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CATEGORY ARCHIVE: Bay Buildings

March 19, 2010

Millennium Tower Trivia (And One Bedroom Resale)

From the resale listing for 301 Mission #25B: "The 25th floor is one of the most desirable in the building, providing extraordinarily high ceilings found on only one other floor." Can you name that one other Millennium Tower floor?

∙ Listing: 301 Mission #25B (1/1) - $749,000 [MLS]
∙ Millennium Tower (301 Mission) Update: 30% Closed Or In Contract [SocketSite]

Posted by socketadmin at 3:00 PM | Permalink | Comments (25) | (email story)

A Comstock (1333 Jones) View Comp Closes A Little Bit Down

As we wrote this past November:

A tax assessed value of $2,393,000 would suggest a sale price not too far from the $2,350,000 asking price for 1333 Jones Street #505 when last on the market. Back on the market today, the two-bedroom and two-bath Comstock Co-op is asking $2,395,000.

The sale of 1333 Jones Street #505 closed escrow yesterday with a reported contract price of $2,000,000.

∙ A Trio Of Comstock 05’s From Which To Choose, Are Any "Just Right?" [SocketSite]

Posted by socketadmin at 2:00 PM | Permalink | Comments (4) | (email story)

March 18, 2010

Collateral Damage: 52 Rausch Goes Back To The Bank

A plugged-in tipster reports:

Yesterday, 52 Rausch Street was taken back by Redwood Mortgage, which held a $850,000 2nd. It has a senior loan for $2,550,000 to First National Bank of Northern California (South SF). This property also was cross-collateral for the $23 million construction loan for Cubix (apparent 3rd position here).

Along with the conversion of 60 Rausch and 73 Sumner, the eight-unit 52 Rausch was built by George Hauser as part of the The Mullen Buildings development of 2002.

∙ The Mullen Buildings: 52/60 Rausch & 73 Sumner [SocketSite]
∙ SocketSite’s Straight Scoop On The Collapse Of Cubix (766 Harrison) [SocketSite]

Posted by socketadmin at 11:15 AM | Permalink | Comments (3) | (email story)

Relaxing BMR Rules At Mission Walk To Compete With Bank-Owned

Plugged-in people should have seen this coming (others simply scoffed at our noting reductions on BMR re-sales and comparisons of bank-owned and BMR price points).

From the Examiner today:

Purchasing rules that govern scores of San Francisco Redevelopment Agency condos are being relaxed to help sell the units in a battered real estate market.

“We’ve never had this much inventory on the market,” Redevelopment Agency Executive Director Fred Blackwell said.

Agency commissioners this week raised the income cap for buyers to qualify for some of the units at Mission Walk — a 131-unit, two-building project completed on Mission Bay’s Berry Street in July — from those earning 100 percent of The City’s median income to those earning 120 percent.

“The price points, when you look at foreclosures and look at our units, are pretty much the same,” he said. “What people are doing, it seems, is choosing to go with the foreclosures because the foreclosures don’t have the same kind of income restrictions or equity restrictions.”

Income restrictions have already been relaxed for the Bay Oaks development at 4800 Third Street and are expected to be relaxed for the 125-unit project at 5600 Third Street.

The Redevelopment Agency might also begin offering down-payment assistance for buyers in either of the two Third Street developments.

∙ Reductions Reach Below Market Rate Units On Ora Way (And Others) [SocketSite]
∙ Buy A BMR For $10K $25K More Than Bank-Owned At Candlestick Point [SocketSite]
∙ Changing rules to spur homebuying [San Francisco Examiner]
∙ Mission Walk (330/335 Berry) Phase 2 Inventory/Application Scoop [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (39) | (email story)

March 16, 2010

Hotel Utah Hits On The Market, Saloon To Stay (We Hope)

While it’s not listed on the MLS, a plugged-in tipster notes San Francisco’s iconic Hotel Utah (500 4th Street) is on the market and asking $2,350,000 for its 28 "Tourist Rooms" and Hotel Utah Saloon.

When the Hotel Utah opened its doors in 1908, San Francisco and the Barbary Coast were going strong. Although, the city boasted a number of luxury hotels, this Hotel was something else entirely: this was where the people went. This iconic bar was standing before, during, and after Prohibition. The Deininger family originally opened the saloon, and commissioned furniture makers in Belgium to design and create its ornate bar-back. They also served the city’s best beer, Fredericksburg, brought to The Utah by horse and carriage and lowered into the cellar in wooden kegs.

Gamblers, thieves, ladies up to no good, politicians, hustlers, friends of opium, goldseekers, godseekers, charlatans, police, fancy miscreants — they all visited The Utah. And that was when South of Market was just a lonely section of the San Francisco waterfront. After the Bay Bridge was finished in 1936, SOMA came into its own. The saloon was home to longshoremen, merchants, metalsmiths, furniture makers, and people from the neighborhood, traffic flowing back and forth between San Francisco and the East Bay.

Ah, the good old days of fancy miscreants and ladies up to no good.

According to its offering memorandum, the building currently should generate $186,757 in annual operating income with nine of its rooms rented on a month to month basis and the Saloon - which we assume will stay - paying $6,225 per month.

This deal actually is in the MLS

UPDATE (3/17): Our apologies, while the Hotel Utah property is in fact listed in the MLS (and apparently has been for the past 79 days), it appears as though the check-box to allow the listing to be found and viewed on the MLS's public facing site has not been checked.

Regardless, and perhaps more importantly, "the Hotel Utah Saloon has 5 years remaining on their current lease + two (5 year) options available."

∙ Offering Memorandum: 500 4th Street (Hotel Utah) - $2,350,000 [arausa.com]

Posted by socketadmin at 3:00 PM | Permalink | Comments (25) | (email story)

"Over Asking" (But 32 Percent Under 2008) For 999 Green #2802

With a last list price of $1,695,000 the sale of 999 Green Street #2802 for $1,700,000 four days ago will be reported as "over asking" in industry reports and league tables versus 19 percent under its original list price of $2,099,000 this past October.

And of course as plugged-in people should know, the "over asking" sale represents a 32 percent drop in value for this Eichler Summit unit versus its "off the market" purchase for $2,500,000 in October 2008.

∙ Still Sliding Down The Slope From The Eichler Summit (999 Green) [SocketSite]
∙ The (Eichler) Summit Of 999 Green Street #2802 [SocketSite]
∙ A Slippery Slope On The Eichler Summit: Number 2802 Reduced [SocketSite]

Posted by socketadmin at 10:45 AM | Permalink | Comments (12) | (email story)

Now Showing At The Shuttered Alexandria Theater: Blight

In 2008 Alexandria Enterprises LLC filed a building permit to preserve the envelope of the long-shuttered Alexandria Theater at 5400 Geary and raise a four story building atop the theater’s parking lot off 18th Avenue.

As proposed the theater would maintain one screen with the remainder of the space being transformed into an 8,000 square foot restaurant while the new construction would result in 39 (according to the permit) to 46 (according to the Examiner) residential units atop 6,550 square feet of retail and 136 underground parking spaces.

Blame the economy, the developers, or planning, the lack of development over the past six years has resulted in the theater becoming "a haven for homeless."

The storied movie theater sits idle with a crumbling façade, a boarded-up box office and a once-vibrant entrance riddled with flies and the stench of urine. The building has become an ideal canvas for graffiti, and cardboard strewn at its front doors acts as a bed for transients.

And while the city’s new blight ordinance forces owners of vacant or abandoned buildings to maintain their properties, the Richmond YMCA’s lease of 13 theater parking spaces and use of the theater’s marquee appears to be to blame for the Department of Building Inspection overlooking the theater’s current state of disrepair.

UPDATE: UPDATE: The DBI has now deemed the Alexandria to be a "vacant building" which must be registered and maintained or face fines in accordance with the city's blight ordinance.

∙ Shuttered Alexandria Theater evades upkeep [San Francisco Examiner]
∙ Beauty Blight Is In The Eye Of The City (And Perhaps Your Neighbors) [SocketSite]

Posted by socketadmin at 9:00 AM | Permalink | Comments (3) | (email story)

March 11, 2010

One Of 33 32 Atop 611 Washington (Montgomery Washington Tower)

One San Francisco’s original luxury high-rise buildings, only 33 residential units were built atop 611 Washington (perhaps the pool on the 21st floor now makes more sense). As units 2101 and 2102 were merged into one, however, there are now only 32.

The 2,624 square foot #2402 is one of those thirty-two. Once listed for $4,595,000 (it’s been on and off the MLS four times since 2008), 611 Washington #2402 was being shopped off the MLS at $3,995,000 last month, and has just been re-listed at $3,595,000.

And yes, industry reports will reflect "one day" on the market.

∙ Listing: 611 Washington #2402 (2/2.5) 2,624 sqft - $3,595,000 [MLS]

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

San Francisco’s Four Seasons No Longer Facing Foreclosure

While Millennium Partners’ strategic default on its $90 million Four Seasons San Francisco mortgage might not have yielded the intended results with respect to getting its debt holders to renegotiate, it did yield a new equity partner.

Millennium and private equity group Westbrook Partners have paid down the mortgage on the Four Seasons San Francisco from $90 million to $55 million. Under the agreement Westbrook becomes two-thirds owner of the hotel while Millennium holds on to a one-third ownership interest in and continues to asset manage the hotel.

And as such, San Francisco’s Four Seasons is no longer facing foreclosure.

∙ If You Owe The Bank $100 $90 Million... [SocketSite]
∙ S.F.'s Four Seasons averts foreclosure [San Francisco Business Times]

Posted by socketadmin at 6:30 AM | Permalink | Comments (0) | (email story)

March 10, 2010

Interview With The Vampire Inspiration Hits The Market

"I see…" said the vampire thoughtfully, and slowly he walked across the room towards the window. For a long time he stood there against the dim light from Divisadero Street and the passing beams of traffic. The boy could see the furnishings of the room more clearly now, the round oak table, the chairs. A wash basin hung on one wall with a mirror. He set his brief case on the table and waited.

And so starts Interview with the Vampire by Anne Rice.

503 Divisadero was the inspiration for Louis’ haunt on Divisadero, and the Victorian has just hit the market asking $1,395,000. The Interview connection isn’t mentioned in the listing, perhaps not even known. And the building appears to have most recently been home to Fog Horn Realty and a mortgage broker or two.

We’re biting our tongues (not necks) on any tongue in cheek parallels.

∙ Listing: 503 Divisadero (4/2) - $1,395,000 [MLS] [Map]

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

A Nine Year "Push" To Be For A Two-Bedroom At 246 2nd Street?

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.

∙ Listing: 246 2nd Street #806 (2/2) 1,101 sqft - $658,000 [MLS]
∙ Another Non-Comp Comp Closes At 246 2nd Street (#1003) [SocketSite]

Posted by socketadmin at 6:15 AM | Permalink | Comments (25) | (email story)

Lesbian, Gay, Bisexual and Transgender Center Facing Foreclosure

"Eight years after opening with great fanfare, San Francisco's city-subsidized, $12.3 million Lesbian, Gay, Bisexual and Transgender Community Center is on the verge of foreclosure - and is asking the cash-strapped city for a $1 million line of credit to help bail it out."

∙ LGBT Center looks to San Francsico for bailout [SFGate]

Posted by socketadmin at 5:30 AM | Permalink | Comments (24) | (email story)

March 9, 2010

A Beacon Of Distress (250 King #802)

A Beacon (250 King Street) and neighborhood comp at $906,666 ($614 per square foot) in April 2006, the 1,476 square foot two-bedroom on the eighth floor of 250 King Street (#802) was bought off the courthouse steps for $527,077 this past November.

And while we don’t consider courthouse step sales to be apples to apples (all cash changes the equation), we will consider its resale to be so (assuming the banks are lending again).

On the market and asking $669,000 ($453 per square), 26 percent under its 2006 price.

UPDATE: A plugged-in reader adds:

This is a symbolic foreclosure as the (former) owner of Unit 802 was the lead plaintiff on the lawsuit against Catellus Development. I guess he decided to throw in the towel. Then again, I can't blame him IF Property Shark is right; they claim a $799,900 variable first and $150,000 second (JPM was the loser on that one). Yes that's a 105% LTV...

Emphasis added.

∙ Listing: 250 King Street #802 (2/2) 1,476 sqft - $669,000 [MLS]
∙ Unable To Fund Loan(s) At The Beacon? Hmm... [SocketSite]

Posted by socketadmin at 1:15 PM | Permalink | Comments (19) | (email story)

(Not So) Simply For Our Love Of A Beautiful Staircase

No real story, it’s simply for our love of 650 Delancey #213’s staircase.

Okay, and so it's also the fifth time since September 2008 the Oriental Warehouse loft has been listed (asking $1,498,000 at one point but now with an official "one day on the market" and "original list price" of $1,298,000 according to those industry stats).

Oh, and then there's that bit about a flood.

∙ Listing: 650 Delancey #213 (2/2) 1,400 sqft - $1,298,000 [MLS]
∙ The Oriental Warehouse (650 Delancey) [SocketSite]
∙ The Wonderful World Of Warehouse Twos (650 Delancey #112) [SocketSite]

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

March 8, 2010

Presidio Landmark Building 1801 Recovering Nicely From Wingectomy

The non-historic wings have been removed and Forest City’s redevelopment of Building 1801 (soon to be known as "Presidio Landmark," previously known as the rather less inviting and marketable Public Health Service Hospital) into 154 studio, one, and two-bedroom apartments continues to make great strides.

Where possible, the historic wood windows and brick and stone facades [have been] refurbished...A three-story addition is being added added at the rear of the building...[and] Seven small townhomes are being added totaling about 16,000 square feet.

A smattering of floor plans for the marble, granite and stainless steel adorned units are online but rates have yet to be set. First occupancy is slated for this summer.

∙ From Graffiti Canvas To Apartment Campus: PHSH Breaking Ground [SocketSite]
∙ The Public Health Service Hospital Through A Reader's Eyes And Lens [SocketSite]
∙ Public Health Service Hospital Project [presidio.gov]
∙ Presidio Landmark [thepresidiolandmark.com]

Posted by socketadmin at 4:00 PM | Permalink | Comments (17) | (email story)

March 4, 2010

Albion Castle Cuts $550,000 (19%), Now About That Karma...

The history. The reduction $550,000. The new ask: $2,400,000. The karma comment.

∙ Listing: 881 Innes Avenue (4/2) - $2,400,000 [MLS] [Map]
∙ Care To Get Your Castle On? A Restored Albion Castle Returns [SocketSite]

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

Moving On Up Down For A Bank Owned Penthouse In The Sky

On the heels of the Watermark Penthouse #1B’s apples to apples 31 percent decline in value (below its 2006 sale), Watermark Penthouse #1E has returned to the market.

As we wrote this past October:

A plugged-in reader reports: "For those of you in the market for a penthouse, Unit #PH1E at the Watermark (501 Beale) was taken back by the lender for $1,349,628 on Sept. 15. Talk about bad timing, the former owner bought for $1.523 million in January 2007. This three bedroom 1,362 sq.ft. foreclosure was brought to you courtesy of WaMu."

Call it a quick flip gone bad as the condo had returned to the market a month after closing asking $1,800,000. Last listed for $1,595,000 before being taken back by the bank.

Now asking $1,224,000 ($899 per square), 19.6 percent below its January 2007 value.

∙ Listing: 501 Beale #PH1E (3/2) 1,362 sqft - $1,224,000 [MLS]
∙ Still Not Cheap, But 31 Percent Cheaper: Watermark Penthouse #1B [SocketSite]
∙ A Pair Of Bank-Owned Penthouses Atop The Watermark (501 Beale) [SocketSite]
∙ From Flippy To Floppy For Watermark (501 Beale) Penthouse #2B [SocketSite]

Posted by socketadmin at 6:00 AM | Permalink | Comments (3) | (email story)

March 2, 2010

Still Not Cheap, But 31 Percent Cheaper: Watermark Penthouse #1B

Its sale for $1,300,000 ($1,275 per square foot) in October 2006 was likely a supporting comp for other Watermark (501 Beale) penthouse units, neighboring buildings, and so on and so forth. Taken back by the bank last October, 501 Beale #PH1B returned to the market asking $940,500.

And while the sale was just reported on the MLS, it closed escrow on 2/12/10 with a reported contract price of $893,000 ($876 per square foot), a drop of 31 percent over the past three years. Don’t forget to adjust that chain of comps accordingly.

∙ From Flippy To Floppy For Watermark (501 Beale) Penthouse #2B [SocketSite]
∙ A Pair Trio Of Bank-Owned Penthouses Atop The Watermark [SocketSite]

Posted by socketadmin at 3:45 PM | Permalink | Comments (64) | (email story)

February 26, 2010

A One Time Fire Sale To Address An Ongoing Budgetary Problem

From Guardians of The City with respect to old Engine Company No. 16 at 909 Tennessee:

City Architect John Reid Jr. designed this two-story brick structure to replace the original 1887 home of 16 Engine that was a block away at 1009 Tennessee Street. A two-story brick firehouse with a cornice brightened with small colored tiles, terra cotta keystones accent the arched dormitory windows and plaques above the doors.

Off of Third Street, near the Pier 70 complex, in what is called the "Dogpatch" section of the Potrero District, Engine Company 16 was considered a waterfront company. From the 1880's through World War II the Potrero Point Pier 70 area was a very active shipbuilding and steel manufacturing district. It became the largest civilian shipyard on the west coast.

This firehouse is located on a bigger plot of land owned the City. To the rear of the firehouse on the corner of 3rd and 19th Streets are the former Potrero Police Station and the neighbor Public Health Emergency room.

Engine Company No.16 was disbanded on July 1, 1970, due to ordered City budget cuts to the Fire Department. From 1970 to 1976 the firehouse was used by Toy Program. From 1976 to 1992 the house was used as a Museum annex apparatus workshop and collection storage area. Since 1992 the firehouse is being used by the Department for storage.

According to a plugged-in tipster the San Francisco Fire Department will be selling 909 Tennessee in order to help balance its budget.

And our tipster’s (paraphrased) question: Does it make sense to address an ongoing budgetary problem with a one time sale of an asset in a down market?

UPDATE: The asking price is expected to be around $735,000.

∙ Engine Company No. 16 (909 Tennessee Street) [guardiansofthecity.org]

Posted by socketadmin at 2:30 PM | Permalink | Comments (63) | (email story)

Flipping A Few Lembi Properties Through Foreclosure

A plugged-in tipster reports:

Coastal Capital of Sausalito, which bought a portfolio of loans secured by Lembi properties, foreclosed on the properties [yesterday]. Coastal reportedly paid $24.1 million (64% of face value) for the package of loans originated by Tamalpais Bank, and today's sales at the steps totaled $29,049,100. Pretty nice annualized return! It should be noted that a Coastal affiliate did some of the buying.

Among the foreclosed upon properties sold: 1235 Bay, 2285 Bay, 1125 Broadway, 479 Buena Vista East, 6242 Geary, 315 Hyde, 1651 Larkin, 725 O'farrel, 1701 Turk, and 2350 Van Ness.

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

February 22, 2010

935 Folsom: Warehouse Squat Sweatshop Condos Fire Station!

From the Mayor’s Office by way of a plugged-in tipster (and SFAppeal):

Mayor Gavin Newsom announced today that the City has reached a proposed agreement with the San Francisco Museum of Modern Art (SFMOMA) for the exchange of the City’s existing fire station on Howard Street in return for a newly constructed, replacement fire station on Folsom Street. The agreement allows for SFMOMA to proceed with a $480 million campaign and expansion on Howard Street, while providing the City with a modern replacement for its outdated fire station.

The agreement translates to a gift from museum leadership to the City of over $10 million. Under the terms of the agreement, SFMOMA will acquire the land for the new fire station and will design, fund and construct a new state-of-the-art station to the Fire Department’s specifications. The City will deed to the SFMOMA the existing Fire Station No. 1 and a portion of Hunt Alley directly behind the station.

The new fire station will be located at 935 Folsom Street, between 5th and 6th Streets and is expected to cost over $14 million to develop.

Construction of the new station is expected to begin in 2011 assuming San Francisco's Fire Commission and Board of Supervisors approve. We will now hold a moment of silence for the previously proposed 935 Folsom Street project.

As we wrote about the site a little under two years ago:

In the news "five years ago when the U.S. Department of Justice raided the property as part of a multi-agency investigation into illegal sweatshop operations," 935 Folsom served as "a squat for about 30 punk rock anarchists" in the early 1980’s. Ah, the good old days.

Once again...ah, the good old days (of unbridled condo development and easy sales).

∙ Mayor Newsom Announces Agreement with SFMOMA for Fire Station [sfmayor.org]
∙ Deconstructionist Or Cubist? MOMA To Design, Build A Fire Station [SFAppeal]
∙ From CAMP SF To CAMFS? (Contemporary Art Museum Fire Station) [SocketSite]
∙ SFMOMA Snags The Fisher Contemporary Art Collection [SocketSite]
∙ From Warehouse, To Squat, To Sweatshop, To Condos: 935 Folsom [SocketSite]

Posted by socketadmin at 3:45 PM | Permalink | Comments (13) | (email story)

1168 Folsom: Another Hauser Project Falls To Foreclosure

A plugged-in tipster reports with respect to The Folsom Lantern Building:

Another George Hauser project taken back by lenders [as 1168 Folsom was foreclosed upon]. Redwood Mortgage, which held a 3.5 million 2nd took back the property last Weds 2/17/2010. There is a senior loan for 6.5 million.

As usual, plugged-in people saw it coming. And we wouldn't be surprised to see the 20-unit building back on the market sometime soon.

∙ 1168 Folsom Street, San Francisco [hauserarchitects.com] [Map]
∙ 30 Dore Goes The Rental For Sale Route And Offers A Bonus Bedroom? [SocketSite]

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

February 19, 2010

Selling At A Loss In An Attempt To Make A Profit (Elsewhere)

Purchased for $245 million in 2005, the 730,000-square-foot south financial district twin-tower building at 303 Second Street is returning to the market with expectations of a $220 million sale price for the 90 percent leased building.

The key quote from TMG Partners CEO Michael Covarrubias:

“It’s a matter of what their basis is and what their alternative capital opportunities are,” said Covarrubias. “These buildings (like 303 Second St.) are not going to appreciate rapidly and there may be an opportunity to redeploy it and buy other distressed assets.”

Think that thinking might be playing a role in the recent return of previously unsold new construction condo units as well? More on this next week.

∙ S.F. building owners sell the best, keep the rest [Business Times]
∙ 303 Second Street [303second.com]
∙ Artani (818 Van Ness) Scoop Redux: Unsuspending Sales [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (17) | (email story)

February 17, 2010

Apples To Apples Tower One "E" Plan(s) At The Infinity (301 Main)

Purchased for $1,100,000 in September 2008, the tower one (301 Main) "E" plan two-bedroom on the 27th floor of The Infinity (the view from which is above) is back on the market and asking $1,169,000.

The tower one "E" plan on the 16th floor is also back on the market and seeking $999,000, unfortunately we don’t (yet) have its original sale price (purchased March 2009).

∙ Listing: 301 Main #27E (2/2) 1,180 sqft - $1,169,000 [Redfin]
∙ Listing: 301 Main #16E (2/2) 1,180 sqft - $999,000 [MLS]

Posted by socketadmin at 9:45 AM | Permalink | Comments (100) | (email story)

February 16, 2010

Oh My At 34 Percent Under A 2006 Value At Odeon: 181 O’Farrell #508

As we wrote last November:

Purchased for $800,000 in December 2006, Odeon (181 O’Farrell) #508 was taken back by the bank. It’s been listed at $601,400, a sale at which would represent a 25 percent drop in value over the past three years.

While the list price was reduced to $542,700 in December, the sale of 181 O’Farrell #508 closed escrow on 2/12/10 with a reported contract price of $530,000, a 34 percent drop in value over the past three years (but "only 2 percent under asking").

∙ Oh My (And Bank Owned) At The Odeon On O’Farrell [SocketSite]

Posted by socketadmin at 7:00 AM | Permalink | Comments (13) | (email story)

February 12, 2010

Would The Real Top Chef San Francisco House Please Stand Up?

The listing for 3157 Baker Street boasts: "Former residence to celebrity chef, CEOs, professional athletes..." Asking $5,000,000 in 2008, down to $3,695,000 in 2010.

And we’re sorry to report, our Top Chef Aficionados might have been off by a house last year.

∙ Listing: 3157 Baker (5/3.75) - $3,695,000 [MLS]
∙ Are There Any Plugged-In Top Chef Aficionados In The House? [SocketSite]

Posted by socketadmin at 12:45 AM | Permalink | Comments (18) | (email story)

February 9, 2010

Still Sliding Down The Slope From The Eichler Summit (999 Green)

As we wrote last month with respect to #2802 at the Eichler Summit:

After three months on the market the MLS listing for 999 Green #2802 was withdrawn from the MLS without a sale (last asking $1,950,000). As of yesterday, however, the listing is active again but with a price that has been reduced to $1,795,000. Once again, purchased "off the market" for $2,500,000 in October of 2008.

As we noted in November: "Yes, the kitchen and baths could use some updating, but it's a classic building with big views and a price 22 percent less than in 2008." Now 28 percent.

Make that 32 percent as the list price for 999 Green Street #2802 has just been reduced another $100,000 to $1,695,000.

At the same time, the listing for 999 Green Street #1201 is once again active at $1,279,000 and still notes, "property was appraised for 1,575,000 in May [2009] by Bob Singer at TRAC, thats 286,000 below the [appraisal]!!!" It's been on the market for 154 days. And yes, it's now $296,000 "below the appraisal" (and has been for three months).

∙ Listing: 999 Green Street #2802 (3/2) - $1,695,000 [MLS]
∙ Listing: 999 Green Street #1201 (2/2) - $1,279,000 [MLS]
∙ A Slippery Slope On The Eichler Summit: Number 2802 Reduced [SocketSite]
∙ The (Eichler) Summit Of 999 Green Street #2802 [SocketSite]

Posted by socketadmin at 2:45 PM | Permalink | Comments (13) | (email story)

Chicken John’s New Mural (And Message): "Fail To Win"

Chez Poulet (3359 Cesar Chavez) is sporting a new mural by Mongoloid. Gone is "Chicken John Rinaldi for Mayor Supervisor Dog Catcher," in its place is "Fail to Win!" The listing for Chicken John’s Chez Poulet was withdrawn from the MLS last month. And without a sale it would appear.

∙ Playing Chicken With A Five Year Arm (It’s Not Just About Rates) [SocketSite]

Posted by socketadmin at 2:15 PM | Permalink | Comments (8) | (email story)

Another Chance To Buy "Steal" It For Even Less...

As we wrote last week with respect to the sale of 601 4th Street Penthouse #2 at $663 per square foot: "…perhaps not a great comp for the "It’s a steal!" penthouse number three directly next door (last asking $835 per square)."

Lo and behold, yesterday the list price for 601 4th Street Penthouse #3 was reduced $100,000 (7%) to $1,398,000, now asking $780 per square foot. Purchased for $1,500,000 in October 2006 ($837 per square) but then remodeled a bit we do believe.

∙ Listing: 601 4th Street #3P (2/2) - $1,398,000 [MLS]
∙ The Heublien Building Lofts (601 4th Street) [SocketSite]
∙ Year 2000-esque Penthouse Comp Atop The Heublien Building [SocketSite]
∙ Hitting For The Heublien Building Penthouse Cycle (#PH3) [SocketSite]

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

February 8, 2010

Going Short Heritage On Fillmore (1310 Fillmore) Having Bought Long

Asking "in the $900’s" for the five three-bedrooms at Heritage on Fillmore (1310 Fillmore) in December 2006, number 802 sold in November 2007 and sports a tax assessed value of $993,953 (which would suggest a sale price "in the $950’s").

First listed as a proposed short sale at $765,000 seven days ago, 1310 Fillmore #802's proposed short sale price was reduced to $665,000 three days later. No mention, however, of the sale price being pre-approved.

At the same time, the two-bedroom Heritage on Fillmore number 803 is now a proposed short sale "waiting for lender’s approval." Purchased for $810,000 in June 2007, first listed as a resale in September 2008, and now seeking a short sale at $649,000.

∙ Listing: 1310 Fillmore #802 (3/2) 1,407 sqft – "$665,000" [Redfin]
∙ Listing: 1310 Fillmore #803 (2/2) 1,115 sqft – "$649,000" [MLS]
∙ Heritage On Fillmore: The VIP Scoop [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (37) | (email story)

February 5, 2010

A Favorite Soma Grand (Not From The Fifth Floor) Penthouse View

While the Craigslist post identifies this Soma Grand (1160 Mission) unit as #501, as a plugged-in reader notes, we’re pretty sure the penthouse level isn’t on the fifth floor. And the pictured "top floor" unit number actually starts with a 22.

If you like cityscapes and San Francisco's Federal Building (which we do), however, the pictured unit is situated atop one of our favorite stacks in the building. But as far as we know it's not currently for sale.

And don’t forget, only the top two floors at Soma Grand offer air conditioning (and gas).

UPDATE (2/6): The Craislist post for 1160 Mission St #501 has been updated to reflect the interior and views of #501 (versus that pictured above). The reference to it being a "top floor" unit has also been removed.

∙ $800000 / 2br - OPEN SUN 2/7/10...SOMA Grand: 1160 Mission St #501 [Craigslist]
∙ Soma Grand (1160 Mission) Resale Comp And Stack Reduction [SocketSite]
∙ Soma Grand (1160 Mission): Status And Sales Update [SocketSite]

Posted by socketadmin at 5:30 PM | Permalink | Comments (37) | (email story)

Book Concern Building (83 McAllister) Comes Back To Market As Well

Speaking of new developments now returning to the market, eight of the sixty units at the previously sold out Book Concern Building (83 McAllister) were just listed at prices ranging from $299,000 for the 261 square foot number 412 (asking $273,000 in December 2006) to $519,000 for the 678 square foot number 508.

∙ Listing: 83 McAllister #412 (0/1) - $299,000 [Redfin]
∙ Listing: 83 McAllister #508 (1/1) - $519,000 [Redfin]
∙ Symphony Towers Moves To Sell Twenty-Six Leased Leftover Units [SocketSite]
∙ Book Concern Building (83 McAllister) [SocketSite]
∙ Book Concern Building (83 McAllister): Update And Pricing [SocketSite]

Posted by socketadmin at 4:00 PM | Permalink | Comments (7) | (email story)

Could Julius’ Castle Become Your Own? (302 Greenwich For Sale)

Long seeking a new tenant since shutting down two years ago under allegations of landlord fraud, misrepresentation, and lease issues, a plugged-in tipster notes that 302 Greenwich (a.k.a. Julius’ Castle) is now on the market asking $4,950,000. From the listing:

Elegantly situated atop Telegraph Hill, the restaurant has long been a destination to visitors & locals alike drawn to the warm environment & magnificent bay views….Possible residential application.

Other than over the past two years of course. We’ll let you work out the price (or probability) for that possibility for San Francisco landmark number 121 on Telegraph Hill.

∙ Listing: 302 Greenwich (a.k.a. Julius' Castle) - $4,950,000 [Zephyr] [Map]
∙ A Happy Ending for San Francisco's Castle? [Preservation]

Posted by socketadmin at 9:00 AM | Permalink | Comments (11) | (email story)

Symphony Towers Moves To Sell Twenty-Six Leased Leftover Units

While we broke the news last week with respect to Artani (818 Van Ness) unsuspending their sales efforts, apparently Symphony Towers is doing the same for 26 (out of 130) units they ended up leasing out over a year ago.

∙ Artani (818 Van Ness) Scoop Redux: Unsuspending Sales [SocketSite]
∙ Developers give condos second shot [Business Times]
∙ Symphony Towers Transitions To Their Second Movement (Rentals) [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (23) | (email story)

February 3, 2010

Year 2000-esque Penthouse Comp Atop The Heublien Building

Originally asking $1,099,000 in October 2008, the sale of 601 4th Street Penthouse #2 closed escrow yesterday with a reported contract price of $785,000 ($663 per square foot).

As the penthouse had been relisted in November 2009 for $815,000, however, MLS based reports will consider it three months on the market and an official 4 percent under asking.

Purchased in September 2000 for $815,000 (and we believe renovated at least a little bit in between). And perhaps not a great comp for the "It’s a steal!" penthouse number three directly next door (last asking $835 per square).

∙ Penthouse Number Two Of Three Atop Six Zero One Fourth [SocketSite]
∙ Hitting For The Heublien Building Penthouse Cycle (#PH3) [SocketSite]

Posted by socketadmin at 10:30 AM | Permalink | Comments (14) | (email story)

February 1, 2010

Postcard Row's Postman's Home Hits The Market (722 Steiner)

Matthew Kavanaugh developed the 700 block of Steiner Street between 1892 and 1896, now known as San Francisco’s Postcard Row. Originally the developer's own home, 722 Steiner at Grove was slated for demolition in the 1970’s but survived and was restored.

And while it’s not yet officially listed on the public facing MLS nor is the property’s marketing site yet live, 722 Steiner (aka or rather dba "The Shannon-Kavanaugh House") is now on the market and asking "just under $4 million."

The home features working gaslights, exquisite architectural details and several original stained-glass windows. The kitchen includes upscale Dacor and Bosch appliances. The house earns its keep through movies, TV shows, advertising, tours, guest accommodations and by hosting unique private parties, catered events, weddings, receptions and other special events.

Expect an open house this weekend followed by an invitation-only "champagne soiree" next week. Oh, and ignore any reports or releases that tie this home (or block) to the "Full House" home facade. As plugged-in people know, that was actually 1709 Broderick.

UPDATE: While still not live on the San Francisco Association of Realtor's public facing MLS, 722 Steiner has been listed at $3,999,999 with 5 bedrooms, 4.5 baths, and 42 photos.

UPDATE: The 722steiner.com site is now live.

∙ Listing: 722 Steiner (5/4.5) - $3,999,999 [722steiner.com] [Redfin]
∙ The Shannon-Kavanaugh House (722 Steiner) [shannon-kavanaugh.com]
∙ "Party Of Five" House (2311 Broadway) Coming Soon [SocketSite]

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

January 29, 2010

Artani (818 Van Ness) Scoop Redux: Unsuspending Sales

It was a little over a year ago we broke the news about Artani (818 Van Ness) suspending sales and going the rental route. Today, we break the news that they’re about to dust off the sales center and suspend their rental program.

Current residents of the building (the 54 units of which are nearly all rented) will be given the first right of refusal to purchase their units at a discount to 2010 "market rates." Unclaimed units will be made available to the public in April.

And while we (nor they) have exact pricing, according to a plugged-in source the 2010 market rate is expected be set at a discount of around 20-25 percent from 2008 prices.

∙ The SocketSite Scoop And Rumor Confirmed: Artani Suspending Sales [SocketSite]
∙ The Artani (818 Van Ness) Opens And A Plugged-In Reader Reports [SocketSite]

Posted by socketadmin at 10:30 AM | Permalink | Comments (56) | (email story)

A $400 Million High-Speed Stimulant for San Francisco’s Transbay

As noted yesterday, California’s high-speed rail program has been stimulated to the tune of $2.25 billion, or $2.344 billion if you include funding for the Las Vegas long-term vision.

But more importantly (at least for the home team crowd), according to the San Francisco Examiner $400 million of that $2.25 billion has been earmarked "for construction of an underground train station at the Transbay Transit Center."

With the funds, the first phase of San Francisco’s Transbay Transit Center (retail, bus, and park) is currently scheduled to open in late 2015 with the underground train station component (Caltrain and high-speed rail) following in 2016.

Phase I of the California High-Speed rail plan "calls for a 520-mile system connecting Anaheim and Los Angeles through the Central Valley to San Francisco by 2020."

Now about that Beale Street station alternative tomfoolery…

∙ And San Francisco's Transbay Joint Powers Authority Rolls…A Seven! [SocketSite]
∙ High-Speed Intercity Passenger Rail Program: California [whitehouse.gov]
∙ Transbay Terminal: Banking On Stimulus Funds And Opening In 2015 [SocketSite]
∙ Scoop: Transbay Interactive Map (And New Transit Center Website) [SocketSite]
∙ High Speed Rail Scoop: Build On Beale, Demolish The Watermark [SocketSite]

Posted by socketadmin at 4:30 AM | Permalink | Comments (34) | (email story)

January 28, 2010

The Bank-Owned "Anomalies" Keep Building At The Brannan

Listed as 219 Brannan #212 on the MLS, we’d be willing to bet it’s actually 219 Brannan #1C that’s now bank owned at the Brannan and back on the market asking $594,900.

Public records would suggest the one-bedroom condo was purchased in 2003. And a tax assessed value of $533,268 would suggest some premature equity withdrawal might have been involved. The property has been listed and relisted at least six times since 2006.

∙ Listing: 219 Brannan "212" (1/1.5) 875 sqft – $594,900 [MLS]
∙ Bank Owned Hits The Brannan (239 Brannan #11E) [SocketSite]
∙ Another Bank-Owned Anomaly At The Brannan (229 Brannan #3H) [SocketSite]

Posted by socketadmin at 12:30 PM | Permalink | Comments (18) | (email story)

January 27, 2010

And San Francisco's Transbay Joint Powers Authority Rolls…A Seven!

Last year San Francisco's Transbay Joint Powers Authority rolled the dice by modifying construction plans for San Francisco's Transbay Transit Center.

The modified plan to pre-build the train station component of the center will save an estimated $100 million in construction costs but banks on $400 million in federal stimulus funds, without which the move will likely end up burning $15 million worth of engineering and design and delay the project by at least four months.

Tomorrow morning President Obama will formally announce $8 billion in stimulus funds to 13 U.S. rail corridors ($50 billion was requested). But according to a White House pre-release, California's high-speed train project is getting $2.25 billion of that eight.

Exactly how that $2.25 billion will be divvied up between California's four corridors still needs to be determined. Will San Francisco’s $15 million bet payoff or crap out?

Stay tuned (and plugged-in).

UPDATE: And it's lucky number seven (or rather four hundred) for the TJPA and San Francisco:

Department spokeswoman Maureen Knightly said the $2.25 billion includes a reservation of $400 million for construction of an underground train station at the Transbay Transit Center.

Cheers!

∙ Transbay Terminal: Banking On Stimulus Funds And Opening In 2015 [SocketSite]
∙ Obama to Give 13 Areas $8 Billion for High-Speed Rail [Bloomberg]]
∙ Scoop: Transbay Interactive Map (And New Transit Center Website) [SocketSite]
∙ High-speed train project gets $2.25 billion from Obama [mercurynews.com]
∙ $400M to go toward Transbay Transit Center train station [San Francisco Examiner]

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

Apples To Apples (And Agent To Bank-Owned) For 200 Brannan #504

Purchased for $925,000 with 10 percent down in April 2005, the agent-owned 200 Brannan #504 returned to the market asking $1,150,000 in July 2006.

The top floor 200 Brannan one-bedroom with 1,123 square feet failed to find a buyer, however, and in December 2009 it became bank-owned with what appears to have been no bidders at $780,000.

It’s back on the market and listed for $649,900, 30 percent under its 2005 purchase price.

∙ Listing: 200 Brannan #504 (1/1.5) 1,123 sqft - $649,900 [MLS]
∙ 200 Brannan Owners Association [200brannan.org]

Posted by socketadmin at 9:15 AM | Permalink | Comments (50) | (email story)

January 26, 2010

A $171 Million Federal Boost For San Francisco's New Transbay Center

"Federal authorities approved a $171 million loan for a new transit center in San Francisco....The U.S. Department of Transportation said Tuesday its loan for construction of the Transbay Transit Center will pay for ramps to the Bay Bridge, a bus storage facility and the design of an underground transit facility."

∙ S.F.’s Transbay center gets $171M loan [San Francisco Business Times]
∙ Scoop: Transbay Interactive Map (And New Transit Center Website) [SocketSite]

Posted by socketadmin at 4:00 PM | Permalink | Comments (1) | (email story)

January 22, 2010

A One At Six Thirty One O’Farrell Listed For (Just) Under Three

One-bedrooms are a relatively scarce commodity in The Hamilton, a building that’s known for its studios (in a good way). And while said studios recently started trading at under $300,000 once again, 631 O’Farrell #708 (a one-bedroom) was just listed at $299,000.

No interior photos for the 945 square foot number 708, and the listing mentions some needed TLC, but it doesn’t appear to be tenant occupied or bank owned.

∙ Listing: 631 O‘Farrell #708 (1/1) 945 sqft - $299,000 [MLS]
∙ Life At The Hamilton (631 O'Farrell): A Plugged-In Reader's Report [SocketSite]
∙ Pay For 520, But Live Like 800 (With Bonus Points For “Trendyloin”) [SocketSite]
∙ From One Of Six To One Of Eight At The Hamilton (631 O’Farrell) [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (19) | (email story)

January 21, 2010

Another Berry Street Two Closes Around Six

Referenced by a reader on our post about a $594 per square foot short sale comp at 235 Berry, the sale of 255 Berry Street #506 closed escrow six weeks later for $603 per square ($780,000). Purchased in early 2007 for $895,000 ($692 per square), call it a 2007 to 2009 drop of 13 percent for this Berry Street two-bedroom of 1,293 square feet.

∙ An Under $600 Per Square Foot Two-Bedroom Comp At 235 Berry [SocketSite]

Posted by socketadmin at 12:00 PM | Permalink | Comments (35) | (email story)

January 20, 2010

Trinity Place Opens Up Under Cloudy Skies But Sunny Dispositions

Under cloudy skies, but with sunny dispositions, current residents of Trinity Plaza have started to make their move across the way to Trinity Place (1188 Mission). As we wrote eight months ago about Phase I of the 1,900 unit Trinity Place development:

If all goes as planned, the 440-unit building will open in two phases with residents of the lower twelve floors occupying their new apartments by the middle of January 2010 and residents of the top twelve floors by the end of March.

There's been good buzz about the design and finishes of the units to be (not to mention the marble and granite lobby). And in case you're wondering, residents of record as of early January at the current 360-unit Trinity Plaza will get first choice of units and maintain their current rents (and rent control).

In addition to rent-controlled tenants making the move, around 70 market-rate units will be available for rent with corner one-bedrooms ready for immediate occupancy starting at $1,773 per month and upper floor studios following in February or March.

Phase II of the development was originally slated to be 545 units and 21,000 square feet of retail along Market Street, but instead the next phase of development will be 440 units at 1190 Mission, directly west of 1188.

Given the tenuous economy and uncertain housing market, Sangiacomo said it makes more sense to construct a more modest building first. In addition to more units, the Market Street portion of the project requires a massive excavation for a 1,450-car parking garage. In contrast, the Mission Street buildings do not have any underground parking.

Kudos to Sangiacomo and his team.

∙ It Goes No Higher: 1188 Mission (AKA Trinity Place Phase I) Tops Off [SocketSite]
∙ San Francisco's Newest Tower Crane (For Trinity Plaza) Is In The Air [SocketSite]
∙ Trinity Plaza: Just One Signature (And Around Three Years) To Go [SocketSite]
∙ Moving day for Trinity Plaza [San Francisco Business Times]
∙ $1773 / 1br - BRAND NEW BUILDING/ CONVENIENT LOCATION [Craigslist]

Posted by socketadmin at 4:00 PM | Permalink | Comments (34) | (email story)

A Handful At The Heights (1940 Broadway)

Having been purchased for a reported $4,911,000 in March 2008, as best we can tell the quick re-sale of 1940 Broadway #6 never closed when asking $5,191,000 later that year.

The floor above (1940 Broadway #7) had been on the MLS for almost four months in 2009 at $5,500,000 before being withdrawn two weeks ago. It’s now back on the MLS without a change in price but a change in DOM (now "six").

And the floor above that (1940 Broadway #8) is back on the market as well and asking $3,995,000. It's not nearly as remodeled as the others but sports a sweet original stove.

Asking $3,495,000 for #7 last September and with 364 days on the market at the time.

∙ The Height(s) Of Foreshadowing: 1940 Broadway #6 Returns [SocketSite]
∙ Listing: 1940 Broadway #7 (4/3.5) - $5,500,000 [Joel Goodrich] [MLS]
∙ Listing: 1940 Broadway #8 (3/4.5) - $3,995,000 [1940broadway8.com] [MLS]

Posted by socketadmin at 12:30 PM | Permalink | Comments (15) | (email story)

January 15, 2010

As One Ecker Turns (Over): Lender Forecloses As Nobody Bids

As we broke the news with respect to One Ecker last May: "The development is in receivership (and all deposits have been returned)."

As a plugged-in reader reports today: "Construction lender foreclosed on the project [an hour ago]. Beneficiary (represented by an attorney from LA) bid $14,000,000. No takers."

∙ As One Ecker Turns: (Our Fourth Update): Selling In Receivership [SocketSite]

Posted by socketadmin at 3:30 PM | Permalink | Comments (14) | (email story)

Bank Owned Mullen Building Loft (With Nod To Being John Malkovich)

The current configuration of this Mullen Building condo yields a few vertically challenged rooms and a loft that conjures Being John Malkovich.

If the listed square footage (2,590) for 60 Rausch #201 doesn’t include the loft and you can garner permission to reconfigure, however, at $320 per square foot ($829,000) and with two car parking it could become a rather interesting space.

∙ Listing: 60 Rausch #201 (2/1.5) - $829,000 [60rausch201.com] [MLS]
∙ The Mullen Buildings: 52/60 Rausch & 73 Sumner [SocketSite]

Posted by socketadmin at 7:15 AM | Permalink | Comments (22) | (email story)

A Slippery Slope On The Eichler Summit: Number 2802 Reduced

After three months on the market the MLS listing for 999 Green #2802 was withdrawn from the MLS without a sale (last asking $1,950,000). As of yesterday, however, the listing is active again but with a price that has been reduced to $1,795,000. Once again, purchased "off the market" for $2,500,000 in October of 2008.

As we noted in November: "Yes, the kitchen and baths could use some updating, but it's a classic building with big views and a price 22 percent less than in 2008." Now 28 percent.

. Listing: 999 Green Street #2802 (3/2) - $1,795,000 [MLS]
. The (Eichler) Summit Of 999 Green Street #2802 [SocketSite]

Posted by socketadmin at 6:30 AM | Permalink | Comments (23) | (email story)

January 13, 2010

A Landmark Bourn Mansion Moving Day (And End Of An Era)

A plugged-in tipster reports from in front of the Bourn Mansion (2550 Webster):

The end of an era? The start of a new chapter? Either way, 2 moving trucks and a few movers seem to be taking out the old. Looking forward to the new!

Both. And so are we. Now which tipster is going to be the first to leak liberate the plans?

∙ Bourn To Run Party: A San Francisco Mansion Of Ex-Glory And Dreams [SocketSite]
∙ The Bourn Foreclosure (2550 Webster) [SocketSite]
∙ The Trap Door, Secret Passageways, And Dungeon Of 2550 Webster [SocketSite]
∙ The "Plugged-In(side) Scoop" And Candid Peek Inside: 2550 Webster [SocketSite]
∙ The Bourn Foreclosure Bankruptcy And Bidding Scoop [SocketSite]
∙ Landmark Bourn Mansion (2550 Webster) Bankruptcy Sale Approved [SocketSite]

Posted by socketadmin at 5:30 PM | Permalink | Comments (24) | (email story)

January 11, 2010

Scoop: Transbay Interactive Map (And New Transit Center Website)

While it hasn’t yet been officially announced, plugged-in people know a new Transbay Transit Center website is now online. And while the intro animation should look (and sound) familiar, a new interactive map (a.k.a. "walk around the project") is filled with graphics and drill-down animations for the Transit Center and its surrounding 40-acres.

Transit Center and City Park? Check. Temporary Transbay Terminal and future Transbay Park? Check. How Folsom Street looks today...

...and a peek at what Folsom Street is envisioned to become with widened sidewalks, street level retail, and trees, glorious trees? Check.

And so much more.

∙ Transbay Transit Center: Interactive Map [transbaycenter.org] [Videos]
∙ Transbay Transit Center Video: The Director’s Cut With Smooth Tunes [SocketSite]
∙ Hines And Pelli Clarke Pelli Bid The Most (And Get The Transbay Nod) [SocketSite]
∙ Temporary Transbay Terminal Cam And Construction Update [SocketSite]
∙ Transbay Park Potential: Post-Temporary Transbay Terminal (Et Al.) [SocketSite]

Posted by socketadmin at 6:00 AM | Permalink | Comments (37) | (email story)

January 8, 2010

Another Bank-Owned Anomaly At The Brannan (229 Brannan #3H)

Lest you mistakenly dismissed our bank owned at the Brannan post last month as an anomaly, enter 229 Brannan #3H. As an aside, it appears the pre-bank owner of #3H also lost 1522 Lake Street to the bank (but left the Brannan appliances intact).

∙ Listing: 229 Brannan #3H (1/1.5) - $669,000 [MLS]
∙ Latest San Francisco Listing Euphemism: "Unfinished" Versus Stripped [SocketSite]
∙ Bank Owned Hits The Brannan (239 Brannan #11E) [SocketSite]

Posted by socketadmin at 10:45 AM | Permalink | Comments (22) | (email story)

December 30, 2009

Playing Chicken With A Five Year Arm (It’s Not Just About Rates)

While Chicken John Rinaldi’s Chez Poulet has been on the market for two months at $899,000, on Monday Laughing Squid added a bit of color with a quote from John himself:

I’m caught in the mortgage crisis by association. I took a 5 year arm mortgage with a balloon payment thinking I could re-finance. There are no loans today for Showman with non-conforming warehouses. So it goes on the block. Hell, I’ll even finance it…

And as a plugged-in tipster added last week:

Although it's his home, he's made it into a funky hangout space for the local arts community... it will be sad to see it fall into the hands of more sensible property owners, but such is the way of the world.

Or perhaps not. A follow up from from Chicken John yesterday:

I talked to a loan guy today that may be able to do something. I only owe like $220,000. It's not *that* much. It's all phony money to me. I've got like $60 in my pocket. It's comedy, really...

∙ Listing: 3359 Cesar Chavez (1/1) 2,800 sqft - $899,000 [MLS]
∙ Chicken John Is Selling His Legendary San Francisco Warehouse [Laughing Squid]

Posted by socketadmin at 7:00 AM | Permalink | Comments (34) | (email story)

December 29, 2009

"Best Price Ever" At 310 Townsend (Assuming It’s Approved)

Listed for $799,000 plus $25,000 for parking in February 2007, 310 Townsend #202 sold for $824,000 in March of that year. And now the 945 square foot one-bedroom is back on the MLS as a short sale with a list price of "$450,000" (a drop of 45 percent).

While the listing touts "best price ever," however, it is missing "bank approved price."

∙ Listing: 310 Townsend #202 (1/1) 945 sqft - $450,000 [MLS]
∙ 310 Townsend: Available And Selling

Posted by socketadmin at 10:15 AM | Permalink | Comments (34) | (email story)

December 28, 2009

A Pair Trio Of Bank-Owned Penthouses Atop The Watermark

As we wrote in April:

Two months after its initial sale for $1,250,000 in October of 2006 Watermark (501 Beale) Penthouse #2B was flipped for $1,375,000. (Ah, the good old days.) It's now a little over two years later and the top floor condo is back on the market and asking $1,094,500.

The listing notes both short sale and bank owned (we believe it’s the former) and the condo failed to sell earlier this year when seeking $1,195,000. Keep in mind that the identical "penthouse" unit a floor below (#PH1B) sold for $1,300,000 in October of 2006 and was likely a supporting comp for the flip of #PH2B. And so on. And so forth.

501 Beale #PH2B ended up selling for $950,000 this past October. That same month 501 Beale #PH1B was returned to the bank, it's now back on the market and asking $940,500.

Plugged-in people should have seen it coming (and been prepared). Those too busy whining about our "unfair apples" probably would have missed it (or perhaps were simply trying to sell you something else).

We also expect the bank-owned Watermark Penthouse #1E to return to the market soon, while bank-owned units #1D and #6C remain active and available as well.

∙ Listing: 501 Beale #PH1B (2/2) - $940,500 [Redfin]
∙ From Flippy To Floppy For Watermark (501 Beale) Penthouse #2B [SocketSite]
∙ A Pair Of Bank-Owned Penthouses Atop The Watermark (501 Beale) [SocketSite]
∙ Another Bank Owned Watermark Comp To Be: 501 Beale #6C [SocketSite]

Posted by socketadmin at 3:45 PM | Permalink | Comments (19) | (email story)

December 22, 2009

Landmark Bourn Mansion (2550 Webster) Bankruptcy Sale Approved

As we reported with respect to the landmark Bourn Mansion (2550 Webster) via a plugged-in tipster a week ago:

...[they] had to find a trustee for Chapter 11 so all previous bids were thrown out. Now the trustee has ratified an offer and an overbid schedule has been made, so now the overbid and sale approval will take place on December 22. Overbidders must have offers in by no later than December 17, 2009 at 4:00 pm and the first minimum overbid has to be $2,550,000 (the list price is $2,900,000).

As a plugged-in source reports today:

The sale of the house was approved this morning. The motion to dismiss was denied.

UPDATE: The approved sale price: $2,790,000.

∙ The Bourn Foreclosure Bankruptcy And Bidding Scoop [SocketSite]
∙ The "Plugged-In(side) Scoop" And Candid Peek Inside: 2550 Webster [SocketSite]
∙ Landmark Bourn Mansion (2550 Webster) Listed And Your Peek Inside [SocketSite]
∙ Bourn To Run Party: A San Francisco Mansion Of Ex-Glory And Dreams [SocketSite]
∙ The Bourn Foreclosure (2550 Webster) [SocketSite]

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

December 21, 2009

The "Confidential" Infinity Short Sale Scoop: 301 Main #9E

Asking just under $900,000 when the Infinity sales office first opened, tax records suggest 301 Main Street #9E was purchased for $867,000 in March 2008. The upgraded Tower One condo returned to the market at the end of 2008 listed for $885,000.

The resale asking price was subsequently reduced to $799,000 this past January, and then to $749,000 as a short sale in June. The short sale closed escrow December 10.

And while the sale price in the MLS was reported as "confidential," and as such will reflect the asking price of $749,000 ($635 per square foot) when queried by those who rely on it for market stats and averages, the recorded deed reports a transfer tax of $4,127.60 which equates to an actual sale price of $607,000 or $514 per square foot for the 1,180 square foot two-bedroom condo with parking, 30 percent under its price in 2008.

Keep in mind that the 1,180 square foot 301 Main Street #10E was purchased for $845,000 in July 2008. And tax records suggest the 1,180 square foot 301 Main Street #11E sold for just over $900,000 this past february while the 1,303 square foot 301 Main Street #8E sold for $1,038,000 in February 2008.

Full Disclosure: We advised the plugged-in buyers in their search for a San Francisco property. And as always, we’re looking forward to the housewarming.

∙ Another Infinity Resale (#9E) Within Those "Restricted" Two Years [SocketSite]
∙ Just Under $900,000 Originally, Asking Just Under $800,000 Today [SocketSite]
∙ An End To Confidential MLS Sales* (*Unless You're Willing To Pay) [SocketSite]

Posted by socketadmin at 2:15 PM | Permalink | Comments (27) | (email story)

December 17, 2009

Glen Park Market Place Still Defying Gravity Latest Comp Closes Down

As we wrote in October:

A few months after the 15-unit Glen Park Market Place premiered, 53 Wilder Street #406 closed escrow for $855,000 (September 2006). It’s two bedrooms, two baths and 1,249 square feet. And it’s back on the market and asking $839,000 (2% under its 2006 price).

Interestingly enough, a two bedroom, two bath and 1,279 square foot unit next-door (53 Wilder Street #405) sold for $871,000 this past April. It had been purchased for $810,000 in November 2006.

Yesterday the sale of 53 Wilder Street #406 closed escrow with a reported contract price of $819,220. That's 4.2% under its 2006 value and versus the 7.5% gain since 2006 that 53 Wilder #405 realized just eight months ago.

∙ Still Defying Gravity At Glen Park Market Place? [SocketSite]
∙ Glen Park Market Place: Range Of Prices And BMR Deadline [SocketSite]

Posted by socketadmin at 3:45 PM | Permalink | Comments (22) | (email story)

December 14, 2009

The Bourn Foreclosure Bankruptcy And Bidding Scoop

A plugged-in tipster provides the inside scoop with respect to the pending bankruptcy sale of the landmark Bourn Mansion (2550 Webster):

...[they] had to find a trustee for Chapter 11 so all previous bids were thrown out. Now the trustee has ratified an offer and an overbid schedule has been made, so now the overbid and sale approval will take place on December 22. Overbidders must have offers in by no later than December 17, 2009 at 4:00 pm and the first minimum overbid has to be $2,550,000 (the list price is $2,900,000).

So you've got a few days.

And once again, our candid peek inside for those who haven't had a chance to tour.

∙ The "Plugged-In(side) Scoop" And Candid Peek Inside: 2550 Webster [SocketSite]
∙ Landmark Bourn Mansion (2550 Webster) Listed And Your Peek Inside [SocketSite]
∙ Bourn To Run Party: A San Francisco Mansion Of Ex-Glory And Dreams [SocketSite]
∙ The Bourn Foreclosure (2550 Webster) [SocketSite]

Posted by socketadmin at 4:15 PM | Permalink | Comments (11) | (email story)

December 11, 2009

Better Late Than Never For A "New" Palms Short Sale Comp

Three months after having closed escrow for a recorded $400,000 ($508 per square foot), the MLS listing for 555 4th Street #605 was just updated to reflect the sale. Purchased for $620,500 in November 2006, the one-bedroom at The Palms returned to the market this past April asking $585,000. Last asking $479,000 as an approved short sale in July.

Posted by socketadmin at 1:45 PM | Permalink | Comments (16) | (email story)

Another Bank Owned Watermark Comp To Be: 501 Beale #6C

While the bank owned 501 Beale #1D remains active and available, the bank owned #6C just hit the market. A South Beach comp at $806,000 in June 2006, the Watermark one bedroom was taken back by the bank this past November with $776,341 owed.

Asking $569,900 today, a sale at which would represent a 29 percent drop in value below its 2006 price. The bank owned 501 Beale #12G ended up selling for $750,000 in October, $1,000 "over asking" but 23 percent below its May 2006 purchase price of $975,000.

UPDATE: Acknowledging a circular reference, we’ll note a Watermark one-bedroom currently asking $3,100 a month to rent.

∙ Listing: 501 Beale #6C (1/1) 801 sqft - $569,900 [MLS]
∙ One Of Thirty Underwater Properties New To The Market This Week [SocketSite]
∙ 501 Beale #12G: No Short Sale For You! (Foreclosure Instead) [SocketSite]
∙ Rent Versus Buy Default [SocketSite]
∙ 1br - Waterfront Condo steps from the Financial District [Craigslist]

Posted by socketadmin at 9:30 AM | Permalink | Comments (18) | (email story)

December 9, 2009

Take Two (And Big Cuts) For Thirty-Four At 188 King

If you've been plugged-in since 2006 should know the full saga of 188 King. Now three years later, the rented units (34 of 44) "are being converted back to condominiums in a phased manner" according to The Polaris Group.

Speaking of which, orignially priced at $2,150,000 in May 2006, 188 King Street #604 is back on the market and asking $1,350,000 in December 2009, a cut of 37 percent.

∙ Listing: 188 King #604 (2/2.5) - $1,350,000 [MLS]
∙ The Scoop On 188 King Street: Now Selling Leasing [SocketSite]
∙ 188 King Street: The Rents [SocketSite]
∙ 188 King: Phase I Pricing [SocketSite]

Posted by socketadmin at 2:30 PM | Permalink | Comments (7) | (email story)

December 8, 2009

Royally Unexpected Architecture, Design & Views: 1750 Taylor #203

Unfortunately it’s currently in contract, but as a plugged-in tipster writes about Royal Towers (1750 Taylor) unit #203:

…I have never seen a unit in this building remodeled this way. The exposed concrete is an interesting and cool touch. Not to mention the finishes look extremely custom and expensive.

Not for everyone, but the views sure are. Hard to believe it is only on the second floor.

With that we’ll agree (all in a good way). And while it is in contract, it is contingent. We’ll keep you posted and plugged-in.

UPDATE: Ask, and ye shall receive. A plugged-in tipster forwards the following:

The unit was done by Louise Mann with a lot of input from the owner who has her design license. Louise usually works with her husband, Ron Mann, but this specific job was more Louise’s. Regardless of the exact auteurship, if you go to their web site you’ll see that the apartment at 1750 Taylor is pretty representative of their general style.

Also noted, the sale is expected to close escrow this week.

∙ Listing: 1750 Taylor #203 (2/2) - $2,195,000 [Virtual Tour] [MLS]

Posted by socketadmin at 8:30 AM | Permalink | Comments (19) | (email story)

December 4, 2009

Speaking Kindly Of The Hamilton...A Studio Asking $199,000

Speaking of The Hamilton, 631 O’Farrell #416 was just listed as a probate sale asking $199,000. It’s 480 square feet. And as plugged-in people know, the 16’s in general offer "SE corner downtown view + sun rise," although perhaps limited from the fourth floor.

∙ Listing: 631 O'Farrell (0/1) 480 sqft - $199,000 [Redfin]
∙ High Atop The Hamilton (631 O’Farrell): Penthouse Listing And History [SocketSite]
∙ Life At The Hamilton (631 O'Farrell): A Plugged-In Reader's Report [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (2) | (email story)

Bank Owned Hits The Brannan (239 Brannan #11E)

Purchased for $937,500 in May 2002, the two-bedroom 239 Brannan #11E at The Brannan was taken back by the bank in October.

Just listed for $899,9000 but "missing refrigerator, dishwasher, disposer, range, fan, microwave and vanity in hall bath." Let us know when if you see them on Craigslist.

∙ Listing: 239 Brannan #11E (2/2) 1,137 sqft - $899,900 [MLS]

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

December 1, 2009

The Montgomery Moves To "Sealed Bids" To Sell Last Three

The latest from The Montgomery (74 New Montgomery) sales office by way of a tipster:

The Montgomery is pleased to announce a special Minimum Sealed Bid Program for all remaining homes. If you are thinking of buying a new home and looking for incredible value, then don't miss this unique opportunity to own a new home at The Montgomery as these homes are fully upgraded with hardwood flooring and stainless steel appliances.

The Montgomery will begin accepting sealed bids on Saturday, December 12th at 12:00pm with the bid process ending on Sunday, December 13th at 5:00pm. Homes in this final release include a studio with minimum bid pricing at $340,000 and [two] two-bedroom homes with minimum bid pricing at $680,000.

In February studios were starting from $383,000 and two bedrooms from $882,000. While in August the last nine units were in contract, we're assuming these three fell out.

∙ 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]

Posted by socketadmin at 2:40 PM | Permalink | Comments (7) | (email story)

Life At The Hamilton (631 O'Farrell): A Plugged-In Reader's Report

Add another item to the list of things we like about the Hamilton: its community (and a plugged-in reader’s inside report).

I live in this building and can help to answer some of the questions. Overall it is a great building with some fantastic social people living here. Our community is a cross section of SF: young, old, straight, gay, couples, singles...

We have great (sometimes - whole floor) parties! (We also offer the lobby, back patio and ballroom as an event rental space to anyone inside or outside the bldg.)

The neighborhood can grate on your nerves but is changing. As a community we regularily have discussions about our surroundings with the police and supervisors. Most of us are tring to improve our area - we are not the type to sit around and whine.

The building contains 186 units which are mostly studios. There are two 1-bedrooms per floor and one two bedroom. The corner studios have some of the best views in the city!

The [penthouse] does include leased parking in the basement - the current penthouse owner paid a significant amount of money to jump the line. That being said the parking list is turning over very fast right now - maybe a year to get to the top. This change could be attributed to the economy. But I do know of some residents who have gave up their cars to walk / use the car shares instead.

The building does have somewhat high dues. Not sure what the dues on the penthouse include but my dues include utilities (water, steam heat, electricity), full time manager, full time maintenance/cleaning staff, 24hr security/doorman, package hold service + reserve fund contribution. We have never had an assessment.

Over the last 10 years, the owners have spent a lot of money to restore the lobby, back patio, ballroom and 16th roof deck along with the regular maintenance for a 80 yr old bldg. Next month we are adding a gym to the building.

I believe the [penthouse] sold for $2.5 mil around 2000.

Cheers and comments on the original thread. Now about those invitations to your next whole floor party...

∙ Pay For 520, But Live Like 800 (With Bonus Points For "Trendyloin") [SocketSite]
∙ High Atop The Hamilton (631 O’Farrell): Penthouse Listing And History [SocketSite]

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

November 30, 2009

High Atop The Hamilton (631 O’Farrell): Penthouse Listing And History

Built as a hotel in 1929, converted to condominiums in 1962, and better known for its studios and one-bedrooms, the 3,879 square foot penthouse (#2101) atop The Hamilton (631 O’Farrell) has hit the market asking $4,500,000.

A bit of Hamilton history with respect to how the penthouse came to be:

A wealthy heiress by the name of Marcia McDonald created her fantasy apartment and spared no expense creating this lavish penthouse. As an early buyer, she combined four proposed units on the top floor into one large full-floor unit with its own private elevator access.

She also expanded the unit outward onto the east and west terraces with a number of non-Art Deco appendages, the grandest being a full-length glass barrel-vaulted solarium held up by imported Greek-style columns. This amazing room when illuminated becomes a beacon in this part of the city. She also added hundreds of thousands of dollars in elaborate finishes.

She was not able to finish the unit in her lifetime and never lived there. When her contractor told her she would have to spend another $500,000, she shut the doors and never returned, instead she spent her time in two apartments on the 15th floor...The spectacular unit was finished after her death [four years later] largely according to her original vision and it includes a 360 degree vista of San Francisco and all of it's major landmarks.

At the other end of the building's spectrum, the 520 square foot 631 O'Farrell #906 has been asking $275,000 since October 23, down from $299,000 in August.

∙ Listing: 631 O’Farrell #2101 (3/3.5) 3,879 sqft - $4,500,000 [Sotheby’s] [MLS]
∙ Listing: 631 O’Farrell #906 (0/1) 520 sqft - $275,000 [MLS]
∙ The Hamilton (631 O’Farrell) History [The Hamilton]
∙ Pay For 520, But Live Like 800 (With Bonus Points For “Trendyloin”) [SocketSite]

Posted by socketadmin at 11:30 AM | Permalink | Comments (36) | (email story)

Hugo Hotel's Flying Furniture Update, No Word On The Graffiti

"As a courtesy to the Artist...[Redevelopment] Agency staff is recommending entering into a Permit to Enter with the Artist [Brian Googin] to keep Defenestration in place until the Agency is ready to demolish the existing building and replace it with affordable housing."

∙ Hugo Hotel display likely to get reprieve [San Francisco Examiner]
∙ The Hugo Hotel Has A Date With A Different Kind Of Bench [SocketSite]
∙ JustQuotes: Eminent Domain For Affordable Housing On Sixth Street? [SocketSite]

Posted by socketadmin at 7:00 AM | Permalink | Comments (4) | (email story)

November 25, 2009

A Bit Of "02" Irony (And 80 Percent Sold) At One Rincon Hill

On the heels of yesterday’s height of the fire sale flames post with respect to The Infinity, we turn our attention to One Rincon Hill. So far the lowest priced two-bedroom sale we have identified on a price per square foot basis seems to be 425 1st Street #1102.

The 1,309 square foot two-bedroom sold for a reported $695,000 ($531 per square) in May. We’d be remiss not to note the "02" stack irony.

Of the 396 units of One Rincon Hill, we believe they remain at just under 80 percent sold.

UPDATE: We've pulled our reference to #4902, it's reported sales history is just a bit too odd. With respect to #1102, however, a plugged-in reader adds:

1102 was sold on opening night to an "insider". Contract price was $925,000 and he was all excited because it was such a "steal". (I was at the party.) By closing time he had moved out of town and so he bailed on the contract. I believe he lost his deposit.

If accurate, call it a discount of 24.8 percent to move it in May.

∙ Recounting The Height Of The Infinity "Fire Sale" Flames [SocketSite]
∙ A Return To Reality For A One Rincon Hill "02" Stack Resale (#2202) [SocketSite]

Posted by socketadmin at 10:30 AM | Permalink | Comments (23) | (email story)

November 24, 2009

Recounting The Height Of The Infinity "Fire Sale" Flames

A plugged-in reader reports:

Lowest price sold 2/2 at Tower II is $535,000 for 1,187 sf. Mid 2009. All 1/1 are now gone and it is unlikely to find any 2/2 left at under 700k - at least not from the developer - in Tower II. Lowest 1/1 sold, I believe was below 400,000.

Assume that's without parking (or not). Don't necessarily assume it's the same sub $600,000 sale we plugged you into back in June.

UPDATE: Make that $510,000 for a two-bedroom (338 Spear #6J) and $350,000 for the lowest know one-bedroom (338 Spear #9G). And on a dollar per square foot basis, the lowest we know about for a two-bedroom was $466 per square foot for the 1,147 square foot 338 Spear Street #4E (closed in July 2009).

Do we hear under $535,000 or $466 per square for a two?

∙ Infinity Tower I Sold Out, Tower II At 70 Percent, 85 Percent Overall [SocketSite]
∙ Confidentially Speaking About The Infinity [SocketSite]

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

November 23, 2009

The Credits Roll On The 2009 Sale Of Marquee Lofts #708 (And #605)

Marquee Lofts (151 Alice B. Toklas Place) #708 first changed hands on 9/30/04 for $607,500; sold on 10/05/06 for $865,000 (having been upgraded); and was bought back by Merrill Lynch Mortgage Lending for $708,933 on 1/9/08 (having been downgraded).

Sold kitchen-less as a foreclosure sale for $580,000 in June of 2008, a fully remodeled (new kitchen, bathroom, lighting and other improvements) returned to the market this past July asking $739,000 and was later reduced to $699,000. The re-sale of the 1,229 square foot loft closed escrow on 11/10/09 with a reported contract price of $682,850 ($556 per square foot).

We would be surprised if the recent remodeling budget ran under $50,000. We wouldn’t be surprised if it ended up over $75,000. And hopefully nobody took spencer up on his "I bet $1,000,000,000,000 that this closes under $700K" wager in July.

As a related building aside, the foreclosure sale of Marquee Lofts #605 closed escrow on 10/15 with a recorded contract price of $579,000. The 1,204 square foot unit had been purchased in August 2005 for $755,000 (August 2003 for $515,000). No word on any improvements (or kitchen hijackings) in-between.

∙ Change Of Heart, Cash Crunch, Or A Condo Sitter Gone Crazy? [SocketSite]
∙ From Foreshadowing To Foreclosure For A Marquee Loft Off Van Ness [SocketSite]
∙ A Remodeled Marquee Lofts #708 Returns…With A Kitchen! [SocketSite]
∙ Have We Seen This Marquee Lofts (#708) Movie Before? [SocketSite]

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

November 20, 2009

The Grand Plan For A San Francisco "Transit Center District"

The Planning Department's draft Transit Center District Plan for the rectangle bounded by Market, Steuart, Folsom, and mid-block between 3rd and New Montgomery is now online.

The plan's five Core Goals:

1. Build on the General Plan’s Urban Design Element and Downtown Plan, establishing controls, guidelines, and standards to advance existing policies of livability, as well as those that protect the unique qualities of place.

2. Capitalize on major transit investment with appropriate land use in the downtown core, with an eye toward long-term growth considerations.

3. Create a framework for a network of public streets and open spaces that support the transit system, and provides a wide variety of public amenities and a world-class pedestrian experience.

4. Generate financial support for the Transbay Transit Center project, district infrastructure, and other public improvements.

5. Ensure that the Transit Center District is an example of comprehensive environmental sustainability in all regards.

In addition to establishing a 1,000 foot height for the proposed Transbay Tower, the plan raises the height limit for six other sites to exceed the current 550-foot ceiling.

And in addition to neighborhood open spaces either existing or already in the works, the Plan proposes a new half acre public plaza on the corner of Second and Howard/Natoma.

The plaza would serve as a gateway to the Transit Center and City Park as envisoned in the watercolor above. Total budget for the plan as proposed (excluding development costs for the new Transbay Terminal/Transit Center): $567,250,000.

∙ Draft Transit Center District Plan [SFGov]
∙ Transbay Transit Center: Community Insight (And Involvement) [SocketSite]
∙ Transbay Terminal Zoning Presentation And "Urban Form Simulations" [SocketSite]

Posted by socketadmin at 7:30 AM | Permalink | Comments (121) | (email story)

November 19, 2009

New Year (And Perhaps Market) Motivations Atop Nob Hill

From the property flyer now making its way around the brokerages for 1170 Sacramento Street #2B by way of a plugged-in tipster: "TENANTS HAVE MOVED---NOW PAINTED AND STAGED! MOTIVATED SELLER! WANTS TO CLOSE BY DEC. 31!"

On the market for the past month asking $1,595,000 (purchased for $1,450,000 in May 2005), will it take more "motivation" than furnishings and paint to grant this holiday wish?

Other 1,961 square foot "B" stack units in the building currently on the MLS: 1170 Sacramento #12B asking $1,950,000 (reduced from $2,200,000); and 1170 Sacramento #14B asking $2,150,000 and which comes with a separate one-bedroom unit that "can be sold to another owner in bldg" (reduced from $2,380,000).

∙ Listing: 1170 Sacramento #2B (2/2.5) - $1,595,000 [1170-sacramento-2b.com] [MLS]
∙ Listing: 1170 Sacramento #12B (2/2.5) - $1,950,000 [MLS]
∙ Listing: 1170 Sacramento #14B (3/3.5) - $2,150,000 [MLS]

Posted by socketadmin at 7:00 AM | Permalink | Comments (1) | (email story)

A Resale One Joins The Two At Seventy-Four New Montgomery

While the two-bedroom 74 New Montgomery #502 remains available at $945,000 (24% under its un-upgraded purchase price in 2008), a tipster notes a one-bedroom resale (74 New Montgomery #305) has also hit the market asking $485,000 (12% under its purchase price in January 2008).

We’ll assume the shades are drawn to simply show off the upgrade, or for the purposes of photography, not to hide the views.

∙ Listing: 74 New Montgomery #305 (1/1) - $485,000 [MLS]
∙ Overlooking Architecture (And Upgrades) At The Montgomery (#502) [SocketSite]

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

November 18, 2009

Putting On The Ritz At 44% Under Original List (And $813 Per Square)

Asking $3,747,500 ($1,453/sqft) when it first hit the market two years ago, a plugged-in tipster notes that the three-bedroom and 2,580 square foot Ritz-Carlton Residences #1102 closed escrow on 11/3 with a reported contract price of $2,100,000 ($814/sqft).

It was three months ago we caught the sales office discounting list prices by up to 33 percent, but call it a closing at 44 percent under original asking for 690 Market #1102.

∙ Four More Listings! (And At Least One Reduction At The Ritz) [SocketSite]
∙ Ritz-Carlton Sales Office Pulls An Infinity In An Attempt To Sell Out [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (14) | (email story)

November 17, 2009

Rincon Center Towers $110M (And Possibly In Default) Debt For Sale

Two years ago the 320-unit Rincon Center Residential Towers (88 Howard) was sold to New York based Capital Properties for $143 million. The purchase was partially financed with a two-year $110,000,000 note, the terms of which included a possible one-year extension.

The loan matured 6/12/09. The Lender notified the Borrower that it did not satisfy the terms and conditions required for the 12 month extension, and as such the Loan is in default. The Borrower disputes the Lender's claim, believes that it qualifies for the Loan extension and has continued to pay monthly debt service payments (last payment date 11/12/09).

The Borrower has invested over $10,000,000 in the Property since its acquisition in 2007, completing the renovation of 85 of the 244 market rate units, including tasteful upgrades to the flooring, kitchen appliances, countertops, cabinetry, lighting, bathrooms, and fixtures.

And as a plugged-in tipster notes, the lender is now trying to sell the note on the twin 25-story and condo mapped (but currently rental) property via Eastdil Secured.

∙ Rincon Towers: From Apartments, To Condos, To Apartments [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (7) | (email story)

November 16, 2009

Belli’s Barbary Coast (And At One Time) Belle Of A Building

As Melvin Belli’s one time Gold Coast home still seeks a buyer, over the past month the infamous and Landmark Belli Building at 722-728 Montgomery has been doing the same.

The flamboyant and influential Belli was a pivotal figure in today's litigious society as an innovator in the area of personal injury law. He took on big corporations and controversial clients. Belli's clients included Errol Flynn, Jim and Tammy Faye Baker, Lana Turner, Mae West, Muhammad Ali, and Jack Ruby.

The Gold Rush era building at 722 Montgomery Street is a historical landmark and the offices where the renowned attorney held court. Eventually reduced to a ramshackle, the offices were once a monument to Belli's $60 million success. Belli died in 1996 at the age of 88, just a few months after filing for bankruptcy.

Particularly galling to San Franciscans is the fact that Mrs. Belli, who announced the ground breaking for a Belli museum on the site in 1997, sat on the San Francisco Landmarks Preservation Advisory Board while she allowed the Belli building fall into ruin.

An ongoing rebuild of the Belli building is still under wraps, and if finished as planned would yield 11,615 square feet of commercial space, 12,098 square feet of residential space (configured as 12 condos), and a 4,639 square foot basement.

Asking $10,500,000 in its current condition, the Loopnet listing created on October first notes, "This property will not last, Family has asked for it to be sold in as is condition within the next 30 days." Okay, so maybe 60. And under ten.

UPDATE (11/17): A plugged-in reader adds:

Perhaps the motivation for this statement [("Family has asked for it to be sold in as is condition within the next 30 days")] was the [Notice of Default] filed on September 24. Ms. Belli recently (end of August) sold off two units at 481 Clementina. Evidently, she did not raise enough capital to prevent the mechanics lien on November 4 for the Montgomery property. And, of course, the requisite lawsuit by the builders.

That would do it. And buyers, pay attention to those encumbrances.

∙ 24 Karat Gold Coast (2950 Broadway) Brochure, Plans, And History [SocketSite]
∙ Landmark 9: The Belli Building (722 Montgomery) [noehill.com]
∙ Farewell Favorites: Belli, Belli & Belli [mistersf.com]
∙ Listing: 722-728 Montgomery Street - $10,500,000 [loopnet.com]
∙ B.A.R. BUILDERS VS. NANCY HO BELLI [sftc.org]

Posted by socketadmin at 12:30 PM | Permalink | Comments (8) | (email story)

Down On Nob Hill At Gramercy Towers (1177 California)

Billed as having the "Most desired junior 1 bedroom floorplan in building," Gramercy Towers (1177 California) #1022 is on the market and asking $499,000. It was purchased for $462,000 three years ago. And all things considered, that wouldn’t be bad appreciation.

Two weeks ago, however, the sale of the Gramercy Towers #1402 (yes, the "Most sought after Junior 1 bedroom floor plan with views of the Golden Gate Bridge" but without a balcony we believe) closed escrow with a reported contract price of $407,000. The 511 square foot unit was also remodeled and had been asking $429,000.

∙ Listing: 1177 California #1022 ("1"/1) 511 sqft - $499,000 [MLS]

Posted by socketadmin at 10:00 AM | Permalink | Comments (29) | (email story)

Oh My (And Bank Owned) At The Odeon On O’Farrell

Purchased for $800,000 in December 2006, Odeon (181 O’Farrell) #508 was taken back by the bank. It’s been listed at $601,400, a sale at which would represent a 25 percent drop in value over the past three years.

Also on the market in the Odeon, #307 which was purchased for $780,000 in March 2007, has been on the market for the past 185 days, and hasn’t moved at $699,000 (a 10 percent drop). And #505 which was purchased for $894,500 in February 2007, has been on the market for the past 56 days, and hasn’t moved at $760,000 (a 15 percent drop).

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!!"

∙ Listing: 181 O’Farrell #307 (1/1.5) - $699,000 [MLS]
∙ Listing: 181 O’Farrell #508 (1/1.5) 1,047 sqft - $601,400 [MLS]
∙ Listing: 181 O’Farrell #505 (1/1.5) 1,334 sqft - $760,000 [MLS]
∙ Listing: 181 O’Farrell #513 (3/2) 2,516 sqft - $2,099,000 [MLS]
∙ New Developments: Odeon (181 O’Farrell) [SocketSite]

Posted by socketadmin at 12:30 AM | Permalink | Comments (48) | (email story)

November 12, 2009

Apples To Apples For 188 King: 2006 To 2009 (Versus 2006 To 2008)

Purchased for $780,000 in August 2006, the "almost new" 188 King Street #309 returned to the market this past May asking $850,000. Reduced to $750,000 in June and then $629,000 in September, yesterday the asking price was reduced to $599,000.

A sale at $599,000 would represent a 23% drop in value for this South Beach condo over the past three years. But as we wrote in April of 2008:

As you might recall, it was eighteen months [now three years] ago that we calculated that only seven of the 44 condos that compose 188 King Street had been sold on the open market despite "multiple releases" and five additional units being advertised as "sold" for marketing purposes (but retained by the developers).

And keep in mind that unsold units ended up becoming rentals (which could affect financing), and a week after the sale of #305 closed escrow [for $925,000 in May of 2006] the developer cut prices by up to $100,000 (which still didn't manage to move the sales needle at the time).

The resale of 188 King Street #305 ended up closing escrow in June of 2008 for $795,000. No word on whether or not that 14% drop in value from 2006 was "the bottom" at the time.

UPDATE: After 184 days on the MLS listed as a one-bathroom, it's an hour before a plugged-in reader notices there’s two different bathrooms featured in the listing photos for #309. And PropertyShark confirms, it’s actually a two bathroom condo (as was #305).

∙ Listing: 188 King Street #309 (1/"1") - $599,000 [MLS]
∙ 188 King Street #305 Returns To The Market (And Is Quickly Reduced) [SocketSite]
∙ 188 King Street: Sales Update [SocketSite]
∙ 188 King Street: The Rents [SocketSite]
∙ The Scoop On 188 King Street: Now Selling Leasing [SocketSite]
∙ Price Reductions At 188 King [SocketSite]

Posted by socketadmin at 7:00 AM | Permalink | Comments (38) | (email story)

November 6, 2009

The Captain’s House Goes For To A Cruise?

It appears an apology is in order. Last month a plugged-in reader reported that 300 Sea Cliff had sold for $16,363,569 on 9/10/2009 to which we replied:

Sorry, but we don’t think that was a sale but rather a Recorder’s Office annual adjustment of 2% on the previous tax assessed value of $16,089,041.

We were wrong. The 9/10/09 sale of 300 Sea Cliff Avenue was recorded on 9/15/09 with a sale price of $18,000,000. As an even more plugged-in reader notes, the sale price included "commissions, transfer tax and some deferred maintenance credits."

And perhaps this other reader is pulling our leg, but if not the buyer was...Tom Cruise (we haven't been able to confirm).

Purchased by the seller who never lived in the property for $13,100,000 in March 2000, a remodeled 300 Sea Cliff returned to the market asking $23,500,000 in 2003. Unable to attract a buyer, the house underwent a major $8,000,000 renovation and raised its asking price to $25,900,000. The list price was subsequently reduced to $22,000,000. And then it sold. Again, for $18,000,000 and perhaps the Captain’s House went for to a Cruise.

UPDATE: Another reader quickly notes the mailing address for the purchasing LLC ("Tawaraya") is that of "a high-end accounting firm in Walnut Creek" which happens to advise Larry Ellison (amongst others). And The Real Estalker adds, "Tawaraya is a super posh and searingly expensive, 300-year old ryokan–which is essentially a Japanese bed and breakfast sort of place–located in Kyoto" which is rather Ellison-esque.

∙ Is The Captain’s House (300 Sea Cliff) Preparing For Another Voyage? [SocketSite]
∙ Checking In On 300 Sea Cliff Ave [SocketSite]
∙ The $8,000,000 Man Renovation [SocketSite]
∙ 300 Sea Cliff: $3,900,000 Reduction (After An $8,000,000 Renovation) [SocketSite]
∙ Another Chance At (For?) The Captain's House (300 Sea Cliff Ave) [SocketSite]
∙ Rumor Has It, But... [Real Estalker]

Posted by socketadmin at 7:00 AM | Permalink | Comments (28) | (email story)

Behind The Door Of 25 Hotaling (And The Street)

Down the alley from Villa Taverna and above Aventine, what was once a "bathhouse, saloon, warehouse and denim overall factory" is now the nine condos of 25 Hotaling Place.

Originally called Jones alley, the small street that runs between Jackson and Washington Streets started life as an alley servicing the warehouses of old San Francisco’s bourgeoning waterfront. In the early 20th century it was given its present name—Hotaling Place— commemorating one of the Gold Rush-era’s most successful entrepreneurs.

Anson Parsons Hotaling arrived in San Francisco in the mid-1850s and founded A.P. Hotaling & Company, a distributor for Cutter’s Bourbon Whisky. During the 1906 Earthquake and ensuing fire, sheer luck and a change in wind spared Hotaling’s warehouse. This led to one local commentator to pen the following lines that are now etched in the city’s folklore: "If, as they say, God spanked the town for being over frisky, Why did he burn the churches down and save Hotaling’s Whiskey?"

A plugged-in tipster reports on the development:

They finally put up a decent website for [25 Hotaling] which has been selling quietly for a couple of months. They claim they've already sold one of the nine units.

Photos look interesting, but there's a suspicious lack of square footage info and on the floorplans [see links below] the units look small.

In addition to nice details, every unit has one or more shortcomings; it's a great neighborhood, though.

Pricing and monthly HOA dues for the Hotaling nine:

∙ 25 Hotaling #A (1/1) - $629,000 ($399/mo HOA)
∙ 25 Hotaling #B (1/2) - $649,000 ($424/mo HOA)
∙ 25 Hotaling #C (1+/2) - $859,000 ($469/mo HOA)
∙ 25 Hotaling #D (1/1) - $589,000 ($383/mo HOA)
∙ 25 Hotaling #E (2/1.5) - $889,000 ($469/mo HOA) [MLS]
∙ 25 Hotaling #F (1+/1) - $639,000 ($399/mo HOA)
∙ 25 Hotaling #G (1/1) - $669,000 ($396/mo HOA) [MLS]
∙ 25 Hotaling #H (1/1) – "SOLD" ($384/mo HOA)
∙ 25 Hotaling #I (1+/1) - $689,000 ($399/mo HOA)

And yes, all listed parking is leased.

∙ 25 Hotaling [25hotaling.com] [Floor Plans: A/D/F/G/I | B/C/E]

Posted by socketadmin at 5:30 AM | Permalink | Comments (11) | (email story)

November 5, 2009

The (Eichler) Summit Of 999 Green Street #2802

According to a plugged-in tipster, the three-bedroom Eichler Summit #2802 was purchased "off the market" (unlisted on the MLS) for $2,500,000 in October of 2008. And the sale price might have been partially based on the "comp" sale of #2804 for $2,720,000 in December of 2007 (which "was in worse condition" than #2802).

Back on the market four weeks ago asking $2,099,000, the price for 999 Green Street #2802 has been reduced to $1,950,000. Yes, the kitchen and baths could use some updating, but it's a classic building with big views and a price 22 percent less than in 2008.

. Listing: 999 Green Street #2802 (3/2) - $1,950,000 [MLS]

Posted by socketadmin at 4:30 PM | Permalink | Comments (16) | (email story)

An Under $600 Per Square Foot Two-Bedroom Comp At 235 Berry

Purchased for $950,000 in June of 2007 ($18,900 under asking at the time), 235 Berry #413 returned to the market this past April asking $789,000.

Yesterday, the sale of the 1,235 square foot condo closed escrow with a reported contract price of $734,000 ($594 per square). Call it a 23% drop in value over the past three years for the two-bedroom condo with a deck (and some windows) overlooking Mission Bay.

UPDATE: Some additional color (and opinion) from the short seller's agent:

Truth is we went through four buyers and our first offer was for $789,000 but no one wanted to hang out and wait while the bank takes 6 months to decide. Had the lender been able to respond before 4 months passed, the sales price would have been much closer to the original list.

Bottom line it was the best deal the bank would get even though as an REO it could have sold for more - it still would have cost them another 3-5% to foreclose and process it. The price was reflected in the fact the buyer was taking a gamble with their time and emotions as to whether it would ever close, and it was a nailbiter.

Cheers.

∙ I’ll See Your $800 Per Square Foot And Raise Lower You $200 At 235 [SocketSite]

Posted by socketadmin at 6:00 AM | Permalink | Comments (55) | (email story)

November 4, 2009

Temporary Transbay Terminal Cam And Construction Update

From the first building in June, to the first palm in August, construction on the Temporary Transbay Terminal keeps chugging along (although a bit behind schedule).

Greyhound could be on the scene by the end of this year with other operators making the move in the first quarter of 2010. And once again, that overpass is slated to be all the way down around April.

∙ Temporary Transbay Bus Terminal: First Prefab Buildings Placed [SocketSite]
∙ Washingtonia Robusta Now Arriving At Howard And Main [SocketSite]
∙ As Seen On The Temporary Transbay Terminal Construction Cam [SocketSite]

Posted by socketadmin at 10:45 AM | Permalink | Comments (30) | (email story)

November 3, 2009

A Trio Of Comstock 05’s From Which To Choose, Are Any "Just Right?"

A tax assessed value of $2,393,000 would suggest a sale price not too far from the $2,350,000 asking price for 1333 Jones Street #505 when last on the market. Back on the market today, the two-bedroom and two-bath Comstock Co-op is asking $2,395,000.

Big views (which look even bigger through a telephoto lens), a "stunning" remodel (prior to the last sale), and a front door we kind of adore (although perhaps not on this unit).

Also on the market, the not so recently remodeled unit a floor above (#605) asking $2,399,000, and the not quite so view-tastic unit a floor below (#405) asking $1,645,000.

∙ Listing: 1333 Jones #405 (2/2) - $1,645,000 [MLS]
∙ Listing: 1333 Jones #505 (2/2) - $2,395,000 [MLS] [Previous Listing]
∙ Listing: 1333 Jones #605 (2/2) - $2,399,000 [MLS]

Posted by socketadmin at 10:00 AM | Permalink | Comments (19) | (email story)

A Lower High Watermark For 501 Beale Penthouses (#PH2B Closes)

The sale of Watermark (501 Beale) penthouse #2B closed escrow on 10/19/09 with a reported contract price of $950,000. While still "not cheap" at $932 per square foot, it is 31 percent cheaper than its "buy, sell, repeat, retire" resale price of $1,375,000 in December of 2006, 24 percent cheaper than its purchase price of $1,250,000 in October of 2006.

It's also 27 percent cheaper than the identical "penthouse" unit a floor below (#PH1B) that sold for $1,300,000 in October of 2006 and was likley a supporting comp for the flip of #PH2B. And so on. And so forth.

No word on whether or not it was our plugged-in reader who had offered $950,000 in cash to the bank for #PH2B prior to its last list price reduction (at which time they wouldn’t "even take a look at it") who ended up with the condo. If so, one word: housewarming.

∙ A Pair Of Bank-Owned Penthouses Atop The Watermark (501 Beale) [SocketSite]
∙ From Flippy To Floppy For Watermark (501 Beale) Penthouse #2B [SocketSite]

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

November 2, 2009

The Liening Towers Of Infinity (300 Spear Street)

At least $725,000 worth of mechanics’ liens were recently filed for work on Tishman Speyer’s 300 Spear Street (a.k.a., The Infinity). Not a particularly large amount relative to the size of the project (well over $300 million), and possibly just disputes over contracts or performance, but we will note at least three different claimants.

Posted by socketadmin at 7:30 AM | Permalink | Comments (17) | (email story)

October 29, 2009

Three Years Later And A Thirteen Percent Drop At 1635 California

Unable to sell out in 2006, a number of 1635 California’s 36 condos quietly headed to the rental market. As we wrote that February:

1635 California opened its doors over three months ago and at least 7 of the units are still on the market (with more yet to be “released”). And although we were not able to secure a full pricing sheet (the agents staffing the open house seemed downright defensive when asked), nor any property statements (none were made available), we’ve still got some numbers for our readers…

One of those numbers was for 1635 California #63, listed for $835,000 at the time. It's back on the market with Vanguard again but now asking $729,000 (a drop of 13%).

As some might recall, we featured the apples to apples sale of 1635 California #33 last year, purchased for ~$780,000 in 2006 and re-sold for $740,000 in 2008 (a drop of 5%).

∙ Listing: 1635 California Street #63 (2/2) - $729,000 [MLS]
∙ 1635 California Street [SocketSite]
∙ Another Apple Speaks On The Edge Of Nob Hill (1635 California #33) [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (9) | (email story)

October 26, 2009

Bank Owned Price Discovery For A Beacon Two-Bedroom

As a plugged-in reader noted in July, 250 King Street #530 was taken back by the bank in June. And the bank owned resale of the 1,338 square foot Beacon condo closed escrow on 10/22 with a reported contract price of $600,000.

Yes, that’s 3% "over asking!" Then again, it’s also 31% below its purchase price in 2005 ($870,000) and $448 per square foot for the two-bedroom, two-bath condo with parking and "panoramic views of the City from the floor to ceilings windows."

No word on whether or not the buyer at the $270,000 savings today had been "priced out forever" in 2005.

Posted by socketadmin at 7:45 AM | Permalink | Comments (16) | (email story)

October 23, 2009

Mayor Newsom Double Dips For SF General Hospital Addition

Mayor Newsom double dipped on the ground breaking circuit this week, first for the SFPUC building on Wednesday, and yesterday for the 448,000 square foot San Francisco General Hospital addition which is scheduled to open in 2015.

∙ 525 Golden Gate Avenue "Officially" Breaks Ground [SocketSite]
∙ San Francisco General Hospital: Latest Renderings And Overview [SocketSite]

Posted by socketadmin at 5:30 AM | Permalink | Comments (2) | (email story)

October 20, 2009

1390 Mission Gets Its Red, Green, And Yellow On

While a couple of months behind schedule, the 12-story Mercy Housing project at 1390 Mission (northeast corner at 10th) is now sporting its full array of colors.

Once again, 136 units of 1, 2 and 3 bedroom affordable rental housing on the way. And not too Inaccurate rendering (although the more open entrance would have been nice).

∙ A 10th And Mission Triptych In Reverse For Mercy Housing Rising [SocketSite]
∙ Affordable Family Housing Rising (And Rendered) At 10th And Mission [SocketSite]

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

October 19, 2009

A Higher Watermark Than Some Expected…Only 23% Under '06 Price

The bank-owned sale of the two bedroom Watermark (501 Beale) #12G closed escrow on 10/13/09 with a reported contract price of $750,000 ($727 per square foot), that’s $10,000 less than what was owned on the first mortgage at the time the bank foreclosed in August. And that’s 23% less than what the previous owner had paid in May of 2006 ($975,000).

A proposed short sale of the property this past June never materialized.

∙ 501 Beale #12G: No Short Sale For You! (Foreclosure Instead) [SocketSite]
∙ Oh Geez, Watermark (501 Beale) Number 12G Returns As A Short Sale [SocketSite]

Posted by socketadmin at 2:15 PM | Permalink | Comments (13) | (email story)

October 16, 2009

Still Defying Gravity At Glen Park Market Place?

A few months after the 15-unit Glen Park Market Place premiered, 53 Wilder Street #406 closed escrow for $855,000 (September 2006). It’s two bedrooms, two baths and 1,249 square feet. And it’s back on the market and asking $839,000 (2% under its 2006 price).

Interestingly enough, a two bedroom, two bath and 1,279 square foot unit next-door (53 Wilder Street #405) sold for $871,000 this past April. It had been purchased for $810,000 in November 2006. As a plugged-in tipster noted about the sale at the time:

The only explanation I can come up with for the gravity-defying price is that Glen Park village has improved significantly in the meantime. The new Canyon Market on the ground floor seems to be successful and some nice new restaurants (Le P'tit Laurent, Sangha) have opened within 60 seconds walk.

Neighborhood, building or property changes can definitely muddle an "apples to apples" comparison when trying to divine how "the market" is moving. That being said, back to 53 Wilder #406 (or #203 which has been on the market for 70 days at $749,000, purchased for $729,000 in September of 2006).

Will changes in the village continue to help Glen Park Market Place defy beyond #405?

UPDATE: From the aforementioned tipster: "I should point out that one of the restaurants I cited (Sangha) has since closed." Perhaps that's what's changed for #406...

∙ Listing: 53 Wilder #203 (2/2) 1,212 sqft - $749,000 [MLS]
∙ Listing: 53 Wilder #406 (2/2) 1,249 sqft - $839,000 [MLS]
∙ Glen Park Market Place: Range Of Prices And BMR Deadline [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (73) | (email story)

October 15, 2009

It's Fall At The Four Seasons (765 Market Street) For #27B

With no reported or recorded purchase price we could find, the tax assessed value of $1,204,542 for The Four Seasons (765 Market) #27B would suggest a lowest possible original purchase price of just over a million dollars assuming a purchase from the developer in 2001 and maximum yearly reassessments.

Listed for sale at $1,695,000 this past March, the price was reduced to $1,595,000 in April, to $1,395,000 in June, to $1,325,000 in July, to $1,250,000 in September, and to $999,000 the day before yesterday.

That being said, we can’t call it year 2001 pricing for this Four Seasons condo, for as a plugged-in tipster notes, "Apartment is being sold furnished with classically designed furniture and lighting. Eclectic art collection included."

And as at least one voice is sure to shout out, it's still $995 per square foot! But that would be eight years without any effective appreciation. And a rather significant fall from peak.

∙ Listing: 765 Market #27B (1/1.5) - $999,000 [MLS]

Posted by socketadmin at 10:30 AM | Permalink | Comments (13) | (email story)

October 14, 2009

A 21% "Gap" In Values From 2005 To 2009 For 550 Terry Francois

By way of a plugged-in tipster and the Wall Street Journal, Tishman Speyer is contract to sell 550 Terry Francois Blvd. (a.k.a. Gap’s outpost in Mission Bay) for $136.5 million.

Tishman paid $173.1 million for the 282,773 square foot, fully leased (through 2017), and "state-of-the-art" building in 2005. Call it a 21% drop below 2005 values (versus peak).

∙ Australian Investors Feel U.S.-Office Pinch [Wall Street Journal]

Posted by socketadmin at 4:40 PM | Permalink | Comments (9) | (email story)

October 13, 2009

Some Plugged-In Perspective On Mortgage Fraud Back In 2008

Speaking of mortgage fraud soon be a felony offense, back when we were tracking craigslist rental listings for freshly closed condos at One Rincon Hill a plugged-in tipster first provided the following tip in March of 2008:

Public Records info is interesting. What it shows me is that several new owners at One Rincon either have or are about to commit occupancy fraud. This is often overlooked and dismissed by those involved including mortgage agents, however, it is a serious issue. Owners sign occupancy affidavits at the close of escrow, and unless their deed of trust includes an "assignment of rents" rider, the property is owner occupied. My public records search shows 68 units have closed. I'm sure more have that don't show up yet and I'm also convinced that my list of properties for rent is smaller than actually what is or has already been rented.

According to our tipster’s analysis at the time at least ten and as many as sixteen of those 68 units (i.e., between 15 and 24 percent) closed as "owner occupied" purchases but were immediately advertised on Craigslist for rent. And at least three (3) of those "fraudulent" purchases were made by licensed real estate agents.

Perhaps those ten to sixteen were the only bad seeds out of all the buyers at One Rincon and other new developments about town (rather than ~20% of purchases if one were to extrapolate from the numbers above).

Then again in the words of our tipster: "How many units have already been rented that haven't been advertised or [escaped my analysis] above?"

∙ Same Same But Different: 425 1st Street #2103 For Sale (Or Rent) [SocketSite]
∙ The Seven Samurai Deadly Sins New Mortgage Laws [SocketSite]

Posted by socketadmin at 2:00 PM | Permalink | Comments (89) | (email story)

October 9, 2009

Three To Five For The Transbay If The Feds Delay Until March

"An unexpected delay in funding for the new Transbay Terminal could set construction plans back [three to five] months and cost the project another $100 million."

∙ Transbay funds delay may have $100M price tag [San Francisco Examiner]
∙ Transbay Terminal: Banking On Stimulus Funds And Opening In 2015 [SocketSite]

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

October 8, 2009

Short And Shorter At The Beacon (250 King)

From the listing for The Beacon (250 King) #860:

Approved Short Sale 9/30/09 AT $470K!!! Should close VERY quickly at this point.

Originally listed for $488,888 at which point it didn't close very quickly (it’s been on the market for three months) and purchased in February of 2007 for $672,000. Call it an already approved reduction of 30%.

And while we doubt this one has been approved (i.e., good luck), another one-bedroom short sale at the Beacon was just listed for "$300,000." Purchased for $599,000 in September of 2006.

∙ Listing: 250 King Street #00045 (1/1) 800 sqft– “$300,000” [MLS]
∙ Listing: 250 King Street #860 (1/1) 909 sqft – $470,000 [MLS]

Posted by socketadmin at 11:00 AM | Permalink | Comments (42) | (email story)

Seven Percent Of The St. Regis For Sale, Plus Two Facing Foreclosure

While seven of the St. Regis (188 Minna) condos are currently listed for sale (not including the Penthouse), a plugged-in reader notes two others (#27A and #29B) are scheduled to hit the court house steps on October 14.

As another plugged-in reader noted last month, the owner of the two units facing foreclosure "put the family savings of some $5 million into developing commercial real estate buildings" a few years back and built quite a debt-laden real estate empire.

∙ Going Up: St. Regis Penthouse Construction Nearly Complete [SocketSite]
∙ Local success story takes a detour into Chapter 11 [sacbee.com]

Posted by socketadmin at 9:00 AM | Permalink | Comments (15) | (email story)

Historic Preservation Commission Votes To Save The Shelves

"The [San Francisco historic preservation commission] voted 5-2 to start the process of preserving five of the seven libraries under discussion, including the North Beach branch.

The commission’s decision prevents the North Beach library project from getting construction permits from the Planning Commission for the next 180 days or until another decision is made."

∙ North Beach library could be preserved [Examiner]
∙ An Only In North Beach NIMBY Preservationist Argument: Shelves [SocketSite]
∙ North Beach Library And Playground Plans Like You Read About [SocketSite]
∙ Landmarks Preservation: Out Of The Frying Pan And Into The Fire? [SocketSite]

Posted by socketadmin at 8:15 AM | Permalink | Comments (25) | (email story)

October 6, 2009

Live Like A Spreckels, London, Nash Or Glover: 737 Buena Vista West

Designed by Edward Vogel and built for one of the Spreckels, the five-bedroom 737 Buena Vista West was subsequently home to Jack London, Ambrose Bierce and Graham Nash.

