CATEGORY ARCHIVE: RandomRumors
November 13, 2013
Google Rumored To Be Making A Big Move In San Francisco
Rumors amongst San Francisco’s commercial brokerage community have Google in discussion to either buy the 14-acre Mission Bay parcel that Salesforce decided not to develop with 1.9 million square feet of potential office space or circling the 1.3 million square foot Transbay Tower, the foundation for which is underway.
September 23, 2013
Request "To Preserve Noe Valley's Character And Charm" Rejected
San Francisco's Planning Commission has voted 7-0 to reject the requested Discretionary Review (DR) for the home to be built at 645 Duncan Street, approving the designs for the new 4,820 square foot Noe Valley home as proposed (click renderings to enlarge).
And while we'll have to consider it a rumor for now, if a plugged-in tipster is correct, the modern 6,000 square foot home next door at 625 Duncan might soon hit the market, a move which would appear to have been planned prior to last week's ruling against the owners who had requested the Discretionary Review to block the building of 645 Duncan as proposed, characterizing their request as a fight to preserve "the character and charm" of the neighborhood.
∙ A Rather Ironic Noe Valley Fight Continues, Decision This Week [SocketSite]
∙ Buyers Of 6,000 Foot Home Now Fight To Preserve "Noe's Charm" [SocketSite]
May 2, 2013
While The Rumor Mill Was Grinding Away, No Strip Club On Castro
While the rumor mill had been grinding away, so to speak, as we first reported last week, the group doing business as RR-SF, Inc. (a.k.a. Randy Rooster) would be presenting their plans for the old Bank of America building at 400 Castro Street (a.k.a. the former Diesel store) to the Merchants of Upper Market & Castro this week.
While we took some heat for lagging behind other reports that a strip club was in the works for the space, in the words of one of the proposed Randy Rooster club's co-owners: "The rumor mill has already started, so we are here to clear up the air."
And in the words of the Bay Area Reporter with respect to RR-SF's plans for 400 Castro:
"It will be an upscale restaurant and nightclub," said co-owner Stephen Jones. "We want to bring a gay gentlemen’s club to the Castro."
Jones later added that the entertainment would be in an "upscale burlesque style" that caters to the tastes of gay men. He likened it to the Crazy Horse in Paris, which opened in 1951 and bills itself as an "avant-garde cabaret," and the gay nightclub The Abbey in West Hollywood.
While the famous Parisian nightspot features half-naked female performers, the San Francisco venue will not involve nudity, said Jones, adding that the business will be run with "dignity, honor and respect."
RR-SF is reportedly in contract to buy the 400 Castro Street building for $7.7 million with another $6 million budgeted for the build-out of the Randy Rooster with hopes that it will become the flagship location for a chain of clubs.
∙ Presenting The Real Plan For Raging On Castro Street [SocketSite]
∙ Gay burlesque venue proposed for the Castro [ebar.com]
February 15, 2013
An Eleven Million Dollar Mansion Is Under Wraps Above The Haight
Former United States Ambassador James Hormel quietly sold his 8,000 square foot San Francisco mansion at 181 Buena Vista Avenue East for $7,200,000 early last year.
While Hormel extensively remodeled and expanded the Buena Vista mansion which sits on a massive 13,555 square foot lot in the late 1980’s, the home is now undergoing a complete interior transformation led by Butler Armsden Architects.
And while the cost of the renovation per the building permits totals $775,000, rumor has it that the budget for the project is actually closer to $4 million, a budget which might include the 24 hour security detail that has been trying to keep the renovation under wraps.
With respect to the new owner of 181 Buena Vista Avenue East, according to our sources that would be the co-founder of Pivotal Labs which was acquired by EMC in an all cash deal two months before the pad was purchased in an all cash deal as well.
January 30, 2013
Apple Rumor Busted But In Part Confirmed As Well
Perhaps it’s a case of plans having since changed, Colliers playing coy, or simply wishful thinking that’s not to be, but the rumor of Apple filling the vacated Diesel space seems to have been busted by the Biscuit. That being said, Colliers’ comment that "Apple was not interested in the space, as it was too small," would seem to confirm that Apple has indeed set its sights on the Castro, just not the 400 Castro Street Site.
∙ Apple Has Reportedly Set Their Sights On This Castro Street Site [SocketSite]
∙ UPATED: Diesel Closes. Apple Store Coming? [castrobiscuit.com]
January 28, 2013
Apple Has Reportedly Set Their Sights On This Castro Street Site
The word on the street is a 50% jump in rent was to blame for effectively chasing Diesel from their 400 Castro Street location at the corner of Market. And if a plugged-in tipster is correct, Apple has their sights set on the space with plans to develop the old Bank of America building into an iconic Apple Store which would be the fourth in San Francisco.
As Apple hasn’t commented, we'll have to consider it a rumor for now.
UPDATE (1/30): Apple Rumor Busted But In Part Confirmed As Well.
December 24, 2012
From David Sacks With Respect To 2845 Broadway (And SocketSite)
Straight from David Sacks with respect to the sale of 2845 Broadway which we first reported having sold for $20,000,000 last month but Trulia just reported having sold for $34,500,000 with "a portion of the sale...recorded as alternative personal property for tax reasons" according to their "in-the-know" sources:
There's no "tax tomfoolery". You correctly reported the sale price of 2845 Broadway when you checked the public records. Trulia didn't bother to. It's just sloppy reporting on their part. As the publication that appears to do actual research and fact-checking, rather than just quoting unnamed sources, you should have stuck to your guns and stood by your original story.
That said, I remain a fan of your blog.
Cheers and agreed, but we've always stood by our due dilligence and story. As we wrote yesterday, "we have reviewed the public records which pegs the recorded sale price at $20,000,000...which begs the question, if the "in-the-know" sale price Truila is reporting is correct...," a question that is now moot.
∙ More Yammerings And Apparent Tax Tomfoolery [SocketSite]
∙ The Massive 2845 Broadway Misses The Mark And Record Books [SocketSite]
December 7, 2012
Will This Be San Francisco's Most Expensive Home By Year's End?
First listed for sale for $55,000,000 in 2007 having served as the 2007 Decorator Showcase Home, the seller of 2901 Broadway received a rumored four offers that year, all of which were countered at asking and all of which walked away.
