SocketSite™

CATEGORY ARCHIVE: New Developments

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 (64) | (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 (6) | (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 (28) | (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 (15) | (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 (6) | (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 (15) | (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 (36) | (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 (6) | (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 (60) | (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 (11) | (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 (30) | (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 (12) | (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 (19) | (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 (11) | (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 (24) | (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 (68) | (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 (24) | (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 (23) | (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 (10) | (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 (58) | (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 (43) | (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 (26) | (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 (46) | (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 (36) | (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 (37) | (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 (9) | (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 (12) | (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 (4) | (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 (36) | (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 (169) | (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 (80) | (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 (25) | (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 (55) | (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 (62) | (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 (10) | (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 (26) | (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 (9) | (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 (20) | (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 (44) | (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 (8) | (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 (33) | (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 (46) | (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