CATEGORY ARCHIVE: Rentals
November 4, 2009
Rent A Maybeck And Save A (25 Percent Bigger) Bundle
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Asking $3,890,000 and briefly in contract before being withdrawn last April [2008], listed at $2,995,000 today.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Reduced to $2,595,000 in May [2009] before being withdrawn from the market without a sale, 270 Castenada is now seeking a tenant at ten thousand a month.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∙ Past Post And Property Update: Listing For 270 Castenada Withdrawn [SocketSite]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 (6) | (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 (22) | (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 (5) | (email story)
October 21, 2009
RealFacts Reports Asking Rents Down 5.6% 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.
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
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).
∙ 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
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 (7) | (email story)
September 9, 2009
The Chronicle Reports "Dozens," A Plugged-In Source Says Over 100
While the Chronicle reports "dozens more Lembi properties are in play" in addition to the 75 ex-Lembi-owned apartment buildings that have already been given or taken back by the banks, according to our sources the number of Lembi properties still at risk is over a hundred. As in up to 200 of the 300 properties once owned by the Lembi’s could be lost once all is said and done.
∙ Debt swamping Lembi Group, big S.F. landlord [SFGate]
∙ Cash Flows Catch Up To The Lembi Group [SocketSite]
∙ From At Risk To Lost For Another 24 Lembi Properties [SocketSite]
Posted by socketadmin at 9:00 AM | Permalink | Comments (35) | (email story)
September 4, 2009
Party Of Five Eight Move To San Francisco’s Billionaires Row
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.
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.
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).
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 (41) | (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
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.
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)
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 (98) | (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
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
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
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 (6) | (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?
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 (20) | (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
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
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 (20) | (email story)
June 9, 2009
Price "Slashing!" In Pacific Heights (And Return To A Near 2000 Value)
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.
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 (80) | (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)
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
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 (27) | (email story)
April 20, 2009
T-Minus Four Weeks For 260 New Mission Bay Apartments (355 King)
The scaffolding is down (although a few barriers remain), and on May 18 Avalon Mission Bay III (355 King) will officially open its doors on 260 new rental units. From J.K. Dineen:
Rents in the building range from $2,100-$4,900 for one bedrooms, $2,100-$3,300 for two bedrooms and from $3,300-$4,900 for three bedrooms. [Meg Spriggs, AvalonBay senior development director] said she is “cautiously optimistic” the project can attain target rents, but said “we will meet the market on rents.”
Between Avalon, Strata, Argenta and a few others, that’s roughly 700 new rental units on the market over the past (and future) few months while the rental market in San Francisco continues to weaken.
∙ Avalon At Mission Bay Phase III (240 Berry): True To Design [SocketSite]
∙ AvalonBay keeps adding rental units to its cache [Business Times]
∙ The Scoop On Strata At Mission Bay, Its Environs And Rents [SocketSite]
∙ The Rather Ironic "Argenta Silver Lining": Now Leasing At One Polk [SocketSite]
∙ 550 18th Street Unwrapped (And 35 New Condos Now Renting) [SocketSite]
∙ San Francisco Rental Market Weakness: SocketSite Readers Report [SocketSite]
Posted by socketadmin at 9:30 AM | Permalink | Comments (14) | (email story)
April 14, 2009
Same Design And Views, Only Now For Rent: 333 Greenwich #3
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
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 (11) | (email story)
March 4, 2009
550 18th Street Unwrapped (And 35 New Condos Now Renting)
A plugged-in tipster captures the recently unwrapped 550 18th Street.
That's thirty-five (35) new two and three bedroom Mission Bay condos ranging from 1,200 to 1,500 square feet, and currently seeking $3,500 to $5,500 per month in rent.
No word on the 7,000 square feet of ground floor commercial.
∙ 550 18th Street (35 Units) [550-18th.com]
Posted by socketadmin at 3:15 PM | Permalink | Comments (40) | (email story)
The Rather Ironic "Argenta Silver Lining": Now Leasing At One Polk
Less than 24 hours after we broke the news of Riverstone Residential's involvement with Argenta (1 Polk), a plugged-in tipster (quite literally) catches a craigslist ad asking $2,250 for a one-bedroom ($3,800 for a two).
Keep in mind that we've heard some pretty good things about the quality of the finishes (think Poggenpohl) and that some units have surprisingly good views. No comment on the new website and rather ironic moniker: "Argenta Silver Lining."
∙ The Argenta (1 Polk) Scoop Redux: Riverstone Residential To Manage [SocketSite]
∙ $2250 / 1br - BRAND NEW LUXURY HIGH RISE LIVING [Craigslist]
∙ $3800 / 2br - BRAND NEW High Rise Living - Argenta!! [Craigslist]
∙ Argenta Silver Lining [argenta-sf.com]
Posted by socketadmin at 6:15 AM | Permalink | Comments (28) | (email story)
March 3, 2009
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
While the market rate condos for the city block now known as Mosaica 601 are on the market (listed under 601 Alabama), pre-applications for 85 of the affordable apartments will be available starting Monday, March 9th (due back by 3pm on March 13th).
Mosaica is composed of 151 new housing units with seventy-two apartments (including 37 three-bedrooms and 2 four-bedrooms) for qualified households at or below 50% of 2008 median income and thirteen apartments for seniors at or below 30% of 2008 median income being offered in this round.
UPDATE: A plugged-in reader calls us out on our use of "BMR" versus "Affordable" to describe the rental units. We have since rewritten in an attempt to more accurately reflect the overall unit mix.
∙ Mosaica 601 (Or 601 Alabama As Far As The Post Office Is Concerned) [SocketSite]
∙ Mosaica Pre-Application Flyer And Qualifying Income Chart (pdf) [SFGov]
Posted by socketadmin at 9:30 AM | Permalink | Comments (12) | (email story)
February 18, 2009
The Slightly Altered Sign Of 161-165 Collingwood (And The Times)
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)
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
A plugged-in reader reports on Strata at Mission Bay and its environs:
I did a hard hat tour of Strata SF this weekend. I think the building itself is ok. A little bland but I have seen worse. The interior halls look nice....well [lit] and a good color scheme. The views in the distance are nice, the views of the surrounding lots (aka lots of dirt and construction areas) not as nice. First move ins are scheduled for March 1st but they have a long way to go in 30 days to make this a reality. 4th street should be open to traffic in 6 months (says the sales center). Rents seemed high for this undeveloped neighborhood (1/1 650 sqft starting for around $2,300).
I will say looking back at north mission bay from the Strata I was impressed with the look of that neighborhood. The new avalon building and arterra behind the smaller developments closer to the canal really worked well together. At least from that vantage point I think they have done a superb job of building a nice looking community.
With respect to area rents, over on the other side of Mission Creek Edgewater Apartments is advertising a 535 square foot one-bedroom for $2,155 per month, Avalon at Mission Bay has a 700 square foot one-bedroom for $2,160 (previously from $2,200), and over at One Rincon Hill there’s a 710 square foot one-bedroom on the 19th floor asking $2,400.
UPDATE: A plugged-in reader catches the One Rincon Hill fine print ($2,400 is the three-month "teaser" rate, asking $2,650 thereafter), but we will note a few other One Rincon Hill one-bedrooms asking $2,600 and at least one that includes parking.
∙ Coming Soon: "Strata At Mission Bay" (A.K.A. 555 Mission Rock) [SocketSite]
∙ An Overview Of Mission Bay [SocketSite]
∙ Why You Should Care About All Those New Developments (Part I) [SocketSite]
∙ Avalon At Mission Bay Phase III (240 Berry): True To Design [SocketSite]
∙ More Mission Bay Stripping: Arterra And Mission Creek Sports Courts [SocketSite]
∙ Edgewater Apartments (355 Berry): An Overview And Pricing [SocketSite]
∙ $2400 / 1br - 1Ba Luxury Condo at One Rincon w/ Views [Craigslist]
Posted by socketadmin at 7:30 AM | Permalink | Comments (7) | (email story)
January 29, 2009
Avalon At Mission Bay Phase III (240 Berry): True To Design
While the 192 units of Strata at Mission Bay should be renting in March, the 260 rental units of Avalon at Mission Bay III should be online by the middle of the year (about 18 months after having started its ascent).
∙ Coming Soon: "Strata At Mission Bay" (A.K.A. 555 Mission Rock) [SocketSite]
∙ Avalon At Mission Bay Phase III (240 Berry) Rises Up Aside Arterra [SocketSite]
∙ Avalon At Mission Bay Phase III (240 Berry) Starts Its Ascent [SocketSite]
∙ Avalon at Mission Bay III (240 Berry) [avalonatmissionbayiii.com]
Posted by socketadmin at 1:00 PM | Permalink | Comments (53) | (email story)
Coming Soon: "Strata At Mission Bay" (A.K.A. 555 Mission Rock)
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)
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?
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)
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)
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
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 (33) | (email story)
December 16, 2008
If You Want To Live Like An Architect, Do The Your Math (398 Eureka)
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.
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
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]
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December 3, 2008
From Graffiti Canvas To Apartment Campus: PHSH Breaking Ground
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 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?
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?
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)
The quick recap for 555 Mission Rock in south Mission Bay: 192 apartments ranging in size from 650 to 1,300 square feet (and 10,000 square feet of ground floor retail).
Development by Urban Housing Group, design by SB Architects, and opening Spring 2009.
∙ An Overview Of Mission Bay [SocketSite]
∙ Neighbors In South Mission Bay (555 Mission Rock Street?) [SocketSite]
∙ 555 Mission Rock Apartments: Additional Details And Timing [SocketSite]
∙ Projects: 555 Mission Rock [Urban Housing Group]
Posted by socketadmin at 8:15 AM | Permalink | Comments (31) | (email story)
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.
We know we let you know what it was supposed to look like. And we know we let you know when the site was being cleared. But based on a reader’s recent query, we have a feeling we never let you know that the 700+ unit Crescent Heights at 10th and Market is now going to be apartments rather than condos.
Design by Heller-Manus. Construction should commence this fall. And yes, our Complete Inventory Index (Cii) has been updated (and our Q3 report is on the way).
∙ Crescent Heights: 10th And Market Recap, Rendering, And Details [SocketSite]
∙ Argenta Rises While Buildings For Crescent Heights Are Razed [SocketSite]
∙ SocketSite’s Complete Inventory Index (Cii): Q1 2008 (San Francisco) [SocketSite]
∙ Heller-Manus Project: 10th & Market [hellermanus.com]
Posted by socketadmin at 6:35 AM | Permalink | Comments (25) | (email story)
July 14, 2008
Mosaica 601 (Or 601 Alabama As Far As The Post Office Is Concerned)
Speaking of new development websites and monikers, the Citizens Housing Corporation development that’s filling the block bordered by 18th, 19th, Alabama and Florida has been dubbed Mosaica 601 (or 601 Alabama as far as the post office is concerned).
A bit more detail on the 151 units: 93 apartments for families earning 25% to 50% of the area median income (AMI); 24 apartments for low-income seniors earning between 15% and 35% of AMI; and 34 condominium townhomes (including 21 BMR units ranging in price from $181,089 to $344,727 and available to those earning between 80 and 120% of the 2008 San Francisco Median Income).
And floor plans (ranging from 1,013 to 1,409 square feet), an overview, and additional details are now available online.
∙ You Ask, We Answer, You Embellish: Big Developments In The Mission [SocketSite]
∙ Mosaica 601 (601 Alabama) [mosaica601.com]
Posted by socketadmin at 11:30 AM | Permalink | Comments (22) | (email story)
May 13, 2008
From Rendering To Reality (Although Not Quite Finality): 766 Harrison
A plugged-in tipster notes that the scaffolding has been stripped from 766 Harrison and what’s rising rings true to the rendering (with the exception of that two-way street).
And while our tipster also offered to send along a photo, we just couldn’t wait (but bonus points for the gesture and a gentle reminder that we always appreciate a good pic or tip).
∙ The 98 “Sophisticated/Stylish” Studio Apartments Of 766 Harrison [SocketSite]
Posted by socketadmin at 4:06 PM | Permalink | Comments (15) | (email story)
May 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
The excavation is over, the piles have been driven, and as a tipster notes, the tower crane for Phase I of Trinity Plaza is in the air. 1188 Mission, 440 apartments, “opening 2010.”
∙ JustQuotes: Phase I Of Trinity Plaza About To Break Ground [SocketSite]
Posted by socketadmin at 4:02 PM | Permalink | Comments (17) | (email story)
March 20, 2008
Same Same But Different: 425 1st Street #2103 For Sale (Or Rent)
Okay, let’s get this out of the way. No, we’re not going to highlight every single One Rincon Hill condo to hit the resale (or rental) market. No, we’re not just trying to stir the pot. And yes, we do believe that many of the building’s lightening rod topics (area, architecture, dryers, parking, walkthroughs, closings, rents, no flip clauses, etc.) are of relevance to all.
That being said, while 425 1st Street #2403 was the first closed condo at One Rincon Hill to officially hit the resale market seven days ago, yesterday #2103 became the second. We noticed that #2103 is also being offered for rent at $4,600 a month if you’d rather rent than buy (or at least run the numbers). And five floors below, #1603 is asking for $4,500.
In terms of other rentals currently seeking renters at One Rincon Hill, we identified twenty-two others on Craigslist, twenty-one of which are one-bedrooms with rents ranging from $2,500 to $4,250 a month (asking of course).
∙ Inside One Rincon Hill In Specific (And “No Flip” Clauses In General) [SocketSite]
∙ Listing: 425 1st Street #2103 (2/2) - $1,229,000 [MLS]
∙ For Rent: 425 1st Street #2103 (2/2) - $4,600/mo [Skybox Realty]
∙ $4500 / 2br - BRAND NEW CONDO! [Craigslist]
Posted by socketadmin at 3:00 AM | Permalink | Comments (120) | (email story)
February 12, 2008
A Little Extra Perspective On The Listing: 2243 Greenwich
The tightly cropped photo from the listing:
A bit broader perspective from SocketSite:
And the close-up for those who might be more interested in renting:
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 (35) | (email story)
February 1, 2008
Broadway Family Apartments: T-Minus Three Months To Opening
If you’ve been wondering what’s been rising on Broadway between Battery and Front, you’re probably not alone. And thanks to a plugged-in tipster, we have the update (and a photo):
Broadway Family Apartments, 81 units of affordable family housing with Bay Bridge views, will be completed as of April 2008. The project includes 3 buildings (one mid rise and two low rise), a below grade parking garage [41 spaces and City CarShare], and 2 podium level courtyards. The design also provides child care services, two retail spaces, and common gathering rooms for both the residents and the larger neighborhood. Chinatown Community Development Center is the developer for the project [with design by Solomon E.T.C.].
And sorry folks, but they're no longer accepting applications for the 80 apartments (the 81st will be occupied by a manager). And if you submitted one, you're one of 8,500.
∙ Chinatown Community Development Center: Broadway Family Apts [chinatowncdc.org]
∙ Broadway Family Apartments Receives 8,500 Applicants! [Barbary Coast News]
Posted by socketadmin at 3:00 AM | Permalink | Comments (13) | (email story)
January 30, 2008
The 98 “Sophisticated/Stylish” Studio Apartments Of 766 Harrison
The ninety-eight (98) “sophisticated” (also referred to as “stylish”) studio apartments that compose 766 Harrison are expected to hit the rental market in five months along with 4,500 square feet of ground floor commercial space (and hope for a cafe tenant).
Lots of glass, rooftop patios, and some "stylish" features (concrete countertops and floors, radiant heat, and stainless steel this and that). And as Curbed discovered, interior renderings and an overview are available online.
∙ 766 Harrison: Overview, Interior Renderings, Commercial [tbcproperties.com]
Posted by socketadmin at 12:14 PM | Permalink | Comments (27) | (email story)
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 After
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?
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 (31) | (email story)
November 13, 2007
A Not So New New Neighborhood Opens Back Up In The Presidio
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
"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)
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
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.
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.
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!”
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
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 (9) | (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
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?
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
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.
A grand Chateau near the Korean Consulate General’s for around $15,000/month.
And a majestic view home near the Japanese Consulate General’s for $32,000/month.
[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
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
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
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
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 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
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 (17) | (email story)
January 26, 2007
Now Renting: The General’s House (1337 Pope)
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 (5) | (email story)
January 4, 2007
(More) Political Wrangling Over The Development Of Trinity Plaza
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)
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 (3) | (email story)
October 20, 2006
188 King Street: The Rents
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
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
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 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
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)
