled villa at 299 Santa Paula Avenue ended up selling for $4,400,000 in early 2011.

299 Santa Paula Living

It’s now eighteen months later and the property is back on the market and listed for $5,000,000. While the sellers are hoping to be back in the black on their investment, they've redecorated a bit and have been in the red in their dining room.

299 Santa Paula20Dining%202012.jpg

And down below, there's now a sound proofed studio off the industrial styled media room for playing music (or any other kind of playing that might make noise):

299%20Santa%20Paula%20Media%202012.jpg

As the red dining room looked before:

299 Santa Paula Dining Before

∙ Listing: 299 Santa Paula Avenue (5/6) - $5,000,000 [299santapaulaave.com]
Mi Casa Es…Muy Sweet (And Large): 299 Santa Paula Avenue [SocketSite]
299 Santa Paula Avenue: Still Muy Sweet But Now Under Cinco [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (11) | (email story)

October 4, 2012

Calling All Psy-chics: Apples-To-Apples On States

219 States Street

Condo converted in early 2011, the upper level two-bedroom condo at 219 States Street hit the market a year ago listed for $1,129,000 and sold for $1,025,000 this past December.

219%20States%20Bedroom.jpg

While the red oak floors might have been refinished, the condition of the Corona Heights condo is otherwise the same as ten months ago and it's back on the market and listed for $1,049,000, Gangnam apples-to-apples style. Calling all Psy-chics to predict the close...

∙ Listing: 219 States Street (2/2) 1,397 sqft - $1,049,000 [219states.com]

Posted by socketadmin at 2:00 PM | Permalink | Comments (7) | (email story)

October 3, 2012

Sweat Equity In Action For A 630 Square Foot Single-Family Home

169 Yukon: Before And After

The resale of 169 Yukon Street isn’t going to be "apples-to-apples" but rather sweat equity in action as the property’s parking pad has been extended, fifty-five feet of new foundation has been poured, and the interior has been reconfigured and remodeled since the little Eureka Valley cottage was purchased for $519,000 in need of work last year.

169 Yukon Kitchen 2012

As a reader who had the cottage in contract notes, the sale of the 630 square foot single-family home is pending having been listed for $699,000. As the kitchen looked before:

169 Yukon Kitchen 2011

Into Contract After Four One Month On The Market For 169 Yukon? [SocketSite]

Posted by socketadmin at 10:45 AM | Permalink | Comments (4) | (email story)

October 2, 2012

Our Liberty Belle Rings Up 20 Percent Appreciation From 2009

366 Liberty

As we wrote about the modern home at 366 Liberty Street last month having featured the property in 2009:

As we first reported two weeks ago with respect to the sale of 740 Church Street, "the buyers are from two blocks away, having purchased 366 Liberty for $2,575,000 in 2009, the sale of which we featured at the time and a property we wouldn't be surprised to soon see returned to the market."
366 Liberty Street has now returned to the market listed for $2,995,000 which shouldn't catch any plugged-in readers (who've had at least an extra week to prepare) by surprise.

The sale of 366 Liberty Street closed escrow last week with a reported contact price of $3,090,000, twenty (20) percent over its 2009 price on an apples-to-apples basis.

As always, don’t forget those invitations to the housewarming.

The (366) Liberty Belle Returns [SocketSite]
The Local Scoop: Behind The Purchase Of 740 Church Street [SocketSite]
The Liberty Belle (366 Liberty) Is Rung Again And By The AIA [SocketSite]
A Ringing Endorsement For A Liberty Belle (366 Liberty) [SocketSite]

Posted by socketadmin at 1:45 PM | Permalink | Comments (1) | (email story)

September 28, 2012

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 | Permalink | Comments (8) | (email story)

September 26, 2012

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 | Permalink | Comments (13) | (email story)

September 24, 2012

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 | Permalink | Comments (6) | (email story)

September 19, 2012

Born A Three-Unit Building, Rebuilt As A 5,000 Square Foot SF Home

350 Collingwood

Built as a three-unit Mid-Century building, 350 Collingwood was legally expanded and converted into a 5,246 square foot single-family home circa 2003.

350%20Collingwood%20Living.jpg

In 2005, the renovated home sold for $3,595,000 with four bedrooms across two levels and a two car garage below, an elevator, and a rather cherry kitchen on the top floor:

350%20Collingwood%20Kitchen.jpg

The adjacent landscaped lot at 342 Collingwood (the "Grounds") fetched another $1,000,000, for a total purchase price of $4,595,000 in 2005.

342 Collingwood

With big views of San Francisco from the living room and enviable roof deck, the Eureka Valley home has returned to the market listed for $4,750,000 together with the lot.

350%20Collingwood%20Roof%20Deck.jpg

UPDATE: While the parcel with the house at 350 Collingwood sold for $3,595,000 in 2005, as a plugged-in reader correctly catches, the adjacent landscaped and integrated lot at 342 Collingwood sold for $1,000,000, a total purchase price of $4,595,000 in 2005 for the property that's listed as 350 Collingwood today. Since clarified above and our apologies for any confusion.

∙ Listing: 350 Collingwood (4/4.5) 5,246 sqft - $4,750,000 | Floor Plans [nealward]

Posted by socketadmin at 3:15 PM | Permalink | Comments (32) | (email story)

September 18, 2012

Boom Goes 2300 Broadway

2300 Broadway

Built as the sister project to 2306 Broadway in 1989, the 4,084 square foot home at 2300 Broadway has hit the market listed for $6,200,000 with three bedrooms, three baths, and two parking spaces as well, but only one shared wall and a rather modern(e) kitchen.

2300%20Broadway%20Kitchen.jpg

As plugged-in people know, the 3,910 square foot home at 2306 Broadway most recently sold for $5,235,000 in 2009 having been purchased for $6,600,500 in the year 2000, down 21 percent from the height of San Francisco’s dotcom days and previous economic boom.

2300 Broadway

∙ Listing: 2300 Broadway (3/3) 4,084 sqft - $6,200,000 [2300broadway.com]
An Überprime Data Point Closes Escrow Down On Upper Broadway [SocketSite]
San Francisco Employment Trends And Dot-Com Context [SocketSite]

Posted by socketadmin at 1:00 PM | Permalink | Comments (18) | (email story)

September 14, 2012

A Million Dollars Under Dotcom Days For The Brannan's Penthouse

As we wrote in February with respect to the penthouse atop the Brannan’s tower one:

Purchased as new for $3,980,000 as the dotcom days were in decline in December 2000, the Brannan’s tower one penthouse #18D resold for $2,810,000 in August 2005 at which point its HOA dues were $780 per month.
The HOA dues for 219 Brannan #18D are now $999 per month and the 2,005 square foot condo is back on the market and listed for $3,310,000. Call it 17 percent ($670,000) under 2000, but 18 percent ($500,000) over 2005 at asking for the penthouse.

The sale of 219 Brannan Street #18D closed escrow yesterday with a reported contract price of $2,942,500. Call it 26 percent ($1,037,500) under 2000, but 5 percent ($132,500) over 2005 for the South Beach penthouse in 2012.

From The Dotcom Days To Today As Viewed From A Penthouse [SocketSite]
San Francisco Employment Trends And Dot-Com Context [SocketSite]

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

September 7, 2012

'Bama By Three(s) Up In Bernal Heights

1755%20Alabama%20Exterior.jpg

Purchased new for $1,375,000 in January 2011 with a listed 2,063 square feet, the modern Bernal home at 1755 Alabama has just returned to the market listed for $1,495,000.

1755%20Alabama%20Living.jpg

There are three bedrooms and three baths across three levels and decks on each.

1755 Alabama Dining

∙ Listing: 1755 Alabama (3/3) - $1,375,000 [1755alabama.com]

Posted by socketadmin at 11:00 AM | Permalink | Comments (10) | (email story)

September 6, 2012

In The Land Of Baby Bumps, The Second Bathroom Is Key

Beyond a modern color scheme and "approval from [the] HOA" (but not yet the city) to replace the condo's front parlor with a second bathroom and a third bedroom, the new listing for 668 Elizabeth Street at $1,049,000 is looking rather apples-to-apples versus July of 2009 when the 1,684 square foot Noe Valley property was purchased for $930,000.

In the land of baby bumps, the second bathroom is king key.

∙ Listing: 668 Elizabeth Street (2/1) 1,684 sqft - $1,049,000 [Redfin]

Posted by socketadmin at 9:00 AM | Permalink | Comments (9) | (email story)

September 5, 2012

Our Restored And Renovated Craftsman Crush At 1445 Cole Returns

1445 Cole Dining

The restored and renovated Craftsman home at 1445 Cole Street hit the market listed for $1,925,000 in early 2008. It sold for $1,819,000 that June.

1445 Cole Kitchen

Three months later, permits for a 198 square foot addition and rear deck extension were filed, the revised plans for which were finally approved earlier this year.

1445%20Cole%20Rear%20Deck%202012.jpg

With plans in-hand and our crush intact, 1445 Cole Street is now back on the market and listed for $1,775,000. But alas, the Ruth Asawa which had hung in entryway is long gone.

1445 Cole Ruth Asawa

∙ Listing: 1445 Cole Street (3/2) 1,860 sqft - $1,775,000 [1445cole.com]
Quite Simply, We’re Completely Crushing On This Craftsman On Cole [SocketSite] 

Posted by socketadmin at 12:00 PM | Permalink | Comments (22) | (email story)

We'd Guess They Didn't See This One Coming Over At The St. Regis

188 Minna #33C

As we first reported in January:

Purchased for $2,700,000 in 2008; on the market for $2,550,000 in 2009; and listed for $2,100,000 last year, the 1,670 square foot St. Regis two-bedroom known as 188 Minna Street #33C has just returned to the market anew, now asking $1,995,000.

The sale of 188 Minna Street #33C closed escrow today with a reported contract price of $1,750,000. That’s still rather rich at $1,048 per square foot, but 35 percent ($950,000) less rich than the $1,617 per square for which the condo was purchased in February 2008.

As an eagle-eyed reader noted earlier this year, on the shelf in the closet sat a book titled "Seeing What's Next." While we don't know if the sellers bought the book before or after they bought the condo, we'd have to guess they didn't see this coming.

188 Minna #33C closet

Seeing Red At The St. Regis [SocketSite]

Posted by socketadmin at 12:00 PM | Permalink | Comments (6) | (email story)

September 4, 2012

The (366) Liberty Belle Returns

366 Liberty

As we first reported two weeks ago with respect to the sale of 740 Church Street, "the buyers are from two blocks away, having purchased 366 Liberty for $2,575,000 in 2009, the sale of which we featured at the time and a property we wouldn't be surprised to soon see returned to the market."

366 Liberty Street has now returned to the market listed for $2,995,000 which shouldn't catch any plugged-in readers (who've had at least an extra week to prepare) by surprise.

366 Liberty Living

As a reader wrote when the property was on the market in 2009:

It's quite an amazing house, very understated (except the price). On a double lot so you have a very large living room and master bedroom off a huge deck that extends to the width of the house. Access to the house is through a very peaceful and private front yard. This is one case where the listing photos do not do justice to this house.

And once again, don't forget about the view(s).

366 Liberty: View

∙ Listing: 366 Liberty Street (3/2.5) - $2,995,000 [apr.com]
The Local Scoop: Behind The Purchase Of 740 Church Street [SocketSite]
The Liberty Belle (366 Liberty) Is Rung Again And By The AIA [SocketSite]
A Ringing Endorsement For A Liberty Belle (366 Liberty) [SocketSite]

Posted by socketadmin at 9:00 AM | Permalink | Comments (8) | (email story)

August 30, 2012

A Remodeled Royal "Apple" Is Picked Atop Taylor Street

1750 Taylor #2003 Living Room

Speaking of buildings on Taylor Street, as we first noted five months ago, the 1,920 square foot Royal Towers unit #2003 at 1750 Taylor was purchased for $2,675,000 in 2002 and subsequently upgraded with a new kitchen, baths and bamboo floors.

Returned to the market and listed for $2,850,000 in March, the sale of 1750 Taylor Street #2003 closed escrow today with a reported contract price of $2,600,000, three (3) percent under the pre-renovated sale price it recorded in 2002.

On A Day Like Today, We'll See You At The Pool... [SocketSite]
Building Plans For The Point One Percent On Broadway And Taylor [SocketSite]

Posted by socketadmin at 3:45 PM | Permalink | Comments (25) | (email story)

August 23, 2012

No One Made Him Move Last Month, Now Will Anyone Let Him?

Purchased for $360,000 in June 2009, last month the quaint little two-story townhome at 4431 Kirkham was quietly testing the market with a "make me move" price of $500,000.

While the make me move offer has since been deleted, apparently the owner now wants to move and the 560 square foot one-bedroom has just been listed for $399,000.

∙ Listing: 4431 Kirkham Street (1/1) 560 sqft - $399,000 [via Redfin]

Posted by socketadmin at 1:45 PM | Permalink | Comments (11) | (email story)

August 17, 2012

From In The Red To A Rather Red Apple On Auburn Street

12 Auburn 2012

As we first wrote about the single-family home at 12 Auburn Street in January 2011:

So there's no deeded parking and Nob Hill, but it is a rather cute little two-bedroom at 12 Auburn that’s just returned to the market after a one-month hiatus, only it's now listed as a short sale for "$699,000" having been purchased for $700,000 in May 2005.
The property had been listed for as much as $898,000 just four months ago prior to three prices reductions and then being withdrawn from the MLS at the end of December.
We might suggest structuring any offer to include the contents of the "wine cellar." If you're successful, don't forget those invitations to the housewarming. And as design aside, we are rather enamored with their urban gate.

And as we reported four months later in May of 2011:

The sale of 12 Auburn closed escrow today with a reported contract price of $678,400, three percent ($21,600) under its 2005 price. Don’t feel too sorry for the seller, however, as the property was refinanced in 2007 with a first mortgage for $712,500 and a second for $142,000, a total of $854,500 in debt for which the property would have had to appraise.
And yes, the short-seller, who was also the agent, was in default with JPMorgan Chase at the time of the sale.

Having since been repainted a bright red, a fine homage to its last sale, the "rarely available" home at 12 Auburn has again returned to the market, now listed for $745,000.

And apparently the aforementioned wine cellar is now a "den/home office," see the couch?

∙ Listing: 12 Auburn Street (2/1) - $745,000 [via Redfin]
12 Auburn Comes Up Short On Nob Hill [SocketSite]
Well, It Really Wasn’t The Seller Who Came Up Short On 12 Auburn... [SocketSite]

Posted by socketadmin at 7:30 AM | Permalink | Comments (13) | (email story)

August 14, 2012

Apples-To-Apples And Year-Over-Year For Our Ex-Mayors Ex-Home

1581 Masonic

As we first reported last year, the sale of the ex-Mayor's ex-home at 1581 Masonic closed escrow on July 13, 2011 with a reported contract price $2,750,000. As plugged-in people knew, the Newsoms purchased the property $2,738,000 in 2009.

Returned to the market this past June listed for $2,895,000, the sale of the Buena Vista Park four-bedroom home at 1581 Masonic closed escrow today with a reported contract price at asking, up 5.2 percent year-over-year on an apples-to-apples basis.

1581 Masonic: Living

Another Quick Flip For Our Ex-Mayor's Ex-Home On Masonic? [SocketSite]
1581 Masonic Moves Even Faster Than Our Ex-Mayor [SocketSite] 
The Newsoms' Home At 1581 Masonic Hits The Market [SocketSite]
The Mayor’s "Confidential" Contract Price: 8% Under Reduced Asking [SocketSite]

Posted by socketadmin at 2:15 PM | Permalink | Comments (48) | (email story)

August 13, 2012

Lofty Expectations For ClockTower #656

While recently painted and redecorated, the kitchen, baths and layout inside the 1,560 square ClockTower loft building #656 look to be relatively the same as when purchased for $1,085,000 ($695 per square foot) in January 2010.

With one loft bedroom over the kitchen, two full baths and two car parking, 461 2nd Street #656 has returned to the market in 2012 listed for $1,995,000 ($1,279 per square).

∙ Listing: 461 2nd Street #656 (1/2) 1,560 sqft - $1,995,000 [McGuire]
The ClockTower Lofts (461 2nd Street) [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (13) | (email story)

August 10, 2012

A Penthouse Apple Is Picked

42 Hotaling Roof

Speaking of million-dollar-plus property sales, the sale of 42 Hotaling closed escrow this week with a reported contract price of $3,500,000, roughly $1,095 per square foot, eight (8) percent under its November 2009 sale at $1,189 per foot ($3,800,000).

Hotaling Isn’t For Horses Anymore: The Penthouse Atop The Stables [SocketSite]
Bay Area Tops The Zip List For Million Dollar Home Sales In California [SocketSite]

Posted by socketadmin at 11:45 AM | Permalink | Comments (13) | (email story)

August 1, 2012

521 Liberty Closes $150,000 (8 Percent) Under Its "Crazy Peak" Price

521 Liberty Exterior

As we reported with respect to 521 Liberty in June:

Purchased for $1,161,500 in 2006 then gutted, rehabbed, and returned to the market asking and selling for $1,950,000 in 2007; the owner of 521 Liberty passed away and the home is back on the market and listed for $1,795,000.
In the words of a plugged-in ex-neighbor who notes the owner did some landscaping and minor work in the basement, but nothing that should really change the value:
I’m not sure what to think of the price. I thought [$1,950,000] was a crazy peak at the time in 2007. But it is a fantastic street, and with what’s been happening recently, could this actually be underpriced? I’m just not sure anymore.

The sale of 521 Liberty closed escrow yesterday with a reported contract price of $1,800,000, officially "over asking" by $5,000 but $150,000 under its "crazy peak" price.

The Circle Of Life And 521 Liberty [SocketSite]
Life, Liberty, And The Pursuit Of Profit A New Home [SocketSite]

Posted by socketadmin at 1:00 PM | Permalink | Comments (17) | (email story)

July 25, 2012

An "Ultra Modern" Mission Noe Apple On Ames

155 Ames Exterior

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.

155 Ames Bathroom

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.

155 Ames Kitchen

There are three terraces and a deeded deck, perfect for soaking up the Mission Noe sun.

155 Ames Deck

And in terms of being apples-to-apples, we'll let the old neighborhood switcheroo slide.

∙ Listing: 155 Ames Street (3/2.5) 2,190 sqft - $1,495,000 [155ames.com]
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 9:00 AM | Permalink | Comments (22) | (email story)

July 16, 2012

Over Asking Over In Noe, But Less Expensive Than Late 2010

946 Elizabeth

The sale of 946 Elizabeth Street closed escrow on Friday with a reported contract price of $2,260,000. While officially "over asking," and perhaps even with "multiple offers," on an apples-to-apples basis, the sale price was $115,000 (5 percent) under its November 2010 sale for $2,375,000 and $415,000 (16 percent) under its April 2007 sale for $2,675,000.

Can You Correctly Re-Re-Pick This Noe Valley Apple To Be? [SocketSite]
It Would Have Been 50 Percent Over Had They Priced At A Million... [SocketSite]
Have You Heard The One About The House With Over 50 Offers? [SocketSite]
946 Elizabeth Is Picked Up Down At 11 Percent Under Its 2007 Sale [SocketSite]

Posted by socketadmin at 3:00 PM | Permalink | Comments (10) | (email story)

July 12, 2012

Apples-To-Apples: Prices, Rates And Payments...Oh My!

2130 24th Street

Having hit the market in late 2006 asking $1,295,000, the 1,792 square foot 2130 24th Street #A sold for $1,274,000 in the middle of 2007. With its Scavolini cabinets, Carrara marble counters, and Black Walnut floors still looking rather fresh, the contemporary Potrero Hill condo is back on the market and listed for $1,389,000.

2130 24th Street Kitchen

With twenty percent down and a thirty-year mortgage at current rates, the monthly mortgage payment would be around $5,300 a month at asking. In 2006, the payments on the purchase would have been closer to $6,500 at rate of 6.56 percent.

UPDATE: As a number of readers quickly figured out, our original mortgage rates and payment calculations of $5,000 and $6,200 a month were based on conforming loans which these would not be and has since been corrected above.

∙ Listing: 2130 24th Street #A (3/2) 1,792 sqft - $1,389,000 [Redfin]
2130 24th Street #A: It’s On [SocketSite]
2130 24th Street #A: It’s On (Again) [SocketSite]
Whoops, They Did It Again: Mortgage Rates Hit New All-Time Lows [SocketSite]

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July 11, 2012

SF Cribs: Coming Up Short (In More Ways Than One)

Listed as a one-bedroom for $765,000 when The Hales Warehouse first hit the market in 2007, 410 Jessie #603 was purchased for $749,700 that July.

Having been unsuccessfully listed for $815,000 in 2009 and $799,000 in 2010, the 1,130 square foot condo is back on the market and listed as a short sale for $699,000 in 2012.

While newly listed as a "two bedroom," however, there appears to be a bit of childlike listing license in play with respect to this San Francisco crib.

Editor’s Note: The floor plan for #603 by way of a plugged-in reader:

410 Jessie #603 Floor Plan

∙ Listing: 410 Jessie #603 (2/1) 1,107 sqft - $699,000 [Redfin]
New Listings For New Developments On The MLS [SocketSite]
Mint Lofts: 410 + 418 Jessie Street, San Francisco [SocketSite]

Posted by socketadmin at 7:30 AM | Permalink | Comments (28) | (email story)

July 10, 2012

Hotaling Isn’t For Horses Anymore: The Penthouse Atop The Stables

42 Hotaling Kitchen

Atop the landmark Barbary Coast building built as the Hotaling Stables in the 1860's, a 3,195 square foot penthouse with an urban rooftop terrace and garden was constructed.

42 Hotaling Roof

Purchased for $3,800,000 in November 2009, the three-bedroom penthouse pad at 42 Hotaling returned to the market eleven days ago listed for $3,500,000.

42 Hotaling Floor Plan

While already in contract, contingencies do remain.

∙ Listing: 42 Hotaling (3/2.5) 3,195 sqft - $3,500,000 [ninahatvany.com]
San Francisco Landmark #11: Hotaling Stables [noehill.com]

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While The Kitchen Is Still Red, Is 733 Front Street Back In The Black?

733 Front #601 Living

Purchased for $2,150,000 soon after the sales office at 733 Front Street opened in early 2007, the two-bedroom number 601 has returned to the market listed for $2,195,000.

733 Front Street #601 Kitchen

As plugged-in people know, one-bedrooms in the building were selling for as much as 38 percent off 2007 prices back in 2010. And while not listed on the MLS, tax records and its condo map record #601 at 1,509 square feet, not including the balcony.

733 Front Street #601 Floor Plan

And yes, we know that simply selling for more than its purchase price wouldn’t technically be "in the black" (and that #601 isn't representative of the entire building).

∙ Listing: 733 Front Street #601 (2/2.5) - $2,195,000 [baybridgeviewcondo.com]
733 Front Sales Update: 32% In Contract (Almost All Two-Bedrooms) [SocketSite]
Jackson Square For 34 38 Percent Less In 2011 [SocketSite]

Posted by socketadmin at 7:45 AM | Permalink | Comments (8) | (email story)

July 9, 2012

Noe Valley TIC Picked: September 2008 To Today

1278-1282 Church Street (www.SocketSite.com)

Purchased for $1,368,000 in September 2008, the sale of 1278 Church Street has closed escrow with a reported contract price of $1,425,000, up 4 percent on an apples-to-apples basis versus late 2008 for the three-bedroom Noe Valley Tenancy In Common (TIC).

No word on how the proposed TIC to condo conversion lottery bypass legislation was factored into the purchase, price or marketing.

Green Construction (But Red Comp) Returns On Church [SocketSite]
TIC-Tock It's Apple O'clock [SocketSite]
The Devilish Details For Bypassing SF's Condo Conversion Lottery [SocketSite]

Posted by socketadmin at 7:00 AM | Permalink | Comments (7) | (email story)

July 5, 2012

With Overtime Running Out, A Hail Mary Is Caught (And Race Is Won)

2452 39th Avenue

Purchased for $630,000 in 2004, as plugged-in people knew the remodeled single-family home at 2542 39th Avenue which was listed as a short-sale for $490,000 six months ago was facing foreclosure pressure and a race to the courthouse steps with an auction rescheduled for later this month.

Having fallen over $50,000 past due on a $504,000 first, and with a $63,000 second in place, this past Friday the short-sale of 2542 39th Avenue closed escrow with a reported contract price of $490,000, roughly 22 percent under its 2004 sale price.

The Great Courthouse Race And End Of Year Hail Mary Listing [SocketSite]

Posted by socketadmin at 11:30 AM | Permalink | Comments (9) | (email story)

June 22, 2012

The Circle Of Life And 521 Liberty

521 Liberty Exterior

Purchased for $1,161,500 in 2006 then gutted, rehabbed, and returned to the market asking and selling for $1,950,000 in 2007; the owner of 521 Liberty passed away and the home is back on the market and listed for $1,795,000.

In the words of a plugged-in ex-neighbor who notes the owner did some landscaping and minor work in the basement, but nothing that should really change the value:

I’m not sure what to think of the price. I thought [$1,950,000] was a crazy peak at the time in 2007. But it is a fantastic street, and with what’s been happening recently, could this actually be underpriced? I’m just not sure anymore.

If you think you know Eureka Valley, now's the time to tell.

∙ Listing: 521 Liberty (3/2) 1,608 sqft - $1,795,000 [Redfin]
Life, Liberty, And The Pursuit Of Profit A New Home [SocketSite]

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June 21, 2012

If You Think You Know Contemporary Noe, Now's The Time To Tell

2212 Castro Kitchen

Purchased as new construction for $3,038,000 ($760 per square) in early 2008, the 4,000 square foot Noe home at 2212 Castro is back on the market and listed for $3,149,000.

The property boasts four bedrooms across three levels (click floor plan to enlarge) and a two (plus) car garage. If you think you know the contemporary Noe Valley buyer and market, now's the time to tell, apples-to-apples style.

∙ Listing: 2212 Castro (4/3.5) 4,000 sqft - $3,149,000 [2212castro.com]

Posted by socketadmin at 2:30 PM | Permalink | Comments (15) | (email story)

June 19, 2012

A Masterful Millennium Tower Floor Plan And Apples-To-Apples Sale

301 Mission Street #17C Floor Plan

Purchased for $884,000 in March of 2010, 301 Mission Street #17C hit the market this past October listed for $849,000 before being withdrawn from the MLS in December.

Relisted for $849,000 this past February then reduced to $829,900 in April, the resale of the 833 square foot Millennium Tower one-bedroom #17C has closed escrow with a reported contract price of $825,000, off 7 percent from 2010 on an apples-to-apples basis.

Millennium Tower Apples-To-Apples Take Two [SocketSite]
The Millennium: A Few Things You Might Know (And A Few You Don’t) [SocketSite] 

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June 18, 2012

Renovated Marina Jewel Falls Short But Avoids The Courthouse Steps

As we reported this past March:

Purchased for $2,500,000 in 2006, the renovated "Mediterranean Revival jewel" at 3737 Broderick Street, "just steps from the Marina Green and the St. Francis and Golden Gate Yacht Clubs," returned to the market four months ago listed for $2,649,500, a list price which was dropped to $2,292,000 as a "bank approved" short-sale in January.
With a sale pending per the MLS, the four-bedroom Marina property is currently scheduled to hit the courthouse steps tomorrow being $279,777 past due on the $2,000,000 first mortgage employed in 2006 when 3737 Broderick was purchased with 10 percent ($250,500) down.

The short sale of 3737 Broderick Street has closed escrow with a reported contract price of $2,160,000, fourteen (14) percent or $340,000 under its 2006 purchase price, an outcome to which at least one mom is likely to toast and cheers.

The seller was an attorney specializing in representing clients charged with a DUI.

The Race Is On Down In The Marina [SocketSite]

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No Apples On Ames But A Taste For Modern And Healthy Appetite

141 Ames: Living

As we first reported last month (and back in 2008):

Following a Boor Bridges led renovation over which a reader waxed poetic and the builder chimed in, the 840 square foot cottage at 141 Ames hit the market in October 2008 asking $695,000. Withdrawn from the market without a sale, the cottage was leased to a friend of the owner (Flora Grubb) and appeared on the AIA’s 2009 tour of homes.
While not yet listed, 141 Ames is now back on the market asking $649,000 without the tenant in place, but with the little patio's living wall in full bloom.

While not apples to apples but speaking to the market’s taste and appetite, the sale of 141 Ames closed escrow this past Friday with a reported contract price of $710,000.

141 Ames: Sketch

Inside 840 Square Feet Of Modern Mission Living At 141 Ames [SocketSite]
A Plugged-In Reader Reports (Rather Effusively): Go See 141 Ames [SocketSite]
AIA's 2009 San Francisco Living: Home Tours (Plugged-In) Challenge [SocketSite]

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June 15, 2012

Perfectly Safer For Work (And Play) Modern Property Porn

355 Bryant #409 Living

As we wrote about 355 Bryant Street #409 back in June of 2007:

Yes, we have a soft spot for 355 Bryant. And no, it’s not going to be everyone’s cup of tea. But if you’re anything like us, the renovation of 355 Bryant #409 will leave you drooling (for one reason or another).
From the glass enclosed double rain shower stall, to the Boffi kitchen with built-in Miele (if we’re not mistaken) espresso machine, to the exposed timbers and private roof deck.

Having sold for $1,400,000 two weeks after we featured it, yesterday the ubermodern (and then rather voyeurlicious) loft returned to the market listed for $1,450,000.

Alas, the shower glass has been frosted, but we did spot some new mirrors.

355 Bryant #409 Bath

As the shower looked, and looked into, before:

355 Bryant #409: Bed/Bath

∙ Listing: 355 Bryant #409 (1/1.5) - $1,450,000 [Redfin]
An Ubermodern Renovation In A Classic Conversion Building [SocketSite]
The Live/Work Lofts Of 355 Bryant [SocketSite]

Posted by socketadmin at 12:30 PM | Permalink | Comments (6) | (email story)

June 13, 2012

The Disasterlicious Outcome On Maywood Drive

As we originally reported in February:

Purchased for $1,225,000 in August 2006 and financed with a mortgage for $980,000, in 2007 a second was drawn for $97,206, perhaps to help pay for the "swank" remodel for which we couldn't find any permits online.
One the market and listed for $1,295,000 since last September, last month a notice of default was filed for the first mortgage which was already $58,806 past due at the time.
While the list price for the property hasn’t changed, it’s now positioned as a "short sale." And while the listing doesn’t note a chef’s kitchen, if a plugged-in tipster is correct, it is a restaurateur’s as the buyers in 2006 were operating Maya which closed late last year.
Watch your step on those stairs. And no, we don't believe they're to code.

The short sale of 286 Maywood Drive closed escrow yesterday with a reported contract price of $1,095,000, 10.6 percent ($130,000) under its pre-remodeled purchase price in 2006.

A Chef’s Restaurateur’s Kitchen And Misstep(s) [SocketSite]
A Plugged-In Reader's Disasterlicious Comment/Caption Of The Month [SocketSite]

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

June 11, 2012

Palm(s) Reading: The Rent Versus Buy Line And Rate Of Return

As we originally reported in April:

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).

The sale of 555 4th Street #606 has closed escrow with a reported contract price of $724,000, over asking but 4.7 percent under late 2006 when it wasn’t occupied and with a cap rate of under 4 percent at the higher rent.

To Rent, Buy, Or Invest At The Palms By The Numbers (Not The Heart) [SocketSite]
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]

Posted by socketadmin at 7:45 AM | Permalink | Comments (18) | (email story)

June 8, 2012

Can You Correctly Re-Re-Pick This Noe Valley Apple To Be?

946 Elizabeth

Purchased for $2,375,000 in November 2010 having traded for $2,675,000 in April 2007, the Noe Valley home at 946 Elizabeth Street was listed for $2,575,000 this past February.

Having been reduced to $2,495,000, withdrawn and then relisted already under contract in March, by April the property was out of escrow, reduced to $2,395,000 and then withdrawn once more.

As a plugged-in reader notes, 946 Elizabeth has once again been listed anew. This time, however, it has been listed and "priced to sell" at $2,195,000.

946 Elizabeth Is Picked Up Down At 11 Percent Under Its 2007 Sale [SocketSite]
Can You Correctly Re-Pick This Noe Valley Apple To Be? [SocketSite]
No Noe Apple For You As 946 Elizabeth Is Withdrawn Without A Sale [SocketSite]
On Again, Off Again, And Back Again For The Apple At 946 Elizabeth [SocketSite]
Real Estate Linkbait Listbait™ [SocketSite]

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June 7, 2012

Taking A Pricing Cue From The Industry (But Not An Agent)

440 Teresita (www.SocketSite.com)

Purchased for $900,000 in 2005, the Miraloma Park home at 440 Teresita Boulevard was put on the market in 2009 listed for $1,200,000 but failed to attract a buyer.

Taking a pricing cue from the industry, but not an agent, it’s a plugged-in tipster that notes the three bedroom and 2,458 square foot home has just hit the market for sale by owner (FSBO) with a "list" price of $700,000 ($285 per square foot).

Will the owners manage to orchestrate a "shocking" bidding war as well as a Realtor? As always, we'll keep you posted and plugged-in.

∙ Listing: 440 Teresita (3/2) 2,458 sqft - $700,000 [homesbyowner.com]
Real Estate Linkbait Listbait™ [SocketSite]
Have You Heard The One About The House With Over 50 Offers? [SocketSite]

Posted by socketadmin at 12:15 PM | Permalink | Comments (22) | (email story)

June 6, 2012

Another Quick Flip For Our Ex-Mayor's Ex-Home On Masonic?

1581 Masonic

As we first reported last July:

…the sale of the ex-Mayor’s ex-home at 1581 Masonic closed escrow today with a reported contract price $2,750,000. As plugged-in people know, the Newsoms purchased the property $2,738,000 in 2009.
That's an official six days between being listed and having sold "at asking" according to industry stats. No official word on whether or not the buyer had already been lined up prior to being listed, however, as the property had been quietly marketed off the MLS.

And as a tipster notes today, the Buena Vista Park home at 1581 Masonic has just returned to the market listed for $2,895,000.

∙ Listing: 1581 Masonic (4/3.5) 3,051 sqft - $2,895,000 [Redfin]
1581 Masonic Moves Even Faster Than Our Ex-Mayor [SocketSite] 
The Newsoms' Home At 1581 Masonic Hits The Market [SocketSite]
The Mayor’s "Confidential" Contract Price: 8% Under Reduced Asking [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (15) | (email story)

June 1, 2012

From The Courthouse Steps To Our Apple Cart On Third

2030 3rd Street #9 Living

As we wrote about a two-bedroom Central Waterfront condo in April:

Having sold as new for $459,000 in the year 2000 and refinanced in 2007 with a $525,000 first, 2030 3rd Street #9 returned to the market in November 2010 listed for $649,000 with the seller in default and over $30,000 past due on that new note.
Failing to find a buyer despite being reduced to $589,000, the two-bedroom condo was foreclosed upon and sold on the courthouse steps for $440,001 in cash that December.
Flipped with conventional financing in place for $535,000 three months later (March 2011), today the Central Waterfront condo returned to the market listed for $599,900 ($566 per square foot) having been spruced up a bit but otherwise looking rather apples-to-apples.

The sale of 2030 3rd Street #9 closed escrow on Wednesday with a reported contract price of $633,579 ($598 per square foot), up roughly 18 percent on an apples-to-apples basis over the past fourteen months.

Cash Is King But Loans Can Be Leveraged [SocketSite]
15-Year Mortgage Rates Hit All-Time Low As Purchase Activity Drops [SocketSite]

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May 25, 2012

Halsey Minor's "Abandoned" $20,000,000 Mansion Hits The Market

3800 Washington

The guest house on the left is 2,618 square feet, the backyard includes an undeveloped lot, and the main home at 3800 Washington measures roughly 18,000 square feet.

Le Petit Trianon (Image Source: lepetittrianon.com)

As we wrote about the Presidio Heights property last year:

While it’s looking a lot better today than it did in 1906, as a plugged-in reader notes...Halsey Minor’s Le Petit Trianon at 3800 Washington has been deemed "abandoned" by the city and an order of abatement has been issued for failing to comply with San Francisco’s Abandoned Building Ordinance.
As plugged-in people know, Minor paid $20,000,000 for the 17,895 square foot property in 2007 (a notice of default followed in 2009).
And yes, we should all be so lucky as to live near such "blight."

Having never gone to auction, the Le Petit Trianon property trio has returned to the market listed for $25,000,000 with "detailed architectural drawings for a full renovation."

3800 Washington Interior

∙ Listing: 3800-3810 Washington / 125 Maple - $25,000,000 [byzantiumbrokerage]
Minor’s "Abandoned" Mansion At 3800 Washington [SocketSite]
Beauty Blight Is In The Eye Of The City (And Perhaps Your Neighbors) [SocketSite]
Le Grand Notice De Default For Le Petit Trianon (3800 Washington) [SocketSite]

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May 24, 2012

TIC-Tock It's Apple O'clock

1278-1282%20Church%202012.jpg

The three-bedroom TIC at 1278 Church Street first hit the market in July of 2008 having been newly remodeled and priced at $1,395,000. The other two units in the building (1280 and 1282 Church) were listed for $1,245,000 and $1,365,000 respectively at the time.

As we wrote in August of 2010:

The sale of 1278 Church ended up closing escrow in September 2008 with a reported contract price of $1,368,000 while the list prices for 1280 and 1282 were reduced the very next month and then eventually withdrawn without selling.
Public records would suggest 1280 Church ended up selling for $950,000 in June 2009. And yesterday, 1282 Church Street returned to the MLS asking $1,195,000.

While the listing for 1282 Church Street was withdrawn from the market in November 2010 without a reported sale, today 1278 Church Street returned to the market listed for $1,360,000 ($648 per square foot).

1278 Church Street

∙ Listing: 1278 Church Street (3/2.5) 2,100 sqft - $1,360,000 [1278churchstreet.com]
Newish Construction In Noe: Three TICs At 1278-1282 Church Street [SocketSite]
Green Construction (But Red Comp) Returns On Church [SocketSite]

Posted by socketadmin at 7:30 AM | Permalink | Comments (13) | (email story)

May 17, 2012

From The Dotcom Days To Today As Viewed From A Penthouse

219 Brannan #18D Floor Plan

Purchased as new for $3,980,000 as the dotcom days were in decline in December 2000, the Brannan’s tower one penthouse #18D resold for $2,810,000 in August 2005 at which point its HOA dues were $780 per month.

The HOA dues for 219 Brannan #18D are now $999 per month and the 2,005 square foot condo is back on the market and listed for $3,310,000. Call it 17 percent ($670,000) under 2000, but 18 percent ($500,000) over 2005 at asking for the penthouse.

∙ Listing: 219 Brannan #18D (3/3) 2,005 sqft - $3,310,000 [Redfin]

Posted by socketadmin at 9:00 AM | Permalink | Comments (26) | (email story)

May 10, 2012

Forget 50 Offers, How About Under Asking But 50 Percent Over 2010?

Infinity Tower 2 (www.SocketSite.com)

While the penultimate penthouse a floor below was listed for $2,000,000 in early 2010, the Infinity Tower Two unit #42D which wasn't listed sold for $1,500,000 that February. Three months later, 338 Spear Street #41D sold for $1,425,000.

This past March, 338 Spear Street #42D was listed for sale, it closed escrow two weeks later. While the recorded sale price was $250,000 under asking, at $2,250,000, it was also $750,000 (50 percent) over its 2010 sale price on an apples-to-apples basis.

Happenings High Atop The Infinity’s Tower Two [SocketSite]
Infinity Sales Update And A Few Additional Details For Tower Two [SocketSite]

Posted by socketadmin at 12:45 PM | Permalink | Comments (11) | (email story)

May 9, 2012

Up 15 Percent Year-Over-Year For A Polished South Beach Apple

200 Brannan

As we reported with respect to a polished South Beach apple back in February:

Listed for $1,288,000 in January 2011, the 2,097 square foot #320 at 200 Brannan sold for $1,260,000 last April. Back on the market ten months later and listed for $1,450,000.
With new hardwood floors in place, it’s not perfectly apples-to-apples, but we’ll call it close enough. And if you think you know South Beach, now’s the time to tell.

In the words of a plugged-in LegacyDude on the record at the time:

I think I know South Beach. And I know this building, although I've not seen this particular unit. If it's the floor plan I'm thinking of, it's really more suitable for a couple, as the layout would not work well for roommates despite being a 2/2. So not a great rental.
That said, dumb tech money is back in Soma, so I don't think the ask is outside the realm of possibility. I don't follow 200 Brannan that closely, but looks like recent sales have averaged ~$700 psf. Assuming this unit has no critical flaws that are hidden in the pictures, and the square footage is accurate, it could go for/close to asking. I'll guess $1.35 to hedge myself.

No need to hedge, Dude, the sale of 200 Brannan Street #320 closed escrow today with a reported contract price of $1,450,000, up 15 percent ($190,000) year-over-year.

