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CATEGORY ARCHIVE: Breaking News

November 2, 2009

Cubix Straight Scoop Redux: 766 Harrison Sales About To Resume

The Cubix sales office (766 Harrison) is about to re-open their doors. Lost to foreclosure in July, it’s no longer a HausBau property. And according to our sources it's still bank owned (although the paper has bounced from bank to bank via a number of acquisitions).

As a plugged-in tipster notes, a new banner now touts "from the high $100,000’s" versus the "starting from high $200K" of yesteryear (2008). And a new website sports a hyphen (now cubix-sf.com versus cubixsf.com).

As we reported in July when the bank took over, 80 of the 98 residential condos and the commercial space remained unsold. It was in January that the sales office had reduced prices by "up to 29.5%" with the goal of hitting 50 percent sold.

∙ SocketSite’s Straight Scoop On The Collapse Of Cubix (766 Harrison) [SocketSite]
∙ Cubix (766 Harrison) [cubix-sf.com]
∙ 766 Harrison: Condos Indeed And A Brand New Brand (“Cubix YB”) [SocketSite]
∙ Cubix (766 Harrison) Officially Cuts "Up To 29.5%" For Stimulus Sale [SocketSite]

Posted by socketadmin at 9:00 AM | Permalink | Comments (30) | (email story)

October 22, 2009

CitiApartments Is No More! Well, Sort Of…

A plugged-in tipster reports:

Just finishing up escrow on our first condo purchase and trying to get out of…CitiApartments. This morning called them and a receptionist answered “First Apartments how can I assist you?”

First Apartments? I asked her, is this still CitiApartments? She said, “We have changed our name”

Their website is gone too. Also, due to the PGE bills not being paid in our building, they have shut off all common area electricity.

There's nothing like a little rebranding to make all your problems go away.

∙ JustQuotes: Citi Draws Deposit Ire (And Lawsuits) [SocketSite]

Posted by socketadmin at 12:00 PM | Permalink | Comments (5) | (email story)

August 30, 2009

Landmark Bourn Mansion (2550 Webster) Listed And Your Peek Inside

As a plugged-in reader reported a week ago, "[The Bourn Mansion] is finally being emptied and mountains of trash removed." And with bankruptcy heading off its courthouse sale, the landmark 2550 Webster has hit the MLS with an asking price of $2,900,000.

The bad news, the past three decades have not been overly kind to the Willis Polk designed mansion. The good news, "Transfer of Possession: Close of Escrow" rather than subject to tenants rights and some gorgeous detailing still remains.

∙ Listing: 2550 Webster (14/4.5) 9,762 sqft - $2,900,000 [MLS]
∙ Bourn To Run Party: A San Francisco Mansion Of Ex-Glory And Dreams [SocketSite]
∙ The Bourn Foreclosure (2550 Webster) [SocketSite]
∙ The Eccentric Arden Van Upp Might Be Feeling A Bit Antsy These Days [SocketSite]

Posted by socketadmin at 5:15 PM | Permalink | Comments (88) | (email story)

August 18, 2009

Scoop: Examiner’s Move To Corner Weekend Open House Readership

You probably won’t read about it in the Chronicle, but the scoop according to a plugged-in source is that the San Francisco Examiner is a week away from announcing the free publication of weekend open house ads through a deal with the San Francisco Association of Realtor’s new sfopenhomes.com site.

Look for a test run and official announcement next week (or perhaps now a bit earlier). And expect a quick response from the Chronicle which counts on its weekend real estate section and related advertising for a significant share of its revenue.

Posted by socketadmin at 2:30 PM | Permalink | Comments (33) | (email story)

August 13, 2009

Not A Done Deal But Closer To Closing Mirant's Power Plant In Potrero

From the Chronicle with respect to Mirant's potrero hill power plant between 22nd and 23rd Streets off of Third:

San Francisco's dirty power plant on the eastern waterfront would shut down by end of next year, under a legal agreement announced today between Mirant Corp. and City Attorney Dennis Herrera.

The California Independent System Operator (ISO) which manages the state's power grid "has long maintained that San Francisco must have some power generation within city limits" and would need to agree to the closure.

The city, meanwhile, has argued that a major transmission line from the East Bay will ensure a reliable energy supply when it is completed in March or April.

∙ Filthy SF power plant to close [SFGate]
∙ JustQuotes: Potrero Hill Power Plant Plan Paused (For A Week) [SocketSite]

Posted by socketadmin at 11:50 AM | Permalink | Comments (3) | (email story)

July 27, 2009

SocketSite’s Straight Scoop On The Collapse Of Cubix (766 Harrison)

As a plugged-in reader noted this morning, the sales office at Cubix (766 Harrison) never managed to re-organize and re-open and a trustee sale of the unsold condos is scheduled for the courthouse steps this afternoon at 2 p.m. The outstanding developer's loan balance on the building is $21,050,440.

According to our sources the loan balance is split roughly two-thirds ($14M) on a first and one-third ($7M) on a second, today's trustee sale is likely a move to simply wipe out the second, and the unsold inventory includes 80 of the 98 residential units and the commercial space (i.e., 18 of the condos, including 7 BMRs, actually sold).

We know of at least one pre-emptive offer that was made and rejected for the units. And as an aside, Temecula Valley Bank which holds the first has been taken over by the FDIC.

As always, we’ll keep you posted and plugged-in.

UPDATE: With an opening bid of $5,000,000 but no bidders, the auction of Cubix likely played out as planned (as written above "today's trustee sale is likely a move to simply wipe out the second"). And as a plugged-in reader correctly notes:

As I suspected, you could not have bought it for 5 million as the trustee had instructions to check back with the lender if any bidders came to the the starting price. BTW, my source says George Hauser (developer) made an appearance at the steps.

Let the real bids begin.

∙ Cubix (766 Harrison) Sales Office Currently Closed But Not Sold Out [SocketSite]

Posted by socketadmin at 11:00 AM | Permalink | Comments (87) | (email story)

July 20, 2009

Pacific Union Sold To Morgan Lane Marin Principals

From a plugged-in tipster, Pacific Union Real Estate is being acquired by the principals of Morgan Lane Marin. The sale is expected to close in August and the Pacific Union brand will remain, but Mark McLaughlin of Morgan Lane will replace Avram Goldman as CEO.

With respect to the "Are any offices going to close?" question: "We are currently evaluating all options."

Posted by socketadmin at 11:30 AM | Permalink | Comments (10) | (email story)

June 19, 2009

San Francisco County Unemployment Up To 9.1 Percent In May '09

Preliminary May labor force data counts for San Francisco, Marin and San Mateo counties puts the unemployment rate at 9.1%, 7.5% and 8.4% respectively, up 0.3 percentage points from April across the board.

The 9.1% unemploment rate for San Francisco in May represents a new 25 year high.

Extending the observations of a plugged-in reader last month, the number of unemployed in San Francisco increased by 1,000 from 39,800 to 40,800 in May while the number of employed fell by 5,800 (from 412,900 to 407,100) as the labor force fell by 4,800 (from 452,800 to 448,000), a loss of 7,000 over the past two months.

∙ Monthly Labor Force Data for Counties: May 2009 (Preliminary) [EDD]
∙ San Francisco County Unemployment Dips To 8.8 Percent In April '09 [SocketSite]

Posted by socketadmin at 11:00 AM | Permalink | Comments (44) | (email story)

June 5, 2009

The 1960-1998 Market Street Scoop: Unanimously Approved Design

A plugged-in tipster reports with respect to the proposed development at 1960-1998 Market Street which was unanimously approved by the Planning Commission last night:

The following describes the design changes that were have made to the project over the last several weeks in response to the comments that were received from the Planning Commission, SF Planning Department and the Duboce Triangle Neighborhood Association.

Bernardo Fort-Brescia and the team at Arquitectonica amazingly improved upon their original design while going through what almost turned into design by committee. These Architects were challenged to respond to community and incorporate changes while still maintaining the integrity of the building, which is a bold, iconic statement for such a prominent comer location.

Market Street: Additional vertical fins have been added to strengthen the vertical expression. The major horizontal mullions have been reconfigured in a staggered pattern, eliminating their alignment and further reducing the horizontal emphasis of the façade. A canopy has been introduced along Market Street to reinforce the pedestrian and retail environment.

Buchanan Street: The changes described above have been incorporated into the first bay along Buchanan Street. The second bay has been modified significantly, stepping up in height to relate to the change in street level. The vocabulary of the second bay now relates to the adjacent residential buildings by incorporating stone and a more regularized window arrangement.

Light well: A light well has been incorporated at the northwest corner of the building that corresponds to the neighbor’s exiting light well.

Rear yard setback: The northeast corner of the building has been pulled back to allow a greater separation between this building and the neighbors to the north.

Another tipster adds, "In a topsy-turvy hearing, the local neighbor associations supported the project, while the Building and Construction Trades Council was opposed to it."

UPDATE: A close-up on the corner (and how it looked before):

∙ Now THAT’s Not The Arquitectonica Design For Market At Buchanan [SocketSite]
∙ Now THAT’s The (An) Arquitectonica Design For Market At Buchanan [SocketSite]

Posted by socketadmin at 8:55 AM | Permalink | Comments (25) | (email story)

May 28, 2009

The 690 Stanyan Project Scoop: Scaled Back To An Interior Gutting

A plugged-in reader reports on the proposed 690 Stanyan Project:

The other half had a storewide meeting at Whole Foods last night. It was told to them that the Stanyan Project has been scaled back to be just like the Noe Valley project. No external construction - no condos, just a interior gutting of the old Cala foods and a small format Whole Foods going into it.

The mixed-use design as was proposed (and conditional use approved):

The 26 studio units, 20 one-bedroom units, 15 two-bedroom units, and one three-bedroom unit have been removed from our pipeline inventory watch list.

UPDATE: Confirmation this afternoon from the Business Times with regard to the project:

The developer of a Whole Foods and housing development approved for a vacant lot at Haight and Stanyon streets has decided to shelve the project, citing high city fees [of between $5 million and $6 million] and the economic downturn.

According to the developer, however, an agreement with Whole Foods on the scaled back plan has not been reached (but is being discussed).

∙ The 690 Stanyan Project Update: Conditional Use Approved 6-0 [SocketSite]
∙ The 690 Stanyan Project: Overview And EIR Hearing Tomorrow (2/28) [SocketSite]
∙ Whole Foods Green-Lighted In Noe (And As Proposed On Market) [SocketSite]
∙ Developer scraps S.F. Whole Foods project because of city fees [Business Times]

Posted by socketadmin at 9:00 AM | Permalink | Comments (40) | (email story)

May 7, 2009

Turnberry Stops Shopping, Takes Its Bags Wallet And Heads Home

Plugged-in people knew Turnberry was quietly shopping their 45 Lansing lot. Now J.K. Dineen reports that they’ve stopped shopping, asked for a refund and are headed home:

Rincon Hill developer Turnberry Associates has cancelled its a 40-story deluxe condo tower at 45 Lansing St., and asked the city to refund an $8.4 million affordable housing fee it paid when the building permit application was filed in 2007.

In a letter dated May 4, land use attorney Andrew Junious said the building permit for the 227-unit tower “will be withdrawn immediately by the project sponsor.”

The cancellation is a significant blow to the future of highrise development in Rincon Hill and other downtown neighborhoods. Turnberry bought the property in September, 2006, near the height of the market, paying $30 million, or $130,000 per buildable unit.

According to Assistant Planning Director Larry Badiner, Turnberry is entitled to a refund of the fee which "went to the Mayor’s Office On Housing for the purpose of funding affordable housing projects."

And as we wrote last month:

The implications: likely no new building at 45 Lansing for 5-10 years, and extremely low odds that once developed it will be the uberluxury product Turnberry (and neighbors) had envisioned.

UPDATE (5/8): An update with regard to the refund from J.K. Dineen:

Douglas Shoemaker, director of the Mayor’s Office On Housing, confirmed that the city would refund the $8.4 million fee.

"It’s a substantial loss for the city, but we don’t spend in lieu fees until a project begins constriction, so we have the money available," said Shoemaker.

And once again, it's not the fee (or "Daly") that killed this project but rather a substantially weaker market than when the $240 million development was first proposed.

∙ The 45 Lansing SocketSite Scoop: Turnberry Quietly Shopping The Lot [SocketSite]
∙ Rincon Hill condo tower cancelled; Turnberry seeks $8.4M refund [Business Times]

Posted by socketadmin at 2:42 PM | Permalink | Comments (73) | (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)

April 19, 2009

One Rincon Hill Still 70% Sold (And Reneging On Development Fees?)

According to the developer, Mike Kriozere, One Rincon Hill Tower One sits at around 70 percent sold which would suggest almost no net-new contracts since October of 2008 when roughly 30 percent of Tower One inventory had yet to close.

And according to The Chronicle, said developer "does not plan to pay the $5 million in fees that were central to obtaining city approval to build the high-rise."

The poor economy has stalled plans to build a second, adjacent tower, and Kriozere said he anticipates that the existing building will lose money. As a result, he does not expect to pay the development fees that would have been spent on things like affordable housing, rent subsidies and job training programs.

"I did not give a personal guarantee that if the building failed to make a profit I would personally write them a check," Kriozere said. "Any money has to come out of the sale of the units because I've made no personal guarantee of anything."

Kriozere left open the possibility that sales could improve and the fees could be paid, but he was not optimistic.

The question(s) to be answered, were the fees to be paid upon success or simply upon development? And if the agreement was written based on success, who did the writing?

∙ City fees for One Rincon unlikely to be paid [SFGate]
∙ It's "Official," One Rincon Hill's Tower Two Is Indefinitely On Hold [SocketSite]
∙ A Return To Reality For A One Rincon Hill "02" Stack Resale (#2202) [SocketSite]
∙ One Rincon Hill (425 First Street): Secondary Market Stumbles [SocketSite]

Posted by socketadmin at 9:00 AM | Permalink | Comments (66) | (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 1, 2009

The 45 Lansing SocketSite Scoop: Turnberry Quietly Shopping The Lot

The word on the street as confirmed by a plugged-in developer: Turnberry is quietly shopping their 45 Lansing lot (outlined above in blue).

The implications: likely no new building at 45 Lansing for 5-10 years, and extremely low odds that once developed it will be the uberluxury product Turnberry (and neighbors) had envisioned.

And sorry folks, no April Fools.

∙ The Turnberry (45 Lansing) Scoop: Construction Starting Early 2009? [SocketSite]
∙ True Luxury Condos At 45 Lansing? [SocketSite]

Posted by socketadmin at 1:00 PM | Permalink | Comments (33) | (email story)

March 17, 2009

Board Of Supervisors Uphold Appeal Of Babylon By The Bay Approval

The San Francisco Board of Supervisors has spoken, and the appeal of the Planning Commission’s approval for 110 Embarcadero has been upheld. Next up, an Environmental Impact Report (EIR).

