CATEGORY ARCHIVE: Seemingly Random

April 1, 2014

Private Shuttles Are Easing Congestion, But Causing More Potholes

With an estimated reduction of over 45 million vehicle miles traveled per year, a big benefit of the private shuttle buses running from San Francisco to the Peninsula is a reduction in overall vehicle emissions and congestion on the roads.

According to an analysis conducted by the Department of Public Work's Infrastructure Design & Construction Division, however, the cost impact that a large shuttle bus has on the lifetime of the physical roadway is nearly 4,700 times that of an individual SUV:

...every time a large shuttle bus drives over [a] hypothetical lane mile, the impact on the pavement accounts for $1.08 out of the $1,045,000 it will ultimately cost to reconstruct the lane. In comparison, the cost impact that a typical passenger vehicle has on the lifetime of pavement is $0.00023 every time it drives on the same hypothetical one-mile long lane mile.

On the agenda for San Francisco’s Board of Supervisors this afternoon, an environmental appeal of the SFMTA's approved pilot program which would allow private shuttle buses to share the use of San Francisco's municipal bus stops for a fee of $1.06 per stop.

The fee is designed to simply capture the cost of administering the pilot program but does not capture any additional impact to the roads, as the "SFMTA is precluded from charging a fee for the proportional cost of such damage pursuant to Section 9400.8 of the California Vehicle Code, which restricts the ability of a local jurisdiction to impose a tax, permit or fee for use of City streets."

∙ Policy Analysis Report: Impact of Private Shuttles [sfbos.org]

Posted by socketadmin at 3:00 PM | Permalink | Comments (17) | (email story)

March 31, 2014

The Warriors Island Arena And Aptly Named Watermark

Of the six key design issues for the proposed Warriors arena upon San Francisco’s Piers 30-32, how the proposed public access areas of the development will perform under the latest estimates for sea level rise and a 100-year flood is number six.

While we’re happy to report that the public access areas of the proposed arena should be just fine based on the latest estimates for sea rise and flooding, they could end up being on an island for a bit. And it's looking a little wet for the aptly named Watermark at 501 Beale and Portside down the street (click image to enlarge).

Posted by socketadmin at 8:45 AM | Permalink | Comments (7) | (email story)

March 28, 2014

The Push To Landmark An At-Risk Market Street Tree

Seeking an "open aesthetic," the buyer of 3066 Market Street, a speculative project which had been stalled mid-construction and ended up selling on the courthouse steps earlier this year, was planning to chop down the 75-foot-tall redwood tree in the backyard.

Sponsored by Supervisor Wiener and recommended by San Francisco's Land Use and Economic Development Committee, the Sequoiadendron giganteum at 3066 Market Street has been nominated for Landmark Tree status. Yes, that’s a real thing.

If approved by San Francisco's Board of Supervisors next week, the tree will likely have to be trimmed and maintained rather than removed as planned. The best line from San Francisco's Landmark Tree Program Criteria and Procedures which were adopted in 2006:

Whereas, Older mature trees with historic, cultural, economic, or visual significance to a municipality can be designated as “landmark” trees; which is not to say that younger tress are insignificant or may not be designated as a landmark tree in the future…

While not historic, the 3066 Market Street redwood has been described as "majestic and unique for the area," provides a wind and sound barrier from Market Street for the neighbors, and "reflects the aesthetic of the homes of the area," other than the one it's behind.

Posted by socketadmin at 1:00 PM | Permalink | Comments (21) | (email story)

March 26, 2014

According To Shrimp Boy, San Francisco Is Dirtier Than It Looks

From the declaration of Special Agent Emmanuel Pascua in support of indicting State Senator Leland Yee, former gangster Raymond "Shrimp Boy" Chow, and ex-S.F. school board member Keith Jackson, amongst others:

"…Chow and the [undercover employee] talked about the corrupt nature of politics in San Francisco. Chow commented how San Francisco has changed over the years. While the city itself looks clean, Chow believed San Francisco was dirtier because of public corruption."

According to the declaration, Jackson first connected with Chow while trying to garner support for "the development of Bayview/Hunter's Point." Jackson was engaged by Lennar Corp to help secure the approval for their plans to develop Candlestick and Hunters Point.

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

February 18, 2014

They've Literally Struck Gold While Digging Downtown

Transbay%20Gold%20Doubloon.gif

A plugged-in tipster reports that they have struck gold, quite literally, while excavating Transbay Blocks 6 & 7 for the 32-story tower and mid-rise to rise along Folsom Street.

Okay, so it's only the single Chilean gold doubloon pictured above and dated 1838 that has been uncovered so far, or at least that's all that has been reported by the crew.

Ironically, the tower to rise on the site is designed to be LEED Gold certified.

Posted by socketadmin at 5:30 PM | Permalink | Comments (9) | (email story)

December 24, 2013

The Economics Of Urban Trees

Holiday%20Street%20Trees.jpg

As part of the due diligence for San Francisco's Urban Forest Plan, an inventory and accounting for 24,858 publicly managed "street trees" was conducted. And while the math is a little fuzzy, especially when it comes to the socioeconomic benefits, each tree was estimated to contribute just under $160 a year in benefits to the community at large.

A breakdown of the estimated economic benefits and accounting per tree:

1. [The 24,858 inventoried] trees reduce electricity and natural gas use in their neighborhoods through shading and climate effects; a benefit totaling $257,418, an average of $10.36 per tree.
2. [The inventoried trees] sequester 1,173 tons of atmospheric CO2 per year. An additional 626 tons is circumvented through decreased energy use, resulting in a net value of $24,691.45 and an average of $0.99 per tree.
3. Trees improve air quality through the absorption and deposition of chemical pollutants. The trees in this inventory remove 5,089 lbs of Ozone, Nitrogen Dioxide, Sulfur Dioxide and particulate matter (PM10) annually for an estimated benefit to the City of $53,360 each year. [Editor's Note: Biogenic volatile organic compound emissions, especially from Redflower gums, offsets the total air quality benefit by $79,866, for an annual net cost of $0.53 per tree.]
4. San Francisco’s inventoried trees intercept an estimated 19.2 million gallons of storm water annually for a total value of $1,999,994 per year, an average of $80.46 per tree.
5. The total annual benefits contributed by San Francisco's inventoried trees to property value increases, aesthetics, and socioeconomic value are approximately $1.7 million, an average of $67.52 per tree.

On the expense side, it was estimated that the City of San Francisco currently spends roughly $900,000 per year to maintain the inventoried trees, an average of just over $36 per tree. An accounting for the private investment to maintain the city's inventory of trees, in terms of time and money, was not included as part of the study.

Speaking For The Trees In San Francisco: The Urban Forest Plan [SocketSite]

Posted by socketadmin at 1:15 PM | Permalink | Comments (3) | (email story)

December 11, 2013

A Rather Extensive "Remodeling" (Of Everything But The Façade)

2178%20Pine%20Street%20Facade.jpg

While the façade of 2178 Pine Street hangs like a Hollywood set with nothing left behind, technically the potential historic resource hasn't been demolished but is rather being "remodeled," with permits to convert the first floor (which no longer exists) to habitable living space, remodel the second and third floors of the building (which no longer exist), and to add a garage below.

Last used as a four-unit building, the former Victorian was purchased for $1,663,000 this past April having originally been built around 1900 as a single-family home.

Posted by socketadmin at 2:45 PM | Permalink | Comments (50) | (email story)

December 10, 2013

San Francisco's America's Cup Accounting And Projected Deficit

Preliminary accounting for the 34th America's Cup in San Francisco pegs the economic impact of the event at $364 million versus original projections of $1.4 billion, with roughly 700,000 spectators versus a projected 2.7 million, and a deficit of at least $5.5 million to be covered by the City.

If the construction of San Francisco’s new cruise ship terminal at Pier 27 is included in the numbers, the total economic impact is closer to $550 million with 3,800 jobs created including 900 jobs related to the terminal work. While construction of the terminal was fast-tracked because of the America's Cup, its development was planned and approved prior to the event.

America's Cup put San Francisco $5.5 million in the red [SFGate]

Posted by socketadmin at 7:45 AM | Permalink | Comments (14) | (email story)

August 30, 2013

A Tip Of The Cap To Our America's Cup Youth

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While lackluster attendance and a qualifying Cup in which too many times only one boat has been racing has taken a bit of the bloom off San Francisco's America's Cup rose, glimpses of ten 45-foot boats all out on the Bay can't help but to perk things up.

So it's a tip of the captain's cap to the ten international teams competing in the Red Bull Youth America’s Cup which begins this weekend with two fleet races each day from September 1-4.

America's Cup Spectator Count Isn't Lagging, It's Luffing [SocketSite]
10 international teams ready to soar at the Red Bull Youth America’s Cup [americascup.com]

Posted by socketadmin at 1:00 PM | Permalink | Comments (3) | (email story)

August 29, 2013

America's Cup Spectator Count Isn't Lagging, It's Luffing

According to America's Cup officials, around 500,000 people to date have been counted as spectators at the official race venues on San Francisco’s Marina Green and Piers 27-29 with another 500,000 or so expected to be tallied during the finals next month. While not specified, it's likely safe to assume those aren't unique visitors being counted but rather unique visits (i.e., the same person visiting multiple venues or on multiple days would be counted as multiple "people").

While the Business Times notes "an economic forecast from earlier this year predicted 2 million people would watch the races — a tally that race organizers said they might draw when including people watching from places other than the Cup’s two main venues," a better benchmark for the America’s Cup numbers above would be the projected number of daily spectators, not the total predicted reach.

When originally pitched, the America’s Cup Event Authority had projected the number of spectators in San Francisco would tally between 100,000 and 250,000 a day during the week and between 250,000 and 500,000 spectators a day on the weekends and final race days.

There have been 20 days of racing to date.

Barclay: Half a million… and counting [americascup.com]
America’s Cup spectator count lags predicted 2 million turnout [Business Times]
The Scope Of Development For San Francisco’s First America’s Cup [SocketSite]

Posted by socketadmin at 7:30 AM | Permalink | Comments (25) | (email story)

July 15, 2013

The Aliotos' Towering Mansion Sells For Millions Under Asking, But Fifty-Two Times Their Purchase Price

2898%20Vallejo%20Facade.jpg

Having hit the market asking $16,500,000 this past March, the list price for the Aliotos' Pacific Heights home at 2898 Vallejo Street was reduced to $13,900,000 in April.

This afternoon, the sale of 2898 Vallejo closed escrow with a reported contract price of $11,750,000, roughly two million "under asking," closer to five million under original list.

As we first reported earlier this year, Frank and Frances Alioto purchased the 9,500 square foot home in 1973 for $225,000 following its use in the filming of The Towering Inferno, serving as the mansion for Richard Chamberlain’s character, the cheapskate electrical engineer who cut corners and was to blame for the tower's fire.

With a tax basis of $439,219 thanks to Proposition 13, the total property tax bill for 2898 Vallejo was $5,205 in 2011. The property tax bill for the new buyers should now be closer to $137,369 per year.

And in terms of the average annual appreciation for the property, call it an effective 10 percent per year over the past 40 years.

Posted by socketadmin at 2:00 PM | Permalink | Comments (47) | (email story)

July 3, 2013

More Dirt On Madrone

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With many having paid for million dollar views, a mini-revolt is brewing over at Madrone as residents are becoming increasingly frustrated with the state of the building's windows and appearance over in South Mission Bay.

While the building’s Covenants, Conditions, and Restrictions (CC&R’s) dictate that Madrone’s windows are to be cleaned every May and October, the last cleaning occurred between November and January.

We've been told that bids to clean Madrone's windows have been received but the building's management team seems to be dragging their feet in getting a contract approved, suggesting that they might just wait until October to act despite the building's CC&Rs. In the meantime, dirt and dissatisfaction continue to build.

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

June 19, 2013

Beware The Renderings Of Giants

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San Francisco’s Planning Commission will decide whether or not to approve Chipotle Mexican Grill’s application to renovate and open in the vacant Upper Market building at 2100 Market Street on Thursday, Chipotle’s rendering for which is presented above. In the words of an observant reader: "I like how the people in the rendering are all about 50% taller than those in the actual photo."

2100%20Market%20Street%20Building.jpg

Relative to the actual heights for the poles, signs, and signal lights included in Chipotle’s rendering above, the average rendered person on the street would measure over ten feet tall, the gentleman in the crosswalk over eleven. In the words of our reader again: "The fact that this makes the rendered building look smaller is, I'm sure, just a coincidence."

Posted by socketadmin at 2:00 PM | Permalink | Comments (27) | (email story)

June 10, 2013

The Unforgettable "Start-Ups: Silicon Valley" Villa

377%20Collingwood.jpg

With Bravo’s "Start-Ups: Silicon Valley" reality show having been cancelled, Ben, Hermione and Marcus' San Francisco crib ("the villa") has quietly hit the market for $6,750,000.

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While the address for the "unique and extraordinary" home is undisclosed on the Sotheby's site, it’s 377 Collingwood, and in which "Ben's" beloved four poster bed is still in place.

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According to the listing, "the historically inspired architecture, exquisite design finishes, expansive double lot and the magnificent views make this property truly unforgettable" (unlike the short-lived show and its cast of Silicon Valley characters caricatures).

And yes, this is the crib with the bean shaped pool:

377%20Collingwood%20Pool.jpg

∙ Listing: 377 Collingwood (5/4.5) - $6,750,000 [Sotheby’s]
Check out Ben, Hermione, and Marcus' digs [Bravo]

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

June 7, 2013

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

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

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

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

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

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

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

June 4, 2013

The Three Most Expensive Home Sales In San Francisco Last Month

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The sale of 2840 Washington Street has closed escrow with a reported contact price of $8,250,000, the third most expensive reported sale in San Francisco over the past month behind 34 Presidio Terrace at $9,500,000 and 2504 Jackson Street at $13,000,000.

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

May 16, 2013

San Francisco's Dying Palms Problem Could Have Been Avoided

Embarcadero%20Palm%20Trees.jpg

As a plugged-in reader first reported two years ago:

The [Embarcadero] palms won't be there much longer. The city has fired all their educated arborists. Those who are left trim them to that odd pineapple shape while the fronds are still green and alive. A fusarium-type wilt then infects the palm and it slowly dies. At least 3 have died since the last trimming - that's what killed the dead palms around Justin Herman Plaza.

With twenty-six of the $35,000 trees now infected, the palms have, in fact, been dying in droves ever since our reader's report warned. But according to the Chronicle's report today, the Department of Public Works crew doesn't know how the trees were infected.

An educated arborist is a terrible, and rather expensive, thing to waste.

For The Love (And Hate) Of Palm Trees In San Francisco [SocketSite]
Chronicle Watch: Palms dying in droves [sfgate.com]

Posted by socketadmin at 2:00 PM | Permalink | Comments (13) | (email story)

May 3, 2013

Mark Di Suvero's Sculptures Are Going Up Down On Crissy Field

While installation of the yearlong exhibition is still underway, the fences around the works won't be removed until May 18, and the official opening isn't until May 22, the first couple of Mark di Suvero’s works have been constructed down on Crissy Field:

Presented by SFMOMA in partnership with the National Park Service and Golden Gate National Parks Conservancy, the exhibition will be on view through May 26, 2014.

Posted by socketadmin at 8:00 AM | Permalink | Comments (53) | (email story)

April 30, 2013

Making Money On The Buy (And Perhaps The Possession As Well)

1164 Fulton Street

The four-unit Alamo Square building at 1164 Fulton Street was purchased for $975,000 a year ago, "occupied by [an] un-cooperative family member who [would] not allow showings" and with possession of the property at the time of the trust sale "negotiable."

Deemed a Historic Resource for the Alamo Square Historic District, San Francisco’s Historic Preservation Commission will have to approve the proposed expansion of the building's garage opening and restoration of the building’s façade based upon historic photographs.

Also proposed, a new roof deck at the rear of the building and a Dwelling Unit Merger, the paperwork for which has yet to be filed as far as we know.

As they say, in real estate you make money on the buy, not the sale. Okay, and in San Francisco, sometimes on the possession as well.

San Francisco's Historic <1 Percent And Eleven Landmark Districts [SocketSite]

Posted by socketadmin at 3:45 PM | Permalink | Comments (8) | (email story)

April 19, 2013

A Perfectly Average San Francisco Sale And Bubble Talk Revisited

653 Duncan

The sale of 653 Duncan closed escrow today with a reported contract price of $2,251,000. Purchased for $1,550,000 in mid-2004, call it total appreciation of 45 percent for the Noe Valley home since 2004, roughly 4.3 percent per year, with some ups and downs between.

In 2006, prior to the big bust, the average annual appreciation for San Francisco homes since 1949 had been measured at 4.2%. From the "bubble-proof" titled piece by CNNMoney at the time:

If developers were allowed to go all out with building on San Francisco's Treasure Island, Presidio and the Marin Headlands across the Golden Gate Bridge, the price of housing would fall close to the cost of construction. But those pristine natural amenities are the product of one of the most anti-development political cultures in the country - and a perennial magnet for the highest earners.

At least they got the parts about the Marin Headlands, Presidio (for the most part), and San Francisco being a magnet for the highest earners correct.

A Walk Run-Through Of A Minimalist Noe Home [SocketSite]
Expectation Setting: San Francisco Appreciation [SocketSite]
SF Unemployment Rate Drops To 6.0% For First Time Since 2008[SocketSite]

Posted by socketadmin at 2:30 PM | Permalink | Comments (14) | (email story)

March 13, 2013

America’s Cup Economic Impact And Fundraising Questions

On the agenda for San Francisco’s Budget and Finance Sub-Committee this morning, a hearing to review the status of the America's Cup Organizing Committee's (ACOC) efforts to meet its fundraising goals (it’s behind) and to review the City’s potential liabilities if the ACOC fails to meet its goals, what the City’s options are for recovering any shortfall, and "whether the City is still responsible for staging the event when the event organizers have not fulfilled their financial obligations."

Having originally estimated the economic impact of the Cup at over $1.2 billion back in 2010 when pitching the event, a yet to be publicly released report has cut the projected economic impact of the event to well under a billion dollars and as low as $800 million according to some sources.

At the same time, the City’s estimated out of pocket costs and exposure have shrunk from $32 million to $22 million with an estimated $3 million dollars in fundraising to go.

America's Cup Organizing Committee's Fundraising and Finances Hearing [sfbos.org]
A Cup Plan B And Latest Economic Impact Report [SocketSite]

Posted by socketadmin at 9:00 AM | Permalink | Comments (0) | (email story)

February 25, 2013

A Plugged-In Public Service Announcement

The finder of a set of keys that were found along the running path in the Panhandle browses the USB drive attached to the key ring, Googles the addresses of properties referenced upon said drive, and returns a search results list of SocketSite articles.

If the keys above happen to belong to a plugged-in reader, here's how to claim them.

UPDATE: From the finder of the keys about an hour after we posted our announcement: "The owner of the keys saw the posting on your site this morning, contacted me, and got his keys back." It's yet another way it pays to be plugged-in. Cheers.

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

January 30, 2013

What’s The Right Way To Rat Out A Neighbor And Report Illegal Work?

In our inbox this morning:

I have very good sources that tell me my neighbor, a landlord, is in the initial stages of trying to build an illegal apartment in the SFH next door. It will be camouflaged by a permitted "renovation" to this SFH.
The last thing we want is non-permitted gas lines, shoddy electrical work, etc, in a unit attached to ours.
It is zoned for two-family, but he has not gone through the permitting process to create a second unit. What's the best way readers suggest I go about addressing this? Call the owner directly, warn the city. We want to nip it in the bud, as I believe the city won't bother to make him reverse the work once complete.

Readers?

Posted by socketadmin at 10:00 AM | Permalink | Comments (48) | (email story)

January 18, 2013

A Push For The Architecture + Design Envelope Over In Noe

264 Clipper Street

As we wrote and revealed about 264 Clipper Street back in 2009:

The Envelope Architecture + Design remodel of 264 Clipper Street over in Noe Valley lands in The New York Times today.
Purchased for $1,368,000 in August of 2005 according to public records ("$1 million in 2005" according to the Times). Renovated at a cost of "just under $500,000" in 2007.
There's a sweet little studio below with garage door leading to a backyard designed by Flora Grubb. And sorry, it's not on the market...

Listed for $2,250,000 this past October, on Tuesday the sale of 264 Clipper closed escrow with a reported contract price of $1,895,000.

Once again, purchased for $1,368,000 in August 2005 and renovated at a cost of just under $500,000 in 2007 for a total investment of just under $1,868,000, more or less a push, but "appreciation" of 39 percent since 2005 according to industry stats and giving the average neighborhood sale price a nice little boost along the way.

264 Clipper Rear Facade

Skate Design Or Die: Pushing The Envelope On 264 Clipper Street [SocketSite]
Pushing The Architecture + Design Envelope Over In Noe [SocketSite]

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

December 28, 2012

As 2012 Ends, So Does Free Sunday Parking In San Francisco

San Francisco Parking Meter

If you happen to be in San Francisco this weekend, be sure to enjoy the free parking in metered spots this Sunday, it will be your last chance. As of 2013, all meters run by the San Francisco Municipal Transportation Agency will operate on Sundays from noon to 6 pm, a change which is projected to yield an extra $2 million a year for the Agency.

Posted by socketadmin at 3:00 PM | Permalink | Comments (67) | (email story)

December 5, 2012

With Friends And Bloggers Like These…

41 Clipper Line

From the front page story on SFGate this morning:

The real estate market in San Francisco has picked up quite a bit since the big slump. Some neighborhoods have been more attractive than others in the rebound with family friendly and Silicon Valley shuttle convenient Noe Valley being one of them.
Friends over at Curbed SF proved recently this is all so true at a recent open house for a house on the market in Noe Valley. The home at 41 Clipper Ave. came on the market in mid October for $789,000. The 2 bedroom, 1 bath home had a 2 car garage but seemed from the listing photos to be in need of some TLC. At the open house, so many potentially interested buyers showed up that it resembled a crowd of fans waiting in line for Justin Bieber concert tickets.

The problem with the front page report and proof? The line featured in the listing photo above wasn't for an open house, nor was it even a crowd of "potentially interested buyers." Well, it was a crowd of potentially interested buyers, but buyers for the items inside the house as the masses were lined up for the estate sale rather than the house itself.

And while the property did sell for $1,050,000, or 33 percent "over asking," that’s a sign of a property with the potential for development being underpriced to attract attention and the agent's marketing strategy more than any measure of the market itself.

Sign of the times? Masses descend upon Noe Valley open house [SFGate]
Have You Heard The One About The House With Over 50 Offers? [SocketSite]

Posted by socketadmin at 11:30 AM | Permalink | Comments (10) | (email story)

November 30, 2012

Great Pacific Heights "Appreciation" And Yet A Rather Poor ROI

2209 Pacific

As we first wrote about the Pacific Heights home at 2209 Pacific last year:

Purchased as a 4,960 square foot four-bedroom home for $5,150,000 in late 2005, and since remodeled to become a 5,900 square foot home with three bedrooms and seven baths, 2209 Pacific Avenue has returned to the market listed for $9,500,000 in 2011.
According to permits filed for the project and from which fees would have been billed, it was an estimated "$150,000" remodeling job, a budget that probably wouldn’t have covered the cost of the new kitchen, and perhaps not even the new theater below.
While the estimated remodeling costs per permits were "$150,000," according to the now live property website "close to $4 million dollars" in improvements have been made to the property. It's funny how that happens.

Having been reduced to $7,950,000 and then withdrawn from the MLS after eleven months on the market, 2209 Pacific Avenue was relisted as new this past July with "over $4 million" in improvements since 2005.

Yesterday, the sale of 2209 Pacific Avenue closed escrow with a reported contract price of $7,400,000, not bad "appreciation" from the $5,150,000 purchase price according to industry stats, which don't account for improvements, but not such a great return considering a total investment of over nine million.

2209 Pacific Returns Remodeled And Asking Three Million Per Bedroom [SocketSite]
Over $9 Million Invested, But You Can (Still) Have It For Under Eight [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (12) | (email story)

November 28, 2012

A Precedent Setting Decision And Objection For Development(s)

70%20Cestline%20Site.jpg

Fourteen years ago, the owner of the parcel at 70 Crestline Drive, upon which a 14-unit building and 6,300 square feet of undeveloped Vista Francisco land currently sits, proposed to subdivide the lot and build upon the undeveloped parcel.

Hitting a wall of neighborhood opposition and facing a Zoning Administrator that intended to deny the variance application necessary for the proposed building to rise, the request for the variance and project approval were withdrawn.

With 16 neighbors opposing, including nine in the building on the parcel, a proposal to build upon the undeveloped land is back. This time, however, the plan which was designed "to fit with the existing neighborhood, does not require any variance, and is in full compliance with all applicable zoning regulations, design guidelines and building codes."

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That being said, the Planning Department opposes the proposed four-unit building with two one-bedroom units with one parking space for each, one three-bedroom unit with two parking spaces, and one four-bedroom unit with one space (or any building at all):

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From the Planning Department which recommends the Planning Commission uphold the opposing neighbors’ request for Discretionary Review and deny the new development:

The Vista Francisco Development contains a significant number of dense, residential buildings. A unique neighborhood character involves a number of lots that were developed with a residential building occupying a portion of the lot and the remainder of the lot maintained as open space.
For instance, a number of units in the Subject Building, occupying only a portion of the lot, were designed with north facing windows overlooking the open space, the remainder of the lot. Proposing a five-story building to entirely occupy this open space and be within close proximity to those north facing windows will substantially obstruct air and light to these units. It would also eliminate a significant design amenity of the original Vista Francisco Development.