The last we heard it was Danny Glover’s house and it’s been available for rent since January, (asking $14,000 per month). And yes, that gorgeous gate is right next door.

Photo above by "sigsegv" (but edited slightly by us).

∙ $14000 / 5br - Furnished Buena Vista Grand Residence [amsires.com] [Craigslist]
∙ No Real Story, It Simply Seemed Ever So San Francisco [SocketSite]

Posted by socketadmin at 5:15 PM | Permalink | Comments (7) | (email story)

A Pair Of Bank-Owned Penthouses Atop The Watermark (501 Beale)

A plugged-in reader reports:

For those of you in the market for a penthouse, Unit #PH1E at the Watermark (501 Beale) was taken back by the lender for $1,349,628 on Sept. 15. Talk about bad timing, the former owner bought for $1.523 million in January 2007. This three bedroom 1,362 sq.ft. foreclosure was brought to you courtesy of WaMu.

Call it a quick flip gone bad as the condo had returned to the market a month after closing asking $1,800,000. Last listed for $1,595,000 before being taken back by the bank.

At the same time, 501 Beale penthouse #2B is now asking $1,019,900. Purchased for $1,375,000 in December 2006, it failed to sell when listed for $1,099,900 in August of 2009 and was taken back by the bank as well. As we wrote in April:

Two months after its initial sale for $1,250,000 in October of 2006 Watermark (501 Beale) Penthouse #2B was flipped for $1,375,000. (Ah, the good old days.)

Keep in mind that the identical "penthouse" unit a floor below (#PH1B) sold for $1,300,000 in October of 2006 and was likley a supporting comp for the flip of #PH2B. And so on. And so forth.

No word on any assessor’s adjustment for #PH1B or anything everything below.

∙ Listing: 501 Beale #PH2B (2/2) 1,019 sqft - $1,019,900 [MLS]
∙ From Flippy To Floppy For Watermark (501 Beale) Penthouse #2B [SocketSite]
∙ Six Relatively Quick Flips At The Sold Out Watermark (501 Beale) [SocketSite]
∙ A 25.7% Drop In Assessed Value For A Plugged-In Reader In 2009/10 [SocketSite]

Posted by socketadmin at 1:45 PM | Permalink | Comments (33) | (email story)

See Inside But Not Around Jackson Square (845 Montgomery) #C

It looks to be one of the first attempted resales at Jackson Square (845 Montgomery).

And while we can’t confirm the original purchase price, according to a tipster the current asking price for the two-bedroom 845 Montgomery #C ($1,095,000) is roughly ten percent higher than its April 2008 purchase.

That being said, keep in mind that two bedroom homes were listed "from $1,200,000" when the development first opened in 2007. No report of any difficulties keeping the side of that master tub clean.

UPDATE: As a couple of plugged-in readers quickly figured out, fourteen listing photos of parks, places and restaurants, the closest one of which is about a mile away despite a plethora of better restaurants within blocks of 845 Montgomery's doors.

UPDATE: Assuming realtor.com is correct, purchased for $1,000,000 on 4/15/2008.

∙ Listing: 845 Montgomery Street #C (2/2) - $1,095,000 [MLS]
∙ The Jackson Square Condominiums (847 Montgomery) [SocketSite]

Posted by socketadmin at 10:00 AM | Permalink | Comments (39) | (email story)

October 2, 2009

We Have A 310 Townsend (#303) In Progress

Originally asking $957,000 through the sales office in 2007, 310 Townsend #303 ended up selling for $850,000 in November of that year (a discount of 11.2%). Back on the market today after a two year hold and asking $785,000 (7.6% below it purchase price, 18% under the developer’s original list).

Let’s call it an effective rent of around $4,000 per month for the one-bedroom plus den condo over the past two years not accounting for transaction costs or any capital loss (assuming a sale at asking). Call it closer to $9,200 per month if you do.

∙ Listing: 310 Townsend #303 (1/1) 1,136 sqft - $785,000 [MLS]
∙ 310 Townsend: Available And Selling [SocketSite]

Posted by socketadmin at 7:00 AM | Permalink | Comments (8) | (email story)

October 1, 2009

The Presidio House The Mouse Built: Disney Family Museum Opens

While CAMP never came to be, the Walt Disney Family Museum opened its doors today in a couple of renovated Presidio buildings. And for some coming from the south, it was a little harder to reach. On purpose.

∙ The Fishers Break CAMP With Respect To The Presidio's Main Post [SocketSite]
∙ The Walt Disney Family Museum [disney.com]
∙ Disney fans flock as Presidio museum opens [SFGate]
∙ Presidio Traffic Calming Study [presidio.gov]

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

Hitting For The Heublien Building Penthouse Cycle (#PH3)

We’ve featured the Heublien Building penthouse lofts number one and two in the past, so we might as well hit for the cycle with number three (601 4th Street #PH3).

Purchased for $1,500,000 in October 2006 (and then possibly remodeled), on the market and asking $1,498,000. And yes, it’s Evan Williams' old pad.

∙ Listing: 601 4th Street #3P (2/2) - $1,498,000 [MLS]
∙ The Heublien Building Lofts (601 4th Street) [SocketSite]
∙ A Truly Unique San Francisco Space And Penthouse: 601 4th St PH1 [SocketSite]
∙ Penthouse Number Two Of Three Atop Six Zero One Fourth [SocketSite]

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

September 30, 2009

A Fronds To Fronds Sale For The Palms (555 4th Street) #602

Purchased for $589,000 in September 2006 but then bought back by the bank in June 2009, the banked-owned re-sale of The Palms (555 4th Street) #602 closed escrow on 9/28/09 with a reported contract price of $400,000. Call it a 32% drop in value for the 670 square foot one-bedroom end-unit with deck (but leased parking) since 2006.

∙ Fronds To Fronds For A Few One-Bedrooms At The Palms (555 4th) [SocketSite]

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

September 28, 2009

A Fifty Percent Off Sale For The Bank Owned 767 Bryant #204

Purchased for $944,500 in March 2007, the 1,607 square foot two-bedroom loft #204 at 767 Bryant was "bought" back by the bank for $745,784 in December 2008 adding to a growing inventory of bank owned units in the building.

On September 17, 2009 the resale of 767 Bryant #204 closed escrow with a reported contract price of $475,000, $295 per square foot and 49.7% under its value in 2007.

UPDATE: A quick reminder that in August the 2,041 square foot 767 Bryant #210 closed escrow with a recorded sale price of $665,000 ($326 per square foot and 44.6% under its 2006 asking).

∙ Thirty Percent Of 767 Bryant Returns As REO (But Not Speedwagon) [SocketSite]
∙ 767 Bryant #210 Comes In For A 767 Comp Crash Landing [SocketSite]

Posted by socketadmin at 11:40 AM | Permalink | Comments (19) | (email story)

Pelosi And Schwarzenegger Type For A Transbay HSR Terminus

A plugged-in tipster reports with respect to High Speed Rail and the Transbay Terminal:

Thought you should know that both Nancy Pelosi and [Gov. Arnold Schwarzenegger] both sent strongly worded emails to the Secretary of Transportation this week endorsing the Transbay Terminal as the San Francisco terminus for High Speed Rail.

Pelosi's letter was pretty detailed technically on how the trainbox would look (to combat the misconception that has been floating around that the terminal cannot accommodate all the HSR traffic; which is massively over-optimistic, but that is another argument all together) and why the 'Beale street option' is not realistic at all in terms of cost and the fact it would undermine all the work Caltrans has just done on the Bay Bridge approach.

∙ More Evidence Of A High Speed Snub For The Transbay Transit Center [SocketSite]
∙ While San Francisco Might Get High-Speed Rail, Will The Transbay? [SocketSite]
∙ Unplanned Obsolescence For Transbay High-Speed Station Design? [SocketSite]

Posted by socketadmin at 9:00 AM | Permalink | Comments (33) | (email story)

September 25, 2009

SFMOMA Snags The Fisher Contemporary Art Collection

After abandoning plans to build CAMP (Contemporary Art Museum Presidio) in July, the Fisher’s engaged in "hush, hush" talks with SFMOMA to expand their South of Market space (taking over San Francisco's Fire Station No. 1 on Howard) and join collections.

And while not yet in writing, it appears as though those talks were successful assuming $60 million can be raised for the 100,000 square foot expansion.

[A]dding the Fisher collection to SFMOMA would require expanding the museum, which involves city permits, an environmental review and design plans, and the removal of a century-old building and a fire station. The process could draw neighborhood and political opposition and most likely would take at least two years.

Newsom said he and others are working to fast-track the permitting process.

Despite the Mayor's words today ("To lose this would have been devastating") it's a mayoral effort that wasn’t quite as emphatic when plans called for building near District 7.

UPDATE (9/28): As a reader noted yesterday, Don Fisher passed away at his home in Pacific Heights. Our condolences to his family.

∙ The Fishers Break CAMP With Respect To The Presidio's Main Post [SocketSite]
∙ From CAMP SF To CAMFS? (Contemporary Art Museum Fire Station) [SocketSite]
∙ SFMOMA gets Fisher art collection [SFGate]

Posted by socketadmin at 8:30 AM | Permalink | Comments (23) | (email story)

September 24, 2009

Forward Progress For San Francisco Piers 15, 17, And 70

The Port Commission has approved a 66-year lease of Piers 15 and 17 for the Exploratorium (targeting a 2012 opening):

The deal, approved unanimously by the Port Commission this month, calls for the Exploratorium to shore up and then build its museum on Pier 15, which is in danger of being totally unusable unless it gets $29 million in substructure repairs.

In exchange for rehabbing waterfront property, the museum would get a 50-year rent credit at Pier 15…Project construction costs are estimated at $175 million.

The museum would pay annual rent of $783,000 on Pier 17, which would be upgraded and house the Exploratorium's office operations, port officials said. The museum also would have the option of expanding the Exploratorium to Pier 17.

At the same time, a legislative bill that would "allow the Port to create an infrastructure financing district that could help raise funds [for the redevelopment of Pier 70] by selling bonds to pay for environmental remediation, shoreline restoration, removal of bay fill and other tasks" has passed both houses and is but a governor’s signature away from reality.

∙ The Embarcadero Exploratorium's Most Excellent Draft EIR Update [SocketSite]
∙ Exploratorium a step closer to waterfront site [SFGate]
∙ Pier 70 bill waiting for governor’s signature [San Francisco Examiner]
∙ JustQuotes: Bad Market, Then Back To Big Projects Like Pier 70 [SocketSite]

Posted by socketadmin at 5:00 AM | Permalink | Comments (16) | (email story)

September 16, 2009

150 Otis: From Temporary To Permanent Shelter As Proposed

"[Swords to Plowshares and the Chinatown Community Development Center] want to develop 150 Otis St., a surplus city-owned building, into permanent affordable rental housing for chronically homeless senior citizen vets. The project is scheduled to be completed in 2012."

∙ Surplus building to be affordable housing for homeless vets [Examiner]
∙ 150 Otis Street: San Francisco Homeless Resource [sfhomeless.wikia.com]

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

Care To Get Your Castle On? A Restored Albion Castle Returns

A few months after Laughing Squid launched their blog from Albion Castle in early 2005 the Hunter’s Point property at 881 Innes Avenue was auctioned off at the Palace Hotel in front of a thousand spectators and sold for $2,090,000 (purchased for $400,000 in 1999).

The mortgage banker buyer had planned to resurrect the Albion Porter & Ale Brewery for which the castle was originally constructed and open a restaurant on-site as well. And while the restaurant and re-brewery plans never materialized, the interior of the San Francisco Historic Landmark was renovated and restored.

Back on the market and asking $2,950,000 which includes water rights to a 10,000 gallon per day underground spring (think late night "pool" parties back in the day).

∙ Listing: 881 Innes Avenue (4/2) - $2,950,000 [MLS] [Map]
∙ The Albion Castle [Albioncastle.Us]

Posted by socketadmin at 5:30 AM | Permalink | Comments (37) | (email story)

September 15, 2009

Eminent Domain Suit Semi-Successfully Snatches Hugo Hotel

As a plugged-in reader noted a few days ago, The San Francisco Redevelopment Agency seems to have prevailed in their eminent domain action for the long-vacant Hugo Hotel on 6th Street although at price of $4,600,000 versus the $3,700,000 they had hoped to pay.

∙ The Hugo Hotel Has A Date With A Different Kind Of Bench [SocketSite]

Posted by socketadmin at 2:45 AM | Permalink | Comments (1) | (email story)

501 Beale #12G: No Short Sale For You! (Foreclosure Instead)

Purchased for $975,000 in May of 2006, Watermark (501 Beale) #12G returned to the market this past June as a short sale with a “$500,000” list price. Taken back by the bank in August with a loan balance of $760,000, it’s back on the market and asking $749,000.

A sale at asking would represent a 23% drop in value for the 1,032 square foot luxury two-bedroom condo over the past three years.

∙ Listing: 501 Beale #12G (2/2) 1,032 sqft - $749,000 [MLS]
∙ What’s Up With The Watermark "G"s? [SocketSite]
∙ Oh Geez, Watermark (501 Beale) Number 12G Returns As A Short Sale [SocketSite]

Posted by socketadmin at 2:30 AM | Permalink | Comments (11) | (email story)

September 14, 2009

More Evidence Of A High Speed Snub For The Transbay Transit Center

Last November Judge Quentin Kopp, chairman of the High Speed Rail Authority, spoke out against extending California’s proposed high speed rail line beyond the current Caltrain station at Fourth and King. And according to the Examiner, the California High Speed Rail Authority appears to be following their chairman's lead:

California High Speed Rail Authority staff directed their environmental consultants to investigate two potential sites for a train station in San Francisco, neither of which is the planned Transbay Transit Center location, according to Andrew Schwartz, outside counsel for the Transbay Joint Powers Authority.

The sites being investigated include the existing Caltrain stop at Fourth and King and a city block bounded by Beale, Main, Mission and Harrison streets, according to Schwartz.

“We’re going to be providing information to the attorney general to show that the Beale Street and Fourth and King alternative locations are not physically, technically or financially feasible alternatives to the Transbay Transit Center location,” Schwartz said during a directors’ meeting Thursday.

∙ High Speed Rail Authority ignoring the Transbay Terminal in planning [Examiner]
∙ While San Francisco Might Get High-Speed Rail, Will The Transbay? [SocketSite]
∙ Transbay Terminal Moves Forward, But Payments And Terms Change [SocketSite]

Posted by socketadmin at 6:00 AM | Permalink | Comments (28) | (email story)

September 10, 2009

Will Tavern On The Green’s Bankruptcy Kill An SF Outpost?

Citing "extreme financial distress brought on by the current financial crisis and the City of New York’s decision not to renew [their] lease," New York’s Tavern on the Green has filed for Chapter 11 bankruptcy protection. No word on how the reorganization will affect plans to open a 43,000 square foot Tavern on the Green atop San Francisco’s Metreon. Tipsters?

∙ New York’s Tavern on the Green Files for Bankruptcy [Bloomberg]
∙ Metreon Makeover Approved, Entrance Rendered And Ready In 2010 [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (29) | (email story)

September 8, 2009

555 Mission: Sequoia’s Penthouse Sublease At 40 Percent Off

Last year Sequoia Capital secured the 14,718 square foot penthouse atop 555 Mission for seven years at a rate of $84 per square foot. According to the San Francisco Business Times, the law firm of Novak Druce Quigg has now subleased the entire space for the remainder of the lease at a 40 percent discount ($50 per square foot) without escalation.

And Included for free, "all of the super high-end and virtually unused furniture."

∙ A Jonathan Borofsky Rises At 555 Mission (And 535 Is On Its Way) [SocketSite]

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

A Two-Bedroom Palms Short Sale Closes At 33% Under 2006 Price

Purchased for $925,000 in August 2006, asking $895,000 seven months ago and then eventually reduced to a "bank approved price" of $619,000, the sale of The Palms (555 4th Street) #731 closed escrow on 9/1/09 with a reported contract price of $620,000.

∙ Are The "Exceptions" (And Big Losses) Becoming A Palms Rule? [SocketSite]

Posted by socketadmin at 7:00 AM | Permalink | Comments (67) | (email story)

September 2, 2009

A Major League Closing: 2100 Pacific #9

While it’s not 2006 Washington, 2100 Pacific does play in the same league. And the sale of the 5,190 square foot full-floor 2100 Pacific #9 closed escrow today with a reported contract price of $7,250,000 (27% under its original asking).

∙ Live As Big As A Lurie (2100 Pacific Avenue #9 On The Market) [SocketSite]
∙ 2006 Washington Number 4 Returns Asking 32 (Plus) Percent Less [SocketSite]
∙ The Full Floor Plan Monty For 2006 Washington Number Four [SocketSite]

Posted by socketadmin at 2:30 PM | Permalink | Comments (16) | (email story)

Going Up: St. Regis Penthouse Construction Nearly Complete

As we wrote about the St. Regis penthouse in July:

According to a plugged-in source…construction should be finished in a couple of months and the renderings will give way to reality.

As a plugged-in tipster adds today:

The St. Regis service elevators have been working overtime for weeks shuttling men and material up to the top. I would expect this to return very soon...and very finished. Now let's see what Victor (MacFarlane) does with the price.

Once again, purchased as a shell for roughly $30,000,000 in 2005 with a small army of craftsmen working on its roughly 20,000 square feet ever since (more or less).

Full Disclosure: The co-listing agent for the penthouse atop the San Francisco St. Regis advertises on SocketSite but had no prior knowledge of this post.

∙ St. Regis Penthouse Animation, Reality A Couple Months Out [SocketSite]
∙ Inside The St. Regis Penthouse: The Rendering Scoop And Details [SocketSite]
∙ St. Regis Penthouse Now $21,000,000 Off (And No, That’s Not A Typo) [SocketSite]
∙ St. Regis Penthouse Asking $70M: Is San Francisco All Growns Up? [SocketSite]

Posted by socketadmin at 2:00 PM | Permalink | Comments (11) | (email story)

The Upside To Only One Tower Where There Should Be Two: Parking

From the recently expired (without a sale) listing for One Rincon Hill (425 1st Street) #1408: "Have a 2nd car? Extra parking is available!”

∙ It's "Official," One Rincon Hill's Tower Two Is Indefinitely On Hold [SocketSite]

Posted by socketadmin at 1:45 PM | Permalink | Comments (7) | (email story)

August 31, 2009

The Trap Door, Secret Passageways, And Dungeon Of 2550 Webster

The lines that couldn't help but catch our attention from the sworn affidavit of Samuel Howard Sloan with respect to the Bourn Mansion at 2550 Webster:

I am well aware of everything in the house, including the trap door, the secret passageways, the dumb waiter, the elevator, the crawl space and the dungeon, all of which pose significant dangers to anybody who enters. There are significant dangers of serious injury or even death to anybody who enters this building.

The disclosures ought to be interesting. All comments on our earlier peek inside post.

∙ Landmark Bourn Mansion (2550 Webster) Listed And Your Peek Inside [SocketSite]
∙ Affidavit of Samuel Howard Sloan [groups.google.com]

Posted by socketadmin at 4:45 PM | Permalink | (email story)

The Hugo Hotel Has A Date With A Different Kind Of Bench

The San Francisco Superior Court is scheduled to start hearing the San Francisco Redevelopment Agency’s eminent domain suit over the Hugo Hotel on Sixth Street today.

The Agency had offered $3,250,000 for the building two years ago but the Oregon-based owners were holding out for $7,000,000. The burned-out building has a current tax assessed value of $474,894 and a yearly tax contribution of $7,269.58 to the city.

From a plugged-in reader with respect to the building last year:

The reason this eyesore remains is that [the owner] is impossible to deal with. The last time I tried, he said he wanted $50,000 up front to talk.

Plans for the long vacant and art covered ex-hotel should the Redevelopment Agency prevail: razed to the ground and below market rate housing erected.

UPDATE (9/2): From a plugged-in reader:

To correct a factual error...The owners are local, not Oregon-based. They live in Hillsborough on the Peninsula, despite what the mailing address for tax records may say.

∙ Art-draped hotel focus of suit [Examiner]
∙ JustQuotes: Eminent Domain For Affordable Housing On Sixth Street? [SocketSite]
∙ And Now Back To The Hugo Hotel (And Eminent Domain On Sixth) [SocketSite]

Posted by socketadmin at 10:45 AM | Permalink | Comments (42) | (email story)

August 27, 2009

The Full Floor Plan Monty For 2006 Washington Number Four

As a plugged-in reader notes, the floor plan for the full floor 2006 Washington #4 are now up on Malin’s site along with a couple of view and exterior photos as well.

As other’s have suggested, however, it’s not a good sign with respect to whether or not interior shots will show up anytime soon (if ever at this price point in this building).

∙ Listing: 2006 Washington #4 (5/5.5) - $8,500,000 [sfproperties.com]
∙ 2006 Washington Number 4 Returns Asking 32 (Plus) Percent Less [SocketSite]

Posted by socketadmin at 10:00 AM | Permalink | Comments (46) | (email story)

767 Bryant #210 Comes In For A 767 Comp Crash Landing

As we wrote in May:

In August of 2006 twenty apartments at 767 Bryant hit the market as condos. At the time list prices ranged from $676,920 to $1,850,000 including 767 Bryant #409 at $676,920 and 767 Bryant #210 at $1,200,000.

Despite a subsequent remodeling, reductions and incentives (including a free Prius or Mini Cooper), at least six of the units failed to sell and were lost to foreclosure.

On Friday 767 Bryant #409 returned to the market as a bank owned property (REO) asking $525,000 (23% less than in 2006) and 767 Bryant #210 returned to the market as an REO property asking $799,000 (33% less than in 2006).

Yesterday the sale of the 2,041 square foot 767 Bryant #210 closed escrow with a recorded sale price of $665,000 ($326 per square foot and 44.6% under its 2006 asking).

∙ Thirty Percent Of 767 Bryant Returns As REO (But Not Speedwagon) [SocketSite]
∙ 767 Bryant: The Apartments Condominiums [SocketSite]
∙ Buy A Condo Get A Car At 767 Bryant [SocketSite]

Posted by socketadmin at 7:00 AM | Permalink | Comments (20) | (email story)

August 26, 2009

2006 Washington Number 4 Returns Asking 32 (Plus) Percent Less

While still noting "coming soon" on Malin’s San Francisco Properties site, 2006 Washington #4 has hit the MLS asking $8,500,000. As a plugged-in tipster adds, asking $12,500,000 with McGuire in March (and apparently $15,000,000 prior to that).

It’s a full floor in the classic, and überexclusive, Conrad Alfred Meussdorffer designed Pacific Heights cooperative building.

[2006 Washington] was designed to take advantage of 100 feet of open space to the west by facing towards the Golden Gate and so looks down on the George Applegarth-designed Spreckels Mansion.

Each of the main floors is about 5500 square feet…Originally ten apartments, the 2200 square foot penthouse has been separated from the tenth floor to create an eleventh apartment.

Number four includes four bedrooms (plus one for the maid), five full bathrooms (plus two half’s), and two terraces/parking spaces. We’ll let you know when/if interior photos arrive.

UPDATE (8/27): Still no interior shots, but we now have the full floor plan.

∙ Listing: 2006 Washington #4 (5/5.5) - $8,500,000 [sfproperties.com]
∙ Conrad Alfred Meussdorffer [sfhistoryencyclopedia.com]
∙ The Full Floor Plan Monty For 2006 Washington Number Four [SocketSite]

Posted by socketadmin at 2:45 PM | Permalink | Comments (20) | (email story)

Fronds To Fronds For A Few One-Bedrooms At The Palms (555 4th)

Purchased for $562,000 ($853 per square foot) in January 2007, the Palms (555 4th Street) #540 is now bank owned and back on the market asking $376,646 ($570 per square foot).

At the same time, the non-bank owned 454 square foot one bedroom #447 which was purchased in August 2006 for $395,000 ($870 per square foot) remains on the market after 132 days, currently asking $375,000 ($825 per square foot).

Six other one-bedrooms in the Palms are currently listed for sale with asking prices ranging from $430,000 for the 691 square foot #733 which is currently in contract as a short sale (purchased for $645,000 in August 2006, listed for $589,000 in February 2009) to $579,000 for the 682 square foot #714 (which has been listed for 74 days).

UPDATE: Although all the details were correct, we originally misidentified unit #447 as #337 (since corrected). That being said, according to a plugged-in reader the unit is actually a studio despite its 132 day old MLS listing as a one bedroom.

∙ Listing: 555 4th Street #447 (1/1) 454 sqft - $375,000 [MLS]
∙ Listing: 555 4th Street #540 (1/1) 660 sqft - $376,646 [MLS]
∙ Listing: 555 4th Street #714 (1/1) 682 sqft - $579,000 [MLS]
∙ Pushing Forward With Price Discovery At The Palms (555 4th Street) [SocketSite]

Posted by socketadmin at 9:15 AM | Permalink | Comments (41) | (email story)

August 24, 2009

From Three To One And Six-ish To Five-ish (So Far): 75 Folsom #1204

Originally three individual units, the National Landmark Hills Plaza (75 Folsom) #1204 is now one 3,300+ square foot condo with three parking spaces, and three terraces. That's 1.5 parking spaces (and terraces) per bedroom with HOA dues of $3,376 per month.

Purchased for $4,125,000 in September 2000, #1204 returned to the market this past February asking $6,200,000, but since reduced to $4,900,000. It’s also now available for rent fully furnished asking $12,000-$15,000 per month depending upon term.

∙ Listing: 75 Folsom Street #1204 (2/4) 3,384 sqft - $4,900,000 [ubayp.com]
∙ Hills Plaza #1204 - Furnished 2 Bedroom Condo for Rent [ubayp.com]

Posted by socketadmin at 10:00 AM | Permalink | Comments (12) | (email story)

August 20, 2009

Another Ex-Mayor’s Landmark Mansion Coming Soon (1772 Vallejo)

As a plugged-in tipster points out, the Landmark Burr Mansion (1772 Vallejo) is coming soon. A bit of history on the house and Burr:

The Italianate mansion on Vallejo Street, with slanted bays and a Mansard roof, was designed by Edmund M. Wharff and built in 1875 as [Captain Ephraim Burr’s] wedding gift to his son, Edmund. During the 1906 earthquake, the house slipped off its foundations and ninety-three jacks were required to lift it back. As one of the best preserved residences of the period, it is a fine example of the transition of style in the later 1870's

In 1856, Captain Burr won the San Francisco mayoral election; legend has it that it took a thousand armed men and a police wagon at each polling station to purify the election. Burr had a reputation for honesty--indeed, for penny-pinching--that appealed to voters. He established the San Francisco Accumulating Fund, commonly known as the Clay Street Bank, California's first savings and loan company. As mayor, Burr was foresighted enough to back Andrew Hallidie's invention of the cable car with $30,000 in 1873.

Last sold for in 1995 for $1,300,000 with an interior, but non-structural, demolition permit approved soon thereafter. No word on where it will be priced or what has been done inside.

∙ San Francisco Landmark #31: Burr Mansion (1772 Vallejo) [noehill.com]
∙ Burr House History (1772 Vallejo) [verlang.com]

Posted by socketadmin at 4:30 PM | Permalink | Comments (17) | (email story)

As Seen On The Temporary Transbay Terminal Construction Cam

While a couple of plugged-in readers provided us with Temporary Transbay Terminal close-ups of its palms arriving and being planted, another points to the construction cam.

And with respect to the recurring question of when that overpass will be demolished, if we’re interpreting the timeline correctly the east loop should be down by April 2010.

∙ Washingtonia Robusta Now Arriving At Howard And Main [SocketSite]
∙ Transbay Temporary Terminal: Construction Cam [temporaryterminal.org]

Posted by socketadmin at 9:00 AM | Permalink | Comments (13) | (email story)

August 19, 2009

Washingtonia Robusta Now Arriving At Howard And Main

A plugged-in and camera phone toting (hint, hint) tipster reports:

Given your previous coverage both of the topic of palm trees in SF and the construction of the temporary Transbay bus terminal at Howard and Main, I thought you'd appreciate the attached photo…yep, the palm trees have arrived and are going in!

UPDATE: Another plugged-in tipster heeds the hints and ads an aerial perspective:

And remember, those camera's can capture more than just palms.

∙ Temporary Transbay Bus Terminal: First Prefab Buildings Placed [SocketSite]

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

August 14, 2009

It’s Time To Get Our Sea Cliff Trivia (And Comments) Straight

The confusion isn’t too difficult to understand. But while the Sea Cliff home going on its thirteenth listing is 830 El Camino del Mar, it’s 890 El Camino Del Mar (above and below) which was once home to Paul Kanter and Grace Slick of Jefferson Airplane (and the Marshall Wais kidnapping) fame.

∙ Behind The Great Wrought Iron Wooden Gate At 830 El Camino Del Mar [SocketSite]
∙ Unlucky Lucky Number Thirteen For 830 El Camino Del Mar? [SocketSite]

Posted by socketadmin at 3:15 PM | Permalink | Comments (4) | (email story)

August 12, 2009

50 UN Plaza: The British Aren’t Coming! The British Aren’t Coming!

The U.S. General Services Administration (GSA) has backpedaled on their original decision to award a $121 million stimulus-funded contract to renovate San Francisco’s 50 United Nations Plaza to British firm Foster + Partners.

Instead, the San Francisco office of HKS Architects will be overseeing the project and doling out the dollars.

Photovoltaic panels, an ultra-efficient mechanical system, energy efficiency initiatives and environmentally friendly materials are planned to be installed in an effort to achieve LEED Gold certification for the finished building from the U.S. Green Building Council.

As we originally wrote, hell hath no fury as architects scorned.

∙ 50 UN Plaza Update: Hell Hath No Fury As Architects Scorned [SocketSite]
∙ UN Plaza Building design work to begin [Examiner]

Posted by socketadmin at 4:30 PM | Permalink | Comments (24) | (email story)

August 11, 2009

From Reduced To Closed In Fourteen Days For 1001 California #8

Eighteen days ago we wrote, "non-sardonically, we wouldn't be shocked to see multiple offers at this point" with regard to the newly reduced asking price of $1,195,000 for 1001 California Street #8. Fourteen days later it closed escrow.

Unfortunately the actual sales price appears to be "confidential" on the MLS, but the speed at which it closed would at the very least suggest an all cash, if not over asking, closing for the one-bedroom condo atop that lovely Beaux Arts building.

Once again, purchased for $1,460,000 in June 2000. Now about that third floor...

∙ Obviously Only Because It's On The Wrong Side Of Those Tracks [SocketSite]
∙ One Expensive One-Bedroom In A Beaux Arts Building We Love [SocketSite]
∙ A Full 1001 California Floor Which Would Have Made Vincent Friia Flip [SocketSite]

Posted by socketadmin at 8:15 AM | Permalink | Comments (11) | (email story)

August 7, 2009

The Eccentric Arden Van Upp Might Be Feeling A Bit Antsy These Days

With an unpaid loan balance of $1.23M, the landmark Bourn Mansion at 2550 Webster Street was initially set to hit the courthouse steps on July 13. Pushed back a couple of times so far, August 10 is the latest date. As a plugged-in reader reports:

[Wednesday] night around 10:00 PM there were no fewer than 6 Police Officers outside of the home shining lights into 2550 with some apparent disturbance.

Me thinks that Ms. Arden is not going to go quietly.

∙ Landmark 38: Bourn Mansion [noehill.com]
∙ Bourn To Run Party: A San Francisco Mansion Of Ex-Glory And Dreams [SocketSite]
∙ The Bourn Foreclosure (2550 Webster) [SocketSite]

Posted by socketadmin at 9:00 AM | Permalink | Comments (32) | (email story)

From Historic To History For The Old Ortega Branch Library Building

"The old Ortega Branch Library in the Sunset district is coming down, after an appeal to save the building failed." (That's the new design above and below.)

∙ Library appeal falls short [San Francisco Examiner]
∙ Ortega Branch Construction [sfpl.org]
∙ Ortega Branch Library Design (pdf) [sfpl.org]

Posted by socketadmin at 7:45 AM | Permalink | Comments (3) | (email story)

July 27, 2009

From CAMP SF To CAMFS? (Contemporary Art Museum Fire Station)

"Very hush-hush talks going on for the Museum of Modern Art to expand into San Francisco's Fire Station No. 1 on Howard Street - with speculation that SFMOMA would use the space to house the art collection that Gap founder Donald Fisher wants to show off."

∙ Firehouse flip could create home for Fisher art [SFGate]
∙ The Fishers Break CAMP With Respect To The Presidio's Main Post [SocketSite]

Posted by socketadmin at 7:45 AM | Permalink | Comments (50) | (email story)

July 24, 2009

333 Bush: Bought For $281M In 2007 But Now Going Back To The Bank

"Hines and Sterling American Property will give 333 Bush St. back to lenders Brookfield Real Estate Finance and Munich Hypo Bank, according to a statement from Hines executives." (Hines, Sterling to surrender S.F. building)

Posted by socketadmin at 2:30 PM | Permalink | Comments (21) | (email story)

July 21, 2009

The Market Takes A Bite Out Of The Lighthouse Lofts Signature Apple

It remains one of our favorite loft spaces in San Francisco. And after four months on the market it remains active and available, but the asking price for 1097 Howard #308 has been reduced by 13% to $1,995,000.

A sale at asking would represent an 18.6% drop in value since its sale in 2007.

∙ Listing: 1097 Howard #308 (3/2.5) 4,207 sqft - $1,995,000 [MLS]
∙ The Lighthouse Lofts Apple Of Our Eye Returns (1097 Howard #308) [SocketSite]
∙ The Lighthouse Lofts In General (1097 Howard), And #308 In Specific [SocketSite]

Posted by socketadmin at 8:45 AM | Permalink | Comments (23) | (email story)

July 16, 2009

50 UN Plaza Update: Hell Hath No Fury As Architects Scorned

"The decision to select a British firm [Foster + Partners] to renovate 50 United Nations Plaza has provoked controversy as the project was made possible by the $130 billion federal stimulus fund for building renovation and construction."

∙ American fury as Foster grabs $120m San Francisco job [architectsjournal]
∙ We Still Believe It Would Have Made A Most Excellent Museum [SocketSite]

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

July 14, 2009

St. Regis Penthouse Animation, Reality A Couple Months Out

A plugged-in tipster notes a newly public animation for the St. Regis Penthouse. According to a plugged-in source, however, the animation will soon be obsolete as construction should be finished in a couple of months and the renderings will give way to reality.

Still asking $49,000,000.

UPDATE (7/15): Well, what was briefly public is now once again private. Hopefully those who were interested caught a peek. And if you didn’t, let's just call it a reminder to plug in early and often.

Full Disclosure: The co-listing agent for the penthouse atop the San Francisco St. Regis advertises on SocketSite but had no prior knowledge of this post.

∙ St. Regis Penthouse Asking $70M: Is San Francisco All Growns Up? [SocketSite]
∙ St. Regis Penthouse Now $21,000,000 Off (And No, That’s Not A Typo) [SocketSite]
∙ Inside The St. Regis Penthouse: The Rendering Scoop And Details [SocketSite]

Posted by socketadmin at 9:00 AM | Permalink | Comments (10) | (email story)

July 6, 2009

The Bourn Foreclosure (2550 Webster)

Two months ago we profiled the Bourn Mansion at 2550 Webster, an unofficial San Francisco landmark with a rich history and a rather eccentric owner. And as a plugged-in reader reports today, "our fabled friend is on the foreclosure block. Set for public sale on 7/13 at 2:00 PM. Unpaid loan balance of $1.23m."

∙ Bourn To Run Party: A San Francisco Mansion Of Ex-Glory And Dreams [SocketSite]

Posted by socketadmin at 7:30 AM | Permalink | Comments (50) | (email story)

July 1, 2009

Park Terrace Developer (Opus West) To File For Bankruptcy

Opus East and West (which developed Park Terrace at 325 Berry in Mission Bay) will file for federal bankruptcy protection, with Opus East expected to go the chapter 7 route while Opus West is expected to reorganize under chapter 11.

Opus West has been active in the Bay Area, developing 75 acres of the 120-acre Sierra Point office campus in Brisbane in the late 1990s. In 2007, Opus West announced plans to build more office space in Brisbane — a 448,000-square-foot, $225 million office complex at 3000 Marina Blvd. — but the economy soured and the developer never went forward with the project.

Opus North and Northeast are expected to continue as-is. No word on how the Opus West filing will impact (if at all) any future Park Terrace claims.

∙ Opus East, West to file for bankruptcy [Business Times]
∙ Opus Center Sierra Point (Brisbane) [opuscentersierrapoint.com]
∙ New Developments: Park Terrace (325 Berry) [SocketSite]

Posted by socketadmin at 5:00 PM | Permalink | Comments (45) | (email story)

Behind The Old Carriage House Entrance Of The Mark Hopkins Mansion

Speaking of captain’s homes, if you’ve ever wandered around the area of what was once the Mark Hopkins Mansion, now home to the Mark Hopkins Hotel, and wondered what was behind a former carriage house entrance at 1030 Leavenworth, here’s your chance to see.

Built in 1907 by Captain H. Mottet after the subsequent three-day fire rather than the 1906 earthquake itself destroyed the mansion. It's been in the same family for over 30 years.

∙ Listing: 1030 Leavenworth (4/3.5) - $2,395,000 [MLS]
∙ Is The Captain’s House (300 Sea Cliff) Preparing For Another Voyage? [SocketSite]
∙ Mark Hopkins Hotel [wikipedia.org]

Posted by socketadmin at 10:00 AM | Permalink | Comments (12) | (email story)

June 29, 2009

Union Street’s Metro Theater: Saving Its Skin In Order To Un-Shutter

In a deal with preservationists, the re-developer of the Metro Theater on Union Street is expected to to restore the theater’s exterior "to reflect its "vintage heyday"" and sign "a letter of intent…to preserve interior features like the elaborate murals and columns" while transforming the long shuttered theater into a mix of retail and an Equinox gym.

∙ Theater will keep ‘vintage’ facade under deal [Examiner]
∙ Union Street's Metro Theater (2055 Union) [cinematreasures.org]

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

June 25, 2009

A Case Of Sales Office "Sales" Shenanigans That Didn’t Pay Off

It was a plugged-in reader that caught The Hayes increasing the list price on 55 Page #222 from $699,000 to $850,000 (21.5%) right before their 72-hour sale kicked off. When it didn’t move during those 72 hours, it was once again listed on the MLS for $699,000.

Yesterday 55 Page #222 closed escrow with a reported contract price of $570,000. That’s either eighteen (18) percent under its post-sale list price, or thirty-three (33) percent under its "pre."

And at 1,124 square feet it’s $507 per square foot for this two-bedroom (well below the $640 average for these other four).

∙ The Hayes 72-Hour Sale (And Up To 20% Off According To A Tipster) [SocketSite]
∙ Contract Prices Behind Six Recently Closed Condos At The Hayes [SocketSite]

Posted by socketadmin at 6:30 AM | Permalink | Comments (4) | (email story)

June 23, 2009

Eastern Neighborhoods Plan In Action (As Proposed): 750 2nd Street

As the one-story-with-mezzanine, 25-foot high former warehouse at 750 2nd Street looks today above. As is proposed to replace the existing warehouse with an eight-story plus mezzanine, 95-foot mixed-use building under the new Eastern Neighborhoods Plan below.

The proposed building would include up to 17 residential units (28,950 gsf), above a ground‐floor commercial space, and a ground‐floor garage with approximately 16 off-street parking spaces with stackers (4,487 gsf) for residents. Additionally, the project would provide approximately 2,891 gsf of private open space in the form of decks or balconies attached to 13 of the residential units.

The project site is within the East SoMa Plan Area and under the recently adopted Eastern Neighborhood (EN) controls, project approval would proceed under Section 329, Large Project Authorization in Eastern Neighborhoods Mixed-Used Districts. The proposed project would require exceptions to certain requirements in the Mixed Use-Office (MUO) district, and to certain pre-existing zoning controls [formerly zoned M-2].

Design by Gould Evans Baum Thornley Architects. And targeting, at a minimum, LEED Silver certification.

∙ Eastern Neighborhoods/Candlestick Plans Yea! (Mirant Retrofit Nea!) [SocketSite]
∙ 750 2nd Street: Environmental Impact Report (EIR) [SFGov]

Posted by socketadmin at 1:00 PM | Permalink | Comments (27) | (email story)

735 Geary: 21 TIC's On The Border Of The Tenderloin And Downtown

735 Geary consists of twenty-one (21) units that have been renovated and turned Tenancy in Common (TIC). They’re offering 10-yr fixed fractional financing at 5.87% with 10% down. And while currently in the Tenderloin according to the MLS, according to a listing this block will soon be Downtown ("MLS will rezone this neighborhood to 8A downtown").

And yes, parking is leased ($250 per month) and a block away (855 Geary).

∙ 735 Geary [735geary.com]
∙ Listing: 735 Geary #102 (1/1) 676 sqft - $315,000 (TIC) [MLS]
∙ Listing: 735 Geary #503 (1/1) 817 sqft - $475,000 (TIC) [MLS]
∙ San Francisco Real Estate Districts: Maps And Neighborhoods [SocketSite]
∙ A Rose By Any Other Name (But Not Necessarily A Neighborhood) [SocketSite]

Posted by socketadmin at 9:00 AM | Permalink | Comments (39) | (email story)

June 22, 2009

Temporary Transbay Bus Terminal: First Prefab Buildings Placed

The site was cleared in January and now the first of the prefab buildings that will compose the Temporary Transbay Terminal at 200 Folsom have been placed on site. A reminder of how it should look by the end of the year once others and awnings are in place:

And as is envisoned at some point after that:

∙ Temporary Transbay Bus Terminal Update: 200 Folsom Cleared [SocketSite]
∙ Transbay Transit Center Groundbreaking, Fat Mike & Infinity All In One [SocketSite]
∙ T-Minus Two Weeks Until Transbay Temporary Bus Terminal Start [SocketSite]
∙ Transbay Park Potential: Post-Temporary Transbay Terminal (Et Al.) [SocketSite]

Posted by socketadmin at 4:15 PM | Permalink | Comments (19) | (email story)

Perspective(s) On How Infinity Floor Plans Currently Stack Up

A plugged-in Mark Choey tackles the query of what’s made the Infinity realatively "hot" recently ("it has been confirmed that it is currently the fastest selling project in the West actually if not the country right now") and offers some perspective on the various stacks.

It's not the floor plan[s] per se that makes the building so "hot,” it is the price relative to what you are getting. If you are just looking at floor plans, [the "2B" floor plan] is not as attractive as other 2BR floor plans in the tower especially the "signature" curved floor plan (called the "2A" floor plan), and I agree the living/dining area is smaller than most would like, however most of the smaller 2BR floor plans stack face the water to the south or the city to the north if you get high enough to clear the mid-rise buildings of course (around the 12th floor and above).

And combining the view with the lower prices for the smaller 2BR relative to the signature curve plan (approx 12-15% smaller in fact and therefore cheaper), you have high demand for the "E" and the "A's."

Actually, this smaller 2BR floor plan is currently the most popular one in Tower 2! All of the other "stacks" have much more availability for various reasons. Other popular stacks and floors are the low floor "B" stack, the low "D" stack (below 10) and then the very high "B" stack from 27-30th floors. Anything under 1.0M sold very well and still is.

And of course, they're dealing. Cheers.

∙ Confidentially Speaking About The Infinity [SocketSite]
∙ Infinity Floor Plans: The 2A | The 2B [the-infinity.com]
∙ Infinity Sales Update: New Contracts Up But Driven By Discounts [SocketSite]

Posted by socketadmin at 12:30 PM | Permalink | Comments (83) | (email story)

June 16, 2009

Laying The Foundation For An "Ultra-Green" 525 Golden Gate Avenue

Placed "on hold" a year ago due to rising costs and "lower than expected efficiencies," but now angling for some stimulus funds too, it’s a plugged-in tipster that catches the crews at work on 525 Golden Gate Avenue:

Crews from [Malcolm] Drilling are hard at work on the site. I asked one of them whether their being there meant the new building was proceeding and the answer was, "Yes, we are shoring for the foundation because the foundation for the new building is deeper than the old one." I could see what appeared to be a dewatering tank of the sort used to keep deep foundation excavations dry.

The earthquake-damaged and twenty-years vacant building that once stood on the site was recently razed (much to the chagrin of Trader Vic's next door), and as permitted a 12-story "ultra-green" San Francisco Public Utilities building is proposed to rise.

∙ When Being Green Costs Too Much: 525 Golden Gate Avenue On Hold [SocketSite]
∙ PUC site a 'poster child for stimulus package' [SFGate]
∙ Tiki lounge owners try to halt nearby demolition [SFGate]

Posted by socketadmin at 11:00 AM | Permalink | Comments (6) | (email story)

21 Buena Vista Avenue ("The Witches Hat") Returns…As A Rental

We first introduced you to 21 Buena Vista Avenue (a.k.a. The Witches Hat) in July of 2006, asking $4,950,000 at the time (down from $5,475,000 in May). And we last featured it in September of 2007 having been reduced to $3,900,000 (but failing to sell).

As a plugged-in SocketSite reader now reports, the Witches Hat has returned. As a rental:

We seriously considered buying this place, but we thought the neighborhood was a little too "edgy" for the price tag. Our Agent told us that the sellers at the time were willing to take $3.2MM (we were holding-out for $2.8MM, and given the recent market direction we would pay less now). The current owner...paid $3.875MM.

The current asking rent of $17,500 is roughly equal to the current level of interest payments on this place if he put 20% down and did a traditional 30y fixed.

Cheers. And as always, thank you for plugging in.

∙ 21 Buena Vista Avenue By The Numbers [SocketSite]
∙ 21 Buena Vista Returns With A Fifth (And Final?) Reduction [SocketSite]
∙ $17500 / 6br - Buena Vista, Lux Vict 6bd, 6bth, cmpl rmdld hs, 2car, amz vw [Craigslist]

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

June 15, 2009

Are The "Exceptions" (And Big Losses) Becoming A Palms Rule?

What some are wont to characterize as San Francisco "exceptions" are quickly becoming the rule for two-bedroom condo re-sales at The Palms (555 4th Street).

While #401 closed escrow with a reported contract price of $599,900 in January (purchased for $779,000 in October 2006), and #313 is still seeking a short sale at $599,900 (purchased for $800,000 in January 2007), the list price for #731 has been reduced to a "bank approved price" of $619,000 (purchased for $925,000 in August 2006).

555 4th Street #823 is currently in contract having been listed at $605,000 (purchased for $815,000 in January 2007). And the only other two-bedroom currently listed at The Palms is #309, purchased for $842,500 in September 2006 and currently seeking $670,000.

Once again, all two-bedroom condos with declines in value ranging from 23% to 33% since late 2006/early 2007. Of course that's assuming sales at list.

∙ Listing: 555 4th Street #309 (2/2) 1,113 sqft - $670,000 [MLS]
∙ Listing: 555 4th Street #313 (2/2) 1,111 sqft - $599,900 [MLS]
∙ Listing: 555 4th Street #731 (2/2) 1,052 sqft - $619,000 [MLS]
∙ Pushing Forward With Price Discovery At The Palms (555 4th Street) [SocketSite]
∙ A SoMa/Palms Wake Up Call (And Apple): 555 4th Street #401 [SocketSite]

Posted by socketadmin at 3:30 PM | Permalink | Comments (66) | (email story)

Transbay Terminal: Banking On Stimulus Funds And Opening In 2015

Banking on $400 million in federal stimulus funds to be announced by the Federal Railroad Administration in October, the Transbay Joint Powers Authority has modified construction plans for San Francisco's Transbay Transit Terminal.

With a first phase originally scheduled to open in 2014 (retail, bus, and park) and construction of its underground train station component (Caltrain and high-speed rail) to follow, the new plan calls for the pre-construction of an unfinished train station and a late 2015 opening for the above ground portions of the terminal.

If the stimulus funds are not made available, and no other funding can be identified, then up to $15 million worth of engineering and design efforts planned to take place between now and October will be wasted, and the project will open four months behind the original schedule without a train station, staff and consultants told directors.

"I’m a gambling man and I’m willing to roll the dice," Supervisor Chris Daly, a Transbay Joint Powers Authority director, said during the hearing. "High-speed rail is happening in California. It’s coming to downtown San Francisco. Everyone’s excited, but if [initial construction of the train station] doesn’t happen, we’re in the hole $15 million."

Pre-building the train station would save an estimated $100 million in construction costs. But no word on whether or not they're still proposing to pre-build said station the wrong (or right) way.

∙ Transbay Terminal Moves Forward, But Payments And Terms Change [SocketSite]
∙ Project tweak delays SoMa train station [San Francisco Examiner]
∙ Unplanned Obsolescence For Transbay High-Speed Station Design? [SocketSite]

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

June 11, 2009

An Eco-Friendly "Baker Acres" Prepares Its Return (2201 Baker)

Built as a single-family home in 1904, converted to a boarding house known as "Baker Acres" in the 1940’s, and then Ellis Acted in 2002, an almost fully gutted and foreclosed upon 2201 Baker Street went on the market in November of 2007 asking $2,490,000.

Purchased for $2,538,000 and completely rebuilt as a single-family home by RBR Development (think Regina Callan), 2201 Baker Street is about to return to the market as the first "eco-friendly" Metropolitan Home Modern by Design Showhome.

This 7,700 square foot home, is outfitted with the latest green technologies [Regrid solar photovoltaic panels], building materials [high efficiency insulation, low u-value glazing, low VOC paints, recycled brick], mechanical systems [two high efficiency furnaces with air purification system]...and spectacular cutting-edge modern design on 4-levels of impressive living space and outdoor spaces including a large walk-out garden and roof garden to accommodate the lifestyle of a modern San Francisco family.

As a plugged-in eddy correctly surmised (and stole a bit of our thunder), Barbabra and Robert Callan have the listing with a whisper price of $7.1 million. The first VIP tours are scheduled to start in a week with a month of public tours starting on June 20th ($25 tickets benefit the San Francisco Ballet).

And as it looked before:

∙ Coming Soon: 2201 Baker Street (7/9) [streetsofsanfrancisco.com]
∙ Prime Pacific Heights Single Family For Under Five Hundred A Square! [SocketSite]
∙ Modern by Design Showhouse 2009 [Metropolitan Home]

Posted by socketadmin at 5:30 PM | Permalink | Comments (26) | (email story)

June 5, 2009

Fox Plaza Expansion (1390 Market): Unanimously Approved As Well

In addition to 1960-1998 Market, the San Francisco Planning Commission has unanimously approved the proposed 250-unit condo addition to Fox Plaza at 1390 Market. That being said, "developer Mark Conroe of Presidio Development Partners says it’s unlikely to be built until the economy turns around."

∙ The 1960-1998 Market Street Scoop: Unanimously Approved Design [SocketSite]
∙ S.F. gives OK to 250-unit condo project at Fox Plaza [Business Times]
∙ A Step Forward For The Plans To Expand Fox Plaza (1390 Market) [SocketSite]

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

June 4, 2009

The Port's Plan For Pier 27: We Don't Need No Stinking Rate Of Return!

