CATEGORY ARCHIVE: Breaking News
May 8, 2008
Not Exactly Cheap, But A Bit Below Their Initial Great Expectations
Granted, it was officially listed at just over 4,000 square feet (but according to one appraiser, is closer to 5,000); and it does offer an in-law unit, six parking spaces, and some fine woodwork (all in a package fit for Miss Havisham).
But the initial list price of $3,000,000 for 2645 Lincoln Way in Parkway Terrace (central Sunset) still managed to shock quite a few (and likely sent the neighbors into a frenzy). And while the asking price on the home was subsequently reduced down to $2,375,000, according to a plugged-in tipster it just closed (or is about to close) escrow for $1,900,000.
Posted by socketadmin at 7:00 AM | Permalink | Comments (8) | (email story)
May 1, 2008
The Potrero Update: 85% Sold And Offering 12 Months Paid Mortgage
According to a plugged-in tipster, The Potrero has moved roughly 25 units over the past five months (~5 per month) and is now 85% sold with 25 condos left to move. And as of today, the sales team is offering twelve months of paid mortgage payments on any of the remaining units (versus only six months on one-bedrooms earlier this year).
The Potrero Sales Team is proud to announce an unbelievable, limited-time incentive - No Mortgage Payments for 1 Year* on any of our 25 remaining homes! This offer starts May 1st and must end June 15th, so don't miss the chance to take advantage of our attractive prices and this special incentive.
A bit of the fine print: first mortgage only with a maximum loan to value of 80%. No word on what happens if you're currently in contract but haven't already closed (although we can probably guess). And once again, don't forget to adjust those future median sales price and comp calculations accordingly (as they'll be overstated by somewhere around 6%).
∙ A New Incentive At The Potrero: Six Months No Mortgage Payment [SocketSite]
∙ The Potrero (451 Kansas) Update: Now 70% In Contract Or Closed [SocketSite]
Posted by socketadmin at 1:16 PM | Permalink | Comments (10) | (email story)
April 28, 2008
The SocketSite Scoop On One (1) Ecker Place: Going Condo Rental
From a plugged-in tipster:
One Ecker is going the route of Apartments. After pre-selling 10 of 51 units, the building refunded deposits and is going to rent instead of sell.
No word on the proposed rents nor whether or not the official explanation will be unexpected strength in the rental market (versus unexpected weakness in demand for the condos).
∙ One (1) Ecker Place Update: Sales Office Open (And A Few Details) [SocketSite]
∙ A Heller Manus Renovation Of 1 Ecker Place [SocketSite]
Posted by socketadmin at 9:31 AM | Permalink | Comments (28) | (email story)
April 22, 2008
The Development Of Seawall Lot 337: And Then There Were Three
Three development teams (Kenwood Investments, San Francisco Giants, and Build Inc.) will be moving forward to the RFP phase for the development of Seawall Lot (SWL) 337. And while it’s almost certain that they wouldn’t have been invited to move forward anyway, the Federal Development team officially withdrew themselves from consideration.
The official Request for Proposals (RFP) should be published mid-May and will “provide approximately three months for the development teams to the prepare and submit their RFP proposals.” Scoring of the RFP’s will be based 60% on the Design and Development Program and 40% on the Financial Proposal and will likely take between 90 and 120 days.
And in moving from RFQ to RFP, emphasis and addendums have been added to the Development Objectives and Criteria. Two that stood out: 1. Minimum size for contiguous major open space, 5 acres at the northeast area of the site, and 2. Consideration for up to three "slender towers of 300 feet or more, to create an inspiring architectural identity."
∙ The Development Of Seawall Lot 337: Rankings After Round One [SocketSite]
∙ Request For Proposals For San Francisco’s Seawall Lot 337 [SocketSite]
∙ San Francisco’s Seawall Lot 337 Design Proposals: In Summary [SocketSite]
∙ The Kenwood Proposal For Seawall Lot 337: Details And Design [SocketSite]
∙ The Rendering And Additional Details For The Giants SWL 337 Proposal [SocketSite]
∙ The SocketSite Scoop: The Build Inc. Proposal For Seawall Lot 337 [SocketSite]
∙ The Federal Development Proposal For SWL 337: Details And Design [SocketSite]
Posted by socketadmin at 3:58 PM | Permalink | Comments (4) | (email story)
March 31, 2008
Coming Soon! Bayshore Boulevard Home Depot Development Is Dead
"A controversial plan almost a decade in the making to open a Home Depot store on San Francisco's Bayshore Boulevard has been scuttled because of the flagging home-improvement market, company officials said today."
∙ Controversial plan for S.F. Home Depot falls apart [SFGate]
∙ The First Physical Sign (Quite Literally) Of Home Depot Development [SocketSite]
Posted by socketadmin at 5:35 PM | Permalink | Comments (35) | (email story)
March 29, 2008
Supervisor Peskin Engineers An End-Run (And Ending) For 55 Laguna
The alert from the developer (AF Evans):
Unfortunately, at the last possible moment, someone is trying to stop the 55 Laguna project. Supervisor Peskin is going to introduce amendments this coming Monday that will KILL the entire project permanently.
He is asking that the Landmarks Board and the preservation planners at the Planning Dept. be the body to review and approve the design of the project and not the Planning Commission or the senior staff in the Planning Department. This is highly irregular but also specifically against our project.
The Landmarks Board has vociferously opposed our project for over two years. If this amendment is approved, the project is over. We have already said in the Environmental Impact Report that we have a significant preservation impact and we are doing everything we can to mitigate that impact. The Planning Commission and the Board approved the EIR unanimously. This issue of preservation has been discussed multiple times and has been put to bed.The editorial from our plugged-in tipster:
We regret to inform you that San Francisco is closing down.
Should we all just go home and gate this as Colonial Williamsburg by the Sea - perhaps a retirement village with nice light, no mosquitoes and artisan everything?
And how AF Evans suggests you respond:
Please send an email to the four supervisors below. It is important to use the same words in the subject sentence (“APPROVE 55 LAGUNA WITHOUT CHANGE NOW!”), so they don't have to read the emails to know what they say. It is our goal to fill up the email boxes and the voicemail boxes of these supervisors so they can know that this project has gone through its paces and it is time to start building housing, not wasting time and money on throwing up road blocks.
Then you can add a few lines about how the project has been approved by the Commission and the Board with full knowledge of the preservation impacts and that it is highly irregular and completely damaging to the project to remove the review and approval process from senior planning staff and the Planning Commission.
The emails and phone numbers are below. Please call this weekend and let them know you are frustrated, angry and disgusted by the changes proposed at the last minute when this project has been in review at the Board and Planning Commission since January 2007.
Aaron Peskin: (415) 554-7450, Aaron.peskin@sfgov.org
David Noyola (Peskin's Aide): (415) 554-7451, david.noyola@sfgov.org
Ross Mirkarimi: (415) 554-6715, ross.mirkarimi@sfgov.org
Other Land Use Committee Members
Sophie Maxwell: (415) 554-7670, Sophie.maxwell@sfgov.org
Geraldo Sandoval: (415) 554-6975, Geraldo.sandoval@sfgov.org
∙ 55 Laguna: Approved On Appeal And In Front Of San Francisco’s BOS [SocketSite]
Posted by socketadmin at 10:10 AM | Permalink | Comments (30) | (email story)
March 16, 2008
Sunday Night Special: The Bear Stearns Blowup (And Balance Sheets)
From a market capitalization of over $10.8 billion last month ($20.2 billion last year), to $3.6 billion on Friday, to an implied $240 million today, roughly $10.5 billion in Bear Stearns’ shareholder equity has evaporated over the past six weeks. And with a third of the bank owned by its employees, employee wealth has been reduced by at least $3.5b during the same period (dropping over $1 billion since Friday alone)*.