70%20Crestline%20Rendering%20Street.jpg

During a site visit by staff, it was identified that five other lots on the subject block and a number of lots on the adjacent blocks were developed in a way similar to the subject lot as described above. The open space on each lot functions as a density buffer between two multi-unit buildings and allows adequate air, light and privacy protection to some existing units in the residential building. It is not meant for the purpose of future in-fill housing.
The circumstances surrounding the subject property and in this neighborhood do not appear to have changed since a similar proposal was submitted in 1998 and subsequently relinquished by the same subject property owner. The project, if approved, will result in an inappropriate precedent or expectation for a similar in-fill project elsewhere in the Vista Francisco Development.

Also noted by San Francisco's Planning Department:

Furthermore, the open space on the subject lot in conjunction with its adjacent Vista Lane offers a public view corridor to the City and Bay. The massing of the proposed five-story building, occupying the entire open space, will significantly minimize the public view corridor and impair public views.

Beyond the Commission’s decision on the development along Crestline, it will be interesting to see if any "impact on public views" objections will be equally applied to the development of Piers 30-32 as well.

As always, we’ll keep you posted and plugged-in.

Board Of Supervisors Unanimously Approve Warriors Arena Resolution [SocketSite]

Posted by socketadmin at 2:15 PM | Permalink | Comments (20) | (email story)

October 22, 2012

You've Been Warned: Let There Be Less Light And Fewer Views

1856%20Pacific%20Avenue.jpg

As proposed, a story would be added atop the four-story building at 1856 Pacific Avenue and its façade redesigned, resulting in a 55-foot building within an 80-foot height district.

1856%20Pacific%20Avenue%20Rendering.jpg

In the words of the owners of 1870 Pacific Avenue, the 7-story building directly adjacent to the west of 1856 Pacific Avenue, and the residents of 1870 Pacific Avenue apartment number 505 whose lot line windows would be blocked by the addition, all of whom are opposing the project in the form of a requested Discretionary Review (DR):

The project does not provide decent light, air, privacy or convenience of access to our adjacent property located at 1870 Pacific Avenue.
This project creates exceptional and extra ordinary circumstances that justify a DR, including, but not limited to infill of 2 (or more) windows on our property, elimination of light, air, views from 4 (or more) windows. Project diminishes the quality of 4 (or more units), which effects 8 (or more) residents. The project [greatly] diminishes privacy for the 2 (or more) units.
Our property is the adjacent building to the west of the subject property. We were not consulted on the proposed plan.

In the words and opinion of San Francisco's Planning Department:

The [Residential Design Team] did not find exceptional or extraordinary circumstances with regard to the DR requestors’ concerns regarding the potential loss of light and air access, loss of privacy and safety, and increased noise.
As property line windows and private views are not protected under Planning and Building Codes, and the project is a residential use, the project is within the minimum standards of the Residential Design Guidelines to be expected when a reasonable building expansion is proposed. The proximity of the project to the adjacent building is also within the reasonable tolerances to be expected when living in a dense urban environment such as San Francisco, and particularly the RM-3 Zoning District which is zoned to allow high-density residential buildings. Furthermore, the project proposes a 55-foot tall building within an 80-foot height district.
The property line windows that will be affected by the project are not the primary windows to the Requestors’ units, as the dwelling units on each floor also contain windows that face onto the street, the rear yard and/or a large existing lightwell; these windows will continue to provide considerable light and air access to the Requestors’ units.

The Planning Department recommends San Francisco's Planning Commission reject the Discretionary Review of 1856 Pacific and approve the project as opposed. We recommend buyers, or renters, of buildings with lot line windows understand the risks involved.

Discretionary Review: 1856 Pacific Avenue [sfplanning.org]

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October 5, 2012

Zynga's Business Is Now Worth Less Than Its Building

650 Townsend

Having cut projections once again, Zynga is currently trading at $2.32 a share for a market cap of $1.76 billion. With around a billion and a half dollars of cash on its books, however, Zynga’s enterprise value is currently $223 million, five million less than the $228 million it paid for its headquarters building at 650 Townsend in San Francisco earlier this year.

As we wrote in July when we broke the news of Pincus' Pacific Heights purchase:

While Zynga is currently trading at $5.57 per share, 44 percent under its IPO price of $10 per share, a few insiders including CEO Mark Pincus managed to dump over $500 million worth of Zynga stock at $12 per share in a secondary offering, the proceeds of which went into the insiders' pockets rather than the coffers of the company.

If the thought of Pincus having bought a home with its fortresslike qualities and security in mind seemed like a stretch, perhaps it seems like foresight now.

While Zynga Trades Down, Pincus Trades Up [SocketSite]
Will Zynga Be A One House Wonder? [SocketSite]
It’s Game On With A Hand Out As Zynga Demands Tax Breaks As Well [SocketSite]

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August 3, 2012

The Four America's Cup Challengers And 2013 Racing Schedule

With the deadline to enter having expired at midnight on August 1, four teams (Artemis Racing, Emirates Team New Zealand, Luna Rossa Challenge and Team Korea) will be challenging Oracle Team USA for the 34th America’s Cup in 2013, the opening ceremony for which is set for July 4 with the finals and Oracle to start racing on September 7.

And with only a third the number of teams originally forecast now participating, and scaled-down development plans along the waterfront, at the very least the birds of San Francisco and their attorneys will still come out ahead.

34th America’s Cup Provisional Racing Program [americascup.com]
Amended America's Cup Host Agreement Approved [SocketSite]
A $225,000 America's Cup Settlement That's For The Birds [SocketSite]

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July 13, 2012

Over $9 Million Invested, But You Can (Still) Have It For Under Eight

As we wrote about 2209 Pacific Avenue a year ago, almost to the day:

Purchased as a 4,960 square foot four-bedroom home for $5,150,000 in late 2005, and since remodeled to become a 5,900 square foot home with three bedrooms and seven baths, 2209 Pacific Avenue has returned to the market listed for $9,500,000 in 2011.
According to permits filed for the project and from which fees would have been billed, it was an estimated "$150,000" remodeling job, a budget that probably wouldn’t have covered the cost of the new kitchen, and perhaps not even the new theater below.
While the estimated remodeling costs per permits were "$150,000," according to the now live property website "close to $4 million dollars" in improvements have been made to the property. It's funny how that happens.

Having been reduced to $7,950,000 and then withdrawn from the MLS after eleven months on the market last month, as a reader notes, 2209 Pacific has just returned to the market at that price but with an official one day on the market according to industry stats.

According to the new listing, however, the property is now a five-bedroom home and the cost of renovation was "over $4 million" for a total of over $9 million invested.

∙ Listing: 2209 Pacific Avenue (5/6.5) 5,900 sqft - $7,950,000 [McGuire]
2209 Pacific Returns Remodeled And Asking Three Million Per Bedroom [SocketSite]

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June 19, 2012

Playing The Preservation Card To Block Building Atop 601 Dolores

601 Dolores

An attempt to block the conversion of the 17,000 square foot Castle on the Park from private residence into a school and building of a roof deck and garden atop the building at 601 Dolores will be heard by San Francisco’s Board of Supervisors this afternoon.

601 Dolores Day School Roof Garden

From the appeal of Planning’s decision to allow the project to move forward without an exhaustive, and prohibitively expensive, environmental review which was filed on behalf of the owners of the adjacent building at 629 Dolores:

The building at 601 Dolores Street has been designated as a "historically significant" building. Substantial evidence fails to demonstrate that the numerous changes proposed to the building individually or cumulatively will not cause a substantial adverse change by materially altering, in an adverse manner, the physical characteristics of the 601 Dolores building and substantially impact its historical significance and its qualifications as a historical resource. Moreover, the proposed changes do not follow the Secretary of Interior’s standards for the treatment of historic properties.
In addition, the City has failed to impose conditions of approval which would mitigate the potentially adverse significant impacts to historical resources down to a level of insignificance. There is evidence which includes, but is not limited to, the fact that the rooftop additions are visible from the street, as well as from other public locations in and around the Project, and the mechanical systems and planters which will be installed on the roof are inconsistent with the architectural style and appearance of the building.
These alterations will individually and cumulatively substantially degrade its historic character thereby substantially affecting its ability to be included in the City’s Historic Register.

And from an alumni newsletter a few years back:

In San Francisco, [an alumnus] reports: "A cozy and festive gathering on April 1 at [the appellant’s] beautiful new home! Together they renovated an entire building, and the wraparound city views from their top floor unit (including from a spectacular roof deck) are awesome."

At the time of Planning’s decision to allow the project to move forward, "the adjacent neighbor [at 629 Dolores] expressed concern about how activity on the proposed roof deck could impact noise and privacy at the rear of his multi-unit residential building next door and how the penthouse addition would block his [awesome] view."

We didn't, however, see any record of expressed concern with respect to preserving the buildings historic character at the time of Planning’s decision, those altruistic concerns appear to be newfound.

Let There Be The Light (And Rooftop Garden) Of Day At 601 Dolores [SocketSite]
Castle On The Park (601 Dolores) In Contract For $6,600,000 [SocketSite]
Sweet Jesus (So To Speak): 601 Dolores On The Market And Inside [SocketSite]

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June 18, 2012

Vandals In SF: Mayoral Q&A (Question & Accusation)

Tomorrow's question and accusation from Supervisor Wiener that Mayor Lee is scheduled to answer with a scripted response:

Only a few days after the opening of the wonderful new children's playground at Dolores Park, neighbors awoke one morning to find that it had been covered in graffiti. Since then, etchings, damaged features, and other acts of vandalism have been perpetrated against this beautiful community asset.
Similarly, at Duboce Park, only days after its ribbon cutting, it too was covered in graffiti. You and I were both at these opening celebrations as they served as testaments to what can happen when neighbors, businesses, and the City family come together to make our city friendlier and more inviting to children. Sadly, the City has been unable to ensure adequate protection of these valuable assets.
It is baffling to me that in many cases, the Police Department and our District Attorney know who the perpetrators are, but yet are reluctant to press charges. This is unacceptable to me...
The Department of Public Works spends more than $20M annually on graffiti abatement along our streets, and the Recreation and Parks Department spends millions more. These wasted tax dollars could be used to repave our streets, hire recreation managers, and keep our landscaping beautiful and healthy. Yet, year after year, we divert these funds to repair the work inflicted by vandals. We need to send a strong message that this type of antisocial behavior will not be tolerated in San Francisco.
Mr. Mayor, will you help me ensure that the Police Department arrests these perpetrators and that the District Attorney files charges against them? Will you also help ensure that we have adequate law enforcement - SFPD and Park Patrol - along our streets and in our parks?

San Francisco Board of Supervisors Agenda: June 19, 2012 [sfbos.org]
Dolores Park To Close In 2011! (For Renovations) [SocketSite]
Vandals deface city's renovated parks, playgrounds [SFGate]

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June 12, 2012

The Development Drama Behind The Stagehouse Lofts. And...Action!

246 Dore Site

While the proposed development of a two-story automobile repair garage at 246 Dore Street wouldn’t affect the views of the foreclosed upon Stagehouse Lofts developer's unit which sold for $897,500 earlier this year, it will affect the views of Stagehouse Lofts #301, the owner of which has requested a Discretionary Review and redesign of the project.

246 Dore Street Site Aerial

From the objector:

The Stagehouse has 18 units that are occupied. Four of the units are on the second floor and open on to the deck. The deck provides the only open space and outdoor recreation area available to these four units. The deck is a significant quality of life amenity and a play area for small children that live in the building from time to time. Another four units on the third floor enjoy the view and the spaciousness of deck. The view to the northeast also provides most of the daylight available to the four second floor units that will be impacted by the project most directly.
The project as applied for will create a massive wall that will block the view and a significant portion of the light available to the four second floor units. Presently, the deck is enclosed by a parapet that is about three feet high as measured from the floor of the deck…The Appellant believes that the wall of the project will extend approximately another seven feet above the top of the parapet. The effect will be to "box in" the deck and cast a dark shadow over what is now an airy and bright open space. It will create a claustrophobic non-space.
Appellant estimates that each of the four second floor units will each suffer a decrease in fair market value from between $100,000 to $150,000 as the result of the loss or impairment of the present view, the diminution of available daylight, the diminution of use value of the deck, the general degradation of the aesthetic properties of the building and the decrease of the desirability of the building as an office and work area.

The development of 246 Dore Street was previously approved having been unopposed in 2007, but the permit to build expired. The Planning Department recommends the Planning Commission once again approve the project as proposed.

Behind The Scenes At Stagehouse Lofts (465 10th Street) [SocketSite]
And…Scene! As The Developer's Unit At Stagehouse Lofts Sells [SocketSite]
246 Dore Street Discretionary Review Packet [sfplanning.org]

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June 7, 2012

Taking A Pricing Cue From The Industry (But Not An Agent)

440 Teresita (www.SocketSite.com)

Purchased for $900,000 in 2005, the Miraloma Park home at 440 Teresita Boulevard was put on the market in 2009 listed for $1,200,000 but failed to attract a buyer.

Taking a pricing cue from the industry, but not an agent, it’s a plugged-in tipster that notes the three bedroom and 2,458 square foot home has just hit the market for sale by owner (FSBO) with a "list" price of $700,000 ($285 per square foot).

Will the owners manage to orchestrate a "shocking" bidding war as well as a Realtor? As always, we'll keep you posted and plugged-in.

∙ Listing: 440 Teresita (3/2) 2,458 sqft - $700,000 [homesbyowner.com]
Real Estate Linkbait Listbait™ [SocketSite]
Have You Heard The One About The House With Over 50 Offers? [SocketSite]

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June 6, 2012

Real Estate Linkbait Listbait™

2207 17th Avenue

Purchased for $980,000 or $445 per listed square foot in 2006 as a four-bedroom single-family home in need of work, 2207 17th Avenue has since been remodeled, expanded, and re-listed as a five-bedroom home for $999,000 or $373 per square foot.

2207 17th Avenue Floorplan

Forget linkbait, it’s time to officially add listbait (and perhaps Gatebait) to our lexicon.

∙ Listing: 2207 17th Avenue (5/2.5) 2,680 sqft - $999,000 [monicaslist.com]
It's Not This Mid-Century Modern Noe Valley Home That Was Flawed [SocketSite]

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June 5, 2012

Betting Against Housing Yields A 56,000 Square Foot House

Hala Ranch

Hedge fund manager John Paulson has purchased the 90-acre Hala Ranch in Aspen, Colorado along with a separate 38-acre parcel in a deal valued at $49 million.

Built by Saudi Prince Bandar bin Sultan, Hala Ranch includes a 56,000- square-foot main house and hit the market in 2006 priced at $135 million.

While $49 million isn't chump change, it is peanuts compared to the billions Paulson made betting against housing in 2007. Damn those bitter housing bears.

Paulson Buys Saudi Prince’s Ranch in $49 Million Deal [bloomberg.com]
Hala Ranch Slideshow - $135,000,000 [wsj.com]

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May 23, 2012

Hidden From The Street And Public Records

2845 Fillmore

With a façade and size that's mostly hidden from the street, the very quiet sale of 2845 Fillmore closed escrow last month with a recorded contract price of $11,000,000, generating $275,000 in transfer tax in a deal that was mostly hidden as well.

Never officially listed, the buyer of the Pacific Heights home has been hidden behind the 2845 Fillmore Trust which is being administered by the same attorney in Palo Alto who attempted to hide the buyers of 2600 Pacific.

While tax records suggest the property is 3,681 square feet, at which the sale would have been at $2,988 per square foot and a new all-time record in San Francisco, the property has been remodeled and expanded a number of times since being built in 1939 (including a horizontal extension in 1987) and we can’t confirm the current square footage.

As best we can tell, however, it was an all cash transaction.

The Secretive Sale Of 2600 Pacific [SocketSite]
A Record $2,784 Per Square Foot In SF And Bank (Executive) Owned [SocketSite]

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May 18, 2012

Facebook On The Home Front

Priced at $38 per share, Facebook (FB) should begin trading soon. We’ll run a piece after the market closes, but if you just can’t wait that long, here’s the place to start the discussion and an opportunity to call the first day close.

UPDATE: Facebook closed the day at $38.23, up 0.61 percent on its first day of trading. We’re holding our follow-up piece until Monday Tuesday.

Posted by socketadmin at 8:30 AM | Permalink | Comments (126) | (email story)

April 18, 2012

Lincecum’s Old Party Pad Gets Traded

141 Hampshire Unit B

As we reported a few months ago:

As a plugged-in reader notes, the condo Tim Lincecum rented in 2010, and from which he was accused of stealing and destroying $200,000 worth of household items in 2011, has returned to the market listed for $1,795,000.
Having been listed for as much as $3,500,000 in 2008 but withdrawn from the market in 2010 last asking $1,700,000 prior to Lincecum's leasing, the current listing for the 2,790 square foot 141 Hampshire Street Unit B sports photos from its pre-Lincecum days.

The sale of 141 Hampshire Street Unit #B closed escrow on Friday with a reported contract price of $1,565,000 ($561 per square foot). The unit had been purchased new for $999,000 in 2001. And yes, that $3,500,000 number in 2008 was for Unit #B alone.

Live Like Tim Lincecum (Two Year $40.5M Contract Not Included) [SocketSite]
Inside Tim Lincecum's Old Party Pad (Pre-Alleged Trashing) [SocketSite]
There Might Have Been Smoke, But No Report Of A Fire... [SocketSite]

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April 16, 2012

Billboards In San Francisco: 733 Down, 109 (969?) Left To Go

Legal Billboards In San Francisco

A total of 733 illegal billboards have been removed from buildings in San Francisco since 2007. Of the 969 billboards that remain, 860 are legal with 109 left to be removed.

Over the same period of time, São Paulo has not only removed over 8,000 billboards from its city’s streets, but all, and they mean all, outdoor advertising as well.

Border, the Brazilian Association of Advertisers, was up in arms over the move. In a statement released on [October 2, 2006], the date on which law PL 379/06 was formally approved by the city council, Border called the new laws "unreal, ineffective and fascist". It pointed to the tens of thousands of small businesses that would have to bear the burden of altering their shopfronts under regulations "unknown in their virulence in any other city in the world". A prediction of US$133 million in lost advertising revenue for the city surfaced in the press, while the São Paulo outdoor media owners' association, Sepex, warned that 20,000 people would lose their jobs.
Others predicted that the city would look even worse with the ads removed, a bland concrete jungle replacing the chaos of the present. North Korea and communist Eastern Europe were cited as indicative of what was to come. "I think this city will become a sadder, duller place," Dalton Silvano, the only city councillor to vote against the laws and (not entirely coincidentally) an ad executive, was quoted as saying in the International Herald Tribune. "Advertising is both an art form and, when you're in your car, or alone on foot, a form of entertainment that helps relieve solitude and boredom," he claimed.

According to a survey of city residents last year, 70 percent have found the ban to beneficial; the advertising industry in Sao Paulo has been thriving as it's been forced to turn to more effective media; and the city, the 9th richest city in the world, appears to have become even more vibrant and prosperous over the past six years.

General Advertising Sign Program: Fifth Annual Report [sf-planning.org]
São Paulo: The City That Said No To Advertising [businessweek.com]
São Paulo advertising goes underground [ft.com]

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April 4, 2012

And Then There Were Only Four For The 34th America's Cup In SF

With the French team Aleph pulling out, and just two months left to register, it’s down to four teams who are now expected to participate in the America’s Cup in San Francisco, half the number of teams that were expected to participate at this time last year.

Amended America's Cup Host Agreement Approved [SocketSite]
And Then There Were Eight But Only Six That Are Known [SocketSite]

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

March 30, 2012

Resolving To Suspend Foreclosure Activities In San Francisco

On the agenda for San Francisco’s Land Use and Economic Development Committee next week, a resolution "urging City and County officials and departments to protect homeowners from unlawful foreclosures; and urging City contractors and all mortgage and banking institutions, especially San Francisco-based Wells Fargo, to suspend foreclosure activities and related auctions and evictions until State and Federal measures to protect homeowners from unfair and unlawful practices and provisions for principal reductions are in place."

And yes, Supervisor Cohen who walked away from her underwater condo prior to being elected is one of the sponsors.

Land Use and Economic Development Committee Agenda: 4/2/12 [sfbos.org]
As Pre-Foreclosure Activity Drops, Scheduled Auctions Tick Up In SF [SocketSite]
San Francisco Supervisor Cohen Walks Away From Underwater Condo [SocketSite]

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March 29, 2012

Is It The End Of A San Francisco Listing's Era And Poem?

830 El Camino Del Mar

It would appear as though 830 El Camino Del Mar quietly sold for $9,990,000 last month with a listing that was "withdrawn" a week its before closing and unreported on the MLS.

As plugged-in people know, the Sea Cliff home had been listed and withdrawn seventeen times without selling since 1998 and had been listed for as much as $18,000,000 in 2008.

Feel free to suggest a final stanza for a reader’s original poem. Then again, the buyer was the rather anonymous "830 CDM LLC," so perhaps there's a new poem waiting to be penned.

Like The Swallows To Capistrano, 830 El Camino Del Mar Returns [SocketSite]
Would You Believe Fifteen For 830 El Camino Del Mar (And Not Million) [SocketSite]
Behind The Great Wrought Iron Wooden Gate At 830 El Camino Del Mar [SocketSite]

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March 13, 2012

The Busy Streets Of Presidio Heights

3855 Washington Traffic

Through the iPhone and words of a tipster: "…perhaps the real reason the Pincuses never moved in to their Presidio Heights mansion: the pesky line of cars blocking their garage as parents drop off and pick up their kiddies from the school next door."

A Pincus House (But Never A Pincus Home) [SocketSite]
PincusVille [SocketSite]

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March 12, 2012

Inside A San Francisco Wife-Swapper's House And Actions

479 Douglass New Kitchen

In October 2009, the then two-bedroom single-family home at 479 Douglass Street was listed for $779,000 with its upper level "tenant-occupied by [a] longtime [elderly] gentleman" paying $490 per month in rent.

In November 2009, the sale of 479 Douglass closed escrow with recorded contract price of $850,000 with the tenant in place. That December, an "anonymous" complaint was filed with the city noting a "possible illegal unit on [the] second floor" and two kitchens in the single-family home.

Without a history of any permits to convert the property from a legal single family house to a two-unit dwelling, a permit was issued to remove the second kitchen and convert the property back into a single family dwelling, without the elderly tenant in place.

A year later, permits were issued to raise, extend, and rebuild 479 Douglass which has returned to the market as a modern four-bedroom Noe Valley home listed for $2,895,000.

Oh, and about that headline, the seller is Stephen Fowler of ABC's Wife Swap fame.

∙ Listing: 479 Douglass (4/3.5) - $2,895,000 [479douglass.com]

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March 6, 2012

Getting "Artistic" With The 2012 Dream House Marketing Materials

2012%20Dream%20House%20View.jpg

Apparently there wasn’t enough of an actual Bay view from this year’s San Francisco Dream House for their marketing materials, so as a plugged-in tipster catches, they simply photoshopped in a little more (versus photoshopping out a tower last year).

2012 Dream House Mailing

Also noted by our tipster, while the mailing mentions "house" five times, it doesn’t once mention "condominium," and this year’s "dream house" is technically a condo.

San Francisco Dreaming At 65 Mountain Spring Avenue [SocketSite]

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February 23, 2012

It's Not This Mid-Century Modern Noe Valley Home That Was Flawed

4378 Cesar Chavez: Living

As plugged-in people know, the 1,810 square foot Albert Lanier designed Mid-Century Modern home at 4378 Cesar Chavez hit the market this past November priced at $1,100,000 or $608 per square foot for the designer Noe Valley home with views.

At the time of its listing, the average single-family Noe home was selling for well over $800 per square foot. Lo and behold, 4378 Cesar Chavez, the unidentified poster child of a recent Chronicle report, quickly sold for $1,540,000 ($851 per square) with 23 offers.

It’s funny how that happens.

According to the Chronicle’s Carolyn Said, the architecturally significant Mid-Century Modern home "looked like a 1980s Tahoe cabin," one of the "flaws" that led Realtor Bernard Katzmann to price the property so far below market.

4378 Cesar Chavez: View

Channeling Mid-Century Modern Flair At 4378 Cesar Chavez [SocketSite]
It Would Have Been 50 Percent Over Had They Priced At A Million... [SocketSite]
The SocketSite Reality Check For CBS’s Infamous "42 Offer" Home [SocketSite]
Yes, yes, Noe Valley, say eager S.F. home buyers [SFGate]

Posted by socketadmin at 10:45 AM | Permalink | Comments (183) | (email story)

February 13, 2012

The Year Of The Black Water Dragon Brings 255 Berry #708 Back

255 Berry #708: Kitchen

Back in 2008, it was the wood paneled ceiling and wide plank floors within 255 Berry #708 that first caught our attention, and the multiple balconies, southwest exposure, and completely overhauled kitchen (and baths) that kept it.

On the market for $2,495,000 at the time, the 2,293 square foot designer remodeled two-bedroom penthouse ended up closing escrow for $2,350,000 a month later.

It’s now the year of the Black Water Dragon and 255 Berry #708 has returned to the market listed for a rather auspicious $2,688,800. Gong Xi Fa Cai?

A Designer Remodel Of A Relatively New Penthouse: 255 Berry #708 [SocketSite]

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

February 10, 2012

A Plugged-In Reader's Disasterlicious Comment/Caption Of The Month

In the words of a plugged-in reader: "The only thing more disasterlicious than a stairway without a handrail is the same with a 90 degree turn at the very top. Then add candles that can be kicked off to ignite a fire for extra effect. Oh yeah and put them in glass containers so the occupants will walk through shattered glass when evacuating." Cheers.

A Chef’s Restaurateur’s Kitchen And Misstep(s) [SocketSite]

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February 6, 2012

A Motivated Matt Cain

As a number of plugged-in readers have noted, while the "motivated" sellers of 1901 Diamond are set to take a loss on the sale of the Noe Heights home they purchased in late 2008, with 69 career wins to date and a $15 million contract to pitch in 2012, Matt Cain and family will likely weather the loss (but perhaps he should have rented, like Timmy).

Origins Of The Man Cave [SocketSite]
Live Like Tim Lincecum (Two Year $40.5M Contract Not Included) [SocketSite]

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January 30, 2012

Live Like Tim Lincecum (Two Year $40.5M Contract Not Included)

141 Hampshire

As a plugged-in reader notes, the condo Tim Lincecum rented in 2010, and from which he was accused of stealing and destroying $200,000 worth of household items in 2011, has returned to the market listed for $1,795,000.

Having been listed for as much as $3,500,000 in 2008 but withdrawn from the market in 2010 last asking $1,700,000 prior to Lincecum's leasing, the current listing for the 2,790 square foot 141 Hampshire Street Unit B sports photos from its pre-Lincecum days.

141 Hampshire Unit B

Bonus points for identifying $200,000 worth of "bedding, doors, carpet, pillows, kitchenware, linens, furniture, household appliances, art work, decorations, patio furniture, lights, lamps, and mirrors" which could have been stolen or destroyed.

∙ Listing: 141 Hampshire Street Unit #B (3/3) 2,790 sqft - $1,795,000 [redfin.com]
Inside Tim Lincecum's Old Party Pad (Pre-Alleged Trashing) [SocketSite]
There Might Have Been Smoke, But No Report Of A Fire... [SocketSite]

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

January 3, 2012

A Bit Of Listing Irony And Circa 2007 Foreshadowing

1893 San Jose Avenue

Having been "thoroughly remodeled," the single-family home at 1893 San Jose Avenue sold for $1,100,000 in March of 2007 financed with a first mortgage for $880,000. From the listing at the time: "This is more house than you ever imagined you could afford."

1893 San Jose Avenue Living

Taken back by the bank three months ago with no bidders at $560,000 in cash on the courthouse steps, the four-bedroom Mission Terrace home is back on the MLS and listed for $699,900 (36 percent below 2007) with possession at close of escrow.

∙ Listing: 1893 San Jose Avenue (4/3) 2.275 sqft - $699,900 [Redfin]

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November 21, 2011

A Concept, Revocation And Consequences For 48 Tehama

48 Tehama Rendering

A tenant at 543 Howard which is scheduled for foreclosure tomorrow, BAR Architects once sketched a concept for a 19-story mix-use building to rise at 48 Tehama, the approved office allocation for which was revoked for inaction, and the land for which is scheduled to hit the courthouse steps tomorrow as well by way of a second mortgage now past due.

48 Tehama

Woot Woof! [SocketSite]
BAR Architects [bararch.com]
48 Tehama’s Right To Build Ready To Be Revoked [SocketSite]

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November 14, 2011

You're Sold! (And Hopefully Not Sued For Falling Off The Stairs)

601 4th Street #322 Living

As we reported this past September:

Purchased for $1,330,000 in October 2007, the 1,866 square foot Heublein Building (601 4th Street) loft number 322 has since been extensively remodeled.
The two-bedroom is now back on the market in 2011 and asking $1,450,000 ($777 per square foot). The sale will likely contribute to price "appreciation" when it comes to industry stats, but as plugged-in people know, it won’t be apples to apples.

This past Thursday the sale of 601 4th Street #322 closed escrow with a reported contract price of $1,455,000 ($780 per square foot). And yes, as a reader referred, the seller was an "Apprentice," at least for the first six episodes of season two.

The Heublein Building Lofts (601 4th Street) [SocketSite]
Before, After And "Appreciation" At (Or At Least For) The Heublein [SocketSite]

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

Not Only Kinky, But Perhaps Somewhat Hinky As Well

A pair of emails forwarded from a plugged-in tipster reveals that the owner of the Armory, who was leading the charge against the development of 49 Julian, had made an all cash offer for the property and was seeking "to move forward ASAP with escrow, in order to avoid any additional work having to be done for the [Historic Preservation Committee] and Planning Commission hearings."

Following the offer to acquire the entire property, and despite continuing to publicly oppose the project, the owner of the Armory then proposed "to pre-purchase units on the top two floors [of 49 Julian]" in order to "assist [the developer in] financing and remove a certain amount of risk of house price fluctuations from [the developer’s] plate."

Once again, following a few modifications, the project appears to be headed for approval this week. And as far as we know, all offers from the owner of the Armory to purchase the property in part or in whole have since been withdrawn.

The "Kinky" Opposition To 49 Julian Avenue As Proposed [SocketSite]
Working Out The Kinks To Build Eight Homes At 49 Julian [SocketSite]

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

November 9, 2011

Déjà Vu This (More Tightly Cropped) Cow Hollow View Before

2243 Greenwich (www.SocketSite.com)

With a kitchen accent wall appropriately painted fire engine(ish) red, 2243 Greenwich has returned to the market "lender owned" and listed for $1,818,000. As we reported in 2008 when the asking price for the Cow Hollow house had been reduced to $1,695,000:

As any truly plugged-in person should know, the location of 2243 Greenwich is a bit more problematic than any of the tightly cropped listing photos might suggest.
And as such, that’s most likely why this six-bedroom Cow Hollow home sold for only $1,800,000 at the end of 2005 (and became an asterisked neighborhood comp).
And while it was briefly in escrow when it was listed for $1,745,000, it is no longer. And the price has once again been reduced. Asking $2,195,000 five months ago. Asking $1,695,000 today (5.8% below its selling price in 2005).

Despite what Redfin reports, as best we can tell the property was never actually foreclosed upon in 2009 but rather deeded back to the lender in lieu of foreclosure that October with $2,405,000 owed at the time.

∙ Listing: 2243 Greenwich Street (6/5) 2,750 sqft - $1,818,000 [Redfin]
A Little Extra Perspective On The Listing Market? (2243 Greenwich) [SocketSite]
A Little Extra Perspective On The Listing: 2243 Greenwich [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (19) | (email story)

November 8, 2011

A Rather Quick Close For 393 Cumberland

393 Cumberland

The sale of the Ogrydziak/Prillinger redesigned house at 393 Cumberland closed escrow yesterday with a reported contract price of $2,027,475 ($1,198 per square foot). And yes, closing escrow after an official "seven days on the market" might suggest the property was in contract prior to being listed on the MLS for $2,095,000.

Inside The "Modernist-Inspired" House Atop The Cumberland Steps [SocketSite]

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

October 12, 2011

Listing License (And An "Updated" Kitchen In Question)

53 Manzanita Kitchen

Speaking of listing license, from a reader with respect to the listing for 53 Manzanita which notes an "Updated kitchen":

It drives me insane when realtors say "updated kitchen" when that update occurred 40+ years ago. I would bet that the original cabinets are still intact as are most of the appliances. That isn't "updated" in my book. There oughta be a law...

As far as we know there aren't any laws when it comes to listings, and perhaps nary a rule.

As we noted back in 2006 after we first exposed the practice of relisting to "refresh" an unsold property and its official days on the market (DOM):

The National Association of Realtors Code of Ethics provides that "Realtors shall be careful at all times to present a true picture in their advertising and representations to the public," though Lucien Salvant, a spokesman for NAR, said that MLSs are not considered advertising vehicles."

And as we wrote at the time, taking the position that "MLSs [and by extension their listings] are not considered advertising vehicles" is an utterly asinine argument.

Our assessment of NAR's aforementioned position hasn't changed.

Mad Men On Manzanita [SocketSite]
Sorry NAR, But No [SocketSite]
You Can Relist, But You Can’t Hide [SocketSite]

Posted by socketadmin at 4:00 PM | Permalink | Comments (39) | (email story)

October 7, 2011

Inside Tim Lincecum's Old Party Pad (Pre-Alleged Trashing)

141 Hampshire Unit B

As we first reported yesterday, the rental Tim Lincecum is accused of trashing is 141 Hampshire Street Unit B, a 2,790 square foot three-bedroom condo which was purchased new for $999,000 in 2001.

141 Hampshire Unit B

In 2004 the 3,425 square foot sister Unit A with lesser views sold for $1,265,000 having been purchased for $899,000 in 2001. And in 2008, 141 Hampshire Unit B hit the market seeking $3,500,000 while advertising a gross annual rental income of $72,000.

The asking price for Unit B was first reduced to $2,788,000 and then to $1,700,000 in 2009 before the condo was withdrawn from the market in April 2010. The condo was rented to Timmy fully furnished that May.

There Might Have Been Smoke, But No Report Of A Fire... [SocketSite]

Posted by socketadmin at 7:15 AM | Permalink | Comments (5) | (email story)

October 6, 2011

There Might Have Been Smoke, But No Report Of A Fire...

141 Hampshire

According to the Mercury News, San Francisco Giants pitcher Tim Lincecum is being sued by his former landlord, "who accuses him of stealing and destroying $200,000 worth of household items earlier this year in his furnished San Francisco apartment."

Among the items damaged or taken were "bedding, doors, carpet, pillows, kitchenware, linens, furniture, household appliances, art work, decorations, patio furniture, lights, lamps, and mirrors, among other things," according to the compliant.
The complaint, which seeks $350,000 in damages, also states that Lincecum failed to pay rent on time and stole and destroyed his landlord's personal property and papers. "Things were missing," [the landloard's attorney] said. However the attorney added that he didn't know if Lincecum took the items or somebody else.
According to the complaint, Lincecum signed a lease in May 2010 to rent the apartment in San Francisco's Mission District. Shortly after the lease expired on Feb. 28, Lincecum re-entered the unit without his landlord's permission and stayed through May 13...

The rental in question is at 141 Hampshire, a two-unit building.

UPDATE: Lincecum's unit was 141 Hampshire B which was purchased as new for $999,000 in 2001. 141 Hampshire Unit A traded for $1,265,000 in 2004 having sold for $899,000 in 2001. And while the report doesn't mention a fire, perhaps a bit of "smoke" damage is in play as well.

Lawsuit claims Giants' Lincecum trashed San Francisco apartment [mercurynews.com]

Posted by socketadmin at 3:45 PM | Permalink | Comments (14) | (email story)

August 25, 2011

311 Marina Boulevard Sells On The Steps For Half What Was Owed

311 Marina Boulevard

A perennial favorite which plugged-in people have been keeping an eye on since we first featured it back in 2006, yesterday 311 Marina Boulevard sold to a third party on San Francisco’s courthouse steps for $1,845,000 cash versus an opening bid of $1,700,000.

As plugged-in people know, the prime Marina district home had been purchased for $2,350,000 in 2004 and then refinanced a number of times since, most recently in 2007 with a first mortgage for $2,583,000 and a second for $500,000.

The transfer of the property that was recorded in 2007 with a sale price of "$3,690,000" appears to have been between family members. And at the beginning of this month, the balance due on the first mortgage had grown to $2,928,035 including fees.

Don't forget those invitations to the housewarming (and the America's Cup).

PropertyShark Launches San Francisco Foreclosure Listings [SocketSite]
Scheduled Auctions Flat As Pre-Foreclosure Activity Ticks Down [SocketSite]
The Scope Of Development For San Francisco’s First America’s Cup [SocketSite]

Posted by socketadmin at 10:30 AM | Permalink | Comments (8) | (email story)

August 19, 2011

No Reduction But A New List Price That’s $290,000 Less On Granville

153 Granville

On the market as "new," the nicely detailed West Portal home at 153 Granville Way was listed for $1,189,000 in April before being withdrawn from the MLS asking $995,000 in July.

153 Granville Dining

While we’re not sold on what looks like a new addition off the back, we are digging the original woodwork and details, new finishes, and new "original" (at least according to those official industry stats) list price of $899,000 as well.

153 Granville Kitchen

∙ Listing: 153 Granville Way (4/2) - $899,000 [MLS]

Posted by socketadmin at 9:30 AM | Permalink | Comments (11) | (email story)

August 11, 2011

Was The Removed Price Per Square Foot Out Of Whack? Let's See...

716 Sanchez

This past March we first published the following report from a house hunting reader moving to San Francisco:

On February 28, 716 Sanchez Street hit the market with a list of $2.45M for the 2100 sqft house. That comes to a whopping $1187/sqft which is way out of whack with both comps and listing in the neighborhood.
When I checked back on March 2, the listing had been "updated". The only change was that the number of square feet was removed! I suppose that's one way to make the place look more reasonably priced.

As we noted at the time, the fully renovated 716 Sanchez had first been listed for sale in 2008 asking $2,650,000 ($1,262 per square foot) having been purchased for $1,175,000 in 2003 as a much less modern 1,250 square foot home.

While we took a bit of heat for running the piece ("The price per square foot for this house is not "out of wack" [and this] posting should be immediately removed."), following our report, the list price for 716 Sanchez was reduced a few times, last asking $1,999,000.

And last week, the sale of 716 Sanchez officially closed escrow with a reported contract price of $1,900,000 (and an unreported price per square foot of $905).

Price Per Square Foot Out Of Whack? Reduce Remove It… [SocketSite]
And Then Reduce It Too… [SocketSite]

Posted by socketadmin at 3:15 PM | Permalink | Comments (16) | (email story)

August 1, 2011

America's Cup Uncovered And A Waterfront Rebuilt

A two year series leading up to the 34th America’s Cup in San Francisco, the first episode of America’s Cup Uncovered touches on how "the San Francisco Bay is setting the stage for the Cup’s transformation" and pays a visit to Auckland, New Zealand, "where locals recall their Cup experience and how the oldest trophy in international sport helped rebuild and modernize their city’s waterfront," a recollection we hope to have as well.

The Scope Of Development For San Francisco’s First America’s Cup [SocketSite]
San Francisco’s Last Minute Giveaways To Get The America’s Cup [SocketSite]

Posted by socketadmin at 3:00 PM | Permalink | Comments (2) | (email story)

July 27, 2011

A Common Question In San Francisco: How Much For The Weed?

From the Bay Citizen:

Regulators have refused to issue permits necessary for the [America's Cup] to move forward until organizers can prove the event won't significantly spread invasive seaweed through San Francisco Bay.
Concerns over exotic seaweed, including Undaria pinnatifida, a fast-growing Asian species that reaches 10 feet and poses dangers to native kelp species, prompted the San Francisco Bay Regional Water Quality Control Board on Friday to reject a 107-page permit application filed late last month by the Port of San Francisco.

But before anybody panics:

If it appears that it will be impossible to prevent the spread of the seaweed, [Watershed Division Chief Shin-Roei Lee] wrote, then the Port and America's Cup Event Authority will need to propose compensation, such as providing funds to an invasive species eradication program.

Invasive Seaweed Fears Stall America's Cup [baycitizen.org]
The 34th America's Cup Environmental Impact Report (And Issues) [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (11) | (email story)

July 25, 2011

The Second Of Two AIA Tour Homes Closes On Harrison

3119-3121 Harrison Street

As we reported in February:

We first stated following the construction of the two modern townhomes at 3119 and 3121 Harrison a little over three years ago. Originally expected to be finished in 2009, they were asking $2,700,000 a piece as pre-construction in late 2008. And in March 2009 one of the two (3119 Harrison) was listed for $2,370,000.
Now construction complete, the two condos have been listed anew with a bit more modern expectations as well. Now asking $1,895,000 for the 2,500 square foot three-bedroom at 3119 Harrison and $1,950,000 for the 2,645 square foot three-bedroom at 3121 Harrison.
In addition to three bedrooms, both units offer three (and one-half) bathrooms across three levels and parking for three cars side-by-side.

In June the sale of 3121 Harrison closed escrow with reported contract price of $1,750,000 ($716 per square foot). And this past Friday, the sale of 3119 Harrison closed escrow with a reported contract price of $1,650,000 ($717 per square).

And yes, they’re the "Harrison Street Residences: 1 x 2" on the upcoming AIA Home Tour.

The Threes At 3119 And 3121 Harrison Now Listed For Under Two [SocketSite]
Coming (Not So) Soon To An Empty Lot (3119 Harrison) Next Year [SocketSite]
We’ll Give You The Jump Once Again: 3119 Harrison On The Market [SocketSite]
We Gave You The Jump, Now Some New Renderings: 3119 Harrison [SocketSite]
2011 San Francisco Living: AIA Home Tours Lineup (And Challenge) [SocketSite]

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

July 14, 2011

From Foreclosure To Foreclosures At 333 Grant Avenue

333 Grant Avenue

Designed by Coxhead and Coxhead and built in 1908, the former headquarters of the Home Telephone Company at 333 Grant Avenue was converted to condos in 2004 having been foreclosed upon in 2002.

One of 39 post-conversion condos and a Below Market Rate (BMR) unit as designated by the Mayor's Office of housing, 333 Grant Avenue #405 was purchased for $234,000 in November 2004 with $263,218 in loans to which a note for $25,000 was added in 2008.

333 Grant Avenue #405

In 2009, the 441 square foot studio was taken back by the bank. Unsuccessfully listed in 2009 and 2010, 333 Grant Avenue #405 has just returned to the market asking $140,000.

Another of the 39 units and not a BMR, 333 Grant Avenue #303 sold for $405,000 in 2004 and then for $550,000 in 2005, purchased by way of a $439,999 first mortgage to which a second for $166,380 was added in 2006.

Last month #303 was taken back by the bank with no bidders at $377,550 in cash on the courthouse steps.

∙ Listing: 333 Grant Avenue #405 (0/1) 441 sqft - $140,000 (BMR) [Redfin]
A Bank-Owned BMR (No, Not BMW) In Pacific Heights [SocketSite]

Posted by socketadmin at 8:45 AM | Permalink | Comments (35) | (email story)

July 11, 2011

Planning Closes Its Doors To Discuss Academy of Art Litigation

San Francisco’s Planning Commission will meet behind closed doors with legal counsel on Thursday to discuss "exposure to litigation from a challenge to or enforcement of the City's affordable housing requirements" and "whether to initiate litigation with respect to the Academy of Art University." As always, we’ll keep you posted and plugged-in.

Posted by socketadmin at 7:15 AM | Permalink | Comments (2) | (email story)

June 24, 2011

Oops!..We Did It Again

3318 Folsom Listing Photo

We don’t know if it’s another (failed) attempt to make a steep block look a little flatter, but we do know the exterior shot for 3318 Folsom likely isn’t doing the listing any favors, especially on a listing that notes: "Home has a lot of deferred maintenance…"

As the image would look after a simple rotation to adjust for the camera angle:

3318 Folsom Listing Photo Adjusted

But hey, it is just a listing for a half-million dollar home.

UPDATE: As a reader notes, our rotated photo has since replaced the listing agent's.

∙ Listing: 3318 Folsom (3/2) 1,250 - $539,000 [MLS]
The Only Appropriate Headline: “What The Hell Were They Thinking?” [SocketSite]

Posted by socketadmin at 7:15 AM | Permalink | Comments (36) | (email story)

June 14, 2011

Below Market Rate For Above Market Down (And A Bit Of Irony)

888 7th Street

The Mayor's Office of Housing Below Market Rate (BMR) homeownership program was established to offer "low to moderate income" households "the option of purchasing homes that are priced below the typical market rate price" but are restricted in terms of resale price and the qualified buyer pool.

One such unit is 888 7th Street #351, a 691 square foot one-bedroom which was purchased for $267,000 in May 2008 and is now listed on the MLS for $299,000 or $305,200 on the Mayor’s Office of Housing site. As noted, eligible single buyers for this unit can make no more than $69,600, a two person household no more than $79,500.

Also noted on the Mayor's site, "due to a pending lawsuit in the building…only all-cash buyers will be able to purchase the unit." That’s right, per the terms of the program, the low to moderate income buyers for this unit will need to have three-hundred thousand dollars of disposable cash on hand.

∙ BMR Resale: 888 7th St. #351 - $305,200 (cash) [sf-moh.org]
∙ Listing: 888 7th Street #351 (1/1) 691 sqft - $299,000 [MLS]
Below Market Rate (BMR) Homeownership Programs [sf-moh.org]

Posted by socketadmin at 1:00 PM | Permalink | Comments (60) | (email story)

June 13, 2011

Ahoy There Buyers...

830 El Camino Del Mar For Sail (www.SocketSite.com)

Last asking $9,900,000, while the sixteenth listing for 830 El Camino Del Mar has been withdrawn from the MLS and it’s no longer official inventory, a plugged-in tipster reports:

Well, if I can't buy 830 El Camino, at least I can take her for a jaunt around the bay. Or maybe the owners are finally ready to let her go?

That’s right, the ten million dollar property is now "For Sail."

Like The Swallows To Capistrano, 830 El Camino Del Mar Returns [SocketSite]
San Francisco Listed Housing Inventory Update: June 6, 2011 [SocketSite]

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

June 1, 2011

Local Lenders Take Note

As we first reported in February:

2760 Sacramento #6 is a Below Market Rate (BMR) one-bedroom condo in Pacific heights which was purchased for $211,500 in February 2003 with restrictions limiting its future resale value and pool of buyers.
Despite the aforementioned restrictions, the owner refinanced the condo with a $272,013 first mortgage in 2005 to which a second for $50,000 was added in 2006 and a third for $390,001 was added in 2008.
With a total debt of $712,014, the 1,220 square foot Below Market Rate unit at 2760 Sacramento was taken back by Wells Fargo and is now back on the market and available for a restricted $250,765.

Yesterday, the sale of 2760 Sacramento #6 closed escrow at its restricted price of $250,765. Lenders take note, don't forget those invitations to the housewarming, and all comments on our original thread.

Comments: A Bank-Owned BMR (No, Not BMW) In Pacific Heights [SocketSite]
Eight Days To Apply For A $206 Per Square Foot Pacific Heights Condo [SocketSite]

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

May 23, 2011

The Penthouse Atop 455 Vallejo Sells For "$435,000"...

455 Vallejo Penthouse Living

As we wrote in March:

Our penthouse parade continues with the 3,100 square foot condo atop 455 Vallejo now listed for $2,850,000. While the day old listing notes "First time on the market!" we’ll note it was also listed for $2,995,000 last year (and as still noted on its brochure).
And yes, there's seven car parking below. Oh, and speaking of said parking, and by way of that aforementioned brochure, they're touting some rather unique Realtor math:
"…the 7 car parking alone is worth a million dollars – the breathtaking views are worth another million dollars – which leaves this spacious penthouse at under a million dollars."

The sale of the penthouse atop 455 Vallejo closed escrow today with a reported contract price of $2,435,000, only "$435,000" per the aforementioned math.

Atop 455 Vallejo For Under A Million! (Plus Two For Parking And Views) [SocketSite]

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

April 29, 2011

The United (236) States Of Easy Money And Forgiveness

236 States #1: Kitchen

As we wrote about 236 States in July 2008:

While 236 States #1 doesn’t look to be particularly large, it does look to make decent use of the space (although it’s tough to tell about storage).
And to be honest, it was simply the operable windows in the kitchen that caught our eye.

Listed for $769,700 at the time having been purchased for $558,000 with no money down in 2003, the 923 square foot condo was withdrawn from the market after three months without a sale (and a "make me move" price of $849,000 on Zillow).

Today, 236 States is back on the market listed as a short sale for $619,000 having been refinanced in 2005 with $641,000 in debt.

∙ Listing: 236 States Street #1 (2/1) - "$619,000" (short sale) [MLS]
Sometimes It’s The Small Things (In More Ways Than One) [SocketSite]

Posted by socketadmin at 10:15 AM | Permalink | Comments (9) | (email story)

The Power Of Four(s) And A Friendly Reminder

381 Teresita Boulevard.

Sure, 381 Teresita could use some updating. But it looks perfectly livable until you can. And it is a District 4 single-family four-bedroom for under four hundred a square foot.

And as an aside, and while it might be a cool feature, if you happen to have a hidden escape, panic or storage room in your house, don’t post pictures of it on the web.

381 Teresita Boulevard Hidden

Well, at least not if it's a feature for which remaining hidden in the future is a selling point.

∙ Listing: 381 Teresita Boulevard (4/2) 2,016 sqft - $775,000 [MLS]

Posted by socketadmin at 9:00 AM | Permalink | Comments (5) | (email story)

April 27, 2011

Fourteen Days For 110 Freelon

110 Freelon Living

As a plugged-in reader notes, and steals a bit of our afternoon thunder, the sale of 110 Freelon closed escrow yesterday with a reported contract price of $3,320,000.

And yes, that’s $220,000 over asking and 14 days from list to close for the 4,430 square foot (not including the roof terrace) live-work loft which suggests a truly all cash offer.

Don’t forget those invitations to the housewarming. We'll bring the tunes. And a ball.

110 Freelon: Let's Get Ready To Rave [SocketSite]

Posted by socketadmin at 3:30 PM | Permalink | Comments (6) | (email story)

A Painful Situation For A Plugged-In Reader (And Plea For Help)

A plugged-in reader in need writes:

Where do people go who have had realtors - realtors of some prestige, paragons of real estate experience one might say - who seem to have hidden or ignored pertinent information on a property?

This is both scary and almost amusing tale of woe were it not for the all too serious consequences.
Say, for example, someone buys a condo in a two-unit building, agrees to all the conditions, then, after closing, is told by the other condo owner that other unit is an S&M, um, er, "chamber," and the building is not suitable for children to occupy because strangers visit at odd hours and they're not the sort of people who are good with children. Plus, the new owner had better seriously soundproof the unit and never, ever let the child use the shared yard, go down into the garage or help with the laundry because it's near the "guest" room. Oh, yes, and the seller knew about this, um, "lifestyle."
The seller's realtor and the purchaser's realtor claim no knowledge, "not our job to ask personal questions" sort of thing even if you did raise this exact question with your realtor, "This isn't some S&M dungeon is it?" [Editor's note: apparently a number of locked rooms below raised the question], besides, the seller has left the state and well, sorry, it's a done deal, you own it.

Please keep in mind this isn’t meant as a condemnation of an S&M lifestyle, but rather an issue of disclosure and a serious concern. And yes, we have confirmed the sale. So, if you’ve successfully negotiated a similar situation, do you think you can help a reader out?

Posted by socketadmin at 8:30 AM | Permalink | Comments (76) | (email story)

Cohen’s The Bank’s Candlestick Point Condo Closes Escrow

The bank-owned resale of the Candlestick Point two-bedroom condo that newly elected San Francisco Supervisor Malia Cohen purchased for $581,500 in December 2006 before letting the bank foreclose ("It was underwater, so I let it go...") has closed escrow with a reported contract price of $320,000, a 45 percent ($261,500) drop in value since 2006.

As previously noted, while the Chronicle reported Cohen’s January move from the condo, we reported the bank had actually foreclosed on the condo this past August, a few months before her election.

San Francisco Supervisor Cohen Walks Away From Underwater Condo [SocketSite]

Posted by socketadmin at 5:30 AM | Permalink | Comments (46) | (email story)

April 25, 2011

Down A Decade (But Officially "Over Asking") For 655 5th Street #9

655 5th Street

As we wrote in January:

Eleven years ago the two bedroom and three bath townhouse known as 655 5th Street #9 sold for $781,000 down in SoMa. Seven years and a thousand or two new neighborhood condos later, the 1,774 square foot unit sold for $1,018,000 in 2007 by way of an $814,400 first and a second for $152,700.
Yes, this was yet another case of only 5 percent down in the "it's different here" San Francisco and with "only" $50,900 in equity at risk. Lo and behold, this past November Wells Fargo foreclosed on the first with no bidders at $746,547.
Yesterday the property was listed for sale on the open market for $777,900, a sale at which would be just below its year 2000 price, "only" 24 percent ($240,100) below 2007.

As we added in March:

The list price for 655 9th Street #9 has been reduced to $674,900. The bank is now asking 34 percent ($343,100) under its 2007 sale price, 14 percent ($106,100) under its year 2000 sale. And according to the listing, "offers anytime."

And as a plugged-in reader noted last week, the sale of 655 9th Street #9 closed escrow this past Thursday with a reported contract price of $701,000. Call it $395 per square foot, 10 percent ($80,000) under its year 2000 sale, and 34 percent ($317,000) under its sale for $1,018,000 in 2007.

The sale was, however, officially "over asking" according to industry stats.

Unfortunately Wells Wasn’t Requiring 30 Percent Down At The Time [SocketSite]
30 Percent Down Or Interest Rates Up As Proposed By Wells Fargo [SocketSite]
14 Percent Below Its Year 2000 Price And Offers Anytime [SocketSite]

Posted by socketadmin at 8:45 AM | Permalink | Comments (1) | (email story)

April 21, 2011

Another Listing On Lyon

1407 Lyon

With 33 of its 71 listing photos featuring neighborhood establishments within a one mile radius, it might be a new record. And it might explain such classic listing photo captions as: "Another deli" and "Another picture of the Sundance Theatres."

∙ Listing: 1407 Lyon Street (4/4) 2,887 sqft - $1,795,000 [MLS]

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

April 19, 2011

Minor’s "Abandoned" Mansion At 3800 Washington

3800 Washington Circa 1906

While it’s looking a lot better today than it did in 1906, as a plugged-in reader notes and following an anonymous complaint a year ago, Halsey Minor’s Le Petit Trianon at 3800 Washington has been deemed "abandoned" by the city and an order of abatement has been issued for failing to comply with San Francisco’s Abandoned Building Ordinance.

3800 Washington: 4/19/11 (www.SocketSite.com)

As plugged-in people know, Minor paid $20,000,000 for the 17,895 square foot property in 2007 (a notice of default followed in 2009).

And yes, we should all be so lucky as to live near such "blight."

Beauty Blight Is In The Eye Of The City (And Perhaps Your Neighbors) [SocketSite]
Le Grand Notice De Default For Le Petit Trianon (3800 Washington) [SocketSite]

Posted by socketadmin at 11:45 AM | Permalink | Comments (33) | (email story)

April 14, 2011

An Amazing Down To The Studs "$75,000" Renovation At 55 Rico Way

55 Rico Way

The down-to-the-studs remodel in 2004 included a horizontal addition, so we’re assuming the single-family Marina home at 55 Rico Way is living larger than the 1,846 finished square feet per public records (the listing doesn’t specify beyond "greatly expanded").

55 Rico Way Kitchen

Per the permit, the estimated cost for the down to the studs renovation and expansion of the home was $75,000, the figure off of which permit fees would have been figured.

We’d be willing to bet the cost of renovating the kitchen alone ran close to $75,000, and yet some wonder why minimum permit fees have had to be raised for all.

∙ Listing: 55 Rico Way (3/3) - $2,200,000 [55rico.com] [MLS]

Posted by socketadmin at 12:00 PM | Permalink | Comments (45) | (email story)

March 28, 2011

If They Weren't Million Dollar Views Before, They Really Are Now...

3025 Scott Street

In 2006 the "Vintage Cow Hollow Edwardian" in need of some "TLC" at 3025 Scott Street was purchased for $2,750,000 by its uphill neighbor(s) in what would appear to have been a strategic bid to protect views.

Four years later, and with an easement aimed at restricting any increases in height newly attached, the property returned to the market listed for $2,100,000. Failing to sell in 2010, the property was relisted for $1,900,000 with "one day" on the market in January.

Thirteen days ago the sale of the 2,557 square foot Cow Hollow fixer officially closed escrow with a just now reported contract price of $1,800,000 ($704 per square foot). Call it a little over a million dollars spent to protect a few million dollar views and a 35 percent ($950,000) drop in value for the property.

A Vintage Mini-Vertical For The Cow Hollow Fixer At 3025 Scott [SocketSite]

Posted by socketadmin at 11:00 AM | Permalink | Comments (29) | (email story)

March 24, 2011

America’s Cup Preview. Now Think Bigger. And More Boats.

Four AC45’s were sailing about New Zealand’s Hauraki Gulf yesterday, a mini-preview of what’s in store for San Francisco’s Bay when the larger 72-foot hardwing multihulls arrive to compete for the America’s Cup in 2013.

America's Cup: AC45's sailing as a fleet [youtube.com]
The Scope Of Development For San Francisco’s First America’s Cup [SocketSite]
And The 2013 America’s Cup Will Be Held In…San Francisco! [SocketSite]

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

March 21, 2011

Eight Days To Apply For A $206 Per Square Foot Pacific Heights Condo

It was three weeks ago that we first plugged our readers in to the 1,220 square foot Below Market Rate (BMR) Pacific Heights condo at 2760 Sacramento.

Purchased for $211,500 as a resale restricted unit in 2003, the condo was refinanced with $712,014 in debt over the next five years before being taken back by the bank.

Applications to purchase 2760 Sacramento #6 for $250,765 are due in eight days.

∙ Listing: 2760 Sacramento #6 (1/1) - $250,765 [MLS]
A Bank-Owned BMR (No, Not BMW) In Pacific Heights [SocketSite]

Posted by socketadmin at 12:45 PM | Permalink | Comments (7) | (email story)

March 15, 2011

And Then There Were Eight But Only Six That Are Known

AC34 Village

Eight entries for the 34th America’s Cup in San Francisco have been received so far including Aleph (France), Artemis Racing (Sweden), Energy Team (France), Mascalzone Latino (Italy), Team Australia and the defending home town team of ORACLE Racing.

Two entrants, however, have yet to officially announce. Readers?

And The 2013 America’s Cup Will Be Held In…San Francisco! [SocketSite]

Posted by socketadmin at 8:45 AM | Permalink | Comments (4) | (email story)

March 3, 2011

The "America’s Cup Effect" In Action?

425 1st Street #4702 Living

The re-sale of 425 1st Street #4702 closed escrow yesterday with a reported contract price $1,350,000 ($1,031 per square foot) for the One Rincon Hill two-bedroom which was purchased from the sales office for $1,605,500 ($1,226 per square) in August 2008.

As we wrote when #4702 hit the market asking $1,107 per square foot in December:

At the beginning of September the sale of 425 1st Street #4602 closed escrow with a recorded contract price of $1,343,500 ($1,026 per square foot) while at the end of September 425 1st Street #4502 (which had last been listed at $1,450,000 as the sales office’s "LAST 02") sold for $1,297,000 ($991 per square foot).
And in October, the re-sale of 425 1st Street #4902 (which had also been listed as the "Last Brand New 02 Unit") closed escrow with a recorded contract price of $1,370,000 ($1,047 per square), for an average recent per square foot sale price of $1,021 for the three 02's in the high forties.

Of course it wasn’t until the last day of December that San Francisco secured the next America’s Cup (at which point “Front Row Seats to America's Cup!” was added to the listing). And while we’re filing this under apples-to-apples, it’s possible the unit ended up reselling with a few extras (“Seller will entertain selling home fully furnished”).

"The Last" Of The Last One Rincon Hill 02’s [SocketSite]
And The 2013 America’s Cup Will Be Held In…San Francisco! [SocketSite]
The Scope Of Development For San Francisco’s First America’s Cup [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (28) | (email story)

March 1, 2011

San Francisco Conservatory of Flowers Goes Condo (No, Not Really)

From a plugged-in tipster that forwards an email for a "well located" two-bedroom condo with "many windows" that "afford peaceful green outlooks to Golden Gate Park while bringing in perfect natural light" and features a rather familiar façade:

Always wanted a condo in that building! HOA dues seem low for several hundreds of acres of garden. Dues include doing the windows regularly? How do you handle weekend visitors?

And yes, that’s the San Francisco Conservatory of Flowers pictured above and currently the first photo of the listing. The facade of 795 8th Avenue would be photo number fifteen.

∙ Listing: 795 8th Avenue #204 (2/1) - $585,000 [paragon-re.com] [MLS]
San Francisco Conservatory of Flowers [conservatoryofflowers.org]

Posted by socketadmin at 6:00 AM | Permalink | Comments (4) | (email story)

February 25, 2011

A Bank-Owned BMR (No, Not BMW) In Pacific Heights

2760 Sacramento #6 is a Below Market Rate (BMR) one-bedroom condo in Pacific heights which was purchased for $211,500 in February 2003 with restrictions limiting its future resale value and pool of buyers.

Despite the aforementioned restrictions, the owner refinanced the condo with a $272,013 first mortgage in 2005 to which a second for $50,000 was added in 2006 and a third for $390,001 was added in 2008.

With a total debt of $712,014, the 1,220 square foot Below Market Rate unit at 2760 Sacramento was taken back by Wells Fargo and is now back on the market and available for a restricted $250,765.

We’ve Almost Got A Line (Another Data Point At 2760 Sacramento) [SocketSite]

Posted by socketadmin at 7:15 AM | Permalink | Comments (50) | (email story)

February 18, 2011

Overused Listing Descriptor Of The New Year: "Stunning"

While it’s barely half over, we’re already calling "stunning" the most overused word for listings in San Francisco in the first quarter of 2011. Or more accurately, we’re calling it the most misused word in terms of the properties to which it’s rather liberally being attached.

On deck, references to the America’s Cup.

The Scope Of Development For San Francisco’s First America’s Cup [SocketSite]

Posted by socketadmin at 6:45 AM | Permalink | Comments (13) | (email story)

February 10, 2011

Riders On In The Storm As 55 Buena Vista Sells For $2,100,000

55 Buena Vista Terrace: Doors and deck

As we recapped last month:

Purchased for $2,177,000 in April 2006 but significantly expanded and remodeled by architect Jonathan Feldman and interior designer Joseph Oroza since (including adding a new bathroom, turning outdoor space in, and remodeling the kitchen and dining), the now 3,106 square foot designer home with big glass doors and some big city views at 55 Buena Vista Terrace returned to the market in September 2008 asking $3,395,000.
Withdrawn from the market in November 2008 but then relisted anew in January 2009 asking $2,995,000, the list price for the designer home was reduced to $2,695,000 that February and then $2,595,000 that April before being withdrawn again that June.
Listed anew once again this past September with an "original" list price of $2,295,000 (and an official one day on the market per aggregate industry reports), as a plugged-in reader notes, yesterday the list price for 55 Buena Vista Terrace was reduced to $2,100,000.

The resale of 55 Buena Vista Terrace closed escrow yesterday with a reported contract price of $2,100,000. As a plugged-in reader noted last month, MLS based statistics will reflect a $77,000 (4%) drop in value versus 2006 for this data point and miss a few hundred thousand dollars invested in between.

55 Buena Vista Terrace Back Below Its 2006 Pre-Renovated Price [SocketSite]
Big Swinging…Doors (And Here Comes The Competition) [SocketSite]
Riders On The Storm (The Doors Of 55 Buena Vista Terrace Reduced) [SocketSite]
From Easy Profit To Likely Loss For 55 Buena Vista Terrace [SocketSite]

Posted by socketadmin at 6:00 AM | Permalink | Comments (0) | (email story)

February 8, 2011

Listing Irony For 85 Caine: "Cash Only, Bank Might Not Finance"

85 Caine Avenue

In April 2006 the four bedroom Ingleside home at 85 Caine Avenue was purchased for $675,000, a purchase which was refinanced in November 2007 with two loans totaling $693,000 in debt.

On January 15, 2010 the home was taken back by the bank with no bidders at $435,160. Two week later the property went up in flames.

From one of the tenants in the house at the time of the fire:

“We were renting, supposedly, from the owner and paying him rent,” she said. “Three weeks ago a bank representative came by and said don’t pay the landlord, we own the home…. The house has apparently been up for auction since May and he (the landlord) hasn’t owned it. We’ve been paying him rent since we moved in in September.”
“We spoke with him this morning and it was the first time he had openly told us he is not the owner of the house,” she added. “He said we had to deal with the bank.”

Keep in mind the tenant appears to have been a bit confused (surviving a fire will do that to you) as the bank didn't own the property up until two weeks before the fire.

Yesterday the burned out building returned to the market listed for $279,900. A bit of listing irony: "Cash Only, bank might not finance." Well, at least not 100 percent anymore.

∙ Listing: 85 Caine Avenue (4/1) - $279,900 [Redfin]
Mystery Surrounds SF Mission District Fire [ktvu.com]

Posted by socketadmin at 12:45 PM | Permalink | Comments (21) | (email story)

February 2, 2011

No Sale Despite A $1,000 Per Square Foot Price Cut On Yerba Buena

168 Yerba Buena Avenue

Despite a $6,950,000 (55 percent) price cut since being listed $12,700,000 in 2007, and another 250 days on the market (most recently asking $5,750,000), the listing for the 6,555 square foot home at 168 Yerba Buena Avenue has once again been withdrawn from the market without a reported sale.

As plugged-in people know, its unfinished sister property at 166 Yerba Buena appears to have sold $1,980,000 in 2008. It had been listed for $10,700,000 (finished) at the time.

A Finished 168 Yerba Buena Avenue Returns At Fifty Percent Off [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]
Once Billed As "A Symbol Of Success, Not Extravagance" [SocketSite]
Solaria Sells For About As Much As The Rendered Bugatti In Its Garage [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (2) | (email story)

January 27, 2011

The Secretive Sale Of 2600 Pacific

2600 Pacific

For the past three weeks we’ve been inundated with questions about the recorded sale of 2600 Pacific for $15,500,000 late last year. Or more accurately, a recorded transfer tax of $232,500 in December which translates to said sale price.

And while we couldn’t get past the hidden buyer to confirm ("HOS Pacific LLC" anyone?), neither could the Wall Street Journal. So with that we’re calling it a day and leaving it up to any plugged-in readers with the inside scoop or better sleuthing skills to weigh in.

Big Spenders Buoy Housing [wsj.com]

Posted by socketadmin at 1:30 PM | Permalink | Comments (29) | (email story)

2041 Sacramento Sells (For Reals This Time) At 38% Under 2007

2041 Sacramento Top: Living

As plugged-in people know, the MLS reported "sale" of 2041 Sacramento for $1,950,000 this past October wasn’t actually a sale but rather the bank foreclosing upon the remodeled top floor Pacific Heights condo back. And not even at that "price."

2041 Sacramento Top: Roof Deck

Yesterday, however, a legitimate sale of 2041 Sacramento appears to have closed escrow with a reported contract price of $1,418,000. The sale represents a 38 percent ($868,500) drop in value for the property since its purchase for $2,286,500 in June 2007.

The "beautiful house-like top floor 2-level 3BR/3BA condo in prime location across from Lafayette Park" was last listed for $1,499,000 ("DRASTIC REDUCTION for quick sale!!!").

While The MLS Reports A "Sale," Public Records Report A Foreclosure [SocketSite]
A Year Later An Apple Falls In Pacific Heights (2041 Sacaramento) [SocketSite]
An Apples To Apples (And Rather Prime) Update For 2041 Sacramento [SocketSite]
North To South (And Apples To Apples) From Atop 2041 Sacramento [SocketSite]
2041 Sacramento Cuts Again But Gains Three Exclamation Points!!! [SocketSite]

Posted by socketadmin at 9:00 AM | Permalink | Comments (58) | (email story)

January 26, 2011

Behind The Sperling’s Shocking "Sale" Of 2323 Hyde For $9,000,000

2323 Hyde

A reader perusing Redfin is a bit shocked to come across the reported sale of 2323 Hyde Street for $9,000,000 two weeks ago, a nearly 9,000 square foot Russian Hill home that was listed for $18,700,000 for most of last year.

The least expensive of three big San Francisco properties accumulated by the Sperlings of University of Phoenix fame and fortune over the past decade, 2323 Hyde Street had been purchased by Peter and Stephanie Sperling in 2003. The home had been listed for $15,000,000 at the time.

And while we can’t confirm the exact purchase price in 2003, we will note a $15,420,495 tax assessed value in 2009 which would suggest a price around $14 million.

So was it really a $5,000,000 and 36 percent drop in value for the Hyde Street house as reported? Yes and no. While 2323 Hyde did in fact sell for $9,000,000 this past November with $225,000 in transfer taxes paid, the buyers were John and Peter Sperling, the co-trustees of a John Sperling Irrevocable Trust. We don’t believe their offer was countered.

Keep in mind that the difference between a $14,000,000 and $9,000,000 tax basis would be about $60,000 a year and transfer taxes for properties valued over $5 million in San Francisco increased at the beginning of this year with the passage of Proposition N.

Save A Collective $21,700,000 On Hyde And Upper Broadway [SocketSite]
The Day After: November 2 Real Estate Related Election Results [SocketSite]

Posted by socketadmin at 3:45 PM | Permalink | Comments (39) | (email story)

January 25, 2011

The 34th America’s Cup Race Schedule You've Known To Expect

As we wrote when we broke the news three weeks ago with respect to the proposed course for the 34th America’s Cup in San Francisco’s bay: "Races will be held July through mid-September in both 2012 and 2013 with up to three races each day beginning at 1:00pm and ending by 6:00pm."

According to an America’s Cup Race Management notice released today, the America’s Cup Challenger Series (The "Louis Vuitton" Cup) is tentatively scheduled to commence on July 13, 2013 with the 34th America’s Cup Match starting September 7, 2013.

We'd file it under "breaking news" but plugged-in people have known what to expect for weeks.

The Proposed 34th America’s Cup Course For San Francisco’s Bay [SocketSite]
34th America’s Cup Regatta Dates [americascup.com]

Posted by socketadmin at 4:45 PM | Permalink | Comments (6) | (email story)

Condo Conversion HIV Challenge Back In Front Of The Board

A tenant’s challenge of the condo conversion of 74-76 Castro based on his HIV positive status is back in front of San Francisco’s Board of Supervisors this afternoon. As we first reported three weeks ago:

At issue, whether or not the tenant’s HIV positive condition qualifies as being disabled, and as such entitles the tenant to a lifetime lease of the unit pursuant to San Francisco Subdivision Code 1391. And at stake, a potential eviction (post-conversion) if not.
We’ll note that from a procedural standpoint the tenant will likely be found to have prematurely claimed a lifetime lease, a right the Subdivision Code grants after conversion. And without an eviction on record, the parcel map and condo conversion will likely should be upheld (with the lifetime lease issue likely returning after).
We’ll also note that the building owners assert that the tenant offered to drop his claim in exchange for $150,000.

Also amongst the items on today’s Board agenda, the proposed appointment of Richard Johns and reappointment of Andrew Wolfram and Karl Hasz to San Francisco’s Historic Preservation Commission through the end of 2014.

Does Having HIV Make One Disabled? [SocketSite]
San Francisco Board of Supervisors Agenda: January 25, 2011 [sfbos.org]

Posted by socketadmin at 11:30 AM | Permalink | Comments (27) | (email story)

January 19, 2011

From "Sold" To Actually Sold To Facing Foreclosure At 3208 Pierce

As plugged-in people might recall, while the Marina development at 3208 Pierce hit the market in 2007 with printed marketing materials touting "SOLD" for unit #407, the unit quietly hit the MLS listed for $1,279,000 once the rest of the building was in contract.

The two-bedroom condo ended up selling for $1,249,000 that October by way of a first mortgage for $999,200. A month later a second for $80,000 was added and a third for $124,000 the month after that. Call it a 96 percent Loan to Value ratio for the property within two months of purchase and at the end of 2007.

So why do we mention it now? Well, while the original notice of default was filed in November 2009, and the notice of trustee sale was finally filed a year later, the December 2010 auction being postponed due to the million dollar condo buyer's bankruptcy but the property is currently scheduled to hit the courthouse steps again in a week.

3208 Pierce: New Website And Photo Gallery [SocketSite]
Another Chance To Buy In The "Sold Out" 3208 Pierce [SocketSite]

Posted by socketadmin at 9:00 AM | Permalink | Comments (14) | (email story)

January 14, 2011

The One Without A Caption (For Now)

1438 Chestnut Uncaptioned Listing Photo

At least the close-ups of the lemons and flowers speak to flora while the wine bottle and Bertazzoni shots speak to the kitchen. But honestly, we have absolutely no idea what the photo above is supposed to tell us about the TIC at 1438 Chestnut.

And considering that out of the twenty-eight (28) listing photos it’s the only one (1) currently without a caption on the MLS, perhaps we’re not the only ones. Or damn it, perhaps we just took the (alligator) bait.

∙ Listing: 1438 Chestnut (2/1.5) - $1,099,000 [MLS]

Posted by socketadmin at 3:45 PM | Permalink | Comments (17) | (email story)

January 13, 2011

Unfortunately Wells Wasn’t Requiring 30 Percent Down At The Time

655 5th Street

Eleven years ago the two bedroom and three bath townhouse known as 655 5th Street #9 sold for $781,000 down in SoMa. Seven years and a thousand or two new neighborhood condos later, the 1,774 square foot unit sold for $1,018,000 in 2007 by way of an $814,400 first and a second for $152,700.

Yes, this was yet another case of only 5 percent down in the "it's different here" San Francisco and with "only" $50,900 in equity at risk. Lo and behold, this past November Wells Fargo foreclosed on the first with no bidders at $746,547.

Yesterday the property was listed for sale on the open market for $777,900, a sale at which would be just below its year 2000 price, "only" 24 percent ($240,100) below 2007.

∙ Listing: 655 5th Street #9 (2/3) 1,774 sqft - $777,900 [MLS]
30 Percent Down Or Interest Rates Up As Proposed By Wells Fargo [SocketSite]

Posted by socketadmin at 4:30 PM | Permalink | Comments (23) | (email story)

January 10, 2011

If Homes In Bayview Are Selling For $770,000 $375,000 $345,000…

As we wrote this past December:

In August 2006 it sold for $550,000 as a fixer, was remodeled (including the addition of two bedrooms and a bath), and then flipped four months later for $770,000 which not only established a neighborhood "comp" but justification for prices elsewhere in San Francisco ("If homes in Bayview are selling for $770,000…").
In October 2008 the single-family home at 1747 La Salle returned to the market asking $560,000 but failed to sell. The home has since been "reconstructed" ("Everything in the home is brand new") and was re-priced at $450,000 ("a must see, won’t last") this past September. And for the past month they’ve been asking $375,000.

On Friday the short sale list price for 1747 La Salle was reduced to $345,000. And yes, it’s still listed as a "must see" but "won’t last" no longer.

∙ Listing: 1747 La Salle Avenue (5/3) - $345,000 [MLS]
If Homes In Bayview Are Selling For $770,000 $375,000… [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (17) | (email story)

January 6, 2011

Former Giants #35 Is Looking To Sell (255 Berry) #610

255 Berry #610 Living

Asking $1,950,000 in September 2006, the three-bedroom condo atop 255 Berry Street known as #610 was purchased by former San Francisco Giants #35 Rich Aurilia for $1,750,000 in January 2007. Obviously he didn't overpay.

Then again the 2,293 square foot condo with a 700 square foot-ish terrace overlooking the creek is back on the market today and asking $1,650,500. And yes, the condo was also listed from September to December last year at $1,750,000, albeit a bit more quietly that time around.

∙ Listing: 255 Berry #610 (3/2.5) 2,293 sqft - $1,650,500 [MLS]
255 Berry: Seven Percent Active [SocketSite]

Posted by socketadmin at 3:00 PM | Permalink | Comments (17) | (email story)

January 5, 2011

San Francisco Realty TV: Fear The Beard Foreclosure

3157 Baker Street

A plugged-in reader pegged it as the place San Francisco Giants Brian Wilson and Barry Zito once rented while we pegged it as the "Marina Mansion" seeking $13,500 a month in rent last year.

Listed for sale at $5,000,000 in 2008 and then $3,695,000 in 2010, 3157 Baker Street is now scheduled to hit the courthouse steps tomorrow afternoon with an opening bid of $2,571,939 for the 3,646 square foot five-bedroom Marina home. Don't forget those cashier's checks.

And no, we never should have doubted our readers who pegged 3159 Baker as San Francisco’s Top Chef home. But hey, the two Marina homes are adjacent and owned by the same persons. Well, at least for another day.

A Hollywood Ending (And Not) For 3157 Baker Street [SocketSite]
Would The Real Top Chef San Francisco House Please Stand Up? [SocketSite]
Are There Any Plugged-In Top Chef Aficionados In The House? [SocketSite]

Posted by socketadmin at 5:00 AM | Permalink | Comments (29) | (email story)

December 24, 2010

A Little Over (Half) For A Little Under (Half) At 873 Van Ness

873 Van Ness

Purchased as a 4,285 square foot two-unit Inner Mission building for $1,500,000 in July 2006, a little over half the building (2,337 square feet) is back on the market today, remodeled and asking $729,000 as a tenancy in common (TIC).

And while the listing touts "EZ CONDO READY!!," understand how the "bonus/entertainment room w/ kitchen+bath included with the unit" could affect the not always so EZ conversion process.

∙ Listing: 873 South Van Ness (2/1) 2,337 sqft - $729,000 [MLS]

Posted by socketadmin at 9:45 AM | Permalink | Comments (10) | (email story)

December 23, 2010

Over Under Asking For 2939 Vallejo (Plus The Lot Next Door)

2939 Vallejo

A reader comments that Curbed has reported (with exclamation points!) that 2939 Vallejo "sold for $1,00,000 (sic) above asking. $9,500,000 clams!" Unfortunately, it didn’t.

While the sale price was $9,500,000, and 2939 Vallejo was listed for $8,500,000, the sale included the lot next door (2921 Vallejo) which was listed separately for $2,250,000. In other words, it was actually $1,250,000 (12%) under asking for the two.

But hey, why bother to be right when reporting real estate. And yes, MLS based statistics, reports, and industry newsletters will reflect "over asking!" for the sale as well.

You See, It's Not Pacific Heights Prices That Are Falling... [SocketSite]
∙ Listing: 2939 Vallejo (4/5.5)/2921 Vallejo (lot) - $8,500,000/$2,250,000 [sfproperties]
2939 Vallejo Gets $1M Above Asking Price [Curbed]

Posted by socketadmin at 1:15 PM | Permalink | Comments (18) | (email story)

You See, It's Not Pacific Heights Prices That Are Falling...

2111 Franklin

Now that the listing for 2111 Franklin #4 includes photos, the 33 percent difference between the purchase price in 2005 ($1,075,000) and the list price today ($725,000) for the Pacific Heights condo all makes sense. Apparently the building is falling over.

But hey, what would you expect when there’s only $38,750 in sales commissions at stake.

The Short Sellers Come Up Short As 2111 Franklin #4 Returns REO [SocketSite]

Posted by socketadmin at 9:00 AM | Permalink | Comments (7) | (email story)

December 21, 2010

Out, Damned Spotted Sidewalk! Out, They Say!

Sidewalk White Spots (www.SocketSite.com)

The dreaded white spots have been falling like holiday snow with the notices hung by the door. For those unfamiliar, the white dots mark sections of sidewalk in need of repair, reconstruction or improvement while the notices alert the adjacent property owners that they’re responsible to pick up the tab.

Once notified, property owners have 30 days to commence repairs on the spotted sections of sidewalk fronting their property. If they don’t, the Director of Public Works can order the repairs to be completed and send the property owners the tab, which if isn’t paid will result in a lien on the property. And yes, even if city planted tree roots are to blame.

One potential bright spot, in some cases there are opportunities to replace damaged pavement with landscaping instead.

Posted by socketadmin at 3:45 PM | Permalink | Comments (39) | (email story)

December 14, 2010

DO NOT READ THIS Unless You Really Need To Know Re: 333 Harrison

333 Harrison Lot Design

As proposed, the development of 333 Harrison Street and Fremont in San Francisco’s Rincon Hill neighborhood would result in a 7-story, 65-foot tall residential apartment building containing approximately 308 units, with two levels of subterranean parking for 204 and a landscaped park between Harrison Street and the building.

333 Harrison: Design (Image Source: dbarchitect.com)

Tomorrow, San Francisco’s Historic Preservation Commission will hold a public hearing to review and comment on a recently finished Cultural Resources Sensitivity Study for the development. From the introduction to the study which is now online:

This report contains confidential cultural resources location information; report distribution should be restricted to those with a need to know. Cultural resources are nonrenewable, and their scientific, cultural, and aesthetic values can be significantly impaired by disturbance. To deter vandalism, artifact hunting, and other activities that can damage cultural resources, the locations of cultural resources should be kept confidential.

Or just posted online.

A Plugged-In Reader's 12 Notes On The "PC" Approved 333 Harrison [SocketSite]
333 Harrison Street Section 106 Review and Comment [sfplanning.org]

Posted by socketadmin at 11:30 AM | Permalink | Comments (10) | (email story)

December 9, 2010

If Homes In Bayview Are Selling For $770,000 $375,000…

In August 2006 it sold for $550,000 as a fixer, was remodeled (including the addition of two bedrooms and a bath), and then flipped four months later for $770,000 which not only established a neighborhood "comp" but justification for prices elsewhere in San Francisco ("If homes in Bayview are selling for $770,000…").

In October 2008 the single-family home at 1747 La Salle returned to the market asking $560,000 but failed to sell. The home has since been "reconstructed" ("Everything in the home is brand new") and was re-priced at $450,000 ("a must see, won’t last") this past September. And for the past month they’ve been asking $375,000.

Listing: 1747 La Salle Avenue (5/3) - $375,000 [MLS]

Posted by socketadmin at 12:00 PM | Permalink | Comments (24) | (email story)

December 6, 2010

Two Bank-Owned TICs In The Mission…

1423 South Van Ness Living

Are there really bank-owned TICs in the Inner Mission? Yes, but it’s probably not the exact scenario some have been expecting.

In January of 2005 the six-unit building at 1419 South Van Ness Avenue sold for $1,090,000. Financing for the purchase and a likely renovation was provided primarily by the "Magnate Fund LLC" to the tune of $1,490,000.

Five months ago the building was taken back by "the bank" which then appears to have transferred the property to a new LLC which shares the same Concord address as the lender. And three days ago, two of the six units hit the MLS as "bank owned" TICs.

∙ Listing: 1421 South Van Ness Avenue (3/1) 1,074 sqft - $485,000 [MLS]
∙ Listing: 1423 South Van Ness Avenue (3/1) 1,159 sqft - $519,000 [MLS]

Posted by socketadmin at 11:30 AM | Permalink | Comments (34) | (email story)

December 3, 2010

Industrial Chic On Clarence Place (2 Number 3)

2 Clarence Place #3

Sporting poured concrete counters, radiantly heated concrete floors, and some rather nice steel accents throughout (including the hardware on the double barn doors), we’re calling it industrial chic for 2 Clarence Place #3.

In January 2003 it sold for $685,000 and year later (minus a week) for $725,000 which wouldn’t have made for a good investment on account of transaction costs, but did represent year-over-year and apples-to-apples appreciation of 5.8 percent.

The two-bedroom loft is back on the market today and asking $879,000. We can’t confirm what’s been done to the property since 2004 and it won't be apples-to-apples this time around until we do.

Listing: 2 Clarence Place #3 (2/2) 1,288 sqft - $879,000 [MLS]

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

December 2, 2010

Would The Real Comp Setting Price Please Stand Up…

25 20th Avenue

In 2009 a listing for the sale of 25 20th Avenue was entered into the MLS "for comp purposes only" with a reported contract price of $3,500,000, the price which was used for industry sales reports, statistics, and agents’ "due diligence." Public records, however, suggest the sale closed escrow with a recorded contract price of $3,350,000.

Regardless, two weeks ago the four-bedroom home bordering the Presidio returned to the market asking $3,600,000.

∙ Listing: 25 20th Avenue (4/5) 4,161 - $3,600,000 [MLS]

Posted by socketadmin at 2:00 AM | Permalink | Comments (16) | (email story)

Might Some Find The Sale Price To Be As Stunning As The Design?

176 Palo Alto Avenue Living

The sale of the Charles Warren Callister designed 176 Palo Alto Avenue closed escrow yesterday at 16 percent under asking with a reported contract price of $1,925,000 which tax records would suggest is just under $600 per square foot. It's a result which some might find just as stunning as the design.

Inside Callister's Stunning 176 Palo Alto Avenue [SocketSite]
176 Palo Alto Avenue: A Meditative Charles Warren Callister Design [SocketSite]

Posted by socketadmin at 2:00 AM | Permalink | Comments (14) | (email story)

November 24, 2010

Snow On The Brain (And Mountain) As Squaw Valley Is Sold

Squaw 11/24/10

While a bit outside our typical coverage area we’ve got snow on the brain and Squaw Valley has been sold to Colorado based KSL Capital Partners which plans to invest $50 million in the resort over the next three to five years.

Current base on the mountain: between fifty (50) and seventy (70) inches.

Squaw Valley USA [squaw.com]

Posted by socketadmin at 10:45 AM | Permalink | Comments (14) | (email story)

November 9, 2010

Why Own When You Can Just Rent…

"Save Florida Homes Inc. and its owner, Mark Guerette, have found foreclosed homes for several needy families here in Broward County, and his tenants could not be more pleased. Fabian Ferguson, his wife and two children now live a two-bedroom home they have transformed from damaged and abandoned to full and cozy.

There is just one problem: Mr. Guerette is not the owner. Yet."

At Legal Fringe, Empty Houses Go to the Needy [New York Times]

Posted by socketadmin at 8:45 AM | Permalink | Comments (1) | (email story)

An Alabama Street Apple (And Chattanooga Street Comparison)

916 Alabama Kitchen

With the development of Union and Mosaica since 916 Alabama Street was purchased for $690,000 in 2005, one could argue its sale today won’t be perfectly apples-to-apples as the neighborhood has developed. That being said, the "bright top floor" two-bedroom is back on the market today as a "likely short sale" and listed for $625,000.

Compared to 110 Chattanooga Street #A, which property might you consider to be more typical of the housing stock in San Francisco?

∙ Listing: 916 Alabama (2/1.5) - $625,000 [MLS]
The Union Of 76 New Units At 2101/2125 Bryant [SocketSite]
Mosaica 601 On The Market And Affordable Rental Applications Soon [SocketSite]
A Zack | De Vito Designed Apple That Didn't Totally Derail [SocketSite]

Posted by socketadmin at 8:15 AM | Permalink | Comments (22) | (email story)

November 2, 2010

That’s The WORLD SERIES CHAMPION SAN FRANCISCO GIANTS To You!

410 Jessie #201

Purchased for $920,000 in September 2007 and listed for $979,000 three months ago, the asking price for 410 Jesse Street #201 has been reduced to $899,000. Touted in the listing: "Seller will offer 2 partial season tickets to the GIANTS 2011."

Of course that last bit was added prior to the outcome of yesterday’s game. And yes, we added a bit to the image above (and are hereby soliciting better Photoshop jobs).

∙ Listing: 410 Jesse Street #201 (2/2) 1,229 sqft - $899,000 [MLS]
Hales Warehouse (410 Jessie) Gallery Of Listing(s) Along Mint Plaza [SocketSite]

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

October 29, 2010

Not Fit (For Some) To Print

2605 California (Image Source: MapJack.com)

Purchased for $2,940,000 in July 2005, the remodeled Victorian at 2605 California returned to the market asking $3,495,000 in July 2008. Since then the listing has been reduced, delisted, relisted, withdrawn, listed, delisted, relisted, withdrawn, listed, reduced, delisted, relisted, and last withdrawn a month ago.

Yesterday, the single-family home "situated in the HOT Upper Fillmore corridor" was listed anew once again, this time "priced to sell!!" at $2,795,000. Yes, double exclamation points. And yes, with an official "one day" on the market according to industry reports.

As a plugged-in tipster notes, it would appear it’s the publisher of the Chronicle that’s been trying to sell, a tidbit that likely won’t make it in to print.

∙ Listing: 2605 California (4/5.5) 4,013 sqft - $2,795,000 [MLS]

Posted by socketadmin at 9:45 AM | Permalink | Comments (19) | (email story)

October 28, 2010

Keep An Eye Out For A Craig Steely On That Other Craig's List...

3794 16th Street

The listing for half of the Craig Steely redesigned "Xiao-Yen’s House" at 3794 16th Street has been withdrawn from the MLS without a reported sale. We'll be keeping an eye on that other Craig's list.

Comments: Half Of Xiao-Yen’s House (3794 16th Street) Hits The Market [SocketSite]

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

October 13, 2010

One Less Listing (But Without A Reported Sale)

848 Potrero

After 33 days on the market, and just five days after reducing its list price from $799,000 to $749,000, the MLS listing for 848 Potrero has been withdrawn from the market without a reported sale.

Once again, the Inner Mission property was purchased for $920,000 in April 2008 having sold for $849,000 in November 2005.

Inner Mission Apples-To-Apples-To-Apples To Be At 848 Potrero [SocketSite]

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

October 7, 2010

From Three Ellis Act Fixers To Three Remodeled TIC Flats On Jackson

1426-1430 Jackson

The three unit Nob Hill building at 1426-1430 Jackson was purchased for $1,800,000 last December having been listed as "3 big vacant Ellis Act fixer flats" for $2,050,000.

Having been "painstakingly remodeled with extreme attention…undergone major seismic upgrades, allowing expansion to a five-car underground garage…[and containing] new systems throughout," the building is back on the market as the "Jackson View Flats."

1426-1430 Jackson View

The list prices for the three TIC units now range from $1,199,000 to $1,399,000.

And interestingly enough, we didn’t notice any mention of the prior evictions in the marketing materials or listings this time around.

∙ Listing: 1426 Jackson (3/2.5) 2,080 sqft - $1,399,000 (TIC) [jacksonviewflats.com]
∙ Listing: 1428 Jackson (3/2.5) 2,020 sqft - $1,199,000 (TIC) [MLS]
∙ Listing: 1430 Jackson (4/2.5) 2,390 sqft - $1,399,000 (TIC) [MLS]
Prohibition On Condominium Conversion Passes [SocketSite]

Posted by socketadmin at 11:15 AM | Permalink | Comments (28) | (email story)

San Francisco’s "$3 Million" Dream House Returns Asking $2.595M

815 Alvarado

With only 36,313 tickets sold versus 38,000 sales required to trigger the "dream house" clause in this year's San Francisco Dream House Raffle, the grand prize winner walked away with $1,500,000 in cash versus the Noe Valley home at 815 Alvarado.

And as a plugged-in tipster notes, the "$3 Million Dream House" has just hit the market again but strangely enough with a list price of $2,595,000 versus the failed $2,965,000 for four months last year.

∙ Listing: 815 Alvarado (4/3.5) - $2,595,000 [MLS]
Spoiler Alert: The 2010 "San Francisco Dream House" Is… [SocketSite]
An Arts & Crafts 815 Alvarado By The Numbers In Noe [SocketSite]

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

October 6, 2010

And With An Operatic Sale To Boot...

As we wrote last month:

Re-built in 2003 for renowned mezzo-soprano Blanche Thebom (who passed away this past March), the three bedroom Potrero Hill home at 1216 19th Street offers the kind of decks and views that inspire song (or at least a long-weekend post on SocketSite).

As we write today, the sale of 1216 19th Street closed escrow yesterday with a reported contract price of $2,440,000 (23 percent over asking).

The Kind Of Decks And Views That Inspire Song (1216 19th Street) [SocketSite]

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

October 1, 2010

Apples Versus Medians (And Case-Shiller) For 1251 44th Avenue

1251 44th Avenue

As we wrote this past July:

Purchased for $479,000 in June of 2002, the [1,000 square foot] one bedroom single-family home at 1251 44th Avenue was taken back by the bank this past May with what would appear to have been $567,000 owed. The property was just listed for $448,900.
The median sale price per square foot for homes in the neighborhood was $396 in 2002, peaked at $579 in 2007, and is currently weighing in at $508, down 3% year-over-year and down 12% from peak, but up 28 percent versus 2002.
Keep in mind the median sized home sale in the neighborhood has averaged around 1,450 square feet, size matters when it comes to comparing price per square foot on an absolute basis [smaller homes tend to yield higher prices per square foot], and remodeling has been particularly popular over the past eight years.

Yesterday the sale of 1251 44th Avenue ("…clean, bright and airy home in prime Sunset Location!") closed escrow with a reported contract price of $460,000 ($460 per square).

To recap, from June 2002 to September 2010 the value of 1251 44th Avenue fell 4% on an apples-to-apples basis while the neighborhood median price per square foot increased 29% (the median price increased 27%). From June 2002 to July 2010 the Case-Shiller index for middle tier San Francisco properties increased 3%.

Apples, Medians, And May Case-Shiller For 1251 44th Avenue [SocketSite]

Posted by socketadmin at 8:15 AM | Permalink | Comments (10) | (email story)

September 29, 2010

The Planning Department’s Very Different Criterion For 448 Diamond

448 Diamond

While San Francisco’s Planning Department recommends the Planning Commission deny a family's application to demolish and rebuild their long-time single-family home at 673 Brussels, at the same time they’re recommending the Commission approve the demolition and rebuilding of the recently purchased (2007) single-family home at 448 Diamond.

448 Diamond as Proposed

The basis for the Planning Department’s recommendation for 448 Diamond:

1. The Project will replace one, three bedroom family-sized dwelling-unit with a new, five bedroom family-sized single-family home.
2. No tenants will be displaced as a result of this Project.
3. Given the scale of the Project, there will be no significant impact on the existing capacity of the local street system or MUNI.
4. Although the structure is more than 50-years old, a review of the Historic Resource Evaluation resulted in a determination that the existing building is not an historic resource or landmark.

Point number one was actually held against the bid for 673 Brussels ("The Project will not result in a net gain of dwelling-units") while the other three points hold true for both.

And while the specter of losing affordable housing stock is raised with respect to 673 Brussels (even though it’s not speculative development), it’s brushed aside with respect to 448 Diamond (which fails Planning’s protection of affordable housing criterion as well).

A Family's Plea To Rebuild Their Home (And Planning’s Objections) [SocketSite]
Discretionary Review Analysis: 448 Diamond [sf-planning.org]

Posted by socketadmin at 12:00 PM | Permalink | Comments (32) | (email story)

September 27, 2010

A Family's Plea To Rebuild Their Home (And Planning’s Objections)

673 Brussels

This isn’t a case of neighbors objecting while those outside the neighborhood with a vested interest in the project make up the majority of support. It isn’t a case of alleged willful neglect in order to circumvent a needed demolition permit. And it isn’t a case of speculative development in somebody else’s backyard.

No, this is a case of 21 letters from neighbors in support of the project without a single voice opposed. It’s a case of children being overwhelmed while trying to manage their deceased parents’ long-time family home. And it’s a case of a family wanting to replace their outdated single-family home with another they plan to occupy themselves.

673 Brussels as proposed

All that being said, the Planning Department recommends the Planning Commission disapprove the application to demolish and rebuild 673 Brussels Street. The basis for the Planning Department's recommendation:

1. The Project will not result in a net gain of dwelling-units.
2. The condition of the existing building was a result of deferred maintenance.
3. The existing housing stock is the Cityʹs major source of relatively affordable housing. It is very difficult to replace given the cost of new construction. Priority should be given to the retention of existing units as a primary means to provide affordable housing.

And while we're at a loss for words, or perhaps tongue tied by a choice few too many, we can only hope the Planning Commission manages but one on Thursday: approved.

The "Resourceful" Demolition Of A Historic Resource? (1268 Lombard) [SocketSite]
The Vanguards Of Development For 35 Lloyd [SocketSite]
Discretionary Review Analysis: 673 Brussels Street [sf-planning.org]

Posted by socketadmin at 3:00 PM | Permalink | Comments (38) | (email story)

September 22, 2010

A Green (And No Longer Confidential) Apple To Be On Russian Hill

1070 Green #902

Listed for $2,100,000 in April 2008, the two-bedroom Green Hill Tower (1070 Green) condo #902 sold with a "confidential" sale price reported on the MLS that June. As such, the list price of $2,100,000 would have been used when compiling MLS based median and average sale price reports.

Public records, however, suggest the sale price for the Russian Hill home was actually $1,910,000. And two weeks ago, the two-bedroom view condo returned to the market listed for $1,695,000. Currently in contract, but it would appear that not all contingencies have yet been waived.

∙ Listing: 1070 Green #902 (2/2) 1,660 sqft - $1,695,000 [sfproperties.com] [MLS]
An End To Confidential MLS Sales* (*Unless You're Willing To Pay) [SocketSite]

Posted by socketadmin at 1:30 PM | Permalink | Comments (7) | (email story)

Two Bedrooms, Baths, Parking, And Years Later For Heublien #223

601 4th Street #223

Listed for $1,350,000 in January 2008, with the help of their agent the buyers of 601 4th Street #223 were able to purchase the two-bedroom Heublien Building loft for $1,320,000 that March. It’s now two and one-half years later and the 1,930 square foot condo is back on the market and listed for $1,250,000.

UPDATE: As a plugged-in reader notes, originally listed for $1,580,000 and also currently available for rent asking $6,800 per month.

∙ Listing: 601 4th Street #223 (2/2) 1,930 sqft - $1,250,000 [MLS]
The Heublien Building Lofts (601 4th Street) [SocketSite]

Posted by socketadmin at 7:00 AM | Permalink | Comments (6) | (email story)

September 10, 2010

An Average Of Only 212 1.3 Days On The Market For These Three

1454-1456 Kearny View

Continuing the parade of properties that have recently been reduced offline and re-listed anew: 1454-1456 Kearny (now asking $2,849,000), 41 Ford (now asking $3,550,000), and 715 Commercial (now asking $679,000).

With respect to widely published average days on the market (DOM) reports, these three properties now contribute an average of 1.3 days (4 days total) versus 212 (635 days total) if one was to include their previous listings. And of course, any sales at their current list prices will be considered to be at "100% of asking."

41 Ford: Born A Two Bedroom, Rebuilt As A Four And Back [SocketSite]
Hinting At Some Rather Spectacular Views (1454-1456 Kearny) [SocketSite]
This Gallery Is The Show [SocketSite]

Posted by socketadmin at 11:30 AM | Permalink | Comments (20) | (email story)

September 8, 2010

Transparency At Firehouse 44 (3816 22nd Street)

3816 22nd Street Door

Briefly in contract last month when asking $4,800,000, this afternoon the list price for Firehouse 44 (3816 22nd Street) was reduced to $4,250,000.

Once again, the renovated firehouse was first listed for $6,375,000 in May of 2008. And in the words of a plugged-in reader, a "seller will typically lower the asking price to the previously accepted in-escrow price."

∙ Listing: 3816 22nd Street (4/4.5) 6,140 sqft - $4,250,000 [firehouse44.com] [MLS]
Firehouse 44 (3816 22nd Street) Catches On Contract [SocketSite]
Holy Hotness, History, And Home: Engine Company No. 44 Returns [SocketSite]
The Holy Hotness Of Firehouse 44 (3816 22nd Street) Hits The Market [SocketSite]

Posted by socketadmin at 4:30 PM | Permalink | Comments (7) | (email story)

August 27, 2010

A Forced San Francisco Sale Circa 1903

During renovations of a pre-quake Victorian last year, a plugged-in tipster discovers a scrap of San Francisco newspaper dated September 18, 1903.

The text of the boxed ad (click image to enlarge):

Lot and cottage of 6 rooms and bath; high basement; situated on Mason st. within 120 feet of the Fairmount Hotel, cor California and Mason sts.; this is a forced sale and will be closed out for $3100, the amount of the mortgage. DAVIDSON & LEIGH. 219 Montgomery.

In the words of our tipster, "seems like short sales were common even back then."

We also love the bit about Willits atop the page. And yes, a short sale would have actually been for less than the amount of the mortgage, but that’s such 21st century thinking.

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

August 26, 2010

Foundations Poured (And Spray Cans At Work) At 1399 Clayton

1399 Clayton Graffiti (www.SocketSite.com)

While the heavy equipment have long finished their work, and the foundations for two 4,000 square foot three-story single-family homes have been poured, as a tipster notes, spray cans have been hard at work at 1399 Clayton as well.

Heavy Equipment Hard At Work At 1399 Clayton (We Do Believe) [SocketSite]

Posted by socketadmin at 3:00 PM | Permalink | Comments (23) | (email story)

An Auspicious Contract Price But Inauspicious Outcome On First

Listed for $899,000 in July of 2005, the two-bedroom top floor loft at 346 1st Street #304 closed escrow that October with an auspicious recorded contract price of $888,000. This past March the unit was inauspiciously taken back by the bank.

Now listed for $669,900, perhaps it’s a prime opportunity for our head banging RAB to make an offer.

∙ Listing: 346 1st Street #304 (2/1.5) 1,617 - $669,900 [MLS]
Who’s Down With OPM In The Marina? [SocketSite]

Posted by socketadmin at 11:45 AM | Permalink | Comments (18) | (email story)

August 13, 2010

If At First A Second Doesn’t Succeed, Try, Try Again…

1124 Stanyan

As we wrote this past March:

Purchased for $1,280,000 in May 2008, the single-family at 1124 Stanyan was gutted, started rebuilding ("new electrical & plumbing [but] not finished"), and then taken back by the bank. On the market and asking $899,000 in its "contractor’s special" condition.

As a plugged-in reader noted, it was the second that had foreclosed upon the property at the time (yes, there is a difference), but it appears the first has now done the same.

From the new listing for 1124 Stanyan:

Framed back to it's original splendor with an open living/kitchen area, formal dining room & formal living on the main level, 3 beds & 2 baths upstairs with a 4th room and bath on the lower garden level plus two car parking this hot reo project is not to be missed. Under construction when foreclosed on, much of the construction work appears complete with approved permits on file with the city of san francisco. So sharpen your pencils & come take a look at this reo opportunity.

And now they're asking $1,300,000.

∙ Listing: 1124 Stanyan (gutted) - $1,300,000 [MLS]
Save $381,000 (If You've Got The Cash) [SocketSite]
Failing Grades In Auction Buying 101 (And Commenting) [SocketSite]

Posted by socketadmin at 3:30 PM | Permalink | Comments (24) | (email story)

August 6, 2010

Do We Have A Winner?

District 7b Map

To be honest, we probably wouldn’t have taken the friendly wager. Or more accurately, we wouldn’t have taken a wager that defined the southern boundary of Pacific Heights as north of Clay (it’s technically north of California, both old and new).

But the dollars to doughnuts wager between a couple of readers on the basis of whether or not we’d see a single-family home sale in Western Pacific Heights ("defined as north of Clay, south of Green, west of Fillmore, east of Presidio") close for under $1,300,000 before the end of 2010 was accepted.

And on July 9, 2010 the sale of the single-family home at 2807 Clay closed escrow with a reported contract price of $1,275,000. Granted, the listing noted "Kitchen and bath are very dated, and all systems need major work," but fixers weren’t specifically excluded from the wager as long as they were habitable, only "no fires or acts of God" and "delivered vacant free of tenants" (the listing also notes possession at close of escrow).

The only potential sticking point, 2807 Clay is on the south side of the street. That being said, in the language of the party defining the boundaries, "I deliberately left out the area south below Clay because there are a few very small Victorian places, from when PacHts was still the Western Addition" which would suggest both sides of Clay were included, but that 2807 Clay was exactly the kind of property said party was trying to exclude.

The Income Might Look Interesting But Don't Neglect The Principal(s) [SocketSite]
San Francisco Real Estate Districts: Maps And Neighborhoods [SocketSite]
San Francisco Association Of Realtors New Neighborhood Map [SocketSite]
Apples To Apples (If You Ignore The New Bath): 2203 Broderick [SocketSite]

Posted by socketadmin at 10:00 AM | Permalink | Comments (47) | (email story)

August 5, 2010

Take Two For 638 Minna Number Three

638 Minna #3

Listed for $799,999 in August 2006 ($617 per square foot), the three-level, three-bedroom and agent owned loft number three at 638 Minna ended up selling for $661,500 that November.

At $510 per square versus a neighborhood live/work loft median of $626, and at 17% under original asking, it might have seemed like a bargain basement price at the time.

It’s now four years later, however, and the property has returned to the market asking $639,000 or $493 per square (versus a year-to-date median of $510).

∙ Listing: 638 Minna Street #3 (3/2.5) 1,296 sqft - $639,000 [MLS]

Posted by socketadmin at 2:15 PM | Permalink | Comments (22) | (email story)

August 4, 2010

Will 104 Funston Return With Even More "Move In Equity?"

104 Funston

As we wrote this past May:

104 Funston was purchased for $2,750,000 in May of 2007 and returned to the market this past March asking $3,150,000. Reduced to a "lucky" $2,988,888 on April 15, the price was further reduced to $2,875,000 eight days later. On Friday it was reduced to $2,750,000.
According to the listing the property "appraised at $2,850,000" and you can "move in with equity." Who are we to suggest that its three weeks on the market at $2,875,000 without a sale would suggest otherwise.
Oh, and it’s also another property with "$400K of recent upgrades" which won’t be accounted for when it comes time to be counted in any industry "appreciation" (a.k.a. median sales price) reports.

Yesterday the listing for 104 Funston was withdrawn from the MLS after 155 days on the market without a reported sale or buyer capturing the aforementioned "move in equity."

No word on whether or not 104 Funston will soon return to the MLS at a lower price and touting "even more move in equity!"

Instant (Appraiser's) Equity At 104 Funston [SocketSite]
A Newly Renovated 355 Bryant #308 Returns [SocketSite]
Medians Are Up, But Don’t Confuse That With Increasing "Prices" [SocketSite]

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

August 2, 2010

Lo And Behold, "Multiple Offers!" And "Over Asking!" On 477 Day

477 Day

As we wrote in June:

With the 1,058 square foot single-family Noe home at 489 Day selling at 3 percent under asking for $875,000 this past February, it’s probably safe to assume the 1,068 square foot (according to tax records) 477 Day is priced to attract "multiple offers!" at $659,000.
Regardless, we think it's worth noting if you’re looking for perfectly livable Noe Valley homes under nine (and assuming 477 truly is a cosmetic fixer as advertised listed of course).

The sale of 477 Day closed escrow this past Friday with a reported contract price of $767,000. That’s 16 percent "over asking!" but $108,000 less than the sale of 489 Day.

Granted, 489 Day had been remodeled with a new kitchen and bath as noted in its listing language, although neither are noted in its permit history online. But eyeballing the finishes at 489 Day, we’d be surprised if it had been more than a mid-five figure job.

One Day In Noe Under Nine (And Another Listed Under Seven) [SocketSite]
Sorry NAR, But No [SocketSite]

Posted by socketadmin at 1:00 PM | Permalink | Comments (27) | (email story)

July 30, 2010

One Day On The Market (For The Eighth Time) At 188 South Park

188 South Park #7 Living

Sorry folks, but it looks like we miscounted this past April when 188 South Park #7 was listed for what we thought was the eighth time without a sale since first being listed for $1,995,000 in 2006. In fact, it now appears that had only been the seventh.

It’s today’s re-listing at $1,549,500 that marks number eight for 188 South Park number seven. Our re-listing count for 830 El Camino Del Mar remains at fifteen.

And over in Noe, 4214 26th Street has returned to the market after a hiatus of a year.

∙ Listing: 188 South Park #7 (2/2) - $1,549,500 [MLS]
Will The Eighth Time Be The Charm For 188 South Park Number Seven? [SocketSite]
Oh So Sexy Showers [SocketSite]
Would You Believe Fifteen For 830 El Camino Del Mar (And Not Million) [SocketSite]
4214 26th Street: A Nicely Remodeled Noe Valley Apple On The Tree [SocketSite]

Posted by socketadmin at 2:45 PM | Permalink | Comments (16) | (email story)

July 20, 2010

2683 San Jose: One Of Our One Hundred And Eighty

2683 San Jose Avenue

From the listing in 2007 when 2683 San Jose sold for $649,000 (listed for $648,888):

Completely redone including electrical & plumbing. 2bd 2ba open floor plan. Inlaid hardwood floors, coved ceiling and recessed lighting. Granite counters in kichen (sic), eating area deck and 2 car garage. Steps to M line, Bart and Fwy entrance.

From the listing for 2683 San Jose today:

Pre-Foreclosure Opportunity! Property is situated on the nice part of SJ Ave. , close to Geneva, all conveniences, transportation and freeways.

The single-family Oceanview home is currently listed as a short sale (one of 180 in San Francisco proper) at $499,000. No mention, however, of being pre-approved at that price.

∙ Listing: 2683 San Jose Avenue (2/2) 1,085 sqft – "$499,000" (short sale) [MLS]
Bank-Owned And Short Sale Listings On The Rise In San Francisco [SocketSite]

Posted by socketadmin at 6:00 AM | Permalink | Comments (0) | (email story)

June 30, 2010

From "Landlords Gone Wild!" To Landlords On The Run

Kip and Nicole Macy (Pacific Heights The Sequel (Working Title: "Landlords Gone Wild!")) have skipped town after posting a combined half-million dollar bail bond.

They had both spent some time in the slammer -- Nicole more than Kip, who got out to raise cash for her bail -- before being allowed to put up Kip's parents' property as collateral for bond.

Let’s hope the bail bondsman didn’t use Zillow when deciding whether or not to issue said bond (or at the very least checked for notices of default or delinquency).

Pacific Heights The Sequel (Working Title: "Landlords Gone Wild!") [SocketSite]
''Landlords from Hell'' vanish [SFGate]

Posted by socketadmin at 7:30 AM | Permalink | Comments (18) | (email story)

June 21, 2010

Billionaires: They’re Just Like Us! They Park On The Street Too!

A Pacific Heights garage (or not) debate yields the following quote and lends itself to a "they’re just like us" spoof (consider yourself lucky if you don't get the reference):

I knew I shouldn't have brought up the Getty's. It just tickles me that have three consecutive houses and only one itty bitty garage - the result being their cars are just parked all over the street.

Okay, perhaps there is a difference or two (or rather three).

A Julius (Not Julius') Castle Of A Different Kind [SocketSite]

Posted by socketadmin at 7:00 AM | Permalink | Comments (2) | (email story)

June 18, 2010

Apples To Apples And Now Year Over Year: 1409 20th Street Reduced

1409 20th Street

Yesterday the list price for 1409 20th Street was reduced to $799,000, exactly what was paid for the "beautifully remodeled" Potrero Hill single-family home a year ago (June 2009), and back to 7 percent under its May 2005 apples to apples sale at $860,000.

At the same time main stream media and industry reports continue to misrepresent tout confuse year-over-year increases in San Francisco's median sales price with appreciation.

∙ Listing: 1409 20th Street (2/1) 1,225 sqft - $799,000 [MLS]
A Potential Single-Family Apple Atop Potrero Hill: 1409 20th Street [SocketSite]
Its Last Call Is Heard: Apples To Apples For 1409 20th On Potrero Hill [SocketSite]
A 7 Percent Slide From 2005 To 2009...But Up 8 Percent Since? [SocketSite]
A 7 Percent Slide From 2005 To 2009 But Up 8 Percent Since? Nope. [SocketSite]
Medians Are Up, But Don’t Confuse That With Increasing "Prices" [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (21) | (email story)

June 8, 2010

San Francisco’s DUM Policy In Principle (And Action At 2037 Jefferson)

Built as a single-family residence in 1926, converted to a two-unit building in 1981, and sold in 2009 (for $2,003,500), the new owners of 2037 Jefferson would like to return their building to a single-family residence.

The five criteria to be considered by Planning in evaluating any proposed dwelling unit merger (DUM) pursuant to Section 317 of the Planning Code:

1. Removal of the units would eliminate only owner occupied housing
2. Removal of the units and the merger with another is intended for owner occupancy
3. Removal of the units will bring the building closer into conformance with the prevailing density in its immediate area and in the same zoning district
4. Removal of the units will bring the building closer into conformance with zoning
5. Removal of the units is necessary to correct design or functional deficiencies that cannot be corrected through interior alterations

Unfortunately for the owners of 2037 Jefferson their DUM request has been deemed to fail criteria one (there’s a tenant), four (it’s zoned RH-2), and five (functional deficiencies are rather subjective). And as such, the Planning Department has recommended that the Planning Commission reject the application.

Keep in mind that the City’s stated objective for strictly controlling unit mergers is driven by a desire to retain existing housing and is rationalized by "the fact that existing rental housing stock is virtually irreplaceable given the cost of new construction."

Of course the latest long-term housing pipeline for San Francisco includes 46,600 units of new construction, including Avant Housing’s 194-unit 1880 Mission Street project which isn't the only rental project in the reality mix.

Dwellng Unit Merger (DUM) Review: 2037-39 Jefferson [sf-planning.org]
San Francisco’s Q4 2009 Housing Pipeline Report [SocketSite]
1880 Mission (Gardens) Now Slated For Spring 2011 Bloom [SocketSite]

Posted by socketadmin at 11:15 AM | Permalink | Comments (27) | (email story)

June 4, 2010

(D)ow! And Did We Say Skittish?

Our rather succinct headline on May 6 when the Dow closed down 3.2 percent lower at 10,520: "A Rough Day On A Skittish Street."

A comment from auden four days later when the Dow closed at 10,781: "[SocketSite], stick to subjects you are good at reporting on, or, if you aren't any good, at least post the whole story, not just the doomsday downturn on the 6th but the recovery the following week."

Today the Dow closed down 3.1 percent for the day to 9,931. No new updates from auden.

QuickLinks: A Rough Day On A Skittish Street [SocketSite]

Posted by socketadmin at 12:38 PM | Permalink | Comments (79) | (email story)

May 27, 2010

From "Needs TLC" To "Contractors' Special" (And Now Bank Owned)

From the listing for 1482 Underwood in November 2007 asking $445,000 (purchased for $250,000 in August 2000): "Needs some TLC…A very motivated seller...."

In April 2008: "$100,000 Price Reduction...Needs cosmetic work. A short sale…" Two weeks later: "Handyman special! $130,000 Price Reduction!" And in May of 2009 at $279,900: "Great for contractors."

Today at $205,900 and now bank owned: "Contractors special…Foundation is poor."

∙ Listing: 1482 Underwood (2/1) - $205,900 [MLS]

Posted by socketadmin at 8:00 AM | Permalink | Comments (14) | (email story)

May 26, 2010

Well, We Do Recognize A House Or Two...

Presidential Limo In Pacific Heights

While we passed on publishing an early tip as to the neighborhood preparations for the President’s dinner at the Getty’s last night (there’s no need to be atop the Secret Service’s watch list), our tipster later passed along a shot of the President’s limo making its way through Pacific Heights.

Plugged-in people should at least recognize a house or two in the background, but we’ll have to take our tipster’s word for it that the President was in the ride.

And the real point of this post, bonus points for including a photo with the tip (hint, hint).

The One With The Twelve On It: 2849 Pacific Price-ish Scoop [SocketSite]

Posted by socketadmin at 9:45 AM | Permalink | Comments (24) | (email story)

May 25, 2010

The Era Of Their Ways…

A reader’s random (i.e., way off topic) question of the day:

Is there a specific era regarded as especially poor for condominium construction? I often hear "early 1980s, late 1970s", but is that really true across the board? And conversely, is there an era of nicer condominium construction?

Yes, any answer is likely to be painted with broad brush strokes and subjectivity. And no, no answer will ring true across the board with respect to quality.

Now if we were talking errors eras of aesthetics…

Posted by socketadmin at 2:30 PM | Permalink | Comments (9) | (email story)

May 20, 2010

Unfortunately It's A Zero-Sum Game

Purchased for $858,000 in July 2007, 1310 Fillmore #403 returned to the market this past March listed as a short sale for "$675,000." Three weeks later its list price was reduced to "$599,000." The Heritage Fillmore two-bedroom has been in contract for a month.

Yesterday 1310 Fillmore #801 hit the MLS with a listed short sale "price" of $599,000 (but no mention of any pre-approval). Purchased for $859,705 in October 2007, the current listing notes: "Heritage Fillmore winner!" Unfortunately it's a zero-sum game.

And as best we can tell, the proposed short sale of 1310 Fillmore #802 at $599,000 never materialized.

∙ Listing: 1310 Fillmore #403 (2/2) 1,407 sqft – "$599,000" [MLS]
∙ Listing: 1310 Fillmore #801 (3/2) 1,353 sqft – "$599,000" [MLS]
Going Short Heritage On Fillmore (1310 Fillmore) Having Bought Long [SocketSite]

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

May 19, 2010

From Services For Chronic Back Pain To...Chronic After Services

2139 Taraval

With 405 pages of multi-signed petitions and 177 letters and e-mails in opposition ("resulting in thousands of signatures") but 12 pages of multi-signed petitions, 359 letters and e-mails, and 1,508 applicant submitted signatures from local residents and merchants in support, the Planning Commission is expected to approve an application to repurpose the vacant chiropractors' office at 2139 Taraval into a medical marijuana dispensary.

The site would be strictly retail (no "smoking, vaporizing, ingesting, or medicating of any kind" allowed on premises). And while the adjacent Chinese Gospel Church apparently has "No Position" with respect to the proposed change, "business hours on Sunday would be limited to 3 p.m. to 9 p.m. to address concerns expressed by the Pastor."

Medical Cannabis Dispensary Discretionary Review: 2139 Taraval Street [sf-planning.org]

Posted by socketadmin at 4:45 PM | Permalink | Comments (32) | (email story)

May 14, 2010

Have We Seen This Movie (Or Symphony) Before?

The latest campaign from the sales office at Symphony Towers: "Buy your own studio home with only $13,000 down payment.*" From the asterisk: "Down payment is based on a $369,000 purchase price, FHA approved financing, and seller paid closing cost."

Symphony Towers Moves To Sell Twenty-Six Leased Leftover Units [SocketSite]

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

May 11, 2010

Don't Ignore The Subtle Signs...

Divisadero and Broadway: 5/11/10 (www.SocketSite.com)

You might want to avoid the intersection of Broadway and Divisadero this afternoon. The sign in the shadows above: "Sharp Crest: Trucks Not Advised." Don't ignore the signs.

Posted by socketadmin at 10:45 AM | Permalink | Comments (27) | (email story)

May 7, 2010

This Gallery Is The Show

715 Commercial: Kitchen

We’re not vouching for the "numerous opportunities." And only those with deep pockets need apply. But we do find ourselves enamored by the (albeit likely unintended) artistic nature of a few of the listing photos from inside 715 Commercial.

715 Commercial: Room

∙ Listing: 715 Commercial (4/1) 1,901 sqft - $929,000 [MLS]

Posted by socketadmin at 9:45 AM | Permalink | Comments (24) | (email story)

An Under $600 Per Square Foot One-Bedroom Comp At 255 Berry

255 Berry #504 Kitchen

Referenced by a reader on our post about an under $600 per square foot comp at 235 Berry (dismissed by many as a glitch...), the short sale of 255 Berry #504 closed escrow three days ago with a reported contract price of $514,000.

At 873 square feet, that’s $589 per square foot for the one-bedroom condo that had been purchased for $610,000 in October 2004.

All granite and stainless steel appliances had been left intact.

An Under $600 Per Square Foot Two-Bedroom Comp At 235 Berry [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (35) | (email story)

May 6, 2010

Our Divining Rod Strikes 454 Edinburgh

454 Edinburgh

As we wrote about 454 Edinburgh in February:

It’s risky to divine too much from a single tightly cropped and catawampus interior photo. That being said, we’re seeing signs of pride of ownership (or at the very least good bones) for the single-family Excelsior home at 454 Edinburgh.
Asking $499,000 for the vacant, three bedroom (two on the main floor, one below), one bath home with a three car garage.

The listing photos were subsequently updated. And yesterday the sale of 454 Edinburgh closed escrow with a reported contract price of $608,000. It’s amazing how much a trained eye can divine from a photo.

Divining The Condition Of A Potentially Divine 454 Edinburgh [SocketSite]

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

May 4, 2010

Another Perkins Payday As 207 Maple Closes Escrow

207 Maple

The very first comment from a plugged-in reader with respect to 207 Maple a month ago when the Presidio Heights property first hit the market asking $2,950,000:

A+++ location... Is this underpriced? That seems REALLY low for a corner lot in ultra-prime Presidio Heights. Maybe it's really small. Could go over asking.

Twenty nine days later the sale of 207 Maple closed escrow with a reported contract price of $3,310,000 (12 percent over asking).

Care To Venture Upon 207 Maple's New New Return? [SocketSite]

Posted by socketadmin at 1:15 PM | Permalink | Comments (10) | (email story)

April 9, 2010

All Systems Go (Save $65,000) For Brian Barneclo’s Mural Project

As the 600-foot wall backing David Baker + Partners Crescent Cove development looks today above, as it will look once Brian Barneclo’s Systems Mural Project is in place below.

Adobe has donated $10,000 to get the paint rollers rolling, but the extra dollars still needed to make the rendering a reality currently stands at around $65,000 (for which there's a fundraiser this Saturday). And yes, click either image to enlarge.

Crescent Cove [dbarchitect.com]
Systems Mural Project [systemsmural.com]

Posted by socketadmin at 2:15 PM | Permalink | Comments (23) | (email story)

April 5, 2010

What Would Gandhi Have Done?

572 San Jose Avenue (www.SocketSite.com)

From the Chronicle:

A group of homeless people and housing activists took over a privately owned Mission District duplex on Sunday in what served as the climax of a protest designed to promote use of San Francisco's vacant buildings as shelters for the needy.
But the owner of the property - who was targeted over his eviction of a tenant - said the demonstration was nothing more than breaking and entering.

The targeted duplex at 572 San Jose Avenue was purchased out of foreclosure for $180,000 in 1993 and then emptied via the Ellis Act in 2008.

Housing protest leads to takeover of duplex [SFGate]

Posted by socketadmin at 8:15 AM | Permalink | Comments (123) | (email story)

March 29, 2010

860 De Haro: An Orwellian Reference In More Ways Than One

860 De Haro

Built in 1984 and last sold for $1,700,000 in March 2007, 860 De Haro has been extensively remodeled since. A new kitchen now opens to the dining room (for which a new beam was installed to accommodate), all the bathrooms were redone, all the windows and doors were replaced, new flooring was installed, and the yard was landscaped.

860 De Haro Kitchen

The Potrero Hill home is back on the market and asking $2,190,000. And while its sale is likely to set a new "peak" for the property, at least plugged-in people will understand why.

∙ Listing: 860 De Haro (2/2.5) - $2,190,000 [MLS]

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

March 5, 2010

(For The Sake Of) Pretty Please?

262 Corbett Kitchen

Okay, so we know it might seem to be a bit nitpicky to some. But if you’re going to go to the effort of undertaking a gut job remodel, either customize the cabinets or pick a refrigerator that fits its designated space. Pretty please?

∙ Listing: 262 Corbett (2/2) - $975,000 [262corbett.com] [MLS]

Posted by socketadmin at 11:00 AM | Permalink | Comments (24) | (email story)

February 18, 2010

The Monster’s Confidential (And Slightly Less Monstrous) Sale Price

2505 Divisadero

This past September Kirk Hammett’s Pacific Heights "Monster" mansion at 2505 Divisadero came roaring back on the market at $8,995,000 having once sought $12,500,000 when first listed four years ago.

In contract within two months, the sale closed escrow on December 11, 2009 with a confidential sale price on the MLS. And as such, all MLS based reports and averages would have reflected a selling price of $8,995,000 (and an "official" 63 days on the market).

As a plugged-in tipster notes, however, the recorded sale price is now public. And the property actually sold for $7,600,000. Don’t forget to adjust those industry stats and newsletters accordingly.

Kirk Hammett’s Pacific Heights Monster Is Back (2505 Divisadero) [SocketSite]
Some Kind Of Monster In This Kind Of Market (2505 Divisadero) [SocketSite]
An End To Confidential MLS Sales* (*Unless You're Willing To Pay) [SocketSite]

Posted by socketadmin at 2:00 PM | Permalink | Comments (22) | (email story)

February 17, 2010

Please Don’t Confuse "Contractors Especial" And "Fixer"

834 44th Avenue

Purchased for $800,000 with 10 percent down in July 2004, the property at 834 44th Avenue was taken back by the bank this past December at $575,000. From its latest listing at a rather aggressive ("especial" considering its condition) $899,900:

Contractor especial! Fixer needs a major renovation!...Please allow 2-3 business days for seller's response, cash sale, bank will not finance as is!

As far as we’re concerned "contractors special" (or especial) and "fixer" (which this is not) do not belong in same listing. And bad things happen when people confuse the two.

∙ Listing: 834 44th Avenue (3/2) - $899,900 [MLS]
As Joe Sees It: 149 Mangels Before And After [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (28) | (email story)

February 16, 2010

Lesson Number One: Don’t Do This

While we noted 161 San Pablo was taken back by the bank and is now listed for $1,485,000, a plugged-in reader notes that one of the pre-bank owners who purchased the property for $1,825,000 in February 2006 and then invested in its renovation is...

...a Platform Speaker and Teacher for the Rich Dad Company, speaking many times a year with Robert Kiyosaki, author of Rich Dad, Poor Dad [and] has partnered with Trump University on two educational courses, Bubble-Proof Real Estate Investing and Three Master Secrets of Real Estate Success. He also teaches the course “How to Build a Fortune in Real Estate” at The San Francisco Learning Annex.

No word on his curriculum for 2010. All comments on our original post.

161 San Pablo Makes Another Grand (Bank Owned) Return [SocketSite]

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

February 11, 2010

A Lack Of Appreciation (And MLS Data) For 219 Brannan #10D

219 Brannan #10D Living

Purchased new for $1,007,000 in November 2000, the two-bedroom Brannan condo #10D at 219 Brannan appears to have been flipped four months later for $1,300,000.

Last March the unit was listed for $1,495,000 and sold with what appears to have been a "confidential" sale price in April 2009. In terms of MLS based statistics, reports, and even comparative market analyses a "sale price" of $1,495,000 would have been employed.

The actual recorded sale price we now know, however, was $1,300,000. And it’s now ten months later and the 1,347 square foot condo is back on the market at $1,295,000.

∙ Listing: 219 Brannan #10D (2/2) 1,347 sqft - $1,295,000 [MLS]
An End To Confidential MLS Sales* (*Unless You're Willing To Pay) [SocketSite]

Posted by socketadmin at 1:30 PM | Permalink | Comments (33) | (email story)

February 9, 2010

Of Course We Might Question That $7.5 Million Valuation As Well...

"Prosecutors say that starting in January 2009, [Winston] Lum forged the true owner's signatures on grant deeds for three condominiums at One Rincon Hill, put them in his name and recorded them with the city. He then borrowed $2.2 million against the units, which are worth a total of $7.5 million, prosecutors said."

Tennis teacher accused of condo scam [SFGate]

Posted by socketadmin at 10:30 AM | Permalink | Comments (11) | (email story)

February 8, 2010

Parking Space Trivia (And Spoiler): 441,541 Spaces In San Francisco

San Francisco’s first ever parking space inventory totaled 441,541 on-street, off-street, paid or free parking spaces in the city. Unwarranted spaces not included we're guessing.

Also mentioned in the Mayor’s weekly YouTube address this past Friday: Federal funds of $20 million for San Francisco’s Central Subway, $15 million for Bus Rapid Transit (BRT), and a nod to San Francisco’s Jobs Now! program.

Mayor Newsom's YouTube Update: Feb. 5, 2010 [YouTube]
Coming Soon: Guidelines For Tending Concrete Gardens Out Front [SocketSite]
San Francisco's Central Subway: Make That 2018 And An Extra $278M [SocketSite]
JOBS NOW! Information [sfhsa.org]

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

February 4, 2010

A Smaller Lily Pad And Hayes Valley TIC Apple To Be Comp In 2008

75 Lily #4

We’d call it an apples to apples sale to be for 75 Lily #4, but while the sale price of $489,000 in April 2008 is reported on the MLS, it appears that the recorded selling ("75 Lily Street") and purchasing ("75 Lily Street") parties might have been one and the same.

Regardless, back on the market as of yesterday and asking $449,000 for the Hayes Valley one-bedroom TIC today. No mention of the address in the 2010 condo lottery results.

And yes, we know walls of books and earthquake zones aren't a great match, but we do have a soft spot for the look (albeit a little less so when careening towards one’s head).

∙ Listing: 75 Lily #4 (1/1) – $449,000 (TIC) [MLS]
San Francisco's 2010 Condominium Conversion Lottery Results [SocketSite]

Posted by socketadmin at 4:00 PM | Permalink | Comments (17) | (email story)

February 2, 2010

The Old Bonus Rooms (So To Speak) At 130 Cresta Vista Drive

130 Cresta Vista Drive (Image Source: MapJack.com)

From yesterday's listing of 130 Cresta Vista Drive:

Immaculate Westwood Highlands 4-story residence with amazing views! Main floor offers spacious dining/living/kitchen and 1/2 bath. Upper floor consists of 3brm 3ba. Two lower levels have additional rooms which could be used as extra bedrooms, office rooms or entertainment rooms.

From the San Francisco Police with respect to the arrest of four suspects across four properties three weeks ago for growing marijuana on a relatively large scale.

The locations searched were 130 Cresta Vista Drive, 15 Dorchester Way, and 1400-1402 Kansas Street. Officers observed an elaborate marijuana grow operation with numerous grow lights and ballasts in place at each location, including both flats on Kansas. Police seized a total of over 5,900 marijuana plants, with an estimated street value in excess of $200,000.

We'll assume the electric meter bypass has since been removed from that lower level. And while it appears the suspect arrested at 130 Cresta Vista was renting, no word on 15 Dorchester Way or 1400-1402 Kansas Street which said suspect appears to own.

∙ Listing: 130 Cresta Vista Drive (5/5.5) - $1,350,000 [MLS]
San Francisco Police Arrest Four Suspects In Marijuana Grow Busts [sf-police.org]

Posted by socketadmin at 8:30 AM | Permalink | Comments (15) | (email story)

January 26, 2010

One Room, Two Perspectives (And An Alvarado TIC Apple To Be?)

90 Alvarado Living (Wide)

It’s two different perspectives on the "open concept living/dining area" within 90 Alvarado (and with no real argument from us as both shots are included and titled in the listing).

90 Alvarado Living

We’re digging the high ceilings and ladder to the loft storage area (but desperately want to reconfigure the rest). And assuming the remodeling was prior to its sale for $415,000 in November 2007, it’s an apples to apples TIC sale to be and asking $449,000.

∙ Listing: 90 Alvarado (1/1) - $449,000 (TIC) [MLS]

Posted by socketadmin at 12:15 PM | Permalink | Comments (23) | (email story)

January 25, 2010

A Glen Park Short Sale Not Exactly Hidden In Plain Sight

536 Laidley 2010

Our first thought (and as supported by the slew of complaints filed since 2005): feuding neighbors. Our second: perhaps the same as yours. And as 536 Laidley looked in 2003 when purchased for $899,000:

536 Laidley 2003

On the market in 2010 and listed for $875,000 as a short sale. Goodwill not included.

∙ Listing: 536 Laidley (5/3) - $875,000 [MLS]

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

January 21, 2010

A Sensational Modernistic Neo-Classical Six Days On The Market

1089 Chestnut

Listed for $9,250,000 in June 2007 but then withdrawn that November. Listed In May 2008 but then withdrawn that November. Listed for $7,980,000 in February 2009 but then withdrawn three weeks ago.

1089 Chestnut Kitchen

Listed for $7,980,000 once again a week ago, it’s now six official days on the market (and all MLS based stats and market reports) for 1089 Chestnut in 2010. The "sensational modernistic Neo-Classical" reference lives on.

∙ Listing: 1089 Chestnut (7/7) - $7,980,000 [MLS]
Sometimes It’s Simply The Description (1089 Chestnut) [SocketSite]

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

January 19, 2010

A Strong Second Sale But Not Quite The Real(tor) Facts

Last week the press release went out for the sale of 222 Broadway #1505 across the bay at $1,100,000 touting the "First Oakland Million Dollar Condo Since October 2008" and including the following line:

The last time more than one million dollars was paid for an Oakland condominium was in October 2008, according to the East Bay Association of Realtors.

Both the Chronicle and Business Times ran stories based on the release but neither appear to have checked the basic premise (or facts). Plugged-in people, however, might recall the sale of 737 Second Street #405 which closed escrow for $1,675,000 (15% under its July 2008 sale price) over in Oakland in June 2009.

But hey, second isn't so bad and that Second (the real first) was rather sweet.

Designer East Bay Apples To Apples For 737 Second Street #405 [SocketSite]
$1 million Oakland condo sells [SFGate]
Oakland condo sale breaks $1M barrier [Business Times]
Hardcore East Bay Property Porn (And Then Some): 737 2nd St. #405 [SocketSite]

Posted by socketadmin at 12:45 PM | Permalink | Comments (7) | (email story)

A Rare Peek Into Permits Versus Reality Via A Lien On Presidio Terrace

The two permits pulled for work on 4 Presidio Terrace in 2008 and completed in 2009 that identify Plath & Company as contractor total $60,000 in estimated costs (the amount on which permit fees and taxes are based) but does includes a revision to a permit pulled in 2007 for $50,000 worth of work (which they might have done as well).

Two weeks ago Plath & Company filed a Mechanics Lien for their work on 4 Presidio Terrace in the amount of $259,896 (the amount on which they actually want to be paid).

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

January 15, 2010

A Tip Of The Hat To That New MLS Rule: 2140 Jefferson Closes Escrow

2140 Jefferson

As a plugged-in reader notes, the sale of 2140 Jefferson closed escrow today. Originally asking $8,180,000 in September but reduced to $7,400,000 in October, the reported contract price was $6,500,000. And it's a tip of the hat to that new MLS rule.

2140 Jefferson: Apparently "Lease To Own" Wasn’t An Option For Thiel [SocketSite]
An End To Confidential MLS Sales* (*Unless You're Willing To Pay) [SocketSite]

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

January 13, 2010

Asking $1,425,000. Owed $1,133,837. Sold For $528,500 (Cash).

442 Holloway

Purchased for $820,000 in March 2002, the then three-unit building at 442 Holloway Avenue was refinanced in 2006 with a loan in the amount of $945,000.

In February 2008 a Notice of Default (NOD) was delivered on the Ingleside (District 3H) property. And yesterday, almost two years later, the now five-unit building with two unwarranted kitchens finally hit the courthouse steps.

Despite a first mortgage balance due of $1,133,872 including fees, the bidding started at $527,558. It closed four bids later with a sale at $528,500 (the only courthouse sale of the day in San Francisco). We’ll let you draw your own conclusions as to just how competitive the bidding between the two bidders seemed.

Oh, and if you’re in the process of submitting an offer on the Active MLS listing for 442 Holloway at $1,425,000, keep in mind the sellers no longer have anything to sell (and thank your lucky stars).

∙ Listing: 442 Holloway Avenue - $1,425,000 [MLS]
San Francisco Real Estate Districts: Maps And Neighborhoods [SocketSite]

Posted by socketadmin at 7:30 AM | Permalink | Comments (20) | (email story)

Perhaps Seven Percent More Five Months Later Was A Bit Aggressive

3570 Washington

While MLS based reports and sales history reflect a "confidential" sale price of $5,600,000 for 3570 Washington in April 2009, it was a plugged-in reader that first reported the property had actually sold for $5,225,000 (which public records confirm).

And just five months after said purchase, the Presidio Heights property returned to the market asking a real $5,600,000. Yesterday the list price was reduced to $5,250,000.

∙ Listing: 3570 Washington (6/3.5) - $5,250,000 [presidioheightsviewhome.com] [MLS]
If You Missed It When It Sold Five Months Ago... [SocketSite]

Posted by socketadmin at 6:30 AM | Permalink | Comments (15) | (email story)

January 11, 2010

A Successful Foreclosure Flip For Fifteen Twenty-Two (1522) Lake

1522 Lake After

It's a successful foreclosure flip for fifteeen twenty-two (1522) Lake. Think financing.

Purchased on the courthouse steps a month ago for $1,305,500, the quick re-sale of the "unfinished" (i.e., stripped) single-family Lake Street home closed escrow on 1/7/10 with a reported contract price of $1,700,000 ($50,000 under asking).

Latest San Francisco Listing Euphemism: "Unfinished" Versus Stripped [SocketSite]

Posted by socketadmin at 4:30 PM | Permalink | Comments (45) | (email story)

January 6, 2010

Coming Soon: Guidelines For Tending Concrete Gardens Out Front

Paved Over For Parking (Image Source: MapJack.com)

From San Francisco's Planning Department:

Code Enforcement Staff is currently working to develop public outreach and downloadable guidelines with information on how to comply with the city ordinance (Planning Code Section 132(g)) requiring at least 20 percent of the front yard to be devoted to landscaping or plant material.

We'll keep you posted in case you'll want to slip one under your neighbor's door. (You're already complying, right?) No update on the impact of Sandoval’s citations so far.

San Francisco Planning Department: Code Enforcement [sf-planning.org]
Forget About The In-Law, What If The Parking Is (Was) Unwarranted? [SocketSite]
We’re All In Favor (But Wondering If It Will Actually Work) [SocketSite]

Posted by socketadmin at 12:00 PM | Permalink | Comments (74) | (email story)

Would You Believe Fifteen For 830 El Camino Del Mar (And Not Million)

830 El Camino Del Mar

Apparently we might have miscounted by one in August. And with yesterday’s listing at $11,500,000 it’s the fifteenth time 830 El Camino Del Mar has hit the market seeking a buyer over the past twelve years.

As we’re running out of new facts for this one, we’ll turn to a tipster’s poem (for better or self-admittedly long and worse) and creative chronology:

Well Well Well
It just didn’t sell
In ‘98
when times were great
It was priced…
Just a little too high
At 8 million and Five (1)
Well well well
It just didn’t sell
In ‘99 Malin
tried again
for 7.8 (2)
with a view
of the gate
Twasn’t enough bait
Well well well
Time will surely tell
In 2000 Sotheby’s
Surely they blustered
An offer we’ll muster
An offer as great
As a half million plus 8 (3)
just didn’t arrive
Later that year
Alain Pinel Did crow
“It’s priced too low!”
We”ll get it sold best
At nine million and five (4)
No sold sign arrived
Well well well
The truth is there
For all to tell
Its price too low
So they had another go
At 12 million and five (5)
No Sold sign arrived
Nuanced pricing
‘tis the answer
APR did tell
Thrice relisted
This we ‘ll sell
Just under 11
At 10 million point eight (6)
With a view of the Gate
Persistance surely
wins the race
it’s on
thier 4th relisting
10 million eight
With a view of the gate
In 2001
The sold sign not hung
Well well well
That son of gun
Kevin Cole will
not be undone
HE re-listed it fine
He’s just asking nine (7)
In 2002
No sold sign
Boo hoo,
it just can’t be true
Well well well
Later that year
Nina did appear
Price adjustin’ in
The air
Into this mix
Coldwell did list
For measly little six (8)
It was not adjusted enough
No sold sign appeared
That 2002 year
Well well well
Its price too low
Cole shouted again
It’s never too late
To buy it for eight (9)
No sold sign appeared
That 2003 year
Well well well
The market is up
The time is right
It’s price too low
We ‘ll get it sold
in 2004
For eight and half (10)
I wish I could laugh
In 2005
No sold sign
It’s price too low!
So here we go
Tis 18 million so (11)
A price arrived
with Micheal J King
With a view
of the gate
No Sold sign
Was placed
In 2008
Proclaiming it sold
a familiar tale
to be told
In 2008
Have no fear
Later that year
John Saar willing
To sell
A golden cliff house
With a view of the gate
Three times’s an old price
18 million’s just great (12)
With a view of the gate
Yet no sold sign appeared
That 2008 year.
Thirteen is a lucky number
Some brave heart will say
Sothebys
Knows the drill
So into 2009
economy in full dive
The Duponts
(Of Decker Bullock fame)
did not jive
When they
Arrived a price
With a view of the gate
For 11 million Five (13)
Then took a swan dive
When the house
did not sell
in 2009.
There was no
SOLD sign.
Later that year
Telegraph Hill Property
Did appear
Fourteenth
time around
it was clear
they could sell
To someone
from dwell
A location so live
Right down
to the ground
For 11 million and five (14)
No sold signed appeared
That 2009 year.
Well well well
There is a house to sell
Its sits on cliff
With a view of the gate
And Olivia did list
A view home
Can be yours
For nothing more
Its 11.5 million (15)
In 2010
Its New Years Again

And an official two days on the market according to those industry stats.

∙ Listing: 830 El Camino Del Mar (2/2.5) - $11,500,000 [MLS]
Unlucky Lucky Number Thirteen For 830 El Camino Del Mar? [SocketSite]
Behind The Great Wrought Iron Wooden Gate At 830 El Camino Del Mar [SocketSite]
Will The Twelfth Time Be The Charm? 830 El Camino Del Mar Returns [SocketSite]
830 El Camino Del Mar Moves Away From 2008 And Closer To 2002 [SocketSite]

Posted by socketadmin at 8:45 AM | Permalink | Comments (17) | (email story)

January 5, 2010

The Final Chapter For 135 Fernwood Drive (At Least For Now)

135 Fernwood Drive

The sale of the single-family 135 Fernwood Drive closed escrow on 12/30/09 with a reported contract price of $2,400,000 ($400 per square foot), asking $2,395,000.

The 6,000 square foot Monterey Heights property was purchased in December 2005 for $3,000,000 and then completely renovated and restored in 2007 (after which they were asking $4,285,000).

As a plugged-in reader added in August:

They made every mistake in the book with their pricing strategy - this would have sold for well north of $3M in 2007 (there was an offer around $3.75M), but rather than cut to what the market would bear the specuvestors rented it out for a time (starting in 12/2007) thinking the market would "come back".

Perhaps they were the only ones in San Francisco who were (or are) thinking or advised that way. And hopefully nobody relied on that 2005 sale as a neighborhood comp.

From Full Financial Monty To Dropping The Drawers For 135 Fernwood [SocketSite]
The Full Plan Financial Monty For 135 Fernwood Drive [SocketSite]
The Full Plan Monty (135 Fernwood Drive) [SocketSite]

Posted by socketadmin at 10:00 AM | Permalink | Comments (133) | (email story)

January 4, 2010

A "Third" Strikes Against 2100 Vallejo

2100 Vallejo

As we noted the most recent listing for 2100 Vallejo expired at the end of the year with an asking price of $13,500,000 (down from $25,000,000 in 2007). A plugged-in tipster adds:

A pretty serious [Notice of Default (NOD)] was filed against 2100 Vallejo (both House and Lot) on 12-17-2009. There appears [to be] 3 Open Deeds Of Trust [with a third mortgage in November 2008 for $750,000]. Looks like the 3rd is foreclosing and that all loans are in default.
It will be very difficult for the owners to receive further financing regardless of equity. Will they sell cheaply or try to continue?
Many are experiencing the same problem.

Purchased for $2,475,000 in 1995 but then restored "from the studs up."

As we noted in 2007, designed by Houghton Sawyer (who was also the architect behind the Verdier/Scholes Mansion at 1001 Vallejo), the woodwork within is quite captivating, the views are indeed stunning, and the garden is huge (as in another separate lot).

UPDATE: With respect to a reader's comment regarding whether it’s actually the "second" versus the "third" loan that’s filed the NOD, our tipster’s three loans appears to include a line of credit that was opened in 2001.

UPDATE: As of this afternoon the listing for 2100 Vallejo is once again active at $13,500,000 and offering a few peeks inside.

2100 Vallejo: Entry

∙ Listing: 2100 Vallejo (5/5.5) - $13,500,000 [MLS]
Two Years And A 46 Percent Drop In Expectations For 2100 Vallejo [SocketSite]
2845 Broadway Is Withdrawn In 2010 After 1400 DOM At $65,000,000 [SocketSite]
It Might Not Have A Name, But It’s A Vallejo Mansion Nonetheless [SocketSite]
Add Your Name To This Mansion [SocketSite]

Posted by socketadmin at 12:00 PM | Permalink | Comments (38) | (email story)

2845 Broadway Is Withdrawn In 2010 After 1400 DOM At $65,000,000

2845 Broadway

Speaking of properties that were withdrawn from the MLS at the end of the year, after 1400 days on the market at $65,000,000, and without a single official reduction, on Friday the first the listing for 2845 Broadway was withdrawn from the market without a sale.

As we wrote in 2006 when the property was first listed:

Apparently the original two structures at 2845 Broadway sold for $32 million in November 2002, cost of construction to date is estimated to be $18 million, and the “Buzz among brokers” is that it will cost another $8-16 million to finish the property. Just to clarify, for $65M you won’t be getting any “interior walls, ceilings and finishes”.

No update on the current finish of the property (or whether it will soon return to the market with 1399 fewer days on the market and no official reductions).

Other notable properties that have either recently been withdrawn from the MLS without a sale, pulled off the market for the holidays, or have had their listings expire: 2100 Vallejo, 2006 Washington #4, 999 Green #2802 and 393 Carl.

UPDATE: Noted by a plugged-in reader on our original thread with a reminder by another this morning, a tiny peek inside 2845 Broadway via Forbes a few years back.

The $65,000,000 House [SocketSite]
SocketSite's San Francisco Listed Housing Inventory: 1/04/10 [SocketSite]
Two Years And A 46 Percent Drop In Expectations For 2100 Vallejo [SocketSite]
2006 Washington Number 4 Returns Asking 32 (Plus) Percent Less [SocketSite]
The (Eichler) Summit Of 999 Green Street #2802 [SocketSite]
393 Carl: One Of Four New Construction Condos After And Before [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (31) | (email story)

December 30, 2009

A Quick Short(er) Sale And Key Word: Pre-Approved

2874 Bush

As we wrote last month:

Listed as a short sale for $595,000, the Lower Pacific Heights single-family (but zoned RH2) home at 2874 Bush Street sold for $675,000 in June of 2003.
According to a plugged-in source a short sale has already been approved (although at exactly what price was unknown), and while most definitely a fixer (if not a gut and build), it could possibly be perfectly habitable with a bit of elbow grease.

And while the short sale of 2874 Bush Street closed escrow on 12/22/09 with what appears to be a "confidential" sale price on the MLS (and will be considered to be $595,000 with respect to industry reports), a bit of digging and calculating reveals the actual sale price to be $550,000 (18.5% under its 2003 contract price).

Key word in the listing: pre-approved. No word on any credits for the furnace.

The Beginning Or End Of This (Or The) San Francisco Short Sale Story? [SocketSite]
Personal Effects, Check. Washer And Dryer, Check. Furnace… [SocketSite]

Posted by socketadmin at 7:30 AM | Permalink | Comments (26) | (email story)

Playing Chicken With A Five Year Arm (It’s Not Just About Rates)

Chez Poulet at 3359 Cesar Chavez

While Chicken John Rinaldi’s Chez Poulet has been on the market for two months at $899,000, on Monday Laughing Squid added a bit of color with a quote from John himself:

I’m caught in the mortgage crisis by association. I took a 5 year arm mortgage with a balloon payment thinking I could re-finance. There are no loans today for Showman with non-conforming warehouses. So it goes on the block. Hell, I’ll even finance it…

And as a plugged-in tipster added last week:

Although it's his home, he's made it into a funky hangout space for the local arts community... it will be sad to see it fall into the hands of more sensible property owners, but such is the way of the world.

Or perhaps not. A follow up from from Chicken John yesterday:

I talked to a loan guy today that may be able to do something. I only owe like $220,000. It's not *that* much. It's all phony money to me. I've got like $60 in my pocket. It's comedy, really...

∙ Listing: 3359 Cesar Chavez (1/1) 2,800 sqft - $899,000 [MLS]
Chicken John Is Selling His Legendary San Francisco Warehouse [Laughing Squid]

Posted by socketadmin at 7:00 AM | Permalink | Comments (34) | (email story)

December 23, 2009

Twas The Day Before Christmas And On The Courthouse Steps…

485 Marina Boulevard (and yes, we added the ornaments)

Its 7,531 square foot oversized corner lot along Marina Boulevard makes it hard to miss. And we’ve always been rather keen on the 4,170 square foot four-bedroom home as well.

Purchased for $2,800,000 in 2001 and refinanced in 2002 with a $1,800,000 note, 485 Marina Boulevard was scheduled to hit the courthouse steps on 12/24 with $1,848,366.41 owed on said loan. At least it was the last time we checked.

And although we’d be surprised if it actually goes to auction tomorrow, consider it an early Christmas present if it does and you’re plugged-in and prepared.

We’ll see you next week to wrap up the year.

UPDATE: As expected, it appears as though any auction has indeed been postponed until 2010. And perhaps that first isn’t all that’s owed. Cheers.

Posted by socketadmin at 11:30 AM | Permalink | Comments (52) | (email story)

December 21, 2009

The "Confidential" Infinity Short Sale Scoop: 301 Main #9E

301 Main Street #9E: Living

Asking just under $900,000 when the Infinity sales office first opened, tax records suggest 301 Main Street #9E was purchased for $867,000 in March 2008. The upgraded Tower One condo returned to the market at the end of 2008 listed for $885,000.

The resale asking price was subsequently reduced to $799,000 this past January, and then to $749,000 as a short sale in June. The short sale closed escrow December 10.

And while the sale price in the MLS was reported as "confidential," and as such will reflect the asking price of $749,000 ($635 per square foot) when queried by those who rely on it for market stats and averages, the recorded deed reports a transfer tax of $4,127.60 which equates to an actual sale price of $607,000 or $514 per square foot for the 1,180 square foot two-bedroom condo with parking, 30 percent under its price in 2008.

Keep in mind that the 1,180 square foot 301 Main Street #10E was purchased for $845,000 in July 2008. And tax records suggest the 1,180 square foot 301 Main Street #11E sold for just over $900,000 this past february while the 1,303 square foot 301 Main Street #8E sold for $1,038,000 in February 2008.

Full Disclosure: We advised the plugged-in buyers in their search for a San Francisco property. And as always, we’re looking forward to the housewarming.

Another Infinity Resale (#9E) Within Those "Restricted" Two Years [SocketSite]
Just Under $900,000 Originally, Asking Just Under $800,000 Today [SocketSite]
An End To Confidential MLS Sales* (*Unless You're Willing To Pay) [SocketSite]

Posted by socketadmin at 2:15 PM | Permalink | Comments (27) | (email story)

December 18, 2009

A Rather "Junior" Russian Hill Resale For 2552 Hyde

2552 Hyde Street (www.SocketSite.com)

As a plugged-in reader notes, the sale of the single family 2552 Hyde Street closed escrow today with a reported contract price of $1,385,000, 29 percent under its February 2007 acquisition for - and neighborhood comp setting price of - $1,950,000.

2552 Hyde: Living

Film buffs might recognize the house as that which Arnold Schwarzenegger’s character called home in "Junior." Although the walls (and exterior) have since been painted.

Junior screen capture: inside 2552 Hyde (Image Source: filminamerica.com)

UPDATE (12/21): While still a valid data point and food for thought, in light of a retaining wall issue we've pulled our "apples to apples" tag for 2552 Hyde.

2552 Hyde Street Overview [monicaslist.com]
∙ Last Listing: 2552 Hyde Street (3/3) - $1,595,000 [Redfin]
Junior [filminamerica.com]

Posted by socketadmin at 3:00 PM | Permalink | Comments (64) | (email story)

San Francisco’s Tsunami Inundation Map (Literally Not Figuratively)

San Francisco Tsunami Innundation Map

By way of the California Emergency Management Agency, California Geological Survey, and University of Southern California: San Francisco’s Tsunami Inundation Map.

The inundation map has been compiled with best currently available scientific information. The [red] inundation line represents the maximum considered tsunami runup from a number of extreme, yet realistic, tsunami sources. Tsunamis are rare events; due to a lack of known occurrences in the historical record, this map includes no information about the probability of any tsunami affecting any area within a specific period of time.

Pink is potentially problematic. Now about that development of Treasure Island...

Tsunami Inundation Map for Emergency Planning: San Francisco [ca.gov]
Treasure Island: Sold To The Bidder Across The Bay For $105M (Plus) [SocketSite]

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

Latest San Francisco Listing Euphemism: "Unfinished" Versus Stripped

1522 Lake Street: Before

Purchased for $1,888,000 in October 2005, 1522 Lake Street underwent a major renovation and returned to the market this past July asking $2,100,000. It didn’t sell.

1522 Lake After

A week ago it returned to the MLS asking $1,750,000. From the listing:

…Skylights galore, Marble tiled baths, Box Beamed Ceiling, Period Details, New Andersen Dual Paned Wndws, Top Fixtures + much more! A Bargain at this price as the home is unfinished! Kitchen Cabinets, BA Fixtures, Speakers, Lighting/Trims are needed to finish this Grand Home!

While the listing notes "unfinished," however, a plugged-in reader reports: "stripped."

Oh, and did we mention the property also hit the courthouse steps eleven days ago with a minimum bid of $1,301,817? As a plugged-in tipster reports, it sold for $1,305,500. Yes, more than a penny over, but not too much so considering a reported three bidders.

∙ Listing: 1522 Lake Street (3/4) - $1,750,000 [MLS] [Map]
Are The Real San Francisco Foreclosures On Their Way? [SocketSite]
Noe Renovation Goes For A Penny Over Foreclosure Auction Minimum [SocketSite]

Posted by socketadmin at 6:00 AM | Permalink | Comments (46) | (email story)

December 15, 2009

565 Castro: A Tipster’s Off Handed Comment (And Actual Update)

565 Castro

It’s not exactly our usual fare, but for a bit a early week levity by way of a plugged-in tipster and San Francisco’s Planning Commission Agenda for tomorrow:

565 CASTRO STREET - on the east side of Castro Street between 18th and 19th Streets; Lot 062 in Assessor’s Block 3583 - Request for a Conditional Use Authorization, pursuant to Planning Code Sections 303, 715.54, and 790.60, to allow a massage establishment (dba Hand Job) to operate within the Castro Neighborhood Commercial District and 40-X Height and Bulk District.
Preliminary Recommendation: Approval with Conditions

Our tipster’s off handed (ba-dump-bump) comment: "…I hope one of the conditions is reconsideration of the name."

To bring the story full circle (which is why the tip made our cut), it was two years ago we broke the news that First American Title which had occupied the space was closing down due to "market conditions" at the time.

UPDATE: The reader's comment we wish we would have thought of first: "I hope the tipster will let us know if this story has a happy ending."

First American Title Co. Closing Castro Branch (565 Castro Street) [SocketSite]
Planning Commission Agenda: Thursday, December 17, 2009 [SFGov]

Posted by socketadmin at 1:30 PM | Permalink | Comments (25) | (email story)

December 14, 2009

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

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

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

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

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

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

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

As a plugged-in reader adds:

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

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

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

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

December 11, 2009

Better Late Than Never For A "New" Palms Short Sale Comp

Three months after having closed escrow for a recorded $400,000 ($508 per square foot), the MLS listing for 555 4th Street #605 was just updated to reflect the sale. Purchased for $620,500 in November 2006, the one-bedroom at The Palms returned to the market this past April asking $585,000. Last asking $479,000 as an approved short sale in July.

Posted by socketadmin at 1:45 PM | Permalink | Comments (16) | (email story)

December 10, 2009

And After 47 Months 62 Days On The Market...

2505 Divisadero

In case you missed it nine days ago when a plugged-in sleepiguy first noted it was in contract, or yesterday when a plugged-in reader noted the staggers removing their furniture, Kirk Hammett’s 2505 Divisadero has in fact found a buyer.

According to the MLS, however, it hasn’t yet closed escrow (or officially "sold") but contingencies have been waived. And while it first hit the market 47 months ago (asking $12,500,000 at the time), keep in mind it’s an official 62 days on the market according to those industry stats (assuming it closes today).

A sale at its last list price of $8,995,000 would also be reported as at "100 percent of asking," but expect we wouldn't be surprised to see an MLS asterisk (i.e., "confidential") on that sale price. Of course if you have the inside scoop and care to share...

Kirk Hammett’s Pacific Heights Monster Is Back (2505 Divisadero) [SocketSite]
Some Kind Of Monster In This Kind Of Market (2505 Divisadero) [SocketSite]

Posted by socketadmin at 1:45 PM | Permalink | Comments (7) | (email story)

December 9, 2009

Personal Effects, Check. Washer And Dryer, Check. Furnace…

2874 Bush: Moving Day (www.SocketSite.com)

With the short sale of 2874 Bush Street over in Lower Pacific Heights currently in escrow, and contingencies waived, a plugged-in source reports:

Looks like moving day at 2874 Bush. Seeing the washer and dryer on the truck didn’t surprise me...but seeing the furnace sure did!

It's starting to sound familiar. And props for the candid cell phone shot (hint, hint).

The Begining Or End Of This (Or The) San Francisco Short Sale Story? [SocketSite]
Strip This (Short Sale) House: The 1467 Underwood Episode [SocketSite]

Posted by socketadmin at 1:15 PM | Permalink | Comments (44) | (email story)

Let's Begin The (Building) Begin Again: The Lot At 586 Lisbon Sells

586 Lisbon: Lot and Plan

The sale of the stalled-construction Excelsior lot at 586 Lisbon closed escrow yesterday with a reported contract price of $335,000 (31% under original asking). No update on the touted $238,750 estimate to finish building a 3,200 square foot house.

Build A New Home For The Cost Of A High-End Kitchen? [SocketSite]

Posted by socketadmin at 9:45 AM | Permalink | Comments (1) | (email story)

December 7, 2009

Strip This (Short Sale) House: The 1467 Underwood Episode

1467 Underwood (Image Source: MapJack.com)

Purchased for $639,500 in February of 2007, the single-family 1467 Underwood returned to the market as a "lender approved short sale" asking $340,000 this past October.

Currently in contract and scheduled to close this week (according to a plugged-in tipster), it appears as though some likely non-lender approved activity is now in play as well. As our source reports:

…the new owners or potential new owners were trying to do a walk-through yesterday but were not allowed inside, meanwhile you could hear banging inside the property, and later in the rainy night [you] could see the appliances…and plumbing fixtures [(vanities, vanity mirrors, doors)] being loaded onto a truck.

Stripping a property prior to foreclosure in San Francisco isn’t an unheard of occurrence (especially when an expensive kitchen is involved). But this is the first time we've heard of doing so between having negotiated a short-sale and its (now attempted) close.

It ought to be an interesting walk-through and response by the buyer and the bank.

∙ Listing: 1467 Underwood (4/2) - $340,000 (sale pending) [Redfin]
From Foreshadowing To Foreclosure For A Marquee Loft Off Van Ness [SocketSite]
Bank Owned Hits The Brannan (239 Brannan #11E) [SocketSite]

Posted by socketadmin at 1:00 PM | Permalink | Comments (8) | (email story)

December 2, 2009

3577 Pacific Recap: Withdrawn From MLS (But Sold Two Days Prior)

3577 Pacific Avenue (www.SocketSite.com)

As its MLS listing was simply withdrawn on 7/10/09 without mention of a sale, we missed it when 3577 Pacific closed escrow on 7/8/09 with a recorded contract price of $4,900,000.

3577 Pacific Living

Once again, purchased pre-renovation for $2,225,000 in August 2005; returned to the market post-renovation in October 2008 asking $7,700,000; reduced to $6,950,000 three days later; reduced to $5,995,000 this past February; and then reduced to $5,650,000 in May before being withdrawn from the MLS without a reported sale or contract price in July.

And as it looked "before":

3577 Pacific Avenue: Original Exterior (Image Source: MapJack.com)

3577 Pacific: Inside Its Newly Contemporary Soul (And Market's Mind) [SocketSite]
An "Exciting New Price" (And Club Initiation) For 3577 Pacific Avenue [SocketSite]

Posted by socketadmin at 11:30 AM | Permalink | Comments (52) | (email story)

November 20, 2009

Another Deja Vu All Over Again (This Time Thanks To The FHA)

Banking on appreciation with little skin in the game ($33,000 on a $963,000 purchase); counting on income from the upper unit of the Hayes Valley duplex to subsidize low carrying costs thanks to "rock-bottom" interest rates; and little in terms of reserves.

That's the story in a nutshell.

With F.H.A. Help, Easy Loans in Expensive Areas [New York Times]
US (But Not DA) Prime And FHA Mortgage Defaults Climbing [SocketSite]

Posted by socketadmin at 12:00 PM | Permalink | Comments (67) | (email story)

November 6, 2009

The Captain’s House Goes For To A Cruise?

300 Sea Cliff (www.SocketSite.com)

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 (28) | (email story)

October 29, 2009

Trauma Doesn’t Survive, But Will This Scene?

Trauma No Stopping Sign (www.SocketSite.com)

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 (28) | (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 (15) | (email story)

October 27, 2009

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

74 New 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 (66) | (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 (19) | (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 (27) | (email story)

October 15, 2009

While A Bird Tweets, A Shark Sings

313 Duncan (www.SocketSite.com)

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 (56) | (email story)

October 14, 2009

Withdrawn On Washington: It Must Have Been The Amphitheater…

3444 Washington

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?

318 Arleta Avenue (Image Source: visvalleygrapevine.com)

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

301 Mission #40D: Virtually Staged

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!

301 Mission #40D: Virtually Staged Living

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.

301 Mission Street #40D: 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

2140 Jefferson

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 (46) | (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 (27) | (email story)

September 18, 2009

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

54-58 South Park Facade

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 (37) | (email story)

September 15, 2009

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

4096 17th Street #206: Shower

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 (36) | (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 (32) | (email story)

September 4, 2009

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

2712 Broadway (www.SocketSite.com)

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

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

2712 Broadway: View (www.SocketSite.com)

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

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

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

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

2712 Broadway: Floor Plan

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

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

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

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

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

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

August 27, 2009

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

2214 14th Avenue

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 (29) | (email story)

August 24, 2009

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

Ora Way

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

890 El Camino Del Mar (Image Source: MapJack.com)

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.

890 El Camino Del Mar (www.SocketSite.com)

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

1440 Kearny: Stairs

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).

1440 Kearny: View

∙ 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

1001 California #8: Living

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

1581 Masonic

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 (33) | (email story)

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

saveleavenworthstreet.com flyer (www.socketsite.com)

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 (www.SocketSite.com)

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

1240-44 5th Avenue (www.SocketSite.com)

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 (21) | (email story)

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

Yerba Buena Lofts and The Metropolitan

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 (22) | (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

2306 Broadway (www.SocketSite.com)

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 (59) | (email story)

July 20, 2009

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

324 Day

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 (35) | (email story)

July 17, 2009

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

2830 Pacific Avenue (www.SocketSite.com)

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

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

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

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

July 15, 2009

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

1130 Cole (www.SocketSite.com)

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 (82) | (email story)

June 26, 2009

A White House To End A Black Week

388 Lansdale

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 (25) | (email story)

A Landmark District Seven Mansion Foreclosure (2799 Pacific)

2799 Pacific (Image Source: noehill.com)

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 (36) | (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)

3731 Fillmore Street

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)

1521 Sutter Street

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?

The Palms (555 4th Street)

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 (25) | (email story)

June 10, 2009

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

2209 9th Avenue

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

1581 Masonic

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 (45) | (email story)

June 8, 2009

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

740 Bay: Telephoto View

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.

740 Bay: Back View

∙ 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)

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)

Name This Noe Valley House

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

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

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

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

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

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

May 27, 2009

Another District Seven Mansion Heads For Foreclosure (2151 Green)

2151 Green Street

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.

2157 Green Street: Rendering (Image Source: 2157green.com)

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)

2033 Pine Street: Interior

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...

2033 Pine Street on ZipRealty

...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 (33) | (email story)

May 22, 2009

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

First St. John's United Methodist Church at Larkin and Clay (Image Source: MapJack.com)


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

1101 Green Street #2001

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.

1169%20Sanchez%20Chart.jpg

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).

1169%20Sanchez%20Chart%20with%20Median.jpg

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

4174 26th Street

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)

555 Edinburgh

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)

333 Bush Street

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 (42) | (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 (38) | (email story)

May 5, 2009

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

2404 Washington: Floor Plan

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.

2404 Washington: Living

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

425 1st Street #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)

San Francisco Utility Undergrounding Map (Click to Enlarge)

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?

23 Presidio Terrace: Before

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.

23 Presidio Terrace Today

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

S&P/Case-Shiller San Francisco Index Performance to February 2009 (www.SocketSite.com)

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

313 Duncan (www.SocketSite.com)

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: Original

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.

313 Duncan: Kitchen

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 (53) | (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)

1270-1272 Fitzgerald Avenue

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 (84) | (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

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

2310 Broadway

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

1005 Duncan

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

2500 Divisadero (www.SocketSite.com)

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.

2500 Divisadero: Living

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.

2500 Divisadero: 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 (41) | (email story)

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

4552 19th Street

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.

4552 19th Street: Kitchen

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

555 Edinburgh

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.

94112 Median Sales Price Per Square Foot (www.SocketSite.com)

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 (82) | (email story)

March 13, 2009

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

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 (28) | (email story)

March 11, 2009

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

1268 Lombard (Image Source: MapJack.com)

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)

210 Steiner

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.

210 Steiner: Lower Bath

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"

1240-44 5th Avenue (www.SocketSite.com)

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."

1240 5th Avenue: Kitchen

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:

1240 5th Avenue: Before (Image Source: MapJack.com)

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 (55) | (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)

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 (70) | (email story)

February 24, 2009

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

Hearst's Chronicle Building (Image Source: sfgate.com)

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

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 (25) | (email story)

February 23, 2009

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

Bamboo Colony Sale

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

TARP Montage: One

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

TARP Montage: Two

TARP Montage: Three

TARP Montage: Four

TARP Montage: Five

TARP Montage: Six

TARP Montage: Seven

Posted by socketadmin at 11:15 AM | Permalink | Comments (24) | (email story)

February 13, 2009

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

3577 Pacific Avenue (www.SocketSite.com)

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.

3577 Pacific Avenue: Living

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 (25) | (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

4356 25th Street: Kitchen/Dining/Deck (Image Source: terryandterryarchitecture.com)

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 (50) | (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

400 Spear #205: Main

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)

123 Laidley: View

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

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

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

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

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 (24) | (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…

650 2nd #502: Dining

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.

650 2nd #502: Windows

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 (52) | (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

1357 9th Avenue

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

210 Steiner

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

210 Steiner: Bath

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

4121 Cesar Chavez

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

333 Bush Street

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

444 Douglass: Living

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)

2505 Divisadero

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

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

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

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

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

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)

313 Duncan (www.SocketSite.com)

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

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

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

December 19, 2008

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

246 2nd Street

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)

4590 17th Street

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.

4590 17th Street: Kitchen

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)

398 Eureka: Exterior (Image Source: MapJack.com)

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

398 Eureka: Living

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

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

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

December 11, 2008

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

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

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

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

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

December 10, 2008

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

3620 19th Street #26: Kitchen

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

Transbay Temporary Terminal Site

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.

Temporary Transbay Terminal: Site

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

One Rincon Hill: Glowing Green

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:

One Rincon Hill: Weather Beacon Decoder Card

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)

1601 Monterey Boulevard

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

2219 Pacific Avenue (Image Source: Mapjack)

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

3620 19th Street #3: Living

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

The Palms Lobby

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

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)

1342 Shrader

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.

1342 Shrader: Cottage/Garage

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.

1342 Shrader: Guest Cottage

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)

958 Sanchez: Stove

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

SocketSite's ORH Penthouse Plan Challenge: The Lifebox plan as rendered by Steel Blue and NEORAMA

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

1968 Greenwich

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)

501 Beale #5F: Bedroom

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

SocketSite's Unofficial ORH Penthouse Floor Plan Challenge: Lifebox Studios Entry (click to enlarge)

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):

SocketSite's Unofficial ORH Penthouse Floor Plan Challenge: Lifebox Studios entry as rendered by Steel Blue and NEORAMA (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

835 Foerster

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)

A Reader's Sunrise View

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

224 Twin Peaks Boulevard: Before

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.”

224 Twin Peaks Boulevard: After

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 (82) | (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

215 Moulton: Kitchen

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?

900 Minnesota #S503

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

1150 Folsom #1: Living

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)

158 Laidley

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

One Rincon Hill Penthouse Floor Plan Challenge: Flaneur

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)

555 4th Street #715: Kitchen

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…

Green Screen

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

One Rincon Hill Penthouse Floor Plan ala Reader Ryan.  Click to enlarge (the image not Ryan)

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…

1200 California #25A: View

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.

1200 California #25a: Living

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"

3027-3029 25th Street (www.SocketSite.com)

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

76 Caselli

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).

76 Caselli: Kitchen

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.

76 Caselli: Bath

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

208 Glenview: Living

No real story, simply a bit of seasonal color flair. Oh, and recently reduced $92,000. Boo.

208 Glenview: Deck

∙ 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!)

152 Banks

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)

549 23rd Avenue Blight (www.SocketSite.com)

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)

2505 Divisadero

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)

Goolge one year chart (10/24/08): GOOG, HPQ, GPS, ORCL, DNA, AAPL

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?)

121 Edgehill Way: Fireplace

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)

2799 Broadway (www.SocketSite.com)

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.”

2799 Broadway (www.SocketSite.com)

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?

25 Mercedes

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)

37 Raycliff Terrace (www.SocketSite.com)

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 (44) | (email story)

October 1, 2008

In Need Of Some Attention (In More Ways Than One): 1773 15th Ave

1773 15th Avenue

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

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)

152 Banks

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

93 San Pablo Avenue is a 1927 Tudor on the outside, but now bit more modern within.

93 San Pablo Avenue: Kitchen

Purchased as a fixer for $1,260,000 seven months ago and completely overhauled, it’s no where near being an apple.

93 San Pablo Avenue: Before

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

69 Clementina #202: Floor Plan

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

1940 Broadway #6: View

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...).”

1940 Broadway #6: Living

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 (26) | (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)

2243 Greenwich: Pricing History

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

10 Fernwood Drive

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?

1915 15th Avenue

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)

La Casa Verde: Courtyard (Image Source: lacasaverde.com)

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)

2542 Fillmore: Hall

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 (12) | (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

Scott Ayer and house (Image Source: San Francisco Business Times)

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)

2025 Keith

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 (23) | (email story)

August 13, 2008

Bernal, Bright And Even A Few Built-Ins For Under $500 $636/SQFT

321 Prospect: Dining

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)

844 Bay Street: Exterior

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

2601 Lyon Street

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)

190 Newton

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?

1483 Sutter: #1202 and #1002

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

Bloomberg Consumer Confidence: Incomes Over $50,000

"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?

2209 9th Avenue: Living

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.

2542 Fillmore (www.SocketSite.com)

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)

1487 McKinnon Avenue and Lot

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"

378 Cumberland Montage

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 Zestimate

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!

24 Addison

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…

Sotheby's 'Sign of the times' (www.SocketSite.com)

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

Chronicle Foreclosure Chart (Image Source: SFGate.com)

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!

Paris High-Rise Perimeter Rendering

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

2930 Vallejo: Landing (www.SocketSite.com)

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).

2930 Vallejo: The 'Basic Instinct' House (www.SocketSite.com)

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)

2100 Vallejo

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 (17) | (email story)

July 3, 2008

Another Round Of Virtual Applause: SoMa’s Emerging Midtown Panel

SocketSite Emerging Midtown Panel (left to right): Nina Gruen, Daniel Hurtado, Walter Schmidt, and Astrid Haryati (Photo Credit Rick Camargo, camargophoto.com)

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)

260 King Street (The Beacon) #957

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?

'Green' Hillsborough House (Image Source: SFGate.com)

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

1635 Castro: Kitchen

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

300 Sea Cliff (Image Source: 300seacliff.com)

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?

151 Alice B. Toklas Place #708

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 (21) | (email story)

June 20, 2008

The New New Bottom Line: Observer SocketSite Effect In Action?

1083 Hollister

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

The Cove: Current Pricing

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.

2737 Clay Street: Kitchen

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)

1303 Alabama

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

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 for all):

Architects not critical of one another's work? You've got to be kidding. Hyper critical is more like it. The problem is that we have habituated to it and most of us, including the hacks, have skin like rhinoceros hide. So telling us a project is trash just doesn't have the effect it would on a normal, sane person. Besides, if our work is any good someone is guaranteed to hate it. So we might just take it as a sign of greatness.

Comments: Damn All Those Untalented Architects To Hell! Oh, Wait… [SocketSite]
JustQuotes: What's/Who’s To Blame For “Bad” Building Design In SF? [SocketSite]

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

May 27, 2008

A Neighbor Notices Another Noe Valley Apple On The Tree: 326 Valley

326 Valley

From a plugged-in tipster (who earns our accolades for thoroughness):

The stagers just left. Looks like my neighbors across the street are moving. 326 Valley St. Asking $1.495M.
Sales history: 6/21/2005 ($1,400,000); 11/02/2001 ($995,000); 1/16/1997 ($460,000); 7/24/1996 ($270,000) - contractor bought and put house through major renovations - added master suite (600 sq. ft.) on ground floor.
Improvements since 1997: upgraded kitchen cabinets and counters, better landscaping in the rear, but nothing major/structural. Worth noting: in 2007 the property next door went from eyesore teardown to new (contextual infill) condos.

It's not a perfectly clean apple (on account of the neighborhood improvement next door), but we'll consider it one nonetheless. So...Noe Valley, single-family, remodeled, "sweet spot" price point, predictions?

And once again, anybody care to acknowledge how the “median sales price” in Noe Valley has changed since the last sale of this home? The change in value should match, right?

∙ Listing: 326 Valley (3/2) - $1,495,000 [John Roach]

Posted by socketadmin at 1:00 PM | Permalink | Comments (80) | (email story)

Property Listing Line Of The Day (And An All Too Common Pet Peeve)

1778 Page: Hall

An excerpt from the listing for 1778 Page: “…for the discerning buyer who doesn't want to pay for the cheesy remodel done by someone else…”

∙ Listing: 1778 Page Street (4/1) - $695,000 (TIC) [MLS]

Posted by socketadmin at 8:30 AM | Permalink | Comments (39) | (email story)

May 22, 2008

Can Bank Owned Comps Kill (Values)? 246 2nd Street #502 Returns

246 2nd Street Kitchens: #1302 and #502

Two months ago we noted the “Newest Comp For A Two-Bedroom Condo At 246 2nd Street” when the bank owned #1302 closed escrow with a reported contract price of $775,000 (roughly $125K below what #902 sold for late last year and exactly $220K below what the seller of #502 was asking at the time).

As we wrote at the time: Damn those unemotional sellers to hell. And once again, that’s not likely to be a neighbor(hood) pleaser.

And as a plugged-in reader notes today: 246 2nd Street #502 has returned to the market with a list price of $739,900. That’s a reduction of $255,100. And more noteworthy, that’s $210,100 less than what was paid for the condo over three years prior (12/9/05).

Now about whether or not those bank owned sales in San Francisco (however few and far between) are irrelevant or meaningless...

UPDATE: An excerpt from a plugged-in reader’s comment that shouldn’t be missed: “According to mls records that agents have records to. It sold for $950,000 in 12/05 but with a $110,000 credit to buyer at closing. I am quite sure this was never disclosed to the actual lending bank. NEVER would have flown.”

The Newest Comp For A Two-Bedroom Condo At 246 2nd Street [SocketSite]
∙ Listing: 246 2nd Street #502 (2/2) - $739,900 [MLS]

Posted by socketadmin at 10:45 AM | Permalink | Comments (24) | (email story)

May 12, 2008

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

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

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

Community funds to bridge economic gaps in SoMa [Examiner]

Posted by socketadmin at 6:45 AM | Permalink | Comments (29) | (email story)

May 6, 2008

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

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

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

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

May 2, 2008

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

1515 Lyon: Exterior

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

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

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

Posted by socketadmin at 3:34 PM | Permalink | Comments (69) | (email story)

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

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

Ok, so I’m the buyer in question (someone I’m acquainted with forwarded me a link to this discussion).
First, I’d like to say that I’m quite sympathetic to the seller. We considered not making an offer at all since they appear to have bought pretty much at the peak of the San Francisco housing market, we even told the seller’s realtor that we would consider dual agency to try and soften the blow (so they could hopefully reduce their commission). However you have to understand that we don’t want to find ourselves in the same situation as the current seller as prices continue to fall in San Francisco over the next couple of years.
The public records on this loft at Hoff say it has 954 square feet. A 2 bedroom, 2 full bath, top floor loft at 17th and Bryant with 1126 square feet just sold for $15,000 less than what the seller wants for this unit, and that is in a significantly safer part of the Mission.
We’re already concerned that in a year it will be worth substantially less than what we offered. I’m sorry if our offer offended anybody, we will just go look at other places – we’re not in a rush. If someone bought a few years before the peak it might be less painful to deal with today's prices.

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

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

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

May 1, 2008

What Happens When Expectations Don’t Match The Market?

A plugged-in reader writes to vent:

I’m selling a Loft [in the Mission]. We just dropped our price 20K and got an offer over the weekend for 89K UNDER our new lower offering price. Are you kidding me?! Is this really what people are thinking they can get away with? Now I guess I’m lucky – because this apartment doesn’t HAVE to sell, I just WANT to sell it. So I told the people that made the offer to – well, you can guess what I told them.
Personally, I am shocked that it hasn’t sold for asking. It’s a fun, happening area, and that’s the kind of apartment it is – I guess people don’t buy fun when the market is like this. *Sigh*

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

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

Posted by socketadmin at 11:00 AM | Permalink | Comments (95) | (email story)

April 29, 2008

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

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

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

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

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

Yes, The Greater California Housing Market Does Matter To You

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

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

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

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

Posted by socketadmin at 6:00 AM | Permalink | Comments (24) | (email story)

April 25, 2008

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

2140 Bush #5: Living

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

2140 Bush Street #5: Bath

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

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

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

April 23, 2008

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

3324 Octavia Street

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

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

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

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

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

April 22, 2008

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

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

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

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

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

April 21, 2008

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

One Rincon Hill

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

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

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

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

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

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

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

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

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

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

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

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

April 18, 2008

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

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

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

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

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

2510 Jackson (www.SocketSite.com)

From the listing:

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

From our plugged-in tipster:

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

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

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

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

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

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

Posted by socketadmin at 10:36 AM | Permalink | Comments (32) | (email story)

April 14, 2008

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

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

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

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

Fannie warns homeowners who walk away [SFGate]

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

April 8, 2008

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

Boom Dizzle (www.SocketSite.com)

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

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

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

April 7, 2008

From Foreshadowing To Foreclosure For A Marquee Loft Off Van Ness

151 ABTP%20%23708%20Before%20And%20After.jpg

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

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

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

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

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

Posted by socketadmin at 7:45 AM | Permalink | Comments (36) | (email story)

April 4, 2008

JustQuotes: Food For Foreclosure Thoughts (Including Data Lag)

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

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

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

Lenders Swamped By Foreclosures Let Homeowners Stay [Bloomberg]

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

April 2, 2008

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

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

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

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

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

April 1, 2008

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

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

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

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

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

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

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

From Play House For Youngsters, To Contemporary Oasis With Fire

2848 Union: Garden

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

2848 Union: Garden

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

And no, this isn’t any April Fool’s.

∙ Listing: