CATEGORY ARCHIVE: Rentals

April 15, 2014

Two-Year Payout For Evicted Tenants Accelerated And Approved

Originally written to become operative 120 days after enactment, the legislation which will require landlords in San Francisco who evoke the Ellis Act to pay their evicted tenants an upfront sum equal to the difference between their current rent and a market rate unit over the course of two years has been amended to become effective 30 days after enactment and the amended legislation was approved by the Board of Supervisors in its first reading this afternoon by a vote of 9 to 2.

As we first noted last month, any tenant who has not yet vacated their unit by the effective date of the ordinance shall be entitled to the full two-year subsidy, regardless of whether their eviction notice was served prior.

Assuming the legislation is passed in a second vote next week, it will be sent to the Mayor to sign, veto or ignore. The countdown to the effective date will start ticking once the Mayor returns the ordinance, signed or unsigned; a veto is overridden by the Board; or the Mayor ignores the ordinance for ten days.

Positioned as an act "to combat displacement" rather than to discourage use of the Ellis Act which is state law, expect the ordinance to be challenged in the courts after adoption.

UPDATE: We originally reported that the legislation as amended would become operative 60 days after enactment, the amended effective date is actually 30 days after enactment as the entire 90 day operative period has been dropped.

Posted by socketadmin at 4:00 PM | Permalink | Comments (40) | (email story)

Law Would Ban Full-Time Airbnb Rentals, Require Registration

Supervisor David Chiu is slated to introduce new legislation this afternoon which would lift the outright ban on short-term rentals in San Francisco but establish a new set of rules by which airbnb hosts and others would have to adhere.

In multiunit buildings, the legislation would allow short-term rentals only in apartments where someone lives 75 percent of the year, effectively banning a unit from becoming a full-time vacation rental. It would require anyone renting out their place to pay hotel taxes, hold liability insurance and register with the city every two years.
If people fail to play by the rules and are reported to the city, the proposal would force websites to ban those renters. It also requires these "hosting platforms" to tell users of city laws and to collect and remit the city's 14 percent hotel tax.

As proposed, the new law wouldn’t apply to single-family homes and would not supersede the terms of an existing lease (i.e., illegally subletting would still be grounds for eviction).

Posted by socketadmin at 10:15 AM | Permalink | Comments (48) | (email story)

April 14, 2014

Site Prep For Big Potrero Development And Park Is Underway

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Formerly known as Daggett Place or 1000 16th Street, permits for the 493-unit development to rise on the vacant lots bordered by 16th, 7th, and Hubbell Streets have been issued and site prep is now underway for "EQR Potrero" which is technically across 16th Street from Potrero Hill.

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The development includes 453 residential apartments (20 percent of which will be Below Market Rate), 39 commercial units (with over 10,000 square feet of pedestrian oriented retail space), and a one-acre urban park and public open space (click rendering to enlarge):

Daggett Park will include a dog walk, event lawn and soft play surfaces for kids and will be owned by the City of San Francisco but permanently maintained by EQR Potrero.

In terms of parking, there will be 307 spaces for cars and 470 bikes. And at the corner of 16th and 7th Streets, a "Flatiron" building will rise.

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Posted by socketadmin at 3:30 PM | Permalink | Comments (23) | (email story)

April 9, 2014

Ground Broken For Development Of Entire West SoMa Block

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Big Plans For The "Short-Sited" SoMa Block At 8th And Harrison [SocketSite]
Development Of SoMa Block Financed, Shooting For Rentals In 2015 [SocketSite]

Posted by socketadmin at 2:30 PM | Permalink | Comments (19) | (email story)

April 8, 2014

New In-Law Legislation Expected To Create 400 Units In The Castro

The proposed ordinance which would allow the construction of new "Accessory Dwelling Units" (i.e., In-Law Units) in the Castro and within 1,750 feet of the District's boundaries could be approved by San Francisco’s Board of Supervisors this afternoon.

The new units would need to be constructed within an existing building's envelope, would not be allowed to exceed 750 square feet in size, and could not use space from an existing dwelling unit in its construction. In-Laws would not be permitted in areas zoned for detached single-family homes, but they would be allowed in existing auxiliary structures.

And while newly created, the units would be subject to Rent Control if the existing building or any of the units within the existing building are currently subject to Rent Control.

A back of the envelope calculation estimated a theoretical maximum of 1,545 units could be constructed in the neighborhood under the terms of the ordinance, but the expected number of units to be constructed under the ordinance is closer to 400 (at most).

Posted by socketadmin at 11:45 AM | Permalink | Comments (20) | (email story)

April 2, 2014

Legislation To Legalize Unpermitted In-Law Units Adopted

Building owners with an unpermitted in-law constructed prior to January 1, 2013 will now have the option of legalizing the unit by way of the legislation adopted by San Francisco's Board of Supervisors last night. As we wrote about the legislation when it was first proposed:

Unless a significant number of the illegal units are currently being kept off the market out of respect for the law, the proposed ordinance wouldn't actually expand the effective supply of housing units in the City, but it could help the city ensure that the units are safe and habitable and allow the City to include the units in their official counts and reports of housing supply.
And while intended to help ease San Francisco's current housing crunch, an unintended consequence of the ordinance could be an effective increase in rents as illegal units which are being rented at below market rates in exchange for flying below the City's radar would no longer require a discount.

Legalized units will need to meet all Planning Code requirements for safety, will be subject to rent control, and will not be allowed to be subdivided for individual sale.

Unpermitted in-law units for which a notice of eviction was served after March 13, 2014 will need to wait at least five years before being legalized, a ten year wait if the eviction was of the no-fault variety other than for an owner move-in.

Posted by socketadmin at 8:00 AM | Permalink | Comments (27) | (email story)

March 17, 2014

342 Furnished Square Feet In San Francisco

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Measuring 342 square feet, the Nob Hill studio TIC number Two at 1615 Jones Street between Broadway and Pacific has just been listed for $385,000 or $1,126 per square foot.

The list price does, however, include all the furnishings. And according to the seller, "two corporate rental agencies have expressed interest in renting property for $3250 a month on renewable 3 month contracts."

We'll let you do the math and forecasting for month number four and one step beyond.

∙ Listing: 1615 Jones Street #2 (0/1) 342 sqft - $385,000 (TIC) [billwygant.com]

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

March 14, 2014

Two-Year Rent Subsidy For Evicted Tenants Closer To Reality

The language for proposed legislation which would require landlords in San Francisco who evoke the Ellis Act to pay their evicted tenants an upfront sum equal to the difference between their current rent and a comparable market rate unit over the course of two years, plus $3,510 per disabled or elderly tenant, has been drafted and is working its way through San Francisco’s Land Use and Economic Development Committee.

While California's Ellis Act allows landlords to withdraw their properties from the rental market, for whatever reason, it does provide local governments with the power "to mitigate any adverse impacts on persons displaced by reason of the withdrawal." As such, the proposed ordinance is carefully being positioned as a means by which "to better mitigate the adverse impacts for people displace by Ellis Act evictions," rather than a means by which to discourage the legal use of the Ellis Act itself.

The relocation assistance due to tenants evicted by way of the Ellis Act in San Francisco is currently capped at $15,795 per unit plus $3,510 per disabled or elderly tenant.

A key line in the proposed legislation: any tenant who has not yet vacated their unit by the operative date of the ordinance shall be entitled to the full two-year subsidy, regardless of whether their eviction notice was served prior to the ordinance becoming operative. The operative date would be 120 days after enactment.

Originally introduced by Supervisor Campos, Supervisors Avalos, Kim and Mar have since added their names as co-sponsors.

Posted by socketadmin at 3:30 PM | Permalink | Comments (87) | (email story)

March 6, 2014

Resolution To Develop Last Berry Street Block As Rental Units

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A resolution to allow the development of Mission Bay "Block N4P3," the wedge shaped Berry Street parcel adjacent to Mission Walk, across the street from Edgewater, and the last undeveloped Berry Street parcel, has been introduced into legislation.

While originally slated for condos, the resolution would amend the Mission Bay north development agreement to allow a 129-unit rental project with a mix of market rate and below-market rate units for households with incomes up to 90 percent of the area median to be built on the site.

Posted by socketadmin at 4:30 PM | Permalink | Comments (8) | (email story)

February 24, 2014

State Bill Targeting Speculative Evictions In SF Introduced, Again

As expected, Senator Mark Leno has introduced Senate Bill No. 1439, designed to prohibit speculators from buying tenant occupied buildings in San Francisco, evicting the tenants by way of the Ellis Act, and then selling the individual units as a Tenancy in Common (TIC) or together as de facto single-family homes.

Existing law, commonly known as the Ellis Act, generally prohibits public entities from adopting any statute, ordinance, or regulation, or taking any administrative action, to compel the owner of residential real property to offer or to continue to offer accommodations, as defined, in the property for rent or lease.
This bill would authorize the County of San Francisco to prohibit an owner of accommodations from withdrawing accommodations or prosecuting an action to recover possession of accommodations, or threatening to do so, if not all the owners of the accommodations have been owners of record for 5 continuous years or more or with respect to property that the owner acquired after providing notice of an intent to withdraw accommodations at a different property. Among other things, the bill would also permit the county to require an owner of accommodations notifying the county of an intention to withdraw accommodations from rent or lease to identify each person or entity with an ownership interest in the accommodations and to identify all persons or entities with an ownership interest in an entity, which information would be available for public inspection.

As we noted last month, a state bill to amend the Ellis Act so that only property owners who had owned a property for at least 5 years would be able to invoke the Ellis Act to evict tenants was also proposed back in 2007 but died on the Senate floor.

Posted by socketadmin at 7:00 PM | Permalink | Comments (19) | (email story)

February 12, 2014

Tenant Right Of First Refusal And Assistance Fund Floated

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Board of Supervisors President David Chiu is calling for legislation that would not only give tenants in San Francisco the right of first refusal to purchase their building "at fair market value" should their landlord want to sell, but would also increase the City's Small Site Acquisition Fund to assist said tenants in their purchases.

"We need to do more to put housing in the hands of San Francisco tenants who are in danger of being evicted by speculative investors," said Supervisor Chiu.

The parameters for the proposed legislation have yet to be defined, but similar legislation in Washington, D.C. and Baltimore allows tenants to match sale terms offered by another party. Expect the proposed legislation in San Francisco to include the option for tenants to allow a designated affordable housing nonprofit to act on their right of first refusal as well.

Posted by socketadmin at 1:30 PM | Permalink | Comments (46) | (email story)

February 4, 2014

Two Year Subsidy For Evicted Tenants In San Francisco Proposed

Supervisor David Campos will introduce legislation this afternoon that would require landlords in San Francisco who evoke the Ellis Act to pay evicted tenants the difference between their current rent and a comparable market rate unit, times twenty-four.

Currently, the city requires building owners to pay each tenant evicted under the Ellis Act $5,261 in relocation fees, with a cap of $15,783 per unit. Disabled or elderly tenants receive an extra $3,508. The amounts are adjusted annually for inflation, and half must be paid at the time an eviction notice is served, the other half once the tenant moves out.
Under Campos' proposal, the difference between a unit's monthly rent and a "comparable" unit would be determined by the city controller's office, multiplied by 24 months and divided among the evicted tenants. An evicted tenant would receive either the $5,261 or the difference in rent, whichever is more.

Likely to be challenged in the courts should it pass, Campos is positioning the proposed legislation as an act "to combat displacement" rather than to discourage the use of the Ellis Act which is state law.

Posted by socketadmin at 8:30 AM | Permalink | Comments (128) | (email story)

January 31, 2014

East Bay Asking Rents Slip Overall, But Studios Set A New Record

The average asking rent for an apartment in the East Bay ticked down a few dollars from $1,686 to $1,674 a month in the fourth quarter of 2013 but remains 8 percent higher on a year-over-year basis, according to Cassidy Turley.

The average asking rent for a studio in the East Bay, however, is up to $1,322 a month, a new record and 12 percent higher versus the fourth quarter of 2012.

Posted by socketadmin at 12:15 PM | Permalink | Comments (1) | (email story)

January 15, 2014

Mid-Market Rent Reductions: NEMA Drops A Few Dollars

When NEMA first started pre-leasing its North Tower units at Market and Tenth in early December, studios were priced starting at $2,575 per month for a 463-square-foot unit while one-bedrooms were priced starting from $3,450 per month for 691 square feet.

As of this morning, 486-square-foot one bedrooms in the North Tower are now available starting at $2,510 while a 752-square-foot one-bedroom can be had for $3,403 per month on the ninth floor.

Posted by socketadmin at 1:30 PM | Permalink | Comments (10) | (email story)

January 10, 2014

$45 Million For Redevelopment Of Hunters View Phase II

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With the rebuilding of San Francisco’s Hunters View public housing development having kicked-off in 2010, a resolution authorizing the financing for phase two is slated to be approved next week.

Up to $45,000,000 of residential mortgage revenue bonds will be issued to finance the construction of 107 affordable housing units and a small park on Blocks 7 and 11 along West Point Road:

Specifically, Block 7 will include 50 units, with both apartments and row houses due to the steep topography. There will be 4 fully accessible flats, 23 adaptable flats, 1 “supervisitable” and 2 “visitable” row houses [for disabled tenants]. Also, there will be three 3-story buildings, one 5-story building and a central courtyard area.

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Block 11 will include 57 units—7 row houses and 50 apartment homes. Five of the flats will be fully accessible, and 43 flats will be adaptable. One row house will be “supervisitable.” Interior courtyard space will be activated by podium-level planters and plots for individual gardens and gathering spaces between buildings. There will be 53 podium level parking spaces provided in both Blocks 7 and 11.

Eighty (80) of the new units will be offered to households with incomes below 80% of the Area Median Income, twenty-six (26) will be set aside for households with incomes at or below 50% of the area median, and one will be occupied by an on-site manager.

∙ Hunters View Housing Design: Blocks 7 & 11 [ptarc.com]

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

Campos Calls For Mayor To Commit To Regulating Tenant Buyouts

With San Francisco’s Board of Supervisors having unanimously approved a resolution to urge State legislators to amend state law and allow the city of San Francisco to penalize landlords for invoking the Ellis Act to evict tenants, next week Supervisor David Campos will ask Mayor Lee to publicly commit to working with him on legislation to regulate the buyout of tenants as well.

The early framework for Campos' legislation proposed to categorize buyouts as evictions, a categorization which could affect a building's ability to condo convert and restrict an owner's ability to charge market rate rents to new tenants.

Posted by socketadmin at 7:15 AM | Permalink | Comments (64) | (email story)

January 9, 2014

Tenants In Illegally Converted Mid-Market Building Suing To Stay

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With the City having suspended their previously issued building permit for the conversion of 1049 Market Street from its current non-compliant residential use back to office space in order "to enable the City to obtain additional details about the building's historic and current occupancies," eleven of the remaining tenants in the building who have defied their eviction notices are now suing the landlord, alleging harassment.

The tenants who pay "around $700 for compact loft-style units with kitchenettes and shared bathrooms" in the Mid-Market building are calling for the landlord to allow them to stay. The owners, who haven't budged, are slated to meet with city officials again next month.

Conversion Of Illegal Mid-Market Apartment Building Suspended [SocketSite]
Mid-Market tenants sue landlord, alleging harassment [SFGate]

Posted by socketadmin at 11:00 AM | Permalink | Comments (5) | (email story)

January 3, 2014

The Mayor's Resolve To Rein In Speculative Evictions

Concerned that the Ellis Act is increasingly "being used, not by long-term owners of rental property as the law intended, but instead by new owners who purchase the building with the intent of evoking the Ellis Act purely for speculative purposes," the Mayor and Supervisors Campos, Chiu and Cohen are pushing forward with a resolution to stem the tide of speculative evictions in San Francisco.

While the resolution itself is mostly symbolic, it sets the stage for an effort to urge Bay Area legislators to amend state law and return greater control over the Ellis Act to local municipalities and it establishes a foundation for the Mayor and Supervisors to pursue local strategies to financially penalize an owner for invoking the Ellis Act by restricting the buy-outs of tenants and increasing required relocation assistance for tenants that are displaced.

A state bill to amend the Ellis Act so that only property owners who had owned a property for at least 5 years would be able to invoke the Ellis Act to evict tenants was proposed back in 2007 but died on the Senate floor.

A Rush To Restrict Ellis Act Evictions And Buyouts In San Francisco [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (43) | (email story)

December 31, 2013

Plans For Another Twelve-Story Mid-Market/Tenderloin Tower

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Shorenstein Properties has filed preliminary plans to build a 12-story residential building designed by Bernardo Fort-Brescia of Arquitectonica on a parcel which fronts Market Street between Jones and Taylor but is primarily the parking lot on the southeast corner of Jones and Golden Gate Ave.

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The proposed 1066 Market Street development includes 301 apartments with 111 two-bedrooms, 55 one-bedrooms, and the rest a mix of studios and "junior ones" according to the Business Times.

In addition to the apartments, preliminary plans include 2,000 square feet of new retail space along Market Street and 3,500 square feet of (legal) "active use" along Golden Gate Avenue and Jones. Parking for 112 cars would be built underground.

Posted by socketadmin at 3:30 PM | Permalink | Comments (20) | (email story)

33 Brand New Mid-Market Apartments For Around A Grand A Month

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While the going price for a new studio apartment in San Francisco is averaging over $2,400 a month and Mid-Market one-bedrooms are running closer to $3,500 for 700 square feet of space, eleven (11) of the new one-bedrooms in the 273 unit building nearing completion at 55 Ninth Street between Market and Mission dubbed "AVA" will be available for $1,066 a month, twenty-one (21) two-bedrooms for $1,192. One 528-square-foot studio will be rented for $939 a month.

So what’s the catch? As part of the Mayor's Office of Housing and Community Development Below Market Rate (BMR) Rental Program, applicants for the 33 BMR units cannot make more than 55 percent of the area median income, which means a single person can make no more than $38,950 a year, a couple can make no more than $44,500.

While the maximum income for a single person is $38,950 a year, the minimum income for any of the units in the building will be two-times the monthly rent: $25,584 a year for a below market rate one-bedroom and $28,608 for a two. Twelve parking spaces for the BMR units will be available at a discounted rate of $100 a month.

Applications for the 33 apartments are due by 5pm on January 21, 2014.

Bay Area Rents Climb, East Bay Jumps 10 Percent In 3 Months [SocketSite]
AVA (55 9th Street) Below Market Rate Apartment Program [sf-moh.org]

Posted by socketadmin at 10:45 AM | Permalink | Comments (5) | (email story)

December 19, 2013

2,806 Applications For 60 Affordable Apartments South Of Market

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With 2,806 applications for Bridge Housing's new 60-unit below market rate building at 474 Natoma Street off Sixth, the Natoma Street Family Apartments, 98 percent of the applicants will need to keep looking for an affordable new home in San Francisco.

Targeting families with incomes of between 40 and 60 percent of the Area Median Income, $42,000 to $63,000 for a family of four, rents for the 60 apartments on Natoma will range from $700 for a studio to $1,600 a month for a three-bedroom.

The lucky two percent of qualifying applicants selected by a lottery will begin moving into the South of Market building in late January.

Posted by socketadmin at 12:30 PM | Permalink | Comments (21) | (email story)

December 13, 2013

The Push To Legalize Up To 40,000 Illegal Units In San Francisco

With an estimated 30,000 to 40,000 dwelling units having been illegally built in the basements, garages and attics of buildings throughout San Francisco, units which often meet life and safety standards and may only require exceptions from density, open space, and other Planning Code requirements in order to become legal, an ordinance to provide a proposed process for legalizing the units has been drafted.

Unless a significant number of the illegal units are currently being kept off the market out of respect for the law, the proposed ordinance wouldn't actually expand the effective supply of housing units in the City, but it could help the city ensure that the units are safe and habitable and allow the City to include the units in their official counts and reports of housing supply.

If passed, challenges with illegal unit owner's adoption of the ordinance include a legitimization of rent control for both the unit and the building it's within and relocation expenses for tenants should the city find a unit is in need of work in order to be legalized.

And while intended to help ease San Francisco's current housing crunch, an unintended consequence of the ordinance could be an effective increase in rents as illegal units which are being rented at below market rates in exchange for flying below the City's radar would no longer require a discount.

Language to Legalize Dwelling Units Installed Without a Permit [sfbos.org]

Posted by socketadmin at 9:30 AM | Permalink | Comments (33) | (email story)

December 4, 2013

A Luxury Two-Bedroom Dogpatch Loft For A Grand

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A 712 square foot Potrero Launch two-bedroom loft with polished concrete floors, stainless steel appliances, barn style bedroom doors and a whole host of building amenities including complimentary Wi-Fi is now available for $1,078 per month. And yes, there's a catch or two.

As part of San Francisco's Below Market Rate (BMR) Affordable Housing Program, the income for the tenants of the Dogpatch two-bedroom cannot exceed 50% of the Area Median Income, a maximum household income of $40,500 for two people or $45,550 for three. At the same time, the minimum household income to qualify for apartment E305 is at least $32,340 a year.

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Applications for the two-bedroom BMR are due on December 9 with a lottery to follow depending upon the number of applicants. A market-rate two-bedroom of 852 square feet is also available in the building at 2235 Third Street for $3,950 a month, no lottery needed, and a 360 square foot studio for $2,425 which is nine dollars less than average in San Francisco these days.

Posted by socketadmin at 7:30 AM | Permalink | Comments (5) | (email story)

November 14, 2013

Census Bureau Survey Says: San Francisco Has The Highest Rents

According to the U.S. Census Bureau's latest American Community Survey, the median monthly rent being paid for an apartment in San Francisco was $1,463 at the end of 2012, the highest in the nation.

Second place goes to San Jose at $1,441 month, followed by Boston ($1,260), Washington D.C. ($1,236) and then New York ($1,187).

Of the 376,653 housing units in San Francisco, 58 percent (217,452) are occupied by renters with 38 percent of those paying more than 35 percent of their household income in rent.

At the same time, the average list price to newly rent an apartment in San Francisco is currently $3,226 a month, up 18 percent over the past year with the average asking price for a studio in the city over $2,400 a month.

Posted by socketadmin at 9:30 AM | Permalink | Comments (79) | (email story)

November 7, 2013

Castro Whole Foods Open And The Apartments Above Aren't Cheap

2001 Market Street Whole Foods

With the Castro Whole Foods having opened its doors at the corner of Market and Dolores yesterday, complete with "a shoe shine stand, a wide array of men’s grooming products, and a wall with pictures of customers’ dogs," 30 of the 81 apartments above the market have been leased with rents ranging from $4.75 a square foot for the larger penthouse units to $6.00 a foot for the studios.

Posted by socketadmin at 11:45 AM | Permalink | Comments (124) | (email story)

November 6, 2013

Rent Growth Slows In San Francisco Amid New Developments And Resistance

While the development of 8 Washington Street might have hit a (no) wall in San Francisco, over 1,000 new housing units will be finished the fourth quarter of 2013 for a total of nearly 3,500 new units in San Francisco this year, five times the number completed in 2012.

With construction in San Francisco continuing to ramp up and “renter resistance” to rents in the city starting to surface, Marcus & Millichap is expecting the average effective rent in San Francisco to end the year at $2,490 a month, up 4.7 percent over the past year versus 9.9 percent in 2012.

"Effective rents dipped in two of the past three quarters, and broader use of leasing inducements could occur at properties directly affected by nearby construction in 2014. Average effective rents at 2000s-vintage assets have climbed to 45 percent of median household income, up from 37 percent just two years ago. As renters commit to an extra $6,000 per year in rent payments, the incentive to "double up" or move to more affordable communities with mass transit options is rising."

Also noted: "With rents so high, the cost of vacancy is exacerbated in the current climate, giving apartment managers further incentive to proactively reset monthly rates to avoid loss to lease," which might be a bit counterintuitive and a little leverage for leaseholders to keep in mind.

Posted by socketadmin at 9:00 AM | Permalink | Comments (27) | (email story)

November 4, 2013

More Affordable Housing On Geary Proposed, But Only A Bit

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The Western Addition block bounded by Divisadero, Geary, Scott and O’Farrell was developed in the 1960s with six low-rise residential buildings around a central courtyard, the Midtown Park Apartment complex provides 140 affordable dwelling units managed by Mercy housing.

In need of a full renovation, the current plan is to renovate the four buildings with a total of 96 units which front Scott, O’Farrell and Divisadero and demolish the two buildings with a total of 44 units that currently front Geary Boulevard. Two new buildings containing up to 114 units would replace the two buildings proposed to be demolished, adding 70 units to the block.

The proposed new building for the corner of Geary and Divisadero above would occupy a similar footprint to the existing building but would reach a height of approximately 56 feet with a new active ground-floor use and 67 affordable units for seniors above.

The second proposed building with just under 40 affordable units for families along Geary Boulevard would also occupy a similar footprint as the building to be demolished but would be located ten to fifteen feet closer to the street, increasing the amount of interior open space on the lot.

Currently only zoned for medium density with a 50-foot height limit, should the project and necessary "up-zoning" by a few feet be approved as proposed, the full city block at the intersection of Divisadero and Geary upon which two major bus lines run will provide just over 200 units of housing with construction slated to start at the end of 2014.

Posted by socketadmin at 12:00 PM | Permalink | Comments (7) | (email story)

November 1, 2013

Conversion Of Illegal Mid-Market Apartment Building Suspended

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Noted by a plugged-in reader last week, San Francisco’s Department of Building Inspection and the San Francisco Planning Department have just suspended the building permit for the conversion of 1049 Market Street from its current illegal residential use in order "to enable the City to obtain additional details about the building's historic and current occupancies."

On the radar of the Department of Building Inspection since at least 2007, around half the 75 units within the Mid-Market building between Sixth and Seventh Streets lack windows and are not code compliant for residential use but have been illegally rented to artists and others as "live-work" spaces for over a decade, as have the majority of other units within the building which have windows but were never legally converted from office to residential use.

"We clearly need to investigate further the recent residential occupancy of this building," said John Rahaim, Director of Planning. "Given the apparent long-term residential uses of the building, the owners may be required to undergo additional Planning Department review and public hearings, and to pay impact fees if they want to pursue the eviction of the tenants and establish an office building."

San Francisco’s Building Inspection Department issued a notice to the owners of 1049 Market Street to either legalize the building or clear the building of residential tenants a few months ago at which point eviction notices were prepared and served.

The building's former owners had filed a permit to legalize the building for residential use two years ago but never commenced the conversion and the building's new owners have decided it makes more economic sense to convert the Mid-Market building back to office use.

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

October 30, 2013

Bay Area Rents Climb, East Bay Jumps 10 Percent In 3 Months

While the vacancy rate for apartments throughout the Bay Area has ticked up from 3.1 to 3.9 percent, according to Cassidy Turley the average rent has ticked up from $1,851 to $1,897 a month, two percent below its first quarter peak of $1,941.

The average rent in San Francisco is now $3,266 a month, up 3 percent over the past three months and 18 percent higher year-over-year. The average studio in San Francisco now rents for $2,434 and one-bedrooms for $2,980. The vacancy rate in San Francisco is currently 3.6 percent, up from 3.3 percent in the second quarter of 2013.

The average East Bay rent jumped 10 percent in the third quarter and now averages $1,681 a month with studios renting for $1,268. The average rent is up to $1,674 in the North Bay.

And while the vacancy rate has increased from 3.1 to 4.6 percent in San Mateo, the average rent has ticked back up to $2,148 per month, even year-over-year. Studios in San Mateo now rent for an average of $1,446 a month and apparently a number of new projects on the Peninsula won't even consider prospective tenants that earn less than $75,000 per year.

Over the past two years, the average rent in San Mateo has increased by 15 percent, it's up by 17 percent in the East Bay and it's up by 27 percent in San Francisco.

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

October 21, 2013

Permits To Redevelop Entire SoMa Block Close To Being Approved

The permits to demolish the little maintenance buildings and three acre bus depot at 8th and Harrison in order to make way for eight buildings with 408 new rental units over ground floor retail, arts, and commercial space are close to being approved, as is the permit to construct the five and six-story 350 8th Street buildings which is currently on hold in order to resolve some issues with respect to the street and sidewalk improvements attached to the plans (click images to enlarge).

The 350 8th Street project's 315 off-street parking spaces for cars and 414 spaces for bikes will mostly be located underground or within the interior of the Stud-adjacent site.

350 8th Street Rendering via SocketSite.com

In addition to 44,000 square feet of open space throughout the development, the project includes a 5,400 square foot public plaza and café on the corner of 8th and Ringold:

Construction is currently slated to start in early 2014.

Big Plans For The "Short-Sited" SoMa Block At 8th And Harrison [SocketSite]

Posted by socketadmin at 2:00 PM | Permalink | Comments (62) | (email story)

October 18, 2013

Governor Brown Vetos Affordable Housing Bill 1229

Passed in California’s State Assembly last month, Assembly Bill (AB) 1229 was written to expressly authorize any county or city in California to include inclusionary housing requirements (a.k.a. Below Market Rate units) as a condition of approval for the development of new housing, a requirement which was successfully challenged in the case of Palmer versus the City of Los Angeles.

In 2009, in the case of Palmer v. City of Los Angeles, the Second District California Court of Appeal opined that the city’s affordable housing requirements associated with a particular specific plan (akin to an inclusionary zoning ordinance), as it applied to rental housing, conflicted with and was preempted by a state statute known as the Costa-Hawkins Rental Housing Act. The Costa-Hawkins Act limits the permissible scope of local rent control ordinances. Among its various provisions is the right for a rental housing owner generally to set the initial rent level at the commencement of a tenancy, even if the local rent control ordinance would otherwise limit rent levels across tenancies. This provision is known as vacancy decontrol because the rent level is temporarily decontrolled after a voluntary vacancy. The act also gives rental housing owners the right to set the initial and all subsequent rental rates for a unit built after February 1, 1995. The court opined that “forcing Palmer to provide affordable housing units at regulated rents in order to obtain project approval is clearly hostile to the right afforded under the Costa-Hawkins Act to establish the initial rental rate for a dwelling or unit.”

This past Sunday, Governor Jerry Brown vetoed the bill. From the Governor:

This bill would supersede the holding of Palmer v. City of Los Angeles and allow local governments to require inclusionary housing in new residential development projects.
As Mayor of Oakland, I saw how difficult it can be to attract development to low and middle income communities. Requiring developers to include below-market units in their projects can exacerbate these challenges, even while not meaningfully increasing the amount of affordable housing in a given community.
The California Supreme Court is currently considering when a city may insist on inclusionary housing in new developments. I would like the benefit of the Supreme Court's thinking before we make legislative adjustments in this area.

AB-1229 Land use: zoning regulations [ca.gov]

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

October 17, 2013

$3,000 A Month For The Venn On Market, $1,000 A Month For Some

1844%20Market%2010-13.jpg

With tenant move-ins now being scheduled for December, the "Venn" at 1844 Market Street is currently leasing 671 square foot one-bedrooms priced from $3,075 a month and 849 square foot two-bedrooms from $3,625 a month. Parking is being offered at $250 a space, and up to two pets are welcome but at an additional charge of $50 a month.

As a condition of being approved for development, fourteen (14) of the Venn’s 113 rental units are being offered as part of San Francisco’s Affordable Housing Program, with 8 one-bedrooms being offered for $1,066 a month and 6 two-bedrooms for $1,192 a month. Parking for the Below Market Rate (BMR) units is available for one hundred bucks a spot.

In order to qualify for one of the 14 BMR units, households can make no more than 55 percent of Area Median Income, which means an individual can make no more than $38,950 a year, a two person household no more than $44,500. At the same time, the minimum required income for a one-bedroom is $31,980 a year and $35,760 a year for a two-bedroom.

Applications for the 14 BMR units at 1844 Market Street are due by November 11, 2013 at 5pm.

Posted by socketadmin at 3:00 PM | Permalink | Comments (74) | (email story)

October 3, 2013

As Evictions Triple In SF, Mayor Triples Eviction Fighting Fund

With the number of Ellis Act evictions in San Francisco having more than tripled over the past three years, from 72 units in fiscal year 2011 to a projected 342 units in the current year, Mayor Ed Lee has tripled the City’s fund for free legal advice to those who are facing an eviction to $375,000 and released $700,000 in funding for eviction prevention services.

“An Ellis Act eviction is unbeatable,” [San Francisco Tenants Union executive director Ted Gullicksen] said. “The problem is they are legal, but bad law. You can’t beat them in court. You will lose in summary judgment. But it’s important to have a lawyer to represent tenants and (the money) helps with that. At it very least it can buy additional time and additional relocation money.”

The Ellis Act is the California State law which allows a landlord to clear a building of all tenants, rent controlled or not. And while an apartment which has been cleared by way of the Ellis Act cannot be re-rented for more than the amount the evicted tenant was paying for a period of five years, and an Ellis Act eviction can affect a building’s ability to condo covert, there are no such restrictions on selling the units as tenancies in common or the like.

S.F. mayor commits money to fight evictions [San Francisco Business Times]
Ellis Act Evictions in San Francisco [San Francisco Tenants Union]
Potentially Problematic Condo Conversion Legislation Approved [SocketSite]

Posted by socketadmin at 1:00 AM | Permalink | Comments (155) | (email story)

September 19, 2013

Looking For A Two-Bedroom That Could Flood For $12K A Month?

If you’re looking to rent a "Prime Russian Hill" two-bedroom in the $12,000 a month range you might be in luck. Unfortunately we can’t give you the address as according to the listing on craigslist, one "must qualify first before any address or details to be given."

Apparently it’s "nothing personal," they’re just trying to be "low profile." That being said, we’d be willing to bet a plugged-in person might be able to figure it out based on the drawing for the pad:

Russian%20Hill%20Two-Bedroom.gif

As you'd expect for the price, there is a washer and dryer in the unit. But as you might not expect for $12,000 a month, you "must be in attendance when [using the washer] to avoid [flooding]."

If you lock it down, forget our invitation to the housewarming as there will be "no parties" in the pad. And if you’d rather not rent, apparently they’ll consider selling the two-bedroom as a TIC for $6,000,000. Or heck, they'll lease you the entire building for the next 34 non-partying years.

Posted by socketadmin at 11:00 AM | Permalink | Comments (9) | (email story)

August 8, 2013

East Bay Building Boom And Outlook For Rents

Last year, roughly 800 new rental units popped up in and around Oakland. And by the end of 2013, another 2,100 new units will have been constructed in the East Bay.

Despite increasing demand, the new construction is expected to help slow the nearly 7 percent increase in rents last year, with Marcus & Millichap expecting East Bay rents to end the year up a little over 3 percent in 2013.

Rents for apartments in large buildings in Oakland proper are up closer to 11 percent since the second quarter of 2012 and now average just over $2,000 a month.

Posted by socketadmin at 7:45 AM | Permalink | Comments (5) | (email story)

August 5, 2013

38 Brand New Apartments In San Francisco Renting For A Grand!

NEMA%20BMR.gif

While the going price for a new studio apartment in San Francisco is averaging over $2,300 a month, and NEMA’s model unit would rent for closer to $2,500, twenty-two of the brand new studios in the luxury building at the corner of Market and Tenth will be rented for $939 a month and sixteen one-bedrooms will be rented for $1,066.

So what’s the catch? As part of the Mayor's Office of Housing and Community Development Below Market Rate (BMR) Rental Program, applicants for the 38 BMR units cannot make more than 55 percent of the area median income, which means a single person can make no more than $38,950 a year, a couple can make no more than $44,500.

Other restrictions for the 38 below market rate mid-market units include a credit score of at least 600; no record of a previous eviction for the applicants; and the ability to pass a federal background check. And while the maximum income for a single person is $38,950 a year, the minimum income is $28,170.

Applications are due by 5pm on August 30, 2013. Pass it along.

Average Rent For A Studio In San Francisco: Over $2,300 A Month [SocketSite]
Your First Real Peek Inside NEMA At Market And Tenth [SocketSite]
NEMA (18 10th Street) Below Market Rate Apartment Program [sf-moh.org]

Posted by socketadmin at 8:45 AM | Permalink | Comments (19) | (email story)

August 2, 2013

Forecast For San Francisco Rents: Plateau, Flatline And Dip

The current vacancy rate for apartments in San Francisco is holding at under 4 percent, driven by a backlog in development while employment in the City has jumped, leading to an expected spike in rents.

As plugged-in people know, a wave of new units are on the way with over 800 new units delivered last quarter and another 6,000 to be delivered over the next two years.

Noting the pipeline of new development and income growth which hasn't kept pace with the increase in rents, Cassidy Turley is expecting rental rates in San Francisco to plateau over the next couple of months, flatline in early 2014, and then dip a bit, but not by much.

Posted by socketadmin at 10:00 AM | Permalink | Comments (15) | (email story)

Your First Real Peek Inside NEMA At Market And Tenth

NEMA%20Model%20Studio.jpg

With move-ins now scheduled to start October 1, NEMA is moving from virtual to reality at the corner of Tenth and Market, having just put the finishing touches on their first model unit, a 470-square-foot studio on the sixteenth floor of NEMA's 317-unit south building.

NEMA%20Model%20Kitchen.jpg

Note the in-unit laundry, a feature of all 754 units, with washer/dryer combo units in the studios, stacked in the one and two-bedrooms. And while the studios have electric two-burner cooktops over a full-sized oven, the one's and two's have four burners and are gas.

The target rent for the studio above is around $2,500 a month, plus $250 a month for parking if desired. Parking at NEMA will be valet. And for those willing to don a hard hat and sporty orange vest, the model unit should be open to the public next week.

Construction on NEMA’s 437-unit north tower is expected to be completed in February, at which time the sales office will move and its current space below will become retail (as will an 8,000 square foot space along Market Street).

NEMA%20Sales%20office.jpg

Posted by socketadmin at 4:00 AM | Permalink | Comments (59) | (email story)

August 1, 2013

Average Rent For A Studio In San Francisco: Over $2,300 A Month

The average rent for a studio in San Francisco is now $2,312 a month, up 8.7 percent year over year according to the latest report from Cassidy Turley.

The average rent for a San Francisco apartment in general is $2,899 a month, up 3.4 percent from the first quarter of 2013 and 6 percent higher year-over-year, with one-bedrooms averaging $2,782 a month and two-bedrooms with two baths up to $3,791.

Posted by socketadmin at 2:45 PM | Permalink | Comments (125) | (email story)

July 30, 2013

San Francisco Rents Climb In Second Quarter, Cross $2K In Oakland

Having ticked up a few dollars from $2,741 in the fourth quarter of 2012 to $2,790 in the first quarter of 2013, the average apartment rent in San Francisco jumped 5.8 percent to $2,952 in the second quarter, up 8 percent year-over-year according to RealFacts.

Over in Oakland, the average monthly rent is up 10.8 percent year-over-year to $2,033 per month while down in San Jose it's now $1,989, up 9.9 percent on a year-over-year basis.

Keep in mind that RealFacts’ figures are based on surveys of professionally managed apartment complexes with 50 or more units (which aren't necessarily the norm in San Francisco) and reflect asking rather than effective rents after incentives.

San Francisco Rents Reverse Fourth Quarter Dip, Jump In Oakland [SocketSite]

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

July 1, 2013

275 Square Foot Tenderloin Lofts Will Start At $1,550 A Month

List prices for The Lofts At Seven at 277 Golden Gate Avenue have been set with tours of the 88 new rental units in the Tenderloin slated to commence in a couple of weeks.

Lofts%20at%20Seven%20Rendering%20Studio.jpg

The 31 studios which start at 275 square feet have been priced from $1,550. The 12 junior one-bedrooms which range from 400 to 510 square feet will start at $1,850. The one-bedrooms lofts which range from 400 to 860 square feet have been priced from $2,100.

Lofts%20at%20Seven%20Rendering.jpg

Rebroadcasting As "The Lofts At Seven" In The Tenderloin [SocketSite]

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

June 21, 2013

Mid-Market's NEMA Priced, Leasing Office Opening Monday

1401 Market Rendering

The leasing office for the 750-unit "NEMA" development on the corner of Market and Tenth is opening its doors for the first time this coming Monday, June 24, at 9am.

The first release of studios have been priced from $1,950 per month for 469 square feet on the third floor to $2,854 per month for 604 square feet on the tenth. The first release of one-bedrooms have been priced from $2,683 per month for 789 square feet on the second floor to $4,399 per month for 969 square feet on the twelfth.

Building amenities include a 7,000 square foot fitness center and three outdoor terraces with grills, outdoor TVs, and a heated 60-foot lap pool (click renderings to enlarge):

And there's a "Club Solarium" on the third floor with obligatory pool table.

Occupancy is slated for October, as is the opening of The Market accross the street.

Posted by socketadmin at 3:45 PM | Permalink | Comments (19) | (email story)

June 14, 2013

$18 Million For A Billionaire's View And Eleven More For The House

2712 Broadway (www.SocketSite.com)

It was almost four years ago that we first told you the tale of eight twentysomethings moving to an $8 million rental up on San Francisco’s Billionaires Row, a home that subsequently morphed into an unofficial tech incubator.

As we revealed about the property at 2712 Broadway which was purchased for $7,800,000 in 2009 and quickly landed on Craigslist asking $14,000 a month:

Purchased by a trio of investors who have either built or re-built a fair number of high-end spec homes in San Francisco, the rental route is intended as a "short-term" strategy to help with cash flow as permits and plans to redo the home are negotiated and secured.
The list price for the rental was reduced and then reduced a little bit more.
Last listed on Craigslist for $10,000, it rented for $9,250 after a bit of negotiation to a group of eight twentysomething friends who are now in the process of moving on up to Billionaires Row. But not to worry, two are a couple so everyone will effectively have their own room.

The plans to raze the existing 7,000 square foot house on the site and build a modern 12,000 square foot home in its place, as rendered below, were approved in 2011.

2712%20Broadway%20Rendering%202013.jpg

While the project has been quietly on the market for a bit, it’s about to be officially listed at $18,000,000 "for the lot plus entitlements" or $28,950,000 including construction of the new six-bedroom home across five floors, the permits for which were recently issued.

And yes, they’re selling the view from the back of the house:

2712%20Broadway%202013%20view.jpg

∙ Listing: 2712 Broadway - $18,000,000/$28,950,000 | Floor Plans [2712broadway.com]
Party Of Five Eight Move To San Francisco’s Billionaires Row [SocketSite]
Designs For The $8 Million "Teardown" On Billionaires Row [SocketSite]

Posted by socketadmin at 6:00 PM | Permalink | Comments (12) | (email story)

June 7, 2013

Trinity Place Watch: Timing, Destruction, And Design

Trinity Place Phase 3 Site

With the 418-unit Phase Two of Trinity Place at 1190 Mission Street now scheduling move-ins for August, Trinity Plaza (the old Del Webb Townhouse motel) has been reduced to rubble and the site for Trinity Place's 545-unit Phase Three along 8th Street is being prepared for construction.

Trinity%20Place%20Phase%201-3%20Rendering.jpg

As we first reported last year, the construction of Phase Two doesn't appear to support Arquitectonica's "holey" design as was originally proposed, a report that the new rendering above would appear to confirm.

Trinity%20Place%20Phases.jpg

Trinity Place Phase Two: Timing And Reality Check [SocketSite]

Posted by socketadmin at 4:00 PM | Permalink | Comments (24) | (email story)

Is A Lack Of Diversity Putting San Francisco At Risk Or Ahead?

Quoting an estimated average rent of $3,200 a month for a two-bedroom in San Francisco, or $2,550 for a one-bedroom, and "using the accepted standard that you should not spend more than 30% of your income on housing," Supervisor Alvalos notes that a household salary of $128,000 would be needed to rent the average two-bedroom, an income of $102,000 to rent an average one.

Concerned that "even most professionals cannot afford the current rents, and those who are in rent-controlled housing are feeling very vulnerable to displacement with the increased pressure on their landlords to find some way to evict them and triple their rents," Supervisor Alvalos has prepared these questions for Mayor Ed Lee who will prepare and provide answers next week:

Are you concerned that your administration’s policies to stimulate economic activity, especially supporting the tech industry, have created one-sided development and only jobs for high-income "appsters," and have exacerbated the already extremely limited housing market? Do you have any plans to address the increasing rents, and increasing rate of evictions and displacement of long-time San Francisco renters?

As plugged-in people know, employment in San Francisco is currently up by 20,900 workers on a year-over-year basis, and up by 48,200 since 2010, but remains 9,600 workers below a December 2000 dot-com peak.

Nearly 50,000 More Employed In San Francisco Since 2010 [SocketSite]

Posted by socketadmin at 1:30 PM | Permalink | Comments (84) | (email story)

May 23, 2013

Proposed Security Deposit Legislation: New Penalties And Payments

As it stands, security deposits for unfurnished apartment rentals in California cannot exceed two months’ rent, must be returned or accounted for within three weeks of a tenant vacating, and any disputes are heard in small claims court.

Under the proposed Senate Bill 603 (SB603), landlords would be required to hold security deposits in separate insured accounts and pay interest on deposits (which the city of San Francisco already requires) at the Federal Reserve six-month CD rate (currently 0.26%).

The proposed Bill would also impose a penalty of twice any amount that's deemed to have been improperly witheld from a deposit or interest owed by a landlord. Passed in committee on May 7, SB603 is scheduled for its third reading in the Senate this afternoon.

UPDATE: To clarify a bit of confusion with respect to the required interest payments on security deposits, the proposed payment of interest at the Fed's six-month CD rate "shall not apply in any city, county, or city and county that by charter, ordinance, or regulation requires the payment to tenants of interest on security, nor does it preempt a local ordinance that requires the payment of security deposit interest."

Security deposit rules in Leno legislation [Chronicle]
Senate Bill 603: Landlord and Tenant Security Deposit Legislation [ca.gov]

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

May 21, 2013

Rebroadcasting As "The Lofts At Seven" In The Tenderloin

277%20Golden%20Gate%20Avenue.jpg

The redevelopment of Channel 7’s old West Coast broadcasting building site at 277 Golden Gate Avenue is nearly complete with the Tenderloin development between Hyde and Leavenworth slated to hit the market as "The Lofts at Seven" this July.

Lofts%20at%20Seven%20Rendering%20Exterior.jpg

With 88 rental units, The Lofts at Seven's offering will inlcude 31 studios, 12 junior one-bedrooms, and 45 split-level one-bedroom lofts with 18-foot ceilings:

Lofts%20at%20Seven%20Rendering.jpg

Studios range from 275 square feet to 450 square feet, junior one bedrooms from 400 to 525 square feet, and one bedroom lofts from 400 square feet to 850 square feet. A 6,500-square-foot roof deck will be outfitted with an outdoor cinema, barbeques, and fire pit.

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

May 1, 2013

San Francisco Rents Reverse Fourth Quarter Dip, Jump In Oakland

Having ticked down a few dollars from $2,768 in the third quarter of 2012 to $2,741 in the fourth quarter, the average apartment rent in San Francisco ticked back up to $2,790 per month in the first quarter of 2013, up 4.8 percent on a year-over-year basis according to RealFacts.

Over in Oakland, the average monthly rent is up 14.6 percent year-over-year to $1,947 per month while down in San Jose it's $1,873 per month, up 8 percent year-over-year.

Keep in mind that RealFacts’ figures are based on surveys of professionally managed apartment complexes with 50 or more units (which aren't necessarily the norm in San Francisco) and reflect asking rather than effective rents after incentives.

Have San Francisco Rents Hit A Real Wall? [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (3) | (email story)

April 25, 2013

What You Can Rent For $17,500 A Month In San Francisco

1097%20Howard%20%23307.jpg

The founders of Bebo purchased 1097 Howard Street #308 for $2,450,000 back in 2007. In 2009, they sold it for $1,900,000 having already moved to a slightly larger pad.

As plugged-in people know, the 4,162 square foot Lighthouse Lofts unit #308 was created by combing three adjacent units and 1097 Howard Street #308 is also known as #307.

And as a reader notes, the two-bedroom loft #307 is now being offered for rent fully furnished with "flexible 1-2 month lease terms," which are key, for $17,500 a month.

We'll let you run the numbers, but don't forget to include a vacancy factor if you do.

∙ Listing: 1097 Howard Street #307 (2/2.5) 4,200 sqft - $17,500/month [mcguire.com]
1097 Howard #308 Shines Some Apples To Apples Style Light [SocketSite]
The SocketSite Scoop On 37 Raycliff Terrace (A.K.A. 2799 Broadway) [SocketSite]
The Lighthouse Lofts Apple Of Our Eye Returns (1097 Howard #308) [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (4) | (email story)

February 5, 2013

The Renovation Of 100 Van Ness And 400 New Rentals Are Underway

100 Van Ness Avenue

With demo work on the interior and exterior of 100 Van Ness Avenue underway, the Emerald Fund has filed a request to reduce the percentage of below market rate units in the building from 15 percent to 12 percent, a change which was principally approved by voters in San Francisco this past November with the passing of Proposition C.

Thanks to a revised curtain wall system, the renovation and re-skinning of the old AAA building will now yield 400 residential apartments over 6,884 square feet of ground floor retail and 112 off-street parking spaces with the garage entrance moved from Van Ness Avenue to Hayes Street.

100 Van Ness Avenue Rendering

One of Planning’s original conditions of approval for the project required "greater texture and depth in the glass curtain wall to reflect the new residential nature of the building" and "further refinement of the glass color to a lighter hue so it may more closely match the lighter colors that are typical of the nearby Beaux Arts core of the Civic Center area."

The exterior glass for the building will now resemble that of the Public Utilities Commission building at 525 Golden Gate Avenue and the Fund has proposed a number of Juliet balconies on all building facades as well as "a mixture of metal panels and projecting metal profiles to add texture and a greater residential expression to the structure."

Rendered 100 Van Ness Ready For Reality Check Tomorrow [SocketSite]
100 Van Ness Repurposed, Redesigned And Rendered [SocketSite]

Posted by socketadmin at 8:45 AM | Permalink | Comments (16) | (email story)

January 22, 2013

Have San Francisco Rents Hit A Real Wall?

Average apartment rents in San Francisco were relatively unchanged in the fourth quarter of 2012 while rents actually dropped 1.4 percent in the South Bay according to the latest RealFacts report.

Following a few years of double-digit annual growth, as plugged-in people knew expect, have San Francisco rents "hit a wall" as RealFacts purports?

Do keep in mind that RealFacts’ figures are based on surveys of professionally managed apartment complexes with 50 or more units (which aren't necessarily the norm in San Francisco) and reflect asking rather than effective rents after incentives.

Surprised By A Spike In San Francisco Rents? There's No Excuse. [SocketSite]

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

November 19, 2012

A Master List Of Smoke Free Rentals, But Accuracy Not Guaranteed

On the agenda for San Francisco’s Land Use and Economic Development Commission, a proposed amendment to San Francisco’s Health Code which would require owners of multi-unit residential rental properties to designate every unit in a building as either "smoke free" or "smoking optional," the master list of which, including the location of each unit, would need to be disclosed to all rental applicants and existing tenants upon request.

That being said, according to the amendment, a property owner's designation "is not a guarantee that units designated as smoke free will be smoke free, or that the property will be free from second hand smoke" and the proposed amendment "does not create any right of action, or create any remedies or defenses or other means of legal redress" in the case a unit is not.