From a plugged-in reader who was listening in on the Bear Stearns (BSC) JPMorgan Chase (JPM) conference call earlier this evening:
In effect, JPM is "writing down" the value of nearly $33B in BSC mortgage-related assets to approximately $13B (after giving effect to the $20B of Fed backstop related specifically to these assets). Yes, the value of the mortgage assets on BSC's books, of which only $2B is estimated to be subprime specifically, has been marked to market at a greater than 50% discount to the market value as of 2/29/08. Now, clearly JPM was able to leverage the imminent liquidation of BSC to drive the mark to market value of these assets below the JPM-perceived value of the assets (or they wouldn't have done the deal), but why aren't the rest of the banks going to be forced to further write down the value of their mortgage-backed assets by some amount greater than what's already been done (since the true mark to market value of these assets now lies somewhere between par and more than 50% less than par)? And what does this mean to the value of the average household balance sheet, where the value of the home is a large part, if not a majority, of the "book value" of the average American household?
And then of course there’s the fact that the Fed is operating in complete crisis mode. Don’t think these things will affect all levels of our lilttle local real estate market way out here (from credit to rates to values)? You might want to think again.
*Note: Updated to include shares beyond those in the employee-incentive plan.
∙ JPMorgan Chase to Buy Bear Stearns for $240 Million [Bloomberg]
∙ Fed Lowers Discount Rate, Expands Lending to Prevent Meltdown [Bloomberg]
Posted by socketadmin at 11:43 PM | Permalink | Comments (63) | (email story)
March 13, 2008
If The Plugged-In Readers Are Right, Jumbo-Conformings Are Here
From a plugged-in reader last week:
[E]ffective date of the conforming limit increase, it's going to happen 3/14 (not public knowledge yet).
From a plugged-in reader today:
My mortgage broker just called me and told me [he] had one provider (indymac) who was now providing CA jumbo loans under the new limits ($700k+ vs $417k). He said the spread between the new Jumbo rates versus non-conforming (<=$417k) is 50 basis points as opposed to the 100-150 basis point spread a few months ago.
∙ Fannie Mae's New "Jumbo-Confirming" Loan Guidelines (In Summary) [SocketSite]
Posted by socketadmin at 10:44 AM | Permalink | Comments (26) | (email story)
March 7, 2008
Fannie Mae's New "Jumbo-Confirming" Loan Guidelines (In Summary)
A summary of the new "jumbo-conforming" guidelines (and a link to Fannie Mae's updated sales guide) by way of a plugged-in "ex SF-er":
- 30 yr fixed, 15 yr fixed, 5 year ARM, and 5 year IO ARM only
- 1st lien mortgages ONLY; no cash out refinances
- Can refinance a first loan, but cannot refinance a first and second into the new loan; if there is a second loan it must re-subordinate
- Maximum Loan to Value ratio (LTV) is 90% on fixed mortgage
- Maximum LTV is 80% on an adjustable
- Maximum LTV is 60% on an investment property
- Private mortgage insurance must be bought for all loans with LTV >80%
- Max Debt to Income ratio (DTI) of 45%
- FULL documentation of everything required
UPDATE: A couple of points that we’ll add as well:
- For loans originated between 3/1/2008 and 12/31/2008
- Fixed-rate paper available as soon as April 1, 2008
- Adjustable-rate paper available as soon as May 1, 2008
- Not available for Cooperative or multi-unit properties
- Fixed-rate loans will be subject to a .25% price adjustment (LLPA)
- Adjustable-rate loans will be subject to a .75% price adjustment (LLPA)
∙ Temporary Increase to Conventional Loan Limits: Selling Guide (pdf) [efanniemae.com]
Posted by socketadmin at 7:40 AM | Permalink | Comments (38) | (email story)
March 5, 2008
Loan Limits Have Been Raised For FHA-Backed Loans In California
We’re still looking for additional details, but according to the AP conforming FHA-backed loan limits have officially been raised (albeit temporarily) in 14 high-cost California counties. "Bay Area counties at the maximum level [of $729,750] for FHA loans are Alameda, Contra Costa, Marin, Napa, San Francisco, San Mateo and Santa Clara."
∙ California gets first crack at new FHA mortgage limits [SFGate]
Posted by socketadmin at 12:20 PM | Permalink | Comments (16) | (email story)
February 15, 2008
When Hell HELOCs Freeze Over...
A local heads-up from Julian Hebron at RPM Mortgage:
Be advised that most banks and lenders nationwide have begun freezing Home Equity Line of Credit 2nd mortgages. Even borrowers with significant equity and perfect credit have been receiving HELOC freeze letters. In many cases, it's not about borrower creditworthiness but rather the institutions shoring up their balance sheets. The reserve requirements banks need for open lines of credit are significant, and with mass losses reported by nearly all major financial institutions over the past 2 quarters, the strategy to freeze HELOCs is a quick way for them to gain some footing.
Posted by socketadmin at 10:20 AM | Permalink | Comments (19) | (email story)
February 7, 2008
Senate Passes Bill To Temporarily Increase Conforming Loan Limits
The good news (to some), the Senate passed an economic stimulus bill which temporarily increases conforming loan limits in high cost areas:
Fannie Mae and Freddie Mac, the government-sponsored mortgage finance companies, will be allowed to buy loans worth as much as $729,750 in expensive markets, an increase over the current $417,000 loan limit, a move that could help struggling homeowners to refinance large mortgages at a lower interest rate.
The bad news (to most), the reason why:
Economic growth in the fourth quarter slowed to a 0.6 percent pace, and U.S. employers cut jobs in January for the first time in four years, raising concern among some economists that the economy may slip into recession.
∙ Senate Approves $151 Billion Economic Stimulus Bill [Bloomberg]
∙ Senate Advances Stimulus Plan Without Any Loan Limit Adjustments [SocketSite]
Posted by socketadmin at 3:43 PM | Permalink | Comments (44) | (email story)
February 4, 2008
The SocketSite Scoop: Francisco Street Reservoir On The Market
We’re still trying to nail down details (tipsters?), but the word on the street is that the City of San Francisco has decided to put the Francisco Street Reservoir up for sale and development. The completely unconfirmed price tag: up to $70 $50 million.
A number of Russian Hill neighbors are obviously concerned with this turn of events and have organized a neighborhood meeting to be held this evening (2/4 at 6:30pm) at the Norwegian Seamen’s Church (corner of Hyde and Francisco).
UPDATE (2/5): From a plugged-in reader's comment below: "I attended the meeting. The property nearest Chestnut Street is privately owned. The proposed building(s) would cover the resevoir and potentially the park along Bay Street. I don't think a figure of $70 million was mentioned - the highest price was $50 million. Much depends upon whether someone is willing to buy the property without any existing ability to build anything - a huge risk."
Posted by socketadmin at 5:12 PM | Permalink | Comments (37) | (email story)
January 22, 2008
The Federal Reserve Cuts Benchmark/Discount Rates By 0.75%
Twelve weeks ago the Federal Reserve cut the benchmark interest rate by 25 basis points (0.25%) and signaled that further cuts were unlikely. Six weeks ago they cut again by 25 basis points as house prices continued to drop, spending continued to slow, and banks continued to tighten their lending standards.
