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CATEGORY ARCHIVE: Seemingly Random

November 20, 2009

It's 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. Sounds familiar.

∙ 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 (20) | (email story)

November 6, 2009

The Captain’s House Goes For To A Cruise?

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

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

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

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

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

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

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

Posted by socketadmin at 7:00 AM | Permalink | Comments (28) | (email story)

October 29, 2009

Trauma Doesn’t Survive, But Will This Scene?

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

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

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

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

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

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

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

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

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

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

October 27, 2009

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

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

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

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

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

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

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

October 23, 2009

Former Thirteen Million Dollar Mansions And New Comps To The South

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

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

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

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

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

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

October 22, 2009

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

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

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

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

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

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

October 20, 2009

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

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

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

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

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

October 15, 2009

While A Bird Tweets, A Shark Sings

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

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

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

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

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

October 14, 2009

Withdrawn On Washington: It Must Have Been The Amphitheater…

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

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

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

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

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

October 9, 2009

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

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

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

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

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

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

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

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

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

September 30, 2009

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

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

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

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

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

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

September 23, 2009

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

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

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

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

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

As we wrote in July:

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

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

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

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

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

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

September 18, 2009

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

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

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

No word on number 56.

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

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

September 15, 2009

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

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

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

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

September 11, 2009

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

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

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

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

No update on Puck.

UPDATE: A plugged-in reader adds:

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

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

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

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

September 4, 2009

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

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

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

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

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

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

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

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

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

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

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

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

August 27, 2009

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

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

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

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

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

August 24, 2009

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

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

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

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

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

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

August 14, 2009

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

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

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

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

August 13, 2009

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

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

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

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

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

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

August 11, 2009

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

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

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

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

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

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

August 10, 2009

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

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

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

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

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

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

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

From the comments with respect to 2125-2135 Leavenworth:

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

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

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

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

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

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

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

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

August 6, 2009

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

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

From YBCA spokesperson Kimberly Harding by way of SF Appeal:

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

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

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

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

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

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

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

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

August 4, 2009

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

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

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

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

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

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

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

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

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

August 3, 2009

Back And Not In The Black For 3271 Baker Street

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

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

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

July 27, 2009

A Commercial Quote With Residential Relevance?

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

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

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

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

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

July 23, 2009

Chris Daly Stays On Stevenson While His Family Moves To Fairfield

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

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

∙ Supervisor Chris Daly Issues Statement [fogcityjournal.com]

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

July 21, 2009

An Überprime Data Point Closes Escrow Down On Upper Broadway

As we wrote about the Überprime 2306 Broadway in April:

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

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

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

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

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

July 20, 2009

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

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

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

Yes, the price of "fixers" is falling.

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

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

July 17, 2009

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

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

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

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

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

July 15, 2009

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

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

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

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

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

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

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

June 26, 2009

A White House To End A Black Week

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

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

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

A Landmark District Seven Mansion Foreclosure (2799 Pacific)

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

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

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

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

June 25, 2009

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

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

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

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

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

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

June 19, 2009

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

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

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

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

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

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

June 17, 2009

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

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

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

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

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

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

June 15, 2009

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

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

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

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

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

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

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

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

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

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

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

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

June 10, 2009

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

As we wrote in February:

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

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

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

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

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

2006 Versus 2009: A SPUR Cruise Down Memory Lane

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

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

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

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

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

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

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

June 9, 2009

The Mayor Moves To (Real Estate) District Five

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

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

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

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

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

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

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

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

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

June 8, 2009

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

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

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

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

June 3, 2009

Cramer Calls The Housing Bottom!

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

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

June 2, 2009

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

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

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

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

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

June 1, 2009

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

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

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

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

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

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

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

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

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

May 28, 2009

Name That "Noe Valley" House (And Architect)

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

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

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

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

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

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

May 27, 2009

Another District Seven Mansion Heads For Foreclosure (2151 Green)

The tip we received last month:

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

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

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

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

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

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

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

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

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

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

...apparently it's not.

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

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

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

May 22, 2009

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

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

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

Church of The North Beach Pagoda Theater anyone?

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

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

May 20, 2009

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

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

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

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

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

May 18, 2009

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

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

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

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

May 15, 2009

The World Market Is Flat!

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

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

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

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

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

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

May 14, 2009

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

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

As we wrote in March:

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

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

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

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

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

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

May 11, 2009

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

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

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

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

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

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

May 7, 2009

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

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

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

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

May 6, 2009

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

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

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

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

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

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

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

May 5, 2009

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

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

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

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

And an update from our aforementioned reader:

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

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

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

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

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

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

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

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

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

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

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

May 4, 2009

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

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

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

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

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

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

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

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

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

May 1, 2009

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

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

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

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

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

April 28, 2009

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

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

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

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

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

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

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

April 15, 2009

Simply Sold (And A Quick Recap): 313 Duncan

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

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

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

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

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

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

April 13, 2009

JustQuotes: East Bay Agents And Stagers Beware

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

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

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

April 7, 2009

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

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

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

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

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

April 6, 2009

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

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

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

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

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

April 3, 2009

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

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

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

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

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

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

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

April 2, 2009

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

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

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

From the sales office via another:

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

And an editorial comment from said another as well:

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

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

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

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

March 30, 2009

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

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

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

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

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

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

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

March 27, 2009

JustQuotes: Let's Be Careful Out There People

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

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

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

March 26, 2009

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

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

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

Cheers.

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

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

March 24, 2009

Mission Accomplished: 1005 Duncan Closes For Over Asking

As a reader wrote about 1005 Duncan two months ago:

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

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

Mission accomplished?

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

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

March 23, 2009

Another Ex-Decorator Showcase Is Officially Listed: 2500 Divisadero

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

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

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

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

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

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

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

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

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

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

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

March 16, 2009

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

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

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

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

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

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

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

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

March 13, 2009

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

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

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

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

March 11, 2009

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

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

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

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

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

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

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

James Nunemacher is the CEO Vanguard Properties.

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

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

March 9, 2009

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

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

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

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

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

March 5, 2009

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

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

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

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

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

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

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

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

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

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

UPDATE: A plugged-in reader reports:

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

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

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

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

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

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

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

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

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

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

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

March 3, 2009

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

From the City Insider:

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

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

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

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

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

February 25, 2009

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

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

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

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

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

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

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

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

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

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

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

February 24, 2009

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

From the San Francisco Chronicle itself:

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

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

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

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

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

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

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

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

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

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

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

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

February 23, 2009

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

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

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

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

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

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

February 20, 2009

An Interpretative TARP Photo Montage For A Rather Rough Friday

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

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

February 13, 2009

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

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

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

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

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

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

If Nothing Else It Should Continue To Distort Those Foreclosure Stats

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

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

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

February 11, 2009

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

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

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

And from the fourth-quarter:

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

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

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

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

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

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

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

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

February 10, 2009

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

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

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

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

February 4, 2009

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

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

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

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

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

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

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

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

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

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

January 29, 2009

JustQuotes: Damn Those Bad News Bloomberg “Bears”

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

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

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

January 26, 2009

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

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

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

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

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

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

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

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

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

We’re going with "to comp."

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

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

January 23, 2009

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

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

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

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

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

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

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

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

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

January 22, 2009

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

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

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

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

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

Posted by socketadmin at 2:40 PM | Permalink | Comments (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

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

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

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

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

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

January 16, 2009

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

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

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

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

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

January 13, 2009

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

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

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

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

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

January 12, 2009

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

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

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

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

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

Pro Forma Problems: Find Commercial, Replace With Residential?

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

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

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

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

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

We're still talking commercial, right?

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

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

January 8, 2009

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

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

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

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

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

January 7, 2009

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

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

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

January 6, 2009

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

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

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

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

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

December 23, 2008

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

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

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

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

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

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

December 22, 2008

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

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

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

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

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

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

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

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

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

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

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

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

December 19, 2008

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

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

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

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

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

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

December 17, 2008

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

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

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

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

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

December 16, 2008

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

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

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

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

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

December 11, 2008

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

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

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

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

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

December 10, 2008

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

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

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

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

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

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

A plugged-in reader ties it all together:

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

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

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

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

December 9, 2008

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

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

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

Ah, those mythical foreign saviors.

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

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

One Rincon Hill As A Market Weather Beacon

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

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

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

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

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

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

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

December 8, 2008

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

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

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

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

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

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

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

Now asking $3,495,000.

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

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

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

Changing Chelsea Park Expectations Versus Eleven Months Ago

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

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

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

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

December 5, 2008

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

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

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

Perhaps the real(ity) is so.

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

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

December 4, 2008

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

A bit of hope:

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

A bit of history:

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

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

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

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

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

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

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

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

December 2, 2008

Fourteen Months Four Days On The Market For 7 Gaviota Way

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

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

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

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

December 1, 2008

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

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

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

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

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

November 26, 2008

Warm Thoughts Of A Traditional Thanksgiving Dinner (2008 Edition)

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

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

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

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

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

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

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

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

November 25, 2008

"Foreign Buyers" Never Materialized And Now Tourist Dollars Decline

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

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

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

November 24, 2008

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

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

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

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

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

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

Symphony Towers Update: Slashing Success And Words On The Street

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

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

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

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

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

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

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

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

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

November 21, 2008

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

November 19, 2008

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

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

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

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

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

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

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

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

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

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

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

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

Listed once again two weeks ago for $1,749,000, reduced yesterday to $1,655,000, and touting a “Motivated seller!” We’ll let you figure out just how much so.

∙ Listing: 224 Twin Peaks Boulevard (3/2) - $1,655,000 [MLS] [Old Listing]

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

November 18, 2008

We'll Connect The Comments, You Connect The Dots (And History)

From a comment this afternoon:

I remember Palo Alto holding up well (in nominal terms) [from 1990 to 1992] and I trust the best parts of SF did too.

But from a plugged-in reader last week:

A friend of my Dad was just reminding us that he bought a couple Palo Alto REOs in 1994 for about half of what they sold for in 1989…

We'll connect the comments. You connect the dots (and history).

∙ Once Again, It's Just Getting Starting (And It's Going To Last Longer) [SocketSite]
∙ A Plugged-In Reader Picks An Apple For Himself (1968 Greenwich) [SocketSite]

Posted by socketadmin at 12:30 PM | Permalink | Comments (23) | (email story)

November 17, 2008

Which Five Years Will The Next Five Most Likely Resemble Redux

As we wrote a little over a year ago:

213 Moulton is a contemporary single-family home situated down a little alley in Cow Hollow. It first sold for $545,000 in 1995. And ten years later (in 2005) it changed hands for $1,672,000. No doubt about it, that's fantastic long-term appreciation. Then again, it also changed hands in the year 2000 for $1,600,000.

We only mention it now as 215 Moulton (part of the same three home development) has been on the market for a month and has recently reduced its list price $145,000 (or 7.3%). They’re now asking $1,850,000 which includes a new full bath (added in 2006) and reclaimed living space on the ground floor.

As we wrote two months ago:

215 Moulton “in the heart of Cow Hollow” appears to have been bought back by the bank with a loan balance of $1,893,000 this past July.

And while the contract price for its previous sale in November of 2007 doesn’t appear to be public, we will note a 2008 tax assessed value of $1,800,000 for this District 7 single-family contemporary townhouse.

Listed in April prior to foreclosure for $1,895,000, reduced to $1,795,000 in July, and currently asking $1,750,000.

And as we write today: the sale of 215 Moulton closed escrow on 11/14/08 with a reported contract price of $1,725,000. That's $168,000 less than its last loan balance. And $75,000 less than its last tax assessed value.

∙ Which Five Years Will The Next Five Years More Likely Resemble? [SocketSite]
∙ Cow Hollow Contemporary (And Apparent Foreclosure): 215 Moulton [SocketSite]

Posted by socketadmin at 1:45 PM | Permalink | Comments (20) | (email story)

A Quick Friends And Family Esprit Park Flip?

While Homes on Esprit Park just recently received their first certificate of occupancy and started closing round one, the first resale has hit the MLS:

Investor owned! Only one at this price. Insatiable 2 level penthouse unit with vaulted ceilings and spectacular deck. Similar units priced at $1,200,000 and above.

From the listing for one such similar unit: "Buy confidently with a refundable deposit."

We're guessing the sale of #S514 likely represents a "friends and family" flip. And if it is the former, perhaps soon to be "ex."

∙ Listing: 900 Minnesota #S514 (2/2.5) - $1,095,000 [MLS]
∙ Listing: 900 Minnesota #S503 (2/2.5) - $1,197,000 [MLS]
∙ Homes On Esprit Park: Now Offering Refundable Purchase Deposits [SocketSite]
∙ Homes On Esprit Park Receives First Certificate Of Occupancy [SocketSite]

Posted by socketadmin at 11:00 AM | Permalink | Comments (19) | (email story)

November 14, 2008

That Appreciation Never Materialized, But At Least The Short Sale Did

The apples to apples short sale of 1150 Folsom #1 closed escrow today with a reported contract price of $720,000. Purchased in October of 2005 for $829,000.

From the plugged-in leasing agent for the original developer (but unrelated to the sale):

This is a lovely loft development designed by Sternberg-Benjamin Architects. A lower corner tri-level with great big open space at street level.

Lots of windows and light. The kitchen is gorgeous with yards of green counter space and great light. It can be a bit noisy, but if you like central SOMA neighbohood this is a wonderfully scaled space.

Two bedrooms, two and one-half baths, one parking space and 1,654 square feet.

∙ A Folsom Rausch Lofts Short Sale (Assuming 3.3% Appreciation) [SocketSite]

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

November 13, 2008

TIC Troubles Via The WSJ (But We Wouldn't Discount That Downturn)

The Wall Street Journal article: Residential-TIC Tack Hits Snags.

The Quote:

The problems facing residential TICs, which are found mainly in San Francisco, are different and reflect tighter mortgage underwriting standards. Banks across the country have pulled back from all types of mortgage lending, but especially for nontraditional types of mortgages. As a result, borrowing costs for TICs have shot up, causing home buyers to avoid the structure.

Sterling Bank & Trust FSB recently raised its rate for TIC loans to 7.75% -- a loan for a similarly priced condo would require only 6% to 6.25% interest -- and now requires a down payment of at least 20% of the purchase price. Other banks are now requiring 30% down. In the past, lenders required buyers to put 10% down.

The listing: 158 Laidley ("Price REDUCED. Cut-rate financing! Stunning eco-modern...").

∙ Residential-TIC Tack Hits Snags [Wall Street Journal]
∙ Listing: 158 Laidley (5 TIC units) - $359,000 to $699,000 [158laidley.com]

Posted by socketadmin at 7:30 AM | Permalink | Comments (47) | (email story)

November 10, 2008

Don’t Confuse Average Prices And Appreciation: Look To The Apples

The Chronicle quote with regard to Bay Area home price appreciation:

One of the few standouts was the 94114 ZIP in San Francisco, home of Noe Valley, where houses go for well over a million dollars, designer strollers clog the sidewalks, posh shops peddle handmade ethnic tchotchkes, and the Google bus regularly cruises the streets.

But even that ZIP didn't enjoy the double-digit appreciation that became de rigueur during the real estate boom. Instead Noe Valley prices were up 6.8 percent year over year, from $893 a square foot [in 2007] to $954 [in 2008].

The problem: In a market like Noe where we’ve seen an increase in high-end renovations, sales and even some new construction, an increase in average sales price should not be confused with market "appreciation." Once again, think mix. And yes, even on a square foot basis.

The reality: Noe Valley apples (i.e., same home sales) paint a different - and we’d be willing to bet more accurate - picture of what’s happening with actual home values in Noe Valley these days. And up 6.8% year over year isn't it.

∙ Home prices down in 90% of Bay Area ZIP codes [SFGate]

Posted by socketadmin at 10:00 AM | Permalink | Comments (65) | (email story)

November 7, 2008

The Unofficial One Rincon Hill Floor Plan Challenge: It’s Flaneur Time

Another reader (“Flaneur”) responds to our unofficial One Rincon Hill penthouse floor plan challenge with a great attitude (“I can hardly wait for my ‘design review’”), a bit of humility (“I am not an architect, it probably shows”), and an interesting approach: raising the floors in the bedrooms and bathrooms to provide a conduit for any new plumbing/electrical.

And while some might accuse the design of being "amateurish," we applaud the effort and thank Flanuer for provoking some new thought (perhaps sliding doors throughout?).

Now on to the critique. But once again, if you think you can do better...

∙ The One Rincon Hill Design(s) For The 60th Floor Of Tower One [SocketSite]
∙ The Unofficial One Rincon Hill Floor Plan Challenge: Ryan Responds [SocketSite]

Posted by socketadmin at 1:00 AM | Permalink | Comments (22) | (email story)

November 6, 2008

Solid Or Squishy? (And Being “Cash Flow Positive” Isn’t Always So)

From the listing for 555 4th Street #715 in The Palms:

Solid investment property, already rented $2800/month…Property virtually rents and manages itself…No eviction control, no rent control…Low maintenance since the property is almost new…Hoa dues paid through december 2009.

We’ll let you confirm that’s a sustainable market rate rent, run your own numbers, and draw your own conclusions about how solid this investment might or might not be.

We will note, however, that focusing on being “cash flow positive” is rather naïve in terms of investing. In a down market the loss of principal can quickly offset any carry. And being “cash flow positive” doesn’t speak to a rate of return.

∙ Listing: 555 4th Street #715 (1/1) - $605,000 [MLS]
∙ The Palms (555 4th St.): Secondary Market Slowdown And Short Sale [SocketSite]

Posted by socketadmin at 7:55 AM | Permalink | Comments (27) | (email story)

Hold The Phone (Or At Least The Official Local Election Results)

While the San Francisco Department of Elections website notes 241,090 total ballots cast on November 4th in San Francisco and includes 191,962 from “Election Day Reporting” and 49,128 “Vote by Mail / Absentee Reporting,” according to the Examiner and The City’s elections chief up to 136,000 vote-by-mail and provisional ballots have yet to be counted.

In theory the 136,000 votes could change the results of any of the local measures except for A (General Hospital). In reality it’s Measure B (affordable housing) that could most easily swing from failing on the initial count to passing in the end. And perhaps even Measure J (preservation commission) in reverse.

We’ll update the election results as the uncounted ballots are tallied. And assuming all 136,000 ballots are valid, 78.95% of those registered in San Francisco voted (not 49.79% as previously reported). And on this point we are more than happy to be wrong.

∙ San Francisco Department of Elections: November 4 Election Summary [SFGov]
∙ More than one-third of The City’s ballots are left to be counted [Examiner]
∙ The Day After: November 4 Real Estate Related Election Results [SocketSite]

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

November 4, 2008

So You Want To Be In Renderings…

Steel Blue and Neorama are working on a video for San Francisco’s Transbay development. And if you’ve ever wanted to be immortalized in one of those mixed media renderings we love to feature, here’s your chance:

The video will largely consist of computer generated 3D models of the future San Francisco Transbay District and the Transbay Terminal. Live action capture of the San Francisco community shot against a green screen will be superimposed with the digital future vision. A series of scenes will be shot to show the experience of San Francisco residents enjoying the new elevated park, the future of Folsom Street, the transformation of Natoma Street and other developments. The producers are looking for plugged-in volunteers to spend a minute or two walking and talking in front of a green screen so they can be digitally inserted into a bustling retail space or standing amongst hundreds of other commuters enjoying the magnificent new designs.

Time: November 5, 2008. 10:00 am – 3:00 pm
Location: The Park between Market St. / Don Chee Way and Embarcadero / Steuart St.

We'll see what we can do about hosting the premier party. And of course, don’t wear green.

∙ Transit Center District Plan Workshop: Initial Ideas [SocketSite]
∙ Hines And Pelli Clarke Pelli Bid The Most (And Get The Transbay Nod) [SocketSite]
∙ Transbay Terminal Moves Forward, But Payments And Terms Change [SocketSite]
∙ San Francisco’s Transbay Terminal: Website And Community Meeting [SocketSite]

Posted by socketadmin at 4:45 PM | Permalink | Comments (2) | (email story)

The Unofficial One Rincon Hill Floor Plan Challenge: Ryan Responds

Reader Ryan responds to our (unofficial) One Rincon Hill penthouse floor plan challenge:

A little tweak…Done very quickly but you get the idea. Also like [another reader] mentioned plumbing fixtures such as toilets are extremely difficult to play with. Sometimes impossible in highrises. Showers and sinks however are a little easier to add as you'll notice by my layout. Also I didn't cheat. No removal of any column or support.

Unfortunately a couple of code issues quickly caught our eye (think exits), but we applaud the effort, never said it would be easy, and thank you for plugging in. Feel free critique. Of course if you think you could do better...

∙ The One Rincon Hill Design(s) For The 60th Floor Of Tower One [SocketSite]

Posted by socketadmin at 10:30 AM | Permalink | Comments (27) | (email story)

Extremely Creative (But Not Particularly PC): Real Estate Downfall

If your comment starts with the phrase “I know this is off topic…”, then please don’t. Consider sending us a tip instead. Especially when it involves an extremely creative, but not so PC, parody of employing the film Downfall...

Posted by socketadmin at 9:45 AM | Permalink | Comments (14) | (email story)

JustQuotes: The State (Or At Least Budget) Of San Francisco

"San Francisco's budget shortfall is much worse than originally projected, making this year's financial outlook comparable to the city's fiscal condition after the 2000 dot-com bust and the Sept. 11 terrorist attacks, Controller Ben Rosenfield said Monday.

Rosenfield's office projects a shortfall in this year's budget of $90 million to $125 million, up significantly from the $70 million it had projected weeks ago. Just months ago, the Board of Supervisors approved this year's $6.6 billion budget, which already included $350 million in cuts to jobs and services.

The situation is so dire that city workers almost certainly will face layoffs, health programs are likely to be downsized even more and parking meters could be erected in city parks.

There's simply not enough money coming in to pay for everything, largely because fewer sales of large office buildings means fewer tax dollars and fewer shoppers means less sales tax money for the city."

∙ S.F. budget faces larger shortfall than thought [SFGate]

Posted by socketadmin at 4:00 AM | Permalink | Comments (45) | (email story)

November 3, 2008

Is That A Listing With Big Views (And Price) In Your Pocket Or…

From a plugged-in tipster: "A one-bedroom for $2.895 MM! There are a lot of pocket listings/off-market listings out there right now." That there are.

Let's think about why and what it means (in terms of market, reports and industry overall). And let's not forget to send the good ones (story, design, or price) our way.

∙ Listing: 1200 California #25a (1/1.5) 1,425 sqft - $2,895,000 [1200california25a.com]

Posted by socketadmin at 4:40 PM | Permalink | Comments (46) | (email story)

Some Scary Numbers Behind The Bankruptcy Of "La Casa Verde"

It was three months ago we noted a Notice of Default (NOD) had been filed for “La Casa Verde" (a.k.a. Sunset’s San Francisco Idea House). And now as a plugged-in tipster notes, the developer has declared bankruptcy. Let's focus on the property (not the personal).

A couple of things from the filing that stuck out: A claimed value of $1,400,000 for the duplex with secured claims of $3,070,880 (and unsecured of $353,970); a gross rent from the smaller unit of $3,000 per month (with operating expenses of $1,389); and an "electricity and heating fuel expense" of $1,200 per month.

UPDATE: And if a reader is correct, "The reason the power bills are so high is because she never paid the consultant their final payment to have all the green technology hooked up. The windmill is spinning away, making electricity that goes nowhere. The new owner will be able to hook up all the energy saving features that are filling up the utility room that are currently doing nothing."

∙ It's Not That Easy Being Green For “La Casa Verde” (3027-3029 25th) [SocketSite]
∙ Sunset’s 2007 San Francisco Idea House: 3027 25th Street [SocketSite]
∙ The SocketSite Scoop: Half Of The Sunset Idea House Hits The Market [SocketSite]

Posted by socketadmin at 1:00 PM | Permalink | Comments (33) | (email story)

October 31, 2008

The Almost Infamous 76 Caselli Closes Escrow For $679 Per Square

The almost infamous 76 Caselli closed escrow on 10/24/08 with a reported contract price of $1,900,000 ($679 per square foot). "Completely renovated in 2005 with high end finishes." And yes, "tipster" liked it (and we remain quite enamoured with those stairs).

First listed by the agent ex-owners earlier this year for $2,558,000. Reduced in June to $2,458,000. Relisted on 8/8/08 for $2,288,800. And reduced to $1,999,900 in September.

Once again, $679 per square foot. On a street "Fluj" concluded could support $900 based on a few past comps. And even "Satchel" thought might command $765. Must have been the paint job. Couldn't have been the market. And please welcome a new new comp.

∙ Our First And Second Thoughts For The Recently Reduced 76 Caselli [SocketSite]
∙ Eight Eight Eight On Eight Eight Oh Eight: An Auspicious Return? [SocketSite]
∙ From Eight Eight Eight To Nine Nine Nine Nine For 76 Caselli [SocketSite]

Posted by socketadmin at 3:00 AM | Permalink | Comments (41) | (email story)

October 30, 2008

208 Glenview: No Real Story, Simply A Bit Of Seasonal Color Flair

No real story, simply a bit of seasonal color flair. Oh, and recently reduced $92,000. Boo.

∙ Listing: 208 Glenview Drive (4/4) - $1,198,000 [MLS]

Posted by socketadmin at 2:15 PM | Permalink | Comments (5) | (email story)

The Bank Owned 152 Banks Closes Escrow (“Officially” Over Asking!)

As far as the San Francisco Association of Realtors and their reports are concerned, the bank owned 152 Banks Street has officially sold for over asking with a reported contract price of $705,000 on 10/27/08.

Of course that’s only “over asking” with regard to its most recent list price ($699,900) not its original ($749,900). And that’s still $195,000 less than what it was purchased for in April of 2006. But hey, over asking in Bernal Heights!

∙ Bad Data In Bernal Heights Or Something Else Afoot? (152 Banks) [SocketSite]

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

October 29, 2008

Beauty Blight Is In The Eye Of The City (And Perhaps Your Neighbors)

San Francisco Supervisor Gerardo Sandoval’s anti-blight legislation was unanimously adopted by the Board of Supervisors yesterday. And once again:

The law empowers city officials to hit property owners with up to $1,000 in fines for violations, and, if left unabated, The City could correct the blight and bill the property owner for the work….Under the law, a property is considered blighted for various reasons, including dead trees, debris or if the paint on a building’s exterior is worn off. Other examples include deterioration of the building’s exterior stairs, or defaced or broken windows.

No word on whether or not a construction site on hold might qualify as well. Whether or not it will apply to the color purple. Or what one's to do when it's the arbiters that stand in your way of abatement.

∙ Blight will cost property owners in San Francisco [San Francisco Examiner]
∙ If Only We Didn’t Get So Nervous Every Time We Heard “Blight” [SocketSite]

Posted by socketadmin at 9:50 AM | Permalink | Comments (26) | (email story)

The Monster Meets A Magnetic Death? (2505 Divisadero Withdrawn)

After an effective 1000+ days on the market, a few reductions, and a remodeling, the listing for Kirk Hammett’s Pacific Heights mansion at 2505 Divisadero has been withdrawn from the market. Luckily Death Magnetic is meeting with no such sales challenge.

∙ Some Kind Of Monster In This Kind Of Market (2505 Divisadero) [SocketSite]
∙ The Monster Comes Roaring Back (2505 Divisadero) [SocketSite]
∙ This Isn't Exactly How Mr. Hammett Used To Roll (2505 Divisadero) [SocketSite]

Posted by socketadmin at 12:00 AM | Permalink | Comments (7) | (email story)

October 27, 2008

355 1st Street #S2003 Closes Escrow And The Bragging Rights Go To…

We hereby award “Satchel” the official bragging rights for backing into the previous purchase price for 355 1st Street #S2003 at The Metropolitan (around $825,000). While we’ll let “phatty” and “Recent ORH buyer” split the prize for being closest to its most recent: $600,000 (closed escrow on 10/24/08).

And once again it begs the question: if the sale of this unit was a comp (or perhaps a comp for a comp) in years past, should it be now? Keep in mind there were multiple bids. And this wasn’t an auction (where terms can constrain the pool of buyers).

∙ Bank Owned (With Big Views For Now) At The Metropolitan (355 1st) [SocketSite]

Posted by socketadmin at 11:00 AM | Permalink | Comments (38) | (email story)

October 24, 2008

The Google Chart Of The Day (And A Bit More Foreshadowing)

Click to enlarge. And once again, a bit of foreshadowing. Yes, with regard to local housing.

Posted by socketadmin at 8:30 AM | Permalink | Comments (52) | (email story)

October 22, 2008

Cue The Alanis Morissette (Comments, RSS, And Archives Return)

Talk about irony. While reducing server errors related to leaving comments was one of our drivers for migrating to a new server and host this past weekend, in the process we not only managed to nuke the ability to leave comments but to read them as well. Oh, and we screwed up our RSS feeds and the archives too. Whoops.

And while we can't promise there won't be any more bumps in the road over the next few days, as far as we know RSS feeds should once again be feeding, the archives should once again be accessible, and readers can once again comment.

Speaking of which, as of an hour ago comments were enabled for the first time on the following three pieces (should you care to weigh in):

∙ San Francisco Recorded Sales Activity In September: Down 2.3% YOY
∙ Beacon Economics Forecast For San Francisco, Marin And San Mateo
∙ Symphony Towers (750 Van Ness): Announcing Additional Cuts

Once again, thank you for your patience and understanding. And as always, thank you for plugging in. We'll get back to the content this afternoon.

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

October 15, 2008

An Agent's Take On Yesterday’s Brokers Tour Traffic In San Francisco

“It was dead out there today…the only places that had a lot of traffic were those that offered free food.”

UPDATE: And from a reader:

Matches my experience last Sunday. First time I've been around open houses for six months and all bar one condo were simply dead. On prior open house tours this year I've almost always remarked at my surprise as to how much foot traffic there's been.

Keep in mind that it was fleet week weekend, and the markets on Friday didn’t exactly leave people feeling flush with cash (cue "on topic" foreshadowing). But as any decent agent will tell you, it’s the people out touring the open houses on the "rainy days" that are more likely to act.

Posted by socketadmin at 8:45 AM | Permalink | Comments (36) | (email story)

If Yesterday Was Tomorrow Than What’s The Day After Today?

Sorry folks, but “tomorrow’s on-topic post” as alluded to on Monday didn’t get published yesterday and might not even make it online today. If it doesn’t, we’ll be holding off until early next week. And if that all makes sense, you’re a step ahead of us.

Oh, and our latest Complete Inventory Index (Cii)? Next week as well. Yes, as well.

∙ SocketSite's San Francisco Listed Housing Update: 10/13/08 [SocketSite]
∙ SocketSite’s Complete Inventory Index (Cii): Q1 2008 (San Francisco) [SocketSite]

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

October 14, 2008

A Japanese Styled Home (And Market As Well?)

The Japanese influenced 121 Edgehill Way has fallen out of contract and its list price reduced to $1,195,000. As a plugged-in reader previously noted, “sold for $1,195,000 in February of 2006.”

We’re still suckers for the Japanese influenced design elements, but in terms of a Japanese styled real estate market...

∙ Listing: 121 Edgehill Way (4/2.5) - $1,195,000 [121edgehill.com] [MLS]
∙ From The People Person Who Brought You Green Tea In The Park [SocketSite]

Posted by socketadmin at 12:15 PM | Permalink | Comments (11) | (email story)

October 9, 2008

The SocketSite Scoop On 2799 Broadway (A.K.A. 37 Raycliff Terrace)

While the basic gist of the tale we were told a while back about the recent sale of 2799 Broadway (see third paragraph below) was accurate (big house sells for big money and Bebo founders buy it), a bit of refinement is in order.

While Malin Giddings represented those who sold, and might have presented an offer, it turns out it was actually Sotheby’s uberagent Deborah Svoboda who brought the buyers, offer and bills to the door. And while the property really wasn’t on the market (not even "unofficially"), no door bells were rung unexpectedly (you can all stop looking out your windows with your fingers crossed now), and it was more of an “offer you can’t refuse.”

Another little tidbit, although not yet reflected online, the address has officially been changed from 37 Raycliff Terrace to 2799 Broadway (think resale for those who care).

∙ The SocketSite Scoop On 37 Raycliff Terrace (A.K.A. 2799 Broadway) [SocketSite]

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

October 6, 2008

Still An Architectural Work Of Art, But Still A Bidding War To Be?

As we wrote eighteen months ago when 25 Mercedes Way was listed for $1,895,000 but sold for $2,200,000:

This Joseph Leonard designed Arts and Crafts house is described as an “architectural work of art.” And we’re buying it (the description not the house). Although if we did buy it (the house not the description) we have a feeling some bathroom/kitchen updating would have to be factored into our budget.

As we note today: back on the market with what appear to be an updated kitchen (although not what we would have done) and bath, but no permits listed online.

Now asking $2,099,000 (and betting on another bidding war?).

∙ Listing: 25 Mercedes Way (5/3) - $2,099,000 [MLS]
∙ We’re Buying It (The Description Not The House) [SocketSite]
∙ Fun With Building Permits (And Complaints) [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (36) | (email story)

October 2, 2008

The SocketSite Scoop On 37 Raycliff Terrace (A.K.A. 2799 Broadway)

While we first heard about the deal a few weeks ago, as it was a private transaction we made the decision not to publicize it until the deal was done. Now it is. And if our original source is correct, this really was a case of rich foreign buyers.

The tale in a nutshell as we were told: wealthy British couple take a fancy to 37 Raycliff Terrace (a.k.a. 2799 Broadway) which isn’t on the market (not even quietly); uberagent Malin Giddings rings said doorbell (those ‘no solicitation’ signs never work) and presents a “make me move” kind of offer ($29,000,000); owner graciously accepts.

Of course the fact that Malin represented the sellers when they bought the lot back in 1998 for $3,250,000 probably helped as well. And you've got to love the irony.

UPDATE: And if a plugged-in reader is correct, said British buyers are the founders of social networking website Bebo (which was sold to AOL for $850M earlier this year).

∙ What’s The Scoop On Foreign Investment In San Francisco? [SocketSite]
∙ Recap: What’s The Scoop On Foreign Investment In San Francisco? [SocketSite]

Posted by socketadmin at 12:15 PM | Permalink | Comments (42) | (email story)

October 1, 2008

In Need Of Some Attention (In More Ways Than One): 1773 15th Ave

Down the street from 1915 15th Avenue (which has fallen out of contract) lies 1773. Listed in November of 2007 for $1,600,000 (amid a chorus of neighborhood high fives) the listing noted “A Must see!” and soon thereafter added “Motivated Seller! Bring in any offers!”

In December of 2007 the list price was first reduced to $1,550,000 and then to $1,499,000. In January of 2008 the list price was first reduced to $1,399,000 and then to $1,188,000. And in February the house was briefly in contract.

In early April 2008 “short sales, already have the 1st lender’s approval, and waiting for 2nd lender’s approval” was added to the notes as were two exclamation points after “Motivated Seller!!!” And two weeks later the property shed those pesky days on the market and reset the MLS clock with a new listing at $1,188,000.

Four days ago 1773 15th Avenue returned to the market once again. Now asking $949,000 and noting “an original condition property which needs some attention.” Agreed.

∙ Listing: 1773 15th Avenue (4/3.5) - $949,000 [Vanguard via Pacific Union]
∙ What’s 140 Days On The Market And $280,000 Between Friends? [SocketSite]

Posted by socketadmin at 6:15 AM | Permalink | Comments (23) | (email story)

September 29, 2008

A Quick Cut (And Case Of Cash Back?) For 310 Townsend #308

Priced by the developer at $611,000 when the building first opened in February of 2007, 310 Townsend #308 closed escrow in June of 2007 with a reported contract price of $617,500 (no word on whether we're talking upgrades or another case of “cash back”).

Back on the market two weeks ago with an asking price of $629,000 (a sale at which would have represented average annual appreciation of roughly 1.4% over the past sixteen months), the list price has since been cut to $599,000.

