CATEGORY ARCHIVE: RealRecentReductions

April 21, 2014

A Serious Price Cut For A Comedian's Wine Country Estate

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Listed for $35 million in 2012, Robin Williams has cut the price for his 650-acre "Villa Sorriso" wine country estate in the mountains between the valleys of Napa and Sonoma to $29.9 million.

Once again, the 20,000 square foot Limestone villa on the property includes three Kevlar wrapped safe rooms, a rather legitimate wine cellar and an Alder paneled theater.

Villa%20Sorriso%20Theater.jpg

Also on the estate: a 3,000 square foot property manager's residence; a 24-acre vineyard; a grove of olive trees; an array of 36 solar panels producing 300-400 amps (perfect for helping to light the outdoor tennis court); and a spring fed pond that might a little smaller than last photographed.

Villa%20Sorriso%20Pond.jpg

Posted by socketadmin at 11:45 AM | Permalink | Comments (3) | (email story)

April 8, 2014

A Quick $500,000 Cut For The Postcard Row Home On The Corner

722 Steiner (www.SocketSite.com)

Having returned to the market three weeks ago listed for $4,000,000, a dollar more than the price at which it was listed in early 2010, the list price for the corner Postcard Row home at 722 Steiner Street has just been reduced by $500,000 (12 percent).

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

March 27, 2014

A Major Price Cut For Minor's Massive San Francisco Estate

3800 Washington

The list price for Halsey Minor's 18,000 square foot Presidio Heights mansion at 3800 Washington Street has just been cut by $1,994,000 (10%). Now asking $17,995,000 for the mansion, adjacent 2,600 square foot guest house, and the undeveloped lot behind.

Le Petit Trianon (Image Source: lepetittrianon.com)

Having topped the list of the Top 500 Delinquent Taxpayers in California last year, Mr. Minor soon thereafter filed for Chapter 7 bankruptcy, listing liabilities of $50 million to $100 million and assets of $10 million to $50 million.

Minor purchased the asset turned liability at 3800 Washington for $20,000,000 in 2007.

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

January 28, 2014

Secluded Stanyan Street (Steps) Home Is Listed Anew

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Abutting the Mt. Sutro Open Space Reserve, the only way to reach the Clarendon Heights home at 1335 Stanyan is by way of Clarendon and then down the Stanyan Street Steps.

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But once you reach the secluded home in the city which was designed by Lun Chan, you’ll find a light-filled open interior with an enclosed lap pool and views across Cole Valley.

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Not to mention a couple of rather nice little decks on which to relax after your trek:

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Listed for $3,498,000 this past July, reduced three times, and then withdrawn from the MLS in November, the 3,877 square foot home has been listed anew for $2,595,000, the same price at which it was last listed.

∙ Listing: 1335 Stanyan Street (5/3) 3,877 sqft - $2,595,000 [clarendon98point5.com]

Posted by socketadmin at 12:00 PM | Permalink | Comments (23) | (email story)

January 27, 2014

Proposed Presidio Projects Photo Simulated, Ready For Review

With the Presidio Trust Board of Directors set to publicly review the three revised proposals for developing the Presidio's Mid-Crissy Field site tonight, photo simulations to compare the mass and height for each of the projects have been prepared with the existing Sports Basement/Commissary building in place for the sake of comparison.

The simulation for "Scheme 1" of the proposed Lucas Culural Arts Museum which would rise 61 feet to the top of its parapet, 66 feet to the top of its dome (click images to enlarge):

The simulation for "Scheme 2" of the Lucas Culural Arts Museum which would rise 45 feet to the top of its parapet, 50 feet to the top of its atrium skylight:

The simulation for the Presidio Exchange project which would rise 43 feet to the top of its building:

The simulation for the Bridge/Sustainability Institute project which would rise 43 feet to the top of its building:

Additional angles for the photo simulations are available in the Mid-Crissy Field Project photo simulation supplement.

Posted by socketadmin at 10:30 AM | Permalink | Comments (21) | (email story)

January 2, 2014

A True Chef's Kitchen For $100,000 Less In The New Year

Tyler%20Florence%27s%20Kitchen.jpg

Having been on the market for $1,995,000, the list price for celebrity chef Tyler Florence's Mill Valley cottage with a true chef’s kitchen has just been trimmed by $100,000 to $1,895,000.

Posted by socketadmin at 7:30 AM | Permalink | Comments (6) | (email story)

December 11, 2013

Offer Date For High-End Noe Home Comes And Goes, Reduced

1612%20Church%20Street%20Interior.jpg

Listed for $3,400,000 on November 10 with "Offers Due" at 1pm on November 21, the high-end Noe Valley home at 1612 Church Street remains on the market and its list price has been reduced by 9 percent to $3,095,000. A new due date hasn't been listed for the home.

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

December 10, 2013

An Elegant Three-Bedroom Nob Hill Condo For $550 A Square Foot

850%20Powell%20Street.jpg

Listed for $1,449,000 two months ago, the asking price for the three-bedroom Nob Hill condo #106 at 850 Powell Street (a.k.a. The Francesca) has recently been reduced to $1,349,000.

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With a box beam ceiling in the dining room, a wood burning fireplace in the living room and a remodeled kitchen, the elegant 2,461 square foot unit is now priced at $548 per square foot.

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Not included in the list price, however, is parking in the building (which is leased and "available on a seniority basis") and HOA dues of $2,058.82 a month.

The condo was purchased for $587,000 in 1999 at which point the average 30-year mortgage rate was around 7 percent, a rate at which a $2,059 monthly payment would have serviced around $350,000 in debt versus closer to $550,000 at today’s 30-year rate.

∙ Listing: 850 Powell Street #106 (3/3) 2,461 sqft - $1,349,000 [850powell106.com]

Posted by socketadmin at 2:00 PM | Permalink | Comments (25) | (email story)

November 18, 2013

Price Cuts For The Contemporary Condos On Cornwall Street

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While at least one of the six new condominiums at 300-350 Cornwall Street sold for $1,000 more than its $1,499,000 list price this past August and $1,066 per square foot, the prices for the remaining units have been cut by around 15 percent with prices now starting at $1,249,000 ($919 per square) for 340 Cornwall Street which had originally been listed for $1,499,000 as well.

From an agent’s email with respect to the price cuts forwarded by a plugged-in tipster: "November brings great news for new home buyers." That is, of course, unless you bought in August.

300%20Cornwall%20Interior.jpg

Posted by socketadmin at 11:45 AM | Permalink | Comments (29) | (email story)

November 15, 2013

Nine Months Later And One (SOMA) Grand More

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The 1,146 square foot southeast corner condo on the 18th floor of the 22-story SOMA Grand was first purchased for $1,160,000 in 2008. Nine months ago the condo resold for $1,198,000 and then three months ago the two-bedroom hit the market listed for $1,289,000.

Reduced to $1,269,000 last month, the list price for 1160 Mission Street #1806 was just reduced again, this time to $1,199,000 which is $1,000 more than its purchase price of nine months ago or 3 percent more than in 2008.

Do keep in mind that the SOMA Grand's homeowners association has filed suit against the building’s developer, builder, and architects as we first reported six months ago, which is why the "pending litigation" box is checked on the listing.

Posted by socketadmin at 8:30 AM | Permalink | Comments (6) | (email story)

November 8, 2013

Price For Potrero Hill Compound Cut Another 13% After Twitter IPO

2255%20Mariposa%20Exterior.jpg

Listed for $5,995,000 this past June, the price tag for the Potrero Hill compound on the corner of Mariposa and Utah was cut to $4,995,000 in September.

Last night, the list price for the 6,645 square foot former art school building at 2255 Mariposa Street which was remodeled and converted to legal dwelling units in 1987 was cut another $645,000, now asking $4,350,000.

From the comments at the time of the previous reduction to $4,995,000: "No way this place is overpriced at this point. Gutted SFHs are going for over $750/sq ft near there - all it takes is one buyer (or that twitter IPO)." While that one buyer hasn't been found, that IPO has happened.

Posted by socketadmin at 9:00 AM | Permalink | Comments (19) | (email story)

October 18, 2013

A Quick $1,550,000 Price Cut Modification In Pacific Heights

2755%20Fillmore%20View.jpg

After a week on the market for $12,500,000, the list price for 2755 Fillmore wasn't cut but rather quickly "modified," now asking $10,950,000 and closer to $2,500 a square foot.

Comments: From Classic To Contemporary And Close To $3,000 A Square Foot [SocketSite]

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

October 15, 2013

Pushback In Pacific Heights

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Purchased for $2,325,000 in November of 2007, the single-family Pacific Heights home at 1915 Sacramento Street has since been remodeled, including the addition of a new bath on the lower level which was added without a permit and isn’t included in the official bathroom count of two.

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Returned to the market two weeks ago listed for $2,600,000, the "offers due date" has come and gone and the list price has been reduced to $2,395,000. It's the fourth Pacific Heights property to have unsuccessfully set an "offers due" date over the past couple of weeks of which we're aware.

∙ Listing: 1915 Sacramento Street (3/2) 2,340 sqft - $2,395,000 [via Redfin]

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

September 20, 2013

Potrero Hill Compound Takes A Million Off The Top

2255%20Mariposa%20Street.jpg

If it was the $5,995,000 price tag which was keeping you away from making an offer to buy the Potrero Hill compound on the corner of Mariposa and Utah, perhaps the one million dollar price cut will make you change your mind; now asking $4,995,000 for the 6,645 square foot former art school building which was converted to legal dwelling units in 1987.

2255 Mariposa Living

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

September 13, 2013

A New Yorker's "Pied-A-Terre" Joins Our Million Dollar Cut Club

2666 Broadway

A New York based Internet entrepreneur paid $4.7 million for the William Wurster-designed house at 2666 Broadway in 2011, and according to the Wall Street Journal, he then spent "about four times what he was quoted" on a one-year remodel of the home which once belonged to Evelyn and Walter Haas, having "bought the house because his daughter was planning to go to school in San Francisco."

With his daughter’s plans having changed, the property was listed for $11,250,000 or $2,271 per square foot this past March, touting "Modernist Design with Distinctive Artisan Finishes."

2666%20Broadway%20Kitchen.jpg

Having just dropped the asking price for the Pacific Heights home to $10,250,000, the listing can now tout its membership in our "Million Dollar Cut Club" as well.

Comments: Modernist Design And A Deconstructed Fireplace For $2,271 Per Foot [SocketSite]

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

August 28, 2013

Saitowitz Designed Russian Hill Home Takes A Million Off The Top

1110%20Green%20Street.jpg

Speaking of Stanley Saitowitz designed homes, having been listed for $6,980,000 sixteen months ago, the five-story Russian Hill house at 1110 Green Street has been listed anew for $5,885,000.

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Black slate, etched glass, and floating features abound.

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Opinions as to whether or not the modern design "offers a tranquil peaceful atmosphere" and "is awe inspiring to any architectural aficionado" are likely to be nearly as abundant.

∙ Listing: 1110 Green Street (3/2.5) - $5,885,000 [pacunion.com]

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

August 19, 2013

Before And After Atop Nob Hill (And Reduced)

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When purchased for $945,000 in 2010, unit #902 atop the Francesca at 850 Powell Street looked rather different than it does now (above). The dining room and kitchen before:

850%20Powell%20%23902%20Kitchen%20Before.jpg

The living room before and after:

850%20Powell%20%23902%20Living%20Before%20and%20After.jpg

And an iron and walnut bar, rather than wall, now divides the two.

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Listed for $2,300,000 this past March, the price for the 1,912 square foot Nob Hill condo has been reduced to $1,995,000. And yes, the rest of the condo has been remodeled as well.

∙ Listing: 850 Powell Street #902 (2/2.5) 1,912 sqft - $1,995,000 [850powell902.com]

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

June 13, 2013

Swinging For A Million Dollars Less On South Park

41%20South%20Park.jpg

Having been listed for $7,650,000 two months ago, the price for the modern home hidden behind the traditional facade at 41 South Park has just been reduced by $1,400,000, now asking $6,250,000. And yes, this is the pad that's outfitted with swings around the dining room table.

41%20South%20Park%20Dining.jpg

Comments: 41 South Park: Swinging For $7.65 Million (And Inside As Well) [SocketSite]

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

May 24, 2013

Memorial Day Mansion Sale: Morgan Estate Reduced To $27 Million

12335%20Stonebrook%20Drive.jpg

When the list price for Kelly Porter’s 30,000 square foot renovated Tudor mansion in Los Altos Hills was reduced from $45 million to $38 million at the end of 2008, the venture capitalist commented: "It’s worth every bit of $45 million, and I reduced it reluctantly."

Having been withdrawn from the market without a sale in 2010, 12335 Stonebrook Drive (a.k.a. "The Morgan Estate") has just been listed anew for $27,000,000.

12335%20Stonebrook%20Drive%20Living.jpg

Sitting on nearly 8 acres with outbuildings and parking for over twenty cars, the property is listed on the Federal Historic Register and as such benefits from a rather low property tax rate. How low? In 2011, the property tax bill for the estate was $20,750.

Purchased for $3,000,000 in 1989, the renovation of the Morgan Estate spanned over seven years and included the rather spectacular wine cellar.

12335%20Stonebrook%20Drive%20Cellar.jpg

Go grab a few bottles, it's time to barbeque.

∙ Listing: 12335 Stonebrook Drive, Los Altos (7/8) 30,000 sqft - $27,000,000 [Sotheby’s]

Posted by socketadmin at 4:15 PM | Permalink | Comments (22) | (email story)

May 10, 2013

A Cool Noe Breeze Or Conscientious Repricing Strategy?

3961%2025th%202013.jpg

Purchased for $2,850,000 in June of 2009, the contemporary Noe Valley home "with a conscience" at 3961 25th Street returned to the market ten days ago listed for $3,299,000. In the words of a plugged-in Noe Valley resident at the time:

"I would very tentatively say that Noe is cooling off just a tad. It is still hot, just not hot, hot, hot."

Last night, the list price for 3961 25th Street was reduced by $400,000 (12 percent), now asking $2,899,000 or two percent over its 2009 sale price on an apples-to-apples basis.

The House With A Conscience Returns [SocketSite]

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

May 9, 2013

A Modern Wine Country Compound (And Million Dollar Price Cut)

Valle%20Vista.jpg

Sitting on 18 acres overlooking the Sonoma Valley, about an hour north of San Francisco, the modern "Valle Vista" compound was designed by Harvey and Conrad Sanchez in collaboration with interior designer Ron Mann and constructed in 2008.

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In addition to the 5,111 square foot main house with three bedrooms, the compound includes a separate guest house and a 3,000 square foot auto barn/fitness center:

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And yes, there's a rather legitimate wine cave as well.

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Having been on the market since 2010 when first listed for $12 million and seeking $9.9 million ever since, the Valle Vista compound has just been listed anew for $8,900,000.

∙ Listing: "Valle Vista" (3866 Lovall Valley, Sonoma) - $8,900,000 [vallevistasonoma.com]

Posted by socketadmin at 12:00 PM | Permalink | Comments (15) | (email story)

April 12, 2013

Mansion Owner Minor Tops The List Of California Tax Delinquents

3800 Washington

With $10,856,672.77 in state income tax past due, San Francisco’s Halsey Minor, the co-founder of CNet and current owner of the mansion above, has once again topped the list of the Top 500 Delinquent Taxpayers in California.

As plugged-in people know, Mr. Minor recently cut the list price for his Presidio Heights mansion and two adjacent parcels to $21 million, a million dollars more than he paid for the real estate in 2007 with a loan for $9 million to which a second for $3 million was added in 2008.

As a top 500 delinquent, Mr. Minor is at risk of losing his driver's license as well.

Top 500 Delinquent California Taxpayers [ca.gov]
March Mansion Madness: Minor's Major Price Cut [SocketSite]
Halsey Minor's "Abandoned" $20,000,000 Mansion Hits The Market [SocketSite]

Posted by socketadmin at 12:00 AM | Permalink | Comments (18) | (email story)

March 22, 2013

March Mansion Madness: Minor's Major Price Cut

3800 Washington

Halsey Minor paid $20,000,000 for the 18,000 square foot mansion at 3800 Washington, the adjacent 2,618 square foot guesthouse, and the undeveloped lot behind back in 2007.

Le Petit Trianon (Image Source: lepetittrianon.com)

Having been deemed "abandoned" by the city in 2011 with an order of abatement issued for failing to comply with San Francisco’s Abandoned Building Ordinance, the property was spruced up a bit and returned to the market last May listed for $25,000,000.

This morning, the list price for the trio of Presidio Heights properties was reduced by $4,000,000 (16 percent), now asking $21,000,000. Congratulations if you picked another price cut in your mansion sales pool, or Oregon and California in that other one.

∙ Listing: 3800-3810 Washington / 125 Maple - $21,000,000 [byzantiumbrokerage]
Minor’s "Abandoned" Mansion At 3800 Washington [SocketSite]
Beauty Blight Is In The Eye Of The City (And Perhaps Your Neighbors) [SocketSite]
Halsey Minor's "Abandoned" $20,000,000 Mansion Hits The Market [SocketSite]

Posted by socketadmin at 3:15 PM | Permalink | Comments (11) | (email story)

March 19, 2013

Wozland Returns

300%20Santa%20Rosa%20Drive%20Exterior.jpg

While The Woz hasn't lived there for many years, and the property has since been remodeled, Steve Wozniak's onetime home at 300 Santa Rosa Drive down in Los Gatos is back on the market and listed for $4,395,000 having last sold for $3,100,000 in 2009.

300%20Santa%20Rosa%20Drive%20Living.jpg

As some might recall, the 7,200 square foot "Wozland" had been listed for $7,950,000 at the end of 2005, was bought for $6,900,000 in March of 2006, and returned to the market a few months later for $20,000,000 following a quick restoration and maketing campagin.

300%20Santa%20Rosa%20Drive%20Kitchen.jpg

The property was unsuccessfully listed for sale for $5,000,000 a year ago as well, a price which was reduced to $4,500,000 this past July. The Woz sold for $4,750,000 in 2004.

∙ Listing: 300 Santa Rosa Drive, Los Gatos (6/7) 7,500 sqft - $4,395,000 [Sotheby's]
Ex-Wozland For Sale [SocketSite]

Posted by socketadmin at 10:00 AM | Permalink | Comments (3) | (email story)

February 14, 2013

If You're Looking For A Last Minute Victorian Valentine…

21 Buena Vista Avenue 2013

Following a month on the market listed for $6,500,000, the asking price for the 8,229 square foot Victorian at 21 Buena Vista Avenue was reduced to $5,900,000 this morning.

The lovingly renovated home was purchased for $3,875,000 in December of 2007 and offered for rent at $17,500 a month in 2009. And speaking of love, if you still haven’t figured out what to get that special someone, perhaps a Victorian Valentine is in order.

Comments: The Witches Hat (21 Buena Vista Avenue) Is Back [SocketSite]

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

Removed From The Roof Deck And MLS Over On Potrero Hill

901%20De%20Haro%20After.jpg

Listed for $3,450,000 last November having been rebuilt and expanded with an elevator that now connects the modern four-level home, in January the list price for 901 De Haro Street was reduced to $3,250,000. Yesterday, the listing for the four-bedroom Potrero Hill property was removed from the MLS after 100 days on the market without a reported sale.

901%20De%20Haro%20Interior.jpg

And if a plugged-in reader is correct, also removed prior to its listing was an outdoor kitchen on the roof deck which wasn’t included in the approved plans and permits. An anonymous complaint had been filed last March. All comments on our original post.

Before And After, Inside And Out: 901 De Haro On Potrero Hill [SocketSite]
What’s The Right Way To Rat Out A Neighbor And Report Illegal Work? [SocketSite]

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

January 23, 2013

Three Thousand Square Feet And Zero Dollars To Heat?

10 Portola Drive

The Twin Peaks home at 10 Portola Drive now boasts three bedrooms, three and one-half baths and almost three thousand square feet of living space. And thanks to a 3kW rooftop solar system, the listing for 10 Portola boasts a PG&E bill of zero dollars for the home in 2010 and $79 in 2011.

Purchased as a 1,170 square foot home for $760,000 in 2002, the property was rebuilt and expanded to 2,827 square feet in 2005 and first returned to the market in 2008 listed for $2,395,000. Reduced and relisted six times since, the Portola Drive has just been listed with an official "one day" on the market for $1,825,000.

No word on the PG&E total for 2012 or how utilization of the home might have changed over the past couple of years.

∙ Listing: 10 Portola Drive (3/3.5) 2,827 sqft - $1,825,000 [10portola.com]

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

January 16, 2013

A MoFo Marin Estate And Reduction: 117 Laurel Grove Avenue

117%20Laurel%20Grove%20Avenue.jpg

The 40 acres upon which Alexander Morrison (founder of San Francisco’s Morrison and Foerster or MoFo for short) built his Marin estate in 1903 has been whittled down to 1.4 acres, but the big views of Mt. Tam and Mt. Baldy and estate-styled living all remain.

117%20Laurel%20Grove%20Avenue%20Dining.jpg

From the website for The Morrison Estate which was listed for $9,750,000 early last year but is now on the market, but not officially listed, for $8,950,000:

When the sun has set on most of Ross, the last rays still linger on this home’s warm, bright front porch. The master bedroom’s east window glows with morning sunrise, and in the evening, its French doors open onto sunsets over Mt. Tam. Time has confirmed Mr. Morrison’s foresight and vision, bestowing additional advantages such as neighboring homes sited so that virtually none can be seen...

∙ Listing: 117 Laurel Grove Avenue, Ross (5/6) - $8,950,000 [117laurelgrove.com]

Posted by socketadmin at 10:00 AM | Permalink | Comments (2) | (email story)

December 3, 2012

Shorter Still For The Tall McSweeney Home On Santa Paula Avenue

250 Santa Paula Avenue

The Angus McSweeney designed home at 250 Santa Paula Avenue was purchased for $910,000 in 2003 having sat empty for 25 years. Following a major renovation and expansion, the St. Francis Wood property returned to the market in 2008 listed for $2,995,000 but failed to sell.

Relisted last year as a short sale for $2,399,000, the property was in contract but failed to close. And now, 250 Santa Paula Avenue is back on the market and listed for $2,100,000.

While McSweeney would likely have still recognized his house's Santa Paula façade above, we're not so sure about the unexpected expanded rear below:

250 Santa Paula Avenue

∙ Listing: 250 Santa Paula (5/6) 4,338 sqft - $2,100,000 (short sale) [Coldwell Banker]
A Restored 250 Santa Paula Avenue Comes Up Short [SocketSite]

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

November 7, 2012

Remembering The Heights Of 2008 And 100 Palo Alto Avenue

100 Palo Alto Living

As we wrote this past September:

Custom built for former San Francisco Mayor Elmer E. Robinson in 1953, the Mid-Century home at 100 Palo Alto Avenue hit the market in March 2008 listed for $4,000,000 and closed escrow that April with a recorded contract price of $5,625,000.
Returned to the market listed for $6,400,000 in 2010, after 341 days on the MLS and a couple of reductions, the Clarendon Heights home was withdrawn from the market in early 2011, last asking $4,950,000.
The four-bedroom home is now back on the market, listed anew for $4,995,000 in 2012 and touting "formerly owned by a local real estate tycoon" whom we have yet to identify.

As a reader notes, the list price for 100 Palo Avenue has since been reduced to $4,695,000, now asking 17 percent ($930,000) less than the price that was paid for the luxury view home in early 2008, back when overbidding was the norm.

To quote Santayana, "those who cannot remember the past are condemned to repeat it."

The Height Of The Heights And An Unnamed Real Estate Tycoon [SocketSite]
Forget The Rock Star Lifestyle, Anybody Want To Live Like A Mayor? [SocketSite]
An Ex-Mayor’s Mid-Century Clarendon Heights View Manse Returns [SocketSite]
Less Great Expectations For Ex-Mayor's Mid-Century Modern Home [SocketSite]
As The Market Turns: Another Quick Cut For 100 Palo Alto [SocketSite]

Posted by socketadmin at 2:15 PM | Permalink | Comments (9) | (email story)

November 5, 2012

Schwab's 2020 Jackson Street Returns For A Skosh Less Than In 2004

2020 Jackson Street

As we reported last month:

Despite a $2,500,000 price cut to $17,500,000 in April, just prior to serving as San Francisco's 2012 Decorator Showcase home (as it was in 1991 as well), the listing for the 11,500 square foot Hellman Mansion at 2020 Jackson Street [was] withdrawn from the MLS without a reported sale after 381 days on the market.
As plugged-in people know, the Julius Kraft designed property was built in 1902 as a wedding gift for Wells Fargo Bank President Isaias Hellman's daughter and is owned by the Catherine Schwab Revocable Trust which purchased the property for $15,000,000 in 2004.

On Saturday, 2020 Jackson Street was listed anew with an official "one day" on the market and an "original list price" of $14,900,000, a skosh below its sale price in 2004.

2020 Jackson Dining Room

The dining room frieze remains intact post-showcase and the kitchen(s) remodeled.

∙ Listing: 2020 Jackson Street (7/7.5) 11,500 sqft - $14,900,000 [2020jacksonst.com]
Designer Remnants Redux: Schwab's Showcase Home Withdrawn [SocketSite]
A Pre-Showcase $2,500,000 Price Cut For 2020 Jackson [SocketSite]
Showcasing 2020 Jackson Street [SocketSite]
The Hellman Mansion Officially Hits The Market Listed For $20 Million [SocketSite]
2020 Jackson’s Storied Past (And Currently Staging) [SocketSite]
Designer Remnants On Vallejo [SocketSite]
2012 Decorator Showcase Sneak Peek And Kitchen Before And After [SocketSite]

Posted by socketadmin at 1:30 PM | Permalink | Comments (11) | (email story)

October 9, 2012

A Million Dollar Cut For The Modern Saitowitz On Union Street

2555 Union Street

As we first reported with respect to the modern Cow Hollow home at 2555 Union Street which was redesigned by Stanley Saitowitz/Natoma Architects and listed with a $9,250,000 price tag last year, even if you can’t afford it, you'll likely want to take a peek inside.

Reduced to $8,950,000 earlier this year, the asking price for 2555 Union Street has just been reduced another million dollars, now asking $7,950,000.

As a plugged-in reader reported last year, the house was originally designed by architect Nancy Sheinholtz in the style of sister house next door. The current owners of 2555 Union acquired it in 1993 for $1,650,000 before engaging Saitowitz to redesign the house a decade later. We’ll keep all comments on our original post.

A Peek Inside The Saitowitz Designed Home At 2555 Union Street [SocketSite]

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

August 6, 2012

With A Local Whale Landed, Another Mansion Is Reduced

2901 Broadway: Aerial

As we wrote about 2901 Broadway this past January:

With 1,727 days on the market, the list price for 2901 Broadway has just been reduced another $7,000,000, now asking $38,000,000 and now the second most expensive listing in San Francisco, just behind 2845 Broadway which was reduced to $38,500,000 last year.
And yes, the property tax bill for the Gold Coast mansion totaled $7,790 last year.

As plugged-in people know, the 2007 Decorator Showcase Home was initially listed for $55,000,000 in early 2007 and received a rumored four offers, all of which were countered at asking and all of which walked away.

Rumors had Mark Pincus circling the property this past April, but that didn’t happen. And now, the list price for 2901 Broadway has been reduced to $34,000,000.

Now Asking $38M (And Still Contributing Under $8K In Taxes Per Year) [SocketSite]
Over $50 Million Invested And Now Asking $38.5M For 2845 Broadway [SocketSite]
Proposition 13 In Practice Along San Francisco’s Gold Coast [SocketSite]
Your Chance To Slip Inside 2901 Broadway [SocketSite]
Go Ahead And Ask: 2901 Broadway Is Listed (And Priced) [SocketSite]
Rumor Has It: Four Offers On The 2007 Decorator Showcase Home? [SocketSite]
While Zynga Trades Down, Pincus Trades Up [SocketSite]

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

April 5, 2012

A Pre-Showcase $2,500,000 Price Cut For 2020 Jackson

2020 Jackson Street

Purchased for $15,000,000 by the Catherine Schwab Revocable Trust in 2004, the 11,500 square foot Hellman Mansion with seven bedrooms at 2020 Jackson Street returned to the market seven months ago listed for $20,000,000.

Since tapped to be the 2012 Decorator Showcase home, as it was in 1991 as well, the asking price for the Julius Kraft designed pad has just been reduced to $17,500,000.

Built in 1902 by Wells Fargo Bank President Isaias Hellman as a wedding gift for his daughter, 2020 Jackson Street served as the makeshift headquarters of Wells Fargo following San Francisco's great quake and fire in 1906. As it appeared at the time:

2020 Jackson Street circa 1906

∙ Listing: 2020 Jackson Street (7/7.5) 11,500 sqft - $17,500,000 [2020jackson.com]
The Hellman Mansion Officially Hits The Market Listed For $20 Million [SocketSite]
Showcasing 2020 Jackson Street [SocketSite]
2020 Jackson’s Storied Past (And Currently Staging) [SocketSite]

Posted by socketadmin at 2:45 PM | Permalink | Comments (12) | (email story)

April 4, 2012

645 Congo Cuts $105K

645 Congo

Featured on the AIA Home Tour last year, the modern MaK Studio designed "Congo Street Residence" at 645 Congo has been on the market for a month over in Glen Park.

645 Congo Dining and Kitchen

Listed for $2,085,000 at the end of February, the asking price has been cut to $1,980,000 for the designer three-bedroom home across three levels with a Viking cooktop in the kitchen and custom built cabinetry and hand forged metalwork throughout.

645 Congo: Floor Plan

∙ Listing: 645 Congo (3/2) - $1,980,000 [arthouse645.com]
2011 San Francisco Living: AIA Home Tours Lineup (And Challenge) [SocketSite]
MaK Studio Featured Projects: Congo [makstudio.net]

Posted by socketadmin at 1:15 PM | Permalink | Comments (24) | (email story)

January 11, 2012

Now Asking $38M (And Still Contributing Under $8K In Taxes Per Year)

2901 Broadway: Aerial

As we reported when the list price for 2901 Broadway was reduced to $45,000,000 in 2009:

It was the 2007 Decorator Showcase Home and has been on the market for over two years (an "official" DOM of 690). It was initially listed for $55,000,000 in early 2007 and received a rumored four offers a few months later (which were all countered at asking and all walked away). And it was reduced to $48,000,000 on March 6, 2008.

With 1,727 days on the market, the list price for 2901 Broadway has just been reduced another $7,000,000, now asking $38,000,000 and now the second most expensive listing in San Francisco, just behind 2845 Broadway which was reduced to $38,500,000 last year.

And yes, the property tax bill for the Gold Coast mansion totaled $7,790 last year.

∙ Listing: 2901 Broadway (7/7.5) - $38,000,000 [2901broadwaystreet.com]
A $3,000,000 Reduction (That Might Not Seem Like So Much To Some) [SocketSite]
Your Chance To Slip Inside 2901 Broadway [SocketSite]
If You Have To Ask (2901 Broadway) [SocketSite]
Go Ahead And Ask: 2901 Broadway Is Listed (And Priced) [SocketSite]
Rumor Has It: Four Offers On The 2007 Decorator Showcase Home? [SocketSite]
Over $50 Million Invested And Now Asking $38.5M For 2845 Broadway [SocketSite]
Proposition 13 In Practice Along San Francisco’s Gold Coast [SocketSite]

Posted by socketadmin at 10:00 AM | Permalink | Comments (100) | (email story)

November 18, 2011

832 Fell Falls A Bit More

832 Fell: Kitchen

As we first wrote about the Alamo Square mansion at 832 Fell Street this past August:

Boasting 16 rooms (seven of which are bedrooms), a detached guesthouse, and parking for approximately eight cars across a double lot, the "ultimate Alamo Square mansion" a block from the square returned to the market in January listed for $3,999,000.
In July, the "restored" mansion was relisted for $4,900,000. And yesterday, 832 Fell Street was listed anew for the third time in 2011, this time asking $3,500,000.

Reduced to $3,150,000 before being withdrawn from the MLS ten days ago, today, 832 Fell Street was listed anew with a new broker and asking $2,995,000. For the sake of posterity, and some light Friday reading, we’re directing all comments to our original post.

Up, Down, And An All Around "Restoration" For 832 Fell [SocketSite]

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

"Winning" On Avila

196 Avila

As we first reported three months ago with respect to 196 Avila:

With three circa 2007 loans totaling $2,281,000 in debt, this past May the "magnificent Mediterranean home…located on one of the most sought after blocks in San Francisco" was foreclosed upon with a winning bid of $183,203 on the courthouse steps.
Keep in mind, however, that it was the third mortgage that was foreclosing and first (which was in default with $1,823,927 due) and second ($350,000) mortgages still exist.

Listed for $2,595,000 in August and then reduced to $2,395,000 in September, yesterday the asking price for 196 Avila was reduced to $2,095,000, roughly $80,422 less than the balance of the remaining first and second mortgages combined.

Foreclosed Upon For The First Time In Almost Thirty Years [SocketSite]
Failing Grades In Auction Buying 101 (And Commenting) [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (13) | (email story)

November 4, 2011

After Two Weeks, 1532 Church Street Is…Reduced

1532 Church Street

While some expected it to fly off the market when listed for $895,000 sans tenants two weeks ago, the list price for 1532 Church Street has been reduced a nominal $6,000, now asking $889,000.

And speaking of said ex-tenants, if a plugged-in reader seeking to set the record straight is correct, they were driven out of the house on August 31 and now reside in Palm Springs.

A Quick Tenant-ectomy And Attempted Flip [SocketSite]
Sure To Generate Interest (And Likely An Eviction Notice) [SocketSite]

Posted by socketadmin at 9:15 AM | Permalink | Comments (37) | (email story)

November 1, 2011

Apples-To-Apples (And A Reduction) For 2373 Filbert

2373 Filbert

Having been purchased for $1,400,000 in 2001 and then renovated and expanded in 2002, the 2,919 square foot single-family at 2373 Filbert sold for $2,704,000 in 2006.

2373 Filbert: Kitchen

Listed for $2,725,000 a month ago but recently been reduced to $2,595,000, a sale at asking would represent a 4 percent drop below its 2006 value for the Cow Hollow home.

∙ Listing: 2373 Filbert Street (3/3.5) 2,919 sqft - $2,595,000 [2373filbert.com]

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

September 28, 2011

The "$2.8 Million Dream Home" On Mountain Spring Drops To $2.5M

65 Mountain Spring Avenue

As the new agent for 65 Mountain Spring Avenue wrote when the property returned to the market earlier this month listed for $2,675,000 having been listed by the sellers who are brokers themselves for as much as $3,950,000 in June 2010:

Many, many [sellers] with homes on the market over the past 2-3 years have been surprised by the values of their homes. Having previously appraised near the former asking price, the market has now changed.

It has changed indeed. And late yesterday, the list price for the Clarendon Heights home was reduced $180,000, now asking $2,495,000 for the "$2.8 million" dream house.

∙ Listing: 65 Mountain Spring (4/3) 3,513 sqft - $2,495,000 [65mountainspringave.com]
A Regularly Recurring Dream [SocketSite]
San Francisco Dreaming At 65 Mountain Spring Avenue [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (10) | (email story)

September 12, 2011

Over $50 Million Invested And Now Asking $38.5M For 2845 Broadway

2845 Broadway

Officially withdrawn from the MLS in January 2010 after 1,400 days on the market at $65,000,000 then reduced to an unlisted $47,000,000 later that year, it’s a plugged-in tipster that notes the asking price for 2845 Broadway has been reduced to $38,500,000.

As we first wrote about the property in 2006:

Apparently the original two structures at 2845 Broadway sold for $32 million in November 2002, cost of construction to date is estimated to be $18 million, and the “Buzz among brokers” is that it will cost another $8-16 million to finish the property. Just to clarify, for $65M you won’t be getting any “interior walls, ceilings and finishes”.

It’s now five years later and $26,500,000 (41%) less but you still won’t be getting any of those walls or finishes in either the main home of 17,500 square feet or the guest house which measures a mere 6,000 squared, but you will now get a more complete peek inside.

2845 Broadway: Interior

∙ Listing: 2845 Broadway - $38,500,000 [2845broadwaysf.com]
2845 Broadway Is Withdrawn In 2010 After 1400 DOM At $65,000,000 [SocketSite]
Save A Collective $21,700,000 On Hyde And Upper Broadway [SocketSite]

Posted by socketadmin at 12:00 AM | Permalink | Comments (38) | (email story)

September 2, 2011

A Regularly Recurring Dream

65 Mountain Spring Avenue

Having failed to be awarded in the third annual San Francisco Dream House Raffle, the "$2.8 million" dream house at 65 Mountain Spring Road has returned to the market listed for $2,675,000. As we first reported at the time of the raffle:

Listed for sale at $3,950,000 [in June of 2010], the list price for 65 Mountain Spring was reduced five times over the next four months before being withdrawn from the MLS in December last asking $2,775,000 for the 4,139 square foot (per its old listing) four-bedroom home.

While still listed as a four bedroom, the square footage for 65 Mountain Spring Avenue has been dropped to 3,513. No word on what happened to those 626 square feet.

∙ Listing: 65 Mountain Spring (4/3) 3,513 sqft - $2,675,000 [65mountainspringave.com]
San Francisco Dreaming At 65 Mountain Spring Avenue [SocketSite]

Posted by socketadmin at 7:30 AM | Permalink | Comments (15) | (email story)

August 29, 2011

Another Round Of Reductions (And "New" Listings) At 1299 Bush

1299 Bush (www.SocketSite.com)

On the MLS for 171 days at $679,000, last month the listing for 1299 Bush Street #303 was withdrawn. This past Friday, however, the Axis two-bedroom was listed anew at an "original" list price of $659,000 and an official "one day" on the market according to industry statistics.

While the new listing for #303 now omits the square footage, according to the previous listing and condo map, the two-bedroom measures 995 square feet.

The 995 square foot unit one floor above (1299 Bush Street #403) sold for $675,000 last month having last been listed for $697,000 while the 995 square foot unit above that (1299 Bush Street #503) sold for $692,000 having been listed for $715,000.

As plugged-in people know, the 940 square foot #203 was listed for $795,000 when the building formerly known as "Citadine" first hit the market in 2009 and was listed as new for $675,000 when the building relaunched as Axis ten months ago. Number 203 is now listed for $639,000 with an official two years "105 days" on the market.

∙ Listing: 1299 Bush Street #203 (2/2) 940 sqft - $639,000 [MLS]
∙ Listing: 1299 Bush Street #303 (2/2) 995 sqft - $659,000 [MLS]
1299 Bush Tries Again As Citadine AXIS San Francisco [SocketSite]
Citadine (1299 Bush): Current Pricing And A Peek Inside [SocketSite]

Posted by socketadmin at 10:30 AM | Permalink | Comments (9) | (email story)

August 23, 2011

3208 Pierce: Foreclosure Redux And Apples To Apples Reduction

3208 Pierce

While the courthouse sale of 3208 Pierce Street #407 has once again been postponed (now scheduled for September 23), today the list price for 3208 Pierce #102 was reduced to $995,000. The 1,277 square foot #102 had been listed at $1,085,000 for the past 39 days having been purchased for $1,200,000 in June 2007.

∙ Listing: 3208 Pierce #102 (2/2.5) 1,277 sqft - $995,000 [3208pierce102.com] [MLS]
Apples To Apples (And Foreclosure) At 3208 Pierce In The Marina [SocketSite]

Posted by socketadmin at 5:15 PM | Permalink | Comments (13) | (email story)

August 18, 2011

Up, Down, And An All Around "Restoration" For 832 Fell

832 Fell Street: Bedroom

Boasting 16 rooms (seven of which are bedrooms), a detached guesthouse, and parking for approximately eight cars across a double lot, the "ultimate Alamo Square mansion" a block from the square returned to the market in January listed for $3,999,000.

832 Fell Dining

In July, the "restored" mansion was relisted for $4,900,000. And yesterday, 832 Fell Street was listed anew for the third time in 2011, this time asking $3,500,000.

832 Fell Kitchen

And yes, "one-of-a kind" indeed.

∙ Listing: 832 Fell (7/5.5) 6,720 sqft - $3,500,000 [alamo-square-mansion.com] [MLS]

Posted by socketadmin at 10:30 AM | Permalink | Comments (80) | (email story)

August 12, 2011

350 Valley Redux: Renting Selling The Whole Remodeled Noe Home

350%20Valley%20Outside%20In.jpg

Following a "ground up" remodel in 2002, the single-family home at 350 Valley sold for $1,135,000 and then again for $1,230,000 just fifteen months later in December 2003.

In late 2009 the three-bedroom returned to the market asking $1,620,000 before being reduced to $1,499,000 and then withdrawn from the MLS at the end of that year.

In early 2010 the property was first offered for rent at $5,800 a month before being listed anew, last asking $1,429,000 before being withdrawn from the market that April.

Today, the Noe Valley home was listed for $1,395,000 with transfer of possession at close of escrow (i.e., no tenants in place).

∙ Listing: 350 Valley (3/2.5) 1,819 sqft - $1,395,000 [MLS]
Renting The Whole Remodeled Noe Home For Under Six (Asking) [SocketSite]

Posted by socketadmin at 12:15 PM | Permalink | Comments (19) | (email story)

July 29, 2011

$70M St. Regis Penthouse Goes Back To The Bank And Drops To $35M

188 Minna Penthouse Bath

Purchased for roughly $30,000,000 as a raw shell in 2005 by local real estate developer Victor MacFarlane, listed for $70,000,000 in 2008, and last asking $49,000,000 having finished an uberexpensive five year renovation, the 20,000 square foot penthouse atop San Francisco’s St. Regis at 188 Minna has been deeded back to Bank of America in lieu of foreclosure and is returning to the market priced at $35,000,000.

As a prescient plugged-in reader wrote in 2009: "I wonder if this place will win the prize for, "Most expensive foreclosure in the city." That would be a bingo!

Full Disclosure: The co-listing agent for the penthouse atop the San Francisco St. Regis advertises on SocketSite but provided no compensation for this post.

St. Regis Penthouse Asking $70M: Is San Francisco All Growns Up? [SocketSite]
First Peek Inside The Finished St. Regis Penthouse Atop 188 Minna [SocketSite]
Going Up: St. Regis Penthouse Construction Nearly Complete [SocketSite]
Inside The St. Regis Penthouse: The Rendering Scoop And Details [SocketSite]
St. Regis Penthouse Now $21,000,000 Off (And No, That’s Not A Typo) [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (23) | (email story)

July 18, 2011

728 Duncan Returns Less Its "Cool" Tag (And Another $145,000)

728 Duncan

As we wrote a year ago last month:

Listed for $2,550,000 in March, the list price for the self described "Noe Valley modern cool" home at 728 Duncan was reduced to $2,385,000 in April, and just a few minutes ago it was further reduced to $2,295,000.
Once again, the single-family Noe home was purchased for $2,475,000 in August 2007 according to the MLS (although tax records suggest a contract price closer to $2,448,000).

Withdrawn from the market without a sale in 2010, the Noe Valley home has returned to the market in 2011 listed for $2,150,000, twelve percent below its 2007 purchase price.

∙ Listing: 728 Duncan (4/3.5) - $2,150,000 [MLS]
A Cool $165,000 $255,000 Off At 728 Duncan [SocketSite]
Apples To Apples For A Hip "Cool" Noe Home: 728 Duncan [SocketSite]

Posted by socketadmin at 7:30 AM | Permalink | Comments (25) | (email story)

June 29, 2011

And Then Reduce It Too…

716 Sanchez

As a plugged-in reader moving to San Francisco and house hunting reported in March:

On February 28, 716 Sanchez Street hit the market with a list of $2.45M for the 2100 sqft house. That comes to a whopping $1187/sqft which is way out of whack with both comps and listing in the neighborhood.
When I checked back on March 2, the listing had been "updated". The only change was that the number of square feet was removed! I suppose that's one way to make the place look more reasonably priced.

As we noted at the time, the fully renovated 716 Sanchez had first been listed for sale in 2008 asking $2,650,000 ($1,262 per square foot) having been purchased for $1,175,000 in 2003 as a much less modern 1,250 square foot home.

And while we took a bit of heat for running the story, the list price for 716 Sanchez has been reduced a few times since. They’re now down to $1,999,000 ($951 per square).

716 Sanchez View

∙ Listing: 716 Sanchez (3/2) 2,100 sqft - $1,999,000 [716sanchez.com] [MLS]
Price Per Square Foot Out Of Whack? Reduce Remove It… [SocketSite]

Posted by socketadmin at 10:15 AM | Permalink | Comments (30) | (email story)

June 27, 2011

Candlestick Heights Hits The Market Well Under $400 Per Square

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

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

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

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

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

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

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

June 22, 2011

A Little More Ready To Sell (And Compete) On California

As we wrote in February:

It’s a plugged-in tipster that notes a pair adjacent condos for sale at 3110 California. Purchased in November 2005 for $967,000, this past September 3110 California #2B returned to the market seeking $979,000.
Reduced and relisted a few times since, they’re now asking $849,900 (12 percent below 2005) for the Pacific Heights two-bedroom as the agent notes "seller ready to sell" and offers the "buyer’s agent" a $2,000 bonus for making the sale.
At the same time, 3110 California #2A which was purchased for $1,000,000 in September 2004 hit the market ten days ago listed for $1,200,000 (20 percent over 2004) and seemingly a little less ready to sell the three-bedroom.

The list price for 3110 California #2A has since been reduced four times, now asking $948,000 (5 percent under 2004). 3110 California #2B remains available for $849,900.

Comments: While One Is Ready To Sell A Neighbor Seems A Little Less So [SocketSite]
∙ Listing: 3110 California #2A (3/2) 1,270 sqft - $948,000 [Redfin]
∙ Listing: 3110 California #2B (2/2) 1,059 sqft - $849,900 [MLS]

Posted by socketadmin at 9:30 AM | Permalink | Comments (5) | (email story)

June 10, 2011

Another Cut For The Apple Crop At 1499 Masonic

1499 Masonic Facade Crop

Purchased for $2,275,000 in 2005, on the market for $2,095,000 in 2010, and asking $1,999,000 for the past two months, the list price for the tightly cropped remodeled Ashbury Heights Victorian at 1499 Masonic has been reduced to $1,895,000.

∙ Listing: 1499 Masonic (3/2+1/1) - $1,895,000 [MLS]
(A) 1499 Masonic Set Back [SocketSite]
Take Two For An Orange On Oak And Bumper Apple Crop On Masonic [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (14) | (email story)

May 6, 2011

Another Bite Out Of The Apple At 2679 California

Having fallen out of contract last month when listed for $2,595,000, late last night the list price for 2679 California Street was reduced to $2,495,000.

As plugged-in people know, the "Stunning Pacific Heights Victorian home" last sold for $3,005,000 in April 2008 and for $2,850,000 three years before that in October 2005.

Comments: Apples To Apples To Apples At 2679 California [SocketSite]

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

April 29, 2011

Yes You Can, Can, Can Once Again On Broadway

1805 Broadway

Perhaps it’s simply a fat finger error, but as a plugged-in reader notes, the "Can, Can, Can" home at 1805 Broadway which was on the market in 2009 asking $4,859,900 before quickly being reduced and withdrawn and then relisted for two weeks earlier this year at $4,199,000 has returned to the MLS listed as "1801" Broadway with a $3,999,000 price.