And in an unscheduled session this morning, the Feds have further cut the benchmark interest rate by 75 basis points (0.75%):
The Federal Reserve lowered its benchmark interest rate in an emergency move for the first time since 2001 after stock markets tumbled from Hong Kong to London and the U.S. economy showed increasing signs that it's headed into a recession.
The central bank cut the target overnight lending rate to 3.5 percent from 4.25 percent, the Federal Open Market Committee said in a statement in Washington. Policy makers weren't scheduled to gather until next week. It's the biggest single reduction since the Fed began using the rate as the principal tool of monetary policy around 1990.
And once again we ask, will the cuts help revive our national housing market? And of course, what impact (if any) will the cuts have on mortgage rates closer to home?
∙ The Federal Reserve Cuts Benchmark/Discount Rates By 0.25% [SocketSite]
∙ It’s Déjà Vu All Over Again: Fed Cuts Benchmark/Discount Rates .25% [SocketSite]
∙ Fed Cuts Rate 0.75 Percentage Point in Emergency Move [Bloomberg]
Posted by socketadmin at 7:08 AM | Permalink | Comments (33) | (email story)
December 12, 2007
Tag Line Irony From Alliance Title: “Closing The California Dream”
A reader notes that Alliance Title seems to have suddenly closed its doors in San Francisco and wonders what’s going on. And while we can’t confirm a why, we can confirm a what: it appears as though Alliance Title is shuttering their Escrow Services in San Francisco and San Mateo but continuing to operate their Default Services (in both cities).
Perhaps it's simply a coincidence (considering the state of the market). Or perhaps it's a canary (considering the state of the market). Regardless, we do have to note the irony (considering the “Closing the California Dream” tag line).
Posted by socketadmin at 5:07 PM | Permalink | Comments (75) | (email story)
November 8, 2007
Millennium Tower Sales Watch: Rumors Of Day One Results
The early word on the street is that after a single day of sales, over 10% of the 419 Millennium condos have been reserved with 10% deposits (which will convert to firm contracts in five days if not cancelled).
And perhaps the even bigger story (on many different levels) is that of those units that have received deposits, rumor has it that five (5) are Grand Residence “B” plans above the 48th floor (of which there are only ten and are priced in the neighborhood of $5M).
∙ The Millennium: A Few Things You Might Know (And A Few You Don’t) [SocketSite]
Posted by socketadmin at 7:06 PM | Permalink | Comments (57) | (email story)
October 25, 2007
A Huge (Potential) Development For The Mid-Market/SoMa 'Hood
“The Hearst Corp. is quietly seeking a developer for 3.9 acres of prime property in the fast-changing Mid-Market neighborhood, 20 separate parcels that include the current home of Hearst's San Francisco Chronicle at Fifth and Mission streets.”
“Hearst owns most of the land from Mission Street south to Howard Street between Fifth Street and Mary alley. In addition to the Chronicle's current headquarters, the portfolio covers five parcels along Fifth Street, including 110 Fifth St., the former San Francisco Examiner building that is connected to 901 Mission St. by a bridge over Minna alley.
The Hearst holdings also take in properties along the 900 block of both Mission and Howard streets, as well as a dozen small lots along Minna and Natoma alleys. There are a number of surface parking lots, as well as at least one historic building, a brick former label printer at 447-449 Minna."
∙ Hearst puts S.F. Properties, including Chronicle HQ, on block [Business Times]
∙ Hearst to consider offers for Chronicle building, other S.F. sites [SFGate]
Posted by socketadmin at 10:27 AM | Permalink | Comments (9) | (email story)
October 19, 2007
One Rincon Hill: Now Accepting Online Registrations For Tower Two
One Rincon Hill is now accepting online registrations for tower two which will likely form the basis for their reservation priority list come the release of tower two inventory. So if you're interested, sign up. And yes, we'll publish an update on the status of both towers early next week.
∙ One Rincon Hill: Registration [onerinconhill.com]
Posted by socketadmin at 3:48 PM | Permalink | Comments (70) | (email story)
October 12, 2007
Big House, Big Views, Big Dreams, And Big News…It’s In Contract
It was but seven days ago that we introduced you to the $15,000,000 120 Sea Cliff Avenue. And now, it's in contract. And not only in contract, but rumor has it with multiple offers. So if you’re interested in taking a peek, you might want to do so now (a few more photos have appeared on the property website).
And as always, if you happen to be the highest bidder, let's not forget those invitations to the housewarming...
∙ Listing: 120 Sea Cliff Avenue (6/8.5) - $15,000,000 [120seacliff.com] [MLS]
∙ Big House, Views, And Dreams (And Not Necessarily In That Order) [SocketSite]
Posted by socketadmin at 7:05 PM | Permalink | Comments (21) | (email story)
October 11, 2007
The SocketSite Scoop On Frank Norris Place (81 Frank Norris)
What most people already know about Frank Norris Place (81 Frank Norris): it’s a new development of 32 one bedroom “luxury condos” on Polk; it’s been selling for about six months; and it was originally designated “City Living For City People 55 and Over” (i.e., at least one occupant per unit had to be 55+).
What plugged-in people know: it’s roughly 50% “sold”; prices have been reduced by as much as $50,000 (11%) since their initial “pre-release pricing”; the website is advertising 2 years of paid HOA dues (which range from $330 to $430 per month); and perhaps most interestingly, we’ve been told that the building’s CC&R’s are in the process of being amended to allow residents under 55 to occupy up to 20% of the development.
And while we don’t have an answer as to how that amendment was even possible (as far as we know the developer was able to double the density of the development based on the original age restrictions), we do know that it might make it worth taking another look if you liked the design, location, and pricing of the condos (but simply weren’t old enough to occupy at the time).
Current pricing on sixteen of the units (only eight of which are official inventory on the MLS):
∙ 81 Frank Norris Street #301 (1/1) - $399,000
∙ 81 Frank Norris Street #302 (1/1) - $399,000
∙ 81 Frank Norris Street #303 (1/1) - $479,000
∙ 81 Frank Norris Street #305 (1/1) - $459,000
∙ 81 Frank Norris Street #401 (1/1) - $449,000
∙ 81 Frank Norris Street #405 (1/1) - $539,000
∙ 81 Frank Norris Street #501 (1/1) - $459,000
∙ 81 Frank Norris Street #503 (1/1) - $529,000
∙ 81 Frank Norris Street #505 (1/1) - $549,000
∙ 81 Frank Norris Street #506 (1/1) - $469,000
∙ 81 Frank Norris Street #601 (1/1) - $479,000
∙ 81 Frank Norris Street #603 (1/1) - $539,000
∙ 81 Frank Norris Street #605 (1/1) - $559,000
∙ 81 Frank Norris Street #703 (1/1) - $559,000
∙ 81 Frank Norris Street #705 (1/1) - $579,000
∙ 81 Frank Norris Street #706 (1/1) - $499,000
A couple of other notes: parking spaces are unbundled from the list prices and four remain available at $50,000 per space; and while the age restrictions apply to residency, they don’t apply to holding title (i.e., anybody can buy). And our pick of the (remaining) litter? Number 705.
∙ Frank Norris Place (81 Frank Norris Street) [franknorrisplace.com]
Posted by socketadmin at 9:19 AM | Permalink | Comments (19) | (email story)
September 26, 2007
RandomRumors And Readers Report: Countrywide Cuts Commence
From a plugged-in tipster: "I talked to my friend who was just let go [at Countrywide]. Seems they're going to go into the direction right now of letting those people go who started after June 11th, 2007. He said company wide so we shall see how it unfolds. Weird to begin letting people go on a Weds as well." And yes, unconfirmed (for now).