∙ Listing: 310 Townsend #308 (1/1) - $599,000 [MLS]
∙ 310 Townsend: Available And Selling [SocketSite]
∙ Can Bank Owned Comps Kill (Values)? 246 2nd Street #502 Returns [SocketSite]

Posted by socketadmin at 6:00 PM | Permalink | Comments (24) | (email story)

152 Banks In Bernal Heights Reduced (And Not Moving So Fast)

To recap: 152 Banks in Bernal Heights was purchased for $675,000 in July of 2005; sold in April of 2006 for $900,000; appears to have been bought back by the bank three weeks ago; and returned to the market two weeks ago for $749,900 (“will go fast at 750K” according to one rather bullish "anon[ymous]" commenter). Just reduced to $699,900.

As a plugged-in reader notes, “just hope no one used that silly $900K price a few years ago as a comp!”

∙ Listing: 152 Banks (3/2) - $699,900 [MLS]
∙ Bad Data In Bernal Heights Or Something Else Afoot? (152 Banks) [SocketSite]

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

September 26, 2008

If Only Averages And Appreciation Were The Same Thing

93 San Pablo Avenue is a 1927 Tudor on the outside, but now bit more modern within.

Purchased as a fixer for $1,260,000 seven months ago and completely overhauled, it’s no where near being an apple.

Its sale, however, will boost the average sales price in the neighborhood (asking $2,575,000). If only that and appreciation were the same thing (but alas they're not).

∙ Listing: 93 San Pablo Avenue (5/3) - $2,575,000 [MLS]

Posted by socketadmin at 11:15 AM | Permalink | Comments (7) | (email story)

September 23, 2008

Multiple Offers (With A Little Different Flavor) In District Nine

With "7 offers received" it’s sounding a little bit like 2004 down in District 9 for 69 Clementina #202. Of course that “awaiting final lender approval” line belies what might otherwise be seen as a sure sign of a “hot” market.

And with a tax assessed value of $565,080, an original list price of $589,000, and a recent list price of $438,000, nobody should be too surprised (save perhaps other buyers in the building).

From the listing when reduced from $589,000 to $559,000: "HUGE PRICE REDUCTION! [Property] coming off market Monday, 8/11 if not sold at new price." Luckily you didn’t panic (or bite).

∙ Listing: 69 Clementina #202 (1/1) - $438,000 [MLS]

Posted by socketadmin at 12:15 AM | Permalink | Comments (10) | (email story)

September 19, 2008

The Height(s) Of Foreshadowing: 1940 Broadway #6 Returns

We’d love to call it foreshadowing (and that we knew), but alas it’s simply a cosmic coincidence (and we didn’t). And while seven months ago we featured the floor plan, and two days ago we made reference, yesterday 1940 Broadway #6 returned to the MLS.

As a plugged-in tipster notes, “After selling a few months back, back on the market for 800k more at 5.19 million (and with a LOT more pictures, drooool...).”

And speaking of foreshadowing, keep in mind that high-end coops aren’t typically fond of flippers or fickle buyers. Might something else be afoot?

∙ Listing: 1940 Broadway #6 (3/4) - $5,191,000 [MLS] [1940broadway.com]
∙ A Few Of Our Favorite Things: Big Windows, Views, And A Floor Plan [SocketSite]
∙ A Lower Floor (Plan) At The Heights: 1940 Broadway #1W [SocketSite]

Posted by socketadmin at 5:00 PM | Permalink | Comments (21) | (email story)

September 12, 2008

Bad Data In Bernal Heights Or Something Else Afoot? (152 Banks)

From the listing for 152 Banks in Bernal Heights: “New Owner - Reduced Price. Recently renovated with kithcen (sic) updates, hardwood flooring, and new windows. 2/1 upstairs - 1/1 downstairs.”

From public records: purchased for $675,000 in July of 2005, sold in April of 2006 for $900,000. And while we’re assuming that aforementioned “recent renovation” occurred in that nine month window between sales (which might help explain the bump in price), we didn’t find any mention of permits online.

And of course, that doesn’t help explain what’s happened between 2006 (when purchased for $900,000) and now (asking $749,900).

UPDATE (9/29): Reduced to $699,900.

∙ Listing: 152 Banks (3/2) - $749,900 [MLS]

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

September 10, 2008

Read And Respond At Your Own Risk...

At the risk of rewarding a reader’s bad behavior (hijacking not only one, but two completely unrelated posts), and possibly even feeding a troll (we're willing to give him/her the benefit of the doubt), we’re establishing a “read and respond at your own risk” repository for “In-Contract-At-Infinity.”

Our thanks to everyone who has already responded sincerely, and now on to ICAI's inquiry (and back to your regularly scheduled programming elsewhere)…

UPDATE: Comments on this post make reference to unit 9B at The Infinity and a wildly erroneous contract price. We just confirmed the unit is in contract for over $1,000,000.

Posted by socketadmin at 4:30 PM | Permalink | Comments (69) | (email story)

Never Mind The Nine Reductions, Focus On The Previous Sale (Comp)

Once again, a challenging Cow Hollow location (although no more so now than when purchased for $1,800,000 in October of 2005); briefly in contract earlier this year after being reduced from $2,195,000 to $1,745,000 (damn those wily buyers, or perhaps banks); and after nine reductions, now asking $1,595,000 (11.4% below its previous sale).

∙ Listing: 2243 Greenwich (6/5) - $1,595,000 [MLS]
∙ A Little Extra Perspective On The Listing Market? (2243 Greenwich) [SocketSite]

Posted by socketadmin at 7:00 AM | Permalink | Comments (33) | (email story)

September 9, 2008

Four Years Of District Four Equity Yet Pre-Foreclosure Foreclosed

Last month 10 Fernwood Drive was listed as a “Pre-Foreclosure Opportunity” with an asking price of $1,650,000 (purchased for $1,750,000 in May of 2004). Today, the single-family Monterey Heights home is bank owned and “coming soon.” Would that be a fourclosure?

∙ Four Years Of District 4 Equity Yet Pre-Foreclosure After Four Months [SocketSite]
∙ Monterey Heights Single Family Home - Bank Foreclosure [Craigslist]

Posted by socketadmin at 10:00 AM | Permalink | Comments (45) | (email story)

What’s 140 Days On The Market And $280,000 Between Friends?

Asking $1,975,000 in April; $1,850,000 in May; $1,750,000 in June; and then relisted for $1,695,000 a few days ago, 1915 15th Avenue is now in escrow. In other words, MLS based reports and statistics will reflect an “official” 2 days on the market and an “original” list price of $1,695,000 (with respect to whether or not it sells for over or under asking).

But hey, what's 140 days on the market and $280,000 between friends? Purchased for $1,515,000 on 3/11/2005 with at least a little bit of bathroom remodeling (and basic maintenance) since.

∙ Listing: 1915 15th Avenue (4/3.5) - $1,695,000 [1915-15thAvenue.com] [MLS]

Posted by socketadmin at 5:30 AM | Permalink | Comments (15) | (email story)

September 4, 2008

QuickLinks: A Luxury Market Triptych

∙ Some Extra Bread To Go With That Cake At 2090 Vallejo [SocketSite 8/07]
∙ Mansion Price Drops $7 Million; Bentley Offered on Luxury Homes [Bloomberg 9/08]
∙ Not The Best “Investment” For Agassi In Tiburon [SocketSite 11/06]

Posted by socketadmin at 8:00 AM | Permalink | Comments (2) | (email story)

September 2, 2008

The One Rincon Hill Secondary Market Drops A Data Point (Or Not)

From the listing for One Rincon Hill (425 1st Street) #1606 almost three months ago: asking $1,232,000. From the listing when reduced to $1,120,000: "Offers by 7/30 please." From the listing when reduced to $1,050,000: "Don't miss out on this one!"

From the listing today: withdrawn. And once again, the non-upgraded asking price two years ago on the very first day of sales: $980,000.

∙ Mixed Messages For The Secondary Market At One Rincon Hill [SocketSite]

Posted by socketadmin at 8:15 AM | Permalink | Comments (47) | (email story)

August 27, 2008

Living La Vida Loca Casa Verde (Loca)

A notice of default might have been filed, but it’s another tipster that notes “La Casa Verde” continues to advertise: “Perfect for corporate meetings, luncheons, cocktail parties, film and photo shoots, receptions, spa parties and much more!” Be careful with those deposits.

Also noted, design credits according to the Sunset “Idea House” site:

Architect: John Lum Architecture
Builder: Meridian Builders and Developers
Interior Design: John Lum Architecture
Landscape Architect: Arterra LLP
Green Mechanical Design: Meridian Builders & Developers, Inc., and Sustainable Spaces
Charity Partner: One Brick

And design credits according to “La Casa Verde”:

Architect: Meridian & Whirliegig Inc.
Builder: Meridian Builders and Developers
Interior Design: Meridian Builders & Developers Inc.
Landscape Architect: Meridian Builders & Developers Inc.
Green Mechanical Design: Meridian Builders & Developers, Inc.
Charity Partner: One Brick

No word on whether or not Meridian has plans to become the charity partner as well...

∙ La Casa Verde, San Francisco [lacasaverdesf.com]
∙ It's Not That Easy Being Green For “La Casa Verde” (3027-3029 25th) [SocketSite]
∙ 2007 San Francisco Idea House [sunset.com]

Posted by socketadmin at 7:30 AM | Permalink | Comments (62) | (email story)

August 21, 2008

We Should All Be So Lucky To Have A Plugged-In Friend Like Stu

A plugged-in "Stu" seeks some ideas for a friend:

I have a friend who's…in this scenario: ~150K combined income, 5% down on a 700K peninsula condo bought in late 2005. Interest only on a 5% first mortgage and 3% second (company sponsored, 5/1) mortgage. The monthly cost of owning was probably about equal to renting with the low rates. I think they might have had some trouble refinancing in a few years, but I bet they would have been able to make it work out. Recently, however, my friend decided to change careers, move out of state, and take a substantial (combined 1/2 current salary) paycut. Perhaps a poor financial decision but apparently there's more to life than money.

So after 4 months on the market they've had one offer that fell through due to financing. Now they have a solid offer at 10% below what they paid and the buyers want a fast close. My friend is planning on taking the deal and liquidating the entirety of both of their 401K's (between 100-150K I estimate from what I've been told) to make up the loan balance and pay the sales commission. This should get them free and clear with a few thousand dollars in the bank to start their new life.

What other options are available to them? I hate to see them use 401k money to get out of this jam, because of the taxes and 10% penalty, not to mention the time value (present stock market conditions notwithstanding...) of that money. Being in your late 20s / early 30s with no retirement savings isn't the end of the world I guess. They have no other substantial assets besides the condo (i.e. cars are leased). The best I could think of was to somehow wait until 2009 to liquidate the 401K to lessen the tax hit in their new (3% ) state and presumably lower fed tax bracket. That and to talk to a financial professional.

Any ideas would be appreciated.

It’s not a “friend” as far as we know (not that we'd care). We’ve moved a couple of early responses to get things started. And please try to add value (or back away from the keyboard).

UPDATE (8/22): Stu responds (and thanks).

∙ San Francisco Affordability: Is C.A.R.'s New Reality Already Old? [SocketSite]

Posted by socketadmin at 1:45 AM | Permalink | Comments (107) | (email story)

2542 Fillmore Closes Escrow: Still A Big Win (But Still A Whoops)

The sale of 2542 Fillmore closed escrow on 8/19/08 with a reported contract price of $5,000,000.

As you might recall, the reconstructed 2542 Fillmore hit the market two months ago with a list price of $4,995,000 and buzz, received a pre-emptive offer of $5,500,000 cash with a five day close (which was refused), raised its list price to $5,250,000, and then failed to received an offer on its designated offer date.

No word on whether or not it was the party that made the $5,500,000 pre-emptive offer that picked it up for $500,000 less. But if you see a new Bentley or two rolling down Fillmore...

∙ The SocketSite Scoop On 2542 Fillmore: In A Word, Whoops. [SocketSite]
∙ Built In 1904 (But "Reconstructed" A Century Later): 2542 Fillmore [SocketSite]

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

Yesterday's Comment Of The Day: An All Too Common Misconception

"I saw a lot of (incorrect) comments above regarding how much tax "savings" there are in the case outlined by CAR: $132K income, $690K house, $4420 monthly payment, 5.69% rate, 10% down. So I decided to do a quick scenario analysis.

I assumed a married couple (joint filer), with no dependents. At $132K income, the tax savings are $1,030 per month. That's it. Once again, the idea that one can deflate a house payment by a marginal tax rate is wrong, wrong, wrong. Especially wrong at the relatively low income level of $132K (relative to $46K of deductible interest and prop tax)."

∙ San Francisco Affordability: Is C.A.R.'s New Reality Already Old? [SocketSite]

Posted by socketadmin at 1:15 AM | Permalink | Comments (11) | (email story)

August 15, 2008

QuickLinks: San Francisco Gets Less Surreal, Goldman More Mortal

∙ Carol Lloyd bids Surreal Estate Good-bye [SFGate]
∙ Goldman, JPMorgan May Prove 'Mortal' as Earnings Drop, UBS Says [Bloomberg]

Posted by socketadmin at 4:30 PM | Permalink | Comments (9) | (email story)

When Being “Priced Out Of The Market” Is A Blessing In Disguise

A first-time buyer across the bay picks up a “three-bedroom, two-bath house in East Oakland, for $199,500. The previous owner had paid $475,000.”

Perhaps being “priced out of the market” was a blessing in disguise. The previous owner? Not so blessed.

UPDATE: And simply speaking of the East Bay (but not this neighborhood in specific):

I live in Maxwell park, West of 580 between Foothill and High and have great feelings for the neighborhood, which sees a lot less violet crime than the Laurel. (many house break-ins when school is out, though). It's a great deal considering proximity to BART, hiking, organic grocery stores and GINORMOUS lots (which the laurel does not have). Around 150K less than the laurel, 200K less than the Dimond. Great winding streets, too...

∙ Doors open for first-time home buyers [Business Times]
∙ For A Select Few First-Time Buyers Willing To Cross The Bay [SocketSite]

Posted by socketadmin at 10:30 AM | Permalink | Comments (44) | (email story)

August 14, 2008

It Might Be Time To Adjust That Algorithm (And A Few Expectations)

It’s a fully detached single-family “total fixer” in Bayview. It’s listed at $149,000. The current “zestimate?” $519,000. Keep in mind that it is a probate sale and we don't yet have an actual sale price. But remember, friends don't let friends get zillowed.

UPDATE (8/15): From a tipster, "was listed in May for $270,000" (but never sold).

∙ Listing: 2025 Keith (2/1) - $149,000 [MLS]

Posted by socketadmin at 10:45 AM | Permalink | Comments (22) | (email story)

August 13, 2008

Bernal, Bright And Even A Few Built-Ins For Under $500 $636/SQFT

We saw value (not to mention potential), and apparently we weren’t alone. 321 Prospect closed escrow today (8/13/08) with a reported contract price of $1,100,000 ($636 a square foot and $221,000 over asking).

Let's not forget those invitations to the housewarming. And our apologies for any observer effect on that final price…

∙ Bernal, Bright And Even A Few Built-Ins For Under $500 A Square Foot [SocketSite]

Posted by socketadmin at 12:45 PM | Permalink | Comments (44) | (email story)

August 12, 2008

That Same House In Address Only Sells (And Gooses The $/SQFT)

In 2004 844 Bay Street (the one with the red door) was a two-bedroom single-family home of two thousand and thirty-five square feet and sold for $1,550,000 ($761 per square foot). Having been completely rebuilt and remodeled, a four thousand and five hundred square foot 844 Bay Street closed escrow this past Friday (8/8/08) with a reported contract price of $4,600,000 ($1,022 per square foot). They were asking $5,249,000.

We assume no plugged-in person would ever make the mistake of confusing that 34% increase in the price per square foot with market appreciation (not that over one thousand a square foot is anything to be sneezed at). We have to note, however, that industry statistics will.

∙ The Same House In Address Only: A Contemporary 844 Bay Street [SocketSite]

Posted by socketadmin at 2:15 AM | Permalink | Comments (23) | (email story)

August 6, 2008

Perhaps An Apple A Day Would Keep Their Delusions Away...

"Despite plummeting values across the nation, 62 percent of homeowners believe their property's worth has actually climbed or stayed the same during the past year, according to a confidence survey commissioned by real estate Web site Zillow. In reality, the market price on 77 percent of properties has dropped and only about 24 percent have risen or held firm, the Seattle company estimates.

Residents of western states are only a little less self-deluding. Fifty-six percent acknowledge the market value of their home fell, while 44 percent believe it maintained or gained worth. The reality is closer to 88 percent and 12 percent, respectively, Zillow said."

[Editor’s Note: And no, the irony hasn’t been lost on us.]

∙ Homeowners delusional on value of property [SocketSite]
∙ Luckily The Sellers Weren't Looking At Their "Zestimate" [SocketSite]

Posted by socketadmin at 7:00 AM | Permalink | Comments (32) | (email story)

August 5, 2008

A Shorter Set Of Lyon Street Steps (And A Few Numbers): 2601 Lyon

Purchased for $5,750,000 in March of 2000 and renovated "with quality and luxury" in 2002, the "Villa" at 2601 Lyon Street is once again on the market and asking $8,250,000.

A few other numbers to play with: $4,025,000 (the variable rate loan balance in 2000); 6.7% (the average 1-year mortgage rate in March of 2000); and 4,146 (the square footage of the renovated property).

As an aside and across the street, after a little over a year on the market (but "officially" only 88 days), 2500 Lyon is advertising a "New Price" (reduced to $7,950,000 two weeks ago, asking $9,800,000 in June of 2007) and a “New Look." Still seeking a "New Buyer."

∙ Listing: 2601 Lyon (4/3) - $8,250,000 [MLS]
∙ The Hanging Gardens Of San Francisco: 2500 Lyon [SocketSite]

Posted by socketadmin at 8:45 AM | Permalink | Comments (19) | (email story)

August 4, 2008

Connecting The "Calling All Contractors" Dots (Starting In District 10)

From the listing for 190 Newton in District 10 (Crocker Amazon):

Seller has stopped work and is selling the property AS-IS. Warning - this property is not currently habitable. Permits and plans are available for Buyer inspection….Subject to lender approval of short sale….Money ran out in renovation.

From the listing for 139 Leese in District 9 (Bernal Heights):

Property in a state of complete disrepair….Not habitable at this point in time….Not for the faint of heart. This is rough. Subject to lender approval of short sale.

From the listing for 522 Chenery in District 5 (Glen Park):

[O]wner was in middle of remodel- no walls - down to studs- come take a look!

Can you connect the dots?

∙ Listing: 190 Newton - $399,000 [MLS]
∙ Listing: 139 Leese - $449,000 [MLS]
∙ Listing: 522 Chenery - $659,000 [MLS]

Posted by socketadmin at 1:00 PM | Permalink | Comments (24) | (email story)

August 1, 2008

Two 02’s At 1483 Sutter Street: Same Same But $49,100 Different?

An unstaged 1483 Sutter Street #1202 has been on the market for 146 days. Initially asking $499,900, the price has been reduced four times over the past three months. And as of ten days ago, they’re asking $449,900.

A staged 1483 Sutter Street #1002 hit the market yesterday with new carpet, paint, and much better photography. Other than that, a small slab of marble in the kitchen, and a few decorating differences (like mirrors and no built-in shoji), they look to be about the same. Asking $499,000.

Apparently inflation has wreaked havoc on carpet, paint, cleaning and decorating services.

UPDATE: And as a plugged-in reader notes, "1202 looks like a foreclosure from property shark. Last "real" sale was 7/5/2005 for $550K." Perhaps that helps explain the pricing of #1002. Obviously #1202 isn't a real comp...

∙ Listing: 1483 Sutter Street #1002 - $499,000 [MLS]
∙ Listing: 1483 Sutter Street #1202 - $449,900 [MLS]

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

The Credit Crunch Climbs Up (And Down) The Real Estate Food Chain

Additional details from J.K. Dineen on what’s driving the sale of the seven proposed Renzo Piano parcels (not to mention a few other properties):

California Mortgage and Realty President David Choo is selling off nine properties, including two downtown development sites, in a bid to save his struggling private mortgage company.

In a July 23 Securities Exchange Commission filing, CMR details "cash flow problems" stemming from the fact that 84 percent of the private lender's borrowers in its second fund are delinquent on payments. In the filing, Choo said $5 million of the profits generated from the real estate sales would pay CMR's debts and obligations; another $1.5 million would be set aside for the company's overhead and operating costs.

The properties listed for sale include an office tower development site at 524 Howard St.; a two-family building in Pacific Heights; a condo at the St. Regis; houses in Piedmont and St. Helena; a condo in New York; and the seven-parcel assemblage at First and Mission where Choo and development partner Solit Interests Group had sought approvals to build six razor-thin 1,000-plus-foot towers designed by celebrity architect Renzo Piano. The First and Mission property was recently assessed at $140 million. CMR CEO James Gala said that three properties, one in the South Bay, one in Las Vegas, and one in San Francisco, are in contract to be sold. The loan balance owed on these properties is not known.

Keep in mind that over half of the delinquent loans CMR is working out "come from one development: a $98 million bridge loan funded by CMR and Canyon Capital Realty Advisors for the 2,000-unit Royal Kunia housing development in Hawaii that was current at the end of last year, but has now moved into the delinquent category."

∙ Crunch hits downtown S.F. landowner [San Francisco Business Times]
∙ Proposed Piano Parcels (Including 50 First Street) On The Market [SocketSite]

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

JustQuotes (And A Chart): Consumer Confidence Continues To Decline

"The U.S. economic slowdown has shaken the confidence of even the most affluent Americans as losses spread from housing to financial assets, according to economists at Merrill Lynch & Co.

'We are already seeing the dominoes fall because the well-heeled consumer is now seeing confidence decline at a much faster rate than everyone else (who are already washed out),' writes David A. Rosenberg, North American economist at Merrill Lynch in New York, in a July 29 commentary on the Conference Board's consumer confidence index.

The [Bloomberg] chart of the day shows the rapid decline in the Conference Board's index for Americans with incomes greater than $50,000. The 12-month rate-of-change rivals the descent seen in the year prior to January 1991."

∙ Rosenberg Says `Well-Heeled' Join the Pain: Chart of the Day [Bloomberg]
∙ Bloomberg chart of the day: Consumer confidence, incomes over $50,000 [Bloomberg]

Posted by socketadmin at 7:45 AM | Permalink | Comments (22) | (email story)

July 30, 2008

Another Mid-Century Modern Casualty: A Shift In Tastes Or Appetites?

While the list price on the Henry Hill designed mid-century modern home at 2245 9th Avenue was reduced $100,000 last week, the listing for the Henry Hill designed mid-century modern home at 2209 9th Avenue has simply been withdrawn from the market.

Shifting buyer tastes or appetites?

∙ Mid-Century Modern That’s Been Remodeled: 2209 9th Avenue [SocketSite]
∙ Think Of The Decorating Damage You Could Do At DWR With 100 Grand [SocketSite]

Posted by socketadmin at 12:30 AM | Permalink | Comments (6) | (email story)

July 29, 2008

No, We’re Not On Vacation (Although If This Keeps Up…)

A server meltdown has been hindering our ability to publish (especially graphics and tips) since early yesterday morning. All should be resolved relatively shortly. In the meantime, thank you for your patience and understanding. And as always, thank you for plugging in.

Posted by socketadmin at 6:00 AM | Permalink | (email story)

July 28, 2008

Solaria Sells For About As Much As The Rendered Bugatti In Its Garage

Sixteen months ago we introduced you to “Solaria” (asking $10,700,000 at the time), three months later we shared the scoop (developer ran out of money and notices of default were filed), and yesterday a plugged in tipster dropped us a line:

[166 Buena Vista] caught my eye in today's Chronicle sold list: $1,980,000 on 7/1/08….Would love to know the inside scoop on this one.

As would we. We’re assuming some additional assumed debt besides the reported sale price, but who knows. No really, who knows?

And two bits of irony related to the now defunct marketing site for the property: 1. the reported sale price is well below the combined value of the six cars that were rendered in its garage (and only slightly more than the Bugatti alone), and 2. the “Solaria is a symbol of success” copy.

∙ The SocketSite Scoop On “Solaria” (166 Yerba Buena Ave) [SocketSite]
∙ The Scoop On 168 Yerba Buena Avenue (And St. Francis Court) [SocketSite]
∙ It’s Not Always Fun And Games At The Top (166-68 Yerba Buena) [SocketSite]

Posted by socketadmin at 6:30 AM | Permalink | Comments (7) | (email story)

July 25, 2008

The SocketSite Scoop On 2542 Fillmore: In A Word, Whoops.

Two months ago the reconstructed 2542 Fillmore hit the market with a $4,995,000 price tag, a well received cocktail party and buzz, and an offer date. Shortly after said party, but before the official offer date, a pre-emptive offer arrives: $5,500,000 cash with a five day close. It’s refused (and not on principle, but rather something about wanting to see a six).

The list price is increased to $5,250,000 and the offer date comes and goes (possibly in the reverse order). No offers. Not even from the party that originally offered $5,500,000. Whoops.

The good news, word on the street is that it might be in contract. No word on at what price (or to whom).

UPDATE: And two hours after we published, it's officially "In Escrow - Firm" on the MLS.

∙ Built In 1904 (But "Reconstructed" A Century Later): 2542 Fillmore [SocketSite]

Posted by socketadmin at 11:15 AM | Permalink | Comments (15) | (email story)

July 22, 2008

1487 McKinnon Finally Sells In July 2008 (At A December 2000 Price)

Fifteen months after hitting the market, 1487 McKinnon has closed escrow. A sales recap for the small (900 sqft) single-family house (on a larger lot) since the year 2000: sold for $162,500 (5/00); sold for $200,000 (12/00); sold for $353,000 (5/04); refinanced for $468,000 (8/05); “sold” to the bank for $400,000 (11/07).

A (possibly incomplete) recap on the listing: hit the market for $579,000 (4/07); reduced to a “below market value” (sound familiar?) price of $559,000 two weeks later; “sold” to the bank (11/07 - see history above); returns to the market for $369,900 (1/08); reduced to $269,900 (4/08) and then to $214,900 a week or so later.

The reported contract price on 7/11/08: $190,000. A good buy at under $200,000 as far as we're concerned (considering the underdeveloped lot). And we can’t help but highlight a reader’s comment from three months ago: “Not that Zillow is the benchmark of accurate appraisals, but their zestimate for this house is now $499K. Down from the peak of $618K.” Whoops.

UPDATE: A quality comment from a plugged-in reader in the neighborhood:

House is "unique". First floor level has ceiling height of about 6 ft but with structural beems that I hit my head on. I am 6 ft tall. Upstairs not bad size bedrooms and bath. VIEWS of GG Bridge towers, twin peaks, lots. Very nice views actually. The house was build on the very end of the 25x75 lot. 25 deep by about 15 wide. Not sure if you could tear down the house. Talked to a guy in planning dept. and the entry level space is legal. If you could not tear it down, probably easy to convert to garage and build on rest of the lot.

I live a few blocks away. Better than average for Bayview. No corner liquor stores or projects immenently close. But there was a murder earlier this year on McKinnon between this house and 3rd Street. Probably gang related, but who knows. It is a drive into your garage and stay kind of area right now.

In the long run this will be an interesting view lot for someone. But not sure if a builder would be wise to invest in it now for a business proposition.

Oh, and the "zestimate" as of ten minutes ago: $460,500.

∙ Now 51% Below “Below Market Value!” In Bayview (And It Lasted!) [SocketSite]
∙ Back On The Market And Below “Below Market Value!” In Bayview [SocketSite]
∙ Reductions On Two Two-Bedrooms Approaching Two Months [SocketSite]
∙ For A Select Few First-Time Buyers Willing To Cross The Bay [SocketSite]

Posted by socketadmin at 4:15 PM | Permalink | Comments (44) | (email story)

July 18, 2008

Luckily The Sellers Weren't Looking At Their "Zestimate"

It’s a tipster that notes that rather than renting for 12,000 a month, it appears as though 378 Cumberland has sold off the market for $3,100,000. And yes, that’s just slightly above the pre-sale “Zestimate” of a little under two million.

∙ 378 Cumberland: For Rent [Urban Bay]
∙ 378 Cumberland: Zestimate [Zillow]

Posted by socketadmin at 8:30 AM | Permalink | Comments (47) | (email story)

July 16, 2008

But It’s Glen Park And I’m Told The “Median Sales Price” Is Way Up!

On July 1st 2005 a “Stylish Light & Bright Elegant View Home” in Glen Park sold for $910,000. Three years and a $40,000 kitchen later, 24 Addison closed escrow (after 80 days) with a reported contract price of $975,000. As a plugged-in tipster notes:

So a gross increase of $25,000 in three years. Throw in 7% transaction fees and any concessions needed to get this beast closed. Who says you can't loose money in (fairly) prime SF real estate?

The kicker? Our tipster is the one who happily sold the place in 2005 (and who also adds, “the fireplace screen with a hole in it that a renter left me was highlighted in all the [listing] photos”).

Now granted, this sale still represents effective annual appreciation of just under 1% over the past three years for this single-family Glen Park home, but any guesses as to what’s happened to the neighborhood “median sales price” over that same period of time?

Posted by socketadmin at 12:45 AM | Permalink | Comments (40) | (email story)

July 15, 2008

A Tipster’s Tongue-In-Cheek (We Think) Sign Of The Times…

A tongue-in-cheek (we think) tip and chuckle from a plugged-in reader: “What does it say about the market when one of the top agents has a sign like this?”

UPDATE: According to a plugged-in tipster the agent is out front fixing the sign. Total time elapsed from our post to the agent being on site: a little over an hour.

Posted by socketadmin at 8:30 AM | Permalink | Comments (15) | (email story)

July 9, 2008

One Antithetical Quote To The “Foreclosures Aren’t Comps” Argument

An anecdotal quote that runs somewhat antithetical to the “foreclosures aren’t comps” argument:

"Our experience is the bank has a number (the asking price); they will hold that for a while," [Re/Max Realtor-broker Joe Metz] said. "If they don't get that number for three or four weeks, they will lower the price a little more. Banks are very smart about how they do this. They move them very quickly and for about as much as anybody could get."

Granted, it's from an East Bay broker where foreclosure activity continues to be significantly more meaningful than in San Francisco, but the trend is up across the board.

Also up, the ratio of properties that receive a notice of default (NOD) that eventually become bank owned (REO). A sign of dropping values, not only financial duress.

∙ How to buy a foreclosed home [SFGate]

Posted by socketadmin at 9:00 AM | Permalink | Comments (2) | (email story)

Sacrebleu! And How Dare They Imply Such Edgy Architectural Design!

And speaking of European parallels (or perhaps unfortunately not):

The rim of Paris looks set to rise skyward, as the city council considers allowing taller buildings in this historically low-rise capital. The move targets only the city's inner perimeter for now, but is prompting a firestorm of argument about how to adapt the Paris skyline to the 21st century.

Forget the density argument for a moment; it’s interesting to note the boldness of the implied architecture. Those Parisians obviously don’t understand that modern architecture is sure to destroy the historic identity and desirability of their fair city (see Centre Pompidou for example).

It’s a good thing we know better. Now add another bay window to that design…

∙ Paris' low-rise skyline inching upward [Associated Press]
∙ Centre Pompidou [centrepompidou.fr]
∙ Let's See, Drop The K And Carry The S... [SocketSite]

Posted by socketadmin at 5:30 AM | Permalink | Comments (24) | (email story)

Let's See, Drop The K And Carry The S...

We're not about to jump the pond fulltime (at least not yet). But it is a bit eerie, or to some perhaps comforting, to see the parallels in the U.K. market as mortgage rates rise (now at 6.63 percent for the equivalent of a two-year ARM).

The U.K. is skirting a recession as house prices fall, oil costs rise to a record and lenders refuse to pass on the Bank of England's three interest-rate cuts since December. Policy makers, who make a rate decision tomorrow, said last month that they considered increasing borrowing costs after inflation accelerated to the fastest in a decade.

"This is doom and gloom," said Alan Clarke, an economist at BNP Paribas SA in London. "The housing market is in freefall and unemployment is rising. The Bank of England's credibility is in question with the worst peak in inflation in its history, but there are a lot of reasons not to hike now."

And now back to the "Supercities" discussion...

∙ U.K. Mortgage Rates Surge, Consumer Confidence Slumps [Bloomberg]
∙ Supercities Are Immune To Declines (At Least Until They’re Not) [SocketSite]

Posted by socketadmin at 4:00 AM | Permalink | Comments (17) | (email story)

July 8, 2008

Let’s Get It Right (And On The Record): Basic Instinct = 2930 Vallejo

If you’re thinking 'Basic Instinct,' this is the house (2930 Vallejo). Not 2950 Vallejo (which is right next door) nor 2100 Vallejo (which is not).

Simply consider this a “sleepiguy” inspired public service announcement of the week. And should the question ever again arise, you now know where to link...

∙ Trophy Home Watch On Vallejo: Next Door Neighbors Edition [SocketSite]
∙ It Might Not Have A Name, But It’s A Vallejo Mansion Nonetheless [SocketSite]

Posted by socketadmin at 4:45 PM | Permalink | Comments (4) | (email story)

It’s Time For Another Industry Report Asterisk (2100 Vallejo Edition)

On Sunday the listing for 2100 Vallejo “expired” along with its 214 days on the market (DOM), original list price of $25,000,000, and subsequent $2,000,000 reduction. On Monday, however, a new listing appeared.

Official MLS days on the market for purposes of industry reporting: one (1). And its new "original" list price: $23,000,000 (which includes the garden/lot next door).

∙ Listing: 2100 Vallejo (5/5.5) - $23,000,000 [MLS]
∙ It Might Not Have A Name, But It’s A Vallejo Mansion Nonetheless [SocketSite]

Posted by socketadmin at 6:30 AM | Permalink | Comments (17) | (email story)

July 3, 2008

Another Round Of Virtual Applause: SoMa’s Emerging Midtown Panel

Another round of virtual applause for our plugged-in panelists last week who were willing to share their thoughts - and the scoop when you cornered them - on SoMa’s emerging Midtown. From left to right above:

∙ Nina Gruen, Principal, GRUEN GRUEN + ASSOCIATES
∙ Daniel Hurtado, Executive Director, Central Market Community Benefit District
∙ Walter Schmidt, Chief Financial Officer, Trinity Properties
∙ Astrid Haryati, Director of Greening, Office of the Mayor, City of San Francisco

A favorite unforeseen topic: how might Astrid’s most recent post in Chicago lend itself to expediting activity in San Francisco? And of course, how long will it take for a Midtown neighborhood to really take off? (Our bookmakers put the over/under at five years.)

Once again, our thanks to Soma Grand for providing a terrific venue, beverages, and sponsoring the event. And yes, the next gathering is already in the works.

∙ Scoop: Next Wednesday’s (6/25) Gathering For Plugged-In People [SocketSite]

Posted by socketadmin at 3:15 PM | Permalink | Comments (15) | (email story)

A Beacon One-Bedroom Sells For Over Asking! (And Only 25% Less)

The sale of 260 King Street #957 closed escrow yesterday with a reported contract price of $645,000 ($584 per square foot).

Official industry statistics will report yet another over asking sale (by $100), while we’re left to report a new Beacon “comp” at roughly 25% less than what was previously paid (tax records suggest a price of around $860,000 or $782 per square foot). Do keep in mind, however, that this bank owned sale (note 1) didn’t include any appliances or even many of the fixtures (note 2).

And as always, let's not forget those invitations to the housewarming, we'd love to see what you did with those shades.

∙ Bank Owned (With Big Windows) At The Beacon: 260 King #957 [SocketSite]
∙ Window Coverings: Can You Beat The Heat And Help A Reader Out? [SocketSite]

Posted by socketadmin at 12:45 AM | Permalink | Comments (27) | (email story)

Supercities Are Immune To Declines (At Least Until They’re Not)

The emergence of “supercities” is a frequent refrain amongst those who believe that San Francisco is amongst an elite group of cities whose property values are relatively immune to decline. From Newsweek International:

Further evidence that top cities may be less vulnerable to the usual boom-and-bust cycle comes from a lengthy working paper written by three economists from the Wharton School of Business and Columbia University for the non-profit National Bureau of Economic Research. The researchers identified several American cities like San Francisco, Los Angeles, Seattle and Boston that attract ever-larger numbers of high-income people willing to pay a premium to live there. The rise of such cities is rooted in the unprecedented proliferation of very affluent families in the United States that occurred in the second half of the 20th century. While the total number of families living in U.S. metropolitan areas doubled during that period, the number making more than $140,000 annually in constant 2000 dollars grew by eightfold.

Though the study focused on America, one of its authors sees a parallel process underway in some foreign capitals. "You need a combination of two things: a growing number of high-income folks who want to be together in a certain market and an unwillingness or inability to provide substantially larger numbers of new housing," says real-estate and finance professor Joseph Gyourko of the Wharton School. "Certainly London fits the mold and so does Paris, where you have a growing economy, a skewing of income distribution and very limited supply in the areas that are much in demand."

Of course we must mention that luxury-home prices in central London fell 1.7% in June. And that’s two months of decline in a row.

∙ Endless Light [Newsweek]
∙ London Luxury-Home Prices Declined for Second Month [Bloomberg]

Posted by socketadmin at 12:30 AM | Permalink | Comments (53) | (email story)

July 2, 2008

Can You Really Eat Your Eco-Cake And Have It Too?

From a reader yesterday (in response to an interesting comment from a car-less couple happily inhabiting a 470 square foot studio in the city):

i'm sick of people flaunting their eco credentials when they have two Prius's (or would that be Prii?) sitting in the driveway of their 2000+ sq ft house while they eat steak and foie gras at the latest hot restaurant living in a small studio space is not for everyone, but doing so, without a car, is the definition of sustainability.

i happen to drive a car to work that is not a hybrid, and i have too many sq ft for my family size, but I have not nor will i ever present myself as living an ecologically friendly lifestyle.

And ironically, from the Chronicle today:

From the looks of their new, contemporary-on-the-outside, luxe-on-the-inside, 6,000-square-foot Hillsborough home and from the smiles on their faces, the Rubensteins' effort to make the greenest selection at every step of the building process seems to have yielded a harmonious synergy of livability, luxury and environmental responsibility.

∙ A glam, glitzy and green Hillsborough mansion [SFGate]
∙ Mini Meltdown At The Metropolitan? (333 1st Street #N1906) [SocketSite]

Posted by socketadmin at 12:00 PM | Permalink | Comments (55) | (email story)

Later Dizzle For Shizzle: Let's Call It Irony Rather Than Foreshadowing

Three months ago on SocketSite:

It’s more an ad for AT&T than an actual overview of his pad. And it’s not for sale. But it is interesting to note that Baron Davis lives adjacent to the Transbay Terminal.

Perhaps it's time to take another look (and get ready to strike that second sentence).

UPDATE: From a plugged-in reader: "Baron does not own the condo...he leases it." A multi-millionaire renter? Heresy!

∙ Boom Dizzle (AKA Baron Davis) Is In The His House (And SoMa) [SocketSite]
∙ Later Daze, Baron: Davis leaves Warriors for Clippers [SFGate]

Posted by socketadmin at 5:00 AM | Permalink | Comments (22) | (email story)

June 27, 2008

Incentives In San Francisco: They’re Not Just For Condos Anymore

According to J.K. Dineen, half a million square feet of unneeded office space in San Francisco has returned to the market over the past few months. And if you’re trying to time the market with respect to a move, the next 18-24 might be a good time to act.

While many landlords still resist lowering asking rates, concessions in free rent and tenant improvements are becoming more and more generous. Three- and four-year deals that landlords would have rejected a year ago were widespread. In fact the average lease term in the second quarter was 49 months, some 10 months shorter than average deals seen in 2006 and 2007, according to Colliers.

And once again, while an oft reported industry metric (in this case average base rent) might suggest one thing about the market, the actual trend in effective rents might suggest another.

∙ Office space floods onto San Francisco market [Business Times]

Posted by socketadmin at 11:00 AM | Permalink | Comments (6) | (email story)

June 25, 2008

Below Some Expectations (But Not If You’re Dan): 1635 Castro Closes

First on the market for $1,595,000 but quickly reduced to $1,495,000 (at which point a few expected it to fly), and then to $1,400,000 (“The deal of the year!”), 1635 Castro Street closed escrow yesterday with a reported contract price of $1,350,000.

Hats off to Dan who was on the record a month ago with his plugged-in prediction: “I'll say it goes for $1.35M.” And that it did.

∙ It Might Just Be Marketing, But What The Heck: 1635 Castro Street [SocketSite]
∙ Perhaps It Wasn’t Just Marketing: 1635 Castro Sheds Another $100K [SocketSite]

Posted by socketadmin at 12:15 PM | Permalink | Comments (57) | (email story)

The Latest Listing For The Captain’s House Sails Into The Sunset

After an effective 65 months on the market, an $8,000,000 renovation and $2,400,000 price increase (followed by a $3,900,000 reduction), the latest listing for 300 Sea Cliff (a.k.a. The Captain’s House) has been withdrawn from the MLS. No word on whether or not it will soon return or was quietly sold. And if so, with (or to) whom and for how much.

Perhaps stucco really isn't more palatable to those modern millionaire tastes...

∙ Listing: 300 Sea Cliff Avenue (5/5.5) - $22,000,000 [Sotheby's]
∙ Top Five San Francisco Trophy Homes [SocketSite]
∙ The $8,000,000 Man Renovation [SocketSite]
∙ Another Chance At (For?) The Captain's House (300 Sea Cliff Ave) [SocketSite]
∙ 300 Sea Cliff: $3,900,000 Reduction (After An $8,000,000 Renovation) [SocketSite]
∙ Can’t Sell? Then Stucco! [SocketSite]

Posted by socketadmin at 9:45 AM | Permalink | Comments (13) | (email story)

Psst! Hey Buddy, You Need A Kitchen To Go With That New Condo?

Last week the sale of 151 Alice B. Toklas Place #708 closed escrow with a reported contract price of $580,000 ($40,000 under asking).

To recap, purchased on 10/05/06 for $865,000; remodeled with a high-end kitchen (think Pedini) and bathroom; then subsequently “un-remodeled” and sold back to the bank (less the $55,000 kitchen and bathroom fixtures) for $708,933 on 1/9/08 (and following an unfortunate turn of events).

If you happen to be (or know) the buyer and are interested in repurchasing said kitchen and a toilet that’s “worth more than you think,” you know where to plug in. And regardless, let’s not forget those invitations to the housewarming (after it's re-remodeled, or at least has a toilet, of course).

∙ Another Non-Comp Comp Along The Booming Van Ness Corridor [SocketSite]
∙ Change Of Heart, Cash Crunch, Or A Condo Sitter Gone Crazy? [SocketSite]
∙ From Foreshadowing To Foreclosure For A Marquee Loft Off Van Ness [SocketSite]

Posted by socketadmin at 1:30 AM | Permalink | Comments (11) | (email story)

June 23, 2008

When Friia Ruled San Francisco Real Estate (A Reader’s Recollection)

Our piece on 1001 California resurrected the name Vincent Friia, a flamboyant fixture of a bygone era in San Francisco (and its real estate). A reader recollects (slightly edited for republication):

Whatever happened to Vincent Friia?

Indeed! For those who have lived in this city for less than ten years, you cannot imagine what a different place used to be. Vincent Friia's parties and other "activities" are part of what was a city you would not recognize.

Melvin Belli running naked from his mansion (outer Broadway) firing a pistol at his wife who hosted a real estate show for the highest priced properties on television, Noe Valley was an affordable neighborhood that a school teacher could buy a home in. The Castro and Soma were actually neighborhoods that had REAL nightlife with clubs staying open till 7am, not places where homes could be flipped and condos could have an "edge".

What I miss most is that it was a city that wanted to have fun, instead of a city that produces another IPO or Dwell Victorians. I am 43 years old, but am really feeling nostalgic for a city that I cannot even describe to people who move here now. Thank goodness I bought my home when this city was affordable (and it WAS!).

And speaking of affordable San Francisco real estate, from a 1995 Herb Caen column (in which Friia is referenced earlier in the piece):

At 1 a.m. Sunday, Beth (Mrs. Jim) Dunbar handed $3 to a Gate Bridge tollkeeper, who let out a noisy yawn. "Am I keeping you up?" inquired Beth. "No," said the guardian of the gate, "but my mortgage is."

And in terms of actually answering the question of whatever happened to Vincent Friia, unfortunately we don't have the scoop (but perhaps a plugged-in reader or two might).

∙ One Expensive One-Bedroom In A Beaux Arts Building We Love [SocketSite]
∙ San Franciscaena [SFGate]

Posted by socketadmin at 8:00 AM | Permalink | Comments (19) | (email story)

June 20, 2008

The New New Bottom Line: Observer SocketSite Effect In Action?

Earlier this week on SocketSite:

Our thoughts on the listing for 1083 Hollister seventeen months ago (listed for $499,000 at the time). A take-charge (which we love) reader’s survey of the property and location soon thereafter. And the “newly renovated” listing today (asking $688,000).

From a plugged-in tipster this morning:

The seller for the house on Hollister is now asking $800,000 ... I guess from all the Internet "buzz."

And newly added to the listing: “Seller's bottom line $700,000.”

∙ From Relative Value To Recently Renovated, 1083 Hollister Returns [SocketSite]
∙ Relative Value From Top To Bottom [SocketSite]
∙ Listing: 1083 Hollister (7/4) - $688,000 [MLS]

Posted by socketadmin at 11:45 AM | Permalink | Comments (22) | (email story)

From Sand Hill To San Francisco: The Reverse VC Commute Continues

“Menlo Park-based Sequoia Capital, one of Silicon Valley's most successful venture capital firms, has agreed to lease the top floor of the office tower Tishman Speyer is building at 555 Mission St.….If completed, the deal would be the third major tenant Tishman has landed at 555 Mission St. at a time when the city's commercial real estate market has cooled considerably.”

“Sequoia would be the latest in a growing list of Sand Hill Road venture capital firms establishing presences in San Francisco or moving here altogether. In 2007, investor Sandy Robertson moved his $5 billion private equity group Francisco Partners to the Letterman Digital Arts Center in the Presidio. At 1650 Owens St. in Mission Bay, developer Alexandria Real Estate Equities has signed deals with four VCs, including Versant Ventures, Novo Ventures and Arch Venture Partners.”

UPDATE: From a plugged-in reader: "Sequoia's office in SF may validate the recent rumor of their extension into starting a "hedge fund like entity" in the group."

∙ Tishman Speyer tags Sequoia Capital for 555 Mission [Business Times]
∙ A Virtual Tour Of 555 Mission Street (And Downtown San Francisco) [SocketSite]

Posted by socketadmin at 10:15 AM | Permalink | Comments (21) | (email story)

June 17, 2008

New Twist: The First Resale Short Sale At Candlestick Point - The Cove

While we often note the first few resales in a new development as a measure of open market value, here’s a new twist: the first short sale (as far as we know).

SHORT SALE. Gorgeous 3BR/2BA 1 year new condo at Candlestick Point, a beautiful gated community. Inviting living room/dining area combo has interesting outlook to the ballpark and water. Good-sized bedrooms and two baths with ample closet space. Two decks for lounging and outdoor enjoyment. 2 parking spaces. One of the few units with 2nd parking space.

Our initial thoughts from afar (and original pricing for the development).

UPDATE: From a plugged-in reader: "There was another unit @ CP that was sold at public auction it was listed in the high threes and ended up selling in the high fours it was a 2 brm unit."

∙ Listing: 401 Crescent Way #4109 (3/2) - $579,000 [MLS]
∙ The Cove (Candlestick Point) [SocketSite]

Posted by socketadmin at 12:30 PM | Permalink | Comments (36) | (email story)

June 16, 2008

Save Some Cash. And While You’re At It, Please Save The Stove.

The listing for 2737 Clay prominently notes: “approved plans and permits for a major remodel” (and not so prominently, recently reduced $200,000).

And while we have no doubt those plans call for overhauling the kitchen (with which we can't argue), we have a feeling they don’t call for saving that stove (with which we can).

∙ Listing: 2737 Clay Street (6/5) - $3,250,000 [MLS]

Posted by socketadmin at 10:56 AM | Permalink | Comments (38) | (email story)

June 11, 2008

Potential November Ballot Measures: Condo Lottery For Two-Units?

At least five real estate related measures are now six supervisor votes away from making onto the November ballot. Yesterday’s introductions from supervisors Peskin, McGoldrick, and Daly:

1. Increase property transfer tax on sales of $2+ million from 0.75 to 1.5 percent (Peskin)
2. Establish staged tax increase on property sales starting at $1 million (McGoldrick)
3. Prohibit harassment by a landlord/provide rent reduction fines (Daly)
4. Prohibit OMI evictions of units with children <18/amend definition of disability (Daly)
5. Place two-unit buildings into the condo-conversion lottery (Daly)

Any plugged-in bookmakers care to provide odds?

∙ Measures for November ballot put forward [Examiner]

Posted by socketadmin at 8:45 AM | Permalink | Comments (49) | (email story)

June 6, 2008

Too Much Green For The Hood Too Soon? (In More Ways Than One)

After 261 days on the market (and a 9% price cut), the listing for 1303 Alabama (a.k.a. half of the Sunset Idea House) has been withdrawn from the market. No word on why or what's next.

∙ The SocketSite Scoop: Half Of The Sunset Idea House Hits The Market [SocketSite]
∙ Sunset’s 2007 San Francisco Idea House: A Few Facts [SocketSite]

Posted by socketadmin at 12:15 PM | Permalink | Comments (7) | (email story)

June 5, 2008

Perhaps The Views Aren’t The Only Thing To See: 3911-17 19th Street

It’s not exactly an apple but it is kind of interesting (and perhaps the views and architecture aren’t the only things to “see”). From a plugged-in reader seven weeks ago:

It's not quite a tip, but 3911 19th Street is on the market now. 3917 19th street, designed by the same architect [James Shay] with essentially the same floor plan, and built at the same time, sold in December for 2.095. 3911 is listed for 2.295. My agent says the additional 300 sqft (over four levels?) justifies the higher price, and that the seller will be reviewing offers on Wednesday [4/16]. I guess we'll see.

A week later the list price was reduced $100,000. And a month after that (two days ago) the list price was reduced another $100,000. Currently asking $2,095,000 (additional 300 square feet and all).

No word on what our reader's agent is saying now.

∙ Listing: 3911 19th Street (4/3) - $2,095,000 [MLS] [Virtual Tour]

Posted by socketadmin at 9:00 AM | Permalink | Comments (7) | (email story)

June 3, 2008

Gone Voting (And If You Haven’t Already, So Should You)

It’s possible than less than one-third of registered voters will cast ballots today and decide the fate of Propositions 98 and 99, F and G. Our votes are going to count, will yours?

UPDATE: A plugged-in Bayview resident’s comment regarding F and G that’s worth a read. And should you choose to share, a kind request to consider providing a "why" in addition to the "how" you marked your ballot.

UPDATE (6/4): The final results: Proposition 98 Fails/99 Passes, Measure F Fails/G Passes.

∙ Proposition 98: An Interesting Perspective And Opportunity For "Play" [SocketSite]
∙ JustQuotes: The Ballot Battle Over Hunters And Candlestick Point [SocketSite]
∙ Results: Proposition 98 Fails/99 Passes, Measure F Fails/G Passes [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (33) | (email story)

May 29, 2008

Damn That Planning Department To Hell! Oh, Wait A Minute…

There’s always another perspective to consider. And with regard to who’s to blame for “bad” design in San Francisco, here it is (slightly edited for spelling and flow):

You can blame bureaucracy all you want, but in the end, it's simply not the problem with bad design in San Francisco. Over 90% of all the projects in SF are "designed" by hacks. In fact, a large majority of the new buildings are not even designed by architects, but by engineers and production architects who just churn out one project after another.

The architectural world refuses to criticize itself and you'll never see an architect show up at a Planning Commission meeting and say about someone else's project, "this proposal is trash and this architect is a hack." The architectural field loves to hand out awards to the better among them, but they never lambaste their own and search within. There are too many faux-"architects" and engineers who get too much work in this town.

Planners don't design the buildings -- they can't make a bad designer design a good building. If you were in their shoes, you'd get a sense of what it's like to have 1 decent proposal come across your desk for every 99 pieces of crap, all by the same 10 firms.

And a response that made us chuckle (and offers some perspective 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

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)

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

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 (20) | (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)

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

While we featured 2140 Bush Street #5 two years ago when it was listed for $1,195,000, the fact that it’s back on the market today for $1,695,000 doesn’t actually speak to market appreciation (think complete overhaul and another aspect of "mix").

The higher resale price will, however, contribute to a higher average sales price for properties in the neighborhood (and industry reports of said "appreciation"). But the only appreciation of which we can be absolutely certain is ours (for the pad).

∙ Listing: 2140 Bush Street #5 (1/1.5) - $1,695,000 [MLS]
∙ Loft Style Living In Pacific Heights [SocketSite]

Posted by socketadmin at 12:00 PM | Permalink | Comments (28) | (email story)

April 23, 2008

Look At Those Stats! (Just Not That Previous Sale): 3324 Octavia #4

While the sellers of 3342 Divisadero are still seeking a buyer, 3324 Octavia St #4 has closed escrow a little to the east (on more stable ground in the Marina) with a contract price of $739,000. That’s just over $982 per square foot! And heck, had it been listed at $600,000 that would have been $139,000 over asking (and most likely with multiple offers)! It all sounds (or would sound) quite impressive.

Then again, a sale at $739,000 is $11,000 less than what the sellers paid for this District 7 condo almost four years ago (on 7/16/2004). Perhaps they simply "overpaid" at the time. Of course that would suggest anybody that relied on the sale as a comp four years ago probably overpaid as well. And so on. And so forth.

And in terms of the effective after-tax cost of owning this one-bedroom condo over the past four years, we’d estimate at least $3,300 a month. And that’s not including any transaction costs associated with buying or selling the property. Or the depreciation.

∙ An Apples To Apples Comp To Be Is Back On The Market In The Marina [SocketSite]
∙ An Update (And Reduction) For A Marina Apple To Be: 3342 Divisadero [SocketsSite]

Posted by socketadmin at 6:10 AM | Permalink | Comments (82) | (email story)

April 22, 2008

U.S. Existing-Home Sales Slide (This Time Despite The Seasonality)

The pace of U.S. existing-home sales fell in March to a seasonally adjusted rate of 4.93 million units. That’s down 2.0 percent from the month prior and down 19.3% from the pace of a year prior. Median sales price is down 7.7% (YOY).

Huh. So much for that February “recovery.” And perhaps that wacky housing market is somewhat seasonal after all. Who knew.

∙ Existing-Home Sales Slip in March [NAR]
∙ The Good And The Bad (But Not Necessarily The Ugly) [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (27) | (email story)

April 21, 2008

A One-Bedroom Resale Officially Joins The Twos At One Rincon Hill

As far as we know it’s the first one-bedroom resale at One Rincon Hill to officially hit the MLS and they’re asking $719,000 for the 725 square foot condo on the 18th floor. At the same time, and for a thousand dollars less, a resale on the 33rd floor is one of a handful of one-bedrooms that has been unofficially listed on Craigslist for quite some time.

I have a unit which I put a deposit down back in Aug. of 06. I paid 728,000 for the unit and am willing to take a 10k hit. I need someone to take over my contract.

According to earlier posts the deposit was $25,000 so you might have some room to negotiate the size of that "hit." Then again, if values are up since 2006 it seems rather strange that you should be able to negotiate a “hit” at all.

∙ Listing: 425 1st St #1805 (1/1) - $719,000 [MLS]
∙ $718000 Rincon Hill 33rd Floor [Craigslist]

Posted by socketadmin at 8:30 AM | Permalink | Comments (85) | (email story)

If This Has Been The Calm, What Happens To Sales During The Storm?

“The Bay Area's largest public companies experienced the calm before the storm in 2007. Amid signs of an impending recession, local companies continued to expand at a moderate pace, one that most other U.S. regions would envy.

The Chronicle 200, [an] annual report on the 200 largest public companies in the Bay Area, demonstrates the economic diversity and health of this region. Despite a national housing slump and credit crunch, most companies still delivered solid financial performances in 2007 - although there are clearly clouds on the horizon for 2008.”

“Some of that resilience can be traced to local companies' strong presence on the world stage. Most of the corporate leaders, especially Silicon Valley companies, have major international sales. The dollar's weakness has fueled the rest of the world's appetite for U.S. products.

The flip side is that many of those companies also have hefty employment rolls overseas, so while their robust global sales boost the bottom line back home, they don't necessarily translate into job growth here.”

∙ Chron 200: Bay Area enjoys calm before the storm [SFGate]
∙ San Francisco Recorded Sales Activity In March: Down 20.6% YOY [SocketSite]

Posted by socketadmin at 7:30 AM | Permalink | Comments (10) | (email story)

April 18, 2008

Do As The Agent Says, Not As The Listing Notes (Or The Sellers Do)

While the listing touts: “Sell your car. You won't need it anymore as this condo is so centrally located to everything that is San Francisco,” the listing also advertises two car parking. Leased (for $550 per month) of course.

∙ Listing: 1252 Washington Street (2/1.5) - $895,000 [MLS]
∙ A Parking Space (And MLS) Pet Peeve [SocketSite]

Posted by socketadmin at 1:03 PM | Permalink | Comments (11) | (email story)

Fortunes Can Be Fleeting (And Mansions Can Be Foreclosed Upon)

From the listing:

This magnificent Pacific Heights mansion consists of seven bedrooms, six full baths and 3 half baths. The home features a ballroom, gallery, formal dining room, library, family room w/ Golden Gate Bridge view, seven fireplaces, two balconies, two terraces, elevator to all four levels, large butler's pantry and a grand kitchen. The lower level offers a two bedroom, one and a half bath apartment, access to garden and a four car garage. Incredible quality, exquisite details; truly a masterpiece!

From our plugged-in tipster:

Listed in 2002 for 13,500,000 but withdrawn. No sale. Property is [now] bank owned.

And from us: Home to Danielle Steele and John Traina before moving a few blocks east to the Spreckles Mansion in 1989, 2510 Jackson was purchased by Critical Path founder David Hayden in 2000. As Hayden’s fortunes changed along with those of Critical Path during the dot-com bust, Robertson Stephens moved to foreclose on the mansion in 2002. And then a few months later, Robertson Stephens’ fortunes changed as well.

We don’t know who actually ended up with the mansion on their books (although we do know that Bank of America was in for $5 million in 2000), or when it actually landed there (PropertyShark seems to suggest it’s still owned by Hayden). But we do know the asking price in 2008: $14,900,000.

Now about that newfangled dot-com web 2.0...

UPDATE: From a plugged-in reader: "[T]ransfered with a sheriffs deed on 4/3/08 for 6.1mil to Robertson Stephens."

∙ Listing: 2510 Jackson (7/6.5) - $14,900,000 [MLS] [Sotheby's]
∙ Critical Path founder feuds with bankers [SFGate]
∙ Robertson Stephens to close [San Francisco Business Times]

Posted by socketadmin at 10:36 AM | Permalink | Comments (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)

It’s more an ad for AT&T than an actual overview of his pad. And it’s not for sale. But it is interesting to note that Baron Davis lives adjacent to the Transbay Terminal. And we have a feeling that it’s not because he simply can’t afford anything in District 7.

∙ See How They Live: Baron Davis [AT&T]
∙ Some Relative Perspective On The Position Of The Transbay Project [SocketSite]

Posted by socketadmin at 10:52 AM | Permalink | Comments (8) | (email story)

April 7, 2008

From Foreshadowing To Foreclosure For A Marquee Loft Off Van Ness

Four months ago we called out a Craigslist ad which read:

I have a modern kitchen by Pedini for sale. With the appliance I paid apx $55,000 for it….Its current installed in my condo. It was never used….You have to take out and install it your self. Includes all the appliances….Im located in off Vanness. Send me your offers. Please no under bidders I need it. sold asap.

Last week we called out a Marquee building condo that's missing a kitchen, is touting a “motivated” seller (Merrill Lynch Mortgage Lending), and is listed for $620,000 ($245,000 less than its last open market sale eighteen months ago).

And this weekend a plugged-in reader put the pieces together (which a few others saw coming a mile away).

∙ Change Of Heart, Cash Crunch, Or A Condo Sitter Gone Crazy? [SocketSite]
∙ Another Non-Comp Comp Along The Booming Van Ness Corridor [SocketSite]

Posted by socketadmin at 7:45 AM | Permalink | Comments (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

A plugged-in “Tipster” correctly identified the listing to be based on a single view shot from the balcony, and now it’s officially here. From before to after, 2848 Union Street has been “extensively remodeled” in conjunction with Werner Design Associates inside and Topher Delaney out back.

And while we do like what they’ve done throughout, we have to admit it’s the garden area that immediately caught our attention as what was once described as a “charming Green House or ideal Play House for the youngsters in the family” has been replaced with “an exquisite contemporary oasis with fire and sculpture elements.”

And no, this isn’t any April Fool’s.

∙ Listing: 2848 Union Street (3/3.5) - $5,000,000 [SF Properties] [Previous Sale]
∙ Coming Soon In Cow Hollow (But We Want To Know Now) [SocketSite]

Posted by socketadmin at 8:27 AM | Permalink | Comments (25) | (email story)

A Tripling Of Sales! (After Effectively Reducing Prices By A Third)

Over the past thirteen months only twenty (20) of the 157 condos in the new Eight Orchids development in Oakland have sold. But on Sunday that number tripled in a matter of hours as 41 units "successfully" went to auction.

One of the early single-bedroom condos sold for $316,000, up from a starting bid of $245,000 but well below the original $435,888 asking price. The auction for a three-bedroom, three-bathroom town home started at $475,000, stalled around $528,000 and then quickly ran up to $534,000….That was nearly 34 percent off the list price of $805,888.

The big question, will the extra 41 units now in contract create the momentum needed to move the remaining 96 units at prices closer to list (you know, what those early twenty buyers paid), or has it simply exposed the "new new" market price for all of the units in the building (and perhaps even beyond)?

∙ Luxury condos in Oakland sell at a discount [SFGate]
∙ JustQuotes: Might It Draw Demand From Way Over In San Francisco? [SocketSite]

Posted by socketadmin at 7:41 AM | Permalink | Comments (14) | (email story)

March 31, 2008

Another Non-Comp Comp Along The Booming Van Ness Corridor

There's no longer a kitchen (or even really a bathroom). But the listing is touting “instant equity” and a “motivated” seller for this “unfinished” loft in the Marquee building along the booming Van Ness corridor.

Currently listed at $620,000, 151 Alice B. Toklas Place #708 changed hands on 9/30/04 for $607,500, on 10/05/06 for $865,000, and most recently on 1/9/08 for $708,933. Of course that last “sale” was to Merrill Lynch Mortgage Lending.

It's also interesting to note that #808 last changed hands on 4/27/2007 for $819,500. And at the time, the buyer likely counted on the sale of #708 in 2006 (at $865,000) as a comp.

∙ Listing: 151 Alice B. Toklas Place #708 (1/1) - $620,000 [MLS]
∙ JustQuotes: A Reminder That They’re Not Just Building Down In SoMa [SocketSite]

Posted by socketadmin at 1:30 AM | Permalink | Comments (20) | (email story)

March 26, 2008

Going Once, Going Twice...“Sold” For $700,000 (41 Federal #42)

With around sixty people in the room, but only a few active bidders, the high bid at today’s auction for 41 Federal #42 was $700,000 (and apparently it wasn’t “outbid”). As a plugged-in ex SF-er correctly surmised, however, the bank now has seven days to decide whether or not to accept the bid (which we’d be surprised if they didn’t).

A recorded sale at $700,000 would represent a drop of $180,000 (20.5%) from the original purchase price in December of 2006, and would also establish a new building “comp” at $760 per square foot.

That being said, keep in mind that the unit looked like it had never been occupied, and the reported sale price of $880,000 in 2006 was $5,000 over the original list price of $875,000 which had subsequently been reduced down to $825,000 prior to going into contract (i.e., something’s not quite right with respect to the original sale).

And tip of the hat to ex SF-er ("I think this sells for $700k+ or not at all"), Lance ("$685K"), and Nicole ("$679,000") who were all on record with their pre-auction predictions and within 3% of the highest bid (as well as to FSBO for filling in a few holes with respect to #42's official MLS history).

∙ Going Once, Going Twice (For Real?*) At Shore|Line: 41 Federal #42 [SocketSite]

Posted by socketadmin at 5:53 PM | Permalink | Comments (39) | (email story)

A Second (Coming) And A First (Approach): 2502 Leavenworth

It didn’t sell last year when it was listed for $5,495,000 (having been reduced down from $6,450,000). Nor does it appear to have been rented for the Craigslist advertised $33,000 a month (we hope nobody was using that as their benchmark). But that's not stopping 2502 Leavenworth from returning to the market and seeking $5,995,000.

The listing does note “[r]ecently added about 3000 sqft,” but we’re pretty sure that’s “recently” as in 2006 (not as in since the last listing). And it's the first time we’ve seen a listing for a single-family home in San Francisco tout, “condo alternative.” The times they are a-changin' (in more ways than one).

∙ Listing: 2502 Leavenworth (5/4.5) - $5,995,000 [2502leavenworth.com] [MLS]
∙ Buy It For Fifty Percent Less, Or Rent It For Thirty Percent More [SocketSite]
∙ RealRecentReductions: You’ve Seen These Before (Will You Again?) [SocketSite]

Posted by socketadmin at 9:56 AM | Permalink | Comments (30) | (email story)

March 24, 2008

The Good And The Bad (But Not Necessarily The Ugly)

The good news on Wall Street: JPMorgan has raised its bid for Bear Stearns to about $10 per share. The cumulative bad news on Wall Street: 34,000 jobs have been lost over the past nine months.

The good news from the National Association of Realtors: The pace of U.S. existing home sales unexpectedly rose 2.9% in February (but remains 23.8 percent off the pace of 2007). The bad news from the National Association of Realtors: The median existing-home price was 8.2% lower on a year-over-year basis (and 13.4% lower in the West).

And the mixed news (depending upon your perspective and portfolio) and reaction to both bits on The Street: Treasuries fell and yields are up (which should increase rates).

∙ JPMorgan Raises Bear Stearns Bid to Woo Shareholders [Bloomberg]
∙ Wall Street Firms Cut 34,000 Jobs, Most Since 2001 Dot-Com Bust [Bloomberg]
∙ Existing Home Sales Rise In February [NAR]
∙ Treasuries Fall as Stocks, Mortgage Purchase Ease Haven Appeal [Bloomberg]

Posted by socketadmin at 9:02 AM | Permalink | Comments (18) | (email story)

JustQuotes: Resolution Trust Corporation Redux?

"Even after cutting rates by 3 percentage points since September, expanding the range of securities it accepts as collateral for loans and giving dealers access to its discount window, the Fed has been unable to promote confidence. The difference between what the government and banks pay for three- month loans doubled in the past month to 1.92 percentage points.

The only tool left may be for the Fed to help facilitate a Resolution Trust Corp.-type agency that would buy bonds backed by home loans, said Bill Gross, manager of the world's biggest bond fund at Pacific Investment Management Co. While purchasing the some of the $6 trillion mortgage securities outstanding would take problem debt off the balance sheets of banks and alleviate the cause of the credit crunch, it would put taxpayers at risk."

∙ Fed May Buy Mortgages Next, Treasury Investors Bet [Bloomberg]

Posted by socketadmin at 2:50 AM | Permalink | Comments (16) | (email story)

March 21, 2008

An Altogether Different Approach To "Going Green" In San Francisco

Through the lens of "oscar champagne” and in the subtle words of our tipster, “yikes.”

Posted by socketadmin at 10:41 AM | Permalink | Comments (36) | (email story)

March 19, 2008

Arterra (300 Berry) Selectively Starts To Shed Its Bovis Blue Wrapper

As a number of plugged-in readers have noted, Arterra has selectively started to shed its Bovis blue wrapper (which we really think should have been green). And while they were aiming for a spring opening last July, at this point we have more than just a feeling that summer might be the new new target.

∙ Arterra (300 Berry) Tops Off At 16 And Aims For A Spring '08 Opening [SocketSite]

Posted by socketadmin at 12:21 PM | Permalink | Comments (22) | (email story)

March 17, 2008

There Must Be A Good Story Behind 580 Diamond, So Who Knows It?

∙ Listing: 580 Diamond (1/1) - $895,000 ("Contractors Special!") [MLS]

Posted by socketadmin at 10:31 AM | Permalink | Comments (27) | (email story)

March 16, 2008

Sunday Night Special: The Bear Stearns Blowup (And Balance Sheets)

From a market capitalization of over $10.8 billion last month ($20.2 billion last year), to $3.6 billion on Friday, to an implied $240 million today, roughly $10.5 billion in Bear Stearns’ shareholder equity has evaporated over the past six weeks. And with a third of the bank owned by its employees, employee wealth has been reduced by at least $3.5b during the same period (dropping over $1 billion since Friday alone)*.

From a plugged-in reader who was listening in on the Bear Stearns (BSC) JPMorgan Chase (JPM) conference call earlier this evening:

In effect, JPM is "writing down" the value of nearly $33B in BSC mortgage-related assets to approximately $13B (after giving effect to the $20B of Fed backstop related specifically to these assets). Yes, the value of the mortgage assets on BSC's books, of which only $2B is estimated to be subprime specifically, has been marked to market at a greater than 50% discount to the market value as of 2/29/08. Now, clearly JPM was able to leverage the imminent liquidation of BSC to drive the mark to market value of these assets below the JPM-perceived value of the assets (or they wouldn't have done the deal), but why aren't the rest of the banks going to be forced to further write down the value of their mortgage-backed assets by some amount greater than what's already been done (since the true mark to market value of these assets now lies somewhere between par and more than 50% less than par)? And what does this mean to the value of the average household balance sheet, where the value of the home is a large part, if not a majority, of the "book value" of the average American household?

And then of course there’s the fact that the Fed is operating in complete crisis mode. Don’t think these things will affect all levels of our lilttle local real estate market way out here (from credit to rates to values)? You might want to think again.

*Note: Updated to include shares beyond those in the employee-incentive plan.

∙ JPMorgan Chase to Buy Bear Stearns for $240 Million [Bloomberg]
∙ Fed Lowers Discount Rate, Expands Lending to Prevent Meltdown [Bloomberg]

Posted by socketadmin at 11:43 PM | Permalink | Comments (63) | (email story)

March 14, 2008

Caution: Views From ORH Not Exactly As They Appear In This Photo

In an attempt at ending the week on a slightly lighter note, a plugged-in “Sexy & Sassy” takes in two recent SocketSite stories and spits out one slightly altered reality:

∙ The First “Official” Resale (And Open House) At One Rincon Hill? [SocketSite]
∙ The Only Appropriate Headline: “What The Hell Were They Thinking?” [SocketSite]

Posted by socketadmin at 7:16 PM | Permalink | Comments (12) | (email story)

The Only Appropriate Headline: “What The Hell Were They Thinking?”

The original photo of 2221 Baker Street:

The altered version that briefly made an appearance as part of the listing:

And the obvious question, what the hell were they thinking?

∙ Say Hello To My Little Friend Frond (And An Orchid) At 2221 Baker [SocketSite]

Posted by socketadmin at 12:10 PM | Permalink | Comments (50) | (email story)

306 Mullen Avenue Closes Escrow (And James Loses His Wager)

We’re not sure if anybody heeded our advice and accepted james’ wager (“i'd give you 100.00 if anyone offers over 1.5 for it”), but the sale of 306 Mullen Avenue closed escrow yesterday with a reported contract price of 2.15 (million).

That’s $145,000 under asking and an “official” 49 Days On The Market (despite the fact that it first hit the market six months ago). Regardless, a Jawa should be so lucky.

∙ Modern Architecture Hits The Market Up On Mullen (306 Mullen) [SocketSite]
∙ Modern Architecture Hits Is Back On The Market Up On Mullen (306) [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (25) | (email story)

March 12, 2008

The Newest Comp For A Two-Bedroom Condo At 246 2nd Street

Last week the sale of the bank owned 246 2nd Street #1302 closed escrow with a reported contract price of $775,000. That's roughly $125K below what #902 sold for late last year; roughly “$150K Below Last Sales Comp in Building!”; and exactly $220K below what the seller of #502 is currently asking.

Granted, #502 also offers a 600 square foot deck, but with roughly 50 fewer square feet of indoor space as compared to the other two. And all three appear to share the same quality of finishes.

Damn those unemotional sellers to hell. And once again, “that’s not likely to be a neighbor(hood) pleaser.”

UPDATE: As a plugged-in reader notes, with a notice of default in hand, #502 appears to be on its way to being bank owned as well.

∙ One Part Bank And One Part New Building, But Any Parts New Market? [SocketSite]
∙ Listing: 246 2nd Street #502 (2/2) - $995,000 [MLS]

Posted by socketadmin at 1:03 PM | Permalink | Comments (41) | (email story)

March 10, 2008

A Few June Ballot Measures Guaranteed To Raise Some Ire

San Francisco Supervisor Daly’s ballot initiative to mandate that 50% of the 10,000 proposed homes for the Hunters Point shipyard and Candlestick Point be affordable (as opposed to the 25% that Lennar has pledged) has qualified for the June ballot as have two competing anti-eminent domain measures.

Proposition 98 prohibits use of eminent domain for private development and phases out rent control, and Proposition 99 which simply prohibits the use of eminent domain on single-family homes and condominiums for private development.

And for the record, we're anti-rent control (but not necessarily eminent domain).

∙ JustQuotes: No Carrot, All Stick (Or Should We Say Daly Shtick?) [SocketSite]
∙ Eminent domain measures on ballot [SFGate]
∙ S.F. housing measure qualifies for June ballot [SFGate]
∙ And Now Back To The Hugo Hotel (And Eminent Domain On Sixth) [SocketSite]

Posted by socketadmin at 8:53 AM | Permalink | Comments (21) | (email story)

March 7, 2008

JustQuotes: A Boon To The Bayview (And Another Sign For Some)

"Developer Joe Cassidy has donated a Bayview district housing site to the Tenderloin Housing Clinic, a gift that will allow the nonprofit to build a 170-unit affordable housing project targeting Bayview families.

The waterfront parcel, 900 Innes Ave., has been appraised at $17 million to $19 million depending on how many units are constructed. The donation may generate a large tax write-off for Cassidy, but he said it was motivated by the weak housing market and frustration with the city's sluggish land use approval process. He had planned to build a market-rate development on the site, but three years into the application process was still years away from breaking ground. With affordable housing a priority for elected officials across the political spectrum, the THC will be better positioned to cut through the city bureaucracy, he added."

"I don't think a market-rate project out there would pencil for us at this point," said Cassidy. "The affordable guys will be able to move it and the market rate guys would be tied up for another three years, easy, plus two years of construction. I can't wait five years while the city gets its act together."

∙ Developer donates site for big affordable plan [San Francisco Business Times]

Posted by socketadmin at 4:10 AM | Permalink | Comments (4) | (email story)

March 6, 2008

We Probably Would Have Forgiven The "Sheik" (But Not The "Tray")

From the listing for 1800 Bryant #107: “Very conteporary 2 bath loft with 13 foot ceilings and custom coloration, built-in bookcase with ladder, quality appliance and stained cement floor. Tray sheik!”

UPDATE: As a reader notes, "Tray sheik!" has suddenly disappeared from the listing.

∙ Listing: 1800 Bryant #107 (1/2) - $619,500 [MLS]

Posted by socketadmin at 8:00 AM | Permalink | Comments (16) | (email story)

March 5, 2008

Opportunities For Deluxe "Instant Equity" Over At One Rincon Hill?

A couple of One Rincon Hill One Bedroom Deluxe units are making the rounds on Craigslist. And neither appear to be pricing in any appreciation over the past 18 months.

Looking for someone to take over my unit on the 20th floor. It is a deluxe one bedroom with Bay Bridge Views. The unit is on the twentieth floor and is 837 square feet. That is the largest one bedroom plan at One Rincon Hill, the tallest residential building west of the Mississippi. I put 31k in deposit on the unit back in Aug. of 2006. I am looking for someone to take over and am not looking to make any money.

And if $711,000 ($850 a square foot) for the 20th floor isn't to your liking, a "low floor" One Bedroom Deluxe with “an early April closing” is asking $665,000 ($795 a square foot).

If the average price per square foot in the building is up 11% over the past 18 months to $1,004 (as per the developer), and the majority units from which buyers have walked away from their deposits have been resold at a premium (as per the sales office), then why aren't these two contract holders touting a little "instant equity?"

∙ $711000 Rincon Hill - Water Views Deluxe One Bedroom [Craigslist]
∙ $665000 One Rincon Hill [Craigslist]
∙ Infinity And One Rincon Hill: Closings By The Numbers To Date (2/29) [SocketSite]

Posted by socketadmin at 10:50 AM | Permalink | Comments (121) | (email story)

March 4, 2008

Speaking Of "Official" Industry Metrics (Like DOM And Over Asking)

1940 Broadway #6 hit the MLS (and SocketSite) on February 8 with an official list price of $4,350,000. Five days later it went into contract. And twenty days after that (today) it closed escrow with a reported contract price of $4,911,000. That's 12.9% over asking and an official 26 days on the market.

That’s a mighty quick turn. Then again, according to a plugged-in reader the property had "unofficially" been on the market (and the agent's website) for a few months prior.

∙ A Few Of Our Favorite Things: Big Windows, Views, And A Floor Plan [SocketSite]

Posted by socketadmin at 5:09 PM | Permalink | Comments (18) | (email story)

Coming Soon In Cow Hollow (But We Want To Know Now)

It’s featured on the San Francisco Properties website as “Coming Soon” in “Cow Hollow.” And while there's no address, we’re wondering if a plugged-in reader or two might be able to name that house based on the picture and the price ($5,000,000). Represent people.

UPDATE: And represent you did. Within the hour Tipster nails the address (2848 Union Street), Sleepiguy follows shortly thereafter with a link to the last listing, and FSBO adds "sold for $4.275K in June 2005 after just 11 DOM for $775K OVER list price of $3.5M."

Tipster was also kind enough to email us a few photos from the last time he toured the property to support his hypothesis/street cred and adds: "It is covered in bougainvillea. That's probably why they are waiting until April 1, so that it can bloom."

Posted by socketadmin at 12:20 PM | Permalink | Comments (14) | (email story)

March 3, 2008

Fannie And Freddie Forced Aim To Help Fix Appraisal Fraud

Last week it wasn’t a done deal. This week it is.

Fannie Mae and Freddie Mac, the biggest sources of financing for U.S. home loans, agreed to overhaul the way property appraisals are conducted in a deal reached today with New York Attorney General Andrew Cuomo.

The government-chartered companies will adopt new standards to ensure independent, reliable appraisals, Cuomo said in a news release. Mortgage brokers will be prohibited from selecting appraisers and lenders won't be able to use their own in-house appraisers for initial valuations. The agreement also bans lenders from using appraisal management firms they own or control.

As best we can tell the agreement becomes fully effective on January 1, 2009. And once again, we have to wonder if non-conforming players will follow suit.

∙ “Instant Equity” Hawkers Take Note (Along With Everybody Else) [SocketSite]
∙ Fannie Mae, Freddie Mac to Overhaul Appraisals in Cuomo Deal [Bloomberg]

Posted by socketadmin at 9:38 AM | Permalink | Comments (3) | (email story)

No Real Story (But We Simply Couldn’t Resist): 2728-2730 21st Street

While Edwardians and Victorians represent one era of San Francisco's past, this definitely represents another.

∙ Listing: 2728-2730 21st Street (Mixed Use) - $1,150,000 [MLS] [Zephyr]

Posted by socketadmin at 2:45 AM | Permalink | Comments (7) | (email story)

March 1, 2008

An Outstanding View (And Story Of Spite): Atop 947 Green Street

We’re not going to make a habit of publishing on the weekends, but we do prefer to kick them off with an outstanding view and perhaps a little history (if not levity).

[947 Green Street] is known as the "spite building." (Not to be confused with the 30-foot "spite fence" that Charles Crocker built around the property of Nicolas Yung in the Nob Hill block that currently houses Grace Cathedral. Yung was the only holdout in Crocker's mansion block and refused to sell his small property to Crocker.)

The owner of 1000 Vallejo Street built this building to protest the loss of northern and northwestern views from 1000 Vallejo Street by the building at 945 Green Street. The building is L-shaped and higher than 945 Green. It blocks the eastern and southeastern views of 945 Green. The best perspective to understand this is to view the back of 947 Green from the balustrade at 1020 Vallejo Street.

This is a beautiful building with many full-floor condominiums. Elevators open into elegant foyers. The ceilings are high, rooms are large, underlying details are exceptional, and the views are outstanding.

And hey, if you're going to live in the "spite building," you might as well live at the top.

∙ Listing: 947 Green Street #10 (2/2) - $5,000,000 [San Francisco Properties]
∙ Russian Hill Green Street/Macondray Lane Walk [Russian Hill Neighbors]

Posted by socketadmin at 9:39 AM | Permalink | Comments (14) | (email story)

February 28, 2008

“Instant Equity” Hawkers Take Note (Along With Everybody Else)

It’s not a done deal, but as a plugged-in reader notes it’s looking like Fannie Mae (“the biggest source of financing for U.S. home loans”) will ban the use of in-house or broker arranged appraisals.

The proposed changes include banning Fannie Mae's partners from using appraisers employed by their wholly owned subsidiaries. Mortgage lenders that own appraisal companies include Countrywide Financial Corp., the nation's largest home- loan originator.

The restrictions would apply to loans acquired after Sept. 1, according to the memo. Fannie also told lenders that an independent appraisal clearinghouse likely would be established.

Will Jumbo players follow suit? And is there any chance of extending the ban to those who hawk "instant equity based on last appraisal" as well?

∙ Fannie Proposes Ban on Lenders' In-House Appraisers [Bloomberg]

Posted by socketadmin at 10:44 AM | Permalink | Comments (6) | (email story)

February 26, 2008

JustQuotes: Property Supervisor Rights Prevail At The Flower Mart

"Relenting to City Hall pressure, the Academy of Art University appears ready to pull out of a controversial plan to buy the San Francisco Flower Mart, potentially an 11th-hour reprieve in a deal critics felt would have destroyed the local landmark."

"[A] quashed deal would be a blow to the owners, who have been trying for years to cash out of the business. In 2005, the San Francisco Flower Growers Association accepted an offer to sell its portion of the property to a Virginia housing developer for a reported $18 million. That transaction fell through." (Academy of Art near deal on saving Flower Mart)

∙ Rose Sellers Still Selling [SocketSite 8/05]

Posted by socketadmin at 7:42 AM | Permalink | Comments (17) | (email story)

February 25, 2008

From Tough Love Comes Positive Change Over At One Rincon Hill

From "One Rincon Hill Resident" (the reader formerly known as “FrustratedBuyer”):

I was told by the excellent sales team at One Rincon Hill that the developer would be changing its policies and procedures. Based on the last couple of comments (NewRinconResident at February 23, 2008 12:40 PM; ORHBuyersAgent at February 23, 2008 12:50 PM), that appears to be the case, and the pre-closing walk through should now be a positive experience for both buyer and seller. The developer is inspecting and making obvious corrections before releasing the units for the walk through and has loosened up on the policy of prohibiting helpful professionals not on title from participation; and the customer service representative who conducts the walk through has cleaned up his act. [SocketSite] is an excellent site for new residents to have a serious exchange of ideas concerning our new homes -- and our comments are noted by the sales staff.

We love it when a plan comes together. And here's to a plugged-in One Rincon Hill Resident for being so "picky" (not to mention having "too much time on his/her hands").

∙ RandomRumors: One Rincon Hill Walkthroughs Without An Agent? [SocketSite]

Posted by socketadmin at 1:56 PM | Permalink | (email story)

February 21, 2008

JustQuotes: Get Past The Politics, What's It Mean For Permitting?

"Debra Walker, a tenant advocate and artist who was active in the fight against dot-com boom era live-work loft development, lost her position as president of the San Francisco Building Inspection Commission on Wednesday, as commissioners appointed by Mayor Gavin Newsom voted her out.

The commission voted 4-3 to replace Walker with Frank Lee, a Newsom appointee and the assistant to the director of the city Department of Public Works. The vote divided along lines of commissioners appointed by Newsom and those chosen by Board of Supervisors President Aaron Peskin.

The commission sets policy for the Building Inspection Department, which enforces building-related and housing codes and issues permits for virtually all construction activity in the city."

∙ S.F. Building inspection panel's president out [SFGate]

Posted by socketadmin at 12:25 PM | Permalink | Comments (6) | (email story)

February 20, 2008

[Insert Reader Headline Here]

It's "remodeled." We're "speechless." You're responsible for the headline (seriously).

∙ Listings: 455 28th Street (3/1) - $949,000 [MLS]

Posted by socketadmin at 7:00 AM | Permalink | Comments (55) | (email story)

February 15, 2008

JustQuotes: When Developers Get Carrots, MAC Makes A Nasty Stew

"Supervisor Bevan Dufty has authored a June ballot measure that would give developers who agree to build below-market-rate family-size units the ability to build more units per project site than current planning rules allow.

On Thursday, at a Board of Supervisors committee meeting, members of the Mission Anti-Displacement Coalition, or MAC, an advocacy group that aims to keep working-class people in San Francisco, said the measure would not produce enough affordable housing to justify the density bonuses it offered developers — and said they would oppose it.

The measure has the support of the Residential Builders Association, one of the group’s leaders, Sean Keighran, told supervisors at the meeting. Developers would be allowed to put more units into a project site if they provide two- or three-bedroom below-market-rate housing units on-site to meet city laws that require developers to offer 15 of the units on a project site at below-market rate."

∙ Ballot measure aims to make The City’s housing affordable [Examiner]

Posted by socketadmin at 6:30 AM | Permalink | Comments (11) | (email story)

February 13, 2008

Apparently San Francisco Attracts A Lot Of Negative People

The two biggest concerns amongst voters in San Francisco: 1. Homelessness and panhandling (38% of voters); and 2. Crime, drugs and gangs (31%).

And with just under half (48%) of those polled of the opinion that the city of San Francisco is headed in the “right direction,” it's possible that a few of our "negative" readers aren't alone in their thoughts (and actually voice the concerns of many).

∙ Poll: Voters love S.F., uncertain where it’s heading [Examiner]
∙ Coming Soon: Fifteen New Condos At 1158 Sutter Street [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (49) | (email story)

February 12, 2008

At The Very Least They Could Have Included "Nxt 2 Bsy Fr Stn"

A reader's comment with regard to an online ad for 2243 Greenwich:

Re the Craigslist rental ad--"Cntpry 6bd, 5bth,2-lvl, rmd, 2-cr pk, sng fm hs, bst lc" Does anyone else find this ad utterly baffling? I spent 5 minutes trying to figure it out. Is it Wheel of Fortune rental ads on Craigslist these days ("I'd like to buy a vowel, please")?

Why someone would post an ad like this that is both confusing and alienating to its target market is beyond me.

∙ A Little Extra Perspective On The Listing: 2243 Greenwich [SocketSite]
∙ $10950 / 6br - Cntpry 6bd, 5bth,2-lvl, rmd, 2-cr pk, sng fm hs, bst lc [Craigslist]

Posted by socketadmin at 11:28 AM | Permalink | Comments (6) | (email story)

February 11, 2008

Up, Up And Into Pre-Foreclosure In The Avenues (794 38th Avenue)

In July of 2003 the single-family home at 794 38th Avenue sold for $450,000. In July of 2005 it sold for $676,000. And in November of 2006 it changed hands for $760,000. Not a bad run for the previous owners or neighborhood comps. On Friday, however, it returned to the market with a “pre-foreclosure” list price of $575,000.

Prepare yourselves for the "multiple offers and over asking" stories that will likely follow (and the "obviously they overpaid" comments should when it sells for under $760,000).

UPDATE: And while we missed it, a couple of plugged-in readers didn't: listed without selling for $828,000 this past October; $699,000 this past November; and $649,000 this past December.

∙ Listing: 794 38th Avenue (2/1) - $575,000 [MLS]

Posted by socketadmin at 5:00 AM | Permalink | Comments (35) | (email story)

February 7, 2008

SoMa Grand (1160 Mission) Update: Sales And Smart Car(s) Arrival

The official sales tally at SoMa Grand is now 40% (roughly 100) up from 35% (roughly 90) a little under two months ago. And while we can’t provide any evidence of price reductions, according to a tipster who recently checked it out, “prices seem lower than when the sales staff was in their off-site office.”

Also noted by our tipster: individual parking spaces are being priced at $65,000 (with a $93 per month valet/$73 per month non-valet maintenance fee); and while not overly impressed with the “grand” entrance, “they do have some great views, and the common ‘park’ area is lovely (especially the fire pit).”

And speaking of parking (or whether or not you even need it), one of the first ‘Smart’ cars to hit the Bay Area has been delivered to the SoMa Grand garage with another on the way. The two Smart cars will soon enter the building’s dedicated CityCar Share pod and share a single parking space (with a third 'non-smart' car beside). Cool.

∙ SoMa Grand: A Reader’s Unofficial Sales Update And Insight [SocketSite]

Posted by socketadmin at 12:26 PM | Permalink | Comments (17) | (email story)

JustQuotes: We’ve Been Wondering About Window Coverings Too

"On a somewhat related note, why do no new buildings in SF include window coverings? If you think [insert choice of buildings here] is odd looking now, wait till people move in and there's a patchwork of shades/roman blinds/drapes/screens, etc. In Vancouver window coverings are standard on all new buildings and having a consistent look through the building makes it look much better."

Posted by socketadmin at 10:00 AM | Permalink | Comments (15) | (email story)

February 4, 2008

RandomRumors: One Rincon Hill Walkthroughs Without An Agent?

A reader wonders about a One Rincon Hill rumor: "From what i heard they are not letting anyone up to go through the walk through unless you are on title."

Another responds: "You can not bring anyone that is not on title. I just went through my walkthrough last Friday and my agent was denied access."

And we’re awaiting an official confirmation (and reasoning behind the approach if so).

UPDATE: While we’re still waiting for an official answer, another reader strongly suggests that this is one big misunderstanding: "The walk-throughs that this person is referring to are the pre-walk through walk through (i.e. not the official walk-throughs with the inspection company)."

UPDATE: Or not: "i don't know what a pre-walk through walk-through is, but they call it the pre-closing walk through and the steps after a pre-closing walk through as listed in my closing check list is closing and key turn over. it does not mention of an official walkthrough after that."

UPDATE (2/6): And we have the official word: "Agents are allowed as the buyers representative. Only parties named on the contract are allowed. This is an aesthetic and informative mechanical orientation of the unit. It takes approximately two hours to go over the finishes and operation of all the systems in the unit.”

∙ One Rincon Hill: Closings, Walkthroughs, And (Almost) Anything Else [SocketSite]

Posted by socketadmin at 4:03 PM | Permalink | Comments (143) | (email story)

February 1, 2008

Now About That “Google Effect” On San Francisco Real Estate…

We’ve noticed a precipitous drop-off in comments touting the “Google Effect” with respect to San Francisco real estate as of late. Perhaps it's related to the 30% decline in Google's stock price - which one reader refers to as his “lazy indicator” for San Francisco real estate - since November. Or perhaps it partially stems from a plugged-in Google employee’s comments on how over hyped the “effect” has been all along. Regardless, if you want to discuss everything Google (preferably as it relates to local real estate), now's your chance.

Posted by socketadmin at 11:01 AM | Permalink | Comments (52) | (email story)

A Folsom Rausch Lofts Short Sale (Assuming 3.3% Appreciation)

After just under two months on the market, the list price for 1150 Folsom #1 has been reduced $97,000 (9.8%) and the listing now notes: “Subject to lenders approval of short sale.” Keep in mind, however, that a sale at the reduced asking price of $895,000 would still represent annual appreciation of 3.3% over the past couple of years (purchased for $829,000 in October of 2005). And yes, you can figure it out.

∙ Listing: 1150 Folsom #1 (2/2.5) - $895,000 [MLS]

Posted by socketadmin at 2:45 AM | Permalink | Comments (15) | (email story)

January 31, 2008

Your Agent Might See Value, But Be Sure To Ask For Whom

It’s no longer only the townhomes at Park Terrace which will garner brokers an increased sales commission (which might speak to the strength of sales since our last update). And it’s a good reminder to ask, is your agent working for you or selling for the developer?

∙ Arterra's New Buyer's Incentive And Park Terrace’s Broker's Bonus [SocketSite 9/07]
∙ Park Terrace (325 Berry) Sales Update: Now 70% Sold? [SocketSite 11/07]

Posted by socketadmin at 3:00 AM | Permalink | Comments (54) | (email story)

JustQuotes: Not Only Did The Port Get Punked, But Perhaps Prodded

“San Francisco Board of Supervisors President Aaron Peskin made a series of harassing telephone calls to officials at the Port of San Francisco and threatened to eliminate their jobs and cut funding to the agency because staff members disagreed with him over building-height limits on the city's waterfront, the port director said in a letter obtained by The Chronicle.”

“The dispute between Peskin, who represents North Beach, and port officials involved parcels of land along the Embarcadero on the city's northeastern waterfront. A bill sponsored by state Sen. Carole Migden at the request of Newsom's office would have allowed the financially struggling port to build lucrative developments on those lots.

But Peskin and many of his Telegraph Hill constituents, whose homes look down on the Embarcadero, wanted to make sure the Migden legislation would ensure that any buildings erected on the port property would meet local height restrictions and would be no taller than 40 feet. But port officials objected to that.

The bill ultimately became law, but the lots in dispute were cut out of the final version, meaning the fight over building requirements for the parcels is bound to resurface.”

∙ President of S.F. supes accused of harassing calls, threats [SFGate]
∙ San Francisco Seawall Lot Rezoning Public Forum (5/14/07) [SocketSite]
∙ Did The Port Get Punked? (San Francisco Seawall Lot Redevelopment) [SocketSite]

Posted by socketadmin at 2:50 AM | Permalink | Comments (4) | (email story)

January 29, 2008

If You Can’t Beat Them…Give Them A Post Of Their Own

If you’re looking for first-hand reader impressions and insight with regard to San Francisco’s Chelsea Park, head on over here: Chelsea Park (Phase I): On The MLS And Opening Tomorrow (1/27). If you’re looking for (or to join) the statistical debate that ensued, you’ve found it.

∙ Chelsea Park (Phase I): On The MLS And Opening Tomorrow (1/27) [SocketSite]

Posted by socketadmin at 6:00 AM | Permalink | Comments (14) | (email story)

January 25, 2008

San Francisco Currently A "Category Two" Soft Market To Countrywide

Countrywide’s recent “Soft Market Policy Changes” via a seriously plugged-in tipster:

As you are well aware, 2008 is forecasted to be a challenging year for the mortgage industry, characterized by a declining Housing Price Index in a wide variety of metropolitan markets. In the context of the prominent threat to our industry of collateral values falling below outstanding loan balances, mortgage professionals must strive to ensure that borrowers do not take on loans that they do not have the ability or economic interest to repay.

Because of these market conditions, as well as policies implemented by Government Sponsored Enterprises and Mortgage Insurance agencies, Countrywide®, America's Wholesale Lender® is adopting new Soft Market policies designed to help serve qualified borrowers in markets which are either declining or projected to decline in 2008.

Impacted markets across the nation have been categorized, with Category 5 being the highest risk for declining market value and Category 1 markets currently demonstrating more stable market values. Those counties in a higher risk category are subject to additional guideline restrictions as described below. Click here to view a list of the counties currently attributed to Soft Market categories 1-5.

San Francisco, San Mateo and Marin counties have been defined as Category 2 Soft Markets; Napa county a Category 3; and Alameda, Contra Costa, Sonoma, and Solano counties Category 4. The impact (more or less) of the policy changes that became effective last Friday:

For Countrywide Purchase Loans:
Soft Market Category 4-5 loans: Maximum financing will be reduced by 5%
Soft Market Category 1-3 loans: Maximum financing will be reduced by 5% if the appraisal or appraisal review indicates any of the following: Declining Market, Oversupply, Marketing time over 6 months.

For Countrywide Home Equity Loans:
Soft Market Category 5 loans: Maximum financing will be reduced by 10%
Soft Market Category 4 loans: Maximum financing will be reduced by 5%
Soft Market Category 1-3 loans: Maximum financing will be reduced by 5% if the appraisal or appraisal review indicates any of the following: Declining Market, Oversupply, Marketing time over 6 months.

UPDATE: A comment worth highlighting: "I was all set to take out a mortgage with 5% down from Countrywide this week. On Monday, I got a call saying they no longer have that product. Bummer. I think they were the last to offer the 5% down loan; and it had the same rates (5.75% at the [time]) as their 10% down."

Posted by socketadmin at 12:29 PM | Permalink | Comments (15) | (email story)

One Rincon Hill: A Remembrance Of Its Clock Tower Past

We’re not fans of One Rincon Hill’s white stripes (although we rather like the band). And we do believe that more could have been done with the design (assuming the city would have acquiesced). But at the same time, we also believe that critiquing the design prior to the completion of both towers constitutes an unfair rush to judgment. And that it's worth remembering the architecture (and use of land) that graced this site not too long ago.

∙ One Rincon Hill: Another Fontana Or Transamerica In The Making? [SocketSite]

Posted by socketadmin at 10:47 AM | Permalink | Comments (37) | (email story)

January 24, 2008

Conforming Loan Limits: A Placeholder For Discussion And Analysis

Analysis to come. But in essence, it's not a silver bullet (increasing the conforming loan limit that is).

UPDATE: And as was sure to happen, a plugged-in reader steals a bit of our thunder with reference to the OFHEO report, “Potential Implications of Increasing the Conforming Loan Limit in High-Cost Areas.”

Posted by socketadmin at 12:25 PM | Permalink | Comments (106) | (email story)

January 23, 2008

A Reader Reports: 1286-1298 Treat Avenue Goes Up In Flames. Twice.

The Ellis Act eviction notices were served in December 2006, the evictions carried out a year later, and three units at 1286-1298 Treat Avenue returned to the market as TICs not too long ago. And according to a plugged-in tipster, they’ve gone up in flames.

"[1286-1298 Treat Avenue] was torched the night of 1/21 and then mysteriously rekindled itself Tuesday morning. All that seems salvageable is the realtor’s sign, untouched by the blaze."

Borrowing a line from our story about a suspicious fire at 2626 Sutter: "Our first thought? We hope nobody got hurt. Our second thought? Well, let's just say it was probably the same as yours."

∙ Attempt to evict Treat Ave. residents [El Tecolote]
∙ Listing: 1286-1298 Treat Avenue [Vanguard]
∙ 2626 Sutter: Little Did We Know (Or Perhaps We Did) [SocketSite]

Posted by socketadmin at 12:11 PM | Permalink | Comments (41) | (email story)

Back On The Market (But Not The MLS) In Bernal Heights: 330 Banks

On the market without finding a buyer at $649,000 last fall, 330 Banks is back on the market (but not the MLS) with a list price of $599,000.

Included in the sale are approved plans to add an additional “art studio” and half-bath on first floor. And while it’s usually “showings by appointment only,” it will be open this Sunday (1/27) for just one half-hour (from 2:00 to 2:30) if you want to take a peek.

Keep in mind that this single-family Bernal Heights home was purchased two and one-half years ago for $700,000 (on 6/8/2005). And yes, the sale at $700,000 was likely used as a local comp a couple of years ago. And so on. And so forth.

∙ Listing: 330 Banks (1/1) - $599,000 [330banksstreet.com]

Posted by socketadmin at 3:30 AM | Permalink | Comments (32) | (email story)

It Closed Escrow Yesterday With A Contract Price Of...$935,000

∙ JustQuotes: There’s Always One On (Almost) Every Block [SocketSite]

Posted by socketadmin at 3:00 AM | Permalink | (email story)

January 22, 2008

JustQuotes: At Least The North Beach NIMBYs Are Out In The Open

"There's a place for everything," [Marsha Garland, founder and executive director of the North Beach Chamber of Commerce] said. "For example, I like Pottery Barn. I'm glad there's one in the Marina. But I wouldn't want one in North Beach. We don't want chains in North Beach." ('Survivor' champ may not make it in S.F.)

Posted by socketadmin at 8:38 AM | Permalink | Comments (27) | (email story)

A Legal Challenge To Being On The Side Of The Buyer As An Agent

From a New York Times article profiling a couple who moved from San Francisco to San Diego and are now suing their agent for what they perceive as overpaying when they purchased their home:

Real estate lawyers and brokers say the case, which goes to trial in North County Superior Court on Monday, is likely to be the first of many in which regretful or resentful buyers seek redress from the agents who found them a home and arranged its purchase.

"When your house appreciates $100,000 in the first six months, you’re not quite as concerned that maybe the valuation was $25,000 or $50,000 off," said Clifford Horner of the law firm Horner & Singer. "But when your house goes down, you ask: 'Who might have led me astray here?'"

Note that the couple isn’t planning on selling anytime soon, haven’t realized a loss, and might very well sell their home one day for more than what they paid.

∙ Feeling Misled on Home Price, Buyers Are Suing Their Agent [NYT]

Posted by socketadmin at 3:00 AM | Permalink | Comments (33) | (email story)

January 21, 2008

It’s Not The Porniest, But We Do Appreciate An Interactive Floor Plan

We’ve said it before, and we’ll say it again, as far as we’re concerned every listing should include a floor plan. And better yet, an interactive floor plan that adds angle and context to all of the photos.

∙ Listing: 568 Waller (2/2) - $799,000 [568waller.com] [MLS]

Posted by socketadmin at 3:30 AM | Permalink | Comments (9) | (email story)

January 18, 2008

UPDATE: Mr. Cage Cashes Out Plays With Fewer Chips On Francisco

Well, it looks like our attempt to kick the weekend off on a somewhat lighter note has gone awry (and that Sleepiguy's surprise was entirely justified). And contrary to what we initially reported twelve hours ago (so much for that scoop), 898 Francisco has not sold.

We repeat, 898 Francisco has not sold. Instead, the list price on the house has simply been reduced from $7,900,000 to $7,700,000. Our apologies for the confusion and any potential letdown (and yes, we know it's awfully hard to re-cork that champagne).

It was nine months ago that we first reported the property hitting the market, and to which a plugged-in reader added that it was owned by Nicolas Cage (who had likely purchased the house and an adjoining parcel for $9,400,000 seven months prior). And all of one week later, the Wall Street Journal scooped us by reporting that the property had been taken off the market.

Four days later, however, we countered with the scoop on the property’s return. And now, after 273 days on the market, we can only report that the list price on the house has been reduced $200,000 (which really isn’t the story we had hoped to run).

∙ Listing: 898 Francisco (6/6.5) - $7,700,000 [McGuire]
∙ The Many Eras Of 898 Francisco (And A Rumored Celebrity Flip/Folly) [SocketSite]
∙ No Flip Or Folly (Perhaps Just Fickle) [SocketSite]
∙ Not So Fast (And Did We Say Fickle?) [SocketSite]

Posted by socketadmin at 7:46 PM | Permalink | Comments (10) | (email story)

January 16, 2008

Seriously Seeking Rejected Offers (To Save Someone Else The Effort)

It’s a single-family home in Bernal, its list price has been reduced from $950,000 to $889,000, and it's now advertising “All Offers Will Be Considered Seriously.”

Obviously “considered” isn’t the same thing as “accepted.” So if you’ve taken the time to make an offer that wasn’t “considered seriously enough,” perhaps you’d be so kind as to share (and save someone else some wasted effort).

∙ Listing: 247 Gates (2/2) - $889,000 [MLS]

Posted by socketadmin at 12:39 PM | Permalink | Comments (19) | (email story)

January 15, 2008

JustQuotes: Eminent Domain For Affordable Housing On Sixth Street?

"A push to replace a vacant building with furniture famously bolted to its walls on Sixth and Howard streets with housing and stores will be discussed today by The City’s redevelopment agency, which is considering legal efforts to forcibly purchase the property.

The 144-room, 99-year-old Hugo Hotel has been empty since it was gutted 20 years ago by fire, according to a city staff report for today’s meeting. In April, the redevelopment agency offered to buy the property for $3.25 million, but it was turned down by the Oregon-based owners, who sought $7 million, according to the report.

Redevelopment agency Executive Director Fred Blackwell said the hotel blights a key corner of the Sixth Street corridor and should be turned into affordablehousing units with stores at street level." (City may use eminent domain to claim historic hotel)

Posted by socketadmin at 1:13 PM | Permalink | Comments (76) | (email story)

Two Out Of Three For Single-Family Homes In Noe Valley Isn’t Too Bad

While the list price for 4400 24th Street has been reduced by another $196,000 (now listed $296,000 under original asking), a reader’s recommendation at 525 Jersey closed escrow for $1,810,000 ($115,000 over asking), and our “deck-o-licious” 1039 Noe closed escrow for $2,612,501 ($417,501 over asking).

UPDATE: Sorry for any confusion, but according to a seriously plugged-in reader the sale of 1039 Noe did not include the art. Now about those Jake Gyllenhaal rumors...

∙ Another Contemporary Remodel (And Resale) In Noe (4400 24th) [SocketSite]
∙ Weekend Wrap-Up And Reader Recommendation(s): 525 Jersey (Noe) [SocketSite]
∙ It Pays To Be Popular (And Price Appropriately): 1039 Noe In Contract [SocketSite]

Posted by socketadmin at 12:37 PM | Permalink | Comments (10) | (email story)

January 14, 2008

The 2008 Housing Market Through The Eyes Of The (Not An) MBA

Expectations for the national housing market in 2008 according to the Mortgage Bankers Association (MBA):

- A 2 percent decline in nominal median sales price (versus 2007)
- A 13 percent decline in existing home sales (versus 2007)
- A 15 percent decline in new home sales (versus 2007)
- An 18 percent decline in purchase mortgage originations (versus 2007)

The MBA is also forecasting that the 30-year fixed-rate mortgage yield will trend up slightly to 6.2 percent by the end of the year (yes, “still quite low by historical standards”), and that the market will start its recovery in 2009.

∙ 2008 MBA Forecast: Slow Economic Growth/Lower Levels of Mortgage Originations [MBA]

Posted by socketadmin at 12:20 PM | Permalink | Comments (2) | (email story)

Charming, Cozy, And Quaint (With A Few Dreams For Good Measure)

We’ve always had a thing for 1646 Lyon Street. It’s charming. It’s cozy. And it’s quaint. (Did we mention the three wood burning fireplaces?) In fact, our only major complaint concerns the lack of a master bath on the upper level.

And three months (yes, months) after closing escrow for $1,710,000, it’s back on the market for $1,849,000. Word on the street is that the sellers’ dream home unexpectedly came on the market shortly after they closed on this one (which is still pretty dreamy as far as we’re concerned). Only time will tell whether or not the 8.1% bump in price (having only changed some paint) will be a dream come true as well.

UPDATE (3/4): 1646 Lyon closed escrow on 3/4/08 with a reported contract price of $1,775,000. That's $74,000 under asking, but $65,000 more than the sellers paid just five months prior. Perhaps not the dream, but hardly a nightmare either.

∙ Listing: 1646 Lyon Street (3/2) - $1,849,000 [MLS]

Posted by socketadmin at 3:15 AM | Permalink | Comments (13) | (email story)

January 10, 2008

A Plugged-In Reader Vents (And We Honestly Can’t Fault Either Side)

It wouldn’t exactly be going out on a limb to predict that 2016 Pacific #203 will end up selling for “over asking!” Especially considering the note we recently received from a plugged-in (and frustrated) reader in the hunt.

[I’m] writing to vent about 2016 Pacific #203...I heard about it before it went on the market and asked my agent to do some digging because I thought there might be potential to purchase before it was listed.

2 bedroom, 2.5 baths, 2 story, no view, one car parking.

They listed for $1.295M (first open was 1/6) but they'd already gotten a pre-emptive offer at $1.35M before it was listed, which they turned down. As a buyer, it is incredibly frustrating when agents don't price properties at market but rather below-market. Seems to me that the reason is either 1) they want to hit a segment of buyers who might draw their limit at below $1.3M in hopes of enticing them to generate multiple-bid situations; and 2) be able to say that the price sold 'OVER ASKING.' I know many of my friends share the same sentiment and frustration as me... 'over asking' is b.s....

Huh. Perhaps we’re not the only ones who understand that “over asking” is currently more indicative of pricing strategy than anything else. And as an aside, we can’t fault either side for their frustration or approach.

UPDATE: 2016 Pacific Avenue #203 closed escrow on 1/25/08 with a contract price of $1,375,000 (6.2% over asking).

∙ Listing: 2016 Pacific Avenue #203 (2/2.5) - $1,295,000 [MLS]

Posted by socketadmin at 3:15 AM | Permalink | Comments (47) | (email story)

January 9, 2008

The Difference Between "Appreciation" And Actively Adding Value

It’s a plugged-in reader’s comment that serves to demonstrate the difference between passive market "appreciation" and actively adding value (or improvements).

We bought a six unit in NOPA early 05; removed tenants, swapped old cabinets and appliances for new, re-did the floors, added w/d and painted. Paid $282/sq ft to complete ALL of the above. Sold in early 07 for $454/sq ft net after [commissions] and transfer taxes. Made a nifty $986k or 62% ROI. Despite the fact that it took a full 14 months to remove the tenants, it was a fun project.

And of course, it’s also food for thought with regard to what’s driving an increase in many area's "median sales price" (or even price per square foot).

Posted by socketadmin at 12:08 PM | Permalink | Comments (48) | (email story)

And Of Course, How Might It Affect Property Values Around The Bay?

From a plugged-in tipster regarding the newly unveiled design for the South San Francisco Ferry Terminal at Oyster Point: “Think 10 more of these terminals. Everyone! Out of your cars -- on to the water! Where else would this make sense but in water-accessible Bay Area? We could be on to something.”

∙ Ferry terminal to be finished in early 2009 [Examiner]

Posted by socketadmin at 9:16 AM | Permalink | Comments (25) | (email story)

The Sixteenth “Anecdote” Of The New Year (In Half As Many Days)

It’s not one of the thirteen distressed listings Damion pointed out on Monday (nor either of the two we pointed out the week before), but it is another potential short sale. And it is located in District 9.

Located in the developing Central Waterfront and along the 3rd Street Muni line, 2011 3rd Street #6 was purchased for $689,000 in October of 2006 but just hit the market for $620,000. And at roughly 1,275 square feet, that’s under $500 per ($486.27 to be exact).

∙ Listing: 2011 3rd Street #6 (2/2) - $620,000 [MLS]
∙ Thirteen More "Anecdotes" Of Distressed Listings In Districts 8 And 9 [SocketSite]

Posted by socketadmin at 3:30 AM | Permalink | Comments (33) | (email story)

At Least It Has The Requisite Bay Windows, Right?

Riddle us this, riddle us that, how the heck did the planning department sign off on this...

∙ Listing: 2045 Quesada (9/7.5) - $1,088,000 [Coldwell Banker via Pacific Union]

Posted by socketadmin at 3:00 AM | Permalink | Comments (11) | (email story)

January 4, 2008

Might $22,500 A Month In Rent Actually Make More Financial Cents?

As has been noted by readers and a number of tipsters alike, they’re now accepting rental applications for the Theodore Eden designed “Renaissance Italian Villa” at 2550 Lyon Street (which sports a design, location, and rooftop garden we just so happen to love).

And while the $22,500 monthly (asking) rent might seem mighty steep to some, do keep in mind that it remains available for purchase at $9,800,000 as well. At this level you're probably capable of running the numbers yourself (or have "people" to do it for you). And in either case, let's not forget those invitations to the housewarming.

∙ Listing: 2550 Lyon Street (4/5.5) - $9,800,000 [Joel Goodrich]
∙ For Rent: $22500 / 4br - Italian Villa; 4 brm/5.5 ba; unobstructed Views! [Craigslist]
∙ The Hanging Gardens Of San Francisco: 2550 Lyon [SocketSite]
∙ The Six Million Dollar Man Single-Family Renovation Sells For Eleven [SocketSite]

Posted by socketadmin at 4:00 AM | Permalink | Comments (31) | (email story)

January 2, 2008

1580 Masonic Closes Escrow For “Over Asking” (But At A Big Loss)

1580 Masonic closed escrow on 12/19/07 with a contract price of $3,050,000. It’s yet another example of a San Francisco home officially selling for “over asking” (by $55,000 or 1.8%). At the same time, it's also an example of an Ashbury Heights home selling for $450,000 (or 12.9%) less than what the sellers paid for it in March of 2006 ($3,500,000).

∙ Do You Think They Thought They Paid Too Much For It At The Time? [SocketSite]
∙ Could “Priced Right” In Ashbury Heights Be Less Than What Was Paid? [SocketSite]
∙ Sometimes It’s Simply The Small Things: 1580 Masonic [SocketSite]

Posted by socketadmin at 8:40 AM | Permalink | Comments (19) | (email story)

Cashing Out: If It Can Happen There, Can It Happen Anywhere?

If hardened New Yorkers have started leaving The City for financial reasons, perhaps it’s not so crazy to think that a growing number of San Franciscans might consider doing the same.

People are discovering that with Manhattan’s high apartment prices, they can cash out and get much more for their money outside the city, where the inventory is growing and the prices are falling. Some buyers, not quite ready for picket-fence lives, are even finding pockets of urbanism that didn’t exist outside the city a few years ago.

And it begs the question, how will falling prices outside of San Francisco proper (or even in the outer districts) impact the demand curve (and prices) throughout the rest of the city?

∙ Cashing Out of New York City [New York Times]

Posted by socketadmin at 5:00 AM | Permalink | Comments (61) | (email story)

December 28, 2007

To Which We Respond: Michael(s) Be Nimble, Michael(s) Act Quick

Next month Michael Cohen, a former deputy city attorney, will replace Jesse Blout as the head of Mayor Gavin Newsom's workforce and economic development department.

Cohen said much of his energy will be focused on improving the development process for builders and developers. In an interesting move, Cohen has hired Michael Yarne of the Martin Building Co., a land use attorney and developer who has publicly expressed frustration with the city's slow and unpredictable entitlement process.

Yarne successfully led the public-private partnership that built the new Mint Plaza off of Fifth Street.

Aiming to be more strategic as well as proactive in attracting fast-growing Chinese companies to San Francisco, Cohen acknowledged, "to do this right, we need to be nimble," a word which isn't at the tip of our tongues when it comes to describing San Francisco's current planning and entitlement process.

∙ New city exec aiming to speed up development [Business Times]

Posted by socketadmin at 8:00 AM | Permalink | Comments (53) | (email story)

December 24, 2007

525 Laidley Sells For Over Asking! (But Less Than Previously Paid)

It’s a plugged-in tipster that notes 525 Laidley in Glen Park recently closed escrow rather quickly for “over asking” (listed for $1,295,000 and closed for $1,340,000) and quite possibly with “multiple offers.” And we’ll note that the “median sales price” for single family homes in District 5 (which includes Glen Park) is up 4.1% over the past year.

And while all those stats (over asking, multiple offers, and median sales price up) are sure to be seen as signs of market strength by some, the sellers might have a different perspective:

The previous owners bought it in a private sale for $1,406,000 in April 2007 (yes, eight months ago). This was not intended to be a flip but they put it on the market two months later because one of them got a new job out of state. In the meantime, they had put maybe $10K into the house. The listing price was $1,395,000. They received multiple offers but it didn't sell because "the number" they were holding out for was $1,465,000, as anyone who attended an open house was told. I guess that was the number that would cover their brokerage cost?

They then took it off the market for a while and relisted it a few weeks ago with a new agent at $1,295,000. They did no work on the house in the meantime but the major positioning change was that they now quoted and advertised the number of square feet (3200). Before, that number had been left blank. The house sold quickly for $1,340,000, much less than the offers they had turned down a few months before.

All of which leaves our tipster wondering: 1) “I understand pricing a house lower than you think it will sell for in order to spark a bidding war. But why would you price a house lower than you will accept?” And 2) “Under what circumstances does an agent NOT list the square footage and what could have changed in a couple of months? My guess was unwarranted additions but I don't see any permits filed to correct that.”

Posted by socketadmin at 3:30 AM | Permalink | Comments (22) | (email story)

December 21, 2007

Another Chance To Be A Hero (Or Show Your Support For The Bears)

A colorful bit of context might be in order. And yes, there’s double entendre in the title.

∙ Listing: 46 Tingley (4/2) - $599,000 [MLS]
∙ It's Gonna Be A Bright, Bright Sun-Shiny Day (Outside At Least) [SocketSite]

Posted by socketadmin at 9:00 AM | Permalink | Comments (18) | (email story)

While One Marina Data Point Closes Escrow, Another Is Withdrawn

While we never featured 1774 Beach Street, it was mentioned in a reader’s comment (regarding 1307 Bay). And it is another data point. So without further ado…

1774 Beach Street closed escrow yesterday with a reported contract price of $1,410,000. Having last changed hands for $1,345,000 on 10/31/2006, and without any major improvements since the last transaction (as far as we know), the sale suggests annual appreciation of 4.2% over the past 13 months. (Obviously the seller must have underpaid in 2006...)

On a related note, the listing for 3324 Octavia #4 which was last asking for $1,000 less than what the sellers had paid in 2004 has been withdrawn from the market after a little under two months.

∙ Listing: 1774 Beach Street (2/2) – $1,345,000 (sold) [1774beach.com]
∙ When Good Comps Go Bad (Down In The Marina) [SocketSite]
∙ Another Apples To Apples Comp In The Making (In The Marina) [SocketSite]

Posted by socketadmin at 8:40 AM | Permalink | Comments (9) | (email story)

December 20, 2007

JustQuotes: Perhaps Not The Other Shoe (But At Least A Lace)

“Bank of America CEO Ken Lewis told editors of the Wall Street Journal that he's worried about borrowers with strong credit scores not making loan payments if the housing crisis worsens.

Such concerns by the head of California's largest bank could trigger a tightening of credit availability beyond the subprime customer base.

"There's been a change in social attitudes toward default," Lewis told the Wall Street Journal. "We're seeing people who are current on their credit cards but are defaulting on their mortgages. I'm astonished that people would walk away from their homes."

Apparently even borrowers with strong credit scores are finding it easier to walk away from their mortgages, especially if they put little or no money down on houses and condos purchased for investment purposes.”

∙ BofA CEO worries about creditworthy borrowers defaulting [Business Times]

Posted by socketadmin at 1:50 AM | Permalink | Comments (48) | (email story)

December 19, 2007

It's Gonna Be A Bright, Bright Sun-Shiny Day (Outside At Least)

∙ Listing: 280 Ellsworth (2/1) - $625,000 [MLS]

Posted by socketadmin at 8:02 AM | Permalink | Comments (14) | (email story)

December 18, 2007

JustQuotes: Closing Up The Subprime Barn Doors (After The Fact)

“Federal Reserve staff recommended that policy makers issue new restrictions on subprime mortgages, from a ban on low-documentation loans to limiting penalties for borrowers who prepay their debts.

The rule proposal, which the Board of Governors will vote on later today, follows months of public comment by Congress and consumer advocates, who urged the Fed to toughen consumer protections. Finance-industry officials warned that a crackdown would curtail lending in the midst of the housing recession.”

“The Fed proposed tightening restrictions on so-called pre- payment penalties, requiring the escrow of taxes and insurance, and banning loans made without verification of income or assets. Lenders would be responsible for determining whether their customers can afford a loan after the initial interest rate resets.”

∙ Fed Staff Recommends Tighter Curbs on Subprime Loans [Bloomberg]

Posted by socketadmin at 8:31 AM | Permalink | Comments (20) | (email story)

December 17, 2007

Change Of Heart, Cash Crunch, Or A Condo Sitter Gone Crazy?

If you happen to be out of town and recognize this kitchen as your own, you might want to touch base with your condo sitter (or perhaps the police) posthaste. For it’s a plugged-in tipster that finds the following on Craigslist:

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.

We’re still working on making sense of it all (let us know if you figure it out). And perhaps there’s a much simpler explanation to be had (and let us know if you get it).

∙ Modern Kicthen [sic] By Pedini [Craigslist]

Posted by socketadmin at 10:40 AM | Permalink | Comments (30) | (email story)

And Yes, A Few Kinky Condos Could Hypothetically Be Coming Soon

While Kink’s window restoration project for the San Francisco Armory has been replacing boarded-up and broken windows for the first time in 30 years, and the building might actually be feeling a bit festive (rather than altogether abandoned), it’s the hypothetical "Kink condos" that seem to be getting all the attention.

“Porn producer Peter Acworth, who bought the 93-year-old Mission Armory and turned it into a porn video studio, has approached the city Planning Department with the idea of converting some of the building into kinky condos - complete with Webcams for all the world to see.”

"My discussions with the Planning Department have been extremely hypothetical to say the least," Acworth said via e-mail. "There is no firm plan for using the Armory for anything but a conventional film studio for now."

We could be wrong, but it sounds more like an inquiry into establishing live-in film studios rather than condo development per se. And while we could be wrong again, it seems as thought the corner of Mission and 14th has been getting better (rather than worse) since Kink acquired the ailing armory.

∙ Porn prince wants to build kinky condos in Armory [SFGate]
∙ From (Proposed) Condos To Kink [SocketSite]

Posted by socketadmin at 3:00 AM | Permalink | Comments (9) | (email story)

December 14, 2007

JustQuotes: There’s Always One On (Almost) Every Block

From the listing: “The existing home is very small and is uninhabitable and without much merit.” And while the price per square foot ($1,649) is sure to send some into seizures, just remember, "you’re buying the lot."

Of course you’ll have to tear it down in order to build it back up (and hope that nobody objects). And from a tongue in cheek tipster, “[f]or $950,000 [you think] they could have done some staging...”:

∙ Listing: 4027-4033 26th Street (1/1) - $950,000 [MLS]

Posted by socketadmin at 8:53 AM | Permalink | Comments (87) | (email story)

It Pays To Be Popular (And Price Appropriately): 1039 Noe In Contract

According to a plugged-in tipster the home we deemed to be a “Deck-O-Licious Victorian” two weeks ago is now in contract with a rumored twelve offers. And yes, it's safe to assume for "over asking!"

∙ A Deck-O-Licious Victorian (In Façade Only) At 1039 Noe [SocketSite]

Posted by socketadmin at 8:52 AM | Permalink | Comments (142) | (email story)

Seven Tactics for Selling a Home: Going Analytic On The Anecdotal

Redfin attempts to go analytic on the anecdotal and publishes “seven tactics for selling a home (pdf) more quickly and at a higher price”:

1. Don't overprice your property
2. Set your price to show up in web searches
3. Debut on Friday
4. Stay engaged
5. Market the property online
6. When selling your home, stay put
7. Wait until neighboring foreclosures are off the market

And while we’ll be the first to note that the tactics/findings are anything but earth-shattering (and perhaps even common knowledge to many), they are appropriate. And we do appreciate the analytic approach.

[Full Disclosure: Redfin is a sponsor of SocketSite (but provided no consideration for this post).]

∙ Seven Tactics for Selling a Home: A Data-Driven Approach (pdf) [Redfin]

Posted by socketadmin at 8:50 AM | Permalink | Comments (16) | (email story)

December 11, 2007

Coming (Not So) Soon To An Empty Lot (3119 Harrison) Next Year

Okay, we’re giving you the big jump on this one (as in “[c]onstruction is due to start by Spring 2008…[and] both houses will go on the market as the project gets closer to completion”). From the developers behind 1440 Jackson Street comes 3119 Harrison, two contemporary 2,700 square foot homes on a currently (relatively) empty lot.

The project involves excavating the entire lot 12 feet below grade to make room for a shared six car underground garage, two subterranean studios and two outdoor courtyards. It will feature numerous environmental amenities and may possibly be [their] first LEED certified project.

Rough plans (and a few more renderings) available online. Details in a year (assuming it gets built).

∙ Dawson&Clinton General Contractors [dawson-clinton.com]
∙ Coming Soon Three Quarters In Contract: 1440 Jackson Street [SocketSite]

Posted by socketadmin at 2:53 PM | Permalink | Comments (10) | (email story)

December 10, 2007

Two Noe Valley Renovations A Block (And A Half Million Dollars) Apart

It's another reader’s comment (with which we very much agree):

I have been an architect and developer myself for over 25 years and it has been interesting, to say the least, to see so many people jump into the business of building homes. I think they became confused between the profits earned from a rapid escalation run-up brought on by cheap easy financing, and times past when good quality product in good locations sold because of real established value and experience. It will be nice when this market shakes out all of the "developers" and "designers".

And yes, we'll let you make the call (right here and now).

∙ Listing: 549 28th Street (4/4) - $2,100,000 [Virtual Tour] [MLS]
∙ Listing: 455 27th Street (4/3.5) - $2,595,000 [Virtual Tour] [MLS]
∙ Could “Priced Right” In Ashbury Heights Be Less Than What Was Paid? [SocketSite]

Posted by socketadmin at 3:00 AM | Permalink | Comments (24) | (email story)

December 6, 2007

It’s Really Too Bad Because We’re Guessing He Has A Lot Of Cents

Last week “Craig” (a rather cantankerous but regular SocketSite reader) left the following comment on the site:

BTW, 636 Broderick is freakin' nice, but it is not the type of property one would see featured on this site as it is likely to sell for over asking. I would be willing to bet my last cent on that prediction too. (Says the man to the anon world of the internet...)

Here’s the bad news for Craig: 636 Broderick closed escrow yesterday for $1,029,000. That’s 1.9% under asking. And we have his email address.

Here’s the bad news for us: Craig’s a lawyer. We don’t have any consideration (much less a contract). And we're pretty sure we're not going to see a dime (much less a cent).

∙ Could “Priced Right” In Ashbury Heights Be Less Than What Was Paid? [SocketSite]

Posted by socketadmin at 3:00 AM | Permalink | Comments (26) | (email story)

December 5, 2007

JustQuotes: Details Start To Emerge On The Non-Bailout Bailout

“Federal regulators and U.S. lenders are focusing on five years as the duration of an interest-rate freeze on subprime mortgages, said a person familiar with negotiations aimed at fending off a jump in foreclosures.”

“More than 30 percent of borrowers with subprime adjustable- rate mortgages are behind on their payments before their loans reset higher and 775,000 homes with $143 billion of mortgage debt will go into foreclosure over the next two years, according to estimates from analysts at Credit Suisse Group.”

“One challenge will be to craft a deal minimizing lawsuits from investors in bonds backed by the mortgages being rewritten, analysts said. The longer that lower rates are extended, the more risk posed to the bonds' values. Republican Representative Mike Castle of Delaware has proposed legislation offering a "safe harbor from legal liability" to mortgage servicers.”

∙ Subprime Rate Five-Year Fix Eyed by U.S. Regulators [Bloomberg]

Posted by socketadmin at 7:45 AM | Permalink | Comments (22) | (email story)

December 3, 2007

An Apples To Apples Sale In The Marina (1751 Beach): The Investment

A little over two years ago (on 9/30/2005 to be exact) 1751 Beach Street was purchased for $1,400,000. The purchase appears to have been financed with a down payment of $170,000, a first (variable rate) mortgage in the amount of $980,000, and a second (variable rate) mortgage of $250,000. And HOA dues for the condo are a reasonable (especially considering they include earthquake insurance) $275 per month.

Assuming a blended mortgage rate of 6% in 2005 (which is likely understated based on the combination of a super Jumbo first and a second), interest payments over the past two years would have been running at least $6,100 per month. And property taxes (based on the sale price in 2005) around $16,000 a year.

Based on these numbers, our back of the envelope calculations put the after-tax cost of holding this property at around $4,400 per month (at a minimum); the opportunity cost on the down payment at around $700 per month (assuming a 5% annual return); and the total effective cost at $5,100 per month over the past two years. At the same time, this property did appreciate in value by about $800 per month (based on its recent sale for $1,420,000).

In other (overly simplified) words, if the person who purchased 1751 Beach Street last month for $1,420,000 had passed on the purchase in 2005 (for $1,400,000) and instead rented a similar condo for anything under $4,300 per month (in 2005), they would have likely come out ahead (at least financially).

Looking forward? Well, that's a topic for tomorrow.

∙ An Apples To Apples Sale In The Marina (1751 Beach): The Market [SocketSite]

Posted by socketadmin at 12:11 PM | Permalink | Comments (64) | (email story)

November 30, 2007

More Proposed Homebuyer Bail Outs: San Francisco’s Local Edition

Mayor Newsom isn’t suggesting a government sponsored bail out for local homebuyers who end up facing foreclosure. Instead, he’s asking the shareholders of Bank of America, Wells Fargo, Citigroup and Washington Mutual (amongst other lenders) to do the bailing.

And if the Chronicle is accurate, Mayor Newsom is also asking the lenders to “[s]top administering stated-income or no-documentation loans” (which would impact far more buyers in San Francisco than simply the subprime).

∙ Newsom asks lenders to offer more help to those facing foreclosure [SFGate]

Posted by socketadmin at 6:21 PM | Permalink | Comments (10) | (email story)

And The Artists Shall Inherit Acquire San Francisco

“Academy of Art University plans to double its student body and add an athletic program over the next 10 years, which means it will need to acquire up to 10 more San Francisco buildings. That's on top of the 16 buildings the university has bought and adapted to new uses since 2000, a trend that is running into increasing resistance from San Francisco city government and some of the school's neighbors. It's expected to come to a head Dec. 6, when the planning commission holds a public hearing on an institutional master plan the university filed in November setting out its plans for continued expansion."

“The art school has bought and renovated numerous existing buildings to handle that expansion. It has clustered them in three main areas of town: the Van Ness corridor, Downtown and South of Market. It owns 29 of its 32 academic, administrative and residential buildings, and is in contract to purchase the Flower Mart at 575 Sixth St.”

Editor’s Note: And as some might recall, it was a little over a year ago that a discussion regarding four condos at 1081 Pine Street turned to the impact of the Academy of Art University as neighbors and solicited the following comment from a young "tipster": "Wouldn't that be a great business model. You start an 'Art academy' and buy a building for a dorm. Put in a basketball court, encourage the kids to talk on their cell phones, buy drugs, etc. Prices in the neighborhood drop like a rock and you buy up everything in sight. Then, move the dorm, sell the now appreciated properties and start the whole process all over. If only I had a hundred mil, my path to further riches would be clear."

∙ Art academy draws up big expansion [Business Times]
∙ Academy of Art University: Campus Housing: Housing Galleries [academyart.edu]
∙ Rose Sellers Still Selling [SocketSite]
∙ Three Of Four For Sale At 1081 Pine: Reader Comments [SocketSite]

Posted by socketadmin at 9:16 AM | Permalink | Comments (36) | (email story)

November 29, 2007

We're Not Exactly Reading Between The Lines (But Rather The Listing)

After a month on the market, the asking price for 195 Ney Street was reduced by $96,000 (12.1%) and an offer date was set for two weeks later at noon. Unfortunately (for the sellers) that date was four months ago. And unfortunately (for the agent) the listing still notes the old offer date (which might not be sending exactly the right message).

Then again, it might be fortunate for an interested buyer as we're getting the feeling that they might just be willing to negotiate.

UPDATE: And no, "willing to" and "happy to" are hardly synonymous: “…this place last sold in April of '06 for $680K.”

∙ Listing: 195 Ney Street (3/2) - $699,000 [MLS]

Posted by socketadmin at 1:20 PM | Permalink | Comments (80) | (email story)

Forget About The In-Law, What If The Parking Is (Was) Unwarranted?

"It’s already illegal for city residents to pave their front yards without permission, but one supervisor’s legislation is intended to give inspectors the teeth to enforce the ban. District 11 Supervisor Gerardo Sandoval will introduce legislation next week that would empower Planning Department inspectors to hand out or mail citations for violations of zoning regulations."

"Residents are pulling out gardens and lawns from their front yards and filling them with concrete. Doing so provides an extra parking spot, but Sandoval said it has far-reaching ill effects. “We passed a law several years ago to make it illegal, but people continue to do it,” he said. “We are in danger of becoming a concrete city.”

∙ Sandoval takes aim at illegal property paving [Examiner]

Posted by socketadmin at 7:10 AM | Permalink | Comments (43) | (email story)

November 28, 2007

We’ll Say It Once Again: It’s All About Managing Expectations

“The [U.S.] housing sector has continued to decline and to erode at a very, very rapid rate,'' [Federal Reserve Vice Chairman Donald Kohn] said in response to a question. “It would be nice to see some early signs that it was beginning to stabilize, and we haven't seen that yet.”

Merrill Lynch & Co., Citigroup Inc. and other banks that underwrote so-called collateralized debt obligations linked to mortgages and other credits have already warned of losses of at least $47.2 billion on CDOs and other holdings. The securities slid as investors shunned assets linked to subprime U.S. mortgages following a surge in loan defaults.

“There's further to go” in revealing losses, Kohn said today. He added that the more information that is made public about potential losses “the better,” as it will help ease uncertainty."

UPADTE: A publishing error resulted in this excerpt being published twice. And an editor’s error (damn monkeys) resulted in the deletion of the version with (rather than without) our reader’s comments (which we didn’t even have a chance to read). Sorry about that folks, no slight intended, and please feel free to comment again. And as always, thank you for plugging in.

∙ Kohn Sees Risk of Reduced Credit From Market Upheaval [Bloomberg]

Posted by socketadmin at 9:59 AM | Permalink | Comments (0) | (email story)

November 27, 2007

Could “Priced Right” In Ashbury Heights Be Less Than What Was Paid?

A plugged-in tipster notes another price reduction on the listing for 1580 Masonic (this time by $200,000 or 5.6%). And while the price reduction might not be all that telling (in and of itself), and perhaps it simply wasn’t “priced right” to begin with (as some like to say), our tipster also notes that this nicely finished Ashbury Heights home is now listed for $105,000 less than what the sellers paid for it in March of 2006 ($3,500,000).

And no, asking price and selling price aren't the same thing. But we will keep you posted (and plugged-in).

∙ Listing: 1580 Masonic (3/2.5 and 1/1) - $3,395,000 [1580masonic.com] [Alain Pinel]
∙ Three Good Sized Homes, Neighborhoods, And (Mostly) Reductions [SocketSite]
∙ Sometimes It’s Simply The Small Things: 1580 Masonic [SocketSite]

Posted by socketadmin at 4:00 AM | Permalink | Comments (72) | (email story)

November 26, 2007

JustQuotes: It’s That “Other” That We’re Really Keeping Our Eyes On

“While many accounts portray resetting rates as the big factor behind the surge in home-loan defaults and foreclosures this year, that isn't quite the case. Many of the subprime mortgages that have driven up the default rate went bad in their first year or so, well before their interest rate had a chance to go higher. Some of these mortgages went to speculators who planned to flip their houses, others to borrowers who had stretched too far to make their payments, and still others had some element of fraud.

Now the real crest of the reset wave is coming, and that promises more pain for borrowers, lenders and Wall Street. Already, many subprime lenders, who focused on people with poor credit, have gone bust. Big banks and investors who made subprime loans or bought securities backed by them are reporting billions of dollars in losses.”

“Besides the $362 billion of subprime ARMs that are scheduled to reset during 2008, $152 billion of other loans with adjustable rates are set to reset, according to Banc of America Securities. The other resetting loans include "jumbo" mortgages of more than $417,000 and Alt-A loans, a category between prime and subprime. The latter category is the riskier, in part because it includes borrowers who provided little or no documentation of their income or assets.

The number of borrowers facing higher payments isn't growing merely because the amount of loans with resets is higher. Another factor is that those with a looming reset now have a tougher time sidestepping it by refinancing or selling their home. "There is a large amount of borrowers who are in products that either no longer exist or that they no longer qualify for," says Banc of America Securities analyst Robert Lacoursiere.”

[Editor's Note: Keep in mind that in 2002 less than 20% of property purchases in San Francisco utilized interest-only mortgages [which are typically adjustable rate]. In 2005? Nearly 70%.]

∙ Rising Rates to Worsen Subprime Mess [Wall Street Journal]
∙ Interest-only loans meteoric rise in the Bay Area (May 2005) [SocketSite]

Posted by socketadmin at 10:00 AM | Permalink | Comments (35) | (email story)

The Cost Of Failing To Accurately Manage (Market?) Expectations

It was almost two months ago that we noted the ceiling of 723 Bay Street (with which we were quite enamored along with the master bath and patio).

And while we didn’t point out the $155,000 (7.2%) price reduction last month, we are pointing out the additional $220,000 (11.0%) price reduction that occurred last week. And the situation (which might make it an opportunity, and also serve as a warning, for a truly plugged-in person): “…must sell…owner in escrow on another property….”

∙ Listing: 723 Bay Street (2/1.5 and 1/1) - $1,775,000 [MLS]
∙ What Can We Say, We’re Suckers For A Nice Ceiling (723 Bay) [SocketSite]

Posted by socketadmin at 3:00 AM | Permalink | Comments (4) | (email story)

November 21, 2007

Conjuring Up Warm Thoughts Of A Traditional Thanksgiving Dinner

It wasn’t the quick $130,000 price reduction (after less than a week on the market), or even the Los Gatos broker’s pre-reduction note (“fixup cost $250,000.00 Possible resale value would be $1,700,000.00”) which caught our attention.

No, it was simply the vintage Wedgewood stove which conjured up warm thoughts of a traditional Thanksgiving dinner. And of which we can't stop thinking (and counting down).

UPDATE: And yes, since publishing this morning (and after two weeks on the market) the broker's statements about "fixup cost" and "possible resale value" have been removed from the online property description.

∙ Listing: 1671 Bush Street (4/2) - $995,000 [MLS] [Alain Pinel]

Posted by socketadmin at 10:47 AM | Permalink | Comments (11) | (email story)

When Good Comps Go Bad (Down In The Marina)

Based on the assumption of an appreciating market, and past sales (e.g., comps) in the exact same Marina building, the original list price of $1,229,000 for 1307 Bay Street #3 probably seemed quite reasonable at the time. But it didn’t sell for that.

Nor did it sell for the reduced price of $1,195,000. Or $1,179,000. Or $1,139,000. Or even $1,069,000. It did close escrow two weeks ago, however, for $1,030,000 (16.2% under that original asking).

And yes, that’s $80,000 (7.2%) less that what #1 sold for in April of 2005. That’s $112,000 (9.8%) less that what #2 sold for in April of 2006. And that’s $140,000 (12%) less than what #4 (which is directly below #3) sold for last November (2006).

And while Bay is indeed a busy street, it was last year (and the year before that) as well. So if the Marina location hasn’t changed, what the heck has?

∙ Damn Those Direct Comps In The Marina (1307 Bay Street) [SocketSite]
∙ RealRecentReductions: You’ve Seen These Before (Will You Again?) [SocketSite]

Posted by socketadmin at 9:45 AM | Permalink | Comments (132) | (email story)

November 16, 2007

A Quick Update On 8 Kronquist Court (It Sold)

A full rundown of recent sales for properties we’ve previously featured is coming early next week, but in order to start the weekend with a pretty picture we thought we’d let you know that 8 Kronquist Court closed escrow this week with a contract price was $2,200,000 (4.1% under original asking). And yes, 306 Mullen is still available.

Now about that housewarming…

UPDATE (11/17): We should have noted that the asking price on 8 Kronquist had been reduced from $2,295,000 to $2,180,000 (we're blaming the oversight on an early Friday happy hour). And as such, it sold for 4.1% under the original asking (not 4.3% - again, see note about happy hour), or 0.9% over the reduced asking. And yes, it will "officially" be recorded as another sale for "over asking" (and perhaps even with multiple bids).

∙ Mo' Modern, Mo' Modern, Mo' Modern (But No Nelly) Over In Noe [SocketSite]
∙ An Potential Option On 8 Kronquist (For Those Who Are Optimistic) [SocketSite]
∙ Modern Architecture Hits The Market Up On Mullen (306 Mullen) [SocketSite]

Posted by socketadmin at 5:01 PM | Permalink | Comments (14) | (email story)

In A New York Minute (And Times Three) As Far As We're Concerned

First and foremost, don’t get your hopes (or ire) up, the design above is for a 75-story tower by architect Jean Nouvel that’s slated to be built adjacent to New York’s Museum of Modern Art. (Yes, in New York.)

So why are we featuring it on SocketSite? Because multiple readers sent us the article along with a note lamenting the fact that we don’t seem to get such bold designs right here in San Francisco (although perhaps there's still hope).

Oh, and because we believe that every San Francisco developer (big and small alike) should take the following sentence from the Times article to heart: “Architecture is a form of marketing now, and [the developer] Hines made the bolder choice.”

∙ Next to MoMA, a Tower Will Reach for the Stars [New York Times]
∙ They Just Keep Getting Bigger, And Bigger, And Bigger... [SocketSite]

Posted by socketadmin at 2:30 AM | Permalink | Comments (27) | (email story)

November 15, 2007

But Did He Have Special Assessment Insurance? (1101 Green Street)

Don't get us wrong, we're still fans of San Francisco's Bellaire Tower (1101 Green Street). But what happens when residents rally together for years to resist any major increases in monthly HOA dues (and investment in the building)? It's called deferred maintenance.

And now all of those residents (and any new ones) are getting hit with a significant special assessment (and according to a plugged-in tipster, a multi-year resurfacing and window replacement project) to right the wrongs. It's a good thing the Mayor still has his day job.

∙ The Mayor Is Moving On Up! [SocketSite]

Posted by socketadmin at 3:00 AM | Permalink | Comments (21) | (email story)

Apparently They’re Selling Expensive Lemon Trees At 861 Alvarado

Of the five photos in the $1,495,000 listing for 861 Alvarado Street in Noe Valley, one is of the façade (which is rather charming), one is of the brush covered rear (we think), and the other three are of the “mature fruit trees” in the “huge south garden.” The actual interior, floor plans or even a shot of those "water views?" You’ll have to use your imagination.

∙ Listing: 861 Alvarado Street (3/2) - $1,495,000 [MLS]

Posted by socketadmin at 2:15 AM | Permalink | Comments (21) | (email story)

November 14, 2007

Is It Better To Be A Buyer Or A Broker At The Montgomery?

While the sales office at The Montgomery is offering potential buyers who attend their November 17th open house and sales event (from 12 to 3) “a chance to win a $500 Whole Foods gift certificate!” (must be present to win), they’re offering brokers who put a buyer “into contract between November 15th and December 31st, 2007…a $1,000 Barneys New York Gift Card.” And yes, that’s in addition to their existing “Bonus Commission Program.”

If you're a buyer, let's just hope your buyer's agent comes through with a nice holiday or housewarming present. (Might we suggest a nice fat Barneys gift card?) And if you want to share that Barneys love (now that you know about it), you know how to reach us.

∙ The Montgomery (74 New Montgomery) Gets A New Sales Team? [SocketSite]

Posted by socketadmin at 11:07 AM | Permalink | Comments (6) | (email story)

A Reader Asks, We Answer, You Embellish (3520 20th Street)

A reader asks: “I just drove by what looks like a new condo project on 20th Street, between Mission and San Carlos (right off San Carlos, actually). There were no signs displaying any information about this project. Anyone have any idea?”

We answer: If it’s the development pictured above, that’s 3520 20th Street which will consist of 14 residential condos and 3 commercial spaces. And the last we heard, it should be on the market sometime around February/March of next year.

You embellish: (if you're plugged-in and happen to have the inside scoop).

Posted by socketadmin at 3:00 AM | Permalink | Comments (3) | (email story)

November 13, 2007

There’s Little That's High-Speed About The Politics And Planning

While the Pelli Clarke Pelli and Hines team might have won the design competition for San Franciso's Transbay Terminal and Tower, the question remains, what exactly will they be building? And in the context of this article, will they design for a high-speed rail depot or not?

∙ Bay Area route dispute threatens high-speed rail line [Examiner]
∙ Hines And Pelli Clarke Pelli Bid The Most (And Get The Transbay Nod) [SocketSite]

Posted by socketadmin at 10:25 AM | Permalink | Comments (7) | (email story)

November 12, 2007

You Might Not Have To Sell, But What Happens If Your Neighbor Does?

Having last changed hands on 7/28/2006 for $700,000, 950 Harrison Street #202 was listed last week for $599,000 and is advertising “Great SHORT SALE opportunity.”

At the same time, 950 Harrison Street #210 (which is smaller by 104 square feet and last changed hands on 11/22/2006 for $679,000) and 950 Harrison street #123 (which is smaller by 276 square feet and a half-bath and last changed hands on 8/28/2006 for $605,000) have both been on the market for two months (and are currently asking $705,000 and $625,000 respectively).

∙ Listing: 950 Harrison Street #202 (1/1.5) 1,120 sqft - $599,000 [MLS]
∙ Listing: 950 Harrison Street #210 (1/1.5) 1,016 sqft - $705,000 [MLS]
∙ Listing: 950 Harrison Street #123 (1/1) 844 sqft - $625,000 [MLS]

Posted by socketadmin at 9:57 AM | Permalink | Comments (6) | (email story)

November 9, 2007

Where (Or Rather With Whom) Is The Beef?

From a plugged-in reader's comment and link: "Someone has been having fun with all of the Park Terrace signs in the area; I have to wonder what their beef is with this place."

And while we can’t speak for that "someone" (unless of course they decide to drop us a note or leave a comment), we can’t help but wonder if it’s more of a “beef” with the signs in general than with the Park Terrace in specific.

∙ Park Terrace (325 Berry) Sales Update: Now 70% Sold? [SocketSite]

Posted by socketadmin at 11:36 AM | Permalink | Comments (18) | (email story)

November 7, 2007

JustQuotes: The Bigger Picture (Of Which San Francisco Is A Part)

“The meltdown in the housing market and slowing California economy are likely to create a shortfall in the state budget next year of as much as $11 billion, according to estimates made Tuesday.”

“[C]ollection of taxes from the state's three major sources of income - personal income tax, sales taxes and corporate taxes - have been sliding downward since spring.”

"We went through the reserves that were built up in the Google years," [Stephen Levy, senior economist for the Center for Continuing Study of the California Economy] said. "And now with the housing market, we have all major tax forecasts going lower."

∙ California faces potential $11 billion deficit in budget next year [SFGate]

Posted by socketadmin at 7:07 AM | Permalink | Comments (59) | (email story)

November 6, 2007

Now Half Off (And Lender Owned) In Pacific Heights? (2990 Clay #1)

It’s a “lender owned” condominium “in need of renovation” two blocks off of Alta Plaza park in Pacific Heights. And while it appears that 2990 Clay Street #1 last changed hands for $1,061,444 on 6/6/2007 (in the sale to the lender) and prior to that for $1,490,000 on 5/31/2006, it’s now on the market for $699,900.

Granted “[t]he prior owner removed many items” (as those who have been foreclosed upon are prone to do), but unless those items included solid gold fixtures and outlet coverings, something doesn’t quite add up. Perhaps a plugged-in reader can help us out with the math (and the inside scoop).

UPDATE: And a reader comes through: “Okay, I got the scoop - looks like the unit is actually closer to 1k sq feet, even though the tax records show 1500. The additional sq ft and the fact that it "sold" for close to 1.5M is all most likely fraud...Sounds like this place is VERY rough, and 699k isn't a price they're hoping to get bidding wars over, but rather is the generous starting price they think they'll have to come down from....”

∙ Listing: 2990 Clay #1 (2/1) - $699,900 [MLS] [Redfin]

Posted by socketadmin at 8:22 AM | Permalink | Comments (49) | (email story)

JustQuotes: And The Impact On The Working Fireplace Premium?

“It would be illegal to use residential fireplaces on nights with poor air quality under a rule being considered by Bay Area air regulators. Over the next three weeks, the Bay Area Air Quality Management District will hold workshops to gauge public opinion on the proposal, which would follow similar bans in Sacramento County, the San Joaquin Valley, and such Bay Area cities as Mill Valley, where people who disobey the city's wood-burning law are already subject to stiff fines.”

∙ Smog board wants to ban wood fires on bad-air nights in winter [SFGate]

Posted by socketadmin at 7:44 AM | Permalink | Comments (3) | (email story)

November 2, 2007

Neighborhood Identity Crisis Alert: Is It FiDi? Transbay? SoMa?

From a reader’s comment (and query) regarding The Millennium:

"Wow, I like the [Millennium] midrise. I wouldn't mind the location since its in the heart of FIDI . . . ."

Not wanting to argue, but is 1st & Mission now considered to be "in the heart of" the Financial District? I remember when it wasn't. And, now that "FIDI" seems to be the accepted nickname for that part of town, would someone tell me whether it's pronounced "Fie, die" or "Fiddy?" I hope the answer isn't "eff-eye-dee-eye." Thanks.

Well...while many might consider the area an extension of FiDi (as in “Financial District”), the City powers that be have been pushing for the adoption of “Transbay” (not to be confused with TransBay). And yet others simply refer to it as SoMa.

As far as we're concerned, we'll let the plugged-in people lobby and decide (or even suggest others). So have at it. Bonus points for defining both the boundaries and pronunciation (and double bonus points for maps/mashups/multi-media). And if no clear winner emerges, perhaps we'll even host a good old fashioned poll.

∙ The Millennium: A Few Things You Might Know (And A Few You Don’t) [SocketSite]

Posted by socketadmin at 9:27 AM | Permalink | Comments (52) | (email story)

October 30, 2007

Mayor Gavin Newsom’s San Francisco State of the City Address

[Editor’s Note: And yes, up until a few minutes ago we too were linking to the 2006 address. Sorry, it's just been one of those days.]

∙ Mayor Gavin Newsom’s 2007 State of the City Address for San Francisco [SFGTV]

Posted by socketadmin at 10:46 AM | Permalink | Comments (5) | (email story)

That’s Not Looking Like The Vegas Pool Scene We Know (And Love)

The Comment: “the beacon pool scene on the weekend is supposedly right out of vegas. if you are a single guy, you should seriously consider living there.”

The Picture (above): The pool scene at the Beacon on a sunny (albeit mildly windy) Sunday afternoon.

The Question: Any actual Beacon pool goers care to set the record straight? We’ll thank you in advance for the plethora of plugged-in single guys (and gals) that have suddenly showed an interest in any one of the 24 active listings in the building.

∙ The Palms Finds More Inventory And A Resale Hits The Market [SocketSite]

Posted by socketadmin at 9:33 AM | Permalink | Comments (47) | (email story)

October 29, 2007

Sir Norman Foster’s New York Tower Comes To San Francisco

Not content with a mere Photoshop mashup, Kim Chalmers of Screampoint heeds our call for mashups of the Chronicle's current abode and their favorite Sir Norman Foster design with a 3D animation of San Francisco with Foster’s New York tower added to the mix at Mission and 5th. And we have to admit, we’re kind of crushing on the result.

∙ We’re Only Surprised Nobody Has Gone With The Gherkin [SocketSite]
∙ Note To Hearst: Any Chance You’ve Still Got His Number Handy? [SocketSite]

Posted by socketadmin at 3:00 AM | Permalink | Comments (4) | (email story)

October 26, 2007

We’re Only Surprised Nobody Has Gone With The Gherkin

Yesterday we asked, “might a reader or two with mad photoshopping skills (and in need of a little afternoon break) care to brighten our day with an interpretive mashup of the Chronicle's current abode and their favorite Foster design?”

And while it was Andy that responded with the literal, and perhaps not too surprisingly tipster with the ironic (and yes, we're guessing you can figure out which is which), we’re honestly surprised nobody has gone with the gherkin.

Then again, it’s Friday and perhaps a few others will heed the call...

UPDATE: And now thanks to Sexy&Sassy, we're proud to present...the "Cherkin":

∙ Note To Hearst: Any Chance You’ve Still Got His Number Handy? [SocketSite]

Posted by socketadmin at 8:15 AM | Permalink | Comments (5) | (email story)

October 25, 2007

Note To Hearst: Any Chance You’ve Still Got His Number Handy?

While Hearst might be shopping their block (quite literally) of real estate in San Francisco, a reader notes that the corporation took a different approach to maximizing the value of their headquarters in New York. And a Norman Foster designed tower now rises above the original six-story Hearst Magazine Building at 57th and 8th.

And so we ask: might a reader or two with mad photoshopping skills (and in need of a little afternoon break) care to brighten our day with an interpretive mashup of the Chronicle's current abode and their favorite Foster design?

∙ A Huge (Potential) Development For The Mid-Market/SoMa 'Hood [SocketSite]
∙ Hearst Magazine Building [Wired New York]

Posted by socketadmin at 2:32 PM | Permalink | Comments (13) | (email story)

October 22, 2007

Which Of The Seven Words Will Be Harder To Reconcile?

Five words that don’t belong together in the same sentence: “luxury home” and “beautiful pergo floors” (and yes, Pergo does have its time and place). And two words it’s tough enough to see alone: “short sale” (last changed hands in 2005 for $900,000).

∙ Listing: 120 Cross Street (5/3) - $800,000 [MLS]

Posted by socketadmin at 10:39 AM | Permalink | Comments (14) | (email story)

JustQuotes: An East Bay Owner “Trades Up” And Becomes A Renter

“Scorching or icy, booming or busting, there's nothing like California's housing market for animated conversations - and, it turned out for us, unconventional decisions.” (Want a life of leisure? Be a renter)

Posted by socketadmin at 7:00 AM | Permalink | Comments (0) | (email story)

You Might Want To Check The Disclosures For Any Mention Of A Portal

Okay, to be fair the photo caption in the listing does read “[s]torage or bonus nook on lower level.” But then again, it’s also referenced and staged as an “office nook.” And as a plugged-in tipster known as “yorkie” writes: “I don't know if it's simply a combination of bad composition, wide angle lens and a door that goes up to the ceiling, but holy crap. Looks like something out of "Being John Malkovich."

Or as Craig Schwartz might say, "there's a tiny door in my office...."

Listing: 204 Theresa (2/1) - $619,000 [204theresa.com]

Posted by socketadmin at 3:00 AM | Permalink | Comments (7) | (email story)

October 17, 2007

Buy It For Fifty Percent Less, Or Rent It For Thirty Percent More

Last week a plugged-in tipster recognized the interior of 10 Hastings (which was last listed for sale at $9,995,000) in a Craigslist ad for a $25,000 per month rental in Russian Hill. And yesterday, we couldn’t help but recognize the interior of 2502 Leavenworth (currently listed at $5,495,000) in another (it was the kitchen that gave it away).

And while 2502 Leavenworth is currently for sale for roughly half (okay, so 55%) of what 10 Hastings was asking prior to being withdrawn, they’re asking for 32% more a month in rent. And yes, that’s $33,000.

And then there’s 755 Marina Boulevard. Last listed for sale at $5,597,000 (roughly the same as 2502 Leavenworth), it’s now available for rent at $12,000 per month (roughly two-thirds less than 2502 Leavenworth). Granted, we don’t know what ever happened with that foreclosure. And these are only list prices (across the board). But still...

∙ Name That Russian Hill Home In Four Pictures Or Less [SocketSite]
∙ RealRecentReductions: You’ve Seen These Before (Will You Again?) [SocketSite]
∙ $33000 / 5br - Elegant View House [Craigslist]
∙ The $1,500,000 Half Bath On Marina Boulevard [SocketSite]
∙ $12000 / 5br - View home on Marina Blvd (marina / cow hollow) [Craigslist]
∙ Yahoo Unveils Underwhelming Foreclosure Center [SocketSite]

Posted by socketadmin at 3:00 AM | Permalink | Comments (12) | (email story)

October 16, 2007

Hell Hath No Fury Like An Architect Scorned Tagged

Yesterday’s piece on the boundaries between Pacific Heights and Western Addition (real or imagined) leads to a discussion of graffiti creep (real or imagined). It also yields our plugged-in reader's quote of the day:

As an Architect who has had [a] cherished project tagged, my personal wish is that a graffiti punk caught in the act should be required to receive the paint or acid through one or more body orifices.

Forget the police, perhaps it's time to unleash the Guardian Angels Architects on San Francisco. We're thinking black berets might be a nice touch.

UPDATE: And then there's the Guardian Agent.

∙ The Rough And Tumble “Inner City” Of Pacific Heights [SocketSite]

Posted by socketadmin at 9:55 AM | Permalink | Comments (35) | (email story)

Foreshadowing A Fall For Northern California? Or Forecasting Folly?

According to DataQuick sales volume plunged last month in Southern California “to the lowest level in more than two decades, as financing with "jumbo" mortgages dropped by half.” And when we (or they) say plunged, we (or they) mean down 29.9% month-over-month, and down 48.5% year-over-year.

And while we’ll have DataQuick’s official September tally for San Francisco (and the greater Bay Area) in the morning, and one plugged-in reader's calculations would suggest that September's transaction volume dropped close to 30% year-over-year, we’re giving you 24 21 hours to go on record with a forecast of your own.

UPDATE (10/17): It looks as though DataQuick won't be releasing their Bay Area numbers until tomorrow (and you have another 18 hours to go on record with your forecasts).

∙ SocketSite's San Francisco Listed Housing Inventory Update: 10/15 [SocketSite]
∙ San Francisco Sales Activity: Reported Sales Volume Takes A Little Hit [SocketSite]
∙ September Southland home sales lowest in more than 20 years [DQNews]

Posted by socketadmin at 9:45 AM | Permalink | Comments (12) | (email story)

Fast Sale Wanted! Must Sell. All Offers Considered. Or Not.

A month ago (and after two months on the market) 1255 California #603 was listed as: “Reduced! Fast sale wanted! Vacant! Gorgeous view! Renov kitchen! Fabulous opportunity. Owner is in contract on house purchase in palm springs. Must sell. All offers considered.”

And today it’s still a “Fabulous opportunity,” but apparently it’s “Also available for rent!” (long gone are the references to a fast sale, “must sell,” and “all offers considered”).

Purchased for $975,000 three years (and three days) ago, a sale at the reduced price of $1,099,000 (originally listed at $1,168,000) would represent average annual market appreciation of 4% over the past three years for this Nob Hill condo with views. And yes, that average includes a strong 2005.

Oh, and if you’re looking for the wood burning fireplace it’s hidden behind the television (naturally).

UPDATE: A plugged-in reader picks it out of the Craigslist rental line-up. They're asking $4,500 a month which would pencil to a cap rate of roughly 3%.

∙ Listing: 1255 California Street #603 (2/2) - $1,099,000 [MLS]

Posted by socketadmin at 8:52 AM | Permalink | Comments (13) | (email story)

October 11, 2007

The Wall Street Journal Rides The Subprime (Tidal) Wave

According to the Wall Street Journal, in 2006 a little over 14% of all new mortgage originations in the San Francisco MSA (which includes San Mateo and Redwood City) were “high-rate” loans. In San Jose (which includes Sunnyvale and Santa Clara) the percentage was 19%. And in Oakland (which includes Fremont and Hayward) it was 25%.

And while those percentages are likely to be both more and less than many expected, we will offer a few other MSA’s for perspective: New York 28%, Los Angeles 32%, Chicago 33%, Phoenix 34%, Las Vegas 36%, and Miami 48%.

And now, we’re not sure whether to be relatively relieved (in terms of the Bay Area) or absolutely frightened (in terms of the country as a whole).

∙ The United States of Subprime [Wall Street Journal]
∙ Wall Street Journal Interactive Graphic: Subprime Tidal Wave [WSJ]

Posted by socketadmin at 9:15 AM | Permalink | Comments (21) | (email story)

An Potential Option On 8 Kronquist (For Those Who Are Optimistic)

So you’re longing to live at 8 Kronquist but for one reason or another you couldn’t qualify (or quite afford it). And you’re sure that in a year or two your finances will be in better shape (and that the market will have moved up). Well, you just might be in luck as the listing now notes: “Lease Option is possible.”

Just remember, there's no such thing as a free option (it's simply a matter of who pays).

∙ Mo' Modern, Mo' Modern, Mo' Modern (But No Nelly) Over In Noe [SocketSite]
∙ Real Estate Q & A: Lease Options [realestateabc.com]

Posted by socketadmin at 3:15 AM | Permalink | Comments (10) | (email story)

October 10, 2007

JustQuotes: There's (The Potential For) Competition In California

“The Department of Justice is committed to preserving competition in the real estate industry through its competition advocacy efforts. Given that California allows real estate brokers to provide rebates to consumers and to customize their real estate service offerings to meet their customers’ needs, the Department of Justice has not advocated that California change any of its real estate laws or regulations.”

∙ DOJ/Antitrust: Real Estate Competition in California [usdoj.gov]

Posted by socketadmin at 1:44 PM | Permalink | Comments (4) | (email story)

There’s A Single-Family Home In There Somewhere: 1082 Jamestown

Yes, there’s a single-family home in there somewhere (and apparently another “rare opportunity”). What can we say, it is a "contractor’s" (and perhaps landscaper's) special. And honestly, what did you expect for $299,000 in San Francisco?

∙ Listing: 1082 Jamestown Avenue (1/1) - $299,000 [MLS]
∙ A Rare Opportunity Returns In Bernal (368 Prentiss) [SocketSite]

Posted by socketadmin at 3:00 AM | Permalink | Comments (16) | (email story)

October 9, 2007

Those Damn Neighbors: The Bridgeview (And Bank Owned) Edition

400 Beale #1501 has been on the market for a little over a month. Advertising the largest 2 bedroom, 2 bath floor plan at the Bridgeview and a “huge final price reduction” of $24,000 (2.4%), it’s currently listed at $975,000.

Enter 400 Beale #1201. It’s the same largest floor plan as #1501 (albeit three floors below). It’s another bank owned (REO) condo in the Bridgeview (no, not Bayview). And it’s now on the market for $825,000.

And while it appears that #1201 might be tenant occupied (which could affect the price), and those three floors do make a difference on the Bay (but not necessarily bridge) views, we're still calling it a concerning comp (but not quite a troubling trend).

∙ Listing: 400 Beale #1201 (2/2) - $825,000 [MLS]
∙ Listing: 400 Beale #1501 (2/2) - $975,000 [MLS]
∙ The SocketSite Scoop On That Short Sale In Rincon Hill [SocketSite]

Posted by socketadmin at 8:21 AM | Permalink | Comments (43) | (email story)

October 8, 2007

Name That Russian Hill Home In Four Pictures Or Less

Another eagle-eyed (and elephant-minded) tipster deserves the credit for putting two (a listing for $25,000 a month rental in Russian Hill) and two (the withdrawn listing for 10 Hastings) together. And yes, wondering if the developers (“if we are not successful at selling this at a price that we wish…we’ll just move into it”) have had a change of heart.

∙ $25000 / 6br - Brnd nw lux,6bd,6bth+2pdr rm,sng fm hse,4-cr grg,mst see [craigslist]
∙ Are The Petruzzelli’s Coming To Russian Hill (And 10 Hastings)? [SocketSite]

Posted by socketadmin at 7:00 AM | Permalink | Comments (6) | (email story)

October 3, 2007

Well, If Nothing Else It’s Big. Now About That Little Cottage Out Back...

It’s a reader that can’t help marvel at a single family home that’s priced at three million dollars (okay, so $2,995,000) in the Avenues. Granted, it is four stories, offers six bedrooms (and four and one-half baths), and is only a half block off of Lake Street. But still. And the irony? We find ourselves more enamored with that little cottage out back...

∙ Listing: 148 16th Avenue (6/4.5) - $2,995,000 [MLS]

Posted by socketadmin at 9:35 AM | Permalink | Comments (1) | (email story)

Staged And Ready To Go (To Whom?)

Perhaps it’s that we’ve simply become spoiled (which is entirely possible). Or that we’re tragically un-hip to the latest craze in décor and design (bite your tongues). But there are times we do have to wonder if the staging hurts more than it helps (considering the style, location, and likely buyer).

And yes, this just so happens to be one of those times. And now about the place upstairs…

UPDATE: It might be worth plugging in to bgelldawg’s comment should you find yourself drawn (despite the staging) to either of these condos.

∙ Listing: 39 Boardman Place #101 (1/1.5) - $639,000 [MLS]
∙ Listing: 39 Boardman Place #301 (1/1.5) - $765,000 [obeo.com] [MLS]

Posted by socketadmin at 2:50 AM | Permalink | Comments (11) | (email story)

October 2, 2007

JustQuotes: Do It Yourselfers Don’t Even Think About It

“An incredible price for San Francisco property with the chance to do something special. Property priced with condition of property in mind. Experienced contractor's opportunity. Property gutted with walls, electrical and plumbing removed. Elevated off ground on I-Beams and other supports. No entry without Listing Agent's authorization and signed waiver of liability Seller is lender without much info about permits or work done. There do not appear to be approved permits for work.”

∙ Listing: 454 Head Street (2/1) - $299,000 [MLS]

Posted by socketadmin at 2:45 AM | Permalink | Comments (1) | (email story)

September 28, 2007

The Irony Continues: Another $400,000 Off Of The Old Droubi HQ

As a plugged-in tipster notes, the list price on 4128 24th Street (the former home of Droubi Real Estate) was just reduced another $400,000 (13.4%). It’s now listed at $2,595,000 (25.8% below original) and advertising: "Seller will carry second deed of trust."

And while it might simply have been priced too high to begin with, we once again find ourselves biting our tongues. Oh, and re-reading a few of the comments the last cut evoked in a whole new light.

∙ Listing: 4128 24th Street (4/2) - $2,595,000 [droubiteam] [MLS]
∙ The Droubi Noe Valley Victorian (4128 24th): Coming Soon [SocketSite]
∙ From No Real Story To A Bit Of Understated Irony (4128 24th) [SocketSite]

Posted by socketadmin at 2:40 PM | Permalink | Comments (22) | (email story)

If Only We Could Get This One “Un-Remodeled” (21 Parsons)

So while it was the $299,000 garden studio that first caught (and then lost) our attention, it was the juxtaposition between the original woodwork (which we love) and the very un-original kitchen (no comment) up that landed 21 Parsons on the site.

There's nothing quite like having to budget for a remodel of a remodel (and wondering what was lost the first time around).

∙ Listing: 21 Parsons #A (0/1) – $299,000 (TIC) [MLS]
∙ Listing: 21 Parsons (2/1) - $685,000 (TIC) [MLS]

Posted by socketadmin at 2:15 AM | Permalink | Comments (3) | (email story)

Kicked To The Curb(ed)

Sorry, it was just too damn easy. Anyway, Curbed SF has re-launched with a new Editor, a new found enthusiasm (not to mention attitude), and an entirely new lease on life.

Posted by socketadmin at 2:00 AM | Permalink | Comments (2) | (email story)

September 27, 2007

The Return Of The Red-Bellied Tudorbethan! (69 Waller)

Could it have been some strange migratory pattern? Or that it got spooked by all the attention? Regardless, the “red-bellied” Tudorbethan (69 Waller) we first spotted last month is back. Only this time it’s listed at $1,149,000 (an increase of $100,000). Go figure (and we're sure you will).

∙ Listing: 69 Waller Street (3/2) - $1,149,000 [MLS]
∙ Honey, Is That A Red Bellied Tudorbethan Behind That Tree? [SocketSite]

Posted by socketadmin at 3:00 AM | Permalink | Comments (32) | (email story)

September 26, 2007

For The Views, They Are A-Changin' (Not That That's A Bad Thing)

Sometimes we just like the view (or perhaps photo). Just don’t forget about that second One Rincon Hill tower that’s slated to sprout from in the lower left-hand third of this frame. Or the proposed Turnberry tower up the street. Or The Californian across the street. Or perhaps even 340 Fremont a little to the right.

Now if only we could find a good photoshopper with some spare time on his (or her) hands...

∙ Listing: 400 Beale Street #2106 (2/1.5) - $1,025,000 [MLS]
∙ One Rincon Hill: An Unofficial Update On The Timing Of The Two Towers [SocketSite]
∙ Out With The Old: 45 Lansing And The Lot Around Watermark [SocketSite]
∙ True Luxury Condos At 45 Lansing? [SocketSite]
∙ The Californian on Rincon Hill (375 Fremont): Website And Renderings [SocketSite]
∙ New Developments: 340 – 350 Fremont [SocketSite]

Posted by socketadmin at 11:46 AM | Permalink | Comments (35) | (email story)

Will It Stay Or Will It Go? (If It Goes There Will Be Trouble...)

3673 16th Street is an “1880's Italianate with most original detailing” intact (although definitely not in the kitchen or out back). But it’s also a single-family home on an 130 foot long lot (“ideal for development”) that’s zoned RH-3.

And so yes, we have to ask, will it stay or will it go? If it goes there will be trouble...

∙ Listing: 3673 16th Street (2/1) - $850,000 [Obeo] [MLS]

Posted by socketadmin at 7:29 AM | Permalink | Comments (27) | (email story)

September 25, 2007

JustQuotes: It’s Happening With Debt, Could It Happen With Homes?

"Declines in the dollar, which fell to a record $1.4154 against the euro today, are souring some overseas investors on U.S. government debt...."We're shifting money to the euro from the U.S.'' A falling dollar brings losses to investors from outside the U.S. and it may spur inflation in the months ahead, [Satoshi Okumoto, who helps oversee the equivalent of $4.3 billion in non-yen debt at Fukoku Mutual Life Insurance Co. in Tokyo] said."

∙ Treasuries Rise as Consumer Confidence, Home Sales Decline [Bloomberg]
∙ What’s The Scoop On Foreign Investment In San Francisco? [SocketSite]

Posted by socketadmin at 9:04 AM | Permalink | Comments (30) | (email story)

Damn Those Direct Comps In The Marina (1307 Bay Street)

Three of four nearly identical Marina condos have sold over the past 29 months in a classic five-unit building at 1307 Bay. Unit #1 sold $1,110,000 in April of 2005. Unit #2 (which is above #1) sold for $1,142,000 in April of 2006. And in November of 2006, unit #4 (which is next to unit #1) sold for $1,170,000.

As such, pricing unit #3 (which is above unit #4 and features a much nicer kitchen and bathrooms than unit #2) at $1,229,000 (as it was almost four months ago) would make perfect sense. Of course that's assuming home values in the Marina have continued to rise.

And yet unit #3 hasn’t sold. Not after the price was reduced to $1,195,000 a month later. Not after subsequently being reduced to $1,179,000. And not since being reduced to $1,139,000 two weeks ago.

Damn those comps.

∙ Listing: 1307 Bay Street #3 (2/2) - $1,139,000 [MLS]

Posted by socketadmin at 4:15 AM | Permalink | Comments (32) | (email story)

September 21, 2007

What’s The Scoop On Foreign Investment In San Francisco?

A reader wonders, we republish:

1. Does anyone have or know where to find information about the historical and/or current percentage of residential properties in San Francisco owned by foreign investors?

2.What is the motivation for foreign investors to invest heavily in residential real estate as opposed to other USD based investments (i.e. stocks, business investment, commercial properties, etc.)? Is it more liquid? Do they get tax breaks? Better ROI? A lower barrier to entry?

3. Would these foreign investors primarily interested in buying individual properties or buildings or land for development? In general, what would make the most financial sense for a foreign investor?

And perhaps you'll be so kind as to answer (or opine).

Posted by socketadmin at 2:20 AM | Permalink | Comments (49) | (email story)

September 20, 2007

Once Billed As “A Symbol Of Success, Not Extravagance”

Earlier this year a duo of unfinished spec homes on the cusp of St. Francis Wood hit the market for $10,700,000 and $12,700,000. And it was but a few months later that a plugged-in tipster noted: “the developer ran out of money…notices of default have been filed for both properties…[and it] seems like this opportunity may be coming for sale soon at City Hall.”

Unfortunately for the developer, neighboring residents, and most everybody else involved, it appears that our tipster was at least half [see UPDATE below] correct: “A nonjudicial foreclosure sale of the property is scheduled to take place October 4, 2007, at 2:00pm at the Van Ness Ave. entrance to City Hall.” Over $3.5 million is owed on the project. And it has yet to be finished.

And if the New York Times is correct, the timing isn't great (“A jittery economy stirs second thoughts about ostentation”).

UPDATE: 166 Yerba Buena might just be in contract for $9.5 million while 168 Yerba Buena is headed for the auction block.

UPDATE (9/21): In what looks to be a last ditch effort to avoid foreclosure, 168 Yerba Buena has been listed for $6,500,000. Yes, that's $6,200,000 less than the original asking but doesn't include "approx. $2mil-$2.7 mil. more to complete."

∙ 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]
∙ Suddenly, a Hesitation About Splurging [NYT]

Posted by socketadmin at 3:00 AM | Permalink | Comments (7) | (email story)

September 19, 2007

841 Webster Returns: And Perhaps It's Now “Priced to Rent!”

As a tipster notes, 841 Webster (which failed to sell at $989,000 despite four months on the market, a total of $310,000 in reductions, and advertising “Priced to Sell!”) has returned to the market as a rental. And according to craigslist, they're looking for $4,950 a month. We’ll just let you run the numbers (and debate that little note of NOPA).

∙ $4950 / 3br - Remodeled Victorian Flat...(alamo square / nopa) [craigslist]
∙ What’s Moving (Or Not) And For How Much (Or Little): Withdrawn [SocketSite]
∙ Betting On A Bidding War? (Once Again) [SocketSite]
∙ To Rent Or To Buy, That Is The Question (That Only You Can Answer) [SocketSite]
∙ And Like There’s Any Chance We Could Resist (700 Broderick) [SocketSite]

Posted by socketadmin at 8:46 AM | Permalink | Comments (18) | (email story)

September 14, 2007

A Quick Update On A Couple Of Comps In The Making

It was a month ago that we pointed out 525 Gough Street #203 as a potential “apples to apples” two-year comp in the making in Hayes Valley. Having first sold for $849,000 in 2005, the condo was listed 50 days ago for $899,000. And a week ago the list price was reduced to $879,000. A sale at asking would now represent annual market appreciation of roughly 1.5% over the past two years.

And while we first pointed out potential price reductions (and incentives) over at 310 Townsend over four months ago (and provided additional evidence two months after that), it wasn’t until last week that four of the listings officially acknowledged “Price reduced” (with reductions ranging from $25,000 to $45,000).

And then there’s the newly (and quite nicely) renovated building at 1865 Clay in Pacific Heights (and more specifically unit number six). From the listing agent on August second:

Unit #6 was the first to be renovated, so it was listed first on MLS. However, once buyers walked through the building we allowed them to write an offer [on] any of the available flats, pending completion. They sold for: #1-$1,075,000, #2-$1,075,000, #3 $1,160,000, & #5 - $1,150,000 and have all closed. (#4 was pre-sold before we took the listing). To move the last unit, we reduced the price from 1,199,000 to $1,099,000, and then did a second, market-based reduction to its current price of 1,044,000.

The list price on 1865 Clay Street #6 was subsequently reduced another $45,000 (4.3%). It remains active and available for $999,000 (and not what you like to see as a neighbor).

∙ 310 Townsend: Available And Selling [SocketSite]
∙ 310 Townsend: Two New Listings, (At Least) One New Price [SocketSite]
∙ 310 Townsend: Additional Evidence Of Price Reductions [SocketSite]
∙ Another Two-Year Comp In The Making (525 Gough #203) [SocketSite]
∙ Listing: 525 Gough #203 (3/2) - $879,000 [MLS]
∙ Reductions On A Comp In The Making On Clay (1865 Clay Street) [SocketSite]
∙ Listing: 1865 Clay Street #6 (3/2) - $999,000 (TIC) [MLS]

Posted by socketadmin at 7:00 AM | Permalink | Comments (17) | (email story)

From “Rumor” To Reality: Charles Phan Coming To The Soma Grand

As a tipster points out, last week the Chronicle officially announced that Charles Phan will be opening a new concept restaurant in the Soma Grand. Of course it was six months ago that plugged-in people were first able to trade on the “rumor”.

∙ It’s All About Service And Style At The Soma Grand (1160 Mission) [SocketSite]
∙ The Soma Grand: The SocketSite Straight Scoop [SocketSite]

Posted by socketadmin at 3:00 AM | Permalink | Comments (8) | (email story)

September 10, 2007

Arterra's New Buyer's Incentive And Park Terrace’s Broker's Bonus

From (more than) one plugged-in tipster: Arterra is now offering two years of pre-paid HOA dues with purchase (perhaps they ran out of plasmas). And from yet another: Park Terrace is now offering brokers a 4% sales commission for selling a “townhome” (which always makes us wonder).

UPDATE (9/14): As a tipster notes, The Hayes is now offering a new incentive as well in the form of a "permanent interest rate buy-down of 5.500% on a 5/1ARM interest-only loan."

∙ Arterra (300 Berry) Tops Off At 16 And Aims For A Spring '08 Opening [SocketSite]
∙ Out With The HOAs (For Now) In With The Sub-Zero (And Plasmas) [SocketSite]
∙ Park Terrace (325 Berry): The Grand Opening Weekend [SocketSite]

Posted by socketadmin at 3:15 AM | Permalink | Comments (15) | (email story)

September 7, 2007

The Kind Of Views You Dream About In San Francisco (1036 Chestnut)

In good conscience we simply can’t start the weekend off on a cloudy note. So grab a glass of wine, drink up the views, and dream of sunnier days (perhaps in that master suite).

∙ Listing: 1036 Chestnut Street (3/2) - $2,295,000 [sfProperties] [MLS]
∙ From Rumor To Reality: Up To 12,000 Layoffs At Countrywide [SocketSite]

Posted by socketadmin at 4:40 PM | Permalink | Comments (21) | (email story)

The (Semi) Regular Rundown Of Properties That We’ve Featured

A quick rundown of properties that we've previously featured and have (relatively) recently closed escrow:

∙ 745 Detroit: closed escrow on 8/24/07 for $1,445,000 (15% under original asking)
∙ 310 Townsend #412: closed escrow on 9/5/07 for $890,000 (8.2% under original asking)
∙ 1080 Chestnut #12A: closed escrow on 8/27/07 for $2,050,000 (6.6% under asking)
∙ 1080 Chestnut #11D: closed escrow on 8/30/07 for $3,000,000 (6.1% under asking)
∙ 3456 Jackson: closed escrow on 9/7/07 for an undisclosed amount
∙ 765 Market #29F: closed escrow on 8/20/07 for an undisclosed amount
∙ 366 Lovell Ave (Mill Valley): closed on 8/09/07 for $4,500,000 (2.4% over asking)
∙ 220 Danvers: closed escrow on 8/08/07 for $2,050,000 (3.5% over asking)
∙ 7 Cameo Way: closed escrow on 8/22/07 for $1,550,000 (3.7% over asking)
∙ 801 Teresita Boulevard: closed escrow on 8/29/07 for $950,000 (6.1% over asking)
∙ 741 Noe: closed escrow on 8/20/07 for $1,057,000 (6.9% over asking)
∙ 610 Rhode Island: closed escrow on 8/30/07 for $2,551,000 (10.9% over asking)

And four listings that have subsequently been withdrawn from the market: 368 Elm Street #101, 368 Elm Street #201, 1477 Hudson Avenue and 69 Waller.

∙ Less “Uber Cool” Cash For An "Uber Cool" House (745 Detroit) [SocketSite]
∙ 310 Townsend: Additional Evidence Of Price Reductions [SocketSite]
∙ A Data Point At The Other End Of The Market (And 1080 Chestnut) [SocketSite]
∙ A Relatively Nondescript Building (And A Unit That’s Anything But) [SocketSite]
∙ The SocketSite Scoop On 3456 Jackson (In Presidio Heights) [SocketSite]
∙ A High End Comp In The Making (The Four Seasons Residences #29F) [SocketSite]
∙ Monday Morning Modern In Mill Valley (366 Lovell Avenue) [SocketSite]
∙ This Old Church Became This New House On This Old House (Got It?) [SocketSite]
∙ Word Up! (A Reader Recommends 7 Cameo Way) [SocketSite]
∙ You Had Us At Heated Granite Floors (And We're Not Granite People) [SocketSite]
∙ Tales Of San Francisco (On So Many Different Levels) [SocketSite]
∙ 610 Rhode Island From The Inside (Literally And Figuratively) [SocketSite]

Posted by socketadmin at 2:43 PM | Permalink | Comments (1) | (email story)

Can This Resale Compete With All The Original Unsold Inventory?

767 Bryant Street #403 hit the market yesterday in what would appear to be the first attempted resale in the building. And while this condo was originally priced by the developer at $1,100,000 a year ago, today it’s listed at $1,249,000 (although it will be sold "staged and furnished").

At the same time, at least eight (and as many as twelve) of the original 20 condos at 767 Bryant remain available for (a first time) sale. And yes, that’s despite the remodeling, reductions, incentives (including free cars), and an outright plea for “any offers.”

∙ Listing: 767 Bryant Street #403 (1/2) - $1,249,000 [Coldwell Banker via Pacific Union]
∙ Inside 767 Bryant [SocketSite]
∙ 767 Bryant: The Apartments Condominiums [SocketSite]
∙ Take Two For A Few Of The Condos At 767 Bryant [SocketSite]
∙ 767 Bryant: A Sales Update (And Reduction) [SocketSite]
∙ Buy A Condo Get A Car At 767 Bryant [SocketSite]
∙ Another Chance To Make An Offer (Any Offer) In San Francisco [SocketSite]

Posted by socketadmin at 9:00 AM | Permalink | Comments (13) | (email story)

The Potrero (451 Kansas): Now 60% “Sold” And Closing Contracts

Contracts are being closed, new owners are making the move, and in under a week Whole Foods should opening its doors over at The Potrero (451 Kanasas). And according to J.K. Dineen, there’s no early indication of any significant fallout in the conversion rate from deposits to closed contracts.

The Potrero currently stands at roughly 60% reserved/sold: 85% in the North building (which started selling seven months ago) and 35% in the South building (which first hit the market two months ago along with incentives).

∙ Potrero project selling despite mortgage crisis [Business Times]
∙ What Happens When It’s Time To Fund? We’ll Have To Wait And See [SocketSite]
∙ The Potrero (451 Kansas): Sales Center Now Open [SocketSite]
∙ The Potrero: South Building Sales (And Incentives) This Weekend [SocketSite]

Posted by socketadmin at 7:51 AM | Permalink | Comments (3) | (email story)

September 4, 2007

What Happens When It’s Time To Fund? We’ll Have To Wait And See

What happens when well over 1,200 buyers enter into contract on pre-construction condominiums in San Francisco (in new developments ranging from The Potrero, The Hayes and Arterra; to One Rincon Hill, Infinity, and the Ritz-Carlton) and from the time deposits (non-refundable) are placed, to the time loans must be funded, the mortgage market shifts?

To be honest, we don’t know (at least not yet). But we do know that it’s worth watching (for insight into both the new development market as well as the local market in general). And that we will find out.

Will rising rates impact buyers’ ability to afford their intended purchase? Perhaps. Will a tighter credit market affect a move-up buyer’s ability to sell a starter home (in terms of ease of sale or expected value) in order to fund their move-up purchase? Perhaps a bit more.

And will stricter underwriting standards have any significant impact on those who have been banking on closing with 5% down (owner occupiers and “investors” alike)? Perhaps the most. It's one thing to free up a couple hundred dollars a month (to cover a higher mortgage payment), while it’s quite another to free up an extra hundred thousand (to avoid an onerous second mortgage or even qualify for a first).

Of course only time will tell (and we’ll keep you plugged-in).

∙ One Rincon Hill: An Unofficial Update On The Timing Of The Two Towers [SocketSite]
∙ The Infinity: The “Official” Dates And Update (8/24/07) [SocketSite]

Posted by socketadmin at 1:19 PM | Permalink | Comments (34) | (email story)

August 29, 2007

They’re Back In The Saddle Again (And With More Frequency)

It’s really nothing new. Properties fall out of escrow (and are reduced) all the time. We does appear to be new, however, is the relative frequency with which it is occurring.

∙ 1674 Hayes (3/2) - $825,000 (“Back on market - no fault of property”)
∙ 2676 21st Street (2/1) - $699,000 (“No fault of property the offer fell through”)
∙ 547 35th Avenue (3/1) - $888,800 (“Back on market !!!”)
∙ 674 Campbell Avenue (3/2) - $688,000 (“Back on market - no fault [of] sellers”)
∙ 247 Sagamore (5/2) - $699,000 (“Back on market. No fault on sellers”)
∙ 22 Chicago Way (2/1) - $689,000 (“3 failed 100% financing. Price reduced”)

Yes, it’s definitely hitting the lower end of the market the hardest. (Or is that first?) And no, the six listings above aren’t intended to be MECE. (Well, at least not CE.) Regardless, and once again, we do have to wonder: is it another blip, bump, or more in the making?

∙ JustQuotes: Is This A Blip, A Bump, Or More In The Mortgage Market? [SocketSite]

Posted by socketadmin at 9:20 AM | Permalink | Comments (43) | (email story)

August 27, 2007

An Early Peek Inside “La Casa Verde” (a.k.a. The Future Idea House)

A reader notes that one “Chicken John” will be holding a political fundraiser this evening at “La Casa Verde.” And if the location (corner of 25th and Alabama) and design (a showcase for green tech) sound strangely familiar, well…they should (at least if you're plugged-in).

[Editor’s Note: This should not be construed as any type of political endorsement. But comments are encouraged (about the house, not Chicken John) should you attend.]

∙ Sunset’s 2007 San Francisco Idea House: 3027 25th Street [SocketSite]
∙ La Casa Verde, the showcase house for green tech [voteforchicken.com]

Posted by socketadmin at 12:20 PM | Permalink | Comments (11) | (email story)

QuickLinks: U.S. Home Sales/Median Sales Price Down, Inventories Up

∙ U.S. Economy: Home Sales Drop, Inventories Increase [Bloomberg]
∙ Glut of homes hits 16-year high [CNNMoney]

Posted by socketadmin at 10:09 AM | Permalink | Comments (21) | (email story)

A Greener View In The Works For Some At BLŪ (And Others)

TMG Partners has engaged Skidmore Owings and Merrill (SOM) to bring a completely new skin (likely glass and stone), public plaza (at third and Folsom), and green overhaul (targeting LEED silver) to the ex-AT&T compound at 680 Folsom. And while it might not seem like a typical SocketSite story, think of it in terms of the (positive) impact on BLŪ and others residences right down the block (or in the neighborhood).

∙ TMG to rehab SoMa buildings as offices [SF Business Times]
∙ 631 Folsom: Recently Christened “SF BLŪ” (And Down To 108 Units) [SocketSite]

Posted by socketadmin at 4:00 AM | Permalink | Comments (2) | (email story)

Where Would It Appraise Today? (And What’s That Really Mean?)

It was over two months ago that 350 Broderick #209 was “Appraised at $717,000” and identified as a “Rare opportunity [that] won't last.” And it was yesterday (after 66 days on the market) that the list price for this Broderick Place resale was reduced from $689,000 to $675,000.

∙ Why Not Include The Living Room And Just Call It An Even Three? [SocketSite]
∙ Listing: 350 Broderick #209 (“2”/1) - $675,000 [MLS]

Posted by socketadmin at 3:00 AM | Permalink | Comments (4) | (email story)

August 21, 2007

JustQuotes: Higher Rates For the Vast Majority Of San Franciscans

"Some lawmakers are calling on Congress to stimulate the moribund jumbo-loan market by letting Fannie Mae and Freddie Mac purchase substantially larger loans on homes in high-cost metro areas."

“As of Friday, the average rate on a 30-year fixed-rate jumbo loan was 7.36 percent, versus 6.64 percent on a conforming loan, according to HSH Associates. That difference - almost three-quarters of a percentage point - is about three times as wide as normal.”

“In the first half of this year, 62 percent of home-purchase mortgages in the Bay Area were jumbos. In San Francisco, San Mateo and Marin counties, about 78 percent were jumbos, DataQuick reports.”

∙ Fannie, Freddie could help to stimulate jumbo mortgage loans [SFGate]

Posted by socketadmin at 10:52 AM | Permalink | Comments (46) | (email story)

August 16, 2007

Not A Big Reduction (3208 Pierce #407) So Only A Little Mention

It’s true, a price reduction on a property without a sales history isn’t necessarily the most telling. And $1,070 per square foot isn’t exactly on the cheap. Regardless, we do note the recent $30,000 (2.3%) price reduction on 3208 Pierce Street #407.

∙ Listing: 3208 Pierce Street #407 (2/2.5) - $1,249,000 [MLS]
∙ Another Chance To Buy In The "Sold Out" 3208 Pierce [SocketSite]

Posted by socketadmin at 6:00 AM | Permalink | Comments (0) | (email story)

August 15, 2007

Another Two-Year Comp In The Making (525 Gough #203)

Listed at $899,000 three weeks ago, 525 Gough #203 first sold in June of 2005 for $849,000. A sale at the current asking would represent an average annual appreciation of 2.7% over the past two years for this contemporary condo in the Hayes Valley (with Citizen Cake across the street and Blue Bottle just down the block). Yes, it’s just one more apple. And yes, we promise to keep you posted (and plugged in).

∙ Listing: 525 Gough #203 (3/2) - $899,000 [MLS]
∙ More Apples In Hayes Valley (525 Gough) [SocketSite]

Posted by socketadmin at 3:30 AM | Permalink | Comments (36) | (email story)

August 13, 2007

Revisiting The “Real-World” Impact Of Rising Rates On Home Values

It was over a year ago that we first published our relatively tongue-in-cheek look at the “real-world” impact of rising mortgage rates on property values in San Francisco. The basic premise: property values are affected by the purchasing power of buyers.

In essence, and overly simplified, in early 2005 a home buyer in San Francisco with a $150,000 down payment and an appetite for a $3,500 monthly mortgage payment could afford a $750,000 purchase (assuming a mortgage rate of 5.75%). A year later and with rates at 6.72% that same buyer could afford a $695,000 purchase. And with a mortgage rate of 7.5%, this same buyer can now afford a $650,000 purchase (13.3% less than in 2005).

The million dollar question: will property values fall to offset this decrease in purchasing power? Of course we abhor the practice of valuing assets (yes, even “homes”) on a leveraged basis. And as far as we’re concerned it’s a rookie mistake. But hey, that’s an even bigger conversation for another time. And yes, that time will come.

∙ From Gain To Loss In Just Three Short Months? [SocketSite]

Posted by socketadmin at 11:35 AM | Permalink | Comments (85) | (email story)

The First Flip (Or Rather Resale) At 520 Chestnut? (#103)

It was ten months ago (October 2006) that a select few of the 20 condos at 520 Chestnut first hit the (pre-construction) market. It was three months (and a few reductions) later that 520 Chestnut officially held its Grand Opening. And now five months after that, at least one of the units (#103) is back on the market (and might just represent the first resale in the building).

Listed at $879,000 in March, 520 Chestnut #103 is currently asking $988,000. Do keep in mind, however, that a plasma television, stainless grill, pot rack, and stackable washer/dryer are now being included as well. And yes, as always we’ll keep you posted (and plugged-in).

∙ Listing: 520 Chestnut #103 (2/2) - $988,000 [MLS]
∙ New In North Beach: 520 Chestnut [SocketSite]
∙ 520 Chestnut: “Grand Opening” (And Lower Prices) [SocketSite]

Posted by socketadmin at 4:00 AM | Permalink | Comments (18) | (email story)

August 9, 2007

Housing And Credit Concerns Abound (Here And Abroad)

While credit concerns once again rocked the equities market ("All the things that had been denied up until this point are unraveling. On top of this, retail sales were mediocre, which shows that indeed, the housing collapse is affecting the consumer.”), President Bush spoke out against federal bailouts for individual homeowners that have some concerns of their own (i.e., foreclosure). We note, however, a careful choice of words: "If you mean direct grants to homeowners, the answer would be `No, I don't support that.'"

UPDATE (8/10): And no, we weren't being flippant about "abroad."

∙ Stocks Fall; Dow Down 300 Points [SFGate]
∙ Bush: No Bailout for Pinched Homeowners [SFGate]
∙ U.S., European central banks step in to contain mortgage crisis [SFGate]

Posted by socketadmin at 1:47 PM | Permalink | Comments (60) | (email story)

August 8, 2007

A Big Bold (Attempted) Flip At Odeon? (150 Powell Street #310)

Ten months ago Odeon (150 Powell Street) hit the market with one-bedrooms on the third floor and facing Powell Street priced at $780,000. Four months ago the sales team was advertising “Make us an offer we can't refuse!” on its last remaining unit: #310 (a one-bedroom on the third floor facing Powell Street). And apparently the "offer they couldn't refuse" was $750,000 (which closed escrow on 5/22/07).

Three days ago 150 Powell Street #310 reappeared on the MLS with a big bold price tag of $1,049,000. We’ll keep you posted (and of course, plugged-in).

UPDATE: While the original listing for 150 Powell Street #310 was "Active Contingent" on the MLS as of this morning (as originally published), it has since been changed to reflect a sale on 5/22/07 with a contract price of $750,000 (3.8% under list).

∙ The Odeon (181 O’Farrell): First Impressions And Pricing [SocketSite]
∙ One Condo Left At Odeon (And An Update On Arterra’s Incentives) [SocketSite]
∙ Listing: 150 Powell Street #310 (1/1.5) - $1,049,000 [MLS]

Posted by socketadmin at 8:11 AM | Permalink | Comments (19) | (email story)

From No Real Story To A Bit Of Understated Irony (4128 24th)

After almost a month on the market the list price on 4128 24th Street has been reduced $500,000 (14.3%). Yes, this was the former home of Droubi Real Estate. Yes, it’s a Droubi Team listing. And yes, we’re biting our tongues.

∙ Listing: 4128 24th Street (4/2) - $2,995,000 [droubiteam]
∙ The Droubi Noe Valley Victorian (4128 24th): Coming Soon [SocketSite]
∙ As Promised: From Coming Soon To On The Market (4128 24th Street) [SocketSite]

Posted by socketadmin at 3:00 AM | Permalink | Comments (36) | (email story)

August 7, 2007

San Francisco’s Transbay Terminal Design Proposals: Highlights

Keep in mind that design elements of all three proposals are likely to change (some rather dramatically) between now and the final selection on September 20th (and again between the final selection and construction). That being the case, a few highlights that caught our attention (in reverse order of the renderings we published yesterday):

Skidmore Owings and Merrill/Rockefeller Group Development Corporation Proposal:
Envisioned as “the center of San Francisco,” the SOM designed tower (above) will rise a total of 1,375 feet into the sky. The 175-foot “crown” of the tower will house dual wind turbines and photovoltaic screening, while the “self-healing” external brace frame (designed to redistribute load if compromised) will diffuse strong winds at ground level.

The mixed use tower is configured for 42 floors of residential (2/3/4 bedroom condos), 31 floors of office, and 8 floors of hotel space with a public sky lounge at the very top. A 103-foot high multimedia entry “portal” will usher people into the great hall and transit center below.

Both the tower and terminal are intended to be Platinum LEED certified.

Richard Rogers Partnership/Forest City Enterprises/MacFarlane Partners Proposal:
Designed to be a “kinetic rather than static” building (think elevators on the outside), and a “vertical representation of the city as a whole,” the Richard Rogers designed tower was also described as a “metaphor for sustainability” (a 170-foot wind turbine rises above the building’s restaurants and observatory located at 1,100 feet).

The mixed use tower is configured for 600,000 square feet of commercial space, 200-300 condominiums, and 200+ upscale hotel rooms. Both the tower and 1,300’ long terminal are designed to minimize walls on the ground level to maximize light, flow and natural circulation.

The tower is intended to be Platinum LEED certified and the terminal Gold.

Pelli Clark Pelli Architects/Hines Proposal:
Christened “City Park,” the Cesar Pelli designed tower and terminal centers all attention on a “complex” 5.4 acre elevated park above the transit center. The park includes grass, trees and water features designed to naturally treat greywater. While below, glass enclosed bus platforms are designed to encapsulate and scrub exhaust via bio-filters.

And while the terminal may be complex (think a funicular rising through a grove of redwoods), it is balanced by a “simple and calm” 1,200-foot glass wrapped tower which is topped by four harmonic turbines (which variably light the top of the tower based on prevailing wind speeds). As proposed, the tower is singularly configured for 1.6 million square feet of commercial office space but could be reconfigured to include 22 floors of residential space “if required.”

Both the tower and terminal are expected to be LEED Gold certified (but could possibly achieve Platinum).

Note: Comments on the three proposed designs are being collected on yesterday’s post that featured the renderings for all three proposals.

∙ The SocketSite Scoop: San Francisco’s Transbay Terminal Designs [SocketSite]
∙ Transbay Design Competition: The Revised Schedule And Unveiling [SocketSite]

Posted by socketadmin at 5:00 PM | Permalink | (email story)

August 6, 2007

A Few New Values For Properties We’ve Previously Featured

Last week the sale of 601 Van Ness #808 closed escrow for $335,000. That’s 12.8% under asking, and 10.7% less than what the seller had paid on 8/31/06 ($375,000). And once again, shouldn’t a rising tide raise all boats?

A few other properties that we’ve featured that have recently closed escrow: 785 Cole Street on 8/3/07 for $1,900,000 (5% under asking); 2420 Larkin on 7/17/07 for $4,100,000 (2.6% over asking); 720 York #226 on 7/13/07 for $751,000 (3% over asking); 10 South Park #3 on 7/19/07 for $925,000 (3% over asking); 73 Lobos on 7/26/07 for $635,000 (6% over asking); and 1751 Vallejo on 7/17/07 with a contract price of $1,152,000 (18.2% over asking)

∙ Shouldn’t A Rising Tide Raise All Boats? [SocketSite]
∙ Garcon, There’s A Couch In My Kitchen (785 Cole) [SocketSite]
∙ Little Background, Lot’s Of Interest (At Least From Us): 2420 Larkin [SocketSite]
∙ A True Loft Conversion In The Mill Building (720 York #226) [SocketSite]
∙ It's Not The Garden Of Earthly Delights But It Is A Garden [SocketSite]
∙ We’re Calling Dibs On The Deck Chairs (73 Lobos) [SocketSite]
∙ Then Again, It Worked Just Fine For The Three Little Pigs [SocketSite]

Posted by socketadmin at 3:41 AM | Permalink | Comments (10) | (email story)

August 3, 2007

A Few New Incentives For Both Buyers And Brokers In San Francisco

From a tipster: “On Wednesday, August 8, visit the Heritage on Fillmore to discover how to get your clients 2 years paid HOA Dues or $11,000 toward upgrades with the purchase of a new home [deals must be written by September 30, 2007]. And when you help your clients you'll also help yourself. The Heritage is now offering a 3.5% broker co-op!"

And yet another: “170 Off Third is excited to offer a 5.625% interest rate on all remaining two-bedroom residences! [Interest rate based on 7/1 ARM Interest Only and is fixed for seven years.]”

We’ll let you decide what they’re worth (to you). And what they mean (for the market).

∙ Heritage On Fillmore Official Update: Inventory And Restaurants [SocketSite]
∙ Odeon And 170 Off Third: A “Plugged In” Buyer’s Perspective [SocketSite]

Posted by socketadmin at 9:06 AM | Permalink | Comments (32) | (email story)

As Far As We Can Tell, Not Much Has Changed (Other Than The Price)

As we wrote nine months ago:

The listing for 2021 Webster boasts “mass appeal" (Victorian bones with a modern renovation). And to be honest, we might just have to agree. We particularly appreciated the ceilings (and bamboo). Now if only it advertised "mass affordability" as well.

It’s not the ideal block (a lack of single family homes/residential), but the house is stunning and it honestly doesn’t feel narrow in the slightest (see comments). The pictures don’t do it justice, and if it's in your price range, it's worth a look.

Of course that was when it was listed (and sold) for $2,295,000. And not $3,495,000 as it is today.

∙ Listing: 2021 Webster (4/3.5) - $3,495,000 [2021webster.com] [MLS]
∙ Mass Appeal (2021 Webster) [SocketSite]

Posted by socketadmin at 3:45 AM | Permalink | Comments (23) | (email story)

August 1, 2007

Reductions On A Comp In The Making On Clay (1865 Clay Street)

1865 Clay Street is a newly renovated and converted six-unit TIC building in Pacific Heights that first hit the market at the beginning of the year. And while it appears that five of the units were sold, a reader notices that after 152 days on the market, and two price reductions (down a total 12.6%), 1865 Clay #6 remains active, available and offering a “fractional loan!”

And while the price reduction is being viewed as a positive thing by our interested reader (and perhaps yourself), we do have to wonder if it's being viewed as positively by those other five (at least in relation to their new “comp” in the making).

∙ Listing: 1865 Clay Street #6 (3/2) - $1,044,000 (TIC) [MLS]

Posted by socketadmin at 11:52 AM | Permalink | Comments (30) | (email story)

July 31, 2007

Are The Petruzzelli’s Coming To Russian Hill (And 10 Hastings)?

After nearly a year on the market, and reductions of $1,755,000 (14.9%), the listing for 10 Hastings has been withdrawn from the market (last listed at $9,995,000). And as you might recall, it was five months ago that the seller proffered the following: “If we are not successful at selling this at a price that we wish … we’ll just move into it.”

And no, we’re not holding our breath for an invitation to the housewarming. Although it would be nice. And we would bring a nice bottle of wine for the cellar.

∙ Not Any More (Secret That Is) [SockteSite]
∙ Ten Percent Off At Ten Hastings [SocketSite]
∙ Two Relatively Big Reductions (Two Absolutely Big Properties) [SocketSite]

Posted by socketadmin at 11:51 AM | Permalink | Comments (2) | (email story)

JustQuotes: Forget Subprime In San Francisco, But How About Alt-A?

“American Home Mortgage Investment Corp. shares sank on Monday after the home loan provider announced "major" writedowns, delayed a dividend and said lenders were demanding it put up more cash.”

“The announcement late Friday evening reflects how liquidity and credit issues affecting subprime lenders are extending to companies that make home loans to borrowers considered to be good credit risks.

American Home…specializes in prime and near-prime loans. It has, however, made many loans that allow borrowers to produce little documentation. Such loans are often considered riskier. The company recently commanded a roughly 2.5 percent share of the U.S. mortgage market.” (Cash woes pound American Home Mortgage)

∙ JustQuotes: Is The Subprime Sickness Spreading? [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (30) | (email story)

2412 Harrison: A Chance To Try Before You Buy?

Perhaps it’s simply coincidence, but a plugged-in tipster forwards a craigslist ad for a short-term rental (“2 months ONLY starting August 1st”) at 2412 Harrison in a unit that just so happens to be up for sale (“must cooperate with RE agent”). Asking rent: $2,500/month.

∙ $2500 / 2br - 2 + office, 3 bath, 2 car parking, tri-level loft, unfurnished [craigslist]
∙ We Know You Can, But Will They? (Actually Accept It That Is) [SocketSite]

Posted by socketadmin at 3:00 AM | Permalink | Comments (14) | (email story)

July 30, 2007

JustQuotes: Okay, So Perhaps A Wee Bit Of Schadenfreude For Some

“A hedge fund manager whose fund ran into trouble from the sell-off in securities backed by subprime mortgages is having to put his huge yacht up for sale, seeking $23.5 million. John Devaney, the CEO of United Capital Markets, a fund that specializes in buying and selling bonds that are backed by the mortgage payments, particularly adjustable rate subprime mortgages, has put his 142-foot yacht "Positive Carry" up for sale, according to a yacht broker's Web site.”

“Devaney told Money magazine this spring that despite problems that the loans cause for borrowers, the assets backed by them provided a good return for his fund. "The consumer has to be an idiot to take on those loans," he said. "But it has been one of our best-performing investments." But with rising delinquency and default rates in the sector, investors have been scared away from the assets lately, hitting those like Devaney who made a big bet on the investment.” (Fund manager's fun sailing away)

Posted by socketadmin at 12:26 PM | Permalink | Comments (1) | (email story)

A High End Comp In The Making (The Four Seasons Residences #29F)

We missed it when the price was reduced from $4,990,000 to $4,695,000 (6%). And now, 765 Market #29F (at The Four Seasons) is in contract (although not quite "sold").

A few details for the sake of future comparisons (“comps”): 2,576 square feet; re-designed by Fisher Weisman; two parking spaces; and monthly HOAs of $1,981.

And yes, if it sells for (the most recent) asking, that’s $1,823 per square foot. Then again, “[a]udio electronics, 2 flat screen tvs, safe and automated window blinds" were included…

UPDATE (9/7): Closed escrow on 8/20/07 for an undisclosed amount.

∙ Listing: 765 Market Street #29F (2/2.5) - $4,695,000 (in Escrow) [MLS]

Posted by socketadmin at 3:00 AM | Permalink | Comments (1) | (email story)

July 26, 2007

Two TICs And A Thought From A Tipster (222-224 Funston)

A tipster wonders about value ("I guess there is no harm in asking for over [a] million for each of these nicely renovated flats...[w]hether the sellers will actually get over $2.5 million for what is essentially a two flat Edwardian building is another matter."). We just liked looking at (most of) the pictures.

∙ Listing: 222 Funston Avenue (2/2) - $1,175,000 [Coldwell Banker] [MLS]
∙ Listing: 224 Funston Avenue (3/3) - $1,495,000 [Coldwell Banker] [MLS]

Posted by socketadmin at 5:10 PM | Permalink | Comments (15) | (email story)

JustQuotes: Three Paragraphs, Two Quotes, One Bad Day

“Wall Street suffered one of its worst losses of 2007 Thursday, leading a global stock market plunge as investors succumbed to months of worry about the mortgage and corporate lending markets. The Dow Jones industrials closed down more than 310 points after earlier skidding nearly 450.

Investors who had been able for months to largely shrug off discomfort about subprime mortgage problems and a more difficult environment for corporate borrowing finally decided it was time to sell after the Commerce Department issued another disappointing home sales report.” (Stocks Skid on Lending Worries)

“The Commerce Department reported Thursday that sales of new single-family homes dropped by 6.6 percent last month to a seasonally adjusted annual rate of 834,000 units. The decline was more than triple what had been expected and was the largest percentage drop since sales fell by 12.7 percent in January.” (New Home Sales Down Substantially)

∙ JustQuotes: Is The Subprime Sickness Spreading? [SocketSite]

Posted by socketadmin at 5:07 PM | Permalink | Comments (10) | (email story)

More Of Those Emails We Like To Get (For The Most Part)

From buyers to sellers, perhaps there's something to be said for openly managing expectations (and plugging in):

“SocketSite has been helping me feed my San Francisco condo obsession. With our condo now sold, I believe I'm cured. So, I want to say thank you and farewell. [Editor’s Note: As we said, for the most part.]

My illness and its cure:

We bought a high rise condo "north of California Street" in 2004, planning to hold and perhaps downsize and move there in 10 years or so. Both of us had very much liked the building since the 1970s, and leapt when this unit became available. About a year ago, our plans changed, and we decided to sell, summer 2007 being our first opportunity. Our hand isn't being forced by interest rate adjustments or the like. Nor are we leaving San Francisco. We simply decided we have other things we'd rather do with the money.

We've been expecting unpleasantness for San Francisco condo sellers for some time, so the decision to sell filled me with anxiety, and SocketSite has helped support me as we prepared to go on the market.

Conclusions (others' mileage may vary): 1. Our agent is a goddess, and earned her commission and then some. 2. We were fortunate, i.e., 12 days on the market, closed in 20 days, compound annual growth rate was something more than 6.5% (that's not fabulous but -- in the light of the market -- we're happy). 3. Other agents' feedback was that our building's relatively high HOA charges ($8.50/sq. ft./year) were scaring away a greater than expected proportion of otherwise interested shoppers.

Thanks again and best wishes."

Our pleasure (and thank you). Now about being “cured” and that all too frivolous farewell…

∙ The Kind Of Email We Love To Get (And An Odeon Question) [SocketSite]

Posted by socketadmin at 9:11 AM | Permalink | Comments (18) | (email story)

July 24, 2007

JustQuotes: Is The Subprime Sickness Spreading?

“Countrywide Financial Corp. reported a 33% drop in second-quarter net income on Tuesday and signaled that problems in the subprime mortgage market have spread to the highest-quality home loans....Countrywide said payments were at least 30 days late at the end of second quarter on 4.56% of prime home-equity loans serviced by the company, up from 1.77% a year earlier....Payments were late on 23.71% of subprime mortgage loans, up from 15.33% at the end of the same period in 2006.” (Subprime problems spread to top-rated mortgages, lender says)

UPDATE (later that afternoon): "Wall Street pulled back sharply Tuesday as investors dealt with disappointing earnings reports and renewed concerns about the mortgage lending market." (Stocks Fall on Earnings; Dow Sinks)

Posted by socketadmin at 3:30 AM | Permalink | Comments (15) | (email story)

July 23, 2007

Apples To Apples Appreciation: A Data Point In Pacific Heights

Twenty (20) months ago 2760 Sacramento #3 was purchased for $827,000. Two months ago it was listed for sale at $849,000. And three days ago it closed escrow with a contract price of $840,000 (1.1% under asking).

That’ a $13,000 gain in value since November 2005. In other words, a compound annual growth rate (or "appreciation”) of a little under 1.0% a year for this condominium in Pacific Heights.

∙ We’ve Almost Got A Line (Another Data Point At 2760 Sacramento) [SocketSite]
∙ But Isn't The Median Sales Price Up? [SocketSite]

Posted by socketadmin at 4:00 AM | Permalink | Comments (85) | (email story)

July 20, 2007

Tales Of San Francisco (On So Many Different Levels)

A tipster directs our attention to the listing for 741 Noe, a two bedroom “Tales-of-the-Cityesque” condo “on Eureka Valley's famed Liberty Street Stairs” that could “make Armistead Maupin green w/ envy!” It’s part of a two bedroom condo association along with 494 Liberty (which according to our tipster "recently sold for $1,315,000 after being listed at $1,085,000"). Oh, and apparently the two units “were bought as TIC's on 7/15/2004 for $1,141,500 total.”

And then there's the last paragraph of the tip: “I'm a homeowner who has owned for quite a while and although I like to see properties appreciate, I would prefer it to be less crazy. I can never never afford to move unless I move out of the city.” Oh, the irony (and only in San Francisco).

UPDATE (9/7): Closed escrow on 8/20/07 for $1,057,000 (6.9% over asking).

∙ Listing: 741 Noe Street (2/1) - $989,000 [MLS]

Posted by socketadmin at 4:00 AM | Permalink | Comments (9) | (email story)

July 19, 2007

Why Not Include The Living Room And Just Call It An Even Three?

While an MLS search for two-bedroom condominiums in (real estate) district six will return 350 Broderick #209, keep in mind that the second "bedroom" doesn’t appear to have a door. Or a closet. Or even a window. (In other words, it’s not exactly sounding like a legal bedroom).

As far as we can tell, this unit will represent the very first resale at Broderick Place. And while it apparently “Appraised at $717,000," it's listed at $689,000. Sounds a bit like “instant equity” to us.

∙ Listing: 350 Broderick #209 (“2”/1) - $689,000 [MLS]
∙ Broderick Place: 83% Sold [SocketSite]
∙ An Inman Instant Equity Reality Check [SocketSite]

Posted by socketadmin at 3:30 AM | Permalink | Comments (15) | (email story)

One Rincon Hill “Rumors”: Construction, Closings and Time Capsule

So it’s not exactly a rumor (in fact it’s already been printed), but construction on the second tower of One Rincon Hill is expected to kickoff by the end of the year (if not soon thereafter). At the same time, the unconfirmed word on the street (rumor) is that the first wave of closings and occupancy in tower one could happen by the end of the year (2007) as well.

And under the heading of “it kind of sounds like a rumor but it’s really not,” a time capsule will be placed atop the first tower on Friday to commemorate topping off. [Insert snarky comment here about how, and when, they're going to retrieve said capsule.]

Posted by socketadmin at 3:00 AM | Permalink | Comments (42) | (email story)

July 18, 2007

JustQuotes: Are We Really Becoming Monte Carlo By The Bay?

“Boosters, of which there are many, argue that [San Francisco] is just as vital as it ever was. It remains, they say, the place where everybody wants to be: witness the concentration of highly-qualified residents and the decision to put a new stem-cell research institute there. San Francisco is, indeed, one of America's most alluring and urbane spots. Next to it, every other big city in California resembles a glorified suburb. Yet Kevin Starr, the state's premier historian and a San Francisco native, says that it should really be compared with a more distant place: Monte Carlo.”

"Google shuttles 1,200 people a day, many of them from the Mission and other trendy parts of San Francisco, to its headquarters in suburban Mountain View. Such reverse commuting helps to explain why property prices in the city barely wobbled during the dotcom crash. Although it has been flat during the past year, the housing market remains the fourth-least affordable in America, says the National Association of Home Builders.

Those prices pose the greatest threat to the city's future as a crucible of new ideas. Talented people are not always rich, and San Francisco is in danger of losing those who are not to less fashionable places."

∙ City in a bottle: San Francisco's half-recovery [The Economist]

Posted by socketadmin at 3:00 AM | Permalink | Comments (84) | (email story)

July 17, 2007

What’s Moving (Or Not) And For How Much (Or Little): Those That Sold

It looks like Jen and Victoria underbid 118 Joost by $20,000 (it sold for $830,000 or 19.4% over asking). And as another reader was quick to note, 339 Cumberland closed escrow on 7/12 for $2,335,000 (2.1% under asking).

1310 Minnesota #206 sold for “market value” at $609,000 (but $30,000 or 4.7% below original asking), as did 464 Tehama at $3,200,000 (1.5% under list), 119 Hancock at $965,000 (7.3% over list), 1703 Octavia at $1,870,000 (14.8% under original asking), and 130 Santa Ana Avenue at $2,000,000 (11.4% over asking).

Both 3512 Clay Street and 1771 North Point closed for what appear to be “undisclosed amounts” (tipsters?), and once again, 442 Anderson closed escrow on 6/29 for $1,230,000 (27% over asking) while 20 Villa Terrace closed on 7/13 for $1,523,660 (39% under original asking).

Editor’s Note: These listings are not intended to be (and are not) representative of the market as a whole (although there are a few interesting data points) and simply represent an update on properties that we happen to have written about in the past (in case you'd like to know how the story, or at least chapter, ends).

UPDATE (7/18): The reported contract price for 339 Cumberland has been changed from $2,235,000 to $2,335,000 (2.1% below asking). We're guessing nothing nefarious and simply a data entry error.

∙ There’s Something To Be Said For Pride Of Ownership (When There Is) [SocketSite]
∙ Windows, Views, And A Big Orange Garage Door [SocketSite]
∙ Not Quite “Instant Equity” (But Close) [SocketSite]
∙ No Words (Just Drool) [SocketSite]
∙ A Plugged-In Reader Recommends: 119 Hancock Street [SocketSite]
∙ Real Estate Numerology: The Numbers Seven And Two [SocketSite]
∙ A SocketSite Reader Reports: 130 Santa Ana Avenue [SocketSite]
∙ Then Again, You Can Probably Afford A Driver (Or Two) [SocketSite]
∙ The “Marina Green Showcase” Hits The Market (1771 North Point) [SocketSite]
∙ Pick Your Proof: "See, I Told You The Market Is Up/Down!" [SocketSite]

Posted by socketadmin at 12:19 PM | Permalink | Comments (7) | (email story)

What’s Moving (Or Not) And For How Much (Or Little): Withdrawn

Two short sales (and local market “comps”) that were recently withdrawn: 48 Cayuga and 1477 Hudson Avenue. And despite having advertised “Price Reduced! Seller motivated. All reasonable offers considered.” (and having once been in contact), it’s possible the infamous short sale of 400 Beale #1212 failed to materialize as the listing was officially “withdrawn from the market.” [UPDATE: According to Damion, 400 Beale #1212 was "immediately relisted as an REO property and sold quickly thereafter."]

841 Webster spent four months on the market, and had been reduced by $310,000 (23.9%), before being pulled (i.e., no bidding war). And while the listing for 1487 McKinnon had only been reduced by $20,000 (and was advertising “below market value” and “won’t last”) it was also withdrawn.

As far as we know 755 Marina Boulevard never hit the auction block (or the steps of City Hall), the market might be shallower than we thought (as in the “it’s what counts on the inside” listing for 760 Haight Street was withdrawn as well), and while it hasn’t officially been withdrawn, 34 Presidio Terrace is now simply “off the market” (after roughly two years on).

Editor’s Note: These listings are not intended to be (and are not) representative of the market as a whole (although there are a few interesting data points) and simply represent an update on properties that we happen to have written about in the past (in case you'd like to know how the story, or at least chapter, ends).

∙ The SocketSite Scoop On That Short Sale In Rincon Hill [SocketSite]
∙ A Neighborhood Comp, And So On, And So Forth (48 Cayuga) [SocketSite]
∙ A Potential Short Sale (And Food For Thought) In Bayview [SocketSite]
∙ Betting On A Bidding War? (Once Again) [SocketSite]
∙ Reductions On Two Two-Bedrooms Approaching Two Months [SocketSite]
∙ Yahoo Unveils Underwhelming Foreclosure Center [SocketSite]
∙ Remember, It’s What’s Inside That Counts (Or So They Say) [SocketSite]
∙ New Year, New Price For 34 Presidio Terrace [SocketSite]

Posted by socketadmin at 10:30 AM | Permalink | Comments (16) | (email story)

A Reader’s Cathedral Hill Comment: Great Words Edition

“Overall, this [Cathedral Hill] tower, though not unique, is far better multi-unit residential design than SF has been typically force-fed (i.e. the [name removed to semi-protect the semi-innocent] crap all over the place). I don't think this is too tall for the area either -- seems in scale with the cathedral, the hill and that part of Geary.

Not convinced that the best design here is necessarily an 'object building' (i.e. the curvilinear tower shaft being geometrically autonomous from the orthogonal urban fabric -- it used to be that buildings arguably more important than housing stock deployed such morphological tactics, like St Mary's itself). And I'm not convinced about the design of the base/podium though, it looks a bit anemic.

But overall, it raises the bar above the horribly banal residential developments we've come to expect in SF..." (a recent SocketSite reader's comment and mouthful)

∙ Ask (Nicely) And Ye Shall Receive: Cathedral Hill Tower Renderings [SocketSite]

Posted by socketadmin at 3:15 AM | Permalink | Comments (1) | (email story)

July 16, 2007

Pick Your Proof: "See, I Told You The Market Is Up/Down!"

At least eleven (11) properties that we’ve featured on SocketSite have closed escrow over the past few weeks with results ranging from 20 Villa Terrace (which closed escrow on 7/13 for $1,523,660 or 39% below original asking) to 442 Anderson (which closed escrow on 6/29 for $1,230,000 or 27% over original asking). The full rundown tomorrow (including eight properties that were withdrawn) assuming, of course, that our servers have stopped smoking by then (sorry about that folks).

∙ A Number Of Notable Reductions (For One Reason Or Another) [SocketSite]
∙ A Modern Worldly Renovation In Bernal Heights (442 Anderson) [SocketSite]

Posted by socketadmin at 3:02 PM | Permalink | Comments (6) | (email story)

Nothing Like A Little Leverage In San Francisco (So To Speak)

According to J.K. Dineen, the Lembi family (think CitiApartments and Skyline Realty) has added at least 593 more rental units to their housing portfolio (which is now estimated to total almost 7,000 units). “David Gruber, a landlord who owns 13 buildings in the city and is president of the San Francisco Rent Board, called the Lembis an "extremely aggressive buyer" willing to pay prices 16 to 19 times the buildings' gross rent roll. Typically, investors in San Francisco pay less than 15 times gross rents.”

Oh, and “[t]he latest deals come nearly a year after City Attorney Dennis Herrera sued CitiApartments, alleging companies controlled by the family use armed security guards and other means to intimidate and drive out longtime, rent-controlled tenants and that they save millions of dollars by renovating units without permits.”

∙ Lembis pump $200M into growing housing empire [San Francisco Business Times]

Posted by socketadmin at 3:00 AM | Permalink | Comments (14) | (email story)

July 13, 2007

Rooms With An 11th Floor View (From The Arterra): 300 Berry

And speaking of views (and Mission Bay), a plugged-in tipster forwards a link to “high-resolution images taken from the 11th floor living rooms of actual Arterra homes.” It’s some great perspective on the rapidly changing cityscape of the neighborhood. And of course, the skyline beyond.

∙ Did The Port Get Punked? (San Francisco Seawall Lot Redevelopment) [SocketSite]
∙ Radiance At Mission Bay: Around 50% In Contract (And Conversion)? [SocketSite]
∙ Out With The HOAs (For Now) In With The Sub-Zero (And Plasmas) [SocketSite]
∙ SocketSite Reader’s Report: Living In North Mission Bay (For Real) [SocketSite]
∙ One Rincon Hill: Another Fontana Or Transamerica In The Making? [SocketSite]

Posted by socketadmin at 11:38 AM | Permalink | Comments (18) | (email story)

July 11, 2007

NAR’s New New National Forecast (Yes, Another Little Cut)

For the fourth fifth time (in as many months) the National Association of Realtors has revised their forecast for the performance of residential real estate in the U.S.

“[NAR] now projects that the median existing home price for all of 2007 will be down 1.4 percent, which is slightly worse than its previous forecast of a 1.3 percent drop….[and] is looking for a 2.6 percent drop in new home prices for all of 2007. That is also worse than the previous estimate of a 2.3 percent drop in prices."

And for those of you sitting patiently on the sidelines, the forecasted national market "recovery" has been pushed back to the second quarter of 2008 (for now).

∙ Housing slump gets longer, and longer ... [CNNMoney]
∙ Whoops, They Did It Again (NAR Revises National Forecast Once More) [SocketSite]

Posted by socketadmin at 11:00 AM | Permalink | Comments (50) | (email story)

A TJPA Offer You Really Can’t Refuse

Another seriously plugged in reader; another big development; and another big question:

The Transbay Joint Powers Admin [TJPA] over that past few weeks has been sending out offer letters to purchase properties around the Transbay Terminal. The TJPA is moving forward with their acquisition plan for 20+ properties (maybe 33 if memory serves me correct) for their right of way needs. It's very hush hush as they do not want the "offers" to be made public - but "fair market" values are being tossed out there to the land owners. "Fair Market" - mind you the only people the land owners can sell to is the TJPA.

Negotiations will go on for the next few months, but if no final "fair" price is agreed to, then the TJPA will go the [Board of Supervisors] and play the eminent domain card.

And the question: “If these land owners could sell their properties to the big time developers they could be making an additional 25% on these "fair market" values. So the question is - what is truly fair market?”

Posted by socketadmin at 4:00 AM | Permalink | Comments (7) | (email story)

July 9, 2007

Glassworks: Going Once, Going Twice At Two PM Today

An eagle-eyed reader notices that condo number 401 in the Glassworks (207 King Street) is tentatively scheduled to be auctioned off on the steps of City Hall at 2:00 PM today (7/9/07). And if PropertyShark is correct, while the condo last changed hands on 1/9/2004 for $820,000 (and looks to have been 100% financed at the time), on 9/21/05 it was refinanced and the unpaid debt obligation on the condo currently stands at $1,050,020.

UPDATE: The auction for 207 King Street #401 was postponed until next week (July 17) “at the beneficiaries request.” Same bat time, same bat place.

∙ The Glassworks (207 King Street) [SocketSite]

Posted by socketadmin at 3:50 AM | Permalink | Comments (23) | (email story)

Yes, We’re Back In The House (Along With The Summertime Fog)

Our thanks to a great guest editor who battled the spammers (if you only knew), stirred the pot a bit (hey, it’s healthy), and managed to keep us plugged-in over the past two weeks. And now, back to our regularly scheduled programming...

∙ Summertime And The Living Is Easy (At Least At SocketSite) [SocketSite]

Posted by socketadmin at 2:30 AM | Permalink | (email story)

July 6, 2007

Payday Loans For Property Owners?

We’re not sure if it was the matter of fact first two sentences that caught our attention (“Bill and Elaine Nolan paid top dollar when they bought their Tiburon house a few years ago at the height of real estate frenzy. Now, of course, the market is cooling rapidly.”) or simply the concept of “equity co-share/co-investment.” In either case, the Chronicle’s piece on Rex & Co. is worth a read (and perhaps some discussion).

∙ A new way to tap equity without going into debt [SFGate]

Posted by socketadmin at 8:30 AM | Permalink | Comments (6) | (email story)

June 29, 2007

Buyers And Agents Beware (Of Open Houses)

SFGate reports today on two intrepid individuls who have found yet another way to make money on real estate. After showing up at open houses around the Bay Area, the couple proceeded to relieve both clients and agents of their wallets and purses. With the collapse of the sub-prime mortgage market these are obviously just desperate buyers in an over-priced market trying to scrape together enough cash for the down payment necessary with a more standard mortgage.

Still, there was little sypmathy. One victim was particularly incensed, "They are really slick," ... "Now I'd like to have revenge. They are awful people. I want them to march down Market Street naked."

That would, of course, be cruel and unusual punishment.

∙ Theft Suspects Posing As Home-buyers Arrested [SFGate]

Posted by SFEditor at 12:10 PM | Permalink | Comments (9) | (email story)

June 28, 2007

Looking for Bargains Around One Million Dollars?

Here's what we found for right around $1 million. Three bed, Three bath, 1973 sq ft. That's $532.13 per sq. ft. Views and centrally located. Oh yeah, and it is in Chicago.

Curious about all the talk of Chicago being a real estate paradise sent us searching. What did we find? Well for one, while we appreciate the DIY attitude of Chicago agents, professional photography...or any photography at all might help push some more units – and a little staging couldn't hurt sometimes either. The unit pictured may have actually been the only listing that we found with professional pics. Other things of note: purple/mauve seems to be a very popular decoration/paint color in the midwest, and spartan furnishings seem to be a way of life. [Editor's Note: A plugged-in reader assures us that this is not true.]

Overall, our poorly informed opinion is that San Francisco has much more attractive (world class?) but smaller and more expensive housing stock than Chicago (you could find 2000 sq. ft. for under $500k)...but we probably already knew that. Next search for real estate paradise takes us to...Portland (which locals insist is a world class city)!

[Another Editor's Note: I think we can all agree that both San Francisco and Chicago are fantastic cities that are recognized around the world for being so. Let's move on now and get our humor back.]

∙ Listing: 201 W Grand Ave #502 (3/3) - $1,049,900 (Chicago) [ZipRealty]

Posted by SFEditor at 4:25 PM | Permalink | Comments (136) | (email story)

June 26, 2007

It’s Not Always Fun And Games At The Top (166-68 Yerba Buena)

It’s probably not going to shock too many of our plugged-in readers, but both 166 (“Solaria”) and 168 Yerba Buena have been withdrawn from the market. And according to a seriously plugged-in tipster, rumor has it that “the developer ran out of money and construction [was] halted a few months ago,” and notices of default have been filed for both properties. Our tipster also notes, “[i]t seems like this opportunity may be coming for sale soon at City Hall.”

∙ The Scoop On 168 Yerba Buena Avenue (And St. Francis Court) [SocketSite]

Posted by socketadmin at 3:23 AM | Permalink | Comments (7) | (email story)

June 21, 2007

Plugged-In Readers Ask, Plugged-In Readers Answer (We Hope)

1. “Anybody know what's up at 13th & Harrison (across from the esteemed Eagle)? The ramshackle building on the corner (part of the whole block complex that's been fenced off for years) was finally demolished this weekend. Including all the defunct buildings on the site (the only functioning business on the block is the U-Haul lot off 11th), it's a huge slice of SOMA; anything interesting in the works?”

2. “I noticed that Sports Basement is moving out from their warehouse on 16th and De Haro St at the bottom of Potrero Hill. Jamba Juice corporate offices warehouse that occupied the other half of the same block is also vacant as of few months ago...it makes me wonder if there is another big condo project about to commence. Any "plugged-in" knowledge?”

Posted by socketadmin at 3:22 AM | Permalink | Comments (8) | (email story)

A Frenetic Few Weeks For Properties We’ve Pointed Out

It’s been a frenetic few weeks for a whole host of properties we’ve pointed out on SocketSite. Four properties closed escrow, including 355 Bryant #409 (contract price of $1,400,000 or $5,000 over asking) after just 18 days on the market (DOM), and 3460 Baker after nearly 165 (contract price not disclosed). Also closing: 1447 Funston (contract price of $920,000 or 26.2% over asking) and 267-271 Filbert (contract price of $2,700,000 or 3% under).

And then there are all the properties that we’ve recently featured that have (for the most part) quickly headed into escrow: 220 Danvers (10 DOM), 1751 Vallejo (11 DOM), 442 Anderson (11 DOM), 1333 Jones #705 (17 DOM), 118 Joost (17 DOM), 130 Santa Ana (19 DOM), 339 Cumberland (19 DOM), 785 Cole (46 DOM), 329 Bay #206 (59 DOM), 464 Tehama (94 DOM), 1310 Minnesota #206 (96 DOM), and 3512 Clay (104 DOM).

At the same time, 428 28th Street and 3840 Market Street #301 were withdrawn from the market. And the price on 1703 Octavia has been reduced another $50,000.

Posted by socketadmin at 3:00 AM | Permalink | Comments (0) | (email story)

June 20, 2007

A Neighborhood Comp, And So On, And So Forth (48 Cayuga)

After two weeks on the market, the list price on 48 Cayuga Avenue in Mission Terrace was dropped by $100,000 (12.5%). And it’s now listed at $699,000. It’s not the “Major price reduction!” that caught our attention, however, but rather the “Please note purchase may be a short sale and subject to lender approval.” It’s recorded as last selling on 5/31/06 for $825,000.

And never mind the challenged location. Keep in mind that for the past twelve months, this property has been a local market/neighborhood “comp.”

∙ Listing: 48 Cayuga Ave (2/1) - $699,000 [MLS]

Posted by socketadmin at 3:00 AM | Permalink | Comments (24) | (email story)

June 19, 2007

The Kind Of Problem You (We) Like To Have

Considering we weren’t offering any bribes, didn’t resort to popup reminders, and had a few technological problems with the very first question (“What do you mean 36 isn't a whole number?”), we were blown away by the response to our latest reader survey. We had hoped to get one hundred responses. We ended up with almost five (hundred that is).

The good news is that we have some incredible data (and insight into our readers). The bad news is that it’s taking us a bit longer than expected to slice and dice the data (but we’re doing our best). The first wave or results soon (we promise).

∙ Twenty Easy Questions: Who Are You And What Do You Think? [SocketSite]

Posted by socketadmin at 4:30 AM | Permalink | (email story)

June 18, 2007

The Hanging Gardens Of San Francisco: 2550 Lyon

As far as we know, there aren’t many rooftops like it in San Francisco. And if for no other reason, that makes 2550 Lyon worth a mention (and perhaps a look).

∙ Listing: 2550 Lyon (4/5.5) - $9,800,000 [MLS]

Posted by socketadmin at 2:45 AM | Permalink | Comments (4) | (email story)

June 15, 2007

A Reader Searches For Context (And Some Eye Popping Prices)

And speaking of big bucks per square foot, a reader writes:

This daily plugged in reader often sees SocketSite's references to price per square foot when describing San Fran residential sales. Interesting and powerful information to be sure; but we are now searching for context. In particular, do you or any of my fellow plug-ins know (confirmed or just anecdotal) examples of some of the highest price per square foot San Fran single family (e.g., not condo) property sales and their PPSF numbers?

We don’t, might you?

∙ Millennium Tower: Sales Timeline, More Details And Renderings [SocketSite]

Posted by socketadmin at 6:30 AM | Permalink | Comments (1) | (email story)

June 14, 2007

We Write About Where Dashiell Wrote: 1155 Leavenworth #2

We’ve been keeping an eye on the 21 units at 1155 Leavenworth ever since a plugged-in reader dropped us a note last month musing about a “Nob Hill-ish” TIC priced at almost $1,000/square foot. Partially because of the pricing, partially becasue of the size (with or without individual financing), but mostly because of our reader's side note: “Dashiell Hammett lived in Apt 2 at the San Loretto (1155 Leavenworth). That unit isn't up for sale in the ad.”

Alas, Hammett's unit #2 is now on the market (along with five others and one that's in contract), and apparently it's “Priced to sell Quick!” We have to imagine Dashiell would have described it differently.

∙ Listing: 1155 Leavenworth #2 (0/1) 307sqft - $249,000 (TIC) [MLS]
∙ Wikipedia: Dashiell Hammett [wikipedia.org]

Posted by socketadmin at 7:00 AM | Permalink | Comments (7) | (email story)

June 13, 2007

JustQuotes: One We Couldn’t Resist And Another We Shouldn’t

"You're safer taking a ride with Lindsay Lohan than being in homebuilder stocks," said David Lichtenstein, chief executive officer of Lightstone Group LLC in Lakewood, New Jersey, which owns malls and hotels. Actress Lohan was arrested May 26 for driving under the influence after crashing her car.”

And on a more serious (and perhaps local) note, "It appears that the impact of stricter lending standards, primarily arising from problems in the subprime market, is negatively affecting affordability at lower price points," [Toll Brothers Chief Executive Officer] said. "This in turn can and probably does impact the entire housing food chain including some of our potential customers' ability to sell their existing homes."

For context, under 2% of Toll Brothers’ buyers are subprime borrowers. Did someone say bipolar (or bifurcated) market?

∙ Subprime Crash Squeezes Out First-Time Home Buyers [Bloomberg]
∙ JustQuotes: They Say Bifurcated, We Said Bipolar (A While Back) [SocketSite]

Posted by socketadmin at 10:10 AM | Permalink | Comments (2) | (email story)

National News: Foreclosure Filings Up, Median Price Down

A reader notices the surge in national foreclosure filings (up 90% year over year) with California, Florida and Ohio leading the way. Also noticed: “The median price for a U.S. home slid 1.8 percent the first three months of 2007 as the housing slump entered its second year, according to the National Association of Realtors." And then wondered: Isn’t that already below the 1.3% decline most recently forecast by NAR?

∙ Mortgage foreclosure filings rise 90 percent in May [Chicago Tribune]
∙ Whoops, They Did It Again (NAR Revises National Forecast Once More) [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (1) | (email story)

June 11, 2007

JustQuotes: Ellis Act Eviction Battle Ends (But The War Continues On)

“Tenants of a six-unit North Beach apartment building have lost a round in their three-year battle against eviction by landlords who want to sell the units as tenancies-in-common....The case is being closely watched by property owners and renters as a test case for tenancies-in-common, in which residents collectively own the building and share the mortgage.”

"Allowing tenants to challenge Ellis Act evictions on the basis of violations of unrelated laws frustrates the purpose of the act, which is to permit landlords the right to go out of the rental business....[I]n addition to a possible appeal, the tenants will continue to oppose the eviction with several other claims that are still pending in Superior Court."

∙ North Beach tenants lose eviction ruling [SFGate]
∙ Court: Real estate law not applicable to evictions [FogCityJournal]

Posted by socketadmin at 3:15 AM | Permalink | Comments (3) | (email story)

Then Again, It Worked Just Fine For The Three Little Pigs

We’re completely bought in to the “fairy tale,” “magical,” and “charming” descriptors. Then again, there’s that “Unreinforced Masonry” one as well.

UPDATE (8/5): Closed escrow on 7/17/07 with a contract price of $1,152,000.

∙ Listing: 1751 Vallejo (2/2) - $975,000 [MLS]

Posted by socketadmin at 3:00 AM | Permalink | Comments (0) | (email story)

June 8, 2007

What’s The Treasury Got To Do With It? (Quite A Bit)

As the 10-year treasury goes, so do mortgages. And as the 10-treasury yield has been pushing higher, so have mortgage rates.

The average U.S. 30-year fixed mortgage rate was at 6.12 percent Thursday, up from 5.98 percent a week ago, according to Bankrate.com. The average 15-year fixed mortgage was at 5.82 percent, up from 5.69 percent last week.

And while a one week increase from 5.98 to 6.12 percent in long-term mortgage rates seems nominal (and rates remain near historic lows), keep in mind that a buyer that could only afford a $600,000 mortgage last week can only afford $591,000 now (1.5% less).

∙ 10 - Year Treasury Yield Passes 5 Percent [New York Times]

Posted by socketadmin at 3:45 AM | Permalink | Comments (5) | (email story)

JustQuotes: San Francisco Isn’t Madison. Right?

“The conclusion, in a study to be released today based on home-sales data from 1998 to 2004 in Madison, Wis., is that people in that city who sold their homes through real estate agents typically did not get a higher sale price than people who sold their homes themselves. When the agent’s commission is factored in, the for-sale-by-owner people came out ahead financially.”

“There are asterisks. The authors cautioned that they did not know whether the results from Madison applied to the country as a whole; certainly, selling a house without a real estate agent would be harder in a city without a heavily trafficked for-sale-by-owner Web site. The authors are also analyzing Madison data from 2005 and 2006, when the housing market cooled after a long run-up, to see how their findings might have changed.”

∙ One City’s Home Sellers Do Better on Their Own [New York Times]

Posted by socketadmin at 2:50 AM | Permalink | Comments (33) | (email story)

June 7, 2007

A ZipRealty “San Francisco” Housing Inventory Reality Check

As a tipster notices, the Wall Street Journal along with a number of other websites jumped on ZipRealty’s recent inventory report.

The number of homes listed for sale in 18 major U.S. metropolitan areas at the end of May was up 5.1% from April, according to figures compiled by ZipRealty Inc., a national real-estate brokerage firm based in Emeryville, Calif.

The sizable increase is notable because, on a national basis, inventories of listed homes have typically been little changed in May during the past two decades, according to Credit Suisse Group. May is one of the peak home-selling months because families with children often aim to move during the summer vacation.

Some of the biggest inventory increases last month came in the metro areas of Seattle, up 12% from April; San Francisco, 11%; Los Angeles, 10%; and Washington, D.C., 9%.

Keep in mind, however, that the 11% increase for San Francisco is for the San Francisco Bay Area (those damn MSAs). Active inventory of listed single-family homes and condos in San Francisco proper was actually flat (if not slightly down) at the end of May (as compared to April). Regardless, it sill makes for a nice little interactive graph.

∙ San Francisco Housing Inventory Update: 6/01/07 [SocketSite]
∙ Housing Inventories Soar Across U.S. (Interactive Graph) [Wall Street Journal]

Posted by socketadmin at 7:41 AM | Permalink | Comments (10) | (email story)

June 6, 2007

A Plugged-In Reader Recommends: 119 Hancock Street

A longtime reader recommends taking a look, and we have to agree. If not for the Bertazzoni (in the kitchen), custom sound dampening (it is the lower unit), and lighting/green technology (“…the owner is an energy conservation and lighting expert, the remodel has been designed with Green technologies and renewables”), then simply to check out the great use of a blog to cleanly present the property and its details. Now if only there were floor plans...

∙ Listing: 119 Hancock Street (2/2) - $899,000 (TIC) [blogspot] [McGuire]

Posted by socketadmin at 3:30 AM | Permalink | Comments (18) | (email story)

June 5, 2007

SocketSite’s Reader Survey Reminder (And Thanks)

If you have not already, please consider filling out our quick (really) and easy (at least now) reader survey. And our thanks if you already have.

Posted by socketadmin at 10:33 AM | Permalink | (email story)

Asking Under A Million (Wanting A Couple Hundred Thousand More)

After two months on the market, the list price for 428 28th Street was reduced from $1,199,000 to $999,000. A month after that, the price was bumped back up to $1,195,000. And today the property remains available. As a reader recently wondered about another property, could this be an example of betting on a bidding war which fails to materialize?

∙Listing: 428 28th Street (3/2) - $1,195,000 [MLS]

Posted by socketadmin at 9:04 AM | Permalink | Comments (22) | (email story)

June 4, 2007

Twenty Easy Questions: Who Are You And What Do You Think?

It has been almost two years since our last reader survey (in which the majority of respondents predicted an increase in housing prices through the end of 2007). During that time we've gone from attracting 10,000 unique visitors a month to well over 10,000 a day. And while we think we know who you are (and write accordingly), it’s past time we find out for sure. As such, we’re asking for your help with a quick (and painless) reader survey: SocketSite's Reader Survey: June 2007.

Please help us understand who you are (and what you think). We promise not to share your information (except in the aggregate), that it won’t take you but a few minutes to complete, and that we'll listen to your suggestions (as best we can). Regardless, and as always, thank you for “plugging in.” You're the best (and we don't need no stinkin' survey to tell us that).

UPDATE: Damn that SurveyMonkey. Our apologies to anyone that experienced any difficulty submitting their survey (either because of validation errors or overloaded servers). If you were able to complete the survey, thank you! And if not, we can only hope that you’ll consider giving it another try as we have restructured the questions that originally required (but did not always allow for) a “whole number” response.

∙ SocketSite's Reader Survey: June 2007 [SurveyMonkey]
∙ Survey Says... [SocketSite]

Posted by socketadmin at 4:00 AM | Permalink | (email story)

A Potential Short Sale (And Food For Thought) In Bayview

A year ago 1477 Hudson Avenue in Bayview sold for $760,000 and became a “local market comp.” Two months ago the house hit the market for $788,000. And after a couple of reductions, the house is now listed at $670,000 (“This is a short sale subject to lenders approval”).

∙ Listing: 1477 Hudson Avenue (4/2) - $670,000 [MLS]

Posted by socketadmin at 3:28 AM | Permalink | Comments (22) | (email story)

June 1, 2007

Another Reader’s Dilemma (And Chance To Play Armchair Analyst)

A “plugged-in” reader first flatters us (good thinking) and then hits us up for some other readers’ thoughts (even better):

“There's a unit at The Palms that I'm interested in. It's a 2 bedroom/2.5 bath/2 car-parking (tandem) 2-level penthouse unit (~1,054 sq ft.) with an outdoor terrace (~150 sq ft.) that's got a view of the city skyline selling at around $1,000/sq ft. The Infinity, however, has a 2 bedroom/2 bath/1 car-parking unit (~1,100) on the 5th floor (no view, no balcony) that's also selling at around $1,000/sq ft.

Which of the two units is better investment, 5 to 10 years down the line?”

As it’s Friday we’re tempted to simply quote Devo (“Freedom of choice is what you got, freedom from choice is what you want…”) and direct him to the SocketSite Forums, but instead we’ll open it up to the readers. And yes, flattery will get you everywhere (something about loving the site and forwarding it to all his family and friends).

Posted by socketadmin at 8:20 AM | Permalink | Comments (60) | (email story)

May 31, 2007

JustQuotes: The Showcase, The Event, And The (National) Impact

“1771 North Point is a down to the studs total overhaul (remodel doesn’t do it justice) and the showcase home for the Pacific Coast Builders Conference.” (The “Marina Green Showcase” Hits The Market)

“Numbers are down this year at PCBC The Premier Building Show, a major homebuilders conference at Moscone Center that opened Wednesday, a reflection of declining new-home construction after previously hot sales.” (Premier Building Show reflects decline in sales)

“For nearly a year, the economy has been enduring a stretch of subpar economic growth due mostly to a sharp housing slump.” (Economy Has Worst Growth Since 2002)

Posted by socketadmin at 4:30 AM | Permalink | Comments (1) | (email story)

May 30, 2007

A Hint Of Things To Come: Three Sixty Residences (And San Jose)

First and foremost, this new development isn’t in San Francisco, it’s in San Jose. And while we historically haven’t ventured that far south, we’re about to start logging some miles (more on this next week).

That being said, Three Sixty Residences in downtown San Jose opened its One Rincon-esque sales office featuring “a full-size model of a two-bedroom-plus-den, two-and-a-half-bathroom home” and touch screens (although no word on a signature cocktail) three weeks ago. By the numbers: 1/2/3 bedroom condos; 23 Stories; 213 units (ranging in size from 795 to 3440 square feet, and ranging in price from “the low $500,000’s to over $2 million”); 2009 (spring) delivery; and 11,000 square feet of retail. Oh, and around 120 (60%) reserved (albeit $5,000 refundable deposits) to date.

A couple of other numbers: 6/14/07. As in save the date if you’re either in (or interested in) the San Jose market.

∙ Three Sixty Residences (San Jose) [360residences.com]

Posted by socketadmin at 3:45 AM | Permalink | Comments (6) | (email story)

A Data Point At The Other End Of The Market (And 1080 Chestnut)

And while the studio at Opera Plaza might be listed for a couple thousand less than was paid last year, 1080 Chestnut #12A is about to be listed at $2,175,000 - a couple (as in five) hundred thousand more than it sold for in August 2005 ($1,650,000).

UPDATE (9/7): Closed escrow on 8/27/07 for $2,050,000 (6.6% under asking, but 24.2% over was it was purchased for two years ago).

∙ Shouldn’t A Rising Tide Raise All Boats? [SocketSite]

Posted by socketadmin at 3:15 AM | Permalink | Comments (5) | (email story)

Shouldn’t A Rising Tide Raise All Boats?

Two months ago, and after two months on the market, a motivated seller of a studio in the Opera Plaza reduced his price to “below what he paid” seven months earlier ($375,000 on 8/31/06). Today, 601 Van Ness #808 remains available. And we wonder, shouldn’t a rising tide raise all boats or is there something else that's going on?

UPDATE (8/6): This condo closed escrow last week at contract price of $335,000.

∙ Listing: 601 Van Ness #808 (0/1) - $369,000 [MLS]

Posted by socketadmin at 3:07 AM | Permalink | Comments (20) | (email story)

May 29, 2007

Buy A Condo Get A Car At 767 Bryant

Last August we were “struggling to rationalize the “value” of [767 Bryant].” Since then we've seen remodeling, reductions, and now…free cars. From a craigslist post for 767 Bryant (courtesy of a “plugged-in” tipster):

If you sign a contract by Wednesday, May 30 AND close the purchase by June 30, 2007, then you'll receive your choice of a 2007 Toyota Prius (BASE MODEL EDITION) or Mini Cooper (BASE MODEL EDITION). Offer available to principals only. Qualifying purchases are for condominiums with prices starting at $629,000.

Our tipster is left wondering how this gets factored in to the ‘real’ selling price (think comps and market statistics). And we'll add: there's nothing like watching the garage fill up with new cars if one of them isn’t yours.

∙ Inside 767 Bryant [SocketSite]
∙ Take Two For A Few Of The Condos At 767 Bryant [SocketSite]
∙ 767 Bryant: A Sales Update (And Reduction) [SocketSite]
∙ Developers offering Prius or Mini Cooper this weekend [Craigslist]

Posted by socketadmin at 4:00 AM | Permalink | Comments (20) | (email story)

May 27, 2007

2626 Sutter: Little Did We Know (Or Perhaps We Did)

Fifteen months ago we snapped a picture of 2626 Sutter and wrote: “Three weeks ago 2626 Sutter was just another “renovated” property with fresh paint, sloping floors, and a price tag destined to land it in the RealRecentReductions archive. Today it’s a burned out shell. Our first thought? We hope nobody got hurt. Our second thought? Well, let's just say it was probably the same as yours.”

Well, Matier and Ross are now reporting that the house is owned by embattled San Francisco Supervisor Ed Jew. And anybody who's "plugged-in" shouldn't be too surprised by the following: “[In November 2005] Jew put the two-story house on the market for $1.19 million, but it didn't sell. The property was still vacant and available in February 2006, when, according to the Fire Department, an arsonist set it ablaze in the dead of night, causing $260,000 in damage. A Fire Department incident report said the arsonist apparently walked through an unlocked door, doused the den and living room with gasoline, and set the place on fire.”

∙ From Flip To Flames? [SocketSite]
∙ Another house's hazy history haunts supervisor [SFGate]

Posted by socketadmin at 2:13 PM | Permalink | Comments (3) | (email story)

May 25, 2007

Real Estate Numerology: The Numbers Seven And Two

According to one tipster, there were seven (7) offers on 3040 Pacific and “almost all were north of $6 million.” And according to yet another reader, the final contract price is ~$7 million (okay, so $6.6M).

And while seven (or six) might have been the magic number for 3040 Pacific, it appears that 1703 Octavia is all about the number two. The property features a double parlor living room, 2 bathrooms on upper level, 2 decks, 2 car side by side parking and 2 Viking stoves. And after just about two months on the market, the price was reduced by a little over two hundred thousand dollars ($245,000) and is now listed at just under two million ($1,950,000). It’s definitely a sign (of a long week).

∙ Gardens To Left Of Me, Gardens To The Right Of Me [SocketSite]
∙ Listing: 1703 Octavia (4/3.5) - $1,950,000 [MLS]

Posted by socketadmin at 10:32 AM | Permalink | Comments (8) | (email story)

May 24, 2007

We’ve Almost Got A Line (Another Data Point At 2760 Sacramento)

As you might recall, last fall 2760 Sacramento #9 hit the market in Pacific Heights for $769,000, received multiple offers, and sold for $859,000 on 8/31/06. At the same time, 2760 Sacramento #11 hit the market for $795,000, was reduced to $755,000, received four offers, went into contract for $795,000, and then finally closed for $749,000 after the “winning” bidder backed out (and the multiple offers evaporated). And as we wrote in September:

Our take: competitive bidding still gets the best of people results, and views continue to command a premium. And at the very least, we’re still calling it troublesome for the buyers of unit #3 who paid $827,000 last November [11/05], don’t have parking, and are located two floors directly below #11.

And now 18 months after its last sale, unit #3 is back on the market with a list price of $849,000. A sale at this price would represent annual appreciation of a little under 2% over the past 18 months. We'll keep you posted (and "plugged-in").

∙ Yet Another Data Point At 2760 Sacramento [SocketSite]
∙ One Building, Same Floor (Plans), Two Very Different Prices [SocketSite]
∙ Listing: 2760 Sacramento #3 (1/1) - $849,000 [MLS]

Posted by socketadmin at 4:50 AM | Permalink | Comments (32) | (email story)

May 23, 2007

JustQuotes: Spotting A Killer Kitchen (So To Speak)

"Granite is for tombstones! It doesn't seem friendly; it's mean. Shelter magazines have crammed granite down people's throats." (COOKS' KITCHENS)

"Matching equipment is stupid!" (APPLIANCES: What the pros use in their homes)

∙ COOKS' KITCHENS: Professionals share their recipes for design success [SFGate]
∙ APPLIANCES: What the pros use in their homes [SFGate]

Posted by socketadmin at 4:15 AM | Permalink | Comments (4) | (email story)

Size Matters (At Least When It Comes To Listings And Plans)

While we generally applaud the inclusion of