Purchased from the Feinstein family for $3,400,000 in November of 2006 and then remodeled in 2008, the property remains available for rent asking $18,500 a month and listed a little more liberally on craigslist at 5,000 square feet with seven bedrooms as it was in 2009 as well.

The inspiration for a reader's "can, can, can" line:

1805 Broadway Kitchen

UPDATE: And as the kitchen looked circa 2006:

1805 Broadway Kitchen Before

∙ Listing: "1801" Broadway (6/6.5) 4,400 sqft - $3,999,000 [MLS]
You Can, Can, Can (And A Grand Reduction) At 1805 Broadway [SocketSite]
$18500 / 7br - Prime, Outst 7bd, 6bth Vict single family [Craigslist]

Posted by socketadmin at 12:45 PM | Permalink | Comments (11) | (email story)

April 22, 2011

Winning?

2420 Pacific

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.

As plugged-in people know, the Julius Ernest Krafft designed home was listed for $12,800,000 last June, reduced to $11,700,000 in September, and then reduced to $9,800,000 in February.

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]

Posted by socketadmin at 5:45 PM | Permalink | Comments (11) | (email story)

April 8, 2011

To The Nines At 2732 Vallejo In Pacific Heights

2732 Vallejo

The double Pacific Heights lot stretches sixty by one hundred thirty-seven and one-half, the seven bedroom home "features 4 fireplaces, 5 decks, and refined modern upgrades" across 4,600 square feet, and while listed for $10,250,000 last year, yesterday 2732 Vallejo returned to the MLS with an official "one day on the market" and asking nine hundred thousand less ($9,350,000).

And yes, they're looking at you Ms. Jackson.

∙ Listing: 2732 Vallejo (6/7.5) 4,600 sqft – $9,350,000 [2732vallejostreet.com]
No April Fooling As 3362 Jackson Returns Swinging Like Pat Burrell [SocketSite]

Posted by socketadmin at 10:00 AM | Permalink | Comments (18) | (email story)

March 29, 2011

Pacific Heights For 50 Percent Below 2006 Expectations And Debt

2523 Steiner

As we wrote about 2523 Steiner back in 2007:

After 138 days on the market, and three price reductions (now $505,000 or 15% below its original list price [of $3,300,000]), 2523 Steiner is still on the market. But now it’s also testing the waters as a rental ($10,000 per month). We’ll let you run the numbers.

And as a plugged-in reader added at the time:

I went to an open house here and it really is just awful. It was like walking around in an M.C. Escher painting it was so ill conceived: bizarre stairs everywhere, bathrooms you can't turn around in, a "media room" that's pretty much a dungeon, and poor, poor finishes. Definitely a WTF were they thinking property. I seriously doubt it'll ever sell...

Two years later 2523 Steiner was foreclosed upon with no bidders at $2,408,718 cash and nearly $3 million owed. While today, 2523 Steiner returned to the market listed for $1,450,000 with possession at close of escrow (i.e., no tenants over which to fret).

2523 Steiner Kitchen

If you'd like a peek inside, follow our link above for what was the original asking rent.

∙ Listing: 2523 Steiner (3/4) - $1,450,000 [MLS]
It’s Not Just Condos That Are Going Rental [SocketSite]
Contemporary Luxury On Sale [SocketSite]

Posted by socketadmin at 12:30 PM | Permalink | Comments (74) | (email story)

March 28, 2011

A Decade Over Decade Drop In District 4 For 165 Hazelwood Avenue

165 Hazelwood

As we wrote five months ago, having been remodeled and flipped for $712,000 in March 2001, the Westwood Park home at 165 Hazelwood Avenue returned to the market this past October in District 4 listed as a short sale for "$699,000."

Today, the list price for three-bedroom home was reduced to $680,000 and the all important word "approved" has been added to the listing.

∙ Listing: 165 Hazelwood Avenue (3/1) 1,080 sqft - "$680,000" (short sale) [MLS]
A Lost Decade Listing For 165 Hazelwood Over In Westwood Park [SocketSite]

Posted by socketadmin at 1:45 PM | Permalink | Comments (17) | (email story)

March 22, 2011

Trust Issues (Formerly Known As "Trust Us, It's Different Here")

San Francisco's Ritz-Carlton Residences (www.SocketSite.com)

The rather ironic line from the listing for 690 Market Street #1505, a one-bedroom at San Francisco’s Ritz-Carlton Residences: "The world's most trusted luxury brand has brought a new measure of service to one of the world's most fascinating and engaging cities."

While we’ll naturally agree with the "one of the world's most fascinating and engaging cities" bit, how has this condo in the "world's most trusted luxury brand[ed]" building performed over the past four years in San Francisco?

Purchased for $1,193,000 in 2008 by way of a $894,440 loan (25 percent down), last year 690 Market #1505 was taken back by the bank with $937,377 owed.

Today, they’re asking $699,900 for the Ritz-Carlton condo, 41 percent ($493,100) less than its purchase price in 2008 and down from a list price of $729,900 last month.

∙ Listing: 690 Market #1505 (1/1.5) 952 sqft - $699,900 [MLS]
A Concerning Comp (And Empty Shell) At The Ritz-Carlton Residences [SocketSite]

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March 21, 2011

The Bernal Cottage At 48 Cortland Before, After And Recently Reduced

48 Cortland 2006

In 2003 the 360 square foot earthquake cottage at 48 Cortland was purchased for $400,000 by way of a $320,000 first and $80,000 second. Three years later the cottage appears to have been refinanced with a $412,500 first and $47,000 second.

This past August, 48 Cortland sold for $348,000 (13 percent below 2003) having been listed for as much as $499,000 in 2009. Since remodeled, reapplianced, and repainted, the Bernal cottage returned to the market listed for $669,000 three weeks ago.

48 Cortland 2011

Today, they’re asking $619,000.

∙ Listing: 48 Cortland (2/1) - $619,000 [MLS]

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March 18, 2011

On Tour As New For The Fifth Time Since 2007 (And Three Million Less)

1089 Chestnut

Over the past four years 1089 Chestnut has been listed for sale five times with prices ranging from $9,250,000 in 2007 to $7,980,000 last year. Today, the 5,740 square foot home returned to the MLS with a $6,000,000 price tag but without its "sensational modernistic Neo-Classical" tag and less a previously listed seventh bedroom.

Now, it’s simply a six-bedroom "spectacular…architectural masterpiece" on tour as new and with "one" day on the market in the eyes and reports of aggregate industry statistics.

And while it’s far from fifteen (or sixteen), might anyone feel a weekend poem coming on?

∙ Listing: 1089 Chestnut (6/7) 5,740 sqft - $6,000,000 [MLS]
A Sensational Modernistic Neo-Classical Six Days On The Market [SocketSite]
Sometimes It’s Simply The Description (1089 Chestnut) [SocketSite]
Would You Believe Fifteen For 830 El Camino Del Mar (And Not Million) [SocketSite]
Like The Swallows To Capistrano, 830 El Camino Del Mar Returns [SocketSite]

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March 16, 2011

14 Percent Below Its Year 2000 Price And Offers Anytime

655 5th Street

As we wrote in January:

Eleven years ago the two bedroom and three bath townhouse known as 655 5th Street #9 sold for $781,000 down in SoMa. Seven years and a thousand or two new neighborhood condos later, the 1,774 square foot unit sold for $1,018,000 in 2007 by way of an $814,400 first and a second for $152,700.
Yes, this was yet another case of only 5 percent down in the "it's different here" San Francisco and with "only" $50,900 in equity at risk. Lo and behold, this past November Wells Fargo foreclosed on the first with no bidders at $746,547.
Yesterday the property was listed for sale on the open market for $777,900, a sale at which would be just below its year 2000 price, "only" 24 percent ($240,100) below 2007.

The list price for 655 9th Street #9 has been reduced to $674,900. The bank is now asking 34 percent ($343,100) under its 2007 sale price, 14 percent ($106,100) under its year 2000 sale. And according to the listing, "offers anytime."

∙ Listing: 655 5th Street #9 (2/3) 1,774 sqft - $674,900 [MLS]
Unfortunately Wells Wasn’t Requiring 30 Percent Down At The Time [SocketSite]
30 Percent Down Or Interest Rates Up As Proposed By Wells Fargo [SocketSite]

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March 15, 2011

Atop 455 Vallejo For Under A Million! (Plus Two For Parking And Views)

455 Vallejo Penthouse Living

Our penthouse parade continues with the 3,100 square foot condo atop 455 Vallejo now listed for $2,850,000. While the day old listing notes "First time on the market!" we’ll note it was also listed for $2,995,000 last year (and as still noted on its brochure).

And yes, there's seven car parking below. Oh, and speaking of said parking, and by way of that aforementioned brochure, they're touting some rather unique Realtor math:

…the 7 car parking alone is worth a million dollars – the breathtaking views are worth another million dollars – which leaves this spacious penthouse at under a million dollars.

UPDATE: You can now click the floor plan above to enlarge.

∙ Listing: 455 Vallejo Penthouse (2/3.5) 3,100 sqft - $2,850,000 [monicaslist.com] [MLS]

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March 7, 2011

Undercut By The Bank Sales Office At Symphony Towers

Originally priced at $465,000 by the Symphony Towers sales office, the sale of the corner penthouse studio on the ninth floor "with lots of light and partial City Hall views" known as 650 Turk Street #904 closed escrow last month with a reported contract price of $315,000.

At the same time, 650 Turk Street #406 which was purchased for $371,500 in February 2008, taken back by the bank last July with no bidders at $317,778 and then listed for $336,900 this past January has now been reduced to $315,900.

∙ Listing: 650 Turk #406 (0/1) - $315,900 [MLS]
Symphony Towers Sales Office Gets Lapped At 650 Turk [SocketSite]

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February 28, 2011

The Penthouse Atop 567 Vallejo Cuts To Just $1,874 Per Square Foot

567 Vallejo: Penthouse Floor Plan

With pre-construction expectations of $7.5 million, in 2009 the 2,081 square foot penthouse atop 567 Vallejo was listed for $4,750,000 where it remained for about a year before being withdrawn from the MLS last April.

Relisted two weeks ago for $4,300,000, the list price for the “never been lived in” Telegraph Hill condo has since been reduced to $3,900,000 (and with just 16 days on the market according to industry statistics).

∙ Listing: 567 Vallejo #500 (3/3) - $3,900,000 [MLS]
Take Two (Or Three) For Five New Condos On Telegraph Hill [SocketSite]

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Another $150,000 Flushed At Albion Castle (881 Innes Avenue)

Albion Castle

As we wrote in January:

While the $10,592 throne is still in place and the listing continues to advertise "seller financing available," the asking price for the Albion Castle (881 Innes Avenue) has been reduced another $200,000 to $1,599,000 (151 thrones).
Once again, the seller is a mortgage banker who purchased the property at auction for $2,090,000 in 2005, remodeled and renovated (enter said throne), and then returned the castle to the market in late 2009 asking $2,950,000.

Four days later the list price for the Albion Castle was reduced to $1,499,000. And on Friday, the list price for 881 Innes Avenue was reduced to $1,349,000, 54 percent under 2009 expectations but just 35 percent under its pre-renovated sale price in 2005.

∙ Listing: 881 Innes Avenue (4/2) - $1,349,000 [MLS]
Albion Castle (881 Innes) Cuts To 151 Thrones [SocketSite]
The Albion Castle’s $10,592 Throne [SocketSite]
Care To Get Your Castle On? A Restored Albion Castle Returns [SocketSite]
Albion Castle Cuts $550,000 (19%), Now About That Karma... [SocketSite]
Calling All Kings...Albion Castle Cuts Another $500,000 (21 percent) [SocketSite]
Another Cut For Albion Castle (881 Innes Avenue) [SocketSite]
Four Days Later And Another Nine Throne Cut For Albion Castle [SocketSite]

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February 8, 2011

Apples To Apples To Apples At 2679 California

2679 California Facade

As a plugged-in reader notes, the list price for the "Stunning Pacific Heights Victorian home" at 2679 California was reduced $100,000 to $2,695,000 yesterday. As we wrote about the sale of the property for $3,005,000 in April 2008:

2679 California was purchased on 10/21/2005 for $2,850,000, listed on 2/21/08 for $2,995,000, and closed escrow on 4/2/08 for $3,005,000.
Assuming all work was permitted, the only major improvements from 10/05 to 4/08 consisted of a few new windows and siding, and the average annual appreciation over the past thirty months for this six bedroom, three and one-half bath single-family home in Pacific Heights weighs in at around 2.2%.

A sale at asking would now represent average annual depreciation of 3.7 percent per year over the more recent thirty-five months and a total drop in value of 10 percent ($310,000).

∙ Listing: 2679 California (5/3.5) 4,311 sqft - $2,695,000 [MLS]
Apples to Apples: Pacific Heights Single-Family (2679 California) [SocketSite]

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February 7, 2011

Ay, Caramba As 299 Santa Paula Avenue Cuts Again

299 Santa Paula Avenue

As we wrote ten months ago:

Asking $5,900,000 [in February 2009] and briefly in contract soon thereafter ("$5.4 is the number I hear"), the list price for 299 Santa Paula Avenue was reduced down to $5,249,000 before being withdrawn this past January.

The 11,000 square foot home at 299 Santa Paula returned to the market this past April with an official "one day" on the market and a new "original list price" of $4,950,000.

Today, the listed price was reduced another $251,000, now asking $4,699,000 or 13 percent ($701,000) under the rumored contract price a plugged-in reader reported back in 2009. Ay, caramba indeed.

∙ Listing: 299 Santa Paula Avenue (5/5.5) - $4,699,000 [MLS]
299 Santa Paula Avenue: Still Muy Sweet But Now Under Cinco [SocketSite]
Mi Casa Es…Muy Sweet (And Large): 299 Santa Paula Avenue [SocketSite]
Oh Santa, You Shouldn’t Have! (299 Santa Paula Avenue Cuts) [SocketSite]

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February 4, 2011

Room(s) To Negotiate And A Two Million Dollar Reduction

2420 Pacific

As we wrote eight months ago with respect to 2420 Pacific:

Designed by Julius Ernest Krafft and built in 1902, it was just under a year ago when a plugged-in reader first noticed a move to foreclose upon 2420 Pacific with a Notice of Trustee Sale (NOTS) filed last June.
As far as we know the foreclosure never happened but the big Pacific Heights property is now on the market and asking $12,800,000. Tax records report 7,263 square feet and seven bedrooms, but the listing touts 10,650 square feet per "appraisal" and ten beds.

Five months ago the list price for the Julius castle was reduced 9 percent to $11,700,000. And late last night the list price was reduced another $1,900,000 (16 percent), now asking $9,800,000.

And with respect to that aforementioned foreclosure, it would appear the defaulted upon loans have been refinanced with a new second for $1,800,000 and third for $1,000,000. The first mortgage for $2,009,000 was written in 1994.

∙ Listing: 2420 Pacific Avenue (10/8.5) - $9,800,000 [MLS]
A Julius (Not Julius') Castle Of A Different Kind [SocketSite]
We Should All Be So Fortunate As To Have A Fireplace In Our Foyer [SocketSite]
2830 Pacific Scoop: Still Not Sold, But Leased With An Option To Buy [SocketSite]

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February 3, 2011

50 Cent (On The Dollar) In Da Condo On Nob Hill

1177 California #1423

With $49,853 past due on a $1,950,000 mortgage taken out in November 2006, the two units on the 14th floor of Gramercy Towers which were combined to create a 2,300 square foot three-bedroom with "top of the world views" were taken back by the bank a year ago.

First relisted by the bank for $1,100,000 a hundred days ago, they’re down to $999,999.

∙ Listing: 1177 California #1423/1424 (2/2 + 1/1) - $999,999 [MLS]

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Selling Short In 2011 Having Gone Long On Lake In 2004

Purchased for $1,615,000 in early 2004 having already been renovated, the single-family home at 1738 Lake Street returned to the market last March listed for $2,100,000.

Reduced to $1,950,000 last April, to $1,890,000 last May, and then $1,780,000 last July, the four-bedroom Lake Street home was withdrawn from the market last August.

Back on the market today and listed for "$1,499,000" as a short sale.

∙ Listing: 1738 Lake (4/3) 2,977 sqft – "$1,499,000" [MLS]

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February 1, 2011

Numerology Nuts Take Note As 542 Valley Returns REO In Noe

542 Valley

As we wrote this past October:

Having been withdrawn from the MLS three weeks ago last asking $2,195,000 and versus $2,995,000 two years ago, a plugged-in reader reports that according to Redfin the Len Brackett rebuilt 542 Valley up in Noe was taken back by the bank on October 6 with $1,648,285 owed on its first.
The foreclosing note was a $1,560,000 adjustable rate mortgage (ARM) taken out in 2005 which appears to have paid off a $1,350,000 interest-only ARM from 2004 which appears to have paid off a $999,000 interest-only ARM from 2002.

Yesterday, the now bank-owned 542 Valley returned to the market in Noe listed for $1,599,999. And yes, that's $524.42 per listed square foot (47 percent less than in 2008).

∙ Listing: 542 Valley (4/3.5) 3,051 sqft - $1,599,999 [MLS]
A Little Too Japanesey Indeed As 542 Valley Goes Back To The Bank [SocketSite]
542 Valley Returns Feeling Even More Japanesey [SocketSite]
A Contemporary Japanese Estate In Noe (And No, It's Not Ellison's) [SocketSite]

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January 24, 2011

Noe's "$3 Million Dream House" Drops To $2,325,000

815 Alvarado

With 110 days on the market at $2,595,000, the list price for 815 Alvarado has been reduced to $2,325,000. On the market in 2009 asking $2,965,000, the property went unclaimed as the "$3 Million Dream House" grand prize in last year’s Dream House Raffle.

∙ Listing: 815 Alvarado (4/3.5) 3,800 sqft - $2,325,000 [MLS]
San Francisco’s "$3 Million" Dream House Returns Asking $2.595M [SocketSite]
An Arts & Crafts 815 Alvarado By The Numbers In Noe [SocketSite]
Spoiler Alert: The 2010 "San Francisco Dream House" Is… [SocketSite]

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January 21, 2011

A Drop Atop The Hermitage (1020 Vallejo)

1020 Vallejo #6 Dining

Listed for $3,725,000 last September but then withdrawn two months later, the Hermitage (1020 Vallejo) penthouse number six has returned to the market with a new brokerage and a new price, now asking $3,300,000 for the 1,773 square foot condo (per tax records).

Two bedrooms, two fireplaces, two car parking and three or four terraces with big views.

∙ Listing: 1020 Vallejo Street #6 (2/2.5) - $3,300,000 [MLS]
The Hermitage (1020 Vallejo) [greatbuildings.com]

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January 20, 2011

Google Salaries And Shares Up While 2207 Scott Street Returns Down

2207 Scott Street

As we first wrote this past October:

Purchased for $3,425,000 in May 2006 with what would appear to have been "Google money," in 2008 the rear foundation at 2207 Scott Street was replaced, a three-quarter bath added, and a bit of garage space reclaimed for living.
At a permit estimated cost of $200,000, let's call it $3,625,000+ invested in the property.
Back on the market today and listed for $3,600,000, a sale at asking would appear as "appreciation" of 5% over the past four years in MLS based reports, newsletters and statistics but wouldn’t exactly be so.
Closing the day at $543.30, shares of Google are up 47% over the same timeframe.

Since then Google announced across the board 10 percent raises and their shares have traded up 16 percent (currently at $627.90). And 2207 Scott Street has returned to the market asking 4 percent less ($3,450,000) since being withdrawn from the market in November.

∙ Listing: 2207 Scott Street (4/4.5) 3,035 sqft - $3,450,000 [2207scott.com] [MLS]
2207 Scott Versus The Underlying Shares [SocketSite]

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January 18, 2011

From Failed To Foreclosure Flip (And Five Others) At One Rincon Hill

One Rincon Hill (www.SocketSite.com)

Closing escrow with a recorded contract price of $628,000 in February 2008, within two months 425 1st Street #1805 was listed for sale with an asking price of $719,000.

Following a series of price cuts, and at one point seeking a short sale for "$499,000," this past August the One Rincon Hill one-bedroom was purchased on the courthouse steps for $441,886 cash.

Back on the market at $599,000 this past October, in November the list price was reduced to $579,000 and yesterday it was reduced to $559,000.

By our count, there are at least five other condos at One Rincon Hill currently scheduled to hit the courthouse steps (versus simply being in default) within the next 30 days.

∙ Listing: 425 1st Street #1805 (1/1) 710 sqft - $559,000 [MLS]
A One-Bedroom Resale Officially Joins The Twos At One Rincon Hill [SocketSite]
One Rincon Hill '08's Appear To Have Slipped More (Not Less) In 2010 [SocketSite]

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January 13, 2011

Obviously They Simply Overpaid In Pacific Heights...

2416 Gough (Image Source: MapJack.com)

Purchased for $3,025,000 in July 2008, as plugged-in people know the single-family Pacific Heights home at 2416 Gough returned to the market last July asking $2,995,000 and was then listed on the MLS in August at $2,775,000.

With two price cuts in between, today the list price for the 3,500 square foot home was reduced to $2,295,000, a sale at which would represent an apples-to-apples 24 percent ($730,000) drop in value for the "Exquisite Victorian Home on a wonderful tree lined street in Pacific Heights" over the past two years.

Of course one could argue that the buyers of this property simply "overpaid" in 2008, but then so did everyone who relied on the individual sale as a market comp – or in the aggregate as it factored in to average and median sales price reports – at the time.

∙ Listing: 2416 Gough (6/3.5) 3,500 sqft - $2,295,000 [2416goughstreet.com] [MLS]
Apples To Apples On A Pacific Heights Tree Lined Street [SocketSite]

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Four Days Later And Another Nine Throne Cut For Albion Castle

Just four days after reducing their asking price to $1,599,000, the list price for the Albion Castle at 881 Innes has been reduced to $1,499,000, a cut equal to nine castle thrones.

Albion Castle (881 Innes) Cuts To 151 Thrones [SocketSite]
Care To Get Your Castle On? A Restored Albion Castle Returns [SocketSite]
The Albion Castle’s $10,592 Throne [SocketSite]

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The (Little Less) Plum 469 Clipper Gets Clipped (Price And DOM)

469 Clipper 2011

Borrowing from a tipster, 469 Clipper has returned to the MLS yesterday with a newly clipped list price (now asking $1,679,000), some newly painted bays, and an official "one" day on the market according to industry stats for the Noe Valley home.

Following a ground up renovation the rebuilt Victorian had returned to the market last August asking $2,299,000, was reduced a few times, and then withdrawn from the MLS in November last asking $1,849,000.

Now listed at 2,566 square feet, call it $654 per square foot at its current list price for the single-family home with "high ceilings, abundant natural light & high-end finishes."

469 Clipper Kitchen

And once again, as the then 1,983 square foot property looked in 2009 when purchased for $750,000 (and in 2008 when sold for $1,020,000):

469 Clipper circa 2008 (Image Source: MapJack.com)

∙ Listing: 469 Clipper (3/3.5) 2,566 sqft - $1,679,000 [MLS]
From Apples-To-Apples To An Orange A Plum: 469 Clipper Returns [SocketSite]

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January 10, 2011

Albion Castle (881 Innes) Cuts To 151 Thrones

Albion Castle

While the $10,592 throne is still in place and the listing continues to advertise "seller financing available," the asking price for the Albion Castle (881 Innes Avenue) has been reduced another $200,000 to $1,599,000 (151 thrones).

Once again, the seller is a mortgage banker who purchased the property at auction for $2,090,000 in 2005, remodeled and renovated (enter said throne), and then returned the castle to the market in late 2009 asking $2,950,000.

∙ Listing: 881 Innes Avenue (4/2) - $1,599,000 [MLS]
The Albion Castle’s $10,592 Throne [SocketSite]
Care To Get Your Castle On? A Restored Albion Castle Returns [SocketSite]
Albion Castle Cuts $550,000 (19%), Now About That Karma... [SocketSite]
Calling All Kings...Albion Castle Cuts Another $500,000 (21 percent) [SocketSite]
Another Cut For Albion Castle (881 Innes Avenue) [SocketSite]

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January 7, 2011

55 Buena Vista Terrace Back Below Its 2006 Pre-Renovated Price

55 Buena Vista Terrace: Doors and deck

Purchased for $2,177,000 in April 2006 but significantly expanded and remodeled by architect Jonathan Feldman and interior designer Joseph Oroza since (including adding a new bathroom, turning outdoor space in, and remodeling the kitchen and dining), the now 3,106 square foot designer home with big glass doors and some big city views at 55 Buena Vista Terrace returned to the market in September 2008 asking $3,395,000.

Withdrawn from the market in November 2008 but then relisted anew in January 2009 asking $2,995,000, the list price for the designer home was reduced to $2,695,000 that February and then $2,595,000 that April before being withdrawn again that June.

Listed anew once again this past September with an "original" list price of $2,295,000 (and an official one day on the market per aggregate industry reports), as a plugged-in reader notes, yesterday the list price for 55 Buena Vista Terrace was reduced to $2,100,000.

∙ Listing: 55 Buena Vista Terrace (3/3.5) 3,106 sqft - $2,100,000 [MLS]
Big Swinging…Doors (And Here Comes The Competition) [SocketSite]
Riders On The Storm (The Doors Of 55 Buena Vista Terrace Reduced) [SocketSite]
From Easy Profit To Likely Loss For 55 Buena Vista Terrace [SocketSite]

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December 29, 2010

Shorter Still For 310 Townsend From The Beginning To End Of 2010?

310 Townsend

With a list price of $645,000 when the 45 condos at 310 Townsend first hit the market in early 2007, unit number 309 ended up selling for a recorded $640,000 that July (reported as $645,000 on the MLS).

Returned to the market this past March asking $465,000, the list price on the one bedroom was reduced to $425,000 in April and was pending two weeks later. Falling out of contract, the condo was relisted in June at $500,000.

Reduced to $475,000 in July, two weeks later 310 Townsend #309 was back in contract only to fall out once again. Relisted at $450,000 this past September, in November its list price was reduced to $435,000 and on Monday it was reduced to $399,000 (38 percent under 2007). And yes, it’s listed as a "short sale" but without mention of being "pre-approved" at this price.

Interestingly enough, the 803 square foot #308 at 310 Townsend which was purchased for $615,000 in 2007 resold for $494,000 a year ago (a drop of "only" 20 percent at the time) while 1,136 square foot #303 which was purchased for $850,000 in 2007 resold for $670,000 five months ago (a drop of 21 percent).

We’re still waiting for 310 Townsend #202 to report its "best price ever" sale.

∙ Listing: 310 Townsend #309 (1/1) 789 sqft - "$399,000" [MLS]
310 Townsend: Available And Selling [SocketSite]
310 Townsend #303 Is Booked [SocketSite]
"Best Price Ever" At 310 Townsend (Assuming It’s Approved) [SocketSite]

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December 20, 2010

2041 Sacramento Cuts Again But Gains Three Exclamation Points!!!

2041 Sacramento Facade

While the foreclosure of 2041 Sacramento was inexplicably reported as a "sale at $1,950,000" on the San Francisco Association of Realtors MLS in October, as plugged-in people know it wasn’t.

And while the property returned to the market a few days later asking $1,695,000, in November its list price was reduced to $1,577,700. And as a plugged-in reader notes, on Friday it was reduced to $1,499,000 ("DRASTIC REDUCTION for quick sale!!!…Won't last!").

Purchased for $2,286,500 in June 2007, a sale at asking would represent a 34 percent ($787,500) drop in value over the past three and one-half years for the "beautiful house-like top floor 2-level 3BR/3BA condo in prime location across from Lafayette Park."

∙ Listing: 2041 Sacramento (3/3) 2,503 sqft - $1,499,000 [MLS]
At Least The MLS Is Accurate In Terms Of The Reduction... [SocketSite]
While The MLS Reports A "Sale," Public Records Report A Foreclosure [SocketSite]
A Year Later An Apple Falls In Pacific Heights (2041 Sacaramento) [SocketSite]
An Apples To Apples (And Rather Prime) Update For 2041 Sacramento [SocketSite]
North To South (And Apples To Apples) From Atop 2041 Sacramento [SocketSite]

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November 17, 2010

At Least The MLS Is Accurate In Terms Of The Reduction...

2041 Sacramento Facade

As we wrote last month:

While a sale of 2041 Sacramento was reported on the MLS October 4 with a contract price of "$1,950,000," it would now appear the Pacific Heights condo overlooking Lafayette Park and Cathedral Hill was actually foreclosed upon with $1,880,877 owed.
Yesterday, the property returned to the market and MLS listed at $1,695,000.
And once again, the top-floor condo was purchased for $2,286,500 in June 2007, had been listed for $2,095,000 a little over a year ago (reduced to $1,999,000), and was relisted as a short sale for "$1,695,000" this past January.

This morning the list price for 2041 Sacramento was reduced $81,236 (7%), now asking $1,577,700 (31% under its year 2007 comp setting price).

∙ Listing: 2041 Sacramento (3/3) 2,503 sqft - $1,577,700 [MLS]
While The MLS Reports A "Sale," Public Records Report A Foreclosure [SocketSite]
A Year Later An Apple Falls In Pacific Heights (2041 Sacaramento) [SocketSite]
An Apples To Apples (And Rather Prime) Update For 2041 Sacramento [SocketSite]
North To South (And Apples To Apples) From Atop 2041 Sacramento [SocketSite]

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November 16, 2010

Belli Would Be Fired Up As 2950 Broadway Is Reduced By $5,600,000

2950 Broadway (Image Source: 2950broadway.com)

As we wrote in May of 2009:

It’s the outer Broadway mansion from which Melvin Belli ran naked "firing a pistol at his wife who hosted a real estate show for the highest priced properties on television."
It’s a Frederick Herman Meyer design, and an ex-Decorator Showcase home (Miss 1987 to be exact). And as a tipster notes, 2950 Broadway is in the process of getting prepped for sale and "coming soon" (asking $39,500,000).
Also noted, it's perhaps the only Gold Coast property with an outdoor pool.

And while it’s still not listed inventory, it’s a plugged-in tipster that notes after a year and a half on the market the asking price for the 24 Karat Gold Coast home at 2950 Broadway has been reduced 14 percent, which in this case represents $5,600,000.

Now asking $33,900,000. And did we mention that outdoor pool?

2950 Broadway Pool Aerial

∙ Listing: 2950 Broadway (6/6) - $33,900,000 [2950broadway.com] [Brochure] [History]
24 Karat Gold Coast Coming Soon (2950 Broadway) [SocketSite]
When Friia Ruled San Francisco Real Estate (A Reader’s Recollection) [SocketSite]
24 Karat Gold Coast (2950 Broadway) Brochure, Plans, And History [SocketSite]
San Francisco's Seasonal Listed Housing Slide Underway [SocketSite]

Posted by socketadmin at 7:30 AM | Permalink | Comments (19) | (email story)

November 5, 2010

The IwamotoScott Façade Few Will See

2151 Powell Facade

Two buildings on one parcel, one remodeled and the other designed anew by IwamotoScott Architecture, 2145-2151 Powell hit the market in February asking $2,649,000 for the pair or $1,500,000 for the 2,680 square foot remodeled Building A (2145 Powell) and $1,149,000 for the 1,182 square foot modern Building B hidden behind (2151 Powell).

Now in the hands of a new brokerage, the two-units returned to the MLS last month asking $2,149,000 for the pair. And yesterday the two units were listed individually as TICs with a new $1,159,000 to $990,000 split.

IwamotoScott PS House [flickr.com]
∙ Listing: 2145 Powell (2/2) - $1,159,000 (TIC) [MLS]
∙ Listing: 2151 Powell (1/1.5) - $990,000 (TIC) [MLS]
∙ Listing: 2145-2151 Powell (2/2 + 1/1.5) - $2,149,000 [MLS]

Posted by socketadmin at 5:00 PM | Permalink | Comments (17) | (email story)

A Royal Reduction (And "1" Day On The Market) For 1750 Taylor #205

1750 Taylor #205 Living

Listed for the $4,500,000 this past March, in June the list price for 1750 Taylor #205 was reduced to $3,995,000, and in August the listing was withdrawn from the MLS after 146 days on the market without a sale.

Today, the 2,849 square foot Royal Towers (now) one-bedroom returned to the MLS with an official "one" day on the market and an "original" list price of $2,900,000 (36 percent below its list price in March).

And apparently Ann Getty was responsible for those columns.

∙ Listing: 1750 Taylor #205 (1/1.5) - $2,900,000 [MLS]
Royal Towers (1750 Taylor): Columns, Views, And Comps [SocketSite]

Posted by socketadmin at 2:45 PM | Permalink | Comments (7) | (email story)

1299 Bush Tries Again As Citadine AXIS San Francisco

1299 Bush (www.SocketSite.com)

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

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

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

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

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

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

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

From Easy Profit To Likely Loss For 55 Buena Vista Terrace

55 Buena Vista Terrace: Dusk

As we wrote about 55 Buena Vista in September of 2008 when listed for $3,395,000:

It’s a 1905 Edwardian that’s been redesigned by architect Jonathan Feldman and interior designer Joseph Oroza (the seller). Big glass doors with some big city views.

As we added in February 2009:

55 Buena Vista Terrace was re-listed last month and recently reduced to $2,695,000 (now 21% under original asking).
Purchased for $2,177,000 in April of 2006, but significantly remodeled since (including adding a new bathroom, turning outdoor space in, and remodeling the kitchen and dining).

And as a plugged-in reader noted yesterday, 55 Buena Vista Terrace is back on the market once again and now asking $2,295,000. That’s $1,100,000 (32%) under 2008 expectations and likely well below 2006 acquisition-plus-remodeling cost.

∙ Listing: 55 Buena Vista Terrace (3/3.5) 3,106 sqft - $2,295,000 [MLS]
Riders On The Storm (The Doors Of 55 Buena Vista Terrace Reduced) [SocketSite]
Big Swinging…Doors (And Here Comes The Competition) [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (23) | (email story)

November 2, 2010

That’s The WORLD SERIES CHAMPION SAN FRANCISCO GIANTS To You!

410 Jessie #201

Purchased for $920,000 in September 2007 and listed for $979,000 three months ago, the asking price for 410 Jesse Street #201 has been reduced to $899,000. Touted in the listing: "Seller will offer 2 partial season tickets to the GIANTS 2011."

Of course that last bit was added prior to the outcome of yesterday’s game. And yes, we added a bit to the image above (and are hereby soliciting better Photoshop jobs).

∙ Listing: 410 Jesse Street #201 (2/2) 1,229 sqft - $899,000 [MLS]
Hales Warehouse (410 Jessie) Gallery Of Listing(s) Along Mint Plaza [SocketSite]

Posted by socketadmin at 6:00 AM | Permalink | Comments (8) | (email story)

"Seller MUST Sell" 722 Steiner

722 Steiner (www.SocketSite.com)

First listed for $3,999,999 in February, reduced a few times, and last asking $3,199,000 before being withdrawn from the MLS in September, 722 Steiner has been relisted asking $2,950,000. And the listing now notes: “Seller MUST sell, will consider all offers.”

Once again, Matthew Kavanaugh developed the 700 block of Steiner Street between 1892 and 1896, now known as San Francisco’s Postcard Row. Originally the developer's own home, 722 Steiner at Grove was slated for demolition in the 1970’s but survived and was restored.

∙ Listing: 722 Steiner (5/4.5) - $2,950,000 [722steiner.com] [MLS]
Postcard Row's Postman's Home Hits The Market (722 Steiner) [SocketSite]
722 Steiner: Reduced Again (By Postage For 750,000 Postcards) [SocketSite]
Somebody Get Gekko On The Phone... [SocketSite]

Posted by socketadmin at 6:00 AM | Permalink | Comments (10) | (email story)

October 26, 2010

A Sale (And Subsequent Reduction) At 1355 Pacific Avenue

1355 Pacific (www.SocketSite.com)

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

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

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

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

October 25, 2010

No Bids So A New Listing And (Another) Reduction Up On Sotelo

56 Sotelo Avenue

As we wrote this past June:

Listed for $1,599,000 as a bit of a fixer (or at least an updater) in July of 2007, 56 Sotelo Avenue sold for $1,900,000 a month later establishing a friendly neighborhood comp.
And sure enough, the property has been "updated" and whitewashed a bit since.
Back on the market and asking $1,995,000 for the 2,770 square foot Forest Hill home.

Withdrawn from the MLS after two months on the market without a sale, three weeks ago 56 Sotelo returned to the MLS anew with "no days on the market" and a new original list price of $1,835,000.

This past Thursday the list price for 56 Sotelo was reduced to $1,749,000 (8 percent under it pre-renovated 2007 purchase price).

∙ Listing: 56 Sotelo Avenue (4/4.5) 2,770 sqft - $1,749,000 [MLS]
There Were Bids For The Before Will There Be Bids For The After? [SocketSite]

Posted by socketadmin at 6:00 AM | Permalink | Comments (14) | (email story)

October 18, 2010

Apples To Apples And Just "3 Days On The Market" In Prime Noe Valley

3883 23rd Street

Listed for $1,900,000 in June 2008, the sale of the single-family home at 3883 23rd Street closed escrow one month later with a recorded contract price of $1,855,000.

This past January the four-bedroom home in "prime" Noe Valley returned to the market asking $1,849,000. In March the list price was reduced to $1,799,000. In April the list price was reduced to $1,749,000. And in May the listing was withdrawn from the MLS after five months on the market without a sale.

On Friday the home was listed anew at $1,699,000 and with an official "one day on the market" according to MLS based reports and stats. A sale at asking would represent an apples-to-apples decline in value of 8.4% ($156,000) over the past two years.

∙ Listing: 3883 23rd Street (4/2.5) 2,300 sqft - $1,699,000 [MLS]

Posted by socketadmin at 2:30 PM | Permalink | Comments (20) | (email story)

October 14, 2010

A Quick Reminder Not To Bank On An "Appraisal" (Or Instant Equity)

104 Funston

As we wrote this past May:

104 Funston was purchased for $2,750,000 in May of 2007 and returned to the market this past March asking $3,150,000. Reduced to a "lucky" $2,988,888 on April 15, the price was further reduced to $2,875,000 eight days later. On Friday it was reduced to $2,750,000.
According to the listing the property "appraised at $2,850,000" and you can "move in with equity." Who are we to suggest that its three weeks on the market at $2,875,000 without a sale would suggest otherwise.

Withdrawn from the MLS after 155 days days on the market but then relisted at $2,600,000 with "one" day last month, yesterday the list price for 104 Funston was reduced to $2,200,000 (23 percent under its "appraised" value) in an attempt to solicit multiple bids which are now due next week (10/21 by noon).

And with respect to any apples-to-apples comparisons, don’t forget to account for the roughly $400,000 worth of work between the $2,750,000 purchase price in 2007 and today.

∙ Listing: 104 Funston (4/3.5) 3,963 sqft - $2,200,000 [MLS]
Instant (Appraiser's) Equity At 104 Funston [SocketSite]
Will 104 Funston Return With Even More "Move In Equity?" [SocketSite]
No More Mention Of (Even More) "Move In Equity" For 104 Funston [SocketSite]

Posted by socketadmin at 8:15 AM | Permalink | Comments (18) | (email story)

October 12, 2010

Not New But Now "Approved" And Shorter Still For 733 Front #407

733 Front #407 Kitchen

As a plugged-in reader noted, on Friday the list price for the short sale of 733 Front Street #407 was reduced to $480,000 and "Approved Short Sale!!!" was added to the listing.

Once again, the one-bedroom was purchased for $730,000 in September 2007, listed for $760,000 this past January, reduced to $730,000 in February, reduced to $629,000 in April, and listed as a short sale at $549,000 and $499,000 over the past five months.

A sale at the newly reduced list price would represent a 34 percent drop in value for the Jackson Square condo at 733 Front Street over the past three years.

∙ Listing: 733 Front Street #407 (1/1) – "$480,000" (Short Sale) [MLS]
Now With Even More Red At 733 Front Street On Jackson Square [SocketSite]
733 Front Street: A SocketSite Forum Inquiry (And Answer) [SocketSite]

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

October 8, 2010

One Ecker Take Two (Or Three)

One Ecker Lobby

As we wrote in July:

One Ecker Place has officially changed hands. And as a plugged-in tipster noted earlier this week, the sales office is positioning for a September grand (re)opening.
Asking $450,000 to $1,400,000 for the 475 to 1270 square foot units in 2008, the 51 condos are expected to be priced "in the $650 a-square-foot range, with the largest two-bedroom corner units priced about $800,000" in 2010 (i.e., reductions of around 40 percent).
The new owner paid $14 million for the building and is planning on spending another $5 million to finish construction and market the property. The previous owner had purchased the building for $13 million and invested the proceeds of a $15 million note converting the building to residential before losing the building to the bank.

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

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

One Ecker Window

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

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

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

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

3701 Washington Returns Two Years Later Asking 23 Percent Less

3701 Washington 2010

Two weeks ago we received a tip that 3701 Washington was preparing its return to the market ("tell tale signs of activity (gardeners & painters)…and the big red truck Arthur McLauaghlin & Associates out front"). Today it did.

Asking $15,500,000 in 2006, its list price was reduced to $14,250,000 before selling for a "confidential" price that October (tipsters?). Relisted for $17,500,000 in 2008, it failed to sell. And now, the 2006 Decorator Showcase home is back on the market in 2010 and asking $13,450,000.

∙ Listing: 3701 Washington (5/4.5) - $13,450,000 [MLS]
Now That’s How To Flip Renovate! [SocketSite]
It’s Tough At The Top [SocketSite]
Now That’s How To Flip Renovate Flip? (3701 Washington) [SocketSite]

Posted by socketadmin at 2:45 PM | Permalink | Comments (18) | (email story)

October 7, 2010

San Francisco’s "$3 Million" Dream House Returns Asking $2.595M

815 Alvarado

With only 36,313 tickets sold versus 38,000 sales required to trigger the "dream house" clause in this year's San Francisco Dream House Raffle, the grand prize winner walked away with $1,500,000 in cash versus the Noe Valley home at 815 Alvarado.

And as a plugged-in tipster notes, the "$3 Million Dream House" has just hit the market again but strangely enough with a list price of $2,595,000 versus the failed $2,965,000 for four months last year.

∙ Listing: 815 Alvarado (4/3.5) - $2,595,000 [MLS]
Spoiler Alert: The 2010 "San Francisco Dream House" Is… [SocketSite]
An Arts & Crafts 815 Alvarado By The Numbers In Noe [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (25) | (email story)

October 5, 2010

Save A Collective $21,700,000 On Hyde And Upper Broadway

2323 Hyde

Unlisted but on the market and asking $18,700,000 since the beginning of the year, 2323 Hyde Street has just hit the MLS with a new price of $15,000,000 and "1 day" on the market.

Built in 1899, at one time divided into apartments but then reconstructed and renovated from 2001 to 2002, the Willis Polk designed home on Hyde was commissioned by the widow of Robert Louis Stevenson in 1893. In 2003 the home was purchased by the Sperlings when listed for $15,000,000 as well.

Also owned by the Sperlings, the asking price for 2845 Broadway has recently been reduced from $65,000,000 to $47,000,000. As we wrote about 2845 Broadway when the property was first listed in 2006:

Apparently the original two structures at 2845 Broadway sold for $32 million in November 2002, cost of construction to date is estimated to be $18 million, and the "Buzz among brokers" is that it will cost another $8-16 million to finish the property.

The asking price for the Sperlings' home at 3450 Washington remains $19,500,000.

∙ Listing: 2323 Hyde (6/6.5) - $15,000,000 [warwickproperties.com]
2845 Broadway Is Withdrawn In 2010 After 1400 DOM At $65,000,000 [SocketSite]
The $65,000,000 House [SocketSite]
3450 Washington: Decorator Showcase 2010 Opens Up [SocketSite]

Posted by socketadmin at 2:45 PM | Permalink | Comments (14) | (email story)

September 24, 2010

1940 Buchanan: Not Only Restaged, But Relisted And Reduced As Well

Purchased for $729,000 in August 2000, 1940 Buchanan resold at $800,000 in June 2004, returned to the market this past January asking $879,000, and was withdrawn from the market in May having been reduced to $799,000 ("Restaged: come for a 2nd look").

Now relisted, the list price for the Lower Pacific Heights condo has also been reduced to $759,000 (5 percent below its 2004 sale and within 4 percent of its year 2000 price).

∙ Listing: 1940 Buchanan (2/1) 1,480 sqft - $759,000 [1940buchanan.com] [MLS]
It Must Have Been The Staging: 1940 Buchanan Edition [SocketSite]

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

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

As we wrote last month:

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

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

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

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

September 10, 2010

An Average Of Only 212 1.3 Days On The Market For These Three

1454-1456 Kearny View

Continuing the parade of properties that have recently been reduced offline and re-listed anew: 1454-1456 Kearny (now asking $2,849,000), 41 Ford (now asking $3,550,000), and 715 Commercial (now asking $679,000).

With respect to widely published average days on the market (DOM) reports, these three properties now contribute an average of 1.3 days (4 days total) versus 212 (635 days total) if one was to include their previous listings. And of course, any sales at their current list prices will be considered to be at "100% of asking."

41 Ford: Born A Two Bedroom, Rebuilt As A Four And Back [SocketSite]
Hinting At Some Rather Spectacular Views (1454-1456 Kearny) [SocketSite]
This Gallery Is The Show [SocketSite]

Posted by socketadmin at 11:30 AM | Permalink | Comments (20) | (email story)

No More Mention Of (Even More) "Move In Equity" For 104 Funston

104 Funston

As we wrote this past May:

104 Funston was purchased for $2,750,000 in May of 2007 and returned to the market this past March asking $3,150,000. Reduced to a "lucky" $2,988,888 on April 15, the price was further reduced to $2,875,000 eight days later. On Friday it was reduced to $2,750,000.
According to the listing the property "appraised at $2,850,000" and you can "move in with equity." Who are we to suggest that its three weeks on the market at $2,875,000 without a sale would suggest otherwise.

As we wrote last month:

Yesterday the listing for 104 Funston was withdrawn from the MLS after 155 days on the market without a reported sale or buyer capturing the aforementioned "move in equity."
No word on whether or not 104 Funston will soon return to the MLS at a lower price and touting "even more move in equity!"

And yes, yesterday 104 Funston returned to the market with an "original" list price of $2,600,000 and "one" day on the market. No mention, however, of any "move in equity" this time around (nor that "$400K" figure in terms of recent upgrades).

Perhaps the aforementioned "appraiser's" name started with a zed.

∙ Listing: 104 Funston (4/3.5) 3,963 sqft - $2,600,000 [MLS]
Instant (Appraiser's) Equity At 104 Funston [SocketSite]
Will 104 Funston Return With Even More "Move In Equity?" [SocketSite]

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

September 8, 2010

Transparency At Firehouse 44 (3816 22nd Street)

3816 22nd Street Door

Briefly in contract last month when asking $4,800,000, this afternoon the list price for Firehouse 44 (3816 22nd Street) was reduced to $4,250,000.

