CATEGORY ARCHIVE: East Bay

April 16, 2014

Bay Area Home Sales Slow, Except In San Francisco

SF%20Median%20Price%2003-14.gif

While Bay Area home sales were down 12.9 percent on a year-over-year basis last month, the slowest March in terms of sales volume since 2008, recorded home sales were up 8.2 percent on a year-over-year basis in San Francisco as contracts in a number of new condo buildings started to close (see last paragraph below).

That being said, sales volume in San Francisco has increased an average of 41.1 percent from February to March over the past decade and last month's gain represented a sub-par seasonal increase of 19.3 percent versus the month before.

The median price paid for a property in San Francisco was $937,500 in March, down 0.8 percent from a record $945,000 in February but 14.6 percent higher year-over-year, driven in part by an increase in the mix of higher priced home sales. As always, keep in mind that while movements in the median sale price are a great measure of what's in demand and selling, they're not a great measure of actual appreciation despite what the headlines might say.

Having peaked at $665,000 in July of 2007, the median sale price for a home in the Bay Area increased 7.2 percent to $579,000 in March, up 23.2% year-over-year and the highest median price since December of 2007. The median price had fallen to $290,000 in March of 2009.

With San Francisco the only Bay Area county to have recorded a gain, Napa recorded the second best outcome with respect to sales, dropping 8.5 percent year-over-year. Sales in Solano County were down 28.3 percent in March, the greatest Bay Area decline. The median in Solano was up 30.4 percent to $300,000 in March, the greatest Bay Area percentage gain. The median in San Mateo County was up 13.5 percent to $767,000, the smallest Bay Area gain.

As always, keep in mind that DataQuick reports recorded sales which not only includes activity in new developments, but contracts that were signed ("sold") months prior but are just now closing escrow (or being recorded) and any properties that were sold "off market."

Posted by socketadmin at 12:15 PM | Permalink | Comments (4) | (email story)

A's Pitch 10-Year Extension For The Oakland Coliseum

Oakland%20Coliseum.jpg

The Oakland A's have proposed a 10-year lease extension for the Oakland Coliseum. The deal which could help keep the team in the East Bay until at least 2024 calls for $10-12 million in stadium improvements.

According to the Chronicle, the "most notable" improvements include a new electronic scoreboard and a ribbon scoreboard between the first and second decks. No word on proposed improvements to the Coliseum's plumbing and sewer system.

Posted by socketadmin at 7:30 AM | Permalink | Comments (5) | (email story)

April 9, 2014

Demand For Office Space Around Oakland Doubles

While the vacancy rate for office space in the East Bay Oakland market was relatively unchanged in the first quarter of 2014, demand for office space in the East Bay has spiked over the past three months.

The active demand for office space around Oakland now measures nearly one million square feet, double the demand at the end of 2013, according to Cassidy Turley.

A big driver of the spike: companies relocating from San Francisco where the average asking rent is around $4.25 per square foot versus $2.30 a foot in the Oakland market.

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

The Gentrification Of San Francisco And Oakland By Neighborhood

The Development Without Displacement: Resisting Gentrification in the Bay Area report by Causa Justa maps the gentrification of San Francisco and Oakland by zip code and stage.

While the report aims to highlight which neighborhoods in the Bay Area are "vulnerable or at risk to gentrification" and is positioned as "a tool to stop gentrification in your neighborhood," it's also a rather good guide as to which Bay Area neighborhoods are ripe for change with rising property values and rents (click the map to enlarge).

Posted by socketadmin at 9:00 AM | Permalink | Comments (82) | (email story)

April 7, 2014

Berkeley High-Rise Hotel Ready For Review And Design Debate



The members of Berkeley's Zoning Adjustments Board are slated to offer their advisory comments with respect to the proposed 16-story hotel to rise on the corner of Shattuck Avenue and Center Street this week, the 2129 Shattuck Avenue project.

2129%20Shattuck%20Corner.jpg

The development would replace the existing Bank of America building on the corner with 293 hotel rooms, new banking and retail/restaurant space, and a basement garage for 70 cars. As proposed, however, the 284,000-square-foot building is bulkier than allowed:

Existing Development Standards for the site require any portion of the building over 120 feet in height to be less than 120 feet in width when measured at its widest point diagonally. A 15' step back above 76 feet in height is currently required as well.

Amendments to the Standards, however, might not be the only way for the project to proceed as proposed. From a Zoning Adjustments Board Staff Report:

After reviewing the...Development Standards, and based on the pre-application materials presented so far, staff has informed the applicant that we believe this may be instead allowed via a use permit, subject to the Board making specific findings as set forth in...the Zoning Ordinance. However, a final determination will not be made until a formal application is presented to the City, and we complete our full review of that project.

In the words of the project sponsors, "The project has the potential to become an architectural icon as seen at the street and as part of Berkeley's skyline."

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

March 6, 2014

Brooklyn Basin Breaking Ground, Oakland Planning For Growth

With Signature's big Brooklyn Basin project slated to break ground next week, a 66-acre East Bay development which will yield over 3,000 new housing units and 30 acres of open space, Oakland Mayor Jean Quan will outline her plans for attracting 10,000 new residents to the city as part of her State of the City address this evening.

While former Mayor Jerry Brown's original "10K" plan is credited for jump-starting the redevelopment of Oakland's Uptown and downtown, Mayor Quan's "10K Two" plan aims to cast a wider net, with plans for development "all over the city" and along transit corridors.

Oakland's Brooklyn Basin Development Secures $1.5B To Build [SocketSite]
Oakland Mayor Quan unveiling her own 10,000-resident plan [SFGate]

Posted by socketadmin at 10:45 AM | Permalink | Comments (14) | (email story)

March 4, 2014

Rebuilding Of Bay Bridge Ramps To The Islands Ready To Roll

The rebuilding of the access ramps from the San Francisco Oakland Bay Bridge to Yerba Buena and Treasure Island is set to commence on Friday.

Phase one of the Yerba Buena Island I-80 Interchange Improvement Project will construct new westbound on and off ramps to the new eastern span of the San Francisco Oakland Bay Bridge (click renderings to enlarge).

Once the ramps are in place on the east side of Yerba Buena Island, which is slated for mid-2016, the existing ramps on the west side of the island will be retrofitted or replaced.

No update on the redevelopment of Treasure Island and plans for 240,000 square feet of new commercial space, 8,000 new residences, and over 300 acres of open space, the ground for which was to be broken this year but the financing for which fell through.

Posted by socketadmin at 2:30 PM | Permalink | Comments (22) | (email story)

February 24, 2014

Forward Progress For Proposed Moorish Fortress Hits A Wall

2501%20Haste%20Rendering.jpg

The plans for "El Jardin," the six-story Moorish fortress proposed to rise on the long vacant Berkeley lot at the corner of Haste and Telegraph Avenue are once again slated for a public hearing this Thursday.