∙ From Rumor To Reality: Up To 12,000 Layoffs At Countrywide [SocketSite]
Posted by socketadmin at 11:41 AM | Permalink | Comments (11) | (email story)
September 20, 2007
It’s Official: Pelli Clarke Pelli/Hines Win The Transbay Competition
It’s Official, the Pelli Clarke Pelli/Hines team have won the Transbay Terminal and Tower design competition.
But even as they selected the Hines-Pelli team over two rivals, leaders of the Transbay Joint Powers Authority stressed that the proposal now on the table is a starting point, not a fait accompli.Although the authority board was unanimous today in their decision to select the Hines-Pelli team, several members said they expected the tower to eventually include both residential and commercial space. The original tower proposal included only commercial space.
And while nobody should be too surprised, some are sure to de disapointed.
∙ Skyscraper team chosen for giant Transbay Terminal project [SFGate]
∙ Transbay Terminal (And Tower) Design Competition: The Teams [SocketSite 1/07]
∙ Hines And Pelli Clarke Pelli Bid The Most (And Get The Transbay Nod) [SocketSite 9/07]
∙ The SocketSite Scoop: San Francisco’s Transbay Terminal Designs [SocketSite 8/07]
Posted by socketadmin at 1:01 PM | Permalink | Comments (23) | (email story)
September 18, 2007
Reader Dave Is In The Money As The FOMC Lowers By Half A Point
“The Federal Reserve lowered its benchmark interest rate by a half point to 4.75 percent, the first cut in four years, hoping to keep the U.S. from sinking into a recession sparked by spreading housing-market fallout.”
And while (according to our lawyers) we don’t condone betting, it’s time to make good if you participated in the friendly wager. Then again, you could always go double or nothing on the actual impact on mortgage rates (if any) and local sales.
∙ Fed Lowers Rate to 4.75 Percent, First Cut Since 2003 [Bloomberg]
∙ JustQuotes: Why Listen To This Guy About The Housing Market? [SocketSite]
Posted by socketadmin at 11:51 AM | Permalink | Comments (40) | (email story)
Unplugging Tonight’s Gathering (But Planting The Seeds For October)
Our plans to host a post FOMC meeting happy hour this evening have unfortunately run awry (i.e., it's been cancelled). We are, however, working on an even grander event for plugged-in people next month. And this time it will be in ink.
∙ A SocketSite Save The Date/Time: September 18, 2007 at 6PM [SocketSite]
Posted by socketadmin at 1:59 AM | Permalink | (email story)
September 10, 2007
Hines And Pelli Clarke Pelli Bid The Most (And Get The Transbay Nod)
It's true, the Hines/Pelli Clarke Pelli proposal for "City Park" has won (save an uprising by the Transbay Joint Powers Authority Board, San Francisco's Board of Supervisors, or the Planning Commission) the design competition for San Francisco's new Transbay Terminal and Tower.
The winning Transbay terminal proposal by developer Hines and architect Pelli Clarke Pelli offered $350 million for the tower property, more than twice what the other two teams were willing to pay, according to the nine-person jury appointed by the Transbay Joint Powers Authority.
The astounding offer blew away the team ranked second in the competition, Richard Rogers Partnership and Forest City Enterprises, which offered $145 million for the tower land. The third-place team, Skidmore, Owings & Merrill and Rockefeller Group Development Corp., made a purchase price offer of $118 million.
As previously noted, the proposed “City Park” combines a 'complex' 5.4 acre park elevated above the transit center with a 'simple and calm' 1,200-foot glass wrapped tower housing 1.6 million square feet of commercial office space (and no residential).
∙ Jury picks Hines for Transbay tower [Business Times]
∙ Jury names favorite for Transbay terminal, tower [SFGate]
∙ Transbay Terminal (And Tower) Design Competition: The Teams [SocketSite]
∙ San Francisco’s Transbay Transit Center + Tower: More Proposal Porn [SocketSite]
∙ San Francisco’s Transbay Terminal Design Proposals: Highlights [SocketSite]
Posted by socketadmin at 6:37 PM | Permalink | Comments (48) | (email story)
September 7, 2007
From Rumor To Reality: Up To 12,000 Layoffs At Countrywide
It was two days ago that “ex SF-er” commented: “Rumor alert: Countrywide may be laying off 6,000 to 10,000 employees.”
And it was but less than two hours ago that Countrywide announced possible workforce cuts of between 10,000 and 12,000 people over the next three months. The culprit, a sharp drop in expected demand: “New mortgages probably will drop 25 percent in 2008 from this year's levels, the Calabasas, California-based company said in a statement today.”
And no, perhaps not entirely unexpected.
∙ What Happens When It’s Time To Fund? We’ll Have To Wait And See [SocketSite]
∙ Countrywide May Cut Staff by 12,000 as Demand Wanes [Bloomberg]
∙ U.S. Economy: Employment Unexpectedly Drops in August [Bloomberg]
Posted by socketadmin at 4:05 PM | Permalink | Comments (21) | (email story)
August 31, 2007
Read Our Lips: President Bush Announces FHA Secure
Three weeks ago we pointed out President Bush’s careful choice of words when he spoke out against federal bailouts for struggling homeowners ("If you mean direct grants to homeowners, the answer would be `No, I don't support that.'"). This morning, the President spoke again.
President George W. Bush today pledged to help people who've fallen behind in their mortgages keep their homes and to tighten safeguards against predatory lending, while rejecting a bailout for ``speculators.''
``I plan to help homeowners, the government's got a role to play,'' Bush said in a statement at the White House. But, he said, ``it's not the government's job to bail out speculators, or those who made the decision to buy a home they knew they could never afford.''
Bush said he will let the Federal Housing Administration, which insures mortgages for low- and middle-income borrowers, guarantee loans for delinquent borrowers, allowing them to avoid foreclosure and refinance at more favorable rates.
Bush said that ``in the coming days'' the FHA will begin a new program called FHA Secure that will permit homeowners who have a good credit rating but can't afford their current payments to refinance into FHA-insured mortgages.
According to Bloomberg, "The president gave no estimate on the cost of his proposals. He said he also will support proposals in Congress to provide tax relief for homeowners who refinance." Is it a token act, or simply act one of an even larger production?
∙ Housing And Credit Concerns Abound (Here And Abroad) [SocketSite]
∙ Bush Pledges FHA Help for Subprime Borrowers [Bloomberg]
Posted by socketadmin at 10:45 AM | Permalink | Comments (26) | (email story)
August 6, 2007
The SocketSite Scoop: San Francisco’s Transbay Terminal Designs
Yes, all three proposals include wind turbines on top of their towers; will aim to achieve either Gold or Platinum LEED certification; and plan to rise between 1,100 and 1,350 feet in the air. Other than that, all three aim to redefine "the center of San Francisco" in very different ways. Pictures (and a few details) now, highlights to follow.