Once again, the renovated firehouse was first listed for $6,375,000 in May of 2008. And in the words of a plugged-in reader, a "seller will typically lower the asking price to the previously accepted in-escrow price."

∙ Listing: 3816 22nd Street (4/4.5) 6,140 sqft - $4,250,000 [firehouse44.com] [MLS]
Firehouse 44 (3816 22nd Street) Catches On Contract [SocketSite]
Holy Hotness, History, And Home: Engine Company No. 44 Returns [SocketSite]
The Holy Hotness Of Firehouse 44 (3816 22nd Street) Hits The Market [SocketSite]

Posted by socketadmin at 4:30 PM | Permalink | Comments (7) | (email story)

September 3, 2010

On Tour As New Déjà Vu: Odeon Penthouse (181 O’Farrell #513)

181 O'Farrell #513 Floor Plan

As we wrote last November with respect to Odeon (181 O’Farrell):

And then there’s the penthouse (#513) which was purchased for $2,000,000 in March 2007. An attempt to sell it off as a fractional over the past two years failed and it’s been the market as a whole for the past 172 days. Originally asking $2,349,000, it’s been three months at $2,099,000 with an owner that "says make an offer!!"

As we wrote this past February:

The Odeon penthouse is now back on the MLS with an "original" list price of $1,899,000 and an official 3 days on the market. You’ve got to love (or at least understand) those industry stats and Realtor reports.

And as we add today, 181 O’Farrell #513 is back on the market and asking $1,725,000. And yes, it’s an official one (1) day on the market which ought to help those averages.

∙ Listing: 181 O’Farrell #513 (3/2) 2,516 sqft - $1,899,000 [MLS]
Oh My (And Bank Owned) At The Odeon On O’Farrell [SocketSite]
Top Floor Sir, Going Down (181 O’Farrell #513) [SocketSite]

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

August 31, 2010

Less Great Expectations For Ex-Mayor's Mid-Century Modern Home

100 Palo Alto Living

As we wrote in June:

In March 2008 the Mid-Century Modern Clarendon Heights home at 100 Palo Alto Avenue built for former San Francisco Mayor Elmer E. Robinson in 1953 hit the market asking $4,000,000. It ended up closing escrow with a recorded contract price of $5,625,000.
And while we don’t believe it’s been remodeled much since (2008 not 1953), 100 Palo Alto is back on the market two years later and listed for $6,400,000.
Big views for certain, but even greater expectations for sure.

The list price for 100 Palo Alto has just been reduced $900,000 (14%), now asking $5,500,000 (2% under its 2008 sale).

∙ Listing: 100 Palo Alto (4/4.5) - $5,500,000 [100paloalto.com] [MLS]
An Ex-Mayor’s Mid-Century Clarendon Heights View Manse Returns [SocketSite]
Forget The Rock Star Lifestyle, Anybody Want To Live Like A Mayor? [SocketSite]

Posted by socketadmin at 1:00 PM | Permalink | Comments (28) | (email story)

August 26, 2010

A Jordan Park Apple Returns On Palm (And To Its 2007 List Price)

176 Palm Kitchen

As we wrote this past June:

Listed for $2,995,000 in October 2007, the totally renovated 176 Palm closed escrow in November 2007 with a contract price of $3,100,000.
Back in the market for two weeks without a sale in September 2009 asking $3,100,000, the Jordan Park home is now back on the market in 2010 and listed for $3,150,000.

Withdrawn from the market in July without a sale, as a plugged-in reader notes today, “It's Baaaack.” And it’s back to being listed for $2,995,000 with just one (1) day on the market and no reductions according to those official industry "state of the market" stats.

∙ Listing: 176 Palm (4/4.5) - $2,995,000 [MLS]
176 Palm: Apples To Apples To Asking In 2009 [SocketSite]
From Couch To Kitchen To BBQ And Back In No Time Flat: 176 Palm [SocketSite]

Posted by socketadmin at 11:00 AM | Permalink | Comments (17) | (email story)

August 16, 2010

From Bank-Owned Listings, To Bank-Owned Reductions Atop Noe

647 Grand View #1 Living

As we wrote last August:

Asking $1,875,000 [in early 2007], or a little over $800 a square foot, 647 Grand View Avenue #1 appears to have been refinanced [by the developer] in October of 2007 for $1,870,000 with nothing down and two variable rate loans, one for $1,500,000 and the other for $370,000.
Unit #3 appears to have been refinanced [with an $800,000 variable rate loan] around the same time as well, but 647 Grand View #2 and #4 appear to have sold in October of 2007 for $1,100 and $764 a square foot respectively.

As we added last month:

647 Grand View #1 ended up going back to the bank this past April. And yesterday the 2,316 square foot Noe Valley three-bedroom condo returned to the MLS asking $1,213,800 ($524 per square foot).

And while 647 Grand View #3 ended up selling for $610,000 ($571 per square foot), the list price for 647 Grand View #1 has just been reduced for the second time, now asking $1,095,600 or $473 per square.

Comments: A Grand Fall For 647 Grand View Atop Noe Valley [SocketSite]
From The Top Of Noe To The Courthouse Steps: 647 Grand View #1 [SocketSite]
A (Grand) View To A (Comp) Kill [SocketSite]

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

August 6, 2010

Now With Even More Red At 733 Front Street On Jackson Square

733 Front #407 Kitchen

The list price for the short sale of 733 Front Street #407 has been reduced to $499,000.

Once again, the one-bedroom was purchased for $730,000 in September 2007, listed for $760,000 this past January, reduced to $730,000 in February, reduced to $629,000 in April, and for the past three months it had been listed as a short sale at $549,000.

The listing still lacks any mention of bank pre-approval, however, but a sale at the new list price would represent a 32 percent drop in value for the Jackson Square condo over the past three years.

∙ Listing: 733 Front Street #407 (1/1) – “$499,000” (Short Sale) [MLS]
In The Red At 733 Front Street Down In Jackson Square [SocketSite]

Posted by socketadmin at 8:15 AM | Permalink | Comments (23) | (email story)

August 5, 2010

The Noe Valley Apple At 1610 Sanchez Drops, Just Not Into Our Cart

1610 Sanchez

The list price for the "charming Victorian single family home" at 1610 Sanchez ("located on a quiet street in Noe Valley near shops, restaurants & transportation") was reduced from $849,000 to $799,000 yesterday.

Once again, the property was purchased for $907,000 in May 2005 and a sale at asking would represent a 12 percent decline in value below its year 2005 comp setting price.

∙ Listing: 1610 Sanchez (2/1) 861 sqft - $849,000 [1610sanchez.com] [MLS]
A Bounty Of New Noe Valley Apples (And Summer Inventory) [SocketSite]

Posted by socketadmin at 10:30 AM | Permalink | Comments (84) | (email story)

August 3, 2010

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

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

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

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

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

July 26, 2010

Still Not "Cheap" But Now Five Percent Even Cheaper

The list price for the first listed foreclosure at One Rincon Hill has just been reduced by $33,000 to $662,000 ($877 per square foot). Once again, 425 1st Street #3908 had been purchased from the sales office for $855,000 in June 2008 ($1,132 per square).

As plugged-in people know, the sales office sale of 425 1st Street #4408 closed escrow last month with a reported contract price of $690,000 ($914 per square) while the sale of 425 1st Street #4308 closed escrow last week with a reported contract price of $687,000 ($910 per square).

∙ Listing: 425 1st Street #3908 (1/1) 755 sqft - $662,000 [MLS]
The First Listed Foreclosure At 425 First (One Rincon Hill) [SocketSite]
Additional '08 Stack (And Year) Perspective From One Rincon Hill [SocketSite]
Additional One Rincon Hill '08 Stack (And Year) Perspective Redux [SocketSite]

Posted by socketadmin at 4:00 PM | Permalink | Comments (3) | (email story)

Now Asking Under Five Hundred A Foot For Three Bedrooms Atop Noe

Speaking of distressed listings, the list price for the bank-owned 647 Grand View #1 has just been reduced $60,600 to $1,153,200 ($498 per square foot). Once again, the 2,316 square foot Noe Valley condo was refinanced in October 2007 with loans totaling $1,870,000.

647 Grand View #2 and #4 appear to have sold in October of 2007 for $1,100 and $764 a square foot respectively. And the sale of the 1,068 square foot 647 Grand View #3 closed escrow last week with a reported contract price of $610,000 ($571 per square foot).

A New High For Distressed Listings In San Francisco [SocketSite]
A Grand Fall For 647 Grand View Atop Noe Valley [SocketSite]
A (Grand) View To A (Comp) Kill [SocketSite]

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July 23, 2010

Somebody Get Gekko On The Phone...

722 Steiner (www.SocketSite.com)

Having further reduced its list price by $150,000 (now asking $3,199,000, 20 percent under its original list) and "restaged," the sellers of 722 Steiner have just listed the legal two-unit building as two TIC's, a one-bedroom for $549,000 and a four-bedroom for $2,750,000.

Apparently the parts of 722 Steiner are thought to be worth more than the whole.

∙ Listing: 722 Steiner #A (1/1) - $549,000 [MLS]
∙ Listing: 722 Steiner (4/3.5) - $2,750,000 [MLS]
∙ Listing: 722 Steiner (5/4.5) - $3,199,000 [MLS]
722 Steiner: Reduced Again (By Postage For 750,000 Postcards) [SocketSite]
Postcard Row's Postman's Home Hits The Market (722 Steiner) [SocketSite]

Posted by socketadmin at 11:00 AM | Permalink | Comments (14) | (email story)

July 14, 2010

Oh My...But Not Bank-Owned At Odeon (181 O’Farrell #514)

It’s not bank-owned and its address is "undisclosed," but we’ll tell you it’s 181 O’farrell #514 which public records would suggest was purchased for $775,000 in April 2007.

Listed for $925,000 in May of 2009, its asking price was reduced to $750,000 last November, and to $670,000 this past April. In May its list price was increased to $675,000.

Yesterday it was reduced to $595,000.

∙ Listing: 181 O’Farrell #514 (1/1.5) 1,080 sqft - $595,000 [Redfin]
Oh My…Another Bank Owned One-Bedroom At Odeon [SocketSite]
Oh My (And Bank Owned) At The Odeon On O’Farrell [SocketSite]
Not Another Anomaly [SocketSite]

Posted by socketadmin at 1:15 PM | Permalink | Comments (20) | (email story)

July 9, 2010

Another Round Of Sales Office Reductions At One Rincon Hill

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

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

The foreclosed upon #3908 is currently in contract.

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

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

July 7, 2010

542 Valley Returns Feeling Even More Japanesey

542 Valley

(Re)built by temple carpenter Len Brackett in 1991, 542 Valley was listed for $2,995,000 in September 2008, reduced a few times, and then withdrawn from the market in 2009.

542 Valley Bath

Back on the market in 2010 and asking $2,195,000. And now, the Japanese styled Noe Valley home with contemporary flair somehow feels even more Japanesey (with absolutely no disrespect for the house implied nor intended).

∙ Listing: 542 Valley (4/3.5) - $2,195,000 [MLS]
A Contemporary Japanese Estate In Noe (And No, It's Not Ellison's) [SocketSite]
East Wind (Higashi Kaze), Inc. [eastwindinc.com]

Posted by socketadmin at 2:45 PM | Permalink | Comments (22) | (email story)

June 24, 2010

A Cool $165,000 $255,000 Off At 728 Duncan

728 Duncan

Listed for $2,550,000 in March, the list price for the self described "Noe Valley modern cool" home at 728 Duncan was reduced to $2,385,000 in April, and just a few minutes ago it was further reduced to $2,295,000.

Once again, the single-family Noe home was purchased for $2,475,000 in August 2007 according to the MLS (although tax records suggest a contract price closer to $2,448,000).

All comments on our original post.

∙ Listing: 728 Duncan (4/3.5) 3,350 sqft - $2,295,000 [MLS]
Apples To Apples For A Hip "Cool" Noe Home: 728 Duncan [SocketSite]

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

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

1327 7th Avenue

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

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

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

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

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

Another Cut For Albion Castle (881 Innes Avenue)

Albion Castle

Once again, as we wrote last September when listed for $2,950,000:

A few months after Laughing Squid launched their blog from Albion Castle in early 2005 the Hunter’s Point property at 881 Innes Avenue was auctioned off at the Palace Hotel in front of a thousand spectators and sold for $2,090,000 (purchased for $400,000 in 1999).
The mortgage banker buyer had planned to resurrect the Albion Porter & Ale Brewery for which the castle was originally constructed and open a restaurant on-site as well. And while the restaurant and re-brewery plans never materialized, the interior of the San Francisco Historic Landmark was renovated and restored.

Reduced to $2,400,000 in March and then to $1,900,000 in April, yesterday the asking price for Albion Castle was reduced to $1,799,000. "Seller financing" still available.

∙ Listing: 881 Innes Avenue (4/2) - $1,799,000 [MLS] [Map]
Care To Get Your Castle On? A Restored Albion Castle Returns [SocketSite]
Albion Castle Cuts $550,000 (19%), Now About That Karma... [SocketSite]
Calling All Kings...Albion Castle Cuts Another $500,000 (21 percent) [SocketSite]

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

June 10, 2010

A 7 Percent Slide From 2005 To 2009 But Up 8 Percent Since? Nope.

The list price for 1409 20th Street has just been reduced by another $39,000 (5%), now asking $810,000. Once again, the Potrero Hill home was purchased for $860,000 in May 2005 and resold in June 2009 for $799,000. From the Tuesday Tour notes: "MUST SELL."

A 7 Percent Slide From 2005 To 2009...But Up 8 Percent Since? [SocketSite]
Its Last Call Is Heard: Apples To Apples For 1409 20th On Potrero Hill [SocketSite]

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

June 4, 2010

One Year Day On The Market For 393 Carl

391-397 Carl (www.SocketSite.com)

As wrote last August:

One of four new construction condos completed in March and asking $1,395,000 at the time, the listing for 393 Carl was withdrawn from the MLS in May. Back on the market in August with a new broker and now asking $1,295,000.

As we added in January:

The listing for 393 Carl was withdrawn from the MLS after 145 days on the market without a sale. Last asking $1,295,000 and advertising "seller financing w/low down."

And as we write today, 393 Carl has returned to the MLS with an official one day on the market and asking $1,098,000. 391 Carl has been on the market for three months, the past two at $1,099,000.

393 Carl: One Of Four New Construction Condos After And Before [SocketSite]
∙ Listing: 391 Carl (2/2) 1,592 sqft - $1,099,000 [MLS]
∙ Listing: 393 Carl (2/2) 1,592 sqft - $1,098,000 [MLS]

Posted by socketadmin at 11:30 AM | Permalink | Comments (15) | (email story)

June 1, 2010

A Finished 168 Yerba Buena Avenue Returns At Fifty Percent Off

168 Yerba Buena Avenue

In 2007 a still under construction 168 Yerba Buena Avenue ("inspired by Italian villas along Amalfi Drive on the Mediterranean coast") hit the market asking $12,700,000 as one of two homes in the newly developed "St. Francis Court."

A few months later construction stopped, the homes were withdrawn from the market, and notices of default were filed. A few months after that, 168 Yerba Buena returned to the market asking $6,500,000 but not including an estimated "$2mil-$2.7 mil. more to complete" the project.

And while we've been hearing rumblings, a plugged-in reader steals a bit of our thunder by noting a now finished 168 Yerba Buena Avenue has returned to the market asking $6,250,000. Based on some of the finishes, we’d be willing to bet that the actual budget to complete the project wasn’t at the top end of that aforementioned estimate.

168 Yerba Buena Bath

∙ Listing: 168 Yerba Buena Avenue (5/6.5) - $6,250,000 [168yerbabuena.com] [MLS]
The Scoop On 168 Yerba Buena Avenue (And St. Francis Court) [SocketSite]
It’s Not Always Fun And Games At The Top (166-68 Yerba Buena) [SocketSite]
Once Billed As "A Symbol Of Success, Not Extravagance" [SocketSite]

Posted by socketadmin at 8:45 AM | Permalink | Comments (36) | (email story)

May 14, 2010

Happenings High Atop The Infinity’s Tower Two

Infinity #42B: View (www.SocketSite.com)

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

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

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

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

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

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

May 10, 2010

722 Steiner: Reduced Again (By Postage For 750,000 Postcards)

722 Steiner (www.SocketSite.com)

On Friday, five days after a fifty-one thousand dollar reduction, the list price for 722 Steiner was reduced another $210,000. Now asking $3,589,000 for the Shannon-Kavanaugh House (10 percent under its original list price of $3,999,999).

∙ Listing: 722 Steiner (5/4.5) - $3,589,000 [722steiner.com] [MLS]
Postcard Row's Postman's Home Hits The Market (722 Steiner) [SocketSite]
The Shannon-Kavanaugh House (722 Steiner) [shannon-kavanaugh.com]

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

May 5, 2010

3024 Pierce: Reduced (Again) And Now Available For Rent

3024 Pierce in 2010

As a plugged-in reader notes, yesterday the list price for 3024 Pierce was reduced to $3,200,000 and the newly renovated home is now available for lease at $9,000 per month ("Furnished or Unfurnished"). We’ll let you run the numbers.

First Peek Inside The Remodeled (And Newly Garaged) 3024 Pierce [SocketSite]

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

May 4, 2010

How To Spend $3,995,000 (But "Save" $5,255,000) Up In Novato

1650 Indian Valley Road, Novato

It's a bit to our north but speaking of good sized reductions and changing expectations, 1650 Indian Valley Road has just been listed anew up in Novato. Now asking $3,995,000 for the 6,000 square foot Marin County villa on 16 acres with plans to "modernize."

At $3,995,000 it’s a reduction of just $5,255,000 (57 percent) from its asking price of $9,250,000 in June of 2007 (that's a CMA we'd love to see).

UPDATE: A plugged-in reader discovers a better source for photography (including a few interior shots) and a bit of history. And yes, we’re still looking for those plans as well.

∙ Listing: 1650 Indian Valley Road, Novato (5/3.5) - $3,995,000 [MLS]
Unofficial Inventory (And A Righteous Reduction) At 601 Dolores [SocketSite]

Posted by socketadmin at 12:15 PM | Permalink | Comments (14) | (email story)

Unofficial Inventory (And A Righteous Reduction) At 601 Dolores

601 Dolores

As we wrote at the end of 2008:

A plugged-in reader answers our prayers by directing us to the website for the unlisted but on the market 601 Dolores. Born the Mission Park Congregational Church in 1909 and more recently called the Golden Gate Lutheran Church, 601 Dolores was purchased in 2007 and transformed into a single-family home.

601 Dolores: Tower Windows

Think complete seismic retrofit; restoration of wood-paneling, original doors, hardware and historic stained-glass; add new mechanical, electrical and four wood burning fireplaces.

601 Dolores: Bath

"Modern" kitchen, marble baths and a new tower interior with arched mahogany windows and roof-top deck overlooking Dolores Park. Oh, and parking for five.

Asking $9,950,000 at the time and officially listed for such on the MLS in February 2009, the MLS listing was withdrawn in November 2009. The website for the property is still live, however, only now it’s asking a righteous $7,490,000.

∙ Unlisted Listing: 601 Dolores (3/2) 17,000 sqft - $7,490,000 [castleonthepark.com]
Sweet Jesus (So To Speak): 601 Dolores On The Market And Inside [SocketSite]

Posted by socketadmin at 10:30 AM | Permalink | Comments (19) | (email story)

May 3, 2010

31 21st Avenue: No New Cut (Other Than To Its Days On The Market)

31 21st Avenue

Asking $1,500,000 a year ago, the list price for 31 21st Avenue was reduced to $999,000 this past November (by way of a few incremental cuts). The listing was then withdrawn from the MLS this past February with just over nine months on the market.

The cute Victorian cottage was listed anew three days ago asking $999,000 (once again).

∙ Listing: 31 21st Avenue (1/2) - $999,000 [MLS]

Posted by socketadmin at 9:00 AM | Permalink | Comments (22) | (email story)

April 29, 2010

Decorator Showcase Miss 2000 Repainted, Remodeled And Repriced

2601 Broadway

It’s not yet listed on the MLS, but as a few plugged-in readers and tipsters alike have noted, 2601 Broadway has been repainted, repriced and returned to the market.

2601%20Broadway%20Kitchen.jpg

Listed for $15,500,000 in 2009, asking $12,800,000 today. The nearly 10,000 square foot former Decorator Showcase Home (Miss 2000) features four car parking and a "newly remodeled gourmet kitchen finished in marble with professional quality appliances" and "a luxurious master suite with newly remodeled, spa-inspired bathroom."

∙ Listing: 2601 Broadway (7/7) - $12,800,000 [davidbellings.com]
Decorator Showcase Miss 2000 Officially Hits The Market On Broadway [SocketSite]

Posted by socketadmin at 12:00 PM | Permalink | Comments (32) | (email story)

April 28, 2010

Will The Eighth Time Be The Charm For 188 South Park Number Seven?

188 South Park #7: Kitchen

As we wrote about the developer's unit when listed for $1,995,000 in 2006:

We’re suckers for a luxurious shower (and doubly so when it’s outside). So you can imagine our glee when we first noticed the five shower heads (including two separately controlled rain-heads and a steam function) in the his & her shower at 188 South Park #7, and then our surprise when we walked upstairs to discover an outdoor shower (with unobstructed views of the city). Now that's luxury.
As always, please don’t forget to invite us to the housewarming (but be forewarned, we’re bringing towels...).

As we added about the unit this past November:

We never did get invited to that housewarming. Then again, it didn’t sell (refinanced instead). We now have another chance, however, as it’s back on the market and asking $1,750,000. We're packing the towels now.

And as we note today, back on the MLS for the eighth time since 2006. Now asking $1,525,000 (and with an official five days on the market according to industry reports).

∙ Listing: 188 South Park #7 (2/2) - $1,525,000 [MLS]
Oh So Sexy Showers [SocketSite]
The Oh So Sexy Showers Of 188 South Park #7 Return [SocketSite]

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April 27, 2010

A Winner’s Curse That Has Yet To Be Cured

819 Haight Street

As we wrote this past August:

A renovated Victorian at 819 Haight Street hit the market in 2005 asking $1,395,000, it sold for $1,635,000 ($240,000 over asking). No word on what role the buyer’s agent played in advising their client on how to "win" in a competitive situation ("pay more!").
As a plugged-in tipster notes, back on the market today and asking $1,595,000. One and one-half rather nice baths then, one and one-half rather nice baths now.

As we added in March:

The August listing was delisted in November without a sale, but 819 Haight Street was re-listed anew at $1,535,000 a couple of weeks ago. It’s still active, available, and with only 18 official industry days on the market. We continue to dig the kitchen.

And as a plugged-in reader noted today, the asking price for 819 Haight Street has been reduced to $1,470,000. Hopefully those who will dismiss the apples-to-apples outcome due to the "competitive" nature of its 2005 sale also dismissed its use as a comp in 2005 (along with every other sale that garnered multiple offers at the time).

∙ Listing: 819 Haight Street (3/1.5) - $1,470,000 [819haight.com] [MLS]
A Four Year Hold For A Renovated 819 Haight: A Winner's Return [SocketSite]
819 Haight Street’s Return Redux: Winner's Curse In Action? [SocketSite]

Posted by socketadmin at 12:30 PM | Permalink | Comments (32) | (email story)

One Day On The Market (For The Sixth Time In Four Years)

219 Brannan #1C was listed anew for the sixth time since 2006 today, and for the second time since becoming bank owned.

Withdrawn from the market just yesterday with a list price of $529,900 (and an official "90" days on the market at time), the 875 square foot Brannan one-bedroom was relisted today with a new broker at $529,000 (and an official one day on the market according to industry reports).

Once again, public records would suggest the one-bedroom condo was purchased in 2003 and its tax assessed value of $533,268 would suggest a bit of premature equity withdrawal might have been involved.

∙ Listing: 219 Brannan #1C (1/1.5) 875 sqft – $529,000 [MLS]
The Bank-Owned "Anomalies" Keep Building At The Brannan [SocketSite]

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April 23, 2010

Calling All Kings...Albion Castle Cuts Another $500,000 (21 percent)

Albion Castle

The asking price for Albion Castle has just been reduced another half-million dollars (now $1,050,000 and 36% under original asking). As we wrote last September:

A few months after Laughing Squid launched their blog from Albion Castle in early 2005 the Hunter’s Point property at 881 Innes Avenue was auctioned off at the Palace Hotel in front of a thousand spectators and sold for $2,090,000 (purchased for $400,000 in 1999).
The mortgage banker buyer had planned to resurrect the Albion Porter & Ale Brewery for which the castle was originally constructed and open a restaurant on-site as well. And while the restaurant and re-brewery plans never materialized, the interior of the San Francisco Historic Landmark was renovated and restored.

Now asking $1,900,000 for 881 Innes.

∙ Listing: 881 Innes Avenue (4/2) - $1,900,000 [MLS]
Care To Get Your Castle On? A Restored Albion Castle Returns [SocketSite]
Albion Castle Cuts $550,000 (19%), Now About That Karma... [SocketSite]

Posted by socketadmin at 10:00 AM | Permalink | Comments (34) | (email story)

April 22, 2010

Bank-Owned Competition In Action At The Beacon (250 King)

On the market for 152 days and now vacant, the list price for the bank-owned 250 King Street #636 has just been reduced to $319,770 ($447 per square foot). The 715 square foot one-bedroom at The Beacon is now asking $9,230 less than a 587 square foot studio three floors higher (250 King #904) which isn’t bank owned but is seeking a short sale.

The one-bedroom had been purchased for $575,000 ($800 per square foot) in March 2006 before being taken back by the bank in August 2009 with $498,055 owed. A sale at asking would represent a 44 percent drop in value since 2006.

∙ Listing: 250 King Street #636 (1/1) 715 sqft - $319,770 [MLS]
∙ Listing: 250 King Street #904 (0/1) 587 sqft - $329,000 [MLS]

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

April 21, 2010

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

1327 7th Avenue

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

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

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

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

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

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

April 15, 2010

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

1160 Mission #1508

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

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

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

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

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

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April 14, 2010

It Must Have Been The Staging: 1940 Buchanan Edition

Purchased for $729,000 in August 2000, the Lower Pacific Heights condo at 1940 Buchanan resold at $800,000 in June 2004 for average annual appreciation of 2.5 percent.

Returned to the market this past January asking $879,000, as a plugged-in tipster notes the list price has since been reduced down to $799,000.

It must have been the staging ("Restaged: come for a 2nd look").

∙ Listing: 1940 Buchanan (2/1) 1,480 sqft - $799,000 [MLS]

Posted by socketadmin at 11:45 AM | Permalink | Comments (19) | (email story)

21 Villa Terrace (Re)Joins The Clarendon Heights Contemporary Fray

21 Villa Terrace Living

Eighteen foot ceilings over the living room, dining "room," kitchen and entry; big views from the windows and decks; and four bedrooms and four and one-half baths over four thousand plus square feet.

Listed for $3,350,000 in February 2009 before being withdrawn at $2,950,000 in June, five days ago 21 Villa Terrace re-joined the contemporary Clarendon Heights listed fray of five active and available homes asking over two million with a new new list price of $2,795,000.

The home was purchased for $1,900,000 in July 2003 having sold as new for $2,125,000 in March 2001.

∙ Listing: 21 Villa Terrace (4/4.5) 4,051 sqft - $2,795,000 [MLS]

Posted by socketadmin at 9:15 AM | Permalink | Comments (13) | (email story)

April 9, 2010

299 Santa Paula Avenue: Still Muy Sweet But Now Under Cinco

299 Santa Paula Avenue

Look familiar? To the plugged-in it should. Asking $5,900,000 a year ago and briefly in contract soon thereafter ("$5.4 is the number I hear"), the list price for 299 Santa Paula Avenue was reduced down to $5,249,000 before being withdrawn this past January.

299 Santa Paula: Bed

Back on the MLS with an official "one day" on the market and a new "original list price" of $4,950,000 (16 percent under its original original list price) for the nearly 11,000 square foot (and still muy sweet) home.

∙ Listing: 299 Santa Paula Avenue (5/5.5) - $4,950,000 [MLS]
Mi Casa Es…Muy Sweet (And Large): 299 Santa Paula Avenue [SocketSite]
Oh Santa, You Shouldn’t Have! (299 Santa Paula Avenue Cuts) [SocketSite]

Posted by socketadmin at 11:00 AM | Permalink | Comments (12) | (email story)

April 6, 2010

45 Rosewood Returns, Has The Dream As Well?

45 Rosewood Drive

As we wrote in March of 2009:

Purchased for $1,589,000 in June of 2006 and then remodeled, 45 Rosewood Drive is back on the market up in Monterey Heights and listed for $1,595,000.
While the listing notes "A dream home!" we have a funny feeling zero appreciation over the past two and one-half years and after a remodel isn’t exactly the kind of American dream many were recently sold. That's assuming a sale at asking of course.

The asking price was subsequently reduced two times and then withdrawn last June when asking $1,495,000. And as a plugged-in reader notes, 45 Rosewood Drive is now back on the MLS with an official three days on the market and asking $1,450,000.

∙ Listing: 45 Rosewood Drive (4/3.5) - $1,450,000 [MLS]
Can You Be More Specific On The Kind Of Dream? (45 Rosewood Drive) [SocketSite]

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

March 26, 2010

Now An Eight, Two Nines And A Sexy Six For 6521 California

6521 California

As we wrote this past December:

Purchased for $562,000 in April 2004 but then "completely renovated [with] extensive high quality and designer touches throughout this charming house," 6521 California returned to the market just three months later asking $888,000. It closed escrow in August 2004 with an MLS reported sale price of $938,888.
According to public records the buyers of the house in 2004 financed the purchase with two variable rate loans totaling $938,850. And according to its latest listing, the "Sea Cliff" house is now bank owned and asking $799,900 (but subject to tenant rights).
Apparently $38 isn’t enough skin to keep a buyer in the game.

Withdrawn from the market in January without a sale, 6521 California is back on the MLS with an official one day on the market and asking $689,900 (26 percent under its 2004 comp setting sale price).

∙ Listing: 6521 California (2/2 + 1/1) 1,474 sqft - $689,900 [MLS] [Map]
San Francisco Real Estate Districts: Maps And Neighborhoods [SocketSite]
Not So Lucky Number Eights (Maybe The Nines Will Be Better) [SocketSite]

Posted by socketadmin at 3:15 PM | Permalink | Comments (1) | (email story)

March 24, 2010

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

818 Van Ness: 8/11/08 (www.SocketSite.com)

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

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

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

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

They are setting up a sales office on the ground floor in the permanently vacant (so far) retail space. I am still a tenant here and will not be exercising my first right of refusal as I believe the price and HOA fees are just too high.
They plan on selling floors 2-6 first. The cheapest units are at the front of the building on the 2nd floor (no side windows as it shares a wall with the sushi joint. Floors 7-8 are done to a higher spec. Seems a majority of the building is empty now. Most tenants moved in about a year ago and their leases ended. There has been a revolving door of moving trucks here in the last 3 months.
Also, they have a bunch of maintenance folks fixing up the units for sale after a tenant vacates. They will all be in near perfect condition. I've had a walk through some of the staged units and they look great.

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

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

March 22, 2010

A Little Bit Lower Now At The Heights For 1940 Broadway #7

1940 Broadway #7 Living

The list price for 1940 Broadway #7 has just been reduced $275,000 (5%), now asking $5,225,000 for the full floor at The Heights (purchased for $5,245,000 in February 2007).

∙ Listing: 1940 Broadway #7 (4/3.5) - $5,500,000 [Joel Goodrich] [MLS]
A Handful At The Heights (1940 Broadway) [SocketSite]

Posted by socketadmin at 1:00 PM | Permalink | Comments (2) | (email story)

March 17, 2010

1817 California Street #2E: The Circle Of (Bubble) Life Continues

1817 California Street (Image Source: MapJack.com)

The circle of life for 1817 California Street #2E as plugged-in readers outlined in 2008:

9/23/05: Property purchased for $650,000
11/18/05: property listed at $750,000
1/11/06: listing expires
2/08/06: listing comes back on, now up to $799,000
7/08/06: listing expires
7/11/06: listing comes back on, still $799,000
9/05/06: price reduced (back) to $750,000
9/28/06: listing is withdrawn by agent (owner)
7/27/07: property listed at $710,000
8/27/07: price reduced to $699,950
1/01/08: property withdrawn by agent (owner)
2/13/08: property listed at $675,000
3/10/08: price reduced to $665,000
4/08/08: property withdrawn by agent (owner)
4/07/08: new listing! new agent! new price! $498,000.

The 2005 purchase was financed with $650,000 in loans (yes, 100% LTV in Lower Pacific Heights). In September 2008 the property was taken back by the bank.

Noted by a plugged-in reader a few days ago, the bank owned condo is back on the MLS and asking $454,900. Also noted, but which we can’t confirm, "potential buyers should be informed by their realtor that the property is encumbered by at least one significant lien."

∙ Listing: 1817 California #2E (2/1.5) 787 sqft - $454,900 [MLS]
The Circle Of Life In Pacific Heights: 1817 California Street #2E [SocketSite]

Posted by socketadmin at 12:45 PM | Permalink | Comments (30) | (email story)

March 11, 2010

One Of 33 32 Atop 611 Washington (Montgomery Washington Tower)

611 Washington

One San Francisco’s original luxury high-rise buildings, only 33 residential units were built atop 611 Washington (perhaps the pool on the 21st floor now makes more sense). As units 2101 and 2102 were merged into one, however, there are now only 32.

The 2,624 square foot #2402 is one of those thirty-two. Once listed for $4,595,000 (it’s been on and off the MLS four times since 2008), 611 Washington #2402 was being shopped off the MLS at $3,995,000 last month, and has just been re-listed at $3,595,000.

611 Washington #2402 view

And yes, industry reports will reflect "one day" on the market.

∙ Listing: 611 Washington #2402 (2/2.5) 2,624 sqft - $3,595,000 [MLS]

Posted by socketadmin at 10:00 AM | Permalink | Comments (18) | (email story)

March 10, 2010

Apples To Apples To Apples In Mission Dolores: 1954 15th Street

1954 15th Street: Bath

In 2005 1954 15th Street sold for $820,000 (which reflected a newly remodeled bathroom and windows), and then again for $860,000 in 2006 (annual appreciation of 5 percent).

Listed for $889,000 54 days ago, the asking price for the two bedroom Mission Dolores condo was reduced to $869,000 last week. A sale at asking would represent average annual appreciation of 0.3 percent over the past four years (and of course a more likely rise then fall from peak).

As the kitchen hasn't been remodeled, we’re looking right past the freestanding fridge.

∙ Listing: 1954 15th Street (2/1.5) 1,477 sqft - $869,000 [MLS]
Another Market Metric And Food For Thought At The End Of The Year [SocketSite]

Posted by socketadmin at 6:00 AM | Permalink | Comments (9) | (email story)

March 8, 2010

The Green Is Gone At 438 Roosevelt

438 Roosevelt in 2010 (www.SocketSite.com)

As we wrote about 438 Roosevelt in 2007:

Get over the choice of exterior paint and get inside: big windows, views and lots of light; a steel and glass staircase; an open kitchen with bomber appliances and access to the patio/garden; and a three car garage. And no, we can’t name the architect. Readers?

Listed for $2,995,000 at the time, the green exterior is now gone along with 500,000 greenbacks from its list price (asking $2,495,000 in 2010).

438 Roosevelt Way: Living Room

Built in 2000, the lot was purchased for $500,000 in 1999 and the home first sold for $2,275,000 in 2002. And no, we still can’t name the architect. Readers?

∙ Listing: 438 Roosevelt Way (3/2.5) - $2,495,000 [MLS] [Joel Goodrich]
More Monday Morning Modern (Or Is It Contemporary?) [SocketSite]

Posted by socketadmin at 12:00 PM | Permalink | Comments (9) | (email story)

March 5, 2010

Details, Details, Details (And Another Adjustment In Expectations)

3878 Jackson (Image Source: MapJack.com)

3878 Jackson offers lots of details to love or hate across its three floors (click to enlarge).

From the floor to ceiling walnut cabinets in the living room (look inside), to the wrought iron banister along its circular staircase, to its faux tortoise shell master bath.

3878 Jackson Master Bath

Purchased for $2,100,000 in 1999, asking $5,600,000 in September 2008 (to $4,600,000 with a not "serious" enough reduction that October), available for $3,875,000 today.

∙ Listing: 3878 Jackson (5/3.5) - $3,875,000 [Virtual Tour] [MLS] [Map]

Posted by socketadmin at 3:00 PM | Permalink | Comments (46) | (email story)

March 4, 2010

Albion Castle Cuts $550,000 (19%), Now About That Karma...

Albion Castle

The history. The reduction $550,000. The new ask: $2,400,000. The karma comment.

∙ Listing: 881 Innes Avenue (4/2) - $2,400,000 [MLS] [Map]
Care To Get Your Castle On? A Restored Albion Castle Returns [SocketSite]

Posted by socketadmin at 2:30 PM | Permalink | Comments (13) | (email story)

March 1, 2010

819 Haight Street’s Return Redux: Winner's Curse In Action?

819 Haight Street

As we wrote this past August:

A renovated Victorian at 819 Haight Street hit the market in 2005 asking $1,395,000, it sold for $1,635,000 ($240,000 over asking). No word on what role the buyer’s agent played in advising their client on how to "win" in a competitive situation ("pay more!").
As a plugged-in tipster notes, back on the market today and asking $1,595,000. One and one-half rather nice baths then, one and one-half rather nice baths now.

The August listing was delisted in November without a sale, but 819 Haight Street was re-listed anew at $1,535,000 a couple of weeks ago. It’s still active, available, and with only 18 official industry days on the market. We continue to dig the kitchen.

819%20Haight%20Kitchen%20redux.jpg

∙ Listing: 819 Haight Street (3/1.5) - $1,535,000 [819haight.com] [MLS]
A Four Year Hold For A Renovated 819 Haight: A Winner's Return [SocketSite]

Posted by socketadmin at 10:00 AM | Permalink | Comments (56) | (email story)

February 25, 2010

Strike Up The Band, 610 Rhode Island ("Kronos House") Returns

610 Rhode Island at night

On the market in 2007 asking $2,300,000, the Daniel Solomon designed 610 Rhode Island (a.k.a. Kronos House) garnered four offers and sold for $2,551,000 that August.

610 Rhode Island: Living Room

Quietly on the market for the past few months asking $2,500,000, the list price is being lowered to $2,400,000 and the house should officially hit the MLS next week.

As we wrote in 2007:

So here’s the inside scoop on 610 Rhode Island. Designed by Daniel Solomon, the home was built in 1989 for Kronos Quartet cellist Joan Jeanrenaud (one of the bedrooms was originally her rehearsal studio) and her husband, recording artist and producer Pat Gleeson (one of the bedrooms was originally his recording studio). The [then] current owners/sellers (no, not Joan and Pat) have moved next door.
Acoustical perfection (credit John Storyk) and natural light are central themes of the house with perforated galvanized steel (backed by wood) on the walls which absorbs sound (think big party with little din) and bounces light throughout the great room and loft. And while the zinc-clad kitchen and bathroom complement the design, we’d probably budget for replacing it with something a bit more user friendly.

It won’t be a perfectly apples to apples sale, however, as a few bedroom built-ins have been added, but it will be pretty close (assuming a few pieces of art are included as well).

And sorry, but it’s expected to be by appointment only (i.e., no Sunday open houses).

[Full Disclosure: The listing agent for 610 Rhode Island currently advertises on SocketSite but provided no consideration for this post. And yes, we would have featured it regardless.]

∙ Listing: 610 Rhode Island (3/1) - $2,400,000 (soon) [610rhodeisland.com]
610 Rhode Island From The Inside (Literally And Figuratively) [SocketSite]
Not For Sale (But Some Mighty Tasty Modern Gawking) [SocketSite]

Posted by socketadmin at 1:15 PM | Permalink | Comments (27) | (email story)

February 16, 2010

829 Folsom Cuts Prices And Pushes For April Closings

829 Folsom (www.SocketSite.com)

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

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

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

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

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

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

161 San Pablo Makes Another Grand (Bank Owned) Return

161 San Pablo Avenue

Purchased for $1,825,000 in February 2006, the single-family 161 San Pablo Avenue underwent a "grand remodel" and returned to the market in September 2008 asking $2,650,000.

Over the course of the next ten months the property was listed and delisted three more times, the price reduced five times, and it ended up on craigslist as a rental before last being withdrawn from the market in December 2009.

As a plugged-in reader commented last April, "161 San Pablo is a beauty, with great ocean views, but unfortunately outside my price range." As another added in September, "Stick around...they may start to get flexible on pricing. A Notice of Default was filed on July 24, 2009 for this property."

Two weeks ago the Saint Francis Wood property was taken back by the bank with a first mortgage balance due of $1,748,904. And two days ago 161 San Pablo Avenue returned to the market asking $1,485,000.

∙ Listing: 161 San Pablo Avenue (4/3.5) - $1,485,000 [MLS]
Can You Be More Specific On The Kind Of Dream? (45 Rosewood Drive) [SocketSite]

Posted by socketadmin at 6:30 AM | Permalink | Comments (44) | (email story)

February 12, 2010

Would The Real Top Chef San Francisco House Please Stand Up?

3157 Baker Street

The listing for 3157 Baker Street boasts: "Former residence to celebrity chef, CEOs, professional athletes..." Asking $5,000,000 in 2008, down to $3,695,000 in 2010.

And we’re sorry to report, our Top Chef Aficionados might have been off by a house last year.

∙ Listing: 3157 Baker (5/3.75) - $3,695,000 [MLS]
Are There Any Plugged-In Top Chef Aficionados In The House? [SocketSite]

Posted by socketadmin at 12:45 AM | Permalink | Comments (18) | (email story)

147 Laidley Returns Asking $400K Less For The AIA Recognized Home

147 Laidley

Listed for $3,350,000 last June but then withdrawn from the market last October, the AIA award winning 147 Laidley designed by and for Zack | de Vito Architecture is back on the market and asking $2,950,000.

A brief flirtation with the rental market last month was quickly rethought.

∙ Listing: 147 Laidley (4/3) 3,256 sqft - $2,950,000 [MLS]
The Scoop On 147 Laidley: AIA Award Winner "Coming Soon" [SocketSite]
2009 AIA Citation Award: Laidley Street Residence [aiasf.org]
Get A Feel For 147 Laidley Living For $12,500 Per Month [SocketSite]

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

February 9, 2010

Still Sliding Down The Slope From The Eichler Summit (999 Green)

As we wrote last month with respect to #2802 at the Eichler Summit:

After three months on the market the MLS listing for 999 Green #2802 was withdrawn from the MLS without a sale (last asking $1,950,000). As of yesterday, however, the listing is active again but with a price that has been reduced to $1,795,000. Once again, purchased "off the market" for $2,500,000 in October of 2008.
As we noted in November: "Yes, the kitchen and baths could use some updating, but it's a classic building with big views and a price 22 percent less than in 2008." Now 28 percent.

Make that 32 percent as the list price for 999 Green Street #2802 has just been reduced another $100,000 to $1,695,000.

At the same time, the listing for 999 Green Street #1201 is once again active at $1,279,000 and still notes, "property was appraised for 1,575,000 in May [2009] by Bob Singer at TRAC, thats 286,000 below the [appraisal]!!!" It's been on the market for 154 days. And yes, it's now $296,000 "below the appraisal" (and has been for three months).

∙ Listing: 999 Green Street #2802 (3/2) - $1,695,000 [MLS]
∙ Listing: 999 Green Street #1201 (2/2) - $1,279,000 [MLS]
A Slippery Slope On The Eichler Summit: Number 2802 Reduced [SocketSite]
The (Eichler) Summit Of 999 Green Street #2802 [SocketSite]

Posted by socketadmin at 2:45 PM | Permalink | Comments (13) | (email story)

Another Chance To Buy "Steal" It For Even Less...

601 4th Street #3P: Kitchen

As we wrote last week with respect to the sale of 601 4th Street Penthouse #2 at $663 per square foot: "…perhaps not a great comp for the "It’s a steal!" penthouse number three directly next door (last asking $835 per square)."

Lo and behold, yesterday the list price for 601 4th Street Penthouse #3 was reduced $100,000 (7%) to $1,398,000, now asking $780 per square foot. Purchased for $1,500,000 in October 2006 ($837 per square) but then remodeled a bit we do believe.

∙ Listing: 601 4th Street #3P (2/2) - $1,398,000 [MLS]
The Heublien Building Lofts (601 4th Street) [SocketSite]
Year 2000-esque Penthouse Comp Atop The Heublien Building [SocketSite]
Hitting For The Heublien Building Penthouse Cycle (#PH3) [SocketSite]

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

February 8, 2010

Going Short Heritage On Fillmore (1310 Fillmore) Having Bought Long

Asking "in the $900’s" for the five three-bedrooms at Heritage on Fillmore (1310 Fillmore) in December 2006, number 802 sold in November 2007 and sports a tax assessed value of $993,953 (which would suggest a sale price "in the $950’s").

First listed as a proposed short sale at $765,000 seven days ago, 1310 Fillmore #802's proposed short sale price was reduced to $665,000 three days later. No mention, however, of the sale price being pre-approved.

At the same time, the two-bedroom Heritage on Fillmore number 803 is now a proposed short sale "waiting for lender’s approval." Purchased for $810,000 in June 2007, first listed as a resale in September 2008, and now seeking a short sale at $649,000.

∙ Listing: 1310 Fillmore #802 (3/2) 1,407 sqft – "$665,000" [Redfin]
∙ Listing: 1310 Fillmore #803 (2/2) 1,115 sqft – "$649,000" [MLS]
Heritage On Fillmore: The VIP Scoop [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (45) | (email story)

February 4, 2010

Top Floor Sir, Going Down (181 O’Farrell #513)

181 O'Farrell #513 Floor Plan

As we wrote in November with respect to Odeon (181 O’Farrell):

And then there’s the penthouse (#513) which was purchased for $2,000,000 in March 2007. An attempt to sell it off as a fractional over the past two years failed and it’s been the market as a whole for the past 172 days. Originally asking $2,349,000, it’s been three months at $2,099,000 with an owner that "says make an offer!!"

The Odeon penthouse is now back on the MLS with an "original" list price of $1,899,000 and an official 3 days on the market. You’ve got to love (or at least understand) those industry stats and Realtor reports.

∙ Listing: 181 O’Farrell #513 (3/2) 2,516 sqft - $1,899,000 [MLS]
Oh My (And Bank Owned) At The Odeon On O’Farrell [SocketSite]

Posted by socketadmin at 10:30 AM | Permalink | Comments (4) | (email story)

Soma Grand (1160 Mission) Resale Comp And Stack Reduction

1160 Mission #1407

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

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

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

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

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

January 28, 2010

435 Vermont Now "Priced To Sell!" (Previously Priced To Sit?)

435 Vermont

Purchased for $1,075,000 in January 2007, the single-family 435 Vermont returned to the market last July seeking $1,165,000. In October the asking price was reduced to $1,095,000. And in December the listing was withdrawn from the MLS without a sale.

