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CATEGORY ARCHIVE: New Developments

May 18, 2012

Groundbreaking Mid-Market News: 900 Folsom At Fifth

Speaking of San Francisco's housing pipeline and new construction slated to rise, while site work has already commenced at the corner of 5th and Folsom, Avant Housing will officially break ground on 900 Folsom this coming Monday, May 21. The build is slated to take 19 months with 282 new units and retail along Fifth ready for occupancy at the end of 2013.

Full disclosure: We were engaged by Avant Housing to consult on the development of 900 Folsom but received no compensation for this post.

∙ San Francisco’s Total Housing Inventory And Pipeline Report [SocketSite]
∙ New And Approved: 900 Folsom/260 Fifth Street Project [SocketSite]

Posted by socketadmin at 5:45 PM | Permalink | Comments (2) | (email story)

May 17, 2012

San Francisco’s Total Housing Inventory And Pipeline Report

The Planning Commission will get their first peek at the Planning Department’s latest Housing Inventory report this afternoon, you get it this morning.

With 372,831 total housing units in San Francisco, a third of which are single-family homes and only a quarter of which are in buildings with over 20 units, total new housing production in 2011 totaled 418 units, the lowest production since 1993 and versus an average of 1,890 units per year from 2000-2010. In addition, 149 units were lost through demolition, merger or the removal of illegal units in 2011 for a net gain of only 269.

Building permits were pulled for new 1,998 units in 2011, units which should be online within two to three years. And while 57 proposed projects totally 15,060 units were entitled in 2011, that includes 7,800 units on Treasure Island and 5,680 units in Park-Merced, projects which have timelines measured in decades, not years.

Since 2007, a total of 10,438 housing units were constructed in San Francisco, 88 percent of which were in buildings of 20 units or more. Since the year 2000, 24,519 net new units have been built.

∙ San Francisco Housing Inventory: 2011 [sfplanning.org]
∙ Is A Lack Of Density Cooking San Francisco's Golden Tech Goose? [SocketSite]
∙ Treasure Island Redevelopment Plans Approved! (Appeal Rejected) [SocketSite]
∙ The Parkmerced Thirty Year Plan: Public Scoping Meeting Tonight [SocketSite]

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

May 15, 2012

The 380 14th Street (AKA 299 Valencia) Sales Scoop

A plugged-in tipster reports with respect to 299 Valencia:

My friend just opened escrow on a unit there. The models aren’t even open to the public yet, elevator isn’t installed, lobby still under construction...just agents bringing clients in through a back staircase. Yet the building is almost 60% sold, according to the agent. The 4 BMRs aren’t even priced yet. They’re projecting the first closings for mid/late June.

Also noted by our tipster, "the building is called '299 Valencia' but the address on deeds will actually be 380 14th Street. It’s going to be up to the Post Office if they’ll honor mail addressed to 299 Valencia."

∙ 299 Valencia Unwrapped [SocketSite]
∙ 299 Valencia Scheduled To Start Selling To Hipsters Next Month [SocketSite]

Posted by socketadmin at 12:00 PM | Permalink | Comments (17) | (email story)

May 14, 2012

55 Laguna: The Latest Rehabilitation Plans And Progress

Having purchased the former UC Berekely Extension campus at 55 Laguna last year, the new owners have filed an application to rehabilitate Richardson and Woods halls.

The proposal is to rehabilitate Richardson Hall for use as senior services, senior housing (40 dwelling units), and retail and/or office space in new excavated space created behind the Hermann/Laguna Street retaining wall; to rehabilitate Woods Hall for use as housing (21 dwelling units); and, to rehabilitate Woods Hall Annex for use as a community center.

At the exterior, the work at all three buildings will generally include creating several new wall openings, selective window replacement and/or modification, seismic upgrades, maintenance and repair work, and in‐kind roof repair and/or replacement.

The redevelopment and building of 413 housing units on the six acre Hayes Valley campus was first approved by Planning in 2008 and subsequently entitled.

With respect to the latest designs for the buildings and open space to be built in the middle of the campus, which includes 109 apartments sponsored by Openhouse for low-income LGBT seniors, we’ll keep you plugged-in.

∙ 55 Laguna Back In Play [SocketSite]
∙ 55 Laguna: Approved On Appeal And In Front Of San Francisco’s BOS [SocketSite]

Posted by socketadmin at 10:15 AM | Permalink | Comments (8) | (email story)

May 9, 2012

Citing "Market Conditions," 870 Harrison Seeks 3 More Years To Start

As plugged-in people know, the building of a 65-foot-tall mixed-use building at 870 Harrison Street was approved back in 2009.

Running out of time to start construction before its approval expires, and citing "economic issues and market conditions caused by the economic recession," tomorrow San Francisco's Planning Commission will entertain a request to extend approval until 2015, without which "the project cannot be built and San Francisco will lose 26 residential units, including 4 BMR units (17% of the total units), as well as 2,324 square feet of PDR space" upon the site.

∙ 870 Harrison Update: Development Unanimously Approved [SocketSite]

Posted by socketadmin at 7:00 AM | Permalink | Comments (2) | (email story)

April 27, 2012

Approved But Still Seeking Financing To Start Construction On Sixth

Citing an inability to secure financing, next week the sponsors of the 5-story building that was approved to rise at 345 6th Street will seek an extension to start construction on the 36 dwelling units over ground floor retail by January, 2014.

∙ Proposal For 345 6th Street Development: Scoop, Meeting And Design [SocketSite]

Posted by socketadmin at 11:30 AM | Permalink | Comments (0) | (email story)

April 23, 2012

Cathedral Hill Hotel Demolition Paperwork Filed, Poised To Fall

With a special Planning Commission hearing scheduled for Thursday, at which approvals for CPMC’s Long Range Development Plans, including a new Cathedral Hill Hospital, are expected to be approved following the "extraction" of $115 million in affordable housing, transit and streetscape concessions from California Pacific, as a plugged-in tipster reports, CPMC has officially applied for the permit to demolish the Cathedral Hill Hotel.

∙ CPMC’s Long Range Development Plan Renderings And Draft EIR [SocketSite]
∙ CPMC And The City Reach Agreement For Cathedral Hill Hospital Plan [SocketSite]
∙ Planning Commission Special Meeting: CPMC's Development Plans [sf-planning]

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

April 20, 2012

La Boulange On 9th Avenue Unanimously Approved

As a plugged-in reader reports, San Francisco’s Planning Commission has approved the Conditional Use Authorization necessary for La Boulange to open its 13th San Francisco café and bakery within the mixed-use development being built at 1266 9th Avenue.

∙ Under Construction On 9th Avenue With (Or Without) A La Boulange [SocketSite]

Posted by socketadmin at 1:00 AM | Permalink | Comments (5) | (email story)

April 18, 2012

Under Construction On 9th Avenue With (Or Without) A La Boulange

The demolition of the vacant two-story funeral home and parking lot at 1266 9th Avenue was approved in 2008 along with plans to construct a four-story building with 15 residential units over 5,650 square feet of ground floor retail and a 16-space subterranean garage.

Having recently just started site work and targeting a late 2012 completion, tomorrow San Francisco’s Planning Commission will hear a request to allow the ground floor retail space to house a La Boulange Café and Bakery, now a formula retail (i.e., "chain") restaurant with 12 San Francisco locations, 18 in the Bay Area.

As proposed, the La Boulange would provide roughly 2,216 square feet of dining space including 341 square feet approximately outdoors at the front of the property. As proposed in 2008, the retail space was to be divided into three.

With approximately 250 written comments and a petition signed by 25 Inner Sunset merchants supporting the project versus approximately 50 written comments opposing, the Planning Department recommends approving the use.

And while rendered above without so you can see the full façade, there will be street trees.

∙ 1266 9th Avenue: Conditional Use Request to Open A La Boulange [sfplanning.org]
∙ Keep Chain Stores out of the Inner Sunset [arizmendibakery.org]

Posted by socketadmin at 9:45 AM | Permalink | Comments (33) | (email story)

April 13, 2012

Arquitectonica Designed 1998 Market Street Ready To Break Ground

Unanimously approved by the Planning Commission back in 2009, the plans for 115 condos to rise in an Arquitectonica designed development at 1998 Market Street have been dusted off and permits pulled with construction expected to begin within 30 days.

Construction is slated to last for 18 months with the affordable housing (BMR) component for the project built offsite in a 24-unit project at 1600 Market Street, the Stanley Saitowitz design for which won't be rising, Forum Design has been tapped for that project instead.

∙ The 1960-1998 Market Street Scoop: Unanimously Approved Design [SocketSite]
∙ Condos struck by Magic [San Francisco Business Times]
∙ Entitled, Envisioned And For Sale (But Not Permitted): 1600 Market [SocketSite]
∙ 1600 Market: Envisioned Mixed-Use Redux (And Slight Reduction) [SocketSite]

Posted by socketadmin at 10:00 AM | Permalink | Comments (36) | (email story)

April 9, 2012

Market Rate Development On Track In SF, Affordable Housing Isn’t

As determined by the state Department of Housing and Community Development (HCD) and the regional Association of Bay Area Governments (ABAG), the current Regional Housing Needs Allocation (RHNA) calls for a target of 31,193 housing units to be built in San Francisco between 2007 and 2014.

With 7,826 market rate units having been produced from 2007 to 2011, market rate production is at 95 percent of the RHNA goal to date with a final goal of 12,315 units, 40 percent of the total RHNA target, by 2014.

With 4,500 affordable units, including those deemed to be affordable for those with household incomes up to 120 percent of the area median, having been produced from 2007 to 2011, the production of affordable housing is at 36 percent of the RHNA goal to date with a final goal of 18,878 units, 60 percent of the total RHNA target, by 2014.

∙ It's Two Years Later And Time To Adopt San Francisco’s Housing Plan [SocketSite]
∙ Regional Housing Needs Allocation (RHNA) Production to Date [sfplanning.org]

Posted by socketadmin at 9:30 AM | Permalink | Comments (2) | (email story)

April 6, 2012

The 1% And Proposed Trust Fund Even Occupiers Should Support

Adopted in 1985, San Francisco Planning Code Section 429 currently requires developers to spend one percent (1%) of construction costs for on-site public artwork for most new development projects or additions to existing buildings over 25,000 square feet.

In the words of a reader last month with respect to the City's 1% for Art program:

Let's talk about the McArt glued into every office plaza/condo tower in town for a second. 1% for Art is a fantastic concept: good job, City. How about creating an allowance (ie, an option) that would allow the builder to pool that money into a central City fund rather than have it dedicated to on-site one-liners (at the City's discretion)? It's nice to have art, but it'd be nicer to have a massive pool quickly build up that could be used to do something truly spectacular every few years or so: maybe build a museum or park or a new theater with a funding base.

Working its way through San Francisco’s Land Use and Economic Committee and likely to be adopted next week, an amendment to Section 429 which would establish a Public Artwork Trust Fund to be administered by the Arts Commission for the "creation, installation, exhibition, conservation, preservation, and restoration of temporary and permanent public art and capital improvements to nonprofit art facilities."

While not compulsory, developers will have the option of contributing all, or part, of their 1% for Art fees to the fund in lieu of on-site spending.

∙ Public Art Fee and Public Artwork Trust Fund Amendment [sfbos.org]
∙ Yes, The Proposed Transbay Transit Tower Shrank A Hundred Feet [SocketSite]

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

April 3, 2012

299 Valencia Unwrapped

Much of the scaffolding has been removed from around 299 Valencia, the building of 36 one and two-bedroom condos over retail and 27 parking spots on the corner of Valencia and 14th Streets where a surface area parking lot once laid.

As the building was most recently rendered, prior to a bout of VE:

∙ 299 Valencia Scheduled To Start Selling To Hipsters Next Month [SocketSite]
∙ Checking In At The Corner Of Hipster Valencia And 14th: 299 Valencia [SocketSite]

Posted by socketadmin at 12:00 PM | Permalink | Comments (27) | (email story)

March 30, 2012

14 Stories At 1415 Mission Street Back In Play

As plugged-in people know, the site at 1415 Mission at the corner of 10th has been entitled for a 14-story building, the design for which Heller Manus Architects rendered.

While sidelined by R&K Investments for the past two years, according to the Business Times, Martin Building Co. is in contract to purchase the site on which 165 units could rise.

∙ 1415 Mission: Existing (Parking) And As Proposed (People) [SocketSite]
∙ People Over Parking As 1415 Mission Gets A Land Use Thumbs Up [SocketSite]
∙ 1415 Mission Street Design [hellermanus.com]
∙ Martin Building Co. to buy Mission Street site [Business Times]

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

March 27, 2012

The One Rincon Hill Tower Two Timing, Design And Details Scoop

A plugged-in tipster over at One Rincon Hill delivers the design, timing and detailed scoop with respect to the second tower and One Rincon Hill Phase II:

Construction is anticipated to start approximately June 1, 2012 and be completed in an estimated 26 months. The building design, unit size and unit mix can be summarized as a 50 story version of Phase I as displayed at the scale model located in the sales office.

For the floor plans and unit layouts, Phase II will combine the two adjacent small one bedroom units at the center of the building curve above floor 25 into one two bedroom unit. The number of two bedroom units will increase and the number of one bedroom units will correspondingly be reduced. Approximately 60% of Phase II unit plans are the same as Phase I.

Significant improvements in the Phase II building will include a 3,600 square foot exercise facility and a top floor 4,000 square foot penthouse "Sky Lounge." (As comparison, current Phase I amenities include a 750 square foot exercise room and an 1,100 square foot Party Room). All amenities, including the existing swimming pool and spa deck facilities, will be available to occupants of both towers.

Phase II will be "constructed and marketed as [condominiums],” but with a plan for rentals "should the market require… with the ultimate objective of re-establishing condominium sales as the market allows."

A single Home Owners Association will include both Phase I and Phase II units. If Phase II enters the market as rentals, Principal Real Estate Investors will "become part of the existing HOA to operate and manage both buildings."

Also noted, the developer is "in discussions with Caltrans about potentially using the existing Caltrans property next to the Bay Bridge, adjacent and south of the Phase II site" as a private landscaped park for the use of One Rincon Hill.

∙ One Rincon Hill Tower Two Site Sold, Rentals Likely To Rise [SocketSite]
∙ One Rincon Hill (425 First) [SocketSite]

Posted by socketadmin at 2:30 PM | Permalink | Comments (27) | (email story)

March 20, 2012

Breaking Ground At 530 Folsom For The Rene Cazenave Apartments

Construction, or parking lot deconstruction, might have commenced a few months ago, but in two weeks the ceremonial groundbreaking for the Rene Cazenave Apartments at 530 Folsom and the corner of Essex will take place.

Once again, it’s an eight story building with 120 below market rate apartments for the formerly homeless, a suite for supportive services, and two market-rate retail spaces that's rising on the former surface area parking site and the building is slated to be construction complete by the end of 2013.

∙ Construction Commences On 120 Units At Folsom And Essex [SocketSite]
∙ Transbay Block 11A (Folsom @ Essex) Plans And Proposed Design [SocketSite]

Posted by socketadmin at 12:00 AM | Permalink | Comments (46) | (email story)

March 16, 2012

One Rincon Hill Tower Two Site Sold, Rentals Likely To Rise

As we first reported in January, the One Rincon Hill second tower site was in play, but Miami based Crescent Heights wasn’t the buyer. Instead, Principal Global Investors picked it up for $29.75 million out of foreclosure (which plugged-in people knew to expect).

According to the Business Times, "the development team is aiming to start construction by this summer, and...the units will likely be rented out rather than sold as condos."

Or as a reader suspected a few months ago, "this tower will be built as apartments, with a condo map put on it so that it can be converted at some point in the future."

∙ One Rincon Hill Tower Two Site In Play [SocketSite]
∙ One Rincon Hill Phase II Partnership Interests Headed For Foreclosure [SocketSite]
∙ New tower to rise on San Francisco's Rincon Hill [San Francisco Business Times]

Posted by socketadmin at 8:00 AM | Permalink | Comments (36) | (email story)

March 8, 2012

1840 Washington Online, Priced And A Peek Inside

The steel framed 1840 Washington is construction complete, with 1-to-1 parking, on-floor external storage for each unit, and a community rooftop terrace with BBQ and views.

One-bedrooms from 837 to 863 square feet are priced from $709,000 to $875,000; two-bedrooms from 923 to 1,009 square feet are priced from $825,000 to $1,145,000.

The south-facing three-bedroom penthouse is 1,467 square feet with a 604 square foot terrace and priced at $2,095,000 with HOA’s of $545 per month.

∙ 1840 Washington: Rendering, Timeline And Floor Plan Scoop [SocketSite]
∙ The SocketSite Scoop On 1840 Washington: Demo And 26 New Condos [SocketSite]
∙ 1840 Washington: Construction Commences (And Calling All Tipsters) [SocketSite]
∙ 1840 Washington: The Design (By Way Of A Plugged-In Tipster) [SocketSite]

Posted by socketadmin at 12:45 PM | Permalink | Comments (9) | (email story)

March 1, 2012

Conversion Of 1945 Hyde Street Set To Get Started

Following a two year approval process and failed appeal led by the Russian Hill Community Association to block development, permits have been pulled for the Ogrydziak/Prillinger led residential conversion of the two-story garage at 1945 Hyde Street.

The project will yield 7 new housing units over ground floor commercial and 17 parking spaces, all unbundled from the dwelling units and with one space for car share.

And according to a plugged-in tipster, they’re about to start (re)construction.

∙ 1945 Hyde Street Revised, Rendered, And Ready To Be Approved [SocketSite]
∙ Appealing The Impact Of The Approved Rebuilding Of 1945 Hyde [SocketSite]
∙ 1945 Hyde: Planning's Decision Upheld As Appellant A No-Show [SocketSite]

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

February 24, 2012

Millennium And One Hawthorne 70% Sold, Madrone Closings In July

San Francisco’s Millennium Tower has hit the 70 percent sold mark, recently averaging $1,075 per square foot with 130 condos left to sell, as has One Hawthorne with 55 condos left to move. Over in South Mission Bay, Madrone has 90 of 211 Phase One condos in contract with actual closings starting in July.

∙ Condo market springs to life [Business Times]
∙ Millennium Tower: "Confidential Investment Opportunity" (And Sales) [SocketSite]
∙ One Hawthorne: The SocketSite Straight Scoop (And Sales Update)
∙ Madrone: T-Minus Two Months To Official Grand Opening [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (0) | (email story)

February 21, 2012

Arc Light "Urban Lofts" At 21 Clarence Place Leasing Come April

As a plugged-in tipster notes, the Martin Building Company’s Arc Light Co. re-development of 178 Townsend (a.k.a. 21 Clarence Place) will be available for lease in April. North and south facing roof decks with a custom spa, grilling area, and enclosed dog run are atop the building while 29 different floor plans, ranging from studios to three bedrooms, are within.

∙ 178 Townsend Moves Forward While 72 Townsend Leases Instead [SocketSite]
∙ Arc Light Co. Residences (21 Clarence Place) | Floor Plans [arclightco.com]

Posted by socketadmin at 2:15 PM | Permalink | Comments (23) | (email story)

February 17, 2012

201 Folsom Towers Floor Plan Sneak Peek

With signature Infinity floor plans which are fabulous for taking in the views but many find frustrating to actually furnish, the discussion surrounding the re-designed towers of 201 Folsom, Tishman Speyer’s sister project to the Infinity, quickly turns to the floor plans, the most common plans for which a plugged-in tipster delivers a sneak peek

Click the images to enlarge, and continue reading for more plans and floors.

∙ The Arquitectonica Redesigned 201 Folsom Street Rendering Scoop [SocketSite]
∙ 201 Folsom: The Revised Plans For The Two New Towers To Rise [SocketSite]
∙ 201 Folsom: Three More Years To Contemplate And Start Construction [SocketSite]

Posted by socketadmin at 10:45 AM | Permalink | Comments (37) | (email story)

February 16, 2012

The 333 Fremont Scoop: Let The Shoring Begin

It’s a plugged-in tipster that first caught the construction equipment arriving on the 399 Fremont site yesterday, but it’s not for the Californian to start rising. No, it’s actually to shore up the property line and prepare for the excavation of 333 Fremont upon which the 8-story residential building rendered above (click to enlarge) will rise.

First permitted in 2005, the 333 Fremont site is entitled for 83 condos averaging 803 square feet over three levels of underground parking.

∙ 399 Fremont: From Condos To Rentals And Flowers For Another Year [SocketSite]
∙ An 8 Month Extension For 8 Stories And 88 Units At 333 Fremont [SocketSite]

Posted by socketadmin at 11:15 AM | Permalink | Comments (22) | (email story)

February 14, 2012

The 401 Grove Street Seven And Great Parking Debate Continued

As we first reported last month, the permits to build 63 units over ground floor retail and parking at 401 Grove Street have been held due to a dispute with Planning over the number of approved parking spaces.

While the plans for 401 Grove Street approved by San Francisco’s Planning Commission last year "included tables and graphics depicting seven of the residential parking spaces in a tandem configuration, which would result in a total of 39 residential parking spaces," the written application "indicated that the project was proposing parking in an amount which is principally permitted by the Planning Code…a maximum of 32 residential parking spaces for the project, at a ratio of one space for each two dwelling units."

The developer’s request to amend the project’s approval to include the seven additional spaces is back in front of the Planning Commission this week with the Planning Department recommending the request be denied. The basis for Planning's recommendation:

1. The requested amendment would contradict the vision of the General Plan, and specifically the Market and Octavia Area Plan to focus new housing in walkable, transit‐served locations in a manner that discourages private automobile use as a primary mode of travel.

2. The movement of additional vehicles around the project site resulting from the added parking may degrade the experience of pedestrians and bicyclists.

3. The requested amendment is not necessary or desirable for, or compatible with the surrounding neighborhood.

As of an hour ago there were 67 cars parked in the long-standing lot at 401 Grove Street which would be demolished in order for the proposed new building to rise.

∙ Permits For 401 Grove On Hold Over Parking Dispute With Planning [SocketSite]
∙ 401 Grove: Three More Weeks To Get Its Planning Groove On [SocketSite]
∙ 401 Grove Street: The Revised Designs And Density [SocketSite]
∙ Market-Octavia Plan And Requisite Rezoning Approved By The Board [SocketSite]

Posted by socketadmin at 1:30 PM | Permalink | Comments (15) | (email story)

February 8, 2012

The Arquitectonica Redesigned 201 Folsom Street Rendering Scoop

Arquitectonica blows the 725 doors off the old Heller Manus design for Tishman Speyer’s development at 201 Folsom. And as promised, we’ve got the rendering and design scoop.

The 80 foot full-lot podium is gone, instead two podium buildings topped with park-like outdoor areas for residents rise on the northeast (Folsom and Main) and southwest corners of the site while the two towers rise on the northwest (Folsom and Beale) and southeast corners with pathways and green space between.

Continue on for a few more renderings, design details and links...

Once again, the two towers of 201 Folsom will still rise 38 and 43 stories, but instead of 725 units, the new plans call for 671 units with 12 studios, 234 one-bedrooms, 333 two-bedrooms and 92 threes across the four buildings.

Per the terms of Planning's approval, Tishman Speyer currently has until September 3, 2012 to commence work on the project, the "sister" to Tishman's Infinty across the street.

∙ 201 Folsom: The Revised Plans For The Two New Towers To Rise [SocketSite]
∙ 201 Folsom: Three More Years To Contemplate And Start Construction [SocketSite]

Posted by socketadmin at 6:00 AM | Permalink | Comments (40) | (email story)

February 7, 2012

201 Folsom: The Revised Plans For The Two New Towers To Rise

First approved for development in 2003 but subsequently granted an extension to start construction by September 2012, the plans for Tishman Speyer’s two towers to rise at 201 Folsom (aka 314 Main Street), the sister project to Tishman's Inifinty, have been revised.

The two towers at 201 Folsom will still rise 38 and 43 stories over an 80 foot full-lot podium, but instead of 725 units with a mix of 161 studios, 466 one-bedrooms and 98 two-bedrooms, the current plans call for 671 units with 12 studios, 234 one-bedrooms, 333 two-bedrooms and 92 threes.

The number of parking spaces over which the building will be built has been reduced from 1,010 to 701 as 272 parking spaces which were originally included to accommodate the Post Office at 390 Main Street are no longer needed (the Metropolitan Transportation Commission purchased 390 Main).

In terms of design, Arquitectonica has replaced Heller Manus as the architects of record, stay tuned for the revised rendering scoop.

∙ 201 Folsom: Three More Years To Contemplate And Start Construction [SocketSite]
∙ The Infinity Sales Center: SocketSite’s Inside Scoop [SocketSite]
∙ The Arquitectonica Redesigned 201 Folsom Street Rendering Scoop [SocketSite]

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

February 6, 2012

As Proposed To Start Rising At 2800 Sloat And Wawona By 2015

Approved for development in late 2008, but having failed to have broken ground within the required three-years, this week Planning will review a request to extend the right to build 56 new housing units and 23,000 square feet of commercial space with an open-air market at 2800 Sloat until 2015 (click either image to enlarge).

The approved proposal allowed the demolition of the three existing commercial buildings and the construction of a new mixed-use building totaling approximately 117,000 gross square feet, and a one-story building dedicated to commercial use that together will provide approximately 23,000 gsf of commercial space, four levels of residential occupancy with 56 dwelling units (consisting of 19 one-bedroom units, 24 two-bedroom units, and 13 three-bedroom units).

The proposed project includes a below-grade parking garage divided into two separated parking areas: one dedicated to 56 residential parking spaces and the other with 56 commercial spaces, for a total of 112 proposed off-street parking spaces and a residential bicycle storage area for approximately 25 bicycles...

The existing commercial buildings proposed for demolition currently house the Aqua Surf Shop, John's Ocean Beach Café and Robert's Motel.

The Planning Department recommends the Commission grant the extension to develop.

∙ 2800 Sloat Boulevard Plans and Request To Extend Development [sfplanning.org]

Posted by socketadmin at 10:30 AM | Permalink | Comments (12) | (email story)

February 1, 2012

299 Valencia Scheduled To Start Selling To Hipsters Next Month

The sales office for the 36 one and two-bedroom condos rising at 299 Valencia is currently scheduled to open next month. Prices are said to be "starting in the $400,000s," but we’d be (pleasantly) surprised if that includes any units with one of the 27 parking spots.

∙ Checking In At The Corner Of Hipster Valencia And 14th: 299 Valencia [SocketSite]

Posted by socketadmin at 11:00 AM | Permalink | Comments (19) | (email story)

The Past, Present, And Future For 121 Golden Gate Avenue

The St. Anthony Foundation will serve their last lunch from the basement of the two-story building at 121 Golden Gate Avenue today, will serve to-go meals tomorrow and Friday, and will move across the street to a temporary dining room for two years while a new ten-story building with 90 senior housing units over a ground floor dining hall rises.

∙ Designs For Building Senior Housing At 121 Golden Gate Avenue [SocketSite]
∙ An Alternative To Preserve The Past At 121 Golden Gate Avenue [SocketSite]

Posted by socketadmin at 9:00 AM | Permalink | Comments (16) | (email story)

January 20, 2012

The Designs For Daggett Park

This Monday, January 23, San Francisco's Planning commission will present the schematic design for Daggett Park to the San Francisco Arts Commission, which, through their Civic Design Review process, is tasked with reviewing the design of all public projects.

As proposed, the park will include a tilted lawn, "penta-step" installation, wave bench and a dog run amongst other features. The full presentation for the park to be built between 7th and 16th Streets and the buildings of Daggett Place:

∙ Daggett Park: Phase 1 Schematic Design Presentation [sf-planning.org]
∙ Revised Plans For Daggett Place (AKA 1000 16th St.) Up For Approval [SocketSite]

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

January 19, 2012

Construction Commences On The Decades-Old "Hole In The Ground"

Construction has commenced at the corner of Market, Noe, and 16th streets. Known as the "Hole in the Ground" for the past three decades following the fiery demise of the church that once occupied the site, as plugged-in people know, it’s a five-story building with 18 residential units over ground floor retail that’s being built (click rendering to enlarge).

It’s an Ian Birchall and Associates design that's rising. And no, the parallels between 2299 Market Street and what's happening with 1601 Larkin don’t end there, but we are keeping our fingers crossed that the "decades-old" bit ends up being unique.

∙ 2299 Market As Proposed, Opposed, And Recommended By Planning [SocketSite]
∙ Designs For The Castro’s "Hole In The Ground" (2299 Market Street) [SocketSite]
∙ An Attempt To Settle For With San Francisco's Planning Commission? [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (26) | (email story)

January 5, 2012

One Rincon Hill Tower Two Site In Play

Back in 2008, the phase two second tower of One Rincon Hill was officially "put on hold." And as we first reported early last year, the 64 percent partnership interest held by Urban West Rincon Developers II, LLC in the One Rincon Hill Phase II Limited Partnership and the entire general partner interest held by Rincon Developers Phase II, LLC were headed for a foreclosure sale.

While not a done deal, according to a plugged-in source the undeveloped site for the second tower of One Rincon Hill is now in contract. And if our source is correct, Miami-based Crescent Heights which has started construction on 749 units at 1401 Market Street and owns the parcel at 45 Lansing on which a proposed 320 units will rise across the street from One Rincon Hill should emerge as the buyer, or possibly an equity partner.

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

∙ It's "Official," One Rincon Hill's Tower Two Is Indefinitely On Hold [SocketSite]
∙ One Rincon Hill Phase II Partnership Interests Headed For Foreclosure [SocketSite]
∙ 1401 Market Street: Redesigned And Cleared For Construction [SocketSite]
∙ 45 Lansing Site In Contract, No Imminent Eviction For The Bees [SocketSite]
∙ 45 Lansing Take Two: Latest Renderings And Smaller Units Proposed [SocketSite]

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

December 28, 2011

Construction Commences On 120 Units At Folsom And Essex

Construction has commenced at the southeast corner of Folsom and Essex, also known as Transbay Block 11A. As plugged-in people know, it’s an eight (8) story building with 120 below market rate apartments for the formerly homeless, a suite for supportive services, and two market rate retail spaces that's rising on the former surface area parking site.

The project will also yield a wider Essex Street sidewalk, a bulb out on the corner of Folsom and Essex, and two new rows of urban trees (click image below to enlarge).

The building is now slated to be construction complete by September 2013.

∙ Transbay Block 11A (Folsom @ Essex) Plans And Proposed Design [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (63) | (email story)

November 1, 2011

1401 Market Street: Redesigned And Cleared For Construction

Conceived as condos, converted to rentals, and with a site that’s been cleared for development since 2007, Crescent Heights has given the green light for Swinerton Builders to start construction on 1401 Market, their 749-unit development or the corner of 10th.

∙ Crescent Heights: 10th And Market Recap, Rendering, And Details [SocketSite]
∙ Crescent Heights (1401 Market): No Condos For You! Apartments [SocketSite]
∙ Argenta Rises While Buildings For Crescent Heights Are Razed [SocketSite]
∙ Biggest S.F. apartment project in years gets go-ahead [Business Times]

Posted by socketadmin at 8:15 AM | Permalink | Comments (33) | (email story)

October 31, 2011

Mission Bay Block 2 Watch (And Renderings)

The blacktop has been excavated and piles have been driven at 185 Channel Street between Third and Fourth Streets down in Mission Bay, also known as Block 2.

Rising on the block will be an 8-story concrete building consisting of 315 rental units, a two-story parking garage for 315 cars, and 8,000 square feet of retail along Fourth Street.

The building is expected to be construction complete by November 2013.

∙ Mission Bay Neighborhood Block And Construction Watch [SocketSite]
∙ The Future Fourth Street And Envisoned Hub Of Mission Bay [SocketSite]

Posted by socketadmin at 7:45 AM | Permalink | Comments (4) | (email story)

October 19, 2011

1880 Mission: Revised Designs And Breaking (New) Ground

The site between Mission and Julian along 15th Street has been cleared, the design for the building has been redesigned, and today, the ground will officially be broken for 202 new rental units to rise at 1880 Mission (click either rendering to enlarge).

Think 1 to 1 secured parking, over 200 spaces, for...bikes (and 155 spaces for cars); flex space for residents to work (and play) and over 7,500 square feet of new street level retail; and yes, landscaped courtyards with outdoor lounge areas and a grill.

Target occupancy is spring 2013.

And as the long dormant and dilapidated site previously appeared, recycled materials from which will be incorporated into the new building:

Full disclosure: We were engaged by Avant Housing to consult on the development of 1880 Mission but received no compensation for this post.

∙ 1880 Mission (Gardens) Now Slated For Spring 2011 Bloom [SocketSite]

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

October 18, 2011

1800 Van Ness: The Revised Designs For 98 Units To Rise

Once slated to become "The Sterling of San Francisco," an eight-story, 62-unit senior living community, the latest designs for 1800 Van Ness at Clay call for an eight-story, 94-unit mixed-use building over 95 parking spaces and 4,900 square feet of commercial space and a four-story, 4-unit residential building with 4 parking spaces on Washington.

As proposed, the development will yield 1 studio, 44 one-bedrooms, 51 two-bedrooms and 2 three-bedrooms. And by way of negotiations with the Middle Polk Neighborhood Association, and in exchange for their support, 15 of the units will be Below Market Rate and parking for 41 bikes and at least three car share vehicles will be included on-site.

As the corner of Van Ness and Clay currently appears:

And as was once proposed for The Sterling:

∙ Copy That, 1800 Van Ness/1754 Clay Street Site Sells For $4.25M [SocketSite]
∙ Serving Up The Seniors (Rather Than The Copies) At 1754 Clay Street [SocketSite]

Posted by socketadmin at 8:15 AM | Permalink | Comments (12) | (email story)

September 27, 2011

The Renderings For What’s Rising At 1150 Ocean Avenue

With construction well underway on 173 rental units and a Whole Foods to be at 1150 Ocean Avenue, it’s a plugged-in reader that directs us to the renderings for what’s rising.

∙ From Auto Parts To Whole Foods (And Apartments) On Ocean Avenue [SocketSite]
∙ 1150 Ocean Avenue Prepares To Break Ground [SocketSite]
∙ Ocean Avenue [Pyatok Architects]

Posted by socketadmin at 2:00 PM | Permalink | Comments (33) | (email story)

September 9, 2011

SF's New Public Safety Building Officially Breaks Ground On Third

The ground has officially been broken for San Francisco's new Public Safety Building (PSB) down in Mission Bay. A replacement facility for the San Francisco Police Department (SFPD) Headquarters and Southern District Police Station currently located at 850 Bryant, the PSB will also contain a fire station to serve the burgeoning neighborhood.

The total budget for the building is $243 million and it’s expected to be open in early 2014. And yes, that’s the old firehouse at 1300 Third Street around which the PSB will wrap.

∙ San Francisco's Public Safety Building (PSB) [sfearthquakesafety.org]
∙ The Plans For The Old Firehouse At 1300 Third Street [SocketSite]

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

September 7, 2011

Permits Pulled To Raze And Rebuild At 350 Mission

Having survived an interesting appeal, permits to demolish the existing four-story building at 350 Mission and construct a 350 foot tower in its place have been pulled which is the opposite of withdrawn in construction speak.

∙ 350 Feet At 350 Mission (And San Francisco’s Planning Commission) [SocketSite]
∙ EIR Today, Heald Gone Tomorrow At 350 Mission As Proposed [SocketSite]
∙ More Than Meets The Eye Behind The Opposition To 350 Mission? [SocketSite]
∙ GLL getting closer to construction at 350 Mission in San Francisco [Business Times]

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

September 1, 2011

1285 Sutter Street Falling: From Imminent To Underway

Behind the Galaxy’s façade, the tower for which has been stripped of glass, the wrecking crew is in action and the long overdue demolition of 1285 Sutter Street is underway.

As we first reported last week:

Permits to demolish the long shuttered Galaxy Theater at 1285 Sutter Street and erect a 13-story building with 107 condominiums over 10,000 square feet of retail (Trader Joe’s lease for which expired) and basements for 127 parking spaces were approved last week.

As a plugged-in tipster reports, the site which was purchased by Portland, Oregon based developer Gerding Edlen for $9.25 million (versus an $18 million ask in 2008) has since been fenced off and demolition is imminent.

Once again, if all goes as scheduled, the new building should be construction complete and ready for occupancy and retailing in early 2013. We'll keep you plugged-in.

∙ 1285 Sutter Approved For Imminent Demolition And Reconstruction [SocketSite]
∙ 1285 Sutter: Fully Entitled, Retail Pre-Leased, And...On The Market [SocketSite]

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

August 24, 2011

1285 Sutter Approved For Imminent Demolition And Reconstruction

Permits to demolish the long shuttered Galaxy Theater at 1285 Sutter Street and erect a 13-story building with 107 condominiums over 10,000 square feet of retail (Trader Joe’s lease for which expired) and basements for 127 parking spaces were approved last week.

As a plugged-in tipster reports, the site which was purchased by Portland, Oregon based developer Gerding Edlen for $9.25 million (versus an $18 million ask in 2008) has since been fenced off and demolition is imminent.

If all goes as currenlty scheduled, the new building should be construction complete and ready for occupany and retailing in early 2013. As always, we'll keep you plugged-in.

UPDATE: As a couple of plugged-in readers quickly note, while Trader Joe's was once slated to occupy the ground floor retail at 1285 Sutter as rendered above, it's rather unlikely they'll do so considering their plans to open at 1401 California.

∙ 1285 Sutter: Fully Entitled, Retail Pre-Leased, And...On The Market [SocketSite]
∙ From Cala To Condos To Trader Joe's At 1401 California [SocketSite]

Posted by socketadmin at 8:45 AM | Permalink | Comments (33) | (email story)

August 3, 2011

1945 Hyde: Planning's Decision Upheld As Appellant A No-Show

A plugged-in reader reports with respect to yesterday's appeal of the Planning Department’s decision that the proposed adaptive reuse of 1945 Hyde Street is exempt from formal environmental review.

The Board voted 11-0 that the determination of the Planning Dept. should be upheld. Even David Chiu in whose district the project is located was unsympathetic with the appellant who failed to appear.

Approved by the Planning Commission in June, it was the Russian Hill Community Association (RHCA) which had filed the appeal in an attempt to block the redevelopment, an appeal which would have added years and big bucks to the development if successful.

∙ Appealing The Impact Of The Approved Rebuilding Of 1945 Hyde [SocketSite]
∙ 1945 Hyde Street Revised, Rendered, And Ready To Be Approved [SocketSite]

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

August 2, 2011

Millennium Tower: "Confidential Investment Opportunity" (And Sales)

A plugged-in tipster delivers the email from the Managing Director of Carlton Advisory Services, Inc. with respect to a "Confidential Investment Opportunity" in San Francisco:

Carlton has been retained on an exclusive basis by a European investor to sell a membership interest in a luxurious 60-story residential tower in San Francisco, CA. The development was delivered in 2009 and consists of 419 units. At 645 feet, the development is the fourth tallest building in San Francisco and the tallest residential building in the United States west of Chicago.

Through June 30, 2011, 188 units have already been sold. During 2011, sales have accelerated substantially. The developer has closed 40 units for the period from January 1, 2011 through June 30, 2011 and approximately 16 more units are under contract.

Said building would be Millennium Tower.

To be clear, the offering isn’t for any specific units but rather an interest in the development by way of a minority investor within the development group. And it’s entirely possible the offering is simply an attempt to value said interest.

∙ The Millennium: A Few Things You Might Know (And A Few You Don’t) [SocketSite]
∙ Millennium Tower (301 Mission) Update: 30% Closed Or In Contract (2009) [SocketSite]

Posted by socketadmin at 1:30 PM | Permalink | Comments (6) | (email story)

July 11, 2011

399 Fremont: From Condos To Rentals And Flowers For Another Year

As we first reported a year ago:

Approved for development in 2006 with a performance period set to expire in June 2008, Fifield started clearing the site for the proposed Californian at 399 Freemont in November of 2007. In August of 2008 the Planning Commission granted a 12 month extension of the performance period to June 2009, and then again in June 2009 to June 15, 2010.

On Thursday the Planning Commission is expected to grant another 12 month extension for the now 452 unit (and 238 parking spot) project which would expire on June 15, 2011. The site will be planted and bloom with wildflowers in the interim.

Granted the extension to June 15, 2011, the project sponsors are now seeking another one year extension with plans to start construction by June 15, 2012 as they redesign the building to hit the market as smaller rental units versus condominiums, with no proposed changes to the height or envelope of the building.

∙ 399 Fremont: Interim Plans Set To Bloom For The Californian Site [SocketSite]
∙ 399 Fremont: April Showers (And Site Prep) Will Bring...Wildflowers [SocketSite]
∙ The Californian on Rincon Hill: 375 Fremont St. [SocketSite]
∙ Are They Clearing The Way For Someone's Californian On Rincon Hill? [SocketSite]
∙ The Californian on Rincon Hill (375 Fremont): Website And Renderings [SocketSite]
∙ The Californian On Rincon Hill: No Longer Coming Soon (If At All) [SocketSite]

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

July 6, 2011

(Un)Paving The Way For 333 Harrison To Rise By 2013

As a tipster reports, the parking lot at the corner of Fremont and Harrison has been closed. And as plugged-in people know, it’s a 7-story building with 308 rental units, subterranean parking for 204, and a landscaped park which will rise in the lot's place.

Once again, the majority of units will be one-bedrooms averaging 500 square feet, the building will be condo mapped for future conversion, and construction will take roughly two years with the units ready for occupancy in 2013.

∙ DO NOT READ THIS Unless You Really Need To Know Re: 333 Harrison [SocketSite]
∙ A Plugged-In Reader's 12 Notes On The "PC" Approved 333 Harrison [SocketSite]

Posted by socketadmin at 12:45 PM | Permalink | Comments (27) | (email story)

June 29, 2011

Madrone: T-Minus Two Months To Official Grand Opening

The official "Grand Opening" for sales of 329 new condos in Mission Bay, a development born Radiance West but since dubbed "Madrone," is slated for mid-September.

Prices are set to start at $495,000 for a 731 square foot one-bedroom with two-bedrooms priced from $689,000 (1,040 square feet) and townhomes priced from $899,000 (1,600 square feet). Prices are currently set to top out at just below two million for 1,925 top floor tower square feet with private terraces.

∙ Radiance West (325 China Basin Phase Two) Construction Underway [SocketSite]

Posted by socketadmin at 3:30 PM | Permalink | Comments (17) | (email story)

June 27, 2011

Candlestick Heights Hits The Market Well Under $400 Per Square

Stalled out in 2008 when targeting $600 a square foot ($600,000 to $700,000 a unit), work on Candlestick Heights restarted last year with pricing expected to be "just under $400 a square."

The first few Candlestick Heights homes at 857 Jamestown Avenue have now been listed with prices starting at $365,000 for a 1,102 square foot two-bedroom ($331 per square) and a 1,308 square foot three-bedroom for $445,000 ($340 per square).

And no, these aren’t Below Market Rate (BMR) units.

But speaking of sale restricted BMR's, as a plugged-in reader adds, "note that the listed sales prices are very close to the upper limits of the City's inclusionary housing program at the 110% median income level."

UPDATE (6/28): While we do believe the units were originally designed to sell in the neighborhood of $600 per square foot, according to the current sales office, the development was never actually priced above $500 per square.

∙ The Heights At Candlestick “On Hold” According To The Sales Center [SocketSite]
∙ It's Game (Back) On For "The Heights At Candlestick" [SocketSite]
∙ Candlestick Heights [candlestickheights.com]
∙ Listing: 857 Jamestown Avenue #101 (3/2) 1,308 sqft - $445,000 [MLS]
∙ Listing: 857 Jamestown Avenue #205 (1/1) 1,229 sqft - $369,000 [MLS]

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

Puttin’ The Ritz-Carlton Lake Tahoe On The Courthouse Steps

As owners of the Ritz-Carlton Residences in San Francisco continue to struggle, the Ritz-Carlton Highlands Lake Tahoe near Northstar-at-Tahoe is scheduled to hit the courthouse steps in Roseville this afternoon with $164,717,243 in principal, interest and fees due on two loans totaling $157,000,000.

From the managing partner of the development in back in April 2010:

"We're working closely with the bank to address some financing-related matters, and once those are resolved, the outstanding balance will be paid," Riva said. "We hope to resolve this in the next 60 days."

It's now 437 days later and Bank of America has grown tired of banking on hopes.

∙ A Violation Of Trust [SocketSite]
∙ The Ritz-Carlton, Lake Tahoe [ritzcarlton.com]
∙ Bank of America files notice of default on Ritz-Carlton Highlands Lake Tahoe [sierrasun]

Posted by socketadmin at 8:45 AM | Permalink | Comments (33) | (email story)

June 21, 2011

Transbay Transit Center Rooftop Park Community Meetings Tomorrow

Tomorrow at noon and 6:30 pm, the Transbay Joint Powers Authority will host a pair of community meetings at 201 Mission at which Peter Walker and Partners will present their vision for the 5.4 acre park to rise atop San Francisco’s future Transbay Transit Center.

And yes, refreshments (hopefully of the iced variety) will be served.

∙ Transbay Transit Center Rooftop Park Community Meeting [transbaycenter.org]
∙ Transbay Center Plans: Revised, Refined, And Unveiled Today [SocketSite]

Posted by socketadmin at 10:15 AM | Permalink | Comments (9) | (email story)

Approved For 17 Stories But 34 Trees For Now As Proposed

The 17-story story building proposed to be built at 55 9th Street was approved by the Planning Commission at the end of 2007, but the now grassed over ground on the lot between Market and Mission has yet to be broken behind its chain link fence.

On Thursday the project sponsor will seek a three-year extension and window in which to start construction on the building which was designed to yield 260 housing units, 3,000 square feet of ground-floor retail, and 113 parking spaces.

In conjunction, or perhaps exchange, for the extension, the project sponsor "has proposed an interim landscaping plan that would plant a mix of trees and understory along the 9th Street frontage, in order to soften and screen views of the site."

More specifically, the sponsor has proposed a wall of 23 Pittosporum Tenuifolium and 11 Acer R. Bowhall trees along the fence line on 9th Street.

∙ Australian Anka Aims To Add 260 Condos At 55 Ninth Near The Argenta [SocketSite]

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

June 16, 2011

Speaking Of (Well) Below Market Rate Units...

Speaking of below market rate (BMR) units, applications to purchase a brand new two-bedroom condo at 3190 Scott (aka 2350 Lombard) for $277,650 are due by July 11.

The purchase price for the 1,057 square foot unit #303 on the border of Cow Hollow and the Marina includes a parking space. HOA dues are currently set at $428 per month. And to qualify, a two person household (the minimum for a two-bedroom unit) can currently be earning no more than $71,550 per year.

Market rate units in the building are currently priced from $799,000 with the most expensive two-bedroom having sold for $980,000 in December.

∙ MOH Listing: 3190 Scott Street #303 (2/2) - $277,650 (BMR) [sf-moh.org]
∙ 2350 Lombard Rising: Twelve New Townhouses Over Commercial [SocketSite]
∙ Below Market Rate For Above Market Down (And A Bit Of Irony) [SocketSite]

Posted by socketadmin at 12:45 PM | Permalink | Comments (43) | (email story)

June 14, 2011

365 Fulton Exposed

Formerly known as Central Freeway Parcel G, to be known as the Dr. Raye Richardson Apartments, and having started site work early last year, the scaffolding around 365 Fulton is almost completely down from around the five story development at the corner of Gough.

As plugged-in people know, the development will yield 120 studios for extremely low income, formerly chronically homeless individuals; 2,680 square feet of ground floor retail; and 2,000 square feet of social service program space.

And the yellow was a post community input added touch to the David Baker design.

∙ 365 Fulton (AKA Parcel G) Design Evolved, Site Work Commences [SocketSite]
∙ In The Name Of Dr. Raye Richardson For 365 Folsom (AKA Parcel G) [SocketSite]
∙ RFPs For Housing Along Octavia Boulevard [SocketSite]

Posted by socketadmin at 12:00 PM | Permalink | Comments (13) | (email story)

June 10, 2011

121 9th Street Unwrapped And 20 New Condos A Few Weeks Away

Plugged-in people have known what was rising, and what had been, at 121 9th Street. And they now know the building, having recently been unwrapped, should be construction complete in two or three weeks and 20 new residential condos are coming soon.

∙ 121 9th Street Rising (And From Diptych To Triptych If You'll Please) [SocketSite]

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

June 7, 2011

MacFarlane Moves...On 180 Units Across The Bridge

MacFarlane Partners has just acquired the 4.5-acre property at 195-205 Tamal Vista Blvd. on which the former WinCup manufacturing plant sits across the bridge in Corte Madera.

Having recently been approved for rezoning to allow for three and four-story multifamily development on the site, MacFarlane Partners plans to raze the manufacturing plant and build 180 apartments and 5,000 square feet of ground floor retail in its place.

As plugged-in people know, MacFarlane Partners also recently acquired the 1844 Market Street site on which a 113 residential units and retail is slated to quickly rise.

∙ 1844 Market Street: Let’s Get Ready To Rumble Build! [SocketSite]

Posted by socketadmin at 12:45 PM | Permalink | Comments (4) | (email story)

June 2, 2011

A Bit Of Color On (And For) Salesforce's Campus In Mission Bay

From John King with respect to Legorreta and Legoretta’s colorful vision for Salesforce's 14-acre campus to be in Mission Bay:

The scheme that’s evolved has a wider range of colors and window patterns than the firm’s norm, and most building’s would come wrapped in stone or terra cotta rather than stucco. They’d also include brash twists – a corner fractured by stepped-back terraces here, a stone-clad canopy perched on a 90-foot-high column there. A stack of meeting rooms at the southwest corner of the campus is wrapped in a mesh-like purple skin.

At least three of the 14 acres would be publicly accessible at all hours, centered on a broad plaza leading from Third Street to a planned bayside neighborhood park. The office buildings along Third Street would include shops, a child care center and restaurants.

And the key concept, an open campus that embraces the evolving neighborhood.

∙ Salesforce plans a colorful jolt for Mission Bay [SFGate]
∙ Designs For Salesforce's Global Headquarters Complex in Mission Bay [SocketSite]
∙ Salesforce.com Acquires 14 Mission Bay Acres To Build 2 Million Feet [SocketSite]
∙ Mission Bay Neighborhood Block And Construction Watch [SocketSite]

Posted by socketadmin at 9:45 AM | Permalink | Comments (41) | (email story)

May 27, 2011

1844 Market Street: Let’s Get Ready To Rumble Build!

As we wrote this past October:

As we first reported a week ago, builder Joe Cassidy’s 113-unit mixed-use project at 1844 Market Street was headed for a foreclosure sale on the courthouse steps next week with an estimated $12,329,428.48 owed.

And while a plugged-in reader noted that a lawsuit over a reneged loan agreement was to blame and forecast the property would not be lost to the bank, it’s a plugged-in tipster that reports that Cassidy has just filed a Chapter 11 bankruptcy petition for the entity which owns the 1844 Market Street property ("Upper Market Place, LLC").

The filing claims eight creditors, the largest of which is East West Bank with $12,330,254 owed. Cassidy's own Granite Construction & Demolition company is also listed as a creditor with $112,500 owed.

The non-performing note has been bought by MacFarlane Partners who has taken title. And according to the San Francisco Business Times, they're shooting for a quick re-start
and summer 2013 opening.

∙ Cassidy’s 1844 Market Street Holding Company Files For Chapter 11 [SocketSite]
∙ Cassidy's 1844 Market Street Project Facing Foreclosure [SocketSite]
∙ 1844 Market Watch: Movement On 113 "Fabulous" Units And Retail [SocketSite]
∙ The Inside Scoop With Respect To 1844 Market’s Foreclosure Filing [SocketSite]
∙ It’s Back To Building Digging At 1844 Market (Not So Much At 2200) [SocketSite]
∙ MacFarlane makes $55M bet on Upper Market [SocketSite]

Posted by socketadmin at 7:45 AM | Permalink | Comments (51) | (email story)

May 25, 2011

Parkmerced Redevelopment Plan Passed In 6-5 Vote

In an emotional meeting, the redevelopment plan for Parkmerced was approved by San Francisco’s Board of Supervisors last night in a 6-5 vote with supervisors Avalos, Campos, Mar, Mirkarimi and Kim opposing.

∙ Comments: Parkmerced Poised For Board Vote And 5,700 New Residences [SocketSite]
∙ Parkmerced's Proposed Urban Design, Open Space, And Sustainability [SocketSite]
∙ Parkmerced Development Agreement Close To Board Vote [SocketSite]

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

May 24, 2011

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

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)

May 6, 2011

The Design To Breath New Life (And Light) Into 435 Duboce

The new design for the building at 435 Duboce will yield three new residential units for a total of five in the building which once housed a 6,000 square foot church as well.

In the works since 2008 and now well underway, a commercial space once hidden will open to the sidewalk and help "breathe life into the [formerly] static façade."

∙ 435 Duboce Project Design: "Duboce Ave Multi-Unit" [mcelroyarch.com]

Posted by socketadmin at 12:30 PM | Permalink | Comments (22) | (email story)

SFJAZZ Center Set For Ceremonial Ground Breaking This Afternoon

With $45 million of its $60 million construction budget raised, San Francisco’s soon to be new SFJAZZ Center at 205 Franklin ceremonially breaks ground this afternoon with an opening targeted for Fall 2012 (as opposed to the Target opening that Spring).

As the corner of Franklin and Fell currently appears in its less jazzy state:

UPDATE: The ceremonial sledge hammer has been swung and the current building is scheduled to be razed next week.

∙ And All That SFJAZZ: Designs For New Center At 205 Franklin [SocketSite]
∙ Metreon Makeover Breaks Ground Today [SocketSite]

Posted by socketadmin at 7:30 AM | Permalink | Comments (11) | (email story)

April 27, 2011

Designs For Salesforce's Global Headquarters Complex in Mission Bay

While salesforce.com has been tight-lipped about designs for their Global Headquarters Complex in Mission Bay, an RFQ for design, engineering, and consulting services to support Flad Architects and Legorreta + Legorreta (the executive and design architects) seeks those with experience designing swimming pools, water features and green roofs.

The project which is envisioned to include "offices, conference space, auditoria, retail, restaurants, structured parking for approximately 1,500 cars, public spaces/parks, and other amenities common to corporate campuses" will consist of eight main buildings, several specialty buildings, and open spaces.

Total building area will be approximately 2 million square feet and designed to accommodate eight to ten thousand employees.

∙ Salesforce.com Acquires 14 Mission Bay Acres To Build 2 Million Feet [SocketSite]
∙ RFQ: Salesforce.com Global Headquarters Complex – Mission Bay [sfredevelopment.org]
∙ Mission Bay Neighborhood Block And Construction Watch [SocketSite]

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

April 21, 2011

The Reconstruction Of 408-416 Bosworth Has Recommenced

According to a plugged-in reader, reconstruction has restarted on the eight unit "Bosworth Homes" development at 408-416 Bosworth which first hit the market in 2009 before being taken back by the bank late last year and sold to Encore Housing Funds ("who focus on developing distressed properties...Expect a completion date of June/July").

∙ The Abandoned (408-416) Bosworth Homes Head Back To The Bank [SocketSite]
∙ What Are 412-416 Bosworth: Full Pricing And Two Open This Weekend [SocketSite]

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

April 15, 2011

Mission Bay Neighborhood Block And Construction Watch

Blocks 5 and 11 down in Mission Bay have just changed hands for a combined $41.4 million according to the San Francisco Business Times. Entitled for 198 and 170 units respectively, the acquiring BRE Properties plans to start construction of rental units on the two blocks by the end of the year.

In related neighborhood block news, United Dominion Trust is planning to break ground on 315 rental units and 9,000 square feet of retail on Block 2 in the third quarter; Mercy Housing will likely break ground on 134 affordable units on Block 13 East by the end of the year (with Bosa following with 285 condos on Block 13 West); and Urban Housing Group is expecting to break ground on 147 rental units on Block 3 in 2012.

And of course, construction on Bosa’s phase two construction of close to 400 condos on Block 10 continues and has since been dubbed "Madrone" as Salesforce moves forward with plans for its 14 acre campus stretching from blocks 26 to 34 to the south.

∙ BRE pays $41.4 million for last apartment sites [San Francisco Business Times]
∙ Radiance West (325 China Basin Phase Two) Construction Underway [SocketSite]
∙ Salesforce.com Acquires 14 Mission Bay Acres To Build 2 Million Feet [SocketSite]

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

April 6, 2011

399 Fremont: April Showers (And Site Prep) Will Bring...Wildflowers

As we wrote last June:

Approved for development in 2006 with a performance period set to expire in June 2008, Fifield started clearing the site for the proposed Californian at 399 Freemont in November of 2007. In August of 2008 the Planning Commission granted a 12 month extension of the performance period to June 2009, and then again in June 2009 to June 15, 2010.

On Thursday the Planning Commission is expected to grant another 12 month extension for the now 452 unit (and 238 parking spot) project which would expire on June 15, 2011. The site will be planted and bloom with wildflowers in the interim.

And while one curious tipster is hopeful that this weekend’s site work is a sign that the Californian is on the rise, as Jamie Whitaker reports, it’s actually the Fifield folks prepping the Fremont lot for the aforementioned wildflower meadow ten months into the interim.

Once again, a rough rendering of what’s expected to eventually rise on the site:

∙ 399 Fremont: Interim Plans Set To Bloom For The Californian Site [SocketSite]
∙ The Californian on Rincon Hill: 375 Fremont St. [SocketSite]
∙ Are They Clearing The Way For Someone's Californian On Rincon Hill? [SocketSite]
∙ The Californian on Rincon Hill (375 Fremont): Website And Renderings [SocketSite]
∙ The Californian On Rincon Hill: No Longer Coming Soon (If At All) [SocketSite]
∙ Native California Wildflower Meadow Interim Use at 399 Fremont [rinconhillsf.org]

Posted by socketadmin at 3:45 PM | Permalink | Comments (53) | (email story)

April 4, 2011

Digging In At (And The Design For) 701 Golden Gate Avenue

The ground was officially broken for the Mary Helen Rogers Senior Community on Valentine’s Day, and the surface area parking lot on which the eight-story building will rise at 701 Golden Gate is nearly cleared.

As plugged-in people know, the community will provide 100 apartments for low-income seniors and construction is slated to last for 20 months with an opening in 2013.

∙ From Parking Lot To 100 Affordable Senior Apartments When Resolved [SocketSite]
∙ Mary Helen Rogers Senior Community [chinatowncdc.org]

Posted by socketadmin at 1:30 PM | Permalink | Comments (15) | (email story)

March 28, 2011

1840 Washington: Rendering, Timeline And Floor Plan Scoop

It was two and a half years ago that we first plugged you in to the plans for 26 new units at 1840 Washington and a year ago when construction commenced. And while we managed some rough renderings last year, we now have the inside scoop on the latest rendering above and most of the floor plans below (click to enlarge).

The building is expected to be construction complete mid-September and will yield eighteen (18) two-bedrooms, six (6) one-bedrooms, and two (2) three-bedroom penthouses with private 600 square foot terraces.

One car parking and same-floor storage for each unit while a rooftop terrace with built-in BBQ will be shared. Prices have yet to be set, you'll be the first to know when they are.

∙ The SocketSite Scoop On 1840 Washington: Demo And 26 New Condos [SocketSite]
∙ 1840 Washington: Construction Commences (And Calling All Tipsters) [SocketSite]
∙ 1840 Washington: The Design (By Way Of A Plugged-In Tipster) [SocketSite]

Posted by socketadmin at 4:00 PM | Permalink | Comments (16) | (email story)

March 18, 2011

Esprit Park Sprouts A Late 2009 One-Bedroom Apple To Be

In November 2009 the sale of 863 Indiana #109 closed escrow with a reported contract price of $550,000, the Esprit Park one-bedroom with one and one-half baths had been listed for $615,000. The 861 square foot condo has just been listed for $575,000.

With respect to other Esprit Park "apples" on the tree, 875 Indiana #515 has been listed for 27 days at $950,000 having been purchased for $1,250,000 in November 2008.

And with respect to other Esprit Park news, the sales office is down to two fifth floor two-bedrooms which are now listed from $899,000, not including the 67 units formerly known as Esprit Park North which are now being leased as The Parc Esprit.

∙ Listing: 863 Indiana #109 (1/1.5) 861 sqft - $575,000 [MLS]
∙ Listing: 851 Indiana #503 (2/2) 1,517 sqft - $899,000 [MLS]
∙ Esprit Park Two Years Later, Apples-To-Apples Style [SocketSite]
∙ The Parc Esprit (840 Minnesota): 30 Percent Sold Leased [SocketSite]

Posted by socketadmin at 11:45 AM | Permalink | Comments (11) | (email story)

February 17, 2011

The Draft Plan For 550 Acres In The Middle Of San Francisco's Bay

Originally constructed in 1937 as a possible site for the San Francisco Airport, first used to host the Golden Gate International Exposition from 1939-1940, a naval station for five decades, and now home to roughly 2,000 residents, Treasure Island is "characterized by aging infrastructure, environmental contamination from former naval operations, deteriorated and unoccupied buildings and asphalt and other impervious surfaces which cover approximately 65% of the site."

As proposed, the 550 acre redevelopment of Treasure and Buena Vista Island would yield 311,000 square feet of renovated historic buildings, 240,000 new square feet of retail and office space, 8,000 new dwelling units (2,400 of which would be “below market rate”), and 300 acres of open space, the latest plans for which will be presented to the Planning Commission this evening at six o’clock.

∙ Treasure Island and Yerba Buena Island Informational Update [sf-planning.org]
∙ The (SOM) Master Plan For San Francisco’s Treasure Island [SocketSite]

Posted by socketadmin at 12:00 PM | Permalink | Comments (16) | (email story)

February 8, 2011

One Rincon Phase II: What’s Behind That Confidentiality Agreement?

Not too surprisingly, the Beverly Hills firm handling what appears to be the distressed sale of the majority of interests in the One Rincon Hill Phase II Limited Partnership is being rather tight lipped about the sale we first reported this morning. The Limited Partnership is the fee owner of the One Rincon Hill Phase II property at 401 Harrison Street.

And while we’re still doing a bit of digging, if you happen to have the inside scoop and have yet to sign the confidentiality agreement that we couldn’t, we’d love to hear from you.

∙ One Rincon Hill Phase II Partnership Interests Headed For Foreclosure [SocketSite]

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

February 2, 2011

A $1,568,176 "Waiver" For Rincon Hill Park (And $6,331,824 To Go)

The land fronting the proposed 333 Harrison Street development has been valued by the city at $6,000,000. And the budget to develop the parcel into the proposed Rincon Hill Park has been estimated at an additional $1,900,000.

Subject to $2,140,471 in impact fees for the development of 248,892 new occupiable square feet, the sponsors of 333 Harrison Street are requesting $1,568,176 of the fees be "waived" as in-kind partial payment for the acquisition and development of the land.

How the City will close the $6,331,824 gap necessary to acquire and develop the Park Land has yet to be determined, but the $22 million in proposed Rincon Hill Area Infrastructure Financing District bonds we mentioned last week are currently high atop the list of hopes.

∙ A Plugged-In Reader's 12 Notes On The "PC" Approved 333 Harrison [SocketSite]
∙ DO NOT READ THIS Unless You Really Need To Know Re: 333 Harrison [SocketSite]
∙ Energy Audits And Twenty-Two Million In Rincon Hill Area Bonds [SocketSite]
∙ 333 Harrison Street Impact Fee Waiver [sfplanning.org]

Posted by socketadmin at 4:45 PM | Permalink | Comments (0) | (email story)

January 12, 2011

San Francisco's Pier 70 Redevelopment Attracts Six Suitors

Six development teams have thrown their hats into the ring with respect to redeveloping San Francisco’s Pier 70.

In addition to TMG Partners, Forest City, and Build Inc. which plugged-in people knew had taken tours, the Mission Bay Development Group, San Francisco Waterfront Partners and the United States Department of Veterans Affairs have all responded to the Port of San Francisco’s request for developer qualifications for the 69 acre site.

The six suitors will be whittled down with a final rose ceremony expected by the end of the year. We'll keep you plugged-in.

∙ Now Calling All Developers For San Francisco’s Pier 70 [SocketSite]
∙ Pier 70 (Q)uestions, (A)nswers, And Interested (D)evelopers [SocketSite]
∙ Six big developers vie for San Francisco's Pier 70 [Business Times]
∙ Pier 70 Deadline Extended (Prior To Any Punking) [SocketSite]
∙ Did They Say November December? Make It January. [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (20) | (email story)

January 11, 2011

1080 Sutter: As Conditionally Approved In 2009 And Refined In 2011

Conditionally approved by San Francisco’s Planning Commission pending a few design refinements at the end of 2009, the surface area parking lot at 1080 Sutter is set to become an eleven story, mixed-use building with 35 dwelling units (including 23 three-bedrooms) over ground-floor retail and 31 parking spaces (including two car share).

The proposed refinements to the rendering above which the developers hope will satisfy Planning’s request to "[decrease] the void-to-mass ratio of the proposed façade" and "[create] more interest in the design of the top two floors":

A metal projecting sunscreen was added at the 10th and 11th floors; The fascia was thickened between the 11th floor and the roof; and The windows were narrowed by 4 inches from a width of five feet, four inches to five feet.

The garage entry has also been moved from the east portion of the building to the west.

And as the site looks today (more or less):

∙ 1080 Sutter Street Design Modification Review [sfplanning.org]

Posted by socketadmin at 11:00 AM | Permalink | Comments (8) | (email story)

January 3, 2011

178 Townsend Moves Forward While 72 Townsend Leases Instead

While Martin Building moves forward with the redevelopment of 178 Townsend into 94 rental units over commercial, West Bay Builders President Paul Thompson’s plan to move forward with the 74-unit redevelopment of 72 Townsend is on hold for at least five years as Federated Media has leased the building instead. As 178 Townsend should look after:

∙ 178 Townsend Funded While 72 Townsend Vows To Move Forward [SocketSite]
∙ 178 Townsend Approved To Become Mixed-Use With 94 Rentals [SocketSite]
∙ 72 Townsend: So Close, But Yet So Far For 74 Approved Units [SocketSite]

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

December 30, 2010

The Abandoned (408-416) Bosworth Homes Head Back To The Bank

A year ago the eight unit “Bosworth Homes” development at 408-416 Bosworth hit the market asking between $650,000 for a one-bedroom to $1,299,000 for a five-bedroom with parking for two. Having sold none and just seventy percent complete, the project had ended up in receivership earlier this year, "working with a local contractor to secure the building and obtain a bid for completion."

As plugged-in tipster notes, the development appears to have finally gone back to the bank following an auction Tuesday on the courthouse steps. A second auction related to the development scheduled for yesterday was cancelled, the details for which we’re searching.

In the words of a plugged-in reader in September:

[This development]…has become an eye-sore for our neighborhood. Unfinished units have been standing for well over a year and [are] now becoming a hazard to the community. I think this property would probably not meet health department regulations since the load bearing walls have been exposed for two winters now.

As best we can tell, the two buildings at 2 and 10 Rousseau which are only twenty percent complete were finally foreclosed upon as well, and to which our reader’s load bearing walls comment likely relates (versus the eight condos fronting Bosworth).

We'll keep you plugged-in and our eyes open for any "contractor specials" coming soon.

∙ What Are 412-416 Bosworth: Full Pricing And Two Open This Weekend [SocketSite]

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

December 10, 2010

Checking In At The Corner Of Hipster Valencia And 14th: 299 Valencia

With the surface area parking lot long gone, behind the graffiti strewn fence earth movers work the mud to prepare for 299 Valencia’s rising as rendered under a clearer sky:

Thirty-six (36) residential condos over ground floor retail and 27 parking spaces (two car share dedicated) to be at the corner of Hipster Valencia and 14th.

Posted by socketadmin at 1:30 PM | Permalink | Comments (25) | (email story)

November 22, 2010

The First Two Of Twelve Are Listed At Seven Twenty Three Taylor

Plugged-in people have know what was coming at 723 Taylor and now they’re here with what would appear to be one-bedrooms starting at $549,000 and two’s from $629,000.

Both without parking and the two-berooms with some untraditional walls.

∙ Listing: 723 Taylor #301 (1/1) - $549,000 [MLS]
∙ Listing: 723 Taylor #302 (2/1) - $629,000 [MLS]
∙ 723 Taylor Unwrapped And Coming Soon [SocketSite]
∙ 723 Taylor Rising: Urban Infill In Action And Twelve Units On The Way [SocketSite]

Posted by socketadmin at 12:45 PM | Permalink | Comments (19) | (email story)

November 12, 2010

One Rincon (Back) Up To 87 Percent Sold

Purchased for $2,019,000 ($1,037 per square foot) in September 2008, 425 1st Street #3004 returned to the market five months ago asking $1,998,000 ($1,026 per square).

Reduced, delisted and relisted a few times since, yesterday the One Rincon Hill three-bedroom was withdrawn from the MLS last asking $1,699,000 ($873 per square foot) and without a reported sale.

At the same time, yesterday the sales office at One Rincon Hill announced they’re "now 87% sold!" (up from 80% a year ago) while touting the 1,930 square foot #2903 which has been listed at $1,495,000 ($775 per square foot) for the past three weeks.

Call it roughly 30 net new sales at One Rincon Hill over the past year with roughly 50 left to close (versus the 40 we estimated in July).

∙ Three On The Thirtieth At One (Rincon) [SocketSite]
∙ A Bit Of "02" Irony (And 80 Percent Sold) At One Rincon Hill [SocketSite]
∙ Another Round Of Sales Office Reductions At One Rincon Hill [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (53) | (email story)

November 5, 2010

1299 Bush Tries Again As Citadine AXIS San Francisco

1299 Bush Street first hit the market in September 2009 dubbed "Citadine" with prices ranging from $495,000 for a 558 square foot one-bedroom to $1,669,000 for a 1,573 square foot three-bedroom on the eighth floor, pricing we dubbed aggressive at the time.

In October 2009 prices were cut between four and ten percent. In December the developers were seeking a bulk sale. Liens were filed. And this past May a Notice of Default (NOD) was filed on 1299 Bush with $14,594,856 past due on a $15,500,000 note.

Today, 1299 Bush Street has been redubbed AXIS San Francisco ("Coming Soon!") and four second floor units have been relisted with prices starting at $445,000 for the 558 square foot #204.

Unit #203 which was listed for $795,000 when Citadine launched in 2009 has been listed as new for $675,000 at AXIS, it had been reduced to $715,000 in October 2009.

As best we can tell, prices have been cut ten to fifteen percent from the launch of Citadine.

∙ Listing: 1299 Bush Street #203 (2/2) 940 sqft - $795,000 $715,000 $675,000 [MLS]
∙ Citadine (1299 Bush): Current Pricing And A Peek Inside [SocketSite]
∙ Citadine Cuts Between Four And Ten Percent For Listed Condos [SocketSite]
∙ The Citadine (1299 Bush) Scoop: Seeking A Bulk Sale Of The Building [SocketSite]
∙ From Bulk(y) To Lien For Citadine At 1299 Bush [SocketSite]
∙ Citadine (1299 Bush): NOD Filed As Lienholders Continue To Line Up [SocketSite]

Posted by socketadmin at 11:30 AM | Permalink | Comments (12) | (email story)

October 28, 2010

5800 Third Street Scoop: Sales, Restaurants, And Fresh & Easy Soon

San Francisco’s first Fresh & Easy should be open by April (if not March) 2011 and a Bayview outpost of Limon and a Crossroads Café should soon follow along with a third (possibly a Brown Sugar Kitchen), all at the base of 5800 Third Street.

As plugged-in people know, the "coming soon" flags started flying at 5800 Third in May, and the sales office has been open for a little over a month with 20 of the 137 Phase One condos in contract and the first closings in just a few weeks.

One bedrooms are listed from $339,000 with two-bedrooms (75 of the 137 units, all with two baths) starting at $383,000 for a little over a thousand square feet and three bedroom townhomes with three baths and 1,564 square feet from $539,000 (three-bedroom flats with two baths are priced from $479,000).

All units come with a deeded parking space in the garage. And the finishes and amenities (dog washing station with hot water anyone?) are nicer than many might expect (although the flooring is laminate).

∙ 5800 Third Street Lets Its For Sale Flag Fly [SocketSite]
∙ 5800 Third Street: Floor Plans | Gallery [5800third.com]

Posted by socketadmin at 3:30 PM | Permalink | Comments (12) | (email story)

October 27, 2010

A Two At Eight Twenty-Nine Folsom Closes For Close To Six

Having reduced prices by around 25 percent at the end of January (at which point two-bedrooms with parking were priced from $699,000), the sale of 829 Folsom #214 closed escrow a week ago with a reported contract price of $607,000 for the two-bedroom with parking which had indeed been listed for $699,000.

Full Disclosure: The new sales and marketing company for 829 Folsom advertises on SocketSite but had no prior knowledge of this post.

∙ 829 Folsom Cuts Prices And Pushes For April Closings [SocketSite]

Posted by socketadmin at 9:00 AM | Permalink | Comments (10) | (email story)

October 26, 2010

The Building Of UCSF’s New Mission Bay Medical Center Is Underway

Having started clearing the site long ago, today the ground was officially broken for UCSF’s Mission Bay Medical Center. Once again, if all goes as planned, the new facility should be ready for operations in 2014. And an old aerial for perspective:

∙ Making Way For UCSF’s New Mission Bay Medical Center [SocketSite]
∙ UCSF Mission Bay Medical Center Project Costs Down, Donations Up [SocketSite]
∙ The Designs And Timing For UCSF’s New Mission Bay Medical Center [SocketSite]

Posted by socketadmin at 5:30 PM | Permalink | Comments (15) | (email story)

A Sale (And Subsequent Reduction) At 1355 Pacific Avenue

As the sale of 1355 Pacific Avenue #401 closed escrow yesterday with a reported contract price of $799,000 (11 percent under original asking of $899,000 for the 813 square foot two-bedroom), the list price for the 842 square foot two-bedroom a floor below (1355 Pacific #301) was reduced from $849,000 to $799,000 (originally asking $899,000 as well).

At least five other condos in the twenty-three unit building are still looking for buyers.

∙ Listing: 1355 Pacific Avenue #301 (2/2) 842 sqft - $799,000 [MLS]
∙ 1355 Pacific: Inside (And Priced From $799,000 $749,000) [SocketSite]
∙ 1355 Pacific: Two Top Floor Two-Bedrooms Listed At Eleven A Square [SocketSite]

Posted by socketadmin at 1:30 PM | Permalink | Comments (9) | (email story)

October 15, 2010

Cassidy’s 1844 Market Street Holding Company Files For Chapter 11

As we first reported a week ago, builder Joe Cassidy’s 113-unit mixed-use project at 1844 Market Street was headed for a foreclosure sale on the courthouse steps next week with an estimated $12,329,428.48 owed.

And while a plugged-in reader noted that a lawsuit over a reneged loan agreement was to blame and forecast the property would not be lost to the bank, it’s a plugged-in tipster that reports that Cassidy has just filed a Chapter 11 bankruptcy petition for the entity which owns the 1844 Market Street property ("Upper Market Place, LLC").

The filing claims eight creditors, the largest of which is East West Bank with $12,330,254 owed. Cassidy's own Granite Construction & Demolition company is also listed as a creditor with $112,500 owed.

∙ Cassidy's 1844 Market Street Project Facing Foreclosure [SocketSite]
∙ 1844 Market Watch: Movement On 113 "Fabulous" Units And Retail [SocketSite]
∙ The Inside Scoop With Respect To 1844 Market’s Foreclosure Filing [SocketSite]
∙ It’s Back To Building Digging At 1844 Market (Not So Much At 2200) [SocketSite]

Posted by socketadmin at 12:45 PM | Permalink | Comments (5) | (email story)

October 14, 2010

Ten Months And A Twenty (Plus) Point Swing At 1327 7th Avenue

The sale of 1327 7th Avenue #8 closed escrow "pre-construction" last December with a reported contract price of $1,255,000 ($863 per foot for the 1,455 square three-bedroom).

The sale of 1327 7th Avenue #11 closed escrow this past January with a reported contract price of $1,150,000 (2 percent under original asking and $904 per square for the 1,195 square foot two-bedroom).

And today, the sale of 1327 7th Avenue #9 closed escrow with a reported contract price of $1,100,000, 21 percent under original asking and $674 per square for the 1,631 square foot three-bedroom. Call it (the) third mover advantage in the eleven unit development.

∙ A Couple Of New Cuts For The New Condos At 1327 7th Avenue [SocketSite]
∙ First Mover Disadvantage (And A Few More Cuts) At 1327 7th Ave? [SocketSite]
∙ From Rendering To Reality And On The Market For 1327 7th Avenue [SocketSite]

Posted by socketadmin at 3:45 PM | Permalink | Comments (7) | (email story)

October 8, 2010

One Ecker Take Two (Or Three)

As we wrote in July:

One Ecker Place has officially changed hands. And as a plugged-in tipster noted earlier this week, the sales office is positioning for a September grand (re)opening.

Asking $450,000 to $1,400,000 for the 475 to 1270 square foot units in 2008, the 51 condos are expected to be priced "in the $650 a-square-foot range, with the largest two-bedroom corner units priced about $800,000" in 2010 (i.e., reductions of around 40 percent).

The new owner paid $14 million for the building and is planning on spending another $5 million to finish construction and market the property. The previous owner had purchased the building for $13 million and invested the proceeds of a $15 million note converting the building to residential before losing the building to the bank.

Make that next week for the opening (or this weekend for the plugged-in people who are already on the interest list). And the junior ones with alcoves (which fit a queen sized bed) will start at $299,000; the one-bedrooms will start at $439,000; and the two-bedrooms will start at $599,000.

Our pick of the building is number 403, a top-floor corner two-bedroom with the view below, it's expected to be priced in "the upper $800’s" where prices top out.

For those who have previously toured the building (or been in escrow), the interior of the units will look the same. The lobby, hallways and other common areas, however, have been redone with a bit more designer flair. Still no doorman or parking if either are musts.

Full Disclosure: The sales team which was selected to represent One Ecker advertises on SocketSite but provided no compensation for this post.

∙ As One Ecker Turns (Back On): September Grand Re-Opening Planned [SocketSite]
∙ A Heller Manus Renovation Of 1 Ecker Place [SocketSite]
∙ One (1) Ecker Place Update: Sales Office Open (And A Few Details) [SocketSite]
∙ The SocketSite Scoop On One (1) Ecker Place: Going Condo Rental [SocketSite]
∙ The Scoop On One (1) Ecker Place Redux: Going Condo Rental Condo [SocketSite]
∙ As One Ecker Turns (Our Fourth Update): Selling In Receivership [SocketSite]
∙ As One Ecker Turns (Over): Lender Forecloses As Nobody Bids [SocketSite]

Posted by socketadmin at 3:45 PM | Permalink | Comments (10) | (email story)

October 6, 2010

Fillmore Park (1345 Turk) Prepares To Break Ground

It’s been almost three years since we first turned you on to the David Baker + Partners designed development at 1345 Turk, and in two weeks "Fillmore Park" will break ground.

1345 Turk Street offers thirty-two affordable new homes for first-time homebuyers, specifically working families and individuals earning between 70 and 100% of Area Medium Income.

Flats and townhouses with outdoor patios ring a private landscaped courtyard, creating a quiet community just a block from the bustling Fillmore District and walking distance to shopping, entertainment and transportation.

Seven (7) one-bedrooms, seventeen (17) two-bedrooms, and eight (8) three-bedrooms over twenty-four (24) parking spaces. Prices are currently estimated to be "mid-$100,000s to low-300,000s" with construction complete late 2011 or early 2012.

Festivities, refreshments, and perhaps a ceremonial shovel or two on site from 11 am to 12:30 pm on October 21.

UPDATE: A reminder with respect to the substation next door (lower right hand corner in the image above): Bailing On The Substation To Bailout Yoshi's Et Alli.

∙ The (Re)Development And Design Of 1198 Fillmore And 1345 Turk [SocketSite]
∙ Fillmore Park (1345 Turk) [dbarchitect.com]
∙ 1345 Turk [1345turk.com]

Posted by socketadmin at 12:30 PM | Permalink | Comments (9) | (email story)

October 4, 2010

The Inside Scoop With Respect To 1844 Market’s Foreclosure Filing

A plugged-in reader provides the inside scoop on the foreclosure filing on 1844 Market:

Cassidy is only facing foreclosure because he is suing the bank that currently holds the note. [UCB] Bank which was taken over by the Feds and sold to East West had agreed to a construction loan with Cassidy. When East West took over they reneged on the loan agreement.

And our reader’s forecast: "This will not go to foreclosure." Cheers.

∙ Comments: Cassidy's 1844 Market Street Project Facing Foreclosure [SocketSite]

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

Cassidy's 1844 Market Street Project Facing Foreclosure

While it was a plugged-in tipster that first noticed movement on builder Joe Cassidy’s 113-unit mixed-use project at 1844 Market Street last May, and earlier this year a plugged-in reader reported Cassidy was continuing site excavation for the unfunded project on his own dime ("He can sell the dirt...and can keep his guys working since he owns Granite Excavation."), it’s another plugged-in reader that first catches the foreclosure filing for 1844 Market Street with a courthouse sale currently scheduled for October 18 and an estimated $12,329,428.48 owed.

∙ 1844 Market Watch: Movement On 113 "Fabulous" Units And Retail [SocketSite]
∙ It’s Back To Building Digging At 1844 Market (Not So Much At 2200) [SocketSite]
∙ 1844 Market Street Development Hits A Banking Speed Bump [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (25) | (email story)

September 30, 2010

Planning Commission Today, Randolph Tomorrow As Proposed

In addition to the fates of 673 Brussels and 448 Diamond, the appeal of the proposed development at 1050 Valencia and an application to build at 380-398 Randolph Street will be heard by San Francisco’s Planning Commission this afternoon as well.

With respect to the development on Randolph:

The proposed project includes the construction of a new, three-story, mixed-use structure on the existing paved parking lot. As proposed, the new building would provide two retail spaces at the ground level, eight residential units with eight off-street, below grade parking spaces, and an 18-room Residential Care Facility that can accommodate up to 36 occupants.

The Department recommends the Commission approve the development on Randolph.

∙ A Family's Plea To Rebuild Their Home (And Planning’s Objections) [SocketSite]
∙ The Planning Department’s Very Different Criterion For 448 Diamond [SocketSite]
∙ San Francisco Planning Commission Calendar: September 30, 2010 [sf-planning.org]
∙ Don’t Put A Fork In Spork Quite Yet (The Appeal Of 1050 Valencia) [SocketSite]

Posted by socketadmin at 11:30 AM | Permalink | Comments (14) | (email story)

September 24, 2010

From Auto Parts To Whole Foods (And Apartments) On Ocean Avenue

It’s official, Whole Foods has inked a deal to occupy 26,000 square feet of ground-floor retail beneath the 173-unit Avalon Bay development in the works at 1150 Ocean Avenue.

If all goes as planned, the new Whole Foods should be open within the next two years.

∙ Whole Foods signs for sixth S.F. market at new project [Business Times]
∙ 1150 Ocean Avenue Prepares To Break Ground [SocketSite]

Posted by socketadmin at 6:30 AM | Permalink | Comments (18) | (email story)

September 23, 2010

Will The Presidio Belles Toll For Thee?

In conjunction with Forest City’s Presidio Landmark redevelopment, the seven three-bedroom, three-bath, and three-story new construction Belles Townhomes are about to hit the rental market.

Specific rents have yet to be revealed, but "local executive Alexa Arena said they will be comparable to what you might pay in Nob Hill or Russian Hill for a three-bedroom home with private decks, views, and parking."

Each unit is connected to a solar panel array to reduce electric bills and its carbon footprint that will cut home energy greenhouse gas impacts by 36 percent. In addition, the Belles homes are equipped with a “energy saving dashboard” that keeps track of electricity, water, and gas usage in real time over the internet or on a LCD screen.

A representative floor plan and a few more interior shots are available online.

UPDATE: In response to a plugged-in reader's inquiry, the leasing office is targeting $7,500 to $9,000 per month for the townhomes.

UPDATE (9/24): The Green Grand Opening Event this Saturday is for the re-opening of the Presidio's Public Health Service District in general, the Belles Townhomes won't yet be open to the general public and likely won't be for another few weeks.

∙ Presidio Landmark Building 1801 Recovering Nicely From Wingectomy [SocketSite]
∙ The Presidio Landmark: The Belles Townhomes [thepresidiolandmark.com]
∙ Forest City's Belles of the Presidio [San Francisco Business Times]

Posted by socketadmin at 4:15 PM | Permalink | Comments (31) | (email story)

September 14, 2010

121 9th Street Rising (And From Diptych To Triptych If You'll Please)

To answer a reader’s question, the building rising at 121 9th Street will consist of 20 residential units over 800 square feet of ground floor commercial and 17 parking spaces.

As the corner of 9th and Minna looked before and briefly a parking lot in between:

In terms of how the building is expected to look when finished, we’re still looking for a rendering. Tipsters?

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

September 8, 2010

An Unheard Of Price At Symphony Towers We've Heard Before

In October 2008 the sales office at Symphony Towers (750 Van Ness) "smashed" prices by up to 30% with penthouse studio #T907 being reduced from $515,000 to $419,000. The verbiage at the time:

For ONE WEEKEND ONLY, your clients can take advantage of dramatically reduced prices on Symphony Towers' Tower One residences.

This sale will take place from November 14-16, so don't miss out!

For those who did miss out, however, the sale was extended.

Due to an overwhelming response, we are extending the Tower One Closeout prices to our VIP clients and brokers through the end of November.

There are only a few homes left, so CALL TODAY. Don't miss out on this last chance to own a home in San Francisco at unheard of prices!

And don't fret if you missed out on that last chance unheard price of $419,000 for #T907 in 2008, for last week the sales office at Symphony Towers announced a studio sale "in celebration of the weather" with #T907 now priced at $389,000 (which happens to be the same price they were asking for "one weekend only" in February 2009 as well).

Having sold half of the 26 units that were temporarily turned into rentals over a year ago, Symphony Towers is now 90 percent-ish closed or in contract.

∙ Price Cuts Of Up To 30% At Symphony Towers (750 Van Ness) [SocketSite]
∙ Symphony Towers Moves To Sell Twenty-Six Leased Leftover Units [SocketSite]

Posted by socketadmin at 7:30 AM | Permalink | Comments (14) | (email story)

August 30, 2010

178 Townsend Funded While 72 Townsend Vows To Move Forward

Martin Building has scored a $32.4 million HUD insured construction loan to begin rebuilding 178 Townsend into the 94 rental units approved by Planning last year.

And while the developers of the 74-unit 72 Townsend filed for bankruptcy this past December, according to West Bay Builders President Paul Thompson they plan to move forward with the project and "appreciate MacQuarie Bank and their ability to work with us during these times of unprecedented economic challenges."

∙ Martin nabs $32.4M HUD loan for apartments [San Francisco Business Times]
∙ 178 Townsend Approved To Become Mixed-Use With 94 Rentals [SocketSite]
∙ A Plugged-In Tipster Reports: 72 Townsend Is Now “Coming Soon” [SocketSite]
∙ 72 Townsend: So Close, But Yet So Far For 74 Approved Units [SocketSite]

Posted by socketadmin at 8:45 AM | Permalink | Comments (1) | (email story)

July 29, 2010

Radiance West (325 China Basin Phase Two) Construction Underway

The piles were driven for Radiance’s 318-unit Phase Two (“Radiance West”) back in 2008 before construction was suspended that July. Developer Nat Bosa first floated the idea of breaking Phase Two into Phases Two And Three back in 2009. And last month a plugged-in resident in Phase One first noticed workers getting busy on site.

As a plugged-in tipster notes yesterday, construction on the first 170 units of Radiance West (aka Radiance Phase Two of Three) has now begun in earnest and the units should be ready for move-in by mid-2012.

As the three phases of Radiance will look when complete:

∙ Radiance At Mission Bay Phase II Update: Officially "Suspended" [SocketSite]
∙ Radiance: Positioning For Phase II (And To Close Out Phase I) [SocketSite]

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

July 28, 2010

First Peek At Octavia Court (261 Octavia Boulevard)

A plugged-in tipster captures the first peek of Octavia Court being unwrapped at 261 Octavia Boulevard. Once again, it's fifteen units of affordable housing for disabled individuals and their families by Satellite Housing and West Bay Housing Corporation.

∙ Octavia Court: The Original IE Collaborative Winning Design [SocketSite]
∙ Octavia And Oak: Octavia Court’s Past, Present And Future [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (24) | (email story)

July 23, 2010

Copy That, 1800 Van Ness/1754 Clay Street Site Sells For $4.25M

As we wrote a year ago March:

As far as we know what is currently a two-story FedEx Kinko’s on the northeast corner of Van Ness and Clay is still slated to become “The Sterling of San Francisco,” an eight-story, 62-unit "senior living community" with 82 parking spaces, 5,100 square feet of ground-floor commercial, and a more upscale 1754 Clay Street address.

As a plugged-in reader quickly added:

Not gonna happen. They lost their funding. Should be on the market in a month.

And as the San Francisco Business Times reports today, the entitled site has finally sold to Oyster Development (founded by former Intracorp San Francisco head Dean Givas) for $4.25 million with sights set on breaking ground within 12 to 24 months.

The original Sterling design as once proposed:

∙ Serving Up The Seniors (Rather Than The Copies) At 1754 Clay Street [SocketSite]
∙ Former Intracorp exec jumps at Pac Heights site [San Francisco Business Times]

Posted by socketadmin at 9:45 AM | Permalink | Comments (23) | (email story)

July 22, 2010

1150 Ocean Avenue Prepares To Break Ground

Down the street from the proposed development of 1100 Ocean Avenue which is in front of the Planning Commission this afternoon, the already approved development of 1150 Ocean Avenue will replace an existing 14,900 square foot commercial building and surface area parking lot with two new mixed-use buildings of four and five stories.

With AvalonBay behind the development, the project will yield 173 rental units, 29,205 square feet of ground-floor retail (with plans for a grocery), and 237 parking spaces.

The project includes extending Brighton and Lee Avenues through the site in lieu of paying the Balboa Park impact fees.

∙ The Designs (And Approvals) For 1100 Ocean Avenue As Proposed [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (0) | (email story)

July 16, 2010

As One Ecker Turns (Back On): September Grand Re-Opening Planned

One Ecker Place has officially changed hands. And as a plugged-in tipster noted earlier this week, the sales office is positioning for a September grand (re)opening.

Asking $450,000 to $1,400,000 for the 475 to 1270 square foot units in 2008, the 51 condos are expected to be priced "in the $650 a-square-foot range, with the largest two-bedroom corner units priced about $800,000" in 2010 (i.e., reductions of around 40 percent).

The new owner paid $14 million for the building and is planning on spending another $5 million to finish construction and market the property. The previous owner had purchased the building for $13 million and invested the proceeds of a $15 million note converting the building to residential before losing the building to the bank.

The history in headlines and links:

∙ A Heller Manus Renovation Of 1 Ecker Place [SocketSite]
∙ One (1) Ecker Place Update: Sales Office Open (And A Few Details) [SocketSite]
∙ The SocketSite Scoop On One (1) Ecker Place: Going Condo Rental [SocketSite]
∙ The Scoop On One (1) Ecker Place Redux: Going Condo Rental Condo [SocketSite]
∙ As One Ecker Turns (Our Fourth Update): Selling In Receivership [SocketSite]
∙ As One Ecker Turns (Over): Lender Forecloses As Nobody Bids [SocketSite]
∙ Pauls scoops up SoMa condo site [San Francisco Business Times]

Posted by socketadmin at 11:00 AM | Permalink | Comments (8) | (email story)

July 9, 2010

Another Round Of Sales Office Reductions At One Rincon Hill

With around 40 units remaining in unsold inventory, yesterday the sales office at One Rincon Hill (425 First) further reduced asking prices on four of their listed units by between $70,000 (5%) and $265,000 (11%).

Another 14 units at One Rincon Hill are listed on the secondary market including the short sale of 425 First Street #904 at $449,000 (purchased for $532,500 in 2008).

The foreclosed upon #3908 is currently in contract.

∙ Listing: 425 1st Street #4703 (2/2) - $1,310,000 [MLS]
∙ Listing: 425 1st Street #5302 (3/2) - $2,100,000 [MLS]
∙ The First Listed Foreclosure At 425 First (One Rincon Hill) [SocketSite]

Posted by socketadmin at 10:30 AM | Permalink | Comments (37) | (email story)

July 8, 2010

It's Game (Back) On For "The Heights At Candlestick"

Stalled out in 2008 as plugged-in people know and knew, work on the 198-unit unit “Heights at Candlestick” development on Jamestown Avenue in Bayview is firing back up under the direction of developer Rick Holliday. From the Business Times:

Noteware and Goldman Sachs shelled out an eye-popping $18.5 million for the Bayview site in 2006. At nearly $100,000 a door, Noteware and Goldman’s investment cost more than most luxury developers were paying for the most expensive highrise sites in Rincon Hill and SoMa. The team proceeded to snag a $90 million construction loan from Citibank for the Jamestown project.

While Noteware had originally positioned the development as workforce housing priced about $600 a square foot — $600,000 to $700,000 a unit — the new pricing will likely be just under $400 a square foot. The project will be billed as family housing close to biotech jobs in South San Francisco, the state park at Candlestick Point, as well as the massive redevelopment project slated for the Hunters Point Shipyard.

The first two phase one buildings totaling 66 units are 40 and 80 percent complete.

∙ The Heights At Candlestick “On Hold” According To The Sales Center [SocketSite]
∙ Developer Holliday takes over Bayview job [Business Times]

Posted by socketadmin at 11:30 AM | Permalink | Comments (3) | (email story)

June 24, 2010

First Mover Disadvantage (And A Few More Cuts) At 1327 7th Ave?

While the listings for 1327 7th Ave #4 (which had been reduced in price by 10%) and 1327 7th Ave #3 have been withdrawn from the MLS after 98 days without a sale, yesterday the list price for 1327 7th Avenue #7 was reduced another $76,000 (7%) now asking $999,000 (18% under its original list price of $1,225,000).

The list price for 1327 7th Avenue #9 has also been reduced another $76,000 (6%) now asking $1,149,000 (18% under its original list price of $1,149,000).

As we wrote about the sale of 1327 7th Avenue #11 which closed escrow in January with a reported contract price of $1,150,000, 2% under its original list price, "while we can’t vouch for whether or not the sale of #11 was an arms length transaction, we have no reason to doubt it was (nor would we really be surprised)."

∙ Listing: 1327 7th Avenue #7 (3/2) - $999,000 [MLS]
∙ Listing: 1327 7th Avenue #9 (3/2.5) 1,631 sqft - $1,149,000 [MLS]
∙ From Rendering To Reality And On The Market For 1327 7th Avenue [SocketSite]
∙ A Couple Of New Cuts For The New Condos At 1327 7Th Avenue [SocketSite]

Posted by socketadmin at 10:45 AM | Permalink | Comments (18) | (email story)

June 3, 2010

736 Valencia: Full Pricing For The Plugged-In Crowd

The website for 736 Valencia is now live and the development has officially launched. Views from the roof deck and Valencia side top floor terrace (#502) are even better in person, and the soundproofing from said street's noise is well done.

Full pricing for the plugged-in crowd:

∙ 736 Valencia #201 (2/2) - $1,200,000
∙ 736 Valencia #202 (2/2) - $950,000
∙ 736 Valencia #301 (2/2) - $975,000
∙ 736 Valencia #302 (2/2) - $1,050,000
∙ 736 Valencia #401 (2/2) - $1,050,000
∙ 736 Valencia #402 (2/2) - $1,175,000
∙ 736 Valencia #501 (2/2) - $1,200,000
∙ 736 Valencia #502 (2/2) - $1,200,000

There’s one car parking per unit and HOA dues range from $430 to $448 per month. And yes, all units in the eight unit development are on the market to be sold.

∙ 736 Valencia Hits The MLS (While 700 Valencia Hits Craigslist) [SocketSite]
∙ 736 Valencia [736valencia.com]

Posted by socketadmin at 1:45 PM | Permalink | Comments (18) | (email story)

May 27, 2010

736 Valencia Hits The MLS (While 700 Valencia Hits Craigslist)

The first of the eight new two-bedrooms at 736 Valencia (which we first unwrapped last year) has hit the market listed for $950,000 for its 1,465 square feet ($648 per square foot). And forget Medjool, we'll see you up on 736 Valencia's rooftop terrace.

At the same time at least two of the new three-bedroom units at 700 Valencia have hit craigslist asking $4,495 to $4,695 (down from $4,795) a month.

UPDATE: The two craigslist postings for 700 Valencia have been hastily removed.

∙ Listing: 736 Valencia #202 (2/2) 1,465 sqft - $950,000 [MLS]
∙ 736 Valencia Exposed (700 Valencia Still Under Wraps) [SocketSite]
∙ 700 Valencia Unwrapped (And Nine New Units Coming Soon) [SocketSite]
∙ Rental Listing: 700 Valencia #2 (3/2.5) – $4,695/month [craigslist.org]
∙ Rental Listing: 700 Valencia #4 (3/2.5) – $4,495/month [craigslist.org]

Posted by socketadmin at 7:45 AM | Permalink | Comments (29) | (email story)

May 17, 2010

5800 Third Street Lets Its For Sale Flag Fly

A plugged-in tipster reports:

This weekend a giant banner went up at 5800 Third Street (former Coca Cola Bottling Plant) in the Bayview with a link to their website. It has some general information about the landscape design firm, floor plans, amenities, retail tenants, but no photos of the units yet.

Also, much of the fencing [has come] down and awnings [are] being added. Some trees have begun to go in, and the plants appear ready to be planted.

137 new 1, 2, and 3 bedroom homes now "starting in the $300,000’s" (as opposed to the mid-$500,000s as envisioned in 2007). And a Fresh & Easy is still front and center.

∙ 5800 Third Street: Floor Plans [5800third.com]
∙ 5800 Third Street: Development Starting Back Up (Delivery In 2010) [SocketSite]
∙ Speaking Of 5800 Third Street (A Development/Developer Update) [SocketSite]
∙ Not Quite So Easy (And A Little Less Fresh For Now) [SocketSite]

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

May 14, 2010

Happenings High Atop The Infinity’s Tower Two

Listed for $2,000,000 three months ago, 338 Spear Street #41D closed escrow a week ago with a reported contract price of $1,425,000 or $1,063 per square foot for the 1,340 square foot two-bedroom "penthouse" unit a floor below the top of The Infinity's tower two.

At the same time, the list price for 338 Spear Street #41B was just reduced $1,900,000 (26%), now asking $5,450,000 for the 3,329 square foot three-bedroom penultimate penthouse unit ($1,637 per square).

And the crown jewel of The Infinity’s tower two (338 Spear Street #42B) has been listed for $5,800,000 or $1,742 per square foot for the 3,329 square foot penthouse with unobstructed bay views.

As you might recall, the 3,355 square foot penthouse #37B atop the first Infinity tower sold for $6,900,000 ($2,056 per square foot). Its views have since been obstructed by tower two.

∙ Listing: 338 Spear Street #41B (3/3.5) 3,329 sqft - $5,450,000 [MLS]
∙ Listing: 338 Spear Street #42B (3/3.5) 3,329 sqft - $5,800,000 [MLS]
∙ Infinity Sales Update And A Few Additional Details For Tower Two [SocketSite]
∙ Infinity Penthouse Unit 37B: Before And After (And The Budget) [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (38) | (email story)

Have We Seen This Movie (Or Symphony) Before?

The latest campaign from the sales office at Symphony Towers: "Buy your own studio home with only $13,000 down payment.*" From the asterisk: "Down payment is based on a $369,000 purchase price, FHA approved financing, and seller paid closing cost."

∙ Symphony Towers Moves To Sell Twenty-Six Leased Leftover Units [SocketSite]

Posted by socketadmin at 8:45 AM | Permalink | Comments (11) | (email story)

May 11, 2010

Citadine (1299 Bush): NOD Filed As Lienholders Continue To Line Up

The mechanics liens now total over four million, and as a plugged-in reader noted last month, a Notice of Default (NOD) was filed on Citadine (1299 Bush) with $14,594,856 past due on a $15,500,000 note. Plugged-in people shouldn’t have been caught by surprise.

No update on the attempted pre-emptive bulk sale of the building. Tipsters?

∙ From Bulk(y) To Lien For Citadine At 1299 Bush [SocketSite]
∙ The Citadine (1299 Bush) Scoop: Seeking A Bulk Sale Of The Building [SocketSite]
∙ Citadine (1299 Bush): Current Pricing And A Peek Inside [SocketSite]
∙ Citadine Cuts Between Four And Ten Percent For Listed Condos [SocketSite]

Posted by socketadmin at 1:30 PM | Permalink | Comments (8) | (email story)

May 7, 2010

1840 Washington: The Design (By Way Of A Plugged-In Tipster)

A plugged-in tipster heeds our call and delivers a few drawings for 1840 Washington rising.

There are a couple more. And our inbox remains open for others. Cheers.

∙ 1840 Washington: Construction Commences (And Calling All Tipsters) [SocketSite]
∙ Pueblo Building Portfolio [pueblobt.com]

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

May 6, 2010

1840 Washington: Construction Commences (And Calling All Tipsters)

Plugged-in people have long known about the plans for 1840 Washington (nine stories with 26 condos, subterranean parking, commercial on the ground floor, and a roof deck).

We know the new building is expected to look similar to Pacific Place (the building to the right), construction is expected to last 18 months, and they'll be working Monday through Friday from 7:30am to 4:30pm.

But while the lot was cleared earlier this year and construction has now commenced, other than the little drawing a tipster was able to deliver last year we still don’t have any decent renderings. So once again, we're calling all tipsters (tips@socketsite.com).

∙ The SocketSite Scoop On 1840 Washington: Demo And 26 New Condos [SocketSite]

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

May 5, 2010

The Parc Esprit (840 Minnesota): 30 Percent Sold Leased

With a leasing office that’s only been open for two weeks, a third (20+) of the sixty-seven (67) units formerly known as Esprit Park North (now "The Parc Esprit") have been leased.

Rents for the remaining one-bedrooms range from $2,475 to $2,950 while the two-bedrooms range from $3,050 to $4,000. Esprit Park originally hit the market in 2007 with one-bedrooms in the South Court priced from the "Upper $600,000's" and two-bedrooms from the "Mid $900,000's" (from $549,000 seven months later).

Leases currently run eleven months (think Esprit Park CC&R’s) with expectations that the units will return to the for sale market in three to five years. And while the leases aren’t being written with an option to buy, leaseholders do get a first right of refusal.

In related Esprit Park news, all but six (6) of the seventy-five (75) condos in the South Court (900 Minnesota) are either closed or in contract (up from 38 closed or in contract a year ago).

Full Disclosure: The sales office for Esprit Park currently advertises on SocketSite but did not provide any compensation for - nor had any prior knowledge of - this post.

∙ Homes On Esprit Park (900 Minnesota): 26% Closed Or In Contract [SocketSite]
∙ Sales Office For Esprit Park (888 Minnesota) Opens Tomorrow (10/5) [SocketSite]
∙ Reader’s Reports: Homes On Esprit Park Now Starting From $549,000 [SocketSite]

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

1355 Pacific: Inside (And Priced From $799,000 $749,000)

Two one-bedrooms at 1355 Pacific have been listed with prices of $749,000 for the 879 square foot #103 ($852 per square) and $849,000 for the 880 square foot #403 three floors above (and $964 per square).

In addition, the website for 1355 Pacific has been updated to include interior photos for three of the twenty-three units (but still notes "prices from $799,000").

∙ Listing: 1355 Pacific Avenue #103 (1/1.5) 879 sqft - $749,000 [MLS]
∙ Listing: 1355 Pacific Avenue #403 (1/1.5) 880 sqft - $849,000 [MLS]
∙ The Newest 23 On Nob Hill (1355 Pacific) Coming Soon [SocketSite]
∙ 1355 Pacific [1355pacific.com]

Posted by socketadmin at 9:30 AM | Permalink | Comments (14) | (email story)

April 30, 2010

Bay Oaks (4800 Third) BMR Round Two (Or Three)

Bay Oaks (4800 Third Street) consists of eighteen below market rate (BMR) units over 2,100 square feet of ground floor retail and parking for eleven cars. It's also conveniently located across the street from a Third Street light rail stop.

In the words of the architect:

The site reclaims an urban corner on a long vacant site in the Bayview Town Center. All dwelling units have windows on at least two sides, providing cross-ventilation and daylight. An interior courtyard provides protected open space in this dense, urban neighborhood.

One (12) and two (6) bedroom condos for first time buyers currently priced from $155,864 to $272,934. And as previously noted, income restrictions have recently been relaxed for Phase Two sales in the development. At least seven units remain.

∙ 4800 Third Street [4800thirdstreet.com] [Phase Two Sales Sheet]
∙ Bay Oaks: 4800 3rd Street [vmwp.com]
∙ Relaxing BMR Rules At Mission Walk To Compete With Bank-Owned [SocketSite]

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

Union Update: 66 Of 76 Condos (86 Percent) Closed Or In Contract

Sixty-six (66) of the seventy-six (76) condos at Union (2101/2125 Bryant) are now in contract or closed (86 percent). Of the ten remaining units, nine are three-bedrooms with asking prices currently ranging from $775,000 to $870,000.

"[The sales] staff tells me that the other thing that’s selling is the extra parking spaces, don’t know how many are left but I was surprised that the market is $35,000 per slot."

Roughly 40 percent of the 76 were in contract when they first started closing sales this past December (and versus 64 units reported closed or in contract as of two weeks ago).

∙ The Union Of 76 New Units At 2101/2125 Bryant [SocketSite]
∙ Union Update: 40 Percent Currently In Contract, Closings This Week [SocketSite]
∙ Sales Office Stats: 555 Bartlett, 829 Folsom, LindenHayes, And Union [SocketSite]

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

April 28, 2010

Sales Office "Close Outs" (And Comps) At Arterra And Infinity

Originally asking $1,319,000 but listed on the MLS by the sales office for $1,059,000 five months ago, 300 Berry #1610 closed escrow yesterday with a reported contract price of $850,000. That’s $834 per square foot for the Arterra two-bedroom, two-bath penthouse with terrace (and 36 percent under its original ask).

Over at Infinity the sale of 338 Spear Street #38C closed escrow yesterday with a reported contract price of $2,250,000. That’s $1,385 per square foot for the 1,624 square foot high floor three-bedroom in Infinity’s Tower II and 25 percent under its sales office list price as of six months ago (listed at $2,995,000).

∙ Four To Go At Arterra (300 Berry) At Up To 33 Percent Off [SocketSite]
∙ Infinity Tower Two Apples-To-Apples (And Comps Above And Below) [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (18) | (email story)

April 21, 2010

A Couple Of New Cuts For The New Condos At 1327 7Th Avenue

The sale of 1327 7th Avenue #11 closed escrow on January 8, 2010 with a reported contract price of $1,150,000 ($904 per square foot and 2% under original asking).

Today, the list price for 1327 7th Avenue #9 was reduced $170,000 (12%) to $1,225,000 ($751 per square foot) while the list price for 1327 7th Avenue #7 was reduced another $74,000 to $1,075,000 (now asking 12% under its original list price as well).

Please don't make the mistake of comparing the price per square foot of a two-bedroom sale with the asking price of a much larger three. Wondering about how the units were relatively priced and how that's now changed, however, is fair game.

And once again, while we can’t vouch for whether or not the sale of #11 was an arms length transaction, we have no reason to doubt it was (nor would we really be surprised).

∙ Listing: 1327 7th Avenue #7 (3/2) - $1,075,000 [MLS]
∙ Listing: 1327 7th Avenue #9 (3/2.5) 1,631 sqft - $1,225,000 [MLS]
∙ From Rendering To Reality And On The Market For 1327 7th Avenue [SocketSite]

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

April 16, 2010

Sales Office Stats: 555 Bartlett, 829 Folsom, LindenHayes, And Union

Sales office stats by way of the San Francisco Business Times for a few of the smaller new condo developments about town:

∙ 555 Bartlett: 31 (including 9 BMR) of 46 units in contract
∙ 829 Folsom: 19 of 69 units in contract
∙ LindenHayes: 21 of 31 units in contract
∙ Union: 64 of 76 units in contract or closed

"Pricing of these projects is a good 25 to 30 percent below the peak of the last cycle with prices hovering in the $600 to $750 a square foot range now. Buyers are bargaining hard while developers are lucky to recoup their equity or eke out a slim profit.”

∙ San Francisco condos rebound — in a small way [San Francisco Business Times]
∙ Snap! 555 Bartlett In Living Color [SocketSite]
∙ 829 Folsom Cuts Prices And Pushes For April Closings [SocketSite]
∙ 233 Franklin Dubbed "LindenHayes" (And An Overview Now Online) [SocketSite]
∙ The Union Of 76 New Units At 2101/2125 Bryant [SocketSite]

Posted by socketadmin at 7:45 AM | Permalink | Comments (14) | (email story)

April 15, 2010

Soma Grand Sales Banner Is [Coming] Down As One Unit Remains

The tips started rolling in last week as Soma Grand residents received word that the sales banners on the side of the building were coming down ("you will now be able to enjoy your views!") and the last of the elevators was un-permanently-padded.

And as of yesterday, only one new unit remained available and the list price for 1160 Mission #1508 was reduced by another $40,000. Now asking $899,000 but noting "BRING OFFER" for the 1,201 square foot two-bedroom former model unit with city views.

Keep in mind Unit #1708 sold for $900,000 this past November while #1208 sold for $840,000 in December (both 1,201 square feet as well).

And cheers to all involved. It’s hard to believe it's been three years.

∙ Listing: 1160 Mission #1508 (2/2) 1,201 sqft - $899,000 [MLS]
∙ The Soma Grand: The SocketSite Straight Scoop [SocketSite]

Posted by socketadmin at 3:30 AM | Permalink | Comments (53) | (email story)

April 7, 2010

Hunters View Groundbreaking Buildingbreaking Ceremony Today

Speaking of HOPE SF and the rebuilding of public housing in San Francisco, the official groundbreaking (or rather buildingbreaking) ceremony for the redevelopment of the 267-unit Hunters View public housing development is scheduled for this morning.

The first phase of the project will consist of 106 new public housing and BMR rental units and will no longer include any of the 250 to 300 market rate condos (expected to be priced around $425 per square foot) nor 50 BMR condos which will now follow in later phases of the 650-ish-unit mixed-income redevelopment.

∙ JustQuotes: Additional Details (Like Dollars) On Keeping Hope SF Alive [SocketSite]
∙ Rebuild Potrero: The Master Plan, Timeline And Community Events [SocketSite]
∙ JustQuotes: A New Vision For A Hunters Point Neighborhood [SocketSite]
∙ HOPE SF: Hunters View [sfha.org]

Posted by socketadmin at 6:00 AM | Permalink | Comments (7) | (email story)

April 2, 2010

SocketSite Sneak Peek: Inside One Hawthorne

More photos are on the way, but here’s a sneak peek inside One Hawthorne for the plugged-in crowd. Both images from the 7th floor model units, the one above is from #7H (a two-bedroom) looking west down Howard. The one below is from #7D (a one-bedroom) for a feel of the finishes (click to enlarge).

Once again, brokers will first tour the building on April 19 with the first contracts being written (or rather accepted) on the 21st.

∙ One Hawthorne: The SocketSite Straight Scoop (And Sales Update) [SocketSite]

Posted by socketadmin at 4:45 PM | Permalink | Comments (28) | (email story)

1355 Pacific: Two Top Floor Two-Bedrooms Listed At Eleven A Square

The first two condos at the newly constructed 1355 Pacific have been listed, both two-bedrooms and priced at $1,145,000 and $1,229,000, or $1,126 and $1,108 per square foot respectively for 1355 Pacific #405 and #402 on the top floor.

Unfortunately neither of the listings currently include any interior photos (which are still missing from 1355 Pacific’s website as well).

∙ Listing: 1355 Pacific Avenue #402 (2/2) 1,109 sqft - $1,299,000 [MLS]
∙ Listing: 1355 Pacific Avenue #405 (2/2) 1,016 sqft - $1,145,000 [MLS]
∙ The Newest 23 On Nob Hill (1355 Pacific) Coming Soon [SocketSite]
∙ The 1355 Pacific Floor Plan Challenge: Find The Third Bedroom [SocketSite]

Posted by socketadmin at 7:45 AM | Permalink | Comments (36) | (email story)

UCSF Mission Bay Medical Center Project Costs Down, Donations Up

Thanks to “both the economic recession and the innovative strategies being used to manage...design and construction,” the construction cost for UCSF’s Mission Bay Medical Center will be “at least $200 million below the original cost estimate.”

An anonymous pledge for a new $100 million donation brings the current fundraising total to $325 million, more than half-way to UCSF’s goal of $600 million.

And as a plugged-in tipster notes, "the plan is to build the hospital with the assumption that no funding will be forthcoming from the State."

∙ Making Way For UCSF’s New Mission Bay Medical Center [SocketSite]
∙ UCSF Medical Center Set to Break Ground at Mission Bay This Year [ucsf.edu]
∙ The Designs And Timing For UCSF’s New Mission Bay Medical Center [SocketSite]

Posted by socketadmin at 6:30 AM | Permalink | Comments (22) | (email story)

March 30, 2010

One Hawthorne: The SocketSite Straight Scoop (And Sales Update)

While One Hawthorne's website has been live since last October (to which floor plans for the first seven floors have since been added), and the onsite sales office has been "open" for a few months, pricing has yet to be finalized and tours still aren’t being offered.

The disconnect between an "open" sales office and lack of information has led to a slew of One Hawthorne related readers' tips like the following:

I've toured the One Hawthorne sales office 3 times over the past 2 months now and I find it a bit unsettling that the building still does not have pricing or models and DOES NOT anticipate pricing and tours until "late Spring" without further specifics….I'm a highly interested and qualified buyer looking to downsize from my home in Marin but I feel like this developer must not have their act together if the sales office have been open for almost 3 months (the office opened on January 4th) with no idea of pricing or when people will begin to write contracts.