Berkeley’s Design Review Committee (DRC) provided comments on the proposed development eight months ago and requested that the applicant "look more carefully" at how the project would work with Telegraph Avenue in general and interface with its adjacent parcels.

"On January 22, 2014, staff again requested that the applicant submit revised drawings to respond to the comments offered by the DRC in June 2013, and requested that these materials be submitted by January 31 to allow time for staff to prepare a staff report to the DRC. To date, the applicant has not presented a revised design to respond to the comments offered by the DRC."

In addition, multiple requests from Berkeley’s Zoning Adjustments Board staff for additional information needed to evaluate a necessary density bonus for the project as proposed appear to have fallen on deaf ears and the information has yet to be provided.

Four months ago, the parcel's owner, Ken Sarachan, had agreed to move forward with plans to develop the lot within 45 days or risk forfeiture of the land.

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

February 12, 2014

Oakland In Negotiations For Mixed-Use City Center Development

Strada%20Oakland%20City%20Center%20Parcels.gif

Having purchased two office buildings in Oakland’s City Center late last year, Strada Investment Group has entered into an exclusive negotiating agreement with the City of Oakland to develop the city-owned parcels behind the 1111 Broadway office building, fronting Clay Street between 11th and 12th.

According to the Business Times, Strada has until January 2015 with a possible six month extension to reach an agreement with the city. And in the eyes of Strada, "the site could accommodate up to 400,000 square feet of mixed-use development such as a combination of hotel, office, residential and retail."

Shorenstein Properties had proposed building up to 580,000 square feet of office space on the site prior to the last downturn, a building which would have been roughly the size of the 1111 Broadway tower.

Posted by socketadmin at 7:00 AM | Permalink | Comments (14) | (email story)

February 10, 2014

Affordable Apartments And Retail To Rise On Grand Avenue

460%20Grand%20Avenue%20Parcel.gif

Bridge Housing and the Oakland Housing Authority will officially break ground for 68 affordable apartments to rise at 460 Grand Avenue in Oakland next week.

460%20Grand%20Avenue%20Rendering.gif

Located at the corner of Bellevue Avenue across from Lakeside Park in the Adams Point Neighborhood, the AveVista Apartments building will include 3,000 square feet of retail on the ground floor and should be construction complete in the Spring of 2015.

Income restrictions will apply for the apartments.

Posted by socketadmin at 6:30 AM | Permalink | Comments (9) | (email story)

January 31, 2014

East Bay Asking Rents Slip Overall, But Studios Set A New Record

The average asking rent for an apartment in the East Bay ticked down a few dollars from $1,686 to $1,674 a month in the fourth quarter of 2013 but remains 8 percent higher on a year-over-year basis, according to Cassidy Turley.

The average asking rent for a studio in the East Bay, however, is up to $1,322 a month, a new record and 12 percent higher versus the fourth quarter of 2012.

Posted by socketadmin at 12:15 PM | Permalink | Comments (1) | (email story)

Bay Area Million Dollar Homes Sales Jump, East Bay Jumps The Most

The number of California homes that sold for a million dollars or more rose to 39,175 last year, the highest level since 2007 when the number totaled 42,505, but 28 percent fewer than the all-time high of 54,773 in 2005. A quarter of the sales were all-cash transactions.

In the Bay Area, home sales over the million dollar mark were up 40.6 percent from the year before and the most since 2007, up 29 percent in Santa Clara to 4,806; up 34 percent in San Francisco to 2,483; up 39 percent in San Mateo to 2,815; up 63 percent in Contra Costa to 9,130; and up 70 percent in Alameda to 1,721.

The number of Bay Area homes which traded for over two million dollars totaled 2,604 in 2013, up 28 percent from 2012 and an all-time high.

Posted by socketadmin at 10:00 AM | Permalink | Comments (0) | (email story)

January 9, 2014

Office Rents In San Francisco Are Up 65 Percent Since 2010

With a current vacancy rate of just over 8 percent, the lowest rate since the fourth quarter of 2000, the average asking rent for office space in San Francisco is just over $51 a square foot per year, up 19 percent over the past year and up 65 percent since early 2010 according to Cassidy Turley.

With a little over 1.1 million square feet of net office space leased in 2013, the rate of absorption has significantly slowed as compared to 2012, however, when over 2 million square feet of space was absorbed and is roughly a third the 3.2 million square feet of net space leased in 2011, driven in part by a backlog in the pipeline of new construction which is set to start flowing over the next couple of years.

As we noted yesterday, the East Bay is poised to gain from the spike in San Francisco’s rents.

Posted by socketadmin at 12:45 PM | Permalink | Comments (0) | (email story)

January 8, 2014

Oakland Market Set To Gain As Companies Exit San Francisco

Oakland’s Central Business District ended 2013 with an office vacancy rate of 12.6 percent and an average asking rent of just over $2.50 a square foot versus closer to $4.25 per square foot in San Francisco according to Cassidy Turley.

With many companies in San Francisco having signed deals for office space in 2009 and 2010 now facing renewals and rent increases in excess of 50 percent, expect the East Bay office market to heat up in 2014 as both established companies in San Francisco and startups seek out less expensive space, particularly in areas with easy access to BART such as Oakland.

Posted by socketadmin at 11:15 AM | Permalink | Comments (44) | (email story)

December 20, 2013

Plans For A 16-Story Hotel In Downtown Berkeley

Shattuck%20Avenue%20Hotel%20Rendering.jpg

A proposal to construct a 16-story building with a 290-room hotel, three floors of office space, and ground floor retail at the corner of Shattuck Avenue and Center Street is expected to be submitted to the city of Berkeley tomorrow.

If the plans are approved, construction on the 180-foot-tall hotel development would commence in 2015 according to the Business Times.

Posted by socketadmin at 8:00 AM | Permalink | Comments (3) | (email story)

December 16, 2013

Designs For A Second Bayfront Ballpark To Save The Oakland A's

Oakland%20A%27s%20Howard%20Terminal%20Rendering.jpg

With a legal settlement having opened the doors for the redevelopment of Oakland's 50-acre Howard Terminal site just north of Jack London Square and the Golden State Warriors pushing forward with plans to relocate to San Francisco, Oakland Mayor Jean Quan appears to be backing away from plans for a 750-acre "Coliseum City" for the Oakland A's, Raiders, and Golden State Warriors and backing Clorox chairman and CEO Don Knauss and former Dreyer's head honcho T. Gary Rogers who are spearheading the push to develop the Howard Terminal site with designs for a 38,000-seat waterfront ballpark in an effort to keep the A’s in Oakland.

The Save the A's effort also includes at least two other prominent figures, development consultant Doug Boxer (son of Sen. Barbara Boxer) and Mike Ghielmetti, whose Signature Development Group wants to turn Oakland's Brooklyn Basin into housing, retail shops and parks.
The idea is to entice A's owners John Fisher and Lew Wolff to join the plan - or, failing that, to get Major League Baseball to see Oakland as a viable spot for a new ballpark and kill the A's hopes of moving to San Jose once and for all.