From the Examiner with respect to the Port's plan for a new San Francisco cruise terminal:

[The Port of San Francisco] now plans to take advantage of an upcoming bond sale to help fund the $40 million-plus conversion of Pier 27 from a cavernous limousine storage lot into a modern cruise terminal.

Under the latest plans, the portion of the building facing the street would be toppled to make way for a public plaza, and several surrounding buildings would be demolished or relocated. The interior of the warehouse building would be refurbished and improved with an elevated mezzanine level to allow cruise passengers to step from their ship directly into the terminal.

The most recent terminal plan calls for the Port to pay for needed infrastructure improvements without relying on the assistance of the private sector, according to Finance Director Tina Olsen.

“We’re thinking, ‘Why don’t we act like a developer?’ We’ll do the investment, we’ll bring in the tenants and do the build-outs,” she said. “We don’t need a rate of return, so perhaps we can do a development that’s more palatable.”

Just how hard could real estate development be these days?

∙ Port of S.F. looks to new projects to net revenue [San Francisco Examiner]

Posted by socketadmin at 8:30 AM | Permalink | Comments (5) | (email story)

June 3, 2009

Oh Geez, Watermark (501 Beale) Number 12G Returns As A Short Sale

The unit number isn’t identified on the MLS, but it’s 501 Beale #12G. Purchased for $975,000 in May of 2006, the two bedroom and two bath Watermark condo was listed as a short sale for "$500,000" yesterday.

Expect a couple of competing offers, an "over asking" sale (assuming the bank even agrees), and perhaps a grumpy neighbor or two above and below.

∙ Listing: 501 Beale #12G (2/2) 1,032 sqft - $500,000 [MLS]
∙ What’s Up With The Watermark "G"s? [SocketSite]

Posted by socketadmin at 10:45 AM | Permalink | Comments (26) | (email story)

June 1, 2009

Presidio Main Post Plan Public Comment Period Closes Today

"Today marks the end of the public comment period on land use changes proposed for the Main Post of San Francisco's Presidio - a deadline that may sound bureaucratic but in fact signals the next round in an acrimonious battle unlikely to end anytime soon."

∙ Deadline is today for comments on Presidio plan [SFGate]
∙ A Toned Down CAMP And Revised Main Post Plan For The Presidio [SocketSite]

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

May 22, 2009

City Loses Landmark Appeal, Church Of The Pagoda Theater Anyone?

A bid by the city of San Francisco to designate the United Methodist Church at Larkin and Clay a landmark despite the Methodist Church’s desire to raze the building to make way for twenty-seven new condominiums has failed in the state Court of Appeals.

The Court of Appeal, in a ruling issued in San Francisco Wednesday, said state law specifically exempts nonprofit religious groups from landmark proceedings concerning their property.

Church of The North Beach Pagoda Theater anyone?

∙ Court rejects City efforts to designate church as landmark [Examiner]
∙ North Beach Pagoda Theater Plans Approved By Planning, But... [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (32) | (email story)

May 21, 2009

Two New (But Actually Old) Chelsea Park (3620 19th Street) Comps

According to a plugged-in tipster these two Chelsea Park (3620 19th Street) condos appear to have sold in January but their listings were just recently updated in the MLS:

3620 19th Street #27 closed with a contract price of $565,000 (one-bedroom last listed at $619,000) while #30 closed with a contract price of $600,000 (two-bedroom last listed at $734,000).

Once again, one-bedrooms at Chelsea Park were originally offered from $679,000.

∙ The Newest Chelsea Park Comp: 3620 19th Street #28 Closes Escrow [SocketSite]
∙ San Francisco’s Chelsea Park Condominiums Coming Soon [SocketSite]

Posted by socketadmin at 8:45 AM | Permalink | Comments (1) | (email story)

May 20, 2009

Calling 911 For Number 911 At 199 New Montgomery

No photos and few details, but we couldn’t help but notice the (short sale) listing for a ninth floor studio at 199 New Montgomery seeking $225,000.

In addition to said studio there are currently ten other listings at 199 New Montgomery. And as plugged-in people know, that's only about half the effective inventory.

∙ Listing: 199 New Montgomery #911 (0/1) - $225,000 [MLS]
∙ Selling The Rest Of Their Sold Out Inventory At 199 New Montgomery [SocketSite]

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

May 19, 2009

JustQuotes: Five Years From A 49ers Free San Francisco?

"Santa Clara officials are expected to finalize a proposal with the San Francisco 49ers as early as today to build a 68,500-seat stadium in the South Bay city, in part with millions of dollars in public redevelopment money.

The deal lays out a funding plan to move the five-time Super Bowl champions into a new game-day home 37 miles from San Francisco in time for the 2014 NFL season, those involved in the negotiations said."

∙ Santa Clara-49ers stadium deal could come today [SFGate]

Posted by socketadmin at 6:00 AM | Permalink | Comments (20) | (email story)

May 18, 2009

A Deluxe Apartment Condo In The Sky Closes Escrow At One Rincon

While the re-resale of One Rincon Hill (425 1st Street) #2202 closed escrow two months ago with a re-reported contract price of $1,150,000, the resale of 425 1st Street #3102 ("Seller says Sell!") closed escrow on 5/8/09 with a reported contract price of $1,166,000.

Keep in mind that "02" two-bedroom units on the 28th, 31st, 51st and 54th floors are considered "deluxe" and offer an additional 149 square feet of space over the other non-penthouse 02’s albeit mostly in the form of "closets." That being said, while #2202 resold for $879 per square foot in March, #3102 resold for $805 per square foot in May.

UPDATE: According to tax records 425 1st Street #3102 was originally purchased from the sales office for $1,260,000 (7.5% above its resale).

∙ A Return To Reality For A One Rincon Hill "02" Stack Resale (#2202) [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (31) | (email story)

While Others Sit The Mayor’s Mini-Manse In The Sky Moves

While the Bay Area high-end market is struggling, at least one high-end and rather high-profile sale is not: the Mayor’s $2,995,000 one-bedroom Bellaire Tower penthouse is now "firmly" in escrow (as in any contingencies have been removed).

∙ Fit For A King San Francisco Mayor (Or Getty): 1101 Green #2001 [SocketSite]
∙ More high-end properties sitting on the market [SFGate]

Posted by socketadmin at 8:00 AM | Permalink | Comments (27) | (email story)

May 14, 2009

It’s Déjà Vu All Over Again For The Cow Palace

A year ago state Senator Leland Yee threw in the towel on his proposal to sell the state-owned Cow Palace for development and instead settled for "a compromise plan" to sell an adjoining overflow parking lot.

Last October Governor Schwarzenegger vetoed the bill that would have enabled said compromise plan. But in light of Califonia's growing fiscal crisis, The Governor has now adopted the Senator's original proposal (to sell the Cow Palace) as his own.

∙ Much Ado Over Nothing (Except An Overflow Cow Palace Parking Lot) [SocketSite]
∙ How’s This For Compromise: No (Cow Palace Bill Vetoed) [SocketSite]
∙ Cow Palace could be on the state chopping block [Examiner]

Posted by socketadmin at 8:15 AM | Permalink | Comments (22) | (email story)

May 11, 2009

Not A Typical NIMBY Fight To Preserve The Bluepeter In Mission Bay

Currently slated to be razed, the Dogpatch Neighborhood Association hopes to save the Bluepeter Building at 555 Illinois street in Mission Bay.

This two-story wooden building with a vaulted roof was built in 1940 for the CF Hendry company, a ship chandlery business. When built, it had direct access to the bay; access was later lost in one of the last bay filling operations. Around 1955 the rear of the building was notched out to preserve the building when the street now known as Terry Francoise Blvd. was constructed. The Bluepeter Company, by which name the building is now known, was an exhibit design company.

The move to preserve the building that's been vacant for a decade isn’t an attempt to block infill or new condos, however, as the land on which the Bluepeter Building sits is actually slated to become "open space."

Instead, the neighbors want the building to be used as an enclosed structure for recreation and community use, neither of which exist in the current plans. Okay, and to preserve a bit of neighborhood history and "soul."

∙ Bluepeter Building: 555 Illinois Street | Inside | On The Map [pier70sf.org]
∙ Dogpatch residents join forces to save notable building [Examiner]

Posted by socketadmin at 8:45 AM | Permalink | Comments (29) | (email story)

May 7, 2009

The Price To Buy At 333 Bush (A.K.A. It’s Time To Tell On #3801)

Listed in January with a "priced to sell" list price of $1,150,000, we told you we’d tell you when 333 Bush #3801 sold. And it has. But apparently the "price to buy" was $930,000. No word on #3701 which was last listed at $1,500,000 but in a much improved state.

∙ A Floor Higher And $350,000 Less At 333 Bush, Damn Those Neighbors [SocketSite]

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

Another Non-Comp Comp Closes At 246 2nd Street (#1003)

To recap:

In October of 2005 246 2nd Street #1003 sold for a reported $950,000. In April of 2008 the unit was bought back by the bank for $835,783. And [on December 18, 2008] it hit the market asking $689,900.

Previously purchased and owned by the same party that had owned and lost #502. And as plugged-in people know, but industry stats wouldn’t reflect, both condos were purchased with a significant amount of cash back at closing. Let’s hope nobody relied on that sale back in 2005 as a “comp.”

First purchased for $734,500 in the year 2000 when the building was built.

Last month the sale of 246 2nd Street #1003 closed escrow with a reported (and recorded) contract price of $670,500. That's 29% under its "comp" price in 2005 and 9% under its original price in the year 2000.

And yes, the kitchen was intact.

UPDATE: A plugged-in reader adds:

My wife and I are the buyers. We purchased the unit as our primary (and only) residence, not as investors. We knew some of the history of the unit when we made our offer. For all you curious Socketeers the seller (Bank) also paid $10,000 in our closing cost, so actual sale value $660,500. Wish us luck!

Congratulations, well played and thank you for plugging in. Now about that housewarming...

∙ Another Non-Comp Comp On The Market At 246 2nd Street (#1003) [SocketSite]
∙ Can Bank Owned Comps Kill (Values)? 246 2nd Street #502 Returns [SocketSite]

Posted by socketadmin at 9:15 AM | Permalink | Comments (33) | (email story)

Pushing Forward With Price Discovery At The Palms (555 4th Street)

Four months ago 555 4th Street #401 broke through the $600,000 mark on the downside for two-bedroom condos at The Palms and closed escrow with a reported contract price of $599,900 (purchased for $779,000 in October 2006). It was, however, a bank owned sale and lacking its kitchen appliances.

And while 555 4th Street #313 isn’t yet bank owned and its owner hasn’t yet "freaked out" (as far as we know), it did hit the market yesterday seeking a short sale at $599,900 ($540 per square foot). The two bedroom condo (with appliances intact) was purchased for $800,000 in January 2007.

With respect to one-bedrooms (six of which are currently listed), 555 4th Street #733 hit the market in February seeking $589,000. Currently listed at $469,000 ($679 per square foot) having been reduced four times since, the listing notes "VACANT" and "possible short-sale." The seller paid $645,000 in August 2006.

∙ Listing: 555 4th Street #313 (2/2) 1,111 sqft - $599,900 [MLS]
∙ Listing: 555 4th Street #733 (1/1) 691 sqft - $469,000 [MLS]
∙ A SoMa/Palms Wake Up Call (And Apple): 555 4th Street #401 [SocketSite]

Posted by socketadmin at 6:00 AM | Permalink | Comments (34) | (email story)

May 5, 2009

The "Confidential" Resale Price For One Rincon Hill #2307

A recap for the resale of One Rincon Hill (425 1st Street) #2307:

Originally seeking $849,000 as a resale, the listing for One Rincon Hill #2307 was reduced down to $749,998 and then withdrawn from the MLS after 200+ days.

Returning to the MLS [73] days ago asking $699,000, the list price for the northeast corner and 819 square foot 425 1st Street #2307 was [then] reduced to $649,000.

The resale of 425 1st Street #2307 closed escrow on 4/17/09 with what appears to be a "confidential" sale price according to the MLS.

As a plugged-in reader comments, however, public records via the Chronicle report a sale price of $560,000 ($684 per square foot). And if tax records and the Chronicle are correct, that’s roughly 22% under what the seller had paid to the sales office ($873 per square).

∙ Trying To Catch The Market Over At One Rincon Hill (425 1st #2307) [SocketSite]
∙ One Rincon Hill (425 First Street): Secondary Market Stumbles [SocketSite]

Posted by socketadmin at 10:00 AM | Permalink | Comments (75) | (email story)

May 4, 2009

Thirty Percent Of 767 Bryant Returns As REO (But Not Speedwagon)

In August of 2006 twenty apartments at 767 Bryant hit the market as condos. At the time list prices ranged from $676,920 to $1,850,000 including 767 Bryant #409 at $676,920 and 767 Bryant #210 at $1,200,000.

Despite a subsequent remodeling, reductions and incentives (including a free Prius or Mini Cooper), at least six of the units failed to sell and were lost to foreclosure.

On Friday 767 Bryant #409 returned to the market as a bank owned property (REO) asking $525,000 (23% less than in 2006) and 767 Bryant #210 returned to the market as an REO property asking $799,000 (33% less than in 2006).

∙ Listing: 767 Bryant #409 (1/2) 908 sqft - $525,000 [MLS]
∙ Listing: 767 Bryant #210 (2/3) 2,041 sqft - $799,000 [MLS]
∙ 767 Bryant: The Apartments Condominiums [SocketSite]
∙ Buy A Condo Get A Car At 767 Bryant [SocketSite]

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

April 30, 2009

The Bourn Boardinghouse (A Lesser Known Sequel)

As if the Bourn Mansion wasn’t intriguing enough, a plugged-in reader reports:

I met some guy in the park several weeks ago who just seemed bored and desperate for conversation. He told me he was renting a room from an eccentric older woman who lived in a gigantic house on Pacific Av. He told me he was not allowed to be in the home during the daytime and he was not allowed to hang in the immediate area of the home (hence, he was walking in Lafayette Park instead of Alta Plaza Park). And, yes, he said that there were quite a few boarders at the home. He was wondering why the woman was renting rooms in such a large Pacific Heights home.

And yes, it's safe to assume he wasn't referring to 2830.

∙ Bourn To Run Party: A San Francisco Mansion Of Ex-Glory And Dreams [SocketSite]
∙ 2830 Pacific: 2009 Decorator Showcase Opens Its Doors (And Kimono) [SocketSite]

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

I’ll See Your $800 Per Square Foot And Raise Lower You $200 At 235

Purchased for $1,052,500 in February 2007, 235 Berry #416 returned to the market 34 days ago and is asking $1,295,000 ($804/sqft). Purchased for $757,000 in February 2007, 235 Berry #317 returned to the market 14 days ago and is asking $838,000 ($783/sqft).

And as a plugged-in tipster notes, yesterday 235 Berry #413 aggressively joined the two three five resale fray. Purchased for $950,000 in June of 2007 (which at $18,900 under what the developer was asking might have seemed like a good negotiation at the time), the two-bedroom condo has returned to the market asking $789,000 ($639/sqft).

∙ Listing: 235 Berry #416 (2/2.5) 1,610 sqft - $1,295,000 [MLS]
∙ Listing: 235 Berry #317 (2/2) 1,070 sqft - $838,000 [MLS]
∙ Listing: 235 Berry #413 (2/2) 1,235 sqft - $789,000 [MLS]

Posted by socketadmin at 9:00 AM | Permalink | Comments (22) | (email story)

April 29, 2009

Bourn To Run Party: A San Francisco Mansion Of Ex-Glory And Dreams

The listing of 2525 Webster sparked a discussion about 2550 Webster (a.k.a. The Bourn Mansion). And while we could have sworn we had previously profiled the San Francisco landmark clinker brick property, alas we had not.

Designed by Willis Polk (think the landmark Hallidie Building, 2820 Pacific, and Filoli down south) and built for William Bourn (think gold mines, PG&E, and the aforementioned Filoli as well) in 1896, the 27-room Pacific Heights mansion has since fallen into disrepair.

It is, however, currently home to the eccentric Arden Van Upp and her cats.

With its enormous second-floor ballroom, and two-story stained-glass windows, the Bourn Mansion was an ideal place for throwing wild parties in the '70s. Great meals, fine wines, good drugs, the promise of sex in the air. Celebrities showed up: the Rolling Stones, Stevie Wonder, Sly Stone, the Pointer Sisters. Porn films were shot there.

But that's all over now. The four-story Bourn Mansion stands in extreme disrepair. An estimated $2 million of work is needed to meet earthquake safety codes, more than the building is worth. The roof leaks and the wallpaper peels. Recent visitors say everything stinks of cat urine. The back yard is knee-deep in weeds, and garbage is heaped in a compost pile. Raccoons poke around in the filth. The party's over.

Above estimates in 1998 dollars. And purchased for a reported $185,000 in 1973.

UPDATE: A plugged-in reader's firsthand account:

I actually interviewed for a roommate position there in about 1979. Even then it it seemed a little toooo weird, and that is really saying something.

The women who I assume was Arden (based on the old SF Weekly article) told me at the time she paid $250,000 or so for it. Now that was a fabulous sum in 1979. I ended up looking at this because she was showing a one bedroom rental on upper Ashbury and I commented on the nice old wide plank floors; and she said that I seemed to know architecture and I might be interested in being her roommate....

I remember a huge full building width living room with a cheap little ghetto blaster stereo sitting on "one" of the walk-in size fireplace hearths. On the same floor was a conservatory room straight out of the Elizabeth Taylor "suddenly Last Summer".

∙ A Completely Renovated And Then Remodeled 2525 Webster Returns [SocketSite]
∙ I Can See For Miles And Miles And Miles And Miles (2820 Pacific) [SocketSite]
∙ San Francisco Landmark 37: Hallidie Building [noehill.com]
∙ The Fortress on the Hill [SF Weekly]

Posted by socketadmin at 4:00 PM | Permalink | Comments (69) | (email story)

April 27, 2009

A Relative Value Of Two High-Rise Rentals Around $12,000 Redux

In December we featured a mid-floor three bedroom, three bath at the St. Regis with a view of One Rincon asking $11,950 a month and a high-floor two bedroom, two bath at One Rincon with a view of the Bay Bridge for fifty bucks more ($12,000 a month).

Today it's another three-bedroom at the St. Regis seeking $12,000 a month, and as a tipster notes, that same high-floor two-bedroom at One Rincon Hill now asking $7,350.

∙ The Relative Value Of Two High-Rise Rentals Around $12,000 A Month [SocketSite]
∙ $12000 / 3br - Luxury 3 bed 3 bath - St. Regis Residences [Craigslist]
∙ $7350 / 2br - LUXURY PENTHOUSE SUITE [Craigslist]

Posted by socketadmin at 9:00 AM | Permalink | Comments (62) | (email story)

April 24, 2009

Tehama Lofts #304 Takes You Higher (Boom-Shaka-Laka-Laka)

We’re digging the high windows, high-end finishes (including the "sly" fireplace surround), and staircase within the true conversion Tehama Lofts #304 (245 5th Street). Now if only there were a few more windows on that main living level, then boom-shaka-laka-laka...

∙ Listing: 245 5th Street #304 (2/1) - $1,095,000 [Paragon] [MLS]

Posted by socketadmin at 8:15 AM | Permalink | Comments (14) | (email story)

April 22, 2009

We Still Believe It Would Have Made A Most Excellent Museum

"San Francisco’s landmark 50 United Nations Plaza will receive [a] $121 million upgrade under the American Recovery and Reinvestment Act, an infusion of cash that will allow the mothballed federal office building to be brought back to life, according to the Government (sic) Services Administration."

"Once the renovation is complete, the building will house the GSA, the agency in charge of federal government buildings. The San Francisco office of the GSA covers all of California, as well as Arizona, Nevada, and Hawaii. The GSA office is now at 450 Golden Gate Ave. About 600 GSA employees work in the San Francisco office, with another 600 in the field.

The decision to rehab the building and use it for federal office space came last year after the federal government decided to scrap plans to find a private developer to take over the property. Forest City had been looking at converting the office building into apartments."

∙ S.F.’s vacant federal building gets $121M from stimulus for upgrade [Business Times]
∙ JustQuotes: A Federal Falling Out For The Mid-Market Movement [SocketSite]

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

April 20, 2009

Michael Kriozere (ORH) Responds: We're Planning To Pay, Damn It!

From Michael Kriozere in response to the Chronicle's "he ain't planning to pay" piece:

While it is unfortunate that my discussion with the San Francisco Chronicle was taken out of context and thus reflected inaccuracies, it does provide me with an opportunity to share what has been and continues to be our commitment to both the project and the City. As such, I share the following.

Not only is One Rincon Hill more than 70% sold*, but sales once again are brisk; in fact, sales traffic has been above the pre-crash level (60-100 tours) every week in 2009. We are pleased to report that we have almost fully paid our construction lender and contractors, have no liens against the building and appreciate the unwavering support of our partners. We have not received any funds from the City in any aspect of the development of this project.

We have every intention to complete Tower II, but, as I said publicly months ago, we are waiting for the economy, and the residential real estate market in particular, to turn on the upswing. There is no rush to proceed at this time.

In specific response to the reporting in the San Francisco Chronicle that “he does not plan to pay the $5 million in fees that were central to obtaining city approval to build the high-rise,” this is not my plan. In fact, to date we have paid more than $16.6 million in fees:

Affordable housing in lieu fee (offsite) $11,026,146 (Dec. 2005)
S.F. public school fee $858,448 (Feb. 2006)
Rincon Hill Community Improvement fee $3,162,889 (Sept. 2006)
SOMA Stabilization Fund fee $1,268,306 (Dec. 2005 and Sept. 2006)
Total: $16,615,789

The sole remaining fee to be paid is the balance of the SOMA Stabilization Fee of $13.75 x 393,884 square feet or $5,415,905. This payment is not yet due. The payment becomes due when we obtain a final Certificate of Occupancy (which has not yet occurred); or, alternatively, we can post a letter of credit at that time to delay the payment by 6 months. In other words, we are not in default nor do we intend to be. Furthermore, the developer will not receive any distributions from the project before the SOMA Stabilization Fund fee is paid.

In my typical candor, I shared with the Chronicle the realities of today’s economy on our project – no different from what most every project is the country is experiencing. As we are in the most egregiously difficult financial environment of our times, I am realistically concerned with the burden of this fee. This was the intent of my discussion with the Chronicle, and I am disappointed it was not more clear. That said, we plan to pay the fees when due and proceed onto Tower II of this project which will provide a very singular living experience in a world class city.

Thank you for this opportunity to update our project and our vision.

Michael Kriozere

*Officially 72% of the 376 tower one condos are now either closed or in contract, but just under 70% if you include the 14 townhomes. And while this really doesn't change our accounting with respect to net-new contracts since October, we will publish a more complete sales breakdown tomorrow.

∙ One Rincon Hill Still 70% Sold (And Reneging On Development Fees?) [SocketSite]
∙ One Rincon Hill’s Townhome Collection “Officially” Released [SocketSite]

Posted by socketadmin at 4:21 PM | Permalink | Comments (109) | (email story)

Apples To Apples And A Fall From For Sierra Heights: 55 Sierra #C101

Purchased for $769,000 in February of 2007, 55 Sierra #C101 was bought back by the bank with a loan balance of $665,076 in February of 2009. A week later the Sierra Heights condo returned to the market asking $719,900.

After two weeks on the market the list price was reduced to $699,000; two weeks later to $669,900; two weeks later to $619,900; and two weeks after that (and five days ago) to $589,900. A sale at asking would represent a 23.3% drop in value since early 2007.

And while it’s not "prime" Potrero Hill, nor one of the nicer Sierra Heights units we’ve seen, it is apples to apples and a three-bedroom condo under $600,000/$415 per square foot.

∙ Listing: 55 Sierra #C101 (3/2) 1,424 sqft - $589,900 [MLS]
∙ New Developments: Sierra Heights [SocketSite]

Posted by socketadmin at 12:00 PM | Permalink | Comments (28) | (email story)

Stimulating San Francisco To "Partner" On The Second Tower At ORH?

With respect to the Chronicle's report that Mike Kriozer isn't planning on paying at least five million dollars of fees to San Francisco related to the development of One Rincon Hill, a plugged-in reader reports:

[This] might be a leverage move by Kriozere in order to push the City to become a partial investor in the second tower [of One Rincon Hill] through the use of Federal stimulus money. He announced last month at an HOA meeting that his company was in talks with the City about this possibility and this could be his way a creating a quid pro quo (i.e., if you loan in with Fed money, I'll pay the development fees). Otherwise, I agree that it makes no sense because he's alienating the City and still needs to sell the second tower to try and squeeze out a profit.

Comments on the original thread.

∙ One Rincon Hill Still 70% Sold (And Reneging On Development Fees?) [SocketSite]
∙ It's "Official," One Rincon Hill's Tower Two Is Indefinitely On Hold [SocketSite]

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

April 9, 2009

A Return To Reality For A One Rincon Hill "02" Stack Resale (#2202)

Priced by the One Rincon Hill sales office at $1,020,000 (not including any upgrades) on the first day of pre-sales in 2006, an upgraded 425 1st #2202 created quite a stir when it was resold two years later with a reported (and recorded) contract price of $1,300,000.

A few months later the two-bedroom view condo returned to the market asking $1,359,000. And a few weeks ago the second resale of 425 1st Street #2202 quietly closed escrow with a reported contract price of $1,150,000 (intitially reported as $1,038,000).

At 1,309 square feet, that’s $879 per square foot for one of the most coveted two-bedroom stacks at One Rincon Hill. And it's $48,000 less than #1902 ("over $60K in upgrades") is currently asking as well.

UPDATE: After our post yesterday the reported contract price for 425 1st #2202 was changed from $1,038,000 to $1,150,000 in the MLS and now matches its recorded sales price. Our post has been updated accordingly. In addition, the listing for 425 1st #1902 has since been withdrawn.

∙ First Impressions: One Rincon Hill Sales Center [SocketSite]
∙ The First "Official" Resale At One Rincon Hill Closes Escrow: #2202 [SocketSite]
∙ Four Floors Lower, But Asking One Hundred And Fifty Thousand Less [SocketSite]
∙ One Rincon Hill (425 First Street): Secondary Market Stumbles [SocketSite]

Posted by socketadmin at 2:00 PM | Permalink | Comments (63) | (email story)

April 8, 2009

A Step Forward For The Plans To Expand Fox Plaza (1390 Market)

A Preliminary Mitigated Negative Declaration has been issued by San Francisco’s Planning department for Archstone-Smith’s proposed expansion of Fox Plaza (1390 Market Street).

The proposed project would entail demolition of an existing two-story retail and office building adjacent to the existing Fox Plaza office/residential tower and construction of a new 120-foot-tall, ll-story building containing up to 250 residential units above approximately 19,880 gross square feet of retail use on the ground floor. There would be no change to the existing Fox Plaza mixed-use tower, and no new parking would be provided (18 existing spaces would be removed): parking for the new residential units would be within the existing two-level basement garage at Fox Plaza.

The proposed new 120-foot-tall, ll-story building would be generally triangular in shape, with the point at the corner of Hayes and Market Streets. The new building would be connected to the existing 29-story tower by an existing approximately 50-foot-wide atrium and retail space on the ground floor. Current plans call for the building to be clad in a combination of glass and stone with pre-cast elements, with punched square windows making up most of the Market Street and Hayes Street facades, while the Hayes-Market corner would be clad in a curving glass curtain wall that would extend up to an oval-shaped form on the roof that would enclose mechanical equipment, elevator rooms, and-at the corner-the upper level of the 11th-floor residential unit.

Design by Heller Manus Architects.

And while we don't have an official update on the appetite or intentions of Archstone-Smith to move forward, we do have the following comment from a plugged-in reader:

I've heard it's a done deal on Archstone's end, but they are having some issues moving people out who are in current retail leases. From what I hear Starbucks doesen't want to move to the tower where Archstone has set aside a space for them, unless A/S pays to move the Starbucks, and a couple other little snafus like that...

UPDATE: And another perspective:

This is not going through. This ridiculous proposal has been in planning for quite some time with Presidio Development. Unfortunately, no development wants to by the annex of Fox Plaza and seeing how recent condo projects have flopped (especially right next store @ the Argenta) it would make no sense for them to build 250 more condos just to have them converted into rentals.

∙ Fox Plaza (1390 Market): 250 New Condos In The Works [SocketSite]

Posted by socketadmin at 4:30 PM | Permalink | Comments (37) | (email story)

April 7, 2009

It’s Three Weeks Later And They’re Still Asking Three Point Two

As a tipster notes, Matier & Ross have caught up to the Newsom news that a plugged-in reader reported last month, namely that the Mayor’s Bellaire Tower penthouse condo is on the market and asking $3,200,000. Purchased from Peter Getty for $2,350,000 in 2006.

One discrepancy from our report when the Mayor closed in 2006, it might just be a large one-bedroom rather than a two.

UPDATE: According to the PropertyShark report via a plugged-in reader: Peter Getty paid $900,000 for the pad in 1990; it's 1,693 square feet; and it has (or at least had) two bedrooms as we reported back in 2006.

∙ Will Garamendi run for Tauscher's seat? [SFGate]
∙ San Francisco Recorded Sales Activity In February: Down 36.9% YOY [SocketSite]
∙ The Mayor Is Moving On Up! [SocketSite]

Posted by socketadmin at 1:30 PM | Permalink | Comments (25) | (email story)

April 6, 2009

From Flippy To Floppy For Watermark (501 Beale) Penthouse #2B

Two months after its initial sale for $1,250,000 in October of 2006 Watermark (501 Beale) Penthouse #2B was flipped for $1,375,000. (Ah, the good old days.) It's now a little over two years later and the top floor condo is back on the market and asking $1,094,500.

The listing notes both short sale and bank owned (we believe it’s the former) and the condo failed to sell earlier this year when seeking $1,195,000. Keep in mind that the identical "penthouse" unit a floor below (#PH1B) sold for $1,300,000 in October of 2006 and was likley a supporting comp for the flip of #PH2B. And so on. And so forth.

∙ Listing: 501 Beale Street #PH2B (2/2) - $1,094,500 [MLS]

Posted by socketadmin at 7:30 AM | Permalink | Comments (81) | (email story)

April 3, 2009

Whiter Than The Colgate Mansion (But Not As "Improved"): 940 Grove

While the down to the studs renovation of 924 Grove (a.k.a. the Colgate Mansion) is complete, with 940 Grove it's all about the bones and enviable 125 foot by 137.5 foot lot.

Currently home to Burt Children’s Center, the 10 bedroom and 5 bath single-family home will be delivered vacant. And hey, if you think you're into "commercial grade kitchens"...

Original design by Albert Pissis, the founding father of San Francisco's Beaux-Arts style and architect behind the Hibernia Bank.

∙ Listing: 940 Grove (10/5) - $2,750,000 [MLS]
∙ 924 Grove: New And "Improved" For A Whiter Smile And Space [SocketSite]
∙ Albert Pissis [wikipedia]
∙ Hibernia Bank Buyer Unmasked (The Dolmen Property Group) [SocketSite]

Posted by socketadmin at 5:30 PM | Permalink | Comments (28) | (email story)

Out Of The Shadow And Into The Spotlight: 555 Washington Designs

The developers behind a proposed 38-story and 248-unit condo tower in the shadow of the Transamerica Pyramid are pushing forward. From the Draft Environmental Impact Report:

The proposed new 336,585 gross square-foot 38-story, 390-foot-high project building plus 35-foot mechanical penthouse would contain about 248 residential units (133 one-bedroom units and 115 two-bedroom units) and amenities in about 331,640 square feet; 6,780 square feet of retail space; over 7,000 square feet of common and private open space plus additional open areas/public park space on Mark Twain Alley and Redwood Park in excess of 26,000; and 230 parking spaces in four subsurface levels.

A squatter office variant exists as well.

From J.K. Dineen with respect to the "preferred" residential design:

In the revised design by San Francisco-based HellerManus, 555 Washington St. would start with a rectangular base and twist a quarter-turn as it rises, morphing into a circle at the top. The design, with a footprint that is 30 percent less that the zoning allows, enables the developer to expand Redwood Park, the half-acre cluster of soaring redwoods at the northern edge of the financial district.

Under the proposed project, which requires a variance for height, the redwood grove would be expanded and ownership of the park would be transferred to the city. In addition, Mark Twain Alley, a dead-end that cuts from Sansome Street into the park, would be converted into a pedestrian piazza, with ground floor restaurants spilling out from the new condo tower and other buildings along the alley.

In the pipeline for 2012 assuming the stars align. And the completely uninspired 23-story code-compliant design we might get if they don't:

∙ Developers press plan for tower by pyramid [Business Times]
∙ 248 Condos (and 38 Stories) In The Shadow Of The Pyramid [SocketSite]
∙ 555 Washington: Draft Environmental Impact Report (pdf) [SFGov]

Posted by socketadmin at 7:00 AM | Permalink | Comments (43) | (email story)

April 1, 2009

The Toy Factory Lofts (1 Rausch) In General, Loft H In Specific

Constructed in 1909 and converted to residences in 1997, 1 Rausch (a.k.a. Toy Factory Lofts) is home to eight (8) loft condominiums with underground parking off of Howard.

At over 2,400 square feet and designed by James Magni, Loft H is the largest of the eight and features 25 foot ceilings with exposed wood rafters which quickly caught our eye.

Not yet listed, but as a tipster notes it should be coming soon and asking $1,695,000. Beware the website background beats.

∙ Listing: 1 Rausch (2/2) 2,400+ sqft - $1,695,000 [toyfactoryloftsf.com]

Posted by socketadmin at 8:00 AM | Permalink | Comments (38) | (email story)

March 26, 2009

Selling The Rest Of Their Sold Out Inventory At 199 New Montgomery

In 2005 a bidding war left 199 New Montgomery "sold out." Today a plugged-in tipster reports that Pacific Union is helping the developer move "more than 12 units" in the building, only a few of which are currently listed as inventory.

∙ Reduced! At 199 New Montgomery [SocketSite]
∙ SocketSite's San Francisco Listed Housing Update: 3/16/09 [SocketSite]

Posted by socketadmin at 2:15 PM | Permalink | Comments (14) | (email story)

Name Dropping Hollywood Style: Marquee Lofts #702

In terms of overall design and space we remain partial to Lighthouse Lofts #308, but in terms of a Hollywood-esque story we present the Marquee #702.

Another multi-unit combo (#701 and #702), the interior of the 2,300 square foot loft was designed by Stanley Saitowitz; it features a "custom designed steel audio cabinet" by sculptor Kyle Reicher (and wenge wood bookshelf by Robert Croutier); and it was Keanu Reeves' character’s apartment in the 2001 movie "Sweet November."

We’re digging the steel pocket doors, big windows, and easy access to the theaters below. And in keeping with the Hollywood theme, there’s a "sneak preview" tonight (3/26).

∙ Listing: 151 Alice B. Toklas Place #702 (2/2) - $1,800,000 [Alain Pinel] [MLS]
∙ The Lighthouse Lofts Apple Of Our Eye Returns (1097 Howard #308) [SocketSite]

Posted by socketadmin at 9:00 AM | Permalink | Comments (11) | (email story)

March 25, 2009

The Lighthouse Lofts Apple Of Our Eye Returns (1097 Howard #308)

As we wrote about Lighthouse Lofts (1097 Howard) #308 when it was listed for $2,400,000 and sold for $2,450,000 in 2007:

Featuring 18-foot ceilings up high, and hickory and pecan hardwood floors down low; a glass enclosed shower and tub with views (in more ways than one)...

[At] 4,200 square feet of living space, unit #308 is actually a merger of three lofts into one. And yes, a merger of three monthly HOA payments [($1,199)] and two parking spaces to match.

As we added after the fact in 2007:

While the Brazilian owner…admittedly suffered through the first winter, the addition of two gas fireplaces has apparently made all the difference in the world (PG&E bills maxed out at around $200/month...and typically run under $100).

Also, it’s definitely loft living but the pictures don’t do it justice (especially the master bath and kitchen), the little touches are great (washer/dryer in the walk-in master closet; electric shades; sliding panels and storage), and the urban views (from the Federal Building to One Rincon) are to be appreciated.

And as we write today: the Lighthouse Lofts apple of our eye is back on the market and asking $2,300,000.

∙ Listing: 1097 Howard #308 (3/2.5) 4,207 sqft - $2,300,000 [MLS]
∙ The Lighthouse Lofts In General (1097 Howard), And #308 In Specific [SocketSite]

Posted by socketadmin at 7:00 AM | Permalink | Comments (24) | (email story)

March 24, 2009

Unable To Fund Loan(s) At The Beacon? Hmm...

From a tipster trying to close on a condo at The Beacon:

[L]ast week we were trying to move on a unit at The Beacon and found out some pretty bad news: Chase, BofA, and Wells won't fund loans on units at The Beacon due to some lawsuit related notes on the title reports.

I'm not sure if this applies only to some units or to all (since the lawsuits involve the HOA which presumably would mean all units), but we talked directly to someone at Chase and they said they last tried to run a loan on 3/19/09 and weren't able to do it.

Our first thought: Association Battle Over Unpaid Bills Brewing At The Beacon? Can a plugged-in person with access to said notes possibly shed some light?

∙ Association Battle Over Unpaid Bills Brewing At The Beacon? [SocketSite]

Posted by socketadmin at 6:45 AM | Permalink | Comments (42) | (email story)

March 23, 2009

From One Of Six To One Of Eight At The Hamilton (631 O’Farrell)

Listed for $379,000 last July then reduced to $369,000 and threatening "last chance before being withdrawn," 631 O’Farrell #504 was in fact withdrawn from the MLS.

Now back on the market in March asking $349,000. There were six studio condos in the Hamilton listed from $369,000 to $399,000 late last year, there are eight condos in the building priced from $289,900 to $399,000 listed today.

Purchased for $285,000 in January of 2005 (no word on improvements since). And the most recent sale in the building appears to be #1410: purchased for $360,000 in October of 2005, closed escrow on March 3, 2009 for a reported $270,000.

UPDATE: A sad bit of color on the recent sale of #1410:

#1410 was destroyed by someone who had a drug problem. The person owned the property, it was taken back by the bank, and then the person ended up squatting there. The person sold some of the items in the unit to pay for drugs. So, the unit was trashed, and it should not be used as a comparison for other units.

∙ Listing: 631 O’Farrell #504 (0/1) - $349,000 [MLS]
∙ Pay For 520, But Live Like 800 (With Bonus Points For “Trendyloin”) [SocketSite]

Posted by socketadmin at 9:45 AM | Permalink | Comments (17) | (email story)

Three At Three Hundred Beale Priced At One Point Three (Nine Five)

Asking $1,595,000 early last October, Embarcadero Lofts #406 was re-listed in February asking the same, reduced by $100,000 two weeks later, and then by another $100,000 two weeks after that. Now asking $1,395,000 as are 300 Beale #609 (listed in February as well) and 300 Beale #611 (listed in March).

∙ Listing: 300 Beale #406 (2/2) 1,686 sqft - $1,395,000 [MLS]
∙ Listing: 300 Beale #609 (2/2.5) 1,899 sqft - $1,395,000 [MLS]
∙ Listing: 300 Beale #611 (2/2.5) 1,820 sqft - $1,395,000 [MLS]
∙ You’ve Seen Two, But You Haven’t Seen Them All: 300 Beale #406 [SocketSite]
∙ Loft By Nature, Luxury By Design: Embarcadero Lofts (300 Beale) [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (23) | (email story)

March 20, 2009

A Plugged-In Reader's 12 Notes On The "PC" Approved 333 Harrison

A plugged-in reader's (slightly edited) 12 notes on Emerald Fund's proposal to develop 333 Harrison Street which has been approved by San Francisco’s Planning Commission:

1. The new building will be sandwiched between Bridgeview and One Rincon.
2. Some Bridgeview owners will be adversely affected. The lower level units will lose their views as the new building will be 40 feet away.
3. The building will house rental units.
4. Rents will be expensive: from $ 3,000 to $ 3,500 per month.
5. Approximately [7-stories] high.
6. The units are small, mostly one bedroom units averaging 500 square ft.
7. They will have a great public park, looks like a courtyard.

8. It will take approximately 2 years to complete.
9. One Rincon Hill is not at all affected.
10. The Metropolitan will not be affected.
11. Another nice perk: they will have a dog run (Park South below).
12. They have plans to convert them into condos within 15-20 years (that is what they told us). But, it is most likely much sooner than that time frame.

Design (and all images) by David Baker + Partners Architects.

UPDATE: A bit of clarification on those parks from another reader:

Emerald Fund is not building either park, especially not the dog run at Bryant/Beale. Caltrans is building that one on their own land. Caltrans would only agree to do that if they could sell their Fremont/Harrison parcel for a decent amount of dough, and they will use some of that money for Bryant/Beale.

Cheers.

∙ 685 Units Looking Beyond The Current San Francisco Downturn [SocketSite]
∙ 333 Harrison Street Design: Slide Show [dbarchitect.com]

Posted by socketadmin at 11:15 AM | Permalink | Comments (29) | (email story)

March 18, 2009

A Contextual Massing For Transbay Block 8 And Its Environs

You knew it was in the pipeline and you’ve seen the RFP (to which three responded and will compete), now we treat the plugged-in people to an exclusive massing for Transbay Block 8 (in red) and its environs as proposed.

Bragging rights for naming the pipeline buildings, bonus points for probabilities and time.

∙ In The Pipeline For First And Folsom: 550-feet And 600 Units [SocketSite]
∙ Three teams line up to take on Transbay project [San Francisco Business Times]
∙ Transbay Block 8: The Request For Proposals And Basic Design(s) [SocketSite]

Posted by socketadmin at 4:00 PM | Permalink | Comments (14) | (email story)

March 16, 2009

Live As Big As A Lurie (2100 Pacific Avenue #9 On The Market)

It’s a big (5,190 square feet) full-floor unit affording big San Francisco views (bridge to bridge and beyond) and a "big" San Francisco address (2100 Pacific).

And while there is some debate as to whether or not the Luries ever resided at 2601 Lyon, there's no debate with respect to 2100 Pacific #9 (they did).

∙ Listing: 2100 Pacific Ave #9 (5/5.5) - $9,950,000 [MLS]
∙ Dear Diary, San Francisco Sure Has Changed For Royal Real Estate… [SocketSite]

Posted by socketadmin at 12:45 PM | Permalink | Comments (22) | (email story)

March 12, 2009

The Latest Exhibit (And Apple) At Museum Parc: 300 3rd Street #504

A Museum Parc and neighborhood sales comp back in December of 2005 at $660,000 ($740 per square foot), 300 3rd Street #504 was bought back by the bank for $608,811 in December of 2008. And the one-bedroom was just listed for $517,800 ($580 per square).

As an aside, keep in mind that peek-a-boo view of 680 Folsom should be getting better, not worse, over time.

∙ Listing: 300 3rd Street #504 (1/1) - $517,800 [MLS]
∙ Wet Weekend Special (And Scoop): The Designs For 680/690 Folsom [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (21) | (email story)

March 6, 2009

The Wonderful World Of Warehouse Twos (650 Delancey #112)

The oversized arched window caught our attention while the modern kitchen (with two Sub-Zeros) kept us looking.

The four headed and two-toned (not to mention two-person) shower got a nod.

And one other Oriental Warehouse two we couldn't help note: parking spaces.

UPDATE: A plugged-in comment we couldn't help but highlight:

This unit is the largest unit in the building at approx 1800 sq feet. There's not much of a view out the huge carriage window (unless you like the Brannan gym -- which can be fun), but still a striking space. The mezzanine is large and runs the full length of the unit with a walk-in closet, laundry room/study, and bedroom. I used to own this unit and it is really great to see what the subsequent owners did with it. Great job!

Cheers. And as always, thank you for plugging in.

∙ Listing: 650 Delancey #112 (2/2) - $1,695,000 [MLS]
∙ The Oriental Warehouse (650 Delancey) [SocketSite]

Posted by socketadmin at 10:00 AM | Permalink | Comments (70) | (email story)

March 5, 2009

Cognitive Listing Dissonance At The Watermark (501 Beale #14D)

Originally listed as a Watermark resale for $1,585,000 last July, from a listing later last year: “Views Galore 501 Beale #14D Offered at $1,499,000 Extraordinary price reduction!”

From a listing after that: “Buyers and Agents, now is the time to take advantage of this price!” Asking $1,399,000 at the time.

From the listing today: “Great Opportunity!! Take advantage of HUGE PRICE REDUCTIONs and 1 yr. HOA concession. Motivated sellers!!” Now asking $1,365,000.

And from public records: purchased for $1,303,500 in September of 2006 (not including any incentives). Cognitive listing dissonance (TM) is the first thing that comes to mind.

∙ Listing: 501 Beale #14D (2/2) - $1,365,000 [MLS]

Posted by socketadmin at 9:00 AM | Permalink | Comments (42) | (email story)

March 4, 2009

Metreon Makeover Approved, Entrance Rendered And Ready In 2010

From the San Francisco Examiner with respect to the Metreon's makeover:

San Francisco Redevelopment Agency commissioners on Tuesday evening unanimously approved plans by new owners Westfield Group and Forest City Enterprises to rearrange the [Metreon] to better integrate it with the booming museum district neighborhood in SoMa.

Under the approved plans, shops and restaurants will line the outer perimeter of the ground floor; popular New York restaurant Tavern on the Green will occupy the top floor; a food terrace will face Yerba Buena Gardens; and lights will colorfully illuminate the Fourth Street facade.

The successful cinema complex will remain on the third floor.

The Metreon's main entrance (rendered above) will be moved to the middle of Fourth Street, and the made over storefronts "are expected to open in time for the 2010 end-of-year shopping season."

∙ Revamped Metreon slated to be restaurant-centric [San Francisco Examiner]
∙ Another Metreon Makeover: Opening Up And Out To Bring People In [SocketSite]

Posted by socketadmin at 9:00 AM | Permalink | Comments (15) | (email story)

March 2, 2009

Unplanned Obsolescence For Transbay High-Speed Station Design?

"San Francisco's planned high-speed rail station in the new Transbay Terminal would be obsolete within two decades, state transportation officials warn, forcing them to rethink the design."

UPDATE: The part of the story that didn't get picked up by the Chronicle according to a plugged-in reader:

The consultants hired from SNCF said two years ago that the box needed eight HSR tracks and at least six (preferably eight) tracks for Caltrain, in order to have smooth operations and minimal potential delays. The CAHSRA purposely ignored them until now because bringing up a design flaw like that would have threatened winning the votes and getting funding in place. All politics, and not necessarily anything wrong with it unless they don't fix the design now.

Perhaps our headline should have read "planned"…

∙ Unbuilt Transbay station could soon be obsolete [SFGate]
∙ While San Francisco Might Get High-Speed Rail, Will The Transbay? [SocketSite]
∙ Transbay Terminal Moves Forward, But Payments And Terms Change [SocketSite]

Posted by socketadmin at 10:00 AM | Permalink | Comments (35) | (email story)

February 24, 2009

Hearst Close To Calling It Quits With The San Francisco Chronicle?

From the San Francisco Chronicle itself:

The Hearst Corp. today announced an effort to reverse the deepening operating losses of its San Francisco Chronicle by seeking near-term cost savings that would include "significant" cuts to both union and non-union staff.

In a posted statement, Hearst said if the savings cannot be accomplished "quickly" the company will seek a buyer, and if none comes forward, it will close the Chronicle. The Chronicle lost more than $50 million in 2008 and is on a pace to lose more than that this year, Hearst said.

And yes, we almost quoted Bloomberg instead. Now about those 3.9 acres of Mid-Market/SoMa land (not to mention readers' designs)...

∙ Hearst seeks changes at Chronicle [SFGate]
∙ A Huge (Potential) Development For The Mid-Market/SoMa 'Hood [SocketSite]
∙ We’re Only Surprised Nobody Has Gone With The Gherkin [SocketSite]

Posted by socketadmin at 3:25 PM | Permalink | Comments (68) | (email story)

February 23, 2009

Checking In On Two Pacific Heights Apples: 2155 Buchanan Update

Apples-to-apples sales tell us the most about how the market is moving, but non-sales can provide some hints as well.

And while 2155 Buchanan Street #9 is in contract up in Pacific Heights (purchased for $1,000,000 in June 2006, listed for $950,000 in November 2008, last asking $885,000), the listing for the "reduced to sell!" and vacant 2155 Buchanan Street #7 has expired without a sale (purchased for $899,000 in July 2005, listed for $960,000 in August 2008, asking $850,000 at expiration).

Perhaps we’ll soon see a sign in the window for number seven and another unit of rental inventory to be absorbed. We’ll keep you posted on the contract price for number nine.

UPDATE: After 24 hours off the MLS as "expired," the listing for 2155 Buchanan #7 has been turned back on. No adjustment to the price (still asking $850,000) and now an official 186 days on the market (but we'll call it 185).

∙ A Pacific Heights Apple Up In The Tree: 2155 Buchanan #9 [SocketSite]
∙ Another Shot At A Ripening Pacific Heights Apple: 2155 Buchanan #9 [SocketSite]
∙ San Francisco Rental Market Weakness: SocketSite Readers Report [SocketSite]

Posted by socketadmin at 10:30 AM | Permalink | Comments (18) | (email story)

February 10, 2009

30 Dore Goes The Rental For Sale Route And Offers A Bonus Bedroom?

Going the rental route in 2007, a handful of the 42 units at 30 Dore have been listed for sale by the developer over the past few days.

The floor plan and description for 30 Dore #211 on the developer’s website suggest it's a three-bedroom (with two full baths) for $609,000, while the MLS listing quotes only two (and two). Bonus points to the reader who can reconcile the two.

UPDATE: A plugged-in reader adds, previously asking $3,150 to rent #211 (but no word on what was actually obtained).

UPDATE: And from yet another: "Unit 505 was on the market in mid-2007 for $479,000." That was prior to going the rental route and asking $2,100. Once again offered for sale, only now asking for $439,000.

∙ Listing: 30 Dore #211 (2/2) - $609,000 [MLS] [tbcproperties.com]
∙ Listing: 30 Dore #505 (1/1) - $439,000 [tbcproperties.com]

Posted by socketadmin at 9:10 AM | Permalink | Comments (22) | (email story)

St. Regis Penthouse Now $21,000,000 Off (And No, That’s Not A Typo)

It’s a plugged-in reader that catches a slight change to the asking price for the Penthouse atop San Francisco’s St. Regis (188 Minna). Asking $70,000,000 in August of 2008, now listed on the Sotheby’s website for $49,000,000.

Once again, 20,000+ square feet (including 2,900 of terraces); six bedrooms (including a 2,500 square foot master suite) and seven full baths (four half); a thirteen-seat home cinema designed by Keith Yates; 22 foot floor-to-ceiling glass walls; and six car parking.

Purchased for roughly $30,000,000 as a raw shell in 2005, it’s been three years in the making, and as far as we know there’s still 15% to go (i.e., it’s 85% complete).

Full Disclosure: The co-listing agent for the penthouse atop the San Francisco St. Regis advertises on SocketSite but had no knowledge of this post.

∙ Listing: St. Regis (188 Minna) Penthouse - $49,000,000 [Sotheby’s]
∙ St. Regis Penthouse Asking $70M: Is San Francisco All Growns Up? [SocketSite]
∙ Inside The St. Regis Penthouse: The Rendering Scoop And Details [SocketSite]

Posted by socketadmin at 6:00 AM | Permalink | Comments (45) | (email story)

February 9, 2009

Association Battle Over Unpaid Bills Brewing At The Beacon?