South Beach Apples-To-Apples And Year-Over-Year [SocketSite]

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May 7, 2012

No Hill Street Blues For This Maniscalco Designed Home

350 Hill Kitchen

The sale of 350 Hill Street closed escrow on Friday with a reported contract price of $3,250,000 ($956 per square foot). While that’s 4 percent under its list price of $3,395,000, it’s 12 percent over its sale price of $2,900,000 in 2009.

To repeat a sentiment we've stated before: Design matters, damn it (as do views).

Once again, the Maniscalco designed Dolores Heights property was featured on the 2011 AIA Home Tour and offers four bedrooms across three levels with big windows, an open floor plan, and some rather nice and recognizable indoor-outdoor living off the kitchen.

350 Hill Rear Facade

A Maniscalco Designed Modern Apple Atop Dolores Heights [SocketSite]
Design Matters, Damn It (As Do Views): 3975 19th Street Sells [SocketSite]
2011 San Francisco Living: AIA Home Tours Lineup (And Challenge) [SocketSite]

Posted by socketadmin at 10:00 AM | Permalink | Comments (13) | (email story)

Apples-To-Apples After The Fact In The Marina Year-Over-Year

While we typically won’t feature an "apples-to-apples" sale if the outcome is already known, we are partial to year-over-year data points, especially with respect to units that are typical of a neighborhood.

Purchased for $1,100,000 in April 2011, the renovated two-bedroom and one-bath Marina condo at 3446 Scott Street returned to the market this past March listed for $1,169,000, the price at which it closed escrow last month, up 6 percent on year-over-year basis.

Posted by socketadmin at 8:45 AM | Permalink | Comments (2) | (email story)

May 3, 2012

Apples-To-Apples (And The Cost Of Not Paying By Cashier's Check)

865 Duncan

As we wrote with respect to 865 Duncan this past August:

Purchased for $1,329,000 in March 2008 with $140,800 (11%) down and currently listed as "Active" on the MLS with a list price of $1,385,000, last week the Noe Valley home at 865 Duncan was taken back by the bank with no bidders willing to pay $1,152,387 in cash on the courthouse steps. Someone might want to alert the Realtors.

And as we added this past November:

Two weeks later the listing for 865 Duncan was finally withdrawn from the San Francisco Multiple Listing Service (MLS). And yesterday, the "lovely and large home" at 865 Duncan returned to the MLS as bank-owned and listed for $1,295,000.

Having been reduced to $1,275,000 in January, the sale of 865 Duncan has closed escrow with a reported contract price of $1,280,000. Call it 4 percent under early 2008 on an apples-to-apples basis (and officially "over asking") for the single-family Noe home.

Psst! It’s Now Bank-Owned (And The Other Is In Default) [SocketSite]
Psst! 865 Duncan Is Active Once Again (And Actually Available) [SocketSite]

Posted by socketadmin at 12:00 AM | Permalink | Comments (8) | (email story)

May 1, 2012

The Heights Takes Another Hit

1940 Broadway #6 Living

Having traded for $4,911,000 in March of 2008, the full floor Pacific Heights co-op Unit #6 at 1940 Broadway ("The Heights") resold for $4,200,000 in March of last year.

1940 Broadway

Listed for $4,350,000 this past September, the sale of 1940 Broadway #6 closed escrow today with a reported contract price of $4,000,000, down 5 percent ($200,000) on a year-over-year basis, down 19 percent ($911,000) versus March of 2008.

And while we still can’t confirm, if a plugged-in reader is correct, the unit quietly traded for $4,100,000 in February of 2010 as well (and it hasn't been occupied since 2008).

A Heights Of The Heights Apple Returns (1940 Broadway #6) [SocketSite]
A Quick Sale At (And From) The Heights [SocketSite]

Posted by socketadmin at 1:00 PM | Permalink | Comments (15) | (email story)

April 30, 2012

17 Costa Sales Away Having Hit A 2005/2006 Bernal Reef

17 Costa

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]

Posted by socketadmin at 9:15 AM | Permalink | Comments (0) | (email story)

Apples-To-Apples And Two Years Later At The Artani

818 Van Ness: 8/11/08 (www.SocketSite.com)

As we wrote last month:

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]

Posted by socketadmin at 7:30 AM | Permalink | Comments (11) | (email story)

April 23, 2012

Apples-To-Apples, And 2008 To Today, On Russian Hill

1080 Chestnut #7D: Interior

As we wrote three months ago:

Back in March of 2008 we first featured the before and after floor plans for 1080 Chestnut #7D which had just hit the market listed for $1,350,000 at the time.
Having sold for $1,295,000 that July, the remodeled one-bedroom "located on one of Russian Hill's most distinguished flat blocks" returned to the market in early 2011 asking $1,149,000 but failed to find a buyer.
Yesterday, 1080 Chestnut #7D officially returned to the market listed for $999,000, 23 percent under its 2008 sale price on an apples-to-apples basis.

On Friday, the sale of 1080 Chestnut #7D closed escrow with a reported contract price of $975,000. Call it twenty-five percent ($320,000) under its July 2008 sale price on an apples-to-apples basis for the remodeled Russian Hill one-bedroom with views.

This Time It’s...Apples-To-Apples On Russian Hill [SocketSite]
A New Floor Plan And Major Remodel Turns An Apple Into An Orange [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (35) | (email story)

April 17, 2012

While 2243 Greenwich Isn’t "On Fire," It's Still Well Located If It Were

2243 Greenwich (www.SocketSite.com)

Having been purchased for $1,800,000 at the end of 2005 and then returned to the market listed for $2,200,000 in 2008, 2243 Greenwich was handed back to the bank in 2009 with $2,405,000 then owed.

Yesterday, the six-bedroom bank-owned home resold with a reported contract price of $1,293,000, roughly 28 percent ($507,000) under its 2005 sale price on an apples-to-apples basis, a little more than half of what had been owed.

A Little Extra Perspective On The Listing: 2243 Greenwich [SocketSite]
Déjà Vu This (More Tightly Cropped) Cow Hollow View Before [SocketSite]
A Little Extra Perspective On The Listing Market? (2243 Greenwich) [SocketSite] 

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The Over/Under For 568 29th Street

568 29th Street

As we wrote in January:

Repainted since purchased for $1,105,000 in August 2007 with an attic loft that remains unwarranted, 568 29th Street has returned to the market listed for $995,000 in 2012.
Call it $881 per square foot at asking for the two-bedroom Noe home, well over the neighborhood median of $670 per square in 2011, but 10 percent under its apples-to-apples sale price of $978 per square foot in 2007 (in which the median was $757).

The sale of 568 29th Street has closed escrow with a reported contract price of $1,014,000. Call it 2 percent over asking but 8 percent ($91,000) under it 2007 sale on an apples-to-apples basis.

Size Matters (At Least With Respect To Dollars Per Square Foot) [SocketSite]

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April 16, 2012

Up 11 Percent On An Annualized Basis In The Heart Of Noe Valley

As we wrote last month:

Purchased for $1,560,000 eight months ago, the single-family Noe Valley home at 152 Clipper Street has just returned to the market listed for $1,549,000.
While short-term holds make it difficult to recoup hefty transaction costs, they do provide a nice measure of the market, apples-to-apples style (albeit in this case, with $17,000 of permitted pest work completed in-between sales).
If you think you know Noe, now’s the time to tell. And with respect to the reason for selling, word on the street is that it’s related to work.

The sale of 152 Clipper closed escrow on Friday with a reported contract price of $1,680,000, up 7.7 percent versus its August 2011 sale, up 11 percent on an annualized basis for the remodeled three-bedroom (and bath) home "in the heart of Noe Valley."

Think You Know Noe? Now’s The Time To Tell [SocketSite]

Posted by socketadmin at 6:30 AM | Permalink | Comments (37) | (email story)

High Ceilings, Lower Expectations, And Over Asking (But Under 2005)

1826 Eddy #203

Listed as a short sale for "$375,000" having been purchased for $599,000 in 2005, the sale of the 917 square foot two-bedroom and top floor Basilica Loft (1826 Eddy Street) condo #203 closed escrow on Friday with a reported contract price of $450,000.

Call it 20 percent "over asking" but 25 percent under 2005 on an apples-to-apples basis.

Basilica Loft: High Ceilings And Lower Expectations On Eddy [SocketSite]

Posted by socketadmin at 6:30 AM | Permalink | Comments (8) | (email story)

April 12, 2012

Cash Is King But Loans Can Be Leveraged

2030 3rd Street

Having sold as new for $459,000 in the year 2000 and refinanced in 2007 with a $525,000 first, 2030 3rd Street #9 returned to the market in November 2010 listed for $649,000 with the seller in default and over $30,000 past due on that new note.

Failing to find a buyer despite being reduced to $589,000, the two-bedroom condo was foreclosed upon and sold on the courthouse steps for $440,001 in cash that December.

Flipped with conventional financing in place for $535,000 three months later (March 2011), today the Central Waterfront condo returned to the market listed for $599,900 ($566 per square foot) having been spruced up a bit but otherwise looking rather apples-to-apples.

2030 3rd Street #9 Living

∙ Listing: 2030 3rd Street #9 (2/2.5) 1,059 sqft - $599,900 [obeo.com]
15-Year Mortgage Rates Hit All-Time Low As Purchase Activity Drops [SocketSite]

Posted by socketadmin at 10:00 AM | Permalink | Comments (17) | (email story)

April 6, 2012

A Maniscalco Designed Modern Apple Atop Dolores Heights

350 Hill Street

Another 2011 AIA Home Tour property, the modern John Maniscalco redesigned "Hill Street Residence" at 350 Hill Street sold for $2,900,000 ($853 per square foot) in 2009.

350 Hill Kitchen

Featuring four bedrooms across three levels with big windows, an open floor plan, and some rather nice and recognizable indoor-outdoor living off the kitchen, the 3,400 square foot home is back on the market in 2012 listed for $3,395,000 ($999 per square).

350 Hill Rear Facade

And yes, by the book, it's actually Dolores Heights.

∙ Listing: 350 Hill Street (4/3.5) 3,400 sqft - $3,395,000 [teedhaze.com]
2011 San Francisco Living: AIA Home Tours Lineup (And Challenge) [SocketSite]
A Week Of Atonement [SocketSite]
San Francisco Association Of Realtors New Neighborhood Map [SocketSite]

Posted by socketadmin at 2:15 PM | Permalink | Comments (15) | (email story)

April 4, 2012

On Again, Off Again, And Back Again For The Apple At 946 Elizabeth

946 Elizabeth

As we reported last month:

Having been reduced to $2,495,000 two weeks ago, the listing for 946 Elizabeth was withdrawn from the MLS yesterday without a reported sale.
Once again, the single-family Noe Valley home was purchased for $2,375,000 in November 2010 having previously traded for $2,675,000 in April 2007, apples-to-apples style.

Relisted "under contract" two weeks later, 946 Elizabeth is back to being active and available for $2,495,000 on the MLS.

Once again, if you think you know the Noe market, now's the time to tell.

∙ Listing: 946 Elizabeth (3/3.5) 3,120 sqft - $2,495,000 [946elizabethstreet.com]
No Noe Apple For You As 946 Elizabeth Is Withdrawn Without A Sale [SocketSite]
Can You Correctly Re-Pick This Noe Valley Apple To Be? [SocketSite]
946 Elizabeth Is Picked Up Down At 11 Percent Under Its 2007 Sale [SocketSite]
Think You Know Noe? Now’s The Time To Tell [SocketSite]

Posted by socketadmin at 11:00 AM | Permalink | Comments (3) | (email story)

April 3, 2012

From Voyeurlicious To Shortalicious At The St. Regis (188 Minna)

188 Minna #23F

In 2008, the voyeurlicious (trademark pending) two-bedroom St. Regis condo #23F hit the market listed for $2,595,000. In 2009, the price was cut to $2,350,000, furniture included.

Relisted as a short sale for $1,940,000 this past July, the sale of 188 Minna Street #23F closed escrow today with a reported contract price of $1,588,000, twenty-nine (29) percent or $662,000 below its pre-remodeled purchase price of $2,250,000 in 2007.

The 1,527 square foot luxury condo also sold for $2,080,000 in 2006, back when short-term holds somehow (i.e., the market was actually appreciating) made sense.

Oh, and with a list price that was changed to $1,209,200 this past February, it’s officially "30 percent over asking!" for today’s sale according to industry stats. And yes, it’s still expensive at over a thousand a square foot, but a rather luxurious 29 percent less expensive than in 2007.

Voyeurlicious Design (TM) In More Ways Than One: 188 Minna #23F [SocketSite]
Why Stop With Voyeurlicious, Let's Add Instastyle-istic (TM) As Well [SocketSite]

Posted by socketadmin at 2:45 PM | Permalink | Comments (6) | (email story)

April 2, 2012

Two Years Late(r) And $245,000 Short

310 Townsend

Purchased for $640,000 in early 2007, the one-bedroom 310 Townsend #309 returned to the market a little over two years ago listed for $465,000.

In and out of contract having been reduced to $425,000; relisted for $500,000; reduced to $475,000; relisted at $450,000; reduced to $435,000 and then relisted as a short sale for $399,000 in December 2010, the resale of the 789 square foot condo has finally closed escrow with a reported contract price of $395,000, 38 percent under its 2007 sale price.

310 Townsend: Available And Selling [SocketSite]
Shorter Still For 310 Townsend From The Beginning To End Of 2010? [SocketSite]

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

The Shoreline In San Francisco Circa 2006

Purchased for $1,150,000 in October of 2006, the two-bedroom 41 Federal #21 returned to the market last month listed for $1,149,000.

The sale of the 1,365 square foot Shoreline condo #21 closed escrow on Friday with a reported contract price of $1,135,000, one percent below its sale price in 2006.

Up, Down, And Back Again In South Beach [SocketSite]
The Scoop On The Shoreline (41 Federal) [SocketSite]

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

March 30, 2012

Think You Know Noe? Now’s The Time To Tell

Purchased for $1,560,000 eight months ago, the single-family Noe Valley home at 152 Clipper Street has just returned to the market listed for $1,549,000.

While short-term holds make it difficult to recoup hefty transaction costs, they do provide a nice measure of the market, apples-to-apples style (albeit in this case, with $17,000 of permitted pest work completed in-between sales).

If you think you know Noe, now’s the time to tell. And with respect to the reason for selling, word on the street is that it’s related to work.

∙ Listing: 152 Clipper Street (3/3) 1,723 sqft - $1,560,000 [MLS]

Posted by socketadmin at 7:00 AM | Permalink | Comments (74) | (email story)

March 27, 2012

Think Apples-To-Apples-To-Apples

2739 Larkin

Having been purchased for $2,650,000 in October 2010, 2739 Larkin Street resold for $2,725,000 five months later.

Returned to the market this past September listed for $2,895,000 touting "sweeping views of the GG Bridge & bay - think America's cup!," the music for the make whole game of musical chairs appears to have stopped for the three-bedroom Russian Hill home as its sale closed escrow today with a reported contract price of $2,600,000.

Call it 5 percent ($125,000) less today than ten months ago, 2 percent ($50,000) below its late 2010 sale, all on an apples-to-apples-to-apples basis.

If You Weren’t The Winning Bidder For 2739 Larkin Six Months Ago... [SocketSite]
The Force Remains Strong For 2739 Larkin [SocketSite]
Can You Feel A Ripple In The Force? [SocketSite]

Posted by socketadmin at 1:30 PM | Permalink | Comments (5) | (email story)

March 21, 2012

A Beacon Of Hope

250 King Street #802 Bedroom

In April of 2006, the 1,476 square foot Beacon two-bedroom known as 250 King Street #802 was purchased for $906,666 ($614 per square foot) with not only no money down, but five percent back.

In November of 2009, the eighth floor unit was purchased off the courthouse steps for $527,077 cash. And in May of 2010, the Beacon condo resold for $670,000.

Listed for $850,000 last month, yesterday the sale of 250 King Street #802 closed escrow with a reported contract price of $811,000 ($549 per square foot), up 21 percent versus 2010 but still 10 percent below 2006.

A Beacon Of Distress (250 King #802) [SocketSite]

Posted by socketadmin at 8:45 AM | Permalink | Comments (19) | (email story)

March 20, 2012

The Race Is On Down In The Marina

3737 Broderick Street

Purchased for $2,500,000 in 2006, the renovated "Mediterranean Revival jewel" at 3737 Broderick Street, "just steps from the Marina Green and the St. Francis and Golden Gate Yacht Clubs," returned to the market four months ago listed for $2,649,500, a list price which was dropped to $2,292,000 as a "bank approved" short-sale in January.

With a sale pending per the MLS, the four-bedroom Marina property is currently scheduled to hit the courthouse steps tomorrow being $279,777 past due on the $2,000,000 first mortgage employed in 2006 when 3737 Broderick was purchased with 10 percent ($250,500) down.

Once again, the race to the courthouse steps is on.

∙ Listing: 3737 Broderick (4/2.5) 2,652 sqft - $2,292,000 (short sale) [Redfin]
A Savvy Buyer Loses The Race To The Courthouse Steps [SocketSite]

Posted by socketadmin at 9:15 AM | Permalink | Comments (5) | (email story)

March 16, 2012

It Was Indeed

1893 San Jose Avenue Living

As we wrote this past January:

Having been "thoroughly remodeled," the single-family home at 1893 San Jose Avenue sold for $1,100,000 in March of 2007 financed with a first mortgage for $880,000. From the listing at the time: "This is more house than you ever imagined you could afford."
Taken back by the bank three months ago with no bidders at $560,000 in cash on the courthouse steps, the four-bedroom Mission Terrace home is back on the MLS and listed for $699,900 (36 percent below 2007) with possession at close of escrow.

The sale of 1893 San Jose Avenue closed escrow today with a reported contract price of $723,800. That’s right, it’s yet another "over asking" sale, this time by $23,980 (3 percent). At the same time, that's still $376,120 (34 percent) under its 2007 comp setting sale price, a tidbit that's less likley to be touted in an industry newsletter or press release.

A Bit Of Listing Irony And Circa 2007 Foreshadowing [SocketSite]

Posted by socketadmin at 1:00 PM | Permalink | Comments (32) | (email story)

March 15, 2012

Over Asking And 2008! (Not Including A Million In Upgrades)

845 Montgomery PH1 Living

With a reported contract price of $2,656,000 versus a relisted price of $2,650,000, it’s yet another "over asking" sale for 845 Montgomery Penthouse #1.

While that's $23,000 more than the seller paid for the condo in early 2008, which industry stats will reflect, a self-reported $900,000 worth of upgrades were invested after the purchase not including the just-completed roof deck, which industry stats will neglect.

845 Montgomery PH1 Roof Deck

845 Montgomery Penthouse Triptych And Listing Take Three [SocketSite]
A Bit Of Vertigo As An 845 Montgomery Penthouse Is Withdrawn [SocketSite]
The 845 Montgomery Penthouse Pineapple Returns [SocketSite]

Posted by socketadmin at 2:00 PM | Permalink | Comments (1) | (email story)

Cain Records A Pre-Season Loss Over In Noe

As we first reported last month with respect to Matt Cain’s former home:

Having not been remodeled since the 60’s, the 2,628 square foot home at 1901 Diamond was purchased for $1,450,000 in 2007, underwent an "eco-friendly" and "no expenses spared" renovation, and sold for $2,050,000 with 2,819 square feet in October 2008.
Listed for $1,950,000 this past September, reduced to $1,850,000 "by Motivated Sellers!" in October, and then withdrawn from the market in December, yesterday the hill-top home with a Noe Valley address returned to the MLS listed anew and asking $1,795,000.

The sale of 1901 Diamond Street closed escrow on Tuesday with a reported contract price of $1,800,000. While officially "over asking" (by $5,000) according to industry stats and newsletters to be, it’s also 12.2 percent ($250,000) under what Cain paid in late 2008.

Origins Of The Man Cave [SocketSite]
A Motivated Matt Cain [SocketSite]

Posted by socketadmin at 8:15 AM | Permalink | Comments (7) | (email story)

Boulders, Condos, And Values, Oh My!

Purchased for $2,668,000 in June 2007, the sale of 611 Washington Street #2202 closed escrow yesterday with a reported contract price of $2,090,000.

Call it $1,172 per square for the 1,784 square foot Barbary Coast condo with Russian Hill to Bay Bridge views. Once again it's still expensive, just 21.6 percent ($578,000) less so on an apples-to-apples basis.

A Perch From Which To Watch Boulders (Or Condos) Roll [SocketSite]
New York Basis In Nob Hill [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (16) | (email story)

March 14, 2012

Over Asking But Under 2010 Atop Bernal Heights

64 Prentiss

As we wrote last month:

Built in 2009 and originally priced at $1,360,000 that year, the Bernal home atop the Heights at 64 Prentiss sold for $1,199,000 in March of 2010. The contemporary three-bedroom is now back on the market and listed for $1,099,000, apples-to-apples style.

The sale of 64 Prentiss closed escrow yesterday with a reported contract price of $1,170,000, call it 6.4 percent “over asking” but 2.4 percent under its apples-to-apples sale price of two years ago.

Sweet Apple Jam For Your Morning Toast Atop Bernal's Heights [SocketSite]

Posted by socketadmin at 8:15 AM | Permalink | Comments (3) | (email story)

March 13, 2012

New York Basis In Nob Hill

1022 Powell #3: Loft

Purchased for $1,625,000 in 2006 and returned to the market in 2009 asking $1,395,000, this past October 1022 Powell Street #3 was taken back by the bank.

1022 Powell Street #3: Living

Listed for $1,185,000 this past January, the sale of the two-bedroom Nob Hill condo closed escrow last week with a reported contract price of $1,189,000. Yes, that’s officially "over asking." Or as those who would rather you didn’t focus on the financials would say, "it’s still expensive" at $862 per square foot, just 27 percent ($436,000) less so.

New York In Nob Hill [SocketSite]
New York In Nob Hill Returns After Three Years: 1022 Powell Street #3 [SocketSite]

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March 9, 2012

A Two-Year Artani (818 Van Ness Avenue) Apple To Be

818 Van Ness: 8/11/08 (www.SocketSite.com)

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. Ole!

∙ Listing: 818 Van Ness #203 (1/1) 781 sqft - $549,000 [818vanness203.com]
The Artani (818 Van Ness) Opens And A Plugged-In Reader Reports [SocketSite]
Artani (818 Van Ness) Inventory Starts To Return As Expected [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (3) | (email story)

March 7, 2012

A Savvy Buyer’s Short Sale And Race Against The Courthouse Steps

601 Van Ness #75 Bedroom

In 2006, the 1,286 square foot Opera Plaza two-bedroom sold for $612,000. A year later, the "Best in City Living for the Savvy Buyer" marketed condo sold for $665,000.

The 2007 purchase was financed by way of a $531,750 first mortgage, a $100,000 second and $33,250 (5%) down. By the beginning of 2011, the savvy buyer was already $34,945 past due on the first alone.

Having been listed as a short sale this past January, and with a list price that was changed to $465,000 last month, 601 Van Ness #75 is currently in contract but contingent according to the MLS. At the same time, 601 Van Ness #75 is also scheduled to hit the courthouse steps this afternoon.

We’ll let you know who (fore)closes first.

∙ Listing: 601 Van Ness #75 (2/2) 1,286 sqft – "$465,000" (short sale) [Redfin]

Posted by socketadmin at 10:00 AM | Permalink | Comments (15) | (email story)

March 5, 2012

A Modern Marina Apple On Magnolia Is Picked

145 Magnolia Living

As we first reported with respect to 145 Magnolia this past September:

The site was purchased for $466,000 in 1998 and by 2000 a four-story and light-filled 3,400 square foot property had risen at 145 Magnolia. It sold for $2,800,000 that July.
It's now eleven years later and the Marina property is back on the market listed for $3,250,000. And it's still looking rather contemporary both within and without.

Delisted, relisted and reduced to $2,995,000 in January, the sale of the "Stunning, light-filled contemporary" house at 145 Magnolia has closed escrow with a reported contract price of $2,850,000, 1.8 percent over its year 2000 sale on an apples-to-apples basis.

Modern Living At 145 Magnolia In The Marina [SocketSite]

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Over Asking For 728 Duncan! (But $579,000 Under Its 2007 Sale)

728 Duncan

As we reported in June 2010:

Listed for $2,550,000 in March, the list price for the self described "Noe Valley modern cool" home at 728 Duncan was reduced to $2,385,000 in April, and just a few minutes ago it was further reduced to $2,295,000.
Once again, the single-family Noe home was purchased for $2,475,000 in August 2007 according to the MLS (although tax records suggest a contract price closer to $2,448,000).

Withdrawn from the market in 2010, the Noe home returned to the market listed for $2,150,000 in July 2011 with a Notice of Default having been filed the month before.

Never having hit the courthouse steps, the short sale of 728 Duncan closed escrow last week with a reported contract price of $1,821,000, 24.1 percent ($579,000) under 2007*.

With a list price that was reduced to $1,799,000 this past September, however, it is officially "over asking!" according to industry stats and charts.

*UPDATE: As we noted in 2010, while the MLS reflects an August 2007 sale price of "$2,475,000," and tax records had suggested a contract price closer to $2,448,000, the recorded sale price was actually $2,400,000, financed by way of a $1,680,000 first, a $350,000 second, and with $370,000 down.

A Cool $165,000 $255,000 Off At 728 Duncan [SocketSite]
Apples To Apples For A Hip "Cool" Noe Home: 728 Duncan [SocketSite]
Psst! It’s Now Bank-Owned (And The Other Is In Default) [SocketSite]

Posted by socketadmin at 7:30 AM | Permalink | Comments (45) | (email story)

March 2, 2012

No Noe Apple For You As 946 Elizabeth Is Withdrawn Without A Sale

946 Elizabeth

Having been reduced to $2,495,000 two weeks ago, the listing for 946 Elizabeth was withdrawn from the MLS yesterday without a reported sale.

Once again, the single-family Noe Valley home was purchased for $2,375,000 in November 2010 having previously traded for $2,675,000 in April 2007, apples-to-apples style.

Can You Correctly Re-Pick This Noe Valley Apple To Be? [SocketSite]
946 Elizabeth Is Picked Up Down At 11 Percent Under Its 2007 Sale [SocketSite]

Posted by socketadmin at 10:00 AM | Permalink | Comments (25) | (email story)

February 29, 2012

Up, Down, And Back Again In South Beach

Back in January 2008 when covering the bank-owned (REO) auction of 41 Federal #42, we noted what we perceived as a change in the market, a perception not everyone shared:

…this whole thread is about REO as indicator. Is it not? Socketsite said it "just might speak" to that. Baloney. It is an REO. REO as trend? LOL.

Having been purchased from the developer for $880,000 in December 2006, 41 Federal #42 had become bank-owned in September 2007 and sold for $700,000 the following May.

Purchased for $1,150,000 in October 2006, two months before the first sale of #42, 41 Federal #21 has just returned to the market listed for $1,149,000.

∙ Listing: 41 Federal #21 (2/2) 1,365 sqft - $1,149,000 [Redfin]
Going Once, Going Twice…Going Five Times At Shore|Line: 41 Federal [SocketSite]
San Francisco Bucks CA Foreclosure Trends, But Not In A Good Way [SocketSite]

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An Apple For The Contractor That Has Everything

469 Valley Kitchen

As we wrote last month:

First listed for sale in 2008 asking $738,000, the list price for 469 Valley was reduced four times over the following two years. The dilapidated home finally sold for $500,000 in 2010.
Today, the Noe Valley view property which is currently uninhabitable returned to the market as a "cozy cabin that needs everything" asking $579,500.

The sale of 469 Valley closed escrow on Monday with a reported contract price of $590,000, 18 percent over 2010 for the teardown. We'll let you know when the permits are filed.

Inside An Uninhabitable "Cozy Cabin" [SocketSite]

Posted by socketadmin at 6:00 AM | Permalink | Comments (48) | (email story)

February 28, 2012

Ooh And Ahh (And Ouch)

1422 Douglass

As we first reported with respect to 1422 Douglass this past September:

Purchased for $925,000 in 2007, the single-family Noe Valley home at 1422 Douglass returned to the market two weeks ago listed for $875,000 while noting: "Be prepared to ooh and aah (sic) over this charming Victorian home that packs a big impression."
On Friday, the list price for 1422 Douglass was reduced to $849,000. We’re not sure if that’s an "ooh" or an "ahh," but we do know that's 8 percent ($76,000) below its 2007 sale price on an apples-to-apples basis.

The sale of 1422 Douglass closed escrow on Friday with a reported contract price of $775,000, 16.2 percent ($150,000) below its 2007 sale on an apples-to-apples basis.

Once again, based on PropertyShark’s stats, the median price per square foot for neighborhood single-family homes dropped 19 percent from 2008 to 2011, down 8 percent from 2010 to 2011. The drop from 2007 through 2011 was 16.4 percent.

Ooh, Ahh...And Now Reduced For The Noe Apple At 1422 Douglass [SocketSite]
A Quintessential Noe Valley Apple Falls Into Our Cart [SocketSite]

Posted by socketadmin at 1:45 PM | Permalink | Comments (19) | (email story)

February 27, 2012

A Quintessential Noe Valley Apple Falls Into Our Cart

As we originally reported, the "quintessential renovated and expanded Noe Valley home" at 4245 23rd Street was purchased for $1,700,000 in September 2004 and returned to the market listed for $1,795,000 last month.

As we also noted at the time, based on PropertyShark’s stats, the median neighborhood price per square foot for single-family homes is up 11 percent since 2004 having increased 37 percent from 2004 to 2008 but then dropping 19 percent from 2008 to 2011, and having dropped 8 percent from 2010 to 2011.

This past Friday, the sale of 4245 23rd Street closed escrow with a reported contract price of $1,820,000, up 7 percent since 2004 on an apples-to-apples basis.

Quintessential Noe Valley (And Price Per Square Foot Trend) [SocketSite]

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February 24, 2012

A Remodeled 444-446 Roosevelt Returns As A Single-Family Home

Apples to apples, 444-446 Roosevelt Way was purchased for $2,100,000 in early 2008, relisted for $1,750,000 in early 2011 with permits to excavate, expand, and remodel in place, and sold for $1,300,000 this past July.

Now an orange, it’s a plugged-in reader that notices the since remodeled Corona heights home has just returned to the market as 446 Roosevelt and listed for $2,650,000 as a single-family home.

As the building, and the house next door, looked before:

444 Roosevelt Way

∙ Listing: 444 Roosevelt Way (4/4) - $2,650,000 [Redfin]
A Gut Check For 444 Roosevelt Way [SocketSite]
The Green Is Gone At 438 Roosevelt [SocketSite]

Posted by socketadmin at 11:15 AM | Permalink | Comments (28) | (email story)

Millennium Tower Apples-To-Apples Take Two

301 Mission Street #17C Floor Plan

With Millennium Tower 70 percent sold and sales volume picking up, we turn our attention to a one-bedroom apple to be in the building.

Purchased for $884,000 in March of 2010, 301 Mission Street #17C hit the market this past October listed for $849,000 before being withdrawn from the MLS in December.

Today, the 833 square foot corner condo was listed anew for $849,000 and with an official one day on the market once again.

∙ Listing: 301 Mission Street #17C (1/1) 833 sqft - $849,000 [Redfin]
Millennium And One Hawthorne 70% Sold, Madrone Closings In July [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (14) | (email story)

Apples-To-Apples And A Quick Foreclosure Flip At 855 Folsom

855 Folsom #102

As we first reported in December:

Purchased for $649,000 six years ago, returned to the market in December 2008 asking the same but withdrawn from the market in February 2009, by January of 2010 the then owner of 855 Folsom #102 was $22,813 pas due on a $519,200 first mortgage alone.
Last month, the Yerba Buena Lofts one-bedroom sold on the courthouse steps to a third party at the opening offer of $433,500 cash. Today, 855 Folsom #102 returned to the open market listed for $519,000, twenty (20) percent below its sale price in 2005.

The sale of 855 Folsom #102 closed escrow yesterday with a reported contract price of $519,000, a nice foreclosure flip, but 20 percent below 2005 on an apples-to-apples basis.

Apples To Oranges And Back To Apples At 855 Folsom [SocketSite]
855 Folsom Apple On The Tree: Will It Be Déjà Vu All Over Again? [SocketSite]

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February 16, 2012

230 Ritch Is

230 Ritch Rear

In 1998, the tri-level loft at 230 Ritch was created when Santos Prescott & Associates led the conversion of a 1930’s South Beach warehouse to live/work condominiums.

230 Ritch Living

In 2004, the 2,640 square foot unit with two outdoor patios and twenty-two foot ceilings in the master suite was purchased by a local architect for $1,420,000.

A few weeks ago 230 Ritch returned to the market and yesterday it was officially listed for $2,499,000 with a bit more style and built-ins in the living room versus its listing in 2004.

∙ Listing: 230 Ritch Street (4/3) 2,640 sqft - $2,499,000 [230ritchstreet.com]

Posted by socketadmin at 8:00 AM | Permalink | Comments (9) | (email story)

February 15, 2012

An Apple A Day: Dolores Heights 2008 To 2012

As we wrote last month:

Speaking of around the corner from a Bi-Rite, having been redecorated and remodeled a bit since purchased for $1,695,000 in August of 2008, the 2,350 square foot Dolores Heights home at 3769 20th Street has returned to the market listed for $1,849,000.
While not perfectly apples-to-apples, we’ll call it close enough for horseshoes, at least with respect to the property as the neighborhood has remodeled a bit since 2008 as well.

The sale of 3769 20th Street has closed escrow with a reported contract price of $1,750,000. Call it 5.4 percent under asking but 3.2 percent over 2008.

Let’s See What’s Changed Since 2008 Up In Dolores Heights [SocketSite]
Mission Bay Block 7 West Rendered With A Bi-Rite In Mind [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (5) | (email story)

February 13, 2012

The Year Of The Black Water Dragon Brings 255 Berry #708 Back

255 Berry #708: Kitchen

Back in 2008, it was the wood paneled ceiling and wide plank floors within 255 Berry #708 that first caught our attention, and the multiple balconies, southwest exposure, and completely overhauled kitchen (and baths) that kept it.

On the market for $2,495,000 at the time, the 2,293 square foot designer remodeled two-bedroom penthouse ended up closing escrow for $2,350,000 a month later.

It’s now the year of the Black Water Dragon and 255 Berry #708 has returned to the market listed for a rather auspicious $2,688,800. Gong Xi Fa Cai?

A Designer Remodel Of A Relatively New Penthouse: 255 Berry #708 [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (9) | (email story)

February 9, 2012

Can You Correctly Re-Pick This Noe Valley Apple To Be?

946 Elizabeth

As we reported in November 2010:

From October 2004 to April 2007 the value of the single-family home at 946 Elizabeth increased from $2,100,000 to $2,675,000 for total appreciation of 21 percent and effective annual appreciation of 10 percent per year.
Yesterday the sale of 946 Elizabeth closed escrow with a reported contract price of $2,375,000, an 11 percent ($300,000) drop in value over the past three years.
The winner of our "think you know Noe" closest to the closing price challenge? A plugged-in "tipster" on the record at $2,365,000.

Back on the market and listed for $2,575,000 today, if you think you know Noe and the market for 946 Elizabeth now's the time to tell or forfeit your right to say "I told you so."

∙ Listing: 946 Elizabeth Street (3/3.5) 3,120 sqft - $2,575,000 [946elizabethstreet]
Can You Correctly Pick This Noe Valley Apple To Be? [SocketSite]
946 Elizabeth Is Picked Up Down At 11 Percent Under Its 2007 Sale [SocketSite]

Posted by socketadmin at 9:00 AM | Permalink | Comments (17) | (email story)

South Beach Apples-To-Apples And Year-Over-Year

200 Brannan

Listed for $1,288,000 in January 2011, the 2,097 square foot #320 at 200 Brannan sold for $1,260,000 last April. Back on the market ten months later and listed for $1,450,000.

200 Brannan #320 Living: Before and After

With new hardwood floors in place, it’s not perfectly apples-to-apples, but we’ll call it close enough. And if you think you know South Beach, now’s the time to tell.

∙ Listing: 200 Brannan Street #320 (2/2) 2,097 sqft - $1,450,000 [Redfin]

Posted by socketadmin at 8:00 AM | Permalink | Comments (5) | (email story)

February 3, 2012

Buy A One, But Get A Two (With Views) At The Flick Of A Wrist

While the big city and bay views from 1333 Jones #1402 haven't changed since the Comstock one-bedroom was purchased for $970,000 in 2004 (and having traded for $800,000 in 2003, back when short-term holds somehow worked out), the interior has been updated along with the sliding doors that allow the den to act as a second bedroom.

∙ Listing: 1333 Jones #1402 (1/2) 1,278 sqft - $1,199,000 [thecomstocklifestyle.com]

Posted by socketadmin at 10:30 AM | Permalink | Comments (9) | (email story)

Origins Of The Man Cave

Having not been remodeled since the 60’s, the 2,628 square foot home at 1901 Diamond was purchased for $1,450,000 in 2007, underwent an "eco-friendly" and "no expenses spared" renovation, and sold for $2,050,000 with 2,819 square feet in October 2008.

Listed for $1,950,000 this past September, reduced to $1,850,000 “by Motivated Sellers!” in October, and then withdrawn from the market in December, yesterday the hill-top home with a Noe Valley address returned to the MLS listed anew and asking $1,795,000.

Fom the before files and origins of the modern day man cave:

1901 Diamond Before: Bar

∙ Listing: 1901 Diamond Street (4/3) 2,815 sqft - $1,795,000 [Redfin]

Posted by socketadmin at 6:00 AM | Permalink | Comments (44) | (email story)

February 2, 2012

A Gut Check On Monterey

1495 Monterey Kitchen

As we first reported this past August:

The Henry Gutterson designed home at 1495 Monterey Boulevard was purchased for $1,200,000 in 2001 at which point its original kitchen was demolished and rebuilt.
Soon thereafter, the English Tudor home sold for $1,528,000 in June of 2002. In 2006 a permit to expand up and out was approved but then cancelled in 2009.
And now after a nine year apples-to-apples hold, the St. Francis Wood three-bedroom home is back on the market and listed for $1,395,000 (9% below its 2002 purchase price).

The sale of 1495 Monterey Boulevard closed escrow this week with a reported contract price $1,350,000, 11.6 percent below 2002. The sellers had also listed the home for sale priced at $1,850,000 in 2007 (which we noted at the time).

All that being said, having reduced its most recent list price to $1,345,000 in October, it is another "over asking" sale for the property and agent according to industry stats.

The Gutterson Designed Kitchen Was Gutted A Decade Ago [SocketSite]
It’s On Monterey (But It’s Feeling A Bit More Like Carmel) [SocketSite]

Posted by socketadmin at 1:30 PM | Permalink | Comments (13) | (email story)

Sweet Apple Jam For Your Morning Toast Atop Bernal's Heights

64 Prentiss

Built in 2009 and originally priced at $1,360,000 that year, the Bernal home atop the Heights at 64 Prentiss sold for $1,199,000 in March of 2010. The contemporary three-bedroom is now back on the market and listed for $1,099,000, apples-to-apples style.

64 Prentiss Living

Crank the volume and enjoy the sweet apple jam this morning, we’re swaying in our seats and wondering who they think they're targeting with the tune, or any tune, for that matter.

∙ Listing: 64 Prentiss Street (3/2.5) - $1,099,000 [vrguild.net]

Posted by socketadmin at 9:45 AM | Permalink | Comments (34) | (email story)

February 1, 2012

A Rather Suite Comstock Apple Is Picked

1333 Jones #705 View

As we wrote about 1333 Jones #705 this past September:

The master suite within #705 at the Comstock (1333 Jones) sports a big San Francisco view, a designer bath (or at least shower), and a rather master worthy closet.
Unfortunately the guest bath didn’t get the same designer makeover as the rest of the unit. But if you were our guest, we'd say help yourself to a few of the 300 bottles in the built-in cooler and spend your time soaking up... the views.
Purchased for $2,400,000 in September 2007, the Comstock two-bedroom is back on the market listed for $2,349,000 four years later. As plugged-in people know, the unit two floors below sold for $2,000,000 in 2010 but wasn’t nearly as well "designed."

The sale of 1333 Jones #705 closed escrow yesterday with a reported contract price of $2,269,000, down 5.5 percent ($131,000) on an apples-to-apples basis versus 2007.

The Master’s Sweet Suite Within 1333 Jones #705 [SocketSite]
A Comstock (1333 Jones) View Comp Closes A Little Bit Down [SocketSite]

Posted by socketadmin at 11:45 AM | Permalink | Comments (5) | (email story)

January 30, 2012

A Colorful Take On Life Inside The Hamiliton (631 O’Farrell)

While not measuring much more than 500 square feet, 631 O’Farrell #412 is one of those studios in The Hamilton that live much larger. Purchased for $210,000 in 2002, the colorfully decorated unit is now back on the market and listed for $239,000.

∙ Listing: 631 O’Farrell #412 (0/1) 520 sqft - $239,000 [vanguardsf.com]
Pay For 520, But Live Like 800 (With Bonus Points For "Trendyloin") [SocketSite]
Life At The Hamilton (631 O'Farrell): A Plugged-In Reader's Report [SocketSite]

Posted by socketadmin at 2:00 PM | Permalink | Comments (13) | (email story)

A Penultimate Drop From The Penultimate Floor Atop The Ritz-Carlton

San Francisco's Ritz-Carlton Residences (www.SocketSite.com)

As we reported this past November:

Purchased for $2,201,500 in March 2008 on the penultimate floor atop the Ritz-Carlton Residences in San Francisco, 690 Market Street #2301 returned to the market listed for $2,299,000 eight months later.
Reduced to $2,099,000 in February 2009 and then to $1,999,999 that April, the 1,660 square foot two-bedroom was withdrawn from the market that June.
It’s now two years later and 690 Market Street #2301 has returned to the market listed for $1,350,000. Recently rented asking $6,800 per month in rent, but delivered empty at close of escrow according to the MLS, it’s not a foreclosure, nor a short-sale. And if a reader is correct, the buyer in 2008 paid cash.

The resale of 690 Market Street #2301 closed escrow on Friday with a reported contract price of $1,340,000. Call it 39 percent ($861,500) below its 2008 purchase price which isn’t too bad considering the foreclosed upon two-bedroom the floor below sold for $1,050,000 this past March having been purchased for $2,173,000 in 2007 (a drop of 52 percent).

Following In The Footsteps Of A 52 Percent Drop At The Ritz-Carlton [SocketSite]
Reductions And Returns At The Ritz-Carlton Residences (690 Market) [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (8) | (email story)

January 27, 2012

Quintessential Noe Valley (And Price Per Square Foot Trend)

Having undergone a major remodel in 1999 following its purchase for $410,000 in 1998, the "quintessential renovated and expanded Noe Valley home" at 4245 23rd Street sold for $1,700,000 in September of 2004.

The 2,302 square foot four-bedroom, which is much larger and scarcer than the median neighborhood home, is now back on the market and listed for $1,795,000.

Although their records appear to be incomplete for 2011, if PropertyShark is to correct, the median sale price per square foot for 94114 single-family homes was $697 in 2004, peaked at $953 in 2008, dropped to $840 in 2010, and was $773 last year on median sized home sales of 1,360, 1,530, 1,512, and 1,650 square feet respectively.

Based on PropertyShark’s stats, the median neighborhood price per square foot is up 11 percent since 2004 having increased 37 percent from 2004 to 2008, dropping 19 percent from 2008 to 2011, and having dropped 8 percent from 2010.

Keep in mind that with a 21 percent increase in the size of the median home sold from 2004 to 2011, even if the price per square foot had dropped 20 percent the median price paid would have shown "appreciation," one of the reasons simply quoting changes in median or average sale price often misleads.

And yes, size matters when it comes to comparing price per square foot for homes.

∙ Listing: 4245 23rd Street (4/3) 2,302 sqft - $1,795,000 [4245-23rdst.com]
Size Matters (At Least With Respect To Dollars Per Square Foot) [SocketSite]

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Over Asking (But 24 Percent Below 2006) At The Watermark

As we reported last month:

Already $87,355 past due on a $652,000 loan by the time a notice of default was filed [in December of 2010], a past due amount which had grown to $115,828 this past July, last month 501 Beale #14E was finally taken back by the bank with no bidders at $477,000 in cash.
Purchased for $711,500 in April 2006, the Watermark one-bedroom has just returned to the market listed for $499,900, priced 30 percent below its comp setting sale in 2006.

The bank-owned but apples-to-apples sale of 501 Beale #14E closed escrow yesterday with a reported contract price of $542,000. Yes, that’s officially 8 percent "over asking" but still 24 percent ($169,500) below its value in 2006.

Apples To Oranges To Apples (And Three "Free" Years) At 501 Beale [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (1) | (email story)

January 24, 2012

A Perch From Which To Watch Boulders (Or Condos) Roll

611 Washington #2202 Floor Plan

Featuring big Coit Tower views and both indoor and outdoor perches from which to watch boulders (or condos) roll down Telegraph Hill, the 1,784 square foot condo #2202 at 611 Washington Street was purchased for $2,668,000 in June of 2007.

Built as a one, the now two-bedroom is back on the market and listed for $2,200,000, eighteen (18) percent below its 2007 sale.

And yes, we know the most recent boulders rolled down the other side of the Hill.

∙ Listing: 611 Washington (2/2) 1,784 sqft - $2,200,000 [611washington2202.com]
Just Quotes: This Is (Going To Be) A Mess On Telegraph Hill [SocketSite]

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January 23, 2012

Size Matters (At Least With Respect To Dollars Per Square Foot)

568 29th Street

Repainted since purchased for $1,105,000 in August 2007 with an attic loft that remains unwarranted, 568 29th Street has returned to the market listed for $995,000 in 2012.

568 29th Street Dining

Call it $881 per square foot at asking for the two-bedroom Noe home, well over the neighborhood median of $670 per square in 2011, but 10 percent under its apples-to-apples sale price of $978 per square foot in 2007 (in which the median was $757).

∙ Listing: 568 29th Street (2/1) 1,129 sqft - $995,000 [droubiteam.com]

Posted by socketadmin at 11:15 AM | Permalink | Comments (15) | (email story)

Ba-Zynga!

1572 Shrader

As we first reported this past September:

Following a few run-ins with a Russian stripper stalker at their Shrader Street home, Mark Pincus and family recently moved to a more secure building within San Francisco. Today, the Pincus owned 1572 Shrader Street officially hit the market listed for $2,189,000.

1572 Shrader Street Living Room

According to public records, Mark Pincus paid $2,850,000 for the contemporarily remodeled home hidden behind a modest facade in the heights of Cole Valley back in 2005.

While the 2005 sale doesn’t appear to have been completely arms-length with Pincus acquiring the property from a partner, the 2012 sale of 1572 Shrader was and closed escrow on Friday with a reported contract price of $1,890,000 ($657 per square foot).

The house at 3855 Washington Street which is also Pincus owned, but was never Pincus occupied, remains on the market and listed for $8,900,000 having been purchased by the Pincus family for $8,100,000 in 2009 and then remodeled (including an all new master suite, seismic work and security).

The Shrader Street Home From Which Mark Pincus Was Driven [SocketSite]
A Pincus House (But Never A Pincus Home) [ScocketSite]

Posted by socketadmin at 7:30 AM | Permalink | Comments (98) | (email story)

January 20, 2012

Still Not Cheap (But Half A Million Cheaper Than In 2008)

Just listed for $2,350,000 or $1,207 per square foot, the list price for 425 1st Street #5204 isn't exactly cheap. But having been purchased for $2,916,000, it is 19.4 percent ($566,000) cheaper for the One Rincon Hill three-bedroom today than in August of 2008.

∙ Listing: 425 1st Street #5204 (3/3) 1,947 - $2,350,000 [waterfront-sfviews.com]

Posted by socketadmin at 10:45 AM | Permalink | Comments (19) | (email story)

January 19, 2012

This Time It’s...Apples-To-Apples On Russian Hill

1080 Chestnut #7D: Interior

Back in March of 2008 we first featured the before and after floor plans for 1080 Chestnut #7D which had just hit the market listed for $1,350,000 at the time.

Having sold for $1,295,000 that July, the remodeled one-bedroom "located on one of Russian Hill's most distinguished flat blocks" returned to the market in early 2011 asking $1,149,000 but failed to find a buyer.

Yesterday, 1080 Chestnut #7D officially returned to the market listed for $999,000, 23 percent under its 2008 sale price on an apples-to-apples basis.

∙ Listing: 1080 Chestnut #7D (1/1.5) - $999,000 [Redfin]
A New Floor Plan And Major Remodel Turns An Apple Into An Orange [SocketSite]

Posted by socketadmin at 11:00 AM | Permalink | Comments (13) | (email story)

January 12, 2012

Apples-To-Apples On The Pacific Heights Side Of California

Listed for $1,200,000 last February but subsequently reduced, the sale of 3110 California #2A closed escrow last week with a reported contract price of $855,000. The sellers had purchased the 1,270 square foot Pacific Heights condo for $1,000,000 in September 2004.

While One Is Ready To Sell A Neighbor Seems A Little Less So [SocketSite]
A Little More Ready To Sell (And Compete) On California [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (18) | (email story)

January 11, 2012

With Tenants Relocated To Palm Springs, 1532 Church Street Resells

1532 Church Street

As we reported this past November:

While some expected it to fly off the market when listed for $895,000 sans tenants two weeks ago, the list price for 1532 Church Street has been reduced a nominal $6,000, now asking $889,000.
And speaking of said ex-tenants, if a plugged-in reader seeking to set the record straight is correct, they were driven out of the house on August 31 and now reside in Palm Springs.

The sale of 1532 Church Street closed escrow today with a reported contract price of $850,000 having been purchased for $730,000 this past September with tenants in place.

And as we wrote when the property first hit the market listed for $699,000 in August: "the single-family Noe home is sure to generate a fair amount of interest and most likely an eviction notice soon after its sale."

After Two Weeks, 1532 Church Street Is…Reduced [SocketSite]
A Quick Tenant-ectomy And Attempted Flip [SocketSite]
Sure To Generate Interest (And Likely An Eviction Notice) [SocketSite]

Posted by socketadmin at 10:00 AM | Permalink | Comments (22) | (email story)

From A $7 Million View Home To A $4 Million View?

333 Belvedere Avenue Aerial

Purchased for $7,000,000 in 2004, the 4,836 square foot home at 333 Belvedere Avenue across the bridge in Belvedere returned to the market in early 2009 listed for $12,900,000. The property had been been refinanced in 2008 with a first mortgage for $4,650,000 and a second for $2,100,000 to which a third for $1,725,000 was added in July 2009.

Reduced to $9,950,000 in December 2009, to $8,950,000 in 2010, and then withdrawn from the market five months ago last asking $7,500,000, the one-time Blanding Estate Carriage House which was "beautifully transformed into one of Belvedere's most prominent view-oriented residences" (according to its Sotheby's listing) sold on the courthouse steps for $4,175,000 last week. But wait, there’s more.

While we can't currently confirm, and perhaps a bit of bravado is in play, if a plugged-in reader's source is correct, the multi-million dollar property "was bought by a neighbor with the intent of demolishing it to clear the view."

Posted by socketadmin at 7:30 AM | Permalink | Comments (22) | (email story)

January 10, 2012

Let’s See What’s Changed Since 2008 Up In Dolores Heights

Speaking of around the corner from a Bi-Rite, having been redecorated and remodeled a bit since purchased for $1,695,000 in August of 2008, the 2,350 square foot Dolores Heights home at 3769 20th Street has returned to the market listed for $1,849,000.

While not perfectly apples-to-apples, we’ll call it close enough for horseshoes, at least with respect to the property as the neighborhood has remodeled a bit since 2008 as well.

∙ Listing: 3769 20th Street (3/2.5) - $1,849,000 [20thvictorian.com]
Mission Bay Block 7 West Rendered With A Bi-Rite In Mind [SocketSite]

Posted by socketadmin at 11:30 AM | Permalink | Comments (32) | (email story)

January 6, 2012

Seeing Red At The St. Regis

188 Minna #33C

Purchased for $2,700,000 in 2008; on the market for $2,550,000 in 2009; and listed for $2,100,000 last year, the 1,670 square foot St. Regis two-bedroom known as 188 Minna Street #33C has just returned to the market anew, now asking $1,995,000.

∙ Listing: 188 Minna #33C (2/2.5) 1,670 sqft - $1,995,000 [paragon-re.com]

Posted by socketadmin at 8:30 AM | Permalink | Comments (14) | (email story)

January 3, 2012

Inside An Uninhabitable "Cozy Cabin"

469 Valley

First listed for sale in 2008 asking $738,000, the list price for 469 Valley was reduced four times over the following two years. The dilapidated home finally sold for $500,000 in 2010.

469 Valley Kitchen

Today, the Noe Valley view property which is currently uninhabitable returned to the market as a "cozy cabin that needs everything" asking $579,500.

Posted by socketadmin at 1:00 PM | Permalink | Comments (63) | (email story)

A Bit Of Listing Irony And Circa 2007 Foreshadowing

1893 San Jose Avenue

Having been "thoroughly remodeled," the single-family home at 1893 San Jose Avenue sold for $1,100,000 in March of 2007 financed with a first mortgage for $880,000. From the listing at the time: "This is more house than you ever imagined you could afford."

1893 San Jose Avenue Living

Taken back by the bank three months ago with no bidders at $560,000 in cash on the courthouse steps, the four-bedroom Mission Terrace home is back on the MLS and listed for $699,900 (36 percent below 2007) with possession at close of escrow.

∙ Listing: 1893 San Jose Avenue (4/3) 2.275 sqft - $699,900 [Redfin]

Posted by socketadmin at 9:30 AM | Permalink | Comments (16) | (email story)

December 30, 2011

The Great Courthouse Race And End Of Year Hail Mary Listing

2452 39th Avenue

Remodeled in 2003 per the permits and purchased for $630,000 in 2004, the Outer Parkside single-family home at 2542 39th Avenue has just returned to the market listed as a "short sale" for $490,000.

In default on a $504,000 first mortgage with $41,332 past due as of three months ago when a notice of default was finally filed, and while not noted in the listing as far as we can tell, the home is also currently scheduled to hit the courthouse steps in San Francisco on January 3, 2012 at 2 pm.

And yes, while perfectly functional, we do find ourselves biting our tongues a bit with respect to the kitchen which was remodeled under the touted purview of "the previous owner who was an architect."

∙ Listing: 2542 39th Avenue (2/1) – "$490,000" (short sale) [Redfin]

Posted by socketadmin at 9:30 AM | Permalink | Comments (26) | (email story)

December 23, 2011

Apples To Oranges To Apples (And Three "Free" Years) At 501 Beale

501 Beale

Already $87,355 past due on a $652,000 loan by the time a notice of default was filed last December, a past due amount which had grown to $115,828 this past July, last month 501 Beale #14E was finally taken back by the bank with no bidders at $477,000 in cash.

Purchased for $711,500 in April 2006, the Watermark one-bedroom has just returned to the market listed for $499,900, priced 30 percent below its comp setting sale in 2006.

∙ Listing: 501 Beale #14E (1/1) 759 sqft - $499,900 [Redfin]

Posted by socketadmin at 9:00 AM | Permalink | Comments (11) | (email story)

December 19, 2011

No Apples (Or Appreciation) At 844 Bay

844 Bay Dining

Purchased for $4,600,000 in August 2008 following a complete rebuilding and remodel, in 2009 the 4,500 square foot home at 844 Bay Street was remodeled again including a new Arclinea kitchen and the addition of a 1,300 bottle climate controlled wine cellar. And this past May, the contemporary home returned to the market listed for $4,800,000.

844 Bay Kitchen

Withdrawn from the market in June and then listed anew in August, last month the resale of 844 Bay Street closed escrow with a recorded contract price of $4,400,000.

That Same House In Address Only Sells (And Gooses The $/SQFT) [SocketSite]
The Same House In Address Only: A Contemporary 844 Bay Street [SocketSite]
844 Bay Returns As An Apple Remodeled (And If Only It Were 888…) [SocketSite]
∙ Listing: 844 Bay Street [844baystreet.com]

Posted by socketadmin at 8:00 AM | Permalink | Comments (0) | (email story)

Still Nearly 30 Percent Short At 310 Townsend Versus 2007

310 Townsend #411

As the apples-to-apples "Regular Sale!" of 310 Townsend #108 closed escrow earlier this month selling for 26 percent ($136,000) under its 2007 purchase price, the "short sale" of 310 Townsend #411 closed escrow this past Friday with a reported contract price of $575,000. Call it 29 percent ($235,000) less than the $810,000 which was paid for the 835 square foot one-bedroom back in 2007 when the condo hit the market priced at $865,000.

A "Regular" Apple At 310 Townsend Drops Into Our Cart [SocketSite]
310 Townsend: Available And Selling [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (0) | (email story)

December 16, 2011

Apples To Oranges And Back To Apples At 855 Folsom

855 Folsom

Purchased for $649,000 six years ago, returned to the market in December 2008 asking the same but withdrawn from the market in February 2009, by January of 2010 the then owner of 855 Folsom #102 was $22,813 pas due on a $519,200 first mortgage alone.

855 Folsom #102

Last month, the Yerba Buena Lofts one-bedroom sold on the courthouse steps to a third party at the opening offer of $433,500 cash. Today, 855 Folsom #102 returned to the open market listed for $519,000, twenty (20) percent below its sale price in 2005.

∙ Listing: 855 Folsom #102 (1/1.5) 838 sqft - $519,000 [Redfin]
855 Folsom Apple On The Tree: Will It Be Déjà Vu All Over Again? [SocketSite]

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December 9, 2011

A "Pop" Sale On Sutter

1948 Sutter Street

As we wrote last month with respect to the remodeled single-family home at 1948 Sutter:

Having been renovated and expanded in 2004, the now 2,980 square foot Victorian "on the vibrant Fillmore Corridor" at 1948 Sutter Street sold for $2,405,000 in 2006.
Despite the closing of Café Kati, we’d argue the aforementioned corridor has improved over the past five years, but we’ll still call it apples-to-apples to be for the big white house which is back on the market and asking $2,195,000, nine percent below its 2006 sale.

Today, the sale of 1948 Sutter Street closed escrow with a reported contract price of $2,245,000. Call it another "over asking" sale according to industry stats, but 6.6 percent ($160,000) below the price at which it sold in 2006.

As a couple of plugged-in readers referenced, the sellers of 1948 Sutter Street have moved from one "sweet" house to another up the hill. And yes, the space which Café Kati vacated has since reopened as Roostertail.

While No Two Snowflakes Are Exactly The Same... [SocketSite]
Catering To the 21st Century Family (And Pocketbook) [SocketSite]

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Coming Up Short At The Marina Chateau

2701 Van Ness Avenue

As we noted in August, 2701 Van Ness Avenue #711 was purchased for $671,000 in 2006, hit the market listed for $599,000 this past February, and was eventually reduced to $449,000 as an approved short sale.

This past Wednesday, the sale of the 768 square foot top floor condo closed escrow with a reported contract price of $455,000. Yes, that's officially "over asking" according to industry stats, but 32 percent ($216,000) below the comp setting price paid in 2006.

No Shortage Of Short Sales At The Chateau [SocketSite]

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December 7, 2011

A One Rincon Hill "04" High Floor Resale, Oh My!

One Rincon Hill 04 Stack Floor Plan

Referenced by a reader on our rundown of One Rincon Hill 04 stack condos headed for foreclosure, the resale of 425 1st Street #3604 closed escrow last month with a contract price of $455,000 but was just reported today.

The 605 square foot one bedroom had been purchased from the One Rincon Hill sales office for $707,254 in September 2008 before being lost to the bank this past May.

The 2011 sale represents a 36 percent drop below its 2008 value for the vacant view condo with "Italian cabinetry" and "State-of-the-art appliances" all intact.

Four More One Rincon Hill ‘04’s Headed For Foreclosure [SocketSite]

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Plans For More Actually Return Less Year-Over-Year On Eureka

350 Eureka

As we wrote in September:

We typically won’t feature a property as an "apple" once it’s in contract or has already closed escrow as it promotes a selection bias, but we do like year-over-year data. And two weeks ago a tipster did suggest we keep an eye on this one.
Purchased for $1,403,500 in August 2010, a permit to convert the attic at 350 Eureka into a master suite, renovate the kitchen, add a new garage out front and expand out back has since been filed and plans have been drawn up, but the property returned to the market two weeks ago prior to any of the proposed work.
Listed for $1,495,000 on September 8, the Eureka Valley home went into contract on September 23 but contingencies have yet to be waived. We'll keep you plugged in.

Reduced a few times after having fallen out of contract ("the potential buyers could not afford the renovations and secure financing"), the sale of 350 Eureka closed escrow yesterday with a reported contract price of $1,350,000, down 3.8 percent on a year-over-year and apples-to-apples basis for the single-family home.

A Year Later, 350 Eureka Returns With Plans For Much More [SocketSite]

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A "Regular" Apple At 310 Townsend Drops Into Our Cart

310 Townsend #108

As we noted when we first reported the relisting of 310 Townsend #408 which had been purchased for $665,000 in 2007 and ended up selling short for $435,000 (36 percent below 2007) last month:

At the same time, the list price for the "regular sale" of 310 Townsend #108 has been reduced to $389,000 ($569 per square foot). The one bedroom was purchased for $525,000 ($768 per square) in 2007 as well, an effective drop of 26 percent at asking.

Yesterday, the apples-to-apples "Regular Sale!" of 310 Townsend #108 closed escrow with a reported contract price of $389,000, down $136,000 (26 percent) below 2007.

Apples-To-Apples (And Short To "Regular") At 310 Townsend [SocketSite]
A Short Apple Drops A Long Way At 310 Townsend [SocketSite]
310 Townsend: Available And Selling [SocketSite]

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December 6, 2011

A Modern Apple 2B At 1234 Howard

1234 Howard: Exterior

As we wrote in early 2010 when the resale of 1234 Howard #2C defied the commodity condo price trend: "Yes, design matters (whether you like it or not)."

And while #2C isn't a signature louvered unit at 1234 Howard, #2B is and has returned to the market listed for $869,000 having been purchased for $785,000 in March of 2008.

1234 Howard #2B.jpg

∙ Listing: 1234 Howard #2B (2/2) 1,295 sqft - $869,000 [Paragon]
A Modern Apple At 1234 Howard Defies The Commodity Condo Trend [SocketSite]
Those Amazing Automated Aluminum Louvers On 1234 Howard [SocketSite]
1234 Howard: The Budget To Build (Around $200 A Square Foot) [SocketSite]

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December 5, 2011

Looking Out Over San Francisco And 2011 From 123 Laidley

123 Laidley: View

As we wrote about 123 Laidley in September:

Listed for $1,700,000 in late 2008 before being withdrawn from the market and offered for rent at $5,550 per month in 2009, the Jeremy Kotas re-designed home at 123 Laidley has just returned to the market listed for $1,499,000 with possession at close of escrow.
The Glen Park property was purchased from Kotas for $1,042,500 in 2003.

The sale of 123 Laidley closed escrow last week with a reported contract price of $1,450,000.

The Jeremy Kotas Re-Designed 123 Laidley Is Listed Anew [SocketSite]
123 Laidley (To Which Jeremy Kotas Added A Bit Of Height And Flair) [SocketSite]
123 Laidley: Same Sales Flair Now Available For Rent (And Analysis) [SocketSite]

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December 1, 2011

A Little Daylight(er)

111 Day Street

As we first reported about 111 Day Street back in July:

Purchased for $900,000 in 2003 but refinanced with a $990,000 first in February 2006 and a second for $200,000 four months later, 111 Day Street was taken back by JP Morgan Chase Bank this past March with no bidders at $931,980 cash on the courthouse steps.
The single-family Victorian "in [an] unbeatable Noe Valley location" is now back on the market and listed for $915,000 with the ability to finance (and refinance) once again.

As a plugged-in reader added the next day: "795K is my bet."

The sale of 111 Day Street closed escrow yesterday with a reported contract price of $790,000. Call it 12 percent below its sale in 2003 or 0.6 percent below our reader's on the record bet from four months ago.

From $900K In 2003 To $915K Today (And $1,190K In Debt Between) [SocketSite]

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November 30, 2011

Basilica Loft: High Ceilings And Lower Expectations On Eddy

Basilica Loft Buildings

Purchased for $599,000 in July 2005 having been "REDUCED TO SELL!" at the time, 1826 Eddy Street #203 has just returned to the market listed for "$375,000" as a short sale but without any mention of being pre-approved at that price.

1826 Eddy #203

The 917 square foot two-bedroom and top floor Basilica Loft condo #203 features a lot of light and a seventeen foot ceiling in the living room.

This past April, the 920 square foot two-bedroom Basilica Loft #101 sold for $418,000 having been purchased for $635,000 in July 2005 and then taken back by the bank a year ago. While on a lower floor, 1826 Eddy Street #101 features high ceilings as well.

∙ Listing: 1826 Eddy Street #203 (2/2) 917 sqft – $375,000 (short sale) [Coldwell Banker]

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November 28, 2011

Another Bank-Owned Sale To Believe At The Brannan

Referenced by a reader at the time we noted the listing of 229 Brannan Street #9J for $919,000 (the price at which it closed escrow this past October having sold for $1,230,000 in 2006 and $980,000 in 2004), the sale of 229 Brannan Street #3A closed escrow last week with a reported contract price of $863,000.

Taken back by the bank in May with no bidders at $933,620 in cash versus $954,000 in debt having been purchased for $1,065,000 in 2004 (19 percent more than its sale price last week), the 1,486 square foot corner unit #3A at the Brannan had been remodeled prior to being listed by the bank.

Is It Time To Believe At The Brannan? [SocketSite]
Believe It (At The Brannan) [SocketSite]

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November 23, 2011

Psst! 865 Duncan Is Active Once Again (And Actually Available)

865 Duncan

As we wrote at the beginning of August:

Purchased for $1,329,000 in March 2008 with $140,800 (11%) down and currently listed as "Active" on the MLS with a list price of $1,385,000, last week the Noe Valley home at 865 Duncan was taken back by the bank with no bidders willing to pay $1,152,387 in cash on the courthouse steps. Someone might want to alert the Realtors.

Two weeks later the listing for 865 Duncan was finally withdrawn from the San Francisco Multiple Listing Service (MLS). And yesterday, the "lovely and large home" at 865 Duncan returned to the MLS as bank-owned and listed for $1,295,000.

∙ Listing: 865 Duncan (4/3) 2,159 sqft - $1,295,000 [Redfin]
Psst! It’s Now Bank-Owned (And The Other Is In Default) [SocketSite]

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November 22, 2011

Following In The Footsteps Of A 52 Percent Drop At The Ritz-Carlton

San Francisco's Ritz-Carlton Residences (www.SocketSite.com)

Purchased for $2,201,500 in March 2008 on the penultimate floor atop the Ritz-Carlton Residences in San Francisco, 690 Market Street #2301 returned to the market listed for $2,299,000 eight months later.

Reduced to $2,099,000 in February 2009 and then to $1,999,999 that April, the 1,660 square foot two-bedroom was withdrawn from the market that June.

It’s now two years later and 690 Market Street #2301 has returned to the market listed for $1,350,000. Recently rented asking $6,800 per month in rent, but delivered empty at close of escrow according to the MLS, it’s not a foreclosure, nor a short-sale. And if a reader is correct, the buyer in 2008 paid cash.

We’ll note 690 Market Street #2201, the same two-bedroom a floor below, was foreclosed upon in 2010 having been purchased for $2,173,000 in 2007 by way of a $1,500,000 loan.

And having been listed for $1,326,000 last November, the resale of #2201 closed escrow this past March with a reported contract price of $1,050,000 (52 percent below 2007).

∙ Listing: 690 Market Street #2301 (2/2) 1,660 sqft - $1,350,000 [Redfin]
Reductions And Returns At The Ritz-Carlton Residences (690 Market) [SocketSite]

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An Inner Mission Apple To Be Atop 3236 17th Street

3236 17th Street #3: Living

Living like a two-bedroom but technically a one, the top floor condo atop 3236 17th Street was purchased for $830,000 in June 2008 according to the MLS, or $820,000 according to public records. Back on the market today and touting "high-end…in the heart of the Inner Mission" and "meticulously designed," it’s apples-to-apples to be and asking $799,000.

3236 17th Street #3: Bath

∙ Listing: 3236 17th Street #3 (1/2) 1,273 sqft - $799,000 [Climb]

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November 17, 2011

A Short Apple Drops A Long Way At 310 Townsend

310%20Townsend%20%23408%20Living.jpg

As we first reported in August with respect to a couple of resales down at 310 Townsend:

At the same time, 310 Townsend #408 has just hit the market listed as a short sale for $425,000 having been purchased for $665,000 in 2007 as well. From the listing: "Currently tenant occupied, the condo commands $3100 per month in rent, making it an excellent investment vehicle for cash flow." Of course, there's also capital preservation to consider.

And as we added last month:

Having been purchased for $665,000 ($828 per square foot) in 2007, and having fallen out of contract last week when listed for $425,000, the "approved" short sale of 310 Townsend Street #408 is once again active and available and listed for $435,000 ($542 per square), a 36 percent drop in value at asking.
At the same time, the list price for the "regular sale" of 310 Townsend #108 has been reduced to $389,000 ($569 per square foot). The one bedroom was purchased for $525,000 ($768 per square) in 2007 as well, an effective drop of 26 percent at asking.

The short sale of 310 Townsend #308 closed escrow today with a reported contract price of $435,000, thirty-six (36) percent below its sale price in 2007. 310 Townsend #108 is now in contract, but the sale is still contingent.

Apples-To-Apples (And Short To "Regular") At 310 Townsend [SocketSite]
Capital Preservation Versus Cash Flow At 310 Townsend [SocketSite]

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November 10, 2011

An Appealing Single-Family Apple Falls Into Our Cart

769 Cayuga: Living

As we first wrote with respect to 769 Cayuga in August:

Purchased for $759,000 in 2006, the rather well kept Mission Terrace home at 769 Cayuga Avenue has returned to the market listed for $649,000 ($545 per square foot) in 2011.
Yes, only one bath, but with what would appear to be room for potential expansion down.

Listed for $649,000 at the time, it was reduced to $629,000 in September. And this past Friday, the sale of 769 Cayuga closed escrow with a reported contract price of $630,000.

Yes, it's officially an "over asking" sale according to those industry reports and newsletters, but 17 percent ($129,000) below its sale in 2006.

Curb Appeal On Cayuga (And An Apple To Boot) [SocketSite]

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The Montgomery Produces A Pair Of Potential Apples

74 New Montgomery

The Montgomery first hit the market in 2007 and sold out in 2009 with a round of reductions in between. In July 2008, the 832 square foot 74 New Montgomery #612 sold for $730,000. Today, the one-bedroom has returned to the market listed for $689,000.

74 New Montgomery #612

At the same time, 74 New Montgomery #503, a 714 square foot one-bedroom, is currently in contract, listed for $525,000 having been purchased for $469,000 in October 2008.

∙ Listing: 74 New Montgomery #612 (1/1) 832 sqft - $689,000 [liveatthemontgomery.com]
The Montgomery (74 New Montgomery): Pricing And Reservations [SocketSite]
74 New Montgomery: Soon To Be Sold Out Assuming Contracts Close [SocketSite]
A Plugged-In Reader’s Perspective On The Montgomery And Its Cuts [SocketSite]

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November 9, 2011

Déjà Vu This (More Tightly Cropped) Cow Hollow View Before

2243 Greenwich (www.SocketSite.com)

With a kitchen accent wall appropriately painted fire engine(ish) red, 2243 Greenwich has returned to the market "lender owned" and listed for $1,818,000. As we reported in 2008 when the asking price for the Cow Hollow house had been reduced to $1,695,000:

As any truly plugged-in person should know, the location of 2243 Greenwich is a bit more problematic than any of the tightly cropped listing photos might suggest.
And as such, that’s most likely why this six-bedroom Cow Hollow home sold for only $1,800,000 at the end of 2005 (and became an asterisked neighborhood comp).
And while it was briefly in escrow when it was listed for $1,745,000, it is no longer. And the price has once again been reduced. Asking $2,195,000 five months ago. Asking $1,695,000 today (5.8% below its selling price in 2005).

Despite what Redfin reports, as best we can tell the property was never actually foreclosed upon in 2009 but rather deeded back to the lender in lieu of foreclosure that October with $2,405,000 owed at the time.

∙ Listing: 2243 Greenwich Street (6/5) 2,750 sqft - $1,818,000 [Redfin]
A Little Extra Perspective On The Listing Market? (2243 Greenwich) [SocketSite]
A Little Extra Perspective On The Listing: 2243 Greenwich [SocketSite]

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November 7, 2011

While No Two Snowflakes Are Exactly The Same...

1948 Sutter Street

Having been renovated and expanded in 2004, the now 2,980 square foot Victorian “on the vibrant Fillmore Corridor” at 1948 Sutter Street sold for $2,405,000 in 2006.

1948 Sutter Street Kitchen

Despite the closing of Café Kati, we’d argue the aforementioned corridor has improved over the past five years, but we’ll still call it apples-to-apples to be for the big white house which is back on the market and asking $2,195,000, nine percent below its 2006 sale.

∙ Listing: 1948 Sutter Street (4/3.5) 2,980 sqft - $2,195,000 [1948sutter.com]

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A Few Steps Back For 17 Costa Over In Bernal

17 Costa

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.

And yes, in the backyard lies "the original foundation of a previous expansion," the permits for which were approved in 2003 but then cancelled in 2004.

17 Costa Rear Yard

∙ Listing: 17 Costa (1/2) 900 sqft – “$399,000” (short sale) [Redfin]

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Up (And Down) In The Sunset Since 2003

3501 Moraga

As we reported last month:

Remodeled prior to being purchased for $530,000 in 2003, the nicely kept single-family two-bedroom home at 3501 Moraga is back on the market and listed for $579,000.
On a price per square foot basis, single-family home values in the area peaked in 2007 (up 39 percent from 2003) and have slipped roughly 20 percent since.

The sale of 3501 Moraga closed escrow on Friday with a reported contract price of $630,000, up 19 percent from it 2003 sale.

Up And Down In The Sunset Yields A Single-Family Home Under Six [SocketSite]

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November 4, 2011

Forty Percent Below 2004's Below Market Rate At 333 Grant

333 Grant Avenue

As we first reported this past July:

One of 39 post-conversion condos [at 333 Grant Avenue] and a Below Market Rate (BMR) unit as designated by the Mayor's Office of housing, 333 Grant Avenue #405 was purchased for $234,000 in November 2004 with $263,218 in loans to which a note for $25,000 was added in 2008.
In 2009, the 441 square foot studio was taken back by the bank. Unsuccessfully listed in 2009 and 2010, 333 Grant Avenue #405 has just returned to the market asking $140,000.

The resale of 333 Grant Avenue #405 closed escrow on Wednesday with a reported contract price of $140,000, forty (40) percent below its 2004 "Below Market Rate" sale, fifty (50) percent below what was borrowed.

From Foreclosure To Foreclosures At 333 Grant Avenue [SocketSite]

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November 1, 2011

Apples-To-Apples (And A Reduction) For 2373 Filbert

2373 Filbert

Having been purchased for $1,400,000 in 2001 and then renovated and expanded in 2002, the 2,919 square foot single-family at 2373 Filbert sold for $2,704,000 in 2006.

2373 Filbert: Kitchen

Listed for $2,725,000 a month ago but recently been reduced to $2,595,000, a sale at asking would represent a 4 percent drop below its 2006 value for the Cow Hollow home.

∙ Listing: 2373 Filbert Street (3/3.5) 2,919 sqft - $2,595,000 [2373filbert.com]

Posted by socketadmin at 8:15 AM | Permalink | Comments (9) | (email story)

October 27, 2011

Marked To Market (And Back Below 2001) For 12 Minerva

12 Minerva Street

As we wrote this past December:

We’re not sure how a home that last sold for $669,000 in 2004 becomes a “million dollar home” other than in Realtor speak, but in terms of understanding trends we are digging the marked to market story the sale of 12 Minerva will tell (apples-to-apples-to-apples-to-apples-to-apples if you will).
Purchased for $365,000 in 1999, the four-bedroom home sold for $450,000 in 2000, then again for $550,000 in 2001 and $669,000 in August 2004. Back on the market today and asking $499,000 as a short sale.

The sale of 12 Minerva has since closed escrow with a reported contract price of $510,000, officially "over asking" according to industry stats but midway between its year 2000 and 2001 sale, 24 percent below 2004.

That being said, there was a tenant in place for the "perfect...investment property."

Marking 12 Minerva To Market For The Fifth Time In Eleven Years [SocketSite]

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October 26, 2011

The Well Designed Ten Foot Home On Shrader Sells

1415 Shrader Living

The sale of the well designed ten foot wide home at 1415 Shrader Street closed escrow yesterday with a reported contract price of $849,000 ($824 per square foot) having been purchased for $749,000 in 2004 following its construction.

Inside The Ten Foot Wide Home At 1415 Shrader Street [SocketSite]

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October 25, 2011

Over Asking (But A Lost Decade) For 65 Zircon Place

65 Zircon Place View

The sale of 65 Zircon Place has closed escrow just eleven days after we first featured it, selling for a reported $1,800,000. Call it a quick sale and $21,000 "over asking," but $500 under its year 2000 purchase price for the renovated four-bedroom home with big views.

Zircon (Not Zirconium) Views [SocketSite]

Posted by socketadmin at 10:45 AM | Permalink | Comments (4) | (email story)

October 24, 2011

Apples-To-Apples (And Short To "Regular") At 310 Townsend

Having been purchased for $665,000 ($828 per square foot) in 2007, and having fallen out of contract last week when listed for $425,000, the "approved" short sale of 310 Townsend Street #408 is once again active and available and listed for $435,000 ($542 per square), a 36 percent drop in value at asking.

At the same time, the list price for the "regular sale" of 310 Townsend #108 has been reduced to $389,000 ($569 per square foot). The one bedroom was purchased for $525,000 ($768 per square) in 2007 as well, an effective drop of 26 percent at asking.

∙ Listing: 310 Townsend #108 (1/1) 684 sqft - $389,000 [MLS]
∙ Listing: 310 Townsend #408 (1/1) 803 sqft - $435,000 [MLS]
310 Townsend: Available And Selling [SocketSite]

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A Seventeen Month Uptick For 246 2nd Street #802

246 2nd Street #802

As we wrote in March of 2010:

Purchased new for $665,000 in the year 2000, 246 2nd Street #806 is back on the market in 2010 asking $658,000. See silly rabbits (or perhaps "bears"), prices really haven’t fallen that much at all. And bank-owned sales are obviously irrelevant when it comes to comps.

As we added this past August:

The sale of 246 2nd Street #806 closed escrow in May 2010 with a reported contract price of $650,000 (2 percent below its year 2000 sale). And as a plugged-in reader notes, the 1,101 square foot condo is now back on the market and listed for $738,000 in 2011.

And this past Friday, the resale of 246 2nd Street #806 closed escrow with a reported contract price of $718,000 ($670 per square foot).

Year-Over-Year On Second [SocketSite.com]
A Nine Year "Push" To Be For A Two-Bedroom At 246 2nd Street? [SocketSite]
Another Non-Comp Comp Closes At 246 2nd Street (#1003) [SocketSite]

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October 21, 2011

A Homeowner’s Counterintuitive Wish Comes True

741 Noe

As we first reported back in July of 2007:

A tipster directs our attention to the listing for 741 Noe, a two bedroom "Tales-of-the-Cityesque" condo "on Eureka Valley's famed Liberty Street Stairs" that could "make Armistead Maupin green w/ envy!" It’s part of a two bedroom condo association along with 494 Liberty (which according to our tipster "recently sold for $1,315,000 after being listed at $1,085,000"). Oh, and apparently the two units "were bought as TIC's on 7/15/2004 for $1,141,500 total."
And then there's the last paragraph of the tip: “I'm a homeowner who has owned for quite a while and although I like to see properties appreciate, I would prefer it to be less crazy. I can never never afford to move unless I move out of the city.” Oh, the irony (and only in San Francisco).

Having sold for $1,057,000 that August, it’s another tipster that notes 741 Noe has been back on the market for three months, originally asking $1,029,000 but listed at $959,000 for the past four weeks, nine percent more affordable than four years ago and not accounting for a 240 basis point (37 percent) drop in 30 year mortgage rates as well.

∙ Listing: 741 Noe (2/1) - $959,000 [MLS]
Tales Of San Francisco (On So Many Different Levels) [SocketSite]
30-Year Mortgage Rates Fall Below 4 Percent And...Activity Drops [SocketSite]

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October 17, 2011

Seven Months Later And The Streamline Moderne On Sanchez Returns

849 Sanchez

Having sold for $3,200,000 ($1,032 per square foot) this past March having been purchased for $3,400,000 ($1,096 per square) in 2008, the Streamline Moderne 3,100 square foot property at 849 Sanchez has returned to the market listed for $3,300,000.

849 Sanchez Kitchen

And if a plugged-in reader is correct, the poster child Moderne home has returned to the market without any new wear or tear.

∙ Listing: 849 Sanchez (4/3.5) - $3,300,000 [849sanchezstreet.com] [MLS]
The Streamline Moderne 849 Sanchez Takes A Little Hit [SocketSite]
Mo’ Moderne Atop Liberty Hill (Or Not) [SocketSite]
San Francisco’s Modern Era Of Design And Development [SocketSite]

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Believe It (At The Brannan)

The Brannan

As we reported in August:

From the listing when 229 Brannan Street #9J sold for $1,230,000 in September 2006: “Wrapped in luxury, this 2bed, 2 bath unit is a sanctuary in the sky...This is San Francisco living at its finest!”
As plugged-in people know, the 1,412 square foot unit at The Brannan was taken back by the bank a year ago with $1,113,492 owed.
This weekend the two-bedroom returned to the market listed for $919,000. In 2004 the "Unbelievable" unit (per its listing at the time) sold for $980,000. Believe it.

The resale of 229 Brannan Street #9J has closed escrow with a reported contract price of $919,000 ($651 per square foot). Call it 25 percent ($311,000) under its 2006 sale or 6 percent ($61,000) under 2004.

At the same time, 229 Brannan #7J ("Best of the Best 2 Bedrooms at The Brannan") has closed escrow with a reported contract price of $1,050,000 ($661 per square foot). Keep in mind #7J is 177 square feet and a half-bath larger than #9J.

And no, The Brannan isn’t located on Lombard.

Is It Time To Believe At The Brannan? [SocketSite]
Up (And Down) Atop The Brannan: 229 Brannan #17J [SocketSite]
An Apple Falls At 3208 Pierce While A Foreclose Is Postponed [SocketSite]

Posted by socketadmin at 7:45 AM | Permalink | Comments (57) | (email story)

October 13, 2011

Don’t Blame A "Short Term" Hold For This Apple's Fall

900 Bush PH5

As we first reported in August with respect to 900 Bush Street Penthouse Number 5:

In August of 1997 it sold for $449,000. In April of 2000 for $728,000. In July of 2003 for $779,000. And in May of 2007 it sold for $950,000.
Yes, up, up, up despite the series of short term holds.
Unsuccessfully listed and relisted six times since, penthouse number five atop 900 Bush Street has returned to the market as a short sale listed for "$700,000" with floor to ceiling living room windows, big views, and 1,077 square feet according to an old listing or two.

Last week the sale of the penthouse closed escrow with a reported contract price of $650,000, thirty-two percent ($300,000) under its 2007 value and back below 2000.

Up, Up, Up (And Down) Atop 900 Bush [SocketSite]

Posted by socketadmin at 1:00 PM | Permalink | Comments (31) | (email story)

An Unwarranted Drop In Value?

260 Claremont

Purchased for $1,053,000 in 2005, the West Portal Craftsman at 260 Claremont returned to the market this past April listed for $1,130,000.

Reduced to $990,000 in May (after which it was in contract for a month) and then $889,000 in September (after which it was in contract for two days), the list price for the property has just been reduced to "$799,000" as a short sale (24 percent below its 2005 price).

Keep in mind the main floor master suite remains unwarranted, as does the lower level bonus room, which leaves a reader to wonder how unwarranted work is affecting the ability to obtain financing and buyers these days.

∙ Listing: 260 Claremont (4/2) - $799,000 (short sale) [MLS]

Posted by socketadmin at 10:00 AM | Permalink | Comments (29) | (email story)

October 12, 2011

Out Of Contract For The Fifth Time At 235 Berry But Now "Approved"

As we first reported this January past with respect to 235 Berry #304:

Asking $750,900 when the building was 89 percent sold in January 2007, 235 Berry #304 sold for a reported $751,000 that March ($702 per square foot).
Returned to the market (mis)priced at $849,000 this past May, perhaps based on market (mis)expectations, the asking price for the two-bedroom was reduced to $829,000 in June and then to $675,000 as a short sale in August.
In contract and then relisted twice since last September, on Tuesday the list price for the 1,070 square foot "spacious corner residence" was reduced to $599,000, 20 percent under its 2007 sale and $560 per square, a value which shouldn't catch any plugged-in buyers or sellers by surprise.

Having fallen out of contract twice since, most recently after being relisted for $699,000, the list price for the two-bedroom condo in the "landmark building" (according to the listing, don’t ask us) is once again $675,000 but now noting: "Approved Short Sale - Buyer walked last minute - cold feet."

And as a plugged-in reader reported back in January: "I…looked at this unit and the listing agent made it clear that the buyer will need an additional approximately $50k in cash at closing to clear liens by the HOA and PMI company."

∙ Listing: 235 Berry #304 (2/2) 1,070 sqft – $675,000 (short sale) [MLS]
Shorter Still For 235 Berry Street #304 At $560 Per Square Foot [SocketSite]
235 Berry Street Update: At Most 89% Sold (And Moving On In) [SocketSite]
An Under $600 Per Square Foot Two-Bedroom Comp At 235 Berry [SocketSite]

Posted by socketadmin at 3:15 PM | Permalink | Comments (6) | (email story)

An Apple Falls At 3208 Pierce While A Foreclose Is Postponed

3208 Pierce

Purchased for $1,200,000 in June 2007, the 1,277 square foot Marina condo known as 3208 Pierce #102 hit the market listed for $1,085,000 this past July.

3208 Pierce #102 Living

Reduced to $995,000 in August, this past Friday the sale of the "light filled townhouse [with] direct courtyard access and a private entrance" closed escrow with a reported contract price of $990,000, eighteen (18) percent ($210,000) under its 2007 sale.

At the same time, the foreclosure sale of 3208 Pierce #407 has once again been postponed, it's now scheduled for the 25th of this month.

Apples To Apples (And Foreclosure) At 3208 Pierce In The Marina [SocketSite]
3208 Pierce: Foreclosure Redux And Apples To Apples Reduction [SocketSite]
3208 Pierce: New Website And Photo Gallery [SocketSite]

Posted by socketadmin at 7:30 AM | Permalink | Comments (16) | (email story)

October 6, 2011

Up And Down In The Sunset Yields A Single-Family Home Under Six

3501 Moraga

Remodeled prior to being purchased for $530,000 in 2003, the nicely kept single-family two-bedroom home at 3501 Moraga is back on the market and listed for $579,000.

3501 Moraga Kitchen

On a price per square foot basis, single-family home values in the area peaked in 2007 (up 39 percent from 2003) and have slipped roughly 20 percent since.

∙ Listing: 3501 Moraga Street (2/1) 1,038 sqft - $579,000 [3501moraga.com] [MLS]

Posted by socketadmin at 11:00 AM | Permalink | Comments (14) | (email story)

The Scam Free Resale Price For #4802 At One Rincon Hill

The resale of 425 1st Street #4802 has closed escrow with a reported contract price of $1,355,000 ($1,035 per square foot). The One Rincon Hill two-bedroom was purchased from the sales office for $1,401,500 ($1,071 per square) in August 2008.

The upgraded two-bedroom one floor below (425 1st Street #4702) re-sold for $1,350,000 this past March having been purchased from the sales office for $1,605,500 in August 2008 while the two-bedroom one floor above (425 1st Street #4902) re-sold for $1,370,000 last October having been purchased for $1,355,500 in August 2008 as well.

The re-seller of #4802 was also the re-seller of #4902 and had listed both units for $1,499,000 in 2010. And if you’re trying to figure out why some sites misreport a 50 percent off sale for both units in 2009, as a plugged-in reader notes, this would be the reason why: Santa Cruz lawyer...arrested in San Francisco luxury-condo scam.

"The Last" Of The Last One Rincon Hill 02’s [SocketSite]
The "America’s Cup Effect" In Action? [SocketSite]
Santa Cruz lawyer...arrested in San Francisco luxury-condo scam [santacruzsentinel.com]

Posted by socketadmin at 9:00 AM | Permalink | Comments (3) | (email story)

October 3, 2011

Look Out Below

44 Rockaway

As we wrote about the remodeled single-family home at 44 Rockaway Avenue in August:

Purchased for $1,272,000 in 2007, and having sold three years before for $1,088,000, the rather well kept and updated Forest Hill Extension home at 44 Rockaway Avenue returned to the market this past February listed as a short sale for $989,000.
As a plugged-in tipster notes, the three-bedroom Spanish Mediterranean home has been in and out of contract twice since, and the listing now notes a previously approved short sale price of $995,000, twenty-two (22) percent ($277,000) below its 2007 sale price.
And yes, there’s a bidet (along with Cararra marble) in the lower (unwarranted) bath.

The sale of 44 Rockaway closed escrow on Friday with a reported contract price of $860,000, twenty-one (21) percent or $228,000 under its 2004 sale price, thirty-two (32) percent or $412,000 under its 2007 sale.

That being said, and although hearsay, a reader reports: "Heard that there is $100k+ in water damage to lower structure / foundation from faulty plumbing. Don't know if it's related to the work without permit (or inspection)."

On The Rocks At 44 Rockaway [SocketSite]

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

September 27, 2011

A Year Later, 350 Eureka Returns With Plans For Much More

350 Eureka

We typically won’t feature a property as an "apple" once it’s in contract or has already closed escrow as it promotes a selection bias, but we do like year-over-year data. And two weeks ago a tipster did suggest we keep an eye on this one.

Purchased for $1,403,500 in August 2010, a permit to convert the attic at 350 Eureka into a master suite, renovate the kitchen, add a new garage out front and expand out back has since been filed and plans have been drawn up, but the property returned to the market two weeks ago prior to any of the proposed work.

Listed for $1,495,000 on September 8, the Eureka Valley home went into contract on September 23 but contingencies have yet to be waived. We'll keep you plugged in.

UPDATE (9/28): A plugged-in tipster reports: "This property is now out of contract. Apparently, the potential buyers could not afford the renovations and secure financing."

∙ Listing: 350 Eureka (4/2) 1,720 - $1,495,000 [MLS]

Posted by socketadmin at 12:00 PM | Permalink | Comments (19) | (email story)

September 26, 2011

Inside The Ten Foot Wide Home At 1415 Shrader Street

1415 Shrader Street

Speaking of interesting homes on Shrader Street (but not of Russian stripper stalkers), a plugged-in tipster reports having walked through 1415 Shrader which was designed by Ira Kurlander and built on a ten foot wide lot over in Cole Valley:

It feels like a very well designed cruise ship suite. This is one that you really have to see in the "flesh" as the pictures make it look very cramped. It's actually very spacious inside considering...

1415 Shrader Living

1415 Shrader Kitchen

1415 Shrader Bedroom

On the market listed for $849,000 in 2011 with 1,030 square feet and having been purchased for $749,000 in 2004 following its construction.

∙ Listing: 1415 Shrader Street (1/1) 1,030 sqft - $849,000 [1415shrader.com] [MLS]
The Shrader Street Home From Which Mark Pincus Was Driven [SocketSite]

Posted by socketadmin at 10:30 AM | Permalink | Comments (12) | (email story)

Modern Living At 145 Magnolia In The Marina

145 Magnolia Living

The site was purchased for $466,000 in 1998 and by 2000 a four-story and light-filled 3,400 square foot property had risen at 145 Magnolia. It sold for $2,800,000 that July.

145 Magnolia Kitchen

It's now eleven years later and the Marina property is back on the market listed for $3,250,000. And it's still looking rather contemporary both within and without.

145-147 Magnolia Exterior

∙ Listing: 145-147 Magnolia (5/4.5) 3,400 sqft - $3,250,000 [145magnolia] [ninahatvany]

Posted by socketadmin at 9:45 AM | Permalink | Comments (11) | (email story)

September 23, 2011

The Shrader Street Home From Which Mark Pincus Was Driven

1572 Shrader

Following a few run-ins with a Russian stripper stalker at their Shrader Street home, Mark Pincus and family recently moved to a more secure building within San Francisco. Today, the Pincus owned 1572 Shrader Street officially hit the market listed for $2,189,000.

1572 Shrader Street Living Room

According to public records, Mark Pincus paid $2,850,000 for the contemporarily remodeled home hidden behind a modest facade in the heights of Cole Valley back in 2005.

∙ Listing: 1572 Shrader Street (3/3) 2,875 sqft - $2,189,000 [1572shrader.com] [MLS]
Billionaire Mark Pincus's Alleged Stripper Stalker [businessinsider.com]
Mark Pincus [wikipedia.org]

Posted by socketadmin at 4:15 PM | Permalink | Comments (17) | (email story)

The Master’s Sweet Suite Within 1333 Jones #705

1333 Jones #705 Master

The master suite within #705 at the Comstock (1333 Jones) sports a big San Francisco view, a designer bath (or at least shower), and a rather master worthy closet.

1333 Jones #705 Master Bath

1333 Jones #705 Master Closet

Unfortunately the guest bath didn’t get the same designer makeover as the rest of the unit. But if you were our guest, we'd say help yourself to a few of the 300 bottles in the built-in cooler and spend your time soaking up...

1333 Jones #705 Wine Cooler

...the views.

1333 Jones #705 View

Purchased for $2,400,000 in September 2007, the Comstock two-bedroom is back on the market listed for $2,349,000 four years later. As plugged-in people know, the unit two floors below sold for $2,000,000 in 2010 but wasn’t nearly as well "designed."

∙ Listing: 1333 Jones #705 (2/2) - $2,349,000 [MLS]
A Comstock (1333 Jones) View Comp Closes A Little Bit Down [SocketSite]

Posted by socketadmin at 11:45 AM | Permalink | Comments (10) | (email story)

September 22, 2011

3340 Market Returns As A Contemporary Apple To Be

3340 Market

Constructed in 1938 but then completely rebuilt in 2009, the 3,096 square foot home at 3340 Market sold for $2,275,000 that August having originally been listed for $2,575,000.

3340 Market Kitchen

It’s now two years later and the contemporary home with Miele in the kitchen, big views, and three decks (including one on the roof plumbed for an outdoor kitchen) is back on the market and listed for $2,485,000, apples-to-apples style.

3340 Market Roof Deck

∙ Listing: 3340 Market (3/3.5) 3,096 sqft - $2,485,000 [MLS]

Posted by socketadmin at 3:30 PM | Permalink | Comments (13) | (email story)

Can You Feel A Ripple In The Force?

2739 Larkin

As we wrote in April:

Listed for $1,995,000 last October, 13 days later the sale of 2739 Larkin closed escrow with a reported contract price of $2,650,000. Yes, 33 percent over asking.
It’s now six months later, and while it’s been making the rounds quietly for at least a few weeks, yesterday 2739 Larkin was officially listed for $2,695,000.
While not noted on the MLS once again, tax records report it's 2,596 square feet. We’ll let you set the odds on a repeat performance with respect to price.

As we then added this past June:

Yesterday, the sale of 2739 Larkin closed escrow with a reported contract price of $2,725,000, up 3 percent over the past seven months on an apples-to-apples basis.
And yes, the seller last year was a Lucas.

It’s now just three months later and 2739 Larkin has been listed once again as a "2nd chance" (or more accurately third), this time asking $2,895,000.

∙ Listing: 2739 Larkin (3/2.75) - $2,895,000 [MLS]
If You Weren’t The Winning Bidder For 2739 Larkin Six Months Ago... [SocketSite]
The Force Remains Strong For 2739 Larkin [SocketSite]

Posted by socketadmin at 10:00 AM | Permalink | Comments (13) | (email story)

The Miraloma Apple At 99 Marietta Finally Falls Into Our Cart

99 Marietta

As we wrote in February:

Speaking of single-family homes for sale up in Miraloma Park, when we last checked in on 99 Marietta the four-bedroom home had returned to the MLS as short sale listed for $685,500 having fallen out of contract when previously listed for $612,500.
Once again, the 1,966 square foot home was purchased for $850,000 in September 2005 with a rather reasonable 20 percent down and a $680,000 variable rate loan. Not previously mentioned, in February 2007 the property was refinanced with a first for $750,000 and a second for $149,000 (for which the property would have had to appraise).
A few minutes ago the list price for 99 Marietta was reduced to $675,000. At the same time, the property is currently scheduled to hit the courthouse steps on March 18 with $41,355 past due on Washington Mutual’s first (as previously noted by a reader).

The courthouse sale was cancelled. And yesterday, the non-foreclosure sale of 99 Marietta Drive closed escrow with a reported contract price of $650,000, twenty-four (24) percent or $200,000 below its sale price in 2005.

The Courthouse Clock Is Ticking For 99 Marietta Up In Miraloma [SocketSite]
A Modern Miraloma Apple Returns At 801 Teresita Boulevard [SocketSite]
99 Marietta Comes Up Short (For The Sellers) In Miraloma [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (3) | (email story)

September 20, 2011

755 Marina Boulevard Sails Back On To The Market

755 Marina Boulevard

Listed for sale at $5,597,000 in 2007 having been purchased for $1,580,000 in 1999, as plugged-in people know, the single-family home at 755 Marina Boulevard ended up in foreclosure instead (it had been refinanced six times) and finally sold on the courthouse steps for $1,997,500 cash in April 2010.

Public records would suggest the property was flipped to an LLC for $2,600,000 three months later in a private sale or transfer.

Today, the five-bedroom home is back on the market and publicly listed for $3,795,000 without any permits for recent renovations.

∙ Listing: 755 Marina Boulevard (5/5) 4,992 sqft - $3,795,000 [MLS]
The $1,500,000 Half Bath On Marina Boulevard [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (5) | (email story)

September 16, 2011

The Hellman Mansion Officially Hits The Market Listed For $20 Million

2020 Jackson

Plugged-in people knew it was coming and even got a brief peek inside, and now 2020 Jackson (a.k.a. The Hellman Mansion) has officially hit the market listed for $20,000,000 having been purchased for $22,500,000 in 2004 according to Propertyshark.

2020 Jackson Entry

UPDATE: While Propertyshark states $22,500,000, tax records and a plugged-in source involved with the sale say the 2004 sale price was actually $15,000,000.

∙ Listing: 2020 Jackson Street (7/7.5) 11,500 sqft - $20,000,000 [MLS]
2020 Jackson’s Storied Past (And Currently Staging) [SocketSite]

Posted by socketadmin at 12:45 PM | Permalink | Comments (23) | (email story)

September 15, 2011

'08 Apples To Apples And On The Courthouse Steps At One Rincon Hill

One Rincon Hill (www.SocketSite.com)

Purchased for $717,000 in February 2008 with a first mortgage for $417,000, a second for $264,150, and $35,850 (5 percent) down, this past April a Notice of Default (NOD) was filed on 425 1st Street #1308 with $14,809 past due.

Postponed last month, in an hour the 755 square foot One Rincon Hill one-bedroom is scheduled to hit the courthouse steps with a published opening bid of $437,793, call it $161,207 (27 percent) less than the current list price of $599,000 for 425 1st Street #808 which was purchased for $616,264 in February 2008 as well.

Three months ago, the Realtor owned 425 1st Street #1408 resold for $605,000 having been purchased for $655,319 in March 2008. Having not been officially listed since October of last year, however, the most recent sale price for #1408 wasn't required to have been reported on the MLS and it wasn't.

∙ Listing: 425 1st Street #808 (1/1) 755 sqft - $599,000 [MLS]
Four More One Rincon Hill ‘04’s Headed For Foreclosure [SocketSite]

Posted by socketadmin at 1:00 PM | Permalink | Comments (17) | (email story)

September 13, 2011

A Seller’s Pricing (Versus The Market’s Comp) At 410 Jessie

410 Jessie #602

The 2,018 square foot Hales Warehouse (410 Jessie Street) loft #602 has just returned to the market listed for $1,550,000. Purchased for $1,600,000 in July 2007, three months later the 2,018 square foot unit a floor below (410 Jessie #502) sold for $1,400,000.

410 Jessie #502 Floor Plan

As plugged-in readers know, 410 Jessie #502 recently resold for $1,300,000. And if a plugged-in tipster is correct, there’s roughly $1,450,000 owed on #602 which might help explain the seller’s pricing versus the market’s recent comp.

∙ Listing: 410 Jessie #602 (2/2) 2,018 sqft - $1,550,000 [MLS]
From Warehouse To Gallery To Upscale Comp At 410 Jessie [SocketSite]

Posted by socketadmin at 6:30 AM | Permalink | Comments (31) | (email story)

September 12, 2011

Ooh, Ahh...And Now Reduced For The Noe Apple At 1422 Douglass

1422 Douglass

Purchased for $925,000 in 2007, the single-family Noe Valley home at 1422 Douglass returned to the market two weeks ago listed for $875,000 while noting: "Be prepared to ooh and aah (sic) over this charming Victorian home that packs a big impression."

1422 Douglass Dining and Deck

On Friday, the list price for 1422 Douglass was reduced to $849,000. We’re not sure if that’s an "ooh" or an "ahh," but we do know that's 8 percent ($76,000) below its 2007 sale price on an apples-to-apples basis.

∙ Listing: 1422 Douglass (2/1) 1,050 sqft - $849,000 [1422douglass.com] [MLS]

Posted by socketadmin at 12:00 PM | Permalink | Comments (34) | (email story)

September 9, 2011

2020 Jackson’s Storied Past (And Currently Staging)

2020 Jackson (www.SocketSite.com)

Designed by Julius Kraft and built in 1902 by Wells Fargo Bank President Isaias Hellman as a wedding gift for his daughter, 2020 Jackson Street served as the makeshift headquarters of Wells Fargo following San Francisco's great quake and fire in 1906.

A 1991 Decorator Showcase home, details from which remain in the formal dining room and throughout, in 2004 the 10,900 square foot property was purchased for $22,500,000 by the Catherine Schwab Revocable Trust.

Recently emptied, it’s a plugged-in tipster that catches the Arthur McLaughlin trucks coming and going as the property quietly prepares to publicly hit the market with a splash, most likely in a week or two.

UPDATE: It's a plugged-in reader that gets the credit for discovering a treasure trove of photos from when the property was last on the market. Get 'em while you can.

2020 Jackson: Stairs

2020 Jackson: Dining

Isaias W. Hellman [wikipedia.org]

Posted by socketadmin at 11:00 AM | Permalink | Comments (15) | (email story)

September 7, 2011

A Half-Million Dollar Drop For The "Cropped" Victorian On Masonic

1499 Masonic Facade Crop

As we reported in June with respect to 1499 Masonic:

Purchased for $2,275,000 in 2005, on the market for $2,095,000 in 2010, and asking $1,999,000 for the past two months, the list price for the tightly cropped remodeled Ashbury Heights Victorian at 1499 Masonic has been reduced to $1,895,000.

As a plugged-in reader noted yesterday, the sale of 1499 Masonic has closed escrow with a reported contract price of $1,750,000, twenty-three percent ($525,000) below its 2005 purchase price on an apples-to-apples basis.

And once again, as the house appears from the street in a little less cropped state:

1499 Masonic (Image Source: MapJack.com)

Another Cut For The Apple Crop At 1499 Masonic [SocketSite]
(A) 1499 Masonic Set Back [SocketSite]
Take Two For An Orange On Oak And Bumper Apple Crop On Masonic [SocketSite]

Posted by socketadmin at 7:15 AM | Permalink | Comments (18) | (email story)

September 1, 2011

Four More One Rincon Hill ‘04’s Headed For Foreclosure

One Rincon Hill 04 Stack Floor Plan

Purchased in March 2008 for $566,500 with $509,537 in debt and just $56,963 down, four weeks ago a notice of default was filed on the $417,000 first mortgage behind the purchase of 425 1st Street #2004, a 605 square foot one-bedroom at One Rincon Hill.

Yesterday, in a Hail Mary move that shouldn’t catch any plugged-in readers by surprise, 425 1st Street #2004 hit the MLS listed as a short sale for "$399,000."

Keep in mind that 425 1st Street #1204 is also in pre-foreclosure having been purchased for $575,000 with $517,500 in debt while 425 1st Street #1104 (purchased for $567,244 with $509,950 in debt) and 425 1st Street #2104 (purchased for $587,000 with $557,650 in debt) are both scheduled to hit the courthouse steps this month.

∙ Listing: 425 1st Street #2004 (1/1) 605 sqft – “$399,000” (short sale) [MLS]
2008 Versus 2011 At ORH With Some Courthouse Steps In Between [SocketSite]

Posted by socketadmin at 10:15 AM | Permalink | Comments (28) | (email story)

August 31, 2011

The Rather Short Sale On Sotelo (That Took A Rather Long Time)

56 Sotelo Avenue

As we wrote about 56 Sotelo this past March:

It’s been ten months since 56 Sotelo Avenue first hit the market asking $1,995,000 having been purchased for $1,900,000 in 2007 and then remodeled incorporating new wrought iron gates imported from South America amongst other updates.
Relisted, reduced a few times and eventually listed as a short sale for "$1,599,000," the listing for 56 Sotelo was withdrawn from the MLS on Monday despite having been in contract since mid-February according to the MLS.
Don’t fret if your "fussiest clients" never had a chance to see it, however, for the next day 56 Sotelo was listed anew with a new brokerage at $1,835,000 and an official "Days on the Market" count of one.

Yesterday, the sale of 56 Sotelo closed escrow with a reported contract price of $1,470,000, twenty-three percent ($430,000) below its pre-remodeled sale price recorded in 2007.

56 Sotelo Shortly Returns A Little Less Short [SocketSite]
There Were Bids For The Before Will There Be Bids For The After? [SocketSite]
No Bids So A New Listing And (Another) Reduction Up On Sotelo [SocketSite]

Posted by socketadmin at 2:45 PM | Permalink | Comments (14) | (email story)

August 30, 2011

The Sale Price For Smitty Number Three

75 Lansing #3 Living

As we reported in June:

Converted in the year 2000 by Bay Area architects Abrams & Milliken, the largest of three units within the former Smitty Knitting Factory building at 75 Lansing Street hit the market in 2006 listed with 4,000 square feet for $2,995,000 and sold for $2,800,000.
With Venetian plaster, windows galore, and 20 foot ceilings atop; mahogany bookshelves in the library; and a kitchen designed by Pacassa Studios, the unit returned to the market in 2008 listed with 3,298 square feet for $3,850,000 and sold for $3,500,000.
75 Lansing #3 is back on the market today listed for $3,250,000 without any square footage. The agent's notes for other agents does, however, note 3,100 square feet. And tax records suggest it's 3,132.

The sale of 75 Lansing #3 has closed escrow with a reported contract price of $3,250,000, at asking but 7 percent under its 2008 value on an apples-to-apples basis.

Smitten For The Smitty (And Its Incredible Shrinking Square Feet) [SocketSite]

Posted by socketadmin at 10:00 AM | Permalink | Comments (4) | (email story)

August 29, 2011

Apples-To-Apples (And Wood) In The Inner Sunset: 1383 11th Avenue

1383 11th Avenue: Dining

The new kitchen and half bath at the bottom of the stairs were slotted in to the well kept old Edwardian in the year 2000, shortly after being purchased for $550,000.

1383 11th Avenue: Landing

Six years later, the three-bedroom home traded for $1,000,000 in late 2006. And as a tipster notes, 1383 11th Avenue is now back on the market and listed for $1,099,000.

∙ Listing: 1383 11th Avenue (3/2.5) 1,848 sqft - $1,099,000 [MLS]

Posted by socketadmin at 8:30 AM | Permalink | Comments (15) | (email story)

August 26, 2011

The Gutterson Designed Kitchen Was Gutted A Decade Ago

1495 Monterey Living

The Henry Gutterson designed home at 1495 Monterey Boulevard was purchased for $1,200,000 in 2001 at which point its original kitchen was demolished and rebuilt.

1495 Monterey Kitchen

Soon thereafter, the English Tudor home sold for $1,528,000 in June of 2002. In 2006 a permit to expand up and out was approved but then cancelled in 2009.

And now after a nine year apples-to-apples hold, the St. Francis Wood three-bedroom home is back on the market and listed for $1,395,000 (9% below its 2002 purchase price).

∙ Listing: 1495 Monterey Boulevard (3/2) - $1,395,000 [MLS]

Posted by socketadmin at 10:30 AM | Permalink | Comments (25) | (email story)

A Forty-Four Percent Hit For 1825 Webster

1825 Webster

As we wrote this past May:

Purchased for $1,500,000 in June 2006 with two loans and $225,000 down, a year later a third mortgage for $200,000 was added to the property at 1825 Webster.
Taken back by the bank with no bidders at $1,242,890 this past March, the "prime" Lower Pacific Heights single-family home is now back on the market and listed for $999,900.

Yesterday, the sale of 1825 Webster closed escrow with a reported contract price of $835,000. That's $665,000 (44 percent) below its 2006 sale price which hopefully was never used as a comp (but would have been included in average and median price reports).

From $225,000 To $25,000 "Down" And Bank-Owned At 1825 Webster [SocketSite]

Posted by socketadmin at 12:00 AM | Permalink | Comments (18) | (email story)

August 24, 2011

The Penthouse Atop 540 Delancey Completes Its Two Year Trip

540 Delancey #403 Media

As we wrote about the Cape Horn Lofts building at 540 Delancey last year:

It was sixteen condos before units #402 and #403 were combined to form a 2,900 square foot unit with over 1,000 square feet of outdoor space. In contract (and so noted) at the time we profiled #401, 540 Delancey #402/3 sold for $3,100,000 in October 2008.

As we added this past June:

Listed for $3,295,000 at the end of 2009, and then for $2,995,000 last June, the Cape Horn penthouse unit known as #402/403 is back on the market and asking $2,899,000.

And as a plugged-in tipster notes today, the sale of 540 Delancey #402/403 closed escrow yesterday with a reported contract price of $3,000,000, an official $101,000 (3.5 percent) over asking but $100,000 (3.2 percent) below October 2008.

540 Delancey #402/403 Comes Back Around (At) The Cape Horn [SocketSite]
Cape Horn Lofts (540 Delancey) In General, And #401 In Specific [SocketSite]
Back Around The Cape (Horn Lofts Penthouse) [SocketSite]

Posted by socketadmin at 3:00 PM | Permalink | Comments (2) | (email story)

Capital Preservation Versus Cash Flow At 310 Townsend

Last listed as a short sale for $410,000 following twelve price changes and relistings since March of last year, and having been purchased for $640,000 in 2007, 310 Townsend #309 is back in contract for the fifth time. The unit remains scheduled to hit the courthouse steps in two weeks with $516,043 owed on a first mortgage and $69,240 in other debt.

At the same time, 310 Townsend #408 has just hit the market listed as a short sale for $425,000 having been purchased for $665,000 in 2007 as well. From the listing: "Currently tenant occupied, the condo commands $3100 per month in rent, making it an excellent investment vehicle for cash flow." Of course, there's also capital preservation to consider.

∙ Listing: 310 Townsend #408 (1/1) 803 sqft - $425,000 (short sale) [MLS]
Shorter Still For 310 Townsend From The Beginning To End Of 2010? [SocketSite]

Posted by socketadmin at 11:15 AM | Permalink | Comments (8) | (email story)

August 23, 2011

3208 Pierce: Foreclosure Redux And Apples To Apples Reduction

3208 Pierce

While the courthouse sale of 3208 Pierce Street #407 has once again been postponed (now scheduled for September 23), today the list price for 3208 Pierce #102 was reduced to $995,000. The 1,277 square foot #102 had been listed at $1,085,000 for the past 39 days having been purchased for $1,200,000 in June 2007.

∙ Listing: 3208 Pierce #102 (2/2.5) 1,277 sqft - $995,000 [3208pierce102.com] [MLS]
Apples To Apples (And Foreclosure) At 3208 Pierce In The Marina [SocketSite]

Posted by socketadmin at 5:15 PM | Permalink | Comments (13) | (email story)

August 22, 2011

Is It Time To Believe At The Brannan?

From the listing when 229 Brannan Street #9J sold for $1,230,000 in September 2006:

Wrapped in luxury, this 2bed, 2 bath unit is a sanctuary in the sky...This is San Francisco living at its finest!

As plugged-in people know, the 1,412 square foot unit at The Brannan was taken back by the bank a year ago with $1,113,492 owed.

This weekend the two-bedroom returned to the market listed for $919,000. In 2004 the "Unbelievable" unit (per its listing at the time) sold for $980,000. Believe it.

∙ Listing: 229 Brannan #9J (2/2) 1,412 sqft - $919,000 [MLS]
Up (And Down) Atop The Brannan: 229 Brannan #17J [SocketSite]

Posted by socketadmin at 11:00 AM | Permalink | Comments (12) | (email story)

August 18, 2011

A Double Apple Closes On Caselli, What Does This Mean?

226 Caselli

Purchased for $1,515,000 in August 2005, it was a plugged-in tipster that noted the sale of 226 Caselli for $1,420,500 back in November 2007.

226 Caselli Kitchen

Having been slightly updated since, 226 Caselli Avenue returned to the market this past June listed for $1,399,000 at which point our plugged-in tipster weighed back in:

We are still real estate bears. In fact, we do not think the market has hit the bottom yet...which makes me happy that we still have jobs which will keep us in San Francisco for at least the next ten years.
In spite of being real estate bears, we still love being homeowners and are (embarrassingly so) completely in love with our house. [And] we are still huge fans of SocketSite.
Thanks for keeping it real...even back in 2007, when it wasn't fashionable to do so!

Yesterday, the resale of 226 Caselli closed escrow with a reported contract price of $1,350,000, down 5% ($70,500) from its 2007 sale, 11% ($165,000) below 2005.

Single-Family Apples To Apples (And A Reader’s Perspective) [SocketSite]
Apples To Apples To Apples (And Tipster To Tipster) On Caselli [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (8) | (email story)

August 16, 2011

The Force Was Strong With This One

2440 Valljeo

As we first wrote last month:

Built in 1921 but smartly updated since, and having last traded for $3,950,000 in 2002 when the Hearsts sold the property to the Marcia Lucas Living Trust, 2440 Vallejo has returned to the market asking $4,750,000 for the five bedroom home.

The sale of 2440 Vallejo closed escrow today with a reported contract price of $5,250,000.

In A San Francisco Neighborhood Not So Far Away… [SocketSite]

Posted by socketadmin at 7:00 PM | Permalink | Comments (8) | (email story)

Extensively Upgraded And...Then Discounted 29 Percent

250 King #430 Living

Having been "extensively upgraded" with hand milled woodwork, built-ins and flooring since purchased for $841,500 six years ago, the corner Beacon two-bedroom known as 250 King Street #430 is back on the market listed for "$599,000" as a short sale today.

No mention of being pre-approved, but a successful purchase at asking would represent a savings $242,500 versus 2005 (not accounting for the value of the upgrades) and a comp at $448 per square foot.

And yes, the seller is currently in default on a first mortgage for $630,918 being $29,721 past due as of last month. A second for $52,500 also exists.

∙ Listing: 250 King Street #430 (2/2) 1,338 sqft - $599,000 (short sale) [MLS]

Posted by socketadmin at 10:45 AM | Permalink | Comments (65) | (email story)

No Shortage Of Short Sales At The Chateau

2701 Van Ness Avenue

As the 785 Square foot number 409 at 2701 Van Ness hits the market listed as a short sale for "$525,000," the 768 square foot number 711 just went into escrow as a short sale having been purchased for $671,000 in 2006, listed for $599,000 this past February, and then reduced from $499,000 to $449,000 in July before securing a contract.

From the listing: "Huge closet off the living room large enough to be used as an office or to store all kinds of sports equipment and boxes." Or perhaps, even a baby.

∙ Listing: 2701 Van Ness Avenue (1/1) 768 sqft - $449,000 [MLS]
A Two Year Show And Tell (And Short Sale) At The Marina Chateau [SocketSite]

Posted by socketadmin at 8:15 AM | Permalink | Comments (1) | (email story)

August 15, 2011

Hot Or Not: Two Three-Year Apples A Block Apart On Twentieth

3354 20th Street #302

While the asking price for 2405 Folsom #1 has been reduced to $1,210,000 (roughly 105 percent of its April 2008 purchase price), a reader notes that a block away the penthouse atop 3354 20th Street has hit the market listed for $1,499,000, twenty (20) percent over its purchase price of $1,245,000 in March 2008.

Keep in mind that while the median recorded sales price for condos in the area increased 10 percent from 2008 to 2010 (from $685,000 to $755,000), the median price per square foot actually fell 5 percent (from $640 to $610). Unfortunately we don't have the "apples-to-apples" numbers for 2011 to date.

∙ Listing: 3354 20th Street #302 (3/3) 2,600 sqft - $1,499,000 [MLS]
From "Luxe" To "Luxury" For A Mission Apple On The Tree [SocketSite]

Posted by socketadmin at 10:45 AM | Permalink | Comments (5) | (email story)

A Two Year Show And Tell (And Short Sale) At The Marina Chateau

2701 Van Ness Avenue #409

Purchased for $639,000 in early 2009 after which the kitchen was completely remodeled and an electrical subpanel moved, the 785 square foot number 409 in the Marina Chateau at 2701 Van Ness Avenue returned to the market in late 2010 asking $649,999.

Withdrawn from the market a month later having failed to find a buyer, the one-bedroom has now returned to the market listed for "$525,000" as a short sale but without any mention of being pre-approved at that price (and "no longer staged").

And no, that's not the official bedroom above.

∙ Listing: 2701 Van Ness Avenue #409 (1/1) 785 sqft – “$525,000” (short sale) [MLS]

Posted by socketadmin at 8:30 AM | Permalink | Comments (4) | (email story)

August 12, 2011

350 Valley Redux: Renting Selling The Whole Remodeled Noe Home

350%20Valley%20Outside%20In.jpg

Following a "ground up" remodel in 2002, the single-family home at 350 Valley sold for $1,135,000 and then again for $1,230,000 just fifteen months later in December 2003.

In late 2009 the three-bedroom returned to the market asking $1,620,000 before being reduced to $1,499,000 and then withdrawn from the MLS at the end of that year.

In early 2010 the property was first offered for rent at $5,800 a month before being listed anew, last asking $1,429,000 before being withdrawn from the market that April.

Today, the Noe Valley home was listed for $1,395,000 with transfer of possession at close of escrow (i.e., no tenants in place).

∙ Listing: 350 Valley (3/2.5) 1,819 sqft - $1,395,000 [MLS]
Renting The Whole Remodeled Noe Home For Under Six (Asking) [SocketSite]

Posted by socketadmin at 12:15 PM | Permalink | Comments (19) | (email story)

Wow Indeed As 21 Villa Terrace Tries Again

21 Villa Terrace

As we wrote about 21 Villa Terrace in April 2010:

Eighteen foot ceilings over the living room, dining "room," kitchen and entry; big views from the windows and decks; and four bedrooms and four and one-half baths over four thousand plus square feet.
Listed for $3,350,000 in February 2009 before being withdrawn at $2,950,000 in June, five days ago 21 Villa Terrace re-joined the contemporary Clarendon Heights listed fray of five active and available homes asking over two million with a new new list price of $2,795,000.
The home was purchased for $1,900,000 in July 2003 having sold as new for $2,125,000 in March 2001.

Today, 21 Villa Terrace is back on the market and listed for $2,195,000.

21 Villa Terrace Living

∙ Listing: 21 Villa Terrace (4/4.5) 4,174 sqft - $2,195,000 [MLS]
21 Villa Terrace (Re)Joins The Clarendon Heights Contemporary Fray [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (28) | (email story)

August 10, 2011

Up, Up, Up (And Down) Atop 900 Bush

900 Bush PH5

In August of 1997 it sold for $449,000. In April of 2000 for $728,000. In July of 2003 for $779,000. And in May of 2007 it sold for $950,000.

Yes, up, up, up despite the series of short term holds.

Unsuccessfully listed and relisted six times since, penthouse number five atop 900 Bush Street has returned to the market as a short sale listed for "$700,000" with floor to ceiling living room windows, big views, and 1,077 square feet according to an old listing or two.

∙ Listing: 900 Bush Street PH5 (2/2) 1,077 sqft – "$700,000" (short sale) [MLS]

Posted by socketadmin at 8:45 AM | Permalink | Comments (20) | (email story)

August 8, 2011

Year-Over-Year On Second

246 2nd Street #802

As we wrote in March of 2010:

Purchased new for $665,000 in the year 2000, 246 2nd Street #806 is back on the market in 2010 asking $658,000. See silly rabbits (or perhaps "bears"), prices really haven’t fallen that much at all. And bank-owned sales are obviously irrelevant when it comes to comps.

The sale of 246 2nd Street #806 closed escrow in May 2010 with a reported contract price of $650,000 (2 percent below its year 2000 sale). And as a plugged-in reader notes, the 1,101 square foot condo is now back on the market and listed for $738,000 in 2011.

∙ Listing: 246 2nd Street #806 (2/2) 1,101 sqft - $738,000 [MLS]
A Nine Year "Push" To Be For A Two-Bedroom At 246 2nd Street? [SocketSite]
Another Non-Comp Comp Closes At 246 2nd Street (#1003) [SocketSite]

Posted by socketadmin at 12:30 PM | Permalink | Comments (15) | (email story)

They’re Still Recording Hits Up On Nob Hill

1177 California

As we first reported with respect to Gramercy Towers this past November:

We doubt it will sell at asking, but if it does it might as well be a plugged-in person who picks it up. Purchased for $698,000 in June 2007, taken back by the bank "mid-remodel" last month, and now listed for $389,900, 1177 California #512 is a 1,056 square foot Gramercy Towers one-bedroom atop Nob Hill.
Keep in mind the 411 square foot Gramercy Towers studio #203 is currently in contract as a "short sale" having most recently been listed for "$299,000" and purchased for $362,000 in January 2008.

As plugged-in people know, the sale of 1177 #512 California Closed escrow with a reported contract price of $408,000 in December, down 42 percent ($290,000) versus 2007.

And on Friday, the sale of 1177 California #203 closed escrow with a reported contract price $265,000, down 27 percent ($97,000) versus 2008.

UPDATE: As a plugged-in reader notes, there appears to be more distress on the way at 1177 California as at least six other units are currently scheduled to be sold on the courthouse steps and at least two others on their way.

Sure, SoMa Condos Have Taken A Hit, But This Is Nob Hill [SocketSite]
A Hit And Run Reduction On Nob Hill [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (5) | (email story)

August 5, 2011

Curb Appeal On Cayuga (And An Apple To Boot)

769 Cayuga Avenue

Purchased for $759,000 in 2006, the rather well kept Mission Terrace home at 769 Cayuga Avenue has returned to the market listed for $649,000 ($545 per square foot) in 2011.

769 Cayuga: Living

Yes, only one bath, but with what would appear to be room for potential expansion down.

769 Cayuga Garage

∙ Listing: 769 Cayuga Avenue (2/1) 1,190 sqft - $649,000 [769cayuga.com] [MLS]

Posted by socketadmin at 8:00 PM | Permalink | Comments (11) | (email story)

111 Hoffman Returns For The Third (Or Fourth) Time In Six Years

111 Hoffman

As we reported in February 2010:

Purchased for $2,100,000 at the end of August 2005, 111 Hoffman ended up being taken back by the bank in September 2009 without an opening bid of $1,533,000 on the courthouse steps. It then returned to the market in December asking $1,469,250.
This past Friday, the sale of the Noe Valley single-family home closed escrow for a reported $1,500,000 ($566 per square foot), 3% over asking but 29% under its sale price in 2005.

Back on the market listed for $1,800,000 and touting "[a] rare opportunity to own a fabulous view home in one of the most desirable neighborhoods in San Francisco."

111 Hoffman: Kitchen

As a plugged-in reader notes, that would be the third rare opportunity in six years, the fourth if you count the foreclosure of which plugged-in people were well aware.

∙ Listing: 111 Hoffman (5/3) 2,650 sqft - $1,800,000 [MLS]
111 Hoffman Closes Over Asking But 29 Percent Under Its 2005 Price [SocketSite]
Another Bank-Owned Multi-Million Dollar (In 2005) Noe Valley House [SocketSite]
Bank Owned In Noe: Is There (Another) Doctor In the House? [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (2) | (email story)

August 4, 2011

Being The Heublein Building In General, And #323 In Specific

Heublein Building: 601 4th Street

As we wrote about the Heublein Building in 2007:

In 1991, Holliday Development brought 88 live/work lofts in the converted Heublein Building (601 4th Street) to market. The conversion of the former wine distributorship marked San Francisco’s first commercial-turned-residential development (predating two other Holliday developments: ClockTower Lofts and 355 Bryant).
According to Holliday, "[d]espite the pending recession…we took reservations on all 88 units in one day." (At an average price of $285,000 per loft; and with an average size per loft of 1,360 square feet.) Ah, the good old days.

Purchased for $1,525,000 in May 2006, the 1,930 square foot top floor corner condo known as 601 4th Street #323 has returned to the market in 2011 listed for $1,499,000.

601 4th Street #323

And with a "hidden media room" perfect for a screening of Being John Malkovich.

601 4th Street #323: Media Room

Now speaking of a pending recession...

∙ Listing: 601 4th Street #323 (2/2) 1,930 sqft - $1,499,000 [MLS]
The Heublein Building Lofts (601 4th Street) [SocketSite]
The ClockTower Lofts (461 2nd Street) [SocketSite]
The Live/Work Lofts Of 355 Bryant [SocketSite]
Make That 75 Percent [SocketSite]

Posted by socketadmin at 10:30 AM | Permalink | Comments (12) | (email story)

A Quintessential Return To The Year 2007?

4027 Cesar Chavez

As we wrote last month:

The "quintessential peaked roof Victorian home" at 4027 Cesar Chavez over in Noe Valley was remodeled, "expanded & opened to a fabulous garden" in 1999 having been purchased for $415,000 in 1994.
Listed for $1,749,000 in May 2007, it sold for $1,650,000 that June.
It’s now four years later and the quintessential Noe Valley home is back on the market and listed for $1,595,000.

On Monday, the sale of 4027 Cesar Chavez closed escrow with a reported contract price of $1,650,000 ($776 per square foot).

A Quintessential Noe Valley Victorian On Our Apple Tree [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (69) | (email story)

August 3, 2011

Psst! It’s Now Bank-Owned (And The Other Is In Default)

865 Duncan

Purchased for $1,329,000 in March 2008 with $140,800 (11%) down and currently listed as "Active" on the MLS with a list price of $1,385,000, last week the Noe Valley home at 865 Duncan was taken back by the bank with no bidders willing to pay $1,152,387 in cash on the courthouse steps. Someone might want to alert the Realtors.

Speaking of bank activity on Duncan, as a plugged-in reader noted last month, a notice of default (NOD) has been filed on 728 Duncan with $39,816.09 past due as of the end of June. An auction, however, has yet to be scheduled.

As always, we’ll keep you plugged-in.

∙ Listing: 865 Duncan (4/3) 2,159 sqft - $1,385,000 [MLS]
728 Duncan Returns Less Its "Cool" Tag (And Another $145,000) [SocketSite]

Posted by socketadmin at 3:15 PM | Permalink | Comments (3) | (email story)

August 2, 2011

On The Rocks At 44 Rockaway

44 Rockaway

Purchased for $1,272,000 in 2007, and having sold three years before for $1,088,000, the rather well kept and updated Forest Hill Extension home at 44 Rockaway Avenue returned to the market this past February listed as a short sale for $989,000.

44 Rockaway

As a plugged-in tipster notes, the three-bedroom Spanish Mediterranean home has been in and out of contract twice since, and the listing now notes a previously approved short sale price of $995,000, twenty-two (22) percent ($277,000) below its 2007 sale price.

44 Rockaway Bath

And yes, there’s a bidet (along with Cararra marble) in the lower (unwarranted) bath.

∙ Listing: 44 Rockaway Avenue (3/2) - $965,000 (short sale) [MLS]

Posted by socketadmin at 8:30 AM | Permalink | Comments (23) | (email story)

August 1, 2011

The Confirmed Confidential Sale Price For 526 Duncan

The T House (Image Source: Ogrydziak/Prillinger Architects)

As we first reported two weeks ago:

While you won’t find any record of the sale on the MLS, we’ve been told the agents involved were required to sign non-disclosure agreements (NDAs), and a blind entity (the "526 Duncan, LLC") was employed to quietly make the purchase, we’re pegging the new owner of 526 Duncan as a former Facebook engineer turned angel investor.
While we can’t yet confirm the sale price, we can report the purchase was financed with a first mortgage for $3,240,000 and line of credit for up to $1,000,000 more.
As plugged-in readers might recall, the seller was a former Google engineer who paid $5,300,000 in cash for the property known as the "the T House" in 2005 and was quietly asking $6,400,000 for the property today.

And as a plugged-in reader correctly notes, we can now confirm the sale price at $6,100,000, a bit below asking but 15 percent over its 2005 all cash sale.

The House Google Facebook Bought: 526 Duncan [SocketSite] 
526 Duncan (The Noe Valley "T House") Quietly Hits The Market [SocketSite]
Ogrydziak/Prillinger Architects: The T House [SocketSite]

Posted by socketadmin at 9:00 AM | Permalink | Comments (11) | (email story)

July 28, 2011

Off The Courthouse Steps But Back To 2003 For 170 Guerrero #F

Clinton Mews

As we reported in May:

One of ten Donald MacDonald designed petit townhomes that comprise the Clinton Mews urban infill development off Guerrero, 170 Guerrero Street #F was purchased for $507,000 in November 2003.
Refinanced in June of 2007 with a first for $517,500 and a second for $130,000, as of this past November the first mortgage was $43,976 past due and the home is currently scheduled to hit the courthouse steps in a month.
In the meantime, 170 Guerrero #F has been listed for $568,000 as a short sale.

Avoiding a courthouse steps sale rescheduled for tomorrow, it would appear as though the short sale of 170 Guerrero #F closed escrow yesterday with a reported contract price of $503,000 versus $507,000 in 2003 (or $647,500 in debt for which the property would have had to appraise in 2007).

On This Farm He Had A Short Sale (And Foreclosure In The Works) [SocketSite]

Posted by socketadmin at 9:15 AM | Permalink | Comments (7) | (email story)

A Sour Sale For The Stunning Pacific Heights Apple At 2679 California

2679 California Facade

The sale of the "beautifully remodeled" and "stunning Pacific Heights Victorian home" at 2679 California closed escrow yesterday with a reported contract price of $2,335,000.

As previously reported, the property was purchased for $3,005,000 in April 2008 having sold for $2,850,000 in 2005. Call it a 22 percent ($670,000) apple-to-apples drop in value since 2008 and 18 percent ($515,000) below 2005.

Apples To Apples To Apples At 2679 California [SocketSite]
Apples to Apples: Pacific Heights Single-Family (2679 California) [SocketSite]

Posted by socketadmin at 7:45 AM | Permalink | Comments (30) | (email story)

July 27, 2011

Take Two (Or Three) In The Marina And Call Us In Another Five Years

3561 Pierce

Purchased for $1,575,000 in March of 2006, the Marina District duplex at 3561-3563 Pierce returned to the Market this past February listed for $1,650,000, it also includes a "permits unknown" garden (or garage) one-bedroom that’s rented for $1,274 per month.

Reduced seven (7) times since, and having been refinanced in 2007 with $1,456,000 in debt (versus $1,256,250 at the time of purchase), the property has been listed as a "short sale" at $1,485,000 for the past three weeks.

Keep in mind that three months ago, two months after being listed, a notice of default was filed on the property with $87,042 then past due on its $1,274,000 first (mortgage).

∙ Listing: 3561-3563 Pierce (2 x 2/1 + 1/1) - $1,485,000 (short sale) [MLS]

Posted by socketadmin at 9:00 AM | Permalink | Comments (14) | (email story)

July 26, 2011

Remodeled Apples-To-Apples On 16th Avenue (2321)

2321 16th Avenue

Listed as a "pristine, fully detached, beautifully and tastefully remodeled Spanish / Mediteranean (sic) style home in a Great Location" for $749,000 in February 2003, the Inner Parkside home at 2321 16th Avenue sold for $800,000 that April and refinanced with $860,000 in debt three years later (November 2006).

Taken back by the bank with no bidders at $675,750 cash on the courthouse steps last August, the home is back on the market and listed for $720,000 with "special financing & incentives available," ten (10) percent under 2003 on an apples-to-apples basis.

According to the selling agent-owner in 2003 when listed with 2,100 square feet, the "rooms down [are] unwarranted." According to the listing today at 1,575 square feet, there’s an "InLaw (w/ some [unwarranted] work)."

∙ Listing: 2321 16th Avenue (4/2) 1,575 sqft - $720,000 [MLS]

Posted by socketadmin at 1:00 PM | Permalink | Comments (2) | (email story)

July 25, 2011

Apples-To-Apples-To-Apples-To-Apples 1470 Noe Closes Down

1470 Noe 2011

As we first wrote in June:

As plugged-in people know, Moises Alou paid $1,875,000 for the rebuilt house at 1470 Noe in March 2005 and sold it for $1,865,000 in January 2007. Two years after that the contemporary Noe home traded for $1,850,000 in March 2009.
And yes, 1470 Noe is now back on the market two years later and listed for $1,849,000.
Assuming a sale at asking, approximately $370,000 worth of brokerage commissions will have been generated from buying and selling 1470 Noe over the past six years (while the value of 1470 Noe itself would be $26,000 less).

The sale of 1470 Noe closed escrow on Friday with a reported contract price of $1,800,000. Make that $369,500 in commissions paid over the past six years while the value of the Noe home has fallen $75,000 (4 percent), down $50,000 (3 percent) since 2009.

Apples To Apples To Apples To Apples At 1470 Noe [SocketSite]
Another On Noe (1470 Noe Street) [SocketSite]
1470 Noe Closes For 100% Of Asking (But $25,000 Less Than In 2005) [SocketSite]
1470 Noe Steps Back Up To The Plate (And A Plugged-In Peek Inside) [SocketSite]

Posted by socketadmin at 2:45 PM | Permalink | Comments (23) | (email story)

July 22, 2011

Apples To Apples (And Foreclosure) At 3208 Pierce In The Marina

3208 Pierce

As we first reported in January:

As plugged-in people might recall, while the Marina development at 3208 Pierce hit the market in 2007 with printed marketing materials touting "SOLD" for unit #407, the unit quietly hit the MLS listed for $1,279,000 once the rest of the building was in contract.
The two-bedroom condo ended up selling for $1,249,000 that October by way of a first mortgage for $999,200. A month later a second for $80,000 was added and a third for $124,000 the month after that. Call it a 96 percent Loan to Value ratio for the property within two months of purchase and at the end of 2007.
So why do we mention it now? Well, while the original notice of default was filed in November 2009, and the notice of trustee sale was finally filed a year later, the December 2010 auction being postponed due to the million dollar condo buyer's bankruptcy but the property is currently scheduled to hit the courthouse steps again in a week.

Postponed a few times since, 3208 Pierce Street #407 is once again scheduled to hit the courthouse steps this afternoon. At the same time, 3208 Pierce #102 has hit the market listed for $1,085,000 having been purchased for $1,200,000 in June of 2007.

∙ Listing: 3208 Pierce #102 (2/2.5) 1,277 sqft - $1,085,000 [3208pierce102.com] [MLS]
From "Sold" To Actually Sold To Facing Foreclosure At 3208 Pierce [SocketSite]
3208 Pierce: New Website And Photo Gallery [SocketSite]
Another Chance To Buy In The "Sold Out" 3208 Pierce [SocketSite]

Posted by socketadmin at 9:45 AM | Permalink | Comments (10) | (email story)

July 19, 2011

From $900K In 2003 To $915K Today (And $1,190K In Debt Between)

111 Day Street

Purchased for $900,000 in 2003 but refinanced with a $990,000 first in February 2006 and a second for $200,000 four months later, 111 Day Street was taken back by JP Morgan Chase Bank this past March with no bidders at $931,980 cash on the courthouse steps.

The single-family Victorian "in [an] unbeatable Noe Valley location" is now back on the market and listed for $915,000 with the ability to finance (and refinance) once again.

∙ Listing: 111 Day Street (3/2.5) 1,585 sqft - $915,000 [MLS]

Posted by socketadmin at 10:00 AM | Permalink | Comments (18) | (email story)

July 18, 2011

728 Duncan Returns Less Its "Cool" Tag (And Another $145,000)

728 Duncan

As we wrote a year ago last month:

Listed for $2,550,000 in March, the list price for the self described "Noe Valley modern cool" home at 728 Duncan was reduced to $2,385,000 in April, and just a few minutes ago it was further reduced to $2,295,000.
Once again, the single-family Noe home was purchased for $2,475,000 in August 2007 according to the MLS (although tax records suggest a contract price closer to $2,448,000).

Withdrawn from the market without a sale in 2010, the Noe Valley home has returned to the market in 2011 listed for $2,150,000, twelve percent below its 2007 purchase price.

∙ Listing: 728 Duncan (4/3.5) - $2,150,000 [MLS]
A Cool $165,000 $255,000 Off At 728 Duncan [SocketSite]
Apples To Apples For A Hip "Cool" Noe Home: 728 Duncan [SocketSite]

Posted by socketadmin at 7:30 AM | Permalink | Comments (25) | (email story)

July 15, 2011

Green Apples-To-Apples At 520 Clipper

520 Clipper: Kitchen

We liked it in 2006 when the John Maniscalco designed Noe property at 520 Clipper sold for $2,150,000. And now, five years later, what was then billed as the "Greenest Home in San Francisco" is back on the market and listed for $2,075,000.

∙ Listing: 520 Clipper (4/4) 2,580 sqft - $2,075,000 [clipperviews.com] [MLS]
The Greenest Home In San Francisco [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (0) | (email story)

Six Percent Over Two Thousand And Six For 112 Mallorca Way

112 Mallorca Way

The sale of 112 Mallorca Way closed escrow yesterday with a reported contract price of $3,479,000 ($745 per square foot), 6 percent ($204,000) over its August 2006 purchase price of $3,275,000 for the Marina District two-unit property.

112 Mallorca Way Count Down (And Possibly Up) [SocketSite]

Posted by socketadmin at 7:30 AM | Permalink | Comments (21) | (email story)

July 14, 2011

From Foreclosure To Foreclosures At 333 Grant Avenue

333 Grant Avenue

Designed by Coxhead and Coxhead and built in 1908, the former headquarters of the Home Telephone Company at 333 Grant Avenue was converted to condos in 2004 having been foreclosed upon in 2002.

One of 39 post-conversion condos and a Below Market Rate (BMR) unit as designated by the Mayor's Office of housing, 333 Grant Avenue #405 was purchased for $234,000 in November 2004 with $263,218 in loans to which a note for $25,000 was added in 2008.

333 Grant Avenue #405

In 2009, the 441 square foot studio was taken back by the bank. Unsuccessfully listed in 2009 and 2010, 333 Grant Avenue #405 has just returned to the market asking $140,000.

Another of the 39 units and not a BMR, 333 Grant Avenue #303 sold for $405,000 in 2004 and then for $550,000 in 2005, purchased by way of a $439,999 first mortgage to which a second for $166,380 was added in 2006.

Last month #303 was taken back by the bank with no bidders at $377,550 in cash on the courthouse steps.

∙ Listing: 333 Grant Avenue #405 (0/1) 441 sqft - $140,000 (BMR) [Redfin]
A Bank-Owned BMR (No, Not BMW) In Pacific Heights [SocketSite]

Posted by socketadmin at 8:45 AM | Permalink | Comments (35) | (email story)

July 13, 2011

1581 Masonic Moves Even Faster Than Our Ex-Mayor

1581 Masonic: Living

As a plugged-in reader notes, the sale of the ex-Mayor’s ex-home at 1581 Masonic closed escrow today with a reported contract price $2,750,000. As plugged-in people know, the Newsoms purchased the property $2,738,000 in 2009.

That's an official six days between being listed and having sold "at asking" according to industry stats. No official word on whether or not the buyer had already been lined up prior to being listed, however, as the property had been quietly marketed off the MLS.

The Newsoms' Home At 1581 Masonic Hits The Market [SocketSite]
The Mayor’s "Confidential" Contract Price: 8% Under Reduced Asking [SocketSite]

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

July 8, 2011

Park Terrace: From New Condo Smell To Litigation Discount For #301

Listed for $899,000 this past May having been purchased for $1,181,000 in August 2007, the sale of 325 Berry #301 has closed escrow with a reported contract price of $845,000 ($671 per square foot), 28 percent below its year 2007 price with a bit of new building litigation hanging over its head.

As we wrote in January 2008 when the sales office at Park Terrace launched a "step-up commission program" targeting buyers’ agents: "It’s no longer only the townhomes at Park Terrace which will garner brokers an increased sales commission...And it’s a good reminder to ask, is your agent working for you or selling for the developer?"

Hopefully You Didn’t Step In It At Park Terrace (325 Berry) Before [SocketSite]
Your Agent Might See Value, But Be Sure To Ask For Whom [SocketSite]

Posted by socketadmin at 1:30 PM | Permalink | Comments (0) | (email story)

The Newsoms' Home At 1581 Masonic Hits The Market

1581 Masonic

As we first reported in 2009, while the sales price of the then Mayor’s new abode at 1581 Masonic was reported on the MLS as "confidential," it was a plugged-in tipster that tipped us off to the $2,738,000 contract price of the District 5 home which had been listed for $2,980,000 (the number which would have been used for MLS based stats).

As a prescient plugged-in reader wrote at the time:

I bet if he loses the governor's primary or the actual race, within six months he will be back in his natural habitat, well north of California Street, or perhaps in Marin. This neighborhood is purely a political decision.

With the Newsoms now moving to Marin, their 3,051 square foot home on Masonic has hit the market listed for $2,750,000.

1581 Masonic: Living

∙ Listing: 1581 Masonic (4/3.5) 3,051 sqft - $2,750,000 [obeo.com] [MLS]
The Mayor’s "Confidential" Contract Price: 8% Under Reduced Asking [SocketSite]
The Mayor Moves To (Real Estate) District Five [SocketSite]
A Political Move [SocketSite]

Posted by socketadmin at 6:00 AM | Permalink | Comments (12) | (email story)

July 7, 2011

Apples To Apples With "Easy Freeway Access" On Oak

As we first reported in January:

It's definitely on a busy street (or "easy freeway access" as would have been sold as a pro rather than a con), but it’s no busier and arguably more gentrified (hello alpha) than in August 2007 when purchased for $1,150,000.
Taken back by the bank this past September, the Haight Ashbury home at 1419 Oak with wood detailing (and granite) inside is back on the market and asking $919,900.
A sale at asking would represent a 20 percent ($230,100) drop below the 2007 value of the home, a bigger swing if you account for any appreciation in between.

The sale of 1419 Oak Street has since closed escrow with a reported contract price of $825,000, twenty-eight (28) percent ($325,000) below its year 2007 sale price.

Busy Street (But Even Slower Market) [SocketSite]

Posted by socketadmin at 12:00 PM | Permalink | Comments (15) | (email story)

July 6, 2011

Odeon Penthouse Avoids Foreclosure (But Not A Big Loss)

181 O'Farrell (The Odeon)

As we wrote in November 2009 with respect to the Odeon at 181 O’Farrell:

And then there’s the penthouse (#513) which was purchased for $2,000,000 in March 2007. An attempt to sell it off as a fractional over the past two years failed and it’s been the market as a whole for the past 172 days. Originally asking $2,349,000, it’s been three months at $2,099,000 with an owner that "says make an offer!!"

Relisted anew in February 2010 asking $1,899,000 and then this past September asking $1,725,000, the sale of the 2,516 square foot Odeon penthouse known as 181 O’Farrell Street #513 has closed escrow with a reported contract price of $1,450,000, 27.5 percent ($550,000) below its 2007 sale.

As a plugged-in reader had noted, a notice of default was filed on the property in November with $38,567 past due on a $1,400,000 first mortgage (there was a seond for $200,000 as well) and the property was scheduled to hit the courthouse steps this Friday.

And yes, while it’s "apples-to-apples" in terms of the property and its past two sales, as plugged-in people know, the streetscape in front of the building is being improved.

Oh My (And Bank Owned) At The Odeon On O’Farrell [SocketSite]
On Tour As New Déjà Vu: Odeon Penthouse (181 O’Farrell #513) [SocketSite]
Top Floor Sir, Going Down (181 O’Farrell #513) [SocketSite]
Powell Street Promenade Making Progress [SocketSite]

Posted by socketadmin at 8:15 AM | Permalink | Comments (3) | (email story)

A Magnificent Mediterranean Marina Home Falls Into Our Apple Cart

110 Avila

As we first wrote about 110 Avila when listed for $2,795,000 this past May:

Last remodeled in 2007 and recently re-roofed, a year ago 110 Avila hit the market in the Marina listed for $2,795,000. It sold for $2,550,000 ($877 per square foot) last June.
Three bedrooms, three and one-half baths, a high-end kitchen and "outdoor spaces galore" with Golden Gate Bridge tower views from its roof deck.

The sale of the "magnificent Mediterranean" single-family Marina District home closed escrow yesterday with a reported contract price of $2,475,000, down 3 percent ($75,000) on a year-over-year and apples-to-apples basis.

Apples-To-Apples And Year-Over-Year At 110 Avila [SocketSite]

Posted by socketadmin at 5:00 AM | Permalink | Comments (13) | (email story)

July 1, 2011

A Quintessential Noe Valley Victorian On Our Apple Tree

4027 Cesar Chavez

The "quintessential peaked roof Victorian home" at 4027 Cesar Chavez over in Noe Valley was remodeled, "expanded & opened to a fabulous garden" in 1999 having been purchased for $415,000 in 1994.

4027 Cesar Chavez Garden

Listed for $1,749,000 in May 2007, it sold for $1,650,000 that June.

4027 Cesar Chavez: Dining

It’s now four years later and the quintessential Noe Valley home is back on the market and listed for $1,595,000.

∙ Listing: 4027 Cesar Chavez (4/2.5) - $1,595,000 [MLS]

Posted by socketadmin at 8:00 AM | Permalink | Comments (19) | (email story)

June 30, 2011

Apples To Apples To Apples (And Tipster To Tipster) On Caselli

Purchased for $1,515,000 in August 2005, it was a plugged-in tipster that noted the sale of 226 Caselli for $1,420,500 back in November 2007. As our tipster wrote at the time:

Ironically, as new homeowners on the block (yes, we bought within the past year), you would think that we would be dismayed, or at the very least experiencing extreme denial, about these listings...But before we were homeowners, we were well aware that the SF market might be headed for trouble, and gaining a mortgage and a property tax bill did not suddenly make us grow blinders as well!
We bought a house this year...not because we were trying to 'time the market,' and not because we believed our house's appreciation would beat out our stock market investments, but because it was the right time for *us* (recent job promotion, new baby on the way...all the reasons that normal pre-bubble citizens used to buy houses). We didn't buy our house as an investment...and if the market declines by 10-20% (and I think this is a possibility)...well, we bought for the long-term and intend to stay here at least 5, if not 15, years.
So I do believe that one can be a homeowner AND a rational observer as well, and I bet there are many like-minded readers of [SocketSite].

Having been slightly updated (the floor in the kitchen for example), 226 Caselli is now back on the market in 2011 listed for $1,399,000. And our 2007 tipster weighs back in:

We are still real estate bears. In fact, we do not think the market has hit the bottom yet...which makes me happy that we still have jobs which will keep us in San Francisco for at least the next ten years.
In spite of being real estate bears, we still love being homeowners and are (embarrassingly so) completely in love with our house. [And] we are still huge fans of SocketSite.
Thanks for keeping it real...even back in 2007, when it wasn't fashionable to do so!

Cheers!

∙ Listing: 226 Caselli Avenue (3/2) 1,712 sqft - $1,399,000 [MLS]
Single-Family Apples To Apples (And A Reader’s Perspective) [SocketSite]

Posted by socketadmin at 7:45 AM | Permalink | Comments (5) | (email story)

June 29, 2011

Smitten For The Smitty (And Its Incredible Shrinking Square Feet)

75 Lansing

Converted in the year 2000 by Bay Area architects Abrams & Milliken, the largest of three units within the former Smitty Knitting Factory building at 75 Lansing Street hit the market in 2006 listed with 4,000 square feet for $2,995,000 and sold for $2,800,000.

75 Lansing #3 Living

With Venetian plaster, windows galore, and 20 foot ceilings atop; mahogany bookshelves in the library; and a kitchen designed by Pacassa Studios, the unit returned to the market in 2008 listed with 3,298 square feet for $3,850,000 and sold for $3,500,000.

75 Lansing #3 is back on the market today listed for $3,250,000 without any square footage. The agent's notes for other agents does, however, note 3,100 square feet. And tax records suggest it's 3,132.

∙ Listing: 75 Lansing #3 (3/2.5) – $3,250,000 [MLS]

Posted by socketadmin at 12:30 PM | Permalink | Comments (9) | (email story)

June 27, 2011

The 85 Buena Vista Terrace Over (2000)/Under (2008)

85 Buena Vista Terrace Kitchen

As we wrote in January:

In April 2000 the restored single-family Edwardian at 85 Buena Vista Terrace sold for $1,820,000. In September 2008 it sold for $2,200,000. And in August 2010 it returned to the market with (mis)expectations of $2,595,000, was listed for $2,295,000 in September, and then withdrawn from the market two months later unsold.
Back on the market today with an official "one day" on the market and asking $2,095,000, to which year might a 2011 closing come closest for the Buena Vista home with an "estimated total interior space" (including the garage) of 2,827 square feet?

While the listing was briefly withdrawn from the MLS, the sale 85 Buena Vista Terrace closed escrow this past Thursday with a reported contract price of $1,950,000. Call it 7 percent ($130,000) over its year 2000 sale but 11 percent ($250,000) under 2008.

UPDATE: Unfortunately we can’t even claim a fat finger error, but as a plugged-in reader correctly notes, the most recent sale was $250,000 (11%) under its 2008 price, not $150,000 (7%). But hey, what’s another $100,000 between friends...

85 Buena Vista Terrace Returns Back Between 2000 And 2008 [SocketSite]

Posted by socketadmin at 7:00 AM | Permalink | Comments (25) | (email story)

June 24, 2011

A Pair Of Noe Valley Apples (And One Quick Price Change)

Purchased for $1,050,000 in May 2008, the single family home at 1502 Noe hit the market this morning listed for $1,195,000. Shortly thereafter, 16 28th Street hit the market four blocks away listed for $1,095,000 having been purchased for $1,003,000 in May of 2009.

The list price for 1502 Noe was quickly reduced to $1,095,000 as well.

∙ Listing: 1502 Noe (3/1) - $1,095,000 [MLS]
∙ Listing: 16 28th Street (3/2) 1,187 sqft - $1,095,000 [MLS]

Posted by socketadmin at 1:15 PM | Permalink | Comments (9) | (email story)

Alpha, Beta, And The America's Cup

611 Marina Dining

Twenty years ago, 611 Marina Boulevard sold for $1,250,000. Eight years later, the property sold for $1,620,000. And eight years after that, the property returned to the market listed for $3,995,000 and sold for $3,835,500 in 2007.

Unfortunately the next sale will no longer be perfectly apples-to-apples as the first floor was reconfigured and remodeled in 2008, but 611 Marina Boulevard is back on the market as of today listed for $4,800,000.

The listing now touts "front row seating [for] America's Cup events," of course. And the dining room has been painted green.

∙ Listing: 611 Marina Boulevard (4/3) 4,178 sqft - $4,800,000 [MLS]
The $1,500,000 Half Bath On Marina Boulevard [SocketSite]
The Scope Of Development For San Francisco’s First America’s Cup [SocketSite]

Posted by socketadmin at 1:15 PM | Permalink | Comments (12) | (email story)

Back Around The Cape (Horn Lofts Penthouse)

540 Delancey

As we wrote about the Cape Horn Lofts building at 540 Delancey last year:

It was sixteen condos before units #402 and #403 were combined to form a 2,900 square foot unit with over 1,000 square feet of outdoor space. In contract (and so noted) at the time we profiled #401, 540 Delancey #402/3 sold for $3,100,000 in October 2008.

Listed for $3,295,000 at the end of 2009, and then for $2,995,000 last June, the Cape Horn penthouse unit known as #402/403 is back on the market and asking $2,899,000.

540 Delancey #402/403: Kitchen

∙ Listing: 540 Delancey #402/403 (2/4) - $2,899,000 [MLS] [540delanceypenthouse.com]
540 Delancey #402/403 Comes Back Around (At) The Cape Horn [SocketSite]
Cape Horn Lofts (540 Delancey) In General, And #401 In Specific [SocketSite]

Posted by socketadmin at 9:00 AM | Permalink | Comments (6) | (email story)

June 23, 2011

Nice And Naughty On Santa Ana Avenue

355 Santa Ana

The short sale of 355 Santa Ana Avenue closed escrow on Tuesday with a reported contract price of $1,285,000. While the sale was officially "over asking" by 1 percent ($10,000), keep in mind it was also 30 percent ($565,000) below the July 2007 purchase price of $1,850,000 for the Balboa Terrace single-family home.

355 Santa Ana Avenue: Living

Another Nice Home On Santa’s Short List (355 Santa Ana) [SocketSite]

Posted by socketadmin at 12:00 AM | Permalink | Comments (4) | (email story)

June 22, 2011

A Little More Ready To Sell (And Compete) On California

As we wrote in February:

It’s a plugged-in tipster that notes a pair adjacent condos for sale at 3110 California. Purchased in November 2005 for $967,000, this past September 3110 California #2B returned to the market seeking $979,000.
Reduced and relisted a few times since, they’re now asking $849,900 (12 percent below 2005) for the Pacific Heights two-bedroom as the agent notes "seller ready to sell" and offers the "buyer’s agent" a $2,000 bonus for making the sale.
At the same time, 3110 California #2A which was purchased for $1,000,000 in September 2004 hit the market ten days ago listed for $1,200,000 (20 percent over 2004) and seemingly a little less ready to sell the three-bedroom.

The list price for 3110 California #2A has since been reduced four times, now asking $948,000 (5 percent under 2004). 3110 California #2B remains available for $849,900.

Comments: While One Is Ready To Sell A Neighbor Seems A Little Less So [SocketSite]
∙ Listing: 3110 California #2A (3/2) 1,270 sqft - $948,000 [Redfin]
∙ Listing: 3110 California #2B (2/2) 1,059 sqft - $849,900 [MLS]

Posted by socketadmin at 9:30 AM | Permalink | Comments (5) | (email story)

June 20, 2011

Apples-To-Apples And "Over Asking" (But Under 2004) On Lake

1738 Lake Street

As we wrote in February:

Purchased for $1,615,000 in early 2004 having already been renovated, the single-family home at 1738 Lake Street returned to the market last March listed for $2,100,000.
Reduced to $1,950,000 last April, to $1,890,000 last May, and then $1,780,000 last July, the four-bedroom Lake Street home was withdrawn from the market last August.
Back on the market today and listed for "$1,499,000" as a short sale.

The sale of 1738 Lake Street closed escrow on Friday with a reported contract price of $1,500,000 ($504 per square foot), officially "over asking" (by $1,000) but 8 percent under its year 2004 sale price.

Selling Short In 2011 Having Gone Long On Lake In 2004 [SocketSite]

Posted by socketadmin at 7:00 AM | Permalink | Comments (2) | (email story)

June 17, 2011

Worth The Wait?

4545 25th Street

As we wrote this past September:

The post-Labor Day parade of previously withdrawn listings has begun. And in a blast from the past, 4545 25th Street has just been listed for $2,595,000.
Purchased for $2,725,000 in November 2007, the Noe Valley home was listed for $2,895,000 in September 2008 before being relisted, reduced to $2,625,000, and then withdrawn from the market in 2009.
It’s currently tenant occupied at $7,800 per month. We'll let you do the math(s).

And as we originally noted in 2008:

Classic exterior, good location, and floor plans online (if you like those kinds of things). And while once touted as a sign of Noe Valley strength (based on its original asking price) and then as a sign of weakness (following its cut), we’ll wait for an actual sale to see.

The sale of 4545 25th Street closed today with possession at close of escrow (i.e., no tenants) and a reported contract price of $2,490,000, roughly 9% ($235,000) below its 2007 value on an apples-to-apples basis.

A Blast From The Past (And Noe Valley Apple) Returns [SocketSite]
An Elegant Noe Valley Apple Still On The Tree: 4545 25th Street [SocketSite]

Posted by socketadmin at 3:00 PM | Permalink | Comments (5) | (email story)

$430,000 Up In Smoke At 890 De Haro

890 De Haro

As we wrote about 890 De Haro this past February:

In 2007 the Potrero Hill home at 890 De Haro sold for $1,350,000. The sale is yet another example of a "winning" offer in San Francisco that was financed with 100 percent debt, a first for $1,080,000 and a second for $270,000. And here you couldn’t understand how you kept getting outbid or what was driving appreciation (less than two years before the property had traded for $1,185,000).
A year later the owner posted a "make me move" price of $1,650,000 which was withdrawn in March 2010, three months after a notice of default was filed with $50,289 past due.
The property was subsequently listed as a short sale for $1,150,000 this past November, was in and out of contract, and has now returned to the MLS listed for $1,013,000. And while its courthouse sale has been postponed in the past, the home is once again scheduled to hit the steps in San Francisco next week.
For some reason the current listing for the property doesn’t tout the "sophisticated indoor marijuana cultivation/processing room" which last occupied the back half of the garage. Oh, did we not mention the seller was arrested for cultivating marijuana here and at another home back in 2009?
We’d sure love to see Merrill Lynch’s loan documentation for the purchase in 2007.

On Wednesday the sale of 890 De Haro closed escrow with a reported contract price of $920,000, 32 percent ($430,000) below its year 2007, and pre-processing room, sale.

And of course, a reader’s Six Most Excellent Alternate Head-lines for our original post.

Working All The Angles And Coming Up Short In The Marina [SocketSite]
Groveland Marijuana Investigation Moves To San Francisco [SocketSite]
100 Percent Doobie Debt Financed On Potrero Hill [SocketSite]
A Reader’s Six Most Excellent Alternate Head-lines For 890 De Haro [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (10) | (email story)

June 16, 2011

An '06 Stack Uptick At ORH As Early Adopters Remain Behind

One Rincon Hill (www.SocketSite.com)

Having been in default for well over a year, and with a forced sale that’s been pushed down the road for nearly as along, 425 1st Street #3306 is once again scheduled to hit the courthouse steps tomorrow afternoon.

The 1,238 square foot One Rincon Hill two-bedroom was purchased for $1,302,000 in May of 2008 with 20 percent down ($260,426) and a note for $1,041,574. The unit above (#3406) sold for $1,307,500 eight days later.

As plugged-in people know, the sale office sold 425 1st Street #3906 for $960,000 in early 2010 having had it listed for $1,295,000. Five months ago, the sales office sold #4306 for $985,000 having had it listed for $1,383,000 early last year. And this past April, the sales office moved #4906 for $1,125,000 having had it listed for $1,295,000.

The Latest (By Two Weeks) One Rincon Hill "06" Comp [SocketSite]
2008 Versus 2011 At ORH With Some Courthouse Steps In Between [SocketSite]

Posted by socketadmin at 11:30 AM | Permalink | Comments (14) | (email story)

June 13, 2011

While A Big One Sells, Another Is Scheduled For The Steps

818 Steiner

As we wrote about 818 Steiner this past February:

Built for Louis Hartter, his wife Emily Geisel and their five children in 1899, the 5,693 finished square feet of 818 Steiner were completely refinished between 2004 when purchased for $1,620,000 and 2007 when sold for $3,400,000.
It's now four years later and the Martens & Coffey designed Alamo Square Victorian is back on the market and asking $3,200,000. The sale in 2007 was $550,000 under original ask.

On Friday, the sale of 818 Steiner closed escrow with a reported contract price of $3,050,000, five (5) percent under asking and ten (10) percent under its year 2007 price.

Down the street, 722 Steiner is no longer listed for sale despite its "Seller MUST sell, will consider all offers" listing at $2,950,000 last year. That being said, the Postcard Row developer's onetime home is current scheduled to hit the courthouse steps next month with over $100,000 past due on a $1,740,000 first (and a second for $290,000).

722 Steiner (www.SocketSite.com)

Hartter’s Party Of Five Seven House Returns At 818 Steiner [SocketSite]
"Seller MUST Sell" 722 Steiner [SocketSite]
Postcard Row's Postman's Home Hits The Market (722 Steiner) [SocketSite]

Posted by socketadmin at 5:30 PM | Permalink | Comments (6) | (email story)

No Longer "Distressed," 1390 McAllister Closes Down 16% Under '06

1390 McAllister Living.jpg

While the listing was changed from "REO" (bank-owned) to a regular sale following our featuring it, the change doesn’t seem to have affected the outcome for 1390 McAllister.

Purchased for $710,000 in June 2006, the resale of the three-bedroom, two-bath Alamo Square Tenancy In Common (TIC) closed escrow on Friday with a reported contract price of $595,000, 16 percent ($115,000) below its 2006 price.

First! (Individual TIC Unit In San Francisco To Return Bank-Owned) [SocketSite]

Posted by socketadmin at 1:30 PM | Permalink | Comments (5) | (email story)

Starting Over At 449 Myra Way

449 Myra Way

Sporting a Viking range and Sub-Zero fridge in the kitchen, the short sale of the "delightful [starter] home with fabulous views in a terrific location" up in Miraloma Park at 449 Myra Way closed escrow on Friday with a reported contract price of $590,000.

Yes, that’s a bullish 1 percent ($5,000) "over asking" but a rather bearish 25 percent ($200,000) under its April 2007 sale price of $790,000 which we can only hope wasn’t a false start for the sellers (or a false comp for anyone else at the time).

A False Starter Home And Shadow Inventory On The Myra Way? [SocketSite]

Posted by socketadmin at 8:15 AM | Permalink | Comments (1) | (email story)

June 10, 2011

From "Luxe" To "Luxury" For A Mission Apple On The Tree

2405 Folsom #1

Listed for $1,199,000 in April 2008, the newly constructed three-bedroom “Luxe Mission” townhome #1 at 2405 Folsom Street sold for $1,149,000 ($617 per square foot) that June.

Back on the market three years later as "luxury" versus "luxe," they’re asking $1,238,000 for 2405 Folsom #1. If you think you know the Mission market, now’s the time to tell.

∙ Listing: 2405 Folsom Street #1 (3/3.5) 1,863 sqft - $1,238,000 [MLS]
Coming Soon Here: 2405 Folsom (Website And Listing) [SocketSite]

Posted by socketadmin at 10:15 AM | Permalink | Comments (12) | (email story)

Another Cut For The Apple Crop At 1499 Masonic

1499 Masonic Facade Crop

Purchased for $2,275,000 in 2005, on the market for $2,095,000 in 2010, and asking $1,999,000 for the past two months, the list price for the tightly cropped remodeled Ashbury Heights Victorian at 1499 Masonic has been reduced to $1,895,000.

∙ Listing: 1499 Masonic (3/2+1/1) - $1,895,000 [MLS]
(A) 1499 Masonic Set Back [SocketSite]
Take Two For An Orange On Oak And Bumper Apple Crop On Masonic [SocketSite]

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June 9, 2011

A Late 2009 Esprit Park Apple Is Picked (Up)

863 Indiana #109 Living

As we wrote in March:

In November 2009 the sale of 863 Indiana #109 closed escrow with a reported contract price of $550,000, the Esprit Park one-bedroom with one and one-half baths had been listed for $615,000. The 861 square foot condo has just been listed for $575,000.

The sale of 863 Indiana #109 closed escrow yesterday with a reported contract price of $570,000. That’s 1 percent under asking but 4 percent over late 2009.

Esprit Park Sprouts A Late 2009 One-Bedroom Apple To Be [SocketSite]

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June 7, 2011

4142 Folsom: Throwback Design (And Price)

4142 Folsom

Built in 1996 and designed by Tobin Kendrick with a bit of throwback modern flair, 4142 Folsom last changed hands in August 2008 for $860,000 having been listed for $799,000.

4142 Folsom: Living

The kitchen has since been remodeled with new counters and appliances. And the Bernal Heights home is now back on the market and listed for $799,000 once again.

As the kitchen looked in 2008:

4142 Folsom Kitchen Before

∙ Listing: 4142 Folsom (2/1.5) 1,156 sqft - $799,000 [MLS]
San Francisco’s Modern Era Of Design And Development [SocketSite]

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June 6, 2011

364 Fair Oaks Closes At $595 $647 Per Square

364 Fair Oaks Master

As we wrote in April about 364 Fair Oaks ("Sensational Arts and Crafts architectural masterpiece renovated to perfection!") over in Noe:

Picked up for $2,105,000 in 2002, it’s probably not going too far out on a limb to say the list price of $2,275,000 for 364 Fair Oaks today is rather fair and priced to attract attention at $595 per square.
Mahogany paneled walls, beamed ceilings and a renovated kitchen on the main floor, a mix of period and contemporary above.

The sale of 364 Fair Oaks has closes escrow with a reported contract price of $2,280,000, officially "over asking" (by 0.2 percent) and 8 percent over its year 2002 sale. In terms of price per square foot, as best we can tell the listed square footage was changed mid-listing from 3,826 to 3,522, so it closed at $647 per square foot.

364 Fair Oaks "Fairly" Priced At $595 Per Square [SocketSite]

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June 3, 2011

112 Mallorca Way Count Down (And Possibly Up)

112 Mallorca Way

Purchased for $3,275,000 in August 2006, the steel framed house at 112 Mallorca Way has returned to the market asking $3,479,000.

112 Mallorca Way: Floor Plan

Listed at 4,669 square feet, the Marina home boasts six decks, five bedrooms, four (and one-half) baths, a three-car garage, two fireplaces (that "have been sheet rocked over but can be brought back to working order"), and a legal "one-bedroom apartment" below.

∙ Listing: 112 Mallorca Way (5/4.5) - $3,479,000 [obeo.com] [MLS]

Posted by socketadmin at 9:45 AM | Permalink | Comments (35) | (email story)

June 2, 2011

2008 Versus 2011 At ORH With Some Courthouse Steps In Between

As we first reported in January:

Closing escrow with a recorded contract price of $628,000 in February 2008, within two months 425 1st Street #1805 was listed for sale with an asking price of $719,000.
Following a series of price cuts, and at one point seeking a short sale for "$499,000," this past August the One Rincon Hill one-bedroom was purchased on the courthouse steps for $441,886 cash.
Back on the market at $599,000 this past October, in November the list price was reduced to $579,000 and yesterday it was reduced to $559,000.

While just updated on the MLS, the sale of 425 1st Street #1805 appears to have closed escrow on 3/15/11 with a reported contract price of $535,000, effectively splitting the difference between its 2008 closing price and 2010 all cash sale on the courthouse steps.

There are currently five other condos at One Rincon Hill scheduled to hit the courthouse steps within the next five weeks and at least two other units in default.

From Failed To Foreclosure Flip (And Five Others) At One Rincon Hill [SocketSite]

Posted by socketadmin at 8:45 AM | Permalink | Comments (6) | (email story)

June 1, 2011

Apples To Apples To Apples To Apples At 1470 Noe

1470 Noe 2011

As plugged-in people know, Moises Alou paid $1,875,000 for the rebuilt house at 1470 Noe in March 2005 and sold it for $1,865,000 in January 2007. Two years after that the contemporary Noe home traded for $1,850,000 in March 2009.

1470 Noe Living

And yes, 1470 Noe is now back on the market two years later and listed for $1,849,000.

1470 Noe Floor Plan

Assuming a sale at asking, approximately $370,000 worth of brokerage commissions will have been generated from buying and selling 1470 Noe over the past six years (while the value of 1470 Noe itself would be $26,000 less).

∙ Listing: 1470 Noe (3/2) 2,300 sqft - $1,849,000 [1470noe.com]
Another On Noe (1470 Noe Street) [SocketSite]
1470 Noe Closes For 100% Of Asking (But $25,000 Less Than In 2005) [SocketSite]
1470 Noe Steps Back Up To The Plate (And A Plugged-In Peek Inside) [SocketSite]

Posted by socketadmin at 11:30 AM | Permalink | Comments (14) | (email story)

Hopefully No One Banked On This Bernal Comp Back In 2005

330 Banks

As we wrote about 330 Banks up in Bernal back in January 2008:

On the market without finding a buyer at $649,000 last fall, 330 Banks is back on the market (but not the MLS) with a list price of $599,000.
Included in the sale are approved plans to add an additional "art studio" and half-bath on first floor. And while it’s usually "showings by appointment only," it will be open this Sunday (1/27) for just one half-hour (from 2:00 to 2:30) if you want to take a peek.
Keep in mind that this single-family Bernal Heights home was purchased two and one-half years ago for $700,000 (on 6/8/2005). And yes, the sale at $700,000 was likely used as a local comp a couple of years ago. And so on. And so forth.

And as we added this past February:

This past June the bank foreclosed with $558,053 owned on its first (the 2005 sale was financed with a first for $544,000 and a second for $57,500) and the little Bernal home returned to the market asking $534,900 in September before being withdrawn from the market in December...

Re- listed for $499,900, the re-sale of 330 Banks has now closed escrow with a reported contract price of $450,000, 35 percent ($250,000) below its year 2005 price.

Back On The Market (But Not The MLS) In Bernal Heights: 330 Banks [SocketSite]
Six Of Sixty-Five Bank-Owned In Bernal Including Two On Banks [SocketSite]
The Bank's 330 Banks Returns 29 Percent Below Its 2005 Price [SocketSite]

Posted by socketadmin at 9:45 AM | Permalink | Comments (9) | (email story)

The Force Remains Strong For 2739 Larkin

As we wrote 33 days ago:

Listed for $1,995,000 last October, 13 days later the sale of 2739 Larkin closed escrow with a reported contract price of $2,650,000. Yes, 33 percent over asking.
It’s now six months later, and while it’s been making the rounds quietly for at least a few weeks, yesterday 2739 Larkin was officially listed for $2,695,000.
While not noted on the MLS once again, tax records report it's 2,596 square feet. We’ll let you set the odds on a repeat performance with respect to price.

Yesterday, the sale of 2739 Larkin closed escrow with a reported contract price of $2,725,000, up 3 percent over the past seven months on an apples-to-apples basis.

And yes, the seller last year was a Lucas.

If You Weren’t The Winning Bidder For 2739 Larkin Six Months Ago... [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (14) | (email story)

May 25, 2011

2655 Scott Street Is Quickly Picked

2655 Scott Street

As we wrote about 2655 Scott Street just last month:

Classic Deco curb appeal, a modern interior with easy access to the outdoors from the marble countered kitchen, and a 2009 era apple, they’re a few of our favorite things.
Purchased for $3,100,000 in August 2009, the single-family Pacific Heights home at 2655 Scott Street is back on the market and listed for $3,300,000 touting "approved" plans for a vertical addition and new master suite to boot.

The sale of 2655 Scott Street closed yesterday with a reported contract price of $3,244,769. That's 2 percent under asking but 5 percent ($144,769) over 2009.

A Few Of Our Favorite Things [SocketSite]

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May 23, 2011

On This Farm He Had A Short Sale (And Foreclosure In The Works)

Clinton Mews

One of ten Donald MacDonald designed petit townhomes that comprise the Clinton Mews urban infill development off Guerrero, 170 Guerrero Street #F was purchased for $507,000 in November 2003.

170 Guerrero #F: Living

Refinanced in June of 2007 with a first for $517,500 and a second for $130,000, as of this past November the first mortgage was $43,976 past due and the home is currently scheduled to hit the courthouse steps in a month.

In the meantime, 170 Guerrero #F has been listed for $568,000 as a short sale.

∙ Listing: 170 Guerrero #F (2/1) 800 sqft – “$568,000” (short sale) [MLS]

Posted by socketadmin at 2:30 PM | Permalink | Comments (46) | (email story)

Apples-To-Apples And Year-Over-Year At 110 Avila

110 Avila Kitchen

Last remodeled in 2007 and recently re-roofed, a year ago 110 Avila hit the market in the Marina listed for $2,795,000. It sold for $2,550,000 ($877 per square foot) last June.

Three bedrooms, three and one-half baths, a high-end kitchen and "outdoor spaces galore" with Golden Gate Bridge tower views from its roof deck.

110 Avila Deck

Back on the market and once again listed for $2,795,000 today.

∙ Listing: 110 Avila (3/3.5) 2,906 sqft - $2,795,000 [paytonbinnings.com] [MLS]

Posted by socketadmin at 9:30 AM | Permalink | Comments (15) | (email story)

May 20, 2011

If You Missed It When New Take Two For 1438 Jackson

1436-1442 Jackson (www.SocketSite.com)

Purchased as new construction in 2008 for $1,500,000 ($1,222 per square foot per 2008 sales materials), listed for $1,629,000 nine months later but then withdrawn without a sale, 1438 Jackson is back on the market and listed for $1,585,000 ($1,292 per square).

Once again, high-end fixtures and finishes (Bulthaup, Miele, Subzero, Dornbracht, Lefroy Brooks, WET, Bonelli) throughout.

∙ Listing: 1438 Jackson (3/2.5) - $1,629,000 [via ziprealty.com]
1438 Jackson: If You Missed It When New (And Now That You Know) [SocketSite]
From Rendering To Reality (And The MLS): 1446 Jackson Street [SocketSite]

Posted by socketadmin at 2:00 PM | Permalink | Comments (8) | (email story)

May 18, 2011

A Decade Later (And A Few Thousand Less) For 165 Hazelwood

165 Hazelwood

Having been remodeled and flipped for $712,000 in March 2001, the Westwood Park home at 165 Hazelwood Avenue returned to the market this past October in District 4 listed as a short sale for "$699,000," and then reduced to $680,000 in March.

Yesterday, the sale of 165 Hazelwood closed escrow with a reported contract price of $709,000, officially "over asking" yet $3,000 under its year 2001 price.

A Lost Decade Listing For 165 Hazelwood Over In Westwood Park [SocketSite]
A Decade Over Decade Drop In District 4 For 165 Hazelwood Avenue [SocketSite]

Posted by socketadmin at 7:45 AM | Permalink | Comments (29) | (email story)

May 16, 2011

$1,610,000 Of Debt Versus A $928,000 Sale For 1688 Dolores

1688 Dolores

As we wrote about 1688 Dolores this past October:

Purchased in April 2005 for $1,227,000 with 95 percent leverage and 5 percent ($61,400) down, the single-family home at 1688 Dolores was briefly listed this past March for $1,050,000 before being withdrawn.
Yesterday the Noe Valley home returned to the MLS listed for "$1,050,000" as a short sale and with one day on the market once again.

As we added in January:

As a plugged-in tipster captures in a scene more commonly associated with Detroit than Noe, the short sale doesn’t appear to be going too well despite a reduction to "$975,000," confirmed by the notice of default filed by the first mortgage holder four weeks ago.
And while we previously noted the 95 percent leverage at purchase, we just noticed what appears to be a third for an additional $500,000 two years after in July 2007.

On Friday the sale of 1688 Dolores closed escrow with a reported contract price of $928,000, 25 percent ($299,000) below its 2005 sale price for the 1,450 square foot home on the Noe/Bernal border.

1688 Dolores was scheduled to hit the courthouse steps in two weeks.

Highly Leveraged In '05 And Now Selling Short? Certainly Not In Noe… [SocketSite]
Highly Leveraged In 2005 And Now An LPS Flag Flies In Noe [SocketSite]
San Francisco Bucks CA Foreclosure Trends, But Not In A Good Way [SocketSite]

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May 13, 2011

From $225,000 To $25,000 "Down" And Bank-Owned At 1825 Webster

Purchased for $1,500,000 in June 2006 with two loans and $225,000 down, a year later a third mortgage for $200,000 was added to the property at 1825 Webster.

Taken back by the bank with no bidders at $1,242,890 this past March, the "prime" Lower Pacific Heights single-family home is now back on the market and listed for $999,900.

∙ Listing: 1825 Webster (3/2) 1,026 sqft - $999,900 [MLS]

Posted by socketadmin at 7:30 AM | Permalink | Comments (12) | (email story)

May 11, 2011

Apples To Apples (And Sour Statistics) For 333 Oak Park Drive

333 Oak Park Drive

As we wrote in March:

Purchased for $775,000 a year ago (April 2010), the single-family Forest Knolls home at 333 Oak Park Drive has returned to the market listed for $875,000.
In the words of a couple of readers wondering about its return, "from what we can gather, there is little more than a lick of paint (internally) and an amazing collection of contemporary art which is, sadly, not included in the sale."
As best we can tell, no permits for major work have been issued since its April purchase, nor have the street level third bedroom and bath which were built without permits according to its listing last year been legalized.
And while we might debate the amazing call with respect to the collection of art, unless we missed a permit, we are calling this an apple to be.

The resale of 333 Oak Park Drive closed escrow on Friday with a reported contract price of $800,000, up 3 percent year-over-year. On the same day the $800,000 sale was recorded the list price for the property was reduced to $800,000 on the MLS as well.

So in terms of MLS based market statistics and industry reports, it’s another "at asking" sale versus 3 percent under the price at which it was listed when the property went into escrow ($829,000) or 9 percent under the price at which it was originally listed in March.

Apples To Apples (And A Little Art Later) 333 Oak Park Drive Returns [SocketSite]

Posted by socketadmin at 8:15 AM | Permalink | Comments (34) | (email story)

May 6, 2011

Well, It Really Wasn’t The Seller Who Came Up Short On 12 Auburn...

As we wrote in January:

So there's no deeded parking and Nob Hill, but it is a rather cute little two-bedroom at 12 Auburn that’s just returned to the market after a one-month hiatus, only it's now listed as a short sale for "$699,000" having been purchased for $700,000 in May 2005.
The property had been listed for as much as $898,000 just four months ago prior to three prices reductions and then being withdrawn from the MLS at the end of December.

The sale of 12 Auburn closed escrow today with a reported contract price of $678,400, three percent ($21,600) under its 2005 price. Don’t feel too sorry for the seller, however, as the property was refinanced in 2007 with a first mortgage for $712,500 and a second for $142,000, a total of $854,500 in debt for which the property would have had to appraise.

And yes, the short-seller, who was also the agent, was in default with JPMorgan Chase at the time of the sale.

12 Auburn Comes Up Short On Nob Hill [SocketSite]

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Another Bite Out Of The Apple At 2679 California

Having fallen out of contract last month when listed for $2,595,000, late last night the list price for 2679 California Street was reduced to $2,495,000.

As plugged-in people know, the "Stunning Pacific Heights Victorian home" last sold for $3,005,000 in April 2008 and for $2,850,000 three years before that in October 2005.

Comments: Apples To Apples To Apples At 2679 California [SocketSite]

Posted by socketadmin at 7:45 AM | Permalink | (email story)

May 4, 2011

Over Asking But Under Pre-Renovated 2006 Price For 725 Hampshire

725%20Hampshire.jpg

As we wrote in March:

Unfortunately it’s not an "apple" to be as the kitchen (and at least one bath) has been remodeled with a permitted estimate of at least $40,000 worth of new cabinets, counters and appliances since its purchase for $975,000 in 2006.
But the sale of 725 Hampshire will be another interesting data point on Hampshire having been priced at $959,000 and a little closer to market than was number 953.

The sale of 725 Hampshire closed escrow yesterday with a reported contact price of $967,000, officially "over asking" by $8,000 but also $8,000 under the price for which the Inner Mission home sold in 2006 prior to being remodeled.

Hot Or Not On Hampshire Continues With Number 725 [SocketSite]
Well "Over Asking" At $478 Per Square Foot For 953 Hampshire [SocketSite]

Posted by socketadmin at 10:15 AM | Permalink | Comments (8) | (email story)

May 3, 2011

Chloe's Noe Pad Closes Up 6 Percent From 2006 BC (Before Chloe)

1178 Dolores Living

As we wrote in March:

Who’s the unnamed designer behind the fig tree festooned "magical, designer-owned" Noe Valley condo at 1178 Dolores? That would be Chloe Warner who purchased the pad for $900,000 in January 2006. Perhaps you took a tour a couple years after in late 2007.
With the books still arranged by color, and without any outside staging one would hope, the two-bedroom and two-bath condo has just hit the market listed for $899,000 in 2011.

The sale of 1178 Dolores closed escrow today with a reported contract price of $956,000 ($626 per square), up 6 percent from 2006 BC (Before Chloe) for the Noe two-bedroom.

Chloe’s Magical Condo Hits The Market At 1178 Dolores [SocketSite]
Domino House Tour: Chloe Warner [YouTube]

Posted by socketadmin at 6:30 PM | Permalink | Comments (2) | (email story)

An Apple Today Keeps The Foreclosure Man Away

1855 Laguna

As we reported in January:

Purchased for $2,660,000 in April 2006 with 25 percent ($532,000) down but a second added for $182,000 two months later, the fully remodeled Victorian home at 1855 Laguna with a big Viking and Sub-Zero in the kitchen returned to the market a week ago.
Now listed as a short sale for "$2,195,000," three weeks ago a notice of default was filed on the Lower Pacific Heights property with $57,667 past due.

On Friday the sale of the renovated Victorian in Lower Pacific Heights closed escrow with a reported contract price of $2,100,000, 21 percent ($550,000) below its sale price in 2006.

And yes, the property also changed hands in 2002 for $1,550,000, but that was prior to a major remodel, expansion and seismic reinforcement.

1855 Laguna: Nudged To Market In Lower Pacific Heights [SocketSite]
San Francisco Bucks CA Foreclosure Trends, But Not In A Good Way [SocketSite]

Posted by socketadmin at 7:45 AM | Permalink | Comments (12) | (email story)

May 2, 2011

See 845 Montgomery #C Return To 2009 (And Back Below 2008)

845 Montgomery

As we wrote at the end of March:

In 2009 a list price of $1,095,000 didn’t attract a buyer, nor did its reduced price of $995,000, and a year ago it was withdrawn from the MLS. Today, 845 Montgomery #C is back on the market and listed for $1,029,000, the two-bedroom Jackson Square condo was purchased for $1,000,000 ($958 per square foot) in 2008.
And while the listing photos might not be quite so polished this time around, at least those for the neighborhood establishments are actually in the 'hood versus a mile or so away.
No word on whether or not the "show to most select clients" line from the listing is code.

The list price for 845 Montgomery #C has just been reduced to $995,000, back below its $1,000,000 purchase price in April 2008 and on par with the list price at which it was withdrawn from the market without a sale in 2009.

∙ Listing: 845 Montgomery Street #C (2/2) 1,044 sqft - $995,000 [MLS]
Closer To Home For 845 Montgomery #C [SocketSite]
See Inside But Not Around Jackson Square (845 Montgomery) #C [SocketSite]
The Jackson Square Condominiums (847 Montgomery) [SocketSite]

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April 29, 2011

The United (236) States Of Easy Money And Forgiveness

236 States #1: Kitchen

As we wrote about 236 States in July 2008:

While 236 States #1 doesn’t look to be particularly large, it does look to make decent use of the space (although it’s tough to tell about storage).
And to be honest, it was simply the operable windows in the kitchen that caught our eye.

Listed for $769,700 at the time having been purchased for $558,000 with no money down in 2003, the 923 square foot condo was withdrawn from the market after three months without a sale (and a "make me move" price of $849,000 on Zillow).

Today, 236 States is back on the market listed as a short sale for $619,000 having been refinanced in 2005 with $641,000 in debt.

∙ Listing: 236 States Street #1 (2/1) - "$619,000" (short sale) [MLS]
Sometimes It’s The Small Things (In More Ways Than One) [SocketSite]

Posted by socketadmin at 10:15 AM | Permalink | Comments (9) | (email story)

Two Years And A Cosmetic Upgrade Later For $31,000 $47,000 Less

Having been cosmetically renovated since purchased for $530,000 in February 2009, it’s not perfectly apples-to-apples. But the resale of 201 Harrison #210 closed escrow on 4/21 with a reported contract price of $483,000, down 10 percent ($47,000) for the two-bedroom Baycrest Towers condo over the past two years, not accounting for the renovation.

Two Years And A Cosmetic Upgrade Later For $31,000 Less [SocketSite]

Posted by socketadmin at 7:00 AM | Permalink | Comments (7) | (email story)

If You Weren’t The Winning Bidder For 2739 Larkin Six Months Ago...

2739 Larkin Interior

Listed for $1,995,000 last October, 13 days later the sale of 2739 Larkin closed escrow with a reported contract price of $2,650,000. Yes, 33 percent over asking.

It’s now six months later, and while it’s been making the rounds quietly for at least a few weeks, yesterday 2739 Larkin was officially listed for $2,695,000.

While not noted on the MLS once again, tax records report it's 2,596 square feet. We’ll let you set the odds on a repeat performance with respect to price.

∙ Listing: 2739 Larkin (3/2.75) - $2,695,000 [MLS]
A Look Inside 2739 Larkin And The Russian Hill Contemporary Market [SocketSite]

Posted by socketadmin at 7:00 AM | Permalink | Comments (10) | (email story)

April 28, 2011

No, This Wasn't In Florida But Rather On...

1376 Florida

As we wrote in January:

In April 2007 the Inner Mission fixer at 1376 Florida sold for $700,000. Since then "fully approved plans" have been secured and "permits are ready to be issued" for rebuilding the property as two "low energy condominiums" totaling 3,000 square feet.
Returned to the market professionally priced at $850,000 early last year, reduced to $799,000, then to $749,000, and then to $649,000 before being withdrawn last October, the property has just returned to the market as a short-sale listed for "$300,000."

The sale of 1376 Florida closed escrow today with a reported contract price of $320,000. Yes, another "hot" over asking sale at a cool 54 percent ($380,000) under its 2007 price.

Plans For The Inner Mission Fixer At 1376 Florida Come Up Short [SocketSite]

Posted by socketadmin at 12:15 PM | Permalink | Comments (38) | (email story)

The Score Card For 2207 Scott

2207 Scott Street

The sale of 2207 Scott Street closed escrow yesterday with a reported contract price of $3,310,000. As we first wrote about the property last October:

Purchased for $3,425,000 in May 2006 with what would appear to have been "Google money," in 2008 the rear foundation at 2207 Scott Street was replaced, a three-quarter bath added, and a bit of garage space reclaimed for living.
At a permit estimated cost of $200,000, let's call it $3,625,000+ invested in the property.
Back on the market today and listed for $3,600,000, a sale at asking would appear as "appreciation" of 5% over the past four years in MLS based reports, newsletters and statistics but wouldn’t exactly be so.
Closing the day at $543.30, shares of Google are up 47% over the same timeframe.

Relisted for $3,450,000 in January, the property was in and out of contract in February and then reduced to $3,300,000 in March for an "over asking" sale according to industry stats.

Google is currently trading at $536.58 per share.

2207 Scott Versus The Underlying Shares [SocketSite]
Google Salaries And Shares Up While 2207 Scott Street Returns Down [SocketSite]

Posted by socketadmin at 11:30 AM | Permalink | Comments (35) | (email story)

April 27, 2011

A Violation Of Trust

San Francisco's Ritz-Carlton Residences (www.SocketSite.com)

As we wrote last month:

The rather ironic line from the listing for 690 Market Street #1505, a one-bedroom at San Francisco’s Ritz-Carlton Residences: "The world's most trusted luxury brand has brought a new measure of service to one of the world's most fascinating and engaging cities."
While we’ll naturally agree with the "one of the world's most fascinating and engaging cities" bit, how has this condo in the "world's most trusted luxury brand[ed]" building performed over the past four years in San Francisco?
Purchased for $1,193,000 in 2008 by way of a $894,440 loan (25 percent down), last year 690 Market #1505 was taken back by the bank with $937,377 owed.
Today, they’re asking $699,900 for the Ritz-Carlton condo, 41 percent ($493,100) less than its purchase price in 2008 and down from a list price of $729,900 last month.

Yesterday, the resale of 690 Market Street #1505 closed escrow with a reported contract price of $665,000, a 44 percent ($528,000) drop in value for the Ritz-Carlton condo since 2008. Let's just call that a violation of trust.

Trust Issues (Formerly Known As "Trust Us, It's Different Here") [SocketSite]
A Concerning Comp (And Empty Shell) At The Ritz-Carlton Residences [SocketSite]

Posted by socketadmin at 4:30 PM | Permalink | Comments (4) | (email story)

Cohen’s The Bank’s Candlestick Point Condo Closes Escrow

The bank-owned resale of the Candlestick Point two-bedroom condo that newly elected San Francisco Supervisor Malia Cohen purchased for $581,500 in December 2006 before letting the bank foreclose ("It was underwater, so I let it go...") has closed escrow with a reported contract price of $320,000, a 45 percent ($261,500) drop in value since 2006.

As previously noted, while the Chronicle reported Cohen’s January move from the condo, we reported the bank had actually foreclosed on the condo this past August, a few months before her election.

San Francisco Supervisor Cohen Walks Away From Underwater Condo [SocketSite]

Posted by socketadmin at 5:30 AM | Permalink | Comments (46) | (email story)

April 26, 2011

Luckily You Didn’t Buy The "Bullish" Instant Equity Claim (Or In 2007)

104 Funston

It’s been a wild ride for the single-family home at 104 Funston over the past four years having been purchased for $2,750,000 in May 2007, improved to the tune of $400,000, and then relisted a year ago asking $3,150,000.

Reduced to $2,750,000 last May, the listing then touted "move in with equity” with the property having been "appraised at $2,850,000." But as we wrote at the time versus simply after the fact: "Who are we to suggest that its three weeks on the market at $2,875,000 without a sale would suggest otherwise."

Reduced and relisted a few more times over the past eleven months, most recently for $2,395,000 in March, on Friday the sale of 104 Funston closed escrow with a reported contract price of $2,200,000 and after just "53" days on the market according to industry statistics and reports, a number that would appear to be "hot," at least on the surface.

Not including the reported $400,000 worth of improvements, call it a 20 percent ($550,000) drop in value for the single-family Lake District home since 2007, a 30 percent ($950,000) drop if you account for the improvements which median price reports will not.

And yes, that’s $650,000 under that agent touted "move in with equity" value in 2010.

Instant (Appraiser's) Equity At 104 Funston [SocketSite]
Will 104 Funston Return With Even More "Move In Equity?" [SocketSite]
No More Mention Of (Even More) "Move In Equity" For 104 Funston [SocketSite]
A Quick Reminder Not To Bank On An "Appraisal" (Or Instant Equity) [SocketSite]
A "Fresh Perspective" On A Rather Familiar 104 Funston [SocketSite]
Medians Are Up, But Don’t Confuse That With Increasing "Prices" [SocketSite]

Posted by socketadmin at 10:45 AM | Permalink | Comments (24) | (email story)

Royally Short On The 18th Floor At 1750 Taylor

1750 Taylor #1803: Living

As we wrote in February:

Purchased for $2,550,000 in December 2007 and unsuccessfully listed for sale five times since with prices ranging from $2,700,000 to $1,900,000, the Royal Towers (1750 Taylor) #1803 is now back on the market MLS and listed for $1,995,000 as a short sale.
The new listing at 22 percent below its 2007 price touts "Quintessential Russian Hill Co-Op." And yes, the listing now includes an obligatory reference to the America’s Cup.

The sale of 1750 Taylor #1803 has now closed escrow with a reported contract price of $1,775,000, down 30 percent ($775,000) from its sale price at the end of 2007.

The Quintessence Of Russian Hill Living Or The Market As A Whole? [SocketSite]
Royal Towers (1750 Taylor): Columns, Views, And Comps [SocketSite]
Overused Listing Descriptor Of The New Year: "Stunning" [SocketSite]

Posted by socketadmin at 6:45 AM | Permalink | Comments (7) | (email story)

April 25, 2011

Up (And Down) Atop The Brannan Redux

229 Brannan #17J

Touting "best [South Beach] location and building," higher penthouse ceilings and two car parking, the sale of 229 Brannan #17J closed escrow on Friday with a reported contract price of $1,100,000, $779 per square for the 1,412 square foot Brannan two-bedroom.

As we noted this past October, tax records would suggest the sellers purchased the unit for around $950,000 in March 2002. In the same stack but seven floors below and without the higher ceilings or second parking spot, 229 Brannan #10J sold for $1,290,000 in 2006 and then again for $1,070,000 in June 2009 (a drop of 17% over those three years).

As we also noted, 229 Brannan #14J which had been purchased for $1,027,000 in August 2001 resold for $1,080,000 in August 2010. But again, that's with lower ceilings, one less parking space, and three floors below number seventeen.

Up (And Down) Atop The Brannan: 229 Brannan #17J [SocketSite]

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Down A Decade (But Officially "Over Asking") For 655 5th Street #9

655 5th Street

As we wrote in January:

Eleven years ago the two bedroom and three bath townhouse known as 655 5th Street #9 sold for $781,000 down in SoMa. Seven years and a thousand or two new neighborhood condos later, the 1,774 square foot unit sold for $1,018,000 in 2007 by way of an $814,400 first and a second for $152,700.
Yes, this was yet another case of only 5 percent down in the "it's different here" San Francisco and with "only" $50,900 in equity at risk. Lo and behold, this past November Wells Fargo foreclosed on the first with no bidders at $746,547.
Yesterday the property was listed for sale on the open market for $777,900, a sale at which would be just below its year 2000 price, "only" 24 percent ($240,100) below 2007.

As we added in March:

The list price for 655 9th Street #9 has been reduced to $674,900. The bank is now asking 34 percent ($343,100) under its 2007 sale price, 14 percent ($106,100) under its year 2000 sale. And according to the listing, "offers anytime."

And as a plugged-in reader noted last week, the sale of 655 9th Street #9 closed escrow this past Thursday with a reported contract price of $701,000. Call it $395 per square foot, 10 percent ($80,000) under its year 2000 sale, and 34 percent ($317,000) under its sale for $1,018,000 in 2007.

The sale was, however, officially "over asking" according to industry stats.

Unfortunately Wells Wasn’t Requiring 30 Percent Down At The Time [SocketSite]
30 Percent Down Or Interest Rates Up As Proposed By Wells Fargo [SocketSite]
14 Percent Below Its Year 2000 Price And Offers Anytime [SocketSite]

Posted by socketadmin at 8:45 AM | Permalink | Comments (1) | (email story)

April 22, 2011

A Few Of Our Favorite Things

2655 Scott Street

Classic Deco curb appeal, a modern interior with easy access to the outdoors from the marble countered kitchen, and a 2009 era apple, they’re a few of our favorite things.

2655 Scott Street Kitchen

Purchased for $3,100,000 in August 2009, the single-family Pacific Heights home at 2655 Scott Street is back on the market and listed for $3,300,000 touting "approved" plans for a vertical addition and new master suite to boot.

∙ Listing: 2655 Scott Street (3/2.5) - $3,300,000 [MLS]

Posted by socketadmin at 11:15 AM | Permalink | Comments (19) | (email story)

Apples To Renovated Apples (And Building Comp) On Coleridge

22-24 Coleridge

As we wrote about 22 Coleridge in September 2008:

After three weeks on the market the list price for 22 Coleridge on the edge of Bernal has been dropped from $599,000 to $587,000. Purchased in April of 2005 for $607,000.
Unfortunately it's not a perfectly clean "apple" as the kitchen was completely renovated in 2006 (new cabinets, appliances, flooring, etc.), but you'll get the gist. And as a plugged-in reader notes, "seller is a licensed real estate agent." You know, in the trenches and all.

Withdrawn from the market without a sale in March of 2009, 22 Coleridge has just returned to the MLS with a list price of $549,000 and noting "tenants moving out 5/7."

As a plugged-in reader noted early this week, 24 Coleridge, a smaller unit (538 square feet) in the same three-unit building but without parking just sold for $329,000. It had been purchased for $490,000 in August 2005 before being taken back by the bank this past September.

∙ Listing: 22 Coleridge (1/1) 750 sqft - $549,000 [MLS]
Not A Perfectly Clean Apple In Bernal, But You'll Get The Gist [SocketSite]
The Bernal Cottage At 48 Cortland Before, After And Recently Reduced [SocketSite]

Posted by socketadmin at 8:45 AM | Permalink | Comments (24) | (email story)

April 21, 2011

One Rincon Hill Year-Over-Year (And Roughly 95 Percent Sold)

As a reader wrote this past November: "Anyone see that [425 1st Street] #4107 sold on April 30th of this year for $830,000 and now is listed again at $865,000?"

Said resale of One Rincon Hill #4107 closed escrow on 3/31/11 with a reported contract price of $798,000, down 3.6 percent year-over-year. At the same time, One Rincon Hill is self-reportedly down to "less than 25" new units to sell, or roughly 95 percent sold.

One Rincon (Back) Up To 87 Percent Sold [SocketSite]

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From Flippy To Floppy To Five Hundred Grand More

2011 Golden Gate Avenue

As we wrote in October 2009:

The sale of 2011 Golden Gate Avenue closed escrow on 10/15/09 with a reported contract price of $1,800,000 ($413 per square foot). Purchased for $1,350,000 in July of 2007 but then remodeled and expanded (adding legal bathrooms and square feet), 2011 Golden Gate returned to the market in October of 2008 asking $2,395,000.
It was subsequently reduced and relisted a number of times, most recently for $1,799,000 this past September. And while not exactly apples to apples on account of the remodeling, call it a likely six-figure loss on the investment when all is said and done.
In terms of industry statistics, however, the sale will be officially recorded and reported as "over asking" with less than 40 days on the market.

And while we don’t see any permits for additional work since its last sale, as a tipster notes, 2011 Golden Gate Avenue is back on the market and listed for $2,300,000 in 2011, a sale at which would represent a 28 percent ($500,000) bump in value from 2009.

2011 Golden Gate Avenue: Kitchen

∙ Listing: 2011 Golden Gate Avenue (5/4.5) - $2,300,000 [MLS]
From Flippy To Floppy And A Cliché For 2011 Golden Gate Avenue [SocketSite]
Not To Be Flip, But If It Wasn’t A "Flip" It Looks Like One Now [SocketSite]
Tis’ The Season (September) To Return: 2011 Golden Gate Ave Edition [SocketSite]

Posted by socketadmin at 9:00 AM | Permalink | Comments (10) | (email story)

April 15, 2011

Over Asking (But 34 Percent Under 2006) At 4019 Mission

4019 Mission

The short sale of the single-family home at 4019 Mission has closed escrow with a reported contact price of $569,000. With a list price which was reduced to $549,000 in January (down from $650,000 in December), it’s officially "over asking" according to industry stats and good news to those who consider that synonymous with market hotness.

At the same time, the over asking sale of 4019 Mission in 2011 is 34 percent ($296,000) under its $865,000 sale in 2006 and 5 percent ($30,000) under its $599,000 sale in 2002.

In terms of 4019 Mission's excellent location (per its listings), it’s still technically Bernal and hasn’t changed too much over the past ten years.

4019 Mission Comes Up Short Versus Its 2006 Sale [SocketSite]

Posted by socketadmin at 7:45 AM | Permalink | Comments (5) | (email story)

April 14, 2011

First! (Individual TIC Unit In San Francisco To Return Bank-Owned)

1390 McAllister Living.jpg

It’s a three-bedroom and two-bath Alamo Square Tenancy In Common (TIC) unit which was purchased for $710,000 in June 2006. Back on the market and listed for $598,000, and assuming the listing is correct, as far as we know 1390 McAllister is the first individual TIC unit in San Francisco to return to the market bank-owned.

And yes, that would make it an eventuality that some thought to be inconceivable on account of stricter lending and down payment standards for TIC loans.

∙ Listing: 1390 McAllister (3/2) - $589,000 [MLS]

Posted by socketadmin at 9:30 AM | Permalink | Comments (33) | (email story)

April 13, 2011

A Hit And Run Reduction On Nob Hill

While we caught yesterday’s price reduction for 1177 California #203 (now listed for $283,662 versus its purchase price for $362,000 in January 2008), we completely missed the sale of 1177 California #512 which closed escrow on 12/8/2010 with a reported contract price of $408,000.

And as a plugged-in reader notes, while the sale of the Soma Nob Hill one-bedroom condo was in fact 4.6 percent ($18,100) "over asking," at the same time it was 41 percent ($290,000) under its sale price of $698,000 in June 2007.

Sure, SoMa Condos Have Taken A Hit, But This Is Nob Hill [SocketSite]

Posted by socketadmin at 7:45 AM | Permalink | Comments (4) | (email story)

April 12, 2011

Oh La La! As 135 Rue Locust Closes Up 14 Percent

135 Locust

With an outcome that shouldn't come as too much of a surprise to the plugged-in, the sale of 135 Locust closed escrow today with a reported contract price of $3,430,000.

Call it $1,225 per square foot for the Presidio Heights home, not including the third floor square footage for which permits were filed four months ago with a vision to legalize along with remodeling the baths on the second floor and seismically updating throughout at a projected cost of one million dollars.

And excluding the value of the permits, or vision for the remodeling, we’ll also call it an "apples to apples" increase in value of 14 percent ($430,000) for the Presidio Heights home at 135 Rue Locust over the past two years.

An Apple (For Now) At 135 Rue Locust [SocketSite]

Posted by socketadmin at 2:45 PM | Permalink | Comments (18) | (email story)

April 11, 2011

Hot Or Not: Over Asking (But 15 Percent Below 2004) For 2312 Gough

2312 Gough

The sale of 2312 Gough closed escrow on 3/31/11 with a reported contract price of $2,210,000, as plugged-in people know, the property failed to generate an all cash bid of $2,100,000 on the courthouse steps in January.

With just "36" days on the market and 3 percent "over asking" according to industry stats, is the sale yet another sign of a "hot" San Francisco market, or with the added context of the Pacific Heights property having sold for $2,600,000 in 2004 and $3,000,000 in the year 2000, is it more a sign of something else?

As plugged-in people also know, down the street 2416 Gough sold for $2,075,000 last month, 31.4 percent ($950,000) below it purchase price of $3,025,000 in July 2008.

Apples To Apples To Apples Again As 2312 Gough Returns [SocketSite]
From 100% Financing To 100% Bank-Owned For 2312 Gough [SocketSite]
Apples To Apples To Apples (And 100% Financing) For 2312 Gough [SocketSite]
What Might Sir Isaac Newton Infer From These Apples? [SocketSite]

Posted by socketadmin at 9:15 AM | Permalink | Comments (6) | (email story)

April 7, 2011

A Spinning Sign Of The Times

Listed and sold for $699,000 back in 2006 when the Lansing’s sign spinner was holding court on the corner of first (and perhaps could have qualified for the loan), this past September 50 Lansing #305 was taken back by the bank having been financed with 100 percent debt.

Listed for $647,700 the month after its foreclosure but reduced down to $584,549 in November, a week ago the two-bedroom condo closed escrow with a reported contract price of $550,000, 21 percent ($149,000) under its 2006 value not including any credits at closing ("Seller will Credit buyer up to...3% of sales price towards closing costs").

A Spinning Sign Of The Times (And The Lansing) [SocketSite]

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April 4, 2011

A 2007 Vintage Green Mission Apple Closes Down Five Percent

3280 22nd Street #D

As we wrote seven months ago:

New construction in 2007 featuring siding from reclaimed olive oil barrels, hardwood floors from reclaimed mine timbers, and bathrooms with Zuma tubs and Duravit sinks, 3280 Mission Street #D was listed for $1,399,000 that July and sold for $1,450,000.
It’s now three years later, the Valencia Streetscape Improvement Project has been completed, and the three-bedroom atop 3280 22nd Street has returned to the market asking $1,550,000.

As we added in January:

Withdrawn from the MLS in December, yesterday the green apple to be returned to the market listed for $1,395,000 and with just "one" day on the market and no reductions in the eyes of those friendly neighborhood trends reports.

And as a couple of plugged-in readers note today, the resale of 3280 22nd Street #D closed escrow this past Thursday with a reported contract price of $1,380,000, five percent under its 2007 sale price and just "one" percent under asking and two months on the market according to MLS based neighborhood trend reports.

A Green Apple To Be Atop 3280 22nd Street (#D) [SocketSite]
Going Green In The Mission (3280 22nd St.): Prices/Additional Details [SocketSite]
Now Asking 10 Percent Less Green For A Green Mission Apple [SocketSite]

Posted by socketadmin at 11:45 AM | Permalink | Comments (4) | (email story)

April 1, 2011

Did 4381 26th Street Weather The Storm?

4381 26th Street: 4/1/11 (www.SocketSite.com)

Purchased for $2,600,000 in 2006 by the former CEO of the now-defunct PlanetOut, and having failed to sell in 2010 when listed for $2,479,000, yesterday the Mark Brand designed contemporary Noe Valley home at 4381 26th Street sold for $2,300,000, two (2) percent under asking and eleven (11) percent below its year 2006 sale.

And yes, 4381 26th Street’s wood and value have weathered the storm a bit better than 2523 Steiner.

The Wood, The Stone, The Windows...Oh My! [SocketSite]
4381 26th Street Listed At 2006 Price And Looking For A Repeat? [SocketSite]
No 2006 Repeat For 4381 26th Street In 2010 And Now Back In 2011 [SocketSite]
Pacific Heights For 50 Percent Below 2006 Expectations And Debt [SocketSite]

Posted by socketadmin at 11:15 AM | Permalink | Comments (3) | (email story)

The Streamline Moderne 849 Sanchez Takes A Little Hit

849 Sanchez

The sale of the Streamline Moderne 3,100 square foot (per its previous listing) property at 849 Sanchez closed escrow yesterday with a reported contract price of $3,200,000.

Call it $1,032 per square foot versus the $1,096 per square foot ($3,400,000) it was purchased for in June 2008, a three year drop of six (6) percent for the poster child Moderne home over the past three years.

Mo’ Moderne Atop Liberty Hill (Or Not) [SocketSite]
San Francisco’s Modern Era Of Design And Development [SocketSite]

Posted by socketadmin at 7:30 AM | Permalink | Comments (15) | (email story)

March 30, 2011

Closer To Home For 845 Montgomery #C

845 Montgomery #C: Kitchen

In 2009 a list price of $1,095,000 didn’t attract a buyer, nor did its reduced price of $995,000, and a year ago it was withdrawn from the MLS. Today, 845 Montgomery #C is back on the market and listed for $1,029,000, the two-bedroom Jackson Square condo was purchased for $1,000,000 ($958 per square foot) in 2008.

And while the listing photos might not be quite so polished this time around, at least those for the neighborhood establishments are actually in the 'hood versus a mile or so away.

No word on whether or not the "show to most select clients" line from the listing is code.

∙ Listing: 845 Montgomery Street #C (2/2) 1,044 sqft - $1,029,000 [MLS]
See Inside But Not Around Jackson Square (845 Montgomery) #C [SocketSite]
The Jackson Square Condominiums (847 Montgomery) [SocketSite]

Posted by socketadmin at 10:45 AM | Permalink | Comments (13) | (email story)

March 28, 2011

A Decade Over Decade Drop In District 4 For 165 Hazelwood Avenue

165 Hazelwood

As we wrote five months ago, having been remodeled and flipped for $712,000 in March 2001, the Westwood Park home at 165 Hazelwood Avenue returned to the market this past October in District 4 listed as a short sale for "$699,000."

Today, the list price for three-bedroom home was reduced to $680,000 and the all important word "approved" has been added to the listing.

∙ Listing: 165 Hazelwood Avenue (3/1) 1,080 sqft - "$680,000" (short sale) [MLS]
A Lost Decade Listing For 165 Hazelwood Over In Westwood Park [SocketSite]

Posted by socketadmin at 1:45 PM | Permalink | Comments (17) | (email story)

March 25, 2011

Chloe’s Magical Condo Hits The Market At 1178 Dolores

1178 Dolores Living

Who’s the unnamed designer behind the fig tree festooned "magical, designer-owned" Noe Valley condo at 1178 Dolores? That would be Chloe Warner who purchased the pad for $900,000 in January 2006. Perhaps you took a tour a couple years after in late 2007:

With the books still arranged by color, and without any outside staging one would hope, the two-bedroom and two-bath condo has just hit the market listed for $899,000 in 2011.

∙ Listing: 1178 Dolores (2/2) 1,528 sqft - $899,000 [1178dolores.com] [MLS]
Domino House Tour: Chloe Warner [YouTube]

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March 22, 2011

Trust Issues (Formerly Known As "Trust Us, It's Different Here")

San Francisco's Ritz-Carlton Residences (www.SocketSite.com)

The rather ironic line from the listing for 690 Market Street #1505, a one-bedroom at San Francisco’s Ritz-Carlton Residences: "The world's most trusted luxury brand has brought a new measure of service to one of the world's most fascinating and engaging cities."

While we’ll naturally agree with the "one of the world's most fascinating and engaging cities" bit, how has this condo in the "world's most trusted luxury brand[ed]" building performed over the past four years in San Francisco?

Purchased for $1,193,000 in 2008 by way of a $894,440 loan (25 percent down), last year 690 Market #1505 was taken back by the bank with $937,377 owed.

Today, they’re asking $699,900 for the Ritz-Carlton condo, 41 percent ($493,100) less than its purchase price in 2008 and down from a list price of $729,900 last month.

∙ Listing: 690 Market #1505 (1/1.5) 952 sqft - $699,900 [MLS]
A Concerning Comp (And Empty Shell) At The Ritz-Carlton Residences [SocketSite]

Posted by socketadmin at 11:45 AM | Permalink | Comments (12) | (email story)

A Modern 801 Teresita Takes Modern Miraloma Hit

801 Teresita

Purchased fully remodeled for $950,000 in August 2007, the modern single-family home at 801 Teresita Boulevard first returned to the market in 2010 asking $899,000 before being relisted this past February for $815,000.

On Friday, the resale of 801 Teresita Boulevard closed escrow with a reported contract price of $790,000, 16.8 percent ($160,000) under its 2007 sale price.

You Had Us At Heated Granite Floors (And We're Not Granite People) [SocketSite]
A Modern Miraloma Apple Returns At 801 Teresita Boulevard [SocketSite]

Posted by socketadmin at 10:00 AM | Permalink | Comments (3) | (email story)

March 21, 2011

An Uptick In Price And Foreclosure Activity On Valley Year-Over-Year

113 Valley

The sale of 113 Valley closed escrow on Friday with a reported contract price of $1,175,000. And while that’s two percent under asking, it’s also two percent ($20,000) over its October 2009 sale price of $1,155,000. We’re not expecting too many members of the "apples are cherry picked" chorus to chime in this time around.

Down the block, 374 Valley is currently scheduled to hit the courthouse steps next month having been purchased for $960,000 in 2005 but with closer to $1,387,197 currently owed while notices of default have been filed for 235 Valley and 254 Valley as well.

If You Think You Know Noe Now’s The Time To Tell [SocketSite]

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The Bernal Cottage At 48 Cortland Before, After And Recently Reduced

48 Cortland 2006

In 2003 the 360 square foot earthquake cottage at 48 Cortland was purchased for $400,000 by way of a $320,000 first and $80,000 second. Three years later the cottage appears to have been refinanced with a $412,500 first and $47,000 second.

This past August, 48 Cortland sold for $348,000 (13 percent below 2003) having been listed for as much as $499,000 in 2009. Since remodeled, reapplianced, and repainted, the Bernal cottage returned to the market listed for $669,000 three weeks ago.

48 Cortland 2011

Today, they’re asking $619,000.

∙ Listing: 48 Cortland (2/1) - $619,000 [MLS]

Posted by socketadmin at 10:45 AM | Permalink | Comments (42) | (email story)

Apples To Apples (And A Little Art Later) 333 Oak Park Drive Returns

333 Oak Park Drive

Purchased for $775,000 a year ago (April 2010), the single-family Forest Knolls home at 333 Oak Park Drive has returned to the market listed for $875,000.

In the words of a couple of readers wondering about its return, "from what we can gather, there is little more than a lick of paint (internally) and an amazing collection of contemporary art which is, sadly, not included in the sale."

333 Oak Park Drive Interior

As best we can tell, no permits for major work have been issued since its April purchase, nor have the street level third bedroom and bath which were built without permits according to its listing last year been legalized.

And while we might debate the amazing call with respect to the collection of art, unless we missed a permit, we are calling this an apple to be.

∙ Listing: 333 Oak Park Drive (3/3) - $875,000 [MLS]

Posted by socketadmin at 9:00 AM | Permalink | Comments (8) | (email story)

March 18, 2011

A Quick Sale At (And From) The Heights

1940 Broadway #6 Living

Purchased for $4,911,000 in March of 2008, one reader believes 1940 Broadway #6 quietly sold for $4,100,000 in February 2010, but that's a sale we can’t confirm. That being said, we can now confirm its sale for $4,000,000 $4,200,000 a week ago, 14 percent under its 2008 price.

In the words of another plugged-in reader two weeks ago: "not only under contract…but co-op approved, and de-staged...all in 5 days!"

A Heights Of The Heights Apple Returns (1940 Broadway #6) [SocketSite]

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Esprit Park Sprouts A Late 2009 One-Bedroom Apple To Be

863 Indiana #109 Living

In November 2009 the sale of 863 Indiana #109 closed escrow with a reported contract price of $550,000, the Esprit Park one-bedroom with one and one-half baths had been listed for $615,000. The 861 square foot condo has just been listed for $575,000.

With respect to other Esprit Park "apples" on the tree, 875 Indiana #515 has been listed for 27 days at $950,000 having been purchased for $1,250,000 in November 2008.

And with respect to other Esprit Park news, the sales office is down to two fifth floor two-bedrooms which are now listed from $899,000, not including the 67 units formerly known as Esprit Park North which are now being leased as The Parc Esprit.

∙ Listing: 863 Indiana #109 (1/1.5) 861 sqft - $575,000 [MLS]
∙ Listing: 851 Indiana #503 (2/2) 1,517 sqft - $899,000 [MLS]
Esprit Park Two Years Later, Apples-To-Apples Style [SocketSite]
The Parc Esprit (840 Minnesota): 30 Percent Sold Leased [SocketSite]

Posted by socketadmin at 11:45 AM | Permalink | Comments (11) | (email story)

March 16, 2011

14 Percent Below Its Year 2000 Price And Offers Anytime

655 5th Street

As we wrote in January:

Eleven years ago the two bedroom and three bath townhouse known as 655 5th Street #9 sold for $781,000 down in SoMa. Seven years and a thousand or two new neighborhood condos later, the 1,774 square foot unit sold for $1,018,000 in 2007 by way of an $814,400 first and a second for $152,700.
Yes, this was yet another case of only 5 percent down in the "it's different here" San Francisco and with "only" $50,900 in equity at risk. Lo and behold, this past November Wells Fargo foreclosed on the first with no bidders at $746,547.
Yesterday the property was listed for sale on the open market for $777,900, a sale at which would be just below its year 2000 price, "only" 24 percent ($240,100) below 2007.

The list price for 655 9th Street #9 has been reduced to $674,900. The bank is now asking 34 percent ($343,100) under its 2007 sale price, 14 percent ($106,100) under its year 2000 sale. And according to the listing, "offers anytime."

∙ Listing: 655 5th Street #9 (2/3) 1,774 sqft - $674,900 [MLS]
Unfortunately Wells Wasn’t Requiring 30 Percent Down At The Time [SocketSite]
30 Percent Down Or Interest Rates Up As Proposed By Wells Fargo [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (24) | (email story)

March 15, 2011

From Warehouse To Gallery To Upscale Comp At 410 Jessie

410 Jessie #502 Living

The sale of 410 Jessie #502 closed escrow last week with a reported contract price of $1,300,000 ($644 per square foot). The 2,018 square foot Hales Warehouse condo had been purchased for $1,400,000 in October 2007 with an investment in lighting in between.

Hales Warehouse (410 Jessie) Gallery Of Listing(s) Along Mint Plaza [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (4) | (email story)

March 14, 2011

Apples-To-Apples-To-Apples And A Room We Couldn’t Resist

126 Dolores Living

Purchased for $1,560,000 in April 2008, up from $1,395,000 in January 2006, the Mission Dolores home at 126 Dolores is back on the market and listed for $1,575,000.

And with that living room and Hypermotard in the house, we're almost willing to overlook the "where even the weather is hip" and "fairy tales do come true" copy. Almost.

∙ Listing: 126 Dolores (3/2) 2,280 sqft - $1,575,000 [126dolores.com] [MLS]

Posted by socketadmin at 9:30 AM | Permalink | Comments (32) | (email story)

March 11, 2011

Only Down 15 Percent (Below 2001) On Filbert Off Polk

The sale of 1438 Filbert #402 closed escrow yesterday with a reported contract price of $532,500. Call it 17 percent below its year 2004 price ($640,000) or 15 percent below its year 2001 price ($630,000) for the top floor one-bedroom condo on Filbert off Polk.

Ten Of Thirty-Nine Already Owned By The Bank (And Eight Just Short) [SocketSite]
SF Listed Sales Volume Up 1.5% In Feb As Medians Continue To Fall [SocketSite]

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March 10, 2011

An Apple (For Now) At 135 Rue Locust

135 Locust

Built in 1906, the "Cape Cod" styled Presidio Heights home at 135 "Rue" Locust has been rather nicely remodeled and updated since.

135 Locust Living

And speaking of remodeling, three months ago a permit was filed to convert the attic into a habitable third floor, remodel the baths on the second, and seismically update throughout the house at an estimated total cost of one million dollars.

135 Locust Floor Plans

But we’re getting of ourselves. Purchased for $3,000,000 in February 2009, the currently 2,800 square foot home is back on the market in March 2011 listed for the same.

∙ Listing: 135 Locust (4/3.5) 2,800 sqft - $3,000,000 [nealwardproperties.com] [MLS]

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March 9, 2011

You Make The Call On Rich Aurilia's Berry Street Play

255 Berry #610 Living

As we wrote in January:

Asking $1,950,000 in September 2006, the three-bedroom condo atop 255 Berry Street known as #610 was purchased by former San Francisco Giants #35 Rich Aurilia for $1,750,000 in January 2007. Obviously he didn't overpay.
Then again the 2,293 square foot condo with a 700 square foot-ish terrace overlooking the creek is back on the market today and asking $1,650,500. And yes, the condo was also listed from September to December last year at $1,750,000, albeit a bit more quietly that time around.

The sale of 255 Berrry #610 closed escrow today with a reported contract price of $1,550,000, 11.4 percent ($200,000) under its January 2007 sale price.

Former Giants #35 Is Looking To Sell (255 Berry) #610 [SocketSite]
255 Berry: Seven Percent Active [SocketSite]

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Three Percent Over 2003 But Remodeled (And Auctioned) In Between

108 Bronte Exterior

Unfortunately the sale of 108 Bronte for a reported $579,000 last week isn’t apples-to-apples with its sale for $560,000 in July 2003 as the South Bernal Heights home was remodeled (inside and out) in between.

108 Bronte Kitchen

Also in between those sales, a refinancing in August 2007 with loans totaling $745,000 (for which the Bernal Heights home would had to appraise) and a subsequent sale on the courthouse steps for $425,200 cash in August of last year.

Shhh...Bank Investor Owned In South Bernal: 108 Bronte [SocketSite]

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March 8, 2011

What Might Sir Isaac Newton Infer From These Apples?

The sale of 2416 Gough closed escrow yesterday with a reported contract price of $2,075,000. Purchased for $3,025,000 in July 2008, call it an apples-to-apples 31.4 percent ($950,000) decline in value for the "Exquisite Victorian Home on a wonderful tree lined street in Pacific Heights" over the past two years.

As we wrote in July: "Of course one could argue that the buyers of this property simply "overpaid" in 2008, but then so did everyone who relied on the individual sale as a market comp – or in the aggregate as it factored in to average and median sales price reports – at the time."

The "beautifully remodeled Pacific Heights Victorian home" at 2312 Gough remains available at $2,142,000 having been purchased for $2,600,000 in July of 2004.

Obviously They Simply Overpaid In Pacific Heights... [SocketSite]
Apples To Apples On A Pacific Heights Tree Lined Street [SocketSite]
Apples To Apples To Apples Again As 2312 Gough Returns [SocketSite]

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March 4, 2011

From 100 Percent Financing To Two Short Sales And An Auction

It’s not just a short sale but a "very short sale" for 2225 23rd Street #316 which has been listed at $150,000 versus the $395,000 which was paid in 2005, a purchase which was financed with a $316,000 first, a $41,000 second, and a $39,450 third. And yes, that totals $396,450 in financing to which a tax and HOA lien has been added since.

The unit below (2225 23rd Street #216) has been listed as a short sale for the past 344 days at $269,000 having been purchased for $395,000 eight months after the unit above. Any ideas what sale they might have used as a comp?

Oh, and 2225 23rd Street #116 is scheduled to hit the courthouse steps next week having been purchased for $395,000 with $355,500 in debt four months after the unit above sold. Any ideas what sale they might have used as a comp?

∙ Listing: 2225 23rd Street #216 (1/1) 602 sqft – "$269,000" (short sale) [MLS]
∙ Listing: 2225 23rd Street #316 (1/1) 602 sqft – "$150,000" (short sale) [MLS]

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Apples-To-Apples-To-Debt 1365 Portola Falls Down

1365 Portola Drive

As we wrote about 1365 Portola Drive this past January when listed for $1,149,000:

The property failed to sell in 2008 when listed for $1,950,000 or $1,699,000 in 2010. And at the time of its foreclosure this past August, open loans on the property totaled $1,795,000 and included a first for $1,120,000, a second for $425,000, and third underwritten in 2009 for $250,000.
Sure, that "Grand Curb Appeal" is from a busy street, but that’s why the 3,000 square foot remodeled St. Francis Wood home only fetched $1,325,000 back in May of 2002 (15 percent more than its current list price).

The sale of 1365 Portola closed escrow yesterday with a reported contract price of $1,180,000. Yes, that's three percent ($31,000) "over asking" but ten percent ($145,000) below its sale price in 2002 and fifty-two percent ($615,000) below what was borrowed against the property by the end of 2009.

1365 Portola Drive: An Apple In The St. Francis Wood Of Trees [SocketSite]

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March 3, 2011

A "Fresh Perspective" On A Rather Familiar 104 Funston

104 Funston

With a listing touting a "Fresh Perspective," it’s a plugged-in reader that first notices the return of 104 Funston to the MLS. As we first wrote about the property last May:

104 Funston was purchased for $2,750,000 in May of 2007 and returned to the market this past March asking $3,150,000. Reduced to a "lucky" $2,988,888 on April 15, the price was further reduced to $2,875,000 eight days later. On Friday it was reduced to $2,750,000.
According to the listing the property "appraised at $2,850,000" and you can "move in with equity." Who are we to suggest that its three weeks on the market at $2,875,000 without a sale would suggest otherwise.

As we added in October:

Withdrawn from the MLS after 155 days days on the market but then relisted at $2,600,000 with "one" day last month, yesterday the list price for 104 Funston was reduced to $2,200,000 (23 percent under its "appraised" value) in an attempt to solicit multiple bids which are now due next week (10/21 by noon).
And with respect to any apples-to-apples comparisons, don’t forget to account for the roughly $400,000 worth of work between the $2,750,000 purchase price in 2007 and today.

In November the listing for 104 Funston was withdrawn from the MLS without a reported sale while simultaneously increasing its list price when withdrawn to "$2,500,000." The property is now back on the MLS with an official "one day" on the market and a new new original list price of $2,395,000.

∙ Listing: 104 Funston (4/3.5) 3,963 sqft - $2,395,000 [104funston.com] [MLS]
Instant (Appraiser's) Equity At 104 Funston [SocketSite]
A Quick Reminder Not To Bank On An "Appraisal" (Or Instant Equity) [SocketSite]
Will 104 Funston Return With Even More "Move In Equity?" [SocketSite]
No More Mention Of (Even More) "Move In Equity" For 104 Funston [SocketSite]

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Chronicle Publisher Sells Below 2005 Price In Pacific Heights

2605 California (Image Source: MapJack.com)

As we wrote in October:

Purchased for $2,940,000 in July 2005, the remodeled Victorian at 2605 California returned to the market asking $3,495,000 in July 2008. Since then the listing has been reduced, delisted, relisted, withdrawn, listed, delisted, relisted, withdrawn, listed, reduced, delisted, relisted, and last withdrawn a month ago.
Yesterday, the single-family home "situated in the HOT Upper Fillmore corridor" was listed anew once again, this time "priced to sell!!" at $2,795,000. Yes, double exclamation points. And yes, with an official "one day" on the market according to industry reports.
As a plugged-in tipster notes, it would appear it’s the publisher of the Chronicle that’s been trying to sell, a tidbit that likely won’t make it in to print.

The sale of 2605 California closed escrow yesterday with a reported contract price of $2,665,000 or 9 percent ($275,000) below its 2005 purchase price after which the 4,013 square foot home was "substantially upgraded."

And yes, we did our best to channel the Chronicle for our headline as they might not cover this particular sale.

Not Fit (For Some) To Print [SocketSite]

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A False Starter Home And Shadow Inventory On The Myra Way?

449 Myra Way

Listed for $585,000 as a short sale and "delightful [starter] home with fabulous views in a terrific location" up in Miraloma Park, hopefully 449 Myra Way wasn’t a false start for the sellers who purchased the 970 square foot property for $790,000 in April 2007.

And then there’s the 1,561 square foot home at 660 Myra Way which isn’t on the market.

Purchased for $760,000 in December 2003 with two loans totaling $760,000 and since refinanced with a first for $650,000 in 2005 and a second for $300,000 in 2007 (for which the comp setting sale of the smaller home at 449 Myra Way might have helped pave the way for the appraisal), a month ago a notice of default was filed against 660 Myra's first.

∙ Listing: 449 Myra Way (2/1) 970 sqft – "$585,000" (short sale) [MLS]

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The "America’s Cup Effect" In Action?

425 1st Street #4702 Living

The re-sale of 425 1st Street #4702 closed escrow yesterday with a reported contract price $1,350,000 ($1,031 per square foot) for the One Rincon Hill two-bedroom which was purchased from the sales office for $1,605,500 ($1,226 per square) in August 2008.

As we wrote when #4702 hit the market asking $1,107 per square foot in December:

At the beginning of September the sale of 425 1st Street #4602 closed escrow with a recorded contract price of $1,343,500 ($1,026 per square foot) while at the end of September 425 1st Street #4502 (which had last been listed at $1,450,000 as the sales office’s "LAST 02") sold for $1,297,000 ($991 per square foot).
And in October, the re-sale of 425 1st Street #4902 (which had also been listed as the "Last Brand New 02 Unit") closed escrow with a recorded contract price of $1,370,000 ($1,047 per square), for an average recent per square foot sale price of $1,021 for the three 02's in the high forties.

Of course it wasn’t until the last day of December that San Francisco secured the next America’s Cup (at which point “Front Row Seats to America's Cup!” was added to the listing). And while we’re filing this under apples-to-apples, it’s possible the unit ended up reselling with a few extras (“Seller will entertain selling home fully furnished”).

"The Last" Of The Last One Rincon Hill 02’s [SocketSite]
And The 2013 America’s Cup Will Be Held In…San Francisco! [SocketSite]
The Scope Of Development For San Francisco’s First America’s Cup [SocketSite]

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February 28, 2011

While One Is Ready To Sell A Neighbor Seems A Little Less So

It’s a plugged-in tipster that notes a pair adjacent condos for sale at 3110 California. Purchased in November 2005 for $967,000, this past September 3110 California #2B returned to the market seeking $979,000.

Reduced and relisted a few times since, they’re now asking $849,900 (12 percent below 2005) for the Pacific Heights two-bedroom as the agent notes "seller ready to sell" and offers the "buyer’s agent" a $2,000 bonus for making the sale.

At the same time, 3110 California #2A which was purchased for $1,000,000 in September 2004 hit the market ten days ago listed for $1,200,000 (20 percent over 2004) and seemingly a little less ready to sell the three-bedroom.

∙ Listing: 3110 California #2A (3/2) 1,270 sqft - $1,200,000 [Redfin]
∙ Listing: 3110 California #2B (2/2) 1,059 sqft - $849,900 [MLS]

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February 25, 2011

Saitwowitz’s Yerba Buena Lofts (855 Folsom) Showcase Unit Returns

855 Folsom #539 Living

One of twenty-one terrace units at the 200-unit Saitowitz designed Yerba Buena Lofts, one of fifteen with two full baths, 855 Folsom #539 was purchased new for $690,000 in 2002.

855 Folsom #539 Kitchen

Customized with dual 18 foot motorized shades (including blackout), a Norbert Wangen designed Boffi K2 kitchen island (sans the mini-appliances), and sliding glass walls on either side of the lower bedroom, the 1,396 square foot unit with 500 square foot terrace is back on the market and listed for $995,000.

If you’re familiar with The Phaidon Atlas, this is the unit showcased for the development. And as a financial aside, word has it an adjacent unit was just leased for $4,200 a month.

Full Disclosure: The seller of 855 Folsom #539 advertises on SocketSite and provided a tour of the property and background information at our request, but no compensation, for this post.

∙ Listing: 855 Folsom #539 (2/2) 1,396 sqft - $995,000 [yerbabuenaloft.com] [MLS]

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752 Carolina On Our Minds (For The Second Time In Three Years)

752 Carolina

Its three wings and 3,455 square feet around a central courtyard and surrounded by gardens designed by Jeffery Miller were built across three adjacent Potrero Hill lots in 1997.

752 Carolina Master

Asking $3,000,000 in early 2008, the sale of 752 Carolina quickly closed escrow with a reported contract price of $3,120,000 that March.

752 Carolina Kitchen

For the second time in three years the "once in a lifetime opportunity" is back on the market, now asking $3,300,000. Will only the kitchen be left feeling blue once again?

∙ Listing: 752 Carolina (5/3.5) 3,455 sqft - $3,300,000 [MLS]

Posted by socketadmin at 8:45 AM | Permalink | Comments (26) | (email story)

February 24, 2011

Esprit Park Two Years Later, Apples-To-Apples Style

875 Indiana #515 Living

Public records suggest the Esprit Park two-bedroom known as 875 Indiana #515 sold for $1,250,000 in November of 2008, the same year the San Francisco Business Times named Esprit Park its "New Community of the Year."

It’s now two years later and the top floor condo is back on the market and listed for $950,000 (24 percent under its New Community of the Year price). As we noted in 2008 with respect to a top floor sister unit which had been listed for $1,095,000 that November:

While asking at least $105,000 less than "similar units" in the development, after a month on the market the listing for that investor owned and "insatiable" two-bedroom at Esprit Park has been withdrawn. As always, another data point for plugged-in people.

∙ Listing: 875 Indiana #515 (2/2.5) - $950,000 [MLS]
Not So Quick For That "Insatiable" Homes On Esprit Park Flip (#S514) [SocketSite]
A Quick Friends And Family Esprit Park Flip? [SocketSite]

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Apples To Apples To Apples Again As 2312 Gough Returns

2312 Gough

As a plugged-in reader notes, "the beautifully remodeled Pacific Heights Victorian home" at 2312 Gough which was returned to the bank in early January with no bidders at $2,100,000 on the courthouse steps has been listed by the bank for $2,142,000.

As plugged-in people know, the property sold for $3,000,000 in May of 2000 and then $2,600,000 in July of 2004 with 100 percent financing before being refinanced in September 2006 with a $2,630,000 note for which it would have had to appraise.

∙ Listing: 2312 Gough (4/3) 3,968 sqft - $2,142,000 [MLS]
From 100% Financing To 100% Bank-Owned For 2312 Gough [SocketSite]
Apples To Apples To Apples (And 100% Financing) For 2312 Gough [SocketSite]

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February 23, 2011

The Bank's 330 Banks Returns 29 Percent Below Its 2005 Price

330 Banks

As we wrote about 330 Banks up in Bernal back in January 2008:

On the market without finding a buyer at $649,000 last fall, 330 Banks is back on the market (but not the MLS) with a list price of $599,000.
Included in the sale are approved plans to add an additional "art studio" and half-bath on first floor. And while it’s usually "showings by appointment only," it will be open this Sunday (1/27) for just one half-hour (from 2:00 to 2:30) if you want to take a peek.
Keep in mind that this single-family Bernal Heights home was purchased two and one-half years ago for $700,000 (on 6/8/2005). And yes, the sale at $700,000 was likely used as a local comp a couple of years ago. And so on. And so forth.

This past June the bank foreclosed with $558,053 owned on its first (the 2005 sale was financed with a first for $544,000 and a second for $57,500) and the little Bernal home returned to the market asking $534,900 in September before being withdrawn from the market in December without a sale.

Today, 330 Banks returned to the MLS asking $499,900, 29 percent under its 2005 comp setting price and without any allusion to those plans.

∙ Listing: 330 Banks (1/1) - $499,900 [MLS]
Back On The Market (But Not The MLS) In Bernal Heights: 330 Banks [SocketSite]
Six Of Sixty-Five Bank-Owned In Bernal Including Two On Banks [SocketSite]

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The Quintessence Of Russian Hill Living Or The Market As A Whole?

1750 Taylor #1803: Living

Purchased for $2,550,000 in December 2007 and unsuccessfully listed for sale five times since with prices ranging from $2,700,000 to $1,900,000, the Royal Towers (1750 Taylor) #1803 is now back on the market MLS and listed for $1,995,000 as a short sale.

The new listing at 22 percent below its 2007 price touts "Quintessential Russian Hill Co-Op." And yes, the listing now includes an obligatory reference to the America’s Cup.

∙ Listing: 1750 Taylor #1803 (3/3) - $1,995,000 (short sale) [MLS]
Royal Towers (1750 Taylor): Columns, Views, And Comps [SocketSite]
Overused Listing Descriptor Of The New Year: "Stunning" [SocketSite]

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Take Two For An Orange On Oak And Bumper Apple Crop On Masonic

767 Oak (www.SocketSite.com)

Purchased for $1,245,000 In May 2007, the "Historic Sullivan Home" at 767 Oak Street returned to the market this past September asking $1,389,000 with a new master bathroom, a new deck off the back, and a number of other changes.

Withdrawn from the market this past December following five list price changes, 767 Oak Street has now returned to the MLS listed for $1,295,000. At the same time, with over eight months on the market (but not on the MLS) at $2,095,000, 1499 Masonic is now official inventory and with an official "five days" on the market according to industry stats.

1499 Masonic Facade Crop

Once again, the remodeled Ashbury Heights Victorian on Masonic was purchased for $2,275,000 in 2005. And yes, the façade listing photo is tightly cropped for a reason.

∙ Listing: 767 Oak Street (3/3.5) 2,588 sqft - $1,295,000 [MLS]
∙ Unlisted Listing: 1499 Masonic (3/2+1/1) - $2,095,000 [MLS]
No Apples (And Fewer Period Details) Here: 767 Oak Before And Now [SocketSite]
(A) 1499 Masonic Set Back [SocketSite]

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February 18, 2011

Another Nice Home On Santa’s Short List (355 Santa Ana)

355 Santa Ana

While not nearly as large nor ornate at the Spanish styled Mediterranean villa at 299 Santa Paula (the list price for which has been reduced to $4,699,000, $700,000 under which it was rumored to have been in contract in 2009), the Spanish Mediterranean home (not villa) at 355 Santa Ana has hit the market as a short-sale listed for "$1,275,000."

In July of 2007 the four-bedroom Balboa Terrace single-family home sold for $1,850,000, 31 percent more than its current list.

∙ Listing: 355 Santa Ana (4/2) 2,835 sqft – "$1,275,000" (short sale) [MLS]
Ay, Caramba As 299 Santa Paula Avenue Cuts Again [SocketSite]

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54 Harriett #1 Closes For $351 Per Square Foot (35% Under 2005)

54 Harriet #1

As we wrote about 54 Harriett #1 this past October:

Purchased for $750,000 ($543 per square) in January 2005 by way of two variable rate loans totaling $750,000 (yes, 100% financing in San Francisco), the 1,382 square foot two-bedroom was taken back by the bank this past June with $607,500 owed on its first.
With respect to the other two units at 54 Harriet, the 767 square foot #3 sold for $611,000 in August 2005 ($797 per square), while the 1,044 square foot #2 has a tax assessed value of $712,708 ($683 per square).

Missing a few kitchen appliances (but not the counters), the condo was listed by the bank for $599,900 and closed escrow two days ago with a reported contract price of $485,000. Call it $350 per square foot and 35 percent ($265,000) under its January 2005 price.

A Different Kind Of Historic Context On Harriet: 54 Harriet #1 [SocketSite]

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February 15, 2011

A Heights Of The Heights Apple Returns (1940 Broadway #6)

1940 Broadway

Listed for $4,350,000 in early 2008, the full sixth floor of The Heights (1940 Broadway #6) closed escrow that March with a reported contract price of $4,911,000.

1940 Broadway #6: Floor Plan

A few months later the three-bedroom Pacific Heights co-op returned to the market asking $5,191,000 but was withdrawn in November 2008 without a sale.

1940 Broadway #6 Living

Now back on the market and asking $4,350,000, 11 percent under its 2008 sale price.

∙ Listing: 1940 Broadway #6 (3/4.5) - $4,350,000 [1940broadway.com] [MLS]
The Height(s) Of Foreshadowing: 1940 Broadway #6 Returns [SocketSite]
A Few Of Our Favorite Things: Big Windows, Views, And A Floor Plan [SocketSite]

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16 Percent Below 2003 For 140 South Van Ness #719

140 South Van Ness

As we noted two months ago, 140 South Van Ness #719 purchased for $553,000 in November 2003, was taken back by the bank in 2009, and returned to the market as a bank-owned listing listed for $589,900 in June 2010.

Reduced four times and then delisted this past December, the 1,075 square foot unit was relisted the same day at $499,900 but with an official "one day" on the market and then reduced to $477,900 two weeks later.

Five days ago the sale of 140 South Van Ness #719 closed escrow with a reported contract price of $460,000 (17 percent under 2003) and an official "59" days on the market according to industry reports and statistics.

Two Floors Below But Asking 16 Percent Less Year-Over-Year [SocketSite]

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February 10, 2011

Riders On In The Storm As 55 Buena Vista Sells For $2,100,000

55 Buena Vista Terrace: Doors and deck

As we recapped last month:

Purchased for $2,177,000 in April 2006 but significantly expanded and remodeled by architect Jonathan Feldman and interior designer Joseph Oroza since (including adding a new bathroom, turning outdoor space in, and remodeling the kitchen and dining), the now 3,106 square foot designer home with big glass doors and some big city views at 55 Buena Vista Terrace returned to the market in September 2008 asking $3,395,000.
Withdrawn from the market in November 2008 but then relisted anew in January 2009 asking $2,995,000, the list price for the designer home was reduced to $2,695,000 that February and then $2,595,000 that April before being withdrawn again that June.
Listed anew once again this past September with an "original" list price of $2,295,000 (and an official one day on the market per aggregate industry reports), as a plugged-in reader notes, yesterday the list price for 55 Buena Vista Terrace was reduced to $2,100,000.

The resale of 55 Buena Vista Terrace closed escrow yesterday with a reported contract price of $2,100,000. As a plugged-in reader noted last month, MLS based statistics will reflect a $77,000 (4%) drop in value versus 2006 for this data point and miss a few hundred thousand dollars invested in between.

55 Buena Vista Terrace Back Below Its 2006 Pre-Renovated Price [SocketSite]
Big Swinging…Doors (And Here Comes The Competition) [SocketSite]
Riders On The Storm (The Doors Of 55 Buena Vista Terrace Reduced) [SocketSite]
From Easy Profit To Likely Loss For 55 Buena Vista Terrace [SocketSite]

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February 8, 2011

Apples To Apples To Apples At 2679 California

2679 California Facade

As a plugged-in reader notes, the list price for the "Stunning Pacific Heights Victorian home" at 2679 California was reduced $100,000 to $2,695,000 yesterday. As we wrote about the sale of the property for $3,005,000 in April 2008:

2679 California was purchased on 10/21/2005 for $2,850,000, listed on 2/21/08 for $2,995,000, and closed escrow on 4/2/08 for $3,005,000.
Assuming all work was permitted, the only major improvements from 10/05 to 4/08 consisted of a few new windows and siding, and the average annual appreciation over the past thirty months for this six bedroom, three and one-half bath single-family home in Pacific Heights weighs in at around 2.2%.

A sale at asking would now represent average annual depreciation of 3.7 percent per year over the more recent thirty-five months and a total drop in value of 10 percent ($310,000).

∙ Listing: 2679 California (5/3.5) 4,311 sqft - $2,695,000 [MLS]
Apples to Apples: Pacific Heights Single-Family (2679 California) [SocketSite]

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100 Percent Doobie Debt Financed On Potrero Hill

890 De Haro

In 2007 the Potrero Hill home at 890 De Haro sold for $1,350,000. The sale is yet another example of a "winning" offer in San Francisco that was financed with 100 percent debt, a first for $1,080,000 and a second for $270,000. And here you couldn’t understand how you kept getting outbid or what was driving appreciation (less than two years before the property had traded for $1,185,000).

A year later the owner posted a "make me move" price of $1,650,000 which was withdrawn in March 2010, three months after a notice of default was filed with $50,289 past due.

The property was subsequently listed as a short sale for $1,150,000 this past November, was in and out of contract, and has now returned to the MLS listed for $1,013,000. And while its courthouse sale has been postponed in the past, the home is once again scheduled to hit the steps in San Francisco next week.

For some reason the current listing for the property doesn’t tout the "sophisticated indoor marijuana cultivation/processing room" which last occupied the back half of the garage. Oh, did we not mention the seller was arrested for cultivating marijuana here and at another home back in 2009?

We’d sure love to see Merrill Lynch’s loan documentation for the purchase in 2007. And no, we don’t believe the Mercedes is still parked in the other half of the garage.

∙ Listing: 890 De Haro (3/1) 1,517 sqft – “$1,013,000” (short sale) [Redfin]
Working All The Angles And Coming Up Short In The Marina [SocketSite]
Groveland Marijuana Investigation Moves To San Francisco [SocketSite]

Posted by socketadmin at 1:00 AM | Permalink | Comments (62) | (email story)

February 7, 2011

No, Not In Indiana But Rather On (And Off In San Francisco)

1578 Indiana (Image Source: MapJack.com)

In July of 2003 the 1,243 square foot Central Waterfront condo known as 1578 Indiana #9 sold for $439,000. Three short years later it resold for $625,000 in October 2006, a purchase which was financed with a $500,000 first mortgage and a second for $125,000.

A year later the fully leveraged buyer who had offered the most for District 9 property and established a new neighborhood comp added a third loan for an additional $150,000.

This past July a notice of default was filed on that first with just $7,589 past due and a trustee sale was scheduled for this past November. Postponed due bankruptcy, the condo is once again scheduled to hit the courthouse steps this Wednesday with a published opening bid of $520,996.

As best we can tell, the slightly larger and upgraded 1578 Indiana #8 which had been listed for $600,000 in 2008 (and a few times after) never sold.

Now Priced To Catch Your Attention (As It Did Ours): 1578 Indiana #8 [SocketSite]

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A Month Later And A Bit More Red Down In Jackson Square

733 Front #508

Purchased for $1,350,000 in February 2008, three days ago the sale of the "immaculate" two-bedroom, two-bath condo #508 at 733 Front Street closed escrow with a reported contract price of $975,000 ($668 per square foot).

Call it a 28 percent or $375,000 drop in value for the Jackson Square condo with parking, designer kitchen and nine foot ceilings over the past three years.

As plugged-in people might recall, last month the short-sale of 733 Front Street #407, a one-bedroom, closed escrow with a reported contract price of $450,000, 38 percent ($280,000) below its September 2007 purchase of $730,000.

In The Red At 733 Front Street Down In Jackson Square [SocketSite]
Jackson Square For 34 38 Percent Less In 2011 [SocketSite]

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February 4, 2011

Mo’ Moderne Atop Liberty Hill (Or Not)

849 Sanchez

From San Francisco’s modern era of design and development to modern day trends, we’re calling it a modern themed week in retrospect. And we’re closing it out with a peek inside the Streamline Moderne 849 Sanchez atop Liberty Hill (or not).

849 Sanchez: Dining

Other than noting a sale for $3,400,000 in June 2008, the price at which it’s listed today, we’ll let the pictures and plugged-in lovers of Streamline Moderne speak for themselves.

∙ Listing: 849 Sanchez (4/3.5) - $3,400,000 [849sanchez.com]
San Francisco’s Modern Era Of Design And Development [SocketSite]
San Francisco Listed Housing Inventory Update: January 31, 2011 [SocketSite]

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Eleven Months Later 465 Hoffman Is Picked For $120,000 (4%) Less

465 Hoffman

Speaking of Noe Valley year-over-year, the sale of 465 Hoffman closed escrow Wednesday with a reported contract price of $2,850,000.

Call it $633 per listed square foot and a four percent ($120,000) drop in value over the past eleven months for the "exceptional showcase home architecturally designed & methodically built with gorgeous views!"

As plugged-in people might recall, the modern Noe home first hit the market in early 2009 listed for $3,900,000 and sold for $2,970,000 this past March.

The Number Of The 465 Hoffman And An Eight Month Noe Apple To Be [SocketSite]
Mixing It Up In Noe Valley: 465 Hoffman Sells For $675 Per Square
A Post-Preview List Price Of $3,900,000 For 465 Hoffman Avenue [SocketSite]
If You Think You Know Noe Now’s The Time To Tell [SocketSite]

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If You Think You Know Noe Now’s The Time To Tell

113 Valley

As best we can tell, we’ve got a perfect clean Noe Valley apple on the tree at 113 Valley. And even better, a sale pair that should be relatively year-over-year.

Purchased for $1,155,000 in October 2009, the "gorgeous light filled Victorian Home in great Noe location" was just listed for $1,199,000. While unaltered one year real estate holds aren't typically great investments, they are great as benchmarks for the market.

As a (Noe) Valley aside, the single family home at 374 Valley is currently scheduled to hit the courthouse steps in March while a notice of default for the single-family home at 254 Valley was filed two months ago.

If you think you know Noe, now's the time to tell.

∙ Listing: 113 Valley (2/2) - $1,199,000 [MLS]
San Francisco Bucks CA Foreclosure Trends, But Not In A Good Way [SocketSite]

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Working All The Angles And Coming Up Short In The Marina

Down in the heart of the Marina just a block from the bay, 1921 Jefferson Street #204 sold for $180,000 in 1997. Over the next nine years it changed hands three more times with holds of one to five years, each time with a higher price and annual appreciation between 9 and 25 percent on an apples-to-apples basis.

The last sale occurred five years ago with a comp setting price of $510,000. And it wasn’t one of those funny money five percent down deals. No, in this case the purchase appears to have financed with a first mortgage for $408,000 and a second for $100,000. That’s right, two thousand dollars or under one percent down.

Two months ago a notice of default was filed on the property with $20,363 past due, but don’t worry, that two thousand dollars of "prime" equity isn’t at risk. No, a year after purchase the property was refinanced in 2007 with a first mortgage for $464,000 (the one foreclosing) and a second for $58,000. Yes, a total of $522,000 in debt.

A few months after refinancing the owner posted a "make me move" price of $699,000, an offer that was just withdrawn four weeks ago when the property was listed on the MLS for $549,000, a price that has since been reduced to $529,000 and the seller is now angling for a short sale.

UPDATE: Just reduced to "$499,000."

∙ Listing: 1921 Jefferson #204 (1/1) 558 sqft – $529,000 (short sale) [MLS]

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February 3, 2011

"Best Priced Studio Condo In SoMa" Undercut From Above

195 7th Street

It’s nothing fancy nor luxurious. And at 311 square feet, 195 7th Street #308 is anything but large. But it is a South of Market condo that’s just hit the market as a short-sale listed for $150,000. And it's not a BMR.

Purchased for $51,000 in 1995 it sold for $79,000 in 1998 (appreciation of 14 percent per year). And five years later it sold for $180,000 in 2003 (appreciation of 18 percent per year). Apparently "short-term" holds and frequently flipped properties do show price appreciation. Well, at least when the market is actually appreciating.

Three other studios listed for sale in the 34-unit building currently range in price from $189,500 for #208 (time to strike that "Best Priced Studio Condo in SOMA" tout) to $238,000 for #404 which is larger by twenty-one square feet.

∙ Listing: 195 7th Street #208 (0/1) 311 sqft – $189,500 [MLS]
∙ Listing: 195 7th Street #308 (0/1) 311 sqft - "$150,000" (short sale) [MLS]
∙ Listing: 195 7th Street #404 (0/1) 332 sqft - $238,000 [MLS]

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Twelve Percent Over Asking And Below A Comp Of Seven Months Ago

The sale of 2111 Franklin #4 closed escrow yesterday with a touted seven (7) offers and an official twelve (12) percent over asking. And with a reported contract price of $815,000 ($521 per square foot), it’s only twenty-four (24) percent under its September 2005 sale price of $1,075,000.

As we wrote last month:

Purchased for $1,075,000 in September 2005 ($687 per square), number four chased the market down for two years, having first been listed for $1,100,000 in August 2008, last asking $849,000 as a short sale before losing the property to the bank last month.
The Pacific Heights property had been purchased in 2005 by way of two mortgages, one for $800,000 and another for $167,500, and ten percent ($107,500) down. It had previously sold for $759,000 in 2002 with a bit of remodeling in between.

As we also noted at the time, the same sized unit #2 in the building sold for $925,000 ($591 per square) seven months ago having been purchased for $1,095,000 ($700 per square) in June 2008.

The Short Sellers Come Up Short As 2111 Franklin #4 Returns REO [SocketSite]

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The Courthouse Clock Is Ticking For 99 Marietta Up In Miraloma

99 Marietta

Speaking of single-family homes for sale up in Miraloma Park, when we last checked in on 99 Marietta the four-bedroom home had returned to the MLS as short sale listed for $685,500 having fallen out of contract when previously listed for $612,500.

Once again, the 1,966 square foot home was purchased for $850,000 in September 2005 with a rather reasonable 20 percent down and a $680,000 variable rate loan. Not previously mentioned, in February 2007 the property was refinanced with a first for $750,000 and a second for $149,000 (for which the property would have had to appraise).

A few minutes ago the list price for 99 Marietta was reduced to $675,000. At the same time, the property is currently scheduled to hit the courthouse steps on March 18 with $41,355 past due on Washington Mutual’s first (as previously noted by a reader).

And yes, Washington Mutual wrote that second as well. That's a good a thing if you're trying to negotiate a short sale, not so much for everyone else.

∙ Listing: 99 Marietta (4/2) 1,966 sqft - $675,000 [MLS]
A Modern Miraloma Apple Returns At 801 Teresita Boulevard [SocketSite]
99 Marietta Comes Up Short (For The Sellers) In Miraloma [SocketSite]

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Selling Short In 2011 Having Gone Long On Lake In 2004

Purchased for $1,615,000 in early 2004 having already been renovated, the single-family home at 1738 Lake Street returned to the market last March listed for $2,100,000.

Reduced to $1,950,000 last April, to $1,890,000 last May, and then $1,780,000 last July, the four-bedroom Lake Street home was withdrawn from the market last August.

Back on the market today and listed for "$1,499,000" as a short sale.

∙ Listing: 1738 Lake (4/3) 2,977 sqft – "$1,499,000" [MLS]

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February 2, 2011

A Modern Miraloma Apple Returns At 801 Teresita Boulevard

801 Teresita

As we wrote about 801 Teresita Boulevard in July 2007:

The little (and not so little) things that caught our eye at 801 Teresita: heated granite floors, a Duravit sink, Axor fixtures and skylight in the bathroom; Scavolini, Sub-Zero, DCS and (two more) skylights in the kitchen; a landscaped backyard (which the master bedroom overlooks); and a corner lot. And yes, even that nice new garage door.

Listed for $895,000 at the time, the modern single-family Miraloma Park home ended up closing escrow for $950,000 a month later.

Seven months ago the property returned to the market asking $899,000 but was reduced to $849,000 before being withdrawn from the market a month later. Today, it's back on the market and asking $815,000.

And no, we’re still not granite people (but do remain enamored with radiant heat).

∙ Listing: 801 Teresita Boulevard (2/1) 1,150 sqft - $815,000 [MLS]
You Had Us At Heated Granite Floors (And We're Not Granite People) [SocketSite]

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January 28, 2011

12 Auburn Comes Up Short On Nob Hill

12 Auburn

So there's no deeded parking and Nob Hill, but it is a rather cute little two-bedroom at 12 Auburn that’s just returned to the market after a one-month hiatus, only it's now listed as a short sale for "$699,000" having been purchased for $700,000 in May 2005.

The property had been listed for as much as $898,000 just four months ago prior to three prices reductions and then being withdrawn from the MLS at the end of December.

We might suggest structuring any offer to include the contents of the "wine cellar." If you're successful, don't forget those invitations to the housewarming. And as design aside, we are rather enamored with their urban gate.

12 Auburn Gate

∙ Listing: 12 Auburn (2/1) – "$699,000" (short sale) [MLS]

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1855 Laguna: Nudged To Market In Lower Pacific Heights

1855 Laguna

Purchased for $2,660,000 in April 2006 with 25 percent ($532,000) down but a second added for $182,000 two months later, the fully remodeled Victorian home at 1855 Laguna with a big Viking and Sub-Zero in the kitchen returned to the market a week ago.

Now listed as a short sale for "$2,195,000," three weeks ago a notice of default was filed on the Lower Pacific Heights property with $57,667 past due.

∙ Listing: 1855 Laguna (4/3.5) – "$2,195,000" (short sale) [MLS]
San Francisco Bucks CA Foreclosure Trends, But Not In A Good Way [SocketSite]

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Highly Leveraged In 2005 And Now An LPS Flag Flies In Noe

1688 Dolores LPS Tag

As we wrote this past October:

Purchased in April 2005 for $1,227,000 with 95 percent leverage and 5 percent ($61,400) down, the single-family home at 1688 Dolores was briefly listed this past March for $1,050,000 before being withdrawn.
Yesterday the Noe Valley home returned to the MLS listed for "$1,050,000" as a short sale and with one day on the market once again.

As a plugged-in tipster captures in a scene more commonly associated with Detroit than Noe, the short sale doesn’t appear to be going too well despite a reduction to "$975,000," confirmed by the notice of default filed by the first mortgage holder four weeks ago.

And while we previously noted the 95 percent leverage at purchase, we just noticed what appears to be a third for an additional $500,000 two years after in July 2007.

∙ Listing: 1688 Dolores (2/2) 1,450 sqft – "$1,050,000" (short sale) [MLS]
Highly Leveraged In '05 And Now Selling Short? Certainly Not In Noe… [SocketSite]
San Francisco Bucks CA Foreclosure Trends, But Not In A Good Way [SocketSite]

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January 27, 2011

2041 Sacramento Sells (For Reals This Time) At 38% Under 2007

2041 Sacramento Top: Living

As plugged-in people know, the MLS reported "sale" of 2041 Sacramento for $1,950,000 this past October wasn’t actually a sale but rather the bank foreclosing upon the remodeled top floor Pacific Heights condo back. And not even at that "price."

2041 Sacramento Top: Roof Deck

Yesterday, however, a legitimate sale of 2041 Sacramento appears to have closed escrow with a reported contract price of $1,418,000. The sale represents a 38 percent ($868,500) drop in value for the property since its purchase for $2,286,500 in June 2007.

The "beautiful house-like top floor 2-level 3BR/3BA condo in prime location across from Lafayette Park" was last listed for $1,499,000 ("DRASTIC REDUCTION for quick sale!!!").

While The MLS Reports A "Sale," Public Records Report A Foreclosure [SocketSite]
A Year Later An Apple Falls In Pacific Heights (2041 Sacaramento) [SocketSite]
An Apples To Apples (And Rather Prime) Update For 2041 Sacramento [SocketSite]
North To South (And Apples To Apples) From Atop 2041 Sacramento [SocketSite]
2041 Sacramento Cuts Again But Gains Three Exclamation Points!!! [SocketSite]

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11 Offers And 27% Over Asking Yields 9% Under 2001 On Potrero Hill

146 Connecticut

With a reported eleven or twelve offers, the sale of 146 Connecticut #3 closed escrow yesterday with a reported contract price of $665,000. While that's 27 percent "over asking and with multiple offers," the sale price for the Potrero Hill condo was also 24 percent under its sale for $880,000 in 2004 and 9 percent under its sale for $729,000 in 2001.

From a plugged-in reader with respect to the top-floor condo three weeks ago:

I put out some feelers on this property and was told the final sales price is going to be in the high 600k range, so it should sell close to it's 2001 price. views from this place were absolutely top notch.

And once again, the 50 percent larger but lower floor (i.e., without those absolutely top notch views) unit #1 at 146 Connecticut sold for $980,000 in October 2005 having originally sold for $699,000 (4 percent less than #3) in May 2001.

An Offer Inciting Potrero Hill Price At 40 Percent Under 2004 [SocketSite]
The SocketSite Reality Check For CBS’s Infamous "42 Offer" Home [SocketSite]

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January 26, 2011

Puttin' On The Ritz-Carlton At Under Eight Seven Hundred A Square

690 Market #1502

As we wrote this past October:

Purchased for $1,481,000 in October 2007 ($1,239 per square) and then taken back by the bank this part March with $1,234,899 due, the two-bedroom Ritz-Carlton Residences (690 Market) #1502 returned to the market six months ago.
Asking $999,900 ($837 per square) over the past 37 days, as a plugged-in reader notes, the list price was reduced to $949,905 ($795 per square) today. A sale at asking would represent a 36 percent decline in value for the luxury unit over the past three years.
And while "still not cheap" at almost $800 per square, we’re guessing that’s of little solace to those who were sold on $1,200 or more.

And as a plugged-in reader noted late last night, the bank-owned "auction" resale of 690 Market #1502 closed escrow on Monday with a reported contract price of $805,000.

Call it $674 per square foot and a 46 percent ($676,000) drop in value for the 1,195 square foot Ritz-Carlton two-bedroom since October 2007.

And yes, the Sub-Zero was still in place (as were all the cabinets).

Puttin' On The Ritz (And Pressure) At Under Eight Hundred A Square [SocketSite]

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January 21, 2011

Symphony Towers Sales Office Gets Lapped At 650 Turk

While the sales office at Symphony Towers is still trying to close out at least seven unsold units, the first foreclosed upon unit at 650 Turk Street has hit the resale market.

Purchased for $371,500 in February 2008, 650 Turk Street #406 was taken back by the bank last July with no bidders at $317,778. The 398 square foot unit is now listed at $336,900.

At the same time, a corner penthouse studio on the ninth floor "with lots of light and partial City Hall views" is finally in contract having last been listed at $329,000. It had originally been priced at $465,000.

∙ Listing: 650 Turk #406 (0/1) - $336,900 [MLS]
∙ Listing: 650 Turk #904 (0/1) - $329,000 [MLS]
An Unheard Of Price At Symphony Towers We've Heard Before [SocketSite]

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Now Asking 10 Percent Less Green For A Green Mission Apple

3280 22nd Street #D

As we wrote just four months ago:

New construction in 2007 featuring siding from reclaimed olive oil barrels, hardwood floors from reclaimed mine timbers, and bathrooms with Zuma tubs and Duravit sinks, 3280 Mission Street #D was listed for $1,399,000 that July and sold for $1,450,000.
It’s now three years later, the Valencia Streetscape Improvement Project has been completed, and the three-bedroom atop 3280 22nd Street has returned to the market asking $1,550,000.

Withdrawn from the MLS in December, yesterday the green apple to be returned to the market listed for $1,395,000 and with just "one" day on the market and no reductions in the eyes of those friendly neighborhood trends reports.

UPDATE: A plugged-in reader adds a "very crude and grainy picture...taken from 3280 22nd street looking out at the neighbors [in 2007]. clearly, the neighbors were not happy about the new development":

3280 22nd Street 'Welcome' Banner

Rough translation: "Enough of the rich people and their condos."

∙ Listing: 3280 22nd Street #D (3/2) 1,808 sqft - $1,395,000 [MLS]
Going Green In The Mission (3280 22nd St.): Prices/Additional Details [SocketSite]
A Green Apple To Be Atop 3280 22nd Street (#D) [SocketSite]

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January 19, 2011

Plans For The Inner Mission Fixer At 1376 Florida Come Up Short

1376 Florida

In April 2007 the Inner Mission fixer at 1376 Florida sold for $700,000. Since then "fully approved plans" have been secured and "permits are ready to be issued" for rebuilding the property as two "low energy condominiums" totaling 3,000 square feet.

1376 Florida Plan

Returned to the market professionally priced at $850,000 early last year, reduced to $799,000, then to $749,000, and then to $649,000 before being withdrawn last October, the property has just returned to the market as a short-sale listed for "$300,000."

∙ Listing: 1376 Florida (3/2) – "$300,000" [MLS] [1376florida-sf.com]

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January 14, 2011

The Showcase Is Past But Hints Of 2006 Remain

3701 Washington 2010

Plugged-in people knew it was returning to the market, and today the sale of the Beaux Arts mansion at 3701 Washington closed escrow with a reported contract price of $12,100,000 having been listed for as much as $17,500,000 in 2008.

Built in 1902, the 10,000 square foot property sold for $8,000,000 in 2005 as a fixer, underwent a multi-million dollar renovation, and then served as the 2006 Decorator Showcase home at which point it was returned to the market asking $15,500,000.

And according to a plugged-in reader, it sold for $12,100,000 that October as well.

3701 Washington Entry

Don’t forget those invitations to the housewarming. We’re calling dibs on bedroom five.

3701 Washington Returns Two Years Later Asking 23 Percent Less [SocketSite]
Inside the 2006 Decorator Showcase Home [sanfranciscoshowcase2006.com]
Now That’s How To Flip Renovate! [SocketSite]
It’s Tough At The Top [SocketSite]
Now That’s How To Flip Renovate Flip? (3701 Washington) [SocketSite]

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No 2006 Repeat For 4381 26th Street In 2010 And Now Back In 2011

4381%2026th%20Street.jpg

As we wrote this past June:

On the market in 2006 asking $2,479,000, the Mark Brand designed contemporary single-family at 4381 26th Street sold for $2,600,000 in a month, an outcome that was more the rule than an exception for the market at the time.
As a plugged-in tipster notes, the Noe Valley home is back on the market four years later and asking $2,479,000. Will the same list price (and pics) yield similar results in 2010?

Withdrawn from the MLS in November without a sale in 2010, 4381 26th Street returned to the market today asking $2,350,000, a sale at which would represent an "apples-to-apples" 10 percent drop below its 2006 value for the contemporary Noe Valley home.

4381 26th Street Listed At 2006 Price And Looking For A Repeat? [SocketSite]
The Wood, The Stone, The Windows...Oh My! [SocketSite]

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January 13, 2011

Unfortunately Wells Wasn’t Requiring 30 Percent Down At The Time

655 5th Street

Eleven years ago the two bedroom and three bath townhouse known as 655 5th Street #9 sold for $781,000 down in SoMa. Seven years and a thousand or two new neighborhood condos later, the 1,774 square foot unit sold for $1,018,000 in 2007 by way of an $814,400 first and a second for $152,700.

Yes, this was yet another case of only 5 percent down in the "it's different here" San Francisco and with "only" $50,900 in equity at risk. Lo and behold, this past November Wells Fargo foreclosed on the first with no bidders at $746,547.

Yesterday the property was listed for sale on the open market for $777,900, a sale at which would be just below its year 2000 price, "only" 24 percent ($240,100) below 2007.

∙ Listing: 655 5th Street #9 (2/3) 1,774 sqft - $777,900 [MLS]
30 Percent Down Or Interest Rates Up As Proposed By Wells Fargo [SocketSite]

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Obviously They Simply Overpaid In Pacific Heights...

2416 Gough (Image Source: MapJack.com)

Purchased for $3,025,000 in July 2008, as plugged-in people know the single-family Pacific Heights home at 2416 Gough returned to the market last July asking $2,995,000 and was then listed on the MLS in August at $2,775,000.

With two price cuts in between, today the list price for the 3,500 square foot home was reduced to $2,295,000, a sale at which would represent an apples-to-apples 24 percent ($730,000) drop in value for the "Exquisite Victorian Home on a wonderful tree lined street in Pacific Heights" over the past two years.

Of course one could argue that the buyers of this property simply "overpaid" in 2008, but then so did everyone who relied on the individual sale as a market comp – or in the aggregate as it factored in to average and median sales price reports – at the time.

∙ Listing: 2416 Gough (6/3.5) 3,500 sqft - $2,295,000 [2416goughstreet.com] [MLS]
Apples To Apples On A Pacific Heights Tree Lined Street [SocketSite]

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January 12, 2011

1365 Portola Drive: An Apple In The St. Francis Wood Of Trees

1365 Portola Drive

Speaking of foreclosures over in District 4, the big bank-owned house at 1365 Portola Drive has just hit the resale market MLS listed for $1,149,000.

The property failed to sell in 2008 when listed for $1,950,000 or $1,699,000 in 2010. And at the time of its foreclosure this past August, open loans on the property totaled $1,795,000 and included a first for $1,120,000, a second for $425,000, and third underwritten in 2009 for $250,000.

Sure, that "Grand Curb Appeal" is from a busy street, but that’s why the 3,000 square foot remodeled St. Francis Wood home only fetched $1,325,000 back in May of 2002 (15 percent more than its current list price).

∙ Listing: 1365 Portola Drive (4/4) 3,000 sqft - $1,149,000 [MLS]
Coming Up Short In Miraloma (And Bank-Owned) [SocketSite]

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Coming Up Short In Miraloma (And Bank-Owned)

As the attempted short sale of 99 Marietta up in Miraloma Park has come up short once again and a courthouse sale looms, the bank owned single-family home at 507 Teresita has hit the market listed for $772,000 (15 percent under its 2006 sale price) while the bank-owned single-family home at 51 Los Palmos Drive has been listed for $669,900.

51 Los Palmos had been purchased for $317,500 in 1989 but had been refinanced a few times since, most recently with second mortgage for $109,700 in 2006 on top of a first for $698,000 in 2005 for which the house would had to have appraised.

99 Marietta Comes Up Short (For The Sellers) In Miraloma [SocketSite]
∙ Listing: 507 Teresita (5/3) 2,552 sqft - $772,000 [MLS]
∙ Listing: 51 Los Palmos Drive (2/1) 1,278 sqft - $669,900 [MLS]

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January 11, 2011

From 100% Financing To 100% Bank-Owned For 2312 Gough

2312 Gough

"Extensively remodeled" and expaned in early 2000, the "sophisticated Victorian three-story home" at 2312 Gough ("conveniently located within just two blocks from Lafayette Park") was listed for $2,580,000 and sold for $3,000,000 that May.

Returned to the market four years later listed for $2,500,000 and likely expecting a similar result, the 3,986 square foot property sold for $2,600,000 with 100 percent financing in July 2004, subsequently refinanced in September 2006 with a $2,630,000 note.

Listed for sale at $2,595,000 this past February but then withdrawn in May, by August the borrower owner had fallen $76,878 past due and the property returned to the MLS at $2,595,000 in October. In November a notice of trustee sale was filed.

With no open market buyers at its 2004 price nor any bidders at its opening bid of $2,100,000 on the courthouse steps, 2312 Gough was returned to the bank last week.

Apples To Apples To Apples (And 100% Financing) For 2312 Gough [SocketSite]

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Luckily You Missed That Last Chance At 57 Bessie In 2006 (And 2007)

57 Bessie

As we wrote this past May:

Purchased for $725,000 in June 2004, the 1,165 square foot 57 Bessie was listed in 2007 asking $849,000 before being reduced to $749,000 and then withdrawn from the market.
The single-family home on the northern (relatively) flats of Bernal Heights is back on the market today seeking a short sale at $695,000.

The property had also been listed in 2006 priced at $895,000 before being reduced to $829,000 and then withdrawn noting: "Final week!"

And while the MLS was just updated, the sale of the single-family home at 57 Bessie closed escrow two weeks ago with a reported contract price of $633,000.

57%20Bessie%20kitchen.gif

Call it $543 per square foot and 13 percent under its 2004 sale price on an "apples-to-apples" basis for the remodeled North Bernal home on a small lot (as it was before).

Whoa, Bessie! [SocketSite]
Last Chance For Bessie? [SocketSite]

Posted by socketadmin at 9:00 AM | Permalink | Comments (52) | (email story)

January 10, 2011

Oh Henry! As 2209 9th Avenue Is Handed Back To The Bank Sold!

2209 9th Avenue

As we wrote in February 2009:

Purchased for $1,126,000 in 2005, remodeled and returned to the market for $1,195,000 in June of 2008, the Henry Hill home at 2209 9th Avenue was withdrawn without selling in July. Back on the market today and listed for $995,000.
We can't call it an "apple" for a couple of reasons (including the view blocking new home next door), but we also wouldn't dismiss this well designed data point out of hand.

As we added that June:

The list price was reduced to $939,000 in March. And while previously in escrow, today the listing was withdrawn from the MLS, either without a closed sale (most likely) or to avoid reporting the contract price (a not too uncommon new development trick).

And as a plugged-in tipster adds today, it would appear that the Henry Hill home at 2209 9th Avenue was returned to the bank three weeks ago with $687,900 owed on its first sold.

UPDATE: While we can’t yet confirm (stay tuned), our tipster has good reason to believe that it was actually a private party that picked up the property from the bank with a winning bid of $687,900 (versus over $900,000 owed).

UPDATE: Consider it confirmed, purchased on the courthouse steps for $687,900 cash.

Two Well Designed Data Points We Wouldn't Dismiss Out Of Hand [SocketSite]
Mid-Century Modern That’s Been Remodeled: 2209 9th Avenue [SocketSite]
Another Mid-Century Modern Casualty: A Shift In Tastes Or Appetites? [SocketSite]
A Well Designed District 4 Data Point Is Withdrawn (2209 9th Ave) [SocketSite]

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Albion Castle (881 Innes) Cuts To 151 Thrones

Albion Castle

While the $10,592 throne is still in place and the listing continues to advertise "seller financing available," the asking price for the Albion Castle (881 Innes Avenue) has been reduced another $200,000 to $1,599,000 (151 thrones).

Once again, the seller is a mortgage banker who purchased the property at auction for $2,090,000 in 2005, remodeled and renovated (enter said throne), and then returned the castle to the market in late 2009 asking $2,950,000.

∙ Listing: 881 Innes Avenue (4/2) - $1,599,000 [MLS]
The Albion Castle’s $10,592 Throne [SocketSite]
Care To Get Your Castle On? A Restored Albion Castle Returns [SocketSite]
Albion Castle Cuts $550,000 (19%), Now About That Karma... [SocketSite]
Calling All Kings...Albion Castle Cuts Another $500,000 (21 percent) [SocketSite]
Another Cut For Albion Castle (881 Innes Avenue) [SocketSite]

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Jackson Square For 34 38 Percent Less In 2011

733 Front #407 Kitchen

Plugged-in people knew the short sale had been approved and the list price reduced to $480,000, a sale at which would have been a 34 percent drop in value for the Jackson Square condo at 733 Front Street over the past three years.

This past Friday the sale of 733 Front Street #407 closed escrow with a reported contract of $450,000, 38 percent below its September 2007 purchase price of $730,000.

Don’t forget those invitations to the house warming, paying attention to those "bitter" bears three years ago just saved you $280,000 and buys an awful lot of champagne.

Not New But Now "Approved" And Shorter Still For 733 Front #407 [SocketSite]
Now With Even More Red At 733 Front Street On Jackson Square [SocketSite]
733 Front Street: A SocketSite Forum Inquiry (And Answer) [SocketSite]

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If Homes In Bayview Are Selling For $770,000 $375,000 $345,000…

As we wrote this past December:

In August 2006 it sold for $550,000 as a fixer, was remodeled (including the addition of two bedrooms and a bath), and then flipped four months later for $770,000 which not only established a neighborhood "comp" but justification for prices elsewhere in San Francisco ("If homes in Bayview are selling for $770,000…").
In October 2008 the single-family home at 1747 La Salle returned to the market asking $560,000 but failed to sell. The home has since been "reconstructed" ("Everything in the home is brand new") and was re-priced at $450,000 ("a must see, won’t last") this past September. And for the past month they’ve been asking $375,000.

On Friday the short sale list price for 1747 La Salle was reduced to $345,000. And yes, it’s still listed as a "must see" but "won’t last" no longer.

∙ Listing: 1747 La Salle Avenue (5/3) - $345,000 [MLS]
If Homes In Bayview Are Selling For $770,000 $375,000… [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (17) | (email story)

January 7, 2011

Over Asking, But Will It Be Over 2001 Up On Potrero Hill?

While still listed as active on the MLS, a plugged-in reader reports with respect to the sale of 146 Connecticut #3 up on Potrero Hill: "I heard the bank received 11 offers and that it went for more than $100K over asking."

Keep in mind that a sale at $100,000 (19 percent) over asking would still represent a marked to market value at 29 percent under 2004, 14 percent under its sale in 2001.

Comments: An Offer Inciting Potrero Hill Price At 40 Percent Under 2004 [SocketSite]

Posted by socketadmin at 12:00 PM | Permalink | (email story)

January 6, 2011

Former Giants #35 Is Looking To Sell (255 Berry) #610

255 Berry #610 Living

Asking $1,950,000 in September 2006, the three-bedroom condo atop 255 Berry Street known as #610 was purchased by former San Francisco Giants #35 Rich Aurilia for $1,750,000 in January 2007. Obviously he didn't overpay.

Then again the 2,293 square foot condo with a 700 square foot-ish terrace overlooking the creek is back on the market today and asking $1,650,500. And yes, the condo was also listed from September to December last year at $1,750,000, albeit a bit more quietly that time around.

∙ Listing: 255 Berry #610 (3/2.5) 2,293 sqft - $1,650,500 [MLS]
255 Berry: Seven Percent Active [SocketSite]

Posted by socketadmin at 3:00 PM | Permalink | Comments (17) | (email story)

Oh No They Didn’t! (Oh Yes They Did On Peru)

419 Peru: Front and Back

With a swipe at both Bernal ("Tired of looking at the freeway in Bernal?") and SoMa condos ("without [the] high HOA fees to pay"), the renovated single-family cottage on a small Excelsior lot at 419 Peru Avenue was relisted today as a short sale for "$399,000."

Purchased for $609,000 in November 2005 back when "buy now or be priced out forever!" was an agents favorite line (and anyone who thought otherwise was obviously just bitter), the sale was financed with two loans, one for $487,200, a second for $91,350, and $30,450 (5%) down. And therein lies part of the problem as they’re now angling for a "two lender short sale."

Listed for sale at $649,000 in June of 2008, reduced to $619,000 three months later, and then briefly in contract, the property returned to the MLS in July of 2009 listed for "$498,000" before being withdrawn a month later. So yes, it’s an official "one day" on the market according to those aggregate industry stats.

∙ Listing: 419 Peru Avenue (2/1) – "$399,000" (short sale) [MLS]

Posted by socketadmin at 2:30 PM | Permalink | Comments (8) | (email story)

Shorter Still For 235 Berry Street #304 At $560 Per Square Foot

Asking $750,900 when the building was 89 percent sold in January 2007, 235 Berry #304 sold for a reported $751,000 that March ($702 per square foot).

Returned to the market (mis)priced at $849,000 this past May, perhaps based on market (mis)expectations, the asking price for the two-bedroom was reduced to $829,000 in June and then to $675,000 as a short sale in August.

In contract and then relisted twice since last September, on Tuesday the list price for the 1,070 square foot "spacious corner residence" was reduced to $599,000, 20 percent under its 2007 sale and $560 per square, a value which shouldn't catch any plugged-in buyers or sellers by surprise.

∙ Listing: 235 Berry #304 (2/2) 1,070 sqft – "$599,000" (short sale) [MLS]
235 Berry Street Update: At Most 89% Sold (And Moving On In) [SocketSite]
An Under $600 Per Square Foot Two-Bedroom Comp At 235 Berry [SocketSite]

Posted by socketadmin at 12:15 PM | Permalink | Comments (12) | (email story)

One Rincon Hill '08's Appear To Have Slipped More (Not Less) In 2010

425 1st Street #4408 View

As we wrote this past June:

Hours after our noting the bank-owned listing for 425 1st Street #3908 at $695,000, the sales office at One Rincon Hill reduced the list price for 425 1st Street #4308 from $780,000 to $749,000 ($992 per square foot).
Today, the sale of 425 1st Street #4408 closed escrow with a reported contract price of $690,000 ($914 per square foot), the 755 square foot view one-bedroom had most recently been listed by the sales office for $785,000.
Considering the sale office sold #3908 for $855,000 in June 2008 ($1,132 per square), and taking into account a five floor higher premium, we’ll call it a 20-25 percent drop in value for #4408 over the past two years.
And the argument that $695,000 for #3908 is "cheap" simply because #4308 is listed for $780,000 $749,000? Not so strong.

The sale of One Rincon Hill #4308 ended up selling this past July with a reported contract price of $687,000 ($909 per square) while the sale of #3908 ended up closing escrow this past September with a recorded contract price of $660,000 ($874 per square foot four floors below), a 23 percent drop in value from June 2008.

Seven days ago the sales office sold 425 1st Street #4608 for a reported contract price of $680,000 ($901 per square), 1 percent under the contract prices of #4308 and #4408 six and seven months ago respectively.

Interesting Indeed As One Rincon Hill #4308 Falls Out Of Escrow [SocketSite]
Additional '08 Stack (And Year) Perspective From One Rincon Hill [SocketSite]
The First Listed Foreclosure At 425 First (One Rincon Hill) [SocketSite]

Posted by socketadmin at 9:15 AM | Permalink | Comments (4) | (email story)

January 4, 2011

Ritz-Carlton (690 Market Street) At 39 Percent Off This Afternoon

San Francisco's Ritz-Carlton Residences (www.SocketSite.com)

Scheduled to hit the courthouse steps at two this afternoon, it’s a plugged-in tipster that notes the previously published opening bid of $1,407,739 has just been dropped to $1,144,024 for the two-bedroom Ritz-Carlton condo known as 690 Market #2003.

Purchased for $1,890,000 ($1,320 per square) in September 2007 with what would appear to have been a $1,322,978 loan and 30 percent ($567,022) down, the 1,431 square foot luxury unit was listed for $2.35M in 2008, reduced to $1.9M in 2009, and then reduced to $1.69M before being withdrawn.

We don't consider courthouse auction prices to be "apples-to-apples" on account of their all cash and no contingency nature, but as our reader notes, it will be a 39 percent haircut in value if it sells for its opening price of $799 per square.

That being said, 690 Market #1502 which was purchased for $1,481,000 in October 2007 ($1,239 per square) and then taken back by the bank is currently pending having last been listed for $949,905 ($795 per square), a sale at which would represent an apples-to-apples 36 percent decline in value for the luxury unit over the past three years.

And once again, while "still not cheap" at almost $800 per square, we’re guessing that’s of little solace to those who were sold on $1,200 $1,300 per square or more.

UPDATE: While still noted as pending on the MLS, a plugged-in reader reports that 690 Market #1502 actually "sold for $805K, plus the auction fees, in early December." Once again, the condo originally sold for $1,481,000 in October 2007.

UPDATE: With no bidders yesterday at $1,144,024 ($799 per square foot), 690 Market Street #2003 is now bank owned. Once again, the luxury two-bedroom Ritz-Carlton condo had originally been purchased for $1,890,000 ($1,320 per square) in September 2007.

Puttin' On The Ritz (And Pressure) At Under Eight Hundred A Square [SocketSite]

Posted by socketadmin at 1:00 PM | Permalink | Comments (16) | (email story)

January 3, 2011

Busy Street (But Even Slower Market)

1419 Oak

It's definitely on a busy street (or "easy freeway access" as would have been sold as a pro rather than a con), but it’s no busier and arguably more gentrified (hello alpha) than in August 2007 when purchased for $1,150,000.

Taken back by the bank this past September, the Haight Ashbury home at 1419 Oak with wood detailing (and granite) inside is back on the market and asking $919,900.

A sale at asking would represent a 20 percent ($230,100) drop below the 2007 value of the home, a bigger swing if you account for any appreciation in between.

∙ Listing: 1419 Oak (3/2) - $919,900 [MLS]

Posted by socketadmin at 1:30 PM | Permalink | Comments (11) | (email story)

December 30, 2010

An Offer Inciting Potrero Hill Price At 40 Percent Under 2004

146 Connecticut

Built in 2001, the two-bedroom #3 atop 146 Connecticut appears to have first sold for $729,000 that April and then $880,000 just three years later in 2004. Taken back by the bank three weeks ago, the 1,056 square foot Potrero Hill condo is now back on the market and listed for an offer inciting price of $525,000 ("No offers until 1/4/11").

The listing touts "Modern kitchen with granite counter tops" although you’ll have to take their word for it (it’s not pictured in any of the current listing pics), there do appear to be some nice views (although keep in mind that pictured roof deck is shared), and we’ll touch on that "owner occupied versus investor" bit in a bit (unless you beat us to it).

We’ll also note that the 1,502 square foot lower floor unit #1 at 146 Connecticut which originally sold for $699,000 in May of 2001 resold in October of 2005 for $980,000.

But remember short term holds never show appreciation. Well, unless the market is actually going up rather than down.

∙ Listing: 146 Connecticut Street IT-3 (2/2) 1,056 sqft - "$525,000" [MLS]

Posted by socketadmin at 8:30 AM | Permalink | Comments (17) | (email story)

December 29, 2010

Apples, Schmapples, Look At Those Medians! (Just Not Too Closely)

With 45 recorded sales to date in 2010, the median sale for condominiums in zip code 94123 (which includes the Marina and Cow Hollow) weighs in at $1,175,000, up 26 percent over 2009 ($930,000) and within just 4 percent of a peak $1,219,000 in 2007! Talk about a real estate rebound!

Of course as we pointed out to plugged-in people in September, the median size of condos sold in 2010 (1,525 square feet) is up over 20 percent from 2009 (1,270 square feet) and up 12 percent from 2007 (i.e., the mix of sales has changed). And on a price per square foot basis, so far the median in 2010 ($755) is down 2 percent from 2009 ($767), down 18 percent from 2007 ($921).

And while the median price per square foot for condos in 94123 is up 5 percent from 2004 ($718), the apples-to-apples sale of the two-bedroom condo at 2382 Union Street closed escrow six days ago with a reported contract price of $705,000, down 7 percent from its 2004 sale price of $759,000.

But never mind all that, did you see those medians!

SocketSite Sees Seasonality (Versus Signs Of A Rebound) [SocketSite]
One Percent Down In 2004 (And Perhaps More Down More Since) [SocketSite]
Medians Are Up, But Don’t Confuse That With Increasing "Prices" [SocketSite]

Posted by socketadmin at 1:30 PM | Permalink | Comments (10) | (email story)

Ho, Ho, No…Holiday Red On Green Atop Russian Hill

1070 Green #902

As we wrote this past September:

Listed for $2,100,000 in April 2008, the two-bedroom Green Hill Tower (1070 Green) condo #902 sold with a "confidential" sale price reported on the MLS that June. As such, the list price of $2,100,000 would have been used when compiling MLS based median and average sale price reports.
Public records, however, suggest the sale price for the Russian Hill home was actually $1,910,000. And two weeks ago, the two-bedroom view condo returned to the market listed for $1,695,000. Currently in contract, but it would appear that not all contingencies have yet been waived.

The sale of 1070 Green Street #902 closed escrow today with a reported contract price of $1,675,000, 12 percent ($235,000) under its recorded sale price in 2008.

A Green (And No Longer Confidential) Apple To Be On Russian Hill [SocketSite]
An End To Confidential MLS Sales* (*Unless You're Willing To Pay) [SocketSite]

Posted by socketadmin at 12:30 PM | Permalink | Comments (8) | (email story)

Shorter Still For 310 Townsend From The Beginning To End Of 2010?

310 Townsend

With a list price of $645,000 when the 45 condos at 310 Townsend first hit the market in early 2007, unit number 309 ended up selling for a recorded $640,000 that July (reported as $645,000 on the MLS).

Returned to the market this past March asking $465,000, the list price on the one bedroom was reduced to $425,000 in April and was pending two weeks later. Falling out of contract, the condo was relisted in June at $500,000.

Reduced to $475,000 in July, two weeks later 310 Townsend #309 was back in contract only to fall out once again. Relisted at $450,000 this past September, in November its list price was reduced to $435,000 and on Monday it was reduced to $399,000 (38 percent under 2007). And yes, it’s listed as a "short sale" but without mention of being "pre-approved" at this price.

Interestingly enough, the 803 square foot #308 at 310 Townsend which was purchased for $615,000 in 2007 resold for $494,000 a year ago (a drop of "only" 20 percent at the time) while 1,136 square foot #303 which was purchased for $850,000 in 2007 resold for $670,000 five months ago (a drop of 21 percent).

We’re still waiting for 310 Townsend #202 to report its "best price ever" sale.

∙ Listing: 310 Townsend #309 (1/1) 789 sqft - "$399,000" [MLS]
310 Townsend: Available And Selling [SocketSite]
310 Townsend #303 Is Booked [SocketSite]
"Best Price Ever" At 310 Townsend (Assuming It’s Approved) [SocketSite]

Posted by socketadmin at 4:00 AM | Permalink | Comments (58) | (email story)

December 24, 2010

‘Twas The Night Before Christmas And An Apple Was Picked…

One South Park Holiday

Okay, so more accurately, ‘twas the night before the night before Christmas and an apple was picked. Purchased for $1,495,000 in October 2007 and "never occupied as a primary residence," the sale of 1 South Park #402 closed escrow yesterday with a reported contract price of $1,165,000, an apples-to-apples decline in value of 22 percent ($330,000) over the past three years.

And while we didn’t feature it before, and it’s not actually an apple (think new structural beams and the elimination of colu