From Pelli Clark Pelli Architects/Hines:
Proposed Tower Height: 1,200'
Proposed Tower Use: Commercial (1.6 million square feet; "potential for residential")
Proposed LEED Certification: Gold (possibly Platinum)
From Richard Rogers Partnership/Forest City Enterprises/MacFarlane Partners:
Proposed Tower Height: 1,155' (skyview roof); 1,287' (top of turbine)
Proposed Tower Use: Mixed (600K sq.ft. commercial; 200+ hotel rooms; 200-300 condos)
Proposed LEED Certification: Platinum (tower) / Gold (terminal)
From Skidmore Owings and Merrill/Rockefeller Group Development Corporation:
Proposed Tower Height: 1,200' (occupied floor); 1,375' (top of parapet)
Proposed Tower Use: Mixed (31 floors office; 42 floors residential; 8 floors hotel)
Proposed LEED Certification: Platinum
A few more renderings:
Inside the Pelli Clark Pelli design (bus terminal level):
The Richard Rogers design at dusk:
The Skidmore Owings and Merrill proposed tower plaza and terminal entrance:
Note: Design models for all three proposals will be on display to the public Tuesday, August 7th, 2007 from 8 am to 6 pm in the North Light Court at San Francisco City Hall.
∙ Transbay Design Competition: The Revised Schedule And Unveiling [SocketSite]
∙ Transbay Terminal (And Tower) Design Competition: The Teams [SocketSite]
Posted by socketadmin at 5:22 PM | Permalink | Comments (165) | (email story)
July 31, 2007
MAC (Narrowly) Loses Appeal Of 3400 Cesar Chavez Development
From Left in SF (via a plugged-in reader): “The appeal of the 3400 Cesar Chavez project was denied, by a vote of 6-5, with Mirkarimi, Daly, Ammiano, Peskin and Maxwell voting for the appeal and the rest voting against.”
∙ 3400 Cesar Chavez appeal denied [Left in SF]
∙ Will The Supervisors Martyr (3400) Cesar Chavez In The Mission? [SocketSite]
Posted by socketadmin at 4:03 PM | Permalink | Comments (39) | (email story)
July 2, 2007
For Policy Wonks Only, Or Simply Those Who Care
Are Eastside development battles finally going to be brought to a close? The San Francisco Planning Department's draft Eastern Neighborhoods Environmental Impact Report (600 pages) was approved for release Saturday. Decisions about zoning in these four neighborhoods – the Mission, Showplace Square/Potrero Hill, East SoMa and Central Waterfront – have been years in the making. In fact, the process started in the dot-com boom days and seems to have progressed though a full economic cycle in the meantime.
The plan aims to support long-term Planning Department goals such as greater density and housing affordability, and particularly attempts to better define zoning uses, especially for Production, Distribution, and Repair (PDR). The plan sets out three specific plan options. According to the report "...Implementation of any one of the proposed project options would result in more housing options and a broader range of housing prices and rents, compared to conditions under the No-Project scenario." There are already several housing developments being held up for the completion of this report.
The period of public comment is June 30, 2007 through August 31, 2007 with a public hearing August 9, 2007. If any plugged-in readers have strong opinions, let them be known. Oh, and for those who don't want to read all 600 pages there is a good 60-page summary as well.
∙ Eastern Neighboorhoods Draft EIR [SF Planning Department]
∙ Developers await verdict on planned residential units [SFGate}
Posted by SFEditor at 10:05 AM | Permalink | Comments (30) | (email story)
May 27, 2007
2626 Sutter: Little Did We Know (Or Perhaps We Did)
Fifteen months ago we snapped a picture of 2626 Sutter and wrote: “Three weeks ago 2626 Sutter was just another “renovated” property with fresh paint, sloping floors, and a price tag destined to land it in the RealRecentReductions archive. Today it’s a burned out shell. Our first thought? We hope nobody got hurt. Our second thought? Well, let's just say it was probably the same as yours.”
Well, Matier and Ross are now reporting that the house is owned by embattled San Francisco Supervisor Ed Jew. And anybody who's "plugged-in" shouldn't be too surprised by the following: “[In November 2005] Jew put the two-story house on the market for $1.19 million, but it didn't sell. The property was still vacant and available in February 2006, when, according to the Fire Department, an arsonist set it ablaze in the dead of night, causing $260,000 in damage. A Fire Department incident report said the arsonist apparently walked through an unlocked door, doused the den and living room with gasoline, and set the place on fire.”
∙ From Flip To Flames? [SocketSite]
∙ Another house's hazy history haunts supervisor [SFGate]
Posted by socketadmin at 2:13 PM | Permalink | Comments (3) | (email story)
May 14, 2007
Local Brokerage Consolidation: Droubi Acquired By Coldwell Banker
Last month Alain Pinel Realtors acquired San Francisco Brokerage Ritchie Hallanan Real Estate. And according to a seriously "plugged-in" tipster, Droubi (formerly BJ Droubi) was just acquired by Coldwell Banker (although we haven't been able to confirm).
Posted by socketadmin at 2:00 PM | Permalink | Comments (29) | (email story)
March 30, 2007
Another Way To “Plug In” (And Never Be Off Topic Again)
We still haven’t worked out all the kinks, and we aren’t “officially” launching until Monday, but we wanted our readers to be the first to know: www.forums.socketsite.com
Posted by socketadmin at 7:00 AM | Permalink | Comments (4) | (email story)
March 1, 2007
The Soma Grand: The SocketSite Straight Scoop
The Soma Grand christened their sales office at 1085 Mission with a packed Friends and Family event last night. We were lucky enough to score an invitation. And smart bold enough to ferret out the straight scoop:
∙ While March 7th marks the VIP grand opening, the first official release (and actual taking of deposits) isn’t expected to kickoff until mid-April. (And a blowout "Rincon style" launch party is tentatively planned for May 2nd.)
∙ The first year of twice-monthly housekeeping service is included in the purchase price, but a la carte thereafter. Yoga, car service, and massage (in the "private studio [or] meditation garden") are a la carte from the get go. Monthly HOA fees are expected to run under $600/month.
∙ And while an official price list still hasn’t been released, an insider assures us they’re shooting for an average of $600-$800 a square foot (depending upon unit size/floor).
And of course, the extra special SocketSite scoop for our “plugged in” people: rumor has it the developers are in discussions with Charles Phan (of Slanted Door fame) to develop a new dining concept for the larger of their two ground floor retail spaces.
UPDATE: We’re blaming one too many “Soma Gs” for the fact that we failed to get the scoop on parking. We do know there is room for 504 cars in the Soma Grand garage, but we honestly don’t know how the spaces are being allocated or priced (yet).
UPDATE (3/5): According to the developer, “everyone with a unit should be able to park a car, whether its deeded, assigned, or valet is still in the works.” As always, details when we have them.
∙ It’s All About Service And Style At The Soma Grand (1160 Mission) [SocketSite]
∙ The Soma Grand: Topped Off And VIP Opening March 7 [SocketSite]
∙ The Slanted Door: Biographies [slanteddoor.com]
Posted by socketadmin at 6:10 AM | Permalink | Comments (108) | (email story)
February 23, 2007
Beacon Class Action Lawsuit Dismissed Without Prejudice
Thanks to a “plugged in” tipster (and homeowner at the Beacon), we have the scoop on some big Beacon news: the class action lawsuit against The Beacon has been dismissed by Catalano without prejudice. (No word on the status of similar suits filed against The Metropolitan or Watermark.) Also from our tipster:
One other good piece of news that we homeowners received was that the ground lease was terminated 3 years early and in January everyone received a deeded interest in their unit (rather than the leasehold interest that we were sold). In my book, that makes my unit more valuable than when I bought it!
Overall, I'm really happy with my unit. Its a great location and a great place to live. I'm sure I'd get flamed for saying that by the "condoistas" on your site, but the truth is I'm happy and I didn't pay $1,000+ psf so I never expected it to be the St Regis.
This should brighten the weekend for the sales office (20 units left the last time we checked) and any owners who are currently trying to sell (~15 resales currently listed) as it removes the stigma of pending litigation and increases the pool of potential lenders.