∙ Babylon By The Bay Hits A Bagdad By The Bay Styled Road Block [SocketSite]
∙ Forget Bagdad By The Bay, This Is More Like Babylon (By The Bay) [SocketSite]
∙ No love for 110 The Embarcadero -- study ordered [SFGate]

Posted by socketadmin at 8:55 PM | Permalink | Comments (2) | (email story)

March 16, 2009

1268 Lombard Losing Its Battle Against The Granite Wrecking Crew

It’s not down yet, but 1268 Lombard is on the losing side of its battle with the Granite wrecking crew (although it does appear to be putting up a good fight). No update on the investigation into whether or not the current owners "willfully neglected" the building in order to obtain a permit to demolish.

∙ The "Resourceful" Demolition Of A Historic Resource? (1268 Lombard) [SocketSite]

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

March 5, 2009

Local Housing Developer AF Evans Files For Bankruptcy Protection

In what's likely not to be good news for the development of 55 Laguna (at the very least with regard to timing), Oakland based developer AF Evans has filed for Chapter 11 bankruptcy protection citing "plummeting house prices and the credit crunch."

∙ AF Evans Co. files Chapter 11 [San Francisco Business Times]
∙ 55 Laguna: The Plugged-In (And AF Evans) Development Update [SocketSite]

Posted by socketadmin at 4:20 PM | Permalink | Comments (11) | (email story)

March 2, 2009

The Argenta (1 Polk) Scoop Redux: Riverstone Residential To Manage

Stop the presses (or rather refresh that browser). While one plugged-in reader reports that "Riverstone Residential came through with the winning offer on the Argenta," another shoots us the following note:

Riverstone Residential is not an investment firm. It’s a management company. They don’t invest only manage residential properties.

Give us a minute while we sort this one out. Or better yet, help set the record straight.

UPDATE: We hate to hypothesize, but as we haven’t been able to officially confirm (and we’ve already put it out there) here’s what we think happened: Anka couldn’t get their ask and has decided to keep the property and have Riverstone Residential run it.

Please feel free to prove us wrong (or right). And our apologies for any initial confusion.

UPDATE Redux: We might hate to hypothesize, but we got it right. Confirmation this afternoon from the San Francisco Business Times:

The decision came after a number of suitors, including Tishman Speyer-owned Archstone-Smith, made offers on the property. Offers were significantly below the debt the developers owe on the property, according to sources.

∙ The Scoop: Archstone-Smith Negotiating To Acquire Argenta (1 Polk) [SocketSite]
∙ The Scoop: Argenta (1 Polk) On The Market As An Apartment Building [SocketSite]
∙ Anka not selling Polk Street building, hires management company [Business Times]

Posted by socketadmin at 1:40 PM | Permalink | Comments (22) | (email story)

February 12, 2009

$15,000 Homebuyer Tax Credit Cut, Conforming Loan Limits Restored

“A proposal to provide a $15,000 tax credit to homebuyers was stripped from a $789 billion economic stimulus package that appears headed for a vote Friday, but a restoration of higher loan limits for Fannie Mae, Freddie Mac and FHA loan guarantee programs appears to have made the cut.”

“According to a summary of the compromise bill released by lawmakers Thursday, the tax credit will still be available only to first-time homebuyers -- those who haven't owned a principal residence in the last three years. But they won't have to pay it back, as is currently the case, and the credit will be increased to $8,000 and be available through the end of November.”

“[NAR President Charles McMillan] said the bill will also reinstate the $729,750 loan limit in high-cost areas for Fannie Mae, Freddie Mac and FHA loan guarantee programs that was in place throughout much of 2008…”

∙ $15,000 homebuyer credit cut in compromise [Inman]
∙ Proposed $15,000 Homebuyer Tax Credit Clears The U.S. Senate [SocketSite]
∙ The American Recovery And Reinvestment Act Of 2009: Summary (pdf) [senate.gov]
∙ Jumbo-Conforming Loans Going, Going, And Almost Gone [SocketSite]

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

January 24, 2009

SocketSite Weekend Special: One Proposal For San Francisco SWL 337

The one proposal for San Francisco’s Seawall Lot 337/Pier 48 (dubbed "Mission Rock") by the numbers: 875 rental residential units; 2,650 parking spaces; 240,000 square feet of retail; 1 million square feet of office; 181,000 square feet of exhibit/event space at Pier 48; and 8.7 acres of public open space (including a 5+ acre park to the north).

The one (big) development team: San Francisco Giants, Wilson Meany Sullivan, Kenwood Investments, The Cordish Company, Stockbridge Capital, and Farallon Capital Management. A few bigish buildings (max height of 37 stories/380 feet):

And how we got here in (more than one) links:

∙ Request For Proposals For San Francisco’s Seawall Lot 337 [SocketSite]
∙ San Francisco’s Seawall Lot 337 Design Proposals: In Summary [SocketSite]
∙ The Development Of Seawall Lot 337: And Then There Were Three [SocketSite]
∙ Joint Giants/Kenwood Proposal For SWL 337 Into Extra Innings [SocketSite]
∙ Mission Rock (SWL 337/Pier 48) Proposal: Executive Summary (pdf) [SFGov]
∙ Information on China Basin Seawall Lot 337 (SWL 337) [SFGov]

Posted by socketadmin at 10:00 AM | Permalink | Comments (22) | (email story)

January 21, 2009

The SocketSite Scoop: Radiance To Announce Price Cuts Next Week

A plugged-in tipster reports on Radiance at Mission Bay:

I received an email from the sales person at Radiance "pre-announcing" a sales cut that will go out to the broker community next week. Looks like things aren't moving. On a similar note, I saw on sfgate.com that unit 116 (1722 SF, east facing) sold for $960K. Original asking? $1.39M.

As we noted in August, “while prices reductions haven’t officially been advertised, according to our sources there's definitely room for negotiation (especially on the mid-priced units).”

Yes, it's good to be plugged-in (and details on the "official" cuts when we have them).

∙ Radiance At Mission Bay Phase I Update: 55% “Sold” And Closing [SocketSite]
∙ Radiance At Mission Bay Phase II Update: Officially "Suspended" [SocketSite]

Posted by socketadmin at 9:45 AM | Permalink | Comments (6) | (email story)

January 17, 2009

The SocketSite Scoop: Millennium Cuts Prices 15% Across The Board

From a plugged-in tipster with a unit in escrow at San Francisco’s Millennium Tower:

I have a deposit down in a unit in the Millennium and just received a call informing me that prices have been cut 15% across the board, including those already in escrow. They still intend to maintain their "no negotiating" policy and claim that this will be the last (only) drop for a very long time.

A tip of the hat to the Millennium team for taking care of their early adopters. And of course to our tipster, let's not forget those invitations to the housewarming.

∙ The Millennium: A Few Things You Might Know (And A Few You Don’t) [SocketSite]
∙ Millennium Tower Sales Watch: Rumors Of Day One Results [SocketSite]
∙ San Francisco Rising And A Fresh Perspective On Millennium Tower [SocketSite]

Posted by socketadmin at 4:00 PM | Permalink | Comments (207) | (email story)

January 6, 2009

Reader Reports: 1286-1298 Treat Avenue Goes Up In Flames. Thrice.

A plugged-in tipster reports (and we edit):

I heard whispers but haven't seen it in the press yet that there was another fire in those treat avenue buildings over the weekend--there are three side-by-side buildings that are selling--the little birdie said it was the same one that was burned twice already. Word on the street is that they caught the arsonist and reports, albeit as of yet unconfirmed, are that it was one of the tenants who was fighting the ellis act eviction.

As always, we hope nobody got hurt and that's the last of the flames.

∙ A Reader Reports: 1286-1298 Treat Avenue Goes Up In Flames. Twice. [SocketSite]

Posted by socketadmin at 2:30 PM | Permalink | Comments (38) | (email story)

December 16, 2008

The FOMC Speaks (And Not In Tongues): It Ain't Pretty Out There

"The Federal Open Market Committee decided today to establish a target range for the federal funds rate of 0 to 1/4 percent.

Since the Committee's last meeting, labor market conditions have deteriorated, and the available data indicate that consumer spending, business investment, and industrial production have declined. Financial markets remain quite strained and credit conditions tight. Overall, the outlook for economic activity has weakened further.

Meanwhile, inflationary pressures have diminished appreciably. In light of the declines in the prices of energy and other commodities and the weaker prospects for economic activity, the Committee expects inflation to moderate further in coming quarters."

∙ Federal Open Market Committee Statement: December 16, 2008 [federalreserve.gov]
∙ The Fed Cuts Rates To One Percent To Avert "Prolonged" Recession [SocketSite]

Posted by socketadmin at 11:25 AM | Permalink | Comments (35) | (email story)

December 5, 2008

The Scoop: Wells Fargo Moves to 50% "Sold" In Order To Fund

The word on the street two months ago was that Wells Fargo was requiring 25% of the units in a new development be in contract or closed before they would fund the first loan. From a plugged-in tipster yesterday:

Wells Fargo had a guideline change this morning, they are now at 50% pre-sale [required].

Not quite a rumor, but yet to be officially confirmed.

UPDATE: Confirmed ("Wells Fargo has formally raised their new construction pre-sale requirement to 50% from 25% placing them on par with Chase and B of A") and effective December 15th.

∙ Developers In San Francisco Getting Squeezed From Both Sides [SocketSite]

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

November 20, 2008

The SocketSite Scoop And Rumor Confirmed: Artani Suspending Sales

From a reader's rumor last month, to a plugged-in tipster's confirmation today:

The developer of [The Artani] is temporarily suspending sales and will continue to offer these units as rentals. It will be public information soon enough but I'd appreciate it if you kept my name and email anonymous.

Done. And now who's next?

∙ Argenta's Confirmed And Artani's Rumored, Will 77 Van Ness Be Next? [SocketSite]
∙ The Artani (818 Van Ness) Opens And A Plugged-In Reader Reports [SocketSite]

Posted by socketadmin at 4:00 PM | Permalink | Comments (20) | (email story)

November 12, 2008

The Market Might Not Like It, But We Do: Paulson Changes Rescue Plan

"U.S. Secretary Henry Paulson plans to use the second half of the $700 billion financial rescue program to help relieve pressures on consumer credit, scrapping an effort to buy devalued mortgage assets....Buying 'illiquid' mortgage-related assets -- the reason the Troubled Asset Relief Program was established a month ago -- is no longer being considered, he said."

∙ Paulson Shifts Focus of Rescue to Consumer Lending [Bloomberg]
∙ $700 Billion Bailout Bill Round Two: One Down, One To Go [SocketSite]

Posted by socketadmin at 9:15 AM | Permalink | Comments (12) | (email story)

November 6, 2008

The Turnberry (45 Lansing) Scoop: Construction Starting Early 2009?

From a plugged-in tipster with respect to Turnberry's development at 45 Lansing:

They just sold a 50% stake in the project to another group led by Mike Zoi. Expected to start construction early 2009.

Once again, cater-corner to One Rincon Hill, 45 Lansing is slated to become a 40-story tower consisting of around 300 217 uberluxury condominiums (“the most upscale development the new neighborhood has seen, with “exotic” marble baths, Italian Snaidero cabinetry, Gaggenau cooking appliances, Jacuzzi hydrotherapy tubs with built-in TVs, individual security systems, and 12-foot penthouse ceilings”).

UPDATE: Additional details via GlobeSt.com:

While the financial details of the partnership were not immediately available, GlobeSt.com has learned that...$275-million represents the total development cost of the project, versus a gross sell-out value of approximately $350 million. Turnberry president Bruce Weiner tells GlobeSt.com that all the necessary entitlements and approvals have been finalized, permits have been pulled and impact fees paid and that excavation for the subterranean garage should begin in the first quarter of 2009 and that the entire project should take 30 months to complete.

Due to turmoil in the credit markets, Weiner says final construction financing has been delayed. “That said, the major banking participants are fully committed and the consortium is being assembled,” he adds.

∙ True Luxury Condos At 45 Lansing? [SocketSite]
∙ Out With The Old: 45 Lansing And The Lot Around Watermark [SocketSite]
∙ Turnberry Sells 50% Stake in Condo Project [GlobeSt.com]

Posted by socketadmin at 8:00 AM | Permalink | Comments (38) | (email story)

Hold The Phone (Or At Least The Official Local Election Results)

While the San Francisco Department of Elections website notes 241,090 total ballots cast on November 4th in San Francisco and includes 191,962 from “Election Day Reporting” and 49,128 “Vote by Mail / Absentee Reporting,” according to the Examiner and The City’s elections chief up to 136,000 vote-by-mail and provisional ballots have yet to be counted.

In theory the 136,000 votes could change the results of any of the local measures except for A (General Hospital). In reality it’s Measure B (affordable housing) that could most easily swing from failing on the initial count to passing in the end. And perhaps even Measure J (preservation commission) in reverse.

We’ll update the election results as the uncounted ballots are tallied. And assuming all 136,000 ballots are valid, 78.95% of those registered in San Francisco voted (not 49.79% as previously reported). And on this point we are more than happy to be wrong.

∙ San Francisco Department of Elections: November 4 Election Summary [SFGov]
∙ More than one-third of The City’s ballots are left to be counted [Examiner]
∙ The Day After: November 4 Real Estate Related Election Results [SocketSite]

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

It’s Official: McGuire Real Estate Acquires Urban Bay Properties

Yesterday's scoop via a plugged-in Charlie Moore (CEO of McGuire):

I wanted to personally give you the official word that McGuire and Urban Bay are merging. The companies have been in discussion for well over a year, and both felt there were strong benefits to joining forces: McGuire has strong traditions and is well-established in north of Market neighborhoods, while the Urban Bay brings more of a "hip" brand to the South of Market neighborhoods. What's more, McGuire has offices in Burlingame and Mill Valley, and Urban Bay has a presence in Oakland's Jack London Square.

And via an “Insider”:

For now UBP will retain current branding but will change color schemes to match the new McGuire coloring. Tom Brown becomes COO of McGuire. No news on closing of the McGuire Davis Street office or the UPB Bluxome street office.

Cheers. And as always, thank you for plugging in.

∙ RandomRumors: McGuire Real Estate/Urban Bay Properties In Talks [SocketSite]

Posted by socketadmin at 6:00 AM | Permalink | Comments (9) | (email story)

October 29, 2008

It's "Official," One Rincon Hill's Tower Two Is Indefinitely On Hold

It’s now "official" and in the open. The construction of One Rincon Hill's second tower has been indefinitely put on hold. And roughly 30% of tower one inventory has yet to close.

The plugged-in word on the street: talk of potential class action lawsuits with regard to the loss of tower two amenities and the handling of closings/deposits in tower one.

And with regard to a reader’s comment: “So how come CBS has the story of One Rincon cancelling/delaying the second tower before SocketSite??” Good question. There's no excuse. And perhaps that's the price we pay for delaying our latest Complete Inventory Index (Cii).

UPDATE: Keep in mind there's a big difference between “cancelled” and “on hold.” And while we’re done holding our breath for the actual groundbreaking of tower two, we do believe it will eventually come (and that we'll be the first to report it when it does).

UPDATE: Or in the words of developer Mike Kriozere, “We own the land, we have the financing and our construction [plans and] contracts are in place...Like others, our team is watching the economy for the proper time to re-commence construction.”

∙ Rincon Hill Among SF Building Projects Put On Hold [CBS]
∙ SocketSite’s Complete Inventory Index (Cii): Q1 2008 (San Francisco) [SocketSite]

Posted by socketadmin at 12:01 AM | Permalink | Comments (93) | (email story)

October 25, 2008

Price Cuts Of Up To 30% At Symphony Towers (750 Van Ness)

Plugged-in people knew the cuts were coming. And as one reports, they’re here. Prices at Symphony Towers (750 Van Ness) have been reduced by up to 30% or $136,000. A few examples:

∙ 750 Van Ness #T-405 (1/1) - $399,000 (was $535,000)
∙ 750 Van Ness #T-601 (1/1) - $459,000 (was $577,000)
∙ 750 Van Ness #T-602 (1/1) - $449,000 (was $565,000)
∙ 750 Van Ness #T-804 (0/1) - $295,000 (was $420,000)
∙ 750 Van Ness #T-806 (0/1) - $319,000 (was $455,000)
∙ 750 Van Ness #T-907 (0/1) - $419,000 (was $515,000)

Once again, currently around 55% sold. And with The Hayes cutting prices by up to 21%, the race for buyers in San Francisco is on. And it's plugged-in people that will win.

∙ Symphony Towers (750 Van Ness): Announcing Additional Cuts [SocketSite]
∙ Symphony Towers Update: Buying Love (But Dropping Prices Too) [SocketSite]
∙ New Development “Closeout” Sales: The Potrero And 170 Off Third [SocketSite]

Posted by socketadmin at 10:30 AM | Permalink | Comments (68) | (email story)

October 1, 2008

The SocketSite Scoop: Four ORH Penthouses Back On The Market

From a plugged-in tipster:

As of [yesterday] afternoon, the last contract holder of one of the 4 [penthouses] on the 60th Floor at [One Rincon Hill] canceled on their 2006 Reservation.

ALL 4 Penthouses are now back on the market, and the whole floor prices out just under $13MM. ALL 4 of these PH's were reserved on the sales offices opening night of 2006.

We haven't yet been able to confirm, so for now we'll just have to consider it a "random rumor" (but we do trust this tipster). And yes, it might be time to get those "One Gincons" flowing again in the sales office. Of course that's assuming they aren't already...

UPDATE: Confirmed.

∙ First Impressions: One Rincon Hill Sales Center [SocketSite]
∙ The “Signature Cocktail” Of One Rincon Hill [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (40) | (email story)

September 29, 2008

$700 Billion Bailout Breaking News: Round One Rejected By The House

"The fate of a controversial $700 billion financial bailout plan was in doubt Monday as a House vote turned against it. The next steps were not immediately clear but supporters were scrambling to put it up for another vote."

"The measure needs 218 votes for passage. Democrats voted 141 to 94 in favor of the plan, while Republicans voted 65 to 133 against. That left the measure with 206 votes for and 227 against."

∙ Bailout plan rejected [CNN]
∙ Once Again, We’ll Simply Go With The Worst (In Terms Of The Bailout) [SocketSite]

Posted by socketadmin at 11:20 AM | Permalink | Comments (169) | (email story)

July 30, 2008

A Less Than Smooth Closing Of Their Own: Financial Title Shuts Down

According to a plugged-in tipster, Financial Title received a cease and desist order courtesy of the Insurance Commissioner a few hours ago. And while escrows were to be transferred to other title companies for closing, apparently some files have been confiscated which is making it difficult for some parties (like our tipster's client) to locate their funds.

UPDATE: Following in the footsteps of sister company Alliance Title, Financial Title which was the largest real-estate title agent in Silicon Valley and has four offices in San Francisco has officially closed its doors.

Sources who have spoken to Financial Title employees said the title company began closing its doors in Santa Clara County Tuesday night. Those sources said all employees have lost their jobs, and Financial's underwriter, First American Title Co., has been collecting open escrow files at the closed offices.

No update on the Insurance Commissioner angle, the "confiscation" (versus collecting) of files, or the irony of misplaced escrowed funds. Tipsters?

∙ Tag Line Irony From Alliance Title: “Closing The California Dream” [SocketSite]
∙ Financial Title company shuts down [Business Times]

Posted by socketadmin at 11:56 AM | Permalink | Comments (22) | (email story)

Quick Tease: No Museum Of Performance & Design For Mr. Dziewulski?

From a plugged-in reader with regard to the Mark Dziewulski design for a new Museum of Performance & Design in San Francisco: “It won't be built. Diller Scofidio & Renfro won the competition.”

UPDATE: Stop the presses rumor mill! According to a conversation with D. Donald Spradlin, Director of External Affairs for the Museum of Performance & Design, four firms remain on the short-list (down from the 17 that responded), the subcommittee responsible for recommending one of the four to the Museum Board has yet to make its pitch, and the Board’s final vote won’t occur until September 11th. Also noted, an option for the site has been secured and the target opening date is 2012.

Our apologies for any confusion and our thanks to the good natured Mr. Spradlin ("...it’s great to see the museum generating so much interest!"). Of course that's not to say Diller Scofidio & Renfro won't be the eventual winner, but they aren't yet. Now back to the site and Mark Dziewulski design...

∙ Museum of Performance & Design: Familiarity With The Corner/Design [SocketSite]

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

No Longer Just A Bill Sitting On Capitol Hill: Foreclosure Prevention Act

The House passed the bill last week, the Senate in a special session last weekend, and this morning President Bush signed the Foreclosure Prevention Act of 2008 into law.

As we pointed out last week, while the Economic Stimulus Act of 2008 temporarily raised the conforming loan limit in San Francisco (and other high-cost areas) to $729,750, the Foreclosure Prevention Act of 2008 establishes a new maximum of $625,500 (effective January 1, 2009).

A decent summary of "what the new housing law means for you" from Holden Lewis.

∙ Bush Signs Measure for Homeowners, Fannie, Freddie [Bloomberg]
∙ Will San Francisco Suffer From Premature Loan Limit Reduction? No. [SocketSite]
∙ If Lowering Rates Isn’t Working, Perhaps Increasing Limits Will [SocketSite]
∙ What the new housing law means for you [bankrate.com]

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

July 25, 2008

1285 Sutter: Fully Entitled, Retail Pre-Leased, And...On The Market

Even though the site is fully entitled for a 12-story, 106-unit condo tower, and the theoretical ground level retail space has been pre-leased to Trader Joe’s, it might be a while before – or even if – 1285 Sutter Street (currently the defunct Galaxy Theater) becomes a reality. For as a plugged-in tipster notes, BayRock has put the undeveloped site on the market with Colliers (asking $18,000,000).

As we wrote seven months ago: "If all goes smoothly with the Planning department and as planned (uhh...), the “grocery store could open by 2009” (and we’re guessing the condos soon thereafter)." Note the "uhh." And we're now going with no chance (in terms of 2009).

∙ 1285 Sutter Street: The Proposed Design To Replace The Galaxy [SocketSite]

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

July 24, 2008

Will San Francisco Suffer From Premature Loan Limit Reduction? No.

In case you missed it, some great reader discussion and debate on the potential impact of H.R. 3221: Foreclosure Prevention Act of 2008 yesterday (which passed in the House and is on to the Senate).

Amongst other things, H.R. 3221 permanently increases GSE "conforming loan" limits from $417,000 to a maximum of $625,500 (or 115% of the local median home price, whichever is lower). And it’s that “maximum” that has a few readers worried (or at least a little confused).

The question: will H.R. 3221’s conforming loan maximum of $625,500 supersede San Francisco's temporary conforming loan limit of $729,750? Our answer: we very much doubt it (we know, not exactly definitive but we’re still seeking written confirmation).

Regardless, do keep in mind that the $729,750 conforming loan limit for high-cost areas as brought about by the Economic Stimulus Act of 2008 is set to expire in five months. And whether or not that act gets extended is another issue altogether.

UPDATE: Definitively confirmed (and thank you for plugging in).

∙ Bam! Bam! Barney Frank’s Bailout Bill Survives As A Provision [SocketSite]
∙ H.R. 3221: Foreclosure Prevention Act of 2008 [govtrac.us]
∙ If Lowering Rates Isn’t Working, Perhaps Increasing Limits Will [SocketSite]

Posted by socketadmin at 2:00 AM | Permalink | Comments (12) | (email story)

July 17, 2008

San Francisco Recorded Sales Activity In June: Down 9.8% YOY

According to DataQuick, home sales volume in San Francisco fell 9.8% on a year-over-year basis last month (571 recorded sales in June ’08 versus 633 sales in June ‘07) and fell 3.7% compared to the month prior (See UPDATE below).

Keep in mind that DataQuick reports recorded sales which not only includes activity in new developments, but contracts that were signed ("sold") many months or even years prior and are just now closing escrow (or being recorded).

San Francisco's median sales price in June was $726,750, down 11.9% compared to June ’07 ($825,000), 8.0% compared to the month prior, and the lowest recorded median since March 2005. And yes, we're doing some digging on the effect of mix.

For the greater Bay Area, recorded sales volume in June was down 9.9% on a year-over-year basis but increased 15.5% from the month prior (7,178 recorded sales in June '08 versus 7,964 in June ’07 and 6,216 in May '08). And the recorded median sales price fell 27.1% on a year-over-year basis (down 6.2% compared to the month prior and "the first time in more than four years that it was below the half-million mark").

At the extremes, Marin recorded a 35.4% year-over-year reduction in sales volume (a loss of 124 transactions) and a 12.0% decrease in median sales price, while Contra Costa recorded a 14.6% drop in sales volume (a loss of 207 transactions) and a 36.7% drop in median sales price.

UPDATE: In our words this morning, it "seems a little strange" that sales volume would have been absolutely flat from May to June. And lo and behold, DataQuick has since adjusted the number down from 593 to 571 sales in June.

∙ Bay Area median price dives below $500K; sales near record low [DQNews]
∙ San Francisco Recorded Sales Activity In May: Down 3.7% YOY [SocketSite]

Posted by socketadmin at 10:51 AM | Permalink | Comments (167) | (email story)

July 14, 2008

Countrywide Requiring 25% Down For All Bay Area Jumbo Loans

From a plugged-in tipster late last week:

Just got an email from my mortgage broker...countrywide is now requiring 25% down payments on jumbo mortgages in the bay area.

No word on whether or not that’s both wholesale and retail. Can anybody confirm?

UPDATE: We'll consider it confirmed. And in a related reader report:

I spoke to a reputable agent at length over the weekend about the mortgage market. He said the main players left still writing San Francisco mortgages were the big money center banks (citi, BofA, etc). He said most are requiring 20% down these days. He spoke of one client who did a 10/10, but the second 10% was guaranteed by the guy's employer (~1.2m purchase price). It is pretty amazing that someone "in the market" for 1m+ home can barely scrape together $100K.

He also said the total debt/income ratio was going down from a previous 65% (wow!) to something like 45-50%. He said the bank tightening really only kicked in heavily in the last week or two which implies the market probably is not reflecting this yet.

Posted by socketadmin at 9:30 AM | Permalink | Comments (59) | (email story)

July 8, 2008

Govenor Schwarzenegger Signs The Perata Mortgage Relief Bill

California SB 1137 (a.k.a. the Perata Mortgage Relief Bill) has been signed into law. The bill will require lenders to "begin contacting homeowners at least 30 days before issuing a notice of default," gives residential tenants "more time to move out of foreclosed dwellings," and "authorizes local governments to impose fines as high as $1,000 [per day] on lenders who do not maintain foreclosed properties."

The new law "applies to loans made between January 1, 2003 and December 31, 2007."

Unfortunately, we doubt the new law will have any meaningful impact on foreclosure rates throughout California other than to delay the inevitable. The only real impact we expect: making properties that have been foreclosed upon more palatable to the public.

∙ California SB 1137 -- Perata Mortgage Relief Bill Fact Sheet (pdf) [ca.gov]
∙ Governor signs law to help homeowners keep their properties [SFGate]

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

July 2, 2008

The SocketSite (Reader's) Scoop: Daly's Two-Unit TIC Legislation DOA

We've fielded more than our fair share of questions and concerns over the past month regarding Supervisor Daly's proposal to require two-unit buildings to participate in San Francisco's condo-conversion lottery.

And just as we were about to publish a summary, a plugged-in tipster comes through with the scoop via the office of Supervisor Michela Alioto-Pier:

Thank you for your letter concerning draft ordinance #080820. This ordinance would require that 2 unit buildings go into the condo conversion lottery. You will be glad to know that I spoke with Supervisor Daly's office yesterday and this legislation is not moving forward.

Again, Supervisor Daly's proposed ordinance to require two-unit buildings to enter San Francisco's condominium conversion lottery will not be on the November ballot.

∙ Potential November Ballot Measures: Condo Lottery For Two-Units? [SocketSite]

Posted by socketadmin at 1:08 PM | Permalink | Comments (20) | (email story)

June 18, 2008

The SocketSite Scoop: Wells Fargo To Offer Fractional TIC Financing?

Despite what some might sell, TICs financed with fractional (or “individual”) loans are not substantively the same as condominiums. While fractional financing does mitigate a large portion of the commingled financial risk associated with a TIC purchase, it doesn’t address our larger concern of liquidity in terms of access to equity (no HELOCs here) or major lenders when it comes time to liquidate (not everyone wants – or will qualify – to borrow from a boutique bank).

That being said, and while we haven’t yet confirmed it, according to a trusted plugged-in tipster Wells Fargo is about to roll out fractional TIC financing.

Posted by socketadmin at 9:15 AM | Permalink | Comments (11) | (email story)

June 12, 2008

The Proposed Sixty-Six Forty-Five Condos (And Parking) Of 300 Grant

It was sixteen months ago that we first plugged you in to the proposed design for a ten-story mixed use development at 300 Grant (corner of Grant and Sutter). At the time the design called for 66 units, two floors of retail, two levels of below grade parking, and a “landscaped terrace, clubhouse and solarium on 3rd floor for residents.”

And while we haven’t heard much about the project over the past year or so, next week it’s in front of the planning commission today. The proposal still calls for ten-stories with two floors of retail and up to 40 parking spaces, but the application cites “up to 45 units.”

No word on whether or not the proposed design (by MBH Architects) has evolved as well.

UPDATE: From a pluggged-in reader: "Project (different design) was approved today." Now don't be coy, who's got the design?

∙ The Proposed Sixty-Six Condos (And Parking) Of 300 Grant [SocketSite]
∙ MBH Architects: Mixed-use in development [mbharch.com]

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

June 9, 2008

Plans For The Presidio’s Post: Four Alternatives And Visualizations

From the Draft Supplemental Environmental Impact Statement for the Presidio’s Main Post (released this morning), a series of “Existing Conditions” (above) with visualizations of what could come to be (the four alternatives below).

Alternative 1 - Would increase built space on the Main Post by 64,000 square feet. New construction would include a 57,000-square-foot office building at the Graham Street infill site and an 18,000-square-foot addition to the Presidio Theatre.

Alternative 2 (The "Proposed Action") - Would increase built space on the Main Post by 141,000 square feet. New construction would include the 100,000-square-foot contemporary art museum south of the Main Parade (between Sheridan Avenue and Moraga Street), the 95,000-square-foot lodge at the Graham Street infill site, and the Presidio Theatre addition.

Alternative 2A - Similar to Alternative 2 but would locate the contemporary art museum farther from the Main Parade, south of Moraga Street and north of Infantry Terrace.

Alternative 3 - Would increase built space on the Main Post for the 48,000-square-foot, one-story history center south of the Main Parade.

Another perspective on the Presidio Trust’s proposed alternative (and readers' comments):

∙ Comments: Presidio Plans, Proposals, And Preservationist Protests [SocketSite]

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

June 4, 2008

Results: Proposition 98 Fails/99 Passes, Measure F Fails/G Passes

With 100% of both statewide and San Francisco precincts reporting, Proposition 98 and Measure F have failed while Proposition 99 and Measure G have passed. The margins:

Proposition 98 – Failed (61% voted No statewide, 74.23% voted No in San Francisco)
Proposition 99 – Passed (62.5% voted Yes statewide, 71.01% voted Yes in San Francisco)

Measure F – Failed (63% voted No in San Francisco, 37% voted Yes)
Measure G – Passed (62% voted Yes in San Francisco, 38% voted No)

With respect to Measure G and the development of Hunters and Candlestick Point, it's now up to the city to negotiate a binding agreement with Lennar and the Planning Commission and Board of Supervisors to approve the plan.

Only 27.82% 40.22% of voters cast a ballot in San Francisco. Our thanks to those who did.

∙ San Francisco Department of Elections: June 3 Election Summary [SFGov]
∙ California Statewide Primary Election Results: Sate Ballot Measures [ca.gov]
∙ Gone Voting (And If You Haven’t Already, So Should You) [SocketSite]
∙ JustQuotes: The Ballot Battle Over Hunters And Candlestick Point [SocketSite]

Posted by socketadmin at 5:00 AM | Permalink | Comments (41) | (email story)

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 (21) | (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 (45) | (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 (80) | (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 (22) | (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 (21) | (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 (49) | (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 (110) | (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) | (email story)

September 20, 2006

San Francisco Median Sales Price Takes A Little Hit

According to DataQuick, the median sales price for existing homes in San Francisco was $750,000 last month, up 0.7% from $745,000 in August ’05, but down $21,000 (2.7%) from July ‘06. Sales volume was down 7.4% year-over-year (613 sales versus 662 in August ‘05), but jumped 26.4% from the month prior (485 Sales). Based on last months sales volume, San Francisco currently has a 2.3 month supply of listed Single Family Homes, Condos, and TICs on the market.

For the greater Bay Area, the recorded median sales price in August was $620,000 (up 0.2% year-over-year) and sales volume was 9,128 (down 24.9% from August ’05, but up 14.9% from July ’06). Sales in Napa dropped 47.3% year-over-year, and Marin recorded a 2.3% drop in median sales price.

According to DataQuick president Marshall Prentice, "Several things are going on. Many homes are being offered for sale at unrealistically high prices as sellers try to game the peak of the market. Buyers appear to be taking a wait-and-see approach as sellers get real with their asking prices. The market seems to be going into a lull, until this all shakes out. It does appear that the strong appreciation of the recent past is leveling off."

∙ Bay Area home sales decline, prices level off [DQNews]
∙ San Francisco Median Sales Price And Sales Decline [SocketSite]

Posted by socketadmin at 11:13 AM | Permalink | Comments (5) | (email story)

September 19, 2006

A Sales Office Shakeup At The Beacon?

According to a tipster, the sales office at the Beacon is about “to announce 3% broker commissions and…are really negotiating on deals.” And while the Mark Company will still be in charge of selling, they “cleaned house with the staff and are bringing in…new people.” We’re still trying to verify the inventory of developer units (and the tip), but keep in mind that there are currently 23 Active listings in the Beacon (five of which are with the Mark Company).

And while at least five of the resale listings have already been reduced (some more than once), between deals being cut in the sales office on new units, the pending class action suit, and the market in general, it’s probably not too much of a stretch to expect additional reductions in the not too distant future.

UPDATE (9/20): Well, it’s still a shake up, but it’s possible that it might have been the former staff that initiated the act. As one reader notes, “Can anyone blame the salespeople for wanting out? They are compensated on a commission basis and are sitting on the last and least desirable of the inventory and it isn't moving (obviously compounded by the well publicized lawsuit).”

∙ Listing: 260 King Street #751 (2/2) - $815,000 [MLS]

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

September 13, 2006

The President Of N.A.R. Goes To Washington

A couple of quotes from the testimony (pdf) of Tom Stevens, the President of the National Association of REALTORS, at today’s U.S. Senate hearing on “The Housing Bubble and Its Implications for the Economy” (emphasis added):

"Sales are down significantly in Florida, California, Arizona, Nevada, Virginia, and Maryland. These regions experienced the greatest rise in home prices in recent years and affordability has become a major issue. The sharp decline in sales have resulted in a much higher housing inventory (tripling and quadrupling in some cases) and these areas are vulnerable to outright price declines, particularly if interest rates were to rise further."

"Contrary to many reports, there is not a “national housing bubble.” All real estate is local. For example, the housing market in California is extremely different from Oklahoma. Home price-to-income ratio, home price-to-rent ratio, and more importantly, mortgage debt servicing cost-to-income ratio have greatly increased in some markets to worrisome levels. Markets in Florida, California, Arizona, Nevada, Virginia, and Maryland exhibit trends far above the local historical norm, thus it would not be surprising for these markets to experience a price adjustment."

"Due to very high home prices, interest-only, adjustable rate, and/or option-ARMS became the only way to enter the housing market for some homebuyers. In essence, the homebuyers in the coastal markets are at their financial capacity. With rising mortgage rates, homebuyers are becoming exhausted financially, which explains why sales have tumbled in high priced regions of the country."

So ARMs and affordability are pressing problems, sales are slowing, and we're "vulnerable to outright price declines" and “adjustments”? Who could have possibly seen that coming (last November)…

∙ Witness Testimony: Mr. Tom Stevens, President N.A.R. (pdf) [senate.gov]
∙ The Housing Bubble and Its Implications for the Economy [senate.gov]
∙ Top O’ The Market To You! [SocketSite]

Posted by socketadmin at 3:11 PM | Permalink | Comments (18) | (email story)

Proposed SF Cruise Ship Terminal Sunk

A couple of important questions now that the Port of San Francisco has pulled the plug on the proposed Cruise Ship Terminal project at Piers 30-32:

1. How will the loss of the proposed retail, restaurants, cinema, and promenades affect property values in nearby developments?
2. How will this affect development of the Brannan Street Wharf (57,000 sqft public park)?
3. How long will it be before a class action suit is filed by owners at the Watermark...

∙ Soaring costs sink cruise ship terminal plan [Examiner]
∙ Bryant Street Pier Overview [bryantstreetpier.com]
∙ A Class Action Suit At The Metropolitan? [SocketSite]

Posted by socketadmin at 11:02 AM | Permalink | Comments (10) | (email story)

Watermark Update: 85% Sold

Once again, these are not “official” numbers, but as best we can tell another twelve units in the Watermark have sold (leaving around 18 units available or 85% sold). In addition, two new resales have hit the market: 501 Beale #8C ($912,000) and #16B ($1,150,000).

Unit #8C offers the same spectacular views of the Bay Bridge (and potential cruise ship terminal see UPDATE below) as unit #6C (which was briefly on the market for $899,000), but with the added benefit of being high enough to preserve the views once a seven story (height restricted) building is built next door.

UPDATE: The force must have been strong last night. As a reader notes, the “potential cruise ship terminal” has been “scrapped due to skyrocketing costs associated with retrofitting its rotting piers.”

UPDATE (redux) (again): According to J.K. Dineen at the San Francisco Business Times (and the Port report), it's probably closer to 80% sold with 80 units sold, 29 under contract, and 27 still for sale. And while we definitely waffled, right or wrong, we’re now reverting back to our originally reported 18 available (and 85% sold). It’s quite possible that the nine unit difference between our numbers is in part due to the accounting for the 16 BMR units in the building, a time lag between reports, or quite simply the sales office getting the best of us…

∙ Watermark Update: 78% Sold (And Discounting) [SocketSite]
∙ Listing: 501 Beale Street #8C (1/1) - $912,000 [Legal One Realty Via Pacific Union]
∙ Listing: 501 Beale Street #16B (2/2) - $1,150,000 [Urban Bay]
∙ Soaring costs sink cruise ship terminal plan [Examiner]
∙ Watermark Signs Of Weakness? [SocketSite]

Posted by socketadmin at 12:10 AM | Permalink | Comments (18) | (email story)

September 8, 2006

Inventory Update: Four Days Later

You commented. We listened. And from now on we'll report inventory in terms of Single Family Homes (SFH), Condos, and TICs (and just reserve the right to point out significant movements/trends in Multi-Family listings). So without further ado...

Active listings are up ~17% since Labor Day for a new baseline of nearly 1400 listed units (TICs up ~12%, SFHs up ~13%, and Condos up ~21%). Not including unlisted inventory (i.e., new developments), that’s roughly a three month supply of SFHs/Condos and a five month supply of TICs.

∙ SocketSite’s San Francisco Inventory Update: 9/05/06 [SocketSite]

Posted by socketadmin at 3:38 PM | Permalink | Comments (1) | (email story)

August 28, 2006

A Class Action Suit At The Metropolitan?

According to a tipster, the lawyer who filed the class action suit on behalf of homeowners at the Beacon has also filed a similar class action suit on behalf of homeowners at the Metropolitan (333-355 First). From the tipster, “I heard he pitched Metropolitan homeowners at 6:00 and one of the owners drove him over to the Beacon at 8:00 to meet with their homeowners, then hit both buildings with lawsuits on Friday.”

Can anyone confirm this tip or provide us with a copy of the filing? Keep in mind that if the filing can be confirmed, the homeowners in the Metropolitan will face the same challenges as the homeowners in the Beacon with regard to refinancing or reselling their condominiums.

In related news, the word on the street is that the fee agreement in the Beacon class action suit calls for the attorney to keep somewhere between 40 and 50 percent of any “gross recovery” (but that he will lower his fees to 33% if at least half of the homeowners join as plaintiffs).

UPDATE: It's official, Superior Court Case Number CGC-06-455064 ("BEN BEDI VS. FOLSOM/FIRST, LLC") was filed on August 11, 2006. (Download filing (pdf) at Box.net) Kudos to our "plugged in" readers, commenters, and tipsters.

∙ The Beacon Twenty-Two (And Their Dirty Laundry) [SocketSite]
∙ A Big Bad Lawsuit At The Beacon [SocketSite]

Posted by socketadmin at 1:02 AM | Permalink | Comments (48) | (email story)

August 24, 2006

Price Reductions At 188 King

If you’ve been “plugged in” to SocketSite over the past couple of months this shouldn’t come as any big surprise (if not, well...): As of today, 188 King Street has officially dropped the prices on at least four units by $100,000 (or up to 12%) and removed a number of their listings from the MLS (only seven of what we estimate to be 30+ available units are currently listed). The recent reductions include:

∙ 188 King Street #201: Reduced from $825,000 to $725,000 (12.1%)
∙ 188 King Street #203: Reduced from $925,000 to $895,000 (3.2%)
∙ 188 King Street #301: Reduced from $825,000 to $725,000 (12.1%)
∙ 188 King Street #306: Reduced from $895,000 to $795,000 (11.2%)
∙ 188 King Street #404: Reduced from $925,000 to $825,000 (10.8%)

We're guessing this isn't exactly what they (or the buyers in "Phase I") had in mind for "Phase II" pricing.

UPDATE (8/25): Units #208 ($850,000) and #504 ($950,000) were just listed on the MLS. Deductive reasoning would suggest that the original target price for #504 was at least $1,025,000 (the original list price for #506).

∙ 188 King Street: Sales Update [SocketSite]

Posted by socketadmin at 12:43 PM | Permalink | Comments (29) | (email story)

August 21, 2006

A Big Bad Lawsuit At The Beacon

Despite all the footnotes, disclaimers, and “approximates,” perhaps it was just a matter of time (from the Chronicle):

The builders, owners, operators and homeowners association of a luxury condominium complex across from AT&T Park have been sued for allegedly misrepresenting the size of the units in two buildings and for not repairing a series of defects.

The class-action lawsuit was filed Friday against virtually everyone associated with the Beacon, a 595-unit complex on 250 and 260 King St., in San Francisco's Mission Bay.

The suit, on behalf of the 450 residents, claims the square footage of many units does not match what was advertised to buyers. Representatives of the complex denied the allegation, saying all square footages were clearly listed as approximations.

Keep in mind that most banks don't like lending money for properties that are in litigation, so this will likely exacerbate the problems of anyone trying to sell (or buy) a unit in the Beacon (and negatively impact prices). Let's just hope we shouldn't be filing this under "trends."

Update: We’d really like to hear from more of the current owners/residents of the Beacon, so if you know of any, please consider forwarding this along.

∙ Luxury condo complex spawns lawsuit [SFGate]
∙ Below Developer Pricing At The Beacon [SocketSite]

Posted by socketadmin at 10:39 AM | Permalink | Comments (16) | (email story)

August 17, 2006

Affordability Is Up! (But Not Really)

Earlier this morning, we referenced the Housing Affordability Index (HAI) which is published by the California Association of Realtors (C.A.R.). According to the last published index (February), the percentage of households that could afford to purchase a median-priced home in the Bay Area was 12% (and only 9% in San Francisco).

Almost right on cue, C.A.R. released a new First-time Buyer Housing Affordability Index (FTB-HAI) this afternoon:

C.A.R. began producing its Housing Affordability Index (HAI) in 1984. At that time, fixed-rate mortgages were the prevailing form of financing a home purchase, while the calculations used to produce the HAI reflected a 20 percent down payment. The methodology also assumed a monthly payment for principal, interest, taxes and insurance that was no more than 30 percent of a household’s income.

In the more than two decades since the CALIFORNIA ASSOCIATION OF REALTORS® first conceived the HAI, the mortgage finance landscape has changed dramatically. The range of mortgage products available to buyers as well as underwriting criteria has changed.

C.A.R. developed the new index measuring affordability for first-time home buyers to better reflect the realities of today’s real estate market.

According to the new model, the percentage of first-time buyers able to afford a median-priced home in the Bay Area stands at 24% (16% in San Francisco). And while that’s more palatable than 12% and 9% respectively, keep in mind that based on this new model (which takes into account relaxed lending standards and the shift away from long-term, fixed-rate mortgages), affordability in San Francisco is down about 18% from a year ago, down 28% from two years ago, and down 35% from the second quarter of 2003. That's the market reality.

∙ Nobody Actually Owns A Home In "Bay Area” [SocketSite]
∙ Housing affordability at 23 percent, according to newly developed index [C.A.R.]

Posted by socketadmin at 2:02 PM | Permalink | Comments (9) | (email story)

August 14, 2006

The Francisco Palms (1229 Francisco)

Say goodbye to the Galileo Court apartment complex at 1229 Francisco. And say hello to the Francisco Palms, a down to the studs renovation, and an ambitious seventeen unit TIC development by Maven Investments. That’s right, our own little “Melrose Place” down in the Marina, complete with four palm trees and a fountain (but no swimming pool).

According to the developer, the first four units (2 two bedrooms and 2 three bedrooms) will hit the market after Labor Day (9/10/06) and are currently slated to be priced from $950,000 to $1,050,000 (~$750/sqft). The Bank of Marin will be offering individual financing (6.95% fixed for 5 years, interest only with a ten year term, and 1 point up front) for up to 75% of the purchase price, and the developer will be offering to carry a second mortgage (8% fixed with a five year term) for another 5% (i.e., 20% down payments).

We had a chance to take a sneak peek a couple weeks back and were relatively impressed by the quality and thoroughness of the renovation. (Our major quibble was the decision to configure a few of the three bedroom units with only one bathroom.) The big question, however, is how the market will respond to million dollar TICs that are priced in-line with condos, but will never have the opportunity to convert (residential buildings over six units aren't eligible).

And while it’s true that the individual financing will mitigate at least one of the major drawbacks associated with TICs (i.e., shared risk of loan default or delinquency), it doesn’t adequately address another: liquidity (more on this later). That being said, one could make the argument that the demand for these units will be a fantastic indicator of how the market is truly valuing the traditional benefits of home ownership (versus a speculative investment in real estate) in San Francisco these days. We’ll keep you posted.

∙ Maven Investments [maveninvestments.com]
∙ The Francisco Palms (coming Soon) [1229 Francisco]

Posted by socketadmin at 1:10 PM | Permalink | Comments (15) | (email story)

August 2, 2006

Three Blasts From The Not So Distant Past

1. Despite a comment that 2760 Sacramento #11 garnered four “competitive offers," it’s back on the market and has been reduced another $6,000 (now listed at $749,000).

2. “Lefty” just might be in luck as 1081 Pine Street #401 was reduced another $200,000 this morning (now listed at $2,095,000). That’s a total reduction of $800,000 (27%) from the beginning of the year, and only $170,000 (10%) over what it first sold for in early 2004.

3. There might only be “three homes left!!” at the brand new Glen Park Market Place, but at least two of them have been reduced (#301 down $40,000; #202 down $50,000). Nothing quite like being in contract only to find out that the unit next door was just reduced $50K...

∙ But Isn't The Median Sales Price Up? [SocketSite]
∙ Listing: 2760 Sacramento Street #11 (1/1) - $749,000 [Coldwell Banker]
∙ Comments: 1081 Pine Street Redux [SocketSite]
∙ Not Huge (But Not Bad) [SocketSite]
∙ Listing: 1081 Pine Street #401 (3/3) - $2,095,000 [MLS]
∙ Glen Park Market Place: Range Of Prices And BMR Deadline [SocketSite]
∙ Listing: 53 Wilder #202 (2/2) - $739,000 [MLS]
∙ Listing: 53 Wilder #301 (2/2) - $739,000 [MLS]

Posted by socketadmin at 9:15 AM | Permalink | Comments (8) | (email story)

July 26, 2006

ZMobile: Zestimates By Email

SocketSite has the inside scoop on getting "Zestimates" via email (Zillow Mobile).

Email (or text message) z@labs.zillow.com and include a property’s address, city, state (or zip code) in either the subject line or body of the email/text. Within seconds you’ll get a return email that includes a Zestimate, the number of beds/baths, total square feet, and date of construction for the property. (We’re guessing SMS access is right around the corner Arjun knows better.)

That’s right, you’ll no longer have to wait until you get home to Zillow your dinner party host (or date). And if you haven’t already heard, Zillow is also alpha testing an open API that will allow third-party websites to offer Zillow’s functionality seamlessly on their site.

∙ Zillow Labs: Zillow Mobile [Zillow]
∙ Zillow's Open API [Zillow Blog]

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

July 24, 2006

A Quick Flip At One Rincon Hill?

As a reader points out, we now have evidence of the first attempted flip of a One Rincon Hill condo:

I have a 1 bedroom 1 bath unit above the 40th floor, with a balcony, aproximately [sic] 750sqft(not including balcony) reserved in the highly sought after 08 stack(which is the a corner facing Downtown and the Waterfront). My reserve price is $870k, but 1)developer has raised them $60k 2)you probably could not even get this stack because they are all reserved 3)if you go through sales office, you must owner occupy for at least 1yr, but this one is grandfathered because reserved early.

I am asking $920k, or best offer for my unit. We would sign purchase agreement together and close escrow, from which I'd quit claim off title.

Loophole? Anomaly? Trend? This is going to get interesting. And we can hear the lawyers scrambling from here...

UPDATE: The craigslist post has been updated [thanks John]. Don't worry, the unit in the 08 stack is still available, but apparently 04 and 05 stack units have been added to the flippers inventory as well.

∙ Comments: The Infinity: A Study In Contrast [SocketSite]
∙ $920000 - 1BR w/Water Views and Balcony at One Rincon Hill [craigslist]

Posted by socketadmin at 4:47 PM | Permalink | Comments (20) | (email story)

July 7, 2006

A Rapid Inventory Rebound In San Francisco

We expected an inventory rebound in San Francisco, just not so quickly. Over 200 new listings have hit - or returned to - the market in San Francisco since the Fourth of July. And it appears that the new listings have outpaced sales by a factor of well over three to one over the past week. So much for “months”...

∙ SocketSite’s San Francisco Inventory Update: 6/30/06 [SocketSite]

Posted by socketadmin at 2:49 PM | Permalink | Comments (0) | (email story)

June 30, 2006

SocketSite: 2006 Inman News Innovator Awards Finalist

Okay, so until yesterday we didn’t even know we were nominated, but it appears that SocketSite is one of six finalists for the 2006 Inman News Innovator Awards, Most Innovative Real Estate Blog category.

In all honesty, we probably don’t have a snowball's chance in hell of winning. The competition is tough, and we don’t have any fancy new “Web 2.0” technologies, features, or widgets (yet). Regardless, we’re not only honored to be nominated, but to be the only Blog finalist from California as well (we’ll do our best to represent).

So if we don’t get a chance to say it from the stage, a sincere thank you to all our readers, tipsters, and supporters for helping us to keep you ‘plugged in’ to what’s really going on in the local real estate market - from the anecdotal, analytic, and architectural; to the good, the bad, and the ugly.

∙ 2006 Inman News Innovator Awards [Inman]

Posted by socketadmin at 12:07 AM | Permalink | Comments (0) | (email story)

June 23, 2006

The Infinity Sales Center: SocketSite’s Inside Scoop

While the sales center for The Infinity opened last week, no units have been offered for sale. In fact, the first release of units isn’t scheduled to occur for another couple of weeks. That being said, the sales center is accepting pre-qualification letters from one of The Infinity’s preferred lenders, and “the order in which the sales center receives the pre-qualification letters is the order in which prospective purchasers will be offered units in the release.” So jump to it if you’re interested.

Other key details, rough pricing, and a couple of sneak peeks:

∙ The first release will consist of 365 "residences" in three buildings: one tower (301 Main) and two mid-rise buildings (333 Main and 318 Spear). First occupancy projected for early 2008 (little mention of the second tower).

∙ Rough pricing: studios (539-690 sq.ft.) from the $500,000’s; one-bedrooms (714-931 sq.ft.) from the $600,000’s; two-bedrooms (800-1,726 sq.ft.) from the $800,00’s; three-bedrooms (1,293-1,755) from the $1,800,000’s; luxury homes and penthouses (3,364 sq.ft.) over $2,000,000.

∙ One deeded parking space per residence and average monthly HOA’s of $700 per month.

∙ Purchasers will be required to make a 5% good faith deposit (held in escrow). (“Investment opportunities [versus owner occupied] are limited.”)

∙ “The Infinity welcomes Real Estate Broker/Agent participation and will pay a commission to qualifying licensed Real Estate Brokers/Agents.”

∙ Model residence sneak peeks:

Floor plans, design porn, services, amenities, and simulated views are available online. And perhaps most importantly, the air conditioning in the sales center is supposed to be turned on today…

∙ The Infinity [Official Site]

Posted by socketadmin at 12:15 AM | Permalink | Comments (2) | (email story)

June 21, 2006

San Francisco Year-Over-Year Appreciation Flat

According to DataQuick, the median sales price for existing homes in San Francisco was $767,000 last month, up only 0.3% from $765,000 in May ’05. In addition, sales volume was down 10.3% as compared to the year prior (626 versus 698 sales) but did show signs of a seasonal up-tick as volume increased 26% as compared to April '06 (497 sales).

For the greater Bay Area, the recorded median sales price in May was $631,000 (up 6.1% year-over-year) and sales volume was 9,064 (down 19.8% from May ’05 but up 8.4% from April ’06). While Marin, Napa, and Sonoma all recorded negative year-over-year price appreciation and sales volume growth.

∙ Bay Area home sales continue to drop, prices reach new peak [DQNews]
∙ SF Year-Over-Year Appreciation Now At 3.6% [SocketSite]

Posted by socketadmin at 2:36 PM | Permalink | Comments (0) | (email story)

June 20, 2006

One Rincon Hill: 301 Deposits

One week, three hundred and one deposits, 80% sold. Will the South Tower of One Rincon Hill be “sold out” by the end of the second week? Are the developers kicking themselves for not pricing it higher? And what’s going to happen in 18-24 months when it comes time to actually fund the closings?

Posted by socketadmin at 1:02 AM | Permalink | Comments (0) | (email story)

June 13, 2006

Rumor Confirmed: Mob Scene At One Rincon Hill

From a most excellent tipster:

[One Rincon Hill] had a quiet opening last night that was attended by 400 ecstatic neighbors, realtors and their friends. They opened up the entire inventory (400?) [376 in the South Tower] for the week of reservations. I estimate that they took reservation deposits for 50-75 condos, maybe more. It was a mob scene. One bedrooms began in the 600s and 2BRs in the 900s. Penthouses were $2-$2.3 and a large number of them were reserved. The wait list to see a sales person was over four hours long, but most people were happy to wait and were excited when they got to purchase. They stayed open long past midnight. [Thanks Gregg!]

Now who’s got pictures?

∙ 1,091 New Units Hit The Market [SocketSite]

Posted by socketadmin at 2:38 PM | Permalink | Comments (7) | (email story)

June 1, 2006

OFHEO Reports 1.15% First Quarter Appreciation For San Francisco

The Office of Federal Housing Enterprise Oversight (OFHEO) released its first quarter House Price Index (HPI) and appreciation tables this morning. According to the OFHEO, “U.S. home prices were 12.54 percent higher in the first quarter of 2006 than they were one year earlier. Appreciation for the most recent quarter was 2.03 percent, or an annualized rate of 8.12 percent.”

For the San Francisco MSA (which includes San Mateo and Redwood City), home prices were 14.60 percent higher than a year earlier, but appreciation for the first quarter of 2006 fell to 1.15 percent, or an annualized rate of 4.6 percent (about half the national average).

“These data show average housing prices still growing stronger than some might have expected,” said [OFHEO Acting Director James Lockhart]. “They do indicate, however, that price growth is moderating in some parts of the country, particularly in areas where prices have been rising the most.”

∙ OFHEO First Quarter 2006 House Price Index Report [OFHEO - pdf]

Posted by socketadmin at 10:29 AM | Permalink | Comments (1) | (email story)

May 26, 2006

A Classic Case Of Tower Envy?

All of a sudden the Rincon Hill towers (400/350 feet) just don’t seem quite so tall (or towering). “A 1,000-foot tower, as well as two 800-foot towers, were proposed Thursday for the area around the Transbay Terminal, as The City moves forward with the rebuilding of the aging bus station at First and Mission streets and the development of the surrounding neighborhood.” At one thousand feet, that’s 147 feet taller than the Transamerica Pyramid (853 feet) and 221 feet taller than the Bank of America building (779 feet).

Champions of the proposal cite both the financial (an additional $250 million in revenue to help subsidize the $3.35 billion Transbay Terminal project) and the aesthetic (“The City’s flat undulating skyline would be significantly enhanced by a higher crown to emphasize its core, at the heart of The City’s activity”) impact on the city. (Opponents have yet to rally.)

Which really only leaves one question: will we be getting more comments from pissed off San Franciscans about that “significantly enhanced” line or from indignant New Yorkers who can’t believe “City” was capitalized?

∙ Spoiler Alert: One Rincon Hill Video [SocketSite]
∙ City eyes raising tallest building on the West Coast [Examiner]
∙ S.F. planners have high hopes for new center of downtown [SFGate]

Posted by socketadmin at 7:51 AM | Permalink | Comments (1) | (email story)

May 18, 2006

SF Year-Over-Year Appreciation Now At 3.6%

Two weeks ago we made a relatively bold forecast that year-over-year home appreciation in San Francisco would dip below 6%, and could potentially drop to as low as 4% (based on April closings). Well, it looks like we were off by 0.4%.

According to DataQuick, the median sales price in San Francisco was $778,000 last month, up 3.6% from $751,000 in April ’05. In addition, sales volume in San Francisco was down 27% as compared to the year prior (497 versus 681 sales), and perhaps even more telling, sales volume dropped over 11% as compared to March '06 (561 sales).

For the greater Bay Area, the recorded median sales price in April was $628,000 (up 7.2% year-over-year) and sales volume was 8,358 (down 14.2% from March ’06 and down 25.1% from April ’05).

∙ DataQuick Reports Part 2: The SocketSite Insight [SocketSite]
∙ Bay Area home sales and appreciation slow; new price peak [DQNews]

Posted by socketadmin at 12:23 PM | Permalink | Comments (7) | (email story)

May 10, 2006

Prohibition On Condominium Conversion Passes

The Board of Supervisors has passed an amended version of Supervisor Peskin’s legislation to prohibit condominium conversions for buildings in which certain types of evictions have occurred (now section 1396.2 of the Subdivision Code).

And while section 1396.2 now prohibits the conversion of a building in which either multiple evictions or an eviction of at least one senior (who has resided in a unit for 10+ years), disabled, or catastrophically ill tenant occurred on or after May 1, 2005, as best we can tell, there are a number of important exceptions:

1. A “building that had one or more evictions, as defined, after May 1, 2005, shall be exempt . . . if each unit in the building was occupied by a separate owner of record on April 4, 2006, the introduction date of this legislation.”

2. A building in which multiple evictions occurred, but did not result in the “eviction, as defined, of a senior, disabled, or catastrophically ill tenant shall be eligible for conversion ten (10) years following the date of the last eviction from the building. Conversion of a 2-unit building pursuant to this section shall be subject to Section 1359 except that both units in the building shall be owner-occupied by the same owners of record for ten (10) years prior to the date of application for Conversion. Conversion of a building of up to six (6) units pursuant to this section shall be subject to the provisions of Article 9 except that the owner occupancy requirements of sections 1396(a) and (b) shall be ten (10) years prior to the date of registration for the lottery as selected by the Director.”

Got that? If not, try contacting Boe Hayward (415.554.6987) in Supervisor Bevan Duffy’s office or Deputy City Attorney John Malamut for clarification (and feel free to share).

The SFHomeBlog has both a tipster’s account of the vote as well as the entirety of Supervisor Duffy’s post-vote spin control (he voted in favor of the legislation).

∙ You Should Have Seen This Coming (Seven Years Ago) [SocketSite]
∙ Dufty's Response to the Peskin Amendment [SFHomeBlog]
∙ Peskin legislation retroactive to May 1, 2005? [SFHomeBlog]

Posted by socketadmin at 1:30 AM | Permalink | Comments (0) | (email story)

May 9, 2006

New York Times Not Fact Checking?

The New York Times pronounces “A Chill Is in the Air for Sellers,” especially in San Rafael. In principle we agree, but based on what we know about the market, something just didn’t jibe with at least one part their article. So we did some quick fact checking. From the Times:

A house at 57 Marina Boulevard in San Rafael, across the bay from San Francisco, was originally listed at $1.45 million. The owner recently dropped the price to $949,000 when a competing house on the same street lowered its price to $959,000, from $989,000.

It’s true, the list price of the house at 57 Marina Boulevard has been reduced (in fact, twice). But the original listing price, back in March, was $1,045,000 (not $1,450,000). After a month on the market it was reduced 4.5% to $997,500, and then again by 4.9% to $949,000 last week (for a total reduction of about 9%).

And yes, a 9% reduction is noteworthy, but it’s a far cry from the 34% drop the New York Times is reporting. As far as the rest of the article, it seems right, but we're still checking...

[Update: Rest assured, the principal in charge of proof reading for SocketSite will be reprimanded for not catching that 'principle' blunder...]

∙ A Chill Is in the Air for Sellers [NYT]

Posted by socketadmin at 5:28 PM | Permalink | Comments (4) | (email story)

April 28, 2006

The Mayor Is Moving On Up!

According to Damion Matthews, Mayor Gavin Newsom just closed escrow on a two-bedroom condo high atop Russian Hill in the Bellaire Tower (1101 Green Street). And the purchase price, according to the Business Times, was $2,350,000 (seller none other than Peter Getty).

Good news for those hoping to share an elevator (at least for a couple of floors) and catch his eye, unit number 303 is available and listed for $749,000. Apparently demand spiked at the St. Regis when Gore decided to make it his home, we’re guessing the same just might happen at the Bellaire.

And no, we’re really not expecting an invitation to the housewarming (although it would be nice).

∙ Listing: 1101 Green Street #303 - $749,000 [MLS]

Posted by socketadmin at 11:25 AM | Permalink | Comments (0) | (email story)

April 27, 2006

You Should Have Seen This Coming (Seven Years Ago)

Supervisor Aaron Peskin’s proposed ordinance banning condominium conversions in buildings where multiple tenants, senior citizens, disabled, or catastrophically ill people were evicted passed a Board of Supervisors committee last night and now heads to final voting for passage. Not too surprising.

What is surprising, however, is that the mayor’s office seems to be hinting that a veto, should the ordinance get passed, is not imminent.

The mayor's office would not say whether Newsom -- whose allies in the business and real estate communities are staunchly opposed to the legislation -- would sign the ordinance if it reaches his desk. But Matt Franklin, director of the mayor's office of housing, hinted Newsom is open to working with Peskin.

Expect the biggest sticking point to be the retroactive date of the ordinance (as proposed, retroactive back to 1999).

∙ TIC eviction legislation progresses [SFGate]

Posted by socketadmin at 8:20 AM | Permalink | Comments (1) | (email story)

April 6, 2006

Be Your Own Agent (And Get Paid Even Better)

BuySide Realty quietly launched in California this week under the tag line, “Where it Pays To Find Your Own Home”. The basic premise: you do the research, find the home, and determine what you want to offer while BuySide writes and manages the offer, and then guides you through the closing process should your offer be accepted. At closing, or within 14 days, the buyer receives 75% of the commission offered to the buyer’s agent (i.e. BuySide).

BuySide also offers online property search tools, free phone access to non-commissioned licensed agents (Realtors in fact), and mortgage pre-approvals (through a relationship with Chase).

Funny, just the other day we recieved the following note from a reader, “It kills me [some buyer's agents are] getting 3% for doing nothing except meet with us once or twice and than sign their name to the contract---it's been over almost two months since we heard from [our agent]. We did all the leg work and appointment making ourselves. It's a complete shame that there are a few that ruin it all for the rest.” Not to worry, the days of these few are numbered. (And perhaps we should actually thank them.)

And what’s really ironic? The 25/75 commission split is actually more generous than what the majority of buy side agents would get from their own brokerage (typically split 50/50).

Posted by socketadmin at 12:21 PM | Permalink | Comments (3) | (email story)

March 28, 2006

Speaking Of Bachelor Pads…

We’d like to believe that the New York Times drew their inspiration for a piece on bachelor pads from our post on 2002 California (now in contract).

“A bachelor pad is a cultural icon. It has been designed by the architect Frank Gehry for the pages of Playboy and has symbolized an alternative to life as a patriarchal breadwinner for more than half a century. It has earned mythic status. And it has essential ingredients.”

Yes it is, has, and does. And while 1200 Indiana definitely fits the bill (and is still available), we are officially opening up nominations for the best bachelor (and bachelorette) pads in San Francisco.

If the pad is on the market, send us a link, and if it’s not, send us pictures (both to: tips@socketsite.com). And yes, that's a hot tub overhanging the living room...

∙ The Bachelor Pad Still Lives [NYT]
∙ Party Like It’s 2002 (California) [SocketSite]
∙ 1200 Indiana: Flip Or Folly? [SocketSite]

Posted by socketadmin at 5:44 PM | Permalink | Comments (0) | (email story)

March 23, 2006

San Francisco Prices Up/Sales Down

According to the California Association of Realtors, Bay Area median home prices gained 1.7% last month, and on a year-over-year basis remain up 6.1% (8.0% in San Francisco County). Not too surprisingly, Bay Area sales volume was relatively flat as compared to January (-0.4%) and sales volume continues to fall on a year-over-year basis (-12.3%). Overall, relatively in line with DQNews.

Trying to make sense of the seemingly contradictory 'prices up, volume down, and inventory building' stats? You’re not alone.

∙ February 2006 sales/price report [C.A.R.]
∙ February 2006 Median Home Prices [C.A.R.]
∙ San Francisco Sales Slide In February [SocketSite]
∙ It’s All About The Mix [SocketSite]

Posted by socketadmin at 12:34 PM | Permalink | Comments (0) | (email story)

March 20, 2006

Update: 2257 Green Sells (Spoiler Alert…)

Our previous coverage of 2257 Green Street generated a fair amount of buzz, intrigue, and speculation. You might remember that this house was originally listed at $5.2M, was later reduced to $3.495M, and was finally reduced to $2.595M.

We also reported that according to Zillow, the house last changed hands on 5/15/2000 for $3.0M. And that Zillow estimated that the house should be worth approximately $3.77M.

Well, according to our sources, the actual contract price appears to be…$2.9M. And while it’s sure to be reported as ‘12% Over Asking!’, it’s also $100K below what the sellers paid in 2000, 44% below it’s original asking price, and approximately $870K, or 23%, below Zillow’s estimate.

Somebody A lot of people have got some a lot of explaining to do. [Note to buyer: don't forget to invite us to the housewarming.]

∙ Did Somebody Just Get Zillowed? [SocketSite]
∙ Third Time (And 50% Off) Is Definitely A Charm [SocketSite]

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

March 16, 2006

San Francisco Sales Slide In February

According to DQNews, “Bay Area home sales remained at their lowest level in five years in February, as price increases continued to slow….” San Francisco sales volume is off by almost 19% compared to 2005, and although the median sales price rose 1.5% last month, year-over-year appreciation now stands at 4.9%.

That being said, DQNews also reports, “Indicators of market distress are still largely absent. The use of adjustable-rate mortgages has decreased significantly the last three months…Down payment sizes are stable and there have been no significant shifts in market mix…”

∙ Slowdown in Bay Area home sales, appreciation rate [DQNews]

Posted by socketadmin at 12:14 PM | Permalink | Comments (1) | (email story)

March 14, 2006

Hola! Tortilla Heights

The doors are now open (and the scaffolding is almost down) at ‘tortilla heights’. Located at the corner of Bush and Divisadero, and just down the street from Frankie's Bohemian Café and the Fishbowl (same owners), it's a welcome addition to the neighborhood.

[Note: we’re not going to make a habit of posting about new restaurants unless it’s in the context of an evolving neighborhood. And with that massive new yoga studio that just opened up right across the street…]

Posted by socketadmin at 11:26 AM | Permalink | Comments (1) | (email story)

March 9, 2006

Suge Versus Puffy?

We’re hoping to avoid all the public insults, nightclub brawls, and gunfire that erupted between the West’s Suge Knight and the East’s Puffy Combs. Instead, we welcome SFCurbed with open arms.

All we ask is that you don’t start calling it “Golden Gate City” (or “Frisco”). (Oh, and no poaching the photos without proper attribution...)

∙ East Coast VS. West Coast [CrimeLibaray]
∙ The New Yorkers Are Coming! The New Yorkers Are Coming! [SocketSite]
∙ Golden Gate City? [SocketSite]

Posted by socketadmin at 11:05 AM | Permalink | Comments (0) | (email story)

March 6, 2006

The $65,000,000 House

Well, 2845 Broadway has quietly replaced 300 Sea Cliff Ave as the most expensive house for sale in San Francisco (and it’s not because 300 Sea Cliff has sold).

Boasting a “Once in a generation opportunity to acquire an extraordinary Gold Coast masterpiece in the making, the house also boasts a price tag of $65,000,000. Then again, at over 20,000 square feet of living space, that's only $3,154/sqft.

[UPDATE: Apparently the original two structures at 2845 Broadway sold for $32 million in November 2002, cost of construction to date is estimated to be $18 million, and the “Buzz among brokers” is that it will cost another $8-16 million to finish the property. Just to clarify, for $65M you won’t be getting any “interior walls, ceilings and finishes”.]

∙ Listing: 2845 Broadway - $65,000,000 [MLS] [Listing Agent]
∙ Checking In On 300 Sea Cliff Ave [SocketSite]
∙ S.F. home hits block for record $65M [bizjournals]

Posted by socketadmin at 12:01 AM | Permalink | Comments (14) | (email story)

February 28, 2006

San Francisco Sales/Prices Trend Down

On a year-over-year basis, home prices are up 6.1% in the Bay Area (8.1% in San Francisco County) according to the California Association of Realtors. Yes, single-digit year-over-year appreciation for San Francisco County. Historically irrelevant, but it’s quite a change from the past couple of years of “guaranteed” double-digit appreciation.

And last month, both sales volume and median prices fell (-32.9% and -0.8% respectively) for homes in the San Francisco Bay Area (prices fell 1.2% in San Francisco County).

∙ Jan. 06 sales/price report [C.A.R.]
∙ January 2006 Median Home Prices [C.A.R.]

Posted by socketadmin at 2:56 PM | Permalink | Comments (1) | (email story)

February 27, 2006

San Francisco Population 400,000?

Results of the Bay Area Council’s annual poll have been released.

Although 35 percent of respondents ranked transportation as their highest concern, 19 percent said housing was the biggest problem. Forty percent said they have considered moving out of the region, and 70 percent of those cited high housing costs as a major factor.

In 1996, as the real estate market began to recover from the early 1990s recession, only 1 percent of respondents cited housing as a big concern.

The high cost of housing is a concern? That’s no surprise. Forty percent of the population is actually considering moving out of the region? Surprise.

∙ Cost of housing among area's top woes [SFGate]

Posted by socketadmin at 12:00 AM | Permalink | Comments (0) | (email story)

February 22, 2006

Ellis Act Relocation Assistance Upheld

A challenge of San Francisco's relocation assistance law for Ellis Act evictions has failed. From the Chronicle:

A state appeals court on Tuesday upheld a San Francisco law requiring landlords who plan to get out of the rental business to pay relocation assistance to the tenants they evict.

The measure requires all San Francisco tenants evicted under the Ellis Act -- regardless of their income -- to receive $4,500 in relocation assistance, with a cap of $13,500 per household.

A previous city law required landlords to pay that amount only to evicted low-income tenants and $3,000 to disabled tenants or those 62 and older.

∙ Relocation assistance law is upheld [SFGate]
∙ COURT UPHOLDS SAN FRANCISCO RELOCATION ASSISTANCE LAW [CBS5]
∙ Court of Appeal Upholds San Francisco’s...Ellis Relocation Benefits [BeyondChron]

Posted by socketadmin at 1:04 PM | Permalink | Comments (0) | (email story)

February 11, 2006

SocketSite Update: You Asked For It

You probably spent this beautiful day outside (as you should have). We spent it inside updating software, tweaking the site (hopefully we didn’t screw things up too badly), and yes, finally adding the ability for our readers to directly share their comments on all future (and some past) posts.

Add your comments to enhance, debate, or praise (we can dream, can’t we?) any of our posts. It’s completely up to you. All we ask is that you keep your comments on-topic; resist the temptation to flame, troll, and spam; and avoid personal attacks (opinions are fair game). In a nutshell, add value.

Oh, and please keep sending all your tips, questions, and ideas directly to SocketSite by emailing: tips@socketsite.com. Either way, we’re looking forward to hearing from you.

Posted by socketadmin at 11:46 PM | Permalink | Comments (1) | (email story)

February 9, 2006

Are Ikkyu’s Days Numbered?

Rumor on the street is that the Japan Center (a “five-acre complex of hotels, shops, theaters, sushi bars and restaurants at Post and Buchanan Streets”) is up for sale. Yes, the entire thing. Can anybody confirm, elucidate, or debunk?

UPDATE: Uhh, guess this kind of confirms it (that's not too embarrassing...).

∙ Japantown Overview [Merchants Association]
∙ Japantown Experience [New Colonist]

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

February 8, 2006

Did Somebody Just Get Zillowed?

According to Zillow.com, the house at 2257 Green Street last sold on 5/15/2000 for $3,000,000 and should now be worth (approximately) $3,770,914 (give or take half a million).

What's interesting is that 2257 Green failed to sell when it was listed at $3,495,000, and was recently reduced to $2,595,000 (now in contract). Sombody's got some explaining to do.

And this might be premature, but it's possible somebody just got Zillowed!

UPDATE: 2257 Green Street sold for $2,900,000 on 2/22/06.

∙ Third Time (And 50% Off) Is Definitely A Charm [SocketSite]

Posted by socketadmin at 2:58 PM | Permalink | Comments (2) | (email story)

QuickLinks: Power To The People

A busy week for web based real estate tools:
∙ PropertyShark Announces [PrimeZone]
∙ Zillow Launches [Zillow.com]
∙ Redfin’s Coming [Seattle Times]

Posted by socketadmin at 1:28 PM | Permalink | (email story)

February 7, 2006

From Flip To Flames?

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. And we hope it's not a trend.

Posted by socketadmin at 9:30 AM | Permalink | Comments (0) | (email story)

The New Yorkers Are Coming! The New Yorkers Are Coming!

It’s official: apartment therapy aims to launch it’s San Francisco edition on April 3, and Curbed’s SF edition is in the "incubator".

Perhaps we shouldn’t have gone and pointed out that what Curbed deemed to be “quite possibly the coolest feature ever to be included on a real estate website” just a couple of days ago has actually been around for quite some time on another website...

But seriously, almost an early welcome to the block. Both of you.

UPDATE: Calm down people, besides being rushed and poorly phrased that last sentence was also sincere! (see new phrasing above)

Posted by socketadmin at 8:50 AM | Permalink | (email story)

January 25, 2006

December Prices and Sales Fall In San Francisco

The California Association of REALTORS® (C.A.R.) reports that both prices and sales of single family homes fell this past December in the San Francisco Bay Area. According to C.A.R., the median sales price fell 1.4% while sales volume fell 9.8% from the month prior (down 14.2% from December 2004).

As it stands, year-over-year price appreciation for single family homes in the San Francisco Bay Area now stands at around 8%, well below the double-digit appreciation of the past couple of years. It’s also interesting to note that statewide sales prices for single family homes remained flat (condo prices actually fell by .8%) and sales were off by 17.6% compared to December 2004.

∙ December 2005 Regional Sales and Price Activity [C.A.R.]

Posted by socketadmin at 12:07 PM | Permalink | (email story)

December 23, 2005

Sales Of New Homes Tumble

US new home sales fell 11% in November, the biggest drop since 1995, and at 1.25m homes sold, the lowest pace since January. It is important to note that new home sales are considered to be even more of a leading indicator of market health than existing home sales (which dropped 10.8% last month in the Bay Area).

∙ New home sales tumble 11 percent [CNN]
∙ New Home Sales Fall More Than Expected [SFGate]
∙ QuickLinks: Housing Sales Slowdown [SocketSite]

Posted by socketadmin at 10:25 AM | Permalink | (email story)

November 29, 2005

Funny How That Happens

After nine months, the “sale pending” signs that have been so prominently displayed in the windows of two units in the 21 unit development at 525 Gough have suddenly morphed into “for sale” signs. Not too soon considering, as far as we can tell, they were never actually “pending”.

These two units, along with a third in the back of the building, were marked as “Model - Not For Sale” on the original building statements. We now learn, however, that these three units were actually designated to be “Below Market Rate” (BMR) units and will be offered for sale at $357k through the Mayor's Office of housing program. Yes, just a bit cheaper than comparable units which were priced between $859k and $875k.

We’re all in favor of Below Market Rate units. Really. We’re not, however, in favor of what we might consider to be deceptive marketing practices. And for the sake of all parties involved, we can only hope that the developer’s original disclosure packages specifically mentioned these BMR units (unlike their marketing materials).

∙ 525 Gough: Below Market Rate Statement [Brown & Co.]
∙ 525 Gough: Overview [Brown & Co.]
∙ 525 Gough: No Sell Out [SocketSite]

Posted by socketadmin at 2:50 PM | Permalink | (email story)

The “Rogue” Sales Report

According to the Commerce Department, US new homes (as opposed to existing homes) sold at an annual rate of 1.42 million in October, up from a revised 1.26 million pace in September; a 13 percent increase and the biggest jump since April 1993 (and sales in the West showed more than a 40 percent jump).

At the same time, “the average price fell from September, suggesting that new homes at the upper end of the market had shown more softness than middle- and lower-priced homes.” A point that led economist Robert Brusca to comment, "All other housing signs are in the other direction. For now consider this a reversible, rogue report."

We offer two words to consider: Builder Incentives (i.e. discounting).

∙ New home sales soar [CNN/Money]
∙ US Existing Homes Sales Down, Inventory Up [SocketSite]

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

November 28, 2005

California Median Home Prices And Sales Fall

Today’s California Association of Realtors press release carries the bold headline: “Median price of a home in California at $538,770 in October, up 17.2 percent from year ago; sales decrease 2.8 percent”. And while prices are indeed up from a year ago, they are DOWN from the previous month (“The October 2005 median price decreased 1 percent compared with September’s $543,980 median price.”).

In addition, “C.A.R.’s Unsold Inventory Index for existing, single-family detached homes in October 2005 was 4 months, compared with 3 months (revised) for the same period a year ago.” The press release also included the following:

“Note: Large changes in local median home prices typically indicate both local home price appreciation, and often, large shifts in the composition of housing market activity. Some of the variations in median home prices may be exaggerated due to compositional changes in housing demand.”

In other words, even if “median sales prices” are increasing, it could be due to a changing sales mix (i.e. wealthy owners/investors getting while the getting is good) rather than any real home value appreciation. Keep that in mind while we report that the median sales price in the San Francisco Bay Area ticked up 1.4% from September to October, while sales activity fell nearly 10% during the same period (and over 10% year-over-year).

∙ California Association of Realtors Press Release (11/28/05) [CAR]
∙ October 2005 Median Home Prices Chart [CAR]

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

US Existing Homes Sales Down, Inventory Up

We’re not too surprised by a winter sales slowdown, but the nationwide inventory numbers caught us by surprise. According to Reuters:

Sales of existing U.S. homes slowed in October and the inventory of unsold houses rose to the highest level in nearly 20 years, a trade group said on Monday in a report confirming the end of the nation's housing boom.

Sales of previously owned homes fell 2.7 percent from September's upwardly revised 7.29 million unit annual pace, and the drop would have been even larger if not for a surge in home-buying linked to Hurricane Katrina, the National Association of Realtors said.

"The housing sector has likely passed its peak ... and the boom is winding down to an expansion," NAR chief economist David Lereah said. "Many of our hot housing markets are transitioning from a sellers' market to a buyers' market."

Welcome to transition.

∙ US Existing Home Sales Fall 2.7 Percent in October [Reuters]
∙ Top O’ The Market To You! [SocketSite]

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

November 18, 2005

Top O’ The Market To You!

Inventories and interest rates are up, sales are down, and prices are either flat or falling. So we’re calling it: welcome to the top of the San Francisco housing market!

For sale signs are popping up left and right, and as one seasoned agent recently commented, “we’re going to wake up one morning and it’s going to be like it snowed ‘For Sale’ signs the night before.” In addition, thousands of new condominium units are either coming on the market, currently under construction, or have recently been funded.

Long-term rates continue to climb, but more importantly, short-term rates have climbed even more: one-year ARMs are at a three year high and are closing in on the 30-year fixed rate. This is extremely significant in a market where buyers have turned to short-term ARMs for affordability reasons rather than financial wherewithal.

The difference in monthly payments between a one-year ARM at 4% versus a one-year ARM at 5% is over 14% (that’s an extra $400 per month on a $600k loan). In other words, and from a cash flow perspective, prices would need to fall at least 14% in order to maintain the same level of affordability in the marketplace.

Year-over-year sales have declined for the seventh month in a row, and the median sales price has flattened over the past quarter. And while many agents are still quick to point out the year-over-year positive appreciation in prices, that number is meaningless if you purchased a home during the past couple of months over which the median sales price has actually fallen.

We’re not predicting, we’re just observing and calling a spade a spade (or a duck a duck). Welcome to the top of the market.

∙ Bay Area prices slow as mortgage rates rise [Chronicle]
∙ San Francisco Housing Inventory: Up, Up, And Away! [SocketSite]
∙ Bay Area Inventories Up, Agent’s Spirits Down [SocketSite]
∙ Median San Francisco Bay Area Home Prices Down $20k [SocketSite]

Posted by socketadmin at 8:43 AM | Permalink | (email story)

October 26, 2005

Median San Francisco Bay Area Home Prices Down $20k

According to the California Association of Realtors, the Median sales price of a San Francisco Bay Area home fell 2.8% last month (from $730k in August, to $710k in September). In addition, sales volume was down nearly 10% from the previous month and down over 8% year-over-year (yes, accounting for that dreaded seasonality).

Funny how some local industry sites choose to focus on either the more rosy year-over-year numbers (or worse, irrelevant national sales statistics). If you live in the Bay Area, the local statistics are what you should be watching (and mining for trends). As they say, past performance is no guarantee of future returns...

∙ Median California Home Prices And Sales Activity [C.A.R.]

Posted by socketadmin at 12:17 PM | Permalink | (email story)

Potential Home (Depot) Wreckers

The Board of Supervisors is considering an appeal of the Planning Commissions approval for Home Depot's Bayview project.

Specifically, the supervisors were charged with looking at whether the project's environmental impact report -- accepted by the Planning Commission -- was accurate, objective and complete.

Paul Maltzer, the Planning Department's environmental review officer, said he is satisfied that the project is environmentally sound and shows no "significant'' problems in such areas as traffic, parking, air pollution and increased demands on city services that should stop it from going forward.

"We've studied this to death, frankly,'' Maltzer told the supervisors.

Despite Maltzer’s expert opinion, Supervisor Ammiano (who represents neighboring Bernal Heights) was quoted as saying, "I see big holes here." We’re not even going there (other than to point out that his quote is not nearly as catchy as “I see dead people”).

∙ Battle over big boxes continues to rage [Chronicle]
∙ Bayview/Bernal Home Depot Update [SocketSite]

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

October 11, 2005

San Francisco Loses 85,000 Jobs

Well, so much for justifying the San Francisco real estate run-up over the past five years on a booming local job market. According to the Examiner, “San Francisco has lost 85,000 jobs since 2000 when the flood of high-paying technology jobs began drying up.” That’s 10% of the entire City’s population. Any agents care to comment?

∙ S.F. commissions economic study [Examiner]

Posted by socketadmin at 1:25 PM | Permalink | (email story)

October 3, 2005

Pier Wars

We’d like to believe that we’re such a force in San Francisco that we were singled out as recipients of a very nice voicemail asking us to take a look at the Stop Pier 39 website. But damn, that message sounded suspiciously like a script. Good thing we're pushovers. From the site:

The waterfront should be more than a playground for tourists — it should be a resource for every San Francisco family. But a powerful group of business interests is trying to stop a vitally needed recreation and open space project at Piers 27-31.

Piers 27-31 will create Transit First transportation alternatives, including the purchase of additional historic streetcars. It will provide new pedestrian and bicycle routes and will include the largest free City CarShare pod in San Francisco.

Kind of reminds us of West Coast version of NYC's Chelsea Piers (which rocks, and which we miss). And as we assume that this is just one group of “powerful business interests” pointing fingers at another, we weren’t going to take sides. But what the hell...go Piers 27-31!

∙ Piers 27-31: Overview and Background

Posted by socketadmin at 1:49 PM | Permalink | (email story)

September 8, 2005

SF MLS Quietly Removes Listing Dates

It appears that the San Francisco Multiple Listing Service has quietly removed listing dates from the properties on its website. In other words, the public can no longer see how long a property has been sitting on the market. Not only disappointing, but a bit suspicious as well.

For example, without SocketSite having previously recorded it, you might have never known that the house at 300 Sea Cliff Ave has been on the market for over two years (listed on 1/13/03) and that the original asking price of $23.5m has yet to be reduced.

Tip: You can still get a rough idea of how long a property has been sitting on the market by comparing Listings #’s (the higher the number, the more recent the listing).

· Top Five San Francisco Trophy Homes [SocketSite]

Posted by socketadmin at 8:06 AM | Permalink | (email story)

August 31, 2005

Something To Consider

According to CNN/Money and the Census Bureau, San Francisco ranks as the third richest American city while New Orleans ranks as the ninth poorest ("America's richest and poorest places"). If any community can afford to help New Orleans, it’s us. So as we previously wrote, please consider donating to the American Red Cross.

In addition, SocketSite was recently approved as a Design Within Reach affiliate (and we have an Amazon affiliate program in place). In theory, these affiliate programs might one day help underwrite our operating costs. In reality, it’s the residents of New Orleans that really need the support. As such, we’ve decided to donate 100% of any affiliate commissions we’re able to generate this September to the American Red Cross. You shop, we donate, someone in New Orleans survives.

So if you’ve been thinking about buying anything from either Amazon or Design Within Reach, please consider doing it through one of the following links:

· Design Within Reach Website [SocketSite Affiliate Link]
· Amazon Website [SocketSite Affiliate Link]

And finally, we’d like to see a local real estate brokerage or top agent commit to matching any monies that we are able to collect. Please consider emailing this post to your real estate agent, or simply ask them to drop us a note.

Regardless, thank you for your consideration.

Adam Koval
Editor in Chief

Posted by socketadmin at 1:54 PM | Permalink | (email story)

New Orleans Needs Our Help

Despite all the horrific images, video, and media coverage coming out of New Orleans, we really don’t think most people (ourselves included) can actually comprehend just how much damage, destruction, and devastation has occurred. Or that it’s actually getting worse by the minute.

As such, we are currently spending all our time trying to figure out how best we can help. Our first step is to simply ask all our readers to consider donating to the American Red Cross. Right now.

Online: Donate to the American Red Cross
Phone (English): 1-800-HELP-NOW (1-800-435-7669)
Phone (Spanish): 1-800-257-7575

Posted by socketadmin at 10:33 AM | Permalink | (email story)

August 30, 2005

Yahoo! Coming To The City (Google To Follow)

Looks like Yahoo! has signed a letter of intent for a 200,000 square feet of office space at 475 Sansome Street (and insiders say that Google is looking for 200,000 square feet of San Francisco space as well). According to Commercial Property News, “the [Yahoo!] lease drops the vacancy rate by 0.4 percent, a moderately paltry change in an office market still recovering from the dot-com crash.”

Regardless, expect major employment growth and associated demand for housing. But then again, all our friends that work for Yahoo!/Google already live in the city, so perhaps just expect less traffic on 101/280.

· Yahoo to Lease 200,000-SF Office in San Francisco [CPN Online]
· Yahoo search leads to San Francisco [MSNBC]

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

August 26, 2005

Sunday Surprise

Keep both hands firmly on that latte. You’re going to be crossing a picket line if you attend the open house of the TIC at 838 Potrero this Sunday (8/28). The San Francisco Tenants Union is organizing the protest in response to an Ellis Act eviction in the building.

We’re trying not to take sides. Just trying to keep you informed and solicit “tips” from anyone that attends (from either side). A gold start for photos. And as a side note, looks like the unit has some great views...

· Listing: 838 Potero [SF MLS]

Posted by socketadmin at 10:09 AM | Permalink | (email story)

August 24, 2005

No Ice For You!

We hate to even mention it (it’s already gotten more than its fifteen minutes of fame), but in case you were actually wondering, Icer Air 2005 (a.k.a. the Fillmore Fiasco) has been CANCELLED. Here's your chance Potrero.

· Pacific Heights ski jumping canceled [Chronicle]
· Ski jump event up in the air [Examiner]
· Norwegians welcome ski jump [Chronicle]

Posted by socketadmin at 5:48 PM | Permalink | (email story)

August 23, 2005

San Francisco Bay Area Sales And Prices Down

According to the California Association of Realtors, the median sales price for existing homes in the San Francisco Bay Area dropped 1.3% from June to July. Perhaps more importantly, sales volume was down 12.1% from June to July of this year, and down 16.3% compared to July 2004 (i.e. accounting for seasonality).

And although we don’t have figures for San Francisco, the C.A.R. “Unsold Inventory Index for existing, single-family detached homes in July 2005 was 3.2 months, compared with 2.4 months (revised) for the same period a year ago.” A 33% increase.

· July 2005 Regional Sales and Price Activity [C.A.R.]

Posted by socketadmin at 5:13 PM | Permalink | (email story)

Time To Send Flowers?

Looks like the rumors are true. Sort of. Although a portion of the historic San Francisco Flower Mart is up for sale, the actual Flower Market appears to be safe. For now...

A housing developer has made a bid to buy a portion of the historic San Francisco Flower Mart, and flower company shareholders are slated to vote on the deal in early September, according to real estate sources.

The California Flower Market portion of the property is not for sale, according to Robert Otsuka, executive vice president and general manager.

Speculation on the flower mart sale has increased in recent weeks, and the market's biggest tenant, Silver Terrace, abruptly vacated its space two weeks ago, according to flower mart workers. Silver Terrace was the largest flower wholesale business among San Francisco Flower Market tenants.

We’re definitely curios as to the move by Silver Terrace (the Markets largest tenant) to vacate. Any insiders care to comment?

· S.F. Flower Mart considers bid for part of property [Examiner]

Posted by socketadmin at 3:42 PM | Permalink | (email story)

Pier 70 Rehabilitation

A group of interns from EDAW have been working on a "vision" for the redevelopment of Pier 70. And it's excellent work.

"Pier 70 will be a diverse working waterfront district that embraces its distinctive arts and industrial character, connects to the local communities, reveals its maritime history and activates the water's edge."

UPDATE: the interns will present to the Port Commission this afternoon at 3pm (Ferry Building hearing room, second floor).

· Pier 70: Vision [EDAW]
· Pier 70: concept vision plan [EDAW Intern Program]

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

August 16, 2005

Bay Area Sales Slowdown

According to DataQuick, July Bay Area home sales were down 11.9 percent from the month prior. Interesting, but not too surprising considering the typical summer real estate slowdown. Perhaps more telling, however, is the fact that San Francisco sales were down 21% compared to July of 2004 (i.e. apples to apples).

· Bay Area: Home sales and prices step back from peaks [DataQuick]
· Overheated Bay Area home sales take a breather in July [Chronicle]

Posted by socketadmin at 12:06 PM | Permalink | (email story)

August 13, 2005

Weekend Update Special

We don’t usually update the site on weekends, but we have a feeling that tonight’s cocktail parties might be all atwitter over today’s New York Times bubble article, and we want to make sure our readers can intelligently participate in the conversations. Two dueling excerpts:

On Tuesday, David A. Lereah, the chief economist at the National Association of Realtors, said that the housing market was "probably close to a peak right now."

John Karevoll, an analyst with DataQuick Information Systems, which provides real estate data to lenders, said: "We've been told for years that the peak is just around the corner. The economists have so much egg on their faces."

· Do Try This at Home: Assess Your Area's Real Estate Bubble [NYT]

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

August 11, 2005

Reading Between The C.A.R. Lines

According to the California Association of Realtors, the median sales price of a San Francisco Bay Area home increased 1.8% from May to June.

At the same time, C.A.R. reports that the affordability index (i.e. percentage of households that can afford a median priced home) in San Francisco County increased from 8% to 9%.

So unless household incomes have significantly increased over the past month (which we doubt), and assuming that interest rates haven't dropped (which they haven't), it appears that the median sales price of a home in San Francisco proper has actually dropped over the past month.

· California's Housing Affordability Index – June ‘05 [C.A.R.]

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

August 3, 2005

We’re Tired of Being Number One

Once again the San Francisco Bay Area ranks number one in the state. According to the California Association or Realtors (C.A.R.), the average San Francisco Bay Area household income falls $102,230 short of the qualifying annual income ($170,370) required to purchase a local median-priced home (the highest gap in the state).

Yes, the calculation assumes no more than 30% of a household's income is used for housing expense, but the real kicker? The calculation also assumes an average 20% down payment ($144k).

· C.A.R. Homebuyer Income Gap Index™ Report [C.A.R.]

Posted by socketadmin at 2:23 PM | Permalink | (email story)

Update: Hotel Condo Conversions

Instead of an outright ban on condo conversions for hotels with over 50 rooms, Supervisor Peskin has agreed to amend his legislative proposal to create an 18-month ban on condo conversions for “tourist” hotels of 100+ rooms. Guess we won't be moving to the Fairmont anytime soon.

"This compromise will ensure that we protect the workers who have dedicated their lives to our hospitality industry while studying the long-term effects that hotel-to-condominium conversion might have on San Francisco's economy," Peskin said.

Newsom concurred. "This gives us all time to make informed decisions so we can do what's best for the city,'' the mayor said.

Reiterating our original comment, "A bit reactionary and short-sighted if you ask us."

· Hotel workers union, city reach condo deal [Chronicle]
· Fairmont compromise reached [Examiner]
· Fairmont Furor [SocketSite]

Posted by socketadmin at 10:48 AM | Permalink | (email story)

August 1, 2005

SocketSite’s Bay Area Agent Pageant

Damn it! We weren’t planning on announcing this until next week, but those type-a innovative New Yorkers at Curbed just forced our hand...

Have you ever noticed how often property statements/ads seem to feature an agents picture just as prominently as the actual listing? And is it just us, or has the Real Estate Times started to feature glamour shots/profiles of agents almost as frequently as actual real estate? Obviously we have seriously underestimated the importance of being a hottie in this industry. That is, until now...

We are pleased to announce SocketSite’s Bay Area Agent Pageant! That’s right, a good old pageant. Okay, so most likely there’s not going to be any swimsuit competition, nor questions that are likely to result in answers like, “I’d use my title to bring about world peace”, but a pageant nonetheless.

So without further ado, we’d like to open the floodgates for nominations (email: tips@socketsite.com). A couple of basic guidelines for nominees: 1. they must be licensed agents/brokers located in the Bay Area; and 2. their picture must be prominently displayed on a recent statement, ad, business card, or website. That’s it for now, so let’s get on with the nominations!

(yes, we’ll be posting additional details as the week progresses but cut us some slack, like we said, our hand was forced and we're feeling a little flustered...)

Posted by socketadmin at 6:25 PM | Permalink | (email story)

July 28, 2005

Here We Go Again

Remember last May when we first suggested you take a look at the Spring PMI Risk Index? And then how two months later Kiplinger’s finally gets around to publishing a story about the report and gets all the press? Well, here’s another two-month head start for the SocketSite community...

According to the PMI Group’s Summer Market Risk Index, the chance of a price decline in San Francisco increased 6.4% last quarter (the third largest increase amongst all the major MSAs), and now stands at an overall 45.9% likelihood of decline. That’s not good.

Marco Van Akkeren, an economist with PMI Mortgage Insurance Co., explained, "We are continuing to witness record-pace home price appreciation in many markets without the necessary gains in income, home affordability and rent inflation. This is causing the current home price environment to diverge from long-term economic fundamentals, which cannot be sustained indefinitely."

Across the bay Oakland hit 50.9% to become only one of six US markets with a greater than 50% chance of decline.

· Economic and Real Estate Trends: Summer 2005 – pdf [PMI Group]

Posted by socketadmin at 9:49 AM | Permalink | (email story)

July 25, 2005

Sales Activity: National Versus Local

According to the National Association of Realtors, national existing home sales came in at a record setting annual pace of 7.33 million homes as measured in June. And according to the California Association of Realtors, statewide home sales are up 3.6% as compared to June of 2004.

Sales activity in the San Francisco Bay Area, however, fell 11.1% as compared to June of 2004 (up 15.5% from last month). And the median sales price increased to $734,610 (+1.8%), reversing last months downward slide.

· Existing Home-Sales Smash Record Again [NAR]
· June 2005 Regional Sales and Price Activity [CAR]

Posted by socketadmin at 10:57 AM | Permalink | (email story)

July 20, 2005

Home Depot Almost Home?

Next week Home Depot is headed back in front of the Planning Commission. Having signed a lease for the old Goodman Lumber location at 491 Bayshore Blvd. over five years ago, the Depot is still seeking approval to begin development.

Proponents point to desperately needed neighborhood jobs and a significant increase in local sales tax revenues, while opponents “view Home Depot as a goliath that would hurt local hardware stores, tarnish quality of life and create a traffic nightmare on Bayshore and adjacent Bernal Heights.”

Considering the site used to house Goodman Lumber (which we desperately miss), a Home Depot doesn’t really seem like that much of a stretch to us. And we're damn tired of having to drive down to Colma to ogle the power tools.

· Home Depot nears key point in decade-long quest [Examiner]

An extended history:

· 4/00 - Family Feud Dismantles Goodman Lumber [Chronicle]
· 4/00 - Home Depot Lease [Chronicle]
· 4/02 - Neighborhoods divided over Home Depot plan [Chronicle]
· 4/02 - Path cleared for Home Depot to build 1st S.F. store [Chronicle]

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

July 19, 2005

Fairmont Furor

Apparently the owners of the 591-room Fairmont Hotel are considering a condo conversion of 226 rooms in the tower annex into 60 housing units. According to the owners group, "The landmark portion of the hotel won't be touched…[t]hat will continue to operate as a hotel. All the ballrooms, all the public spaces will be exactly as they are…We think there's a need for additional housing."

Not too surprisingly Board of Supervisors President Aaron Peskin is up in arms, “Turning the Fairmont into luxury condos would be like turning the Eiffel Tower into an office building…[I]t's not the Fairmont Condo Tower. It's the Fairmont Hotel." This afternoon Peskin plans to “propose an ordinance…that would prohibit tourist hotels with more than 50 rooms from converting lodging space into condominiums or other housing units.” A bit reactionary and short-sighted if you ask us.

· Condos proposed at the Fairmont [Chronicle]
· Luxury condos proposed for historic S.F. hotel [Examiner]

Posted by socketadmin at 12:03 PM | Permalink | (email story)

July 18, 2005

199 New Montgomery: Update

It’s been six days since we last reported on 199 New Montgomery unit #1501 and once again the price has been “Reduced!!”. Somehow that original 1.2% reduction failed to generate a ton of interest, so this time it’s down another 2.2% (asking $879k). Death by a thousand paper cuts...

· Listing: 199 New Montgomery #1501 [SF MLS]
· REDUCED!! OFFERS ANYTIME [SocketSite]

Posted by socketadmin at 5:36 PM | Permalink | (email story)

July 13, 2005

Flipping The Bank Of America Building

Last year, San Francisco’s Bank of America Center was sold to a group of New York investors for $825 million. Now, according to the New York Times, “the 52-story reddish-brown granite tower is said to be going on the market again. This time, the sellers are hoping that the price will reach as high as $1.25 billion.”

· Doing Deals While Wary of Bubbles [NYT]

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

June 30, 2005

San Francisco Population Drops 4.2%

According to a report just released by the Census Bureau, the population of San Francisco declined 4.2% (or 32,000 people) from April 2000 to July 2004.

According to CNN, “Hurt by skyrocketing housing prices, people are leaving San Francisco, Boston and other large cities in droves.” "Droves" might be a bit of an overstatement, but once again, directionally interesting.

· Census lists fastest-growing cities [CNN]

Posted by socketadmin at 8:51 AM | Permalink | (email story)

June 23, 2005

Mid-Market Development “Breaking” News

A city plan to redevelop Market Street between Fifth and 11th is in front of the Planning Commission for approval this evening (6pm). Apparently it’s been in the works for the past 11 years and yet we just heard about it. Nice.

The plan would attempt to create a “self-contained, self-sustained neighborhood...with a feel similar to North Beach” in an area currently “plagued with crime and neglect”. Flip side: according to activist Richard Marquez, this is “the final nail in the coffin in terms of pushing low-income people out of this portion of San Francisco.”

We can’t make it for the fireworks, but please drop us a line if you attend.

· Mid-Market plan: Gentrification or revitalization? [Examiner]

Posted by socketadmin at 12:51 PM | Permalink | (email story)

June 8, 2005

NoHousingBubble.com

No doubt you've heard that the HousingBubble.com domain name is up for auction. But what happens if a bubble fails to materialize?

Well here’s your opportunity to put all those bubblemongers in their place. That’s right, the NoHousingBubble.com domain name is now up for auction!

What better way for real estate agents and brokers nationwide to demonstrate their convictions in the market and provide their clients with peace of mind! Can you imagine the signal it will send to homeowners if HousingBubble.com sells for more than NoHousingBubble.com?

And yes, we own it. Just couldn't help ourselves.

· eBay Item #5780859198 [eBay]
· BubbleWatch™: HousingBubble.com Hits eBay [Curbed]

Posted by socketadmin at 12:50 PM | Permalink | (email story)

June 6, 2005

Section 1386 Update: Andy Sirkin Weighs In

It’s worth reading Andy Sirkin's overview and perspective on the Board of Supervisors vote to block the condo conversion of a lottery-winning six-unit TIC. Yes, the owners won the condo lottery but were still denied conversion based on Section 1386 of the City’s Subdivision Code. Sirkin writes:

Until the intentions of the Planning Commission and Board of Supervisors become clear, and until the meaning of Section 1386 is interpreted by those bodies and by the courts, the practical effect of the recent Board decision will be to create slightly more uncertainty in the already uncertain world of San Francisco condominium conversions. But given the incredibly poor odds of winning the condominium lottery, conversion should not be the basis for any purchase regardless of the outcome of the Section 1386 debate.

· Supervisors Disapprove Conversion Based on Section 1386 [Andy Sirkin]

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

May 20, 2005

TIC Owners/Buyers Beware

Tenancy-in-common (TIC) units created through an Ellis Act eviction of previous building tenants may be denied eligibility for condo conversion in San Francisco.

On Tuesday the San Francisco Board of Supervisors rejected the condo conversion application for the six-unit building at 400-410 Vallejo based on Section 1386 of the city’s Subdivision Code. Section 1386 prohibits the use of evictions “for the purpose of preparing the building for [condo] conversion”.

The once overlooked section of the city's Subdivision Code is no longer flying under the radar of the Board of Supervisors and could have a serious impact on the liquidity and value of existing TIC units in San Francisco that were created by means of an Ellis Act eviction.

· Supes use obscure law to reject condo conversion [Examiner]

Posted by socketadmin at 3:00 PM | Permalink | Comments (0) | (email story)