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CATEGORY ARCHIVE: Seemingly Random

November 6, 2009

The Captain’s House Goes For To A Cruise?

It appears an apology is in order. Last month a plugged-in reader reported that 300 Sea Cliff had sold for $16,363,569 on 9/10/2009 to which we replied:

Sorry, but we don’t think that was a sale but rather a Recorder’s Office annual adjustment of 2% on the previous tax assessed value of $16,089,041.

We were wrong. The 9/10/09 sale of 300 Sea Cliff Avenue was recorded on 9/15/09 with a sale price of $18,000,000. As an even more plugged-in reader notes, the sale price included "commissions, transfer tax and some deferred maintenance credits."

And perhaps this other reader is pulling our leg, but if not the buyer was...Tom Cruise (we haven't been able to confirm).

Purchased by the seller who never lived in the property for $13,100,000 in March 2000, a remodeled 300 Sea Cliff returned to the market asking $23,500,000 in 2003. Unable to attract a buyer, the house underwent a major $8,000,000 renovation and raised its asking price to $25,900,000. The list price was subsequently reduced to $22,000,000. And then it sold. Again, for $18,000,000 and perhaps the Captain’s House went for to a Cruise.

UPDATE: Another reader quickly notes the mailing address for the purchasing LLC ("Tawaraya") is that of "a high-end accounting firm in Walnut Creek" which happens to advise Larry Ellison (amongst others). And The Real Estalker adds, "Tawaraya is a super posh and searingly expensive, 300-year old ryokan–which is essentially a Japanese bed and breakfast sort of place–located in Kyoto" which is rather Ellison-esque.

∙ Is The Captain’s House (300 Sea Cliff) Preparing For Another Voyage? [SocketSite]
∙ Checking In On 300 Sea Cliff Ave [SocketSite]
∙ The $8,000,000 Man Renovation [SocketSite]
∙ 300 Sea Cliff: $3,900,000 Reduction (After An $8,000,000 Renovation) [SocketSite]
∙ Another Chance At (For?) The Captain's House (300 Sea Cliff Ave) [SocketSite]
∙ Rumor Has It, But... [Real Estalker]

Posted by socketadmin at 7:00 AM | Permalink | Comments (23) | (email story)

October 29, 2009

Trauma Doesn’t Survive, But Will This Scene?

NBC has cancelled its San Francisco based series "Trauma." According to The Hollywood Reporter, however, "NBC plans to continue airing the show for now, and will produce all 13 episodes from its current order."

In other words, you still might get to see the scene shot up around Pacific and Divisadero last week. To which a reader challenges, and we bring it back to real estate, can you guess from inside which Pacific Heights house?

∙ NBC cancels 'Trauma'; might finish current run [thrfeed.com]

Posted by socketadmin at 4:30 PM | Permalink | Comments (25) | (email story)

The Scene Opens Sitting In The Palms' Sales Office Two Years Ago…

Back in October of 2007 when The Palms was advertising "Only 8 Left!" a plugged-in reader had submitted an offer on one of the units. From the reader at the time:

I offered 13% less than listing price. The sales agent was not even interested in looking at my offer even though I explained him that I had excellent credit and income and was not using an agent. He said that the [seller] will never consider the offer and decided not even to offer it to the builder.

We don’t know if #920 was the one on which our reader had made an offer (it was one of the eight). But we do know that 555 4th Street #920 recently closed escrow with a reported contract price of $480,000 (24% less than its "Only 8 Left!" list price of $631,000).

∙ The Palms Finds More Inventory And A Resale Hits The Market [SocketSite]

Posted by socketadmin at 9:00 AM | Permalink | Comments (10) | (email story)

October 27, 2009

Overlooking Architecture (And Upgrades) At The Montgomery (#502)

According to our plugged-in inside source, The Montgomery (74 New Montgomery) #502 offers great light and is surprisingly quiet ("thick walls and double-pane windows really keep the noise out").

Also noted, "the owners put a lot of money into it - subzero fridge (not a builder option) and custom cabinetry in living room, master bedroom and 2nd bedroom" so it’s not an apples to apples to comparison.

That being said, purchased for a recorded $1,242,500 in June 2008, asking $945,000 today (24% under its un-upgraded value in 2008). It's been on the market for 188 days with an original list price of $1,050,000.

Regardless, we're digging the old school city vistas and architecture.

∙ Listing: 74 New Montgomery #502 (2/2) 1,010 sqft - $945,000 [MLS]
∙ 74 New Montgomery: Soon To Be Sold Out Assuming Contracts Close [SocketSite]

Posted by socketadmin at 12:30 PM | Permalink | Comments (64) | (email story)

October 23, 2009

Former Thirteen Million Dollar Mansions And New Comps To The South

While a plugged-in reader reports that 200 Manzanita down in Woodside "that sold for $13.8mm back in 2000 just sold for $8mm (after trying to get more than they paid and following the market down for three years)," according to the Chronicle the key witness in the Galleon investigation sold "her $13 million Atherton mansion" for $9.4 million in May.

UPDATE: We can’t confirm, but another plugged-in reader believes the 2009 sale price for 200 Manzanita was actually even less:

I believe that the more recent sale price (contract executed in August, with the sale having closed in September of 2009) was $5.62 million, not $8.0 million.

If so, call it a 59% drop in value over the past nine years for the Woodside mansion. If not, it’s only 42%. And perhaps Kahn did okay.

∙ Trying To Tell It Like It Is For 114 Crescent Avenue In Bernal Heights [SocketSite]
∙ Listing: 200 Manzanita, Woodside [tomdallas.com]
∙ More players emerge in Galleon Group scandal [SFGate]

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

October 22, 2009

The California Connection(s) To Tishman Speyer’s Manhattan Flop

As a plugged-in reader notes, Tishman Speyer’s led 2006 investment of $5.4 billion in Manhattan’s Stuyvesant Town and Peter Cooper Village continues to head south with all equity investors likely being wiped out.

Amongst those equity investors, the California Public Employees' Retirement System (Calpers) to the tune of $500 million and the California State Teachers' Retirement System (Calstrs) to the tune of $100 million.

That being said, "Tishman-Speyer apparently has very little skin in the game. The firm contributed just $56 million of its own money to the $5.4 billion purchase price and did not use any of its other properties as collateral."

∙ NY court rules against Stuyvesant Town owners [reuters.com]
∙ Big Legal Setback for Tishman and BlackRock [New York Times]

Posted by socketadmin at 2:15 PM | Permalink | Comments (17) | (email story)

October 20, 2009

Buy A BMR...For $10K More Than Bank-Owned At Candlestick Point

The Mayor’s Office of Housing is helping to promote the resale of Candlestick Point (101 Crescent Way) Below Market Rate unit #2213. It’s two bedrooms, two baths, 1,063 square feet and asking $399,945 with purchase and resale restrictions.

If interested, you might also want to take a look at the bank owned Candlestick Point #2305. It’s two bedrooms, two baths, 1,063 square feet and asking $389,900. And it's without any restrictions – other than the free market – of course.

∙ Listing: 101 Crescent Way #2213 (2/2) 1,063 sqft - $399,945 [MLS]
∙ Listing: 101 Crescent Way #2305 (2/2) 1,063 sqft - $389,900 [MLS]

Posted by socketadmin at 10:00 AM | Permalink | Comments (26) | (email story)

October 15, 2009

While A Bird Tweets, A Shark Sings

Tweeting about the sale ("It’s a Steal!") of his Heublien Building Penthouse (which is still available), Twitter's CEO opened the door to the obvious question, so where did he move?

Most know it was from SoMa to Noe. But as PropertyShark confirms a plugged-in reader's tip, more specifically to an Owen Kennerly designed house on Duncan we’ve covered rather thoroughly before.

Purchased for $2,400,000 in April of 2009 (16% under its original asking of $2,850,000).

∙ Hitting For The Heublien Building Penthouse Cycle (#PH3) [SocketSite]
∙ Before, After, And All Its Insides Now "Online" [SocketSite]
∙ Coming Soon: Victorians Gone Modern! [SocketSite]
∙ A Modern Day Price Cut For A Modern Home [SocketSite]

Posted by socketadmin at 11:15 AM | Permalink | Comments (55) | (email story)

October 14, 2009

Withdrawn On Washington: It Must Have Been The Amphitheater…

After 264 days on the market (not including a previous listing), and the last 90 of which were at a list price of $12,000,000, the listing for 3444 Washington has been withdrawn.

While it may soon return, keep in mind the rather prime Pacific Presidio Heights mansion was purchased for $15,225,000 in 2006, or 21% more than its asking price over the past three months.

And once again, asking $17,500,000 in May of 2008.

∙ It's Not Often A Listing Can Tout A Private Outdoor Amphitheater [SocketSite]
∙ An Apple In The "Heights" Of Our Tree: 3444 Washington Reduced [SocketSite]
∙ A Fall From Great Heights? (3444 Washington Reduced Again) [SocketSite]

Posted by socketadmin at 11:45 AM | Permalink | Comments (6) | (email story)

October 9, 2009

The Owner Of 318 Arleta Takes A Lesson From 1268 Lombard?

A plugged-in reader reports that 318 Arleta Ave in Visitacion Valley "was blown over but gusty winds [last] Saturday night..the owner/ developer had just started working on the foundations." From the Visitacion Valley Grapevine with respect to the property in May:

“City records indicate that the house located at 318 Arleta Ave. was built in 1900. The house still stands today, but its looks a bit run down. The paint has faded and peeled, weeds sprout from cracks in the sidewalk, and a water department ‘shut off’ notice is pasted on a boarded up window. From the outside it looks as if 318 Arleta Ave. might not last another year let alone another century.”

“The property was sold in August of 2007 for the princely sum of $1,029,500 to a Mr. Sergio Iantorno….The million dollar plus sales price may seem stratospheric for this quiet block of Visitacion Valley if not for the fact that 318 Arleta Ave. sits on a 7,500 square foot lot. This is three times the size of the standard 2,500 square foot lot. There are two structures on the lot. The old farmhouse, which sits dead center on the property, and a small detached garage to its left. The right side of the lot is vacant.”

“In February of 2008, a Department of Building Inspection permit was issued to do interiors remodeling, enclose all property line windows, modify stairs and a rear deck, and relocate the entry door to “unit #316.” The new owner later applied to subdivide the 7,500 square foot lot into three 2,500 square foot lots on November 11, 2008. On December 31, 2008 a permit was flied to demolish the garage on the left side of the property. As of April 2009, no permits or plans have been posted for a replacement structure on this lot but it is likely that it will be a new single family home. Also on December 31, 2008 permits were submitted to construct a new two story single family house on the newly created lot to the right of 318 Arleta Ave…”

“Given the fact that significant improvements are planned for the adjacent lots, a fair question to ask: What will happen to 318 Arleta Ave.? Will it be totally remodeled or is it being willfully neglected to justify a demolition? Only the owner can answer those questions, but a few facts should be considered until the community knows for certain. First, the interior was gutted down to the stubs after purchase, but nothing has happened since. This may well be part of the “interior remodel” listed on the February 2008 permit. However, it’s been well over a year. Plenty of time to begin even the most extensive rehab. Secondly, several windows have been removed or intentionally left open leaving the building exposed to the elements and vandalism.”

Sounds familiar. And yesterday an emergency permit for the "partial collapse debris removal" from the second floor of 318 Arleta was requested.

∙ Visitacion Valley Grapevine: Valley News - May 2009 [visvalleygrapevine.com]
∙ The "Resourceful" Demolition Of A Historic Resource? (1268 Lombard) [SocketSite]
∙ 1268 Lombard Losing Its Battle Against The Granite Wrecking Crew [SocketSite]

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

September 30, 2009

If Only They Would Be Willing To Accept Virtual Mini-Dollars As Well

Speaking of recently staged, we can’t help but notice the first attempted Millennium flip resale has received a "virtual" treatment (click photo above to enlarge).

And while we applaud the "photo virtually staged" watermarks, we’re amazed at how much virtual furniture can fit in that real space: a couch with four armchairs and coffee table, a dinning room table for eight, and even a baby grand!

All in a twenty-five by thirty foot living room and kitchen with island? That’s incredible! Just ignore the original architects’ scaled drawing, perspective and floor plan.

∙ Listing: 301 Mission #40D (3/3) 1,952 sqft - $2,750,000 [ninahatvany.com] [MLS]
∙ The First Attempted Millennium Flip Resale: 301 Mission #40D [SocketSite]
∙ Inside A Recently Staged 2006 Washington Number Four [SocketSite]

Posted by socketadmin at 11:15 AM | Permalink | Comments (33) | (email story)

September 23, 2009

2140 Jefferson: Apparently "Lease To Own" Wasn’t An Option For Thiel

Speaking of big homes that private equity "bought," according to a plugged-in tipster 2140 Jefferson was home to Peter Thiel of PayPal and Clarium Capital notoriety. The twist, he was but a lowly renter of the $8,180,000 (asking) 7,000 square foot Marina home.

∙ Listing: 2140 Jefferson (5/5.5) - $8,180,000 [2140jefferson.com] [MLS]
∙ The Numbers Behind Perkins' Millennium Penthouse Purchase [SocketSite]

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

Have We Seen This Marquee Lofts (#708) Movie Before?

As we wrote in July:

As a plugged-in reader notes, a fully remodeled and renovated Marquee Lofts (151 Alice B. Toklas Place) #708 has returned to the market asking $739,000 following its kitchen-less foreclosure sale for $580,000 in June of 2008.

Once again, Marquee Lofts #708 first changed hands on 9/30/04 for $607,500; sold on 10/05/06 for $865,000; and was bought back by Merrill Lynch Mortgage Lending for $708,933 on 1/9/08.

After 103 days on the market the list price for 151 Alice B. Toklas Place #708 has been reduced $40,000 (5%) to $699,000 and the listing now notes: "MOTIVATED SELLER!! Price reduction, make an offer!"

No word on how much was invested in the new kitchen, bathroom or rest of the renovation, but we'll be keeping an eye on Craigslist.

∙ Listing: 151 Alice B. Toklas Place #708 (1/1) - $739,000 [MLS] [YouTube]
∙ A Remodeled Marquee Lofts #708 Returns…With A Kitchen! [SocketSite]
∙ Change Of Heart, Cash Crunch, Or A Condo Sitter Gone Crazy? [SocketSite]
∙ From Foreshadowing To Foreclosure For A Marquee Loft Off Van Ness [SocketSite]
∙ Another Non-Comp Comp Along The Booming Van Ness Corridor [SocketSite]

Posted by socketadmin at 6:00 AM | Permalink | Comments (26) | (email story)

September 18, 2009

54 South Park Sells (And We Think Alpha Rather Than Beta)

As a plugged-in tipster let us know last night, the sale of 54 South Park has closed escrow with a reported contract price of $3,375,000. As far as we know that’s a new high on a dollar per square foot basis for South Park (over $1,000 per square foot). But in and of itself that’s not proof the “the market” is up.

It’s what we’ll call real estate alpha versus beta (the financial Greeks for those who are unfamiliar), and to a certain extant “mix” (i.e., a new product that really never before existed in the neighborhood – high-end modern – and is relatively rare in San Francisco).

No word on number 56.

∙ 54-58 South Park: The Inside Scoop (Both Literally And Figuratively) [SocketSite]
∙ From A Peek To A Poke For 54 And 56 South Park [SocketSite]

Posted by socketadmin at 4:15 PM | Permalink | Comments (36) | (email story)

September 15, 2009

See, Two (Shower) Heads Are Better Than One...

Agent owned and listed as a short sale, 4096 17th Street #206 was purchased for $500,000 in October of 2005 and then remodeled. And while there’s only one bedroom and one bath, there are two shower heads (and a listing that, umm...features the feature).

∙ Listing: 4096 17th Street #206 - $549,000 [MLS]

Posted by socketadmin at 3:00 AM | Permalink | Comments (35) | (email story)

September 11, 2009

Oh Puck, 949 Lombard (Real World San Francisco) Facing Foreclosure

A plugged-in tipster keeps the local television theme alive with a note about the unpaid $3,715,730 mortgage balance and foreclosure filing for 949 Lombard, also known as The Real World San Francisco house.

The house at 949 Lombard Street was rented to MTV by local stockbroker/entrepreneur Martin Eng, who owned the house since 1985. It became a tourist stop, receiving more than 10,000 visitors in the months during and following the series [in 1999].

The house was gutted by a June 2000 fire (caused by a tipped candle), refinanced in 2005, and then "sold" to Lombard Flats LLC in January of 2009. According to PropertyShark the property has an assessed tax basis of $737,919.

No update on Puck.

UPDATE: A plugged-in reader adds:

[I]f you do a little snooping, I think you'll find that Mr. Eng has 2 other properties in the neighborhood facing foreclosure - 818 Green and 939 Lombard (the neighbor of your subject property). These are held in a different LLC, to which they were recently transferred from Mr. Eng. This topic dovetails nicely with the Lembi story, imho.

Not to mention our Muhawieh Maher or other "only in Miami" type San Francisco stories.

∙ San Francisco in Cinema: Real World (949 Lombard) [mistersf.com]
∙ The Chronicle Reports "Dozens," A Plugged-In Source Says Over 100 [SocketSite]
∙ Two More Muhawieh Comps Of Yore Head For The Courthouse Steps [SocketSite]

Posted by socketadmin at 4:30 AM | Permalink | Comments (27) | (email story)

September 4, 2009

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

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

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

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

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

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

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

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

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

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

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

Posted by socketadmin at 4:00 PM | Permalink | Comments (41) | (email story)

August 27, 2009

An Homage To Kerouac And Snyder (The Matterhorn Not The House)

As we head to the Sierras to scramble up the Matterhorn in an homage to Kerouac and Snyder, the façade of 2214 14th Avenue seemed a rather fitting way to end the week.

Now if only its recent renovations were as so. And if ever there were a time for haiku...

∙ Listing: 2214 14th Avenue (2/1) - $769,000 [MLS]

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

August 24, 2009

Reductions Reach Below Market Rate Units On Ora Way (And Others)

Eight below market rate (BMR) condos on Ora Way are on the market up in Diamond Heights. Applicants can have household incomes of up to 120% of the Area Median Income and applications are "due on a rolling basis" with a two-bedroom for $350,000.

The rather unusual Mayor’s Office note on four of the Ora Way units that caught our eye: "REDUCED PRICE."

In addition to the eight (8) resales up in Diamond Heights, sixteen (16) other BMR resales are accepting applications on a rolling basis, upwards of twenty (20) new development units are either currently either accepting applications on a rolling basis or for a lottery, and thirty-two (32) new BMR’s are "upcoming."

∙ Listing: 85 Ora Way #E302 (2/1) 913 sqft - $350,000 (BMR) [85oraway.com]
∙ Mayor’s Office Of Housing: Current Below Market Rate Listings [SFGov]

Posted by socketadmin at 8:30 AM | Permalink | Comments (13) | (email story)

August 14, 2009

It’s Time To Get Our Sea Cliff Trivia (And Comments) Straight

The confusion isn’t too difficult to understand. But while the Sea Cliff home going on its thirteenth listing is 830 El Camino del Mar, it’s 890 El Camino Del Mar (above and below) which was once home to Paul Kanter and Grace Slick of Jefferson Airplane (and the Marshall Wais kidnapping) fame.

∙ Behind The Great Wrought Iron Wooden Gate At 830 El Camino Del Mar [SocketSite]
∙ Unlucky Lucky Number Thirteen For 830 El Camino Del Mar? [SocketSite]

Posted by socketadmin at 3:15 PM | Permalink | Comments (4) | (email story)

August 13, 2009

A New New New Listing (And Price Cut Bump) For 1440 Kearny

Asking $2,850,000 in October of 2008, the list price for 1440 Kearny was reduced three times over the course of the past ten months and was last asking $2,295,000 (and noting "VERY MOTIVATED!") with a new new listing in June which was then withdrawn.

But as a plugged-in tipster notes, 1440 Kearny is back on the market with a new new new listing and asking $2,995,000. Has upper-end exuberance on the sales side returned?

Again, purchased for $1,995,000 in April 2004 (and we’re still digging the style and views).

∙ Listing: 1440 Kearny (3/2.5) - $2,995,000 [MLS]
∙ Sometimes It's Simply The View(s), And Sometimes It's Not [SocketSite]

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

August 11, 2009

From Reduced To Closed In Fourteen Days For 1001 California #8

Eighteen days ago we wrote, "non-sardonically, we wouldn't be shocked to see multiple offers at this point" with regard to the newly reduced asking price of $1,195,000 for 1001 California Street #8. Fourteen days later it closed escrow.

Unfortunately the actual sales price appears to be "confidential" on the MLS, but the speed at which it closed would at the very least suggest an all cash, if not over asking, closing for the one-bedroom condo atop that lovely Beaux Arts building.

Once again, purchased for $1,460,000 in June 2000. Now about that third floor...

∙ Obviously Only Because It's On The Wrong Side Of Those Tracks [SocketSite]
∙ One Expensive One-Bedroom In A Beaux Arts Building We Love [SocketSite]
∙ A Full 1001 California Floor Which Would Have Made Vincent Friia Flip [SocketSite]

Posted by socketadmin at 8:15 AM | Permalink | Comments (11) | (email story)

August 10, 2009

The Mayor’s "Confidential" Contract Price: 8% Under Reduced Asking

While the sales price of the Mayor’s new abode at 1581 Masonic was reported on the MLS as "confidential," it’s a plugged-in tipster that notes the $2,738,000 contract price has been recorded with the assessor’s office.

Which leads our tipster to wonder: "How is it possible…to get the correct price when my real estate agent says he can't get this info because it's suppressed?" To which we respond, you need an agent knows how, and is willing, to do more than simply query the MLS. (And of course who’s plugged-in.)

Once again, last listed for $2,980,000 in May and originally asking $3,300,000 in February.

∙ The Mayor Moves To (Real Estate) District Five [SocketSite]

Posted by socketadmin at 3:45 PM | Permalink | Comments (30) | (email story)

From The Readers' Archives: The Battle Over 2125-2135 Leavenworth

From the comments with respect to 2125-2135 Leavenworth:

I rent a block north of these. The local homeowners were up in arms with this project and there were posters circulated to "Save Leavenworth Street." I think the neighbor to the south of these was particularly peeved: theirs is a beautiful & stately Julia Morgan home.

Story goes, as I understand it from the public hearings...was that someone purchased the place and then intimated to one and all that they were going to rehab the place and live in it with extended family. Whether or not that was ever the intention, they then requested to transform the existing and deteriorating 3 (or 4) units into the current six units. The owners/developers claimed that the existing structure was in too far a state of neglect to be saved, including troubled foundation. The locals/neighbors claimed that the owner was leaving the place in intentional neglect to facilitate the desired teardown/development.

From a plugged-in tipster’s personal archives (and our inbox) above and below:

I love how they made the picture of the proposed condos in B&W and to appear threatening or haunted in a Vincent Price sort of way. The pictures of the proposed rehab of the existing structure is in happy color and even has three Telegraph Hill parrots flying happily over it.

That didn't apparently persuade the planning commission...but I figure the delay the locals created cost the developers a hell of a lot of money, since if this has been started in 2004 and completed in 2006, they would have been in the thick of insanity and have pulled down Big Ca$h on each condo very quickly.

And once again, as constructed (less the ominous clouds):

∙ 2125-2135 Leavenworth: From One To Two And Six (New Condos) [SocketSite]
∙ San Francisco Planning Commission Minutes: Thursday, June 15, 2006 [ci.sf.ca.us]

Posted by socketadmin at 9:00 AM | Permalink | Comments (24) | (email story)

August 6, 2009

1240 5th Avenue: Raffle Winner Chooses Reality Over The Dream

The Yerba Buena Center for the Arts (YBCA) "San Francisco Dream House" raffle is over and the grand prize winner (a real estate agent from San Carlos) has chosen the cash ($1.8M) over the castle (1240 5th Avenue).

From YBCA spokesperson Kimberly Harding by way of SF Appeal:

"Since the house will not be given away as part of the raffle, then it will remain with the owner and they can do with it as they wish…We partnered with an individual to raffle off the house - we had the rights to raffle it off but the ownership wasn't transferred to us."

We'll call it an artful (and shrewd) structuring by the YBCA. Once again, the "dream" duplex was last listed for $2,280,000 in November of 2008 and will likely soon return.

∙ Can’t Sell? Raffle! 1240 5th Avenue: The "San Francisco Dream House" [SocketSite]
∙ YBCA Dream House Winner Takes Money, Runs [SF Appeal]

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

What’s Below A BMR? (To Be Said At Least Two Times Fast)

A Yerba Buena Lofts (855 Folsom) two-bedroom listed for $399,000. A one-bedroom at the Metropolitan (355 1st) listed for $297,588. Considering both are Below Market Rate (BMR) resales the prices shouldn’t come as any big surprise, the fact that both have been on the market for over four months without a sale might.