Celebratory party in the clubhouse/pool? You know where to send our invitation.
∙ A Big Bad Lawsuit At The Beacon [SocketSite]
∙ A Class Action Suit At The Metropolitan? [SocketSite]
∙ Now Serving: The Watermark [SocketSite]
∙ A Sales Office Shakeup At The Beacon? [SocketSite]
Posted by socketadmin at 9:15 AM | Permalink | Comments (13) | (email story)
February 22, 2007
The Californian On Rincon Hill Construction/Sales Pushed Back
An eagle-eyed tipster notices that Fifield's website for The Californian on Rincon Hill was just changed to reflect a “Sales Start” of Early 2008 (was February 2007) and a “Construction Start” of November 2007 (was March 2007). It's also worth noting that the average unit size has increased (from 988 square feet to 1,048 square feet) as the number of planned condos has decreased (from 420 to 393).
Our Complete Inventory Index (Cii) has been updated to reflect all three changes (we were forecasting 420 units hitting the market in the second half of 2007). And we have a feeling this news explains that “Rincon Hill” rumor.
∙ The Californian on Rincon Hill [fifieldco.com]
∙ The Californian on Rincon Hill: 375 Fremont St [SocketSite]
∙ SocketSite’s Complete Inventory Index (CII): Q1 2007 [SocketSite]
∙ The SocketSite Scoop On Two Very Big (Unconfirmed) Rumors [SocketSite]
Posted by socketadmin at 3:12 PM | Permalink | Comments (25) | (email story)
February 18, 2007
The SocketSite Scoop On Two Very Big (Unconfirmed) Rumors
Okay, so for a while we’ve been hearing rumblings from brokers to builders that the developers of The Infinity have been discussing going rental rather than sales with their second tower (at least initially). That being said, we haven’t been able to confirm it as fact (and perhaps it's simply contingency planning gone awry).
And now according to a "plugged in" reader, it’s rumored that One Rincon Hill’s second tower has been put on hold "held back." Once again, we haven’t been able to confirm (and we’re not sure if the rumor simply refers to sales, construction, or both).
If either of these rumblings are true, it’s not particularly positive commentary on the near-term strength of the market (or new development absorption). On the flipside, either action would increase the near-term scarcity of ownership opportunities in these developments (and help throttle back San Francisco's condominium pipeline).
And as far as our inventory index (Cii) is concerned, we're still assuming both towers will hit the pre-construction market in 2007.
UPDATE (2/20): Just to be clear, we haven’t heard even the faintest whisper about “cancelling” either of these towers. At this point it’s simply a question of timing with one and initial use with the other.
UPDATE (2/22): We’re now guessing our “plugged in” reader was absolutely correct about a big project that's being "held back" on Rincon Hill, but that it’s The Californian on Rincon Hill and not One Rincon Hill that has changed its sales/construction dates. (And that’s news, not rumor.)
∙ The Infinity Continues To Grow Up [SocketSite]
∙ JustQuotes: Nope, Not Included In Our "Near-Term Likely" Cii Pipeline [SocketSite]
∙ One Rincon Hill: Hovering Around 90% Sold [SocketSite]
∙ SocketSite’s Complete Inventory Index (CII): Q1 2007 [SocketSite]
∙ The Californian On Rincon Hill Construction/Sales Pushed Back [SocketSite]
Posted by socketadmin at 12:05 AM | Permalink | Comments (109) | (email story)
February 15, 2007
Versailles On Vallejo (At Least Inside)
Thanks to a “plugged in” tipster, we’ve got the scoop on tonight’s coming out soiree for the uberdecadent 2090 Vallejo Street. It’s expected to be one of the open houses of the year, and it’s most definitely by invitation only (but we do have photos and links for the masses).
Designed by Clarence Tantau for a local department store mogul (think City of Paris), the home boasts an “exquisite jewel-like interior including lavish wall panels, columns, extraordinary three-dimensional moldings, impressive Frescos and opulent 24-carat gildings.” And while mention of the 1,000 bottle wine cellar wasn’t too unexpected, the private “fur storage” did raise an eyebrow or two.
By the numbers: Six bedrooms, six full baths and two half baths, five fireplaces; three car side-by-side garage plus motor court for six cars; approximately 10,340 square feet as per appraiser; and asking $17,800,000. And forget the cake, 2090vallejo.com should be delivering some guilt-free voyeuristic pleasure in the not too distant future.
UPDATE (2/16): Thanks to an insider we have the post-“soiree” scoop…lots of unused champagne glasses and uneaten strawberries (looks like the crowds never materialized); while not Georgian, the ornate common area décor and detailing were indeed fabulous (and cost three million dollars to renovate); and while the pentroom could definitely benefit from a major overhaul (and is much larger than it appears in the pictures), the faux balcony and views are breathtaking. (Oh, and that “fur storage?” Well, let’s just say it looked a whole lot like the wine cellar...)
∙ Listing: 2090 Vallejo (6/7) - $17,800,000 [deckerbullock.com]
Posted by socketadmin at 12:38 PM | Permalink | Comments (23) | (email story)
February 12, 2007
SocketSite’s Complete Inventory Index (CII): Q1 2007
If you’re truly “plugged in,” you should already be familiar with SocketSite’s Complete Inventory Index (Cii) for San Francisco. As we wrote last September:
The goal of the Cii (pronounced “see”; we’re hoping Nintendo views it as flattery) is to paint a complete picture of housing inventory and new development in San Francisco; listed, unlisted, pipeline, and potential. In fact, we believe it represents a fundamental shift from the abstract to the tangible with regard to what’s in the works throughout San Francisco.
Over the past quarter, we have doubled the size of our new development database and SocketSite now tracks the size, status, probability, pricing, sales, and available inventory for nearly 125 new developments in San Francisco (15,000+ condominiums in total). We also track 10,000 “net new housing units” (including rental units) that are either proposed or on the drawing boards. And all told, we are actively keeping tabs on a potential inventory of 25,000+ housing units (i.e., San Francisco’s overall housing pipeline).
As it stands, in addition to the roughly 325 San Francisco condominiums that are listed and available for sale on the San Francisco MLS, we estimate that there are approximately 350 new condominiums that are not listed, but are currently available for purchase and immediate occupancy. These condos include unlisted inventory in buildings ranging in size from The Glassworks to The Beacon.
We also estimate that there are currently an additional 1,050 available condominiums that are actively competing for the attention of buyers and accepting non-refundable deposits in sales offices throughout San Francisco (examples include The Infinity, Heritage on Fillmore, and Arterra). And within the next six months, we expect to see an additional 2,450 condominiums begin marketing, accepting deposits, and competing for sales as well (think The Potrero, Symphony Towers, and The Bay).
Looking forward to the second half of 2007, we see an additional 1,575 new condominiums that are likely to start marketing/selling before the end of the year (or relatively soon thereafter). And for 2008/2009, we see 4,000+ units that have a shot of making it to market (and 2,000+ that will likely fall by the wayside).
Beyond that, well…you’ll just have to keep “plugging in.”
