CATEGORY ARCHIVE: RandomRumors
November 6, 2009
The Captain’s House Goes For To A Cruise?
It appears an apology is in order. Last month a plugged-in reader reported that 300 Sea Cliff had sold for $16,363,569 on 9/10/2009 to which we replied:
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]
Posted by socketadmin at 7:00 AM | Permalink | Comments (23) | (email story)
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]
Posted by socketadmin at 4:30 PM | Permalink | Comments (25) | (email story)
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.
Posted by socketadmin at 3:00 PM | Permalink | Comments (3) | (email story)
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]
Posted by socketadmin at 2:00 AM | Permalink | Comments (12) | (email story)
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]
Posted by socketadmin at 9:00 AM | Permalink | Comments (35) | (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)
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.
∙ Bourn To Run Party: A San Francisco Mansion Of Ex-Glory And Dreams [SocketSite]
∙ 2830 Pacific: 2009 Decorator Showcase Opens Its Doors (And Kimono) [SocketSite]
Posted by socketadmin at 10:00 AM | Permalink | (email story)
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.
∙ 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)
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.
Posted by socketadmin at 3:30 PM | Permalink | Comments (21) | (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 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.
∙ Infinity Tower Two: "Starting From The Mid $500,000s" This Weekend [SocketSite]
Posted by socketadmin at 1:30 AM | Permalink | Comments (36) | (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)
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 14, 2008
RandomRumors: McGuire Real Estate/Urban Bay Properties In Talks
The Rumor: McGuire Real Estate has purchased Urban Bay Properties.
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.
Posted by socketadmin at 1:15 PM | Permalink | Comments (9) | (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)
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!!
You know where to send the renderings (tips@socketsite.com). And once again, purchased by Agassi in 2000 for $23,000,000, and then sold for $20,000,000 in 2006.
∙ Not The Best “Investment” For Agassi In Tiburon [SocketSite]
Posted by socketadmin at 12:00 PM | Permalink | Comments (36) | (email story)
July 30, 2008
A Less Than Smooth Closing Of Their Own: Financial Title Shuts Down
According to a plugged-in tipster, Financial Title received a cease and desist order courtesy of the Insurance Commissioner a few hours ago. And while escrows were to be transferred to other title companies for closing, apparently some files have been confiscated which is making it difficult for some parties (like our tipster's client) to locate their funds.
UPDATE: Following in the footsteps of sister company Alliance Title, Financial Title which was the largest real-estate title agent in Silicon Valley and has four offices in San Francisco has officially closed its doors.
Sources who have spoken to Financial Title employees said the title company began closing its doors in Santa Clara County Tuesday night. Those sources said all employees have lost their jobs, and Financial's underwriter, First American Title Co., has been collecting open escrow files at the closed offices.
No update on the Insurance Commissioner angle, the "confiscation" (versus collecting) of files, or the irony of misplaced escrowed funds. Tipsters?
∙ Tag Line Irony From Alliance Title: “Closing The California Dream” [SocketSite]
∙ Financial Title company shuts down [Business Times]
Posted by socketadmin at 11:56 AM | Permalink | Comments (22) | (email story)
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.
∙ Built In 1904 (But "Reconstructed" A Century Later): 2542 Fillmore [SocketSite]
Posted by socketadmin at 11:15 AM | Permalink | Comments (15) | (email story)
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?
Posted by socketadmin at 12:15 PM | Permalink | Comments (25) | (email story)
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).
∙ Listing: 1254 Washington (3/1.5) - $999,000 [MLS]
∙ Live Like A Rockstar [SocketSite]
Posted by socketadmin at 1:15 PM | Permalink | Comments (23) | (email story)
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]
Posted by socketadmin at 10:30 AM | Permalink | Comments (15) | (email story)
May 20, 2008
ReadersReport: 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]
Posted by socketadmin at 9:30 AM | Permalink | Comments (1) | (email story)
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...
∙ The San Francisco Decorator Showcase [decoratorshowcase.org]
∙ If these walls could talk [SFGate]
Posted by socketadmin at 4:00 PM | 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)
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]
Posted by socketadmin at 10:00 AM | Permalink | Comments (4) | (email story)
September 26, 2007
RandomRumors And Readers Report: Countrywide Cuts Commence
From a plugged-in tipster: "I talked to my friend who was just let go [at Countrywide]. Seems they're going to go into the direction right now of letting those people go who started after June 11th, 2007. He said company wide so we shall see how it unfolds. Weird to begin letting people go on a Weds as well." And yes, unconfirmed (for now).
∙ From Rumor To Reality: Up To 12,000 Layoffs At Countrywide [SocketSite]
Posted by socketadmin at 11:41 AM | Permalink | Comments (11) | (email story)
September 21, 2007
Not Exactly A Flip, But Possibly A Push, Over At One Rincon Hill
According to a plugged-in tipster, a coveted “02” series two-bedroom/two-bath condo at One Rincon Hill is quietly being shopped by a contract holder.
The 1,300+ square foot unit is reported to have been secured with a non-refundable deposit of $65,000 and at a contract price of $1,595,000. And apparently the contract can be amended to reflect a new buyer prior to close (which we haven’t confirmed).
The asking price? $1,595,000. Or more accurately $65,000 to make the contract holder whole on his deposit. It's a bit different story than a reader reported fourteen months ago, but it's also but a single data point. (And we're at least waiting until after the first wave of closings before drawing too many conclusions on the health of the hill.)
And at the same time, we have been hearing rumors of a rather significant waiting list of buyers willing to pay big money for penthouse units that should happen to fall out of contract prior to closing. Again, unconfirmed (but no real reason to be doubted).
UPDATE: There’s a reason we originally filed this one under “Interesting Opportunities.” If you believe in the building, and like the floor plan, then it is (and as a plugged-in person, you now have the number to call). And if not, at the very least it's another interesting opportunity for some unique insight (into One Rincon Hill) and discussion (about the market).
∙ A Quick Flip At One Rincon Hill? [SocketSite]
∙ What Happens When It’s Time To Fund? We’ll Have To Wait And See [SocketSite]
∙ One Rincon Hill: An Unofficial Update On The Timing Of The Two Towers [SocketSite]
Posted by socketadmin at 4:00 AM | Permalink | Comments (174) | (email story)
September 14, 2007
From “Rumor” To Reality: Charles Phan Coming To The Soma Grand
As a tipster points out, last week the Chronicle officially announced that Charles Phan will be opening a new concept restaurant in the Soma Grand. Of course it was six months ago that plugged-in people were first able to trade on the “rumor”.
∙ It’s All About Service And Style At The Soma Grand (1160 Mission) [SocketSite]
∙ The Soma Grand: The SocketSite Straight Scoop [SocketSite]
Posted by socketadmin at 3:00 AM | Permalink | Comments (8) | (email story)
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."
∙ JustQuotes: Forget Subprime In San Francisco, But How About Alt-A? [SocketSite]
Posted by socketadmin at 11:03 AM | Permalink | Comments (62) | (email story)
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).
∙ 651 Days On The Market And Counting Sold? [SocketSite]
∙ A Little Lot Off The Top At The Top [SocketSite]
Posted by socketadmin at 2:45 AM | Permalink | Comments (0) | (email story)
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]
Posted by socketadmin at 7:41 AM | Permalink | Comments (7) | (email story)
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]
Posted by socketadmin at 10:20 AM | Permalink | Comments (1) | (email story)