Designating Of Rental Units As Either Smoke Free or Smoking Optional [sfbos.org]

Posted by socketadmin at 11:15 AM | Permalink | Comments (6) | (email story)

November 5, 2012

A History Of Nasty San Francisco Bedfellows (And Not In A Good Way)

Noting that "bed bug infestations are a nuisance, and have received increased media attention, potentially negatively affecting tourism," San Francisco’s Board of Supervisors is set to add Article 11A ("Bedbug Infestation Prevention, Treatment, Disclosure and Reporting") to San Francisco's Health Code this week.

Amongst the new rights and responsibilities of tenants, property owners and property managers outlined in the amendment: "At the request of a prospective tenant, a property owner and/or property manager shall furnish to the tenant written disclosure of the unit’s bed bug infestation and abatement history for the previous two years."

Tourist hotels are explicitly excepted from having to provide the aforementioned written disclosure of past bed bug infestations and abatements. Not explicitly addressed in the amendment, however, the rights and responsibilities of hosts and guests booking

Posted by socketadmin at 12:00 PM | Permalink | Comments (1) | (email story)

October 1, 2012

How To Lose Up To $1,000 A Day (Or Your Lease) Using Airbnb

Supervisor Chiu’s proposed amendment to San Francisco’s Administrative Code Chapter 41A which allows for civil penalties of up to $1,000 a day for renting, or re-renting, an apartment in San Francisco for less than 30 days is back in front of San Francisco’s Land Use and Economic Development Committee this afternoon.

Once again, Supervisor Chiu’s proposed amendment would extend the existing, but for the most part overlooked, restrictions against renting an apartment in San Francisco for less than a 30 day occupancy to tenants or guests of corporate entities that rent such apartments and allow for civil actions for violating said restrictions to be brought by certain non-profit entities, not just the City or a resident in the building, as an "interested party."

To be clear, the proposed ordinance specifies that even where a business entity has a long term lease for an apartment, if the business entity leases or permits the use of said apartment by an employee or guest for a stay of less than 30 days, such activity will be deemed illegal under Chapter 41A and subject to a civil penalty of up to $1,000 per day plus attorney’s fees.

And yes, if the prevailing interested party in any civil action brought for renting an aparment in San Francisco for less than 30 days is a permanent resident in the building or a non-profit organization, then the interested party shall retain the entire monetary award.

Speaking of violations, potential hit lists, and airbnb, a plugged-in reader reports:

My brother had an airbnb exec renting an apartment from him in the early days of the site. His apt had a non sublets clause. She put the place on the site, rented out the two bedrooms practically every other night, and was making more than she was paying in rent until we kicked her out. Only found out cause other people in the building started asking us why there were new strange men coming out of her apartment every night. Needless to say there were various theories circulating....

There are currently 2,518 apartments in San Francisco listed as short term rentals on airbnb alone.

Airbnb: A Potential Civil And Criminal Penalty Hit List? [SocketSite]
Airbnb: A Hit List For San Francisco Landlords Too [SocketSite]

Posted by socketadmin at 11:45 AM | Permalink | Comments (49) | (email story)

September 14, 2012

Airbnb: A Hit List For San Francisco Landlords Too

As we first noted in April, according to San Francisco Administrative Code Chapter 41A, it is "unlawful for any owner to offer an apartment unit for rent for tourist or transient use," defined as "occupancy for less than a 30-day term of tenancy."

From a renting reader yesterday who had used airbnb to sublet her apartment for transient use: "I've just got [an] eviction notice from my landlord citing Chapter41A!"

Airbnb: A Potential Civil And Criminal Penalty Hit List? [SocketSite]
Clarifying, And Perhaps Even Enforcing, Existing Rental Laws In SF [SocketSite]

Posted by socketadmin at 11:30 AM | Permalink | Comments (28) | (email story)

September 4, 2012

Here To Stay Today, But Likely To Be Gone Tomorrow

446-448 Missouri Street Sign

As we first reported about the sale of 446-448 Missouri Street in July:

The two-unit building at 446-448 Missouri Street is on the market in Potrero and asking $1,199,000 for the whole shebang. According to the listing, however, while "both units enjoy classic details," it's only the upper unit that "enjoy[s] panoramic City views!"
Unfortunately, while the lower two-bedroom unit is vacant, the upper two-bedroom is currently tenant occupied at a rent of $2,119 per month. And as a plugged-in tipster captures, the tenants have recently made their intentions clear.

The sale of 446-448 Missouri Street, which is neither condos or a single-family home, closed escrow on Friday with a reported contract price of $1,290,000. No word on how the "Here to Stay" tenants are being handled or whether or not they're going to get paid.

Full Disclosure Or Poisoning The Well? [SocketSite]
Rent Control In San Francisco: The Real Rules [SocketSite]
Renters get boot with big rate hike [SFGate]

Posted by socketadmin at 4:00 PM | Permalink | Comments (25) | (email story)

August 23, 2012

See How 38 Harriet's 23 Prefab Studio Units Are Stacking Up In SF

38 Harriet: 8/23/12 (www.SocketSite.com)

The 23 prefab units which will become the four-story SoMa Studios development started being stacked upon their 3,750 square foot lot at 38 Harriet this week.

Originally expecting to sell the 310 to 340 square foot studio units for $200,000 to $275,000 when first proposed back in 2010, the development is now slated to be rentals.

SoMa Studio Unit Renderings

If a reader is correct, the units should be online by Novemeber and seeking rents of around $6 per square foot. And yes, the studios were rendered with one and two beds.

UPDATE: The Business Times is reporting target rents of about $1,500, closer to $5 per square foot. We'll keep you posted and plugged-in.

UPDATE: Another interior rendering in response to a reader's quesiton about the kitchen:

Soma Studio Interior

Small Can Be Beautiful But...Will "SmartSpace" Sell In San Francisco? [SocketSite]
42 Harriet: From Surface Area Parking Lot To 23 Units As Proposed [SocketSite]

Posted by socketadmin at 4:15 PM | Permalink | Comments (14) | (email story)

July 24, 2012

Designs For The $8 Million "Teardown" On Billionaires Row

2712 Broadway (www.SocketSite.com)

It was back in 2009 that we first told you the tale of eight twentysomethings moving to an $8 million rental up on San Francisco’s Billionaires Row. As we wrote about 2712 Broadway which traded for $7,800,000 that April then landed on Craigslist asking $14,000 a month:

Purchased by a trio of investors who have either built or re-built a fair number of high-end spec homes in San Francisco, the rental route is intended as a "short-term" strategy to help with cash flow as permits and plans to redo the home are negotiated and secured.
The list price for the rental was reduced and then reduced a little bit more.
Last listed on Craigslist for $10,000, it rented for $9,250 after a bit of negotiation to a group of eight twentysomething friends who are now in the process of moving on up to Billionaires Row. But not to worry, two are a couple so everyone will effectively have their own room.
The renters are busy ripping up carpet, stripping old wallpaper, painting, and refinishing a few of the hardwood floors on their own dime. But they’ll be living on Upper Broadway for at least 15 months. And with an average rent of $1,150 each, they’re not overly concerned.
Their only real problem, how to secure enough furniture to fill all the rooms. And their landlord's only real edict, don’t piss off the neighbors (see sentence about permits).

Having filed an application to demolish the existing 7,000 square foot house over a year ago, this week San Francisco's Planning Commission is set to rule on the objections to the proposed 9,810 square foot replacement property filed by the neighbors to either side.

2712 Broadway Rendering

The neighbors' objections include the house's roofline ("the proposed curved roof…is not compatible with the neighborhood character") and its massing (basically, it's too large).

2710-2714 Broadway

Also of concern, the new house's height "at approximately 38 feet...is inconsistent with the intent of the 30-foot height limit" (as are the neighbors' houses) and the impact "on the historical value" of the neighbor's house to the west at 2714 Broadway (which "was not found to be an historic resource, either individually or as part of a district").

2712 Broadway Rendered with 2714 Broadway

The Planning Department recommends the Commission approve the design as proposed. As always, we'll keep you posted and plugged-in.

Party Of Five Eight Move To San Francisco’s Billionaires Row [SocketSite]
Discretionary Review Request and Analysis: 2712 Broadway [sfplanning.org]

Posted by socketadmin at 4:00 PM | Permalink | Comments (57) | (email story)

June 28, 2012

Fear, Uncertainty, Doubt And An Eviction

With respect to whether or not a potential crackdown on illegal short-term rentals as facilitated by services such as Airbnb is simply FUD ("fear, uncertainty, and doubt") or waiting in the wings, a plugged-in reader reports:

There has been a case won by [CitiApartments in San Francisco] to oust a long-term tenant, on the implicit basis that the city of SF was an implicit 'interested party'. Got an eviction based on 'use of premises for illegal purposes' with only evidence of [an Airbnb listing and feedback].

As we first reported, Supervisor Chiu is working on legislation which would make it easier to institute proceedings for injunctive and monetary relief against anyone renting an apartment, or room therein, for less than a 30-day term of tenancy in San Francisco.

Airbnb: A Potential Civil And Criminal Penalty Hit List? [SocketSite]
Clarifying, And Perhaps Even Enforcing, Existing Rental Laws In SF [SocketSite]
CitiApartments Is No More! Well, Sort Of… [SocketSite]
Airbnb Hit List Take Two (Months Later) [SocketSite]

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

June 8, 2012

17 Stories And 273 Rental Units Ready To Rise At 55 9th Street

55 Ninth Street: Lot

First approved for development in 2007 and having since been sold to AvalonBay, the construction of 17 stories at 55 9th Street with 273 rental units over ground floor retail and parking is slated to break ground next month.

Approved For 17 Stories But 34 Trees For Now As Proposed [SocketSite]
AvalonBay plans Mid-Market rentals for Gen Y tenants [San Francisco Business Times]

Posted by socketadmin at 7:00 AM | Permalink | Comments (0) | (email story)

April 27, 2012

To Rent, Buy, Or Invest At The Palms By The Numbers (Not The Heart)

Purchased for $760,000 in late 2006, the two-bedroom number 606 at 555 4th Street (The Palms) is currently rented for $3,200 a month, a rent which will increase to $3,500 on Tuesday according to the owner.

On the market listed for $699,000, monthly HOA dues are $544 and the property tax rate is currently 1.17%. We’ll let you run the numbers in terms of rent versus buy or as an investment (for which we calculate a CAP Rate under 4 percent).

∙ Listing: 555 4th Street #606 (2/2) 1,031 sqft - $699,000 [Redfin]
San Francisco Property Tax Rate Set To Increase 0.67 Percent [SocketSite]
To Rent Or To Buy, That Is The Question (That Only You Can Answer) [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (18) | (email story)

April 26, 2012

100 Van Ness Repurposed, Redesigned And Rendered

100%20Van%20Ness%20Rendering.jpg

In the background of the aerial rendering for the proposed tower to rise at One Van Ness, the existing 400 foot building at 100 Van Ness lurks.

As proposed and rendered above and below, however, the old AAA headquarters will be re-skinned and re-purposed as a 399-unit apartment building with ground floor retail, 118 parking spaces, and a 12,000 square foot rooftop resident’s playground above.

100%20Van%20Ness%20Rendering%20Roof.jpg

Features of the proposed 29th floor roof deck (click image to enlarge) include fire pits, lounges, a dog walk, a hot tub, lawn, plants and trees.

And yes, there's a good reason why apartment buildings are currently all the rage.

An All-Star Architect's Design For The All Star Site At One Van Ness [SocketSite]
AAA Complex At Van Ness And Hayes About To Get A Jump Start [SocketSite]
Surprised By A Spike In San Francisco Rents? There's No Excuse. [Socketsite]

Posted by socketadmin at 12:00 PM | Permalink | Comments (47) | (email story)

Surprised By A Spike In San Francisco Rents? There's No Excuse.

According to RealFacts, the average asking price for a rental in large apartment buildings in San Francisco increased almost 16 percent from the first quarter of 2011 to the first quarter of 2012.

As we noted a year ago and plugged-in people knew to expect, "institutional estimates are calling for double-digit annual growth in rents in San Francisco over the next few years."

Keep in mind that RealFacts’s figures are based on surveys of professionally managed apartment complexes with 50 or more units, which aren't necessarily the norm in San Francisco, and reflect asking rather than effective rents after incentives.

Tech Job Quote Triptych [SocketSite]
San Francisco Rents Up 9 Percent As Vacancy Rate Drops To 3.2 [SocketSite]

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

April 4, 2012

Clarifying, And Perhaps Even Enforcing, Existing Rental Laws In SF

As we first reported earlier this week, Supervisor Chiu’s proposed amendment to Chapter 41 of San Francisco’s Administrative Code wouldn’t make it unlawful to rent an apartment, or room therein, for less than a 30-day term of tenancy in San Francisco, for that practice is already against the law and subject to both Civil and Criminal penalties.

The proposed amendment would, however, open the doors for any non-profit "which has the preservation or improvement of housing as a stated purpose in its articles of incorporation or bylaws" to institute proceedings for injunctive and monetary relief against anyone violating Chapter 41, something the City of San Francisco has the right to do as well but hasn't pursued.

Speaking of which, yesterday San Francisco’s Treasurer upheld a clarification of San Francisco’s existing hotel tax law which requires anyone who rents out a house, condominium or apartment for transient use within San Francisco to collect and remit a 14 percent occupancy tax to the City, a responsibility that would fall on any website, such as Airbnb, that acted as the merchant or broker.

Airbnb: A Potential Civil And Criminal Penalty Hit List? [SocketSite]
Transient Occupancy Tax: Multiple Party Transactions; Occupancy of Private Residences

Posted by socketadmin at 4:00 PM | Permalink | Comments (37) | (email story)

April 2, 2012

Airbnb: A Potential Civil And Criminal Penalty Hit List?

According to San Francisco Administrative Code Chapter 41A, it is "unlawful for any owner to offer an apartment unit for rent for tourist or transient use," defined as "occupancy for less than a 30-day term of tenancy."

Any interested party may institute proceedings for injunctive and monetary relief for violation of this Chapter. In addition, the owner may be liable for civil penalties of not more than $1,000 per day for the period of the unlawful rental. If the interested party is the prevailing party, such party shall be entitled to the costs of enforcing this Chapter, including reasonable attorneys’ fees, pursuant to an order of the Court. If the interested party is a permanent resident, then the interested party shall retain the entire monetary award.

And in terms of Criminal Penalties:

Any owner who rents an apartment unit for tourist or transient use as defined by this Chapter shall be guilty of a misdemeanor. Any person convicted of a misdemeanor hereunder shall be punishable by a fine of not more than $1,000 or by imprisonment in the County Jail for a period of not more than six months, or by both. Each apartment unit rented for tourist or transient use shall constitute a separate offense.

An apartment is defined as a "room or rooms in any building, or portion thereof, which is designed, built, rented, leased, let or hired out to be occupied…provided that the apartment unit was occupied by a permanent resident on or after February 8, 1981."

And according to the Administrative Code, "It is presumed that an apartment unit was occupied by a permanent resident on or after February 8, 1981, and the owner has the burden of proof to show that an apartment unit is not subject to this Chapter."

This afternoon San Francisco’s Land Use and Economic Development Committee will review an amendment to Chapter 41 sponsored by Supervisor Chiu which would "extend the restrictions against converting apartment units to short-term occupancies to tenants or guests of corporate entities that rent such apartments" and allow civil actions to be brought by certain non-profit entities.

With respect to being offered for tourist or transient use, there are currently 1,938 rooms, homes or apartments in San Francisco listed on airbnb alone.

Proposed San Francisco Administrative Code Chapter 41 Amendment [sfbos.org]

Posted by socketadmin at 7:30 AM | Permalink | Comments (75) | (email story)

March 27, 2012

Where’s Waldo The Couch?

Where's The Couch?

With the two-bedroom 301 Main Street #14D currently rented for $4,800 per month, we don’t know if it’s the $4,950 per month asking rent for a furnished one-bedroom at the Infinity, or the furnishings themselves, that elicited the "OMG" comment from a reader.

To The Infinity And Beyond 2008? [SocketSite]
$4950 / 1br - Fabulous Furished (sic) Pied-A-Terre @ The Infinity [craigslist.org]

Posted by socketadmin at 10:45 AM | Permalink | Comments (7) | (email story)

March 16, 2012

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

One Rincon Hill Tower Two Site (www.SocketSite.com)

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

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

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

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

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

February 23, 2012

It’s Time To Reminisce Of Seasons Past And Drool Over Modern Design

254 Granite Chief Road Night

Perhaps we simply can’t help but be drawn to images of Squaw with a decent dumping of snow, reminisce of seasons past, and keep our fingers crossed for the future. Regardless, we do have a crush on the Strawn.Sierralta designed house at 254 Granite Chief Road.

254 Granite Chief Road Living

Finished on the first of January, 2010, the five-bedroom property is now being rented for an advertised $5,000 a night in the winter or $2,500 a night in the summer.

254 Granite Chief Road Ski Room

We’ll let you negotiate which season it should be considered right now.

The "Ski House At Squaw" (254 Granite Chief Road) [skihouseatsquaw.com]
Strawn.Sierralta: Ski On Home [strawnsierralta.com]

Posted by socketadmin at 3:30 PM | Permalink | Comments (10) | (email story)

February 21, 2012

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

Arc Light Lofts: 21 Clarence Place (www.SocketSite.com)

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

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

Posted by socketadmin at 2:15 PM | Permalink | Comments (24) | (email story)

December 6, 2011

Your Right To Request An Accounting Or Refund Of Rental Fees

As a plugged-in reader correctly surmised yesterday, and another correctly handles, it’s against the law for a landlord or broker to keep an application fee for an apartment in San Francisco without using said fee to run a credit check and actually process the application.

In other words, if you’re one of the anecdotal 249 applicants who paid a $40 application fee but failed to secure that $3,500 loft in the Mission, or any other applicant who paid an application fee but failed to land the apartment, you have the right to demand a copy of your credit check and an accounting for how the remainder of your application fee dollars were spent, and if they weren’t, the right to demand a refund.

As an aside, if you receive a copy of your requested credit check and realize it was run after the apartment was already rented, let us know.

An Uptick In Application Fees And Frustrations In San Francisco [SocketSite]

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

December 5, 2011

An Uptick In Application Fees And Frustrations In San Francisco

From a plugged-in landlord bugged by a reported uptick in application fees for apartments in San Francisco:

I don't charge an application fee. I figure that running a credit check is the cost of doing business, and I only do it on the finalist. It's lame that some are charging dozens the fee for the same place. We know that they're not doing dozens of credit checks.
This makes us all look bad. And it's another reason for the city to figure out how to [reign] over landlords.

One unconfirmed anecdote and hearsay from The Bay Citizen retells the tale of a $3,500 a month loft in the Mission attracting 250 applications at $40 a pop.

In SF's Tight Rental Market, Paying Just to Look [baycitizen.org]

Posted by socketadmin at 8:30 AM | Permalink | Comments (21) | (email story)

November 21, 2011

Is That The Fat Lady We Hear Singing Over At CitiApartments?

2099 Market Street

Pledged as collateral on a number of loans which are now in default, it’s a plugged-in tipster that notes "the Debtors’ respective membership interests in the limited liability companies" which own the following properties are scheduled to be sold on December 12:

78 Buchanan Street
233-241 Church Street
252-258 Church Street
950 Franklin Street
1844 Irving Street
1401 Jones Street
2677 Larkin Street
2075-2083 Market Street
2099 Market Street
1870 Pacific Avenue
500 Stanyan Street
645 Stockton Street
1340-1360 Taylor Street
1320 Washington Street
1461-1465 Burlingame Avenue (Burlingame)

Some might recognize the 2099 Market Street adress as the headquarters of the group formerly known as CitiApartments and from which "Frank Lembi used to listen to opera on Wednesday evenings from his office on the mezzanine" according to our tipster.

UPDATE: As a reader quickly catches, it’s the Membership Interests in the LLCs that own the properties above which are being auctioned against $29,700,000 in mezzanine debt that’s in default and the properties listed above remain "encumbered by a deed of trust that secures the Property LLCs’ total aggregate indebtedness to a senior mortgage lender in the original principal amount of $103,300,000."

CitiApartments Is No More! Well, Sort Of… [SocketSite]
The Story (And Faces) Behind The Rise And Fall Of The Lembis [SocketSite]

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

November 7, 2011

San Francisco Rents Up 9 Percent As Vacancy Rate Drops To 3.2

According to a survey of apartment buildings by Cassidy Turley, the rental vacancy rate has dropped to 3.2 percent in San Francisco as average rents have climbed 9 percent over the past year, one point below the double-digit growth rate we noted to expect in May.

The Rising Rents Versus Falling Prices Paradox And Salary Debate [SocketSite]
Tech Job Quote Triptych [SocketSite]

Posted by socketadmin at 6:30 AM | Permalink | Comments (78) | (email story)

October 21, 2011

Playing By With House Rules To Effect An Eviction

From the Bay Citizen with respect to the recent eviction of Ernesto Hernandez from the six-room apartment at 558 Green Street in which he had resided since 1982 and paid $650 a month in rent controlled rent to landlord Paul Marino who bought the building in 2005:

Under state law, owners of apartments governed by month-to-month agreements are free to institute new house rules, and tenants must comply within 30 days. A San Francisco ordinance conflicts with this, saying all parties must agree to the rules.
In June 2009, Mr. Marino instituted house rules that banned subletting the apartment to others. But Mr. Hernandez, who lives on Social Security payments of $600 per month, rented out space in the flat, violating those rules.
“Subletting in a rent-control jurisdiction is a huge offense,” said Karen Uchiyama, Mr. Marino’s lawyer.
Mr. Marino tried to evict Mr. Hernandez, who was defended by Legal Assistance to the Elderly, a local nonprofit that aids seniors.
The court sided with state laws over the city ordinance, ruling for the landlord. Mr. Hernandez also lost on appeal.

According to Ted Gullicksen, executive director of the San Francisco Tenants Union, evictions based on similar lease breaches tripled in the months following the ruling. The director of the San Francisco Apartment Association questions the correlation.

A Dent in San Francisco's Ironclad Tenant Protections [baycitizen.org]

Posted by socketadmin at 10:30 AM | Permalink | Comments (38) | (email story)

April 19, 2011

Argenta (1 Polk) Sold In Bulk To Behringer Harvard

Argenta (www.SocketSite.com)

As a plugged-in resident reports, the bulk sale of Argenta (1 Polk Street) which had been built as condominiums, was unsuccessfully marketed for sale in 2008, and turned rental in 2009, has closed escrow with Dallas based Behringer Harvard Multifamily REIT acquiring the property from the bank.

The sale of the 179-unit building has been in the works since February 11 when Behringer Harvard first entered into an agreement to purchase the property for $94 million excluding closing costs.

Our tipster also notes: "I recently received an offer to renew my lease for another year."

UPDATE: As noted buy a plugged-in reader and since corrected, while Australian based Anka developed the property, Behringer Harvard purchased the property from "MacQuarie Argenta Inc.," a holding company for the construction lender who financed the project.

Argenta (1 Polk): Ground Breaking [SocketSite]
The Scoop: Argenta (1 Polk) On The Market As An Apartment Building [SocketSite]
The Official Argenta (One Polk) Offering Image And Language [SocketSite]
The Argenta (1 Polk) Scoop Redux: Riverstone Residential To Manage [SocketSite]
The Rather Ironic "Argenta Silver Lining": Now Leasing At One Polk [SocketSite]

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

April 11, 2011

A Timely Good Samaritan Rent Ordinance As Proposed

Amongst the items on the agenda for San Francisco’s Land Use and Economic Development Committee this afternoon, another informational hearing on the proposed redevelopment of Treasure and Yerba Buena Islands and a proposed "Good Samaritan Base Rent" ordinance which would apply to the emergency dislocation of a tenant.

[The proposed ordinance would] provide for temporary Good Samaritan base rent when a landlord and new tenant agree for the tenant to commence occupancy following an emergency such as fire or earthquake or landslide that required unexpected vacation of the tenant's previous unit, and the agreement includes a reduced rent rate for up to the first three hundred sixty-five (365) days of occupancy (Original Good Samaritan Status Period); initial base rent for purposes of calculating annual CPI increases per Section 37.3 shall be the rent payable upon expiration of the Original Good Samaritan Status Period, or upon expiration of any Extended Good Samaritan Status Period as agreed by the landlord and tenant in writing, for a total of no more than 730 days of Original and Extended Good Samaritan Status days combined; Good Samaritan status may be utilized only upon written certification by a specified City Official, that identifies the emergency and the resulting unit vacation on grounds of public health, safety, and habitability.

With respect to Treasure Island, we’re assuming the Good Samaritan ordinance would apply in the case of tsunamis as well.

Land Use and Economic Development Committee Agenda: April 11, 2011 [sfbos.org]
Good Samaritan Base Rent Following Emergency Dislocation of Tenant [sfbos.org]
The Draft Plan For 550 Acres In The Middle Of San Francisco's Bay [SocketSite]

Posted by socketadmin at 11:00 AM | Permalink | Comments (33) | (email story)

March 31, 2011

Living Large In 435 Square Feet: Inside 86 Stanton

86 Stanton

Behind the little gate and down the flagstone steps at 86 Stanton, a 435 square foot cottage originally constructed in 1918 but recently remodeled lies on two lots.

86 Stanton Floor Plan

And while its surrounding grounds (or at least the yard) could use some care, we’re totally crushing on what’s now inside, from the Pedini kitchen to the sleek bath (or shower).

86%20Stanton%20Living.jpg

Just listed for $1,150,000, the cottage is also being offered for rent at $3,000 a month. We'll let you run the numbers.

UPDATE: As a number of plugged-in readers have quickly and correctly noted, while the permit to remodel 86 Stanton was pulled in 2006, in 2008 a permit was filed to build a new three-story house on the font half of the double lot but has yet to be approved.

∙ Listing: 86 Stanton (1/1) 435 sqft - $1,150,000 [86stanton.com] [MLS]

Posted by socketadmin at 7:30 AM | Permalink | Comments (59) | (email story)

February 25, 2011

JustQuotes: 2008 Tenant Harassment Provisions Struck Down

"A state appeals court has struck down provisions of a voter-approved San Francisco law that allowed the city's rent board to reduce payments from tenants whose landlords harassed them.

The First District Court of Appeal in San Francisco left intact other parts of Proposition M, a November 2008 measure, but ruled that the city board has no constitutional authority to impose lower rents on landlords who mistreat their tenants or try to coerce them into leaving."

S.F. Prop. M rent reduction provision struck down [SFGate]
The Day After: November 4 Real Estate Related Election Results [SocketSite]

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

February 10, 2011

Restored Richard Neutra Flat Returns As A Rather Targeted Rental

2056-2058 Jeffferson

Withdrawn from the market a year ago when asking $3,950,000 for the restored Richard Neutra duplex at 2056-2058 Jefferson, it’s a plugged-in reader that catches the upper unit now listed for lease on Craigslist asking $8,500 a month.

Yes, the rental includes access to that swanky 800 square foot roof deck "with panoramic views of the Golden Gate Bridge and the Bay" (but no longer the Palace of Fine Arts).

2056-2058 Jeffferson: Historic Roof Shot

We'll also note the reference of proximity to the St. Francis Yacht Club and an option to lease the flat fully furnished (although we might suggest modernizing the bedroom decor).

Restored Richard Neutra Modern In The Marina: 2056-2058 Jefferson [SocketSite]
Modernist Gem near St. Francis Yacht Club with Expansive Bay View [craigslist]

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

January 19, 2011

Rent Belvedere’s "Organ House" For $12,450 (Or Buy For $19.995M)

Belvedere’s Organ House

Built in the 1890’s and supposedly remodeled by Willis Polk in 1906, the "Organ House" across the bay in Belvedere at 433 Golden Gate Avenue was so named as one wing of the nearly 8,000 square foot property is dominated by a concert room "built to accommodate one of the largest privately-owned organs in existence at the time."

Situated at the southern tip of the island, the property provides views from Oakland to the Golden Gate bridge. And as a plugged-in tipster notes, the "Jewel of Belvedere Island" has hit Craigslist asking asking $12,450 a month for a one year lease.

But if you’d rather buy, plugged-in people should also know the property is available for sale with an asking price of $19,995,000.

$12450 / 4br - The Jewel of Belvedere Island [Craigslist]
∙ Listing: 433 Golden Gate Ave, Belvedere (4/3) 7,800 sqft - $19,995,000 [tiburonland]

Posted by socketadmin at 12:00 PM | Permalink | Comments (6) | (email story)

November 25, 2010

Warm Thoughts Of A Traditional Thanksgiving Dinner (2010 Edition)

2170 Pacific Dining

Our Thanksgiving tradition has once again been thwarted by a lack of listings featuring gorgeous old stoves, so this year it’s back to a property with an annual tradition of its own.

Not counting its listings in 2007, 2008, or 2009, it’s now 325 days on the market at $2,995,000 for 2170 Pacific having been purchased for $2,350,000 in May 2004. The three-bedroom has also been making the rounds on Craigslist asking $8,500 a month.

Here's to hoping your pantry is plentiful along with your family and friends. Safe travels if you are (traveling). We'll see you next week.

Warm Thoughts Of A Traditional Thanksgiving Dinner (2009 Edition) [SocketSite]
Warm Thoughts Of A Traditional Thanksgiving Dinner (2008 Edition) [SocketSite]
Conjuring Up Warm Thoughts Of A Traditional Thanksgiving Dinner [SocketSite]
On Tour As New (For The Fifth Time In Two Years): 2170 Pacific [SocketSite]
$8500 / 3br - 3.5 Ba House-like Condo, Vus, Pkg, Garden, Grt Location [craigslist.org]

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

November 23, 2010

A Corona Heights Craig On Craig's As Correctly Surmised

3794 16th Street

As we wrote when the listing for the lower half of the Craig Steely redesigned "Xiao-Yen’s House" at 3794 16th Street was withdrawn from the MLS without a reported sale at $1,098,000 in October: "We'll be keeping an eye on that other Craig's list."

As a plugged-in reader wrote yesterday: "And now for rent on craigslist at $5000."

Half Of Xiao-Yen’s House (3794 16th Street) Hits The Market [SocketSite]
Keep An Eye Out For A Craig Steely On That Other Craig's List... [SocketSite]
$5000 / 3br - Corona Heights 3bd/2ba stunning architecture! [Craigslist]

Posted by socketadmin at 6:30 AM | Permalink | Comments (4) | (email story)

October 19, 2010

That’s A Bingo As The First Two Belles Townhomes Hit The Market

Belles Townhomes

As we wrote three weeks ago:

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

Belles Townhome Living

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

And as a plugged-in reader quickly added, "the leasing office is targeting $7,500 to $9,000 per month for the townhomes."

Today, the first two Belles Townhomes officially hit the market with asking rents of $7,800. That’s a (plugged-in) bingo!

Will The Presidio Belles Toll For Thee? [SocketSite]
Presidio Landmark Building 1801 Recovering Nicely From Wingectomy [SocketSite]
The Presidio Landmark: The Belles Townhomes [thepresidiolandmark.com]

Posted by socketadmin at 2:15 PM | Permalink | Comments (6) | (email story)

September 23, 2010

Will The Presidio Belles Toll For Thee?

Belles Townhomes

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

Belles Kitchen

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

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

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

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

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

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

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

August 11, 2010

Dick(ering Over One Via) Vandyke

1 Via Vandyke

On the market across the bridge in Mill Valley asking $6,900,000 in December, as far as we know 1 Via Vandyke never sold. But as a plugged-in tipster notes (and gets headline credit), the 7,000 square foot home with 600 square foot cottage (dibs!) is now available for lease and asking $16,000 per month. And yes, an option to buy is available.

If you plan to share a rent versus buy calculation, please share your assumptions as well.

∙ Listing: 1 Via Vandyke (7/5.5) - $16,000/mo (Marin) [millvalleyluxuryliving.com] [Craigslist]
The Woods Atop A Grassy Knoll In Mill Valley (1 Via Vandyke) [SocketSite]
To Rent Or To Buy, That Is The Question (That Only You Can Answer) [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (19) | (email story)

July 26, 2010

Rent Versus Buy (Or Sell) A Landmark Mansion

1772 Vallejo (www.SocketSite.com)

Listed for $7,900,000 last September, the asking price for the fully restored Landmark Burr Mansion at 1772 Vallejo was reduced to $6,995,000 last October and then withdrawn from the MLS (but not the market) this past May.

As a plugged-in tipster notes, 1772 Vallejo is now being advertised as a rental and asking $26,950 a month (hey, between five roommates that’s only $5,390 apiece).

And while $26,950 a month might seem like an eye-popping number, keep in mind that on a purchase price of $6,995,000, and assuming absolutely no vacancy nor maintenance or upkeep, it would translate to a CAP rate of under 4 percent.

∙ Listings: 1772 Vallejo (5/4.5) - $6,995,000 | $26,950/month
Another Ex-Mayor’s Landmark Mansion Coming Soon (1772 Vallejo) [SocketSite]
Party Of Five Eight Move To San Francisco’s Billionaires Row [SocketSite]

Posted by socketadmin at 9:00 AM | Permalink | Comments (18) | (email story)

July 8, 2010

Presidio Landmark Opening Its Doors Next Week

Presidio Landmark Open House

As a plugged-in tipster notes, the Presidio Landmark will hold its first open house next week for Presidio employees, expect an announcement targeting the general public soon.

Presidio Landmark Priced And On Track For An Opening In July [SocketSite]
Presidio Landmark Building 1801 Recovering Nicely From Wingectomy [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (11) | (email story)

July 2, 2010

Apartment Leasing Business Going To The Dogs Brokers In SF?

While a comparison of Craigslist listings over (rather than point in) time would be more compelling, a plugged-in reader with a rental unit in soma echos The Bay Citizen's report that brokers seem to be gaining share in San Francisco's rental market.

"The trend has gone to broker representation," said a local real estate firm associate who analyzes the San Francisco rental market on a weekly basis but was not authorized to speak publicly. Interviews with several other brokers and real estate experts confirmed the shift. In a slow home sales market, managing apartment rentals has provided agents with an expanded revenue stream — and they forge relationships with prospective home buyers.
But with broker fees typically 6 percent of a year’s rent, why would property owners start paying middlemen? After all, San Francisco is one of the most expensive rental markets in the nation, and demand for housing is considered steady.
Experts say the shift has to do with new buildings, the recession and the city’s pro-tenant environment.

We'll say it's a function of more single-unit landlords without economies of scale or experience in a down market. Or as another reader notes, perhaps brokers are simply more likely to spam post multiple ads on Craigslist.

Brokers’ Entrance Into Market Bodes Ill for Renters [SocketSite]

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

June 7, 2010

We’ll Gladly Give You A Long-Term Discount For Cash Today

A plugged-in reader reports and we excerpt (and slightly edit):

I live in a 33 unit former [CitiApartments] property that is in receivership and is managed by a non-Citi (now dba First) management company.
In the months before receivership started in 9/09, any tenant who asked was given a significant rent reduction from Citi if they signed a year lease and paid an additional month's rent in advance. There were only a couple tenants who didn't ask and receive. An example: a lovely $1,500/month studio rent was reduced to $1,150. New pre-foreclosure tenants were getting the same lower monthly rent rates if they paid an additional month's rent at the time of lease commencement.
Those pre-receivership reduced rents are now the rent controlled rents. The receivership property management company is currently renting the apartments at the lower rate too. Rather than holding out for higher rents, the receivership property management company is renting turnover apartments at rates that would make any new purchaser/investor cringe just to keep the building fully rented.
[The Department of Building Inspection] is forcing the new property management company to rectify the non-permitted and not to code 'renovations' that Citi performed in this building over the years which will total hundreds of thousands of dollars…[and] a decade of dealing with CitiApartments has filled the building with experienced, knowledgeable, empowered, and angry tenants who won't take crap from a landlord and know how to protect themselves.
This is the real Lembi legacy. Any investor considering buying a fire-sale post Lembi building would be advised to buy very, very carefully.

We'll say it's something to consider for buyers and renters alike.

Lemons To Lemons For Thirty Ex-Lembi Apartment Buildings [SocketSite]
CitiApartments Is No More! Well, Sort Of… [SocketSite]
The Story (And Faces) Behind The Rise And Fall Of The Lembis [SocketSite]
The Chronicle Reports "Dozens," A Plugged-In Source Says Over 100 [SocketSite]

Posted by socketadmin at 10:00 AM | Permalink | Comments (4) | (email story)

May 27, 2010

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

736 Valencia

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

736 Valencia Rooftop Terrace

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

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

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

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

May 24, 2010

Presidio Landmark Priced And On Track For An Opening In July

The newly converted Presidio Landmark (landmark Building 1801 previously known as the Public Health Service Hospital) is on track for an opening in July. With respect to pricing:

...asking rates on junior one-bedrooms, which weigh in at 500 square feet, will be $2,125 a month. Full one-bedrooms, most of which are about 850 square feet, will average $2,875 a month. And two-bedrooms, which range in size from 1,000 square feet to 1,500 square feet, will average $4,325 a month. Parking will be $150 a month for an outdoor spot, and $200 a month for a space in the underground garage.

Once again, 154 units with floor plans online (and a rather big backyard).

Presidio Landmark Building 1801 Recovering Nicely From Wingectomy [SocketSite]
Forest City rises in Presidio [San Francisco Business Times]
From Graffiti Canvas To Apartment Campus: PHSH Breaking Ground [SocketSite]

Posted by socketadmin at 7:30 AM | Permalink | Comments (22) | (email story)

May 5, 2010

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

The Parc Esprit (www.SocketSite.com)

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

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

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

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

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

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

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

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)

March 23, 2010

A Hollywood Ending (And Not) For 3157 Baker Street

3157 Baker Street

While the Craigslist post doesn’t note the address (and omits a picture of the façade), we’ll peg the five bedroom "Marina Mansion for Rent" asking $13,500 a month as the one-time Top Chef house at 3157 Baker Street that was last listed for sale at $3,695,000 (down from $5,000,000 in 2008) before being withdrawn from the MLS last month.

$13500 / 5br - Marina Mansion for Rent [Craigslist]
Would The Real Top Chef San Francisco House Please Stand Up? [SocketSite]

Posted by socketadmin at 9:45 AM | Permalink | Comments (8) | (email story)

March 8, 2010

Presidio Landmark Building 1801 Recovering Nicely From Wingectomy

Presidio Landmark Building 1801 (www.SocketSite.com)

The non-historic wings have been removed and Forest City’s redevelopment of Building 1801 (soon to be known as "Presidio Landmark," previously known as the rather less inviting and marketable Public Health Service Hospital) into 154 studio, one, and two-bedroom apartments continues to make great strides.

Where possible, the historic wood windows and brick and stone facades [have been] refurbished...A three-story addition is being added added at the rear of the building...[and] Seven small townhomes are being added totaling about 16,000 square feet.

A smattering of floor plans for the marble, granite and stainless steel adorned units are online but rates have yet to be set. First occupancy is slated for this summer.

From Graffiti Canvas To Apartment Campus: PHSH Breaking Ground [SocketSite]
The Public Health Service Hospital Through A Reader's Eyes And Lens [SocketSite]
Public Health Service Hospital Project [presidio.gov]
Presidio Landmark [thepresidiolandmark.com]

Posted by socketadmin at 4:00 PM | Permalink | Comments (18) | (email story)

February 24, 2010

Just Cause And Parking Legislation Postponed, And Not Just Because

San Francisco’s Board of Supervisors postponed a first vote on Supervisor Avalos’ amended legislation which would extend "just cause" eviction protections to those in buildings which have been foreclosed upon.

A second and final vote on Supervisor Chiu’s legislation "that would crackdown on the construction of parking garages in residential buildings in three San Francisco neighborhoods: North Beach, Telegraph Hill and Chinatown" was also postponed.

The [parking] vote’s postponement came as Supervisor Bevan Dufty was being called on to change his vote and oppose the legislation to ensure Mayor Gavin Newsom could successfully veto it.

Just-cause eviction vote postponed until next week [San Francisco Examiner]
Just Cause Eviction Rights Extension II: Now Just For Foreclosures [SocketSite]
Vote postponed on parking garage restrictions [San Francisco Examiner]
New Parking Restrictions For District 3 Circles The Block Board [SocketSite]

Posted by socketadmin at 7:00 AM | Permalink | Comments (8) | (email story)

February 10, 2010

Just Cause Eviction Rights Extension II: Now Just For Foreclosures

Just Cause Round 2 Legislation Summary

The Board of Supervisors postponed a vote on Supervisor Avalos’ amended "just cause" eviction protection legislation yesterday as the Mayoral veto of the original supervisor approved legislation survived.

The amended legislation now intends to extend just cause eviction rights only to non-rent controlled residential rental buildings which have been foreclosed upon, because then nobody gets penalized except the big bad banks.

And hey, what are they going to do, raise their rates to offset the added risk?

Amended Just Cause Eviction Protection Amendment [sfbos.org]
Just Cause Or Rather Not: Mayor Newsom Vetoes Legislation [SocketSite]
Just Cause Eviction Extension Approved, But With Four Key No Votes [SocketSite]

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

January 29, 2010

Artani (818 Van Ness) Scoop Redux: Unsuspending Sales

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

It was a little over a year ago we broke the news about Artani (818 Van Ness) suspending sales and going the rental route. Today, we break the news that they’re about to dust off the sales center and suspend their rental program.

Current residents of the building (the 54 units of which are nearly all rented) will be given the first right of refusal to purchase their units at a discount to 2010 "market rates." Unclaimed units will be made available to the public in April.

And while we (nor they) have exact pricing, according to a plugged-in source the 2010 market rate is expected be set at a discount of around 20-25 percent from 2008 prices.

The SocketSite Scoop And Rumor Confirmed: Artani Suspending Sales [SocketSite]
The Artani (818 Van Ness) Opens And A Plugged-In Reader Reports [SocketSite]

Posted by socketadmin at 10:30 AM | Permalink | Comments (56) | (email story)

January 20, 2010

Trinity Place Opens Up Under Cloudy Skies But Sunny Dispositions

1188 Mission: 1/20/10 (www.SocketSite.com)

Under cloudy skies, but with sunny dispositions, current residents of Trinity Plaza have started to make their move across the way to Trinity Place (1188 Mission). As we wrote eight months ago about Phase I of the 1,900 unit Trinity Place development:

If all goes as planned, the 440-unit building will open in two phases with residents of the lower twelve floors occupying their new apartments by the middle of January 2010 and residents of the top twelve floors by the end of March.
There's been good buzz about the design and finishes of the units to be (not to mention the marble and granite lobby). And in case you're wondering, residents of record as of early January at the current 360-unit Trinity Plaza will get first choice of units and maintain their current rents (and rent control).

In addition to rent-controlled tenants making the move, around 70 market-rate units will be available for rent with corner one-bedrooms ready for immediate occupancy starting at $1,773 per month and upper floor studios following in February or March.

Phase II of the development was originally slated to be 545 units and 21,000 square feet of retail along Market Street, but instead the next phase of development will be 440 units at 1190 Mission, directly west of 1188.

Given the tenuous economy and uncertain housing market, Sangiacomo said it makes more sense to construct a more modest building first. In addition to more units, the Market Street portion of the project requires a massive excavation for a 1,450-car parking garage. In contrast, the Mission Street buildings do not have any underground parking.

Trinity Place Phases 2010

Kudos to Sangiacomo and his team.

It Goes No Higher: 1188 Mission (AKA Trinity Place Phase I) Tops Off [SocketSite]
San Francisco's Newest Tower Crane (For Trinity Plaza) Is In The Air [SocketSite]
Trinity Plaza: Just One Signature (And Around Three Years) To Go [SocketSite]
Moving day for Trinity Plaza [San Francisco Business Times]
$1773 / 1br - BRAND NEW BUILDING/ CONVENIENT LOCATION [Craigslist]

Posted by socketadmin at 4:00 PM | Permalink | Comments (34) | (email story)

January 13, 2010

Renting The Whole Remodeled Noe Home For Under Six (Asking)

350 Valley and 3711 22nd Street

Purchased for $1,230,000 in December 2003, the remodeled Noe Valley home at 350 Valley returned to the market in September 2009 but was withdrawn in December after a price cut in October (last asking $1,499,000).

And while it hasn’t been re-listed for sale (yet), 350 Valley is now available for rent at $5,800 per month. We’ll let you run your numbers. And we’ll also note a rather attractive and modernized four bedroom Victorian on 22nd Street (number 3711) that's also available for rent at $5,900 per month, asking once again.

To Rent Or To Buy, That Is The Question (That Only You Can Answer) [SocketSite]
∙ Rental: $5800 / 3br - 2.5 ba - Striking/High End Renovated Home [Craigslist]
∙ Rental: $5900 / 4br - Beautiful 4 bed/2.5 bath Victorian in Prime Noe Valley [Craigslist]

Posted by socketadmin at 10:45 AM | Permalink | Comments (11) | (email story)

January 12, 2010

Get A Feel For 147 Laidley Living For $12,500 Per Month

While the AIA Award Winning 147 Laidley didn’t move when listed for $3,350,000 last year, you can call it home "on a month to month basis for 6-12 months" at $12,500 per month.

The Scoop On 147 Laidley: AIA Award Winner "Coming Soon" [SocketSite]
$12500 / 4br - Brand New Modern Masterpiece! [Craigslist]

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

December 30, 2009

Back To Year 2000 Rent For The 3,300 Square Foot 75 Folsom #1204

Purchased for $4,125,000 in September 2000, the 3,300+ square foot 75 Folsom #1204 was unable to find a buyer at $4,400,000 (down from $6,200,000) in 2009.

And while a plugged-in agent reacalls having leased it out for the owner in 1999 at $10K per month (asking $12K at the time), a plugged-in tipster notes the current owners are now asking $9,500 per month down from $12,000-$15,000 per month this past August.

From Three To One And Six-ish To Five-ish (So Far): 75 Folsom #1204 [SocketSite]
$9500 / 2br - Enjoy Panoramic views - two bedroom condo [Craigslist]

Posted by socketadmin at 7:15 AM | Permalink | Comments (4) | (email story)

December 15, 2009

Proposed OMI Eviction Protection For Families With Children

The latest eviction protection legislation proposed by Supervisor Eric Mar:

Ordinance amending Administrative Code Chapter 37 “Residential Rent Stabilization and Arbitration Ordinance” by amending Section 37.9(i) to prohibit owner move-in evictions where any tenant is under the age of 18 and a member of a household which has resided in the unit for at least 12 months.

The proposed exception(s): if it’s a single-family home; if it’s the only unit the owner owns in the building; or if it’s a qualified relative move-in with a household member under the age of 18 of their own.

Legislation Prohibiting OMI Evictions of Households with a child under 18 [SFBOS]

Posted by socketadmin at 10:00 AM | Permalink | Comments (66) | (email story)

December 14, 2009

The Mayor’s Attempted Eviction Legislation One-Two Punch (Or Jab)

While Mayor Newsom prepares to veto Supervisor Avalos' sponsored "just cause" extension legislation which was passed by San Francisco’s Board of Supervisors last week, on Tuesday he will introduce a bit of eviction legislation of his own (9:16 in the above).

In the address, titled "Mayor Newsom's YouTube Update," the mayor said he would introduce alternative legislation Tuesday that would protect tenants living in nonrent-controlled units from evictions if their home is foreclosed upon by a lender.
The legislation will protect tenants from the "predatory nature of banks" and "other circumstances" related to "macroeconomic challenges," Newsom said.

Seizing the asset that secured a nonperforming loan is "predatory" behavior? Who knew.

And depending upon how it’s written, keep an eye on Craigslist for way below market rate (WBMR) rentals with long-term leases for cash up front should it pass...

UPDATE: While we actually considered featuring the bank owned sale of 3730 Fillmore when it first hit the market, we didn’t. Purchased for $500,000 in September of 1999 the property was taken back by the bank this June with a first mortgage of $1,099,079 owed.

Two weeks ago the 1,722 square foot two-bedroom condo returned to the market asking $925,000. And yes, it’s already in contract. So why do we mention it now?

As a plugged-in reader adds:

i'm surprised [SocketSite] didn't pick up on 3730 Fillmore street, a rare foreclosed condo in the marina that just went into contract at a very reasonable price. sold for under $1M, the previous owner had racked up (i think) about $1.6M in loans from those "predatory" banks. and the poor victim? none other than [the Mayor’s] cousin.

And giving credit where credit is due, it's actually another plugged-in reader that first commented on the plight of 3730 Fillmore eight months ago.

Just Cause Eviction Extension Approved, But With Four Key No Votes [SocketSite]
Just BeCause Eviction Vote Scheduled For Tomorrow [SocketSite]
Newsom plans foreclosure eviction bill [Examiner]

Posted by socketadmin at 9:45 AM | Permalink | Comments (13) | (email story)

December 10, 2009

The Wright Stuff Redux: Aerial Perspective And A Reader’s Report

1332 Wright Loop Aerial (Iamge Source: Bing.com)

With respect to 1332 Wright Loop, a plugged-in reader reports:

I know the previous renters and have been in the house several times. It has amazing views, but even more than that, one has no sense of being in the city. It's like someone took a Hillsborough estate and placed it 15 minutes from Union Square.
Inside, the living room has a huge picture window with a view of the GG Bridge. It's old, but has character. Not grand and stuffy. It would make a great family home. As far as the Doyle Drive construction, the additional traffic through the Presidio does not matter to this property. It sits above it all. One of a kind.

Plus, imagine the savings on valet. All comments on our original post.

The Wright Rental Stuff? (1332 Wright Loop) [SocketSite]

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

December 9, 2009

The Wright Rental Stuff? (1332 Wright Loop)

1332 Wright Loop

From the statement for 1332 Wright Loop:

Built in 1943 to accommodate the commanding general of the Ninth Coast Artillery District, this grand residence reflects a mix of Spanish Colonial Revival architecture and more modern elements of the period. Located in the Presidio’s Fort Scott area, above Kobbe Avenue, this secluded historic home has a grand entertaining space, 5 bedrooms, 4.5 bathrooms, 2-car attached garage and is a contributing feature to the Presidio’s status as a National Historic Landmark District.

Open this Friday and Saturday from 1-3PM and seeking a minimum bid of $14,000 per month, a plugged-in tipster adds: "Though not on the statement, I've heard the winning bidder will have to pay out of pocket to update the home (it's old and not rehabbed)."

UPDATE (12/10): An aerial perspective for the property.

The Wright Stuff Redux: Aerial Perspective And A Reader’s Report [SocketSite]

Posted by socketadmin at 1:45 PM | Permalink | Comments (71) | (email story)

Just Cause Eviction Extension Approved, But With Four Key No Votes

As a plugged-in reader reported shortly after the vote yesterday, while the Board of Supervisors approved Supervisor Avalos’ proposed legislation to extend "just cause" eviction rights to non-rent controlled units by a vote of 7-4, the four "no" votes from supervisors Alioto, Chu, Dufty and Elsbernd should sustain an expected Mayoral veto.

Just BeCause Eviction Vote Scheduled For Tomorrow [SocketSite]
Just Cause Protection Coming For Non-Rent Controlled Rentals? [SocketSite]

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

December 7, 2009

Just BeCause Eviction Vote Scheduled For Tomorrow

Assuming a recomendation by San Francisco’s Land Use and Economic Development Committee this afternoon, tomorrow the Board of Supervisors will vote on Supervisor Avalos’ proposed legislation to extend "just cause" eviction rights to all rental units rather than just those (for the most part) built before June 1979 and restricted by rent control.

Despite some disinformation making the rounds, the amendments would not effectively render post-'79 rental units in San Francisco "rent controlled."

And as best we can tell, committee amendments to the proposed legislation address the hot buttons of owner move-in evictions and the ability of developers to remove renters from units that were only intended to be rented for a limited time before being sold:

...by amending Section 37.9 to provide that limitations on [the number of] owner move-in evictions do not apply to these newly protected units; [and] by amending Section 37.9 to add a 16th just cause for eviction, to provide for eviction from a condominium unit with separable title that was rented by the developer for a limited time period prior to sale of the unit, where the developer has given specified advance notice to the renters...

UPDATE: With respect to that 16th just cause and units which were rented prior to the effective date of the new legislation, developers would have 90 days to provide retroactive "advance notice" of their intent to eventually sell.

UPDATE (12/8): From the San Francisco Examiner:

On Monday, the Land Use & Economic Development Committee voted to send the legislation to the full board for a vote Tuesday.
"If what came out of committee today reaches the mayor's desk, he will veto it," said Joe Arellano, Newsom’s spokesman.

The Mayor will need four supervisor votes to sustain any veto.

San Francisco Land Use and Economic Development Committee Agenda 12/7/09 [SFBOS]
Just Cause Protection Coming For Non-Rent Controlled Rentals? [SocketSite]
Rent Control In San Francisco: The Real Rules [SocketSite]
Just Cause Eviction Protection For Residential Tenants Proposed Legislation [SFBOS]
Newsom: I will veto tenant eviction legislation [San Francisco Examiner]

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

November 10, 2009

From "Would" To "Will" And Moving Dirt At 2255 Third Street (A Recap)

2255 Third Street Excavation (www.SocketSite.com)

With a government grant in hand, dirt is moving on the site of Martin Building Company’s 2255 Third Street project. Borrowing from our 2225-2255 Third Street overview last year:

The proposed project [will] preserve and renovate two existing historic buildings and construct three new buildings above a new below-grade parking podium. In total, these buildings [will] contain approximately 242,185 square feet of floor area, including approximately 179 residential units, 5,262 square feet of restaurant uses, 11,434 square feet of retail space fronting Third Street, 2,393 square feet of day-care services, a belowgrade parking garage accessed from Illinois Street with approximately 157 parking spaces, 50 bicycle spaces, and two offstreet loading spaces.

The two new structures facing Third Street [will] be 35 feet (three stories) tall and beyond a 20-foot setback from the property line [will] be 50 feet (five stories) in height.

2255 Third Street Elevation

The new building fronting on Illinois Street [will] be 65 feet tall (six stories) in height.

2255%20Third%20Street%20Illinois%20Watercolor.jpg

And once again, 63 studios, 81 one-bedrooms, 30 two-bedrooms, and 5 three-bedrooms in the mix and on the way.

San Francisco Developers Land $96 Million In Infill Grants [SocketSite]
2255 Third Street [2235thirdstreetsf.com] [Floor Plans]
2225-2255 Third Street: What Was (And Hopefully Is) In The Works [SocketSite]

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

November 4, 2009

Rent A Maybeck And Save A (25 Percent Bigger) Bundle

270 Castenada

As we wrote in March with respect to 270 Castenada:

Asking $3,890,000 and briefly in contract before being withdrawn last April [2008], listed at $2,995,000 today. Still touting "too beautiful to describe" despite Maybeck's (and the Vernacular Language North) attempt.

As we added in August:

Reduced to $2,595,000 in May [2009] before being withdrawn from the market without a sale, 270 Castenada is now seeking a tenant at ten thousand a month.

As a observant tipster adds today, it’s three months later and they’re still seeking a tenant, only now at $7,500 a month. And as previously noted by a plugged-in reader:

The house is owned by Kent Nagano, long time conductor of the Berkeley Symphony, and his wife the international pianist Mari Kodama. In 2007 he announced he was leaving the Berkeley Symphony in 2009 and taking appointments conducting the Bavarian State Opera and the Symphonic Orchestra of Montreal. They were still living in the house when it was on sale in the spring of 2008. Then a couple of months ago the SF Business Times reported they bought a property on [Divisadero].

And with respect to being but a renter of this Maybeck, it’s not like you were going to paint those walls anyway.

A Maybeck On The Market (And Display) Once Again: 270 Castenada [SocketSite]
Too Beautiful To Describe (Except By The Architect): 270 Castenada [SocketSite]
Past Post And Property Update: Listing For 270 Castenada Withdrawn [SocketSite]
Vernacular Language North: S. Erlanger house [VLN]
A Maybeck For Rent On Castenada (And A Related Neighborhood Sale) [SocketSite]
$7500 / 4br Absolutely Stunning 4 Bdrm Maybeck Designed Home [Craigslsit]

Posted by socketadmin at 3:00 PM | Permalink | Comments (7) | (email story)

November 3, 2009

Just Cause Protection Coming For Non-Rent Controlled Rentals?

A vote on a Supervisor Avalos’ legislation that would extend "just cause" eviction rights to all rental units rather than just those (for the most part) built before June 1979 and restricted by rent control was postponed by "at least a week" by the Board of Supervisors Land Use and Economic Development Committee.

The committee continued the legislation, noting more time was needed to add more information about the need for the proposal and for the consideration of possible amendments.

Topic No. 201: Overview of Just Cause Evictions [SFGov]
Rent Control In San Francisco: The Real Rules [SocketSite]
Eviction protection proposal postponed [San Francisco Examiner]

Posted by socketadmin at 7:00 AM | Permalink | Comments (26) | (email story)

October 22, 2009

CitiApartments Is No More! Well, Sort Of…

A plugged-in tipster reports:

Just finishing up escrow on our first condo purchase and trying to get out of…CitiApartments. This morning called them and a receptionist answered “First Apartments how can I assist you?”
First Apartments? I asked her, is this still CitiApartments? She said, “We have changed our name”
Their website is gone too. Also, due to the PGE bills not being paid in our building, they have shut off all common area electricity.

There's nothing like a little rebranding to make all your problems go away.

JustQuotes: Citi Draws Deposit Ire (And Lawsuits) [SocketSite]

Posted by socketadmin at 12:00 PM | Permalink | Comments (6) | (email story)

October 21, 2009

RealFacts Reports Asking Rents Down 5.6% In San Francisco

As we wrote in April:

Based on a RealFacts survey of "professionally managed apartment complexes with 50 or more units," The Chronicle reports that average rents in San Francisco are off by a nominal 0.1 percent on a year-over-year basis and 95.8 percent occupancy (down 1.9 percent).
Unfortunately, and not too ironically, the RealFacts survey reflects the not so real market of asking rather than effective rents (after incentives). And keep in mind that over 700 units of new rental inventory has recently (or will soon) come on line in San Francisco and will need to be absorbed.
That new supply includes 192 units at Strata which offered a plugged-in reader a year of free parking and one month free rent, an effective discount of over 8 percent on a one year lease which wouldn't be reflected in the RealFacts survery of asking rents.

As the Chronicle and RealFacts report today, the average asking rents that were down 0.1 percent on a year-over-year basis in April are down 5.6% on a year-over-year basis today.

RealFacts Reports (Not So Real) Asking Rents Flat In San Francisco [SocketSite]
Apartment market moving on up [SFGate]

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

October 20, 2009

1390 Mission Gets Its Red, Green, And Yellow On

1390 Mission: 10/19/09 (www.SocketSite.com)

While a couple of months behind schedule, the 12-story Mercy Housing project at 1390 Mission (northeast corner at 10th) is now sporting its full array of colors.

Once again, 136 units of 1, 2 and 3 bedroom affordable rental housing on the way. And not too Inaccurate rendering (although the more open entrance would have been nice).

10th and Mission Mercy Housing Rendering

A 10th And Mission Triptych In Reverse For Mercy Housing Rising [SocketSite]
Affordable Family Housing Rising (And Rendered) At 10th And Mission [SocketSite]

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

October 13, 2009

Property Managers Pile On To The Lembi's Woes

"One of the largest landlords in The City, which is already facing a slew of lawsuits for allegedly withholding tenants’ deposits, is the subject of a new class-action lawsuit — this one related to labor laws.

The housing empire of more than 7,000 apartments — controlled until last year by CitiApartments, the Lembi Group, Skyline Realty and associated companies — has been hit hard by the real estate slump and dour credit market."

Big landlord’s lawsuits piling up [San Francisco Examiner]
The Chronicle Reports "Dozens," A Plugged-In Source Says Over 100 [SocketSite]
Lemons To Lemons For Thirty Ex-Lembi Apartment Buildings [SocketSite]

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

October 6, 2009

Live Like A Spreckels, London, Nash Or Glover: 737 Buena Vista West

737 Buena Vista West

Designed by Edward Vogel and built for one of the Spreckels, the five-bedroom 737 Buena Vista West was subsequently home to Jack London, Ambrose Bierce and Graham Nash.

The last we heard it was Danny Glover’s house and it’s been available for rent since January, (asking $14,000 per month). And yes, that gorgeous gate is right next door.

Photo above by "sigsegv" (but edited slightly by us).

$14000 / 5br - Furnished Buena Vista Grand Residence [amsires.com] [Craigslist]
No Real Story, It Simply Seemed Ever So San Francisco [SocketSite]

Posted by socketadmin at 5:15 PM | Permalink | Comments (8) | (email story)

September 9, 2009

The Chronicle Reports "Dozens," A Plugged-In Source Says Over 100

While the Chronicle reports "dozens more Lembi properties are in play" in addition to the 75 ex-Lembi-owned apartment buildings that have already been given or taken back by the banks, according to our sources the number of Lembi properties still at risk is over a hundred. As in up to 200 of the 300 properties once owned by the Lembi’s could be lost once all is said and done.

Debt swamping Lembi Group, big S.F. landlord [SFGate]
Cash Flows Catch Up To The Lembi Group [SocketSite]
From At Risk To Lost For Another 24 Lembi Properties [SocketSite]

Posted by socketadmin at 9:00 AM | Permalink | Comments (37) | (email story)

September 4, 2009

Party Of Five Eight Move To San Francisco’s Billionaires Row

2712 Broadway (www.SocketSite.com)

While the premise of the fictional Party of Five living in a $5 million house might seem a bit difficult to believe (in 1999 dollars no less), how about eight twentysomethings moving to an $8 million rental on San Francisco’s Billionaires Row?

Asking $9,495,000 for 2712 Broadway in February, the list price was quickly reduced to $7,750,000 for the Gold Coast home in need of some serious updating but with a big view.

2712 Broadway: View (www.SocketSite.com)

In April the sale closed escrow with a recorded sales price of $7,800,000. The property soon thereafter landed on Craigslist as a rental asking $14,000 per month.

Purchased by a trio of investors who have either built or re-built a fair number of high-end spec homes in San Francisco, the rental route is intended as a "short-term" strategy to help with cash flow as permits and plans to redo the home are negotiated and secured.

The list price for the rental was reduced and then reduced a little bit more.

Last listed on Craigslist for $10,000, it rented for $9,250 after a bit of negotiation to a group of eight twentysomething friends who are now in the process of moving on up to Billionaires Row. But not to worry, two are a couple so everyone will effectively have their own room.

2712 Broadway: Floor Plan

The renters are busy ripping up carpet, stripping old wallpaper, painting, and refinishing a few of the hardwood floors on their own dime. But they’ll be living on Upper Broadway for at least 15 months. And with an average rent of $1,150 each, they’re not overly concerned.

2712 Broadway: View From The Study (www.SocketSite.com)

Their only real problem, how to secure enough furniture to fill all the rooms. And their landlord's only real edict, don’t piss off the neighbors (see sentence about permits).

In terms of what this says about the state of the upper-end market, we’ll let you decide.

A Quick Change Of Expectations Strategy Price Up On The Gold Coast [SocketSite]
∙ Listing: 2712 Broadway (7/5) - $7,750,000 [2712broadway.com] [Photos]
"Party Of Five" House (2311 Broadway) Coming Soon [SocketSite]

Posted by socketadmin at 4:00 PM | Permalink | Comments (51) | (email story)

August 31, 2009

Strata At Mission Bay All Leased Up At $3.02 Per Square Foot

According to J.K. Dineen at the San Francisco Business Times, the 192-unit Strata at Mission Bay has been fully leased having rented 90 apartments over the past two months with an average rent of $3.02 a square foot, "about 15 percent less than the $3.50 a square foot the developer had originally hoped to collect."

UPDATE: A plugged-in reader's point we probably should have noted as well, "[a]verage rent of $3.02 psft likely doesn't include incentives (free rent for some period of time, free parking, etc)."

Big Mission Bay complex fills up faster than expected [Business Times]
Strata And Avalon III Riding A Mission Bay Rental Wave [SocketSite]
The Scoop On Strata At Mission Bay, Its Environs And Rents [SocketSite]

Posted by socketadmin at 9:45 AM | Permalink | Comments (18) | (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)

August 17, 2009

A Maybeck For Rent On Castenada (And A Related Neighborhood Sale)

270 Castenada: Living

As we wrote five 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.

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.

In related neighborhood news, a plugged-in reader notes that 398 Castenada closed escrownon June for $1,225,000 after being bought back by the bank in April, purchased in June of 2004 for $1,495,000 (a 17% drop in value over the past five years).

A Maybeck On The Market (And Display) Once Again: 270 Castenada [SocketSite]
$10000 / 4br Forest Hill Absolutely Stunning 4 Bedroom Maybeck Home [Craigslsit]
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 9:30 AM | Permalink | Comments (99) | (email story)

Shacking Up In San Francisco To Save Some Shekels

"Facing layoffs, pay cuts and furloughs, more people have turned to shared housing to help make ends meet. Craigslist, the online classified ad giant, says that its roommate-wanted postings over the past 12 months are up...85 percent within San Francisco."

More share space to shave costs in recession [SFGate]

Posted by socketadmin at 7:00 AM | Permalink | Comments (17) | (email story)

August 4, 2009

Add A Garage Condo Apartment (Or Two): 1810-1812 Pacific Avenue

1810-1812 Pacific (www.SocketSite.com)

Yesterday we saw the "rent to own" posts coming when the listings for 1810 and 1812 Pacific were withdrawn from the MLS. Little did we know they were actually already here.

$7200 / 3br - GORGEOUS New Construction 3-level Townhome [Criagslist]
Add A Garage Condo (Or Two): 1810-1812 Pacific Avenue [SocketSite]

Posted by socketadmin at 1:30 PM | Permalink | Comments (19) | (email story)

August 3, 2009

Back And Not In The Black For 3271 Baker Street

While 3271 Baker Street is now advertising "rent to own," according to a plugged-in reader the current owners are in default on the property which might be something to consider before writing a big deposit check (or banking on any pre-negotiated future sale).

Paying A Premium To Rent To Own: 3271 Baker Is Back [SocketSite]

Posted by socketadmin at 5:15 PM | Permalink | Comments (12) | (email story)

Paying A Premium To Rent To Own: 3271 Baker Is Back

3271 Baker

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.

Spanish/Mediterranean Flair From Traditional To Modern: 3271 Baker [SocketSite]
The Mysterious Case Of The Baker Street Trio: 3271, 3212 and 3520 [SocketSite]
$8995 / 4br - Stunning and Modern Marina Home: Rent to Own [Craigslist]

Posted by socketadmin at 10:30 AM | Permalink | Comments (20) | (email story)

July 31, 2009

JustQuotes: Citi Draws Deposit Ire (And Lawsuits)

"Rental security deposits held by [CitiApartments and associated companies] were funneled into an array of bank accounts and plundered, potentially affecting thousands of tenants, according to lawsuits."

Lawsuit alleges CitiApartments drained tenant deposit accounts [Examiner]

Posted by socketadmin at 7:00 AM | Permalink | Comments (16) | (email story)

July 17, 2009

2830 Pacific Scoop: Still Not Sold, But Leased With An Option To Buy

2830 Pacific Avenue (www.SocketSite.com)

A few days ago 2830 Pacific was the poster child of a Bloomberg piece on the flagging upper end of San Francisco’s real estate market. As previously noted on SocketSite, the 2009 Decorator Showcase home was originally asking $15,500,000 but subsequently reduced to $9,995,000.

And as we now note, 2830 Pacific has been leased with an option to buy. We’ll see if we can’t dig up the terms. And sorry, no word on whether or not they'll be taking it Decorator furnished.

Ten Below Over Freezing. Except For That One At Twenty-Nine... [SocketsSite]
2009 Decorator Showcase (2830 Pacific) Opens Its Doors And Kimono [SocketSite]
Showcasing A Designer Price Cut: 2830 Pacific Sheds Another 29% [SocketSite]

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

July 15, 2009

Symphony Towers Transitions To Their Second Movement (Rentals)

While "slashing prices" by up to 30% might have been a "smashing success" late last year, according to the Polaris Group, with roughly 120 out of 130 units sold Symphony Towers has closed their sales office and is going the rental route with remaing inventory.

Symphony Towers Update: Slashing Success And Words On The Street [SocketSite]
Price Cuts Of Up To 30% At Symphony Towers (750 Van Ness) [SocketSite]

Posted by socketadmin at 2:15 PM | Permalink | Comments (5) | (email story)

July 13, 2009

Newsom Rightly Rejects Daly's Renters' Rights Legislation

Last month the San Francisco Board of Supervisors voted to pass the package of renters' rights laws (restricting rent raises and expanding rights to add roommates) authored by Supervisor Chris Daly. As expected, on Friday the Mayor vetoed the legislation.

Supervisors Pass Daly’s Renters’ Rights, But Mayor Expected To Veto [SocketSite]
Note To Daly (And Others): Let The Market Take Care Of Itself [SocketSite]

Posted by socketadmin at 3:00 PM | Permalink | Comments (14) | (email story)

July 1, 2009

Are There Any Plugged-In Top Chef Aficionados In The House?

3159 Baker Street: San Francisco's Top Chef House

From the Craigslist post asking $12,500 per month:

NOW AVAILABLE…ONE OF A KIND MANSION…5 BEDROOMS AND 4 BATHROOMS…GOURMET KITCHEN…FAB LIVINGROOM WITH ORNATE FIREPLACE…ROOF GARDEN WITH FABULOUS VIEWS OF CITY. USED AS THE TOP CHEF SAN FRANCISCO HOME ON BRAVO TELEVISION.

Near Baker and Francisco but with no specific address given. Readers?

UPDATE: And in just under 21 minutes, we have a winner (and corroboration): 3159 Baker.

∙ Listing: $12500 / 5br - MARINA MED/MANSION (marina / cow hollow) [Craigslist]

Posted by socketadmin at 12:00 PM | Permalink | Comments (21) | (email story)

June 29, 2009

Plugged-In Perspective On Occupancy (And Incentives) At Avalon III

From the San Francisco Business Times last week with regard to Avalon at Mission Bay III:

…AvalonBay’s third Mission Bay building, which opened less than a month ago and held a grand opening party June 18, is 36 percent leased and 25 percent occupied, according to Meg Spriggs, who oversees Bay Area development for AvalonBay.

From a plugged-in reader yesterday:

With regards to [Avalon at Mission Bay III], they have something like 30 tenants and 80 units [on line] at the moment. Each month on the 15th another 20-30 units are [made available for occupancy].
So these stats they put out are meaningless. Their current incentive is first month free and $100 off the base rental price per month. But they also raised parking to $150/spot up from $100.

We'll call that 12 percent leased for the 260 units to be at Avalon at Mission Bay III.

Strata And Avalon III Riding A Mission Bay Rental Wave [SocketSite]
Avalon At Mission Bay III (240 Berry): Now Open And The Rents [SocketSite]

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

June 26, 2009

Strata And Avalon III Riding A Mission Bay Rental Wave

"The Strata, the first development on the still-unopened new Fourth Street, has leased 103 [out of 193] apartments in 90 days...four apartments a month above leasing goals, although Urban Housing Group has slashed rents about 15 percent from original projections. Meanwhile, AvalonBay’s third Mission Bay building, which opened less than a month ago...is 36 percent leased and 25 percent occupied..."

Mission Bay lures renters with new luxury housing [San Francisco Business Times]
The Scoop On Strata At Mission Bay, Its Environs And Rents [SocketSite]
Avalon At Mission Bay III (240 Berry): Now Open And The Rents [SocketSite]

Posted by socketadmin at 7:00 AM | Permalink | Comments (25) | (email story)

June 24, 2009

Supervisors Pass Daly’s Renters’ Rights, But Mayor Expected To Veto

Yesterday, the San Francisco Board of Supervisors "voted to pass the package of renters' rights laws authored by Supervisor Chris Daly, and [Supervisor Eric Mar] introduced a measure that would make it illegal for owners who want to move into their property to evict families with children."

Daly did introduce an amendment to his proposal to limit "rent raises to no more than one-third of a tenant's income" that restricts that limit "to people who are unemployed, those whose wages have fallen by 20 percent or more over the past year, or those whose sole income is from government assistance."

And all that being said, "the mayor is expected to veto [the Daly proposals] and the board is unlikely to be able to override."

S.F. supes pass new rules on renters' rights [SFGate]
Note To Daly (And Others): Let The Market Take Care Of Itself [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (68) | (email story)

June 22, 2009

Avalon At Mission Bay III (240 Berry): Now Open And The Rents

Avalon at Mission Bay III (www.SocketSite.com)

With a grand opening last week, the first wave of the 260 Avalon At Mission Bay III apartments at 240 Berry are now officially rental inventory. Currently advertised asking rents (with "up to $3,000 off" the first month):

∙ Studios: $1,865 to $2,230
∙ One-bedrooms: $2,365 to $2,970
∙ Two-bedrooms: $2,950 to $4,480

A couple of features that caught our eye: ZipCars in the garage; a residents’ courtyard with outdoor bocce ball, theater, and Viking grills and ice machines; and an on-site recycling program that includes composting.

And if all goes as planned, Avalon At Mission Bay III will be the first LEED Certified rental building in San Francisco.

Avalon At Mission Bay Phase III (240 Berry): True To Design [SocketSite]
240 Berry: No Condos For You [SocketSite]

Posted by socketadmin at 9:15 AM | Permalink | Comments (59) | (email story)

June 19, 2009

Lease. Own. Evolve. (Which Shouldn’t Have Come As Any Surprise)

The Millennium’s new "Lease. Own. Evolve." campaign shouldn’t have caught any plugged-in people by surprise. It’s the rental program we broke the news about in May. As we wrote at the time:

Less than 10% of the building is expected to be made available for rent, with target rents ranging from around $3,500 to $15,000 a month and the majority in the $10,000 to $15,000 range.

As their campaign now officially outlines: "Lease monthly for $3,500 - $15,000."

And while we added a comment about the official program to our May post a few days ago and figured that would do the trick, we were rather wrong. Since then we’ve received more tips and inquires about this program than any other (considering our readers' demographics, however, perhaps we’re the ones that shouldn’t have been surprised).

We’ve received pdfs of scanned snail-mailers (cheers). We’ve received forwarded email announcements (cheers). We’ve received cut and paste copy and reader’s summaries (cheers). And we’ve received links to the program’s website (cheers).

We’re not complaining. We simply underestimated our readers’ interest. And as such we offer this post and discussion redux. Cheers.

The Straight Scoop: Millennium To Offer Select Rentals [SocketSite]
Millennium (301 Mission): Lease. Own. Evolve.

Posted by socketadmin at 7:30 AM | Permalink | Comments (24) | (email story)

June 17, 2009

Marcus & Millichap Changes Their San Francisco 2009 Rental Outlook

As we wrote in January:

The Marcus & Millichap rental outlook for 2009 in San Francisco: rents up 3.3% on 400 new units in professionally managed apartment buildings with at least 20 units.
Our comment (at the risking of stealing a bit of our own outlook thunder): we believe Marcus & Millichap is significantly underestimating both the number and impact of "shadow” market units for rent in San Francisco (which they deem to be "barely a factor") as well as the effective number of new units for rent that will hit the market in 2009.

A new report from Marcus & Millichap, however, now calls for a 8.9% drop in residential rents in San Francisco by the end of the year, a dramatic 12.2 point swing in their forecast over the past six months. Our outlook and original rebuttal haven't changed.

UPDATE: A plugged-in reader adds:

There have been more drastic decreases in SOMA. I wanted to move there last year but asking rents were north of 3500 for 2bd/2ba in most complexes (avalon, bayside, archstone). I just rented the same 2bd/2ba for 2700 (2800 with parking) with a better layout and more sq footage.

That's a 23% drop (and some good shopping) for "somaboy," and a tough trend in terms of (E)arnings for investors who paid a high (P)rice based on wildly different expectations.

Marcus & Millichap San Francisco Rental Outlook (And Quick Rebuttal) [SocketSite]
SocketSite’s Residential Real Estate Outlook For 2009 [SocketSite]

Posted by socketadmin at 9:45 AM | Permalink | Comments (76) | (email story)

June 16, 2009

21 Buena Vista Avenue ("The Witches Hat") Returns…As A Rental

21 Buena Vista Avenue

We first introduced you to 21 Buena Vista Avenue (a.k.a. The Witches Hat) in July of 2006, asking $4,950,000 at the time (down from $5,475,000 in May). And we last featured it in September of 2007 having been reduced to $3,900,000 (but failing to sell).

As a plugged-in SocketSite reader now reports, the Witches Hat has returned. As a rental:

We seriously considered buying this place, but we thought the neighborhood was a little too "edgy" for the price tag. Our Agent told us that the sellers at the time were willing to take $3.2MM (we were holding-out for $2.8MM, and given the recent market direction we would pay less now). The current owner...paid $3.875MM.
The current asking rent of $17,500 is roughly equal to the current level of interest payments on this place if he put 20% down and did a traditional 30y fixed.

Cheers. And as always, thank you for plugging in.

21 Buena Vista Avenue By The Numbers [SocketSite]
21 Buena Vista Returns With A Fifth (And Final?) Reduction [SocketSite]
$17500 / 6br - Buena Vista, Lux Vict 6bd, 6bth, cmpl rmdld hs, 2car, amz vw [Craigslist]

Posted by socketadmin at 8:30 AM | Permalink | Comments (23) | (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 8, 2009

A Few More Numbers For The Most Recent Lembi Twelve

Some additional numbers on the twelve properties the Lembis put on the market in May:

Lembi hopes to generate $43 million in revenue from the disposition, which equates to approximately $185,000 per unit, approximately 50% of replacement cost and a significant discount to what it paid to acquire the properties.
The buildings may sell as a group or individually. Most were constructed in the first quarter of the 21st century and a few were built in the 1960s. The per-unit prices range from $320,000 to $100,000. Most of the projected cap rates on the buildings are in the 5% range and are based on scheduled income and a 3% vacancy factor. Much of the interest so far has been local buyers each looking to purchase one or two properties, according to local sources.
The sales will be watched closely by the market because only one other comparable property has sold in San Francisco this year, according to Real Capital Analytics. The property was Empire, a 40-unit, four-story property built in 1907 at 1040 Leavenworth Street. The property sold for $5.8 million or $145,000 per unit; the pro forma cap rate was 4.7%. All of the Lembi properties are said to be of higher quality.

According to MPF Research, San Francisco rents dropped 5.2% in the first quarter of 2009.

Lembi Group Puts 12 Apartment Assets up for Sale [CityFeet]
Lembis Look To Cut Another Twelve Loose As Rental Market Drops [SocketSite]

Posted by socketadmin at 8:15 AM | Permalink | Comments (65) | (email story)

May 29, 2009

Lembis Look To Cut Another Twelve Loose As Rental Market Drops

"The troubled Lembi real estate empire has put 12 San Francisco apartment buildings up for sale at prices well below what it paid for the properties in 2006 and 2007."

"The buildings the family is attempting to sell include 2185 Bay St., a 24-unit complex the Lembis bought in late 2007 for $7.9 million. The asking price on the building is $5.9 million. Another building, 1305 Lombard St. sold for $2.6 million in 2007 and is priced at $1.9 million. A third property, the 14-unit 2050 Powell St., sold for $3.4 million in 2006 and is priced at $2.9 million."

"David Gruber, who owns 13 multifamily buildings in San Francisco, said rents have dropped 10 percent to 15 percent, and he is seeing an increase in requests for rent adjustments."

Lembis expect to sell apartment buildings for loss [Business Times]
San Francisco Rental Market Weakness: SocketSite Readers Report [SocketSite]
RealFacts Reports (Not So Real) Asking Rents Flat In San Francisco [SocketSite]

Posted by socketadmin at 11:15 AM | Permalink | Comments (23) | (email story)

May 28, 2009

Name That "Noe Valley" House (And Architect)

Name This Noe Valley House

From the Craigslist post (by way of a tipster):

This recently remodeled 2900 square foot home sits on a quiet, tree-lined street overlooking Noe Valley, downtown and the Bay Bridge. Built in the 1960s, this home is currently the private residence of a well-known San Francisco architect. The double-wide lot offers gracious living with easy access to downtown.

Asking $6,000 per month but also offering a "rent to own option." Two points for naming the house (assuming you show your work), a bonus for naming the architect.

UPDATE: A plugged-in "Dave" sweeps the points in under an hour - it's 195 Beacon, owned by Ross Levy of Levy Art & Architecture Inc. And for those who like to run the numbers, purchased in October of 2007 for $1,650,000.

$6000 / 4br - Modern Architect's Home with Pano View (noe valley) [Craigslist]

Posted by socketadmin at 8:45 AM | Permalink | Comments (20) | (email story)

May 15, 2009

The Straight Scoop: Millennium To Offer Select Rentals

A plugged-in tipster reports The Millennium has started pitching a few rentals, in part to make the building "feel more alive" (our tipster's words, not theirs). The rentals don’t represent an official change in operations, however, but are being rolled out as part of a sales strategy to hook buyers on the building.

Less than 10% of the building is expected to be made available for rent, with target rents ranging from around $3,500 to $15,000 a month and the majority in the $10,000 to $15,000 range. According to our tipster, two-bedrooms will be starting in the sevens.

Millennium Tower (301 Mission) Update: Timing, Kitchen(s) And Bath [SocketSite]

Posted by socketadmin at 3:15 PM | Permalink | Comments (36) | (email story)

May 12, 2009

Uttering The "F" Word In An Attempt To Extend Eviction Protections

In addition to Supervisor Daly’s proposed legislation to limit rent increases on rent controlled units based on tenant income, expand renters’ rights to add roommates and cap “banked” rent increases, San Francisco Supervisor Avalos is expected to introduce legislation today to extend eviction protections to non-rent control tenants.

Avalos' proposal is aimed at protecting people in foreclosed homes who are being evicted by banks, he said. Last year, 667 foreclosures occurred in the city, and at least a quarter of those had renters living in them, according to the Assessor-Recorder's Office.

No word on the percentage of those tenants in that quarter of properties that have actually faced eviction. And of those, the percentage that weren’t under rent control.

Note To Daly (And Others): Let The Market Take Care Of Itself [SocketSite]
S.F. seeks to strengthen renter protections [SFGate]

Posted by socketadmin at 7:00 AM | Permalink | Comments (75) | (email story)

May 6, 2009

A Plugged-In Reader's "Feel Good" Rental Story (And Shout Out)

A plugged-in reader reports:

A feel good story (for me, not my new landlord).
From reading a large majority of the posts and comments [on SocketSite] and just from walking around Cow Hollow/Marina it was pretty obvious there was a lot of rental supply. My wife and I had outgrown our place and needed either a 2BR or a 1BR w a dining room - we needed 3 rooms plus a kitchen. We figured there would be a lot out there and we would have our choice of solid places. We saw some good places but the one we liked the most was a bit more than we wanted to spend.
Then LMRiM posted something about how asking rents were just that - "asking."
The place we liked had been empty for 2 months. They were asking X. I called up and offered X minus 12%. They told me I wasn't in the ballpark but they would keep me in mind. The place languished, then I saw it on a broker site, so I figured there was room. Then they lowered the rent to X minus 6%. I called em up, put in an app and [we move in soon].

The only thing we'll add, "asking" isn't just for rents.

UPDATE: Another plugged-in reader adds:

Also got a great deal on a house - Noe, single family home w/ great yard for ~3600. The ad that we responded to asked $4000 - funny thing is broker also listed the same place for $5000!!...Apparently bought at 950k, tried to sell at [$1.25M] no takers for some reason.

We'll let you do the math.

Posted by socketadmin at 2:30 PM | Permalink | Comments (29) | (email story)

May 1, 2009

It Goes No Higher: 1188 Mission (AKA Trinity Place Phase I) Tops Off

1188 Mission: 5/1/09 (www.SocketSite.com)

With a ceremonial bucket of cement hoisted atop 1188 Mission, Trinity Properties officially topped off the 24-story Phase I of the 1,900 unit Trinity Place development this afternoon.

If all goes as planned, the 440-unit building will open in two phases with residents of the lower twelve floors occupying their new apartments by the middle of January 2010 and residents of the top twelve floors by the end of March.

There's been good buzz about the design and finishes of the units to be (not to mention the marble and granite lobby). And in case you're wondering, residents of record as of early January at the current 360-unit Trinity Plaza will get first choice of units and maintain their current rents (and rent control).

San Francisco's Newest Tower Crane (For Trinity Plaza) Is In The Air [SocketSite]
Trinity Plaza: Just One Signature (And Around Three Years) To Go [SocketSite]

Posted by socketadmin at 3:30 PM | Permalink | Comments (130) | (email story)

April 27, 2009

A Relative Value Of Two High-Rise Rentals Around $12,000 Redux

In December we featured a mid-floor three bedroom, three bath at the St. Regis with a view of One Rincon asking $11,950 a month and a high-floor two bedroom, two bath at One Rincon with a view of the Bay Bridge for fifty bucks more ($12,000 a month).

Today it's another three-bedroom at the St. Regis seeking $12,000 a month, and as a tipster notes, that same high-floor two-bedroom at One Rincon Hill now asking $7,350.

The Relative Value Of Two High-Rise Rentals Around $12,000 A Month [SocketSite]
$12000 / 3br - Luxury 3 bed 3 bath - St. Regis Residences [Craigslist]
$7350 / 2br - LUXURY PENTHOUSE SUITE [Craigslist]

Posted by socketadmin at 9:00 AM | Permalink | Comments (62) | (email story)

April 23, 2009

RealFacts Reports (Not So Real) Asking Rents Flat In San Francisco

Based on a RealFacts survey of "professionally managed apartment complexes with 50 or more units," The Chronicle reports that average rents in San Francisco are off by a nominal 0.1 percent on a year-over-year basis and 95.8 percent occupancy (down 1.9 percent).

Unfortunately, and not too ironically, the RealFacts survey reflects the not so real market of asking rather than effective rents (after incentives). And keep in mind that over 700 units of new rental inventory has recently (or will soon) come on line in San Francisco and will need to be absorbed.

That new supply includes 192 units at Strata which offered a plugged-in reader a year of free parking and one month free rent, an effective discount of over 8 percent on a one year lease which wouldn't be reflected in the RealFacts survery of asking rents.

UPDATE: Speaking of incentives and why asking rent trends for large buildings aren’t a great measure of how the rental market is actually moving: "I just got an email from Argenta offering 2 mo free, up from 1 mo. Very nice people, BTW."

Bay Area rents down for second straight quarter [SFGate]
T-Minus Four Weeks For 260 New Mission Bay Apartments (355 King) [SocketSite]
The Scoop On Strata At Mission Bay, Its Environs And Rents [SocketSite]
The Rather Ironic "Argenta Silver Lining": Now Leasing At One Polk [ScoketSite]

Posted by socketadmin at 9:45 AM | Permalink | Comments (28) | (email story)

April 20, 2009

T-Minus Four Weeks For 260 New Mission Bay Apartments (355 King)

Avalon Mission Bay III (www.SocketSite.com)

The scaffolding is down (although a few barriers remain), and on May 18 Avalon Mission Bay III (355 King) will officially open its doors on 260 new rental units. From J.K. Dineen:

Rents in the building range from $2,100-$4,900 for one bedrooms, $2,100-$3,300 for two bedrooms and from $3,300-$4,900 for three bedrooms. [Meg Spriggs, AvalonBay senior development director] said she is “cautiously optimistic” the project can attain target rents, but said “we will meet the market on rents.”

Between Avalon, Strata, Argenta and a few others, that’s roughly 700 new rental units on the market over the past (and future) few months while the rental market in San Francisco continues to weaken.

Avalon At Mission Bay Phase III (240 Berry): True To Design [SocketSite]
AvalonBay keeps adding rental units to its cache [Business Times]
The Scoop On Strata At Mission Bay, Its Environs And Rents [SocketSite]
The Rather Ironic "Argenta Silver Lining": Now Leasing At One Polk [SocketSite]
550 18th Street Unwrapped (And 35 New Condos Now Renting) [SocketSite]
San Francisco Rental Market Weakness: SocketSite Readers Report [SocketSite]

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

April 14, 2009

Same Design And Views, Only Now For Rent: 333 Greenwich #3

333 Greenwich Street #3: Kitchen

On the market a little over a year ago asking $1,650,000 (subsequently reduced down to $1,495,000), it’s a plugged-in reader that notices 333 Greenwich #3 is once again listed. Only this time they’re going the rental route and asking $4,500 per month.

In the words of our tipster: "Wouldn't it be ironic if they didn't permit dogs?" In the words of the listing: "Pets considered on an individual basis." No word on whether or not French Bulldogs get an automatic pass.

∙ Listing: 333 Greenwich #3 (2/2) - $4,500 per month [Urban Bay]
It’s All About The Holly Hulburd Design. And Views. And Dog. [SocketSite]

Posted by socketadmin at 9:00 AM | Permalink | Comments (27) | (email story)

April 8, 2009

Effective San Francisco MSA Residential Rents Lead U.S. Decline

Effective residential rents in large apartment buildings in the San Francisco MSA declined 2.8% in the first quarter of 2009, the sharpest recorded decline amongst the top 79 U.S. markets. New York recorded a 2.6% decline to take second place and San Jose a 2.5% drop to take third.

According to San Francisco Apartments Association Executive Director Janan New by way of the Examiner, "rents have dropped most in the Marina, Russian Hill and Telegraph Hill neighborhoods, and least in Mission and Inner Sunset."

As outlined in our 2009 residential real estate outlook in January, we expect to see rents in San Francisco continue to drop throughout 2009.

Landlords See a Jump in Vacancy Rates Even as Rents Drop [WSJ]
Bay Area rents fall more than any U.S. region [Examiner]
SocketSite’s Residential Real Estate Outlook For 2009 [SocketSite]

Posted by socketadmin at 9:00 AM | Permalink | Comments (60) | (email story)

March 30, 2009

QuickLinks: January Outlook(s) Versus April Rental Reality

Marcus & Millichap San Francisco Rental Outlook (And Quick Rebuttal) [SocketSite]
SocketSite’s Residential Real Estate Outlook For 2009 [SocketSite]
Renters rejoice: Prices falling citywide [San Francisco Examiner]

Posted by socketadmin at 5:10 AM | Permalink | Comments (16) | (email story)

March 18, 2009

From Coming Soon To On The Market To Up For Rent: 1391 Clayton

1391 Clayton on Craigslist

On the market last October asking $2,795,000 and then relisted in January for $100,000 less, 1391 Clayton has hit Craigslist as a rental asking $7,500 per month. We’ll let you run your own numbers, but be sure to show your work if you do.

∙ Listing: 1391 Clayton (4/4.5) - $2,695,000 [MLS]
$7500 / 4br - New Modern View Home [Craigslist]
From Coming Soon To On The Market And A Peek Inside: 1391 Clayton [SocketSite]
To Rent Or To Buy, That Is The Question (That Only You Can Answer) [SocketSite]

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

March 4, 2009

550 18th Street Unwrapped (And 35 New Condos Now Renting)

550 18th Street (www.SocketSite.com)

A plugged-in tipster captures the recently unwrapped 550 18th Street.

550 18th Street: Kitchen

That's thirty-five (35) new two and three bedroom Mission Bay condos ranging from 1,200 to 1,500 square feet, and currently seeking $3,500 to $5,500 per month in rent.

550 18th Street (www.SocketSite.com)

No word on the 7,000 square feet of ground floor commercial.

550 18th Street (35 Units) [550-18th.com]

Posted by socketadmin at 3:15 PM | Permalink | Comments (40) | (email story)

The Rather Ironic "Argenta Silver Lining": Now Leasing At One Polk

Argenta Silver Lining

Less than 24 hours after we broke the news of Riverstone Residential's involvement with Argenta (1 Polk), a plugged-in tipster (quite literally) catches a craigslist ad asking $2,250 for a one-bedroom ($3,800 for a two).

Keep in mind that we've heard some pretty good things about the quality of the finishes (think Poggenpohl) and that some units have surprisingly good views. No comment on the new website and rather ironic moniker: "Argenta Silver Lining."

The Argenta (1 Polk) Scoop Redux: Riverstone Residential To Manage [SocketSite]
$2250 / 1br - BRAND NEW LUXURY HIGH RISE LIVING [Craigslist]
$3800 / 2br - BRAND NEW High Rise Living - Argenta!! [Craigslist]
Argenta Silver Lining [argenta-sf.com]

Posted by socketadmin at 6:15 AM | Permalink | Comments (28) | (email story)

March 3, 2009

Note To Daly (And Others): Let The Market Take Care Of Itself

From the City Insider:

Supervisor Chris Daly plans to introduce a series of new laws that's intended to help renters during these tough economic times -- a proposal that is likely to anger landlords.
The proposals include the suspension of any rent increases that would cause a tenant's rent to exceed one-third of their income; expansion of the rights of tenants who want to add roommates to help pay their rent; and limiting the amount of "banked" rent increases -- where annual rent increases allowed under city laws are saved up and then imposed at one time -- to 8 percent.

Our note to Daly (and others): stop introducing externalities and let the market take care of itself. If you let it, it will.

Help for SF renters could be on the way [SFGate]
San Francisco Rental Market Weakness: SocketSite Readers Report [SocketSite]

Posted by socketadmin at 3:15 PM | Permalink | Comments (57) | (email story)

February 23, 2009

San Francisco Rental Market Weakness: SocketSite Readers Report

From a plugged-in reader with respect to San Francisco’s rental market:

I do consulting and building inspections for major lenders for commercial properties (apartment buildings over 6 units are considered commercial in SF), and last week I did on site inspections of 8 properties owned by a major SF rental player.
All of the building managers told me that they are not getting any responses at all to new units listed, versus the outlandish amount of emails and phone calls they would receive just a few months back for these same buildings.
These include studios for around $1500 and 1 bedrooms for $1800+, in areas as diverse as Mission, Hayes Valley, and Nob Hill.

The anecdotes are quickly starting to add up. And once again, we expect to see San Francisco rents fall throughout 2009 putting further downward pressure on local housing values as "(E)arnings" fall.

A Rental Market Anecdote From A Plugged-In San Francisco Hipster [SocketSite]
SocketSite’s Residential Real Estate Outlook For 2009 [SocketSite]
Bay Area Rents Surge, But Housing P/E Ratio Remains Out Of Line [SocketSite 1/08]

Posted by socketadmin at 8:00 AM | Permalink | Comments (69) | (email story)

February 20, 2009

A Rental Market Anecdote From A Plugged-In San Francisco Hipster

From a plugged-in hipster’s comment:

I have rentals in SF and though it's still pretty easy to fill a vacancy here, the prices are softening. I just re-rented a condo in the [Mission] for $2450 (was getting 2600 before).

Cue our rebuttal to the Marcus & Millichap rental outlook (and our overall outlook as well).

San Francisco Recorded Sales Activity In January: Down 21.8% YOY [SocketSite]
Marcus & Millichap San Francisco Rental Outlook (And Quick Rebuttal) [SocketSite]
SocketSite’s Residential Real Estate Outlook For 2009 [SocketSite]

Posted by socketadmin at 7:15 AM | Permalink | Comments (116) | (email story)

February 19, 2009

Mosaica 601 On The Market And Affordable Rental Applications Soon

Mosaica 601 (www.SocketSite.com)

While the market rate condos for the city block now known as Mosaica 601 are on the market (listed under 601 Alabama), pre-applications for 85 of the affordable apartments will be available starting Monday, March 9th (due back by 3pm on March 13th).

Mosaica is composed of 151 new housing units with seventy-two apartments (including 37 three-bedrooms and 2 four-bedrooms) for qualified households at or below 50% of 2008 median income and thirteen apartments for seniors at or below 30% of 2008 median income being offered in this round.

Mosaica 601: Florida Facade (www.SocketSite.com)

UPDATE: A plugged-in reader calls us out on our use of "BMR" versus "Affordable" to describe the rental units. We have since rewritten in an attempt to more accurately reflect the overall unit mix.

Mosaica 601 (Or 601 Alabama As Far As The Post Office Is Concerned) [SocketSite]
Mosaica Pre-Application Flyer And Qualifying Income Chart (pdf) [SFGov]

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

February 18, 2009

The Slightly Altered Sign Of 161-165 Collingwood (And The Times)

161-165 Collingwood Sign

A plugged-in tipster with camera in tow captures the slightly altered sign for 161-165 Collingwood (and of the times). Let's keep the candids coming (tips at socketsite.com).

Perhaps It’s Time For The Hard Stuff: 161-165 Collingwood Cuts Again [SocketSite]

Posted by socketadmin at 9:00 AM | Permalink | Comments (21) | (email story)

February 3, 2009

The Scoop: Archstone-Smith Negotiating To Acquire Argenta (1 Polk)

Argenta (www.SocketSite.com)

The SocketSite scoop three months ago: the 179-unit Argenta (1 Polk) was on the market as an apartment building (constructed as condos). The scoop today: according to a plugged-in tipster, Archstone-Smith is in negotiations to acquire the building and begin renting it out.

From our tipster:

Archstone originally turned down [an] offer to buy The Argenta. The sellers of the property have gone back to Archstone-Smith now, with a lower offer…They are working on hammering out a deal.
Once Archstone closes on the building a leasing office will go in, and rentals will start "immediately" according to my source...

Hard numbers and confirmation when the sale closes (assuming it does).

The Scoop: Argenta (1 Polk) On The Market As An Apartment Building [SocketSite]

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

The Scoop On Strata At Mission Bay, Its Environs And Rents

Strata at Mission Bay: 2/3/09 (www.SocketSite.com)

A plugged-in reader reports on Strata at Mission Bay and its environs:

I did a hard hat tour of Strata SF this weekend. I think the building itself is ok. A little bland but I have seen worse. The interior halls look nice....well [lit] and a good color scheme. The views in the distance are nice, the views of the surrounding lots (aka lots of dirt and construction areas) not as nice. First move ins are scheduled for March 1st but they have a long way to go in 30 days to make this a reality. 4th street should be open to traffic in 6 months (says the sales center). Rents seemed high for this undeveloped neighborhood (1/1 650 sqft starting for around $2,300).
I will say looking back at north mission bay from the Strata I was impressed with the look of that neighborhood. The new avalon building and arterra behind the smaller developments closer to the canal really worked well together. At least from that vantage point I think they have done a superb job of building a nice looking community.

North Mission Bay from across Mission Creek (www.SocketSite.com)

With respect to area rents, over on the other side of Mission Creek Edgewater Apartments is advertising a 535 square foot one-bedroom for $2,155 per month, Avalon at Mission Bay has a 700 square foot one-bedroom for $2,160 (previously from $2,200), and over at One Rincon Hill there’s a 710 square foot one-bedroom on the 19th floor asking $2,400.

UPDATE: A plugged-in reader catches the One Rincon Hill fine print ($2,400 is the three-month "teaser" rate, asking $2,650 thereafter), but we will note a few other One Rincon Hill one-bedrooms asking $2,600 and at least one that includes parking.

Coming Soon: "Strata At Mission Bay" (A.K.A. 555 Mission Rock) [SocketSite]
An Overview Of Mission Bay [SocketSite]
Why You Should Care About All Those New Developments (Part I) [SocketSite]
Avalon At Mission Bay Phase III (240 Berry): True To Design [SocketSite]
More Mission Bay Stripping: Arterra And Mission Creek Sports Courts [SocketSite]
Edgewater Apartments (355 Berry): An Overview And Pricing [SocketSite]
$2400 / 1br - 1Ba Luxury Condo at One Rincon w/ Views [Craigslist]

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

January 29, 2009

Avalon At Mission Bay Phase III (240 Berry): True To Design

Avalon at Mission Bay III (www.SocketSite.com)

While the 192 units of Strata at Mission Bay should be renting in March, the 260 rental units of Avalon at Mission Bay III should be online by the middle of the year (about 18 months after having started its ascent).

Coming Soon: "Strata At Mission Bay" (A.K.A. 555 Mission Rock) [SocketSite]
Avalon At Mission Bay Phase III (240 Berry) Rises Up Aside Arterra [SocketSite]
Avalon At Mission Bay Phase III (240 Berry) Starts Its Ascent [SocketSite]
Avalon at Mission Bay III (240 Berry) [avalonatmissionbayiii.com]

Posted by socketadmin at 1:00 PM | Permalink | Comments (53) | (email story)

Coming Soon: "Strata At Mission Bay" (A.K.A. 555 Mission Rock)

Strata at Mission Bay (www.SocketSite.com)

The Mission Bay new development previously known as 555 Mission Rock has been branded “Strata at Mission Bay.” The 192 new units of rental inventory will be coming online in March of 2009 with an interest list now forming.

555 Mission Rock: Yesterday, Today And Tomorrow (And A Recap) [SocketSite]
Strata at Mission Bay [stratasf.com]

Posted by socketadmin at 11:00 AM | Permalink | Comments (35) | (email story)

January 26, 2009

123 Laidley: Same Sales Flair Now Available For Rent (And Analysis)

123 Laidley: View

As a plugged-in reader points out, the Jeremy Kotas re-designed 123 Laidley has gone the rental route. Now asking a "PRICE REDUCED" $5,550 per month.

And now that we have an idea of potential income (or at least a ceiling), it’s interesting context for both the sale in 2003 ($1,042,500) as well as this past October's asking price ($1,700,000).

$5550 / 4br - PRICE REDUCED Stunning One-of-a-Kind Home in Noe Valley [Craigslist]
123 Laidley (To Which Jeremy Kotas Added A Bit Of Height And Flair) [SocketSite]

Posted by socketadmin at 6:45 PM | Permalink | Comments (25) | (email story)

January 21, 2009

Marcus & Millichap San Francisco Rental Outlook (And Quick Rebuttal)

The Marcus & Millichap rental outlook for 2009 in San Francisco: rents up 3.3% on 400 new units in professionally managed apartment buildings with at least 20 units.

Our comment (at the risking of stealing a bit of our own outlook thunder): we believe Marcus & Millichap is significantly underestimating both the number and impact of "shadow” market units for rent in San Francisco (which they deem to be “barely a factor”) as well as the effective number of new units for rent that will hit the market in 2009.

Bay Area rental market gives tenants an edge [SFGate]

Posted by socketadmin at 8:15 AM | Permalink | Comments (39) | (email story)

January 16, 2009

Cash Flows Catch Up To The Lembi Group

Over the past two weeks 51 San Francisco apartment buildings which had been acquired by the Lembi Group were deeded back to the bank in lieu of foreclosure. The bundle of 1,500 apartments had been losing $3 million a month.

Lembi gives 51 buildings back to UBS [Business Times]

Posted by socketadmin at 7:45 AM | Permalink | Comments (71) | (email story)

January 14, 2009

One Rincon Hill (425 First Street): Rental Market Stumbling As Well?

425 1st Street #1802

Following in the footsteps of its “massive price reduction!!!” in December (originally asking $1,399,000, currently asking $999,900), the asking rent for 425 1st Street #1802 has been reduced to $4,200 per month as well (once asking $5,250).

Don’t forget to update those assumptions on your valuation/rent versus buy worksheets.

One Rincon Hill (425 First Street): Secondary Market Stumbles [SocketSite]
∙ Listing: 425 1st Street #1802 (2/2) - $999,900 [MLS]
$4200 / 2br - PRIME VIEW AT ONE RINCON HILL - RENT REDUCED [Craigslist]
Four Floors Lower, But Asking One Hundred And Fifty Thousand Less [SocketSite]

Posted by socketadmin at 8:45 AM | Permalink | Comments (104) | (email story)

December 23, 2008

Rent Kirk Hammett’s Mansion For $1,555 A Month (Split Nine Ways)

2505 Divisadero

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).

And while that application from you and eight of your buddies probably won’t make it past the screen, we’re calling it a rental bargain. Not only relative to 313 Duncan or either of those high-rise condos, but honestly based on the math.

UPDATE: As noted, within an hour of our publicizing the craigslist post for 2505 Divisadero was "deleted by its author."

The Monster Meets A Magnetic Death? (2505 Divisadero Withdrawn) [SocketSite]
This Isn't Exactly How Mr. Hammett Used To Roll (2505 Divisadero) [SocketSite]
$14000 Pacific Heights Georgian Mansion [Craigslist]
313 Duncan: Going The Rental Route (But Still Available For Sale) [SocketSite]
The Relative Value Of Two High-Rise Rentals Around $12,000 A Month [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (42) | (email story)

The Relative Value Of Two High-Rise Rentals Around $12,000 A Month

A mid-floor three bedroom, three bath at the St. Regis with a view of One Rincon asking $11,950 a month. Or a high-floor two bedroom, two bath at One Rincon with a view of the Bay Bridge for fifty bucks more ($12,000 a month).

Similar rents but very different values. You make the call.

$11950 / 3br - Rare Corner 3Bed/3Bath at St. Regis! [Craigslist]
$12000 / 2br - Luxury Penthouse Suite @ One Rincon Hill: 2BR 2BA [Craigslist]

Posted by socketadmin at 7:30 AM | Permalink | Comments (20) | (email story)

December 22, 2008

313 Duncan: Going The Rental Route (But Still Available For Sale)

313 Duncan (www.SocketSite.com)

After two months on the market 313 Duncan remains available for purchase and seeking $2,850,000, but the developer is now testing the rental waters as well. Asking $15,000 per month (including that sweet little one-bedroom out back).

313 Duncan: Before, After, And All Its Insides Now “Online” [SocketSite]
$15000 / 5br - Stunning Modern Victorian Home with Guest House [Craigslist]
Coming Soon: Victorians Gone Modern! (313 Duncan) [SocketSite]

Posted by socketadmin at 9:00 AM | Permalink | Comments (54) | (email story)

December 18, 2008

JustQuotes: Just Because It's Foreclosed Upon Is Not Just Cause

"Tenants in rent-controlled buildings in San Francisco are protected by the need for a 'just cause' for eviction," said Darlene Wolf, executive director of the rent board. "And foreclosure is not just cause."

Renters' eviction notices often illegal in S.F. [SFGate]

Posted by socketadmin at 7:30 AM | Permalink | Comments (18) | (email story)

December 17, 2008

1018-1020 Pine Street: Eight Contemporary Condos Apartments

1018-1020 Pine Street (www.SocketSite.com)

As we wrote three months ago:

As far as we know, 1018-1020 Pine Street is slated to be eight units (condos) with seven (possibly eight) parking spaces. In terms of any other details, we don't know...But we will keep you plugged-in.

As a plugged-in tipster writes today: "I think I know what might be happening." Another luxury new development is skipping the sales office to go the rental route (currently asking $2800-$4250/mo, parking for $200). At least for now.

1018-1020 Pine Street: Eight Contemporary Condos Coming Soon [SocketSite]
$3300 / 2br - Luxury condos! 8 Brand New units! MODERN [Craigslist]
The SocketSite Scoop And Rumor Confirmed: Artani Suspending Sales [SocketSite]
The Scoop: Argenta (1 Polk) On The Market As An Apartment Building [SocketSite]

Posted by socketadmin at 4:00 PM | Permalink | Comments (34) | (email story)

December 16, 2008

If You Want To Live Like An Architect, Do The Your Math (398 Eureka)

398 Eureka: Exterior (Image Source: MapJack.com)

It was a plugged-in reader that first connected the dots with regard to the listing of Phil Matthews’ AIA home tour home at 398 Eureka. Asking $2,450,000 in September and then taken "off the market" two weeks ago, it’s another plugged-in reader that points out that the home has been added to the rental pool and is currently asking $6,500 per month.

398 Eureka: Living

We’ll let you do your math. And once again, connect the dots.

∙ Listing (for rent): 398 Eureka (3/3.5) - $6,500/mo [398eureka.com]
AIA Tour (And Architect’s) Home Hitting The Market: 398 Eureka [SocketSite]
To Rent Or To Buy, That Is The Question (That Only You Can Answer) [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (46) | (email story)

December 11, 2008

JustQuotes: Let's See, Ten Percent Versus No Rent Control...

"Consultants presenting information at [a city-sponsored] workshop said that under state law, landlords are allowed to pass on 10 percent of a tenant's rent in perpetuity to pay for the cost of a retrofit [which typically runs around $100,000], even if they are in a rent-controlled unit - of which the city has 180,000.

Conversely, if a rent-controlled building destroyed in an earthquake is replaced, its units are no longer subject to rent control."

S.F. 'soft-story' buildings at risk in quake [SFGate]

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

December 8, 2008

From Condos To Apartments And Signature To Hanover At Candlestick

Ashton Candlestick Cove: Rendering

From a plugged-in tipster with respect to development out at Candlestick Cove:

[Ashton Candlestick Cove] was originally part of the Signature Properties project. They sold the parcel and approved plans for the mid rise building to Hanover, a high end apartment developer out of Houston. This is their first foray into the San Francisco market. The units will be marketed as rentals.

It sounds like Signature might be a bit more than simply “cautious” with respect to the current condo market around Candlestick.

Candlestick Condo Construction: Point Paused, Cove "Cautious" [SocketSite]
The Hanover Company: Portfolio [hanoverco.com]

Posted by socketadmin at 1:00 AM | Permalink | Comments (8) | (email story)

December 3, 2008

From Graffiti Canvas To Apartment Campus: PHSH Breaking Ground

The Presidio's Public Health Service Hospital

In 2004 Forest City Development was awarded the Presidio’s Public Health Service Hospital project to redevelop the long abandoned and graffiti filled building into apartments.

The non-historic wings of Building 1801 will be removed together with other non-historic buildings and additions. Up to 133,000 sf will be demolished and new construction consisting of up 35,000 sf at the rear of Building 1801 and a 16,000 square-foot building on Belles Street on the “central green” west of the Wyman Avenue residences may occur. Up to 186 dwelling units will be provided in combination with approximately 76,000 sf of other uses, including offices and cultural/education. More than half of the proposed dwelling units will be studio and 1-bedroom units, which are in highest demand for Presidio-based employees.

And on Friday, Forest City officially breaks ground on 154 units.

Public Health Service Hospital Project [presidio.gov]
SF abandoned Hospital PHSH.org [loupiote.com]
Presidio hospital to be transformed into apartments [Examiner]

Posted by socketadmin at 7:45 AM | Permalink | Comments (23) | (email story)

October 31, 2008

The Plugged-In Scoop On The Corner Of 3rd and 19th Streets

A sign at the corner of 3rd and 19th streets (www.SocketSite.com)

A reader asks, a reader (or two) answer, and we once again bow down to Wayne (in a we’re not worthy kind of way):

Here is the real story. This property has been in construction for 4 years and has seen 2 shoddy contractors come and go. 2 months ago a reputable builder was brought on board and indeed the whole building must be redone, including all the rough electrical and rough plumbing. Much of this has been done over the last 2 months. Fortunately only about 5% of the sheetrock was hung.
The roof is coming off and the ENTIRE stucco too. Scaffold will be erected in the next few weeks so there will be a more visible sign of activity. This project will be rented out and there is no question of foreclosure. Lots of litigation though! Completion late Summer '09.

Cheers. And as always, thank you for plugging in.

Beauty Blight Is In The Eye Of The City (And Perhaps Your Neighbors) [SocketSite]

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

October 28, 2008

Argenta's Confirmed And Artani's Rumored, Will 77 Van Ness Be Next?

77 Van Ness: 10/28/08 (www.SocketSite.com)

With Argenta (One Polk) on the market as an apartment building, and a reader suggesting that The Artani (818 Van Ness) might just follow suit (in terms of going rental), we’re keeping a close eye on the 56 units at 77 Van Ness (pictured above).

Regardless, with Symphony Towers (750 Van Ness) down the block cutting prices by up to 30% and The Hayes (55 Page) around the corner by up to 21%, we have a feeling they can’t finish construction on 77 Van Ness fast enough.

UPDATE: With a couple rental listings directly via Paragon on Craigslist (a two-bedroom at $4,250 and a fully furnished one-bedroom at $3,999), The Artani is at the very least testing the rental waters for a few of its 52 units.

The Scoop: Argenta (1 Polk) On The Market As An Apartment Building [SocketSite]
The Artani (818 Van Ness) Update: From Unveiled To Unwrapped [SocketSite]
77 Van Ness Rising (And Our Request For A Rendering) [SocketSite]
Price Cuts Of Up To 30% At Symphony Towers (750 Van Ness) [SocketSite]
New Development “Closeout” Sales: The Potrero And 170 Off Third [SocketSite]

Posted by socketadmin at 12:06 PM | Permalink | Comments (30) | (email story)

October 14, 2008

Apples To Apples At Watermark And What Would (Or Will) You Do?

501 Beale #4C: Living

From a plugged-in reader:

I just noticed that unit 4C at the Watermark is now being listed on craigslist for rent @ $4300 a month. It's still on the market for $1,032,000.

We’ll add purchased on 12/22/06 for $939,000 (which wouldn’t reflect any incentives), monthly HOAs of $780, and on the market for 116 days (having started at $1,080,000).

And we’ll ask: what would (or will) you do?

∙ Listing: 501 Beale Street #4C (2/2) - $1,032,000 [MLS]
$4300 / 2br - Elegant corner condo in the Watermark [Craigslist]

Posted by socketadmin at 2:30 PM | Permalink | Comments (29) | (email story)

September 11, 2008

Ellis Acting To Renovate And Reset Rent Control, Not Exit The Business

From the Examiner with respect to Ellis Acting a rental building not to exit the business, but rather to renovate and re-enter at above the previous rent-control rents:

Bay Area native Greg Wimmer owns 11 units spread across three buildings in upscale neighborhoods. But currently, just four of them are used to house renters.
That’s because Wimmer decided to take a handsome but neglected seven-unit, 95-year-old building in Nob Hill off the rental market — by evicting the tenants — after he bought it in 2002.
He’s sprucing the building up now, and by taking his time, can bump up all the units’ previously rent-controlled rates up to market rate if he waits five years.

And some perspective by the numbers: 215,000 rental units citywide; 179,000 rent-controlled (and privately owned); 454 units Ellis Acted in in fiscal year 2006-07.

Vacant by choice [Examiner]

Posted by socketadmin at 6:45 AM | Permalink | Comments (105) | (email story)

August 19, 2008

555 Mission Rock: Yesterday, Today And Tomorrow (And A Recap)

555 Mission Rock: Site

The quick recap for 555 Mission Rock in south Mission Bay: 192 apartments ranging in size from 650 to 1,300 square feet (and 10,000 square feet of ground floor retail).

555 Mission Rock: 8/11/08 (www.SocketSite.com)

Development by Urban Housing Group, design by SB Architects, and opening Spring 2009.

555 Mission Rock: Renderings

An Overview Of Mission Bay [SocketSite]
Neighbors In South Mission Bay (555 Mission Rock Street?) [SocketSite]
555 Mission Rock Apartments: Additional Details And Timing [SocketSite]
Projects: 555 Mission Rock [Urban Housing Group]

Posted by socketadmin at 8:15 AM | Permalink | Comments (31) | (email story)

August 15, 2008

San Francisco Landlord Foreclosures: Tenant PSA And Growing Trend

"State and local laws prohibit landlords from evicting tenants or shutting off utilities [due to a foreclosure], but not all renters are aware of the rules, and not all of the entities that take control of properties try to learn them."

"The issue was virtually unheard of a year ago. The San Francisco Tenants Union had to circulate a memo to its counselors earlier this year because few had ever encountered it before.

The exact number of tenants dealing with the aftermath of a landlord foreclosure is difficult to ascertain. Three tenants groups contacted by The Chronicle reported around 130 cases this year, but most counselors believe that many more tenants aren't contacting the organizations. What is known is that lenders foreclosed on 492 homes in San Francisco during the last year and a half, according to DataQuick Information Systems."

Foreclosure's hidden victims [SFGate]

Posted by socketadmin at 6:00 AM | Permalink | Comments (30) | (email story)

July 28, 2008

Crescent Heights (1401 Market): No Condos For You! Apartments.

Crescent Heights (1401 Market) Rendering (Image Source: hellermanus.com)

We know we let you know what it was supposed to look like. And we know we let you know when the site was being cleared. But based on a reader’s recent query, we have a feeling we never let you know that the 700+ unit Crescent Heights at 10th and Market is now going to be apartments rather than condos.

Design by Heller-Manus. Construction should commence this fall. And yes, our Complete Inventory Index (Cii) has been updated (and our Q3 report is on the way).

Crescent Heights: 10th And Market Recap, Rendering, And Details [SocketSite]
Argenta Rises While Buildings For Crescent Heights Are Razed [SocketSite]
SocketSite’s Complete Inventory Index (Cii): Q1 2008 (San Francisco) [SocketSite]
Heller-Manus Project: 10th & Market [hellermanus.com]

Posted by socketadmin at 6:35 AM | Permalink | Comments (26) | (email story)

July 14, 2008

Mosaica 601 (Or 601 Alabama As Far As The Post Office Is Concerned)

Mosaica 601: Website

Speaking of new development websites and monikers, the Citizens Housing Corporation development that’s filling the block bordered by 18th, 19th, Alabama and Florida has been dubbed Mosaica 601 (or 601 Alabama as far as the post office is concerned).

601 Alabama: Floor Plans

A bit more detail on the 151 units: 93 apartments for families earning 25% to 50% of the area median income (AMI); 24 apartments for low-income seniors earning between 15% and 35% of AMI; and 34 condominium townhomes (including 21 BMR units ranging in price from $181,089 to $344,727 and available to those earning between 80 and 120% of the 2008 San Francisco Median Income).

And floor plans (ranging from 1,013 to 1,409 square feet), an overview, and additional details are now available online.

You Ask, We Answer, You Embellish: Big Developments In The Mission [SocketSite]
Mosaica 601 (601 Alabama) [mosaica601.com]

Posted by socketadmin at 11:30 AM | Permalink | Comments (22) | (email story)

May 13, 2008

From Rendering To Reality (Although Not Quite Finality): 766 Harrison

766 Harrison: 5/13/08 (www.SocketSite.com)

A plugged-in tipster notes that the scaffolding has been stripped from 766 Harrison and what’s rising rings true to the rendering (with the exception of that two-way street).

766 Harrison: 5/13/08 (www.SocketSite.com)

And while our tipster also offered to send along a photo, we just couldn’t wait (but bonus points for the gesture and a gentle reminder that we always appreciate a good pic or tip).

The 98 “Sophisticated/Stylish” Studio Apartments Of 766 Harrison [SocketSite]

Posted by socketadmin at 4:06 PM | Permalink | Comments (15) | (email story)

May 5, 2008

JustQuotes: Record Sale Price For Edgewater Apartments On Berry

"Colorado-based apartment real estate investment trust paid $115 million for a recently completed Mission Bay apartment complex, a deal that shattered price-per-unit records for a major multi-family property in San Francisco.

UDR, formerly known as United Dominion Realty Trust, shelled out $595,855 per apartment, or $730 a square foot, for the recently completed 193-unit Edgewater Luxury Apartments at 355 Berry St., north of the channel in Mission Bay.

The seller was the apartment developer Urban Housing Group, which spent five years entitling and constructing the property before opening it in August 2007. Urban Housing fully leased the building in four months, beating projections by five months."

Edgewater's $115M price shatters records [Business Times]
Edgewater Apartments (355 Berry): An Overview And Pricing [SocketSite]

Posted by socketadmin at 10:00 AM | Permalink | Comments (38) | (email story)

April 7, 2008

San Francisco's Newest Tower Crane (For Trinity Plaza) Is In The Air

Trinity Plaza: Phase I Tower Crane (www.SocketSite.com)

The excavation is over, the piles have been driven, and as a tipster notes, the tower crane for Phase I of Trinity Plaza is in the air. 1188 Mission, 440 apartments, “opening 2010.”

Trinity Plaza: Phase I Banner (www.SocketSite.com)

JustQuotes: Phase I Of Trinity Plaza About To Break Ground [SocketSite]

Posted by socketadmin at 4:02 PM | Permalink | Comments (17) | (email story)

March 20, 2008

Same Same But Different: 425 1st Street #2103 For Sale (Or Rent)

425%201st%20%232103.jpg

Okay, let’s get this out of the way. No, we’re not going to highlight every single One Rincon Hill condo to hit the resale (or rental) market. No, we’re not just trying to stir the pot. And yes, we do believe that many of the building’s lightening rod topics (area, architecture, dryers, parking, walkthroughs, closings, rents, no flip clauses, etc.) are of relevance to all.

That being said, while 425 1st Street #2403 was the first closed condo at One Rincon Hill to officially hit the resale market seven days ago, yesterday #2103 became the second. We noticed that #2103 is also being offered for rent at $4,600 a month if you’d rather rent than buy (or at least run the numbers). And five floors below, #1603 is asking for $4,500.

In terms of other rentals currently seeking renters at One Rincon Hill, we identified twenty-two others on Craigslist, twenty-one of which are one-bedrooms with rents ranging from $2,500 to $4,250 a month (asking of course).

Inside One Rincon Hill In Specific (And “No Flip” Clauses In General) [SocketSite]
∙ Listing: 425 1st Street #2103 (2/2) - $1,229,000 [MLS]
∙ For Rent: 425 1st Street #2103 (2/2) - $4,600/mo [Skybox Realty]
$4500 / 2br - BRAND NEW CONDO! [Craigslist]

Posted by socketadmin at 3:00 AM | Permalink | Comments (120) | (email story)

February 12, 2008

A Little Extra Perspective On The Listing: 2243 Greenwich

The tightly cropped photo from the listing:

2243 Greenwich: Listing Photo

A bit broader perspective from SocketSite:

2243 Greenwich (www.SocketSite.com)

And the close-up for those who might be more interested in renting:

2243 Greenwich For Rent (www.SocketSite.com)

UPDATE (2/22): From a plugged-in tipster: "Price was just reduced to 1,995,000 - agent remarks say it is now a 'bank short sell'."

∙ Listing: 2243 Greenwich (6/5) - $2,200,000 [MLS]

Posted by socketadmin at 9:29 AM | Permalink | Comments (39) | (email story)

February 1, 2008

Broadway Family Apartments: T-Minus Three Months To Opening

Broadway Family Apartments

If you’ve been wondering what’s been rising on Broadway between Battery and Front, you’re probably not alone. And thanks to a plugged-in tipster, we have the update (and a photo):

Broadway Family Apartments, 81 units of affordable family housing with Bay Bridge views, will be completed as of April 2008. The project includes 3 buildings (one mid rise and two low rise), a below grade parking garage [41 spaces and City CarShare], and 2 podium level courtyards. The design also provides child care services, two retail spaces, and common gathering rooms for both the residents and the larger neighborhood. Chinatown Community Development Center is the developer for the project [with design by Solomon E.T.C.].

And sorry folks, but they're no longer accepting applications for the 80 apartments (the 81st will be occupied by a manager). And if you submitted one, you're one of 8,500.

Chinatown Community Development Center: Broadway Family Apts [chinatowncdc.org]
Broadway Family Apartments Receives 8,500 Applicants! [Barbary Coast News]

Posted by socketadmin at 3:00 AM | Permalink | Comments (13) | (email story)

January 30, 2008

The 98 “Sophisticated/Stylish” Studio Apartments Of 766 Harrison

766 Harrison: Rendering

The ninety-eight (98) “sophisticated” (also referred to as “stylish”) studio apartments that compose 766 Harrison are expected to hit the rental market in five months along with 4,500 square feet of ground floor commercial space (and hope for a cafe tenant).

766 Harrison: Rooftop Patio Rendering

Lots of glass, rooftop patios, and some "stylish" features (concrete countertops and floors, radiant heat, and stainless steel this and that). And as Curbed discovered, interior renderings and an overview are available online.

∙ 766 Harrison: Overview, Interior Renderings, Commercial [tbcproperties.com]

Posted by socketadmin at 12:14 PM | Permalink | Comments (27) | (email story)

January 17, 2008

Before And After And Back On The Market (To Buy Or Rent On Hyde)

It’s like one of those puzzles you might have enjoyed as a kid; can you spot at least five simple (and cost effective) things that have changed between the following two photos?

2620 Hyde Before
2620 Hyde: Old Dining Room

2620 Hyde After
2620 Hyde: New Dining Room

The first is from when the entire property (2618-2620 Hyde) was on the market for $1,850,000, and the second is post sale, remodeling, and re-listing for $2,368,000.

The two units are available as TICs as well ($1,169,000 for 2618 and $1,199,000 for 2620). And in one of those puzzles you might (or might not) enjoy as an adult, 2620 Hyde is also being offered for rent at $6,000 per month (asking not secured).

UPDATE (2/22): 2618 and 2620 Hyde closed escrow today with reported sales prices of $1,100,000 ($69,000 under asking) and $1,145,000 ($54,000 under asking) repectively.

∙ Listing: 2618-2620 Hyde Street (2/1 & 2/1) - $2,368,000 [2618-20hyde.com]
∙ Listing: 2618 Hyde (2/1) - $1,169,000 (TIC) [MLS]
∙ Listing: 2620 Hyde (2/1) - $1,199,000 [MLS]
$6000 / 2br - Beautiful two-unit Edwardian Home [Craigslist]

Posted by socketadmin at 9:05 AM | Permalink | Comments (23) | (email story)

January 4, 2008

Might $22,500 A Month In Rent Actually Make More Financial Cents?

2550 Lyon Street (www.SocketSite.com)

As has been noted by readers and a number of tipsters alike, they’re now accepting rental applications for the Theodore Eden designed “Renaissance Italian Villa” at 2550 Lyon Street (which sports a design, location, and rooftop garden we just so happen to love).

And while the $22,500 monthly (asking) rent might seem mighty steep to some, do keep in mind that it remains available for purchase at $9,800,000 as well. At this level you're probably capable of running the numbers yourself (or have "people" to do it for you). And in either case, let's not forget those invitations to the housewarming.

∙ Listing: 2550 Lyon Street (4/5.5) - $9,800,000 [Joel Goodrich]
∙ For Rent: $22500 / 4br - Italian Villa; 4 brm/5.5 ba; unobstructed Views! [Craigslist]
The Hanging Gardens Of San Francisco: 2550 Lyon [SocketSite]
The Six Million Dollar Man Single-Family Renovation Sells For Eleven [SocketSite]

Posted by socketadmin at 4:00 AM | Permalink | Comments (32) | (email story)

November 13, 2007

A Not So New New Neighborhood Opens Back Up In The Presidio

Presidio Queen Anne on Funston

Don’t like the thought of living next to modern? Well, you’re in luck. Four five-bedroom “Queen Anne style homes” on “the oldest intact Victorian streetscape in the city” (56-59 Funston Avenue) are now up for lease in the Presidio.

Minimum rental bids of $10,600 per month (per home) and a remembrance of a tipster’s note that we first published over a year ago. In summary: bidding wars for big rentals in the Presidio. Again, over a year ago.

NEW NEIGHBORHOOD: 56, 57, 58 & 59 Funston Avenue [presidio.gov]
SocketSite Readers Report: The New Age Of Civilized Urban Landscape [SocketSite]
Premium Rents In The Presidio [SocketSite]

Posted by socketadmin at 11:03 AM | Permalink | Comments (15) | (email story)

November 9, 2007

JustQuotes: Phase I Of Trinity Plaza About To Break Ground

Trinity Plaza Plot

"The first phase of [Trinity Plaza] construction, some 440 units on the Mission Street side of the property, includes 360 "replacement" studios to house the rent-control tenants now living in the Trinity rental complex. The remaining 80 units will feature one-bedrooms: 68 market-rate and 12 below-market rate. The address of the first building will be 1188 Mission St.

[Trinity Properties Chief Financial Officer Walter Schmidt] said shoring and excavation will begin shortly and take the project into 2008 when the "pile and foundation program" will start. Trinity officials estimate that it will take two years to finish the first phase and move existing tenants over.

In all, the project will include four phases. After 1188 Mission St. is completed, the next building will be 545 units on Market Street, which will include 21,000 square feet of retail space and a large public plaza allowing pedestrians to pass through from Mission to Market Street.

The final building phase will add 915 units and include a building along Eighth Street and another west of the 1188 Mission St. structure."

Massive excavation to begin at Trinity Plaza [Business Times]
Trinity Plaza: Just One Signature (And Around Three Years) To Go [SocketSite]

Posted by socketadmin at 8:05 AM | Permalink | Comments (8) | (email story)

November 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 17, 2007

Buy It For Fifty Percent Less, Or Rent It For Thirty Percent More

2502 Leavenworth from Craigslist

Last week a plugged-in tipster recognized the interior of 10 Hastings (which was last listed for sale at $9,995,000) in a Craigslist ad for a $25,000 per month rental in Russian Hill. And yesterday, we couldn’t help but recognize the interior of 2502 Leavenworth (currently listed at $5,495,000) in another (it was the kitchen that gave it away).

And while 2502 Leavenworth is currently for sale for roughly half (okay, so 55%) of what 10 Hastings was asking prior to being withdrawn, they’re asking for 32% more a month in rent. And yes, that’s $33,000.

755 Marina Boulevard on Craigslist

And then there’s 755 Marina Boulevard. Last listed for sale at $5,597,000 (roughly the same as 2502 Leavenworth), it’s now available for rent at $12,000 per month (roughly two-thirds less than 2502 Leavenworth). Granted, we don’t know what ever happened with that foreclosure. And these are only list prices (across the board). But still...

Name That Russian Hill Home In Four Pictures Or Less [SocketSite]
RealRecentReductions: You’ve Seen These Before (Will You Again?) [SocketSite]
$33000 / 5br - Elegant View House [Craigslist]
The $1,500,000 Half Bath On Marina Boulevard [SocketSite]
$12000 / 5br - View home on Marina Blvd (marina / cow hollow) [Craigslist]
Yahoo Unveils Underwhelming Foreclosure Center [SocketSite]

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

September 19, 2007

841 Webster Returns: And Perhaps It's Now “Priced to Rent!”

841 Webster Returns

As a tipster notes, 841 Webster (which failed to sell at $989,000 despite four months on the market, a total of $310,000 in reductions, and advertising “Priced to Sell!”) has returned to the market as a rental. And according to craigslist, they're looking for $4,950 a month. We’ll just let you run the numbers (and debate that little note of NOPA).

$4950 / 3br - Remodeled Victorian Flat...(alamo square / nopa) [craigslist]
What’s Moving (Or Not) And For How Much (Or Little): Withdrawn [SocketSite]
Betting On A Bidding War? (Once Again) [SocketSite]
To Rent Or To Buy, That Is The Question (That Only You Can Answer) [SocketSite]
And Like There’s Any Chance We Could Resist (700 Broderick) [SocketSite]

Posted by socketadmin at 8:46 AM | Permalink | Comments (18) | (email story)

August 20, 2007

Edgewater Apartments (355 Berry): An Overview And Pricing

355 Berry (www.SocketSite.com)

The leasing office is open and renters (gasp!) have started moving in to the 198-unit Edgewater at 355 Berry (adjacent to Park Terrace in North Mission Bay). Units range from 520 to 1,330 square feet, are pet friendly (although “breed restrictions apply” and “pet rent” is an additional $50 per pet per month), and one parking space is available per apartment for an additional $300 per month.

Despite what some might have been led to believe, all 198 apartments in the building are market rate with the least expensive floor plan currently asking $1,975 per month (again, not including parking). The current breakdown of available units and "list" prices:

∙ Studios (520 to 600 square feet) from $1,975/month
∙ 1 bedroom/1 baths (535 to 1,055 square feet) from $2,165/month
∙ 1 bedroom/1.5 bath lofts (710 to 1,330 square feet) from $2,600/month
∙ 2 bedroom/2 baths (940 to 1,330 square feet) from $3,100/month

We’d be willing to bet there’s some room for negotiation on the rents (depending on the proposed term). And of course, we’d welcome any early reviews (or leasing office experiences) from our cadre of plugged-in people.

SocketSite Reader’s Report: Living In North Mission Bay (For Real) [SocketSite]
Edgewater San Francisco (355 Berry) [edgewatersf.com]

Posted by socketadmin at 3:30 AM | Permalink | Comments (10) | (email story)

July 31, 2007

2412 Harrison: A Chance To Try Before You Buy?

Perhaps it’s simply coincidence, but a plugged-in tipster forwards a craigslist ad for a short-term rental (“2 months ONLY starting August 1st”) at 2412 Harrison in a unit that just so happens to be up for sale (“must cooperate with RE agent”). Asking rent: $2,500/month.

$2500 / 2br - 2 + office, 3 bath, 2 car parking, tri-level loft, unfurnished [craigslist]
We Know You Can, But Will They? (Actually Accept It That Is) [SocketSite]

Posted by socketadmin at 3:00 AM | Permalink | Comments (14) | (email story)

July 25, 2007

Mint Collection Update (7/25): Sales, Leasing, Plaza And Eats/Drinks

418 Jessie: Interior

A quick update for the Mint Collection: Twelve (12) of the fifty-two (52) condos at 410 Jessie ("Hales Warehouse") remain available for sale (77% sold) with studios ranging from $480,000 to $510,000 (433 to 494 square feet) and one-bedrooms ranging from $795,000 to $1,075,000 (996 to 1,242 square feet).

Next door at 418 Jesse ("Station House") twenty-three (23) of the twenty-five (25) units have been leased. The remaining two:

∙ 418 Jessie #702 (3/3) 1,921 sqft - $6,250/mo (includes 2 car parking)
∙ 418 Jessie #802 (3/3) 1,931 sqft - $6,550/mo (includes 2 car parking)

Also of note, “Mint Plaza is on schedule for completion on Labor Day” with Chez Papa scheduled to open in mid-September, Sushi Groove in late September/early October, and Blue Bottle in early October as well. (No word on what ever happened to the "Nuevo-Latino/Peruvian" restaurant/lounge.)

The Mint Lofts: The SocketSite Scoop, Update And (Some) Pricing [SocketSite]
Mint Lofts (410 - 424 Jessie): New Website, Photos, And Floor Plans [SocketSite]
Mint Lofts: 410 + 418 Jessie Street, San Francisco [SocketSite]
Mint Plaza: Approved, Moving Forward, And Coming Soon [SocketSite]

Posted by socketadmin at 1:54 PM | Permalink | Comments (7) | (email story)

July 16, 2007

Nothing Like A Little Leverage In San Francisco (So To Speak)

According to J.K. Dineen, the Lembi family (think CitiApartments and Skyline Realty) has added at least 593 more rental units to their housing portfolio (which is now estimated to total almost 7,000 units). “David Gruber, a landlord who owns 13 buildings in the city and is president of the San Francisco Rent Board, called the Lembis an "extremely aggressive buyer" willing to pay prices 16 to 19 times the buildings' gross rent roll. Typically, investors in San Francisco pay less than 15 times gross rents.”

Oh, and “[t]he latest deals come nearly a year after City Attorney Dennis Herrera sued CitiApartments, alleging companies controlled by the family use armed security guards and other means to intimidate and drive out longtime, rent-controlled tenants and that they save millions of dollars by renovating units without permits.”

Lembis pump $200M into growing housing empire [San Francisco Business Times]

Posted by socketadmin at 3:00 AM | Permalink | Comments (14) | (email story)

July 10, 2007

Rumor Busters: Fillmore Center Apartments Going Condo?

Fillmore Center Apartments

A longtime resident of the Fillmore Center writes: “I heard from a realtor that [the Fillmore Center apartments] are going Condo. He didn't give a time frame, but I've lived here for 13 years and no one ever told me a thing about it.” We haven’t heard anything either (and would actually be surprised if it happened). Any plugged-in readers have the inside scoop or a definitive answer?

The Fillmore Center Apartments [1475 Fillmore Street]

Posted by socketadmin at 7:41 AM | Permalink | Comments (7) | (email story)

June 14, 2007

Rincon Towers: From Apartments, To Condos, To Apartments

Rincon Center/Towers

A year ago, the Rincon Towers apartment building at 88 Howard was sold to a developer intent on converting the building into condos.

Three months ago (and over on the SocketSite Forums) a plugged-in reader wondered about the lack of activity at the building (either in terms of new rentals or condo sales), and another reader answered: "...Beacon [Capital] backed out of doing a condo conversion and put the building back on the market. They are now marketing it to potential buyers not as a condominium building, but as an apartment building."

And yesterday, it’s reported that the Towers have indeed been sold (to Capital Properties) with plans to turn the building into "luxury apartments and high-end corporate furnished housing." Don't say you didn't see it coming (at least if you're plugging-in).

Rincon Towers Going Condo [SocketSite]
SocketSite Forums: Rincon Center [forums.socketsite.com]
Rincon Center apartments sold to N.Y. firm [SFGate]

Posted by socketadmin at 7:20 AM | Permalink | Comments (4) | (email story)

June 13, 2007

Readers Report: Big Demand For Big Rentals (For Big Money)

While we can’t confirm a reader’s comment yesterday about recently renting 2786 Broadway, it does remind us that we’ve been remiss in publishing another contribution from Seb (a seriously plugged-in reader):

Big Demand For Big Rentals (For Big Money)
If you don’t want to buy in Pacific or Presidio Heights, and you need more than 4,000 square feet or 5+ bedrooms, you can always rent. But beware, properties are now moving fast. Since the beginning of 2007 high-end rentals have on average moved within a couple of weeks. Recent rentals include:

A choice property near the Egyptian Consulate General’s for a little over $10,000/month.
Big rental near the Egyptian Consulate General’s home

A grand Chateau near the Korean Consulate General’s for around $15,000/month.
Big rentals near the Korean Consulate General’s home

And a majestic view home near the Japanese Consulate General’s for $32,000/month.
Big rental near the Japanese Consulate General’s home

[Editor’s Note: If that last one looks familiar, it should. And as far as we know, it’s still available. We’ll let you run your own rent versus buy calculations (but feel free to share).]

Comment: 2786 Broadway: Reduced 12.8% (Again) [SocketSite]
Million Dollar Views (For A Million Dollars Less) [SocketSite]
To Rent Or To Buy, That Is The Question (That Only You Can Answer) [SocketSite]

Posted by socketadmin at 8:14 AM | Permalink | Comments (25) | (email story)

June 5, 2007

JustQuotes: No Surprise, Bay Area Rents On The Rise

“In San Francisco proper, average occupancy now exceeds 97% and monthly effective rents have increased 7% in each of the past two years….In San Jose, average occupancy is in excess of 97% and average effective rents rose 7.8% in 2005 and 10% last year, marking the highest rent increase in the US.”

Bay Area Apartment Market Healthy, Strong [GlobeSt.com]

Posted by socketadmin at 3:00 AM | Permalink | Comments (28) | (email story)

April 26, 2007

555 Mission Rock Apartments: Additional Details And Timing

555 Mission Rock Street?

Additional details on 555 Mission Rock, a 192-unit apartment building under construction in South Mission Bay: Eight stories (previously reported as nine); one and two bedroom units ranging in size from 650 to 1,300 square feet; 10,000 square feet of ground floor retail; $95 million dollar budget; and two years to completion.

Neighbors In South Mission Bay (555 Mission Rock Street?) [SocketSite]

Posted by socketadmin at 3:00 AM | Permalink | Comments (5) | (email story)

April 20, 2007

Trinity Plaza: Just One Signature (And Around Three Years) To Go

Trinity Plaza Rendering (Image Source: forum.skyscraperpage.com)

Trinity Plaza Rendering (Image Source: forum.skyscraperpage.com)

Trinity Plaza Rendering

San Francisco's Trinity Plaza project has been approved by the Board of Supervisors. And now it's in the hands of our Mayor Newsom to add his signature and final approval (he has until April 28th to either approve or veto the project).

According to BeyondChron, and as a tipster notes, upon final approval of the project Trinity Properties "will have 15 months to commence construction, and 42 months after that the first tower must be certified for occupancy." But according to a Trinity Properties employee, the "application for site permits have already been submitted...plans will be submitted to various City departments at the same time rather than in staggered succession...[and they're targeting] the start of construction after this coming winter with a completion 24 months later.

UPDATE (4/23): A plugged-in reader uncovers a couple of more contextual (but perhaps less glamorous) renderings of the proposed Trinity Plaza on the SkyscraperPage Forum.

Trinity Plaza One Big Step Closer To Reality (And Condos?) [SocketSite]
With Rebuild Approved, Trinity Plaza Tenants Look to Future [beyondchron.org]
Trinity Plaza (24 stories, 240 ft; not so tall but BIG) [SkyscraperPage Forum]

Posted by socketadmin at 1:35 PM | Permalink | Comments (19) | (email story)

April 13, 2007

My Rent Is Too High, My Rent Is Too Low, My Rent Is Just Right

rentometer

We can’t vouch for its accuracy, but as a “plugged-in” reader notes, rentometer.com might help shed some light on the question of what currently constitutes market rate rents. Potential landlords and junior analysts rejoice.

And as far as annual increases go (again, for what constitutes market rate), we’ve heard expectations of around 10% over the next couple of years in San Francisco. But that’s just one industry forecast.

UPDATE (4/14): If a couple of “plugged-in” reader’s suspicions are correct, the majority of data points used by rentometer are self-reported by previous users (rather than a mash-up of current listings). And if that's the case, then while rentometer might provide a fair measure of what people are currently paying in a particular area of San Francisco it’s not such a great measure of what actually constitutes a market rate rent (on account of rent control).

To Rent Or To Buy, That Is The Question (That Only You Can Answer) [SocketSite]

Posted by socketadmin at 8:47 AM | Permalink | Comments (7) | (email story)

April 12, 2007

Rent Control In San Francisco: The Real Rules

In general, apartment buildings constructed before June 14, 1979; illegal units (such as in-law apartments); and single family homes and condos with tenants that moved in prior to 01/01/96 are fully covered by rent control which limits annual rent increases (1.5% from 3/1/07 to 3/28/08) and requires one of 14 “just causes” for an eviction. Tenants of single family homes and condos who moved in on or after 01/01/96 are only afforded the eviction protection. Again, in general.

Complete “unofficial” rules and regulations are available via the City of San Francisco’s Rent Board while the San Francisco Tenants Union maintains a relatively comprehensive overview.

City of San Francisco: The Rent Board [SFGov]
San Francisco Tenants Union: Rent Control in San Francisco [SFTU]

Posted by socketadmin at 3:30 AM | Permalink | Comments (6) | (email story)

March 27, 2007

Trinity Plaza One Big Step Closer To Reality (And Condos?)

The fate of Trinity Plaza now rests in the hands of the full Board of Supervisors as the proposal for 1,900 new housing units unanimously passed yesterday’s Land Use Committee meeting after four years of political wrangling.

After Supervisor Chris Daly announced that the developer (Angelo Sangiacamo) has agreed to some last-minute amendments, the committee gave the project the green light. Supervisor Jake McGoldrick decided not to press with his additional amendments, allowing the project to finally go to a full Board meeting on April 10th.

The terms of the approved proposal calls for 1,900 units of which 360 will be deed restricted rent-controlled (and offered to the current Trinity Plaza residents) and an additional 231 will be designated below market rate (BMR).

At the same time, a condo map will be approved for the project (“after the developer pointed out the 40% increase in construction costs”) but will not extend to the 360 rent-controlled units.

(More) Political Wrangling Over The Development Of Trinity Plaza [SocketSite]
Trinity Plaza – FINALLY! – Gets Out of Land Use Committee [BeyondChron]
JustQuotes: Trinity Plaza - One Meeting, Two Takes, One Truth [SocketSite]

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

March 23, 2007

240 Berry: No Condos For You

240 Berry Rendering (Image Source: arquitectonica.com)

While we pulled 240 Berry from our Complete Inventory Index (Cii) pipeline long ago, a “plugged in” reader’s tip reminds us that we never shared the scoop. Originally owned by Signature Properties, the 240 Berry lot was sold to AvalonBay and is destined to become rentals rather than condos (Avalon at Mission Bay III).

No word on the fate of the Arquitectonica design (above) that Signature had commissioned for the lot.

SocketSite’s Complete Inventory Index (CII): Q1 2007 [SocketSite]
Avalon At Mission Bay II And Creativity Explored [SocketSite]

Posted by socketadmin at 4:30 AM | Permalink | Comments (10) | (email story)

February 1, 2007

Mint Lofts (410 - 424 Jessie): New Website, Photos, And Floor Plans

Mint Plaza Map

Mint Lofts: Hales Warehouse

Mint Lofts: Silver Building

Mint Lofts just launched a new website complete with photos, floor plans, and virtual tours for 410 Jessie (the “Hales Warehouse”; 52 condos), 418 Jessie (the “Station House”; 25 condos/rentals), and 424 Jessie (the “Sliver Building”; 6 full floor rentals). Also mentioned, a Plaza level French Bistro and “two-story Nuevo-Latino/Peruvian restaurant-lounge.”

Open houses are now expected to commence in the second half of February (and we’re still working on pricing).

Mint Lofts: 410 + 418 Jessie Street, San Francisco [SocketSite]
Mint Plaza (And Livable City) [SocketSite]

Posted by socketadmin at 12:15 AM | Permalink | Comments (28) | (email story)

January 30, 2007

It’s Not Just Condos That Are Going Rental

2523 Steiner For Lease (www.SocketSite.com)

After 138 days on the market, and three price reductions (now $505,000 or 15% below its original list price), 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.

∙ Listing: 2523 Steiner (3/3.75) - $2,795,000 [McGuire]
∙ For Rent: 2523 Steiner (3/3.75) - $10,000/mo. [Joel Goodrich]
Contemporary Luxury On Sale [SocketSite]

Posted by socketadmin at 3:53 PM | Permalink | Comments (19) | (email story)

January 26, 2007

Now Renting: The General’s House (1337 Pope)

1337 Pope Street in the Presidio

Since 1915, 1337 Pope Street has served as home to numerous Army generals living in the Presidio. And now the seven-bedroom, four and one-half bath house in Kobbe Terrace is going rental with a minimum bid of $15,000 per month.

Open next weekend (2/2/07 from 2:00pm to 4:00pm and 2/3/07 from 11:00am to 2:00pm) for interested parties, budding young generals, or those who simply care to gawk admire the beautiful property.

Premium Rents In The Presidio [SocketSite]
$15000 / 7br - The General's House [Craigslist]

Posted by socketadmin at 12:15 AM | Permalink | Comments (7) | (email story)

January 4, 2007

(More) Political Wrangling Over The Development Of Trinity Plaza

The proposed Trinity Plaza (Image Source: arquitectonica.com)

The proposed Trinity Plaza (Image Source: arquitectonica.com)

For decades, developer Angelo Sangiacamo has been trying to re-develop a mid-market plot of land which currently houses the Trinity Plaza apartment building (which he converted from a motor lodge in 1977). Under his latest proposal, 360 outdated units would be razed and replaced with a modern 1,900 unit development, 50,000+ square feet of street level retail, and 60,000+ square feet of public open space (all designed by Arquitectonica).

In August of 2006, the city Planning Commission signed off on the [Trinity Plaza] deal . . . But on Nov. 7, to the surprise of Sangiacomo and [Chris] Daly, two members of the Board of Supervisors, Jake McGoldrick and Sophie Maxwell, succeeded in persuading some of their board colleagues, at least temporarily, to block height and density amendments to the city's general zoning and development plan that would have allowed the project to go forward. (SFGate)

Of the 1,900 proposed units, 360 units would be set aside for the current Trinity Plaza tenants (and would remain at rent controlled rates for the life of the tenants) and an additional 185 units would be rented at below-market rates. And needless to say, the development would have a major impact on the revitalization of the entire mid-market neighborhood.

More Mid-Market Development And Definition [SocketSite]
Arquitectonica [arquitectonica.com]
Trinity Plaza Apartment Ratings [apartmentratings.com]
Trinity deal hits a snag [SFGate]

Posted by socketadmin at 9:53 AM | Permalink | Comments (51) | (email story)

December 18, 2006

Not For The Faint Of Heart (Or Wallet)

1232 Treat: Fireplace

The “Italianate Victorian Fixer” at 1232 Treat is not for the faint of heart (or wallet). Seriously. We’re talking about a single family house that's been carved up into five units with two additional units over the carriage house out back (think commercial financing), two protected tenants and two vacancies, and quite a bit of deferred maintenance.

At the same time, we’re talking about an interesting pedigree (built in 1885 by John McCarthy, the masonry contractor who built the Palace Hotel and Mills Building), some beautiful original detailing, and intriguing “bones.”

UPDATE (1/16): The asking price has been reduced to $1,099,000, and as the agent notes, “[t]he property is squarely located *across* the street from Garfield Square Park.” (And a new “soccer field, children's playground and…security cameras installed by the City.”)

∙ Listing: 1232 Treat (7 units) - $1,199,000 [1232treat.net] [Property Statement (pdf)]

Posted by socketadmin at 12:57 AM | Permalink | Comments (4) | (email story)

October 20, 2006

188 King Street: The Rents

188 King Backside (www.SocketSite.com)

Based on a number of craigslist ads (and another email from our tipster), it appears that rents in 188 King street are running from $2,795 (1br) to $9,500 (2br penthouse). Not a bad way to try out the building, and the neighborhood, if you're considering a purchase (especially if you can pre-negotiate an option to buy).

According to our tipster, “The units on the second floor in the back, with the separate bedroom type area and the huge patio are going for $3200 per month and are leasing quickly” while “The units in the back of the building above the second are [priced] at $2795,” and “They claim to have leased the third floor and now are working on the fourth as they work their way up the building.” In addition, the front penthouses are going for $5,000 while the larger 3,000 sqft penthouses in the back are going for $9,500.

An important consideration if you’re interested in buying one of the units in the front-half of the building: quite a few lenders will refuse to finance a condo in a building that is less than 60% owner-occupied. It's something to consider in terms of resale as well.

The Scoop On 188 King Street: Now Selling Leasing [SocketSite]
$2795 / 1br - New construction! [craigslist]
$3200 / 1br - Brand new luxury loft w/ LARGE deck! [craigslist]
$5000 / 2br - Fantastic penthouse w 16ft ceilings [craigslist]
$9500 / 2br - 3,000 SQUARE FOOT PENTHOUSE!! [craigslist]

Posted by socketadmin at 1:15 AM | Permalink | Comments (12) | (email story)

October 13, 2006

Avalon At Mission Bay II And Creativity Explored

Avalon at Mission Bay II Lobby

We were lucky enough to attend a reception hosted by AvalonBay last night to celebrate the opening of the Avalon at Mission Bay II (301 King Street) and honor Creativity Explored, a visual art center where adults with developmental disabilities create, exhibit and sell art.

AvalonBay purchased nearly 100 paintings by over 20 different Creativity Explored artists to decorate the lobby and common areas of the Avalon at Mission Bay II. And while covering apartment building openings isn’t our usual bailiwick, we loved the story. And we loved the art.

Avalon At Mission Bay II [301 King Street]
Creativity Explored [3245 16th Street]

Posted by socketadmin at 9:00 AM | Permalink | Comments (0) | (email story)

August 24, 2006

Premium Rents In The Presidio

1304-B Kobbe Avenue in the Presidio

From a “plugged in” tipster:

Remember when bidding wars were to buy a place? Now they're taking place over rentals in the Presidio.

Two or three years ago, the Presidio couldn't give these places away, with units sitting empty for months. But in the last few months, the park has been inundated by wealthy homeowners trying to cash out and move. And the park has not forgotten its "mandate" to make money. It is holding formal auctions for its more desirable properties, demanding among other things that prospective renters not only prove their financial wherewithal, but also propose such details as precise rent escalations. Rumor around here is that one place went for $3,000 over asking (yes that's over asking) and that someone offered to spend over $100k of their own change to renovate an officer's home.

Case in point, 1304-B Kobbe Avenue a “5-bedroom, 2.5-bath home…built in 1902 as officers’ housing” in Kobbe Terrace, and currently available for a “Minimum Monthly Rental Rate” of $10,800 (“stainless steel appliances” included). If you’re interested, the home will be open this Friday (8/25) from 2:00 to 4:00. (And don’t forget to include a “Rent escalation factor” in your proposal.)

$10800 / 5br - OPEN HOUSE TOMORROW [craigslist]
The Presidio: Kobbe Terrace [presidio.gov]

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

June 2, 2006

The Lansing (50 Lansing Street)

The Lansing (Image Source: thelansing.com)

THE LANSING has opened the doors to its 82 units at 50 Lansing Street (off First) and is stressing “IMMEDIATE OCCUPANCY.” Developed by Lambert Development (of The Brannan fame), and touting a whole host of other contributors (including SB Architects, BaMo design, and lighting consultants Auerbach Glasow), the building is positioning itself as a “quiet urban oasis.”

Lottery numbers have already been drawn, and contracts closed, for the 10 BMR units (which ranged from $254,575 to $287,873), but market rate units are advertised to start from $595,000 for 1 bedrooms, $695,000 for 2 bedrooms, and $1,150,000 for penthouse homes. At the same time, the Chronicle’s ‘Neighborhood Homes Sold’ feature from May 21st reports that unit #111 closed for $557,500 and unit #212 closed for $579,000 (so there just might be some room for negotiation).

And if you want to try before you buy, unit #804 is being advertised (in the New York Times?) for rent at $2,700/mo.

THE LANSING [50 Lansing]
THE LANSING Development Team [thelansing.com]
Neighborhood Homes Sold: Sunday, May 21, 2006 [SFGate]
∙ Rental Listing: 50 Lansing #804 (1/1) - $2,700/mo. [NYTimes]

Posted by socketadmin at 10:15 AM | Permalink | Comments (2) | (email story)

May 31, 2006

The Italian Riviera By The Bay

Aqua Via Amenities (Image Source: aquavialiving.com)

Four blocks from Jack London Square in Oakland, the 100-unit Aqua Via (125 Second Street) seems to be upping the amenity ante for luxury rental properties with its private 29’ Back Cove water taxi (at the beck and call of residents) and a lighted bocce ball court. If you invite us over for a game, and send the water taxi to pick us up, we'll bring the Chianti.

Aqua Via [aquavialiving.com]

Posted by socketadmin at 10:02 AM | Permalink | Comments (0) | (email story)