∙ SocketSite’s Complete Inventory Index (Cii) [SocketSite]
∙ Glassworks (207 King): 3 Years Paid HOA And Further Reductions [SocketSite]
∙ The Beacon: Sales Office Incentives [SocketSite]
∙ The Infinity: Online Floor Plans And Condo Specifications [SocketSite]
∙ Heritage On Fillmore: The VIP Scoop [SocketSite]
∙ Evidence Of A Price Reduction At Arterra? [SocketSite]
∙ The Potrero (451 Kansas): Sales Center Opening In February [SocketSite]
∙ Symphony Towers: From The $300,000s [SocketSite]
∙ The Bay (329 Bay Street): Complete Pricing [SocketSite]
Posted by socketadmin at 10:35 AM | Permalink | Comments (25) | (email story)
January 12, 2007
Redfin: New Maps (Virtual Earth), Areas, And More
Redfin is live with a new mapping platform (Microsoft's Virtual Earth), a new legend (listings in green, viewed listings in light green, and recently sold properties in blue), and expanded Bay Area coverage (“Napa, Sonoma, Santa Cruz & more Solano”).
It’s a great complement to their recent upgrade of property listing details. And it’s a smart move to let Microsoft worry about mapping technology (Redfin’s previous technology was homegrown), and let Redfin focus on real estate.
UPDATE: According to Redfin’s press release, they plan to leverage Microsoft’s Virtual Earth “to offer bird’s-eye views of neighborhoods, driving directions, mobile telephone integration and more neighborhood information about local attractions and retail shops.” And an “online agent chat” feature is live as well.
∙ Going Once, Going Twice, Going Three Times... [SocketSite]
Posted by socketadmin at 7:30 AM | Permalink | Comments (1) | (email story)
December 21, 2006
They Just Keep Getting Bigger, And Bigger, And Bigger...
J.K. Dineen at the San Francisco Business Times has the scoop on a proposed “1,200-foot tower at First and Mission streets, part of a quartet of astoundingly ambitious buildings being designed by superstar architect Renzo Piano."
The proposed building, which would dwarf any existing buildings on the West Coast, would be part of a 2.9 million-square-foot development that would include 600 condominiums, 470 hotel rooms, and more than 520,000 square feet of office space, according to an application filed Dec. 21 with the city.
The 1,200-foot proposed skyscraper, which would be the third tallest building in the United States, would lag only Chicago's Sears Tower, which is 1,450 feet, and New York's Empire State Building at 1,250 feet. San Francisco's tallest current building is the Transamerica Pyramid, which is 853 feet tall.
For additional perspective, that’s about twice the height of either the Millennium Tower or One Rincon Hill (and 200 feet taller than the proposed Transbay Terminal skyscraper).
∙ Massive new project being proposed for San Francisco [bizjournals]
∙ Millennium Tower San Francisco (301 Mission): Interest List [SocketSite]
∙ The Tallest Residential Tower West Of The Mississippi Los Angeles! [SocketSite]
∙ We're Thinking Gehry (No, Not Geary) [SocketSite]
Posted by socketadmin at 4:20 PM | Permalink | Comments (159) | (email story)
December 14, 2006
San Francisco Sales Volume Falls (Median Sales Price Stagnates)
According to DataQuick, the median sales price for existing homes in San Francisco was $754,000 last month, up 0.7% from $749,000 in November ’05, but down 2.2% from October ‘06. Sales volume was down 25.8% year-over-year (441 sales versus 594 in November ‘05) and fell 15.7% compared to the month prior (523 sales). Changes in median sales price are interesting. Changes in sales volume (i.e., "demand") are meaningful.
For the greater Bay Area, the recorded median sales price in November was $616,000 (down 1.4% year-over-year but relatively flat as compared to October ‘06) and sales volume was 7,204 (down 25.9% from November ’05 and down 9.7% from October ’06).
Both Napa and Sonoma counties continued to show signs of weakness as year-over-year median sales prices dropped 1.5% and 7.7%, and sales volume dropped 31.7% and 22.5%, respectively.
∙ Bay Area home prices decline, sales at five-year low [DQNews]
∙ San Francisco Median Sales Price Up MOM (But Down YOY) [SocketSite]
Posted by socketadmin at 1:54 PM | Permalink | Comments (2) | (email story)
December 7, 2006
Zillow Adds Listings (Zlistings?)
Three days ago we wrote, “Perhaps our real concern should be for the MLS itself. Without some innovative thinking about how to effectively open it up on the front end (i.e., reducing the cost/restrictions of adding/sharing listings), its years could be numbered. (Cue the growing number of alternative listing and non-MLS based real estate search tools.)”
And as if right on cue, last night Zillow announced that they’re joining the fray. And it’s not only real estate agents, brokers, and builders who'll have the opportunity to plant free virtual "For Sale" signs with listing details and contact information.
Zillow maps now include red flags for homes that are "For Sale," yellow flags for homes that have recently sold, and blue flags for homes that aren't actively on the market, but whose owners might entertain an offer they can’t refuse. According to Zillow:
“Make Me Move™”...is [Zillow's] twist on what it means to be "For Sale." Here's the concept: Think about a price that would entice you to hand over the keys to your home and move. We think it's a unique and creative way for homeowners to test the waters and gauge interest in their home, even if it’s not actually on the market. Interested home shoppers can then contact them via an e-mail "anonymizer" to get the conversation started.
While Make Me Move is novel (and sure to drive traffic), we have to wonder how much time and energy serious buyers will invest engaging owners who are perceived to be simply “testing the waters” and haven’t committed themselves to parting with their homes (no matter the price).
We expect to see growing pains with regard to the quality and quantity of listings, and perhaps some seller apprehension with regard to the juxtaposition of list prices and “zestimates.” And in terms of agent/broker adoption, only time will tell if Zillow’s offerings are embraced as complimentary (additional distribution) or shunned as competitive (aiding disintermediation).
Regardless, it's a shot across the bow of the MLS. And it's another catalyst for industry innovation.
∙ The Wrong Reasons (The Right Results?) [SocketSite]
∙ We're Opening It Up! [Zillow Blog]
Posted by socketadmin at 12:05 AM | Permalink | Comments (28) | (email story)
November 28, 2006
Heritage On Fillmore: VIP Grand Opening (12/5/06)
It's about two quarters later than expected, but Heritage on Fillmore is opening its sales office doors next Tuesday (12/5/06) with a VIP Grand Opening featuring cocktails, sushi by Yoshi’s, and of course, live jazz.
If you're seriously interested in the development, we suggest you weasel your way onto the VIP list. And if you’re already on the list and plan on attending, we suggest you remember to report back. You know we'd do the same for you.
∙ The Heritage On Fillmore (1300 Fillmore) [SocketSite]
∙ Heritage On Fillmore And 170 Off Third: BMR Updates [SocketSite]
Posted by socketadmin at 12:10 AM | Permalink | Comments (0) | (email story)
November 16, 2006
PropertyShark Launches San Francisco Foreclosure Listings
Forget that rogue sea lion, it’s the shark that captures all of our attention today. PropertyShark added free foreclosure listings for San Francisco to its site this afternoon (fourteen currently listed).
For example, according to PropertyShark, 311 Marina Blvd last changed hands on 6/2/2004 for $2,350,000 and the property was refinanced on 6/14/2005 using two variable rate loans (one for $1,950,000 and another for $530,000). The property is currently in foreclosure (with an estimated unpaid balance of $327,573.97) and will be auctioned off on 11/27/2006 at City Hall.
At the other end of the spectrum is 3018 Casto Street which was purchased on 11/09/2005 with a $569,000 variable rate mortgage. A year later, the current unpaid balance on the loan is now $609,014.48 and the property is scheduled to be auctioned off on 12/04/2006 (once again, at City Hall).
If you’re not familiar with PropertyShark you’ll probably be a bit shocked by the depth and breadth of information that’s available for the vast majority of residential and commercial properties in San Francisco (not just foreclosures). Also added to the PropertyShark site today, a number of San Francisco property maps including land use and property outlines.
