SocketSite™

CATEGORY ARCHIVE: Bay Buildings

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 (23) | (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 (9) | (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 (13) | (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 (54) | (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 (16) | (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 (6) | (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 (4) | (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 (38) | (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 (12) | (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 (88) | (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 (41) | (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 (13) | (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 (30) | (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 (37) | (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 (7) | (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 (16) | (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 (35) | (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 (27) | (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 (14) | (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 (30) | (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 (20) | (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 (47) | (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 (11) | (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 (14) | (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 (64) | (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 (11) | (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 (41) | (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 (12) | (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 (10) | (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 (40) | (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 (21) | (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 (68) | (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 (47) | (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 (30) | (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 (79) | (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 (21) | (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