∙ Listing: 855 Folsom #342 (2/1) - $399,000 (BMR) [MLS]
∙ Listing: 355 1st Street #310 (1/1) - $297,588 (BMR) [MLS]

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

August 4, 2009

Avram Goldman Speaks Then (2006) And Now (2009)

In the words of then Coldwell Banker President and COO Avram Goldman in mid-2006:

The media still continues to hammer the housing market---trying to look for every negative shred of evidence that the housing market has tanked. In spite of their efforts—many smart buyers know this is an excellent time to buy---more choice, a break in interest rates as they continue to come done and a environment conducive to negotiations.

[T]he SF/Bay Area is a highly attractive place to live and certain areas, no matter what is happening in the general market, their desirability increases value of properties in spite of the transitional market.

In the words of Pacific Union departing CEO Avram Goldman in mid-2009:

As I have reported previously, many homes in the over million price range require more air to be let out of their prices. The upper end is not immune to price declines, it has just been slower in coming.

One wonders how those upper end sellers' expectations in the highly attractive SF/Bay Area could have possibly become so misaligned.

∙ San Francisco Real Estate Market Update: September 4 -10, 2006 [sfresidence.com]
∙ The Goldman Report for August 3, 2009 [sfresidence.com]
∙ Pacific Union Sold To Morgan Lane Marin Principals [SocketSite]

Posted by socketadmin at 10:45 AM | Permalink | Comments (21) | (email story)

August 3, 2009

Back And Not In The Black For 3271 Baker Street

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

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

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

July 27, 2009

A Commercial Quote With Residential Relevance?

It’s a fixed-income manager’s two ways of looking at Wells Fargo’s doubling down on commercial mortgage-backed bonds:

“One is: Your past history tells me you don’t know how to assess this risk that well…The other is: Well, you’re bright people, you won’t make that same mistake again. Personally, I’m not convinced of the latter.”

One can’t help but wonder how said quote might play in other real estate arenas.

∙ Wells Fargo Buys Mortgage Bonds as Defaults Rise, Sloan Says [Bloomberg]

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

July 23, 2009

Chris Daly Stays On Stevenson While His Family Moves To Fairfield

To be honest it’s a story we were planning on ignoring, but at the end of the day it's going to be easier to simply post rather than respond to everyone who sent us a link: Chris Daly has in fact purchased a home in Fairfield two doors down from his in-laws (and the home in which his wife grew up).

Daly intends to continue his residence on Stevenson Street until his Supervisor term is up.

∙ Supervisor Chris Daly Issues Statement [fogcityjournal.com]

Posted by socketadmin at 3:15 PM | Permalink | Comments (152) | (email story)

July 21, 2009

An Überprime Data Point Closes Escrow Down On Upper Broadway

As we wrote about the Überprime 2306 Broadway in April:

Tax records suggested an August 2000 purchase price of roughly $7,000,000 for 2306 Broadway while a plugged-in reader puts it at $6,600,500. Listed as expected for $6,495,000 twenty days ago, but recently reduced to $5,995,000.

Once again, updated since its last sale [think new kitchen and master bath] and the sellers are simply moving next door.

As another plugged-in reader steals a bit of our thunder, the sale of 2306 Broadway closed escrow today with a reported contract price of $5,235,000, 20.7% under its year 2000 value sans updated kitchen and bath.

∙ Coming Soon And An Überprime Data Point To Be: 2306 Broadway [SocketSite]
∙ An Überprime Data Point Update: A Little Something Extra Off The Top [SocketSite]
∙ The Side Story (Quite Literally) For 2306 Broadway: 2310 Next Door [SocketSite]

Posted by socketadmin at 5:45 PM | Permalink | Comments (58) | (email story)

July 20, 2009

The Best Offer: 36 Percent Under Its 2007 Un-Gutted Purchase Price

Purchased for $1,053,000 in 2007, the single-family 324 Day was subsequently gutted, foreclosed upon and returned to the market mid-renovation last month over in Noe.

Asking $760,000 ("Seller/lender anxious to sell, very motivated. Bring your best offer, don't worry about the listing price."), the sale of 324 Day closed escrow on 7/17/09 with a reported contract price of $675,000.

Yes, the price of "fixers" is falling.

∙ Calling All Contractors That Still Have Cash... [SocketSite]

Posted by socketadmin at 8:45 AM | Permalink | Comments (34) | (email story)

July 17, 2009

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

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

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

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

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

July 15, 2009

An Ex-Comp Now Contractors Special Closes Escrow On Cole (1130)

While tax records suggest a purchase price of $1,575,000 in July 2007, a newly gutted 1130 Cole Street with "approved permitted drawings for 5 bedrooms, 3 full baths, 2 separate powder rooms, family room and 2 car garage" returned to the market five months ago asking $1,288,000.

Eight days ago the sale of 1130 Cole Street closed escrow with a reported contract price of $1,200,000. As a plugged-in reader pointed out last month, the seller had also gutted and lost 324 Day (and 352 Diamond).

No word on how "arms-length" the previous appraisals on any of these properties might have been.

UPDATE (7/16): A plugged-in reader digs up a related story on our aforementioned seller and a dozen or so other properties: Valencia St. Investor Falters.

∙ Calling All Contractors That Still Have Cash... [SocketSite]
∙ When Arms Length Appraisals Are "Too Far" Away [SocketSite]
∙ Valencia St. Investor Falters [missionlocal.org]

Posted by socketadmin at 4:00 PM | Permalink | Comments (76) | (email story)

June 26, 2009

A White House To End A Black Week

Five bedrooms, five baths and over 5,000 square feet, the contemporary 388 Lansdale was built in 1991 the same year Michael Jackson released Dangerous. And while not one of his best efforts, track number 13 can't help but be somewhere on the mind.

∙ Listing: 388 Lansdale (5/5) - $2,100,000 [MLS]
∙ Gone Too Soon [wikipedia.org]

Posted by socketadmin at 10:00 AM | Permalink | Comments (24) | (email story)

A Landmark District Seven Mansion Foreclosure (2799 Pacific)

Commissioned by Dr. C. N. Ellinwood in 1893, 2799 Pacific was designed by Eugene Freeman and its 28 rooms, 14 fireplaces and glass domed center hallway were finished in 1894. And the Ellinwood residence is San Francisco Landmark #207.

As a number of plugged-in people noted last month, 2799 Pacific fell into foreclosure and had a date with the courthouse steps earlier this month. And as a couple of other plugged-in people piece together, with a mortgage balance due of $11,363,000 and an unmet minimum bid of $10,000,000, the landmark 2799 Pacific was taken back by the bank.

∙ San Francisco Landmark 207: Ellinwood Residence (2799 Pacific/2498 Divisadero)
∙ Another District Seven Mansion Heads For Foreclosure (2151 Green) [SocketSite]
∙ Another Ex-Decorator Showcase Is Officially Listed: 2500 Divisadero [SocketSite]

Posted by socketadmin at 6:00 AM | Permalink | Comments (33) | (email story)

June 25, 2009

A Case Of Sales Office "Sales" Shenanigans That Didn’t Pay Off

It was a plugged-in reader that caught The Hayes increasing the list price on 55 Page #222 from $699,000 to $850,000 (21.5%) right before their 72-hour sale kicked off. When it didn’t move during those 72 hours, it was once again listed on the MLS for $699,000.

Yesterday 55 Page #222 closed escrow with a reported contract price of $570,000. That’s either eighteen (18) percent under its post-sale list price, or thirty-three (33) percent under its "pre."

And at 1,124 square feet it’s $507 per square foot for this two-bedroom (well below the $640 average for these other four).

∙ The Hayes 72-Hour Sale (And Up To 20% Off According To A Tipster) [SocketSite]
∙ Contract Prices Behind Six Recently Closed Condos At The Hayes [SocketSite]

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

June 19, 2009

Going Once, Going Twice...Sold (Just Not At Auction)

The sale of the now fairly infamous 3731 Fillmore #2 appears to have closed escrow ten days ago, although the MLS was just updated today. Unfortunately it looks to be a "confidential" sales price, either that or it closed for its reduced list price of $499,000.

To recap, asking $699,000 when first marketed as a TIC but withdrawn at $549,000, 3731 Fillmore Street #2 returned to the market as an attempted auction in February but failed to attract a bid above its "reserve" of $550,000 (the highest came in at $410,000).

3731 Fillmore Street #2 once again returned to the MLS in April asking $549,000 and was subsequently reduced to $499,000 in May. As previously noted, 3731 Fillmore #6 sold for $710,000 in October of 2008. And at least two other units in the six-unit building now appear to be in contract.

∙ Back In Black By Brown (And Not By Auction): 3731 Fillmore #2 [SocketSite]
∙ Now Up For Auction In The Marina (And Originally Asking $699,000) [SocketSite]
∙ A Plugged-In Reader Calls Shenanigans And Sets The Record Straight [SocketSite]

Posted by socketadmin at 3:00 PM | Permalink | Comments (22) | (email story)

June 17, 2009

First Feng Shuied Now Sai Wonged At Sutter Heights (1521 Sutter)

Listed for $879,000 when roughly half of the 28 "Feng Shuied" Sutter Heights condos were spoken for in April of 2008, 1521 Sutter Street #306 was relisted three days ago with a new “original” list price of $678,900 (a drop of 23%).

At the same time the listing for 1521 Sutter Street #305 is now asking $709,080 (a 27% drop in pricing since 2008), while 1521 Sutter Street #206 is in contract with a list price of $745,000, originally asking $879,000 (a drop of 15%).

According to the new listing Sutter Heights is now 66% sold. And on the positive side, perhaps it's a blessing in disguise for those who were previously "priced out forever."

∙ Listing: 1521 Sutter Street #306 (2/2) 930 sqft - $678,900 [MLS] [Floor Plan]
∙ Floor Plans And Feng Shui At Sutter Heights (1521 Sutter) [SocketSite]
∙ Sutter Heights (1521 Sutter) Update: Preview Showings And Pricing [SocketSite]
∙ Sutter Heights (1521 Sutter) Update: Construction Nears Completion [SocketSite]
∙ Chinese Idiom: Misfortune may be a blessing in disguise [asianresearch.org]

Posted by socketadmin at 12:30 PM | Permalink | Comments (7) | (email story)

June 15, 2009

Are The "Exceptions" (And Big Losses) Becoming A Palms Rule?

What some are wont to characterize as San Francisco "exceptions" are quickly becoming the rule for two-bedroom condo re-sales at The Palms (555 4th Street).

While #401 closed escrow with a reported contract price of $599,900 in January (purchased for $779,000 in October 2006), and #313 is still seeking a short sale at $599,900 (purchased for $800,000 in January 2007), the list price for #731 has been reduced to a "bank approved price" of $619,000 (purchased for $925,000 in August 2006).

555 4th Street #823 is currently in contract having been listed at $605,000 (purchased for $815,000 in January 2007). And the only other two-bedroom currently listed at The Palms is #309, purchased for $842,500 in September 2006 and currently seeking $670,000.

Once again, all two-bedroom condos with declines in value ranging from 23% to 33% since late 2006/early 2007. Of course that's assuming sales at list.

∙ Listing: 555 4th Street #309 (2/2) 1,113 sqft - $670,000 [MLS]
∙ Listing: 555 4th Street #313 (2/2) 1,111 sqft - $599,900 [MLS]
∙ Listing: 555 4th Street #731 (2/2) 1,052 sqft - $619,000 [MLS]
∙ Pushing Forward With Price Discovery At The Palms (555 4th Street) [SocketSite]
∙ A SoMa/Palms Wake Up Call (And Apple): 555 4th Street #401 [SocketSite]

Posted by socketadmin at 3:30 PM | Permalink | Comments (66) | (email story)

Condo Conversion (And TIC Lottery Bypass) For A Fee? Nope.

By way of a plugged-in reader and Plan C San Francisco:

The Mayor released his budget [last week], and he did not include the “condo bypass” proposal that has generated so much attention in the TIC community this spring. As most of you know, the condo bypass proposal (conceived by Supervisor Sean Elsbernd) would [have] allowed a one-time bypass of the condo lottery for TIC owners who were willing to pay an additional fee to the City.

∙ Condo Conversion For A Fee? Yes Please (But Not Just Once) [SocketSite]

Posted by socketadmin at 10:30 AM | Permalink | Comments (24) | (email story)

June 10, 2009

A Well Designed District 4 Data Point Is Withdrawn (2209 9th Ave)

As we wrote in February:

Purchased for $1,126,000 in 2005, remodeled and returned to the market for $1,195,000 in June of 2008, the Henry Hill home at 2209 9th Avenue was withdrawn without selling in July. Back on the market today and listed for $995,000.

We can't call it an "apple" for a couple of reasons (including the view blocking new home next door), but we also wouldn't dismiss this well designed data point out of hand.

The list price was reduced to $939,000 in March. And while previously in escrow, today the listing was withdrawn from the MLS, either without a closed sale (most likely) or to avoid reporting the contract price (a not too uncommon new development trick).

∙ Two Well Designed Data Points We Wouldn't Dismiss Out Of Hand [SocketSite]
∙ Mid-Century Modern That’s Been Remodeled: 2209 9th Avenue [SocketSite]
∙ Another Mid-Century Modern Casualty: A Shift In Tastes Or Appetites? [SocketSite]

Posted by socketadmin at 5:00 PM | Permalink | Comments (14) | (email story)

2006 Versus 2009: A SPUR Cruise Down Memory Lane

Speaking of cruising (not "cruising"), JK Dineen contrasts the feelings aboard his first SPUR (San Francisco Planning + Urban Research Association) cruise in 2006 with those in 2009:

The feeling aboard the SPUR cruise last night was dramatically different [than in 2006]. Many of the developers, architects, and consultants aboard in years past were no where to be seen.

Some lost their jobs; others were unwilling or unable to fork over the $200 for the Bay cruise. One senior level real estate consultant I always hang out with on the SPUR cruise was just laid off.

His last day is Friday. Instead of watching the sun sink behind the financial district he was cleaning out his Embarcadero Center office. The out-of-town developers have all gone away. Crescent Heights, Turnberry, and Fifield all bought land at the top of the market and are still sitting on it as the value of undeveloped condo sites sinks like a stone.

The good news, those aboard did get a nice look at the new Bay Bridge span.

∙ SPUR Cruise 2009 [Business Times Blog]
∙ San Francisco's New Cruise Ship Terminal Gets A $3.5M Kick Start [SocketSite]
∙ Crescent Heights: 10th And Market Recap, Rendering, And Details [SocketSite]
∙ Turnberry Stops Shopping, Takes Its Bags Wallet And Heads Home [SocketSite]
∙ The Californian On Rincon Hill: No Longer Coming Soon (If At All) [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (0) | (email story)

June 9, 2009

The Mayor Moves To (Real Estate) District Five

According to Leah Garchik, the Mayor and Mrs. have a new house in the "Upper Terrace."

The seller, interior designer and antiques dealer Candace Barnes, doesn't want to talk about all-important details like the price, but I've been told she's made the house a showplace for her professional skills.

The house has four bedrooms, herringbone-patterned wooden floors, balconies that face east (getting acquainted with the sunrise will be pleasant to new parents walking the floor with a baby) and a Roman soaking tub.

We figure somebody will figure it out sooner or later. And it might as well be you.

UPDATE: That would be sooner. Originally asking $3,300,000 for 1581 Masonic in February but reduced to $2,980,000 in May. No reported contract price, however, as according to the MLS the sale has yet to close escrow.

UPDATE: A soon to expire peek inside via a plugged-in reader who also notes it's officially a "Haight Ashbury" home. But not for long.

UPDATE (6/10): Scratch that with respect to the Haight, apparently San Francisco's MLS has its neighborhoods wrong. So while the listing notes 5-B ("Haight Ashbury"), 1581 Masonic is, in fact, already 5-E ("Parnassus/Ashbury Heights").

∙ Leah Garchik: 6/9/09 [SFGate]
∙ A Rose By Any Other Name (But Not Necessarily A Neighborhood) [SocketSite]

Posted by socketadmin at 4:30 PM | Permalink | Comments (42) | (email story)

June 8, 2009

A "Peek-A-Boo View" (For The Six Million Dollar Man)

It’s not only currently a "peek-a-boo view" from the back, but apparently one which might require supernatural (or Six Million Dollar Man) sight to see.

∙ Listing: 740 Bay Street (2/1) - $1,059,000 [MLS]

Posted by socketadmin at 4:00 AM | Permalink | Comments (15) | (email story)

June 3, 2009

Cramer Calls The Housing Bottom!

Our call, Cramer should stick to miss-calling stocks.

Posted by socketadmin at 11:15 AM | Permalink | Comments (74) | (email story)

June 2, 2009

You Make The Call: Bullish Or Bearish Data Point to Be (324 Williams)

Purchased for $680,000 in September 2005, bought back by the bank for $404,000 in December 2008, and now listed for $267,300, 324 Williams represents the kind of transaction that’s driving an uptick in U.S., California, and San Francisco District 10 sales.

And while an uptick in sales activity is oft considered a bullish sign, would the sale of 324 Williams at 50 percent below its value of three years ago be bullish or bearish by nature?

∙ Listing: 324 Williams (3/1) - $267,300 [MLS]
∙ Pending U.S. Home Sales Up 3.2% YOY (Down 2.9% In The West) [SocketSite]

Posted by socketadmin at 11:30 AM | Permalink | Comments (31) | (email story)

June 1, 2009

Inspection Contingencies Are Your Friend (Even When "Competing")

A quick reminder from a plugged-in reader that entering into a contract without at least an inspection contingency is a recipe for disaster (and competing all cash offers aren’t always what they seem):

I went in escrow [on a property] after competing with a mysterious buyer who was offering $965,000 all in cash and no contingencies. Sellers gave a disclosures report with no number on a 3 years old pest report; I had to find out myself (during the contingency period) that it would cost me $23,000 to do the work, including getting rid of an active termite’s infestation. Seller didn’t want to hear about the repairs, bank was not happy; I had to get out of contract.

Forgot to add…[seller’s] agent was the brother of the seller; both are members of the San Francisco Realtors Association.

The property is once again active and available (apparently said mysterious buyer didn't submit an all cash and contingency free backup offer). And as an aside, the property was purchased for $1,005,000 in April of 2006.

UPDATE: The other side of the story from the plugged-in seller's agent:

I am the listing agent on this property and there was in fact a legit competing offer. This buyer was never countered on his price but rather his terms: ie inspection/contingency periods. The termite inspection company that conducted the inspection in 2006 does not make a price allocation sheet on any of its inspections....The buyer's allegation that the pricing was hidden from him is thus unfounded and simply the result of a deeply suspicious and distrusting individual.

Okay, so perhaps some competing all cash offers are what they seem. Regardless, the point we'll hammer home using the words of another: "Waiving contingencies is so 2007."

Posted by socketadmin at 10:45 AM | Permalink | Comments (92) | (email story)

May 28, 2009

Name That "Noe Valley" House (And Architect)

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

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

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

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

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

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

May 27, 2009

Another District Seven Mansion Heads For Foreclosure (2151 Green)

The tip we received last month:

2151 Green...is going into foreclosure this summer…I'm not sure I'd bring it up until something official is announced, but this info did come straight from the owner.

And while we didn’t bring it up before, today a plugged-in reader did:

I think it's safe to say now that [2151 Green Street] is going into foreclosure. The owner is back in Iran and that's all she wrote!

A notice of default (NOD) has been filed on the property. And the fate of the proposed 2157 Green Street on the adjoining empty lot? Likely the same.

∙ If $550,000 Were A Rounding Error, Would $2,000,000 Be As Well? [SocketSite]
∙ But Hey, $550,000 Is Simply A Rounding Error To A Proper Industrialist [SocketSite]
∙ The Scoop On 2157 Green Street (Could You See The Foreshadowing?) [SocketSite]

Posted by socketadmin at 4:15 PM | Permalink | Comments (35) | (email story)

A Bank Owned TIC In Lower Pacific Heights? (2033 Pine Street)

It's a three-bedroom Tenancy in Common (TIC) with parking in a three-unit building in Lower Pacific Heights that's two blocks from "the heart" of Fillmore. And if the MLS is correct, 2033 Pine Street is also bank owned.

Again, TIC and bank owned (which would be the first such combo we've seen) assuming the listing is correct.

UPDATE: Well, despite the fact that it's been listed on the MLS (and sites that rely on the MLS) for 19 days as a bank owned sale...

...apparently it's not.

UPDATE: And after three hours on SocketSite, the listing has been corrected. Cheers.

∙ Listing: 2033 Pine Street (3/2) 1,600 sqft - $1,075,000 (TIC) [2033pine.com] [MLS]

Posted by socketadmin at 1:00 PM | Permalink | Comments (32) | (email story)

May 22, 2009

City Loses Landmark Appeal, Church Of The Pagoda Theater Anyone?

A bid by the city of San Francisco to designate the United Methodist Church at Larkin and Clay a landmark despite the Methodist Church’s desire to raze the building to make way for twenty-seven new condominiums has failed in the state Court of Appeals.

The Court of Appeal, in a ruling issued in San Francisco Wednesday, said state law specifically exempts nonprofit religious groups from landmark proceedings concerning their property.

Church of The North Beach Pagoda Theater anyone?

∙ Court rejects City efforts to designate church as landmark [Examiner]
∙ North Beach Pagoda Theater Plans Approved By Planning, But... [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (32) | (email story)

May 20, 2009

California Special Election Results (As They're Sure To Come Up)

California Special Election ballot measures 1A through 1E were soundly defeated yesterday by an average margin of 65% no to 35% yes with Proposition 1F (elected officials salary freeze) the only measure to pass (74% in favor, 26% against).

We will note tighter results (except with respect to Proposition 1F) in San Francisco County where just 21% of registered voters visited the polls and Proposition 1B (school funding) received yes votes from 52% of those visiting (i.e., not including absentee).

∙ California Special Election Results (5/19/09) [ca.gov]
∙ San Francisco County Special Election Results (5/19/09) [SFGov]

Posted by socketadmin at 8:00 AM | Permalink | Comments (100) | (email story)

May 18, 2009

While Others Sit The Mayor’s Mini-Manse In The Sky Moves

While the Bay Area high-end market is struggling, at least one high-end and rather high-profile sale is not: the Mayor’s $2,995,000 one-bedroom Bellaire Tower penthouse is now "firmly" in escrow (as in any contingencies have been removed).

∙ Fit For A King San Francisco Mayor (Or Getty): 1101 Green #2001 [SocketSite]
∙ More high-end properties sitting on the market [SFGate]

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

May 15, 2009

The World Market Is Flat!

Earlier this week a sale pair for a Noe Valley condo was submitted by a reader for consideration as an "apple." And while the pair passed our basic test (no major changes to the property between sales), its latest sale on 12/17/08 fell down on another (recency).

Then again, perhaps we’re wrong to believe the market has changed much since the fourth quarter of 2008. (Keep in mind that a mid-December close would suggest a contract that was written in either October or November.)

We have to admit it’s tempting to look at the sales history for 1169 Sanchez, see a sale on 4/11/06 for $775,000 and then again on 12/17/08 for $775,000 and declare the market flat. But that wouldn't be a very accurate depiction of what's actually going on.

And while not perfect, adding a median price per square foot trend line for condo sales in 94114 to the chart of contract prices for 1169 Sanchez should help make the point(s).

Perhaps that market isn’t so "flat" after all (and has actually been trending down since 2007). And looking to a December 2008 apple to understand the May 2009 market might not make too much sense.

Posted by socketadmin at 5:00 AM | Permalink | Comments (31) | (email story)

May 14, 2009

An Imperfect Comp (But Perfectly Good Apple) Closes Escrow In Noe

The sale of 4174 26th Street closed escrow on 5/12/09 with a reported contract price of $785,000 (1.8% under asking). Purchased for $995,000 in 2006 with 5% down (and before that in 2004 for $829,000 with 25% down). No word on that number in 2009.

As we wrote in March:

...in October of 2006 [4174 26th Street] was refinanced with two loans totaling $1,029,750. It appears that the property was taken back by the bank two months ago, and three weeks ago it was sold to a couple of agents. It's now on the market and asking $799,000.

There’s no doubt this property has its challenges (including a lack of parking). And perhaps this is the only house in Noe Valley that was purchased with 5% or less down (but we wouldn’t bet on it). Regardless, it was a legitimate comp for other sales in 2004 and 2006, all of which went on to become comps of their own. And so on. And so forth.

So what happens now if the imperfect comp upon which the values of other more perfect homes were based now sells for 20% less?

Make that twenty-one point one percent to be exact.

∙ Apples To Apples (But Likely No Longer 5% Down): 4174 26th Street [SocketSite]

Posted by socketadmin at 12:00 PM | Permalink | Comments (77) | (email story)

May 11, 2009

555 Edinburgh Sells For 24% Over Asking (The Neighborhood Median)

The sale of CBS5’s infamous "42 offer" home at 555 Edinburgh closed escrow on 4/22/09 with a reported contract price of $570,000. That’s $111,000 (24%) over asking!

On a price per square foot basis ($456), however, that’s 0.2% over the 2009 neighborhood median to date ($455), 6.9% under the median last year ($490), 21.3% under the median in 2006 ($580), and about equal to the median in 2004 ($450).

Once again, the 42 offers were a result of pricing rather than a "real estate rebound."

∙ The SocketSite Reality Check For CBS’s Infamous "42 Offer" Home [SocketSite]
∙ CBS Calls It A "Real Estate Rebound In San Francisco" [SocketSite]

Posted by socketadmin at 12:15 PM | Permalink | Comments (54) | (email story)

May 7, 2009

The Price To Buy At 333 Bush (A.K.A. It’s Time To Tell On #3801)

Listed in January with a "priced to sell" list price of $1,150,000, we told you we’d tell you when 333 Bush #3801 sold. And it has. But apparently the "price to buy" was $930,000. No word on #3701 which was last listed at $1,500,000 but in a much improved state.

∙ A Floor Higher And $350,000 Less At 333 Bush, Damn Those Neighbors [SocketSite]

Posted by socketadmin at 10:00 AM | Permalink | Comments (38) | (email story)

May 6, 2009

An Unemotional Fifty-Four Percent Off In The Excelsior (398 Vienna)

From the listing for 398 Vienna a little over a year ago (eight months after being purchased for $549,000):

Gem of a property on the inside. Large one bedroom and bath and an additional oversized room and bath with own private separate entrance on Brazil. Laminate floors, updated bathroom, and spacious living room/dining room combo.

Asking $499,000 at the time and perhaps banking on a bidding war. Subsequently reduced to $425,000. Then to $349,000. And then to $330,000. Bought back by the bank in January for $289,960 and now on the market and asking an unemotional $251,750.

It's funny what happens with real estate when emotions don't get in the way.

∙ Listing: 398 Vienna (1/2) - $251,750 [MLS]

Posted by socketadmin at 10:30 AM | Permalink | Comments (33) | (email story)

May 5, 2009

2404 Washington: Perhaps An Apple And An Anecdote To Be...

Purchased for $1,300,000 in September 2006, according to its latest listing this "AAA location" Pacific Heights two-bedroom condo has been "newly remodeled since" (kitchen, both bathrooms, hardwood floors). And now asking $1,275,000.

UPDATE: A plugged-in reader who toured the property in 2006 wonders if the listing language might be a bit hyperbolic (a notion the permit history appears to support). If so, consider this property a "prime" apple (and anecdote of other things) to be.

UPDATE (5/6): A few interior photos have been added to the listing.

And an update from our aforementioned reader:

It does look like they updated the floors to a different finish and made some subtle changes / updates throughout so I may have been a bit too harsh in my earlier comments. But these are updates / finishing touches, not totally remodeled.

∙ Listing: 2404 Washington (2/2) 1,337 sqft - $1,275,000 [MLS]

Posted by socketadmin at 11:00 AM | Permalink | Comments (22) | (email story)

The "Confidential" Resale Price For One Rincon Hill #2307

A recap for the resale of One Rincon Hill (425 1st Street) #2307:

Originally seeking $849,000 as a resale, the listing for One Rincon Hill #2307 was reduced down to $749,998 and then withdrawn from the MLS after 200+ days.

Returning to the MLS [73] days ago asking $699,000, the list price for the northeast corner and 819 square foot 425 1st Street #2307 was [then] reduced to $649,000.

The resale of 425 1st Street #2307 closed escrow on 4/17/09 with what appears to be a "confidential" sale price according to the MLS.

As a plugged-in reader comments, however, public records via the Chronicle report a sale price of $560,000 ($684 per square foot). And if tax records and the Chronicle are correct, that’s roughly 22% under what the seller had paid to the sales office ($873 per square).

∙ Trying To Catch The Market Over At One Rincon Hill (425 1st #2307) [SocketSite]
∙ One Rincon Hill (425 First Street): Secondary Market Stumbles [SocketSite]

Posted by socketadmin at 10:00 AM | Permalink | Comments (75) | (email story)

May 4, 2009

California Income Tax Revenue Drops 44% In April (Year-Over-Year)

"They just posted the [California Income Tax Tracker] results for April 30. For the full month of April, income tax receipts were $7.336B. For April 2008, the total was $12.995B. This is a 44% decline. The fiscal YTD is down 20%. I suspect that the April numbers reflect actual tax returns that show lower incomes and more refunds than April 2008. But it also must indicate that wages/incomes are dropping at an accelerating pace."

∙ California Personal Income Tax Daily Revenue Tracker [ca.gov]

Posted by socketadmin at 4:10 PM | Permalink | Comments (32) | (email story)

Stick ‘Em Where The Sun Don’t Shine (And Views Aren’t Obstructed)

The discussion of 465 Hoffman turns to the undergrounding of utilities in San Francisco, a movement that carries a cost to homeowners but pays dividends in the form of increased curb appeal, views and overall neighborhood vibe.

Progress in San Francisco as mapped above thanks to a plugged-in reader (blue = completed, red = under construction) and in a larger format online. And yes, the utility pole in front of 465 Hoffman still stands (at least for now) despite being rendered without.

∙ San Francisco Utility Undergrounding: Progress Map | Task Force [SFGov]
∙ 465 Hoffman: Architects Unveiling This Evening (And On The Market) [SocketSite]

Posted by socketadmin at 12:30 PM | Permalink | Comments (33) | (email story)

May 1, 2009

Prettier (Or Pettier) In Pink For 23 Presidio Terrace?

It’s a plugged-in reader that points it out (we even stole his headline). And while we don’t really have a story, it’s hard to believe there isn’t one behind the before (above) and after (below) for number 23 in the rather conservative enclave of Presidio Terrace.

It's time to spill it if you know the story. Oh, and on the market and asking $8,900,000.

∙ Listing: 23 Presidio Terrace (10/4) - $8,900,000 [MLS]
∙ Tainted Love Of Presidio Terrace [SocketSite]

Posted by socketadmin at 6:00 PM | Permalink | Comments (33) | (email story)

April 28, 2009

SocketSite’s S&P/Case-Shiller Bonus: San Francisco’s Thin Red Line

It’s a SocketSite bonus chart based on February’s S&P/Case-Shiller data for the San Francisco MSA and a chance to focus the discussion on analysis and numbers.

Plotted above, the percentage difference in index value compared to February 2009 for the top third of San Francisco MSA single-family home sales (by price) and all condominiums. Below the thin red line and the index on that date is "underwater" compared to February 2009, over and it’s above.

Once again, according to the Index single-family home values for the top third of the market in the San Francisco MSA have retreated to November 2003 levels having fallen 28% from a peak in August 2007. And Condo values in the San Francisco MSA have retreated to January 2004 levels having fallen 28.4% from an October 2005 high.

A closing thought to consider: according to a 2008 California Association of Realtors survey of 500 first-time home buyers in California, the average buyer planed on holding onto their purchase for just 43.6 months prior to selling.

∙ February S&P/Case-Shiller: San Francisco MSA Continues Slide [SocketSite]

Posted by socketadmin at 12:30 PM | Permalink | Comments (86) | (email story)

April 15, 2009

Simply Sold (And A Quick Recap): 313 Duncan

The sale of 313 Duncan closed escrow yesterday (4/14/09) with a reported contract price of $2,400,000. Once again, purchased as a much smaller "fixer" for $725,000 in 2004...

313 Duncan was completely transformed and expanded to 3,200 square feet of living space (including a new one-bedroom out back) with Owen Kennerly at the design helm.

Listed post-transformation for $2,850,000 in October of 2008, and then offered as a rental for $15,000 a month (including the one-bedroom) in December, the list price eventually worked its way down to $2,495,000 (and the asking rent to $9,500).

Keep in mind that 313 Duncan officially sold for 3.8% under asking according to industry statistics (and not 15.8% under its original list).

∙ Coming Soon: Victorians Gone Modern! (313 Duncan) [SocketSite]
∙ 313 Duncan: Before, After, And All Its Insides Now “Online” [SocketSite]
∙ 313 Duncan: Going The Rental Route (But Still Available For Sale) [SocketSite]
∙ A Modern Day Price Cut For A Modern Home: 313 Duncan Reduced [SocketSite]

Posted by socketadmin at 7:45 AM | Permalink | Comments (52) | (email story)

April 13, 2009

JustQuotes: East Bay Agents And Stagers Beware

"An unusual wave of burglaries has hit unoccupied houses for sale in this affluent 1.8-square-mile bedroom community in the hills east of Oakland, and it is testing the forced cheerfulness of real estate agents who are already reeling. Last weekend, two staged houses were burglarized in nearby Orinda, a wealthy suburb, robbed in the morning hours before planned afternoon open houses."

∙ Houses, Decked Out for a Sale, Are Burglarized [New York Times]

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

April 7, 2009

The Income Might Look Interesting But Don't Neglect The Principal(s)

We can’t vouch for the quality of the stated "$7,000" per month rent roll nor the legality of all three units (the listing notes "with permit" but then features only two meters), but from a cap rate perspective one can’t help but be intrigued by how the proffered numbers for 1270-1272 Fitzgerald Avenue (asking $699,950) appear on paper.

It’s a bit of caution, however, by way of the listing for 1636 Palou Avenue which features three vacant units and is currently asking $599,950. From the listing: "Identical building was sold for $1,100,000 3 years ago." No word on its rent roll at the time.

∙ Listing: 1270-1272 Fitzgerald Avenue (9/5) - $699,950 [MLS]
∙ Listing: 1636 Palou Avenue (9/4) - $599,950 [MLS]

Posted by socketadmin at 8:30 AM | Permalink | Comments (78) | (email story)

April 6, 2009

Mortgage Rates Are Down But Are The "Bad Ways" Picking Back Up?

From a plugged-in reader refinancing a home up in Portland:

We just signed on our refinance (4.625% for 1 point) and we were talking to a woman who worked at the title company and she said things are going right back to the old (bad) ways. People taking mortgages that over extend them financially, brokers pushing through anything they can. She said it is going straight back to how things were before and she wasn't happy about it.

Is it an "only in Oregon" or anomalous report?

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

April 3, 2009

Back In Black By Brown (And Not By Auction): 3731 Fillmore #2

It’s a plugged-in tipster that notes 3731 Fillmore Street #2 is back on the MLS. If the address sounds familiar it should. As we wrote in February:

Asking $699,000 when originally marketed by Brown & Co. but then re-listed, reduced and withdrawn at $549,000 last month, 3731 Fillmore Street #2 is back on the MLS with a "list price" of $295,888 (from the listing: "Must sell by tuesday, february 24th. Auctioned to the highest bidder at the property.”).

As you might recall the highest bidder came in at $410,000 but the seller declined to sell (apparently "must" means something else in listing land). So it’s once again listed by Brown & Co. and back to asking $549,000.

As previously noted, 3731 Fillmore #6 sold for $710,000 in October of 2008 and four other units remain availble in the six-unit building.

∙ Listing: 3731 Fillmore Street #2 (1/1) - $549,000 (TIC) [MLS]
∙ Now Up For Auction In The Marina (And Originally Asking $699,000) [SocketSite]
∙ A Plugged-In Reader Calls Shenanigans And Sets The Record Straight [SocketSite]

Posted by socketadmin at 3:45 PM | Permalink | Comments (33) | (email story)

April 2, 2009

74 New Montgomery: Half Sold (And Still Buying Some Agent Love)

From a plugged-in tipster living at 74 New Montgomery:

[I] attended an HOA meeting [at The Montgomery] last night and the developers announced they had sold 55 units (out of 107) and that 13 have gone into escrow since the recent price decrease...so the price drops did a pretty good job stimulating interest, nearly 20% bump in sales in a very short time.

From the sales office via another:

As you know, The Montgomery is the only development in San Francisco to offer all brokers a generous 4.5% commission. To further show our appreciation, we are pleased to announce the extension of this unsurpassed offer. The Montgomery's 4.5% broker commission now expires on May 31, 2009*.

And an editorial comment from said another as well:

This demonstrates one of the continuing pervasive problems that contributes to the real estate problem...Instead of decreasing prices, some developers think they can drive traffic by raising broker fees, but this just wastes more cash by diverting it to unproductive hands.

The recent sales results are likely a combination of the two (price cuts and commission). And perhaps some hands do become more productive when "generously" motivated than one might think (or hope).

∙ A Plugged-In Reader’s Perspective On The Montgomery And Its Cuts [SocketSite]

Posted by socketadmin at 9:10 AM | Permalink | Comments (66) | (email story)

March 30, 2009

Apples To Apples (But Likely No Longer 5% Down): 4174 26th Street

On April 13, 2004 4174 26th Street in the heart of Noe Valley sold for $829,000. The buyer put 25% down. Two years later it sold for $995,000. The buyer put 5% down.

A few months later the property appears to have changed hands between family members, and in October of 2006 the property was refinanced with two loans totaling $1,029,750. It appears that the property was taken back by the bank two months ago, and three weeks ago it was sold to a couple of agents. It's now on the market and asking $799,000.

There’s no doubt this property has its challenges (including a lack of parking). And perhaps this is the only house in Noe Valley that was purchased with 5% or less down (but we wouldn’t bet on it). Regardless, it was a legitimate comp for other sales in 2004 and 2006, all of which went on to become comps of their own. And so on. And so forth.

So what happens now if the imperfect comp upon which the values of other more perfect homes were based now sells for 20% less?

∙ Listing: 4174 26th Street (2/2) - $799,000 [MLS]

Posted by socketadmin at 4:00 PM | Permalink | Comments (112) | (email story)

March 27, 2009

JustQuotes: Let's Be Careful Out There People

"Rescue scams are springing up across the U.S., says California Deputy Attorney General Angela Rosenau, exacerbating a housing crisis in its third year. The predators are persuading troubled borrowers they can intervene with their lenders and negotiate lower payments on their mortgages, law enforcement officials say. Instead, the players, often out-of-work real estate professionals who peddled subprime mortgages during the boom, pocket hundreds of thousands of dollars in advance fees and disappear or bleed their victims by charging monthly payments."

∙ Subprime Swindlers Reconnect to Homeowners in Foreclosure Scams [Bloomberg]

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

March 26, 2009

The Side Story (Quite Literally) For 2306 Broadway: 2310 Next Door

As a seriously plugged-in (and seemingly omniscient) reader notes, the sellers of 2306 Broadway aren’t moving far. From a tipster:

[The sellers of 2306 Broadway] bought the house next door to the left [2310 Broadway] for 9 million-ish, tore down everything but the façade, and rebuilt the house from scratch.

Cheers.

∙ Coming Soon And An Überprime Data Point To Be: 2306 Broadway [SocketSite]

Posted by socketadmin at 7:00 AM | Permalink | Comments (10) | (email story)

March 24, 2009

Mission Accomplished: 1005 Duncan Closes For Over Asking

As a reader wrote about 1005 Duncan two months ago:

We looked at this house in '07 and seriously considered putting in a bid, but the agents told us that there were 7 other interested parties and we just weren't interested in putting up a fight….They allegedly got six bids on the offer date, but they declined to sell because they were looking for something over asking [of $1,238,000 at the time].

Renovated and returned to the market in 2008 asking $1,239,000, and then relisted in 2009 for $1,150,000, the sale of 1005 Duncan closed escrow today with a reported contract price of $1,200,000. That's an official 4% "over asking" and "60" days on the market.

Mission accomplished?

∙ Duncan Chic (No, Not Sheik): An Eichler Up In Diamond Heights [SocketSite]
∙ Not Exactly A Slam Duncan: 1005 Duncan Returns (This Time Reduced) [SocketSite]

Posted by socketadmin at 1:00 PM | Permalink | Comments (97) | (email story)

March 23, 2009

Another Ex-Decorator Showcase Is Officially Listed: 2500 Divisadero

From coming soon in February to on the market today, with the listing of 2500 Divisadero at $10,000,000 over half a decade of San Francisco's most recent Decorator Showcase homes are officially up for sale.

Designed by Angus McSweeney and built in 1934, the Tudor was remodeled in 1999 to become a San Francisco Decorator Showcase home, and then again in 2005/2006.

A major renovation for the 1999 Decorator Showcase transformed this residence into more livable space when, among other things, the ceiling of the top floor was opened up and a major staircase was added. Under this same ownership the residence underwent an additional 2005/2006 renovation when all windows in the home were replaced, the kitchen wing was completely remodeled with a guest apartment added on the lower level, radiant heat was installed in the foyer and hallway.

Purchased pre-remodel(s) for $3,825,000 in November of 1998, highlights include the five bedrooms (not including the apartment), a home theater, "Gentleman's Bar" and library.

∙ Listing: 2500 Divisadero (6/5) 8,671 sqft - $10,000,000 [MLS] [sffinehomes.com]
∙ Decorator Showcase Miss 2000 Officially Hits The Market On Broadway [SocketSite]

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

An "Official" 1.7% Under Asking (But 41% Below 2008 Expectations)

Listed for $4,299,000 in October of 2008, the sale of 4552 19th Street closed escrow this past Friday (3/20/09) with a reported contract price of $2,550,000. That’s $636 per square foot for this completely remodeled and renovated Eureka Valley home.

Keep in mind that the sale will "officially" be recorded as 1.7% under asking (versus 41% under original list) in industry reports and statistics as its last list price was $2,595,000. And that a reported six offers still resulted in an under asking close.

∙ 4552 19th Street Joins The High-End Half-Million Dollar Cut Club [SocketSite]
∙ 4552 19th Street Joins The High-End Half Million Dollar Cut Club [SocketSite]

Posted by socketadmin at 12:30 PM | Permalink | Comments (51) | (email story)

March 16, 2009

The SocketSite Reality Check For CBS’s Infamous "42 Offer" Home

While we’ve already debunked the CBS report that a recent uptick in home sales activity is a sign of a "serious real estate rebound" in San Francisco (we’ll call it seasonality and note that San Francisco sales activity continues to fall on a year-over-year basis), we now turn our attention to their infamous "42 offer" home.

Presented by CBS and their cast of "real estate experts" as another "hard fact" to back their report of a rebounding San Francisco real estate market (also touted as a "mini-boom"), we dug up some of our own facts on the Excelsior home. The address is 555 Edinburgh and it was listed for sale at $459,000.

At a reported 1,250 square feet (plus a full basement “with room to expand”) that’s a list price of $367 per square foot. At the same time, according to PropertyShark the median price per square foot for 2009 home sales in 555 Edinburgh’s zip code (94112) currently weighs in at $426. In 2008 the median sales price per square foot was $490, in 2007 it was $542, and in 2006 it was $580.

In other words, 555 Edinburgh was listed at 14% under the 2009 median, 25% below the 2008 median, 32% below the 2007 median, and 37% below the 2006 median. In fact, it was priced right around the 2002 median ($372 per square foot). Even a sale at $100,000 over asking suggests a closing price around the 2004 median ($450 per square foot).

Were the 42 offers on 555 Edinburgh a sign of a "serious real estate rebound" in San Francisco? Once again we’ll say no, it was commentary on pricing. And it's frightening that any industry expert would suggest otherwise.

∙ Listing: 555 Edinburgh (2/1) 1,250 sqft - $459,000 (pending) [MLS]
∙ SocketSite Sees Seasonality (Versus Signs Of A Rebound) [SocketSite]
∙ SocketSite's San Francisco Listed Housing Update: 3/16/09 [SocketSite]

Posted by socketadmin at 4:30 PM | Permalink | Comments (80) | (email story)

March 13, 2009

There Can Only Be One…Broker’s Tour For 1931 Lyon

From the listing for 1931 Lyon (which doesn't appear to be identified by address on the MLS): "We will be holding one, and only one, broker's tour on tuesday march 17th from 10:00-12:00, and then by appointment only from then on." We’ll keep you plugged-in.

∙ Listing: 1931 Lyon (3/2.5) - $2,450,000 [MLS]

Posted by socketadmin at 9:00 AM | Permalink | Comments (23) | (email story)

March 11, 2009

The "Resourceful" Demolition Of A Historic Resource? (1268 Lombard)

From the Chronicle with regard to the pending demolition of 1268 Lombard:

Over preservationists' protests, city officials are poised to approve demolition of one of San Francisco's oldest buildings - a two-story, wood-frame Russian Hill cottage built in 1861. The city attorney's office, meanwhile, has opened an investigation into whether the owner willfully neglected the building at 1268 Lombard St. to skirt rules intended to protect historic structures.

"It looks to me like this was allowed to deteriorate so they don't have to deal with routine rules, so they [get] to have an emergency demolition and tear down the building and have a vacant lot, which in San Francisco is the most valuable thing you can have," [Building Inspection Commission member Debra Walker said].

Valuable as long as one can secure permits to build. And in this case, we’d hate to be the ones applying.

UPDATE: The recent ownership trail from a plugged-in reader:

Property was recently owned by MJSF Investments, LLC and was transferred to 1268 Lombard Street, LLC. MJ is registered to Marge Vincent at 2501 Mission Street, a Vanguard Properties office. Current entity, 1268, is registered to James Nunemacher at 1841 Market Street.

James Nunemacher is the CEO Vanguard Properties.

∙ S.F. cottage built in 1861 may be razed [SFGate]

Posted by socketadmin at 7:30 AM | Permalink | Comments (57) | (email story)

March 9, 2009

210 Steiner: Slightly Under "List" (But A Bit More Below Expectations)

Originally listed for $1,449,000 in September of 2008, the renovated 210 Steiner returned to the market with a new listing in January asking $1,175,000.

The sale closed escrow on 3/6/09 with a reported contract price of $1,125,000. That's an "official" 4% under list, but closer to 22% under their initial asking back in 2008.

∙ She’s A Little Bit Victorian...And A Little Bit Modern As Well [SocketSite]

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

March 5, 2009

Can’t Sell? Raffle! 1240 5th Avenue: The "San Francisco Dream House"

On the market for $2,389,000 this past September, reduced $2,280,000 in November, and then withdrawn without a sale, the newly constructed duplex at 1240 5th Avenue is now being billed and raffled as the "San Francisco Dream House."

From the Dream House site (with photos, floor plans, and details):

The San Francisco Dream House Raffle is a large fundraiser. The raffle aims to raise funds for Yerba Buena Center for the Arts in its continuing effort to support the arts in San Francisco. In addition to supporting YBCA, the raffle will be giving away over 370 prizes, of which the grand prize is a $2.4 million San Francisco dream home or $1.8 million in cash.

We can’t argue with the Yerba Buena cause, but the market might argue with that "$2.4 million" valuation. And no word on any arguments over what was there before:

UPDATE: Now about what's really not there right now...

∙ San Francisco Dream Home (1240 5th Avenue) [sfraffle.com]

Posted by socketadmin at 1:45 PM | Permalink | Comments (54) | (email story)

JustQuotes: Now About That Ferrari Index For San Francisco...

“Conventional wisdom has it that premium manufacturers do better in a downturn because people with more money can weather the storm,” said Michael Tyndall, an automotive specialist with Nomura in London. “This time it’s different.”

UPDATE: A plugged-in reader reports:

I saw a report from BMW North America that shows 7-series sales at 23 cars for Jan 09 versus 710 for Jan 08 (a 97% decline). The Z4 sold 45 in Jan 09 v 363 in Jan 08. Overall, BMW was off "only" 21% for Jan 09 v Jan 08 - however, the overall Feb sales are reported down by 32%.

Then again, who drives a BMW in San Francisco...

∙ Rolls-Royce, Ferrari Suffer as Slump Reaches New Rich [Bloomberg]

Posted by socketadmin at 10:00 AM | Permalink | Comments (31) | (email story)

Cognitive Listing Dissonance At The Watermark (501 Beale #14D)

Originally listed as a Watermark resale for $1,585,000 last July, from a listing later last year: “Views Galore 501 Beale #14D Offered at $1,499,000 Extraordinary price reduction!”

From a listing after that: “Buyers and Agents, now is the time to take advantage of this price!” Asking $1,399,000 at the time.

From the listing today: “Great Opportunity!! Take advantage of HUGE PRICE REDUCTIONs and 1 yr. HOA concession. Motivated sellers!!” Now asking $1,365,000.

And from public records: purchased for $1,303,500 in September of 2006 (not including any incentives). Cognitive listing dissonance (TM) is the first thing that comes to mind.

∙ Listing: 501 Beale #14D (2/2) - $1,365,000 [MLS]

Posted by socketadmin at 9:00 AM | Permalink | Comments (42) | (email story)

March 3, 2009

Note To Daly (And Others): Let The Market Take Care Of Itself

From the City Insider:

Supervisor Chris Daly plans to introduce a series of new laws that's intended to help renters during these tough economic times -- a proposal that is likely to anger landlords.

