SocketSite™

CATEGORY ARCHIVE: Seemingly Random

May 12, 2008

When Investment In Neighborhoods Isn’t “Enhancement” Enough...

“Imposing community impact fees on developers similar to those applied to builders with projects in the South of Market area would likely happen for future development areas, one city legislator said.

“No area plan improvements that create greater development opportunities and greater opportunities to profit from development will go forth in the city of San Francisco without having mitigation or impact fees that will provide for the enhancement of those areas,” Supervisor Jake McGoldrick said.”

∙ Community funds to bridge economic gaps in SoMa [Examiner]

Posted by socketadmin at 6:45 AM | Permalink | Comments (27) | (email story)

May 6, 2008

An Old Listing Suddenly Returns (While The New One Disappears)

The withdrawn listing for 1515 Lyon is once again active (along with its 67 days on the market). And the new listing that we happened to notice replaced it last Friday (along with 0 days on the market)? That one appears to have quietly (and completely) disappeared.

∙ An Apple Is Withdrawn Without Selling (But Quickly Returns As New) [SocketSite]

Posted by socketadmin at 4:06 PM | Permalink | Comments (7) | (email story)

May 2, 2008

An Apple Is Withdrawn Without Selling (But Quickly Returns As New)

Yesterday, the listing for 1515 Lyon was withdrawn from the market after 62 days on the market (DOM) and a $20,000 (1.5%) reduction. Today, 1515 Lyon is back on the market with zero DOM and no mention of the reduction. And to be honest, we probably wouldn’t have noticed had it not been one of our apples.

Don’t forget to adjust your official industry DOM and SP/LP (selling price to list price) stats accordingly. Now about that MLS policy change back in 2007…

∙ Listing: 1515 Lyon (3/3) - $1,369,000 [MLS]
∙ A Single-Family Apple On The Tree In Lower Pacific Heights [SocketSite]
∙ A New New Policy Change For The MLS [SocketSite]

Posted by socketadmin at 3:34 PM | Permalink | Comments (65) | (email story)

What Happens When Expectations Don’t Match The Market? (Redux)

As with stories, their are two sides/perspectives to every (potential) transaction. You've heard from one (the seller), now here's the other:

Ok, so I’m the buyer in question (someone I’m acquainted with forwarded me a link to this discussion).

First, I’d like to say that I’m quite sympathetic to the seller. We considered not making an offer at all since they appear to have bought pretty much at the peak of the San Francisco housing market, we even told the seller’s realtor that we would consider dual agency to try and soften the blow (so they could hopefully reduce their commission). However you have to understand that we don’t want to find ourselves in the same situation as the current seller as prices continue to fall in San Francisco over the next couple of years.

The public records on this loft at Hoff say it has 954 square feet. A 2 bedroom, 2 full bath, top floor loft at 17th and Bryant with 1126 square feet just sold for $15,000 less than what the seller wants for this unit, and that is in a significantly safer part of the Mission.

We’re already concerned that in a year it will be worth substantially less than what we offered. I’m sorry if our offer offended anybody, we will just go look at other places – we’re not in a rush. If someone bought a few years before the peak it might be less painful to deal with today's prices.

The topic might be uncomfortable - or even unfathomable - to some, but it's a healthy and highly relevant discussion, and we thank both sides for opening up. All comments on the original thread in order to maintain the flow.

∙ What Happens When Expectations Don’t Match The Market? [SocketSite]

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

May 1, 2008

What Happens When Expectations Don’t Match The Market?

A plugged-in reader writes to vent:

I’m selling a Loft [in the Mission]. We just dropped our price 20K and got an offer over the weekend for 89K UNDER our new lower offering price. Are you kidding me?! Is this really what people are thinking they can get away with? Now I guess I’m lucky – because this apartment doesn’t HAVE to sell, I just WANT to sell it. So I told the people that made the offer to – well, you can guess what I told them.

Personally, I am shocked that it hasn’t sold for asking. It’s a fun, happening area, and that’s the kind of apartment it is – I guess people don’t buy fun when the market is like this. *Sigh*

As far as we’re concerned, it’s an anecdote about managing expectations of buyers and sellers alike. (And to be honest, the “Motivated Seller!” language in the listing might not be helping with either.)

UPDATE (5/2): And the offering party weighs in with his perspective.

Posted by socketadmin at 11:00 AM | Permalink | Comments (90) | (email story)

April 29, 2008

Being Median In San Francisco Doesn’t Afford Anyone Much Of A Home

According to the California Franchise Tax board, the median household income for married couples filing joint returns in the county of San Francisco was $71,529 in 2006. That’s 22% less than in Contra Costa, 33% less than in San Mateo, and 63% less than in Marin.

And assuming a 20% down payment, that $71,529 in income would most likely qualify said couple to purchase a home worth somewhere around $300,000.

∙ Bay Area home to the state's elite - 8 counties place in wealthiest dozen [SFGate]

Posted by socketadmin at 10:59 AM | Permalink | Comments (41) | (email story)

Yes, The Greater California Housing Market Does Matter To You

“Gov. Arnold Schwarzenegger said Monday that California faces a budget gap that could approach $20 billion through June 2009, a dizzying projection that adds further confusion to the depth of California's financial crisis.”

“The estimated gap for the fiscal year that begins July 1 already has prompted talk in Sacramento of tax increases and spending cuts that could hit classrooms, law enforcement and health care.

The new figure essentially doubles the Republican governor's deficit projection from just days ago. California's economy has been hammered by the slumping housing market, while soaring gas prices have cut into consumer spending.”

∙ Schwarzenegger says Calif. faces $20 billion budget deficit [SFGate]

Posted by socketadmin at 6:00 AM | Permalink | Comments (23) | (email story)

April 25, 2008

Don’t Confuse The Market’s "Appreciation" With Ours: 2140 Bush #5

While we featured 2140 Bush Street #5 two years ago when it was listed for $1,195,000, the fact that it’s back on the market today for $1,695,000 doesn’t actually speak to market appreciation (think complete overhaul and another aspect of "mix").

The higher resale price will, however, contribute to a higher average sales price for properties in the neighborhood (and industry reports of said "appreciation"). But the only appreciation of which we can be absolutely certain is ours (for the pad).

∙ Listing: 2140 Bush Street #5 (1/1.5) - $1,695,000 [MLS]
∙ Loft Style Living In Pacific Heights [SocketSite]

Posted by socketadmin at 12:00 PM | Permalink | Comments (28) | (email story)

April 23, 2008

Look At Those Stats! (Just Not That Previous Sale): 3324 Octavia #4

While the sellers of 3342 Divisadero are still seeking a buyer, 3324 Octavia St #4 has closed escrow a little to the east (on more stable ground in the Marina) with a contract price of $739,000. That’s just over $982 per square foot! And heck, had it been listed at $600,000 that would have been $139,000 over asking (and most likely with multiple offers)! It all sounds (or would sound) quite impressive.

Then again, a sale at $739,000 is $11,000 less than what the sellers paid for this District 7 condo almost four years ago (on 7/16/2004). Perhaps they simply "overpaid" at the time. Of course that would suggest anybody that relied on the sale as a comp four years ago probably overpaid as well. And so on. And so forth.

And in terms of the effective after-tax cost of owning this one-bedroom condo over the past four years, we’d estimate at least $3,300 a month. And that’s not including any transaction costs associated with buying or selling the property. Or the depreciation.

∙ An Apples To Apples Comp To Be Is Back On The Market In The Marina [SocketSite]
∙ An Update (And Reduction) For A Marina Apple To Be: 3342 Divisadero [SocketsSite]

Posted by socketadmin at 6:10 AM | Permalink | Comments (82) | (email story)

April 22, 2008

U.S. Existing-Home Sales Slide (This Time Despite The Seasonality)

The pace of U.S. existing-home sales fell in March to a seasonally adjusted rate of 4.93 million units. That’s down 2.0 percent from the month prior and down 19.3% from the pace of a year prior. Median sales price is down 7.7% (YOY).

Huh. So much for that February “recovery.” And perhaps that wacky housing market is somewhat seasonal after all. Who knew.

∙ Existing-Home Sales Slip in March [NAR]
∙ The Good And The Bad (But Not Necessarily The Ugly) [SocketSite]

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

April 21, 2008

A One-Bedroom Resale Officially Joins The Twos At One Rincon Hill

As far as we know it’s the first one-bedroom resale at One Rincon Hill to officially hit the MLS and they’re asking $719,000 for the 725 square foot condo on the 18th floor. At the same time, and for a thousand dollars less, a resale on the 33rd floor is one of a handful of one-bedrooms that has been unofficially listed on Craigslist for quite some time.

I have a unit which I put a deposit down back in Aug. of 06. I paid 728,000 for the unit and am willing to take a 10k hit. I need someone to take over my contract.

According to earlier posts the deposit was $25,000 so you might have some room to negotiate the size of that "hit." Then again, if values are up since 2006 it seems rather strange that you should be able to negotiate a “hit” at all.

∙ Listing: 425 1st St #1805 (1/1) - $719,000 [MLS]
∙ $718000 Rincon Hill 33rd Floor [Craigslist]

Posted by socketadmin at 8:30 AM | Permalink | Comments (85) | (email story)

If This Has Been The Calm, What Happens To Sales During The Storm?

“The Bay Area's largest public companies experienced the calm before the storm in 2007. Amid signs of an impending recession, local companies continued to expand at a moderate pace, one that most other U.S. regions would envy.

The Chronicle 200, [an] annual report on the 200 largest public companies in the Bay Area, demonstrates the economic diversity and health of this region. Despite a national housing slump and credit crunch, most companies still delivered solid financial performances in 2007 - although there are clearly clouds on the horizon for 2008.”

“Some of that resilience can be traced to local companies' strong presence on the world stage. Most of the corporate leaders, especially Silicon Valley companies, have major international sales. The dollar's weakness has fueled the rest of the world's appetite for U.S. products.

The flip side is that many of those companies also have hefty employment rolls overseas, so while their robust global sales boost the bottom line back home, they don't necessarily translate into job growth here.”

∙ Chron 200: Bay Area enjoys calm before the storm [SFGate]
∙ San Francisco Recorded Sales Activity In March: Down 20.6% YOY [SocketSite]

Posted by socketadmin at 7:30 AM | Permalink | Comments (10) | (email story)

April 18, 2008

Do As The Agent Says, Not As The Listing Notes (Or The Sellers Do)

While the listing touts: “Sell your car. You won't need it anymore as this condo is so centrally located to everything that is San Francisco,” the listing also advertises two car parking. Leased (for $550 per month) of course.

∙ Listing: 1252 Washington Street (2/1.5) - $895,000 [MLS]
∙ A Parking Space (And MLS) Pet Peeve [SocketSite]

Posted by socketadmin at 1:03 PM | Permalink | Comments (11) | (email story)

Fortunes Can Be Fleeting (And Mansions Can Be Foreclosed Upon)

From the listing:

This magnificent Pacific Heights mansion consists of seven bedrooms, six full baths and 3 half baths. The home features a ballroom, gallery, formal dining room, library, family room w/ Golden Gate Bridge view, seven fireplaces, two balconies, two terraces, elevator to all four levels, large butler's pantry and a grand kitchen. The lower level offers a two bedroom, one and a half bath apartment, access to garden and a four car garage. Incredible quality, exquisite details; truly a masterpiece!

From our plugged-in tipster:

Listed in 2002 for 13,500,000 but withdrawn. No sale. Property is [now] bank owned.

And from us: Home to Danielle Steele and John Traina before moving a few blocks east to the Spreckles Mansion in 1989, 2510 Jackson was purchased by Critical Path founder David Hayden in 2000. As Hayden’s fortunes changed along with those of Critical Path during the dot-com bust, Robertson Stephens moved to foreclose on the mansion in 2002. And then a few months later, Robertson Stephens’ fortunes changed as well.

We don’t know who actually ended up with the mansion on their books (although we do know that Bank of America was in for $5 million in 2000), or when it actually landed there (PropertyShark seems to suggest it’s still owned by Hayden). But we do know the asking price in 2008: $14,900,000.

Now about that newfangled dot-com web 2.0...

UPDATE: From a plugged-in reader: "[T]ransfered with a sheriffs deed on 4/3/08 for 6.1mil to Robertson Stephens."

∙ Listing: 2510 Jackson (7/6.5) - $14,900,000 [MLS] [Sotheby's]
∙ Critical Path founder feuds with bankers [SFGate]
∙ Robertson Stephens to close [San Francisco Business Times]

Posted by socketadmin at 10:36 AM | Permalink | Comments (17) | (email story)

April 14, 2008

JustQuotes: Fannie Raises A Red Flag With Regard To Foreclosures?

"On March 31, Fannie Mae sent out new guidelines to lenders intended for walkaways and other foreclosure situations. Fannie will now prohibit foreclosed borrowers from getting another mortgage through the giant investor for five years, unless there are "documented extenuating circumstances." In those cases, the mortgage prohibition is for three years.

Even after five years, borrowers with foreclosures in their files will be required to make at least a 10 percent down payment, and will need minimum FICO credit scores of 680.

Freddie Mac, Fannie's rival, counts foreclosures as major credit blots for seven years, and a senior official said the company is now aggressively pursuing some walkaway borrowers "to preserve our deficiency rights" where permitted under state law."

∙ Fannie warns homeowners who walk away [SFGate]

Posted by socketadmin at 7:12 AM | Permalink | Comments (11) | (email story)

April 8, 2008

Boom Dizzle (AKA Baron Davis) Is In The His House (And SoMa)

It’s more an ad for AT&T than an actual overview of his pad. And it’s not for sale. But it is interesting to note that Baron Davis lives adjacent to the Transbay Terminal. And we have a feeling that it’s not because he simply can’t afford anything in District 7.

∙ See How They Live: Baron Davis [AT&T]
∙ Some Relative Perspective On The Position Of The Transbay Project [SocketSite]

Posted by socketadmin at 10:52 AM | Permalink | Comments (8) | (email story)

April 7, 2008

From Foreshadowing To Foreclosure For A Marquee Loft Off Van Ness

Four months ago we called out a Craigslist ad which read:

I have a modern kitchen by Pedini for sale. With the appliance I paid apx $55,000 for it….Its current installed in my condo. It was never used….You have to take out and install it your self. Includes all the appliances….Im located in off Vanness. Send me your offers. Please no under bidders I need it. sold asap.

Last week we called out a Marquee building condo that's missing a kitchen, is touting a “motivated” seller (Merrill Lynch Mortgage Lending), and is listed for $620,000 ($245,000 less than its last open market sale eighteen months ago).

And this weekend a plugged-in reader put the pieces together (which a few others saw coming a mile away).

∙ Change Of Heart, Cash Crunch, Or A Condo Sitter Gone Crazy? [SocketSite]
∙ Another Non-Comp Comp Along The Booming Van Ness Corridor [SocketSite]

Posted by socketadmin at 7:45 AM | Permalink | Comments (31) | (email story)

April 4, 2008

JustQuotes: Food For Foreclosure Thoughts (Including Data Lag)

"Borrowers in California who fight foreclosure can stretch the process to 18 months, said Cameron Pannabecker, chapter president of the California Association of Mortgage Brokers and president of Cal-Pro Mortgage Inc. in Stockton.

That doesn't take into account the woman he knows who hasn't made a mortgage payment in eight months and hasn't heard from her lender, Pannabecker said.

'Now she's afraid to mail in a payment for fear it'll come to somebody's attention,' he said."

∙ Lenders Swamped By Foreclosures Let Homeowners Stay [Bloomberg]

Posted by socketadmin at 10:14 AM | Permalink | Comments (8) | (email story)

April 2, 2008

JustQuotes: A Shift In Policy Or Simply A Shift In What's Being Said?

"Treasury Secretary Henry Paulson indicated the Bush administration is willing to consider congressional plans to stem foreclosures by expanding government guarantees for mortgages."

"Paulson's housing comments are a shift from last month, when he said proposals to use government funds were a 'non- starter' and played down concern about homeowners whose houses are worth less than what they owe on their mortgages. House Financial Services Committee Chairman Barney Frank said yesterday that officials are warming to his plan to widen mortgage guarantees."

Paulson Says Treasury `Flexible' on Housing Measures [Bloomberg]

Posted by socketadmin at 6:00 AM | Permalink | Comments (3) | (email story)

April 1, 2008

JustQuotes: Census 2007 (Not Close Enough For Government Work?)

"Mayor Gavin Newsom said the U.S. census has somehow overlooked 100,000 San Francisco residents and the city is failing to collect millions of dollars in federal funding as a result.

The city will officially contest the Census Bureau's 2007 population estimate of 764,000, the mayor said. A formal announcement of the challenge is expected today.

A population study commissioned by the city said there are actually about 864,000 residents in San Francisco. The study was performed by Social Compact, a Washington-based public interest group that promotes inner-city investment."

[Editor’s Note: We’d avoid comparing the Social Compact count to any others’ for the purposes of proving population growth (or decline).]

∙ Newsom says U.S. census missed 100,000 [SFGate]

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

From Play House For Youngsters, To Contemporary Oasis With Fire

A plugged-in “Tipster” correctly identified the listing to be based on a single view shot from the balcony, and now it’s officially here. From before to after, 2848 Union Street has been “extensively remodeled” in conjunction with Werner Design Associates inside and Topher Delaney out back.

And while we do like what they’ve done throughout, we have to admit it’s the garden area that immediately caught our attention as what was once described as a “charming Green House or ideal Play House for the youngsters in the family” has been replaced with “an exquisite contemporary oasis with fire and sculpture elements.”

And no, this isn’t any April Fool’s.

∙ Listing: 2848 Union Street (3/3.5) - $5,000,000 [SF Properties] [Previous Sale]
∙ Coming Soon In Cow Hollow (But We Want To Know Now) [SocketSite]

Posted by socketadmin at 8:27 AM | Permalink | Comments (25) | (email story)

A Tripling Of Sales! (After Effectively Reducing Prices By A Third)

Over the past thirteen months only twenty (20) of the 157 condos in the new Eight Orchids development in Oakland have sold. But on Sunday that number tripled in a matter of hours as 41 units "successfully" went to auction.

One of the early single-bedroom condos sold for $316,000, up from a starting bid of $245,000 but well below the original $435,888 asking price. The auction for a three-bedroom, three-bathroom town home started at $475,000, stalled around $528,000 and then quickly ran up to $534,000….That was nearly 34 percent off the list price of $805,888.

The big question, will the extra 41 units now in contract create the momentum needed to move the remaining 96 units at prices closer to list (you know, what those early twenty buyers paid), or has it simply exposed the "new new" market price for all of the units in the building (and perhaps even beyond)?

∙ Luxury condos in Oakland sell at a discount [SFGate]
∙ JustQuotes: Might It Draw Demand From Way Over In San Francisco? [SocketSite]

Posted by socketadmin at 7:41 AM | Permalink | Comments (14) | (email story)

March 31, 2008

Another Non-Comp Comp Along The Booming Van Ness Corridor

There's no longer a kitchen (or even really a bathroom). But the listing is touting “instant equity” and a “motivated” seller for this “unfinished” loft in the Marquee building along the booming Van Ness corridor.

Currently listed at $620,000, 151 Alice B. Toklas Place #708 changed hands on 9/30/04 for $607,500, on 10/05/06 for $865,000, and most recently on 1/9/08 for $708,933. Of course that last “sale” was to Merrill Lynch Mortgage Lending.

It's also interesting to note that #808 last changed hands on 4/27/2007 for $819,500. And at the time, the buyer likely counted on the sale of #708 in 2006 (at $865,000) as a comp.

∙ Listing: 151 Alice B. Toklas Place #708 (1/1) - $620,000 [MLS]
∙ JustQuotes: A Reminder That They’re Not Just Building Down In SoMa [SocketSite]

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

March 26, 2008

Going Once, Going Twice...“Sold” For $700,000 (41 Federal #42)

With around sixty people in the room, but only a few active bidders, the high bid at today’s auction for 41 Federal #42 was $700,000 (and apparently it wasn’t “outbid”). As a plugged-in ex SF-er correctly surmised, however, the bank now has seven days to decide whether or not to accept the bid (which we’d be surprised if they didn’t).

A recorded sale at $700,000 would represent a drop of $180,000 (20.5%) from the original purchase price in December of 2006, and would also establish a new building “comp” at $760 per square foot.

That being said, keep in mind that the unit looked like it had never been occupied, and the reported sale price of $880,000 in 2006 was $5,000 over the original list price of $875,000 which had subsequently been reduced down to $825,000 prior to going into contract (i.e., something’s not quite right with respect to the original sale).

And tip of the hat to ex SF-er ("I think this sells for $700k+ or not at all"), Lance ("$685K"), and Nicole ("$679,000") who were all on record with their pre-auction predictions and within 3% of the highest bid (as well as to FSBO for filling in a few holes with respect to #42's official MLS history).

∙ Going Once, Going Twice (For Real?*) At Shore|Line: 41 Federal #42 [SocketSite]

Posted by socketadmin at 5:53 PM | Permalink | Comments (39) | (email story)

A Second (Coming) And A First (Approach): 2502 Leavenworth

It didn’t sell last year when it was listed for $5,495,000 (having been reduced down from $6,450,000). Nor does it appear to have been rented for the Craigslist advertised $33,000 a month (we hope nobody was using that as their benchmark). But that's not stopping 2502 Leavenworth from returning to the market and seeking $5,995,000.

The listing does note “[r]ecently added about 3000 sqft,” but we’re pretty sure that’s “recently” as in 2006 (not as in since the last listing). And it's the first time we’ve seen a listing for a single-family home in San Francisco tout, “condo alternative.” The times they are a-changin' (in more ways than one).

∙ Listing: 2502 Leavenworth (5/4.5) - $5,995,000 [2502leavenworth.com] [MLS]
∙ Buy It For Fifty Percent Less, Or Rent It For Thirty Percent More [SocketSite]
∙ RealRecentReductions: You’ve Seen These Before (Will You Again?) [SocketSite]

Posted by socketadmin at 9:56 AM | Permalink | Comments (28) | (email story)

March 24, 2008

The Good And The Bad (But Not Necessarily The Ugly)

The good news on Wall Street: JPMorgan has raised its bid for Bear Stearns to about $10 per share. The cumulative bad news on Wall Street: 34,000 jobs have been lost over the past nine months.

The good news from the National Association of Realtors: The pace of U.S. existing home sales unexpectedly rose 2.9% in February (but remains 23.8 percent off the pace of 2007). The bad news from the National Association of Realtors: The median existing-home price was 8.2% lower on a year-over-year basis (and 13.4% lower in the West).

And the mixed news (depending upon your perspective and portfolio) and reaction to both bits on The Street: Treasuries fell and yields are up (which should increase rates).

∙ JPMorgan Raises Bear Stearns Bid to Woo Shareholders [Bloomberg]
∙ Wall Street Firms Cut 34,000 Jobs, Most Since 2001 Dot-Com Bust [Bloomberg]
∙ Existing Home Sales Rise In February [NAR]
∙ Treasuries Fall as Stocks, Mortgage Purchase Ease Haven Appeal [Bloomberg]

Posted by socketadmin at 9:02 AM | Permalink | Comments (18) | (email story)

JustQuotes: Resolution Trust Corporation Redux?

"Even after cutting rates by 3 percentage points since September, expanding the range of securities it accepts as collateral for loans and giving dealers access to its discount window, the Fed has been unable to promote confidence. The difference between what the government and banks pay for three- month loans doubled in the past month to 1.92 percentage points.

The only tool left may be for the Fed to help facilitate a Resolution Trust Corp.-type agency that would buy bonds backed by home loans, said Bill Gross, manager of the world's biggest bond fund at Pacific Investment Management Co. While purchasing the some of the $6 trillion mortgage securities outstanding would take problem debt off the balance sheets of banks and alleviate the cause of the credit crunch, it would put taxpayers at risk."

∙ Fed May Buy Mortgages Next, Treasury Investors Bet [Bloomberg]

Posted by socketadmin at 2:50 AM | Permalink | Comments (16) | (email story)

March 21, 2008

An Altogether Different Approach To "Going Green" In San Francisco

Through the lens of "oscar champagne” and in the subtle words of our tipster, “yikes.”

Posted by socketadmin at 10:41 AM | Permalink | Comments (36) | (email story)

March 19, 2008

Arterra (300 Berry) Selectively Starts To Shed Its Bovis Blue Wrapper

As a number of plugged-in readers have noted, Arterra has selectively started to shed its Bovis blue wrapper (which we really think should have been green). And while they were aiming for a spring opening last July, at this point we have more than just a feeling that summer might be the new new target.

∙ Arterra (300 Berry) Tops Off At 16 And Aims For A Spring '08 Opening [SocketSite]

Posted by socketadmin at 12:21 PM | Permalink | Comments (22) | (email story)

March 17, 2008

There Must Be A Good Story Behind 580 Diamond, So Who Knows It?

∙ Listing: 580 Diamond (1/1) - $895,000 ("Contractors Special!") [MLS]

Posted by socketadmin at 10:31 AM | Permalink | Comments (26) | (email story)

March 16, 2008

Sunday Night Special: The Bear Stearns Blowup (And Balance Sheets)

From a market capitalization of over $10.8 billion last month ($20.2 billion last year), to $3.6 billion on Friday, to an implied $240 million today, roughly $10.5 billion in Bear Stearns’ shareholder equity has evaporated over the past six weeks. And with a third of the bank owned by its employees, employee wealth has been reduced by at least $3.5b during the same period (dropping over $1 billion since Friday alone)*.

From a plugged-in reader who was listening in on the Bear Stearns (BSC) JPMorgan Chase (JPM) conference call earlier this evening:

In effect, JPM is "writing down" the value of nearly $33B in BSC mortgage-related assets to approximately $13B (after giving effect to the $20B of Fed backstop related specifically to these assets). Yes, the value of the mortgage assets on BSC's books, of which only $2B is estimated to be subprime specifically, has been marked to market at a greater than 50% discount to the market value as of 2/29/08. Now, clearly JPM was able to leverage the imminent liquidation of BSC to drive the mark to market value of these assets below the JPM-perceived value of the assets (or they wouldn't have done the deal), but why aren't the rest of the banks going to be forced to further write down the value of their mortgage-backed assets by some amount greater than what's already been done (since the true mark to market value of these assets now lies somewhere between par and more than 50% less than par)? And what does this mean to the value of the average household balance sheet, where the value of the home is a large part, if not a majority, of the "book value" of the average American household?

And then of course there’s the fact that the Fed is operating in complete crisis mode. Don’t think these things will affect all levels of our lilttle local real estate market way out here (from credit to rates to values)? You might want to think again.

*Note: Updated to include shares beyond those in the employee-incentive plan.

∙ JPMorgan Chase to Buy Bear Stearns for $240 Million [Bloomberg]
∙ Fed Lowers Discount Rate, Expands Lending to Prevent Meltdown [Bloomberg]

Posted by socketadmin at 11:43 PM | Permalink | Comments (63) | (email story)

March 14, 2008

Caution: Views From ORH Not Exactly As They Appear In This Photo

In an attempt at ending the week on a slightly lighter note, a plugged-in “Sexy & Sassy” takes in two recent SocketSite stories and spits out one slightly altered reality:

∙ The First “Official” Resale (And Open House) At One Rincon Hill? [SocketSite]
∙ The Only Appropriate Headline: “What The Hell Were They Thinking?” [SocketSite]

Posted by socketadmin at 7:16 PM | Permalink | Comments (12) | (email story)

The Only Appropriate Headline: “What The Hell Were They Thinking?”

The original photo of 2221 Baker Street:

The altered version that briefly made an appearance as part of the listing:

And the obvious question, what the hell were they thinking?

∙ Say Hello To My Little Friend Frond (And An Orchid) At 2221 Baker [SocketSite]

Posted by socketadmin at 12:10 PM | Permalink | Comments (50) | (email story)

306 Mullen Avenue Closes Escrow (And James Loses His Wager)

We’re not sure if anybody heeded our advice and accepted james’ wager (“i'd give you 100.00 if anyone offers over 1.5 for it”), but the sale of 306 Mullen Avenue closed escrow yesterday with a reported contract price of 2.15 (million).

That’s $145,000 under asking and an “official” 49 Days On The Market (despite the fact that it first hit the market six months ago). Regardless, a Jawa should be so lucky.

∙ Modern Architecture Hits The Market Up On Mullen (306 Mullen) [SocketSite]
∙ Modern Architecture Hits Is Back On The Market Up On Mullen (306) [SocketSite]

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

March 12, 2008

The Newest Comp For A Two-Bedroom Condo At 246 2nd Street

Last week the sale of the bank owned 246 2nd Street #1302 closed escrow with a reported contract price of $775,000. That's roughly $125K below what #902 sold for late last year; roughly “$150K Below Last Sales Comp in Building!”; and exactly $220K below what the seller of #502 is currently asking.

Granted, #502 also offers a 600 square foot deck, but with roughly 50 fewer square feet of indoor space as compared to the other two. And all three appear to share the same quality of finishes.

Damn those unemotional sellers to hell. And once again, “that’s not likely to be a neighbor(hood) pleaser.”

UPDATE: As a plugged-in reader notes, with a notice of default in hand, #502 appears to be on its way to being bank owned as well.

∙ One Part Bank And One Part New Building, But Any Parts New Market? [SocketSite]
∙ Listing: 246 2nd Street #502 (2/2) - $995,000 [MLS]

Posted by socketadmin at 1:03 PM | Permalink | Comments (39) | (email story)

March 10, 2008

A Few June Ballot Measures Guaranteed To Raise Some Ire

San Francisco Supervisor Daly’s ballot initiative to mandate that 50% of the 10,000 proposed homes for the Hunters Point shipyard and Candlestick Point be affordable (as opposed to the 25% that Lennar has pledged) has qualified for the June ballot as have two competing anti-eminent domain measures.

Proposition 98 prohibits use of eminent domain for private development and phases out rent control, and Proposition 99 which simply prohibits the use of eminent domain on single-family homes and condominiums for private development.

And for the record, we're anti-rent control (but not necessarily eminent domain).

∙ JustQuotes: No Carrot, All Stick (Or Should We Say Daly Shtick?) [SocketSite]
∙ Eminent domain measures on ballot [SFGate]
∙ S.F. housing measure qualifies for June ballot [SFGate]
∙ And Now Back To The Hugo Hotel (And Eminent Domain On Sixth) [SocketSite]

Posted by socketadmin at 8:53 AM | Permalink | Comments (20) | (email story)

March 7, 2008

JustQuotes: A Boon To The Bayview (And Another Sign For Some)

"Developer Joe Cassidy has donated a Bayview district housing site to the Tenderloin Housing Clinic, a gift that will allow the nonprofit to build a 170-unit affordable housing project targeting Bayview families.

The waterfront parcel, 900 Innes Ave., has been appraised at $17 million to $19 million depending on how many units are constructed. The donation may generate a large tax write-off for Cassidy, but he said it was motivated by the weak housing market and frustration with the city's sluggish land use approval process. He had planned to build a market-rate development on the site, but three years into the application process was still years away from breaking ground. With affordable housing a priority for elected officials across the political spectrum, the THC will be better positioned to cut through the city bureaucracy, he added."

"I don't think a market-rate project out there would pencil for us at this point," said Cassidy. "The affordable guys will be able to move it and the market rate guys would be tied up for another three years, easy, plus two years of construction. I can't wait five years while the city gets its act together."

∙ Developer donates site for big affordable plan [San Francisco Business Times]

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

March 6, 2008

We Probably Would Have Forgiven The "Sheik" (But Not The "Tray")

From the listing for 1800 Bryant #107: “Very conteporary 2 bath loft with 13 foot ceilings and custom coloration, built-in bookcase with ladder, quality appliance and stained cement floor. Tray sheik!”

UPDATE: As a reader notes, "Tray sheik!" has suddenly disappeared from the listing.

∙ Listing: 1800 Bryant #107 (1/2) - $619,500 [MLS]

Posted by socketadmin at 8:00 AM | Permalink | Comments (15) | (email story)

March 5, 2008

Opportunities For Deluxe "Instant Equity" Over At One Rincon Hill?

A couple of One Rincon Hill One Bedroom Deluxe units are making the rounds on Craigslist. And neither appear to be pricing in any appreciation over the past 18 months.

Looking for someone to take over my unit on the 20th floor. It is a deluxe one bedroom with Bay Bridge Views. The unit is on the twentieth floor and is 837 square feet. That is the largest one bedroom plan at One Rincon Hill, the tallest residential building west of the Mississippi. I put 31k in deposit on the unit back in Aug. of 2006. I am looking for someone to take over and am not looking to make any money.

And if $711,000 ($850 a square foot) for the 20th floor isn't to your liking, a "low floor" One Bedroom Deluxe with “an early April closing” is asking $665,000 ($795 a square foot).

If the average price per square foot in the building is up 11% over the past 18 months to $1,004 (as per the developer), and the majority units from which buyers have walked away from their deposits have been resold at a premium (as per the sales office), then why aren't these two contract holders touting a little "instant equity?"

∙ $711000 Rincon Hill - Water Views Deluxe One Bedroom [Craigslist]
∙ $665000 One Rincon Hill [Craigslist]
∙ Infinity And One Rincon Hill: Closings By The Numbers To Date (2/29) [SocketSite]

Posted by socketadmin at 10:50 AM | Permalink | Comments (121) | (email story)

March 4, 2008

Speaking Of "Official" Industry Metrics (Like DOM And Over Asking)

1940 Broadway #6 hit the MLS (and SocketSite) on February 8 with an official list price of $4,350,000. Five days later it went into contract. And twenty days after that (today) it closed escrow with a reported contract price of $4,911,000. That's 12.9% over asking and an official 26 days on the market.

That’s a mighty quick turn. Then again, according to a plugged-in reader the property had "unofficially" been on the market (and the agent's website) for a few months prior.

∙ A Few Of Our Favorite Things: Big Windows, Views, And A Floor Plan [SocketSite]

Posted by socketadmin at 5:09 PM | Permalink | Comments (18) | (email story)

Coming Soon In Cow Hollow (But We Want To Know Now)

It’s featured on the San Francisco Properties website as “Coming Soon” in “Cow Hollow.” And while there's no address, we’re wondering if a plugged-in reader or two might be able to name that house based on the picture and the price ($5,000,000). Represent people.

UPDATE: And represent you did. Within the hour Tipster nails the address (2848 Union Street), Sleepiguy follows shortly thereafter with a link to the last listing, and FSBO adds "sold for $4.275K in June 2005 after just 11 DOM for $775K OVER list price of $3.5M."

Tipster was also kind enough to email us a few photos from the last time he toured the property to support his hypothesis/street cred and adds: "It is covered in bougainvillea. That's probably why they are waiting until April 1, so that it can bloom."

Posted by socketadmin at 12:20 PM | Permalink | Comments (14) | (email story)

March 3, 2008

Fannie And Freddie Forced Aim To Help Fix Appraisal Fraud

Last week it wasn’t a done deal. This week it is.

Fannie Mae and Freddie Mac, the biggest sources of financing for U.S. home loans, agreed to overhaul the way property appraisals are conducted in a deal reached today with New York Attorney General Andrew Cuomo.

The government-chartered companies will adopt new standards to ensure independent, reliable appraisals, Cuomo said in a news release. Mortgage brokers will be prohibited from selecting appraisers and lenders won't be able to use their own in-house appraisers for initial valuations. The agreement also bans lenders from using appraisal management firms they own or control.

As best we can tell the agreement becomes fully effective on January 1, 2009. And once again, we have to wonder if non-conforming players will follow suit.

∙ “Instant Equity” Hawkers Take Note (Along With Everybody Else) [SocketSite]
∙ Fannie Mae, Freddie Mac to Overhaul Appraisals in Cuomo Deal [Bloomberg]

Posted by socketadmin at 9:38 AM | Permalink | Comments (3) | (email story)

No Real Story (But We Simply Couldn’t Resist): 2728-2730 21st Street

While Edwardians and Victorians represent one era of San Francisco's past, this definitely represents another.

∙ Listing: 2728-2730 21st Street (Mixed Use) - $1,150,000 [MLS] [Zephyr]

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

March 1, 2008

An Outstanding View (And Story Of Spite): Atop 947 Green Street

We’re not going to make a habit of publishing on the weekends, but we do prefer to kick them off with an outstanding view and perhaps a little history (if not levity).

[947 Green Street] is known as the "spite building." (Not to be confused with the 30-foot "spite fence" that Charles Crocker built around the property of Nicolas Yung in the Nob Hill block that currently houses Grace Cathedral. Yung was the only holdout in Crocker's mansion block and refused to sell his small property to Crocker.)

The owner of 1000 Vallejo Street built this building to protest the loss of northern and northwestern views from 1000 Vallejo Street by the building at 945 Green Street. The building is L-shaped and higher than 945 Green. It blocks the eastern and southeastern views of 945 Green. The best perspective to understand this is to view the back of 947 Green from the balustrade at 1020 Vallejo Street.

This is a beautiful building with many full-floor condominiums. Elevators open into elegant foyers. The ceilings are high, rooms are large, underlying details are exceptional, and the views are outstanding.

And hey, if you're going to live in the "spite building," you might as well live at the top.

∙ Listing: 947 Green Street #10 (2/2) - $5,000,000 [San Francisco Properties]
∙ Russian Hill Green Street/Macondray Lane Walk [Russian Hill Neighbors]

Posted by socketadmin at 9:39 AM | Permalink | Comments (14) | (email story)

February 28, 2008

“Instant Equity” Hawkers Take Note (Along With Everybody Else)

It’s not a done deal, but as a plugged-in reader notes it’s looking like Fannie Mae (“the biggest source of financing for U.S. home loans”) will ban the use of in-house or broker arranged appraisals.

The proposed changes include banning Fannie Mae's partners from using appraisers employed by their wholly owned subsidiaries. Mortgage lenders that own appraisal companies include Countrywide Financial Corp., the nation's largest home- loan originator.

The restrictions would apply to loans acquired after Sept. 1, according to the memo. Fannie also told lenders that an independent appraisal clearinghouse likely would be established.

Will Jumbo players follow suit? And is there any chance of extending the ban to those who hawk "instant equity based on last appraisal" as well?

∙ Fannie Proposes Ban on Lenders' In-House Appraisers [Bloomberg]

Posted by socketadmin at 10:44 AM | Permalink | Comments (6) | (email story)

February 26, 2008

JustQuotes: Property Supervisor Rights Prevail At The Flower Mart

"Relenting to City Hall pressure, the Academy of Art University appears ready to pull out of a controversial plan to buy the San Francisco Flower Mart, potentially an 11th-hour reprieve in a deal critics felt would have destroyed the local landmark."

"[A] quashed deal would be a blow to the owners, who have been trying for years to cash out of the business. In 2005, the San Francisco Flower Growers Association accepted an offer to sell its portion of the property to a Virginia housing developer for a reported $18 million. That transaction fell through." (Academy of Art near deal on saving Flower Mart)

∙ Rose Sellers Still Selling [SocketSite 8/05]

Posted by socketadmin at 7:42 AM | Permalink | Comments (17) | (email story)

February 25, 2008

From Tough Love Comes Positive Change Over At One Rincon Hill

From "One Rincon Hill Resident" (the reader formerly known as “FrustratedBuyer”):

I was told by the excellent sales team at One Rincon Hill that the developer would be changing its policies and procedures. Based on the last couple of comments (NewRinconResident at February 23, 2008 12:40 PM; ORHBuyersAgent at February 23, 2008 12:50 PM), that appears to be the case, and the pre-closing walk through should now be a positive experience for both buyer and seller. The developer is inspecting and making obvious corrections before releasing the units for the walk through and has loosened up on the policy of prohibiting helpful professionals not on title from participation; and the customer service representative who conducts the walk through has cleaned up his act. [SocketSite] is an excellent site for new residents to have a serious exchange of ideas concerning our new homes -- and our comments are noted by the sales staff.

We love it when a plan comes together. And here's to a plugged-in One Rincon Hill Resident for being so "picky" (not to mention having "too much time on his/her hands").

∙ RandomRumors: One Rincon Hill Walkthroughs Without An Agent? [SocketSite]

Posted by socketadmin at 1:56 PM | Permalink | (email story)

February 21, 2008

JustQuotes: Get Past The Politics, What's It Mean For Permitting?

"Debra Walker, a tenant advocate and artist who was active in the fight against dot-com boom era live-work loft development, lost her position as president of the San Francisco Building Inspection Commission on Wednesday, as commissioners appointed by Mayor Gavin Newsom voted her out.

The commission voted 4-3 to replace Walker with Frank Lee, a Newsom appointee and the assistant to the director of the city Department of Public Works. The vote divided along lines of commissioners appointed by Newsom and those chosen by Board of Supervisors President Aaron Peskin.

The commission sets policy for the Building Inspection Department, which enforces building-related and housing codes and issues permits for virtually all construction activity in the city."

∙ S.F. Building inspection panel's president out [SFGate]

Posted by socketadmin at 12:25 PM | Permalink | Comments (6) | (email story)

February 20, 2008

[Insert Reader Headline Here]

It's "remodeled." We're "speechless." You're responsible for the headline (seriously).

∙ Listings: 455 28th Street (3/1) - $949,000 [MLS]

Posted by socketadmin at 7:00 AM | Permalink | Comments (55) | (email story)

February 15, 2008

JustQuotes: When Developers Get Carrots, MAC Makes A Nasty Stew

"Supervisor Bevan Dufty has authored a June ballot measure that would give developers who agree to build below-market-rate family-size units the ability to build more units per project site than current planning rules allow.

On Thursday, at a Board of Supervisors committee meeting, members of the Mission Anti-Displacement Coalition, or MAC, an advocacy group that aims to keep working-class people in San Francisco, said the measure would not produce enough affordable housing to justify the density bonuses it offered developers — and said they would oppose it.

The measure has the support of the Residential Builders Association, one of the group’s leaders, Sean Keighran, told supervisors at the meeting. Developers would be allowed to put more units into a project site if they provide two- or three-bedroom below-market-rate housing units on-site to meet city laws that require developers to offer 15 of the units on a project site at below-market rate."

∙ Ballot measure aims to make The City’s housing affordable [Examiner]

Posted by socketadmin at 6:30 AM | Permalink | Comments (11) | (email story)

February 13, 2008

Apparently San Francisco Attracts A Lot Of Negative People

The two biggest concerns amongst voters in San Francisco: 1. Homelessness and panhandling (38% of voters); and 2. Crime, drugs and gangs (31%).

And with just under half (48%) of those polled of the opinion that the city of San Francisco is headed in the “right direction,” it's possible that a few of our "negative" readers aren't alone in their thoughts (and actually voice the concerns of many).

∙ Poll: Voters love S.F., uncertain where it’s heading [Examiner]
∙ Coming Soon: Fifteen New Condos At 1158 Sutter Street [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (49) | (email story)

February 12, 2008

At The Very Least They Could Have Included "Nxt 2 Bsy Fr Stn"

A reader's comment with regard to an online ad for 2243 Greenwich:

Re the Craigslist rental ad--"Cntpry 6bd, 5bth,2-lvl, rmd, 2-cr pk, sng fm hs, bst lc" Does anyone else find this ad utterly baffling? I spent 5 minutes trying to figure it out. Is it Wheel of Fortune rental ads on Craigslist these days ("I'd like to buy a vowel, please")?

Why someone would post an ad like this that is both confusing and alienating to its target market is beyond me.

∙ A Little Extra Perspective On The Listing: 2243 Greenwich [SocketSite]
∙ $10950 / 6br - Cntpry 6bd, 5bth,2-lvl, rmd, 2-cr pk, sng fm hs, bst lc [Craigslist]

Posted by socketadmin at 11:28 AM | Permalink | Comments (6) | (email story)

February 11, 2008

Up, Up And Into Pre-Foreclosure In The Avenues (794 38th Avenue)

In July of 2003 the single-family home at 794 38th Avenue sold for $450,000. In July of 2005 it sold for $676,000. And in November of 2006 it changed hands for $760,000. Not a bad run for the previous owners or neighborhood comps. On Friday, however, it returned to the market with a “pre-foreclosure” list price of $575,000.

Prepare yourselves for the "multiple offers and over asking" stories that will likely follow (and the "obviously they overpaid" comments should when it sells for under $760,000).

UPDATE: And while we missed it, a couple of plugged-in readers didn't: listed without selling for $828,000 this past October; $699,000 this past November; and $649,000 this past December.

∙ Listing: 794 38th Avenue (2/1) - $575,000 [MLS]

Posted by socketadmin at 5:00 AM | Permalink | Comments (35) | (email story)

February 7, 2008

SoMa Grand (1160 Mission) Update: Sales And Smart Car(s) Arrival

The official sales tally at SoMa Grand is now 40% (roughly 100) up from 35% (roughly 90) a little under two months ago. And while we can’t provide any evidence of price reductions, according to a tipster who recently checked it out, “prices seem lower than when the sales staff was in their off-site office.”

Also noted by our tipster: individual parking spaces are being priced at $65,000 (with a $93 per month valet/$73 per month non-valet maintenance fee); and while not overly impressed with the “grand” entrance, “they do have some great views, and the common ‘park’ area is lovely (especially the fire pit).”

And speaking of parking (or whether or not you even need it), one of the first ‘Smart’ cars to hit the Bay Area has been delivered to the SoMa Grand garage with another on the way. The two Smart cars will soon enter the building’s dedicated CityCar Share pod and share a single parking space (with a third 'non-smart' car beside). Cool.

∙ SoMa Grand: A Reader’s Unofficial Sales Update And Insight [SocketSite]

Posted by socketadmin at 12:26 PM | Permalink | Comments (17) | (email story)

JustQuotes: We’ve Been Wondering About Window Coverings Too

"On a somewhat related note, why do no new buildings in SF include window coverings? If you think [insert choice of buildings here] is odd looking now, wait till people move in and there's a patchwork of shades/roman blinds/drapes/screens, etc. In Vancouver window coverings are standard on all new buildings and having a consistent look through the building makes it look much better."

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

February 4, 2008

RandomRumors: One Rincon Hill Walkthroughs Without An Agent?

A reader wonders about a One Rincon Hill rumor: "From what i heard they are not letting anyone up to go through the walk through unless you are on title."

Another responds: "You can not bring anyone that is not on title. I just went through my walkthrough last Friday and my agent was denied access."

And we’re awaiting an official confirmation (and reasoning behind the approach if so).

UPDATE: While we’re still waiting for an official answer, another reader strongly suggests that this is one big misunderstanding: "The walk-throughs that this person is referring to are the pre-walk through walk through (i.e. not the official walk-throughs with the inspection company)."

UPDATE: Or not: "i don't know what a pre-walk through walk-through is, but they call it the pre-closing walk through and the steps after a pre-closing walk through as listed in my closing check list is closing and key turn over. it does not mention of an official walkthrough after that."

UPDATE (2/6): And we have the official word: "Agents are allowed as the buyers representative. Only parties named on the contract are allowed. This is an aesthetic and informative mechanical orientation of the unit. It takes approximately two hours to go over the finishes and operation of all the systems in the unit.”

∙ One Rincon Hill: Closings, Walkthroughs, And (Almost) Anything Else [SocketSite]

Posted by socketadmin at 4:03 PM | Permalink | Comments (132) | (email story)

February 1, 2008

Now About That “Google Effect” On San Francisco Real Estate…

We’ve noticed a precipitous drop-off in comments touting the “Google Effect” with respect to San Francisco real estate as of late. Perhaps it's related to the 30% decline in Google's stock price - which one reader refers to as his “lazy indicator” for San Francisco real estate - since November. Or perhaps it partially stems from a plugged-in Google employee’s comments on how over hyped the “effect” has been all along. Regardless, if you want to discuss everything Google (preferably as it relates to local real estate), now's your chance.

Posted by socketadmin at 11:01 AM | Permalink | Comments (52) | (email story)

A Folsom Rausch Lofts Short Sale (Assuming 3.3% Appreciation)

After just under two months on the market, the list price for 1150 Folsom #1 has been reduced $97,000 (9.8%) and the listing now notes: “Subject to lenders approval of short sale.” Keep in mind, however, that a sale at the reduced asking price of $895,000 would still represent annual appreciation of 3.3% over the past couple of years (purchased for $829,000 in October of 2005). And yes, you can figure it out.

∙ Listing: 1150 Folsom #1 (2/2.5) - $895,000 [MLS]

Posted by socketadmin at 2:45 AM | Permalink | Comments (15) | (email story)

January 31, 2008

Your Agent Might See Value, But Be Sure To Ask For Whom

It’s no longer only the townhomes at Park Terrace which will garner brokers an increased sales commission (which might speak to the strength of sales since our last update). And it’s a good reminder to ask, is your agent working for you or selling for the developer?

∙ Arterra's New Buyer's Incentive And Park Terrace’s Broker's Bonus [SocketSite 9/07]
∙ Park Terrace (325 Berry) Sales Update: Now 70% Sold? [SocketSite 11/07]

Posted by socketadmin at 3:00 AM | Permalink | Comments (54) | (email story)

JustQuotes: Not Only Did The Port Get Punked, But Perhaps Prodded

“San Francisco Board of Supervisors President Aaron Peskin made a series of harassing telephone calls to officials at the Port of San Francisco and threatened to eliminate their jobs and cut funding to the agency because staff members disagreed with him over building-height limits on the city's waterfront, the port director said in a letter obtained by The Chronicle.”

“The dispute between Peskin, who represents North Beach, and port officials involved parcels of land along the Embarcadero on the city's northeastern waterfront. A bill sponsored by state Sen. Carole Migden at the request of Newsom's office would have allowed the financially struggling port to build lucrative developments on those lots.

But Peskin and many of his Telegraph Hill constituents, whose homes look down on the Embarcadero, wanted to make sure the Migden legislation would ensure that any buildings erected on the port property would meet local height restrictions and would be no taller than 40 feet. But port officials objected to that.

The bill ultimately became law, but the lots in dispute were cut out of the final version, meaning the fight over building requirements for the parcels is bound to resurface.”

∙ President of S.F. supes accused of harassing calls, threats [SFGate]
∙ San Francisco Seawall Lot Rezoning Public Forum (5/14/07) [SocketSite]
∙ Did The Port Get Punked? (San Francisco Seawall Lot Redevelopment) [SocketSite]

Posted by socketadmin at 2:50 AM | Permalink | Comments (4) | (email story)

January 29, 2008

If You Can’t Beat Them…Give Them A Post Of Their Own

If you’re looking for first-hand reader impressions and insight with regard to San Francisco’s Chelsea Park, head on over here: Chelsea Park (Phase I): On The MLS And Opening Tomorrow (1/27). If you’re looking for (or to join) the statistical debate that ensued, you’ve found it.

∙ Chelsea Park (Phase I): On The MLS And Opening Tomorrow (1/27) [SocketSite]

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

January 25, 2008

San Francisco Currently A "Category Two" Soft Market To Countrywide

Countrywide’s recent “Soft Market Policy Changes” via a seriously plugged-in tipster:

As you are well aware, 2008 is forecasted to be a challenging year for the mortgage industry, characterized by a declining Housing Price Index in a wide variety of metropolitan markets. In the context of the prominent threat to our industry of collateral values falling below outstanding loan balances, mortgage professionals must strive to ensure that borrowers do not take on loans that they do not have the ability or economic interest to repay.

Because of these market conditions, as well as policies implemented by Government Sponsored Enterprises and Mortgage Insurance agencies, Countrywide®, America's Wholesale Lender® is adopting new Soft Market policies designed to help serve qualified borrowers in markets which are either declining or projected to decline in 2008.

Impacted markets across the nation have been categorized, with Category 5 being the highest risk for declining market value and Category 1 markets currently demonstrating more stable market values. Those counties in a higher risk category are subject to additional guideline restrictions as described below. Click here to view a list of the counties currently attributed to Soft Market categories 1-5.

San Francisco, San Mate