∙ Rogue sea lion in S.F. menaces swimmers [SFGate]
∙ Circling The Waters [SocketSite]
∙ PropertyShark: San Francisco Foreclosures [propertyshark.com]
∙ PropertyShark: San Francisco Maps [propertyshark.com]
Posted by socketadmin at 2:07 PM | Permalink | Comments (12) | (email story)
November 6, 2006
Reductions At The Infinity?
Three months ago, two listings for condos in The Infinity were added to the San Francisco MLS (301 Main Street #6G and 318 Spear Street #4A). This evening, the prices were reduced: #6G was lowered $90,000 (7.4%) and #4A was lowered $70,000 (9.3%). We’re trying not to read too much into the reductions, at least until we’ve had a chance to chat with a number of insiders and tipsters. "Plug in" tomorrow for an update and the inside scoop.
In related news, new content has been added to The Infinity’s website since our last visit. The addition of live-action/rendered video clips once again raises the bar for other new developments about town. And yes, we’re biting our tongues with respect to the all too obvious real estate “porn” remarks (see “Residences: Bathrooms”).
UPDATE (11/07): According to a tipster, as of last month the sales office had contracts in hand for ~30% of the development. That’s in contrast to the ~90% figure for One Rincon, but in and of itself, isn’t necessarily a sign of weakness. With well over a year until occupancy of either new development, it’s possible that The Infinity is simply taking a long position that demand (and prices) will increase as the condos become more tangible.
UPDATE (11/07): An HTML glitch truncated a great comment from a recent buyer at The Infinity, “Appliances are now included (washer/dryer/frig) and the prices are a little soft. I got a 1 bdrm [for under] $800 sq/ft. 1 Rincon has a 1 bdrm on the 17th floor (700 sq/ft) for 625K, which is pretty cheap.”
UPDATE (11/07): And now we're trying not to read too much into the fact that the list prices were returned to their pre-reduction levels the very next day...
∙ The Infinity: A Study In Contrast [SocketSite]
∙ The Infinity Hits The MLS [SocketSite]
∙ The Infinity Website [the-infinity.com]
Posted by socketadmin at 9:30 PM | Permalink | Comments (40) | (email story)
October 19, 2006
The Scoop On 188 King Street: Now Selling Leasing
The links are ours; the words are from a “plugged in” tipster:
First, you are right on, they have sold 12 units with the last two sales coming in the last few weeks. What is not public knowledge, however, is that five of those sales are units that have been, as your site pointed out earlier, retained for investment purposes but marked as sold for marketing purposes.
So they have sold seven units in six months, and that was before all the news of the market going south and before 200 units come on-line at 170 off Third. Their new strategy is to aggressively lease up the back of the building. They are going floor by floor, starting at the bottom. They are also trying to lease the penthouses.
If you’ve been “plugging in,” this new development shouldn’t catch you by surprise. If not, however, perhaps this will serve as a wake-up call (on a number of different levels).
∙ 188 King Street Update: 27% Sold? [SocketSite]
∙ 188 King Street: An Update [SocketSite]
∙ QuickLinks: New Condos On The Market (Or In The Works) [SocketSite]
Posted by socketadmin at 1:44 PM | Permalink | Comments (7) | (email story)
September 26, 2006
SocketSite’s Complete Inventory Index (Cii)
If you’re a regular reader, you probably know that we always include the following caveat on our San Francisco Inventory Updates: “Not including unlisted inventory.” Well, that’s about to change.
Over the better part of the past year we’ve been building a database on over 60 new developments ranging in size from 5 to 600 condominiums (6,000+ units in total). We track size, status, pricing, sales, and available inventory. And today, we’re finally ready to publish the beta version of our Complete Inventory Index (Cii).
The goal of the Cii (pronounced “see”; we’re hoping Nintendo views it as flattery) is to paint a complete picture of housing inventory and new development in San Francisco; listed, unlisted, pipeline, and potential. In fact, we believe it represents a fundamental shift from the abstract to the tangible with regard to what’s in the works throughout San Francisco.
For example, we estimate there are currently at least 275 condominiums that are not listed on the MLS, but are available for purchase and occupancy. These condos include unlisted inventory in buildings ranging in size from Glassworks to The Beacon. And based on recent sales activity, represent about a month’s worth of condominium inventory.
We also estimate that by the end of this month, there will be at least 750 condos actively competing for the attention of buyers and accepting non-refundable deposits in sales offices throughout San Francisco (examples include Broderick Place, The Infinity, and Arterra). For perspective, that’s effectively another two to three months of inventory. And by the end of the year, we expect that number to nearly triple as buildings like the Heritage on Fillmore, 888 Seventh, and The Hayes begin accepting deposits.
Beyond that, we’re tracking another 500+ condos that are under construction, nearly 3,000 that are in the works, approved or entitled; and a growing list of other large projects that are on the drawing boards. We’ll continue to refine (and build) our database and methodologies (hence the “beta” tag) in order to keep you “plugged in.”
And yes, we do plan to invest in some better charting tools…
UPDATE (9/27/06): Please keep in mind that our “pipeline” only includes developments which we consider to have a relatively high probably of breaking ground and competing for buyers in the not too distant future. Our numbers pale in comparison to the 25,000+ “net new housing units” that are considered to be in the overall housing pipeline for San Francisco. And last year alone, over 300 projects (representing well over 6,000 units) were filed with the planning department.
∙ The Glassworks (207 King Street) [SocketSite]
∙ A Sales Office Shakeup At The Beacon? [SocketSite]
∙ Broderick Place: 83% Sold [SocketSite]
∙ The Infinity: A Study In Contrast [SocketSite]
∙ Arterra First Release: September 30 [SocketSite]
∙ The Heritage On Fillmore (1300 Fillmore) [SocketSite]
∙ 888 Seventh Street (f.k.a. 601 King) [SocketSite]
∙ The Hayes "Special" Open House (And Signature Cocktail) [SocketSite]
∙ Five Years Late (And One “N” Short) [SocketSite]
∙ The Californian on Rincon Hill: 375 Fremont St. [SocketSite]
Posted by socketadmin at 2:34 AM | Permalink | Comments (32) | (email story)
September 21, 2006
Now Serving: The Watermark
What do the The Beacon, the Metropolitan, and now the Watermark all have in common? That’s right, pending litigation courtesy of Patrick Catalano. According to a tipster:
A lawsuit was filed against the Watermark on September 14th (case CGC-06-456175). The allegation? You guessed it! Square Footage! Does anyone think [Catalano] is the patron Saint of Condo Measurement…
San Francisco Superior Court case number CGC-06-456175 is identified as “CATALINA GARCIA VS. SAN FRANCISCO CRUISE TERMINALS LLC, A LIMITED et al” with the cause of action "CONTRACT/WARRANTY.” (Anybody care to share the filing/complaint?)
And while it might not be a class action suit (yet?), and it’s probably just a coincidence, we can’t help but notice it was filed the day after the Proposed SF Cruise Ship Terminal Sunk. Unfortunately, we’ve just filed this one under “trends.”
∙ A Big Bad Lawsuit At The Beacon [SocketSite]
∙ A Class Action Suit At The Metropolitan? [SocketSite]
∙ Watermark Update: 85% Sold [SocketSite]
∙ Proposed SF Cruise Ship Terminal Sunk [SocketSite]
Posted by socketadmin at 9:31 AM | Permalink | Comments (44) | (