It’s a pluged-in tipster that directs us to the notices hung in the windows of The Beacon Commercial Association at 266 King (the former Beacon sales office). From the notice:

Please note that the Beacon Residential Association (ROA) is required to pay its share of the project’s Shared Expenses to the Beacon Commercial Association (COA), which manages the common areas of the project. However, with the exception of an insurance payment, the ROA has made no payments to the COA since October 1, 2008. It is currently more than $600,000 behind on its required monthly contributions, and as of February 1, this amount will be nearly three-quarters of a million dollars.

Apparently some “non-essential” building services such as landscaping and janitorial have been terminated, the security vendor has sent a notice to terminate their services, and shutoff notices from PG&E and the San Francisco Water Department have been building up.

The COA believes that a utility shutoff could have dire consequences for the project, including the possibility that large areas of the project might be uninhabitable.

Uninhabitable? Can any plugged-in residents shed some light and assuage some fears?

UPDATE: A plugged-in reader sheds some light on the spat:

The Beacon Commercial Association is purposely spreading disinformation to get leverage in an ongoing spat against the Homeowner's Association regarding the proper allocation of association fees.

Basically, the two sides disagree on how much the HOA is supposed to contribute to the shared budget. My (imperfect) understanding is that the HOA has been overpaying for years because of sloppy accounting by the previous property management company who was used by both the COA and HOA, but favored the COA over the HOA.

When the new property management company discovered the error and tried to balance things out, the COA (but not the HOA) basically fired them and hired their own separate property management company. So now we have two property management companies for the same building. Genius.

Anyway, so the two sides are in mediation or arbitration to figure out who owes what. In the meantime, the HOA has repeatedly offered to pay its share of the budget for stuff like PG&E and the water bill. The COA, however, has refused to accept any payment from the HOA unless the HOA pays the entire monthly association fee that the COA unilateraly contends is owed.

And then the COA turns around and says that the HOA is not picking up the slack on the bills, when in reality, the COA is not letting the HOA pay them in the first place. I believe I heard the HOA has tried to pay PG&E directly, but PG&E didn't want that arrangement for some reason.

This is actually the second time the COA has done this disinformation campaign. The first was over the Christmas holidays, when it posted notices around the Beacon that our gas and water might be turned off at any time due to this "non-payment" issue.

Posted by socketadmin at 11:00 AM | Permalink | Comments (48) | (email story)

February 5, 2009

Infinity Sales Update And A Few Additional Details For Tower Two

According to the developer of The Infinity, 295 of the 365 units (80%) in phase one (tower one and the treetops) have closed escrow, up from roughly 255 (70%) in October of 2008. Twenty (20) new contracts have been written in the past 30 days (39 in Q4 of 2008).

More detail on the official starting prices for the 285 condos in tower two (vs. tower one):

One-bedrooms "from the mid $500,000s" (700 to 1,020 square feet)
Two-bedrooms "from the high $700,000s" (1,160 to 1,600 square feet)
Three-bedrooms "from the high $900,000s" (1,630 to 1,740 square feet)
Penthouses T.B.D.

Design changes between the two towers include four penthouse units in tower two (that's a view from the crown jewel #42B below) versus only two in tower one.

Upgraded appliances in the top twelve floors of tower two and cabinetry in the top six.

And one-bedroom corner homes in tower two.

∙ Infinity Tower Two Inventory To Start Selling In January (2009) [SocketSite]
∙ Infinity Sales Update: New Contracts Up But Driven By Discounts [SocketSite]
∙ The Infinity Sales Center: SocketSite’s Inside Scoop [SocketSite]
∙ Infinity Tower Two: "Starting From The Mid $500,000s" This Weekend [SocketSite]

Posted by socketadmin at 12:30 PM | Permalink | Comments (65) | (email story)

A Million Dollar (Plus) Remodel Of A Multi-Million Dollar Floor Plan

It’s a coveted three-bedroom St. Regis “E” plan (the Gores have one a little higher) that’s been completely remodeled and reconfigured (at a budget of over $1,500,000) to live as a two-bedroom with a rather spectacular master suite (and perhaps the nicest St. Regis master bath we’ve seen).

Modern Art Deco vibe and details throughout inspired by the Pacific Telephone and Telegraph building in view across the way; impressive woodwork (Mozambique veneers, Wenge cabinetry, and unstained walnut floors) and finishes (custom nickel-plated pulls and silver leaf); and if nothing else, some top-notch property porn to peruse.

Tax records indicate an original 2,522 square feet and it’s expected to move from pocket listing to the MLS this weekend with a list price of $5,800,000.

Full Disclosure: The listing agent for 188 Minna #31E advertises on SocketSite but provided no compensation for this post. He did, however, provide a tour and additional information upon our request.

∙ Listing: 188 Minna #31E (3/2.5) - $5,800,000 [StRegisModerne.com]
∙ Conversion Of 140 New Montgomery Moves To Environmental Review [SocketSite]

Posted by socketadmin at 9:15 AM | Permalink | Comments (36) | (email story)

February 4, 2009

Exposed Brick, Trusses, And Sales Price: 400 Spear Street #205

Asking just over $600 a square foot when we featured it in December ($875,000), Harbor Lofts (400 Spear) #205 closed escrow for a reported $588 a square foot ($845,000) two days ago (leased parking and all).

∙ Exposed Brick And Trusses (And Big Window To Expose Yourself) [SocketSite]
∙ Harbor Lofts (400 Spear): San Francisco Warehouse Conversion [SocketSite]

Posted by socketadmin at 1:00 AM | Permalink | Comments (7) | (email story)

February 3, 2009

Infinity Tower Two: "Starting From The Mid $500,000s" This Weekend

A whole host of plugged-in tipsters note that Infinity’s second tower officially opens to the public this weekend. 42 stories, 285 new condominiums, and as every tipster so far has pointed out: "starting from the mid $500,000s." Additional details soon.

∙ Infinity Tower Two Sales Announcement (And A Buyer’s Translation) [SocketSite]

Posted by socketadmin at 1:30 PM | Permalink | Comments (47) | (email story)

The Scoop: Archstone-Smith Negotiating To Acquire Argenta (1 Polk)

The SocketSite scoop three months ago: the 179-unit Argenta (1 Polk) was on the market as an apartment building (constructed as condos). The scoop today: according to a plugged-in tipster, Archstone-Smith is in negotiations to acquire the building and begin renting it out.

From our tipster:

Archstone originally turned down [an] offer to buy The Argenta. The sellers of the property have gone back to Archstone-Smith now, with a lower offer…They are working on hammering out a deal.

Once Archstone closes on the building a leasing office will go in, and rentals will start "immediately" according to my source...

Hard numbers and confirmation when the sale closes (assuming it does).

∙ The Scoop: Argenta (1 Polk) On The Market As An Apartment Building [SocketSite]

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

The Unfinished Façade Of 77 Van Ness (And Its 56 Residential Units)

While the façade isn’t quite finished the scaffolding is down from around 77 Van Ness. Once again, it’s 56 potential condos and 21,000 square feet of commercial/retail for lease, but considering the fate of Argenta and Artani perhaps 56 new rental units instead.

∙ 77 Van Ness Rising (And Our Request For A Rendering) [SocketSite]
∙ Argenta's Confirmed And Artani's Rumored, Will 77 Van Ness Be Next? [SocketSite]
∙ The Scoop: Argenta (1 Polk) On The Market As An Apartment Building [SocketSite]
∙ The SocketSite Scoop And Rumor Confirmed: Artani Suspending Sales [SocketSite]

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

January 30, 2009

Game, Set, Match To The San Francisco Tennis Club (645 5th)

"Lena Grotz, a club member who has been active with Save Our San Francisco Tennis Club, said the Western Athletic Club is taking over the facility at 645 5th St. and would not only preserve the tennis club, but also expand it. Four of the outdoor, rooftop courts will be covered, and new workout facilities will be built."

∙ Western Athletic rescues the S.F. Tennis Club [San Francisco Business Times]
∙ First Game Pulte (But Many Sets To Go) [SocketSite]
∙ Seven Hundred Fewer Condos In The San Francisco Pipeline [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (4) | (email story)

January 26, 2009

The Answer: To Comp (555 4th Street #521 Closes Escrow)

The sale of unit #521 at the Palms (555 4th Street) has closed escrow with a reported contract price of $690,000 (with all appliances intact). As we wrote in December:

In August the sale of unit #421 at The Palms (555 4th Street) closed escrow with a reported contract price or $700,000, purchased for $789,000 in 2006. The sale was "subject to lender’s approval," however, so perhaps not a "real" comp.

Then again, as a plugged-in tipster notes 555 4th Street #521 has been on the market for seven months and the price reduced five times. Now asking $699,000 after a month at $749,000, and once again, purchased for $789,000 in 2006.

We’re going with "to comp."

∙ To Comp Or Not To Comp, Perhaps We Have An Answer [SocketSite]

Posted by socketadmin at 8:15 AM | Permalink | Comments (23) | (email story)

The Royal Towers Developer’s Unit Returns (1750 Taylor #1701)

As we wrote in our September 2007 scoop:

Originally the developer’s unit, #1701 in The Royal Towers (1750 Taylor) boasts panoramic bridge to bridge (and everything in between) views, as well as the only gas range in the building (yes, it’s good to be the developer). And the 3,300 square foot three bedroom, four and one-half bath coop is now on the market for $7,000,000 (and $3,354 a month).

In contract a month later and closed for what tax records would suggest was around $6.8M (assessed value of $6,854,000 in 2008), the rather incredible (and almost incomparable) 1750 Taylor #1701 is back on the market today and asking $6,500,000. And interstingly enough, it appears the gas range is no longer (but there's now a built-in BBQ). Sweet.

∙ Listing: 1750 Taylor #1701 (3/4.5) 3,300 sqft - $6,500,000 [MLS]
∙ The SocketSite Scoop On Two In The Royal Towers (1750 Taylor) [SocketSite]
∙ From Rumor To Reality: The Royal Towers #1201 Gets Listed [SocketSite]

Posted by socketadmin at 7:15 AM | Permalink | Comments (21) | (email story)

January 22, 2009

New Year, Listing, And Price (Same Sweet Loft): 540 Delancey #401

If you liked it at $1,150,000 in September, you’ll like it even more today. Now asking $1,098,000 for Cape Horn Lofts (540 Delancey) #401.

∙ Listing: 540 Delancey #401 (1/2) - $1,098,000 [MLS] [openhomesphotography.com]
∙ Cape Horn Lofts (540 Delancey) In General, And #401 In Specific [SocketSite]

Posted by socketadmin at 9:45 AM | Permalink | Comments (31) | (email story)

A SoMa/Palms Wake Up Call (And Apple): 555 4th Street #401

From a reader’s comment on our topic of the Palms (555 4th Street) in July:

So now there are a fair number of 2/2's in Soma for the 600's. Wake me up when we hit the 500's.

Last week 555 4th Street #401 closed escrow with a reported contract price of $599,900 (that's "high $500’s" in sales speak). A 938 square foot two-bedroom/bath condo with parking at the Palms, unit #401 was purchased in October of 2006 for $779,000, returned to the market a year later seeking $850,000, and was asking $674,900 when it closed [see UPDATE below].

That's an apples to apples drop in value of 23% over the past two and one-quarter years, or average annual depreciation of 11%. Are we awake?

UPDATE: Additional color from a plugged-in reader:

FYI, this unit was indeed an REO. Did anyone see it? I did. The guy that was foreclosed on freaked out, ripped out all the kitchen appliances and sold them on craigslist. Nice Bosch appliances, pick 'em up cheap! At $599,900 the unit was actually a pretty good deal, however if the buyer had waited it out a bit I'm sure it would have come down some more. The price had actually been reduced to $599,900, so it sold at asking.

The line from the listing: "Need minor cosmetic works." (Misplaced "s" theirs not ours.)

∙ The Palms (555 4th St.): Secondary Market Slowdown And Short Sale [SocketSite]
∙ The Palms Finds More Inventory And A Resale Hits The Market [SocketSite]

Posted by socketadmin at 5:00 AM | Permalink | Comments (55) | (email story)

January 8, 2009

A Floor Higher And $350,000 Less At 333 Bush, Damn Those Neighbors

Of course it’s entirely possible the listing for 333 Bush Street #3701 was intended as a red herring when priced at $1,600,000, then again that was four months ago and the asking price has subsequently been reduced to $1,500,000. Or perhaps 333 Bush Street #3801 really is “priced to sell” at $1,150,000. Only time (and SocketSite) will tell.

In either case, same agent, different expectations (or at least approach), and damn those price setting neighbors. Oh, and 333 Bush Street #4004 which is slightly larger (1,382 square feet versus 1,320) closed escrow on December 1 with a reported contract price of $1,150,000. Just another data point.

∙ Listing: 333 Bush #3701 (2/2) - $1,500,000 [MLS]
∙ Listing: 333 Bush #3801 (2/2) - $1,150,000 [MLS]

Posted by socketadmin at 7:00 AM | Permalink | Comments (69) | (email story)

January 5, 2009

Another One Rincon Hill ’02 (But More Importantly A Pool)

With a reported contract price of $1,423,500 in August 2008, One Rincon Hill (425 1st Street) #5002 is back on the market and asking $1,595,000. Yes, it’s another infamous "02." And yes, we have the pool.

∙ Listing: 425 1st Street #5002 (2/2) - $1,595,000 [MLS]
∙ One Rincon Hill (425 First Street): Secondary Market Stumbles [SocketSite]

Posted by socketadmin at 7:30 AM | Permalink | Comments (107) | (email story)

December 29, 2008

Flash Back Forward To Beacon Two-Bedrooms Asking Under $600,000

A tax assed value of just over $750,000; a recorded sale back to the bank three weeks ago for $629,142; and a two-bedroom/bath condo at the beacon that’s now asking $599,900 (and touting “Offers anytime!”). Yes, it's 250 King Street #266 and almost the end of 2008.

∙ Listing: 250 King #266 (2/2) - $599,900 [MLS]

Posted by socketadmin at 8:30 AM | Permalink | Comments (39) | (email story)

December 23, 2008

The Relative Value Of Two High-Rise Rentals Around $12,000 A Month

A mid-floor three bedroom, three bath at the St. Regis with a view of One Rincon asking $11,950 a month. Or a high-floor two bedroom, two bath at One Rincon with a view of the Bay Bridge for fifty bucks more ($12,000 a month).

Similar rents but very different values. You make the call.

∙ $11950 / 3br - Rare Corner 3Bed/3Bath at St. Regis! [Craigslist]
∙ $12000 / 2br - Luxury Penthouse Suite @ One Rincon Hill: 2BR 2BA [Craigslist]

Posted by socketadmin at 7:30 AM | Permalink | Comments (20) | (email story)

December 19, 2008

Another Non-Comp Comp On The Market At 246 2nd Street (#1003)

In October of 2005 246 2nd Street #1003 sold for a reported $950,000. In April of 2008 the unit was bought back by the bank for $835,783. And yesterday it hit the market asking $689,900.

Previously purchased and owned by the same party that had owned and lost #502. And as plugged-in people know, but industry stats wouldn’t reflect, both condos were purchased with a significant amount of cash back at closing. Let’s hope nobody relied on that sale back in 2005 as a “comp.”

First purchased for $734,500 in the year 2000 when the building was built.

∙ Listing: 246 2nd Street #1003 (2/2) - $689,900 [MLS]
∙ Can Bank Owned Comps Kill (Values)? 246 2nd Street #502 Returns [SocketSite]

Posted by socketadmin at 5:00 AM | Permalink | Comments (95) | (email story)

December 18, 2008

Sweet Jesus (So To Speak): 601 Dolores On The Market And Inside

A plugged-in reader answers our prayers by directing us to the website for the unlisted but on the market 601 Dolores. Born the Mission Park Congregational Church in 1909 and more recently called the Golden Gate Lutheran Church, 601 Dolores was purchased in 2007 and transformed into a single-family home.

Think complete seismic retrofit; restoration of wood-paneling, original doors, hardware and historic stained-glass; add new mechanical, electrical and four wood burning fireplaces.

"Modern" kitchen, marble baths and a new tower interior with arched mahogany windows and roof-top deck overlooking Dolores Park. Oh, and parking for five. Sweet Jesus indeed.

The price? We're afraid to ask. Let us know if you do.

UPDATE: And you did. Asking $9,950,000.

∙ Unlisted Listing: 601 Dolores - $9,950,000 [castleonthepark.com]

Posted by socketadmin at 8:30 AM | Permalink | Comments (80) | (email story)

December 12, 2008

Transbay Transit Center: Groundbreaking Video SocketSite "Premier"

Don’t sweat it if you weren’t invited to the Transbay Transit Center Groundbreaking, we’ve got the next best thing: the groundbreaking video SocketSite "premier."

You know, that video produced by Steel Blue and Neorama that plugged-in people actually had the chance to be immortalized in. Feel free to point yourself out if you are.

∙ So You Want To Be In Renderings… [SocketSite]
∙ Transbay Transit Center Groundbreaking, Fat Mike & Infinity All In One [SocketSite]

Posted by socketadmin at 4:15 PM | Permalink | Comments (35) | (email story)

Exposed Brick And Trusses (And Big Window To Expose Yourself)

One of the larger Harbor Lofts units at 1,438 square feet, 400 Spear #205 sports exposed brick (on three sides), exposed redwood trusses (supporting a 16 foot ceiling), and an oversized picture window (should you care to expose yourself).

Leased parking and asking just over $600 per square.

∙ Listing: 400 Spear #205 (2/1) - $875,000 [MLS]
∙ Harbor Lofts (400 Spear): San Francisco Warehouse Conversion [SocketSite]

Posted by socketadmin at 10:45 AM | Permalink | Comments (14) | (email story)

Charlie Sava Pool Status And Design: Eight Lanes Opening In A Week

A plugged-in tipster reports:

The SAVA POOL on 19th avenue [and Wawona] is opening its doors next Saturday - Dec 20th after being in construction for 16 months. Archit Exposed concrete, Ceramic tile and Curtain wall make up the exterior.

Eight lanes by 25 yards with design by Mark Cavagnero Associates & Paulett Taggart Architects to maximize use of natural lighting and ventilation while minimizing impact on the site.

∙ Carl Larsen Park: Charlie Sava Pool Design [SFGov]

Posted by socketadmin at 8:30 AM | Permalink | Comments (27) | (email story)

855 Folsom Apple On The Tree: Will It Be Déjà Vu All Over Again?

Purchased for $649,000 on 12/30/2005, 855 Folsom #102 is back on the market three years later and asking $649,000. Will it be déjà vu all over again?

∙ Listing: 855 Folsom #102 (1/1.5) - $649,000 [MLS]

Posted by socketadmin at 7:45 AM | Permalink | Comments (30) | (email story)

December 11, 2008

Transbay Park Potential: Post-Temporary Transbay Terminal (Et Al.)

You know how the site looks now. And you know how it will look for the next six years or so as home to the temporary Transbay Terminal. But do you know how the area might one day look once the Transbay Park and other proposed development takes place?

Plugged-in people can now answer yes (and click the image above to enlarge).

∙ Transbay Transit Center Groundbreaking, Fat Mike & Infinity All In One [SocketSite]
∙ T-Minus Two Weeks Until Transbay Temporary Bus Terminal Start [SocketSite]
∙ Transbay Park Plan (pdf) [SFGov]

Posted by socketadmin at 1:00 PM | Permalink | Comments (29) | (email story)

December 10, 2008

Transbay Transit Center Groundbreaking, Fat Mike & Infinity All In One

A plugged-in reader ties it all together:

Today the City is holding a ground breaking at the site of the future temporary Transbay terminal. The coincidence is that Fat Mike's record label (FatWreckChords) was located in the larger of the 2 buildings that will be demolished in the coming days (200 Folsom).

Also noted (although in a few more words), cater-corner from Infinity.

∙ T-Minus Two Weeks Until Transbay Temporary Bus Terminal Start [SocketSite]
∙ Fat Mike's Phat House Sold (And Once Again, With All Due Respect) [SocketSite]
∙ Infinity Sales Update: New Contracts Up But Driven By Discounts [SocketSite]

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

December 9, 2008

One Rincon Hill As A Market Weather Beacon

From a plugged-in reader last month with respect to One Rincon Hill:

The whole thing is illuminated a bright, bright green color all along the water tank. Think the Chrystler building in NY. Looks like a fourth of July lights show. Anyone know what's up?

From the Chronicle today: "Starting at dusk tonight, a band of lights around the top of the One Rincon Tower in San Francisco will turn the building into a weather beacon, glowing amber, blue, red or green to forecast the weather, a bit like a 64-story mood ring."

UPDATE: A decoder card and mnemonic from the good folks at One Rincon Hill:

And with respect to the lights: "Twenty-five, highly-efficient 'colorwash' by Tivoli color-changing LED floodlights were used -- the energy equivalent of lighting your living room. At 25 watts per fixture, they are very low-maintenance and will last for 40,000 hours, which at eight hours per night is about 13.5 years."

∙ Lights atop One Rincon Hill signal S.F. weather [SFGate]

Posted by socketadmin at 3:30 AM | Permalink | Comments (44) | (email story)

December 5, 2008

To Comp Or Not To Comp, Perhaps We Have An Answer

In August the sale of unit #421 at The Palms (555 4th Street) closed escrow with a reported contract price or $700,000, purchased for $789,000 in 2006. The sale was “subject to lender’s approval,” however, so perhaps not a “real” comp.

Then again, as a plugged-in tipster notes 555 4th Street #521 has been on the market for seven months and the price reduced five times. Now asking $699,000 after a month at $749,000, and once again, purchased for $789,000 in 2006.

Perhaps the real(ity) is so.

∙ Listing: 555 4th Street #521 (2/2) - $699,000 [MLS]
∙ The Palms (555 4th St.): Secondary Market Slowdown And Short Sale [SocketSite]
∙ To Comp Or Not To Comp, The Question Of More Than The Day [SocketSite]

Posted by socketadmin at 4:00 PM | Permalink | Comments (53) | (email story)

1450 Franklin: The Proposal And "Historic" Preservationist Challenge

Designed by Frederick Meyer and currently home to Cars Dawydiak, 1450 Franklin is proposed to become a 13-story mixed-use building with 69 condominiums (10 studios, 21 one-bedrooms, and 38 two-bedrooms) over two floor of parking and ground floor commercial (with another level of parking underneath for a total of 70 spaces).

And as J.K. Dineen reports, the proposal recently survived a "historic" challenge:

San Francisco Heritage Executive Director Jack Gold said he argued at the [San Francisco Redevelopment Agency Commission] hearing that the single-story building deserves preservation because it is part of the “auto row historic district,” a cluster of early automobile businesses on and near Van Ness Avenue.

“It’s one of a type of auto-related buildings in that neighborhood that represent the flowering of the auto industry in San Francisco,” said Gold.

Score one for the developers as the agency voted unanimously to approve the $30 million project. Budget at least two years to get it built (assuming final approvals and financing).

∙ Developer wins battle vs. preservationists [San Francisco Business Times]
∙ 1450 Franklin: Draft Environmental Impact Report (pdf) [ci.sf.ca.us]

Posted by socketadmin at 11:45 AM | Permalink | Comments (24) | (email story)

December 3, 2008

From Graffiti Canvas To Apartment Campus: PHSH Breaking Ground

In 2004 Forest City Development was awarded the Presidio’s Public Health Service Hospital project to redevelop the long abandoned and graffiti filled building into apartments.

The non-historic wings of Building 1801 will be removed together with other non-historic buildings and additions. Up to 133,000 sf will be demolished and new construction consisting of up 35,000 sf at the rear of Building 1801 and a 16,000 square-foot building on Belles Street on the “central green” west of the Wyman Avenue residences may occur. Up to 186 dwelling units will be provided in combination with approximately 76,000 sf of other uses, including offices and cultural/education. More than half of the proposed dwelling units will be studio and 1-bedroom units, which are in highest demand for Presidio-based employees.

And on Friday, Forest City officially breaks ground on 154 units.

∙ Public Health Service Hospital Project [presidio.gov]
∙ SF abandoned Hospital PHSH.org [loupiote.com]
∙ Presidio hospital to be transformed into apartments [Examiner]

Posted by socketadmin at 7:45 AM | Permalink | Comments (23) | (email story)

December 1, 2008

Harding Theater (616 Divisadero): Developer Throwing In The Towel?

Last week a plugged-in tipster noted for sale signs had been hung, and this weekend 616 Divisadero (a.k.a. the Harding Theater) hit the MLS. In the words of another tipster, “After years of paying debt service and battling with the planning board, the developers of the Harding Theater on [Divisadero] have thrown in the towel….”

It appears that the decaying theater façade will be preserved for the foreseeable future and the auditorium, lobby and storefront spaces will remain unusable. Oh, and the adjoining underdeveloped lot around the corned on Hayes should be safe from becoming eight homes for neighborhood residents, business patrons and taxpayers anytime soon.

∙ Listing: 616 Divisadero - $4,000,000 [MLS]
∙ Harding Theater Development Positive Review Panned On Appeal [SocketSite]

Posted by socketadmin at 6:50 AM | Permalink | Comments (40) | (email story)

November 26, 2008

The SocketSite Penthouse Plan Challenge: From At To Over The Top

As if the floor plan and 3D rendering submitted by the Lifebox, Steel Blue and NEORAMA team to our unofficial One Rincon Hill penthouse challenge weren’t enough, they’ve taken it upon themselves to render the penthouse design as a slice of the building. And with that we've officially moved from at to over the top.

∙ SocketSite’s Unofficial Penthouse Plan Challenge: Life(box) At The Top [SocketSite]

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

November 24, 2008

Must Have Limited Income (But Be Able To Afford $710/mo In HOAs)

It’s a Mayor’s Office of Housing two-bedroom unit in the Watermark (which explains the appliances). And while the income restricted price is well below market rate ($287,375), keep in mind the monthly HOA dues are not ($710).

∙ Listing: 501 Beale #5F (2/1) - $287,375 (BMR) [MLS]

Posted by socketadmin at 9:00 AM | Permalink | Comments (29) | (email story)

November 21, 2008

SocketSite’s Unofficial Penthouse Plan Challenge: Life(box) At The Top

A team of plugged-in professionals have responded to our unofficial One Rincon Hill Penthouse Floor Plan Challenge with an official ORH “OMG!” entry. And this time, it’s not only the floor plan above (click to enlarge), but design notes and 3D rendering that follow.

In the words of our plugged-in architect, Thomas Pippin of Lifebox Studios:

I approached the 5,900 S.F. penthouse by identifying the ideal buyer: "The Executive", and then conceptualizing the layout to accommodate his/her particular needs. The office & teleconferencing suite essentially becomes the center-piece. The suite enables the executive to seamlessly conduct business internationally from his/her home, and also embraces the work demands of a part-time assistant managing the executive's philanthropic-based activities.

At first glace, the initial location of living spaces made sense. Due to the eastern skewed perimeter, the largest social gathering potential is in the northwest corner, and is designated as the Living Room. The southeast corner with views to the bay and minimal telescopic invasion lends best use as the Master Bedroom, and also the adjacent two additional bedrooms with similar views and privacy. The remaining spaces fall into place by functional arrangement...

Composing uninterrupted visual pathways between opposite sides of the building sustains a sense of place and orientation for the occupant. A gallery provides ambient views that lead to a prominent master bedroom entry while generating a north/south visual path on the east side. The north/south visual path on the west side is established through a pair of glass doors to the intimate Lounge and could be an optional 3rd bedroom with a private balcony.

The media room and two bedrooms can be closed off from the rest of the house via a large sliding partition for black-tie events allowing the private spaces to remain functional while entertaining. The media room posed problematic western exposures, but after investigating several options, I found other solutions resulted in a hotbed of winding hallways. So I addressed the issue with motorized black-out shades and a heavy drape.

Special consideration has been given to the plumbing locations and incorporated based on the four individual penthouse plans. The master bath and shower take advantage of the bay views. It appears a drain exists at the interior shaded column. I believe the shower could be raised one step to accommodate a post-p-trap tub drain slope and connection.

Since the main entry is located on the North side, the corridor connecting the master bedroom could be privatized but accessible and rated for egress as required. Laundry and pantry room have been located near the service entry for convenient delivery of goods and housekeeping services.

Thank you SocketSite, I've enjoyed the creative exercise and look forward to reading the comments that will follow.

No, thank you. And as if that wasn’t enough, the floor plan as rendered by Kim Chalmers of Steelblue LLC in collaboration with Neorama (once again, click to enlarge):

And no, this isn’t the first time this team has collaborated. Thomas was intimately involved in the design of the Penthouse atop the St. Regis while at Orlando Diaz-Azcuy Design Associates. And it was through that project that our players first met.

Even if you’re not in the market for an eight-figure penthouse, some great ideas to file away. And once again, cheers to all who participated (including Ryan and flaneur), we have rather high expectations of our readers and yet again you didn't disappoint.

∙ The One Rincon Hill Design(s) For The 60th Floor Of Tower One [SocketSite]
∙ Lifebox Studios [lifeboxstudios.com]
∙ Steel Blue LLC [steelbluellc.com]
∙ NEORAMA [neorama.com]
∙ Inside The St. Regis Penthouse: The Rendering Scoop And Details [SocketSite]
∙ The Unofficial One Rincon Hill Floor Plan Challenge: Ryan Responds [SocketSite
∙ The Unofficial One Rincon Hill Floor Plan Challenge: It’s Flaneur Time [SocketSite]]

Posted by socketadmin at 4:45 PM | Permalink | Comments (48) | (email story)

November 19, 2008

But Keep In Mind, It’s Not Just About The View(s)

As the sun sets (okay, set) over San Francisco we turn to a plugged-in reader’s view from her two-bedroom, two-bath apartment. In the words of our reader:

I felt compelled to send you the picture of my view and tell you how much I pay for it when I saw the [price] the owners of 1200 California #25a are asking for their [one-bedroom] (albeit 30% larger than my place).

I think it would be interesting to compare…the view from $3200/mo rental vs. $2.895M.

Keep in mind that our reader signed the lease on her 965 square foot apartment four and one-half years ago and a comparable unit in the building is asking $4,095 without parking which is valued at $289/mo (and included in our reader’s rent).

And in related 1200 California news, #12D appears to be in contract. Asking $2,295,000.

[Editor's Note: While the sun was setting as we wrote and published, it is indeed rising above. Damn you're tough. And we'd expect nothing less. Cheers.]

∙ Is That A Listing With Big Views (And Price) In Your Pocket Or… [SocketSite]
∙ Listing: 1200 California #12D (2/2) 1,850 sqft - $2,295,000 [MLS]

Posted by socketadmin at 5:15 PM | Permalink | Comments (28) | (email story)

November 17, 2008

Japantown: The Question, The Answer And Your Chance To Embellish

The question: what’s the deal with the development of Japantown?

The answer: while the the Japantown Better Neighborhood Plan continues to move forward, and J-POP is rising, 3D Investments' redevelopment of the Japan Center Mall and Peace Plaza has been pushed back a couple of years. Yes, the economy.

You embellish (if you can).

∙ Japantown Better Neighborhood Plan [SFGov]
∙ The J-POP Center [jpopcenter.com]
∙ The 4 Design Concepts For The Future Of San Francisco’s Japantown [SocketSite]

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

November 14, 2008

Harding Theater Development Positive Review Panned On Appeal

From the San Francisco Examiner:

A plan that would have largely gutted the historic Harding Theater and replaced it with retail stores and condos faces a setback after officials sided with dozens of people who asked for a more extensive review process.

The 75-year-old theater has been vacant for about five years....Owners of the building, near Divisadero and Hayes streets, are seeking approval of a plan that would leave the façade and elements of the interior intact, but replace much of the theater with retail, along with an eight-unit condo complex.

Friends of 1800, a neighborhood preservation group, appealed the Planning Department’s [Mitigated Negative Declaration] and asked the Planning Commission for a full review. At Thursday’s hearing, most speakers supported the appeal and all seven commissioners agreed, deciding a full environmental review of the project is due before any further decisions are made.

And from a plugged-in reader:

I live around the corner...and I want the damn thing gone. There are enough struggling small independent theaters around here that adding one more to the pile isn't going to help.

What divis needs is some new business growth, especially in the hayes to fulton section.

The problem is that those of us who would prefer to see it go aren't saying anything to anyone.

∙ Harding Theater plan put on hold [San Francisco Examiner]
∙ Plan For Old Theater: City, supervisor back developer's idea... [SFGate]
∙ Friends of 1800 [friendsof1800.org]

Posted by socketadmin at 7:00 AM | Permalink | Comments (14) | (email story)

November 12, 2008

Inside The St. Regis Penthouse: The Rendering Scoop And Details

It’s a plugged-in tipster that catches a couple of the elusive and exclusive renderings and additional details for the two-story penthouse atop the San Francisco St. Regis.

The numbers: 20,000+ square feet (including 2,900 of terraces); six bedrooms, seven full baths, four powder rooms; 2,500 square foot master suite (including the closet of dreams below); thirteen-seat home cinema designed by Keith Yates; 22 foot floor-to-ceiling glass walls in the living; and four terraces, four fireplaces and six car parking.

Penthouse (and Sex in The This City) worthy design by Orlando Diaz-Azcuy Design Associates. And yes, asking $70,000,000 fully finished. Calling Mister (or Miss) Big.

And forget the housewarming, just get us in for a tour.

UPDATE: Another rendering of the 22-foot ceiling and windows:

And that 2,500 square foot master suite's 525 gallon infinity tub:

And we take it back, let’s not forget those invitations to the housewarming. We’ll be bringing (a lot of) bubble bath. And fins.

[Full Disclosure: The listing agent for the penthouse atop the San Francisco St. Regis advertises on SocketSite but played no part in this post. And yes, we would have featured it regardless.]

∙ Museum Tower Penthouse atop the St. Regis Hotel [gregglynn.com]
∙ St. Regis Penthouse Asking $70M: Is San Francisco All Growns Up? [SocketSite]

Posted by socketadmin at 11:00 AM | Permalink | Comments (65) | (email story)

While San Francisco Might Get High-Speed Rail, Will The Transbay?

While Proposition 1A passed last week giving San Francisco hope of realizing a high-speed rail line, the hope that rail lines will be extended the 1.4 miles from the current Caltrain station at Fourth and King to the new Transbay Transit Center to rise at First and Mission might have taken a hit.

“We do not need First and Mission. I am satisfied with Fourth and Townsend,” said Judge Quentin Kopp, chairman of the High Speed Rail Authority. “We are not going to pay an extra billion-plus dollars to take the high-speed rail an extra 1.4 miles.”

The extension will have to be resolved — and funded — by The City and Caltrain, he said.

In related news, the realization of high-speed rail could help speed the electrification of Caltrain which would greatly benefit the residents of Mission Bay (think diesel noise and pollution).

∙ Transbay Transit Center going off track [San Francisco Examiner]
∙ Transbay Terminal Moves Forward, But Payments And Terms Change [SocketSite]
∙ Caltrain banking on high-speed rail [San Francisco Examiner]

Posted by socketadmin at 9:00 AM | Permalink | Comments (37) | (email story)

November 7, 2008

From A Comment A Year Ago To The Market Today: 3299 Gough

It’s been a while since we’ve talked about 1307 Bay Street. From a plugged-in reader with respect to the building a year ago:

Which unit is the penthouse? I think I know the guy that bought that last, a developer, and gutted it to make it his own private pimp pad.

And from the MLS today:

Full floor Penthouse on the top of a 4 unit building…new doors and windows trimmed in African and Honduran mahogany wood...new Linn high fidelity, integrated sound system in every room and the terrace which provides TV/Video from any of 7 sources (radio, satellite radio, I-Tunes, Satellite TV, CD, DVD), and Cat 5 wiring.

Oh, and a “temperature controlled 'Wine Wall' holding 580 bottles displaying the wine labels to create a unique dining ambiance.” So yes, we're guessing that's the one.

And it is all pretty pimpy. In a damn good way.

∙ Listing: 3299 Gough (3/2.5) - $2,595,000 [MLS]
∙ Damn Those Direct Comps In The Marina (1307 Bay Street) [SocketSite]

Posted by socketadmin at 2:45 PM | Permalink | Comments (18) | (email story)

Brugnara Properties Headquarters Headed For Foreclosure?

From a plugged-in tipster today:

351 California is one of the Dollar buildings (forgot which one), later the Pacific Bank Building, and currently the HQ [of] Brugnara Properties. Luke Brugnara is one of the most storied characters in the commercial real estate scene. The building is scheduled for the courthouse steps 14 November with an outstanding loan balance of $33,377,682 per PropertyShark.

From Brugnara seven months ago: "I own 351 California and am not in default."

∙ S.F. real estate player Brugnara indicted [San Francisco Business Times]

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

October 27, 2008

355 1st Street #S2003 Closes Escrow And The Bragging Rights Go To…

We hereby award “Satchel” the official bragging rights for backing into the previous purchase price for 355 1st Street #S2003 at The Metropolitan (around $825,000). While we’ll let “phatty” and “Recent ORH buyer” split the prize for being closest to its most recent: $600,000 (closed escrow on 10/24/08).

And once again it begs the question: if the sale of this unit was a comp (or perhaps a comp for a comp) in years past, should it be now? Keep in mind there were multiple bids. And this wasn’t an auction (where terms can constrain the pool of buyers).

∙ Bank Owned (With Big Views For Now) At The Metropolitan (355 1st) [SocketSite]

Posted by socketadmin at 11:00 AM | Permalink | Comments (38) | (email story)

October 23, 2008

The Official Argenta (One Polk) Offering Image And Language

The official Argenta (One Polk) offering language and image from a plugged-in tipster:

Cushman & Wakefield of California, Inc. has been exclusively retained to offer qualified investors the opportunity to purchase a 100% fee simple interest in the Argenta, a just completed 179 unit residential tower located at One Polk Street in San Francisco, California. The Argenta offers investors the rare opportunity to enter one of the world's best residential markets. With current market vacancy less than 4%, extremely high barriers to entry, limited new construction and high cost of home ownership, the San Francisco rental market is poised for continued rent growth. As all units are vacant, the new owner has the opportunity to immediately lease the property at current market rents.

Constructed in 2008, the 20 story Argenta includes 18 stories of residential units, three retail units and three levels of parking. The Property was developed with high quality finishes throughout and outstanding tenant amenities including a 1,800 square foot workout facility, video security and electronic key entry, direct parking access and a 600 square foot lounge accessing a large plaza deck.

The Property is located in the heart of San Francisco’s Civic Center district with convenient access to all major transportation modes including BART, San Francisco’s Muni, and the Bay Area bus network systems. BART and Muni are only two blocks from the property (with the CBD being only two stations away) and drivers can easily access onramps to each of the major arterial freeways (Interstate 80/Bay Bridge, Interstate 280 and U.S. Highway 101). In addition, it is a short walk from many neighborhood amenities within Hayes Valley and cultural amenities such as Union Square, The Westfield Center, City Hall, Davies Symphony Hall, Bill Graham Auditorium, the Opera House, the San Francisco Library, and the Asian Art Museum.

The official price to come (we hope).

∙ Comments: Argenta (1 Polk) On The Market As An Apartment Building [SocketSite]

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

October 22, 2008

The Scoop: Argenta (1 Polk) On The Market As An Apartment Building

A plugged-in reader pings us with a question and then offers an answer before we even have a chance to respond: Argenta (One Polk) has been listed with Cushman & Wakefield to be sold as an apartment building.

And while we don’t yet have the number, according to another source the list price will be a challenge to pencil out considering the potential rents for the location. Keep in mind that the listing doesn’t necessarily rule out the possibility of moving forward with the sale of individual units. And as always, details when we (or you) have them.

∙ Argenta (1 Polk) Update: Now Coming First Quarter 2009 [SocketSite]
∙ Argenta (1 Polk) Update: The Scaffolding Starts To Get Stripped [SocketSite]
∙ Argenta (1 Polk): Ground Breaking [SocketSite]

Posted by socketadmin at 5:45 PM | Permalink | Comments (20) | (email story)

October 17, 2008

Penthouse Number Two Of Three Atop Six Zero One Fourth

We’re not digging it quite as much as number one, but number two is one of only three penthouses built atop the Heublein Building (601 4th Street), so a mention it gets.

And if you buy it, forget the housewarming. Invite us over for a twilight soak.

∙ Listing: 601 4th Street #PH2 (1/1) - $1,099,000 [brendondesimone.com] [MLS]
∙ The Heublien Building Lofts (601 4th Street) [SocketSite]
∙ A Truly Unique San Francisco Space And Penthouse: 601 4th St PH1 [SocketSite]

Posted by socketadmin at 10:30 AM | Permalink | Comments (18) | (email story)

October 3, 2008

You’ve Seen Two, But You Haven’t Seen Them All: 300 Beale #406

Boffi, Miele, Porro and Agape (the tub above) inside. And yes, Embarcadero Lofts (this time #406). As we said, you’ve seen one (or two), but you haven’t seen them all…

∙ Listing: 300 Beale #406 (2/2) - $1,595,000 [MLS]
∙ Loft By Nature, Luxury By Design: Embarcadero Lofts (300 Beale) [SocketSite]
∙ You’ve Seen One, But You Haven’t Seen Them All: 300 Beale #613 [SocketSite]

Posted by socketadmin at 10:00 AM | Permalink | Comments (34) | (email story)

October 1, 2008

You’ve Seen One, But You Haven’t Seen Them All: 300 Beale #613

A bit more industrial (some might even say loft like) than Embarcadero Lofts #319, 300 Beale #613 should hit the MLS soon.

Penthouse, private corner patio, wood-burning fireplace, two beds, two baths, a decidedly modern kitchen with pear wood cabinetry, and all around 1,800 square feet.

∙ Listing: 300 Beale #613 - $1,649,500 [meredithmartin.com]
∙ Loft By Nature, Luxury By Design: Embarcadero Lofts (300 Beale) [SocketSite]

Posted by socketadmin at 12:30 PM | Permalink | Comments (38) | (email story)

September 29, 2008

A Quick Cut (And Case Of Cash Back?) For 310 Townsend #308

Priced by the developer at $611,000 when the building first opened in February of 2007, 310 Townsend #308 closed escrow in June of 2007 with a reported contract price of $617,500 (no word on whether we're talking upgrades or another case of “cash back”).

Back on the market two weeks ago with an asking price of $629,000 (a sale at which would have represented average annual appreciation of roughly 1.4% over the past sixteen months), the list price has since been cut to $599,000.

∙ Listing: 310 Townsend #308 (1/1) - $599,000 [MLS]
∙ 310 Townsend: Available And Selling [SocketSite]
∙ Can Bank Owned Comps Kill (Values)? 246 2nd Street #502 Returns [SocketSite]

Posted by socketadmin at 6:00 PM | Permalink | Comments (24) | (email story)

September 25, 2008

Transbay Terminal Moves Forward, But Payments And Terms Change

The winning $350 million bid by the Hines/Pelli Clarke Pelli team to develop San Francisco's new Transbay terminal and tower has been cut to $235 million "but would require the real estate developers to pay the money sooner and assume greater risk and carrying costs." From J.K. Dineen at the San Francisco Business Times:

Under the new exclusive negotiations agreement, hammered out between the [Transbay Joint Powers Authority] and developer Hines and equity partner MetLife over the past year, Hines would pay $160 million within 90 days of the project’s entitlement. Hines would then pay $15 million in five $3 million installments, as well as $50 million for the construction for the rooftop park. In addition, the developers would pay the TJPA half a percent of net operating income over 66 years, estimated to be about $10 million.

The reduced purchase price is being driven by timing the TJPA needs to meet certain deadlines. During talks for the exclusive negotiating agreement, Hines indicated that it could not obtain financing for the $350 million until it was able to prelease at least 50 percent of the 1.6 million square feet of office space in the tower, which the developer said would take five years after it received entitlements, which is unlikely to happen before 2010. But under the TJPA’s mandate, the 2015 payoff date would be a problem because the TJPA’s mandate requires it to start construction of the transit center by 2010, and revenue generated from the land sale will partially pay for the transit center.

Paul Paradis, Hines senior vice president, said the revised scenario was not affected by the current credit crisis or Wall Street turmoil. He said the term sheet the TJPA gave developers during the competition always required that the developer and the Transit Authority would need to negotiate an amount of pre-leasing. (Hines beat out Forest City and the Rockefeller Group during the competition, in part by offering a much higher purchase price than the other developers for the land. Forest City had offered $145 million and Rockefeller $129 million.)

Demolition of the current terminal is currently scheduled for 2009 with constuction on the Transit Center (and possibly tower) to begin in 2010, and the first phase to be completed in 2014.

∙ Deal cuts price developer will pay for Transbay land by $115 million [Business Times]
∙ Hines And Pelli Clarke Pelli Bid The Most (And Get The Transbay Nod) [SocketSite]

Posted by socketadmin at 6:30 AM | Permalink | Comments (9) | (email story)

September 19, 2008

The Height(s) Of Foreshadowing: 1940 Broadway #6 Returns

We’d love to call it foreshadowing (and that we knew), but alas it’s simply a cosmic coincidence (and we didn’t). And while seven months ago we featured the floor plan, and two days ago we made reference, yesterday 1940 Broadway #6 returned to the MLS.

As a plugged-in tipster notes, “After selling a few months back, back on the market for 800k more at 5.19 million (and with a LOT more pictures, drooool...).”

And speaking of foreshadowing, keep in mind that high-end coops aren’t typically fond of flippers or fickle buyers. Might something else be afoot?

∙ Listing: 1940 Broadway #6 (3/4) - $5,191,000 [MLS] [1940broadway.com]
∙ A Few Of Our Favorite Things: Big Windows, Views, And A Floor Plan [SocketSite]
∙ A Lower Floor (Plan) At The Heights: 1940 Broadway #1W [SocketSite]

Posted by socketadmin at 5:00 PM | Permalink | Comments (23) | (email story)

Cape Horn Lofts (540 Delancey) In General, And #401 In Specific

Constructed as the Cape Horn Warehouse in 1892, and converted into the Cape Horn Lofts by Thompson Brooks and Pfau Architecture in 1997, 540 Delancey is now home to fifteen upscale “loft type” condominiums.

Purchased for $825,000 in June of 2004 and then remodeled in 2005 (sorry, no apple here), 540 Delancey #401 is back on the market for $1,150,000.

In terms of Cape Horn (and District 9) apples, however, 540 Delancey #203 did close escrow three months ago with a reported contract price of $900,000, purchased in February of 2006 for the same.

∙ Listing: 540 Delancey #401 (1/2) - $1,150,000 [openhomesphotography.com] [MLS]

Posted by socketadmin at 8:30 AM | Permalink | Comments (41) | (email story)

August 12, 2008

Exploring The Cost Of Renovating San Francisco's Decrepit Piers

"In 2006, the port and the Exploratorium executed a three-year exclusive negotiating agreement in which the museum would spend nearly $100 million to repair and retrofit the decrepit piers 15-17 and build a new museum. In return, the museum would obtain a 66-year lease that would enable it to move from the Palace of Fine Arts, its home since 1969.

As part of that deal, the museum stood to receive roughly $18.5 million in free rent from the port over about a 30-year period. But construction costs have escalated to $175 million, mainly due to increased pier repair costs, port project manager Jennifer Sobol said.

As part of the new agreement, the museum would get about $30 million in rent credit over a 50-year period, she said."

∙ Exploratorium wants 50 years free rent from port officials [SFGate]
∙ Exploratorium: Embarcadero [exploratorium.edu]
∙ Piers On Which People Can Play (Albeit More With Their Minds) [SocketSite]

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

August 11, 2008

Putting A Price On Tenant Buyouts (And On The Market): 1890 Clay

The 74 unit Clay Park Tower at 1890 Clay has been on the market for around a month (asking $39,950,000). And it’s a plugged-in tipster that provides some insight into what the Lembi brothers had been offering tenants in their building to move out:

[CitiApartments bought the building two to three years ago] and did extensive renovations to the exterior and vacant units, which hadn’t been touched since the building was built in 1963. There was also tons of deferred maintenance – roof, plumbing, you name it. (The previous owners just used it like a cash cow until it was dry.) Citi then offered “incentives” to buyers to move out, which ranged from $7K-$75K+. They offered us [around $50K] late last year but we stupidly didn’t take it (mostly due to the taxes, because it would be taxed like income). Admittedly, I was holding out for [around $100K] because we have a large floor plan and I thought we could get more.

If people took the buyouts, Citi then would gut the unit, and rent it furnished as short term housing. Looks pretty from far away (hardwood, granite, stainless steel), but as to be expected the workmanship is really shoddy. I don’t really living in the building now because I feel like I’m in a hotel – new people coming and going all the time. Maybe after summer is over it will slow down.

The comment about workmanship is obviously opinion, the figures on buyouts are fact.

∙ Listing: Clay Park Towers (1890 Clay Street) - $39,950,000 [LoopNet]

Posted by socketadmin at 11:15 AM | Permalink | Comments (117) | (email story)

July 25, 2008

1331-1333 Green In Black And White (In Honor Of Imogen)

Added on to the front of the lot where Imogen Cunningham once had her home and studio (1331 Green). Designed by Paulette Taggart. And now on the market as a TIC.

Interior photos? Coming soon (we hope).

∙ Listing: 1333 Green Street (1/1) - $979,000 (TIC) [MLS]
∙ The Imogen Cunningham Trust [imogencunningham.com]
∙ Paulette Taggart Architects [ptarc.com]

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

July 18, 2008

An “Industrial Chic” Bath In The Mullen Buildings (60 Rausch #204)

We’ve always like the Mullen Buildings. And the “industrial chic” master bath of 60 Rausch #204 is one of the more unique (and industrial) that we’ve seen (in the building).

Tandem two car parking (so you'll have a place to store that SUV). Unfortunately the patio isn't private (especially considering the windows). And while this condo has been on the market for almost two months, the last time we checked there weren’t any photos (obviously that’s changed).

∙ Listing: 60 Rausch #204 (2/2.5) - $989,000 [MLS]
∙ The Mullen Buildings: 52/60 Rausch & 73 Sumner [SocketSite]

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

Muy Bien? Proposal To Restore And Develop Adjacent To 706 Mission

Millennium Partners and JMA Ventures have reached an exclusive negotiating agreement with the San Francisco Redevelopment Agency to develop the empty 9,000 square foot lot adjacent to 706 Mission Street (the gold Mercantile Building).

The proposed use: a 220-unit condominium tower over the Mexican Museum. From J.K. Dineen:

“Under the proposed scheme, the development team -- a joint venture between Millennium Partners and JMA Ventures -- would build the core and shell of a 35,000- to 40,000-square-foot Mexican Museum at no cost to the museum. The museum would be housed on the lower floors of the condo tower, which will be built on a 25,000-square-foot site on the north side of Mission Street between Third and Fourth streets. The site includes a 9,000-square-foot site the Redevelopment Agency owns and a 16,000-square-foot parcel Millennium and JMA bought in 2006.

The museum and condo tower would be connected to the historic Mercantile Building at 706 Mission St., the 1903 structure with baroque ornamental details that JMA and Millennium Partners own. The height of the residential tower, which is being designed by Mexican architect Enrique Norton and Glenn Rescalvo of Handel Architects, has not been determined; however, a portion of the residential tower will be built over the existing Mercantile Building, according to Amy Neches, project director for the Redevelopment Agency.”

“In addition to building the Mexican Museum, the developers have agreed to establish a $5 million endowment to help the cultural institution establish itself. Also, Millennium and JMA have agreed to pay $22 million into an affordable housing fund in lieu of meeting the city's affordable housing requirements. The payment would be equivalent to making 28 percent of the units below market rate.

While the use of the Mercantile building is still being decided, the ground floor will continue to be retail and will be the entrance to the residential tower. The agency and the developer are also talking to the International Museum of Women about moving that organization to the lower floors of 706 Mission. The upper portion of the 100,000-square-foot building could remain office or become housing. Tenants in the building include Yelp, which recently expanded into 32,000 square feet.

Neches said the non-historic gold brick exterior on 706 Mission would be removed to restore the original exterior.”

And as Neches notes, the negotiating agreement is simply the start of “a long public process of traffic studies, shadow studies and public debate” for the site. Yes, we're talking years.

∙ Millennium Partners, JMA Ventures tapped for tower [Business Times]

Posted by socketadmin at 6:30 AM | Permalink | Comments (25) | (email story)

July 15, 2008

RandomRumors: Bono Buys Big Atop One Rincon Hill?

Every so often we receive a rumor/tip that leaves us a little stunned. And while most are busted behind the scenes and never make it onto the site, this one we couldn’t resist:

Did Bono buy a penthouse in One Rincon Hill? Can someone verify this? Just really curious/excited as I live there as well…

Well, according to our sources the answer is no. And if that were simply the "on the record" answer we'd usually get a little wink (which we didn't). Now to the real question, who got the rumor going?

Posted by socketadmin at 12:15 PM | Permalink | Comments (25) | (email story)

July 11, 2008

Loft By Nature, Luxury By Design: Embarcadero Lofts (300 Beale)

Designed by Frederick Meyer, founder of the California College of Arts and Crafts and known for his "innovative use of large glass areas," 300 Beale was built for the Coffin-Redington Drug Company in 1937. Sixty years later, Embarcadero Lofts was born with MBH Architects leading the building's conversion into 53 residential lofts.

In 2001 the building was added to the National Register of Historic Places (for architecture and engineering). And this weekend, one of those 53 units (300 Beale #319) should hit the market.

The “down to the studs concrete” renovation of this 954 square foot one-bedroom features three hand made 500 pound steel and glass panels by South Park Fabricators (think Sand Studios), and plates of glass which can be individually replaced (not that we would, but think opaque for more privacy).

The luxury kitchen and bath truly are (think Italian marble, Waterworks tiles, and custom cabinets throughout); and the laundry “room” adjacent to kitchen (with Miele washer and dryer) is a nice touch.

No Sunday open houses (nor even Tuesday broker tours), so you’ll have to make do with the photos or make an appointment if you're interested (please don’t shoot the messenger). Be sure to note the Cadillac cloth drapes (yes, as in the car) if you do (make an appointment that is).

[Full Disclosure: The listing agent for 300 Beale #319 advertises on SocketSite. And yes, we would have featured it regardless.]

∙ National Register #01000028: Coffin-Redington Building [noehill.com]
∙ Listing: 300 Beale #319 (1/1) - $845,000 [embarcaderoloft.com]
∙ Sand Studios/South Park Fabricators [southparkfab.com]

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

July 3, 2008

A Beacon One-Bedroom Sells For Over Asking! (And Only 25% Less)

The sale of 260 King Street #957 closed escrow yesterday with a reported contract price of $645,000 ($584 per square foot).

Official industry statistics will report yet another over asking sale (by $100), while we’re left to report a new Beacon “comp” at roughly 25% less than what was previously paid (tax records suggest a price of around $860,000 or $782 per square foot). Do keep in mind, however, that this bank owned sale (note 1) didn’t include any appliances or even many of the fixtures (note 2).

And as always, let's not forget those invitations to the housewarming, we'd love to see what you did with those shades.

∙ Bank Owned (With Big Windows) At The Beacon: 260 King #957 [SocketSite]
∙ Window Coverings: Can You Beat The Heat And Help A Reader Out? [SocketSite]

Posted by socketadmin at 12:45 AM | Permalink | Comments (27) | (email story)

June 30, 2008

Mini Meltdown At The Metropolitan? (333 1st Street #N1906)

According to the listing, 333 1st Street #N1906 is now a bank owned studio at the Metropolitan with an asking price of $399,000.

And while according to Redfin the 506 square foot #N1906 sold for $885,000 on May 30, 2008 (which doesn’t quite pass our smell test even assuming out-and-out mortgage fraud), according to the Chronicle it changed hands in April of 2005 for $525,000.

And if Cyberhomes is correct, Metropolitan units #N1203, #S1508, and #N1006 are either in foreclosure or headed that way as well.

∙ Listing: 333 1st Street #N1906 (0/1) - $399,000 [MLS] [Redfin]

Posted by socketadmin at 10:45 AM | Permalink | Comments (90) | (email story)

June 23, 2008

A Concerning Comp (And Empty Shell) At The Ritz-Carlton Residences

Last week #1805 at San Francisco’s Ritz-Carlton Residences (690 Market) closed escrow with a reported contract price of $1,300,000. Not too shabby considering it’s a one-bedroom. But perhaps a bit concerning considering the sales office was asking $1,505,000.

It’s definitely something to consider if you’re interested in #1905 one floor above (still listed by the sales office for $1,525,000), or #1705 one floor below (which “motivated sellers” are now offering for $1,450,000, down from $1,499,000 five months prior).

Also back on the market, the 3,595 square foot penthouse shell known as #2401. Current asking price: $6,500,000 (offered by the sales office for $5,420,000 in 2006).

UPDATE: From a trusted plugged-in tipster: "I've heard that one-third of the Ritz units fell out of escrow. I gather some buyers were upset that the retail space, which was supposed to be a restaurant, will instead be spun off as a commercial condo and sold to a bank. Also, gym has been delayed by quite a bit."

∙ Listing: 690 Market #1705 (1/1.5) - $1,450,000 [MLS]
∙ Listing: 690 Market #1905 (1/1.5) - $1,525,000 [MLS]
∙ Listing: 690 Market #2401 (3,595 square feet) - $6,500,000 [MLS]
∙ Reductions And Returns At The Ritz-Carlton Residences (690 Market) [SocketSite]
∙ Ritz-Carlton Residences (690 Market): Listed [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (62) | (email story)

June 20, 2008

One Expensive One-Bedroom In A Beaux Arts Building We Love

We’ve always loved the William Randolph Hearst built Beaux Arts building at 1001 California Street, both in terms of location and style. And as far as we know, the 3,500 square foot #9 was the last unit to change hands eighteen six months ago (12/12/07) with a reported contract price of $2,888,000.

And while unit #8 is only a one-bedroom, it is rather large (1500 square feet) and offers multiple terraces and “views for miles.” Asking $2,495,000 which doesn’t include a parking space or the $2,237 monthly dues. Once again, if you have to ask...

∙ Listing: 1001 California Street #8 (1/1.5) - $2,495,000 [MLS]

Posted by socketadmin at 9:45 AM | Permalink | Comments (26) | (email story)

June 2, 2008

Transbay Terminal Zoning Presentation And “Urban Form Simulations”

If you missed the road show, the San Francisco Planning Department’s presentation for proposed zoning around the Transbay terminal is now online.

Included in the presentation are “Urban Form Simulations,” a series of Downtown views from 17 different vantage points throughout San Francisco (including Alamo Square, Union Square, Dolores Park, Twin Peaks, and the Golden Gate Bridge) which are rendered with Transit Tower massings under five different zoning scenarios: existing, 850’ max, 1000’ max, and 1200’ max (without and with neighboring proposals).

∙ Transit Center District Plan Simulations [SFGov]
∙ Transit Center District Plan Workshop: Initial Ideas Tonight (4/30/08) [SocketSite]
∙ Proposed Piano Parcels (Including 50 First Street) On The Market [SocketSite]

Posted by socketadmin at 9:31 AM | Permalink | Comments (28) | (email story)

May 23, 2008

The Holy Hotness Of Firehouse 44 (3816 22nd Street) Hits The Market

Of course plugged-in people already know its history, knew it was coming, and had an idea of what to expect. And now it’s here. The most striking element of the renovated Firehouse 44: a "4-story glass and reclaimed lumber staircase atrium."

And if 3816 22nd Street (a.k.a. Engine Company No. 44) sells for within $1,000,000 of what they’re asking ($6,375,000), it could set a new price record for single-family homes in Noe Valley (although not in terms of price per square foot).

∙ Listing: 3816 22nd Street (4/4.5) - $6,375,000 [MLS] [Property Website]
∙ Holy Hotness, History, And Home: Engine Company No. 44 Returns [SocketSite]

Posted by socketadmin at 2:00 AM | Permalink | Comments (47) | (email story)

May 19, 2008

Infinity Penthouse Unit 37B: Before And After (And The Budget)

According to Damion Mathews of SFLuxe, Gurbaksh Chahal ("G") spent $6,900,000 to purchase Infinity penthouse unit 37B and another $1,000,000 upgrading the 3,355 square foot condo (a quarter of which was budgeted for the flooring alone).

Interior design by Vaso Peritos with before and after photos for the project available online but no specific accounting (financial or otherwise) for the many monograms throughout.

∙ Inside G’s Infinity Penthouse [SFLuxe]
∙ Infinity High Rise Penthouse 37th Floor: Before and After [Vaso Peritos]

Posted by socketadmin at 8:30 AM | Permalink | Comments (117) | (email story)

May 5, 2008

JustQuotes: Record Sale Price For Edgewater Apartments On Berry

"Colorado-based apartment real estate investment trust paid $115 million for a recently completed Mission Bay apartment complex, a deal that shattered price-per-unit records for a major multi-family property in San Francisco.

UDR, formerly known as United Dominion Realty Trust, shelled out $595,855 per apartment, or $730 a square foot, for the recently completed 193-unit Edgewater Luxury Apartments at 355 Berry St., north of the channel in Mission Bay.

The seller was the apartment developer Urban Housing Group, which spent five years entitling and constructing the property before opening it in August 2007. Urban Housing fully leased the building in four months, beating projections by five months."

∙ Edgewater's $115M price shatters records [Business Times]
∙ Edgewater Apartments (355 Berry): An Overview And Pricing [SocketSite]

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

May 2, 2008

The Power (Or Perhaps To The Power) Of Three: 2000 Washington #A

Three bedrooms, three (and one-half) baths, three parking spaces, and three cheers.

One full floor, one of only seven cooperative units in the Conrad Muessdorffer designed building, and one “if you have to ask” price ($6,250,000) with dues to match ($2,285/mo).

∙ Listing: 2000 Washington Street #A (3/3.5) - $6,250,000 [MLS]
∙ Architect: Conrad Alfred Meussdorffer [sfhistoryencyclopedia.com]

Posted by socketadmin at 8:30 AM | Permalink | Comments (10) | (email story)

Bank Owned (With Big Windows) At The Beacon: 260 King #957

You’ll have to budget for a few kitchen appliances, and don’t forget about that southern sun (or rather its heat), but if you have your heart set on living at The Beacon you might want to take a look at 260 King #957. Corner unit, big windows, over 1,100 square feet, and now bank owned and listed at $584 per square foot ($644,900).

Tax records would suggest a previous sale of this very unit (and previous building comp) at around $782 a square foot ($860,000). And four other one-bedrooms at 260 King are currently on the market from $690 to $857 (a square).

∙ Listing: 260 King Street #957 (1/1.5) - $644,900 [MLS]
∙ Quite Literally At The Beacon [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (37) | (email story)

April 11, 2008

Holy Hotness, History, And Home: Engine Company No. 44 Returns

Built by the McSheehy Brothers in 1909, 3816 22nd Street served as home to San Francisco’s Engine Company No. 44 (and their horses) for fifty years.

In 1959 the firehouse was sold to Mark and Beth Adams who maintained the firehouse in relatively original condition but employed the space as a private residence and artists’ studio for the next forty.

Purchased in February of 2006 for $2,100,000 (while listed for $2,695,000), the firehouse will soon return to the market after a multi-year renovation and expansion (think new second floor) of what was roughly 3,700 square feet of living space (original floor plans).

We have yet to see the new interior, but it promises to be a “clever mix of modern and original details" including a glass and reclaimed lumber staircase; original spiral staircase, copper and zinc doors; gourmet “loft” kitchen; and observatory tower with 360 degree views. Pricing? It's currently “upon request," but according to a plugged-in tipster:

I spoke to the developer…probably 10 months ago and he said it could possibly set a record price for a SFH in Noe Valley (who knows what has transpired [since] then, but for what it's worth).

And yes, we're fired up (ba-dump-bump) with fingers crossed to see what they've done with the space.

∙ Engine House 44 [New Website] [Last Listing] [Original Detail] [Original Floor Plan]

Posted by socketadmin at 2:33 PM | Permalink | Comments (12) | (email story)

Additional Details To Go With The Glassy Design: 680/690 Folsom

Additional details on the redevelopment and redesign of 680/690 Folsom we showcased in February:

Two floors are being added to the 12-story structure and the floorplates will be expanded as well, pushing the edge of the building toward Folsom Street. The glass, steel and granite lobby will have 30-foot ceilings with floor-to-ceiling glass and a floating staircase.

All told, the rehab will increase the building from 400,000 square feet to 505,000 square feet, with 440,000 square feet of office and 10,000 square feet of retail at 680 Folsom St. (formerly called 666 Folsom) and 55,000 square feet of offices at the abutting 50 Hawthorne St.

The ground floor will have a restaurant and TMG is in early talks with the Museum of Performance & Design -- formerly the San Francisco Performing Arts Library & Museum -- which is interested in moving from the Veterans Building in the Civic Center.

∙ Reinvention under way at Third and Folsom [Business Times]
∙ Wet Weekend Special (And Scoop): The Designs For 680/690 Folsom [SocketSite]

Posted by socketadmin at 6:30 AM | Permalink | Comments (10) | (email story)

April 2, 2008

Master Bed, Half-Bath And Beyond Bracing (650 2nd Street #601)

From a tire warehouse (Goodrich) in 1923, to a booze warehouse/office (Seagrams), to a printing plant and corporate headquarters (George Lithograph Company), to twenty-four (24) live/work lofts in 1996, 650 2nd Street is a true conversion building.

Which should help explain the half-bath in the master suite of #601 (with the two full baths a floor below). And the not so subtle seismic bracing in the living room as well.

∙ Listing: 650 2nd Street #601 (2/2.5) - $1,695,000 [650secondstreet.com] [MLS]

Posted by socketadmin at 4:00 PM | Permalink | Comments (49) | (email story)

188 King Street #305 Returns To The Market (And Is Quickly Reduced)

Originally offered by the developer in May of 2006 for $925,000 (and purchased for said amount according to tax records), 188 King #305 returned to the market a month ago with a list price of $869,000. And two weeks later, that list price was reduced down to $849,000.

As you might recall, it was eighteen months ago that we calculated that only seven of the 44 condos that compose 188 King Street had been sold on the open market despite “multiple releases” and five additional units being advertised as “sold” for marketing purposes (but retained by the developers).

And keep in mind that unsold units ended up becoming rentals (which could affect financing), and a week after the sale of #305 closed escrow the developer cut prices by up to $100,000 (which still didn't manage to move the sales needle at the time).

∙ Listing: 188 King Street (1/2) 1,123 sqft - $849,000 [MLS]
∙ 188 King: Phase I Pricing [SocketSite]
∙ 188 King Street: The Rents [SocketSite]
∙ The Scoop On 188 King Street: Now Selling Leasing [SocketSite]
∙ Price Reductions At 188 King [SocketSite]

Posted by socketadmin at 1:19 PM | Permalink | Comments (11) | (email story)

March 24, 2008

Going Once, Going Twice (For Real?*) At Shore|Line: 41 Federal #42

From a list price of $939,000 to $869,000 to $850,000 to $830,000 to $813,400 to $797,150 to an auction this Wednesday (3/26/08) at 4:15 PM.

As you might recall, 41 Federal #42 had been offered by the developer for $850,000 sixteen (16) months ago before being purchased and then lost to the bank. The opening bid this week will be $100,000*. Care to forecast the final price?

And in case you didn't catch it, our 41 Federal headline almost three months ago: “Going Once, Going Twice…Going Five Times At Shore|Line: 41 Federal.” Boo.

*UPDATE (Redux): While we originally noted the lack of a “reserve” price and intimated that “it will sell,” it appears as though ex SF-er correctly parsed the auction's "subject to approval" language, and tipster demonstrates how being the highest bidder isn't always high enough.

∙ Real Estate Auction: 41 Federal #42 [williamsauction.com]
∙ Seller Motivated Drastic Price Reduction Penthouse Unit [SocketSite]
∙ And Now We’re Back Below Where We Started [SocketSite]
∙ Savings At Shoreline (41 Federal) [SocketSite]
∙ Going Once, Going Twice…Going Five Times At Shore|Line: 41 Federal [SocketSite]

Posted by socketadmin at 3:00 AM | Permalink | Comments (40) | (email story)

March 13, 2008

Another Apple Speaks On The Edge Of Nob Hill (1635 California #33)

Four months ago we pointed it out as “another apples to apples comp in the making." And while 1635 California is on a busy street, and we’ll be the first to admit that the layouts aren’t exactly spectacular (which we actually noted two years ago), nothing about the location nor the building has recently changed.

That being said, the 36 condos at 1635 California Street first hit the market two years ago and based on tax records it appears as though unit #33 sold for right around $780,000. Twenty months later 1635 California #33 hit the resale market for $795,000 (a sale at which would have represented 1% annual market appreciation) but was subsequently reduced to $749,000. And just last week, the sale of condo #33 closed escrow with a reported contract price of $740,000.

A sale at $740,000 represents annual market depreciation of right around 3% over the past two years which might surprise some. But it's probably not going to surprise a plugged-in “PotreroResident” who four months ago commented, “Based on my analysis of this building, this unit is most likely worth about $740-750k, at best.” On the record and on the money (at least for today).

∙ Another Apples To Apples Comp In The Making (1635 California #33) [SocketSite]
∙ 1635 California Street [SocketSite]

Posted by socketadmin at 9:17 AM | Permalink | Comments (14) | (email story)

March 12, 2008

The Newest Comp For A Two-Bedroom Condo At 246 2nd Street

Last week the sale of the bank owned 246 2nd Street #1302 closed escrow with a reported contract price of $775,000. That's roughly $125K below what #902 sold for late last year; roughly “$150K Below Last Sales Comp in Building!”; and exactly $220K below what the seller of #502 is currently asking.

Granted, #502 also offers a 600 square foot deck, but with roughly 50 fewer square feet of indoor space as compared to the other two. And all three appear to share the same quality of finishes.

Damn those unemotional sellers to hell. And once again, “that’s not likely to be a neighbor(hood) pleaser.”

UPDATE: As a plugged-in reader notes, with a notice of default in hand, #502 appears to be on its way to being bank owned as well.

∙ One Part Bank And One Part New Building, But Any Parts New Market? [SocketSite]
∙ Listing: 246 2nd Street #502 (2/2) - $995,000 [MLS]

Posted by socketadmin at 1:03 PM | Permalink | Comments (41) | (email story)

March 11, 2008

Some Relative Perspective On The Position Of The Transbay Project

Neither Millennium (M) nor 555 Mission might appear in most (any?) of the initial design renderings for the proposed Transbay Terminal and Tower by Pelli Clarke Pelli, but at least we can offer some perspective on where the buildings (will) lie.

And if you currently park in either of the surface lots between Natoma and Minna and didn't know that they were going away, please don't shoot the messenger.

∙ Millennium Tower San Francisco (301 Mission): Sales Update/Facts [SocketSite]
∙ A Virtual Tour Of 555 Mission Street (And Downtown San Francisco) [SocketSite]
∙ San Francisco’s Transbay Terminal: Website And Community Meeting [SocketSite]

Posted by socketadmin at 9:21 AM | Permalink | Comments (11) | (email story)

March 10, 2008

San Francisco’s Transbay Terminal: Website And Community Meeting

The Pelli Clarke Pelli website dedicated to their proposed Transbay Terminal, Tower and City Park has added a number renderings, charts, and animation since the last time we looked.

And according to a plugged-in reader (and NBC11), a community meeting and update on the terminal by the Transbay Joint Powers Authority (TJPA) is scheduled for 6PM tonight (3/10/08) at the Calvary Presbyterian Church (2515 Fillmore Street).

∙ Transbay Transit Center And Tower: Pelli Clarke Pelli [pcparch.com]
∙ SF To Hold Meeting On Tallest Skyscraper On West Coast [NBC11]

Posted by socketadmin at 1:48 PM | Permalink | Comments (24) | (email story)

March 1, 2008

An Outstanding View (And Story Of Spite): Atop 947 Green Street

We’re not going to make a habit of publishing on the weekends, but we do prefer to kick them off with an outstanding view and perhaps a little history (if not levity).

[947 Green Street] is known as the "spite building." (Not to be confused with the 30-foot "spite fence" that Charles Crocker built around the property of Nicolas Yung in the Nob Hill block that currently houses Grace Cathedral. Yung was the only holdout in Crocker's mansion block and refused to sell his small property to Crocker.)

The owner of 1000 Vallejo Street built this building to protest the loss of northern and northwestern views from 1000 Vallejo Street by the building at 945 Green Street. The building is L-shaped and higher than 945 Green. It blocks the eastern and southeastern views of 945 Green. The best perspective to understand this is to view the back of 947 Green from the balustrade at 1020 Vallejo Street.

This is a beautiful building with many full-floor condominiums. Elevators open into elegant foyers. The ceilings are high, rooms are large, underlying details are exceptional, and the views are outstanding.

And hey, if you're going to live in the "spite building," you might as well live at the top.

∙ Listing: 947 Green Street #10 (2/2) - $5,000,000 [San Francisco Properties]
∙ Russian Hill Green Street/Macondray Lane Walk [Russian Hill Neighbors]

Posted by socketadmin at 9:39 AM | Permalink | Comments (14) | (email story)

February 23, 2008

Wet Weekend Special (And Scoop): The Designs For 680/690 Folsom

A plugged-in tipster brightens our weekend (and hopefully yours) with a current shot of 680/690 Folsom (above) and the scoop on what’s to come via a redesign (below).

As out tipster notes, “this is the two-story old Pac Bell service garage on the 3rd & Folsom corner and the office building next to that,” and it's the “greener view in the works for some at BLU” (and Museum Parc) that we pointed out last year.

Credit goes to TMG partners for the (re)development vision, and SOM for the (re)design.

∙ A Greener View In The Works For Some At BLŪ (And Others) [SocketSite]

Posted by socketadmin at 3:31 PM | Permalink | Comments (13) | (email story)

February 22, 2008

Conversion Of 140 New Montgomery Moves To Environmental Review

It was nine months ago that the news broke about Meany Sullivan’s purchase of the 26-story Pacific Telephone Building at 140 New Montgomery with plans of converting it from an office building to “a five-star hotel and condominium tower, with a spa, restaurant and bar.” And according to a plugged-in tipster that lives nearby (and in the picture), the project's environmental review notice is making its rounds.

The proposed project is a seismic retrofit and a conversion of the approximately 377,000-square-foot, historic Pacific Telephone and Telegraph Co. Building from office to residential use. The proposed project would contain approximately 135 residential units on the 2nd floor to the 26th floor of the building for a total of about 368,000 square feet of residential space, and an approximately 8,500 square foot restaurant on the ground floor. The height of the building would remain unchanged. An existing below-grade parking garage, accessible from Natoma Street, would be used to accommodate up to 70 valet-parked cars. The proposed project would also include construction of a single-storey horizontal addition to the building on an existing parking lot on the south side of the building to support the residential use.

Also noted by our tipster: "There's no mention...if this is a watered down version of the 5-star-luxury hotel residence that was mentioned last year, but it's good to hear that the building will hopefully eventually move away from being derelict!"

Now about that "You didn't hear it from me...The Waldorf-Astoria, San Francisco" comment a reader left last May...

∙ Another Office To Hotel/Condo Conversion: 140 New Montgomery [SocketSite]

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

February 8, 2008

A Little Bit Of SOHO Down In SOMA Take Two (357 Tehama #2)

If you liked the vibe of the building (and can get past the fear of vibrations), another full-floor loft at 357 Tehama is now on the market.

And while number three was more our style (and has since sold), number two is listed for $500,000 less (but only $125,000 under number three's eventual sale price).

∙ Listing: 357 Tehama #2 (3/2.5) - $1,995,000 [MLS]
∙ A Little Bit Of SOHO Down In SOMA (357 Tehama And #3) [SocketSite]

Posted by socketadmin at 8:24 AM | Permalink | Comments (9) | (email story)

A Few Of Our Favorite Things: Big Windows, Views, And A Floor Plan

It’s a full floor co-op on the sixth floor of The Heights (1940 Broadway)…

…with classic big windows (and views)…

..and a nice big floor plan to peruse.

∙ Listing: 1940 Broadway #6 (3/4) - $4,350,000 [MLS]

Posted by socketadmin at 7:28 AM | Permalink | Comments (43) | (email story)

January 29, 2008

A Remodeled Hit In The 1980's Era 101 Lombard Street Development

The individual condos can be hit or miss, but we do find the 1980’s development (101 Lombard) to be underrated in terms of location, views, and setting (not to mention that it’s currently undergoing some major capital improvements).

And while we haven’t seen its views, and perhaps it’s simply all the wood and styling of the living room, we’re leaning towards “hit” for #405W.

UPDATE (4/2): 101 Lombard #405W closed escrow on 4/1/08 with a reported contract price of $1,190,000 (3.2% under asking).

∙ Listing: 101 Lombard #405W (2/2) - $1,229,000 [MLS]

Posted by socketadmin at 6:34 AM | Permalink | Comments (18) | (email story)

January 25, 2008

One Rincon Hill: A Remembrance Of Its Clock Tower Past

We’re not fans of One Rincon Hill’s white stripes (although we rather like the band). And we do believe that more could have been done with the design (assuming the city would have acquiesced). But at the same time, we also believe that critiquing the design prior to the completion of both towers constitutes an unfair rush to judgment. And that it's worth remembering the architecture (and use of land) that graced this site not too long ago.

∙ One Rincon Hill: Another Fontana Or Transamerica In The Making? [SocketSite]

Posted by socketadmin at 10:47 AM | Permalink | Comments (37) | (email story)

January 18, 2008

The New Designs For The Old Levis Strauss Factory At 250 Valencia

No, it’s not in the process of being turned into condos (not that we’d necessarily object), but rather it’s soon to be the new campus of the San Francisco Friends School.

Purchased by the Friends School in 2005, the former Levi Strauss factory at 250 Valencia was opened in 1906 (to replace factories lost in the quake), “averted layoffs and kept employees working to install a new wooden floor” during The Depression, and finally closed its Levis Strauss related doors in 2002.

And as Curbed correctly notes, it’s Pfau Architecture that has been leading the "sustainable" re-design of the 84,000 square foot building and 10,000 square foot open space out front.

∙ San Francisco Friends School [sffriendsschool.org]
∙ New Friends on Valencia Street [SFCurbed]
∙ Pfau Architecture [pfauarchitecture.com]

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

January 16, 2008

And Now Back To The Hugo Hotel (And Eminent Domain On Sixth)

With an assessed tax value of $474,894 (despite an estimated value of at least $3,250,000), and a yearly tax contribution of only $7,269.58, yesterday’s post concerning the Hugo Hotel quickly turned into a debate over propostion 13 (which we’ll let rage on).

But for those who might be more interested in a discussion about the actual building, we'll offer up a select few comments to get things started:

“Patel cites the building's 50-foot height restriction as a way for the city to keep her property's value low. "It is unfair that I don't have the same development opportunities as everyone else," she says by way of explanation for the property's dilapidated state.”

“They've always marketed the building touting it's high zoning height limit which is just absurd. It's barely feasible to develop in a sketchy location like that and it gets less feasible the taller the building as your development costs go way up when you switch from wood frame to concrete and steel construction at over 4 stories.”

“The reason this eyesore remains is that David Patel is impossible to deal with. The last time I tried, he said he wanted $50,000 up front to talk.”

“Practically the entire south of market has a 50' height limit, and it has for decades. Drop all your conspiratorial theories. In fact, the Planning Dept has proposed raising the height limit in that vicinity to 85'.”

And now back to the building in specific (or at least eminent domain in general).

∙ JustQuotes: Eminent Domain For Affordable Housing On Sixth Street? [SocketSite]
∙ Artwork for sale, and so is building [SFGate 9/06]

Posted by socketadmin at 3:00 AM | Permalink | Comments (6) | (email story)

January 15, 2008

JustQuotes: Eminent Domain For Affordable Housing On Sixth Street?

"A push to replace a vacant building with furniture famously bolted to its walls on Sixth and Howard streets with housing and stores will be discussed today by The City’s redevelopment agency, which is considering legal efforts to forcibly purchase the property.

The 144-room, 99-year-old Hugo Hotel has been empty since it was gutted 20 years ago by fire, according to a city staff report for today’s meeting. In April, the redevelopment agency offered to buy the property for $3.25 million, but it was turned down by the Oregon-based owners, who sought $7 million, according to the report.

Redevelopment agency Executive Director Fred Blackwell said the hotel blights a key corner of the Sixth Street corridor and should be turned into affordablehousing units with stores at street level." (City may use eminent domain to claim historic hotel)

Posted by socketadmin at 1:13 PM | Permalink | Comments (76) | (email story)

January 11, 2008

Bank Owned At The Beacon: 260 King #613 (And Another On Its Way)

260 King Street #613, a one-bedroom at The Beacon, is now “bank owned." It's currently on the market for $552,900 or $680 per square foot. And although tax records show an assessed value of $567,018, it would appear that the bank “bought it back” for $609,117 this past November.

At the same time, there are another four one-bedrooms at 260 King Street which are currently listed on the MLS with prices ranging from $726 to $931 a square foot. And of the two one-bedrooms listed at 250 King (which is also a Beacon address), one (250 King #410) is "subject to short sale approval" with a "motivated" seller.

∙ Listing: 260 King Street #613 (1/1) - $552,900 [MLS]
∙ Listing: 250 King Street #410 (1/1) - $625,000 [MLS]

Posted by socketadmin at 3:15 AM | Permalink | Comments (20) | (email story)

January 8, 2008

Walkthroughs At Infinity: A Chance To Share Your Impressions

From a plugged-in reader and contract holder at Infinity:

I'm an infinity buyer and recently received a call from the sales office to come in for my walkthrough...It would be great [to allow readers] to post their experiences with their particular walkthroughs: impressions, problems, surprises, etc. With a good number of responses, it could serve as a nice tool for those of us who have not yet done our walkthrough.

Great idea and consider this the community’s opportunity. An extra special thanks to any plugged-in readers who choose to forward a photo or video to share (tips@socketsite.com). And yes, off topic comments will be summarily censored deleted without apology (and we’ll provide a similar opportunity for buyers at One Rincon Hill tomorrow today).

Oh, and not to spoil the surprise for the buyer(s) of #28A, but that’s the actual view from your unit above (and let's not forget those invitations to the housewarming(s)).

∙ The Infinity: The “Official” Dates And Update (8/24/07) [SocketSite]

Posted by socketadmin at 8:05 AM | Permalink | Comments (36) | (email story)

January 7, 2008

If You’re Going To Live At The Summit, You Might As Well Live Large

What once was a two-bedroom is now a one-bedroom at The Summit (999 Green #1204).

And while the listing (which was recently reduced by $55,000) includes two proposed floor plan alterations for reclaiming the second bedroom (although at least one appears to omit a requisite closet), we’ll also note that #1205 is on the market as well.

Forget trying to reclaim that second bedroom, if you’re going to live large at The Summit, why not buy both condos and figure out a way to make them one? And at the very least, might we suggest investigating alternate fire rated glass solutions for the dining room?

It’s a crime to taint that view. (Or should we say it feels almost criminal...)

∙ Listing: 999 Green #1204 (1/2) - $2,195,000 [999Green1204.com] [MLS]
∙ Listing: 999 Green #1205 (1/1) - $1,275,000 [MLS]

Posted by socketadmin at 1:05 PM | Permalink | Comments (8) | (email story)

January 4, 2008

Going Once, Going Twice…Going Five Times At Shore|Line: 41 Federal

We didn’t bother to mention it when the list price on "penthouse" unit #42 at Shore|Line (41 Federal) was dropped from $830,000 to $813,400 this past November. But along with its fifth price reduction yesterday (from $813,400 to $797,150), comes another mention today.

To recap, over the course of the past ten months the list price for this modern condo “in the heart of South Beach” has dropped from $939,000 to $869,000 to $850,000 to $830,000 to $813,400 to $797,150. And apparently it ended up being owned by the bank (REO) along the way.

And once again, while asking 15.1% less than ten months ago might simply speak to a change in expectations, it’s the fact that it’s now listed at $52,850 (6.2%) under what was last being asked by the developer fourteen (14) months ago that just might speak to a change in the market.

∙ Listing: 41 Federal #42 (1/1.5) - $797,150 [MLS]
∙ And Now We’re Back Below Where We Started [SocketSite]
∙ And Now We’re Back Where We Started At (41 Federal) [SocketSite]
∙ Seller Motivated Drastic Price Reduction Penthouse Unit [SocketSite]
∙ Savings At Shoreline (41 Federal) [SocketSite]

Posted by socketadmin at 3:00 AM | Permalink | Comments (81) | (email story)

January 3, 2008

The (Re)Development And Design Of 1198 Fillmore And 1345 Turk

While the San Francisco Redevelopment Agency is seeking RFP’s from developers interested in restoring and repurposing the long vacant two-story brick Muni Substation at the southeast corner of Turk and Fillmore (1198 Fillmore to be exact and the big pink rectangle above), it’s actually the new David Baker + Partners designed development that's in the works next door (1345 Turk Street) that we’ve been keeping our eyes on.

The project consists of 32 affordable condominium units (1, 2, and 3 br). Buildings will be two-to-three levels of wood frame, Type V construction over a concrete Type I podium. An at-grade parking podium includes 62 spaces to accommodate residential and commercial needs. A double height lobby with a stair and elevator will serve as the main entrance to the project. Site work includes a landscaped courtyard on the podium, sidewalk planting and improvements, and landscaping along the Turk Street frontage. The project will be constructed in a single phase. Site area is approximately 0.61 acre and includes a loading area easement for the MUNI Substation Site. The Substation Site itself is not part of this project.

And for those neighboring residents who might be concerned about the preferred reuse of the Muni Substation as a music venue, don’t fret: “Because townhomes will be constructed on the east side immediately adjacent to the Muni Substation, special measures will need to be taken to provide for sound insulation that provides an aesthetic complement to the interior design scheme.”

∙ 1345 Turk Street: Conceptual Renderings [SFGov]
∙ RFP: Adaptive Restoration and Reuse of the Muni Substation Building [SFGov]
∙ City looks to jazz up historic building site [Examiner]

Posted by socketadmin at 11:22 AM | Permalink | Comments (12) | (email story)

December 27, 2007

JustQuotes: Putting On The Ritz-Carlton Residences On The Spot

"As long as you don't look up, the restoration of San Francisco's de Young Building is the architectural feel-good story of the year.

Eleven stories of ruddy sandstone and brick command the corner of Kearny and Market streets every bit as robustly as they did in 1890, when the building that then housed The Chronicle opened as the tallest tower on the West Coast. You'd never guess that for 40 years the walls were hidden behind drab metal panels with a pseudo-modern look.

Unfortunately, the story doesn't end with a dowager's face-lift. To finance the rebirth, city officials let the developer put a tower in back. And that addition is so uninspired it almost undoes the good work below." (S.F.'s restored de Young building stunning at street level)

Posted by socketadmin at 7:15 AM | Permalink | Comments (26) | (email story)

Largest, Highest, And Least Expensive (Studio) At Baycrest Towers

We don't have any insight into the relative merits of these three. But we will note that 201 Harrison #924 hit the market last week at $375,000 which makes it the least expensive ($375,000 versus $384,900 and $435,000), largest (432 versus 410 and 347 square feet), and highest floor (ninth versus third and first) studio condo currently on the market within Baycrest Towers. Or in agent speak, "Priced to sell. Motivated seller."

∙ Listing: 201 Harrison #122 (0/1) 347 sqft - $384,900 [MLS]
∙ Listing: 201 Harrison #324 (0/1) 410 sqft - $435,000 [MLS]
∙ Listing: 201 Harrison #924 (0/1) 432 sqft - $375,000 [MLS]

Posted by socketadmin at 6:45 AM | Permalink | Comments (19) | (email story)

December 26, 2007

JustQuotes: We The People Do Want Our Federal Building Views

"Even though [San Francisco's new Federal Building] at Seventh and Mission streets was designed to allow Jane and Joe Citizen to explore the lobby and an open-air "sky garden" that starts on the 11th floor, some agencies inside want to keep us out.

Yes, there's a guard at the entrance. Individual agency offices can't be entered without keys or automated codes. But at least one department isn't satisfied with the security, so it wants more.

Officials promise that We the People will have access. "One of the goals of the building is that people should be able to flow in and enjoy the public spaces," says Gene Gibson, the Pacific region spokeswoman for the General Services Administration. "We want this to happen as soon as we can."" (How's it going? Updates on Bay Area's big building projects)

∙ Morphosis: United States Federal Building [arcspace]

Posted by socketadmin at 4:30 AM | Permalink | Comments (3) | (email story)

December 17, 2007

And Yes, A Few Kinky Condos Could Hypothetically Be Coming Soon

While Kink’s window restoration project for the San Francisco Armory has been replacing boarded-up and broken windows for the first time in 30 years, and the building might actually be feeling a bit festive (rather than altogether abandoned), it’s the hypothetical "Kink condos" that seem to be getting all the attention.

“Porn producer Peter Acworth, who bought the 93-year-old Mission Armory and turned it into a porn video studio, has approached the city Planning Department with the idea of converting some of the building into kinky condos - complete with Webcams for all the world to see.”

"My discussions with the Planning Department have been extremely hypothetical to say the least," Acworth said via e-mail. "There is no firm plan for using the Armory for anything but a conventional film studio for now."

We could be wrong, but it sounds more like an inquiry into establishing live-in film studios rather than condo development per se. And while we could be wrong again, it seems as thought the corner of Mission and 14th has been getting better (rather than worse) since Kink acquired the ailing armory.

∙ Porn prince wants to build kinky condos in Armory [SFGate]
∙ From (Proposed) Condos To Kink [SocketSite]

Posted by socketadmin at 3:00 AM | Permalink | Comments (9) | (email story)

December 5, 2007

The Penthouse Of Penthouses Hits The Market At The Four Seasons

It’s not on the first floor of the San Francisco Four Seasons’ penthouses (the 38th floor equivalent). Or the second (the 39th floor equivalent), or even the third (the 40th floor equivalent). No, this is Grand Penthouse A (#GPHA) which is on the equivalent of the 41st floor and above all the others (at least in terms of height) at 765 Market Street.

It's also 4,336 square feet (including two master suites and maid’s quarters) and they’re asking $8,975,000. And yes, that’s just over $2,000 a square foot ($2,069.88 to be exact) and a pretty decent jump from the tax assessed value of $5,406,000.

∙ Listing: 765 Market Street #GPHA (4/5.5) - $8,975,000 [Janet Krahling] [MLS]

Posted by socketadmin at 3:00 AM | Permalink | Comments (19) | (email story)

November 28, 2007

Something Tells Us That “By Far” Wasn’t By Accident

Earlier this month the list price on 246 2nd Street #1306 was reduced by $20,000 and the following line was added to the property description: “Now Best Deal in SOMA: GO!” And while it doesn’t appear that anybody has “gone,” we will note that another unit on the same floor has come (on the market that is).

And while we can’t compare the views, light, finishes or layout (i.e., we haven’t been inside and there aren’t yet any pictures), we will note that 246 2nd Street #1302 is 52 square feet smaller, but is also listed for $74,100 less. And from the description: “By far, the best value in soma!” Damn neighbors bank (see UPDATE below).

UPDATE: Leave it to Dude (no, not The Dude) to note that #1302 is bank owned and “Priced $80K Below Last Sales Comp in Building!” Damn bank (and ex-neighbors) indeed.

∙ Listing: 246 2nd Street #1306 (2/2) 1,101 sqft - $919,000 [MLS]
∙ Listing: 246 2nd Street #1302 (2/2) 1,049 sqft - $844,900 [246-2nd.com]

Posted by socketadmin at 11:35 AM | Permalink | Comments (28) | (email story)

November 26, 2007

JustQuotes: Looking At SF Through Blue/Green Colored Glass(es)

"To be sure, glass-clad buildings are nothing new in San Francisco. The Hallidie Building, built at 130 Sutter St. in 1917, wears one of the world's first glass "curtain walls," in which pre-assembled panels are hung into place on a building's structural form.

But as glass-and-steel high-rises recast the skyline after World War II, overtly modern buildings sparked a backlash. The shift culminated in 1985's Downtown Plan, which decreed that new buildings should "contribute to the visual unity of the city." Another rule: "Highly reflective materials, particularly mirrored or highly reflective glass, should not be used."

The planning director at the time: Dean Macris. The planning director today: Macris, who returned to the post in 2004.

While Macris now champions contemporary design, he and Nikitas say the 1985 edict against glossy glass still applies. But the sheer number of sheer towers is causing alarm, as is the fact that the first batch hasn't lived up to planner expectations: "I can't say we've said, 'Aha, there's the perfect solution,' " Macris acknowledged."

∙ Newest towers will give S.F. skyline a touch of glass [SFGate]
∙ Testing tries to ensure that glass structures don't court disaster [SFGate]

Posted by socketadmin at 9:20 AM | Permalink | Comments (8) | (email story)

November 20, 2007

Speaking Of Stucco, Curved Bay Windows, And Fireplaces (1083 Clay)

As it was constructed in 1984 we can't be certain that the claim still holds true, but…

This five-story, eleven unit residential condominium [development at 1083 Clay Street] is the highest wood frame building in San Francisco- standing at 62 feet high. The exterior finish of the building is stucco, painted in shades of gray and off-white. Despite the high density of the neighborhood, this Nob Hill location allows the two top floors of this condominium building panoramic views of the San Francisco Bay.

The design features curved bay windows to retain the fluidity of the street facade for which San Francisco is noted. Vertically, the bay windows alternate with clerestories creating a visual scale consistent with the surrounding older buildings, while allowing an expanded floor to floor deck dimension which is stepped back to layer the facade. The bedrooms are placed toward the back of the building. On the first floor, this relationship is changed, so that the living room can focus on a small formal garden on the outside of the site. Each unit has a fireplace.

And yes, one of the eleven condos (#201) in the Donald MacDonald designed building is now on the market. And no, it’s not on one of those top two floors. But as noted, it does have a fireplace (and parking).

∙ Listing: 1083 Clay St #201 (1/1) - $589,000 [MLS]
∙ Donald MacDonald Building Projects: 1083 Clay Street [donaldmacdonaldarchitects.com]

Posted by socketadmin at 9:18 AM | Permalink | Comments (38) | (email story)

November 15, 2007

But Did He Have Special Assessment Insurance? (1101 Green Street)

Don't get us wrong, we're still fans of San Francisco's Bellaire Tower (1101 Green Street). But what happens when residents rally together for years to resist any major increases in monthly HOA dues (and investment in the building)? It's called deferred maintenance.

And now all of those residents (and any new ones) are getting hit with a significant special assessment (and according to a plugged-in tipster, a multi-year resurfacing and window replacement project) to right the wrongs. It's a good thing the Mayor still has his day job.

∙ The Mayor Is Moving On Up! [SocketSite]

Posted by socketadmin at 3:00 AM | Permalink | Comments (21) | (email story)

Another Apples To Apples Comp In The Making (1635 California #33)

Two years ago 36 new condos at 1635 California Street hit the market. And based on tax records, it appears as though unit #33 first sold for right around $780,000.

Two weeks ago 1635 California #33 hit the resale market for $795,000. And a sale at asking would represent annual market appreciation of right around one (1) percent.

∙ 1635 California Street [SocketSite]
∙ Listing: 1635 California Street #33 (2/2) - $795,000 [MLS]

Posted by socketadmin at 2:30 AM | Permalink | Comments (25) | (email story)

November 13, 2007

A Heller Manus Renovation Of 1 Ecker Place

A tipster suggests that Heller Manus might be working on a complete renovation of 1 Ecker Place in downtown San Francisco. And according to Heller Manus, it appears to be a mixed use renovation (51 units with 51,619 square feet of residential and 3,176 square feet of retail) of the four story brick building.

And other than that, we're at the mercy of the readers for the inside scoop.

∙ Heller Manus Architects Portfolio: 1 Ecker Place [hellermanus.com]

Posted by socketadmin at 3:00 AM | Permalink | Comments (16) | (email story)

November 12, 2007

You Might Not Have To Sell, But What Happens If Your Neighbor Does?

Having last changed hands on 7/28/2006 for $700,000, 950 Harrison Street #202 was listed last week for $599,000 and is advertising “Great SHORT SALE opportunity.”

At the same time, 950 Harrison Street #210 (which is smaller by 104 square feet and last changed hands on 11/22/2006 for $679,000) and 950 Harrison street #123 (which is smaller by 276 square feet and a half-bath and last changed hands on 8/28/2006 for $605,000) have both been on the market for two months (and are currently asking $705,000 and $625,000 respectively).

∙ Listing: 950 Harrison Street #202 (1/1.5) 1,120 sqft - $599,000 [MLS]
∙ Listing: 950 Harrison Street #210 (1/1.5) 1,016 sqft - $705,000 [MLS]
∙ Listing: 950 Harrison Street #123 (1/1) 844 sqft - $625,000 [MLS]

Posted by socketadmin at 9:57 AM | Permalink | Comments (6) | (email story)

October 30, 2007

That’s Not Looking Like The Vegas Pool Scene We Know (And Love)

The Comment: “the beacon pool scene on the weekend is supposedly right out of vegas. if you are a single guy, you should seriously consider living there.”

The Picture (above): The pool scene at the Beacon on a sunny (albeit mildly windy) Sunday afternoon.

The Question: Any actual Beacon pool goers care to set the record straight? We’ll thank you in advance for the plethora of plugged-in single guys (and gals) that have suddenly showed an interest in any one of the 24 active listings in the building.

∙ The Palms Finds More Inventory And A Resale Hits The Market [SocketSite]

Posted by socketadmin at 9:33 AM | Permalink | Comments (47) | (email story)

October 25, 2007

The Landmarked Nightingale House (201 Buchanan) Hits The Market

It is thought that the Nightingale House at 201 Buchanan (corner of Waller) was built for a former president of the California Pioneers (John Nightingale) in 1882. It is known that it is now San Francisco Landmark Number 47; that it is protected by a preservation easement; and that it was recently home to San Francisco Arts Commissioner and local artist Jo Hanson.

Hanson came to prominence early in the 1970's, soon after she moved into a deteriorated but stately Victorian on Buchanan Street. Once she had resuscitated the house into a landmark, she tackled its windy litter-strewn sidewalk. Her personal act of sweeping one sidewalk grew into a celebrated public art practice and citywide anti-litter campaign. Her compiled volumes of urban detritus are recognized as an artistic political tour de force that raised community awareness as it chronicled rapidly changing demographics.

And while we haven’t been inside - and the “fixer” designation and lack of interior pictures leads us to believe that it might be in need of some good old fashioned TLC - we’re sure a reader or two has (and might be willing to wax poetic on its potential).

∙ Listing: 201 Buchanan (4/3) - $1,895,000 [MLS]
∙ San Francisco Landmark 47: Nightingale House [noehill.com]
∙ San Francisco Architectural Heritage: Preserved [sfheritage.org]
∙ Women Environmental Artists Directory: Jo Hanson in memoriam [weadartists.org]

Posted by socketadmin at 7:56 AM | Permalink | Comments (18) | (email story)

October 9, 2007

Those Damn Neighbors: The Bridgeview (And Bank Owned) Edition

400 Beale #1501 has been on the market for a little over a month. Advertising the largest 2 bedroom, 2 bath floor plan at the Bridgeview and a “huge final price reduction” of $24,000 (2.4%), it’s currently listed at $975,000.

Enter 400 Beale #1201. It’s the same largest floor plan as #1501 (albeit three floors below). It’s another bank owned (REO) condo in the Bridgeview (no, not Bayview). And it’s now on the market for $825,000.

And while it appears that #1201 might be tenant occupied (which could affect the price), and those three floors do make a difference on the Bay (but not necessarily bridge) views, we're still calling it a concerning comp (but not quite a troubling trend).

∙ Listing: 400 Beale #1201 (2/2) - $825,000 [MLS]
∙ Listing: 400 Beale #1501 (2/2) - $975,000 [MLS]
∙ The SocketSite Scoop On That Short Sale In Rincon Hill [SocketSite]

Posted by socketadmin at 8:21 AM | Permalink | Comments (43) | (email story)

October 4, 2007

New Condos Behind A Historic Mural (And An Evolving Neighborhood)

A plugged-in tipster drops us a note:

I thought you may be interested in this very unique development near us in the Inner Mission. It's an old mural covered church on 24th Street between Florida and Alabama [2917 24th Street] that has housed various commercial enterprises over the years, most recently Mixed Use (now on telegraph hill). This block has been getting nicer and nicer recently (thank God).

Anyway, they've gutted it and are putting in five 3-bedroom condos and a commercial ground floor space. Each unit is different, and they've kept the original mural covered church façade. It seems pretty cool, and is a refreshing change from the usual bland hideous neighborhood unfriendly loft projects.

Interested (we were) and a refreshing change (it is) indeed.

The mural is a 1978 project of Precita Eyes. And in terms of the condos, at this point little more than floor plans are available on line.

Rest assured, however, that we’ll keep you posted and plugged-in. Or in this case, perhaps vice versa (if we're lucky).

∙ 2917 24th Street Floor Plans (and listing to be) [2917mural.com]
∙ Precita Eyes Mural Arts [precitaeyes.org]

Posted by socketadmin at 4:00 AM | Permalink | Comments (24) | (email story)

October 2, 2007

And Now We’re Back Below Where We Started

The floor plan above might look familiar as "penthouse" unit #42 at Shore|Line (41 Federal) has returned to the market. And yes, the asking price has now dropped from $939,000 to $869,000 to $850,000 to $830,000 over the course of the past seven months.

And while asking 11.6% less than seven months ago might speak to a change in expectations, it’s the fact that it’s now listed at $20,000 (2.4%) under what was last being asked by the developer eleven (11) months ago that might speak to a change in the market.

∙ Listing: 41 Federal #42 (1/1.5) - $830,000 [MLS]
∙ Seller Motivated Drastic Price Reduction Penthouse Unit [SocketSite]
∙ And Now We’re Back Where We Started At (41 Federal) [SocketSite]
∙ Savings At Shoreline (41 Federal) [SocketSite]

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

October 1, 2007

A Book Concern Building (83 McAllister) Benchmark To Be

A studio with loft (#211) has hit the market in the condo converted Book Concern Building (83 McAllister). Originally priced by the developer at $335,000 (in 2006), it’s currently listed at $334,900.

And while it’s awfully difficult to tell by the listing photos, the studio looks to be in mostly original condition. And as an aside, we’d love to see one that has been redesigned if any budding young (or old) designers would care to share (email tips@socketsite.com).

∙ Listing: 83 McAllister #211 (0/1) - $334,900 [MLS]
∙ Book Concern Building (83 McAllister) [SocketSite]
∙ Book Concern Building (83 McAllister): Update And Pricing [SocketSite]

Posted by socketadmin at 4:15 AM | Permalink | Comments (23) | (email story)

September 20, 2007

It’s Official: Pelli Clarke Pelli/Hines Win The Transbay Competition

It’s Official, the Pelli Clarke Pelli/Hines team have won the Transbay Terminal and Tower design competition.

But even as they selected the Hines-Pelli team over two rivals, leaders of the Transbay Joint Powers Authority stressed that the proposal now on the table is a starting point, not a fait accompli.

Although the authority board was unanimous today in their decision to select the Hines-Pelli team, several members said they expected the tower to eventually include both residential and commercial space. The original tower proposal included only commercial space.

And while nobody should be too surprised, some are sure to de disapointed.

∙ Skyscraper team chosen for giant Transbay Terminal project [SFGate]
∙ Transbay Terminal (And Tower) Design Competition: The Teams [SocketSite 1/07]
∙ Hines And Pelli Clarke Pelli Bid The Most (And Get The Transbay Nod) [SocketSite 9/07]
∙ The SocketSite Scoop: San Francisco’s Transbay Terminal Designs [SocketSite 8/07]

Posted by socketadmin at 1:01 PM | Permalink | Comments (23) | (email story)

September 17, 2007

JustQuotes: True Or Not, At Least It Sounds Good

"What it will mean for San Francisco to have its tallest building be the Transbay Terminal tower is a statement that our highest value is ecology," said Gabriel Metcalf, executive director of the San Francisco Planning and Urban Research Association, a local public policy think tank. "It will be this exclamation mark saying the most important location in our city is the transit center."

∙ Six years post-9/11, super skyscrapers rise from U.S. cities [SFGate]
∙ Hines And Pelli Clarke Pelli Bid The Most (And Get The Transbay Nod) [SocketSite]

Posted by socketadmin at 3:00 AM | Permalink | Comments (12) | (email story)

September 11, 2007

The SocketSite Scoop On Two In The Royal Towers (1750 Taylor)

Originally the developer’s unit, #1701 in The Royal Towers (1750 Taylor) boasts panoramic bridge to bridge (and everything in between) views, as well as the only gas range in the building (yes, it’s good to be the developer). And the 3,300 square foot three bedroom, four and one-half bath coop is now on the market for $7,000,000 (and $3,354 a month).

At the same time, and according to a seriously plugged-in tipster, another amazing unit in The Royal Towers is quietly being shopped around as well. As we wrote a little over a year ago:

Today, #1301 might have sold [listed at $6,000,000], but #1201 is still available and its price has been reduced three times for a total savings of $1,600,000 (“Great price!! Motivated seller” and now listed at $3,950,000). The way we figure it, you can buy #1201, spend a million dollars on a stunning remodel, fill the three parking spaces with a brand-new Bentley, Aston Martin, and Range Rover, and still come out ahead…

And while we might have lowballed the hypothetical remodeling budget, it looks like we weren’t the only ones with the vision.

Finally purchased for below the reduced asking price, and having undergone an expensive (think $250,000 for the lighting, sound and window shades alone) and complete (walk-in wine cellar anyone?) overhaul, rumor has it that 1750 Taylor #1201 is unofficially back on the market for...$7,000,000. And from what we hear, it is in fact stunning.

∙ Listing: 1750 Taylor #1701 (3/4.5) 3,300 sqft - $7,000,000 [MLS]
∙ Save $1,600,000 At 1750 Taylor [SocketSite]
∙ Truth In Advertising: 1750 Taylor (Royal Towers) [SocketSite]

Posted by socketadmin at 9:32 AM | Permalink | Comments (7) | (email story)

September 10, 2007

Hines And Pelli Clarke Pelli Bid The Most (And Get The Transbay Nod)

It's true, the Hines/Pelli Clarke Pelli proposal for "City Park" has won (save an uprising by the Transbay Joint Powers Authority Board, San Francisco's Board of Supervisors, or the Planning Commission) the design competition for San Francisco's new Transbay Terminal and Tower.

The winning Transbay terminal proposal by developer Hines and architect Pelli Clarke Pelli offered $350 million for the tower property, more than twice what the other two teams were willing to pay, according to the nine-person jury appointed by the Transbay Joint Powers Authority.

The astounding offer blew away the team ranked second in the competition, Richard Rogers Partnership and Forest City Enterprises, which offered $145 million for the tower land. The third-place team, Skidmore, Owings & Merrill and Rockefeller Group Development Corp., made a purchase price offer of $118 million.

As previously noted, the proposed “City Park” combines a 'complex' 5.4 acre park elevated above the transit center with a 'simple and calm' 1,200-foot glass wrapped tower housing 1.6 million square feet of commercial office space (and no residential).

∙ Jury picks Hines for Transbay tower [Business Times]
∙ Jury names favorite for Transbay terminal, tower [SFGate]
∙ Transbay Terminal (And Tower) Design Competition: The Teams [SocketSite]
∙ San Francisco’s Transbay Transit Center + Tower: More Proposal Porn [SocketSite]
∙ San Francisco’s Transbay Terminal Design Proposals: Highlights [SocketSite]

Posted by socketadmin at 6:37 PM | Permalink | Comments (49) | (email story)

The Lighthouse Lofts In General (1097 Howard), And #308 In Specific

The Lighthouse Building (1097 Howard) was built in 1924 for the San Francisco Lighthouse for the Blind Association and provided for both industrial and administrative needs.

Attempts to renovate the structure in 1982 and 1989 were abandoned and the organization merged with the Rose Resnick Foundation and relocated. The building was vacant from 1982 to 1996 when rehabilitation began for it’s present use as 22 live/work loft condominiums.

And now, one of the the most spectacular units in the building (if not neighborhood) has hit the market. Featuring 18-foot ceilings up high, and hickory and pecan hardwood floors down low; a glass enclosed shower and tub with views (in more ways than one); and 4,200 square feet of living space, unit #308 is actually a merger of three lofts into one. And yes, a merger of three monthly HOA payments ($1,137) and two parking spaces to match.

∙ Listing: 1097 Howard #308 (3/2.5) 4,207 sqft - $2,400,000 [MLS]
∙ Lighthouse Lofts (1097 Howard) [lighthouselofts.com]

Posted by socketadmin at 3:40 AM | Permalink | Comments (21) | (email story)

September 5, 2007

San Francisco’s Transbay Transit Center + Tower: More Proposal Porn

Forest City has launched a new website with a bit more video, renderings and background information on the Richard Rogers design proposal for San Francisco’s new Transbay Transit Center and Tower.

And as a plugged-in tipster notes, the complete Skidmore, Owings & Merrill (SOM) presentation along with additional animations and renderings are now available online as well. And yes, we're still looking for a similar site for the Pelli Clark Pelli proposal. Readers?

UPDATE: A nine-member panel (the “D/D Competition Jury”) is currently evaluating all three proposals and accepting public comment (as one reader notes and subtly lobbies...) through September 17th. On September 20th, a “Jury recommendation will be brought before the TJPA Board…at San Francisco City Hall at which time the Board will vote on the final proposal.” And then the fun (and lobbying) really begins.

∙ Forest City (Richard Rogers) Transbay Transit Center + Tower [Forest City]
∙ SOM: Moving San Francisco into the Future [SOM]
∙ San Francisco’s Transbay Terminal Design Proposals: Highlights [SocketSite]

Posted by socketadmin at 10:57 AM | Permalink | Comments (31) | (email story)

August 15, 2007

Another Two-Year Comp In The Making (525 Gough #203)

Listed at $899,000 three weeks ago, 525 Gough #203 first sold in June of 2005 for $849,000. A sale at the current asking would represent an average annual appreciation of 2.7% over the past two years for this contemporary condo in the Hayes Valley (with Citizen Cake across the street and Blue Bottle just down the block). Yes, it’s just one more apple. And yes, we promise to keep you posted (and plugged in).

∙ Listing: 525 Gough #203 (3/2) - $899,000 [MLS]
∙ More Apples In Hayes Valley (525 Gough) [SocketSite]

Posted by socketadmin at 3:30 AM | Permalink | Comments (36) | (email story)

August 13, 2007

The First Flip (Or Rather Resale) At 520 Chestnut? (#103)

It was ten months ago (October 2006) that a select few of the 20 condos at 520 Chestnut first hit the (pre-construction) market. It was three months (and a few reductions) later that 520 Chestnut officially held its Grand Opening. And now five months after that, at least one of the units (#103) is back on the market (and might just represent the first resale in the building).

Listed at $879,000 in March, 520 Chestnut #103 is currently asking $988,000. Do keep in mind, however, that a plasma television, stainless grill, pot rack, and stackable washer/dryer are now being included as well. And yes, as always we’ll keep you posted (and plugged-in).

∙ Listing: 520 Chestnut #103 (2/2) - $988,000 [MLS]
∙ New In North Beach: 520 Chestnut [SocketSite]
∙ 520 Chestnut: “Grand Opening” (And Lower Prices) [SocketSite]

Posted by socketadmin at 4:00 AM | Permalink | Comments (18) | (email story)

August 9, 2007

There’s Gold Up In Them There Hills! (Eureka Gardens Edition)

It was five months ago that a reader wondered about all the construction up at Eureka Gardens (4150 17th Street). And it was moments later that a few other plugged-in readers provided the scoop and noted the potential (hopefully you were plugged-in at the time).

And as a tipster now notes, 4150 17th Street #19 was recently listed at $1,800,000. Perhaps all those fixes are starting to pay off. Then again, number nineteen is “being sold furnished, including all art, furnishing, accessories, chandelier, window coverings, as well as a 1994 S320 Black/Tan Mercedes with 60,000 miles.”

As always, don’t forget those invitations to the housewarming (or in this case, perhaps the closing dinner). And feel free to send the car.

∙ Listings: 4150 17th Street #19 (3/2.5) - $1,800,000 [Joel Goodrich] [MLS]
∙ Reader’s Questions: That Eureka Moment [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (19) | (email story)

August 8, 2007

A Big Bold (Attempted) Flip At Odeon? (150 Powell Street #310)

Ten months ago Odeon (150 Powell Street) hit the market with one-bedrooms on the third floor and facing Powell Street priced at $780,000. Four months ago the sales team was advertising “Make us an offer we can't refuse!” on its last remaining unit: #310 (a one-bedroom on the third floor facing Powell Street). And apparently the "offer they couldn't refuse" was $750,000 (which closed escrow on 5/22/07).

Three days ago 150 Powell Street #310 reappeared on the MLS with a big bold price tag of $1,049,000. We’ll keep you posted (and of course, plugged-in).

UPDATE: While the original listing for 150 Powell Street #310 was "Active Contingent" on the MLS as of this morning (as originally published), it has since been changed to reflect a sale on 5/22/07 with a contract price of $750,000 (3.8% under list).

∙ The Odeon (181 O’Farrell): First Impressions And Pricing [SocketSite]
∙ One Condo Left At Odeon (And An Update On Arterra’s Incentives) [SocketSite]
∙ Listing: 150 Powell Street #310 (1/1.5) - $1,049,000 [MLS]

Posted by socketadmin at 8:11 AM | Permalink | Comments (19) | (email story)

August 3, 2007

2500 Steiner: A Rare Glimpse (Albeit Limited) At A Listing (#11)

Sweeping San Francisco views. An iconic (and power packed) San Francisco Building:

Of all the opening lines in apartment elevators, one of the best had to have been delivered by Markos Kounalakis upon moving into 2500 Steiner St. in Pacific Heights. A neighbor stepped in and introduced herself as Sally Hambrecht, to which Kounalakis graciously replied, "We've met. We met at the White House at a State Dinner.

And a price tag ($6,750,000) and "if you have to ask" monthly HOA fee ($3,212) to match. Now if only there were more shots of that interior. Then again, this one is all about the building. And the people. And the views...

∙ Listing: 2500 Steiner #11 (3/3) - $6,750,000 [MLS]
∙ Susie's Building [SFGate]

Posted by socketadmin at 12:42 PM | Permalink | Comments (51) | (email story)

And Now We’re Back Where We Started At Shore|Line (41 Federal)

A little over two months ago we noted that 41 Federal #42 (at Shore|Line) was advertising “Seller Motivated Drastic Price Reduction.” And that the list price had been reduced from $939,000 to $869,000 (7.5%).

And while the listing is no longer marketing “Seller Motivated,” yesterday the price was reduced another $19,000 (2.2%). And yes, the developer was advertising $850,000 eight months ago.

∙ Listing: 41 Federal #42 (1/1.5) - $850,000 [MLS]
∙ Seller Motivated Drastic Price Reduction Penthouse Unit [SocketSite]
∙ Savings At Shoreline (41 Federal) [SocketSite]

Posted by socketadmin at 3:30 AM | Permalink | Comments (26) | (email story)

July 31, 2007

2412 Harrison: A Chance To Try Before You Buy?

Perhaps it’s simply coincidence, but a plugged-in tipster forwards a craigslist ad for a short-term rental (“2 months ONLY starting August 1st”) at 2412 Harrison in a unit that just so happens to be up for sale (“must cooperate with RE agent”). Asking rent: $2,500/month.

∙ $2500 / 2br - 2 + office, 3 bath, 2 car parking, tri-level loft, unfurnished [craigslist]
∙ We Know You Can, But Will They? (Actually Accept It That Is) [SocketSite]

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

July 30, 2007

A High End Comp In The Making (The Four Seasons Residences #29F)

We missed it when the price was reduced from $4,990,000 to $4,695,000 (6%). And now, 765 Market #29F (at The Four Seasons) is in contract (although not quite "sold").

A few details for the sake of future comparisons (“comps”): 2,576 square feet; re-designed by Fisher Weisman; two parking spaces; and monthly HOAs of $1,981.

And yes, if it sells for (the most recent) asking, that’s $1,823 per square foot. Then again, “[a]udio electronics, 2 flat screen tvs, safe and automated window blinds" were included…

UPDATE (9/7): Closed escrow on 8/20/07 for an undisclosed amount.

∙ Listing: 765 Market Street #29F (2/2.5) - $4,695,000 (in Escrow) [MLS]

Posted by socketadmin at 3:00 AM | Permalink | Comments (1) | (email story)

July 24, 2007

Transbay Design Competition: The Revised Schedule And Unveiling

Frederick has heard rumblings of a 1,500 foot tower (despite the current height limits of 550 feet), and as Jamie notes, you can watch the unveiling on SFGTV (channel 26) if you can’t make it in person (on August 6th).

The public is invited to a Special TJPA Board Meeting on Monday, August 6th, 2007 from 6 pm to 9 pm in San Francisco City Hall Board Chamber Room where we will be unveiling the proposed design concepts for the new landmark Transbay Transit Center and Tower in downtown San Francisco.

Presentations will be given at the August 6th, Special TJPA Board Meeting, at City Hall, 6:00 to 9:00 PM, (in order) by the following teams:

* Richard Rogers Partnership/Forest City Enterprises/MacFarlane Partners
* Skidmore Owings and Merrill/Rockefeller Group Development Corporation
* Pelli Clark Pelli Architects/Hines

The design models will also be on display for the public Tuesday, August 7th, 2007 from 8 am to 6 pm in the North Light Court at San Francisco City Hall.

And while we have no interest in stealing the city’s thunder (and are probably aiming even higher than the tower), we are calling on all plugged-in tipsters that might have access to initial sketches, ideas or design concepts that were never submitted. Heck, we’ll even settle for homemade renderings (Godzilla anyone?) or additional rumors.

∙ Transbay Terminal Design Update: And Then There Were Three [SocketSite]
∙ Transbay Terminal (And Tower) Design Competition: The Teams [SocketSite]

Posted by socketadmin at 3:50 AM | Permalink | Comments (6) | (email story)

July 20, 2007

One Of The Infamous Watermark Eight (And A Number Eight As Well)

To be honest, we don’t know what happened to the other six seven “relatively quick flips at the sold out Watermark” that we highlighted this past February. We did, however, notice that Watermark (501 Beale) #7B was relisted yesterday at $999,000 (as opposed to $1,049,000 five months ago). Any tipsters have the scoop on the other seven?

And while it wasn’t one of the infamous eight, the asking price on 501 Beale #8C was reduced $15,000 (1.7%) the day before yesterday (and after being listed for $880,000 in June). And yes, it still offers the same spectacular bridge views (above) that we highlighted last September (at which point it was listed at $912,000).

∙ Listing: 501 Beale Street #7B (2/2) - $999,000 [MLS]
∙ Listing: 501 Beale Street #8C (1/1) - $865,000 [MLS]
∙ Six Relatively Quick Flips At The Sold Out Watermark (501 Beale) [SocketSite]
∙ Watermark Update: 85% Sold [SocketSite]

Posted by socketadmin at 8:09 AM | Permalink | Comments (12) | (email story)

July 19, 2007

Why Not Include The Living Room And Just Call It An Even Three?

While an MLS search for two-bedroom condominiums in (real estate) district six will return 350 Broderick #209, keep in mind that the second "bedroom" doesn’t appear to have a door. Or a closet. Or even a window. (In other words, it’s not exactly sounding like a legal bedroom).

As far as we can tell, this unit will represent the very first resale at Broderick Place. And while it apparently “Appraised at $717,000," it's listed at $689,000. Sounds a bit like “instant equity” to us.

∙ Listing: 350 Broderick #209 (“2”/1) - $689,000 [MLS]
∙ Broderick Place: 83% Sold [SocketSite]
∙ An Inman Instant Equity Reality Check [SocketSite]

Posted by socketadmin at 3:30 AM | Permalink | Comments (15) | (email story)

July 10, 2007

Argenta Rises While Buildings For Crescent Heights Are Razed

The soon to be 17-story Argenta is rising to the west of Fox Plaza with little fanfare (and nary a mention of sales), while across the street to the south (at the southwest corner of 10th and Market) all of the buildings have been razed in order to make way for the 9, 18, 19 and 35-story Crescent Heights development.

∙ Argenta (1 Polk): Ground Breaking [SocketSite]
∙ Fox Plaza (1390 Market): 250 New Condos In The Works [SocketSite]
∙ Crescent Heights: 10th And Market Recap, Rendering, And Details [SocketSite]

Posted by socketadmin at 8:10 AM | Permalink | Comments (32) | (email story)

Rumor Busters: Fillmore Center Apartments Going Condo?

A longtime resident of the Fillmore Center writes: “I heard from a realtor that [the Fillmore Center apartments] are going Condo. He didn't give a time frame, but I've lived here for 13 years and no one ever told me a thing about it.” We haven’t heard anything either (and would actually be surprised if it happened). Any plugged-in readers have the inside scoop or a definitive answer?

∙ The Fillmore Center Apartments [1475 Fillmore Street]

Posted by socketadmin at 7:41 AM | Permalink | Comments (7) | (email story)

One Rincon Hill: Another Fontana Or Transamerica In The Making?

As far as we’re concerned, it’s simply too soon to judge. And of course, it’s too soon to know. But a reader puts it quite well, “Is One Rincon the Fontana Building, or the Transamerica Pyramid, of the first decade of the 21st Century?”

The Fontana Building has been derided ever since it was built, and time has not healed those wounds. It changed what people thought of new development, particularly in existing neighborhoods.

The Transamerica Pyramid on the other hand, was equally derided for aesthetics, and was part of the dreaded "manhattanization" of SF that led to an annual cap on development imposed in the 80's. Yet, over time, the Pyramid became an icon of SF, and is extremely popular today.

Frankly, I'm not sure which one Rincon is. I loathe its design, and to me it is way too bulky to be the "slender tower" that the Rincon Hill plan promised. It learned so few lessons from Vancouver that it makes a mockery of the ideas that are supposedly behind the Rincon Hill plan. It is so tall, so big, so omnipresent, and so damn close to the bridge that it cannot be avoided in the viewscape. But, I have to admit, part of me thrills when I round a corner somewhere in the city, and suddenly there it is.

Our reader also ads, “…of course I don't have an answer, but SocketSite readers are sure to have an opinion.” And at the very least, on that we can likely all agree.

Posted by socketadmin at 7:10 AM | Permalink | Comments (118) | (email story)

July 6, 2007

Fox Plaza (1390 Market): 250 New Condos In The Works

According to J.K. Dineen, “Archstone-Smith is pushing forward with plans to raze the corner retail element [of Fox Plaza] and replace it with a 250-unit flatiron-style condo building.”

The planned wedge-shaped terra-cotta and glass 120-foot structure, with retail, would replace the low-slung building that houses Starbucks and a stationery shop, according to Presidio Development Partners President Mark Conroe, who was retained by Archstone-Smith to obtain city approvals for the residential development and sell off the office part. The new building would cost about $150 million based on current construction costs.

HellerManus has been tapped for the design (which will "speak to the energy level of the Civic Center area”) and the current 446 renal apartments (and 550-car garage) will remain in place.

∙ Fox Plaza to replace retail with condos [Business Times]

Posted by socketadmin at 7:41 AM | Permalink | Comments (17) | (email story)

June 14, 2007

Rincon Towers: From Apartments, To Condos, To Apartments

A year ago, the Rincon Towers apartment building at 88 Howard was sold to a developer intent on converting the building into condos.

Three months ago (and over on the SocketSite Forums) a plugged-in reader wondered about the lack of activity at the building (either in terms of new rentals or condo sales), and another reader answered: "...Beacon [Capital] backed out of doing a condo conversion and put the building back on the market. They are now marketing it to potential buyers not as a condominium building, but as an apartment building."

And yesterday, it’s reported that the Towers have indeed been sold (to Capital Properties) with plans to turn the building into "luxury apartments and high-end corporate furnished housing." Don't say you didn't see it coming (at least if you're plugging-in).

∙ Rincon Towers Going Condo [SocketSite]
∙ SocketSite Forums: Rincon Center [forums.socketsite.com]
∙ Rincon Center apartments sold to N.Y. firm [SFGate]

Posted by socketadmin at 7:20 AM | Permalink | Comments (4) | (email story)

June 8, 2007

A True Loft Conversion In The Mill Building (720 York #226)

By now you should know we’ve got a soft spot for true loft conversions (especially when they’re priced under $600 per square foot). In this case it's one of the 45 lofts in the Mill Building (720 York), a 1998 loft conversion by Pfau Architecture of an 1879 woolen mill in the Mission (originally designed by William Curlett).

Unfortunately we’ve had to admire this conversion from afar (or at least the street), any plugged-in readers care to share their experiences either living or spending time inside 720 York?

UPDATE (8/6): 720 York #226 was recorded as closing escrow on 7/13/07 with a contract price of $751,000.

∙ Listing: 720 York #226 (1/2) - $729,000 [MLS]

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

June 4, 2007

Transbay Terminal Design Update: And Then There Were Three

The Foster + Partners team was dropped and the Calatrava team dropped out (last month), and so the design competition for San Francisco’s new Transbay Terminal and Tower is down to three.

At the same time John King reports that a number of Planning Department missteps could possibly impact the upzoning of the First and Mission location (which is currently limited to 550 feet), and at the very least will add some complexity to the submission and evaluation of proposals.

And according to one seriously “plugged-in” tipster who has been privy to a number of preliminary sketches from the Richard Rogers team, we are not going to be disappointed.

∙ Foster + Partners Dropped From Transbay Terminal Design Comp [SocketSite]
∙ Transbay Terminal (And Tower) Design Competition: The Teams [SocketSite]
∙ Transbay tower's final height limit still up in the air [SFGate]

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

May 29, 2007

Not Exactly A Flood (But Perhaps A Trickle) At The St. Regis

After two months on the market, 188 Minna #25F (in the St. Regis) is still available and priced at $1,562 per square foot. And over the past two weeks three more listings have joined its ranks on the MLS, including a similar floor plan five floors above (priced at $1,830 per square foot) and a three bedroom/three and one half bath with views of One Rincon Hill (priced at $1,747 per square foot). HOAs ranging from $2,135 to $2,599 a month (plus $225 for parking).

∙ Another Shot At The St. Regis (188 Minna) [SocketSite]
∙ Listing: 188 Minna #23E (3/3.5) - $4,495,000 [MLS]
∙ Listing: 188 Minna #30F (2/2.5) - $2,795,000 [MLS]
∙ Listing: 188 Minna #38B (2/2.5) - $2,795,000 [MLS]

Posted by socketadmin at 3:30 AM | Permalink | Comments (10) | (email story)

May 25, 2007

Another Office To Hotel/Condo Conversion: 140 New Montgomery

A “plugged-in” tipster notes the news that Wilson Meany Sullivan is in contract to purchase the 26-story Pacific Telephone Building at 140 New Montgomery for $345 a square foot with plans to spend an additional $500 a square foot converting it from an office building to “a five-star hotel and condominium tower, with a spa, restaurant and bar.”

Architecture firm Hornberger + Worstell has been hired as project architect, along with historic preservation specialists Page & Turnbull. Plant Construction Co. will be the contractor on the project. Mark Hornberger, a principal with Hornberger + Worstell, said the light gray terra cotta tapered skyscraper is a "wonderful historic landmark property and we want to be very careful about the work we do." He said the building could support about 100 residences and 70 to 80 hotel rooms and would be "more intimate than the St. Regis with an even higher level of service." The deal includes a 441-space, eight-level parking garage on Natoma Street behind the Pacific Telephone Building.

The Jazz Age building was designed by Timothy Pflueger -- who also designed 450 Sutter St., the Pacific Coast Stock Exchange and the I. Magnin building -- and was considered radically contemporary when constructed. The building, with 13-foot terra-cotta eagles perched on its four corners, retains many of its original detailing, including the black marble lobby and bronze elevator doors, wood-paneled board rooms with working fireplaces.

And on a side note, our tipster is led to wonder: “What happened to the word deluxe? Is 'luxe' a level higher, has deluxe become dated - reserved for 'mid-century' descriptions? Did marketers feel a need to invent another word - like world-class (which thru overuse now has no impact?)” [Cue the Jeffersons theme song.]

∙ S.F. tower to become luxe hotel [San Francisco Business Times]
∙ Pacific Telephone Building gets heavy interest from developers [SFGate]

Posted by socketadmin at 10:19 AM | Permalink | Comments (3) | (email story)

May 23, 2007

Honey, Where Did We Put Those Extra Square Feet?

While the class action lawsuit at The Beacon was dropped three months ago, Damion Matthews notes that abc’s recent 7 On Your Side consumer alert (“the square footage potential buyers are given can sometimes be wrong”) might just suggest that the square footage lawsuit at The Metropolitan ("BEN BEDI VS. FOLSOM/FIRST, LLC") continues on.

Any “plugged-in” reader’s care to provide an update or the inside scoop? And yes, we’re still looking for an update on the similar lawsuit over at Watermark (“CATALINA GARCIA VS. SAN FRANCISCO CRUISE TERMINALS LLC, A LIMITED et al”) as well.

UPDATE: And in under an hour, a "plugged-in" reader provides an update on both.

∙ Beacon Class Action Lawsuit Dismissed Without Prejudice [SocketSite]
∙ Some Area Homes Have Wrong Measurements [abc7news]
∙ A Class Action Suit At The Metropolitan? [SocketSite]
∙ Now Serving: The Watermark [SocketSite]

Posted by socketadmin at 7:08 AM | Permalink | Comments (13) | (email story)

May 22, 2007

Harbor Lofts Living For Less (If You Can Find It)

Perhaps the photos don’t do it justice (it’s looking a bit cave like), and it is a relatively small one-bedroom (and a loft "one bedroom" to boot), but it’s also Harbor Lofts living for $334,383 (and that includes parking).

∙ Listing: 400 Spear St #114 (1/1) 480 sqft - $334,383

The only problem…we can’t find a public link to it on the MLS (or any other website that doesn’t require registration). An opportunity lost? And if so, for who?

UPDATE: As a couple of "plugged-in" reader's quickly noted, there are actually a few more "problems" with this listing: 1. it's a "100% of Area Median Income" BMR (income limit of $63,850 for one person); 2. neither ZipRealty nor CleanOffer have it designated as such (although both offer pictures); and 3. while the odd price did raise a red flag, the $700/sqft had us convinced otherwise (and now simply leaves us scratching our heads).

UPDATE (5/24): As of this afternoon the listing notes, “BMR Loft 1/1 great! max income 1person $63K 2person $72K” and “Leased PKG.” Funny how that happens. And yes, we're still left scratching our heads.

∙ Harbor Lofts (400 Spear): San Francisco Warehouse Conversion [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (20) | (email story)

May 17, 2007

Another Shot At Midtown (1452 Bush) Number Nine

A year ago we reported on three of twenty-two condos that were on the market at Midtown (1452 Bush). At the time, unit #9 was listed for $899,990. If you missed it, don’t fret, it’s back on the market (and this time it’s listed for $824,000).

∙ Listing: 1452 Bush #9 (2/2.5) - $824,000 [MLS]
∙ Locking In Gains At The Midtown? [SocketSite]

Posted by socketadmin at 11:50 AM | Permalink | Comments (44) | (email story)

May 15, 2007

Seller Motivated Drastic Price Reduction Penthouse Unit

Over the past three months the list price on the resale of Shoreline condo #42 (41 Federal) has been reduced from $939,000 to $869,000 (7.5%) and the listing is now advertising: “Seller Motivated Drastic Price Reduction Penthouse unit.” The unit was last listed six months ago at $850,000 (by the developer).

∙ Listing: 41 Federal #42 (1/1.5) - $869,000 [MLS]
∙ Shore|Line: Unit #42 Floor Plan and Overview [shorelinesouthbeach.com]
∙ Savings At Shoreline (41 Federal) [SocketSite]

Posted by socketadmin at 8:16 AM | Permalink | Comments (15) | (email story)

May 8, 2007

The SocketSite Scoop On That Short Sale In Rincon Hill

Okay, so here’s the “plugged-in” scoop on that “short sale of a Rincon Hill condo” that was mentioned in the Chronicle this past weekend: It’s a two bedroom condo in the Bridgeview (#1212); it was originally listed for $849,000 and then reduced (twice) to $799,000; and as the listing notes, “Price reduced! Seller motivated. All reasonable offers considered.”

And while the article reports that this property was eventually auctioned off, it’s currently listed as pending on the MLS (which leads us to believe it never actually hit the auction block). That being said, Damion Matthews' insight is important, “the increase in short sales has led to a problem. Many lenders are so busy that they don't respond to short-sale offers.”

∙ Listing: 400 Beale #1212 (2/2) - $799,000 (In Escrow) [Pacific Union]
∙ Real estate short sales: "win-win" or reward for failure to live within one's... [SFGate]

Posted by socketadmin at 3:00 AM | Permalink | Comments (51) | (email story)

May 7, 2007

The Royal San Francisco Reductions

Last October we first reported struggling sales at The Royal in San Francisco. Today, we report what appear to be a number of significant price reductions. For example, while two story townhouses were originally “priced from $1,575,000,” townhouse #804 was just listed at $1,400,000 (a reduction of at least $175,000 or 11.1%). And while two-bedrooms were originally “priced from $940,000,” two-bedroom #602 was just listed at $915,000 (a reduction of at least $25,000 or 2.7%).

And then there’s a one-bedroom (#503). It was just listed at $650,000 or $870 per square foot. As you might recall, a flipper appeared to be having difficulty selling another one bedroom (#604) late last year. And while it was slightly larger (771 versus 747 square feet), a floor higher, and an end unit (although it has one less window than #604), it had also been reduced to $1,023 per square foot after failing to sell at $1,049 per square foot. It was originally priced by the developer at $940 per square foot ($725,000).

∙ 201 Sansome #503 (1/1) - $650,000
∙ 201 Sansome #602 (2/2) - $915,000
∙ 201 Sansome #804 (2/3) - $1,400,000

∙ The Royal San Francisco: An Update (And A Flip) [SocketSite]
∙ The Royal San Francisco [SocketSite]

Posted by socketadmin at 4:00 AM | Permalink | Comments (3) | (email story)

April 27, 2007

Modern High-Rise Living In Older Pacific Heights

A “plugged-in” tipster directs us to a listing in 2200 Sacramento and declares, “Prettiest condo for under $1000/psf I've seen in Pac Heights….” And while it might not have the views or amenities offered by some of the newer developments, it can definitely compete on location and interior (marble counters, limestone floors, custom cabinets, etc.).

UPDATE (6/6): Sold on 5/31/07 for $975,000 (5% over asking).

∙ Listing: 2200 Sacramento #108 (2/2) - $929,000 [MLS]

Posted by socketadmin at 12:13 PM | Permalink | Comments (39) | (email story)

April 18, 2007

Inside The LEED Certified Folsom Dore Apartments

The Folsom Dore Apartments houses a mix of low-income and formerly homeless residents in 98 well designed, and LEED certified, units. And if you’ve ever wanted to get a closer look at this innovative green building, tomorrow’s your chance.

WHAT:Citizens Housing Corporation invites you to join them as they install the LEED Silver plaque at Folsom/Dore Apartments. WHEN: Thursday, April 19th, 2007, 11 a.m. - 1 p.m. WHERE: Folsom Street + Dore Alley (between 9th & 10th streets). WHY: LEED certification is the nationally accepted benchmark for the design, construction, and operation of high-performance green buildings. And site tours will be available.

∙ Citizens Housing Corporation – Folsom / Dore Apartments [citizenshousing.org]

Posted by socketadmin at 4:15 AM | Permalink | Comments (1) | (email story)

April 9, 2007

JustQuotes: The Future’s So Bright (Federal Building Edition)

“The funny thing is it's terribly dark in the [new Federal Building’s] Annex, but there's a terrible glare problem in the Tower. The mesh only screens a small percentage of the glare. They're having to install some kind of reflective screen on the windows. Employees in the Tower are wearing sunglasses. Employees in the Annex will be bringing floodlights from home. Being a Federal employee is an adventure in craziness, but this building really takes the cake.” (SocketSite Reader's Insight)

∙ Just Quotes: Let's Hear It For (Or Against) The Feds [SocketSite]

Posted by socketadmin at 2:20 PM | Permalink | Comments (0) | (email story)

April 2, 2007

It’s Official: Welcome To SocketSite’s Real Estate Forums

Looking for a rough idea of what it might cost for a down to the studs remodel in San Francisco? Or perhaps you’ve been wondering what’s happening with the condo conversion of Rincon Towers? Well, you're not alone. And thanks to the SocketSite community (and Real Estate Forums), we’re starting to accumulate answers to, and insights into, these topics and more.

The Forums are an opportunity for "plugged in" people across the Bay Area to ask and answer real estate related questions, to share or debate ideas or insights, or to simply start a discussion that's top of mind (without being "off topic" on SocketSite).

We’ll highlight a few of the Forums features and functionality early next week (such as the ability for registered readers to directly exchange private messages). In the meantime, please consider taking a moment to poke around, register a profile, and join in the discussion. Speaking of which, can anbody answer a reader’s question concerning The Infinity’s total construction budget and profit margin?

Welcome to SocketSite's Real Estate Forums. And as always, thank you for "plugging in."

∙ General cost to remodel in San Francisco? [forums.socketsite.com]
∙ Rincon Center [forums.socketsite.com]
∙ SocketSite’s Real Estate Forums [forums.socketsite.com]
∙ Questions about the Infinity's total budget [forums.socketsite.com]
∙ Another Way To “Plug In” (And Never Be Off Topic Again) [SocketSite]

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

March 28, 2007

More Apples In Hayes Valley (525 Gough)

In July 2005, 525 Gough #105 sold for $881,000. Early last month, the Hayes Valley condo was listed for $929,000. And yesterday, it was reduced to $899,000. In related activity, 525 Gough #405 appears to have fallen out of contract and is now back on the market.

Is it something about the "05" units? The building? The block? The neighborhood?

∙ Listing: 525 Gough Street #105 (2/3) - $899,000 [Pacific Union]
∙ Apples To Apples In Hayes Valley (525 Gough #405) [SocketSite]

Posted by socketadmin at 2:00 PM | Permalink | Comments (13) | (email story)

March 21, 2007

Another Shot At The St. Regis (188 Minna)

Last week we pointed out a listing for a $1,646 per square foot condo in the St. Regis. Today, it’s in contract. But if you missed it, don’t fret, another unit (#23F) hit the market yesterday and it's listed at $2,385,000. For those who were wondering, or happen to be interested, that’s $1,562 per square foot; $2,134 per month in HOAs; and $225 per month for parking.

∙ Listing: 188 Minna Street #23F (2/2.5) - $2,385,000 [MLS]
∙ An Incomplete Data Point At The St. Regis (188 Minna) [SocketSite]

Posted by socketadmin at 4:30 AM | Permalink | Comments (23) | (email story)

Truth In Advertising: Price Substantially Reduced!

Prices on four of the five newly converted condos at Glassworks (207 King) have been reduced (again), and this time “substantially” (as in up to another $200,000). Total reductions now range from 10% ($100,000) to 26% ($395,000), and the price per square foot has dropped from as high as $1,104 to as low as $764.

∙ Listing: 207 King Street #411 (1/2) 1,461 sqft - $1,195,000 [MLS]
∙ Listing: 207 King Street #412 (1/2) 987 sqft - $895,000 [MLS]
∙ Listing: 207 King Street #414 (1/2) 1,172 sqft - $1,050,000 [MLS]
∙ Listing: 207 King Street #415 (1/2) 1,440 sqft - $1,100,000 [MLS]

∙ The Glassworks (207 King Street) [SocketSite]
∙ Glassworks (207 King): 3 Years Paid HOA And Further Reductions [SocketSite]

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

The Last Developer Unit(s) At The Beacon (250/260 King)

It’s been a long time coming, and not without a few bumps and bruises along the way, but the Mark Company is now touting “Last [developer's] Unit at the Beacon!” (250 King Street #714). Then again, they're touting the same thing for 250 King Street #814, but why split hairs.

[Editor’s Note: Both units are now in contract. Congratulations to everyone at The Beacon.]

∙ Listing: 250 King St #714 (1/1) - $675,000 [MLS]
∙ Listing: 250 King St #814 (1/1) - $685,000 [MLS]
∙ The Beacon: 90% Sold [SocketSite]
∙ Beacon Class Action Lawsuit Dismissed Without Prejudice [SocketSite]
∙ A Sales Office Shakeup At The Beacon? [SocketSite]

Posted by socketadmin at 4:00 AM | Permalink | Comments (13) | (email story)

March 19, 2007

One Rincon Hill Tower One: Floor Facts

For future (and perhaps current) reference, let’s get the facts straight with regard to the first tower of One Rincon Hill. The tower will rise fifty-five (55) stories above grade (not including the rooftop stabilizing water tank) with five (5) levels of parking below.

Floors are numbered one (1) through sixty (60) with the first level of underground parking being floor number one. The ground level lobby is located on floor number six (6), floor number seven (7) houses building amenities, and residences are located on floors eight (8) through sixty (60).

The bad news: If you’re looking to live ten stories above the top of the hill, you’ll actually want to find a condo on floor fifteen (15). The good news: If you should somehow crash through a window on the “sixth floor,” you won’t have far to fall.

UPDATE (3/22): While we focus on the facts, a “plugged in” reader focuses on an explanation. “I spoke with One Rincon today and they explained their reasoning behind the flooring scheme. One person's [comment] was correct. [Actually, two.] The floors in tower one and tower two match up with each other. Since the lot is on a hill, tower two's first floor lines up with the street at Harrison and Fremont."

∙ A Reader Asks: What Happened To The Crane At One Rincon Hill? [SocketSite]
∙ One Rincon Hill: Hovering Around 90% Sold [SocketSite]

Posted by socketadmin at 5:00 AM | Permalink | Comments (124) | (email story)

March 12, 2007

The Modern Makeover And Façade Of 185 Post

And yet another “plugged in” tipster captures 185 Post’s glass wrapped makeover by Brand + Allen Architects taking shape. It's a modern aesthetic without the edginess of the controversial Koolhass design that was once destined for the location.

∙ Ghostly restoration of 1908 building would be the newest thing in town [SFGate]
∙ John King Does Rem Koolhaas [SocketSite]

Posted by socketadmin at 12:10 AM | Permalink | Comments (11) | (email story)

March 7, 2007

Planning Department Special Meeting: Mission Armory Edition

A “plugged in” tipster notes that the San Francisco Planning Department has called a Special Meeting for Thursday. And as best we can tell, it's an “Informational hearing on the occupancy of the Mission Armory by a film production studio (d.b.a. kink.com).”

As our tipster notes, perhaps the meeting has something to do with all the press. Or perhaps the neighborhood activists are suddenly pro-development. In either case, you can watch the fun unfold online (both the meeting and the kink).

∙ SF Planning Department Special Meeting: March 8, 2007 [SFGov]
∙ From (Proposed) Condos To Kink [SocketSite]
∙ SFGTV [SFGov]
∙ QuickLinks: Our Enlightened City Hits The Journal* [SocketSite]

Posted by socketadmin at 5:00 AM | Permalink | Comments (4) | (email story)

February 28, 2007

Six Relatively Quick Flips At The Sold Out Watermark (501 Beale)

Six condos in the now sold out Watermark are currently on the market. At least two - #6B and #8H (above) - appear to be passing along the remainder of their original buyer incentives (two years of paid HOA dues).

And based on a number of reader comments, we can likely expect to see a few more units hit the market in the not too distant future.

UPDATE (3/1): As a reader notes, make that eight relatively quick flips as Watermark condos #4B and #17E have joined the resale fray.

∙ Listing: 501 Beale #4B (1/1) - $919,000 [MLS]
∙ Listing: 501 Beale #6B (2/2) - $975,000 [MLS]
∙ Listing: 501 Beale #7B (2/2) - $1,049,000 [MLS]
∙ Listing: 501 Beale #8H (2/2) - $1,187,000 [MLS]
∙ Listing: 501 Beale #16D (2/2) - $1,649,000 [MLS]
∙ Listing: 501 Beale #17E (1/1) - $759,900 [MLS]
∙ Listing: 501 Beale #19G (3/2) - $1,728,000 [MLS]
∙ Listing: 501 Beale #PH1E (3/2) - $1,800,000 [MLS]

∙ What’s Up With The Watermark "G"s? [SocketSite]

Posted by socketadmin at 6:00 AM | Permalink | Comments (28) | (email story)

February 26, 2007

Just Quotes: Let's Hear It For (Or Against) The Feds

“If they'd had a choice, city planners wouldn't have allowed either the slab or the imposing design, because the complex sits across Seventh Street from the U.S. Court of Appeals building, a Beaux-Arts landmark from 1905. But city zoning doesn't apply to federal projects.” (TOWERING EXPECTATIONS)

∙ TOWERING EXPECTATIONS: S.F.'s new federal building [SFGate]

Posted by socketadmin at 12:10 AM | Permalink | Comments (41) | (email story)

February 23, 2007

Beacon Class Action Lawsuit Dismissed Without Prejudice

Thanks to a “plugged in” tipster (and homeowner at the Beacon), we have the scoop on some big Beacon news: the class action lawsuit against The Beacon has been dismissed by Catalano without prejudice. (No word on the status of similar suits filed against The Metropolitan or Watermark.) Also from our tipster:

One other good piece of news that we homeowners received was that the ground lease was terminated 3 years early and in January everyone received a deeded interest in their unit (rather than the leasehold interest that we were sold). In my book, that makes my unit more valuable than when I bought it!

Overall, I'm really happy with my unit. Its a great location and a great place to live. I'm sure I'd get flamed for saying that by the "condoistas" on your site, but the truth is I'm happy and I didn't pay $1,000+ psf so I never expected it to be the St Regis.

This should brighten the weekend for the sales office (20 units left the last time we checked) and any owners who are currently trying to sell (~15 resales currently listed) as it removes the stigma of pending litigation and increases the pool of potential lenders.

Celebratory party in the clubhouse/pool? You know where to send our invitation.

∙ A Big Bad Lawsuit At The Beacon [SocketSite]
∙ A Class Action Suit At The Metropolitan? [SocketSite]
∙ Now Serving: The Watermark [SocketSite]
∙ A Sales Office Shakeup At The Beacon? [SocketSite]

Posted by socketadmin at 9:15 AM | Permalink | Comments (13) | (email story)

February 18, 2007

The SocketSite Scoop On Two Very Big (Unconfirmed) Rumors

Okay, so for a while we’ve been hearing rumblings from brokers to builders that the developers of The Infinity have been discussing going rental rather than sales with their second tower (at least initially). That being said, we haven’t been able to confirm it as fact (and perhaps it's simply contingency planning gone awry).

And now according to a "plugged in" reader, it’s rumored that One Rincon Hill’s second tower has been put on hold "held back." Once again, we haven’t been able to confirm (and we’re not sure if the rumor simply refers to sales, construction, or both).

If either of these rumblings are true, it’s not particularly positive commentary on the near-term strength of the market (or new development absorption). On the flipside, either action would increase the near-term scarcity of ownership opportunities in these developments (and help throttle back San Francisco's condominium pipeline).

And as far as our inventory index (Cii) is concerned, we're still assuming both towers will hit the pre-construction market in 2007.

UPDATE (2/20): Just to be clear, we haven’t heard even the faintest whisper about “cancelling” either of these towers. At this point it’s simply a question of timing with one and initial use with the other.

UPDATE (2/22): We’re now guessing our “plugged in” reader was absolutely correct about a big project that's being "held back" on Rincon Hill, but that it’s The Californian on Rincon Hill and not One Rincon Hill that has changed its sales/construction dates. (And that’s news, not rumor.)

∙ The Infinity Continues To Grow Up [SocketSite]
∙ JustQuotes: Nope, Not Included In Our "Near-Term Likely" Cii Pipeline [SocketSite]
∙ One Rincon Hill: Hovering Around 90% Sold [SocketSite]
∙ SocketSite’s Complete Inventory Index (CII): Q1 2007 [SocketSite]
∙ The Californian On Rincon Hill Construction/Sales Pushed Back [SocketSite]

Posted by socketadmin at 12:05 AM | Permalink | Comments (109) | (email story)

February 16, 2007

Foster + Partners Dropped From Transbay Terminal Design Comp

The Transbay Joint Powers Authority Board announced that the Foster + Partners / Heller-Manus Architects team has been dropped from the Transbay Terminal design competition. The four design/development teams left standing:

1. Richard Rogers Partnership with Forest City Enterprises and MacFarlane Partners
2. Santiago Calatrava with Boston Properties
3. Pelli Clarke Pelli Architects with Hines
4. Skidmore Owings & Merrill with Rockefeller Group Development Corp.

Drawings and proposals are due in July (remember, it’s tips@socketsite.com), and the winning team will be named on August 23.

∙ Transbay Terminal (And Tower) Design Competition: The Teams [SocketSite]
∙ San Francisco Transbay Terminal: Design Competition Update [SocketSite]
∙ We're Thinking Gehry (No, Not Geary) [SocketSite]

Posted by socketadmin at 2:12 PM | Permalink | Comments (8) | (email story)

February 12, 2007

SocketSite’s Complete Inventory Index (CII): Q1 2007

If you’re truly “plugged in,” you should already be familiar with SocketSite’s Complete Inventory Index (Cii) for San Francisco. As we wrote last September:

The goal of the Cii (pronounced “see”; we’re hoping Nintendo views it as flattery) is to paint a complete picture of housing inventory and new development in San Francisco; listed, unlisted, pipeline, and potential. In fact, we believe it represents a fundamental shift from the abstract to the tangible with regard to what’s in the works throughout San Francisco.

Over the past quarter, we have doubled the size of our new development database and SocketSite now tracks the size, status, probability, pricing, sales, and available inventory for nearly 125 new developments in San Francisco (15,000+ condominiums in total). We also track 10,000 “net new housing units” (including rental units) that are either proposed or on the drawing boards. And all told, we are actively keeping tabs on a potential inventory of 25,000+ housing units (i.e., San Francisco’s overall housing pipeline).

As it stands, in addition to the roughly 325 San Francisco condominiums that are listed and available for sale on the San Francisco MLS, we estimate that there are approximately 350 new condominiums that are not listed, but are currently available for purchase and immediate occupancy. These condos include unlisted inventory in buildings ranging in size from The Glassworks to The Beacon.

We also estimate that there are currently an additional 1,050 available condominiums that are actively competing for the attention of buyers and accepting non-refundable deposits in sales offices throughout San Francisco (examples include The Infinity, Heritage on Fillmore, and Arterra). And within the next six months, we expect to see an additional 2,450 condominiums begin marketing, accepting deposits, and competing for sales as well (think The Potrero, Symphony Towers, and The Bay).

Looking forward to the second half of 2007, we see an additional 1,575 new condominiums that are likely to start marketing/selling before the end of the year (or relatively soon thereafter). And for 2008/2009, we see 4,000+ units that have a shot of making it to market (and 2,000+ that will likely fall by the wayside).

Beyond that, well…you’ll just have to keep “plugging in.”

∙ SocketSite’s Complete Inventory Index (Cii) [SocketSite]
∙ Glassworks (207 King): 3 Years Paid HOA And Further Reductions [SocketSite]
∙ The Beacon: Sales Office Incentives [SocketSite]
∙ The Infinity: Online Floor Plans And Condo Specifications [SocketSite]
∙ Heritage On Fillmore: The VIP Scoop [SocketSite]
∙ Evidence Of A Price Reduction At Arterra? [SocketSite]
∙ The Potrero (451 Kansas): Sales Center Opening In February [SocketSite]
∙ Symphony Towers: From The $300,000s [SocketSite]
∙ The Bay (329 Bay Street): Complete Pricing [SocketSite]

Posted by socketadmin at 10:35 AM | Permalink | Comments (25) | (email story)

February 9, 2007

QuickLinks: Our Enlightened City Hits The Journal*

∙ No Condos, Please: Old Armory Finds New Life in Porn [WSJ]
∙ 50 protest porn business inside old Mission Street armory [SFGate]
∙ From (Proposed) Condos To Kink [SocketSite]

*Note: Full credit to a tipster for the headline.

Posted by socketadmin at 9:03 AM | Permalink | Comments (19) | (email story)

February 2, 2007

A Quick Resale At 188 King

Five months ago, and according to 188 King’s marketing team, unit #207 “Sold” for $1,650,000. Yesterday it hit the market as a resale. List price: $1,595,000.

∙ Listing: 188 King #207 (2/3) - $1,595,000 [Virtual Tour] [MLS]
∙ 188 King Street: Sales Update [SocketSite]

Posted by socketadmin at 12:10 AM | Permalink | Comments (14) | (email story)

January 30, 2007

The Jackson Square Condominiums (847 Montgomery)

Originally constructed as a hotel and lodging house in 1912, the Jackson Square building at 847 Montgomery has served as home to numerous establishments including a 54 year run as “Ernie’s” restaurant (at which Alfred Hitchcock filmed Vertigo). And now, it’s in the process of being transformed into 13 upscale condominiums.

The Jackson Square current pricing starts at $950,000 for One Bedroom Homes, Two Bedroom Homes from $1,200,000 and spectacular Penthouses from $2,250,000. Construction completion and delivery is slated for May of 2007.

If the finished product is anywhere near as interesting as the renderings (above), forget the housewarming. Instead, invite us over for a soak, shower, and drink on the balcony.

UPDATE (1/31): Frederick has the scoop on parking - 10 spaces for the 13 condos.

∙ Jackson Square (847 Montgomery) [thejacksonsquare.com] [Floor Plans]

Posted by socketadmin at 2:08 AM | Permalink | Comments (22) | (email story)

January 23, 2007

One Rincon Hill: Hovering Around 90% Sold

As goes The Infinity, so goes One Rincon Hill (at least in terms of vertical growth). In terms of sales, however, a tipster notes that One Rincon seem to have been hovering around 90% “sold” for the past few months. (With roughly a year of construction remaining, we’re guessing they’re not overly concerned.) A few of the available condos:

∙ 425 First #3002 (3/3) 1971 sqft - $2,165,000
∙ 425 First #3003 (3/3) 1928 sqft - $2,200,000
∙ 425 First #4207 (1/1) 819 sqft - $970,000
∙ 425 First #5503 (3/2) 1677 sqft - $2,325,000
∙ 425 First #5902 (2+/2) 1526 sqft - $2,175,000

And don’t forget, floor plans available online.

∙ The Infinity Continues To Grow Up [SocketSite]
∙ One Rincon Hill: Rain, Rain Go Away [SocketSite]
∙ One Rincon Hill’s Fall Newsletter And Update [SocketSite]
∙ One Rincon Hill: Floor Plans, Features And Amenities [SocketSite]

Posted by socketadmin at 12:45 AM | Permalink | Comments (147) | (email story)

January 22, 2007

235 Berry Street Update: At Most 89% Sold (And Moving On In)

Buyers have started closing escrow and moving in to their condominiums at 235 Berry Street (we’d love to hear from some of the early settlers). And as best we can tell, at least 11 of the 99 units remain available for sale:

∙ 235 Berry #102 (2/2.5) 1,255 sqft - $847,900
∙ 235 Berry #108 (3/3) 1,338 sqft - $1,250,900
∙ 235 Berry #110 (3/3) 1,500 sqft - $1,315,900
∙ 235 Berry #114 (2/2.5) 1,255 sqft - $926,900
∙ 235 Berry #304 (2/2) 1,070 sqft - $750,900
∙ 235 Berry #308 (2/2) 1,420 sqft - $937,900
∙ 235 Berry #315 (2/2) 1,235 sqft - $889,900
∙ 235 Berry #405 (2/2) 1,235 sqft - $909,900
∙ 235 Berry #411 (2/2) 1,063 sqft - $957,900
∙ 235 Berry #414 (2/2) 1,420 sqft - $991,900
∙ 235 Berry #510 (2/2) 1,315 sqft - $1,216,900

Of the eleven units, only two (#110 and #411) appear to be holdovers from our September update. And the “mini-lottery” and demanding terms are definitely relics of the past.

∙ 235 Berry Street Update: Under 50% Sold? [SocketSite]
∙ 235 Berry Street Sales Release (6/11/06) [SocketSite]

Posted by socketadmin at 12:20 AM | Permalink | Comments (5) | (email story)

January 19, 2007

The Infinity Continues To Grow Up

A tipster forwards a recent picture of The Infinity and notes that up to 800 Google employees will soon be wandering the streets nearby (they’re subleasing three floors at Hills Plaza). Well, at least for the next three years.

[UPDATE (1/23): For those of you who have been following the thread of comments regarding a discrepancy between the Infinity sales office and website in terms of unit square footage, a "plugged in" reader notes: “Apparently the [Infinity] website designer made some mistakes and placed the wrong SqFt on the wrong units…The PDF file is the correct version per the Sales Office. They will try to correct the website asap. Terrible mistake on their part, but NO they are NOT taking away square footage.”]

∙ The Infinity: Online Floor Plans And Condo Specifications [SocketSite]

Posted by socketadmin at 9:18 AM | Permalink | Comments (71) | (email story)

January 17, 2007

368 Elm Street Condos: Complete Pricing (And An Update)

Thanks to a “plugged in” tipster, we (and you) now have complete pricing and a sales update for the 28 condominiums that comprise 368 Elm Street. According to our tipster, nine of the condos are currently “Pending,” but three of those units are unallocated BMR units (#106, #205, and #303). No word on how many, if any, of the other six Pending units are inside sales or developer units.

Current pricing and availability for all 28 condos:

∙ 368 Elm Street #101 (2/2) 1,249 sqft & 2 car parking – $769,000
∙ 368 Elm Street #102 (1/1) 679 sqft & 1 car parking – $549,000
∙ 368 Elm Street #103 (2/2) 1,183 sqft & 2 car parking – $769,000
∙ 368 Elm Street #104 (0/1) 699 sqft & 1 car parking – Pending
∙ 368 Elm Street #105 (2/2) 1,153 sqft & 2 car parking – $749,000
∙ 368 Elm Street #106 (1/1) 649 sqft & 1 car parking – Pending (BMR)
∙ 368 Elm Street #107 (2/2) 1,219 sqft & 2 car parking – $749,000
∙ 368 Elm Street #201 (2/2) 1,249 sqft & 2 car parking – $769,000
∙ 368 Elm Street #202 (1/1) 679 sqft & 1 car parking – $565,000
∙ 368 Elm Street #203 (2/2) 1,183 sqft & 1 car parking – $769,000
∙ 368 Elm Street #204 (0/1) 699 sqft & 1 car parking – $489,000
∙ 368 Elm Street #205 (2/2) 1,183 sqft & 2 car parking – Pending (BMR)
∙ 368 Elm Street #206 (1/1) 679 sqft & 1 car parking – $549,000
∙ 368 Elm Street #207 (2/2) 1,249 sqft & 2 car parking – $749,000
∙ 368 Elm Street #301 (2/2) 1,249 sqft & 2 car parking – Pending
∙ 368 Elm Street #302 (1/1) 679 sqft & 1 car parking – Pending
∙ 368 Elm Street #303 (2/2) 1,183 sqft & 2 car parking – Pending (BMR)
∙ 368 Elm Street #304 (0/1) 699 sqft & 1 car parking – $499,000
∙ 368 Elm Street #305 (2/1) 1,183 sqft & 1 car parking – Pending
∙ 368 Elm Street #306 (1/1) 679 sqft & 1 car parking – $565,000
∙ 368 Elm Street #307 (2/2) 1,249 sqft & 2 car parking – $775,000
∙ 368 Elm Street #401 (2/2) 1,219 sqft & 2 car parking – Pending
∙ 368 Elm Street #402 (1/1) 649 sqft & 1 car parking – Pending
∙ 368 Elm Street #403 (2/2) 1,153 sqft & 2 car parking – $839,000
∙ 368 Elm Street #404 (0/1) 699 sqft & 1 car parking - $519,000
∙ 368 Elm Street #405 (2/2) 1,183 sqft & 2 car parking - $819,000
∙ 368 Elm Street #406 (1/1) 679 sqft & 1 car parking - $589,000
∙ 368 Elm Street #407 (2/2) 1,249 sqft & 2 car parking - $819,000

Proposed monthly HOA dues range from $319 to $392.

∙ 368 Elm Street Condos: A Sales Update [SocketSite]
∙ 368 Elm Street Condos: First Release Pricing And Scoop [SocketSite]
∙ 188 King Street: An Update [SocketSite]

Posted by socketadmin at 12:10 AM | Permalink | Comments (23) | (email story)

3208 Pierce: New Website And Photo Gallery

A tipster notes a “flashy” new website (and photos) for 3208 Pierce ("The Marina's Newest Address"). No word on how many of those initial reservations actually turned into contracts, or how many of the 14 units remain available. (Tipsters?)

UPDATE (1/18): Thanks to a tipster we now have complete pricing (and HOA fees range from $579 to $675 per month):

∙ 3208 Pierce #101 (2/2.5) 1,476 sqft - $1,299,000
∙ 3208 Pierce #102 (2/2.5) 1,277 sqft - $1,199,000
∙ 3208 Pierce #201 (1/1) 719 sqft – “SOLD” (BMR)
∙ 3208 Pierce #202 (1/1) 985 sqft - $925,000
∙ 3208 Pierce #203 (1/1) 738 sqft - $749,000
∙ 3208 Pierce #204 (2/2) 1,102 sqft - $999,000
∙ 3208 Pierce #401 (2/2.5) 1,261 sqft - $1,099,000 ("SOLD")
∙ 3208 Pierce #402 (2/2.5) 1,253 sqft - $1,169,000
∙ 3208 Pierce #403 (2/2.5) 1,243 sqft - $1,119,000
∙ 3208 Pierce #404 (1+/1.5) 1,100 sqft - $1,049,000
∙ 3208 Pierce #405 (2/2.5) 1,236 sqft - $1,149,000 ("SOLD")
∙ 3208 Pierce #406 (2/2.5) 1,393 sqft - $1,299,000 ("SOLD")
∙ 3208 Pierce #407 (2/2.5) 1,168 sqft – “SOLD”
∙ 3208 Pierce #408 (2/2.5) 1,602 sqft – “SOLD”

UPDATE (1/25): According to a tipster, units #401, #405, and #406 have joined the ranks of “SOLD.” And as of today, eight of the fourteen condos remain available.

∙ 3208 Pierce Street: Now Accepting Reservations [SocketSite]
∙ 3208 Pierce: A Few Details [SocketSite]

Posted by socketadmin at 12:05 AM | Permalink | Comments (30) | (email story)

January 12, 2007

The Heublien Building Lofts (601 4th Street)

In 1991, Holliday Development brought 88 live/work lofts in the converted Heublien 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 - The 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.

The success of 601 4th Street led to a dramatic transformation of the surrounding neighborhood from dingy industrial area to vibrant entrepreneurial district synonymous with the high-tech boom. Residents and businesses poured into the area; hip restaurants, clubs, and hotels cropped up next to traditional industrial businesses such as printing presses, furniture warehouses, and fabric wholesalers.

If you're interested, two loft condominiums in the Heublien Building have just hit the market (and we expect to see at least one more unit return relatively soon). Unit #207 ($639,000 / 1,057 sqft) boasts many “new” features (but no pictures), pergo floors, electric baseboard heat, and one parking space; while unit #121 ($1,295,000 / 1,497 sqft), which failed to sell last year, offers a stunning solid high-end renovation ("Gourmet kitchen w/Bulthaup cabinetry, SubZero, Miele dishwasher/oven, Gaggenau cooktop…Master Bath w/Waterworks limestone, Ann Sacks stones..."), 3-zone radiant heat, and two-car parking.

∙ 601 4th Street Background [hollidaydevelopment.com]
∙ The ClockTower Lofts (461 2nd Street) [SocketSite]
∙ The Live/Work Lofts Of 355 Bryant [SocketSite]
∙ Listing: 601 4th Street #207 (1/1) 1,057 sqft - $639,000 [MLS]
∙ Listing: 601 4th Street #121 (2/2) 1,497 sqft - $1,295,000 [MLS]

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

Transbay Terminal (And Tower) Design Competition: The Teams

Five teams of designers and developers have officially “shown their interest” in tackling the design and construction of San Francisco’s new Transbay Terminal and tower. Confirming what we first reported back in November, Rogers, Foster, and Calatrava have all entered the contest (although Gehry has not). The five teams of designers and developers:

1. Richard Rogers Partnership with Forest City Enterprises and MacFarlane Partners
2. Norman Foster + Partners with Related Cos. and TMG Partners
3. Santiago Calatrava with Boston Properties
4. Pelli Clarke Pelli Architects with Hines
5. Skidmore Owings & Merrill with Rockefeller Group Development Corp.

At the end of January, a seven-member jury will interview the five teams and then recommend a list of finalists to the Transbay board on February 15. The finalists will present drawings (remember, it’s tips@socketsite.com) and proposals in July; the winning team will be named on August 23.

UPDATE: Images are design renderings for Santiago Calatrava’s PATH Transportation Hub and Terminal that's being constructed in New York City.

∙ San Francisco Transbay Terminal: Design Competition Update [SocketSite]
∙ We're Thinking Gehry (No, Not Geary) [SocketSite]
∙ Transbay terminal race is on [SFGate]
∙ Five teams bid to design and build S.F. transit complex [SF Business Times]

Posted by socketadmin at 7:40 AM | Permalink | Comments (16) | (email story)

January 10, 2007

Evidence Of A Price Reduction At Arterra?

On the heels of advertised incentives, five listings for condos at Arterra have been added to the MLS (#303, #411, #446, #521 and #1113). And we can’t help but notice that while unit #303 was originally listed for $539,000 in December, it was relisted yesterday for $509,000 (an apparent drop of 5.6%).

∙ Listing: 300 Berry #303 (1/1) - $509,000
∙ Listing: 300 Berry #411 (2/1) - $713,000
∙ Listing: 300 Berry #446 (2/2) - $825,000
∙ Listing: 300 Berry #521 (1/1) - $599,000
∙ Listing: 300 Berry #1113 (2/1) - $799,000

∙ Incentives (And Insight?) At Arterra (300 Berry) [SocketSite]
∙ Arterra (300 Berry) Hits The MLS [SocketSite]

Posted by socketadmin at 12:10 AM | Permalink | Comments (39) | (email story)

From (Proposed) Condos To Kink

Kink.com (a local internet fetish company) has purchased the San Francisco Armory (1800 Mission) for $14.5 million and “intends to use the building for [their] core business of producing adult movies for internet distribution.” So much for those proposed condos.

∙ San Francisco Armory Pictures and Floor Plans [SFArmory.com]
∙ The New Pornographers [7x7 San Francisco]
∙ Mission Armory Redux? [SocketSite]

Posted by socketadmin at 12:00 AM | Permalink | Comments (33) | (email story)

January 8, 2007

The Infinity: Online Floor Plans And Condo Specifications

A few readers tipped us off to the fact that The Infinity has updated their website to include all 42 floor plans and condo specs. We're quite enamored with the master suite (and dressing room) in residence 37B; and we can definitely appreciate one "plugged in" reader’s choice in floor plans. (Don't forget our invitation to the housewarming.)

∙ The Infinity: A Study In Contrast [SocketSite]
∙ The Clock Is Ticking For A Reader [SocketSite]

Posted by socketadmin at 12:10 AM | Permalink | Comments (34) | (email story)

January 4, 2007

368 Elm Street Condos: A Sales Update

A tipster notes that after a little more than a month on the market 368 Elm Street is advertising 8 of 28 condos sold (30%). No word on whether these eight sales include any BMR units or inside transactions.

∙ 368 Elm Street Condos: First Release Pricing And Scoop [SocketSite]

Posted by socketadmin at 12:57 AM | Permalink | Comments (1) | (email story)

January 3, 2007

Worth The Wait: 900 Minnesota (An Update)

An update on the redevelopment of 900 Minnesota (the former Esprit campus) from an insider: “[T]he project is now expected to deliver finished homes this fall (2007) in the adapted/ renovated brick buildings. The second phase will follow over the subsequent 10 months. Recycling pre-existing materials has taken longer than expected, but worth it.”

∙ 900 Minnesota: Now And Then [SocketSite]

Posted by socketadmin at 12:07 AM | Permalink | Comments (2) | (email story)

December 19, 2006

What’s Up With The Watermark "G"s?

A reader wonders, “What's the scoop on [Watermark] unit 15g? Tax records show that it was sold by Watermark for $830,000. It's a 1295 sq ft corner unit. 12g sold for $975,000; 17g sold for $1,650,000; 20g sold for $1,400,000. Now 15g just entered into contract for $969,000 as a resale. Why was there a fire sale at Watermark when this unit [first] entered into contract at around the same time as the other "g" units?”

Something definitely seems screwy, but unfortunately we don't have the inside scoop (this time). Readers? And while you’re at it, perhaps someone can answer our follow-up question: how’d the buyer of 17g wind up paying $250,000 more than the buyer of 20g? (And yes, the floor plans for all four of the units look identical.)

UPDATE: Okay, we should have caught this earlier, but the letters (A-U) used to designate floor plan types are not directly correlated with the actual unit addresses on each floor. In other words, while unit 15G is actually a “D” type floor plan, it looks like units 17G and 20G are actually “N” type floor plans. And to answer our own question, only two units in the entire building offer wraparound patios, and the “N” plan on the 17th floor is one of them. It’s turning out to be one of those mornings days…

∙ Watermark Update: 85% Sold [SocketSite]

Posted by socketadmin at 12:00 AM | Permalink | Comments (77) | (email story)

December 18, 2006

Millennium Tower San Francisco (301 Mission): Interest List

A tipster forwards an updated rendering from the placeholder website (interest list) for the 60-story Millennium Tower San Francisco that’s currently under construction at 301 Mission.

“In addition to the 60-story tower, there is a shorter, 125 foot (38 m) 11-story tower on the north end of the complex with more condos and residential amenities. In between the two towers, there will be a two-story glass atrium at about 43 ft. (13 m) tall. In total, the project will have 437 [419] units, some of which (~120) will be extended-stay hotel units and the others residential units.” (wikipedia)

Expect the condo/rental mix to change depending upon market conditions at the time of completion (2008/2009). And yes, this is the residential building that will rise four feet higher than One Rincon Hill.

∙ Millennium Tower San Francisco [Official website]
∙ Five Years Late (And One “N” Short) [SocketSite]
∙ Millennium Tower (301 Mission Street) [wikipedia]
∙ One Rincon Hill: Rain, Rain Go Away [SocketSite]

Posted by socketadmin at 1:34 PM | Permalink | Comments (43) | (email story)

December 14, 2006

Radiance At Mission Bay: Sales Center And Website Coming Soon

A tipster notes that BOSA Development is converting Catellus' Mission Bay offices in the Glassworks building (across from AT&T Park) into a sales office for their Mission Bay developments. First up, Radiance at Mission Bay a 417 unit development in Mission Bay between Terry Francois and Third Street (near the new GAP building).

Radiance at Mission Bay will consist of two 16-story towers, two 9-story midrise buildings, and townhomes with condominiums ranging in size from 850 to 2,175 square feet. The current website is simply a placeholder, the sales office should open early next year, and while ground has been broken, we don’t expect to see delivery of the condominiums until mid-2008.

We’d love to share some pictures, but according to our tipster, “no one has seen any renderings yet; they've been held close to the chest. So the office will probably have some images, and maybe even models, that will be the first look at the initial BOSA project.” Well, either that or another tipster will send us (and you) some holiday cheer. (email tips@socketsite.com)

∙ An Overview Of Mission Bay [SocketSite]
∙ Radiance at Mission Bay [Official Website]

Posted by socketadmin at 12:10 AM | Permalink | Comments (9) | (email story)

December 11, 2006

Book Concern Building (83 McAllister): Update And Pricing

The final fifteen condominiums at Book Concern Building have been released and mostly studios remain. Official footprints are undeniably small (ranging from 256 to 500 square feet), but many of the units offer an additional 100+ square feet of loft storage space (i.e., unofficial sleeping space). And for the most part, the condos are well designed (although we’d upgrade a number of the finishes). Overall, we're fans.

Prices for the remaining units range from $258,000 to $451,000 (HOA dues from $275-$360/mo) and the building has received its temporary certificate of occupancy (i.e. you can close escrow and move in). Gym, laundry, and “multi-purpose room” in the basement; deck on the roof; and a neighborhood that’s in transition. A rundown of the remaining units:

∙ 83 Mcallister #409 (0/1) - $258,000
∙ 83 Mcallister #312 (0/1) - $260,000
∙ 83 Mcallister #412 (0/1) - $273,000
∙ 83 Mcallister #402 (0/1) - $273,000
∙ 83 Mcallister #202 (0/1) - $330,000
∙ 83 Mcallister #211 (0/1) - $335,000
∙ 83 Mcallister #210 (0/1) - $335,000
∙ 83 Mcallister #212 (0/1) - $345,000
∙ 83 Mcallister #301 (1/1) - $364,000
∙ 83 Mcallister #206 (2/1) - $397,000
∙ 83 Mcallister #512 (0/1) - $402,000
∙ 83 Mcallister #504 (0/1) - $407,000
∙ 83 Mcallister #505 (0/1) - $417,000
∙ 83 Mcallister #201 (1/1) - $441,000
∙ 83 Mcallister #208 (1/1) - $451,000

∙ Book Concern Building (83 McAllister) [SocketSite]
∙ More Mid-Market Development And Definition [SocketSite]

Posted by socketadmin at 12:15 AM | Permalink | Comments (3) | (email story)

Arterra (300 Berry) Hits The MLS

Five of the 269 condominiums that comprise Arterra have been added to the MLS providing additional insight into pricing (and perhaps sales activity). HOA dues on these five condos range from $407-$537/mo.

∙ 300 Berry #303 (1/1) 735 sqft - $539,000
∙ 300 Berry #923 (2/2) 967 sqft - $840,000
∙ 300 Berry #1510 (2/1) 964 sqft - $899,000
∙ 300 Berry #557 (2/2) 1,237 sqft - $935,000
∙ 300 Berry #551 (3/2) 1,478 sqft - $1,054,000

∙ The Arterra: “Clean Design, Pure Living” At 300 Berry Street [SocketSite]
∙ Arterra and The Hayes: Sales Centers [SocketSite]
∙ Arterra Update: 19% Pre-Sold? [SocketSite]

Posted by socketadmin at 12:10 AM | Permalink | Comments (2) | (email story)

December 9, 2006

Shoreline (41 Federal): Images And An Update

The good news: thanks to a tipster, we now have actual interior pictures (not renderings) from Shoreline. The potentially bad news: after the price reductions, there are only two units left.

∙ Listing: 41 Federal #32 (1/1.5) - $835,000
∙ Listing: 41 Federal #33 (2/2) - $1,325,000

∙ The Scoop On The Shoreline (41 Federal) [SocketSite]
∙ Savings At Shoreline (41 Federal) [SocketSite]

Posted by socketadmin at 11:58 AM | Permalink | Comments (7) | (email story)

December 8, 2006

The Palms: Financing Incentives And Inventory Update

The Palms is currently advertising “4.625% Financing” (down from 5.25%?) for a “Limited time only!” (Keep in mind it’s an interest only 3/1 ARM for up to 80% of the purchase price of the condo, and with a minimum 10% down.)

And based on our calculations, they have enough unsold inventory for 100+ buyers to take them up on the incentive.

Posted by socketadmin at 12:50 PM | Permalink | Comments (11) | (email story)

December 6, 2006

Heritage On Fillmore: The VIP Scoop

We made it over to Heritage on Fillmore last night for their VIP Grand Opening. And while we were digging the jazz, the people, and the vibe of the building, we have to admit that we were a bit under whelmed by the actual event. (Perhaps we’ve been spoiled by the openings and showrooms of One Rincon, The Infinity, and Arterra/Hayes.) Regardless, we got the scoop.

The sales center (1294 Fillmore, across the street from the Heritage) opens its doors to the public tomorrow, but they’re not going to start accepting deposits until mid-January (at which point a model unit on the 3rd floor should be open for hard hat tours). No word on whether they’ll start accepting “reservations” sooner.

Six floor plans will be offered, and pricing is expected to range from the low $500’s to high $600’s for one-bedrooms (37 including BMR), from the mid $700’s to a little over a million for two-bedrooms (38 including BMR), and in the $900’s for the five three-bedrooms. Stainless steel Kenmore ranges, microwaves, and dishwashers are included; but refrigerators, washers and dryers are not.

Marketing folks at the event were suggesting occupancy in mid-March, but a press release noted, “move-in date for the condos at The Heritage on Fillmore is anticipated for April 2007 and the grand opening of Yoshi’s San Francisco and other components of the Fillmore Heritage Center will occur mid-summer 2007.”

And of course the SocketSite super scoop, rumor has it that ten (10) units are being reserved for the developer. Or in marketing speak, “10 units already sold!”

∙ The Heritage On Fillmore (1300 Fillmore) [SocketSite]
∙ Heritage On Fillmore: VIP Grand Opening (12/5/06) [SocketSite]
∙ Heritage On Fillmore And 170 Off Third: BMR Updates [SocketSite]

Posted by socketadmin at 12:10 AM | Permalink | Comments (4) | (email story)

One Rincon Hill: Floor Plans, Features And Amenities

As a tipster notes, “One Rincon put up a new website tonight. It now shows the floor plans, features and amenities.” Just like those touchscreens (but without availability or views).

∙ One Rincon Hill’s Fall Newsletter And Update [SocketSite]
∙ First Impressions: One Rincon Hill Sales Center [SocketSite]

Posted by socketadmin at 12:03 AM | Permalink | Comments (15) | (email story)

December 4, 2006

3208 Pierce Street: Now Accepting Reservations

A tipster forwards an update regarding 3208 Pierce Street. According to Vanguard, “[o]nly six units are still available for reservation at the Marina’s newest luxury condominium development…at the corner of Pierce and Lombard.” Key word: “reservation.”

Vanguard also notes that “[c]onstruction is nearly complete,” the “Grand Opening is scheduled for later in December,” and registrants on the interest list can “select [a] unit prior to the public release.”

Oh, and it’s looking like our previous tipster was spot-on with regard to general prices and square footage.

∙ 3208 Pierce: 14 New Units [SocketSite]
∙ 3208 Pierce: A Few Details [SocketSite]

Posted by socketadmin at 12:10 AM | Permalink | Comments (0) | (email story)

December 1, 2006

1810 Polk Street: Reduction And Release

We’re still looking for a reader to send us the inside scoop on 1810 Polk Street. (Bueller? Bueller? Bueller?) We can, however, report that the price on condo #306 was just reduced $84,000 (7.1%), and that #308 has been added to the MLS at $1,125,000 (advertising “Newest and Final Release!”).

∙ 1810 Polk Street: New Condominiums [Socketsite]
∙ Listing: 1810 Polk Street #306 (3/3) - $1,095,000 [Vanguard]
∙ Listing: 1810 Polk Street #308 (3/3) - $1,125,000 [MLS]

Posted by socketadmin at 10:55 AM | Permalink | Comments (3) | (email story)

November 30, 2006

Lundberg, ClockTower, And Cocktails…Oh My!

We’re huge fans of Architect Olle Lundberg’s design aesthetic (and happen to covet the Norwegian car ferry he inhabits near China Beach). And seeing as how we're not expecting an invitation to tour the inside of Ellison’s San Francisco pad (a Lundberg designed home), we’re jumping on the opportunity to explore a ClockTower loft that Lundberg designed along with interior decorator Linda Lee.

461 2nd Street #557 took four years to complete and features "2 tons of River Rock, $400,000 worth of fabricated glass and steel, and reclaimed Navy Turret ship mirrors on opposing sides of the windows to capture the partial water views."

You had us at the Hobart (refrigerator).

UPDATE (12/1): Okay, we’ve been and we’re fans (the storage space, built-ins, and level of detail/finish are fantastic). And yes, that sofa has got to go...

∙ Lundberg Design [2620 Third Street]
∙ New York Times Slideshow: Debris Decor [NYT]
∙ Friday Fun: Name This House [SocketSite]
∙ The ClockTower Lofts (461 2nd Street) [SocketSite]
∙ Listings: 461 2nd Street #557 (1,815 sq.ft.) - $1,195,000 [Meredith Martin]

Posted by socketadmin at 12:10 AM | Permalink | Comments (8) | (email story)

November 29, 2006

The Royal San Francisco: Under 20% Sold?

A peek into the windows of The Royal from a vantage point in the City Club seems to support speculation of fewer than ten closed condominium sales in the 46 unit Royal. And it's possible that those sales figures include five Below Market Rate (BMR) units.

And for those of you who have been following along at home, the owner of unit #604 remains "highly motivated," is offering to “pay 1 year hoa, parking, & gym membership,” and has reduced his/her asking price for a second time (now $769,000).

∙ The Royal San Francisco [SocketSite]
∙ The Royal San Francisco: An Update (And A Flip) [SocketSite]
∙ The City Club of San Francisco [cityclubsf.com]

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

November 28, 2006

Heritage On Fillmore: VIP Grand Opening (12/5/06)

It's about two quarters later than expected, but Heritage on Fillmore is opening its sales office doors next Tuesday (12/5/06) with a VIP Grand Opening featuring cocktails, sushi by Yoshi’s, and of course, live jazz.

If you're seriously interested in the development, we suggest you weasel your way onto the VIP list. And if you’re already on the list and plan on attending, we suggest you remember to report back. You know we'd do the same for you.

∙ The Heritage On Fillmore (1300 Fillmore) [SocketSite]
∙ Heritage On Fillmore And 170 Off Third: BMR Updates [SocketSite]

Posted by socketadmin at 12:10 AM | Permalink | Comments (0) | (email story)

Argenta (1 Polk): Ground Breaking

As far as we know they're still not building any more land. But they are continuing to build thousands of new condos where none stood before.

Speaking of which, it looks like the Anka Group has broken ground on the 17 story Argenta at 1 Polk (corner of Fell/Market). Once a parking lot, the new development should add 180+ condominiums to the mid-market neighborhood (and is located two blocks from Hayes Valley).

And then there's the Union 76 gas station at the corner of Buchanan and Market. According to J.K. Dineen, Arquitectonica has been hired to transform that lot into an eight-story, 115-unit unit condominium building.

∙ Mid-Market Development “Breaking” News [SocketSite]

Posted by socketadmin at 12:05 AM | Permalink | Comments (18) | (email story)

November 27, 2006

Another Contender For Tallest Residential Building In San Francisco

Last week, J.K. Dineen broke the news of a proposed 60-story condominium tower to be built atop the southwest corner of San Francisco’s landmark Sheraton Palace Hotel.

The proposed 269-unit skyscraper would emerge out of the back left corner of the Palace's 92,000-square-foot lot, at Jessie and Annie alleys, replacing a 1989 addition to the hotel that would be demolished.

The addition would soar 669 feet. One Rincon Hill, now under construction, will be 641 feet, and the Millennium tower at First and Mission streets, is slated to rise 645 feet. [The proposed City House in LA still weighs in at 751 feet.]

The plan is for 41 one-bedroom units, 63 two-bedroom units, 111 two-bedroom "plus" units, and 51 three bedroom units. There would be three 8,000-square-foot penthouses on floors 58, 59, and 60. The eighth floor roof of the current Palace would be redesigned with a pool, spa and yoga space.

Skidmore Owens Merrill (SOM) is the “design architect on the project, with preservation architects Page & Turnbull handling the historic aspects.” (Under the current proposal, the hotel’s garden court and 518 rooms would remain untouched.)

Renderings of the proposed tower do exist, but so far we’ve had no luck tracking them down. Anybody? [email tips@socketsite.com] Anonymity (or credit should you so desire) guaranteed.

∙ Palace uprising: 60-story condo tower [bizjournal]
∙ The Tallest Residential Tower West Of The Mississippi Los Angeles! [SocketSite]

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

368 Elm Street Condos: First Release Pricing And Scoop

Eight months ago we plugged our readers in to the “inside scoop” on 368 Elm Street in Hayes Valley (“28 units in total with 2 bedroom units averaging ~1200 sq.ft. and offering 2 car parking”). This weekend, the sales office opened its doors, and lo and behold, 28 condominiums with two-bedrooms averaging 1,201 square feet and offering two car parking.

Features include: bamboo flooring and gas fireplaces in all living/dining rooms; Jenn-Air appliances and marble counters in the kitchen; and marble flooring, glass sinks, and walk-in multi-head showers in the master bathrooms.

As far as pricing and availability, Vanguard appears to be testing the waters with a first release of the six first floor units priced from $515,000 (studio) to $769,000 (1,249 sq.ft. two-bedroom).

∙ 368 Elm #101 (2/2) - $769,000
∙ 368 Elm #102 (1/1) - $549,000
∙ 368 Elm #103 (2/2) - $769,000
∙ 368 Elm #104 (0/1) - $515,000
∙ 368 Elm #105 (2/2) - $749,000
∙ 368 Elm #106 (2/2) - $749,000

∙ New Developments: 368 Elm Street [SocketSite]
∙ SocketSite Inside Scoop: Vanguard Turk Street Development [SocketSite]

Posted by socketadmin at 8:25 AM | Permalink | Comments (7) | (email story)

November 22, 2006

Mint Lofts: 410 + 418 Jessie Street, San Francisco

Mint Lofts is comprised of two adjacent buildings which border the proposed Mint Plaza.

Constructed in 1926, and originally designed by architects James and Merritt Reid (think Fairmont Hotel and the Spreckels Temple of Music), 410 Jessie Street once served as offices and warehouses for the Hale Brother's Department Stores. The top six floors (5-10) of 410 Jessie were previously converted into leased live/work spaces but are currently undergoing a complete remodel before hitting the market. And floors 2-4 are in the process of being converted into more traditional condominium floor plans. When complete, the 52 condominiums will range in size from 460 to 2,390 square feet and will feature 11’ ceilings and “[i]ndustrial sized, double hung operable windows” (and yes, forced air heating/cooling).

The second Mint Loft building, 418 Jessie Street originally housed one of the Hale Brother's stores, and more recently served as a San Francisco firehouse. The nine floors of 418 Jessie are in the process of being converted into "25 luxury residences available for lease and sale" and will range in size from 600 to 3,500 square feet (and feature 10’ 6” ceilings). Both buildings will share a rooftop garden, grill, and fitness center; and include the increasingly obligatory "on-site concierge" (and perhaps less common "24-hour courtesy patrol").

Additional details on pricing, availability, and occupancy as soon as we have them (or sooner should a "plugged in" reader share the inside scoop).

UPDATE: A model unit in 410 Jessie is expected to be open by mid-December with closings and occupancy in both buildings targeted (i.e., best case scenario) for as early as February 2007. We should have rough pricing sometime next week.

∙ Mint Lofts [410 + 418 Jessie]
∙ Mint Plaza (And Livable City) [SocketSite]
∙ Bay Area Architects: The Reid Brothers [Page and Turnbull]

Posted by socketadmin at 12:05 AM | Permalink | Comments (1) | (email story)

November 20, 2006

1810 Polk Street: New Condominiums

1810 Polk Street (in San Francisco between Jackson and Washington) is a collection of 12 "newly constructed luxury residences” ranging in size from 1-bedroom/1-bath to 3-bedroom/3-bath. And after a couple of months on the market, only one condo (#306) is currently listed as Active and available.

We're still looking for hard numbers on actual sales (a number of units are currently in contract), and we haven't had a chance to tour any of the units (although the Viking appliances, wide plank Brazilian walnut floors, and one car deeded parking did catch our eye). Any readers care to fill in the blanks or share a first impression?

Oh, and in case you haven't been there in a while, we hate to break it to you, but New Wing Lee (and their "excellent fried prawns and pork fried rice") is no longer. Don’t blame us, we’re just the messengers.

∙ 1810 Polk Street [Official Site]
∙ Listing: 1810 Polk Street #306 (3/3) - $1,179,000 [Vanguard] [MLS]
∙ New Wing Lee Review [Yelp]
∙ Farewell Favorites: Wing Lee [mistersf.com]

Posted by socketadmin at 12:10 AM | Permalink | Comments (13) | (email story)

Heritage On Fillmore And 170 Off Third: BMR Updates

As far as we know, neither the Heritage on Fillmore or 170 Off Third have officially announced when they'll throw open the doors of their sales offices, but Below Market Rate (BMR) application deadlines, lottery dates, and workshops have been set.

For the Heritage on Fillmore, the BMR application deadline for the twelve BMR units (five 1-bedrooms, six 2-bedrooms, and one 3-bedroom) is February 3rd, 2007 with the golden tickets being drawn on February 16th. Buyer workshops are scheduled for December 7th and December 9th at the African American Art and Culture Complex (762 Fulton Street).

For 170 Off Third, the BMR application deadline for their 24 affordable homes is January 5th, 2007 with the lottery (“to be monitored by the Mayor's Office of Housing and a third-party auditing firm”) being held on January 9th. “The 170 Off Third Sales team and the Mayor’s Office of Housing are holding a public informational session Tuesday, December 5th, 2006 at 6:00 p.m. in the Yerba Buena Center for the Arts (701 Mission Street, San Francisco).”

∙ The Heritage On Fillmore (1300 Fillmore) [SocketSite]
∙ Heritage on Fillmore BMR application and eligibility requirements [sfurbanchc.org]
∙ 170 Off Third BMR overview and application [170offthird.com]

Posted by socketadmin at 12:00 AM | Permalink | Comments (0) | (email story)

November 17, 2006

Harbor Lofts (400 Spear): San Francisco Warehouse Conversion

The 46 live/work loft condominiums that comprise Harbor Lofts (400 Spear) in San Francisco were the result of a rehabilitation and conversion of the Hathaway Warehouse (a national historic landmark) in 1996-1997.

One of the oldest extant warehouses in the city, the ground story of this splendid brick structure has its origins in the third quarter of the 19th Century, possibly as early as 1856. Additions to the Harrison Street facade were completed in 1875 and the upper sections of the building were completed by about 1900. The two-story brick building, now painted a cream color, is distinguished by projecting brick hood moldings on the ground floor along Spear Street. Brick pilasters with corbelled capitals divide the facade into a series of paired window bays.

MBH Architects led the design of the conversion, and the 46 condominium lofts range in size from 650 to 1,700 square feet. Interiors feature exposed brick and timber accents and all units offer direct access to a two-story central courtyard.

As far as we know, unit #118 is currently the only available unit on the market (although it’s not listed) and boasts a “showcase remodel that delivers wall finishes of stippled concrete and Venetian plaster…open, rustic shelving in the kitchen and rough-hewn sliding wooden doors at both of the bathrooms…[p]olished concrete floors…[and] a roomy tiled shower with a built-in bench, and a vessel sink perched atop a wooden vanity.”

Any current (or past) residents care to shed some additional light on living in the building and the neighborhood?

∙ MBH Architects: Harbor Lofts [mbharch.com]
∙ Listing: 400 Spear Street #118 (1/1.5) – $775,000 [863katy.com]
∙ Area Plan: Rincon Hill: Site 5 – Hathaway Warehouse [SFGov]

Posted by socketadmin at 12:59 PM | Permalink | Comments (6) | (email story)

November 15, 2006

900 Minnesota: Now And Then

The former Esprit de Corp. headquarters in San Francisco's Dogpatch neighborhood (900 Minnesota) is being “deconstructed” and its lumber recycled (a practice that’s both “environmentally sound as well as lucrative”).

In its place, Build Inc. is developing 142 new condominiums, “a commercial component, a café, 168 inside parking spaces and significant open space." Prices on the individual condos (one and two bedrooms) have not been set, but back in February they were expected to range from $600,000 to $1,000,000.

And according to a tipster over at Potrero Hill, San Francisco, the condos are “scheduled for delivery [sales] around Spring of 2007 (about 3 months behind right now),” the development is “spread over several buildings (both new and renovated ones),” and units will range from ~800 to 1,700+ square feet.

∙ SAN FRANCISCO: OLD TIMBERS GET NEW LIFE [SFGate]
∙ McGuire gets nod to market Esprit condos [bizjournals]
∙ 900 Minnesota Update [PotreroHillSF]

Posted by socketadmin at 12:28 AM | Permalink | Comments (5) | (email story)

The Great One Rincon Hill/Infinity Smackdown

The schism between ardent buyers/fans of One Rincon Hill and The Infinity has led to a number of informative discussions about deeded versus assigned parking, ventless dryers, and the overall development of Rincon Hill. At the same time, the “my building is better (bigger?) than your building” comments are derailing discussions and, as Mike notes, they're "getting tedious."

As such, and in a similar vein to our “One Free Pass” post, please consider this as an opportunity for both camps to single-mindedly debate the relative merits of both developments. Infinity fans, feel free to thumb your nose at One Rincon’s traffic woes and assigned parking. One Rincon fans, break out your best “the market has spoken” sales figures and common area taunts.

And while we’re not about to stop publishing pieces about either of these developments, we are going to rein in the off-topic (or disruptive) comments and threads. So get it out of your systems now. And as always, thanks for "plugging in."

∙ One Rincon Hill: Rain, Rain Go Away [SocketSite]
∙ V Is For Valet (And Ventless) [SocketSite]
∙ The (Traffic) Plan For Rincon Hill [SocketSite]
∙ One Free Pass [SocketSite]

Posted by socketadmin at 12:10 AM | Permalink | Comments (112) | (email story)

November 14, 2006

San Francisco Transbay Terminal: Design Competition Update

Okay, so we’ve heard rumblings that both Norman Foster and Richard Rogers are, in fact, working on proposals for San Francisco’s new Transbay terminal. (A bit of trivia: Foster, Rodgers, and their two wives once worked together as "Team 4.")

And while neither architect was involved in the design of Berlin’s new Central Station (above), a reader forwards a link to "Europe's largest and newest train station" and a thought, “[i]f we stop treating San Francisco as Colonial Williamsburg, perhaps we too can think like a grown-up city."

UPDATE (12/18): We've now heard Santiago Calatrava as well.

∙ Norman Foster [Great Buildings Online]
∙ Richard Rogers [Great Buildings Online]
∙ We're Thinking Gehry (No, Not Geary) [SocketSite]
∙ Berlin Central Station [ArchitectureWeek]

Posted by socketadmin at 10:45 AM | Permalink | Comments (12) | (email story)

One Rincon Hill: Rain, Rain Go Away

(An actual view from the 15th floor of an ’02 stack condominium at One Rincon Hill.)

According to the Chronicle, they’re now cranking out a new floor every three days over at One Rincon Hill (22 have already been poured). Also noted, even high humidity days (much less rain) can delay construction. As such, we have to imagine that yesterday wasn’t one of their most productive days. (For those outside of San Francisco, it rained. A lot.)

And as always, an obligatory mention that One Rincon Hill will be the “tallest residential building west of the Mississippi.” At least until the proposed City House gets built in Los Angeles (110 feet taller). Or until someone notices that reader Steve measures One Rincon Hill at 641 feet, and the Millennium Tower at 645…

UPDATE: A reader references the New York Times article about condos and parking, and we offer two quotes from said article as food for thought: 1. "...housing is expensive and parking is cheap…We’ve got it the wrong way around.”, and 2. “In San Francisco, more downtown housing has been approved over the last few years than in the last 20 years combined.”

∙ ONE RINCON: Building a High-Rise [SFGate]
∙ First Impressions: One Rincon Hill Sales Center [SocketSite]
∙ The Tallest Residential Tower West Of The Mississippi Los Angeles! [SocketSite]
∙ One Rincon Hill Views [skyboxrealty.com]
∙ No Parking: Condos Leave Out Cars [NYT]

Posted by socketadmin at 9:26 AM | Permalink | Comments (55) | (email story)

November 13, 2006

Glassworks (207 King): Listings And Reductions

Of the five recently converted condos in the Glassworks building (207 King), two have been added to the MLS at reduced prices (from $16,000 to $55,000 off). And while it might not be too much of a reduction in terms of percentage (1.6% to 3.3%), it's definitely another data point (and perhaps a signal that there’s room for negotiation on all five).

∙ The Glassworks (207 King Street) [SocketSite]
∙ Listing: 207 King Street #414 (1/2) - $979,000 [MLS]
∙ Listing: 207 King Street #413 (2/2) - $1,595,000 [MLS]

Posted by socketadmin at 12:15 AM | Permalink | Comments (4) | (email story)

Ritz-Carlton Residences (690 Market): Listed

At least six listings for the new San Francisco Ritz-Carlton Club and Residences (690 Market) have been added to the MLS. Occupancy is currently slated for November 2007 with 1/12th deeded fractional interests starting at $210,000. And if you're not in the mood to share, perhaps we might be able to interest you in the $5,420,000 penthouse that's being offered as “shell space enabling the buyer to fully customize the interior” (which we love).

Posted by socketadmin at 12:05 AM | Permalink | Comments (18) | (email story)

November 8, 2006

It’s All About Service And Style At The Soma Grand (1160 Mission)

Soma Grand represents San Francisco based Joie de Vivre’s entrée into the world of condominium developments. Designed by Architecture International, Soma Grand will consist of 246 “lifestyle condos” above four floors of parking and offer residents a full compliment of Joie de Vivre style luxury hotel services.

As Damion Matthews reports, “construction is moving along at a nice pace”:

The exterior and windows are going up. I wouldn’t be surprised if the 22-story building meets the scheduled completion date of November 2007. Not as high-profile as the Rincon Hill buildings, this well thought-out project should be the hot new thing on the 2007 condo market (I believe it’s the largest new development to be ready for completion in 2007, as well.)

Services at the Soma Grand will include a full-time concierge team, housekeeping services (“executed by hotel-trained room attendants”), on-site yoga classes, and around the clock “complimentary Peet's coffee and tea” in the lobby (hey, it’s the little things).

A couple of design features that caught our attention include a “Spa Room and Meditation Garden,” “South Beach-style cabanas, lush landscaping and water features,” and “BBQs and a community fire pit.” And did we mention that it will be a City Car Share location?

The sales office is slated to open “Early 2007” and the condominiums will range in size from Junior one bedrooms to three-bedroom two-bath units. No official word on pricing, but we’ll keep you posted.

∙ Soma Grand [1160 Mission]
∙ Life is grand at 8th and mission [SFCondo]

Posted by socketadmin at 3:14 PM | Permalink | Comments (55) | (email story)

November 7, 2006

The Tallest Residential Tower West Of The Mississippi Los Angeles!

A tipster forwards a piece from the Los Angeles Business Journal:

The Titan Organization Inc. has taken another step towards building its pair of $500 million luxury apartment towers in downtown Los Angeles’ South Park district.

The company, formerly known as Rodmark Inc., has closed escrow on a 58,000-square-foot property at the southeast corner of Grand Avenue and Olympic Boulevard where the Olympic and City House will be built. The towers will be tallest residential buildings on the West Coast when completed.

We only mention it because...well you have probably already figured it out. At 60-stories, the taller of the two proposed L.A. towers will rise five stories higher than One Rincon Hill’s fifty-five.

Perhaps it's simply a difference in how they're counting stories (some special developers math?), or perhaps we can still win out on some technicality (highest occupied floor? total elevation? anybody?), but if not, the days of One Rincon Hill (and San Francisco) boasting the “tallest residential tower west of the Mississippi” might already be numbered.

∙ Olympic and City House Design [robertsonpartners.net]

Posted by socketadmin at 1:17 PM | Permalink | Comments (42) | (email story)

November 6, 2006

Savings At Shoreline (41 Federal)

No need to wait until Christmas “Shoreline Watcher,” prices on the five listed Shoreline condominiums were reduced between $25,000 and $55,000 (3-5%) last Friday. (Would that make it coal in the stockings of the other four?)

∙ Listing: 41 Federal #31 (1/1.5) 1,060sqft - $895,000 [MLS]
∙ Listing: 41 Federal #32 (1/1.5) 921 sqft - $825,000 [MLS]
∙ Listing: 41 Federal #33 (2/2) 1,423 sqft - $1,325,000 [MLS]
∙ Listing: 41 Federal #41 (1/1.5) 956 sqft - $895,000 [MLS]
∙ Listing: 41 Federal #42 (1/1.5) 921 sqft - $850,000 [MLS]
∙ A Shoreline (41 Federal) Update: Comments [SocketSite]

Posted by socketadmin at 12:10 AM | Permalink | Comments (1) | (email story)

October 31, 2006

We're Thinking Gehry (No, Not Geary)

As if right on cue, the day after we publish an overview of the Transbay Redevelopment, the Transbay Joint Powers Authority ratifies an international design competition for the Transbay Terminal and an adjacent skyscraper.

Not just any skyscraper, but a “1,000-foot high-rise that would include a hotel, as well as residential and commercial units” and stand 150 feet taller than the Transamerica Pyramid (currently the tallest building in San Francisco). We're thinking bold. We're thinking iconic. We're thinking Gehry.

∙ The Transbay Redevelopment [SocketSite]
∙ Worldwide design hunt is on [Examiner]
∙ Wikipedia: Frank Gehry [wikipedia.org]
∙ Gehry/Ratner Renderings! [Curbed]

Posted by socketadmin at 12:20 AM | Permalink | Comments (23) | (email story)

October 30, 2006

New Developments: The Montgomery (74 New Montgomery)

Work continues on the conversion of 74 New Montgomery (a “historic high-rise office building” built in 1914 and listed on San Francisco’s historical register) into 107 condominium residences ("The Montgomery"). The development is being led by New Urban Properties with architectural design by Huntsman Architectural Group. Sales and occupancy are expected to commence in early 2007.

And while we haven't heard anything with regard to pricing, our one point of reference is a reported $80M budget for the conversion (i.e., they're not going to be cheap).

∙ The Montgomery [74 New Montgomery]
∙ Huntsman Architectural Group: 74 New Montgomery [huntsmanag.com]

Posted by socketadmin at 12:00 AM | Permalink | Comments (10) | (email story)

October 24, 2006

631 Folsom: 120 Condos In 2008

Construction is underway on 631 Folsom, a 21-story, 120-unit residential tower with a story of retail at its base. Malcolm Properties is leading the development of the Handel Architects design.

The design for 631 Folsom Street incorporates goals established in the Rincon Place, the Transbay Plan, and the General Plan for downtown San Francisco by creating a high-density project that preserves sunlight and air, provides open space, and enhances the development of the area.

The massing is tall and slender to maintain view corridors, provide sunlight and air at street level, and give units natural light. The light-colored pre-cast concrete, the bluish glass, and metal curtain wall give the facades an expression of lightness and transparency.

The tower is expected to be ready for occupancy in 2008 and we’re keeping our fingers crossed that the dual sliding glass corner doors made it into the final design. Any readers have any additional information or insight to share?

UPDATE (10/30/06): Alas, according to a reader the dual sliding glass doors were cut from the final design. And yes, we're disappointed.

∙ Handel Architects [handelarchitects.com]

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

October 23, 2006

The Odeon (181 O’Farrell): First Impressions And Pricing

Odeon, a collection of 29 two-story loft style homes opened their doors to the general public this weekend. We took a tour and were relatively impressed by the finish of the kitchens and living/dining areas, the closet/storage space, and the character of the building and windows/light. At the same time, we were a bit underwhelmed by the bathrooms (the “tile tub surrounds” seemed out of place) and the “deeded” outdoor space (and potential fishbowl feel) of the third floor courtyard units. (A couple of other notes: bamboo floors on the main level are standard, dryers are vented, and no A/C.)

In general, one bedrooms facing Powell are priced from $780,000 (third floor) to $790,000 (fifth floor), while the larger one bedrooms facing the courtyard (~1,500 sqft) are priced from $879,000 to $905,000 (third and fifth floors). There are also two one bedrooms which face O’Farrell for which we do not have pricing, and rumor has it the three bedroom “penthouse” was priced around $2,000,000 (but has been reserved).

There is no parking in the building (two years of pre-paid leased parking in the garage at Ellis and O’Farrell is included in the sale), it’s another case of B.Y.O.R. (bring your own refrigerator), and HOAs are expected to run around $600 a month.

As far as sales activity, we’ve been told that fifth floor penthouse, the corner unit on the third floor, and the courtyard showroom unit on the third floor have all been reserved. (We haven’t confirmed any other sales.) Closings and occupancy and are expected to commence within the next four weeks, and there are no restrictions with regard to resales or rentals.

∙ New Developments: Odeon (181 O’Farrell) [SocketSite]

Posted by socketadmin at 10:53 AM | Permalink | Comments (0) | (email story)

October 20, 2006

188 King Street: The Rents

Based on a number of craigslist ads (and another email from our tipster), it appears that rents in 188 King street are running from $2,795 (1br) to $9,500 (2br penthouse). Not a bad way to try