Having been on the market since and reduced a number of times, most recently to $34,000,000 four months ago, the Gold Coast mansion is in escrow and slated to be sold by the end of the year according to a couple of plugged-in sources who also say the buyer is local, the identity of whom we can’t yet confirm.
If 2901 Broadway sells for within 3 percent of its current list price, it will become the most expensive home ever sold in San Francisco, relegating 2840 Broadway to the penultimate position at $33,000,000.
As plugged-in people know, 2845 Broadway which was listed for $38,500,000 and had a shot at the title ended up selling for $20,000,000 last month, unless a major miscalculation or other tomfoolery by San Francisco's Assessor Recorder's office is in play.
And yes, the city will be a big beneficiary of the sale of 2901 Broadway as the property tax bill for the Gold Coast mansion totaled $7,790 last year. The transfer tax alone on this sale should be over half a million dollars and the tax bill should be over $200,000 a year.
∙ Go Ahead And Ask: 2901 Broadway Is Listed (And Priced) [SocketSite]
∙ Your Chance To Slip Inside 2901 Broadway [SocketSite]
∙ Rumor Has It: Four Offers On The 2007 Decorator Showcase Home? [SocketSite]
∙ With A Local Whale Landed, Another Mansion Is Reduced [SocketSite]
∙ The Confidential Sale Price For 2840 Broadway On Billionaire’s Row [SocketSite]
∙ The Massive 2845 Broadway Misses The Mark And Record Books [SocketSite]
∙ Proposition 13 In Practice Along San Francisco’s Gold Coast [SocketSite]
October 17, 2012
Sorry Hipsters, You Can't Claim Zuckerberg As Your Own
Based on sightings of Mark Zuckerberg walking his dog and eating in neighborhood restaurants, a number of news sites have reported that the Facebook founder has purchased a pied-à-terre in "the Mission District."
Unfortunately for any Mission hipsters (or local agents) that have since claimed and re-reported Zuck as one of their own, those reports are all incorrect.
While Zuckerberg does appear to have bought a home in San Francisco, according to a plugged-in source and due diligence, the house in question is actually atop Liberty Hill on the non-Mission side of Dolores. The property was never openly listed for sale, for which Zuckerberg paid a premium, and Zuckerberg's name is not attached to the house.
July 11, 2012
The Godfather Of Oracle Has Set His Sights On The Marina
According to a plugged-in source, Larry Ellison's "people" have put out feelers to a few San Francisco realtors, seeking a short-list of San Francisco homes down in the Marina which aren't on the market but for which their owners might be willing to accept an offer they can’t refuse, much like the Bebo founders’ acquisition of 37 Raycliff Terrace back in 2008.
∙ The SocketSite Scoop On 37 Raycliff Terrace (A.K.A. 2799 Broadway) [SocketSite]
∙ Amended America's Cup Host Agreement Approved [SocketSite]
July 3, 2012
While Zynga Trades Down, Pincus Trades Up
Having sold his Cole Valley home earlier this year, and a Presidio Heights property into which he never moved (but Zynga spent $1,169,896 to purchase, install and maintain a home security system), according to a plugged-in tipster, Mark Pincus is in contract to purchase the 8,850 square foot Albert Farr designed mansion at 2950 Pacific Avenue.
Perched on the south side of the 2800 block of Broadway up on San Francisco’s Gold Coast, but "set back from Pacific Avenue for privacy," the seven bedroom Pacific Heights property was listed for sale at $16,000,000 in May. According to our tipster, however, the sale will close "in the 12 million range" with confidentiality agreements in place.
While Zynga is currently trading at $5.57 per share, 44 percent under its IPO price of $10 per share, a few insiders including CEO Mark Pincus managed to dump over $500 million worth of Zynga stock at $12 per share in a secondary offering, the proceeds of which went into the insiders' pockets rather than the coffers of the company.
∙ Ba-Zynga! [SocketSite]
∙ PincusVille [SocketSite]
June 19, 2012
The Buyer Who Swiped 830 El Camino Del Mar For $9,990,000
As we first reported in March:
It would appear as though 830 El Camino Del Mar quietly sold for $9,990,000 last month with a listing that was "withdrawn" a week its before closing and unreported on the MLS.
As plugged-in people know, the Sea Cliff home had been listed and withdrawn seventeen times without selling since 1998 and had been listed for as much as $18,000,000 in 2008.
Feel free to suggest a final stanza for a reader’s original poem. Then again, the buyer was the rather anonymous "830 CDM LLC," so perhaps there's a new poem waiting to be penned.
While the registered agent for 830 CDM wouldn’t comment, if Business Insider is correct, Jack Dorsey of Twitter and Square fame was the buyer behind the LLC. No word on whether or not the seller was Square enabled or Jack was able to swipe for the home.
∙ Is It The End Of A San Francisco Listing's Era And Poem? [SocketSite]
∙ Like The Swallows To Capistrano, 830 El Camino Del Mar Returns [SocketSite]
∙ Would You Believe Fifteen For 830 El Camino Del Mar (And Not Million) [SocketSite]
∙ Behind The Great
Wrought Iron Wooden Gate At 830 El Camino Del Mar [SocketSite]
∙ Twitter Cofounder Jack Dorsey Now Lives In A $10 Million House [businessinsider]
June 1, 2012
Accusations Of San Francisco Assessor-Recorder Office Impropriety
Accusations of impropriety within San Francisco's Office of the Assessor-Recorder have been lobbed over at mungpao.com. According to the site, a fundraiser and political friend of San Francisco Assessor-Recorded Phil Ting was given preferential tax bill treatment for a property purchased in 2007.
The text and accusations (emphasis theirs) from mungpao:
On December 24, 2007 Safai Ahsha, a fundraiser and political friend of Phil Ting, brought a brand new house on 27 Athens Street for $1,150,000. The Assessor- Recorder Office processed the sale in March of 2010. The 2007 supplemental bill, and the 2008 and 2009 escape bills were issued on May 28, 2010. The 2008 and 2009 escape bills are necessary to capture the property tax differences of what should accurately be billed for these two years. Since these two escape bills were issued on May 28, 2010, both of the 2008 and 2009 bills were already out.
Under Phil Ting's order? the Chief Appraiser, Matthew Thomas canceled the 2009 escape bill in October of 2010. He, however, reissued the exact same bill within two weeks of its cancellation. As a result, there are penalties, redemption fees, and the interests became cancelled. The 2009 escape bill became qualified for interest free 5-year installment plan, under section 4837.5 of the Revenue and Taxation Code, which provides that secured escape assessments for prior fiscal years maybe paid over a 4-year period at the option of the assessee. Therefore, revenue that was due to the government was lost, and Ahsha enjoys the unjustly and illegally gained 5-year interest-free government loan.
The 2009 escape bill was issued on May 28, 2010; it is still within fiscal year 2009. So, the 2009 escape was a current year escape and cannot qualify for the 5-year installment plan. Please bear in mind the 2009 escape was not paid on the due date of July 14, 2010. This means a 10% penalty, redemption fees, and 1.5% per month interest is now applicable.
By cancelling the 2009 escape, all the penalties, redemption fees, and interests are wiped out. By reissuing it in 10/2010, the escape bill became a prior year escape bill. This is because the new bill was issued in fiscal year 2010. Therefore, it qualifies as a 5-year installment interest- free plan.
However, as for the 2008 escape bill, because it already qualified for the 5- year interest free installment plan, it was not cancelled or reissued. This is the only reason why no actions were made on the 2008 escape bill.
It is very clear the sole purpose of these unusual and illegal actions is to benefit Mr. Safai Ahsha, Phil Ting’s fundraiser, who held a fundraising event for Phil Ting on December 10, 2009 at Lot 46 Night Club & Loung at 46 Geary Street, San Francisco. Phil Ting endorsed Ahsha when Ahsha ran for supervisor.
Initially, the Chief Appraiser requested the Chief of Standard to carry out the cancellation. However, the Chief of Standard emailed back the Chief of Appraiser indicating he is uncomfortable about doing the cancellation. Therefore, the Chief of Appraiser finally did the cancellation himself and asked the MIS staff, Ron Santo-Domingo, to approve his work, in order to satisfy the computer system requirement. The Chief of Appraiser also reduced the January 1, 2010 roll value for Ahsha, from $1,170,218 to $725,000. That is a $445,218 difference.
These duties are only supposed to be done by the appointed District Appraiser, not by the Chief of Appraiser. The Chief of Standard knew that this is a very serious violation of the law. Even though this is an order by Phil Ting, he rightfully refused to participate in this matter.
Phil Ting, the Assessor, has willfully participated in this conspiracy by ordering his Chief Appraiser to cheat the very government revenue he has sworn to protect. We need to stop this kind of abuse by exposing his criminal acts to the public.
We haven’t reached San Francisco's Office of the Assessor-Recorder for comment.
UPDATE: We received the following statement from Chief Appraiser Matthew Thomas in the Assessor-Recorder's Office, which we've formatted for easier reading:
We strive to help every constituent that contacts our office to ensure they receive a fair assessment and excellent customer service.
A homeowner brought a case into the office, the case was reviewed on the merits and an adjustment was reached that followed the facts and applicable regulations. The Assessor-Recorder does not get involved personally with constituent appraisals. All constituent cases are handled by our staff of professional appraisers. We encourage any property owner who feels they are entitled to a reassessment to contact our office.
Last year the Assessor-Recorder’s Office proactively reduced over 18,600 properties that have declined in market value. Under state law (Proposition 8) if the current market value is lower than the assessed value, a temporary homeowners’ property tax reduction may be applied.
The property at 27 Athens is a 2,096 square foot three-bedroom single-family home with two baths which was built in 2007 and purchased that December for $1,150,000 ($549 per square foot). At $725,000, the tax assessed value is $346 per square, a reduction of 38 percent.
While we haven’t been presented with the homeowner’s case, the median price per square foot for single-family homes that sold in 27 Athen's zip code (94112) dropped 21.2 percent from 2007 to 2010, 23.6 percent from 2007 to 2011, but the median area home is much smaller (around 1,200 square feet) and older construction.
We couldn't find any decent 2010 era comps, in terms of sales, for the house.
May 24, 2012
2001 Market Street: Let’s Get Ready To Rubble And Build!
Demolition and excavation permits have been granted, as a plugged-in tipster reports, a construction fence now surrounds the former S&C Ford dealership at Market and Dolores, and the Prado Group has started clearing the way for 2001 Market Street to rise.
Once again, an eight story building along Market Street (stepping down to four stories at 14th Street) with 82 residential units over a 31,000 square foot Whole Foods and 101 parking spaces will rise on the site over the next 19 months if all goes as planned.
UPDATE: Speaking of going as planned, from the comments:
There have been rumors floating around that Whole Foods has pulled out of this project, having decided that building new stores is not cost-effective when compared to rehabilitating existing buildings. Their withdrawal would endanger the entire project. Anyone plugged-in to be able to confirm or deny that?
At this point, that's a rumor we can neither confirm nor deny. Readers?
UPDATE: Consider the rumor busted. From the Prado Group: "...Whole Foods is happening. Look forward to the store opening in fall 2013." Pass it along.
∙ 2001 Market Street Development (AKA Whole Foods Castro) Approved [SocketSite]
∙ 2001 Market Street Prepares To Meet The Planning Commission [SocketSite]
∙ Drawings And Details For The Proposed Development Of 2001 Market [SocketSite]
May 21, 2012
ESPN Source: Warriors Are Committed To Moving To San Francisco
While Golden State Warriors Owner Joe Lacob isn’t make any statements, other to state they "are not prepared to make any announcements at this time," according to an ESPN source, the team is close to making a deal to move to San Francisco:
The team wants to make the move and is committed to making it happen, the source said.
San Francisco mayor Ed Lee sent a letter on May 11 saying the city would work with Warriors executives to bring the team to San Francisco in time for the 2017-18 season.
As we wrote with respect to Piers 30-32 being a stadium pipe dream, "we would love to be proven wrong. And of course, there is another large parcel of undeveloped land around the corner that recently became available."
∙ Source: Warriors close to moving [ESPN]
∙ A Piers 30-32 Warriors Stadium Pipe Dream [SocketSite]
∙ Salesforce.com Kills Mission Bay Campus, Open To Offers For Land [SocketSite]
May 16, 2012
North Beach Pagoda Theater Set To Be Sold To New Yorkers Today?
According to a tipster, Joel Campos who purchased the long shuttered North Beach Pagoda Theater in 2004 and waged a long battle to secure approvals to develop the blighted building is in contract to sell the shell to a New York based developer today.
While we haven’t been able to confirm the details, we’ll keep you posted and plugged-in.
And once again, as the approved conversion of the Pagoda Theater into 18 condos over ground floor commercial and 27 parking spaces was last rendered:
∙ North Beach Pagoda Theater Plans Approved By Planning, But... [SocketSite]
∙ Inside The “Landmark” Pagoda Theater (And Tussle) In North Beach [SocketSite]
∙ Pagoda Theater Preview (And Signs Of Progress All Around) [SocketSite]
April 10, 2012
A Piers 30-32 Warriors Stadium Pipe Dream
With an estimated $50 million to simply prepare Piers 30-32 for any major development (on top of the $8 million the port has already committed for the America’s Cup) and only five years before the team’s Oracle Arena lease runs out over in Oakland, we’ll put the odds of the Golden State Warriors building a stadium upon Piers 30-32 at 5 percent.
If the Warriors were serious about making a move, we don’t believe they would have passed up the proposed Mission Rock development, irrespective of a Chronicle source’s claim that the Warriors "do not want the Giants to be their middleman.”
That being said, we would love to be proven wrong. And of course, there is another large parcel of undeveloped land around the corner that recently became available.
∙ Piers 30-32 Back In Play For The America’s Cup (And Beyond) [SocketSite]
∙ Warriors Sold, Plans To Move Untold [SocketSite]
∙ Mission Rock Plans Dusted Off With Giants Swinging For A 2015 Start [SocketSite]
∙ Warriors pass up S.F. Giants' arena offer [SFGate]
∙ Salesforce.com Kills Mission Bay Campus, Open To Offers For Land [SocketSite]
February 7, 2012
Scoop: A Record $3,000 Per Square Foot In San Francisco Within Sight
Quietly delisted from the MLS last week, tongues are wagging, and lips are being licked, with respect to Penthouse B atop 1170 Sacramento Street. And yes, it’s in contract.
According to our sources, the sale of 1170 Sacramento #19B should close at $6 million and set a new all-time residential record in San Francisco at over $3,000 per square foot.
The buyer hasn't been revealed. And while the sale hasn’t yet closed, don’t forget those invitations to the housewarming. Cheers.
∙ Shooting For A Record $3,000 Per Square In San Francisco [SocketSite]
January 11, 2012
From A $7 Million View Home To A $4 Million View?
Purchased for $7,000,000 in 2004, the 4,836 square foot home at 333 Belvedere Avenue across the bridge in Belvedere returned to the market in early 2009 listed for $12,900,000. The property had been been refinanced in 2008 with a first mortgage for $4,650,000 and a second for $2,100,000 to which a third for $1,725,000 was added in July 2009.
Reduced to $9,950,000 in December 2009, to $8,950,000 in 2010, and then withdrawn from the market five months ago last asking $7,500,000, the one-time Blanding Estate Carriage House which was "beautifully transformed into one of Belvedere's most prominent view-oriented residences" (according to its Sotheby's listing) sold on the courthouse steps for $4,175,000 last week. But wait, there’s more.
While we can't currently confirm, and perhaps a bit of bravado is in play, if a plugged-in reader's source is correct, the multi-million dollar property "was bought by a neighbor with the intent of demolishing it to clear the view."
September 2, 2011
2840 Broadway Quietly Sells On Billionaire's Row (And Not To Ellison)
The sale of the late Dodie Rosenkrans’ Pacific Heights mansion at 2840 Broadway, the Willis Polk designed 17,000 square foot home adjacent to Ellison’s modern manse on San Francisco’s Billionaire's Row, has quietly closed escrow.
While the buyer’s identity was hidden behind an LLC ("2840 Broadway Street") managed by William McClure down in Menlo Park, according to a plugged-in tipster the buyer wasn’t Ellison, a fact that we’re still trying to confirm along with the official sale price.
UPDATE: We've got confirmation on the buyer who is from the 'hood but isn't Ellison which shouldn't catch any plugged-in readers by surprise. We're still working on the sale price.
As always, don't forget those invitations to the housewarming. Cheers.
∙ Another Big Billionaire's Row Home Coming Soon: 2840 Broadway [SocketSite]
∙ Ellison Report Kicked To The Curb [SocketSite]
June 6, 2011
Plugged-In To A Bottle Of Johnnie Walker?
From Sam Singer with respect to the Ellison and von Bothmer view settlement we reported:
The story on Socketsite regarding a payment of $2 million is wholly false and incorrect, according to a conversation I just had with the family. Socketsite’s “plugged in” source must be plugged into a bottle of Johnnie Walker.
Consider this a placeholder until we can resolve conflicting reports at which time we'll republish and open the discussion back up for debate (or flogging as the case may be).
June 2, 2011
Ellison Report Kicked To The Curb
We took some offline heat from various readers for not jumping on a report by Curbed that Larry Ellison was buying 2840 Broadway (center above) for $40,000,000, a report that was republished on Yahoo! and picked up by others without apparently being fact checked.
From Ellison today:
"All of the newspaper stories reporting that I am buying the house next-door to my San Francisco home [Editor’s Note: to the right of 2840 Broadway above] for $40 million are untrue," said Oracle CEO Larry Ellison. "No one has ever offered to sell me the house next-door for $40 million or any other price. If someone does offer to sell me the house next-door for $40 million or an amount anywhere near $40 million I will not buy it."
That's not to say Ellison won't be the eventual buyer, but it is to say that he's not in contract for $40 million as misreported.
May 5, 2011
The Rumored Price Behind The Confidential Sale Of 2550 Lyon
Listed for $9,800,000 in 2007, relisted in 2008 for $7,950,000, and last listed for $6,500,000 before being withdrawn from the MLS in 2010, the sale of 2550 Lyon quietly closed escrow last month hidden behind a confidential sale price at the Recorder’s office.