About a mile from BART's existing West Oakland and 12th Street stations, backers of the proposed $500 million Howard Terminal ballpark believe another BART station could be added a couple of blocks from the terminal, along the tracks above Fourth Street. And in addition to the ballpark, the site could support over 30 acres of other development and uses.

All that being said, A's co-owner Lew Wolff has characterized the redevelopment of Howard Terminal for the A's as "as close to impossible as anything."

Posted by socketadmin at 9:00 AM | Permalink | Comments (43) | (email story)

December 11, 2013

Six-Story Moorish Fortress Designed For Blighted Berkeley Lot

2501%20Haste%20Site.jpg

With the owner of the long vacant lot at the corner of Haste and Telegraph in Berkeley having settled a lawsuit with the City in October, agreeing to move forward with plans to develop the lot within 45 days or risk forfeiture of the land, Ken Sarachan is moving forward with plans to build a six-story Moorish fortress on the site adjacent to Rasputin Records which Sarachan also owns.

The proposed "El Jardin" development at 2501 Haste (click image above to enlarge) includes the demolition of the retail building at 2433 Telegraph and the construction of 79 dwelling units over 30,356 square feet of commercial space with the 69-foot high building rising over, and "carved" out of, a base of sculpted concrete rock:

2501%20Haste%20Rendering.jpg

2501%20Haste%20Rendering%202.jpg

On the agenda for Berkeley’s Zoning Adjustments Board tomorrow, a public hearing on the project with a chance to provide comments, of which we expect there to be a few.

Earlier this year, Berkeley's formal Design Review Committee deemed the concept "fun" but wondered how the building works with Telegraph and noted that the development is "too large for the neighborhood," recommending that its height be reduced by one floor.

Posted by socketadmin at 10:15 AM | Permalink | Comments (51) | (email story)

December 3, 2013

Building Up Berkeley: "Higby" Is Breaking Ground

Gerding Edlen and the city of Berkeley will hold a ceremonial ground breaking for "Higby" this afternoon, a mixed-use development with 98 residential units and 6,500 square feet of ground floor restaurant and retail space to be built at 3015 San Pablo Avenue on the southeast corner of San Pablo and Ashby Avenue (a.k.a. 1200 Ashby).

While the final design is being refined, the development will rise five stories with a mix of studios, one-bedrooms, and two’s and 114 parking spaces (98 spaces for residents).

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

November 25, 2013

Bay Area Commercial Boom: San Francisco Second To Santa Clara

Spending on commercial real estate construction activity around the Bay Area this year is expected to top the record $6 billion mark set in 2000 and could reach as high as $6.7 billion by the end of 2013.

The Bay Area County with the most commercial construction activity is currently Santa Clara County which should cross the $2.1 billion mark by the end of the year, a total which doesn’t include the $1.3 billion Levi's Stadium project for the San Francisco 49ers.

Behind Santa Clara, San Francisco County should just miss the $2 billion mark which would be higher than in 2011 and 2012 but below the spending in 2010.

And at a projected $765 million in 2013, spending on commercial real estate construction in San Mateo County should be six times the amount in 2012 while the projected $681 million to be spent across Alameda and Contra Costa Counties in 2013 would be the lowest in five years.

Posted by socketadmin at 9:15 AM | Permalink | Comments (3) | (email story)

November 21, 2013

Plans For Two Jack London Square Towers And Nearly 700 Units

Jack%20London%20Tower%20Sites.jpg

Having completed the first phase of its redevelopment of Oakland's Jack London Square in 2008, Ellis Partners' plan was to add a 120,000 square foot office/retail building at the corner of Broadway and Embarcadero and a 135,000 square foot office building on Embarcadero between Harrison and Alice. Instead, two residential towers with up to 665 units are now being proposed for phase two.

The new plan calls for "two housing towers of more than 20 stories" on the parcels and the city of Oakland appears to be supportive of the change from commercial to residential use, "as long as it activates the area and [they] become landmarks for the neighborhood."

Posted by socketadmin at 11:00 AM | Permalink | Comments (68) | (email story)

November 19, 2013

Is The Identity Of The Castro Under Threat?

With thousands of units under development or already opening their doors along Market Street, and "the impossibly hip Hayes Valley, Mission, and Noe Valley encroaching on all sides," a reader wonders if the identity of the Castro as the center of the Bay Area's LGBTQ scene is "under threat."

A reader eloquently responds:

Cities are living organisms and grow and change and morph. When I came to SF in 1977 the gay hood was Polk Street. This is where the majority of gay bars were, where Halloween took place, etc. And prior to the gay neighborhood being on Polk Street, it was on Broadway near Columbus (which at one time was the Latino immigrant neighborhood, as well as the Basque neighborhood).
Castro became the gay neighborhood when it was filled with cheap run down houses and the Irish homeowners were selling and moving to the burbs, and there was a large influx of gay men with enough money to buy, and a proclivity to improve property. With the advent of AIDs, a lot of vacancies opened up in the Castro, and straight families began moving in.
And yes, young people are settling in Oakland today because that is where the real estate opportunity is. If Oakland were a borough of SF like Brooklyn is a borough of NYC, no one would think anything of it. It is just a reflection of when SF stopped annexing that Oakland is a different city. I am not threatened at all.

Posted by socketadmin at 11:00 AM | Permalink | Comments (41) | (email story)

November 18, 2013

Fremont Beats Out San Francisco For Sellers According To Movoto

Movoto%20Top%2010%20Cities%20Sellers.gif

Based on median price and days on the market, the number of homes for sale per capital, the relative crime rates, school quality and employment rates, Movoto has deemed Fremont, CA to the best city in which to be selling a home in America.

This modestly sized city of 216,916 located on the eastern side of the San Francisco Bay is home to the highest-earning home buyers in our top 10; they made a median household income of $98,513 a year. At the same time, sellers can anticipate a median listing price of $640,000, which is the third highest of all the cities we surveyed after San Francisco and Irvine.
Fremont is tied with Oakland, CA when it comes to fewest median days on market at 25 days. The city has the second-highest ratio of homes for sale to residents after San Francisco at one for every 689 residents.

The full top 10 list on which San Francisco came in number two and San Jose number three:

1. Fremont, CA
2. San Francisco, CA
3. San Jose, CA
4. Honolulu, HI
5. San Diego, CA
6. Plano, TX
7. Chula Vista, CA
8. Seattle, WA
9. Chandler, AZ
10. Gilbert, AZ

While Oakland came in at co-number one in terms of the fewest days on the market for listings and tenth in terms of the fewest number of homes per sale, ranking 92nd in terms of crime rate and 94th in terms of unemployment hurt its overall score, putting Oakland at number 46 on Movoto's rankings for home sellers which might not make too much sense if homes in Oakland appear to be moving as fast as anyplace else.

Posted by socketadmin at 9:00 AM | Permalink | Comments (2) | (email story)

October 30, 2013

Bay Area Rents Climb, East Bay Jumps 10 Percent In 3 Months

While the vacancy rate for apartments throughout the Bay Area has ticked up from 3.1 to 3.9 percent, according to Cassidy Turley the average rent has ticked up from $1,851 to $1,897 a month, two percent below its first quarter peak of $1,941.

The average rent in San Francisco is now $3,266 a month, up 3 percent over the past three months and 18 percent higher year-over-year. The average studio in San Francisco now rents for $2,434 and one-bedrooms for $2,980. The vacancy rate in San Francisco is currently 3.6 percent, up from 3.3 percent in the second quarter of 2013.

The average East Bay rent jumped 10 percent in the third quarter and now averages $1,681 a month with studios renting for $1,268. The average rent is up to $1,674 in the North Bay.

And while the vacancy rate has increased from 3.1 to 4.6 percent in San Mateo, the average rent has ticked back up to $2,148 per month, even year-over-year. Studios in San Mateo now rent for an average of $1,446 a month and apparently a number of new projects on the Peninsula won't even consider prospective tenants that earn less than $75,000 per year.

Over the past two years, the average rent in San Mateo has increased by 15 percent, it's up by 17 percent in the East Bay and it's up by 27 percent in San Francisco.

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

Eight Acre North Oakland Development Set To Break New Ground

MacArthur%20Station%20Rendering.gif

Having been waylaid by the BART strike, the ground breaking for Phase Two of MacArthur Station, the master-planned Transit-Oriented Development on BART's former MacArthur Station parking lot in North Oakland, has been rescheduled for Friday, November 15 at 11am.

Once again, Phase Two of the development will consist of 90 apartments at 40th and Telegraph for households with incomes ranging from 30 to 50 percent of the area's median income.

Mural%20Rendering.gif

In total, MacArthur Station will eventually provide a total of 624 new housing units on the 7.76 acre site, of which 516 units will be market rate. In addition, 42,500 square feet of local commercial and retail space will be constructed along with 5,000 square feet of space for community use.

MacArthur%20Station%20Village.gif

Phase One of the MacArthur Station development was the new 478-space parking garage for BART.

MacArthur%20Station%20Parking%20Garage.gif

The remaining A, B and C parcels are slated for development over the next eight years.

MacArthur%20Station%20Site%20Map.gif

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

October 23, 2013

Is San Francisco Getting The Short End Of The Saitowitz Stick?

Garden%20Village%20Rendering.jpg

With the Stanley Saitowitz designed "Garden Village", a 77-unit development of 18 interconnected buildings of three to five stories in height with 16 rooftop farm plots above and a fleet of four to ten shared cars for residents in a small garage below having been approved for development by Berkeley’s Zoning and Adjustment Board two weeks ago, a number of readers can’t but wonder if San Francisco has been getting the short end of the Saitowitz design stick.

Of course it's not always the architects who are to blame for bad building designs in San Francisco as the City's Planning process can be a challenge to navigate and many developers have been known to choose greater profits over great design.

Targeting students, the Garden Village development is slated to break ground at 2201 Dwight Way in Berkeley next year and be ready for occupancy and farming in 2015.

Garden%20Village%20Rendering%20Farms.jpg

Posted by socketadmin at 3:00 PM | Permalink | Comments (12) | (email story)

October 10, 2013

Breaking New Ground Over In Oakland Unless BART Is On Strike

Mural%20Rendering.gif

Bridge Housing will officially break ground on Mural at 40th Street and Telegraph Avenue over in Oakland on October 25, the second phase of MacArthur Station, the master-planned development on BART's MacArthur Station parking lot.

Mural will consist of 90 apartments for households with incomes ranging from 30 to 50 percent of the area's median income. And if BART, which still owns the land, happens to be on strike on the 25th, Mural's groundbreaking will be rescheduled.

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

August 8, 2013

East Bay Building Boom And Outlook For Rents

Last year, roughly 800 new rental units popped up in and around Oakland. And by the end of 2013, another 2,100 new units will have been constructed in the East Bay.

Despite increasing demand, the new construction is expected to help slow the nearly 7 percent increase in rents last year, with Marcus & Millichap expecting East Bay rents to end the year up a little over 3 percent in 2013.

Rents for apartments in large buildings in Oakland proper are up closer to 11 percent since the second quarter of 2012 and now average just over $2,000 a month.

Posted by socketadmin at 7:45 AM | Permalink | Comments (5) | (email story)

July 30, 2013

San Francisco Rents Climb In Second Quarter, Cross $2K In Oakland

Having ticked up a few dollars from $2,741 in the fourth quarter of 2012 to $2,790 in the first quarter of 2013, the average apartment rent in San Francisco jumped 5.8 percent to $2,952 in the second quarter, up 8 percent year-over-year according to RealFacts.

Over in Oakland, the average monthly rent is up 10.8 percent year-over-year to $2,033 per month while down in San Jose it's now $1,989, up 9.9 percent on a year-over-year basis.

Keep in mind that RealFacts’ figures are based on surveys of professionally managed apartment complexes with 50 or more units (which aren't necessarily the norm in San Francisco) and reflect asking rather than effective rents after incentives.

San Francisco Rents Reverse Fourth Quarter Dip, Jump In Oakland [SocketSite]

Posted by socketadmin at 6:00 AM | Permalink | Comments (13) | (email story)

July 15, 2013

Oakland's Coliseum City Dream, And Spending, Continues On



Having already committed $4.5 million to the studies for an envisioned 750-acre "Coliseum City" to rise over in Oakland, with new stadiums and arenas for the Oakland A's, Raiders, and Golden State Warriors (yes, the Warriors), apparently it’s going to take another year, and possibly another $3 million, to complete the plan (click rendering above to enlarge).

In the meantime, the Warriors are pushing forward with their plans to relocate to San Francisco and a legal settlement last week has opened the doors for the Oakland A’s to build a new stadium on the 50-acre Howard Terminal site just north of Jack London Square while the A's owners continue their wranglings with MLB over a desired move to San Jose.

Posted by socketadmin at 6:30 AM | Permalink | Comments (19) | (email story)

April 16, 2013

The Plans To Expand San Francisco's Ferry Terminal And Service

Ferry%20Terminal%20Aerial.jpg

Conceptual plans to expand San Francisco’s Ferry Terminal have been drawn, the project’s potential environmental impacts are being reviewed, and Sinbad's days are numbered.

Ferry%20Terminal%20Planning%20Area.jpg

As proposed and rendered below, the expansion includes three new berthing facilities, new covered passenger queuing areas, and a new public Embarcadero Plaza located between the Ferry Building and Agriculture Building, infilling the existing lagoon.

Ferry%20Terminal%20Embarcadero%20Plaza.jpg

The detailed Ferry Terminal Expansion plan, timing and new ferry services (think Berkeley, Richmond and Treasure Island) are as follows, click the plan to enlarge:

The San Francisco Ferry Terminal Expansion plan includes:

1. The construction of three new ferry terminal berthing facilities (Gate A in the North Basin, and Gate F and Gate G in the South Basin);

2. The removal of Pier ½ and Pier 2 to accommodate the construction of the new ferry terminal berthing facilities;

3. The construction of three, new, photovoltaic canopies (located in front of Gate A, Gate B, and perpendicular to Gates E, F, and G); and

4. The construction of the new Embarcadero Plaza, which would infill an existing lagoon with a new deck and piles and create a new open space between the Ferry Building and Agriculture Building.

In terms of timing and new ferry services, the project will likely be constructed in two phases with the North Basin improvements slated to start in 2014 to support new Berkeley and Richmond ferry services scheduled for 2015/2016.

The South Basin improvements would be phase two, timed to coincide with the start of the Treasure Island ferry service which is scheduled to commence in 2016/2017.

And yes, in additon to the parkling pad upon pier ½ and the lagoon to the south of the Ferry Building, Sinbad's which sits upon San Francisco's Pier 2 would be history.

Ferry%20Terminal%20Demolition.jpg

Posted by socketadmin at 11:00 AM | Permalink | Comments (22) | (email story)

April 10, 2013

Oakland's Brooklyn Basin Development Secures $1.5B To Build

In the works for over a decade, Signature Development Group’s 66-acre Brooklyn Basin development on Oakland's waterfront has been funded by way of a $1.5 billion investment from China's Zarsion Holdings Group and is slated to break ground next year.

The development of the former industrial site adjacent to Oakland's Jack London Square will yield 3,100 housing units, 200,000 square feet of retail/commercial, and 30 acres of waterfront parks, trails and open space along with new marinas and renewed wetlands.

The project will be built in phases and likley take around a decade to complete, eventually connecting Brooklyn Basin to Lake Merritt by way of bike and pedestrian paths. Click either of the images above, or an aerial of the area as it looks today, to enlarge.

Posted by socketadmin at 12:30 PM | Permalink | Comments (38) | (email story)

May 24, 2011

555YVR Scoop: Half Sold And Now Going Rental With The Rest

555YVR Courtyard

On the market since 2009, and with only half of its 87 condos having sold and one in contract, according to a plugged-in tipster, 555YVR (Ygnacio Valley Road) over in Walnut Creek will be going the rental route with its unsold inventory starting June first.

In the words of our tipster: "After going through [two] sales teams and fighting an uphill battle amidst all the foreclosure activity in CoCo County, the developers will rent the homes for now and attempt to resale them in the future."

Currently asking from $349,000 to $449,000 for one-bedrooms which range from 763 to 1,080 square feet, and $499,000 to $675,000 for two-bedrooms ranging from 1,147 to 1,308 square feet, according to our tipster they’re going to be targeting rents from $2,000 a month for the one-bedrooms up to $2,800 for the twos.

Posted by socketadmin at 10:45 AM | Permalink | Comments (17) | (email story)

October 27, 2010

The Margarido House Sells "At Asking" (And 38% Below Original List)

Two weeks shy of a year on the market, the sale of the "Margarido House" over at 5950 Margarido Drive in Oakland appears to have closed escrow on October 12 with an MLS reported contract price of $3,395,000.

Interestingly enough, the brokerage represent both buyer and seller is advertising the sale in print touting "Originally offered at $3,395,000." Not $5,500,000. Or $4,795,000. Or $4,300,000. Or even $3,950,000.

But hey, having reduced its list price to $3,395,000 in September after relisting anew in June, it is an official sale at "100% of asking" and just under "four" months on the market according to MLS based reports.

Mmmm...Margarido Even More Happy Hour Pricing (If You're Buying) [SocketSite]
The (5950) Margarido Happy Hour Now Starts At (Just Under) Four [SocketSite]
March Madness For 5950 Margarido (Coincidence?) [SocketSite]
It’s March Margarita Margarido Madness As 5950 Goes Live At $5.5M [SocketSite]
There’s Green (And Perhaps Even Platinum) Up In Them Thar Hills [SocketSite]
A Margarido (Sale) On The Rocks [SocketSite]

Posted by socketadmin at 6:00 AM | Permalink | Comments (13) | (email story)

September 24, 2010

Mmmm...Margarido Even More Happy Hour Pricing (If You're Buying)

As we wrote last month:

In contract this past March after reducing its list price from $5,500,000 to $4,795,000, as plugged-in people know 5950 Margarido over in Rockridge fell out of contract when the sale of the buyer’s house fell out of contract as well.
Relisted for $4,300,000 in June, on Friday its list price was reduced to $3,950,000.

As we write today, the asking price for 5950 Maragrido has been reduced to $3,395,000.

∙ Listing: 5950 Margarido (5/5) - $3,395,000 [5950margarido.com] [Redfin]
The (5950) Margarido Happy Hour Now Starts At (Just Under) Four [SocketSite]
March Madness For 5950 Margarido (Coincidence?) [SocketSite]
It’s March Margarita Margarido Madness As 5950 Goes Live At $5.5M [SocketSite]
There’s Green (And Perhaps Even Platinum) Up In Them Thar Hills [SocketSite]
A Margarido (Sale) On The Rocks [SocketSite]

Posted by socketadmin at 6:30 AM | Permalink | Comments (10) | (email story)

August 3, 2010

The (5950) Margarido Happy Hour Now Starts At (Just Under) Four

In contract this past March after reducing its list price from $5,500,000 to $4,795,000, as plugged-in people know 5950 Margarido over in Rockridge fell out of contract when the sale of the buyer’s house fell out of contract as well.

Relisted for $4,300,000 in June, on Friday its list price was reduced to $3,950,000.

∙ Listing: 5950 Margarido (5/5) - $3,950,000 [Redfin]
March Madness For 5950 Margarido (Coincidence?) [SocketSite]
It’s March Margarita Margarido Madness As 5950 Goes Live At $5.5M [SocketSite]
There’s Green (And Perhaps Even Platinum) Up In Them Thar Hills [SocketSite]
A Margarido (Sale) On The Rocks [SocketSite]

Posted by socketadmin at 10:30 AM | Permalink | Comments (44) | (email story)

June 8, 2010

Ideas And Concepts For (A) Gateway Park Across The Bay

Gateway Park Area of Study

"As officials from nine governmental bodies explore the idea of adding a park along the south edge of where the [Bay Bridge] will touch down, this much is clear: The only way to make such a space fulfill its potential - or be worth pursuing - is to approach it as an act of transformation, where nature and industry collide for everyone to see."

Gateway Park Concept

All we ask is that Snoopy and his Sopwith Camel somehow return to protect the bay.

Bay Bridge Gateway Park a chance for big ideas [SFGate]
Gateway Park [baybridgegatewaypark.org]

Posted by socketadmin at 2:45 PM | Permalink | Comments (3) | (email story)

March 9, 2010

March Madness For 5950 Margarido (Coincidence?)

While we typically wait until a property has closed escrow, or at the very least until all contingencies have been waived, a plugged-in tipster notes that 5950 Margarido just went into contract. And we never get tired of looking at that house (click image to enlarge).

Keep in mind the asking price was reduced from $5,500,000 to $4,795,000 last month. And note our reference to March Madness in our October headline. Coincidence? (Yes.)

Now about those margaritas...

There’s Green (And Perhaps Even Platinum) Up In Them Thar Hills [SocketSite]
It’s March Margarita Margarido Madness As 5950 Goes Live At $5.5M [SocketSite]

Posted by socketadmin at 5:00 PM | Permalink | Comments (3) | (email story)

February 3, 2010

No Exemption (And Little Love) For Alameda Point Development

Alameda Point Redevelopment Plan

"With all precincts reporting, Measure B in Alameda lost, 85 percent to 15 percent. It would have allowed a one-time exemption to Measure A, a 1973 ordinance that bans anything larger than a duplex on the island."

"If it had passed, Measure B would have allowed a development at Alameda Point with 4,500 units of apartments, condominiums and single-family homes, as well as offices, parks, a ferry terminal and other amenities."

Voters rejecting Alameda development project [SFGate]
Alameda Point Redevelopment [alameda-point.com] [Master Plan (pdf)]

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

January 19, 2010

A Strong Second Sale But Not Quite The Real(tor) Facts

Last week the press release went out for the sale of 222 Broadway #1505 across the bay at $1,100,000 touting the "First Oakland Million Dollar Condo Since October 2008" and including the following line:

The last time more than one million dollars was paid for an Oakland condominium was in October 2008, according to the East Bay Association of Realtors.

Both the Chronicle and Business Times ran stories based on the release but neither appear to have checked the basic premise (or facts). Plugged-in people, however, might recall the sale of 737 Second Street #405 which closed escrow for $1,675,000 (15% under its July 2008 sale price) over in Oakland in June 2009.

But hey, second isn't so bad and that Second (the real first) was rather sweet.

Designer East Bay Apples To Apples For 737 Second Street #405 [SocketSite]
$1 million Oakland condo sells [SFGate]
Oakland condo sale breaks $1M barrier [Business Times]
Hardcore East Bay Property Porn (And Then Some): 737 2nd St. #405 [SocketSite]

Posted by socketadmin at 12:45 PM | Permalink | Comments (7) | (email story)

December 1, 2009

Will Golden Gate Fields Follow In Bay Meadows’ Footsteps?

Golden Gate Fields Aerial

The bankruptcy related auction of Golden Gate Fields over in the East Bay has been scheduled for February 25, 2010. The 130-acre property has been unsuccessfully targeted for development a number of times.

Residents in Albany, a city of 17,000, have resisted previous development proposals and in 1990 approved zoning laws that limit the land's uses to live horse racing, sports or water-related commercial development, restaurants, bars and open space. Hotels and housing, for instance, are forbidden. Any change to the zoning must be approved by voters.

The property currently generates over a million dollars a year in taxes for Albany’s general fund. And while a recent community survey reveals that most resident’s "do not necessarily want to see a racetrack there" going forward, "the vast majority want to see the tax revenue retained at the same level" and "everyone would like to see more open space."

San Mateo’s Bay Meadows racetrack was shuttered fifteen months ago and quickly razed to make way for an 82-acre mixed-use development including 1,171 residential units, 715,000 square feet of office space and 93,000 square feet of retail space.

Construction, however, has yet to commence.

Golden Gate Fields to go up for auction [SFGate]

Posted by socketadmin at 6:00 AM | Permalink | Comments (4) | (email story)

November 18, 2009

Modern Ito Design Falls Prey To Modern Berkeley Economics

Toyo Ito's Berkeley Museum Design

"A shortage of funds has prompted UC Berkeley to abandon its plan to construct a new Berkeley Art Museum and Pacific Film Archive downtown. The building, a distinctive and innovative design by Tokyo architect Toyo Ito estimated to cost $143 million, was to replace the museum's present, seismically endangered quarters on Bancroft Way..."

UC Berkeley must scale back on downtown museum [SFGate]
Across The Bay (But Modern Museum Architecture Is On The Brain) [SocketSite]

Posted by socketadmin at 8:15 AM | Permalink | Comments (4) | (email story)

October 30, 2009

It’s March Margarita Margarido Madness As 5950 Goes Live At $5.5M

With the flick of a switch and a plugged-in tip, The Margarido House (5950 Margarido Drive, Oakland) has officially gone from coming soon to on the market online.

The marketing site features a full gallery, plans and description for the five bedroom, five bath and 4,665 square foot LEED Platinum certified house in the Oakland Hills. The only detail that's conspicuously missing from the site, an official asking price.

UPDATE: Make that an official $5,500,000 (and the next time we spell Margarido correctly when searching Redfin).

∙ Listing: 5950 Margarido Drive (5/5), Oakland [themargaridohouse.com] [Redfin]
There’s Green (And Perhaps Even Platinum) Up In Them Thar Hills [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (33) | (email story)

October 26, 2009

A Reader’s Report And Recommendation Across The Bay: 2830 Garber

2830 Garber Street, Berkeley

A plugged-in San Francisco tipster crosses the bay and reports on 2830 Garber Street:

I saw it yesterday and I have rarely seen so much traffic at an open house. It has 3 bedrooms and 2 baths on the top floor, and all of the bedrooms have Golden Gate and Bay View Bridge views.
It was built by the well known architect George Plowman as his personal residence and it is perfect example of Arts and Crafts architecture. The kitchen has been updated, but otherwise all the original details in intact.

2830 Garber Inside

It also has a basement area that could be used as an Au Pair residence or rented out to a student.
This area of Claremont Court is probably the best neighborhood in Berkeley and compares favorably with Rockridge or Noe Valley. This home would probably cost double this price in Noe or Forest Hill, if you could even find it.

And no, our tipster is neither an - much less the - agent nor has any vested interested in the sale of the property (as far as we know).

∙ Listing: 2830 Garber Street (3/2.5), Berkeley - $1,150,000 [Grubb Co.]

Posted by socketadmin at 2:30 PM | Permalink | Comments (25) | (email story)

August 11, 2009

Designer East Bay Apples To Apples For 737 Second Street #405

737 Second Street #405 (OAK): Penthouse

If you didn’t see it a year ago its website is still live and it’s worth a look. And if you did and wondered what happened a plugged-in reader reports:

This property is now an apple…changed hands in just under a year. Original buyer paid $1.975M in Jul '08 [asking $2,200,000 at the time], sold it for $1.675M in Jun '09…

Call it a drop of 15.2% over the past year. But regardless, we still love the design.

Hardcore East Bay Property Porn (And Then Some): 737 2nd St. #405 [SocketSite]

Posted by socketadmin at 10:30 AM | Permalink | Comments (47) | (email story)

August 3, 2009

When The Fundamentals Make Sense (But Please Not Before)

"[Oakland's McKinley Partners] is emblematic of a major force currently propelling the real estate market: investors and speculators snapping up foreclosed homes. Along with first-time buyers, they are a primary source of increased sales volume."

Oakland group buying Contra Costa foreclosures [SFGate]

Posted by socketadmin at 9:30 AM | Permalink | Comments (4) | (email story)

April 13, 2009

JustQuotes: East Bay Agents And Stagers Beware

"An unusual wave of burglaries has hit unoccupied houses for sale in this affluent 1.8-square-mile bedroom community in the hills east of Oakland, and it is testing the forced cheerfulness of real estate agents who are already reeling. Last weekend, two staged houses were burglarized in nearby Orinda, a wealthy suburb, robbed in the morning hours before planned afternoon open houses."

Houses, Decked Out for a Sale, Are Burglarized [New York Times]

Posted by socketadmin at 7:00 AM | Permalink | Comments (0) | (email story)

September 5, 2008

Budding Big Buildings Across The Bay (Oakland And Emeryville)

Encinal Jackson has submitted an application to build a 56-story mixed-use tower at 1938 Broadway in Oakland. At 715 feet, the proposed tower would nearly double the height of Oakland’s current tallest building, the Ordway at 1 Kaiser Plaza.

The proposed tower would contain 1.5 million square feet of space, including 790,000 square feet of office, 320,000 square feet of parking, 75,000 square feet of retail and 220 residential units.
The building, designed by global architecture firm Skidmore, Owings & Merrill, features a modern, glass-lined cylindrical shape with a section that curves down one side resembling a roll of fabric unraveling.

And while Encinal Jackson proposes to build 1.5 million square feet up, TMG Partners has received approval to build "1.5 million square feet of residential, retail, office space and parks" across Emeryville’s EmeryBay Market Place.

Highrise hopes in Oakland [Business Times]
TMG moving Emeryville from suburbs to city [Business Times]

Posted by socketadmin at 10:15 AM | Permalink | Comments (2) | (email story)

August 15, 2008

When Being “Priced Out Of The Market” Is A Blessing In Disguise

Scott Ayer and house (Image Source: San Francisco Business Times)

A first-time buyer across the bay picks up a “three-bedroom, two-bath house in East Oakland, for $199,500. The previous owner had paid $475,000.”

Perhaps being “priced out of the market” was a blessing in disguise. The previous owner? Not so blessed.

UPDATE: And simply speaking of the East Bay (but not this neighborhood in specific):

I live in Maxwell park, West of 580 between Foothill and High and have great feelings for the neighborhood, which sees a lot less violet crime than the Laurel. (many house break-ins when school is out, though). It's a great deal considering proximity to BART, hiking, organic grocery stores and GINORMOUS lots (which the laurel does not have). Around 150K less than the laurel, 200K less than the Dimond. Great winding streets, too...

Doors open for first-time home buyers [Business Times]
For A Select Few First-Time Buyers Willing To Cross The Bay [SocketSite]

Posted by socketadmin at 10:30 AM | Permalink | Comments (44) | (email story)

August 13, 2008

There’s Green (And Perhaps Even Platinum) Up In Them Thar Hills

Margarido House: Exterior

The Margarido House (5950 Margarido Drive) is slated to become the first LEED certified Platinum home in Northern California. And while it wasn’t built in San Francisco (nor is it on the market), it was built right across the bay in Oakland (and there will be tours).

Margarido House: Interior

The details (and plenty of blue green porn) online. Oh, and the developer's story as well.

UPDATE: As a plugged-in reader notes, while there might be green and platinum up in them thar hills, apparently there's a foreclosure too (6001 Margarido).

The Margarido House (5950 Margarido Drive, Oakland) [margaridohouse.com]
Green In The Hills [SFGate]

Posted by socketadmin at 3:30 PM | Permalink | Comments (34) | (email story)

July 23, 2008

Across The Bay But A Plugged-In Reader Recommends: 1824 Magellan

1824 Magellan Drive, Montclair

It’s across the bay. And we can’t vouch for it. But a plugged-in tipster recommended it, and there’s a chance you might like, so we’re rolling the dice. In our reader’s words:

My friend has a house up for sale in Montclair that is open this Sunday. I've worked with the same Architect before that remodeled the space for our house which won some awards. This house in Montclair is very well done and worth a look.
Visually the rest of the house is similar to the main living space. Each room has been updated with new electrical, hardware, [hardwood] floors refinished, new exterior paint, new fixtures throughout…and new interior paint in the style of the main remodel.
The 2 bathrooms are currently still period retro from the 30's/40's and are clean and painted, but not remodeled. The owner has designs for the master bath to be remodeled that are included in the sale.

If you happen to take a look, let us know if we should continue to trust this tipster (we do keep track). And yes, while it’s entirely possible that our tipster and his “friend” (or architect) are one and the same, as long as our reader's benefit we really don't care.

∙ Listing: 1824 Magellan Drive, Montclair (2/2) - $818,000 [Berkeley Hills Realty]

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

July 10, 2008

Green Building Over In Oakland And Over BART (1100 Broadway)

1100 Broadway, Oakland

It’s across the bay (Oakland) and it's not residential (commercial), but we’re suckers for Green buildings (no, not the color) and interesting "animations.”

When complete, 1100 Broadway will rise 20-stories over the 12th Street/City Center Bart Station, will renovate and incorporate the historic Key System Building next door (without looking like a schlocky addition), and will provide 310,000 square feet of office space along with 10,000 square feet of ground floor retail.

1100 Broadway [1100broadway.com]

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

June 27, 2008

They're Not Building Any More Land Condos Across The Bay

"Oakland's condo building boom has ground to a near halt. While construction has continued on existing projects, Patton said no new projects have broken ground during the first half of 2008.

A June report on the East Bay condo market from the Mark Co. lists at least a dozen projects slated to begin construction in 2008 that are now on hold. And work halted on Olson Co.'s City Walk at 1260 Martin Luther King Jr. Way last July and has yet to resume because of funding problems, according to Olson spokeswoman Nancy Green.

Other projects, such as Lightner Property Group's 120-unit 3250 Hollis St. and 100-unit 2847 Peralta St. are ready to break ground, but have been put off until the market shapes up."

UPDATE: From a plugged-in developer: "I own a nearly fully entitled 16 project in a great location by Lake Merritt and it does not come remotely close to penciling out. I figure the market there has dropped 40%."

Oakland developers freeze housing projects [San Francisco Business Times]

Posted by socketadmin at 2:00 PM | Permalink | Comments (50) | (email story)

June 20, 2008

Name This East Bay House Compound In One Photo/Map Or Less

Devon Way East Bay House

It’s not our usual fare, and it’s a bit outside our wheelhouse (at least this month...), but we do aim to please. Plus it’s Friday, it’s hot (did you notice that pool?) and it’s past time for a cocktail. So a reader's question to end the week:

Any idea what this house is? It looks like it's off Devon Way in Berkeley.

We can’t answer, but perhaps another will. Represent (and then join us on the deck).

UPDATE: And one again, represent you do (and frighteningly fast for late on a Friday). A plugged-in reader correctly identifies the Oakland Hills mansion that was built by Robert Felton in the year 2000 and then follows up with a reference to its 45 kilowatt solar system as featured (with a great title) in the New York Times. Cheers.

∙ Map: Unknown East Bay House Compound [Microsoft Maps]
Plugging Into the Sun [New York Times]

Posted by socketadmin at 4:45 PM | Permalink | Comments (14) | (email story)

June 9, 2008

Across The Bay (But Modern Museum Architecture Is On The Brain)

Toyo Ito's Berkeley Art Museum design

"He doesn't have the name recognition of a Frank Gehry or a Daniel Libeskind, but Toyo Ito is one of Japan's most acclaimed and adventurous architects. Looking at the design for a downtown Berkeley museum that would be his first building in the United States, it's easy to see why."

Box of plenty: design for Berkeley art museum [SFGate]

Posted by socketadmin at 5:00 PM | Permalink | Comments (11) | (email story)

May 6, 2008

One Of Only 49 Oakland (The City) Eichlers: 8100 Phaeton Drive

8100 Phaeton Drive

It’s an Oakland (both in terms of the city and Claude) Eichler across the bay. If our tipster is correct, it’s one of only 49 ever built (in terms of the city). And once again, a retractable roof (although this time over the atrium).

∙ Listing: 8100 Phaeton Drive (4/2) - $829,000 (Oakland) [Red Oak]

Posted by socketadmin at 10:03 AM | Permalink | Comments (15) | (email story)

April 1, 2008

A Tripling Of Sales! (After Effectively Reducing Prices By A Third)

Over the past thirteen months only twenty (20) of the 157 condos in the new Eight Orchids development in Oakland have sold. But on Sunday that number tripled in a matter of hours as 41 units "successfully" went to auction.

One of the early single-bedroom condos sold for $316,000, up from a starting bid of $245,000 but well below the original $435,888 asking price. The auction for a three-bedroom, three-bathroom town home started at $475,000, stalled around $528,000 and then quickly ran up to $534,000….That was nearly 34 percent off the list price of $805,888.

The big question, will the extra 41 units now in contract create the momentum needed to move the remaining 96 units at prices closer to list (you know, what those early twenty buyers paid), or has it simply exposed the "new new" market price for all of the units in the building (and perhaps even beyond)?

Luxury condos in Oakland sell at a discount [SFGate]
JustQuotes: Might It Draw Demand From Way Over In San Francisco? [SocketSite]

Posted by socketadmin at 7:41 AM | Permalink | Comments (14) | (email story)

March 18, 2008

Hardcore East Bay Property Porn (And Then Some): 737 2nd St. #405

737 Second Street #405 (OAK): Penthouse

First and foremost, the property is across the bay in Oakland. We repeat, this is across the bay in Oakland. That being said, we’re in love. (And then some.)

737 Second Street #405 (OAK): Kitchen

Wood burning pizza oven, industrial pantry doors, 1000+ bottle temperature controlled wine cellar, and limestone floors in the kitchen.

737 Second Street #405 (OAK): Living

And eleven and one-half foot ceilings on the main floor with a spiral staircase leading up to the Tom Eliot Fisch designed penthouse, roof deck and private garden. Yes, yes, yes.

∙ Listing: 737 2nd St. #405 (3/2) 5,361 sqft – $2,200,000 (OAK) [Phoenix405] [Caldecott]

Posted by socketadmin at 4:06 PM | Permalink | Comments (39) | (email story)

March 12, 2008

Holy Architecture And Full-Floor Condominiums In Oakland Batman!

Cathedral Building (1615 Broadway)

It’s across the bay, but we do love the building. Built in 1913 and designed by Benjamin Geer McDougall, the 14-story Oakland Federal Building is a shining example of the Gothic Revival movement.

Cathedral Building: Interior

Renamed the Cathedral Building in 1969, the building is now going condo with the first six floors commercial and the top eight full-floor residences with prices ranging from $895,000 for the 1,476 square foot 11th floor to $1,300,000 for the 2,016 square foot 14th.

Cathedral Building: 8th Floor Floor Plan

And while the finishes are just okay, and there isn’t any parking, we're suckers for the skin deep beauty and bones. Now if only the ceilings we just a little bit higher...

The Cathedral Building, 1615 Broadway, Oakland [cathedral-building.com]

Posted by socketadmin at 4:12 PM | Permalink | Comments (22) | (email story)

March 6, 2008

JustQuotes: Might It Draw Demand From Way Over In San Francisco?

8 Orchids Oakland

"The developer of the recently opened Eight Orchids condominium mid-rise in Oakland hopes to auction off nearly a third of the units, with some starting bids $300,000 below prior asking prices, as builders struggle to unload new properties in the current housing climate."

"The auction of 41 units is scheduled for March 30....The minimum bid for one-bedrooms is $245,000, down from as high as $520,888; two-bedrooms will start at $325,000, down from as high as $630,888; and three-bedrooms will begin at $475,000, discounted from as much as $805,888. There is no "secret reserve," meaning any unit that receives at least the minimum offer will go to the bidder."

Prices cut for Oakland condo auction [SFGate]
8 Orchids (Oakland) [8-orchids.com]

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

October 22, 2007

JustQuotes: An East Bay Owner “Trades Up” And Becomes A Renter

“Scorching or icy, booming or busting, there's nothing like California's housing market for animated conversations - and, it turned out for us, unconventional decisions.” (Want a life of leisure? Be a renter)

Posted by socketadmin at 7:00 AM | Permalink | Comments (0) | (email story)

November 27, 2006

“The Epitome Of Gracious Green Living” (Oakland)

7257 Skyline: Family Room

7257 Skyline: Living Room

Okay, so it might be across the bay (Oakland Hills), but we’ve always had a thing for the integration of garage doors and living space. And we can’t help but feature a property that’s (self) described as “the epitome of gracious green living.” (Designed by Sallie Lang of Bliss Building and developed by Green Lane Development.)

∙ Listing: 7257 Skyline, Oakland Hills (3/5) – $2,600,000 [residentphotography]

Posted by socketadmin at 8:15 AM | Permalink | Comments (22) | (email story)