The proposals include the suspension of any rent increases that would cause a tenant's rent to exceed one-third of their income; expansion of the rights of tenants who want to add roommates to help pay their rent; and limiting the amount of "banked" rent increases -- where annual rent increases allowed under city laws are saved up and then imposed at one time -- to 8 percent.

Our note to Daly (and others): stop introducing externalities and let the market take care of itself. If you let it, it will.

∙ Help for SF renters could be on the way [SFGate]
∙ San Francisco Rental Market Weakness: SocketSite Readers Report [SocketSite]

Posted by socketadmin at 3:15 PM | Permalink | Comments (57) | (email story)

February 25, 2009

A Plugged-In Reader Calls Shenanigans And Sets The Record Straight

From a plugged-in agent with regard to the auction of 3731 Fillmore #2:

I had clients who were interested in showing up to the auction today, but who could not pull it together by this afternoon. Good thing we did not waste our time! Read on...

I have been going back-and-forth with the listing agent/auctioneer over the past few days. I also exchanged e-mails with the previous listing agents at Brown & Co. Turns out that this is just a decision that the Seller made in an effort to [sell it fast].

Well, it turns out after all that there was a confidential "reserve price" (i.e., minimum accepted bid price) set by the Seller, which the auctioneer was aware of, of course.

Apparently this price was $550k and tons of people showed up today but nobody went up that high, and therefore nobody walked away owning 1/6 of this building today w/the exclusive right to occupy #2 or any unit for that matter.

The listing agent told me this morning prior to the auction that the other 4 vacant units may very well go up for auction today as well if things went in the right direction; but OF COURSE nobody wanted to offer anything above $550k. Duhhh! [Editor's Note: As you might recall 3731 Fillmore #2 failed to sell for $549,000 when last listed on the MLS.]

I told the listing agent to let me know when his Seller gets back in touch with reality and the current economy/market. What a frickin...waste of time!

Our apologies for any unwitting role we played. That being said, we now have another data point: a high bid of $410,000. Now about all that "pent-up demand"…

∙ Now Up For Auction In The Marina (And Originally Asking $699,000) [SocketSite]

Posted by socketadmin at 6:00 AM | Permalink | Comments (69) | (email story)

February 24, 2009

Hearst Close To Calling It Quits With The San Francisco Chronicle?

From the San Francisco Chronicle itself:

The Hearst Corp. today announced an effort to reverse the deepening operating losses of its San Francisco Chronicle by seeking near-term cost savings that would include "significant" cuts to both union and non-union staff.

In a posted statement, Hearst said if the savings cannot be accomplished "quickly" the company will seek a buyer, and if none comes forward, it will close the Chronicle. The Chronicle lost more than $50 million in 2008 and is on a pace to lose more than that this year, Hearst said.

And yes, we almost quoted Bloomberg instead. Now about those 3.9 acres of Mid-Market/SoMa land (not to mention readers' designs)...

∙ Hearst seeks changes at Chronicle [SFGate]
∙ A Huge (Potential) Development For The Mid-Market/SoMa 'Hood [SocketSite]
∙ We’re Only Surprised Nobody Has Gone With The Gherkin [SocketSite]

Posted by socketadmin at 3:25 PM | Permalink | Comments (68) | (email story)

An Appreciation (Just Not "Appreciation" Per Se) For 2668 Vallejo

After last being listed for $6,350,000 in 2007 (and sold), 2668 Vallejo is back on the market for $8,500,000. Think renovation more than appreciation over the past two years.

According to permits, the basement was partially excavated and first turned into living space and then later converted into a two-car garage (complete with new curb cut). A wine cellar and workshop were added, bathrooms were spruced up, and the foundation was partially replaced.

More recently a three level addition on the back, a new roof deck up top, a media room extension down below, and a kitchen and master suite renovation inside were all kicked-off with an anticipated completion date of June 2009 ("an opportunity for the sophisticated buyer to select their finishes" in listing speak).

And while a sale for anything over $6,350,000 is sure to be counted and misreported by some (or some reports) as "appreciation," we trust that any plugged-in person would know it’s not. Regardless, we do appreciate the home.

∙ Listing: 2668 Vallejo (4/5) - $8,500,000 [ninahatvany.com]

Posted by socketadmin at 12:00 PM | Permalink | Comments (14) | (email story)

February 23, 2009

Grand Opening Liquidation Sale: Signs Of The Times And SF Freeze?

A plugged-in tipster captures the seemingly oxymoronic "Grand Opening Liquidation Sale" sign adorning Bamboo Colony at the base of Potrero Hill. The tipster’s succinct subject line: “It's gonna be a deeeep freeze” [in San Francisco].

UPDATE: A plugged-in reader sets the record straight:

This is just a marketing gimmick. I live close by and I have gone to that store a few times (they carry some decent stuff) and asked about the sign and if they are closing shops. They aren't. They have been opened for a couple of months and they keep getting more furniture every time I go in. The sign has always been there.

As such we're scratching our "signs of the times" designation, but standing behind our tipster's first thought.

Posted by socketadmin at 8:45 AM | Permalink | Comments (30) | (email story)

February 20, 2009

An Interpretative TARP Photo Montage For A Rather Rough Friday

A plugged-in tipster forwards a photo montage currently making the rounds on Wall Street and simply entitled "TARP."

Posted by socketadmin at 11:15 AM | Permalink | Comments (22) | (email story)

February 13, 2009

An "Exciting New Price" (And Club Initiation) For 3577 Pacific Avenue

Touting an “Exciting new price!” of $5,995,000, the newly renovated 3577 Pacific Ave has just joined our quickly growing high-end million dollar cut club.

That’s assuming you count the three days at which it was originally listed for $7,700,000 (now 22% lower). If not, it’s now only $955,000 (14%) under its last price of $6,950,000.

UPDATE: And from a plugged-in reader, the full floor plan monty (pdf).

∙ Listing: 3577 Pacific Avenue (6/4) - $5,995,000 [MLS]
∙ 4552 19th Street Joins The High-End Half Million Dollar Cut Club [SocketSite]
∙ 3577 Pacific: Inside Its Newly Contemporary Soul (And Market's Mind) [SocketSite]

Posted by socketadmin at 10:30 AM | Permalink | Comments (23) | (email story)

If Nothing Else It Should Continue To Distort Those Foreclosure Stats

"Citigroup Inc., JPMorgan Chase & Co. and Morgan Stanley agreed to suspend foreclosures until next month and signaled a readiness to help the Obama administration craft a housing plan to modify mortgages for troubled borrowers."

∙ Citigroup, JPMorgan, Morgan Stanley Halt Foreclosures [Bloomberg]

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

February 11, 2009

Homeowners In The West "Now Nine Percent Less Delusional!"

While we don’t buy into Zillow’s analytics as accurate measures of any reality (or realty), we can’t argue with the results of their surveys on perception. A recap of their second-quarter 2008 survey of homeowners in the West:

My Home's Value Has Increased Over Past Year: 28%
My Home's Value Has Decreased Over Past Year: 56%
My Home's Value Has Stayed the Same Over Past Year: 16%

And from the fourth-quarter:

My Home's Value Has Increased Over Past Year: 19% (-9% from Q2)
My Home's Value Has Decreased Over Past Year: 70% (+14% from Q2)
My Home's Value Has Stayed the Same Over Past Year: 11% (-5% from Q2)

∙ Perhaps An Apple A Day Would Keep Their Delusions Away... [SocketSite]
∙ Zillow Homeowner Confidence Survey: Q4 2008 [Zillow]
∙ Luckily The Sellers Weren't Looking At Their "Zestimate" [SocketSite]

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

4356 25th Street: No, It Hasn’t Closed Escrow But In Contract It Is

As a general rule we don’t point out properties we’ve previously featured until they’ve actually closed escrow. But we did take some heat for suggesting that 4356 25th Street could quickly go into contract (and to see it while you could). And well, in contract it is.

Of course we’ll let you know if it falls out of escrow (and you’ll have another chance to peruse), or as always, when it closes (and for how much).

∙ 4356 25th: A Modern Mid-Century Modern AIA Home Tour Home [SocketSite]

Posted by socketadmin at 2:00 AM | Permalink | Comments (11) | (email story)

February 10, 2009

JustQuotes: A San Francisco Reader Takes A Cue From The Banks

"Well I've taken a lesson from the banks and started hording my cash. I had paid off $10k on my HELOC over the two years I've had my condo but last week I took it back. Now the only thing I have at risk in my place is the 5% down…"

∙ JPMorgan Chase’s Jumbo Mortgage Performance And Default Forecast [SocketSite]

Posted by socketadmin at 9:00 AM | Permalink | Comments (48) | (email story)

February 4, 2009

SocketSite Reader’s Report: An Old Infinity Lockup Glitch?

As always, reader’s comments with regard to contracts, legal matters and investments should always be seen as a potential starting point for a conversation with a qualified professional rather than as answers or advice. That being said, it’s a plugged-in reader that catches a potential lockup glitch in old Infinity contracts:

Regarding resale lockup and first right of refusal, there was a glitch in the contract that wasn't caught until mid-2008. The sale lockup & builders 1st right of refusal is only 1 year COMBINED...not 1 year each. I know, because I caught the glitch.

The builder told everyone that it was 2 years (1 year for each) but admitted I was right. So everyone who signed a contract prior to mid-2008 actually only has a 1-year combined lockup & first right of refusal period... not 2 years. Although, I suspect none of them know it...until now.

∙ Infinity Tower Two: "Starting From The Mid $500,000s" This Weekend [SocketSite]

Posted by socketadmin at 1:30 AM | Permalink | Comments (36) | (email story)

Exposed Brick, Trusses, And Sales Price: 400 Spear Street #205

Asking just over $600 a square foot when we featured it in December ($875,000), Harbor Lofts (400 Spear) #205 closed escrow for a reported $588 a square foot ($845,000) two days ago (leased parking and all).

∙ Exposed Brick And Trusses (And Big Window To Expose Yourself) [SocketSite]
∙ Harbor Lofts (400 Spear): San Francisco Warehouse Conversion [SocketSite]

Posted by socketadmin at 1:00 AM | Permalink | Comments (7) | (email story)

January 29, 2009

JustQuotes: Damn Those Bad News Bloomberg “Bears”

“Prospects for an economic recovery this year dimmed after reports today showed new-home sales collapsed, durable-goods orders slumped and a record number of Americans collected unemployment benefits.” Huh.

∙ U.S. Economy: Sales of New Homes, Durable Goods Orders Tumble [Bloomberg]
∙ SocketSite’s Residential Real Estate Outlook For 2009 [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (26) | (email story)

January 26, 2009

123 Laidley: Same Sales Flair Now Available For Rent (And Analysis)

As a plugged-in reader points out, the Jeremy Kotas re-designed 123 Laidley has gone the rental route. Now asking a "PRICE REDUCED" $5,550 per month.

And now that we have an idea of potential income (or at least a ceiling), it’s interesting context for both the sale in 2003 ($1,042,500) as well as this past October's asking price ($1,700,000).

∙ $5550 / 4br - PRICE REDUCED Stunning One-of-a-Kind Home in Noe Valley [Craigslist]
∙ 123 Laidley (To Which Jeremy Kotas Added A Bit Of Height And Flair) [SocketSite]

Posted by socketadmin at 6:45 PM | Permalink | Comments (25) | (email story)

The Answer: To Comp (555 4th Street #521 Closes Escrow)

The sale of unit #521 at the Palms (555 4th Street) has closed escrow with a reported contract price of $690,000 (with all appliances intact). As we wrote in December:

In August the sale of unit #421 at The Palms (555 4th Street) closed escrow with a reported contract price or $700,000, purchased for $789,000 in 2006. The sale was "subject to lender’s approval," however, so perhaps not a "real" comp.

Then again, as a plugged-in tipster notes 555 4th Street #521 has been on the market for seven months and the price reduced five times. Now asking $699,000 after a month at $749,000, and once again, purchased for $789,000 in 2006.

We’re going with "to comp."

∙ To Comp Or Not To Comp, Perhaps We Have An Answer [SocketSite]

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

January 23, 2009

JustQuotes: Did We Say Rumor? (And Plugged-In Traffic Picks Up)

“[Millennium Partners Managing Director Richard Baumert] said traffic through the sales office has picked up since Sunday when the real estate web site Socketsite reported the rumor that price reductions were imminent.”

∙ Condo price cuts reach top tier at Millennium [San Francisco Business Times]
∙ The SocketSite Scoop: Millennium Cuts Prices 15% Across The Board [SocketSite]

Posted by socketadmin at 4:30 PM | Permalink | Comments (12) | (email story)

It’s Not Quite 2004, But It’s Really Not 2008. Or 2007. Or 2006…

We’re not so sure "phatty" would agree, but perhaps it’s best he didn’t have that extra three million lying around last May when 650 2nd Street #502 hit the market asking $3,215,000. It’s back on the market today seeking $2,750,000. And yes, it's a sweet pad.

Once again, five bedrooms, four baths, three parking spaces, two dishwashers and one big span (60 feet) of industrial windows. And as Garrett notes, purchased for $2.3M in 2004.

∙ Listing: 650 2nd Street #502 (5/4) - $2,750,000 [MLS]
∙ The Full Count(Down) For Number Five Hundred And Two On Second [SocketSite]

Posted by socketadmin at 11:00 AM | Permalink | Comments (20) | (email story)

January 22, 2009

It's Bigger Than Google But Not A Bad Starting Point (And Relevant)

The biotech discussion was too far along to parse it from the rest of the Palms discussion, but we will redirect a reader's no comment comment about Google:

No comments about Google today? Weird. It seems that for every company on the ropes there is at least one that is doing ok. How did they do it? Can they continue?

Also appears that a lot of companies in the valley, like Google, are taking steps to actually retain employees instead of shed them (option repricing). Although that usually resets the vesting period it can still do a lot for morale. Thoughts?

∙ A SoMa/Palms Wake Up Call (And Apple): 555 4th Street #401 [SocketSite]
∙ Google Profit Tops Estimates as Web-Ad Sales Rise [Bloomberg]
∙ The Google Chart Of The Day (And A Bit More Foreshadowing) [SocketSite]

Posted by socketadmin at 2:40 PM | Permalink | Comments (51) | (email story)

A SoMa/Palms Wake Up Call (And Apple): 555 4th Street #401

From a reader’s comment on our topic of the Palms (555 4th Street) in July:

So now there are a fair number of 2/2's in Soma for the 600's. Wake me up when we hit the 500's.

Last week 555 4th Street #401 closed escrow with a reported contract price of $599,900 (that's "high $500’s" in sales speak). A 938 square foot two-bedroom/bath condo with parking at the Palms, unit #401 was purchased in October of 2006 for $779,000, returned to the market a year later seeking $850,000, and was asking $674,900 when it closed [see UPDATE below].

That's an apples to apples drop in value of 23% over the past two and one-quarter years, or average annual depreciation of 11%. Are we awake?

UPDATE: Additional color from a plugged-in reader:

FYI, this unit was indeed an REO. Did anyone see it? I did. The guy that was foreclosed on freaked out, ripped out all the kitchen appliances and sold them on craigslist. Nice Bosch appliances, pick 'em up cheap! At $599,900 the unit was actually a pretty good deal, however if the buyer had waited it out a bit I'm sure it would have come down some more. The price had actually been reduced to $599,900, so it sold at asking.

The line from the listing: "Need minor cosmetic works." (Misplaced "s" theirs not ours.)

∙ The Palms (555 4th St.): Secondary Market Slowdown And Short Sale [SocketSite]
∙ The Palms Finds More Inventory And A Resale Hits The Market [SocketSite]

Posted by socketadmin at 5:00 AM | Permalink | Comments (55) | (email story)

January 21, 2009

No Reserve, No Kidding (But Perhaps A Shock): 1357 9th Avenue Sells

From the October listing for 1357 9th Avenue #2:

Auctioned to highest bidder…Starting Bid is $288,000…Fantastic location in the heart of Inner Sunset a few steps to restaurants, cafes, shops, BART and more…Nice renovated 1 bedroom TIC in 6 unit bld…One garage space included.

From the MLS: closed escrow on 1/19/09 with a reported contract price of $278,000. So much for that starting bid (and expectations for an old fashioned bidding war).

∙ Up For Auction With No Reserve! (But A Starting Bid Of $288,000) [SocketSite]

Posted by socketadmin at 7:30 AM | Permalink | Comments (12) | (email story)

January 16, 2009

She’s A Little Bit Victorian...And A Little Bit Modern As Well

A colorful Victorian façade with not only bit of original flair but a modern streak as well.

And sorry, but it's not deeded parking but rather a leased parking spot that's “pre-paid" until November of 2009. It's time to dust off our old parking space pet peeve post...

∙ Listing: 210 Steiner (3/2) - $1,175,000 [MLS]
∙ A Parking Space (And MLS) Pet Peeve [SocketSite]

Posted by socketadmin at 1:45 PM | Permalink | Comments (60) | (email story)

January 13, 2009

The Un-Luck Of The Irish (And A Quote For Here At Home)

Yes, we’re well aware that San Francisco is not in Ireland (although we are home to many an Irish builder or craftsman), but the following quote couldn’t help but catch our fancy: “It has taken us 10 years to get into this situation – it will in all likelihood take us 10 years to get out of it.”

Quite simply, then real estate market tends to move in long cycles. And anybody who thinks that we have already weathered the current real estate storm in San Francisco is not only out of touch with history, but also reality.

∙ Warning that house prices may fall by 80% [The Irish Times]

Posted by socketadmin at 2:45 PM | Permalink | Comments (27) | (email story)

January 12, 2009

A Summit Sale Below A Reader's Target: 4121 Cesar Chavez #4

It was seven months ago a plugged-in reader Laura suggested an $800 per square foot target for the new Noe Condominiums known as The Summit at 4121 Cesar Chavez which were asking over $1,000 per square foot at the time (and subsequently reduced).

Last Thursday (1/8/09) 4121 Cesar Chavez #4 closed escrow with a reported contract price of $950,000. At 1,274 square feet that’s $746 per square foot for number four. No word on whether or not it was Laura (or another similarly plugged-in reader) who made the purchase, but don’t forget those housewarming invitations if so.

∙ Coming Soon: The Six Unit Summit In Noe Valley (4121 Cesar Chavez) [SocketSite]
∙ It Gets A Little Easier To Reach The Summit (4121 Cesar Chavez) [SocketSite]

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

Pro Forma Problems: Find Commercial, Replace With Residential?

From J.K. Dineen at the San Francisco Business Times:

Downtown San Francisco’s weakest year for commercial real estate since 2001 ended with a whimper, with the central business district losing another 1.3 million square feet of occupied space in the fourth quarter of 2008.

For the year, San Francisco’s “negative absorption” — the sum of both space vacated and empty new square footage coming on line — topped 2 million square feet, according to end of the year reports from CB Richard Ellis.

The deluge of newly available office space drove taking rents — the amount that tenants actually pay for space they agree to occupy — down by almost 25 percent, according to an analysis Colliers International did of 93 leases completed in the fourth quarter. The gap between what office landlords are asking and what tenants are willing to pay is widening, according to James Bennett of GVA Kidder Mathews.

“You have a lot of newcomers to the market who bought buildings at astronomical prices who are now having to stomach the fact that their pro forma rents are not going to materialize,” said Bennett. “It will be interesting to see how those owners respond to the down market.”

We're still talking commercial, right?

∙ S.F. tenants pour more space onto market [San Francisco Business Times]

Posted by socketadmin at 4:00 AM | Permalink | Comments (11) | (email story)

January 8, 2009

A Floor Higher And $350,000 Less At 333 Bush, Damn Those Neighbors

Of course it’s entirely possible the listing for 333 Bush Street #3701 was intended as a red herring when priced at $1,600,000, then again that was four months ago and the asking price has subsequently been reduced to $1,500,000. Or perhaps 333 Bush Street #3801 really is “priced to sell” at $1,150,000. Only time (and SocketSite) will tell.

In either case, same agent, different expectations (or at least approach), and damn those price setting neighbors. Oh, and 333 Bush Street #4004 which is slightly larger (1,382 square feet versus 1,320) closed escrow on December 1 with a reported contract price of $1,150,000. Just another data point.

∙ Listing: 333 Bush #3701 (2/2) - $1,500,000 [MLS]
∙ Listing: 333 Bush #3801 (2/2) - $1,150,000 [MLS]

Posted by socketadmin at 7:00 AM | Permalink | Comments (69) | (email story)

January 7, 2009

San Francisco’s “2008 Luxury Tour” Scorecard To Date: No Sales

From ABC's Nightline last night: "Herding the ‘White Elephants': A look at how hard unloading a mega-mansion has become in today’s economy." Shockers. At least to those who aren't plugged-in...

Posted by socketadmin at 7:15 AM | Permalink | Comments (58) | (email story)

January 6, 2009

A Six And One-Half Year District 5 Single-Family Apple On The Tree

Sporting a bit of a sweet deco vibe in the living room, 444 Douglas is back on the market and asking $1,295,000. Purchased for $1,100,000 in August of 2002, a sale at asking would represent average annual appreciation of 2.6% over the past six and one-half bull market years for this solid single-family home in San Francisco's real estate District 5.

And while the sale for $1,100,000 in 2002 closed just 13 months after purchasing the property for $860,000 in 2001, do keeping mind that a bathroom was remodeled, rooms were renovated, and the foundation was bolted in between. But once again, we can't recall anybody discussing the measured appreciation over such short holding periods as being anything but representative of the market at the time (as it was and still is).

∙ Listing: 444 Douglass (3/2.5) - $1,295,000 [MLS]

Posted by socketadmin at 6:30 AM | Permalink | Comments (70) | (email story)

December 23, 2008

Rent Kirk Hammett’s Mansion For $1,555 A Month (Split Nine Ways)

Last listed for sale at $9,500,000 before being withdrawn, Kirk Hammett’s recently remodeled mansion atop Pacific Heights (2505 Divisadero) is now being offered for rent at $14,000 a month. Yes, that’s only $1,550 per bedroom (there are nine).

And while that application from you and eight of your buddies probably won’t make it past the screen, we’re calling it a rental bargain. Not only relative to 313 Duncan or either of those high-rise condos, but honestly based on the math.

UPDATE: As noted, within an hour of our publicizing the craigslist post for 2505 Divisadero was "deleted by its author."

∙ The Monster Meets A Magnetic Death? (2505 Divisadero Withdrawn) [SocketSite]
∙ This Isn't Exactly How Mr. Hammett Used To Roll (2505 Divisadero) [SocketSite]
∙ $14000 Pacific Heights Georgian Mansion [Craigslist]
∙ 313 Duncan: Going The Rental Route (But Still Available For Sale) [SocketSite]
∙ The Relative Value Of Two High-Rise Rentals Around $12,000 A Month [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (42) | (email story)

December 22, 2008

Some "Older Folks" (His Words, Not Ours) Perspective On The Market

Some excerpted perspective from an older experienced plugged-in reader:

Us older folks (48 years myself) have seen this all before. I sold my second home in Santa Monica in 1990 which at that time had the same bubble energy of late 2006 here. I had 6 offers within 48 hours, almost all over listing price, which was 25% more than any other similar home sold for in my neighborhood that year.

Back then L.A. was going through a bubble that reminds me very much of what we see here. The buyer had to hold on until 2000 to be able to finally sell it for what he originally purchased the home for, not more. This was a nice area, north of Montana, with many media stars living nearby and listed architectural gems by noted architects such as Neutra, Wallace Neff, Gordon Kaufman, etc., including at that time the bizarre residence of Frank Gehry. This was the "real Santa Monica".

10 years is a LONG time to have to wait to get your money back...

That it is. Especially if one was sold on "normal" returns or is counting on building equity to fund the purchase of a move-up home.

∙ Perhaps It’s The Market That’s More Unbelievable To Some... [SocketSite]

Posted by socketadmin at 11:30 AM | Permalink | Comments (19) | (email story)

313 Duncan: Going The Rental Route (But Still Available For Sale)

After two months on the market 313 Duncan remains available for purchase and seeking $2,850,000, but the developer is now testing the rental waters as well. Asking $15,000 per month (including that sweet little one-bedroom out back).

∙ 313 Duncan: Before, After, And All Its Insides Now “Online” [SocketSite]
∙ $15000 / 5br - Stunning Modern Victorian Home with Guest House [Craigslist]
∙ Coming Soon: Victorians Gone Modern! (313 Duncan) [SocketSite]

Posted by socketadmin at 9:00 AM | Permalink | Comments (54) | (email story)

December 19, 2008

Another Non-Comp Comp On The Market At 246 2nd Street (#1003)

In October of 2005 246 2nd Street #1003 sold for a reported $950,000. In April of 2008 the unit was bought back by the bank for $835,783. And yesterday it hit the market asking $689,900.

Previously purchased and owned by the same party that had owned and lost #502. And as plugged-in people know, but industry stats wouldn’t reflect, both condos were purchased with a significant amount of cash back at closing. Let’s hope nobody relied on that sale back in 2005 as a “comp.”

First purchased for $734,500 in the year 2000 when the building was built.

∙ Listing: 246 2nd Street #1003 (2/2) - $689,900 [MLS]
∙ Can Bank Owned Comps Kill (Values)? 246 2nd Street #502 Returns [SocketSite]

Posted by socketadmin at 5:00 AM | Permalink | Comments (95) | (email story)

December 17, 2008

The Spot Price Of Copper Has Been Dropping Too (4590 17th Sells)

Asking $1,349,000 alongside 4588 17th Street which was asking $1,399,000 and sold for $1,390,000 in May, 4590 17th returned to the MLS in September asking $1,299,000.

The sale of the three-bedroom condo closed escrow yesterday (12/16/08) with a reported contract price of $1,255,000.

∙ One Of The Four Copper Clad Condos Atop 17th Street Hits The MLS [SocketSite]

Posted by socketadmin at 7:00 AM | Permalink | Comments (38) | (email story)

December 16, 2008

If You Want To Live Like An Architect, Do The Your Math (398 Eureka)

It was a plugged-in reader that first connected the dots with regard to the listing of Phil Matthews’ AIA home tour home at 398 Eureka. Asking $2,450,000 in September and then taken "off the market" two weeks ago, it’s another plugged-in reader that points out that the home has been added to the rental pool and is currently asking $6,500 per month.

We’ll let you do your math. And once again, connect the dots.

∙ Listing (for rent): 398 Eureka (3/3.5) - $6,500/mo [398eureka.com]
∙ AIA Tour (And Architect’s) Home Hitting The Market: 398 Eureka [SocketSite]
∙ To Rent Or To Buy, That Is The Question (That Only You Can Answer) [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (46) | (email story)

December 11, 2008

JustQuotes: Let's See, Ten Percent Versus No Rent Control...

"Consultants presenting information at [a city-sponsored] workshop said that under state law, landlords are allowed to pass on 10 percent of a tenant's rent in perpetuity to pay for the cost of a retrofit [which typically runs around $100,000], even if they are in a rent-controlled unit - of which the city has 180,000.

Conversely, if a rent-controlled building destroyed in an earthquake is replaced, its units are no longer subject to rent control."

∙ S.F. 'soft-story' buildings at risk in quake [SFGate]

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

December 10, 2008

Chelsea Park Christmas Special (But Lump Of Coal If It's Your Comp?)

It’s a “Christmas special!” at Chelsea Park as the list price for 3620 19th Street #26 has just been reduced to $799,000 (previously listed for $899,000).

Originally asking $949,000 for this 1,332 square foot three-bedroom, two-bath condo, the reduction might seem more like a lump coal, however, if considered to be your comp.

∙ Listing: 3620 19th Street #26 (3/2) - $799,000 [MLS]
∙ Changing Chelsea Park Expectations Versus Eleven Months Ago [SocketSite]

Posted by socketadmin at 12:00 PM | Permalink | Comments (8) | (email story)

Transbay Transit Center Groundbreaking, Fat Mike & Infinity All In One

A plugged-in reader ties it all together:

Today the City is holding a ground breaking at the site of the future temporary Transbay terminal. The coincidence is that Fat Mike's record label (FatWreckChords) was located in the larger of the 2 buildings that will be demolished in the coming days (200 Folsom).

Also noted (although in a few more words), cater-corner from Infinity.

∙ T-Minus Two Weeks Until Transbay Temporary Bus Terminal Start [SocketSite]
∙ Fat Mike's Phat House Sold (And Once Again, With All Due Respect) [SocketSite]
∙ Infinity Sales Update: New Contracts Up But Driven By Discounts [SocketSite]

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

December 9, 2008

Chinese To Raid San Francisco (And Lose Like In Germany?)

It reads more like a press release than a serious report, but a reader directs us to the "Chinese property hunters to raid US" piece in the Financial Times. The counterpoint:

“Unless these people need a house in the US to live in, this is senseless,” said Yi Xianrong, a real estate expert at the Chinese Academy of Social Sciences. “A few years ago there was a lot of talk about investing in German real estate but most of the people who did so lost a lot of money.”

Ah, those mythical foreign saviors.

∙ Chinese property hunters to raid US [Financial Times]
∙ Recap: What’s The Scoop On Foreign Investment In San Francisco? [SocketSite]

Posted by socketadmin at 4:00 AM | Permalink | Comments (9) | (email story)

One Rincon Hill As A Market Weather Beacon

From a plugged-in reader last month with respect to One Rincon Hill:

The whole thing is illuminated a bright, bright green color all along the water tank. Think the Chrystler building in NY. Looks like a fourth of July lights show. Anyone know what's up?

From the Chronicle today: "Starting at dusk tonight, a band of lights around the top of the One Rincon Tower in San Francisco will turn the building into a weather beacon, glowing amber, blue, red or green to forecast the weather, a bit like a 64-story mood ring."

UPDATE: A decoder card and mnemonic from the good folks at One Rincon Hill:

And with respect to the lights: "Twenty-five, highly-efficient 'colorwash' by Tivoli color-changing LED floodlights were used -- the energy equivalent of lighting your living room. At 25 watts per fixture, they are very low-maintenance and will last for 40,000 hours, which at eight hours per night is about 13.5 years."

∙ Lights atop One Rincon Hill signal S.F. weather [SFGate]

Posted by socketadmin at 3:30 AM | Permalink | Comments (44) | (email story)

December 8, 2008

Fat Mike's Phat House Sold (And Once Again, With All Due Respect)

While a tipster suggests 1601 Monterey sold for full asking ($5,400,000), public records suggest a contract price of slightly less ($5,000,000). Either way, the sale closed escrow last month. Let's not forget those invitations to the housewarming.

∙ Live Like Fat Mike (And We Mean That With All Due Respect) [SocketSite]

Posted by socketadmin at 3:45 PM | Permalink | Comments (4) | (email story)

From “Beautifully Remodeled” to Gutted And Asking $755K Less In PH

In April of 2007 the listing for 2219 Pacific Avenue touted “Beautifully remodeled and maintained Pacific Heights Edwardian…Detached 2 car garage…All bedrooms are generously sized.” It closed escrow two months later with a reported contract price of $4,250,000.

Three days ago a gutted and reframed 2219 Pacific returned to the market touting “Permits issued and complete plans available to finish this spectacular 3 story home in AAA Pac Hts...needs elect, plumbing, flrs, mechanical…will be a 4900 sq ft home…3/4 of foundation is brand new w/ all current seismic upgrades.”

Now asking $3,495,000.

UPDATE: From an always plugged-in sleepiguy: "Just all around tragic. Again, Pac Heights real estate died a sudden, painful death back in October. It's not even on life-support; it's just dead."

∙ Listing: 2219 Pacific Avenue (5/4.5) - $3,495,000 [MLS]

Posted by socketadmin at 1:00 AM | Permalink | Comments (45) | (email story)

Changing Chelsea Park Expectations Versus Eleven Months Ago

This listing touted “close by Thanksgiving to buy this [townhouse] for only $949,000!” and lo and behold, the sale of Chelsea Park (3620 19th Street) #3 closed escrow on 11/26/08 with a reported contract price of…$917,000. Asking $1,120,000 two months prior.

At least 5 of the 39 units (13%) remain available since first hitting the market eleven months ago.

∙ Chelsea Park (Phase I): On The MLS And Opening Tomorrow (1/27) [SocketSite]
∙ The Latest Listing Verbiage From Chelsea Park: "Prices Slashed" [SocketSite]

Posted by socketadmin at 1:00 AM | Permalink | Comments (19) | (email story)

December 5, 2008

To Comp Or Not To Comp, Perhaps We Have An Answer

In August the sale of unit #421 at The Palms (555 4th Street) closed escrow with a reported contract price or $700,000, purchased for $789,000 in 2006. The sale was “subject to lender’s approval,” however, so perhaps not a “real” comp.

Then again, as a plugged-in tipster notes 555 4th Street #521 has been on the market for seven months and the price reduced five times. Now asking $699,000 after a month at $749,000, and once again, purchased for $789,000 in 2006.

Perhaps the real(ity) is so.

∙ Listing: 555 4th Street #521 (2/2) - $699,000 [MLS]
∙ The Palms (555 4th St.): Secondary Market Slowdown And Short Sale [SocketSite]
∙ To Comp Or Not To Comp, The Question Of More Than The Day [SocketSite]

Posted by socketadmin at 4:00 PM | Permalink | Comments (53) | (email story)

December 4, 2008

Dueling Reader Comments (And Damn That Economy): En Garde!

A bit of hope:

This will be the biggest buyers market in decades. Prices are down almost 10% in most of [San Francisco]. We'll never see this opportunity again.

A bit of history:

I bought my first condo in Europe in 1994 in very very desirable Paris. Prices were 15% under the 1990 bubble peak. Great deal! By 1997, the price per square meter had lost another 40% and the economy was not down the toilet like today...

And a bit of a lopsided bout as far as we're concerned, but what the heck...en garde!

∙ U.S. Mortgage Applications Surge With Refi's Leading The Way [SocketSite]

Posted by socketadmin at 9:00 AM | Permalink | Comments (106) | (email story)

JustQuotes: Another "Immune" Market Has Caught A Nasty Cold

"“With all this oil money in the region, I thought the Dubai property market would be secure from the global problems,” the 30-year-old Bentley owner said, reached on his mobile phone on the beach."

∙ Dubai Speculators Quit as Lending Drought Bursts Desert Bubble [Bloomberg]

Posted by socketadmin at 8:30 AM | Permalink | Comments (18) | (email story)

December 2, 2008

Fourteen Months Four Days On The Market For 7 Gaviota Way

Purchased for $933,000 in June of 2007 and then immediately remodeled (think new kitchen and bath on the main floor plus two new bedrooms and baths below), 7 Gaviota Way returned to the market three months later asking $1,498,000.

Now working on its fourth MLS number, and having lowered expectations at least five times over the past fourteen months but never quite enough, last week this Miraloma Park home was listed anew (now asking $1,198,000). And yes, it's an official four days on the market as far as any MLS based report or statistic is concerned.

∙ Listing: 7 Gaviota Way (4/4) - $1,198,000 [MLS]

Posted by socketadmin at 7:00 AM | Permalink | Comments (82) | (email story)

December 1, 2008

1342 Shrader Is Sold (And Perhaps Some Expectations Are Adjusted)

A pocket listing at $3,500,000 in April, listed on the MLS for $2,985,000 in October, and subsequently reduced to $2,585,000, the sale of 1342 Shrader closed escrow today with a reported contract price of $2,370,000.

Purchased for $1,900,000 in 2003 prior to being completely remodeled and expanded (in terms of finished living space) including the addition of that sweet little guest studio/office in half of the garage out back.

∙ The New New 1342 Shrader (And Guest Studio/Office Out Back) [SocketSite]
∙ 1342 Shrader: Out Of The Pocket And Into The Open (And MLS) [SocketSite]

Posted by socketadmin at 11:45 AM | Permalink | Comments (32) | (email story)

November 26, 2008

Warm Thoughts Of A Traditional Thanksgiving Dinner (2008 Edition)

We’re making it Thanksgiving time tradition: a recent reduction (listed on 11/06 for $1,175,000, reduced to $1,098,000 on 11/21) and a gorgeous old stove.

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

∙ Listing: 956-958 Sanchez (4/2) - $1,098,000 [Virtual Tour] [MLS]
∙ Conjuring Up Warm Thoughts Of A Traditional Thanksgiving Dinner [SocketSite]

Posted by socketadmin at 1:00 PM | Permalink | Comments (11) | (email story)

The SocketSite Penthouse Plan Challenge: From At To Over The Top

As if the floor plan and 3D rendering submitted by the Lifebox, Steel Blue and NEORAMA team to our unofficial One Rincon Hill penthouse challenge weren’t enough, they’ve taken it upon themselves to render the penthouse design as a slice of the building. And with that we've officially moved from at to over the top.

∙ SocketSite’s Unofficial Penthouse Plan Challenge: Life(box) At The Top [SocketSite]

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

November 25, 2008

"Foreign Buyers" Never Materialized And Now Tourist Dollars Decline

“The dollar’s resurgence, as well as a drop in home and stock values outside the U.S., will discourage foreign shoppers into next year as the global financial crisis intensifies, [Stifel Nicolaus & Co. analyst David Schick] said. He estimates sales will decline 8 percent at Tiffany’s Fifth Avenue store in New York in the third and fourth quarters, versus gains of 25 percent and 10 percent a year earlier.”

∙ Saks, Neiman May Slump More as Tourist Spending Slows [Bloomberg]
∙ Recap: What’s The Scoop On Foreign Investment In San Francisco? [SocketSite]

Posted by socketadmin at 9:15 AM | Permalink | Comments (4) | (email story)

November 24, 2008

The Latest Cow Hollow Condo Comp (And Apple) Closes Escrow

What plugged-in people have known for a week, all agents on the MLS now know as well: 1968 Greenwich officially closed escrow on 11/21/08 with a reported contract price of $1,750,000.

Purchased for $2,100,000 in May of 2005, in addition to $350,000 in acquisition cost our plugged-in buyer will be saving (and the City will be losing) approximately $4,000 a year in property taxes as compared to the party who sold.

The sale of this property was considered a legitimate neighborhood "comp" (comparable sale) in 2005. The implications for today?

∙ A Plugged-In Reader Picks An Apple For Himself (1968 Greenwich) [SocketSite]
∙ A Renovated Cow Hollow Apple On The Tree: 1968 Greenwich Street [SocketSite]

Posted by socketadmin at 4:30 PM | Permalink | Comments (19) | (email story)

Symphony Towers Update: Slashing Success And Words On The Street

Contracts were written on 18 of the 20 reduced units in the Turk Street tower of Symphony Towers the weekend before last.

The unofficial word on the street is that a construction loan might have motivated the “slashing” (sound familiar?). While an official word is that there are currently “no plans” for another slashing of prices on the 25-30 units that remain in the Van Ness tower.

As always, we’ll keep you plugged-in (and ahead of everyone else).

∙ Price Cuts Of Up To 30% At Symphony Towers (750 Van Ness) [SocketSite]
∙ RandomRumors: Calling On That Guy And The Guy He Heard It From [SocketSite]
∙ Symphony Towers Update: Buying Love (But Dropping Prices Too) [SocketSite]

Posted by socketadmin at 10:30 AM | Permalink | Comments (14) | (email story)

Must Have Limited Income (But Be Able To Afford $710/mo In HOAs)

It’s a Mayor’s Office of Housing two-bedroom unit in the Watermark (which explains the appliances). And while the income restricted price is well below market rate ($287,375), keep in mind the monthly HOA dues are not ($710).

∙ Listing: 501 Beale #5F (2/1) - $287,375 (BMR) [MLS]

Posted by socketadmin at 9:00 AM | Permalink | Comments (29) | (email story)

November 21, 2008

SocketSite’s Unofficial Penthouse Plan Challenge: Life(box) At The Top

A team of plugged-in professionals have responded to our unofficial One Rincon Hill Penthouse Floor Plan Challenge with an official ORH “OMG!” entry. And this time, it’s not only the floor plan above (click to enlarge), but design notes and 3D rendering that follow.

In the words of our plugged-in architect, Thomas Pippin of Lifebox Studios:

I approached the 5,900 S.F. penthouse by identifying the ideal buyer: "The Executive", and then conceptualizing the layout to accommodate his/her particular needs. The office & teleconferencing suite essentially becomes the center-piece. The suite enables the executive to seamlessly conduct business internationally from his/her home, and also embraces the work demands of a part-time assistant managing the executive's philanthropic-based activities.

At first glace, the initial location of living spaces made sense. Due to the eastern skewed perimeter, the largest social gathering potential is in the northwest corner, and is designated as the Living Room. The southeast corner with views to the bay and minimal telescopic invasion lends best use as the Master Bedroom, and also the adjacent two additional bedrooms with similar views and privacy. The remaining spaces fall into place by functional arrangement...

Composing uninterrupted visual pathways between opposite sides of the building sustains a sense of place and orientation for the occupant. A gallery provides ambient views that lead to a prominent master bedroom entry while generating a north/south visual path on the east side. The north/south visual path on the west side is established through a pair of glass doors to the intimate Lounge and could be an optional 3rd bedroom with a private balcony.

The media room and two bedrooms can be closed off from the rest of the house via a large sliding partition for black-tie events allowing the private spaces to remain functional while entertaining. The media room posed problematic western exposures, but after investigating several options, I found other solutions resulted in a hotbed of winding hallways. So I addressed the issue with motorized black-out shades and a heavy drape.

Special consideration has been given to the plumbing locations and incorporated based on the four individual penthouse plans. The master bath and shower take advantage of the bay views. It appears a drain exists at the interior shaded column. I believe the shower could be raised one step to accommodate a post-p-trap tub drain slope and connection.

Since the main entry is located on the North side, the corridor connecting the master bedroom could be privatized but accessible and rated for egress as required. Laundry and pantry room have been located near the service entry for convenient delivery of goods and housekeeping services.

Thank you SocketSite, I've enjoyed the creative exercise and look forward to reading the comments that will follow.

No, thank you. And as if that wasn’t enough, the floor plan as rendered by Kim Chalmers of Steelblue LLC in collaboration with Neorama (once again, click to enlarge):

And no, this isn’t the first time this team has collaborated. Thomas was intimately involved in the design of the Penthouse atop the St. Regis while at Orlando Diaz-Azcuy Design Associates. And it was through that project that our players first met.

Even if you’re not in the market for an eight-figure penthouse, some great ideas to file away. And once again, cheers to all who participated (including Ryan and flaneur), we have rather high expectations of our readers and yet again you didn't disappoint.

∙ The One Rincon Hill Design(s) For The 60th Floor Of Tower One [SocketSite]
∙ Lifebox Studios [lifeboxstudios.com]
∙ Steel Blue LLC [steelbluellc.com]
∙ NEORAMA [neorama.com]
∙ Inside The St. Regis Penthouse: The Rendering Scoop And Details [SocketSite]
∙ The Unofficial One Rincon Hill Floor Plan Challenge: Ryan Responds [SocketSite
∙ The Unofficial One Rincon Hill Floor Plan Challenge: It’s Flaneur Time [SocketSite]]

Posted by socketadmin at 4:45 PM | Permalink | Comments (48) | (email story)

While Those Two Agree, It’s A Third That Really Matters

In July of 2006 the renovated 835 Foerster was purchased with loans totaling $950,000 up in Miraloma Park. From the listing today:

Lender-approved short sale! An amazing value! After many months of negotiations, sale price has been set! Must be sold immediately! Property was marketed for $1,049,000 last year!

And while it’s good to know the seller and lender have come to terms (but perhaps not grips), we’re more interested in whether or not the market (i.e., a buyer) will agree.

∙ Listing: 835 Foerster (3/2.5) - $855,000 [Vanguard via Pacific Union]

Posted by socketadmin at 7:10 AM | Permalink | Comments (55) | (email story)

November 19, 2008

But Keep In Mind, It’s Not Just About The View(s)

As the sun sets (okay, set) over San Francisco we turn to a plugged-in reader’s view from her two-bedroom, two-bath apartment. In the words of our reader:

I felt compelled to send you the picture of my view and tell you how much I pay for it when I saw the [price] the owners of 1200 California #25a are asking for their [one-bedroom] (albeit 30% larger than my place).

I think it would be interesting to compare…the view from $3200/mo rental vs. $2.895M.

Keep in mind that our reader signed the lease on her 965 square foot apartment four and one-half years ago and a comparable unit in the building is asking $4,095 without parking which is valued at $289/mo (and included in our reader’s rent).

And in related 1200 California news, #12D appears to be in contract. Asking $2,295,000.

[Editor's Note: While the sun was setting as we wrote and published, it is indeed rising above. Damn you're tough. And we'd expect nothing less. Cheers.]

∙ Is That A Listing With Big Views (And Price) In Your Pocket Or… [SocketSite]
∙ Listing: 1200 California #12D (2/2) 1,850 sqft - $2,295,000 [MLS]

Posted by socketadmin at 5:15 PM | Permalink | Comments (28) | (email story)

224 Twin Peaks Boulevard: A Study In Rising Prices Yet Falling Values

Purchased for $1,360,000 a year ago (11/2/07), 224 Twin Peaks Boulevard returned to the market in June asking $1,395,000 and was subsequently reduced to $1,249,000.

Unable to find its buyer, the property has since undergone a “fantastic transformation” with the exterior, front & rear decks, landscaping, kitchen, bathrooms and floor plan all having been “beautifully brought up to date for today's lifestyle.”

Listed once again two weeks ago for $1,749,000, reduced yesterday to $1,655,000, and touting a “Motivated seller!” We’ll let you figure out just how much so.

∙ Listing: 224 Twin Peaks Boulevard (3/2) - $1,655,000 [MLS] [Old Listing]

Posted by socketadmin at 8:30 AM | Permalink | Comments (78) | (email story)

November 18, 2008

We'll Connect The Comments, You Connect The Dots (And History)

From a comment this afternoon:

I remember Palo Alto holding up well (in nominal terms) [from 1990 to 1992] and I trust the best parts of SF did too.

But from a plugged-in reader last week:

A friend of my Dad was just reminding us that he bought a couple Palo Alto REOs in 1994 for about half of what they sold for in 1989…

We'll connect the comments. You connect the dots (and history).

∙ Once Again, It's Just Getting Starting (And It's Going To Last Longer) [SocketSite]
∙ A Plugged-In Reader Picks An Apple For Himself (1968 Greenwich) [SocketSite]

Posted by socketadmin at 12:30 PM | Permalink | Comments (23) | (email story)

November 17, 2008

Which Five Years Will The Next Five Most Likely Resemble Redux

As we wrote a little over a year ago:

213 Moulton is a contemporary single-family home situated down a little alley in Cow Hollow. It first sold for $545,000 in 1995. And ten years later (in 2005) it changed hands for $1,672,000. No doubt about it, that's fantastic long-term appreciation. Then again, it also changed hands in the year 2000 for $1,600,000.

We only mention it now as 215 Moulton (part of the same three home development) has been on the market for a month and has recently reduced its list price $145,000 (or 7.3%). They’re now asking $1,850,000 which includes a new full bath (added in 2006) and reclaimed living space on the ground floor.

As we wrote two months ago:

215 Moulton “in the heart of Cow Hollow” appears to have been bought back by the bank with a loan balance of $1,893,000 this past July.

And while the contract price for its previous sale in November of 2007 doesn’t appear to be public, we will note a 2008 tax assessed value of $1,800,000 for this District 7 single-family contemporary townhouse.

Listed in April prior to foreclosure for $1,895,000, reduced to $1,795,000 in July, and currently asking $1,750,000.

And as we write today: the sale of 215 Moulton closed escrow on 11/14/08 with a reported contract price of $1,725,000. That's $168,000 less than its last loan balance. And $75,000 less than its last tax assessed value.

∙ Which Five Years Will The Next Five Years More Likely Resemble? [SocketSite]
∙ Cow Hollow Contemporary (And Apparent Foreclosure): 215 Moulton [SocketSite]

Posted by socketadmin at 1:45 PM | Permalink | Comments (20) | (email story)

A Quick Friends And Family Esprit Park Flip?

While Homes on Esprit Park just recently received their first certificate of occupancy and started closing round one, the first resale has hit the MLS:

Investor owned! Only one at this price. Insatiable 2 level penthouse unit with vaulted ceilings and spectacular deck. Similar units priced at $1,200,000 and above.

From the listing for one such similar unit: "Buy confidently with a refundable deposit."

We're guessing the sale of #S514 likely represents a "friends and family" flip. And if it is the former, perhaps soon to be "ex."

∙ Listing: 900 Minnesota #S514 (2/2.5) - $1,095,000 [MLS]
∙ Listing: 900 Minnesota #S503 (2/2.5) - $1,197,000 [MLS]
∙ Homes On Esprit Park: Now Offering Refundable Purchase Deposits [SocketSite]
∙ Homes On Esprit Park Receives First Certificate Of Occupancy [SocketSite]

Posted by socketadmin at 11:00 AM | Permalink | Comments (19) | (email story)

November 14, 2008

That Appreciation Never Materialized, But At Least The Short Sale Did

The apples to apples short sale of 1150 Folsom #1 closed escrow today with a reported contract price of $720,000. Purchased in October of 2005 for $829,000.

From the plugged-in leasing agent for the original developer (but unrelated to the sale):

This is a lovely loft development designed by Sternberg-Benjamin Architects. A lower corner tri-level with great big open space at street level.

Lots of windows and light. The kitchen is gorgeous with yards of green counter space and great light. It can be a bit noisy, but if you like central SOMA neighbohood this is a wonderfully scaled space.

Two bedrooms, two and one-half baths, one parking space and 1,654 square feet.

∙ A Folsom Rausch Lofts Short Sale (Assuming 3.3% Appreciation) [SocketSite]

Posted by socketadmin at 4:00 PM | Permalink | Comments (39) | (email story)

November 13, 2008

TIC Troubles Via The WSJ (But We Wouldn't Discount That Downturn)

The Wall Street Journal article: Residential-TIC Tack Hits Snags.

The Quote:

The problems facing residential TICs, which are found mainly in San Francisco, are different and reflect tighter mortgage underwriting standards. Banks across the country have pulled back from all types of mortgage lending, but especially for nontraditional types of mortgages. As a result, borrowing costs for TICs have shot up, causing home buyers to avoid the structure.

Sterling Bank & Trust FSB recently raised its rate for TIC loans to 7.75% -- a loan for a similarly priced condo would require only 6% to 6.25% interest -- and now requires a down payment of at least 20% of the purchase price. Other banks are now requiring 30% down. In the past, lenders required buyers to put 10% down.

The listing: 158 Laidley ("Price REDUCED. Cut-rate financing! Stunning eco-modern...").

∙ Residential-TIC Tack Hits Snags [Wall Street Journal]
∙ Listing: 158 Laidley (5 TIC units) - $359,000 to $699,000 [158laidley.com]

Posted by socketadmin at 7:30 AM | Permalink | Comments (47) | (email story)

November 10, 2008

Don’t Confuse Average Prices And Appreciation: Look To The Apples

The Chronicle quote with regard to Bay Area home price appreciation:

One of the few standouts was the 94114 ZIP in San Francisco, home of Noe Valley, where houses go for well over a million dollars, designer strollers clog the sidewalks, posh shops peddle handmade ethnic tchotchkes, and the Google bus regularly cruises the streets.

But even that ZIP didn't enjoy the double-digit appreciation that became de rigueur during the real estate boom. Instead Noe Valley prices were up 6.8 percent year over year, from $893 a square foot [in 2007] to $954 [in 2008].

The problem: In a market like Noe where we’ve seen an increase in high-end renovations, sales and even some new construction, an increase in average sales price should not be confused with market "appreciation." Once again, think mix. And yes, even on a square foot basis.

The reality: Noe Valley apples (i.e., same home sales) paint a different - and we’d be willing to bet more accurate - picture of what’s happening with actual home values in Noe Valley these days. And up 6.8% year over year isn't it.

∙ Home prices down in 90% of Bay Area ZIP codes [SFGate]

Posted by socketadmin at 10:00 AM | Permalink | Comments (65) | (email story)

November 7, 2008

The Unofficial One Rincon Hill Floor Plan Challenge: It’s Flaneur Time

Another reader (“Flaneur”) responds to our unofficial One Rincon Hill penthouse floor plan challenge with a great attitude (“I can hardly wait for my ‘design review’”), a bit of humility (“I am not an architect, it probably shows”), and an interesting approach: raising the floors in the bedrooms and bathrooms to provide a conduit for any new plumbing/electrical.

And while some might accuse the design of being "amateurish," we applaud the effort and thank Flanuer for provoking some new thought (perhaps sliding doors throughout?).

Now on to the critique. But once again, if you think you can do better...

∙ The One Rincon Hill Design(s) For The 60th Floor Of Tower One [SocketSite]
∙ The Unofficial One Rincon Hill Floor Plan Challenge: Ryan Responds [SocketSite]

Posted by socketadmin at 1:00 AM | Permalink | Comments (22) | (email story)

November 6, 2008

Solid Or Squishy? (And Being “Cash Flow Positive” Isn’t Always So)

From the listing for 555 4th Street #715 in The Palms:

Solid investment property, already rented $2800/month…Property virtually rents and manages itself…No eviction control, no rent control…Low maintenance since the property is almost new…Hoa dues paid through december 2009.

We’ll let you confirm that’s a sustainable market rate rent, run your own numbers, and draw your own conclusions about how solid this investment might or might not be.

We will note, however, that focusing on being “cash flow positive” is rather naïve in terms of investing. In a down market the loss of principal can quickly offset any carry. And being “cash flow positive” doesn’t speak to a rate of return.

∙ Listing: 555 4th Street #715 (1/1) - $605,000 [MLS]
∙ The Palms (555 4th St.): Secondary Market Slowdown And Short Sale [SocketSite]

Posted by socketadmin at 7:55 AM | Permalink | Comments (27) | (email story)

Hold The Phone (Or At Least The Official Local Election Results)

While the San Francisco Department of Elections website notes 241,090 total ballots cast on November 4th in San Francisco and includes 191,962 from “Election Day Reporting” and 49,128 “Vote by Mail / Absentee Reporting,” according to the Examiner and The City’s elections chief up to 136,000 vote-by-mail and provisional ballots have yet to be counted.

In theory the 136,000 votes could change the results of any of the local measures except for A (General Hospital). In reality it’s Measure B (affordable housing) that could most easily swing from failing on the initial count to passing in the end. And perhaps even Measure J (preservation commission) in reverse.

We’ll update the election results as the uncounted ballots are tallied. And assuming all 136,000 ballots are valid, 78.95% of those registered in San Francisco voted (not 49.79% as previously reported). And on this point we are more than happy to be wrong.

∙ San Francisco Department of Elections: November 4 Election Summary [SFGov]
∙ More than one-third of The City’s ballots are left to be counted [Examiner]
∙ The Day After: November 4 Real Estate Related Election Results [SocketSite]

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

November 4, 2008

So You Want To Be In Renderings…

Steel Blue and Neorama are working on a video for San Francisco’s Transbay development. And if you’ve ever wanted to be immortalized in one of those mixed media renderings we love to feature, here’s your chance:

The video will largely consist of computer generated 3D models of the future San Francisco Transbay District and the Transbay Terminal. Live action capture of the San Francisco community shot against a green screen will be superimposed with the digital future vision. A series of scenes will be shot to show the experience of San Francisco residents enjoying the new elevated park, the future of Folsom Street, the transformation of Natoma Street and other developments. The producers are looking for plugged-in volunteers to spend a minute or two walking and talking in front of a green screen so they can be digitally inserted into a bustling retail space or standing amongst hundreds of other commuters enjoying the magnificent new designs.

Time: November 5, 2008. 10:00 am – 3:00 pm
Location: The Park between Market St. / Don Chee Way and Embarcadero / Steuart St.

We'll see what we can do about hosting the premier party. And of course, don’t wear green.

∙ Transit Center District Plan Workshop: Initial Ideas [SocketSite]
∙ Hines And Pelli Clarke Pelli Bid The Most (And Get The Transbay Nod) [SocketSite]
∙ Transbay Terminal Moves Forward, But Payments And Terms Change [SocketSite]
∙ San Francisco’s Transbay Terminal: Website And Community Meeting [SocketSite]

Posted by socketadmin at 4:45 PM | Permalink | Comments (2) | (email story)

The Unofficial One Rincon Hill Floor Plan Challenge: Ryan Responds

Reader Ryan responds to our (unofficial) One Rincon Hill penthouse floor plan challenge:

A little tweak…Done very quickly but you get the idea. Also like [another reader] mentioned plumbing fixtures such as toilets are extremely difficult to play with. Sometimes impossible in highrises. Showers and sinks however are a little easier to add as you'll notice by my layout. Also I didn't cheat. No removal of any column or support.

Unfortunately a couple of code issues quickly caught our eye (think exits), but we applaud the effort, never said it would be easy, and thank you for plugging in. Feel free critique. Of course if you think you could do better...

∙ The One Rincon Hill Design(s) For The 60th Floor Of Tower One [SocketSite]

Posted by socketadmin at 10:30 AM | Permalink | Comments (27) | (email story)

Extremely Creative (But Not Particularly PC): Real Estate Downfall

If your comment starts with the phrase “I know this is off topic…”, then please don’t. Consider sending us a tip instead. Especially when it involves an extremely creative, but not so PC, parody of employing the film Downfall...

Posted by socketadmin at 9:45 AM | Permalink | Comments (14) | (email story)

JustQuotes: The State (Or At Least Budget) Of San Francisco

"San Francisco's budget shortfall is much worse than originally projected, making this year's financial outlook comparable to the city's fiscal condition after the 2000 dot-com bust and the Sept. 11 terrorist attacks, Controller Ben Rosenfield said Monday.

Rosenfield's office projects a shortfall in this year's budget of $90 million to $125 million, up significantly from the $70 million it had projected weeks ago. Just months ago, the Board of Supervisors approved this year's $6.6 billion budget, which already included $350 million in cuts to jobs and services.

The situation is so dire that city workers almost certainly will face layoffs, health programs are likely to be downsized even more and parking meters could be erected in city parks.

There's simply not enough money coming in to pay for everything, largely because fewer sales of large office buildings means fewer tax dollars and fewer shoppers means less sales tax money for the city."

∙ S.F. budget faces larger shortfall than thought [SFGate]

Posted by socketadmin at 4:00 AM | Permalink | Comments (45) | (email story)

November 3, 2008

Is That A Listing With Big Views (And Price) In Your Pocket Or…

From a plugged-in tipster: "A one-bedroom for $2.895 MM! There are a lot of pocket listings/off-market listings out there right now." That there are.

Let's think about why and what it means (in terms of market, reports and industry overall). And let's not forget to send the good ones (story, design, or price) our way.

∙ Listing: 1200 California #25a (1/1.5) 1,425 sqft - $2,895,000 [1200california25a.com]

Posted by socketadmin at 4:40 PM | Permalink | Comments (46) | (email story)

Some Scary Numbers Behind The Bankruptcy Of "La Casa Verde"

It was three months ago we noted a Notice of Default (NOD) had been filed for “La Casa Verde" (a.k.a. Sunset’s San Francisco Idea House). And now as a plugged-in tipster notes, the developer has declared bankruptcy. Let's focus on the property (not the personal).

A couple of things from the filing that stuck out: A claimed value of $1,400,000 for the duplex with secured claims of $3,070,880 (and unsecured of $353,970); a gross rent from the smaller unit of $3,000 per month (with operating expenses of $1,389); and an "electricity and heating fuel expense" of $1,200 per month.

UPDATE: And if a reader is correct, "The reason the power bills are so high is because she never paid the consultant their final payment to have all the green technology hooked up. The windmill is spinning away, making electricity that goes nowhere. The new owner will be able to hook up all the energy saving features that are filling up the utility room that are currently doing nothing."

∙ It's Not That Easy Being Green For “La Casa Verde” (3027-3029 25th) [SocketSite]
∙ Sunset’s 2007 San Francisco Idea House: 3027 25th Street [SocketSite]
∙ The SocketSite Scoop: Half Of The Sunset Idea House Hits The Market [SocketSite]

Posted by socketadmin at 1:00 PM | Permalink | Comments (33) | (email story)

October 31, 2008

The Almost Infamous 76 Caselli Closes Escrow For $679 Per Square

The almost infamous 76 Caselli closed escrow on 10/24/08 with a reported contract price of $1,900,000 ($679 per square foot). "Completely renovated in 2005 with high end finishes." And yes, "tipster" liked it (and we remain quite enamoured with those stairs).

First listed by the agent ex-owners earlier this year for $2,558,000. Reduced in June to $2,458,000. Relisted on 8/8/08 for $2,288,800. And reduced to $1,999,900 in September.

Once again, $679 per square foot. On a street "Fluj" concluded could support $900 based on a few past comps. And even "Satchel" thought might command $765. Must have been the paint job. Couldn't have been the market. And please welcome a new new comp.

∙ Our First And Second Thoughts For The Recently Reduced 76 Caselli [SocketSite]
∙ Eight Eight Eight On Eight Eight Oh Eight: An Auspicious Return? [SocketSite]
∙ From Eight Eight Eight To Nine Nine Nine Nine For 76 Caselli [SocketSite]

Posted by socketadmin at 3:00 AM | Permalink | Comments (41) | (email story)

October 30, 2008

208 Glenview: No Real Story, Simply A Bit Of Seasonal Color Flair

No real story, simply a bit of seasonal color flair. Oh, and recently reduced $92,000. Boo.

∙ Listing: 208 Glenview Drive (4/4) - $1,198,000 [MLS]

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

The Bank Owned 152 Banks Closes Escrow (“Officially” Over Asking!)

As far as the San Francisco Association of Realtors and their reports are concerned, the bank owned 152 Banks Street has officially sold for over asking with a reported contract price of $705,000 on 10/27/08.

Of course that’s only “over asking” with regard to its most recent list price ($699,900) not its original ($749,900). And that’s still $195,000 less than what it was purchased for in April of 2006. But hey, over asking in Bernal Heights!

∙ Bad Data In Bernal Heights Or Something Else Afoot? (152 Banks) [SocketSite]

Posted by socketadmin at 7:30 AM | Permalink | Comments (12) | (email story)

October 29, 2008

Beauty Blight Is In The Eye Of The City (And Perhaps Your Neighbors)

San Francisco Supervisor Gerardo Sandoval’s anti-blight legislation was unanimously adopted by the Board of Supervisors yesterday. And once again:

The law empowers city officials to hit property owners with up to $1,000 in fines for violations, and, if left unabated, The City could correct the blight and bill the property owner for the work….Under the law, a property is considered blighted for various reasons, including dead trees, debris or if the paint on a building’s exterior is worn off. Other examples include deterioration of the building’s exterior stairs, or defaced or broken windows.

No word on whether or not a construction site on hold might qualify as well. Whether or not it will apply to the color purple. Or what one's to do when it's the arbiters that stand in your way of abatement.

∙ Blight will cost property owners in San Francisco [San Francisco Examiner]
∙ If Only We Didn’t Get So Nervous Every Time We Heard “Blight” [SocketSite]

Posted by socketadmin at 9:50 AM | Permalink | Comments (26) | (email story)

The Monster Meets A Magnetic Death? (2505 Divisadero Withdrawn)

After an effective 1000+ days on the market, a few reductions, and a remodeling, the listing for Kirk Hammett’s Pacific Heights mansion at 2505 Divisadero has been withdrawn from the market. Luckily Death Magnetic is meeting with no such sales challenge.

∙ Some Kind Of Monster In This Kind Of Market (2505 Divisadero) [SocketSite]
∙ The Monster Comes Roaring Back (2505 Divisadero) [SocketSite]
∙ This Isn't Exactly How Mr. Hammett Used To Roll (2505 Divisadero) [SocketSite]

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

October 27, 2008

355 1st Street #S2003 Closes Escrow And The Bragging Rights Go To…

We hereby award “Satchel” the official bragging rights for backing into the previous purchase price for 355 1st Street #S2003 at The Metropolitan (around $825,000). While we’ll let “phatty” and “Recent ORH buyer” split the prize for being closest to its most recent: $600,000 (closed escrow on 10/24/08).

And once again it begs the question: if the sale of this unit was a comp (or perhaps a comp for a comp) in years past, should it be now? Keep in mind there were multiple bids. And this wasn’t an auction (where terms can constrain the pool of buyers).

∙ Bank Owned (With Big Views For Now) At The Metropolitan (355 1st) [SocketSite]

Posted by socketadmin at 11:00 AM | Permalink | Comments (38) | (email story)

October 24, 2008

The Google Chart Of The Day (And A Bit More Foreshadowing)

Click to enlarge. And once again, a bit of foreshadowing. Yes, with regard to local housing.

Posted by socketadmin at 8:30 AM | Permalink | Comments (52) | (email story)

October 22, 2008

Cue The Alanis Morissette (Comments, RSS, And Archives Return)

Talk about irony. While reducing server errors related to leaving comments was one of our drivers for migrating to a new server and host this past weekend, in the process we not only managed to nuke the ability to leave comments but to read them as well. Oh, and we screwed up our RSS feeds and the archives too. Whoops.

And while we can't promise there won't be any more bumps in the road over the next few days, as far as we know RSS feeds should once again be feeding, the archives should once again be accessible, and readers can once again comment.

Speaking of which, as of an hour ago comments were enabled for the first time on the following three pieces (should you care to weigh in):

∙ San Francisco Recorded Sales Activity In September: Down 2.3% YOY
∙ Beacon Economics Forecast For San Francisco, Marin And San Mateo
∙ Symphony Towers (750 Van Ness): Announcing Additional Cuts

Once again, thank you for your patience and understanding. And as always, thank you for plugging in. We'll get back to the content this afternoon.

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

October 15, 2008

An Agent's Take On Yesterday’s Brokers Tour Traffic In San Francisco

“It was dead out there today…the only places that had a lot of traffic were those that offered free food.”

UPDATE: And from a reader:

Matches my experience last Sunday. First time I've been around open houses for six months and all bar one condo were simply dead. On prior open house tours this year I've almost always remarked at my surprise as to how much foot traffic there's been.

Keep in mind that it was fleet week weekend, and the markets on Friday didn’t exactly leave people feeling flush with cash (cue "on topic" foreshadowing). But as any decent agent will tell you, it’s the people out touring the open houses on the "rainy days" that are more likely to act.

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

If Yesterday Was Tomorrow Than What’s The Day After Today?

Sorry folks, but “tomorrow’s on-topic post” as alluded to on Monday didn’t get published yesterday and might not even make it online today. If it doesn’t, we’ll be holding off until early next week. And if that all makes sense, you’re a step ahead of us.

Oh, and our latest Complete Inventory Index (Cii)? Next week as well. Yes, as well.

∙ SocketSite's San Francisco Listed Housing Update: 10/13/08 [SocketSite]
∙ SocketSite’s Complete Inventory Index (Cii): Q1 2008 (San Francisco) [SocketSite]

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

October 14, 2008

A Japanese Styled Home (And Market As Well?)

The Japanese influenced 121 Edgehill Way has fallen out of contract and its list price reduced to $1,195,000. As a plugged-in reader previously noted, “sold for $1,195,000 in February of 2006.”

We’re still suckers for the Japanese influenced design elements, but in terms of a Japanese styled real estate market...

∙ Listing: 121 Edgehill Way (4/2.5) - $1,195,000 [121edgehill.com] [MLS]
∙ From The People Person Who Brought You Green Tea In The Park [SocketSite]

Posted by socketadmin at 12:15 PM | Permalink | Comments (11) | (email story)

October 9, 2008

The SocketSite Scoop On 2799 Broadway (A.K.A. 37 Raycliff Terrace)

While the basic gist of the tale we were told a while back about the recent sale of 2799 Broadway (see third paragraph below) was accurate (big house sells for big money and Bebo founders buy it), a bit of refinement is in order.

While Malin Giddings represented those who sold, and might have presented an offer, it turns out it was actually Sotheby’s uberagent Deborah Svoboda who brought the buyers, offer and bills to the door. And while the property really wasn’t on the market (not even "unofficially"), no door bells were rung unexpectedly (you can all stop looking out your windows with your fingers crossed now), and it was more of an “offer you can’t refuse.”

Another little tidbit, although not yet reflected online, the address has officially been changed from 37 Raycliff Terrace to 2799 Broadway (think resale for those who care).

∙ The SocketSite Scoop On 37 Raycliff Terrace (A.K.A. 2799 Broadway) [SocketSite]

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

October 6, 2008

Still An Architectural Work Of Art, But Still A Bidding War To Be?

As we wrote eighteen months ago when 25 Mercedes Way was listed for $1,895,000 but sold for $2,200,000:

This Joseph Leonard designed Arts and Crafts house is described as an “architectural work of art.” And we’re buying it (the description not the house). Although if we did buy it (the house not the description) we have a feeling some bathroom/kitchen updating would have to be factored into our budget.

As we note today: back on the market with what appear to be an updated kitchen (although not what we would have done) and bath, but no permits listed online.

Now asking $2,099,000 (and betting on another bidding war?).

∙ Listing: 25 Mercedes Way (5/3) - $2,099,000 [MLS]
∙ We’re Buying It (The Description Not The House) [SocketSite]
∙ Fun With Building Permits (And Complaints) [SocketSite]

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

October 2, 2008

The SocketSite Scoop On 37 Raycliff Terrace (A.K.A. 2799 Broadway)

While we first heard about the deal a few weeks ago, as it was a private transaction we made the decision not to publicize it until the deal was done. Now it is. And if our original source is correct, this really was a case of rich foreign buyers.

The tale in a nutshell as we were told: wealthy British couple take a fancy to 37 Raycliff Terrace (a.k.a. 2799 Broadway) which isn’t on the market (not even quietly); uberagent Malin Giddings rings said doorbell (those ‘no solicitation’ signs never work) and presents a “make me move” kind of offer ($29,000,000); owner graciously accepts.

Of course the fact that Malin represented the sellers when they bought the lot back in 1998 for $3,250,000 probably helped as well. And you've got to love the irony.

UPDATE: And if a plugged-in reader is correct, said British buyers are the founders of social networking website Bebo (which was sold to AOL for $850M earlier this year).

∙ What’s The Scoop On Foreign Investment In San Francisco? [SocketSite]
∙ Recap: What’s The Scoop On Foreign Investment In San Francisco? [SocketSite]

Posted by socketadmin at 12:15 PM | Permalink | Comments (42) | (email story)

October 1, 2008

In Need Of Some Attention (In More Ways Than One): 1773 15th Ave

Down the street from 1915 15th Avenue (which has fallen out of contract) lies 1773. Listed in November of 2007 for $1,600,000 (amid a chorus of neighborhood high fives) the listing noted “A Must see!” and soon thereafter added “Motivated Seller! Bring in any offers!”

In December of 2007 the list price was first reduced to $1,550,000 and then to $1,499,000. In January of 2008 the list price was first reduced to $1,399,000 and then to $1,188,000. And in February the house was briefly in contract.

In early April 2008 “short sales, already have the 1st lender’s approval, and waiting for 2nd lender’s approval” was added to the notes as were two exclamation points after “Motivated Seller!!!” And two weeks later the property shed those pesky days on the market and reset the MLS clock with a new listing at $1,188,000.

Four days ago 1773 15th Avenue returned to the market once again. Now asking $949,000 and noting “an original condition property which needs some attention.” Agreed.

∙ Listing: 1773 15th Avenue (4/3.5) - $949,000 [Vanguard via Pacific Union]
∙ What’s 140 Days On The Market And $280,000 Between Friends? [SocketSite]

Posted by socketadmin at 6:15 AM | Permalink | Comments (23) | (email story)

September 29, 2008

A Quick Cut (And Case Of Cash Back?) For 310 Townsend #308

Priced by the developer at $611,000 when the building first opened in February of 2007, 310 Townsend #308 closed escrow in June of 2007 with a reported contract price of $617,500 (no word on whether we're talking upgrades or another case of “cash back”).

Back on the market two weeks ago with an asking price of $629,000 (a sale at which would have represented average annual appreciation of roughly 1.4% over the past sixteen months), the list price has since been cut to $599,000.

∙ Listing: 310 Townsend #308 (1/1) - $599,000 [MLS]
∙ 310 Townsend: Available And Selling [SocketSite]
∙ Can Bank Owned Comps Kill (Values)? 246 2nd Street #502 Returns [SocketSite]

Posted by socketadmin at 6:00 PM | Permalink | Comments (24) | (email story)

152 Banks In Bernal Heights Reduced (And Not Moving So Fast)

To recap: 152 Banks in Bernal Heights was purchased for $675,000 in July of 2005; sold in April of 2006 for $900,000; appears to have been bought back by the bank three weeks ago; and returned to the market two weeks ago for $749,900 (“will go fast at 750K” according to one rather bullish "anon[ymous]" commenter). Just reduced to $699,900.

As a plugged-in reader notes, “just hope no one used that silly $900K price a few years ago as a comp!”

∙ Listing: 152 Banks (3/2) - $699,900 [MLS]
∙ Bad Data In Bernal Heights Or Something Else Afoot? (152 Banks) [SocketSite]

Posted by socketadmin at 1:00 AM | Permalink | Comments (11) | (email story)

September 26, 2008

If Only Averages And Appreciation Were The Same Thing

93 San Pablo Avenue is a 1927 Tudor on the outside, but now bit more modern within.

Purchased as a fixer for $1,260,000 seven months ago and completely overhauled, it’s no where near being an apple.

Its sale, however, will boost the average sales price in the neighborhood (asking $2,575,000). If only that and appreciation were the same thing (but alas they're not).

∙ Listing: 93 San Pablo Avenue (5/3) - $2,575,000 [MLS]

Posted by socketadmin at 11:15 AM | Permalink | Comments (7) | (email story)

September 23, 2008

Multiple Offers (With A Little Different Flavor) In District Nine

With "7 offers received" it’s sounding a little bit like 2004 down in District 9 for 69 Clementina #202. Of course that “awaiting final lender approval” line belies what might otherwise be seen as a sure sign of a “hot” market.

And with a tax assessed value of $565,080, an original list price of $589,000, and a recent list price of $438,000, nobody should be too surprised (save perhaps other buyers in the building).

From the listing when reduced from $589,000 to $559,000: "HUGE PRICE REDUCTION! [Property] coming off market Monday, 8/11 if not sold at new price." Luckily you didn’t panic (or bite).

∙ Listing: 69 Clementina #202 (1/1) - $438,000 [MLS]

Posted by socketadmin at 12:15 AM | Permalink | Comments (10) | (email story)

September 19, 2008

The Height(s) Of Foreshadowing: 1940 Broadway #6 Returns

We’d love to call it foreshadowing (and that we knew), but alas it’s simply a cosmic coincidence (and we didn’t). And while seven months ago we featured the floor plan, and two days ago we made reference, yesterday 1940 Broadway #6 returned to the MLS.

As a plugged-in tipster notes, “After selling a few months back, back on the market for 800k more at 5.19 million (and with a LOT more pictures, drooool...).”

And speaking of foreshadowing, keep in mind that high-end coops aren’t typically fond of flippers or fickle buyers. Might something else be afoot?

∙ Listing: 1940 Broadway #6 (3/4) - $5,191,000 [MLS] [1940broadway.com]
∙ A Few Of Our Favorite Things: Big Windows, Views, And A Floor Plan [SocketSite]
∙ A Lower Floor (Plan) At The Heights: 1940 Broadway #1W [SocketSite]

Posted by socketadmin at 5:00 PM | Permalink | Comments (21) | (email story)

September 12, 2008

Bad Data In Bernal Heights Or Something Else Afoot? (152 Banks)

From the listing for 152 Banks in Bernal Heights: “New Owner - Reduced Price. Recently renovated with kithcen (sic) updates, hardwood flooring, and new windows. 2/1 upstairs - 1/1 downstairs.”

From public records: purchased for $675,000 in July of 2005, sold in April of 2006 for $900,000. And while we’re assuming that aforementioned “recent renovation” occurred in that nine month window between sales (which might help explain the bump in price), we didn’t find any mention of permits online.

And of course, that doesn’t help explain what’s happened between 2006 (when purchased for $900,000) and now (asking $749,900).

UPDATE (9/29): Reduced to $699,900.

∙ Listing: 152 Banks (3/2) - $749,900 [MLS]

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

September 10, 2008

Read And Respond At Your Own Risk...

At the risk of rewarding a reader’s bad behavior (hijacking not only one, but two completely unrelated posts), and possibly even feeding a troll (we're willing to give him/her the benefit of the doubt), we’re establishing a “read and respond at your own risk” repository for “In-Contract-At-Infinity.”

Our thanks to everyone who has already responded sincerely, and now on to ICAI's inquiry (and back to your regularly scheduled programming elsewhere)…

UPDATE: Comments on this post make reference to unit 9B at The Infinity and a wildly erroneous contract price. We just confirmed the unit is in contract for over $1,000,000.

Posted by socketadmin at 4:30 PM | Permalink | Comments (69) | (email story)

Never Mind The Nine Reductions, Focus On The Previous Sale (Comp)

Once again, a challenging Cow Hollow location (although no more so now than when purchased for $1,800,000 in October of 2005); briefly in contract earlier this year after being reduced from $2,195,000 to $1,745,000 (damn those wily buyers, or perhaps banks); and after nine reductions, now asking $1,595,000 (11.4% below its previous sale).

∙ Listing: 2243 Greenwich (6/5) - $1,595,000 [MLS]
∙ A Little Extra Perspective On The Listing Market? (2243 Greenwich) [SocketSite]

Posted by socketadmin at 7:00 AM | Permalink | Comments (33) | (email story)

September 9, 2008

Four Years Of District Four Equity Yet Pre-Foreclosure Foreclosed

Last month 10 Fernwood Drive was listed as a “Pre-Foreclosure Opportunity” with an asking price of $1,650,000 (purchased for $1,750,000 in May of 2004). Today, the single-family Monterey Heights home is bank owned and “coming soon.” Would that be a fourclosure?

∙ Four Years Of District 4 Equity Yet Pre-Foreclosure After Four Months [SocketSite]
∙ Monterey Heights Single Family Home - Bank Foreclosure [Craigslist]

Posted by socketadmin at 10:00 AM | Permalink | Comments (45) | (email story)

What’s 140 Days On The Market And $280,000 Between Friends?

Asking $1,975,000 in April; $1,850,000 in May; $1,750,000 in June; and then relisted for $1,695,000 a few days ago, 1915 15th Avenue is now in escrow. In other words, MLS based reports and statistics will reflect an “official” 2 days on the market and an “original” list price of $1,695,000 (with respect to whether or not it sells for over or under asking).

But hey, what's 140 days on the market and $280,000 between friends? Purchased for $1,515,000 on 3/11/2005 with at least a little bit of bathroom remodeling (and basic maintenance) since.

∙ Listing: 1915 15th Avenue (4/3.5) - $1,695,000 [1915-15thAvenue.com] [MLS]

Posted by socketadmin at 5:30 AM | Permalink | Comments (15) | (email story)

September 4, 2008

QuickLinks: A Luxury Market Triptych

∙ Some Extra Bread To Go With That Cake At 2090 Vallejo [SocketSite 8/07]
∙ Mansion Price Drops $7 Million; Bentley Offered on Luxury Homes [Bloomberg 9/08]
∙ Not The Best “Investment” For Agassi In Tiburon [SocketSite 11/06]

Posted by socketadmin at 8:00 AM | Permalink | Comments (2) | (email story)

September 2, 2008

The One Rincon Hill Secondary Market Drops A Data Point (Or Not)

From the listing for One Rincon Hill (425 1st Street) #1606 almost three months ago: asking $1,232,000. From the listing when reduced to $1,120,000: "Offers by 7/30 please." From the listing when reduced to $1,050,000: "Don't miss out on this one!"

From the listing today: withdrawn. And once again, the non-upgraded asking price two years ago on the very first day of sales: $980,000.

∙ Mixed Messages For The Secondary Market At One Rincon Hill [SocketSite]

Posted by socketadmin at 8:15 AM | Permalink | Comments (47) | (email story)

August 27, 2008

Living La Vida Loca Casa Verde (Loca)

A notice of default might have been filed, but it’s another tipster that notes “La Casa Verde” continues to advertise: “Perfect for corporate meetings, luncheons, cocktail parties, film and photo shoots, receptions, spa parties and much more!” Be careful with those deposits.

Also noted, design credits according to the Sunset “Idea House” site:

Architect: John Lum Architecture
Builder: Meridian Builders and Developers
Interior Design: John Lum Architecture
Landscape Architect: Arterra LLP
Green Mechanical Design: Meridian Builders & Developers, Inc., and Sustainable Spaces
Charity Partner: One Brick

And design credits according to “La Casa Verde”:

Architect: Meridian & Whirliegig Inc.
Builder: Meridian Builders and Developers
Interior Design: Meridian Builders & Developers Inc.
Landscape Architect: Meridian Builders & Developers Inc.
Green Mechanical Design: Meridian Builders & Developers, Inc.
Charity Partner: One Brick

No word on whether or not Meridian has plans to become the charity partner as well...

∙ La Casa Verde, San Francisco [lacasaverdesf.com]
∙ It's Not That Easy Being Green For “La Casa Verde” (3027-3029 25th) [SocketSite]
∙ 2007 San Francisco Idea House [sunset.com]

Posted by socketadmin at 7:30 AM | Permalink | Comments (62) | (email story)

August 21, 2008

We Should All Be So Lucky To Have A Plugged-In Friend Like Stu

A plugged-in "Stu" seeks some ideas for a friend:

I have a friend who's…in this scenario: ~150K combined income, 5% down on a 700K peninsula condo bought in late 2005. Interest only on a 5% first mortgage and 3% second (company sponsored, 5/1) mortgage. The monthly cost of owning was probably about equal to renting with the low rates. I think they might have had some trouble refinancing in a few years, but I bet they would have been able to make it work out. Recently, however, my friend decided to change careers, move out of state, and take a substantial (combined 1/2 current salary) paycut. Perhaps a poor financial decision but apparently there's more to life than money.

So after 4 months on the market they've had one offer that fell through due to financing. Now they have a solid offer at 10% below what they paid and the buyers want a fast close. My friend is planning on taking the deal and liquidating the entirety of both of their 401K's (between 100-150K I estimate from what I've been told) to make up the loan balance and pay the sales commission. This should get them free and clear with a few thousand dollars in the bank to start their new life.

What other options are available to them? I hate to see them use 401k money to get out of this jam, because of the taxes and 10% penalty, not to mention the time value (present stock market conditions notwithstanding...) of that money. Being in your late 20s / early 30s with no retirement savings isn't the end of the world I guess. They have no other substantial assets besides the condo (i.e. cars are leased). The best I could think of was to somehow wait until 2009 to liquidate the 401K to lessen the tax hit in their new (3% ) state and presumably lower fed tax bracket. That and to talk to a financial professional.

Any ideas would be appreciated.

It’s not a “friend” as far as we know (not that we'd care). We’ve moved a couple of early responses to get things started. And please try to add value (or back away from the keyboard).

UPDATE (8/22): Stu responds (and thanks).

∙ San Francisco Affordability: Is C.A.R.'s New Reality Already Old? [SocketSite]

Posted by socketadmin at 1:45 AM | Permalink | Comments (107) | (email story)

2542 Fillmore Closes Escrow: Still A Big Win (But Still A Whoops)

The sale of 2542 Fillmore closed escrow on 8/19/08 with a reported contract price of $5,000,000.

As you might recall, the reconstructed 2542 Fillmore hit the market two months ago with a list price of $4,995,000 and buzz, received a pre-emptive offer of $5,500,000 cash with a five day close (which was refused), raised its list price to $5,250,000, and then failed to received an offer on its designated offer date.

No word on whether or not it was the party that made the $5,500,000 pre-emptive offer that picked it up for $500,000 less. But if you see a new Bentley or two rolling down Fillmore...

∙ The SocketSite Scoop On 2542 Fillmore: In A Word, Whoops. [SocketSite]
∙ Built In 1904 (But "Reconstructed" A Century Later): 2542 Fillmore [SocketSite]

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

Yesterday's Comment Of The Day: An All Too Common Misconception

"I saw a lot of (incorrect) comments above regarding how much tax "savings" there are in the case outlined by CAR: $132K income, $690K house, $4420 monthly payment, 5.69% rate, 10% down. So I decided to do a quick scenario analysis.

I assumed a married couple (joint filer), with no dependents. At $132K income, the tax savings are $1,030 per month. That's it. Once again, the idea that one can deflate a house payment by a marginal tax rate is wrong, wrong, wrong. Especially wrong at the relatively low income level of $132K (relative to $46K of deductible interest and prop tax)."

∙ San Francisco Affordability: Is C.A.R.'s New Reality Already Old? [SocketSite]

Posted by socketadmin at 1:15 AM | Permalink | Comments (11) | (email story)

August 15, 2008

QuickLinks: San Francisco Gets Less Surreal, Goldman More Mortal

∙ Carol Lloyd bids Surreal Estate Good-bye [SFGate]
∙ Goldman, JPMorgan May Prove 'Mortal' as Earnings Drop, UBS Says [Bloomberg]

Posted by socketadmin at 4:30 PM | Permalink | Comments (9) | (email story)

When Being “Priced Out Of The Market” Is A Blessing In Disguise

A first-time buyer across the bay picks up a “three-bedroom, two-bath house in East Oakland, for $199,500. The previous owner had paid $475,000.”

Perhaps being “priced out of the market” was a blessing in disguise. The previous owner? Not so blessed.

UPDATE: And simply speaking of the East Bay (but not this neighborhood in specific):

I live in Maxwell park, West of 580 between Foothill and High and have great feelings for the neighborhood, which sees a lot less violet crime than the Laurel. (many house break-ins when school is out, though). It's a great deal considering proximity to BART, hiking, organic grocery stores and GINORMOUS lots (which the laurel does not have). Around 150K less than the laurel, 200K less than the Dimond. Great winding streets, too...

∙ Doors open for first-time home buyers [Business Times]
∙ For A Select Few First-Time Buyers Willing To Cross The Bay [SocketSite]

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

August 14, 2008

It Might Be Time To Adjust That Algorithm (And A Few Expectations)

It’s a fully detached single-family “total fixer” in Bayview. It’s listed at $149,000. The current “zestimate?” $519,000. Keep in mind that it is a probate sale and we don't yet have an actual sale price. But remember, friends don't let friends get zillowed.

UPDATE (8/15): From a tipster, "was listed in May for $270,000" (but never sold).

∙ Listing: 2025 Keith (2/1) - $149,000 [MLS]

Posted by socketadmin at 10:45 AM | Permalink | Comments (22) | (email story)

August 13, 2008

Bernal, Bright And Even A Few Built-Ins For Under $500 $636/SQFT

We saw value (not to mention potential), and apparently we weren’t alone. 321 Prospect closed escrow today (8/13/08) with a reported contract price of $1,100,000 ($636 a square foot and $221,000 over asking).

Let's not forget those invitations to the housewarming. And our apologies for any observer effect on that final price…

∙ Bernal, Bright And Even A Few Built-Ins For Under $500 A Square Foot [SocketSite]

Posted by socketadmin at 12:45 PM | Permalink | Comments (44) | (email story)

August 12, 2008

That Same House In Address Only Sells (And Gooses The $/SQFT)

In 2004 844 Bay Street (the one with the red door) was a two-bedroom single-family home of two thousand and thirty-five square feet and sold for $1,550,000 ($761 per square foot). Having been completely rebuilt and remodeled, a four thousand and five hundred square foot 844 Bay Street closed escrow this past Friday (8/8/08) with a reported contract price of $4,600,000 ($1,022 per square foot). They were asking $5,249,000.

We assume no plugged-in person would ever make the mistake of confusing that 34% increase in the price per square foot with market appreciation (not that over one thousand a square foot is anything to be sneezed at). We have to note, however, that industry statistics will.

∙ The Same House In Address Only: A Contemporary 844 Bay Street [SocketSite]

Posted by socketadmin at 2:15 AM | Permalink | Comments (23) | (email story)

August 6, 2008

Perhaps An Apple A Day Would Keep Their Delusions Away...

"Despite plummeting values across the nation, 62 percent of homeowners believe their property's worth has actually climbed or stayed the same during the past year, according to a confidence survey commissioned by real estate Web site Zillow. In reality, the market price on 77 percent of properties has dropped and only about 24 percent have risen or held firm, the Seattle company estimates.

Residents of western states are only a little less self-deluding. Fifty-six percent acknowledge the market value of their home fell, while 44 percent believe it maintained or gained worth. The reality is closer to 88 percent and 12 percent, respectively, Zillow said."

[Editor’s Note: And no, the irony hasn’t been lost on us.]

∙ Homeowners delusional on value of property [SocketSite]
∙ Luckily The Sellers Weren't Looking At Their "Zestimate" [SocketSite]

Posted by socketadmin at 7:00 AM | Permalink | Comments (32) | (email story)

August 5, 2008

A Shorter Set Of Lyon Street Steps (And A Few Numbers): 2601 Lyon

Purchased for $5,750,000 in March of 2000 and renovated "with quality and luxury" in 2002, the "Villa" at 2601 Lyon Street is once again on the market and asking $8,250,000.

A few other numbers to play with: $4,025,000 (the variable rate loan balance in 2000); 6.7% (the average 1-year mortgage rate in March of 2000); and 4,146 (the square footage of the renovated property).

As an aside and across the street, after a little over a year on the market (but "officially" only 88 days), 2500 Lyon is advertising a "New Price" (reduced to $7,950,000 two weeks ago, asking $9,800,000 in June of 2007) and a “New Look." Still seeking a "New Buyer."

∙ Listing: 2601 Lyon (4/3) - $8,250,000 [MLS]
∙ The Hanging Gardens Of San Francisco: 2500 Lyon [SocketSite]

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

August 4, 2008

Connecting The "Calling All Contractors" Dots (Starting In District 10)

From the listing for 190 Newton in District 10 (Crocker Amazon):

Seller has stopped work and is selling the property AS-IS. Warning - this property is not currently habitable. Permits and plans are available for Buyer inspection….Subject to lender approval of short sale….Money ran out in renovation.

From the listing for 139 Leese in District 9 (Bernal Heights):

Property in a state of complete disrepair….Not habitable at this point in time….Not for the faint of heart. This is rough. Subject to lender approval of short sale.

From the listing for 522 Chenery in District 5 (Glen Park):

[O]wner was in middle of remodel- no walls - down to studs- come take a look!

Can you connect the dots?

∙ Listing: 190 Newton - $399,000 [MLS]
∙ Listing: 139 Leese - $449,000 [MLS]
∙ Listing: 522 Chenery - $659,000 [MLS]

Posted by socketadmin at 1:00 PM | Permalink | Comments (24) | (email story)

August 1, 2008

Two 02’s At 1483 Sutter Street: Same Same But $49,100 Different?

An unstaged 1483 Sutter Street #1202 has been on the market for 146 days. Initially asking $499,900, the price has been reduced four times over the past three months. And as of ten days ago, they’re asking $449,900.

A staged 1483 Sutter Street #1002 hit the market yesterday with new carpet, paint, and much better photography. Other than that, a small slab of marble in the kitchen, and a few decorating differences (like mirrors and no built-in shoji), they look to be about the same. Asking $499,000.

Apparently inflation has wreaked havoc on carpet, paint, cleaning and decorating services.

UPDATE: And as a plugged-in reader notes, "1202 looks like a foreclosure from property shark. Last "real" sale was 7/5/2005 for $550K." Perhaps that helps explain the pricing of #1002. Obviously #1202 isn't a real comp...

∙ Listing: 1483 Sutter Street #1002 - $499,000 [MLS]
∙ Listing: 1483 Sutter Street #1202 - $449,900 [MLS]

Posted by socketadmin at 1:00 PM | Permalink | Comments (11) | (email story)

The Credit Crunch Climbs Up (And Down) The Real Estate Food Chain

Additional details from J.K. Dineen on what’s driving the sale of the seven proposed Renzo Piano parcels (not to mention a few other properties):

California Mortgage and Realty President David Choo is selling off nine properties, including two downtown development sites, in a bid to save his struggling private mortgage company.

In a July 23 Securities Exchange Commission filing, CMR details "cash flow problems" stemming from the fact that 84 percent of the private lender's borrowers in its second fund are delinquent on payments. In the filing, Choo said $5 million of the profits generated from the real estate sales would pay CMR's debts and obligations; another $1.5 million would be set aside for the company's overhead and operating costs.

The properties listed for sale include an office tower development site at 524 Howard St.; a two-family building in Pacific Heights; a condo at the St. Regis; houses in Piedmont and St. Helena; a condo in New York; and the seven-parcel assemblage at First and Mission where Choo and development partner Solit Interests Group had sought approvals to build six razor-thin 1,000-plus-foot towers designed by celebrity architect Renzo Piano. The First and Mission property was recently assessed at $140 million. CMR CEO James Gala said that three properties, one in the South Bay, one in Las Vegas, and one in San Francisco, are in contract to be sold. The loan balance owed on these properties is not known.

Keep in mind that over half of the delinquent loans CMR is working out "come from one development: a $98 million bridge loan funded by CMR and Canyon Capital Realty Advisors for the 2,000-unit Royal Kunia housing development in Hawaii that was current at the end of last year, but has now moved into the delinquent category."

∙ Crunch hits downtown S.F. landowner [San Francisco Business Times]
∙ Proposed Piano Parcels (Including 50 First Street) On The Market [SocketSite]

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

JustQuotes (And A Chart): Consumer Confidence Continues To Decline

"The U.S. economic slowdown has shaken the confidence of even the most affluent Americans as losses spread from housing to financial assets, according to economists at Merrill Lynch & Co.

'We are already seeing the dominoes fall because the well-heeled consumer is now seeing confidence decline at a much faster rate than everyone else (who are already washed out),' writes David A. Rosenberg, North American economist at Merrill Lynch in New York, in a July 29 commentary on the Conference Board's consumer confidence index.

The [Bloomberg] chart of the day shows the rapid decline in the Conference Board's index for Americans with incomes greater than $50,000. The 12-month rate-of-change rivals the descent seen in the year prior to January 1991."

∙ Rosenberg Says `Well-Heeled' Join the Pain: Chart of the Day [Bloomberg]
∙ Bloomberg chart of the day: Consumer confidence, incomes over $50,000 [Bloomberg]

Posted by socketadmin at 7:45 AM | Permalink | Comments (22) | (email story)

July 30, 2008

Another Mid-Century Modern Casualty: A Shift In Tastes Or Appetites?

While the list price on the Henry Hill designed mid-century modern home at 2245 9th Avenue was reduced $100,000 last week, the listing for the Henry Hill designed mid-century modern home at 2209 9th Avenue has simply been withdrawn from the market.

Shifting buyer tastes or appetites?

∙ Mid-Century Modern That’s Been Remodeled: 2209 9th Avenue [SocketSite]
∙ Think Of The Decorating Damage You Could Do At DWR With 100 Grand [SocketSite]

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

July 29, 2008

No, We’re Not On Vacation (Although If This Keeps Up…)

A server meltdown has been hindering our ability to publish (especially graphics and tips) since early yesterday morning. All should be resolved relatively shortly. In the meantime, thank you for your patience and understanding. And as always, thank you for plugging in.

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

July 28, 2008

Solaria Sells For About As Much As The Rendered Bugatti In Its Garage

Sixteen months ago we introduced you to “Solaria” (asking $10,700,000 at the time), three months later we shared the scoop (developer ran out of money and notices of default were filed), and yesterday a plugged in tipster dropped us a line:

[166 Buena Vista] caught my eye in today's Chronicle sold list: $1,980,000 on 7/1/08….Would love to know the inside scoop on this one.

As would we. We’re assuming some additional assumed debt besides the reported sale price, but who knows. No really, who knows?

And two bits of irony related to the now defunct marketing site for the property: 1. the reported sale price is well below the combined value of the six cars that were rendered in its garage (and only slightly more than the Bugatti alone), and 2. the “Solaria is a symbol of success” copy.

∙ The SocketSite Scoop On “Solaria” (166 Yerba Buena Ave) [SocketSite]
∙ The Scoop On 168 Yerba Buena Avenue (And St. Francis Court) [SocketSite]
∙ It’s Not Always Fun And Games At The Top (166-68 Yerba Buena) [SocketSite]

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

July 25, 2008

The SocketSite Scoop On 2542 Fillmore: In A Word, Whoops.

Two months ago the reconstructed 2542 Fillmore hit the market with a $4,995,000 price tag, a well received cocktail party and buzz, and an offer date. Shortly after said party, but before the official offer date, a pre-emptive offer arrives: $5,500,000 cash with a five day close. It’s refused (and not on principle, but rather something about wanting to see a six).

The list price is increased to $5,250,000 and the offer date comes and goes (possibly in the reverse order). No offers. Not even from the party that originally offered $5,500,000. Whoops.

The good news, word on the street is that it might be in contract. No word on at what price (or to whom).

UPDATE: And two hours after we published, it's officially "In Escrow - Firm" on the MLS.

∙ Built In 1904 (But "Reconstructed" A Century Later): 2542 Fillmore [SocketSite]

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

July 22, 2008

1487 McKinnon Finally Sells In July 2008 (At A December 2000 Price)

Fifteen months after hitting the market, 1487 McKinnon has closed escrow. A sales recap for the small (900 sqft) single-family house (on a larger lot) since the year 2000: sold for $162,500 (5/00); sold for $200,000 (12/00); sold for $353,000 (5/04); refinanced for $468,000 (8/05); “sold” to the bank for $400,000 (11/07).

A (possibly incomplete) recap on the listing: hit the market for $579,000 (4/07); reduced to a “below market value” (sound familiar?) price of $559,000 two weeks later; “sold” to the bank (11/07 - see history above); returns to the market for $369,900 (1/08); reduced to $269,900 (4/08) and then to $214,900 a week or so later.

The reported contract price on 7/11/08: $190,000. A good buy at under $200,000 as far as we're concerned (considering the underdeveloped lot). And we can’t help but highlight a reader’s comment from three months ago: “Not that Zillow is the benchmark of accurate appraisals, but their zestimate for this house is now $499K. Down from the peak of $618K.” Whoops.

UPDATE: A quality comment from a plugged-in reader in the neighborhood:

House is "unique". First floor level has ceiling height of about 6 ft but with structural beems that I hit my head on. I am 6 ft tall. Upstairs not bad size bedrooms and bath. VIEWS of GG Bridge towers, twin peaks, lots. Very nice views actually. The house was build on the very end of the 25x75 lot. 25 deep by about 15 wide. Not sure if you could tear down the house. Talked to a guy in planning dept. and the entry level space is legal. If you could not tear it down, probably easy to convert to garage and build on rest of the lot.

I live a few blocks away. Better than average for Bayview. No corner liquor stores or projects immenently close. But there was a murder earlier this year on McKinnon between this house and 3rd Street. Probably gang related, but who knows. It is a drive into your garage and stay kind of area right now.

In the long run this will be an interesting view lot for someone. But not sure if a builder would be wise to invest in it now for a business proposition.

Oh, and the "zestimate" as of ten minutes ago: $460,500.

∙ Now 51% Below “Below Market Value!” In Bayview (And It Lasted!) [SocketSite]
∙ Back On The Market And Below “Below Market Value!” In Bayview [SocketSite]
∙ Reductions On Two Two-Bedrooms Approaching Two Months [SocketSite]
∙ For A Select Few First-Time Buyers Willing To Cross The Bay [SocketSite]

Posted by socketadmin at 4:15 PM | Permalink | Comments (44) | (email story)

July 18, 2008

Luckily The Sellers Weren't Looking At Their "Zestimate"

It’s a tipster that notes that rather than renting for 12,000 a month, it appears as though 378 Cumberland has sold off the market for $3,100,000. And yes, that’s just slightly above the pre-sale “Zestimate” of a little under two million.

∙ 378 Cumberland: For Rent [Urban Bay]
∙ 378 Cumberland: Zestimate [Zillow]

Posted by socketadmin at 8:30 AM | Permalink | Comments (47) | (email story)

July 16, 2008

But It’s Glen Park And I’m Told The “Median Sales Price” Is Way Up!

On July 1st 2005 a “Stylish Light & Bright Elegant View Home” in Glen Park sold for $910,000. Three years and a $40,000 kitchen later, 24 Addison closed escrow (after 80 days) with a reported contract price of $975,000. As a plugged-in tipster notes:

So a gross increase of $25,000 in three years. Throw in 7% transaction fees and any concessions needed to get this beast closed. Who says you can't loose money in (fairly) prime SF real estate?

The kicker? Our tipster is the one who happily sold the place in 2005 (and who also adds, “the fireplace screen with a hole in it that a renter left me was highlighted in all the [listing] photos”).

Now granted, this sale still represents effective annual appreciation of just under 1% over the past three years for this single-family Glen Park home, but any guesses as to what’s happened to the neighborhood “median sales price” over that same period of time?

Posted by socketadmin at 12:45 AM | Permalink | Comments (40) | (email story)

July 15, 2008

A Tipster’s Tongue-In-Cheek (We Think) Sign Of The Times…

A tongue-in-cheek (we think) tip and chuckle from a plugged-in reader: “What does it say about the market when one of the top agents has a sign like this?”

UPDATE: According to a plugged-in tipster the agent is out front fixing the sign. Total time elapsed from our post to the agent being on site: a little over an hour.

Posted by socketadmin at 8:30 AM | Permalink | Comments (15) | (email story)

July 9, 2008

One Antithetical Quote To The “Foreclosures Aren’t Comps” Argument

An anecdotal quote that runs somewhat antithetical to the “foreclosures aren’t comps” argument:

"Our experience is the bank has a number (the asking price); they will hold that for a while," [Re/Max Realtor-broker Joe Metz] said. "If they don't get that number for three or four weeks, they will lower the price a little more. Banks are very smart about how they do this. They move them very quickly and for about as much as anybody could get."

Granted, it's from an East Bay broker where foreclosure activity continues to be significantly more meaningful than in San Francisco, but the trend is up across the board.

Also up, the ratio of properties that receive a notice of default (NOD) that eventually become bank owned (REO). A sign of dropping values, not only financial duress.

∙ How to buy a foreclosed home [SFGate]

Posted by socketadmin at 9:00 AM | Permalink | Comments (2) | (email story)

Sacrebleu! And How Dare They Imply Such Edgy Architectural Design!

And speaking of European parallels (or perhaps unfortunately not):

The rim of Paris looks set to rise skyward, as the city council considers allowing taller buildings in this historically low-rise capital. The move targets only the city's inner perimeter for now, but is prompting a firestorm of argument about how to adapt the Paris skyline to the 21st century.

Forget the density argument for a moment; it’s interesting to note the boldness of the implied architecture. Those Parisians obviously don’t understand that modern architecture is sure to destroy the historic identity and desirability of their fair city (see Centre Pompidou for example).

It’s a good thing we know better. Now add another bay window to that design…

∙ Paris' low-rise skyline inching upward [Associated Press]
∙ Centre Pompidou [centrepompidou.fr]
∙ Let's See, Drop The K And Carry The S... [SocketSite]

Posted by socketadmin at 5:30 AM | Permalink | Comments (24) | (email story)

Let's See, Drop The K And Carry The S...

We're not about to jump the pond fulltime (at least not yet). But it is a bit eerie, or to some perhaps comforting, to see the parallels in the U.K. market as mortgage rates rise (now at 6.63 percent for the equivalent of a two-year ARM).

The U.K. is skirting a recession as house prices fall, oil costs rise to a record and lenders refuse to pass on the Bank of England's three interest-rate cuts since December. Policy makers, who make a rate decision tomorrow, said last month that they considered increasing borrowing costs after inflation accelerated to the fastest in a decade.

"This is doom and gloom," said Alan Clarke, an economist at BNP Paribas SA in London. "The housing market is in freefall and unemployment is rising. The Bank of England's credibility is in question with the worst peak in inflation in its history, but there are a lot of reasons not to hike now."

And now back to the "Supercities" discussion...

∙ U.K. Mortgage Rates Surge, Consumer Confidence Slumps [Bloomberg]
∙ Supercities Are Immune To Declines (At Least Until They’re Not) [SocketSite]

Posted by socketadmin at 4:00 AM | Permalink | Comments (17) | (email story)

July 8, 2008

Let’s Get It Right (And On The Record): Basic Instinct = 2930 Vallejo

If you’re thinking 'Basic Instinct,' this is the house (2930 Vallejo). Not 2950 Vallejo (which is right next door) nor 2100 Vallejo (which is not).

Simply consider this a “sleepiguy” inspired public service announcement of the week. And should the question ever again arise, you now know where to link...

∙ Trophy Home Watch On Vallejo: Next Door Neighbors Edition [SocketSite]
∙ It Might Not Have A Name, But It’s A Vallejo Mansion Nonetheless [SocketSite]

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

It’s Time For Another Industry Report Asterisk (2100 Vallejo Edition)

On Sunday the listing for 2100 Vallejo “expired” along with its 214 days on the market (DOM), original list price of $25,000,000, and subsequent $2,000,000 reduction. On Monday, however, a new listing appeared.

Official MLS days on the market for purposes of industry reporting: one (1). And its new "original" list price: $23,000,000 (which includes the garden/lot next door).

∙ Listing: 2100 Vallejo (5/5.5) - $23,000,000 [MLS]
∙ It Might Not Have A Name, But It’s A Vallejo Mansion Nonetheless [SocketSite]

Posted by socketadmin at 6:30 AM | Permalink | Comments (16) | (email story)

July 3, 2008

Another Round Of Virtual Applause: SoMa’s Emerging Midtown Panel

Another round of virtual applause for our plugged-in panelists last week who were willing to share their thoughts - and the scoop when you cornered them - on SoMa’s emerging Midtown. From left to right above:

∙ Nina Gruen, Principal, GRUEN GRUEN + ASSOCIATES
∙ Daniel Hurtado, Executive Director, Central Market Community Benefit District
∙ Walter Schmidt, Chief Financial Officer, Trinity Properties
∙ Astrid Haryati, Director of Greening, Office of the Mayor, City of San Francisco

A favorite unforeseen topic: how might Astrid’s most recent post in Chicago lend itself to expediting activity in San Francisco? And of course, how long will it take for a Midtown neighborhood to really take off? (Our bookmakers put the over/under at five years.)

Once again, our thanks to Soma Grand for providing a terrific venue, beverages, and sponsoring the event. And yes, the next gathering is already in the works.

∙ Scoop: Next Wednesday’s (6/25) Gathering For Plugged-In People [SocketSite]

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

A Beacon One-Bedroom Sells For Over Asking! (And Only 25% Less)

The sale of 260 King Street #957 closed escrow yesterday with a reported contract price of $645,000 ($584 per square foot).

Official industry statistics will report yet another over asking sale (by $100), while we’re left to report a new Beacon “comp” at roughly 25% less than what was previously paid (tax records suggest a price of around $860,000 or $782 per square foot). Do keep in mind, however, that this bank owned sale (note 1) didn’t include any appliances or even many of the fixtures (note 2).

And as always, let's not forget those invitations to the housewarming, we'd love to see what you did with those shades.

∙ Bank Owned (With Big Windows) At The Beacon: 260 King #957 [SocketSite]
∙ Window Coverings: Can You Beat The Heat And Help A Reader Out? [SocketSite]

Posted by socketadmin at 12:45 AM | Permalink | Comments (27) | (email story)

Supercities Are Immune To Declines (At Least Until They’re Not)

The emergence of “supercities” is a frequent refrain amongst those who believe that San Francisco is amongst an elite group of cities whose property values are relatively immune to decline. From Newsweek International:

Further evidence that top cities may be less vulnerable to the usual boom-and-bust cycle comes from a lengthy working paper written by three economists from the Wharton School of Business and Columbia University for the non-profit National Bureau of Economic Research. The researchers identified several American cities like San Francisco, Los Angeles, Seattle and Boston that attract ever-larger numbers of high-income people willing to pay a premium to live there. The rise of such cities is rooted in the unprecedented proliferation of very affluent families in the United States that occurred in the second half of the 20th century. While the total number of families living in U.S. metropolitan areas doubled during that period, the number making more than $140,000 annually in constant 2000 dollars grew by eightfold.

Though the study focused on America, one of its authors sees a parallel process underway in some foreign capitals. "You need a combination of two things: a growing number of high-income folks who want to be together in a certain market and an unwillingness or inability to provide substantially larger numbers of new housing," says real-estate and finance professor Joseph Gyourko of the Wharton School. "Certainly London fits the mold and so does Paris, where you have a growing economy, a skewing of income distribution and very limited supply in the areas that are much in demand."

Of course we must mention that luxury-home prices in central London fell 1.7% in June. And that’s two months of decline in a row.

∙ Endless Light [Newsweek]
∙ London Luxury-Home Prices Declined for Second Month [Bloomberg]

Posted by socketadmin at 12:30 AM | Permalink | Comments (53) | (email story)

July 2, 2008

Can You Really Eat Your Eco-Cake And Have It Too?

From a reader yesterday (in response to an interesting comment from a car-less couple happily inhabiting a 470 square foot studio in the city):

i'm sick of people flaunting their eco credentials when they have two Prius's (or would that be Prii?) sitting in the driveway of their 2000+ sq ft house while they eat steak and foie gras at the latest hot restaurant living in a small studio space is not for everyone, but doing so, without a car, is the definition of sustainability.

i happen to drive a car to work that is not a hybrid, and i have too many sq ft for my family size, but I have not nor will i ever present myself as living an ecologically friendly lifestyle.

And ironically, from the Chronicle today:

From the looks of their new, contemporary-on-the-outside, luxe-on-the-inside, 6,000-square-foot Hillsborough home and from the smiles on their faces, the Rubensteins' effort to make the greenest selection at every step of the building process seems to have yielded a harmonious synergy of livability, luxury and environmental responsibility.

∙ A glam, glitzy and green Hillsborough mansion [SFGate]
∙ Mini Meltdown At The Metropolitan? (333 1st Street #N1906) [SocketSite]

Posted by socketadmin at 12:00 PM | Permalink | Comments (55) | (email story)

Later Dizzle For Shizzle: Let's Call It Irony Rather Than Foreshadowing

Three months ago on SocketSite:

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.

Perhaps it's time to take another look (and get ready to strike that second sentence).

UPDATE: From a plugged-in reader: "Baron does not own the condo...he leases it." A multi-millionaire renter? Heresy!

∙ Boom Dizzle (AKA Baron Davis) Is In The His House (And SoMa) [SocketSite]
∙ Later Daze, Baron: Davis leaves Warriors for Clippers [SFGate]

Posted by socketadmin at 5:00 AM | Permalink | Comments (22) | (email story)

June 27, 2008

Incentives In San Francisco: They’re Not Just For Condos Anymore

According to J.K. Dineen, half a million square feet of unneeded office space in San Francisco has returned to the market over the past few months. And if you’re trying to time the market with respect to a move, the next 18-24 might be a good time to act.

While many landlords still resist lowering asking rates, concessions in free rent and tenant improvements are becoming more and more generous. Three- and four-year deals that landlords would have rejected a year ago were widespread. In fact the average lease term in the second quarter was 49 months, some 10 months shorter than average deals seen in 2006 and 2007, according to Colliers.

And once again, while an oft reported industry metric (in this case average base rent) might suggest one thing about the market, the actual trend in effective rents might suggest another.

∙ Office space floods onto San Francisco market [Business Times]

Posted by socketadmin at 11:00 AM | Permalink | Comments (6) | (email story)

June 25, 2008

Below Some Expectations (But Not If You’re Dan): 1635 Castro Closes

First on the market for $1,595,000 but quickly reduced to $1,495,000 (at which point a few expected it to fly), and then to $1,400,000 (“The deal of the year!”), 1635 Castro Street closed escrow yesterday with a reported contract price of $1,350,000.

Hats off to Dan who was on the record a month ago with his plugged-in prediction: “I'll say it goes for $1.35M.” And that it did.

∙ It Might Just Be Marketing, But What The Heck: 1635 Castro Street [SocketSite]
∙ Perhaps It Wasn’t Just Marketing: 1635 Castro Sheds Another $100K [SocketSite]

Posted by socketadmin at 12:15 PM | Permalink | Comments (57) | (email story)

The Latest Listing For The Captain’s House Sails Into The Sunset

After an effective 65 months on the market, an $8,000,000 renovation and $2,400,000 price increase (followed by a $3,900,000 reduction), the latest listing for 300 Sea Cliff (a.k.a. The Captain’s House) has been withdrawn from the MLS. No word on whether or not it will soon return or was quietly sold. And if so, with (or to) whom and for how much.

Perhaps stucco really isn't more palatable to those modern millionaire tastes...

∙ Listing: 300 Sea Cliff Avenue (5/5.5) - $22,000,000 [Sotheby's]
∙ Top Five San Francisco Trophy Homes [SocketSite]
∙ The $8,000,000 Man Renovation [SocketSite]
∙ Another Chance At (For?) The Captain's House (300 Sea Cliff Ave) [SocketSite]
∙ 300 Sea Cliff: $3,900,000 Reduction (After An $8,000,000 Renovation) [SocketSite]
∙ Can’t Sell? Then Stucco! [SocketSite]

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

Psst! Hey Buddy, You Need A Kitchen To Go With That New Condo?

Last week the sale of 151 Alice B. Toklas Place #708 closed escrow with a reported contract price of $580,000 ($40,000 under asking).

To recap, purchased on 10/05/06 for $865,000; remodeled with a high-end kitchen (think Pedini) and bathroom; then subsequently “un-remodeled” and sold back to the bank (less the $55,000 kitchen and bathroom fixtures) for $708,933 on 1/9/08 (and following an unfortunate turn of events).

If you happen to be (or know) the buyer and are interested in repurchasing said kitchen and a toilet that’s “worth more than you think,” you know where to plug in. And regardless, let’s not forget those invitations to the housewarming (after it's re-remodeled, or at least has a toilet, of course).

∙ Another Non-Comp Comp Along The Booming Van Ness Corridor [SocketSite]
∙ Change Of Heart, Cash Crunch, Or A Condo Sitter Gone Crazy? [SocketSite]
∙ From Foreshadowing To Foreclosure For A Marquee Loft Off Van Ness [SocketSite]

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

June 23, 2008

When Friia Ruled San Francisco Real Estate (A Reader’s Recollection)

Our piece on 1001 California resurrected the name Vincent Friia, a flamboyant fixture of a bygone era in San Francisco (and its real estate). A reader recollects (slightly edited for republication):

Whatever happened to Vincent Friia?

Indeed! For those who have lived in this city for less than ten years, you cannot imagine what a different place used to be. Vincent Friia's parties and other "activities" are part of what was a city you would not recognize.

Melvin Belli running naked from his mansion (outer Broadway) firing a pistol at his wife who hosted a real estate show for the highest priced properties on television, Noe Valley was an affordable neighborhood that a school teacher could buy a home in. The Castro and Soma were actually neighborhoods that had REAL nightlife with clubs staying open till 7am, not places where homes could be flipped and condos could have an "edge".

What I miss most is that it was a city that wanted to have fun, instead of a city that produces another IPO or Dwell Victorians. I am 43 years old, but am really feeling nostalgic for a city that I cannot even describe to people who move here now. Thank goodness I bought my home when this city was affordable (and it WAS!).

And speaking of affordable San Francisco real estate, from a 1995 Herb Caen column (in which Friia is referenced earlier in the piece):

At 1 a.m. Sunday, Beth (Mrs. Jim) Dunbar handed $3 to a Gate Bridge tollkeeper, who let out a noisy yawn. "Am I keeping you up?" inquired Beth. "No," said the guardian of the gate, "but my mortgage is."

And in terms of actually answering the question of whatever happened to Vincent Friia, unfortunately we don't have the scoop (but perhaps a plugged-in reader or two might).

∙ One Expensive One-Bedroom In A Beaux Arts Building We Love [SocketSite]
∙ San Franciscaena [SFGate]

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

June 20, 2008

The New New Bottom Line: Observer SocketSite Effect In Action?

Earlier this week on SocketSite:

Our thoughts on the listing for 1083 Hollister seventeen months ago (listed for $499,000 at the time). A take-charge (which we love) reader’s survey of the property and location soon thereafter. And the “newly renovated” listing today (asking $688,000).

From a plugged-in tipster this morning:

The seller for the house on Hollister is now asking $800,000 ... I guess from all the Internet "buzz."

And newly added to the listing: “Seller's bottom line $700,000.”

∙ From Relative Value To Recently Renovated, 1083 Hollister Returns [SocketSite]
∙ Relative Value From Top To Bottom [SocketSite]
∙ Listing: 1083 Hollister (7/4) - $688,000 [MLS]

Posted by socketadmin at 11:45 AM | Permalink | Comments (22) | (email story)

From Sand Hill To San Francisco: The Reverse VC Commute Continues

“Menlo Park-based Sequoia Capital, one of Silicon Valley's most successful venture capital firms, has agreed to lease the top floor of the office tower Tishman Speyer is building at 555 Mission St.….If completed, the deal would be the third major tenant Tishman has landed at 555 Mission St. at a time when the city's commercial real estate market has cooled considerably.”

“Sequoia would be the latest in a growing list of Sand Hill Road venture capital firms establishing presences in San Francisco or moving here altogether. In 2007, investor Sandy Robertson moved his $5 billion private equity group Francisco Partners to the Letterman Digital Arts Center in the Presidio. At 1650 Owens St. in Mission Bay, developer Alexandria Real Estate Equities has signed deals with four VCs, including Versant Ventures, Novo Ventures and Arch Venture Partners.”

UPDATE: From a plugged-in reader: "Sequoia's office in SF may validate the recent rumor of their extension into starting a "hedge fund like entity" in the group."

∙ Tishman Speyer tags Sequoia Capital for 555 Mission [Business Times]
∙ A Virtual Tour Of 555 Mission Street (And Downtown San Francisco) [SocketSite]

Posted by socketadmin at 10:15 AM | Permalink | Comments (21) | (email story)

June 17, 2008

New Twist: The First Resale Short Sale At Candlestick Point - The Cove

While we often note the first few resales in a new development as a measure of open market value, here’s a new twist: the first short sale (as far as we know).

SHORT SALE. Gorgeous 3BR/2BA 1 year new condo at Candlestick Point, a beautiful gated community. Inviting living room/dining area combo has interesting outlook to the ballpark and water. Good-sized bedrooms and two baths with ample closet space. Two decks for lounging and outdoor enjoyment. 2 parking spaces. One of the few units with 2nd parking space.

Our initial thoughts from afar (and original pricing for the development).

UPDATE: From a plugged-in reader: "There was another unit @ CP that was sold at public auction it was listed in the high threes and ended up selling in the high fours it was a 2 brm unit."

∙ Listing: 401 Crescent Way #4109 (3/2) - $579,000 [MLS]
∙ The Cove (Candlestick Point) [SocketSite]

Posted by socketadmin at 12:30 PM | Permalink | Comments (36) | (email story)

June 16, 2008

Save Some Cash. And While You’re At It, Please Save The Stove.

The listing for 2737 Clay prominently notes: “approved plans and permits for a major remodel” (and not so prominently, recently reduced $200,000).

And while we have no doubt those plans call for overhauling the kitchen (with which we can't argue), we have a feeling they don’t call for saving that stove (with which we can).

∙ Listing: 2737 Clay Street (6/5) - $3,250,000 [MLS]

Posted by socketadmin at 10:56 AM | Permalink | Comments (38) | (email story)

June 11, 2008

Potential November Ballot Measures: Condo Lottery For Two-Units?

At least five real estate related measures are now six supervisor votes away from making onto the November ballot. Yesterday’s introductions from supervisors Peskin, McGoldrick, and Daly:

1. Increase property transfer tax on sales of $2+ million from 0.75 to 1.5 percent (Peskin)
2. Establish staged tax increase on property sales starting at $1 million (McGoldrick)
3. Prohibit harassment by a landlord/provide rent reduction fines (Daly)
4. Prohibit OMI evictions of units with children <18/amend definition of disability (Daly)
5. Place two-unit buildings into the condo-conversion lottery (Daly)

Any plugged-in bookmakers care to provide odds?

∙ Measures for November ballot put forward [Examiner]

Posted by socketadmin at 8:45 AM | Permalink | Comments (49) | (email story)

June 6, 2008

Too Much Green For The Hood Too Soon? (In More Ways Than One)

After 261 days on the market (and a 9% price cut), the listing for 1303 Alabama (a.k.a. half of the Sunset Idea House) has been withdrawn from the market. No word on why or what's next.

∙ The SocketSite Scoop: Half Of The Sunset Idea House Hits The Market [SocketSite]
∙ Sunset’s 2007 San Francisco Idea House: A Few Facts [SocketSite]

Posted by socketadmin at 12:15 PM | Permalink | Comments (7) | (email story)

June 5, 2008

Perhaps The Views Aren’t The Only Thing To See: 3911-17 19th Street

It’s not exactly an apple but it is kind of interesting (and perhaps the views and architecture aren’t the only things to “see”). From a plugged-in reader seven weeks ago:

It's not quite a tip, but 3911 19th Street is on the market now. 3917 19th street, designed by the same architect [James Shay] with essentially the same floor plan, and built at the same time, sold in December for 2.095. 3911 is listed for 2.295. My agent says the additional 300 sqft (over four levels?) justifies the higher price, and that the seller will be reviewing offers on Wednesday [4/16]. I guess we'll see.

A week later the list price was reduced $100,000. And a month after that (two days ago) the list price was reduced another $100,000. Currently asking $2,095,000 (additional 300 square feet and all).

No word on what our reader's agent is saying now.

∙ Listing: 3911 19th Street (4/3) - $2,095,000 [MLS] [Virtual Tour]

Posted by socketadmin at 9:00 AM | Permalink | Comments (7) | (email story)

June 3, 2008

Gone Voting (And If You Haven’t Already, So Should You)

It’s possible than less than one-third of registered voters will cast ballots today and decide the fate of Propositions 98 and 99, F and G. Our votes are going to count, will yours?

UPDATE: A plugged-in Bayview resident’s comment regarding F and G that’s worth a read. And should you choose to share, a kind request to consider providing a "why" in addition to the "how" you marked your ballot.

UPDATE (6/4): The final results: Proposition 98 Fails/99 Passes, Measure F Fails/G Passes.

∙ Proposition 98: An Interesting Perspective And Opportunity For "Play" [SocketSite]
∙ JustQuotes: The Ballot Battle Over Hunters And Candlestick Point [SocketSite]
∙ Results: Proposition 98 Fails/99 Passes, Measure F Fails/G Passes [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (33) | (email story)

May 29, 2008

Damn That Planning Department To Hell! Oh, Wait A Minute…

There’s always another perspective to consider. And with regard to who’s to blame for “bad” design in San Francisco, here it is (slightly edited for spelling and flow):

You can blame bureaucracy all you want, but in the end, it's simply not the problem with bad design in San Francisco. Over 90% of all the projects in SF are "designed" by hacks. In fact, a large majority of the new buildings are not even designed by architects, but by engineers and production architects who just churn out one project after another.

The architectural world refuses to criticize itself and you'll never see an architect show up at a Planning Commission meeting and say about someone else's project, "this proposal is trash and this architect is a hack." The architectural field loves to hand out awards to the better among them, but they never lambaste their own and search within. There are too many faux-"architects" and engineers who get too much work in this town.

Planners don't design the buildings -- they can't make a bad designer design a good building. If you were in their shoes, you'd get a sense of what it's like to have 1 decent proposal come across your desk for every 99 pieces of crap, all by the same 10 firms.

And a response that made us chuckle (and offers some perspective