That being said, if a plugged-in tipster is correct, the sale price was $5.75 million while the property is rumored to have appraised for a million dollars less, luckily it was only a $2 million note being employed for the purchase.
Rumor also has it that several offers were made on the property over the past three years, all of them passed them up waiting for a more lucrative offer to appear and during which time 2550 Lyon had been listed for rent asking $22,500 per month.
∙ The Hanging Gardens Of San Francisco: 2550 Lyon [SocketSite]
∙ Might $22,500 A Month In Rent Actually Make More Financial Cents? [SocketSite]
April 22, 2011
Ever since a plugged-in tipster tipped us off to a rumored under the radar "no reasonable offer refused" auction for 2420 Pacific Avenue two weeks ago, we’ve been keeping an extra close eye on the listing for the 10,650 square foot (per appraisal) Pacific Heights property.
A few minutes ago the list price for 2420 Pacific was reduced to $8,700,000.
Either the aforementioned auction failed to produce a winner and we now have some additional intelligence with respect to the market’s appetite, or we now know the winning bid which will be recorded "at asking" (and rather quickly after being reduced).
∙ Listing: 2420 Pacific Avenue (10/8.5) - $8,700,000 [MLS]
∙ A Julius (Not Julius') Castle Of A Different Kind [SocketSite]
∙ Room(s) To Negotiate And A Two Million Dollar Reduction [SocketSite]
January 25, 2011
Fresh & Easy Headed For The Mission, Could The Castro Be Next?
With San Francisco's first two Fresh & Easy locations scheduled to open their doors in Bayview and the Outer Richmond early this year, according to the San Francisco Business Times Fresh & Easy is also close to inking a lease for the (not so long) shuttered DeLano's Market at 1245 South Van Ness in the Mission.
I heard Tesco's Fresh & Easy is interested in the closing Delano's on 18th in the Castro. Ralphs Supermarkets sub-leases the building to DeLano's. They evicted them because they owe back rent on the store plus 5 others.
Could this be one DeLano's down for Fresh & Easy with five to go?
UPDATE: Apparently the new new rumor has it that Mollie Stones will be taking over the defunct DeLano’s in the Castro but a lease has yet to be signed. If so, perhaps that’s how Fresh & Easy is ending up in the Mission (and why we don't typically cover the changing of exisiting grocery store flags). Cheers.
∙ Fresh & Easy San Francisco In The Outer Richmond By Early Next Year [SocketSite]
∙ 5800 Third Street Scoop: Sales, Restaurants, And Fresh & Easy Soon
∙ Could DeLano’s Loss Be A Trader Joe’s Gain For The Castro? [SocketSite]
January 5, 2011
A Reader’s Believe It Or Not For The Gap On Fisherman’s Wharf
We have to tag it as a "random rumor" for now as we can’t confirm, but a tipster writes:
Believe it or not, the Gap store at 1 Jefferson is slated to close this spring and will be replaced by the relocated [Ripley's Believe It or Not!] down the street.
Like we could resist a Believe It Or Not! believe it or not. That being said, we will note that Ripley’s invested in a major makeover of their current Wharf location just last year.
December 22, 2010
As Eagle-Eyed Readers Know (And Stanley Saitowitz Rendered)
As plugged-in and eagle-eyed people know, renderings for "1600 Harrison" have sat perched in the Stanley Saitowitz | Natoma Architects portfolio for a couple of years, a site otherwise known as 398 12th Street. And yes, that’s the address of The Eagle.
And while The Eagle is rumored to have been on the market since the beginning of the year, as far as we know a buyer has yet to swoop in and no permits have been filed for development. So who has the inside scoop?
∙ From The Stanley Saitowitz | Natoma Architects Portfolio: Pine Street [SocketSite]
∙ Stanley Saitowitz | Natoma Architects: Portfolio [saitowitz.com]
December 1, 2010
Could DeLano’s Loss Be A Trader Joe’s Gain For The Castro?
As a hand-lettered "lost our lease" sign hangs in the window of the DeLano’s IGA at 18th and Collingwood, and it's expected to be closed within the next two weeks, the natural question atop our readers’ minds: could this pave the way for a Trader Joe’s in the Castro?
∙ Trader Joe’s Reportedly "Outed" From The Castro Over Traffic [SocketSite]
June 1, 2010
A Margarido (Sale) On The Rocks
While we typically wait until a property has closed escrow, or at the very least until all contingencies have been waived, a plugged-in tipster notes that 5950 Margarido just went into contract. And we never get tired of looking at that house (click image to enlarge).
Keep in mind the asking price was reduced from $5,500,000 to $4,795,000 last month. And note our reference to March Madness in our October headline. Coincidence? (Yes.)
Now about those margaritas...
As a plugged-in tipster writes today:
The Margarido house has fallen out of escrow due to the pending sale of the new owner’s house [having also fallen out of escrow]...
Yes, it’s a Margarido (sale) on the rocks (ba-dump-bump). And it’s back on the waiting until a property has actually closed escrow wagon for us.
Now about the strength of the Bay Area's luxury market...
∙ March Madness For 5950 Margarido (Coincidence?) [SocketSite]
∙ There’s Green (And Perhaps Even Platinum) Up In Them Thar Hills [SocketSite]
March Margarita Margarido Madness As 5950 Goes Live At $5.5M [SocketSite]
∙ "San Francisco" Prestige Index Up 1.1% In First Quarter [SocketSite]
May 11, 2010
2563 Divisadero (AKA 2701 Broadway) Coming Soon?
Speaking of the corner of Broadway and Divisadero, if a plugged-in tipster is correct 2563 Divisadero (aka 2701 Broadway) is under wraps preparing for a return to the market.
Last measured at 16,580 square feet (14,910 finished and 1,670 unfinished at the time) the property currently carries a tax basis of $11,874,476.
And one which is not.
∙ Don’t Ignore The Signs [SocketSite]
∙ 2845 Broadway Is Withdrawn In 2010 After 1400 DOM At $65,000,000 [SocketSite]
∙ A $3,000,000 Reduction (That Might Not Seem Like So Much To Some) [SocketSite]
∙ 24 Karat Gold Coast (2950 Broadway) Brochure, Plans, And History [SocketSite]
∙ Going Up: St. Regis Penthouse Construction Nearly Complete [SocketSite]
March 25, 2010
(Will They) Give It Up For Your
Golden State San Francisco Warriors…
Could Chris Cohan’s announced willingness to sell the Golden State Warriors at a time when the San Francisco Giants’ are scrambling for equity investors to support their proposed development of San Francisco’s Seawall Lot 337 make for a return of the San Francisco Warriors?
As plugged-in people know, the Giants' current proposal for "Mission Rock" doesn’t include an NBA sized arena and adding one would necessitate a new plan (and perhaps competition). But considering the current lack of dollars for large development deals, a whole new plan might just be more of a boon than a barrier for the Giants.
∙ Proposed Seawall Lot 337 Development Scrambling For Investors [SocketSite]
∙ SocketSite Weekend Special: One Proposal For San Francisco SWL 337 [SocketSite]
∙ This time, Warriors' return to S.F. has a shot [SFGate]
∙ The Development Of Seawall Lot 337: And Then There Were Three [SocketSite]
February 26, 2010
Into Contract After
Four One Month On The Market For 169 Yukon?
Listed for $649,000 last October, the listing for 169 Yukon was withdrawn in December and then relisted anew at $625,000 at the end of January.
And while the listing is currently active on the MLS, according to a plugged-in tipster an offer of $575,000 has reportedly been accepted.
Industry statistics currently reflect an "official" 36 days on the market for the property.
∙ Listing: 169 Yukon (1/1) - $625,000 [MLS]
November 6, 2009
The Captain’s House Goes
For To A Cruise?
Sorry, but we don’t think that was a sale but rather a Recorder’s Office annual adjustment of 2% on the previous tax assessed value of $16,089,041.
We were wrong. The 9/10/09 sale of 300 Sea Cliff Avenue was recorded on 9/15/09 with a sale price of $18,000,000. As an even more plugged-in reader notes, the sale price included "commissions, transfer tax and some deferred maintenance credits."
And perhaps this other reader is pulling our leg, but if not the buyer was...Tom Cruise (we haven't been able to confirm).
Purchased by the seller who never lived in the property for $13,100,000 in March 2000, a remodeled 300 Sea Cliff returned to the market asking $23,500,000 in 2003. Unable to attract a buyer, the house underwent a major $8,000,000 renovation and raised its asking price to $25,900,000. The list price was subsequently reduced to $22,000,000. And then it sold. Again, for $18,000,000 and perhaps the Captain’s House went
for to a Cruise.
UPDATE: Another reader quickly notes the mailing address for the purchasing LLC ("Tawaraya") is that of "a high-end accounting firm in Walnut Creek" which happens to advise Larry Ellison (amongst others). And The Real Estalker adds, "Tawaraya is a super posh and searingly expensive, 300-year old ryokan–which is essentially a Japanese bed and breakfast sort of place–located in Kyoto" which is rather Ellison-esque.
∙ Is The Captain’s House (300 Sea Cliff) Preparing For Another Voyage? [SocketSite]
∙ Checking In On 300 Sea Cliff Ave [SocketSite]
∙ The $8,000,000
Man Renovation [SocketSite]
∙ 300 Sea Cliff: $3,900,000 Reduction (After An $8,000,000 Renovation) [SocketSite]
∙ Another Chance At (For?) The Captain's House (300 Sea Cliff Ave) [SocketSite]
∙ Rumor Has It, But... [Real Estalker]
October 29, 2009
Trauma Doesn’t Survive, But Will This Scene?
NBC has cancelled its San Francisco based series "Trauma." According to The Hollywood Reporter, however, "NBC plans to continue airing the show for now, and will produce all 13 episodes from its current order."
In other words, you still might get to see the scene shot up around Pacific and Divisadero last week. To which a reader challenges, and we bring it back to real estate, can you guess from inside which Pacific Heights house?
∙ NBC cancels 'Trauma'; might finish current run [thrfeed.com]
October 7, 2009
RandomRumors: All About San Francisco…Except Soma?
As a tipster notes, "[w]ord is Zephyr is closing their Soma branch" which is at least partially true. According to our sources Zephyr's Soma lease is up at the end of the year, but they’re looking for another space. How actively and whether or not they find one...only time (or perhaps an inside tipster) will tell.
September 17, 2009
Where Tony Bennett Left His Heart In San Francisco
From a plugged-in tipster with respect to 1133-1143 Taylor:
[I]t wasn't necessarily the building that caught my attention, as was the fact that the top unit (the owners unit penthouse) was where Tony Bennett wrote "I left my heart in San Francisco" and lived for a while.
Unfortunately we can’t confirm, but we have no reason to doubt (especially upon seeing said penthouse and its views).
∙ Listing: 1133-1143 Taylor (10 units) - $5,295,000 [MLS]
September 9, 2009
The Chronicle Reports "Dozens," A Plugged-In Source Says Over 100
While the Chronicle reports "dozens more Lembi properties are in play" in addition to the 75 ex-Lembi-owned apartment buildings that have already been given or taken back by the banks, according to our sources the number of Lembi properties still at risk is over a hundred. As in up to 200 of the 300 properties once owned by the Lembi’s could be lost once all is said and done.
∙ Debt swamping Lembi Group, big S.F. landlord [SFGate]
∙ Cash Flows Catch Up To The Lembi Group [SocketSite]
∙ From At Risk To Lost For Another 24 Lembi Properties [SocketSite]
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]
April 30, 2009
The Bourn Boardinghouse (A Lesser Known Sequel)
As if the Bourn Mansion wasn’t intriguing enough, a plugged-in reader reports:
I met some guy in the park several weeks ago who just seemed bored and desperate for conversation. He told me he was renting a room from an eccentric older woman who lived in a gigantic house on Pacific Av. He told me he was not allowed to be in the home during the daytime and he was not allowed to hang in the immediate area of the home (hence, he was walking in Lafayette Park instead of Alta Plaza Park). And, yes, he said that there were quite a few boarders at the home. He was wondering why the woman was renting rooms in such a large Pacific Heights home.
And yes, it's safe to assume he wasn't referring to 2830.
April 20, 2009
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.
March 27, 2009
RandomRumors Via Trulia Voices: Fractional TIC Financing Drying Up?
We try not to reward bad behavior and the hijacking of a post, but it’s an off-topic comment worth repeating and a question worth clearing up (if you can):
From Real Estate pro Sally Rosenman on the Trulia forums : Sterling Bank is providing fractional loans and they are about it at the moment. Can anyone confirm or refute that fractional TIC loans are drying up? Is Bank of Marin or Circle Bank lending?
UPDATE: A few TIC numbers and trends to ponder as well.
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]
February 4, 2009
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.
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]
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?
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]
October 14, 2008
RandomRumors: McGuire Real Estate/Urban Bay Properties In Talks
The Reality: They are in talks but a deal has yet to be done (although it's currently looking more likely than not).
The Reason: A chance for the very well capitalized McGuire to add a bit of “youth” and South of Market presence to their brand.
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.
September 4, 2008
Agassi's Ex-Estate In Tiburon: A $20,000,000 Tear-Down?
We can't confirm any of the details so we'll just consider it a "RandomRumor" for now, but from a plugged-in reader with respect to Agassi's ex-estate in Tiburon:
The couple who bought this are in the process of tearing it down and putting up what they really want. $20 million teardown. Ya gotta love hedge fund managers - too much extra cash!!
∙ Not The Best “Investment” For Agassi In Tiburon [SocketSite]
July 30, 2008
A Less Than Smooth Closing Of Their Own: Financial Title Shuts Down
According to a plugged-in tipster, Financial Title received a cease and desist order courtesy of the Insurance Commissioner a few hours ago. And while escrows were to be transferred to other title companies for closing, apparently some files have been confiscated which is making it difficult for some parties (like our tipster's client) to locate their funds.
UPDATE: Following in the footsteps of sister company Alliance Title, Financial Title which was the largest real-estate title agent in Silicon Valley and has four offices in San Francisco has officially closed its doors.
Sources who have spoken to Financial Title employees said the title company began closing its doors in Santa Clara County Tuesday night. Those sources said all employees have lost their jobs, and Financial's underwriter, First American Title Co., has been collecting open escrow files at the closed offices.
No update on the Insurance Commissioner angle, the "confiscation" (versus collecting) of files, or the irony of misplaced escrowed funds. Tipsters?
∙ Tag Line Irony From Alliance Title: “Closing The California Dream” [SocketSite]
∙ Financial Title company shuts down [Business Times]
July 25, 2008
The SocketSite Scoop On 2542 Fillmore: In A Word, Whoops.
Two months ago the reconstructed 2542 Fillmore hit the market with a $4,995,000 price tag, a well received cocktail party and buzz, and an offer date. Shortly after said party, but before the official offer date, a pre-emptive offer arrives: $5,500,000 cash with a five day close. It’s refused (and not on principle, but rather something about wanting to see a six).
The list price is increased to $5,250,000 and the offer date comes and goes (possibly in the reverse order). No offers. Not even from the party that originally offered $5,500,000. Whoops.
The good news, word on the street is that it might be in contract. No word on at what price (or to whom).
UPDATE: And two hours after we published, it's officially "In Escrow - Firm" on the MLS.
July 15, 2008
RandomRumors: Bono Buys Big Atop One Rincon Hill?
Every so often we receive a rumor/tip that leaves us a little stunned. And while most are busted behind the scenes and never make it onto the site, this one we couldn’t resist:
Did Bono buy a penthouse in One Rincon Hill? Can someone verify this? Just really curious/excited as I live there as well…
Well, according to our sources the answer is no. And if that were simply the "on the record" answer we'd usually get a little wink (which we didn't). Now to the real question, who got the rumor going?
June 13, 2008
Live Like A Rockstar (Just Don't Spend Like One)
Third Eye Blind front man Stephen Jenkins’ successfully sold his Pacific Heights mini-manse in 2005. And if our plugged-in tipster is correct, perhaps Third Eye Blind’s ex-bassist should have followed suit as his “European Style Nob Hill Penthouse” is now on the market and in “Preforeclosure” (rumor has it a bankruptcy might be involved).
And while the views are spectacular, it takes four flights of stairs to reach them, parking is leased one block away, and let’s just say the conspicuous lack of interior photography wasn’t simply an oversight (and perhaps the result of really living like a rockstar).
June 4, 2008
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]
May 20, 2008
First Twelve Floors Of Fox Plaza On The Market?
From a plugged-in tipster:
I have it on by a good source that the Archstone Fox Plaza is on the market again. The new owner evidently does not want the Fox Plaza in its portfolio.
The main lobby has been recently remodeled. The Ruth Asawa fountain sculpture was ripped out and redecorated with black river rock; the oxnyx columns covered with dark wood; a retro 1950s carpet.
The “new owner” reference leads us to believe it’s only the first twelve floors of the 29-story building that’s being shopped (i.e., office not residential), unfortunately no update on the 250 condos on the corner (tipsters?), and we’ll now observe a moment of silence for the Asawa (and note the second reference in as many weeks).
UPDATE: Forget the first twelve floors, according to a plugged-in reader: "the whole building is being quietly offered by archstone-smith. 150M."
∙ Fox Plaza (1390 Market): 250 New Condos In The Works [SocketSite]
∙ Quite Simply, We’re Completely Crushing On This Craftsman On Cole [SocketSite]
May 16, 2008
The SocketSite Scoop On 2820 Scott: 2008 Decorator Showcase House
What many people already know about 2820 Scott Street (the 2008 Decorator Showcase house): it was a boarding house prior to being purchased by the Paige family (think Paige Glass) in December of 2005 for “much less” than its list price of $8,500,000; it has been undergoing a major renovation, remodeling, and re-decorating ever since; and it offers over 14,000 square feet of living space along with one of the most stunning roof decks in all of San Francisco (in terms of the views).
What most people don’t (but really want to know): although it’s not officially on the market, word on the street is that an offer north of $29,000,000 will make it yours (a seriously plugged-in source, however, estimates its value at closer to $24,000,000).
And yes, absent any accepted offers it becomes a bachelor pad for the Paige’s 38-year-old son. Now about that post-showcase housewarming party...
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.”
October 19, 2007
RandomRumors: The Other Half Of Sunset's Idea House Coming Soon?
According to a non-exclusive tipster (apparently monogamy isn't everyone’s cup of tea), rumor has it that:
"...the larger portion of [the Sunset Idea House] will not finish for 2 more months (final sign off from bldg. dept) but will go on the market any day now for $4mil and that the owner will never get to live in it...The tour will still happen in late November and possession of the house by the new buyer can not happen until 12 weeks after the Sunset first open date."
And yes, at this point it's unconfirmed (see UPDATE below).
UPDATE: Not only is this rumor unconfirmed, but it looks as though it has actually been busted by a plugged-in reader: "This information is completely inaccurate. Sunset tours scheduled to start shortly. house is not on the market and owner will occupy. Your tipster, as usual, is off the mark." And yes, we should have known better.
Editor's Note: Confirmed or not, props to the listing agent for 1303 Alabama for his caption to the listing photo we poached above: "2 unit project...one for sale (1st 2 floors facing)...car in mint condition but not included...."
∙ Sunset’s 2007 San Francisco Idea House: A Few Facts [SocketSite]
∙ The SocketSite Scoop: Half Of The Sunset Idea House Hits The Market [SocketSite]
∙ Sunset’s 2007 San Francisco Idea House: 3027 25th Street [SocketSite]
September 26, 2007
RandomRumors And Readers Report: Countrywide Cuts Commence
From a plugged-in tipster: "I talked to my friend who was just let go [at Countrywide]. Seems they're going to go into the direction right now of letting those people go who started after June 11th, 2007. He said company wide so we shall see how it unfolds. Weird to begin letting people go on a Weds as well." And yes, unconfirmed (for now).
∙ From Rumor To Reality: Up To 12,000 Layoffs At Countrywide [SocketSite]
September 21, 2007
Not Exactly A Flip, But Possibly A Push, Over At One Rincon Hill
According to a plugged-in tipster, a coveted “02” series two-bedroom/two-bath condo at One Rincon Hill is quietly being shopped by a contract holder.
The 1,300+ square foot unit is reported to have been secured with a non-refundable deposit of $65,000 and at a contract price of $1,595,000. And apparently the contract can be amended to reflect a new buyer prior to close (which we haven’t confirmed).
The asking price? $1,595,000. Or more accurately $65,000 to make the contract holder whole on his deposit. It's a bit different story than a reader reported fourteen months ago, but it's also but a single data point. (And we're at least waiting until after the first wave of closings before drawing too many conclusions on the health of the hill.)
And at the same time, we have been hearing rumors of a rather significant waiting list of buyers willing to pay big money for penthouse units that should happen to fall out of contract prior to closing. Again, unconfirmed (but no real reason to be doubted).
UPDATE: There’s a reason we originally filed this one under “Interesting Opportunities.” If you believe in the building, and like the floor plan, then it is (and as a plugged-in person, you now have the number to call). And if not, at the very least it's another interesting opportunity for some unique insight (into One Rincon Hill) and discussion (about the market).
∙ A Quick Flip At One Rincon Hill? [SocketSite]
∙ What Happens When It’s Time To Fund? We’ll Have To Wait And See [SocketSite]
∙ One Rincon Hill: An Unofficial Update On The Timing Of The Two Towers [SocketSite]
September 14, 2007
From “Rumor” To Reality: Charles Phan Coming To The Soma Grand
As a tipster points out, last week the Chronicle officially announced that Charles Phan will be opening a new concept restaurant in the Soma Grand. Of course it was six months ago that plugged-in people were first able to trade on the “rumor”.
∙ It’s All About Service And Style At The Soma Grand (1160 Mission) [SocketSite]
∙ The Soma Grand: The SocketSite Straight Scoop [SocketSite]
August 2, 2007
JustQuotes, RandomRumors, And Readers Report: Alt-A All In One
“At this time Wells Fargo...is no longer accepting Alt-A loans. Period. I also have CONFIRMATION that IndyMac is also tightening significantly: http://www.theimbreport.com. I have UNCONFIRMED reports that WaMu, BofA, and Wachovia are also significantly restricting Alt-A loans as of today.
Again, there will ALWAYS be some market for Alt-A and subprime...[b]ut it will be much more expensive to use those products. We are seeing more demand for down payments, more income verification, decreased loan amounts, etc. The days of 100% financing using IO or option ARMs at low rates [are] over. Some lenders will still offer 100% financing, some will still offer option ARMs or IO ARMs... but it will cost more.”
UPDATE: "Rumor modification -- I just checked with my Wells mortgage agent. He hadn't heard that they were no longer offering Alt-A. So I cruised some mortgage broker blogs. The rumor seems to be that Wells is no longer offering Alt-A's to brokers and correspondent banks, reserving them for their own branches instead."
July 19, 2007
There’s Little That's Little About The Big Sale Of Le Petit Trianon
Le Petit Trianon (3800 Washington) closed escrow last week. And while the contract price was not disclosed, according to a plugged-in tipster it was well over the reduced asking price of $19,500,000 (but ended up including the empty lot next door/behind as well).
July 10, 2007
Rumor Busters: Fillmore Center Apartments Going Condo?
A longtime resident of the Fillmore Center writes: “I heard from a realtor that [the Fillmore Center apartments] are going Condo. He didn't give a time frame, but I've lived here for 13 years and no one ever told me a thing about it.” We haven’t heard anything either (and would actually be surprised if it happened). Any plugged-in readers have the inside scoop or a definitive answer?
∙ The Fillmore Center Apartments [1475 Fillmore Street]
June 7, 2007
Rumor Has It: Four Offers On The 2007 Decorator Showcase Home?
Rumor has it that four offers were recently written on 2901 Broadway (the 2007 Decorator Showcase Home). Rumor also has it that all four offers were countered at the full asking price ($55,000,000). And that all four offers walked away…
∙ Decorator’s Delight (And Unrelated Architects' Ire) [SocketSite]
∙ Go Ahead And Ask: 2901 Broadway Is Listed (And Priced) [SocketSite]