The remodeled Potrero home is back on the market today at $1,010,000 noting, "Refreshed, restaged & priced to sell!" Refreshing the list price on the million dollar home's namesake website might be a nice touch as well.

∙ Listing: 435 Vermont (3/2.5) 1,876 sqft - $1,010,000 [MLS] [435vermont.com]

Posted by socketadmin at 12:45 PM | Permalink | Comments (24) | (email story)

January 25, 2010

A Million Dollar Swing In Expectations For An Artful Bolinas Design

40 Mesa Road, Bolinas (Image Source: lmsarch.com)

From the Leddy Maytum Stacy Architects website with respect to 40 Mesa Road, design by William Leddy and part of SFMOMA's permanent collection (the design not the house):

This private residence for a collector of Asian Art lies at the edge of the Pacific Rim. Located on the Point Reyes Peninsula 40 miles north of San Francisco, the site overlooks Bolinas Lagoon and the costal mountains beyond.
The house was conceived as a sculptural presence harmonizing with the natural landscape. Its sand-colored plaster walls blend with the golden California grasses; its gray metal roof merges with the often-gray skies.
As one moves through the house, the structure selectively frames views of the surrounding natural world.

Last sold for $2,995,000 in April of 2005, the 3,021 square foot home on five acres returned to the market in March of 2009 asking $3,700,000.

40 Mesa's asking price was reduced to $3,550,000 last May, to $2,975,000 last July, to $2,700,000 last October, and to $2,650,000 as of four days ago.

∙ Listing: 40 Mesa Road, Bolina (4/3) - $2,650,000 [MLS]
Leddy Maytum Stacy Architects [lmsarch.com]

Posted by socketadmin at 10:30 AM | Permalink | Comments (28) | (email story)

January 20, 2010

Take Two (Weeks) And Call Me In The New Year

275 14th Avenue (Image Source: MapJack.com)

Listed for $2,195,000 last June, reduced to $1,975,000 last July, and then reduced to $1,850,000 last October, 275 14th Avenue was withdrawn from the MLS two weeks ago.

The six-bedroom and 3,430 square foot home, however, is back on the MLS with a new agent, a new price ($1,700,000), and an official one day on the market in 2010.

275 14th Avenue Inside

The kitchen (and baths) would benefit from some updating, but luckily the dining room woodwork seems to have survived without being "updated" with a coat of paint.

∙ Listing: 275 14th Avenue (6/3) - $1,700,000 [MLS] [Map]

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

January 15, 2010

A Slippery Slope On The Eichler Summit: Number 2802 Reduced

999 Green Street #2802 View

After three months on the market the MLS listing for 999 Green #2802 was withdrawn from the MLS without a sale (last asking $1,950,000). As of yesterday, however, the listing is active again but with a price that has been reduced to $1,795,000. Once again, purchased "off the market" for $2,500,000 in October of 2008.

As we noted in November: "Yes, the kitchen and baths could use some updating, but it's a classic building with big views and a price 22 percent less than in 2008." Now 28 percent.

. Listing: 999 Green Street #2802 (3/2) - $1,795,000 [MLS]
. The (Eichler) Summit Of 999 Green Street #2802 [SocketSite]

Posted by socketadmin at 6:30 AM | Permalink | Comments (23) | (email story)

January 13, 2010

Perhaps Seven Percent More Five Months Later Was A Bit Aggressive

3570 Washington

While MLS based reports and sales history reflect a "confidential" sale price of $5,600,000 for 3570 Washington in April 2009, it was a plugged-in reader that first reported the property had actually sold for $5,225,000 (which public records confirm).

And just five months after said purchase, the Presidio Heights property returned to the market asking a real $5,600,000. Yesterday the list price was reduced to $5,250,000.

∙ Listing: 3570 Washington (6/3.5) - $5,250,000 [presidioheightsviewhome.com] [MLS]
If You Missed It When It Sold Five Months Ago... [SocketSite]

Posted by socketadmin at 6:30 AM | Permalink | Comments (15) | (email story)

January 12, 2010

767 Castro Circles The San Francisco Market For A Landing

767 Castro

It’s not currently official inventory (it was withdrawn from the MLS after four months on the market in June). And while 767 Castro's website still reads "Offered at $2,295,000," a recent Craigslist ad for the Liberty Hill Victorian reads $2,195,000 ($709 per square foot).

767 Castro Master Suite

The new-ish master suite is a bit vertically challenged but we do like the feel (and we’d move the bed). And while not the Classic line of Heartland appliances in the kitchen, the Legend series was a nice choice.

767 Castro Kitchen

∙ Listing: 767 Castro (4/2.5+1/1) - $2,195,000 [libertyhillgrandvictorian.com] [Floor Plans]
$2195000 / 5br - Liberty Hill Grand Victorian Residence [Craigslist]

Posted by socketadmin at 12:00 PM | Permalink | Comments (47) | (email story)

A 2010 Overture For The Maybeck At 270 Castenada

270 Castenada

As we wrote ten months ago with respect to 270 Castenada:

Asking $3,890,000 and briefly in contract before being withdrawn last April, listed at $2,995,000 today. Still touting "too beautiful to describe" despite Maybeck's (and the Vernacular Language North) attempt.

As we wrote five months ago:

Reduced to $2,595,000 in May before being withdrawn from the market without a sale, 270 Castenada is now seeking a tenant at ten thousand a month.

As we write today: asking $2,199,000 in 2010.

∙ Listing: 270 Castenada (4/3.5) - $2,199,000 [270castenada.com] [MLS]
A Maybeck On The Market (And Display) Once Again: 270 Castenada [SocketSite]
A Maybeck For Rent On Castenada (And A Related Neighborhood Sale) [SocketSite]
Vernacular Language North: S. Erlanger house [VLN]
Too Beautiful To Describe (Except By The Architect): 270 Castenada [SocketSite]
Past Post And Property Update: Listing For 270 Castenada Withdrawn [SocketSite]

Posted by socketadmin at 9:15 AM | Permalink | Comments (28) | (email story)

December 15, 2009

Buy A BMR For $10K $25K More Than Bank-Owned At Candlestick Point

As we wrote in October:

The Mayor’s Office of Housing is helping to promote the resale of Candlestick Point (101 Crescent Way) Below Market Rate unit #2213. It’s two bedrooms, two baths, 1,063 square feet and asking $399,945 with purchase and resale restrictions.
If interested, you might also want to take a look at the bank owned Candlestick Point #2305. It’s two bedrooms, two baths, 1,063 square feet and asking $389,900. And it's without any restrictions – other than the free market – of course.

Today, the list price for 101 Crescent Way #2305 was reduced from $389,900 to $374,900. The BMR remains available at $399,945.

∙ Listing: 101 Crescent Way #2213 (2/2) 1,063 sqft - $399,945 [MLS]
∙ Listing: 101 Crescent Way #2305 (2/2) 1,063 sqft - $374,900 [MLS]
Buy A BMR...For $10K More Than Bank-Owned At Candlestick Point [SocketSite]

Posted by socketadmin at 5:30 PM | Permalink | Comments (17) | (email story)

December 14, 2009

Oh Santa, You Shouldn’t Have! (299 Santa Paula Avenue Cuts)

299 Santa Paula Avenue

The list price for 299 Santa Paula Avenue has been cut from $5,495,000 to $5,249,000 (originally asking $5,900,000). And the following was added to the listing: "The film La Mission, with Benjamin Bratt, include scenes filmed inside and outside the house."

299 Santa Paula: Bed

We'll keep all comments on our original post.

∙ Listing: 299 Santa Paula Avenue (5/5.5) - $5,249,000 [299santapaulaave.com]
Mi Casa Es…Muy Sweet (And Large): 299 Santa Paula Avenue [SocketSite]

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

December 9, 2009

Take Two (And Big Cuts) For Thirty-Four At 188 King

If you've been plugged-in since 2006 should know the full saga of 188 King. Now three years later, the rented units (34 of 44) "are being converted back to condominiums in a phased manner" according to The Polaris Group.

Speaking of which, orignially priced at $2,150,000 in May 2006, 188 King Street #604 is back on the market and asking $1,350,000 in December 2009, a cut of 37 percent.

∙ Listing: 188 King #604 (2/2.5) - $1,350,000 [MLS]
The Scoop On 188 King Street: Now Selling Leasing [SocketSite]
188 King Street: The Rents [SocketSite]
188 King: Phase I Pricing [SocketSite]

Posted by socketadmin at 2:30 PM | Permalink | Comments (7) | (email story)

November 19, 2009

Two Years And A 46 Percent Drop In Expectations For 2100 Vallejo

2100 Vallejo

Listed in December 2007 for $25,000,000, reduced and then withdrawn in July 2008, 2100 Vallejo returned to the market a year later asking $15,200,000. Yesterday its asking price was reduced to $13,500,000 (which includes the adjacent buildable lot).

Call it an effective 46 percent reduction in list price over the past two years. As a plugged-in sleepiguy wrote in 2008:

Believe me, even billionaires are scared of the planning commission. It also doesn't help that the house next door has been for sale for well over a year for about 10 million less. Based on the Scott St. sales, I think this house would've sold for 18-20 earlier this year, but I'd wager that right now it's dead in the water.

And as a plugged-in eddy added earlier this year:

Honestly, in re-reading my comments and sleepiguy's…I have to think that north of $15M is a stretch at this point. 10 for the house, 5 for the lot.... And that is a big Maybe. The craze of 2007/2008 at this end of the market is gone.

That's something that shouldn’t have caught any plugged-in readers by surprise. Now about the newest competition in the eight figure realm...

UPDATE (11/21): Just to be clear, and as noted in our first paragraph above, the listing for 2100 Vallejo also includes the adjacent lot (officially known as 2110 Vallejo).

∙ Listing: 2100 Vallejo (5/5.5) - $13,500,000 [MLS]
It Might Not Have A Name, But It’s A Vallejo Mansion Nonetheless [SocketSite]
It’s Time For Another Industry Report Asterisk (2100 Vallejo Edition) [SocketSite]
2342 Broadway Returns Anew, "Green," And Asking $14,000,000 [SocketSite]

Posted by socketadmin at 7:00 AM | Permalink | Comments (10) | (email story)

November 18, 2009

A Rather Modern Listing (But Really Not So "New")

297 Cresta Vista Drive

Back on the MLS and on tour "as new," the list price for 297 Cresta Vista Drive is down to $1,290,000. Asking $1,595,000 in June 2008 before being withdrawn that December and then listed again this past May at $1,495,000 before being withdrawn three weeks ago.

297 Cresta Vista Drive Floor Plans

Built in 1991 and last sold for $789,000 in May of 1998, it’s now one day on the market for 297 Cresta Vista Drive according to those official industry statistics and market reports. And a sale at $1,290,000 would be another "100% of asking" data point.

UPDATE: As a plugged-in reader adds:

It is a crazy house...but also wonderful in its way. I knew the guy, Bill Deitch, who designed and lived in it initially. He was a San Francisco character who was trained as a structural engineer and worked [as] a residential building contractor. Knowing Bill, it is probably built to withstand the big one.

∙ Listing: 297 Cresta Vista Drive (3/4.5) 3,233 sqft - $1,290,000 [virtual tour] [MLS]

Posted by socketadmin at 11:00 AM | Permalink | Comments (21) | (email story)

Putting On The Ritz At 44% Under Original List (And $813 Per Square)

San Francisco's Ritz-Carlton Residences (www.SocketSite.com)

Asking $3,747,500 ($1,453/sqft) when it first hit the market two years ago, a plugged-in tipster notes that the three-bedroom and 2,580 square foot Ritz-Carlton Residences #1102 closed escrow on 11/3 with a reported contract price of $2,100,000 ($814/sqft).

It was three months ago we caught the sales office discounting list prices by up to 33 percent, but call it a closing at 44 percent under original asking for 690 Market #1102.

Four More Listings! (And At Least One Reduction At The Ritz) [SocketSite]
Ritz-Carlton Sales Office Pulls An Infinity In An Attempt To Sell Out [SocketSite]

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

November 17, 2009

And On His Little San Francisco Farm He Grew...A Short Sale

396 Hermann

As we wrote a year and a half ago:

Purchased for $749,000 in March of 2007, another one of the four little Donald MacDonald "Urban Townhouses" on Hermann (396) didn’t find a buyer at $795,000 (which would have represented annual appreciation of roughly 5%) and is now asking $779,000 (which would represent annual appreciation of closer to 3%).
And while these little homes aren’t everybody’s cup of tea, we do happen to like little spaces, big windows, and wood burning fireplaces (not to mention the neighborhood).

Withdrawn from the market a month later without a sale, 396 Hermann returned to the MLS three months ago asking $749,000. Two weeks later the price was reduced to $729,000. And yesterday the price was dropped to "$599,000" as a "short sale."

As a plugged-in tipster writes: "It's almost like they gave up on figuring out what the market price is -- let the bank and the buyer figure that one out." Of course that also might mean the bank will be figuring out how big a promissory note the seller will be saddled with for the shortfall (which we'll assume the agent has explained).

∙ Listing: 396 Hermann (2/1) - $599,000 [MLS]
And On His Little Urban Farm He Grew A Little Apple... [SocketSite]
Note to Short Sellers (And Their Agents): Read The Fine Print [SocketSite]

Posted by socketadmin at 6:00 AM | Permalink | Comments (49) | (email story)

November 12, 2009

Apples To Apples For 188 King: 2006 To 2009 (Versus 2006 To 2008)

188 King Street #309

Purchased for $780,000 in August 2006, the "almost new" 188 King Street #309 returned to the market this past May asking $850,000. Reduced to $750,000 in June and then $629,000 in September, yesterday the asking price was reduced to $599,000.

A sale at $599,000 would represent a 23% drop in value for this South Beach condo over the past three years. But as we wrote in April of 2008:

As you might recall, it was eighteen months [now three years] ago that we calculated that only seven of the 44 condos that compose 188 King Street had been sold on the open market despite "multiple releases" and five additional units being advertised as "sold" for marketing purposes (but retained by the developers).
And keep in mind that unsold units ended up becoming rentals (which could affect financing), and a week after the sale of #305 closed escrow [for $925,000 in May of 2006] the developer cut prices by up to $100,000 (which still didn't manage to move the sales needle at the time).

The resale of 188 King Street #305 ended up closing escrow in June of 2008 for $795,000. No word on whether or not that 14% drop in value from 2006 was "the bottom" at the time.

UPDATE: After 184 days on the MLS listed as a one-bathroom, it's an hour before a plugged-in reader notices there’s two different bathrooms featured in the listing photos for #309. And PropertyShark confirms, it’s actually a two bathroom condo (as was #305).

∙ Listing: 188 King Street #309 (1/"1") - $599,000 [MLS]
188 King Street #305 Returns To The Market (And Is Quickly Reduced) [SocketSite]
188 King Street: Sales Update [SocketSite]
188 King Street: The Rents [SocketSite]
The Scoop On 188 King Street: Now Selling Leasing [SocketSite]
Price Reductions At 188 King [SocketSite]

Posted by socketadmin at 7:00 AM | Permalink | Comments (38) | (email story)

November 11, 2009

You Can, Can, Can (And A Grand Reduction) At 1805 Broadway

1805 Broadway

Purchased for $3,400,000 in November of 2006 (but with a bunch of work done since), the grand scale Victorian at 1805 Broadway returned to the market six days ago asking $4,859,900. Three days ago its list price was reduced to $4,199,000.

1805 Broadway: Living

The listing notes "formally (sic) the residence of a prominent San Francisco family," bonus points for the full scoop.

UPDATE: And as a reader notes, yes you can, can, can in the newly remodeled kitchen:

1805 Broadway: Kitchen

Listing: 1805 Broadway (5/5.5) - $4,199,000 [Murphy & O'Brien via Pacific Union]

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

November 10, 2009

Coming Up Short On Apparent Appreciation In Bernal: 3661 Folsom

3661 Folsom

Purchased for $685,000 in 2005 (10% over asking at the time), it’s a plugged-in reader that notes the buyers of the single-family Bernal house put nothing down (there’s nothing like overbidding with other peoples’ money) and financed the investment with two variable rate loans.

Returning to the market eleven months ago with a newly remodeled interior and asking $875,000, the list price has since been reduced three times, most recently to $749,000 at the end of August as which point it became a hopeful short sale at $488 per square foot.

Which leads our reader to wonder, how could a home that’s listed for $64,000 (9%) over its purchase price possibly qualify as a short sale? And while we can’t say for certain in this case, the newly remodeled interior is probably a good guess. Negative amortization or a home ATM scenario could also be at play.

UPDATE: A plugged-in agent adds:

The seller was forced to put a substantial amount of money into the home because damage was done to its foundation by a major renovation of the house next door. I believe those expenses have helped make this a short sale.

∙ Listing: 3661 Folsom (3/2) - $749,000 [MLS]

Posted by socketadmin at 7:30 AM | Permalink | Comments (69) | (email story)

November 2, 2009

Cubix Straight Scoop Redux: 766 Harrison Sales About To Resume

Cubix 11/2/09 (www.SocketSite.com)

The Cubix sales office (766 Harrison) is about to re-open their doors. Lost to foreclosure in July, it’s no longer a HausBau property. And according to our sources it's still bank owned (although the paper has bounced from bank to bank via a number of acquisitions).

As a plugged-in tipster notes, a new banner now touts "from the high $100,000’s" versus the "starting from high $200K" of yesteryear (2008). And a new website sports a hyphen (now cubix-sf.com versus cubixsf.com).

As we reported in July when the bank took over, 80 of the 98 residential condos and the commercial space remained unsold. It was in January that the sales office had reduced prices by "up to 29.5%" with the goal of hitting 50 percent sold.

SocketSite’s Straight Scoop On The Collapse Of Cubix (766 Harrison) [SocketSite]
Cubix (766 Harrison) [cubix-sf.com]
766 Harrison: Condos Indeed And A Brand New Brand (“Cubix YB”) [SocketSite]
Cubix (766 Harrison) Officially Cuts "Up To 29.5%" For Stimulus Sale [SocketSite]

Posted by socketadmin at 9:00 AM | Permalink | Comments (31) | (email story)

October 30, 2009

First Refreshed, Now Reduced For One Rincon Hill #806

425 1st Street #806

Speaking of refreshed listings, withdrawn from the MLS in July after almost 120 days on the market at $945,000, the resale listing for One Rincon Hill (425 1st Street) #806 returned to the MLS two weeks ago asking $908,000.

Yesterday the list price was reduced to $899,000 for an official "15 days on the market" and a "$9,000" reduction from its "original" list. The resale of One Rincon Hill #1306 closed escrow in June with a reported contract price of $930,000 (tax records suggest an initial purchase from the developer at just over $975,000 in 2006).

If the sale of 425 1st Street #806 closed escrow tomorrow at its reduced ask, all MLS based aggregate statistics and market reports published by the San Francisco Association of Realtors, or Redfin, or Altos Research, or the likes of The RE Report would reflect a total of "16 days on the market" and a sale at "100% of list price" for this data point.

∙ Listing: 425 1st Street #806 (2/2) - $899,000 [MLS]
An 06 Comp (In More Ways Than One) At One Rincon Hill [SocketSite]
Quantifying The Impact Of Not Allowing Realtors To Reset DOM [SocketSite]

Posted by socketadmin at 9:45 AM | Permalink | Comments (72) | (email story)

October 29, 2009

Citadine Cuts Between Four And Ten Percent For Listed Condos

1299 Bush #802 Living

While at least one of its 26 condos appears to be in contract (one-bedroom #204), after a month on the market list prices for 1299 Bush ("Citadine") were just reduced between four ($70,000 off #802) and ten ($80,000 off #203) percent.

The "Citadine" Flags Are Flying At 1299 Bush [SocketSite]
Citadine (1299 Bush): Current Pricing And A Peek Inside [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (4) | (email story)

October 22, 2009

A Potentially Bitter Apple In Lower Pacific Heights: 3016 Pine Returns

3016 Pine Street

As a reader notes, 3016 Pine Street is back on the market and is now listed for $2,350,000. On the market six months ago asking $2,595,000 before being withdrawn, purchased in July 2006 for $2,725,000.

As another plugged-in reader added in April:

If you want to go a little further back, a contractor (who RIP) paid $600k in 2002 and flipped it to a couple of brothers in 2003 who IIRC went on the Planning Commission to defend their project as it was going to be "their home". Soon after the project was done *surprise* it went on the market. :rolleyes:
There may have been issues with the remodel/expansion as scaffolding went up at least twice after the 2006 closing (but then, maybe they just wanted different paint colors). BTW, I think (at least one of) those decks went in after the project was "finaled" (i'm just saying).

A sale at its reduced asking would represent a 14% decline in value since July 2006 for this Lower Pacific Heights single-family home.

UPDATE: In the words of a tipster, a before photo "for those who are calling the current incanation fugly":

3016 Pine Street In 2003

∙ Listing: 3016 Pine Street (5/3.5) - $2,350,000 [MLS]
An Apple Rather Than Cone On The Pine Street Tree (3016 Pine) [SocketSite]

Posted by socketadmin at 10:15 AM | Permalink | Comments (33) | (email story)

October 15, 2009

It's Fall At The Four Seasons (765 Market Street) For #27B

765 Market Street #27B

With no reported or recorded purchase price we could find, the tax assessed value of $1,204,542 for The Four Seasons (765 Market) #27B would suggest a lowest possible original purchase price of just over a million dollars assuming a purchase from the developer in 2001 and maximum yearly reassessments.

Listed for sale at $1,695,000 this past March, the price was reduced to $1,595,000 in April, to $1,395,000 in June, to $1,325,000 in July, to $1,250,000 in September, and to $999,000 the day before yesterday.

That being said, we can’t call it year 2001 pricing for this Four Seasons condo, for as a plugged-in tipster notes, "Apartment is being sold furnished with classically designed furniture and lighting. Eclectic art collection included."

And as at least one voice is sure to shout out, it's still $995 per square foot! But that would be eight years without any effective appreciation. And a rather significant fall from peak.

∙ Listing: 765 Market #27B (1/1.5) - $999,000 [MLS]

Posted by socketadmin at 10:30 AM | Permalink | Comments (13) | (email story)

October 13, 2009

An Apples To Apples (And Rather Prime) Update For 2041 Sacramento

2041 Sacramento Facade

As we wrote last month:

Purchased for $2,286,500 in June of 2007, the top floor condo with two car parking at 2041 Sacramento is listed for $2,095,000 today. A sale at asking would represent an 8.4% drop in value over the past two years for this remodeled Pacific Heights condo home.

On Sunday the list price was reduced to $1,999,000. Assuming it sells for its new asking, call it a 12.6% drop in value over the past two years for this Pacific Heights condo home.

∙ Listing: 2041 Sacramento #Top (3/3) - $1,999,000 [MLS]
North To South (And Apples To Apples) From Atop 2041 Sacramento [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (20) | (email story)

October 9, 2009

829 Folsom: Starting From $550,000 $485,000 $399,000 $365,000

829 Folsom (www.SocketSite.com)

Listed for $399,000 in June, 829 Folsom #308 is back on the MLS with an official one day on the market and an asking price of $365,000. Studios in the building were expected to be priced around $550,000 two years ago. One bedrooms are now starting at $499,000.

And while we don’t have a confirmed sales count, one source calls it around ten (10) of the sixty-nine (69) units either in contract or closed.

∙ Listing: 829 Folsom #306 (1/1) – $499,000 [MLS]
∙ Listing: 829 Folsom #308 (0/1) – $365,000 [MLS]
829 Folsom: Listed And Starting From $550,000 $485,000 $399,000 [SocketSite]
829 Folsom Street: 69 Luxury Condominiums Coming In 2008 [SocketSite]

Posted by socketadmin at 5:15 PM | Permalink | Comments (27) | (email story)

October 8, 2009

Short And Shorter At The Beacon (250 King)

The Beacon (250-260 King)

From the listing for The Beacon (250 King) #860:

Approved Short Sale 9/30/09 AT $470K!!! Should close VERY quickly at this point.

Originally listed for $488,888 at which point it didn't close very quickly (it’s been on the market for three months) and purchased in February of 2007 for $672,000. Call it an already approved reduction of 30%.

And while we doubt this one has been approved (i.e., good luck), another one-bedroom short sale at the Beacon was just listed for "$300,000." Purchased for $599,000 in September of 2006.

∙ Listing: 250 King Street #00045 (1/1) 800 sqft– “$300,000” [MLS]
∙ Listing: 250 King Street #860 (1/1) 909 sqft – $470,000 [MLS]

Posted by socketadmin at 11:00 AM | Permalink | Comments (43) | (email story)

October 7, 2009

Remodeled And Reduced Rooms With A View

1100 Union #300: View

Purchased for $2,442,000 in June of 2007 but then "remodeled by the current owners," the list price for 1100 Union #300 has been reduced to $2,695,000 after 111 days on the market at $2,995,000.

And as a plugged-in reader notes, the list price for the Stanley Saitowitz designed Marquee Lofts #702 has been reduced to $1,365,000. Purchased for $1,400,000 in November of 2004 and once asking $1,800,000 (197 days ago).

151 Alice B. Toklas #702

∙ Listing: 1100 Union #300 (2/2.5) - $2,695,000 [sfproperties.com] [MLS]
∙ Listing: 151 Alice B. Toklas Place #702 (2/2) - $1,365,000 [Alain Pinel] [MLS]
Insert Your Head Here (From The Terrace Of 1100 Union #300) [SocketSite]
Name Dropping Hollywood Style: Marquee Lofts #702 [SocketSite]

Posted by socketadmin at 4:00 PM | Permalink | Comments (5) | (email story)

September 30, 2009

Kirk Hammett’s Pacific Heights Monster Is Back (2505 Divisadero)

2505 Divisadero

As we wrote in October of 2008:

After an effective 1000+ days on the market, a few reductions [originally asking $12,500,000], and a remodeling, the listing for Kirk Hammett’s Pacific Heights mansion at 2505 Divisadero has been withdrawn from the market.

As we added in December:

Last listed for sale at $9,500,000 before being withdrawn, Kirk Hammett’s recently remodeled mansion atop Pacific Heights (2505 Divisadero) is now being offered for rent at $14,000 a month. Yes, that’s only $1,550 per bedroom (there are nine). [Editor's Note: Hmm...]

It never rented (in fact within an hour of our publishing the Craigslist post for 2505 Divisadero was quickly "deleted by its author"). And now as plugged-in readers and tipsters alike noted late last night (cheers), 2505 Divisadero is once again coming soon.

A new agent and a new new new asking price: $8,995,000. Floor plans via the old listing for those who just can't wait.

The Monster Meets A Magnetic Death? (2505 Divisadero Withdrawn) [SocketSite]
Some Kind Of Monster In This Kind Of Market (2505 Divisadero) [SocketSite]
The Monster Comes Roaring Back (2505 Divisadero) [SocketSite]
This Isn't Exactly How Mr. Hammett Used To Roll (2505 Divisadero) [SocketSite]
Rent Kirk Hammett’s Mansion For $1,555 A Month (Split Nine Ways) [SocketSite]

Posted by socketadmin at 8:45 AM | Permalink | Comments (23) | (email story)

September 25, 2009

Another "Diabase LLC" Debacle As 1417 15th Street Returns?

1417 15th Street: Kitchen in 2007

Asking $3,750,000 for the one bedroom but 8,200 square foot BIG HOUSE studio in early 2007, but then subsequently reduced to $3,250,000, an off-the-MLS sale of 1417 15th Street was recorded in the amount of $3,065,000 to "Diabase LLC" at the end of that year.

Re-listed in November for $3,295,000 ("Buy, Sell, Repeat, Retire"), but it failed to sell. Back on the market in the Mission today and asking $2,750,000.

And perhaps it’s purely coincidence, but as a plugged-in reader notes, a "Diabase LLC" purchased 1756 North Point down in the Marina for $1,920,000 in April of 2007. It sold again for $1,575,000 in May of 2009.

∙ Listing: 1417 15th Street (1/2.5) - $2,750,000 [MLS]
Picture This: One Big One-Bedroom [SocketSite]
Two Relatively Big Reductions (Two Absolutely Big Properties) [SocketSite]
Another "Real" Apple Closes Escrow In The Marina: 1756 North Point [SocketSite]
A Rather "Real" Apple On The Tree In The Marina: 1756 North Point [SocketSite]

Posted by socketadmin at 11:00 AM | Permalink | Comments (9) | (email story)

September 23, 2009

Have We Seen This Marquee Lofts (#708) Movie Before?


As we wrote in July:

As a plugged-in reader notes, a fully remodeled and renovated Marquee Lofts (151 Alice B. Toklas Place) #708 has returned to the market asking $739,000 following its kitchen-less foreclosure sale for $580,000 in June of 2008.
Once again, Marquee Lofts #708 first changed hands on 9/30/04 for $607,500; sold on 10/05/06 for $865,000; and was bought back by Merrill Lynch Mortgage Lending for $708,933 on 1/9/08.

After 103 days on the market the list price for 151 Alice B. Toklas Place #708 has been reduced $40,000 (5%) to $699,000 and the listing now notes: "MOTIVATED SELLER!! Price reduction, make an offer!"

No word on how much was invested in the new kitchen, bathroom or rest of the renovation, but we'll be keeping an eye on Craigslist.

∙ Listing: 151 Alice B. Toklas Place #708 (1/1) - $739,000 [MLS] [YouTube]
A Remodeled Marquee Lofts #708 Returns…With A Kitchen! [SocketSite]
Change Of Heart, Cash Crunch, Or A Condo Sitter Gone Crazy? [SocketSite]
From Foreshadowing To Foreclosure For A Marquee Loft Off Van Ness [SocketSite]
Another Non-Comp Comp Along The Booming Van Ness Corridor [SocketSite]

Posted by socketadmin at 6:00 AM | Permalink | Comments (27) | (email story)

September 11, 2009

Can’t Sell Raffle? (1240 5th Avenue Returns)

1240-44 5th Avenue (www.SocketSite.com)

The "$2.4 million San Francisco dream home raffle" grand prize (1240 5th Avenue), which the winner of the raffle turned down in exchange for $1.8 million in cash, is back on the MLS.

Last listed for $2,280,000 before being withdrawn prior to the raffle, and originally asking $2,389,000 this past September, they're asking $2,100,000 for the "$2.4 million dream home" today.

As we wrote in March: "We can’t argue with the Yerba Buena cause, but the market might argue with that "$2.4 million" valuation."

∙ Listing: 1240 5th Avenue (6/6.5) - $2,100,000 [MLS]
Can’t Sell? Raffle! 1240 5th Avenue: The "San Francisco Dream House" [SocketSite]
1240 5th Avenue: Raffle Winner Chooses Reality Over The Dream [SocketSite]

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

September 9, 2009

Tis’ The Season (September) To Return: 2011 Golden Gate Ave Edition

2011 Golden Gate Avenue

As we wrote about 2011 Golden Gate Avenue in May:

We can't be certain that it started out as a "flip" (or more accurately a speculative remodel), but 2011 Golden Gate Avenue is back on the market and asking $1,995,000.
Purchased for $1,350,000 in July of 2007, according to its new listing the 4,356 square foot home has been "elegantly remodeled" since. And according to its permits, that remodel included the addition of a couple of new bathrooms as well as legal square feet.
UPDATE: As a plugged-in reader notes, we should have put that "new listing" in quotes. Asking $2,395,000 in October of 2008 and $2,200,000 in November. But only 12 days on the market according to industry stats.

In and out of contract, reduced and then withdrawn from the market last month, as a plugged-in reader notes: back on the market with an “official” two days on the market (and one less official MLS bath) asking $1,799,000.

∙ Listing: 2011 Golden Gate Avenue (5/4.5) - $1,799,000 [MLS]
Not To Be Flip, But If It Wasn’t A "Flip" It Looks Like One Now [SocketSite]

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

August 26, 2009

2006 Washington Number 4 Returns Asking 32 (Plus) Percent Less

2006 Washington

While still noting "coming soon" on Malin’s San Francisco Properties site, 2006 Washington #4 has hit the MLS asking $8,500,000. As a plugged-in tipster adds, asking $12,500,000 with McGuire in March (and apparently $15,000,000 prior to that).

It’s a full floor in the classic, and überexclusive, Conrad Alfred Meussdorffer designed Pacific Heights cooperative building.

[2006 Washington] was designed to take advantage of 100 feet of open space to the west by facing towards the Golden Gate and so looks down on the George Applegarth-designed Spreckels Mansion.

2006 Washington Aerial (Image Source: Google.com)

Each of the main floors is about 5500 square feet…Originally ten apartments, the 2200 square foot penthouse has been separated from the tenth floor to create an eleventh apartment.

Number four includes four bedrooms (plus one for the maid), five full bathrooms (plus two half’s), and two terraces/parking spaces. We’ll let you know when/if interior photos arrive.

UPDATE (8/27): Still no interior shots, but we now have the full floor plan.

∙ Listing: 2006 Washington #4 (5/5.5) - $8,500,000 [sfproperties.com]
Conrad Alfred Meussdorffer [sfhistoryencyclopedia.com]
The Full Floor Plan Monty For 2006 Washington Number Four [SocketSite]

Posted by socketadmin at 2:45 PM | Permalink | Comments (20) | (email story)

August 24, 2009

From Three To One And Six-ish To Five-ish (So Far): 75 Folsom #1204

75 Folsom #1204: Hall

Originally three individual units, the National Landmark Hills Plaza (75 Folsom) #1204 is now one 3,300+ square foot condo with three parking spaces, and three terraces. That's 1.5 parking spaces (and terraces) per bedroom with HOA dues of $3,376 per month.

75 Folsom #1204: Floor Plan

Purchased for $4,125,000 in September 2000, #1204 returned to the market this past February asking $6,200,000, but since reduced to $4,900,000. It’s also now available for rent fully furnished asking $12,000-$15,000 per month depending upon term.

∙ Listing: 75 Folsom Street #1204 (2/4) 3,384 sqft - $4,900,000 [ubayp.com]
Hills Plaza #1204 - Furnished 2 Bedroom Condo for Rent [ubayp.com]

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

Reductions Reach Below Market Rate Units On Ora Way (And Others)

Ora Way

Eight below market rate (BMR) condos on Ora Way are on the market up in Diamond Heights. Applicants can have household incomes of up to 120% of the Area Median Income and applications are "due on a rolling basis" with a two-bedroom for $350,000.

The rather unusual Mayor’s Office note on four of the Ora Way units that caught our eye: "REDUCED PRICE."

In addition to the eight (8) resales up in Diamond Heights, sixteen (16) other BMR resales are accepting applications on a rolling basis, upwards of twenty (20) new development units are either currently either accepting applications on a rolling basis or for a lottery, and thirty-two (32) new BMR’s are "upcoming."

∙ Listing: 85 Ora Way #E302 (2/1) 913 sqft - $350,000 (BMR) [85oraway.com]
Mayor’s Office Of Housing: Current Below Market Rate Listings [SFGov]

Posted by socketadmin at 8:30 AM | Permalink | Comments (13) | (email story)

August 19, 2009

The Listing For 1440 Kearny Sheds $100,000 Per Day! (Sort Of)

Perhaps it was simply a typo (or a successful attempt to catch our attention), but after 7 days on the MLS at $2,995,000 the list price for 1440 Kearny has been cut by $700,000 and is now back to where its previous listing left off ($2,295,000). Exuberance scratched.

A New New New Listing (And Price Cut Bump) For 1440 Kearny [SocketSite]
Sometimes It's Simply The View(s), And Sometimes It's Not [SocketSite]

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

August 17, 2009

Facing Foreclosure 3271 Baker Street Makes A Move In The Marina

3271 Baker Street

As we wrote two weeks ago:

Listed for $3,395,000 a year ago but last asking $2,125,000, it’s a plugged-in tipster that notices 3271 Baker Street is now advertising "rent to own" for $8,995 a month. The advertised rent to own purchase price: $2,300,000.

As plugged-in reader added at the time, "Renting 3271 Baker Street is VERY risky...there was a Notice of Default filed on the property for $472,867 on May 21, 2009."

And additional details that have since rolled in: Notice of Trustee set for September 4th and back on the MLS for $1,969,000 ($331,000 under its advertised "rent to own" price and $657 per square foot for the extensively remodeled Marina single-family home).

∙ Listing: 3271 Baker Street (4/2.5) - $1,969,000 [MLS]
Paying A Premium To Rent To Own: 3271 Baker Is Back [SocketSite]
Spanish/Mediterranean Flair From Traditional To Modern: 3271 Baker [SocketSite]
The Mysterious Case Of The Baker Street Trio: 3271, 3212 and 3520 [SocketSite]

Posted by socketadmin at 7:30 AM | Permalink | Comments (82) | (email story)

August 11, 2009

From Full Financial Monty To Dropping The Drawers For 135 Fernwood

135 Fernwood Drive

The listing for 135 Fernwood has fallen out of contract and its list price has been reduced $600,000 (20%). Now asking $2,395,000 which is $605,000 (20%) under its purchase price in December of 2005 ($3,000,000) after which it was completely renovated and restored in 2007 (and after which they were asking $4,285,000).

From the listing prior to its latest reduction: "Home is priced at below $500 per sq ft & represents INCREDIBLE VALUE." Now priced at just under $400.

UPDATE: From a plugged-in reader with respect to 135 Fernwood:

NOD confirmed on SF Recorder's website. RealtyTrac appears to be showing an auction date of Sept. 23 with $2.4 million (Yahoo shows it as $2.845 million) set as the price (but I don't see a NOTS on the Recorder's website). And to think, I was worried about the neighbors defaulting...

∙ Listing: 135 Fernwood Drive (7/4.5) - $2,395,000 [MLS]
The Full Plan Financial Monty For 135 Fernwood Drive [SocketSite]
The Full Plan Monty (135 Fernwood Drive) [SocketSite]

Posted by socketadmin at 1:00 AM | Permalink | Comments (39) | (email story)

August 7, 2009

Apples To Apples (And Seeking A Short Sale) For 4114 20th Street

4114 20th Street

Purchased for $1,513,000 in October of 2007, 4114 20th Street returned to the market in Eureka Valley this past January asking $1,695,000 but was withdrawn in February after reducing its price to $1,598,000.

4114%2020th%20Street%20Kitchen.jpg

Back on the market today and asking an enticing $1,150,000 as a short sale. There’s a hearsay story behind the sale that we’re not going to tell, but let’s just say a tipster told us to be on the lookout for the house as a foreclosure almost four months ago.

And perhaps we shouldn't be surprised that the listing doesn't mention it's agent owned.

UPDATE: A plugged-in reader notes:

The MLS listing does include the following in the agent [i.e., non-public] remarks: "Lender has already approved short sale price but is requesting COE on or before 8/27/09. Seller is a licensed CA real estate agent."

∙ Listing: 4114 20th Street (4/3) - $1,150,000 [MLS]

Posted by socketadmin at 1:30 PM | Permalink | Comments (68) | (email story)

August 4, 2009

Ritz-Carlton Sales Office Pulls An Infinity In An Attempt To Sell Out

San Francisco's Ritz-Carlton Residences (www.SocketSite.com)

Asking $2,090,000 for the 1,545 square foot two-bedroom in January of 2008 ($1,352 per square foot), the Ritz-Carlton Residences sales office is now offering 690 Market #1701 for $1,399,000, that’s $906 per square foot and 33% off.

In related resale news, the listing for the 2,090 square foot three-bedroom #1404 is now advertising "Over $500K price reduction! Make an offer!" on an asking price of $2,590,000 ($1,239 per square foot).

∙ Listing: 690 Market #1404 (3/3) 2,090 sqft - $2,590,000 [MLS]
∙ Listing: 690 Market #1701 (2/2) 1,545 sqft - $1,399,000 [MLS]
Reductions And Returns At The Ritz-Carlton Residences (690 Market) [SocketSite]

Posted by socketadmin at 9:15 AM | Permalink | Comments (27) | (email story)

July 24, 2009

Obviously Only Because It's On The Wrong Side Of Those Tracks

1001 California (Image Source: MapJack.com)

As we wrote in June of 2008:

We’ve always loved the William Randolph Hearst built Beaux Arts building at 1001 California Street, both in terms of location and style. And as far as we know, the 3,500 square foot #9 was the last unit to change hands eighteen six months ago (12/12/07) with a reported contract price of $2,888,000.
And while unit #8 is only a one-bedroom, it is rather large (1500 square feet) and offers multiple terraces and "views for miles." Asking $2,495,000 which doesn’t include a parking space or the $2,237 monthly dues. Once again, if you have to ask...

Last September the list price for #8 was reduced to $1,750,000. And last night the list price was reduced to $1,195,000. Purchased for $1,460,000 in June of 2000, a sale at asking would represent an 18% drop in value below its year 2000 pricing and a 52% drop in expectations over the past year. Then again it is on the south side of California.

And non-sardonically, we wouldn't be shocked to see multiple offers at this point.

∙ Listing: 1001 California Street #8 (1/1.5) - $1,195,000 [MLS]
One Expensive One-Bedroom In A Beaux Arts Building We Love [SocketSite]

Posted by socketadmin at 1:00 AM | Permalink | Comments (61) | (email story)

June 18, 2009

Confidentially Speaking About The Infinity

The re-sale of 301 Main Street #9E has fallen out of contract, its list price has been cut to $749,000 (asking just under $900,000 when the Infinity sales office first opened), and its listing now notes "Infinity's BEST 2BR VALUE."

According to a plugged-in tipster, however, at least one mid-rise Infinity two-bedroom, two-bath has been sold by the sales office for under $600,000. Unfortunately we can't officially confirm with details, and we’ll have to consider that nugget a "random rumor" for now, as apparently a confidentially agreement was attached to the sale.

That being said, we have no reason to doubt our tipster and based on what we’ve been hearing from other sources we have no reason to doubt that price.

UPDATE: Another plugged-in reader adds, "Not sure if this is the same unit, but I know someone who just closed on a 2 bedroom viewless unit for 605k with 2 years of Hoa dues included."

∙ Listing: 301 Main #9E (2/2) - $749,000 [MLS]
Just Under $900,000 Originally, Asking Just Under $800,000 Today [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (116) | (email story)

June 17, 2009

First Feng Shuied Now Sai Wonged At Sutter Heights (1521 Sutter)

1521 Sutter Street

Listed for $879,000 when roughly half of the 28 "Feng Shuied" Sutter Heights condos were spoken for in April of 2008, 1521 Sutter Street #306 was relisted three days ago with a new “original” list price of $678,900 (a drop of 23%).

At the same time the listing for 1521 Sutter Street #305 is now asking $709,080 (a 27% drop in pricing since 2008), while 1521 Sutter Street #206 is in contract with a list price of $745,000, originally asking $879,000 (a drop of 15%).

According to the new listing Sutter Heights is now 66% sold. And on the positive side, perhaps it's a blessing in disguise for those who were previously "priced out forever."

∙ Listing: 1521 Sutter Street #306 (2/2) 930 sqft - $678,900 [MLS] [Floor Plan]
Floor Plans And Feng Shui At Sutter Heights (1521 Sutter) [SocketSite]
Sutter Heights (1521 Sutter) Update: Preview Showings And Pricing [SocketSite]
Sutter Heights (1521 Sutter) Update: Construction Nears Completion [SocketSite]
Chinese Idiom: Misfortune may be a blessing in disguise [asianresearch.org]

Posted by socketadmin at 12:30 PM | Permalink | Comments (7) | (email story)

June 15, 2009

Are The "Exceptions" (And Big Losses) Becoming A Palms Rule?

The Palms (555 4th Street)

What some are wont to characterize as San Francisco "exceptions" are quickly becoming the rule for two-bedroom condo re-sales at The Palms (555 4th Street).

While #401 closed escrow with a reported contract price of $599,900 in January (purchased for $779,000 in October 2006), and #313 is still seeking a short sale at $599,900 (purchased for $800,000 in January 2007), the list price for #731 has been reduced to a "bank approved price" of $619,000 (purchased for $925,000 in August 2006).

555 4th Street #823 is currently in contract having been listed at $605,000 (purchased for $815,000 in January 2007). And the only other two-bedroom currently listed at The Palms is #309, purchased for $842,500 in September 2006 and currently seeking $670,000.

Once again, all two-bedroom condos with declines in value ranging from 23% to 33% since late 2006/early 2007. Of course that's assuming sales at list.

∙ Listing: 555 4th Street #309 (2/2) 1,113 sqft - $670,000 [MLS]
∙ Listing: 555 4th Street #313 (2/2) 1,111 sqft - $599,900 [MLS]
∙ Listing: 555 4th Street #731 (2/2) 1,052 sqft - $619,000 [MLS]
Pushing Forward With Price Discovery At The Palms (555 4th Street) [SocketSite]
A SoMa/Palms Wake Up Call (And Apple): 555 4th Street #401 [SocketSite]

Posted by socketadmin at 3:30 PM | Permalink | Comments (66) | (email story)

June 12, 2009

The One With The Deer Lions On It (3859 21st Street)

3859 21st Street

Purchased for $2,080,000 in July of 2007, The Lion House (a.k.a. 3859 21st Street) returned to the market in April asking $1,975,000.

As a plugged-in reader notes, the price was dropped to $1,895,000 today, a sale at which would represent a 8.9% drop in value over the past two years.

And a bit of history and trivia, "built in 1893 for $3200." Ah, the good old days.

∙ Listing: 3859 21st Street (3/4) - $1,895,000 [herbalston.com] [MLS]
1470 Noe Closes For 100% Of Asking (But $25,000 Less Than In 2005) [SocketSite]

Posted by socketadmin at 11:00 AM | Permalink | Comments (49) | (email story)

June 11, 2009

That Might Explain The Shocked Look On The Cottage's Face Facade

1448 Kearny Facade

As we wrote this past September:

Purchased for $633,000 in October of 2005, this Telegraph Hill single-family "cottage" failed to find a buyer when it was listed for $779,000 eighteen months ago. Back on the market in 2008. And now asking $629,000.
No word on whether or not the fair market value of the “magical transformation by renowned, interior designer, Linda Applewhite to resemble the cottages of napa valley bed & breakfast” will need to be backed out of the future sale price in order to establish an “apple.”

Withdrawn from the MLS in November, 1448 Kearny officially returned to the market yesterday. Now asking $525,000, a sale at which would represent a 17% drop in value over the past four years (not accounting for the value of that magical transformation), and a 32% drop in expectations over the past two.

∙ Listing: 1448 Kearny Street (0/1) - $525,000 [MLS] [Floor Plan]
Same Location And Size (And For The Most Part Price) As In 2005 [SocketSite]
The Single Family Studio Home [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (21) | (email story)

June 9, 2009

Price "Slashing!" In Pacific Heights (And Return To A Near 2000 Value)

2775 Green (Image Source: 2775green.com)

Purchased for $5,000,000 in July 2000, 2775 Green returned to the market this past February asking $5,950,000. A sale at which would have represented average annual appreciation of 2% over the past nine years.

2775 Green Street: Stairs

A week ago, however, the list price was "slashed!" (their words, not ours) by $700,000. A sale at the reduced asking of $5,250,000 would represent average annual appreciation of 0.6% over the past nine years for this prime Pacific Heights "French Renaissance" home.

We trust no truly plugged-in person will confuse a 2009 sale price at a near 2000 purchase price as values have effectively been holding steady since 2000 or 2001.

UPDATE: A plugged-in eddy is on a roll. Also available for rent and asking $15,000 per month. We'll let you do the math (and figure out what happened to that other bathroom).

UPDATE: While the year 2000 sale at $5,000,000 stands, a plugged-in sleepiguy is correct about another sale with an undisclosed price in June 2004 (and some subsequent "fixing") that we missed. Cheers.

∙ Listing: 2775 Green (5/4.5) 4,892 sqft - $5,250,000 [2775green.com] [MLS]
$15000 / 5br - Dramatic!Fully Renovated 5brm; 3.5 ba; Fabulous Grdn & Dks [Craigslist]

Posted by socketadmin at 9:30 AM | Permalink | Comments (85) | (email story)

June 3, 2009

The Full Plan Financial Monty For 135 Fernwood Drive

135 Fernwood Drive

As a plugged-in reader points out, 135 Fernwood Drive is back on the market and asking $2,985,000. Purchased for $3,000,000 in December of 2005, its 6,000 square feet were completely renovated, restored and returned to the market in 2007 asking $4,285,000.

135 Fernwood: Bath

Last listed at $3,095,000 before being withdrawn in April.

∙ Listing: 135 Fernwood Drive (7/4.5) - $2,985,000 [MLS] [Plans (pdf)]
The Full Plan Monty (135 Fernwood Drive) [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (18) | (email story)

May 29, 2009

Take Two (Or Three) For Five New Condos On Telegraph Hill

567 Vallejo Facade

Originally priced "from $3.1 million to $7.5 million," all five condos at the newly built 567 Vallejo on Telegraph Hill remain available and are now listed with prices ranging from $2,250,000 to $4,750,000 for the penthouse (whose floor plan is below).

567 Vallejo: Penthouse Floor Plan

∙ Listing: 567 Vallejo #302 (2/2.5) - $2,250,000 [MLS] [567vallejo.com]
∙ Listing: 567 Vallejo #500 (3/3) - $4,750,000 [MLS] [567vallejo.com]

Posted by socketadmin at 5:30 AM | Permalink | Comments (25) | (email story)

May 22, 2009

Act Now (After Seventy-Seven Days On The Market) Or Else!

337 Douglass

Purchased for $1,170,000 a year ago, 337 Douglass retuned to the market this past March asking $1,195,000. Reduced to $1,095,000 on April 1st and then to $995,000 on April 30th, a buyer has yet to emerge.

A sale at asking would represent a 15% drop in value over the past year for this single-family Eureka Valley home. But that’s not what caught our tipster’s eye. No, it was the following language from the listing:

It may be now or never...I am going to recommend to the Seller that we increase the price.

No word on who recommended the purchase in the first place.

And in other "last chance" news, a plugged-in reader points out that the listing for 1409 20th Street now notes: "LAST CALL! Final $ Reduction." Purchased for $860,000 in May of 2005, now asking $799,000 (down from $949,000).

∙ Listing: 337 Douglass (3/2.5) - $995,000 [MLS]
A Potential Single-Family Apple Atop Potrero Hill: 1409 20th Street [SocketSite]

Posted by socketadmin at 1:00 PM | Permalink | Comments (23) | (email story)

May 20, 2009

Showcasing A Designer Price Cut: 2830 Pacific Sheds Another 29%

2830 Pacific Avenue

On the market but unlisted asking $15,500,000 seven months ago but then listed for $12,900,000 last month, it’s a plugged-in reader that notes the asking price for 2830 Pacific (a.k.a. the 2009 Decorator Showcase) has been cut to $9,995,000.

And speaking of designer digs, as noted by a number of readers the list price for the solar panel sporting 118-120 Cervantes has been cut from $3,000,000 to $2,850,000.

∙ Listing: 2830 Pacific Avenue (7/6) - $9,995,000 [MLS]
2009 Decorator Showcase (2830 Pacific) Opens Its Doors And Kimono [SocketSite]
118 Cervantes Boulevard: Listed, Numbers, And Your Peek Inside [SocketSite]

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

May 14, 2009

Contract Prices Behind Six Recently Closed Condos At The Hayes

A rundown of six condos at The Hayes (55 Page) that have closed escrow over the past couple of months suggests an average discount of around 13% from already reduced list prices at the beginning of the year. And discounts of up to 23% from peak:

∙ #426 (2/2) 993 sqft - listed for $799,000 on 5/13/08, sold for $612,000 (-23%)
∙ #513 (2/2) 1,037 sqft - listed for $719,000 on 12/4/08, sold for $630,500 (-12%)
∙ #312 (2/2) 1,008 sqft - listed for $775,000 on 12/4/08, sold for $670,000 (-14%)
∙ #824 (2/2) 1,023 sqft - listed for $799,000 on 1/6/09, sold for $685,000 (-14%)
∙ #811 (1/1) 646 sqft - listed for $585,000 on 1/6/09, sold for $525,000 (-10%)
∙ #311 (1/1) 646 sqft - listed for $525,000 on 2/13/09, sold for $510,000 (-3%)

That’s an average contract price of $640 per square foot for these two-bedrooms (versus $762 asking) and $801 per square for the one's ($860 asking).

And as has been previously noted, the sales office is currenlty advertising "only 2 homes remaining" which includes #329 at $799,000 ($280,000/26% under its peak list).

∙ Listing: 55 Page #329 (2/2) 1,143 sqft - $799,000 [MLS]

Posted by socketadmin at 2:15 PM | Permalink | Comments (32) | (email story)

May 7, 2009

Pushing Forward With Price Discovery At The Palms (555 4th Street)

555 4th Street #313: Floor Plan

Four months ago 555 4th Street #401 broke through the $600,000 mark on the downside for two-bedroom condos at The Palms and closed escrow with a reported contract price of $599,900 (purchased for $779,000 in October 2006). It was, however, a bank owned sale and lacking its kitchen appliances.

And while 555 4th Street #313 isn’t yet bank owned and its owner hasn’t yet "freaked out" (as far as we know), it did hit the market yesterday seeking a short sale at $599,900 ($540 per square foot). The two bedroom condo (with appliances intact) was purchased for $800,000 in January 2007.

With respect to one-bedrooms (six of which are currently listed), 555 4th Street #733 hit the market in February seeking $589,000. Currently listed at $469,000 ($679 per square foot) having been reduced four times since, the listing notes "VACANT" and "possible short-sale." The seller paid $645,000 in August 2006.

∙ Listing: 555 4th Street #313 (2/2) 1,111 sqft - $599,900 [MLS]
∙ Listing: 555 4th Street #733 (1/1) 691 sqft - $469,000 [MLS]
A SoMa/Palms Wake Up Call (And Apple): 555 4th Street #401 [SocketSite]

Posted by socketadmin at 6:00 AM | Permalink | Comments (36) | (email story)

May 6, 2009

Not To Be Flip, But If It Wasn’t A "Flip" It Looks Like One Now

2011 Golden Gate Avenue

We can't be certain that it started out as a "flip" (or more accurately a speculative remodel), but 2011 Golden Gate Avenue is back on the market and asking $1,995,000.

Purchased for $1,350,000 in July of 2007, according to its new listing the 4,356 square foot home has been "elegantly remodeled" since. And according to its permits, that remodel included the addition of a couple of new bathrooms as well as legal square feet.

UPDATE: As a plugged-in reader notes, we should have put that "new listing" in quotes. Asking $2,395,000 in October of 2008 and $2,200,000 in November. But only 12 days on the market according to industry stats.

∙ Listing: 2011 Golden Gate Avenue (5/5.5) - $1,995,000 [MLS]

Posted by socketadmin at 12:00 PM | Permalink | Comments (45) | (email story)

An Unemotional Fifty-Four Percent Off In The Excelsior (398 Vienna)

From the listing for 398 Vienna a little over a year ago (eight months after being purchased for $549,000):

Gem of a property on the inside. Large one bedroom and bath and an additional oversized room and bath with own private separate entrance on Brazil. Laminate floors, updated bathroom, and spacious living room/dining room combo.

Asking $499,000 at the time and perhaps banking on a bidding war. Subsequently reduced to $425,000. Then to $349,000. And then to $330,000. Bought back by the bank in January for $289,960 and now on the market and asking an unemotional $251,750.

It's funny what happens with real estate when emotions don't get in the way.

∙ Listing: 398 Vienna (1/2) - $251,750 [MLS]

Posted by socketadmin at 10:30 AM | Permalink | Comments (38) | (email story)

May 4, 2009

Thirty Percent Of 767 Bryant Returns As REO (But Not Speedwagon)

767 Bryant

In August of 2006 twenty apartments at 767 Bryant hit the market as condos. At the time list prices ranged from $676,920 to $1,850,000 including 767 Bryant #409 at $676,920 and 767 Bryant #210 at $1,200,000.

Despite a subsequent remodeling, reductions and incentives (including a free Prius or Mini Cooper), at least six of the units failed to sell and were lost to foreclosure.

On Friday 767 Bryant #409 returned to the market as a bank owned property (REO) asking $525,000 (23% less than in 2006) and 767 Bryant #210 returned to the market as an REO property asking $799,000 (33% less than in 2006).

∙ Listing: 767 Bryant #409 (1/2) 908 sqft - $525,000 [MLS]
∙ Listing: 767 Bryant #210 (2/3) 2,041 sqft - $799,000 [MLS]
767 Bryant: The Apartments Condominiums [SocketSite]
Buy A Condo Get A Car At 767 Bryant [SocketSite]

Posted by socketadmin at 1:00 AM | Permalink | Comments (18) | (email story)

April 24, 2009

Fit For A King San Francisco Mayor (Or Getty): 1101 Green #2001

1101 Green #2001: Living

Five weeks after a plugged-in reader reported the Mayor’s Bellaire Tower penthouse condo was on the market for $3,200,000 (which Matier & Ross confirmed three weeks later), 1101 Green Street #2001 has been listed. The price, however, has been reduced to $2,995,000.

1101 Green Street #2001: Kitchen

Once again, purchased from Peter Getty for $2,350,000 in February 2006 as a two-bedroom, but "completely remodeled & stripped to the studs & designed by Michael Agins & Assoc Interior Design" since.

1101 Green Street #2001: Bath

Now a rather spectacular 1,693 square foot one-bedroom with one and one-half baths.

∙ Listing: 1101 Green Street #2001 (1/1.5) - $2,995,000 [MLS]
It’s Three Weeks Later And They’re Still Asking Three Point Two [SocketSite]

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Four Weeks Riper (And Another Reduction) For This Noe Valley Apple

714 Duncan

As we wrote when 714 Duncan hit the market four weeks ago asking $1,295,000 having been purchased for $1,413,000 in January of 2008:

There’s little doubt the quick turn will result in a loss as even with "typical San Francisco appreciation" transaction costs wouldn’t be covered. But that doesn’t mean this data point will be flawed. In fact, this sale will provide some rather clean commentary on changing neighborhood values over just the past year. And that’s why we like, and offer, our apples.

As a plugged-in reader notes, the list price for 714 Duncan has been reduced for a second time in four weeks, now asking $1,195,000 or 15.4% under its sale price in early 2008.

∙ Listing: 714 Duncan (4/2) 2,050 sqft - $1,195,000 [MLS]
Apples To Apples With Views, Views, Views! (714 Duncan) [SocketSite]
Expectation Setting: San Francisco Appreciation [SocketSite]

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April 16, 2009

An Überprime Data Point Update: A Little Something Extra Off The Top

2306 Broadway: Living

Tax records suggested an August 2000 purchase price of roughly $7,000,000 for 2306 Broadway while a plugged-in reader puts it at $6,600,500. Listed as expected for $6,495,000 twenty days ago, but recently reduced to $5,995,000.

Once again, updated since its last sale and the sellers are simply moving next door.

And in terms of photoshopping the views, let’s just say it’s already been a rough day on our tongues. Okay, and that we could have sworn that bridge and Palace were oriented a bit more to the west. Like they are below.

2306 Broadway: Living

∙ Listing: 2306 Broadway (4/4.5) - $5,995,000 [Nina Hatvany] [MLS]
Coming Soon And An Überprime Data Point To Be: 2306 Broadway [SocketSite]
The Side Story (Quite Literally) For 2306 Broadway: 2310 Next Door [SocketSite]
Why Stick With Just One Style When You Can Incorporate Them All [SocketSite]

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April 14, 2009

An Infinity "N" Of One (Or Two) But Still Significant At $650 Per Square

338 Spear Street: Two-Bedroom Floor Plan

A plugged-in tipster in the market reports:

The ball is in my court on whether to accept a 2 Bed / 2 Bath condo at The Infinity for $650/sf. No water view however, but a good view of the Bay Bridge. This shows how quickly pricing are coming down at The Infinity. The unit is 1,309sf.

And while the aforementioned is an "n" of one, and we can't point to an exactly 1,309 square foot floor plan (other than over at One Rincon Hill), we'll also note the Infinity Tower Two listing for 338 Spear Street #5A asking $780,000 or $659 per square foot.

Infinity Tower Two corner two-bedrooms as pictured above are, however, presented at 1,316 square feet with an asterisk. Let's go ahead and make that an "n" of two.

∙ Listing: 338 Spear Street #5A (2/2) 1,184 sqft - $780,000 [MLS]
Infinity Tower Two Sales Update: 50 Contracts Total Since January 1 [SocketSite]
Infinity Sales Update: New Contracts Up But Driven By Discounts [SocketSite]
The Infinity: Online Floor Plans And Condo Specifications [SocketSite]
A Return To Reality For A One Rincon Hill "02" Stack Resale (#2202) [SocketSite]

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April 6, 2009

830 El Camino Del Mar Moves Away From 2008 And Closer To 2002

830 El Camino Del Mar

As a plugged-in reader notes, the asking price for 830 El Camino Del Mar has been reduced for the third time since being listed (for the twelfth time) two months ago.

Now asking $11,500,000. That's $3,500,000 (23%) under the expectations of early 2009 and $6,500,000 (36%) under those in the middle of 2008, but remains $2,500,000 (28%) over the asking in 2002.

∙ Listing: 830 El Camino Del Mar (2/2.5) - $11,500,000 [seacliffsentinel.com][MLS]
Will The Twelfth Time Be The Charm? 830 El Camino Del Mar Returns [SocketSite]
Behind The Great Wrought Iron Wooden Gate At 830 El Camino Del Mar [SocketSite]

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March 30, 2009

SocketSite's San Francisco Listed Housing Update: 3/30/09

San Francisco Listed Inventory: 3/30/09 (www.SocketSite.com)

Inventory of Active listed single-family homes, condos, and TICs in San Francisco rose 3.3% over the past two weeks (versus an average of 4.7% for the same two week period over the previous three years) and is now running 26.8% higher on a year-over-year basis (up 18.2% for single-family homes and 32.7% for condos/TICs) and 72.6% higher than at the same point in 2006.

Twelve percent (12.1%) of listed inventory in San Francisco is known to either be bank owned (REO) or seeking a short sale including One Rincon Hill (425 1st Street) #2307, 1870 Jackson #701 in Pacific Heights, and 2510 Jackson (which we profiled last year when asking $14,900,000).

The standard SocketSite Listed Inventory footnote: Keep in mind that our listed inventory count does not include listings in any stage of contract (even those which are simply contingent) nor does it include listings for multi-family properties (unless the units are individually listed).

SocketSite's San Francisco Listed Housing Update: 3/16/09 [SocketSite]
∙ Listing: 425 1st Street #2307 (1/1) - $649,000 [MLS]
∙ Listing: 1870 Jackson #701 (2/2) - $975,000 [MLS]
∙ Listing: 2510 Jackson (7/6.5) - $13,495,000 [MLS]
Fortunes Can Be Fleeting (And Mansions Can Be Foreclosed Upon) [SocketSite]

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March 27, 2009

A Maybeck On The Market (And Display) Once Again: 270 Castenada

270 Castenada

If you missed seeing 270 Castenada (a.k.a. 1916 Erlanger house) a year ago, don't let it happen again. In the words of its architect Bernard Maybeck (think Palace of Fine Arts):

The house is our attempt to suggest the idea of an English character in California. Although this house would never happen in England, it yet has an English feeling. The lower wing is a chapel form living room greatly used in an early period, the ceiling of this room is very similar to one in Sainesbury Hill Lancashire. The second story windows are of iron like their English prototypes. The building and its setting among the trees loudly proclaims the good taste of Mrs. and Mr. Erlanger from whom the suggestions came.

Asking $3,890,000 and briefly in contract before being withdrawn last April, listed at $2,995,000 today. Still touting "too beautiful to describe" despite Maybeck's (and the Vernacular Language North) attempt.

∙ Listing: 270 Castenada (4/3.5) - $2,995,000 [MLS]
Vernacular Language North: S. Erlanger house [VLN]
Bernard Maybeck: California Architect [harvardsquarelibrary.org]
A Peek Inside 270 Castenada (And Now About Those Drawings...) [SocketSite]
Too Beautiful To Describe (Except By The Architect): 270 Castenada [SocketSite]
Past Post And Property Update: Listing For 270 Castenada Withdrawn [SocketSite]

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The Dow Continues To Move (While 2170 Pacific Still Hasn’t)

2170 Pacifc

It’s at least the fourth time a listing for 2170 Pacific Avenue has touted "On Tour as New" and "1st OPEN!" Now asking $2,995,000 with an official one day on the market according to those industry stats.

Purchased on 5/27/2004 for $2,350,000. Once again, closing price for the Dow Jones Industrial Average on that day: 9,958. On October 10, 2008 when last listed at $3,250,000: 8,174. And currently: 7,787.

∙ Listing: 2170 Pacific Avenue (3/3.5) - $2,995,000 [MLS]
At Least Some Of The Photos Look To Be "New" As Well: 2170 Pacific [SocketSite]
It's Deja Vu (But Not DJIA) All Over Again: 2170 Pacific Avenue Edition [SocketSite]

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1333 Green Street Back In Black And White (And Now 1331 As Well)

1333 Green Street (www.SocketSite.com)

As we wrote last July:

Added on to the front of the lot where Imogen Cunningham once had her home and studio (1331 Green). Designed by Paulette Taggart. And now on the market as a TIC.

Asking $979,000 for 1333 Green at the time, asking $850,000 today (still without interior shots unfortunately). And this time 1331 Green is on the market as well (with photos).

∙ Listing: 1331 Green Street (3/2) - $2,000,000 (TIC) [MLS]
∙ Listing: 1333 Green Street (1/1) - $850,000 (TIC) [MLS]
The Imogen Cunningham Trust [imogencunningham.com]
Paulette Taggart Architects [ptarc.com]
1331-1333 Green In Black And White (In Honor Of Imogen) [SocketSite]

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March 23, 2009

From One Of Six To One Of Eight At The Hamilton (631 O’Farrell)

The Hamilton (631 O'Farrell) Entrance

Listed for $379,000 last July then reduced to $369,000 and threatening "last chance before being withdrawn," 631 O’Farrell #504 was in fact withdrawn from the MLS.

Now back on the market in March asking $349,000. There were six studio condos in the Hamilton listed from $369,000 to $399,000 late last year, there are eight condos in the building priced from $289,900 to $399,000 listed today.

Purchased for $285,000 in January of 2005 (no word on improvements since). And the most recent sale in the building appears to be #1410: purchased for $360,000 in October of 2005, closed escrow on March 3, 2009 for a reported $270,000.

UPDATE: A sad bit of color on the recent sale of #1410:

#1410 was destroyed by someone who had a drug problem. The person owned the property, it was taken back by the bank, and then the person ended up squatting there. The person sold some of the items in the unit to pay for drugs. So, the unit was trashed, and it should not be used as a comparison for other units.

∙ Listing: 631 O’Farrell #504 (0/1) - $349,000 [MLS]
Pay For 520, But Live Like 800 (With Bonus Points For “Trendyloin”) [SocketSite]

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Three At Three Hundred Beale Priced At One Point Three (Nine Five)

300 Beale #406: Bath

Asking $1,595,000 early last October, Embarcadero Lofts #406 was re-listed in February asking the same, reduced by $100,000 two weeks later, and then by another $100,000 two weeks after that. Now asking $1,395,000 as are 300 Beale #609 (listed in February as well) and 300 Beale #611 (listed in March).

∙ Listing: 300 Beale #406 (2/2) 1,686 sqft - $1,395,000 [MLS]
∙ Listing: 300 Beale #609 (2/2.5) 1,899 sqft - $1,395,000 [MLS]
∙ Listing: 300 Beale #611 (2/2.5) 1,820 sqft - $1,395,000 [MLS]
You’ve Seen Two, But You Haven’t Seen Them All: 300 Beale #406 [SocketSite]
Loft By Nature, Luxury By Design: Embarcadero Lofts (300 Beale) [SocketSite]

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March 20, 2009

Non-Secret At One Rincon Hill: "Over 20% Off" And 4% Commissions

One Rincon Hill: 20% Discounts and 4% Commissions

It shouldn’t seem like much of a "secret" (or come as any surprise) to the plugged-in people, but as a tipster notes the sales office at One Rincon Hill is now advertising (at least to the agent community) "Over 20% Discounts On Many New Homes" as well as a "4% Broker co-op" (buyer's agent commission) through the end of March.

One Rincon Hill: From The $500's $700's $500's [SocketSite]

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March 10, 2009

A $3,000,000 Reduction (That Might Not Seem Like So Much To Some)

2901 Broadway

It was the 2007 Decorator Showcase Home and has been on the market for over two years (an "official" DOM of 690). It was initially listed for $55,000,000 in early 2007 and received a rumored four offers a few months later (which were all countered at asking and all walked away). And it was reduced to $48,000,000 on March 6, 2008.

2901 Broadway: Aerial

Yesterday the list price for 2901 Broadway was reduced another $3,000,000 (now asking $45,000,000). And while a $3,000,000 reduction might normally drop some jaws, do keep in mind that's a little over 6%. And since March 6, 2008 the Dow has dropped 46 (percent).

∙ Listing: 2901 Broadway (7/7.5) - $45,000,000 [2901broadwaystreet.com] [MLS]
If You Have To Ask (2901 Broadway) [SocketSite]
Your Chance To Slip Inside 2901 Broadway [SocketSite]
Go Ahead And Ask: 2901 Broadway Is Listed (And Priced) [SocketSite]
Rumor Has It: Four Offers On The 2007 Decorator Showcase Home? [SocketSite]

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March 9, 2009

The Mysterious Case Of The Baker Street Trio: 3271, 3212 and 3520

3271 Baker Street: Kitchen

While the list price for 3271 Baker Street has once again been reduced (now asking $2,195,000, 35% under its original list of $3,395,000 last July) another recently renovated single-family home on Baker (3212) has hit the market asking $4,250,000 (purchased for $2,306,000 in March of 2006 prior to its "no expense spared" renovation).

3212 Baker Street

And curiously enough, a bit down the block and directly across from the Palace of Fine Arts 3520 Baker Street has been listed for $3,500,000.

3520%20Baker%20Steet%20Living.jpg

Purchased for $3,350,000 in January of 2001 but renovated before (1997), the sale of 3520 Baker Street will be "apples to apples" as far as we can tell. And as such, a sale at asking would represent average annual appreciation of 0.5% over the past eight years for this rather "prime" Marina (District 7-A) home.

∙ Listing: 3271 Baker Street (4/2.5) - $2,195,000 [3271bakerstreet.com]
∙ Listing: 3212 Baker Street (5/3) - $4,250,000 [MLS]
∙ Listing: 3520 Baker Street (4/3.5) - $3,500,000 [MLS]
Spanish/Mediterranean Flair From Traditional To Modern: 3271 Baker [SocketSite]

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March 6, 2009

Our Noe Valley Romanesque Victorian Apple Returns (1507 Dolores)

1507 Dolores

Our "Romanesque Victorian" apple at 1507 Dolores has retuned to the market with a new listing and a new price. Now asking $1,198,000.

Once again, purchased for $1,310,000 in February of 2006, returned to the market in November of 2008 asking $1,349,000, and was reduced to $1,295,000 before being withdrawn.

∙ Listing: 1507 Dolores Street (3/3) - $1,198,000 [1507Dolores.com] [MLS]
A New Noe Valley Apple Varietal On The Tree: "Romanesque Victorian" [SocketSite]

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March 5, 2009

Cognitive Listing Dissonance At The Watermark (501 Beale #14D)

501 Beale#14D

Originally listed as a Watermark resale for $1,585,000 last July, from a listing later last year: “Views Galore 501 Beale #14D Offered at $1,499,000 Extraordinary price reduction!”

From a listing after that: “Buyers and Agents, now is the time to take advantage of this price!” Asking $1,399,000 at the time.

From the listing today: “Great Opportunity!! Take advantage of HUGE PRICE REDUCTIONs and 1 yr. HOA concession. Motivated sellers!!” Now asking $1,365,000.

And from public records: purchased for $1,303,500 in September of 2006 (not including any incentives). Cognitive listing dissonance (TM) is the first thing that comes to mind.

∙ Listing: 501 Beale #14D (2/2) - $1,365,000 [MLS]

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February 25, 2009

Riders On The Storm (The Doors Of 55 Buena Vista Terrace Reduced)

55 Buena Vista Terrace: Dusk

As we wrote in September of 2008 when listed for $3,395,000:

It’s a 1905 Edwardian that’s been redesigned by architect Jonathan Feldman and interior designer Joseph Oroza (the seller). Big glass doors with some big city views.

And it still is (and still has). But as a tipster notes today: 55 Buena Vista Terrace was re-listed last month and recently reduced to $2,695,000 (now 21% under original asking).

Purchased for $2,177,000 in April of 2006, but significantly remodeled since (including adding a new bathroom, turning outdoor space in, and remodeling the kitchen and dining).

∙ Listing: 55 Buena Vista Terrace (3/3.5) - $2,695,000 [MLS] [residentphotography.com]
Big Swinging…Doors (And Here Comes The Competition) [SocketSite]

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February 24, 2009

Trying To Catch The Market Over At One Rincon Hill (425 1st #2307)

425 1st Street #2307

Originally seeking $849,000 as a resale, the listing for One Rincon Hill #2307 was reduced down to $749,998 and then withdrawn from the MLS after 200+ days.

Returning to the MLS 21 days ago asking $699,000, the list price for the northeast corner and 819 square foot 425 1st Street #2307 was just reduced to $649,000.

∙ Listing: 425 1st Street #2307 (1/1) - $649,000 [MLS]
One Rincon Hill (425 First Street): Secondary Market Stumbles [SocketSite]

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February 18, 2009

Dear Diary, San Francisco Sure Has Changed For Royal Real Estate…

2601 Lyon Street

As a plugged-in sleepiguy notes, 2601 Lyon is back on the MLS and listed for $6,399,500 (versus $8,250,000 last August). Once again, purchased for $5,750,000 in March of 2000 and "renovated throughout" its 4,126 square feet in 2002.

2601 Lyon: Landing

Yes, loose ties to The Princess Diaries (and possibly the Luries as well). And we do love the location and roof deck.

∙ Listing: 2601 Lyon (4/3) - $6,399,500 [MLS]
A Shorter Set Of Lyon Street Steps (And A Few Numbers): 2601 Lyon [SocketSite]

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Apples To Apples (If You Ignore The New Bath): 2203 Broderick

2203 Broderick

Purchased for $2,000,000 in June of 2004, 2203 Broderick in the heart of Pacific Heights returned to the market with a remodeled bath in October of 2008 asking $2,395,000. Reduced to $2,195,000 in November, and now asking $1,975,000 as of nine days ago.

A sale at asking would represent zero appreciation over the past four and one-half years. But do avoid the temptation to see that as "prices in Pacific Heights have been holding steady since 2004" versus having risen and are now falling since.

∙ Listing: 2203 Broderick (3/2) - $1,975,000 [MLS]

Posted by socketadmin at 8:00 AM | Permalink | Comments (45) | (email story)

February 17, 2009

A Street, Agent And Now A Price In Common Too: 4432 19th Street

4432 19th Street

While it took the listing for 4552 19th Street a few reductions to join the Eureka Valley chapter of the million dollar cut club, down the street 4432 19th has done so in one fell swoop: previously seeking $3,999,000, now listed for $2,999,000.

4432 19th Street: Bath

Extensively renovated [beware the background tunes] and retrofitted since purchased for $1,200,000 in 2001, this District 5 single-family home is currently asking $750 per square foot based on its reported 4,000 square feet.

It's worth noting that both 19th Street listings share the same agent. And while it could be a cosmic coincidence, and the public facing listing doesn’t note a licensed agent owner, it’s a data digging reader that notes the agent and owner (at least in trust) for 4432 19th Street do appear to share the same name.

∙ Listing: 4432 19th Street (5/5.5) - $2,999,000 [MLS] [4432-19thst.com]
4552 19th Street Joins The High-End Half Million Dollar Cut Club [SocketSite]
4552 19th Street Joins The High-End Half-Million Dollar Cut Club [SocketSite]

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February 13, 2009

Will The Twelfth Time Be The Charm? 830 El Camino Del Mar Returns

830 El Camino Del Mar

From a plugged-in reader last June:

I know this house and [had] spoken with this owner decades ago. Since 1998 he has put it on the market 11 times, each time with a [high-end/profile] realtor at an improbable price.

Make that twelve. 830 El Camino Del Mar is back on the market asking $15,000,000. And while that's $3,000,000 less than eight months ago, it's also $6,000,000 more than was being asked in 2002.

830 El Camino Del Mar: Living

Once again, two bedrooms and under 4,000 square feet, but "approved plans for a huge [penthouse] addition sure to be the world's most dynamic master" are included.

830 El Camino Del Mar: Roof and expansion area

Our estimated cost to actually affect said addition on this particular home? Priceless...

UPDATE: With new photos added to the listing since we first posted and an "interactive brochure" now online (complete with soothing wave sounds), our piece on 830 El Camino Del Mar heads back to the top of the page.

∙ Listing: 830 El Camino Del Mar (2/2.5) - $15,000,000 [seacliffsentinel.com] [MLS]
Behind The Great Wrought Iron Wooden Gate At 830 El Camino Del Mar [SocketSite]
Secluded Sea Cliff home on the market for $9 million [SFGate]

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An "Exciting New Price" (And Club Initiation) For 3577 Pacific Avenue

3577 Pacific Avenue (www.SocketSite.com)

Touting an “Exciting new price!” of $5,995,000, the newly renovated 3577 Pacific Ave has just joined our quickly growing high-end million dollar cut club.

3577 Pacific Avenue: Living

That’s assuming you count the three days at which it was originally listed for $7,700,000 (now 22% lower). If not, it’s now only $955,000 (14%) under its last price of $6,950,000.

UPDATE: And from a plugged-in reader, the full floor plan monty (pdf).

∙ Listing: 3577 Pacific Avenue (6/4) - $5,995,000 [MLS]
4552 19th Street Joins The High-End Half Million Dollar Cut Club [SocketSite]
3577 Pacific: Inside Its Newly Contemporary Soul (And Market's Mind) [SocketSite]

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A Plugged-In Reader’s Perspective On The Montgomery And Its Cuts

74 New Montgomery

A plugged-in reader’s perspective on The Montgomery (74 New Montgomery) and its cuts:

I bought a 1-bedroom pre-opening in 2007…for over 100K more than the new pricing (although we did get about $35K in pre-paid HOA and upgrade credits plus the standard 3 yrs parking) ... oh well.
The building, by the way, is quite nice, and I love the location ... this is a second home for my wife and me so we plan to keep it long term but I'd hate to be someone who needs to re-sell right now.

The new starting prices from the sales office:

Studios starting from $383,000
Executive Studios starting from $462,000
One Bedrooms starting from $452,000
One Bedrooms with Den starting from $625,000
Two Bedrooms starting from $882,000
Two Bedrooms with Den starting from $1,350,000

And a few of their original price ranges from the first release in 2007:

Studios $379,000 to $540,000 (420-580 sqft)
Junior one bedrooms $598,000 to $655,000 (500-600 sqft)
One bedrooms $487,000 to $647,000 (600-750 sqft)
One bedrooms + den $745,000 to $850,000 (700-900 sqft)

And everybody’s favorite of which to be aware, “New 4.5% Broker Co-op" (for new contracts before 3/31/09).

The Montgomery (74 New Montgomery): Pricing And Reservations [SocketSite]

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February 12, 2009

BLU Cuts Pre-Sale Required Green To $575,000 (And Up To 26%)

BLŪ (www.SocketSite.com)

According to the sales office over at BLŪ, the "starting price" cuts of 17 to 22% as reported by SF New Developments are in direct response to a fast approaching 25% pre-sale requirement (currently 10% of 108 units in contract), and aren't expected to last past their first round of closings in 60 or so days. As always, time, the market and SocketSite will tell.

The pre-sale starting price adjustments according to SFND:

“A” Plans: Originally from $925,000, currently from $743,000 (down 20%)
“B” Plans: Originally from $809,000, currently from $631,000 (down 22%)
“C” Plans: Originally from $799,000, currently from $622,000 (down 22%)
“D” Plans: Originally from $930,000, currently from $743,000 (down 20%)
“E” Plans: Originally from $739,000, currently from $575,000 (down 22%)
“F” Plans: Originally from $809,000, currently from $673,000 (down 17%)

And it's a plugged-in tipster that points out some specific unit price cuts of up to 26%:

631 Folsom #3B: Originally $749,000, now $630,000 (down 16%)
631 Folsom #6A: Originally $985,000, now $799,000 (down 19%)
631 Folsom #PHE: Originally $2,527,358, now $1,862,358 (down 26%)

UPDATE: The 25% pre-sale requirement insight was added for additional color (and accuracy). And yes, it's officially turned into one of those days.

Full Disclosure: BLU currently advertises on SocketSite but provided no compensation for (nor had any prior knowledge of) this post. They did, however, inform our update.

∙ Listing: 631 Folsom #3B (2/2) - $630,000 [MLS]
∙ Listing: 631 Folsom #6A (2/2) - $799,000 [MLS]
∙ Listing: 631 Folsom #PHE (3/3) - $1,862,358 [MLS]
A Reader Starts Singing The BLŪ’s (631 Folsom Website Now Live) [SocketSite]
BLU Slashes Prices - now starting at $575,000! [SF New Developments]

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4552 19th Street Joins The High-End Half Million Dollar Cut Club

4552 19th Street: Dining

With a $300,000 cut late yesterday, the recently renovated 4552 19th Street in District 5 joins the high-end million dollar (and over 30%) price cut club. Now asking $2,999,000 or $1,300,000 less than what was expected in October.

Also reduced late yesterday, 3271 Baker Street is now listed for $2,275,000. Hitting the market last July asking $3,395,000, expectations for the recently renovated (hmm...) Marina home have been lowered by $1,120,000 or 33% over the past seven months.

3271 Baker Street: Hall

Keep in mind that MLS based industry reports on the state of the San Francisco real estate market now reflect 33 days on the market and a 12% drop from its "original" list price of $2,595,000 in January for 3271 Baker Street.

But hey, what’s six months, $800,000 and 20% between friends?

∙ Listing: 4552 19th Street (6/4.5) - $2,999,000 [MLS] [4552-19thst.com]
∙ Listing: 3271 Baker Street (4/2.5) - $2,275,000 [3271bakerstreet.com]
4552 19th Street Joins The High-End Half-Million Dollar Cut Club [SocketSite]
Spanish/Mediterranean Flair From Traditional To Modern: 3271 Baker [SocketSite]
Less Great Expectations: 3271 Baker Drops Its New Year Asking 24% [SocketSite]

Posted by socketadmin at 6:30 AM | Permalink | Comments (43) | (email story)

February 10, 2009

St. Regis Penthouse Now $21,000,000 Off (And No, That’s Not A Typo)

St. Regis Penthouse: Living

It’s a plugged-in reader that catches a slight change to the asking price for the Penthouse atop San Francisco’s St. Regis (188 Minna). Asking $70,000,000 in August of 2008, now listed on the Sotheby’s website for $49,000,000.

St. Regis Penthouse: Living

Once again, 20,000+ square feet (including 2,900 of terraces); six bedrooms (including a 2,500 square foot master suite) and seven full baths (four half); a thirteen-seat home cinema designed by Keith Yates; 22 foot floor-to-ceiling glass walls; and six car parking.

St. Regis Penthouse: Dining and Deck

Purchased for roughly $30,000,000 as a raw shell in 2005, it’s been three years in the making, and as far as we know there’s still 15% to go (i.e., it’s 85% complete).

Full Disclosure: The co-listing agent for the penthouse atop the San Francisco St. Regis advertises on SocketSite but had no knowledge of this post.

∙ Listing: St. Regis (188 Minna) Penthouse - $49,000,000 [Sotheby’s]
St. Regis Penthouse Asking $70M: Is San Francisco All Growns Up? [SocketSite]
Inside The St. Regis Penthouse: The Rendering Scoop And Details [SocketSite]

Posted by socketadmin at 6:00 AM | Permalink | Comments (45) | (email story)

February 6, 2009

Another Friday, Another New Price: 943 Church Street One And Two

943 Church Street #2: Bedroom

On the market last August asking $2,395,000, the list price for 943 Church Street #2 (once known as “B”) was reduced down to $1,950,000 before being withdrawn in December.

Back on the market for $1,895,000 in January, it’s a plugged-in reader that notes the list price has been reduced to $1,795,000 (now 25% under its original original asking). And at the same time, the lower unit (943 Church Street #1) which was once in contract when asking $1,995,000 has been reduced to $1,595,000.

UPDATE: As noted by another plugged-in reader, 943 Church Street #2 is also available for rent and asking $6,500 a month.

∙ Listing: 943 Church Street #1 (3/3) - $1,595,000 [MLS]
∙ Listing: 943 Church Street #2 (3/3) - $1,795,000 [MLS]
It’s Friday, So Insert Cheeky Comment Here (943 Church Street #B) [SocketSite]

Posted by socketadmin at 10:00 AM | Permalink | Comments (30) | (email story)

Rare, Refined And Reduced: Radiance At Mission Bay Official Cuts

Radiance at Mission Bay Reductions

Plugged-in people knew the Radiance at Mission Bay price cuts were coming, and now they’re here. Official reductions of up to $365,000 (26.5%) off of original prices plus two years of pre-paid HOAs. And now priced from $576 per square foot.

That being said, do keep in mind that according to a reader 330 Mission Bay Boulevard (Radiance) #116 has already closed escrow with a reported contract price of $960,000 ($557 per square foot) while originally priced at $1,390,000 (a reduction of 31%).

The SocketSite Scoop: Radiance To Announce Price Cuts Next Week [SocketSite]
Radiance At Mission Bay Phase I Update: 55% “Sold” And Closing [SocketSite]
Radiance At Mission Bay Phase II Update: Officially "Suspended" [SocketSite]

Posted by socketadmin at 7:00 AM | Permalink | Comments (25) | (email story)

A Modern Day Price Cut For A Modern Home: 313 Duncan Reduced

313 Duncan

After 105 days on the market the list price for the Owen Kennerly designed "Modern Victorian" at 313 Duncan has been reduced $201,000 (7%). Now asking $2,649,000.

∙ Listing: 313 Duncan (5/5.5) - $2,649,000 [313duncan.com]
Coming Soon: Victorians Gone Modern! (313 Duncan) [SocketSite]
313 Duncan: Before, After, And All Its Insides Now “Online” [SocketSite]

Posted by socketadmin at 6:30 AM | Permalink | Comments (41) | (email story)

February 4, 2009

A Quick Change Of Expectations Strategy Price Up On The Gold Coast

2712 Broadway

After four days on the MLS the list price for 2712 Broadway up on San Francisco’s Gold Coast has been reduced from $9,495,000 to $7,750,000. It’s a big house with big views and still asking over $1,100 per square foot (down from $1,350).

∙ Listing: 2712 Broadway (7/5) - $7,750,000 [MLS]

Posted by socketadmin at 7:00 PM | Permalink | Comments (42) | (email story)

February 2, 2009

Soma Grand (1160 Mission): Reductions, Restaurant, And Inventory

Soma Grand (www.SocketSite.com)

Three months ago the three-bedroom/two-bath 1160 Mission #601 was listed for $999,000 or $751 per square for each of the 1,331 square feet. This weekend the Soma Grand condo #601 returned to the MLS with a list price of $765,000, a 23% reduction and now asking well under $600 per square foot ($574).

Also listed this weekend was 1160 Mission #1212 for $505,000/$759 per square foot. In August of last year 1160 Mission #1012 was asking $590,000 or $887 per square, an effective drop of at least 15% (i.e., not accounting for the higher floor premium).

At the same time Charles Phan’s Heaven’s Dog restaurant has opened its doors on the ground floor of the building (a nice amenity and addition to the neighborhood). And as best we can tell, Soma Grand is now roughly 60% sold (including 29 BMR units) with around a hundred (100) of the 246 units to go (up from 50% sold last May).

∙ Listing: 1160 Mission Street #601 (3/2) 1,331 sqft - $765,000 [MLS]
∙ Listing: 1160 Mission Street #1212 (1/1) - $505,000 [MLS]
Soma Grand (1160 Mission) BMR Applications Are Now Available [SocketSite]
SoMa Grand (1160 Mission) Update: Sales, Office, And Phan’s Food [SocketSite]

Posted by socketadmin at 12:30 PM | Permalink | Comments (56) | (email story)

Still Not An Official Apple Until It Sells, But A Suggestion (Or Two)

695 Grand View Avenue #101

Our original post on 695 Grand View Avenue #101 sparked a good discussion with respect to real estate valuation and the frequently misrepresented misunderstood tax benefits of a mortgage.

At the time this condo was listed at a suggested short sale price of $489,000 (purchased for $552,000 in January of 2007). This morning that suggestion was reduced to $399,000.

∙ Listing: 695 Grand View Avenue #101 (1/1) - $399,000 [MLS]
Noe Valley Apples to Apples With A View: 695 Grand View Ave #101 [SocketSite]
Yesterday's Comment Of The Day: An All Too Common Misconception [SocketSite]

Posted by socketadmin at 11:00 AM | Permalink | Comments (25) | (email story)

January 29, 2009

But Don’t Buyers In Noe Know That "Prices" Are Up?

525 27th Street #2

While 651 27th Street is now in escrow (listed for 20% under its last close), 525 27th Street #2 is still active and available. As a reader notes, purchased for $1,349,000 in October of 2006, listed for $1,495,000 in September of 2008, and reduced four times since.

Currently asking $1,195,000 for this Noe Valley condominium with three bedrooms/baths and panoramic city views. Don’t buyers in Noe know that "prices" are up?

∙ Listing: 525 27th Street (3/3) - $1,195,000 [MLS]
On The Market (But Not The Public Facing MLS): 651 27th Street [SocketSite]

Posted by socketadmin at 9:00 AM | Permalink | Comments (79) | (email story)

January 28, 2009

Just Under $900,000 Originally, Asking Just Under $800,000 Today

301 Main Street #9E: Living

Asking just under $900,000 (not including upgrades) when the sales office first opened (acording to a plugged-in Infinity resident). Asking just under $900,000 ($885,000) as a resale last month (and subsequently reduced down to $849,000). Asking just under $800,000 ($799,000) today for 301 Main Street #9E at Infinity.

∙ Listing: 301 Main #9E (2/2) - $799,000 [MLS] [Climb]
Another Infinity Resale (#9E) Within Those "Restricted" Two Years [SocketSite]
Infinity Sales Update: New Contracts Up But Driven By Discounts [SocketSite]

Posted by socketadmin at 7:00 AM | Permalink | Comments (78) | (email story)

January 23, 2009

Not Exactly A Slam Duncan: 1005 Duncan Returns (This Time Reduced)

1005 Duncan

Asking $1,238,000 in October of 2007 the agents for 1005 Duncan were unable to find a buyer. So they renovated (Eichler purists look away). And raised the price to $1,275,000.

1005 Duncan: Bath

Back on the market today once again as "new." And now asking $1,150,000.

UPDATE (1/26): From a plugged-in reader:

We looked at this house in '07 and seriously considered putting in a bid, but the agents told us that there were 7 other interested parties and we just weren't interested in putting up a fight….They allegedly got six bids on the offer date, but they declined to sell because they were looking for something over asking.

∙ Listing: 1005 Duncan (4/2.5) - $1,150,000 [MLS] [1005duncan.com]
Duncan Chic (No, Not Sheik): An Eichler Up In Diamond Heights [SocketSite]

Posted by socketadmin at 5:15 PM | Permalink | Comments (24) | (email story)

It’s Not Quite 2004, But It’s Really Not 2008. Or 2007. Or 2006…

650 2nd #502: Dining

We’re not so sure "phatty" would agree, but perhaps it’s best he didn’t have that extra three million lying around last May when 650 2nd Street #502 hit the market asking $3,215,000. It’s back on the market today seeking $2,750,000. And yes, it's a sweet pad.

650 2nd #502: Windows

Once again, five bedrooms, four baths, three parking spaces, two dishwashers and one big span (60 feet) of industrial windows. And as Garrett notes, purchased for $2.3M in 2004.

∙ Listing: 650 2nd Street #502 (5/4) - $2,750,000 [MLS]
The Full Count(Down) For Number Five Hundred And Two On Second [SocketSite]

Posted by socketadmin at 11:00 AM | Permalink | Comments (20) | (email story)

An Apple In The "Heights" Of Our Tree: 3444 Washington Reduced

3444 Washington

From a plugged-in Sleepiguy when the rather handsome 3444 Washington hit the market last May asking $17,500,000: “This property sold a couple of years ago for 16.5 million.”

From the MLS today: now asking $15,750,000 with an "official" one day on the market.

UPDATE: It appears as though sleepiguy (or his agent) might have been thrown by an asterisk. From a plugged-in FSBO:

MLS shows the 1/31/2006 sale price as $16.5M with an *. Current assessed value is $15.8M - so the actual sale price was probably about $15.2M or so...

Cheers. And something tells us we’ll see another one when this sells (asterisk that is).

∙ Listing: 3444 Washington Street (6/6.5) - $15,750,000 [MLS]
It's Not Often A Listing Can Tout A Private Outdoor Amphitheater [SocketSite]

Posted by socketadmin at 10:00 AM | Permalink | Comments (28) | (email story)

January 22, 2009

The Hayes 72-Hour Sale (And Up To 20% Off According To A Tipster)

Hayes%2072%20Hour%20Sale.jpg

According to their sales office The Hayes is holding a “72-Hour Sale” this weekend during which "twelve select homes at The Hayes will be offered at incredible prices-more than $2million in total price reductions."

According to a plugged-in tipster, think up to 20% off (but we don't know if that's on top of the reductions we previously reported in October). Regardless, we’re pretty sure this constitutes the "real" Hayes Valley (and San Francisco as far as we’re concerned).

UPDATE: A reader's comment we had to highlight: "Here's an idea: mount a rotating blue police light on a roller cart. Roll it into various units and announce that there is a special deal on that unit for a limited time only. Kart-MARkeTing."

New Development “Closeout” Sales: The Potrero And 170 Off Third [SocketSite]

Posted by socketadmin at 2:45 PM | Permalink | Comments (46) | (email story)

A Marina Apple On The Tree (Again) And Asking $654 Per Square Foot

1531 Beach: Exterior

Purchased for $1,280,000 in November of 2004, the 2,217 square foot two-bedroom/bath condo at 1531 Beach Street returned to the market last year asking $1,550,000 ($699 per square foot) but failed to find its buyer.

Back on the market today for $654 per square foot ($1,450,000) in the Marina and an “official” 2 days on the market. A sale at the current asking would represent average annual appreciation of 2.9% over the past four and one-half years.

∙ Listing: 1531 Beach Street (2/2) - $1,450,000 [1531beach.com] [MLS]

Posted by socketadmin at 2:00 PM | Permalink | Comments (27) | (email story)

Throwing In The Towel Or Banking On A Bidding War?

As we wrote this past September:

The sales office for 368 Elm Street on the edge of Hayes Valley first opened its doors in November of 2006. At the time, 368 Elm Street #406 was priced by the developer at $589,000. And it sold.
Back on the market last month for $615,000, the list price has been reduced twice since. And yes, most recently by only $2,000 (obviously to catch all those buyers with a cutoff of $598,000...).
Now asking $597,000, a sale at which would represent annual appreciation of roughly 0.74% over the past two years.

Apparently annual appreciation of 0.74% was a bit too aggressive. Now asking $375,000.

∙ Listing: 368 Elm #406 (1/1) - $375,000 [via Pacific Union]
A Hayes Valleyish New Construction Apple On The Tree: 368 Elm #406 [SocketSite]
368 Elm Street Condos: First Release Pricing And Scoop [SocketSite]
368 Elm Street Condos: Complete Pricing (And An Update) [SocketSite]

Posted by socketadmin at 10:15 AM | Permalink | Comments (30) | (email story)

New Year, Listing, And Price (Same Sweet Loft): 540 Delancey #401

540 Delancy #401: Remodeled Kitchen

If you liked it at $1,150,000 in September, you’ll like it even more today. Now asking $1,098,000 for Cape Horn Lofts (540 Delancey) #401.

∙ Listing: 540 Delancey #401 (1/2) - $1,098,000 [MLS] [openhomesphotography.com]
Cape Horn Lofts (540 Delancey) In General, And #401 In Specific [SocketSite]

Posted by socketadmin at 9:45 AM | Permalink | Comments (31) | (email story)

January 21, 2009

The SocketSite Scoop: Radiance To Announce Price Cuts Next Week

A plugged-in tipster reports on Radiance at Mission Bay:

I received an email from the sales person at Radiance "pre-announcing" a sales cut that will go out to the broker community next week. Looks like things aren't moving. On a similar note, I saw on sfgate.com that unit 116 (1722 SF, east facing) sold for $960K. Original asking? $1.39M.

As we noted in August, “while prices reductions haven’t officially been advertised, according to our sources there's definitely room for negotiation (especially on the mid-priced units).”

Yes, it's good to be plugged-in (and details on the "official" cuts when we have them).

Radiance At Mission Bay Phase I Update: 55% “Sold” And Closing [SocketSite]
Radiance At Mission Bay Phase II Update: Officially "Suspended" [SocketSite]

Posted by socketadmin at 9:45 AM | Permalink | Comments (6) | (email story)

January 20, 2009

Cubix (766 Harrison) Officially Cuts "Up To 29.5%" For Stimulus Sale

Cubix (766 Harrison) Cuts (www.SocketSite.com)

With around 24 of their 98 condos either closed or in contract, Cubix (766 Harrison) launches a four week “Economic Stimulus Sale” today with reductions of up to 29.5% off of their original list prices. The goal, “to reach 50% sold, at which time lenders can offer FHA financing to [Cubix Yerba Buena] buyers.”

Prices on select units offering the most significant savings range from $215,000 for a courtyard-facing studio with patio (savings of $90,000 off the original price of $305,000) to $279,000 for a penthouse level home with a city view (savings of $65,000 off original price of $344,000).

As you might recall we caught a couple of early reductions when the inventory first hit the MLS (again, above savings are off original prices). And no word on whether or not the twelve-ish buyers who have already closed escrow are feeling "stimulated" (or the love).

766 Harrison: Condos Indeed And A Brand New Brand (“Cubix YB”) [SocketSite]
Cubix Yerba Buena (766 Harrison): Reader Perspective And Pricing [SocketSite]
A Couple Of Cubix Condos Hit The MLS (Now Starting At $249,000) [SocketSite]
The SocketSite Scoop: Millennium Cuts Prices 15% Across The Board [SocketSite]

Posted by socketadmin at 8:15 AM | Permalink | Comments (38) | (email story)

January 17, 2009

The SocketSite Scoop: Millennium Cuts Prices 15% Across The Board

San Francisco's Millennium Tower: 1/17/09 (www.SocketSite.com)

From a plugged-in tipster with a unit in escrow at San Francisco’s Millennium Tower:

I have a deposit down in a unit in the Millennium and just received a call informing me that prices have been cut 15% across the board, including those already in escrow. They still intend to maintain their "no negotiating" policy and claim that this will be the last (only) drop for a very long time.

A tip of the hat to the Millennium team for taking care of their early adopters. And of course to our tipster, let's not forget those invitations to the housewarming.

The Millennium: A Few Things You Might Know (And A Few You Don’t) [SocketSite]
Millennium Tower Sales Watch: Rumors Of Day One Results [SocketSite]
San Francisco Rising And A Fresh Perspective On Millennium Tower [SocketSite]

Posted by socketadmin at 4:00 PM | Permalink | Comments (207) | (email story)

January 15, 2009

Why Stop With Voyeurlicious, Let's Add Instastyle-istic (TM) As Well

188 Minna #23F

It’s another cut in the New Year for the voyeurlicious St. Regis condo #23F. Listed for $2,595,000 three months ago, now asking $2,350,000 and including the Limn furniture.

Any interior designers, architects, or plugged-in power shoppers care to take a stab at the fair value of said furnishings? And if you buy it, do let us know if you don’t want the lamp.

∙ Listing: 188 Minna #23F ( 2/2.5) - $2,350,000 [Janet Krahling] [MLS]
Voyeurlicious Design (TM) In More Ways Than One: 188 Minna #23F [SocketSite]

Posted by socketadmin at 12:00 PM | Permalink | Comments (49) | (email story)

January 13, 2009

Another Shot At A Ripening Pacific Heights Apple: 2155 Buchanan #9

2155 Buchanan #9

Purchased for $1,000,000 in June of 2006, listed for $950,000 in November 0f 2008, and...reduced to $885,000 last week. Once again: top floor, corner, renovated, parking and in the real Pacific Heights (i.e., north of California and a block to Lafayette park).

∙ Listing: 2155 Buchanan #9 (2/1) - $885,000 [MLS]
A Pacific Heights Apple Up In The Tree: 2155 Buchanan #9 [SocketSite]

Posted by socketadmin at 4:45 PM | Permalink | Comments (140) | (email story)

It’s Double Entendre Time For 46 Tingley Once Again: Go Bears!

46 Tingley

Purchased for $620,000 in September of 2004, 46 Tingely returned to the market in December of 2007 as a potential short sale asking $599,000. In September of 2008 the single-family home in Mission Terrace was bought back by the bank for $442,717. And yesterday it returned to the market asking $472,500.

Be sure not to miss those year-old but still quite relevant (some might even say prescient) plugged-in readers' comments, especially missionite’s worksheet (just don’t forget to update those assumptions with regard to purchase price and appreciation).

∙ Listing: 46 Tingley (4/2) - $472,500 [MLS]
Another Chance To Be A Hero (Or Show Your Support For The Bears) [SocketSite]

Posted by socketadmin at 7:30 AM | Permalink | Comments (54) | (email story)

January 12, 2009

Less Great Expectations: 3271 Baker Drops Its New Year Asking 24%

3271 Baker: Master Suite

As we first wrote about 3271 Baker when it hit the market six months ago (and was staged a bit differently):

While the stucco, tiles, wrought iron railings, doorways, beamed ceilings and wooden trim of both the overhauled façade and second floor of 3271 Baker Street are all true to the traditional Spanish/Mediterranean ethos of the house, the new first floor master suite is a bit more Ibiza (and the kitchen Italian).
And for the record, we’re not complaining (about either the suite, the island or Italy).

Asking $3,395,000 ($1,125 per square foot) in 2008, asking $2,595,000 ($860 per square foot) today. And yes, "two days" on the market (at least according to those MLS reports).

∙ Listing: 3271 Baker Street (4/2.5) - $2,595,000 [3271bakerstreet.com] [MLS]
Spanish/Mediterranean Flair From Traditional To Modern: 3271 Baker [SocketSite]

Posted by socketadmin at 4:15 AM | Permalink | Comments (118) | (email story)

January 5, 2009

New Year, New Listing, And New Price (But Old Victorian Grandeur)

908 Steiner

It’s a new year, a new listing (now an official three days on the market), and a new price (now asking $300,000/15.4% less than its asking in early December) for 908 Steiner. But it's still the same old Victorian grandeur and detail which you'll either love or hate.

∙ Listing: 908 Steiner (4/3.5) - $1,650,000 [MLS]
Victorian Through And Through (For The Most Part): 908 Steiner [SocketSite]

Posted by socketadmin at 6:00 AM | Permalink | Comments (12) | (email story)

December 24, 2008

One Rincon Hill: From The $500's $700's $500's

One Rincon Hill: From the $500's

In the words of a plugged-in reader:

Has anyone noticed on One Rincon Hill's website, prices are stated as being from the "$500's" as opposed to the "$700's" a couple weeks ago? Not really a tip, but perhaps the developer is getting a bit more aggressive...

No word on when - or rather if - they'll be changing that "from the $700's" sign by One Rincon Hill drive. And do keep in mind that when the sales office first opened over two years ago there were at least a few units priced from the (high) $500's as well.

First Impressions: One Rincon Hill Sales Center [SocketSite]

Posted by socketadmin at 8:15 AM | Permalink | Comments (21) | (email story)

December 16, 2008

Back To The Future Past (And Then Some) For Marquee Building #403

151 Alice B. Toklas Place #403

Purchased for $551,000 in May of 2005, 151 Alice B. Toklas Place #403 returned to the market in August of 2008 asking $599,000, a sale at which would have represented average annual appreciation of roughly 2.5% over the past three years.

In September the price on the Marquee building one-bedroom was reduced to $525,000, in October to $475,000, and in November to $425,000 where it remains available today assuming a successful short sale.

We should also mention that the person who sold it for $551,000 in May of 2005 bought it for $415,000 in September of 2002. Perhaps it’s time to include that "not included in sale" chandelier.

∙ Listing: 151 Alice B. Toklas Place #403 (1/1) - $425,000 [MLS]

Posted by socketadmin at 2:00 PM | Permalink | Comments (25) | (email story)

December 10, 2008

Chelsea Park Christmas Special (But Lump Of Coal If It's Your Comp?)

3620 19th Street #26: Kitchen

It’s a “Christmas special!” at Chelsea Park as the list price for 3620 19th Street #26 has just been reduced to $799,000 (previously listed for $899,000).

Originally asking $949,000 for this 1,332 square foot three-bedroom, two-bath condo, the reduction might seem more like a lump coal, however, if considered to be your comp.

∙ Listing: 3620 19th Street #26 (3/2) - $799,000 [MLS]
Changing Chelsea Park Expectations Versus Eleven Months Ago [SocketSite]

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

December 5, 2008

To Comp Or Not To Comp, Perhaps We Have An Answer

The Palms Lobby

In August the sale of unit #421 at The Palms (555 4th Street) closed escrow with a reported contract price or $700,000, purchased for $789,000 in 2006. The sale was “subject to lender’s approval,” however, so perhaps not a “real” comp.

Then again, as a plugged-in tipster notes 555 4th Street #521 has been on the market for seven months and the price reduced five times. Now asking $699,000 after a month at $749,000, and once again, purchased for $789,000 in 2006.

Perhaps the real(ity) is so.

∙ Listing: 555 4th Street #521 (2/2) - $699,000 [MLS]
The Palms (555 4th St.): Secondary Market Slowdown And Short Sale [SocketSite]
To Comp Or Not To Comp, The Question Of More Than The Day [SocketSite]

Posted by socketadmin at 4:00 PM | Permalink | Comments (53) | (email story)

December 3, 2008

Ritz-Carlton Residences Penthouse Shell: Now Seeking 2006 Price?

690 Market #2401: Shell Living

Another $600,000 (10%) has been cut from the list price for the staged penthouse shell resale atop San Francisco’s Ritz-Carlton Residences, now asking $5,395,000. That’s $1,105,000 less than was being asked this past June, and $25,000 less than was being sought by the sales office at the end of 2006 (we're not privy to the actual contract price).

UPDATE: Assuming a plugged-in reader is right, the current "asking price, minus commission, would still be above the original purchase price." By just how much will still don't know.

∙ Listing: 690 Market #2401 (3,595 square foot shell) - $5,395,000 [MLS]
The Staging (And Reduction) Of That Ritz-Carlton Penthouse Shell [SocketSite]
Ritz-Carlton Residences (690 Market): Listed [SocketSite]

Posted by socketadmin at 1:15 PM | Permalink | Comments (24) | (email story)

December 2, 2008

Fourteen Months Four Days On The Market For 7 Gaviota Way

7 Gaviota Way

Purchased for $933,000 in June of 2007 and then immediately remodeled (think new kitchen and bath on the main floor plus two new bedrooms and baths below), 7 Gaviota Way returned to the market three months later asking $1,498,000.

Now working on its fourth MLS number, and having lowered expectations at least five times over the past fourteen months but never quite enough, last week this Miraloma Park home was listed anew (now asking $1,198,000). And yes, it's an official four days on the market as far as any MLS based report or statistic is concerned.

∙ Listing: 7 Gaviota Way (4/4) - $1,198,000 [MLS]

Posted by socketadmin at 7:00 AM | Permalink | Comments (82) | (email story)

November 26, 2008

Warm Thoughts Of A Traditional Thanksgiving Dinner (2008 Edition)

958 Sanchez: Stove

We’re making it Thanksgiving time tradition: a recent reduction (listed on 11/06 for $1,175,000, reduced to $1,098,000 on 11/21) and a gorgeous old stove.

Here's to hoping your pantry is plentiful along with your family and friends. Safe travels if you are (traveling). And we'll see you next week.

∙ Listing: 956-958 Sanchez (4/2) - $1,098,000 [Virtual Tour] [MLS]
Conjuring Up Warm Thoughts Of A Traditional Thanksgiving Dinner [SocketSite]

Posted by socketadmin at 1:00 PM | Permalink | Comments (11) | (email story)

New Woodwork (And Price?) To Rival That Of Old: 3960 20th Street

3960 20th Street: Kitchen

The woodwork (“vertical grain fir to complete the turn-of-the century craftsman design”) caught our fancy.

3960 20th Street: Living

Was the recent reduction (from $2,295,000 to $1,995,000) enough to catch yours?

∙ Listing: 3960 20th Street (4/3.5) - $1,995,000 [MLS]

Posted by socketadmin at 12:30 PM | Permalink | Comments (26) | (email story)

November 25, 2008

Did We Mention How Much That Third Party Matters?

835 Foerster

From the plugged-in listing agent for 835 Foerster:

We received an offer several months [ago] for $855,000. It took months to negotiate this sale price with the lenders (both a 1st and a 2nd), not to mention other costs such as back taxes, expenses, commissions, etc., etc...
The lenders unfortunately took too long to approve the payoff (and their losses), and the buyers just pulled out of the deal, citing personal and financing reasons. So yes, the lenders did approve the $855,000 price, but since the contract was submitted several months ago, we've experienced a big market shift.
We lowered to asking price to $788,000 [yesterday] and hope to take a new offer(s) to the lenders, and re-open negotiations.

As we said, while a seller and lender might agree, it's that third party (i.e., the buyer) that really matters. Once again, purchased with loans totaling $950,000 in July of 2006 up in Miraloma Park (District 4). And as always, thank you for plugging in.

∙ Listing: 835 Foerster (3/2.5) - $788,000 [MLS]
While Those Two Agree, It’s A Third That Really Matters [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (13) | (email story)

November 20, 2008

From “Very” To “Extremely” For The Seller, Decoder Ring On The Way

1821-1823 Lyon

Purchased in March of 2002 for $975,000 but then "extensively remodeled" in 2003, 1821-23 Lyon was listed two months ago for $3,295,500, reduced a month later to $2,995,500, and then cut to $2,695,000 the day before yesterday.

According to the listing(s), the seller of has gone from being very to extremely motivated (don't worry, a SocketSite decoder ring is on the way). And “OMC2” you ask? Owner may carry second (and not to be confused with OMD, they are back together you know).

∙ Listing: 1821-1823 Lyon (5/3.5) - $2,695,000 [McGuire] [MLS]
A SocketSite Guide To Price Reductions [SocketSite 3/06]

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November 19, 2008

224 Twin Peaks Boulevard: A Study In Rising Prices Yet Falling Values

224 Twin Peaks Boulevard: Before

Purchased for $1,360,000 a year ago (11/2/07), 224 Twin Peaks Boulevard returned to the market in June asking $1,395,000 and was subsequently reduced to $1,249,000.

Unable to find its buyer, the property has since undergone a “fantastic transformation” with the exterior, front & rear decks, landscaping, kitchen, bathrooms and floor plan all having been “beautifully brought up to date for today's lifestyle.”

224 Twin Peaks Boulevard: After

Listed once again two weeks ago for $1,749,000, reduced yesterday to $1,655,000, and touting a “Motivated seller!” We’ll let you figure out just how much so.

∙ Listing: 224 Twin Peaks Boulevard (3/2) - $1,655,000 [MLS] [Old Listing]

Posted by socketadmin at 8:30 AM | Permalink | Comments (82) | (email story)

November 18, 2008

The Noe Valley Summit Gets Closer Still (And Listings Anew For Two)

4121 Cesar Chavez

Listed five months ago and priced at $1,949,000, and then reduced to $1,649,000 three months after that, 4121 Cesar Chavez #6 was listed anew yesterday for $1,599,000. That's an "official" two days on the Noe Valley market according to those sell side stats.

Also "newly" added to the MLS, 4121 Cesar Chavez #2 with a list price of $998,000 ($778/sqft). In the words of a plugged-in laura four months ago:

These units are indeed spectacular, particularly the upper floor units 5 &6. These won't move at their current price point and my agent (who's VERY well connected to the SF agent network) advised me to sit back and wait til this drops to at least $800 per.

As always, it's good to be connected and plugged-in.

Oh, and while 4121 Cesar Chavez #1 is now in contract with an "original" list price of $1,198,000 ($771/sqft), it's a plugged-in tipster that reminds us they were once asking $1,349,000. Remember to adjust those industry reports accordingly.

∙ Listing: 4121 Cesar Chavez St #2 (2/2.5) - $998,000 [MLS]
∙ Listing: 4121 Cesar Chavez St #6 (3/2.5) - $1,599,000 [MLS]
It Gets A Little Easier To Reach The Summit (4121 Cesar Chavez) [SocketSite]

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The Latest Listing Verbiage From Chelsea Park: "Prices Slashed"

Chelsea Park

The latest listing verbiage from the sales office at Chelsea Park: "Prices slashed for stunning homes in the heart of the Castro/Mission Dolores neighborhoods! $500/day bonus for quick escrows, free parking for 5 years."

At least 18% of the 39 units in the development remain available with 7 currently listed and prices reduced by up to $100,000 (9.5%). And while originally starting at $679,000, now available from $619,000 (down 8.8%).

UPDATE: Make that reduced by up to $150,000 (14.3%):

[T]he unit (#9) Socketsite lists as $949K seems to have dropped another $50K today, it's now showing $899K. The text of the listing still says "only" $949, but the top of the listing shows the reduced price.

∙ Listing: 3620 19th Street #9 (2/2.5) - $949,000 [MLS]
∙ Listing: 3620 19th Street #27 (1/1) - $619,000 [MLS]
Chelsea Park (Phase I): On The MLS And Opening Tomorrow (1/27) [SocketSite]

Posted by socketadmin at 6:30 AM | Permalink | Comments (38) | (email story)

October 31, 2008

It’s Not Officially An Apple Until It’s Sold, But We’ve Seen This Movie…

1968 Greenwich

After four weeks on the market the asking price for 1968 Greenwich has been reduced for the second time, now asking $1,800,000. Once again, purchased in May of 2005 for $2,100,000. And bonus points for the best rationalization of how we “cherry picked” this renovated District 7 apple four weeks ago when it just as easily could have sold for more.

UPDATE: And on the topic of apples, the sale of 632 Ashbury Street closed escrow today with a reported contract price of $870,000. That's $5,000 over its purchase price in November of 2005.

∙ Listing: 1968 Greenwich (3/2.5) - $1,800,000 [MLS]
A Renovated Cow Hollow Apple On The Tree: 1968 Greenwich Street [SocketSite]
Two Cow Hollow Apples On Greenwich Get A Little Less Green [SocketSite]

Posted by socketadmin at 2:00 PM | Permalink | Comments (17) | (email story)

October 30, 2008

4552 19th Street Joins The High-End Half-Million Dollar Cut Club

4552 19th Street

It’s a plugged-in agent who suggests $500,000 cuts seem to be all the rage at the upper end of the market. And 4552 19th Street recently embraced the new new thing.

4552 19th Street: Dining

Completely redesigned by architect Chris McMahon and rebuilt with a few traditional touches (think new bay windows), but modern baths and solar panels "for six" up top.

4552 19th Street: Garden

A couple of big city views and a sweet little backyard retreat. Reduced from $4,299,000 after three weeks on the market, but still seeking $935 per square.

∙ Listing: 4552 19th Street (6/4.5) - $3,749,000 [4552-19thst.com] [MLS]

Posted by socketadmin at 2:30 PM | Permalink | Comments (80) | (email story)

208 Glenview: No Real Story, Simply A Bit Of Seasonal Color Flair

208 Glenview: Living

No real story, simply a bit of seasonal color flair. Oh, and recently reduced $92,000. Boo.

208 Glenview: Deck

∙ Listing: 208 Glenview Drive (4/4) - $1,198,000 [MLS]

Posted by socketadmin at 2:15 PM | Permalink | Comments (5) | (email story)

October 27, 2008

Still Drawn To The Decks (Amongst Other Things) For A Third Time

4419 19th Street: Main Floor

We were first drawn to the decks a little over five months ago when it was priced at $2,535,000. It was two months ago that the asking price was adjusted down to $2,348,000. And as a reader noted this weekend, 4419 19th Street is “back on the market” and asking $1,995,000 (after a one day stint at $2,295,000).

And yes, an official three days on the market according to those industry/agent reports.

∙ Listing: 4419 19th Street (3/3.5) - $1,995,000 [moderncastrohome.com] [MLS]
Drawn To The Decks (But Perhaps Not The Best For Entertaining) [SocketSite]
A Couple Of Recent Reductions On Properties You Might Recognize [SocketSite]

Posted by socketadmin at 7:45 AM | Permalink | Comments (17) | (email story)

October 25, 2008

Price Cuts Of Up To 30% At Symphony Towers (750 Van Ness)

Plugged-in people knew the cuts were coming. And as one reports, they’re here. Prices at Symphony Towers (750 Van Ness) have been reduced by up to 30% or $136,000. A few examples:

∙ 750 Van Ness #T-405 (1/1) - $399,000 (was $535,000)
∙ 750 Van Ness #T-601 (1/1) - $459,000 (was $577,000)
∙ 750 Van Ness #T-602 (1/1) - $449,000 (was $565,000)
∙ 750 Van Ness #T-804 (0/1) - $295,000 (was $420,000)
∙ 750 Van Ness #T-806 (0/1) - $319,000 (was $455,000)
∙ 750 Van Ness #T-907 (0/1) - $419,000 (was $515,000)

Once again, currently around 55% sold. And with The Hayes cutting prices by up to 21%, the race for buyers in San Francisco is on. And it's plugged-in people that will win.

Symphony Towers (750 Van Ness): Announcing Additional Cuts [SocketSite]
Symphony Towers Update: Buying Love (But Dropping Prices Too) [SocketSite]
New Development “Closeout” Sales: The Potrero And 170 Off Third [SocketSite]

Posted by socketadmin at 10:30 AM | Permalink | Comments (68) | (email story)

October 22, 2008

Two Cow Hollow Apples On Greenwich Get A Little Less Green

1968 Greenwich: Kitchen

After three weeks on the market in the heart of Cow Hollow, it’s a new price (now asking $1,975,000) and a few new photos for the listing of 1968 Greenwich. But it’s still the same story: purchased in May of 2005 for $2,100,000.

And yes, the infamous 2243 Greenwich a few blocks to the west remains on the market as well. Currently asking $1,545,000. Purchased at the end of 2005 for $1,800,000.

A Renovated Cow Hollow Apple On The Tree: 1968 Greenwich Street [SocketSite]
∙ Listing: 1968 Greenwich (3/2.5) - $1,975,000 [MLS]
A Little Extra Perspective On The Listing Market? (2243 Greenwich) [SocketSite]
∙ Listing: 2243 Greenwich (3/2.5) - $1,545,000 [MLS]

Posted by socketadmin at 1:50 PM | Permalink | Comments (10) | (email story)

October 14, 2008

A Japanese Styled Home (And Market As Well?)

121 Edgehill Way: Fireplace

The Japanese influenced 121 Edgehill Way has fallen out of contract and its list price reduced to $1,195,000. As a plugged-in reader previously noted, “sold for $1,195,000 in February of 2006.”

We’re still suckers for the Japanese influenced design elements, but in terms of a Japanese styled real estate market...

∙ Listing: 121 Edgehill Way (4/2.5) - $1,195,000 [121edgehill.com] [MLS]
From The People Person Who Brought You Green Tea In The Park [SocketSite]

Posted by socketadmin at 12:15 PM | Permalink | Comments (11) | (email story)

Homes on Esprit Park Update: Another Round Of Reductions

900 Minnesota #S503: Floor Plan

In addition to rolling out (mostly) refundable purchase deposits, it appears that the Homes on Esprit Park sales office has rolled out another round of reductions as well.

The list price for 900 Minnesota #S503 has been reduced from $1,293,500 to $1,199,000 (7.3%), the list price for 900 Minnesota #S122 has been reduced from $781,000 to $740,000 (now under $600 per square), and the list price for 900 Minnesota #S116 has been reduced from $613,000 to $582,000 (now under six hundered thousand).

And if our counts are correct, roughly 35% of the 142 units are now in contract, up from 25% in May, and representing a little under three net new contracts a month (with just over 90 to go).

∙ Listing: 900 Minnesota #S116 (1/1.5) - $582,000 [MLS]
∙ Listing: 900 Minnesota #S122 (1/2) - $740,000 [MLS]
∙ Listing: 900 Minnesota #S503 (2/2.5) - $1,199,000 [MLS]
Homes On Esprit Park: Now Offering Refundable Purchase Deposits [SocketSite]
Homes On Esprit Park (900 Minnesota) Sales Update: 25% In Contract [SocketSite]

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

October 8, 2008

Second Mover's Advantage In Noe Valley? (1278-1282 Church Street)

1278-1282 Church Street (www.SocketSite.com)

While 1278 Church Street closed escrow on 9/19/08 with a reported contract price of $1,368,000 ($27,000/2% under asking), the list prices on the other two new TIC's in the building have just been reduced: 1280 Church by $66,000 (5.3%) and 1282 Church by $70,000 (5.4%). Plus, "seller will [now] buy down your interest rate!"

And speaking of listings on Church Street...

Newish Construction In Noe: Three TICs At 1278-1282 Church Street [SocketSite]
∙ Listing: 1280 Church Street (3/3) - $1,245,000 (TIC) [MLS]
∙ Listing: 1282 Church Street (3/2) - $1,365,000 (TIC) [MLS]
It’s Friday, So Insert Cheeky Comment Here (943 Church Street #B) [SocketSite]

Posted by socketadmin at 1:15 PM | Permalink | Comments (34) | (email story)

October 3, 2008

Symphony Towers Update: Buying Love (But Dropping Prices Too)

Symphony Towers Sign: Studio Sale (www.SocketSite.com)

Symphony Towers (750 Van Ness) is now offering brokers 4% commissions as well, with studios starting at $329,000 (down from around $350,000 when they first opened a year ago and buyers lined up to buy).

And in terms of sales, as best we can tell Symphony Towers is around 55% sold which would mean roughly 15 net new contracts over the past ten months. At this rate the development should be sold out by 2012.

The SocketSite Scoop On Sales At Symphony Towers (750 Van Ness) [SocketSite]
One Rincon Hill Update: Now Offering 4% Commissions [SocketSite]
Symphony Towers: A SocketSite Reader Reports On Opening Day [SocketSite]
Symphony Towers Update: 45% In Contract And Opening February 08 [SocketSite]

Posted by socketadmin at 2:00 PM | Permalink | Comments (28) | (email story)

October 2, 2008

One Of The Four Copper Clad Condos Atop 17th Street Hits The MLS

4590 17th Street: Kitchen

Seven months ago two for the four “copper clad condos” atop 17th Street hit the MLS. Listed for $1,399,000 ($774/sqft), 4588 17th Street closed escrow two months later on 5/20/08 with a reported contract price of $1,390,000 ($769/sqft). And at the time 4590 17th Street was listed for $1,349,000 ($785/sqft) but never sold.

Last week 4590 17th Street returned to the market with a new listing, an official seven days on the market, and now asking $1,299,000 ($756/sqft).

∙ Listing: 4590 17th Street (3/3.5) 1,718 sqft - $1,299,000 [MLS]
Two Of The Four Copper Clad Condos Atop 17th Street Hit The MLS [SocketSite]
Copper (And Wood) Clad And Coming Semi-Soon At 17th And Clayton [SocketSite]

Posted by socketadmin at 9:15 AM | Permalink | Comments (17) | (email story)

October 1, 2008

In Need Of Some Attention (In More Ways Than One): 1773 15th Ave

1773 15th Avenue

Down the street from 1915 15th Avenue (which has fallen out of contract) lies 1773. Listed in November of 2007 for $1,600,000 (amid a chorus of neighborhood high fives) the listing noted “A Must see!” and soon thereafter added “Motivated Seller! Bring in any offers!”

In December of 2007 the list price was first reduced to $1,550,000 and then to $1,499,000. In January of 2008 the list price was first reduced to $1,399,000 and then to $1,188,000. And in February the house was briefly in contract.

In early April 2008 “short sales, already have the 1st lender’s approval, and waiting for 2nd lender’s approval” was added to the notes as were two exclamation points after “Motivated Seller!!!” And two weeks later the property shed those pesky days on the market and reset the MLS clock with a new listing at $1,188,000.

Four days ago 1773 15th Avenue returned to the market once again. Now asking $949,000 and noting “an original condition property which needs some attention.” Agreed.

∙ Listing: 1773 15th Avenue (4/3.5) - $949,000 [Vanguard via Pacific Union]
What’s 140 Days On The Market And $280,000 Between Friends? [SocketSite]

Posted by socketadmin at 6:15 AM | Permalink | Comments (23) | (email story)

September 29, 2008

A Quick Cut (And Case Of Cash Back?) For 310 Townsend #308

310 Townsend #308

Priced by the developer at $611,000 when the building first opened in February of 2007, 310 Townsend #308 closed escrow in June of 2007 with a reported contract price of $617,500 (no word on whether we're talking upgrades or another case of “cash back”).

Back on the market two weeks ago with an asking price of $629,000 (a sale at which would have represented average annual appreciation of roughly 1.4% over the past sixteen months), the list price has since been cut to $599,000.

∙ Listing: 310 Townsend #308 (1/1) - $599,000 [MLS]
310 Townsend: Available And Selling [SocketSite]
Can Bank Owned Comps Kill (Values)? 246 2nd Street #502 Returns [SocketSite]

Posted by socketadmin at 6:00 PM | Permalink | Comments (24) | (email story)

152 Banks In Bernal Heights Reduced (And Not Moving So Fast)

152 Banks

To recap: 152 Banks in Bernal Heights was purchased for $675,000 in July of 2005; sold in April of 2006 for $900,000; appears to have been bought back by the bank three weeks ago; and returned to the market two weeks ago for $749,900 (“will go fast at 750K” according to one rather bullish "anon[ymous]" commenter). Just reduced to $699,900.

As a plugged-in reader notes, “just hope no one used that silly $900K price a few years ago as a comp!”

∙ Listing: 152 Banks (3/2) - $699,900 [MLS]
Bad Data In Bernal Heights Or Something Else Afoot? (152 Banks) [SocketSite]

Posted by socketadmin at 1:00 AM | Permalink | Comments (11) | (email story)

September 26, 2008

One Day On The Market (But You Might Have Seen This View Before)

175 Grand View Avenue

Five months ago 175 Grand View Avenue hit the market with a list price of $1,200,000.

Reduced to $1,149,000 a month later (“New price! Condo alternative!”), and then to $1,090,000 about a month after that, it’s now back on the MLS with a new listing, one official day on the market (average DOM statistics anyone?), and asking $995,000.

∙ Listing: 175 Grand View Avenue (2/2) - $995,000 [MLS]

Posted by socketadmin at 12:15 PM | Permalink | Comments (13) | (email story)

Not A Perfectly Clean Apple In Bernal, But You'll Get The Gist

22 Coleridge

After three weeks on the market the list price for 22 Coleridge on the edge of Bernal has been dropped from $599,000 to $587,000. Purchased in April of 2005 for $607,000.

22 Coleridge: New Kitchen

Unfortunately it's not a perfectly clean “apple” as the kitchen was completely renovated in 2006 (new cabinets, appliances, flooring, etc.), but you'll get the gist. And as a plugged-in reader notes, “seller is a licensed real estate agent.” You know, in the trenches and all.

∙ Listing: 22 Coleridge (1/1) - $587,000 [MLS]

Posted by socketadmin at 8:30 AM | Permalink | Comments (41) | (email story)

September 23, 2008

Cow Hollow Contemporary (And Apparent Foreclosure): 215 Moulton

215 Moulton: Kitchen

As a plugged-in tipster notes, 215 Moulton “in the heart of Cow Hollow” appears to have been bought back by the bank with a loan balance of $1,893,000 this past July.

And while the contract price for its previous sale in November of 2007 doesn’t appear to be public, we will note a 2008 tax assessed value of $1,800,000 for this District 7 single-family contemporary townhouse.

Listed in April prior to foreclosure for $1,895,000, reduced to $1,795,000 in July, and currently asking $1,750,000.

∙ Listing: 215 Moulton (3/3.5) - $1,750,000 [215moulton.com] [MLS]

Posted by socketadmin at 1:00 AM | Permalink | Comments (41) | (email story)

September 22, 2008

1515 Lyon: Now “Totally Upgraded” (And Asking A Little Less)

1515 Lyon: Exterior

While it was a fairly clean apple six months ago when listed for $1,389,000 (or a few months later for $1,369,000), this single-family home (with off street parking) in Lower Pacific Heights has been “TOTALLY UPGRADED” since.

That being said, the list price for 1515 Lyon has once again been reduced (now asking $1,275,000) as have its official days on the market (now four). Purchased just under two years ago (10/25/06) for the same ($1,275,000).

∙ Listing: 1515 Lyon (3/3) - $1,275,000 [MLS]
A Single-Family Apple On The Tree In Lower Pacific Heights [SocketSite]
An Apple Is Withdrawn Without Selling (But Quickly Returns As New) [SocketSite]
An Old Listing Suddenly Returns (While The New One Disappears) [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (20) | (email story)

September 16, 2008

Nothing To See Here (Unless 2924 19th Avenue Was Once Your Comp)

2924 19th Avenue

Once again, purchased for $1,030,000 in August of 2005 establishing a comp by which other neighborhood (District 3) single-family homes were priced and valued.

2924 19th Avenue returned to the market as a “short sale” at the beginning of August with a list price of $988,000. Reduced to $899,000. Then to $849,000. And now asking $799,000 (a sale at which would represent a 22.4% drop in value).

And while it is a rather busy location, it isn't any busier than it was in 2005.

∙ Listing: 2924 19th Avenue (3/2) - $899,000 [MLS]
The Comps They Are A Changing: The Short Sale Of 2924 19th Avenue [SocketSite]

Posted by socketadmin at 4:00 AM | Permalink | Comments (42) | (email story)

September 10, 2008

From Eight Eight Eight To Nine Nine Nine Nine For 76 Caselli

76 Caselli: Rear Stairs

Last month 76 Caselli returned to the market on 8/8/08 with a list price of $2,288,800 ($269,200 under what it was listed for three months prior). Our questions at the time: "Will those triple eights be auspicious? Will it be enough to make tipster jump?"

Apparently not (on either account). As a plugged-in reader notes, yesterday the list price for 76 Caselli was reduced to $1,999,900. That’s what "tipster" gets for waiting.

∙ Listing: 76 Caselli (3/3.5) - $1,999,900 [MLS]
Eight Eight Eight On Eight Eight Oh Eight: An Auspicious Return? [SocketSite]
Our First And Second Thoughts For The Recently Reduced 76 Caselli [SocketSite]

Posted by socketadmin at 10:25 AM | Permalink | Comments (20) | (email story)

Never Mind The Nine Reductions, Focus On The Previous Sale (Comp)

2243 Greenwich: Pricing History

Once again, a challenging Cow Hollow location (although no more so now than when purchased for $1,800,000 in October of 2005); briefly in contract earlier this year after being reduced from $2,195,000 to $1,745,000 (damn those wily buyers, or perhaps banks); and after nine reductions, now asking $1,595,000 (11.4% below its previous sale).

∙ Listing: 2243 Greenwich (6/5) - $1,595,000 [MLS]
A Little Extra Perspective On The Listing Market? (2243 Greenwich) [SocketSite]

Posted by socketadmin at 7:00 AM | Permalink | Comments (33) | (email story)

September 9, 2008

Now Priced To Catch Your Attention (As It Did Ours): 1578 Indiana #8

1578 Indiana Street #8

Considering the size (1,410 square feet), layout (dual bathrooms and lofts), and upgrades (the glass railings are working for us), the current $600,000 list price for 1578 Indiana Street #8 caught our attention (as it was designed to do). Then again, so did the fact that it was originally listed for $735,000 four days ago (when we passed it by).

UPDATE: As a plugged-in reader notes, is $600,000 is the new “made you look” black?

∙ Listing: 1578 Indiana Street #8 (1/2) - $600,000 [MLS]

Posted by socketadmin at 7:45 AM | Permalink | Comments (37) | (email story)

September 5, 2008

It Gets A Little Easier To Reach The Summit (4121 Cesar Chavez)

4121 Cesar Chavez

List prices haven’t fallen to reader laura’s $800 per square foot target at The Summit, but the asking price for 4121 Cesar Chavez #6 has dropped from $1,949,000 ($1,029/sqft) to $1,649,000 ($871/sqft) over the past three months.

The list price for 4121 Cesar Chavez #3 has also been reduced (from $1,499,000 to $1,379,000). And while we don't know if any of the six condos have closed escrow, and if so at what prices, at least three of the Noe Valley units remain listed and available.

∙ Listing: 4121 Cesar Chavez St #6 (3/2.5) - $1,649,000 [MLS]
∙ Listing: 4121 Cesar Chavez St #3 (2/2.5) - $1,379,000 [MLS]
Coming Soon: The Six Unit Summit In Noe Valley (4121 Cesar Chavez) [SocketSite]

Posted by socketadmin at 7:00 PM | Permalink | Comments (58) | (email story)

The Staging (And Reduction) Of That Ritz-Carlton Penthouse Shell

690 Market #2401: Staged Bed

Plugged-in people might recall the empty 3,595 square foot penthouse shell at San Francisco’s Ritz-Carlton Residences known as 690 Market #2401. And as a tipster notes, while it's still a shell, it's no longer empty. Yes, it's been "staged."

690 Market #2401: Staged Bath

And while some furnishings (and "un-fixed" fixtures) have been added, a half-million dollars have been taken away. Now asking $5,995,000 (down from $6,500,000 in June).

∙ Listing: 690 Market #2401 (3,595 square feet) - $5,995,000 [MLS]
A Concerning Comp (And Empty Shell) At The Ritz-Carlton Residences [SocketSite]

Posted by socketadmin at 10:30 AM | Permalink | Comments (27) | (email story)

September 4, 2008

Another $1,000 A Day In “Built-In” Equity On Potrero Hill?

Purchased for $435,000 in July of 2005, the listing for 2225 23rd Street #310 has been advertising “Bank APPROVED SHORT SALE! JUST WRITE OFFER & CLOSE WITHIN 30 DAYS!! IMMEDIATE 10% BUILT-IN EQUITY!” for the past thirty days. Yesterday the list price was reduced from $363,000 to $333,000. Another 8.3% of “built-in" equity?

And then there’s 2225 23rd Street #218 in the same Potrero Court complex. Purchased in 1999 for $183,000, but refinanced in 2001, it’s simply a “Pre-foreclosre Opportunty!” [sic and sic] with a list price that has been reduced from $333,000 to $299,000.

A few other relatively recent sales of same sized condos (602 square feet) in the Potrero Court development: 2250 23rd Street #122, $385,000 on 4/11/08 (had previously sold for $457,000 in June of 2005); 2250 23rd Street #334, $400,000 on 5/22/08 (purchased for $180,000 in March of 1999); and 2225 23rd Street #318, $400,000 on 5/30/08 (purchased for $300,000 in July of 2002).

∙ Listing: 2225 23rd Street #310 (1/1) - $333,000 [MLS]
∙ Listing: 2225 23rd Street #218 (1/1) - $299,000 [MLS]

Posted by socketadmin at 11:23 AM | Permalink | Comments (23) | (email story)

August 25, 2008

Heritage Fillmore: And Then There Were Five (And Up To $230K Off)

Heritage on Fillmore: Final Five

From the Heritage on Fillmore sales office in June by way of a plugged-in reader:

Thank you to all who participated in our Heritage on Fillmore survey. The feedback we received was very informative. You spoke, and we listened. Price was your biggest concern, so we are answering this concern with some amazing pricing specials on our remaining 7 homes!
> 1104, 1 Bed/1 Bath, -$42,000, Now $695,000
> Penthouse 1-E, 1 Bed/1 Bath, -$40,000, Now $690,000
> 604, 2 Bed/2 Bath, -$46,000, Now $765,000
> 1003, 2 Bed/2 Bath, -$50,000, Now $825,000
> 1102, 2 Bed/2 Bath, -$40,000, Now $975,000
> Penthouse 2-C, 2 Bed/2 Bath, -$65,000, Now $905,000
> Penthouse 2-A, 2 Bed+/2 Bath, -$100,000, Now $1,125,000
To further increase the value of these homes, they've been upgraded to include hardwood flooring, designer carpeting, stainless steel appliances, large capacity washer & dryer, refrigerator, indoor exclusive use parking and much more!

It's two months later, and while two have sold, it's even more amazing pricing on the last five:

> 1104, Reduced another $45,000 and SOLD
> Penthouse 1-E, Reduced another $40,000, Now $650,000
> 604, SOLD
> 1003, Still asking $825,000
> 1102, Reduced another $25,000, Now $950,000
> Penthouse 2-C, Reduced another $15,000, Now $890,000
> Penthouse 2-A, Reduced another $130,000, Now $995,000

And yes, that's now a total of $230,000 off (plus upgrades) for Penthouse 2-A.

Heritage On Fillmore Update: 90% Sold, Reductions And Incentives [SocketSite]

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

Let’s Do The Time Warp Again (In Glen Park): 461 Chenery

461 Chenery

It’s a plugged-in tipster with a good memory that notes another price cut for the bank owned 461 Chenery in Glen Park. The property was first noted by a SocketSite reader in May soon after it was bought back by the bank on 5/12/08 for $601,343 and subsequently listed on 5/19/08 for $669,900.

After a month on the market the list price was reduced to $629,900, after another month to $599,900, and after another month (five days ago) to $539,900. As best we can tell, the pre-bank owner had purchased the property for $485,000 in January of 2003 (and had pre-spent a bit of that “appreciation”).

From our tipster (and prior to anyone wrongly screaming “schadenfreude!”):

Interesting to see what it goes for given that it is very much walking distance to BART.
Huge fan of the site and bought a house in the Glen Park area 13 months ago. Jealous of this listing price for sure but let’s see where the sale price comes in because it is still well above 2 bedroom rent for cash flow.

Oh, and the current Zillow “Zestimate”: $776,500 (with a “low” of $628,965).

∙ Listing: 461 Chenery (2/1) - $539,900 [MLS]
March S&P/Case-Shiller: San Francisco MSA Declines, Top Tier Flat [SocketSite]

Posted by socketadmin at 7:30 AM | Permalink | Comments (98) | (email story)

August 22, 2008

If $550,000 Were A Rounding Error, Would $2,000,000 Be As Well?

2151 Green and empty lot (www.SocketSite.com)

Purchased for $9,500,000 last fall (including the lot next door), initially seeking $11,500,000 (according to its website) and then officially listed for $10,950,000 last month (with the later two prices not including the lot next door), the list price for 2151 Green Street has been reduced $2,000,000. Now asking $8,950,000.

The lot next door? It's no longer listed for $24,500,000 fully developed, but as a plugged-in reader notes, now asking $5,900,000 as an entitled lot.

∙ Listing: 2151 Green Street (6/5) - $8,950,000 [2151green.com] [MLS]
∙ Listing: 2157 Green Street (entitled lot) - $5,900,000 [MLS]
But Hey, $550,000 Is Simply A Rounding Error To A Proper Industrialist [SocketSite]
The Scoop On 2157 Green Street (Could You See The Foreshadowing?) [SocketSite]

Posted by socketadmin at 3:00 PM | Permalink | Comments (31) | (email story)

The "Best Deal" In SoMa Nine Months Ago, A "Motivated Seller" Today

246 2nd Street

About nine months ago 246 2nd Street #1306 hit the market with a list price of $939,000, quickly shaved $20,000 off the asking, and added the following line to the property description: "Now Best Deal in SOMA: GO!" As far as we know, nobody went.

Last week 246 2nd Street #1306 returned to the MLS with a list price of $859,000. The new line: "Motivated seller: priced to sell."

Now about those bank owned comps that "don't really matter"...

∙ Listing: 246 2nd Street #1306 (2/2) 1,101 sqft - $859,000 [MLS]
Something Tells Us That “By Far” Wasn’t By Accident [SocketSite]
It's A Good Thing Those Bank Owned Comps Don't Matter, Right? [SocketSite]

Posted by socketadmin at 5:00 AM | Permalink | Comments (73) | (email story)

August 21, 2008

The Comps They Are A Changing: The Short Sale Of 2924 19th Avenue

2924 19th Avenue

Purchased for $1,030,000 in August of 2005, and establishing a new neighborhood comp at the time, 2924 19th Avenue (a single-family home in District 3) returned to the market two weeks ago with a list price of $988,000 and advertising “short sale.” And yesterday, the potential sale became a little shorter as the list price was reduced to $899,000.

Yes, the comps they are a changing. And once again, painting a very different picture of what's happening in the market versus any change in median sales price or even average dollars per square foot for homes sold in the neighborhood over the past three years.

∙ Listing: 2924 19th Avenue (3/2) - $899,000 [MLS]

Posted by socketadmin at 1:00 AM | Permalink | Comments (26) | (email story)

August 19, 2008

The Hayes (55 Page): Current Pricing, Incentives And A Reduction

The Hayes (55 Page): Pricing 8/5/08

Current list prices for The Hayes (55 Page) above. And while developers do prefer to offer “incentives” (currently “up to” $25,000 at The Hayes, up from $20,000 in March) rather than to lower prices (it helps hide any reductions and keeps the comps up), we will note that 55 Page #611 was originally listed on the MLS at $599,000 (versus $579,000 above).

The Building Through The Trees: The Hayes (55 Page) Opens Up [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (10) | (email story)

August 11, 2008

A Couple Of Recent Reductions On Properties You Might Recognize

4419 19th Street: Rear

As previously noted, 4419 19th Street returned to the market last week with the same list price of three months before. And after just five days back, said price has now been reduced $187,000 (7.4%). We remain drawn to the decks (and kitchen).

Over at Heritage on Fillmore (1310 Fillmore), while the listing for 1310 Fillmore #PH1E still notes, “Last opportunity! Only one left at the low price of $690,000,” on Thursday the price was reduced another $40,000 (5.8%). And the next day #1104 hit the MLS with a price $650,000 as well (so make that at least two).

Heritage on Fillmore (www.SocketSite.com)

In terms of two-bedrooms (of which at least four remain available), the list price on 1310 Fillmore #PH2A has been reduced another $130,000 (11.6%), now asking $995,000 or $230,000 (18.8%) below its original list price of $1,225,000 last year.

∙ Listing: 4419 19th Street (3/3.5) - $2,348,000 [MLS]
Drawn To The Decks (But Perhaps Not The Best For Entertaining) [SocketSite]
∙ Listing: 1310 Fillmore #PH1E (1/1) - $650,000 [MLS]
∙ Listing: 1310 Fillmore #PH2A (2/2) - $995,000 [MLS]
Heritage On Fillmore Update: 90% Sold, Reductions And Incentives [SocketSite]

Posted by socketadmin at 9:15 AM | Permalink | Comments (69) | (email story)

August 8, 2008

Eight Eight Eight On Eight Eight Oh Eight: An Auspicious Return?

76 Caselli

From a plugged-in "tipster" when it was listed for $2,458,000 two months ago:

That's a first class job and a reasonable price in a great neighborhood. They really did everything well. The only thing missing is the market....If I didn't think I could get something like this next year for even less, I'd jump on it.

From one (not the) secret agent "sanfrantim" a few moments later:

Very nice. At the new price ($877 psf), this will sell fast (just not to tipster).

And from the newly minted listing today: $2,288,800 ($817 psf).

Will those triple eights be auspicious? Will it be enough to make tipster jump? We'll keep you posted. And of course, plugged in.

UPDATE: Although those beautiful rear stairs don't appear to have made the cut this time around, listing photos are now online.

UPDATE (8/9): The stairs are back (along with a handful of other photos).

∙ Listing: 76 Caselli (3/3.5) - $2,288,800 [MLS]
Our First And Second Thoughts For The Recently Reduced 76 Caselli [SocketSite]

Posted by socketadmin at 2:25 PM | Permalink | Comments (87) | (email story)

August 7, 2008

We’ll Wait For The Closing To See (And Know) For Sure, But...

4086 25th Street: Exterior

From a plugged-in "cornbread" with respect to 4086 25th Street two weeks ago: "It's going to need a 'very healthy level of demand' now to hit $2.4m in this market." Check.

From the MLS today: Reduced $396,000 (now asking $1,999,000).

4086 25th Street Is On The Market (And At Least We're On The Ball) [SocketSite]

Posted by socketadmin at 12:30 AM | Permalink | Comments (13) | (email story)

August 5, 2008

Same "Great Investment" (Only Now For $101,000 Less): 2136 18th

2136 18th Street: Living Room

It still appears to be very much tenant occupied (and continues to tout “Location Location Location!”). And while it quickly went into escrow eleven months ago when listed for $750,000, it never closed. And the price was subsequently reduced (twice). Now asking $649,000).

The year old comment from reader Brad we just can’t shake:

My coworker (his wife is a realtor) just told me this was a great investment and I should buy up. I am not kidding.

Well, it's still the same "great investment," only now for $101,000 less. Wait a minute...

∙ Listing: 2136 18th Street (1/1) - $649,000 [MLS]
Why Get All Gussied Up When It's "Location, Location, Location!" [SocketSite]

Posted by socketadmin at 10:15 AM | Permalink | Comments (26) | (email story)

A Shorter Set Of Lyon Street Steps (And A Few Numbers): 2601 Lyon

2601 Lyon Street

Purchased for $5,750,000 in March of 2000 and renovated "with quality and luxury" in 2002, the "Villa" at 2601 Lyon Street is once again on the market and asking $8,250,000.

A few other numbers to play with: $4,025,000 (the variable rate loan balance in 2000); 6.7% (the average 1-year mortgage rate in March of 2000); and 4,146 (the square footage of the renovated property).

As an aside and across the street, after a little over a year on the market (but "officially" only 88 days), 2500 Lyon is advertising a "New Price" (reduced to $7,950,000 two weeks ago, asking $9,800,000 in June of 2007) and a “New Look." Still seeking a "New Buyer."

∙ Listing: 2601 Lyon (4/3) - $8,250,000 [MLS]
The Hanging Gardens Of San Francisco: 2500 Lyon [SocketSite]

Posted by socketadmin at 8:45 AM | Permalink | Comments (19) | (email story)

August 1, 2008

Oh Jeeze, Here We Go Again (356 Santana Row #306 In San Jose)

356 Santana Row #306

Having hit the market two months ago for $4,000,000 and boasting $750,000 in upgrades, the asking price for 356 Santana Row #306 was quickly dropped to $3,500,000 after two weeks, and two days ago was dropped to $3,300,000.

And while Santana Row isn’t in San Francisco, it’s a plugged-in tipster that notes its “oh jeeze” San Francisco ties. Or should we say, oh “G’s”...

∙ Listing: 356 Santana Row #306 (4/4) 3,856 sqft - $3,300,000 [306villacornet.com]
Infinity Penthouse Unit 37B: Before And After (And The Budget) [SocketSite]

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

July 23, 2008

A Little Extra Perspective On The Listing Market? (2243 Greenwich)

2243 Greenwich (www.SocketSite.com)

As any truly plugged-in person should know, the location of 2243 Greenwich is a bit more problematic than any of the tightly cropped listing photos might suggest.

And as such, that’s most likely why this six-bedroom Cow Hollow home sold for only $1,800,000 at the end of 2005 (and became an asterisked neighborhood comp).

And while it was briefly in escrow when it was listed for $1,745,000, it is no longer. And the price has once again been reduced. Asking $2,195,000 five months ago. Asking $1,695,000 today (5.8% below its selling price in 2005).

∙ Listing: 2243 Greenwich (6/5) - $1,695,000 [MLS]
A Little Extra Perspective On The Listing: 2243 Greenwich [SocketSite]

Posted by socketadmin at 12:00 PM | Permalink | Comments (26) | (email story)

Think Of The Decorating Damage You Could Do At DWR With 100 Grand

2245 9th Avenue: Exterior

It’s a Henry Hill home up in Forest Hill that you’ve seen before. The only difference now? Expectations and asking price (just reduced $100,000 or 7%).

∙ Listing: 2245 9th Ave (3/2.5) - $1,295,000 [MLS]
Flamboyant modernism: Henry Hill's stellar taste and love... [SFGate]
And After the Power Outage And Subsequent Storm…A Pool! [SocketSite]

Posted by socketadmin at 10:40 AM | Permalink | Comments (22) | (email story)

July 21, 2008

Exceptional, Exquisite, And Impeccable...And Now Reduced As Well

719 Ashbury

719 Ashbury remains "exceptional," "exquisite," and "impeccable." And as of this afternoon, it's now “REDUCED!” – by $200,000 or 7.7% – as well.

∙ Listing: 719 Ashbury (5/3.5) - $2,395,000 [MLS]
From Anarchists & Hell’s Angels To Exquisite And No Arguments Here [SocketSite]

Posted by socketadmin at 2:15 PM | Permalink | Comments (37) | (email story)

July 17, 2008

The Palms (555 4th St.): Secondary Market Slowdown And Short Sale

The Palms Lobby

Of the 300 condos at The Palms (555 4th Street), sixteen (16) are currently listed for sale with none currently in contract.

Of those sixteen, four appear to be developer sales (through what’s left of the sales office), at least five have been reduced in price, and at least one (a two-bedroom) is soliciting a short sale (purchased for $789,000 in 2006, listed for $868,000 three months ago, and asking $750,000 “subject to lender’s approval” for the past five weeks).

We also can't help but note that while 555 4th Street #629 has been described as “The Palm's Largest Residence!” with “Over 2100 square feet of luxury” for 111 days, ten days ago 555 4th Street #107 hit the market advertising a “spacious 2585 square feet.”

∙ Listing: 555 4th Street #107 (3/3) - $1,759,000 [MLS]
∙ Listing: 555 4th Street #421 (2/2) - $750,000 [MLS]
∙ Listing: 555 4th Street #629 (4/3) - $2,395,000 [MLS]
Apparently Only Eight Condos Left At The Palms (555 4th Street) [SocketSite]

Posted by socketadmin at 2:00 AM | Permalink | Comments (56) | (email story)

July 14, 2008

At Least Some Of The Photos Look To Be "New" As Well: 2170 Pacific

2170 Pacific: Stairs, dome, and landing

Having been listed at $3,445,000 and $3,345,000 earlier this year, the new listing for 2170 Pacific isn’t entirely (new that is). But along with the asking price ($3,250,000) and "days on the market" (two), a few of the photos are (with details we can’t help but admire).

2170 Pacific Avenue (3/3.5) - $3,250,000 [MLS]

Posted by socketadmin at 1:00 PM | Permalink | Comments (9) | (email story)

July 8, 2008

It’s Time For Another Industry Report Asterisk (2100 Vallejo Edition)

2100 Vallejo

On Sunday the listing for 2100 Vallejo “expired” along with its 214 days on the market (DOM), original list price of $25,000,000, and subsequent $2,000,000 reduction. On Monday, however, a new listing appeared.

Official MLS days on the market for purposes of industry reporting: one (1). And its new "original" list price: $23,000,000 (which includes the garden/lot next door).

∙ Listing: 2100 Vallejo (5/5.5) - $23,000,000 [MLS]
It Might Not Have A Name, But It’s A Vallejo Mansion Nonetheless [SocketSite]

Posted by socketadmin at 6:30 AM | Permalink | Comments (17) | (email story)

June 23, 2008

A Concerning Comp (And Empty Shell) At The Ritz-Carlton Residences

690 Market #2401

Last week #1805 at San Francisco’s Ritz-Carlton Residences (690 Market) closed escrow with a reported contract price of $1,300,000. Not too shabby considering it’s a one-bedroom. But perhaps a bit concerning considering the sales office was asking $1,505,000.

It’s definitely something to consider if you’re interested in #1905 one floor above (still listed by the sales office for $1,525,000), or #1705 one floor below (which “motivated sellers” are now offering for $1,450,000, down from $1,499,000 five months prior).

Also back on the market, the 3,595 square foot penthouse shell known as #2401. Current asking price: $6,500,000 (offered by the sales office for $5,420,000 in 2006).

UPDATE: From a trusted plugged-in tipster: "I've heard that one-third of the Ritz units fell out of escrow. I gather some buyers were upset that the retail space, which was supposed to be a restaurant, will instead be spun off as a commercial condo and sold to a bank. Also, gym has been delayed by quite a bit."

∙ Listing: 690 Market #1705 (1/1.5) - $1,450,000 [MLS]
∙ Listing: 690 Market #1905 (1/1.5) - $1,525,000 [MLS]
∙ Listing: 690 Market #2401 (3,595 square feet) - $6,500,000 [MLS]
Reductions And Returns At The Ritz-Carlton Residences (690 Market) [SocketSite]
Ritz-Carlton Residences (690 Market): Listed [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (65) | (email story)

June 11, 2008

Will A Winner's Curse (And Subsequent Relocation) Be Your Reward?

1081 Church

From a plugged-in tipster two weeks ago: "This house was sold in late March for 1.4 million and is back on the market for 1.45 million. The owner is relocating. It's beautiful but no parking..." Last week the list price was reduced $50,000.

From the listing today: "Price reduced an additional $50,000! Motivated sellers are ready for offers."

There's nothing quite like more perfect information. And if you really wanted it three months ago (but lost out to a higher bidder), consider this your reward today. Just don't forget those invitations to the housewarming (or to hire a valet we'll take Muni).

∙ Listing: 1081 Church (2/2) - $1,350,000 [1081church.com] [MLS]

Posted by socketadmin at 9:30 AM | Permalink | Comments (138) | (email story)

June 10, 2008

And On His Little Urban Farm He Grew A Little Apple...

396 Hermann: Living (and Swedish wood burning fireplace)

Purchased for $749,000 in March of 2007, another one of the four little Donald MacDonald “Urban Townhouses” on Hermann (396) didn’t find a buyer at $795,000 (which would have represented annual appreciation of roughly 5%) and is now asking $779,000 (which would represent annual appreciation of closer to 3%).

And while these little homes aren’t everybody’s cup of tea, we do happen to like little spaces, big windows, and wood burning fireplaces (not to mention the neighborhood).

UPDATE: We also should have noted that 398 Hermann (the little blue one next door which benefits from one less shared wall and a few extra windows) closed escrow on 11/30/2007 with a reported contract price of $747,000.

398 Hermann: Aerial

∙ Listing: 396 Hermann (2/1) - $779,000 [MLS]
One Of Four Little Donald MacDonald Urban Townhouses On Hermann [SocketSite]

Posted by socketadmin at 9:45 AM | Permalink | Comments (59) | (email story)

June 9, 2008

Our First And Second Thoughts For The Recently Reduced 76 Caselli

76 Caselli: Rear Stairs

Our first thoughts upon noticing the $100,000 (3.8%) reduction for 76 Caselli: Tips From Brokers on How to Renovate [a NYC] Apartment. (Ironically, “Sellers are licensed real estate agents.”) Our second thoughts? We’re rather enamored with those rear stairs.

∙ Listing: 76 Caselli (3/3.5) - $2,458,000 [MLS]
Tips from brokers on how to renovate [a NYC] apartment: Start in Neutral [NYTimes]

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

June 6, 2008

At Least Five Condos Remaining At Park Terrace And Cuts Up To 11%

Park Terrace Savings

While we don’t have an official update (readers?), we have a feeling there might be more inventory remaining at Park Terrace than just the five units listed above. Regardless, published reductions of up to 11% (and perhaps more not in writing).

UPDATE: And a plugged-in reader kindly responds: "Last I heard they had 14 units left, so if two sold, then that leaves ~12 units in their inventory..."

Park Terrace (325 Berry) Sales Update: Now 70% Sold? [SocketSite]

Posted by socketadmin at 11:45 AM | Permalink | Comments (10) | (email story)

June 5, 2008

Perhaps The Views Aren’t The Only Thing To See: 3911-17 19th Street

3911-17 19th Street

It’s not exactly an apple but it is kind of interesting (and perhaps the views and architecture aren’t the only things to “see”). From a plugged-in reader seven weeks ago:

It's not quite a tip, but 3911 19th Street is on the market now. 3917 19th street, designed by the same architect [James Shay] with essentially the same floor plan, and built at the same time, sold in December for 2.095. 3911 is listed for 2.295. My agent says the additional 300 sqft (over four levels?) justifies the higher price, and that the seller will be reviewing offers on Wednesday [4/16]. I guess we'll see.

A week later the list price was reduced $100,000. And a month after that (two days ago) the list price was reduced another $100,000. Currently asking $2,095,000 (additional 300 square feet and all).

No word on what our reader's agent is saying now.

∙ Listing: 3911 19th Street (4/3) - $2,095,000 [MLS] [Virtual Tour]

Posted by socketadmin at 9:00 AM | Permalink | Comments (7) | (email story)

May 28, 2008

Noise, Dust, Or Design In Noe Valley? Or Could It Be Something Else?

1217 Dolores

While 326 Valley will most likely benefit from the past tense construction next door, the rather beautiful 1217 Dolores might be suffering a bit from the future tense construction next to it (the list price was recently reduced $225,000 or 8.7%). From our tipster:

[1217 Dolores] was well received but no offers….All agree the house is great but the construction scheduled for the lot next door has scared away potential buyers. Surprising it hasn’t sold.

So is it noise, dust, or neighboring design? Who’s got the drawings? And is it possible that the surprise could actually be symptomatic of something else?

UPDATE: Still no drawings, but from a plugged-in reader: "I did some research on the next door development. It appears that someone (not me...) bought 1225 Dolors for $1.05M in Aug '06 and filed two permits: one to demolish the garage, which was approved and another one to erect 4 story building with 3 condos. The 2nd permit is still pending approval."

∙ Listing: 1217 Dolores (5/3.5) - $2,375,000 [1217dolores.com] [MLS]
A Neighbor Notices Another Noe Valley Apple On The Tree: 326 Valley [SocketSite]

Posted by socketadmin at 7:30 AM | Permalink | Comments (35) | (email story)

May 22, 2008

Can Bank Owned Comps Kill (Values)? 246 2nd Street #502 Returns

246 2nd Street Kitchens: #1302 and #502

Two months ago we noted the “Newest Comp For A Two-Bedroom Condo At 246 2nd Street” when the bank owned #1302 closed escrow with a reported contract price of $775,000 (roughly $125K below what #902 sold for late last year and exactly $220K below what the seller of #502 was asking at the time).

As we wrote at the time: Damn those unemotional sellers to hell. And once again, that’s not likely to be a neighbor(hood) pleaser.

And as a plugged-in reader notes today: 246 2nd Street #502 has returned to the market with a list price of $739,900. That’s a reduction of $255,100. And more noteworthy, that’s $210,100 less than what was paid for the condo over three years prior (12/9/05).

Now about whether or not those bank owned sales in San Francisco (however few and far between) are irrelevant or meaningless...

UPDATE: An excerpt from a plugged-in reader’s comment that shouldn’t be missed: “According to mls records that agents have records to. It sold for $950,000 in 12/05 but with a $110,000 credit to buyer at closing. I am quite sure this was never disclosed to the actual lending bank. NEVER would have flown.”

The Newest Comp For A Two-Bedroom Condo At 246 2nd Street [SocketSite]
∙ Listing: 246 2nd Street #502 (2/2) - $739,900 [MLS]

Posted by socketadmin at 10:45 AM | Permalink | Comments (24) | (email story)

Perhaps It Wasn’t Just Marketing: 1635 Castro Sheds Another $100K

1635 Castro: Exterior

If you liked it or expected it to fly at $1,495,000, perhaps you’ll love it or really expect it to fly at $1,400,000. The latest listing language for 1635 Castro: “The deal of the year!”

∙ Listing: 1635 Castro (3/2) - $1,400,000 [MLS]
It Might Just Be Marketing, But What The Heck: 1635 Castro Street [SocketSite]

Posted by socketadmin at 6:00 AM | Permalink | Comments (64) | (email story)

May 19, 2008

310 Townsend Update: 93% "Sold" (And Reductions Of Up To 23%)

310 Townsend: Entrance

While originally priced from $869,000 to $975,000 fifteen months ago, the three “remaining new homes” at 310 Townsend were recently listed from $750,000 to $775,000 (representing reductions of between fourteen and twenty-three percent). All three listings are also advertising $20,000 in additional incentives (another 2-3% of the purchase price).

No word on how many/if any of the other forty-three (43) units have been retained by the developer rather than sold.

∙ Listing: 310 Townsend #105 (2/2) - $750,000 [MLS] [Floor Plan]
∙ Listing: 310 Townsend #209 (2/2) - $750,000 [MLS] [Floor Plan]
∙ Listing: 310 Townsend #310 (2/2) - $775,000 [MLS] [Floor Plan]
310 Townsend: Available And Selling [SocketSite 10/07]

Posted by socketadmin at 11:30 AM | Permalink | Comments (15) | (email story)

May 7, 2008

It Might Just Be Marketing, But What The Heck: 1635 Castro Street

1635 Castro: Deck

With only two weeks on the market it might just be marketing, but the list price on 1635 Castro (Noe Valley) was just reduced $100,000 (6.3%) and the listing now notes, “Owner is motivated, has bought another house.”

If nothing else, we are quite enamored with that sunroom and deck. And okay, perhaps the kitchen too.

∙ Listing: 1635 Castro (3/2) - $1,495,000 [MLS]

Posted by socketadmin at 9:28 AM | Permalink | Comments (11) | (email story)

May 5, 2008

Reader’s Reports: Homes On Esprit Park Now Starting From $549,000

A plugged-in reader in the market for a home at Homes on Esprit Park receives an email from the sales office alluding to some new pricing (“can't release the pricing via email”) with a request to call.

I just spoke with them, and found that some 855 SqF units have just been released for $549k, well under the $600k they were asking for similars across the courtyard just a few weeks ago when I went on a hard hat tour of the site.

Interested parties (and price guarantee holders) take note (or action).

900 Minnesota: Now And Then [SocketSite]
Homes On Esprit Park: The Foreshadowing Comes To Fruition [SocketSite]
A Price Guarantee From (And Proof Of Price Reductions At) Esprit Park [SocketSite]

Posted by socketadmin at 8:15 AM | Permalink | Comments (6) | (email story)

May 1, 2008

The Potrero Update: 85% Sold And Offering 12 Months Paid Mortgage

The Potrero: Interior

According to a plugged-in tipster, The Potrero has moved roughly 25 units over the past five months (~5 per month) and is now 85% sold with 25 condos left to move. And as of today, the sales team is offering twelve months of paid mortgage payments on any of the remaining units (versus only six months on one-bedrooms earlier this year).

The Potrero Sales Team is proud to announce an unbelievable, limited-time incentive - No Mortgage Payments for 1 Year* on any of our 25 remaining homes! This offer starts May 1st and must end June 15th, so don't miss the chance to take advantage of our attractive prices and this special incentive.

A bit of the fine print: first mortgage only with a maximum loan to value of 80%. No word on what happens if you're currently in contract but haven't already closed (although we can probably guess). And once again, don't forget to adjust those future median sales price and comp calculations accordingly (as they'll be overstated by somewhere around 6%).

A New Incentive At The Potrero: Six Months No Mortgage Payment [SocketSite]
The Potrero (451 Kansas) Update: Now 70% In Contract Or Closed [SocketSite]

Posted by socketadmin at 1:16 PM | Permalink | Comments (10) | (email story)

An Update On Those Acronyms And An Apple In Pacific Heights

1392 McAllister and 2243 Franklin

The list price for 1392 McAllister (which sports a great comment from a plugged-in previous tenant) was just reduced $99,000 (9.9%). While the list price on 2243 Franklin (an apple in Pacific Heights) was just reduced $80,000 (now listed at $1,195,000 while purchased on 5/31/07 for $1,250,500).

A Couple Of Acronyms, But Lots Of Character/Space: 1392 McAllister [SocketSite]
Apples To Apples To Be In Pacific Heights: 2243 Franklin Street [SocketSite]

Posted by socketadmin at 3:00 AM | Permalink | Comments (7) | (email story)

April 25, 2008

Symphony Towers: 65% Sold / “Penthouse” Release This Weekend

Symphony Tower: Courtyard

According to the sales office, Symphony Towers is currently 65% sold (or in contract), 50% occupied, and will be releasing their “penthouse” units this weekend. That’s roughly 26 net new sales over the past four months with 46 left to move.

And while we missed it when it was originally reduced, and it’s now in contract, we’ll note that the list price on 650 Turk Street #T204 was reduced $40,000 (7.6%) which might suggest some room for negotiation on the remaining Symphony Tower’s inventory (which consists of both 750 Van Ness and 650 Turk).

UPDATE (4/28): According to a plugged-in reader the list price on 650 Turk Street #T204 was reduced $40,000 to reflect the unbundling of a deeded parking space (rather than a reduction in unit pricing).

Symphony Towers Update: 45% In Contract And Opening February 08 [SocketSite]

Posted by socketadmin at 10:30 AM | Permalink | Comments (7) | (email story)

April 23, 2008

An Update (And Reduction) For A Marina Apple To Be: 3342 Divisadero

3342 Divisadero: Living

Two and one-half months ago 3342 Divisadero hit the market with a list price of $1,295,000. Two bedrooms (but only one bathroom), two car parking, top floor, remodeled, and in the heart of the Marina (District 7).

Five weeks ago the list price was reduced $46,000. And yesterday, the price was reduced another $44,000. Now asking $1,195,000. That is $45,000 more than the contract price of two years ago (which would suggest annual appreciation of 1.9% over the past two years). But if a plugged-in tipster is correct, both the kitchen and bath have been remodeled since (which might effectively suggest no appreciation at all).

∙ Listing: 3342 Divisadero (2/1) - $1,195,000 [MLS]
Apples To Apples: 3342 Divisadero (2 Bedroom Condo In The Marina) [SocketSite]

Posted by socketadmin at 6:00 AM | Permalink | Comments (21) | (email story)

April 21, 2008

A Plugged-In Reader Reports: Mission Valencia Reduction/Impression

3184 Mission #302: Floor Plan

Initially priced at $659,000 as part of “Valencia Triangle” (subsequently reduced to $585,000), and then initially priced at $599,000 as part of “Mission Valencia,” a plugged-in reader notes that 3184 Mission Street #302 is now on the market for $549,000 and offers some thoughts and impressions.

I wanted to post my recent impressions of Mission Valencia since some of the only info I could find about the place came [from this site]. I saw several of the units at an open house last week and was most interested in #302, which is currently on the market for $549K (reduced price) with 2 yrs paid HOA. This is one of the smaller, cheaper units.
The unit was very nice and new with a great kitchen and living room. However, the bedrooms were tiny and the bathroom layout seemed odd with the washer/ dryer taking up a lot of the space. The unit also overlooks busy Mission St. and the BART grates, and when the trains went by (which is very often) it was quite loud. There was almost no storage space in the unit, just small closets in the bedrooms. I did not see evidence of the pigeon problem that I had read about [here], but there was a fake owl on the balcony. The balcony was really small and not very usable--I would've rather had storage space.
You have to make your own decision about the neighborhood and how safe you feel there, so I won't go into that. The parking is secured and overall the building seemed secure. You can walk to 24th St. BART and there is bus service on Mission right outside the building. But other than the bars and restaurants in the immediate vicinity of the building, I don't think you'd be able to walk to very many fun places (Noe Valley, Bernal Heights) very easily. But they would be a short drive/trip away.
Overall, the building is nice and new, but the unit still seemed overpriced for what you get even with the incentives and price reductions. However, if you are looking in this price range, it is one of the nicer things I have seen for below 600K. If the price comes down another 50K, I think it would be a great buy. Hopefully, this will help someone out there.

UPDATE: And from another: "Word is that they are really willing to negotiate on these prices. For those interested in 2BR 2BA 1Pkg, it's probably difficult to find a better deal. I think you could get most of the units for 10% less than the listed price, which is already reduced. And don't be bamboozled by the realtor telling you only a few are for sale- they're all for sale. I think only the 2BMR units closed and one unit is in contract. This project has been a financial disaster for the builder as a result of having the condo approvals pulled in spring 2006."

∙ Listing: 3184 Mission #302 (2/1.5) - $549,000 [MLS]
Take Two For Valencia Triangle Mission Valencia (3184 Mission) [SocketSite]
Valencia Triangle (3184 Mission) [SocketSite]

Posted by socketadmin at 3:00 PM | Permalink | Comments (54) | (email story)

April 11, 2008

Homes On Esprit Park: A Two-Bedroom (With Timbers) "Right Pricing"

900 Minnesota #S322

While the first round of reductions might have been limited to new construction one-bedroom units at Homes on Esprit Park, we can confirm that's no longer the case.

Yesterday the list price for 900 Minnesota #S320 was officially reduced $61,620 (5.8%) and the list price for 900 Minnesota #S322 (above) was officially reduced $51,972 (4.9%).

No word on any new price guarantees (or recent references to those of yore).

∙ Listing: 900 Minnesota #S320 (2/2) - $991,830 [MLS]
∙ Listing: 900 Minnesota #S322 (2/2) - $1,007,478 [MLS]
Homes On Esprit Park: The Foreshadowing Comes To Fruition [SocketSite]
A Price Guarantee From (And Proof Of Price Reductions At) Esprit Park [SocketSite]

Posted by socketadmin at 11:00 AM | Permalink | Comments (26) | (email story)

April 7, 2008

Sleepiguy Says: “5.9 Might Be A Possibility” Listing Says: “New Price!”

3400 Clay Street

From a plugged-in “Sleepiguy” last month: "The long expected price reduction [for 3400 Clay] is here! They knocked off about 700k. It's now $6,295,000. Honestly, that's still not enough. 5.9 might be a possibility, but that's pushing it."

From the listing today: “New price reduction!” Now listed at $5,800,000 (a reduction of $495,000 and now $1,300,000 under original asking).

∙ Listing: 3400 Clay Street (4/5) - $5,800,000 [MLS]
Nothing But Numbers (And A Pretty Picture): 3400 Clay Street [SocketSite]

Posted by socketadmin at 10:57 AM | Permalink | Comments (11) | (email story)

April 2, 2008

188 King Street #305 Returns To The Market (And Is Quickly Reduced)

188 King: #305

Originally offered by the developer in May of 2006 for $925,000 (and purchased for said amount according to tax records), 188 King #305 returned to the market a month ago with a list price of $869,000. And two weeks later, that list price was reduced down to $849,000.

As you might recall, it was eighteen months ago that we calculated that only seven of the 44 condos that compose 188 King Street had been sold on the open market despite “multiple releases” and five additional units being advertised as “sold” for marketing purposes (but retained by the developers).

And keep in mind that unsold units ended up becoming rentals (which could affect financing), and a week after the sale of #305 closed escrow the developer cut prices by up to $100,000 (which still didn't manage to move the sales needle at the time).

∙ Listing: 188 King Street (1/2) 1,123 sqft - $849,000 [MLS]
188 King: Phase I Pricing [SocketSite]
188 King Street: The Rents [SocketSite]
The Scoop On 188 King Street: Now Selling Leasing [SocketSite]
Price Reductions At 188 King [SocketSite]

Posted by socketadmin at 1:19 PM | Permalink | Comments (11) | (email story)

March 28, 2008

A SocketSite Reader Reports: 65 Caselli Returns With Just One DOM

65 Caselli

As we wrote a little over two weeks ago:

The listing for 65 Caselli expired without generating a sale (as far as we know). If the seller is in fact "motivated" to sell, we wouldn't be surprised to see the properties return under a new broker. (And perhaps another new price...)

As a plugged-in Trip writes today:

I see that 65 Caselli, oft-featured here for the, um, interesting, bathroom, and significant price reductions is newly listed again. I believe it's now at an even further reduced price, and, of course, "officially" now on the market for 1 day.

And in summary: Originally listed a little over four months ago at $2,295,000, expired a few weeks ago at $1,699,000, and back on the market today at $1,649,000.

∙ Listing: 65 Caselli Avenue (3/4) - $1,649,000 [MLS]
And Sometimes It’s Simply The Sinks (65 Caselli Avenue) [SocketSite]
We Have A Motivated Seller! (But Still Seeking A Motivated Buyer!) [SocketSite]

Posted by socketadmin at 8:57 AM | Permalink | Comments (16) | (email story)

March 21, 2008

An Admittedly Incomplete Update For A Few Featured Properties

From $992,000 in December, to $895,000 in January, to $825,000 today, a short sale at the current list price for 1150 Folsom #1 would represent no appreciation for this Sternberg-Benjamin designed loft since October 2005.

Over in Lower Pacific Heights the list price on the already bank owned 1944-1948 Buchanan has been reduced $100,000 (5.6%), while a few blocks up the hill the listing for 2021 Webster has been withdrawn. And in Noe, one apple is now in contract (480 Duncan) while another is still on the tree (1420 Douglass).

∙ Listing: 1150 Folsom #1 (2/2.5) - $825,000 [MLS]
A Folsom Rausch Lofts Short Sale (Assuming 3.3% Appreciation) [SocketSite]
A “Bitter” Renter Reports: Repossessed In Lower Pacific Heights [SocketSite]
∙ Listing: 1944-1948 Buchanan - $1,695,000 [MLS]
From The Future To The Past (Tense): 2021 Webster Cuts Again [SocketSite]
Another Single-Family Apple On The Noe Valley Tree: 480 Duncan [SocketSite]
Another Look At 1420 Douglass (And A Reader's "Lazy Noe Indicator") [SocketSite]

Posted by socketadmin at 12:30 PM | Permalink | Comments (37) | (email story)

March 18, 2008

Apples To Apples: 3342 Divisadero (2 Bedroom Condo In The Marina)

3342 Divisadero: Living

It’s a top floor, two-bedroom, and seismically retrofitted condo with 2 car parking in the Marina. Its list price was recently reduced $46,000 (3.6%) after just over a month on the market. And a sale at its current list price of $1,249,000 would represent annual appreciation of 4.4% since its purchase for $1,150,000 on 4/14/2006.

Yes, it's almost apple time (which shouldn't be confused with Hammer time).

∙ Listing: 3342 Divisadero (2/1) 1,492 sqft- $1,249,000 [Monica Pauli] [MLS]

Posted by socketadmin at 2:15 AM | Permalink | Comments (65) | (email story)

March 17, 2008

After Two Months Five Cuts On The Condos At 84 Vandewater

84 Vanderwater: Facade

With zero (0) of the five (5) condos at 84 Vandewater in contract after almost two months on the market, the list prices on the units have been reduced from $26,000 (2.8%) to $124,000 (9.9%).

∙ 84 Vandewater #201 (2/2.5) 1,109 sqft - $925,000 $899,000
∙ 84 Vandewater #202 (2/2) 986 sqft - $945,000 $900,000
∙ 84 Vandewater #301 (2/2.5) 1,039 sqft - $1,049,000 $950,000
∙ 84 Vandewater #302 (2/2) 1,009 sqft - $975,000 $915,000
∙ 84 Vandewater #401 (3/2.5) 1,253 sqft - $1,249,000 $1,125,000

84 Vandewater [84vandewater.com] [Floor Plans] [Photos]
Five New North Beach Condominiums Hit The Market: 84 Vandewater [SocketSite]

Posted by socketadmin at 3:00 AM | Permalink | Comments (16) | (email story)

March 11, 2008

A Million "Motivated" Reasons To Get That New Album Out The Door

2505 Divisadero: Exterior

After 330 days on the market at $10,500,000, and a little de-rockstaring, the asking price on 2505 Divisadero has been reduced $1,000,000 (9.5%). And while a year on the market at this price point isn’t too unusual, do keep in mind that it was also on the market for another 475 days at $12,500,000. And the listing now notes, "Motivated!"

On a somewhat related note (the relation being big houses), and as “sleepiguy” noted a few days ago, the list price on 3400 Clay Street has once again been reduced (this time by $700,000 or 10%).

∙ Listing: 2505 Divsisadero (9/7) - $9,500,000 [MLS]
The Monster Comes Roaring Back (2505 Divisadero) [SocketSite]
This Isn't Exactly How Mr. Hammett Used To Roll (2505 Divisadero) [SocketSite]
Rock Star Floor Plan Porn [SocketSite]
Nothing But Numbers (And A Pretty Picture): 3400 Clay Street [SocketSite]

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

March 7, 2008

Another Look At 1420 Douglass (And A Reader's "Lazy Noe Indicator")

1420 Douglass: Living

Another plugged-in reader already stole our thunder (and pretty much all our lines), but to sum it all up: 1. Eight months ago 1420 Douglass was purchased for $1,945,000 ($250,000 over asking); 2. Two months ago it returned to the market with a list price of $2,095,000 (and a few “I don't think it will be on the market for very long” type comments); and 3. Last night the list price was reduced $100,000 (5%).

Granted, the sellers are still asking for $50,000 more than they purchased it for just seven months ago, and we don’t yet have a final sale price, but as our reader notes: "[O]riginally sold 8/09/07, GOOG: $514.73. Today - Not sold, (perhaps) languishing, GOOG: $433.35. Maybe dub dub is on to something with his "lazy indicator"!"

∙ Listing: 1420 Douglass (3/2) - $1,995,000 [MLS]
Not Overheard Everyday (Again): Five Months After Closing, It’s Back [SocketSite]

Posted by socketadmin at 6:27 PM | Permalink | Comments (17) | (email story)

It’s Really Not Often We Get To Write…Reduced Seven Million Dollars

2901%20Broadway%20-%20Living.jpg

If you missed last year’s Decorator Showcase, we just noticed that the listing for 2901 Broadway now features the newly decorated shots (and the virtual tour before and afters).

And there’s good news if you’ve been thinking, “fifty-five is ludicrous, but maybe at forty-eight.” After 322 days on the market, the list price has just been reduced $7,000,000.

Perhaps countering those four offers at fifty-five wasn’t the way to go. Live and learn.

UPDATE: From a plugged-in reader's comment: "I spoke to a contractor about this property who estimated the substructure and engineering work alone on this house could cost 10 million."

∙ Listing: 2901 Broadway (7/7.5) - $48,000,000 [MLS] [Virtual Tour]
Your Chance To Slip Inside 2901 Broadway [SocketSite]
Rumor Has It: Four Offers On The 2007 Decorator Showcase Home? [SocketSite]

Posted by socketadmin at 4:15 AM | Permalink | Comments (18) | (email story)

February 28, 2008

From The Future To The Past (Tense): 2021 Webster Cuts Again

2021 Webster

From “seller relocating” in October, to “seller relocated” today, the list price for 2021 Webster was just reduced another $150,000 (its third cut).

And while it’s now listed at a "drastic" $796,000 (29.5%) under its original asking price of seven months ago, do keep in mind that it’s still priced at $404,000 (17.6%) over what the now relocated seller paid just five months prior to that.

As we wrote in late 2006 (prior to its last sale): “It’s not the ideal block (a lack of single family homes/residential), but the house is stunning and it honestly doesn’t feel narrow in the slightest.” And we're still fans of the ceilings.

UPDATE (5/20): 2021 Webster closed escrow on 5/20/08 with a reported contract price of $2,425,000 (30.6% under orignial asking, but 5.7% over what was paid 16 months prior).

∙ Listing: 2021 Webster (4/3.5) – $2,699,000 [MLS]
RealRecentReductions: You’ve Seen These Before (Will You Again?) [SocketSite]
As Far As We Can Tell, Not Much Has Changed (Other Than The Price) [SocketSite]
Mass Appeal (2021 Webster) [SocketSite]

Posted by socketadmin at 7:49 AM | Permalink | Comments (29) | (email story)

February 20, 2008

Only Eight Five Six Left At The Palms (555 4th Street)

Six months ago the sales office at The Palms (555 4th Street) was advertising “Only 8 Left!” and 3.875% financing. Two months later five new condos magically appeared on the MLS. And since then, four more units (#705, #814, #833, and #907), 2.875% financing (no details on the terms), and a few reductions (from $39,200 to $56,200) have come to be as well (along wih the words “BUILDER CLOSEOUT!!”).

Apparently Only Eight Condos Left At The Palms (555 4th Street) [SocketSite]
The Palms Finds More Inventory And A Resale Hits The Market [SocketSite]

Posted by socketadmin at 7:55 AM | Permalink | Comments (12) | (email story)

February 15, 2008

Okay, So The Fifth Time Wasn’t A Charm But Perhaps The Sixth…

41 Federal: Aerial

Having just recorded its sixth price reduction, the resale list price for 41 Federal #42 has dropped from $939,000 to $869,000 to $850,000 to $830,000 to $813,400 to $797,150 to $781,200 over the course of the past eleven months. It’s now listed at $68,800 (8.1%) under the reduced price that was last being asked by the developer fourteen (14) months ago. And it had better sell soon because we’re running out of images to accompany the updates.

∙ Listing: 41 Federal #42 (1/1.5) - $781,200 [MLS]
Seller Motivated Drastic Price Reduction Penthouse Unit [SocketSite]
And Now We’re Back Below Where We Started [SocketSite]
Going Once, Going Twice…Going Five Times At Shore|Line: 41 Federal [SocketSite]
Savings At Shoreline (41 Federal) [SocketSite]

Posted by socketadmin at 8:43 AM | Permalink | Comments (13) | (email story)

February 11, 2008

Another Apple Is Ripening On The Tree In District Nine: 701 Minna #19

701 Minna

Three months ago we received the following note from a plugged-in reader:

I used to live at [701 Minna #19]. In April 06 I had it listed for $930k and ended up selling for $890k, thinking I made a good choice. Though at the current asking (already been lowered from $1195k to $1095k), it would give the owner about $200k appreciation for only spending maybe $2 to $3k for the motorized sunshade/skylight, maybe the paint job cost an arm and a leg.

And while our reader might have been second guessing himself in November, a tip we received yesterday might put his mind at ease (and some others' not):

Check this one out - first listed early Nov. for $1,195,000 then dropped to $1,095,000, then dropped to $899,000 for a few days and now available for $700,000. Purchased in 2006 for $889,000. It's loaded with loans (check out Property Shark) and sits in the glutted cookie cutter loft ghetto. Looks like a desperate short sale.

And speaking of "others," we'll note that the list price on 701 Minna #3 (about 600 square feet smaller than #19) was recently reduced from $664,900 to $629,900 (the listing still notes: “Seller wants this off the books for jan. Fax any offer today.”).

∙ Listing: 701 Minna #19 (2/2.5) 1,781 sqft – $700,000 [Prudential via Pacific Union]
∙ Listing: 701 Minna #3 (1/1.5) 1,173 sqft – $629,000 [MLS]

Posted by socketadmin at 11:09 AM | Permalink | Comments (38) | (email story)

February 1, 2008

A Folsom Rausch Lofts Short Sale (Assuming 3.3% Appreciation)

Folsom Rausch Lofts (1150 Folsom)

After just under two months on the market, the list price for 1150 Folsom #1 has been reduced $97,000 (9.8%) and the listing now notes: “Subject to lenders approval of short sale.” Keep in mind, however, that a sale at the reduced asking price of $895,000 would still represent annual appreciation of 3.3% over the past couple of years (purchased for $829,000 in October of 2005). And yes, you can figure it out.

∙ Listing: 1150 Folsom #1 (2/2.5) - $895,000 [MLS]

Posted by socketadmin at 2:45 AM | Permalink | Comments (15) | (email story)

January 30, 2008

We Have A Motivated Seller! (But Still Seeking A Motivated Buyer!)

65 Caselli Ave

While the sinks in this single-family home on Caselli Avenue (65) weren’t all that warmly received two months ago (at least in terms of practicality), the overall house, location and price reduction ($295,001 or 12.9%) were. Or as “movingback” commented at the time, “this is a great house - should sell now that the price has been adjusted.”

And while it hasn’t yet sold, the price has been reduced another $300,999 ($200,999 three weeks ago and then by $100,000 yesterday). And yes, the seller remains "motivated!"

∙ Listing: 65 Caselli Avenue (3/4) - $1,699,000 [MLS]
And Sometimes It’s Simply The Sinks (65 Caselli Avenue) [SocketSite]

Posted by socketadmin at 4:00 AM | Permalink | Comments (23) | (email story)

January 28, 2008

An Investor/Contractor (And Perhaps Attorney) “Special” In Bernal

638 Banks: Map

638 Banks in Bernal Heights changed hands in September of 2005 for $780,000 and then again August of 2006 for $658,744 (likely a sale to the bank). And after a month on the market at $549,000, the list price has been reduced $100,000 (now asking $449,000).

Do keep in mind that according to the listing it’s an “investor/contractor special” and there’s a “non permitted garage conversion.” And while not mentioned in listing (at least to the public), there’s a protected tenant as well. Now about those "comps" back in 2005...

∙ Listing: 638 Banks (2/1) - $449,000 [MLS]

Posted by socketadmin at 8:10 AM | Permalink | Comments (14) | (email story)

January 24, 2008

32 Carson Returns To The Market Having Shed A Little Winter Weight

32 Carson: Glass Walkway

A listing for 32 Carson has returned to the MLS having shed a little winter weight ($15,000 on top of the previous $50,000 reduction) and a few months on the market.

Considering the views, location, and income unit generating $1,800 a month, we’re guessing the renovation (which some will love and some will hate) and “easy street parking” (a.k.a. no garage) might be two of the property specfic things keeping buyers at bay.

To quote the quote over the stove, “If life gives you limes, make margaritas.” (And then don't forget to invite us over.)

∙ Listing: 32 Carson (2/2) - $1,3250,000 [MLS]

Posted by socketadmin at 11:02 AM | Permalink | Comments (17) | (email story)

January 23, 2008

Back On The Market (But Not The MLS) In Bernal Heights: 330 Banks

On the market without finding a buyer at $649,000 last fall, 330 Banks is back on the market (but not the MLS) with a list price of $599,000.

330 Banks

Included in the sale are approved plans to add an additional “art studio” and half-bath on first floor. And while it’s usually “showings by appointment only,” it will be open this Sunday (1/27) for just one half-hour (from 2:00 to 2:30) if you want to take a peek.

330 Banks: Approved Plan

Keep in mind that this single-family Bernal Heights home was purchased two and one-half years ago for $700,000 (on 6/8/2005). And yes, the sale at $700,000 was likely used as a local comp a couple of years ago. And so on. And so forth.

∙ Listing: 330 Banks (1/1) - $599,000 [330banksstreet.com]

Posted by socketadmin at 3:30 AM | Permalink | Comments (32) | (email story)

Homes On Esprit Park (888 Minnesota): A Two Joins The Ones

Esprit Park #S322: Floor Plan

Last week we wrote, “No word, however, on any movement (either in terms of sales or reductions) for the two and three bedroom units [at Homes on Esprit Park].”

And today we note, the list price on 888 Minnesota #S322 (two bedroom/two bath) has been reduced $52,000 (4.7%).

Homes On Esprit Park: The Foreshadowing Comes To Fruition [SocketSite]
∙ Listing: 888 Minnesota #S322 (2/2) - $1,053,450 [MLS]

Posted by socketadmin at 3:05 AM | Permalink | Comments (5) | (email story)

January 21, 2008

The Backside, View, And Rather Big "Right Pricing" Up On Miguel

The backside of 71-73 Miguel

After a little over two months on the market, the list price on 73 Miguel has been lowered $420,000 (12.7%). No word on what’s happening with number 71 next door (which was originally listed for $2,995,000 or $300,000 less than number 73).

And if nothing else, we’re using this as an excuse to finally run a photo of the house’s backside (and the view through all that great glass).

The views from 71-73 Miguel

UPDATE (1/24): The list price on 71 Miguel has been reduced $346,000 (now listed at $2,649,000).


∙ Listing: 73 Miguel (4/3.5) - $2,875,000 [MLS] [71-73miguel.com]
A Peek Inside (And Prices For) The Modern Duo On Miguel [SocketSite]

Posted by socketadmin at 3:15 AM | Permalink | Comments (2) | (email story)

January 16, 2008

Seriously Seeking Rejected Offers (To Save Someone Else The Effort)

247 Gates

It’s a single-family home in Bernal, its list price has been reduced from $950,000 to $889,000, and it's now advertising “All Offers Will Be Considered Seriously.”

Obviously “considered” isn’t the same thing as “accepted.” So if you’ve taken the time to make an offer that wasn’t “considered seriously enough,” perhaps you’d be so kind as to share (and save someone else some wasted effort).

∙ Listing: 247 Gates (2/2) - $889,000 [MLS]

Posted by socketadmin at 12:39 PM | Permalink | Comments (19) | (email story)

Bank Owned And Back On The Market In Bayview: 1570 Underwood

1570 Underwood Avenue: Map

Purchased for $825,000 in September of 2006, it appears that the bank bought 1570 Underwood Avenue for $697,471 in August of 2007. And while the home was back on the market for two weeks at $779,700, the list price has now been cut to $445,000 (plus "the bank will credit $10,000 towards closing costs and [pay] a $3,000 bonus to [the] selling agent”).

And while it’s entirely possible that this was simply a sale to someone who couldn’t actually afford the payments in the first place, what happens to those who can afford their payments and relied on this sale as a friendly neighborhood “comp” not too long ago?

UPDATE: And the inside scoop from the plugged-in Realtor:

Yes it sold for $825,000 in September 2006. 100% financing. Had other inflated comps at the time to support the appraisal. Buyers probably could not afford it and were put into a loan product that was too good to be true. It went into foreclosure, the lender for the 2nd lost everything, the 1st lender took back the property for the value of their original loan plus legal costs and lost interest..and property taxes that will be collected through escrow on the sale. I saw the house and actually live about 5 blocks away. It is beaten up and shows very poorly. The bank needs to dump it to get the nonperforming asset off of its books. Thus the $435K asking price. My guess is that it will sell for around $400,000. But as a long-term buy and hold, it is THE time to buy. Things will come around, part of the economic cycles. But it very well could go lower in the shorter term. Impossible to time the bottom of any market.

[UPDATE (2/26): 1570 Underwood Avenue closed escrow on 2/22/08 with a reported contract price of $445,000 (not including the $10,000 credit towards closing costs).

∙ Listing: 1570 Underwood Avenue (3/2) - $445,000 [MLS]

Posted by socketadmin at 2:30 AM | Permalink | Comments (32) | (email story)

January 15, 2008

Homes On Esprit Park: The Foreshadowing Comes To Fruition

Esprit Park Floor Plan: S102

Two months ago we noticed (and plugged you in to) a subtle change on the Homes on Esprit Park website: The "Anticipated Price Range" for 1 bedroom/1.5 bath homes was changed to start from the “Low $600,000’s” versus the original “Upper $600,000’s.” And at the time, we also called your attention to the introduction of “price guarantees” against future price reductions.

And while the Esprit Park website continues to read from the “Low $600,000’s,” it could technically be changed again to read from the "High High $500,000’s” as the list price for 888 Minnesota #S102 was reduced again late last week, this time from $626,240 to $594,928 (a reduction of 5.0%). And the list price for 888 Minnesota #S115 was also reduced from $635,420 to $603,649 (a 5.0% cut as well).

No word, however, on any movement (either in terms of sales or reductions) for the two and three bedroom units. Or whether of not the offering of price guarantees will be extended (originally for condos placed into contract through December 15, 2007).

A Price Guarantee From (And Proof Of Price Reductions At) Esprit Park [SocketSite]
∙ Listing: 888 Minnesota Street #S102 (1/1.5) - $594,928 [MLS]
∙ Listing: 888 Minnesota Street #S115 (1/1.5) - $603,649 [MLS]

Posted by socketadmin at 5:00 AM | Permalink | Comments (20) | (email story)

January 14, 2008

Reductions And Returns At The Ritz-Carlton Residences (690 Market)

San Francisco's Ritz-Carlton Residences (www.SocketSite.com)

Eight months after advertising “sold out” (at least with regard to the original 52 condos), just over 20% of the Ritz-Carlton Residences (690 Market) are officially back on the market. And at least seven of those original fifty-two are currently available through the sales office (which would suggest a contract fall out rate of at least 13%).

Of the twelve listings, three are for one-bedrooms: #1605 which is a resale and asking $1,497,000; #1705 which is a resale and asking only $2,000 more; and #1805 which is being offered directly from the sales office, but for $2,000 less ($1,495,000).

690 Market Street #2104

And while a price reduction on a resale unit is one thing (the list price on #2104 was just reduced by $252,000 (6.7%) after two months on the market), it’s another when the reductions are on units being offered through the sales office itself (the list price for #1103 has been reduced by $104,000 (4.5%) since hitting the MLS five months ago).

The Ritz-Carlton Adds Five More Private Residences (Now 57) [SocketSite]
∙ Listing: 690 Market #1605 (1/1.5) - $1,497,000 [MLS]
∙ Listing: 690 Market #1705 (1/1.5) - $1,499,000 [MLS]
∙ Listing: 690 Market #1805 (1/1.5) - $1,495,000 [MLS]
∙ Listing: 690 Market #1103 (2/2.5) - $2,195,000 [MLS]
∙ Listing: 690 Market #2104 (3/3) - $3,498,000 [Sotheby’s] [MLS]
Four More Listings! (And At Least One Reduction At The Ritz) [SocketSite]

Posted by socketadmin at 3:30 AM | Permalink | Comments (87) | (email story)

Mission Valencia (3184 Mission): Priced From $599,000 $585,000

3184 Mission: Interior (Image Source:

While first priced at $659,000 as part of “Valencia Triangle” in June of 2006, and then at $599,000 when when the building re-released as “Mission Valencia” this past November, the list price for 3184 Mission Street #302 was just reduced $14,000 (now "Priced from $585,000"). At the same time, the list price for #401 (which represents the upper end of the twenty condos in the building) was reduced from $799,000 to $749,000.

Take Two For Valencia Triangle Mission Valencia (3184 Mission) [SocketSite]
Valencia Triangle (3184 Mission) [SocketSite]
∙ Listing: 3184 Mission Street #302 (2/2) - $585,000 [MLS]
∙ Listing: 3184 Mission Street #401 (2/2) - $749,000 [MLS]

Posted by socketadmin at 3:00 AM | Permalink | Comments (21) | (email story)

January 11, 2008

Figure Out How To Fix The Façade And You’ll Probably Fare Quite Well

2550 Greenwich (www.SocketSite.com)

Compared to 2045 Quesada, it’s really not that bad. But then again, that’s not saying too much (or a design benchmark to which we would aspire). And perhaps that’s part of the reason the list price for 2550 Greenwich was just dropped $550,000 (15.7%).

And while we’re still trying to decipher the listing, it does appear that in addition to the three bedroom two and one-half bath main home (with elevator), the list price includes a guest cottage of 2,068 square feet as well (not to mention five parking spaces).

Figure out how to fix the façade and you’ll probably fare quite well (and garner the gratitude of more than one neighbor on the block).

UPDATE (2/22): 2550 Greenwich closed escrow on 2/21/08 with a reported contract price of $2,850,000.

∙ Listing: 2550 Greenwich (3/2.5) - $2,950,000 [MLS]
At Least It Has The Requisite Bay Windows, Right? [SocketSite]

Posted by socketadmin at 3:45 AM | Permalink | Comments (21) | (email story)

January 7, 2008

If You’re Going To Live At The Summit, You Might As Well Live Large

What once was a two-bedroom is now a one-bedroom at The Summit (999 Green #1204).

999 Green #1204: Current Floor Plan

And while the listing (which was recently reduced by $55,000) includes two proposed floor plan alterations for reclaiming the second bedroom (although at least one appears to omit a requisite closet), we’ll also note that #1205 is on the market as well.

999 Green #1204: Proposed Floor Plan

Forget trying to reclaim that second bedroom, if you’re going to live large at The Summit, why not buy both condos and figure out a way to make them one? And at the very least, might we suggest investigating alternate fire rated glass solutions for the dining room?

999 Green #1204: Dining Room View

It’s a crime to taint that view. (Or should we say it feels almost criminal...)

∙ Listing: 999 Green #1204 (1/2) - $2,195,000 [999Green1204.com] [MLS]
∙ Listing: 999 Green #1205 (1/1) - $1,275,000 [MLS]

Posted by socketadmin at 1:05 PM | Permalink | Comments (8) | (email story)

Thirteen More "Anecdotes" Of Distressed Listings In Districts 8 And 9

The Metropolitan (355 1st Street)

From a plugged-in Damion Matthews at LiveInSF:

I did just do some research last night on Short Sale and REO listings in districts 8 and 9 – there’s quite a bit. Not as much as in other parts of the state, of course, but more than we’ve seen in those neighborhoods before. I found 13 listings, and 8 of them are lofts. They’re all under $1 million.

Included in the mix is 950 Harrison Street #202 which is 1,120 square feet, has been on the market for two months, and is currently listed for $575,000 (“sold last year for $699,000”). And #S2303 at The Metropolitan (355 1st Street) which is now bank owned, 691 square feet, and listed at $519,000 $599,000 (see UPDATE below).

And no, neither of those two "anomalies" we noted last week (246 2nd Street #1302 and 41 Federal #42) are included in Damion’s thirteen. Nor are any of these in District 10.

UPDATE: Since publishing this story this morning the list price on 355 1st #S2303 has in fact been raised from $519,000 to $599,000. Sorry about that folks.

Distress Deals [LiveInSF]
∙ Listing: 950 Harrison Street #202 (1/1.5) - $575,000 [MLS]
∙ Listing: 355 1st Street #S2303 (1/1) - $519,000 $599,000 [MLS]
One Part Bank And One Part New Building, But Any Parts New Market? [SocketSite]
Going Once, Going Twice…Going Five Times At Shore|Line: 41 Federal [SocketSite]

Posted by socketadmin at 9:40 AM | Permalink | Comments (26) | (email story)

January 4, 2008

One Part Bank And One Part New Building, But Any Parts New Market?

The current view from 246 2nd Street #1302

It was a little over a month ago that the listing for the bank owned 246 2nd Street #1302 was touting “By far, the best value in soma!” and “Priced $80K Below Last Sales Comp in Building!” And while it’s still advertising “the best value in soma!”, the price has been reduced $42,000 (5%) and it’s now “Priced $120K Below Last Sales Comp in Building!” That’s not likely to be a neighbor(hood) pleaser.

And while that’s the current view from the condo above, plugged-in people know what's happening in the market (and can plan accordingly): “When I first saw the listing I assumed that the owner saw the proposed building at 222 Second Street (see virtual view from 555 Mission posted here last week) and decided to sell before the "commanding view of downtown" became a commanding view of some dude's office.”

∙ Listing: 246 2nd Street #1302 (2/2) 1,049 sqft - $802,900 [246-2nd.com]
Something Tells Us That “By Far” Wasn’t By Accident [SocketSite]
The Things You Can See From Those Virtual Views (222 2nd Street) [SocketSite]

Posted by socketadmin at 11:45 AM | Permalink | Comments (29) | (email story)

Going Once, Going Twice…Going Five Times At Shore|Line: 41 Federal

Map of 41 Federal Map

We didn’t bother to mention it when the list price on "penthouse" unit #42 at Shore|Line (41 Federal) was dropped from $830,000 to $813,400 this past November. But along with its fifth price reduction yesterday (from $813,400 to $797,150), comes another mention today.

To recap, over the course of the past ten months the list price for this modern condo “in the heart of South Beach” has dropped from $939,000 to $869,000 to $850,000 to $830,000 to $813,400 to $797,150. And apparently it ended up being owned by the bank (REO) along the way.

And once again, while asking 15.1% less than ten months ago might simply speak to a change in expectations, it’s the fact that it’s now listed at $52,850 (6.2%) under what was last being asked by the developer fourteen (14) months ago that just might speak to a change in the market.

∙ Listing: 41 Federal #42 (1/1.5) - $797,150 [MLS]
And Now We’re Back Below Where We Started [SocketSite]
And Now We’re Back Where We Started At (41 Federal) [SocketSite]
Seller Motivated Drastic Price Reduction Penthouse Unit [SocketSite]
Savings At Shoreline (41 Federal) [SocketSite]

Posted by socketadmin at 3:00 AM | Permalink | Comments (81) | (email story)

December 28, 2007

Another Chance To Get In Good With The Neighbors?

689 Brunswick

Purchased three years ago for $658,000 (with a variable rate first mortgage of $526,400 and a fixed rate second mortgage of $131,600), 689 Brunswick has been on the market for 71 days and is currently listed for $699,000 (having been reduced from $714,417 two weeks ago and $704,407 the week after that). A sale at asking would represent annual appreciation of 2.0% over the past three years.

According to the listing the house is being used as an "unofficial" boarding house "but the owner, who lives there, will turn it over vacant" (perhaps another chance to get in good with the neighbors). And yes, "may require lender's approval of a short payoff."

And as an aside, we can't help but imagine how the addition of just a tiny bit of grass might enhance the curb appeal of the home (and would welcome any others' Photoshopping handiwork with open arms):

689 Brunswick with 'grass'

UPDATE: Okay, so we have to admit we were thinking more along the lines of photochopping the landscaping or façade to improve the curb appeal (and greenness of the home), but then again it is Friday:

"In preservationist-happy SF, houses with history hold extra appeal. A historic photo and a bit of history (possibly the one-time love nest for Mayor Schmitz) add a bit of dash to this otherwise Caspar Milquestoastesque dwelling."

689 Brunswick circa 1906

∙ Listing: 689 Brunswick (3/1) - $699,996 [MLS] [Map]

Posted by socketadmin at 9:32 AM | Permalink | Comments (34) | (email story)

December 18, 2007

San Francisco Idea House Update: Open Into January And A Reduction

1303 Alabama: Master Bath

As a plugged-in reader noted last week, Sunset’s San Francisco Idea House webpage has been updated to read:

The San Francisco Idea House will be open from 11/30/2007 through 1/27/2008 Friday, Saturday, and Sunday 9am-4pm. PLEASE NOTE THE HOUSE WILL BE CLOSED THE WEEKEND OF 12/21 and 12/28 due to the holidays. After the holidays we will resume our open schedule the weekend of 1/4/2008.

And if you were interested in 1303 Alabama but didn't think it was worth more than a million, we’ll note that it was just reduced $94,000 (or 8.6%) and is now listed (along with some new interior photos) at $995,000.

Sunset’s 2007 San Francisco Idea House Officially Opens Its Doors [SocketSite]
Sunset’s 2007 San Francisco Idea House: A Few Facts [SocketSite]
∙ Listing: 1303 Alabama (2/2.5) -$995,000 (TIC) [MLS]

Posted by socketadmin at 9:10 AM | Permalink | Comments (5) | (email story)

December 10, 2007

The Potrero (451 Kansas): Now From Under $400,000 (Just Barely)

It was over a year ago that The Potrero (451 Kansas) began advertising “New homes in old San Francisco from the low $400,000s.” But this weekend (and roughly two months after we noted at least one official price reduction) the prices on a “new release” of studios slipped below $400,000 (okay, so $399,000). And two-bedrooms are now starting "under $700,000" (yes, $699,000).

The Potrero (451 Kansas): From The Low $400,000s [SocketSite]
A Few More Small (But Interesting) Reductions In New Developments [SocketSite]

Posted by socketadmin at 3:15 AM | Permalink | Comments (2) | (email story)

December 5, 2007

Another Apples To Apples Comp In The Making (In The Marina)

3324 Octavia Street

The list price for 3324 Octavia #4 was reduced for the second time yesterday and the sellers of the “[f]abulous one bedroom condo located in the highly desirable marina district” are now asking $749,000 (which is $50,000 less than the original list price of 48 days ago).

And yes, $749,000 is $1,000 less than what the sellers paid for the condo three and one-half years ago (7/16/2004).

∙ Listing: 3324 Octavia Street #4 (1/1) - $749,000 [MLS]

Posted by socketadmin at 2:45 AM | Permalink | Comments (43) | (email story)

December 3, 2007

Do You Think They Thought They Paid Too Much For It At The Time?

1580 Masonic: Master Bedroom (Image Source: 1580masonic.com

As both readers and tipsters alike note, the list price on 1580 Masonic has once again been reduced (this time by $400,000 or 11.8%). And it’s now listed for $704,000 (19.0%) below its original asking price and $505,000 (14.4%) less than what the sellers paid twenty (20) months ago ($3,500,000).

Could “Priced Right” In Ashbury Heights Be Less Than What Was Paid? [SocketSite]
∙ Listing: 1580 Masonic (3/2.5 and 1/1) - $2,995,000 [1580masonic.com]
Sometimes It’s Simply The Small Things: 1580 Masonic [SocketSite]

Posted by socketadmin at 2:55 AM | Permalink | Comments (32) | (email story)

November 28, 2007

And Sometimes It’s Simply The Sinks (65 Caselli Avenue)

65 Caselli: Sinks

It’s hard to tell if the quick price reduction ($295,001 or 12.9% after twenty days on the market) has more to do with marketing or the “motivated seller!” Regardless, it’s actually the bathroom sinks that first caught our attention. Now if only we could figure out where to keep our toothbrushes and toothpaste (without messing up the aesthetic).

∙ Listing: 65 Caselli Avenue (3/4) - $1,999,999 [MLS]

Posted by socketadmin at 7:15 AM | Permalink | Comments (15) | (email story)

November 27, 2007

Could “Priced Right” In Ashbury Heights Be Less Than What Was Paid?

1580 Masonic: Living

A plugged-in tipster notes another price reduction on the listing for 1580 Masonic (this time by $200,000 or 5.6%). And while the price reduction might not be all that telling (in and of itself), and perhaps it simply wasn’t “priced right” to begin with (as some like to say), our tipster also notes that this nicely finished Ashbury Heights home is now listed for $105,000 less than what the sellers paid for it in March of 2006 ($3,500,000).

And no, asking price and selling price aren't the same thing. But we will keep you posted (and plugged-in).

∙ Listing: 1580 Masonic (3/2.5 and 1/1) - $3,395,000 [1580masonic.com] [Alain Pinel]
Three Good Sized Homes, Neighborhoods, And (Mostly) Reductions [SocketSite]
Sometimes It’s Simply The Small Things: 1580 Masonic [SocketSite]

Posted by socketadmin at 4:00 AM | Permalink | Comments (72) | (email story)

November 26, 2007

Since It’s Family, Might We Suggest An Early Holiday Present?

2104 24th Street

The list price on 2104 24th Street was reduced $105,000 in August, $100,000 in September, and $20,500 in November (now listed at 20.5% below the original asking). And considering the “[a]gent is related to owner,” we can only imagine the delicate conversation around the dinning room table this past Thanksgiving.

And while the interior sounds quite nice (“Renovated kitchen, teak floors and fireplace in living room…Mexican tile in kitchen and bath…2nd fireplace in front large bedroom, [and] hardwood floors.”), the lack of pictures in the listing leaves us only guessing (rather than actually inquiring).

And it also leaves us wondering if an early holiday present (in the form of a new camera) might be in order. After all, it is family (and it is Cyber Monday).

∙ Listing: 2104 24th Street (3/1.5) - $874,500 [MLS]

Posted by socketadmin at 10:19 AM | Permalink | Comments (19) | (email story)

The Cost Of Failing To Accurately Manage (Market?) Expectations

723 Bay Street Patio

It was almost two months ago that we noted the ceiling of 723 Bay Street (with which we were quite enamored along with the master bath and patio).

And while we didn’t point out the $155,000 (7.2%) price reduction last month, we are pointing out the additional $220,000 (11.0%) price reduction that occurred last week. And the situation (which might make it an opportunity, and also serve as a warning, for a truly plugged-in person): “…must sell…owner in escrow on another property….”

∙ Listing: 723 Bay Street (2/1.5 and 1/1) - $1,775,000 [MLS]
What Can We Say, We’re Suckers For A Nice Ceiling (723 Bay) [SocketSite]

Posted by socketadmin at 3:00 AM | Permalink | Comments (4) | (email story)

November 16, 2007

A Price Guarantee From (And Proof Of Price Reductions At) Esprit Park

While the Homes on Esprit Park website was originally advertising 1 bedroom, 1.5 bath homes from the “Upper $600,000’s,” we note that it now reads from the “Low $600,000’s.” And in fact, according to a sales office email forwarded from a plugged-in tipster, they are now starting “around $626,000.”

And while we were going to call it foreshadowing (prior to noticing that “upper” to “lower” change), the Homes on Esprit Park sales office is now offering price guarantees (against future price reductions):

The team at Homes on Esprit Park and Build, Inc. want to ensure our future homeowners their investment in our wonderful community is secure and represents very good value in today’s dynamic marketplace. To bring you that confidence, through December 15th of this year, any home placed in contract will come with a price guarantee that assures you of the value of your investment near the close of escrow on your home.
When you purchase a home in our community, we will assign one or more similar properties in the project to your purchase contract. Should any of those assigned homes reduce in price or be sold at a lesser price than originally listed, we will reduce the price of your home as well by the same percentage amount prior to your close of escrow. No questions asked.
We understand that in uncertain markets, even exceptional communities like Homes on Esprit Park need to address the investment concerns of their clientele, and with this price guarantee we hope to do so for you. With our model units expecting to be delivered at the beginning of the year, a rebound in the lending market (already underway) and much greater progress on construction, we anticipate vibrant activity and sales in the new year. That’s why this offer is extended only through the pre-holiday season and only to our registered customers.

And no, we don’t know if the price guarantee applies to those who are already in contract (or whether or not we should have filed this one under "trends").

Sales Office For Esprit Park (888 Minnesota) Opens Tomorrow (10/5) [SocketSite]
Homes on Esprit Park: Pricing [espritpark.com]

Posted by socketadmin at 3:00 AM | Permalink | Comments (31) | (email story)

November 9, 2007

Citrino (566 South Van Ness): Two Bedrooms Now From $599,000

Citrino Ad: 11-9-07

A tipster forwards the latest from the sales office at Citrino now advertising two-bedrooms from $599,000 (including two years of pre-paid HOA dues and parking) and one-bedrooms from $449,000.

As you might recall, it was two months ago that Citrino was advertising two-bedroom homes “starting at $675,000” and one-bedrooms “starting at $475,000.” And prior to that it was simply “in the $500’s - $700’s.”

Reductions (And A New Release) At Citrino (566 South Van Ness) [SocketSite]
New San Francisco Condo Developments: Citrino & The Lambourne [SocketSite]

Posted by socketadmin at 2:30 PM | Permalink | Comments (18) | (email story)

November 5, 2007

An Opportunity To Try Before You Buy In The Making? (338 Holladay)

338 Holladay on Craigslist

While the list price on 338 Holladay has once again been reduced (this time by $50,000 or 5.6%), a tipster notes that it’s now being offered for rent as well ($4,000 a month). And if you're tempted to buy, but not entirely sold, perhaps a lease option might be in order.

And once again, it’s now officially (in terms of MLS statistics) 30 days on the market (despite first being listed for $1,279,000 fifteen months ago). And if it sells for $850,000, it will be yet another example of a property selling for "over asking!"

∙ Listing: 338 Holladay (2+/3) - $849,000 [338holladay.com]
$4000 / 3br - Fabulous, New Eco-friendly, 3 Level…“Green Home” [Craigslist]

Posted by socketadmin at 3:00 AM | Permalink | Comments (4) | (email story)

October 31, 2007

Those Aren’t “Reductions," They’re “Flex Purchase Incentives”

Two months ago the sales office at 170 Off Third was “excited to offer a 5.625% interest rate on all remaining two-bedroom residences!” Today they are offering “a $15,000 Flex Purchase Incentive on all two- and two-plus residences sold through year end” which can be used on “a wide array of interior upgrade options, HOA credits or closing costs.”

Remember buyers/neighbors, they’re “Flex Purchase Incentives” (and not “Reductions”).

A Few New Incentives For Both Buyers And Brokers In San Francisco [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (37) | (email story)

October 24, 2007

300 Sea Cliff: $3,900,000 Reduction (After An $8,000,000 Renovation)

300 Sea Cliff (Image Source: 300seacliff.com)

57 months (no not days) after first hitting the market for $23,500,000, and nine months after undergoing an $8,000,000 renovation (and subsequently raising its asking price by $2,400,000), the list price on the Captain's House (300 Sea Cliff) has been reduced by $3,900,000 and it’s now listed for $22,000,000. And yes, we liked the brick better as well.

∙ Listing: 300 Sea Cliff Avenue (5/5.5) - $22,000,000 [Sotheby's] [MLS]
Top Five San Francisco Trophy Homes [SocketSite]
The $8,000,000 Man Renovation [SocketSite]
Another Chance At (For?) The Captain's House (300 Sea Cliff Ave) [SocketSite]
Checking In On 300 Sea Cliff Ave [SocketSite]

Posted by socketadmin at 10:24 AM | Permalink | Comments (27) | (email story)

October 19, 2007

A Few More Small (But Interesting) Reductions In New Developments

1234 Howard and The Potrero

That small reduction on the studio (#2E) at 1234 Howard just went from $10,000 (2.3%) to $30,000 (7.0%). And forget the free appliances, pre-paid HOA dues and“free interior designer consultation,” we’re focused on the first evidence of an “official” price reduction at The Potrero.

After six months on the market, the list price for 451 Kansas #492 has been reduced by $15,000 (1.8%). And yes, it’s still advertising “2 years paid hoa + appliances!!!” The free designer consultation? Ask nicely and we bet they’ll throw that in as well.

∙ Listing: 1234 Howard #2E (0/1) - $399,000 [MLS]
∙ Listing: 451 Kansas #492 (2/2) - $829,880 [MLS]
1234 Howard: A Sales Update (And At Least One Small Reduction) [SocketSite]
Those Amazing Automated Aluminum Louvers On 1234 Howard [SocketSite]
The Potrero (451 Kansas): Now 60% “Sold” And Closing Contracts [SocketSite]

Posted by socketadmin at 3:30 AM | Permalink | Comments (6) | (email story)

October 17, 2007

Six New Condos (And At Least One New Price): 1335 Fulton Place

1335 Fulton Place

1335 Fulton Place (at Divisadero) consists of six new condos, three of which are "now available," and only one of which (#201) is currently listed on the MLS. And although the website for 1335 Fulton Place advertises “starting at $849,000,” we will note that the list price for the aforementioned #201 was just reduced by $54,000 (6.4%) after a little under a month on the market. And it's now listed at $795,000.

1335 Fulton: Inside

The development features new construction, parking, and a large shared roof deck with elevator access (don't get us started). And while it might not be the same for all six of the units, do keep in mind that while the property website notes “2 baths,” according to the MLS listing for #201 one of those two baths is actually a “powder room” (i.e., half bath).

UPDATE: And for those of you who don't bother to peruse the comments: "Heard a rumor that a Bar Crudo will be opening in the area soon. Fingers crossed."

UPDATE: Feel free to uncross those fingers: "Bar Crudo is opening in the space across from the independent."

1335 Fulton Place [1335Fultonplace.com]
∙ Listing: 1335 FULTON ST #201 (2/1.5) - $795,000 [MLS]

Posted by socketadmin at 10:00 AM | Permalink | Comments (47) | (email story)

October 16, 2007

Fast Sale Wanted! Must Sell. All Offers Considered. Or Not.

1255 California #603

A month ago (and after two months on the market) 1255 California #603 was listed as: “Reduced! Fast sale wanted! Vacant! Gorgeous view! Renov kitchen! Fabulous opportunity. Owner is in contract on house purchase in palm springs. Must sell. All offers considered.”

And today it’s still a “Fabulous opportunity,” but apparently it’s “Also available for rent!” (long gone are the references to a fast sale, “must sell,” and “all offers considered”).

Purchased for $975,000 three years (and three days) ago, a sale at the reduced price of $1,099,000 (originally listed at $1,168,000) would represent average annual market appreciation of 4% over the past three years for this Nob Hill condo with views. And yes, that average includes a strong 2005.

Oh, and if you’re looking for the wood burning fireplace it’s hidden behind the television (naturally).

UPDATE: A plugged-in reader picks it out of the Craigslist rental line-up. They're asking $4,500 a month which would pencil to a cap rate of roughly 3%.

∙ Listing: 1255 California Street #603 (2/2) - $1,099,000 [MLS]

Posted by socketadmin at 8:52 AM | Permalink | Comments (13) | (email story)

October 11, 2007

A Case Of Premature Reduction At 1751 Beach In The Marina?

1751-1753 Beach Street

Perhaps it’s simply a case of premature reduction. (And yes, we’re sure that’s never happened before.) Regardless, after three weeks on the market the list price for 1751 Beach Street was reduced from $1,595,000 to $1,445,000.

We’ll note that this 1,440 square foot condo in the Marina last changed hands two years ago (9/30/2005) at a contract price of $1,400,000. A sale at the original list price would have represented annual appreciation of 6.6% over the past two years. A sale at the reduced list price would represent annual appreciation of closer to 1.6%.

Yes, the master suite could benefit from a few more windows. Yes, you're welcome (if not encouraged) to wager amongst yourselves. And yes, we’ll keep you posted.

∙ Listing: 1751 Beach Street (3/2) - $1,445,000 [MLS]

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October 10, 2007

RealRecentReductions: You’ve Seen These Before (Will You Again?)

A Few Reduced Homes

As a number of readers have noted, the list price on 1307 Bay Street #3 in the Marina has been reduced for a fourth time (now listed at $1,069,000). Why’s that relevant? Well, you might want to look at the comps.

A new addition to the listing for 2021 Webster: "seller relocating.” And another new addition (or perhaps subtraction): a "drastic" price reduction of $499,200 (14.3%). Yes, even with the reduction it’s still listed at $700,800 over what the seller paid eight months ago. And no, it still doesn’t appear that any major work was done on the house during that time.

And while it’s still $495,000 over what one reader would consider a “grand slam” price (for the sellers), the price on 3383 Clay Street has been reduced another $500,000 (now listed at $3,495,000). Oh, and the asking price for the bones of 646 Balboa has been reduced $346,000 (26.7%). It's now listed at $949,000.

And while we haven’t actually mentioned 2502 Leavenworth before, we can’t help but note last month's “Dramatic price reduction!” of $955,000 (14.8%). We probably would have gone with a reduction of $1,000,001 and "Over a million off!", but hey, that's just us.

Damn Those Direct Comps In The Marina (1307 Bay Street) [SocketSite]
As Far As We Can Tell, Not Much Has Changed (Other Than The Price) [SocketSite]
Three Good Sized Homes, Neighborhoods, And (Mostly) Reductions [SocketSite]
That’s A Lot Of Lot Value (646 Balboa) [SocketSite]
∙ Listing: 2502 Leavenworth (5/4.5) - $5,495,000 [MLS]

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October 8, 2007

Just In Time For The Holidays 338 Holladay Returns (For Even Less)

338 Holladay

And speaking of Holidays, 338 Holladay is back on the market. As you might recall, this modern Green home first hit the market in July of 2006 for $1,279,000 and was systematically reduced down to $994,000 before being withdrawn. It was an outcome that caused the owner/developer to decree that people "couldn't care less” about being green.

And while we don’t (and didn’t) agree (that people could care less), we continue to believe that very few people are willing to go green at the expense of design or location. And while neither of those two things have changed for this property, we will note that the price once again has (now asking $899,000 or 30% below the original list).

And yes, it's now officially four days on the market and a new new "original list" price of $899,000 (at least in the eyes of the MLS and their reported statistics).

∙ Listing: 338 Holladay (3/3) - $899,000 [Zephyr]
Not Our Cup Of Tea [SocketSite]
RealRecentReduction: Previously Featured Edition [SocketSite]
A Tale Of Two Green Houses [SocketSite]

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October 3, 2007

A Rare Opportunity Returns In Bernal (368 Prentiss)

368 Prentiss

It was “a rare opportunity to own sunny cottage with separate artist studio in desirable Bernal Heights neighborhood” for $599,000 in July. And while it’s still “a rare opportunity” (their words, not ours), it’s now for “the creative handyman” (euphemism alert) and available for $569,000. Oh, and on lock box and “offers anytime.”

∙ Listing: 368 Prentiss (2/1) - $569,000 [MLS]

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October 2, 2007

And Now We’re Back Below Where We Started

Shoreline #42: Floor Plan

The floor plan above might look familiar as "penthouse" unit #42 at Shore|Line (41 Federal) has returned to the market. And yes, the asking price has now dropped from $939,000 to $869,000 to $850,000 to $830,000 over the course of the past seven months.

And while asking 11.6% less than seven months ago might speak to a change in expectations, it’s the fact that it’s now listed at $20,000 (2.4%) under what was last being asked by the developer eleven (11) months ago that might speak to a change in the market.

∙ Listing: 41 Federal #42 (1/1.5) - $830,000 [MLS]
Seller Motivated Drastic Price Reduction Penthouse Unit [SocketSite]
And Now We’re Back Where We Started At (41 Federal) [SocketSite]
Savings At Shoreline (41 Federal) [SocketSite]

Posted by socketadmin at 3:00 AM | Permalink | Comments (14) | (email story)

October 1, 2007

1234 Howard: A Sales Update (And At Least One Small Reduction)

1234 Howard

A few plugged-in tipsters note that “just three 2-bedroom homes” (out of the original six) remain available at 1234 Howard. And while relatively small (but big enough to fund the purchase of a Le Corbusier or two), the price on the studio (#2E) has been reduced $10,000 (2.3%). No word on any other reductions (or sales).

∙ Listing: 1234 Howard #2E (0/1) - $419,000 [MLS]
QuickLinks: 1234 Howard: A Few List Prices (And A Reader’s Review) [SocketSite]
Those Amazing Automated Aluminum Louvers On 1234 Howard [SocketSite]

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September 28, 2007

The Irony Continues: Another $400,000 Off Of The Old Droubi HQ

4128 24th Street: The Ex-Droubi Real Estate HQ

As a plugged-in tipster notes, the list price on 4128 24th Street (the former home of Droubi Real Estate) was just reduced another $400,000 (13.4%). It’s now listed at $2,595,000 (25.8% below original) and advertising: "Seller will carry second deed of trust."

And while it might simply have been priced too high to begin with, we once again find ourselves biting our tongues. Oh, and re-reading a few of the comments the last cut evoked in a whole new light.

∙ Listing: 4128 24th Street (4/2) - $2,595,000 [droubiteam] [MLS]
The Droubi Noe Valley Victorian (4128 24th): Coming Soon [SocketSite]
From No Real Story To A Bit Of Understated Irony (4128 24th) [SocketSite]

Posted by socketadmin at 2:40 PM | Permalink | Comments (26) | (email story)

Take Two For Twenty-Seven Twenty-Two Sutter Street

2722 Sutter Street

And speaking of new beginnings, 2722 Sutter Street has quickly returned to the market (after being withdrawn) with a new website (2722sutterst.com), a new price (reduced $116,000), and (perhaps not too surprisingly) a new agent.

And yes, it's also a new start for its days on the market and the baseline from which they'll measure "over asking." So if you thought it was well priced earlier this month

∙ Listing: 2722 Sutter (4/2.5) - $1,579,000 [2722sutterst.com] [MLS]
A San Francisco Edwardian With An Asian Influence (2722 Sutter) [SocketSite]

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September 26, 2007

What Ever Happened To That New Attitude Up In Noe?

4733 25th Street

We found it so much more interesting when the listing for 4733 25th Street up in Noe noted: “NEW PRICE! NEW ATTITUDE!” After all, the list price has been dropped $184,000 (15.6%) over the past two months. And “classic single story home on prime noe valley block” is just so generic (and so much less telling).

∙ Listing: 4733 25th Street (2/1) - $995,000 [MLS]

Posted by socketadmin at 7:00 AM | Permalink | Comments (20) | (email story)

September 25, 2007

Damn Those Direct Comps In The Marina (1307 Bay Street)

1307 Bay Street

Three of four nearly identical Marina condos have sold over the past 29 months in a classic five-unit building at 1307 Bay. Unit #1 sold $1,110,000 in April of 2005. Unit #2 (which is above #1) sold for $1,142,000 in April of 2006. And in November of 2006, unit #4 (which is next to unit #1) sold for $1,170,000.

As such, pricing unit #3 (which is above unit #4 and features a much nicer kitchen and bathrooms than unit #2) at $1,229,000 (as it was almost four months ago) would make perfect sense. Of course that's assuming home values in the Marina have continued to rise.

And yet unit #3 hasn’t sold. Not after the price was reduced to $1,195,000 a month later. Not after subsequently being reduced to $1,179,000. And not since being reduced to $1,139,000 two weeks ago.

Damn those comps.

∙ Listing: 1307 Bay Street #3 (2/2) - $1,139,000 [MLS]

Posted by socketadmin at 4:15 AM | Permalink | Comments (32) | (email story)

September 14, 2007

21 Buena Vista Returns With A Fifth (And Final?) Reduction

21 Buena Vista: Wine Cellar

Sixteen months ago 21 Buena Vista Avenue was listed for $5,475,000. Fourteen months ago it was $4,950,000. Nine months ago it was $4,495,000. Five months ago it was $4,250,000. And today, it’s $3,900,000. That’s $1,575,000 (or 28.8%) under the original asking price (and yet officially "1 day on the market").

Regardless, we’re still fans (and wouldn't mind spending a weekend in that cellar).

∙ Listing: 21 Buena Vista Avenue (6/6) - $3,900,000 [MLS]
21 Buena Vista Avenue By The Numbers [SocketSite]
A Little Off The Top Of The Witches Hat (21 Buena Vista Ave) [SocketSite]
Reduced Again: Round Two For Two Near The Top [SocketSite]

Posted by socketadmin at 8:45 AM | Permalink | Comments (28) | (email story)

A Quick Update On A Couple Of Comps In The Making

525 Gough, 310 Townsend, and 1865 Clay

It was a month ago that we pointed out 525 Gough Street #203 as a potential “apples to apples” two-year comp in the making in Hayes Valley. Having first sold for $849,000 in 2005, the condo was listed 50 days ago for $899,000. And a week ago the list price was reduced to $879,000. A sale at asking would now represent annual market appreciation of roughly 1.5% over the past two years.

And while we first pointed out potential price reductions (and incentives) over at 310 Townsend over four months ago (and provided additional evidence two months after that), it wasn’t until last week that four of the listings officially acknowledged “Price reduced” (with reductions ranging from $25,000 to $45,000).

And then there’s the newly (and quite nicely) renovated building at 1865 Clay in Pacific Heights (and more specifically unit number six). From the listing agent on August second:

Unit #6 was the first to be renovated, so it was listed first on MLS. However, once buyers walked through the building we allowed them to write an offer [on] any of the available flats, pending completion. They sold for: #1-$1,075,000, #2-$1,075,000, #3 $1,160,000, & #5 - $1,150,000 and have all closed. (#4 was pre-sold before we took the listing). To move the last unit, we reduced the price from 1,199,000 to $1,099,000, and then did a second, market-based reduction to its current price of 1,044,000.

The list price on 1865 Clay Street #6 was subsequently reduced another $45,000 (4.3%). It remains active and available for $999,000 (and not what you like to see as a neighbor).

310 Townsend: Available And Selling [SocketSite]
310 Townsend: Two New Listings, (At Least) One New Price [SocketSite]
310 Townsend: Additional Evidence Of Price Reductions [SocketSite]
Another Two-Year Comp In The Making (525 Gough #203) [SocketSite]
∙ Listing: 525 Gough #203 (3/2) - $879,000 [MLS]
Reductions On A Comp In The Making On Clay (1865 Clay Street) [SocketSite]
∙ Listing: 1865 Clay Street #6 (3/2) - $999,000 (TIC) [MLS]

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September 12, 2007

Three Good Sized Homes, Neighborhoods, And (Mostly) Reductions

3383 Clay

Four days ago, and after a little less than a month on the market, the price on 3383 Clay Street in Presidio Heights was reduced $390,000 (8.9%). While two days ago, and after a little over a month on the market, the list price on 2801 Lake Street in Sea Cliff was reduced $605,000 (16.8%).

And then there’s 1580 Masonic. Yesterday, and after three months on the market, the list price was dropped...$4,000 (0.1%).

UPDATE: We just received word that the list price on 1580 Masonic has actually been reduced by $104,000 (2.8%). And although we should have caught it, it does appear that a data entry error (although not on our part) was to blame for the confusion.

∙ Listing: 3383 Clay Street (4/3.5) - $3,995,000 [MLS]
∙ Listing: 2801 Lake Street (5/5.5) - $2,995,000 [MLS]
Sometimes It’s Simply The Small Things: 1580 Masonic [SocketSite]

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September 4, 2007

Just Ignore The Music And Focus On The Photos (666 Post #404)

666 Post Street #404: Dining Room

666 Post Street #404 (background music warning) is a 1,750 square foot half-floor conversion of two units in the Crown Towers (a 16-Story Coop built in 1926).

We take note for a number of reasons: after three months on the market the list price has been reduced $93,000 (8.5%); in terms of downtown living, it's interesting perspective on the attempted resale of 150 Powell #310; and we're enamored with the wood burning fireplace, lighting, and actual dinning room (although the kitchen not so much).

∙ Listing: 666 Post Street #404 (2+/2) 1,750 sqft - $995,000 (Music Warning) [McGuire]
A Big Bold (Attempted) Flip At Odeon? (150 Powell Street #310) [SocketSite]

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August 28, 2007

Apples To Oranges Within The Same District Block Building Condo

2040 Franklin Street #1207 (The View)

Two weeks ago $196,000 (16.4%) was shaved off the asking price of 2040 Franklin #1207. And as best we can tell, the grand views (and “Euro Style” remodel) remain available.

On the surface, a sale at the reduced list price of $999,000 would appear to represent annual appreciation of 10.4% a year ($230,500 over its purchase price of $768,500 in January 2005). Of course that wouldn’t account for any of the time, energy, or expense invested by the sellers in a “sparing no expense” remodel of the condo (think Sub-Zero, Miele, built-ins, and marble).

A remodeling budget of $100,000 would cut that "appreciation" in half. An even larger budget and…well, you get the idea. And yes, we'll keep you posted.

∙ Listing: 2040 Franklin #1207 (1/2) - $999,000 [MLS]

Posted by socketadmin at 9:59 AM | Permalink | Comments (32) | (email story)

August 27, 2007

Where Would It Appraise Today? (And What’s That Really Mean?)

It was over two months ago that 350 Broderick #209 was “Appraised at $717,000” and identified as a “Rare opportunity [that] won't last.” And it was yesterday (after 66 days on the market) that the list price for this Broderick Place resale was reduced from $689,000 to $675,000.

Why Not Include The Living Room And Just Call It An Even Three? [SocketSite]
Listing: 350 Broderick #209 (“2”/1) - $675,000 [MLS]

Posted by socketadmin at 3:00 AM | Permalink | Comments (4) | (email story)

August 16, 2007

Not A Big Reduction (3208 Pierce #407) So Only A Little Mention

3208 Pierce: The Marina's Newest Address

It’s true, a price reduction on a property without a sales history isn’t necessarily the most telling. And $1,070 per square foot isn’t exactly on the cheap. Regardless, we do note the recent $30,000 (2.3%) price reduction on 3208 Pierce Street #407.

∙ Listing: 3208 Pierce Street #407 (2/2.5) - $1,249,000 [MLS]
Another Chance To Buy In The "Sold Out" 3208 Pierce [SocketSite]

Posted by socketadmin at 6:00 AM | Permalink | Comments (0) | (email story)

August 8, 2007

Four More Listings! (And At Least One Reduction At The Ritz)

Sample Ritz-Carlton San Francisco Residences Floor Plan

Four of the five newly converted residences in the new Ritz-Carlton have been listed:

∙ 690 Market Street #1101 (2/2.5) 1,785 sqft - $2,490,125 ($1,395/sqft)
∙ 690 Market Street #1102 (3/3) 2,580 sqft - $3,747,500 ($1,453/sqft)
∙ 690 Market Street #1103 (2/2.5) 1,680 sqft - $2,309,000 ($1,374/sqft)
∙ 690 Market Street #1105 (2/2.5) 2,090 sqft - $3,021,500 ($1,446/sqft)

While the list price on at least one early resale has been reduced $200,000 (8%).

∙ Listing: 690 Market Street #2203 (2/2.5) 1,440 sqft - $2,295,000 [MLS]
The Ritz-Carlton Adds Five More Private Residences (Now 57) [SocketSite]

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From No Real Story To A Bit Of Understated Irony (4128 24th)

4128 24th Street

After almost a month on the market the list price on 4128 24th Street has been reduced $500,000 (14.3%). Yes, this was the former home of Droubi Real Estate. Yes, it’s a Droubi Team listing. And yes, we’re biting our tongues.

∙ Listing: 4128 24th Street (4/2) - $2,995,000 [droubiteam]
The Droubi Noe Valley Victorian (4128 24th): Coming Soon [SocketSite]
As Promised: From Coming Soon To On The Market (4128 24th Street) [SocketSite]

Posted by socketadmin at 3:00 AM | Permalink | Comments (36) | (email story)

August 3, 2007

And Now We’re Back Where We Started At Shore|Line (41 Federal)

41 Federal

A little over two months ago we noted that 41 Federal #42 (at Shore|Line) was advertising “Seller Motivated Drastic Price Reduction.” And that the list price had been reduced from $939,000 to $869,000 (7.5%).

And while the listing is no longer marketing “Seller Motivated,” yesterday the price was reduced another $19,000 (2.2%). And yes, the developer was advertising $850,000 eight months ago.

∙ Listing: 41 Federal #42 (1/1.5) - $850,000 [MLS]
Seller Motivated Drastic Price Reduction Penthouse Unit [SocketSite]
Savings At Shoreline (41 Federal) [SocketSite]

Posted by socketadmin at 3:30 AM | Permalink | Comments (26) | (email story)

August 2, 2007

Reductions (And A New Release) At Citrino (566 South Van Ness)

Citrino New Release.jpg

Originally advertised as priced “in the $500’s - $700’s,” a tipster notes that Citrino has started advertising one-bedrooms “now starting at $475,000,” two-bedrooms “now starting at $675,000,” and a “New Release!!!”

And we note reductions on listed units ranging from $10,000 (1.4%) on 566 South Van Ness #1, to $24,000 (4.6%) on 566 South Van Ness #12.

∙ Listing: 566 South Van Ness #1 (2/2) - $729,000 [MLS]
∙ Listing: 566 South Van Ness #12 (1/1) - $495,000 [MLS]
New San Francisco Condo Developments: Citrino & The Lambourne [SocketSite]
Citrino (566 South Van Ness): Website Update And A Few Prices [SocketSite]

Posted by socketadmin at 3:30 AM | Permalink | Comments (57) | (email story)

August 1, 2007

Reductions On A Comp In The Making On Clay (1865 Clay Street)

1865 Clay Street #6

1865 Clay Street is a newly renovated and converted six-unit TIC building in Pacific Heights that first hit the market at the beginning of the year. And while it appears that five of the units were sold, a reader notices that after 152 days on the market, and two price reductions (down a total 12.6%), 1865 Clay #6 remains active, available and offering a “fractional loan!”

And while the price reduction is being viewed as a positive thing by our interested reader (and perhaps yourself), we do have to wonder if it's being viewed as positively by those other five (at least in relation to their new “comp” in the making).

∙ Listing: