CATEGORY ARCHIVE: Rentals
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 (33) | (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 (12) | (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]
∙ Rentals en Route to SoMa. No, Really. [Curbed]
Posted by socketadmin at 12:14 PM | Permalink | Comments (24) | (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 (6) | (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 (5) | (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 (13) | (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)