So here’s the inside scoop...select brokers will be getting their first tours of the building on April 19 at which time pricing will be released. Brokers will also tour on the 20th and the sales office will start writting contracts on April 21.

Once again, One Hawthorne consists of 165 units (26 junior one's, 74 one-bedrooms, 59 two-bedrooms, and 6 three-bedroom penthouses) with 124 non-deeded parking spaces which will be valet and are expected to run around $300 per month.

With a $120 million construction loan, whether or not the developer of One Hawthorne will end up underwater on the development, and what role that’s played in any delay to date, is open for debate.

We'll wait for actual pricing and early sales figures before we join the fray.

∙ One Hawthorne: A Couple Of Renderings To Accompany Our Reality [SocketSite]
∙ One Hawthorne: Close To Being Closed In But Without Its Crown? [SocketSite]

Posted by socketadmin at 2:45 PM | Permalink | Comments (51) | (email story)

March 24, 2010

Artani (818 Van Ness) Inventory Starts To Return As Expected

As plugged-in people first knew to expect, unsold units at the Artani (818 Van Ness) have started rolling back on to the MLS as listed inventory.

One-bedrooms with parking are now listed from $489,000 (down 18% "from $599,000" in 2008), one-bedrooms with two baths from $549,000 (down 21% "from $699,000" in 2008) and two-bedrooms from $699,000 (down 12% "from $799,000" in 2008).

No word on exactly how many of the 54-unit building's rental residents exercised their first right of refusal to purchase, but we would be interested if you know (tips@socketsite.com).

UPDATE (3/25): A plugged-in resident tipster reports:

They are setting up a sales office on the ground floor in the permanently vacant (so far) retail space. I am still a tenant here and will not be exercising my first right of refusal as I believe the price and HOA fees are just too high.

They plan on selling floors 2-6 first. The cheapest units are at the front of the building on the 2nd floor (no side windows as it shares a wall with the sushi joint. Floors 7-8 are done to a higher spec. Seems a majority of the building is empty now. Most tenants moved in about a year ago and their leases ended. There has been a revolving door of moving trucks here in the last 3 months.

Also, they have a bunch of maintenance folks fixing up the units for sale after a tenant vacates. They will all be in near perfect condition. I've had a walk through some of the staged units and they look great.

∙ Artani (818 Van Ness) Scoop Redux: Unsuspending Sales [SocketSite]
∙ Listing: 818 Van Ness #208 (1/2) 795 sqft - $549,000 [MLS]
∙ Listing: 818 Van Ness #305 (1/1) 645 sqft - $489,000 [MLS]
∙ Listing: 818 Van Ness #307 (2/2) 990 sqft - $699,000 [MLS]
∙ The Artani (818 Van Ness) Opens And A Plugged-In Reader Reports [SocketSite 9/08]
∙ A Plugged-In (Artani) Resident Tipster Reports On Round Two [SocketSite]

Posted by socketadmin at 11:30 AM | Permalink | Comments (33) | (email story)

The 1355 Pacific Floor Plan Challenge: Find The Third Bedroom

The website for 1355 Pacific makes note of at least one three-bedroom, three-bath unit amongst its twenty-three. And while a plugged-in reader successfully finds the building's floor plans, the aforementioned three-bedroom seems to remain a mystery...

UPDATE: And we believe we have our winner: "Unit 102 has an interior stairwell. I am sure if you walk down the stairs you will find the third bedroom."

∙ The Newest 23 On Nob Hill (1355 Pacific) Coming Soon [SocketSite]

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

March 23, 2010

The Newest 23 On Nob Hill (1355 Pacific) Coming Soon

It’s not yet listed, and its placeholder site doesn’t yet feature any interior photography, but as a plugged-in tipster notes, the 23 new construction Nob Hill condominiums with parking for all at 1355 Pacific are about to hit the market with prices starting at $799,000.

Designed by Sternberg Benjamin Architects (as plugged-in people have known for two years), official showings have started will start next week, and additional details (and photos) are coming soon.

∙ 1355 Pacific [1355pacific.com]
∙ Sternberg Benjamin Architects [sternbergbenjamin.com]
∙ The Proposed Design For 1355 Pacific (And Request For That Of 1536) [SocketSite]

Posted by socketadmin at 1:00 PM | Permalink | Comments (25) | (email story)

March 18, 2010

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

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

From the Examiner today:

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

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

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

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

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

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

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

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

March 3, 2010

The Latest (By Two Weeks) One Rincon Hill "06" Comp

Listed by the sales office for $1,295,000 this past December, the sale of 425 1st Street #3906 closed escrow last month with a (just now) reported contract price of $960,000 ($775 per square foot) for the One Rincon Hill 1,238 square foot high-floor two-bedroom.

As plugged-in people might recall, tax records suggest the same floor plan but twenty-six floors below (#1306) was sold by the sales office for just over $975,000 in 2006 and then resold for $930,000 this past June.

The re-sale of 425 1st Street #806 has been on and off the market since April 2009 and is currently asking $899,000.

UPDATE (3/4): The sales office list price for 425 1st Street #3906 on the first day of sales in 2006 (after which prices were raised) was $1,195,000.

The first day list price for #1306 was $905,000 (note the not first day sales office sale price of just over $975,000). And the first day list price for #806 was $855,000.

∙ An 06 Comp (In More Ways Than One) At One Rincon Hill [SocketSite]
∙ Listing: 425 1st Street #806 (2/2) 1,238 sqft - $899,000 [MLS]
∙ First Impressions: One Rincon Hill Sales Center [SocketSite]

Posted by socketadmin at 1:15 PM | Permalink | Comments (40) | (email story)

March 2, 2010

415 For 417 At 300 Berry (Arterra)

Listed for $539,000 in late 2008, the list price for Arterra (300 Berry) #417 was increased to $579,000 last August. Reduced and last asking $459,000, the sale of the 660 square foot one-bedroom closed escrow today with a reported contract price of $415,000 ($629 per square foot).

Industry reports will reflect a sale at 10 percent under asking. They won’t reflect the 23 percent drop from original list or 2008 expectations ($817 per square foot).

∙ Four To Go At Arterra (300 Berry) At Up To 33 Percent Off [SocketSite]

Posted by socketadmin at 12:00 PM | Permalink | Comments (37) | (email story)

February 24, 2010

San Francisco’s Q4 2009 Housing Pipeline Report

According to the San Francisco Planning Department’s Q4 2009 Pipeline Report, San Francisco's current big picture (click to enlarge) housing pipeline is as so:

∙ 128 projects with 1,320 housing units are currently under construction
∙ 190 projects representing 2,070 units have received a building permit
∙ 328 projects representing 4,620 units have applied for a building permit
∙ 119 projects representing 8,220 units have been approved by the Planning Department
∙ 108 projects representing 30,370 units have filed for Planning Department approval

Overall pipeline residential units currently total 46,600, down from 54,790 in the second quarter of 2009, but up from 30,002 in the first quarter of 2007. Of course the share of those under construction (4,978 in 2007) has shifted and applications for proposed new units have plummeted over the past two years.

∙ San Francisco Pipeline Report: Q4 2009 [sf-planning.org]
∙ San Francisco’s Housing Pipeline And 2009 Housing Element Report [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (15) | (email story)

February 22, 2010

Now "Nove" On Guerrero (Formerly Flora Grubb)

As we wrote a year ago:

In the words of a plugged-in tipster…“The empty lot where Flora Grubb used to be on Guerrero at 23rd is being excavated as we speak!” (Or type.)

Three lots which were first developed in 1895 to house the Stewart Memorial Presbyterian United Church which was cowardly firebombed in 1973 following its conversion to the Metropolitan Community Church with a predominantly gay congregation.

Next up for 1074 Guerrero, nine new homes in all: three two-unit residences along Guerrero, three single-family homes along Ames behind, and courtyards in-between.

Now dubbed "Nove," prices for the nine units have been set at $1,125,000 to $1,749,000 ("about $750-$900/sqft, depending on the unit...the townhomes on Ames are less expensive") and "the workmanship and quality of the finishes [are] seriously impressive" according to a plugged-in tipster who has walked through. Design by Handel Architects.

Only one of the nine units has officially been listed so far (and without much photography) while the development's website isn't yet offering up any interior or design porn.

∙ Flora Grubb On Guerrero (1074) Is Gone, Nine New Homes Up Next [SocketSite]
∙ Listing: 1062 Gurrero (3/2) - $1,575,000 [MLS]
∙ Nove [nove-sf.com]

Posted by socketadmin at 11:30 AM | Permalink | Comments (68) | (email story)

February 17, 2010

Four To Go At Arterra (300 Berry) At Up To 33 Percent Off

From six to sell six days ago it’s now four to go today at Arterra (300- Berry). And with prices that have been cut up to 33 percent (the two-bedroom, two-bath penthouse #1610 with terrace was originally listed at $1,319,000 but can now be had for $899,000).

One one-bedroom (#1409) is available at $539,000 (originally listed for $673,000).

∙ Arterra (300 Berry) Update: And Then There Were Six To Sell [SocketSite]

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

February 16, 2010

829 Folsom Cuts Prices And Pushes For April Closings

While the old sales team had around ten of the units in contract at one point last year, they weren’t able to get any of the 69 condos at 829 Folsom closed. And on the first of January a new sales and marketing team took over.

Prices were dropped around 25 percent at the end of January (although the cuts haven’t yet been widely publicized), and twelve of the units are now in contract (including seven units that were in contract last year and are being rewritten to reflect the new prices).

The sale team is targeting mid-April for closings with the goal of having 30 percent (21 units) of the building in contract by that time. The lowest priced unit in the building is now an "M" studio without parking at $372,500, one-bedrooms with parking now start at $482,500, and two-bedrooms with parking are now priced from $699,000.

Full Disclosure: The new sales and marketing company for 829 Folsom advertises on SocketSite and provided sales data at our request but did not provide any consideration for this post.

∙ 829 Folsom: Starting From $550,000 $485,000 $399,000 $365,000 [SocketSite]
∙ 829 Folsom Street: New Details, Online Registration, And Timing [SocketSite 5/08]

Posted by socketadmin at 3:00 PM | Permalink | Comments (29) | (email story)

February 10, 2010

Arterra (300 Berry) Update: And Then There Were Six To Sell

From 35 to sell in early December to only 6 today according to the sales office at Arterra (300 Berry). That’s 263 condos either closed or in contract we’ll assume.

∙ Arterra (300 Berry) Update: Roughly 85 Percent Closed Or In Contract [SocketSite]

Posted by socketadmin at 12:15 PM | Permalink | Comments (27) | (email story)

February 9, 2010

Snap! 555 Bartlett In Living Color

From your first peek two months ago to fully (for the most part and excluding the mural) painted today for 555 Bartlett. No word on why some people seemed to be working themselves up into a tizzy over the primer (which has since been painted over).

Once again, fifty-eight (58) condos over 67 residential parking spaces, 25 commercial parking spaces, and a Walgreens with prices starting in the $400,000s for one-bedrooms, $500,000’s for two-bedrooms, and a few three-bedrooms from the $600,000’s.

And yes, the sky above is real.

∙ Take It Off! 555 Bartlett (Née 3400 Cesar Chavez) Teases [SocketSite]
∙ 555 Barlett (A.K.A. 3400 Cesar Chavez) Positions For Sales [SocketSite]

Posted by socketadmin at 5:15 PM | Permalink | Comments (26) | (email story)

February 8, 2010

365 Fulton (AKA Parcel G) Design Evolved, Site Work Commences

Site work has commenced at 365 Fulton (a.k.a. "Central Freeway Parcel G").

Parcel G will be a five story development including 120 studio units of housing for extremely low income, formerly chronically homeless individuals, located at the corner of Fulton & Gough streets.

The building also includes approximately 2,680 square feet of ground floor retail commercial space, approximately 2,500 square feet of common space and 2,000 square feet of social service program space.

Additionally there is approximately 9,000 square feet of open courtyard and roof deck open space area.

The David Baker + Partners design preserves views of the existing mural from the courtyard, through the lobby on Fulton, and from the street on Gough. No parking (except for bikes). And the yellow was a (nice) post-community input added touch.

Expect completion in the summer/fall of 2011.

∙ Development Summary Form: MHSA Housing Program Parcel G [sfdph.org]
∙ RFPs For Housing Along Octavia Boulevard [SocketSite]
∙ David Baker + Partners Parcel G Design [dbarchitect.com]

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

February 4, 2010

Soma Grand (1160 Mission) Resale Comp And Stack Reduction

The resale of 1160 Mission #1407 closed escrow on 1/25/10 with a reported contract price of $640,000 ($5,000 under asking and $614 per square foot) for the 1,043 square foot two-bedroom at the Soma Grand.

Once again, while Soma Grand’s sales office appears to have sold the 1,031 square foot two-bedroom #1207 for $810,000 in August '08, they moved the 1,043 square foot #1507 for $645,000 in May '09. There is no thirteenth floor.

And while they were asking $785,000 for the 1,031 square foot #1907 in December, they’re now down to $699,000.

∙ Listing: 1160 Mission #1907 (2/2) 1,031 sqft - $699,000 [MLS]
∙ Four Sevens (And One Resale) At Soma Grand (1160 Mission) [SocketSite]

Posted by socketadmin at 10:00 AM | Permalink | Comments (53) | (email story)

January 28, 2010

A Few Perspectives On San Francisco’s (Potential) Future Skyline

Speaking of the proposed 222 Second Street, future shadows (or not), and Transbay re-development(s), a few perspectives on San Francisco’s potential future skyline.

∙ The 222 Second Street Scoop (For The Second Time) [SocketSite]
∙ From The Shadows They Start To See The Light [SocketSite]
∙ And San Francisco's Transbay Joint Powers Authority Rolls… [SocketSite]

Posted by socketadmin at 10:45 AM | Permalink | Comments (16) | (email story)

January 15, 2010

Development Carrots Have Developers Atwitter (But Still Not Funded)

The Mayor’s proposed carrots in the form of deferred impact and reduced affordable housing fees has caught the attention of the developer community as Tishman Speyer estimates the cuts could shave two years off the start date for 201 Folsom (for which they currently have three years to start).

Also noted, Bosa Development is "scrambling to obtain financing for a July construction start for the next 170 units of [Radiance Phase II]." And there’s the rub. Regardless of developer optimism, it all comes down to the financial markets opening back up (which are being driven more by fundamentals than exuberance these days).

∙ Carrot, Stick, And Cell Legislation In The Works For San Francisco [SocketSite]
∙ Fee break targets housing [San Francisco Business Times]
∙ 201 Folsom: Three More Years To Contemplate And Start Construction [SocketSite]
∙ Radiance At Mission Bay Phase II Update: Officially "Suspended" [SocketSite]

Posted by socketadmin at 9:00 AM | Permalink | Comments (23) | (email story)

January 13, 2010

Infinity Phase I Sold Out, Phase/Tower II Roughly 85 Percent Closed

While Tower I sold out in November as previously reported, the final Phase I condo (Tower I plus the treetops) has now closed as well. Call it roughly 50 closings over the past two months with 600 of the 650 Infinity units closed (and 25 that aren't currently in contract).

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

Posted by socketadmin at 11:45 AM | Permalink | Comments (48) | (email story)

January 12, 2010

It’s Back To Building Digging At 1844 Market (Not So Much At 2200)

Either EastWest Bank ended up funding the project, or builder Joe Cassidy found another source of funds for the development of 1844 Market Street. For as a plugged-in reader noted a few days ago, site work on the 113 unit mixed-use project has resumed.

In related news down the way, the plan to redevelop 2200 Market into 22 new homes over retail is stalled at best as the ex-Thai House has been repainted and a new Leticia's is opening soon.

UPDATE: A plugged-in reader refines: "Cassidy is continuing excavation on his own dime. He can sell the dirt (actually in demand for sewer work, etc.) and can keep his guys working since he owns Granite Excavation." Cheers.

∙ 1844 Market Street Development Hits A Banking Speed Bump [SocketSite]
∙ 1844 Market Watch: Movement On 113 "Fabulous" Units And Retail [SocketSite]
∙ Tearing Down The Thai House At 2200 Market To Add 22 Homes [SocketSite]

Posted by socketadmin at 4:30 PM | Permalink | Comments (1) | (email story)

January 5, 2010

Making Way For UCSF’s New Mission Bay Medical Center

The abatement (asbestos) and demolition of the warehouses at 1900 3rd Street is moving quickly, and site prep for UCSF’s new Mission Bay Medical Center is scheduled to begin in March. If all goes as planned, the new facility should be ready for operations in 2014.

The buildings being built (image credit to Anshen + Allen and click either to enlarge).

And aerial context (albeit a bit old) for how it all fits for UCSF.

∙ The Designs And Timing For UCSF’s New Mission Bay Medical Center [SocketSite]

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

December 28, 2009

From Bulk(y) To Lien For Citadine At 1299 Bush

As we reported four weeks ago, the developers of The Citadine (1299 Bush) are seeking as bulk sale of the entire building. As we add today, at least five mechanics liens totaling over $2.5 million have been filed against the development over the past month.

∙ The Citadine (1299 Bush) Scoop: Seeking A Bulk Sale Of The Building [SocketSite]
∙ Citadine (1299 Bush): Current Pricing And A Peek Inside [SocketSite]
∙ Citadine Cuts Between Four And Ten Percent For Listed Condos [SocketSite]

Posted by socketadmin at 5:30 AM | Permalink | Comments (8) | (email story)

December 18, 2009

Union Update: 40 Percent Currently In Contract, Closings This Week

According to the sales office of Union (2101/2125 Bryant), "over 30 homes" are currently in contract (versus a reported 29 in November) and the first closings should start this week.

∙ The Union Of 76 New Units At 2101/2125 Bryant [SocketSite]
∙ The First Five Of Union’s Seventy-Six [SocketSite]

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

December 17, 2009

Same Story, Different Day, Additional Architectural Context

∙ Hats Off To Zygmunt Arendt And "His House" At 850 Broderick | Comments [SocketSite]

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

December 16, 2009

233 Franklin Dubbed "LindenHayes" (And An Overview Now Online)

The mixed-use development at the corner of Franklin and Hayes has been dubbed LindenHayes and apparently the residential address will be 233 Franklin (versus 231). Hopefully not to be confused with Linden Hayes Fine Art at 1925 Hayes.

From the development’s website that's now live as pointed out by a plugged-in reader:

The lobby, accentuated with wood-paneled walls, is highlighted with decorative panels by Lumicor. The distinctive exterior is a composition of materials including brick, fiber cement rainscreen panels, metal and glass. The courtyard was created by Marta Fry Landscape Architects and features a unique design of paving and planter walls to provide a serene setting of trees and plantings complementing the quality architecture of LindenHayes.

The living areas of the units have hardwood floors in Brazilian cherry or European white oak, by Berg and Berg. Generous bathrooms feature expansive custom tile finishes and frameless glass enclosures. All the residences include washer/dryer (gas) hookups. Exterior doors and windows are custom-built metal-framed systems with insulated glass by Bonelli, and feature floor-to-ceiling windows in main living areas.

In the kitchens: Studio Becker cabinets, Bertazoni stoves, Fisher Paykel refrigerators, Bosch dishwashers and microwaves/vented hoods. One car parking per unit, air conditioning, and occupancy as early as February, 2010. Floor plans online.

And confirming our previously reported scoop, "The very popular Grove [Café] is planned to be located at the Hayes and Franklin corner."

∙ LindenHayes (233 Franklin) [lindenhayes.com]
∙ 231 Franklin Starts To Strip Its Scaffolding [SocketSite]
∙ The Grove Heading To Hayes Valley [SocketSite]

Posted by socketadmin at 5:45 PM | Permalink | Comments (19) | (email story)

Hats Off To Zygmunt Arendt And "His House" At 850 Broderick

The namesake of "a World War II refugee who left $6 million to the City and County of San Francisco…[and] specified that 60 percent of his estate be used for the poor and needy and 40 percent for the neediest seniors," the Zygmunt Arendt House at 850 Broderick broke ground earlier this year and has quickly risen.

[The $16 million Development] contains 47 studio units located in a residential neighborhood known for its beautiful Victorian fabric. The project's lobby and common spaces—multipurpose room, management and service offices, and mid-block garden—were designed to encourage interaction among staff and its formerly homeless tenants. The project's sustainable features include an energy-efficient building envelope and mechanical systems, rooftop photo-voltaic panels, and a stormwater detention system that directs runoff to streetside planters.

Hats off to Zygmunt Arendt along with the Community Housing Partnership and TNDC.

UPDATE (12/17): A bit more architectural context for the building:

∙ Affordable housing development breaks ground [Business Times]
∙ 850 Broderick Design [WRT Solomon E.T.C.]

Posted by socketadmin at 8:45 AM | Permalink | Comments (17) | (email story)

December 10, 2009

A Quick Resale And Update For BLU (631 Folsom)

Purchased for a recorded $584,000 six months ago, and which appears to have included a year of pre-paid HOA dues worth $7,482 ("Hoa paid thru 6/2010"), 631 Folsom #6E returned to the market yesterday asking $669,000 as the first listed resale at BLU.

At the time of purchase this past June, BLU was around 25 percent in contract, prices had been cut a few months before in order to reach a pre-sale requirement, and #3E was the lowest list price unit at $599,000 (down from $739,000).

Today BLU is roughly 50 percent sold.

Full Disclosure: BLU currently advertises on SocketSite but provided no compensation for (nor had any prior knowledge of) this post.

∙ Listing: 631 Folsom #6E (2/2) 931 sqft - $669,000 [MLS]
∙ BLŪ Update: Just Under 25% In Contract And Closings This Week [SocketSite]
∙ BLU Cuts Pre-Sale Required Green To $575,000 (And Up To 26%) [SocketSite]

Posted by socketadmin at 11:00 AM | Permalink | Comments (55) | (email story)

December 9, 2009

Take It Off! 555 Bartlett (Née 3400 Cesar Chavez) Teases

While the announced fall 2009 opening for the sales office of 555 Bartlett (née 3400 Cesar Chavez) never materialized (we’re expecting early 2010), the first bits of scaffolding surrounding the sixty-unit development have started to come down.

Precita Eyes has been commissioned to adorn the Caesar Chavez façade with a mural. And as of July, prices were expected to be in the $400,000's for the 30 one-bedrooms, from the mid $500,000's for the 27 twos, and $600,000+ for the 3 threes.

∙ 3400 Cesar Chavez: Approved But Opposed (By MAC) In The Mission [SocketSite]
∙ 555 Barlett (A.K.A. 3400 Cesar Chavez) Positions For Sales [SocketSite]

Posted by socketadmin at 2:45 PM | Permalink | Comments (26) | (email story)

December 7, 2009

700 Valencia Unwrapped (And Nine New Units Coming Soon)

On the heels of exposing 736 Valencia, the scaffolding around 700 Valencia comes down.

Most of the Juliette balconies didn't make the original design cut.

Nine units, nine parking spaces and ground floor retail. And as the corner looked before:

∙ 736 Valencia Exposed (700 Valencia Still Under Wraps) [SocketSite]
∙ 700 Valencia Street: The Details And Designs For Moving Forward [SocketSite]
∙ 700 Valencia: Topped Off And Filling Out [SocketSite]

Posted by socketadmin at 3:00 PM | Permalink | Comments (37) | (email story)

December 4, 2009

The Citadine (1299 Bush) Scoop: Seeking A Bulk Sale Of The Building

According to a plugged-in tipster, the developers of Citadine (1299 Bush) are now seeking a bulk sale of the entire building. Details when we have them and can confirm.

∙ Twenty-Six In The Bush At 1299 Rising (And A Reality Check) [SocketSite]
∙ Citadine (1299 Bush): Current Pricing And A Peek Inside [SocketSite]
∙ Citadine Cuts Between Four And Ten Percent For Listed Condos [SocketSite]

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

December 3, 2009

Four Sevens (And One Resale) At Soma Grand (1160 Mission)

While Soma Grand’s sales office appears to have sold the 1,031 square foot two-bedroom #1207 for $810,000 in August '08, they moved the 1,043 square foot #1507 for $645,000 in May '09, and they’re asking $785,000 for the 1,031 square foot #1907 today.

Yesterday the 1,043 square foot two-bedroom 1160 Mission #1407 hit the market as a resale asking $645,000. There is no 13th floor.

∙ Listing: 1160 Mission #1407 (2/2) 1,043 sqft - $645,000 [MLS]
∙ Listing: 1160 Mission #1907 (2/2) 1,031 sqft - $785,000 [MLS]

Posted by socketadmin at 11:30 AM | Permalink | Comments (69) | (email story)

736 Valencia Exposed (700 Valencia Still Under Wraps)

A plugged-in tipster photographs and reports: "726 736 Valencia is nearly done. Supposedly housing for next door auto repair shop's employees. Nice brown wood. 700 Valencia (at 18th) is still in it's black covers." And so can you (tips@socketsite.com).

∙ 700 Valencia: Topped Off And Filling Out [SocketSite]
∙ 700 Valencia Street: The Details And Designs For Moving Forward [SocketSite]

Posted by socketadmin at 10:45 AM | Permalink | Comments (37) | (email story)

December 2, 2009

Arterra (300 Berry) Update: Roughly 85 Percent Closed Or In Contract

We’re calling it roughly 85 percent closed or in contract for the 269 condos of Arterra (300 Berry). Up from 75 percent in July, or roughly 25 net new contracts over the past four months and around 35 condos to go.

It was just over two years ago Arterra was 40 percent pre-sold and expecting 75 percent by its opening in 2008.

∙ Arterra (300 Berry) Takes LEED Silver, Hits 75% Closed Or In Contract [SocketSite]
∙ Arterra (300 Berry) Update: 40% Pre-Sold? [SocketSite]

Posted by socketadmin at 1:15 PM | Permalink | Comments (0) | (email story)

November 30, 2009

1844 Market Street Development Hits A Banking Speed Bump

It was a plugged-in tipster that first noticed the movement on 1844 Market Street back in May. And while the builder had indeed broken ground on the 113 unit mixed-use project with 90 parking spaces and 5,000 square feet of retail, the FDIC’s seizure and sale of United Commercial Bank to EastWest Bank might throw a monkey wrench into the mix.

Builder Joe Cassidy…said the development’s financing is up in the air since United Commercial Bank was taken over. The Market Street project is the largest condo development to break ground in 2009, and Cassidy said United Commercial Bank was "the only game in town" when he went shopping for a loan. Cassidy said he doesn’t know if the loan will be funded by EastWest.

As the site looks today:

∙ 1844 Market Watch: Movement On 113 "Fabulous" Units And Retail [SocketSite]
∙ Fallout from bank failures hits Bay Area builders [Business Times]

Posted by socketadmin at 8:45 AM | Permalink | Comments (7) | (email story)

November 24, 2009

Mission Walk (330/335 Berry) Phase 2 Inventory/Application Scoop

Mission Walk will begin accepting applications for 66 below market rate (BMR) condos at 11AM on December 5, 2009. Despite an oversubscribed lottery last year, seven (7) three-bedrooms and fifty-nine (59) two-bedrooms remain available.

This time around, "applications will be processed on a first completed-first served basis."

UPDATE (11/25): With respect to an interior shot, the best we can do at the moment:

UPDATE (11/25): A plugged-in reader reports: "I'm in contract at Mission Walk as well as a CPA and current renter and have to share my thoughts..."

∙ Mission Walk: Overview and Applications [homebricks.com]
∙ Mission Walk (330/335 Berry) Prepares To Strut [SocketSite]
∙ Mission Walk (330/335 Berry) Lottery Redux: Second Round Soon! [SocketSite]

Posted by socketadmin at 11:45 AM | Permalink | Comments (61) | (email story)

November 23, 2009

Infinity Tower I Sold Out, Tower II At 70 Percent, 85 Percent Overall

From the sales office at The Infinity:

The Infinity San Francisco, a 650-unit luxury condominium development by Tishman Speyer, announced today that its 237-unit Tower I is 100 percent closed out. The Tower I close out caps off an extraordinarily successful year in which The Infinity recorded 292 net sales – nearly 45 percent of its total 650 units of inventory. The development’s 285-unit Tower II is nearly 70 percent closed just nine months after opening in February 2009. The entire development is now more than 85 percent closed.

UPDATE: Parsing the language, we estimate the treetops to be roughly 90 percent sold and “Phase One” (Tower I and the Treetops) at 97 percent closed overall. We’ll also call it roughly 40 net new Phase One sales and roughly 165 net new Tower II sales over the past eight months.

Keep in mind significant sales office discounting (over 30% for some) has been in play but has also eased up over the past couple of months.

UPDATE: A plugged-in reader believes that all the treetop units have all closed. If so, call it closer to 50 net new Phase One sales (and a Phase One closeout) over the past eight months. And either way, call it just under a hundred to go.

UPDATE: Another plugged-in reader adds: "As of two weeks ago, there were 47 available units at the Infinity...so that translates to something like 552 closed, 51 under contract, 47 available."

∙ Infinity Tower Two Sales Update: 50 Contracts Total Since January 1 [SocketSite]
∙ Infinity Sales Update: New Contracts Up But Driven By Discounts [SocketSite]

Posted by socketadmin at 1:15 PM | Permalink | Comments (75) | (email story)

November 13, 2009

From Rendering To Reality And On The Market For 1327 7th Avenue

The rendering above, the reality below, and it’s on the market for the eleven residential condos and ground floor retail of 1327 7th Avenue between Judah and Irving.

The two-bedrooms have been priced from $1,175,000 for the 1,272 square foot #11.

And the three-bedrooms have been priced from $1,225,000 for the 1,330 square foot #1, one of the three "cottages" out back.

Two of which originally stood (although not quite so high) on the site.

∙ Listing: 1327 7th Avenue #1 (3/2.5) 1,330 sqft - $1,225,000 [MLS]
∙ Listing: 1327 7th Avenue #11 (2/2) 1,272 sqft - $1,175,000 [MLS]
∙ A Reader Wonders, We Respond: The Designs For 1315-27 7th Avenue [SocketSite]

Posted by socketadmin at 11:45 AM | Permalink | Comments (43) | (email story)

November 12, 2009

The Grand Plan And Aesthetics For Candlestick/Hunters Point

The full Candlestick Point-Hunters Point Shipyard Phase II Development Plan Draft Environmental Impact Report is now online in six volumes and thirty-eight parts. The overview:

The Project proposed by Lennar Urban includes a mixed-use community with a wide range of residential, retail, office, research and development, civic and community uses, and parks and recreational open space. A major component would be a new stadium for the San Francisco 49ers National Football League (NFL) team.

Additionally, new transportation and utility infrastructure would serve the Project including a bridge across Yosemite Slough.

Specifically, the Project proposes development of 10,500 residential units with an associated population of 24,465 residents; 885,000 gross square feet (gsf) of retail; 150,000 gsf of office; 2.5 million gsf of Research & Development (R&D) uses; a 220-room, 150,000 gsf hotel; 255,000 gsf of artist live/work space; 100,000 gsf of community services; 251.3 acres of new parks, sports fields, and waterfront recreation areas...

...as well as 84 acres of new and improved State parkland; a 69,000-seat 49ers stadium; and a 75,000 gsf performance arena. The permanent employee population associated with the Project would be 10,730.

In addition, a 300-slip marina would be provided. Shoreline improvements would also be provided to stabilize the shoreline. The Project would include structured and on-street parking and various infrastructure improvements to support the development.

And of course, a bit more in terms of the big picture aesthetics and design.

∙ Candlestick Point-Hunters Point Shipyard Phase II: Project Overview [SFGov]
∙ Candlestick Point-Hunters Point Shipyard Phase II: Aesthetics [SFGov]
∙ JustQuotes: The Redevelopment Of Hunters/Candlestick Point [SocketSite]

Posted by socketadmin at 3:30 PM | Permalink | Comments (69) | (email story)

Mission Walk (330/335 Berry) Lottery Redux: Second Round Soon!

While the lottery earlier this year attracted four times as many applicants as there were available Mission Walk (330/335 Berry) BMR condos, you might not be out of luck after all. From the folks at BRIDGE Housing Corporation (emphasis ours):

Mission Walk is not oversubscribed. As of Nov. 12, more than half of the homes are in contract. From the initial round of applications, some applicants didn't meet the income qualifications, or were unable to secure a mortgage, or there was a mismatch between the applicant's household size and size of available units (for example, a one-person household is not eligible for a two-bedroom unit).

The developer and the SFRA anticipate that a second application round will open up in the next few weeks, primarily for two-bedroom homes. Interested first-time homebuyers should contact 415.495.HOME (4663) or visit http://www.homebricks.com to be placed on the interest list for Mission Walk.

Our apologies for the confusion (and cheers).

∙ Mission Walk (330/335 Berry) Prepares To Strut [SocketSite]

Posted by socketadmin at 11:30 AM | Permalink | Comments (3) | (email story)

November 11, 2009

Mission Walk (330/335 Berry) Prepares To Strut

The newest new development on Berry in Mission Bay, the 131 unit Below Market Rate (BMR) Mission Walk (330/335 Berry) is almost ready for occupancy and walkthroughs.

With a lottery which was oversubscribed by a factor of four, unless you applied when we first plugged you in a year ago it’s likely too late (see UPDATE below).

Again, composed of 25 one, 82 two, and 24 three-bedroom units priced from $159,474 to $302,735 for qualified buyers with incomes up to 80%-100% of the area median.

UPDATE (11/12): While the lottery earlier this year attracted four times as many applicants as there are available Mission Walk condos, you might not be out of luck after all. From the folks at BRIDGE Housing Corporation:

Mission Walk is not oversubscribed. As of Nov. 12, more than half of the homes are in contract. From the initial round of applications, some applicants didn't meet the income qualifications, or were unable to secure a mortgage, or there was a mismatch between the applicant's household size and size of available units (for example, a one-person household is not eligible for a two-bedroom unit).

The developer and the SFRA anticipate that a second application round will open up in the next few weeks, primarily for two-bedroom homes. Interested first-time homebuyers should contact 415.495.HOME (4663) or visit http://www.homebricks.com to be placed on the interest list for Mission Walk.

Our apologies for the confusion (and cheers).

∙ Mission Walk (330/335 Berry): BMR Applications Now Available [SocketSite]
∙ Mission Walk (330/335 Berry): Lottery Results [homebricks.com]
∙ An Overview Of Mission Bay [SocketSite]

Posted by socketadmin at 2:00 PM | Permalink | Comments (22) | (email story)

November 10, 2009

The Re-Redevelopment On The Corner Of 3rd And 19th Streets

A year ago we brought you a few chapters in the long story for the development on the northwest corner of Third and 19th Streets.

This property has been in construction for 4 years and has seen 2 shoddy contractors come and go. 2 months ago a reputable builder was brought on board and indeed the whole building must be redone, including all the rough electrical and rough plumbing. Much of this has been done over the last 2 months. Fortunately only about 5% of the sheetrock was hung.

The roof is coming off and the ENTIRE stucco too. Scaffold will be erected in the next few weeks so there will be a more visible sign of activity. This project will be rented out and there is no question of foreclosure. Lots of litigation though! Completion late Summer '09.

As it looked at the time (versus as it currently looks above):

Nearing re-completion and as a plugged-in reader notes, "19 units residential [averaging 1,400 square feet], and 2-3 unit[s] commercial" coming soon. Catercorner to 2255 Third.

∙ The Corner Of 3rd And 19th Streets: A Reader Asks (And So Do We) [SocketSite]
∙ From "Would" To "Will" And Moving Dirt At 2255 Third Street (A Recap) [SocketSite]

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

From "Would" To "Will" And Moving Dirt At 2255 Third Street (A Recap)

With a government grant in hand, dirt is moving on the site of Martin Building Company’s 2255 Third Street project. Borrowing from our 2225-2255 Third Street overview last year:

The proposed project [will] preserve and renovate two existing historic buildings and construct three new buildings above a new below-grade parking podium. In total, these buildings [will] contain approximately 242,185 square feet of floor area, including approximately 179 residential units, 5,262 square feet of restaurant uses, 11,434 square feet of retail space fronting Third Street, 2,393 square feet of day-care services, a belowgrade parking garage accessed from Illinois Street with approximately 157 parking spaces, 50 bicycle spaces, and two offstreet loading spaces.

The two new structures facing Third Street [will] be 35 feet (three stories) tall and beyond a 20-foot setback from the property line [will] be 50 feet (five stories) in height.

The new building fronting on Illinois Street [will] be 65 feet tall (six stories) in height.

And once again, 63 studios, 81 one-bedrooms, 30 two-bedrooms, and 5 three-bedrooms in the mix and on the way.

∙ San Francisco Developers Land $96 Million In Infill Grants [SocketSite]
∙ 2255 Third Street [2235thirdstreetsf.com] [Floor Plans]
∙ 2225-2255 Third Street: What Was (And Hopefully Is) In The Works [SocketSite]

Posted by socketadmin at 10:30 AM | Permalink | Comments (12) | (email story)

Three Years Later For A One Rincon Hill Townhome (And Comments)

Originally "released for sale" in March 2007 with prices "from $1.2 million to $1.8 million" for the 14 townhomes raning in size from 900 to 2,350 square feet, it was six months before that One Rincon Hill's Fall 2006 Newsletter was advertising "13 luxury townhomes along Harrison Street, starting at $1.4 million..."

Today, a One Rincon Hill two-bedroom plus den townhome (489 Harrison #302) hit the MLS asking $925,000 for 1,542 square feet ($600 per square). Call it a drop in sales office pricing of at least twenty-three percent (and likely over thirty).

A comment thread from 2007 starts:

Condos can easily drop 30-40% in SF during a correction. Any buyer at these new buildings should be prepared financially for this sort of event whether it happens or not. It is definitely a risk.

The classic (mis)conclusion at the time: those making such irrational statements must either be "disgruntled renters," "fence sitters" willing the market down, those who recently lost a home to foreclosure, or "people that missed out on early pricing at 1Rincon/Infinity."

And the 2009 versions? "Haters," "armchair amateurs," and "schadenfreude sickos."

∙ Listing: 489 Harrison #302 (2/2.5) 1,542 sqft - $925,000 [MLS]
∙ One Rincon Hill’s Townhome Collection "Officially" Released [SocketSite]
∙ One Rincon Hill’s Fall Newsletter And Update [SocketSite]

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

November 9, 2009

The Grove Heading To Hayes Valley

As the scaffolding is stripped from the mixed-use development at the corner of Franklin and Hayes (231 Franklin), a plugged-in reader delivers the scoop on what’s heading into that corner retail space: "The Grove" (currently of Chestnut and Fillmore fame).

∙ 231 Franklin Starts To Strip Its Scaffolding [SocketSite]

Posted by socketadmin at 7:30 AM | Permalink | Comments (22) | (email story)

November 6, 2009

Behind The Door Of 25 Hotaling (And The Street)

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

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

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

A plugged-in tipster reports on the development:

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

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

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

Pricing and monthly HOA dues for the Hotaling nine:

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

And yes, all listed parking is leased.

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

Posted by socketadmin at 5:30 AM | Permalink | Comments (15) | (email story)

November 5, 2009

231 Franklin Starts To Strip Its Scaffolding

231 Franklin, the mixed-use development (32 residential condos over 6,000+ square feet of retail and 36 parking spaces) at the corner of Hayes has started to strip its scaffolding. They’re hoping to be construction complete by the middle of February.

Once again, what was there before:

And the pre-reality rendering with hints of retail to be:

UPDATE: By "hints of retail to be" we weren’t being literal in terms of the types of stores, but a plugged-in reader hints at the scoop:

That hint in the rendering for a gallery/furniture store is a bad hint. According to my sources, a "well known" restaurant operator was in negotiation to take the space, and design changes were being made to place the entry in the corner.

Now come on, spill the beans. Or throw us a bone. (Or something else food related.)

∙ Okay, So Maybe Not So Soon For The Corner Of Hayes And Franklin [SocketSite]
∙ 32 Condos Coming "Soon" To The Corner Of Hayes And Franklin [SocketSite]

Posted by socketadmin at 12:00 PM | Permalink | Comments (13) | (email story)

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 (31) | (email story)

1415 Mission: Existing (Parking) And As Proposed (People)

The draft Environmental Impact Report (EIR) for a 14-story mixed-use development at 1415 Mission Street is online. As proposed, the one-story commercial building and surface parking lot on the southwest corner of Mission and Tenth (currently serving as nothing more than an indoor/outdoor parking facility) would be replaced with a 117 residential units over 2,742 square feet of ground floor commercial and a subterranean garage with up to 46 self-park (or 101 valet) residential and 15 commercial parking spaces.

The residential unit mix is proposed to include about 26 studio units, 39 one‐bedroom units, and 52 two-bedroom units. Per the Inclusionary Housing Ordinance…18 units, or approximately 15 percent, would be designated on site as affordable units.

The building would be 14 stories and 130 feet in height, with a mechanical penthouse rising an additional 16 feet. Approximately 2,453 sq.ft. of common usable open space would be provided at the penthouse (roof) level for the use of residents. Seventy‐six of the 117 dwelling units would have access to private open space in the form of balconies or terraces, totaling approximately 4,200 sq.ft. There also would be a 58‐sq.ft. plaza for the retail use, which would not count toward open space square footages for Code purposes.

If approved, construction of the proposed project would occur over approximately 24 months. The project sponsor is R & K Investments and the project architect is Heller Manus Architects.

∙ 1415 Mission: Draft Environmental Impact Report [SFGov]

Posted by socketadmin at 8:00 AM | Permalink | Comments (13) | (email story)

October 29, 2009

Citadine Cuts Between Four And Ten Percent For Listed Condos

While at least one of its 26 condos appears to be in contract (one-bedroom #204), after a month on the market list prices for 1299 Bush ("Citadine") were just reduced between four ($70,000 off #802) and ten ($80,000 off #203) percent.

∙ The "Citadine" Flags Are Flying At 1299 Bush [SocketSite]
∙ Citadine (1299 Bush): Current Pricing And A Peek Inside [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (4) | (email story)

October 26, 2009

One Hawthorne: A Couple Of Renderings To Accompany Our Reality

On the heels of our One Hawthorne reality check last week, a plugged-in tipster notes that a placeholder One Hawthorne marketing site is now live.

Not a lot of new details yet, but at least one nice rendering of the 4,000 square foot rooftop terrace that will be. And perhaps a glimpse of what’s in the works for the kitchens.

∙ One Hawthorne: Close To Being Closed In But Without Its Crown? [SoketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (18) | (email story)

October 22, 2009

430 Main/429 Beale Development Delayed

Approved by Planning with a 6-1 vote in May, according to a plugged-in reader the Board of Supervisors voted 10-2 10-0 in favor of an appeal of the 430 Main/429 Beale project.

As such, the proposed six-story and 113-unit building will now require an Environment Impact Report (EIR) to move forward with development.

From our reader, "Look for a lawsuit against the city to follow."

UPDATE: While one reader notes there are only 11 supervisors, another thinks that a focused rather than full blown EIR might suffice (which would reduced the delay and dollars involved). We’ll see if we can’t clarify on both points.

∙ 113 New Apartments at 430 Main/429 Beale Approved By Planning [SocketSite]

Posted by socketadmin at 7:45 AM | Permalink | Comments (6) | (email story)

525 Golden Gate Avenue "Officially" Breaks Ground

Put on hold in 2008 due to rising costs and lower than expected efficiencies, earlier this year a plugged-in tipster caught the crews laying the foundation for the San Francisco Public Utilities Commission’s new "Ultra-Green" headquarters at 525 Golden Gate Avenue.

Yesterday the ceremonial "ground breaking" took place. Expect an opening early 2012.

∙ When Being Green Costs Too Much: 525 Golden Gate Avenue On Hold [SocketSite]
∙ Laying The Foundation For An "Ultra-Green" 525 Golden Gate Avenue [SocketSite]

Posted by socketadmin at 7:15 AM | Permalink | Comments (3) | (email story)

October 19, 2009

One Hawthorne: Close To Being Closed In But Without Its Crown?

Topped out in June, the 24-story and 165-unit One Hawthorne is close to be closed in. And as a plugged-in reader notes, the building would likely be one of the biggest indirect beneficiaries of a relocated Fire Station Number One.

Unfortunately we don’t have an update on the development with regard to timing ("2010") or pricing. Tipsters? And once again, as initially rendered (albeit in a bit better light):

And no word on what happened to its little crown (tiara?).

UPDATE: As a plugged-in reader points out, apparently the rendering changed while we weren't looking. And that original crown/tiara is indeed gone:

∙ One Hawthorne: It Goes No Higher [SocketSite]
∙ SFMOMA Snags The Fisher Contemporary Art Collection [SocketSite]
∙ One Hawthorne: The Design (And Some Details) Of What’s On The Way [SocketSite]

Posted by socketadmin at 3:00 PM | Permalink | Comments (22) | (email story)

October 16, 2009

Getting The Lead Out On Townsend, Third, And In Mission Bay

The development of 2235 Third Street (above) and 178 Townsend (below) are getting a boost by way of low-interest government loans to clean up their lead-contaminated land.

In addition, a $200,000 grant will help "clean up land for a public park in Mission Bay near Interstate 280."

∙ 2225-2255 Third Street: What Was (And Hopefully Is) In The Works [SocketSite]
∙ 178 Townsend Approved To Become Mixed-Use With 94 Rentals [SocketSite]
∙ Millions of dollars provided for land cleanup efforts [San Francisco Examiner]

Posted by socketadmin at 9:00 AM | Permalink | Comments (0) | (email story)

October 14, 2009

The First Five Of Union’s Seventy-Six

Five of "Union’s" 76 condos on the all new construction side of the development (a.k.a. 2125 Bryant or "Union South") have hit the MLS with a studio identified as a "one-bedroom" on their marketing site floor plans (#202) listed for $511,000; two-bedrooms starting at $715,000; and three-bedrooms from $895,000.

No official listings as of yet for any of the 23 "highly-stylized lofts in a classic, historic building" of Union North (2101 Bryant).

∙ The Union Of 76 New Units At 2101/2125 Bryant [SocketSite]
∙ Listing: 2125 Bryant #007 (3/3) - $895,000 [MLS]
∙ Listing: 2125 Bryant #104 (2/2.5) - $715,000 [MLS]
∙ Listing: 2125 Bryant #202 (0/1) - $511,000 [MLS]

Posted by socketadmin at 4:45 PM | Permalink | Comments (28) | (email story)

A Schwarzenegger Signature To Sell 23 Acres Of Candlestick Point

"The state can now sell 23 acres of land that is mostly used for parking lots in southeastern San Francisco to benefit a city housing development.

Gov. Arnold Schwarzenegger signed legislation this week allowing the transaction.

SB 792, authored by Sen. Mark Leno, allows the state to reconfigure the boundaries of the Candlestick Point State Recreation Area so that Lennar Corp. can move ahead with a long-awaited housing and commercial development in the Hunters Point Naval Shipyard and Candlestick Point."

∙ Candlestick Point state park reconfigured with Leno bill [San Francisco Examiner]
∙ JustQuotes: The Redevelopment Of Hunters/Candlestick Point [SocketSite]

Posted by socketadmin at 11:00 AM | Permalink | Comments (18) | (email story)

October 13, 2009

Some Plugged-In Perspective On Mortgage Fraud Back In 2008

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

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

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

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

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

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

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

October 9, 2009

829 Folsom: Starting From $550,000 $485,000 $399,000 $365,000

Listed for $399,000 in June, 829 Folsom #308 is back on the MLS with an official one day on the market and an asking price of $365,000. Studios in the building were expected to be priced around $550,000 two years ago. One bedrooms are now starting at $499,000.

And while we don’t have a confirmed sales count, one source calls it around ten (10) of the sixty-nine (69) units either in contract or closed.

∙ Listing: 829 Folsom #306 (1/1) – $499,000 [MLS]
∙ Listing: 829 Folsom #308 (0/1) – $365,000 [MLS]
∙ 829 Folsom: Listed And Starting From $550,000 $485,000 $399,000 [SocketSite]
∙ 829 Folsom Street: 69 Luxury Condominiums Coming In 2008 [SocketSite]

Posted by socketadmin at 5:15 PM | Permalink | Comments (27) | (email story)

October 7, 2009

Schlage Buildings Are Razed So Visitacion Valley Can Rise

As the former Schlage Lock Factory site looked in April above, as it looks today below.

And another update on the site in specific, and Visitacion Valley redevelopment in general, by way of a plugged-in tipster:

Except for the original office building (which will be retrofitted and ultimately adapted to community use), the [Schlage] buildings are pretty much gone.

One of the things that has been interesting to me as a Valley resident is to see the way sight lines have opened up so dramatically with the disappearance of the buildings. This panorama and the ones I sent earlier this year are all taken from Tunnel Avenue looking west, and as the buildings have disappeared, the contours of San Bruno Mountain and McLaren Ridge have emerged to show the form of the valley.

The building with the red band on it more or less in the center of the panorama is a BofA at the corner of Leland and Bayshore. Leland Avenue is the commercial street of Visitacion Valley, and the eucalyptus trees to the left of the bank show where that street will extend into the site.

In the distance about a third in from the left - and above the old wooden SP maintenance sheds which still stand - one can also see a bit of the Sunnydale Public Housing site. THAT location is the subject of planning efforts by Mercy Housing to redevelop the site from the current arrangement of approx. 780 units comprised of 1930's-40's shipyard worker housing, adapted for current use, to approx. 1500 units of mixed housing including some market rate (no small endeavor there, but one which is capturing the attention of neighborhood activists and environmentalists).

As the last of the Schlage buildings came down it struck me that the opportunities to create developments that are relevant to each other as well as to the wider neighborhood are great, as they will be looking at each other from each end of the valley. With 1200-1600 units of housing plus retail and services slated for the Schlage site in a transit-oriented development (and also as a LEED Neighborhood Design pilot project), what has been and what is...is definitely not what will be.

Cheers. And click either of the images above to enlarge.

∙ The Wrecking Ball Is Rolling Out In Visitacion Valley [SocketSite]
∙ San Francisco Planning Commission Green Lights Schlage Demo [SocketSite]
∙ Unlocking The Potential Of Visitacion Valley: The Former Schlage Site [SocketSite]
∙ Visitacion Valley Redevelopment [renewvisvalley.com]

Posted by socketadmin at 8:30 AM | Permalink | Comments (3) | (email story)

October 5, 2009

The BLU Penthouse "E" Sales Scoop And Color On The Market

While not in the same league as the penthouses atop the St. Regis or Millennium (with which it shares an architect), it turns out the sale of 631 Folsom (BLU) #PHE quietly closed escrow in August with a reported contract price of $1,750,000.

Originally asking $2,527,358 but officially reduced to $1,862,358 earlier this year, we’ll call it 31% below original expectations, 6% under adjusted market expectations, and an auspicious $888 per square foot for the 1,972 square foot penthouse atop BLU.

Right around 50% of the 108 units are either closed or in contract according to our counts.

Full Disclosure: BLU currently advertises on SocketSite but provided no compensation for (nor had any prior knowledge of) this post.

∙ BLU Cuts Pre-Sale Required Green To $575,000 (And Up To 26%) [SocketSite]
∙ Going Up: St. Regis Penthouse Construction Nearly Complete [SocketSite]
∙ The Numbers Behind Perkins' Millennium Penthouse Purchase [SocketSite]

Posted by socketadmin at 9:00 AM | Permalink | Comments (26) | (email story)

October 2, 2009

Three Unsold Greenwich Condos For One Underdeveloped Mission Site

According the San Francisco Business times JCN Development (think 1501 Greenwich) has purchased the "Quality Tune-up" site at 490 South Van Ness for $2,650,000.

The parcel, at South Van Ness and 16th Street, is zoned for up to 50 housing units under the Eastern Neighborhoods rezoning that was completed last year, according to Al Clifford of Gordon-Clifford Realty, who represented the seller.

The deal was a creative 1031 “direct exchange” between JCN Development and the seller, a family trust that has owned the property for decades. Here is how the exchange worked: Naughton’s group bought the development site. The seller then turned around and invested the proceeds in three condominiums in another project Naughton’s group built, the 29-unit Greenwich at 1501 Greenwich St. Both parties made out pretty well, Clifford said. The trust received handsome condos that will generate steady rental income, while JCN not only was able to sell out the three remaining units of the Greenwich, but also received a parcel that — when the market improves down the road — could be a development site.

The land was originally listed at $4.5 million. Elizabeth Moore, Shamrock’s project manager for development, said the South Van Ness project would be housing over retail.

Assuming no Native American burial grounds of course.

∙ Internet Archive pays $4.5M for former church [Business Times]
∙ 1501 Greenwich: Twenty-Nine New Condominiums Coming Soon [SocketSite]
∙ Eastern Neighborhoods/Candlestick Plans Yea! (Mirant Retrofit Nea!) [SocketSite]
∙ Designs For 200 Dolores Six Years In The Making (And Why) [SocketSite]

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

1495 Valencia: Two Of Eight New "City Homes" Now Official Inventory

Two of eight new "2 and 3 Bedroom City Homes" at 1495 Valencia have been listed with prices of $739,000 for #3 (a two-bedroom) and $999,000 for #4 (a three-bedroom). Two car parking each. And a logo that apparently cost 300 bucks.

∙ Listing: 1495 Valencia #3 (2/2.5) 950 sqft - $739,000 [MLS]
∙ Listing: 1495 Valencia #4 (3/3) 1,425 sqft - $999,000 [MLS]

Posted by socketadmin at 7:10 AM | Permalink | Comments (15) | (email story)

September 28, 2009

Citadine (1299 Bush): Current Pricing And A Peek Inside

Floor plans and a gallery of photos are now online for Citadine (1299 Bush).

In terms of pricing, currently ranging from $495,000 for a 558 square foot one-bedroom to $1,669,000 for a 1,573 square foot three-bedroom on the eighth ("penthouse") floor.

∙ 1299 Bush Street #201 (2/3) 1,531 sqft - $1,259,000
∙ 1299 Bush Street #203 (2/2) 940 sqft - $795,000
∙ 1299 Bush Street #204 (1/1) 558 sqft - $495,000
∙ 1299 Bush Street #802 (3/2) 1,573 sqft - $1,669,000

We'll call it aggressive pricing, but perhaps not in the way some had hoped.

∙ The "Citadine" Flags Are Flying At 1299 Bush [SocketSite]
∙ Twenty-Six In The Bush At 1299 Rising (And A Reality Check) [SocketSite]

Posted by socketadmin at 11:45 AM | Permalink | Comments (25) | (email story)

Pelosi And Schwarzenegger Type For A Transbay HSR Terminus

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

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

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

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

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

September 22, 2009

The Numbers Behind Perkins' Millennium Penthouse Purchase

Tom Perkins has gone public with his purchase of one of the top two Millennium Tower penthouse shells ("GPHA"). The buy by the numbers: 4,806 square feet; three bedrooms and three baths with 11-foot ceilings; a 700 square foot terrace; monthly dues of $1,709; and a $9.35 million purchase price for the raw space.

∙ Millennium Tower (301 Mission) Update: Timing, Kitchen(s) And Bath [SocketSite]

Posted by socketadmin at 4:00 AM | Permalink | Comments (70) | (email story)

September 21, 2009

77 Van Ness Sales Update: 90 Percent Sold

According to the sales office at 77 Van Ness, all market rate studios and two-bedrooms have sold and only five (5) one bedrooms remain. The six below market rate units are being placed into contract.

Full Disclosure: While the sales and marketing company for 77 Van Ness currently advertises on SocketSite, 77 Van Ness currently does not (and did not provide any consideration for this post).

∙ 77 Van Ness: It’s Two Years Later And The Sales Office Opens Today [SocketSite]

Posted by socketadmin at 4:00 AM | Permalink | Comments (8) | (email story)

The "Citadine" Flags Are Flying At 1299 Bush

The for sale flags are now flying, and a placeholder website is now up, for the 26 units of "Citadine," previously known and chronicled as 1299 Bush. Touting "3.5% Down Available" which would seem to suggest FHA approved, but would also require at least 50% of the units to close prior to funding if so.

∙ Citadine (1299 Bush Street) [citadine-sf.com]
∙ Twenty-Six In The Bush At 1299 Rising (And A Reality Check) [SocketSite]

Posted by socketadmin at 3:30 AM | Permalink | Comments (7) | (email story)

August 27, 2009

What Are 412-416 Bosworth: Full Pricing And Two Open This Weekend

From what was and will be at 412-416 Bosworth last month, to what are today and a grand opening this weekend for two of the eight condos.

From the agent in charge:

One thing that people will ask about…is how much road noise there is from San Jose, which runs behind the property. I was initially concerned about that myself, but now that the window installation is in I feel comfortable challenging anyone to come and sit in the rear bedrooms so they can hear for themselves how quiet it is. The assembly consists of a dual paned window, then an air gap, followed by another single paned window that opens separately….Living in an urban area road noise is such a common issue, and I think a lot of other buildings in the city could have taken a cue from the way these windows were done.

And of course, the full pricing scoop to go with the plans:

A Upper (1/1.5) 1 parking - $650,000
A Lower (3/2.5) 1 parking - $855,000
B Upper (3/2.5) 1 parking - $960,000
B Lower (3/2.5) 2 parking - $1,099,000
C Upper (3/2.5) 2 parking - $1,099,000
C Lower (3/3.5) 2 parking - $1,149,000
D Upper (5/4.5) 2 parking - $1,275,000
D Lower (5/4.5) 2 parking - $1,299,000

∙ 412-416 Bosworth: What Recently Was And What Will Soon Be [SocketSite]
∙ 412-416 Bosworth [bosworthhomes.com]

Posted by socketadmin at 9:00 AM | Permalink | Comments (26) | (email story)

August 24, 2009

Twenty-Six In The Bush At 1299 Rising (And A Reality Check)

1299 Bush at the corner of Larkin as envisoned above and the reality to date below.

Once again, 26 units over ground floor retail (and 20 parking spaces) coming soon.

∙ Another Plugged-In Reader Responds With A Rendering For 1299 Bush [SocketSite]
∙ A Reader Asks, We Respond, You Embellish (Hopefully): 1299 Bush [SocketSite]

Posted by socketadmin at 11:00 AM | Permalink | Comments (23) | (email story)

August 12, 2009

393 Carl: One Of Four New Construction Condos After And Before

One of four new construction condos completed in March and asking $1,395,000 at the time, the listing for 393 Carl was withdrawn from the MLS in May. Back on the market in August with a new broker and now asking $1,295,000.

And before said construction by way of MapJack.com:

∙ Listing: 393 Carl (2/2) - $1,295,000 [MLS] [March Photos]

Posted by socketadmin at 11:00 AM | Permalink | Comments (30) | (email story)

August 10, 2009

74 New Montgomery: Soon To Be Sold Out Assuming Contracts Close

According to a plugged-in resident tipster, over the past three weeks the last 9 condos at The Montgomery (74 New Montgomery) have gone into contract.

∙ 74 New Montgomery: Closing In On 90% Closed Or In Contract [SocketSite]

Posted by socketadmin at 10:15 AM | Permalink | Comments (27) | (email story)

August 7, 2009

2125-2135 Leavenworth: From One To Two And Six (New Condos)

As the parcel and building once looked in blue above, as the two new buildings with six new condos at 2125-2135 Leavenworth now look below.

2133 Leavenworth looks to be lived in; 2131 appears to have sold; 2135 is in contract (asking $2,595,000); and 2125, 2127, and 2129 are asking $849,000 to $2,595,000.

∙ Listing: 2125 Leavenworth (1/1.5) 930 sqft - $849,000 [MLS]
∙ Listing: 2127 Leavenworth (2/2.5) 1,401 sqft - $1,449,000 [MLS]
∙ Listing: 2129 Leavenworth (3/2.5) 2,298 sqft - $2,595,000 [MLS]

Posted by socketadmin at 12:45 PM | Permalink | Comments (19) | (email story)

August 4, 2009

Ritz-Carlton Sales Office Pulls An Infinity In An Attempt To Sell Out

Asking $2,090,000 for the 1,545 square foot two-bedroom in January of 2008 ($1,352 per square foot), the Ritz-Carlton Residences sales office is now offering 690 Market #1701 for $1,399,000, that’s $906 per square foot and 33% off.

In related resale news, the listing for the 2,090 square foot three-bedroom #1404 is now advertising "Over $500K price reduction! Make an offer!" on an asking price of $2,590,000 ($1,239 per square foot).

∙ Listing: 690 Market #1404 (3/3) 2,090 sqft - $2,590,000 [MLS]
∙ Listing: 690 Market #1701 (2/2) 1,545 sqft - $1,399,000 [MLS]
∙ Reductions And Returns At The Ritz-Carlton Residences (690 Market) [SocketSite]

Posted by socketadmin at 9:15 AM | Permalink | Comments (27) | (email story)

July 30, 2009

Octavia Court: The Original IE Collaborative Winning Design

A plugged-in tipster delivers the original IE Collaborative design for Octavia Court.

Our apologies in arrears to IE Collaborative for misidentifying the final architects on the project, and our apologies in advance as we’ve been told the design above has been tweaked and new renderings are in the works (and hopefully soon to be on the way).

∙ IE Collaborative [iecollaborative.com]
∙ Octavia And Oak: Octavia Court’s Past, Present And Future [SocketSite]

Posted by socketadmin at 10:00 AM | Permalink | Comments (9) | (email story)

July 29, 2009

A Round Of...Cuts For The All New "Arden Estates" On 15th Avenue

Originally priced between $1,995,000 and $2,195,000, a plugged-in tipster notices the new $1,699,000 to $1,950,000 range for five of the seven new construction homes of "Arden Estates" on the edge of West Portal on 15th Avenue.

Two of the seven four bed, three and one-half bath detached homes are advertising prices TBD. In the opinion of said tipster who walked through, "Interesting houses, but a pretty high price point given what $1.7-2M gets you in Saint Francis Wood."

∙ Arden Estates [ardenestatesluxuryhomes.com]
∙ Listing: 2733 15th Avenue (4/3.5) 3,290 sqft - $1,699,000 [Barbagelata via Pacunion]
∙ Listing: 2763 15th Avenue (4/3.5) 3,300 sqft - $1,950,000 [Barbagelata via Pacunion]

Posted by socketadmin at 4:00 PM | Permalink | Comments (26) | (email story)

Octavia And Oak: Octavia Court’s Past, Present And Future

A reader wonders if we know what’s happening at the corner of Octavia and Oak long known as the fenced off Central Freeway Parcel Q. And that we do: Octavia Court.

Octavia Court will be a fifteen unit affordable housing development for disabled individuals and their families. Development by Satellite Housing and West Bay Housing Corporation, but the original design as proposed by Fougeron Architecture (below) isn't what's getting built (see UPDATE below that).

The ground floor will house a vocational art center and gallery run by Norcal Vocational which provides "developmentally disabled adults with the opportunity to use art as a vehicle for developing life skills."

UPDATE: Our apologies to IE Collaborative whose design for Octavia Court has replaced that of Fougeron as rendered above. We’re working on the scoop.

∙ Octavia Court: The Original IE Collaborative Winning Design [SocketSite]

Posted by socketadmin at 11:00 AM | Permalink | Comments (20) | (email story)

412-416 Bosworth: What Recently Was And What Will Soon Be

The MapJack photo above for 412-416 Bosworth is a bit old as much progress has been made and a plugged-in tipster notes, "these homes are being built around the corner from me on Bosworth St on the Glen Park / Bernal Heights border…Given the speed of construction I wouldn't expect move in until late 2009 / early 2010."

To be priced "from $650,000 to $1,299,000" for the eight condos that stretch across "four buildings" with floor plans for all four buildings currently available online.

∙ 412-416 Bosworth [bosworthhomes.com] [Map]

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

July 28, 2009

A 10th And Mission Triptych In Reverse For Mercy Housing Rising

Once again, the 12-story Mercy Housing project on the northeast corner of 10th and Mission should be completed by August. Current reality above and as rendered below.

Soon to be 136 affordable apartments for families with household incomes ranging from 15% to 45% of the area's median, a 5,400 square foot youth/family center, and 3,000 square feet of ground-floor neighborhood retail space where the King Diner once stood.

∙ Affordable Family Housing Rising (And Rendered) At 10th And Mission [SocketSite]

Posted by socketadmin at 12:30 PM | Permalink | Comments (38) | (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 24, 2009

Arterra (300 Berry) Takes LEED Silver, Hits 75% Closed Or In Contract

Intracorp’s Arterra at 300 Berry has officially been granted LEED Silver Certification, "making it San Francisco’s only residential high-rise to earn Silver status from the United States Green Building Council (USGBG)."

75% of Arterra’s 269 condos are currently either closed or in contract, up from roughly 50% "sold" last September while The Hayes has since sold out (literally not figuratively).

∙ The Hayes And Arterra: A Grand Opening And Both Roughly 50% Sold [SocketSite]

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

Radiance: Positioning For Phase II (And To Close Out Phase I)

As we reported last week, Phase I of Bosa’s Radiance at Mission Bay is down to 12 condos to sell on price cuts of up to 27%. As the San Francisco Business Times adds today with respect to the indefinitely suspended 318-unit Phase II:

[Nat] Bosa said his firm is talking to city officials about splitting the 318-unit building into two phases. The first phase would have 200 units. Bosa said the decision to go forward would be driven by two factors: price increases and cheaper construction costs. Bosa said current condo prices would have to rise 10 percent to justify the next building.

The best case scenario is suggested to be a "spring 2010" start.

∙ Radiance At Mission Bay Phase I Update: 88% "Sold" [SocketSite]
∙ Rare, Refined And Reduced: Radiance At Mission Bay Official Cuts [SocketSite]
∙ Bosa’s Mission Bay condos nearly all sold [San Francisco Business Times]
∙ Radiance At Mission Bay Phase II Update: Officially "Suspended" [SocketSite]

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

July 22, 2009

74 New Montgomery: Closing In On 90% Closed Or In Contract

From a plugged-in resident tipster: "The Montgomery had their annual meeting last night...76 are sold and closed, 22 more in escrow, only 9 units available."

∙ 74 New Montgomery Update: 80% Sold And Feeling A Bit More Lively [SocketSite]

Posted by socketadmin at 9:45 AM | Permalink | Comments (7) | (email story)

July 17, 2009

Best-Case Scenario For 55 Laguna: A Ground Breaking Mid-2011

According to the San Francisco Business Times, A.F. Evans is in talks with Related California to partner on the on the development 55 Laguna.

Related California President William Witte said they are looking at the numbers and would make a decision in the early fall. He said they are drawn to the San Francisco property’s access to public transit, its views, and the fact that the property is large enough to develop a distinctive housing enclave. At the same time, he said “it’s a tough financing market” and under the best-case scenario the housing development would probably not break ground until mid-2011.

∙ Related California, A.F. Evans in talks [San Francisco Business Times]
∙ Local Housing Developer AF Evans Files For Bankruptcy Protection [SocketSite]
∙ Openhouse Perspective On AF Evans And 55 Laguna: Minimal Impact? [SocketSite]

Posted by socketadmin at 11:45 AM | Permalink | Comments (6) | (email story)

July 16, 2009

Radiance At Mission Bay Phase I Update: 88% "Sold"

While the sale office of Radiance at Mission Bay was advertising 14 units and "up to $18,000 in federal and state tax credits" a week ago, according to a plugged-in tipster they’re down to 12.

I attended a party at Radiance for homeowners & brokers to mark their sales success. They announced that they had only 12 units remaining. They have 3 new models.

That’s around 33 sales over the past twelve months and prices appear to have been unofficially reduced a bit more since their official reductions of up to 27% in February as #508 which was originally asking $1,569,000 and then reduced to $1,319,000 was last advertising a sale price of $1,299,000 (and is now marked as sold).

And of course plugged-in people should know that 18 thousand is down to 8 for those who haven’t already applied.

∙ California $10,000 Tax Credit Pool For New Home Buyers Closed July 3 [SocketSite]
∙ Rare, Refined And Reduced: Radiance At Mission Bay Official Cuts [SocketSite]
∙ Radiance At Mission Bay Phase I Update: 55% “Sold” And Closing [SocketSite]

Posted by socketadmin at 3:45 PM | Permalink | Comments (4) | (email story)

July 15, 2009

Symphony Towers Transitions To Their Second Movement (Rentals)

While "slashing prices" by up to 30% might have been a "smashing success" late last year, according to the Polaris Group, with roughly 120 out of 130 units sold Symphony Towers has closed their sales office and is going the rental route with remaing inventory.

∙ Symphony Towers Update: Slashing Success And Words On The Street [SocketSite]
∙ Price Cuts Of Up To 30% At Symphony Towers (750 Van Ness) [SocketSite]

Posted by socketadmin at 2:15 PM | Permalink | Comments (5) | (email story)

The Union Of 76 New Units At 2101/2125 Bryant

As we wrote in February:

A "big pit" and un-renovated historic brick building for seven years when the development of a dotcom office park stalled out, in 2007 the calling to become condominiums came.

Originally known as Bryant Commons (76 new "family townhomes and flats" at 2125 Bryant) and Coach House Lofts (23 "highly-stylized lofts in a classic, historic building" at 2101 Bryant), the project is now simply know as "Union."

Once expected spring 2008, now available "mid 2009" with a placeholder site for the ninety-nine one, two and three bedroom homes online.

As a number of plugged-in readers noted last week, Union's marketing has begun and an updated website (with floor plans but few photos) has launched. And while the original websites noted 76 units at 2125 Bryant and 23 units at 2101 Bryant, the new site states 53 and 23 (hence our Union of 76).

Prices when we have them.

∙ Union (2101/2125 Bryant) [union-sf.com]
∙ Coming Soon: The "Union" Of Bryant Commons And Coach House Lofts [SocketSite]
∙ Bryant Commons (2125 Bryant) / Coach House Lofts (2101 Bryant) [SocketSite]
∙ You Ask, We Answer, You Embellish: Big Developments In The Mission [SocketSite]

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

July 13, 2009

BaySide Vista Off Bayshore Boulevard Hits The MLS

Just west of the 101 on the border of Visitacion Valley and Bayview, BaySide Vista is a collection of 64 new two, three, and four bedroom townhomes with six of the units BMR.

Starting at $449,000 and priced as low as $316 per square foot. The off switch for the website’s Miami lounge beats is at the bottom of the page on the right.

Full Disclosure: While the sales and marketing company for BaySide Vista currently advertises on SocketSite, BaySide Vista currently does not (and did not provide any consideration for this post).

∙ Listing: 2 Megan Drive (2/2.5) 1,208 sqft - $449,000 [MLS]
∙ Listing: 32 Megan Drive (4/2) 1,833 sqft - $579,000 [MLS]
∙ Neighbor(hood) Perspective: Happily Ensconced In Visitacion Valley [SocketSite]
∙ BaySide Vista [baysidevistasf.com]

Posted by socketadmin at 9:45 AM | Permalink | Comments (11) | (email story)

July 10, 2009

555 Barlett (A.K.A. 3400 Cesar Chavez) Positions For Sales

"The sales office [for 555 Bartlett Street (a.k.a. 3400 Cesar Chavez)] opens in the fall and...the units will target first-time home buyers. Prices will be in the $400,000s for one-bedroom units and mid $500,000s for the two bedrooms. A few larger units — there are a couple of three-bedrooms — may be priced over $600,000."

∙ Seven Hills targets first-time condo buyers [San Francisco Business Times]
∙ 3400 Cesar Chavez: Approved But Opposed (By MAC) In The Mission [SocketSite]

Posted by socketadmin at 9:00 AM | Permalink | Comments (23) | (email story)

July 9, 2009

Millennium Tower (301 Mission) Update: 30% Closed Or In Contract

With roughly 50 of its 419 units closed since opening in April, 30% of Millennium Tower (301 Mission) is either closed or in contract, up from 15% in February of 2008 and with an average price point of a little over $2 million.

The sales office has moved to unit 55A in the tower with a postcard view of downtown and the bay (asking $3.45M). Four units are being turned into showcase units, including 47B which is being completely re-imagined and should be finished by the end of the month.

And when we say re-imagined, we’re talking dropped ceilings to accommodate new lighting, new moldings, and all new cabinetry and counters throughout. A sneak peek of the kitchen of 47B in the making for the plugged-in:

∙ Millennium Tower San Francisco (301 Mission): Sales Update/Facts [SocketSite]
∙ Millennium Tower (301 Mission) Update: Timing, Kitchen(s) And Bath [SocketSite]

Posted by socketadmin at 3:00 PM | Permalink | Comments (64) | (email story)

July 8, 2009

Another One Rincon Hill "02" Returns One Floor Below (Step Beyond?)

On the heels of One Rincon Hill (425 1st Street) #2202 closing escrow with a recorded contract price of $1,150,000 this past March (purchased for a recorded $1,300,000 in June of 2008), #2102 has returned to the market asking $1,180,000 ($901 per square foot).

Originally offered by the sales office for $1,010,000 not including any upgrades on the first day of sales back in 2006, prices were subsequently raised on day two. And as a plugged-in reader beat us to it, tax records suggest a purchase price with upgrades of $1,128,346.

∙ Listing: 425 1st Street #2102 (2/2) - $1,180,000 [MLS]
∙ A Return To Reality For A One Rincon Hill "02" Stack Resale (#2202) [SocketSite]
∙ The First "Official" Resale At One Rincon Hill Closes Escrow: #2202 [SocketSite]
∙ First Impressions: One Rincon Hill Sales Center [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (26) | (email story)

July 2, 2009

74 New Montgomery Update: 80% Sold And Feeling A Bit More Lively

A plugged-in resident tipster reports on The Montgomery (74 New Montgomery):

I've noticed a lot more people in the lobby, elevators, halls etc. the last two weeks then saw [they’re now 80% sold]…so between their price adjustments and/or the aggressive commissions they've moved a lot of units in the last month or two.

Up from 50% sold in early April, so we’ll call it roughly 10 net new units sold (assuming all the contracts close) per month over the past three with roughly 25 condos to go.

∙ 74 New Montgomery: Half Sold (And Still Buying Some Agent Love) [SocketSite]
∙ A Plugged-In Reader’s Perspective On The Montgomery And Its Cuts [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (71) | (email story)

June 29, 2009

An 06 Comp (In More Ways Than One) At One Rincon Hill

While One Rincon Hill (425 1st Street) #806 has been on the market for 87 days asking $945,000 ($763 per square foot), the sale of 425 1st Street #1306 closed escrow three days ago with a reported contract price of $930,000.

The 06 unit five floors higher had been asking $995,000, was on the market for 113 days, and was advertising "available for lease as of June 1st. [for] $4150 mo." Tax records would suggest an original purchase price of just over $975,000 (likely in 2006) for #1306.

∙ Listing: 425 1st Street #806 (2/2) - $945,000 [MLS]

Posted by socketadmin at 10:00 AM | Permalink | Comments (23) | (email story)

June 26, 2009

Strata And Avalon III Riding A Mission Bay Rental Wave

"The Strata, the first development on the still-unopened new Fourth Street, has leased 103 [out of 193] apartments in 90 days...four apartments a month above leasing goals, although Urban Housing Group has slashed rents about 15 percent from original projections. Meanwhile, AvalonBay’s third Mission Bay building, which opened less than a month ago...is 36 percent leased and 25 percent occupied..."

∙ Mission Bay lures renters with new luxury housing [San Francisco Business Times]
∙ The Scoop On Strata At Mission Bay, Its Environs And Rents [SocketSite]
∙ Avalon At Mission Bay III (240 Berry): Now Open And The Rents [SocketSite]

Posted by socketadmin at 7:00 AM | Permalink | Comments (25) | (email story)

June 22, 2009

Avalon At Mission Bay III (240 Berry): Now Open And The Rents

With a grand opening last week, the first wave of the 260 Avalon At Mission Bay III apartments at 240 Berry are now officially rental inventory. Currently advertised asking rents (with "up to $3,000 off" the first month):

∙ Studios: $1,865 to $2,230
∙ One-bedrooms: $2,365 to $2,970
∙ Two-bedrooms: $2,950 to $4,480

A couple of features that caught our eye: ZipCars in the garage; a residents’ courtyard with outdoor bocce ball, theater, and Viking grills and ice machines; and an on-site recycling program that includes composting.

And if all goes as planned, Avalon At Mission Bay III will be the first LEED Certified rental building in San Francisco.

∙ Avalon At Mission Bay Phase III (240 Berry): True To Design [SocketSite]
∙ 240 Berry: No Condos For You [SocketSite]

Posted by socketadmin at 9:15 AM | Permalink | Comments (59) | (email story)

One Hawthorne: It Goes No Higher

An inquiry from a reader:

Has One Hawthorne topped off, and if not, how many more floors are left to build? I am trying to figure out how much it will change my view…

Our answer: As far as we know it goes no higher as the final floor should have been poured on Friday and the 24 stories topped off.

Once again, 165 units with pricing expected to range from $500,000 for a 550 square foot junior one-bedroom to $3 million for a 2,200 square foot penthouse. Or at least that was the plan in early 2008. And the rendering:

∙ One Hawthorne: An Early Rendering To Reality Check(s) [SocketSite]
∙ One Hawthorne: The Design (And Some Details) Of What’s On The Way [SocketSite]

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

June 19, 2009

Lease. Own. Evolve. (Which Shouldn’t Have Come As Any Surprise)

The Millennium’s new "Lease. Own. Evolve." campaign shouldn’t have caught any plugged-in people by surprise. It’s the rental program we broke the news about in May. As we wrote at the time:

Less than 10% of the building is expected to be made available for rent, with target rents ranging from around $3,500 to $15,000 a month and the majority in the $10,000 to $15,000 range.

As their campaign now officially outlines: "Lease monthly for $3,500 - $15,000."

And while we added a comment about the official program to our May post a few days ago and figured that would do the trick, we were rather wrong. Since then we’ve received more tips and inquires about this program than any other (considering our readers' demographics, however, perhaps we’re the ones that shouldn’t have been surprised).

We’ve received pdfs of scanned snail-mailers (cheers). We’ve received forwarded email announcements (cheers). We’ve received cut and paste copy and reader’s summaries (cheers). And we’ve received links to the program’s website (cheers).

We’re not complaining. We simply underestimated our readers’ interest. And as such we offer this post and discussion redux. Cheers.

∙ The Straight Scoop: Millennium To Offer Select Rentals [SocketSite]
∙ Millennium (301 Mission): Lease. Own. Evolve.

Posted by socketadmin at 7:30 AM | Permalink | Comments (24) | (email story)

Not Quite So Easy (And A Little Less Fresh For Now)

Tesco's plans to open three new Fresh & Easy Neighborhood Markets in San Francisco have been slowed down with mid-2010 now looking to be the first opening.

The store in Bayview was planned for a new mixed-use building currently being built at Third Street and Carroll Avenue by Goldman Sachs Urban Investment Group. The group’s managing director, Alicia Glen, said Fresh & Easy’s delay has slowed construction of the building by several months. However, she had met with Fresh & Easy executives recently and they affirmed the chain is still committed to the project.

The development of a Fresh & Easy in the Portola neighborhood and another on at Clement and 32nd Avenue in the Richmond have been "delayed indefinitely."

∙ U.K. grocery chain to put S.F. expansion on hold [Examiner]
∙ 5800 Third Street: Development Starting Back Up (Delivery In 2010) [SocketSite]

Posted by socketadmin at 7:15 AM | Permalink | Comments (11) | (email story)

June 18, 2009

Confidentially Speaking About The Infinity

The re-sale of 301 Main Street #9E has fallen out of contract, its list price has been cut to $749,000 (asking just under $900,000 when the Infinity sales office first opened), and its listing now notes "Infinity's BEST 2BR VALUE."

According to a plugged-in tipster, however, at least one mid-rise Infinity two-bedroom, two-bath has been sold by the sales office for under $600,000. Unfortunately we can't officially confirm with details, and we’ll have to consider that nugget a "random rumor" for now, as apparently a confidentially agreement was attached to the sale.

That being said, we have no reason to doubt our tipster and based on what we’ve been hearing from other sources we have no reason to doubt that price.

UPDATE: Another plugged-in reader adds, "Not sure if this is the same unit, but I know someone who just closed on a 2 bedroom viewless unit for 605k with 2 years of Hoa dues included."

∙ Listing: 301 Main #9E (2/2) - $749,000 [MLS]
∙ Just Under $900,000 Originally, Asking Just Under $800,000 Today [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (116) | (email story)

June 17, 2009

First Feng Shuied Now Sai Wonged At Sutter Heights (1521 Sutter)

Listed for $879,000 when roughly half of the 28 "Feng Shuied" Sutter Heights condos were spoken for in April of 2008, 1521 Sutter Street #306 was relisted three days ago with a new “original” list price of $678,900 (a drop of 23%).

At the same time the listing for 1521 Sutter Street #305 is now asking $709,080 (a 27% drop in pricing since 2008), while 1521 Sutter Street #206 is in contract with a list price of $745,000, originally asking $879,000 (a drop of 15%).

According to the new listing Sutter Heights is now 66% sold. And on the positive side, perhaps it's a blessing in disguise for those who were previously "priced out forever."

∙ Listing: 1521 Sutter Street #306 (2/2) 930 sqft - $678,900 [MLS] [Floor Plan]
∙ Floor Plans And Feng Shui At Sutter Heights (1521 Sutter) [SocketSite]
∙ Sutter Heights (1521 Sutter) Update: Preview Showings And Pricing [SocketSite]
∙ Sutter Heights (1521 Sutter) Update: Construction Nears Completion [SocketSite]
∙ Chinese Idiom: Misfortune may be a blessing in disguise [asianresearch.org]

Posted by socketadmin at 12:30 PM | Permalink | Comments (7) | (email story)

June 4, 2009

If Not A Fat Finger Problem, A Montgomery Two-Bedroom For $750K

In February The Montgomery (74 New Montgomery) announced an official round of reductions with "Two Bedrooms starting from $882,000." At the same time buyers' agents' commissions were raised to 4.5%.

As plugged-in people know, buyers' agents' commission were raised to 5% in May. And yesterday 74 New Montgomery #316 (a two bedroom, two bath) was listed for $750,000.

∙ Listing: 74 New Montgomery #316 (2/2) 1,216 sqft - $750,000 [MLS]
∙ A Plugged-In Reader’s Perspective On The Montgomery And Its Cuts [SocketSite]
∙ The Montgomery Surpasses Itself (Now Offering 5% Commissions) [SocketSite]

Posted by socketadmin at 7:45 AM | Permalink | Comments (22) | (email story)

June 2, 2009

829 Folsom: Listed And Starting From $550,000 $485,000 $399,000

Expected to be priced starting around $550,000 for a studio at the end of 2007, then from $485,000 a year ago, the first studio at 829 Folsom (#308) has been listed on the MLS and is asking $399,000.

As a reader notes, however, the listing for #308 doesn't include parking (there are sixty-three parking spaces in the building, but sixty-nine units).

∙ Listing: 829 Folsom #308 (0/1) - $399,000 [MLS]
∙ 829 Folsom Street: 69 Luxury Condominiums Coming In 2008 [SocketSite]
∙ 829 Folsom Street: New Details, Online Registration, And Timing [SocketSite]
∙ 829 Folsom [829folsom.com]

Posted by socketadmin at 12:30 PM | Permalink | Comments (59) | (email story)

May 29, 2009

1844 Market Watch: Movement On 113 "Fabulous" Units And Retail

BayRock Residential secured approvals for 113 "fabulous" rental (but condo mapped) units, 90 underground parking spaces, and 5,000 square feet of retail to be built at 1840-1844 Market in 2006, but sold the project in 2007.

And while the site has long been cleared, it's also been dormant for quite some time. Yesterday, however, a tipster noticed activity and couldn't help but wonder, "Is this real?"

It appears so, but unfortunately we don't have any additional details. Readers?

Posted by socketadmin at 12:30 PM | Permalink | Comments (20) | (email story)

Take Two (Or Three) For Five New Condos On Telegraph Hill

Originally priced "from $3.1 million to $7.5 million," all five condos at the newly built 567 Vallejo on Telegraph Hill remain available and are now listed with prices ranging from $2,250,000 to $4,750,000 for the penthouse (whose floor plan is below).

∙ Listing: 567 Vallejo #302 (2/2.5) - $2,250,000 [MLS] [567vallejo.com]
∙ Listing: 567 Vallejo #500 (3/3) - $4,750,000 [MLS] [567vallejo.com]

Posted by socketadmin at 5:30 AM | Permalink | Comments (25) | (email story)

May 26, 2009

77 Van Ness: It’s Two Years Later And The Sales Office Opens Today

It’s been a little over two years since a reader first asked what was happening on the corner of Van Ness and Fell (and a plugged-in reader responded, "77 Van Ness Avenue, an eight-story, 100-foot-tall mixed-use development providing residential, office, and retail space."). And today, the 77 Van Ness sales office opens.

A mix of studios, one-bedrooms and two-bedrooms with 500 square foot studios starting in "the mid to upper $300’s," one-bedrooms listed from $443,170, and two-bedrooms listed from $641,449. Fifty (50) residential condos total and all floor plans online.

Full Disclosure: While the sales and marketing company for 77 Van Ness currently advertises on SocketSite, 77 Van Ness currently does not (and did not provide any consideration for this post).

∙ 77 Van Ness [77vanness.com] [Floor Plans]
∙ Listing: 77 Van Ness #609 (1/1) 575 sqft - $443,170 [MLS]
∙ Listing: 77 Van Ness #503 (2/2) 1,162 sqft - $641,449 [MLS]
∙ Reader’s Questions: That Eureka Moment [SocketSite]
∙ The Unfinished Façade Of 77 Van Ness (And Its 56 Residential Units) [SocketSite]
∙ 77 Van Ness Rising (And Our Request For A Rendering) [SocketSite]

Posted by socketadmin at 3:30 AM | Permalink | Comments (45) | (email story)

May 22, 2009

Signature Cuts At Candlestick But Continues Townhouse Build Out

From the San Francisco Business Times:

In a rare glimmer of optimism in the still-troubled new home construction industry, Signature Properties CEO Mike Ghielmetti has directed his contractor to pull permits for the next 20 townhouses of Candlestick Cove, a 125-unit townhouse project.

The move comes as sales traffic has picked up and Signature only has three or four units remaining out of the first 40 built. It has sold about 15 units since the last round of price cuts, which averaged between 15 and 20 percent. Together with previous price reductions, prices on four-bedroom townhouses, originally over $800,000, are now in the $500,000s.

No word on the 100-plus-unit podium buildings Signature has entitled for the Cove as well.

∙ Signature lights up Candlestick Point [San Francisco Business Times]
∙ Candlestick Condo Construction: Point Paused, Cove "Cautious" [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (1) | (email story)

May 19, 2009

The First Attempted Millennium Flip Resale: 301 Mission #40D

It’s the first attempted resale at the Millennium (as far as we know). Asking $2,750,000 ($1,409 per square foot) for the coveted southeast corner Grand Residences "D" plan on the fortieth floor with big Bay Bridge views.

No word on the original contract price for the sake of comparison. Tipsters?

UPDATE: A plugged-in reader reports:

The D Stack was selling for 1550-1600 psf when they first came on, but the prices were dropped 15% a couple of months ago, so figure that this buyer paid $1300-1350 psf for this place. They may have added upgrades that would increase the price some, but it looks to me like they are try to "flip" and make a small profit.

∙ Listing: 301 Mission #40D (3/3) 1,952 sqft - $2,750,000 [MLS]
∙ The Millennium: A Few Things You Might Know (And A Few You Don’t) [SocketSite]
∙ The SocketSite Scoop: Millennium Cuts Prices 15% Across The Board [SocketSite]

Posted by socketadmin at 1:00 PM | Permalink | Comments (45) | (email story)

May 18, 2009

A Deluxe Apartment Condo In The Sky Closes Escrow At One Rincon

While the re-resale of One Rincon Hill (425 1st Street) #2202 closed escrow two months ago with a re-reported contract price of $1,150,000, the resale of 425 1st Street #3102 ("Seller says Sell!") closed escrow on 5/8/09 with a reported contract price of $1,166,000.

Keep in mind that "02" two-bedroom units on the 28th, 31st, 51st and 54th floors are considered "deluxe" and offer an additional 149 square feet of space over the other non-penthouse 02’s albeit mostly in the form of "closets." That being said, while #2202 resold for $879 per square foot in March, #3102 resold for $805 per square foot in May.

UPDATE: According to tax records 425 1st Street #3102 was originally purchased from the sales office for $1,260,000 (7.5% above its resale).

∙ A Return To Reality For A One Rincon Hill "02" Stack Resale (#2202) [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (31) | (email story)

May 15, 2009

The Straight Scoop: Millennium To Offer Select Rentals

A plugged-in tipster reports The Millennium has started pitching a few rentals, in part to make the building "feel more alive" (our tipster's words, not theirs). The rentals don’t represent an official change in operations, however, but are being rolled out as part of a sales strategy to hook buyers on the building.

Less than 10% of the building is expected to be made available for rent, with target rents ranging from around $3,500 to $15,000 a month and the majority in the $10,000 to $15,000 range. According to our tipster, two-bedrooms will be starting in the sevens.

∙ Millennium Tower (301 Mission) Update: Timing, Kitchen(s) And Bath [SocketSite]

Posted by socketadmin at 3:15 PM | Permalink | Comments (36) | (email story)

The Montgomery Surpasses Itself (Now Offering 5% Commissions)

Last month the sales office at The Montgomery extended their "unsurpassed offer" of 4.5% broker commissions through May 31.

And while it’s not yet the thirty-first, the sales office is now offering buyer’s agents 5% commissions on "select homes placed in contract between 5/15/09 to 6/30/09." Also noted, "new May 2009 pricing on several floor plans, starting from the low $300,000s."

∙ 74 New Montgomery: Half Sold (And Still Buying Some Agent Love) [SocketSite]

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

May 14, 2009

The Wrecking Ball Is Rolling Out In Visitacion Valley

An update on the former Schlage Lock Factory demolition and Visitacion Valley redevelopment by way of a plugged-in tipster:

The Board of Supervisors voted unanimously last month to support the creation of the [Visitacion Valley] Redevelopment Area, and the Mayor signed off on it as well (this area as you might recall includes two zones, the former Schlage Lock factory site, as well as the commercial corridors on Bayshore and Leland Avenues).

Demolition started on 4.20, and the combined demo, cleanup, and soil/groundwater remediation is going to take place over the next 30 months. After that--horizontal, and then vertical construction!

The first stage involved asbestos and lead paint abatement for all interiors, plus removal of mercury switches and other toxic components. There are four demolition permits that were issued, two were contested by a property owner adjacent to the site, and just last night that appeal was rejected at a Board of Appeals meeting--so it's full steam ahead and the plan is for all structures to be down within a three month window.

The project will be a LEED-ND (neighborhood design) pilot project. The old original office building at Bayshore and Blanken is going to be preserved and retrofit for community purposes (yet to be determined and a whole other planning process, to be sure).

We’ll keep you plugged-in.

∙ Visitacion Valley Redevelopment [renewvisvalley.com]
∙ San Francisco Planning Commission Green Lights Schlage Demo [SocketSite]
∙ Unlocking The Potential Of Visitacion Valley: The Former Schlage Site [SocketSite]

Posted by socketadmin at 5:30 PM | Permalink | Comments (1) | (email story)

Contract Prices Behind Six Recently Closed Condos At The Hayes

A rundown of six condos at The Hayes (55 Page) that have closed escrow over the past couple of months suggests an average discount of around 13% from already reduced list prices at the beginning of the year. And discounts of up to 23% from peak:

∙ #426 (2/2) 993 sqft - listed for $799,000 on 5/13/08, sold for $612,000 (-23%)
∙ #513 (2/2) 1,037 sqft - listed for $719,000 on 12/4/08, sold for $630,500 (-12%)
∙ #312 (2/2) 1,008 sqft - listed for $775,000 on 12/4/08, sold for $670,000 (-14%)
∙ #824 (2/2) 1,023 sqft - listed for $799,000 on 1/6/09, sold for $685,000 (-14%)
∙ #811 (1/1) 646 sqft - listed for $585,000 on 1/6/09, sold for $525,000 (-10%)
∙ #311 (1/1) 646 sqft - listed for $525,000 on 2/13/09, sold for $510,000 (-3%)

That’s an average contract price of $640 per square foot for these two-bedrooms (versus $762 asking) and $801 per square for the one's ($860 asking).

And as has been previously noted, the sales office is currenlty advertising "only 2 homes remaining" which includes #329 at $799,000 ($280,000/26% under its peak list).

∙ Listing: 55 Page #329 (2/2) 1,143 sqft - $799,000 [MLS]

Posted by socketadmin at 2:15 PM | Permalink | Comments (32) | (email story)

May 13, 2009

Homes On Esprit Park (900 Minnesota): 26% Closed Or In Contract

With roughly 50% of the 75 condos in the South Court either closed or in contract, the 142-unit Homes on Esprit Park development (900 Minnesota) remains around 26% "sold" (25% in contract last May).

The North Court (Phase II) is expected to be online in about four months. And while we’ve seen little movement in terms of net-new sales over the past year, the new sales office staff (Polaris has replaced McGuire) reports a recent uptick in interest and activity.

No update on Esprit's Urbino, the Nate Appleman/Shelley Lindgren restaurant (think A16 and SPQR) that's been on hold since the begining of the year.

Full Disclosure: Homes on Esprit Park currently advertises on SocketSite but did not provide any compensation for this post.

∙ 900 Minnesota: Now And Then [SocketSite 11/06]
∙ Homes On Esprit Park (900 Minnesota) Sales Update: 25% In Contract [SocketSite 5/08]
∙ ‘Hold that order,’ restaurants say [San Francisco Business Times]

Posted by socketadmin at 9:15 AM | Permalink | Comments (34) | (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)

Cubix (766 Harrison) Sales Office Currently Closed But Not Sold Out

From a plugged-in tipster with respect to Cubix (766 Harrison):

A contractor friend who worked on the project told me that the sales office was recently closed.

And closed it is but not because it's sold out.

According to our sources they hope to have the office re-opened within the next few weeks, but whether or not they continue down the condo versus rental route seems to be up in the air. And while not entirely out of the ordinary for a project of this size, we'd be remiss not to note a number of mechanics’ liens have recently been filed on the project.

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

∙ Cubix Sales Update: 32% “Sold” (And Now Offering "Lease-To-Own") [SocketSite]
∙ The 98 “Sophisticated/Stylish” Apartments Condos Of 766 Harrison [SocketSite]

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

May 6, 2009

In The Shadow Of The Pyramid 555 Washington

In front of the Planning Commission tomorrow morning: a "request to Consider an increase of the cumulative shadow limits (no net new shadow) for Maritime Plaza and to establish a cumulative shadow limit for Sue Bierman Park [Embarcadero Plaza]."

The importance: to accommodate new shadows cast by the 555 Washington Project.

The Preliminary Recommendation: "Adoption of the Motion finding that net new shadow from the project is not adverse, and authorizing the allocation of the cumulative shadow limits for Sue Bierman Park and Maritime Plaza to this project."

∙ San Francisco Planning Commission Agenda: May 7, 2009 Special Meeting [SFGov]
∙ Out Of The Shadow And Into The Spotlight: 555 Washington Designs [SocketSite]
∙ 248 Condos (and 38 Stories) In The Shadow Of The Pyramid [SocketSite]

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

May 5, 2009

BLŪ Update: Just Under 25% In Contract And Closings This Week

The first closings and owner move-ins at BLŪ (631 Folsom) are scheduled for later this week. With just under 25% of the 108 condos currently in contract (up from roughly 10% in early February), Wells Fargo’s pre-sale requirement still hasn’t been met and they won’t yet be funding loans, but W.J. Bradley Bank will start funding this week.

Starting prices are up slightly from when cuts were rolled out two months ago with 631 Folsom #3E currently the lowest list price unit at $599,000. And at least one of the six penthouses (#PHE) appears to be in contaract after cutting its original list price by 26%.

Full Disclosure: BLU currently advertises on SocketSite and provided sales figures at our request but did not provide any compensation for this post.

∙ BLU Cuts Pre-Sale Required Green To $575,000 (And Up To 26%) [SocketSite]
∙ A Reader Starts Singing The BLŪ’s (631 Folsom Website Now Live) [SocketSite]

Posted by socketadmin at 5:00 PM | Permalink | Comments (71) | (email story)

May 1, 2009

It Goes No Higher: 1188 Mission (AKA Trinity Place Phase I) Tops Off

With a ceremonial bucket of cement hoisted atop 1188 Mission, Trinity Properties officially topped off the 24-story Phase I of the 1,900 unit Trinity Place development this afternoon.

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

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

∙ San Francisco's Newest Tower Crane (For Trinity Plaza) Is In The Air [SocketSite]
∙ Trinity Plaza: Just One Signature (And Around Three Years) To Go [SocketSite]

Posted by socketadmin at 3:30 PM | Permalink | Comments (130) | (email story)

As One Ecker Turns (Our Fourth Update): Selling In Receivership

From a reader:

You’ve mentioned [One Ecker Place] a few times
First: condos
Second: deposits refunded so it could be apartments
Third: back to being condos for sale
Now it seems construction has halted...Any new news?

Fourth: The development is in receivership (and all deposits have been returned).

According to a plugged-in source the building still needs around another six months of work to reach completion. And in terms of that "Fifth" (i.e., what happens next), we'll have to wait and see (but most likely the condo route again).

∙ A Heller Manus Renovation Of 1 Ecker Place [SocketSite]
∙ One (1) Ecker Place Update: Sales Office Open (And A Few Details) [SocketSite]
∙ The SocketSite Scoop On One (1) Ecker Place: Going Condo Rental [SocketSite]
∙ The Scoop On One (1) Ecker Place Redux: Going Condo Rental Condo [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (13) | (email story)

April 29, 2009

1536 Pacific: From Coming To Coming Along To Six New Condos Here

Plugged-in people knew what was coming, how they were coming along, and now that they’re here. As a tipster notes, the six new condos at 1536 Pacific hit the open house circuit this afternoon yesterday with prices starting at $1,250,000 for unit #3.

∙ Listing: 1536 Pacific Avenue #3 (2/2) - $1,250,000 [Alain Pinel]
∙ The Community Delivers Once Again: 1536 Pacific Drawings/Details [SocketSite]
∙ 1536 Pacific Rising: Pictorial Progress To Date (And Recap) [SocketSite]

Posted by socketadmin at 3:30 AM | Permalink | Comments (24) | (email story)

April 24, 2009

One Rincon Hill Sales Update: Phase One 70% Closed Or In Contract

272 of the 390 condos in the first phase of building at One Rincon Hill (376 units in tower one plus 14 townhouses) are either closed or in contract including all units below the 32nd floor.

As we noted earlier this week, that represents little movement in terms of net-new sales since October 2008, but with over 50 new contracts having been written since the beginning of the year it also represents average sales activity of roughly 12 units per month in 2009.

At its peak in late 2007, roughly 98% of tower condos were in contract which would suggest around 45% of "sales" have fallen out of contract at one point or another. And as late as August 2008 roughly 92% of the first tower was either in contract or closed.

∙ Michael Kriozere (ORH) Responds: We're Planning To Pay, Damn It! [SocketSite]
∙ Infinity Versus One Rincon Hill Sales: Strictly By The Numbers [SocketSite]

Posted by socketadmin at 11:30 AM | Permalink | Comments (16) | (email story)

April 20, 2009

T-Minus Four Weeks For 260 New Mission Bay Apartments (355 King)

The scaffolding is down (although a few barriers remain), and on May 18 Avalon Mission Bay III (355 King) will officially open its doors on 260 new rental units. From J.K. Dineen:

Rents in the building range from $2,100-$4,900 for one bedrooms, $2,100-$3,300 for two bedrooms and from $3,300-$4,900 for three bedrooms. [Meg Spriggs, AvalonBay senior development director] said she is “cautiously optimistic” the project can attain target rents, but said “we will meet the market on rents.”

Between Avalon, Strata, Argenta and a few others, that’s roughly 700 new rental units on the market over the past (and future) few months while the rental market in San Francisco continues to weaken.

∙ Avalon At Mission Bay Phase III (240 Berry): True To Design [SocketSite]
∙ AvalonBay keeps adding rental units to its cache [Business Times]
∙ The Scoop On Strata At Mission Bay, Its Environs And Rents [SocketSite]
∙ The Rather Ironic "Argenta Silver Lining": Now Leasing At One Polk [SocketSite]
∙ 550 18th Street Unwrapped (And 35 New Condos Now Renting) [SocketSite]
∙ San Francisco Rental Market Weakness: SocketSite Readers Report [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (14) | (email story)

Stimulating San Francisco To "Partner" On The Second Tower At ORH?

With respect to the Chronicle's report that Mike Kriozer isn't planning on paying at least five million dollars of fees to San Francisco related to the development of One Rincon Hill, a plugged-in reader reports:

[This] might be a leverage move by Kriozere in order to push the City to become a partial investor in the second tower [of One Rincon Hill] through the use of Federal stimulus money. He announced last month at an HOA meeting that his company was in talks with the City about this possibility and this could be his way a creating a quid pro quo (i.e., if you loan in with Fed money, I'll pay the development fees). Otherwise, I agree that it makes no sense because he's alienating the City and still needs to sell the second tower to try and squeeze out a profit.

Comments on the original thread.

∙ One Rincon Hill Still 70% Sold (And Reneging On Development Fees?) [SocketSite]
∙ It's "Official," One Rincon Hill's Tower Two Is Indefinitely On Hold [SocketSite]

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

Twenty-Five Days From A Positive Negative For Twenty-Six Units

As 870 Harrison currently stands (above): a two-story industrial building providing 6,120 square feet of production, distribution, and repair (PDR) and accessory office space behind a small parking lot. As proposed as a six-story mixed-use building:

Twenty-six residential units (18 one-bedroom, 8 two-bedroom) over either 4,050 or 2,560 square feet of ground-floor PDR (Planning Commissions Resolution 17707 "allows for reduced PDR replacement requirements if 25 percent of the lot depth is dedicated to an at-grade rear yard") and a below grade garage with 12 residential spaces, one commercial space, one van-accessible space, two car share spaces, and eight spaces for bikes.

Twenty-five days from receiving a finalized Mitigated Negative Declaration. And once again, that’s a good thing if you’re a developer or pro-development.

∙ 870 Harrison Street: Preliminary Mitigated Negative Declaration (pdf) [SFGov]

Posted by socketadmin at 1:00 AM | Permalink | Comments (10) | (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 17, 2009

Appeal Of 1960-1998 Market Street Negative Declaration…Denied!

A plugged-in tipster provides the full scoop from last night’s Planning Commission meeting with respect to the proposed development of 1960-1998 Market Street. Keep in mind that a "Negative" Declaration is actually a positive thing when it comes to development.

The appeal of the Negative Declaration was denied, the project itself is continued to May 14th, and the parking ratio variance from the Market Octavia ratio of 0.5 will probably be denied, per Planning staff recommendation. The Commission did ask for the following:

(1) an increase in the minimum distance to the building behind from the proposed 12'6, (2) a matching light-well to the existing light-well on an adjacent building (I believe it is indeed legal), (3) less height on Buchanan, and (4) for the architect to solicit additional input from the Duboce Triangle Neighbors on the design of the building.

The Duboce Triangle Neighbors claim they appreciate modern architecture and they count several design professionals amongst them. The reveals shown in the latest renderings [SocketSite] posted were their idea.

The commissioners recognized the site is too tight for setbacks, so any redesign will probably be limited to refinement of the current design. And not a single person present asked for bay windows, stucco, Victorian or Spanish design. Indeed, everyone expressed support for the modern design.

Cheers!

∙ Now THAT’s The (An) Arquitectonica Design For Market At Buchanan [SocketSite]
∙ Movement On Up To 115 Housing Units At Market And Buchanan? [SocketSite]
∙ The Designs And Details For 1960-1998 Market (At Buchanan) [SocketSite]

Posted by socketadmin at 8:45 AM | Permalink | Comments (30) | (email story)

April 16, 2009

David Baker’s Daggett Place Destiny To Be (Partially) Decided Today

The David Baker + Partners designed Daggett Place development proposed for the triangle bordered by Hubbell, 7th, and 16th Streets in San Francisco finds itself in front of the Planning Commission today to (hopefully) finalize its environmental impact report (EIR).

Three buildings with residential units atop retail and light industrial spaces present an active and inviting arcade to the neighborhood while sheltering four landscaped courtyards for residents. In the design phase, this project also transforms an existing road [Daggett] into a park, adding nearly an acre of public shared open space to the area and creating a green oasis at the base of Potrero Hill.

400 residential units (240 one-bedrooms, 160 two-bedrooms), 14,000 square feet of retail, 46,000 square feet of office, and 380 parking spaces as designed.

And yes, "desitny to be decided" is a bit of an ovestatement, but we liked the alliteration.

∙ Daggett Place: Design [dbarchitect.com] [Slideshow]

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

April 15, 2009

420 Bay Street: From What Was To What Is (And Coming Soon)

From an empty lot to three new units, 420 Bay Street should be listed soon.

One two and two three-bedroom condos ranging in size from 1,350 to 1,526 square feet and asking from $985,000 to $1,195,000. We’ve only toured the floor plans online.

∙ 420 Bay Street [420bayst.com] [Floor Plans] [Map]

Posted by socketadmin at 9:45 AM | Permalink | Comments (20) | (email story)

April 14, 2009

An Infinity "N" Of One (Or Two) But Still Significant At $650 Per Square

A plugged-in tipster in the market reports:

The ball is in my court on whether to accept a 2 Bed / 2 Bath condo at The Infinity for $650/sf. No water view however, but a good view of the Bay Bridge. This shows how quickly pricing are coming down at The Infinity. The unit is 1,309sf.

And while the aforementioned is an "n" of one, and we can't point to an exactly 1,309 square foot floor plan (other than over at One Rincon Hill), we'll also note the Infinity Tower Two listing for 338 Spear Street #5A asking $780,000 or $659 per square foot.

Infinity Tower Two corner two-bedrooms as pictured above are, however, presented at 1,316 square feet with an asterisk. Let's go ahead and make that an "n" of two.

∙ Listing: 338 Spear Street #5A (2/2) 1,184 sqft - $780,000 [MLS]
∙ Infinity Tower Two Sales Update: 50 Contracts Total Since January 1 [SocketSite]
∙ Infinity Sales Update: New Contracts Up But Driven By Discounts [SocketSite]
∙ The Infinity: Online Floor Plans And Condo Specifications [SocketSite]
∙ A Return To Reality For A One Rincon Hill "02" Stack Resale (#2202) [SocketSite]

Posted by socketadmin at 11:30 AM | Permalink | Comments (77) | (email story)

April 13, 2009

Which Is Destined To Age More Gracefully, Its Residents Or Design?

The discussion of Arquitectonica’s proposed design for 1960-1998 Market Street somehow takes a turn toward the Institute on Aging’s new Senior Campus rising at 3575 Geary where the Coronet Theater once stood.

Expected to be open by early 2010, the new campus and will provide housing for 150 seniors and serve as the home for the Institute’s health and social support programs.

∙ Now THAT’s The (An) Arquitectonica Design For Market At Buchanan [SocketSite]
∙ Institute on Aging: IOA's New Senior Campus (3575 Geary) [ioaging.org]

Posted by socketadmin at 7:15 AM | Permalink | Comments (26) | (email story)

April 10, 2009

Now THAT’s The (An) Arquitectonica Design For Market At Buchanan

We weren’t planning on publishing today, but a plugged-in tipster delivers the goods for the Arquitectonica design of 1960-1998 Market at Buchanan.

Never mind those EIR massings (but not the details).

And that's how we like to roll when it comes to ushering in a long weekend. Cheers.

∙ Movement On Up To 115 Housing Units At Market And Buchanan? [SocketSite]
∙ The Designs And Details For 1960-1998 Market (At Buchanan) [SocketSite]

Posted by socketadmin at 11:00 AM | Permalink | Comments (58) | (email story)

April 3, 2009

Out Of The Shadow And Into The Spotlight: 555 Washington Designs

The developers behind a proposed 38-story and 248-unit condo tower in the shadow of the Transamerica Pyramid are pushing forward. From the Draft Environmental Impact Report:

The proposed new 336,585 gross square-foot 38-story, 390-foot-high project building plus 35-foot mechanical penthouse would contain about 248 residential units (133 one-bedroom units and 115 two-bedroom units) and amenities in about 331,640 square feet; 6,780 square feet of retail space; over 7,000 square feet of common and private open space plus additional open areas/public park space on Mark Twain Alley and Redwood Park in excess of 26,000; and 230 parking spaces in four subsurface levels.

A squatter office variant exists as well.

From J.K. Dineen with respect to the "preferred" residential design:

In the revised design by San Francisco-based HellerManus, 555 Washington St. would start with a rectangular base and twist a quarter-turn as it rises, morphing into a circle at the top. The design, with a footprint that is 30 percent less that the zoning allows, enables the developer to expand Redwood Park, the half-acre cluster of soaring redwoods at the northern edge of the financial district.

Under the proposed project, which requires a variance for height, the redwood grove would be expanded and ownership of the park would be transferred to the city. In addition, Mark Twain Alley, a dead-end that cuts from Sansome Street into the park, would be converted into a pedestrian piazza, with ground floor restaurants spilling out from the new condo tower and other buildings along the alley.

In the pipeline for 2012 assuming the stars align. And the completely uninspired 23-story code-compliant design we might get if they don't:

∙ Developers press plan for tower by pyramid [Business Times]
∙ 248 Condos (and 38 Stories) In The Shadow Of The Pyramid [SocketSite]
∙ 555 Washington: Draft Environmental Impact Report (pdf) [SFGov]

Posted by socketadmin at 7:00 AM | Permalink | Comments (43) | (email story)

April 2, 2009

74 New Montgomery: Half Sold (And Still Buying Some Agent Love)

From a plugged-in tipster living at 74 New Montgomery:

[I] attended an HOA meeting [at The Montgomery] last night and the developers announced they had sold 55 units (out of 107) and that 13 have gone into escrow since the recent price decrease...so the price drops did a pretty good job stimulating interest, nearly 20% bump in sales in a very short time.

From the sales office via another:

As you know, The Montgomery is the only development in San Francisco to offer all brokers a generous 4.5% commission. To further show our appreciation, we are pleased to announce the extension of this unsurpassed offer. The Montgomery's 4.5% broker commission now expires on May 31, 2009*.

And an editorial comment from said another as well:

This demonstrates one of the continuing pervasive problems that contributes to the real estate problem...Instead of decreasing prices, some developers think they can drive traffic by raising broker fees, but this just wastes more cash by diverting it to unproductive hands.

The recent sales results are likely a combination of the two (price cuts and commission). And perhaps some hands do become more productive when "generously" motivated than one might think (or hope).

∙ A Plugged-In Reader’s Perspective On The Montgomery And Its Cuts [SocketSite]

Posted by socketadmin at 9:10 AM | Permalink | Comments (66) | (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)

Millennium Tower (301 Mission) Update: Timing, Kitchen(s) And Bath

Millennium Tower has received their Temporary Certificate of Occupancy (TCO), closings will commence on April 7th, and residents will start moving in on the 20th. In terms of the restaurant (RN74), the kitchen has been cleared cook and April 23rd should be the first night the public dines.

And speaking of kitchens, a peek at one from the midrise City Residences:

And a bath as well:

No update on sales since we last checked, but you can be certain that we will report on conversion and net new sales once they start to close.

Full Disclosure: Millennium Tower currently advertises on SocketSite but provided no compensation for (nor solicited) this post. They did, however, provide us with access to the development.

∙ The Millennium: A Few Things You Might Know (And A Few You Don’t) [SocketSite]
∙ Millennium Sales Update: Another Penthouse (#59A) In Contract [SocketSite]

Posted by socketadmin at 12:30 PM | Permalink | Comments (43) | (email story)

March 30, 2009

One Hawthorne: An Early Rendering To Reality Check(s)

The rendering above, the early One Hawthorne reality check below. Once again, 24 stories and 165 units with February 2008 expectations of pricing from $500,000 for a 550 square foot junior one-bedroom to $3 million for a 2,200 square foot penthouse.

∙ One Hawthorne: The Design (And Some Details) Of What’s On The Way [SocketSite]

Posted by socketadmin at 4:30 AM | Permalink | Comments (25) | (email story)

March 27, 2009

And Then There Were Six - And One Resale - At The Hayes (55 Page)

According to the sales office there are only six new condos left to be sold at The Hayes (55 Page). And there are only two units currently listed for sale on the MLS (one of which is a two-bedroom penthouse re-sale asking $998,000 or $665 per square foot).

UPDATE: A bit of plugged-in insight on the aforementioned penthouse unit:

This unit shown is/was also listed for rent. I checked it out and while very nice, I didn't like that the whole place is carpeted. Owner/agent said it was previously rented to a banking couple who had lost their jobs and moved to Sac. Said they had been paying over $5000 for rent, then was listed at $4500 when I saw it, and recently saw it listed at $4200 I think.

Now asking for $4,000.

∙ Listing: 55 Page #820 (2/2) 1,500 sqft - $998,000 [MLS]
∙ Magnificent Penthouse w/excellent city view [Craigslist]

Posted by socketadmin at 8:00 AM | Permalink | Comments (10) | (email story)

March 24, 2009

2350 Lombard Rising: Twelve New Townhouses Over Commercial

A reader wonders if we know what’s rising at the corner of Scott and Lombard and we do.

2350 Lombard will consist of twelve new "townhouses" over ground floor commercial and parking. Design by Kotas/Pantaleoni and expected to be fully risen by the end of the year.

∙ Kotas/Pantaleoni Architects Portfolio: 2350 Lombard Street [kp-architects.com]

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

March 20, 2009

A Plugged-In Reader's 12 Notes On The "PC" Approved 333 Harrison

A plugged-in reader's (slightly edited) 12 notes on Emerald Fund's proposal to develop 333 Harrison Street which has been approved by San Francisco’s Planning Commission:

1. The new building will be sandwiched between Bridgeview and One Rincon.
2. Some Bridgeview owners will be adversely affected. The lower level units will lose their views as the new building will be 40 feet away.
3. The building will house rental units.
4. Rents will be expensive: from $ 3,000 to $ 3,500 per month.
5. Approximately [7-stories] high.
6. The units are small, mostly one bedroom units averaging 500 square ft.
7. They will have a great public park, looks like a courtyard.

8. It will take approximately 2 years to complete.
9. One Rincon Hill is not at all affected.
10. The Metropolitan will not be affected.
11. Another nice perk: they will have a dog run (Park South below).
12. They have plans to convert them into condos within 15-20 years (that is what they told us). But, it is most likely much sooner than that time frame.

Design (and all images) by David Baker + Partners Architects.

UPDATE: A bit of clarification on those parks from another reader:

Emerald Fund is not building either park, especially not the dog run at Bryant/Beale. Caltrans is building that one on their own land. Caltrans would only agree to do that if they could sell their Fremont/Harrison parcel for a decent amount of dough, and they will use some of that money for Bryant/Beale.

Cheers.

∙ 685 Units Looking Beyond The Current San Francisco Downturn [SocketSite]
∙ 333 Harrison Street Design: Slide Show [dbarchitect.com]

Posted by socketadmin at 11:15 AM | Permalink | Comments (29) | (email story)

Non-Secret At One Rincon Hill: "Over 20% Off" And 4% Commissions

It shouldn’t seem like much of a "secret" (or come as any surprise) to the plugged-in people, but as a tipster notes the sales office at One Rincon Hill is now advertising (at least to the agent community) "Over 20% Discounts On Many New Homes" as well as a "4% Broker co-op" (buyer's agent commission) through the end of March.

∙ One Rincon Hill: From The $500's $700's $500's [SocketSite]

Posted by socketadmin at 7:00 AM | Permalink | Comments (54) | (email story)

685 Units Looking Beyond The Current San Francisco Downturn

"On Rincon Hill, the Emerald Fund is proposing to build 308 units at 333 Harrison St., a project that would include two neighborhood parks. At 430 Main St. and 429 Beale St., a narrow lot sandwiched between the Baycrest condos and a Caltrans yard, Portland-Pacific is proposing to build 113 apartments. The Martin Building Co., meanwhile, is scrambling to put together financing to go forward on two apartment complexes: 179 units at 2235 Third St. and 85 units at 178 Townsend St."

∙ Developers emerge for new San Francisco housing [San Francisco Business Times]
∙ A Plugged-In Reader's 13 Notes On The "PC" Approved 333 Harrison [SocketSite]
∙ 430 Main and 429 Beale Streets - Tell Them To Forget It! [Rincon Hill San Francisco]
∙ 2225-2255 Third Street: What Was (And Hopefully Is) In The Works [SocketSite]

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

March 19, 2009

Infinity Tower Two Sales Update: 50 Contracts Total Since January 1

According to a plugged-in tipster the sales manager at The Infinity has announced 50 contracts have been written for units in tower two. That's roughly 17% "sold."

UPDATE: Our appologies but our tipster's intepretation of an email from the Sales Manager at The Infinity was off. The official word:

The Infinity has more than 50 new contracts written to-date since January 1 – this is inclusive of new sales in Tower I and Tower II. 314 homes are closed in Tower I, with first move ins for Tower II beginning in April.

That's 19 new closing in Tower I (now 86% closed) since February 5th. And that's roughly 30 new contracts across both Tower I and Tower II over the past 45 days which likely puts Tower II at around 10% "sold."

Our thanks to the Infinity team for setting the record straight.

∙ Infinity Sales Update And A Few Additional Details For Tower Two [SocketSite 2/09]

Posted by socketadmin at 10:00 AM | Permalink | Comments (84) | (email story)

March 18, 2009

A Contextual Massing For Transbay Block 8 And Its Environs

You knew it was in the pipeline and you’ve seen the RFP (to which three responded and will compete), now we treat the plugged-in people to an exclusive massing for Transbay Block 8 (in red) and its environs as proposed.

Bragging rights for naming the pipeline buildings, bonus points for probabilities and time.

∙ In The Pipeline For First And Folsom: 550-feet And 600 Units [SocketSite]
∙ Three teams line up to take on Transbay project [San Francisco Business Times]
∙ Transbay Block 8: The Request For Proposals And Basic Design(s) [SocketSite]

Posted by socketadmin at 4:00 PM | Permalink | Comments (14) | (email story)

We Gave You The Jump, Now Some New Renderings: 3119 Harrison

The website for the Dawson&Clinton two-unit building rising at 3119 Harrison is live, and we’re digging what we see. Full-floor (or near full-floor) master suites with modern baths.

Two other bedrooms and at least two other baths; 600 square foot roof-top decks with views and spas; and Bulthaup kitchens with islands and a folding wall that opens to green.

UPDATE (3/20): One of the two units at 3119 Harrison has hit the MLS. Asking $2,370,000 or $790 per square foot.

∙ 3119 Harrison [3119harrison.com]
∙ Coming (Not So) Soon To An Empty Lot (3119 Harrison) Next Year [SocketSite]
∙ We’ll Give You The Jump Once Again: 3119 Harrison On The Market [SocketSite]

Posted by socketadmin at 12:15 PM | Permalink | Comments (27) | (email story)

Rehabilitating Rather Than Razing Building 101 At Hunters Point

Rather than razing Building 101 and relocating the artist studios within as part of Lennar’s redevelopment of Hunters Point Shipyard, the former Navy fallout shelter (and piece of "The Point") will be rehabilitated thanks to a $2.1 million federal grant.

The renovated Building 101 will become the hub of a new Hunters Point arts district.

∙ JustQuotes: The Redevelopment Of Hunters/Candlestick Point [SocketSite]
∙ "The Point" [thepointart.com]
∙ Demolition plan turns into rehab effort for art studios [Examiner]

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

March 16, 2009

Babylon By The Bay Hits A Bagdad By The Bay Styled Road Block

As we wrote about 110 Embarcadero when John King had the design scoop in early 2008:

Assuming Planning Commission approval this spring, the building could be up, open and growing leaves by the end of 2009.

As John Upton writes today:

The Planning Commission’s January [2009] approval of the project is now being disputed because an environmental-impact report wasn’t completed to study the historical significance of the building, the shadows that would be cast by the building’s height, which would exceed the parcel’s 84-foot height limit by 39 feet, and other factors.

The existing gray-and-white building, which replaced a burned-down barn after the 1906 earthquake, appears unremarkable from the outside. But inside, it played an important role in Depression-era labor battles.

The Board of Supervisors on Tuesday will consider the appeal of the Planning Commission’s green-light on the project. In making its decision, the board will consider whether the existing structure is historically significant.

From a development standpoint the best case scenario is now up and open by the end of 2011 (no sooner than 2012 if an environmental-impact report is required).

∙ Forget Bagdad By The Bay, This Is More Like Babylon (By The Bay) [SocketSite]
∙ West’s greenest building faces delay [San Francisco Examiner]

Posted by socketadmin at 8:45 AM | Permalink | Comments (27) | (email story)

March 13, 2009

1650 Broadway (A.K.A. 1622-1662 Broadway) Approved

A plugged-in tipster reports that the development of 1650 Broadway (a.k.a. 1622-1662 Broadway) has been approved by the Planning Commission.

1650 Broadway will rise eight and one-half six and one-half stories into the air (a "23%percent reduction in building size from the original design" above) and will consist of 34 condos (1 1-bedroom, 25 2-bedroom, 8 3-bedroom; 4 below market rate) over 49 parking spaces.

Design by Forum Design with the Broadway façade set back four to ten feet from the property line (landscaping in the intervening area) with exterior finishes of stone cladding, cement plaster, and darkened zinc.

Construction is estimated at approximately 20 months from groundbreaking.

UPDATE: From a plugged-in reader:

This isn't the final design. I believe the top floor was considerably set back. Also one of the Commissioners, whose support was critical, asked for and obtained less glass on the facade.

You know where to send the renderings (and if you don't: tips at socketsite.com).

∙ The Designs (And Declaration) For 34 New Condos At 1650 Broadway [SocketSite]

Posted by socketadmin at 7:00 AM | Permalink | Comments (31) | (email story)

March 11, 2009

The Designs And Details For 1960-1998 Market (At Buchanan)

Our discussion around the shuttered 76 Station at Market and Buchanan quickly turns to the Arquitectonica design and details. And a plugged-in tipster delivers on both. From the Preliminary Mitigated Negative Declaration for the project (1960-1998 Market):

The proposed project would involve the replacement of all existing uses on the site with a nine-story, 85-foot-tall mixed-use building totaling approximately 146,800 gross square feet in area, including ground floor parking.

The proposed building would include approximately 108 condominium units, 86 off-street parking spaces located on the ground floor and in two below-grade garage levels, and three ground-floor commercial spaces totaling 8,150 square feet. Off-street parking would be accessed from Buchanan Street.

A tip of the hat to our tipsters. And as always, we'll keep you posted and plugged-in.

∙ Movement On Up To 115 Housing Units At Market And Buchanan? [SocketSite]
∙ 1960-1998 Market Street: Preliminary Mitigated Negative Declaration [SFGov]

Posted by socketadmin at 2:00 PM | Permalink | Comments (33) | (email story)

Movement On Up To 115 Housing Units At Market And Buchanan?

While we got some hints we’re still looking for the answer with regard to what’s in the works for the Chevron station at 2465 Van Ness (Bueller?). That being said, our piece unearthed a treasure trove of insight into shuttered gas stations across San Francisco.

One such nugget:

There may finally be some movement on the proposal for the 76 station at Market and Buchanan.

The Planning Commission will hear an application for conditional use authorization on March 26. After hearing about this possibility for more than 2 years it will be interesting to see details what is actually being proposed now that market conditions have changed. The CU application claims up to 115 residential units, ground floor commercial, and up to 91 parking spaces in an 85-X Height/Bulk district.

And with respect to the ex-station lot at Lombard and Pierce:

It is a completely contaminated site--Developer had it and walked away. No developer will touch that unless it is purchased contingent upon a total clean up.

UPDATE: Two unfortunate updates from plugged-in readers: 1. "I'll be shocked if the Buchanan/Market proposal goes to the commission on the 26th. It has a lot of design issues to be resolved, expect a significant delay."; and 2. "It will not likely fly with the neighborhood, the design screams "office building" even though it's not. It's out of compliance with the planning department's design guidelines in more ways than I can count."

UPDATE: The aforementioned design.

∙ A Reader Asks: What’s In The Works For 2465 Van Ness? [SocketSite]
∙ The Designs And Details For 1960-1998 Market (At Buchanan) [SocketSite]

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

March 10, 2009

700 Valencia Rising (A Plugged-In Reader's Perspectives)

While plugged-in people know what’s coming (and of course what was there), and it’s a plugged-in Brian Stokle that provides an update ("just starting 2nd floor") and a couple of early perspectives on the soon to be five-story 700 Valencia rising. Click either to enlarge.

∙ 700 Valencia Street: The Details And Designs For Moving Forward [SocketSite]

Posted by socketadmin at 2:10 PM | Permalink | Comments (8) | (email story)

March 9, 2009

The Flip Side Of The 550 18th Street Design: The 3rd Street Facade

From one reader with respect to 550 18th Street:

Architecture actually looks ALOT more interesting (on the bay side) than most other condos that have hit the market over the last few years.

What they don't show is the union building this wraps around on the third street side. I'm curious to know how that turned out. Anyone have pictures?

And from our original tipster in response: "Here it is. Not all that pretty."

Agreed. And then some.

∙ 550 18th Street Unwrapped (And 35 New Condos Now Renting) [SocketSite]

Posted by socketadmin at 11:00 AM | Permalink | Comments (6) | (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 4, 2009

550 18th Street Unwrapped (And 35 New Condos Now Renting)

A plugged-in tipster captures the recently unwrapped 550 18th Street.

That's thirty-five (35) new two and three bedroom Mission Bay condos ranging from 1,200 to 1,500 square feet, and currently seeking $3,500 to $5,500 per month in rent.

No word on the 7,000 square feet of ground floor commercial.

∙ 550 18th Street (35 Units) [550-18th.com]

Posted by socketadmin at 3:15 PM | Permalink | Comments (40) | (email story)

The Rather Ironic "Argenta Silver Lining": Now Leasing At One Polk

Less than 24 hours after we broke the news of Riverstone Residential's involvement with Argenta (1 Polk), a plugged-in tipster (quite literally) catches a craigslist ad asking $2,250 for a one-bedroom ($3,800 for a two).

Keep in mind that we've heard some pretty good things about the quality of the finishes (think Poggenpohl) and that some units have surprisingly good views. No comment on the new website and rather ironic moniker: "Argenta Silver Lining."

∙ The Argenta (1 Polk) Scoop Redux: Riverstone Residential To Manage [SocketSite]
∙ $2250 / 1br - BRAND NEW LUXURY HIGH RISE LIVING [Craigslist]
∙ $3800 / 2br - BRAND NEW High Rise Living - Argenta!! [Craigslist]
∙ Argenta Silver Lining [argenta-sf.com]

Posted by socketadmin at 6:15 AM | Permalink | Comments (28) | (email story)

March 3, 2009

Two Of Twelve Condos At 480 14th Street ("FORM 14") Hit The MLS

The "Grand Opening Party" for 12 new condos at 480 14th Street ("FORM 14") is tomorrow (3/4/09) from 5:30 to 7:30 pm. And yes, it was the Delfina Pizza that caught our eye.

Ten two-bedrooms currently starting at $799,000 with two three-bedrooms at $999,000.

∙ Listing: 480 14th Street #1 (3/3) - $999,000 [MLS]
∙ Listing: 480 14th Street #10 (2/2.5) - $799,000 [MLS]
∙ FORM 14 (480 14th Street) [form14th.com]

Posted by socketadmin at 4:15 PM | Permalink | Comments (31) | (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 27, 2009

Proposal For 345 6th Street Development: Scoop, Meeting And Design

While plugged-in readers answered another's question with regard to a proposed hotel in the vicinty of Sixth and Jessie (yes, at 942 Mission), a plugged-in tipster passes along the notice for a pre-planning commission community meeting for 345 Sixth Street, a proposed 36 unit residential project four blocks to the south on the corner of Shipley.

The architect and development team are making themselves available at 348 6th Street next Thursday (3/5/09) from 6-7pm for Q&A. Don’t forget those tips if you attend.

UPDATE: A plugged-in reader adds a few details and a link to the Planning Department’s Preliminary Mitigated Negative Declaration for 345 6th Street which includes floor plans and few elevations.

∙ A Reader Asks, Perhaps You'll Answer: Hotel Around Sixth And Jessie? [SocketSite]

Posted by socketadmin at 6:30 AM | Permalink | Comments (18) | (email story)

February 24, 2009

Trying To Catch The Market Over At One Rincon Hill (425 1st #2307)

Originally seeking $849,000 as a resale, the listing for One Rincon Hill #2307 was reduced down to $749,998 and then withdrawn from the MLS after 200+ days.

Returning to the MLS 21 days ago asking $699,000, the list price for the northeast corner and 819 square foot 425 1st Street #2307 was just reduced to $649,000.

∙ Listing: 425 1st Street #2307 (1/1) - $649,000 [MLS]
∙ One Rincon Hill (425 First Street): Secondary Market Stumbles [SocketSite]

Posted by socketadmin at 4:30 PM | Permalink | Comments (50) | (email story)

Cubix Sales Update: 32% “Sold” (And Now Offering "Lease-To-Own")

After reducing prices by up 29.5% for their four week “Economic Stimulus Sale,” Cubix managed to put another seven condos into contract.

With around 24 of their 98 units either closed or in contract prior to the sale, we’ll now call Cubix 32% "sold" or roughly 18 contracts away from their stated Stimulus Sale goal of 50% (in order to open up the doors to FHA financing).

In related news, Cubix has started offering "lease-to-own" deals, purchase contracts which can either be executed or cancelled at anytime during a 3, 6, 9, or 12 month lease.

∙ Cubix (766 Harrison) Officially Cuts "Up To 29.5%" For Stimulus Sale [SocketSite]

Posted by socketadmin at 11:50 AM | Permalink | Comments (6) | (email story)

February 23, 2009

Whole Foods Green-Lighted In Noe (And As Proposed On Market)

While Whole Foods Market has been given the green light to take over the shuttered (but unfortunately not razed and to be rebuilt) Bell Market on 24th in Noe, the Prado Group continues to push forward with a proposed mixed-use development at 2001 Market Street which would replace the shuttered S&C Ford dealership with not only a Whole Foods on the ground floor but 80 residential units above and 125 parking spaces below.

No update on the Whole Foods slated for the Haight (a.k.a. the 690 Stanyan Project).

UPDATE (2/24): From a plugged-in reader with respect to the Noe Valley location: "Apparently Whole Foods has budgeted $5 million for [the] remodel and hopes to be open by September."

∙ Here comes another Whole Foods [SFGate]
∙ 2001 Market Street [2001marketsf.com]
∙ The 690 Stanyan Project Update: Conditional Use Approved 6-0 [SocketSite]

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

Coming Soon: The "Union" Of Bryant Commons And Coach House Lofts

A "big pit" and un-renovated historic brick building for seven years when the development of a dotcom office park stalled out, in 2007 the calling to become condominiums came.

Originally known as Bryant Commons (76 new "family townhomes and flats" at 2125 Bryant) and Coach House Lofts (23 "highly-stylized lofts in a classic, historic building" at 2101 Bryant), the project is now simply know as "Union."

Once expected spring 2008, now available "mid 2009" with a placeholder site for the ninety-nine one, two and three bedroom homes online.

∙ Bryant Commons (2125 Bryant) / Coach House Lofts (2101 Bryant) [SocketSite]
∙ You Ask, We Answer, You Embellish: Big Developments In The Mission [SocketSite]

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

February 19, 2009

Mosaica 601 On The Market And Affordable Rental Applications Soon

While the market rate condos for the city block now known as Mosaica 601 are on the market (listed under 601 Alabama), pre-applications for 85 of the affordable apartments will be available starting Monday, March 9th (due back by 3pm on March 13th).

Mosaica is composed of 151 new housing units with seventy-two apartments (including 37 three-bedrooms and 2 four-bedrooms) for qualified households at or below 50% of 2008 median income and thirteen apartments for seniors at or below 30% of 2008 median income being offered in this round.

UPDATE: A plugged-in reader calls us out on our use of "BMR" versus "Affordable" to describe the rental units. We have since rewritten in an attempt to more accurately reflect the overall unit mix.

∙ Mosaica 601 (Or 601 Alabama As Far As The Post Office Is Concerned) [SocketSite]
∙ Mosaica Pre-Application Flyer And Qualifying Income Chart (pdf) [SFGov]

Posted by socketadmin at 9:30 AM | Permalink | Comments (12) | (email story)

February 17, 2009

JustQuotes: Bailing On The Substation To Bailout Yoshi's Et Alli

"The cornerstone nightclub of the revitalized Fillmore jazz district is about to get a $1.5 million Redevelopment Agency bailout loan — but it comes at the cost of fixing a long-abandoned building in the neighborhood.

Officials are close to taking $3.3 million intended for revamping the abandoned Muni substation at Fillmore and Turk streets and instead offering the money as loans to struggling businesses, helping pay for restaurant consultants and funding an operating shortfall at a parking garage."

"The Redevelopment Agency will vote today to transfer the deed for the Muni substation, along with valuable certificates of redevelopment, back to The City. As of now, city officials have no plans for the aging property"

∙ Jazz district loan comes at cost [San Francisco Examiner]
∙ Tough Times For The Fledgling Fillmore Jazz District's Rebirth [SocketSite]
∙ The (Re)Development And Design Of 1198 Fillmore And 1345 Turk [SocketSite]

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

February 13, 2009

A Plugged-In Reader’s Perspective On The Montgomery And Its Cuts

A plugged-in reader’s perspective on The Montgomery (74 New Montgomery) and its cuts:

I bought a 1-bedroom pre-opening in 2007…for over 100K more than the new pricing (although we did get about $35K in pre-paid HOA and upgrade credits plus the standard 3 yrs parking) ... oh well.

The building, by the way, is quite nice, and I love the location ... this is a second home for my wife and me so we plan to keep it long term but I'd hate to be someone who needs to re-sell right now.

The new starting prices from the sales office:

Studios starting from $383,000
Executive Studios starting from $462,000
One Bedrooms starting from $452,000
One Bedrooms with Den starting from $625,000
Two Bedrooms starting from $882,000
Two Bedrooms with Den starting from $1,350,000

And a few of their original price ranges from the first release in 2007:

Studios $379,000 to $540,000 (420-580 sqft)
Junior one bedrooms $598,000 to $655,000 (500-600 sqft)
One bedrooms $487,000 to $647,000 (600-750 sqft)
One bedrooms + den $745,000 to $850,000 (700-900 sqft)

And everybody’s favorite of which to be aware, “New 4.5% Broker Co-op" (for new contracts before 3/31/09).

∙ The Montgomery (74 New Montgomery): Pricing And Reservations [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (39) | (email story)

February 12, 2009

BLU Cuts Pre-Sale Required Green To $575,000 (And Up To 26%)

According to the sales office over at BLŪ, the "starting price" cuts of 17 to 22% as reported by SF New Developments are in direct response to a fast approaching 25% pre-sale requirement (currently 10% of 108 units in contract), and aren't expected to last past their first round of closings in 60 or so days. As always, time, the market and SocketSite will tell.

The pre-sale starting price adjustments according to SFND:

“A” Plans: Originally from $925,000, currently from $743,000 (down 20%)
“B” Plans: Originally from $809,000, currently from $631,000 (down 22%)
“C” Plans: Originally from $799,000, currently from $622,000 (down 22%)
“D” Plans: Originally from $930,000, currently from $743,000 (down 20%)
“E” Plans: Originally from $739,000, currently from $575,000 (down 22%)
“F” Plans: Originally from $809,000, currently from $673,000 (down 17%)

And it's a plugged-in tipster that points out some specific unit price cuts of up to 26%:

631 Folsom #3B: Originally $749,000, now $630,000 (down 16%)
631 Folsom #6A: Originally $985,000, now $799,000 (down 19%)
631 Folsom #PHE: Originally $2,527,358, now $1,862,358 (down 26%)

UPDATE: The 25% pre-sale requirement insight was added for additional color (and accuracy). And yes, it's officially turned into one of those days.

Full Disclosure: BLU currently advertises on SocketSite but provided no compensation for (nor had any prior knowledge of) this post. They did, however, inform our update.

∙ Listing: 631 Folsom #3B (2/2) - $630,000 [MLS]
∙ Listing: 631 Folsom #6A (2/2) - $799,000 [MLS]
∙ Listing: 631 Folsom #PHE (3/3) - $1,862,358 [MLS]
∙ A Reader Starts Singing The BLŪ’s (631 Folsom Website Now Live) [SocketSite]
∙ BLU Slashes Prices - now starting at $575,000! [SF New Developments]

Posted by socketadmin at 12:30 PM | Permalink | Comments (70) | (email story)

February 11, 2009

Another "Limited Time Offer" And Additional Cut At Symphony Towers

In October Symphony Towers (750 Van Ness) cut prices on 20 units in its tower one by up to 30%. Positioned as a limited time offer with "no plans" for another round of "slashing," the list price for 750 Van Ness #T-907 was cut from $515,000 to $419,000.

Passed along by a plugged-in tipster yesterday:

This weekend only, Symphony Towers will offer two incredible residences (a Penthouse Studio and a Courtyard One-Bedroom) at incredible savings.

And you guessed it, said studio is 750 Van Ness #T-907 which is now being offered for $389,000 (including “lots of free upgrades”). Also noted, "new pricing" for tower two.

∙ Price Cuts Of Up To 30% At Symphony Towers (750 Van Ness) [SocketSite]
∙ Symphony Towers Update: Slashing Success And Words On The Street [SocketSite]

Posted by socketadmin at 2:00 AM | Permalink | Comments (1) | (email story)

February 6, 2009

A Positive Report Of Some Negative News For Esprit Park Home Sales

A plugged-in reader reports:

I was in contract for a unit at Esprit Park and ended up backing out due to employment issues. I just settled escrow a week ago and I won't get into the details but I can honestly say that the result was very fair.

I checked on the Esprit Park website yesterday and found that they have updated the number of units "sold" which includes units both sold or in contract. They haven't always been on top of updating the site but it had previously been hovering around the 47 to 49 unit mark out of a total of 142 units. Right now the website indicates only 30 units (21%) sold one of which is the developer's unit which was briefly listed for sale in December I think. This seems like a potentially serious issue due to the more conservative rules that both Chase and Wells, the approved lenders, have regarding % of units sold prior to funding.

The 1/1.5 units have also been lowered on MLS to the lowest price yet of $552k [Editor's Note: now down to $538,938]. However, my contract from last April was lower than that so this development still has more to fall. Especially considering the reductions at Radiance you've posted today.

I was a real big supporter of this development and the developer and I still am. Obviously things have changed dramatically in the market since my contract in April 08 and these units will have to either go rental or sell real cheap but I think the design and the professionalism of the developer were great...

For the record, we're fans of the development and developer as well, but we're even greater fans of being plugged-in to what's really happening in the market sans a sales office or industry spin.

UPDATE: From a plugged-in reader with respect to lenders:

Note Chase has pulled their funding for Esprit Park (they wouldn't pre-approve us in Jan). Apparently they were too exposed to new units. Its now Wells and Patelco.

∙ Listing: 900 Minnesota Street #S115 (1/1.5) - $538,938 [MLS]

Posted by socketadmin at 11:30 AM | Permalink | Comments (15) | (email story)

Rare, Refined And Reduced: Radiance At Mission Bay Official Cuts

Plugged-in people knew the Radiance at Mission Bay price cuts were coming, and now they’re here. Official reductions of up to $365,000 (26.5%) off of original prices plus two years of pre-paid HOAs. And now priced from $576 per square foot.

That being said, do keep in mind that according to a reader 330 Mission Bay Boulevard (Radiance) #116 has already closed escrow with a reported contract price of $960,000 ($557 per square foot) while originally priced at $1,390,000 (a reduction of 31%).

∙ The SocketSite Scoop: Radiance To Announce Price Cuts Next Week [SocketSite]
∙ 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 7:00 AM | Permalink | Comments (25) | (email story)

February 5, 2009

Infinity Sales Update And A Few Additional Details For Tower Two

According to the developer of The Infinity, 295 of the 365 units (80%) in phase one (tower one and the treetops) have closed escrow, up from roughly 255 (70%) in October of 2008. Twenty (20) new contracts have been written in the past 30 days (39 in Q4 of 2008).

More detail on the official starting prices for the 285 condos in tower two (vs. tower one):

One-bedrooms "from the mid $500,000s" (700 to 1,020 square feet)
Two-bedrooms "from the high $700,000s" (1,160 to 1,600 square feet)
Three-bedrooms "from the high $900,000s" (1,630 to 1,740 square feet)
Penthouses T.B.D.

Design changes between the two towers include four penthouse units in tower two (that's a view from the crown jewel #42B below) versus only two in tower one.

Upgraded appliances in the top twelve floors of tower two and cabinetry in the top six.

And one-bedroom corner homes in tower two.

∙ Infinity Tower Two Inventory To Start Selling In January (2009) [SocketSite]
∙ Infinity Sales Update: New Contracts Up But Driven By Discounts [SocketSite]
∙ The Infinity Sales Center: SocketSite’s Inside Scoop [SocketSite]
∙ Infinity Tower Two: "Starting From The Mid $500,000s" This Weekend [SocketSite]

Posted by socketadmin at 12:30 PM | Permalink | Comments (65) | (email story)

February 4, 2009

One Rincon Hill 53rd Floor "Showhouse" Coming In March September

From the Design San Francisco conference agenda for Friday: "Meet the panel of experts who are designing four condominiums -- the entire 53rd floor -- of the prestigious One Rincon Hill condominium complex at the foot of the Bay Bridge…The Showhouse will take place during the months of March and April 2009."

UPDATE: Make that September: "The San Francisco Design Center decided to move the 'Design Above All, Inspiration for luxury high-rise living' event to Sept. 2009 (partly in deference to the SF Decorators Showcase). This happened after the Design San Francisco program had gone to print."

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

SocketSite Reader’s Report: An Old Infinity Lockup Glitch?

As always, reader’s comments with regard to contracts, legal matters and investments should always be seen as a potential starting point for a conversation with a qualified professional rather than as answers or advice. That being said, it’s a plugged-in reader that catches a potential lockup glitch in old Infinity contracts:

Regarding resale lockup and first right of refusal, there was a glitch in the contract that wasn't caught until mid-2008. The sale lockup & builders 1st right of refusal is only 1 year COMBINED...not 1 year each. I know, because I caught the glitch.

The builder told everyone that it was 2 years (1 year for each) but admitted I was right. So everyone who signed a contract prior to mid-2008 actually only has a 1-year combined lockup & first right of refusal period... not 2 years. Although, I suspect none of them know it...until now.

∙ Infinity Tower Two: "Starting From The Mid $500,000s" This Weekend [SocketSite]

Posted by socketadmin at 1:30 AM | Permalink | Comments (36) | (email story)

February 3, 2009

Infinity Tower Two: "Starting From The Mid $500,000s" This Weekend

A whole host of plugged-in tipsters note that Infinity’s second tower officially opens to the public this weekend. 42 stories, 285 new condominiums, and as every tipster so far has pointed out: "starting from the mid $500,000s." Additional details soon.

∙ Infinity Tower Two Sales Announcement (And A Buyer’s Translation) [SocketSite]

Posted by socketadmin at 1:30 PM | Permalink | Comments (47) | (email story)

The Unfinished Façade Of 77 Van Ness (And Its 56 Residential Units)

While the façade isn’t quite finished the scaffolding is down from around 77 Van Ness. Once again, it’s 56 potential condos and 21,000 square feet of commercial/retail for lease, but considering the fate of Argenta and Artani perhaps 56 new rental units instead.

∙ 77 Van Ness Rising (And Our Request For A Rendering) [SocketSite]
∙ Argenta's Confirmed And Artani's Rumored, Will 77 Van Ness Be Next? [SocketSite]
∙ The Scoop: Argenta (1 Polk) On The Market As An Apartment Building [SocketSite]
∙ The SocketSite Scoop And Rumor Confirmed: Artani Suspending Sales [SocketSite]

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

The Scoop On Strata At Mission Bay, Its Environs And Rents

A plugged-in reader reports on Strata at Mission Bay and its environs:

I did a hard hat tour of Strata SF this weekend. I think the building itself is ok. A little bland but I have seen worse. The interior halls look nice....well [lit] and a good color scheme. The views in the distance are nice, the views of the surrounding lots (aka lots of dirt and construction areas) not as nice. First move ins are scheduled for March 1st but they have a long way to go in 30 days to make this a reality. 4th street should be open to traffic in 6 months (says the sales center). Rents seemed high for this undeveloped neighborhood (1/1 650 sqft starting for around $2,300).

I will say looking back at north mission bay from the Strata I was impressed with the look of that neighborhood. The new avalon building and arterra behind the smaller developments closer to the canal really worked well together. At least from that vantage point I think they have done a superb job of building a nice looking community.

With respect to area rents, over on the other side of Mission Creek Edgewater Apartments is advertising a 535 square foot one-bedroom for $2,155 per month, Avalon at Mission Bay has a 700 square foot one-bedroom for $2,160 (previously from $2,200), and over at One Rincon Hill there’s a 710 square foot one-bedroom on the 19th floor asking $2,400.

UPDATE: A plugged-in reader catches the One Rincon Hill fine print ($2,400 is the three-month "teaser" rate, asking $2,650 thereafter), but we will note a few other One Rincon Hill one-bedrooms asking $2,600 and at least one that includes parking.

∙ Coming Soon: "Strata At Mission Bay" (A.K.A. 555 Mission Rock) [SocketSite]
∙ An Overview Of Mission Bay [SocketSite]
∙ Why You Should Care About All Those New Developments (Part I) [SocketSite]
∙ Avalon At Mission Bay Phase III (240 Berry): True To Design [SocketSite]
∙ More Mission Bay Stripping: Arterra And Mission Creek Sports Courts [SocketSite]
∙ Edgewater Apartments (355 Berry): An Overview And Pricing [SocketSite]
∙ $2400 / 1br - 1Ba Luxury Condo at One Rincon w/ Views [Craigslist]

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

February 2, 2009

Soma Grand (1160 Mission): Reductions, Restaurant, And Inventory

Three months ago the three-bedroom/two-bath 1160 Mission #601 was listed for $999,000 or $751 per square for each of the 1,331 square feet. This weekend the Soma Grand condo #601 returned to the MLS with a list price of $765,000, a 23% reduction and now asking well under $600 per square foot ($574).

Also listed this weekend was 1160 Mission #1212 for $505,000/$759 per square foot. In August of last year 1160 Mission #1012 was asking $590,000 or $887 per square, an effective drop of at least 15% (i.e., not accounting for the higher floor premium).

At the same time Charles Phan’s Heaven’s Dog restaurant has opened its doors on the ground floor of the building (a nice amenity and addition to the neighborhood). And as best we can tell, Soma Grand is now roughly 60% sold (including 29 BMR units) with around a hundred (100) of the 246 units to go (up from 50% sold last May).

∙ Listing: 1160 Mission Street #601 (3/2) 1,331 sqft - $765,000 [MLS]
∙ Listing: 1160 Mission Street #1212 (1/1) - $505,000 [MLS]
∙ Soma Grand (1160 Mission) BMR Applications Are Now Available [SocketSite]
∙ SoMa Grand (1160 Mission) Update: Sales, Office, And Phan’s Food [SocketSite]

Posted by socketadmin at 12:30 PM | Permalink | Comments (56) | (email story)

January 30, 2009

Millennium Sales Update: Another Penthouse (#59A) In Contract

It’s seven new contracts at San Francisco’s Millennium Tower since instituting a 15% price cut two weeks ago: six units with an average price point of ~$1.5M, and Penthouse 2A (a.k.a. 301 Mission #59A) at $10,200,000 for 5,555 square feet of raw space.

Approximately 100 of the 419 Millennium condos are now in contract with non-refundable 10% deposits (or roughly 40 net-new contracts since their first penthouse sale). The first closing and move-ins should occur around the end of April. And Michael Mina’s RN74 restaurant is on track to open at the same time. We'll see you at the wine bar.

∙ The SocketSite Scoop: Millennium Cuts Prices 15% Across The Board [SocketSite]
∙ The Millennium: A Few Things You Might Know (And A Few You Don’t) [SocketSite]
∙ Millennium Tower San Francisco (301 Mission): Sales Update/Facts [SocketSite]

Posted by socketadmin at 1:00 AM | Permalink | Comments (56) | (email story)

January 29, 2009

Avalon At Mission Bay Phase III (240 Berry): True To Design

While the 192 units of Strata at Mission Bay should be renting in March, the 260 rental units of Avalon at Mission Bay III should be online by the middle of the year (about 18 months after having started its ascent).

∙ Coming Soon: "Strata At Mission Bay" (A.K.A. 555 Mission Rock) [SocketSite]
∙ Avalon At Mission Bay Phase III (240 Berry) Rises Up Aside Arterra [SocketSite]
∙ Avalon At Mission Bay Phase III (240 Berry) Starts Its Ascent [SocketSite]
∙ Avalon at Mission Bay III (240 Berry) [avalonatmissionbayiii.com]

Posted by socketadmin at 1:00 PM | Permalink | Comments (53) | (email story)

A Reader Asks, We Respond, You Add The Scoop: 21 Lafayette

Your Question: What’s happening at corner of Layfayette and Minna (“I heard they are going to be rentals rather than for sale”)?

Our response: It’s a three unit building (21 Lafayette) that we believe was mapped as condos but could very well end up being rented out.

The Opportunity: To prove us wrong (or just add the inside scoop).

Posted by socketadmin at 12:15 PM | Permalink | Comments (10) | (email story)

January 28, 2009

The 8 Washington Development Website: New And Improved!

As a tipster notes, Pacific Waterfront Partners’ website for the development of 8 Washington (and San Francisco’s Seawall Lot 351) has been updated to include a couple of snazzy new renderings of the proposed SOM design (the faux-French design is no longer) and a copy of the developers' dutifully submitted RFP (big but worth a gander for design wonks).

As proposed, up to 170 residential units over ground floor retail and restaurants, up to 420 parking spaces, and 27,900 square feet of public open space not including a new recreation club and tennis courts.

∙ 8 Washington Development Website [8washington.com]
∙ Cosmic Development Karma For San Francisco's Seawall Lot 351? [SocketSite]
∙ SWL 351 And The Proposed 8 Washington Street Project: Port Hearing [SocketSite]
∙ The SocketSite Scoop On The 8 Washington Street Project [SocketSite]

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

Just Under $900,000 Originally, Asking Just Under $800,000 Today

Asking just under $900,000 (not including upgrades) when the sales office first opened (acording to a plugged-in Infinity resident). Asking just under $900,000 ($885,000) as a resale last month (and subsequently reduced down to $849,000). Asking just under $800,000 ($799,000) today for 301 Main Street #9E at Infinity.

∙ Listing: 301 Main #9E (2/2) - $799,000 [MLS] [Climb]
∙ Another Infinity Resale (#9E) Within Those "Restricted" Two Years [SocketSite]
∙ Infinity Sales Update: New Contracts Up But Driven By Discounts [SocketSite]

Posted by socketadmin at 7:00 AM | Permalink | Comments (78) | (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 23, 2009

JustQuotes: Did We Say Rumor? (And Plugged-In Traffic Picks Up)

“[Millennium Partners Managing Director Richard Baumert] said traffic through the sales office has picked up since Sunday when the real estate web site Socketsite reported the rumor that price reductions were imminent.”

∙ Condo price cuts reach top tier at Millennium [San Francisco Business Times]
∙ The SocketSite Scoop: Millennium Cuts Prices 15% Across The Board [SocketSite]

Posted by socketadmin at 4:30 PM | Permalink | Comments (12) | (email story)

Infinity Tower Two Sales Announcement (And A Buyer’s Translation)

Last week a plugged-in tipster and buyer in Tower One at The Infinity passed along the following announcement from the Sales Team with respect to Tower Two:

A new year brings fresh opportunities. The Infinity is excited to announce the launch of Tower II. As one of our homeowners or residents, we are pleased to offer you the first opportunity to view and purchase a home in Tower II.

Tishman Speyer and The Mark Company cordially invite you to an exclusive reception at the newly redesigned Infinity Sales & Design Center [on Thursday, January 29]. This will be an opportunity for you to speak with a Sales Associate about our homes, learn about the developers' vision, and make a priority appointment to write a contract.

Prior to the public release in February 2009, Tower II residences will be offered only to those on our Priority List. If you are interested in purchasing a home we encourage you to schedule a priority appointment in advance of the public release with one of our Sales Associates. Appointments are now being accepted.

And while we have a feeling we’re going to take some heat for this one, we’re also passing along our tipster’s translation which might speak to the mindset of more than one:

Dear Infinity Resident. Since you chose to overpay for a depreciating asset that is now worth at least 30% less than you paid, largely due to the builder authorized fire sale on tower I, we invite you to make the same mistake again. We are aware that you are predisposed to poor financial decisions and hope to have you once again focus your decision making prowess in our direction prior to the public release of prices that is likely to elicit scathing reviews and criticism. Please bring cash and an agent easily persuaded by the need to earn some sort of income in 2009.

It's tough love. And once again, written and passed along by a buyer in Tower One.

∙ Infinity Sales Update: New Contracts Up But Driven By Discounts [SocketSite]

Posted by socketadmin at 1:00 PM | Permalink | Comments (103) | (email story)

January 22, 2009

The Hayes 72-Hour Sale (And Up To 20% Off According To A Tipster)

According to their sales office The Hayes is holding a “72-Hour Sale” this weekend during which "twelve select homes at The Hayes will be offered at incredible prices-more than $2million in total price reductions."

According to a plugged-in tipster, think up to 20% off (but we don't know if that's on top of the reductions we previously reported in October). Regardless, we’re pretty sure this constitutes the "real" Hayes Valley (and San Francisco as far as we’re concerned).

UPDATE: A reader's comment we had to highlight: "Here's an idea: mount a rotating blue police light on a roller cart. Roll it into various units and announce that there is a special deal on that unit for a limited time only. Kart-MARkeTing."

∙ New Development “Closeout” Sales: The Potrero And 170 Off Third [SocketSite]

Posted by socketadmin at 2:45 PM | Permalink | Comments (46) | (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 20, 2009

Temporary Transbay Bus Terminal Update: 200 Folsom Cleared

Ground has been broken for the Temporary Transbay Bus Terminal and as of this long weekend 200 Folsom is no longer. After a bit more prep it will be time to build. And dream.

∙ Transbay Transit Center Groundbreaking, Fat Mike & Infinity All In One [SocketSite]
∙ T-Minus Two Weeks Until Transbay Temporary Bus Terminal Start [SocketSite]
∙ Transbay Park Potential: Post-Temporary Transbay Terminal (Et Al.) [SocketSite]

Posted by socketadmin at 5:30 PM | Permalink | Comments (9) | (email story)

Okay, So Maybe Not So Soon For The Corner Of Hayes And Franklin

A plugged-in reader’s update on the 32 condos and retail rising at the corner of Hayes and Franklin:

I spoke with the office for the Hayes and Franklin condo which is currently being framed. She told me that they currently don't have a name yet for the condo and won’t be marketing units until late 2009/early 2010. Apparently there will be no studios, just 1,2, and 3 bedroom units. There is no pricing available yet.

We'll keep you posted and plugged-in.

∙ 32 Condos Coming "Soon" To The Corner Of Hayes And Franklin [SocketSite]

Posted by socketadmin at 11:15 AM | Permalink | Comments (16) | (email story)

Cubix (766 Harrison) Officially Cuts "Up To 29.5%" For Stimulus Sale

With around 24 of their 98 condos either closed or in contract, Cubix (766 Harrison) launches a four week “Economic Stimulus Sale” today with reductions of up to 29.5% off of their original list prices. The goal, “to reach 50% sold, at which time lenders can offer FHA financing to [Cubix Yerba Buena] buyers.”

Prices on select units offering the most significant savings range from $215,000 for a courtyard-facing studio with patio (savings of $90,000 off the original price of $305,000) to $279,000 for a penthouse level home with a city view (savings of $65,000 off original price of $344,000).

As you might recall we caught a couple of early reductions when the inventory first hit the MLS (again, above savings are off original prices). And no word on whether or not the twelve-ish buyers who have already closed escrow are feeling "stimulated" (or the love).

∙ 766 Harrison: Condos Indeed And A Brand New Brand (“Cubix YB”) [SocketSite]
∙ Cubix Yerba Buena (766 Harrison): Reader Perspective And Pricing [SocketSite]
∙ A Couple Of Cubix Condos Hit The MLS (Now Starting At $249,000) [SocketSite]
∙ The SocketSite Scoop: Millennium Cuts Prices 15% Across The Board [SocketSite]

Posted by socketadmin at 8:15 AM | Permalink | Comments (38) | (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 14, 2009

One Rincon Hill (425 First Street): Rental Market Stumbling As Well?

Following in the footsteps of its “massive price reduction!!!” in December (originally asking $1,399,000, currently asking $999,900), the asking rent for 425 1st Street #1802 has been reduced to $4,200 per month as well (once asking $5,250).

Don’t forget to update those assumptions on your valuation/rent versus buy worksheets.

∙ One Rincon Hill (425 First Street): Secondary Market Stumbles [SocketSite]
∙ Listing: 425 1st Street #1802 (2/2) - $999,900 [MLS]
∙ $4200 / 2br - PRIME VIEW AT ONE RINCON HILL - RENT REDUCED [Craigslist]
∙ Four Floors Lower, But Asking One Hundred And Fifty Thousand Less [SocketSite]

Posted by socketadmin at 8:45 AM | Permalink | Comments (104) | (email story)

January 12, 2009

A Summit Sale Below A Reader's Target: 4121 Cesar Chavez #4

It was seven months ago a plugged-in reader Laura suggested an $800 per square foot target for the new Noe Condominiums known as The Summit at 4121 Cesar Chavez which were asking over $1,000 per square foot at the time (and subsequently reduced).

Last Thursday (1/8/09) 4121 Cesar Chavez #4 closed escrow with a reported contract price of $950,000. At 1,274 square feet that’s $746 per square foot for number four. No word on whether or not it was Laura (or another similarly plugged-in reader) who made the purchase, but don’t forget those housewarming invitations if so.

∙ Coming Soon: The Six Unit Summit In Noe Valley (4121 Cesar Chavez) [SocketSite]
∙ It Gets A Little Easier To Reach The Summit (4121 Cesar Chavez) [SocketSite]

Posted by socketadmin at 1:45 PM | Permalink | Comments (17) | (email story)

January 9, 2009

North Beach Pagoda Theater Plans Approved By Planning, But...

"A gutted hulk of an old movie house in the heart of San Francisco's North Beach took a big step toward a new life Thursday when the Planning Commission approved converting the [Pagoda Palace Theater] into condominium dwellings and a Mexican restaurant."

"It is widely believed that opponents will appeal the granting of the permit to the full Board of Supervisors, which would then have the final say. The board's new president is David Chiu, who represents North Beach."

∙ Pagoda Palace Theater redevelopment approved [SFGate]
∙ A Reader Reports: Landmark Sarcasm (We Can Only Hope) [SocketSite]
∙ Inside The “Landmark” Pagoda Theater (And Tussle) In North Beach [SocketSite]
∙ Landmark Sarcasm Update: Hope For North Beach Pagoda Theater [SocketSite]
∙ Chinese American picked to lead S.F. supes [SFGate]

Posted by socketadmin at 3:00 AM | Permalink | Comments (33) | (email story)

Cosmic Development Karma For San Francisco's Seawall Lot 351?

In November the Port of San Francisco terminated the RFP process to which one development team (Waterfront Partners) had dutifully responded with their vision for San Francisco's Seawall Lot 351 and initiated a new solicitation due two months later in hopes of attracting another proposal.

Yesterday, a group of hoteliers dropped their "dreams of building a luxury hotel on the northeastern waterfront, leaving city officials with a single development proposal." See above (or below).

∙ Waning economy sinks hotel proposal [San Francisco Examiner]
∙ Seawall Lot 351: This Time The Port Does The Punking (RFP Wise) [SocketSite]
∙ SWL 351 And The Proposed 8 Washington Street Project: Port Hearing [SocketSite]
∙ The SocketSite Scoop On The 8 Washington Street Project [SocketSite]

Posted by socketadmin at 2:45 AM | Permalink | Comments (42) | (email story)

January 8, 2009

2200 Mission: 23 New Condos (Finally) On The Market In The Mission

The on again, off again, on again construction at the corner of Mission and 18th is finally close to completion as twenty-three new condominiums at 2200 Mission have officially hit the market as a mix of one, two, three and four bedroom units atop a new market.

We can’t comment on the quality as we haven’t yet taken a tour. And while we’re not giving our stamp of approval on the four bedroom floor plan, it is a four-bedroom with parking in San Francisco priced at $674,000. One bedrooms with parking starting at $449,000.

∙ 2200 Mission [2200mission.com]
∙ Listing: 2200 Mission #303 (4/2) - $674,000 [MLS]
∙ Listing: 2200 Mission #402 (1/1) - $449,000 [MLS]

Full Disclosure: The marketing company for 2200 Mission currently advertises on SocketSite but played no part in post.

Posted by socketadmin at 7:30 AM | Permalink | Comments (58) | (email story)

December 24, 2008

San Francisco’s Sava Pool: From Rendering To Reality

A bit of San Francisco architectural beauty to end the holiday week (but not quite year).

The Charlie Sava Pool: Commissioned by the City of San Francisco, Rec and Park Dept, designed by Mark Cavagnero Associates & Paulett Taggart Architects, built by West Bay Builders, and photographed by Tim Griffith (click to enlarge).

And some plugged-in tipster bonus verbiage for our design (and swimming) wonks:

The building essentially comprises of 2 simple interlocking volumes - one for the pool (natatorium) and the other for the support areas (lockers, lobby, community room, staff areas, storage)- enjoying a symbiotic relationship, nestled in the park. The exterior is a composition of cast in place concrete, handcrafted tile and curtain wall.

The generous exterior sunshade/ interior light shelf running the length of glazing on the south facade, reduces glare while allowing sweeping views of stern grove across the street.

The concrete on the exterior reads as concrete on the interior, the glass reads as glass and the handcrafted tile translates to wood slats with acoustic foam on the interior. In the Natatorium, 4 Ceiling suspended clouds provide a taut reflective surface to the uplights (that must be above the pool deck for easy access) and also conceal additional acoustic material above it.

The City's new standard required a UV filtration system be installed to complement the chlorine system, thus dramatically improving indoor air quality and virtually eliminating the 'typical pool smell' making the experience of swimming more enjoyable and healthier.

The natatorium roof has about 3,500 sq ft of solar hot water panels, which help capture solar energy and partially offset the heating cost of the pool water, helping the City reduce its running cost.

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

∙ Charlie Sava Pool Status And Design: Eight Lanes Opening In A Week [SocketSite]

Posted by socketadmin at 4:30 PM | Permalink | Comments (14) | (email story)

One Rincon Hill: From The $500's $700's $500's

In the words of a plugged-in reader:

Has anyone noticed on One Rincon Hill's website, prices are stated as being from the "$500's" as opposed to the "$700's" a couple weeks ago? Not really a tip, but perhaps the developer is getting a bit more aggressive...

No word on when - or rather if - they'll be changing that "from the $700's" sign by One Rincon Hill drive. And do keep in mind that when the sales office first opened over two years ago there were at least a few units priced from the (high) $500's as well.

∙ First Impressions: One Rincon Hill Sales Center [SocketSite]

Posted by socketadmin at 8:15 AM | Permalink | Comments (21) | (email story)

December 19, 2008

The Newest Chelsea Park Comp: 3620 19th Street #28 Closes Escrow

The sale of Chelsea Park (3620 19th Street) #28 closed escrow on 12/12/08 with a reported contract price of $619,000 (including five years of leased parking). Listed for $749,000 (or 17% more) two months ago, we have reason to believe this two-bedroom was asking even more before (one-bedrooms were originally offered from $679,000).

∙ Changing Chelsea Park Expectations Versus Eleven Months Ago [SocketSite]
∙ The Latest Listing Verbiage From Chelsea Park: "Prices Slashed" [SocketSite]

Posted by socketadmin at 11:15 AM | Permalink | Comments (13) | (email story)

And Now We Do, It Wasn’t (Have An Answer And Possible)

As we wrote 14 months ago:

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).

As the San Francisco Business Times writes today: “A developer in San Francisco is under fire from city officials for an unusual offense: selling condominiums to young people.”

The developer has filed for bankruptcy, the Planning Department has issued a notice of violation for not keeping the building 100% senior/handicap occupied, and at least one buyer has sued (both the developer and Vanguard).

∙ The SocketSite Scoop On Frank Norris Place (81 Frank Norris) [SocketSite]
∙ San Francisco condo developer built for old, sold to young [Business Times]

Posted by socketadmin at 8:55 AM | Permalink | Comments (31) | (email story)

San Francisco Planning Commission Green Lights Schlage Demo

"The City’s old Schlage Lock factory, closed in 1999 and left derelict since then, will finally meet the proverbial wrecking ball, perhaps as soon as February, according to city officials.

The Planning Commission on Thursday approved a proposal to transform the abandoned site and the neighborhood around it into a 46-acre transit village. The plan consists of cleaning up rife contamination from 70 years of lock manufacturing and building hundreds of new homes, parks, businesses and even a grocery store."

∙ Schlage Lock factory may finally meet wrecking balls [SFExaminer]
∙ Unlocking The Potential Of Visitacion Valley: The Former Schlage Site [SocketSite]

Posted by socketadmin at 4:45 AM | Permalink | Comments (6) | (email story)

December 17, 2008

Not So Quick For That “Insatiable” Homes On Esprit Park Flip (#S514)

While asking at least $105,000 less than “similar units” in the development, after a month on the market the listing for that investor owned and “insatiable” two-bedroom at Esprit Park has been withdrawn. As always, another data point for plugged-in people.

∙ A Quick Friends And Family Esprit Park Flip? [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (16) | (email story)

December 15, 2008

A Bit Of "Inadvertent" Development Drama Over On Dolores

Noe Valley, SF chronicles a bit of the development drama that's been brewing about the six new condominiums at 1260-1270 Dolores Street.

At the center of the controversy, the “inadvertent” demolition of a previously existing (non-complying) one-story rear addition and the developer’s desire to reconstruct a nonconforming two-story addition. The reconstruction would result in a 3.5 foot rear yard versus 22 feet as required by code.

∙ For Sale: 1260-1270 Dolores & More Than A Few Headaches [NVSF]
∙ 1260-1270 Dolores Street [1266doloresstreet.com]

Posted by socketadmin at 6:00 AM | Permalink | Comments (30) | (email story)

December 11, 2008

One Rincon Hill (425 First Street): Secondary Market Stumbles

Once again, the attempted flip of One Rincon Hill (425 1st Street) #1802 first hit the market seeking $1,399,000. Withdrawn and then leased (asking $5,250/mo), #1802 returned to the market in August with a list price of $1,299,000. Having been reduced five times since, the two bedroom condo is now asking $999,900 ($764 per square foot).

As plugged-in people know, 425 1st Street #1802 was originally offered by the sales office for $980,000 (not including any upgrades) when it first opened its doors well over two years ago. And the 1,309 square foot “02” two-bedrooms with Bay Bridge views are considered to be some of the most desirable units in the building.

At the same time, the attempted flip of the first reported resale (425 1st Street #2202) remains optimistically priced at $1,359,000; the list price for 425 1st Street #2103 has been reduced to $1,075,000 (asking $1,229,000 in March); and the listing for 425 1st Street #2307 was withdrawn from the MLS after 200+ days on the market (having been reduced down to $749,998, originally asking $849,000).

∙ Listing: 425 1st Street #1802 (2/2) - $999,900 [MLS]
∙ Listing: 425 1st Street #2202 (2/2) - $1,359,000 [MLS]
∙ Listing: 425 1st Street #2103 (2/2) - $1,075,000 [MLS]
∙ The First “Official” Resale At One Rincon Hill Closes Escrow: #2202 [SocketSite]
∙ Same Same But Different: 425 1st Street #2103 For Sale (Or Rent) [SocketSite]
∙ Four Floors Lower, But Asking One Hundred And Fifty Thousand Less [SocketSite]
∙ First Impressions: One Rincon Hill Sales Center [SocketSite]
∙ Trying To Establish The True Secondary Resale Market: One Rincon Hill [SocketSite]

Posted by socketadmin at 10:00 AM | Permalink | Comments (97) | (email story)

December 10, 2008

Chelsea Park Christmas Special (But Lump Of Coal If It's Your Comp?)

It’s a “Christmas special!” at Chelsea Park as the list price for 3620 19th Street #26 has just been reduced to $799,000 (previously listed for $899,000).

Originally asking $949,000 for this 1,332 square foot three-bedroom, two-bath condo, the reduction might seem more like a lump coal, however, if considered to be your comp.

∙ Listing: 3620 19th Street #26 (3/2) - $799,000 [MLS]
∙ Changing Chelsea Park Expectations Versus Eleven Months Ago [SocketSite]

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

December 9, 2008

Infinity Sales Update: New Contracts Up But Driven By Discounts

The pace of new contracts being written on that last 20% of available units in Infinity's phase one has picked up steam recently which could be interpreted (and touted) as a sign of market strength.

At the same time, the plugged-in word on the street is that buyers have been able to negotiate discounts of as much as 20% off of original list prices as Tishman clears the way for their inventory in tower two.

That's a sign that's not being as openly discussed. And while it might be an opportunity for some, for others it could pose a near-term challenge with respect to resales in tower one.

∙ Infinity Tower Two Inventory To Start Selling In January (2009) [SocketSite]
∙ Another Infinity Resale (#9E) Within Those "Restricted" Two Years [SocketSite]

Posted by socketadmin at 4:50 PM | Permalink | Comments (55) | (email story)

December 8, 2008

Changing Chelsea Park Expectations Versus Eleven Months Ago

This listing touted “close by Thanksgiving to buy this [townhouse] for only $949,000!” and lo and behold, the sale of Chelsea Park (3620 19th Street) #3 closed escrow on 11/26/08 with a reported contract price of…$917,000. Asking $1,120,000 two months prior.

At least 5 of the 39 units (13%) remain available since first hitting the market eleven months ago.

∙ Chelsea Park (Phase I): On The MLS And Opening Tomorrow (1/27) [SocketSite]
∙ The Latest Listing Verbiage From Chelsea Park: "Prices Slashed" [SocketSite]

Posted by socketadmin at 1:00 AM | Permalink | Comments (19) | (email story)

Another Infinity Resale (#9E) Within Those "Restricted" Two Years

From a plugged-in tipster and Infinity resident late last week:

A second resale at the Infinity [#9E] is hitting this weekend…I looked at this one back when the sales office first opened and it was listed for just under $900k, if my memory serves me correctly. This resale business seams especially interesting in light of the clause, at least in the contract I signed, that restricts sales for the first two years.

Upgraded and currently asking $885,000. No mention of any relocation. And yes, a complete Infinity update is in the works for later today (or possibly tomorrow).

UPDATE: The listing for that "first" resale (301 Main #4B) was just withdrawn from the MLS.

∙ Listing: 301 Main #9E (2/2) - $885,000 [Climb]
∙ A Listed Infinity Resale (301 Main #4B) And Reader’s Report On Sales [SocketSite]

Posted by socketadmin at 1:00 AM | Permalink | Comments (77) | (email story)

From Condos To Apartments And Signature To Hanover At Candlestick

From a plugged-in tipster with respect to development out at Candlestick Cove:

[Ashton Candlestick Cove] was originally part of the Signature Properties project. They sold the parcel and approved plans for the mid rise building to Hanover, a high end apartment developer out of Houston. This is their first foray into the San Francisco market. The units will be marketed as rentals.

It sounds like Signature might be a bit more than simply “cautious” with respect to the current condo market around Candlestick.

∙ Candlestick Condo Construction: Point Paused, Cove "Cautious" [SocketSite]
∙ The Hanover Company: Portfolio [hanoverco.com]

Posted by socketadmin at 1:00 AM | Permalink | Comments (8) | (email story)

December 5, 2008

Heritage Fillmore: And Then There Were Three (And Up To $350K Off)

From the last five in August (and up to $230,000 off), to the last three today (and up to $350,000 off) at Heritage on Fillmore. Oh, and 4% to the brokers (not that a buyer's agent should be influenced by such things).

∙ Heritage Fillmore: And Then There Were Five (And Up To $230K Off) [SocketSite]

Posted by socketadmin at 3:00 PM | Permalink | Comments (27) | (email story)

1450 Franklin: The Proposal And "Historic" Preservationist Challenge

Designed by Frederick Meyer and currently home to Cars Dawydiak, 1450 Franklin is proposed to become a 13-story mixed-use building with 69 condominiums (10 studios, 21 one-bedrooms, and 38 two-bedrooms) over two floor of parking and ground floor commercial (with another level of parking underneath for a total of 70 spaces).

And as J.K. Dineen reports, the proposal recently survived a "historic" challenge:

San Francisco Heritage Executive Director Jack Gold said he argued at the [San Francisco Redevelopment Agency Commission] hearing that the single-story building deserves preservation because it is part of the “auto row historic district,” a cluster of early automobile businesses on and near Van Ness Avenue.

“It’s one of a type of auto-related buildings in that neighborhood that represent the flowering of the auto industry in San Francisco,” said Gold.

Score one for the developers as the agency voted unanimously to approve the $30 million project. Budget at least two years to get it built (assuming final approvals and financing).

∙ Developer wins battle vs. preservationists [San Francisco Business Times]
∙ 1450 Franklin: Draft Environmental Impact Report (pdf) [ci.sf.ca.us]

Posted by socketadmin at 11:45 AM | Permalink | Comments (24) | (email story)

Candlestick Condo Construction: Point Paused, Cove "Cautious"

"Work on the $240 million phase three of Top Vision Development’s Candlestick Point has come to a grinding halt, with the builder unable to secure construction financing for the waterfront project."

"Meanwhile, next door to the Top Vision site, Signature Properties is still building Candlestick Cove, a 125-unit phase of a cluster that will eventually total 499 units. Signature Properties President Michael Ghielmetti said they are cautiously moving forward with their wood frame units, adding five-unit townhouses as warranted by sales of completed units. He said Signature has no immediate plans to start work on the taller 100-plus-unit podium buildings it has entitled."

∙ Top Vision halts $240M Candlestick condos [San Francisco Business Times]
∙ JustQuotes: Highrise Housing (And More) For Candlestick Point [SocketSite]
∙ The Cove (Candlestick Point) [SocketSite]

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

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)

December 3, 2008

Ritz-Carlton Residences Penthouse Shell: Now Seeking 2006 Price?

Another $600,000 (10%) has been cut from the list price for the staged penthouse shell resale atop San Francisco’s Ritz-Carlton Residences, now asking $5,395,000. That’s $1,105,000 less than was being asked this past June, and $25,000 less than was being sought by the sales office at the end of 2006 (we're not privy to the actual contract price).

UPDATE: Assuming a plugged-in reader is right, the current "asking price, minus commission, would still be above the original purchase price." By just how much will still don't know.

∙ Listing: 690 Market #2401 (3,595 square foot shell) - $5,395,000 [MLS]
∙ The Staging (And Reduction) Of That Ritz-Carlton Penthouse Shell [SocketSite]
∙ Ritz-Carlton Residences (690 Market): Listed [SocketSite]

Posted by socketadmin at 1:15 PM | Permalink | Comments (24) | (email story)

Flora Grubb On Guerrero (1074) Is Gone, Nine New Homes Up Next

In the words of a plugged-in tipster two days ago, “The empty lot where Flora Grubb used to be on Guerrero at 23rd is being excavated as we speak!” (Or type.)

Three lots which were first developed in 1895 to house the Stewart Memorial Presbyterian United Church which was cowardly firebombed in 1973 following its conversion to the Metropolitan Community Church with a predominantly gay congregation.

Next up for 1074 Guerrero, nine new homes in all: three two-unit residences along Guerrero, three single-family homes along Ames behind, and courtyards in-between. Renderings should a plugged-in tipster pass them along (hint, hint).

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

December 2, 2008

Tearing Down The Thai House At 2200 Market To Add 22 Homes

An observant tipster notices the application to demolish the Thai House Restaurant on the corner of Market and 15th streets (2200-2210 Market to be exact).

As proposed, the single story restaurant and surface area parking lot would become a ground floor restaurant and retail with 22 residential units above in 5 stories along Market, 4 stories along 15th, and with 12 parking spaces beneath (including one for car share).

Unfortunately that's about all we know about this project, but perhaps a plugged-in reader can provide the scoop on what could be an example of the Market-Octavia Plan in action.

∙ Market-Octavia Plan And Requisite Rezoning Approved By The Board [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (99) | (email story)

December 1, 2008

48 Langton: Not “Official” Inventory (But On The Market Nonetheless)

Three new condos touting “green features” like recycled insulation and tank-less hot water heaters sprouted up at 48 Langton. Two car tandem parking per unit (keep it green with two cars off the street…) and a higher quality of finish than we've come to expect.

An urban neighborhood you’ll either love or hate (okay, or perhaps just like). And a couple of great views from the decks of the city and 60 Rausch (at least for now).

48 Langton #1 (2/2) - $889,000; #2 (2/2.5) - $899,000; and #3 (2/2.5) - $899,000.

∙ Listing: 48 Langton Street [48langton.com]
∙ The Mullen Buildings: 52/60 Rausch & 73 Sumner [SocketSite]

Posted by socketadmin at 5:00 PM | Permalink | Comments (18) | (email story)

November 24, 2008

Symphony Towers Update: Slashing Success And Words On The Street

Contracts were written on 18 of the 20 reduced units in the Turk Street tower of Symphony Towers the weekend before last.

The unofficial word on the street is that a construction loan might have motivated the “slashing” (sound familiar?). While an official word is that there are currently “no plans” for another slashing of prices on the 25-30 units that remain in the Van Ness tower.

As always, we’ll keep you plugged-in (and ahead of everyone else).

∙ Price Cuts Of Up To 30% At Symphony Towers (750 Van Ness) [SocketSite]
∙ RandomRumors: Calling On That Guy And The Guy He Heard It From [SocketSite]
∙ Symphony Towers Update: Buying Love (But Dropping Prices Too) [SocketSite]

Posted by socketadmin at 10:30 AM | Permalink | Comments (14) | (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 19, 2008

Hanley Woods New Condo Stats For San Francisco: Values Falling

A plugged-in tipster quotes the latest Hanley Woods “New Homes Executive Summary”:

Attached Townhomes and Condominiums: San Francisco County (3rd Quarter 2008)
Change in Median Sales Price: +10.5% YOY
Change in Median Square Feet: +22.9% YOY
Change in Median Sales Price Per Square Foot: -10.1% YOY

Change in Average Sales Price: -3.7% YOY
Change in Average Square Feet: +3.7% YOY
Change in Average Sales Price Per Square Foot: -5.5% YOY

As we’ve been saying about those medians for quite some time, think mix. And for those who frequently confuse an increasing median with increasing value, think again.

UPDATE: A point of clarification and emphasis, Hanley Woods data is based on new units available for sale, not those which have already sold.

Posted by socketadmin at 9:00 AM | Permalink | Comments (7) | (email story)

November 18, 2008

The Noe Valley Summit Gets Closer Still (And Listings Anew For Two)

Listed five months ago and priced at $1,949,000, and then reduced to $1,649,000 three months after that, 4121 Cesar Chavez #6 was listed anew yesterday for $1,599,000. That's an "official" two days on the Noe Valley market according to those sell side stats.

Also "newly" added to the MLS, 4121 Cesar Chavez #2 with a list price of $998,000 ($778/sqft). In the words of a plugged-in laura four months ago:

These units are indeed spectacular, particularly the upper floor units 5 &6. These won't move at their current price point and my agent (who's VERY well connected to the SF agent network) advised me to sit back and wait til this drops to at least $800 per.

As always, it's good to be connected and plugged-in.

Oh, and while 4121 Cesar Chavez #1 is now in contract with an "original" list price of $1,198,000 ($771/sqft), it's a plugged-in tipster that reminds us they were once asking $1,349,000. Remember to adjust those industry reports accordingly.

∙ Listing: 4121 Cesar Chavez St #2 (2/2.5) - $998,000 [MLS]
∙ Listing: 4121 Cesar Chavez St #6 (3/2.5) - $1,599,000 [MLS]
∙ It Gets A Little Easier To Reach The Summit (4121 Cesar Chavez) [SocketSite]

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

The Latest Listing Verbiage From Chelsea Park: "Prices Slashed"

The latest listing verbiage from the sales office at Chelsea Park: "Prices slashed for stunning homes in the heart of the Castro/Mission Dolores neighborhoods! $500/day bonus for quick escrows, free parking for 5 years."

At least 18% of the 39 units in the development remain available with 7 currently listed and prices reduced by up to $100,000 (9.5%). And while originally starting at $679,000, now available from $619,000 (down 8.8%).

UPDATE: Make that reduced by up to $150,000 (14.3%):

[T]he unit (#9) Socketsite lists as $949K seems to have dropped another $50K today, it's now showing $899K. The text of the listing still says "only" $949, but the top of the listing shows the reduced price.

∙ Listing: 3620 19th Street #9 (2/2.5) - $949,000 [MLS]
∙ Listing: 3620 19th Street #27 (1/1) - $619,000 [MLS]
∙ Chelsea Park (Phase I): On The MLS And Opening Tomorrow (1/27) [SocketSite]

Posted by socketadmin at 6:30 AM | Permalink | Comments (38) | (email story)

November 17, 2008

A Quick Friends And Family Esprit Park Flip?

While Homes on Esprit Park just recently received their first certificate of occupancy and started closing round one, the first resale has hit the MLS:

Investor owned! Only one at this price. Insatiable 2 level penthouse unit with vaulted ceilings and spectacular deck. Similar units priced at $1,200,000 and above.

From the listing for one such similar unit: "Buy confidently with a refundable deposit."

We're guessing the sale of #S514 likely represents a "friends and family" flip. And if it is the former, perhaps soon to be "ex."

∙ Listing: 900 Minnesota #S514 (2/2.5) - $1,095,000 [MLS]
∙ Listing: 900 Minnesota #S503 (2/2.5) - $1,197,000 [MLS]
∙ Homes On Esprit Park: Now Offering Refundable Purchase Deposits [SocketSite]
∙ Homes On Esprit Park Receives First Certificate Of Occupancy [SocketSite]

Posted by socketadmin at 11:00 AM | Permalink | Comments (19) | (email story)

November 13, 2008

The Potrero's New New Approach: Soliciting Minimum Sealed Bids

It appears as though The Potrero’s closeout offer of an additional $25,000 off already reduced prices of as much as $90,000 (11%) didn’t do the trick last month on those ten remaining homes. From the sales office today:

The Potrero will begin accepting sealed bids Friday, November 21, 2008 with the bid process ending on Sunday, November 23, 2008 at 5 p.m. Homes in this final release include 1-bedroom and 2-bedroom homes in the South Courtyard building – some with views of the city skyline or the beautifully landscaped courtyard. Price sheets, inventory information and the bid package required to submit a bid will be available at The Potrero sales center located at 451 Kansas Street, #312, San Francisco beginning Friday, November 14, 2003.

Minimum bids and additional details when we have them. And remember, it's not an auction. Those can only happen elsewhere. Like over in the East Bay.

∙ New Development “Closeout” Sales: The Potrero And 170 Off Third [SocketSite]

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

November 11, 2008

Four Floors Lower, But Asking One Hundred And Fifty Thousand Less

While the resale of #2202 in One Rincon Hill (425 1st Street) closed escrow on 6/24/08 with a reported contract price of $1,300,000, #1802 has yet to find a buyer.

Originally listed at $1,399,000 prior to being withdrawn and then leased (asking $5,250/mo), #1802 returned to the market in August with a list price of $1,299,000. Over the past 80 days the price has been cut four times, most recently to $1,145,375.

In terms of direct competition there are three other 02 resales listed on the MLS. Yes, including the aforementioned #2202 (now asking $1,359,000). Once again, pricing for #1802 when the sales office first opened: $980,000 (not including any upgrades) versus $1,020,000 for #2202. Don't ask us.

∙ Listing: 425 1st Street #1802 (2/2) - $1,145,375 [MLS]
∙ Listing: 425 1st Street #2202 (2/2) - $1,359,000 [MLS]
∙ The First “Official” Resale At One Rincon Hill Closes Escrow: #2202 [SocketSite]

Posted by socketadmin at 10:15 AM | Permalink | Comments (32) | (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)

November 4, 2008

Westbrook Plaza (255 7th Street) Breaking Ground Thursday (11/6)

A decade in the making, ground will be broken on Thursday (11/6) at 255 7th Street for Westbrook Plaza. Replacing two single-story buildings and a surface area parking lot, the development by South of Market Health Center and Mercy Housing California will include a 20,000 square foot community health center and 49 units of affordable housing.

The architectural design for Westbrook Plaza includes a five story building and underground garage [fronting 7th Street]; the first two floors will be the new home of the health center and a retail pharmacy with the three floors above the health center dedicated to affordable family housing.

A second four story building [fronting Moss Street], with additional housing units, will be connected to the main building by a shared courtyard and community center.

∙ South of Market Health Center [smhcsf.org]
∙ Mercy Housing California [mercyhousing.org]

Posted by socketadmin at 4:30 AM | Permalink | Comments (13) | (email story)

November 3, 2008

The One Rincon Hill Design(s) For The 60th Floor Of Tower One

It was a month ago readers were plugged in to the scoop that all four One Rincon Hill 60th floor penthouses were back on the market. And while individually they might have priced out at just under a collective $13,000,000, according to plugged-in tipster the full 5,900 square foot floor is now being offered by the sales office for $14,000,000 with one potential floor plan above (click to enlarge).

Shaking your head at the back to back second and third bedrooms? Think you could do better? Feel free to send your designs our way. Credit (or anonymity) guaranteed.

∙ The SocketSite Scoop: Four ORH Penthouses Back On The Market [SocketSite]

Posted by socketadmin at 7:50 AM | Permalink | Comments (32) | (email story)

October 31, 2008

5800 Third Street: Development Starting Back Up (Delivery In 2010)

We had the scoop on the construction of 5800 Third Street shutting down. And now J.K. Dineen has the scoop on it starting back up.

Goldman Sachs Urban Investment Group has tapped veteran builder Rick Holliday to jump-start a 340-unit housing project at the former Coca-Cola bottling plant on Third Street. The $150 million project has been on hold since April when the former developer, Noteware Development, ran into financial trouble.

The first phase of the revived project, 140 units of housing and the city’s first Fresh & Easy grocery store, is now on track for completion in a year to 14 months. The podium of the building at 5800 Third St. was 80 percent complete in April when construction was shut down.

Let us know what you see from the train.

∙ RandomRumors: Construction Comes To A Halt On 5800 3rd Street? [SocketSite]
∙ Stalled housing project gets new life [Business Times]
∙ Speaking Of 5800 Third Street (A Development/Developer Update) [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (5) | (email story)

The Plugged-In Scoop On The Corner Of 3rd and 19th Streets

A reader asks, a reader (or two) answer, and we once again bow down to Wayne (in a we’re not worthy kind of way):

Here is the real story. This property has been in construction for 4 years and has seen 2 shoddy contractors come and go. 2 months ago a reputable builder was brought on board and indeed the whole building must be redone, including all the rough electrical and rough plumbing. Much of this has been done over the last 2 months. Fortunately only about 5% of the sheetrock was hung.

The roof is coming off and the ENTIRE stucco too. Scaffold will be erected in the next few weeks so there will be a more visible sign of activity. This project will be rented out and there is no question of foreclosure. Lots of litigation though! Completion late Summer '09.

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

∙ Beauty Blight Is In The Eye Of The City (And Perhaps Your Neighbors) [SocketSite]

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

October 30, 2008

Homes On Esprit Park Receives First Certificate Of Occupancy

According to a plugged-in tipster, the first wave of homes at Esprit Park have received thier temporary certificate of occupancy (TCO) and the development will be "moving to close [their] first units imminently." Also noted:

No word on how many new contracts written recently, but several people who have been in contract for a while have been told that the price reductions and refundable deposits announced during October do NOT apply to anyone in contract before October, so if you are in contract for more than they are selling the unit next to yours today, you are SOL.

"First floor of the Minnesota building this week, and supposedly second floor next" (with regard to the TCO). And SOL being another industry acronym of course.

∙ Homes On Esprit Park: Now Offering Refundable Purchase Deposits [SocketSite]

Posted by socketadmin at 10:15 AM | Permalink | Comments (41) | (email story)

The Corner Of 3rd And 19th Streets: A Reader Asks (And So Do We)

“Speaking of blights...does anyone have any information on the development at the corner of third street and 19th street in the central waterfront? Development started years ago (taking a very long time to get framed etc.) and stopped over a year ago. (note - I'm not referring to the nicer development still being developed at 3rd and 18th)."

UPDATE: A plugged-in reader reports: "This building is a complete disaster. The latest is that they have to not only remove all the insulation but all the plumbing, electrical, sheetrock - and - strip off all the stucco and re-do it all."

UPDATE: And the full scoop:

This property has been in construction for 4 years and has seen 2 shoddy contractors come and go. 2 months ago a reputable builder was brought on board and indeed the whole building must be redone, including all the rough electrical and rough plumbing. Much of this has been done over the last 2 months. Fortunately only about 5% of the sheetrock was hung.

The roof is coming off and the ENTIRE stucco too. Scaffold will be erected in the next few weeks so there will be a more visible sign of activity. This project will be rented out and there is no question of foreclosure. Lots of litigation though! Completion late Summer '09.

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

∙ Beauty Blight Is In The Eye Of The City (And Perhaps Your Neighbors) [SocketSite]

Posted by socketadmin at 7:45 AM | Permalink | Comments (13) | (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 28, 2008

Argenta's Confirmed And Artani's Rumored, Will 77 Van Ness Be Next?

With Argenta (One Polk) on the market as an apartment building, and a reader suggesting that The Artani (818 Van Ness) might just follow suit (in terms of going rental), we’re keeping a close eye on the 56 units at 77 Van Ness (pictured above).

Regardless, with Symphony Towers (750 Van Ness) down the block cutting prices by up to 30% and The Hayes (55 Page) around the corner by up to 21%, we have a feeling they can’t finish construction on 77 Van Ness fast enough.

UPDATE: With a couple rental listings directly via Paragon on Craigslist (a two-bedroom at $4,250 and a fully furnished one-bedroom at $3,999), The Artani is at the very least testing the rental waters for a few of its 52 units.

∙ The Scoop: Argenta (1 Polk) On The Market As An Apartment Building [SocketSite]
∙ The Artani (818 Van Ness) Update: From Unveiled To Unwrapped [SocketSite]
∙ 77 Van Ness Rising (And Our Request For A Rendering) [SocketSite]
∙ Price Cuts Of Up To 30% At Symphony Towers (750 Van Ness) [SocketSite]
∙ New Development “Closeout” Sales: The Potrero And 170 Off Third [SocketSite]

Posted by socketadmin at 12:06 PM | Permalink | Comments (30) | (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 24, 2008

The 690 Stanyan Project Update: Conditional Use Approved 6-0

"Last night, the Planning Commission voted 6-0 to approve the Conditional Use for the 690 Stanyan project, the mixed-use proposal with Whole Foods as the anchor tenant."

∙ Comments: The 690 Stanyan Project: Public Venting Vetting Tomorrow [SocketSite]
∙ The 690 Stanyan Project: Overview And EIR Hearing Tomorrow (2/28) [SocketSite]

Posted by socketadmin at 3:04 PM | Permalink | Comments (25) | (email story)

New Development “Closeout” Sales: The Potrero And 170 Off Third

Last weekend it was The Potrero that was offering “an additional $25,000 off* in addition to...already reduced prices” of as much as $90,000 (11%) on its ten remaining homes. Oh, and 12 months of pre-paid HOA dues.

This week 170 Off Third is advertising that its onsite Sales Center will shut down November 10th with “Final Offers” accepted November 8th and 9th and implores you to ”prepare a reasonable offer.” Let us know if you do. And just how reasonable it was.

And once again, Symphony Towers announced they’re cutting prices. Look for banners this weekend (and an update with the details when they’re released).

UPDATE: As a plugged-in reader notes, The Hayes cut prices today. The list prices on 55 Page #326 and #612 were reduced from $829,000 to $699,000 (a 16% drop), #610 was reduced from $599,000 to $499,000 (a 17% drop), and #522 was reduced from $429,000 to $339,000 (a 21% drop).

∙ Symphony Towers (750 Van Ness): Announcing Additional Cuts [SocketSite]

Posted by socketadmin at 8:15 AM | Permalink | Comments (7) | (email story)

October 23, 2008

The Official Argenta (One Polk) Offering Image And Language

The official Argenta (One Polk) offering language and image from a plugged-in tipster:

Cushman & Wakefield of California, Inc. has been exclusively retained to offer qualified investors the opportunity to purchase a 100% fee simple interest in the Argenta, a just completed 179 unit residential tower located at One Polk Street in San Francisco, California. The Argenta offers investors the rare opportunity to enter one of the world's best residential markets. With current market vacancy less than 4%, extremely high barriers to entry, limited new construction and high cost of home ownership, the San Francisco rental market is poised for continued rent growth. As all units are vacant, the new owner has the opportunity to immediately lease the property at current market rents.

Constructed in 2008, the 20 story Argenta includes 18 stories of residential units, three retail units and three levels of parking. The Property was developed with high quality finishes throughout and outstanding tenant amenities including a 1,800 square foot workout facility, video security and electronic key entry, direct parking access and a 600 square foot lounge accessing a large plaza deck.

The Property is located in the heart of San Francisco’s Civic Center district with convenient access to all major transportation modes including BART, San Francisco’s Muni, and the Bay Area bus network systems. BART and Muni are only two blocks from the property (with the CBD being only two stations away) and drivers can easily access onramps to each of the major arterial freeways (Interstate 80/Bay Bridge, Interstate 280 and U.S. Highway 101). In addition, it is a short walk from many neighborhood amenities within Hayes Valley and cultural amenities such as Union Square, The Westfield Center, City Hall, Davies Symphony Hall, Bill Graham Auditorium, the Opera House, the San Francisco Library, and the Asian Art Museum.

The official price to come (we hope).

∙ Comments: Argenta (1 Polk) On The Market As An Apartment Building [SocketSite]

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

October 22, 2008

The Scoop: Argenta (1 Polk) On The Market As An Apartment Building

A plugged-in reader pings us with a question and then offers an answer before we even have a chance to respond: Argenta (One Polk) has been listed with Cushman & Wakefield to be sold as an apartment building.

And while we don’t yet have the number, according to another source the list price will be a challenge to pencil out considering the potential rents for the location. Keep in mind that the listing doesn’t necessarily rule out the possibility of moving forward with the sale of individual units. And as always, details when we (or you) have them.

∙ Argenta (1 Polk) Update: Now Coming First Quarter 2009 [SocketSite]
∙ Argenta (1 Polk) Update: The Scaffolding Starts To Get Stripped [SocketSite]
∙ Argenta (1 Polk): Ground Breaking [SocketSite]

Posted by socketadmin at 5:45 PM | Permalink | Comments (20) | (email story)

The 690 Stanyan Project: Public Venting Vetting Tomorrow

The 690 Stanyan Project (you know, 62 condos over a 34,400-square foot Whole Foods and 176-space subterranean garage) is back in front of San Francisco’s Planning Commission tomorrow for some public venting vetting. Let us know if you happen to go and learn anything new.

∙ The 690 Stanyan Project: Overview And EIR Hearing Tomorrow (2/28) [SocketSite]
∙ Whole Foods in Haight comes up for debate [San Francisco Examiner]

Posted by socketadmin at 3:30 PM | Permalink | Comments (13) | (email story)

October 21, 2008

Symphony Towers (750 Van Ness): Announcing Additional Cuts

Three weeks ago we noted a pronounced sales slowdown at Symphony Towers (750 Van Ness) and noted that they’re offering brokers 4% commissions through the end of the year. And now as a tipster forwards and the marketing company writes, “Something huge is going down at Symphony Towers: Prices!”

The new pricing was to be released this morning, we’ll let you know when we have it. And while positioned to agents as an "opportunity for your clients," that’s obviously future. No mention of how they'll position it to those past.

∙ Symphony Towers Update: Buying Love (But Dropping Prices Too) [SocketSite]

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

October 20, 2008

41 Tehama: Fritzi Sees The City's 350 Feet And Raises It Another 200

At this point it’s simply a proposal. And a proposal that would not only require a significant upzoning of the parcel (currently 220 feet), but an upzoning of the upzoning that’s already in the works (350 feet). But if Fritzi Realty gets its way, a 550-foot residential tower designed by SOM will rise up at 41 Tehama.

The 54-story glass tower, designed by Skidmore Owings & Merrill, would be one of the tallest residential buildings in the new Transbay District, with 350 housing units soaring up from a long, skinny 22,000-square-foot parcel, according to an application for environmental impact review filed with the city.

We’re not holding our breadth, but we will cross our fingers (both for the development and that a rendering manages to land in our inbox).

∙ Owner Fritzi Realty seeks to bash through Transbay height limit [Business Times]

Posted by socketadmin at 7:00 AM | Permalink | Comments (3) | (email story)

October 17, 2008

Infinity Tower Two Inventory To Start Selling In January (2009)

Eight months ahead of schedule with regard to the completion of Phase II, according to J.K. Dineen and Tishman Speyer Managing Director Carl Shannon, inventory in Infinity’s 300 unit second tower will start selling in January (2009) and will be available for occupancy three months later (April).

Tishman Speyer Managing Director Carl Shannon said Phase I of the 365-unit Infinity is 70 percent closed, with 251 units sold and 40 condos in contract.

In terms of closed sales, that's right in line with what our plugged-in reader reported two weeks ago. And the terms on that 10% second program: five-year fixed at 7.5 percent.

UPDATE: With respect to tower two, a plugged-in reader reports: "I checked out some of the units in Phase II today and noticed that all of the ranges are Viking. Looks like they upgraded as compared to Phase I."

∙ Tishman plans sales at second Infinity tower [San Francisco Business Times]
∙ An A+ For Ingenuity (And Openness): Infinity Closings Update [SocketSite]
∙ The Infinity’s "New Financing Program": 10% Seconds [SocketSite]

Posted by socketadmin at 9:15 AM | Permalink | Comments (31) | (email story)

October 14, 2008

The Infinity’s "New Financing Program": 10% Seconds

A plugged-in tipster passes along an announcement of a "new financing program" at The Infinity: "90 percent financing for well-qualified buyers on most homes.”

A bit of the fine print “Offered as a second loan over 80% first loan.” In other words, a 10% second (sorry, no details on the terms) with 10% down.

And once again, roughly 75% sold in the first tower (which would suggest less overall).

∙ An A+ For Ingenuity (And Openness): Infinity Closings Update [SocketSite]

Posted by socketadmin at 10:50 AM | Permalink | Comments (18) | (email story)

Homes on Esprit Park Update: Another Round Of Reductions

In addition to rolling out (mostly) refundable purchase deposits, it appears that the Homes on Esprit Park sales office has rolled out another round of reductions as well.

The list price for 900 Minnesota #S503 has been reduced from $1,293,500 to $1,199,000 (7.3%), the list price for 900 Minnesota #S122 has been reduced from $781,000 to $740,000 (now under $600 per square), and the list price for 900 Minnesota #S116 has been reduced from $613,000 to $582,000 (now under six hundered thousand).

And if our counts are correct, roughly 35% of the 142 units are now in contract, up from 25% in May, and representing a little under three net new contracts a month (with just over 90 to go).

∙ Listing: 900 Minnesota #S116 (1/1.5) - $582,000 [MLS]
∙ Listing: 900 Minnesota #S122 (1/2) - $740,000 [MLS]
∙ Listing: 900 Minnesota #S503 (2/2.5) - $1,199,000 [MLS]
∙ Homes On Esprit Park: Now Offering Refundable Purchase Deposits [SocketSite]
∙ Homes On Esprit Park (900 Minnesota) Sales Update: 25% In Contract [SocketSite]

Posted by socketadmin at 7:45 AM | Permalink | Comments (14) | (email story)

October 9, 2008

RandomRumors: Calling On That Guy And The Guy He Heard It From

We'll make some calls to see if we can't substantiate or bust, but remember debt covenants are nothing new. And for now it's simply a RandomRumor:

Heard some second-hand rumors that many of the newer developments in Soma/Potrero are indeed facing liquidity issues. Supposedly their financing sources are set to dry up, diminish, or start charging big fees if a certain number of units aren't sold by the end of the year. They have to make a certain quota by year end or incur penalties.

So look for silent fire sales starting in mid-November to close stuff by end of year. Again, this is one of those "guy I work with heard from someone" kinds of rumors. Could be accurate, could be complete BS, and I have no idea which projects may be affected. Guess we'll see in a month or so.

We'll also call on "that guy and the guy he heard it from" to chime in as well, so please forward this along if they aren't already plugged-in and you know who they might be.

Posted by socketadmin at 10:40 AM | Permalink | Comments (16) | (email story)

Homes On Esprit Park: Now Offering Refundable Purchase Deposits

While no longer offering price guarantees (sign of the times one), the Esprit Park sales team is back with another offer: refundable purchase deposits (sign of the times two).

When you purchase a residence at Homes on Esprit Park and secure a loan commitment to purchase, you should be moving forward towards a positive and exciting close of escrow and move-in. However, if your lender should change their qualifications or loan programs or your financial situation should change and you no longer qualify for your loan (up to 10 days prior to close of escrow), we’ll guarantee the full return of your 3% deposit* no questions asked.

In addition, should you simply change your mind about purchasing your home, find another home that you prefer to purchase elsewhere or just need to walk away for any personal reason whatsoever, we’ll guarantee the return of 75% of your deposit, again, no questions asked.

A bit of the fine print (i.e., asterisk): “Less an escrow processing fee of $500…Deposits made for buyer selected flooring upgrades and glass enclosures are not refundable.”

No word on whether or not those who acted early will benefit from the program as well.

∙ A Price Guarantee From (And Proof Of Price Reductions At) Esprit Park [SocketSite]

Posted by socketadmin at 7:00 AM | Permalink | Comments (21) | (email story)

October 7, 2008

Pride Of (A Few Weeks Of Arterra) Ownership: 300 Berry #518

Residents started moving in two months ago, an understated “grand opening” event was held last week (looking good and tasty margaritas), and at least one resale unit has been listed (touting “Pride of ownership!” on craigslist).

Keep in mind that Arterra remains roughly 50% sold. And the last we heard, incentives of "up to $25,000" were being bandied about on the unsold units (complete with that new condo smell).

∙ $568000 Beautiful 1 Bed, 1 Bath Condo w/ Parking! [300 Berry #518] [Craigslist]
∙ Arterra Is About To Be Occupied And A Reader Seeks Some Advice [SocketSite]
∙ The Hayes And Arterra: A Grand Opening And Both Roughly 50% Sold [SocketSite]

Posted by socketadmin at 7:30 AM | Permalink | Comments (39) | (email story)

October 3, 2008

Symphony Towers Update: Buying Love (But Dropping Prices Too)

Symphony Towers (750 Van Ness) is now offering brokers 4% commissions as well, with studios starting at $329,000 (down from around $350,000 when they first opened a year ago and buyers lined up to buy).

And in terms of sales, as best we can tell Symphony Towers is around 55% sold which would mean roughly 15 net new contracts over the past ten months. At this rate the development should be sold out by 2012.

∙ The SocketSite Scoop On Sales At Symphony Towers (750 Van Ness) [SocketSite]
∙ One Rincon Hill Update: Now Offering 4% Commissions [SocketSite]
∙ Symphony Towers: A SocketSite Reader Reports On Opening Day [SocketSite]
∙ Symphony Towers Update: 45% In Contract And Opening February 08 [SocketSite]

Posted by socketadmin at 2:00 PM | Permalink | Comments (28) | (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)

An A+ For Ingenuity (And Openness): Infinity Closings Update

From a plugged-in reader and owner in The Infinity:

I walked through the tower last night and counted units that had not yet closed. You can do this by noting which ones are keyed for the master key. It was 63. That is a lot of units to not be closed and I know they are not delaying any closings. The people I know were virtually begged and asked to close asap for the last few months.

Total units in Infinity’s first phase of tower 1 (301 Main) and two mid-rises (333 Main and 318 Spear): 365.

∙ A Listed Infinity Resale (301 Main #4B) And Reader’s Report On Sales [SocketSite]
∙ The Infinity Sales Center: SocketSite’s Inside Scoop [SocketSite]

Posted by socketadmin at 7:55 AM | Permalink | Comments (51) | (email story)

September 30, 2008

A Listed Infinity Resale (301 Main #4B) And Reader’s Report On Sales

As a number of readers and tipsters have noted alike, 301 Main Street #4B (a lower floor two-bedroom resale in The Infinity) has hit the MLS and open house parade.

According to one tipster the asking price of $1,499,000 ($826/sqft) is “more than the current owner paid,” but unfortunately that’s a claim that we can’t confirm (readers?).

We can confirm, however, that $20,000 in Design Center credit was being offered “on most unsold homes in Phase 1” to all those attending an Infinity sales event last week (“must be in contract by 10/15/08”).

And from a plugged-in reader who attended said event: “They were still quoting 85-90% of units in contract or sold, which doesn't seem to have changed much in the last 10 months or so.” (Actually, 20% ten months ago.)

UPDATE: From a plugged-in tipster (and not the sales office): "[A]sking price for 4B was $1.25m when we were initially looking at it."

∙ Listing: 301 Main Street #4B (2+/2.5) - $1,499,000 [MLS]
∙ Infinity Update: Construction, Tower Two, And Possibly Even Sales [SocketSite]

Posted by socketadmin at 5:30 AM | Permalink | Comments (36) | (email story)

September 26, 2008

San Francisco Rising And A Fresh Perspective On Millennium Tower

A plugged-in tipster passes along a few shots of San Francisco rising (with room to grow). And a fresh perspective on Millennium Tower (real not rendered).

∙ Four Views From Atop San Francisco’s Topped-Off Millennium Tower [SocketSite]

Posted by socketadmin at 3:45 PM | Permalink | Comments (16) | (email story)

September 25, 2008

The Development Of 1301 Divisadero: A Plugged-In Reader Reports

A plugged-in tipster reports that the development of 1301 Divisadero (corner of Ellis) “seems to have started construction.” From our tipster:

On Sept 11, 2008 they received permits (#200805051285) to demolish the [Union 76 station]. No other permits have been issued for this site though. I’m going to assume that 76 just did a cleanup right now and they are waiting for clean Phase 1 until they start building.

It’s zoned NC2 and is sitting on a 12,891sf lot. If they haven’t petitioned for a height and density ordinance change, we’re looking at a 40ft building with up to 16 units.

PS: About 12 Chevron Shell stations are for sale in SF. 19th and Lincoln, Lombard and Laguna, California and Pierce and two on 3rd st. So there should be stuff popping up there soon, too.

As far as we know a variance was indeed in the works for 1301 Divisadero, 33 condominiums are on the way, and designs have been distributed (although we haven't seen them). Readers?

Posted by socketadmin at 6:45 AM | Permalink | Comments (15) | (email story)

September 19, 2008

One Rincon Hill Update: Now Offering 4% Commissions

Yesterday it was simply the word on the street, today it’s been confirmed: One Rincon Hill is now offering brokers 4% commissions through the end of the year. Just something to keep in mind should your agent suddenly seem a bit more bullish on The Hill.

Posted by socketadmin at 3:40 PM | Permalink | Comments (26) | (email story)

September 16, 2008

The Artani (818 Van Ness) Opens And A Plugged-In Reader Reports

A plugged-in reader provides the scoop on, and a few shots from atop and within, The Artani (818 Van Ness):

The roof deck is really fantastic. It invites a gathering and party, and you have great views easterly of the skyline (new against old San Francisco, a really great juxtaposition).

Unit pricing seems to be more high right now than competitive. Options are very limited, so what you see, for the most part, is what you get. Several units on each floor are available for checking out. 3rd floor is where a variety of staged units are, and where the office is.

HOA's are all in the $500 range (whether you're wanting a 1bed (1bath), 1bed +den (2bath), or 2bed (2bath)). 1Bed/1Bath have a wild range in pricing ($599k-yes lower floor to $899k-yes higher up with views).

1Bed/+Den/2Bath ranges from $699k to $799k, generally logical pricing with the den units. 2Bed/2Bath really get wild, with pricing from $799k to $989k - and then a heavy jump on the 6th floor to $1.399M (2 bedroom units seem to range from 991 to 1181 square feet).

The $1.399M unit is only about 180 extra square feet bigger than it's $989K sister unit, and perhaps the views make the justification - but it's quite a reach - especially with just a romeo ledge posing as an outdoor space.

The Van Ness corridor is arriving, especially if they can get these prices. If they can't...perhaps arrival is going to be delayed.

Obviously part fact part opinion, but wholly (and as always) appreciated.

∙ The Artani (818 Van Ness) Update: From Unveiled To Unwrapped [SocketSite]
∙ 818 Van Ness: Building Still Wrapped, Name Unveiled (“The Artani”) [SocketSite]
∙ JustQuotes: A Reminder That They’re Not Just Building Down In SoMa [SocketSite]

Posted by socketadmin at 3:00 PM | Permalink | Comments (49) | (email story)

A Couple Of Cubix Condos Hit The MLS (Now Starting At $249,000)

A couple of Cubix Yerba Buena condos have hit the MLS. And while pricing for the “first release” started at $279,000, 766 Harrison #214 has been listed at $269,000 (which might suggests some early adjustments).

UPDATE: Make that "Studio's from $249,000."

∙ Listing: 766 Harrison #214 (0/1) - $269,000 [MLS]
∙ Listing: 766 Harrison #410 (0/1) - $314,000 [MLS]
∙ Cubix Yerba Buena (766 Harrison): Reader Perspective And Pricing [SocketSite]

Posted by socketadmin at 10:30 AM | Permalink | Comments (22) | (email story)

September 12, 2008

1946 Polk (A.K.A. Pacific Terrace): Public Hearing Next Week

Seven months ago a plugged-in reader first plugged us in to the designs for 1946 Polk Street (a.k.a. Pacific Terrace).

Since then, a Preliminary Mitigated Negative Declaration has been issued with regard to the developments potential environmental impact (which is a good thing). And next Thursday (9/18), the developer's application to level and develop the lot will be heard by the Planning Commission (and the public).

Once again, up to 39 new condominiums, 38 parking spaces, and ground floor retail.

∙ A Reader Asks (And We Can’t Answer): Corner Of Pacific And Polk [SocketSite]
∙ 1946 Polk Street: Preliminary Mitigated Negative Declaration (pdf) [SFGov]

Posted by socketadmin at 7:45 AM | Permalink | Comments (29) | (email story)

September 11, 2008

1536 Pacific Rising: Pictorial Progress To Date (And Recap)

Once again, the designs and details for the six units rising at 1536 Pacific. And now, the pictorial progress to date (above).

∙ The Community Delivers Once Again: 1536 Pacific Drawings/Details [SocketSite]

Posted by socketadmin at 8:15 AM | Permalink | Comments (5) | (email story)

September 10, 2008

1018-1020 Pine Street: Eight Contemporary Condos Coming Soon

In response to a reader’s inquiry to our tip line (tips@socketsite.com) we respond: As far as we know, 1018-1020 Pine Street is slated to be eight units (condos) with seven (possibly eight) parking spaces.

In terms of any other details, we don't know (readers?). But we will keep you plugged-in.

Posted by socketadmin at 5:15 PM | Permalink | Comments (37) | (email story)

September 5, 2008

It Gets A Little Easier To Reach The Summit (4121 Cesar Chavez)

List prices haven’t fallen to reader laura’s $800 per square foot target at The Summit, but the asking price for 4121 Cesar Chavez #6 has dropped from $1,949,000 ($1,029/sqft) to $1,649,000 ($871/sqft) over the past three months.

The list price for 4121 Cesar Chavez #3 has also been reduced (from $1,499,000 to $1,379,000). And while we don't know if any of the six condos have closed escrow, and if so at what prices, at least three of the Noe Valley units remain listed and available.

∙ Listing: 4121 Cesar Chavez St #6 (3/2.5) - $1,649,000 [MLS]
∙ Listing: 4121 Cesar Chavez St #3 (2/2.5) - $1,379,000 [MLS]
∙ Coming Soon: The Six Unit Summit In Noe Valley (4121 Cesar Chavez) [SocketSite]

Posted by socketadmin at 7:00 PM | Permalink | Comments (58) | (email story)

The Staging (And Reduction) Of That Ritz-Carlton Penthouse Shell

Plugged-in people might recall the empty 3,595 square foot penthouse shell at San Francisco’s Ritz-Carlton Residences known as 690 Market #2401. And as a tipster notes, while it's still a shell, it's no longer empty. Yes, it's been "staged."

And while some furnishings (and "un-fixed" fixtures) have been added, a half-million dollars have been taken away. Now asking $5,995,000 (down from $6,500,000 in June).

∙ Listing: 690 Market #2401 (3,595 square feet) - $5,995,000 [MLS]
∙ A Concerning Comp (And Empty Shell) At The Ritz-Carlton Residences [SocketSite]

Posted by socketadmin at 10:30 AM | Permalink | Comments (27) | (email story)

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)

Radiance At Mission Bay Phase II Update: Officially "Suspended"

While Phase One of Bosa's Radiance at Mission Bay was never designed to stand alone, it will for a while longer. With lenders requiring "at least two-thirds of the units closed before the steel starts to rise on Phase Two," Bosa has officially suspended construction.

Bosa completed all the piles for the 318-unit Phase Two before construction was halted in July. Serraglio said he is hoping sales will be far enough along to justify pouring concrete on phase two by spring of 2009, making the project about a year behind schedule.

“The construction lenders are a bit nervous in this market — they want to see where it’s going,” said Serraglio. “It is a tough market right now. Buyers are taking longer to make a purchase decision. We’re used to buyers coming in once or twice and then entering into a contract. Here we’re seeing them come back five or six times.”

As noted last month, just over half of the 99 units in Phase One have either closed or are in contract.

[Full Disclosure: Bosa Development recently started advertising on SocketSite.]

∙ Bosa Development suspends Mission Bay condo project [Business Times]
∙ Radiance At Mission Bay Phase I Update: 55% “Sold” And Closing [SocketSite]
∙ Radiance At Mission Bay Phase II: The Elusive Rendering [SocketSite]

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

Four New Condos, Two Different Tipsters: 660 Natoma Street

In the words of a plugged-in tipster and resident on nearby Minna who’s had an eye on 660 Natoma for quite some time (and first tipped us a while back):

[Four new residences] in the “up-and-coming” area bounded by 7th, 8th, Mission, and Howard. They seem to want a premium for this property, almost $800/sq ft if I’m reading the website right. It’s cute as a button and has some interesting “green” features (plugs for the cars in the garage?!), but the (my) neighborhood might not command that kind of a price.

And in the words of another just yesterday:

I was looking at Soma Grand when I stumbled upon a great new green building project on Natoma. The project, 660 Natoma, is parallel to SOMA grand and hails very low HOA dues, parking deeded to units, fantastic roof decks deeded to three of the four units overlooking great views of the city. Better yet, the project is Green and Solar ready.

Now on the market for just over two months with two of the four condos actively listed (and three of the four likely available).

∙ 660 Natoma [660Natoma.com]
∙ Listing: 660 Natoma Street #2 (1/1) - $549,000 [MLS]
∙ Listing: 660 Natoma Street #4 (2/2.5) - $839,000 [MLS]

Posted by socketadmin at 1:00 AM | Permalink | Comments (14) | (email story)

September 3, 2008

The Hayes And Arterra: A Grand Opening And Both Roughly 50% Sold

While new residents have started making the move, Arterra's official “Grand Opening” is scheduled for this weekend (September 6/7). And according to a plugged-in tipster, both Arterra and The Hayes are currently hovering around 50% in contract or closed.

If our tipster and past counts are correct, that represents a net loss of contracts over the past eight months at The Hayes, and well below the developer's expectation of 75% sold by the official opening at Arterra.

∙ Arterra (300 Berry) Update: Sales Office Onsite And Models Unveiling [SocketSite]
∙ The Hayes (55 Page) Strips Off (And Reveals) A Little Bit More [SocketSite 1/08]
∙ Arterra (300 Berry) Update: 40% Pre-Sold? [SocketSite 10/07]

Posted by socketadmin at 10:30 AM | Permalink | Comments (40) | (email story)

September 2, 2008

The One Rincon Hill Secondary Market Drops A Data Point (Or Not)

From the listing for One Rincon Hill (425 1st Street) #1606 almost three months ago: asking $1,232,000. From the listing when reduced to $1,120,000: "Offers by 7/30 please." From the listing when reduced to $1,050,000: "Don't miss out on this one!"

From the listing today: withdrawn. And once again, the non-upgraded asking price two years ago on the very first day of sales: $980,000.

∙ Mixed Messages For The Secondary Market At One Rincon Hill [SocketSite]

Posted by socketadmin at 8:15 AM | Permalink | Comments (47) | (email story)

August 27, 2008

Argenta (1 Polk) Update: Now Coming First Quarter 2009

The word on the street is that pace of construction for Argenta (1 Polk) has slowed slightly and the sales office now isn’t planning on opening until the first quarter of 2009 (Jan/Feb). Also noted, a "walk score" of 97 out of 100 for the location ("walkers' paradise").

∙ Argenta (1 Polk): Ground Breaking [SocketSite]
∙ Argenta Rises While Buildings For Crescent Heights Are Razed [SocketSite]
∙ Argenta (1 Polk) Update: The Scaffolding Starts To Get Stripped [SocketSite]

Posted by socketadmin at 8:45 AM | Permalink | Comments (14) | (email story)

August 26, 2008

899 North Point Rising: A Reader Asks, We Answer, You Embellish

A reader asks: "Does anyone know what they are building on the corner of Larkin and North Point? Are they condos or rentals? Used to be a gas station or automotive repair shop."

We answer: As far as we know, it’s officially three lots with a total of eight condos rising, one two-unit building (2998 Larkin) and two three-unit buildings (889 and 899 North Point).

You embellish (if you’ve got the full scoop).

Posted by socketadmin at 7:45 AM | Permalink | Comments (15) | (email story)

August 25, 2008

Heritage Fillmore: And Then There Were Five (And Up To $230K Off)

From the Heritage on Fillmore sales office in June by way of a plugged-in reader:

Thank you to all who participated in our Heritage on Fillmore survey. The feedback we received was very informative. You spoke, and we listened. Price was your biggest concern, so we are answering this concern with some amazing pricing specials on our remaining 7 homes!

> 1104, 1 Bed/1 Bath, -$42,000, Now $695,000
> Penthouse 1-E, 1 Bed/1 Bath, -$40,000, Now $690,000
> 604, 2 Bed/2 Bath, -$46,000, Now $765,000
> 1003, 2 Bed/2 Bath, -$50,000, Now $825,000
> 1102, 2 Bed/2 Bath, -$40,000, Now $975,000
> Penthouse 2-C, 2 Bed/2 Bath, -$65,000, Now $905,000
> Penthouse 2-A, 2 Bed+/2 Bath, -$100,000, Now $1,125,000

To further increase the value of these homes, they've been upgraded to include hardwood flooring, designer carpeting, stainless steel appliances, large capacity washer & dryer, refrigerator, indoor exclusive use parking and much more!

It's two months later, and while two have sold, it's even more amazing pricing on the last five:

> 1104, Reduced another $45,000 and SOLD
> Penthouse 1-E, Reduced another $40,000, Now $650,000
> 604, SOLD
> 1003, Still asking $825,000
> 1102, Reduced another $25,000, Now $950,000
> Penthouse 2-C, Reduced another $15,000, Now $890,000
> Penthouse 2-A, Reduced another $130,000, Now $995,000

And yes, that's now a total of $230,000 off (plus upgrades) for Penthouse 2-A.

∙ Heritage On Fillmore Update: 90% Sold, Reductions And Incentives [SocketSite]

Posted by socketadmin at 10:00 AM | Permalink | Comments (36) | (email story)

August 22, 2008

A Plugged-In Reader Reports: Timing For Esprit Park (900 Minnesota)

"The developers have...sent out letters to buyers at [Esprit Park] saying delivery on the majority of the south court units will be 6 to 8 weeks from now. Original delivery was intended to be July though so who knows. North court won't be until December probably but could be 09."

∙ 900 Minnesota: Now And Then [SocketSite]
∙ Homes On Esprit Park (900 Minnesota) Sales Update: 25% In Contract [SocketSite]
∙ 2225-2255 Third Street: What Was (And Hopefully Is) In The Works [SocketSite]

Posted by socketadmin at 5:15 AM | Permalink | Comments (2) | (email story)

August 20, 2008

2225-2255 Third Street: What Was (And Hopefully Is) In The Works

As the comprehensive Eastern Neighborhoods Plan moves forward, individual plans for over a hundred new projects are being taken off the shelf and dusted off. A reader asks about one such project, 2225-2255 Third Street.

From 2225-2255 Third Street's Environmental Impact Report in 2007:

The proposed project would preserve and renovate two existing historic buildings and construct three new buildings above a new below-grade parking podium. In total, these buildings would contain approximately 242,185 square feet of floor area, including approximately 179 residential units, 5,262 square feet of restaurant uses, 11,434 square feet of retail space fronting Third Street, 2,393 square feet of day-care services, a belowgrade parking garage accessed from Illinois Street with approximately 157 parking spaces, 50 bicycle spaces, and two offstreet loading spaces.

The two new structures facing Third Street would be 35 feet (three stories) tall and beyond a 20-foot setback from the property line would be 50 feet (five stories) in height. The new building fronting on Illinois Street would be 65 feet tall (six stories) in height.

Proposed as apartments with the mix being: 63 studios, 81 one-bedrooms, 30 two-bedrooms, and 5 three-bedrooms. It’s a Martin Building Company project. And the last we heard, entitlements were in the works.

Any plugged-in tipsters care to share the inside scoop and current status?

∙ 2225-2255 Third Street: Draft Environmental Impact Report (pdf) [SFGov]
∙ Eastern Neighborhoods Plan, It's Not Just For Policy Wonks Anymore [SocketSite]

Posted by socketadmin at 1:00 PM | Permalink | Comments (30) | (email story)

August 19, 2008

555 Mission Rock: Yesterday, Today And Tomorrow (And A Recap)

The quick recap for 555 Mission Rock in south Mission Bay: 192 apartments ranging in size from 650 to 1,300 square feet (and 10,000 square feet of ground floor retail).

Development by Urban Housing Group, design by SB Architects, and opening Spring 2009.

∙ An Overview Of Mission Bay [SocketSite]
∙ Neighbors In South Mission Bay (555 Mission Rock Street?) [SocketSite]
∙ 555 Mission Rock Apartments: Additional Details And Timing [SocketSite]
∙ Projects: 555 Mission Rock [Urban Housing Group]

Posted by socketadmin at 8:15 AM | Permalink | Comments (31) | (email story)

The Hayes (55 Page): Current Pricing, Incentives And A Reduction

Current list prices for The Hayes (55 Page) above. And while developers do prefer to offer “incentives” (currently “up to” $25,000 at The Hayes, up from $20,000 in March) rather than to lower prices (it helps hide any reductions and keeps the comps up), we will note that 55 Page #611 was originally listed on the MLS at $599,000 (versus $579,000 above).

∙ The Building Through The Trees: The Hayes (55 Page) Opens Up [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (10) | (email story)

August 15, 2008

Avalon At Mission Bay Phase III (240 Berry) Rises Up Aside Arterra

While Arterra has opened its doors, the third phase of Avalon at Mission Bay (240 Berry) rises across the street. And for those who don’t already know, the design of what’s to be (and one sweet construction cam).

∙ Arterra (300 Berry) Update: Sales Office Onsite And Models Unveiling [SocketSite]
∙ 240 Berry: No Condos For You [SocketSite]
∙ Avalon At Mission Bay Phase III (240 Berry) Starts Its Ascent [SocketSite]

Posted by socketadmin at 5:00 PM | Permalink | Comments (15) | (email story)

August 14, 2008

Affordable Family Housing Rising (And Rendered) At 10th And Mission

Having broken ground in August of 2007 and rising, the soon to be 12-story building on the northeast corner of 10th and Mission should be completed by August of 2009.

A Mercy Housing project, the development will provide 136 affordable apartments for families with household incomes ranging from 15% to 45% of the area's median (44 targeted for occupancy by chronically homeless families), a 5,400 square foot youth and family center, and 3,000 square feet of ground-floor neighborhood retail space.

UPDATE: The corner before as noted by a plugged-in reader and captured by MapJack:

Posted by socketadmin at 11:30 AM | Permalink | Comments (50) | (email story)

August 12, 2008

The Artani (818 Van Ness) Update: From Unveiled To Unwrapped

The Artani has been unwrapped. Feel free to compare and contrast (and spill the scoop).

∙ 818 Van Ness: Building Still Wrapped, Name Unveiled (“The Artani”) [SocketSite]
∙ The SocketSite Scoop On The 52 Condos Rising At 818 Van Ness Ave [SocketSite]

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

The SocketSite Scoop On 1840 Washington: Demo And 26 New Condos

A plugged-in tipster delivers the scoop on 1840 Washington, currently commercial one-story-plus-mezzanine but soon to be nine stories with 26 condos, subterranean parking, commercial on the ground floor, and a roof deck (all despite the fact that they're still not building any more land in Pacific Heights).

Demolition of the current building is tentatively scheduled to begin August 18th, is expected to last three weeks, and “no wrecking ball or explosives” will be used (good to know and by far our favorite line of the tip).

The new building will look similar to Pacific Place (the building to the right), construction is expected to last 18 months, and they'll be working Monday through Friday from 7:30am to 4:30pm (don't shoot the messenger). Renderings when we have them, tipsters?

UPDATE: It came with a couple of caveats ("This is not a very big or great rendering and I don't know if it is current but here ya go...."), but for now it's the best we can do:

Let's keep 'em coming (please).

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

August 11, 2008

Cubix Yerba Buena (766 Harrison): Reader Perspective And Pricing

A plugged-in reader takes a tour of Cubix Yerba Buena (766 Harrison) and reports back:

Toured Cubix this weekend. Like the architecture a lot, feels solid, natural light is great, finishes are so-so, bathroom doors look nice but are less than soundproof which is a mistake in such a small space. Roof deck A+.

First release of 12 units on lower floors but got the feeling you could write on an upper floor unit if you asked. Occupancy in 45-60 days. HOA’s around $300. Value B-/C+.

Current pricing on the twelve studio condos in the first release:

∙ 766 Harrison #202 (0/1) - $279,000
∙ 766 Harrison #206 (0/1) - $279,000
∙ 766 Harrison #212 (0/1) - $289,000
∙ 766 Harrison #305 (0/1) - $305,000
∙ 766 Harrison #308 (0/1) - $305,000
∙ 766 Harrison #314 (0/1) - $309,000
∙ 766 Harrison #404 (0/1) - $309,000
∙ 766 Harrison #410 (0/1) - $314,000
∙ 766 Harrison #413 (0/1) - $319,000
∙ 766 Harrison #503 (0/1) - $333,000
∙ 766 Harrison #509 (0/1) - $328,000
∙ 766 Harrison #511 (0/1) - $323,000

∙ SocketSite Readers Report: The Square Footage Scoop On Cubix [SocketSite]
∙ 766 Harrison: Condos Indeed And A Brand New Brand (“Cubix YB”) [SocketSite]
∙ Goodbye Placeholder, Hello Floor Plans For Cubix YB (766 Harrison) [SocketSite]

Posted by socketadmin at 10:30 AM | Permalink | Comments (24) | (email story)

A Couple Of Recent Reductions On Properties You Might Recognize

As previously noted, 4419 19th Street returned to the market last week with the same list price of three months before. And after just five days back, said price has now been reduced $187,000 (7.4%). We remain drawn to the decks (and kitchen).

Over at Heritage on Fillmore (1310 Fillmore), while the listing for 1310 Fillmore #PH1E still notes, “Last opportunity! Only one left at the low price of $690,000,” on Thursday the price was reduced another $40,000 (5.8%). And the next day #1104 hit the MLS with a price $650,000 as well (so make that at least two).

In terms of two-bedrooms (of which at least four remain available), the list price on 1310 Fillmore #PH2A has been reduced another $130,000 (11.6%), now asking $995,000 or $230,000 (18.8%) below its original list price of $1,225,000 last year.

∙ Listing: 4419 19th Street (3/3.5) - $2,348,000 [MLS]
∙ Drawn To The Decks (But Perhaps Not The Best For Entertaining) [SocketSite]
∙ Listing: 1310 Fillmore #PH1E (1/1) - $650,000 [MLS]
∙ Listing: 1310 Fillmore #PH2A (2/2) - $995,000 [MLS]
∙ Heritage On Fillmore Update: 90% Sold, Reductions And Incentives [SocketSite]

Posted by socketadmin at 9:15 AM | Permalink | Comments (69) | (email story)

August 8, 2008

Infinity Versus One Rincon Hill Sales: Strictly By The Numbers

Our number for closed units at Infinity as of four weeks ago: 208 (57%). From the Chronicle today: 225 (61%). Roughly 85% in contract or closed.

Our number for closed units at One Rincon Hill as of three weeks ago: 176 (47%). From the Chronicle today: 192 (51%). Roughly 92% in contract or closed.

∙ S.F. condominium sales strong in recent months [SFGate]

Posted by socketadmin at 7:50 AM | Permalink | Comments (84) | (email story)

August 7, 2008

QuickLinks: A Couple Of Arterra Contract Holders Seeking Assignment

∙ $539000 1 Bed, 2 year HOA paid, $7,500 toward closing [Craigslist]
∙ $625000 Condo for sale in Mission Bay [Craigslist]

Posted by socketadmin at 2:20 AM | Permalink | Comments (14) | (email story)

August 6, 2008

Mixed Messages For The Secondary Market At One Rincon Hill

While the first MLS recorded resale of a condominium at One Rincon Hill ( #2202) appears to have fared rather well, and #2602 appears to have repeated the feat with an MLS reported sale price of $1,325,000 on 7/30, the very first listing for a resale in the building (#2403) never sold (nor did #2103), and #1606 seems to be struggling a bit as well.

Listed for $1,232,000 forty-five days ago, the asking price for 425 1st Street #1606 was reduced to $1,120,000 after two weeks on the market and then to $1,050,000 a week after that. The non-upgraded sales office price two years ago on the very first day of sales: $980,000.

From the listing for #1606 last week: "Offers by 7/30 please." From the listing today: "Don't miss out on this one!"

∙ Listing: 425 1st Street #1606 (2/2) - $1,050,000 [MLS]
∙ The First “Official” Resale (And Open House) At One Rincon Hill? [SocketSite]
∙ The First “Official” Resale At One Rincon Hill Closes Escrow: #2202 [SocketSite]
∙ Trying To Establish The True Secondary Resale Market: One Rincon Hill [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (141) | (email story)

August 4, 2008

Radiance At Mission Bay Phase I Update: 55% “Sold” And Closing

Since receiving its a temporary certificate of occupancy (TCO) early the second week of July, a little over one-quarter of the 99 condos that make up the first phase of Radiance at Mission Bay have closed escrow, while another one-quarter are in contract.

List prices for the roughly 45 units that remain range from $649,000 (849 square feet) to $2,549,000 (1,802 square feet). And while prices reductions haven’t officially been advertised, according to our sources there's definitely room for negotiation (especially on the mid-priced units). And yes, only a handful of net-new contracts since last July.

In addition to the townhouse model unit that opened three months ago, an eighth floor model with big decks and a panoramic bay (and skyline) view is now open as well.

Some of the nicer hallways we’ve seen in San Francisco throughout the building (if you're into that kind of thing). And when the wind isn't howling, a rather nice fourth floor deck.

We find the finished product to be nicer than the renderings (although it's obviously subjective). And do keep in mind that Phase I was never designed to stand alone (see Phase II).

∙ Radiance At Mission Bay: Phase I Model Units Opening This Weekend [SocketSite 4/08]
∙ Radiance At Mission Bay Phase II: The Elusive Rendering [SocketSite 7/08]
∙ Radiance At Mission Bay: Around 50% In Contract (And Conversion)? [SocketSite 7/07]

Posted by socketadmin at 4:45 PM | Permalink | Comments (12) | (email story)

Arterra Walk Through Advice Redux (Which Seems Strangely Familiar)

A gaggle of plugged-in reader’s came to the rescue when another reader was seeking advice with regard to approaching their walk through at Arterra (or any other new development for that matter). For that we thank you. And to the follow-up:

We just got our 30-day notice as well…[o]ur letter indicated the following:

"You appointment [for walk through] will last 30 minutes, so we encourage you to arrive on time in order to allow the full 30 minutes to walk-through your home."

"Only parties names on the Agreement of Sales, and their representating broker are permitted on the walk through and no one else will be allowed."

I find it difficult to believe that the Seller can impose rules such as this. I want to know from the other Arterra owners that have moved-in whether the Sales Office enforced the above rules.

The short answer: they really can't (enforce such rules). The longer answer: to the comments the last time this topic came up (and the eventual outcome).

∙ Arterra Is About To Be Occupied And A Reader Seeks Some Advice [SocketSite]
∙ RandomRumors: One Rincon Hill Walkthroughs Without An Agent? [SocketSite]
∙ From Tough Love Comes Positive Change Over At One Rincon Hill [SocketSite]

Posted by socketadmin at 9:55 AM | Permalink | Comments (13) | (email story)

August 1, 2008

SocketSite Readers Report: The Square Footage Scoop On Cubix

A plugged-in reader tours Cubix Yerba Buena and clarifies:

[T]he largest studio in this building is less than 350 sf and there are only 8 that large. I viewed the units this past week; most are under 300sf. The prices start about 275K up to the low 300's. Not sure when they are going to open. When I stopped by it looked still under construction.

Comments on our original floor plan post.

∙ Goodbye Placeholder, Hello Floor Plans For Cubix YB (766 Harrison) [SocketSite]
∙ 766 Harrison: Condos Indeed And A Brand New Brand (“Cubix YB”) [SocketSite]

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

July 31, 2008

Millennium (301 Mission) Hits The MLS And City Residences Are "Cool"

While it’s a plugged-in tipster that notes four units at Millennium (301 Mission) have hit the MLS with prices ranging from $1,445,000 ($1,160/sqft) to $5,090,000 ($1,805/sqft), the word on the street is that sales activity has recently been "heating up."

Also noted, construction inside the midrise City Residences is coming along nicely and the units (think #502) are pretty damn "cool" (albeit not cheap).

As always, details (as in the hard numbers) when we have them.

∙ Listing: 301 Mission Street #502 (1/2) - $2,225,000 [MLS]
∙ Listing: 301 Mission Street #25J (2/2) - $1,445,000 [MLS]
∙ Listing: 301 Mission Street #47B (2/2.5) - $2,623,500 [MLS]
∙ Listing: 301 Mission Street #55C (2/3.5) - $5,090,000 [MLS]
∙ Millennium Tower San Francisco (301 Mission): Sales Update/Facts [SocketSite]

Posted by socketadmin at 10:45 AM | Permalink | Comments (56) | (email story)

The View From The First Listed Resale At Soma Grand (1160 Mission)

As far as we know it’s the first listed resale at Soma Grand (1160 Mission). And while we don’t know the original acquisition price for 1160 Mission Street #1206, we do know that its list price ($1,088,000) is $12,000 less than what the sales office is currently asking for 1160 Mission Street #1006 two floors below ($1,100,000).

Of course it's entirely possible that the sellers of #1206 acquired the unit early on at a "friends and family" discount. And if so, perhaps they're no longer (the former at least).

∙ Listing: 1160 Mission Street #1006 (2/2) - $1,100,000 [MLS]
∙ Listing: 1160 Mission Street #1206 (2/2) - $1,088,000 [MLS]

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

July 28, 2008

Goodbye Placeholder, Hello Floor Plans For Cubix YB (766 Harrison)

Goodbye placeholder, hello floor plans (and a few photos) for Cubix YB (766 Harrison).

∙ Cubix Yerba Buena: Floor Plans [cubixsf.com]
∙ 766 Harrison: Condos Indeed And A Brand New Brand (“Cubix YB”) [SocketSite]

Posted by socketadmin at 6:45 AM | Permalink | Comments (170) | (email story)

Crescent Heights (1401 Market): No Condos For You! Apartments.

We know we let you know what it was supposed to look like. And we know we let you know when the site was being cleared. But based on a reader’s recent query, we have a feeling we never let you know that the 700+ unit Crescent Heights at 10th and Market is now going to be apartments rather than condos.

Design by Heller-Manus. Construction should commence this fall. And yes, our Complete Inventory Index (Cii) has been updated (and our Q3 report is on the way).

∙ Crescent Heights: 10th And Market Recap, Rendering, And Details [SocketSite]
∙ Argenta Rises While Buildings For Crescent Heights Are Razed [SocketSite]
∙ SocketSite’s Complete Inventory Index (Cii): Q1 2008 (San Francisco) [SocketSite]
∙ Heller-Manus Project: 10th & Market [hellermanus.com]

Posted by socketadmin at 6:35 AM | Permalink | Comments (25) | (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)

Radiance At Mission Bay Phase II: The Elusive Rendering

The rendering for Radiance at Mission Bay Phase II is above (for which the site has been prepped and the pilings driven). The full SocketSite scoop on Phase I in the background (literally, not figuratively) is coming soon (as in this afternoon or possibly Monday).

∙ Radiance At Mission Bay: Phase I Model Units Opening This Weekend [SockeSite]

Posted by socketadmin at 12:45 PM | Permalink | Comments (23) | (email story)

766 Harrison: Condos Indeed And A Brand New Brand (“Cubix YB”)

As we (and a plugged-in tipster) noted last month:

It’s a plugged-in tipster that first notes that the ninety-eight (98) studios of 766 Harrison aren’t going the rental route but are rather about to hit the market as condominiums. Additional details when we have them.

A few of those additional details: 766 Harrison has been dubbed "Cubix Yerba Buena” (our unfortunate first thought, sprockets) and a placeholder website has been launched (let’s just say we appreciate the architecture a lot more than the graphic design); prices “starting in the high $200s;” and coming “Summer 2008.”

And once again, additional details when we (or our tipsters) have them.

∙ The 98 “Sophisticated/Stylish” Apartments Condos Of 766 Harrison [SocketSite]
∙ From Rendering To Reality (Although Not Quite Finality): 766 Harrison [SocketSite]
∙ Cubix Yerba Buena (766 Harrison) [cubixsf.com]

Posted by socketadmin at 8:00 AM | Permalink | Comments (82) | (email story)

July 24, 2008

Arterra (300 Berry) Update: Sales Office Onsite And Models Unveiling

A bevy of knowledgeable readers knocked the ball out of the nearby park two weeks ago when another reader sought some advice with regard to a scheduled walk-through and closing at Arterra.

And while we don’t know if our reader has yet walked (no, not away), we do know that the sales office has moved onsite (300 Berry #112) and two "Sky building" (tower in layman’s terms) model homes will be "unveiled" this weekend.

∙ Arterra Is About To Be Occupied And A Reader Seeks Some Advice [SocketSite]
∙ Arterra: Less Sex, More Green [SocketSite]

Posted by socketadmin at 1:55 PM | Permalink | Comments (25) | (email story)

July 21, 2008

The Heights At Candlestick “On Hold” According To The Sales Center

It was six weeks ago that a plugged-in tipster correctly called the construction hold on 5800 3rd Street and The Heights at Candlestick, and three weeks later that another plugged-in reader added:

The real info on this project as well as the other Bayview project on Jamestown (The Heights at Candlestick) that Noteware Development had completed the first phase of and was ready to start selling, is that their equity partner, Goldman Sachs from New York, panicked over the sub-prime crash and GS' internal projection that the foreclosure market in California as a whole would be extending to S.F., so GS decided to take over the projects from Noteware (any R.E. experience on the Goldman Sachs team? Not a whit!), hence the work stoppages on both projects...

And from a plugged-in tipster today:

Last week, I called the Candlestick Heights Sales Center to inquire about pricing, availability, etc. The agent responded via email: "I'm responding to your request the other day...The update is this new development has been put "on hold". No units are being sold at this time. Unfortunately that's all I can tell you at this time. If you'd like, contact me again in a few weeks....I should know more by then."

We'll keep you posted (and plugged-in).

∙ RandomRumors: Construction Comes To A Halt On 5800 3rd Street? [SocketSite]
∙ The Heights At Candlestick [theheightssf.com] [Floor Plans]

Posted by socketadmin at 12:30 PM | Permalink | Comments (5) | (email story)

July 18, 2008

Muy Bien? Proposal To Restore And Develop Adjacent To 706 Mission

Millennium Partners and JMA Ventures have reached an exclusive negotiating agreement with the San Francisco Redevelopment Agency to develop the empty 9,000 square foot lot adjacent to 706 Mission Street (the gold Mercantile Building).

The proposed use: a 220-unit condominium tower over the Mexican Museum. From J.K. Dineen:

“Under the proposed scheme, the development team -- a joint venture between Millennium Partners and JMA Ventures -- would build the core and shell of a 35,000- to 40,000-square-foot Mexican Museum at no cost to the museum. The museum would be housed on the lower floors of the condo tower, which will be built on a 25,000-square-foot site on the north side of Mission Street between Third and Fourth streets. The site includes a 9,000-square-foot site the Redevelopment Agency owns and a 16,000-square-foot parcel Millennium and JMA bought in 2006.

The museum and condo tower would be connected to the historic Mercantile Building at 706 Mission St., the 1903 structure with baroque ornamental details that JMA and Millennium Partners own. The height of the residential tower, which is being designed by Mexican architect Enrique Norton and Glenn Rescalvo of Handel Architects, has not been determined; however, a portion of the residential tower will be built over the existing Mercantile Building, according to Amy Neches, project director for the Redevelopment Agency.”

“In addition to building the Mexican Museum, the developers have agreed to establish a $5 million endowment to help the cultural institution establish itself. Also, Millennium and JMA have agreed to pay $22 million into an affordable housing fund in lieu of meeting the city's affordable housing requirements. The payment would be equivalent to making 28 percent of the units below market rate.

While the use of the Mercantile building is still being decided, the ground floor will continue to be retail and will be the entrance to the residential tower. The agency and the developer are also talking to the International Museum of Women about moving that organization to the lower floors of 706 Mission. The upper portion of the 100,000-square-foot building could remain office or become housing. Tenants in the building include Yelp, which recently expanded into 32,000 square feet.

Neches said the non-historic gold brick exterior on 706 Mission would be removed to restore the original exterior.”

And as Neches notes, the negotiating agreement is simply the start of “a long public process of traffic studies, shadow studies and public debate” for the site. Yes, we're talking years.

∙ Millennium Partners, JMA Ventures tapped for tower [Business Times]

Posted by socketadmin at 6:30 AM | Permalink | Comments (26) | (email story)

July 17, 2008

The Palms (555 4th St.): Secondary Market Slowdown And Short Sale

Of the 300 condos at The Palms (555 4th Street), sixteen (16) are currently listed for sale with none currently in contract.

Of those sixteen, four appear to be developer sales (through what’s left of the sales office), at least five have been reduced in price, and at least one (a two-bedroom) is soliciting a short sale (purchased for $789,000 in 2006, listed for $868,000 three months ago, and asking $750,000 “subject to lender’s approval” for the past five weeks).

We also can't help but note that while 555 4th Street #629 has been described as “The Palm's Largest Residence!” with “Over 2100 square feet of luxury” for 111 days, ten days ago 555 4th Street #107 hit the market advertising a “spacious 2585 square feet.”

∙ Listing: 555 4th Street #107 (3/3) - $1,759,000 [MLS]
∙ Listing: 555 4th Street #421 (2/2) - $750,000 [MLS]
∙ Listing: 555 4th Street #629 (4/3) - $2,395,000 [MLS]
∙ Apparently Only Eight Condos Left At The Palms (555 4th Street) [SocketSite]

Posted by socketadmin at 2:00 AM | Permalink | Comments (56) | (email story)

July 14, 2008

350 Mission Street Scoop: A Plugged-In Tipster Delivers The Rendering

A plugged-in tipster delivers a rendering of the SOM/Craig Hartman design to compliment the scoop on 350 Mission Street, a 27-story green tower that’s in the works for the corner of Mission and Fremont. We’re loving the openness of the triple-height lobby.

And once again, it’s something to keep in mind (both pro and con) for those plugged-in readers who plan to live (or at least buy) across the street.

∙ Speaking Of Green, Commercial, And New Towers: 350 Mission Street [SocketSite]
∙ Millennium Tower San Francisco (301 Mission): Sales Update/Facts [SocketSite]

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

Mosaica 601 (Or 601 Alabama As Far As The Post Office Is Concerned)

Speaking of new development websites and monikers, the Citizens Housing Corporation development that’s filling the block bordered by 18th, 19th, Alabama and Florida has been dubbed Mosaica 601 (or 601 Alabama as far as the post office is concerned).

A bit more detail on the 151 units: 93 apartments for families earning 25% to 50% of the area median income (AMI); 24 apartments for low-income seniors earning between 15% and 35% of AMI; and 34 condominium townhomes (including 21 BMR units ranging in price from $181,089 to $344,727 and available to those earning between 80 and 120% of the 2008 San Francisco Median Income).

And floor plans (ranging from 1,013 to 1,409 square feet), an overview, and additional details are now available online.

∙ You Ask, We Answer, You Embellish: Big Developments In The Mission [SocketSite]
∙ Mosaica 601 (601 Alabama) [mosaica601.com]

Posted by socketadmin at 11:30 AM | Permalink | Comments (22) | (email story)

818 Van Ness: Building Still Wrapped, Name Unveiled (“The Artani”)

818 Van Ness is still literally “under wraps” (although not figuratively), but the building’s name (The Artani) and placeholder website have been unveiled. Once again, 52 condominiums, design by Forum Design, and “coming Spring 2008.”

UPDATE: The Artani website has since been changed to read, "Coming Fall 2008."

∙ The SocketSite Scoop On The 52 Condos Rising At 818 Van Ness Ave [SocketSite]

Posted by socketadmin at 3:15 AM | Permalink | Comments (28) | (email story)

July 10, 2008

Arterra Is About To Be Occupied And A Reader Seeks Some Advice

From a plugged-in reader:

A few weeks back I received my 30 day notice to close escrow on my unit at Arterra. I believe I will be one of the first people to close in late July. More important in a week or so I will do going through my unit "walk through". Can you or anyone provide advice on what to look for and how to handle this process? As a first time home buyer I am not really sure what to expect and any information would be very helpful.

We’ll suggest reading the comments on this thread: Walkthroughs At Infinity: A Chance To Share Your Impressions. We’ll invite others to add their two cents (especially those who have recently done the same). And we’ll look forward those housewarming(s).

∙ Walkthroughs At Infinity: A Chance To Share Your Impressions [SocketSite]
∙ Arterra (300 Berry) Sheds A Little More (In More Ways Than One) [SocketSite]

Posted by socketadmin at 9:45 AM | Permalink | Comments (44) | (email story)

July 1, 2008

One Ecker Place Update: The Condos Rentals Condos Get Unwrapped

The protective wrapper is on its way down over at One Ecker Place (as captured by a plugged-in tipster). And yes, after a brief 180 that quickly turned into a totally radical 360, the sales office for those 51 condos should be re-opening soon.

∙ The Scoop On One (1) Ecker Place Redux: Going Condo Rental Condo [SocketSite]
∙ The SocketSite Scoop On One (1) Ecker Place: Going Condo Rental [SocketSite]
∙ A Heller Manus Renovation Of 1 Ecker Place [SocketSite]

Posted by socketadmin at 12:45 PM | Permalink | Comments (20) | (email story)

June 27, 2008

Soma Grand (1160 Mission) BMR Applications Are Now Available

Applications are now available for the 29 Below Market Rate (BMR) condos at Soma Grand. Seventeen one-bedrooms ($217,868 - $221,698), eleven two-bedrooms ($240,266 - $246,664), and one three-bedroom ($275,739). All prices exclude parking (spaces available for an additional $45,000).

These are “100% of 2007 HUD Unadjusted Area Median Income” units, so household incomes can not exceed $60,550 for one person, $69,200 for two, and $77,850 for three. Applicants must be first-time homebuyers and applications are due Friday, July 25, 2008 by 5:00 p.m.

∙ Available Affordable Homeownership Units: June 27, 2008 [SFGov]

Posted by socketadmin at 1:00 PM | Permalink | Comments (56) | (email story)

June 26, 2008

The SocketSite Scoop On 900 Folsom/260 Fifth: Condo Idol Comes!

Avant Housing, a joint venture between AGI Capital and TMG Partners, has launched a website providing some unique insight into the development process and soliciting community feedback for a trio of interconnected buildings in the works at 900 Folsom/260 Fifth Street.

The two adjacent parcels at 900 Folsom Street and 260 Fifth Street are the locations of a new mixed-use development project. What is currently a large surface parking lot, office building and adjoining small parking lot, will be transformed into a transit oriented, green, residential project. Airy 19 foot high, neighborhood-serving retail will be located at the ground level.

The two buildings, which are aiming to be LEED Gold certified, will bring 466 units, 466 parking spaces, and over 10,000 square feet of retail to the neighborhood.

And while Architecture International is driving the exterior design, here’s where it gets really interesting:

Word on the street is that the project sponsor has not designed the [interiors of the units] yet, and will be eventually using this site [for] polls on different floor plans, types of stone for counters, appliance brands, public amenity space, etc.. And the winners will actually be constructed. The American Idol of condos…

Actually involving potential buyers early on in the design process? What a novel concept. And a big hallelujah (and it's about time) assuming they can actually pull it off.

∙ 900 Folsom & 260 Fifth Street [900folsom.com]

Posted by socketadmin at 3:45 PM | Permalink | Comments (28) | (email story)

The First “Official” Resale At One Rincon Hill Closes Escrow: #2202

With only six days between its listing for $1,300,000 and closing escrow, it’s probably fair to assume an offer was in hand prior to hitting the MLS.

That being said, the sale of 425 First Street #2202 officially closed escrow on 6/24/08 with a reported contract price of $1,300,000. And as far as we know, this represents the first on-the-record secondary market resale of a post-possession - versus contract assignment - condo at One Rincon Hill.

Do keep in mind that the 1,309 square foot “02” two-bedrooms with Bay Bridge views are oft considered to be some of the most desirable units in the building although a listing for #1802 at $1,399,000 was withdrawn without selling and leased (asking $5,250/mo).

And in terms of the original contract price for the unit two years ago, stay tuned (but it's safe to assume it was significantly less).

UPDATE: Pre-construction pricing for #1802 and #2202 when the sales office first opened: $980,000 and $1,020,000 respectively (not including any upgrades).

∙ Trying To Establish The True Secondary Resale Market: One Rincon Hill [SocketSite]

Posted by socketadmin at 9:37 AM | Permalink | Comments (136) | (email story)

June 25, 2008

Here’s A Spot, There’s A Spot, Everywhere’s A Spot, Spot

Following the lead of new zoning plans that are already in place for a few neighborhoods, the San Francisco Board of Supervisors have approved new parking legislation for throughout the city:

“A new ordinance ends a rule requiring parking spaces at residential developments to be available only to tenants and opens the spaces to anyone who lives within one-quarter mile. The law also permits building owners and developers to use stacking machines and valet parking to meet city requirements for parking at housing developments.”

“San Francisco generally requires that existing residential buildings and new developments provide one parking space for every housing unit. Previous rules required that each residential parking space be accessible without the help of a person or a machine.

Tuesday's legislation follows the trend of new neighborhood zoning plans in the downtown area, Rincon Hill and the Market-Octavia neighborhood, which have lowered the required number of parking spaces. To encourage public transit use, the plans have allowed stackers, valets and other measures to reduce space occupied by cars.

Other provisions in the new ordinance could affect the amount of parking available to residents. Parking spaces in new or converted residential buildings of 10 units or more must be sold or leased separately from the housing units so that prospective residents aren't forced to take both a residential unit and a parking spot.”

In related “rent a parking space news,” a new website that allows people to “rent out their driveways on an hourly, daily, weekly or monthly basis” has launched in San Francisco.

Expect GottaPark to quickly expand their offering to include the brokering of individual spaces in new developments (to people living within "one-quarter mile" of course). And if they don’t, consider this your free entrepreneurial idea of the day.

Now about those invitations to the housewarming launch party…

∙ Ordinance allows more parking options in S.F. [SFGate]
∙ GottaPark [gottapark.com]

Posted by socketadmin at 8:00 AM | Permalink | Comments (55) | (email story)

June 24, 2008

Heritage On Fillmore Update: 90% Sold, Reductions And Incentives

According to a plugged-in tipster the Heritage on Fillmore sales office has been hitting the phones:

Received a call from the Heritage sales office yesterday…7 units remaining, prices reduced and offering incentives.

As far as we know Heritage first started advertising “only seven homes remaining” at the end May (which would suggest a bit of a lull over the past month). And in terms of the aforementioned reductions and incentives, unfortunately we didn't get the specifics, but perhaps you did (and would be willing to step up to the mic).

∙ Heritage On Fillmore: Sales Update And An Online Tax Roll Question [SocketSite]

Posted by socketadmin at 10:45 AM | Permalink | Comments (5) | (email story)

June 23, 2008

Our Ritz-Carlton Residences Monday Morning Redux: The Update

From a trusted plugged-in tipster on the heels of this mornings post:

I've heard that one-third of the Ritz units fell out of escrow. I gather some buyers were upset that the retail space, which was supposed to be a restaurant, will instead be spun off as a commercial condo and sold to a bank. Also, gym has been delayed by quite a bit.

∙ A Concerning Comp (And Empty Shell) At The Ritz-Carlton Residences [SocketSite]

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

A Concerning Comp (And Empty Shell) At The Ritz-Carlton Residences

Last week #1805 at San Francisco’s Ritz-Carlton Residences (690 Market) closed escrow with a reported contract price of $1,300,000. Not too shabby considering it’s a one-bedroom. But perhaps a bit concerning considering the sales office was asking $1,505,000.

It’s definitely something to consider if you’re interested in #1905 one floor above (still listed by the sales office for $1,525,000), or #1705 one floor below (which “motivated sellers” are now offering for $1,450,000, down from $1,499,000 five months prior).

Also back on the market, the 3,595 square foot penthouse shell known as #2401. Current asking price: $6,500,000 (offered by the sales office for $5,420,000 in 2006).

UPDATE: From a trusted plugged-in tipster: "I've heard that one-third of the Ritz units fell out of escrow. I gather some buyers were upset that the retail space, which was supposed to be a restaurant, will instead be spun off as a commercial condo and sold to a bank. Also, gym has been delayed by quite a bit."

∙ Listing: 690 Market #1705 (1/1.5) - $1,450,000 [MLS]
∙ Listing: 690 Market #1905 (1/1.5) - $1,525,000 [MLS]
∙ Listing: 690 Market #2401 (3,595 square feet) - $6,500,000 [MLS]
∙ Reductions And Returns At The Ritz-Carlton Residences (690 Market) [SocketSite]
∙ Ritz-Carlton Residences (690 Market): Listed [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (65) | (email story)

June 17, 2008

535 Mission Update: Parking Lot Closed And About To Break Ground?

From a plugged-in reader:

I was reading the forum over at skyscraperpage.com and it seems that 535 Mission is preparing to break ground. The parking lot is now closed and a few workers were on site. Can anyone confirm? Photo is courtesey of Downtown Dave at Skyscraperpage.com....

In other words, is it about to get even louder inside Salt House at lunch?

UPDATE (6/18): From a seriously plugged-in reader: "The workers onsite are surveyors starting to put up the "grid lines" Should see dirt moving real soon."

∙ Approved For Residential, But Building Commercial (535 Mission) [SocketSite]

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

New Twist: The First Resale Short Sale At Candlestick Point - The Cove

While we often note the first few resales in a new development as a measure of open market value, here’s a new twist: the first short sale (as far as we know).

SHORT SALE. Gorgeous 3BR/2BA 1 year new condo at Candlestick Point, a beautiful gated community. Inviting living room/dining area combo has interesting outlook to the ballpark and water. Good-sized bedrooms and two baths with ample closet space. Two decks for lounging and outdoor enjoyment. 2 parking spaces. One of the few units with 2nd parking space.

Our initial thoughts from afar (and original pricing for the development).

UPDATE: From a plugged-in reader: "There was another unit @ CP that was sold at public auction it was listed in the high threes and ended up selling in the high fours it was a 2 brm unit."

∙ Listing: 401 Crescent Way #4109 (3/2) - $579,000 [MLS]
∙ The Cove (Candlestick Point) [SocketSite]

Posted by socketadmin at 12:30 PM | Permalink | Comments (36) | (email story)

June 16, 2008

Ghirardelli Square & Fairmont Heritage Place: Update And A "Peek"

Re-Construction is moving right along at Ghirardelli Square and Fairmont Heritage Place with a VIP unveiling of the property and model units this week (public opening this weekend), a Temporary Certificate of Occupancy (TCO) secured by the end of July, and Gary Danko’s restaurant and the Fairmont spa opening by the end of the year.

Of the 530 fractional units that compose Fairmont Heritage Place, 45% are pre-sold (which represents little movement since February) and the majority of contract holders reside within 90 miles of the property.

Contemporary finishes, brick accent walls, and high ceilings define the units; and together with views, history, services and amenities define the development. One sexy design feature found in a few of the units that couldn't help but catch our attention: a peek-a-boo tub and shower. And yes, blinds are being installed for those who are a bit more modest.

∙ Ghirardelli Square & Fairmont Heritage Place: Overview And Sales [SocketSite]

Posted by socketadmin at 5:30 PM | Permalink | Comments (12) | (email story)

One Rincon Hill Update: Closings, Construction, Inventory And Tower 2

It has been two years since the sales office for One Rincon Hill first opened its doors. And to date, 145 of the 376 units in tower one have closed escrow, 130 units are now considered to be “occupied,” and roughly 10% of the units remain in official inventory (up from a low of around 2% late last year).

And while official inventory might have returned to the level of seventeen months ago, list prices in the sales office have not. Asking $2,165,000 in January 2007, they’re asking $2,365,000 for unit #3002 today. Then again, it is still available. And let's not forget about any of that unofficial inventory and secondary market.

Tower one, common areas (think pool, sundeck, etc.), and the fourteen townhomes are expected to be construction complete by the end of September, and the construction contract for tower two is expected to be awarded within the next few days (it’s down to Bovis and Swinerton, with the edge to the former) with the groundbreaking now “anticipated” to occur within the next 45 days (August).

∙ First Impressions: One Rincon Hill Sales Center [SocketSite]
∙ One Rincon Hill: Hovering Around 90% Sold [SocketSite]
∙ Trying To Establish The True Secondary Resale Market: One Rincon Hill [SocketSite]
∙ The Straight Scoop On What’s Up With One Rincon Hill’s Tower Two [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (50) | (email story)

June 13, 2008

The New And Improved (And Approved) Design For 300 Grant Avenue

From a seriously plugged-in tipster:

Per your request...the approved project elevations [for 300 Grant]. I am sure there will be much discussion about the changes! With all the back and forth on the design, and with neighbor opposition, the developers went back to the drawing board numerous times. Parking is accessed by driving into car elevators off of Harlan and then driving to your space. Interesting idea. In between stackers and a normal garage."

We hereby call dibs on a penthouse. And we once again bow down to plugged-in readers everywhere. You're the best.

∙ The Proposed Sixty-Six Forty-Five Condos (And Parking) Of 300 Grant [SocketSite]

Posted by socketadmin at 3:30 PM | Permalink | Comments (35) | (email story)

Unlocking The Potential Of Visitacion Valley: The Former Schlage Site

From a plugged-in tipster last week:

One project that might be interesting to keep your eye on is the former Schlage Lock Factory site in [Visitacion] Valley. For the last two years this has been a survey area, and a Citizen's Advisory Committee (on which I sit) was formed to explore creating a redevelopment district (which includes not only the old lock factory and a piece of former Southern Pacific rail yards, but also a portion of the commercial district on Leland Avenue, which is the neighborhood's main commercial street).

If all goes to plan, in the not too distant future demolition and cleanup of the site might commence, with a view of increasing the number of dwelling units from the current estimated 200 in the project area, to approximately 1800, along with the neighborhood serving retail and new open space. Our efforts are in hope that the project will create jobs in the community, create new transit-oriented neighborhoods, and establish a model of green development in what has traditionally been an overlooked and underappreciated corner of the city. We also hope we will help set the tone for additional developments that may follow in the Baylands to the south, owned by the city of Brisbane.

The CAC meets second Tuesday of each month from 6-8PM, and our meetings generally take place at 401 Tunnel Avenue (at SF Recycling, aka "the dump").

From James Temple today:

The owner of Visitacion Valley's Schlage Lock Co. factory has settled a decade-old contamination lawsuit and transferred the property, clearing one of the biggest obstacles blocking a community-blessed plan to convert the boarded-up site into housing, parks, offices and stores.

And from J.K. Dineen:

The agreement comes a week after the San Francisco Redevelopment Agency published an environmental impact report on the Schlage site. The plan for the site includes 100,000 square feet of retail in addition to the 1,200 homes. It also includes a large park and the restoration of the historic Schlage Lock headquarters. The cleanup [which is slated to last 30 months] will start as soon as the city approves the EIR, [Paragon General Manager Steven Hanson] said.

∙ San Francisco Redevelopment Agency: Visitacion Valley Survey Area [SFGov]
∙ Draft Visitacion Valley Redevelopment Plan (PDF) [SFGov]
∙ Old Schlage Lock factory in S.F. finally sold [SFGate]
∙ Deal struck on S.F. site for 1,200 homes [Business Times]

Posted by socketadmin at 7:30 AM | Permalink | Comments (6) | (email story)

June 12, 2008

Outside It Might Be Old, But Inside It's "New Construction" (901 Bush)

In addition to 300 Grant, 901 Bush will also be in front of San Francisco's Planning Commission this afternoon seeking the establishment of the “901 Bush Street Special Use District (SUD).” From a plugged-in tipster:

This is the largest building in SF that was ever Ellis acted (38 units).

They have done what appears to be a very nice job on the renovations, however the downside is that it will be a complicated TIC without parking.

I think it is great for the "TenderNob" if people actually buy these to live in rather than rent out.

We agree that it will be great for the neighborhood if these are owner occupied, but these aren't going to be TICs. And that's where the “Special Use District” comes into play.

Having invoked the Ellis Act in 2006 following a fire, rehab, and an attempted condo conversion that was blocked by the city, the owners filed a lawsuit. And according to an insider, a settlement with the city paved the way for the establishment of the SUD which will enable the building to be considered "new construction" and hit the market as condos.

Pricing for the soon to be condos (despite what you might have heard, they aren't yet): studios from $385,000 to $459,000; one-bedrooms from $435,000 to $595,000; and two-bedrooms from $595,000 to $665,000. And as part of the settlement, five of the 38 units will be BMRs.

∙ 38 BRAND NEW CONDOMINIUMS $359,000 - $665,000 (901 Bush) [Craigslist]
∙ Largest Apartment Building Ellis Act in San Francisco History Invoked [BeyondChron]
∙ The Proposed Sixty-Six Forty-Five Condos (And Parking) Of 300 Grant [SocketSite]

Posted by socketadmin at 12:15 PM | Permalink | Comments (21) | (email story)

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 10, 2008

The Potrero Update: 90% Sold, Paid Mortgage Incentive Extended

The Potrero’s 12 months paid mortgage incentive that started May 1st and “must end June 15th” has been extended another month (now "must end" July 15th). Reporting “nearly 90% sold,” that represents around eight (8) net new contracts over the past six weeks with roughly seventeen (17) left to move (or rather be moved into).

Once again, first mortgage only with a maximum loan to value of 80% in terms of the incentive. And don't forget to adjust those future median sales price and comp calculations accordingly as they'll be overstated by somewhere around 6% (our estimated value of the payments).

∙ The Potrero Update: 85% Sold And Offering 12 Months Paid Mortgage [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (4) | (email story)

June 6, 2008

From Warehouse, To Squat, To Sweatshop, To Condos: 935 Folsom

According to J.K. Dineen, an application has been filed by condo developer Spring Capital Group to raze the existing two-story warehouse 935 Folsom Street (purchased in 2005 for $4.1M) and replace it with an eight-story, 75-unit condominium project.

The proposed building, designed by Portland-based Ankrom Moisan Associated Architects, is glassy and modern with a green roof. It reaches 85 feet along Folsom Street, but steps down to lower townhouses opening onto the Shipley and Falmouth alleys. It will feature retail along Folsom Street, keeping with the city's efforts to transform Folsom into a pedestrian-friendly shopping boulevard connecting Rincon Hill with west SoMa. The project includes 57 parking spaces, plus, at the request of the neighborhood, motorcycle parking on the street.

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

∙ Notorious Folsom Street warehouse may go condo [Business Times]
∙ Ankrom Moisan Associated Architects: 935 Folsom [amaa.com]

Posted by socketadmin at 1:30 PM | Permalink | Comments (40) | (email story)

At Least Five Condos Remaining At Park Terrace And Cuts Up To 11%

While we don’t have an official update (readers?), we have a feeling there might be more inventory remaining at Park Terrace than just the five units listed above. Regardless, published reductions of up to 11% (and perhaps more not in writing).

UPDATE: And a plugged-in reader kindly responds: "Last I heard they had 14 units left, so if two sold, then that leaves ~12 units in their inventory..."

∙ Park Terrace (325 Berry) Sales Update: Now 70% Sold? [SocketSite]

Posted by socketadmin at 11:45 AM | Permalink | Comments (10) | (email story)

The 98 “Sophisticated/Stylish” Apartments Condos Of 766 Harrison

It’s a plugged-in tipster that first notes that the ninety-eight (98) studios of 766 Harrison aren’t going the rental route but are rather about to hit the market as condominiums. Additional details when we have them.

∙ From Rendering To Reality (Although Not Quite Finality): 766 Harrison [SocketSite]
∙ The 98 “Sophisticated/Stylish” Studio Apartments Of 766 Harrison [SocketSite]

Posted by socketadmin at 3:00 AM | Permalink | Comments (4) | (email story)

Officially Listed (And A Few New Photographs): 4121 Cesar Chavez

A few prices (and new photographs) for the six new condos of 4121 Cesar Chavez.

∙ Listing: 4121 Cesar Chavez #3 (2/2.5) - $1,499,000 [MLS]
∙ Listing: 4121 Cesar Chavez #5 (3/2.5) - $2,275,000 [MLS]
∙ Listing: 4121 Cesar Chavez #6 (3/2.5) - $1,949,000 [MLS]

∙ Coming Soon: The Six Unit Summit In Noe Valley (4121 Cesar Chavez) [SocketSite]

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

June 4, 2008

More Mission Bay Stripping: Arterra And Mission Creek Sports Courts

While Arterra continues to shed its protective blue skin, the fences around Mission Creek Park’s sports courts have been stripped away as well. The basketball and sand volleyball courts are officially open for play. Just don’t hit long.

The Mission Bay boathouse will also soon strip its black wrapper to reveal a rather nice translucent blue shell on one side with wooden slats on the other. And as an aside, it’s getting to be nearly impossible to find street parking along Berry Street during the day. Perhaps a plugged-in resident reader can comment about the situation at night.

∙ Arterra (300 Berry) Sheds A Little More (In More Ways Than One) [SocketSite]

Posted by socketadmin at 1:00 PM | Permalink | Comments (30) | (email story)

RandomRumors: Construction Comes To A Halt On 5800 3rd Street?

Six months ago construction was well underway on 338 condominiums and San Francisco's first Fresh & Easy market at 5800 3rd Street in Bayview. According to a plugged-in tipster, however, it appears as though construction has come to a complete stop:

You might want to check into the apparent work stoppages at the 2 residential projects being done by Noteware Development w/ financing from Goldman Sachs. The sites are the former Coke plant at 5800 3rd St (including the Fresh and Easy grocery tenant) and a smaller project on Jamestown St above Candlestick. There have been some fairly large liens published in the [San Francisco Business Times] in recent weeks. There is no activity at either site during working hours.

We'll do some checking. In the meantime, can any other plugged-in readers confirm?

∙ Speaking Of 5800 Third Street (A Development/Developer Update) [SocketSite]
∙ JustQuotes: Fresh & Easy Neighborhood Market Coming To Bayview [SocketSite]

Posted by socketadmin at 10:30 AM | Permalink | Comments (15) | (email story)

June 2, 2008

The SocketSite Scoop On The Eight Semi-Solar TICs Of 2828 Greenwich

Readers keep asking, and we finally have all (okay, so more like most) of the answers with regard to 2828 Greenwich Street. Eight TIC units (six two-bedroom/one-bath, two three-bedroom/two-bath); built in 1960, extensively renovated in 2008, no evictions, individual financing; and one car parking per unit.

Individual solar-generated electrical systems (2-kilowatt on average) with reverse meters for account credit when use is less than what’s gathered, “solar hot water panels to supplement the building’s gas fired hot water heater,” and a common 400+ square foot roof deck with glass railings (for individual solar bathing).

Pricing isn’t yet set in stone, but the two-bedrooms are expected to start around $800,000 with the three-bedrooms around $1,200,000; first official showings either this Sunday or next Thursday; and floor plans with square footage for all units are available online.

∙ 2828 Greenwich Street [2828greenwich.com]

Posted by socketadmin at 4:15 PM | Permalink | Comments (33) | (email story)

May 30, 2008

3400 Cesar Chavez Update: Permitted, Excavation On The Way

"Developer Seven Hills has received site permits for its 60-unit condo project at 3400 Cesar Chavez St. and will begin excavation in the next week or so, according to firm principal Thomas Rocca. The project, which anti-development forces in the Mission District attempted to block at the 11th hour, will also house a 12,000-square-foot Walgreens, an after-school center for kids and two other retailers."

∙ Cesar Chavez condo project ready to begin [San Francisco Business Times]
∙ 3400 Cesar Chavez: Approved But Opposed (By MAC) In The Mission [SocketSite]

Posted by socketadmin at 11:30 AM | Permalink | Comments (31) | (email story)

Proposed Piano Parcels (Including 50 First Street) On The Market

We blew it. Early last month a tipster alerted us to the fact that 50 First Street had hit the market and we briefly published the following:

According to a plugged-in tipster, 50 First Street has been put on the market with CBRE. If that location sounds familiar (the corner of First and Mission), it should. Especially if you’re starchitect Renzo Piano as that’s where a clustering of five super thin and up to 1,200-foot towers designed by Mr. Piano had been proposed to be built.

We pulled the post when we realized that 50 First was to the north of Jessie Street (we thought all of the proposed Piano development was to be to the south). But alas, 50 First is in fact one of seven parcels that David Choo had assembled for the proposed Piano project. And all seven parcels have hit the market. From J.K. Dineen this morning:

“A developer who planned to build a cluster of soaring Renzo Piano-designed towers across from the Transbay Terminal is reluctantly selling the property, one of the crown jewels of his real estate business. The [seven-parcel assemblage] could be worth as much as $140 million.”

“The sale comes at a time when the city is rezoning the Transbay district, a highrise zone around the new Transbay and terminal. Under the Planning Department's current thinking, Choo's assembled site, on the northeast corner of First and Mission, would be zoned for heights 150 to 200 feet lower than the Transbay tower itself. Thus if the Transbay tower is 1,000 feet, which is likely at this point, whoever buys the Choo parcel would be allowed to build up to 800 feet.

That is significantly lower than two of the four buildings Choo had hoped to build, 1,200-foot skyscrapers Piano had likened to bamboo shoots.”

That's likely the one-two punch for the Piano project. And apologies to our tipster, we never should have doubted you.

UPDATE: "Property is listed by Eastdil not CBRE."

∙ Prime San Francisco Transbay project on the block [Business Times]
∙ They Just Keep Getting Bigger, And Bigger, And Bigger... [SocketSite]
∙ Transit Center District Plan Workshop: Initial Ideas Tonight (4/30/08) [SocketSite]

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

SoMa Grand (1160 Mission) Update: Sales, Office, And Phan’s Food

According to the sales office (which has moved into the building), SoMa Grand is now 50% in contract or closed. That’s up from 40% at the beginning of February and represents roughly 25 net new contracts over the past four months.

Two new model units will be open this weekend. And work on the ground floor Charles Phan concept restaurant is “underway and slated for fall.”

∙ SoMa Grand (1160 Mission) Update: Sales And Smart Car(s) Arrival [SocketSite]
∙ From “Rumor” To Reality: Charles Phan Coming To The Soma Grand [SocketSite]

Posted by socketadmin at 7:30 AM | Permalink | Comments (11) | (email story)

May 29, 2008

Coming Soon: The Six Unit Summit In Noe Valley (4121 Cesar Chavez)

“The Summit in Noe Valley” (4121 Ceasar Chavez) is “coming soon” (i.e., no pricing yet).

Two two-story three-bedroom/two and one-half bath condos on the top floor, four two-bedroom/two and one-half bath condos below. Elevator access, open floor plans, Scavolini cabinetry, and Thermador appliances in the kitchens.

South facing common “outdoor retreat” (a.k.a. a deck) and big city views (or more accurately, big views of the city) for all. Pricing when we (or a tipster) can provide.

∙ The Summit In Noe Valley (4121 Cesar Chavez) [thesummitinnoe.com]

Posted by socketadmin at 9:30 AM | Permalink | Comments (41) | (email story)

May 28, 2008

A Reader Wonders, We Respond: The Designs For 1315-27 7th Avenue

A reader wonders: "I was walking through the Inner Sunset last weekend and noticed a new building going up on 7th between Judah & Irving. Do you happen to know anything about this development?"

We respond (and we do): Where a three-story mixed-use building once stood (think Golden Gate Radiator & Body with two residential units above), a four-story building is rising (which will consist of 2,400 square feet of ground-floor commercial space with eight condos above and eleven parking spaces below). And in addition to saving the two cottages behind, another unit will be built (for a total of eleven).

From the architects of 1315-27 7th Avenue (Hamilton & Company Architecture):

We had quite a bit of fun with this 11 Unit Mixed Use /Condominium project. It’s located in an established neighborhood in the Inner Sunset in San Francisco, surrounded by buildings from the early 1900’s to the late 1930’s.

We’ve reflected some of that history by dividing the front building into two unequal masses. The left side is designed as a traditional Tudor Revival, which has an arched gallery leading back to a landscaped courtyard and three cottages at the rear. The right side is an updated Art Deco “riff” on the Tudor, which repeats the broad Tudor arch in a stylized fashion across the base of the building. Above the arched base are three dramatic copper bays across the façade, which create a colorful focal point within the streetscape.

The condos will range in size from one to three bedrooms and according to the architect's website, the development is "[s]cheduled for completion in Summer 2008" (which looks to be a little aggressive).

∙ 1315-27 7th Avenue [Hamilton & Company Architecture]

Posted by socketadmin at 4:00 PM | Permalink | Comments (31) | (email story)

A Refresher In Sales Office Semantics (And Esprit Occupancy Update)

A week ago we reported roughly 25% of the units at Homes at Esprit Park were in contract. Today, a few readers turned tipsters are surprised to receive an email noting “40% Sold at Home on Esprit Park Phase 1!” The key words: Phase 1.

Keep in mind that the sales office opened with an “inaugural release” of only half (70) of the 142 condos. And while not confirmed, we have a feeling that Phase 1 might be one and the same (or at least relatively close in the count).

Also noted: “Delivering August '08.”

∙ Homes On Esprit Park (900 Minnesota) Sales Update: 25% In Contract [SocketSite]
∙ Sales Office For Esprit Park (888 Minnesota) Opens Tomorrow (10/5) [SocketSite]

Posted by socketadmin at 1:30 PM | Permalink | Comments (12) | (email story)

May 22, 2008

Trinity Plaza Place: A Few New Perspectives On What's In The Works

A tipster directs us to a few new Trinity Place renderings. The portion that’s currently under construction outlined in blue above. And that's the whole shebang below.

∙ Trinity Place [trinityplace.com]
∙ San Francisco's Newest Tower Crane (For Trinity Plaza) Is In The Air [SocketSite]

Posted by socketadmin at 2:00 PM | Permalink | Comments (34) | (email story)

Trying To Establish The True Secondary Resale Market: One Rincon Hill

While the sales office at One Rincon Hill has reported great success in reselling cancelled contracts (as well as increased prices), with at least twenty five units now available for sale or assignment outside of the sales office, the true secondary market for units at One Rincon Hill is still trying to find its way.

In additional to the seven units pictured above (which was posted to Craigslist and passed along by a plugged in tipster), five units are currently listed for sale on the MLS (two of which have recently reduced their pricing expectations), and at least another thirteen are being offered for sale/assignment on Craigslist (nine of which are seeking assignments at their contract price while at least two are willing to take a loss and assign for less).

UPDATE: One reader asks, another answers: a first-hand account from a happy assignee.

∙ $1000000 High Floor One Rincon Hill Units Available Assignments [Craigslist]

Posted by socketadmin at 12:45 PM | Permalink | Comments (55) | (email story)

May 21, 2008

The Scoop On One (1) Ecker Place Redux: Going Condo Rental Condo

While we can’t verify the given reason for the latest 180 (and now a complete 360), according to a plugged-in tipster One Ecker Place is back to being a condo project and the sales office should reopen soon. From our tipster:

I had one of the condos at "One Ecker" under contract.. As you know those condos were switching to rentals.. well a couple days ago I was contacted by a sales rep. he said that the condos are once again going on the market. He said that the reason behind the change of mind was because it looked like they were going to get a high rise permit approved. So they were going to lease Ecker for a few years, then start construction on a tower. Well I guess that didn't fly/ get approved so they are going to stick to the original plan of selling them. They said they are doing showings for their model unit next week by appointment only...

Perhaps a reader or two would be kind enough to shed some light on the aforementioned permit, tower and now ex-plan. Regardless, and as always, thank you for plugging in (and for the tips).

UPDATE: From another plugged-in reader: "I too was in escrow at One Ecker. I told them to get lost after the 360. What a waste of my time. He can't get a tower permit. That's silly to even think about. Besides, the Fleishacker family sold the transferable development rights over 10 years ago, and the property is under the same historic restriction as any other 1906 building."

∙ The SocketSite Scoop On One (1) Ecker Place: Going Condo Rental [SocketSite]
∙ 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 7:30 AM | Permalink | Comments (13) | (email story)

May 19, 2008

310 Townsend Update: 93% "Sold" (And Reductions Of Up To 23%)

While originally priced from $869,000 to $975,000 fifteen months ago, the three “remaining new homes” at 310 Townsend were recently listed from $750,000 to $775,000 (representing reductions of between fourteen and twenty-three percent). All three listings are also advertising $20,000 in additional incentives (another 2-3% of the purchase price).

No word on how many/if any of the other forty-three (43) units have been retained by the developer rather than sold.

∙ Listing: 310 Townsend #105 (2/2) - $750,000 [MLS] [Floor Plan]
∙ Listing: 310 Townsend #209 (2/2) - $750,000 [MLS] [Floor Plan]
∙ Listing: 310 Townsend #310 (2/2) - $775,000 [MLS] [Floor Plan]
∙ 310 Townsend: Available And Selling [SocketSite 10/07]

Posted by socketadmin at 11:30 AM | Permalink | Comments (15) | (email story)

Homes On Esprit Park (900 Minnesota) Sales Update: 25% In Contract

According to another plugged-in tipster, around twenty new contracts have been written for Homes on Esprit Park condos over the past seven months (an average of three units a month). That leaves roughly 110 of the 142 units available for purchase.

And in addition to reduced prices, the sales office is now offering up to 95% financing for “qualified buyers” through Patelco Credit Union. No word on the exact terms.

∙ Homes On Esprit Park (888 Minnesota) Sales Update: 9% In Contract [SocketSite]
∙ Reader’s Reports: Homes On Esprit Park Now Starting From $549,000 [SocketSite]

Posted by socketadmin at 7:30 AM | Permalink | Comments (27) | (email story)

Virtually Walk This Way: Animations Added To The BLU Website

While we’re working on a sales update, it’s a plugged-in tipster that notices the addition of four new “walk-through” (or “fly-through” with respect to the exterior) animations to the BLU (631 Folsom) website (Residences > Virtual Tour > Walk-through Animation).

Full Disclosure: BLU currently advertises on SocketSite but provided no compensation for, nor had any knowledge of, this post.

∙ A Reader Starts Singing The BLŪ’s (631 Folsom Website Now Live) [SocketSite]

Posted by socketadmin at 6:30 AM | Permalink | Comments (3) | (email story)

May 14, 2008

Argenta (1 Polk) Update: The Scaffolding Starts To Get Stripped

As a plugged-in reader notes, the scaffolding and wrap that has surrounded Argenta (1 Polk) has started to be stripped. And while 766 Harrison seems to be ringing true to its renderings (as is Arterra), much of Argenta's rendered glass seems to be missing (with the framing as foreshadowing) and was probably “value engineered” away.

∙ Argenta (1 Polk): Ground Breaking [SocketSite]
∙ From Rendering To Reality (Although Not Quite Finality): 766 Harrison [SocketSite]
∙ Arterra (300 Berry) Sheds A Little More (In More Ways Than One) [SocketSite]
∙ Argenta Rises While Buildings For Crescent Heights Are Razed [SocketSite]

Posted by socketadmin at 10:00 AM | Permalink | Comments (35) | (email story)

May 13, 2008

From Rendering To Reality (Although Not Quite Finality): 766 Harrison

A plugged-in tipster notes that the scaffolding has been stripped from 766 Harrison and what’s rising rings true to the rendering (with the exception of that two-way street).

And while our tipster also offered to send along a photo, we just couldn’t wait (but bonus points for the gesture and a gentle reminder that we always appreciate a good pic or tip).

∙ The 98 “Sophisticated/Stylish” Studio Apartments Of 766 Harrison [SocketSite]

Posted by socketadmin at 4:06 PM | Permalink | Comments (15) | (email story)

May 12, 2008

829 Folsom Street: New Details, Online Registration, And Timing

The full site and floor plans are still “coming soon,” but a few new details about (and registration for) the sixty-nine new condos of (and at) 829 Folsom are now online.

Units range from alcove studios to three-bedrooms (priced from $485,000 to $1,850,000) and offer high-end finishes throughout (i.e., no “upgrades” necessary or even being sold). Sixty-three parking spaces in the building and a rooftop terrace with city view.

Reservations have been placed on ten of the sixty-nine units, the project has just received approval to being accepting hard deposits, and the developer will be calling 829 Folsom home (out of desire, not necessity). Expect a model unit to be open next month, a sales office to opening soon, and initial occupancy this summer (July/August).

And yes, discussions are underway for a restaurant on the ground floor.

∙ 829 Folsom [829folsom.com] [Registration]
∙ 829 Folsom Street: 69 Luxury Condominiums Coming In 2008 [SocketSite]

Posted by socketadmin at 12:00 PM | Permalink | Comments (27) | (email story)

May 6, 2008

An (The?) Attempted Resale At Infinity: 318 Spear 8D (A Studio)

A tipster notes that the asking price for 318 Spear 8D (a resale studio in mid-rise building A at Infinity) has been reduced from $540,000 to $499,500. And while we can't comment on the original contract price for this unit (tipsters?), we can comment on the fact that we haven’t been able to find any other listings for resale units in the development (although there are plenty of units being offered for rent).

∙ $499500 The Infinity! Luxury condo [Craigslist]
∙ Infinity Update: Closings, Move-Ins And Even Kitchen Cabinetry [SocketSite]

Posted by socketadmin at 11:53 AM | Permalink | Comments (51) | (email story)

May 5, 2008

Reader’s Reports: Homes On Esprit Park Now Starting From $549,000

A plugged-in reader in the market for a home at Homes on Esprit Park receives an email from the sales office alluding to some new pricing (“can't release the pricing via email”) with a request to call.

I just spoke with them, and found that some 855 SqF units have just been released for $549k, well under the $600k they were asking for similars across the courtyard just a few weeks ago when I went on a hard hat tour of the site.

Interested parties (and price guarantee holders) take note (or action).

∙ 900 Minnesota: Now And Then [SocketSite]
∙ Homes On Esprit Park: The Foreshadowing Comes To Fruition [SocketSite]
∙ A Price Guarantee From (And Proof Of Price Reductions At) Esprit Park [SocketSite]

Posted by socketadmin at 8:15 AM | Permalink | Comments (6) | (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)

One Rincon Hill: Spring 2008 Newsletter And Construction Update

According to the latest One Rincon Hill Newsletter (Spring 2008), construction on the first tower should be complete by the end of September (with common areas complete by late summer) and seventy-two (72) sixteen-foot trees will be planted up the driveway to the entrance once Caltrans “finishes work on the First St. on-ramp later this summer” (which will be a welcome addition of green).

Also noted, the groundbreaking ceremony for the second tower will now “be scheduled soon after the selection of the general contractor this summer” which suggests that the construction scheduled for Phase II has slipped another couple of months (despite securing financing).

Closings and (re)sales update coming soon.

∙ One Rincon Hill Newsletter: Spring 2008 [onerinconhill.com]
∙ The Straight Scoop On What’s Up With One Rincon Hill’s Tower Two [SocketSite]
∙ One Rincon Secures Financing For Tower Two (But Still Seeks Builder) [SocketSite]

Posted by socketadmin at 4:00 AM | Permalink | Comments (42) | (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 25, 2008

Symphony Towers: 65% Sold / “Penthouse” Release This Weekend

According to the sales office, Symphony Towers is currently 65% sold (or in contract), 50% occupied, and will be releasing their “penthouse” units this weekend. That’s roughly 26 net new sales over the past four months with 46 left to move.

And while we missed it when it was originally reduced, and it’s now in contract, we’ll note that the list price on 650 Turk Street #T204 was reduced $40,000 (7.6%) which might suggest some room for negotiation on the remaining Symphony Tower’s inventory (which consists of both 750 Van Ness and 650 Turk).

UPDATE (4/28): According to a plugged-in reader the list price on 650 Turk Street #T204 was reduced $40,000 to reflect the unbundling of a deeded parking space (rather than a reduction in unit pricing).

∙ Symphony Towers Update: 45% In Contract And Opening February 08 [SocketSite]

Posted by socketadmin at 10:30 AM | Permalink | Comments (7) | (email story)

April 21, 2008

A Plugged-In Reader Reports: Mission Valencia Reduction/Impression

Initially priced at $659,000 as part of “Valencia Triangle” (subsequently reduced to $585,000), and then initially priced at $599,000 as part of “Mission Valencia,” a plugged-in reader notes that 3184 Mission Street #302 is now on the market for $549,000 and offers some thoughts and impressions.

I wanted to post my recent impressions of Mission Valencia since some of the only info I could find about the place came [from this site]. I saw several of the units at an open house last week and was most interested in #302, which is currently on the market for $549K (reduced price) with 2 yrs paid HOA. This is one of the smaller, cheaper units.

The unit was very nice and new with a great kitchen and living room. However, the bedrooms were tiny and the bathroom layout seemed odd with the washer/ dryer taking up a lot of the space. The unit also overlooks busy Mission St. and the BART grates, and when the trains went by (which is very often) it was quite loud. There was almost no storage space in the unit, just small closets in the bedrooms. I did not see evidence of the pigeon problem that I had read about [here], but there was a fake owl on the balcony. The balcony was really small and not very usable--I would've rather had storage space.

You have to make your own decision about the neighborhood and how safe you feel there, so I won't go into that. The parking is secured and overall the building seemed secure. You can walk to 24th St. BART and there is bus service on Mission right outside the building. But other than the bars and restaurants in the immediate vicinity of the building, I don't think you'd be able to walk to very many fun places (Noe Valley, Bernal Heights) very easily. But they would be a short drive/trip away.

Overall, the building is nice and new, but the unit still seemed overpriced for what you get even with the incentives and price reductions. However, if you are looking in this price range, it is one of the nicer things I have seen for below 600K. If the price comes down another 50K, I think it would be a great buy. Hopefully, this will help someone out there.

UPDATE: And from another: "Word is that they are really willing to negotiate on these prices. For those interested in 2BR 2BA 1Pkg, it's probably difficult to find a better deal. I think you could get most of the units for 10% less than the listed price, which is already reduced. And don't be bamboozled by the realtor telling you only a few are for sale- they're all for sale. I think only the 2BMR units closed and one unit is in contract. This project has been a financial disaster for the builder as a result of having the condo approvals pulled in spring 2006."

∙ Listing: 3184 Mission #302 (2/1.5) - $549,000 [MLS]
∙ Take Two For Valencia Triangle Mission Valencia (3184 Mission) [SocketSite]
∙ Valencia Triangle (3184 Mission) [SocketSite]

Posted by socketadmin at 3:00 PM | Permalink | Comments (54) | (email story)

A One-Bedroom Resale Officially Joins The Twos At One Rincon Hill

As far as we know it’s the first one-bedroom resale at One Rincon Hill to officially hit the MLS and they’re asking $719,000 for the 725 square foot condo on the 18th floor. At the same time, and for a thousand dollars less, a resale on the 33rd floor is one of a handful of one-bedrooms that has been unofficially listed on Craigslist for quite some time.

I have a unit which I put a deposit down back in Aug. of 06. I paid 728,000 for the unit and am willing to take a 10k hit. I need someone to take over my contract.

According to earlier posts the deposit was $25,000 so you might have some room to negotiate the size of that "hit." Then again, if values are up since 2006 it seems rather strange that you should be able to negotiate a “hit” at all.

∙ Listing: 425 1st St #1805 (1/1) - $719,000 [MLS]
∙ $718000 Rincon Hill 33rd Floor [Craigslist]

Posted by socketadmin at 8:30 AM | Permalink | Comments (85) | (email story)

April 17, 2008

Radiance At Mission Bay: Phase I Model Units Opening This Weekend

The model units for the first phase of Radiance At Mission Bay (325 China Basin Blvd) officially open their doors to the public this weekend (with a VIP “sneak peek” tonight). As you might recall, the offsite sales office for Radiance opened a year ago with a bit of a bang. From a reader who was there:

I was there last evening around 430pm. The sales staff was great but I was stunned to hear they are actually over 75% reserved. The agent stated they sold 44 units on Saturday so i am guessing they were about 30 sold on Sunday. They had 3 agents all with people still and they were not closing for 2 more hours. Stunning to see basically the entire building purchased in one weekend.

As we pointed out at the time, however, early reservations simply represented $10,000 fully refundable deposits. After moving to hard (non-refundable) deposits a few months later, around 50% of the 99 units were in contract. And as far as we know, there hasn’t been a significant amount of movement in either direction since.

Occupancy is expected this summer with Phase II sales (316 units in two 16-story towers) following soon thereafter. Perhaps seeing will be believing.

∙ Radiance At Mission Bay: Sales Office Open [SocketSite]
∙ Radiance At Mission Bay: Around 50% In Contract (And Conversion)? [SocketSite]

Posted by socketadmin at 7:54 AM | Permalink | Comments (23) | (email story)

April 16, 2008

Arterra (300 Berry) Sheds A Little More (In More Ways Than One)

The latest Arterra incentive: 4.875% 5-year fixed rate (i.e., 5/1 ARM) financing plus a $20,000 flex incentive on two-bedroom units. And a bit of the fine print: "Based on loan amount of $417,000 and $700,000 purchase price."

∙ Arterra (300 Berry) Selectively Starts To Shed Its Bovis Blue Wrapper [SocketSite]

Posted by socketadmin at 3:58 PM | Permalink | Comments (53) | (email story)

April 15, 2008

You Ask, We Answer, You Embellish: Big Developments In The Mission

The two questions:

Do you know anything about the 2 huge new condo developments in the Mission: 1. On Bryant and 19th St across from Blowfish Sushi - it was a 50ft hole in the ground for the last 10 years and now it's new condos going up fast; and 2. On Florida St and 18th St - a whole block of new condos.

The answer to number one: Bryant Commons and Coach House Lofts. Originally expected spring 2008, the 99 condos are now expected spring 2009.

And the answer to number two: Stretching from 18th to 19th, and from Alabama and Florida, the 18th and Alabama development is a 151-unit affordable housing project by Citizens Housing Corporation.

117 rental units (“including apartments for large families and seniors”), 34 condominium townhouses ("for-sale"), and “15,000 square feet of community/commercial space, which will be used to house on-site economic development activities for Mission District entrepreneurs and educational classes."

∙ Bryant Commons (2125 Bryant) / Coach House Lofts (2101 Bryant) [SocketSite]
∙ Citizens Housing Corporation: 18th & Alabama Housing [citizenshousing.org]

Posted by socketadmin at 4:04 PM | Permalink | Comments (10) | (email story)

April 11, 2008

Homes On Esprit Park: A Two-Bedroom (With Timbers) "Right Pricing"

While the first round of reductions might have been limited to new construction one-bedroom units at Homes on Esprit Park, we can confirm that's no longer the case.

Yesterday the list price for 900 Minnesota #S320 was officially reduced $61,620 (5.8%) and the list price for 900 Minnesota #S322 (above) was officially reduced $51,972 (4.9%).

No word on any new price guarantees (or recent references to those of yore).

∙ Listing: 900 Minnesota #S320 (2/2) - $991,830 [MLS]
∙ Listing: 900 Minnesota #S322 (2/2) - $1,007,478 [MLS]
∙ Homes On Esprit Park: The Foreshadowing Comes To Fruition [SocketSite]
∙ A Price Guarantee From (And Proof Of Price Reductions At) Esprit Park [SocketSite]

Posted by socketadmin at 11:00 AM | Permalink | Comments (26) | (email story)

One Rincon Secures Financing For Tower Two (But Still Seeks Builder)

While material contract volatility was their story, actually securing financing for the construction of One Rincon Hill's second tower probably had something to do with their delay in breaking ground as well.

One Rincon Hill developer Mike Kriozere has obtained construction financing for the 319-unit second tower of One Rincon Hill and plans to start excavation work in May, the builder said.

Kriozere said Union Labor Life Insurance would provide the construction loan, roughly $195 million, which will finance 65 percent of the $300 million project cost. Kriozere is putting in 5 percent equity and an investment arm of CB Richard Ellis is putting in 30 percent.

As we reported last month, the contactor who will be building the second tower remains up in the air (or rather, perhaps not). And as we wrote, "the official groundbreaking and a quick construction start are now expected to occur at the end of April or beginning of May, but if it’s not Bovis doing the building we’d count on some additional slippage as a new contractor gets up to speed."

UPDATE: A sentence that we should have highlighted as well: "[Kriozere] said sales on the second tower would likely start in spring 2009."

∙ Developer Kriozere scores loan for second tower of One Rincon Hill [Business Times]
∙ The Straight Scoop On What’s Up With One Rincon Hill’s Tower Two [SocketSite]

Posted by socketadmin at 7:00 AM | Permalink | Comments (24) | (email story)

April 9, 2008

32 Condos Coming "Soon" To The Corner Of Hayes And Franklin

Patrons of the arts (and Hayes Valley) take note, the surface area parking lot at the corner of Hayes and Franklin is no longer (nor is the little building next door) as they're finally preparing the site for the newest addition to the neighborhood.

The mixed-use development will consist of thirty-two (32) condos over ground floor retail with design by Sternberg Benjamin Architects and development by Village Properties/Hayes Franklin Builders Corp.

UPDATE: The site does indeed include the structure next to the parking lot (which is in the process of being razed); and while they're in the process of preparing the site, they haven't yet broken ground (but pilings have been delivered).

Posted by socketadmin at 5:00 AM | Permalink | Comments (29) | (email story)

April 7, 2008

San Francisco's Newest Tower Crane (For Trinity Plaza) Is In The Air

The excavation is over, the piles have been driven, and as a tipster notes, the tower crane for Phase I of Trinity Plaza is in the air. 1188 Mission, 440 apartments, “opening 2010.”

∙ JustQuotes: Phase I Of Trinity Plaza About To Break Ground [SocketSite]

Posted by socketadmin at 4:02 PM | Permalink | Comments (17) | (email story)

April 2, 2008

Sutter Heights (1521 Sutter) Update: Preview Showings And Pricing

With completion now expected by the end of this month or early next, “preview showings” of 13 of the 28 "Feng Shuied" condos are underway at Sutter Heights (1521 Sutter Street).

No official update on “pre-sale” performance, but we will note that there were only 11 units available last June (as opposed to at least 13 today). And while 1521 Sutter Street #306 has recently been listed at $879,000, #206 was originally listed at $879,000 as well (which might suggest some downward adjustments in pricing).

Pricing guidance on the aforementioned thirteen units: six one-bedrooms from $575,000 to $859,000, and seven two-bedrooms from $795,000 to $1,079,000.

∙ Listing: 1521 Sutter Street #306 (2/2) 930 sqft - $879,000 [MLS]
∙ Floor Plans And Feng Shui At Sutter Heights (1521 Sutter) [SocketSite]
∙ Sutter Heights (1521 Sutter) Update: Construction Nears Completion [SocketSite]

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

A Plugged-In Reader’s Update: 55 Laguna Poised For Strong Support

“Sup. Mirkarimi, in response to my email, writes: "[T]he entire plan [for 55 Laguna] successfully emerged from the Land Use Committee on Monday. It now goes to the full Board next week where it's poised for strong support."

Since I live in the Haight, I go by the campus every day on the bus and on foot, and something about that big, blank, street-deadening wall really bugs me. So I've been following this saga pretty closely, and while it's been frustrating to watch the planning process drag on for so long, all the haggling does seem to have produced a decent project. My impression is that, as usual, Mirkarimi played a key role in bringing everyone to the table.

So I guess the lessons to be learned are twofold: (1) Elect good supervisors, and (2) Don't let the loud anti-everything minority be the only voice they hear once they're in office.”

[Editor's Note: And perhaps: (3) It pays to get plugged-in.]

∙ Supervisor Peskin Engineers An End-Run (And Ending) For 55 Laguna [SocketSite]
∙ 55 Laguna: Approved On Appeal And In Front Of San Francisco’s BOS [SocketSite]

Posted by socketadmin at 6:45 AM | Permalink | Comments (3) | (email story)

April 1, 2008

No Condos For You! (But Perhaps An Apartment Or Two): 3148 Geary

A reader wonders about what’s been rising up on the northeast corner of Geary and Spruce (3148 Geary). And we respond: a seven-unit apartment building with ground floor retail.

UPDATE: From a plugged-in reader: "[T]he developer has been involved in litigation for the past two years regarding this project.The developer withdrew the condo map applicaiton at the time the original condo map approval hearing was scheduled to be heard by the full Board of Supes. Members of the Board were made aware of the litigation. The developer has since resubmitted the map and should have no problem with approval at the hearing which is scheduled to happen imminently if it has not already happened." (We believe said hearing is actually scheduled for next wednesday.)

Posted by socketadmin at 3:41 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 28, 2008

The Building Through The Trees: The Hayes (55 Page) Opens Up

The new owners (including a few plugged-in readers) partied together on Wednesday, a handful of new residents have already made the move, and the model units officially open up to the public this weekend at The Hayes (55 Page).

Not much movement in the sales department since our last update (still around 60%), but we do expect an uptick in activity now that the doors have opened, rumor has it that they’ve put together a new sales team (but still within The Mark Company), and they're now offering a new “buyer incentive” of “up to $20,000 in credits" as well.

Let's not forget those invitations to the housewarmings. It's going to be a busy spring.

∙ The Hayes (55 Page) Strips Off (And Reveals) A Little Bit More [SocketSite]

Posted by socketadmin at 5:13 PM | Permalink | Comments (29) | (email story)

March 27, 2008

They’re Feeling A Little Fickle Over At 1158 Sutter (i.e., They’re Back)

It’s a plugged-in tipster that first caught the return of the 15 condos at 1158 Sutter Street to the MLS just two weeks after having been withdrawn (and indicating they were going the rental route). One new brokerage (Vanguard has replaced Makras Real Estate), four new listings, and all new prices (as best we can tell).

And by new prices, we mean they’re up. List prices on the four units that have returned to the MLS have been increased from between $10,000 (1.4%) and $110,000 (19.7%).

1158 Sutter Street #4: Original price $559,000, new price $669,000
1158 Sutter Street #11: Original price $779,000, new price $849,000
1158 Sutter Street #13: Original price (“Pending”), new price $825,000
1158 Sutter Street #14: Original price $719,000, new price $729,000

No word on the certificate of occupancy, or if any of the eight or nine who had previously taken the time to write an offer will get first dibs. And yes, it looks like they're now right back where they started.

∙ Coming Soon Here And Now "Off The Market": 1158 Sutter Street [SocketSite]
∙ Coming Soon Here (And Starting At $559,00): 1158 Sutter Street [SocketSite]
∙ Coming Soon: Fifteen New Condos At 1158 Sutter Street [SocketSite]

Posted by socketadmin at 2:25 PM | Permalink | Comments (19) | (email story)

March 26, 2008

From Rendering To Reality (At Least For Three): Homes On Esprit Park

For those who don’t put a lot of faith in renderings, but have long been interested in the Homes on Esprit Park development, three “preview” units in the South Court are now open to tour. One of which is either #S102 or #S302 (they share the same floor plan/photos).

∙ Listing: 900 Minnesota Street #S102 (1/1.5) - $594,928 [MLS]
∙ Listing: 900 Minnesota Street #S302 (1/1.5) - $614,620 [MLS]
∙ Esprit Park (900 Minnesota): Interior Renderings [SocketSite]
∙ 900 Minnesota: Now And Then [SocketSite]

Posted by socketadmin at 1:01 PM | Permalink | Comments (26) | (email story)

March 24, 2008

JustQuotes: The People (And Politics) Behind Buildings And Design

The Quote:

ADCO is proposing a 38-story, elliptical-shaped glass building with five levels of underground parking. Market-rate condominiums would be built on top of the tennis courts and next door to a residence for seniors. The street that gently slopes downward to the Japantown malls would also undergo major reconstruction, including new condominiums by owner 3D Investments.

At the current height, the 1481 Post Street project would be the tallest building in the neighborhood, an issue of concern to neighborhood residents. “The height of your building will set the tone for the rest of Post Street going west,” said Sandy Mori, president of the Japantown Task Force, referring to proposals by 3D Investments. “Right now [3D Investments’] highest building is as tall as Hotel Kabuki, which is reasonable in my personal opinion.”

[ADCO Group representative Linda Corso] indicated a willingness to modify the design of the building and reduce the height to move the project forward, perhaps due to public pressure. “We’re going to take all the input from tonight back to our design team and get back to you hopefully in a month or so,” Corso said.

The housing nonprofit that owns and operates the 26-story high-rise next door to the proposed ADCO project has hired a political consultant and sent out a mailing opposing the glass building. They received 600 responses by mail out of 7,000 pieces delivered.

And our reader's response (with which we quite agree):

Please let this SOM building rise up; it's not going to work as a short cylinder. This is a perfectly-scaled building.

∙ J-Town Concerned About High-Rise Plans [AsianWeek]
∙ The Official Cathedral Hill Tower (1481 Post Street) Website [SocketSite]

Posted by socketadmin at 12:56 PM | Permalink | Comments (37) | (email story)

Serving Up The Seniors (Rather Than The Copies) At 1754 Clay Street

As far as we know what is currently a two-story FedEx Kinko’s on the northeast corner of Van Ness and Clay is still slated to become “The Sterling of San Francisco,” an eight-story, 62-unit "senior living community" with 82 parking spaces, 5,100 square feet of ground-floor commercial, and a more upscale 1754 Clay Street address.

1800 Van Ness/1754 Clay Street as proposed:

And the reader’s question we can’t answer: When will demolition/construction commence?

UPDATE: According to a plugged-in reader: "Not gonna happen. They lost their funding. Should be on the market in a month."

∙ The Sterling of San Francisco (1754 Clay Street) [thesterlingsanfrancisco.com]

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

March 21, 2008

"A" Final Release (And “Substantially" Reduced Prices) At The Potrero

From a plugged-in tipster: “On Sunday, March 30th, The Potrero will release all remaining homes in the north building at substantially reduced prices.”

Unfortunately no word on exactly what constitutes “substantially” (although it was in italics and underlined...), nor an exact count on how many condos remain unsold in the north building versus the south.

∙ The Potrero (451 Kansas) Update: Now 70% In Contract Or Closed [SocketSite]

Posted by socketadmin at 8:38 AM | Permalink | Comments (15) | (email story)

March 20, 2008

The Original Designs (And A Few Additional Details) For 325 Fremont

We might be a little slow this morning afternoon, but luckily the plugged-in readers aren't.

As a reader noted, the Baum Thornley Architects design for 325 Fremont (a.k.a. Lots 12, 13 & 14) calls for a 20-floor/200-foot high tower with seventy (70) residential units (mostly two-bedrooms) and parking. What we still don't know is if (or how) the design has changed. Once again, tipsters?

And yes, that little tower with a flag on top is now One Rincon Hill (but let's focus on 325).

∙ The Lots Have Been Cleared For The Californian And More On Fremont [SocketSite]
∙ One Rincon Hill: A Remembrance Of Its Clock Tower Past [SocketSite]

Posted by socketadmin at 3:49 PM | Permalink | Comments (19) | (email story)

The Lots Have Been Cleared For The Californian And More On Fremont

Your tip and question(s):

Notices were sent out by the DPW advising property owners within 300 feet of the property of an application for a 3 Lot Merger, and 70 Units new Construction on Fremont Street (321 - 325) between Harrison and Folsom. (Lots 12, 13, and 14) Will this take the place of the now defunct Californian? Or is it at the Folsom end of Fremont?

Our response: The dormant (not necessarily defunct) Californian on Rincon Hill is slated for 375-399 Fremont at the southern end of the block (bordering Harrison), so this development would be in addition to rather than instead.

Our request: Any tipsters have the inside scoop on 321-325 or any early designs?

UPDATE: The Original Designs (And Additional Details) For 325 Fremont.

∙ Are They Clearing The Way For Someone's Californian On Rincon Hill? [SocketSite]

Posted by socketadmin at 12:48 PM | Permalink | Comments (6) | (email story)

Same Same But Different: 425 1st Street #2103 For Sale (Or Rent)

Okay, let’s get this out of the way. No, we’re not going to highlight every single One Rincon Hill condo to hit the resale (or rental) market. No, we’re not just trying to stir the pot. And yes, we do believe that many of the building’s lightening rod topics (area, architecture, dryers, parking, walkthroughs, closings, rents, no flip clauses, etc.) are of relevance to all.

That being said, while 425 1st Street #2403 was the first closed condo at One Rincon Hill to officially hit the resale market seven days ago, yesterday #2103 became the second. We noticed that #2103 is also being offered for rent at $4,600 a month if you’d rather rent than buy (or at least run the numbers). And five floors below, #1603 is asking for $4,500.

In terms of other rentals currently seeking renters at One Rincon Hill, we identified twenty-two others on Craigslist, twenty-one of which are one-bedrooms with rents ranging from $2,500 to $4,250 a month (asking of course).

∙ Inside One Rincon Hill In Specific (And “No Flip” Clauses In General) [SocketSite]
∙ Listing: 425 1st Street #2103 (2/2) - $1,229,000 [MLS]
∙ For Rent: 425 1st Street #2103 (2/2) - $4,600/mo [Skybox Realty]
∙ $4500 / 2br - BRAND NEW CONDO! [Craigslist]

Posted by socketadmin at 3:00 AM | Permalink | Comments (120) | (email story)

While Arterra Starts To Strip, The Hayes Starts To Close (And Open)

While Arterra starts to strip, according to a plugged-in tipster The Hayes has started closing ("as of yesterday") and "[a] grand opening (with the sales office on site) is scheduled for Wednesday, March 26." Let’s not forget those invitations to the housewarming(s).

∙ Arterra (300 Berry) Selectively Starts To Shed Its Bovis Blue Wrapper [SocketSite]
∙ The Hayes (55 Page) Strips Off (And Reveals) A Little Bit More [SocketSite]

Posted by socketadmin at 1:00 AM | Permalink | Comments (5) | (email story)

March 19, 2008

Arterra (300 Berry) Selectively Starts To Shed Its Bovis Blue Wrapper

As a number of plugged-in readers have noted, Arterra has selectively started to shed its Bovis blue wrapper (which we really think should have been green). And while they were aiming for a spring opening last July, at this point we have more than just a feeling that summer might be the new new target.

∙ Arterra (300 Berry) Tops Off At 16 And Aims For A Spring '08 Opening [SocketSite]

Posted by socketadmin at 12:21 PM | Permalink | Comments (22) | (email story)

Heritage On Fillmore: Sales Update And An Online Tax Roll Question

It appears that over the past fifteen weeks a total of six net new contracts have been written for market rate condos at Heritage on Fillmore (1310 Fillmore), and that 16 of the 68 market rate condos remain available for purchase (suggesting another eight months to go). And speaking of Heritage on Fillmore:

I just searched the SF Tax collector website to try and find the prices for condos in the Fillmore Heritage. I found about 53 units at 1310 Fillmore St, but what was strange was that none had values over $500k. Most were at what look to me like "below market" prices, i.e. $245k for a 1 bedroom unit. There were only four prices that ended in "99": three at 399k and 1 at 499k.

I could understand that the BMR units probably made the tax rolls while perhaps the subsequent market rate units haven't gotten on the tax rolls yet, but it still doesn't explain why there's fifty three (53!) with reported values less than the lowest selling price (~$500k).

Either there are about 49 BMR units instead of 12, or the tax records are somehow corrupted. Anyone know what's going on?

Our only guess would involve an interim transfer of title for unsold units (from one development entity to another), but once again that’s only a guess. Readers?

UPDATE: The answer according to a plugged-in reader: "The tax roll initially does not reflect the sales cost. It works that way for every new building in the city. You buy a place for say a million and the tax collector has an estimated value of the property for, say, $500k. So you pay tax on the estimated amount at first. Then down the road the tax collector sends you a true-up bill (the difference between the million and the $500k)."

Now we just need to know why (or perhaps it's better that we don't).

UPDATE: A bit more clarity (and hopefully not confusion).

∙ A Heritage On Fillmore Un-Official Update: 22 of 68 Available [SocketSite]

Posted by socketadmin at 9:21 AM | Permalink | Comments (15) | (email story)

March 18, 2008

1151 Sutter Rising: 8 Dwelling Units Over Ground Floor Commercial

What was a two-story commercial building has been razed and in its place a five-story mixed-use building with 1,150 square feet of ground floor commercial space, seven off-street parking spaces (access from Hemlock), and eight “dwelling units” will soon be rising up at 1151 Sutter Street.

As far as we know, the eight units will be apartments rather than condos. And we haven’t yet seen any designs. Tipsters?

Posted by socketadmin at 2:00 AM | Permalink | Comments (5) | (email story)

March 17, 2008

Inside One Rincon Hill In Specific (And “No Flip” Clauses In General)

If you actually attended yesterday’s open house for 425 1st Street #2403 (and aren’t just looking at the pictures), now's your chance to share your impressions. And even if you’re not interested in One Rincon Hill in specific, perhaps the ensuing discussion regarding the enforceability of new development “no flip” clauses in general might be worth the read.

∙ The First “Official” Resale (And Open House) At One Rincon Hill? [SocketSite]

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

After Two Months Five Cuts On The Condos At 84 Vandewater

With zero (0) of the five (5) condos at 84 Vandewater in contract after almost two months on the market, the list prices on the units have been reduced from $26,000 (2.8%) to $124,000 (9.9%).

∙ 84 Vandewater #201 (2/2.5) 1,109 sqft - $925,000 $899,000
∙ 84 Vandewater #202 (2/2) 986 sqft - $945,000 $900,000
∙ 84 Vandewater #301 (2/2.5) 1,039 sqft - $1,049,000 $950,000
∙ 84 Vandewater #302 (2/2) 1,009 sqft - $975,000 $915,000
∙ 84 Vandewater #401 (3/2.5) 1,253 sqft - $1,249,000 $1,125,000

∙ 84 Vandewater [84vandewater.com] [Floor Plans] [Photos]
∙ Five New North Beach Condominiums Hit The Market: 84 Vandewater [SocketSite]

Posted by socketadmin at 3:00 AM | Permalink | Comments (16) | (email story)

March 14, 2008

The First “Official” Resale (And Open House) At One Rincon Hill?

As a plugged-in reader writes:

I’m shocked this morning to discover that not only is [#2403 at One Rincon Hill] on the MLS – but the agent is offering an open house on the 16th! Have I gone crazy, or is there something wrong about this picture? Agents have been threatened with lawsuits for simply trying to find someone on craigslist to take over their contract. ORH claims they’re prohibited from doing that because they don’t yet actually own the unit they’re attempting to sell. That’s why so many of the CL ads are posted without names attached.

Considering it's below the 28th floor (and they're holding an open house) it's probably safe to assume that the seller of #2403 is one of those who have already closed escrow, so no crazy (at least not on your side).

And for those who have been itching to get inside and see what it's all about (including those who are in contract on the upper floors), here's your (first) chance.

∙ Listing: 425 1st Street #2403 (2/2) 1,278 sqft - $1,299,000 [MLS]
∙ Infinity And One Rincon Hill: Closings By The Numbers To Date (2/29) [SocketSite]

Posted by socketadmin at 8:10 AM | Permalink | Comments (81) | (email story)

March 12, 2008

Holy Architecture And Full-Floor Condominiums In Oakland Batman!

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.

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.

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 (21) | (email story)

March 11, 2008

Coming Soon Here And Now "Off The Market": 1158 Sutter Street

We’ll see if we can’t get an official answer this afternoon, but in the meantime we’re wondering if a plugged-in reader or two might have the inside scoop on why the three MLS listings at 1158 Sutter Street were suddenly withdrawn and the website now simply notes: “1158 Sutter has been taken off the market.”

Our initial assumption would be along the lines of a certificate of occupancy, but who knows. No really, who knows?

UPDATE: And the official answer is...they're going rental.

UPDATE (3/12): "They had 9 offers on 9 of the units & the owner decided last friday to not sell..."

∙ Coming Soon Here (And Starting At $559,00): 1158 Sutter Street [SocketSite]
∙ Coming Soon: Fifteen New Condos At 1158 Sutter Street [SocketSite]

Posted by socketadmin at 8:29 AM | Permalink | Comments (23) | (email story)

March 10, 2008

A Reader Starts Singing The BLŪ’s (631 Folsom Website Now Live)

The subject line only tip that just arrived from a reader: “SFBLU's website is finally up!”

108 two-bedroom two-bath condos on floors 2-19, and six three-level Penthouses that span the 20th and 21st floors as well as the rooftop.

Floor plans, features, and renderings now online with more “coming soon” (from all sides).

UPDATE: A few more bits of information: Sales office is expected to open around the first week of April (with occupancy around October); pricing for the two-bedrooms on floors 2-19 is expected to run from around $740K to $1.4M; and the six penthouses are expected to be priced from $2.5M to $3.5M.

∙ BLŪ (631 Folsom) [sfblu.com]
∙ 631 Folsom: Recently Christened “BLŪ” (And Down To 108 Units) [SocketSite]

Posted by socketadmin at 3:12 PM | Permalink | Comments (23) | (email story)

March 7, 2008

The Straight Scoop On What’s Up With One Rincon Hill’s Tower Two

So here’s the SocketSite straight scoop on what’s happening with One Rincon Hill’s tower two and why it hasn’t yet broken ground (despite a highly publicized January start).

One: Decreasing volatility in the construction materials market resulted in an opportunist delay in purchasing until the plans for One Rincon Hill’s tower two were finalized. As far as we know those plans weren’t submitted to the city until earlier this week. And the delay in purchasing allowed the developers to save some cash. That's their story.

Two: While we actually have no doubt that the second tower will be built (although considering the current state of the credit markets, never say never), there is some doubt in who’s going to be doing the actual building (not in terms of the developer, but rather the contactor). Despite the fact that Bovis continues to work on tower one, the contract for tower two was put out to bid with two other players (Webcor and Swinerton). Bovis might be the incumbent, but as far as we know the contract hasn’t officially been awarded. And that's ours (story).

The official groundbreaking and a quick construction start are now expected to occur at the end of April or beginning of May, but if it’s not Bovis doing the building we’d count on some additional slippage as a new contractor gets up to speed.

Posted by socketadmin at 3:16 PM | Permalink | Comments (45) | (email story)

Australian Anka Aims To Add 260 Condos At 55 Ninth Near The Argenta

According to J.K. Dineen, Anka Development (think Argenta) has completed its purchase of the empty lot at 55 Ninth Street (between Market and Mission) and received Planning Department approval to build 260 condos rather than a 268,000-square-foot office tower.

As proposed, the building would rise 17-stories (205 feet), include 3,000 square feet of ground level commercial, and provide a garage with up to 113 parking spaces (98 residential and 15 commercial).

And yes, we would have preferred “Apartments” (for the headline alliteration).

∙ Anka switches 55 Ninth office tower to condos [Business Times]
∙ Argenta (1 Polk): Ground Breaking [SocketSite]

Posted by socketadmin at 7:30 AM | Permalink | Comments (49) | (email story)

888 Seventh Street: Sales Office Officially Opens This Weekend

According to a plugged-in tipster, the 888 Seventh Street sales office will officially open this weekend with roughly 10% of the 54 market rate condos already in contract. And the first of the 170 BMR units (which were spoken for long ago) will begin closing within the next two weeks.

Pricing expectations for the market rate units appears to have been lowered a bit from last August, and according to our tipster 500 square foot junior one-bedrooms (with sleeping alcove) will be available from $399,000; top floor one-bedrooms from $532,000; and top floor three-bedrooms will be available from $709,000 (which doesn't include the last one in the cafe building). All units come with a parking spot (with a few extras available for purchase).

The brief editorial: “Building is looking very good right now. Common areas are nearly complete. Hallways are wide and spacious.” And a few exterior photos over at Curbed.

∙ 888 Seventh Street [liveat888.com]
∙ 888 Seventh Street: BMR Deadline (11/17/06) [SocketSite]
∙ Fifty-Four Market Rate Condos At 888 Seventh Street Coming Soon [SocketSite]
∙ 888 Seventh Street: The Three Bedroom Units Going Fast? [SocketSite]
∙ Curbed Inside: 888 Seventh Street, Outdoor Edition [Curbed]

Posted by socketadmin at 4:00 AM | Permalink | Comments (5) | (email story)

March 6, 2008

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

"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)

March 5, 2008

700 Valencia Street: The Details And Designs For Moving Forward

It’s another case of years in the making (and neighborhood resistance), but according to a plugged-in tipster it appears as though the redevelopment of 700 Valencia Street (at the southwest corner of Valencia and 18th Streets) is moving forward.

Project details from the Preliminary Mitigated Negative Declaration (pdf):

The proposed project would include demolition of the existing [one-story office building and surface parking lot] and construction of a five-story, 50-foot-tall mixed-use building totaling approximately 22,662 square feet. The building would include nine dwelling units, nine parking spaces and one commercial unit. The ground floor of the building would contain a garage with nine off-street parking spaces, commercial space and common/circulation space and would have 100 percent lot coverage.

And a little editorial from our tipster:

Who knew that a [50-foot-tall building] on a corner on Valencia would be met with such resistance….No wonder we're in slow motion out here. The building fills a parking lot, even has Car Share in the parking garage (which sounds like something every building should be required to do), and is so modest a building I was surprised by the neighborhood [outcry].

Which makes me really wonder what the temperature of the city is re: density -- or is it just people in the biz who tend to support a denser, more urban city?

∙ 700 Valencia: Preliminary Mitigated Negative Declaration (pdf) [ci.sf.ca.us]
∙ The Next Era In San Francisco’s Development: It’s All About Density [SocketSite]

Posted by socketadmin at 12:26 PM | Permalink | Comments (23) | (email story)

Opportunities For Deluxe "Instant Equity" Over At One Rincon Hill?

A couple of One Rincon Hill One Bedroom Deluxe units are making the rounds on Craigslist. And neither appear to be pricing in any appreciation over the past 18 months.

Looking for someone to take over my unit on the 20th floor. It is a deluxe one bedroom with Bay Bridge Views. The unit is on the twentieth floor and is 837 square feet. That is the largest one bedroom plan at One Rincon Hill, the tallest residential building west of the Mississippi. I put 31k in deposit on the unit back in Aug. of 2006. I am looking for someone to take over and am not looking to make any money.

And if $711,000 ($850 a square foot) for the 20th floor isn't to your liking, a "low floor" One Bedroom Deluxe with “an early April closing” is asking $665,000 ($795 a square foot).

If the average price per square foot in the building is up 11% over the past 18 months to $1,004 (as per the developer), and the majority units from which buyers have walked away from their deposits have been resold at a premium (as per the sales office), then why aren't these two contract holders touting a little "instant equity?"

∙ $711000 Rincon Hill - Water Views Deluxe One Bedroom [Craigslist]
∙ $665000 One Rincon Hill [Craigslist]
∙ Infinity And One Rincon Hill: Closings By The Numbers To Date (2/29) [SocketSite]

Posted by socketadmin at 10:50 AM | Permalink | Comments (121) | (email story)

733 Front Street Update: 84% Sold (And The First Attempted Resale?)

According to a plugged-in tipster, 733 Front Street is now 84% sold with eleven (11) of the original 69 condos remaining (which represents net new sales of ~12 units over the past five months). From our tipster:

Both of the incentive packages you previously noted remain available [as well as twice-monthly housekeeping services and gourmet meal delivery by Cook!SF for one year]. Interestingly, sales staff are openly discussing price reductions (though of course none of the listing prices have changed), unlike at some other newer developments (170 Off Third comes to mind) where developers are resolutely refusing to discuss such things.

The current “list” prices for six of those eleven remaining units:

733 Front Street #203 (1/1) 949 sqft - $735,000
733 Front Street #207 (1/1) 846 sqft - $695,000
733 Front Street #301 (1/1) 1,004 sqft - $750,000
733 Front Street #307 (1/1) 846 sqft - $715,000
733 Front Street #311 (1/1) 885 sqft - $735,000
733 Front Street #605 (2/2) 1,543 sqft - $1,950,000

And while the developer is offering incentives (and reductions) in order to close the last eleven, 733 Front #213 has hit the resale market with a list price of $659,000 (including “HOA dues paid til Aug. 2008”). As far as we know it was originally offered by the developers for $550,000. And yes, we’ll keep you posted.

∙ Listing: 733 Front Street #213 (1/1) - $659,000 [MLS]
∙ 733 Front: 66% In Escrow And Evidence Of A Few Price Reductions [SocketSite]
∙ The Latest Reminder That Your Neighbor Got A Deal: That Damn Vespa [SocketSite]
∙ New Incentives (And Effective Reductions) At 733 Front Street [SocketSite]
∙ 733 Front Sales Update: 32% In Contract (Almost All Two-Bedrooms) [SocketSite]

Posted by socketadmin at 5:30 AM | Permalink | Comments (10) | (email story)

March 3, 2008

55 Laguna: Approved On Appeal And In Front Of San Francisco’s BOS

Unanimously approved by the Planning Commission in January, the redevelopment of almost six acres in Hayes Valley is on appeal and the project will be heard by San Francisco’s Board of Supervisors tomorrow (3/4/08) at 4pm.

A former UC Berekely Extension campus, the development of 55 Laguna by A.F. Evans would raze two of the oldest existing buildings on the site but yield 413 new housing units: 328 apartments (66 affordable) and an 85-unit affordable development for seniors targeting the LGBT community (in partnership with OpenHouse).

The development would also include a 25,000-square-foot park, a 10,600-square-foot community garden, and a 12,000-square-foot community center.

∙ 55 Laguna [55laguna.com]
∙ Affordable housing doubled at old UC site [SFGate]
∙ San Francisco Board of Supervisors Agenda: March 4, 2008 [SFGov]

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

February 29, 2008

Infinity And One Rincon Hill: Closings By The Numbers To Date (2/29)

A few early numbers for closings at Infinity and One Rincon Hill (according to J.K. Dineen):

∙ Infinity: 11 closed, a "handful" moved in, 1 has walked away from a deposit.
∙ One Rincon Hill: 40 Closed, 17 moved in, 15 have walked away from deposits.

Keep in mind that we don't have a good denominator to measure the actual rate at which buyers are walking away. And that's 11 down and 354 to go at Infinity (not including tower two), and 40 down and 350 to go at One Rincon Hill (again, not including tower two).

UPDATE: From a plugged-in reader: "I question the accuracy of these numbers. My source at the title company said that they will have closed, as of today, just under 30 at the Infinity."

UPDATE: From another: "I have a unit under contract at ORH, and asked the sales team this morning regarding that figure. I was informed that 16 people have walked away from their deposits, with all but 3 of them being replaced (most likely with higher prices)."

∙ Infinity Update: Closings, Move-Ins And Even Kitchen Cabinetry [SocketSite]
∙ RandomRumors: One Rincon Hill Walkthroughs Without An Agent? [SocketSite]
∙ New residents unpack at S.F. condo towers [Business Times]

Posted by socketadmin at 8:27 AM | Permalink | Comments (168) | (email story)

JustQuotes: The Timing On Turnberry's Tower (45 Lansing) And Sales

"Turnberry Associates...has leased the defunct 25,000-square-foot Sound Factory nightclub at 525 Harrison St., directly next door to the One Rincon Hill sales center at 511 Harrison St. The space will be converted into a sales and marketing center for the tower Turnberry plans to start work on this summer [at 45 Lansing]. Turnberry spokesman Matt Levinson said...the sales office would open in "six to eight months."

∙ One Rincon Hill office welcomes glitzy neighbor [Business Times]
∙ First Impressions: One Rincon Hill Sales Center [SocketSite]
∙ True Luxury Condos At 45 Lansing? [SocketSite]
∙ Out With The Old: 45 Lansing And The Lot Around Watermark [SocketSite]

Posted by socketadmin at 7:00 AM | Permalink | Comments (11) | (email story)

Coming Soon Here (And Starting At $559,00): 1158 Sutter Street

Forget “starting at $669,000” as originally advertised, three of the new two-bedroom condos at 1158 Sutter have hit the MLS and they’re listed from $559,000.

Granted, the footprints aren't huge (ranging from 807 to 1,100 square feet), but we’re not intimidated by small spaces (in fact we’re kind of partial to them). And we’ll reserve judgment until we’ve taken a tour (or get a full report from a trusted plugged-in tipster).

As best we can tell all of the photos are from upper floor units rather than the three that are actually listed, and at this point the website doesn’t provide floor plans or additional photography. But the site does provide basic stats and promises pricing; notes monthly HOA dues will range from $460 to $517; and once again highlights “deeded-secured-parking."

∙ Listing: 1158 Sutter #3 (2/2) 1000 sqft - $649,000 [MLS]
∙ Listing: 1158 Sutter #4 (2/2) 815 sqft - $559,000 [MLS]
∙ Listing: 1158 Sutter #5 (2/1.5) 962 sqft - $595,000 [MLS]
∙ Coming Soon: Fifteen New Condos At 1158 Sutter Street [SocketSite]

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

February 28, 2008

An Unrendered Perspective On The Proposed 690 Stanyan Project Site

∙ The 690 Stanyan Project: Overview And EIR Hearing Tomorrow (2/28) [SocketSite]

Posted by socketadmin at 4:42 PM | Permalink | (email story)

Coming Soon Here: 2405 Folsom (Website And Listing)

Following in the footsteps of the signs, the website for 2405 Folsom is now up and fully functional. As previously noted, it’s six condos in total. As not previously noted, units 1,3 and 5 tout one kitchen type (“Classic”); while units 2, 4 and 6 another (“Modern”).

Apparently the bar stools are timeless.

And while a plugged-in reader notes that one unit (a "Modern" #6) is now on the MLS, we haven't noted any updates regarding the status of the trees.

UPDATE (6/24): 2405 Folsom #6 closed escrow on 6/23/08 with a reported contract price of $1,199,000.

∙ Listing: 2405 Folsom #6 (3/3.5) - $1,259,000 [MLS]
∙ 2405 Folsom: The Signs Are Up (The Website Not So Much) [SocketSite]

Posted by socketadmin at 12:41 PM | Permalink | Comments (12) | (email story)

February 27, 2008

The 690 Stanyan Project: Overview And EIR Hearing Tomorrow (2/28)

The proposed demolition: The vacant 24-foot-high, 23,600-square-foot (sq.ft.) retail building (Cala Foods) and removal of the existing 42-space parking lot at 690 Stanyan.

The proposed project: A "four-story," 115,400-sq.ft. retail/residential building with a 34,400-sq.ft. ground-floor specialty grocery store (Whole Foods), 62 residential units in 81,000 sq.ft., and an additional three-level, 176-space subterranean garage (90,000 sq.ft.) with 114 grocery store parking spaces and 62 residential parking spaces. 26 studio units, 20 one-bedroom units, 15 two-bedroom units, and one three-bedroom unit.

The Planning Commission hearing: Tomorrow (2/28/08), 1:30 p.m., City Hall (Room 400).

The point: Show up and show your support (or not).

UPDATE: And thanks to a plugged-in tipster we add a rendering and additional insight: "The final design was a real collaboration between architect [Stephen Antonaros] and neighbors (The Haight Ashbury Improvement Assn) and resulted in the creation of a mezzanine level cafe overlooking Golden Gate Park, something the neighbors preferred over the street level cafe the Planning Dept was pushing for."

∙ The 690 Stanyan Project [690stanyan.com]

Posted by socketadmin at 4:26 PM | Permalink | Comments (70) | (email story)

February 25, 2008

From Tough Love Comes Positive Change Over At One Rincon Hill

From "One Rincon Hill Resident" (the reader formerly known as “FrustratedBuyer”):

I was told by the excellent sales team at One Rincon Hill that the developer would be changing its policies and procedures. Based on the last couple of comments (NewRinconResident at February 23, 2008 12:40 PM; ORHBuyersAgent at February 23, 2008 12:50 PM), that appears to be the case, and the pre-closing walk through should now be a positive experience for both buyer and seller. The developer is inspecting and making obvious corrections before releasing the units for the walk through and has loosened up on the policy of prohibiting helpful professionals not on title from participation; and the customer service representative who conducts the walk through has cleaned up his act. [SocketSite] is an excellent site for new residents to have a serious exchange of ideas concerning our new homes -- and our comments are noted by the sales staff.

We love it when a plan comes together. And here's to a plugged-in One Rincon Hill Resident for being so "picky" (not to mention having "too much time on his/her hands").

∙ RandomRumors: One Rincon Hill Walkthroughs Without An Agent? [SocketSite]

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

February 22, 2008

Millennium Tower San Francisco (301 Mission): Sales Update/Facts

While you’ve probably already heard that one of the two top-floor (60th) penthouses is in contract for $11,000,000 (unfinished), and in total hard contracts have been written for roughly 60 condos (15% of the development), we offer up a few more sales facts about San Francisco’s Millennium Tower that might ring new.

∙ Hard contracts have been written on units ranging from $670,000 to $11,000,000.
∙ Majority of contracts for Grand Residences with an average price point of ~$2.5M.
∙ 98% of the contract holders are from the Bay Area (which doesn’t include France).
∙ 70% of the contract holders are planning on making Millennium their primary residence.
∙ The vast majority of contract holders plan on paying cash.
∙ No other penthouse units on the 59th or 60th floors are yet in contract (despite rumors).

The sales office remains “by appointment only.” And our favorite feature within said office, the scale model which lights up each individual unit to show its exact location in the building (along with virtual views and finishes projected overhead) as you navigate the development via a touch screen display.

∙ The Millennium: A Few Things You Might Know (And A Few You Don’t) [SocketSite]

Posted by socketadmin at 9:57 AM | Permalink | Comments (29) | (email story)

February 21, 2008

The Community Delivers Once Again: 1536 Pacific Drawings/Details

The community good karma continues to flow as illustrations and additional details for what’s rising at 1536 Pacific promptly arrive via our tip line (tips@socketsite.com):

Six more or less identical units (around 1600 sf) with the top two set back six feet along Pacific.

65' height limit, 40' building, around 3500 sq ft street level commercial, [basement garage with parking for seven cars]. Construction underway.

Design by Stephen Antonaros. And as always, thanks for the tips (and for plugging in).

∙ The Proposed Design For 1355 Pacific (And Request For That Of 1536) [SocketSite]
∙ Stephen Antonaros, Architect [antonaros.com]

Posted by socketadmin at 4:08 PM | Permalink | Comments (3) | (email story)

Infinity And One Rincon Hill: Comments On Closings And Walkthroughs

One plugged-in reader in contract at Infinity needs a new lender (“my loan provider citibank is dropping Infinity as an approved project”) and seeks some other readers’ thoughts on choosing between Wells, Chase or Countrywide.

While another plugged-in reader in contract at One Rincon Hill offers some tough love and thoughts on navigating your walkthrough (and closing).

∙ Infinity Update: Closings, Move-Ins And Even Kitchen Cabinetry [SocketSite]
∙ RandomRumors: One Rincon Hill Walkthroughs Without An Agent? [SocketSite]

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

The Proposed Design For 1355 Pacific (And Request For That Of 1536)

Currently a two-story industrial building (and former home to LeeMAH Electronics), developers have their sights set on razing and rebuilding 1355 Pacific as a four-story, 23 unit building with 24 parking spaces. Design by Sternberg Benjamin Architects and once again brought to us via a plugged-in reader who has most excellently mapped all of the aforementioned developments along Pacific (and 1650 Broadway).

And then there’s 1536 Pacific, another car shop that’s slated to be been demolished and will be reborn as a four-story, six-unit mixed-use building. “No photo available” according to our reader’s map, but perhaps a plugged-in tipster can keep the community karma flowing by passing along a rendering (or at the very least a lead on the architects). You know we’d do the same for you.

∙ A Reader Asks (And We Can’t Answer): Corner Of Pacific And Polk [SocketSite]
∙ Now And (The Future) Then: 50 Condos Coming Soon At 1645 Pacific [SocketSite]
∙ The Designs (And Declaration) For 34 New Condos At 1650 Broadway [SocketSite]

Posted by socketadmin at 10:50 AM | Permalink | Comments (4) | (email story)

February 20, 2008

The Designs (And Declaration) For 34 New Condos At 1650 Broadway

By way of the tipster who brought us the designs for 1645 Pacific come the designs and Declaration for 1650 Broadway.

A proposed merger of two surface parking lots (1622-1650 Broadway), the new building would rise eight stories and a little over 80 feet into the air and consist of 34 condos (1 1-bedroom, 25 2-bedroom, 8 3-bedroom; 4 below market rate) and 49 parking spaces.

There are no existing street trees along Broadway in front of the project site. There are two poplar trees at the rear of the project site and one large tree on an adjacent property to the north, which would not be categorized as protected trees as defined by the Public Works Code Article 16 Sections 802–811. The proposed project would, however, retain and protect these trees during construction, as well as add up to four street trees to the front of the property.

According to the project architect [Forum Design], the building would be rectilinear in form, with a contemporary design character. The Broadway façade would be set back four to ten feet from the property line with landscaping in the intervening area. Exterior finishes would consist of a combination of stone cladding, cement plaster, and darkened zinc.

Construction is estimated at approximately 20 months from groundbreaking, and required approvals (Conditional Use for the portion over 40 feet, etc.), floor plans, and other details are available via the Planning Department's Preliminary Mitigated Negative Declaration.

∙ 1650 Broadway: Preliminary Mitigated Negative Declaration (pdf) [SFGov]
∙ Now And (The Future) Then: 50 Condos Coming Soon At 1645 Pacific [SocketSite]

Posted by socketadmin at 11:58 AM | Permalink | Comments (11) | (email story)

Only Eight Five Six Left At The Palms (555 4th Street)

Six months ago the sales office at The Palms (555 4th Street) was advertising “Only 8 Left!” and 3.875% financing. Two months later five new condos magically appeared on the MLS. And since then, four more units (#705, #814, #833, and #907), 2.875% financing (no details on the terms), and a few reductions (from $39,200 to $56,200) have come to be as well (along wih the words “BUILDER CLOSEOUT!!”).

∙ Apparently Only Eight Condos Left At The Palms (555 4th Street) [SocketSite]
∙ The Palms Finds More Inventory And A Resale Hits The Market [SocketSite]

Posted by socketadmin at 7:55 AM | Permalink | Comments (12) | (email story)

February 19, 2008

Now And (The Future) Then: 50 Condos Coming Soon At 1645 Pacific

As a plugged-in tipster notes, it’s not just the corner of Polk that’s being developed up on Pacific. Next up, a sketch of the 50 condos that will replace the Willy's auto repair shop half a block away at 1645 Pacific (design by BAR Architects):

∙ A Reader Asks (And We Can’t Answer): Corner Of Pacific And Polk [SocketSite]

Posted by socketadmin at 3:45 AM | Permalink | Comments (16) | (email story)

February 15, 2008

Another Plugged-In Reader Responds With A Rendering For 1299 Bush

The plugged-in readers are on fire today as Luba (of Luba’s San Francisco Real Estate Blog) comes through with the rendering of what’s rising up at 1299 Bush Street.

That's it people, take the weekend (and monday) off. You deserve it. And once again, you're the best and thank you for plugging in.

∙ A Reader Asks, We Respond, You Embellish (Hopefully): 1299 Bush [SocketSite]
∙ A Reader Asks (And We Can’t Answer): Corner Of Pacific And Polk [SocketSite]

Posted by socketadmin at 6:47 PM | Permalink | Comments (18) | (email story)

JustQuotes: A Reminder That They’re Not Just Building Down In SoMa

"A half-dozen housing projects are under construction or recently finished, including 130-unit Symphony Towers at 724 Van Ness Ave., a 54-unit 818 Van Ness Ave., a 50-unit project at 77 Van Ness, and a 29-condo building at Greenwich and Van Ness. A half a block off of Van Ness, at 1 Polk St., Anka Development is nearing completion on the 179-unit Argenta. Elsewhere, AF Evans is planning 282 units on a large lot at Pine and Van Ness, and Bayrock Residential has entitlements to develop 107 units and a Trader Joe's at the old Galaxy Theater on the corner of Van Ness and Sutter.

Taken together, more than 2,000 housing units are in the pipeline along Van Ness, with another 1,000 likely to be built at the four corners of Van Ness and Market streets."

"From a city planning perspective, the burst of residential activity has been a long time coming. In 1989, the city passed the Van Ness corridor plan, which changed the zoning from commercial to 'commercial/residential.' The plan also raised height limits to 80 feet in some parts of the avenue and 130 feet elsewhere. Gabriel Metcalf, executive director of the urban think tank San Francisco Planning and Urban Research, said the 20-year-old Van Ness plan serves as the model for city's 'better neighborhood' planning process.

'What we are seeing now is, through several real estate cycles, that plan continuing to be built out,' said Metcalf. 'Van Ness proved the value of neighborhood planning in the sense that we are not fighting about each individual project because we did the work up front.'

Van Ness may also be benefiting from planning gridlock elsewhere. With the Eastern Neighborhood planning process still contentious and bogged down after eight years, and Market Octavia plan still stuck in committee debate, Van Ness is one of the few centrally located parts of town where dirt can be moved, according to Chris Foley, a principal with the Polaris Group, which does condo sales and works with developers to secure sites and entitlements." (S.F. housing boom moves to Van Ness)

∙ S.F. housing boom moves to Van Ness [Business Times]
∙ Symphony Towers Update: 45% In Contract And Opening February 08 [SocketSite]
∙ The SocketSite Scoop On The 52 Condos Rising At 818 Van Ness Ave [SocketSite]
∙ 77 Van Ness Rising (And Our Request For A Rendering) [SocketSite]
∙ SocketSite Readers Report: The Grand Opening of The Greenwich [SocketSite]
∙ Argenta (1 Polk): Ground Breaking [SocketSite]
∙ 1285 Sutter Street: The Proposed Design To Replace The Galaxy [SocketSite]
∙ SocketSite’s Complete Inventory Index (Cii): Q1 2008 (San Francisco) [SocketSite]
∙ San Francisco’s Market & Octavia Neighborhood Plan Moves Forward [SocketSite]
∙ For Policy Wonks Only, Or Simply Those Who Care [SocketSite]

Posted by socketadmin at 6:40 AM | Permalink | Comments (8) | (email story)

A Reader Asks, We Respond, You Embellish (Hopefully): 1299 Bush

A Reader wonders if we know what’s being built at the corner of Bush and Larkin, and we do (at least at a high level). What is now an open pit was once was a two-story commercial building (1299 Bush Street). And as far a we know, it will soon become an eight-story mixed-use building with 26 "dwelling units" over ground floor retail and 20 parking spaces.

What we don’t know is if said “dwelling units” will be apartments or condos. And we haven’t seen any designs. Tipsters?

Posted by socketadmin at 6:35 AM | Permalink | Comments (7) | (email story)

February 12, 2008

Coming Soon: Fifteen New Condos At 1158 Sutter Street

What we know about 1158 Sutter Street: the final condo map for 15 units was approved late last year, and while the website remains “Coming Soon,” they’ve begun advertising two-bedroom/two-bath units starting at $669,000 (including Bertazzoni stoves, Cesar stone counters in the kitchen, and fireplaces). "Deeded-secured-parking" is also mentioned but we don't know how many spots or if it will be offered a la carte.

What we don’t know about 1158 Sutter: much of anything else. Readers?

∙ 1158 Sutter Street [1158sutter.com] [Map]

Posted by socketadmin at 12:51 PM | Permalink | Comments (42) | (email story)

February 11, 2008

Ghirardelli Square & Fairmont Heritage Place: Overview And Sales

Erected in 1893 to house the Ghirardelli chocolate factory, once a locals destination, and having fallen prey to the Fisherman’s Warf tourist trade over the past couple of decades, San Francisco's Ghirardelli Square is undergoing a major overhaul and rebirth.

Purchased by JMA Ventures in 2004, the chain store and souvenir shops are being shown to the door and replaced with local cafes, restaurants (think Gary Danko), retail (including an offshoot of COPIA) and a spa. Five of the brick buildings are about four months away from being reborn as 53 one, two and three bedroom “homes” (Fairmont Heritage Place, Ghirardelli Square). And the homes are being sold in one-tenth ownership fractions.

The 530 fractions are priced from $262,000 and are roughly 45% pre-sold including a recent acquisition of 120 fractions by Exclusive Resorts (a nice nod of approval). 300 underground parking spaces are available to serve the residences (dedicated spots), restaurants and retail. And the house car will be a Maserati Quattroporte (no word on whether or not you’ll have to use the house driver).

∙ Fairmont Heritage Place: Ghirardelli Square [fairmontheritageplace.com] [Virtual Tours]
∙ Ghirardelli Square, San Francisco [ghirardellisq.com]

Posted by socketadmin at 4:33 PM | Permalink | Comments (31) | (email story)

SocketSite Readers Report: The Grand Opening of The Greenwich

The twenty-nine new condos at The Greenwich (1501 Greenwich) officially opened this weekend and a few readers have shared their thoughts. And while we're still in search of a complete price list (email tips@socketsite.com), it appears that prices range from $589,000 to $1,949,000 (based on the two units listed on the MLS).

∙ The Greenwich (1501 Greenwich): Website Live And Floor Plans Return [SocketSite]
∙ Listing: 1501 Greenwich #202 (2/2) - $929,000
∙ Listing: 1501 Greenwich #306 (1/1) - $589,000 [MLS]
∙ Listing: 1501 Greenwich #601 (3/2.5) - $1,949,000 [MLS]

Posted by socketadmin at 1:02 PM | Permalink | Comments (29) | (email story)

February 8, 2008

Four Views From Atop San Francisco’s Topped-Off Millennium Tower

The ceremonial last concrete bucket and traditional topping-off tree have been hoisted 645 feet atop San Francisco’s Millennium Tower. And from there, we head straight to the views. First up and appropriately enough (as it's from the very first Millennium condo to go into contract), a view from what will be Unit B on the 58th floor (a.k.a. PH1B):

One of the neighbor's views from PH1C to the southeast:

One of their neighbor's views from PH1D to the south:

And rounding out the 58th floor, a view from PH1A to the west:

∙ Millennium Tower (301 Mission) Update: Construction And Topping-Off [SocketSite]

Posted by socketadmin at 4:03 PM | Permalink | Comments (34) | (email story)

February 7, 2008

SoMa Grand (1160 Mission) Update: Sales And Smart Car(s) Arrival

The official sales tally at SoMa Grand is now 40% (roughly 100) up from 35% (roughly 90) a little under two months ago. And while we can’t provide any evidence of price reductions, according to a tipster who recently checked it out, “prices seem lower than when the sales staff was in their off-site office.”

Also noted by our tipster: individual parking spaces are being priced at $65,000 (with a $93 per month valet/$73 per month non-valet maintenance fee); and while not overly impressed with the “grand” entrance, “they do have some great views, and the common ‘park’ area is lovely (especially the fire pit).”

And speaking of parking (or whether or not you even need it), one of the first ‘Smart’ cars to hit the Bay Area has been delivered to the SoMa Grand garage with another on the way. The two Smart cars will soon enter the building’s dedicated CityCar Share pod and share a single parking space (with a third 'non-smart' car beside). Cool.

∙ SoMa Grand: A Reader’s Unofficial Sales Update And Insight [SocketSite]

Posted by socketadmin at 12:26 PM | Permalink | Comments (17) | (email story)

February 6, 2008

Millennium Tower (301 Mission) Update: Construction And Topping-Off

San Francisco's Millennium Tower construction update via Webcor:

The Millennium Tower is starting to stand tall on the San Francisco, Business District’s skyline. As January comes to an end, the Webcor Concrete Group will be celebrating the placement of the final deck at level 61 (635 feet above street level, which is not the absolute top of this fine building). Soon afterwards, the logistical dance of the tower’s cranes shall commence with the erection of a roof mounted crane (roof mount). The roof mount will then remove the “tower type” crane, piece by piece, down to the level 3 podium, and a mobile crane at ground level will swing the parts onto a truck at street level. The roof mount will stand post until the steel and window erection has been completed. So how are we going to remove the roof mount? Stay tuned.

The construction update via us: Millennium Tower's "topping-off" celebration is this Friday (2/8). It now rises 645 feet into the sky (which makes it...the tallest residential building west of the Mississippi). And yes, a sales update is on its way (early next week).

∙ The Millennium: A Few Things You Might Know (And A Few You Don’t) [SocketSite]
∙ Webcor Projects: Millennium Tower (301 Mission) Update [Webcor]
∙ Millennium Tower Sales Watch: Rumors Of Day One Results [SocketSite]

Posted by socketadmin at 11:13 AM | Permalink | Comments (22) | (email story)

2405 Folsom: The Signs Are Up (The Website Not So Much)

A reader reports that Vanguard’s signs now hang from the façade of 2405 Folsom (corner of 20th). From the brokerage’s website:

Six new contemporary three bedroom town homes situated in the New Mission District. Three luxurious levels of living space with the finest finish quality. Formal dining & living areas, two distinct styles of kitchens to choose from outfitted with top-of-the line appliances, cooking island & inset wine refrigerator. Solid hardwood flooring, security system, pre-wired for surround sound and centralized stereo system & solar panel ready. Private entrances and outdoor areas, & 2-car parking each.

And while a property website appears to be in the works, at this point that's about all we know (tipsters?). Now about that "New" Mission district...

∙ 2405 Folsom [2405folsom.com]

Posted by socketadmin at 10:00 AM | Permalink | Comments (21) | (email story)

One (1) Ecker Place Update: Sales Office Open (And A Few Details)

Three months ago we plugged you in to the conversion of One Ecker Place (map) into 51 condominiums (and just over 3,000 square feet of retail). And thanks to a tipster, we (and you) now have a few more details:

∙ Sales office is open; model unit by mid-February; move-ins in June
∙ Condos range from 475 to 1270 square feet; prices from $450K to $1.4M
∙ Ground floor studios have basement storage space not counted in square footage
∙ No parking in the building but 2 years pre-paid in a garage on Natoma and "valet"
∙ 5 of 51 units currently “reserved” (no word on whether or not any are arms length)

Note to those with decent camera phones (and a good eye): tips@socketsite.com.

UPDATE: And as a reader notes, the One Ecker website is alive and kicking (albeit a bit slow this morning...) with floor plans and virtual tours.

∙ A Heller Manus Renovation Of 1 Ecker Place [SocketSite]
∙ One Ecker Website: Floor Plans, Virtual Tours [oneecker.com]

Posted by socketadmin at 6:39 AM | Permalink | Comments (47) | (email story)

February 5, 2008

SocketSite’s Complete Inventory Index (Cii): Q1 2008 (San Francisco)

If you’re truly plugged-in you’re already familiar with SocketSite’s Complete Inventory Index (Cii). But if you're not:

The goal of the Cii 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.

We’re now tracking the size, status, probability, and available inventory for over 200 new developments throughout San Francisco (30,000+ condominiums in total). And we’re keeping tabs on another 15,000+ “net new housing units” (including rental units) that are either proposed or on the drawing boards. All told, it's a potential inventory of 45,000+ housing units (i.e., the majority of San Francisco’s overall housing pipeline).

As it stands, in addition to the roughly 610 San Francisco condominiums (and 475 single family homes) that are listed and available for sale on the San Francisco MLS, we estimate that there are approximately 660 condominiums that are not listed, but are currently available for purchase and occupancy. These condos include unlisted inventory in buildings such as The Potrero and SoMa Grand.

We also estimate that there are currently an additional 810 condominiums that are actively competing for the attention of buyers and accepting non-refundable deposits in sales offices throughout San Francisco (examples include Infinity, Arterra and The Hayes). And within the next five months, we expect to see an additional 1,700 condominiums begin marketing, accepting deposits, and competing for sales as well (think BLU, Argenta, and the second towers of Infinity and One Rincon Hill).

Looking forward, we see an additional 1,100 new market rate condominiums that are likely to start marketing/selling by the end of 2008, and another 1,800 that are either already under construction or that we believe have a chance of breaking ground within the next five months. And beyond that (and for building by building updates), you’ll just have to keep plugging in.

∙ SocketSite’s Complete Inventory Index (Cii): Q3 2006 [SocketSite
∙ SocketSite’s Complete Inventory Index (Cii): Q1 2007 [SocketSite]
∙ SocketSite’s Complete Inventory Index (Cii): Q3 2007 [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (65) | (email story)

JustQuotes: No Carrot, All Stick (Or Should We Say Daly Shtick?)

“Supervisor Chris Daly has championed a ballot initiative to require that at least half of all housing built in the planned Hunters Point-Candlestick Point development be affordable to San Franciscans with household incomes between 30 percent and 80 percent of the county’s median.”

“It's nothing new for Daly to use the ballot to pressure developers into offering more affordable housing or other benefits to The City. In 2004, Daly looked to the ballot to prompt a developer of Trinity Plaza to offer more affordable housing, and in 2005, Daly negotiated with developers of five downtown residential towers, Rincon Hill, to pay a record-setting $55 million in impact fees after threatening to put the development on the ballot.”

∙ Daly’s measure could ‘kill’ Bayview development [Examiner]
∙ JustQuotes: The Redevelopment Of Hunters/Candlestick Point [SocketSite]

Posted by socketadmin at 7:30 AM | Permalink | Comments (19) | (email story)

February 4, 2008

RandomRumors: One Rincon Hill Walkthroughs Without An Agent?

A reader wonders about a One Rincon Hill rumor: "From what i heard they are not letting anyone up to go through the walk through unless you are on title."

Another responds: "You can not bring anyone that is not on title. I just went through my walkthrough last Friday and my agent was denied access."

And we’re awaiting an official confirmation (and reasoning behind the approach if so).

UPDATE: While we’re still waiting for an official answer, another reader strongly suggests that this is one big misunderstanding: "The walk-throughs that this person is referring to are the pre-walk through walk through (i.e. not the official walk-throughs with the inspection company)."

UPDATE: Or not: "i don't know what a pre-walk through walk-through is, but they call it the pre-closing walk through and the steps after a pre-closing walk through as listed in my closing check list is closing and key turn over. it does not mention of an official walkthrough after that."

UPDATE (2/6): And we have the official word: "Agents are allowed as the buyers representative. Only parties named on the contract are allowed. This is an aesthetic and informative mechanical orientation of the unit. It takes approximately two hours to go over the finishes and operation of all the systems in the unit.”

∙ One Rincon Hill: Closings, Walkthroughs, And (Almost) Anything Else [SocketSite]

Posted by socketadmin at 4:03 PM | Permalink | Comments (143) | (email story)

Infinity Update: Closings, Move-Ins And Even Kitchen Cabinetry

We’re still working on an “official” update with regard to Infinity closings and move-ins, but a plugged-in reader and uberexcited contract holder swings by the building and reports:

Update on closing dates...We just went by the building...the lobby is pretty much up and running, just needs furniture. There are now doormen at the front desk. We spoke with one of them briefly and he said the first move in will be this coming Monday [2/4]. I was a bit uncertain of this as I thought they were still waiting for the final "white paper" from the CA Dept of Real Estate.

We're now scheduled for a walk through mid February with an end of Feb. close...can hardly wait.

Also, if you've not been to the Studio Becker showroom (8th and Townsend), I'd encourage you to do so. They can help you with adding additional storage in the kitchen (e.g. adding to the island, converting the upper [cabinetry] to fully functional storage versus closed/fixed fronts, etc.) The team there is outstanding.

∙ Walkthroughs At Infinity: A Chance To Share Your Impressions [SocketSite]
∙ Infinity Update: Construction, Tower Two, And Possibly Even Sales [SocketSite]

Posted by socketadmin at 8:53 AM | Permalink | Comments (120) | (email story)

February 1, 2008

One Hawthorne: The Design (And Some Details) Of What’s On The Way

So here’s the scoop (via the San Francisco Business Times) on the development of One Hawthorne (currently 645 Howard): 24 stories, 165 units and a $150 million development budget; pricing expected to range from $500,000 for a 550 square foot junior one-bedroom to $3 million for a 2,200 square foot penthouse; and development by Jackson Pacific/MacFarlane Partners with design by Ezra Mersey and EHDD.

Ezra Mersey, the former Tishman Speyer managing director who founded Jackson Pacific in 2003, said any hesitancy to jump into the treacherous housing market is outweighed by the project's prime south financial district location near the corner of Howard and Second streets.

"We’re looking beyond the present cycle and creating a unique project with the best location, exceptional contemporary design and very strong sponsorship," said Mersey.

Looking beyond "the present cycle?"

∙ New S.F. condo project will be a rarity in 2008 [Business Times]
∙ Barriers Going Up, Building Coming Down, 165 Condos Coming Soon [SocketSite]

Posted by socketadmin at 3:30 AM | Permalink | Comments (26) | (email story)

Broadway Family Apartments: T-Minus Three Months To Opening

If you’ve been wondering what’s been rising on Broadway between Battery and Front, you’re probably not alone. And thanks to a plugged-in tipster, we have the update (and a photo):

Broadway Family Apartments, 81 units of affordable family housing with Bay Bridge views, will be completed as of April 2008. The project includes 3 buildings (one mid rise and two low rise), a below grade parking garage [41 spaces and City CarShare], and 2 podium level courtyards. The design also provides child care services, two retail spaces, and common gathering rooms for both the residents and the larger neighborhood. Chinatown Community Development Center is the developer for the project [with design by Solomon E.T.C.].

And sorry folks, but they're no longer accepting applications for the 80 apartments (the 81st will be occupied by a manager). And if you submitted one, you're one of 8,500.

∙ Chinatown Community Development Center: Broadway Family Apts [chinatowncdc.org]
∙ Broadway Family Apartments Receives 8,500 Applicants! [Barbary Coast News]

Posted by socketadmin at 3:00 AM | Permalink | Comments (13) | (email story)

January 31, 2008

Barriers Going Up, Building Coming Down, 165 Condos Coming Soon

The barriers are going up, the building is coming down, and the word on the street is that J.K. Dineen at the Business Times has the scoop on the 165 condominiums that will soon rise at the corner of Hawthorne (One Hawthorne) and Howard (645 Howard).

Posted by socketadmin at 1:49 PM | Permalink | Comments (24) | (email story)

Your Agent Might See Value, But Be Sure To Ask For Whom

It’s no longer only the townhomes at Park Terrace which will garner brokers an increased sales commission (which might speak to the strength of sales since our last update). And it’s a good reminder to ask, is your agent working for you or selling for the developer?

∙ Arterra's New Buyer's Incentive And Park Terrace’s Broker's Bonus [SocketSite 9/07]
∙ Park Terrace (325 Berry) Sales Update: Now 70% Sold? [SocketSite 11/07]

Posted by socketadmin at 3:00 AM | Permalink | Comments (54) | (email story)

January 30, 2008

The 98 “Sophisticated/Stylish” Studio Apartments Of 766 Harrison

The ninety-eight (98) “sophisticated” (also referred to as “stylish”) studio apartments that compose 766 Harrison are expected to hit the rental market in five months along with 4,500 square feet of ground floor commercial space (and hope for a cafe tenant).

Lots of glass, rooftop patios, and some "stylish" features (concrete countertops and floors, radiant heat, and stainless steel this and that). And as Curbed discovered, interior renderings and an overview are available online.

∙ 766 Harrison: Overview, Interior Renderings, Commercial [tbcproperties.com]

Posted by socketadmin at 12:14 PM | Permalink | Comments (27) | (email story)

JustQuotes: The Other Side Of The SoMa Grand Coin (So To Speak)

“King is right in many respects, but as Ali G may say, also dis-respect'ng; ultimately, what one builds is driven, unfortunately by Wall Street and the financiers....trust me, we would die to build a Gehry/Meier/Starck designed gorgeous iconic building in SF with views that still sells for about $500k - $700k. If there is another way to do it, please let us know.”

∙ JustQuotes: From The Mouth Of Reader Morgan (And John King) [SocketSite]
∙ Introducing "Keeping It Real... Estate" [agicapital.com]

Posted by socketadmin at 4:15 AM | Permalink | Comments (10) | (email story)

January 29, 2008

JustQuotes: From The Mouth Of Reader Morgan (And John King)

As a plugged-in reader writes:

People who think SocketSite readers are "too critical" of this building [SoMa Grand] should check out this scathing attack.

An excerpt from said attack by John King:

Everything is careful and cost-effective; the interior is sleek and smart. But like too many residential containers in the Bay Area and beyond, nothing about Soma Grand engages the scene around it. It's a wet blanket at billboard scale.

And the line we almost missed (but a reader most certainly did not):

I'd gladly swap a lean version of Soma Grand for some of the towers in Rincon Hill or Mission Bay.

∙ SoMa tower: Grand it ain't [SFGate]
∙ Comment: SoMa Grand: A Reader’s Unofficial Sales Update And Insight [SocketSite]

Posted by socketadmin at 7:00 AM | Permalink | Comments (36) | (email story)

January 28, 2008

The Greenwich (1501 Greenwich): Website Live And Floor Plans Return

Four months ago we provided the scoop on the transformation (as in complete razing and rebuild) of 2655 Van Ness from a 27,000 square foot office building into twenty-nine (29) new condominiums with a more upscale 1501 Greenwich address. And a few weeks later a plugged-in (and quite resourceful) reader found the floor plans which were then taken offline within 20 minuets of our alerting the readers.

And thanks to a plugged-in tipster, we now know that the website is back online complete with floor plans (including square footage), very rough pricing (one-bedrooms from the high $500,00s; two-bedrooms from the high $900,000s; and three-bedrooms from the high $1,600,000s), and a brand new moniker and mouthful of a tag line: “The Greenwich – Where Russian Hill Meets Cow Hollow, Sophisticated Living Meets The Urban Lifestyle.”

∙ The Greenwich (1501 Greenwich) [thegreenwichsf.com]
∙ 1501 Greenwich: Twenty-Nine New Condominiums Coming Soon [SocketSite]
∙ 1501 Greenwich: A Plugged-In Reader Finds The Floor Plans [SocketSite]

Posted by socketadmin at 11:23 AM | Permalink | Comments (14) | (email story)

January 26, 2008

Chelsea Park (Phase I): On The MLS And Opening Tomorrow (1/27)

Originally expected to hit the market early last month, seven (7) of the 39 condos that comprise Chelsea Park will be “released” to the public tomorrow afternoon (1/27) with a “Sneek Peek” from 1-5pm. (And yes, we have a feeling they meant “sneak” rather than the city in the northern Netherlands.)

Three of the units are now listed on the MLS (with prices ranging from $749,000 to $1,269,000 in this release). And don’t read too much into the lack of photography (other than with respect to the delayed opening), “the photographer is coming today.”

∙ Listing: 29 Oakwood Street #16 (3/2.5) - $1,269,000 [MLS]
∙ Listing: 29 Oakwood Street #17 (2/2) - $899,000 [MLS]
∙ Listing: 29 Oakwood Street #18 (1/1) - $749,000 [MLS]
∙ San Francisco’s Chelsea Park Condominiums Coming Soon [SocketSite]

Posted by socketadmin at 10:57 AM | Permalink | Comments (43) | (email story)

January 25, 2008

130 New Apartments And Fresh Groceries, Both For The Greater Good

The Tenderloin Neighborhood Development Corp. (TNDC) has acquired the 22,000-square-foot surface parking lot on the corner of Taylor and Eddy, and according to J.K. Dineen, the designs for development include both apartments (13-story building) and a 15,000-square-foot ground-floor grocery store.

Eddy & Taylor Family Housing will be comprised of 130 studio, one-, two- and three-bedroom apartments. At least 20 percent of the apartments will be reserved for formerly homeless households. The building will include play areas for kids and community gathering venues.

David Baker + Partners have been tapped for the design. The grocer has not been named. And completion is slated for 2012.

∙ Developer takes on one of S.F.'s toughest corners [Business Times]

Posted by socketadmin at 8:02 AM | Permalink | Comments (24) | (email story)

January 24, 2008

One Rincon Hill: Seismic, Sway, And Second Tower Construction

A plugged-in tipster forwards a slightly enginerdy read (and we mean that in a good way) with respect to the performance-based seismic design (PSD) of Infinity and One Rincon Hill. Three little nuggets that caught our attention specific to One Rincon:

1. The temporary certificate of occupancy (TCO) for the first 20 floors was received on January 4, the TCO for the next seven is expected within the next couple of weeks;

2. The building will sway from east to west as the “wind whips around the building from south to north [and] creates a cross wind effect;” And,

3. Condo owners have been forewarned that construction is set to begin late next month [February] on the second tower.

And yes, nugget number three would seem to suggest no January groundbreaking for the “two and only” tower two (despite all the advertising).

∙ San Francisco’s 590-ft Skyscraper Lifts Seismic Design’s Stature [ENR]
∙ One Rincon Hill: An Official Update And A Few Confirmed Facts [SocketSite]

Posted by socketadmin at 7:45 AM | Permalink | Comments (35) | (email story)

The Hayes (55 Page) Strips Off (And Reveals) A Little Bit More

The Hayes (55 Page) is one step closer to architectural judgment (and occupancy) as the majority of blue window wraps have been removed. And while at least one plugged-in reader looks forward to an “early ‘08” move-in, another who was planning on “late ‘07” will no longer be making the move (we’re trying to confirm details on exactly why and what happened to the deposit).

Keep in mind that it was ten months ago that another reader reported 30% sold with sales office expectations of selling out (and moving people in) by the end of 2007. And in terms of net new sales, word on the street is very little movement since our last report of 60% in contract three months ago.

∙ The Hayes (55 Page): Starts To Get Unwrapped And Revealed [SocketSite]
∙ A Plugged-In Reader And Hayes (55 Page) Buyer Reports: 60% “Sold” [SocketSite]
∙ The Hayes (55 Page): A Plugged In Buyer’s Facts (And Opinion) [SocketSite]

Posted by socketadmin at 3:30 AM | Permalink | Comments (31) | (email story)

January 23, 2008

Homes On Esprit Park (888 Minnesota): A Two Joins The Ones

Last week we wrote, “No word, however, on any movement (either in terms of sales or reductions) for the two and three bedroom units [at Homes on Esprit Park].”

And today we note, the list price on 888 Minnesota #S322 (two bedroom/two bath) has been reduced $52,000 (4.7%).

∙ Homes On Esprit Park: The Foreshadowing Comes To Fruition [SocketSite]
∙ Listing: 888 Minnesota #S322 (2/2) - $1,053,450 [MLS]

Posted by socketadmin at 3:05 AM | Permalink | Comments (5) | (email story)

Five New North Beach Condominiums Hit The Market: 84 Vandewater

They’re five (5) new North Beach condominiums at 84 Vandewater (between Bay and Francisco), each with one car parking and storage. And no, they're not listed on the MLS.

∙ 84 Vandewater #201 (2/2.5) 1,109 sqft - $925,000
∙ 84 Vandewater #202 (2/2) 986 sqft - $945,000
∙ 84 Vandewater #301 (2/2.5) 1,039 sqft - $1,049,000
∙ 84 Vandewater #302 (2/2) 1,009 sqft - $975,000
∙ 84 Vandewater #401 (3/2.5) 1,253 sqft - $1,249,000

Floor plans and photos are available online. And we'll leave it at that.

∙ 84 Vandewater [84vandewater.com] [Floor Plans] [Photos]
∙ SocketSite's San Francisco Listed Housing Inventory Update: 1/21/08 [SocketSite]

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

January 16, 2008

Homes On Esprit Park: Now Accepting Refundable ($3,000) Deposits

From a plugged-in tipster (and on the heels of yesterday's Esprit Park expose):

“With our model homes expected to deliver in February and more models following in months to come, The Homes on Esprit Park team is thrilled to offer an opportunity to reserve your favorite unit for up to 45 days with a refundable $3,000 deposit. Offered for the first time since the sales office opened in late ’07, our refundable reservations are designed to help our most interested buyers move closer to the unit they want before it’s complete without the risk of a binding contract.”

If you're interested, you might want to act now (there's nothing wrong with a free option), but also keep the offer in mind the next time you hear a stat about "sales." Oh, and also noted, 1 bedroom, 1.5 bath homes "now priced from $595,000 to the mid $600,000’s."

∙ Homes On Esprit Park: The Foreshadowing Comes To Fruition [SocketSite]

Posted by socketadmin at 1:26 PM | Permalink | Comments (2) | (email story)

A New Incentive At The Potrero: Six Months No Mortgage Payment

The Potrero is about roll out a new buyer’s “incentive program” (just don’t call it a reduction) for remaining one-bedroom condos. According to the SFCAHomes Blog, it’s going to be "six months of paid mortgage payments."

And although we haven’t been privy to all the details, we’re estimating the value of the incentive at roughly $15,000 (or 3% of the purchase price). Don't forget to adjust your future median sales price and comps calculations accordingly.

∙ The Potrero (451 Kansas) Update: Now 70% In Contract Or Closed [SocketSite]
∙ New Buyer Program at The Potrero [SFCAHomes Blog]

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

January 15, 2008

Sutter Heights (1521 Sutter) Update: Construction Nears Completion

While originally expected to be completed last July (and then September), a new listing for Sutter Heights (1521 Sutter Street) #305 notes, “construction is nearing completion.”

Also noted, “8 units already in contract” (but no word on whether or not these are the same eight condos that were reserved in June or the math now includes any of the six that were being reserved for the developers or the three BMRs).

Oh, and “all units have a parking space (some stackers).” And no, the fuzziness of the floor plan isn’t our fault.

∙ Floor Plans And Feng Shui At Sutter Heights (1521 Sutter) [SocketSite]
∙ Listing: 1521 Sutter Street #305 (2/2) - $969,000 [MLS]
∙ Listing: 1521 Sutter Street #206 (2/2) - $879,000 [sutterheights.com]
∙ Listing: 1521 Sutter Street #307 (1/2) - $859,000 [sutterheights.com]
∙ Listing: 1521 Sutter Street #402 (1/1) - $609,000 [sutterheights.com]

Posted by socketadmin at 11:57 AM | Permalink | Comments (2) | (email story)

Homes On Esprit Park: The Foreshadowing Comes To Fruition

Two months ago we noticed (and plugged you in to) a subtle change on the Homes on Esprit Park website: The "Anticipated Price Range" for 1 bedroom/1.5 bath homes was changed to start from the “Low $600,000’s” versus the original “Upper $600,000’s.” And at the time, we also called your attention to the introduction of “price guarantees” against future price reductions.

And while the Esprit Park website continues to read from the “Low $600,000’s,” it could technically be changed again to read from the "High High $500,000’s” as the list price for 888 Minnesota #S102 was reduced again late last week, this time from $626,240 to $594,928 (a reduction of 5.0%). And the list price for 888 Minnesota #S115 was also reduced from $635,420 to $603,649 (a 5.0% cut as well).

No word, however, on any movement (either in terms of sales or reductions) for the two and three bedroom units. Or whether of not the offering of price guarantees will be extended (originally for condos placed into contract through December 15, 2007).

∙ A Price Guarantee From (And Proof Of Price Reductions At) Esprit Park [SocketSite]
∙ Listing: 888 Minnesota Street #S102 (1/1.5) - $594,928 [MLS]
∙ Listing: 888 Minnesota Street #S115 (1/1.5) - $603,649 [MLS]

Posted by socketadmin at 5:00 AM | Permalink | Comments (20) | (email story)

January 14, 2008

Reductions And Returns At The Ritz-Carlton Residences (690 Market)

Eight months after advertising “sold out” (at least with regard to the original 52 condos), just over 20% of the Ritz-Carlton Residences (690 Market) are officially back on the market. And at least seven of those original fifty-two are currently available through the sales office (which would suggest a contract fall out rate of at least 13%).

Of the twelve listings, three are for one-bedrooms: #1605 which is a resale and asking $1,497,000; #1705 which is a resale and asking only $2,000 more; and #1805 which is being offered directly from the sales office, but for $2,000 less ($1,495,000).

And while a price reduction on a resale unit is one thing (the list price on #2104 was just reduced by $252,000 (6.7%) after two months on the market), it’s another when the reductions are on units being offered through the sales office itself (the list price for #1103 has been reduced by $104,000 (4.5%) since hitting the MLS five months ago).

∙ The Ritz-Carlton Adds Five More Private Residences (Now 57) [SocketSite]
∙ Listing: 690 Market #1605 (1/1.5) - $1,497,000 [MLS]
∙ Listing: 690 Market #1705 (1/1.5) - $1,499,000 [MLS]
∙ Listing: 690 Market #1805 (1/1.5) - $1,495,000 [MLS]
∙ Listing: 690 Market #1103 (2/2.5) - $2,195,000 [MLS]
∙ Listing: 690 Market #2104 (3/3) - $3,498,000 [Sotheby’s] [MLS]
∙ Four More Listings! (And At Least One Reduction At The Ritz) [SocketSite]

Posted by socketadmin at 3:30 AM | Permalink | Comments (87) | (email story)

Mission Valencia (3184 Mission): Priced From $599,000 $585,000

While first priced at $659,000 as part of “Valencia Triangle” in June of 2006, and then at $599,000 when when the building re-released as “Mission Valencia” this past November, the list price for 3184 Mission Street #302 was just reduced $14,000 (now "Priced from $585,000"). At the same time, the list price for #401 (which represents the upper end of the twenty condos in the building) was reduced from $799,000 to $749,000.

∙ Take Two For Valencia Triangle Mission Valencia (3184 Mission) [SocketSite]
∙ Valencia Triangle (3184 Mission) [SocketSite]
∙ Listing: 3184 Mission Street #302 (2/2) - $585,000 [MLS]
∙ Listing: 3184 Mission Street #401 (2/2) - $749,000 [MLS]

Posted by socketadmin at 3:00 AM | Permalink | Comments (21) | (email story)

January 11, 2008

JustQuotes: Bosa Buys Parcel 5 On The South Side Of Mission Creek

“Builder Bosa Development has bought another parcel in the burgeoning Mission Bay neighborhood, paying $13.5 million for [Parcel 5 on the south side of Mission Creek] that has been approved for 270 residential units, according to Old Republic Title Co.”

“The deal comes as Bosa has topped off the first 99-unit phase of the Radiance at Mission Bay and started construction on the second phase, which will have 317 units.

The first 99 units went on the market in April and just over 50 percent are in contract. Dennis Serraglio, Bosa's sales and marketing director, said most of the units went into contract in the first 60 days after the sales office opened. During the second half of 2007, Bosa sold an average of two units a month.”

“Bosa said his construction costs are still rising; he said he would not be able to sell phase two of the Radiance for less than $1,000 a square foot.”

∙ Bosa still bullish, buys again in Mission Bay [San Francsico Business Times]
∙ Why You Should Care About All Those New Developments (Part I) [SocketSite]
∙ Radiance At Mission Bay: Around 50% In Contract (And Conversion)? [SocketSite]
∙ Radiance At Mission Bay: Sales Office Open [SocketSite]

Posted by socketadmin at 3:40 AM | Permalink | Comments (18) | (email story)

January 10, 2008

The (Incomplete) Conceptual Massing For SF’s Mission Bay

It’s not complete, and was put together for “conceptual” purposes to help in planning the proposals for the development of San Francisco’s Seawall Lot 337 (SWL 337), but nonetheless it’s an interesting map of the massings related to the past, present and future development of San Francisco’s Mission Bay.

And with respect to our original quip concerning Cirque du Soleil: “The Port has leased SWL 337 to the San Francisco Giants, which sub-leases the site to Imperial Parking to manage the parking operations, and to special event organizers, such as Cirque du Soleil. The Port receives 50% of the net operating income received by the Giants from any of these economic uses (after amortization of the Giants’ cost for improving the parking lot). This lease expires in 2009.”

∙ Request For Proposals For San Francisco’s Seawall Lot 337 [SocketSite]
∙ Could This Be Curtains For Cirque Du Soleil In The City? [SocketSite]

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

January 9, 2008

Another Opportunity For “Instant Equity” Over At One Rincon Hill?

While it’s not the first, and it’s not likely to be the last, a plugged-in tipster forwards a Craigslist ad for a “re-sale” (re-contract?) condo in the first tower of One Rincon Hill:

Looking for someone to take over my purchase agreement for a great price that you won't find again, ever, for a building like this. Unit will be ready for move-in around March 2008.

I'm looking to find a co-signer who I will sign over my initial deposit AND deed/title to. I now need a house outside the city, but I reserved this unit for the original low price a long time ago (above price [$700,000] not actual price). You can now secure a home for undermarket value.

We’re always more than a little weary when “under market” (a.k.a. “instant equity!”) is involved (and doubly so when closings are right around the corner). But then again, if you honestly feel like you initially missed out, perhaps it's an interesting opportunity to pursue (with the help of an excellent attorney of course).

∙ $700000 1 Rincon Hill - Original Purchase Sale [Craigslist]
∙ A Quick Flip At One Rincon Hill? [SocketSite]
∙ Not Exactly A Flip, But Possibly A Push, Over At One Rincon Hill [SocketSite]

Posted by socketadmin at 9:59 AM | Permalink | Comments (11) | (email story)

January 8, 2008

Infinity Update: Construction, Tower Two, And Possibly Even Sales

As a plugged-in reader points out, Webcor has updated their website with regard to the construction of Infinity:

December has been a momentous month for the Infinity project. The City of San Francisco has issued the Temporary Certificate of Occupancy (TCO) two weeks ahead of schedule. Unit owners are expected to begin moving in on February 1st, as the final touches are completed in the plaza, fitness center, and pool areas. Sidewalks and sitework were completed ahead of the TCO inspection and units on the upper floors are completing the punchlist process with owner upgrades following close behind.

The 42-story, Phase 2 tower continues to progress as the curtainwall is installed through level 7. Concrete continues its steady pace of 3-days-per-floor and is complete through level 32. The tower crane completed its final jump on December 22nd and now has a staggering 526 foot hook height.

And if you're in contract and looking to trade notes on how to prepare for (or what you eventual see on) your walkthrough, might we suggest: Walkthroughs At Infinity: A Chance To Share Your Impressions.

UPDATE: Photo above snapped by a plugged-in reader on hard-hat tour a few weeks back with a walkthrough scheduled soon.

UPDATE: "I was just there yesterday, and they said that 20% was still available."

∙ Webcor Construction Update: The Infinity (300 Spear Street) [Webcor]
∙ Walkthroughs At Infinity: A Chance To Share Your Impressions[SocketSite]

Posted by socketadmin at 12:27 PM | Permalink | Comments (32) | (email story)

One Rincon Hill: Closings, Walkthroughs, And (Almost) Anything Else

Okay, so perhaps we were a bit naïve in thinking readers could wait 24 hours to engage in a discussion about walkthroughs and closings specific to One Rincon Hill, so without further ado: "I've been calling One Rincon to ask when I could get into the building and they said they are working on it. Does anyone know when they’ll let people in?"

∙ One Rincon Hill: An Official Update And A Few Confirmed Facts [SocketSite]

Posted by socketadmin at 12:08 PM | Permalink | Comments (19) | (email story)

Walkthroughs At Infinity: A Chance To Share Your Impressions

From a plugged-in reader and contract holder at Infinity:

I'm an infinity buyer and recently received a call from the sales office to come in for my walkthrough...It would be great [to allow readers] to post their experiences with their particular walkthroughs: impressions, problems, surprises, etc. With a good number of responses, it could serve as a nice tool for those of us who have not yet done our walkthrough.

Great idea and consider this the community’s opportunity. An extra special thanks to any plugged-in readers who choose to forward a photo or video to share (tips@socketsite.com). And yes, off topic comments will be summarily censored deleted without apology (and we’ll provide a similar opportunity for buyers at One Rincon Hill tomorrow today).

Oh, and not to spoil the surprise for the buyer(s) of #28A, but that’s the actual view from your unit above (and let's not forget those invitations to the housewarming(s)).

∙ The Infinity: The “Official” Dates And Update (8/24/07) [SocketSite]

Posted by socketadmin at 8:05 AM | Permalink | Comments (36) | (email story)

January 3, 2008

The (Re)Development And Design Of 1198 Fillmore And 1345 Turk

While the San Francisco Redevelopment Agency is seeking RFP’s from developers interested in restoring and repurposing the long vacant two-story brick Muni Substation at the southeast corner of Turk and Fillmore (1198 Fillmore to be exact and the big pink rectangle above), it’s actually the new David Baker + Partners designed development that's in the works next door (1345 Turk Street) that we’ve been keeping our eyes on.

The project consists of 32 affordable condominium units (1, 2, and 3 br). Buildings will be two-to-three levels of wood frame, Type V construction over a concrete Type I podium. An at-grade parking podium includes 62 spaces to accommodate residential and commercial needs. A double height lobby with a stair and elevator will serve as the main entrance to the project. Site work includes a landscaped courtyard on the podium, sidewalk planting and improvements, and landscaping along the Turk Street frontage. The project will be constructed in a single phase. Site area is approximately 0.61 acre and includes a loading area easement for the MUNI Substation Site. The Substation Site itself is not part of this project.

And for those neighboring residents who might be concerned about the preferred reuse of the Muni Substation as a music venue, don’t fret: “Because townhomes will be constructed on the east side immediately adjacent to the Muni Substation, special measures will need to be taken to provide for sound insulation that provides an aesthetic complement to the interior design scheme.”

∙ 1345 Turk Street: Conceptual Renderings [SFGov]
∙ RFP: Adaptive Restoration and Reuse of the Muni Substation Building [SFGov]
∙ City looks to jazz up historic building site [Examiner]

Posted by socketadmin at 11:22 AM | Permalink | Comments (12) | (email story)

December 27, 2007

JustQuotes: Putting On The Ritz-Carlton Residences On The Spot

"As long as you don't look up, the restoration of San Francisco's de Young Building is the architectural feel-good story of the year.

Eleven stories of ruddy sandstone and brick command the corner of Kearny and Market streets every bit as robustly as they did in 1890, when the building that then housed The Chronicle opened as the tallest tower on the West Coast. You'd never guess that for 40 years the walls were hidden behind drab metal panels with a pseudo-modern look.

Unfortunately, the story doesn't end with a dowager's face-lift. To finance the rebirth, city officials let the developer put a tower in back. And that addition is so uninspired it almost undoes the good work below." (S.F.'s restored de Young building stunning at street level)

Posted by socketadmin at 7:15 AM | Permalink | Comments (26) | (email story)

December 21, 2007

SoMa Grand: A Reader’s Unofficial Sales Update And Insight

From a plugged-in reader who’s now in contract at SoMa Grand:

SoMa Grand is currently at about 35% contracted or occupied, reporting 90 under contract of [246] units as of this past weekend…. While no official incentives are available, they are willing to throw in upgrades, especially if you buy without parking. Their design center is also open now in a model unit.

As you might recall, we reported an official 30% in contract six weeks ago (a difference of roughly 15 units).

∙ Soma Grand (1160 Mission): Status And Sales Update [SocketSite]

Posted by socketadmin at 2:46 PM | Permalink | Comments (11) | (email story)

Planning For 5,700 New Homes In San Francisco’s Parkmerced

From J.K. Dineen at the San Francisco Business Times: “Parkmerced's owners want to add 5,700 housing units to San Francisco's largest apartment complex in a dramatic redesign that would cost billions of dollars and nearly triple the west side community to 9,000 units.

Stellar Management and Rockpoint Group's aggressive plan calls for the construction of between 200 and 300 units a year over the next 15 to 20 years. The owners plan to file an application for environmental review with the city before the end of the year, according to spokesman P.J. Johnston.

The proposal, as envisioned by architects Skidmore Owings Merrill, would reinvent the automobile-centric World War II-era community as a denser, more pedestrian-oriented neighborhood with a new transit stop, parks, and grocery shopping. Ten of the 11 existing 13-story towers would be preserved. Approximately 70 percent of the 5,700 new units would be in townhouses of three or four stories. Others would be in new towers up to 13 stories. The housing will include a mixture of rental apartments and for-sale condos.”

“The heart of the future Parkmerced would be a new Muni station. The developers are proposing to bankroll moving the San Francisco State University Muni station from 19th Ave. and Holloway, considered one of the city's most dangerous intersections, onto the Parkmerced property. The new station would be built on Crespi Drive and would be integrated into a Parkmerced village center with a grocery store, farmers' market, cafe, and other small shops. The owners are also considering adding one or two more Muni stops on the 110-acre property.”

"The Stellar/Rockpoint scheme calls for a number of extreme green measures. Some, like narrower streets with bike and walking paths, are commonplace. Others are more unusual, like a plan to remove the entire property off the city's power grid and instead generate electricity through wind turbines and microturbines that operate on a variety of gaseous or liquid fuels and emit very low emissions. Skidmore's design partner for the project, Craig Hartman, said cleantech advances can reduce energy consumption by 62 percent per household. A highly-efficient plumbing system and a new water recycling plant could reduce water and sewer consumption by 43 percent per home, he said."

∙ Huge housing plan to add 5,700 units [Business Times]
∙ Parkmerced [parkmerced.com]

Posted by socketadmin at 7:10 AM | Permalink | Comments (23) | (email story)

December 19, 2007

829 Folsom Street: 69 Luxury Condominiums Coming In 2008

It’s a plugged-in reader that finds the developer’s site for 829 Folsom Street, “an exclusive boutique condominium development nestled in San Francisco’s burgeoning South of Market neighborhood, offering 69 luxury studio, one, two and three bedroom units.”

And while we have a call in to the developer, and have been told that a model unit should be open by March/April of 2008, that’s about all we know at the moment. Perhaps a tipster or two would care to show off by sharing some details. And yes, you know we'd do the same for you.

∙ 829 Folsom Street Overview [FORMA SF] [Map]

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

JustQuotes: Forget About The Floor Plan, Who’s In The Kitchen Below?

"Tony high-rises have always lured potential residents with views, pools and prestigious ZIP codes. But now, well-to-do Baby Boomers and young, upwardly mobile professionals want the amenities of high-end hotels. So developers are putting on the Ritz. And because San Francisco spends more money on dining out than any other metropolis on record, haute cuisine is becoming part of the package."

UPDATE: "Rumor has it that The Palms are close to closing a deal with a restauranteur, replacing their existing sales office."

UPDATE Redux: "Regarding the Palms update -- at the building holiday party one of the sales people (who lives in the bldg) said a Japanese (sushi?) restaurant has signed on to move in where the sales office is. Apparently, a restaurant with other locations in SF. The sales team is vacating by the end of Dec. She also said there are four units left here."

∙ As upscale home complexes add great chefs, more buyers are biting [SFGate]

Posted by socketadmin at 3:00 AM | Permalink | Comments (17) | (email story)

December 18, 2007

One (1) South Park: Sales Update (And A Few More Prices)

In July 19 units were “reserved,” in October it was down to 11 that were spoken for, and as of this weekend it was back up to 17 condos at One South Park that were either in contract or closed with (at least) 18 of the overall 35 still available for purchase (and immediate occupancy).

Representative pricing for eleven of the remaining units (with monthly HOA dues ranging from $331 to $485):

∙ One South Park #201 (2/2) 988 sqft - $945,000 ($956/sqft)
∙ One South Park #203 (1/1) 731 sqft - $725,000 ($992/sqft)
∙ One South Park #204 (3/2) 1,079 sqft - $1,150,000 ($1065/sqft)
∙ One South Park #210 (1/1) 821 sqft - $815,000 ($993/sqft)
∙ One South Park #301 (2/2) 1,096 sqft - $1,050,000 ($958/sqft)
∙ One South Park #304 (2/2) 1,162 sqft - $1,200,000 ($1033/sqft)
∙ One South Park #308 (2/2) 1,199 sqft - $1,100,000 ($917/sqft)
∙ One South Park #309 (1/1) 831 sqft - $815,000 ($981/sqft)
∙ One South Park #311 (2/2) 1,098 sqft - $995,000 ($906/sqft)
∙ One South Park #403 (2+/2.5) 1,353 sqft - $1,495,000 ($1105/sqft)
∙ One South Park #404 (3+/3.5) 1,726 sqft - $1,995,000 ($1156/sqft)

Floor plans for all units remain available online. And while we will note that units #304, #310, #311, and #403 were at one time marked as reserved, we'll also note that we haven’t yet seen any hard evidence of price reductions or incentives. Tipsters?

∙ One South Park: Reservations, Floor Plans And Even A Few Prices [SocketSite]
∙ One (1) South Park: Sales Update, Opening, And A Few Pics [SocketSite]

Posted by socketadmin at 4:33 PM | Permalink | Comments (22) | (email story)

The Potrero (451 Kansas) Update: Now 70% In Contract Or Closed

At the beginning of September The Potrero (451 Kansas) was reporting roughly 60% of their condos (105 units) in either contract or closed (including 85% of the north building and 33% of the south). And according to the president of their marketing company, “[w]e were aiming for 12 a month and are selling 18."

It’s a little over three months later and The Potrero is now reporting 70% either in contract or closed (with an expected 100 closings by the end of the year). Almost all of the movement has been in the south building (50% now in contract or closed while the north building remains flat at 85%). And based on our calculations, net new sales have been running at closer to 4 condos a month since the beginning of September with roughly 50 left to sell (which might help explain the pricing on their latest release).

Two other numbers we found interesting: over 50% are first time buyers and over 90% are planning on making The Potrero their primary residence. And yes, all stats (but not the calculations) are according to the sales office.

∙ The Potrero (451 Kansas): Now 60% “Sold” And Closing Contracts [SocketSite]
∙ The Potrero (451 Kansas): Now From Under $400,000 (Just Barely) [SocketSite]

Posted by socketadmin at 12:15 PM | Permalink | Comments (3) | (email story)

77 Van Ness Rising (And Our Request For A Rendering)

It was nine months ago that one reader wondered what was in the works at 77 Van Ness and another quickly answered: “an eight-story, 100-foot-tall mixed-use development providing residential, office, and retail space.”

And now we'll add: it’s either 50 or 56 condos (depending upon how the 6 BMR units were resolved); almost 20,000 square feet of office space; and 1,350 square feet of ground floor commercial. And we'll ask: has anybody seen (and care to share) a rendering or two?

∙ Reader’s Questions: That Eureka Moment [SocketSite]

Posted by socketadmin at 10:09 AM | Permalink | Comments (12) | (email story)

December 17, 2007

Symphony Towers Update: 45% In Contract And Opening February 08

According to a tipster, the 130 condos at Symphony Towers (750 Van Ness) are now “45% sold” (i.e., in contract) and should be available for occupancy as soon as February (2008).

If that sales figure includes Symphony Towers' 16 BMR units, it would represent fewer than fifty market rate sales over the past five months (which might surprise some considering their relatively low price point and “first fifty” promotion) and not much movement (in terms of net sales) since opening day.

∙ The SocketSite Scoop On Sales At Symphony Towers (750 Van Ness) [SocketSite]
∙ Symphony Towers: A SocketSite Reader Reports On Opening Day [SocketSite]

Posted by socketadmin at 10:42 AM | Permalink | Comments (16) | (email story)

The SocketSite Scoop On The 52 Condos Rising At 818 Van Ness Ave

818 Van Ness Avenue is an eight (8) story mixed-use condominium project of 52 residential units above two new retail spaces (810 and 826 Van Ness). The design is by Forum Design. The building should be on the market in early 2008. And yes, they're already accounted for in our Complete Inventory Index (Cii).

∙ SocketSite’s Complete Inventory Index (CII): Q3 2007 (SF) [SocketSite]

Posted by socketadmin at 3:15 AM | Permalink | Comments (43) | (email story)

December 13, 2007

888 Seventh Street: The Three Bedroom Units Going Fast?

While the 888 Seventh Street website still notes “Sales Office Opening Soon,” and the online floor plans would suggest that all fifty-four market rate condos remain “Available,” according to a plugged-in tipster “[t]he 4 (3 bedroom units) in the cafe building [pictured above] are going fast" with the top two already in contract. Needless to say, something seems a bit off (perhaps in more ways than one).

∙ Fifty-Four Market Rate Condos At 888 Seventh Street Coming Soon [SocketSite]

Posted by socketadmin at 3:20 AM | Permalink | Comments (14) | (email story)

December 12, 2007

1285 Sutter Street: The Proposed Design To Replace The Galaxy

As SF Curbed notes, the proposed mixed-use design (by San Francisco architects Christiani Johnson) to replace the Galaxy Theater at 1285 Sutter Street has been “revealed.”

At street level, a 15,000 square foot space has been designed for a gourmet national grocer satisfying a much-needed daily grocery use. In addition to providing a great shopping resource for the neighborhood, the retail space will help create an attractive and lively area for pedestrian traffic along Van Ness Avenue.

Above the ground floor, the building will contain 107 large urban homes. The units offer the largest average home size of any new residential building in the neighborhood, approximately 1,055 square feet. Along with the selection of a nationally know grocery partner, the decision to offer larger homes is in line with the city’s plan to revitalize the Van Ness corridor with more attractive and resident-friendly housing and retail.

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).

∙ Development Watch: 1285 Sutter Street [SF Curbed]
∙ Design Selected for 1285 Sutter Street [suttervanness.com]

Posted by socketadmin at 10:36 AM | Permalink | Comments (20) | (email story)

Speaking Of 5800 Third Street (A Development/Developer Update)

When we first mentioned 5800 Third Street two years ago Levin Menzies & Associates and Lennar were leading the development charge and the project was seeking Planning Commission approval. Today, the project is the hands of Noteware Development and the Goldman Sachs Urban Investment Group (UIG) and construction is underway.

The first phase of the project is slated for completion in winter 2009 with the second phase following in 2010. And in addition to the aforementioned full service grocery store, the 5800 Third Street development will consist of 338 condominiums including 47 Below Market Rate (BMR) units. “Prices for the market rate units have not yet been set, but will likely start in the mid-$500,000s. Prices for the affordable units will likely start in the mid-$200,000s.”

∙ Bayview Development [SocketSite]
∙ JustQuotes: Fresh & Easy Neighborhood Market Coming To Bayview [SocketSite]

Posted by socketadmin at 8:41 AM | Permalink | Comments (10) | (email story)

December 11, 2007

Trinity Plaza Update: The Digging For Has Begun For 1188 Mission

If Trinity officials are correct in their estimate that it will take two years to finish the first phase of the new Trinity Plaza (1188 Mission), then the first tenants of Trinity Plaza might just be in their new homes before the end of 2009. For as a plugged-in tipster notes: “Digging has begun at 8th and Mission for the first phase of rental units at Trinity Plaza next to the Soma Grand.”

∙ JustQuotes: Phase I Of Trinity Plaza About To Break Ground [SocketSite]

Posted by socketadmin at 7:00 AM | Permalink | Comments (12) | (email story)

December 10, 2007

The Potrero (451 Kansas): Now From Under $400,000 (Just Barely)

It was over a year ago that The Potrero (451 Kansas) began advertising “New homes in old San Francisco from the low $400,000s.” But this weekend (and roughly two months after we noted at least one official price reduction) the prices on a “new release” of studios slipped below $400,000 (okay, so $399,000). And two-bedrooms are now starting "under $700,000" (yes, $699,000).

∙ The Potrero (451 Kansas): From The Low $400,000s [SocketSite]
∙ A Few More Small (But Interesting) Reductions In New Developments [SocketSite]

Posted by socketadmin at 3:15 AM | Permalink | Comments (2) | (email story)

December 7, 2007

Avalon At Mission Bay Phase III (240 Berry) Starts Its Ascent

One of the best construction site webcams we’ve discovered is alive and kicking for Avalon at Mission Bay Phase III (240 Berry) as is the development of the apartments. And in terms of the final design, we’re still looking for the inside scoop (and wondering whether or not any of Arquitectonica’s original vision survived). Readers?

UPDATE: Tom is correct, it’s the Arquitectonica design that’s on the flyers. Also advertised: 260 apartments, 17-story tower, 8-story mid-rise; fire pits, outdoor movie theater, bocce ball court; and coming Mid-2009.

∙ Avalon Mission Bay Phase III Construction Webcam [oxblue.com]
∙ 240 Berry: No Condos For You [SocketSite]

Posted by socketadmin at 3:30 AM | Permalink | Comments (20) | (email story)

December 5, 2007

JustQuotes: It’s Looking Like An Offshoot Of Boulevard For Infinity

“Nancy Oakes, fellow Boulevard chefs Pamela Mazzola and Ravi Kapur, and restaurant general manager Kathy King are signing papers and making plans for a new restaurant in the still-under-construction Infinity...scheduled to open in mid-2009. At one time, Oakes talked of opening a lounge-style restaurant where patrons could sip cocktails and sample appetizer-size bites before moving into a small dining room for big plates. But it's unclear whether that's still the plan.”

∙ Inside Scoop: Myth restaurant sold; O'Brien out as chef [SFGate]
∙ The Infinity: The “Official” Dates And Update (8/24/07) [SocketSite]

Posted by socketadmin at 12:00 PM | Permalink | Comments (11) | (email story)

December 4, 2007

JustQuotes: We Missed It (But Would Welcome Any Other Reports)

“Hopefully, some of you were also at the SPUR lunchtime presentation by Hines about the Transit Tower. One exciting potential they mentioned was linking some of the other surrounding buildings to the City Park on top of the transit center itself.”

UPDATE (12/5): And once again, Jamie delivers (and teases us with mention of a "desired" BART connection).

∙ Event: In depth look at the Transit Center tower [SPUR]
∙ Hines And Pelli Clarke Pelli Bid The Most (And Get The Transbay Nod) [SocketSite]

Posted by socketadmin at 2:19 PM | Permalink | Comments (3) | (email story)

A Heritage On Fillmore Un-Official Update: 22 of 68 Available

Six months ago we reported 37 of the 68 market rate condos (as well as all 12 of the BMR units) at Heritage on Fillmore (1310 Fillmore) were either sold or in contract. And according to SF New Developments, as of yesterday twenty-two (22) of those market rate condos remain available (only three of which are listed on the MLS). If accurate, that would suggest net new sales of nine (9) condos over the past six months (versus 27 over the previous five).

And yes, both Yoshi’s and 1300 on Fillmore (originally to be named Blue Mirror) are now open (and we’ve been hearing very good things). And no, we can’t confirm (and would be surprised) if any of the market rate units are “being dumped at low prices.”

∙ Heritage On Fillmore Official Update: Inventory And Restaurants [SocketSite]
∙ Heritage On Fillmore Update [SF New Developments]

Posted by socketadmin at 6:44 AM | Permalink | Comments (21) | (email story)

November 30, 2007

Six New “Chic Urban Dwellings” At 3354 20th Street In The Mission

Six new two and three bedroom “chic urban dwellings” (their words, not ours) have hit the market at 3354 20th Street in the Mission (at Shotwell).

They’re big (ranging from 1,502 to 2,772 square feet); they feature "vast open floor plans" (but they’re not lofts); and they're priced from $799,000 to $1,249,000.

∙ 3354 20Th Street #101 (2/3) 1,724 sqft - $979,000
∙ 3354 20Th Street #102 (2/2.5) 1,502 sqft - $859,000
∙ 3354 20Th Street #201 (2/2.5) 1,428 sqft - $799,000
∙ 3354 20Th Street #202 (2/2.5) 1,530 sqft - $899,000
∙ 3354 20Th Street #301 (3/3) 2,732 sqft - $1,249,000
∙ 3354 20Th Street #302 (3/3.5) 2,772 sqft - $1,249,000

And until we've taken a tour, and beyond what's on the property website, that's about all we can say (or know).

∙ 3354 20th Street [3354-20th.com]

Posted by socketadmin at 3:13 PM | Permalink | Comments (23) | (email story)

November 29, 2007

A Chance To Participate In Japantown’s Better Neighborhood Planning

From the San Francisco Planning Department (via a plugged-in tipster):

This is a reminder to encourage you to attend this Saturday's Japantown Better Neighborhood Plan Workshop. In addition to hearing from the Planning Department's planning consultants regarding historic and cultural preservation, implementation strategies, and urban design findings, we will also see preliminary design concepts for Japan Center and a preview of the proposal for 1481 Post Street (a recent addition to the agenda). Following the presentations, we've dedicated time for community members to give their feedback in small groups regarding all the topics.

The future of Japan Center and Geary Boulevard are at stake. Improvements to land use and zoning, businesses, transportation, public space and the historic and cultural character throughout the neighborhood are under consideration.

Our first thought: hello modern. Our second thought? Point number four in one reader’s “5 Suggestions To Turn Around Fillmore.”

∙ Japantown Better Neighborhood Plan [SFGov]
∙ Are Ikkyu’s Days Numbered? [SocketSite]
∙ SOM Design And Details For 300 Condominiums On A Hill [SocketSite]
∙ The Official Cathedral Hill Tower (1481 Post Street) Website [SocketSite]
∙ A Reader’s “5 Suggestions To Turn Around Fillmore” [SocketSite]

Posted by socketadmin at 5:29 PM | Permalink | Comments (20) | (email story)

Are They Clearing The Way For Someone's Californian On Rincon Hill?

We don’t know if Fifield has found a buyer for the development of The Californian on Rincon Hill, but as a tipster notes, “the future site…is now fenced off and demolition has begun.” Of course demolition isn't the same thing as construction, but it is a step in the right direction.

Now perhaps a plugged-in reader or two would be so kind as to spill share the inside scoop? And yes, you know we'd do the same for you.

∙ The Californian On Rincon Hill: No Longer Coming Soon (If At All) [SocketSite]
∙ The Californian on Rincon Hill: 375 Fremont St [SocketSite]

Posted by socketadmin at 1:26 PM | Permalink | Comments (32) | (email story)

November 20, 2007

An Annoying Anecdote Or An Actual Alternative To San Francisco?

"Ten days ago, Derek Allen donned a hard hat and walked through the newly opened models at Axis, San Jose's newest condominium tower under construction in downtown. What he saw persuaded him not to buy a condo on San Francisco's Rincon Hill, but instead put a $5,000 deposit down on a 19th-floor unit at the Axis, located on Almaden Boulevard next to the De Anza Hotel."

∙ Downtown S.J. welcomes high rise living [San Jose Mercury News]
∙ If This Is Old News (And You Know Even More), Then Drop Us A Line [SocketSite]

Posted by socketadmin at 7:20 AM | Permalink | Comments (59) | (email story)

November 19, 2007

Copper (And Wood) Clad And Coming Semi-Soon At 17th And Clayton

And speaking of exteriors, the scaffolding is down on the four new copper (and wood) clad condos rising at 17th and Clayton (4588-4598 17th Street to be exact).

The four townhomes (designed by Leavitt Architecture) will range from ~1,550 to ~1,850 square feet, will each feature three bedrooms (and either three or three and one half baths), and should be completed as early as February (2008).

We’ll keep you posted (and plugged-in) as to the prices (once they've been set). And no, we didn't Photoshop the sky.

Posted by socketadmin at 3:16 PM | Permalink | Comments (59) | (email story)

November 16, 2007

One Rincon Hill Fall Newsletter: Construction And Closings Update

From the One Rincon Hill Fall 2007 newsletter: “Closings of floors 8-27 will commence in January 2008” (but you already knew that). And “[t]he framing of the interiors has reached the 54th floor, the drywall is to level 36 and the finishes soon to completed; therefore, buyers in the uppers floors 28-60 should be prepared for the sales staff to contact them in the next few months.

∙ One Rincon Hill “View” Newsletter (Fall 2007) [onerinconhill.com]
∙ One Rincon Hill: An Official Update And A Few Confirmed Facts [SocketSite]

Posted by socketadmin at 4:45 PM | Permalink | Comments (3) | (email story)

A Price Guarantee From (And Proof Of Price Reductions At) Esprit Park

While the Homes on Esprit Park website was originally advertising 1 bedroom, 1.5 bath homes from the “Upper $600,000’s,” we note that it now reads from the “Low $600,000’s.” And in fact, according to a sales office email forwarded from a plugged-in tipster, they are now starting “around $626,000.”

And while we were going to call it foreshadowing (prior to noticing that “upper” to “lower” change), the Homes on Esprit Park sales office is now offering price guarantees (against future price reductions):

The team at Homes on Esprit Park and Build, Inc. want to ensure our future homeowners their investment in our wonderful community is secure and represents very good value in today’s dynamic marketplace. To bring you that confidence, through December 15th of this year, any home placed in contract will come with a price guarantee that assures you of the value of your investment near the close of escrow on your home.

When you purchase a home in our community, we will assign one or more similar properties in the project to your purchase contract. Should any of those assigned homes reduce in price or be sold at a lesser price than originally listed, we will reduce the price of your home as well by the same percentage amount prior to your close of escrow. No questions asked.

We understand that in uncertain markets, even exceptional communities like Homes on Esprit Park need to address the investment concerns of their clientele, and with this price guarantee we hope to do so for you. With our model units expecting to be delivered at the beginning of the year, a rebound in the lending market (already underway) and much greater progress on construction, we anticipate vibrant activity and sales in the new year. That’s why this offer is extended only through the pre-holiday season and only to our registered customers.

And no, we don’t know if the price guarantee applies to those who are already in contract (or whether or not we should have filed this one under "trends").

∙ Sales Office For Esprit Park (888 Minnesota) Opens Tomorrow (10/5) [SocketSite]
∙ Homes on Esprit Park: Pricing [espritpark.com]

Posted by socketadmin at 3:00 AM | Permalink | Comments (31) | (email story)

November 15, 2007

JustQuotes: Care To Quote The Odds On The Success Of Mint Plaza?

"The stage is set, and a chic stage it is: Black pavers ripple across a former alleyway with an oak tree on one end, six ginkgoes on the other and a patch of dark spiky grasses in between.

But plazas must be judged by how they function, not how they look - and the artsy design of the Mint Plaza is no guarantee of long-term success.

Instead, the space opening Friday next to San Francisco's Old Mint is a gamble. It's a developer's wager that the landscape south of Market Street will continue to evolve, and a bet that a stylish community is waiting to emerge and stake a claim."

[Editor’s Note: And for the record, we’re at better than even money.]

∙ Builder bets newly minted plaza in San Francisco will be an oasis [SFGate]

Posted by socketadmin at 8:16 AM | Permalink | Comments (31) | (email story)

November 14, 2007

Is It Better To Be A Buyer Or A Broker At The Montgomery?

While the sales office at The Montgomery is offering potential buyers who attend their November 17th open house and sales event (from 12 to 3) “a chance to win a $500 Whole Foods gift certificate!” (must be present to win), they’re offering brokers who put a buyer “into contract between November 15th and December 31st, 2007…a $1,000 Barneys New York Gift Card.” And yes, that’s in addition to their existing “Bonus Commission Program.”

If you're a buyer, let's just hope your buyer's agent comes through with a nice holiday or housewarming present. (Might we suggest a nice fat Barneys gift card?) And if you want to share that Barneys love (now that you know about it), you know how to reach us.

∙ The Montgomery (74 New Montgomery) Gets A New Sales Team? [SocketSite]

Posted by socketadmin at 11:07 AM | Permalink | Comments (6) | (email story)

Mint Plaza Officially Opens This Friday (November 16, 2007)

It was almost a year ago the we provided you with the scoop on the proposed Mint Plaza (and introduced you to the Mint Lofts). It was six months ago that we let you know the plaza plan was approved and moving forward. And it's today that we remind you that the Mint Plaza official opening ceremony is on Friday (from 10am to noon).

∙ Mint Plaza (And Livable City) [SocketSite]
∙ Mint Lofts: 410 + 418 Jessie Street, San Francisco [SocketSite]
∙ Mint Plaza: Approved, Moving Forward, And Coming Soon [SocketSite]

Posted by socketadmin at 11:00 AM | Permalink | Comments (13) | (email story)

A Reader Asks, We Answer, You Embellish (3520 20th Street)

A reader asks: “I just drove by what looks like a new condo project on 20th Street, between Mission and San Carlos (right off San Carlos, actually). There were no signs displaying any information about this project. Anyone have any idea?”

We answer: If it’s the development pictured above, that’s 3520 20th Street which will consist of 14 residential condos and 3 commercial spaces. And the last we heard, it should be on the market sometime around February/March of next year.

You embellish: (if you're plugged-in and happen to have the inside scoop).

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

November 13, 2007

235 Berry Sales Update: Closing In On 90% Sold

Three months ago twenty-four (24) of the ninety-nine (99) condos were left to be moved (and moved into) at 235 Berry Street in Mission Bay. And if SF New Developments is correct, that number is now down to fourteen (14) and 235 Berry is closing in on 90% sold (with only six (6) of those fourteen currently listed on the MLS).

And as you might recall, it was almost two years ago that 235 Berry first hit the market with a “mini-lottery” for the first 20 units to be released.

∙ A Sales Slow Down At 235 Berry? (Now 75% Sold) [SocketSite]
∙ 235 Berry: Mission Bay Update [SF New Developments]
∙ 235 Berry Street Sales Release (6/11/06) [SocketSite]

Posted by socketadmin at 6:45 AM | Permalink | Comments (8) | (email story)

November 9, 2007

One Rincon Hill: An Update On Those Two Penthouses (And The Crane)

From another plugged-in tipster: “One Rincon Hill just sold one of the 2 penthouses available. This one on the 59th floor (Twin Peaks view, I believe) [floor plan below]. They don’t want to reveal the price, but let’s just say it went for substantially more than when it was reserved in June 2006. Home on the 55th floor (with sweeping balcony) is still available. Construction crane is down.”

∙ One Rincon Hill: An Official Update And A Few Confirmed Facts [SocketSite]

Posted by socketadmin at 2:32 PM | Permalink | Comments (81) | (email story)

Citrino (566 South Van Ness): Two Bedrooms Now From $599,000

A tipster forwards the latest from the sales office at Citrino now advertising two-bedrooms from $599,000 (including two years of pre-paid HOA dues and parking) and one-bedrooms from $449,000.

As you might recall, it was two months ago that Citrino was advertising two-bedroom homes “starting at $675,000” and one-bedrooms “starting at $475,000.” And prior to that it was simply “in the $500’s - $700’s.”

∙ Reductions (And A New Release) At Citrino (566 South Van Ness) [SocketSite]
∙ New San Francisco Condo Developments: Citrino & The Lambourne [SocketSite]

Posted by socketadmin at 2:30 PM | Permalink | Comments (18) | (email story)

Park Terrace (325 Berry) Sales Update: Now 70% Sold?

While only seven condos at Park Terrace (325 Berry) are currently listed on the MLS, according to SF New Developments there are 33 (out of 110) remaining in the original inventory (which would be 70% sold).

That being said, while SF New Developments also notes that there are now “only three 1BR’s left” (#422, #522 and #719), we’ll note that #608 (a one-bedroom) is one of the seven which are listed (which might suggest there are actually 34 condos remaining to be sold, if not more).

And despite the broker’s bonus for moving townhomes, it also appears that the townhomes remain a tough sell as 11 of the 15 remain unsold.

∙ Park Terrace (325 Berry): The Grand Opening Weekend [SocketSite]
∙ Park Terrace: Mission Bay New Development Update [SF New Developments]
∙ Listing: 325 Berry St #608 (1/1) - $599,900 [MLS]
∙ Arterra's New Buyer's Incentive And Park Terrace’s Broker's Bonus [SocketSite]

Posted by socketadmin at 9:02 AM | Permalink | Comments (11) | (email story)

JustQuotes: Phase I Of Trinity Plaza About To Break Ground

"The first phase of [Trinity Plaza] construction, some 440 units on the Mission Street side of the property, includes 360 "replacement" studios to house the rent-control tenants now living in the Trinity rental complex. The remaining 80 units will feature one-bedrooms: 68 market-rate and 12 below-market rate. The address of the first building will be 1188 Mission St.

[Trinity Properties Chief Financial Officer Walter Schmidt] said shoring and excavation will begin shortly and take the project into 2008 when the "pile and foundation program" will start. Trinity officials estimate that it will take two years to finish the first phase and move existing tenants over.

In all, the project will include four phases. After 1188 Mission St. is completed, the next building will be 545 units on Market Street, which will include 21,000 square feet of retail space and a large public plaza allowing pedestrians to pass through from Mission to Market Street.

The final building phase will add 915 units and include a building along Eighth Street and another west of the 1188 Mission St. structure."

∙ Massive excavation to begin at Trinity Plaza [Business Times]
∙ Trinity Plaza: Just One Signature (And Around Three Years) To Go [SocketSite]

Posted by socketadmin at 8:05 AM | Permalink | Comments (8) | (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)

JustQuotes: Yes, It’s Michael Mina That’s Coming To The Millennium

“Celebrated chef Michael Mina and his longtime wine director Rajat Parr will open a new restaurant and wine bar in the under-construction Millennium Tower (301 Mission St., near Beale) in San Francisco. The duo has named their establishment RN74 after the thoroughfare that goes through the Burgundy region of France.”

∙ Mina to open in Millennium [SFGate]
∙ The Millennium: A Few Things You Might Know (And A Few You Don’t) [SocketSite]

Posted by socketadmin at 9:25 AM | Permalink | Comments (6) | (email story)

Soma Grand (1160 Mission): Status And Sales Update

With a temporary certificate of occupancy (TCO) in hand, interested individuals can now peruse the inside (as opposed to the outside) of Soma Grand (1160 Mission) without risking a hardhat induced bad hair day (of which we’ve previously fallen victim). And the biggest surprise: the views (but don't forget to factor in the future Trinity Plaza next door).

Thirty percent (30%) of the 246 condos are either in contract or reserved; an invitation only official "unveiling" of the building (prior to which we think they should wrap it like a Christo) is scheduled for the end of this month; and the first wave of closings and move-ins will begin in early December (let's not forget those invitations to the housewarmings/New Year’s Eve celebrations).

Condo prices currently range from the “low $500,000's to $2.7 million in the penthouse floors” with parking (either valet or deeded) being offered a la carte (the pricing for which we’re at the mercy of a plugged-in reader/tipster). And we do have to note that only the top two penthouse floors offer central air conditioning, so check the natural ventilation of any lower floor units that will attract an abundance of direct sunlight (hey, it's a mixed blessing).

∙ Dorothy Lenehan’s “Realm” Is Rising Over At The Soma Grand [SocketSite]
∙ The Soma Grand: The SocketSite Straight Scoop [SocketSite]
∙ Trinity Plaza: Just One Signature (And Around Three Years) To Go [SocketSite]

Posted by socketadmin at 7:57 AM | Permalink | Comments (30) | (email story)

November 7, 2007

The Hayes (55 Page): Starts To Get Unwrapped And Revealed

With 60% of the development in contract, and the first closings and move-ins expected to be only a few months away (January/March timeframe), the exterior of The Hayes has started to get unwrapped. And yes, we’ll reserve final architectural judgment until the exterior is complete (and cleaned).

∙ A Plugged-In Reader And Hayes (55 Page) Buyer Reports: 60% “Sold” [SocketSite]

Posted by socketadmin at 1:23 PM | Permalink | Comments (44) | (email story)

JustQuotes: And Yes, That’s Simply The 3% Non-Refundable Deposit

“We reserved a condo during the first day of the pre-sales for The Potrero. Unfortunately our down payment did not come in on time and now we need someone to take over our contract to purchase. The contract requires that you put a $13,196.40 deposit into escrow to hold the unit and this money goes towards your purchase of the condo at closing. This unit is ready to be moved into in early November.”

∙ $439880 Condo in new development "The Potrero" [SocketSite]
∙ The Potrero (451 Kansas): Now 60% “Sold” And Closing Contracts [SocketSite]

Posted by socketadmin at 7:58 AM | Permalink | Comments (39) | (email story)

November 6, 2007

Dorothy Lenehan’s “Realm” Is Rising Over At The Soma Grand

“Composed of 390 panels, most about 2-by-7 feet and 1/4-inch thick, the mural titled "Realm" is the biggest piece of glass art in the city. Three stories tall, it cost $800,000. (As required by local planning law, 1 percent of the construction cost has to be used for art.) Set in a shoji screen-like aluminum grid on the new Soma Grand building, the mural brings a blast of color to a gritty mixed-use neighborhood that's being transformed by a rash of commercial and residential construction.”

∙ Towering work of art [SFGate]
∙ The Soma Grand: The SocketSite Straight Scoop [SocketSite]
∙ Last Night’s Week's Gathering: A Reader Driven Wrap Up (We Hope) [SocketSite]

Posted by socketadmin at 2:21 PM | Permalink | Comments (34) | (email story)

November 2, 2007

The Millennium: Digging Up Additional Details On Pricing

And speaking of The Millennium, J.K. Dineen digs up some additional details on pricing (and expectations):

“At the top of the 647-foot-tall building, a quartet of penthouses on the 59th and 60th floors of the blue-gray glass tower, prices will hover around $2,150 a square foot. With sizes ranging from 5,500 to 5,800 square feet, not including spacious outdoor terraces, that puts each penthouse around $12 million. On floors 49 through 58, the condos will range from $3.3 million to $6 million, an average of $1,670 a square foot. From 26 to 48, pricing goes from $2 million to $3.25 million, or $1,375 a square foot.

Even the bottom 25 floors, at $1,100 a square foot, are richer than One Rincon Hill, which averaged $1,025.”

"There has been a tremendous amount of interest in the penthouse space, but we have not yet entered into formal conversations,” said [Millennium Partners Managing Director Richard Baumert].

He said the majority of buyers inquiring into the penthouses would buy two on the same floor and combine them. And the $12 million plus price tag -- $25 million if you¹re grabbing two -- doesn¹t include interior finishes, as the units will be delivered in shell condition with buyers likely investing millions more to build them out.”

And yes, that’s a Grand Residence floor plan above (and we'll note the grand piano).

∙ The sky's the limit [Business Times]
∙ The Millennium: A Few Things You Might Know (And A Few You Don’t) [SocketSite]

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

November 1, 2007

The Millennium: A Few Things You Might Know (And A Few You Don’t)

A few things you might already know about the Millennium rising: 419 condos divided into three different "Residences" (each with separate lobbies, elevators, homeowners associations, and distinct finishes). The 11-story midrise will consist of 53 units dubbed The City Residences; while over in the 60-story tower floors 3-25 will consist of 191 units dubbed The Residences and floors 26-60 will consist of 175 units dubbed The Grand Residences.

The two penthouse floors (10,700 square feet on the 59th floor and 9,500 square feet on the 60th) will likely be delivered as raw space (an approach of which we are fans). And residents across all Residences will have access to the extensive second floor Club Level (an "urban country club" which will include a fitness center run by Sports Club/LA, private wine lockers and tasting room, pool and outdoor terrace, and a private lounge and dining room served by the highly anticipated wine themed restaurant on the first floor that has yet to be announced).

There are a total of 340 parking spaces in the building (with leased offsite parking in the works for those who don't get a space). The building is expected to be finished spring 2009. And the sales office opens next Thursday (11/08/2007).

And now here are a few things you (probably) don't already know: the sales office will begin accepting ten percent (10%) deposits upon opening; early rumblings suggest prices could start at a little over $1,000 a square foot (which is less than we were expecting) and go as high as $2,200 for the penthouses (you can do the math on that one); and monthly HOAs are expected to range from $774 to $1,750 (which is surprisingly low compared to the Four Seasons or St. Regis).

Oh, and did we mention that interactive floor plans, interior renderings, unit features, and simulated views for most of the Residences are now live on the Millennium website?

Inside The City Residences:

Inside The Residences:

Inside The Grand Residences:

And yes, the interactive Flash floor plans are painfully slow to load the first time, but do have patience.

∙ Millennium Tower [millenniumtowersf.com]
∙ Millennium Tower: Sales Timeline, Additional Details And Renderings [SocketSite]
∙ Millennium Tower (301 Mission) Website: Alive And Kicking [SocketSite]

Posted by socketadmin at 3:00 AM | Permalink | Comments (31) | (email story)

Take Two For Valencia Triangle Mission Valencia (3184 Mission)

Seventeen months ago 20 newly constructed two-bedroom condominiums dubbed “Valencia Triangle” at 3184 Mission Street hit the market with prices starting at $659,000 for #302 (which was subsequently reduced to $585,000). This week, "20 newly constructed" 2-bedroom condominiums dubbed “Mission Valencia” at 3184 Mission Street are hitting the market "priced from $599,000" (for #302).

And no, we don’t know what happened to the original offering (or what has changed since).

UPDATE: But a plugged-in reader does (know).

∙ Valencia Triangle (3184 Mission) [SocketSite]
∙ Mission Valencia (3184 Mission Street) [missionvalencia.com]
∙ Listing: 3184 Mission Street #302 (2/1.5) - $599,000 [MLS]
∙ Listing: 3184 Mission Street #401 (2/2) - $799,000 [MLS]

Posted by socketadmin at 2:30 AM | Permalink | Comments (85) | (email story)

October 31, 2007

Those Aren’t “Reductions," They’re “Flex Purchase Incentives”

Two months ago the sales office at 170 Off Third was “excited to offer a 5.625% interest rate on all remaining two-bedroom residences!” Today they are offering “a $15,000 Flex Purchase Incentive on all two- and two-plus residences sold through year end” which can be used on “a wide array of interior upgrade options, HOA credits or closing costs.”

Remember buyers/neighbors, they’re “Flex Purchase Incentives” (and not “Reductions”).

∙ A Few New Incentives For Both Buyers And Brokers In San Francisco [SocketSite]

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

Request For Proposals For San Francisco’s Seawall Lot 337

The Port of San Francisco is now calling on “experienced development teams” to respond to their official “Request for Developer Qualifications/Proposals” (RFQ/P) for the 16 acres that comprise San Francisco’s Seawall Lot 337. The stated goal:

[T]o bring forth cutting edge and integrated approaches in sustainable architectural, landscaping and urban design, [and] to create a shoreline park and open space network with a mix of activities that inspires and stimulates the human spirit, and celebrate public views and the preciousness of the San Francisco Bay environment.

And while the Port’s deadline to respond to the official RFQ/P is February 14, 2008, let's consider this our unofficial request for proposals/suggestions from some of the less “experienced” (but of course no less talented) readers in our midst. And yes, drawings, renderings or animations are always appreciated (email tips@socketsite.com).

∙ Request For Qualifications (RFQ) on China Basin SWL 337 [SFGov]
∙ RFQ/P for a SF Port Mixed-Use Development Opportunity [SFGov]
∙ Could This Be Curtains For Cirque Du Soleil In The City? [SocketSite]

Posted by socketadmin at 3:00 AM | Permalink | Comments (24) | (email story)

October 29, 2007

Homes On Esprit Park (888 Minnesota) Sales Update: 9% In Contract

After three weeks on the market, and according to a press release forwarded by a plugged-in tipster, 12 of the 142 condos (or ~9%) that comprise Homes on Esprit Park are currently under contract. Also according to the press release, the average price per square foot of the 12 condos is "approximately $802,” and the most expensive condo currently under contract is a 1,670 square foot two bedroom/two and one half bath unit at $1.329M.

Not indicated in the press release, however, is how many of the twelve (12) condos in contract are friends and family/developer sales. (And we wouldn't be surprised if that number is more than one.)

∙ Sales Office For Esprit Park (888 Minnesota) Opens Tomorrow (10/5) [SocketSite]

Posted by socketadmin at 5:08 PM | Permalink | Comments (26) | (email story)

October 26, 2007

A Plugged-In Reader And Hayes (55 Page) Buyer Reports: 60% “Sold”

A plugged-in reader with a deposit at The Hayes (55 Page) takes a hard had tour and reports 60% of the 128 condos “sold” (i.e., in contract with a deposit):

I did a hard hat walkthrough at 55 Page this week, as I have a deposit down on a unit at The Hayes. The complex is 60% sold. I was very impressed. It is going to be a stunning building, and they are not scrimping on the materials or the quality (and that's not from marketing - I talked to several of the guys actually working on the building.) They have maximized light and view potential everywhere they could. I met several of the people who will be living in the building, and we all agreed we felt very much we had bought the right place at the right time. Not only will it be a really nice place to live, but I do not doubt it will be a good investment over the next 10-15 years.

At sixty percent sold, that’s around 40 net new contracts over the past seven months (and another 50 or so to go).

∙ The Hayes (55 Page): A Plugged In Buyer’s Facts (And Opinion) [SocketSite]

Posted by socketadmin at 7:39 AM | Permalink | Comments (43) | (email story)

The Palms Finds More Inventory And A Resale Hits The Market

It was two months ago that the sales office at the Palms (555 4th Street) was advertising “Only 8 Left!” And while none of those eight condos are currently listed with their sales team, it appears that five others now are:

∙ 555 4th Street #525 (1/1) 693 sqft - $595,000 (1 car parking)
∙ 555 4th Street #622 (2/2) 888 sqft - $789,000 (1 car parking)
∙ 555 4th Street #711 (1/1) 693 sqft - $699,000 (1 car parking)
∙ 555 4th Street #723 (2/2) 990 sqft - $949,000 (1 car parking)
∙ 555 4th Street #920 (1/1) 671 sqft - $631,000 (1 car parking)

And then there’s #401. It’s a 938 square foot two-bedroom two-bath unit with parking that’s listed for $850,000. And as far as we know, it’s one of the first resales at the Palms to hit the market. And while we can’t find any record of its original sales price (tipsters?), we’ll still be watching it closely (and have a feeling that we’re not going to be alone).

UPDATE: A plugged-in reader comes through: "i live at the palms. before we moved there, i tracked the sales from the weekly sfgate real estate sales. according to my notes, #401 was reported there as sold in oct-06 for $779,000."

∙ Listing: 555 4th Street #401 (2/2) 938 sqft - $850,000 [MLS]
∙ Apparently Only Eight Condos Left At The Palms (555 4th Street) [SocketSite]

Posted by socketadmin at 3:00 AM | Permalink | Comments (41) | (email story)

October 23, 2007

San Francisco’s Chelsea Park Condominiums Coming Soon

As Curbed notes, the 39 condos of Chelsea Park (which claim a “charming English sensibility with today’s most contemporary building practices” and the obligatory “green features throughout”) should soon hit the market in December at 19th and Oakwood (a block from Dolores Park). From the Chelsea Park website:

Nestled in one of San Francisco’s most desirable and warmest neighborhoods, the dream homes of Chelsea Park provide the ultimate San Francisco living experience. Reminiscent of an English Mews style development with a nod to John Nash’s Regency Terrace Architecture, Chelsea Park delivers it all, including beautifully landscaped gardens; designed for privacy while still able to create an intimate feeling of community within this unique setting.

Floor plans, site drawings (for both the development and gardens), and a basic overview are all available online. And yes, we’ll drop our London Girl a line.

UPDATE: Expect the sales office to open in early December with overall pricing ranging from around $650,000 (for a phase II one bedroom) to $1,250,000 (for one of the larger townhomes). And if everything goes as planned, expect closings and move-ins for phase I (along Oakwood) starting at the end of December and for Phase II (along 19th Street) starting in mid-February.

∙ Chelsea Park San Francisco [chelseaparksf.com]
∙ Longer Lines For 18th St. Foodies? Chelsea Park Move-In Pending [Curbed]
∙ London Calling: A San Francisco To London Neighborhood Comparison [SocketSite]

Posted by socketadmin at 12:35 PM | Permalink | Comments (15) | (email story)

One Rincon Hill: An Official Update And A Few Confirmed Facts

The groundbreaking for One Rincon Hill tower two is officially scheduled (and has now been publicly announced) for late January 2008. And sales of the 319 condos in tower two will likely commence around May/June.

With regard to tower one (which is sporting its new water tower and partial crown above), a couple of high floor units have in fact returned to the market including #5902 (perhaps the one to which a plugged-in reader alluded) and #5503 which will more or less offer the panoramic view of San Francisco and beyond below (asking $2,650,000):

And yes, as we reported in August, the first wave of closings and move-ins for tower one (floors 8-27) are expected to commence in January (or possibly early February), with floors 28-60 and the townhomes following later in the year (likely around August/September).

Oh, and those 30-year Rincon Hill bonds? We’ve been told they’re actually being offered by the developers of Rincon Towers (and not One Rincon Hill).

∙ One Rincon Hill: Now Accepting Online Registrations For Tower Two [SocketSite]
∙ One Rincon Hill: An Unofficial Update On The Timing Of The Two Towers [SocketSite]
∙ Rincon Towers: From Apartments, To Condos, To Apartments [SocketSite]

Posted by socketadmin at 8:22 AM | Permalink | Comments (38) | (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)

A Few More Small (But Interesting) Reductions In New Developments

That small reduction on the studio (#2E) at 1234 Howard just went from $10,000 (2.3%) to $30,000 (7.0%). And forget the free appliances, pre-paid HOA dues and“free interior designer consultation,” we’re focused on the first evidence of an “official” price reduction at The Potrero.

After six months on the market, the list price for 451 Kansas #492 has been reduced by $15,000 (1.8%). And yes, it’s still advertising “2 years paid hoa + appliances!!!” The free designer consultation? Ask nicely and we bet they’ll throw that in as well.

∙ Listing: 1234 Howard #2E (0/1) - $399,000 [MLS]
∙ Listing: 451 Kansas #492 (2/2) - $829,880 [MLS]
∙ 1234 Howard: A Sales Update (And At Least One Small Reduction) [SocketSite]
∙ Those Amazing Automated Aluminum Louvers On 1234 Howard [SocketSite]
∙ The Potrero (451 Kansas): Now 60% “Sold” And Closing Contracts [SocketSite]

Posted by socketadmin at 3:30 AM | Permalink | Comments (6) | (email story)

October 18, 2007

One (1) South Park: Sales Update, Opening, And A Few Pics

You’ve seen the interactive floor plans (and some early pricing); and you’re plugged-in when it comes to the parking situation (and car stackers in general). And now you know (if you didn’t already) that the Grand Opening Reception for One South Park is scheduled for this Sunday (10/21) in the building’s atrium from 1-5 PM.

In terms of sales activity, as best we can tell eleven (11) of the thirty-five (35) condos are now either pending or reserved (down from nineteen (19) three months ago). And at least two of the condos (#208 and #209) have hit the MLS (that's #208 above).

∙ Listing: 1 South Park #208 (2/2) 1,199 sqft - $1,100,000 [MLS]
∙ Listing: 1 South Park #209 (1/1) 831 sqft - $815,000 [MLS]
∙ One South Park: Reservations, Floor Plans And Even A Few Prices [SocketSite]
∙ One South Park: An Overview And Car Stacker Question [SocketSite]

Posted by socketadmin at 3:00 AM | Permalink | Comments (35) | (email story)

October 17, 2007

Six New Condos (And At Least One New Price): 1335 Fulton Place

1335 Fulton Place (at Divisadero) consists of six new condos, three of which are "now available," and only one of which (#201) is currently listed on the MLS. And although the website for 1335 Fulton Place advertises “starting at $849,000,” we will note that the list price for the aforementioned #201 was just reduced by $54,000 (6.4%) after a little under a month on the market. And it's now listed at $795,000.

The development features new construction, parking, and a large shared roof deck with elevator access (don't get us started). And while it might not be the same for all six of the units, do keep in mind that while the property website notes “2 baths,” according to the MLS listing for #201 one of those two baths is actually a “powder room” (i.e., half bath).

UPDATE: And for those of you who don't bother to peruse the comments: "Heard a rumor that a Bar Crudo will be opening in the area soon. Fingers crossed."

UPDATE: Feel free to uncross those fingers: "Bar Crudo is opening in the space across from the independent."

∙ 1335 Fulton Place [1335Fultonplace.com]
∙ Listing: 1335 FULTON ST #201 (2/1.5) - $795,000 [MLS]

Posted by socketadmin at 10:00 AM | Permalink | Comments (47) | (email story)

October 15, 2007

Arterra (300 Berry) Update: 40% Pre-Sold?

A year ago it was a plugged-in tipster that reported Arterra was ~19% pre-sold (with around 50 of 269 condos in contract). And this past Friday it’s the Business Times that notes: “Arterra is 40 percent pre-sold and expects to sell 75 percent by the official opening [in spring 2008].”

If accurate, this would suggest net new contracts of around 60 units over the past year (with close to 160 to go), and would require roughly 100 new contracts over the next six months to meet the developer's expectations.

∙ Arterra Update: 19% Pre-Sold? [SocketSite]
∙ Mission Bay residential boom makes itself at home [Business Times]

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

October 12, 2007

A Plugged-In Tipster Reports: 72 Townsend Is Now “Coming Soon”

A plugged-in tipster provides an update on the warehouse to condo transformation of 72 Townsend down in SoMa:

The existing ground floor windows got a good wash yesterday and are now adorned with the news that [74] Luxury Homes are coming soon starting from the $600s. Development is by Thompson Development, hoping that that plans approved last year is what actually gets built.

And yes, "soon" is very much relative (and in this case likely measured in years).

UPDATE: Our tipster also notes the original (prior to changing developers) EIR for 72 Townsend (pdf) and wonders (as well as hopes): is this what will actually get built?

∙ JustQuotes: 72 Townsend To Become 74 New Condos In San Francisco [SocketSite]
∙ 72 Townsend Street: Draft Environmental Impact Report (pdf) [SFGov]

Posted by socketadmin at 3:00 AM | Permalink | Comments (10) | (email story)

Could This Be Curtains For Cirque Du Soleil In The City?

The Port of San Francisco is moving quickly on the potential redevelopment of the 14-acre Seawall Lot 337 (a.k.a. the Giants parking lot A) that Frederick initially noted six months ago. From J.K. Dineen at the San Francisco Business Times:

Assuming a key piece of legislation gets Gov. Arnold Schwarzenegger's OK, the port hopes to receive proposals for the site by mid-February. Qualified developers and proposals would then be screened by an advisory panel and the Port Commission, with a group of finalists selected by March. The port wants a development team in place by June of 2008.

Expect a battle over the percentage of parking versus green space (perhaps a clever developer/architect could propose an elevated park over a parking lot and call it “City Park(ing) South”). And could this be curtains for Cirque du Soleil (note tent above) in the city?

UPDATE: Eddy's liberal interpretation of the topic at hand ("parking") has turned the focus of conversation to the use of handicap parking permits in San Francisco. And while we might normally intervene by steering the conversation back towards the development Seawall lot 337 (and starting a new thread specific to handicap parking), it's Friday and we've had a long week. So what the heck, have at it...

∙ The Port, The Piers, The Parking And The Terminal [SocketSite]
∙ Port preps prime land for building [Business Times]
∙ Did The Port Get Punked? (San Francisco Seawall Lot Redevelopment) [SocketSite]
∙ Hines And Pelli Clarke Pelli Bid The Most (And Get The Transbay Nod) [SocketSite]

Posted by socketadmin at 2:50 AM | Permalink | Comments (21) | (email story)

October 11, 2007

The Latest Reminder That Your Neighbor Got A Deal: That Damn Vespa

While the free cars of 767 Bryant didn't seem to get results (or even much reader respect), the sales team at 733 Front street is rolling out the Vespas. From a plugged-in tipster:

"There is no better way to enjoy Jackson Square than on the back of a Vespa. Zipping to the Ferry Building for the Farmer's Market or meeting a friend at a nearby café is now even easier. 733 Front is offering a complimentary Vespa scooter and a parking space with its remaining collection of luxury junior- and one-bedroom residences.*"

And sorry, according to the asterisk: “Parking spot is for Vespas only in the building garage...on select residences and cannot be combined with any other offers or promotions.” And no, we don't know what happens to your space when it comes time to sell (either the condo or the Vespa).

∙ New Incentives (And Effective Reductions) At 733 Front Street [SocketSite]
∙ Buy A Condo Get A Car At 767 Bryant [SocketSite]

Posted by socketadmin at 1:42 PM | Permalink | Comments (16) | (email story)

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)

October 8, 2007

1501 Greenwich: A Plugged-In Reader Finds The Floor Plans

While the website for 1501 Greenwich isn’t officially live (“the home page isn't up yet, and the guestbook signup is broken”), a plugged-in reader finds the floor plans for the one, two, and three bedroom condos. If interested, you might want to get 'em while you can.

UPDATE: As a reader finds out, we really weren’t kidding about getting them while you can (we figure your window was about 20 minutes from when we first published the story to when they pulled the pages). For now you’ll just have to settle for the three-bedroom plan above. Oh, and the two-bedroom plan below:

UPDATE: And thanks to the cache of another plugged-in reader, we're now three for three (at least on the floor plans):

∙ 1501 Greenwich: Floor plans [1501greenwich.com]
∙ 1501 Greenwich: Twenty-Nine New Condominiums Coming Soon [SocketSite]

Posted by socketadmin at 1:44 PM | Permalink | Comments (17) | (email story)

New Incentives (And Effective Reductions) At 733 Front Street

While last month we noted evidence of price reductions on a few of the smaller condos at 733 Front Street, today we note effective reductions on a few of the larger (“select junior one- and one-bedroom”) units in the form of a new “Holiday” incentive:

733 Front will cover the mortgage, property taxes and HOA on select junior one- and one-bedroom residences for three full months from your close of escrow date.* No payments until 2008 presents a fantastic opportunity to own a contemporary new home in Jackson Square.

Based on some quick back of the envelope calculations, we estimate that this incentive represents an effective reduction of around two percent on the select units (and without all that hassle of recording a reduced sales price). The fine print (i.e., asterisk):

*First and Second Lien mortgage payments are based on any Interest Only or Fixed Rate loan product. Incentive to cover three months mortgage payments, taxes, and HOA dues. Buyer responsible for full mortgage payments, taxes, and HOA dues following the three month incentive. Offer expires 11/30/07. Buyer must pre-qualify and be approved for a loan program to qualify for the incentive program. First loan amount assumed to be 80% of purchase price, or less. Second loan assumed to be 10% of purchase price, or less. Minimum down payment of 10% of purchase price. Full documentation of assets and income are required. Interest rates are subject to current market conditions and may change at any time. Valid only for owner-occupied homes. Valid only with Triton Funding Group / The Murray Team. Other terms and conditions may apply.

∙ 733 Front: 66% In Escrow And Evidence Of A Few Price Reductions [SocketSite]

Posted by socketadmin at 7:02 AM | Permalink | Comments (10) | (email story)

October 5, 2007

The Californian On Rincon Hill: No Longer Coming Soon (If At All)

The rumors have been swirling. And the delays haven’t gone unnoticed. And now J.K. Dineen confirms it: Fifield is bailing out on The Californian (and Rincon Hill).

The Chicago-based developer has put its condo tower site at 375-399 Fremont St. on the block, a parcel entitled for 393 units. Industry sources say the project, the Californian, had been in contract for an astounding $62 million, which translates to $160,000 per buildable unit, but that the deal fell out. Fifield spokesman Cheryl Bame said Fifield is in negotiations with several builders but that the property has not been sold. “They have had some unbelievable offers on the San Francisco project and believe it¹s a great market,” she said.

Our question for those in the know: is it the financing or the market that’s led to the change of heart?

∙ Fifield puts Rincon Hill condo parcel on the block [Business Times]
∙ The Californian On Rincon Hill Construction/Sales Pushed Back [SocketSite]
∙ The Californian on Rincon Hill (375 Fremont): Website And Renderings [SocketSite]

Posted by socketadmin at 12:01 AM | Permalink | Comments (56) | (email story)

October 4, 2007

New Condos Behind A Historic Mural (And An Evolving Neighborhood)

A plugged-in tipster drops us a note:

I thought you may be interested in this very unique development near us in the Inner Mission. It's an old mural covered church on 24th Street between Florida and Alabama [2917 24th Street] that has housed various commercial enterprises over the years, most recently Mixed Use (now on telegraph hill). This block has been getting nicer and nicer recently (thank God).

Anyway, they've gutted it and are putting in five 3-bedroom condos and a commercial ground floor space. Each unit is different, and they've kept the original mural covered church façade. It seems pretty cool, and is a refreshing change from the usual bland hideous neighborhood unfriendly loft projects.

Interested (we were) and a refreshing change (it is) indeed.

The mural is a 1978 project of Precita Eyes. And in terms of the condos, at this point little more than floor plans are available on line.

Rest assured, however, that we’ll keep you posted and plugged-in. Or in this case, perhaps vice versa (if we're lucky).

∙ 2917 24th Street Floor Plans (and listing to be) [2917mural.com]
∙ Precita Eyes Mural Arts [precitaeyes.org]

Posted by socketadmin at 4:00 AM | Permalink | Comments (24) | (email story)

Sales Office For Esprit Park (888 Minnesota) Opens Tomorrow (10/5)

It’s a few weeks later than first (or even last) announced, but no matter. The sales office for Homes on Esprit Park will officially open its doors at 888 Minnesota (at 20th Street) this Friday (10/5) with an inaugural release of half (70) of their 142 condos. First occupancy is expected in early 2008 (about a year later than planned) and rough pricing is as follows:

∙ 1 Bedroom / 1.5 Bath (835 to 1,173 sqft): Upper $600,000's to the Low $900,000's
∙ 1 Bedroom + Den / 2 Bath (1,070 to 1,246 sqft): Mid $800,000's to Upper $900,000's
∙ 2 Bedroom / 2 Bath (1,221 to 1,887 sqft): Mid $900,000's to $1,500,000+
∙ 2+ Bedroom / 2 Bath (1,517 to 1,811 sqft): Low $1,200,000's to High $1,400,000's
∙ 2 Bedroom / 2.5 Bath (1,226 to 1,671 sqft): Mid $900,000's to $1,400,000+
∙ 3 Bedroom / 3 Bath (2,114 sqft): Price TBD (only one)

Homes on Esprit Park will feature a mix of flats, lofts, and townhouses with 168 indoor parking spaces; an established (think A16-ish) 130 seat restaurant with al fresco dining; a café with outdoor seating; exercise facility and “two lushly landscaped courtyards.”

And although we’re featuring the rendering for S508 above (which seems to be missing the door if you compare it to the floor plan below), we remain partial to N516. So if you manage to snag it before us, do the right thing and at the very least invite us to the housewarming. You know we'd do the same for you.

UPDATE (10/5): And we now have six exact prices:

∙ 888 Minnesota #N107 (2/2) 1,243 sqft - $983,752
∙ 888 Minnesota #N209 (2/2.5) 1,659 sqft - $1,180,133
∙ 888 Minnesota #N517 (2/2.5) 1,586 sqft - $1,273,800
∙ 888 Minnesota #S202 (1/1.5) 835 sqft - $675,000
∙ 888 Minnesota #S322 (2/2) 1,333 sqft - $1,105,450
∙ 888 Minnesota #S507 (2/2) 1,517 sqft - $1,281,556

And yes, S507 (at $1,281,556) looks to be a mirror image of S508.

∙ Esprit Park (900 Minnesota): The Website (Sales Office This Summer) [SocketSite]
∙ Esprit Park (900 Minnesota): Interior Renderings [SocketSite]
∙ Worth The Wait: 900 Minnesota (An Update) [SocketSite]

Posted by socketadmin at 3:00 AM | Permalink | Comments (72) | (email story)

October 1, 2007

1234 Howard: A Sales Update (And At Least One Small Reduction)

A few plugged-in tipsters note that “just three 2-bedroom homes” (out of the original six) remain available at 1234 Howard. And while relatively small (but big enough to fund the purchase of a Le Corbusier or two), the price on the studio (#2E) has been reduced $10,000 (2.3%). No word on any other reductions (or sales).

∙ Listing: 1234 Howard #2E (0/1) - $419,000 [MLS]
∙ QuickLinks: 1234 Howard: A Few List Prices (And A Reader’s Review) [SocketSite]
∙ Those Amazing Automated Aluminum Louvers On 1234 Howard [SocketSite]

Posted by socketadmin at 3:30 AM | Permalink | Comments (7) | (email story)

September 27, 2007

The SocketSite Scoop On The 8 Washington Street Project

Pacific Waterfront Partners and the California State Teachers’ Retirement System have been working on plans to redevelop the area “bounded by The Embarcadero, Washington and Drumm Streets.”

And as proposed, the 8 Washington Street Project would replace a surface parking lot (which could be a problem considering it's Seawall lot 351) and the current Golden Gateway Tennis and Swim Club with 170 housing units above street level retail and restaurants; public green space; and underground parking (both public and private). And yes, it also provides for a new and improved Tennis & Swim Club as well.

∙ 8 Washington Street Project [8washington.com] [Fact Sheet (pdf)]
∙ Did The Port Get Punked? (San Francisco Seawall Lot Redevelopment) [SocketSite]

Posted by socketadmin at 9:45 AM | Permalink | Comments (31) | (email story)

September 24, 2007

1501 Greenwich: Twenty-Nine New Condominiums Coming Soon

The transformation of 2655 Van Ness from a 27,000 square foot class B office building (with private tennis court up top) into twenty-nine (29) new condominiums with a more upscale 1501 Greenwich address (no offense Marina Chateau) is about three months from completion. And in case it’s not readily apparent, it’s not another conversion but rather a complete razing and rebuild by Shamrock Realty.

Yes, these twenty-eight units are already reflected in our Complete Inventory Index (Cii). Yes, these twenty-nine new homes now stand where none stood before (and despite the fact that they're not building any more land in Cow Hollow). And no, we don’t have any details with regard to floor plans (beyond "1, 2 & 3 bedrooms") or pricing, but we will note "two floors of underground parking."

∙ SocketSite’s Complete Inventory Index (CII): Q3 2007 (SF) [SocketSite]

Posted by socketadmin at 11:05 AM | Permalink | Comments (37) | (email story)

The Wrapper Starts To Come Off Parkview Terrace (At Turk & Gough)

As the wrapper is removed from the building at the corner of Turk and Gough, a number of readers have inquired about this new development that we first pointed out (in relation to lost views for some at 368 Elm) eighteen (18) months ago.

Dubbed “Parkview Terrace,” the 9 story building will consist of 101 senior and assisted living rental units with retail and community spaces on the first floor and parking below. And sorry folks, no new condos.

∙ New Developments: 871-881 Turk [SocketSite]
∙ 368 Elm Street Condos: Complete Pricing (And An Update) [SocketSite]
∙ Cahill Contractors: Parkview Terraces [cahill-sf.com]

Posted by socketadmin at 7:58 AM | Permalink | Comments (8) | (email story)

Caledonia At Post (2161 Sutter): Sales Update And Overview

After roughly two months of selling, fifteen (15) of the twenty four (24) new condominiums that comprise Caledonia At Post remain available. Once home to a band of merry squatters, 2161 Sutter Street was redeveloped and condo mapped early this year.

The Caledonia offers a mix of studio and one bedroom condos (all with parking) and shares amenities with the apartments of 2000 Post (which helps to keep monthly HOA dues below $400). Representative pricing for ten of the remaining units:

∙ 2161 Sutter #166 (0/1) 519 sqft - $477,000
∙ 2161 Sutter #168 (0+/1) 734 sqft - $631,000
∙ 2161 Sutter #169 (1/1.5) 626 sqft - $675,000
∙ 2161 Sutter #282 (0/1) 519 sqft - $482,000
∙ 2161 Sutter #285 (1/1) 734 sqft - $652,000
∙ 2161 Sutter #381 (1/1) 725 sqft - $652,000
∙ 2161 Sutter #382 (0/1) 519 sqft - $487,000
∙ 2161 Sutter #384 (0+/1) 734 sqft - $641,000
∙ 2161 Sutter #481 (1/1) 725 sqft - $662,000
∙ 2161 Sutter #482 (0/1) 519 sqft - $492,000

And while no two-bedrooms are curently available, we wouldn’t be too surprised to see the conversion of 2000 Post into condos in the not too distant future.

∙ Guarding Every Vacant House in the CITY! [Poor Magazine]
∙ Caledonia At Post (2161 Sutter) [caledoniasf.com]
∙ 2000 Post Street Apartments [2000post.com]

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

September 21, 2007

Not Exactly A Flip, But Possibly A Push, Over At One Rincon Hill

According to a plugged-in tipster, a coveted “02” series two-bedroom/two-bath condo at One Rincon Hill is quietly being shopped by a contract holder.

The 1,300+ square foot unit is reported to have been secured with a non-refundable deposit of $65,000 and at a contract price of $1,595,000. And apparently the contract can be amended to reflect a new buyer prior to close (which we haven’t confirmed).

The asking price? $1,595,000. Or more accurately $65,000 to make the contract holder whole on his deposit. It's a bit different story than a reader reported fourteen months ago, but it's also but a single data point. (And we're at least waiting until after the first wave of closings before drawing too many conclusions on the health of the hill.)

And at the same time, we have been hearing rumors of a rather significant waiting list of buyers willing to pay big money for penthouse units that should happen to fall out of contract prior to closing. Again, unconfirmed (but no real reason to be doubted).

UPDATE: There’s a reason we originally filed this one under “Interesting Opportunities.” If you believe in the building, and like the floor plan, then it is (and as a plugged-in person, you now have the number to call). And if not, at the very least it's another interesting opportunity for some unique insight (into One Rincon Hill) and discussion (about the market).

∙ A Quick Flip At One Rincon Hill? [SocketSite]
∙ What Happens When It’s Time To Fund? We’ll Have To Wait And See [SocketSite]
∙ One Rincon Hill: An Unofficial Update On The Timing Of The Two Towers [SocketSite]

Posted by socketadmin at 4:00 AM | Permalink | Comments (174) | (email story)

September 20, 2007

733 Front: 66% In Escrow And Evidence Of A Few Price Reductions

According to the Barbary Coast News 46 of the 69 condominiums at 733 Front Street are now in escrow. And according to the sales office four (4) two-bedrooms remain. If so, that would suggest only one (1) new two-bedroom sale (but ~23 junior/one-bedroom sales) over the past four months.

Also according to the Barbary Coast News, buyers have been on the younger side, the majority plan to owner occupy, and at least one has combined two (penthouse) units into one. At the same time, we can't help but notice that asking prices on at least three of the remaining smaller condos have been reduced by up to $45,000 (7.4%). 733 Front #210 is currently available for $585,000 and #306 for $570,000 (four months ago they were asking $625,000 and $615,000).

And it was three months ago that 733 Front #206 was being offered at $605,000 (today they’re asking $560,000).

∙ 733 Front Sales Update: 32% In Contract (Almost All Two-Bedrooms) [SocketSite]
∙ 733 Front: A Few Condo Floor Plans (And Some More Pricing) [SocketSite]
∙ WHAT’S CEMENT, QUIET & APPEALING TO THIRTYSOMETHINGS*? [Barbary Coast News]

Posted by socketadmin at 8:35 AM | Permalink | Comments (17) | (email story)

September 18, 2007

JustQuotes: Architecture Check (And Opinion) On Isle Three

“The new Whole Foods Market in San Francisco shows with meticulous precision why upscale grocery stores are coveted by communities that want to see themselves as fully rounded or on the map.

In the process, it also shows the design gap between mainstream America's stylish retail environments and the boilerplate architecture that surrounds them.”

∙ John King: Place: San Francisco's new Whole Foods [SFGate]

Posted by socketadmin at 2:55 AM | Permalink | Comments (11) | (email story)

September 14, 2007

From “Rumor” To Reality: Charles Phan Coming To The Soma Grand

As a tipster points out, last week the Chronicle officially announced that Charles Phan will be opening a new concept restaurant in the Soma Grand. Of course it was six months ago that plugged-in people were first able to trade on the “rumor”.

∙ It’s All About Service And Style At The Soma Grand (1160 Mission) [SocketSite]
∙ The Soma Grand: The SocketSite Straight Scoop [SocketSite]

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

September 13, 2007

The Lambourne (725 Pine) Twenty-Two Hit The Market And The MLS

Four of the twenty-two studios and one bedroom condos in The Lambourne (725 Pine) hit the MLS last week with prices ranging from $355,000 to $579,000 (and monthly HOAs ranging from $250 to $300). We have yet to take a tour (readers?) and don't have an official word on sales (although we have heard rumblings of over 50% "sold").

Converted from a boutique Nob Hill hotel by Chip Conley of Joie de Vivre fame, the units feature "petite" Scavolini kitchenettes, "luxe" baths, and in-unit Asko washer/dryer combos. And no, no parking.

∙ Listing: 725 Pine Street #101 (1/1) - $569,000 [MLS]
∙ Listing: 725 Pine Street #104 (0/1) - $395,000 [MLS]
∙ Listing: 725 Pine Street #208 (1/1) - $579,000 [MLS]
∙ Listing: 725 Pine Street #305 (0/1) - $355,000 [MLS]
∙ New San Francisco Condo Developments: Citrino & The Lambourne [SocketSite]

Posted by socketadmin at 7:32 AM | Permalink | Comments (26) | (email story)

September 12, 2007

1234 Howard: The Budget To Build (Around $200 A Square Foot)

While plugged-in people everywhere should already be well aware of 1234 Howard and those amazing aluminum louvers (not to mention some pricing and a review), this morning we learn (via the Chronicle, Saitowitz, and a tipster) that the cost to build the minimalist design was “about $200 a square foot.”

Keep in mind, however, that the cost to build is not the same as the total cost to develop (think land, permits, etc.). And while we don’t have an official update on sales, we do note that none of the second-floor units listed a month ago are in contract. Tipsters?

UPDATE: From Stanley Saitowitz / Natoma Architects directly: "The gross square footage costs of the whole building including the large garage, the extensive outdoor areas, big decks and generous circulation is in the $200 range. The construction costs for the interior habitable areas of the units is well over $350 per square foot."

∙ New Stanley Saitowitz/Natoma Architects Condos: 1234 Howard [SocketSite]
∙ Those Amazing Automated Aluminum Louvers On 1234 Howard [SocketSite]
∙ QuickLinks: 1234 Howard: A Few List Prices (And A Reader’s Review) [SocketSite]
∙ Blind date: Four-story facade made of aluminum louvers [SFGate]

Posted by socketadmin at 11:25 AM | Permalink | Comments (57) | (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)

Arterra's New Buyer's Incentive And Park Terrace’s Broker's Bonus

From (more than) one plugged-in tipster: Arterra is now offering two years of pre-paid HOA dues with purchase (perhaps they ran out of plasmas). And from yet another: Park Terrace is now offering brokers a 4% sales commission for selling a “townhome” (which always makes us wonder).

UPDATE (9/14): As a tipster notes, The Hayes is now offering a new incentive as well in the form of a "permanent interest rate buy-down of 5.500% on a 5/1ARM interest-only loan."

∙ Arterra (300 Berry) Tops Off At 16 And Aims For A Spring '08 Opening [SocketSite]
∙ Out With The HOAs (For Now) In With The Sub-Zero (And Plasmas) [SocketSite]
∙ Park Terrace (325 Berry): The Grand Opening Weekend [SocketSite]

Posted by socketadmin at 3:15 AM | Permalink | Comments (19) | (email story)

September 7, 2007

Can This Resale Compete With All The Original Unsold Inventory?

767 Bryant Street #403 hit the market yesterday in what would appear to be the first attempted resale in the building. And while this condo was originally priced by the developer at $1,100,000 a year ago, today it’s listed at $1,249,000 (although it will be sold "staged and furnished").

At the same time, at least eight (and as many as twelve) of the original 20 condos at 767 Bryant remain available for (a first time) sale. And yes, that’s despite the remodeling, reductions, incentives (including free cars), and an outright plea for “any offers.”

∙ Listing: 767 Bryant Street #403 (1/2) - $1,249,000 [Coldwell Banker via Pacific Union]
∙ Inside 767 Bryant [SocketSite]
∙ 767 Bryant: The Apartments Condominiums [SocketSite]
∙ Take Two For A Few Of The Condos At 767 Bryant [SocketSite]
∙ 767 Bryant: A Sales Update (And Reduction) [SocketSite]
∙ Buy A Condo Get A Car At 767 Bryant [SocketSite]
∙ Another Chance To Make An Offer (Any Offer) In San Francisco [SocketSite]

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

The Potrero (451 Kansas): Now 60% “Sold” And Closing Contracts

Contracts are being closed, new owners are making the move, and in under a week Whole Foods should opening its doors over at The Potrero (451 Kanasas). And according to J.K. Dineen, there’s no early indication of any significant fallout in the conversion rate from deposits to closed contracts.

The Potrero currently stands at roughly 60% reserved/sold: 85% in the North building (which started selling seven months ago) and 35% in the South building (which first hit the market two months ago along with incentives).

∙ Potrero project selling despite mortgage crisis [Business Times]
∙ What Happens When It’s Time To Fund? We’ll Have To Wait And See [SocketSite]
∙ The Potrero (451 Kansas): Sales Center Now Open [SocketSite]
∙ The Potrero: South Building Sales (And Incentives) This Weekend [SocketSite]

Posted by socketadmin at 7:51 AM | Permalink | Comments (3) | (email story)

September 4, 2007

What Happens When It’s Time To Fund? We’ll Have To Wait And See

What happens when well over 1,200 buyers enter into contract on pre-construction condominiums in San Francisco (in new developments ranging from The Potrero, The Hayes and Arterra; to One Rincon Hill, Infinity, and the Ritz-Carlton) and from the time deposits (non-refundable) are placed, to the time loans must be funded, the mortgage market shifts?

To be honest, we don’t know (at least not yet). But we do know that it’s worth watching (for insight into both the new development market as well as the local market in general). And that we will find out.

Will rising rates impact buyers’ ability to afford their intended purchase? Perhaps. Will a tighter credit market affect a move-up buyer’s ability to sell a starter home (in terms of ease of sale or expected value) in order to fund their move-up purchase? Perhaps a bit more.

And will stricter underwriting standards have any significant impact on those who have been banking on closing with 5% down (owner occupiers and “investors” alike)? Perhaps the most. It's one thing to free up a couple hundred dollars a month (to cover a higher mortgage payment), while it’s quite another to free up an extra hundred thousand (to avoid an onerous second mortgage or even qualify for a first).

Of course only time will tell (and we’ll keep you plugged-in).

∙ One Rincon Hill: An Unofficial Update On The Timing Of The Two Towers [SocketSite]
∙ The Infinity: The “Official” Dates And Update (8/24/07) [SocketSite]

Posted by socketadmin at 1:19 PM | Permalink | Comments (34) | (email story)

August 31, 2007

Add Another (Proposed) Tower To The Transbay Mix (181 Fremont)

Another tower, this one a mere 900 feet, has been proposed for the area surrounding San Francisco’s new Transbay Terminal and Tower. And according to J.K. Dineen, the “razor-thin skyscraper” at 181 Fremont “would include 500,000 square feet of office space beneath about 140 residential condominiums.”

The Fremont Street parcel is one of several sites where the city is considering allowing tall towers as a source of tax revenue to help bankroll the $3.4 billion Transbay Terminal and Tower. Under the plan, developers around the transit center and tower -- likely to soar 1,300 feet or more -- could build well above current 300- to 500-foot zoning restrictions in exchange for pumping millions of dollars in additional taxes to help pay for building new infrastructure in the Transbay District as well as the terminal programing itself.

Designed by HellerManus, the proposed tower on Fremont “would have a glass curtain wall and exterior structural system…would seek a gold stamp of approval from the Leadership in Energy and Environmental Design… [and] include a highly efficient sawtooth glazing system that allows daylighting but reduces unwanted heating.”

And yes, as is now de rigeur, the “developer is also looking into solar power [and] wind turbines…”

∙ Another tower added to Transbay [Business Times]
∙ San Francisco’s Transbay Terminal Design Proposals: Highlights [SocketSite]
∙ The SocketSite Scoop: San Francisco’s Transbay Terminal Designs [SocketSite]

Posted by socketadmin at 10:50 AM | Permalink | Comments (29) | (email story)

August 27, 2007

A Greener View In The Works For Some At BLŪ (And Others)

TMG Partners has engaged Skidmore Owings and Merrill (SOM) to bring a completely new skin (likely glass and stone), public plaza (at third and Folsom), and green overhaul (targeting LEED silver) to the ex-AT&T compound at 680 Folsom. And while it might not seem like a typical SocketSite story, think of it in terms of the (positive) impact on BLŪ and others residences right down the block (or in the neighborhood).

∙ TMG to rehab SoMa buildings as offices [SF Business Times]
∙ 631 Folsom: Recently Christened “SF BLŪ” (And Down To 108 Units) [SocketSite]

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

The Montgomery (74 New Montgomery) Gets A New Sales Team?

According to a trusted plugged-in tipster, The Montgomery (74 New Montgomery) has switched sales teams (out with Pacific Marketing Associates, in with The Mark Company) two months after their grand opening and first release of condos. If so, it’s likely some insight into the pace of sales (and perhaps the market). If not, well…we’ll just cross that bridge should we come to it.

∙ The Montgomery (74 New Montgomery): Almost Selling (For Real) [SocketSite]
∙ The Montgomery (74 New Montgomery): Pricing And Reservations [SocketSite]

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

August 24, 2007

The Infinity: The “Official” Dates And Update (8/24/07)

The “official” range of dates for The Infinity’s first close of escrow: Q1 2008; the first release of inventory in the second tower: Q3 2008 (although some swear they've been quoted as early as March); and the completion date for the whole shebang: Q2 2009.

The "official" numbers we haven't received: sales to date on tower one and the mid-rises. And while we've heard some rumblings of around seventy (70) percent reserved (which actually seems a bit low), we're really looking for some hard numbers (or at least percentages). So if you're plugged-in and have the inside scoop, it's time to cough it up. And yes, you know we’d do the same for you.

∙ The Infinity: Pent-up Demand (For Discussion) [SocketSite]
∙ Same Location, Building And Amenities (Just Without The Views) [SocketSite]

Posted by socketadmin at 8:20 AM | Permalink | Comments (97) | (email story)

Making Lemonade (Incentives) Over At Citrino (566 South Van Ness)

It was earlier this month that a tipster first noted a few price reductions for condos at Citrino (566 South Van Ness). And three weeks later, it appears that incentives (“Credit for HOA dues, buy-down the interest rate and/or Seller to pay transfer tax”) are now sweetening the deal as well. And while we don't have an official update on sales, as another tipster notes: of the nine units that are currently listed on the MLS (up to 77 DOM), only one is in contract.

∙ Reductions (And A New Release) At Citrino (566 South Van Ness) [SocketSite]
∙ Citrino (566 South Van Ness): Website Update And A Few Prices [SocketSite]

Posted by socketadmin at 8:19 AM | Permalink | Comments (16) | (email story)

August 23, 2007

Apparently Only Eight Condos Left At The Palms (555 4th Street)

A plugged-in tipster passes along an email from The Palms touting “Only 8 [condos] Left!” and 3.875% financing (down from 4.625%) until the end of the month (albeit a “2/1 Buy-down, interest-only based on 5/1 ARM and 10% down payment” and it excludes two bedrooms). The Palms' eight (according to the email):

∙ 555 4th Street #807 (2/2) 1,174 sqft - $1,156,000 (2 car parking)
∙ 555 4th Street #826 (1/1) 682 sqft - $621,000 (1 car parking)
∙ 555 4th Street #834 (1/1) 682 sqft - $621,000 (1 car parking)
∙ 555 4th Street #841 (2/2) 1,026 sqft - $1,039,000 (1 car parking)
∙ 555 4th Street #843 (2/2) 1,238 sqft - $1,189,000 (2 car parking)
∙ 555 4th Street #900 (2/2) 1,111 sqft - $991,000 (2 car parking)
∙ 555 4th Street #924 (0/1) 580 sqft - $559,000 (1 car parking)
∙ 555 4th Street #925 (1/1) 682 sqft - $631,000 (1 car parking)

We can't help but wonder about the use of short-term money for a long-term investment in this interest rate environment, could have sworn that the developer was reporting only 5 units available as of last week, and can't help but be reminded of a reader's recent dilemma.

Regardless, and once again, we'll marvel at the three condos offering two (2) car parking and simply leave it at that welcome any current residents' insight or perspective on actually living at The Palms.

∙ Another Reader’s Dilemma (And Chance To Play Armchair Analyst) [SocketSite]
∙ The Palms: Financing Incentives And Inventory Update [SocketSite]
∙ The Palms (555 4th Street) Update: 65% Sold [SocketSite]

Posted by socketadmin at 3:15 AM | Permalink | Comments (40) | (email story)

August 22, 2007

One Rincon Hill: An Unofficial Update On The Timing Of The Two Towers

The exterior curtain wall continues to rise and the interior build-out continues to move forward at One Rincon Hill. At the same time, the new new word on the street is that the first wave of closings and move-ins (floors 8-27) won’t likely occur until January 2008 (rather than by the end of this year as originally planned or as we last reported).

Also rumored: closings and move-ins for floors 28-60 as early as March 2008 and sales for tower two commencing in April (2008). Oh, and that they’re shooting for a rather significant bump in prices for choice units in tower two as well as tower one reservations that fail to close for one reason or another (more on this Monday Tuesday (9/4)).

∙ One Rincon Hill’s Fall Newsletter And Update [SocketSite]
∙ One Rincon Hill “Rumors”: Construction, Closings and Time Capsule [SocketSite]

Posted by socketadmin at 8:24 AM | Permalink | Comments (64) | (email story)

August 20, 2007

Park Terrace (325 Berry): The Grand Opening Weekend

While early buyers have already taken occupancy, Park Terrace (325 Berry) held their “Grand Opening” this weekend (roughly eleven months after their first release of condos). From a tipster:

"50% sold according to the agent that gave us a tour but it looked closer to 30% based on his sales sheet. My request for a full list of available units and prices was met with a car salesman's “they won’t let us give them out because they keep raising prices every two weeks” reponse. Decent finishes and we liked a few of the terrace units that faced the water. Surprisingly difficult to find street parking. Do you know if they're planning to build any public parking garages in the area?"

We can’t confirm any price increases to date (nor the sales figures), but we have previously noted some (minor) evidence of the opposite. And in terms of any planned public parking garages, we don't (know).

∙ The Park Terrace (325 Berry): Now Selling [SocketSite]
∙ Park Terrace (325 Berry): A Few Prices (And A Terrace) [SocketSite]
∙ Park Terrace (325 Berry): A Few More Prices (And A Townhouse) [SocketSite]

Posted by socketadmin at 4:00 AM | Permalink | Comments (35) | (email story)

Edgewater Apartments (355 Berry): An Overview And Pricing

The leasing office is open and renters (gasp!) have started moving in to the 198-unit Edgewater at 355 Berry (adjacent to Park Terrace in North Mission Bay). Units range from 520 to 1,330 square feet, are pet friendly (although “breed restrictions apply” and “pet rent” is an additional $50 per pet per month), and one parking space is available per apartment for an additional $300 per month.

Despite what some might have been led to believe, all 198 apartments in the building are market rate with the least expensive floor plan currently asking $1,975 per month (again, not including parking). The current breakdown of available units and "list" prices:

∙ Studios (520 to 600 square feet) from $1,975/month
∙ 1 bedroom/1 baths (535 to 1,055 square feet) from $2,165/month
∙ 1 bedroom/1.5 bath lofts (710 to 1,330 square feet) from $2,600/month
∙ 2 bedroom/2 baths (940 to 1,330 square feet) from $3,100/month

We’d be willing to bet there’s some room for negotiation on the rents (depending on the proposed term). And of course, we’d welcome any early reviews (or leasing office experiences) from our cadre of plugged-in people.

∙ SocketSite Reader’s Report: Living In North Mission Bay (For Real) [SocketSite]
∙ Edgewater San Francisco (355 Berry) [edgewatersf.com]

Posted by socketadmin at 3:30 AM | Permalink | Comments (10) | (email story)

August 14, 2007

Fifty-Four Market Rate Condos At 888 Seventh Street Coming Soon

While the application deadline and lottery for the 170 BMR (100% Median Household Income) condos at 888 Seventh Street has come and gone, the remaining fifty-four (54) market rate condos should hit the market next month (September). Rough pricing from a tipster:

Junior One-Bedroom Homes - Priced from the Low–Mid $400,000s; One-Bedroom Homes - Priced from the Low-Mid $500,000s; Three-Bedroom Homes - Priced from the Mid $700,000s. All prices…include one deeded parking space.

And while the mix of market rate to below market rate units might catch some by surprise, do keep in mind that the majority of BMR units at 888 Seventh Street fulfill the off-site BMR requirements of The Infinity.

∙ 888 Seventh Street: BMR Deadline (11/17/06) [SocketSite]
∙ 888 Seventh Street (f.k.a. 601 King) [SocketSite]
∙ Same Location, Building And Amenities (Just Without The Views) [SocketSite]

Posted by socketadmin at 8:05 AM | Permalink | Comments (74) | (email story)

August 13, 2007

JustQuotes: 72 Townsend To Become 74 New Condos In San Francisco

“Westbay Builders has purchased a 25,380-square-foot industrial property at 72 Townsend St. for $9.2 million and plans on developing a nine-story, 74-unit condo building on the site….The project is fully approved and will incorporate a historic one-story warehouse built in 1874 for grain storage. “ (Flynn Properties scores with SoMa, Potrero sales)

Posted by socketadmin at 4:05 AM | Permalink | Comments (12) | (email story)

August 9, 2007

A Sales Slow Down At 235 Berry? (Now 75% Sold)

There might only be six (6) condos at 235 Berry listed on the MLS (and counted by most as “official” San Francisco inventory), but as of yesterday there were twenty-four (24) units still available for purchase (ranging from $845,900 to $1,038,900). That’s 75% sold for 235 Berry and, as best we can tell, roughly four new sales over the past two months (versus roughly 30 over the previous four).

And once again, it's a great example of the difference between industry reported inventory statistics (the basis for the oft mentioned months of supply) and the SocketSite Complete Inventory Index (Cii).

∙ 235 Berry Street: 72% Sold (And A Few List Price Increases) [SocketSite]
∙ SocketSite’s Complete Inventory Index (CII): Q3 2007 (SF) [SocketSite]

Posted by socketadmin at 4:00 AM | Permalink | Comments (35) | (email story)

August 8, 2007

Four More Listings! (And At Least One Reduction At The Ritz)

Four of the five newly converted residences in the new Ritz-Carlton have been listed:

∙ 690 Market Street #1101 (2/2.5) 1,785 sqft - $2,490,125 ($1,395/sqft)
∙ 690 Market Street #1102 (3/3) 2,580 sqft - $3,747,500 ($1,453/sqft)
∙ 690 Market Street #1103 (2/2.5) 1,680 sqft - $2,309,000 ($1,374/sqft)
∙ 690 Market Street #1105 (2/2.5) 2,090 sqft - $3,021,500 ($1,446/sqft)

While the list price on at least one early resale has been reduced $200,000 (8%).

∙ Listing: 690 Market Street #2203 (2/2.5) 1,440 sqft - $2,295,000 [MLS]
∙ The Ritz-Carlton Adds Five More Private Residences (Now 57) [SocketSite]

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

August 7, 2007

San Francisco’s Transbay Terminal Design Proposals: Highlights

Keep in mind that design elements of all three proposals are likely to change (some rather dramatically) between now and the final selection on September 20th (and again between the final selection and construction). That being the case, a few highlights that caught our attention (in reverse order of the renderings we published yesterday):

Skidmore Owings and Merrill/Rockefeller Group Development Corporation Proposal:
Envisioned as “the center of San Francisco,” the SOM designed tower (above) will rise a total of 1,375 feet into the sky. The 175-foot “crown” of the tower will house dual wind turbines and photovoltaic screening, while the “self-healing” external brace frame (designed to redistribute load if compromised) will diffuse strong winds at ground level.

The mixed use tower is configured for 42 floors of residential (2/3/4 bedroom condos), 31 floors of office, and 8 floors of hotel space with a public sky lounge at the very top. A 103-foot high multimedia entry “portal” will usher people into the great hall and transit center below.

Both the tower and terminal are intended to be Platinum LEED certified.

Richard Rogers Partnership/Forest City Enterprises/MacFarlane Partners Proposal:
Designed to be a “kinetic rather than static” building (think elevators on the outside), and a “vertical representation of the city as a whole,” the Richard Rogers designed tower was also described as a “metaphor for sustainability” (a 170-foot wind turbine rises above the building’s restaurants and observatory located at 1,100 feet).

The mixed use tower is configured for 600,000 square feet of commercial space, 200-300 condominiums, and 200+ upscale hotel rooms. Both the tower and 1,300’ long terminal are designed to minimize walls on the ground level to maximize light, flow and natural circulation.

The tower is intended to be Platinum LEED certified and the terminal Gold.

Pelli Clark Pelli Architects/Hines Proposal:
Christened “City Park,” the Cesar Pelli designed tower and terminal centers all attention on a “complex” 5.4 acre elevated park above the transit center. The park includes grass, trees and water features designed to naturally treat greywater. While below, glass enclosed bus platforms are designed to encapsulate and scrub exhaust via bio-filters.

And while the terminal may be complex (think a funicular rising through a grove of redwoods), it is balanced by a “simple and calm” 1,200-foot glass wrapped tower which is topped by four harmonic turbines (which variably light the top of the tower based on prevailing wind speeds). As proposed, the tower is singularly configured for 1.6 million square feet of commercial office space but could be reconfigured to include 22 floors of residential space “if required.”

Both the tower and terminal are expected to be LEED Gold certified (but could possibly achieve Platinum).

Note: Comments on the three proposed designs are being collected on yesterday’s post that featured the renderings for all three proposals.

∙ The SocketSite Scoop: San Francisco’s Transbay Terminal Designs [SocketSite]
∙ Transbay Design Competition: The Revised Schedule And Unveiling [SocketSite]

Posted by socketadmin at 5:00 PM | Permalink | (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)

Buchanan Lane (Eddy & Buchanan): Sales Office Now Open

Buchanan Lane, a new development of thirty (30) “single family 3 bedroom 2 bath homes in a gated community,” opened its sales office doors this weekend at 1303 Buchanan (corner of Eddy & Buchanan). Pricing currently starts at $729,000 for 1340 Eddy (a ~1,400 square foot three bedroom two bath), and according to the sales office they’re hoping to hit as high as $900K for a few of the homes post “Grand Opening” in September.

And while the interior finishes are rumored to be quite nice (limestone and granite with Bosch appliances), the starting price per square foot (~$520) relatively inexpensive (for San Francisco), and they are single family homes (not condos), we’re still struggling to see the value (based on the absolute price point, target audience, and tough location).

Also worth noting, three Below Market Rate (BMR) units will be priced at $279,000 and applications “must be received or postmarked no later than August 9th, 2007.”

∙ Buchanan Lane in San Francisco (Eddy & Buchanan) [buchananlane.com]
∙ Buchanan Lane BMR Unit Ad (pdf) [sfraaffordablehousing.org]
∙ Living in the cross fire [SFGate]

Posted by socketadmin at 10:34 AM | Permalink | Comments (57) | (email story)

Another Chance To Buy In The "Sold Out" 3208 Pierce

Good news for anyone that was interested in 3208 Pierce #407 but was somehow discouraged by the marketing materials that designated the unit as “SOLD” on day one, it’s now on the market and asking $1,279,000.

∙ Listing: 3208 Pierce #407 (2/2.5) 1,168 sqft - $1,279,000 [MLS]
∙ 3208 Pierce: New Website And Photo Gallery [SocketSite]

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

August 3, 2007

A Few New Incentives For Both Buyers And Brokers In San Francisco

From a tipster: “On Wednesday, August 8, visit the Heritage on Fillmore to discover how to get your clients 2 years paid HOA Dues or $11,000 toward upgrades with the purchase of a new home [deals must be written by September 30, 2007]. And when you help your clients you'll also help yourself. The Heritage is now offering a 3.5% broker co-op!"

And yet another: “170 Off Third is excited to offer a 5.625% interest rate on all remaining two-bedroom residences! [Interest rate based on 7/1 ARM Interest Only and is fixed for seven years.]”

We’ll let you decide what they’re worth (to you). And what they mean (for the market).

∙ Heritage On Fillmore Official Update: Inventory And Restaurants [SocketSite]
∙ Odeon And 170 Off Third: A “Plugged In” Buyer’s Perspective [SocketSite]

Posted by socketadmin at 9:06 AM | Permalink | Comments (32) | (email story)

August 2, 2007

Reductions (And A New Release) At Citrino (566 South Van Ness)

Originally advertised as priced “in the $500’s - $700’s,” a tipster notes that Citrino has started advertising one-bedrooms “now starting at $475,000,” two-bedrooms “now starting at $675,000,” and a “New Release!!!”

And we note reductions on listed units ranging from $10,000 (1.4%) on 566 South Van Ness #1, to $24,000 (4.6%) on 566 South Van Ness #12.

∙ Listing: 566 South Van Ness #1 (2/2) - $729,000 [MLS]
∙ Listing: 566 South Van Ness #12 (1/1) - $495,000 [MLS]
∙ New San Francisco Condo Developments: Citrino & The Lambourne [SocketSite]
∙ Citrino (566 South Van Ness): Website Update And A Few Prices [SocketSite]

Posted by socketadmin at 3:30 AM | Permalink | Comments (57) | (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 30, 2007

Arterra (300 Berry) Tops Off At 16 And Aims For A Spring '08 Opening

According to Intracorp, Arterra has topped off at 16 floors and should be completed and closing escrows next Spring (2008). As best we can tell they’re still running under 50% in contract. And no, we can’t explain why they wrapped the building in Bovis blue (rather than Arterra "green").

∙ Rooms With An 11th Floor View (From The Arterra): 300 Berry [SocketSite]
∙ Out With The HOAs (For Now) In With The Sub-Zero (And Plasmas) [SocketSite]
∙ The Arterra: “Clean Design, Pure Living” At 300 Berry Street [SocketSite]

Posted by socketadmin at 12:30 PM | Permalink | Comments (17) | (email story)

Another Chance To Make An Offer (Any Offer) In San Francisco

Once again, it was almost a year ago that we wrote that “we’re struggling to rationalize the ‘value’” of the condos at 767 Bryant. Since then we’ve seen remodeling, reductions and even some mighty big incentives (e.g., free cars). And now, a craigslist plea by way of a plugged-in tipster:

Seller would like to move these units ASAP. Make an offer...any offer. We have been offering many incentives and the feedback is people would rather see a reduced purchase price. So instead of incentives bring us an offer of what you think the value is!

Keep in mind that after eleven months on the market, over half of the twenty (20) converted condos remain available for sale. Let us know if you make an offer (and don't forget to invite us to the housewarming if it's accepted).

∙ Inside 767 Bryant [SocketSite]
∙ Buy A Condo Get A Car At 767 Bryant [SocketSite]
∙ $599000 make an OFFER... [craigslist]
∙ 767 Bryant: The Apartments Condominiums [SocketSite]

Posted by socketadmin at 1:45 AM | Permalink | Comments (4) | (email story)

July 27, 2007

The Californian on Rincon Hill (375 Fremont): Website And Renderings

A tipster notices a placeholder website for The California on Rincon Hill (375 Fremont) as well as a few new renderings (at least to us) over on the developer's site.

Once again: 41-stories; 393 luxury units (averaging 1,048 square feet) with 24-hour valet parking for “approximately 393 cars”; and construction beginning November of 2007 (and sales in early 2008).

∙ The Californian on Rincon Hill [375 Fremont]
∙ The Californian on Rincon Hill: 375 Fremont St. [SocketSite]
∙ The Californian On Rincon Hill Construction/Sales Pushed Back [SocketSite]

Posted by socketadmin at 3:00 AM | Permalink | Comments (40) | (email story)

July 25, 2007

Mint Collection Update (7/25): Sales, Leasing, Plaza And Eats/Drinks

A quick update for the Mint Collection: Twelve (12) of the fifty-two (52) condos at 410 Jessie ("Hales Warehouse") remain available for sale (77% sold) with studios ranging from $480,000 to $510,000 (433 to 494 square feet) and one-bedrooms ranging from $795,000 to $1,075,000 (996 to 1,242 square feet).

Next door at 418 Jesse ("Station House") twenty-three (23) of the twenty-five (25) units have been leased. The remaining two:

∙ 418 Jessie #702 (3/3) 1,921 sqft - $6,250/mo (includes 2 car parking)
∙ 418 Jessie #802 (3/3) 1,931 sqft - $6,550/mo (includes 2 car parking)

Also of note, “Mint Plaza is on schedule for completion on Labor Day” with Chez Papa scheduled to open in mid-September, Sushi Groove in late September/early October, and Blue Bottle in early October as well. (No word on what ever happened to the "Nuevo-Latino/Peruvian" restaurant/lounge.)

∙ The Mint Lofts: The SocketSite Scoop, Update And (Some) Pricing [SocketSite]
∙ Mint Lofts (410 - 424 Jessie): New Website, Photos, And Floor Plans [SocketSite]
∙ Mint Lofts: 410 + 418 Jessie Street, San Francisco [SocketSite]
∙ Mint Plaza: Approved, Moving Forward, And Coming Soon [SocketSite]

Posted by socketadmin at 1:54 PM | Permalink | Comments (7) | (email story)

July 24, 2007

Those Amazing Automated Aluminum Louvers On 1234 Howard

A reader notices the individually operated (unit-by-unit that is) aluminum louvers being installed on the south face of 1234 Howard (and notes floor plans on the updated property website). And in the interests of our readers (okay, and of ourselves), we immediately dispatched a photographer.

And of course, a few more photos from the inside (a week before the rumored sneak peeks for a select few):

UPDATE: According to sfnewdevelopments: two (2) studios in the mid $400’s (one BMR); eight (8) "one-bedrooms" in the mid $600’s (one BMR); and six "two-bedrooms" around $800K to $900K. Oh, and “there were originally eight 2BR units but Mr. Saitowitz himself will be living in 2 of them.” Let's just say we're not too surprised (notice the walkway connecting the top two south facing units) and it doesn't suck to be Saitowitz.

∙ New Stanley Saitowitz/Natoma Architects Condos: 1234 Howard [SocketSite]

Posted by socketadmin at 4:00 AM | Permalink | Comments (42) | (email story)

July 23, 2007

Symphony Towers: A SocketSite Reader Reports On Opening Day

We might not have an official tally for this past weekend’s “grand opening” of Symphony Towers, but we do have one plugged-in reader’s report (and photo):

Buyers (including many investors) starting lining up at 6am for a chance at one of those 350k studios. From the look of things, Symphony was well on their way to selling out their first 50 homes... We were there till 1pm [on Saturday] and by then 30+ units were already reserved.

Any visitors to the sales office on Sunday care to report in on day two?

∙ The SocketSite Scoop On Sales At Symphony Towers (750 Van Ness) [SocketSite]
∙ Symphony Towers (750 Van Ness Avenue) [SocketSite]

Posted by socketadmin at 3:45 AM | Permalink | Comments (35) | (email story)

310 Townsend: Additional Evidence Of Price Reductions

Five months ago 310 Townsend #412 hit the market at $970,000 (with the option of purchasing parking for an additional $20-25,000). Three days ago it was listed on the MLS for $895,000 (including parking).

That’s an effective reduction of $95,000 (10.6%). And yes, they’re still offering “Special 3.875% financing.”

UPDATE (9/7): Closed escrow on 9/5/07 for $890,000 (8.2% under original asking, and not accounting for any parking).

∙ Listing: 310 Townsend #412 (1/1) - $895,000 [MLS]
∙ 310 Townsend: Available And Selling [SocketSite]
∙ 310 Townsend: Two New Listings, (At Least) One New Price [SocketSite]

Posted by socketadmin at 3:30 AM | Permalink | Comments (13) | (email story)

July 20, 2007

A Few Picture Postcard Views From The 59th Floor Of One Rincon Hill

You can argue the architecture all you want (over here), but it’s hard to argue with the views (from the 59th Floor of One Rincon Hill tower one). And no, we weren’t kidding about the time capsule (which was blessed today and will be retrieved in 50 years).

And speaking of underutilized surface parking lots (and at least one new development):

∙ One Rincon Hill: Another Fontana Or Transamerica In The Making? [SocketSite]
∙ One Rincon Hill “Rumors”: Construction, Closings and Time Capsule [SocketSite]
∙ More 'Manhattanization' Of San Francisco: Paying More For Parking [SocketSite]

Posted by socketadmin at 6:50 PM | Permalink | Comments (51) | (email story)

The Royal SF: Sales Update (And Case Study For The SocketSite "Cii")

Although at least 16 condos remain unsold and “available for immediate occupancy” at The Royal (201 Sansome), only one unit (#501) is officially listed as inventory on the San Francisco MLS (it’s the SocketSite Complete Inventory Index in action.) And although 201 Sansome #501 was officially listed at $594,000 yesterday, it’s “priced” at $660,000 according to the sales office sales materials from the day before.

It’s also worth noting that while units #503, #602 and #804 at They Royal are no longer listed on the MLS (as they were two months ago), all three units appear to remain available for sale (and occupancy) today.

∙ The Royal San Francisco [SocketSite]
∙ SocketSite’s Complete Inventory Index (CII): Q3 2007 (SF) [SocketSite]
∙ The Royal San Francisco Reductions [SocketSite]

Posted by socketadmin at 3:28 AM | Permalink | Comments (9) | (email story)

July 19, 2007

SocketSite’s Complete Inventory Index (CII): Q3 2007 (SF)

Once again, if you’re truly plugged-in you’re already familiar with SocketSite’s Complete Inventory Index (Cii) for San Francisco. But if you're not:

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.

We’re now tracking the size, status, probability, and available inventory for nearly 200 new developments throughout San Francisco (20,000+ condominiums in total). And we’re keeping tabs on another 15,000+ “net new housing units” (including rental units) that are either proposed or on the drawing boards. All told, it's a potential inventory of 35,000+ housing units (i.e., the majority of San Francisco’s overall housing pipeline).

As it stands, in addition to the roughly 600 San Francisco condominiums (and 500 single family homes) that are listed and available for sale on the San Francisco MLS, we estimate that there are approximately 225 new condominiums that are not listed, but are currently available for purchase and occupancy. These condos include unlisted inventory in buildings ranging in size from 310 Townsend to The Palms.

We also estimate that there are currently an additional 1,150 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, The Potrero, and The Hayes). And within the next six months, we expect to see an additional 1,000 condominiums begin marketing, accepting deposits, and competing for sales as well (think The Millennium, SF BLU, and Esprit Park).

Looking forward to 2008 we see an additional 2,000 new condominiums that are likely to start marketing/selling in the first half of the year (or relatively soon thereafter). And another 1,600+ that have a shot of making it to market in the second half of 2008. At the same time, keep in mind that at least 1,000 units have fallen out of the pipeline over the past six months (think 250 Brannan or Rincon Towers).

Beyond that (and for building by building updates) you’ll just have to keep plugging in.

∙ SocketSite’s Complete Inventory Index (Cii) [SocketSite]
∙ 310 Townsend: Two New Listings, (At Least) One New Price [SocketSite]
∙ The Palms: Financing Incentives And Inventory Update [SocketSite]
∙ An Incomplete History Of Prices At The Infinity [SocketSite]
∙ The Potrero: South Building Sales (And Incentives) This Weekend [SocketSite]
∙ The Hayes (55 Page): A Plugged In Buyer’s Facts (And Opinion) [SocketSite]
∙ Millennium Tower: Sales Timeline, Additional Details And Renderings [SocketSite]
∙ 631 Folsom: Recently Christened “SF BLŪ” (And Down To 108 Units) [SocketSite]
∙ Esprit Park (900 Minnesota): The Website (Sales Office This Summer) [SocketSite]
∙ An Ode To Offices Or A Rethinking Of Residential? [SocketSite]
∙ Rincon Towers: From Apartments, To Condos, To Apartments [SocketSite]

Posted by socketadmin at 4:00 AM | Permalink | Comments (15) | (email story)

One Rincon Hill “Rumors”: Construction, Closings and Time Capsule

So it’s not exactly a rumor (in fact it’s already been printed), but construction on the second tower of One Rincon Hill is expected to kickoff by the end of the year (if not soon thereafter). At the same time, the unconfirmed word on the street (rumor) is that the first wave of closings and occupancy in tower one could happen by the end of the year (2007) as well.

And under the heading of “it kind of sounds like a rumor but it’s really not,” a time capsule will be placed atop the first tower on Friday to commemorate topping off. [Insert snarky comment here about how, and when, they're going to retrieve said capsule.]

Posted by socketadmin at 3:00 AM | Permalink | Comments (42) | (email story)

July 18, 2007

One South Park: Reservations, Floor Plans And Even A Few Prices

According to a plugged-in tipster, One South Park has been taking soft reservations for a month or two, is converting to contracts this week, and should be ready for occupancy in late August or early September (with a model unit opening within the next two weeks).

Interactive floor plans denote eighteen (18) of the thirty-five (35) condos currently reserved and one (#407) “sold” (likely a developer’s unit). Some representative two-bedroom pricing:

∙ One South Park #205 (2/2) 1,402 sqft - $1,250,000 ($892/sqft) "Reserved"
∙ One South Park #301 (2/2) 1,096 sqft - $1,050,000 ($958/sqft) "Reserved"
∙ One South Park #304 (2/2) 1,162 sqft - $1,200,000 ($1033/sqft) "Reserved"
∙ One South Park #305 (2/2) 1,402 sqft - $1,375,000 ($981/sqft) "Reserved"
∙ One South Park #307 (2/2) 1,570 sqft - $1,500,000 ($955/sqft) "Reserved"
∙ One South Park #311 (2/2) 1,098 sqft - $995,000 ($906/sqft)
∙ One South Park #402 (2/2.5) 1,348 sqft - $1,495,000 ($1109/sqft)
∙ One South Park #403 (2/2.5) 1,353 sqft - $1,495,000 ($1105/sqft)
∙ One South Park #410 (2/2) 1,264 sqft - $1,375,000 ($1088/sqft) "Reserved"

One South Park will offer parking through a mix of car stackers (20 spaces) and deeded stalls. And in case you’re not all that familiar, some readers' input on stackers in general.

∙ One South Park: An Overview And Car Stacker Question [SocketSite]
∙ One South Park: Interactive Floor Plans [santafepartners.com]

Posted by socketadmin at 3:30 AM | Permalink | Comments (6) | (email story)

July 17, 2007

Will The Supervisors Martyr (3400) Cesar Chavez In The Mission?

It didn’t really stir so much as a debate as perhaps frustration when we last highlighted the proposed (and MAC opposed) 60-unit development at 3400 Cesar Chavez in the Mission.

And as a tipster notes, the San Francisco Board of Supervisors will entertain public comment this afternoon and then either affirm or reverse the Planning Department’s preliminary approval for the project (at City Hall for those who are interested).

UPDATE (7/18): "After listening to over five hours of public comment on the Mission Anti-Displacement Coalition’s (MAC) appeal of the environmental impact document at 3400 Cesar Chavez, the Board of Supervisors voted to wait two weeks to make a decision." (Supes Postpone Decision on 3400 Cesar Chavez)

∙ 3400 Cesar Chavez: Approved But Opposed (By MAC) In The Mission [SocketSite]
∙ San Francisco Board of Supervisors Agenda: July 17, 2007
∙ Supes Postpone Decision on 3400 Cesar Chavez [BeyondChron]

Posted by socketadmin at 4:00 AM | Permalink | Comments (41) | (email story)

Citrino (566 South Van Ness): Website Update And A Few Prices

A plugged in reader points out Citrino’s recently updated website (now featuring floor plans and photos). And, of course, we point out a few of the 32 prices (which aren't on the site):

∙ 566 South Van Ness #3 (2/2) - $739,000
∙ 566 South Van Ness #10 (2/2) - $689,000
∙ 566 South Van Ness #12 (1/1) - $519,000
∙ 566 South Van Ness #17 (2/2) - $729,000
∙ 566 South Van Ness #18 (2/2) - $699,000
∙ 566 South Van Ness #21 (1/1) - $525,000
∙ 566 South Van Ness #22 (2/2) - $725,000

Unfortunately we don’t (yet) have an update on sales. (Tipsters?) And no, we can’t explain the seemingly sudden surge in Bertazzoni ranges throughout the city (not that we’re complaining).

∙ New San Francisco Condo Developments: Citrino & The Lambourne [SocketSite]

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

A Reader’s Cathedral Hill Comment: Great Words Edition

“Overall, this [Cathedral Hill] tower, though not unique, is far better multi-unit residential design than SF has been typically force-fed (i.e. the [name removed to semi-protect the semi-innocent] crap all over the place). I don't think this is too tall for the area either -- seems in scale with the cathedral, the hill and that part of Geary.

Not convinced that the best design here is necessarily an 'object building' (i.e. the curvilinear tower shaft being geometrically autonomous from the orthogonal urban fabric -- it used to be that buildings arguably more important than housing stock deployed such morphological tactics, like St Mary's itself). And I'm not convinced about the design of the base/podium though, it looks a bit anemic.

But overall, it raises the bar above the horribly banal residential developments we've come to expect in SF..." (a recent SocketSite reader's comment and mouthful)

∙ Ask (Nicely) And Ye Shall Receive: Cathedral Hill Tower Renderings [SocketSite]

Posted by socketadmin at 3:15 AM | Permalink | Comments (1) | (email story)

July 13, 2007

Rooms With An 11th Floor View (From The Arterra): 300 Berry

And speaking of views (and Mission Bay), a plugged-in tipster forwards a link to “high-resolution images taken from the 11th floor living rooms of actual Arterra homes.” It’s some great perspective on the rapidly changing cityscape of the neighborhood. And of course, the skyline beyond.

∙ Did The Port Get Punked? (San Francisco Seawall Lot Redevelopment) [SocketSite]
∙ Radiance At Mission Bay: Around 50% In Contract (And Conversion)? [SocketSite]
∙ Out With The HOAs (For Now) In With The Sub-Zero (And Plasmas) [SocketSite]
∙ SocketSite Reader’s Report: Living In North Mission Bay (For Real) [SocketSite]
∙ One Rincon Hill: Another Fontana Or Transamerica In The Making? [SocketSite]

Posted by socketadmin at 11:38 AM | Permalink | Comments (18) | (email story)

July 12, 2007

Radiance At Mission Bay: Around 50% In Contract (And Conversion)?

The conversion rate of initial fully-refundable $10,000 deposits to actual contracts over at Radiance at Mission Bay appears to have run somewhere around 50% as they’re now advertising “almost half…sold” for phase one. Some additional pricing and (incomplete) availability:

∙ 330 Mission Bay Boulevard #112 (2+/2.5) 1,775 sqft - $1,772,600
∙ 330 Mission Bay Boulevard #303 (1/1) 902 sqft - $663,000
∙ 330 Mission Bay Boulevard #307 (1/1) 849 sqft - $649,500
∙ 330 Mission Bay Boulevard #411 (2+/2) 1,393 sqft - $1,663,800
∙ 330 Mission Bay Boulevard #412 (2/2) 1,201 sqft - $1,417,200
∙ 330 Mission Bay Boulevard #414 (2/2) 1,139 sqft - $985,200
∙ 330 Mission Bay Boulevard #505 (2/2) 1,127 sqft - $997,000
∙ 330 Mission Bay Boulevard #507 (2/2) 1,220 sqft - $1,409,100
∙ 330 Mission Bay Boulevard #517 (2+/3) 1,998 sqft - $2,128,000
∙ 330 Mission Bay Boulevard #606 (2+/2) 1,772 sqft - $2,347,900
∙ 330 Mission Bay Boulevard #805 (1/1) 961 sqft - $946,600

No official word on the status of the phase II towers (although one tipster thinks she saw a new piling being driven into the ground) but they’re now “pouring the 8th floor" of phase I with occupancy slated for "Spring 2008" (a virtual tour for those who are unfamiliar).

And no, we can't explain why one source lists #411 at 1,393 square feet while the website shows 1,410.

∙ Radiance At Mission Bay: Sales Office Open [SocketSite]

Posted by socketadmin at 3:23 PM | Permalink | Comments (81) | (email story)

July 10, 2007

Argenta Rises While Buildings For Crescent Heights Are Razed

The soon to be 17-story Argenta is rising to the west of Fox Plaza with little fanfare (and nary a mention of sales), while across the street to the south (at the southwest corner of 10th and Market) all of the buildings have been razed in order to make way for the 9, 18, 19 and 35-story Crescent Heights development.

∙ Argenta (1 Polk): Ground Breaking [SocketSite]
∙ Fox Plaza (1390 Market): 250 New Condos In The Works [SocketSite]
∙ Crescent Heights: 10th And Market Recap, Rendering, And Details [SocketSite]

Posted by socketadmin at 8:10 AM | Permalink | Comments (32) | (email story)

One Rincon Hill: Another Fontana Or Transamerica In The Making?

As far as we’re concerned, it’s simply too soon to judge. And of course, it’s too soon to know. But a reader puts it quite well, “Is One Rincon the Fontana Building, or the Transamerica Pyramid, of the first decade of the 21st Century?”

The Fontana Building has been derided ever since it was built, and time has not healed those wounds. It changed what people thought of new development, particularly in existing neighborhoods.

The Transamerica Pyramid on the other hand, was equally derided for aesthetics, and was part of the dreaded "manhattanization" of SF that led to an annual cap on development imposed in the 80's. Yet, over time, the Pyramid became an icon of SF, and is extremely popular today.

Frankly, I'm not sure which one Rincon is. I loathe its design, and to me it is way too bulky to be the "slender tower" that the Rincon Hill plan promised. It learned so few lessons from Vancouver that it makes a mockery of the ideas that are supposedly behind the Rincon Hill plan. It is so tall, so big, so omnipresent, and so damn close to the bridge that it cannot be avoided in the viewscape. But, I have to admit, part of me thrills when I round a corner somewhere in the city, and suddenly there it is.

Our reader also ads, “…of course I don't have an answer, but SocketSite readers are sure to have an opinion.” And at the very least, on that we can likely all agree.

Posted by socketadmin at 7:10 AM | Permalink | Comments (118) | (email story)

The Official Cathedral Hill Tower (1481 Post Street) Website

A plugged-in tipster directs us to the ADCO Group’s website for the proposed Catherdral Hill Tower (1481 Post Street). Think summary, FAQs (“We hope to get our final permits sometime in 2008, so we expect that the project will be completed by 2010.”), and a complete rundown of community meetings (both past and future).

∙ 1481 Post Street: Official Development Website [1481poststreet.com]
∙ Ask (Nicely) And Ye Shall Receive: Cathedral Hill Tower Renderings [SocketSite]
∙ SOM Design And Details For 300 Condominiums On A Hill [SocketSite]

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

July 9, 2007

The SocketSite Scoop On Sales At Symphony Towers (750 Van Ness)

While the signs have been hung around town, and the sales office doors are open, according to a plugged-in tipster the much ballyhooed (on account of the price point) Symphony Towers won't start taking reservations until Saturday, July 21st (“promptly at 8:30am" for registered "V.I.P.s"). Also worth noting, the sales team will be offering “3% off the purchase price of the first 50 homes sold!” for V.I.P.s who registered "on or before July 3, 2007."

A bit of the fine print: “3% discount (Discount) is limited to the first fifty (50) homes purchased at Symphony Towers between July 21, 2007, and August 4, 2007. To qualify, buyers must have registered on or before July 3, 2007. Discount applies only if financing through our preferred lenders.... Discount is applicable to only the first home purchased per registered buyer; subsequent homes may be purchased at regular market rate.”

A few additional details, studios are expected to be priced from $350,000 to $500,000; one-bedrooms from $500,000 to $700,000; and two-bedrooms from $750,000 to $900,000. Refrigerators are included (but not the vented washer/dryers), gas ranges except in the studios (don't ask us), and one car deeded parking for most units.

UPDATE: From a plugged-in reader: “the building codes do not allow any gas burning appliances in a room used for sleeping” (re: "gas ranges except in the studios").

∙ Symphony Towers: From The $300,000s [SocketSite]
∙ Symphony Towers (750 Van Ness Avenue) [SocketSite]

Posted by socketadmin at 4:30 AM | Permalink | Comments (69) | (email story)

July 6, 2007

The Potrero: South Building Sales (And Incentives) This Weekend

The Potrero has officially released inventory in their South Building with buyers over the next three days (7/6-7/8) receiving (an obligatory?) “2 years of HOA dues, a refrigerator, washer and dryer at no charge.” And yes, it's being billed as a "limited time offer."

∙ Update: The Potrero (451 Kansas) And Park Terrace (325 Berry) [SocketSite]
∙ Weekend Incentives (And A New Release) At The Potrero [SocketSite]

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

Going Green (And Modern) In The Mission: 22nd And Valencia

Another “Green” building by LORAX Development (and design by John Maniscalco) is about to hit the market. This time it’s the long awaited condo development at 22nd and Valencia. Two of our favorite green features: a “living roof” and “siding from reclaimed olive oil barrels.” And yes, pricing and photos when we have them.

∙ New Development: 22nd And Valencia [Lorax Development]
∙ The Greenest Home In San Francisco [SocketSite]
∙ A Week Of Atonement [SocketSite]

Posted by socketadmin at 8:43 AM | Permalink | Comments (15) | (email story)

Fox Plaza (1390 Market): 250 New Condos In The Works

According to J.K. Dineen, “Archstone-Smith is pushing forward with plans to raze the corner retail element [of Fox Plaza] and replace it with a 250-unit flatiron-style condo building.”

The planned wedge-shaped terra-cotta and glass 120-foot structure, with retail, would replace the low-slung building that houses Starbucks and a stationery shop, according to Presidio Development Partners President Mark Conroe, who was retained by Archstone-Smith to obtain city approvals for the residential development and sell off the office part. The new building would cost about $150 million based on current construction costs.

HellerManus has been tapped for the design (which will "speak to the energy level of the Civic Center area”) and the current 446 renal apartments (and 550-car garage) will remain in place.

∙ Fox Plaza to replace retail with condos [Business Times]

Posted by socketadmin at 7:41 AM | Permalink | Comments (17) | (email story)

June 26, 2007

Out With The HOAs (For Now) In With The Sub-Zero (And Plasmas)

The latest limited time offer from Arterra: “For a limited time, receive a sleek Sub-Zero refrigerator and handsome bamboo hardwood flooring in all living areas when you purchase a 2-bedroom, 1-bath home on floors 9 and above. Or, receive a 42" flat-panel television on any 2-bedroom, 1-bath home on floors eight and below (installation not included).”

∙ Speaking Of Savings (And Subtle Signs) At Arterra [SocketSite]

Posted by socketadmin at 3:32 AM | Permalink | Comments (74) | (email story)

June 20, 2007

The Montgomery (74 New Montgomery): Pricing And Reservations

Apparently it was “lamb lollipops” and potent cocktails for the “Grand Opening” of The Montgomery (74 New Montgomery). And while nary a price list was to be found (tipsters?), here’s some guidance and the inside scoop:

∙ So far only 17 of the 107 condos have been released (none of which are two bedrooms) and eleven (11) have received $5,000 refundable deposits.

∙ Price ranges for the first release: studios $379,000 to $540,000 (420-580 sqft); junior one bedrooms $598,000 to $655,000 (500-600 sqft); one bedrooms $487,000 to $647,000 (600-750 sqft); and one bedrooms + den $745,000 to $850,000 (700-900 sqft). Penthouses (4) are expected to be priced as high as $1,800,000 (1500-1600 sqft).

∙ A second release of units is slated for July first (should include a few two bedrooms).

A larger second sales center opens this weekend around the corner on Annie Street (no word on if they'll be celebrating with more lamb lollipops), and the first move-ins are expected to occur as early as September.

∙ The Montgomery (74 New Montgomery): Almost Selling (For Real) [SocketSite]

Posted by socketadmin at 4:30 AM | Permalink | Comments (19) | (email story)

Out With The Old: 45 Lansing And The Lot Around Watermark

Paul Hwang of Skybox Realty captures the demolition of 45 Lansing. Cater-corner to One Rincon Hill, 45 Lansing is slated to become 305 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”) in a 40-story tower.

And a little to the south east, another pluggged-in reader notices the parking lot surrounding Watermark is being broken up and wonders what's in the works. Anyone have the inside scoop (or even just a camera)?

∙ True Luxury Condos At 45 Lansing? [SocketSite]
∙ Six Relatively Quick Flips At The Sold Out Watermark (501 Beale) [SocketSite]

Posted by socketadmin at 4:00 AM | Permalink | Comments (33) | (email story)

June 19, 2007

The (SOM) Master Plan For San Francisco’s Treasure Island

A plugged-in tipster directs us to Skidmore, Owings & Merrill’s Master Plan for Treasure Island and an overview from NewcitySkyline:

The Treasure Island Plan involves a unique, 21st century San Francisco community that is socially and economically diverse and supported by close-knit neighborhoods, unprecedented open space, resource-conserving technology and a robust network of transportation choices. Envisioned as both a great place to live and a regional destination, the plan proposes three compact neighborhoods centered around an energizing, mixed-use hub and ferry terminal set within a richly faceted 275-acre Great Park.

The new development would take up only a quarter of the island’s area and will be built in phases. In the residential phase, there will be approximately 5,900 residential units built, of which 30 percent will be affordable. The residential area will accommodate around 13,500 residents, and will be divided by high-density, low-to-midrise blocks of townhouses, flats clustered around neighborhood open spaces, and residential towers approximately 14 stories high.

With preliminary approval from the Board of Supervisors in hand, residents could begin moving by as early as 2013 (with overall completion of the development around 2022).

∙ Treasure Island Master Plan [SOM]
∙ Reawakening Treasure Island [NewcitySkyline]

Posted by socketadmin at 10:16 AM | Permalink | Comments (80) | (email story)

733 Front: A Few Condo Floor Plans (And Some More Pricing)

A smattering of floor plans, condo/building features, and a neighborhood guide have been added to the website for 733 Front. And of course, we have some additional pricing:

∙ 733 Front #201 (1/1) 922 sqft - $725,000
∙ 733 Front #206 (0/1) 632 sqft - $605,000
∙ 733 Front #309 (1/1) 1,022 sqft - $785,000
∙ 733 Front #312 (1/1) 1,192 sqft - $940,000
∙ 733 Front #404 (1/1) 833 sqft - $870,000
∙ 733 Front #411 (1/1) 893 sqft - $745,000
∙ 733 Front #501 (2/2) 1,625 sqft - $1,625,000
∙ 733 Front #506 (2/2) 1,574 sqft - $1,780,000
∙ 733 Front #511 (1/1) 846 sqft - $650,000
∙ 733 Front #606 (1/1) 904 sqft - $1,060,000
∙ 733 Front #704 (2/2) 1,600 sqft - $2,075,000
∙ 733 Front #705 (1/1) 773 sqft - $1,050,000

The two-bedrooms include one parking space in the building (or a $75,000 credit), and we’re guessing #404 might now as well (the list price was increased $75,000 since our last update). Expect monthly HOA dues starting at slightly over $500 and running into the mid $600s (hundreds not thousands).

∙ 733 Front Sales Update: 32% In Contract (Almost All Two-Bedrooms) [SocketSite]

Posted by socketadmin at 3:30 AM | Permalink | Comments (31) | (email story)

June 18, 2007

Millennium Tower (301 Mission) Website: Alive And Kicking

Floor plans and interior renderings should be online in October, so for now you’ll just have to settle for additional tower renderings, a Club Level floor plan and overview (including the wine cellar, tasting room, and “owners lounge”), and an animated “flyover” (accompanied by a real estate website soundtrack that - for once - doesn't drive us totally insane).

∙ Millennium Tower: Official Website [millenniumtowersf.com]
∙ Millennium Tower: Sales Timeline, Additional Details And Renderings [SocketSite]

Posted by socketadmin at 10:12 AM | Permalink | Comments (58) | (email story)

One Rincon Hill By The (Chronicle’s) Numbers (And Our Notes)

Only 2 of 14 townhomes, but 368 of 376 tower condos, in contract (although nothing has actually “sold”); the glass curtain wall now reaches the 50th floor (45th story) while the 60th floor (or 55th story) has been poured; and the first tower should top off (at 605 feet) in about a month (with lower floor move-ins by the end of the year).

UPDATE: And speaking of topping off, a plugged-in tipster sends word that that One Rincon's "Topping Out Celebration" (for future residents) is scheduled for July 21.

∙ Glass Curtain Rises On Tower [SFGate]
∙ One Rincon Hill’s Townhome Collection “Officially” Released [SocketSite]
∙ One Rincon Hill’s Fall Newsletter And Update [SocketSite]

Posted by socketadmin at 3:45 AM | Permalink | Comments (18) | (email story)

Esprit Park (900 Minnesota): Interior Renderings

The Esprit Park “3-D interiors illustrations” that were coming soon are now here. And even though we prefer our refrigerators a bit closer to the sink (yes, we’re picky), we can’t stop ogling the rendering for unit N516. The windows, the deck, the counter space…oh my!

∙ Esprit Park (900 Minnesota): The Website (Sales Office This Summer) [SocketSite]

Posted by socketadmin at 3:15 AM | Permalink | Comments (8) | (email story)

June 15, 2007

New Stanley Saitowitz/Natoma Architects Condos: 1234 Howard

A number of readers have asked, and we finally have an answer: 1234 Howard (an 18 unit Stanley Saitowitz/Natoma Architects building) will start marketing mid July. It’ll be a mix of one and two bedroom units with deeded parking and “impeccable details.” No word on pricing and so far only a few more images (and a not so subtle reminder to “register now”) on the website.

∙ 1234 Howard [1234howard.com]

Posted by socketadmin at 1:09 PM | Permalink | Comments (36) | (email story)

Millennium Tower: Sales Timeline, Additional Details And Renderings

From rumor to reality, J.K. Dineen reports that the Millennium sales center will be opening in November of this year (roughly six months early). A couple of other details and numbers: second floor amenities (including screening room, gym, pool, terrace with fire pits, individual wine lockers and rooms dedicated to yoga and pilates) for the midrise (11-story) and tower (60-story) residents; a total of 419 condos (not 437); and units ranging from 750 to 3,400 square feet.

Architect Glenn Rescalvo, who designed the project for Handel Architects, said the 53 1,600-square-foot midrise units would feature 10-foot ceilings and wide-open floor plans. He said the design would be more typical of Tribeca lofts than San Francisco lofts, which tend to be long and narrow with double height and a mezzanine.

Occupancy remains slated for Spring 2009. And pricing? “Sean Jeffries, a principal with Millennium, said the pricing of the units at the Millennium had not been finalized, but that it would represent "the highest price per square foot in the marketplace." If so, that's likely north of $1,500 a square foot.

∙ Millennium Tower (301 Mission): Moving On Up (Tower And Schedule) [SocketSite]
∙ Millennium pours on condos [Business Times]
∙ Not Exactly A Flood (But Perhaps A Trickle) At The St. Regis [SocketSite]

Posted by socketadmin at 6:59 AM | Permalink | Comments (51) | (email story)

June 13, 2007

Floor Plans And Feng Shui At Sutter Heights (1521 Sutter)

Originally expected to be delivered next month, the 28 new construction condos that comprise Sutter Heights (1521 Sutter Street) will likely be completed in September. That being said, eight condos are already reserved for buyers, six are being reserved for the developers, and three are BMR. That leaves eleven (11) available (which should officially be on the market relatively soon).

According to the marketing materials, a “Feng Shui expert” was consulted in the design process to “create smart floor plans for today’s lifestyles.” And apparently we should be spending more time in the kitchen, bath and living areas.

∙ Sutter Heights (1521 Sutter Street) [sutterheights.com]

Posted by socketadmin at 5:55 AM | Permalink | Comments (7) | (email story)

June 12, 2007

An Ode To Offices Or A Rethinking Of Residential?

In February we noted that Miami developer Don Peebles was unloading 250 Brannan, a vacant commercial space which was purchased in March, 2006 for $19.8M and then entitled for 54 uberluxury loft condos. A couple of weeks ago, the deal was done (sale price of $31M) and it will remain office space.

From the Business Times: “Colliers broker Tony Crossley, who represented Peebles, said the city's slow entitlement process gave Peebles a chance to do "reality checks along the way." . . . Crossley doesn't expect to see any more office to residential conversions in this cycle. "I believe residential conversion is over -- we're done," said Crossley.”

∙ JustQuotes: Nope, Not Included In Our "Near-Term Likely" Cii Pipeline [SocketSite]
∙ Peebles unloads SoMa space for $31M [Business Times]

Posted by socketadmin at 3:00 AM | Permalink | Comments (1) | (email story)

June 11, 2007

235 Berry Street: 72% Sold (And A Few List Price Increases)

According to a plugged-in tipster, twenty-eight (28) condos left at 235 Berry (which would equal approximately thirty new sales over the past four months). And according to the MLS (and SocketSite), a few prices (list at least) appear to have actually been increased (a bit).

∙ 235 Berry #114 (2/2.5) 1,209 sqft - $936,900 (up from $926,900)
∙ 235 Berry #315 (2/2) 1,235 sqft - $898,900 (up from $889,900)
∙ 235 Berry #405 (2/2) 1,238 sqft - $929,900 (up from $909,900)
∙ 235 Berry #509 (2/2) 955 sqft - $1,000,900
∙ 235 Berry #512 (2/2) 957 sqft - $1,002,900
∙ 235 Berry #604 (2/2) 995 sqft - $862,900
∙ 235 Berry #614 (2/2) 986 sqft - $857,900

∙ 235 Berry Street: 40% Sold (Really) [SocketSite]
∙ 235 Berry Street Update: At Most 89% Sold (And Moving On In) [SocketSite]

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

Millennium Tower (301 Mission): Moving On Up (Tower And Schedule)

Over twenty floors (out of sixty) have been poured (with the concrete core reaching even higher) and the blue glass curtain wall is not far behind on Millennium Tower (301 Mission). And perhaps most interestingly, word on the street is that the sales timeline has been moved up. Expect details and dates in the not too distant future.

∙ Millennium Tower San Francisco (301 Mission): Interest List [SocketSite]
∙ Five Years Late (And One “N” Short) [SocketSite]

Posted by socketadmin at 3:30 AM | Permalink | Comments (36) | (email story)

June 8, 2007

3400 Cesar Chavez: Approved But Opposed (By MAC) In The Mission

A new development at 3400 Cesar Chavez would bring 60 new housing units (30 one-bedroom, 27 two-bedroom, 3 three-bedroom); sidewalk plantings, landscaping in the Cesar Chavez Street median between Mission and Bartlett Streets, and interior courtyard; and a 24-hour Walgreens (not to mention 60 residential, 30 bike, 24 customer, and 3 City CarShare parking spaces) to the corner of Cesar Chavez and Mission. But according to a plugged-in tipster:

Its approval by the Planning Commission is being appealed to the Board of Supervisors by the Mission Antidisplacement Coalition on the basis that all new market rate housing is harmful for the neighborhood, and that only a 100% affordable housing project is acceptable. (The developers are voluntarily increasing affordable units to the new 15% standard from the 12% that applies to the project.)

Of note, the development is not covered by the 2660 Harrison moratorium on PDR-to-housing conversion, as it is not PDR, but rather is being developed consistent with its zoning and past use-- housing over commercial

The development parcel is currently an empty single-story storefront (ex-paint store) and parking lot. And here we were having such a nice low blood pressure morning. Oh, and if you oppose the opposition, feel free to sign the developer's petiton.

∙ 3400 Cesar Chavez Overview and Background [3400cesarchavez.net]

Posted by socketadmin at 11:47 AM | Permalink | Comments (40) | (email story)

Not Quite Sold Out (And In Fact A Little Reduction) At 329 Bay

While the other 20 units at 329 Bay Street sold rather quickly, the price on #206 was just reduced $36,000 (4.3%).

∙ Listing: 329 Bay Street #206 (2/2) - $799,000 [MLS]
∙ Big Demand For The Bay (329 Bay) [SocketSite]

Posted by socketadmin at 3:20 AM | Permalink | Comments (0) | (email story)

June 7, 2007

Heritage On Fillmore Official Update: Inventory And Restaurants

So here’s the official inventory update for Heritage on Fillmore: 37 of 68 market rate condos “sold” (with 10 already having closed escrow and moving in) and 31 available (now starting at $600,000). That’s 27 arms length transactions over the past five months (plus 10 developer units that were reserved for friends and family), and a total of 61% “sold” when including the 12 BMR units.

Our pick (and the inside scoop): the 12th floor two bedroom floor plan B (~1,400 square feet and officially known as PH1-B) which was in contract but is returning to the market at $1,100,000. We’re partial to the separated bedrooms, walls of windows and views (yes, columns and all), but we would budget for a bit of upgrading in the kitchen and bathrooms (both of which would be fine in a lower priced unit).

And in terms of the restaurants/clubs in the building, Yoshi’s San Francisco is expected to open in October while the Blue Mirror (a white tablecloth French-Southern concept by an ex-chef of the Carnelian Room) could open its doors as early as September. Two welcome additions to the neighborhood.

∙ Heritage on Fillmore (1300 Fillmore): Status And Sales Update [SocketSite]
∙ Heritage On Fillmore: The VIP Scoop [SocketSite]
∙ A Reader’s “5 Suggestions To Turn Around Fillmore” [SocketSite]

Posted by socketadmin at 8:38 AM | Permalink | Comments (36) | (email story)

June 1, 2007

Another Reader’s Dilemma (And Chance To Play Armchair Analyst)

A “plugged-in” reader first flatters us (good thinking) and then hits us up for some other readers’ thoughts (even better):

“There's a unit at The Palms that I'm interested in. It's a 2 bedroom/2.5 bath/2 car-parking (tandem) 2-level penthouse unit (~1,054 sq ft.) with an outdoor terrace (~150 sq ft.) that's got a view of the city skyline selling at around $1,000/sq ft. The Infinity, however, has a 2 bedroom/2 bath/1 car-parking unit (~1,100) on the 5th floor (no view, no balcony) that's also selling at around $1,000/sq ft.

Which of the two units is better investment, 5 to 10 years down the line?”

As it’s Friday we’re tempted to simply quote Devo (“Freedom of choice is what you got, freedom from choice is what you want…”) and direct him to the SocketSite Forums, but instead we’ll open it up to the readers. And yes, flattery will get you everywhere (something about loving the site and forwarding it to all his family and friends).

Posted by socketadmin at 8:20 AM | Permalink | Comments (60) | (email story)

JustQuotes: Highrise Housing (And More) For Candlestick Point

“Top Vision has hired architect C.P. Wang of the renowned C.Y. Lee & Partners -- the firm that designed Taipei 101, the world's tallest fully inhabited skyscraper -- to design the final phase of St. Francis Bay, which will include a 16-story, 465-unit tower nestled into Bayview Hill, the grassy knoll separating the development from Monster Park.”

"Top Vision Development has sold out the first phase of its 769-unit St. Francis Bay, a total of 128 units. Meanwhile, construction on phase two is nearly complete, and thus far about 110 of the 176 units have been sold . . . Grading has begun on the site [for the final phase] and construction will start this year."

"In addition to St. Francis Bay, three other developers have pending projects in the area. Signature Properties has started work on 125 units at Candlestick Cove, a project which will eventually total 499 units. Developer George Yerby plans to demolish two office buildings and replace them with 500 units. And Universal Paragon Corp., which owns three office buildings, has plans to construct 1,100 units in seven highrise buildings."

∙ Highrise housing gets OK for Candlestick Point [San Francisco Business Times]

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

May 30, 2007

733 Front Sales Update: 32% In Contract (Almost All Two-Bedrooms)

According to a “plugged-in” tipster, 22 of the 69 conversion condominiums at 733 Front Street are in contract (32%) with five (5) two-bedrooms (out of 23) and 42 junior/one-bedrooms (out of 46) not yet in contract. And while the east facing units with water views might be gone (and were actually “sold” prior to the sales office opening), a number of units still offer big city, northern Bay (#707), and Bridge views (#704).

Representative pricing:

∙ 733 Front #202 (2/2) 1,207 sqft - $1,025,000 ($849/sqft)
∙ 733 Front #210 (1/1) 761 sqft - $625,000 ($821/sqft)
∙ 733 Front #213 (1/1) 832 sqft - $550,000 ($661/sqft)
∙ 733 Front #303 (1/1) 949 sqft - $760,000 ($801/sqft)
∙ 733 Front #305 (2/2) 1,278 sqft - $1,375,000 ($1,076/sqft)
∙ 733 Front #306 (0/1) 632 sqft - $615,000 ($973/sqft)
∙ 733 Front #308 (2/2) 1,291 sqft - $1,090,000 ($844/sqft)
∙ 733 Front #311 (1/1) 885 sqft - $735,000 ($831/sqft)
∙ 733 Front #404 (1/1) 833 sqft - $795,000 ($954/sqft)
∙ 733 Front #412 (1/1) 1,189 sqft - $950,000 ($799/sqft)
∙ 733 Front #503 (1.5/1.5) 1,113 sqft - $1,150,000 ($1,033/sqft)
∙ 733 Front #605 (2/2) 1,543 sqft - $1,950,000 ($1,264/sqft)
∙ 733 Front #707 (2.5/2) 1,378 sqft - $1,775,000 ($1,288/sqft)

A couple of other notes: move in could be as early as July; expect the lobby to only be “attended” from 9-5; balconies on the top two floors are much wider than just a few feet; and in terms of city living, we’re big fans of the neighborhood. Oh, and they're serving "wine on Thursday, May 31st in Residence 605 from 4:00 pm to 9:00 pm."

∙ 733 Front Street: A SocketSite Forum Inquiry (And Answer) [SocketSite]
∙ 733 Front Street: Pre-Opening This Weekend (5/12/07) [SocketSite]
∙ 733 Front Street: A Few Prices And A Reader’s Dilemma [SocketSite]

Posted by socketadmin at 4:00 AM | Permalink | Comments (15) | (email story)

A Hint Of Things To Come: Three Sixty Residences (And San Jose)

First and foremost, this new development isn’t in San Francisco, it’s in San Jose. And while we historically haven’t ventured that far south, we’re about to start logging some miles (more on this next week).

That being said, Three Sixty Residences in downtown San Jose opened its One Rincon-esque sales office featuring “a full-size model of a two-bedroom-plus-den, two-and-a-half-bathroom home” and touch screens (although no word on a signature cocktail) three weeks ago. By the numbers: 1/2/3 bedroom condos; 23 Stories; 213 units (ranging in size from 795 to 3440 square feet, and ranging in price from “the low $500,000’s to over $2 million”); 2009 (spring) delivery; and 11,000 square feet of retail. Oh, and around 120 (60%) reserved (albeit $5,000 refundable deposits) to date.

A couple of other numbers: 6/14/07. As in save the date if you’re either in (or interested in) the San Jose market.

∙ Three Sixty Residences (San Jose) [360residences.com]

Posted by socketadmin at 3:45 AM | Permalink | Comments (6) | (email story)

May 29, 2007

Buy A Condo Get A Car At 767 Bryant

Last August we were “struggling to rationalize the “value” of [767 Bryant].” Since then we've seen remodeling, reductions, and now…free cars. From a craigslist post for 767 Bryant (courtesy of a “plugged-in” tipster):

If you sign a contract by Wednesday, May 30 AND close the purchase by June 30, 2007, then you'll receive your choice of a 2007 Toyota Prius (BASE MODEL EDITION) or Mini Cooper (BASE MODEL EDITION). Offer available to principals only. Qualifying purchases are for condominiums with prices starting at $629,000.

Our tipster is left wondering how this gets factored in to the ‘real’ selling price (think comps and market statistics). And we'll add: there's nothing like watching the garage fill up with new cars if one of them isn’t yours.

∙ Inside 767 Bryant [SocketSite]
∙ Take Two For A Few Of The Condos At 767 Bryant [SocketSite]
∙ 767 Bryant: A Sales Update (And Reduction) [SocketSite]
∙ Developers offering Prius or Mini Cooper this weekend [Craigslist]

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

May 25, 2007

The Montgomery (74 New Montgomery): Almost Selling (For Real)

After three months of flying their “Now Selling” flags, and staffing a sales office that wasn't actually selling, The Montgomery will hold their “Grand Opening Event” on June 14th along with a “VIP sales release, which will not be open to the public.”

Once again, The Montgomery will consist of 107 condos ranging from studios to two-bedrooms plus dens. And according to a tipster, only fifteen parking spaces in the building (allocated to the largest units).

∙ 74 New Montgomery: Sales Office (Almost?) Open [SocketSite]
∙ New Developments: The Montgomery (74 New Montgomery) [SocketSite]

Posted by socketadmin at 11:02 AM | Permalink | Comments (13) | (email story)

Another Office To Hotel/Condo Conversion: 140 New Montgomery

A “plugged-in” tipster notes the news that Wilson Meany Sullivan is in contract to purchase the 26-story Pacific Telephone Building at 140 New Montgomery for $345 a square foot with plans to spend an additional $500 a square foot converting it from an office building to “a five-star hotel and condominium tower, with a spa, restaurant and bar.”

Architecture firm Hornberger + Worstell has been hired as project architect, along with historic preservation specialists Page & Turnbull. Plant Construction Co. will be the contractor on the project. Mark Hornberger, a principal with Hornberger + Worstell, said the light gray terra cotta tapered skyscraper is a "wonderful historic landmark property and we want to be very careful about the work we do." He said the building could support about 100 residences and 70 to 80 hotel rooms and would be "more intimate than the St. Regis with an even higher level of service." The deal includes a 441-space, eight-level parking garage on Natoma Street behind the Pacific Telephone Building.

The Jazz Age building was designed by Timothy Pflueger -- who also designed 450 Sutter St., the Pacific Coast Stock Exchange and the I. Magnin building -- and was considered radically contemporary when constructed. The building, with 13-foot terra-cotta eagles perched on its four corners, retains many of its original detailing, including the black marble lobby and bronze elevator doors, wood-paneled board rooms with working fireplaces.

And on a side note, our tipster is led to wonder: “What happened to the word deluxe? Is 'luxe' a level higher, has deluxe become dated - reserved for 'mid-century' descriptions? Did marketers feel a need to invent another word - like world-class (which thru overuse now has no impact?)” [Cue the Jeffersons theme song.]

∙ S.F. tower to become luxe hotel [San Francisco Business Times]
∙ Pacific Telephone Building gets heavy interest from developers [SFGate]

Posted by socketadmin at 10:19 AM | Permalink | Comments (3) | (email story)

May 24, 2007

733 Front Street: A Few Prices And A Reader’s Dilemma

It all started with an inquiry (and answer) in the SocketSite Reader's Forum. From there to our pre-opening alert. And now, a couple of prices and a reader’s dilemma ("My husband wants us to buy one of the units....").

∙ 733 Front Street #304 (1/1) 832 sqft - $785,000
∙ 733 Front Street #312 (1/1) 1,192 sqft - $940,000
∙ 733 Front Street #605 (2/2) 1,543 sqft - $1,950,000

∙ 733 Front Street: A SocketSite Forum Inquiry (And Answer) [SocketSite]
∙ 733 Front Street: Pre-Opening This Weekend (5/12/07) [SocketSite]

Posted by socketadmin at 3:45 AM | Permalink | Comments (10) | (email story)

May 23, 2007

Park Terrace (325 Berry): A Few More Prices (And A Townhouse)

Earlier this month Park Terrace (325 Berry) was roughly 20% reserved. And while we don’t have another sales update (or any news on #701), we do note five relatively new listings which range from $598,900 to $1,695,900; and from $611 (for what appears to be a two-bedroom townhouse fronting Berry) to $1,012 per square foot (for a sixth floor creekfront two-bedroom with terrace).

And yes, the list price on #316 was dropped a nominal $10,000 (now "from the high $800,000s").

∙ Listing: 325 Berry #101 (3/3) 2406 sqft - $1,695,900 [MLS]
∙ Listing: 325 Berry #106 (2/2.5) 1630 sqft - $995,900 [MLS]
∙ Listing: 325 Berry #308 (1/1) 803 sqft - $598,900 [MLS]
∙ Listing: 325 Berry #316 (2/2) 1360 sqft - $894,900 [MLS]
∙ Listing: 325 Berry #601 (2/2) 1350 sqft - $1,365,900 [MLS]
∙ Update: The Potrero (451 Kansas) And Park Terrace (325 Berry) [SocketSite]
∙ Park Terrace (325 Berry): A Little Over 10% “Sold”? [SocketSite]
∙ Park Terrace (325 Berry): A Few Prices (And A Terrace) [SocketSite]

Posted by socketadmin at 5:00 AM | Permalink | Comments (13) | (email story)

May 21, 2007

Why You Should Care About All Those New Developments (Part II)

From a single anecdote of a family considering selling their single family home in Noe Valley in order to move into a condominium in South Mission Bay, to a second. And this time it's a long-time neighborhood activist and “Planning Department watchdog” (Toby Levine) who is selling her landmark Victorian house in the Mission and moving to a condo in North Mission Bay (255 Berry to be precise) .

Is it possible that the impact of all that new construction and supply won't simply be isolated to district nine (i.e., "SoMa") or even just the condominium market?

∙ Why You Should Care About All Those New Developments (Part I) [SocketSite]
∙ More “Pseudo-Omniscient Pretense” (And 255 Berry) [SocketSite]
∙ An Overview Of Mission Bay [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (25) | (email story)

May 18, 2007

JustQuotes: A New Vision For A Hunters Point Neighborhood

“In a joint venture with partners Devine & Gong and Ridgepoint Non-Profit Housing Corp., Stewart and his team are proposing to raise $300 million to demolish a 267-unit public housing project on a Hunters Point hillside and replace it with a roughly 667-unit mixed-income neighborhood.

The public housing would be replaced one for one, but the new neighborhood would also feature 80 affordable rentals, 50 below-market for-sale units, and 250 to 300 market-rate condos, which would be priced at about $425 a square foot.” ($300M housing dream)

∙ $300M housing dream [San Francisco Business Times]

Posted by socketadmin at 7:00 AM | Permalink | Comments (11) | (email story)

The Ritz-Carlton Adds Five More Private Residences (Now 57)

According to a notice distributed by the developer of the San Francisco Ritz-Carlton Residences late Wednesday: “...we have received ongoing requests about the Private Residences in the project in spite of being sold out. As a result, the decision has been made to convert five residences on the 11th floor from Club designated use to Private whole ownership.”

As Malcolm Kaufman notes in his latest Pulse: “This demonstrates one of the inherent risks in buying pre-construction. You do not always get what you signed up for.” A year ago buyers placed deposits on one of "only 52 Private Residences." Today, it’s one of only 57. No word on tomorrow.

∙ Ritz-Carlton Residences (690 Market): Listed [SocketSite]
∙ The Ritz-Carlton Residences, San Francisco [Ritz-Carlton]

Posted by socketadmin at 6:59 AM | Permalink | Comments (9) | (email story)

May 17, 2007

631 Folsom: Recently Christened “SF BLŪ” (And Down To 108 Units)

As a “plugged-in” tipster notes, 631 Folsom has recently been christened “SF BLŪ” and is now down to 108 “condominium residences.” At six units per floor, and with six two-story penthouses, “BLŪ embodies a clean, simple design aesthetic in an intimate high-rise community.”

To be honest, while we’re still haven't gotten over the loss of those dual sliding glass doors, we’re still quite intrigued (and expecting prices to start around $800,000).

∙ 631 Folsom: 120 Condos In 2008 [SocketSite]
∙ SF BLŪ (631 Folsom) [sfblu.com]

Posted by socketadmin at 3:00 AM | Permalink | Comments (29) | (email story)

May 16, 2007

New San Francisco Condo Developments: Citrino & The Lambourne

Two new boutique developments (and 54 new condominiums) are about to hit the market in San Francisco. Citrino (17th and South Van Ness) is a collection of thirty-two (32) one and two bedroom Mission condos, priced “in the $500’s - $700’s” and featuring “luxury bathrooms, hardwood flooring and Scavollini [sic] kitchens with stainless steel appliances.” No official word on timing (yet).

While over in Nob Hill, and “Coming Summer 2007,” The Lambourne (725 Pine Street) is a collection of twenty-two (22) studios and one bedroom condominiums “priced from the mid $300’s to the $500’s.” The building aspires to be “an inventive vision of a modern European-style building for a new generation of sophisticated residents and global travelers alike.” We’re guessing that’s a fancy way of saying they’re going to be a bit petite, piccolo, or klein (yes, small).

∙ Citrino (South Van Ness and 17th) [thecitrino.com]
∙ The Lambourne (725 Pine Street) [thelambourne.com]

Posted by socketadmin at 4:00 AM | Permalink | Comments (11) | (email story)

May 11, 2007

Soma Grand VIP Release Tomorrow (5/12/07)

According to a “plugged-in” tipster, the Soma Grand “VIP priority purchase” is tomorrow (5/12/07) starting at 10AM. “Selection priority is based on the date we receive your loan approval and your attendance at the sales office.” And yes, it’s ahead of the public (non-plugged-in) release.

∙ The Soma Grand: The SocketSite Straight Scoop [SocketSite]

Posted by socketadmin at 4:44 PM | Permalink | Comments (12) | (email story)

Ask (Nicely) And Ye Shall Receive: Cathedral Hill Tower Renderings

J.K. Dineen at the San Francisco Business Times delves deeper into the proposed Cathedral Hill Tower and uncovers some coveted renderings.

∙ Cathedral rising [San Francisco Business Times]
∙ SOM Design And Details For 300 Condominiums On A Hill [SocketSite]

Posted by socketadmin at 4:00 AM | Permalink | Comments (15) | (email story)

May 10, 2007

Heritage on Fillmore (1300 Fillmore): Status And Sales Update

According to the folks at Heritage on Fillmore, they’re now ready for move-in and “50% sold.” No word on whether or not that “50%” includes the 12 BMR units or any of the 10 units that were being reserved for the developer. But if so, that’s likely 18 arms length sales (out of 68 market rate units) over the past four months (with 40 to go).

∙ The Heritage On Fillmore (1300 Fillmore) [SocketSite]
∙ Heritage On Fillmore And 170 Off Third: BMR [SocketSite]
∙ Heritage On Fillmore: The VIP Scoop [SocketSite]

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

Same Location, Building And Amenities (Just Without The Views)

Two new listings for condos in The Infinity have hit the MLS:

∙ 301 Main #4A (2/2) 1,162 sqft - $908,000
∙ 333 Main #7G (1/1) 827 sqft - $692,000

And while neither is likely to captivate you with its views (fourth floor in the first tower and seventh floor in a mid-rise), both do offer the same location, building, and amenities as any others in the development. And if that's what's really important to you, we'll note that the dining room challenged two-bedroom (#4A) appears to be priced around $780 a square foot (and the one-bedroom around $840).

And no, we still don’t have an official (or unofficial) update on total sales or availability. Readers?

UPDATE (5/11): Our thanks to a seriously “plugged-in” reader that forwards a snapshot of the actual view from unit #4A (the floor plan above).

∙ An Incomplete History Of Prices At The Infinity [SocketSite]

Posted by socketadmin at 3:00 AM | Permalink | Comments (24) | (email story)

May 8, 2007

733 Front Street: Pre-Opening This Weekend (5/12/07)

Thanks to a plugged-in tipster, we (and now you) know about 733 Front Street's “Pre-Opening” event this Saturday (5/12/07) from 11am to 6pm. Reservations will be taken (along with $5,000 reservation checks or 3% deposits), tours will be available, and “[t]his exclusive opportunity arrives prior to opening our doors to the public.”

Luckily you’re "plugged-in" (and the "public" be damned).

∙ 733 Front Street: A SocketSite Forum Inquiry (And Answer) [SocketSite]

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

May 7, 2007

310 Townsend: Two New Listings, (At Least) One New Price

Two new listings for condos at 310 Townsend have hit the MLS. Both are advertising “Special 3.875% financing,” and the list price on at least one (#411) appears to have been reduced $45,000 (5.2%) since first hitting the market earlier this year.

Any "plugged-in" readers care to share the scoop on sales to date and availability?

UPDATE (5/8): If one “plugged-in” reader is correct, a total of nine sales to date (which would be an effective 3 sales over the past 11 weeks). And the scoop on the “special financing” from another.

∙ Listing: 310 Townsend #405 (2/2) - $1,100,000 [MLS]
∙ Listing: 310 Townsend #411 (1/1) - $820,000 [MLS]
∙ 310 Townsend: Available And Selling [SocketSite]

Posted by socketadmin at 11:26 AM | Permalink | Comments (10) | (email story)

The Royal San Francisco Reductions

Last October we first reported struggling sales at The Royal in San Francisco. Today, we report what appear to be a number of significant price reductions. For example, while two story townhouses were originally “priced from $1,575,000,” townhouse #804 was just listed at $1,400,000 (a reduction of at least $175,000 or 11.1%). And while two-bedrooms were originally “priced from $940,000,” two-bedroom #602 was just listed at $915,000 (a reduction of at least $25,000 or 2.7%).

And then there’s a one-bedroom (#503). It was just listed at $650,000 or $870 per square foot. As you might recall, a flipper appeared to be having difficulty selling another one bedroom (#604) late last year. And while it was slightly larger (771 versus 747 square feet), a floor higher, and an end unit (although it has one less window than #604), it had also been reduced to $1,023 per square foot after failing to sell at $1,049 per square foot. It was originally priced by the developer at $940 per square foot ($725,000).

∙ 201 Sansome #503 (1/1) - $650,000
∙ 201 Sansome #602 (2/2) - $915,000
∙ 201 Sansome #804 (2/3) - $1,400,000

∙ The Royal San Francisco: An Update (And A Flip) [SocketSite]
∙ The Royal San Francisco [SocketSite]

Posted by socketadmin at 4:00 AM | Permalink | Comments (3) | (email story)

May 4, 2007

248 Condos (and 38 Stories) In The Shadow Of The Pyramid

According to J.K. Dineen at the San Francisco Business Times, “Transamerica Pyramid owner Aegon Group has tapped Lowe Enterprises to develop a 38-story condo tower on a vacant lot [555 Washington] adjacent to the financial district landmark.”

Lowe is proposing a 248-unit building that would trigger a redesign of the Pyramid Center, a complex that includes the Transamerica Pyramid, 505 Sansome St. and Redwood Park, the half-acre cluster of soaring redwoods at the northern edge of the financial district. Under the proposed project, the gated redwood grove would be expanded and opened up to the public, while ownership of the park would be transferred to the city. In addition, Mark Twain Alley, a dead-end which cuts from Sansome Street into the park, would be converted into a pedestrian piazza, with ground-floor restaurants spilling out from the new condo tower and other buildings along the alley.

The design is being led by HellerManus Architects. Any “plugged-in” tipster’s care to leak liberate some initial sketches/renderings?

∙ Condos to rise beside Pyramid [Business Times]

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

Update: The Potrero (451 Kansas) And Park Terrace (325 Berry)

Never mind the sales office opening in February, or the model home opening in March, apparently this weekend marks the official “Grand Opening” of the Potrero (not to be confused with the brokers “Grand Opening” last night). The "unofficial official" update on sales and timing: 50% reserved; sales incentives still in effect (refrigerator, washer/dryer, and two years pre-paid HOA); and closings and occupancy in July (north building) and August (south building).

And down the hill in Mission Bay, a "plugged-in" tipster reports that after eight months of selling, deposits have been placed on roughly 21 (20%) of Park Terrace's 110 condominiums. That's up from a total of 12 (11%) in February. Keep in mind, however, that only half of Park Terrace's inventory has been released, and first close of escrow (and initial occupancy) isn't until "Summer, 2007” (perhaps as early as July).

∙ The Potrero (451 Kansas): Sales Center Now Open [SocketSite]
∙ The Potrero (451 Kansas): Model Homes Open This Weekend [SocketSite]
∙ Weekend Incentives (And A New Release) At The Potrero [SocketSite]
∙ The Park Terrace (325 Berry): Now Selling [SocketSite]
∙ Park Terrace (325 Berry): A Little Over 10% “Sold”? [SocketSite]

Posted by socketadmin at 10:14 AM | Permalink | Comments (6) | (email story)

May 3, 2007

Seven Hundred Fewer Condos In The San Francisco Pipeline

Speaking of supply and demand, over the past month at least 700 potential condominiums have been pulled from the San Francisco housing pipeline (and our Complete Inventory Index).

The dead projects range from Pulte’s abandonment of plans to raze the San Francisco Tennis Club and build ~500 condos (“Pulte’s decision was driven by ongoing discussions with the Western SoMa Task Force, a neighborhood planning group that is studying rezoning in the area…”), to Ray Tonsing’s decision not to convert 153 Kearny from office space into the approved 45 condominium lofts (think "growing tech companies paying more for downtown space").

And then there’s Urban Realty’s decision to drop 189 potential condominiums from their Mid-Market development on Market Street between fifth and sixth. Now exclusively slated for 265,000 of retail, it’s this property that has been at the center of “Target in the city” rumors for quite some time. Perhaps a plugged-in reader would be willing to share the inside scoop...

∙ SocketSite’s Complete Inventory Index (CII): Q1 2007 [SocketSite]
∙ First Game Pulte (But Many Sets To Go) [SocketSite]
∙ Pulte drops condo plan for S.F. tennis club site [Business Times]
∙ Big Mid-Market project gets housing lopped off [Business Times]

Posted by socketadmin at 10:48 AM | Permalink | Comments (37) | (email story)

SOM Design And Details For 300 Condominiums On A Hill

The Skidmore, Owings and Merrill design for a proposed 38-story and 300 unit condominium development across from St. Mary’s Cathedral has been unveiled (7.4MB pdf). The glass-walled oval tower would replace the current Cathedral Hill Plaza Athletic Club swimming pool and tennis courts (the swimming pool would be moved underground; the tennis courts, not so much) and would include five floors of below grade parking (one space per unit).

All 300 units in the tower are proposed to be market rate with the developers looking to fulfill their BMR quota offsite (within a mile). And the development would also include an education/community center at the corner of Gough and Geary and adjoining ground level commercial space.

In terms of a timeline, expect at least a year for planning and permitting (we’d guess quite a bit more) and then another two for actual construction. And yes, this is the building a reader was asking about last week (near the end of the comments). And no, we couldn’t find a better rendering drawing rendering. [Editor's Note: Tough (and yet plugged-in) crowd. We love you all.]

∙ 38-Story Oval Condo Tower Unveiled (7.4MB pdf) [New Fillmore]
∙ Who Are These “People” And What The Heck Are They Thinking? [SocketSite]

Posted by socketadmin at 4:00 AM | Permalink | Comments (16) | (email story)

May 2, 2007

Mint Plaza: Approved, Moving Forward, And Coming Soon

As we wrote five months ago: “If all goes as proposed, the ‘290-by 54-foot-wide portion of Jessie Street extending between 5th Street and Mint Street’ (off Mission) will be transformed into Mint Plaza – an automobile free pedestrian plaza lined by cafés, restaurants, and bars.”

And as we write today: the plan has been approved, the street should be closed in two weeks, construction should begin by the end of the month, and we (San Francisco that is) should have a new pedestrian plaza by the end of September.

And as you might have already heard, Chez Papa is definitely coming to the plaza (replacing what is now the Mint Lounge at 414 Jessie). And as far as we know (although we're sure some plugged-in reader knows better), the Castillo family (think Limon in the Mission) remains in discussions to open a nuevo-Peruvian place on the plaza as well (418 Jessie).

In related news, the Mint Collection (a.k.a. Mint Lofts) sales office has officially opened its doors to the public.

∙ Mint Plaza (And Livable City) [SocketSite]
∙ Mint Plaza [San Francisco]
∙ The Mint Lofts: The SocketSite Scoop, Update And (Some) Pricing [SocketSite]

Posted by socketadmin at 8:34 AM | Permalink | Comments (12) | (email story)

May 1, 2007

Esprit Park (900 Minnesota): The Website (Sales Office This Summer)

While the sales office isn’t scheduled to open its doors until “late this summer,” the website for Esprit Park (900 Minnesota) is up and running featuring exterior elevations, floor plans, and neighborhood history. Unfortunately no additional insight into pricing (still advertising “ranging from the $600,000s to high one millions”). And yes, "3-D interiors illustrations coming soon."

∙ Esprit Park (900 Minnesota) [espritpark.com]
∙ Worth The Wait: 900 Minnesota (An Update) [SocketSite]
∙ 900 Minnesota: Now And Then [SocketSite]

Posted by socketadmin at 9:05 AM | Permalink | Comments (14) | (email story)

767 Bryant: A Sales Update (And Reduction)

After 8 months on the market, a remodel, and a number of reductions - including a $151,000 (8.2%) drop on #203 - there are now “8 units left” 10 units left at 767 Bryant (out of 20). And according to a couple of listings, the sellers appear to be “MOTIVATED" (and then some).

UPDATE (5/2): Although the listing for #203 indicates "only 8 units left," we just noticed that there are actually 10 units listed on the MLS as active and available.

∙ Listing: 767 Bryant (2/3) 3,496 sqft - $1,699,000 [MLS]
∙ 767 Bryant: The Apartments Condominiums [SocketSite]
∙ Take Two For A Few Of The Condos At 767 Bryant [SocketSite]

Posted by socketadmin at 9:03 AM | Permalink | Comments (6) | (email story)

April 27, 2007

Careers, Casual Connections And A Penthouse At The Infinity

A tipster notes a craigslist ad for “THE VERY LAST PENTHOUSE AVALIBLE AT THE NEW INFINITY TOWER.” We can't confirm that it's an official Infinity offering, but based on the description (1,300 square feet with south west views of the city) and the price ($1,950,000) we can almost certainly confirm that it's #37F.

And yes, that’s likely $50,000 (2.6%) more than was being asked earlier this year.

∙ $1950000 LAST PENTHOUSE AT THE INFINITY [craigslist]
∙ The Infinity: Online Floor Plans And Condo Specifications [SocketSite]
∙ The Infinity: A Reader’s Insight Into Pricing (And Those "Increases") [SocketSite]

Posted by socketadmin at 8:19 AM | Permalink | Comments (20) | (email story)

April 26, 2007

555 Mission Rock Apartments: Additional Details And Timing

Additional details on 555 Mission Rock, a 192-unit apartment building under construction in South Mission Bay: Eight stories (previously reported as nine); one and two bedroom units ranging in size from 650 to 1,300 square feet; 10,000 square feet of ground floor retail; $95 million dollar budget; and two years to completion.

∙ Neighbors In South Mission Bay (555 Mission Rock Street?) [SocketSite]

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

April 24, 2007

Who Are These “People” And What The Heck Are They Thinking?

Developer AF Evans has proposed to build 282 residential units, 332 parking spaces, and approximately 14,000 square feet of ground floor commercial space in a “seven-story building stretching from 1634 through 1690 Pine St. near Franklin Street, from which one 25-story and one 12-story tower would rise.”

Planner Tammy Chan said the project has raised some concerns among residents. “People don’t want more residential. That’s what it comes down to,” she said.

Who are these “people” and what the heck are they thinking? Concerns over design are one thing, but "people don’t want more residential?"

∙ Towers proposed for Pacific Heights [Examiner]

Posted by socketadmin at 7:40 AM | Permalink | Comments (33) | (email story)

April 20, 2007

Trinity Plaza: Just One Signature (And Around Three Years) To Go

San Francisco's Trinity Plaza project has been approved by the Board of Supervisors. And now it's in the hands of our Mayor Newsom to add his signature and final approval (he has until April 28th to either approve or veto the project).

According to BeyondChron, and as a tipster notes, upon final approval of the project Trinity Properties "will have 15 months to commence construction, and 42 months after that the first tower must be certified for occupancy." But according to a Trinity Properties employee, the "application for site permits have already been submitted...plans will be submitted to various City departments at the same time rather than in staggered succession...[and they're targeting] the start of construction after this coming winter with a completion 24 months later.”

UPDATE (4/23): A plugged-in reader uncovers a couple of more contextual (but perhaps less glamorous) renderings of the proposed Trinity Plaza on the SkyscraperPage Forum.

∙ Trinity Plaza One Big Step Closer To Reality (And Condos?) [SocketSite]
∙ With Rebuild Approved, Trinity Plaza Tenants Look to Future [beyondchron.org]
∙ Trinity Plaza (24 stories, 240 ft; not so tall but BIG) [SkyscraperPage Forum]

Posted by socketadmin at 1:35 PM | Permalink | Comments (19) | (email story)

New Listings For New Developments On The MLS

The Potrero (451 Kansas):
∙ Listing: 451 Kansas #382 (2/2) 932 sqft - $739,800 [MLS]
∙ Listing: 451 Kansas #442 (2/2.5) 1047 sqft - $785,880 [MLS]
∙ Listing: 451 Kansas #475 (1/1) 661 sqft - $569,800 [MLS]
∙ Listing: 451 Kansas #492 (2/2) 964 sqft - $769,880 [MLS]

The Fillmore (1310 Fillmore):
∙ Listing: 1310 Fillmore #409 (1/1) 810 sqft - $650,000 [MLS]
∙ Listing: 1310 Fillmore #704 (2/2) 1115 sqft - $795,000 [MLS]
∙ Listing: 1310 Fillmore #608 (1/1) 744 sqft - $615,000 [MLS]

170 Off Third (177 Townsend):
∙ Listing: 177 Townsend #436 (1/1) 755 sqft - $596,000 [MLS]
∙ Listing: 177 Townsend #201 (2/2) 901 sqft - $714,000 [MLS]

The Mint Collection – Hales Warehouse (410 Jessie):
∙ Listing: 410 Jessie #206 (1/1) 674 sqft - $570,000 [MLS]
∙ Listing: 410 Jessie #603 (1/1) 1130 sqft - $765,000 [MLS]
∙ Listing: 410 Jessie #904 (1/1) 1108 sqft - $920,000 [MLS]

∙ Weekend Incentives (And A New Release) At The Potrero [SocketSite]
∙ Heritage On Fillmore: The VIP Scoop [SocketSite]
∙ Odeon And 170 Off Third: A “Plugged In” Buyer’s Perspective [SocketSite]
∙ The Mint Lofts: The SocketSite Scoop, Update And (Some) Pricing [SocketSite]

Posted by socketadmin at 3:30 AM | Permalink | Comments (6) | (email story)

April 19, 2007

To BMR Or Not To BMR At 3208 Pierce: Two Neighboring Condos

While it was originally designated as a market rate unit with a price of $1,119,000, 3208 Pierce #403 was just listed as a BMR unit with a price tag of $202,590. Applications are due by 5pm on 5/8/07 and the lottery for the condo will be held on 5/11/07. And no, we don't know what happened to #201 (which we were led to believe was the original BMR unit in the new development).

And if a BMR isn’t your thing, but you do like the building, 3208 Pierce #404 remains available for $1,079,000.

∙ Listing: 3208 Pierce St #403 (2/2.5) - $202,590 (BMR) [3208piercebmr.com] [MLS]
∙ Listing: 3208 Pierce St #404 (2/1.5) - $1,079,000 [MLS]
∙ 3208 Pierce: New Website And Photo Gallery [SocketSite]

Posted by socketadmin at 11:19 AM | Permalink | Comments (16) | (email story)

April 18, 2007

Plug In To One Rincon Hill’s Spring 2007 Newsletter And Update

Thanks to a couple of “plugged-in” tipsters, we (and now you) have the link to One Rincon Hill’s Spring 2007 Newsletter. A couple of highlights that caught our attention:

"Amidst the changing landscape, residents and merchants of the neighborhood have joined to create the Rincon Hill Neighborhood Association (RHNA). Patterned from the best of trailblazing efforts by similar associations in NoPa (North of the Panhandle), Hayes Valley and Barbary Coast, the RHNA incorporated April 2007 as a non-profit organization complete with a board of directors, bylaws and regular meetings."

"As of April 9, construction on Phase I of One Rincon Hill zoomed past the 45th floor, rising toward a dramatic topping out expected in July."

"ORH has secured a pod with four permanent parking spots in our garage for City Car Share."

And of course, “Many have remarked that it seems so close you can reach out and touch it from a passenger-side window or see what’s on TV inside a condo. In reality, the first homes are actually several stories above the highway. In addition, once realignment is complete, the road will be pushed south several lanes from the tower.”

∙ One Rincon Hill: Spring 2007 Newsletter [onerinconhill.com]
∙ One Rincon Hill’s Fall Newsletter And Update [SocketSite]

Posted by socketadmin at 2:06 PM | Permalink | Comments (18) | (email story)

A Funny Thing Happened On The Way To The SocketSite Forums

The newest use of SocketSite’s Real Estate Forums: "plugged-in" buyers banding together to investigate a group purchase of (and discount on) hardwood floors and upgrades for condos in a new development.

∙ Infinity Buyers Band Together for Upgrades [SocketSite's Real Estate Forums]

Posted by socketadmin at 4:20 AM | Permalink | (email story)

April 16, 2007

Big Demand For The Bay (329 Bay)

In January we plugged you in to the 21 condos at The Bay (329 Bay). In February we gave you the scoop on pricing and (rough) timing. And this weekend, they opened the doors.

And if you were interested, hopefully you made the trip. For according to Damion Matthews, only two (2) of the 19 market rate condos remain available (the three-bedroom on the first/second floor and a two-bedroom on the 3rd floor). Damion’s thoughts on the development’s success:

Location: Everything that Rincon/South Beach promises to be in a few years. Two grocery stores a block away. Restaurants and shopping everywhere. Just a two-minute walk to the cable car and Muni. Bay Street is busy, but the building also faces quiet, tree-lined Vandewater, which is charming.

Price: At approximately $850 per square foot, the pricing is right in the middle for new developments and resales in the SF condo market; but with one-bedrooms priced under $600k, and two-bedrooms under $900k, it’s at a lower price point so it’s affordable for a wider group of people.

Product: Attractive, high-end finishes. German Beech hardwood floors. Spacious bathrooms. Walk-in closets. I’d say the floor plans are typical for condos of this small size. Some have patios. Underground parking. But the best thing about the product – it’s new! There’s no need to knock down walls and rebuild the bathroom or the kitchen, which buyers in older neighborhoods like this often resort to.

And as always, if any “plugged-in” people happen to be buyers, let’s not forget those invitations to the housewarming(s).

∙ The Bay Condominiums (329 Bay) [SocketSite]
∙ The Bay (329 Bay Street): Complete Pricing [SocketSite]

Posted by socketadmin at 4:30 AM | Permalink | Comments (1) | (email story)

One Condo Left At Odeon (And An Update On Arterra’s Incentives)

Apparently the Odeon only has one condo left (#310) and the sales team is advertising “Make us an offer we can't refuse!” And while there’s more than one unit left over at Arterra, their “special offer of two years of paid HOA as well as a new refrigerator, washer and dryer for new homebuyers must end April 29!” No word on what happens after that.

∙ The Kind Of Email We Love To Get (And An Odeon Question) [SocketSite]
∙ Incentives At The Hayes (And Bonuses At Arterra) [SocketSite]

Posted by socketadmin at 4:15 AM | Permalink | Comments (0) | (email story)

April 6, 2007

Not So Much Pending As Now Available (Two BMRs At 520 Chestnut)

While both units might have been marked “PENDING” in the marketing materials for 520 Chestnut, the two BMR units (#101 and #206) are available for viewing from 9:30-12PM on 04/11, 04/13 and 04/15; carry an application deadline of April 23, 2007; and will be drawn from a lottery on April 30 (details on SFGov). If you're interested, it's time to act.

∙ Listing: 520 Chestnut #101 (1/1) - $234,009 (BMR) [MLS]
∙ Listing: 520 Chestnut #206 (1/1) - $229,652 (BMR) [MLS]
∙ 520 Chestnut: “Grand Opening” (And Lower Prices) [SocketSite]
∙ Mayor’s Office of Housing: Current Listings [SFGov]

Posted by socketadmin at 4:30 AM | Permalink | Comments (0) | (email story)

Readers Put SocketSite’s Real Estate Forums To Work

One reader gets recommendations for where to buy furniture for small spaces, another solicits thoughts about moving to the Inner Sunset , and another is still looking for insight into whether a building will survive the Bay Bridge reconstruction. And as was certain to happen, yet another discovers the polling function (above).

∙ Where to buy furniture for small spaces [SocketSite Forums]
∙ Moving to the Inner Sunset (from SOMA/Potrero) - thoughts? [SocketSite Forums]
∙ Building demo at bay bridge western approach? [SocketSite Forums]
∙ The Infinity VS The OneRincon [SocketSite Forums]

Posted by socketadmin at 3:30 AM | Permalink | (email story)

April 4, 2007

Transbay Citizens Advisory Committee Housing Presentation

The market rate and affordable housing presentation from the last Transbay Citizens Advisory Committee (CAC) is available online (ppt file size warning: 26.3MB) and provides a brief overview of the redevelopment area requirement for 35% of all new units to be "affordable" (25% affordable to households earning 60% of AMI and another 10% affordable to households earning 120% of AMI).

Also included in the presentation: a brief overview of the family housing development at 10th and Mission, the senior housing development at 9th and Jessie, and the preliminary “Green and sustainable building design” concept for “115-120 studios for formerly homeless people” at Gough and Fulton (Central Freeway Parcel G).

The next CAC meeting will be held on April 12, 2007 at Yerba Buena Center for the Arts (701 Mission Street, 2nd Floor Conference Room) for those who might be interested.

∙ Transbay CAC Housing Presentation (ppt) [SFGov]

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

733 Front Street: A SocketSite Forum Inquiry (And Answer)

A “plugged-in” reader tests out SocketSite’s Real Estate Forums seeking information on 733 Front Street, a condo conversion of a former office building in San Francisco’s Barbary Coast. Frederick answers: 69 condominiums (3 junior one bedrooms, 43 one bedrooms, and 23 two bedrooms); 39 units with parking (deeded); and prices (“which are not firm, because the project has not been announced to the public”) ranging from $550K to $2.4M. And we add (perhaps stating the obvious): it's seven stories in total with retail on the first.

∙ SocketSite’s Real Estate Forums: 733 Front Street [forums.socketsite.com]

Posted by socketadmin at 4:00 AM | Permalink | Comments (13) | (email story)

April 3, 2007

The Mint Lofts: The SocketSite Scoop, Update And (Some) Pricing

The morning coffee hasn’t kicked in around the office, and until it does, you’ll just have to make due with a couple of pretty pictures. Mochaccinos to the rescue…

First and foremost, while the 52 units at 410 Jessie (“Hales Warehouse”) are being sold (50 market rate and 2 BMR), the 25 units at 418 Jessie (“Station House”) will be leased (at least initially). And although the first official broker’s tour and “sales office” opening (414 Jessie alongside the "Mint Lounge") aren’t currently scheduled to occur until later this month (yes, it's a moving target), around half of the units at 410 Jessie have already been reserved (a combination of “friends and family” and those who have pro-actively called the developer).

As you might recall, the top six floors (5-10) of 410 Jessie were previously converted into leased live/work loft spaces and are currently undergoing a complete upscale remodel (see pictures), while floors 2-4 are in the process of being converted into more traditional condominium floor plans (with the same quality of finish as the upper floors). Lack of light and street noise might be a factor in some of the lower units, but the quality of finish is impressive throughout.

A couple of building features that we’ve previously mentioned: a shared rooftop deck, grill, and fitness center; daytime concierge and 24-hour security; forced air heating/cooling. And one that we haven’t: a small “doggy pad” on the roof.

In terms of parking, there are five three-car parking lifts in the building. One space is reserved for a black convertible Mini Cooper that’s exclusively available to residents of 410-418 Jessie (through City Car Share), while the other 14 spaces (11 of which are already reserved) are licensed to specific units. License holders pay $300/month for parking and can “sublet” their space to other residents in the building.

Monthly HOA fees are expected to run in the neighborhood of $0.60/sqft and the first wave of occupancy (top floors first) is now expected to occur in May/June (again, a moving target). Some representative pricing (for units which are actually available):

∙ 410 Jessie Street #201 (2/2) 1,229 sqft - $960,000 (with parking license)
∙ 410 Jessie Street #305 (0/1) 433 sqft - $490,000
∙ 410 Jessie Street #401 (2/2) 1,229 sqft - $1,020,000 (with parking license)
∙ 410 Jessie Street #404 (1/1) 631 sqft - $590,000
∙ 410 Jessie Street #503 (1/1) 1,107 sqft - $750,000
∙ 410 Jessie Street #504 (1/1) 1,363 sqft - $975,000
∙ 410 Jessie Street #701 (1/1) 1,240 sqft - $1,020,000 (with parking license)
∙ 410 Jessie Street #905 (1/1) 996 sqft - $890,000

Our pick of the litter (so to speak) is unit #701: three walls of windows, a parking license, and room to add another “room” (for those with vision). And we’ll have more on the development of Mint Plaza next week (we’re bullish), and details on 418 Jessie soon thereafter (but if you’re interested, don't wait for us).

∙ Mint Lofts (410 - 424 Jessie): New Website, Photos, And Floor Plans [SocketSite]
∙ Mint Lofts: 410 + 418 Jessie Street, San Francisco [SocketSite]
∙ Mint Plaza (And Livable City) [SocketSite]

Posted by socketadmin at 8:59 AM | Permalink | Comments (28) | (email story)

The Infinity: A Reader’s Insight Into Pricing (And Those "Increases")

Perhaps it was our “plugged-in” reader’s rundown of pricing and availability (as of about two weeks ago) for almost fifty of The Infinity’s corner condos that caught our attention.

Then again, perhaps it was the reader’s suggestion that the much ballyhooed “price increases” that occurred last Monday (3/26/07) were not across the board, but rather “1% on a few one bedrooms and 2% on a few 2 bedrooms.” Unofficially of course…

∙ The Infinity: Pent-up Demand (For Discussion) [SocketSite]

Posted by socketadmin at 7:37 AM | Permalink | Comments (37) | (email story)

March 29, 2007

Reader’s Questions: How To Structure/Negotiate A Discount

A “plugged-in” reader butters us up (“I've gone from clueless to rather informed in a brief period of time thanks in big part to Socketsite”) and then hits us with a question:

I recently bought at one of the new developments and was able to negotiate $X (lets say $10,000) amount towards upgrades; so I will buy the condo for the sale price but get $10,000 towards upgrades. I plan on purchasing about $20k in upgrades.

Would I have been smarter to offer $10k above asking and then ask for $20k in upgrades? The cost to me would be the same, but when I go to sell, my purchase price will be higher and more accurately reflect the additions at the time of purchasing. I always hear realtors saying what the place sold for X number of years ago and came up with this idea from that.

We have our answer, but we’re going to open it up for discussion amongst the readers first. And while we were unable to get our reader to identify the development or the exact amount of the discount (“[I] did so with the personal promise to the sales agent that I would keep it confidential”), he was willing to admit that “it is one of the new high rises.” Yes, high rises.

Posted by socketadmin at 5:49 AM | Permalink | Comments (56) | (email story)

March 27, 2007

Weekend Incentives (And A New Release) At The Potrero

Rumor has it that The Potrero will be offering condo buyers a free GE Profile refrigerator and Washer/Dryer this weekend (3/31 - 4/1) in conjunction with a "special release" of new units. Some unofficial pricing from a “plugged in” tipster:

∙ The Potrero #278 (1/1) 700 sqft - $545,880
∙ The Potrero #360 (1/1) 661 sqft - $545,880
∙ The Potrero #375 (1/1) 661 sqft - $620,880
∙ The Potrero #485 (1+/1) 825 sqft - $684,880
∙ The Potrero #470 (2/2) 929 sqft - $699,880
∙ The Potrero #468 (2/2) 1037 sqft - $769,880
∙ The Potrero #470 (2/2) 929 sqft - $715,880
∙ The Potrero #566 (2/2) 932 sqft - $795,880

We thought you’d want the scoop (and perhaps some free appliances). And as always, don’t forget our invitations to the housewarming.

UPDATE: And it was bound to raise the question…if I’ve already placed a deposit, can I get the appliances too?

∙ The Potrero (451 Kansas): Model Homes Open This Weekend [SocketSite]
∙ The Potrero (451 Kansas): Sales Center Now Open [SocktSite]
∙ The Potrero (451 Kansas): From The Low $400,000s [SocketSite]

Posted by socketadmin at 12:05 PM | Permalink | Comments (18) | (email story)

Trinity Plaza One Big Step Closer To Reality (And Condos?)

The fate of Trinity Plaza now rests in the hands of the full Board of Supervisors as the proposal for 1,900 new housing units unanimously passed yesterday’s Land Use Committee meeting after four years of political wrangling.

After Supervisor Chris Daly announced that the developer (Angelo Sangiacamo) has agreed to some last-minute amendments, the committee gave the project the green light. Supervisor Jake McGoldrick decided not to press with his additional amendments, allowing the project to finally go to a full Board meeting on April 10th.

The terms of the approved proposal calls for 1,900 units of which 360 will be deed restricted rent-controlled (and offered to the current Trinity Plaza residents) and an additional 231 will be designated below market rate (BMR).

At the same time, a condo map will be approved for the project (“after the developer pointed out the 40% increase in construction costs”) but will not extend to the 360 rent-controlled units.

∙ (More) Political Wrangling Over The Development Of Trinity Plaza [SocketSite]
∙ Trinity Plaza – FINALLY! – Gets Out of Land Use Committee [BeyondChron]
∙ JustQuotes: Trinity Plaza - One Meeting, Two Takes, One Truth [SocketSite]

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

March 26, 2007

One Rincon Hill’s Townhome Collection “Officially” Released

According to a press release, the "14 luxury townhomes" at One Rincon Hill were “officially released" for sale this past Friday. The 14 townhomes range in size from 900 to 2,350 square feet, are "priced from $1.2 million to $1.8 million," and will offer full access to the One Rincon Hill amenities (think pool, gym, barbeque area, etc.).

And perhaps we’re reading into it (quite literally), but we can't help but recall the following sentence from One Rincon Hill’s Fall 2006 newsletter six months ago: “There are still more than 30 one-, two- and three bedrooms with great views available…as well as 13 luxury townhomes along Harrison Street, starting at $1.4 million...” Townhome #304 (a two-bedroom, two-bath plus den) is currently asking $1,200,000.

∙ One Rincon Hill’s Fall Newsletter And Update [SocketSite]

Posted by socketadmin at 4:45 AM | Permalink | Comments (56) | (email story)

Take Two For A Few Of The Condos At 767 Bryant

Last August we had a chance to walk through the apartments turned condos at 767 Bryant. Our seven month old summary:

…while we found the sales team to be quite friendly, the soundproofing from street noise to be surprisingly good, and a number of the units to be quite spacious (and bright), we’re struggling to rationalize the “value” of these condos.

Irrespective of the location, the quality of the finishes in the units we toured are not competitive with other million dollar (plus) condos on the market. The bathrooms are a far cry from “luxury,” the kitchens didn't strike us as being particularly “chic,” and in the tri-level units, the scale of the lower levels seemed off.

For the most part these units are large and functional. But at these price points, we’re wondering if buyers won’t demand more.

Well, after being withdrawn from the market at least four units have now returned sporting new appliances, incentives, and lower prices (reduced up to 7%). Oh, and a “MOTIVATED SELLER!” (but no word on the bathrooms).

∙ Inside 767 Bryant [SocketSite]
∙ Listing: 767 Bryant #206 (2/3) - $889,000 [MLS]
∙ Listing: 767 Bryant #207 (2/3) - $889,000 [MLS]
∙ Listing: 767 Bryant #405 (1/2) - $629,000 [MLS]
∙ Listing: 767 Bryant #406 (1/2) - $629,000 [MLS]

Posted by socketadmin at 4:30 AM | Permalink | Comments (2) | (email story)

March 23, 2007

Crescent Heights: 10th And Market Recap, Rendering, And Details

One reader wonders about the demolition and development at the corner of 10th and Market, a few other readers nail the answer, and now SFcondo.org shares some renderings of the Heller Manus designed Crescent Heights development.

In summary, the development will consist of "four buildings and four retail spaces. The largest will be 35 stories on the market street side and the other three will be 9, 18, and 19 stories." In total, "approximately 719 dwelling units, approximately 19,000 square feet of commercial space, and a garage with up to 668 parking spaces. The...north tower will be 35 stories and approximately 352 feet high, and the...south tower will be 19 stories and approximately 220 feet high.”

And according to J.K. Dineen, “The project will be more affordable than the Metropolitan, the Rincon Hill development Crescent Heights built three years ago. [Crescent Heights Vice President] Della Salla said he hoped the project would appeal to workers from the nearby City Hall and federal building, as well as current Hayes Valley renters across Market Street. Many of the units will be in the $500,000 to $600,000 range and some under $400,000.”

∙ Readers' Questions: What’s Happening Here? [SocketSite]
∙ Renderings Of 10th And Market [SFcondo.org]
∙ Crescent Heights to start big Mid-Market project [SF Business Times]

Posted by socketadmin at 4:59 PM | Permalink | Comments (37) | (email story)

240 Berry: No Condos For You

While we pulled 240 Berry from our Complete Inventory Index (Cii) pipeline long ago, a “plugged in” reader’s tip reminds us that we never shared the scoop. Originally owned by Signature Properties, the 240 Berry lot was sold to AvalonBay and is destined to become rentals rather than condos (Avalon at Mission Bay III).

No word on the fate of the Arquitectonica design (above) that Signature had commissioned for the lot.

∙ SocketSite’s Complete Inventory Index (CII): Q1 2007 [SocketSite]
∙ Avalon At Mission Bay II And Creativity Explored [SocketSite]

Posted by socketadmin at 4:30 AM | Permalink | Comments (10) | (email story)

March 21, 2007

Truth In Advertising: Price Substantially Reduced!

Prices on four of the five newly converted condos at Glassworks (207 King) have been reduced (again), and this time “substantially” (as in up to another $200,000). Total reductions now range from 10% ($100,000) to 26% ($395,000), and the price per square foot has dropped from as high as $1,104 to as low as $764.

∙ Listing: 207 King Street #411 (1/2) 1,461 sqft - $1,195,000 [MLS]
∙ Listing: 207 King Street #412 (1/2) 987 sqft - $895,000 [MLS]
∙ Listing: 207 King Street #414 (1/2) 1,172 sqft - $1,050,000 [MLS]
∙ Listing: 207 King Street #415 (1/2) 1,440 sqft - $1,100,000 [MLS]

∙ The Glassworks (207 King Street) [SocketSite]
∙ Glassworks (207 King): 3 Years Paid HOA And Further Reductions [SocketSite]

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

The Last Developer Unit(s) At The Beacon (250/260 King)

It’s been a long time coming, and not without a few bumps and bruises along the way, but the Mark Company is now touting “Last [developer's] Unit at the Beacon!” (250 King Street #714). Then again, they're touting the same thing for 250 King Street #814, but why split hairs.

[Editor’s Note: Both units are now in contract. Congratulations to everyone at The Beacon.]

∙ Listing: 250 King St #714 (1/1) - $675,000 [MLS]
∙ Listing: 250 King St #814 (1/1) - $685,000 [MLS]
∙ The Beacon: 90% Sold [SocketSite]
∙ Beacon Class Action Lawsuit Dismissed Without Prejudice [SocketSite]
∙ A Sales Office Shakeup At The Beacon? [SocketSite]

Posted by socketadmin at 4:00 AM | Permalink | Comments (13) | (email story)

March 20, 2007

JustQuotes: Trinity Plaza - One Meeting, Two Takes, One Truth

“Why do some projects gain quick approval, while others like Trinity do not despite receiving universal acclaim? The answer, not surprisingly, is politics.”

∙ Supes Move Toward Approving Trinity Plaza [BeyondChron]
∙ Trinity Plaza plans hit snag again [Examiner]
∙ (More) Political Wrangling Over The Development Of Trinity Plaza [SocketSite]

Posted by socketadmin at 4:23 PM | Permalink | Comments (18) | (email story)

March 19, 2007

One Rincon Hill Tower One: Floor Facts

For future (and perhaps current) reference, let’s get the facts straight with regard to the first tower of One Rincon Hill. The tower will rise fifty-five (55) stories above grade (not including the rooftop stabilizing water tank) with five (5) levels of parking below.

Floors are numbered one (1) through sixty (60) with the first level of underground parking being floor number one. The ground level lobby is located on floor number six (6), floor number seven (7) houses building amenities, and residences are located on floors eight (8) through sixty (60).

The bad news: If you’re looking to live ten stories above the top of the hill, you’ll actually want to find a condo on floor fifteen (15). The good news: If you should somehow crash through a window on the “sixth floor,” you won’t have far to fall.

UPDATE (3/22): While we focus on the facts, a “plugged in” reader focuses on an explanation. “I spoke with One Rincon today and they explained their reasoning behind the flooring scheme. One person's [comment] was correct. [Actually, two.] The floors in tower one and tower two match up with each other. Since the lot is on a hill, tower two's first floor lines up with the street at Harrison and Fremont."

∙ A Reader Asks: What Happened To The Crane At One Rincon Hill? [SocketSite]
∙ One Rincon Hill: Hovering Around 90% Sold [SocketSite]

Posted by socketadmin at 5:00 AM | Permalink | Comments (124) | (email story)

March 16, 2007

A Reader Asks: What Happened To The Crane At One Rincon Hill?

No, it’s not an optical illusion (and it didn't fall off). Yes, the crane has been lowered at One Rincon Hill. And no, they have not topped off (another 20 or so floors to go). According to a "plugged in" tipster, a mechanical problem with the crane has necessitated its disassembly. Estimated impact: two week delay. It happens.

∙ One Rincon Hill: Hovering Around 90% Sold [SocketSite]

Posted by socketadmin at 6:16 PM | Permalink | Comments (27) | (email story)

The Potrero (451 Kansas): Model Homes Open This Weekend

Thanks to a tipster, we (and you) now know that The Potrero’s model homes will open this weekend:

The Potrero team is excited to announce that our model homes are now ready to view! As a member of our VIP interest list, you are invited to participate in a tour before the general public! Visit us this Saturday, March 17 and Sunday, March 18 between 11:00 AM – 6:00 PM for a sneak peek …

Obviously that’s Very Important (Plugged in) Person. The general public be damned.

∙ JustQuotes: More Pricing At The Potrero [SocketSite]
∙ The Potrero (451 Kansas): Sales Center Now Open [SocketSite]

Posted by socketadmin at 5:40 AM | Permalink | Comments (12) | (email story)

March 14, 2007

Park Terrace (325 Berry): A Few Prices (And A Terrace)

As promised, Park Terrace has released another batch of condos at 325 Berry. Representative pricing from four units added to the MLS:

∙ 325 Berry Street #106 (2/3) 1,600 sqft - $995,900
∙ 325 Berry Street #308 (1/1) 800 sqft - $598,900
∙ 325 Berry Street #316 (2/2) 1,300 sqft - $904,900
∙ 325 Berry Street #701 (2/2) 1,900 sqft - $1,894,900

It appears that entry-level one-bedrooms have now slipped under $600,000 (“starting at $625,000” in September), and at least one of the few units with a private creekfront “terrace” (#701) has been released. No new news on sales.

∙ Park Terrace (325 Berry): A Little Over 10% “Sold”? [SocketSite]
∙ The Park Terrace (325 Berry): Now Selling [SocketSite]

Posted by socketadmin at 4:30 AM | Permalink | Comments (21) | (email story)

March 13, 2007

The Hayes (55 Page): A Plugged In Buyer’s Facts (And Opinion)

Another “plugged in” reader provides both facts (sales/views/timing) and opinon for The Hayes (55 Page):

I am considering buying at The Hayes, did a long walk around there last week, did a lot of info digging, and can report:

Fact section:
∙ About 30% sold overall – seems slow but steady
∙ Folks on the Page street side (higher floors) will have some decent views, including City Hall
∙ Folks on the Rose street side (garage side) will have a stunning view of the trash bins for the restaurant
∙ Incentives may be had further on, as they want to sell it out by opening, [realistically] Nov./Dec. 2007
∙ They’re working on the fourth story at this point

My Opinion section:
This development is a gamble, but it could pay off. It is central to everything (arts/transit/SOMA/Mission/Castro/Civic Center) and this development could really help the area, especially with all the retail planned for the ground floor. There’s plenty of homeless encamped around, but the Octavia side is really nice, and Franklin Street side is fine. If I were a trader, I would say buy, this area’s stock will go up."

Okay, who’s next? [email tips at socketsite.com]

∙ The Hayes (55 Page): Now Starting In The $300,000s ($399,000) [SocketSite]
∙ The Hayes: 55 Page Street [SocketSite]
∙ Incentives At The Hayes (And Bonuses At Arterra) [SocketSite]

Posted by socketadmin at 8:02 AM | Permalink | Comments (42) | (email story)

March 12, 2007

Odeon And 170 Off Third: A “Plugged In” Buyer’s Perspective

A “plugged in” reader shares his perspective on Odeon and 170 Off Third:

I recently visited both the Odeon and 170 Off Third. Both are completely different but I wanted to see what was available on the market. The Odeon only has 2 units left as of yesterday [3/9/07]. I am not considering it because of lack of parking.

Today was the official opening of 170 Off Thirds sales office. A sales rep told me they have been selling for 4 weeks now with 40% sold. I was given a hard hat tour. The prices were reasonable and the units were decent. There is deeded parking for every unit and the developers are working with the city to allow additional parking as a purchase option. The units seemed on the small side to me with 1 bedrooms ranging from 700-850 sqft and 2 bedrooms ranged from 900 - just over 1000 sqft. Prices were $795-835 per sqft depending on what floor the unit was on.

My only gripe with the complex was that the hallways were tiny. I am 5ft9 and was able to easily extend my arms to touch both sides of the wall in the hallway. The hallway ceilings were also lower than usual. There was a broker in my tour group and he looked 6ft 3 or so. He was able to reach up and touch the ceiling! It made me feel claustrophobic but over all and given the price range I will definitely give this building some consideration.

Keep in mind that 170 Off Third has only released a portion on their inventory (which includes 24 BMRs), so “40% sold” likely represents somewhere around 40 deposits on the 174 market rate condos. [See UPDATE below]

And we almost forgot, the opening paragraph of our reader’s email: “I just wanted to say great website. I read it everyday and it has been really helpful.” Our pleasure, thanks for “plugging in”, and don’t forget our invitation to the housewarming (wherever it may be).

UPDATE (3/14): We stand corrected. From another “plugged in” reader: “Originally a month ago they were releasing the building in 2 phases however the response was so good that they very shortly (like in week 2 of selling) switched tacts and released the entire building for sale and the prices have slightly increased $10-$15k on some of the hottest selling floor plans, from their original pre-release prices of a month ago.”

As such, “40% sold” likely represents closer to 55 (not 40) deposits on market rate units and 24 deposits on below market rate units (out of a total 198 condos). Thanks for the tip!

∙ The Kind Of Email We Love To Get (And An Odeon Question) [SocketSite]
∙ 170 Off Third (170 King/177 Townsend): Sales And Design Center [SocketSite]

Posted by socketadmin at 4:00 AM | Permalink | Comments (47) | (email story)

Radiance At Mission Bay: Sales Office Open

Another “plugged in” tipster attends the sales office grand opening for Radiance At Mission Bay and forwards a picture of the model, representative pricing, and mention of a flashy new website (features, floor plans, and amenities). From our tipster:

#310 - 1419sqft - $1,165,000
#317 - 1176sqft - $1,181,000
#409 - 1056sqft - $992,000
#410 - 1392sqft - $1,218,000
#510 - 1988sqft - $2,230,000
#602 - 1529sqft - $1,619,000
#607 - 1758sqft - $1,643,000
#704 - 1697sqft - $2,200,000
#804 - 1525sqft - $1,800,000
#905 - 961 sqft - $956,000

Also noted (but unconfirmed), "...from their availability chart, they look to be at least 50% reserved for the 99 unit complex. Mind bloggling..." That being said, do keep in mind that these reservations are $10,000 fully refundable deposits (they should be moving to non-refundable deposits/purchase contracts in mid-April).

With regard to the two 16 story phase two towers, we reference another reader’s recent comment: “The builder has already stated if sales are weak [in the midrise buildings], he won't build the second phase until the market picks up again.”

∙ Radiance At Mission Bay: Reservations Starting March 10 [SocketSite]

Posted by socketadmin at 12:19 AM | Permalink | Comments (53) | (email story)

March 9, 2007

74 New Montgomery: Sales Office (Almost?) Open

We first alerted you to the 107 upscale condos that will comprise The Montgomery (74 New Montgomery) last October. And since then, The Montgomery has expanded their website to include floor plans and features (ones that caught our eye: Viking, SubZero, and Fisher-paykel appliances; teak cabinets; landscaped common roof deck; and...parking).

And while the “Now Selling” flags are already flying high above the sales office doors, earlier this week they were still papered over and locked. Perhaps we just stopped by on the wrong day. And perhaps a "plugged in" reader would be kind enough to take note as they're walking down the block and report back. You know we'd do the same for you.

UPDATE: A “plugged in” reader reports . . . it’s open. Next question: Initial impressions?

UPDATE (3/12): According to two readers, the doors to the sales office might be open, but they still haven’t released pricing and the model unit is still under construction (both should be available in about a month). We'll keep you "plugged in."

∙ New Developments: The Montgomery (74 New Montgomery) [SocketSite]

Posted by socketadmin at 6:10 AM | Permalink | Comments (7) | (email story)

The Condos At 520 Chestnut: Three (Plus) Left

Only three condos are currently listed as “Active” at 520 Chestnut (with ten others in contract). And if you’re looking for a reason to take another look, unit #201 was recently reduced ($50,000 or 4%). They way we look at it, that savings could cover one heck of a housewarming party. And if so, let’s not forget our invitation.

∙ 520 Chestnut: “Grand Opening” (And Lower Prices) [SocketSite]
∙ Listing: 520 Chestnut #201 (2/2) - $1,099,000 [MLS]

Posted by socketadmin at 6:00 AM | Permalink | Comments (2) | (email story)

March 8, 2007

Good Intentions. Bad Legislation.

As reported in the Chronicle, the San Francisco Board of Supervisors has passed legislation sponsored by Supervisor Maxwell that “essentially imposes a moratorium on new residential demolitions unless the property owner or developer carrying out the project obtains a special conditional use permit from the City Planning Commission.”

The stated goal of the legislation is to protect affordable housing. The more likely effect is to discourage investment in (and the development of) underutilized properties.

At the same time, Supervisor McGoldrick is sponsoring legislation to extend the scope of San Francisco’s Inclusionary Affordable Housing Program (think BMR) to include projects of two or more units (it’s currently five or more). In essence, it’s a hefty tax on smaller developments and developers.

The legislation would likely discourage the development of additional housing stock in smaller neighborhood projects. Or it could simply cause smaller neighborhood projects to become even less affordable in order to subsidize the increased cost of development.

(Note: Apparently the proposed McGoldrick legislation has been erroneously reported elsewhere as applying to single family homes. Don’t panic. It doesn’t.)

∙ Supervisors vote for 6-month limit on demolishing homes [SFGate]
∙ San Francisco’s Below Market Rate Inclusionary Housing Program [SFGov]
∙ San Francisco Planning Code [SFGov]
∙ San Francisco Inclusionary Housing Fees [SFGov]

Posted by socketadmin at 4:30 AM | Permalink | Comments (36) | (email story)

JustQuotes: More Pricing At The Potrero

“According to an email sent to the Potrero prequalified buyer list, they will be have model units open this weekend and the prices are now listed as Studios from $439,880, One-bedrooms from $545,880, and Two-bedrooms from $715,880.” (Reader Comment)

∙ The Potrero (451 Kansas): Sales Center Now Open [SocketSite]

Posted by socketadmin at 4:00 AM | Permalink | Comments (3) | (email story)

March 5, 2007

An Incomplete History Of Prices At The Infinity

A “plugged in” reader shares price quotes for 15 condos in The Infinity from last August (2006) and can’t help but wonder if there have been any changes over the past seven months (other than the short lived reductions we caught last November of course).

And while we added unit size (based on pdfs from The Infinity's website) and associated price per square foot, we must also reiterate that these are not official price quotes from The Infinity sales office.

Phase I Tower (301 Main)
∙ 301 Main #6C (2/2) 1,716 sqft - $1,440,000 ($839/sqft)
∙ 301 Main #6G (2/2) 1,317 sqft - $1,220,000 ($926/sqft)
∙ 301 Main #8G (2/2) 1,317 sqft - $1,275,000 ($968/sqft)
∙ 301 Main #9F (2/2) 1,317 sqft - $1,160,000 ($881/sqft)
∙ 301 Main #10F (2/2) 1,317 sqft -$1,100,000 ($835/sqft)
∙ 301 Main #12F (2/2) 1,317 sqft - $1,200,000 ($911/sqft)
∙ 301 Main #16D (2/2) 1,317 sqft -$1,320,000 ($1,002/sqft)
∙ 301 Main #17F (2/2) 1,317 sqft - $1,350,000 ($1,025/sqft)
∙ 301 Main #17H (2/2) 1,317 sqft - $1,350,000 ($1,025/sqft)
∙ 301 Main #34F (2/2) 1,323 sqft - $1,980,000 ($1,497/sqft)

Mid-rise Buildings “C” (333 Main) and “A” (318 Spear)
∙ 333 Main #4E -$960K (2/2) 1,361 sqft ($705/sqft)
∙ 333 Main #6E - $1.12M (2/2) 1,361 sqft ($823/sqft)
∙ 333 Main #8B - $1.53M (3/3) 1,462 sqft ($1,047/sqft)
∙ 318 Spear #3B - $1.2M (2/2) 1,373 sqft ($874/sqft)
∙ 318 Spear #7D - $1.7M <- Likely incorrect as #7D is shown to be a 536 sqft studio

As an aside, use caution when relying on The Infinity website to compare units/buildings as it continues to show incorrect square footage for more than a few of their condos. For example, 301 Main 6G, 8G, 9F, 10F, 12F, 16D, 17F, and 17H are all shown to be 1,163 square feet on the website versus the 1,317 square feet that’s reported on the downloadable pdfs (which we believe to be correct).

∙ The Infinity: Pent-up Demand (For Discussion) [SocketSite]
∙ The Infinity: Online Floor Plans And Condo Specifications [SocketSite]
∙ Reductions At The Infinity? [SocketSite]

Posted by socketadmin at 4:55 AM | Permalink | Comments (61) | (email story)

March 2, 2007

Radiance At Mission Bay: Reservations Starting March 10

According to a tipster, Radiance at Mission Bay will begin taking reservations for registered “Radiance Enthusiasts” on March 10th. All 99 units in the mid-rise buildings will be released at the same time.

A reservation of $10,000 will hold your unit until [Radiance goes] to contract in mid April. A total deposit of 5% of the purchase price will be required at contract execution.

Still no mention of the two towers.

∙ Radiance At Mission Bay: Sketch And Floor Plans [SocketSite]
∙ Radiance At Mission Bay: Sales Center And Website Coming Soon [SocketSite]

Posted by socketadmin at 6:10 AM | Permalink | Comments (25) | (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 28, 2007

Bryant Commons (2125 Bryant) / Coach House Lofts (2101 Bryant)

A 'plugged in' tipster forwards a great photo of the “big pit” at 20th and Bryant, links to the big pit developer’s website, and an update.

You know that big pit at 20th and Bryant that's been a 40 foot hole in the ground since around 2000 when it was going to become a dotcom office park? Well, in the last couple months, there has been a lot of activity around it. It's now going to become residences.

Bryant Commons (2125 Bryant) will offer 76 “highly desirable urban family townhouses and flats,” while Coach House Lofts (2101 Bryant) will offer “23 highly-stylized lofts in a classic, historic building.” Both projects are “coming spring 2008.”

And while our Complete Inventory Index (Cii) is already tracking Bryant Commons, Coach House Lofts is a great new addition.

∙ Palisades Development Group: Bryant Commons (2125 Bryant) [Palisades]
∙ Palisades Development Group: Coach House Lofts (2101 Bryant) [Palisades]
∙ SocketSite’s Complete Inventory Index (CII): Q1 2007 [SocketSite]

Posted by socketadmin at 6:10 AM | Permalink | Comments (12) | (email story)

The Infinity: Pent-up Demand (For Discussion)

What started with a “I know off topic BUT...” comment on yesterday’s post about the Soma Grand, has led to an Infinity specific (and reader led) discussion this morning. Enjoy. And thanks for “plugging in.”

Posted by socketadmin at 5:59 AM | Permalink | Comments (96) | (email story)

February 27, 2007

The Soma Grand: Topped Off And VIP Opening March 7

The Soma Grand has topped off and announced a VIP Grand Opening for March 7. And while we haven’t received any official pricing, we have heard rumblings of prices as high as $900/sqft for one-bedrooms. (And yes, they’ll be serving an obligatory specialty cocktail at the opening: the “Soma G”).

For those who are unfamiliar with the neighborhood, the Soma Grand is located adjacent to San Francisco's new Federal Building.

∙ It’s All About Service And Style At The Soma Grand (1160 Mission) [SocketSite]
∙ Got Capped [agicapital.com]
∙ We’re Definitely Arterra People [SocketSite]
∙ Just Quotes: Let's Hear It For (Or Against) The Feds [SocketSite]

Posted by socketadmin at 6:10 AM | Permalink | Comments (71) | (email story)

The Hayes (55 Page): Now Starting In The $300,000s ($399,000)

A year ago we broke the news that The Hayes (55 Page) would be offering condos in Hayes Valley “starting in the $400,000s.” In August, The Hayes sales center was advertising studios “from the $430,000’s.” And in December, six condos in The Hayes hit the MLS with the least expensive unit priced at $431,375.

Yesterday, a studio condo in The Hayes (55 Page #322) was listed on the MLS for $399,000. And once again, don’t forget to ask about the incentives.

∙ New Condos Starting In The $400,000s? [SocketSite]
∙ Arterra and The Hayes: Sales Centers [SocketSite]
∙ The Hayes (55 Page) Hits The MLS [SocketSite]
∙ Listing: 55 Page #322 (0/1) - $399,000 [MLS]
∙ Incentives At The Hayes (And Bonuses At Arterra) [SocketSite]

Posted by socketadmin at 6:10 AM | Permalink | Comments (14) | (email story)

Infill Along Octavia Boulevard: And The Winners Are…

John King reports on the results of the RFPs for infill along Octavia Boulevard that we highlighted last October.

The long-awaited proposals for new housing along San Francisco's Octavia Boulevard include a welcome blast from the past: the idea that lots of little buildings are better than one or two big ones.

And the proposed Natoma Architects/Saitowitz design for the corner of Octavia and Market (above) reminds us...we're still looking for the inside scoop on the proposed Wong/Saitowitz development in Hayes Valley (below) that we featured last year.

∙ A welcome plan for bold -- not big – housing [SFGate]
∙ RFPs For Housing Along Octavia Boulevard [SocketSite]
∙ We Want Need Some Answers [SocketSite]

Posted by socketadmin at 6:07 AM | Permalink | Comments (4) | (email story)

Speaking Of Savings (And Subtle Signs) At Arterra

We couldn’t help but notice that the original MLS listing for 300 Berry #446 (Arterra) has been withdrawn and replaced with a new listing and a price tag that’s $10,000 less ($815,000). Combined with the current sales incentives (~$12,000 for this unit), that’s an effective savings of ~$22,000 (2.7%).

And perhaps less subtly, last August the Arterra sales center was advertising two-bedrooms “from the $780,000’s.” Yesterday, an Arterra two bedroom (300 Berry #511) was listed on the MLS for $720,000 (a difference of 7.7%).

∙ Listing: 300 Berry #446 (2/2) - $815,000 [MLS]
∙ Evidence Of A Price Reduction At Arterra? [SocketSite]
∙ Arterra and The Hayes: Sales Centers [SocketSite]
∙ Listing: 300 Berry #511 (2/1) - $815,000 [MLS]

Posted by socketadmin at 6:05 AM | Permalink | Comments (3) | (email story)

February 26, 2007

More Listings, Reductions, And Opportunities On Berry Street

Eight months ago we caught some flak for pointing out a potential “troublesome trend” at 255 Berry (and then again two months later). And today, we can’t help but notice that of the four Active listings in 255 Berry three have been reduced (as were the two that are currently Active Contingent).

Of the three reduced listings, one in particular caught our attention: 255 Berry #512. It’s a nicely upgraded two-bedroom/two-bath on a high floor with courtyard views; it has been reduced three times (for a total reduction of $80,000 or 8.2%); and it’s now listed at just under $700 per square foot (in an upscale building that’s barely two years old). Perhaps there is something to be said for the relationship between supply, demand, and pricing.

A recap of the neighboring new developments: 235 Berry is roughly 40% sold and available for occupancy; Park Terrace (325 Berry) is approximately 10% sold and should be available for occupancy by the end of the summer (2007); and Arterra (300 Berry) should be ready for occupancy early next year (2008), appears to have already reduced some prices, and is offering additional buyer incentives.

∙ A Troublesome Trend? [SocketSite]
∙ More “Pseudo-Omniscient Pretense” (And 255 Berry) [SocketSite]
∙ Listing: 255 Berry #512 (2/2) - $899,000 [Pacific Union] [MLS]
∙ 235 Berry Street: 40% Sold (Really) [SocketSite]
∙ Park Terrace (325 Berry): A Little Over 10% “Sold”? [SocketSite]
∙ Evidence Of A Price Reduction At Arterra? [SocketSite]
∙ Incentives (And Insight?) At Arterra (300 Berry) [SocketSite]

Posted by socketadmin at 7:00 AM | Permalink | Comments (11) | (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)

Incentives At The Hayes (And Bonuses At Arterra)

The Hayes is “pleased to announce that for a limited time, new home buyers can get two years of paid HOA as well as a new refrigerator, washer and dryer.” While Arterra is now advertising “incremental bonus broker commissions.” A little sugar for everyone.

UPDATE (2/25): And yes, Arterra has been offering buyers two years of paid HOA, a new refrigerator, and washer and dryer "for a limted time" as well (since the begining of January).

∙ The Hayes (55 Page) Hits The MLS [SocketSite]
∙ Arterra (300 Berry) Hits The MLS [SocketSite]
∙ Incentives (And Insight?) At Arterra (300 Berry) [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (3) | (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)

310 Townsend: Available And Selling

Buyers have already started to make their move into the converted furniture warehouse at 310 Townsend. And while it’s entirely possible that the development was once fully “reserved,” as of a few weeks ago at least 27 of the 45 condos were still available (with six in contract and twelve "reserved").

The one and two bedroom (plus) condos are configured with traditional layouts (walls and doors between rooms), but also retain some stereotypical loft characteristics (exposed brick/timbers and high ceilings). HOA fees range from $219 to $401 a month, and a total of 28 parking spaces are available for purchase (see asterisks below).

Complete pricing for the 45 units:

∙ 310 Townsend #101 (2+/2) 1,296 sqft - $969,000*
∙ 310 Townsend #102 (2+/2) 1,462 sqft - $998,000*
∙ 310 Townsend #103 (1+1) 883 sqft - $599,000
∙ 310 Townsend #104 (2+/2) 1,210 sqft - $855,000*
∙ 310 Townsend #105 (2/2) 1,244 sqft - $975,000*
∙ 310 Townsend #106 (1/1) 689 sqft - $495,000 (SOLD)
∙ 310 Townsend #107 (1/1) 760 sqft - $529,000
∙ 310 Townsend #108 (1/1) 684 sqft - $525,000 (SOLD)
∙ 310 Townsend #109 (2+/2) 1,113 sqft - $797,000*
∙ 310 Townsend #110 (2+/2) 1,410 sqft - $1,295,000*
∙ 310 Townsend #201 (2+/2) 1,472 sqft - $1,185,000*
∙ 310 Townsend #202 (1+/1) 945 sqft - $799,000* (SOLD)
∙ 310 Townsend #203 (1+/1) 1,136 sqft - $899,000*
∙ 310 Townsend #204 (1+/1) 882 sqft - $665,000
∙ 310 Townsend #205 (2+/2) 1,238 sqft - $925,000*
∙ 310 Townsend #206 (1/1) 689 sqft - $525,000
∙ 310 Townsend #207 (1+/1) 803 sqft - $589,000 (SOLD)
∙ 310 Townsend #208 (1+/1) 789 sqft - $605,000
∙ 310 Townsend #209 (2+/2) 1,162 sqft - $869,000*
∙ 310 Townsend #210 (1+/1) 853 sqft - $760,000*
∙ 310 Townsend #211 (1+/1) 951 sqft - $850,000*
∙ 310 Townsend #301 (2+/2) 1,472 sqft - $1,221,000*
∙ 310 Townsend #302 (1+/1) 945 sqft - $798,000* (SOLD)
∙ 310 Townsend #303 (1+/1) 1,136 sqft - $957,000*
∙ 310 Townsend #304 (1+/1) 882 sqft - $719,000
∙ 310 Townsend #305 (2+/2) 1,238 sqft - $1,025,000*
∙ 310 Townsend #306 (1/1) 655 sqft - $589,000
∙ 310 Townsend #307 (1/1) 689 sqft - $557,000
∙ 310 Townsend #308 (1+/1) 803 sqft - $611,000
∙ 310 Townsend #309 (1+/1) 789 sqft - $640,000
∙ 310 Townsend #310 (2+/2) 1,162 sqft -$899,000*
∙ 310 Townsend #311 (1+/1) 853 sqft - $799,000*
∙ 310 Townsend #312 (1+/1) 951 sqft -$897,000*
∙ 310 Townsend #401 (2+/2) 1,472 sqft - $1,295,000*
∙ 310 Townsend #402 (1+/1) 945 sqft - $885,000*
∙ 310 Townsend #403 (1+/1) 1,136 sqft - $998,000*
∙ 310 Townsend #404 (1+/1) 882 sqft - $779,000*
∙ 310 Townsend #405 (2+/2) 1,238 sqft - $1,100,000*
∙ 310 Townsend #406 (1/1) 655 sqft - $625,000
∙ 310 Townsend #407 (1/1) 689 sqft - $599,000 (SOLD)
∙ 310 Townsend #408 (1+/1) 803 sqft - $665,000
∙ 310 Townsend #409 (1+/1) 789 sqft - $679,000
∙ 310 Townsend #410 (2+/2) 1,162 sqft - $995,000*
∙ 310 Townsend #411 (1+/1) 853 sqft - $865,000*
∙ 310 Townsend #412 (1+/1) 951 sqft - $970,000*

*Indicates a unit with an option to purchase parking ($20,000 compact/$25,000 standard)

∙ 310 Townsend, One South Park, And A Tipster [SocketSite]

Posted by socketadmin at 12:30 AM | Permalink | Comments (11) | (email story)

February 21, 2007

170 Off Third (170 King/177 Townsend): Sales And Design Center

The sales and design center is open, and they’re now accepting 3% deposits for the 198 condos that comprise 170 Off Third (24 of which are BMR).

The building has come a long way since we first photographed it a year ago, and so has the website which now offers a complete set of floor plans, virtual tour, and art film (“Art is an integral part of the overall design”). A couple of common amenities that caught our eye: “two-story club room with a private theater,” “manicured, art-filled courtyard featuring a spa and full-sized lap pool,” and “climate-controlled wine storage.”

As you’re sure to ask, it’s one parking space per condo (plus three dedicated Flex Car spaces for the building), they’re targeting late spring (2007) for closings and occupancy, and prices seem to be running in the mid-$800s per square foot.

And as always, any “plugged in” readers care to fill in the gaps?

∙ Heritage On Fillmore And 170 Off Third: BMR Updates [SocketSite]
∙ QuickLinks: New Condos On The Market (Or In The Works) [SocketSite]

Posted by socketadmin at 12:10 AM | Permalink | Comments (37) | (email story)

February 19, 2007

The Potrero (451 Kansas): Sales Center Now Open

Normally we’d wait until we've had a chance to tour, critique, and get the inside scoop on a sales center before announcing its opening, but in light of a number of reader comments, we'll simply state . . . The Potrero’s sales center is now open and accepting reservations.

Would any "plugged in" readers be willing to share their initial impressions, experiences, or pricing with the rest of the SocketSite community? You know we'd do the same for you.

∙ The Potrero (451 Kansas): Sales Center Opening In February [SocketSite]
∙ The Potrero (451 Kansas): From The Low $400,000s [SocketSite]
∙ Just Quotes: It’s Hot In Manhattan, But What About Here? [SocketSite]

Posted by socketadmin at 1:15 PM | Permalink | Comments (36) | (email story)

February 18, 2007

The SocketSite Scoop On Two Very Big (Unconfirmed) Rumors

Okay, so for a while we’ve been hearing rumblings from brokers to builders that the developers of The Infinity have been discussing going rental rather than sales with their second tower (at least initially). That being said, we haven’t been able to confirm it as fact (and perhaps it's simply contingency planning gone awry).

And now according to a "plugged in" reader, it’s rumored that One Rincon Hill’s second tower has been put on hold "held back." Once again, we haven’t been able to confirm (and we’re not sure if the rumor simply refers to sales, construction, or both).

If either of these rumblings are true, it’s not particularly positive commentary on the near-term strength of the market (or new development absorption). On the flipside, either action would increase the near-term scarcity of ownership opportunities in these developments (and help throttle back San Francisco's condominium pipeline).

And as far as our inventory index (Cii) is concerned, we're still assuming both towers will hit the pre-construction market in 2007.

UPDATE (2/20): Just to be clear, we haven’t heard even the faintest whisper about “cancelling” either of these towers. At this point it’s simply a question of timing with one and initial use with the other.

UPDATE (2/22): We’re now guessing our “plugged in” reader was absolutely correct about a big project that's being "held back" on Rincon Hill, but that it’s The Californian on Rincon Hill and not One Rincon Hill that has changed its sales/construction dates. (And that’s news, not rumor.)

∙ The Infinity Continues To Grow Up [SocketSite]
∙ JustQuotes: Nope, Not Included In Our "Near-Term Likely" Cii Pipeline [SocketSite]
∙ One Rincon Hill: Hovering Around 90% Sold [SocketSite]
∙ SocketSite’s Complete Inventory Index (CII): Q1 2007 [SocketSite]
∙ The Californian On Rincon Hill Construction/Sales Pushed Back [SocketSite]

Posted by socketadmin at 12:05 AM | Permalink | Comments (109) | (email story)

February 16, 2007

JustQuotes: Nope, Not Included In Our "Near-Term Likely" Cii Pipeline

“Less than a year after acquiring 250 Brannan St. for $20 million as a luxury residential loft play, Florida real estate mogul Don Peebles is putting the property back on the market as offices and expects to attract offers as high as $35 million.”

∙ Condo builder wants to sell space for offices [San Francisco Business Times]
∙ SocketSite’s Complete Inventory Index (CII): Q1 2007 [SocketSite]

Posted by socketadmin at 2:10 PM | Permalink | Comments (4) | (email story)

February 14, 2007

Park Terrace (325 Berry): A Little Over 10% “Sold”?

Five months ago, Park Terrace released its first batch of condominiums. And while “Phase I Sold Out!”, we have reason to believe that it consisted of a "friends and family" round of only five or six units. And to date, a total of 12 condos (11%) have been reserved.

Park Terrace condos are still “starting from the low $600,000s” (now $604,900), another release of units is scheduled for February 24th March 3rd March 10th, and occupancy is slated for summer '07.

∙ The Park Terrace (325 Berry): Now Selling [SocketSite]
∙ New Developments: Park Terrace (325 Berry) [SocketSite]

Posted by socketadmin at 12:15 AM | Permalink | Comments (14) | (email story)

235 Berry Street: 40% Sold (Really)

Well, at least we weren’t wrong when we published that 235 Berry was “At Most 89% Sold” two weeks ago (or even “Under 50% Sold” four months ago). But based on a couple of readers’ comments, we did some more digging. And as best we can tell (i.e., no tipsters involved), 235 Berry is currently 40% sold (and available for occupancy).

∙ 235 Berry Street Update: At Most 89% Sold (And Moving On In) [SocketSite]
∙ 235 Berry Street Update: Under 50% Sold? [SocketSite]
∙ 235 Berry Street Sales Release (6/11/06) [SocketSite]

Posted by socketadmin at 12:10 AM | Permalink | Comments (2) | (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)

Glassworks (207 King): 3 Years Paid HOA And Further Reductions

Last November we first noticed a subtle round of price reductions for the five new conversion condominiums at The Glassworks (207 King). And as best as we can tell, all five condos remain available, the developer is now offering a “Limited Time Offer” of 3 years paid HOA fees, and prices have been reduced by as much as $200,000 (15.4%).

∙ Glassworks (207 King): Listings And Reductions [SocketSite]
∙ The Glassworks (207 King Street) [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (24) | (email story)

February 9, 2007

The Bay (329 Bay Street): Complete Pricing

A full rundown of pricing for the 21 units that comprise The Bay (329 Bay Street):

∙ Listing: 329 Bay Street #101 (3/2) 1742 sqft - $1,195,000
∙ Listing: 329 Bay Street #102 (2/2) 1456 sqft - $979,000
∙ Listing: 329 Bay Street #202 (1/1) 659 sqft - $545,000
∙ Listing: 329 Bay Street #203 (2/2) 958 sqft - $785,000
∙ Listing: 329 Bay Street #204 (2/2) 958 sqft - $785,000
∙ Listing: 329 Bay Street #205 (1/1) 659 sqft - $545,000
∙ Listing: 329 Bay Street #206 (2/2) 1014 sqft - $799,000
∙ Listing: 329 Bay Street #207 (2/2) 869 sqft - $258,215 (BMR)
∙ Listing: 329 Bay Street #301 (2/2) 1009 sqft - $849,000
∙ Listing: 329 Bay Street #302 (1/1) 659 sqft - $224,199 (BMR)
∙ Listing: 329 Bay Street #303 (2/2) 958 sqft - $799,000
∙ Listing: 329 Bay Street #304 (2/2) 958 sqft - $799,000
∙ Listing: 329 Bay Street #305 (1/1) 659 sqft - $565,000
∙ Listing: 329 Bay Street #306 (2/2) 1014 sqft - $849,000
∙ Listing: 329 Bay Street #307 (2/2) 1225 sqft - $899,000
∙ Listing: 329 Bay Street #401 (2/2) 1014 sqft - $865,000
∙ Listing: 329 Bay Street #402 (1/1) 659 sqft - $579,000
∙ Listing: 329 Bay Street #403 (2/2) 958 sqft - $825,000
∙ Listing: 329 Bay Street #404 (2/2) 958 sqft - $839,000
∙ Listing: 329 Bay Street #405 (1/1) 659 sqft - $579,000
∙ Listing: 329 Bay Street #406 (2/2) 1014 sqft - $865,000

Monthly HOA dues are running $414 to $614 per month, and mid-March is the target for showings. (Oh, and a tip of the hat to the sales team for actually identifying the two BMR units rather than simply marketing them as “SOLD.”)

∙ The Bay Condominiums (329 Bay) [SocketSite]

Posted by socketadmin at 9:00 AM | Permalink | Comments (10) | (email story)

February 8, 2007

The Straight Scoop On HOA Fees

While you might not be interested in The Odeon per se, you just might be interested in our readers’ insights regarding HOA fees in general. Feel free to join the thread (or start afresh right here).

∙ The Kind Of Email We Love To Get (And An Odeon Question) [SocketSite]

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

February 7, 2007

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

Yesterday’s post regarding The Odeon evoked a number of references to 300 Grant, a mixed-use development slated for the corner of Grant and Sutter. And while it’s been a while since we’ve heard anything new about the proposed 66 condominiums and two floors of retail (and yes, two floors of “below grade parking”), perhaps some "plugged in" readers can share the inside scoop on progress, timing and final design.

∙ The Kind Of Email We Love To Get (And An Odeon Question) [SocketSite]

Posted by socketadmin at 12:21 AM | Permalink | Comments (14) | (email story)

February 5, 2007

The Kind Of Email We Love To Get (And An Odeon Question)

Besides tips, this is the kind of reader email that we love to get:

[A]fter months of looking, getting initially hot about certain developments . . . and then being very thankful later on that we didn't bite, we decided to take the plunge at OdeonSF . . . .

Our plan is to stay a minimum of five years, possibly as many as ten, so, we did buy in spite of the lackluster bathrooms and the odd use of cottage style plumbing fixtures in a decidedly warm-contemporary overall design scheme (the master bath tile, I fear must stay, but the plumbing fixtures...GONE!). That aside, we're thrilled about OdeonSF, our unit, our plans for it and our future there.

As well, a huge debt of gratitude to SocketSite, for keeping us "plugged in" and truly being a valuable asset in our search and ultimate purchase.

Our pleasure, congratulations, and just don’t forget our invitation to the housewarming.

Oh, and our “plugged in” buyer also has a question: “Ads indicate that [The Odeon is] nearly sold out and we suspect that's true, but wondered if you or your faithful have any further insight.” Unfortunately, we don’t. Readers?

∙ The Odeon (181 O’Farrell): First Impressions And Pricing [SocketSite]
∙ New Developments: Odeon (181 O’Farrell) [SocketSite]

Posted by socketadmin at 12:10 AM | Permalink | Comments (58) | (email story)

February 2, 2007

A Quick Resale At 188 King

Five months ago, and according to 188 King’s marketing team, unit #207 “Sold” for $1,650,000. Yesterday it hit the market as a resale. List price: $1,595,000.

∙ Listing: 188 King #207 (2/3) - $1,595,000 [Virtual Tour] [MLS]
∙ 188 King Street: Sales Update [SocketSite]

Posted by socketadmin at 12:10 AM | Permalink | Comments (14) | (email story)

Symphony Towers: From The $300,000s

Symphony Towers has launched a new website (including floor plans) and has hung a banner advertising “City Homes from the $300,000s.” (All of a sudden, “from the $400,000s” seems so 2006.)

Expect a sales office for the 130 condominiums in the not too distant future.

∙ Symphony Towers (724 Van Ness Avenue) [SocketSite]
∙ Symphony Towers Website [symphonytowerssf.com]
∙ The Potrero (451 Kansas): From The Low $400,000s [SocketSite]
∙ New Condos Starting In The $400,000s? [SocketSite]

Posted by socketadmin at 12:05 AM | Permalink | Comments (26) | (email story)

February 1, 2007

Mint Lofts (410 - 424 Jessie): New Website, Photos, And Floor Plans

Mint Lofts just launched a new website complete with photos, floor plans, and virtual tours for 410 Jessie (the “Hales Warehouse”; 52 condos), 418 Jessie (the “Station House”; 25 condos/rentals), and 424 Jessie (the “Sliver Building”; 6 full floor rentals). Also mentioned, a Plaza level French Bistro and “two-story Nuevo-Latino/Peruvian restaurant-lounge.”

Open houses are now expected to commence in the second half of February (and we’re still working on pricing).

∙ Mint Lofts: 410 + 418 Jessie Street, San Francisco [SocketSite]
∙ Mint Plaza (And Livable City) [SocketSite]

Posted by socketadmin at 12:15 AM | Permalink | Comments (28) | (email story)

January 31, 2007

The Bay Condominiums (329 Bay)

The Bay (329 Bay between Powell and Mason) is a collection of 21 “Custom Condominiums” with “one-bedrooms starting at $579,000, two-bedrooms starting at $789,000, and three bedrooms starting at $1,200,000.”

Construction looks nearly complete, and floor plans are available online. Other than that, we’re still looking for the inside scoop. (And yes, they’re already been added to our Complete Inventory Index (Cii).)

UPDATE (2/1): The “current projection is to have all units ready for showings and sales in mid to late March.”

∙ The Bay (329 Bay) [329bay.com]
∙ SocketSite’s Complete Inventory Index (Cii) [SocketSite]

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

January 30, 2007

The Jackson Square Condominiums (847 Montgomery)

Originally constructed as a hotel and lodging house in 1912, the Jackson Square building at 847 Montgomery has served as home to numerous establishments including a 54 year run as “Ernie’s” restaurant (at which Alfred Hitchcock filmed Vertigo). And now, it’s in the process of being transformed into 13 upscale condominiums.

The Jackson Square current pricing starts at $950,000 for One Bedroom Homes, Two Bedroom Homes from $1,200,000 and spectacular Penthouses from $2,250,000. Construction completion and delivery is slated for May of 2007.

If the finished product is anywhere near as interesting as the renderings (above), forget the housewarming. Instead, invite us over for a soak, shower, and drink on the balcony.

UPDATE (1/31): Frederick has the scoop on parking - 10 spaces for the 13 condos.

∙ Jackson Square (847 Montgomery) [thejacksonsquare.com] [Floor Plans]

Posted by socketadmin at 2:08 AM | Permalink | Comments (22) | (email story)

January 29, 2007

520 Chestnut: “Grand Opening” (And Lower Prices)

A few condos at 520 Chestnut first hit the market last October prior to the building’s completion. And yesterday, the building held its “Grand Opening” with prices that have been lowered since the pre-sale (#406 was reduced from $789,000 to $749,000 or 5%; and #403 was reduced from $859,000 to $799,000 or 7%).

As of yesterday afternoon, sixteen of the twenty condos were available (but the opening was teeming with activity):

∙ 520 Chestnut #101 – PENDING
∙ 520 Chestnut #102 (2/2) 926 sqft - $859,000
∙ 520 Chestnut #103 (2/2) 1,042 sqft - $879,000
∙ 520 Chestnut #104 (1/1) 793 sqft - $729,000
∙ 520 Chestnut #201 (2/2.5) 1,343 sqft - $1,149,000
∙ 520 Chestnut #202 (2/2) 928 sqft - $839,000
∙ 520 Chestnut #203 (1+/1) 868 sqft - $749,000
∙ 520 Chestnut #204 (2/2) 1,018 sqft - $864,000
∙ 520 Chestnut #205 (2/2) 1,014 sqft - $874,000
∙ 520 Chestnut #206 – PENDING
∙ 520 Chestnut #301 (1+/1) 868 sqft - $749,000
∙ 520 Chestnut #302 (2/2) 1,018 sqft - $864,000
∙ 520 Chestnut #303 (2/2) 1,014 sqft - $874,000
∙ 520 Chestnut #304 (1/1) 789 sqft - $699,000
∙ 520 Chestnut #401 (2/2.5) 1,179 sqft - $1,149,000 (PENDING)
∙ 520 Chestnut #402 (2/2.5) – PENDING
∙ 520 Chestnut #403 (1+/1) 868 sqft - $799,000
∙ 520 Chestnut #404 (2/2) 1,018 sqft - $909,000
∙ 520 Chestnut #405 (2/2) 1,014 sqft - $899,000
∙ 520 Chestnut #406 (1/1) 789 sqft - $749,000

The building received mixed reviews from SocketSite readers prior to completion, but we were impressed by the finished product (although we’re not buying “commercial grade appliances”). HOA dues range from $427 to $565 per month.

∙ New In North Beach: 520 Chestnut [SocketSite]

Posted by socketadmin at 12:10 AM | Permalink | Comments (7) | (email story)

January 26, 2007

One South Park: An Overview And Car Stacker Question

A tipster forwards floor plans and an overview of all 35 condos that will comprise One South Park. Pricing “will start in the low $600,000's” with condos ranging in size from 681 square feet (junior one-bedroom, one bath) to 2,699 square feet (three-bedroom plus den, three and one-half bath, expansive deck); sales are expected to begin in April (targeting July/August 2007 for “project completion”).

And while all but one condo (#111) will be offered with parking, our tipster notes that twenty (20) of the condos will feature parking via a car “stacker” (the remaining 14 condos will feature a “deeded stall”). Our tipster wonders:

What is the impact of a car stacker on the value of these places? I would love to hear from SocketSite readers who have had an experience with a car stacker. Is it more hassle than it's worth?

Great questions (for which we have no answers or experience). Readers?

∙ 310 Townsend, One South Park, And A Tipster [SocketSite]

Posted by socketadmin at 12:21 AM | Permalink | Comments (40) | (email story)

January 25, 2007

3208 Pierce: Sales Update And Availability

We’ve updated our inventory overview for 3208 Pierce to reflect three new reservations (i.e., “Sold”). At least eight (8) of the fourteen (14) condos are currently available.

∙ 3208 Pierce: New Website And Photo Gallery [SocketSite]

Posted by socketadmin at 5:02 PM | Permalink | Comments (0) | (email story)

January 24, 2007

The Potrero (451 Kansas): Sales Center Opening In February

A “plugged in” tipster notes that the Sales and Design Center for The Potrero will open next month ("with state-of-the art virtual technology and built out sample finishes"). And good news for agents, they’re advertising 2.5% broker participation.

∙ The Potrero (451 Kansas): From The Low $400,000s [SocketSite]

Posted by socketadmin at 12:05 AM | Permalink | Comments (0) | (email story)

January 23, 2007

One Rincon Hill: Hovering Around 90% Sold

As goes The Infinity, so goes One Rincon Hill (at least in terms of vertical growth). In terms of sales, however, a tipster notes that One Rincon seem to have been hovering around 90% “sold” for the past few months. (With roughly a year of construction remaining, we’re guessing they’re not overly concerned.) A few of the available condos:

∙ 425 First #3002 (3/3) 1971 sqft - $2,165,000
∙ 425 First #3003 (3/3) 1928 sqft - $2,200,000
∙ 425 First #4207 (1/1) 819 sqft - $970,000
∙ 425 First #5503 (3/2) 1677 sqft - $2,325,000
∙ 425 First #5902 (2+/2) 1526 sqft - $2,175,000

And don’t forget, floor plans available online.

∙ The Infinity Continues To Grow Up [SocketSite]
∙ One Rincon Hill: Rain, Rain Go Away [SocketSite]
∙ One Rincon Hill’s Fall Newsletter And Update [SocketSite]
∙ One Rincon Hill: Floor Plans, Features And Amenities [SocketSite]

Posted by socketadmin at 12:45 AM | Permalink | Comments (147) | (email story)

January 22, 2007

235 Berry Street Update: At Most 89% Sold (And Moving On In)

Buyers have started closing escrow and moving in to their condominiums at 235 Berry Street (we’d love to hear from some of the early settlers). And as best we can tell, at least 11 of the 99 units remain available for sale:

∙ 235 Berry #102 (2/2.5) 1,255 sqft - $847,900
∙ 235 Berry #108 (3/3) 1,338 sqft - $1,250,900
∙ 235 Berry #110 (3/3) 1,500 sqft - $1,315,900
∙ 235 Berry #114 (2/2.5) 1,255 sqft - $926,900
∙ 235 Berry #304 (2/2) 1,070 sqft - $750,900
∙ 235 Berry #308 (2/2) 1,420 sqft - $937,900
∙ 235 Berry #315 (2/2) 1,235 sqft - $889,900
∙ 235 Berry #405 (2/2) 1,235 sqft - $909,900
∙ 235 Berry #411 (2/2) 1,063 sqft - $957,900
∙ 235 Berry #414 (2/2) 1,420 sqft - $991,900
∙ 235 Berry #510 (2/2) 1,315 sqft - $1,216,900

Of the eleven units, only two (#110 and #411) appear to be holdovers from our September update. And the “mini-lottery” and demanding terms are definitely relics of the past.

∙ 235 Berry Street Update: Under 50% Sold? [SocketSite]
∙ 235 Berry Street Sales Release (6/11/06) [SocketSite]

Posted by socketadmin at 12:20 AM | Permalink | Comments (5) | (email story)

Radiance At Mission Bay: Sketch And Floor Plans

A tipster finds and forwards a sketch of the mid-rise buildings for Radiance At Mission Bay (“Sales Commence March 2007”). And we notice that floor plans for the nine mid-rise levels have been published on the Radiance website. We’re still looking for the scoop on the two 16-story towers.

∙ Radiance At Mission Bay: Sales Center And Website Coming Soon [SocketSite]

Posted by socketadmin at 12:15 AM | Permalink | Comments (14) | (email story)

January 19, 2007

The Infinity Continues To Grow Up

A tipster forwards a recent picture of The Infinity and notes that up to 800 Google employees will soon be wandering the streets nearby (they’re subleasing three floors at Hills Plaza). Well, at least for the next three years.

[UPDATE (1/23): For those of you who have been following the thread of comments regarding a discrepancy between the Infinity sales office and website in terms of unit square footage, a "plugged in" reader notes: “Apparently the [Infinity] website designer made some mistakes and placed the wrong SqFt on the wrong units…The PDF file is the correct version per the Sales Office. They will try to correct the website asap. Terrible mistake on their part, but NO they are NOT taking away square footage.”]

∙ The Infinity: Online Floor Plans And Condo Specifications [SocketSite]

Posted by socketadmin at 9:18 AM | Permalink | Comments (71) | (email story)

January 17, 2007

368 Elm Street Condos: Complete Pricing (And An Update)

Thanks to a “plugged in” tipster, we (and you) now have complete pricing and a sales update for the 28 condominiums that comprise 368 Elm Street. According to our tipster, nine of the condos are currently “Pending,” but three of those units are unallocated BMR units (#106, #205, and #303). No word on how many, if any, of the other six Pending units are inside sales or developer units.

Current pricing and availability for all 28 condos:

∙ 368 Elm Street #101 (2/2) 1,249 sqft & 2 car parking – $769,000
∙ 368 Elm Street #102 (1/1) 679 sqft & 1 car parking – $549,000
∙ 368 Elm Street #103 (2/2) 1,183 sqft & 2 car parking – $769,000
∙ 368 Elm Street #104 (0/1) 699 sqft & 1 car parking – Pending
∙ 368 Elm Street #105 (2/2) 1,153 sqft & 2 car parking – $749,000
∙ 368 Elm Street #106 (1/1) 649 sqft & 1 car parking – Pending (BMR)
∙ 368 Elm Street #107 (2/2) 1,219 sqft & 2 car parking – $749,000
∙ 368 Elm Street #201 (2/2) 1,249 sqft & 2 car parking – $769,000
∙ 368 Elm Street #202 (1/1) 679 sqft & 1 car parking – $565,000
∙ 368 Elm Street #203 (2/2) 1,183 sqft & 1 car parking – $769,000
∙ 368 Elm Street #204 (0/1) 699 sqft & 1 car parking – $489,000
∙ 368 Elm Street #205 (2/2) 1,183 sqft & 2 car parking – Pending (BMR)
∙ 368 Elm Street #206 (1/1) 679 sqft & 1 car parking – $549,000
∙ 368 Elm Street #207 (2/2) 1,249 sqft & 2 car parking – $749,000
∙ 368 Elm Street #301 (2/2) 1,249 sqft & 2 car parking – Pending
∙ 368 Elm Street #302 (1/1) 679 sqft & 1 car parking – Pending
∙ 368 Elm Street #303 (2/2) 1,183 sqft & 2 car parking – Pending (BMR)
∙ 368 Elm Street #304 (0/1) 699 sqft & 1 car parking – $499,000
∙ 368 Elm Street #305 (2/1) 1,183 sqft & 1 car parking – Pending
∙ 368 Elm Street #306 (1/1) 679 sqft & 1 car parking – $565,000
∙ 368 Elm Street #307 (2/2) 1,249 sqft & 2 car parking – $775,000
∙ 368 Elm Street #401 (2/2) 1,219 sqft & 2 car parking – Pending
∙ 368 Elm Street #402 (1/1) 649 sqft & 1 car parking – Pending
∙ 368 Elm Street #403 (2/2) 1,153 sqft & 2 car parking – $839,000
∙ 368 Elm Street #404 (0/1) 699 sqft & 1 car parking - $519,000
∙ 368 Elm Street #405 (2/2) 1,183 sqft & 2 car parking - $819,000
∙ 368 Elm Street #406 (1/1) 679 sqft & 1 car parking - $589,000
∙ 368 Elm Street #407 (2/2) 1,249 sqft & 2 car parking - $819,000

Proposed monthly HOA dues range from $319 to $392.

∙ 368 Elm Street Condos: A Sales Update [SocketSite]
∙ 368 Elm Street Condos: First Release Pricing And Scoop [SocketSite]
∙ 188 King Street: An Update [SocketSite]

Posted by socketadmin at 12:10 AM | Permalink | Comments (23) | (email story)

3208 Pierce: New Website And Photo Gallery

A tipster notes a “flashy” new website (and photos) for 3208 Pierce ("The Marina's Newest Address"). No word on how many of those initial reservations actually turned into contracts, or how many of the 14 units remain available. (Tipsters?)

UPDATE (1/18): Thanks to a tipster we now have complete pricing (and HOA fees range from $579 to $675 per month):

∙ 3208 Pierce #101 (2/2.5) 1,476 sqft - $1,299,000
∙ 3208 Pierce #102 (2/2.5) 1,277 sqft - $1,199,000
∙ 3208 Pierce #201 (1/1) 719 sqft – “SOLD” (BMR)
∙ 3208 Pierce #202 (1/1) 985 sqft - $925,000
∙ 3208 Pierce #203 (1/1) 738 sqft - $749,000
∙ 3208 Pierce #204 (2/2) 1,102 sqft - $999,000
∙ 3208 Pierce #401 (2/2.5) 1,261 sqft - $1,099,000 ("SOLD")
∙ 3208 Pierce #402 (2/2.5) 1,253 sqft - $1,169,000
∙ 3208 Pierce #403 (2/2.5) 1,243 sqft - $1,119,000
∙ 3208 Pierce #404 (1+/1.5) 1,100 sqft - $1,049,000
∙ 3208 Pierce #405 (2/2.5) 1,236 sqft - $1,149,000 ("SOLD")
∙ 3208 Pierce #406 (2/2.5) 1,393 sqft - $1,299,000 ("SOLD")
∙ 3208 Pierce #407 (2/2.5) 1,168 sqft – “SOLD”
∙ 3208 Pierce #408 (2/2.5) 1,602 sqft – “SOLD”

UPDATE (1/25): According to a tipster, units #401, #405, and #406 have joined the ranks of “SOLD.” And as of today, eight of the fourteen condos remain available.

∙ 3208 Pierce Street: Now Accepting Reservations [SocketSite]
∙ 3208 Pierce: A Few Details [SocketSite]

Posted by socketadmin at 12:05 AM | Permalink | Comments (30) | (email story)

January 16, 2007

The Economics Of Apartments Versus Condominiums In Washington

The New York Times looks at the struggling new condo development market in Washington D.C. and the impact of developers changing course from sales to rentals.

“After six weeks of failing to lure more than a couple of dozen buyers, Mr. Franco and his partner, Jeff Blum, joined the builders of nearly 6,000 condominium units in the Washington metropolitan area who have decided in the last three months to recast their projects as rental apartment buildings.”

“The latest salvage operation on the part of condo developers is far from a sure bet, however. Condominium buildings generally cost more to build and operate than those built for apartments from scratch. And while rents are high and rising in most cities, in many cases they still are not sufficient to turn a profit.

Industry analysts also point out that rents may start sagging if too many condos are converted into apartments too quickly.”

And while we’re not suggesting that Washington is the best barometer for the San Francisco condominium market, with 188 King reverting to rentals for their unsold inventory, and rumors of The Palms and a number of other higher profile buildings considering following suit, it’s simply additional insight into the impact and implications of local developers changing course.

∙ Buyers Scarce, Many Condos Are for Rent [NYTimes]
∙ 188 King Street: The Rents [SocketSite]
∙ The Palms: Financing Incentives And Inventory Update [SocketSite]

Posted by socketadmin at 7:44 AM | Permalink | Comments (11) | (email story)

January 10, 2007

Evidence Of A Price Reduction At Arterra?

On the heels of advertised incentives, five listings for condos at Arterra have been added to the MLS (#303, #411, #446, #521 and #1113). And we can’t help but notice that while unit #303 was originally listed for $539,000 in December, it was relisted yesterday for $509,000 (an apparent drop of 5.6%).

∙ Listing: 300 Berry #303 (1/1) - $509,000
∙ Listing: 300 Berry #411 (2/1) - $713,000
∙ Listing: 300 Berry #446 (2/2) - $825,000
∙ Listing: 300 Berry #521 (1/1) - $599,000
∙ Listing: 300 Berry #1113 (2/1) - $799,000

∙ Incentives (And Insight?) At Arterra (300 Berry) [SocketSite]
∙ Arterra (300 Berry) Hits The MLS [SocketSite]

Posted by socketadmin at 12:10 AM | Permalink | Comments (39) | (email story)

January 8, 2007

Incentives (And Insight?) At Arterra (300 Berry)

After three months of selling, Arterra is now advertising a “LIMITED TIME OFFER” of two years paid HOA dues plus a washer, dryer and refrigerator (although we’re guessing not the SubZero that’s featured in the sales center or renderings). Keep in mind that Arterra is primarily targeting “Green” and/or first-time buyers (neither of which should be in short supply in San Francisco).

∙ Arterra (300 Berry) Hits The MLS [SocketSite]
∙ The Arterra: “Clean Design, Pure Living” At 300 Berry Street [SocketSite]

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

The Infinity: Online Floor Plans And Condo Specifications

A few readers tipped us off to the fact that The Infinity has updated their website to include all 42 floor plans and condo specs. We're quite enamored with the master suite (and dressing room) in residence 37B; and we can definitely appreciate one "plugged in" reader’s choice in floor plans. (Don't forget our invitation to the housewarming.)

∙ The Infinity: A Study In Contrast [SocketSite]
∙ The Clock Is Ticking For A Reader [SocketSite]

Posted by socketadmin at 12:10 AM | Permalink | Comments (34) | (email story)

January 5, 2007

1587 15th Street: Representative Pricing And Pictures

As promised, 1587 15th Street has officially hit the market. We’re partial to the 01 stack (we’re guessing that’s a picture from #301). And yes, only one bathroom (but also one parking space). Monthly HOA’s from the low $300’s.

UPDATE (1/8): Don’t miss Matt’s great overview and perspective (One of our favorite lines: “Other people viewing the units looked friendly and sensible -- good San Franciscans, the kind of folks you'd want to have as neighbors.”)

∙ Listing: 1587 15th St #303 (1/1) - $509,000 [MLS]
∙ Listing: 1587 15th St #304 (2/1) - $599,000 [MLS]
∙ Listing: 1587 St #402 (2/1) - $599,000 [MLS]
∙ Listing: 1587 St #505 (2/1) - $629,000 [MLS]
∙ New Homes In The New Year (1587 15th Street) [SocketSite]

Posted by socketadmin at 10:12 AM | Permalink | Comments (7) | (email story)

January 4, 2007

(More) Political Wrangling Over The Development Of Trinity Plaza

For decades, developer Angelo Sangiacamo has been trying to re-develop a mid-market plot of land which currently houses the Trinity Plaza apartment building (which he converted from a motor lodge in 1977). Under his latest proposal, 360 outdated units would be razed and replaced with a modern 1,900 unit development, 50,000+ square feet of street level retail, and 60,000+ square feet of public open space (all designed by Arquitectonica).

In August of 2006, the city Planning Commission signed off on the [Trinity Plaza] deal . . . But on Nov. 7, to the surprise of Sangiacomo and [Chris] Daly, two members of the Board of Supervisors, Jake McGoldrick and Sophie Maxwell, succeeded in persuading some of their board colleagues, at least temporarily, to block height and density amendments to the city's general zoning and development plan that would have allowed the project to go forward. (SFGate)

Of the 1,900 proposed units, 360 units would be set aside for the current Trinity Plaza tenants (and would remain at rent controlled rates for the life of the tenants) and an additional 185 units would be rented at below-market rates. And needless to say, the development would have a major impact on the revitalization of the entire mid-market neighborhood.

∙ More Mid-Market Development And Definition [SocketSite]
∙ Arquitectonica [arquitectonica.com]
∙ Trinity Plaza Apartment Ratings [apartmentratings.com]
∙ Trinity deal hits a snag [SFGate]

Posted by socketadmin at 9:53 AM | Permalink | Comments (51) | (email story)

368 Elm Street Condos: A Sales Update

A tipster notes that after a little more than a month on the market 368 Elm Street is advertising 8 of 28 condos sold (30%). No word on whether these eight sales include any BMR units or inside transactions.

∙ 368 Elm Street Condos: First Release Pricing And Scoop [SocketSite]

Posted by socketadmin at 12:57 AM | Permalink | Comments (1) | (email story)

January 3, 2007

Worth The Wait: 900 Minnesota (An Update)

An update on the redevelopment of 900 Minnesota (the former Esprit campus) from an insider: “[T]he project is now expected to deliver finished homes this fall (2007) in the adapted/ renovated brick buildings. The second phase will follow over the subsequent 10 months. Recycling pre-existing materials has taken longer than expected, but worth it.”

∙ 900 Minnesota: Now And Then [SocketSite]

Posted by socketadmin at 12:07 AM | Permalink | Comments (2) | (email story)

December 29, 2006

High Rise Living And Neighborhood Development In San Francisco

Our recent post on the proposed Renzo Piano towers at First and Mission further fueled the discussion of nearby neighborhood development in general, and sparked some interesting comments with regard to high rise living in specific.

Or as one reader commented, it’s not simply a "mine will be taller...mine will be better located...mine offers nicer finishes" discussion of the buildings or development.

∙ They Just Keep Getting Bigger, And Bigger, And Bigger... [SocketSite]

Posted by socketadmin at 10:06 AM | Permalink | Comments (15) | (email story)

New Homes In The New Year (1587 15th Street)

1587 15th Street (at Mission) is a collection of 24 new condominiums (one and two bedrooms) that are expected to hit the market in January (pricing “from the $500,00’s”). Floor plans available online, but other than that, not a whole lot we can report.

∙ 1587 15th Street [1587living.com]

Posted by socketadmin at 10:00 AM | Permalink | Comments (9) | (email story)

December 19, 2006

What’s Up With The Watermark "G"s?

A reader wonders, “What's the scoop on [Watermark] unit 15g? Tax records show that it was sold by Watermark for $830,000. It's a 1295 sq ft corner unit. 12g sold for $975,000; 17g sold for $1,650,000; 20g sold for $1,400,000. Now 15g just entered into contract for $969,000 as a resale. Why was there a fire sale at Watermark when this unit [first] entered into contract at around the same time as the other "g" units?”

Something definitely seems screwy, but unfortunately we don't have the inside scoop (this time). Readers? And while you’re at it, perhaps someone can answer our follow-up question: how’d the buyer of 17g wind up paying $250,000 more than the buyer of 20g? (And yes, the floor plans for all four of the units look identical.)

UPDATE: Okay, we should have caught this earlier, but the letters (A-U) used to designate floor plan types are not directly correlated with the actual unit addresses on each floor. In other words, while unit 15G is actually a “D” type floor plan, it looks like units 17G and 20G are actually “N” type floor plans. And to answer our own question, only two units in the entire building offer wraparound patios, and the “N” plan on the 17th floor is one of them. It’s turning out to be one of those mornings days…

∙ Watermark Update: 85% Sold [SocketSite]

Posted by socketadmin at 12:00 AM | Permalink | Comments (77) | (email story)

December 18, 2006

Millennium Tower San Francisco (301 Mission): Interest List

A tipster forwards an updated rendering from the placeholder website (interest list) for the 60-story Millennium Tower San Francisco that’s currently under construction at 301 Mission.

“In addition to the 60-story tower, there is a shorter, 125 foot (38 m) 11-story tower on the north end of the complex with more condos and residential amenities. In between the two towers, there will be a two-story glass atrium at about 43 ft. (13 m) tall. In total, the project will have 437 [419] units, some of which (~120) will be extended-stay hotel units and the others residential units.” (wikipedia)

Expect the condo/rental mix to change depending upon market conditions at the time of completion (2008/2009). And yes, this is the residential building that will rise four feet higher than One Rincon Hill.

∙ Millennium Tower San Francisco [Official website]
∙ Five Years Late (And One “N” Short) [SocketSite]
∙ Millennium Tower (301 Mission Street) [wikipedia]
∙ One Rincon Hill: Rain, Rain Go Away [SocketSite]

Posted by socketadmin at 1:34 PM | Permalink | Comments (43) | (email story)

December 14, 2006

Radiance At Mission Bay: Sales Center And Website Coming Soon

A tipster notes that BOSA Development is converting Catellus' Mission Bay offices in the Glassworks building (across from AT&T Park) into a sales office for their Mission Bay developments. First up, Radiance at Mission Bay a 417 unit development in Mission Bay between Terry Francois and Third Street (near the new GAP building).

Radiance at Mission Bay will consist of two 16-story towers, two 9-story midrise buildings, and townhomes with condominiums ranging in size from 850 to 2,175 square feet. The current website is simply a placeholder, the sales office should open early next year, and while ground has been broken, we don’t expect to see delivery of the condominiums until mid-2008.

We’d love to share some pictures, but according to our tipster, “no one has seen any renderings yet; they've been held close to the chest. So the office will probably have some images, and maybe even models, that will be the first look at the initial BOSA project.” Well, either that or another tipster will send us (and you) some holiday cheer. (email tips@socketsite.com)

∙ An Overview Of Mission Bay [SocketSite]
∙ Radiance at Mission Bay [Official Website]

Posted by socketadmin at 12:10 AM | Permalink | Comments (9) | (email story)

December 13, 2006

San Francisco Board Of Supervisors Agenda: 12/12/06

Three relatively big housing related items were on the agenda for yesterday’s Board of Supervisors meeting.

1. A two year extension on the condominium conversion lottery. If passed, the ordinance (pdf) would extend the 200-unit annual limit through 2008 and - if we’re reading it correctly - end the 2006 pilot condominium lottery program (which established seniority based on participation in prior lotteries). TIC owners/buyers take note.

2. A resolution imposing interim (18 month) zoning controls for a change in use or reduction in size of any recreational space of 15,000 square feet or more. The resolution (pdf) would effectively block Pulte Homes' development of the San Francisco Tennis Club. (First set Daly?)

3. A resolution (pdf) establishing “City and County of San Francisco policy” that all new housing developments in the City’s “Eastern Neighborhoods” (Mission District, Eastern South of Market, Showplace Square/Potrero Hill and the Central Waterfront) should be required to consist of 64% affordable units (28% Moderate Income, 10% Low Income, and 26% Very Low Income). That’s quite a difference from the current 15% requirement. And although simply a non-binding resolution, BeyondChron explores its impact on the Eastern Neighborhoods and surrounding environs.

We’ve heard that the Board delayed their vote on the Eastern Neighborhoods resolution, but nothing more. Any readers have the full rundown?

∙ Board of Supervisors Agenda: 12/12/06 [SFGov]
∙ First Game Pulte (But Many Sets To Go) [SocketSite]
∙ San Francisco’s Inconsistent Housing Policy [BeyondChron]

Posted by socketadmin at 12:26 AM | Permalink | Comments (23) | (email story)

December 12, 2006

The Clock Is Ticking For A Reader

We just noticed a fresh comment on an old post concerning price reductions at The Infinity:

“I'm considering a 1270 sq ft 2 bedroom on the 28th floor facing the financial district. It's priced at about 1142/sq ft. Given there are only 9 of these units with the large curved patio and the fact that the 28th floor and up all come with upgrades, would you say this is still over priced? At $1142/ sq ft, I feel there's room for the price to adjust when the second release comes out. Offer expires tomorrow [12/13] noon, any input would be appreciated!!!!”

We’re going to qualify that “any input would be appreciated,” if it’s not constructive input (whether pro or con the purchase), it will be deleted without apology or notice. Now how about helping a fellow reader out?

∙ Reductions At The Infinity? [SocketSite]

Posted by socketadmin at 11:21 PM | Permalink | Comments (51) | (email story)

We Want Need Some Answers

A tipster forwards a few drawings of 555 Fulton, a proposed 164 unit development by Henry Wong (developer) and Stanley Saitowitz (architect). Our question: anyone care to share the inside scoop on its status?

And a reader asks: “Do you know what is going on with the lot at the [SE] corner of Polk and Geary?” (Once a laundromat/parking lot, they’re now starting to excavate.) We don't. Anybody?

UPDATE: The readers respond with regard to the corner of Polk and Geary, it’s an eight (8) story senior housing development. “Herman & Coliver Architects - roof gardens and streetscape by GLS Landscape Architecture.”

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

The Hayes (55 Page) Hits The MLS

Right on the heels of Arterra, six listings for condominiums in The Hayes (55 Page) have been added to the MLS. Once again, it’s additional insight into pricing (and perhaps sales activity) on the 128 condos.

HOA dues for these six condos range from $234-$322/mo. And no, we can't explain the somewhat odd pricing.

∙ 55 Page #418 (0/1) 400 sqft - $431,375
∙ 55 Page #314 (0/1) 475 sqft - $440,510
∙ 55 Page #619 (1/1) 664 sqft - $619,150
∙ 55 Page #624 (1/1) 856 sqft - $697,305
∙ 55 Page #716 (2/2) 991 sqft - $900,305
∙ 55 Page #312 (2/2) 1,022 sqft - $913,500

∙ Arterra (300 Berry) Hits The MLS [SocketSite]
∙ The Hayes: 55 Page Street [SocketSite]
∙ Arterra and The Hayes: Sales Centers [SocketSite]

Posted by socketadmin at 12:05 AM | Permalink | Comments (13) | (email story)

December 11, 2006

The Future Of San Francisco’s Architectural Identity

With the statement, “[t]here really is no difference between most of the new ‘product’ being built in ‘the city’ and what is being built in Chicago or any other North American city," a reader sparks an interesting discussion around San Francisco’s Architectural identity.

It’s a topic worthy of its own post, so we’re hijacking a couple of the original comments and opening up the discussion to a broader audience. Feel free to help answer the question, "what defines San Francisco’s architectural identity and where is it headed?"

∙ Shoreline (41 Federal): Images And An Update [SocketSite]

Posted by socketadmin at 2:46 PM | Permalink | Comments (23) | (email story)

Book Concern Building (83 McAllister): Update And Pricing

The final fifteen condominiums at Book Concern Building have been released and mostly studios remain. Official footprints are undeniably small (ranging from 256 to 500 square feet), but many of the units offer an additional 100+ square feet of loft storage space (i.e., unofficial sleeping space). And for the most part, the condos are well designed (although we’d upgrade a number of the finishes). Overall, we're fans.

Prices for the remaining units range from $258,000 to $451,000 (HOA dues from $275-$360/mo) and the building has received its temporary certificate of occupancy (i.e. you can close escrow and move in). Gym, laundry, and “multi-purpose room” in the basement; deck on the roof; and a neighborhood that’s in transition. A rundown of the remaining units:

∙ 83 Mcallister #409 (0/1) - $258,000
∙ 83 Mcallister #312 (0/1) - $260,000
∙ 83 Mcallister #412 (0/1) - $273,000
∙ 83 Mcallister #402 (0/1) - $273,000
∙ 83 Mcallister #202 (0/1) - $330,000
∙ 83 Mcallister #211 (0/1) - $335,000
∙ 83 Mcallister #210 (0/1) - $335,000
∙ 83 Mcallister #212 (0/1) - $345,000
∙ 83 Mcallister #301 (1/1) - $364,000
∙ 83 Mcallister #206 (2/1) - $397,000
∙ 83 Mcallister #512 (0/1) - $402,000
∙ 83 Mcallister #504 (0/1) - $407,000
∙ 83 Mcallister #505 (0/1) - $417,000
∙ 83 Mcallister #201 (1/1) - $441,000
∙ 83 Mcallister #208 (1/1) - $451,000

∙ Book Concern Building (83 McAllister) [SocketSite]
∙ More Mid-Market Development And Definition [SocketSite]

Posted by socketadmin at 12:15 AM | Permalink | Comments (3) | (email story)

Arterra (300 Berry) Hits The MLS

Five of the 269 condominiums that comprise Arterra have been added to the MLS providing additional insight into pricing (and perhaps sales activity). HOA dues on these five condos range from $407-$537/mo.

∙ 300 Berry #303 (1/1) 735 sqft - $539,000
∙ 300 Berry #923 (2/2) 967 sqft - $840,000
∙ 300 Berry #1510 (2/1) 964 sqft - $899,000
∙ 300 Berry #557 (2/2) 1,237 sqft - $935,000
∙ 300 Berry #551 (3/2) 1,478 sqft - $1,054,000

∙ The Arterra: “Clean Design, Pure Living” At 300 Berry Street [SocketSite]
∙ Arterra and The Hayes: Sales Centers [SocketSite]
∙ Arterra Update: 19% Pre-Sold? [SocketSite]

Posted by socketadmin at 12:10 AM | Permalink | Comments (2) | (email story)

December 9, 2006

Shoreline (41 Federal): Images And An Update

The good news: thanks to a tipster, we now have actual interior pictures (not renderings) from Shoreline. The potentially bad news: after the price reductions, there are only two units left.

∙ Listing: 41 Federal #32 (1/1.5) - $835,000
∙ Listing: 41 Federal #33 (2/2) - $1,325,000

∙ The Scoop On The Shoreline (41 Federal) [SocketSite]
∙ Savings At Shoreline (41 Federal) [SocketSite]

Posted by socketadmin at 11:58 AM | Permalink | Comments (7) | (email story)

December 8, 2006

The Palms: Financing Incentives And Inventory Update

The Palms is currently advertising “4.625% Financing” (down from 5.25%?) for a “Limited time only!” (Keep in mind it’s an interest only 3/1 ARM for up to 80% of the purchase price of the condo, and with a minimum 10% down.)

And based on our calculations, they have enough unsold inventory for 100+ buyers to take them up on the incentive.

Posted by socketadmin at 12:50 PM | Permalink | Comments (11) | (email story)

Lose Some Now, Win Some Later

According to a tipster, we can reduce SocketSite's “Cii” pipeline by 130 new homes (or not, see UPDATE below):

“1355-1375 Sutter (@ Franklin) had won approval for residential condo conversion- they were going to add 6 floors to the building and convert it. [O]wnership got entitlements thru the redevelopment agency, 1-3 bdrm units, 600-1200 sq ft. 130 units total- 3 floors of parking underground- Anyway they were keeping the building pretty much vacant so they could convert it- took longer than they had hoped- heard [Wednesday] they just lost the building to the bank...”

At the same time, the long-term development of 6,000 new homes on Treasure/Yerba Buena Island is one step closer to reality.

UPDATE: Our tipster was on the money with regard to the development of 1355-75 Sutter, but might have missed the mark with regard to the bank. From the developer, "The property...does have SFRA approval for adding height and converting to a residential tower. Currently we are in a holding pattern pending finalization of financing and the construction budget. The property was not foreclosed by the lender." Our thanks to AGI Capital Group for the clarification!

∙ SocketSite’s Complete Inventory Index (Cii) [SocketSite]
∙ Treasure Island project gets nod [SFGate]

Posted by socketadmin at 12:15 AM | Permalink | Comments (6) | (email story)

A Reader’s “5 Suggestions To Turn Around Fillmore”

Our VIP coverage of Heritage on Fillmore sparked an email from an Alamo Square resident concerned with the general development of the neighborhood (“[I’m] disappointed by the lack of vision and activity in this stretch [of Fillmore]”.

The “plugged in” reader provides “5 Suggestions To Turn Around Fillmore”:

1. Destroy McDonald's -- Develop mid-rise condos - mixed use (OK McDonald's on bottom floor if we must)

2. Northern Police station across street - HUGE waste of prime residential space. Obscene & in-your-face govt use of almost an entire block for parking. Develop 15-story condo w/police station on ground floor - (this lot can accommodate several hundred units -it's huge).

3. PGE Substation. Upzone it for more than the slated 37 units.

4. Upzone Japantown -- what's with the whole 1 story block across from Japantown? This is a key intersection w/fine transit. What about adding 3 stories of condos on top of that depressing dreary & sad mall? Reconfiguring the mall with housing on top (in even a more authentic design) has to be the future.

5. Kill KFC and the one-story mini-mall on Steiner and Geary -- if ever there were a perfect developable corner across from park, - great transit, views, no cars needed.

Any other suggestions, insight, or thoughts on the area? (Comments so much as hinting at changes to The Fillmore will be summarily deleted…)

∙ Heritage On Fillmore: The VIP Scoop [SocketSite]

Posted by socketadmin at 12:10 AM | Permalink | Comments (5) | (email story)

December 6, 2006

Heritage On Fillmore: The VIP Scoop

We made it over to Heritage on Fillmore last night for their VIP Grand Opening. And while we were digging the jazz, the people, and the vibe of the building, we have to admit that we were a bit under whelmed by the actual event. (Perhaps we’ve been spoiled by the openings and showrooms of One Rincon, The Infinity, and Arterra/Hayes.) Regardless, we got the scoop.

The sales center (1294 Fillmore, across the street from the Heritage) opens its doors to the public tomorrow, but they’re not going to start accepting deposits until mid-January (at which point a model unit on the 3rd floor should be open for hard hat tours). No word on whether they’ll start accepting “reservations” sooner.

Six floor plans will be offered, and pricing is expected to range from the low $500’s to high $600’s for one-bedrooms (37 including BMR), from the mid $700’s to a little over a million for two-bedrooms (38 including BMR), and in the $900’s for the five three-bedrooms. Stainless steel Kenmore ranges, microwaves, and dishwashers are included; but refrigerators, washers and dryers are not.

Marketing folks at the event were suggesting occupancy in mid-March, but a press release noted, “move-in date for the condos at The Heritage on Fillmore is anticipated for April 2007 and the grand opening of Yoshi’s San Francisco and other components of the Fillmore Heritage Center will occur mid-summer 2007.”

And of course the SocketSite super scoop, rumor has it that ten (10) units are being reserved for the developer. Or in marketing speak, “10 units already sold!”

∙ The Heritage On Fillmore (1300 Fillmore) [SocketSite]
∙ Heritage On Fillmore: VIP Grand Opening (12/5/06) [SocketSite]
∙ Heritage On Fillmore And 170 Off Third: BMR Updates [SocketSite]

Posted by socketadmin at 12:10 AM | Permalink | Comments (4) | (email story)

One Rincon Hill: Floor Plans, Features And Amenities

As a tipster notes, “One Rincon put up a new website tonight. It now shows the floor plans, features and amenities.” Just like those touchscreens (but without availability or views).

∙ One Rincon Hill’s Fall Newsletter And Update [SocketSite]
∙ First Impressions: One Rincon Hill Sales Center [SocketSite]

Posted by socketadmin at 12:03 AM | Permalink | Comments (15) | (email story)

December 4, 2006

3208 Pierce Street: Now Accepting Reservations

A tipster forwards an update regarding 3208 Pierce Street. According to Vanguard, “[o]nly six units are still available for reservation at the Marina’s newest luxury condominium development…at the corner of Pierce and Lombard.” Key word: “reservation.”

Vanguard also notes that “[c]onstruction is nearly complete,” the “Grand Opening is scheduled for later in December,” and registrants on the interest list can “select [a] unit prior to the public release.”

Oh, and it’s looking like our previous tipster was spot-on with regard to general prices and square footage.

∙ 3208 Pierce: 14 New Units [SocketSite]
∙ 3208 Pierce: A Few Details [SocketSite]

Posted by socketadmin at 12:10 AM | Permalink | Comments (0) | (email story)

December 1, 2006

1810 Polk Street: Reduction And Release

We’re still looking for a reader to send us the inside scoop on 1810 Polk Street. (Bueller? Bueller? Bueller?) We can, however, report that the price on condo #306 was just reduced $84,000 (7.1%), and that #308 has been added to the MLS at $1,125,000 (advertising “Newest and Final Release!”).

∙ 1810 Polk Street: New Condominiums [Socketsite]
∙ Listing: 1810 Polk Street #306 (3/3) - $1,095,000 [Vanguard]
∙ Listing: 1810 Polk Street #308 (3/3) - $1,125,000 [MLS]

Posted by socketadmin at 10:55 AM | Permalink | Comments (3) | (email story)

November 29, 2006

The Royal San Francisco: Under 20% Sold?

A peek into the windows of The Royal from a vantage point in the City Club seems to support speculation of fewer than ten closed condominium sales in the 46 unit Royal. And it's possible that those sales figures include five Below Market Rate (BMR) units.

And for those of you who have been following along at home, the owner of unit #604 remains "highly motivated," is offering to “pay 1 year hoa, parking, & gym membership,” and has reduced his/her asking price for a second time (now $769,000).

∙ The Royal San Francisco [SocketSite]
∙ The Royal San Francisco: An Update (And A Flip) [SocketSite]
∙ The City Club of San Francisco [cityclubsf.com]

Posted by socketadmin at 9:00 AM | Permalink | Comments (5) | (email story)

November 28, 2006

Heritage On Fillmore: VIP Grand Opening (12/5/06)

It's about two quarters later than expected, but Heritage on Fillmore is opening its sales office doors next Tuesday (12/5/06) with a VIP Grand Opening featuring cocktails, sushi by Yoshi’s, and of course, live jazz.

If you're seriously interested in the development, we suggest you weasel your way onto the VIP list. And if you’re already on the list and plan on attending, we suggest you remember to report back. You know we'd do the same for you.

∙ The Heritage On Fillmore (1300 Fillmore) [SocketSite]
∙ Heritage On Fillmore And 170 Off Third: BMR Updates [SocketSite]

Posted by socketadmin at 12:10 AM | Permalink | Comments (0) | (email story)

Argenta (1 Polk): Ground Breaking

As far as we know they're still not building any more land. But they are continuing to build thousands of new condos where none stood before.

Speaking of which, it looks like the Anka Group has broken ground on the 17 story Argenta at 1 Polk (corner of Fell/Market). Once a parking lot, the new development should add 180+ condominiums to the mid-market neighborhood (and is located two blocks from Hayes Valley).

And then there's the Union 76 gas station at the corner of Buchanan and Market. According to J.K. Dineen, Arquitectonica has been hired to transform that lot into an eight-story, 115-unit unit condominium building.

∙ Mid-Market Development “Breaking” News [SocketSite]

Posted by socketadmin at 12:05 AM | Permalink | Comments (18) | (email story)

November 27, 2006

368 Elm Street Condos: First Release Pricing And Scoop

Eight months ago we plugged our readers in to the “inside scoop” on 368 Elm Street in Hayes Valley (“28 units in total with 2 bedroom units averaging ~1200 sq.ft. and offering 2 car parking”). This weekend, the sales office opened its doors, and lo and behold, 28 condominiums with two-bedrooms averaging 1,201 square feet and offering two car parking.

Features include: bamboo flooring and gas fireplaces in all living/dining rooms; Jenn-Air appliances and marble counters in the kitchen; and marble flooring, glass sinks, and walk-in multi-head showers in the master bathrooms.

As far as pricing and availability, Vanguard appears to be testing the waters with a first release of the six first floor units priced from $515,000 (studio) to $769,000 (1,249 sq.ft. two-bedroom).

∙ 368 Elm #101 (2/2) - $769,000
∙ 368 Elm #102 (1/1) - $549,000
∙ 368 Elm #103 (2/2) - $769,000
∙ 368 Elm #104 (0/1) - $515,000
∙ 368 Elm #105 (2/2) - $749,000
∙ 368 Elm #106 (2/2) - $749,000

∙ New Developments: 368 Elm Street [SocketSite]
∙ SocketSite Inside Scoop: Vanguard Turk Street Development [SocketSite]

Posted by socketadmin at 8:25 AM | Permalink | Comments (7) | (email story)

November 22, 2006

Mint Lofts: 410 + 418 Jessie Street, San Francisco

Mint Lofts is comprised of two adjacent buildings which border the proposed Mint Plaza.

Constructed in 1926, and originally designed by architects James and Merritt Reid (think Fairmont Hotel and the Spreckels Temple of Music), 410 Jessie Street once served as offices and warehouses for the Hale Brother's Department Stores. The top six floors (5-10) of 410 Jessie were previously converted into leased live/work spaces but are currently undergoing a complete remodel before hitting the market. And floors 2-4 are in the process of being converted into more traditional condominium floor plans. When complete, the 52 condominiums will range in size from 460 to 2,390 square feet and will feature 11’ ceilings and “[i]ndustrial sized, double hung operable windows” (and yes, forced air heating/cooling).

The second Mint Loft building, 418 Jessie Street originally housed one of the Hale Brother's stores, and more recently served as a San Francisco firehouse. The nine floors of 418 Jessie are in the process of being converted into "25 luxury residences available for lease and sale" and will range in size from 600 to 3,500 square feet (and feature 10’ 6” ceilings). Both buildings will share a rooftop garden, grill, and fitness center; and include the increasingly obligatory "on-site concierge" (and perhaps less common "24-hour courtesy patrol").

Additional details on pricing, availability, and occupancy as soon as we have them (or sooner should a "plugged in" reader share the inside scoop).

UPDATE: A model unit in 410 Jessie is expected to be open by mid-December with closings and occupancy in both buildings targeted (i.e., best case scenario) for as early as February 2007. We should have rough pricing sometime next week.

∙ Mint Lofts [410 + 418 Jessie]
∙ Mint Plaza (And Livable City) [SocketSite]
∙ Bay Area Architects: The Reid Brothers [Page and Turnbull]

Posted by socketadmin at 12:05 AM | Permalink | Comments (1) | (email story)

November 20, 2006

1810 Polk Street: New Condominiums

1810 Polk Street (in San Francisco between Jackson and Washington) is a collection of 12 "newly constructed luxury residences” ranging in size from 1-bedroom/1-bath to 3-bedroom/3-bath. And after a couple of months on the market, only one condo (#306) is currently listed as Active and available.

We're still looking for hard numbers on actual sales (a number of units are currently in contract), and we haven't had a chance to tour any of the units (although the Viking appliances, wide plank Brazilian walnut floors, and one car deeded parking did catch our eye). Any readers care to fill in the blanks or share a first impression?

Oh, and in case you haven't been there in a while, we hate to break it to you, but New Wing Lee (and their "excellent fried prawns and pork fried rice") is no longer. Don’t blame us, we’re just the messengers.

∙ 1810 Polk Street [Official Site]
∙ Listing: 1810 Polk Street #306 (3/3) - $1,179,000 [Vanguard] [MLS]
∙ New Wing Lee Review [Yelp]
∙ Farewell Favorites: Wing Lee [mistersf.com]

Posted by socketadmin at 12:10 AM | Permalink | Comments (13) | (email story)

Heritage On Fillmore And 170 Off Third: BMR Updates

As far as we know, neither the Heritage on Fillmore or 170 Off Third have officially announced when they'll throw open the doors of their sales offices, but Below Market Rate (BMR) application deadlines, lottery dates, and workshops have been set.

For the Heritage on Fillmore, the BMR application deadline for the twelve BMR units (five 1-bedrooms, six 2-bedrooms, and one 3-bedroom) is February 3rd, 2007 with the golden tickets being drawn on February 16th. Buyer workshops are scheduled for December 7th and December 9th at the African American Art and Culture Complex (762 Fulton Street).

For 170 Off Third, the BMR application deadline for their 24 affordable homes is January 5th, 2007 with the lottery (“to be monitored by the Mayor's Office of Housing and a third-party auditing firm”) being held on January 9th. “The 170 Off Third Sales team and the Mayor’s Office of Housing are holding a public informational session Tuesday, December 5th, 2006 at 6:00 p.m. in the Yerba Buena Center for the Arts (701 Mission Street, San Francisco).”

∙ The Heritage On Fillmore (1300 Fillmore) [SocketSite]
∙ Heritage on Fillmore BMR application and eligibility requirements [sfurbanchc.org]
∙ 170 Off Third BMR overview and application [170offthird.com]

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

November 17, 2006

One Rincon Hill Meet And Greet

Anyone care to report back with the inside scoop? (Were the Gincons flowing freely?)

Posted by socketadmin at 12:00 AM | Permalink | Comments (9) | (email story)

November 15, 2006

900 Minnesota: Now And Then

The former Esprit de Corp. headquarters in San Francisco's Dogpatch neighborhood (900 Minnesota) is being “deconstructed” and its lumber recycled (a practice that’s both “environmentally sound as well as lucrative”).

In its place, Build Inc. is developing 142 new condominiums, “a commercial component, a café, 168 inside parking spaces and significant open space." Prices on the individual condos (one and two bedrooms) have not been set, but back in February they were expected to range from $600,000 to $1,000,000.

And according to a tipster over at Potrero Hill, San Francisco, the condos are “scheduled for delivery [sales] around Spring of 2007 (about 3 months behind right now),” the development is “spread over several buildings (both new and renovated ones),” and units will range from ~800 to 1,700+ square feet.

∙ SAN FRANCISCO: OLD TIMBERS GET NEW LIFE [SFGate]
∙ McGuire gets nod to market Esprit condos [bizjournals]
∙ 900 Minnesota Update [PotreroHillSF]

Posted by socketadmin at 12:28 AM | Permalink | Comments (5) | (email story)

The Great One Rincon Hill/Infinity Smackdown

The schism between ardent buyers/fans of One Rincon Hill and The Infinity has led to a number of informative discussions about deeded versus assigned parking, ventless dryers, and the overall development of Rincon Hill. At the same time, the “my building is better (bigger?) than your building” comments are derailing discussions and, as Mike notes, they're "getting tedious."

As such, and in a similar vein to our “One Free Pass” post, please consider this as an opportunity for both camps to single-mindedly debate the relative merits of both developments. Infinity fans, feel free to thumb your nose at One Rincon’s traffic woes and assigned parking. One Rincon fans, break out your best “the market has spoken” sales figures and common area taunts.

And while we’re not about to stop publishing pieces about either of these developments, we are going to rein in the off-topic (or disruptive) comments and threads. So get it out of your systems now. And as always, thanks for "plugging in."

∙ One Rincon Hill: Rain, Rain Go Away [SocketSite]
∙ V Is For Valet (And Ventless) [SocketSite]
∙ The (Traffic) Plan For Rincon Hill [SocketSite]
∙ One Free Pass [SocketSite]

Posted by socketadmin at 12:10 AM | Permalink | Comments (112) | (email story)

November 14, 2006

One Rincon Hill: Rain, Rain Go Away

(An actual view from the 15th floor of an ’02 stack condominium at One Rincon Hill.)

According to the Chronicle, they’re now cranking out a new floor every three days over at One Rincon Hill (22 have already been poured). Also noted, even high humidity days (much less rain) can delay construction. As such, we have to imagine that yesterday wasn’t one of their most productive days. (For those outside of San Francisco, it rained. A lot.)

And as always, an obligatory mention that One Rincon Hill will be the “tallest residential building west of the Mississippi.” At least until the proposed City House gets built in Los Angeles (110 feet taller). Or until someone notices that reader Steve measures One Rincon Hill at 641 feet, and the Millennium Tower at 645…

UPDATE: A reader references the New York Times article about condos and parking, and we offer two quotes from said article as food for thought: 1. "...housing is expensive and parking is cheap…We’ve got it the wrong way around.”, and 2. “In San Francisco, more downtown housing has been approved over the last few years than in the last 20 years combined.”

∙ ONE RINCON: Building a High-Rise [SFGate]
∙ First Impressions: One Rincon Hill Sales Center [SocketSite]
∙ The Tallest Residential Tower West Of The Mississippi Los Angeles! [SocketSite]
∙ One Rincon Hill Views [skyboxrealty.com]
∙ No Parking: Condos Leave Out Cars [NYT]

Posted by socketadmin at 9:26 AM | Permalink | Comments (55) | (email story)

November 13, 2006

Glassworks (207 King): Listings And Reductions

Of the five recently converted condos in the Glassworks building (207 King), two have been added to the MLS at reduced prices (from $16,000 to $55,000 off). And while it might not be too much of a reduction in terms of percentage (1.6% to 3.3%), it's definitely another data point (and perhaps a signal that there’s room for negotiation on all five).

∙ The Glassworks (207 King Street) [SocketSite]
∙ Listing: 207 King Street #414 (1/2) - $979,000 [MLS]
∙ Listing: 207 King Street #413 (2/2) - $1,595,000 [MLS]

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

Ritz-Carlton Residences (690 Market): Listed

At least six listings for the new San Francisco Ritz-Carlton Club and Residences (690 Market) have been added to the MLS. Occupancy is currently slated for November 2007 with 1/12th deeded fractional interests starting at $210,000. And if you're not in the mood to share, perhaps we might be able to interest you in the $5,420,000 penthouse that's being offered as “shell space enabling the buyer to fully customize the interior” (which we love).

Posted by socketadmin at 12:05 AM | Permalink | Comments (18) | (email story)

November 10, 2006

The Development Around Mission And Eighth

Even if the Soma Grand really isn’t your thing, you still might want to check out the reader comments on our recent post for an interesting exchange (and some great insight) about the overall development of the area.

∙ It’s All About Service And Style At The Soma Grand (1160 Mission) [SocketSite]

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

November 8, 2006

It’s All About Service And Style At The Soma Grand (1160 Mission)

Soma Grand represents San Francisco based Joie de Vivre’s entrée into the world of condominium developments. Designed by Architecture International, Soma Grand will consist of 246 “lifestyle condos” above four floors of parking and offer residents a full compliment of Joie de Vivre style luxury hotel services.

As Damion Matthews reports, “construction is moving along at a nice pace”:

The exterior and windows are going up. I wouldn’t be surprised if the 22-story building meets the scheduled completion date of November 2007. Not as high-profile as the Rincon Hill buildings, this well thought-out project should be the hot new thing on the 2007 condo market (I believe it’s the largest new development to be ready for completion in 2007, as well.)

Services at the Soma Grand will include a full-time concierge team, housekeeping services (“executed by hotel-trained room attendants”), on-site yoga classes, and around the clock “complimentary Peet's coffee and tea” in the lobby (hey, it’s the little things).

A couple of design features that caught our attention include a “Spa Room and Meditation Garden,” “South Beach-style cabanas, lush landscaping and water features,” and “BBQs and a community fire pit.” And did we mention that it will be a City Car Share location?

The sales office is slated to open “Early 2007” and the condominiums will range in size from Junior one bedrooms to three-bedroom two-bath units. No official word on pricing, but we’ll keep you posted.

∙ Soma Grand [1160 Mission]
∙ Life is grand at 8th and mission [SFCondo]

Posted by socketadmin at 3:14 PM | Permalink | Comments (55) | (email story)

November 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)

Savings At Shoreline (41 Federal)

No need to wait until Christmas “Shoreline Watcher,” prices on the five listed Shoreline condominiums were reduced between $25,000 and $55,000 (3-5%) last Friday. (Would that make it coal in the stockings of the other four?)

∙ Listing: 41 Federal #31 (1/1.5) 1,060sqft - $895,000 [MLS]
∙ Listing: 41 Federal #32 (1/1.5) 921 sqft - $825,000 [MLS]
∙ Listing: 41 Federal #33 (2/2) 1,423 sqft - $1,325,000 [MLS]
∙ Listing: 41 Federal #41 (1/1.5) 956 sqft - $895,000 [MLS]
∙ Listing: 41 Federal #42 (1/1.5) 921 sqft - $850,000 [MLS]
∙ A Shoreline (41 Federal) Update: Comments [SocketSite]

Posted by socketadmin at 12:10 AM | Permalink | Comments (1) | (email story)

November 1, 2006

Arterra: Floor plans, Views, And Suggested Furnishing

Arterra has added “a glimpse of the nighttime views you might see from you new home,” as well as “21 floor plan options, including furnished floor plans” and “representative day time views” to their site. Based on the suggested furnished floor plan for Sky Plan G (pdf), you had better plan on inviting two skinny dining guests (or putting that dining room table on wheels).

∙ The Arterra: “Clean Design, Pure Living” At 300 Berry Street [SocketSite]
∙ Arterra Nightime Views [xmr3.com]

Posted by socketadmin at 9:35 AM | Permalink | Comments (8) | (email story)

October 30, 2006

New Developments: The Montgomery (74 New Montgomery)

Work continues on the conversion of 74 New Montgomery (a “historic high-rise office building” built in 1914 and listed on San Francisco’s historical register) into 107 condominium residences ("The Montgomery"). The development is being led by New Urban Properties with architectural design by Huntsman Architectural Group. Sales and occupancy are expected to commence in early 2007.

And while we haven't heard anything with regard to pricing, our one point of reference is a reported $80M budget for the conversion (i.e., they're not going to be cheap).

∙ The Montgomery [74 New Montgomery]
∙ Huntsman Architectural Group: 74 New Montgomery [huntsmanag.com]

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

October 27, 2006

888 Seventh Street: BMR Deadline (11/17/06)

While the sales office for market rate condominiums at 888 Seventh Street is not scheduled to open its doors until spring 2007, applications for the Below Market Rate (BMR) units are due by November 17, 2006.

∙ 888 Seventh Street (f.k.a. 601 King) [SocketSite]
∙ 888 Seventh Street: BMR Application [liveat888.com]

Posted by socketadmin at 7:59 AM | Permalink | Comments (10) | (email story)

October 25, 2006

New In North Beach: 520 Chestnut

A new development in North Beach, 520 Chestnut consists of 20 one and two bedroom condominiums that are being advertised as “starting in the $700,000s” (yes, that’s most likely $789,000). And as is the norm, only three of the 20 units are currently listed (#406 - $789,000; #403 - $859,000; and #402 - $1,299,000).

And while we have yet to take a tour, there are a couple of advertised features that caught our attention: commercial grade appliances; polished concrete floors with carpeting in the bedrooms and radiant floor heating throughout; and of course, large windows. Would anyone that’s taken a tour care to share a first impression or a complete rundown on pricing?

∙ Listing: 520 Chestnut #406 (1/1) - $789,000 [MLS]
∙ Listing: 520 Chestnut #403 (1/1) - $859,000 [MLS]
∙ Listing: 520 Chestnut #402 (2/2.5) - $1,299,000 [MLS]

Posted by socketadmin at 10:03 AM | Permalink | Comments (9) | (email story)

October 24, 2006

631 Folsom: 120 Condos In 2008

Construction is underway on 631 Folsom, a 21-story, 120-unit residential tower with a story of retail at its base. Malcolm Properties is leading the development of the Handel Architects design.

The design for 631 Folsom Street incorporates goals established in the Rincon Place, the Transbay Plan, and the General Plan for downtown San Francisco by creating a high-density project that preserves sunlight and air, provides open space, and enhances the development of the area.

The massing is tall and slender to maintain view corridors, provide sunlight and air at street level, and give units natural light. The light-colored pre-cast concrete, the bluish glass, and metal curtain wall give the facades an expression of lightness and transparency.

The tower is expected to be ready for occupancy in 2008 and we’re keeping our fingers crossed that the dual sliding glass corner doors made it into the final design. Any readers have any additional information or insight to share?

UPDATE (10/30/06): Alas, according to a reader the dual sliding glass doors were cut from the final design. And yes, we're disappointed.

∙ Handel Architects [handelarchitects.com]

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

October 23, 2006

The Odeon (181 O’Farrell): First Impressions And Pricing

Odeon, a collection of 29 two-story loft style homes opened their doors to the general public this weekend. We took a tour and were relatively impressed by the finish of the kitchens and living/dining areas, the closet/storage space, and the character of the building and windows/light. At the same time, we were a bit underwhelmed by the bathrooms (the “tile tub surrounds” seemed out of place) and the “deeded” outdoor space (and potential fishbowl feel) of the third floor courtyard units. (A couple of other notes: bamboo floors on the main level are standard, dryers are vented, and no A/C.)

In general, one bedrooms facing Powell are priced from $780,000 (third floor) to $790,000 (fifth floor), while the larger one bedrooms facing the courtyard (~1,500 sqft) are priced from $879,000 to $905,000 (third and fifth floors). There are also two one bedrooms which face O’Farrell for which we do not have pricing, and rumor has it the three bedroom “penthouse” was priced around $2,000,000 (but has been reserved).

There is no parking in the building (two years of pre-paid leased parking in the garage at Ellis and O’Farrell is included in the sale), it’s another case of B.Y.O.R. (bring your own refrigerator), and HOAs are expected to run around $600 a month.

As far as sales activity, we’ve been told that fifth floor penthouse, the corner unit on the third floor, and the courtyard showroom unit on the third floor have all been reserved. (We haven’t confirmed any other sales.) Closings and occupancy and are expected to commence within the next four weeks, and there are no restrictions with regard to resales or rentals.

∙ New Developments: Odeon (181 O’Farrell) [SocketSite]

Posted by socketadmin at 10:53 AM | Permalink | Comments (0) | (email story)

October 20, 2006

188 King Street: The Rents

Based on a number of craigslist ads (and another email from our tipster), it appears that rents in 188 King street are running from $2,795 (1br) to $9,500 (2br penthouse). Not a bad way to try out the building, and the neighborhood, if you're considering a purchase (especially if you can pre-negotiate an option to buy).

According to our tipster, “The units on the second floor in the back, with the separate bedroom type area and the huge patio are going for $3200 per month and are leasing quickly” while “The units in the back of the building above the second are [priced] at $2795,” and “They claim to have leased the third floor and now are working on the fourth as they work their way up the building.” In addition, the front penthouses are going for $5,000 while the larger 3,000 sqft penthouses in the back are going for $9,500.

An important consideration if you’re interested in buying one of the units in the front-half of the building: quite a few lenders will refuse to finance a condo in a building that is less than 60% owner-occupied. It's something to consider in terms of resale as well.

∙ The Scoop On 188 King Street: Now Selling Leasing [SocketSite]
∙ $2795 / 1br - New construction! [craigslist]
∙ $3200 / 1br - Brand new luxury loft w/ LARGE deck! [craigslist]
∙ $5000 / 2br - Fantastic penthouse w 16ft ceilings [craigslist]
∙ $9500 / 2br - 3,000 SQUARE FOOT PENTHOUSE!! [craigslist]

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

A Couple Of Weekend Releases (Odeon and Hayes)

The “VIP” release might have already sold out, but the rest of the inventory at The Odeon becomes available this weekend. And don’t forget that the Hayes starts pre-selling tomorrow.

∙ Odeon VIP Sneak Preview [SocketSite]
∙ New Developments: Odeon (181 O’Farrell) [SocketSite]
∙ The Hayes First Release: October 21 [SocketSite]

Posted by socketadmin at 1:13 AM | Permalink | Comments (0) | (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)

A Shoreline (41 Federal) Update

It has been two months since we last checked in on the Shoreline development, and unfortunately, we really don’t have anything new to report (other than more detailed pricing). In other words, there has been no movement on those last five units (out of nine).

∙ 41 Federal #31 (1/1.5) 1,060sqft - $950,000
∙ 41 Federal #32 (1/1.5) 921 sqft - $850,000
∙ 41 Federal #33 (2/2) 1,423 sqft - $1,350,000
∙ 41 Federal #41 (1/1.5) 956 sqft - $950,000
∙ 41 Federal #42 (1/1.5) 921 sqft - $875,000

∙ The Scoop On The Shoreline (41 Federal) [SocketSite]

Posted by socketadmin at 12:41 PM | Permalink | Comments (2) | (email story)

October 18, 2006

One Rincon Hill Tips And Tidbits (10/18/06)

1. From a local broker: “…out of the 13 units that I have represented buyers for at One Rincon Hill 12 are in contract with one that hasn't signed yet (will probably fall apart.) Typically I expect about 30% of the reservations to withdraw before signing or during the contingency period of the contract for new construction.”

2. From a three year old San Francisco Business Times article concerning the demolition of the Bank of America clock tower in order to make way for One Rincon Hill: The developer "hopes to assuage any outcry at the demolition of the landmark by constructing a "Big Ben-type of clock ... reminiscent of the clock tower," at the top of the 35-story tower.” [There must not have been much outcry (or future residents are in for one heck of a “Big” surprise). Anyone up for a little photochopping fun?]

∙ Clock tower's hour of doom [bizjournals]

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

October 12, 2006

The (Traffic) Plan For Rincon Hill

First and foremost, let’s just say that we’re huge fans of the proposed plans (and work in progress) for Rincon Hill. We love living in urban neighborhoods that allow our cars to sit idle save a weekend jaunt out of town. And we honestly believe that Rincon Hill has the potential to become an iconic urban neighborhood.

The Rincon Hill Plan aims to transform Rincon Hill into a mixed-use downtown neighborhood with a significant housing presence, while providing the full range of services and amenities that support urban living. This plan will set the stage for Rincon Hill to become home to as many as 10,000 new residents.

Rincon Hill is a five minute walk from the financial district. It has easy access to public transit and has benefited from the Rincon Point-South Beach redevelopment project on the southeastern waterfront, particularly the construction of the Waterfront Promenade along the Embarcadero, and will benefit from the Transbay redevelopment project to the north of Folsom Street.

As part of the Area Plan, a streetscape plan “calls for extensive sidewalk widenings, tree plantings, street furniture, and the creation of new public spaces along streets throughout the district.” And that’s great. Especially considering that the plan currently characterizes “Rincon Hill’s streets [as] unsafe and unpleasant for pedestrians—sidewalks are narrow, intersection crossings dangerous, and few active uses line the sidewalk edge.”

But folks, we haven’t seen, read, or heard anything to suggest that street traffic in the area is going to get any better. Yes, “Objective 5.6” in the Area Plan calls for “[improving] local and regional traffic flows and transit movements by separating bridge-bound traffic from local lanes in appropriate locations.” But that’s about it. And the First Street on-ramp to the Bay Bridge isn’t going anywhere anytime soon.

In fact, based on all the new development, we’d be willing to bet that traffic congestion in the area ends up getting worse. And while that’s probably not such a great thing for those who are wed to commuting by car, it’s probably not such a big deal for residents who enjoy hoofing it in an urban environment, or for non-residents who can manage public transportation.

∙ The Future Of Rincon/Transbay [SocketSite]
∙ Area Plan: Rincon Hill [SFGov.org]

Posted by socketadmin at 11:51 AM | Permalink | Comments (46) | (email story)

October 10, 2006

188 King Street Update: 27% Sold?

Is it really possible that there have been only three sales in 188 King Street since our sales update in August? If so, we estimate that 32 of the 44 condos remain available. Two first-hand accounts from SocketSite tipsters (tips@socketsite.com):

“Right before leaving for vacation at the end of August, we stopped by 188 King again because we really do like a particular unit there. It was the weekend after their price drops (the unit we like was lowered from $925k to $825k). We got a hard sell...from the agent who warned us that the unit would definitely be sold by the time we returned in two weeks from our trip as the price reductions were generating lots of renewed interest. Well, here we are, well into October and if the MLS is correct, it looks like there's been little to no movement of those units, including the one we like."

“Based on your last update we took another look at 188 King last week. Couldn’t help but notice that half of the ten available units in ‘Phase II’ were leftover from Phase I.”

It's true, there are currently 9 Active listed condos in “Phase II,” five of which (201, 203, 306, 404, and 503) were available in “Phase I.” We can’t help but wonder, is the stumbling block product, price, or positioning?

∙ 188 King Street: Sales Update [SocketSite]
∙ Price Reductions At 188 King [SocketSite]

Posted by socketadmin at 1:10 AM | Permalink | Comments (26) | (email story)

Arterra Update: 19% Pre-Sold?

According to a tipster, around 50 of 269 condos have been pre-sold at Arterra over the past ten days. No breakdown on what percentage of the 50 were pre-pre-sold to friends and family (or inside sales), or what percentage have been reserved versus receiving non-refundable deposits.

Occupancy is slated for “early 2008” and we’re still looking for more detailed information on pricing. And based on the recent great valet debate, we thought you’d like to know that it’s deeded, not assigned, parking in the building.

∙ Arterra and The Hayes: Sales Centers [SocketSite]
∙ Arterra First Release: September 30 [SocketSite]
∙ The Arterra: “Clean Design, Pure Living” At 300 Berry Street [SocketSite]
∙ V Is For Valet (And Ventless) [SocketSite]

Posted by socketadmin at 1:09 AM | Permalink | Comments (10) | (email story)

October 9, 2006

A Tuesday Teaser

Be sure to “plug in” tomorrow for the scoop on 188 King, The Beacon, and a number of other developments about town. Drop us a note (email: tips@socketsite.com) if you can add to the insight (Arterra anyone?) or simply care to unburden yourself of all that insider information...

Posted by socketadmin at 9:39 AM | Permalink | (email story)

V Is For Valet (And Ventless)

We have to admit, this one caught us by surprise, but valets and ventless dryers dominated the discussion surrounding our latest update on One Rincon Hill (with nary a mention of the 43+ unsold units). We only mention it in case you’re interested in either “V” (but not necessarily One Rincon Hill).

∙ One Rincon Hill’s Fall Newsletter And Update [SocketSite]

Posted by socketadmin at 12:09 AM | Permalink | Comments (135) | (email story)

October 6, 2006

The Hayes First Release: October 21

The Hayes will begin accepting reservations/deposits on October 21st, and it's the same song and dance as with their sister property the Arterra (pre-qualification required after which “a sales associate will contact you to schedule an appointment to reserve your home.”).

Speaking of which, would anyone that reserved a condo at Arterra last week care to share their experience and insight? (email: tips@socketsite.com) Or perhaps the inside scoop on pricing, availability and sales activity?

∙ The Hayes: 55 Page Street [SocketSite]
∙ Arterra First Release: September 30 [SocketSite]

Posted by socketadmin at 12:20 AM | Permalink | Comments (0) | (email story)

October 5, 2006

One Rincon Hill’s Fall Newsletter And Update

A tipster forwards a copy of One Rincon Hill’s Fall newsletter. And yes, we were equally as surprised to see SocketSite so prominently excerpted (see “Bloggers love us, they really do!”).

A couple of interesting items from the newsletter:

“Construction is precisely on schedule. Crews have poured the 10th floor and are forming the 11th floor. The contractor will soon begin pouring a new floor of concrete every three days. On Oct. 1, installation of the glass curtainwall will begin. Concurrently, work will start on the interiors.”

“Floors 8-27 will be ready for closing and move-in sometime late 2007. Floors 28-60 will be ready for closing and move-in sometime early 2008 (anticipated).” [Yes, move-in on the lower floors while construction continues above.] “Construction on the second tower will start sometime in 2008. An official date will be announced in coming months. Estimated completion for Phase II is mid-2009.”

“There are still more than 30 one-, two- and three bedrooms with great views available, ranging in price from $600,000 to $2.5 million, as well as 13 [out of 14] luxury townhomes along Harrison Street, starting at $1.4 million with private entrances and outdoor patios, and all the amenities in the tower homes.” [For the record, we estimated 36 available tower condos when calculating our initial Complete Inventory Index (Cii) and did not account for any of the townhomes.]

And of course, “[t]he far left lane on First Street will be a designated lane that commuter traffic cannot use. You will be able to drive straight into One Rincon Hill’s driveway and parking from there. Also you’ll be able to enter from Harrison Street traveling east or west.”

In summary, construction is on schedule, and after a blow-out opening week (“In the first week alone, buyers snapped up more than 90% percent of the 390 homes available”), it appears that net sales have been negligible over the past four months (if 43 homes remain available, it’s now 89% “sold” ).

Despite the recent slowdown, 89% "pre-sold" with over a year until occupancy is still a stunning achievement and success (as we wrote three months ago, "we’d be surprised if One Rincon has any difficulty selling out in record time"). In the back of our minds, however, we can't help but consider the predicament of The Palms (60% pre-sold ten months ago, 65% sold today).

UPDATE: No need to download the newsletter as a pdf as we've redirected the link to an online version.

∙ One Rincon Hill View Fall 2006 [onerinconhill.com]
∙ SocketSite’s Complete Inventory Index (Cii) [SocketSite]
∙ First Impressions: One Rincon Hill Sales Center [SocketSite]
∙ The Palms (555 4th Street) Update: 65% Sold [SocketSite]

Posted by socketadmin at 10:00 AM | Permalink | Comments (50) | (email story)

October 3, 2006

The Potrero (451 Kansas): From The Low $400,000s

Not to be outdone by The Hayes (“Starting in the $400,000s”), The Potrero (a.k.a. 450 Rhode Island or 451 Kansas) is touting, “New homes in old San Francisco from the low $400,000s” (not to mention a Whole Foods Market, fitness studio, and easy freeway access).

∙ New Condos Starting In The $400,000s? [SocketSite]
∙ The Potrero [451 Kansas]

Posted by socketadmin at 9:24 AM | Permalink | Comments (8) | (email story)

October 2, 2006

True Luxury Condos At 45 Lansing?

As first reported by J.K. Dineen at the San Francisco Business Times, 45 Lansing, a parcel entitled for 305 condominiums and across the street from 50 Lansing (cater-cornered from One Rincon Hill), was purchased by Turnberry Associates with sights set on developing a 40-story tower.

Turnberry President Bruce Weiner said the project . . . would be 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. He said prices have not been set, but compared it to the Turnberry Ocean Colony project in South Florida, which is priced between $1.8 and $4 million per unit.

And yes, the 305 condominiums have been added to the extended pipeline in our Complete Inventory Index (Cii).

∙ Miami cash to produce skyline flash [bizjournals]
∙ The Lansing (50 Lansing): Reductions And Recent Sales [SocketSite]
∙ One Rincon Hill (425 First) [SocketSite]
∙ SocketSite’s Complete Inventory Index (Cii) [SocketSite]

Posted by socketadmin at 12:00 AM | Permalink | Comments (45) | (email story)

September 28, 2006

RealRecentReduction: Previously Featured Edition

It might not have any views, but we’re still fans of the remodel (especially the “Hers” master bath and French doors off the living room). And after 24 days on the market, we’re now $300,000 (4.2%) closer to being able to afford 2525 Webster.

At the other end of the spectrum, and after five months on the market, at least three of the four units still listed at 776 Tehama/1277 Howard have been reduced for a second time. This time around, reductions were between $20,000 (2.7%) and $40,000 (5.4%).

And apparently Green still doesn’t mean go for 338 Holladay as the list price has been reduced for a third time ($55,000 or 5.2%) and is now below a million ($994,000). That’s 22.3% below its original list price of three month ago.

∙ Inside 2525 Webster [SocketSite]
∙ Listing: 2525 Webster (7/6.5) - $6,850,000 [2525Webster.com]
∙ They’re Back! [SocketSite]
∙ Listing: 776 Tehama #17 (2/2) - $715,000 [Vanguard]
∙ Listing: 1277 Howard #5 (2/2) - $699,000 [Vanguard]
∙ A Tale Of Two Green Houses [SocketSite]
∙ Listing: 338 Holladay (3/3) - $994,000 [Zephyr]

Posted by socketadmin at 1:35 AM | Permalink | Comments (1) | (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)

235 Berry Street Update: Under 50% Sold?

Back in February, it was reported that 60 interested parties participated in a “mini-lottery” for the right to purchase the first release of 20 units at 235 Berry Street. A couple of months later, a second release of around 18 units was reported to have sold out as well. And then in June, six units were released under relatively demanding terms (“arrive promptly at 10:00 am . . . with a copy of your pre-qualification letter and evidence of source of funds for the balance of your purchase”).

It’s now three months later and we can’t help but notice that at least four of the six units released in June are still available (#104, #105, #110, #112). We're guessing that scheduled releases have since fallen by the wayside, and we've been told that they’re shooting for closings and occupancy by the end of the year. Pricing on 14 of the remaining condos:

∙ 235 Berry #104 (2/2.5) 1,255 sqft - $1,027,900
∙ 235 Berry #105 (2/2.5) 1,255 sqft - $1,024,900
∙ 235 Berry #112 (2/2.5) 1,255 sqft - $1,021,900
∙ 235 Berry #110 (3/3) 1,500 sqft - $1,315,900
∙ 235 Berry #501 (2/2) 1,070 sqft - $807,900
∙ 235 Berry #503 (2/2) 1,070 sqft - $809,900
∙ 235 Berry #505 (2/2) 1,235 sqft - $935,900
∙ 235 Berry #413 (2/2) 1,235 sqft - $939,900
∙ 235 Berry #515 (2/2) 1,235 sqft - $945,900
∙ 235 Berry #507 (2/2) 1,235 sqft - $955,900
∙ 235 Berry #513 (2/2) 1,235 sqft - $955,900
∙ 235 Berry #411 (2/2) 1,063 sqft - $957,900
∙ 235 Berry #407 (2/2) 1,235 sqft - $958,900
∙ 235 Berry #508 (2/2) 1.370 sqft - $995,900

We also can’t help but notice that the four units that failed to sell in June are now listed at prices that are, on an average, 2.5% higher than in June. (Perhaps we’re reading into it, but so much for the seller paying for the buyer’s broker commission incentives.)

∙ 235 Berry Street Sales Release (6/11/06) [SocketSite]

Posted by socketadmin at 12:15 AM | Permalink | Comments (3) | (email story)

September 22, 2006

Broderick Place: 83% Sold

From what we’ve been told, 3% deposits have been received on about 58 of the 70 condos that make up Broderick Place. And while it looks like they are now targeting Jan/Feb for initial closings and occupancy, rumor has it that the retail component (which includes a Peets, Faletti Fine Foods, and Da’ Lessio Delicatessen) could open as early as next month. Available inventory:

∙ Broderick Place #307 (1/1) 671 sqft - $510,900
∙ Broderick Place #400 (1/1) 671 sqft - $510,900
∙ Broderick Place #206 (2/2) 949 sqft - $680,800
∙ Broderick Place #303 (2/2) 970 sqft - $689,900
∙ Broderick Place #313 (2/2) 1,063 sqft - $696,999
∙ Broderick Place #403 (2/2) 970 sqft - $695,900
∙ Broderick Place #406 (2/2) 944 sqft - $695,900
∙ Broderick Place #311 (2/2) 975 sqft - $696,900
∙ Broderick Place #305 (2/2) 1,056 sqft - $697,900
∙ Broderick Place #315 (2/2) 970 sqft - $697,900
∙ Broderick Place #308 (2/2) 976 sqft - $698,900
∙ Broderick Place #320 (2/3) 1,424 sqft - $808,900

Keep in mind that parking is not included in the price of the condos (but is available for $35,000), and “all homes must be owner occupied.”

∙ New Developments: Broderick Place [SocketSite]

Posted by socketadmin at 12:44 PM | Permalink | Comments (5) | (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)

Alamo Square: Five Condos Left?

The sales office has been turned back in to a condo, and it’s looking like there might be just five of the 63 units left for sale at Alamo Square. At least two of them (#116, #243) have been reduced by $56,000 (8.5%). That’s equal to about 12 years of “pre-paid HOA Dues."

UPDATE (9/22): While there are five units for sale by a single broker, a commenter notes that it’s possible that they are “officially” resales (i.e. flips). Another possibility is that the original developer offloaded the five condos to a third party. Regardless, all five were reduced by ~$25K this afternoon.

∙ Listing: 988 Fulton Street #116 (1/1) - $599,000 [MLS]
∙ Listing: 988 Fulton Street #243 (1/1) - $599,000 [MLS]
∙ Listing: 988 Fulton Street #325 (0/1) - $450,000
∙ Listing: 988 Fulton Street #331 (2/2) - $755,000
∙ Listing: 988 Fulton Street #335 (2/2) - $755,000
∙ Free Plasmas Coming Soon? [SocketSite]

Posted by socketadmin at 12:27 AM | Permalink | Comments (5) | (email story)

September 18, 2006

A Spinning Sign Of The Times (And The Lansing)

From a tipster (email: tips@socketsite.com):

I may be a bit naive, because I don't hang out much around South Beach/Rincon Hill/Mission Bay.....but I was driving down that way today and saw something I haven't seen in SF before. There was a guy out on the corner of Folsom and 1st (I think) waving one of those "now selling" signs for the Lansing. You know the type...plugged into a walkman, and waving the sign to the music... I have seen this phenomenon visiting San Diego and LA...but somehow I though that we were above it in this "sophisticated" city.

We couldn’t help but dispatch a crack photojournalist to immortalize the scene. In related news, we’ve been told that there are 14 two-bedroom condos still available in The Lansing (82 units and 83% sold), that their rate buy-down program is still being offered, and that the developer is “motivated.” A couple of current list prices to get you started:

∙ 50 Lansing #105 (2/2) - $850,000
∙ 50 Lansing #305 (2/2) - $699,000
∙ 50 Lansing #503 (2/2) - $760,000
∙ 50 Lansing #504 (2/2) - $750,000
∙ 50 Lansing #608 (2/2) - $795,000
∙ 50 Lansing #609 (2/2) - $795,000
∙ 50 Lansing #706 (2/2) - $795,000
∙ 50 Lansing #801 (2/2) - $1,210,000

And it's strange, but we can’t help but notice that #503 was listed for $725,000 just last month. (And once again, that #303 closed for $755,000 while #403 closed for $725,000.)

UPDATE (9/23): We've added pricing for units #608, #706, and #801.

∙ The Lansing (50 Lansing): Reductions And Recent Sales [SocketSite]

Posted by socketadmin at 1:36 AM | Permalink | Comments (24) | (email story)

September 15, 2006

The Palms (555 4th Street) Update: 65% Sold

With closings and occupancy starting last month, and after about eight months of selling, we estimate there are still 100+ condominiums available for purchase in The Palms (about 65% sold).

Keep in mind that there are only 6 units in The Palms currently listed on the MLS, and thus the “official” inventory figures for San Francisco (and months of supply) are understated by at least 100 units based on this one development alone (more on this Monday).

∙ The Palms: Phase II Release [SocketSite]
∙ Listing: 555 4th Street #106 (3/3) - $1,295,000 [MLS]
∙ Listing: 555 4th Street #531 (2/2) - $865,800 [MLS]
∙ Listing: 555 4th Street #715 (1/1) - $629,000 [MLS]
∙ Listing: 555 4th Street #719 (1/1) - $608,000 [MLS]
∙ Listing: 555 4th Street #822 (2/2) - $845,000 [MLS]
∙ Listing: 555 4th Street #839 (2/2) - $1,250,000 [MLS]
∙ Inventory Update: Four Days Later [SocketSite]

Posted by socketadmin at 12:11 PM | Permalink | Comments (23) | (email story)

Arterra First Release: September 30

The first release of Arterra condos is officially slated for September 30. As is de riguer (at least for the time being), pre-qualification with the development’s “preferred lender” (Wells Fargo) is a prerequisite to being placed on the “VIP list” and invited to peruse the inventory and make a deposit.

And while we haven’t received any additional information with regard to pricing, or insight into which condos in which buildings (Sky, City, and Park) are being released, we’ll do our best to keep all you lovers of “clean design” and “pure living” plugged in as details emerge (i.e., someone tips us off).

∙ The Arterra: “Clean Design, Pure Living” At 300 Berry Street [SocketSite]
∙ Arterra and The Hayes: Sales Centers [SocketSite]
∙ Arterra: Less Sex, More Green [SocketSite]

Posted by socketadmin at 12:00 AM | Permalink | Comments (16) | (email story)

September 14, 2006

The Heritage On Fillmore (1300 Fillmore)

Integrated into the Fillmore Heritage Center, the Heritage on Fillmore (1300 Fillmore) will consist of 80 condominiums (including 12 BMR units) ranging from one to three bedrooms. At the base of the development you’ll find Yoshi’s San Francisco, the Blue Mirror restaurant & Lounge, and the Jazz Heritage Center.

The project's financial success hinges on the sale of 68 market-rate condos that have been priced from $500,000 to $890,000. The project's artistic success relies on patrons flocking from all over the Bay Area to see international acts at Yoshi's.

Pre-sales were originally expected to begin in the second quarter of 2006 with occupancy in Spring 2007, but as far as we know the sales office has yet to open its doors.

∙ Fillmore Heritage Center: Heritage on Fillmore [1300 Fillmore]
∙ San Francisco Land deal: Fillmore Heritage Center [bizjournals]

Posted by socketadmin at 12:00 AM | Permalink | Comments (1) | (email story)

September 13, 2006

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)

888 Seventh Street (f.k.a. 601 King)

Construction continues on 888 Seventh Street (originally identified as 601 King) in Mission Bay, and it’s looking like it will be well into 2007 before its completed (they're now targeting "Fall 2007"). In the meantime, floor plans for all six floors and 224 units, information regarding BMR units, and the ability to register for the interest list are currently available online. And marketing should start next month (10/06).

∙ Capturing Construction [SocketSite]
∙ 888 Seventh Street [liveat888.com]
∙ New Developments: 601 King Street [SocketSite]

Posted by socketadmin at 12:05 AM | Permalink | Comments (6) | (email story)

September 12, 2006

An Overview Of Mission Bay

Our posts on 255 Berry and the Park Terrace generated some fantastic reader comments (thank you!) with regard to the genesis, evolution, and future of Mission Bay. And while we were going to save a Mission Bay specific post for tomorrow, our readers seem to be a couple of steps ahead (so we'll try to catch up).

As mentioned, the San Francisco Redevelopment Agency website provides a great primer on the development of Mission Bay which was driven by the Catellus Development Corporation (a spin-off from Southern Pacific) and the City of San Francisco, while West Coast TNDs (“Traditionally Designed Neighborhoods”) provides an interesting profile of the neighborhood:

Mission Bay is a diverse 303-acre mixed-use development located about one mile south of downtown San Francisco that involves the conversion of a former Southern Pacific railyard that once served the city’s ports into a new neighborhood with 6,000 residential units, 800,000 square feet of retail, a 500-unit hotel, a university medical campus and a bio-technology center. In its present state, it is best considered as four separate components—(1) a group of residences and office buildings north of the Mission Creek estuary (next to the SF Giants’ baseball stadium), (2) a huge open area just south of the estuary that someday will be the site for the hotel and about half of the residential units, (3) the UCSF (University of California, San Francisco) medical campus that hopefully will attract private companies and research groups to occupy (4) the corporate science and technology campus at Mission Bay’s southern end.

And while West Coast TNDs overview is slightly dated, it does serve as a great backdrop for the development of the neighborhood, residential buildings (both condos and apartments), and local transit.

∙ 255 Berry: Seven Percent Active [SocketSite]
∙ The Park Terrace (325 Berry): Now Selling [SocketSite]
∙ San Francisco Redevelopment Agency: Mission Bay [sfgov.org]
∙ Profile Of Catellus Development Corporation [endgame.org]
∙ West Coast TNDs: Mission Bay [tndwest.com]
∙ UCSF MISSION BAY [ucsf.edu]

Posted by socketadmin at 5:55 PM | Permalink | Comments (5) | (email story)

3208 Pierce: A Few Details

According to a tipster, 3208 Pierce is about six weeks away from “Hard Hat Tours,” and will consist of 4 “one bedroom homes” ranging in price from $740,000 to $1,050,000 (738 to 1,107 square feet), and 10 “two bedroom town homes” ranging in price from $999,000 to $1,299,000 (1,099 to 1,450 square feet).

∙ 3208 Pierce: 14 New Units [SocketSite]

Posted by socketadmin at 12:04 AM | Permalink | Comments (4) | (email story)

September 11, 2006

The Park Terrace (325 Berry): Now Selling

The Park Terrace released its first batch of units this weekend. Word on the street is that deposits were made on between 5 and 10 of the 110 units, and that pricing is starting at $625,000 for one bedrooms, and $895,000 for two bedrooms. And according to the Sales Center (205 Berry), the building should be ready for occupancy in May 2007.

∙ New Developments: Park Terrace (325 Berry) [SocketSite]
∙ The Park Terrace [325 Berry]

Posted by socketadmin at 12:01 AM | Permalink | Comments (21) | (email story)

September 8, 2006

New Developments: 368 Elm Street

Six months ago we alerted you to a new Vanguard development on Turk street in Hayes Valley. Well, apparently they’ve chosen to go with an Elm Street address (the 28 unit building stretches from Turk to Elm), and while the website for 368 Elm Street is now live (and it’s six months later), the majority of the information is still “coming soon.”

On a related note, construction on the apartment building next door is going strong.

∙ SocketSite Inside Scoop: Vanguard Turk Street Development [SocketSite]
∙ 368 Elm [368elm.com]
∙ New Developments: 871-881 Turk [SocketSite]

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

Odeon VIP Sneak Preview

We’re not sure if you’ll be allowed to attend the Odeon “VIP Sneak Preview” on Wednesday (9/13) if you’re not already a member of the “early interest list,” but we thought we’d pass along the invitation just in case. If you mange to get in, and end up buying a unit, don’t forget to invite us to the housewarming.

∙ New Developments: Odeon (181 O’Farrell) [SocketSite]

Posted by socketadmin at 12:10 AM | Permalink | Comments (0) | (email story)

Grand Opening Special: 4343 3rd Street

16 new condos at 4343 3rd Street (Bayview) hit the market this week, with a “Grand Opening Special” this weekend. The units range in price from $299,000 (one bedroom, one bath) to $599,000 (three bedroom, two bath). According to the listings:

True master suite w/ attached BA. New construction includes in-floor radiant heating, cat 5 cabling. Kitchens feature all modern appliances, granite countertops & honey maple cabinets. Washer/dryer in unit.

∙ 4343 3rd Street #202 (1/1) - $299,000 [MLS]
∙ 4343 3rd Street #206 (1/1) - $325,000 [MLS]
∙ 4343 3rd Street #204 (3/2) - $499,000 [MLS]
∙ 4343 3rd Street #201 (3/2) - $549,000 [MLS]
∙ 4343 3rd Street #303 (3/2) - $599,000 [MLS]

Posted by socketadmin at 12:05 AM | Permalink | Comments (2) | (email story)

September 7, 2006

3208 Pierce: 14 New Units

We know very little about 3208 Pierce, a new development of 14 condominiums and townhomes at the corner of Pierce and Lombard in the Marina, but registrations for the “sneak preview interest list” are currently being taken online.

∙ 3208 Pierce [3208pierce.com]

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

September 6, 2006

310 Townsend, One South Park, And A Tipster

310 Townsend, a former commercial building, is being converted into “45 one and two bedroom residences.” While One South Park, at one time a tobacco warehouse, is being transformed into a collection of 35 residences with “retail and/or a restaurant on the ground floor.” A tipster provides a great overview of both conversions:

310 Townsend (fka Santa Fe Place), while not a spectacular location directly facing CalTrain station, is nonetheless quite nice. There was some indication that it was fully reserved but actually there are units still available. Like [One South Park], it's a slightly different concept from many of the other projects: condos, not lofts, in a renovated building. Finishes are highish-end: Studio Becker, Kohler, gas ranges, etc. Pricing is around $750/sf.

[One South Park] looks very promising. A very nice location on 2nd street, touching SouthPark on one corner. Like 310 Townsend, they will be condo's, not lofts, but with many of the original building's attributes (concrete walls, arced windows, etc.). Highish-end finishes (Studio Becker, Grohe, gas ranges). The penthouses will be extraordinary: 2 level townhouses with great views and great decks. 4 3BRs will dot the corners. General pricing around $900/sf (penthouses more).

Both developments by Santa Fe Partners (the group behind the five new units in the Glassworks).

∙ 310 Townsend [Santa Fe Partners]
∙ One South Park [Santa Fe Partners]
∙ The Glassworks (207 King Street) [SocketSite]

Posted by socketadmin at 12:00 AM | Permalink | Comments (1) | (email story)

September 5, 2006

The Glassworks (207 King Street)

The Glassworks in Mission Bay (207 King) is as a mixed use development that included 34 residences when completed in 2003. Designed by Brand + Allen Architects, the units feature a wall of glass (along with central air conditioning) and overlook Pac Bell SBC AT&T Park.

In addition to the original 34 residences, Santa Fe Partners recently converted an additional floor in the building (previously commercial) into a collection of five “upscale city homes” (four one bedrooms and one two bedroom). From a reader:

If you go to www.santafepartners.com, you will find some information about the units but if you fill out the form to have them contact you, you never hear back at all, either by phone or e-mail. I personally like the floor plans that I see on their website, but am surprised that there is never any follow up from Santa Fe Partners.

We’re surprised too. Does anyone have the inside scoop?

UPDATE (9/20): We have initial pricing:

∙ Glassworks #411 (1/2) 1461 sqft - $1,595,000
∙ Glassworks #412 (1/2) 987 sqft - $995,000
∙ Glassworks #413 (2/2) 1628 sqft - $1,650,000
∙ Glassworks #414 (1/2) 1172 sqft - $1,295,000
∙ Glassworks #415 (1/2) 1440 sqft - $1,495,000

∙ The Glassworks [Santa Fe Partners]
∙ Brand + Allen Architects: Portfolio

Posted by socketadmin at 10:16 AM | Permalink | Comments (3) | (email story)

August 29, 2006

Francisco Palms: Website Live

The website for the Francisco Palms is live and stocked with photos, floor plans, and a downloadable flyer (pdf). The first open house for four of the seventeen TIC units in the Marina has been confirmed for 9/10/06. And it now looks like pricing will start at $900,000 (versus the previously reported $950,000).

Once again, individual financing is available through the Bank of Marin and there were no evictions in the building. Questions on the development can be directed to: lipton@maveninvestments.com.

Update: Looks like it's worth repeating what we wrote in our original post about the Francisco Palms, "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)."

∙ Francisco Palms [1229-1261 Francisco]
∙ The Francisco Palms (1229 Francisco) [SocketSite]

Posted by socketadmin at 3:38 PM | Permalink | Comments (8) | (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 18, 2006

The Scoop On The Shoreline (41 Federal)

A tipster toured the Shoreline last weekend and is kind enough to share his notes:

Apparently 5 of the 9 units are sold, leaving a 2-bedroom ($1.3m) and 3 1-bedrooms ($850K-$970K). Scheduled completion is late September.

Many of the design decisions were very refreshing given all the large, cookie-cutter projects. Each floor is 5 feet shorter on both sides allowing for nice deck space. Finishes are high end. Master bathrooms are over-sized with tubs and showers (no granite or marble!) (identical to 5 units at Glassworks). Parking is at 200 Brannan for around $100/month. The location is actually quite nice. It's in the vicinity of some great properties (Oriental, 301 Bryant, 355 Bryant, 200 Brannan, 1 Federal, Cape Horn). The Bay Bridge noise is not too bad outside and silent inside. And even though it's only three stories, it's on a small hill so the top 2 floors get some bay views.

The Shoreline was developed by McArdle Interests and ACHILL design + development, and as our tipster also notes, it’s sporting a “flashy” new website which includes more photos, floor plans, and an overview. And while we’re big fans of the development, that initial site navigation (and noise) just about drove us insane…

∙ The "Shore|Line" (41 Federal) [SocketSite]
∙ McArdle Interests [mcardleinterests.com]
∙ ACHILL design + development [achilldevelopment.com]
∙ Shore | Line [Official Site]

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

August 16, 2006

Ch-ch-ch-ch-Changes

Let’s see, a “favored nabe yet to come” (re: the Rincon Hill area), “big bucks” (re: prices), and a “moat of congestion” (re: traffic). It sounds like John King has been “plugging in” to a few of the comments on SocketSite.

And while we’re surprised that he finds it “odd” that people living in a thriving city by a beautiful bay might invest heavily to live in an “fast-paced urban district focused on the bay,” we’re even more surprised that a member of the marketing firm for One Rincon Hill would dare mutter “it’s like living in Southern California"...

∙ Property that's so hyped, you'd think they were selling Shangri-La [SFGate]
∙ Comments: The Infinity: A Study In Contrast [SocketSite]
∙ Comments: The Infinity Starts Selling [SocketSite]

Posted by socketadmin at 11:12 AM | Permalink | Comments (1) | (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)

The Infinity Hits The MLS

The eagle-eyed Damion Matthews notes that one of the mid-rise units in The Infinity has been added to the MLS (318 Spear Street #A 4A). The 760 sq.ft. one bedroom, one bath unit is listed at $750,000. Also noted, while the sales office might be lagging (only relatively, not absolutely), at least the construction crew at The Infinity seems to be leaving their competition over at One Rincon Hill in the dust.

UPDATE: We just noticed a tower unit in The Infinity (301 Main Street #6G) has been added to the MLS. The 1,316 sq.ft. two bedroom, two bath unit is listed for $1,220,000.

∙ Pretty Green Glass [SFcondo.org]

Posted by socketadmin at 12:44 PM | Permalink | Comments (6) | (email story)

August 11, 2006

Below Developer Pricing At The Beacon

There are currently 25 Active listings for condos in The Beacon (250/260 King Street). A few that caught our attention (and seem to be telling a story):

1. 250 King Street #1018 has been on the market for almost five months, has been reduced in price by $215,000 (18.7%), and is advertising “Below developer pricing!!!”

2. 260 King Street #1409 and #1509 are both advertising “Free parking & hoa dues for 2 years!!” (Both have also been reduced: #1409 by $90,000 or 10.3%, and #1509 by $80,000 or 9.2%.)

3. 260 King Street #369 is still available but it’s no longer advertising “Final Price Reduction!” or “Need to Sell Soon!”; and after four months on the market and three price reductions, 260 King Street #555 (“Won’t last long”) has traded in its old MLS number for a shinny new one (without any of that pesky baggage) and lowered its price...$500 (0.08%).

And let’s not forget, the sales office at The Beacon is still working to close out their inventory at “developers” pricing.

∙ Listing: 250 King Street #1018 (2/2) - $935,000 [Coldwell Banker] [MLS]
∙ Listing: 260 King Street #1409 (1/1) - $779,000 [MLS]
∙ Listing: 260 King Street #1509 (1/1) - $789,000 [MLS]
∙ Listing: 260 King Street #369 (1/1) - $499,000 [MLS]
∙ Listing: 260 King Street #555 (1/1) - $608,500 [MLS]
∙ Bonuses At The Beacon [SocketSite]
∙ New Sales Force At The Beacon: Your Neighbors [SocketSite]

Posted by socketadmin at 2:49 PM | Permalink | Comments (4) | (email story)

August 7, 2006

The Lansing (50 Lansing): Reductions And Recent Sales

We’re still looking for the inside scoop on the number of units that have actually sold at The Lansing (email tips@socketsite.com). We did, however, notice that there are at least six units currently listed by the developer. And while only two of the units (#302 and #305) show a history of being reduced (by $41,000 (5.5%) and $62,300 (8.1%) respectively), we’re confident they’re not alone. Either that, or for once it’s actually cheaper to live on the higher floors of a building (#305 was originally listed at $745,000 while #405 was just listed at $725,000).

We also couldn’t help but note that unit #303 closed for $755,000, while the unit above (#403) closed for $720,000, and the unit above that (#503) is currently listed for $725,000. And while #202 closed for $735,000, the unit above (#302) is currently listed for $699,000. Once again, we’re willing to bet that this is not exactly a reassuring trend for many recent buyers (in fact, some might say it’s actually troublesome).

∙ Even More Value At The Lansing! [SocketSite]

Posted by socketadmin at 12:09 AM | Permalink | Comments (1) | (email story)

August 4, 2006

188 King Street: Sales Update

Trying to make sense of what’s been happening over at 188 King is challenging at best.

Three months ago, 188 King priced the first of what was to be three releases of condos. This initial release consisted of 16 units, three of which (#206, #404, #505) were already marked pending, and two of which (#603, #604) we believe were penthouse units. Of these 16 units, we believe as many as 11 are currently available (including #404 which was originally pending), and we suspect that the two penthouse units were removed from the release.

In other words, it’s possible that there has only been one sale (#305) of these initial 16 units over the past three months. (The two wildcards are #404 and #503 which are both marked as “Sold” on the 188 King pricing sheet, but are both listed as Active on the MLS.)

At the same time, and as best we can tell, six more units have been “released” at various times over the past three months:

∙ 188 King #207 (1799 sq. ft.) - $1,650,000 (“Sold”)
∙ 188 King #307 (1123 sq. ft.) - $925,000 (“Sold”)
∙ 188 King #405 (1123 sq. ft.) - $995,000
∙ 188 King #502 (1900 sq. ft.) - $1,800,000
∙ 188 King #507 (1123 sq. ft.) - $1,075,000 (“Sold”)
∙ 188 King #508 (1070 sq. ft.) - $1,025,000 (“Sold”)

Of these six units, four are pending, and two (#405, #502) are still available. Assuming no other pre-sales, that would leave 24 units left to be released. And if we’re even close to being correct, there are at least 35 units (or 80%) that remain available for sale.

∙ 188 King Street: An Update [SocketSite]
∙ 188 King: Phase I Pricing [SocketSite]

Posted by socketadmin at 5:07 PM | Permalink | Comments (19) | (email story)

Arterra and The Hayes: Sales Centers

We have to admit, our tour of the joint Arterra and The Hayes sales center left us feeling a bit under-whelmed (but then again we’ve probably been spoiled by the showrooms at One Rincon Hill and The Infinity). No full-scale condos here, but plenty of drawings and representative kitchens/bathrooms a la The Palms sales center (which, by the way, we hear has been quiet).

We couldn't help but notice that The Hayes will only offer electric ranges, while Aterra will be gas (once again, we're definitely Arterra people). And despite the two Sub-Zero refrigerators that are so prominently on display, both buildings are slated to be BYOR (bring your own refrigerator).

Neither building has started taking reservations/deposits, and both are anticipating a first release of units in September. Like the Infinity, however, interested parties are being placed on a “priority list” based upon receipt of a prequalification letter (so get on it if you're interested).

General Pricing for Arterra:
- One-bedrooms (594 - 863 sqft) from the $520,000’s
- Two-bedrooms (922 - 1,160 sqft) from the $780,000’s
- One-bedroom Townhomes (841 – 1,006 sqft) from the $610,000’s
- Two-bedroom Townhomes (1,162 – 1,237 sqft) from the $850,000’s

General pricing for The Hayes:
- Studios (407 - 870 sqft) from the $430,000’s
- One-bedrooms (657 - 1,090 sqft) from the $580,000’s
- Two-bedrooms (987 - 1,495 sqft) from the $830,000’s

The Hayes will consist of 111 condos and is expected to be available for occupancy (i.e., close escrow) late 2007. Arterra will consist of 269 condos and is expected to be available for occupancy early 2008.

∙ The Arterra: “Clean Design, Pure Living” At 300 Berry Street [SocketSite]
∙ The Hayes: 55 Page Street [SocketSite]
∙ First Impressions: One Rincon Hill Sales Center [SocketSite]
∙ The Infinity Sales Center: SocketSite’s Inside Scoop [SocketSite]
∙ We’re Definitely Arterra People [SocketSite]

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

August 1, 2006

Sierra Heights (25-75 Sierra Street) Update

Word on the street is that Sierra Heights (25-75 Sierra Street) should start closing escrow on condos this week with a temporary certificate of occupancy in hand. Assuming all units with depositis close, the development will be about 80% sold (we’ve heard 14 out of 67 condos remain available).

On a related note, unit #104 recently returned to the market. And while we desperately want to say something nice, about the best we can muster this morning is: $290/sqft.

∙ New Developments: Sierra Heights [SocketSite]
∙ Listing: 25 Sierra Street #104 (3/3) - $999,000 [Zephyr] [MLS]

Posted by socketadmin at 7:59 AM | Permalink | Comments (10) | (email story)

July 28, 2006

Watermark Update: 78% Sold (And Discounting)

Okay, while these aren’t official sales office sanctioned statistics, they’re also not just some wild ass guesses. (We like to think of it as deductive reasoning.) That being said, here’s our take on the current state of affairs at the Watermark:

Prices and Discounting: At the low end, $695K will now get you a 15th floor one bedroom “F” floor plan, while three months ago it would only buy a 4th floor unit. At the high end, both three bedroom “K” floor plan penthouses remain priced at $3.2M and $3.3M. In the middle it’s a bit more convoluted.

It appears that two bedroom units on the lower floors have been reduced by up to $140K (11.5%). For example, the only remaining “A” floor plan unit on the 4th floor is now advertised at $1.06M (was $1.2M) and the 4th floor “G” floor plan unit is now $1.04M (was $1.15M). Not as much discounting (or inventory) on the higher floors. That being said, $1.7M will now get you a three bedroom “M” floor plan on the 19th floor, while in April they were asking $1.73M for units on the 17th floor.

Inventory and Sales: We estimate that roughly 30 of the 136 condos are still available (78% sold). That would suggest an average of about six sales a month over the past three months.

No word on whatever happened to unit #6C (which is no longer active in the MLS), and as far as we know, no new resales have hit the market.

∙ Watermark [501 Beale]
∙ Handy Hint Of The Day: Wash The Windows [SocketSite]
∙ Watermark Signs Of Weakness? [SocketSite]

Posted by socketadmin at 1:25 PM | Permalink | Comments (10) | (email story)

Handy Hint Of The Day: Wash The Windows

SocketSite’s handy hint of the day: if you’re showcasing your home, condo, or building to potential buyers, agents or brokers, go ahead and invest the extra cash to wash the windows. It’ll make a huge difference. Especially if it’s $3.3M penthouse sporting floor-to-ceiling windows with gorgeous Bay/city views, and your audience is the movers and shakers in the real estate industry (and SocketSite).

∙ Watermark floor plan: Unit “K” (3/2.5) - $3.2M/$3.3M [sfwatermark.com]

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

July 20, 2006

We’re Definitely Arterra People

Thanks to J.K. Dineen at the San Francisco Business Times, we’ve got the scoop on the two new signature cocktails that will be lubricating the Arterra/Hayes sales center this weekend:

The “Arterrajito,” a variation on the mojito, was inspired by Arterra’s environmentally friendly “green” design; while the “Hayes Breeze,” a spin on the Bay Breeze, is offered to reflect the eclectic, urban San Francisco charm of The Hayes community.

Mmm...mojito. And props to Curbed for their “Grey Goose & wheatgrass” suggestion…

∙ The Hayes "Special" Open House (And Signature Cocktail) [SocketSite]
∙ Awash in Signature Cocktails [Curbed SF]

Posted by socketadmin at 11:50 AM | Permalink | Comments (0) | (email story)

The Infinity: A Study In Contrast

Our previous post on The Infinity has generated some great comments from both prospective and actual buyers of The Infinity and One Rincon Hill. The early sentiment: The Infinity has a better location, One Rincon offers a better value (i.e., price), and navigating rush hour traffic will probably suck for both. A couple of other interesting snippets:

“They didn't even have the terms of the contract yet. Even the sales agent mentioned that people were surprised at how high the prices were [at The Infinity]. We passed, but they've called us back about 6 times already telling us to come in.”

“I don't know why (marketing?), but the Infinity doesn't attract crowds like the Rincon. I've been there on Sats and Sundays and there's never more than a few customers there at a time. It's quiet and relaxing and the salespeople there are very friendly and knowledgeable.”

“…there is a one-year holding period where the buyer is not permitted to sell the unit at The Infinity.”

And it’s true, they still haven’t figured out what refrigerators will come standard (which seems a bit bizarre), and it’s possible that wall to wall carpeting will be standard on the lower floors (but upgradeable to hardwood). But as far as the initial release being nearly sold out, we seriously doubt it (still looking for hard numbers) guess it all depends upon how you define "release" (see update below). And the potential for 50% discounts? Don’t hold your breath. (Free upgrades or other incentives on the other hand…)

Let’s keep the comments going on the other post with regard to sales center experiences, building feedback, and opinions, and see if we can’t focus in on the hard numbers (inventory, prices, sales, etc.) here. We have been told that The Infinity sales center is generating between 200 and 300 registered visitors a week, but they are being incredibly tightlipped about everything else (unlike One Rincon).

UPDATE: Word on the street is 115 reservations to date, or roughly 1/3 "sold." (Thanks for the tip!) And while it's hard not to get jaded by the blowout over at One Rincon, 1/3 in one week is still a strong start. But don't forget, these are $5,000 refundable "reservations" with the 3-5% deposits being made upon completion of a purchase agreement (which we confimed won't be available until August). [Thanks to asuen435 for clarifying!]

∙ The Infinity Starts Selling [SocketSite]
∙ The Infinity Sales Center: SocketSite’s Inside Scoop [SocketSite]

Posted by socketadmin at 12:10 AM | Permalink | Comments (26) | (email story)

July 18, 2006

The Infinity Starts Selling

If you’re interested in The Infinity, let’s hope that you heeded our advice and submitted your pre-qualification letter weeks ago, because they've started taking deposits. According to a tipster that has already reserved a unit, “They are selling very quickly.” Unfortunately we don’t know if that’s just the sales center talking, or if it’s a cold hard fact. So who’s got the numbers? Additional anecdotal evidence or sales center experiences?

∙ The Infinity Sales Center: SocketSite’s Inside Scoop [SocketSite]

Posted by socketadmin at 2:03 PM | Permalink | Comments (50) | (email story)

The Hayes "Special" Open House (And Signature Cocktail)

It looks like The Mark Company might have concluded that the “signature cocktails” played a significant role in driving the condo buying frenzy at One Rincon Hill. This Saturday (7/22) The Hayes will be hosting a “Special Open House” complete with - you guessed it - signature cocktails!

And perhaps we’re reading into this a bit too much, but we can’t help but notice that our invitation reads “Sip a complimentary signature cocktail….” If that’s the case, perhaps the crowd (or building) won't appear to be quite so attractive this time around.

Bonus points to the person(s) who can correctly guess the name and recipe for The Hayes signature cocktail prior to Saturday (feel free to email or simply comment).

∙ The “Signature Cocktail” Of One Rincon Hill [SocketSite]
∙ Rumor Confirmed: Mob Scene At One Rincon Hill [SocketSite]
∙ Quote Of The Day: One Rincon Hill Style [SocketSite]

Posted by socketadmin at 7:45 AM | Permalink | Comments (4) | (email story)

July 14, 2006

Competition, Rates, And Plugging In

J.K. Dineen hits the front page of the San Francisco Business Times with a great piece titled, “Competition runs high: Luxury condos vie for buyers on Rincon Hill.” And while the piece focuses on the Metropolitan, it might just be a bellwether for other developments around town. A couple of choice quotes…

First, with regard to increasing competition and rising rates:

Alan Mark, President of The Mark Co., which is marketing more than half of the city’s new condo developments, said some owners are rushing to sell because they are worried about 4,000 to 5,000 new units coming online over the next three years. In addition, many have adjustable five-year interest-only loans, and with interest rates on the rise, they are in a position where they are forced to sell because they will not be able to pay the higher mortgage.

“They want to sell at the top of the market,” Mark said.

And then there’s that little issue of blocked views:

McGuire’s [Malcom] Kaufman said it has been surprising that so many Metropolitan owners seemed unaware of all the Rincon Hill development that has been in the pipeline for more than four years.

“You better know what is going on around you before you plunk down three-quarters-of-a-million dollars,” he said. “It’s amazing how many people don’t.”

No kidding. And while people once had a BS (“Before SocketSite”) excuse for not knowing what's going on, there's no longer an excuse for not being “Plugged In.”

∙ Bay Buildings: The Metropolitan (333/355 1st Street) [SocketSite]
∙ 2,700 New Condos On Sale Soon [SocketSite]
∙ QuickLinks: Cause And Effect [SocketSite]

Posted by socketadmin at 11:47 AM | Permalink | Comments (3) | (email story)

July 6, 2006

Even More Value At The Lansing!

It appears that The Lansing (“Where quality meets value!”) recently (i.e., yesterday) joined the Watermark, 776 Tehama, and 69 Clementina in discounting prices on brand-new condominiums. According to ZipRealty, the list prices for units #305 and #410 in The Lansing were reduced by $31K and $25K respectively.

∙ The Lansing (50 Lansing Street) [SocketSite]
∙ Watermark Signs Of Weakness? [SocketSite]
∙ They’re Back! [SocketSite]
∙ Price Reductions At 69 Clementina [SocketSite]

Posted by socketadmin at 8:33 AM | Permalink | Comments (1) | (email story)

June 28, 2006

Watermark Signs Of Weakness?

Despite strong initial sales, the Watermark (501 Beale) appears to be showing subtle signs of weakness. According to ZipRealty, the list price for Watermark unit #14D was reduced $10,000 to $975,000 and unit #20M is currently listed for $1,725,000 ($5,000 below the advertised price range of $1.730M to $1.9M for “M” floor plan units on floors 17 to 22).

And despite the fact that the building has yet to sell out, unit #6C just hit the resale market with an asking price of $889,000 (floor plan above).

∙ Listing: 501 Beale Street #6C (1/1) - $889,000 [MLS]
∙ Watermark: “H” Floor Plan [sfwatermark.com]

Posted by socketadmin at 8:10 AM | Permalink | Comments (3) | (email story)

June 27, 2006

188 King Street: An Update

Seven weeks ago we alerted our readers to the opening of 188 King Street and provided a complete rundown of “Phase I” pricing (16 units). At the time, 3 units were already being advertised as “pending,” and only two units were listed on the MLS.

Today, 9 units are active on the MLS (including 7 of the original units), and four more are listed as active contingent. In addition, at least one unit that was originally identified as “pending” (#404) is now active. And while it’s possible that the sale fell through, a quick review of the “Agreement of Sale” for 188 King specifically discloses that “Seller herein informs buyers that a number of units will be retained for investment purposes. . . . Some or all of these units may be designated as “Sold” for marketing purposes.”

∙ Welcome To 188 King (188 King Street) [SocketSite]
∙ 188 King: Phase I Pricing [SocketSite]
∙ Listing: 188 King Street #404 (1/2) - $925,000 [MLS]

Posted by socketadmin at 10:47 AM | Permalink | Comments (4) | (email story)

June 26, 2006

Where's The Simulated Tower?

On the heels of one tipster noting that the “view” from the model unit in The Infinity Sales Center might actually be from the 9th floor of the Gap, another tipster notes that while the simulated views on the One Rincon Hill touchscreen kiosks are a nice touch, they seem to be missing something fairly significant. Such as the second One Rincon Hill tower that will most definitely obscure the views to the East of the first tower (as “simulated” above)…

∙ Comments: The Infinity Sales Center: SocketSite’s Inside Scoop [SocketSite]
∙ First Impressions: One Rincon Hill Sales Center [SocketSite]

Posted by socketadmin at 12:05 AM | Permalink | Comments (1) | (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 22, 2006

The Tale Of Two Developments: Chapter 1

Despite the fact that The Infinity opened its Sales & Design Center last week (160 Folsom), and launched a "flashy" new website this week (the-infinity.com), most eyes still seem to be focused on One Rincon Hill. Or as The Infinity’s own website states, “Press + News: Coming Soon.”

∙ Make That 1,741 [SocketSite]
∙ The Infinity [the-infinity.com]
∙ The Infinity vs. One Rincon [SFcondo.org]

Posted by socketadmin at 12:10 AM | 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)

Arterra: Less Sex, More Green

The placeholder “sex sells” website for Arterra has been replaced by a new site that offers more details (and fewer glamour shots). All the requisite content: floor plans, features, amenities, and attributes; with virtual tours, news and updates coming soon.

One of the many new nuggets: Arterra will consist of “[t]hree sculpturally designed buildings” named “Sky” (16-level tower with city and water views), “City” (9-level building with city views and an observation deck), and “Park” (6-level building with two-story homes featuring park views).

According to the website, “[i]f you're working with a real estate agent, your agent must accompany you on your first visit to the Arterra sales center [628 Howard Street] and register you in person in order for them to qualify for their commission.” And as Curbed notes, interested buyers must be pre-qualified by Wells Fargo.

∙ The Arterra: “Clean Design, Pure Living” At 300 Berry Street [SocketSite]
∙ Arterra [300 Berry]
∙ Selling Clean [Curbed SF]
∙ Arterra: Pre-qualification Form [mncsecure.com]

Posted by socketadmin at 12:20 AM | Permalink | Comments (2) | (email story)

June 16, 2006

Quote Of The Day: One Rincon Hill Style

“It seemed like the people were staged better than the furniture. Then again, I might have had one too many 'Gincons'.” (One reader’s first impression of the One Rincon Hill Sales Center and its clientele)

Posted by socketadmin at 9:08 AM | Permalink | Comments (0) | (email story)

First Impressions: One Rincon Hill Sales Center

Well, we finally made it over to the multi-million dollar One Rincon Hill Sales Center (511 Harrison) last night for the “Select One” (i.e., not quite VIP) “Preview Event.” It lived up to all the hype. And all of a sudden, the sales center at The Palms (amongst others) just seems so early 2006…

Most likely you’ve already read about the touchscreen kiosks that allow you to browse floor plans, views, and availability (floor plans 02 and 06 appear to be popular); the model unit (floor plan 03) with simulated views from the 45th floor (complete with a little box of grass on the balcony for Fido); and the gaggle of people eagerly awaiting their chance to throw down 3% deposits (we were skeptical of the initial reports, but apparently it's true, well over 200 of the 376 units have already been reserved).

And then there’s our first impression of the model unit: small (especially the living/dining area) but relatively well designed; nicely appointed kitchen with Sub-Zero/Bosch appliances and Del Tongo cabinetry (which the uberexpensive collateral materials somehow manage to list as “Sub Zero” and “del” Tongo); and decent closet space but with freakishly cheap doors (hopefully not the final finish). Eight basic floor plans for the majority of the tower (not too sure about the three bedroom/penthouse floors), four basic color schemes, and perhaps 30 floors finishes from which to choose.

The crowd was younger than we were expecting (based on the price point), and there was a palpable buzz of excitement in the air. In fact, it almost felt like people were buying into an exclusive new San Francisco club (and lifestyle) rather than just a new condo development. Based on what we've seen, we'd be surprised if One Rincon has any difficulty selling out in record time (and well ahead of the Watermark).

And as an extra bonus to our loyal readers, we scored the recipe for the “One Gincon”: 2 oz. Gin, 1.5 oz lemongrass syrup, splash of ginger puree, ice, and club soda in a tall glass. Now that’s a scoop. (Okay, so perhaps they were handing out little recipe cards.)

Now might be an opportune time to talk, discuss, and gossip amongst yourselves.

UPDATE: According to a tipster, 250 deposits were made in the four days of "pre-sales."

∙ One Rincon Hill (425 First) [SocketSite]
∙ The “Signature Cocktail” Of One Rincon Hill [SocketSite]

Posted by socketadmin at 8:40 AM | Permalink | Comments (10) | (email story)

Free Plasmas Coming Soon?

Two months ago we introduced you to Alamo Square at which time the sales office was reporting “approximately 60% sold” with one-bedrooms from $535,000 and two-bedrooms from $695,000. Well, it appears that selling at least a portion of that last 40% is proving to be a bit of a challenge as Alamo Square is now advertising one-bedrooms from $519,000, two-bedrooms from $659,000, and “2 Years of HOA Dues Paid!”

∙ Semi-New Development: Alamo Square [SocketSite]

Posted by socketadmin at 12:15 AM | Permalink | Comments (0) | (email story)

June 13, 2006

One Rincon Hill (425 First)

We’ve been talking about One Rincon Hill for months: the design, size, sales center, and opening bash. The basic overview:

∙ Two towers: South tower - 55 stories, 550 feet, and 376 condos; North tower - 45 stories, 465 feet, and 319 condos (plus 14 townhouses at the base of the two towers)

∙ Architect: Solomon Cordwell Buenz (SCB)

∙ Anticipated opening: South tower - late 2007/early 2008; North tower - 2009

∙ Sales: Sales center "officially" opening at 511 Harrison on Friday (6/16), but already taking deposits for "VIPs"

And while the Chronicle reports, the lavish “preview party” was yesterday (6/13), we believe it's actually tomorrow (6/16). Either that or we're going to be all dressed up with nowhere to go all week long...

∙ One Rincon Hill [425 First]
∙ Solomon Cordwell Buenz [sbcdesign.com]
∙ City's skyline moving upscale [SFGate]

Posted by socketadmin at 11:52 PM | Permalink | Comments (0) | (email story)

Make That 1,741

Damion points out that the “Sales & Design Center” (i.e., sales office) for The Infinity (650 units) will also open its doors this weekend.

∙ 1,091 New Units Hit The Market [SocketSite]
∙ QuickLinks: Building Up [SocketSite]

Posted by socketadmin at 10:44 PM | Permalink | Comments (0) | (email story)

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)

1,091 New Units Hit The Market

Despite the big opening on Thursday, rumor has it that the One Rincon Hill sales office quietly started selling yesterday. And rumor also has it that the joint sales office for The Hayes and Arterra will open its doors this weekend. Just for the record, that’s 1,091 new units that are now competing for buyers with the “official inventory” of around 600 condominiums that are currently listed (MLS) in all of San Francisco.

∙ Behind The Velvet Ropes [SocketSite]
∙ The Hayes: 55 Page Street [SocketSite]
∙ The Arterra: “Clean Design, Pure Living” At 300 Berry Street [SocketSite]
∙ 2,700 New Condos On Sale Soon [SocketSite]

Posted by socketadmin at 10:55 AM | Permalink | Comments (0) | (email story)

June 12, 2006

Symphony Towers (750 Van Ness Avenue)

In 2002 Lakeview Ventures received approval to build an “affordable housing project” of 141 apartments at 724 Van Ness (actually two towers, a 14-story tower on Van Ness and a 7-story tower on Turk). Two years later, the project was sold to condo developer West Bay Builders. And today, construction of Symphony Towers is well underway, but in the form of 130 condominiums (~16 BMR) which should be finished late 2006/early 2007.

It’s a classic case of urban infill, and how despite the fact that “they’re not making any more land,” two one-story buildings (housing an auto shop, restaurant, and retail) can become 130 new homes (albeit not overnight). The “community” will be marketed by Pacific Marketing Associates.

∙ Recovery just around the corner -- sort of [bizjournals]
∙ Zillow Is A Lot Catchier [SocketSite]
∙ Symphony Towers [Pacific Marketing Associates]

Posted by socketadmin at 12:10 AM | Permalink | Comments (3) | (email story)

June 9, 2006

The Future Of Rincon/Transbay

We missed it in print, so we were pleasantly surprised to discover that The Lansing is providing 7x7’s great overview of what’s in the works for the area around Rincon Hill and the Transbay Terminal (Rincon/Transbay) as a downloadable pdf (5.3MB).

Ten or 11 new residential high-rises, interspersed among low-rise apartment buildings and townhouses, will range from 30 to 55 stories each and will contain about 7,500 new residential units housing about 15,000 people in the city's densest neighborhood. These will include nearly 2,000 affordable apartments for buyers earning less than SF's median income (or renters earning up to 60 percent of the median).

If all goes as planned, people will come to think of Folsom Street as the new Union or Polk, and the Rincon/Transbay area as the new Cow Hollow or Russian Hill - a place where city dwellers live, dine, shop and stroll.

And we could be wrong, but the pdf is looking a bit more like a scanned copy of the article than an officially licensed “re-print,” so get it while you can…

∙ The Lansing (50 Lansing Street) [SocketSite]
∙ Growth Factor: 7x7’s Overview of Rincon/Transbay - pdf [thelansing.com]

Posted by socketadmin at 10:31 AM | Permalink | Comments (0) | (email story)

Valencia Triangle (3184 Mission)

As ReyEstate pointed out a few weeks back, the 20 two bedroom units of Valencia Triangle are on the market. 18 units are market rate (now starting at $585,000) and 2 units are Below Market Rate (both $285,599 with an application deadline of June 15).

And as a tipster points out, Valencia Triangle is holding a “Mega Open House” / “Launch Party!!!” this Sunday (6/11) from 11am to 7pm which just might have something to do with the fact that of the seven “First Phase Release” units (which were advertised as starting from $659,000), it looks like at least four are still available. Perhaps they need a signature cocktail?

∙ Perfect Condo for the 650-750k Home Buyer [ReyEstate]
∙ Valencia Triangle [3184 Mission]
∙ Mayor's Office of Housing Current Listings: June 3, 2006 [SFGOV]
∙ Listing: 3184 Mission #302 - $585,000 [MLS]
∙ Listing: 3184 Mission #403 - $679,000 [MLS]
∙ Listing: 3184 Mission #201 - $715,000 [MLS]
∙ Listing: 3184 Mission #306 - $759,000 [MLS]
∙ Listing: 3184 Mission #307 - $769,000 [MLS]
∙ Listing: 3184 Mission #404 - $819,000 [MLS]
∙ Listing: 3184 Mission #305 - $849,000 [MLS]
∙ The “Signature Cocktail” Of One Rincon Hill [SocketSite]

Posted by socketadmin at 10:30 AM | Permalink | Comments (0) | (email story)

June 8, 2006

The Cove (Candlestick Point)

Our first thought upon spying The Cove from 101: “Are they building a prison over there?” And after perusing their website (“Candlestick Point is one of the City’s hottest new neighborhoods,” and “fast becoming one the of the City’s most desirable addresses”), our second thought: “Uh....”

The Cove consists of 176 condominiums spread throughout “three Mediterranean-style buildings” (their description, not ours) in an “exclusive gated community” next to Candlestick Monster Park. And although we’re not fans of the “curb appeal” (or lack thereof), we have no basis for critiquing the design, quality, or livability of the interior spaces or amenities.

Top Vision Development is the developer and The Cove is just the first phase of a grand plan for Candlestick Point. Pricing is ambiguous at best (1-bedrooms “from the $400,000s,” 2-bedrooms “from the $500,000s,” and 3-bedrooms “from the $600,000s”), but it looks like at least one flipper is already hawking a 2-bedroom for $559,000.

∙ Candlestick Point – The Cove [candlestickpoint.com]
∙ Candlestick Park [ballparks.com]
∙ Top Vision Development [topvisionllc.com]
∙ $559000 - Condos at Candlestick Point [Craigslist]

Posted by socketadmin at 12:10 AM | Permalink | Comments (1) | (email story)

June 7, 2006

235 Berry Street Sales Release (6/11/06)

Another six of the 99 units at 235 Berry Street hit the market this Sunday (6/11/06), and if you want one you might want to arrive “promptly at 10:00 am . . . with a copy of your pre-qualification letter and evidence of source of funds for the balance of your purchase.” It’s also interesting to note that “[a]ll purchasers will be required to sign an anti-speculation agreement with their contract documents.” (No flipping for you!)

According to SF New Developments, the first release of 20 units sold out on the first day through a “mini-lottery” for the 60 interested parties. (Then again, that was four months ago.) The six units that are scheduled to be released this Sunday include:

∙ 235 Berry #104 (1,255 sq. ft.) - $997,050
∙ 235 Berry #105 (1,255 sq. ft.) - $1,001,050
∙ 235 Berry #112 (1,255 sq. ft.) - $1,000,050
∙ 235 Berry #109 (2/3) - $1,260,250
∙ 235 Berry #106 (2/3) - $1,275,250
∙ 235 Berry #110 (2/3) - $1,285,250

∙ 235 Berry [235 Berry Street]
∙ June 11th Sales Release [SF New Developments]

Posted by socketadmin at 12:20 AM | Permalink | Comments (2) | (email story)

June 6, 2006

The "Shore|Line" (41 Federal)

Thanks to a reader’s comment, we finally have a little background on the Shoreline (or rather “Shore|Line”) to share. It's a modern development of nine units ranging in size from about 900 to 1600 square feet, and with prices ranging “from the mid $800's to under $1.4 million.”

A couple of notable features: “spa-inspired baths,” 10-foot ceilings, wide plank bamboo floors, private balconies, and the requisite stainless steel appliances (GE Monogram) and granite countertops. A full set of floor plans are available online (via First Release Homes).

So who’s got the inside scoop? Anybody taken a tour?

∙ Bueller? Bueller? Bueller? [SocketSite Comments]
∙ Shore|Line Overview and Floor Plans (pdf) [firstreleasehomes.com]

Posted by socketadmin at 12:20 AM | Permalink | Comments (2) | (email story)

June 5, 2006

They’re Back!

As we expected, at least 7 of the listings in the 776 Tehama/1277 Howard development are back on the MLS with…wait for it…new pictures, new MLS numbers, and new prices. So while it might appear like the units have only been on the market for a week, they’ve actually been on the market for two months. And their prices have been reduced from 2% (#3) to 13% (#15).

∙ When “SOLD!” Really Isn’t Sold [SocketSite]
∙ 776 Tehama/1277 Howard: Pricing [SocketSite]
∙ Listing: 1277 Howard #3 (2/2) - $735,000 [Vanguard] [MLS]
∙ Listing: 776 Tehama #6 (1/1) - $469,000 [Vanguard] [MLS]
∙ Listing: 776 Tehama #10 (1/1) - $515,000 [Vanguard] [MLS]
∙ Listing: 776 Tehama #11 (2/2) - $695,000 [Vanguard] [MLS]
∙ Listing: 776 Tehama #13 (1/1) - $529,000 [Vanguard] [MLS]
∙ Listing: 776 Tehama #15 (1/1) - $479,000 [Vanguard] [MLS]
∙ Listing: 776 Tehama #17 (2/2) - $749,000 [Vanguard] [MLS]

Posted by socketadmin at 12:10 AM | Permalink | Comments (1) | (email story)

The “Signature Cocktail” Of One Rincon Hill

What do oysters, caviar, duck, crab, live jazz, and valet parking all have in common? They’re all part of One Rincon Hill’s “Preview Event” next Thursday. And if that’s not enough, let’s not forget the debut of “One Rincon’s Signature Cocktail, the ‘One Gincon’” (if only we, or they, were kidding). Yep, an interesting summer indeed.

∙ Behind The Velvet Ropes [SocketSite]
∙ Party Like It’s 2006 [SocketSite]

Posted by socketadmin at 12:05 AM | Permalink | Comments (0) | (email story)

June 2, 2006

The Lansing (50 Lansing Street)

THE LANSING has opened the doors to its 82 units at 50 Lansing Street (off First) and is stressing “IMMEDIATE OCCUPANCY.” Developed by Lambert Development (of The Brannan fame), and touting a whole host of other contributors (including SB Architects, BaMo design, and lighting consultants Auerbach Glasow), the building is positioning itself as a “quiet urban oasis.”

Lottery numbers have already been drawn, and contracts closed, for the 10 BMR units (which ranged from $254,575 to $287,873), but market rate units are advertised to start from $595,000 for 1 bedrooms, $695,000 for 2 bedrooms, and $1,150,000 for penthouse homes. At the same time, the Chronicle’s ‘Neighborhood Homes Sold’ feature from May 21st reports that unit #111 closed for $557,500 and unit #212 closed for $579,000 (so there just might be some room for negotiation).

And if you want to try before you buy, unit #804 is being advertised (in the New York Times?) for rent at $2,700/mo.

∙ THE LANSING [50 Lansing]
∙ THE LANSING Development Team [thelansing.com]
∙ Neighborhood Homes Sold: Sunday, May 21, 2006 [SFGate]
∙ Rental Listing: 50 Lansing #804 (1/1) - $2,700/mo. [NYTimes]

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

Party Like It’s 2006

The Wall Street Journal reports on a growing trend of over-the-top parties, gift bags, and celebrity attended events that are being hosted by real estate developers targeting real-estate brokers and potential buyers of high-end condominiums in New York, Florida, and Las Vegas.

The growing glut of expensive condos is pushing high-performing real-estate brokers and deep-pocketed potential buyers onto the "A" list. By supplying them with coveted party invitations and celebrity access, developers hope to reduce the backlog of high-priced luxury condominiums before rival developers can flood the slowing sales market with even more new properties. Developers are going all-out -- with celebrities, showgirls, circus performers and fireworks displays worthy of the Fourth of July. Sales incentives ranging from alligator-leather-covered notepads in Manhattan to $10,000 diamond-encrusted cuff links in Fort Lauderdale are dangled before guests.

Developers say the parties are a bargain considering the prices of the condos, and they generate far better returns than dropping the prices of units does. For a May 11 Manhattan bash near Union Square, developer Gary Barnett spent about $30,000 to promote 39 lofts that start at $2.2 million apiece. In March, he spent $500,000 on a concert attended by 800 brokers and featuring the singer Seal. Several weeks later, he sponsored the "Thank You for Smoking" movie premiere and dinner for 500. Two brokers received a year's use of a chauffeur-driven $108,000 Maserati Quattroporte. Others got shopping trips to Paris for selling the most condominiums in the 550-unit Orion project just west of Times Square.

We’re not expecting to see any celebrities at the One Rincon Hill VIP event next week, but it really ought to be an interesting summer (and 2007) in San Francisco. And just for the record, we’ll take lower prices over the baubles and bonuses every time.

∙ Hoping the Sizzle Will Sell The Steak in Condo Slowdown [RealEstateJournal]
∙ Behind The Velvet Ropes [SocketSite]

Posted by socketadmin at 9:45 AM | Permalink | Comments (0) | (email story)

May 24, 2006

New Developments: 601 King Street

601 King Street is a “mixed-use development of retail space and 224 dwelling units” (market rate and affordable housing) that is being developed by A.F. Evans Company and architected by david baker + partners. The design incorporates a half-acre of public open space and a portion of the Mission Creek trail/bikeway [Editor’s note: cool].

Construction is was estimated to run through the end of 2006. Or perhaps well in to 2007...

∙ A.F. Evans Company [afevans.com]
∙ 601 King Street Design [david baker + partners]
∙ Capturing Construction [SocketSite]

Posted by socketadmin at 10:32 AM | Permalink | Comments (1) | (email story)

Capturing Construction

Thanks to the Potrero Hill neighborhood blog for bringing our attention to a project by Donald Booth (and sponsored by his employer, Adobe) to document the construction of 601 King Street through a weekly series of Flash movies. (Free hint to developers (i.e., marketing departments): this is infinitely more compelling than simply having a webcam trained on your construction site.)

∙ The deconstruction of 601 King St. [Potrero Hill]
∙ New Developments: 601 King Street [SocketSite]
∙ The Movies (construction of 601 King Street) [dbooth.net]
∙ QuickLinks: Technology Gone Awry [SocketSite]

Posted by socketadmin at 9:41 AM | Permalink | Comments (0) | (email story)

May 22, 2006

Glen Park Market Place: Range Of Prices And BMR Deadline

The doors are open at the Glen Park Market Place and of the 15 residential units 13 are market rate (ranging from $759,000 to $869,000) and 2 are BMR ($271,040 and $272,371). All units are 2 bedroom/2 bath and applications for the BMR units are due by next Wednesday (5/31/06). And yes, we’re still looking for a complete pricing breakdown (email tips@socketsite.com).

We have yet to take a tour so we will reserve our comments on the design, finish, and feel until we've had a chance to do a walk though. There are, however, at least two things that caught our attention in the listings: the average size (~1100 sqft), and the fact that earthquake insurance is covered by the HOA (~$400/mo).

∙ Glen Park Market Place: 2815 Diamond [SocketSite]
∙ Mayor’s Office of Housing: Current Listings [SFGov]
∙ Glen Park Market Place BMR Application [glenparkmarketplace.com]
∙ Listing: 53 Wilder #203 (2/2) - $759,000 [MLS]
∙ Listing: 53 Wilder #301 (2/2) - $779,000 [MLS]
∙ Virtual Tour: 53 Wilder #302 (2/2) [lonestartours.com]
∙ Virtual Tour: 53 Wilder #404 (2/2) [lonestartours.com]

Posted by socketadmin at 6:25 PM | Permalink | Comments (0) | (email story)

May 19, 2006

Behind The Velvet Ropes

In just under four weeks invited “VIPs” of One Rincon Hill will be making 3% deposits to secure their “first choice of units and views at preferred pricing.” Not on the list? Not to worry; it's possible you might be able to make the “VIP” cut by simply registering online. We'll see you behind the velvet ropes.

∙ One Rincon Hill VIP Registration [onerinconhill.com]

Posted by socketadmin at 7:50 PM | Permalink | Comments (0) | (email story)

When “SOLD!” Really Isn’t Sold

Despite being marketed as “SOLD!” over the past six weeks, we recently noticed a listing for 776 Tehama #9. As we previously noted, #9 is a Below Market Rate (BMR) unit and will be offered through the Mayors Office of Housing for $247,566. Not a bad deal considering that unit 6 (same floor plan on the floor below) was originally listed for $519,000.

Then again, according the 776 Tehama website only two of the 15 market rate units in the development (776 Tehama/1277 Howard) have actually sold (#7 and #13); prices have been reduced across-the-board (unit 6 was lowered $50K to $469,00); the listings are now advertising “Seller will pay HOA dues for a year”; and as best we can tell, all of the active listings for 776 Tehama and 1277 Howard were recently removed from the public MLS (usually an attempt to obscure inventory levels, days on the market, or price cuts).

∙ Listing: 776 Tehama #9 (1/1) - $247,566 (BMR) [Vanguard]
∙ 776 Tehama/1277 Howard: Pricing [SocketSite]
∙ Mayor’s Office of Housing [SFGov]
∙ 776 Tehama & 1277 Howard [776 Tehama]
∙ Listing: 776 Tehama #6 (1/1) - $549,000 [Vanguard]

Posted by socketadmin at 3:48 PM | Permalink | Comments (0) | (email story)

May 8, 2006

188 King: Phase I Pricing

188 King opened its doors this weekend and has priced its first of three releases. The high ceilings, floor to ceiling windows, and open layouts, particularly of floor plan 3 (or the 02 series), did not dissapoint; and the finishes were impressive (although the Amana refrigerator seemed out of place next to the Viking range and Bosch dishwasher).

And if you’re a Giants fan, you really can’t beat the location, or view from the front half of the building.

Full pricing for the first release as follows:

∙ 188 King #201 (915 sq. ft.) - $825,000 [MLS]
∙ 188 King #203 (1123 sq. ft.) - $895,000
∙ 188 King #204 (1113 sq. ft.) - $925,000
∙ 188 King #206 (1113 sq. ft.) - $925,000 (pending)
∙ 188 King #301 (909 sq. ft.) - $825,000
∙ 188 King #302 (1900 sq. ft.) - $1,650,000 [MLS]
∙ 188 King #305 (1123 sq. ft.) - $925,000
∙ 188 King #306 (895 sq. ft.) - $895,000
∙ 188 King #403 (1123 sq. ft.) - $995,000
∙ 188 King #404 (1113 sq. ft.) - $925,000 (pending)
∙ 188 King #406 (1113 sq. ft.) - $925,000
∙ 188 King #503 (1123 sq. ft.) - $1,075,000
∙ 188 King #505 (1123 sq. ft.) - $1,075,000 (pending)
∙ 188 King #506 (1113 sq. ft.) - $1,025,000
∙ 188 King #603 (1669 sq. ft.) - $2,150,000
∙ 188 King #604 (1662 sq. ft.) - $2,150,000

We're doing some checking on those "pending" units (no BMRs); the second and third releases are to be priced and made available based on the performance of the first release.

∙ Welcome To 188 King (188 King Street) [SocketSite]

Posted by socketadmin at 12:10 AM | Permalink | Comments (2) | (email story)

May 5, 2006

New Developments: Park Terrace (325 Berry)

The Park Terrace (“Urban living redefined”) is a seven story, 110-unit development under construction at 325 Berry in Mission Bay (which apparently is “not just a neighborhood, it’s a lifestyle…”). Developed in partnership by Opus West and Phoenix Property Company, the building is slated to be completed by the end of the year (sales center anyone?). And yes, large terraces overlooking Mission Creek seems to be the central theme.

∙ Park Terrace [325 Berry]

Posted by socketadmin at 12:00 AM | Permalink | Comments (1) | (email story)

May 4, 2006

New Developments: Odeon (181 O’Farrell)

The Odeon is a boutique new development featuring 29 two-story spaces boasting “expansive window walls” [our interest officially piqued]. If nothing else, it’s bound to be a shopper’s paradise (located at 181 O’Farrell at Powell, and directly above H&M).

As best we can tell, and with the possible exception of one corner unit, all units appear to be one bedroom (with one a half baths). Details when we have them, and a sales office opening in June.

∙ Odeon (181 O’Farrell)

Posted by socketadmin at 10:58 AM | Permalink | Comments (1) | (email story)

May 3, 2006

Welcome To 188 King (188 King Street)

This Friday (5/5), 188 King is scheduled to first open its doors for property tours and to release complete pricing for its 40 upscale units (“starting at $825,000”).

Based on the pictures, descriptions (“…double-height window lines illuminate high-volume living spaces with 16-foot ceilings and offer outstanding bay and city views.”), and floor plans, we’re definitely looking forward to Friday (even more than usual).

∙ 188 King [188 King Street]
∙ New Developments: 188 King Street [SocketSite]

Posted by socketadmin at 1:28 AM | Permalink | Comments (2) | (email story)

May 2, 2006

Curbed Shoots…And Misses

Yesterday, Curbed tried to make sense of CA Assembly Bill 728 (allowing developers to accept binding non-refundable 3% deposits on pre-construction developments) and the current condo market; sales at the Watermark; and the relevancy of new sales centers to consumers. Unfortunately, we think they missed the mark on all three.

Curbed statement #1: “While no one's saying, the likely reason for this change [AB728?] is the glut of condominiums on the market, selling slowly or not selling at all.” Keep in mind that AB728 was signed into law back in September 2003 by then Govenor Gray Davis (definitely no “glut” or lack of sales back then). And as far as a current market “glut”? We’re not seeing it (Yet).

Curbed statement #2: “The most high-profile and worrisome project being the Watermark . . . where six months after opening the sales office, only thirteen units have closed escrow, or ten percent.” As background, it’s important to know that while the Watermark sales office opened six months ago, occupancy wasn’t an option until last month. Would you close escrow and start making mortgage payments before you had to? Neither would we. The relevant statistic is that 65% of the units have either closed escrow or are currently in contract (with no speculative resales currently listed on the MLS). That being said, 50 units remain available, the pace of sales appears to have slowed, and we’ve noticed that marketing efforts are being ratcheted up.

Curbed statement #3: “These new sales centers don't mean much to consumers.” Actually they do. As Damion Matthews writes, “condo buyers are going to have some dilemmas -- do they commit to taking a fabulous brand new high rise condo with bay views and the works, which they can't move into for another year or two; if so, which one do they chose (based only on floor plans, renderings and model interiors); and if not, what's going to happen to the value of their place at the Metropolitan or Bridgeview once the inventory of all those new pads opens up in late 2007?”

And as far as our 2,700 number (Curbed: "Supposedly, 2700 units have yet to be built..."), that’s not the entirety of the new development pipeline, but simply the minimum number of units that we expect to be represented by sales offices opened by the end of the summer. And it's a number, and a market, that changes every day, so keep 'plugging in'!

∙ Doing it Florida Style [Curbed]
∙ Your Condo Here [democrats.assembly.ca.gov]
∙ 2,700 New Condos On Sale Soon [SocketSite]

Posted by socketadmin at 2:27 PM | Permalink | Comments (4) | (email story)

May 1, 2006

2,700 New Condos On Sale Soon

Thank a change in state legislation (allowing for 3% non-refundable pre-construction deposits) for the boom in new development sales centers slated to open this spring/summer. One such sales center, the 9,000-square-foot, $2.5 million sales center for One Rincon Hill, will feature “a fully appointed, two-bedroom model apartments [sic] with lightboxes simulating views both night and day.”

In total, sales centers representing at least 2,700 new condos should open within the next six months. Included in the mix:

170 Off Third - 198 condos
255 Berry (open) – 99 condos
The Arterra – 268 condos
Broderick Place (open) – 70 units
The Hayes – 128 condos
The Infinity - 650 condos
One Rincon Hill – 695 condos
The Palm (open) – 300 condos
Park Terrace – 110 condos
SoMa Grand – 246 condos

Expect a market in pre-construction speculation to emerge (something to keep in mind when a development touts “Half Sold Out!”).

∙ Condo projects selling first, building later [bizjournals]
∙ San Francisco Perspective: Condominium Developments [SocketSite]
∙ QuickLinks: Building Up [SocketSite]

Posted by socketadmin at 10:36 AM | Permalink | Comments (1) | (email story)

Price Reductions At 69 Clementina

Great news if you’re looking to buy (probably not so great if you already did). After four months, four condos in the 18-unit 69 Clementina are still available, and at least two have been reduced in price (by as much as $100,000). In addition, all four are now advertising 6 months of pre-paid HOAs.

As far as we know, this is the first new development in San Francisco to openly advertise price reductions and incentives. There’s nothing quite like knowing that your neighbor isn’t paying HOAs, received a $100,000 discount, and just reduced your building’s sales comps…

∙ 69 Clementina [69 Clementina]
∙ Listing: 69 Clementina #602 (2/2) - $829,000 [MLS]
∙ Listing: 69 Clementina #803 (1/1.5) - $829,000 [MLS]
∙ Listing: 69 Clementina #802 (2/2.5) - $969,000
∙ Listing: 69 Clementina #801 (2/2.5) - $999,000 [MLS]
∙ Three New Developments Around Town [SocketSite]

Posted by socketadmin at 12:10 AM | Permalink | Comments (3) | (email story)

The Palms: Phase II Release

While the sales center at the nine-story, 300-unit Palms is open for business, the first model units are still a couple of weeks away from completion (only hardhat tours at the moment). Regardless, Phase I has sold out (80 units), and Phase II just hit the market (~100 units); release date and pricing have yet to be announced for Phase III (floors 7, 8, and 9).

As far as Phase II pricing is concerned, we’re seeing current availability from $399,000 to $895,000 with only six representative units listed on the MLS. And yes, plenty of floor plan and rendering porn available online.

∙ The Palms [555 4th Street]
∙ Listing: 555 4th St #103 (0/1) - $399,000 [MLS]
∙ Listing: 555 4th St #620 (0/1) - $455,000 [MLS]
∙ Listing: 555 4th St #314 (1/1) - $579,000 [MLS]
∙ Listing: 555 4th St #533 (1/1) - $625,000 [MLS]
∙ Listing: 555 4th St #418 (2/2) - $795,000 [MLS]
∙ Listing: 555 4th St #529 (2/2) - $865,800 [MLS]

Posted by socketadmin at 12:05 AM | Permalink | Comments (1) | (email story)

April 27, 2006

Glen Park Market Place: 2815 Diamond

Polaris Group has launched a website for the Glen Park Market Place which consists of 15 condominiums offering “stylish finishes and contemporary floor plans,” a grocery, and a public library.

In doing so, it also appears that Polaris Group has liberated borrowed lifted done none of the aforementioned. (see update below) a number of the site’s images directly from Gregg & Garrett’s Glen Park Real Estate site. And although “flattered,” they’re really not so happy about it. Let's just say that we can definitely empathize…

Update: A major mea culpa from Gregg & Garrett, “It appears I was dead wrong on the use of my images.” (Did you try blaming the intern?) Kudos to Polaris Group for being gracious, understanding, and reasonable (really).

∙ Glen Park Market Place [2815 Diamond]
∙ Glen Park Real Estate [glen-park.com]
∙ Come On Curbed (comments) [SocketSite]

Posted by socketadmin at 2:10 PM | Permalink | Comments (0) | (email story)

Mid-Week Update: Four Weeks Later

Inspired by a tip from Damion Matthews (the last new unit at the St. Regis is now in contract), we thought we’d check in on a couple of other new developments we've been tracking:

1. 1725 Washington: No newly reported sales in the past three weeks (seven units still active on the MLS).

2. 1635 California: No active listings on the MLS, and yet a tipster notes that only half the units look occupied based on a drive-by. Could it be sold out? If so, congratulations to Vanguard! If not, who’s got the inside scoop?

3. 1551 Filbert: Unit #1 is back in contract; units #2 and #4 are still active.

4. 776 Tehama/1277 Howard: We’re not sure what to make of this (okay, maybe we do). According to their website, only one closed sale (#13) in the first four weeks (no, we’re not counting the two BMR “sales”), and yet #13 is still active on the MLS. Also interesting to note, a number of new comments disagreeing with our first impression of the development (which we encourage), although possibly more than one "first impression" from the same person (which we don’t).

5. The St. Regis: “Officially” sold out; only resales (and free Lamborghinis?) from here on out.

∙ Weekend Update: Three Weeks Later [SocketSite]

Posted by socketadmin at 8:22 AM | Permalink | Comments (1) | (email story)

April 26, 2006

Spoiler Alert: One Rincon Hill Video

Okay, so maybe we were less than impressed by the One Rincon Hill webcam, but their video left us dazed (and yet strangely giddy). Yes, based on the pictures and press (“the tallest residential property west of the Mississippi”) we knew these towers were going to be tall, but it wasn’t until we saw the rendering of the towers 23 seconds into the video that we really understood. Holy…

∙ One Rincon Hill [425 First]

Posted by socketadmin at 1:36 PM | Permalink | Comments (4) | (email story)

The Hayes: 55 Page Street

And speaking of Intracorp, The Hayes has launched a new website since we first alerted you to New Condos Starting In The $400,000s. (And yes, the new site is complete with the requisite floor plan porn, their own inside scoop, and a nice little neighborhood map.)

∙ The Hayes [55 Page Street]
∙ The Arterra: “Clean Design, Pure Living” At 300 Berry Street [SocketSite]
∙ New Condos Starting In The $400,000s? [SocketSite]

Posted by socketadmin at 11:28 AM | Permalink | Comments (6) | (email story)

The Arterra: “Clean Design, Pure Living” At 300 Berry Street

The Arterra, a 268-unit ‘Green’ condo development, has broken ground at 300 Berry Street. Developed by Intracorp San Francisco (also developing The Hayes) and architected by Kwan Henmi, the Arterra is marketed as “clean design, pure living,” and billed as a "pioneering green building of sophisticated design."

The three-level complex will be the first San Francisco building clad in Trespa, smooth and colorful panels produced with recycled materials. It will have natural coastal grass-covered roofs on parts of the fourth, sixth, and tenth floors, a high thermal insulation glazing system with operable windows and a water-efficient landscape design. Interiors will be built with rapid renewal materials, like bamboo and cork, and energy-efficient appliances.

And if good design and environmental consciousness aren’t strong enough selling points for you, there’s always the pure sex appeal (sultry female pic, sultry male pic). You had us at hello green.

Update: The Arterra website has been updated. Gone are the sultry pictures. In their place, actual details.

∙ The Arterra [300 Berry Street]
∙ New Condos Starting In The $400,000s? [SocketSite]
∙ Condo project painted 'green' [bizjournal]
∙ First Green Condo Project Breaks Ground in San Francisco [Green Key]

Posted by socketadmin at 10:48 AM | Permalink | Comments (9) | (email story)

April 25, 2006

Kiss That Deposit Goodbye

At first glance, it’s just another move. Upon closer inspection, however, it’s poignant commentary on the springtime rush to renovate and the heightened demand for construction dumpsters (and perhaps lack thereof) in San Francisco.

On a much smaller scale, perhaps not too dissimilar from the shortage of labor and materials that Jeff Hutchinson of Monahan Pacific recently cited as their reason for canceling plans to build a condominium tower at 535 Mission.

"With all the residential that is being built, it's tough to get a crew," said Hutchinson. "We would have been fighting for a tower crane reservation. There is a waiting list for man lifts. Given that type of environment and given that it was going to get worse before it would get better, it was not readily apparent that the costs would settle."

Wonder if Penske rents anything that could double as a tower crane or man lift...

∙ Developer drops plans for condo tower [bizjournals]

Posted by socketadmin at 12:05 AM | Permalink | Comments (0) | (email story)

April 12, 2006

The Beacon: 90% Sold

According to Centurion Real Estate Partners, the group that converted the Mission Place apartment development into the 595 condo development named the Beacon, the South of Market condo market remains strong (and the Beacon is 90% sold).

Quote: “Every time I check, our numbers are beating our pro formas. We sold 10 condos last weekend.” Sixty units (and six weeks?) to go.

∙ Bringing home the Beacon [bizjournals]

Posted by socketadmin at 7:32 AM | Permalink | Comments (0) | (email story)

April 11, 2006

Say Hello To Your New SF Skyline

Some weekend research led us to the SkyscraperPage Forum, and a pretty incredible post by Forum member “FourOneFive” way back in 2003. Titled, “SAN FRANCISCO Rundown: Recently Completed, Under Construction, Approved, and Proposed” it’s just that, damn comprehensive, and with rendering porn galore.

Today, we tip our hat to the SkyscraperPage Forum in general, and FourOneFive in specific.

∙ SAN FRANCISCO Rundown [SkyscraperPage Fourm]

Posted by socketadmin at 10:30 AM | Permalink | Comments (0) | (email story)

April 10, 2006

New Developments: 340 – 350 Fremont

Damion Matthews passes along renderings of the proposed and, as far as we know, yet to be named 40-story development for 340 - 350 Fremont Street. Conflicting reports on the proposed number of condos (we’ve seen mention of both 380 and 400 units), but definitely designed by Heller-Manus (other projects include The Metropolitan, 199 New Montgomery, and The Infinity).

Posted by socketadmin at 12:03 AM | Permalink | Comments (0) | (email story)

April 4, 2006

Semi-New Development: Alamo Square

Originally constructed in 1999, and mapped as condos, the 63 units that comprise Alamo Square (988 Fulton) are currently undergoing a transformation from apartments to condos.

The "transformed" units boast stainless steel appliances, granite slab countertops, dishwashers, in-unit washer/dryers, and are tagged, “A Genuine Home in the City.” To us, however, it still feels like apartment living (just more expensive).

Units range from studios to three-bedroom “residences” and, according to the sales office, are “approximately 60% sold”. As far as pricing, the one-bedrooms (~662 sqft) currently start around $535K while the two-bedrooms (~900 sqft) start around $695K (no word on studios or three-bedrooms). And while the price point might seem relatively cheap, on a $/sqft basis, it’s really not.

Only the two “model” units are currently listed on the MLS (we hate it when they do that). Bonus points, and glory, to the tipster that can supply a full pricing/availability sheet...

∙ Listing: 988 Fulton St #232 (1/1) - $535,000 [MLS]
∙ Listing: 988 Fulton St #314 (2/2) - $695,000 [MLS]

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

April 3, 2006

776 Tehama/1277 Howard: Pricing

776 Tehama/1277 Howard is now open. Decent views from the upper floors, and relatively spacious, but we’re not so sure about that “luxury” moniker. Overall, we weren’t terribly impressed, but then again we’re probably too damn picky.

One interesting note: as far as we know, the first residential new development to employ car lifts in the garage.

∙ 1277 Howard #1 (1/1) - $519,000
∙ 1277 Howard #2 (1/1) - $499,000
∙ 1277 Howard #3 (2/2) - $749,000
∙ 1277 Howard #4 (2/2) - $769,000
∙ 1277 Howard #5 (2/2) - $789,000
∙ 776 Tehama #6 (1/1) - $519,000
∙ 776 Tehama #7 (1/1) - $549,000
∙ 776 Tehama #8 (2/2) - BMR (“SOLD”)
∙ 776 Tehama #9 (1/1) - BMR (“SOLD”)
∙ 776 Tehama #10 (1/1) - $559,000
∙ 776 Tehama #11 (2/2) - $739,000
∙ 776 Tehama #12 (1/1) - $529,000
∙ 776 Tehama #13 (1/1) - $569,000
∙ 776 Tehama #14 (2/2) - $759,000
∙ 776 Tehama #15 (1/1) - $549,000
∙ 776 Tehama #16 (1/1) - $579,000
∙ 776 Tehama #17 (2/2) - $775,000

Posted by socketadmin at 8:49 AM | Permalink | Comments (5) | (email story)

March 31, 2006

Weekend Update: Three Weeks Later

Call it tradition, a need to see it through to the end, or just plain rubbernecking, but damn it, we're following these units until they sell.

1. 1725 Washington: Seven of the fourteen units remain available (#12 has yet to be added to the MLS).

2. 1625 California: At least three original “2ND Release now available! Going fast!” units remain Active (#31,#43,#44). No word on an impressive “3RD Release”.

3. 1551 Filbert: Unit #1 has fallen out of contract; all three TIC units remain available.

And FYI: 776 Tehama throws open its doors this weekend as 17 new condos hit the market. We’re looking forward to some good reader reports. Don't forget the cameras. And umbrellas.

∙ Weekend Update: Sales Follow-Up [SocketSite]

Posted by socketadmin at 12:28 PM | Permalink | Comments (0) | (email story)

What’s Really Going On? (Part I And A Half)

Despite all the hype, it appears that “starchitected” condos aren’t actually selling that well in New York (according to the Wall Street Journal). Curbed offers a fine rundown for the subscriptionaly challenged.

The relevance to San Francisco you ask? Well, Damion Matthews (of “What’s Really Going On?” fame) points out the following precious quotes in the Journal:

“The slowdown appears to have prompted some developers to exaggerate their sales figures. Marketers for Mr. Meier's 165 Charles Street, along Manhattan's Hudson River waterfront, had widely distributed information to potential buyers and the media stating that 24 of the building's 31 units had sold. But a look at deeds filed with the city showed a much lower number.”

"Developers try hard to create buzz for a project," says Las Vegas developer Laurence Hallier. "Telling buyers or the media that a project is nearly sold out or is going fast is all part of the game."

Inconceivable! (And yes, we’re still working on Part II of “What’s Really Going On?”) Another noteworthy quote: “…these developers often ignored the first rule of real estate -- location -- and built in marginal neighborhoods far from other luxury homes and upscale stores.” Not that we’re pointing any fingers. Yet.

∙ Condos With a Name: 'Available' [WSJ - $]
∙ Twilight of the Starchitected Condo [Curbed]
∙ Reader Question: What’s Really Going On? (Part I) [SocketSite]

Posted by socketadmin at 11:26 AM | Permalink | Comments (0) | (email story)

March 27, 2006

The Californian on Rincon Hill: 375 Fremont St.

As we mentioned last week, ‘The Californian on Rincon Hill’ a 40-story and 435 unit luxury condo building is in the works for 375 Fremont St. Richard Keating, “international celebrity architect”, professor of architecture at UC Berkeley, and designer of the Elihu Harris State Building in Oakland is heading up the design team.

“The building will have an eight-story podium with glass townhouses along Fremont Street. Atop the podium will be outdoor terrace areas with a lap pool, gym and entertaining room. The average-sized unit will be about 1,000 square feet. The top 25 floors will provide unobstructed views of the entire San Francisco Bay and surrounding areas.”

Sounds very nice. That is unless your ‘unobstructed views’ from another building are about to become very much obstructed by The Californian…

∙ Chicago firm nabs pair of S.F. sites for 40-story tower [bizjournals]
∙ Bay Buildings: The Metropolitan (333/355 1st Street) [SocketSite]

Posted by socketadmin at 3:45 PM | Permalink | Comments (8) | (email story)

March 24, 2006

Bay Buildings: The Metropolitan (333/355 1st Street)

Back in early 2004 the San Francisco Business Times wrote the following: “As the first true housing highrise to sprout out of San Francisco's Rincon Hill, [the Metropolitan’s] 20-story north tower and 27-story south tower look awfully lonely…But fortunately for our forlorn friend, Rincon Hill's soil is fertile and more company is on the way.”

Or not (fortunately that is).

Damion, a frequent SocketSite commenter, points out that according to the San Francisco Business Times, a 40-story high rise ("The Californian on Rincon Hill") is planned for 375 Fremont. The “not fortunate” part? In Damion’s own words, “Who should be worried? The good folks at the Metropolitan on First Street who are facing the bay -- their views are going to be blocked!” That’s definitely something worth keeping in mind when checking out any of the open houses this weekend (especially if boasting “Unobstructed Views of Bay”).

Another SocketSite tip? Unit number #1103 is touting “Ice Cream!” at both open houses (Sat/Sun 2:00-3:30). Hey, it’s the little things.

∙ Winner: The Metropolitan [bizjournals]
∙ The Metropolitan (San Francisco) [themetsf.com]
∙ Comments: New Home Sales Plunge In The West [SocketSite]
∙ Listing: 355 1st St #1103 - $599,000 [MLS] [Skybox Realty]
∙ Listing: 355 1St St #301 - $649,000
∙ Listing: 355 1St St #806 - $669,000 [MLS] [Skybox Realty]
∙ Listing: 333 1St St #1502 - $729,000 [MLS] [Skybox Realty]
∙ Listing: 333 1St St #1703 - $785,000 [MLS] [Listing Agent]

Posted by socketadmin at 8:41 PM | Permalink | Comments (4) | (email story)

Reader Question: What’s Really Going On? (Part I)

We recently received the following question from a reader:

“Several large [SOMA] condo complexes are in phase I, II etc and claim rates of 50% - 80% sold after just a few months. Everything else in the area looks like a standstill in my opinion. What is really going on?”

In light of all the new San Francisco developments (and recent Commerce Report) we were inclined to go searching for an answer. One of our first stops, SOMA Realtor® Damion Matthews:

"Presumably the emailer is referring to The Watermark, The Beacon and The Palms, as they are the only "large" complexes in the area (if we define that as a building with, say, over 100 units). But The Beacon has been selling for a year, the Watermark for about 7 months, and The Palms for 2 months. While sales appear to have been good at all three developments, I put little weight in the claims that a sales agent makes about sales in his or her development. It's not that they lie, but they do spin. They want to make it look like they're selling out really fast. No surprise there. But the fact of the matter is that it's difficult for someone outside of the sales office to really know what the state of a project's inventory is. Sure, they can claim they're 80% sold out... but perhaps the developer has only released a third of its inventory. Those sort of details are not handed out freely. [Editors note: unless you read SocketSite…]

As for the re-sale market in South Beach, inventory and sales levels are not drastically different than a year ago. The big change is that it does take longer for the average condo or loft to sell. That's for a number of reasons: there's more inventory in South Beach now than there was last year (because of the new developments), prices are higher than last year, the best units in the area tend to not be for sale, and of course people are cautious about the future of the market. However, the number of units sold this year has exceeded last year's numbers, despite those problems.

Are re-sales in South Beach at a standstill? I don't see that. It's true that units with bad views take a long time to sell, but conversely those units with great views still sell quickly, and at a high price. Futhermore, people who buy those condos with great views like them and stay in them!"

Here is where we paraphrase: 1. Don’t believe everything you read (unless it’s on SocketSite…), 2. Premium properties tend to stay in demand (and hold value), and 3. Get ready for what we’re going to call a real estate “flight to quality” (more on this next week).

Thanks Damion!

Posted by socketadmin at 1:36 PM | Permalink | Comments (0) | (email story)

March 22, 2006

New Developments: Sierra Heights

You still have to wear a hardhat if you’re planning on a tour, but the Sierra Heights sales office is definitely open (Sat-Thu). Sixty-seven units, three buildings (East, West, and North) and one phase (targeting occupancy for June/July).

As best we can tell, about 50% sold (90% of the East building, 25% of the West building, and the 13 units in the North building have yet to be priced). And while the MLS might only show four 'Active' units, we offer our readers four bonus prices:

∙ 25 Sierra #305 East (2/2) - $645,000
∙ 25 Sierra #302 East (3/2) - $759,000 [MLS]
∙ 25 Sierra #301 East (3/2) - $849,000 [MLS]
∙ 25 Sierra #302 West (2/2.5) - $849,000 [MLS]
∙ 25 Sierra #304 West (2/2.5) - $869,000
∙ 25 Sierra #306 West (3/2.5) - $899,000
∙ 25 Sierra #505 West (3/2.5) - $949,000
∙ 25 Sierra #506 West (3/2.5) - $949,000 [MLS]

Posted by socketadmin at 12:05 AM | Permalink | Comments (0) | (email story)

March 20, 2006

New Developments: 776 Tehama

Vanguard Properties has been advertising “Coming in March 2006” for the 17 new condos at 776 Tehama, but as far as we know, they have yet to hit the market.

Two completely random notes: one, according the website, floor plans for the two bedrooms and junior one bedrooms are currently unavailable (probably wishful thinking that they’ve been reading SocketSite and are now redesigning the units, but we can dream can’t we?); and two, if you buy a unit, you’re indirectly funding the re-election of Supervisor Gerardo Sandoval.

Posted by socketadmin at 12:05 AM | Permalink | Comments (1) | (email story)

March 17, 2006

A Week Of Atonement

So we mange to wax poetic (“stunning - from the design, to the finishes, to the views”) about the new “Green” house at 520 Clipper. We give accolades to the builder (Lorax Development) and even point out the broker (Brown & Co.). The only person we forget to mention? Uhh, that would be the actual architect…

John Maniscalco, of John Maniscalco / Architecture, designed 520 Clipper from “top to bottom, including cabinets, finishes, etc.”, and is also the architect for the new Lorax development at 22nd and Valencia. John’s studio focuses on two principles, “creating livable, modern spaces and engaging the clients in the design process.” It shows. (And we’re fans.)

∙ John Maniscalco / Architecture [M-Architecture]
∙ The Greenest Home In San Francisco [SocketSite]

Posted by socketadmin at 9:07 AM | Permalink | Comments (0) | (email story)

March 16, 2006

New Developments: Broderick Place

Broderick Place, a Signature Properties “Neighborhood” (i.e. new development), features a mix of one and two bedroom “condominium homes” and is located on Broderick between Oak and Fell.

All we know is that construction looks to be about six months (?) from completion and that the sales office is open for business (albeit located down at 215 King Street). Other than that, we know nothing. Bueller?

∙ Broderick Place [sigprop]

Posted by socketadmin at 10:07 AM | Permalink | Comments (4) | (email story)

March 10, 2006

Weekend Update: Sales Follow-Up

Lots of questions with regard to sales activity for three of the New Developments we’ve recently profiled, so let’s do a quick rundown to kickoff the weekend (and help you plan your open house stops this Sunday):

1. 1725 Washington: Three (#3, #9, #14) of the fourteen units we profiled a month ago have sold, eight units remain active in the MLS, and three units (#4,#7,#12) have yet to be added to the MLS. (And yes, #2 and #6 remain "Sold" BMR units.)

2. 1625 California: Of the seven “2ND Release now available! Going fast!” units we featured two weeks ago, one (#55) has gone pending, while the other six remain available (a couple after 3+ months).

3. 1551 Filbert: After 45 days, one (#1) of the three “truly special & will not last” TICs has garnered an offer (#2 and #4 remain Active).

And no, we're not implying that the market has "popped", "crashed", or "tanked". Just that it has changed. And that "if you build it they will buy it (regardless of the design, price, or marketing)" thinking might just be a thing of the recent past (along with "guaranteed” double-digit appreciation).

∙ Update: 1725 Washington Street [SocketSite]
∙ 1635 California Street [SocketSite]
∙ For Sale By Owner Listed! [SocketSite]
∙ San Francisco Sales/Prices Trend Down [SocketSite]

Posted by socketadmin at 12:56 PM | Permalink | Comments (1) | (email story)

New Developments: 871-881 Turk

FYI: The empty lot (871-881 Turk) next to the aforementioned Vanguard Turk Street development is slated to become a 9 story apartment building within the next four years. So just don’t get too attached to those “sneak-peek” views of the park…

∙ SocketSite Inside Scoop: Vanguard Turk Street Development [SocketSite]

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

SocketSite Inside Scoop: Vanguard Turk Street Development

Despite the fact that it’s not currently advertised on their website, the Vanguard development in Hayes Valley (800 block of Turk) should be finished within the next six months (according to insiders). Additional insider details: 28 units in total with 2 bedroom units averaging ~1200 sq.ft. and offering 2 car parking.

Now just keep your fingers crossed that this development doesn’t suffer from the same design flaws challenges as 1725 Washington and 1635 California (two other Vanguard properties). [Note to Vanguard: listen to the readers (i.e. buyers)]

∙ 1635 California Street [SocketSite]
∙ Update: 1725 Washington Street [SocketSite]

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

March 8, 2006

New Condos Starting In The $400,000s?

Demolition has started to make way for construction of The Hayes, an eight-story condominium (128 units) and retail development in Hayes Valley (55 Page at Gough).

It’s a long way from completion (rendering), but the “Starting in the $400,000s” is sure to get a lot of people’s attention and cause a fair amount of commotion (if not rubber-necking).

SocketSite readers can officially consider themselves “in the know”. You can thank us later.

Posted by socketadmin at 5:38 PM | Permalink | Comments (0) | (email story)

February 28, 2006

QuickLinks: Building Up

A tipster passes along the links to three new developments soon(?) to grace(?) the San Francisco skyline:

∙ The Infinity (300 Spear) ~ 650 units
∙ The Soma Grand (1160 Mission) ~ 246 units
∙ One Rincon Hill (First and Harrison) ~ 695 units

Note: Last we read One Rincon Hill was on hold (something about not wanting it to fall over). And the tipster also included the following: “I thought it might be funny to do a thread on the site about stupid building names”. We'll...we’re here to please, so feel free to have at it folks.

Posted by socketadmin at 12:28 AM | Permalink | Comments (1) | (email story)

Evidence Of Another Marketing Problem

An article in Friday’s San Francisco Business Times focuses on how lenders are “falling all over themselves to throw money at [SF condo developers]”, and characterizes Bay Area condo construction as the “darling of lenders”.

Unlike Miami, where an estimated 60,000 units are in the development pipeline, San Francisco is constrained geographically. Less than 8,000 units are slated for completion within the next few years, and additional development sites are limited. The Palms, the Watermark and the Beacon, the only three projects where new condos are for sale [emphasis added], all report record activity in January and February, traditionally the slowest time for homebuyers. Since Jan. 1, the Beacon has averaged nearly one condo sale a day.

The “only three projects where new condos are for sale”? Did we miss something? (Or did the author?) And averaging "nearly one condo sale a day"? Aren't there 595 units at the Beacon? And "record activity" compared to what?

∙ Costs soar, market cools -- but lenders are still hot… [BizJournal]
∙ 1635 California Street [SocketSite]
∙ Update: 1725 Washington Street [SocketSite]
∙ SocketSite New Developments Archive [SocketSite]

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

February 27, 2006

1635 California Street

Vanguard’s marketing materials describe 1635 California Street as having a “stylish entrance lobby and elevator much like a boutique hotel”. And after making it to yesterday’s open house, we’d say “boutique hotel” fairly characterizes the “36 modern luxury residences” as well. Much like 1725 Washington, these “residences” suffer from a lack of space.

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

∙ 1635 California Street #31 - $715,000 [MLS]
∙ 1635 California Street #43 - $789,000 [MLS]
∙ 1635 California Street #44 - $719,000
∙ 1635 California Street #52 - $725,000
∙ 1635 California Street #55 - $739,000 [MLS]
∙ 1635 California Street #62 - $739,000 [MLS]
∙ 1635 California Street #63 - $835,000 [MLS]

∙ Update: 1725 Washington Street [SocketSite]
∙ Comments: Condo’s Going Up. Prices Coming Down? [SocketSite]

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

February 24, 2006

Permaconstruction At Post And Masonic Presidio

A year ago construction began on a multi-unit building at the corner of Post and Masonic Presidio. After nine months workers stopped showing up. And today, the building sits unfinished and off the market (as far as we know).

So our question of the day, does anybody know what the hell is going on? Cash flow problems? Permit problems? Contractor problems? It’s a shame to see (potential) inventory just sitting there like that...

Posted by socketadmin at 3:05 PM | Permalink | (email story)

February 22, 2006

706 Mission Sold And Mission Bay Booming

Add the 10-story office building at 706 Mission St. to the list of “older, smaller office structures snapped up by luxury housing developers” over the past couple of years (others include “the former Chronicle building at 690 Market St.; 333 Grant Ave.; 74 New Montgomery St.; and 201 Sansome St.”). And although it hasn’t been confirmed, “sources with knowledge of the deal said the developer wants to build a mixed-use housing and retail development”.

According to the San Francisco Business Times, while 16 developers made offers on the property, “about half the bidders were interested in converting the building to housing, but perhaps more surprisingly, about half saw its promise as a revamped Class B office building.” And while “the conventional wisdom in real estate circles has been that the conversion market is slowing down” architect Dan Huntsman offers the following: “We are still getting contacted literally every week by people who want to do these projects".

And a little to the South, the Mission Bay area continues to boom with “more than 1,000 residential units completed and 6,000 more slated for completion within the next 36 months”.

∙ Homes are in and retail seems sure to follow [BizJournal]
∙ Building bagged for condos, with more on the way [BizJournal]

Posted by socketadmin at 12:05 PM | Permalink | Comments (0) | (email story)

February 17, 2006

Condo’s Going Up. Prices Coming Down?

No mention of San Francisco in today’s New York Time’s article about the impact of speculators exiting the condo market ("Farewell, Condo Cash-Outs"), but it’s still relevant. And worth a quick read.

While investors made up only 9.5 percent of residential mortgages nationally in the 10 months through October, according to First American Corporation's LoanPerformance, a San Francisco mortgage data firm, the numbers are much higher in places like San Diego, where investors represented 13.5 percent of residential mortgages, and Miami, where they were 16 percent.

Hans Nordby, research strategist at Property and Portfolio Research in Boston, said those numbers underreport the real level of speculation in those markets because many buyers disguise their intentions when they get their mortgages. As those speculators flood the market, he said, they will put pressure on other sellers to cut prices, too. "A rising or sinking tide affects all boats," Mr. Nordby said.

Still, a sell-off in speculative condos is unlikely to start a widespread housing crash, because condos were more overbuilt than single-family homes during the recent boom, said Joseph Gyourko, professor of real estate and finance at the Wharton School of the University of Pennsylvania. But weakness in the condo market, he said, "is a consistent indicator that the great boom has really ended."

Perhaps now would be a good time to familiarize yourself with SocketSite’s growing New Developments archive.

∙ Farewell, Condo Cash-Outs [NYT]
∙ San Francisco Perspective: Condominium Developments [SocketSite]
∙ QuickLinks: New Condos On The Market (Or In The Works) [SocketSite]

Posted by socketadmin at 9:56 AM | Permalink | Comments (7) | (email story)

February 13, 2006

QuickLinks: New Condos On The Market (Or In The Works)

∙ 170 off Third (coming this summer)
∙ 1635 California Street, 30 units
∙ San Francisco Perspective: Condominium Developments [SocketSite]

Posted by socketadmin at 10:07 AM | Permalink | Comments (4) | (email story)

New Developments: 188 King Street

Five years ago the garment factory at 188 King Street sold for $3.6 million.

There used to be a thriving garment factory at this site. When the previous owner retired, he closed the factory and sold the property to real estate speculators, who swiftly demolished the warehouse that housed the factory to make way for a live-work development. In a letter to the Planning Commission, Alice Barkley (who did not return phone calls seeking comment), the lawyer representing the developers, argued that the demolition of the warehouse was justified on the grounds that it represented an "under-utilization of the site." In late 2000 the Planning Commission approved the construction of an eight-story building containing 46 live-work units.

Today, “Open Floorplan [sic] Residences” are on the way.

∙ A legacy of wreckage [sfbg]
∙ 188 King Street, 46 units?

Posted by socketadmin at 9:45 AM | Permalink | Comments (0) | (email story)

February 10, 2006

Bueller? Bueller? Bueller?

Come on readers, we're still trying to answer our last reader request, and now we have another:

“Do you know anything about a small new development in South Beach called The Shoreline? It's on Federal. I can't find a website or who the developer is or anything!”

Anyone have the inside scoop on The Shoreline and care to share? (tips@socketsite.com)

And speaking of new developments:

∙ Maguire gets nod to market Esprit condos [bizjournals]

Posted by socketadmin at 10:01 AM | Permalink | Comments (4) | (email story)

February 7, 2006

Update: 1725 Washington Street

Some brokers' tour comments for Washington Square West (1725 Washington): “great light, area, and reasonable HOA,” but “little storage space with small rooms and living space”.

And despite being advertised as “SOLD” on the pricing sheet, units #2 and #6 have simply been reserved for below market rate ("BMR") sales (here we go again), which leaves a full fourteen units up for grabs at "full" market rates:

∙ 1725 Washington Street #1 - $799,000 [MLS]
∙ 1725 Washington Street #3 - $879,000
∙ 1725 Washington Street #4 - $875,000
∙ 1725 Washington Street #5 - $829,000
∙ 1725 Washington Street #7 - $849,000
∙ 1725 Washington Street #8 - $845,000 [MLS]
∙ 1725 Washington Street #9 - $859,000
∙ 1725 Washington Street #10 - $865,000 [MLS]
∙ 1725 Washington Street #11 - $875,000
∙ 1725 Washington Street #12 - $879,000
∙ 1725 Washington Street #13 - $879,000
∙ 1725 Washington Street #14 - $885,000
∙ 1725 Washington Street #15 - $899,000 [MLS]
∙ 1725 Washington Street #16 - $895,000

Posted by socketadmin at 2:54 PM | Permalink | Comments (1) | (email story)

February 2, 2006

New Developments: 1725 Washington Street

14 of the 16 brand new condominiums at 1725 Washington Street hit the market this week with an open house this Sunday (2/5) from 1-4 PM. We can’t make this one, but would love for some kind soul to take a camera (we need a better picture), grab a property statement, and report back.

∙ Listing: 1725 Washington Street #1 - $799,000 [MLS]
∙ Listing: 1725 Washington Street #15 - $899,000 [MLS]

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

December 11, 2005

San Francisco Perspective: Condominium Developments

Numerous new San Francisco condominium developments have recently, or will soon, come on the market. The nine developments below represent approximately 1,300 new condo units and are but a few of the new developments in the works within the city limits. For perspective, there are currently 427 San Francisco condominiums listed for sale on the SF MLS.

∙ The Beacon, 595 units
∙ The Palms San Francisco, 300 units
∙ The Watermark, 136 units
∙ St. Regis Residences, 102 units
∙ The Lansing, 82 units
∙ Sierra Heights, 67 units
∙ 69 Clementina, 18 units
∙ 939 Jackson Street, 9 units
∙ Shipley Square

Posted by socketadmin at 11:24 PM | 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)

November 9, 2005

Can’t We All Just Get Along?

“Home Depot received official approval to build a store on Bayshore Boulevard, after a narrow vote by the Board of Supervisors ended years of frustrated attempts by the big-box retailer.” That being said, Supervisor Ammiano vowed “It’s not over yet.”

Come on Tom, at least employ a good catch phrase like “I’ll be back” or “If it doesn’t fit, you must acquit.” As far as we’re concerned, “It’s not over yet” is kind of a dud (as is the threat).

∙ Home Depot gets nod to build in The City [Examiner]
∙ Potential Home (Depot) Wreckers [SocketSite]

Posted by socketadmin at 9:26 AM | Permalink | (email story)

October 27, 2005

Forget $340M Powerball, Just Give Us A Damn Condo!

4,300 applicants, 400 drawn names, and only 20 lucky “winners”. Residents in other cities dream of winning multi-million dollar lotteries, while here in San Francisco we dream about winning the right to purchase a 600 square foot condo in the Beacon for a measly $172k.

The fine print: “applicants may not have owned a home in the past three years, must have limited assets and must earn no more than 70-110 percent of the area's median income ($66,500 if you’re single, $95,500 for a family of four)...[and] the amount of equity they can accumulate is capped [around 3% a year].”

We would, of course, love to hear from any lucky winners. And as always, please feel free to invite us to the housewarming (we’ll bring champagne).

∙ Lottery attracts a host of would-be S.F. homeowners [Chronicle]

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

October 26, 2005

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 18, 2005

Open Meeting: Mid-Market Redevelopment

The Redevelopment Agency Board will review the redevelopment plan for the mid-Market area this afternoon at 4 p.m. The meeting is in Room 416 of City Hall. Pro: 3,000 new housing units and an arts district; con: displaced low-income residents.

∙ Mid-Market Non-News [SocketSite]
∙ Mid-Market Development “Breaking” News [SocketSite]

Posted by socketadmin at 9:15 AM | 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 19, 2005

Movies In The Marina

Closed since October 2001, the Cinema 21 on Chestnut Street will rise like a phoenix from the flames (and in an entirely new light).

The model — hashed out by the property owner, the Marina Merchants Association and the Neighborhood Theater Foundation — uses ground-floor retail as an engine to partially finance the upper-level theaters. In this case a 9,200-square-foot Walgreens will bring in enough rent that the two theaters are not under as much financial pressure, according to Miller.

Two thumbs up. Way up.

· Cinema 21 “Biography” [Cinema Treasures]
· Show will go on at Marina District theater [Examiner]

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August 29, 2005

First Game Pulte (But Many Sets To Go)

Looks like Pulte has placed the San Francisco Tennis Club (Fifth and Townsend) under contract with their sights sight on bulldozing the courts and building anew (400 condo’s that is). We can hear rackets being smashed (and Bay Club snickers) all the way over here.

Also mentioned in the San Francisco Business Times, a “34-story development at 535 Mission St. will go to the San Francisco Planning Commission Sept. 1...The project calls for 273 condo units, 5,000 square feet of ground floor retail and a whopping (not to mention pricey) five levels of subterranean parking.”

· Pulte, Peebles and Avalon Bay home in on housing projects [SF Business Times]

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Rose Sellers Still Selling

East versus West; Japanese versus Italians; out of state developers (they’re from Virginia). Anyone else thinking a modern day re-write of The Grapes of Wrath? Maybe it's just us. Regardless, details are starting to surface with regard to the San Francisco Flower Mart sale we reported last week.

And it appears that the move by Silver Terrace was designed “to force the issue of the Flower Mart's future.” This ought to be interesting (but not quite Steinbeck).

· Real estate in bloom [Chronicle]
· Time To Send Flowers? [SocketSite]

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August 26, 2005

Bayview Development

The Third Street Light Rail is breathing new life into the Bayview. Armstrong Place, consisting of 256 for-sale and rental units, was recently approved for construction at 5600 Third Street. And next week, Levin Menzies & Associates will seek Planning Commission approval for a major condo project at 3800 Third.

Great stuff. But we still have to shake our heads when we read, “...prices will start at around $500,000 to be affordable for young families.” Hell, we remember back in the old days...

· Two new projects hope to bring life to Bayview area [Examinier]

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August 23, 2005

The Story Within The Story

Okay, while we might have branded “Mid-Market eyed for unusual projects” a non-story, it’s the story within the story we actually find quite interesting. In specific, the “tiny condo” movement.

...Group I is building 60 tiny condominiums a block from Market Street. The project has attracted attention because of the small size of the units, their relative affordability and the lack of parking because of its transit-rich corridor location. The condos at 83-91 McAllister St. start at 225 square feet and will be priced in the $200,000s and up, project manager Dan Paris said.

A first glance, we love it. And it’s quite “affordable”. But at nearly $1,000/sqft. it’s damn expense for any part of San Francisco (including Pacific Heights). Hell, that’s expensive (and small) for even New York or London!

Posted by socketadmin at 4:13 PM | Permalink | (email story)

Mid-Market Non-News

As we reported two months ago, the Mid-Market development plan is moving forward. And apparently developers are considering “unusual projects”. Like non-profit headquarters or small condominiums. Uh-huh. For a second there, we thought we were reading the Onion.

· Mid-Market eyed for unusual projects [Examiner]
· Mid-Market Development “Breaking” News [SocketSite]

Posted by socketadmin at 3:56 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 22, 2005

Cleaning Up The Yard

The extreme makeover of the Hunters Point Shipyard is continuing to move forward. The Shipyard, which has been on the EPA’s toxic “Priority List” for nearly 15 years, will undergo an $80 million cleanup, redevelopment, and “renaissance” over the next three years.

The cleanup requires the (hopefully) temporary displacement of a number of current tenants (mostly artists). And let this serve as a quick reminder to double-check the disclosures if you’re buying property near an EPA site...

· Hunters Point Shipyard Redevelopment
· Shipping out the tenants [Chronicle]

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

August 16, 2005

Five Years Late (And One “N” Short)

“The Millenium Tower, a 60-story skyscraper at 301 Mission St., will begin construction in early September next to the terminal, as a developer down the street at 535 Mission St. attempts to build a 35-story tower with 287 condos. And the area around the terminal is expected to become a redevelopment area in the next decade with the eventual development of 3,400 housing units as well as offices and hotels.”

· Mission Street sees condo boom [Examiner]

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August 15, 2005

Hayes Valley And Octavia Boulevard Update

Matt over at the SFHomeBlog is keeping us honest this morning. We’ve been remiss in covering the Octavia Boulevard development, but damn it, no longer...

The public comment period on the Market & Octavia Neighborhood Plan has been extended to Tuesday August 23, at 5pm. A few other resources to get you up to speed on the development in general, and progress in specific:

· Brief History: San Francisco CITYSCAPE: Octavia Boulevard
· Overview, Detours & Updates: OctaviaCentral
· Planning: SFGOV: Market & Octavia Neighborhood Plan

Posted by socketadmin at 10:54 AM | Permalink | (email story)

August 12, 2005

QuickLinks: New Housing Developments

· Condos are first step in bold terminal plan [Chronicle]
"Prices will range from the $700,000s for a small one-bedroom on a lower floor to $1.7 million and up for three-bedroom units on the 17th floor and above. Penthouse units will be even pricier, and homeowner dues for all residences will run around $700 per month."

· Housing plans for Candlestick area [Examiner]
"Signature Properties, whose 433-unit complex would just uphill from three office buildings at Executive Park, is proposing three mid-rise towers and 150 townhouses, with market rate units going for $400,000 to $700,000, with a plan to build 53 affordable homes."

· New affordable housing complex [Chronicle]
"Located at 145 Taylor St. in the Tenderloin, Curran House is the love child of a rare coupling: aesthetic style and social justice. Designed by architect David Baker for Tenderloin Neighborhood Development Corporation, the 67-unit building has been created for one of the neediest populations in the city: very low income families with children."

· Bayview may receive 600 more housing units [Examiner]
The group expects to tear down the current 275 units and replace them with up to 600 units. The new complex would have the same number of public housing units but would also include rental units, below-market-rate units and market-rate homes.

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

August 9, 2005

Three New Developments Around Town

Three new condo developments are on our radar screen and we’re looking for some insight to share. Has anyone researched, toured, or bought any of these units? (email tips@socketsite.com)

· 69 Clementina [Downtown - GMAP]
· 175 Bluxome [SOMA - GMAP]
· Sierra Heights [Potrero - GMAP]

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

August 3, 2005

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)

July 29, 2005

QuickLinks: Friday update (updated)

Home Depot Approved: Hope you brought that popcorn (and a chair).
· SF Commission OK's Home Depot Plans [KRON4]
· Heated meeting over Home Depot plan [Chronicle]

PMI Risk Report: Okay, this time SocketSite was only a day earlier in reporting.
· Home value declines seen as more likely [Chronicle]

SocketSite Survey: Damn those “Industry Experts”, we want to hear from YOU.
· SocketSite’s Highly Scientific Real Estate Survey [Zoomerang]

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

July 27, 2005

Mission Armory Redux?

We’d be willing to bet that if you’ve ever passed by the Armory at Mission and 14th you’ve had visions of what you’d do with the empty building. And you wouldn’t be alone.

Despite being listed on the National Register of Historic Places, the Armory has been vacant for over 30 years. And during those years which it’s proven to be a proverbial white elephant for numerous developers/dreamers. A new developer, however, has stepped forward with yet another plan to convert the space into condos and commercial space.

No need to ring your agent (or organize a protest) quite yet. If approved, the project would be completed in 2009/2010.

· A new life for the Mission Armory? [Examiner]
· Cursed Armory Has Hexed Developers for Over Twenty Years [Chronicle]
· Public Corruption Watch [AmicusVeritas]

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

July 25, 2005

Bayview/Bernal Home Depot Update

Home Depot will present its final Environmental Impact Report to the Planning Commission this Thursday, July 28, at 5pm in City Hall Room 400. The public is welcome to attend and comment prior to the Commissions “go”/“no-go” vote.

Bring popcorn, this one should be interesting.

· Home Depot debate [Chronicle]
· Home Depot seeks to divide and conquer [SF Bay View]

Posted by socketadmin at 9:15 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 5, 2005

From Hillside To Housing

According to the Examiner, San Francisco has “declared the hillside at Henry Street and Roosevelt Way surplus property and could sell it to raise money for affordable housing or develop it for homeless housing.” Have an objection or care to learn more? Attend the Buena Vista Neighborhood Association’s meeting with Supervisor Bevan Dufty and the Mayor's Office of Housing this Wednesday at 7 p.m. (CPMC/Davies Medical Center auditorium on Level B of the North Tower).

And yes, the green space at the far left of the above image is what they’re talking about. One of these days we’ll actually get our photo editing tools installed and start circling things for your pleasure...

· City considers sale of surplus property for affordable housing [Examiner]

Posted by socketadmin at 12:25 AM | Permalink | (email story)

July 1, 2005

That’s More Like It

Having just declared Carter Terrance the best-looking new complex in San Francisco, John King goes and profiles a much better-looking development the very next day. Regardless, kudos to the developers (Citizens Housing and Tenderloin Neighborhood Development Corporation) and architect (david baker + partners).

· soma studios + 8th + howard apartments [david baker]
· A SOMA complex with a coffee shop and lively mural... [Chronicle]

Posted by socketadmin at 12:05 AM | Permalink | (email story)

June 29, 2005

Overstatement Of The Week

From SF Gate: “Who would have guessed the best-looking new housing complex in SF is across from the Cow Palace?”
Answer: Not us. And we wouldn’t have been wrong.

Kudos to the Mercy Housing California, Carter Terrace is a great addition to the neighborhood. And we applaud all the design and usability considerations that usually get swept aside in affordable housing developments. But “best-looking”? Not a chance.

· Urban design that's smart, practical [Chronicle]

Posted by socketadmin at 8:23 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)